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2022-07-31-accounts

Pacaee Contents
Administrative
Details
2-3 The Master 8 Fellows
4-10 Annual
Report
11-12 Report ofthe Auditors
13-18 Statement of Principal Accounting Policies
Consolidated
Income		 and Expenditure Account
20 Statement of Changes in Reserves
21 Balance Sheet
22 Cash Flow Statement
23-40 Notes to the Accounts

EMMANUEL COLLEGE Independent Auditors, Report to the College Council of Emmanuel College for the Year Ended 31st July 2022 We have nothing to report in respect of the following fflatters wherè the Charltles Act 2011 reqUI￿S us to report lo you If, in our opinion.. the inforrnalion given in tha College Council's Annual Report is inconsistent in any material respect with the rinandal slalemenls., or sufficienl accounting records have not been kept; or the fin3n¢ial statoments are not in agreement with the accounting records and r8tLJrns' or we have not received all the Snfomialion and explanations we require for our audit. R¢$ponsibilltles of the Collegè Councll As explained more lully in il's Annual Report, the College Councll is responsible for the Preparation of the financial staternents and for bèing satisfied that they glve a true and fair view. and for such intetNal control as the College Council detemiine 15 necessary to enable the preparation of financial slatgmenls that are free from material misslalement, wh8ther due tr) fraud or error. In preparing the financial 5tat8menis, the College Council is responsible lor assessing the College and the Group's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going ¢tsncern basis of accounting unless the Gollege Covn¢il either intènds lo liquidate the College or the Group or to cease operation5, or have no realistic alternative but to do so. We have been appointed 8$ auditors under section 144 of th$ Charities Act 2011 and feport In accordance with regulations made under section 154 of that Act. Auditor's responslbilities for the audlt of thg financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Rèasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS (UK} will always detect a materia1 mis5tatemenl when it exists. Misslaternents can 8rise from fraud or error and are considered rnaterial if, individually or in the aggregate, thèy could reÈsonably be expected lo influen¢8 the economi¢ declsions of users taken on the basis ol thesg financial slalemenls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. https.'Ilwww.frc.org.uPJOur-WorklAuditlAudil-and-8ssurancelStandards-and-guidancdStandards- and-guidance-for-audilorslAudilor5-rosponsibilities-for-audiUDescription-of-audilors-responsibilities-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 accordance wlh College's Statutes and the Statute5 of the Univèrsity of Cambridge. Our audit work has been undertaken so that we might 5t•te to the College's College Council those matters we are required to slate to them in an auditors. réport and lor no other purpose. To the fullest extent pemiitted by law, we dD not a¢¢ept or assume responsibility lo anyone other Ihan the College and the College's Council CHATER ALLAN LLP Registered Auditors 7 Quy Court Collieis Lane Stow-cum-Quy CB25 9AU Iq D e¢ember 2022 Chater Allan LLP is eligiblè to act an as auditor in terms of section 1212 01 the Companies Act 2006 12

Note 2022 2022 2022 2022 2021
Unrestricted Restricted Endowment Total Total
6 6 6
INCOME
Academic Fees and Charges 3,360,984 3,360,984 3,154,909
Accommodation,
Catering		 and Conferences 4,415,066 4,415,066 2,331,032
Investment
Income
Endowment
return transfer
Other Income		 4,894,196
2,348,017
125,844		 1,710,160
820,459		 761,765
365,461		 7,366,121
3,533,937
125,844		 5,978,788
3,580,603
575,208
Total income before donations and 15,144,107 2,530,619 1,127,226 18,801,952 15,620,540
endowments
Donations 5 1,025,824 6,960,890 21,755 8,008,469 7,704,563
Total Income 16,169,931 9,491,509 1,148,981 26,810,421 23,325,103
EXPENDITURE
Education 6 4,859,459 654,427 294,394 5,808,280 6,692,424
Accommodation,
Catering		 and Conferences 7 6,256,323 6,791 367,094 6,630,208 5,582,562
Other expenditure Sc 2,832,857 897,919 322,979 4,053,755 3,579,619
Contribution
Under Statute		 G,ll 137,605 34,841 26,554 199,000 201,000
Total Expenditure 14,086,244 1,593,978 1,011,021 16,691,243 16,055,605
Surplus
before other		 gains and losses 2,083,687 7,897,531 137,960 10,119,178 7,269,498
Transfers (11,753,402) (681,210) 12,434,612
Gain/(loss)
on disposal offixed		 assets
Gains on investments 2,320,362 (159,899) (2,518,635) (358,172) 45,289,540
Surplus for the year (7,349,353) 7,056,422 10,053,937 9,761,006 52,559,038
Other comprehensive income
Actuarial
gain/(lass)
in respect ofpension		 4,845,374 4,845,374 354,390
schemes
Total comprehensive income for the year (2,503,979) 7,056,422 10,053,937 14,606,380 52,913,428
Income and expenditure Income and expenditure reserve Revaluation
Unrestricted Restricted
6		 Endowment
6		 reserve
E		 Total
f
Balance at 1 August 2021 51,589,939 113,121,448 126,977,605 42,156,382 333,845,374
Surplus/(Deficit)
from income		 and expenditure (4,824,341) 7,056,422 10,053,937 2,320,362 14,606,380
statement
Transfers
between
revaluation		 and income and
expenditure
reserve
Balance at 31 July 2022 46,765,598 120,177,870 137,031,542 44,476,744 348,451,754
Balance at 1 August 2020 57,120,889 84,884,243 106,278,404 32,648,410 280,931,946
Prior year adjustment
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

