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
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Presentation Transcript
01
Year-End Seminar<br>
02
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<br>
03
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<br>
04
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<br>
05
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):<br>
06
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<br>
07
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.<br>
08
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<br>
09
2016 Key Dates – see FPM for details<br>
10
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<br>
11
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 income relates to)
Income and expenditure are accounted based on the date of supply (not the date the PO was raised)
The daily AP exception reports will be centrally monitored and departments may be asked to provide evidence to the Finance Division that AP invoices have been recorded in the right year.<br>
12
GMS – delayed close Unlike at month end, for year end the grants module will close two days after AP to give time for a final review.
AP closes 5pm Wednesday 17 August
Grants module closes 5pm Friday 19 August
Key tasks should be completed before AP closes (checking grants, clearing suspense)
Change for 2016: we’re running module-closing processes on the Friday evening (rather than the following working day)<br>
13
Asset Accounting Any fixed asset over £5,000 needs to be tracked.
Assets are:
items of physical substance that are used in the supply of goods and services.
Retained for more than 1 year.
Cost includes:
Asset, installation, irrecoverable VAT, carriage & training NOT extended warranties.
Remember:
TICK THE BOX
(or notify Shared Services Finance)<br>
14
Internal transactions Internal transactions (internal trading, contributions to building projects, overheads etc.) are not real income or expenditure to the University and have to be eliminated
It is not generally appropriate to accrue or defer any costs or income where the other party is internal.
Where you may need to consider this please contact the GL helpdesk and we can check with the other party that the accrual/deferral is appropriate and that the other party is doing the same on their side<br>
15
Help and support http://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures Chapter 11
Year-end instructions Chapter 10
Month-end guidance Regular bulletins to UFS Key Contact
School Finance Managers / Finance Advisors
UFS Module Help Desks
Central and Research Accounting & Research Operations Office
Regular FUG and RGUG meetings<br>
16
2016/17 – Early dates for the new year<br>
17
WHAT’s NEW?<br>
18
Finance Information Delivery Framework – Project Phases www.finance.admin.cam.ac.uk/systems/finance-information-delivery-framework-project<br>
19
Excel versions of frequently used CUFS reports<br>
20
Cubane benchmarking Remember you’ll be completing the Cubane (Uniforum) benchmarking task
Key Dates:
July 26th launch event – training webinar for respondents
August 8th – Data collection begins
September 23rd – Closing date for data collection
Revised income allocation policy Simplified share of indirect cost recovery between Chest and Department
Applies to all grants activated from 1 August 2016
Split will be:
50:50 for industry awards (must now all be at least 100% fEC)
80:20 Chest:Dept for all other sponsor types<br>
22
FPM – Chapter 5b Expenses and benefits Chapter currently under review
Aims to provide a clear, fair but firm framework with guidelines as to how the policy can be applied pragmatically
If you have any issues with this chapter now is the time to raise them.<br>
