IndexPageOperating and Financial Review 2-8Corporate Governance Statement 9-13Statement of the Board of Governors’ Responsibilities 14-15Report of the Auditors to the Board of Governors 16-18Statement of Principal Accounting Policies 18-21Income and Expenditure Account 22Statement of Historical Cost Surpluses and Deficits 23Statement of Total Recognised Gains and Losses 23Balance Sheet 24Cash Flow Statement 25Notes to the Accounts 26-44
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Operating and Financial Review
NATURE, OBJECTIVES AND STRATEGIES
The Board of Governors has pleasure in submitting the audited financial statements for the yearended 31 July 2009.
Legal Status
In 1992, Parliament passed the Further and Higher Education (Scotland) Act, as a result of which 43former Colleges of Further Education in Scotland were incorporated into a new sector. These financialstatements are for the 16th accounting period following incorporation on 1 April 1993.On that date staff in local authority employment, land and other property owned by the EducationAuthority were transferred to the College and control of the College passed to the Board ofGovernors and the College Principal who is the Accountable Officer and is responsible to Parliamentfor the Stewardship of the College’s finances and assets. The land and buildings transferred fromTayside Regional Council have been included in the balance sheet at a valuation at 31 March 1995 lessdepreciation for the period 1 April 1995 to 31 July 2009.The College is a registered charity (Scottish Charity Number SC021175) for the purposes of the LawReform (Miscellaneous Provision) (Scotland) Act 2005.
Nature, Objectives and Strategies
Angus College is one of the main community colleges in Scotland with a main campus in Arbroath andsatellite learning centres in the burgh towns of Brechin, Forfar, Kirriemuir and Montrose.It serves the diverse area of Angus and the South Mearns, recruiting nearly 14,000 students in2008/09 from a population of 110,000.The College employed 468 staff in total in 2008/09 or 262 FTE, making it one of the largestemployers in the Angus area and a significant contributor to the area’s economic development.
Scope of the Financial Statements
The Financial Statements cover all activities of the College.
College Millennium Vision – 2000 TO 2010
“To be the best Community College in Scotland by 2010”
Mission Statement
The College’s mission, as approved by the Board of Governors, is:
“To provide high quality education and training opportunities which are accessible, beneficial, relevant and innovative.”
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Angus College 0809 Financial Statements
Reports & Financial Statements for the year ended 31 July 2009
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