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2021-06-30-accounts

Reference and Administrative
Details
1-3 Trustees and Advisors
Operating
and Financial
Review
4 Aims and Objectives
5-10 Review of Activity - Financial
Review, Plans		 for the Future and Results
11-12 Statement of Public Benefit
13 Corporate
Governance
14 Responsibilities
ofthe Governing		 Body and Internal Control
15-17 Independent
Auditors'
Report
18-26 Statement
of Principal Accounting		 Policies
27 Consolidated
Statement
of Comprehensive		 Income and Expenditure
28 Statement ofChanges
in Reserves
29 Consolidated
and College Balance		 Sheets
30 Consolidated
Cash Flow Statement
31-51 Notes tothe Financial Statements

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onsolidated
and		 Col lege Balance Shee ts as at 30June 2021
2021 2021 2020 2020
Consolidated Coils e Consolidated Colts e
Note 6000 f000 6000 6000
Non-current
Assets
Fixed assets 121,233 121,233 122,575 122,575
Herita
eassets
Investments 134,574 134,574 109,397 109,397
Total non-current assets 255,807 255,807 231,972 231,972
Current assets
Stocks 10 181 181 188 188
Trade and other receivables 1,383 1,359 1,221 1,399
Cash and cash e uivalents 12 10,447 10,436 18,959 18,695
Total current assets 12,011 11,976 20,368 20,282
Creditors: amounts falling due within one 13 (1,974) (1,941) (1,564) (1,539)
ear
Net current assets 10,037 10,035 18,804 18,743
Total Assets less current liabilities 265,843 265,842 250,776 250,715
Creditors: amounts falling due after more 14 (25,149) (25,149) (25,281) (25,281)
than one
ear
Provisions
Pension
revisions		 16 392 392 1,043 1,043
Other
revisions		 15 160 160 91 91
Total net assets 240,142 240,141 224,361 224,300
Restricted reserves
Income
and
expenditure		 reserve 17 98,899 98,899 87,936 87,936
endowment
reserve
Income and expenditure reserve —restricted 18 6,333 6,333 5,618 5,618
reserve
Unrestricted
Reserves
Income
and
expenditure		 reserve 134,910 134,909 130,807 130,746
unrestricted
Total Reserves 240,142 240,141 224,361 224,300

or the year ended 30J une 2 021
2021 2020
Note 'f000 8000
Net cash inflow from o eratin activities 20 3,218 2,560
Cash flows from investin activities 21 5,284 1,558
Cash flows from financin activities 22 641 14,720
Increasel decrease) in cash and cash e uivalents in the ear 9,143 10,602
Cash and cash e uivalents at 5 innin ofthe ear 25,276 14,674
Cash and cash e uivalents al end ofthe ear 12 &9 16,134 25,276

Academic fees and char char es 2021 2020
6000 6000
Colic es fees
Fee income received at the Re ulated Under raduate rate 1,189 1,058
Fee income received at the Unre
ulated		 Under raduate rate 335 382
Fee income received at the Graduate rate 673 788
Other income 16 14
Cambrid
e Bursa		 Scheme
restricted		 153 94
Tote I 2,366 2,336
Income from accommodation, caterin and conferences 2021 2020
6000 6000
Accommodation Colic e members 1,633 1,668
Conferences 13 657
Catenn Colic e members 321 639
Conferences 388
Total 1,975 3,352
Endowment
return		 and investment income 2021 2020
6000 6000
3a Anal
sis
Total return contribution see note 3b
Income from:
Land and buildin
s		 1,964 1,914
Securities 2,168 2,092
Fixed interest securities
Income from short-term investments
Other interest receivable 100
Tota I 4,143 4,106
The total return
contribution
is		 calculated as set out in the accounting policy on
reco
nition of income and endowment		 return
3b Summa
oftotal return
Income from:
Total Return
Drawdown		 629 350
Endowment
Return		 and investment Income 4,143 4,106
Gains/ losses
on endowment		 assets:
Land and bulldm
s		 1,554 47
Securities and cash 15,599 7,296
Investment
mana
ement		 costs see note 3c 199 180
Total return for ear 20,468 3,673
Total return transferred to income and ex enditure reserve see note 3a 4,143 4,105
Unapplied
total		 return
for		 year included within Statement of 16,325 l7,778)
Comprehensive
Income		 and Expenditure (see note 19)

