Annual Accounts 2010 - University of Abertay Dundee

University of Abertay DundeeAnnual report and financial statements31 July 2011Independent auditors’ report to the Court of the University of Abertay DundeeWe have audited the financial statements of the University of Abertay Dundee for the year ended 31 July 2011which comprise the Consolidated Income and Expenditure Account, the Statement of Historic Cost Surpluses,and University and Group Balance Sheets, the Consolidated Cash Flow Statement, the Consolidated Statementof Total Recognised Gains and Losses, the Statement of Principal Accounting Policies and the related notes.The financial reporting framework that has been applied in their preparation is applicable law and UnitedKingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).Respective responsibilities of the Court and auditorsAs explained more fully in the Responsibilities of the University Court, set out on page 9, the Court (who arealso charitable trustees for the purposes of charity law) are responsible for the preparation of financialstatements which give a true and fair view.We have been appointed as auditors under section 44(1)(c) of the Charities and TrusteeInvestment (Scotland) Act 2005 and report in accordance with regulations made under that Act. Ourresponsibility is to audit and express an opinion on the financial statements in accordance with applicable lawand International Standards on Auditing (UK and Ireland). Those standards require us to comply with theAuditing Practices Board’s Ethical Standards for Auditors.This report, including the opinions, has been prepared for and only for the Court in accordance with section44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the CharitiesAccounts (Scotland) Regulations 2006 (as amended) and for no other purpose. We do not, in giving theseopinions, accept or assume responsibility for any other purpose or to any other person to whom this report isshown or into whose hands it may come save where expressly agreed by our prior consent in writing.Scope of the audit of the financial statementsAn audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient togive reasonable assurance that the financial statements are free from material misstatement, whether caused byfraud or error. This includes an assessment of: whether the accounting policies are appropriate to the group’sand parent institution’s circumstances and have been consistently applied and adequately disclosed; thereasonableness of significant accounting estimates made by the Court and the overall presentation of thefinancial statements. In addition, we read all the financial and non financial information in the annual report toidentify material inconsistencies with the audited financial statements. If we become aware of any apparentmaterial misstatements or inconsistencies we consider the implications for our report.Opinion on financial statementsIn our opinion the financial statements:• give a true and fair view of the state of the group’s and parent institution’s affairs as at 31 July 2011and of the group’s income and expenditure, recognised gains and losses and cash flows, for the yearthen ended;• have been properly prepared in accordance with United Kingdom Generally Accepted AccountingPractice;• have been properly prepared in accordance with the Statement of Recommended Practice (SORP) onAccounting in Further and Higher Education; and• have been prepared in accordance with the requirements of the Charities and Trustee Investment(Scotland) Act 2005 and regulation 14 of the Charities Accounts (Scotland) Regulations 2006 (asamended).11