University Agenda

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CONGREGATION 21 January 2 p.m.

¶ Members of Congregation are reminded that written notice of any intention to vote against, or any proposed amendment to, the statutes below, signed in each case by at least two members of Congregation, must be given to the Registrar by noon on Monday, 13 January (see the note on the conduct of business in Congregation at the end of `University Agenda').

Voting on Statutes

Statute (1): University Discipline

Explanatory note

The following change in the Disciplinary Statute makes express transitional provisions in respect of offences which were allegedly committed before the new Statutes came into effect on 1 October 2002 but which have not yet been brought before the relevant Court.

(1) WHEREAS it is expedient to make express transitional provisions in respect of outstanding disciplinary offences allegedly committed before the new statutes came into effect, THE UNIVERSITY ENACTS AS FOLLOWS.

In Statute XI, concerning University Discipline (Supplement (1) to Gazette No. 4633, 9 October 2002, p. 117), insert Part F:

`PART F: TRANSITIONAL PROVISIONS

48. For the avoidance of doubt it is declared that:

(1) the Proctors shall have the same powers to investigate and prosecute breaches by student members (then called Junior Members) of the Statutes, Decrees, and Regulations of the University in force before 1 October 2002, and

(2) the Court of Summary Jurisdiction, the Disciplinary Court, and the Appeal Court shall have the same jurisdiction to hear and determine charges and appeals arising out of those breaches, as they possess in respect of breaches of this statute, and the provisions of this statute shall apply, with any necessary modification, to the exercise of those powers and that jurisdiction.'


Statute (2): College Accounts

Explanatory note

The following change in the Statute governing College Accounts, which is promoted on the recommendation of the College Accounts Committee, revises the existing provisions for these accounts based on the recommendations of the Franks Commission in 1966. Council has adopted the College Accounts Committee's recommendations for a major change in the format of College Accounts to reflect the requirements of current UK Generally Accepted Accounting Practices (`GAAP') and the need for greater transparency in financial reporting. The format to be prescribed by the College Accounts Committee (by the end of each financial year—see regulation 1 (1) below) is based on `Accounting for Further and Higher Education Statement of Recommended Practice' (`SORP') as followed in the University's Accounts, with some modifications to allow for the special nature of Oxford Colleges. It is being introduced after extensive consultation with Estates Bursars. The college Accounts for the financial year ended 31 July 2002 will be produced in the old `Franks' format, but Estates Bursars have agreed also to produce opening balances for 2002--3 in accordance with the new format, in preparation for the introduction of complete accounts for 2002--3 in that format. These opening balances for 2002--3 will not be published with the statutory accounts for 2001--2.

At the same time, opportunity is taken to update the existing statutory audit requirements to comply with contemporary needs.

Further details of the new format are set out in the associated regulations, to be made by Council if the statute is approved, which are set out below.

(2) WHEREAS it is expedient to revise the existing format of College Accounts, THE UNIVERSITY ENACTS AS FOLLOWS. 1 In Part B of Statute XV (Supplement (1) to Gazette No. 4633, 9 October 2002, p. 130), delete section 10 and substitute:

`10.The financial statements for the year concerned prepared by each college shall give a true and fair view of:

(1) the state of affairs of the college, and of the college together with its subsidiaries and connected entities, at the balance sheet date; and

(2) the consolidated income and expenditure of the college together with its subsidiaries and connected entities for the year ended on that date;

in accordance with UK Generally Accepted Accounting Practices (`GAAP') and with this statute.

11. (1) Every college shall also supply with its accounts, but not for publication, such other audited financial information as is specified by Council by or under the regulations.

(2) That information shall include the computation of the liability for, or as the case may be the exemption from, college contributions.'

2 Ibid., renumber existing section 11 as section 12 and delete existing section 12.[1]

3 This statute shall first apply to the accounts for the financial year ending 31 July 2003.

Regulations to be made by Council if the Statute is approved

1 Delete Council Regulations 29 of 2002 (Supplement (1) to Gazette No. 4629, 10 July 2002, p. 1451, as corrected by p. 1558) and substitute:

`REGULATIONS FOR THE
ACCOUNTS OF THE COLLEGES

Made by Council on [date]

1. (1) The financial statements prepared annually by the colleges under the provisions of Part B of Statute XV shall conform to the pro-forma accounts and detailed guidelines which shall be circulated by the College Accounts Committee not later than the end of the financial year to which the financial statements will relate.

(2) Such extracts from the audited financial statements as are submitted annually by the colleges to permit combination of the accounts of all the colleges shall be submitted exactly in accordance with the format provided.

2. The financial statements shall include for the year concerned:

(1) the report of the governing body of the college;

(2) the statement of the responsibilities of the governing body, including a statement on charitable status and on the use of property and income for purposes which are charitable in law;

(3) the statement of principal accounting policies;

(4) the balance sheet of the college, and the consolidated balance sheet of the college together with its subsidiaries and connected entities;

(5) the consolidated income and expenditure account;

(6) the consolidated statement of total recognised gains and losses;

(7) the consolidated cash-flow statement;

(8) the notes to the financial statements.

3. The additional information required under section 11 of Statute XV shall consist of schedules, compiled in accordance with the formats issued by the College Accounts Committee, showing the analysis of the college's income and expenditure, and the computation of its liability for or exemption from college contributions.

4. The auditor or auditors who are appointed by the college to audit the financial statements shall be eligible to perform audits of limited companies in the UK.

5. The report of the auditors, to be published with the financial statements, shall include their opinion as to whether the financial statements for the year give a true and fair view of:

(1) the state of affairs of the college, and of the college together with its subsidiaries and connected entities, at the end of the financial year; and

(2) the consolidated income and expenditure of the college together with its subsidiaries and connected entities for that year; and have been properly prepared in accordance with the provisions of Statute XV made by the University under the Universities of Oxford and Cambridge Act, 1923.

6. (1) The auditors shall carry out such investigations as are necessary to enable them to form an opinion as to:

(a) whether proper accounting records have been kept by the college; and

(b) whether the college's accounts are in agreement with the accounting records.

(2) If the auditors reach a satisfactory opinion as to (a) and (b) in paragraph (1) above, they do not need to state this in their report.

7. If the auditors fail to obtain all the information and explanations which they consider necessary for the purposes of their audit, they shall state that fact in their report.

8. The auditors shall consider whether the information given in the report of the governing body is consistent with the financial statements and, if they are of the opinion that it is not, they shall state that fact in their report.

9. The auditors shall also, if they consider that they can justifiably do so, supply to the University's Director of Finance and Secretary of the Chest (for onward transmission to the external auditors of the University's Accounts), by such date as the College Accounts Committee shall specify:

(1) a statement that they have not identified any significant accounting or control weaknesses relating to the income received by the college from the University out of grants and income for specific purposes; and

(2) a statement that all such income has, in their opinion, been applied to the purposes for which it was received.'

2 These regulations shall first apply to the accounts for the financial year ending 31 July 2003.

Footnote

[1] The existing section 12 covers the supplementary auditors' certificate now covered by regulation 9 below.
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