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2022-06-30-accounts

Reference and Administrative
Details
1-3 Trustees and Advisors
Operating
and Financial Review
4 Aims and Objectives
5-11 Review ofActivity - Financial
Review, Plans		 for the Future and Results
12-13 Statement
of Public Benefit
14 Corporate Governance
15 Responsibilities
ofthe Governing		 Body and Internal Control
16-19 Independent
Auditors'
Report
20- 27 Statement of Principal Accounting Policies
28 Consolidated
Statement ofComprehensive		 Income and Expenditure
29 Statement ofChanges
in Reserves
30 Consolidated
and College Balance		 Sheets
31 Consolidated
Cash Flow Statement
32-50 Notes tothe Financial Statements

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onsolidated
and		 Col lege Balance Shee ts as at 30June 2022
2022 2022 2021 2021
Consolidated College Consolidated College
Note 6000 6000 8000 6000
Non-current
Assets
Fixed assets 122,364 122,364 121,233 121,233
Heritage assets
Investments		 137,012 137,012 134,574 -0
134,574
Total non-current
assets		 259,376 259,376 255,807 255,807
Current assets
Stocks 10 184 184 181 181
Trade and other receivables 11 964 963 1,383 1,359
Cash and cash equivalents 12 5,583 5,429 10,447 10,436
Total current assets 6,731 6,576 12,011 11,976
Creditors: amounts falling due within one 13 (2,035) (1,905) (1,974) (1,941)
year
Net current assets 4,671 10,037 10,035
Total Assets less current liabilities 264,072 264,047 265,843 265,842
Creditors: amounts falling due after more 14 (25,314) (25,314) (25,149) (25,149)
than one year
Provisions
Pension
provisions		 16 (975) (975) (392) (392)
Other provisions 15 (50) (50) (160) (160)
Total net assets 237733 237,708 240,142 240,141
Restricted reserves
Income and expenditure reserve— 17 98,890 98,890 98,899 98.899
endowment
reserve
Income and expenditure reserve —restricted 18 6,641 6,641 6,333 6,333
reserve
Unrestricted
Reserves
Income and expenditure reserve— 132,202 132,177 134,910 134,909
unrestricted
Total Reserves 237,733 237,708 240,142 240,141
or the year ended 30Ju ne 2022
2022 2021
Note 9000 6000
Net cash inflow from operating
activities		 20 (1,469) (3,217)
Cash flows from investing activities 21 (3,643) (5,284)
Cash flows from financing activities 22 (597) (641)
Increase/(decrease)
in cash and cash		 equivalents in the year (5,709) (9,142)
Cash and cash equivalents at beginning ofthe year 16,134 25,276
Cash and cash equivalents at end ofthe year 1289 10,425 16,134

or t he year ended 30June 2022 he year ended 30June 2022 he year ended 30June 2022 he year ended 30June 2022
1 Academic fees and charges 2022 2021
8000 8000
Colleges fees:
Fee income received at the Regulated Undergraduate rate 1,272 1,189
Fee income received at the Unregulated Undergraduate rate 404 335
Fee income received at the Graduate rats 671 673
Other income 24 16
Cambridge
Bursary Scheme		 (restricted) 131 153
Total 2,502 2,366
2 Income from accommodation, catering and conferences 2022 2021
8000 2000
Accommodation College members 2,650 1,633
Conference 165 13
Catering College members 541 321
Conference 73 8
Total 3,429 1,975
3 Endowment
return and investment		 income 2022 2021
8000 8000
3a Analysis
The total return
contribution		 is calculated as set out in the accounting policy on
recognition
of income and		 endowment return 4,095 4,148
3b Summary
of total return
Income from;
Land and buildings 1,945 1,549
Quoted securities 2,145 1,965
Gains/(losses)
on endowment		 assets:
Land and buildings 1,395 1,554
Securities and cash (3,203) 15,599
Investment
management		 costs (see note 3c) (384) (I99)
Total return for year 1,898 20,468
Total return transferred to income and expenditure reserve (see note 3a) (4,095) (4,143)
Unapplied
total
return		 for year included within Statement of (2,197) 16,325
Comprehensive
Income		 and Expenditure (see note 19)
ort he year end e d 30June 2 d 30June 2 022
3c Investment management costs 2022 2021
6000 6000
Land and buildings
Securities 337 199
Other investments 47
Cash
Total 384 199
4 Education expenditure 2022 2021
6000 6000
Teaching 2,088 1,424
Tutorial 1,292 864
Admissions 795 710
Research 420 396
Scholarships and awards 349 627
Other educational facilities 1,115 1,088
Total 6,059 5,109
5 Accommodation, catering and conferences expenditure 2022 2021
6000 f000
Accommodation College members 4,401 4,177
Conferences 274 22
Catering College members 899 1,023
Conferences 121 16
Total 5,695 5,238
Analysis of202 1/2022 e xpenditure
by activity
Staff Other
costs operating
(note 7) expenses Depreciation Total
6000 6000 6000 EOOO
Education (note 4) 3,418 2,286 355 6,059
Accommodation, catering and conferences 2,343 2,196 1,156 5,695
Other 151 531 682
Totals 5,912 5,013 1,511 12,436

