2021-06-30-accounts

CCCU-UK

(A company limited by guarantee)

Company Number: 04026626 Charity Number: 1085493

Accounts

for the year ended

30 June 2021

Wenn Townsend

Chartered Accountants

Oxford

CCCU-UK

Reference and Administrative Details

Trustees:	M Bolton
	S Hoogstra
	S Mullen
	C Pollard
Programme Director:	S Rosenberg
Business Address:	8 Norham Gardens
	Oxford
	OX2 6QB
Registered Office:	30 St Giles
	Oxford
	OX1 3LE
Bankers:	Barclays Bank plc
	54 Cornmarket Street
	Oxford
	OX1 3HB
	Svenska Handelsbanken
	Oxford Parkway Branch
	Latimer House
	Langford Locks
	Kidlington
	Oxford
	OX5 1GG
Solicitors:	Knights Professional Services Ltd
	Midland House
	West Way
	Botley
	Oxford
	OX2 0PH
Auditor:	Wenn Townsend
	30 St Giles’
	Oxford
	OX1 3LE

CCCU-UK

INDEX

	Page
Trustees’ Report	1 - 5
Report of the Independent Auditors	6 - 7
Statement of Financial Activities	8
Balance Sheet	9
Statement of Cash Flows	10
Notes to the Accounts	11 - 23

CCCU-UK

Report of the Trustees

for the year ended 30 June 2021

The Trustees present their report and the audited financial statements of the charity for the year ended 30 June 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

Trustees of the Charity

The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:

J Barnes (resigned 10 August 2020) S Hoogstra C Pollard M Bolton S Mullen (appointed 10 August 2020)

Objectives and Activities

The objects of the Charity are as follows:

• to run, manage, or conduct for the benefit of the public at moderate fees, an educational centre for British and overseas students of a university standard and for other advanced scholars and professional persons which will specialise in Arts and Sciences.

• to organise lectures, tutorials, field trips, seminars, and co-curricular activities relating to any aspects of the study of Arts and Sciences.

• to organise lectures, tutorials, faculty exchanges, conferences and seminars, and other appropriate academic activities for the students, scholars and professional persons relating to any aspect of the study of Arts and Sciences.

• to advance currently held grant-funded research and advanced training projects and develop new projects including those with the Templeton Foundation and the Greens Scholars Initiative.

The objectives of the Charity are met by regular meetings of the Board of Trustees, senior officials and advisors who decide on strategy and development. The charitable company seeks to benefit the public through its aims.

The charity’s main objectives for the year were as follows:

• to continue to enhance the academic offerings of the programme by adding new academic disciplines

• to continue to explore advance study opportunities for our faculty through grant funding projects

• expand the resources available to programme alumni through which they can receive graduate and postgraduate grants

• to manage continuing and newly-awarded grant-funded projects offered to faculty and students

• • to continue to find new and different ways to partner with Wycliffe Hall

Public Benefit Statement

The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.

Fundraising standards information

The charity does not carry out significant public fundraising activities, and no professional fundraisers are used by the charity.

Achievements and Performance

Over the past year, we have seen the continuing development of existing student programmes and continued two major grant-funded projects. SCIO has also laid the groundwork for developing new grant funded initiatives. Our programmes have been successfully operating in Oxford since 2000 as the CCCU-UK, and nine years prior to that via the US parent corporation, and we have seen many changes as we continue to improve our performance each year.

1

CCCU-UK

Report of the Trustees (continued) for the year ended 30 June 2021

Achievements and Performance (continued)

• In a very difficult year, as all experienced, marked by the major challenges of COVID 19 and the various ways the pandemic has continuously interrupted/disrupted business activity, SCIO successfully weathered the many challenges including economic, educational, corporate partnerships, and pivoting to manage its academic activity restructuring staff and activity;

• After closing its onsite programme for summer and autumn 2020, and facing a severely reduced programme for at least the 20/21 and 21/22 years (and planning for overall reductions of ca 30% in student enrolments for the foreseeable future), successfully enrolled 20 students in the 2021 Spring onsite programme, for the Scholars Semester in Oxford and 10 students in the 2021 summer programme; both terms numbers represent substantial reductions from pre-Covid enrolments.

• Created in summer 2020 a new online version of the Oxford Summer Programme since Covid precluded holding an onsite programme, enrolling 14 students in 18 seminars;

• Delighted to discover that these seminars reached and supported new classes of students who were previously unable to participate in onsite programmes due to disabilities, financial burdens, etc;

• Used the pivot to an online summer programme to create a new online programme offering individual tutorial seminars, to be provided throughout the year as an additional revenue stream which serves during Covid-restrictions but also suggesting substantial long-term opportunity as an ongoing revenue stream;

• Reduced overhead costs to conserve cash amid the challenging work environment;

• Renegotiated the mortgage on its student residence hall, the Vines, thereby realizing immediate considerable savings in the yearly budget.

