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Higher
Education News
April 2012



 US GAAP compliance                                         HMRC revise NIC rules
 The United States Department of Education has              HMRC have undergone a consultation in respect
 stated that those overseas institutions that receive       of the role of the Social Security Regulations (the
 US students are required to convert their annual           ‘Regulations’) in relation to lecturers, teachers or
 financial statements from UK GAAP to US Generally          those in a similar capacity in the modern education
 Accepted Accounting Principles (‘US GAAP’) either          or training environment.
 annually, or every three years depending on the               As a result of the consultation, the Regulations will
 amount of loans each university receives in respect        be repealed with effect from 6 April 2012. HMRC
 of those students.                                         concluded that since the Regulations were established in
    There are considerable differences between the two      1978, the changes in the way instruction is delivered
 accounting frameworks. In addition, the US equivalent      have evolved and the limited ‘positive contributory
 of the Higher Education SORP (known as the Financial       benefit implications’ means the Regulations are no
 Accounting and Reporting Manual) will need to              longer necessary.
 be complied with. Finally, the US GAAP financial              This change will not make any difference to an
 statements will need to be audited and filed six months    individual’s employment status, and will not affect any
 after the year end (the first submissions was made by      individual who is an employee, but this will simplify the
 those universities affected by 31 January 2012).           treatment of those who are self-employed and should
    Grant Thornton UK and US have been assisting a          make it easier and reduce the administration burden of
 number of UK institutions which are affected by these      engaging any individual in a self-employed capacity.
 requirements. We have provided model accounts,
 a conversion template and training. This has been
 provided in conjunction with Grant Thornton Higher
 Education specialists in the United States.
    Subarna Banerjee, Grant Thornton Assurance
 Director, recently attended a US Department of
 Education conference in Las Vegas and held meetings
 with senior US Department of Education officials
 and sought a commitment that, when the UK Higher
 Education sector converted to International Financial
 Reporting Standards, no US GAAP conversion would
 be required. As yet, the Department has yet to make a
 determination on this point, but has noted our views on
                                                           David Barnes
 the matter.
                                                           Head of Higher Education
What has happened to pension deficits over the past year?
Despite the gains resulting from the RPI to CPI pension             However in compromising with the trade unions, the
increase change, recorded during 2010/11, market                changes will be less extensive than originally proposed
turmoil has continued to have negative effects on               and the level of savings for public sector employers
pension scheme deficits, which are generally larger             is likely to be well below initial expectations. Given
than last year.                                                 continuing improvements in life expectancy, it is difficult
   Equity markets have been relatively flat, whilst             to see how the current proposals offer the sustainable long
quantitative easing and the sovereign debt crisis have          term solution the Government is seeking.
pushed UK bond yields down, resulting in significant
increases in pension liabilities.                               Is there anything that can be done to mitigate the
   As an illustration, corporate bond yields on which           impact of pension costs?
pension liabilities are based, are around 1% lower than         Employers may be able to address the issue to some
a year ago. For a typical scheme this might lead to an          extent, by closing their scheme to new, and in some cases
increase in liabilities in excess of 20%, with an even          existing, members. However they will need to look at the
greater proportional increase in the deficit.                   basis on which they participate in their pension scheme
                                                                as closure may not be an option. Any movement towards
What other developments are affecting pensions                  closure would also need careful management as pensions
in the sector?                                                  are currently an extremely live issue, as evidenced by
The key issue facing pensions in the sector is the              the recent strikes across the public sector. Consideration
Government’s plans to reform the main public sector             should also be given to the impact of closure on funding;
pension schemes. The Government is aiming to                    it is important to open a dialogue with the scheme
make the schemes more sustainable in the long term from         managers and the actuary to avoid short term increases in
a cost perspective. The likelihood is that they will be         employer contributions.
changed from Final Salary schemes to cheaper “Career
Average” plans and that members will see their own
contributions increase.




