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2020-07-31-accounts

Pacae Contents
Administrative
Details
2-3 The Master & Fellows
4-10 Annual
Report
11-12 Report ofthe Auditors
13-18 Statement
of Principal		 Accounting Policies
19 Consolidated
Income		 and Expenditure Account
20 Statement
ofChanges		 in Reserves
21 Balance Sheet
22 Cash Flow Statement
23-39 Notes to the Accounts

EMMANUEL COLLEGE Independent Auditors. Report to the College Council of Emmanuel College for the Year Ended 31st July 2020 We have nothing lo report in respect of the following mallers where the Charities Act 2011 requires us to report lo you if, in our opinion.. the infortllalion given in the College Council's Annu81 Report is inconsislenl in any material respect with the financial sialements.. or sufficient accounting records have not been kept., or the financial slalemenls are not in agreement with the accounting records and relums.. or we have not received all the information and explanations we require for our audit. Responsibilities of the College Council As explained more fully in il's Annual Report, the College Council is responsible for the preparation ol th8 financial statements and for being satisfied that they give 8 ttue and fair view, and for such inlemal control as the College Council determine is necessary lo enable the preparation of financial slalemenls that are free from mal8rial misslalemenl, whether due to fraLJd or error. In preparing the financial stalemenls. the Coll8ge Council is responsible for assessing the College and the Group's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the College Council either intends lo liquidate the College or the Group or lo cease operations, or have no realistic allernalive bul lo do so. We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 01 that Act. Auditor's responsibilitles for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslatemenl. whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance wlh ISAS IUKI will always delecl a material misslalemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalements. A further description of our responsibilities for the audit of the financial statements is located on th8 Financial Reporting Council's websit& al.. hllps.'Ilwww.frc.arg.uklOur-WorklAudiUAudil-and-aSsurancelSlandards-and-guidan￿ASIandardS-and. guidance-for-audilorslAuditors-responsibililies-for-audiVDescription-of-auditors-responsibililies-for-audit.aspx. This description forms part of our auditor's report. Use of our report This report is made solely to the College's Council, as a body, in 8c¢ord8nce ￿rith College's Stalules and the Slalules of the University of Cambridge. Our audit work has been undertaken so that we might slate to the College's College Council those matters we are required lo slate lo them in an auditors, report and tor no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the College and the College's Council CHATER ALLAN LLP Regisl8red Auditors Beech House, 4A Newmarket Road, Cambridge CB5 8DT December 2020 Chaler A11an LLP is eligible lo act an as auditor in terms of s4yon 1212 of the Companies Act 2006

Note 2020 2020 2020 2020 2019
Unrestricted Restricted Endowment Total Total
E E E
INCOME
Academic Fees and Charges 3,125,488 3,125,488 3,024,747
Accommodation,
Catering		 and Conferences 2,909,006 2,909,006 4,497,562
Investment
Income		 4,715,243 1,633,581 649,933 6,998,757 6,821,867
Endowment
return transfer		 2,067,790 716,379 285,017 3,069,186 2,530,505
Other Income 447,716 447,716 1,985,717
Total income before donations and 13,265,243 2,349,960 934,950 16,550,153 18,860,398
endowments
Donations 5 1,713,623 5,691,019 42,408 7,447,050 3,985,115
Total Income 14,978,866 8,040,979 977,358 23,997,203 22,845,513
EXPENDITURE
Education 6 4,254,204 499,693 309,354 5,063,251 6,557,472
Accommodation,
Catering		 and Conferences 7 4,739,757 5,274 595,875 5,340,906 5,728,331
Other expenditure 8c 2,745,264 622,126 257,179 3,624,569 3,555,743
Contribution
Under Statute		 G,ll 136,262 29,325 22,413 188,000 196,000
Total Expenditure 11,875,487 1,156,418 1,184,821 14,216,726 16,037,546
Surplus before other gains and losses 3,103,379 6,884,561 (207,463) 9,780,477 6,807,967
Transfers (2,400,297) (557,921) 2,958,218
Gain/(loss)
on disposal		 offixed assets
Gains on investments (8,673,026) (3,031,193) 1,061,734 (10,642,485) 1,025,193
Surplus for the year (7,969,944) 3,295,447 3,812,489 (862,008) 7,833,160
Other comprehensive income
Actuarial
gain/(loss)
schemes		 in respect of pension (912,758) (912,758) (1,255,958)
Total comprehensive income for the year (8,882,702) 3,295,447 3,812,489 (1,774,766 6,577,202
Income and expenditure Income and expenditure reserve Revaluation
Unrestricted Restricted Endowment reserve Total
f E E 6
Balance at 1 August 2019 55,585,565 81,588,796 102,465,915 43,066,436 282,706,712
Surplus/(Deficit)
from income		 and expenditure (209,676) 3,295,447 3,812,489 (8,673,026) (1,774,766)
statement
Transfers
between		 revaluation and income and 1,745,000 (1,745,000)
expenditure
reserve
Balance at 31 July 2020 57,120,889 84,884,243 106,278,404 32,648,410 280,931,946
Balance at 1 August 2018 62,798,715 78,540,035 90,174,264 44,616,496 276,129,510
Prior year adjustment
Surplus/(Deficit)
from income		 and expenditure (8,107,275) 3,048,761 12,291,651 (655,935) 6,577,202
statement
Transfers
between		 revaluation and income and 894,125 (894,125)
expenditure
reserve
Balance at 31 July 2019 55,585,565 81,588,796 102,465,915 43,066,436 282,706,712