or t he year end ed 30 June 2 021
3c Investment mana ement costs 2021 2020
6000 f000
Land and buildin s
Securities 199 180
Other investments
Cash
Total 180 180
Education ex enditure 2021 2020
f000 f000
Teachin 1,424 1,239
Tutorial 864 723
Admissions 710 570
Research 396 374
Scholarshi s and awards 627 226
Other educational facilities 1,088 1,007
Total 5,109 4,139
Accommodation, caterin and conferences expenditure 2021 2020
f000 f000
Accommodation Colic e members 4,178 3,303
Conferences 22 868
Caterin Colic e members 1,024 1,092
Conferences 16 413
Total 5,238 5,676

Anal
sis o		 f202 0/202 1 e x endit ure
b
activit
Staff
Other
costs
operating
note 7
ex enses		 De reciation Total
6000
f000		 f000 f000
Education note 4 2,485
2,274		 349 5,109
Accommodation, calerin and conferences 1,932
2,171		 1,136 5,238
Other 229
533		 762
Totals 4,646
4,978		 1,485 11,109
Expenditure includes fundraising costs off102,553 and alumni
relations costs of		 f102,432.

Notes to the Accounts to the Accounts to the Accounts
Forthe ear ended 30June 2021
6b Anal sis of 2019/2020 ex enditure b
activit
Staff Other
costs operating
note 7 ex enses De reciation Total
E000 EOOO EOOO EOOO
Education
note		 4 2,029 1,761 349 4,139
Accommodation, caterin and conferences 2,112 2,430 1,134 5,676
Other 213 544 757
Totals 4,354 4,735 1,483 10,572
Expenditure
includes		 fundraising costs ofE216,852 and alumni relations costs of F75,975
6c Auditors'
remuneration		 2021 2020
FOOO EOOO
Other o cretin ex enses include
Audit fees
a able to		 the Colic e's external auditors 26 25
Other fees
a able to		 the Calle e's external auditors
Total 26
Staff costs Non- 2021 2020
Academic academic Total Total
Consolidated FOOO EOOO f000 EOOO
Staff costs:
Salaries 1,214 2,647 3,861 4, 100
National
Insurance		 88 208 296 311
Pension costs 297 193 490 57
1,599 3,048 4,647 4,354
Average staff numbers 2021 Average staff numbers 2020
Number of Full-time Number of Full-time
Fellows e uivalents Fellows e uivalents
Non-academic 98
3		 106
At the Balance Sheet date there were 50 members ofthe Governing Body. During the year the average number
receivin
remuneration		 was the 52 shown above.
The number
ofofficers		 and employees ofthe College, including the Head of House, who received remuneration
in the followin ran es was:
2021 2020
Total Total
E100,001 —E110,000
Remuneration includes salary, employer's national insurance contributions, employer's pension contributions
plus any taxable benefits either paid, payable or provided, gross of any salary sacrifice arrangements.

