University Level Reporting

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”

Balance Sheet

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.

Mapping of General Ledger balances

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.
 

^{(1) Income here is recognised to the extent of recoverable costs recorded.}

Published financial statements

Financial statements and other published information are available from the Annual Accounts section of the Finance Division web pages.