2020 2020 2019 2019
Note Consolidated College
6		 Consolidated
f		 College
f
Non-current
Assets
Tangible Assets 10 46,458,499 46,458,499 43,941,702 43,941,702
Investments 11 258,424,701 258,424,703 264,898,092 264,898,094
Total Non-Current
Assets		 304,883,200 304,883,202 308,839,794 308,839,796
Current Assets
Stock and work in progress 528,799 528,799 524,722 524,722
Trade and other receivables 12 1,872,565 1,872,082 9,729,883 9,729,883
Cash and cash equivalents 13 15,972,019 15,970,839 13,000,091 12,998,888
Total Current Assets 18,373,383 18,371,720 23,254,696 23,253,493
Creditors: Amounts
Falling Due Within One		 Year 14 (3,636,930) (3,635,269) (11,422,274) (11,421,073)
Net Current Assets 14,736,453 14,736,451 11,832,422 11,832,420
Total Assets less current liabilities 319,619,653 319,619,653 320,672,216 320,672,216
Creditors: Amounts
Falling Due After More		 Than 15 (30,545,236) (30,545,236) (31,110,808) (31,110,808)
One Year
Provisions
Pension provisions 16 (8,142,471) (8,142,471) (6,854,696) (6,854,696)
Total net assets 280,931,946 280,931,946 282,706,712 282,706,712
Restricted reserves
Income and expenditure reserve - endowment reserve 17 28,184,078 28,184,078 27,504,028 27,504,028
Income and expenditure reserve —restricted reserve 18 84,884,243 84,884,243 81,588,796 81,588,796
Unrestricted
reserves
Income and expenditure reserve - endowment reserve 17 78,094,326 78,094,326 74,961,887 74,961,887
Income and expenditure reserve —unrestricted reserve 19 57,120,889 57,120,889 55,585,565 55,585,565
Revaluation
reserve		 32,648,410 32,648,410 43,066,436 43,066,436
Total reserves 280,931,946 280,931,946 282,706,712 282,706,712

2020 2019
Note 8
Net cash outflow from operating
activities		 21 1,583,294 (1,804,231)
Cash flows from investing activities 22 6,037,458 5,861,868
Cash flows from financing activities 22 (4,648,824) (6,010,091)
Increase/(decrease)
in cash and cash equivalents		 in the year 2,971,928 (1,952,454)
Cash and cash equivalents at beginning ofyear 13,000,091 14,952,545
Cash and cash equivalents at end ofyear 23 15,972,019 13,000,091