Notes to the Accounts to the Accounts
Forthe year ended 30June 2022
6b Analysis of2020/2021 expenditure by activity
Staff Other
costs operating
(note 7) expenses Depreciation Total
EOOO EOOO EOOO EOOO
Education (note 4) 2,485 2,274 349 5,109
Accommodation, catering and conferences 1,932 2,171 1,136 5,238
Other 229 533 762
Totals 4,646 4,978 1,485 11,109

Auditors'
remuneration		 Auditors'
remuneration		 2022 2021
EOOO EOOO
Other operating expenses include:
Audit fees payable to the Cofiege's external auditors 28 26
Other fees payable to the Cofiege's external auditors 2
Total 30 26
Staffcosts College Non- 2022 2021
Fellows academic Total Total
Consolidated ZOOO EOOO EOOO EOOO
Staffcosts:
Salaries 1,499 2,839 4,338 3,861
National
Insurance		 102 256 358 296
Pension costs 201 178 379 490
1,802 3,273 5,075 4,647

Average staff n umbers
2022
Av		 erage staff number s
2021
Number of Full-time Number of Full-time
Fellows equivalents Fellows equivalents
Academic 56 56
Non-academic 4 92 4 98

orth
 e year ende d 30 Ju ne 2 022
9 Investments
Consolidated College Consolidated College
2022 2022 2021 2021
f000 f000 f000 f000
Balance at beginning of year 134,574 134,574 109,397 109,397
Additions 64,893 64,893 8,972 8.972
Disposals (59,802) (59,802) (317) (317)
Gain/(loss) (1,808) (1,808) 17,152 17,152
Transfers (note 8)
Increase/(decrease) in cash balances (845) (845) (630) (630)
held at fund managers
Balance at end ofyear 137,012 137,012 134,574 134,574
Represented by:
Property 46,278 46,278 44,456 44,456
Securities 66,132 66,132 66,169 66.169
Private placement investments 19,760 19,760 18,262 18,262
Investments in subsidiary undertakings
Cash in hand and at investment 4,842 4,842 5,687 5,687
managers
Totals 137,012 137,012 134,574 134,574
10 Stocks and work in progress
Consolidated College Consolidated College
2022 2022 2021 2021
f000 f000 f000 f000
Goods for resale: catering 28 28 13 13
Wine Cellar 156 156 168 168
Other stocks
Total 184 184 181 181
11 Trade and other receivables
Consolidated College Consolidated College
2022
f000		 2022
f000		 2021
f000		 2021
f000
Members of the College 213 204 104 104
Amounts due from subsidiary 71
undertakings
Other receivables 367 304 774 750
Prepayments and accrued income 384 384 505 505
1'otal 963 1,383 1,359
12 Cash and cash equivalents
Consolidated College Consolidated College
2022 2022 2021 2021
f000 f000 f000 f000
Short-term
money
Cunent accounts		 market investments 5,583 5,429 9,019
1,428		 9,019
1,417
Cash in hand
Total 5,583 5,429 10,447 10,436

