Sarah Lawrence at Oxford
(A company limited by guarantee) Company Number: 05679963
Charity Number: 1114590
Unaudited Financial Statements
for the year ended
31st July 2021
Wenn Townsend
Chartered Accountants
Oxford
Sarah Lawrence at Oxford
Reference and Administrative Details
| Trustees: | C Collins Judd |
|---|---|
| B Parker | |
| P Samuel | |
| K Singh | |
| Program Director: | G Southcombe |
| Registered Office: | Wadham College |
| Parks Road | |
| Oxford | |
| OX1 3PN | |
| Company Number: | 05679963 |
| Charity Number: | 1114590 |
| Bankers: | Lloyds TSB plc |
| Witney | |
| Oxfordshire | |
| Auditors: | Wenn Townsend |
| 30 St Giles’ | |
| Oxford |
Sarah Lawrence at Oxford
Report of the Trustees for the year ended 31st July 2021
Foreword
The Trustees of Sarah Lawrence at Oxford, who are also the directors of the charity for the purposes of the Companies Act, present their annual report together with the financial statements for the charity for the year ended 31st July 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.
Structure, Governance and Management
Governing Document
Sarah Lawrence at Oxford is a company limited by guarantee governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission.
Trustees
The names of the Trustees during the year ended 31st July 2021, together with changes subsequent to that date are as follows:-
C Collins Judd B Parker P Samuel K Singh
Trustee Induction and Training
Trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity.
Organisation
The Trustees have delegated the day to day running of the Programme to the Programme Director.
Related Parties
The funding for the Sarah Lawrence at Oxford Programme comes from Sarah Lawrence College, in Bronxville, New York, US.
Once it has been decided to admit a student to Sarah Lawrence College, the policy is to offer financial aid to any student who demonstrates financial need and to try to fund those students as fully as possible toward enabling them to study at Sarah Lawrence College.
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Sarah Lawrence at Oxford
Report of the Trustees (continued) for the year ended 31st July 2021
Objectives and Activities for the Public Benefit
The Object of the Charity as per the governing document is:-
- To promote such educational purposes that are defined as charitable under the law of England.
The charity aims to support a number of students from Sarah Lawrence College, New York, and other institutions of higher education, as fully recognised Visiting Students of the University of Oxford, via its affiliation with Wadham College. This is achieved by providing programme participants with:-
-
Status as Registered Visiting Students of the University of Oxford.
-
A full year academic program.
-
Full access to the lectures and libraries of the University.
-
Program provided housing.
-
Complete social, cultural and academic integration into life at Wadham College.
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.
Achievements and Performance
22 students from Sarah Lawrence College and 1 from a university in China studied at Oxford University and Wadham College, as fully recognised Visiting Students, for the entire academic year. 1 student from Sarah Lawrence studied for two terms. Initially 2 students studied remotely. The lockdown in the second term increased the numbers who were remote, but their studies continued apace using Teams.
Financial Review
The results for the year are shown in the income and expenditure account on page 4. Unrestricted free reserves at the year end were in surplus by £2,684 (2020: in surplus by £6,245), due to the provision required for the pension scheme noted below. The trustees feel that the charity does not need to hold a targeted level of reserves, as funding for each year is provided by Sarah Lawrence College in the U.S.
Due to updated guidance in 2016 from the USS pension scheme about its pension deficit, and in accordance with the FRS 102 SORP, the charity continues to record a liability based on estimates of future personnel wages and other future conditions. This liability is subject to change with each actuarial valuation and is payable over the next 7 years as a percentage of wages. Full details are in note 13.
Plans for Future Periods
The charity aims to continue with its existing operations as required by Sarah Lawrence College. 22 students plan to start studying at Oxford in the Autumn (2 remotely).
This report has been prepared having taken advantage of the small companies’ exemption in the Companies Act 2006.
