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2021-07-31-accounts

~Pa e Contents
Administrative
Details
2-3 The Master
&Fellows
4-10 Annual
Report
11-12 Report ofthe Auditors
13-18 Statement ofPrincipal 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 2021 We have nothing lo report in respect of the following mallers where the Charities Act 2011 ￿qUireS us lo report to you if. in our opinion.. the information given in the College Council's Annual Report is inconsistent in any material respect wth the fin8nclal sldtements., or sufficient accounting records have not been kept., or the financial slatem&nls 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. Responsibilltigs of the College Council As explained more fully in it's Annual Report, the College Council is responsible for the preparation of the financial slalemenls and for being Satisfied that they give a true and fair view, and for such internal Control as the College Counc41 determine is necessary lo enable the preparation of financial statements that ar8 f￿fj from material misslalemenl, whether due to fraud or error. In preparing the financial slalemenls, the College Council is responsibl& for ass&ssing the ColSege and the Group's ability to continue as a going concern, disclosing, as applicable, matters 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 to cease operations, or have no realistic alternative but lo do so. We have been appointed as auditors under section 144 of the Charities Act 2011 and report in ac¢Drdance with regulations made under section 154 of that Act. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assLJrance abDuI whether th& financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS IUKI will always delect a material misslalemenl when it exists. Misslalemenls can arise from fraud or error and ar8 considered material if. individLJally or in the aggregate, they could reasonably be expected to influence the economic ecisions of users taken on the basis of these financial slalern8nls. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al.. hllps.'IlwwN.fr¢.org.uklOur-WorKIAudiVAudil-and-assuran¢elStandards-2nd-guidancelSlandards-and- guidance-for-8udilorslAudilors-responsibililies-for-auditlDescriplion-of-audilor5-responsibilities-for-audil.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 accordance with College's Statutes and the Statutes of Ihp University of Cambridge. Our audit work has been undertaken so that we rnighl slate lo the College's College Council those mallers we are required lo state lo them in an auditors, report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibillty to aiiyone oll)er than the College and the College's Council CHATER ALLAN LLP Registered Auditors Beech House. 4A Newmarket Road, Cambridge CB5 8DT December 2021 Chaler Allan LLP is eligible lo act an as auditor in terms ol s*n 1212 of the Companies Act 2006

Note 2021 2021 2021 2021 2020
Unrestricted Restricted Endowment Total Total
8 6 E
INCOME
Academic Fees and Charges
Accommodation,
Catering
and
Investment
Income
Endowment
return transfer
Other Income		 Conferences 3,154,909
2,331,032
3,966,021
2,375,188
575,208		 1,359,326
814,079		 653,441
391,336		 3,154,909
2,331,032
5,978,788
3,580,603
575,208		 3,125,488
2,909,006
6,998,757
3,069,186
447,716
Total income before
endowments		 donations and 12,402,358 2,173,405 1,044,777 15,620,540 16,550,153
Donations 5 975,310 6,700,674 28,579 7,704,563 7,447,050
Total Income 13,377,668 8,874,079 1,073,356 23,325,103 23,997,203
EXPENDITURE
Education
Accommodation,
Catering
Other expenditure
Contdibution
Under Statute		 and
G,ll		 Conferences 6
7
8c		 6,036,606
5,002,140
2,760,851
143,511		 443,653
224,116
517,386
32,960		 212,165
356,306
301,382
24,529		 6,692,424
5,582,562
3,579,619
201,000		 5,063,251
5,340,906
3,624,569
188,000
Total Expenditure 13,943,108 1,218,115 894,382 16,055,605 14,216,726
Surplus before other gains and losses (565,440) 7,655,964 178,974 7,269,498 9,780,477
Transfers (5,319,900) (616,713) 5,936,613
Gain/(loss)
on disposal offixed		 assets
Gains on investments 9,507,972 21,197,954 14,583,614 45,289,540 (10,642,485)
Surplus for the year 3,622,632 28,237,205 20,699,201 52,559,038 (862,008)
Other comprehensive income
Actuarial
gain/(loss)
in respect ofpension
schemes		 354,390 354,390 (912,758)
Total comprehensive income for the year 3,977,022 28,237,205 20,699.201 52.913.428 ~(1,774,766
Income and expenditure Income and expenditure reserve Revaluation
Unrestricted Restricted Endowment reserve Total
K E
Balance at 1 August 2020 57,120,889 84,884,243 106,278,404 32,648,410 280,931,946
Surplus/(Deficit)
from income		 and expenditure (5,530,950) 28,237,205 20,699,201 9,507,972 52,913,428
statement
Transfers
between		 revaluation and income and
expenditure reserve
Balance at 31 July 2021 51,589,939 113,121,448 126,977,605 42,156,382 333,845,374
Balance at 1 August 2019 55,585,565 81,588,796 102,465,915 43,066,436 282,706,712
Prior year adjustment
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