1.ACADEMIC FEESAND 1.ACADEMIC FEESAND CHARGES CHARGES 2020 2019
E
College fees:
Fee income received at the Publicly-funded Undergraduate rate 1,544,286 1,568,747
Fee income received at the Privately-funded Undergraduate rate 422,371 402,173
Fee income received at the Graduate fee rate 1,158,831 1,053,827
Other income
Total 3,125,488 3,024,747
2. INCOME FROM ACCOMMODATION, CATERING &CONFERENCES 2020 2019
E Z
Accommodation College Members 1,794,445 2,488,805
Conferences 82,475 298,010
Catering College Members 853,433 1,226,795
Conferences 178,654 483,952
Total 2909007 4497562
3.ENDOWMENT AND INVESTMENT INCOME
2020 2019
3aAnalysis of Endowment Income f
Income from:
Freehold
Land		 and Buildings 3,963,541 3,779,646
Quoted 8 other Securities 6,059,378 5,462,247
Cash 45,024 110,479
10,067,943 9,352,372
3bSummary ofTotal Return 2020 2019
E E
income from:
Land & Buildings 3,963,541 3,779,646
Quoted and other securities and cash 3,035,216 3,042,222
Gains/(losses) on Endowment
Assets:
Land & Buildings (8,931,232) (2,324,757)
Quoted and other securities
and		 cash 1,357,934 5,880,454
Investment
management		 costs re quoted securities - equities (256,767) (269,421)
Total Return for year (831,308) 10,108,144
Total Return recognised in Income 8 Expenditure Account (10,067,943) (9,352,372)
Unapplied
Total Return recognised		 in Statement of Comprehensive Income and ~(10,899,251 755,772
Expenditure
4. OTHER INCOME 2020 2019
Other income 447,716 1,985,717
447,716 1,985,717
5.DONATIONS 5.DONATIONS 2020 2019
Unrestricted donations 1,713,622 1,225,380
Restricted donations 5,733,427 2,759,735
7,447,049 3,985,115
6.EDUCATION EXPENDITURE 2020 2019
E
Teaching 1,356,896 2,732,604
Tutorial 1,243,061 1,197,038
Admissions 703,147 758,416
Research 714,284 714,980
Scholarships and Awards 641,898 747,349
Other Educational Facilities 403,963 407,085
Total 5,063,249 6,557,472
7.ACCOMMODATION, CATERING AND CONFERENCES EXPENDITURE 2020 2019
Accommodation College Members 3,294,584 3,169,872
Conferences 151,423 379,562
Catering College Members 1,566,895 1,562,511
Conferences 328,005 616,386
Total 5,340,907 5,728,331
8a.ANALYSIS OF 2019/20 EXPENDITURE BYACTIVITY
Staff Other
Costs Operating
(Note 9) Depreciation Expenses Total
E E E E
Education
(Note
Accommodation,		 6)
Catering		 and Conferences (Note 7) 2,400,661
2,664,880		 259,424
747,175		 2,403,164
1,928,852		 5,063,249
5,340,907
Other (Note 8c) 929,940 2,172 2,692,457 3,624,569
5,995,481 1,008,771 7,024,473 14,028,725

Staff Other
Costs Operating
(Note 9)
f		 Depreciation Expenses
E		 Total
E
Education (Note 6) 3,530,591 243,423 2,783,458 6,557,472
Accommodation, Catering and Conferences (Note 7) 2,568,546 700,302 2,459,483 5,728,331
Other 763,025 2,017 2,790,701 3,555,743
6,862,162 945,742 8,033,642 15,841,546

8c.ANALYSIS O F OTHER E XPE NSES 2020 2019
6
Herchel Smith Scholarships to Harvard 178,050 307,647
Herchel Smith Scholarship in Intellectual Property 193,587 166,938
Interest on loans 961,299 960,000
Donations 8,661 13,122
Other expenditure 2,282,972 2,108,036
3,624,569 3,555,743
8d.AUDITORS' REMUNERATION 2020 2019
E 8
Other operating expenses include:
Audit fees paid to the College's external auditors 18,780 18,000
Other fees payable to the College's external auditors 1,800 1,200
20,580 19,200
The above amounts include related irrecoverable
VAT
9.STAFF Academic Non-
Fellows academic Total Total
2020 2020 2020 2019
Staff Costs E 6 6 6
Salaries 682,198 4,080,353 4,762,551 5,741,067
National
Insurance		 107,808 274,243 382,051 351,505
Pension Costs 255,728 595,152 850,880 769,590
1,045,734 4,949,748 5,995,482 6,862,162
Average Staff Number Average Staff Number
2020 2019
No. of No. of
Fellows FTE Fellows FTE
'
Academic 72 i' '=", I 65
Non-Academic 132 s; ".'; '
' -*".,I		 124
72 132 65 124
The Governing Body comprises 95 Fellows, ofwhich the 72 disclosed above are stipendiary.
One officer received emoluments at over F100,000.
Total Total
2020 2019
8110,000 tof119,999
f120,000 tof129,999		 1 1
Key Management Personnel
Key management personnel are those persons having authority and responsibility
for planning,
directing
and controlling		 the activities ofthe College. This includes aggregated emoluments paid to
key management personnel.
direc
key		 ting
and cont
management		 rolling
the activities ofthe College.
personnel.		 This includes aggregated
emolume		 nts
paid t
Total Total
2020 2019
E'000 E'000
Key Management Personnel 252 272