• Continued to advance the recognition of faculty from SCIO itself and CCCU member institutions in their academic field;

• Continued acceptance of programme alumni into major graduate universities;

• Continuation of Logos, a grant-funded project organised on behalf of the Museum of the Bible;

• Brought toward a successful conclusion (August 31, 2021) the planning grant of $234,000 from the John Templeton Foundation for Supporting Structures, to develop a multimillion dollar project to support STEM research among early career faculty;

• Won follow on funding for the full project, Supporting Structures: Innovative Partnerships to Enhance Bench Science at CCCU Member Institutions with a primary grant of $2.1m from the John Templeton Foundation and a further $256,000 from the MJ Murdock Charitable Trust.

• Initiated the activity for the Supporting Structures full grant including marketing the RFP and the selection of participating institutions.

• Continued to enjoy academic staff publishing scholarly work, participating in appropriate academic communities, and being recognised as valued scholars in their relevant fields;

• Seen a substantial number of alumni of SSO and OSP taking faculty posts in universities and other professional positions, and seen former junior academic staff receiving postdoctoral positions and faculty posts in leading universities;

• Academic staff have received recognition in their respective fields and produced notable scholarly outputs.

2

CCCU-UK

Report of the Trustees (continued) for the year ended 30 June 2021

Financial Review

Total movement in funds in the year were a decrease of £377,995 (2020: increase of £225,708).

Total incoming resources were £709,971 (2020: £2,093,647) of which £285,350 related to tuition fees and £63,690 to accommodation fees.

Total resources expended were £1,087,966 (2020: £1,867,939). See note 3 for further details.

Details of the funds available to CCCU-UK and how they have been applied are reported on the Balance Sheet. Movements on such funds are reported in the Statement of Financial Activities.

Due to updated guidance from the USS pension scheme about its pension deficit, the CCCU-UK is recording a liability based on estimates of future personnel wages and other future conditions. This liability is subject to change periodically on actuarial valuation, and payable over the next 15 years as a percentage of wages.

Risk and Reserves

The Trustees are required to consider on a regular basis the risks facing the Charity and the systems and actions required to mitigate these risks; as well as the question of appropriate reserves.

The Charity is presently not in a position to hold free reserves but may consider such reserves in the future.

The Trustees have noted that the principal risks facing the Charity relate to:

• financial uncertainty in the midst of the current economy

• exchange rate uncertainty between the US dollar and the British pound

• potential for greater than expected inflation to affect budget planning

• financial aid policy changes at many sending institutions make it difficult for students to attend the programme

• dependence upon tuition fees amid uncertain enrolment climate

• the potential disruption of activity due to policy changes for visiting student programmes at the University of Oxford

• the uncertain impact upon SCIO’s partner, Wycliffe Hall, due to the changing educational dynamics related to University of Oxford and the Church of England

Plans for future periods

For the coming year the Charity is focused on the following key objectives:

• Continue to sustain our activity amid the challenging Covid-shaped environment;

• Reduce overhead costs, conserve cash, reconsider workforce needs, and retain core talent and strengths;

• • Review and enhance the focus on undergraduate research activity in the two student programmes, SSO and OSP;

• Develop online opportunities, consolidating lessons learned so far;

• Redevelop academic curriculum to fit the changing educational scenarios;

• Negotiate fresh arrangements and revised partnership agreements in light of changes at the University of Oxford;

• Enhancing student enrolments, continuing to build and maintain strong links with sending institutions;

• Continue Logos and related Museum of the Bible funded-grant projects;

• Develop the next stage of the funded STEM and science and religion project, Supporting Structures;

• Create new grant-funded projects supporting faculty development at CCCU member institutions;

• Continuing growth of CCCU-UK activities in the Oxford academic community;

• • Supporting academic staff in their scholarly production and engagement.

3

CCCU-UK

Report of the Trustees (continued) for the year ended 30 June 2021

Structure, Governance and Management

CCCU-UK is a charitable company, company number 4026626, and registered charity number 1085493.

The Charity is governed by the Memorandum and Articles of Association, established under the Companies Act 2006. The company is limited by guarantee without share capital.

The Board consists of between two and five Trustees appointed by the members at an Annual General Meeting of the members. In between AGMs the Trustees may co-opt a Trustee until the following AGM. One third of the Trustees must retire by rotation at every third AGM. Those retiring are eligible for reappointment by the members.