o the Accounts
year ended 30June 2021
Ke
mana
ement
ersonnel		 2021 2020
Key
management
personnel		 are those
persons		 having
authority		 and f000 f000
responsibility
for planning,
directing		 and controlling the activities of the College. I
The aggregated
remuneration		 paid to key management personnel
consists of
salary,
employer's
national		 insurance contributions, employer's pension
contributions,
plus any taxable		 benefits either paid, payable
or provided,		 gross
of any salary sacrifice arrangements.
During
the
year,
remuneration		 paid to Trustees in their
capacity		 as Key
Management
Personnel
were:
A
re ated remuneration		 1,323 1,255

year ended year ended 30June 202 1
Fixed assets
Land and Assets in 2021 2020
Consolidated buildin
s
f'000		 construction
f000		 E ui
ment
f000		 Total
f000		 Total
f000
Cost or valuation
At be
innin		 of ear 145,376 3,495 148,871 148,465
Additions 143 143 406
Transfers note 9
Dis peals
At end of ear 145,519 3,495 149,014 148,871
De reciation
At be
innin		 of ear 22,861 3,436 26,297 24,813
Char e for the ear 1,455 29 1,484 1,483
Eliminated on dis osals
Written back on
revaluation
At end of ear 24,316 3,465 27,781 26,296
Net book value
At end of ear 121,203 29 121,233 122,575
At beginning
of		 year 122,516 59 122,575 123,651
Colic e
Cost or valuation
At be
innin		 of ear 145,376 3,495 148,871 148,465
Additions 143 143 406
Transfers
Dis peals
At end of ear 145,519 3,495 149,014 148,871
De reciation
At be
innin		 of ear 22,861 3,436 26,297 24,813
Char e for the ear 1,455 29 1,484 1,483
Eliminated on dis peals
Written back on
revaluation
At end of ear 24,316 3,465 27,781 26,296
Net book value
At end of ear 121,203 29 121,233 122,575
At be
innin		 of ear 122,516 59 122,575 123,651
The insured
value offreehold		 land and buildings as at 30June 2021 was f208,988,688 (2020:f205,900,185).

or th e year end end ed 3 0June 2021 0June 2021 0June 2021
Trade and other receivables
Consolidated Colic e Consolidated Colic e
2021 2021 2020 2020
E000 FOOO f000 f000
Members ofthe Colic e 104 104 58 57
Amounts due from subsidiary
undertakin s
Other receivables 774 750 649 839
Pre a ments and accrued income 505 505 514 503
Total 1,383 1,359 1,221 1,399
12 Cash and cash e uivalents
Consolidated College Consolidated Colts e
2021 2021 2020 2020
f000 EOOO FOOO EOOO
Short-term mone market investments 9,019 9,019 13,039 13,039
Bank de osits
Current accounts 1,428 1,417 5,919 5,655
Cash in hand
Total 10,447 10,436 18,959 18,695
13 Creditors; amounts fallin due within one ear
Consolidated Colic e Consolidated Colic e
2021 2021 2020 2020
f000 f000 f000 FOOO
Bank overdraft
Trade creditors 169 170 149 148
Members ofthe Calle e 248 248 257 257
Amounts due to subsidia undertakin s
Universit fees 56 56 137 137
Contribution
to Colic		 es Fund 46 46 48 48
Other creditors 214 184 126 102
Bankloans
Accruals and deferred income 1,241 1,237 847 844
Total 1,974 1,941 1,564 1,539
14 Creditors: amounts fallin due after more than one
ear
Consolidated Colic e Consolidated Colic e
2021 2021 2020 2020
f000 FOOO f000 f000
Other loans 25,000 25,000 25,000 25,000
Bank loan
Members ofthe Colic e 149 149 281 281
Total 25,149 25,149 25,281 25,281