Living within your means – how you can help secure your university’s future
The current economic climate continues to put pressure          to cut costs dramatically which leads to poor quality, a
on universities and as a result they need to focus              deterioration in standards and ultimately may threaten the
their awareness around reducing costs to enable their           future of an institution. Any efficiency initiative should be
establishment to run more effectively.                          carefully planned and coordinated to ensure that reductions
   The two main areas we encourage your finance teams           are sustainable.
to look at are greater efficiency in procurement activity
(utilities, bulk purchasing, contracts) and the restructuring   Look at the big picture and have a plan
of support activities (Finance, IT, HR, Facilities,             Substantial resource efficiencies can be made by revisiting
Property, General Administration). We have assisted             the operating model for support. A simple review of
our clients in achieving significant efficiency savings         where costs are incurred, the number of staff employed
without compromising quality and in some cases seeing           in providing support functions, and the quality of service
improvements in service delivery.                               provided, will provide a good guide as to where savings
   The key to successful cost management and cost               may be found. Our clients have been amazed by the level
reduction is to look at cost in a coordinated way so that       of savings that they have been able to achieve.
any reductions made do not have a serious impact on your
primary objectives of academic excellence. It is very easy



Is the internet on your side?                                   currently working with a Higher Education Institute on a
                                                                pilot scheme to see how we are able to help the sector. If
Grant Thornton’s Internet Intelligence professionals            you would like to work with us too please let us know.
are recognised experts and have proprietary tools and              To find out more about our team, go to the following
methodologies to locate, categorise and analyse intelligence    link: CLICK HERE
often unavailable through conventional processes. We are
Sharing costs and collaborating, will VAT still be a barrier?
The VAT Cost Sharing Exemption (CSE) is to be                   Membership of the CSG does require a minimum level
implemented in the UK in the near future although               of exempt and/or non business activity, so restricts the
HMRC has confirmed that businesses can rely on                  involvement of a private sector partner. The parties may
direct effect of the European legislation if they want to       want a private sector partner to be involved to bring some
form a Cost Sharing Group (CSG) now. The CSE offers             commercial experience or to operate the CSG on behalf of
the potential for not-for-profit organisations such as          the other members or to share some services. Therefore,
Education Providers (EPs) to share resources without VAT        a private sector partner may need to charge VAT for its
being a barrier. A number of conditions must be satisfied       services, thus potentially increasing VAT costs.
the most important being:
•	 those parties who want to share costs would need to          Alternatives
   set up a “Cost Sharing Group” (CSG), which would             If collaboration and cost sharing is to be done successfully
   be independent from its members. It is not possible          outside the CSE, then potential additional VAT costs
   for the EPs to qualify for the CSE by entering into          would need to be considered together with any financial
   more informal arrangements with each other to share          benefits. It may be possible to collaborate and share staff,
   resources, and just recharge as necessary. However, one      using joint employment contracts, as the recharge of
   member can control the CSG                                   employment costs between joint employers is outside the
•	 if back office and other general business services are to    scope of VAT. This could be a useful arrangement if EPs
   be shared and recharged by the CSG exempt from VAT,          want to work with a private sector partner.
   then exempt and/or non business activities need to be at        However, joint employment arrangements need
   least 85% of all activities carried out by the recipient.    to be carefully implemented, as the mere drafting of
                                                                appropriately worded employment contracts alone is not
On the face of it, the CSE is going to require a significant    enough. The employers who are looking to share staff
commitment by the parties who want to share because             would need to be seen as actually acting like employers,
the costs to be shared would need to be migrated into the       which would include instructing and liaising with the
CSG. This raises issues around transferring staff (for          staff. There has been and continues to be case law in this
example TUPE, reaction of those staff being transferred         area, and any HEs considering this option shall therefore
etc), and deciding how the CSG can be set up and run to         need to look into it in detail.
the satisfaction of the members who own the CSG. Also              Collaboration and sharing costs and resources is
it is likely that irrecoverable VAT will still be incurred on   becoming increasingly important and a necessary business
resources and assets being acquired by the CSG, and it          model as financial challenges increase. Getting more from
is therefore important to consider whether goods should         less and demonstrating innovation and new thinking is
still be acquired directly by the members to achieve some,      going to be vital.
albeit small, level of VAT recovery.