or th e year ended 30Ju ne 20 22
13 Creditors: amounts falling due within one year
Consolidated College Consolidated College
2022 2022 2021 2021
6000 6000 6000 f000
Bank overdrafi
Trade creditors 374 374 169 170
Members ofths College 198 192 248 248
Amounts
dus to subsidiary		 undertakings 28
University fees 170 170 56 56
Contribution
to Colleges Fund		 46 46
Other creditors 389 237 214 184
Bankloans
Accruals and deferred income 904 904 1,241 1,237
Total 2,035 1,905 1,974 1,941
14 Creditors: amounts falling due after more than one year
Consolidated Cogsge Consolidated College
2022 2022 2021 2021
6000 6000 6000 6000
Othsrloans 25,000 25,000 25,000 25,000
Members ofthe College 167 167 149 149
Other 147 147
Total 25,314 25,314 25,149 25,149
15 Provisions Provisions
Consolidated College Consolidated College
2022 2022 2021 2021
6000 6000 6000 5000
Balance at beginning of year 160 160 91 91
Charge to comprehensive income 77 77
Utilised in year (110) (110) (8) (8)
Balance at end ofyear 50 50 160 160

orth e year en ded 30Ju ded 30Ju ne 2022 ne 2022 ne 2022
16a Pension provisions —Cambridge Colleges Federated Pension Scheme (CCFPS)
Consolidated College Consolidated College
2022 2022 2021 2021
6000 f000 6000 EOOO
214 214 (541) (541)
Movement in year:
Current service cost including life (27) (27) (39) (39)
assurance
Contributions 24 24 19 19
Other finance (income)/cost
Actuarial loss/(gain) recognised in 232 232 775 775
Statement of Comprehensive Income
and Expenditure
Balance at end of year 214 214
16b Pension provisions —Universities Superannuation Scheme (USS)
Consolidated College Consolidated College
2022 2022 2021 2021
6000 6000 5000 EOOO
Balance at beginning ofyear (809) (609) (502) (502)
Movement in year:
Current service cost including life
assurance
Contributions 32 32 (100) (100)
Other finance (income)/cost (843) (843) (7) (7)
Actuarial loss/(gain) recognised in
Statement of Comprehensive Income
and Expenditure
Balance at end of year (1,420) (1,420) (609) (609)
16c Pension provisions —Church of England Funded Pension Scheme (CEFPS)
Consolidated College Consolidated College
2022 2022 2021 2021
6000 6000 8000 ROOO
Balance at beginning ofyear 4 4
Movement in year:
Current service cost including life (2) (2)
assurance
Contributions (1) (t)
Other finance (income)/cost 2 2
Actuarial loss/(gain) recognised in 3 3
Statement of Comprehensive Income
and Expenditure
Balance at end of year

ort he year ended 30Ju ne 20 22
17 Endowment
funds
Restricted
net assets		 relating to endowments are as follows:
Restricted Unrestricted
permanent permanent 2022 2021
Consolidated
and College		 endowments endowments Total Total
EOOO KOOO 6000 6000
Balance at beginning ofyear
Capital 39,477 59,422 98,899 67,936
New donations
and endowments		 443 443 154
Investmsnt
Income:		 Total return (2) (3) (616)
recognised
in the l&E
Expenditure: Investment (108) (170) (278) (199)
Management
costs
Increase/(decrease) in market (1,403) 1,017 (386) 11,624
value ofinvestments
Transfer between
funds		 171 44 215
Balance at snd ofyear 38,579 60,311 98,890 98,899
Analysis
by type of purpose
Fellowship
Funds		 18,451 18,451 19,451
Scholarship
Funds		 7,968 7,968 6,360
Prize Funds 1,368 1,368 1,613
Hardship
Funds		 2,868 2,868 3,337
Bursary Funds 5,359 5,359 4,837
Travel Grant Funds 71 71 1,219
Other Funds 2,494 2,494 2,660
General endowments 60,311 60,311 59,422
Total 38,579 60,311 98,890 98,899
Analysis
by asset
Property 900 45,377 46,277 43,721
investments 37,679 14,934 52,613 55,178
Cash
Total 38,579 60,311 98,890 98,899