2021 2021 2020 2020
Non-current
Assets		 Note Consolidated
8		 College
8		 Consolidated
8		 College
Tangible Assets
Investments
Total Non-Current
Assets		 10
11		 52,092,972
308,623,592
360,716,564		 52,092,972
308,623,594
360,716,566		 46,458,499
258,424, 701
304,883,200		 46,458,499
258,424,703
304,883,202
Current Assets
Stock and work
in progress
Trade and other receivables
Cash and cash equivalents
Total Current Assets		 12
13		 535,041
2,579,439
14,758,348
17,872,828		 535,041
6,528,587
14,745,029
21,808,657		 528,799
1,872,565
15,972,019
18,373,383		 528,799
1,872,082
15,970,839
18,371,720
Creditors: Amounts Falling Due Within One Year 14 (4,819,576) (8,755,405) (3,636,930) (3,635,269)
Net Current Assets 13,053,252 13,053,252 14,736,453 14,736,451
Total Assets less current liabilities 373,769,816 373,769,818 319,619,653 319,619,653
Creditors: Amounts
Falling Due After More
One Year		 Than 15 (31,666,139) (31,666,139) (30,545,236) (30,545,236)
Provisions
Pension provisions 16 (8,258,305) (8,258,305) (8,142,471) (8,142,471)
Total net assets 333,845,374 333,845,374 280,931,946 280,931,946
Restricted reserves
Income and expenditure
Income and expenditure		 reserve
reserve		 - endowment
reserve
- restricted reserve		 17
18		 34,298,003
113,121,448		 34,298,003
113,121,448		 28,184,078
84,884,243		 28,184,078
84,884,243
Unrestricted
reserves
Income and expenditure
Income and expenditure
Revaluation
reserve		 reserve
reserve		 —endowment
- unrestricted		 reserve
reserve		 17
19		 92,679,602
51,589,939
42,156,382		 92,679,602
51,589,939
42,156,382		 78,094,326
57,120,889
32,648,410		 78,094,326
57,120,889
32,648,410
Total reserves 333,845,374 333,845,374 280,931,946 280,931,946

2021 2020
Note
Net cash outflow from operating
activities		 21 1,745,604 1,583,294
Cash flows from investing activities 22 5,020,087 6,037,458
Cash flows from financing activities 22 (7,979,362) (4,648,824)
Increase/(decrease)
in cash and cash equivalents		 in the year (1,213,671) 2,971,928
Cash and cash equivalents at beginning of year 15,972,019 13,000,091
Cash and cash equivalents at end ofyear 23 14758348 15,972,019
1.ACADEMIC FEESAND CHARGES 2021 2020
College fees: E E
Fee income received at the Publicly-funded
Undergraduate
Fee income received at the Privately-funded
Undergraduate
Fee income received at the Graduate fee rate
Other income		 rate
rate		 1,545,374
429,435
1,180,101		 1,544,286
422,371
1,158,831
Total 3,154,910 3,125,488
2.INCOME FROM ACCOMMODATION,
CATERING		 &CONFERENCES 2021 2020
Accommodation
Catering
College Members
Conferences
College Members
Conferences		 1,776,695
15,506
516,173
22,657		 E
1,794,445
82,475
853,433
178,653
Total 2,331,031 2,909,006
3.ENDOWMENT
AND INVESTMENT INCOME
3aAnalysis of Endowment
Income
Income from:		 2021 2020
Z
Freehold
Land and Buildings
Quoted
&other Securities
Cash		 3,339,915
6,217,079
2,397		 3,963,541
6,059,378
45,024
9,559,391 10,067,943
3b Summary
ofTotal Return		 2021 2020
Income from: E
Land &Buildings
Quoted and other securities
and cash
Gains/(losses)
on Endowment
Assets:		 3,339,915
2,638,873		 3,963,541
3,035,216
Land & Buildings
Quoted and other securities
and cash
Investment
management
costs re quoted securities		 —equities (3,573,733)
52,443,875
(327,396)		 (8,931,232)
1,357,934
(256,767)
Total Return for year
Total Return recognised
in Income 8 Expenditure		 Account 54,521,534
(9,559,391)		 (831,308)
(10,067,943)
Unapplied
Total Return recognised
in Statement
Expenditure		 of Comprehensive Income and 44,962,143 ~(19898251
4. OTHER INCOME 2021 2020
E E
Other income 575,208 447,716
575,208 447,716