10.TANGIBLE
FIXEDASSETS (CONSOLIDATED		 10.TANGIBLE
FIXEDASSETS (CONSOLIDATED		 10.TANGIBLE
FIXEDASSETS (CONSOLIDATED		 &COLLEGE) &COLLEGE)
Land Buildings Furniture
&		 Heritage
f Equipment assets Total
COSTNALIJATION
At 1stAugust 2019 10,080,000 39,095,705 4,228,864 265,700 53,670,269
Additions 3,210,807 314,761 3,525,568
Disposals at CcstfValuatlon
Transfer from Investment Assets
Revaluation
During the Year
CostfValuatlon
as at 31stJuly 2020		 10,080,000 42,306,512 4,543,625 265,700 57,195,837
DEPRECIATION
At 1st August 2019 7,052,583 2,675,984 9,728,567
Provided
for the year		 728,570 280,201 1,008,771
Eliminated
on Disposal
Depreciation
at 31stJuly 2020		 7,781,153 2,956,185 10,737,338
At 31stJuly 2020 10,080,000 34,525,359 1,587,440 265,700 46,458,499
At 31stJuly 2020 10,080,000 32,043,122 1,552,880 265,700 43,941,702

Amounts
for the current		 and previous
fou		 r years were as follows:
2020 2019 2014 2013 2012
8 E E
Acquisitions
purchased		 with
specific donations
College Funds
Total cost ofacquisitions purchased
Value of acquisitions
by		 donation
Total acquisitions
capitalised
11.INVESTMENTS Group College Group College
2020f 2020
E		 2019
E		 2019
Balance at beginning of year 264,898,092 264,898,094 263,157,846 263,157,848
Additions 2,636,573 2,636,573 3,078,815 3,078,815
Disposals (1,536,663) (1,536,663) (4,894,269) (4,894,269)
Transfer to Tangible Assets
Appreciation/(Depreciation) (7,573,301) (7,573,301) 3,555,700 3,555,700
Impairment
review
Increase/(Decrease) in Bank balances
Balance at end ofyear 258,424,701 258,424,703 264,898,092 264,898,094
Represented
by:
Property 70,573,418 70,573,418 80,354,650 80,354,650
Equities 130,505,517 130,505,517 115,775,395 115,775,395
Investment
in Subsidiary
Undertaking		 2 2
Other investments 57,345,766 57,345,766 68,768,047 68,768,047
Cash at Bank
258,424,701 258,424,703 264,898,092 264,898,094
12.TRADE AND OTHER RECEIVABLES Group College Group College
2020 2020 2019 2019
E E
Due within one year:
Members
ofthe College		 572,064 572,064 788,787 788,787
Amounts
due from subsidiary		 undertakings
Other Debtors 614,419 613,936 266,179 266,179
Prepayments
and accrued income		 686,082 686,082 8,674,917 8,674917
1,872,565 1,872,082 9,729,883 9,729,883
Due after more than one year
Other Debtors
1,872,565 1,872,082 9,729,883 9,729,883
13.CASH AND CASH EQUIVALENTS Group College Group College
2020 2020 2019 2019
E 6 F
Current and Deposit Accounts 15,970,224 15,969,044 12,998,725 12,997,522
Cash in Hand 1,795 1,795 1,366 1,366
15,972,019 15,970,839 13,000,091 12,998,888
Group College Group College
2020 2020 2019 2019
14.CREDITORS: AMOUNTS FALLING DUE K E E E
WITHIN ONE YEAR
Trade creditors 290,073 290,073 775,863 775,863
Members ofthe College 808,349 808,349 823,477 823,477
Amounts
due to subsidiary		 undertakings
Contribution
to Colleges Fund		 188,000 188,000 196,000 196,000
Other creditors 522,151 520,681 8,193,362 8,192,186
Accruals and deferred income 1,806,804 1,806,613 1,398,794 1,398,769
Pension
deficit provision		 21,553 21,553 34,778 34,778
3,636,930 3,635,269 11,422,274 11,421,073
15.CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR
Pension
deficit provision		 545,236 545,236 1,110,808 1,110,808
Loan Finance 30,000,000 30,000,000 30,000,000 30,000,000
30,545,236 30,545,236 31,110,808 31,110,808
f10,000,000 Loan Facility repayable 40 years from August 2008.The rate of interest
is fixed at 4.59% plus minor
variable
adjustments.
f20,000,000 Senior Notes were authorised and issued for sale in September 2017with an interest rate of2.43%,
repayable
in 40 years.
Pension deficit provision
Provision at the beginning ofthe year 1,145,586 1,145,586 382,379 382,379
Deficit contributions
paid		 (16,978) (16,978) (16,978) (16,978)
Change
