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2021-06-30-accounts

Principal advisers: Principal advisers:
Auditors: Peters Elworthy &Moore
Station Road
Cambridge
CB1 2LA
Investment Managers: Cambridge University Investment Office (managing the Endowment Fund)
30Station Road
Cambddge
CB12RE
Legal Advisers: Taylor Vinters
Merlin Place
Milton Road
Cambridge
CB4ODP
Bankers: Barelays
9-11StAndrew's Street
Cambridge
CB2 3AA

Additions to buildings to buildings New Existing Additions Additions Additions Total
Developments Buildings to fittings
and
e ui ment
Bike storage
and services		 to enable 33 33
future develo
ment
Minor additions
Com
uter E ui		 ment and cablin 16
Creation ofCovid secure households 137 140
Creation of Health Centre and Art
Room
Change of use
from		 bedrooms to 13 13
offices
Mechanical
&		 electrical works to 21 21
existin buildin s
Outdoor G m e ui ment 16 16
Total non-lease additions 33 25 253

30June 2021 30June 2020
Public e ui 43'/o 46o/o
Private e uit 20o/o 16'/o
Absolute
return		 1 1 '/o 8'/o
Credit strat ies 3'/o 5'/o
Real assets 10o/o 9o/o
Fixed interest/cash 13o/o 16o/o

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Endowment Restricted Unrestricted Total
6000 6000 6000 5000
Balance at 1 July 2020 17,995 708 22,225 40,928
Surplus/(deficit)
from		 income and 1,390 54 59 1,503
expenditure account
Other comprehensive income 76
Transfers
Balance at 30June 2021 19,385 762 22,360 42 507
Balance at 1 July 2019 18,127 635 22,142 40,904
Surplus/(de6cit)
from		 income and (183) 101 208 126
expenditure account
Other comprehensive income (102) (102)
Transfers 51 (28) (23) 0
Balance at 30June 2020 17,995 708 22,225 40,928

As at 30June 2 02 1
Note 2021 2020
f000 f000
Non-current
assets
Tangible assets 10 80,769 81,519
Investments 11 9188 7831
Total non-current assets 89,957 89,350
Current assets
Stocks 12 23 33
Debtors 13 324 481
Cash 14 3,338 3,176
Total current assets 3,685 3,690
Creditors: amounts falling due within
one year 15 (2,292) (2,772)
Net current assets/(liabilities) 1,393 918
Total assets less current liabilities
excluding
pension		 liability 91,350 90,268
Creditors: amounts falling due in
more than one year 16 (48,234) (48,570)
Pension
liability		 18 (609) (770)
Total net assets 42 007 40 020
Represented
by:
2021 2020
Total Total
f000 f000
Restricted
reserves
Endowment 19 19,385 17,995
Restricted expendable endowment 20 762 708
Unrestricted
reserves
General reserves 22,360 22,225
Total Funds 42,507 40028

orthe Year Ended 30Ju ne 2021
Note 2021 2020
8000 8000
Net cash inflow from operating
activities		 21 2,649 4,681
Cash flows from investing activities 22 53 (2,322)
Cash flows from financing activities 23 ~2,543 ,607
Cash inflow before management
of liquid		 resoumes 162 248
Cash and cash equivalents at beginning ofthe year 3,176 3,424
Cash and cash equivalents at end ofthe year 3,338 3,176

Year Ended 3 Year Ended 3 0June 2021
Academic Fees and Charges
2021 2020
College Fees: 5000 5000
Fee Income paid on behalf ofUndergraduates at the Publicly-funded
Undergraduate rate (per capita rate f4,500/f4, 625) 372 369
Privately-funded Undergraduate Fee Income (per capita feef7,000to F9,300) 465 477
Fee income on behalf of Postgraduates as an agreed share of University fees
(per capita rate 54,069) 1 457 1 275
2,294 2,124
Cambridge
Bursary		 191 209
Vice-Chancellors award 52 40
Other income 48 61
Total 2,585 2,434
Income from Accommodation, Catering and Conferences 2021 2020
5000 2000
Accommodation
College members 1,601 1,982
External Rents 1,865 822
Conferences 339
Catering
College members 186 214
Conferences 44
Total 3652 3451
Endowment
and		 Investment
Income		 2021 2020
2000 8000
Analysis
Quoted securises 303 272
Fixed interest securities
Other interest receivable 19
Total 306 291
Other Income 2021 2020
f000 2000
Research grants received 41 98
Transfer
(from)/to		 deferred income
Furlough
claims		 52 67
Total 93 165
Donations 2021 2020
5000 5000
Unrestricted
donations		 101 98
Restricted donations 103 174
Total 204 272

Education Expenditure Expenditure 2021 2020
f000 f000
Teaching 766 728
Tutorial 579 527
Admissions 242 205
Research 167 200
Scholarships and awards 480 557
Other educational facilities 517 440
Total 2,751 2,657