5.DONATIONS 2021f 2020f
Unrestricted
donations
Restricted
donations		 975,310
6,729,253		 1,713,622
5,733,427
7,704,563 7,447,049
6.EDUCATION EXPENDITURE 2021 2020
Teaching
Tutorial
Admissions
Research
Scholarships
and Awards
Other Educational
Facilities		 3,220,343
1,223,632
656,844
715,831
469,973
405,800		 1 356 896
1,243,061
703,147
714,284
641,898
403,963
Total 6,692,423 5,063,249
7.ACCOMMODATION, CATERING AND CONFERENCES EXPENDITURE 2021f 2020f
Accommodation
Catering		 College Members
Conferences
College Members
Conferences		 4,254,989
37,134
1,236,178
54,262		 3,294,584
151,423
1,566,895
328,005
l 5,582,563 5,340,907

ANALYSIS OF 2020/21 EXPENDITURE B YACTIVITY
Staff Other
Costs Operating
(Note 9)
f		 Depreciation Expenses
f		 Totalf
Education
(Note
Accommodation,
Other (Note 8c)		 6)
Catering		 and Conferences (Note 7) 4,139,761
2,740,291
973,438		 259,171
746,398
2,137		 2,293,491
2,095,874
2,604,044		 6,692,423
5,582,563
3,579,619
7,853,490 1,007,706 6,993,409 15,854,605

ANALYSISOF 2019/20 EXPENDITURE B YACTIVITY
6~aft Other
Costs Operating
(Note 9)
f		 Depreciation
f		 Expenses
f		 Totalf
Education
(Note
Accommodation,
Other		 6)
Catering		 and Conferences (Note 7) 2,400,661
2,664,880
929,940		 259,424
747,175
2,172		 2,403,166
1,928,851
2,692,457		 5,063,251
5,340,906
3,624,569
5,995,481 1,008,771 7,024,474 14,028,726

8c.ANALYSIS OF OTHER EXPENSES 8c.ANALYSIS OF OTHER EXPENSES 8c.ANALYSIS OF OTHER EXPENSES 8c.ANALYSIS OF OTHER EXPENSES 2021 2020
E E
Herchel Smith Scholarships
Herchel
Smith Scholarship
Interest on loans
Donations
Other expenditure		 to Harvard
in Intellectual		 Property 206,432
958,701
11,920
2,402,565		 178,050
193,587
961,299
8,661
2,282,972
3,579,619 3,624,569
8d. AUDITORS' REMUNERATION 2021 2020
E E
Other operating
expenses		 include:
Audit fees paid to the College's external
auditors
Other fees payable to the College's external
auditors		 18,600
2,280		 18,780
1,800
20,880 20,580
The above amounts
include		 related irrecoverable
VAT
9.STAFF Academic Non-
Fellows academic Total Total
Staff Costs 2021
E		 2021
F		 2021
E		 2020
E
Salaries 2,419,175 4,190,564 6,609,740 4,762,551
National
Insurance
Pension Costs		 103,030
258,492		 279,173
603,059		 382,203
861,551		 382,051
850,880
2,780,697 5,072,796 7,853,493 5,995,482
Average Staff Number Average Staff Number
2021 2020
No. of No. of
Fellows FTE Fellows FTE
Academic
Non-Academic ski:;:=".=-:1
74		 158
158		 fig', ';P::,'.
72		 132
132
The Governing
Body comprises
One officer received emoluments		 90 Fellows, ofwhich the 74
at over 6100,000.		 disclosed above are stipendiary.
Total Total
6110,000tof119,999 2021
1		 2020
1
6120,000to 5129,999
Key Management
Personnel
Key management
personnel
directing
and controlling
the		 are those persons
having
authority
and responsibility
for planning,
activities ofthe College. This includes aggregated
emoluments
paid to
key management
personnel.
key managem ent pers onnel.
Total Total
2021 2020
E'000 E'000
Key Management Personnel 254 252
The key management personnel are the Master, Bursar and the Senior Tutor.
The Trustees received no emoluments in their capacity as Trustees
25		 of the Charity.