orth e year end ed 30J une 2021
15 Provisions
Consolidated Colts e Consolidated Colic e
2021 2021 2020 2020
EOOO EOOO EOOO EOOO
Balance at be innin of ear 91 91
Char e to corn rehensive income 77 77 86 85
Utilised
in		 ear
Balance at end of ear 160 160 91 91
16a Pension revisions —Cambrid revisions —Cambrid revisions —Cambrid e Colts Colts es Federated es Federated Pension Scheme Pension Scheme Pension Scheme CCFPS
Consolidated Colts e Consolidated Colic e
2021 2021 2020 2020
EOOO EOOO E000 EOO
Balance at be
innin		 of ear 541 541 236 236
Movement in
ear
Current service
cost		 including life (39) (39) (38) (38)
assurance
Contributions 19 19 23 23
Other finance
income /cost
Actuarial loss/(gain) recognised in 775 775 (290) (290)
Statement of Comprehensive Income
and Ex enditure
Balance at end of ear 214 214 (541) 541
16b Pension revisions —Universities Su erannuation Scheme USS
Consolidated Colic e Consolidated Colic e
2021 2021 2020 2020
ZOOO E000 EOOO EOO
Balance at be
innin		 of ear 502 502 909 909
Movement in
ear
Current service
cost		 including life
assurance
Contributions 100 100 421 421
Other finance
income /cost		 14 14
Actuarial loss/(gain) recognised in
Statement of Comprehensive Income
and Ex enditure
Balance at end of ear 609 609 502 502
16c Pension provisions —Church of En land Funded Pension Scheme (CEFPS
Consolidated Colts e Consolidated Colic e
2021 2021 2020 2020
EOOO E000 EOOO EOO
Balance at be
innin		 of ear
Movement in
ear
Current service
cost		 including life
assurance
Contributions
Other finance
income		 /cost
Actuadial loss/(gain) recognised in
Statement of Comprehensive Income
and Ex enditure
Balance at end of ear

year ended 30Ju ne 20 21
Endowment
funds
Restricted
net assets		 relatin to endowments are as follows
Restricted Unrestricted
permanent permanent 2021 2020
Consolidated endowments endowments Total Total
EOOO 6000 EOOO 6000
Balance at beginnin of ear
Ca
ital		 32,551 55,385 87.936 94,390
New donations
and endowments		 154 154 165
Investment
Income:		 Total return (214) (402) (616) (341)
reco nised
in the l&E
Expenditure: Investment (199) (199) (180)
Mana
ement costs
Increase/(decrease) in market 6.986 4.638 11.624 (6,023)
value of investments
Transfer between
funds		 75
Balance at end of ear 39,477 59,422 98,899 87,936
Anal sis b t
e of purpose
Fellowshi
Funds		 19,451 19,451 16.081
Scholarshi
Funds		 6,360 5.258
Prize Funds 1,613 1,613 1,334
Hardshi
Funds		 3,337 3,337 2,759
Bursa
Funds		 4,837 4,837 3,913
Travel Grant Funds 1,219 1,219 1,007
Other Funds 2,660 2,660 2,199
General endowments 59,422 59,422 55,385
Total 39,477 59,422 98,899 87,936
Anal sis b asset
Pro ert 43,721 43,721 42,271
Investments 39,477 15,701 55,178 45,665
Cash

or t he year ended 30Ju ne 2 021
17 Endowment
funds
Restricted
net assets		 relatin to endowments are as follows
Restricted Unrestricted
permanent permanent 2021 2020
Colic e endowments endowments Total Total
6000 OOOO OOOO f000
Balance at be
innin		 of ear
Ca
ital		 32,551 55,385 87,936 94,390
New donations
and endowments		 154 154 165
Investment
Income:		 Total return (214) (402) (616) (341)
reco nised
in the l&E
Expenditure: Investment (199) (199) (180)
Mana
ement costs
Increase/(decrease) in market 6,986 4,638 11,624 (6,025)
value ofinvestments
Transfer between
Funds		 75
Balance at end of ear 39,477 59,422 98,899 87,936
Anal sisb
t
eof		 ur ose
Fellowshi
Funds		 19,451 19,451 16,081
Scholarshi
Funds		 6,360 6,360 5,258
Prize Funds 1,613 1,613 1 334
Hardshi
Funds		 3,337 3,337 2 759
Bursa
Funds		 4,837 4,837 3,913
Travel Grant Funds 1,219 1,219 1,007
Other Funds 2,660 2,660 2,199
General endowments 59,422 59,422 55 385
Total 39,477 59,422 98,899 87,936
Anal sis b asset
Pro ert 43,721 43,721 42,271
Investments 39,477 15,701 55,178 45,665
Cash

