University Financial Reporting Highlights and Audit Schedule
Explore the detailed overview of a university's year-end seminar, financial results, restated financial statements, 2016 timetable, external audit by PwC, and more. Learn about key presenters, achieved results, new financial reporting standards, and the impact on accounts. Get insights into the university's financial performance, including income, expenditure, surplus, and net assets for the years 2014-2015. Discover the upcoming accounting activities, external audit process, and the role of PricewaterhouseCoopers LLP in providing an independent opinion on the university's accounts.
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Presentation Transcript
Meet the Presenters Mike Sinclair Manager, Central and Research Accounting Chris Patten Head of Accounting Services Stephen Kent-Taylor Head of Corporate and Research Accounting Lucy Harney Reporting Accountant
Why are we here? Overview of 2015 results New financial reporting standards and the impact on our accounts This financial year end Other items of interest Your session, your questions
2015 Results Achieved timetable Clean audit report Clean management letter Surplus of 25m Results: Income 8.9% to 1.64bn Includes CUP/ Cambridge Assessment, Trusts and trading subsidiaries Expenditure 6.8% to 1.61bn Net assets increased to 3.6bn
2014-15 financial statements 2014-15 results for the Group (includes CUP, Cambridge Assessment, Trusts, UTS Cambridge and other trading subsidiaries): 2014-15 as published (old reporting standards) 2014-15 restated (FRS102) Income 1,638m 1,723m Expenditure 1,613m 1,682m Surplus before other gains and losses 25m 41m Net assets 3,561m 4,235m FRS102 impact: Endowments come in to income No deferred capital grants Recognition of interest on pension liabilities One-off revaluation of operational estate
2016 Timetable Sep/Oct Jul Aug Accounts prepared Year-end seminars for Departments Complete transaction processing FC review accounting policies Sub-ledgers closed Oct/Nov Nov Wed 2nd External audit Mon 21st Thu 24th Finance Committee - first draft accounts Auditors on site from 26 September Council approve and sign Send to HEFCE
External auditors PricewaterhouseCoopers LLP Provide an independent opinion on the University s accounts They will: examine accounting systems test how controls are operating sample certain transactions Audit includes departments and the Finance Division PwC will visit in September/October to look at transactions.
PwC - Departmental visits PwC will visit 5-6 departments in October Likely to take day per department Likely to focus on income recognition, cut-off and accruals But they can ask to look at anything
2016 Key Dates see FPM for details Purchasing closes Friday 5 August Internal trading - Raising (AR) Wednesday 10 August Internal trading - Paying (AP) Monday 15 August Fixed Asset Returns Friday 12 August Close AR Tuesday 16 August Close AP / Inventory Wednesday 17 August Close Grants Friday 19 August Last date for moving funds on / off deposit Monday 22 August General Ledger - Final date for GL journals Monday 5 September - Balances rolled forward Tuesday 13 September Year-end certificates Friday 7 October
Shared Services Finance Greenwich House For departments using shared services at Greenwich House: All AP invoices with the Greenwich House team by the end of Friday 12 August will be processed before AP closes on Wednesday 17 August Expenses claims need to identify the year in which the costs were incurred, not the date the claim is made Batches need to clearly split between 2015/16 and 2016/17 and where scanned please scan in separate documents Any AR transaction requests need to be with the GH team by the end of Thursday 11 August for input in Jul-16.
Getting the right financial year This is still really important and we don t all get it right all of the time. Cash is receipted based on the date of receipt (not the year the income relates to) Income and expenditure are accounted based on the date of supply (not the date the PO was raised) The daily AP exception reports will be centrally monitored and departments may be asked to provide evidence to the Finance Division that AP invoices have been recorded in the right year.
GMS delayed close Unlike at month end, for year end the grants module will close two days after AP to give time for a final review. AP closes 5pm Wednesday 17 August Grants module closes 5pm Friday 19 August Key tasks should be completed before AP closes (checking grants, clearing suspense) On Thursday and Friday What you can t do What you can do Amend AP postings to grants Use tools/transfer (on non AP items) Post grant journals Change for 2016: we re running module-closing processes on the Friday evening (rather than the following working day)
Asset Accounting Assets are: items of physical substance that are used in the supply of goods and services. Retained for more than 1 year. Cost includes: Asset, installation, irrecoverable VAT, carriage & training NOT extended warranties. Remember: Any fixed asset over 5,000 needs to be tracked. TICK THE BOX (or notify Shared Services Finance)
Internal transactions Internal transactions (internal trading, contributions to building projects, overheads etc.) are not real income or expenditure to the University and have to be eliminated It is not generally appropriate to accrue or defer any costs or income where the other party is internal. Where you may need to consider this please contact the GL helpdesk and we can check with the other party that the accrual/deferral is appropriate and that the other party is doing the same on their side
Help and support http://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures Chapter 10 Month-end guidance Chapter 11 Year-end instructions Regular bulletins to UFS Key Contact School Finance Managers / Finance Advisors UFS Module Help Desks Central and Research Accounting & Research Operations Office Regular FUG and RGUG meetings
2016/17 Early dates for the new year Purchasing opens Monday 1 August Accounts Payable opens Monday 1 August General Ledger opens Monday 1 August Accounts Receivable opens Monday 8 August Internal Trading opens Wednesday 17 August PO / AR / AP / GMS Aug-16 closes Monday 5 September FA closes Aug-16 Tuesday 6 September Aug-16 deposit deadline Tuesday 20 September GL closes Aug-16 Wednesday 21 September
Finance Information Delivery Framework Project Phases www.finance.admin.cam.ac.uk/systems/finance-information-delivery-framework-project
Excel versions of frequently used CUFS reports Module Report Name Purchasing Open Purchase Order Report (UFS) General Ledger Budget Report Comparing to Actual (UFS) Grants GMS: Project Status Report (UFS) Grants GMS: Award Status Report (UFS) Grants GMS: Actual Expenditure Enquiry Report (UFS)
Cubane benchmarking Remember you ll be completing the Cubane (Uniforum) benchmarking task Key Dates: July 26th launch event training webinar for respondents August 8th Data collection begins September 23rd Closing date for data collection http://www.cam.ac.uk/for-staff/engagement-projects/uniforum- programme
Revised income allocation policy Simplified share of indirect cost recovery between Chest and Department Applies to all grants activated from 1 August 2016 Split will be: 50:50 for industry awards (must now all be at least 100% fEC) 80:20 Chest:Dept for all other sponsor types
FPM Chapter 5b Expenses and benefits Chapter currently under review Aims to provide a clear, fair but firm framework with guidelines as to how the policy can be applied pragmatically If you have any issues with this chapter now is the time to raise them.
Over to you School specific questions