10.TANGIBLE
FIXEDASSETS (CONSOLIDATED &COLLEGE)		 10.TANGIBLE
FIXEDASSETS (CONSOLIDATED &COLLEGE)		 10.TANGIBLE
FIXEDASSETS (CONSOLIDATED &COLLEGE)		 10.TANGIBLE
FIXEDASSETS (CONSOLIDATED &COLLEGE)
Land Buildings Furniture
&		 Heritage
Equipment assets Total
E E E E
COSTNALLIATION
At 1st August 2020
Additions		 10,080,000 42,306,512
6,536,222		 4,543,625
105,956		 265,700 57,195,837
6,642,178
Disposals at CostNaluation
Transfer from Investment Assets
Revaluation
During the Year
CostfValuation
as at 31st		 July 2020 10,080,000 48,842,734 4,649,581 265,700 63,838,015
DEPRECIATION
At 1stAugust 2020
Provided for the year		 7,781,153
729,223		 2,956,185
278,482		 10,737,338
1,007,705
Eliminated
on Disposal
Depreciation
at 31stJuly 2021		 8,510,376 3,234,667 11,745,043
At 31stJuly 2020 10,080,000 40,332,358 1,414,914 265,700 52,092,972
At 31stJuly 2021 10,080,000 34,525,359 1,587,440 265,700 46,458,499

Amounts
for the current		 and previous
fou		 r years were as f ollows:
2021
E		 2020
E		 2014 2013
f		 2012
E
Acquisitions
purchased		 with
specific donations
College Funds
Total cost of acquisitions purchased
Value of acquisitions
by		 donation
Total acquisitions
capitalised

11.INVESTMENTS 11.INVESTMENTS Group College Group College
2021 2021 2020 2020
6 6 6 6
Balance at beginning ofyear 258,424,701 258,424,703 264,898,092 264,898,094
Additions 2,358,480 2,358,480 2,636,573 2,636,573
Disposals (679,731) (679,731) (1,536,663) (1,536,663)
Transfer to Tangible Assets (350,000) (350,000)
Appreciation/(Depreciation) 48,870,142 48,870,142 (7,573,301) (7,573,301)
Impairment
review
Increase/(Decrease) in Bank balances
Balance at end ofyear 308,623,592 308,623,594 258,424 701 258,424,703
Represented by:
Property 67,226,550 67,226,550 70,573,418 70,573,418
Equities 170,917,326 170,917,326 130,505,517 130,505,517
Investment
in		 Subsidiary
Undertaking		 2 2
Other investments 70,479,725 70,479,725 57,345,766 57,345,766
Cash at Bank
308,623,601 308,623,603 258,424,701 258,424,703
12.TRADE AND OTHER RECEIVABLES Group College Group College
2021 2021 2020 2020
6 6 6
Due within one year:
Members ofthe College 620,312 620,312 572,064 572,064
Amounts
due		 from subsidiary undertakings 4,080
Other Debtors 1,202,671 597,732 614,419 613,936
Prepayments and accrued income 756,456 5,306,463 686,082 686,082
2,579,439 6,528,587 1,872,565 1,872,082
Due after more than one year
Other Debtors
2,579,439 6,528,587 1,872,565 1,872,082
13.CASH AND CASH EQUIVALENTS Group College Group College
2021 2021 2020 2020
6 6 f
Current
and Deposit		 Accounts 14,756,640 14,743,321 15,970,224 15,969,044
Cash in Hand 1,708 1,708 1,795 1,795
14,758,348 14,745,029 15,972,019 15,970,839

