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Year End Guidance University of Gloucestershire


  • pg 1
To:               See Distribution


From:             Ray Williams & Karen Janes, Finance and Planning,

Date:             2 July 2010

Re:               END OF YEAR FINANCIAL PROCESSES – 31st July 2010

Please find enclosed the year-end timetable (Appendix 1) and relevant forms that should be used for submitting information
to Finance and Planning for the financial year ending 31st July 2010.

The forms are similar to last year and cover:

             a) Form ACCRUEXP Accrued Expenditure for items which have been received but for which payment has
                not been made before 31st July - NB see Purchase Orders note below
             b) Form PREPAYEXP Prepaid Expenditure for goods or services paid for during the year but will not be
                received until after 31st July 2010
             c) Form ACCRUINC Accrued Income for sales invoices not issued before 31 st July for work completed in
             d) Form DEFINC Deferred Income for income received in 2009/2010 but which all or part relates to the
                next (2010/2011) financial year
             e) Form CASH          Petty Cash Reimbursement - Appendix 3
             f) Form INV           Inventory Confirmation Sheet - Appendix 3
             g) Form COM           Confirmation with Financial Regulations & Procedures - Appendix 3

The completion of the above forms is reasonably self-explanatory. However, can we please draw your attention to the
Internal Reference Number Box. The completion of this box will allow Finance and Planning to check when individual
sheets have ‘gone missing’ and we would, therefore, be grateful if you could give each sheet you submit an individual
reference as described at the foot of each form.

Each form should be authorised by the Faculty Dean/Head of Department or budget holder before submission along with the
relevant paperwork and an electronic version of the form. Please note that it is an audit requirement all forms are
accompanied by documentary evidence of the figures being journaled. Can you please complete a separate form for
amounts over £5k, this will help speed up the processing procedure.

We have also included guidance in relation to the accruals and prepayment processes that you will need to carry out to assist
your understanding of the full end-of-year activities (Appendix 2).

The return date for the accrual and prepayment forms is the 9th August 2010.

Purchase Orders
Goods and services that have been ordered through Agresso, delivered by the 31st July but not yet invoiced, will be accrued
by Finance and Planning. The goods that have been delivered must be GRN’d on Agresso by 12 noon on 1st August.
Additional notes regarding Agresso year-end processing are included in Appendix 2.


Departments holding consumable stocks and goods for resale must undertake a supervised physical count of stocks on the
31st July 2010. The count should be carried out by two people, one to count and one to record, with the count sheet
acknowledged by both signatures on completion.

The stock sheet should indicate the following details
       Sheet number
       Location
       Date stock counted
       Stock description
       Item quantity
       Unit price or valuation
       Total item value

During the conduct of the physical count, the supervisor should ensure that no receipt or issue of stock takes place. Where
stock is recognised as slow moving or redundant, this fact should be noted against the stock item concerned.

On completion of the stock take, the supervisor must collect all sheets and return to Finance and Planning (Ray Williams,
Financial Controller, Monk Building, Park Campus).


Budget holders are requested to update inventories to show movements for the year and once completed, saved to the Z drive.
Budget holders should complete inventory form (INV) to confirm the last date the inventory was updated and return to
Victoria Watt or Annette Harmer by 31st August.

If you require any assistance with these forms or any other issue associated with the end-of-year processes your Accountant
should be able to provide advice; otherwise please do not hesitate to contact us.

Ray Williams                                                    Karen Janes
(71)4225                                                        (71)4385

PPRC:       Paul Hartley   Mike Cogger                  Ben Calvert       Paul Drake            Kevin Richardson
            Frank Leishman Peter Childs                 Stephen Hill      Camille Stallard      Julie Thackray

Managers:         Stewart Dove      Bill Lawrence       Phil Gravestock   Clare Hetherington    Tamsin Merchant
                  Andy Simpson      Ellen Taylor        Rob Wood          Jim Simpson           Nigel Wichall
                  Jackie Baines     Daniella Tilbury    Scott Jordan      Gideon Capie          Helen Pearson
                  Mary Mahoney      Brian Miller        Jill Stewart      Chris Rayfield

Finance & Planning:
                Abi Aversa                   Annette Harmer               Alison Sibery         Victoria Watt
                Ahmed Ginwalla               Rachel Davidson              Amanda Evans          Cheryl Harper
                Beverley Tartaglia           Toni Elkins                  Sarah Wightman        Helen Wiseman
                Mike Palmer                  Vicky Burden                 Katherine Watson      Natasha Reynolds