Signed on behalf of the Trustees
P Samuel Trustee Sarah Lawrence at Oxford
22nd October 2021
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Independent Examiner's Report to the Trustees of Sarah Lawrence at Oxford
I report to the charity trustees on my examination of the accounts of the company for the year ended 31st July 2021 which are set out on page 4 to 13.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Deborah Pluck BA FCA For and on behalf of Wenn Townsend Chartered Accountants Oxford
22nd October 2021
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Sarah Lawrence at Oxford
Statement of Financial Activities (including income and expenditure account) for the year ended 31st July 2021
| Note Income from: Charitable activities 2 Total income Expenditure on: Charitable activities 3 Total expenditure Net (expenditure) / income Fund balances brought forward at 1st August 2020 Fund balances carried forward at 31st July 2021 |
Total Unrestricted Funds 2021 2020 750,000 830,000 _ _ 750,000 830,000 _ _ 753,561 817,605 _ _ 753,561 817,605 _ _ (3,561) 12,395 6,245 (6,150) _ _ 2,684 £ 6,245 ═════ ═════ |
|---|---|
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
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Sarah Lawrence at Oxford
Balance Sheet 31st July 2021
| Note | 2021 | 2020 | |||
|---|---|---|---|---|---|
| Current Assets | |||||
| Debtors | 9 | - | - | ||
| Cash at bank and in hand | 54,677 | 54,344 | |||
| ───── | ───── | ||||
| 54,677 | 54,344 | ||||
| Creditors: Amounts falling due | |||||
| within one year | 10 | (17,993) | (12,099) | ||
| ───── | ───── | ||||
| Net Current Assets | 36,684 | 42,245 | |||
| ───── | ───── | ||||
| Net Assets excluding Pension Liability | 36,684 | 42,245 | |||
| Defined Benefit Pension Liability | 13 | (34,000) | (36,000) | ||
| ───── | ───── | ||||
| Net Liabilities | 2,684 | £ 6,245 | |||
| ═════ | ═════ | ||||
| Funds | |||||
| Unrestricted funds | 36,684 | 42,245 | |||
| Pension reserve | (34,000) | (36,000) | |||
| ───── | ───── | ||||
| Total Funds | 2,684 | £ 6,245 | |||
| ═════ | ═════ |
For the year ending 31st July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
Approved by the Board of Trustees on 22nd October 2021 and signed on its behalf by :
────────────────────
P Samuel
Director / Trustee
Company number: 05679963
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Sarah Lawrence at Oxford
Statement of Cash Flows for the year ended 31st July 2021
Reconciliation of net movement in funds to net cash flow from operating activities
| 2021 | 2020 | |
|---|---|---|
| Net (expenditure)/income for the period | (3,561) | 12,395 |
| Adjustments for: | ||
| Decrease in debtors | - | 3,930 |
| Increase in creditors | 5,894 | 1,865 |
| Decrease in pension liability | (2,000) | (35,000) |
| _ | _ | |
| Net cash provided by operating activities | 333 | £ (16,810) |
| _ | _ | |
| Change in cash and cash equivalents in the reporting period | 54,344 | (16,810) |
| Cash and cash equivalents at the beginning of the reporting period | 333 | 71,154 |
| _ | _ | |
| Cash and cash equivalents at the end of the reporting period | £ 54,677 | £ 54,344 |
| ═════ | ═════ |
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Sarah Lawrence at Oxford
Notes to the Accounts for the year ended 31st July 2021
1 Summary of significant accounting policies
General information and basis of preparation
Sarah Lawrence at Oxford 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 £10 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 detailed in the Trustees’ Report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting 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 (FRS 102) 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 are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and have not been designated for other purposes.
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.
Resources expended
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:
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities, and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
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Sarah Lawrence at Oxford
Notes to the Accounts (continued) for the year ended 31st July 2021
1 Summary of significant accounting policies (continued)
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 and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management. The analysis of these costs is included in note 4.
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.
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.
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. They have also included a review of the potential impact of COVID-19 on operations as part of this assessment. There is no indication that the support and funding from Sarah Lawrence College will be withdrawn, and therefore the budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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 multi-employer 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 multiemployer 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.
