#
#
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##
||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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##
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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|
##
##
##
##