University level reporting
University level management accounts and financial statements are presented in a format consistent with the Statement of Recommended Practice: Further and Higher Education (the SORP). For periods up to 31 July 2015, the SORP issued in 2007 applied. From 1 August 2015, the University is following a new SORP referred to as SORP 2015. What follows is based on SORP 2015.
The main primary statements, reflected in both the management accounts and the financial statements, are:
- Statement of comprehensive income
- Balance sheet
Statement of comprehensive income
This sets out in summary form the income and expenditure of the University:
- it defines a surplus or deficit for the period (the difference between income and expenditure);
- it also sets out any gains or losses outside the scope of income and expenditure, including gains or losses arising on investments held; and
- it shows a net result for the period referred to as “total comprehensive income”
This is a snapshot of the state of affairs of the University at the end of the reporting period:
- it sets out the University’s assets and liabilities at that date;
- it defines the net assets of the University (the total assets less total liabilities); and
- it sets out how the net assets are split between endowments, restricted reserves and unrestricted reserves.
An illustration of the layout of these two statements is set out below which is based on the University’s accounts for the year ended 31 July 2014.
Published financial statements
Financial statements and other published information are available from the Annual Accounts section of the Finance Division web pages.