Group College Group College
14.CREDITORS: AMOUNTS FALLING DUE 2021
6		 2021f 2020
6		 2020
6
WITHIN ONE YEAR
Trade creditors 513,348 487,878 290,073 290,073
Members
ofthe College		 892,402 892,402 808,349 808,349
Amounts
due to subsidiary
undertakings
Contribution
to Colleges Fund
Other creditors
Accruals and deferred
income		 201,000
549,839
2,627,975		 201,000
549,839
6,589,274		 188,000
522,151
1,806,804		 188,000
520,681
1,806,613
Pension
deficit provision		 35,012 35,012 21,553 21,553
4,819,576 8,755,405 3,636,930 3,635,269
15.CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR
Pension deficit provision
Loan Finance		 1,666,139
30,000,000		 1,666,139
30,000,000		 545,236
30,000,000		 545,236
30,000,000
31,666,139 31,666,139 30,545,236 30,545,236
Pension deficit provision
Loan Finance		 1,666,139
1,666,139
30,000,000
30,000,000
31,666,139
31,666,139		 1,666,139
1,666,139
30,000,000
30,000,000
31,666,139
31,666,139		 545,236
545,236
30,000,000
30,000,000
30,545,236
30,545,236		 545,236
545,236
30,000,000
30,000,000
30,545,236
30,545,236		 545,236
545,236
30,000,000
30,000,000
30,545,236
30,545,236
610,000,000 Loan Facility repayable 40 years from August 2008.The rate of interest is fixed at4.59%plus minor
variable
adjustments.
620,000,000Senior 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 566,789' 566,789 1,145,586 1,145,586
Deficit contributions
paid
Change
in expected contributions
Interest payable		 (25,080)
1,155,304
4,138		 (25,080)
1,155,304
4,138		 (20,838)
(576,059)
18,100		 (20,838)
(576,059)
18,100
Provision
at the end ofthe		 year 1,701,151 1,701,151 566,789 566,789
Payable
within
1 year
Payable after 1 year		 35,012
1,666,139		 35,012
1,666,139		 21,553
545,236		 21,553
545,236
1,701,151 1,701,151 566,789 566,789
6.PENSION PROVISIONS
Balance at beginning
ofyear		 8,142,471 8,142,471 6,854,696 6,854,696
Movement
in year
Current service costs including		 life assurance 1,131,163 1,131,163 997,415 997,415
Contributions (783,385) (783,385) (783,050) (783,050)
Other finance(income)/cost 122,446 122,446 160,652 160,652
Actuarial
loss/(gain)
recognised
realised
gains and losses		 in statement oftotal
(354,390)		 (354,390) 912,758 912,758
Balance at end ofyear 8,258,305 8,258,305 8,142,471 8,142,471

Unrestricted Restricted
Permanent Permanent 2021 2020
Endowments Endowments Total Total
E E E
Balance at beginning ofyear:
Capital
Unspent
income		 76,309,907
1,784,419		 25,490,801
2,693,277		 101,800,708
4,477,696		 97,082,341
5,383,574
New endowments received 28,579 28,579 42,408
Investment
income
Other income		 193,908 850,869 1,044,777 934,950
Expenditure
Transfers		 (651,537)
6,283,871		 (242,845)
(347,258)		 (894,382)
5,936,613		 (1,184,821)
2,958,218
Increase/(decrease)
value of investments		 in market 8,759,034 5,824,580 14,583,614 1,061,734
Balance at end of year 92,679,602 34,298,003 126,977,605 106,278,404
Comprising:
Capital
Unspent
income		 85,068,941
7,610,661		 31,343,960
2,954,043		 116,412,901
10,564,704		 101,800,708
4,477,696
Balance at end of year 92,679,602 34,298,003 126,977,605 106,278,404
Representing:
Fellowship
Funds
Scholarship
Funds
Prizes Funds
Hardship
Funds
Other Funds
General endowments		 69,757
321,355
92,288,490		 5,961,640
11,414,614
462,229
5,066,727
11,392,793		 5,961,640
11,484,371
462,229
5,066,727
11,714,148
92,288,490		 4,657,073
8,910,729
359,532
4,454,384
10,110,495
77,786,191
Total 92,679,602 34,298,003 126,977,605 106,278,404