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Sarah Lawrence at Oxford
Notes to the Accounts (continued) for the year ended 31st July 2021
1 Summary of significant accounting policies (continued)
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 Incoming resources
The income of the charity comprises funds transferred from the Sarah Lawrence College at Bronxville, New York, to finance the operations of the Oxford programme.
3 Total resources expended
| Basis of Allocation Charitable expenditure Programme costs: University and college fees Direct Academic activities Direct Hardship fund awards Direct Salaries Time Support costs Usage £ Housing costs: Rent Direct Maintenance Direct Salaries Time Support costs Usage £ Governance costs: Salaries Time Examination fees Direct Support costs Usage Total resources expended £ |
Staff Other Support Total Total Costs Costs Costs 2021 2020 - 358,910 - 358,910 439,670 - 7,882 - 7,882 22,692 - 6,650 - 6,650 3,710 177,110 - - 177,110 155,160 - - 21,119 21,119 23,638 |
|---|---|
| 177,110 373,442 21,119 571,671 644,870 |
|
| - 159,362 - 159,362 150,000 - 936 - 936 1,243 8,884 - - 8,884 9,900 - - 2,481 2,481 2,781 |
|
| 8,884 160,298 2,481 171,663 163,924 |
|
| 6,691 - - 6,691 5,200 - 2,300 - 2,300 2,220 - - 1,236 1,236 1,391 |
|
| 6,691 2,300 1,236 10,227 8,811 |
|
| 192,685 536,040 24,836 753,561 817,605 |
Total resources expended
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Sarah Lawrence at Oxford
Notes to the Accounts (continued) for the period ended 31st July 2021
4 Allocation of support costs
| Charitable - | Charitable - | Charitable - | Governance | Total | Total | |
|---|---|---|---|---|---|---|
| Programme | Housing | Costs | 2021 | 2020 | ||
| 85% | 10% | 5% | ||||
| Rent of office and cleaning | 7,995 | 940 | 470 | 9,405 | 9,000 | |
| Postage, stationery and books | 314 | 36 | 16 | 366 | 1,847 | |
| Equipment | 782 | 91 | 46 | 919 | 317 | |
| Travel and subsistence | 241 | 28 | 14 | 283 | 3,363 | |
| Sundry items | 426 | 50 | 25 | 501 | 283 | |
| Payroll management costs | 5,245 | 617 | 308 | 6,170 | 5,547 | |
| Bookkeeping fees | 6,116 | 719 | 357 | 7,192 | 7,453 | |
| £ | 21,119 | 2,481 | 1,236 | 24,836 | 27,810 |
5 Staff costs and numbers
| Staff costs and numbers | ||
|---|---|---|
| 2021 | 2020 | |
| Gross | 144,685 | 173,672 |
| Employer’s NI | 5,853 | 7,980 |
| Employer’s pension contributions | 17,685 | 21,340 |
| Recharge | 26,462 | 2,268 |
| Movement on provision for pension deficit recovery liability | (2,000) | (35,000) |
| ───── | ───── | |
| £ 192,685 | £ 170,260 | |
| ═════ | ═════ | |
| Number of full time employees: | 2 | 2 |
| ══ | ══ | |
| Number of part-time tutors per term: | 39 | 34 |
| ══ | ══ |
One employee received total employee benefits (excluding employer pension costs) of over £60,000 during the current year (2020: one).
6 Trustees’ and key management personnel remuneration and expenses
The Trustees neither received nor waived any remuneration during the year (2020: £Nil).
The total amount of employee benefits (including employer pension costs) received by key management personnel is £89,960 (2020: £90,808). The Trust considers its key management personnel comprise the Trustees and the Programme Director.
The Trustees did not have any expenses reimbursed during the year (2020: £Nil).
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Sarah Lawrence at Oxford
Notes to the Accounts (continued) for the year ended 31st July 2021
7 Net resources expended
| Net resources expended | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Net resources expended are stated after charging: | ||||
| Examiner’s remuneration | - examination work | £ 2,300 | £ | 2,220 |
| - other work | £ 13,362 | £ | 13,000 | |
| ═════ | ═════ |
8 Taxation
As an Educational Charity the Company is exempt from United Kingdom income tax and corporation tax, as it falls within the various exemptions available to registered charities.