Appendix 1 - Timetable

Key Events                                                Responsibility                Start Date     University Coordinator

University & Grant Thornton preliminary planning          Finance & Planning            20 May 2010    RW

University position paper (Impairment Review)             Finance & Planning            1 June         KW/RW

Audit Committee: to consider 2010 Audit Strategic Plan;   Audit Committee               9 June 2010    CS/RW
Accounting Policies FRS18 and IFRS

Year-end instructions issued to all Agresso users and     Finance & Planning            28 June        KJ/RW
budget holders

Guidance issue and local briefings to F&P                 Finance & Planning            28 June        KJ/RW

Full Council: Strategic Plan and Budget 2010-2011         Director Finance & Planning   29 June 2010   CS

Agresso procurement review return from budget holders     All Budget holders (Campus    12 July        KJ/AA

Staff Expenses to Finance & Planning                      Schools  &    Departments     12 July        KJ/RW
                                                          (Campus Accountants)

Agresso procurement housekeeping exercise commences       Finance & Planning            14 July        KJ/AA

Requests sent out for Transparency Review data            Finance & Planning            16 July        KJ/AA

Commence fieldwork planning, risk control assessment      Grant Thornton                27 & 28 July   RW
and document control testing. Review of internal audit                                  2010
work for the year and research reporting processes.
                                                                                        (2 days)

Complete input of July transactions (period 12)           Finance & Planning            30 July        KJ/AA

Stock and cash counts                                     Schools & Departments         30 July        RW/AH

Closure of financial ledgers for July and transaction     Finance & Planning            30 July        KJ /RW
reports (period 12) produced. Open new period 1 for

Distribute transaction reports and research income        Finance & Planning            4 August       KJ/AA
schedules for school and departmental review

Stock and cash count returns to Finance & Planning        Schools & Departments         4 August       RW/AH
                                                          (Campus Accountants)

Purchase Card returns for July to Finance & Planning      Schools & Departments         5 August       RW/AH
                                                          (Campus Accountants)

Subsidiary company accruals and prepayments returned      Estates, London Campus &      6 August       RW/KW
to Finance & Planning                                     Students’ Union

Commence Agresso accruals review                          Finance & Planning            9 August       RW/KJ

University prepayments, accruals and research income      Schools & Departments         9 August       KJ/AA
schedules to be returned to Finance & Planning            (Campus Accountants)

Commence fieldwork planning, risk control assessment      Gant Thornton                 TBA August     RW
and document control testing. Review of internal audit
                                                                                        (2-3 days)

work for the year and research reporting processes.

Draft Financial Statements for subsidiary and associated      Finance & Planning         11 August      RW/ED/KW

Draft Letter of Representation and Related Parties            Finance & Planning         11 August      RW/Grant Thornton

Extract full year individual staff costs                      Finance & Planning         13 August      KJ/AA

All time sheet returns to be complete                         School Managers & Campus   13 August      KJ/AA

Extract LIS Admin Computing staff time and non-pay            Finance & Planning         13 August      KJ/AA

HEFCE Space Summary to Finance & Planning                     Director Estates           13 August      KJ/AA

Staff numbers, headcount and FTE, by department and           University Registrar &     13 August      KJ/AA
category                                                      Secretary

Reprographic and Photocopying costs by department             Finance & Planning         13 August      KJ/AA

Number of PCs split between staff and students                Finance & Planning         13 August      KJ/AA

Learning Centre borrowing statistics                          Finance & Planning         13 August      KJ/AA

Complete accruals posting                                     Finance & Planning         13 August      KJ/RW
First    trial    balance     for     University     review   Finance & Planning         16 August      RW/AA

Department allocations to HESA cost centre agreed             Director Resources         16 August      KJ/AA

Review of Academic Departments for any late                   Campus Accountants         16 August      KJ /RW
adjustments. Journals and other forms to be sent to
Financial Controller

Draft HESA Financial Return                                   Finance & Planning         31 August      KJ/AA

Draft Financial Statements for the University                 Finance & Planning         31 August      RW

Audit fieldwork commences for subsidiaries and                Grant Thornton             6 September    RW/AH/KW
associated companies. Commence TPA audit

Audit field work for University commences                     Grant Thornton             6 September    RW

Audit progress review week 1                                  Grant Thornton & F&P       10 September   CS/RW