or t he year ended 30J he year ended 30J u ne 202 1
18 Restricted Reserves
Reserves
with restrictions		 are as follows:
Permanent
unspent
Capital and other Restricted
grants restricted expendable 2021 2020
Consolidated uns ent income endowment Total Total
8000 f000 f000 6000 FOOO
Balance at beginnin of ear
Ca
ital		 1,854 1,854 1,247
Accumulated
income		 3,764 3,764 3,908
New
rants
New donations 247 247 209
Endowment
return		 transferred 54 54 217
Other investment income 13 13
Increase/(decrease) in market 427 427 16
value ofinvestments
Transfer between funds 29
Ex enditure
Ca
ital
rants utilised
Balance at end of ear 6,333 6,333 5,618
Ca
ital		 2,394 1,394 1,854
Accumulated
income		 3,939 3,939 3,764
Analysis of other restricted
funds/donations b t e of ur ose
Fellowshi
Funds		 1,414 1,414 1,366
Scholarshi
Funds		 515 515 727
Prize Funds 300 300 253
Hardshi
Funds		 2,134 2,134 1,787
Bursa
Funds		 572 572 449
Travel Grant Funds 90 90 61
Other Funds 1.308 1,308 975
General

or t he year ended 30Ju he year ended 30Ju ne 2021
18 Restricted
Reserves
Reserves
with restrictions		 are as follows:
Permanent
unspent
Capital and other Restricted
grants restricted expendable 2021 2020
Calle e uns ent income endowment Total Total
f000 f000 f000 f000 f000
Balance at be
innin		 of ear
Ca
ital		 1,854 1,854 1,247
Accumulated
income		 3,764 3,764 3,908
New
rants
New donations 247 247 209
Endowment
return		 transferred 54 54 217
Other investment income 13 13
Increase/(decrease) in market 427 427 16
value of investments
Transfer between funds 29
Ex enditure
Ca
ital
rants utilised
Balance at end of ear 6,333 6,333 5,618
Ca
ital		 2,394 2,394 1,854
Accumulated
income		 3,939 3,939 3,764
Analysis ofother restricted
funds/donations b t e of ur ose
Fellowshi
Funds		 1,414 1,414 1,366
Scholarshi
Funds		 515 515 727
Prize Funds 300 300 253
Hardshi
Funds		 2 134 2 134 1 787
Bursa
Funds		 572 572 449
Travel Grant Funds 90 90 61
Other Funds 1,308 1,308 975
General

19 Memorandum
of Unapplied
Total R		 Memorandum
of Unapplied
Total R		 Memorandum
of Unapplied
Total R		 Memorandum
of Unapplied
Total R		 eturn eturn eturn
Included
within reserves the followin		 amounts re resent the Una lied Total Return ofthe Colic e:
2021 2020
EOOO EOOO
Una
lied Total Return at be
innin		 of ear 66,846 74,625
Una
lied Total Return for
ear		 see note 3b 16,325 7,779
Una
lied Total Return at end		 of ear 83,171 66,846
20 Reconciliation
of consolidated		 sur lus for the ear to net cash inflow from o eratin activities
2021 2020
E000 E000
Sur lus/deficit
for the
ear		 15,421 6,950
Ad'ustment
for non-cash
items
De reciation 1,485 1,483
Investment
income		 3,514 3,756
Loss / ain on endowments,
donations		 and investment
ro ert		 17,152 7,249
Decrease/
increase
in stocks
Decrease/
increase
in trade and		 other receivables 161 327
Increase/
decrease
in creditors		 278 924
Increase/
decrease
in
revisions		 69 84
Pension costs less contributions a able 127 392
Forei
n Exchan
e movement		 417 30
Ad ustment
for investin
orfinancin		 activities
Investment
income
Interest
a able		 641 280
Profit on the sale of non-current assets
Net cash inflow from o eratin activities i3,217) 2,560
21 Cash flows from investin
activities
2021 2020
EOOO E000
Proceeds from sales of non-current fixed assets
Non-current
investment
dis osal		 317 4,831
Investment
income		 3,514 3,756
Endowment
funds invested		 8,972 9,739
Withdrawal
ofde baits
Pa ments made to ac uire non-current assets 143 406
Total cash flows from investin activities 5,284 1,558
22 Cash flows from financin
activities
2021 2020
EOOO E000
Interest
aid		 641 280
Interest element offinance lease rental a ment
New unsecured
loans		 15,000
Re a ments ofamounts
borrowed
Ca
ital element offinance tease		 rental a ments
Total cash flows from financin activities 641 14,720