in expected contributions
Interest payable		 772,002
8,183		 772,002
8,183		 772,002
8,183		 772,002
8,183
Provision
at the end ofthe		 year 1,908,793 1,908,793 1,145,586 1,145,586
Payable
within
1 year		 21,553 34,778 34,778 34,778
Payable after
1 year		 545,236 1,110,808 1,110,808 1,110,808
566,789 1,145,586 1,145,586 1,145,586
16.PENSION PROVISIONS
Balance at beginning
ofyear		 6,854,696 6,854,696 5,352,284 5,352,284
Movement
in year
Current service costs including life assurance 997,415 997,415 821,455 821,455
Contributions (783,050) (783,050) (757,554) (757,554)
Other finance(income)/cost 160,652 160,652 182,553 182,553
Actuarial
loss/(gain)
recognised		 in statement oftotal
realised
gains and losses		 912,758 912,758 1,255,958 1,255,958
Balance at end ofyear 8,142,471 8,142,471 6,854,696 6,854,696
Unrestricted Restricted
Permanent Permanent 2020 2019
Endowments Endowments Total Total
F E K
Balance at beginning ofyear:
Capital 72,057,996 25,024,345 97082 341 85614810
Unspent
income		 2,903,891 2,479,683 5,383,574 4,559,454
New endowments received 42,408 42,408 82,808
Investment
income		 150,563 784,387 934,950 2,757,072
Other income
Expenditure (943,909) (240,912) (1,184,821) (1,406,896)
Transfers 3,288,099 (329,881) 2,958,218 9,291,421
Increase/(decrease) in market 637,686 424,048 1,061,734 1,567,246
value of investments
Balance at end of year 78,094,326 28,184,078 106,278,404 102,465,915
Comprising:
Capital 76,309,907 25,490,801 101,800,708 97,082,341
Unspent
income		 1,784,419 2,693,277 4,477,696 5,383,574
Balance at end of year 78,094,326 28,184,078 106,278,404 102,465,915
Representing:
Fellowship
Funds		 4,657,073 4,657,073 4,484,022
Scholarship
Funds		 55,329 8,855,400 8,910,729 8,662,694
Prizes Funds 359,532 359,532 349,386
Hardship
Funds		 4,454,384 4,454,384 4,326,186
Other Funds 252,806 9,857,689 10,110,495 9,979,424
General endowments 77,786,191 77,786,191 74,664,203
Total 78,094,326 28,184,078 106,278,404 102,465,915
18.RESTRICTED RESERVES 18.RESTRICTED RESERVES 18.RESTRICTED RESERVES Other
Restricted 2020 2019
Funds Total Total
Balance at beginning ofyear 81,588,796 81,588,796 78,540,035
Investment
income		 2,349,960 2,349,960 2,028,509
Restricted
donations		 5,691,019 5,691,019 2,676,927
Expenditure (1,156,418) (1,156,418) (1,295,498)
Transfers (557,921) (557,921) (475,059)
Increase/(decrease) in market
value of investments (3,031,193) (3,031,193) 113,882
Balance at end ofyear 84,884,243 84,884,243 81,588,796
Representing:
Fellowship
Funds
Scholarship
Funds **		 8,753,082
54,413,051		 8,753,082
54,413,051		 8,572,314
53,599,019
Prizes Funds 414,640 414,640 402,970
Hardship
Funds
Travel Grant Funds		 1,678,831
252,871		 1,678,831
252,871		 1,261,920
241,953
Other Funds 19,371,767 19,371,767 17,510,620
Total 84,884,242 84,884,242 81,588,796
**Included
in Restricted Scholarship		 Funds are the following Non-Collegiate Funds: 2020f 2019
* Herchel
Smith Scholarships		 to Harvard 28,527,300 31,817,712
* Herchel
Smith Scholarship		 in Intellectual Property 4,417,572 4,282,025
Brewer Hall Poetry 41,408 39,424
Sandcroft
Educational		 189,874 179,843
AE Tomlinson 89,301 85,525
33,265,455 36,404,529
.RESERVES Fixed asset
investment
Group KCollege General
reserves		 revaluation
reserve		 2020
Total		 2019
Total
f: E E E
Balance at the beginning of year 55,585,565 43,066,436 98,652,001 107,415,211
Surplus
retained		 for the year 3,103,379 3,103,379 1,965,045
Transfers (2,400,297) (2,400,297) (8,816,362)
Actuarial
gain/(loss)		 (912,758) (912,758) (1,255,958)
Increase/(decrease) in market value of (8,673,026) (8,673,026) (655,935)
investments
Transfers
between		 revaluation and income 1,745,000 (1,745,000)
and expenditure reserve
Balance at the end ofyear 57,120,889 32,648,410 89,769,299 98,652,001