Audit field work for University continues                     Grant Thornton             13 September   RW

Audit progress review week 2                                  Grant Thornton & F&P       17 September   CS/RW

IF Required - Audit field work for University completes       Grant Thornton             20 September   RW

Finance & General Purposes Committee:                         F & GP Committee           21 September   CS/RW
progress review

Audit Committee: review audit progress                        Audit Committee                22 September     CS/RW

If required - Complete audit field work                       Grant Thornton                 27 September     CS/RW

Meeting with Director Finance & Planning                      Grant Thornton & F&P           1 October        CS/RW
and Audit Manager and relevant staff to
finalise issues arising from University
Draft Consolidated Financial Statements                       Finance & Planning             1 October        RW

Draft OFR                                                     Director Finance & Planning    1 October        CS

Commence audit fieldwork on consolidation statements;         Grant Thornton                 4 October        RW
ILR; TDA and Operating Financial Review

Full Council: review outcomes from F&GP and AC                Director Finance & Planning    6 October        CS/RW

Completion of consolidated accounts, Reports of Council       Finance & Planning             8 October        RW
and Chair of Council

Complete HESA Financial Return                                Finance & Planning             8 October        KJ/AA

Clearance Meeting with Director Finance & Planning,           F&P & Grant Thornton           15 October       CS/RW
Audit Partner and relevant staff to finalise issues arising
from audit and to discuss the draft Audit Findings.

Finance & General Purposes Committee: review                  F & GP Committee               26 October       CS/RW
Financial Statements and Audit Findings.

Audit Committee: review of Financial Statements and           Audit Committee                27 October       CS/RW
Audit Findings.

If necessary                                                  F&P & Grant Thornton (pm)      27 October       CS/RW
Post Clearance Meeting (representatives as above)

Full Council Presentation of Financial Statements, Audit      Director Finance & Planning    24 November      CS
Findings and signing accounts

‘Single conversation’ annual accountability returns to        Finance & Planning             1 December       KJ/RW

     1.   Commencing 10 September Director Finance & Planning and/or Financial Controller and Audit Manager to meet weekly to
          discuss progress and issues
     2.   Commencing 1 October all amendments to the Financial Statements to be coordinated through the Director Finance & Planning
          and/or Financial Controller and the Audit Manager.

     3.   University Coordinator
          CS        Camille Stallard               AH         Annette Harmer                KJ    Karen Janes
          AA        Abi Aversa                     RW         Ray Williams                  KW    Katherine Watson
          VW        Victoria Watt

     4.   Key:

                                 Council Committees            Audit Planning        Audit Field Work

University of Gloucestershire
Audit 2010 - Guidance to end of year processes


 Period 12 will close on the 30st July 2010, 5.30pm, period 13 opened for accruals and prepayments.
 Period 12 reports will be run on 2nd August and distributed no later than 4th August by Finance and Planning.
 Period 13 will be closed at 12.00 noon on Monday 2nd August to allow for a final review by Campus Accountants and
  reopened on Tuesday 3rd August.
 Faculties and departments to prepare accruals and prepayments, that do not relate to Agresso Purchase Orders, on the
  basis of reported transactions, to be returned by 9th August. All forms to be returned to Abi Aversa, Finance and
  Planning, Medway Building, Park Campus.


Normal accounting rules require that goods and services received on or before 31st July 2010 count as expenditure within
the current financial year. As part of preparing the annual accounts for the University, it is incumbent upon all staff to
ensure that normal accounting rules are followed wherever possible. It is an area to which the external auditors pay
particularly close attention during their audit of the University’s accounts.

The following guidance is given to assist in determining which financial year expenditure falls into. Please ensure all your
staff are aware of these guidelines as appropriate.


Any goods which have been physically delivered into the care of the University on or before 31st July 2010 should be
accounted for in the current financial year.

     Record the delivery of the goods or services on Agresso by way of GRN no later than 12 noon on 2nd August

     Ensure that the date of the GRN posted to Agresso is on or before 31st July 2010

Do not worry if you have not received an invoice for the goods before the 31 st July, as this expenditure will be accounted
for by Finance and Planning, but it is imperative that the goods have been RECEIVED.


Where goods or services have not been physically received before 31st July this will be taken as expenditure in the next
(2010/2011) financial year regardless of when you raised the order or whether you have been invoiced.

     Please ensure that the delivery date of the GRN is the actual date the goods were received (i.e. on or after 1st
      August 2010).

