The year-end process

Please note the Year-end schedule is being updated to reflect dates changes following CUFS downtime from 5th Aug to some time on 10th August

Overview

The University’s financial year end is 31 July, the date being set by the Office for Students (Offs) and it applies to all higher education institutions. At the end of each financial year the University is legally required to:

  • prepare a set of financial statements (with a prescribed format and content) which includes a Statement of Comprehensive Income and a Balance Sheet
  • be subject to an external audit, which enables the auditors to form an opinion on the financial statements. The auditors will examine not just the preparation of financial statements, but also whether funding has been used for the purpose it was intended. This will include a review of institution accounts and records
  • submit the financial statements to the Finance Committee, Audit Committee and Council for approval prior to submission to the Office for Students
  • submit its audited financial statements to the Office for Students

The financial statements provide important information on the financial position of the University, and they can be used as a basis for future financial planning.

Summary year-end timetable

June
  • Issue of year-end instructions
  • Year-end seminars
  • External audit interim visit
July
  • 31 July year end
August
  • Institutions process final transactions by mid-August for financial year end
  • Sub-ledgers (CUFS modules) for the July period are closed down
  • Budget Field frozen
September
  • General Ledger 2025/26 closes 1 September
  • Leases submitted
  • Institutions finalise their own accounts
  • First draft of university-level Financial Statements prepared
  • Final external audit visit commences
  • Institutions return their own signed-off accounts
October
  • Consolidation and accounts preparation
November
  • Final set of consolidated Financial Statements are prepared, and external audit is completed
  • Financial Statements are approved by Finance Committee, Audit Committee and Council
  • Financial Statements are signed and submitted to the Office for Students


Important aspects to be considered by institutions in preparation for year-end

Accuracy of transactions

  • by focusing on the accuracy and completeness of transactions the quality of an institution’s accounts is assured
  • funding expenditure from specific income streams
  • institutions may receive funding from a range of sources which is used to fund different activities. By making appropriate use of the funding and ensuring that the expenditure is accurately recorded against the relevant Source of Funds, the integrity and accuracy of the financial position for each funding source is assured

Year-end instructions

  • by following the instructions outlined within these procedures, and respecting the checklist completion dates, institutions will ensure the most relevant
  • actions have been completed and have facilitated a successful financial close for the University

Financial Regulations

  • by following Financial Regulations and relevant accounting procedures during the year, the integrity of financial information will be assured