                                 Welcome to Sharon Gilkes,
                                 a new member of the
                                 education team
                                 Grant Thornton’s education team is joined by
                                 Sharon Gilkes, Associate Director heading the
                                 Birmingham Employment Taxes team. Sharon
                                 has worked with a number of universities,
                                 particularly in the area of salary sacrifice
Sharon Gilkes                    benefits, helping universities to design and
Associate Director               implement a range of flexible benefits. We are
T 0121 232 5259                  looking forward to Sharon further developing
E sharon.l.gilkes@uk.gt.com      our work in this area.
Grant Thornton is ranked as a top three adviser to the charity, education and housing
sectors and we pride ourselves on providing specialist knowledge to them. We would
like to invite you to attend a series of seminars focusing on some of the current issues
affecting organisations within these sectors. Each of these sessions will address a
different issue and you are welcome to attend as many sessions as you wish.

London                                                               Seminar programme
Grant Thornton House                                                 When social media becomes a liability                                            London
Melton Street                                                        Social media’s biggest advantage is also its biggest disadvantage – its          Wednesday 25 April 2012
                                                                     pervasiveness. It has millions of frequent users, which means misinformation     3.30pm 	 Registration and coffee
Euston Square                                                        or malicious falsehoods can be spread as far and as fast as any positive         4.00pm 	 Seminar commences
London NW1 2EP                                                       publicity. The not for profit world is particularly vulnerable to this and our   5.30pm 	 Drinks and canapés
                                                                     team of specialists can take you through ways of mitigating these risks and
T 020 7383 5100                                                      what you need to be thinking about.
F 020 7383 4715                                                      Tax/VAT/Employee issues update                                                   London
                                                                     Our tax seminar will provide an update on developments in direct taxes,          Thursday   24 May 2012
RSVP                                                                 VAT and an update on employee issues as they affect the sector, as well as       3.30pm 	    Registration and coffee
E ava.kimpton-pasfield@uk.gt.com                                     providing timely reminders on topical issues.                                    4.00pm 	    Seminar commences
                                                                                                                                                      5.30pm 	    Drinks and canapés

                                                                     Financial health of the Higher Education sector                                  London
                                                                     Following the release of the Grant Thornton report on the UK’s higher            Wednesday 4 July 2012
Leeds                                                                education institutions, our education specialists will report on the findings    3.30pm 	 Registration and coffee
                                                                     from the analysis of the financial statements as well as themes coming out       4.00pm 	 Seminar commences
No 1 Whitehall Riverside
                                                                     of the sector including the tuition fee debate one year on. Discussion will      5.30pm 	 Drinks and canapés
Leeds                                                                also include topics such as, internationalisation, shared service options and
West Yorkshire                                                       student recruitment.

LS1 4BN                                                              Education update                                                                 Leeds
                                                                     The session will concentrate on key sector issues and developments within        Friday 6 July 2012
T 0113 245 5514                                                      the higher and further education sectors over the past 12 months and offer       9.00am 	 Registration and coffee
                                                                     timely reminders on topical issues                                               9.30am 	 Seminar commences
F 0113 246 5055
                                                                                                                                                      12.30pm	Lunch
RSVP                                                                 An update on IFRS                                                                London
E beverley.a.johnson@uk.gt.com                                       As the migration of UK GAAP to IFRS continues to develop, this session           Wednesday 10 October 2012
                                                                     will provide an update on the latest position for the not for profit sector,     8.30am 	 Registration and coffee
                                                                     highlighting key developments, areas of concern and practical issues which       9.00am 	 Seminar commences
                                                                     need addressing. Specialists from our not for profit and IFRS conversion         5.30pm 	 Finish
                                                                     teams will lead the session with plenty of opportunity for debate.

