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Financial Statement Audit Findings for Carnegie College Year Ended 31 July 2013

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Financial Statement Audit Findings for Carnegie College Year Ended 31 July 2013 Financial Statement Audit Findings for Carnegie College Year ended 31 July 2013 © 2013 Grant Thornton UK LLP | | 19 December 2013 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. © 2013 Grant Thornton UK LLP | | 19 December 2013 2 Contents Section Page 1. Executive summary 4 2. Financial Results 7 3. Audit findings 10 4. Governance 18 5. Performance 20 6. Fees, non audit services and independence 22 7. Communication of audit matters 24 © 2013 Grant Thornton UK LLP | | 19 December 2013 3 Section 1: Executive summary 01. Executive summary 02. Financial results 03. Audit findings 04. Governance 05. CommunicationPerformance of audit matters 06. Fees non audit services and independence 07. Communication of audit matters © 2013 Grant Thornton UK LLP | | 19 December 2013 Executive summary Introduction This report has been prepared for the benefit of discussion between Grant We received draft financial statements and a number of accompanying working Thornton UK LLP, Carnegie College ("the College") and the Auditor General papers at the start of our audit, in accordance with the agreed timetable. for Scotland. The purpose of this report is to highlight the key issues arising from the audit of the College's financial statements for the year ended 31 July Financial Statements Opinion 2013. We have issued an unmodified opinion on the College's 2012-13 financial statements. Under the Audit Scotland Code of Audit Practice we are required to report whether, in our opinion, the College's financial statements present a true and We have identified a number of minor adjustments within Table 3 , on page 12 . fair view of the financial position, its expenditure and income for the year and The adjustments have not impacted on the College's net deficit position, but have whether they have been properly prepared in accordance with the Statement of impacted the presentation and disclosures within the financial statements. Recommended Practice: accounting for further and higher education (the SORP). 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 with governance', designated as the Audit Committee. 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 May 2013. © 2013 Grant Thornton UK LLP. All rights © 2013 Grant Thornton UK LLP | | 19 December 2013 reserved. 5 Executive summary Summary of Key Findings Looking forward Matters arising from the financial statements audit and review of the College's Reporting internal control arrangements have been discussed with the Vice Principal. area OurSummary Section 3 and 4 of this report highlights key changes for 2013-14 in relation to Financial We have issued an unmodified opinion on the financial financial statements and governance respectively. The most significant change Statements statements of Carnegie College in relation to financial statements is a decision by the Office of National There were was one minor disclosure adjustment Statistics to move the colleges under the central government boundary. With required to the draft financial statements this is discussed regard to governance the key issue moving forward is the creation of good in Section 3 of the report at table 3. governance structures for the new Fife College. Financial The financial statements record a net deficit of on the Both issues have been discussed fully at Sections 3 and 4 to this report. position provision of services of £887k (2012: surplus of £147k). The key variances related to significant increases in Acknowledgment restructuring costs and a reduction in the main grant We would like to take this opportunity to record our appreciation for the funding from the Scottish Funding Council. assistance provided by the finance team and other staff during our audit. At 31 July 2013, the College had a total reserves balance of £17,521k (2012: £8,200k), of which £1,290k is available as a general reserve (2012: £1,787k). Grant Thornton UK LLP Internal We reviewed the Corporate Governance Statement and December 2013 controls were satisfied that disclosures are in line with our knowledge of the College and that the statement is underpinned by a robust assurance framework, developed with internal audit. © 2013 Grant Thornton UK LLP | | 19 December 2013 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. Fees non audit services and independence 07. Communication of audit matters © 2013 Grant Thornton UK LLP | | 19 December 2013 Financial Results Introduction Income for the year It was be noted that between years the College has moved from an overall The College receives income from multiple sources as shown in figure 1 below. It surplus of £147k on the income and expenditure account to a deficit position in is clear from this analysis that the main source of funding is grants from the SFC 2012/13 of (£887k). This is primarily due to restructuring costs associated with the merger and a reduction in the main grant from the Scottish Funding Council (SFC). SFC Grants Key Areas of Expenditure The College reported expenditure of £22,117k in the current financial year. Tuition Fees The table below shows a breakdown of this expenditure figure 2013 2012 Other Grant Income £'000 £'000 2011/12 Other Operating Staff Costs 13,932 13,823 Income Restructuring Costs 1,298 324 2012/13 Other operating expenses 5,391 5,118 Depreciation 1,304 1,307 Source: Carnegie College Annual Report 2012/13 Interest Payable 192 247 This shows there has been a marginal increase in grant funding from the SFC. It 22,117 20,819 should be noted that a significant portion of this relates to funding for the merger, and it is expected that going forward there may be a reduction in the Source: Carnegie College Annual Report 2012/13 grants awarded by the SFC. The key movements are in relation to the restructuring costs following the merger with Adam Smith College. The restructuring costs were in relation to a A further area of significant movement was Other Operating Income, which Voluntary Severance scheme run in year and covered redundancy payments and reduced by £727k mainly due to a reduction received from Carnegie Enterprise the pension strain associated with early retirement. Limited which was caused by the loss of the Business Gateway contract. A further element of the reduction was in relation to the Skills Development Furthermore there was an increase in costs associated with the Local Scotland income. Government Pension Scheme. In year charges under FRS 17 to the Income and Expenditure Accounts were £331k (2011/12: income of £67k). © 2013 Grant Thornton UK LLP. All rights © 2013 Grant Thornton UK LLP | | 19 December 2013 reserved. 8 Financial Results Financial Position The College's balance sheet reflects a positive financial position with general reserves of £17,521k. 2013 2012 £'000 £'000 Non - Current Assets 25,394 17,262 Current Assets 2,958 1,661 Current Liabilities (3,587) (1,861) Non current liabilities (7,244) (8,862) Total net assets 17,521 8,200 Source: Carnegie College Annual Report 2012/13 There has been a large movement in non-current assets due to revaluation in year, which increased in the value of land and buildings of £9,294k. There has been a significant increase in current assets mainly due to a large increase in the bank balance, which moved from an overdrawn balance of £1,359k in 2011-12 to a positive balance of £914k in the current year. This has arisen as a result of improved working capital management. The fall in non-current liabilities predominantly relates to a reduction in the pensions liability of £1,374k , informed by the scheme actuaries. © 2013 Grant Thornton UK LLP. All rights © 2013 Grant Thornton UK LLP | | 19 December 2013 reserved. 9 Section 3: Audit findings 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. Fees non audit services and independence 07. Communication of audit matters © 2013 Grant Thornton UK LLP | | 19 December 2013 Audit Findings Introduction Design effectiveness of internal controls In this section we present our findings in respect of matters and risks identified We have applied our risk methodology to the audit, which allows us to document, at the planning stage of the audit and additional matters that arose during the evaluate and assess your internal controls over the financial reporting process in line with the requirements of auditing standards. course of our work. We set out on the following pages the work we have performed and findings arising from our work in respect of the audit risks we We did not identify any significant weakness in the internal control systems in place identified in our audit plan, which was issued to the College in May 2013.
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