9 Debtors: amounts falling due within one year
| 2021 | 2020 | |||
|---|---|---|---|---|
| Prepayments and deposits | - | - | ||
| Other debtors | - | - | ||
| ───── | ───── | |||
| £ | - | £ | - | |
| ═════ | ═════ | |||
| Creditors:amounts falling due within one year | ||||
| 2021 | 2020 | |||
| Trade creditors |
11,248 | 1,227 | ||
| Accruals and deferred income | 4,895 | 9,293 | ||
| Taxation and social security | 1,850 | 1,404 | ||
| Other creditors | - | 175 | ||
| ───── | ───── | |||
| £ | 17,993 | £ | 12,099 | |
| ═════ | ═════ |
10 Creditors: amounts falling due within one year
11 Leases
At 31st July 2021 total future minimum lease payments under non-cancellable operating leases were as follows:
| follows: | |||
|---|---|---|---|
| Land | and buildings | ||
| 2021 | 2020 | ||
| Due within one year | £ | 194,195 | £ 205,000 |
| ═════ | ═════ |
12 Related party transactions
Aside from the funding received from Sarah Lawrence College detailed in note 2, there were no other related party transactions during the year (2020: £Nil).
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Sarah Lawrence at Oxford
Notes to the Accounts (continued) for the year ended 31st July 2021
13 Pension commitments
The charity participates in the Universities Superannuation Scheme (USS). The assets of the scheme are held in separate trustee-administered funds, and it is a contributory mixed benefit scheme (i.e. it provides benefits on a defined benefit basis – based on length of service and pensionable salary – and on a defined contribution basis – based on contributions into the scheme). It is a multi-employer scheme and the charity is unable to identify its share of the underlying assets and liabilities relating to defined benefits of the scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, the charity accounts for the scheme as if it were a 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. In the event of the withdrawal of any of the participating employers in USS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.
Actuarial valuations
Qualified actuaries periodically value USS defined benefits using the ‘projected unit method’, embracing a market value approach. The resulting levels of contribution take account of actuarial surpluses or deficits in each scheme. The financial assumptions were derived from market conditions prevailing at the valuation date. The results of the latest actuarial valuations and the assumptions which have the most significant effect on the results were:
| Valuation Details | Valuation Details | 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 | USS | |
| 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 | 95% |
| • | Statutory Pension Protection Fund basis | 76% |
| • | ‘Buy-out’ basis | 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 |
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%
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Sarah Lawrence at Oxford
Notes to the Accounts (continued) for the year ended 31st July 2021
13 Pension commitments (continued)
-
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.
-
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 (mortality | increase by £1.6bn |
| rated down by a further year) |
Deficit recovery plans
In line with FRS 102 paragraph 28.11A, the charity 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 | 1.5% |
| Average discount rate over period | 0.63% |
A provision of £34,000 has been made at 31 July 2021 (2020: £36,000) for the present value of the estimated future deficit funding element of the contributions payable under these agreements, using the assumptions shown. This reduction in liability was due to an improved position on the 2018 actuarial valuation. The provision reduces as the deficit is paid off according to the pension recovery scheme.
The next formal actuarial valuation is due as at 31st March 2020, and at the date of the approval of these accounts has not been agreed. Initial indications are that significant increases will be required in contributions overall and in the deficit recovery elements. It is therefore expected that this pension liability will increase in the accounts next year on agreement of a revised plan for the Scheme members.
Pension charge for the year
The pension charge for the year includes a credit of £2,000 (2020: a credit of £13,660) in relation to the USS. This represents contributions of £17,685 (2020: £21,340) payable in the year, as adjusted by the change in the deficit funding liability of £(2,000) (2020: £(35,000)).
A copy of the full actuarial valuation report and other further details on the scheme are available on the USS website.
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