2020 2019
Unapplied Total Return at 1stAugust 2019 123,841,863 123,086,091
Unapplied Total Return for year (see note 3b) (10,899,251) 755,772
Unapplied Total Return at 31stJuly 2020 112,942,612 123,841,863
21.Reconciliation
of		 consolidated consolidated operating operating surplus to net cash inflow from to net cash inflow from to net cash inflow from operating
activities		 operating
activities
2020 2019
6
Suplus/(deficit)
from		 continuing operations before donations of Heritage assets 9,780,477 6,807,967
Depreciation
ofTangible Fixed Assets		 1,008,771 945,742
Transfer ofassets from Charity for Emmanuel College Library
(Profit)/loss
on disposal ofTangible		 Fixed Assets 23,346 (1,862,363)
Investment
income		 (10,067,943) (9,352,372)
Interest payable 961,299 960,000
Pension costs less contributions payable 375,017 246,454
(Increase)/decrease in stocks (4,077) (7,374)
(Increase)/decrease in debtors 7,857,318 (7,904,190)
Increase/(decrease) in creditors (8,350,914) 8,361,905
Net cash inflow from operating activities 1,583,294 (1,804,231)
22.Cash flows
2020 2019
Returns on investments
and servicing		 offinance
Endowment
and investment
income		 received 6,998,757 6,821,868
Interest paid (961,299) (960,000)
Net cash inflow from returns
on		 income and servicing offinance 6,037,458 5,861,868
Capital expenditure and financial investment
Purchase of tangible Fixed Assets (3,525,568) (9,687,908)
Proceeds of disposal ofTangible Fixed Assets (23,346) 1,862,363
Net sale/(purchase) of long-term investments (1,099,910) 1,815,454
Net cash outflow from capital expenditure and financial investment ~(4,646,624 (6.010,061(
23.Analysis ofcash and bank balances At beginning of At end of
year Cash flows year
K
Cash at bank and
in		 hand 13,000,091 2,971,928 15,972,019
Net Funds 13,000,091 2,971,928 15,972,019
24.Reconciliation
&Analysis of		 Net Debt 2020 2019
6
Cash &Cash Equivalents
as at 1st		 July 13,000,091 14,952,545
Borrowing Greater Than
1 Year		 (30,000,000) (30,000,000)
Cash &Cash Equivalents
as at 31stJuly		 31 (16,999,909) (15,047,455)