Membership of the Charity is open to any individual who has an interest in the objects of the Charity and who applies and is accepted by the Trustees to be a member. At the year end the sole member is considered to be the Council for Christian Colleges and Universities, which is a Charity based in Washington D.C. in the United States of America.

The day to day operations of the Charity are controlled by the Programme Director, S Rosenberg, and several full and part-time staff members who oversee the programmatic and administrative operations of the charity.

Newly appointed Trustees undergo an orientation session to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the business plan and recent performance of the company.

The Board is required to meet on an annual basis.

The Board is responsible for strategic planning to meet the Charity’s objectives and develop strategy in relation to programming, finance and administration.

The Trustees are satisfied that the accounts comply with current statutory requirements and the Charity’s governing documents.

Key Management Personnel Remuneration

The Trustees consider the Board of Trustees and the Senior Management Team as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration was paid by the Charity in the year. Details of Trustee expenses and related party transactions are disclosed in notes 5 and 15 to the accounts.

Trustees are required to disclose all relevant interests and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.

The pay of the Senior Management Team is reviewed annually and is normally increased in accordance with average earnings. The remuneration is reviewed to ensure that it is fair and not out of line with similar roles.

4

CCCU-UK

Report of the Trustees (continued) for the year ended 30 June 2021

Statement of Trustees’ responsibilities

The Trustees (who are also directors of CCCU-UK for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2019 (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards and statements have been followed subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

• there is no relevant audit information of which the charitable company’s auditor is unaware; and

• • the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

This report has been prepared having taken advantage of the small companies’ exemption in the Companies Act 2006.

Signed on behalf of the Board of the Trustees

M Bolton Trustee

12 January 2021

5

CCCU-UK

Independent Auditor’s Report to the members of CCCU-UK

Opinion

We have audited the financial statements of CCCU-UK (the ‘charitable company’) for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement, 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 financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 30 June 2021, and of its incoming resources and application of resources, including its income and expenditure, 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 Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. 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 are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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

In auditing the financial statements, we have concluded that the trustees’ 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 charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

6

CCCU-UK

Independent Auditor’s Report to the members of CCCU-UK (continued)

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

• Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;

• Enquiry of entity staff in Accounting and HR functions to identify any instances of non-compliance with laws and regulations;

• Reviewing minutes of meetings of those charged with governance;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Ajay Bahl BA BFP FCA (Senior Statutory Auditor)

For and on behalf of Wenn Townsend Chartered Accountants, Statutory Auditor Oxford

12 January 2021

7

CCCU-UK

Statement of Financial Activities (including income and expenditure account) for the year ended 30 June 2021

	Note			2021			2020
		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		£	£	£	£	£	£
Income from:
Charitable activities	2a	359,130	1,214	360,344	1,421,927	677	1,422,604
Donations and grants	2b	53,778	273,298	327,076	17,618	648,902	666,520
Rental income		22,551	-	22,551	2,253	-	2,253
Investments		-	-	-	2,270	-	2,270
		───────	───────	───────	───────	───────	───────
Total income		435,459	274,512	709,971	1,444,068	649,579	2,093,647
		───────	───────	───────	───────	───────	───────
Expenditure on:
Charitable activities	3	827,172	260,794	1,087,966	1,256,700	611,239	1,867,939
		───────	───────	───────	───────	───────	───────
Total expenditure		827,172	260,794	1,087,966	1,256,700	611,239	1,867,939
		───────	───────	───────	───────	───────	───────
Net income/(expenditure)		(391,713)	13,718	(377,995)	187,368	38,340	225,708
Transfer between funds	11	35,648	(35,648)	-	75,199	(75,199)	-
		───────	───────	───────	───────	───────	───────
Net movement in funds		(356,065)	(21,930)	(377,995)	262,567	(36,859)	225,708
Reconciliation of funds
Fund balances brought forward at 1 July 2020		1,532,965	44,535	1,577,500	1,270,398	81,394	1,351,792
		───────	───────	───────	───────	───────	───────
Fund balances carried forward at 30	June 2021	1,176,900	22,605	1,199,505	1,532,965	44,535	1,577,500
		═══════	═══════	═══════	═══════	═══════	═══════