8.RESTRICTED RESERVES 8.RESTRICTED RESERVES Other
Restricted		 2021 2020
Fundsf Total Totalf
Balance at beginning
ofyear		 84,884,243 84,884,243 81,588,796
Investment
income
Restricted
donations
Expenditure
Transfers		 2,173,405
6,700,674
(1,218,115)
(616,713)		 2,173,405
6,700,674
(1,218,115)
(616,713)		 2,349,960
5,691,019
(1,156,418)
(557,921)
Increase/(decrease)
in market
value of investments		 21,197,954 21,197,954 (3,031,193)
Balance at end of year 113,121,448 113,121,448 84,884,243
Representing:
Fellowship
Funds
Scholarship
Funds **
Prizes Funds
Hardship
Funds
Travel Grant Funds
Other Funds		 11,253,854
72,483,903
529,963
2,068,856
325,955
26,458,917		 11,253,854
72,483,903
529,963
2,068,856
325,955
26,458,917		 8,753,082
54,413,051
414,640
1 678831
252,871
19,371,768
Total 113,121,448 113,121,448 84,884,243
**Included
in Restricted Scholarship		 Funds are the following Non-Collegiate
Funds:		 2021f 2020f
* Herchel Smith Scholarships
* Herchel Smith Scholarship
Brewer Hall Poetry
Sandcroft
Educational
AE Tomlinson		 to Harvard
in Intellectual		 Property 39802418
6 156413
53,130
249,164
111,619
46,372,744		 28,527,300
4,417,572
41,408
189,874
89,301
33,265,455

AE Tomlinson 46,372,744
3		 46,372,744
3		 3,265,455
* The funds
originated		 from various donations from Dr Herchel Smith and were set up to provide scholarships to
students
attending
institutions		 outside of Emmanuel College
19.RESERVES Fixed asset
investment
Group & College General
reserves
f		 revaluation
reserve
f		 2021
Totalf		 2020
Total
F
Balance at the beginning
of		 year 57,120,889 32,648,410 89,769,299 98,652,001
Surplus
retained
for
Transfers
Actuarial
gain/(loss)
Increase/(decrease)		 the year
in market		 value of (565,440)
(5,319,900)
354,390		 9,507,972 (565,440)
(5,319,900)
354,390
9,507,972		 3,103,379
(2,400,297)
(912,758)
(8,673,026)
investments
Transfers
between		 revaluation and income
and expenditure
reserve
Balance at the end ofyear 51,589,939 42,156,382 93,746,321 89,769,299
30

2021 2020
Unapplied
Total Return at 1stAugust 2020
Unapplied
Total Return for year (see note 3b)		 8
112,942,612
44,962,143		 6
123,841,863
(10,899,251)
Unapplied
Total Return at 31stJuly 2021		 157,904,755 112,942,612
21.Reconciliation
ofconsolidated
operating		 surplus to net cash inflow from operating
activities
2021 2020
Suplus/(deficit)
from continuing
operations
before donations
of
Depreciation
of Tangible Fixed Assets
Transfer ofassets from Charity for Emmanuel
College Library
(Profit)/loss
on disposal
ofTangible
Fixed Assets
Investment
income
Interest payable
Pension costs less contributions
payable
(Increase)/decrease
in stocks
(Increase)/decrease
in debtors
Increase/(decrease)
in creditors		 Heritage assets 7,269,498
1,007,705
8,435
(9,559,391)
958,701
470,224
(6,242)
(706,874)
2,303,548		 8
9,780,477
1,008,771
23,346
(10,067,943)
961,299
375,017
(4,077)
7,857,318
(8,350,914)
Net cash inflow from operating
activities		 1,745,604 1,583,294
22.Cash flows
Returns on investments
and servicing offinance		 2021 2020
Endowment
and investment
income received
Interest paid		 5,978,788
(958,701)		 6,998,757
(961,299)
Net cash inflow from returns
on income and servicing offinance		 5,020,087 6,037,458
Capital expenditure
and financial
investment
Purchase oftangible
Fixed Assets
Proceeds of disposal
ofTangible
Fixed Assets
Net sale/(purchase)
of long-term
investments		 (6,292,178)
(8,435)
(1,678,749)		 (3,525,568)
(23,346)
(1,099,910)
Net cash outflow from capital expenditure
and financial		 investment (79793112) ~(4648824
23.Analysis ofcash and bank balances At beginning of At end of
year Cash flows year
Cash at bank and
in hand		 15,972,019 k
(1,213,671)		 6
14,758,348
Net Funds 15,972,019 (1,213,671) 14,758,348
24.Reconciliation
&Analysis of Net Debt		 2021 2020
Cash &Cash Equivalents
as at 1stJuly
Borrowing Greater Than
1 Year		 15,972,019
(30,000,000)		 13,000,091
(30,000,000)
Cash &Cash Equivalents
as at 31stJuly		 31 (14,027,981) ~(16,999,909