The current life expectancies on retirement at age 65are:
2018 2017
Valuation Valuation
Males currently
aged 65(years)		 24.4 24.6
Females currently
aged 65		 (years) 25.9 26.1
Males currently aged 45 (years) 26.3 26.6
Females currently
aged 45		 (years) 27.7 27.9

l actuarial
assum
t		 ions at the b alance sheet date were as follows
June 2020 June 2019
pa pa
Discount rate 1.45% 2.25%
Increase
in salaries		 2.70% 2.90%
Retail Prices Index (RPI) assumption 3.10% 3.40%
Consumer
Prices Index (CPI) assumption		 2.20% 2.40%
Pension increases In Payments (RPI Max 5%p.a) 3.00% 3.30%
Pension increases in Payments (CPI Max 2.5% p.a) 1.80% 1.90%

The amounts
reco nised
in the balance		 sheet are as follows sheet are as follows sheet are as follows June 2020 June 2019
Present value ofScheme liabilities (20,504,089) (17,988,765)
Market value ofScheme assets 13,682,618 12,487,069
Surplus/(Deficit)
in Scheme as at 30June		 (6,821,471) (5,501,696)
Related deferred tax asset
Net pension asset/
(liability) as at 30June		 (6,821,471) (5,501,696)
Increase
in Scheme assets as a result of
Net pension
asset/ (liability) as shown		 lump sum paid by College
in College Balance Sheet		 in June 2009
at 31July		 (6,621,421( ~(5,50(,696
The amounts
reco nised
in
refit or loss		 are as follows: June 2020 June 2019
6 6
Current
service cost		 757,415 583,455
Interest Cost 124,652 113,155
(Gain)/Loss
on Plan Changes		 35,398
Total 882,067 732,008
Chan es in the
resent value ofthe Scheme liablities are as follows:
June 2020 June 2019
6
Present
value ofScheme liabilities
at		 beginning of period 17,988,765 15,301,542
Service cost (including
employee's
contributions)		 786,731 605,548
Benefits paid (464,490) (382,672)
Interest cost 408,694 416,429
(Gain)/Loss
on Plan Changes		 35,398
Actuarial
losses(gains)		 1,784,389 2,012,520
Present value ofScheme liabilities at end of period 20,504,089 17,988,765
Chan es in the fair value ofthe Scheme assets are as follows: June 2020 June 2019
Market value ofScheme assets at beginning
of		 period 12,487,069 11,147,258
Interest on Plan Assets 284,042 303,274
Return
on assets, less interest
included		 in 18E 765,631 837,562
Contributions
by College		 581,050 559,554
Employee
contributions
Benefits paid		 29,316
~464,490		 22,093
(382,672)
Market value ofScheme assets at end of period 13,682,618 12,487,069
Actual Return on Plan Assets 1,049,673 1,140,836

Equities and Hedge Funds
Bonds &Cash
Property
Total		 49%
41%
10%
57%
34%
9%
100%
100%		 49%
41%
10%
57%
34%
9%
100%
100%
The plan has no investments
in property occupied		 by, assets used by or financial instruments issued
by the College.
Analysis of the remeasurement
of the net defined		 benefit liability recognised in other comprehensive
income (OCI) for
the year ending 30June 2020
June 2020 June 2019
E
Actual Return less Expected Return on Plan Assets 765,631 837,562
Experience gains and Losses Arising on Plan Liabilities 103,176 (68,961)
Change
in Assumptions
Underlying
the Present Value of
Actuarial
gain/(loss)
Recognised
in OCI		 Plan Liabilities (1,887,585) ~(1,943,559
(1,018758)
(1174958)
Movement
in sur
lus/ deficit
durin
the
ear endin		 30th June 2020
June 2020
E		 June 2019
f
Surplus/(Deficit)
in Plan at Beginning ofYear		 (5,501,696) (4,154,284)
Recognised
in Profit &Loss		 (882,067) (732,008)
Contributions
Paid by College		 581,050 559,554
Actuarial
gain/(loss)
Recognised
in OCI
Actuarial
Gain/(Loss)
in Plan at the End ofthe Year		 (1,018,758)
(6,821,471)		 (1,1 74,958)
(5,501,696)