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

8

CCCU-UK

Balance Sheet 30 June 2021

	Note		2021		2020
		£	£	£	£
Fixed Assets
Tangible assets	6a	1,958,923		1,994,803
Intangible assets	6b	3,608		4,777
		───────		───────
			1,962,531		1,999,580
Current Assets
Debtors	7	5,821		368,589
Cash at bank and in hand		795,823		774,894
		───────		───────
		801,644		1,143,483
Creditors: Amounts falling due
within one year	8	(436,717)		(454,274)
		───────		───────
Net Current Assets			364,927		689,209
			───────		───────
Total Assets less Current Liabilities			2,327,458		2,688,789
Creditors:Amounts falling due after more
than one year	9		(988,953)		(973,289)
			───────		───────
Net Assets excluding Pension Liability			1,338,505		1,715,500
			═══════		═══════
Defined Benefit Pension Liability	17		(139,000)		(138,000)
			───────		───────
Net Assets			1,199,505		1,577,500
			═══════		═══════
Funds
Restricted funds	11		22,605		44,535
Unrestricted funds – general			1,176,900		1,532,965
			───────		───────
Total Funds			1,199,505		1,577,500
			═══════		═══════

The financial statements are prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Approved by the Board of Trustees on 12 January 2021 and signed on its behalf by :

────────────────────

M Bolton Trustee

Company number: 4026626

The notes on pages 11 to 23 form part of these accounts

9

CCCU-UK

Statement of Cash Flows for the year ended 30 June 2021

Note Net cash flow from operating activities 16 Cash flow from investing activities Payments to acquire tangible fixed assets Payments to acquire intangible fixed assets Interest received Net cash flow from investing activities Cash flow from financing activities Receipts from issues of new long term loans Repayment of long term loans Interest paid Net cash flow from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 1st July 2020 Cash and cash equivalents at 30th June 2021 Cash and cash equivalents consists of: Cash at bank and in hand Short term deposits Cash and cash equivalents at 30th June 2021	2021 £ 98,821 - - - _ - _ 22,636 (48,842) (51,686) _ (77,892) _ 20,929 774,894 _ 795,823 ═════ 795,823 - _ 795,823 ═════	2020 £ 86,196 (8,664) (5,946) 2,270 _ (12,340) _ - (61,964) (66,983) _ (128,947) _ (55,091) 829,985 _ 774,894 ═════ 774,894 - _ 774,894 ═════

10

CCCU-UK

Notes to the Accounts for the year ended 30 June 2021

1 Summary of significant accounting policies

CCCU-UK is a charitable company limited by guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information in these financial statements. The nature of the charity’s operations and principal activities are included in the trustees’ report.

The charity constitutes a public benefit entity as defined by FRS 102. These accounts have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Fund accounting

Unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds subject to specific trusts, which may be declared by the donor or with their authority but still within the objects of the charity. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Incoming resources are deferred to the extent they relate to future accounting periods.

Investment income is earned through holding assets for investment purposes and it includes interest. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method.

The charity receives government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised using the accrual model and as such are recorded in the Statement of Financial Activities in the period in which the charity is entitled to such grants as a result of having furloughed staff members.

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

11

CCCU-UK

Notes to the Accounts (continued) for the year ended 30 June 2021

1 Summary of significant accounting policies (continued)

Expenditure recognition (continued)

• Expenditure on charitable activities includes the costs associated with semester programmes and conferences; and

• Other expenditure represents those items not falling into the categories above.

The charitable company is not registered for VAT and, as such, irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 3.

Tangible fixed assets

Tangible fixed assets are capitalised and included at cost including any incidental expenses of acquisition.

Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives as follows:

ir estimated useful lives as follows:
Freehold land	Nil
Freehold buildings	Straight line over 50 years
Leasehold improvements	Over the period of the lease
Furniture and equipment	10% - 33⅓% p.a.

Intangible assets

Research expenditure is written off in expenditure in the SoFA in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Website

5 years

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

12

CCCU-UK

Notes to the Accounts (continued) for the year ended 30 June 2021

1 Summary of accounting policies (continued)

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Foreign currency

Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the dates of the transactions, or at an average rate for the period if the rates do not fluctuate significantly. Monetary assets and liabilities are translated at year end exchange rates or, where appropriate, at rates of exchange fixed under the terms of the relevant transaction. The resulting exchange rate differences are charged to the profit and loss account.

Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity participates in the Universities Superannuation Scheme (the scheme). The scheme is a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the scheme’s assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The charity is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the charity therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the income and expenditure account represents the contributions payable to the scheme in respect of the accounting period. Since the charity has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the charity recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense is recognised in the income and expenditure account.

Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. In performing this review, the trustees have factored in the anticipated impact of COVID-19 on its operations. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

13

CCCU-UK

Notes to the Accounts (continued) for the year ended 30 June 2021

1 Summary of accounting policies (continued)

Critical accounting judgements

FRS 102 makes the distinction between a Group Plan and a multi-employer scheme. A Group Plan consists of a collection of entities under common control typically with a sponsoring employer. A multiemployer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as that provided by USS. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense is recognised in profit or loss in accordance with section 28 of FRS 102. The trustees are satisfied that the scheme provided by USS meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approving the financial statements.