Accommodation, Catering and Catering and Conferences Expenditure 2021
f000		 2020
f000
Accommodation
College members 4,294 3,285
Conferences 3 341
Catering
College members 572 603
Conferences 55 225
Total 4924 4454
Analysis of 2020/21 Expenditure by Activity
Other
Staff costs operating
(note 8)
f000		 expenses
f000		 Dep'n
f000		 Total
f000
Education 1,217 1,348 186 2,751
Accommodation, catering and conferences 855 3,221 848 4,924
Other 78 60 2 140
Total 2,150 4,629 1,838 7,815

Analysis of20 19I20Exp enditure
by Activi		 ty
Other
Staffcosts operating
(note 9)
f000		 expenses
f000		 Dep'n
f000		 Total
f000
Education 1,168 1,320 169 2,657
Accommodation, catering and conferences 741 2,923 790 4,454
Other 54 7 2 63
Total 1,963 4,258 881 7 174
Auditors' remuneration 2021 2020
f000 f000
Other operating expense include:
Audit fees payable to the College's external auditors 21 18
Other fees payable to the College's external auditors

Key management Key management personn personn el el
Key management personnel are those persons
having		 authority and responsibility for planning,
directing		 and
controlling the activities ofthe College. A subset of Council members fulfil these functions for The College.
Aggregated emoluments paid to members ofthe College Council:
2021 2020
f000 f000
Key management personnel 323 245
Tangible Assets
M)3H Works
Land & Land & ofArt 2021 2020
Group and College Buildings
FOOO
Buildings
6000		 f000 Equipment
f000		 Total
f000		 Total
f000
Cost
At beginning
ofyear		 42,555 42,762 1,259 86,576 43,065
Additions at cost 226 25 285 43,511
Disposals
At end of year 42,781 42,762 1,284 86,861 86,576
Depreciation
At beginning
ofyear		 3,766 255 1,036 5,057 4,096
Charge for the year 652 320 1,036 961
Eliminated on
disposal
At end of year 4,418 575 1,098 6,092 5,057
Net book value
At end of year 38,363 42,187 33 186 80,769 81,519
At beginning
ofyear		 38,788 42,507 223 81,51~ 38,969

held under fina
6254,645).		 nce leases. T nce leases. T nce leases. T
he depreciation
charge on these assets fo
r the year was 8320,340(2020:
11. Fixed Asset Investments 2021 2020
6000 8000
Balance at beginning ofyear 7,831 6,150
Additions 1,864
Disposal (33)
Net gains 1,390 (183)
Increase
in cash balances		 held at fund managers
Balance at end ofyear 9 188 7 831
Represented by:
Quoted Securities 9,188 7,798
Works ofart 33
Cash with investment managers
9188 7831
12. Stocks 2021 2020
6000 6000
Other stocks 23 33
13. Debtors 2021 2020
6000 6000
Members ofthe College 193 357
Other debtors
Prepayments and accrued income 131 124
324 481
14. Cash 2021 2020
6000 6000
Bank deposits
Current accounts 3,338 3,176
3,338 3,176
Creditors: Amounts Failing Due within
15. one year 2021 2020
6000 FOOD
Bank Loan 529 529
Trade Creditors 127 72
Members ofthe College 530 543
Other creditors 446 1,186
Accruals &deferred income 660 442
2,292 2,772

included
in the lease liability recognise		 included
in the lease liability recognise		 included
in the lease liability recognise		 d
on the balanoe		 d
on the balanoe		 sheet. sheet.
The lease liability has been calculated on a base lease charge off1,673,300per annum assuming an RPI increase of
1.5%.On this basis, the assumed lease charge for financial year 2021/22 is21,724,196.The actual lease charge for
the year is91,748,196.The additional charge not recognised on the balance sheet ofF23,468 will be incurred for the
remainder
ofthe lease and will		 be subject to future RPI increase. The value ofthis in real terms isf1,079,528.
7. Financial
Instruments
2021 2020
Financial assets 2000 6000
Financial assets that are equity instruments measured at cost less
impairment
Other equity investments: 9,188 7,798
Financial
liabilities
Financial
liabilities
measured		 at amortised cost
Finance Lease 42,758 42,541
18. Pension
Liability
Group and College
2021 2020
CCFPS 6000 6000
Balance at beginning
ofyear		 519 409
Movement
in year:
Current service cost 21 23
Contributions
Finance Cost
Actuarial
loss/(gain)		 (22)
8
~6		 (24)
9
102
Balance at end ofyear 450 519
USS
Balance at beginning
ofyear		 251 308
Movement
in year:
Contributions (9) (9)
Change
in the expected contribution		 (85) (53)
Finance Cost 2 5
Balance at end ofyear 159 251
Pension
liabilities at beginning		 ofyear 770 717
Pension
liabilities at end ofyear		 609 770