                                                                     Tax/VAT/Employee issues update                                                   London
                                                                     Our tax seminar will provide an update on developments in direct taxes,          Wednesday 5 December 2012
                                                                     VAT and an update on employee issues as they affect the sector, as well as       3.30pm 	 Registration and coffee
                                                                     providing timely reminders on topical issues.                                    4.00pm 	 Seminar commences
                                                                                                                                                      5.30pm	  Drinks and canapés




© 2012 Grant Thornton UK LLP. All rights reserved.

‘Grant Thornton’ means Grant Thornton UK LLP,
a limited liability partnership.

Grant Thornton UK LLP is a member firm within
Grant Thornton International Ltd (‘Grant Thornton International’).
Grant Thornton International and the member firms are not
a worldwide partnership. Services are delivered by the member
firms independently.

www.grant-thornton.co.uk

V21228

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Grant Thornton - Higher Education News 2012 UK

  • 1. Higher Education News April 2012 US GAAP compliance HMRC revise NIC rules The United States Department of Education has HMRC have undergone a consultation in respect stated that those overseas institutions that receive of the role of the Social Security Regulations (the US students are required to convert their annual ‘Regulations’) in relation to lecturers, teachers or financial statements from UK GAAP to US Generally those in a similar capacity in the modern education Accepted Accounting Principles (‘US GAAP’) either or training environment. annually, or every three years depending on the As a result of the consultation, the Regulations will amount of loans each university receives in respect be repealed with effect from 6 April 2012. HMRC of those students. concluded that since the Regulations were established in There are considerable differences between the two 1978, the changes in the way instruction is delivered accounting frameworks. In addition, the US equivalent have evolved and the limited ‘positive contributory of the Higher Education SORP (known as the Financial benefit implications’ means the Regulations are no Accounting and Reporting Manual) will need to longer necessary. be complied with. Finally, the US GAAP financial This change will not make any difference to an statements will need to be audited and filed six months individual’s employment status, and will not affect any after the year end (the first submissions was made by individual who is an employee, but this will simplify the those universities affected by 31 January 2012). treatment of those who are self-employed and should Grant Thornton UK and US have been assisting a make it easier and reduce the administration burden of number of UK institutions which are affected by these engaging any individual in a self-employed capacity. requirements. We have provided model accounts, a conversion template and training. This has been provided in conjunction with Grant Thornton Higher Education specialists in the United States. Subarna Banerjee, Grant Thornton Assurance Director, recently attended a US Department of Education conference in Las Vegas and held meetings with senior US Department of Education officials and sought a commitment that, when the UK Higher Education sector converted to International Financial Reporting Standards, no US GAAP conversion would be required. As yet, the Department has yet to make a determination on this point, but has noted our views on David Barnes the matter. Head of Higher Education
  • 2. What has happened to pension deficits over the past year? Despite the gains resulting from the RPI to CPI pension However in compromising with the trade unions, the increase change, recorded during 2010/11, market changes will be less extensive than originally proposed turmoil has continued to have negative effects on and the level of savings for public sector employers pension scheme deficits, which are generally larger is likely to be well below initial expectations. Given than last year. continuing improvements in life expectancy, it is difficult Equity markets have been relatively flat, whilst to see how the current proposals offer the sustainable long quantitative easing and the sovereign debt crisis have term solution the Government is seeking. pushed UK bond yields down, resulting in significant increases in pension liabilities. Is there anything that can be done to mitigate the As an illustration, corporate bond yields on which impact of pension costs? pension liabilities are based, are around 1% lower than Employers may be able to address the issue to some a year ago. For a typical scheme this might lead to an extent, by closing their scheme to new, and in some cases increase in liabilities in excess of 20%, with an even existing, members. However they will need to look at the greater proportional