Key sources of estimation uncertainty

Pension scheme liability

The trustees are required to make assumptions on future staffing levels when calculating the USS pension scheme liability. These are included as best estimates at the date of calculation, but present a significant risk in potentially causing a material adjustment to the balance sheet.

2 Income

a) Charitable activities
	2021	2021	2021	2020
	Unrestricted	Restricted	Total	Total
	£	£	£	£
Student tuition fees	285,350	-	285,350	1,148,837
Student accommodation fees	63,690	-	63,690	269,061
Other	10,090	1,214	11,304	4,706
	───────	───────	───────	───────
	359,130	1,214	360,344	1,422,604
	═══════	═══════	═══════	═══════
b) Donations and grants
	2021	2021	2021	2020
	Unrestricted	Restricted	Total	Total
	£	£	£	£
Conference funding	-	40,309	40,309	29,953
Grants received	-	130,073	130,073	560,907
Donations received	100	102,916	103,016	58,042
Government grants	53,678	-	53,678	17,618
	───────	───────	───────	───────
	53,778	273,298	327,076	666,520
	═══════	═══════	═══════	═══════

Included within donations and grants for the charity is £28,678 (2020: £17,618) of Government grants relating to the Coronavirus Job Retention Scheme and a £25,000 (2020: £nil) Discretionary Grant.

14

CCCU-UK

Notes to the Accounts (continued) for the year ended 30 June 2021

3 Expenditure

a) Analysis of expenditure

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Charitable activities costs| |Grants Programmes|Governance|2021|2020| |(restricted) (unrestricted) (unrestricted)| |£|£|£|£|£| |Wages and salaries|129,596|301,792|4,117|435,505|531,023| |Staff pension costs|26,946|40,220|870|68,036|84,203| |Increase/(decrease) in pension provision|-|1,000|-|1,000|(86,000)| |Other staff costs|5,353|3,373|-|8,726|15,524| |University of Oxford fees|-|104,191|-|104,191|371,276| |Student affiliation fees|94|1,381|-|1,475|2,319| |Student activities|-|3,491|-|3,491|24,175| |Utilities|1,051|16,527|-|17,578|20,355| |Rent, rates and insurance|18,230|32,155|-|50,385|100,224| |Repairs and maintenance| |and consumables|1,507|49,997|-|51,504|62,523| |Printing, postage, stationery,| |telephone and office|8,835|19,533|-|28,368|30,580| |Travel and related expenses|4,408|906|-|5,314|155,851| |Legal and professional fees|608|10,168|-|10,776|1,075| |Other support costs|39,655|20,874|-|60,529|144,286| |Programme US allocation costs|-|103,841|-|103,841|116,895| |Programme marketing costs|-|-|-|-|33,303| |Audit and accountancy|7,019|4,599|10,380|21,998|15,280| |Bank and other interest and charges|674|68,114|-|68,788|69,750| |Exchange rate deficits/(gains)|673|(7,405)|-|(6,732)|68,399| |Depreciation/amortisation of owned assets|-|37,048|-|37,048|36,684| |Scholarships, grants & stipends|16,145|-|-|16,145|70,214| |───────|───────|─────── ─────── ──────| |260,794|811,805|15,367|1,087,966 1,867,939| |═══════|═══════|═══════ ═══════ ══════|

----- End of picture text -----

b) Grants paid

All scholarships, grants and stipends paid are to individuals. They were awarded to support the research projects for which the charity has received funding.

c) Staff costs

Particulars of employees are shown below:

----- Start of picture text -----
|||| |---|---|---| |2021|2020| |£|£| |Employee costs during the year amounted to:| |Wages and salaries|406,069|489,905| |Social security costs|29,436|41,118| |Pension costs|68,036|84,203| |─────── ───────| |503,541|615,226| |═══════ ═══════|

----- End of picture text -----

15

CCCU-UK

Notes to the Accounts (continued) for the year ended 30 June 2021

3 Total resources expended (continued)

The average number of persons employed by the charity during the year was as follows:

	2021	2020
	£	£
Teaching staff	15	24
Administrative staff	4	4
	───────	───────
	19	28
	═══════	═══════

Highest paid employees:

During the period there was one employee who earned in the band £90,001 to £100,000. Pension contributions paid on behalf of this employee totalled £17,390.

d) Auditors’ remuneration

d) Auditors’ remuneration
	2021	2020
	£	£
Fees received for audit services (including VAT)	10,380	10,080
Fees received for non-audit services (including VAT)	11,618	9,411
Over accrual	-	(4,211)
	───────	───────
	21,998	15,280
	═══════	═══════

4. Pension schemes

The charity pays into a defined benefit pension scheme as detailed in note 17. The assets of the scheme are held separately from those of the charity in independently managed funds. Total contributions due amounted to £71,264 (2020: £87,324). Contributions outstanding at the year end amounted to £Nil (2020: £Nil).