Princi
al actuarial
assum		 ti ons at the balance sh ee t date e x re ssed as wei
hted avera
es
As at As at
31 March 31 March
Financial
assumptions		 2020 2019
Discount rate 2.2% pa 2.45% pa
Expected
return
on plan		 assets n/a n/a
Future salary increases
Pension
revaluation
in deferment		 (CPI, maximum 2.5%) 2% pa
1.65% pa		 2% pa
2.35%pa
Pension increase
in payment		 (RPI, maximum 5%) 2.45% pa 3.15%pa
Proportion
ofemployees
Inflation
assumption		 opting for early retirement 0% pa
2.45% pa		 0% pa
3.05% pa
Demographic
assumptions
Assumed
life expectancy
Retiring today		 in years, on retirement
Males
Females		 at 65 23.2
25.6		 23.1
25.4
Retiring
in 20 years		 Males
Females		 22.2
24.5		 25.4
27.7
~Et
b
lt
bll		 tl — t l dl th b I h
As at As at
31 March 31 March
2019 2019
Present value offunded obligations 6,229,000 5,646,000
Fair value of plan assets 4,908,000 4,293,000
Surplus/(Deficit)
in the scheme		 (1,321,000) (1,353,000)
Related deferred
tax asset/(liability)
Net pension
asset/(liability)		 (1,321,000) (1,353,000
The amounts
reco		 nised
in
refit		 or loss are as follows:
Foryear to For year to
31 March 31 March
2020 2019
E
Current service cost * 240,000 238,000
Interest expense
Interest Income **		 138,000
(108,000)		 131,000
(103,000)
Admin expenses 6,000 6,000
Gains and losses on settlements or curtailments
Total cost 276,000 272,000
Actualreturn(loss) on plan assets 217,000

Chan e s in the resent value ofthe defined
benefit ob		 li
ation are as follows
Foryear to For year to
31 March 31 March
2020 2019
Opening defined benefit obligation 5,646,000 5,059,000
Current service costs 240,000 238,000
Past service cost
Member contributions 65,000 67,000
Interest cost 138,000 131,000
Actuarial
Benefits		 losses
paid		 (gains) 174,000
~34,0tltl)		 195,000
(44,000)
Closing defined benefit obligation 6,229,000 5,646,000

27. FINANCIAL INSTRUMENTS
2020 2019
6
FINANCIAL ASSETS
Financial assets at fair value through Statement ofComprehensive
Income
Listed Equity Investment 187,851,286 184,543,441
Financial assets that are equity instruments measured at cost less
impairment
Other Equity Investments
Financial assets that are debt instruments measured at amortised cost
Cash &Cash equivalents 13,000,091 14,952,545
Other equity investments
Other Debtors 1,872,565 9,729,883
FINANCIAL
LIABILITIES
Financial
liabilities at fair value through		 the Statement of
Comprehensive
Income
Forward
foreign currency contracts
Financial
liabilities measured		 at amortised cost
Bank Overdraft
Loans 30,000,000 30,000,000
Service Concessions
Finance Lease
Trade Creditors 290,073 775,863
Other Creditors 3,892,093 11,757,219

Note 2019 2019 2019 2019
Unrestricted
f		 Restricted
f		 Endowment Total
E
INCOME
Academic Fees and Charges 3,024,747 3,024,747
Residences,
Catering		 and Conferences 4,497,562 4,497,562
Investment
Income		 3,331,138 1,479,648 2,011,081 6,821,867
Endowment
return transfer		 1,235,653 548,861 745,991 2,530,505
Other Income 1,985,717 1,985,717
Total income before donations and endowments 14,074,817 2,028,509 2,757,072 18,860,398
Donations 5 1,225,380 2,676,927 82,808 3,985,115
Total Income 15,300,197 4,705,436 2,839,880 22,845,513
EXPENDITURE
Education 6 5,650,426 546,515 360,531 6,557,472
Residences,
Catering		 and Conferences 7 4,929,071 5,496 793,764 5,728,331
Other expenditure 8c 2,609,605 715,118 231,020 3,555,743
Contribution
Under Statute G,ll		 146,050 28,369 21,581 196,000
Total Expenditure 13,335,152 1,295,498 1,406,896 16,037,546
Surplus/(deficit)
before other gains and losses		 1,965,045 3,409,938 1,432,984 6,807,967
Transfers (8,816,362) (475,059) 9,291,421
Gain/(loss)
on investments		 (655,935) 113,882 1,567,246 1,025,193
Surplus/(deficit)
for the year		 (7,507,252) 3,048,761 12,291,651 7,833,160
Other comprehensive income
Actuarial
(loss) in respect of pension schemes		 (1,255,958) (1,255,958)
Total comprehensive income for the year (8,763,210) 3,048,761 12,291,651 6,577,202