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Fife College Annual Audit Report 2013/14

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Fife College Annual Audit Report 2013/14 Cover page Annual Audit Report for Fife College Year ended 31 March 2014 © 2014 Grant Thornton UK LLP | Audit Findings | August 2014 Disclaimer The contents of this report relate only to those matters which came to our attention during the conduct of our normal audit procedures which are designed primarily for the purpose of expressing our opinion on the financial statements. Our audit is not designed to test all internal controls or identify all areas of control weakness. However, where, as part of our testing, we identify any control weaknesses, we will report these to you. In consequence, our work cannot be relied upon to disclose defalcations or other irregularities, or to include all possible improvements in internal control that a more extensive special examination might identify. We do not accept any responsibility for any loss occasioned to any third party acting, or refraining from acting on the basis of the content of this report, as this report was not prepared for, nor intended for, any other purpose. © 2014 Grant Thornton UK LLP | Audit Findings | August 2014 2 Contents Contents Section Page 1. Executive summary 4 2. Financial Results 7 3. Audit findings 10 4. Governance 18 5. Performance 20 6. Looking forward 22 7. Fees, non audit services and independence 24 8. Communication of audit matters 26 Appendices A Draft Audit opinion B Draft Letter of Representation © 2014 Grant Thornton UK LLP | Audit Findings | August 2014 3 Section 1: Executive summary 01. Executive summary 02. Financial results 03. Audit findings 04. Governance 05. CommunicationPerformance of audit matters 06. FeesLooking non Forward audit services and independence 07. CommunicationFees non audit services of audit andmatters independence 08. Communication of audit matters © 2014 Grant Thornton UK LLP | Audit Findings | August 2014 Executive summary Introduction We received draft financial statements and the majority of accompanying working This report has been prepared for the benefit of discussion between Grant papers at the start of our audit, in accordance with the agreed timetable. Thornton UK LLP, Fife College ("the College") and the Auditor General for Scotland. The purpose of this report is to highlight the key issues arising from Financial Statements Opinion the audit of the College's financial statements for the year ended 31 March We have provided an unqualified opinion on the College's 2013-14 financial 2014. statements. Under the Audit Scotland Code of Audit Practice we are required to report We have identified only one minor adjustment in Table 3. The adjustments have whether, in our opinion, the College's financial statements present a true and not impacted on the College's net surplus position, but have improved the fair view of its expenditure and income for the year, its financial position, and presentation and disclosures within the financial statements. whether they have been properly prepared in accordance with the Statement of Recommended Practice: accounting for further and higher education (the Acknowledgement SORP). We would like to take this opportunity to record our appreciation for the assistance provided by the finance team and other staff during our audit. This report meets the mandatory requirements of the International Standard on Auditing 260 (ISA 260) to report the outcome of the audit to 'those charged Grant Thornton UK LLP with governance', designated as the Audit Committee. August 2014 Scope of our work During the course of our audit we have not had to alter or change our planned audit approach, which we communicated to you in our Audit Plan in April 2014. 5 © 2014 Grant Thornton UK LLP | Audit Findings | August 2014 Overall review of financial statements Executive summary Summary of Key Findings Reporting area Our Summary Financial Statements We intend to give an unqualified opinion on the financial statements of Fife College There were one minor adjustment identified as part of our work on the draft financial statements. Further detail is provided in Section 3 of this report, within Table 3. Financial position This is the first year accounts have been prepared for Fife College, following the merger of Adam Smith College and Carnegie College on 1 August 2013. The accounts also incorporate a change of accounting year and are therefore compiled for a period of 8 months covering August 2013 to March 2014. The College reported a surplus position on the income and expenditure account of £107k, showing an improvement on prior year which had a net deficit position of £1,275k. In year the College chose to establish an Arms Length Foundation Trust with a charitable purpose linked to the education of people in Fife. The College made an initial