increase in the deficit. basis on which they participate in their pension scheme as closure may not be an option. Any movement towards What other developments are affecting pensions closure would also need careful management as pensions in the sector? are currently an extremely live issue, as evidenced by The key issue facing pensions in the sector is the the recent strikes across the public sector. Consideration Government’s plans to reform the main public sector should also be given to the impact of closure on funding; pension schemes. The Government is aiming to it is important to open a dialogue with the scheme make the schemes more sustainable in the long term from managers and the actuary to avoid short term increases in a cost perspective. The likelihood is that they will be employer contributions. changed from Final Salary schemes to cheaper “Career Average” plans and that members will see their own contributions increase. Living within your means – how you can help secure your university’s future The current economic climate continues to put pressure to cut costs dramatically which leads to poor quality, a on universities and as a result they need to focus deterioration in standards and ultimately may threaten the their awareness around reducing costs to enable their future of an institution. Any efficiency initiative should be establishment to run more effectively. carefully planned and coordinated to ensure that reductions The two main areas we encourage your finance teams are sustainable. to look at are greater efficiency in procurement activity (utilities, bulk purchasing, contracts) and the restructuring Look at the big picture and have a plan of support activities (Finance, IT, HR, Facilities, Substantial resource efficiencies can be made by revisiting Property, General Administration). We have assisted the operating model for support. A simple review of our clients in achieving significant efficiency savings where costs are incurred, the number of staff employed without compromising quality and in some cases seeing in providing support functions, and the quality of service improvements in service delivery. provided, will provide a good guide as to where savings The key to successful cost management and cost may be found. Our clients have been amazed by the level reduction is to look at cost in a coordinated way so that of savings that they have been able to achieve. any reductions made do not have a serious impact on your primary objectives of academic excellence. It is very easy Is the internet on your side? currently working with a Higher Education Institute on a pilot scheme to see how we are able to help the sector. If Grant Thornton’s Internet Intelligence professionals you would like to work with us too please let us know. are recognised experts and have proprietary tools and To find out more about our team, go to the following methodologies to locate, categorise and analyse intelligence link: CLICK HERE often unavailable through conventional processes. We are
  • 3. Sharing costs and collaborating, will VAT still be a barrier? The VAT Cost Sharing Exemption (CSE) is to be Membership of the CSG does require a minimum level implemented in the UK in the near future although of exempt and/or non business activity, so restricts the HMRC has confirmed that businesses can rely on involvement of a private sector partner. The parties may direct effect of the European legislation if they want to want a private sector partner to be involved to bring some form a Cost Sharing Group (CSG) now. The CSE offers commercial experience or to operate the CSG on behalf of the potential for not-for-profit organisations such as the other members or to share some services. Therefore, Education Providers (EPs) to share resources without VAT a private sector partner may need to charge VAT for its being a barrier. A number of conditions must be satisfied services, thus potentially increasing VAT costs. the most important being: • those parties who want to share costs would need to Alternatives set up a “Cost Sharing Group” (CSG), which would If collaboration and cost sharing is to be done successfully be independent from its members. It is not possible outside the CSE, then potential additional VAT costs for the EPs to qualify for the CSE by entering into would need to be considered together with any financial more informal arrangements with each other to share benefits. It may be possible to collaborate and share staff, resources, and just recharge as necessary. However, one using joint employment contracts, as the recharge of member can control the CSG employment costs between joint employers is outside the • if back office and other general business services are to scope of VAT. This could be a useful arrangement if EPs be shared and recharged by the CSG exempt from VAT, want to work with a private sector partner. then exempt and/or non business activities need to be at However, joint employment arrangements need least 85% of all activities carried out by the recipient. to be carefully implemented, as the mere drafting of appropriately worded employment contracts alone is not On the face of it, the CSE is going to require a significant enough. The employers who are looking to share