Permanent
unspentand
Capital grants other restricted 2022 2021
Consolidated and College unspent income Total Total
6000 K000 6000 KOOO
Balance at beginning ofyear
Capital 2,394 2,394 1,854
Accumulated income 3,939 3,939 3,764
New grants
New donations 297 297 247
Endowment return transferred 255 255 54
Other investment income (6) (6) (13)
Increase/(decrease) in market value ofinvestments (84) (84) 427
Transfer between funds
Expenditure (154) (154)
Capital grants utilised
Balance at end ofyear 6,641 6,641 6,333
Capital 2.305 2,305 2,394
Accumulated income 4,336 4,336 3,939
6,641 6,641 6,333
Analysis of other restricted funds/donations by type ofpurpose
Fellowship
Funds		 1,606 1,606 1,414
Scholarship Funds 982 982 515
Prize Funds 186 186 300
Hardship
Funds		 1,928 1,928 2,134
Bursary Funds 643 643 572
Travel Grant Funds 15 15 90
Other Funds 1,281 1,281 1,308
General
6,641 6,641 6,333

Included
within reserves the follo		 in g
a		 moun ts
represen		 t
the Unappl		 ied
Total Return ofthe		 College:
2022 2021
6000 6000
Unapplied
Total Return at beginning		 ofyear 83,171 66,846
Unapplied
Total Return for year (see note 3b)		 (2,197) 16,325
Unapplied
Total Return at end		 of year 80,974 83,171
20 Reconciliation
ofconsolidated		 surplus for the year to net cash inflow from operating activities
2022 2021
6000 6000
Surplus/(deficit)
for the year		 (2,833) 15,421
Adjustment
for noncash
items
Depreciation 1,511 1,485
Investment
income		 (4,090) (3,514)
(Loss)/gain
on endowments,
donations		 and investment property 1,808 (17,152)
Decrease/(increase)
in stocks		 (3) 6
Decrease/(increase)
in trade and		 other receivables 418 (161)
Increase/(decrease)
in creditors		 226 278
Increase/(decrease)
in provisions		 (110) 69
Pension costs less contributions payable 816 127
Foreign Exchange movement 191 (417)
Adjustment
for investing
or financing		 activities
Investment
income
Interest payable 597 641
Profit on the sale of non-current assets
Net cash inflow/(outfiow)
from		 operating activities (1,469) (3,217)
21 Cash flows from investing
activities
2022 2021
8000 6000
Proceeds from sales of non-current fixed assets
Non-current
investment
disposal		 59,802 317
Investment
income		 4,090 3,514
Endowment
funds invested		 (64,893) (8,972)
Withdrawal
ofdeposits
Payments
made to acquire non-cunent		 assets (2,642) (143)
Total cash flows from investing activities (3,643) (5,284)
22 Cash flows from financing
activities
2022 2021
6000 6000
Interest paid (597) (641)
Interest element offinance lease rental payment
New unsecured
loans
Repayments
ofamounts
borrowed
Capital element offinance lease rental payments
Total cash flows from financing activities (597) (641)
ort
23		 he year ended 30June 20
Analysis ofcash and cash		 22
equivalents
At
beginning Cash At end of
ofyear flows year
5000 5000 5000
Bank ovsrdrafts
Cash at bank and in hand 16,134 (5,709) 10,425
Net Funds 16,134 (5,709) 10,425
24 Consolidated
reconciliation		 and analysis of
net debt
At 30 New Other At 30
June Cash finance non-cash June
2021 Flows leases changes 2022
5000 5000 ZOOO 5000 5000
Cash and cash equivalents (note 12&9) 16,134 (5,709) 10,425
Borrowings:
amounts
falling due within		 one year
Secured loans
Unsecured
loans
Bank overdraft
(subtotal)
Borrowings:
Amounts
falling due after more than one year
Secured loans (Nots 10) (25,000) (25,000)
(25,000) (25,000)
Net total debt (8,866) (5,709) (14,575)

