Year-End Seminar Meet the Presenters Chris Patten

Transcript:Year-End Seminar Meet the Presenters Chris Patten:
Year-End Seminar Meet the Presenters Chris Patten Head of Accounting Services Mike Sinclair Manager, Central and Research Accounting Lucy Harney Reporting Accountant Stephen Kent-Taylor Head of Corporate and Research Accounting 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 Results: Income Expenditure Net assets increased to £3.6bn 8.9% to £1.64bn 6.8% to £1.61bn Surplus of £25m Includes CUP/ Cambridge Assessment, Trusts and trading subsidiaries 2014-15 financial statements FRS102 impact: Endowments come in to income No deferred capital grants Recognition of interest on pension liabilities One-off revaluation of operational estate 2014-15 results for the Group (includes CUP, Cambridge Assessment, Trusts, UTS Cambridge and other trading subsidiaries): 2016 Timetable Jul Aug Sep/Oct Oct/Nov Nov Thu 24th Send to HEFCE Mon 21st Council – approve and sign Wed 2nd Finance Committee - first draft accounts External audit Auditors on site from 26 September Accounts prepared Complete transaction processing Sub-ledgers closed Year-end seminars for Departments FC review accounting policies 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 ½ 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 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. Shared Services Finance Greenwich House 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