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Regulations for the Accounts of the Colleges


Council Regulations 1 of 2003

Made by Council on 16 January 2003

Amended on 15 March 2012 and 7 October 2016(Gazette, Vol. 147, p. 2, 22 September 2016)

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 as laid down by the Charity Commission from time to time and detailed guidance 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 of the pro-forma accounts and guidance noted under (1) above.

2. 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.

3. 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.

4. The report of the auditors, to be published with the financial statements, shall include:

(1) their opinion as to whether the financial statements for the year give a true and fair view of 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) a statement confirming that, in their opinion the financial statements have been properly prepared in accordance with UK Generally Accepted Accounting Practices (“GAAP”) and conforming to the pro-forma accounts laid down by the Charity Commission.

5. Each college shall provide to the University a statement from its auditors confirming that, in the opinion of the auditors, in all material respects public and publicly accountable funds received from the University of Oxford (out of grants from HEFCE and student fees) for the financial year in question have been applied for the purposes for which they were received. The statement shall use such wording as shall be agreed with the Audit and Scrutiny Committee from time to time.