46 City of Glasgow College Annual Report & Accounts 2020-21
Reporting on the audit of the financial
statements
Opinion on financial statements
We have audited the financial statements in the annual
report and accounts of City of Glasgow College for the
year ended 31 July 2021 under the Further and Higher
Education (Scotland) Act 1992 and section 44(1)(c) of
the Charities and Trustee Investment (Scotland) Act
2005. The financial statements comprise the Statement
of Comprehensive Income, Balance Sheet, Statement of
Changes in Reserves, and Statement of Cash Flow and
notes to the financial statements, including a summary
of significant accounting policies. The financial reporting
framework that has been applied in their preparation
is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK
and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
In our opinion the accompanying financial statements:
• give a true and fair view in accordance with the
Further and Higher Education (Scotland) Act 1992 and
directions made thereunder by the Scottish Funding
Council of the state of the college's affairs as at 31 July
2021 and of its deficit for the year then ended;
• have been properly prepared in accordance with
United Kingdom Generally Accepted Accounting
Practice; and
• have been prepared in accordance with the
requirements of the Further and Higher Education
(Scotland) Act 1992 and directions made thereunder
by the Scottish Funding Council, the Charities and
Trustee Investment (Scotland) Act 2005, and regulation
14 of The Charities Accounts (Scotland) Regulations
2006 (as amended).
Basis for opinion
We conducted our audit in accordance with applicable
law and International Standards on Auditing (UK) (ISAs
(UK)), as required by the Code of Audit Practice approved
by the Auditor General for Scotland. Our responsibilities
under those standards are further described in the
auditor's responsibilities for the audit of the financial
statements section of our report. We were appointed
by the Auditor General on 31 May 2016. The period
of total uninterrupted appointment is ten years. We
are independent of the college in accordance with the
ethical requirements that are relevant to our audit of the
financial statements in the UK including the Financial
Reporting Council's Ethical Standard, and we have
fulfilled our other ethical responsibilities in accordance
with these requirements. Non-audit services prohibited
by the Ethical Standard were not provided to the college.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
opinion.
Conclusions relating to going concern basis of
accounting
We have concluded that the use of the going concern
basis of accounting in the preparation of the financial
statements is appropriate.
Based on the work we have performed, we have not
identified any material uncertainties relating to events
or conditions that, individually or collectively, may cast
significant doubt on the college's ability to continue
to adopt the going concern basis of accounting for a
period of at least twelve months from when the financial
statements are authorised for issue.
Risks of material misstatement
We report in a separate Annual Audit Report, available
from the Audit Scotland website, the most significant
assessed risks of material misstatement that we identified
and our judgements thereon.
Responsibilities of the Board of Management for
the financial statements
As explained more fully in the Statement of the
Board of Management's Responsibilities, the Board
of Management is responsible for the preparation of
financial statements that give a true and fair view in
accordance with the financial reporting framework, and
for such internal control as the Board of Management
determines is necessary to enable the preparation
of financial statements that are free from material
misstatement, whether due to fraud or error.
Independent Auditor's Report
Independent auditor's report to the Board of Management of City of Glasgow College, the Auditor General for
Scotland and the Scottish Parliament