donation of £1,200k to the Trust in 2013-14. The College's balance sheet reflects a positive financial position with general reserves of £51.0m. Governance This has been a particularly challenging year for Fife College as it has moved from pre-merger governance arrangements from Carnegie and Adam Smith Colleges. The College has established new structures in the year following the merger ensuring that there is an appropriate framework in place. We reviewed the Statement of Corporate Governance and were satisfied that disclosures are in line with our knowledge of the College and that the statement is underpinned by an assurance framework, developed with internal audit. Performance The College approved a plan for the delivery of the Outcome Agreement from 2014-17. This plan focused of five key outcomes which will contribute to the overall ambition for Fife which focuses on the fulfilment of educational and employment potential for all learners in Fife. The College delivered improved performance for 73% of the performance indicators including an increase in WSUMs compared to prior year. The College, however, estimate that it will miss it's WSUMs target by 1.7% © 2014 Grant Thornton UK LLP | Audit Findings | August 2014 6 Section 2: Financial Results 01. Executive summary 02. AuditFinancial findings results 03. Fees,Audit nonfindings audit services and independence 04. CommunicationGovernance of audit matters 05. CommunicationPerformance of audit matters 06. FeesLooking non Forward audit services and independence 07. CommunicationFees non audit services of audit andmatters independence 08. Communication of audit matters © 2014 Grant Thornton UK LLP | Audit Findings | August 2014 Financial Results Introduction It is clear that in both years staff costs is the key area of expenditure for the College. The accounts for the period ending 31 March 2014 are the first set of accounts However, it should be noted that the proportion of overall costs attributable to prepared for Fife College, following the merger of Adam Smith College and employee remuneration has decreased from 63% in 2012-13 to 58% in 2013-14. A key Carnegie College on 1 August 2013. The accounts also incorporate a change of contributing factor to this reduction was a voluntary redundancy run by the College in accounting year, and are therefore compiled on an eight month period from 2012-13 and 2013-14. The majority of the costs associated with this were accounted for August 2013 to March 2014. in 2012-13 as restructuring costs, £3,328k, compared to £923k in 2013-14. In 2013-14, the College reported a surplus position on the income and Further significant movements relate to depreciation charges which have increased expenditure account of £107k. This is an improvement on the prior year between years. This is largely due to a revaluation exercise prior to the merger of the position which was a deficit of £1,275k. Colleges which resulted in an upward revaluation of £7,185k. The depreciation charge has increased accordingly. Key Areas of Expenditure The College reported expenditure of £37.3 million in 2013-14. Significant From the 1 April 2014, all colleges in Scotland will come under the accounting boundary movement in the balances between years was expected due to the change in year of central government and as such will have to work within the budgeting guidelines end result in a period of 8 months being reported in 2013-14 compared to 12 issued by the Treasury. A key element of the guidelines is that all bodies will be required months in 2012-13. to meet the expenditure limit for the year. Any expenditure which is funded by College Figure 1: Percentage of Expenditure by type reserves or borrowing would still be included as part of overall government expenditure, and therefore will constitute part of the expenditure limit placed on the college. Thus Staff costs reserves held at 1 April 2014 would effectively be frozen, as the use of the reserves would contribute to the budget limit and lead to a reduction in grant funding. A solution Exceptional restructuring costs to this issue was the ability for the College to set up an arms-length foundation trust which can be used to hold reserves balances and any future surpluses. Other operating expenses Depreciation In year the College chose to set up an Arms Length Foundation Trust (ALF) which has a charitable purpose of the advancement of the charitable purposes of the College to 2012-13 Donation to include the advancement of education by making grants and providing financial support 2013-14 Foundation for projects and activities being carried out by and supported by the College. The Source: Fife College Annual Report 2013-14 College donated £1,200k to the ALF in 2013-14. © 2014 Grant Thornton UK LLP | Audit Findings | August 2014 8 Financial Results Income for the year Financial
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