or t he year ended 30June 2021
23 Anal sis ofcash and cash e uivalents
At
beginning Cash At end of
of ear flows ear
f000 f000 f000
Bank overdrafts
Cash at bank and in hand
Net Funds

ort he year ended 30June 20 21
25 Financial
Instruments
2021 2020
EOOO EOOO
Financial assets
Financial assels at fair value throu h Statement ofCom rehensive income
Listed e uit
investments		 note 9 84,431 60 199
Other investments
Financial assets that are debt instrumenls measured al amortised cost
Cash and cash e uivalents note 12&9 16,134 25,277
Other e uit
investments
Other debtors
note 11		 1,383 1,211
Financial
liabilities
Financial liabilities at fair value throu h Statement of Com rehensive Income
Forward
farci
n currenc		 contracts
Financial lia bi lilies
measured		 at amortised cost
Bank overdraft
Loans
note 14		 25,000 25,000
Trade creditors
note 13		 321 149
Other creditors
note 13& 14less		 above 1,803 1,696
26 Ca
ital commitments
2021 2020
EOOO EOOO
Ca
ital commitments
at 30June 2020 are		 as follows:
Authorised
and contracted
Authorised
but not
et contracted		 for
Commitments
under finance leases		 entered into but not yet provided for in the financial
statements

At 30Jun e 2020 the Colic e ha d commitments
under non-cancella		 ble
o eratin
leases as follows:
2021 2020
E000 EOOO
Land and buildin s
Ex irin within one ear
Ex inn between two and five ears
Ex irin in over five ears
Other
Ex irin within one ear
Ex irin between two and five ears
Ex inn in over five ears

year ending 30J une 2021 (with compar ative
fig		 ures for the year ending 3 0June 2020) are as follows:
2021 2020
E E
Return on assets, less interest
included		 in Profit and Loss 576,056 489,006
Ex ected less actual lan ex enses 3,131 3,240
Experience
aine		 and losses arising on plan liabilities 61,516 3,375
Changes
in assumptions
underlying
the
resent value		 of lan liabilities 140,202 778,896
Remeasurement of net defined benefit liabilit reco nised in OCI 774,643 (289,755)

Following
the 31 December 2018valuation,		 Following
the 31 December 2018valuation,		 a recovery plan was put in place until 31 December 2022 and the deficit
recovery contributions
(as a percentage		 of pensionable stipends) are as set out in the table below
%ofpensionable
stipends		 January 2018to
January 2021to
December 2020
December 2022
Deficit repair contributions 11.9%
7.1%
2020 2019
Balance sheet liability at 1 January
Deficit contribution
paid		 (1,000)
Interest cost (recognised in SoFA) 0
Remaining
change to the		 balance sheet liability* (recognised in SoFA) 5,000
Balance sheet liability at 31 December (reported for June 2021) 4,000

December 2020 December 2019 December 2018
Discount rate
Price inflation
Increase to total pensionable		 payroll 0.2%
3.1%
1.6%		 1.1%pa
2.8% pa
1.3%pa		 2.1%pa
3.1%pa
1.6%pa