5 Trustees’ and key management personnel remuneration and expenses

The Trustees received no remuneration or reimbursed expenses during the year (2020: £Nil).

The total amount of employee remuneration and benefits received by key management personnel is £318,883 (2020: £326,274). The Trust considers its key management personnel comprises the Board of Trustees, and the Senior Management Team.

No trustees (2020: none) are accruing pension arrangements.

16

CCCU-UK

Notes to the Accounts (continued) for the period ended 30 June 2021

6 Fixed assets

a) Tangible fixed assets

a) Tangible fixed assets
	Freehold	Leasehold	Fixtures
	land and	land and	fittings &
	buildings	buildings	equipment	Total
	£	£	£	£
Cost or valuation
At 1 July 2020	2,267,008	67,256	155,087	2,489,351
Additions	-	-	-	-
	───────	───────	───────	───────
At 30 June 2021	2,267,008	67,256	155,087	2,489,351
	───────	───────	───────	───────
Depreciation
At 1 July 2020	287,302	67,256	139,990	494,548
Charged in the year	32,542	-	3,338	35,880
	───────	───────	───────	───────
At 30 June 2021	319,844	67,256	143,328	530,428
	───────	───────	───────	───────
Net book amount at:
At 30 June 2021	1,947,164	-	11,759	1,958,923
	═══════	═══════	═══════	═══════
At 1 July 2020	1,979,706	-	15,097	1,994,803
	═══════	═══════	═══════	═══════

Tangible fixed assets with a net book value of £1,947,164 (2020: £1,979,706) have been pledged as security for liabilities of the charity.

b) Intangible fixed assets

Cost or valuation At 1 July 2020 Additions ── At 30 June 2021 ── Amortisation At 1 July 2020 Charged in the year ── At 30 June 2021 ── Net book amount: At 30 June 2021 ══ At 30 June 2020 ══ Debtors:amounts falling due within one year Trade debtors Other debtors Prepayments Amounts owed by parent charity	Website £ 5,946 - ───── ── 5,946 ───── ── 1,169 1,169 ───── ── 2,338 ───── ── 3,608 ═════ ══ 4,777 ═════ ══ 2021 £ 33 - 5,788 - _ 5,821 ═════	Total £ 5,946 - ───── 5,946 ───── 1,169 1,169 ───── 2,338 ───── 3,608 ═════ 4,777 ═════ 2020 £ 5,671 5,651 7,951 349,316
		_ 368,589 ═════

7 Debtors: amounts falling due within one year

17

CCCU-UK

Notes to the Accounts (continued) for the year ended 30 June 2021

8 Creditors: amounts falling due within one year

Creditors:amounts falling due within one year
	2021	2020
	£	£
Bank loan (secured)	24,047	65,917
Trade creditors	14,125	993
Other taxes and social security	9,092	8,480
Accruals and deferred income	140,494	378,884
Amounts owed to parent charity	248,959	-
	───────	───────
	436,717	454,274
	═══════	═══════

Deferred income comprises student tuition fees received in advance and deferred grant income. Movements in deferred income are summarised as follows:-

	£
Opening balance	342,208
Additions during the year	60,906
Amounts released to income	(292,764)
	───────
	110,350
Closing balance	═══════

9 Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loan (secured)	988,953	973,289
	═══════	═══════

A bank loan was taken out with Handelsbanken to fund the purchase of The Vines. See note 10 for further details.

10 Loans

Loans
	2021	2020
	£	£
Loans not wholly repayable within five years:
Bank loans	1,013,000	1,039,206
	═══════	═══════
Analysis of maturity of debt:
Within a year or on demand	24,047	65,917
Between two and five years	988,953	339,109
After five years	-	634,180
	───────	───────
	1,013,000	1,039,206
	═══════	═══════

The charitable company has a five year loan with Svenska Handelsbanken drawn on 5 March 2021, at an interest rate of 2.76%, secured by a legal charge over the property known as The Vines, Pullens Lane, Headington, Oxford.