19. Endowments
College Unrestricted Restricted 2021 2020
Permanent Permanent Total Total
f000 f000 f000 f000
Balance at beginning ofyear: 10200 1,715 17,995 18,127
New endowments
received
Net transfers 51
Increase in market value of investments 1,091 299 1,390 (183)
Balance atend ofyear 17,371 2 014 19 385 17995
Representing
Fellowship
Funds		 1,248 1,158
Scholarship
Funds		 124 115
Prize Funds 40 37
Hardship
Funds		 264 245
Bursary Funds 42 39
Other Funds 291 185
General endowments 17,376 16,281
Group Total 19,385 17995
20. Restricted Reserves Permanent Restricted
Reserves with restdctions unspent expendable
and other endowment 2021 2020
restricted Total Total
income
f000 f000 f000 f000
Balance at beginning ofyear
Capital 371 371 296
Accumulated
income		 337 337 339
New grants
VHI		 27 27 70
New grants other
New donations
VHI		 2 6
New donations
other		 99 168
Investment
income VHI		 7 7 6
Investment
income other		 57 58 53
Other income 6 32
64 136 200 327
Expenditure
VHI		 (25) (25) (70)
Expenditure
other		 121 121 155
(147) (147) (226)
Transfers (28)
Balance at end ofyear
Capital 361 371
Accumulated
income		 401 401 337

Representing
Fellowship
Funds
Scholarship
Funds		 251
53		 211
84
Prize Funds 15 12
Hardship
Funds		 112 104
Bursary Funds
Other Funds		 331 2
295
Group Total 762 708
Reconciliation
ofoperating
surplus		 to net cash inflow from operating
21. activities 2021 2020
8000 5000
Surplus/(deficit)
on continuing
operation		 1,579 24
Adjustment
fornoncash
items
Depreciation
oftangible fixed assets		 1,036 961
Investment
Asset appreciation
Decrease/(increase)
in Stocks		 (1,390)
10		 183
1
Decrease/(increase)
in Debtors
Increase/(decrease)
in Creditors		 158
(504)		 (247)
2,139
Pension costs less contributions payable (161) 53
Adjustment
for investing orfinancing		 activities
Investment
Income		 (306) (291)
Interest payable 2228 1,858
Net cash inflow from operating activities 2040 4,081
22. Cash flows from investing
activities		 2021 2020
5000 8000
Returns on investments
and servicing		 offinance
Investment
income		 306 291
Payments
made to acquire non-current		 assets (253) (2,613)
2021 2020
23. Capital expenditure
and financial		 investment 5000 8000
Interest Paid (312) (342)
Finance lease rental payments (1,699) (1,737)
Repayment
ofamounts
borrowed		 (529) (528)
Total cash flows from financing activities ~2,540 ~2,607

Pension Sche mes cont'd mes cont'd
Changes
in the		 present
value ofthe plan		 liabilities for the year ending 30June 2021 (with comparative figures for
the year ending 30June 2020) are as follows
2021 2020
Present value of plan liabilities at beginning ofperiod 1,360 1,189
Current service cost induding Employee contributions 19 22
Benefits paid (22) (22)
Interest
on plan liabilities		 20 27
Actuarial losses/(gains) (27) 144
(Gain)/loss
on		 plan changes 0 0
Curtailment
(gain)/loss		 0 0
Present value ofScheme liabilities at end of period 1,350 1360
Changes
in the		 fair value ofthe plan assets forthe year ending 30June 2021 (with comparative figures for the year
ending 30June 2020) are as follows:
2021 2020
Market value ofScheme assets at beginning of period 841 780
Contributions paid by the College 23 25
Employee
contributions		 3 4
Benefits paid (29) (29)
Interest on plan assets 12 17
Return on assets, less interest induded in Profit &Loss 50 44
Market value ofScheme assets at end of period 900 841
Actual return on plan assets 62 61
The major categories of plan assets as a percentage of total plan assets for the year ending 30June 2021 (with
comparative
figures for the year		 ending 30June 2020) are as follows:
2021 2020
Equities 48% 49%
Bonds &Cash 42% 41%
Property 10% 10%
Market value ofScheme assets at end of period 1QQ'/ 100%
2021 2020
6000 6000
Actual return less expected
return on plan assets		 50
Experience gains and losses arising on Scheme liabilities 8 4
Changes in assumptions
underlying		 the present value of plan 18 (150)
liabilities
Actuarial (loss)/gain recognized in OCI 76 (102)

From To 2021 2020
number number
F0
F10,001
f20,001
F30,001
f40,001		 f10,000
f20,000
f30,000
f40,000
f50,000		 8
1
1		 6
F50,001
F60,001		 F60,000
f70,000
F70,001
f80,001		 f80,000
f90,000