.PENSION SCHEMES (Continued)
The current
life expectancies
on retirement		 at age 65are:
2021 2020
Valuation Valuation
Males currently
aged 65(years)
Females currently
aged 65 (years)
Males currently
aged 45 (years)
Females currently
aged 45 (years)		 24.6
26.1
26.6
27.9		 24.4
25.9
26.3
27.7
2021 2020
Discount Rate
Pensionable
Salary Growth
Pension Increase (CPI)		 3.20%
n/a
2.50%		 2.59%
n/a
4.20%

l actuarial
assum
 tions at the b alance sheet date were as follows.
June 2021 June 2020
pa pa
Discount rate 1.80% 1.45%
Increase
in salaries		 3.10% 270%
Retail Prices Index (RPI) assumption 3.40% 3.10%
Consumer
Prices Index (CPI) assumption		 2.60% 2.20%
Pension increases In Payments (RPI Max 5%p.a) 3.30% 3.00%
Pension increases in Payments (CPI Max 2.5% p.a) 1.95% 1.80%

Members are assumed
to retire at their normal
retirement
age (6
Active Members - Option
1 Benefits
Deferred Members
- Option
1 Benefits		 5)apart from 5)apart from in the following
indicated cases:
Male
Female
64
64
63
62		 in the following
indicated cases:
Male
Female
64
64
63
62		 in the following
indicated cases:
Male
Female
64
64
63
62
Allowance
has been made at retirement
for non-retired
members		 to commute part of their pension for a lump sum on
the basis of the current commutation
factors in these calculations.
The amounts
reco nised
in the balance sheet are as follows		 June 2021 June 2020
Present value of Scheme liabilities
Market value of Scheme assets
Surplus/(Deficit)
in Scheme as at 30June		 (21,044,599)
14,971,294
(6,073,305)		 (20,504,089)
13,682,618
(6,821,471)
Related deferred
tax asset
Net pension
asset/
(liability) as at 30June
Increase
in Scheme assets as a result of lump sum paid by College
Net pension
asset/ (liability) as shown
in College Balance Sheet		 in June 2009
at 31July		 (6,073,305)
(6,073,305)		 (6,821,471)
(6,821,471)
The amounts
reco nised
in
rofit or loss are as follows:		 June 2021
6		 June 2020
Current service cost
Interest Cost		 903,163
99,446		 757,415
124,652
(Gain)/Loss
on Plan Changes
Total		 1,002,609 882,067
Chan es in the
resent value of the Scheme liablities are as follows:		 June 2021 June 2020
6 E
Present value of Scheme liabilities at beginning
of period
Service cost (including
employee's
contributions)
Benefits paid
Interest cost		 20,504,089
939,198
(399,737)
301,329		 17,988,765
786,731
(464,490)
408,694
(Gain)/Loss
on Plan Changes
Actuarial
losses(gains)
Present value ofScheme liabilities at end of period		 (300,280)
21,044,599		 1,784,389
20,504,089
Chan es in the fair value ofthe Scheme assets are as follows: June 2021
6		 June 2020
Market value of Scheme assets at beginning
of period
Interest on Plan Assets
Return on assets, less interest included
in l&E
Contributions
by College
Employee
contributions
Benefits paid
Market value of Scheme assets at end ofperiod		 13,682,618
201,883
867,110
583,385
36,035
(399,737)
14,971,294		 12,487,069
284,042
765,631
581,050
29,316
(464,490)
13,682,618
Actual Return on Plan Assets 1,068,993 1,049,673

June 2021 June 2020
Actual Return less Expected Return on Plan Assets 867,110 765,631
Experience gains and Losses Arising on Plan Liabilities
Change
in Assumptions
Underlying
the Present Value of Plan Liabilities		 146,315
153,865		 103,176
~7.887,5657
Actuarial
gain/(loss)
Recognised
in OCI		 1 167390 (1018758)
Movement
in sur
lus/ deficit
durin
the
ear endin		 30th June 2020
June 2021 June 2020
6
Surplus/(Deficit)
in Plan at Beginning ofYear
Recognised
in Profit &Loss		 (6,821,471)
(1,002,609)		 (5,501,696)
(882,067)
Contributions
Paid by College		 583,385 581,050
Actuarial
gain/(loss)
Recognised
in OCI
Actuarial
Gain/(Loss)
in Plan at the End ofthe Year		 1,167,390
(6,073,305)		 (1,018,758)
(6,821;471)