You may also wish to raise orders in July for goods and services which are not required until the next academic/financial
year e.g. conference bookings, which should generally have a delivery date of after 31 st July. These will show as
2010/2011 expenditure unless an upfront payment is required, which will need to be taken account of as prepaid
expenditure (Form PREPAYEXP)

     Please keep a list of any such prepayments and send copies of the list and the relevant invoices to your Accountant
      by 1st August (see details below).

Agresso orders for services may cover a period of up to five years. Unless there is an accounting adjustment recognising
the value relating to future financial years, all of the expenditure will fall against the current financial year’s budget.

     If supplies of continuous services (e.g. maintenance contracts) extend into the new financial year, continue to code
      invoices as normal but please send a copy of the relevant invoices to your Accountant by 1 st August, so that Form
      PREPAYEXP can be completed

     Any contracts or part of which are paid in arrears will need to be recorded on Form ACCRUEXP and accrued.
      Please send a copy of the relevant details to your Accountant by 1st August.


 All purchase card transactions prior to July 2010 will be posted by Finance and Planning in period 12. Where
  detailed information is not provided by the cardholder, all expenditure will be pursued by the Campus Accountants
  and posted against the Work Order of the cardholder.
 July purchase card statements will be despatched to cardholders by Finance and Planning by 30 July.
 The statements should be returned to Amanda Evans, Finance and Planning, Waterworth Building, Park Campus by
  6th August. All statements that are returned will be included in period 13 using the coding provided and posted to the
  ledgers by 9th August. All other statements will be pursued by the Campus Accountants and accrued for against the
  Work Order of the cardholder.
 Please ensure that your Campus Accountant/Central Services Accountant is informed of any purchases made on your
  purchase card that relates to the next financial year as per the guidelines given under the Purchase Order section


 All personal expenses submitted to Finance and Planning by Monday 15th July will be included in period 12.
 All personal expenses relating to 2009/2010 not submitted by Monday 15th July should be notified to your Campus
  Accountant/Central Services Accountant in order that they may accrue for them using form ACCRUEXP.


 Aged debt reports (Financial Accounting Team) on 1st August.
 Faculties and departments to prepare late sales and accrued income on the basis of reported transactions, to be
  returned by 6th August. Forms to be returned to Abi Aversa, Finance and Planning.
 July dated sales invoices received after 1st August to be posted in new period 1 and filed under “July” in journal
  number order. These should be sent to Abi Aversa, Finance and Planning for checking against accrued income.
University of Gloucestershire                                                                Appendix 3
Audit 2010 - Guidance to end of year processes

Finance & Planning Contacts

Information relating to Academic Departments should be sent to the appropriate Accountant:

Ahmed Ginwalla                  Campus Accountant, Oxstalls                           5139
Rachel Smith                    Campus Accountant, The Park                           4357
Helen Wiseman                   Campus Accountant, Pittville                          4943
Alison Sibery                   Campus Accountant, FCH                                4576

Please send information relating to Professional Departments to:

Natasha Reynolds                Central Services Accountant,                          4243
                                Medway Building, The Park
Vicky Burden                    Central Services Accountant,                          4387
                                Medway Building, The Park

Please send completed accruals and prepayment forms to, and refer any general queries to:

Abi Aversa                      Financial Planning & Reporting Manager, Medway        4386
                                Building, The Park

Inventory Confirmation Sheets should be sent to:

Victoria Watt                   Principal Accountant,                                 4384
                                Medway Building, The Park

Purchase Card Statements should be returned to:

Amanda Evans                    Purchase Ledger Manager,                              4228
                                Waterworth Building, The Park
University of Gloucestershire                                                                      FORM INV
Audit 2010 – Guidance to end of year processes


Confirmation statement                                                               Response

All items purchased during the year have been added to the                            Yes/No
Faculty/Department inventory, held on the Z drive

All items disposed of during the year have been noted as such                         Yes/No

Date inventory last updated

Signed:                                           Date:

Print Name:

Please ensure that inventory is maintained throughout the year as and when items are purchased or disposed.

The Inventory Confirmation Sheet should be returned by the 31 st August to Finance & Planning (Annette Harmer
or Victoria Watt, Finance & Planning, Medway Building, Park Campus).
University of Gloucestershire                        FORM CASH
Audit 2010 – Guidance to end of year processes


COUNT FOR DEPARTMENT:……………………………………………………………………………………

COINS                                            £
















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