18

CCCU-UK

Notes to the Accounts (continued) for the year ended 30 June 2020

11 Restricted funds

2021	Balance				Balance
	1 July 2020	Income	Expenditure	Transfer 30 June 2021
	£	£	£	£	£
The Psalms 1 Fund	-	143,225	(124,543)	(18,682)	-
The de Jager Fund	24,372	-	(15,378)	-	8,994
Science and Religion	20,163	1,214	(7,766)	-	13,611
Planning Grant	-	130,073	(113,107)	(16,966)	-
	───────	───────	───────	───────	───────
	44,535	274,512	(260,794)	(35,648)	22,605
	═══════	═══════	═══════	═══════	═══════
2020	Balance				Balance
	1 July 2019	Income	Expenditure	Transfer 30 June 2020
	£	£	£	£	£
The Psalms 1 Fund	21,619	87,995	(97,247)	(12,367)	-
The de Jager Fund	38,013	-	(13,641)	-	24,372
Science and Religion	21,762	677	(2,276)	-	20,163
B2C2	-	523,640	(464,639)	(59,001)
TWU	-	9,835	(8,942)	(893)	-
Faraday	-	2,097	(2,097)	-	-
Planning Grant	-	25,335	(22,397)	(2,938)	-
	───────	───────	───────	───────	───────
	81,394	649,579	(611,239)	(75,199)	44,535
	═══════	═══════	═══════	═══════	═══════

The Psalms 1 Fund (a Donor Advised Fund of The Signatry) – funding for Summer Logos conference.

The de Jager Fund – funding was received to advance SCIO activities in Oxford.

Science and Religion – income and expenditure relates to a specific project – “Configuring Adam and Eve”. B2C2 – funding provided by Templeton Trust and Blankemeyer Foundation for the project “Bridging the Two Cultures II”.

TWU – funding for the research project – “Christian Flourishing in a Technological World”.

– Faraday funding provided by Templeton Religion Trust for the Oxford Premier of ‘Fire from Heaven’ the new play on Michael Faraday.

– Planning Grant funding provided by John Templeton Foundation for Innovative Partnerships to develop the future of bench Science at Christian Liberal Arts Institutions.

The transfer of funds in the year represents the overhead contributions included from various grants to support costs incurred in general funds.

19

CCCU-UK

Notes to the Accounts (continued) for the year ended 30 June 2021

12 Analysis of net assets between funds

2021	Restricted	General	Total
	funds	funds	funds
	£	£	£
Tangible fixed assets	-	1,958,923	1,958,923
Intangible fixed assets	-	3,608	3,608
Net current assets	22,605	342,322	364,927
Long term liabilities	-	(988,953)	(988,953)
Pension provision	-	(139,000)	(139,000)
	───────	───────	───────
Total net assets	22,605	1,176,900	1,199,505
	═══════	═══════	═══════
2020	Restricted	General	Total
	funds	funds	funds
	£	£	£
Tangible fixed assets	-	1,994,803	1,994,803
Intangible fixed assets	-	4,777	4,777
Net current assets	44,535	644,674	689,209
Long term liabilities	-	(973,289)	(973,289)
Pension provision	-	(138,000)	(138,000)
	───────	───────	───────
Total net assets	44,535	1,532,965	1,577,500
	═══════	═══════	═══════

13 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	Land and buildings	Land and buildings
	2021	2020
	£	£
Not later than one year	32,500	42,500
Later than one year and not later than five years	4,096	47,856
	─────	─────
	36,596	90,356
	═════	═════

The amount of non-cancellable operating lease payments recognised as an expense during the year was £34,598 (2020: £41,652).

14 Control

The ultimate controlling party and largest group for which consolidated financial statements are available is Council for Christian Colleges and Universities and Affiliates. The company is incorporated in the United States of America and is organised under the laws of the state of Washington D.C. Group accounts are available from 321 8th Street Northeast, Washington D.C., DC20002-6107, USA.

15 Related parties

The company has taken advantage of the exemption in FRS 102 not to disclose related party transactions with entities in the group controlled by Council for Christian Colleges and Universities.

There were no other related party transactions during the period (2020: £Nil).

20

CCCU-UK

Notes to the Accounts (continued) for the year ended 30 June 2021

16 Reconciliation of net income to net cash flow from operating activities

Net income for year Interest receivable Interest payable Depreciation and impairment of tangible fixed assets Amortisation of intangible fixed assets Decrease in debtors (Decrease)/increase in creditors (Decrease)/increase in pension provision Net cash flow from operating activities	2021 £ (377,995) - 51,686 35,880 1,169 362,768 24,313 1,000 _ 98,821 ═════	2020 £ 225,708 (2,270) 66,983 35,515 1,169 262,610 (417,519) (86,000) _ 86,196 ═════

17 Pension scheme – Universities Superannuation Scheme (USS)

The pension charge for the year includes £69,036 (2020: credit of £1,797) in relation to the USS. This represents contributions of £71,264 payable to the USS, less £3,228 recharged to CCCU-US, increased by the change in the deficit funding liability between the opening and closing balance sheet dates of £1,000 (2020: decreased by £86,000).

