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|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||||
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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-guidanASIandardS-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
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||||||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|