## ## ## ## ## ## ## |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
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80|||| ## ## ||||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||| ## ## ## ## ## ## ##