The latest available complete actuarial valuation of the Scheme is at 31 March 2018 (“the valuation date”), which was carried out using the projected unit method, embracing a market value approach. The resulting levels of contribution take account of actuarial surpluses or deficits in the scheme. The financial assumptions were derived from market conditions prevailing at the valuation date. The results of the latest actuarial valuation and the assumptions which have the most significant effect on the results were:

	USS
Date of valuation:	31/03/18
Date valuation results published:	16/09/19
Value of liabilities:	£67.3bn
Value of assets:	£63.7bn
Funding surplus / (deficit):	(£3.6bn)
Principal assumptions:
• Discount rate	CPI - 0.73% to CPI +2.52%a
• Rate of increase in salaries	n/a
• Rate of increase in pensions	CPIb
Assumed life expectancies on retirement at age 65:
• Males currently aged 65	24.4 yrs
• Females currently aged 65	25.9 yrs
• Males currently aged 45	26.3 yrs
• Females currently aged 45	27.7 yrs
Funding Ratios: • Technical provisions basis • Statutory Pension Protection Fund basis • ‘Buy-out’ basis	95% 76% 56%
Employer contribution rate (as % of pensionable salaries):	21.1% increasing to 23.7% on
	01/10/21
Effective date of next valuation:	31/03/20

21

CCCU-UK

Notes to the Accounts (continued) for the year ended 30 June 2021

17 Pension scheme – Universities Superannuation Scheme (USS) (continued)

• a. The discount rate (forward rates) for the USS valuation was: Years 1-10: CPI + 0.14% reducing linearly to CPI – 0.73% Years 11-20: CPI + 2.52% reducing linearly to CPI + 1.55% by year 21 Years 21 +: CPI + 1.55%

• b. Pensions increases (CPI) for the USS valuation were:

• Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.3% p.a.

• c. The USS employer contribution rates include provisions for the cost of future accrual of defined benefits, deficit contributions, administrative expenses and defined contributions.

Sensitivity of actuarial valuation assumptions

Surpluses or deficits which arise at future valuations may impact on the company’s future contribution commitment. The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set out below:

	USS
Assumption	Change in assumption	Impact on USS liabilities
Initial discount rate	increase by 0.1%	decrease by £1.2bn
Asset values	reduce by 10%	increase by £6.4bn
RPI – CPI spread	increase by 0.1%	decrease by £0.7bn
Rate of mortality	more prudent assumption	increase by £1.6bn
	(mortality rated down by a
	further year)

Deficit Recovery Plans

In line with FRS 102 paragraph 28.11A, the company has recognised a liability for the contributions payable for the agreed deficit funding plan. The principle assumptions used in these calculations are tabled below:

	USS
Finish Date for Deficit Recovery Plan	31/03/28
Average staff number increase	Nil
Average staff salary increase	1.2% pa
Average discount rate over period	0.63%

A provision of £139,000 has been made at 30 June 2021 (2020: £138,000) for the present value of the estimated future deficit funding element of the contributions payable under these agreements, using the assumptions shown. The provision reduces as the deficit is paid off according to the pension recovery scheme.

Since the year end, following the completion of the 2020 actuarial valuation , a new dual rate schedule of contributions has been agreed with an effective date of 1 October 2021. Recalculating the USS provision on the basis of these contributions would result in an increased obligation to fund the deficit as detailed in note 18 below.

A copy of the full actuarial valuation report and other further details on the scheme are available on the USS website www.uss.co.uk.

22

CCCU-UK

Notes to the Accounts (continued) for the year ended 30 June 2021

18 Events after the end of the period

Since the year end, following the completion of the 2020 actuarial valuation , a new dual rate schedule of contributions has been agreed with an effective date of 1 October 2021. Recalculating the USS provision on the basis of these contributions would result in an increased obligation to fund the deficit of £378,000, an increase of £239,000.

A further change to deficit recovery contributions will become applicable under the 2020 valuation if the Joint Negotiating Committee recommended deed on benefit changes has not been executed by 28 February 2022. In this scenario, higher deficit recovery contributions will commence from 1 October 2022 at 3% and then increase every 6 months until they reach 20% at 1 October 2025. They remain at this level until 31 July 2032. Negotiations continue and an increase to this level is considered remote

If the Schedule of Contributions remains unchanged, the University's Financial Statements for the year ended 31 July 2022 will reflect these changes to the provision, subject to any other changes in financial and operational assumptions.

23