staff commitment by the parties who want to share because would need to be seen as actually acting like employers, the costs to be shared would need to be migrated into the which would include instructing and liaising with the CSG. This raises issues around transferring staff (for staff. There has been and continues to be case law in this example TUPE, reaction of those staff being transferred area, and any HEs considering this option shall therefore etc), and deciding how the CSG can be set up and run to need to look into it in detail. the satisfaction of the members who own the CSG. Also Collaboration and sharing costs and resources is it is likely that irrecoverable VAT will still be incurred on becoming increasingly important and a necessary business resources and assets being acquired by the CSG, and it model as financial challenges increase. Getting more from is therefore important to consider whether goods should less and demonstrating innovation and new thinking is still be acquired directly by the members to achieve some, going to be vital. albeit small, level of VAT recovery. Welcome to Sharon Gilkes, a new member of the education team Grant Thornton’s education team is joined by Sharon Gilkes, Associate Director heading the Birmingham Employment Taxes team. Sharon has worked with a number of universities, particularly in the area of salary sacrifice Sharon Gilkes benefits, helping universities to design and Associate Director implement a range of flexible benefits. We are T 0121 232 5259 looking forward to Sharon further developing E sharon.l.gilkes@uk.gt.com our work in this area.
  • 4. Grant Thornton is ranked as a top three adviser to the charity, education and housing sectors and we pride ourselves on providing specialist knowledge to them. We would like to invite you to attend a series of seminars focusing on some of the current issues affecting organisations within these sectors. Each of these sessions will address a different issue and you are welcome to attend as many sessions as you wish. London Seminar programme Grant Thornton House When social media becomes a liability London Melton Street Social media’s biggest advantage is also its biggest disadvantage – its Wednesday 25 April 2012 pervasiveness. It has millions of frequent users, which means misinformation 3.30pm Registration and coffee Euston Square or malicious falsehoods can be spread as far and as fast as any positive 4.00pm Seminar commences London NW1 2EP publicity. The not for profit world is particularly vulnerable to this and our 5.30pm Drinks and canapés team of specialists can take you through ways of mitigating these risks and T 020 7383 5100 what you need to be thinking about. F 020 7383 4715 Tax/VAT/Employee issues update London Our tax seminar will provide an update on developments in direct taxes, Thursday 24 May 2012 RSVP VAT and an update on employee issues as they affect the sector, as well as 3.30pm Registration and coffee E ava.kimpton-pasfield@uk.gt.com providing timely reminders on topical issues. 4.00pm Seminar commences 5.30pm Drinks and canapés Financial health of the Higher Education sector London Following the release of the Grant Thornton report on the UK’s higher Wednesday 4 July 2012 Leeds education institutions, our education specialists will report on the findings 3.30pm Registration and coffee from the analysis of the financial statements as well as themes coming out 4.00pm Seminar commences No 1 Whitehall Riverside of the sector including the tuition fee debate one year on. Discussion will 5.30pm Drinks and canapés Leeds also include topics such as, internationalisation, shared service options and West Yorkshire student recruitment. LS1 4BN Education update Leeds The session will concentrate on key sector issues and developments within Friday 6 July 2012 T 0113 245 5514 the higher and further education sectors over the past 12 months and offer 9.00am Registration and coffee timely reminders on topical issues 9.30am Seminar commences F 0113 246 5055 12.30pm Lunch RSVP An update on IFRS London E beverley.a.johnson@uk.gt.com As the migration of UK GAAP to IFRS continues to develop, this session Wednesday 10 October 2012 will provide an update on the latest position for the not for profit sector, 8.30am Registration and coffee highlighting key developments, areas of concern and practical issues which 9.00am Seminar commences need addressing. Specialists from our not for profit and IFRS conversion 5.30pm Finish teams will lead the session with plenty of opportunity for debate. Tax/VAT/Employee issues update London Our tax seminar will provide an update on developments in direct taxes, Wednesday 5 December 2012 VAT and an update on employee issues as they affect the sector, as well as 3.30pm Registration and coffee providing timely reminders on topical issues. 4.00pm Seminar commences 5.30pm Drinks and canapés © 2012 Grant Thornton UK LLP. All rights reserved. ‘Grant Thornton’ means Grant Thornton UK LLP, a limited liability partnership. Grant Thornton UK LLP is a member firm within Grant Thornton International Ltd (‘Grant Thornton International’). Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered by the member firms independently. www.grant-thornton.co.uk V21228