Introduction The purpose of this Handbook is to provide guidance on the preparation of Colleges’ financial statements for the year ending 31 July 2015 and to identify issues that will require consideration for future years. This Handbook supplements the 2007 Statement of Recommended Practice: Accounting for Further and Higher Education (the 2007 SORP) and the Accounts Direction for 2014 to 2015 Financial Statements issued jointly by the Skills Funding Agency and the EFA and supersedes the Handbook published for the 2013/14 financial statements. In publishing this guidance, the CFDG and the AoC have consulted with College financial statements auditors, the Skills Funding Agency and the EFA. The accounting policies and guidance set out in this handbook for the sector are applicable to all Colleges, regardless of their size, constitution or complexity. The policies and guidance are not applicable to external institutions, private training providers or other public bodies in receipt of learning and skills sector funding. Accounting policies need not be applied to immaterial items. Guidance on the determination of what is material may be found in TECH 3/08 Guidance on materiality in financial reporting by UK entities issued by the Council of the Institute of Chartered Accountants in England and Wales. Financial supervision of Colleges Colleges which are now formally designated as Sixth Form Colleges are subject to financial supervision by the EFA, an executive agency of the Department for Education. The remaining Colleges are subject to financial supervision by the Chief Executive of Skills Funding (the Skills Funding Agency). The EFA and Skills Funding Agency are referred to in this document as the “responsible funding body” as appropriate. Revisions to Accounting or Auditing Guidance All extant accounting standards that are relevant to the sector have been included within this Handbook as appropriate. For completeness this includes all standards up to and including: FRS 30 Heritage Assets UITF Abstract 48 Accounting Implications of the replacement of the retail prices index with the consumer prices index for retirement benefits and does not include FRS 100 to 102, which will not be applicable to the accounts for the FE sector until financial years ending on 31st July 2016. FRS 102 and the new FEHE SORP (2015) will only apply for the 2015/16financial statements and onwards and must not be adopted early.
Additions (note 26) 5,100 5,100 Disposals (note 26) (4,700) (4,700) Appreciation of endowment asset investments (note 21) 2,200 2,200 Decrease in cash balances held at fund managers (350) (350) Balance at 31 July 2015 26,850 26,850 Represented by: Fixed interest stocks (listed) 2,600 2,600 Equities (listed) 15,200 15,200 Land and property 6,700 6,700 Cash balances (note 29) 2,350 2,350 Total 26,850 26,850 Land and property valuations as at 31 July 2015 have been made by senior management on the advice of firms of Chartered Surveyors, the basis of valuation being open market value taking groups of properties together for this purpose. 15 Debtors Group College Group College 2015 2015 2014 2014 £’000 £’000 £’000 £’000 Amounts falling due within one year: Trade debtors 1,089 486 1,197 567 Amounts owed by group undertakings: Subsidiary undertakings 0 510 0 637 Associate undertakings 0 63 0 50 Prepayments and accrued income 81 57 93 63 Amounts owed by the [Skills Funding Agency/EFA] 0 0 0 0 Total 1,170 1,116 1,290 1,317 16 Creditors: amounts falling due within one year Group College Group College 2015 2015 2014 2014 £’000 £’000 £’000 £’000 Bank loans and overdrafts 225 225 0 0 Obligations under finance leases 36 36 36 36 Payments received in advance 447 447 414 414 Trade creditors 1,578 1,164 1,425 1,080 Amounts owed to group undertakings: Subsidiary undertakings 0 87 0 102 Associate undertakings 0 0 0 0
the number of senior post-holders (in bands of £10,000), including the [Accounting Officer] (this information may be combined with similar information for all higher paid staff) but without the de minimus threshold of £60,000 p.a. the aggregate amount of any compensation paid to senior post-holders or past senior for loss of office the number of post-holders who have been paid such compensation. The term “senior post-holders” is defined in the standard articles of government for each College as “the [Accounting Officer] and holders of other such senior posts as the governing body may determine for the purposes of the articles of government of the College relating to the appointment and promotion of staff”. Colleges may wish to list senior post-holders in the members’ report, together with their dates of appointment and, where relevant, resignation. “Senior post-holders’ emoluments” means emoluments paid to, or receivable by, any person for: services as a senior post-holder of the College services as a director or officer of any subsidiary of the College, during the period of appointment as a senior post-holder. For this purpose, “emoluments” paid to, or receivable by, a senior post-holder include the normal remuneration salary, and the following: fees any expense allowances (to the extent that they are chargeable to UK income tax) contributions paid for the senior post-holder under a pension scheme the estimated money value of any benefits received other than in cash emoluments for any person accepting office as a senior post-holder. Note – the emoluments above do not include any adjustments arising from FRS 17 otherwise included within the staff costs note. The aggregate of these emoluments’ disclosure should include each of the above as separate lines, with a sub-total excluding pension contributions and a total including them. Senior post-holders’ emoluments must not include the employer’s national insurance contributions. Compensation for loss of office is a category of payment different from an “emolument”. Consequently, it should not be included in that person’s emoluments for banding purposes. Compensation for loss of office includes: any amount paid in connection with a senior post-holder’s retirement the estimated monetary value of benefits received or receivable other than in cash and, where compensation is given in kind, disclosure of its nature