Princi
al actuarial
assum
tions at the balance		 sheet date ex ressed as wei hted avera es
As at As at
31 March 31 March
Financial
assumptions
Discount rate		 2021
2.00%		 2020
2.2% pa
Expected
return
on plan assets
Future salary increases
Pension
revaluation
in deferment
(CPI, maximum
Pension increase
in payment
(RPI, maximum
5%)
Proportion
of employees
opting for early retirement
Inflation
assumption		 2.5%) n/a
2.00%
2.50%
3.10%
0.0%
3.20%		 n/a
2%pa
1.65% pa
2.45% pa
0% pa
2.45% pa
Demographic
assumptions
Assumed
life expectancy
in years, on retirement
Retiring today
Males
Females		 at 65 23.2
25.6
Retiring
in 20years
Males
Females		 22.2
24.5
Em
lo ee benefit obli ations- amounts
recoqnised		 in the balance sheet
As at As at
31 liltarch 31 March
2021 2020
Present value offunded
obligations
Fair value of plan assets
Surplus/(Deficit)
in the scheme		 7,156,000
4,971,000
(2,185,000)		 6,229,000
4,908,000
(1,321,000)
Related deferred
tax asset/(liability)
Net pension
asset/(liability)		 (2,185,000 (1,321,000)

The Emma nuel
College		 Service Staff P ension S cheme ( 1968)(continued)
The ma'or cate cries of lan assets as a ercenta e oftotal lan asset
and ex		 ected return are as follows.
As at 2021 As at 2020
%total plan
Expected		 % total plan Expected
assets
return		 assets return
Unitised with profits policy 99.1% n/a 99.1% n/a
Cash 9.0% n/a 9.0% n/a

9.Financial
Instruments
2021 2020
Financial Assets
Financial assets at fair value through Statement ofComprehensive
Income
Listed Equity Investment 241,397,053 187,851,286
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
Other equity investments		 15,972,019 13,000,091
Other Debtors 6, 171,270 1,872,565
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
Service Concessions		 30,000,000 30,000,000
Finance Lease
Trade Creditors
Other Creditors		 487,878
9,933,666		 290,073
3,892,093

30.PRIOR YEAR INCOME AN D EXPENDITURE ACCOUNT
Note 2020 2020 2020 2020
Unrestricted Restricted Endowment Total
K
INCOME
Academic Fees and Charges
Residences,
Catering
and Conferences
Investment
Income
Endowment
return transfer
Other Income		 3,125,488
2,909,006
4,715,243
2,067,790
447,716		 1,633,581
716,379		 649,933
285,017		 3,125,488
2,909,006
6,998,757
3,069,186
447,716
Total income before donations and endowments 13,265,243 2,349,960 934,950 16,550,153
Donations 5 1,713,623 5,691,019 42,408 7,447,050
Total Income 14,978,866 8,040,979 977,358 23,997,203
EXPENDITURE
Education
Residences,
Catering
and Conferences
Other expenditure
Contribution
Under Statute G, ll		 6
7
8c		 4,254,204
4,739,757
2,745,264
136,262		 499,693
5,274
622,126
29,325		 309,354
595,875
257,179
22,413		 5,063,251
5,340,906
3,624,569
188,000
Total Expenditure 11,875,487 1,156,418 1,184,821 14,216,726
Surplus/(deficit)
before other gains and losses		 3,103,379 6,884,561 (207,463) 9,780,477
Transfers (2,400,297) (557,921) 2,958,218
Gain/(loss)
on investments		 (8,673,026) (3,031,193) 1,061,734 (10,642,485)
Surplus/(deficit)
for the year		 (7,969,944) 3,295,447 3,812,489 (862,008)
Other comprehensive
income
Actuarial
(loss) in respect of pension schemes		 (912,758) (912,758)
Total comprehensive
income for the year		 8,882,702) 3,295,447 3,812,489 (1,774,766)