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:
This sets out in summary form the income and expenditure of the University:
This is a snapshot of the state of affairs of the University at the end of the reporting period:
The mapping of General Ledger balances onto the headings presented in these two primary statements depends not only on transaction codes but also on source of funds codes. The following tables summarise the principal elements of the mapping.
Statement of comprehensive income | Transaction | Source of Funds |
---|---|---|
Income: | ||
Tuition fees | K*** | All |
Funding body grants | H***, J*** | All excl. J*** |
Funding body grants | A*** to F*** (1) | J*** |
Research grants and contracts | A*** to F*** (1) | M*** |
Donations and endowments | LF** | All |
Other income | L*** but not LF** | All excl. J***, M*** |
Investment income | N*** | All |
Expenditure: | ||
Staff costs | A*** to D*** | All |
Other operating expenses | E*** and F*** but not FB** | All |
Depreciation | FB** | Z*** |
Gain on investments: | XH** | All |
(1) Income here is recognised to the extent of recoverable costs recorded.
Balance sheet | Transaction | Source of Funds |
---|---|---|
Net assets: | ||
Fixed assets | P*** not PC** | All |
Heritage assets | PC** | All |
Investments | R*** and S*** but not certain SF** and SP** items defined as cash | All |
Stock | T*** | All |
Trade and other receivables | U*** | All |
Cash and cash equivalents | Certain SF** and SP** | All |
Creditors | V*** | All |
Creditors | A*** to N***, X*** | J***, M*** |
Reserves: | ||
Endowment reserves | A*** to N***, X*** | IA**, IB**, K***, L***, RAAA |
Restricted reserves | A*** to N***, X*** | H*** |
Unrestricted reserves | A*** to N***, X*** | All except H***, IA**, IB**, J***, K***, L***, M***, RAAA |
Published financial statements
Financial statements and other published information are available from the Annual Accounts [1]section of the Finance Division web pages.