25 Rnanclal
Instruments
2022 2021
6000 6000
F Financial assets
inancial assets at fair value		 through Statement ofComprehensive income
Listed equity investments
(nots		 9) 85,892 84,431
Other investments
Financial assels that are debt instruments measured al amorfised cost
Cash and cash equivalents (nots 12 &9) 10,425 16,134
Other equity investments
Other debtors (note 11) 964 1,383
Financial
liabilities
Financial liabilities al fair value through Statement of Comprehensive Income
Forward foreign currency contracts
Financial
liabilities measured		 at amorlised cosl
Bank overdraR
Loans (note 14) 25,000 25,000
Trade creditors (note 13) 374 321
Other creditors (note 13& 14less above) 1,975 1,803
26 Capital commitments
2022 2021
6000 6000
Capital commitments
at 30June		 2022 are as follows:
Authorised
and contracted
Authorised
but not yet contracted		 for 650
Commitments
under finance		 leases entered into but not yet provided for in the financial
statements

At 30Jun e 2022 the College had commitments
under non-cancefiab		 le
operating
leases as follows:
2022 2021
6000 6000
Land and buildings:
Expiring within one year
Expiring between two and five years
Expiring in over five years
Other
Expiring within one year
Expiring between two and five years
Expiring in over five years

The current
life expectancies
on retirement		 at age 65are:
2022 2021
Males currently
aged 65 (years)		 23.9 24.7
Females currently
aged 65(years)		 25.5 26.1
Males currently
aged 45(years)		 25.9 26.7
Females currently
aged 45(years)		 27.3 27.9
A new deficit recovery plan was put in place as part ofthe 2020 valuation, which requires payment of6.2%ofsalaries
over the period
1 April 2022 until 31 March 2024, at which		 point the rate will increase to 6.3%.The 2022 deficit
recovery
liability reflects this plan. The liability figures have been produced		 using the following assumptions:
2022 2021
Discount rate 331% 087%
Pensionable
salary growth		 2.00% 200%

uarial
assumptions		 at the bala nce sheet date were as follows:
2022 2021
%p.a.
Discount rate 3.80 p.a.
1.80
Increase in salaries 3.25 3.10
RPI assumption 3.45* 3.40
CPI assumption 2.75* 2.60
Pension increases
Pension Increases		 in payment
in payment		 (RPI Max 5%p.a.)
(CPI Max 2.5%p.a.)		 3.30
2.05		 3.30
1.95

recovery contributions
(as a percentage
ofpensiona		 ble
stipe		 nds ) are as set ou as set ou t in the table below. below.
%ofpensionable
stipends		 January 2018to January 2021 to
December 2020 December 2022
Deficit repair contributions 11.9%
As at 31 December 2019,31 December 2020 and 31 December 2021 the deficit recovery contributions under the
recovery plan
in force were as set out in the above		 table.
For senior oflice holders,
pensionable
stipends are		 adjusted in the calculations by a multiple, as set out in the
Scheme's rules.
Section 28.11AofFRS 102requires agreed deficit recovery payments to be recognised as a liability.
The movement
in the balance sheet liability over 2020 and over 2021 is set out in the table below.
2021 2020
Balance sheet liability at 1 January 4,000
Deficit contribution
paid		 (2,000) (1,000)
Interest cost (recognised
in SoFA)
Remaining
change to the balance sheet liability*		 (recognised in SoFA) 5,000
Balance sheet liability at 31 December 2,000 4,000

December 2021 December 2020 December 2019
Discount rate
Price inflation
Increase to total pensionabls		 payroll 0.0%
n/a
-1.5%		 0.2%
3.1%
1 6%		 1.1%pa
2.8% pa
1.3%pa