2022 2022 2021 2021
Consolidated College Consolidated College
Non-current
Assets		 Note 6 6 6
Tangible Assets
Investments
Total Non-Current
Assets		 10
11		 64,019,075
312,781,650
376,800,725		 64,019,075
312,781,652
376,800,727		 52,092,972
308,623,592
360,716,564		 52,092,972
308,623,594
360,716,566
Current Assets
Stock and work
in progress
Trade and other receivables
Cash and cash equivalents
Total Current Assets		 12
13		 519,187
2,937,478
8,778,673
12,235,338		 519,187
2,173,044
8,695,915
11,388,146		 535,041
2,579,439
14,758,348
17,872,828		 535,041
6,528,587
14,745,029
21,808,657
Creditors: Amounts Falling Due Within One Year 14 (5,598,654) (4,751,464) (4,819,574) (8,755,405)
Net Current Assets 6,636,684 6,636,682 13,053,254 13,053,252
Total Assets less current liabilities 383,437,409 383,437,409 373,769,818 373,769,818
Creditors: Amounts
Falling
One Year		 Due After INore Than 15 (31,085,564) (31,085,564) (31,666,139) (31,666,139)
Provisions
Pension
provisions		 16 (3,900,091) (3,900,091) (8,258,305) (8,258,305)
Total net assets 348,451,754 348,451,754 333,845,374 333,845,374
Restricted reserves
Income and expenditure
Income and expenditure		 reserve - endowment
reserve
reserve - restricted
reserve		 17
18		 33,477,910
120,177,870		 33,477,910
120,177,870		 34,298,003
113,121,448		 34,298,003
113,121,448
Unrestricted
reserves
Income and expenditure
Income and expenditure
Revaluation
reserve		 reserve - endowment
reserve - unrestricted		 reserve
reserve		 17
19		 103,553,632
46,765,598
44,476,744		 103,553,632
46,765,598
44,476,744		 92,679,602
51,589,939
42,156,382		 92,679,602
51,589,939
42,156,382
Total reserves 348,451,754 348,451,754 333,845,374 333,845,374

2022 2021
Note 6
Net cash oufflow from operating
activities		 21 1,535,276 1,745,604
Cash flows from investing activities 22 6,407,420 5,020,087
Cash flows from financing activities 22 (13,922,371) (7,979,362)
Increase/(decrease)
in cash and cash equivalents		 in the year ~59196.75 , 11.213.6717
Cash and cash equivalents at beginning ofyear 14,758,348 15,972,019
Cash and cash equivalents at end of year 23 8,778,673 14,758,348

1.ACADEMIC FEESAND CHARGES 2022 2021
College fees: E
Fee income received at
Fee income received at
Fee income received at
Other income		 the Publicly-funded
Undergraduate
the Privately-funded
Undergraduate
the Graduate fee rate		 rate
rate		 1,559,910
494,040
1,307,034		 1,545,374
429,435
1,180,100
Total 3,360,984 3,154,909
2.INCOME FROM ACCOMMODATION,
CATERING &CONFERENCES		 2022 2021
E
Accommodation
Catering		 College Members
Conferences
College Members
Conferences		 2,721,671
128,868
1,321,069
243,458		 1,776,696
15,506
516,173
22,657
Total 4,415,066 2,331,032
3.ENDOWMENT
AND INVESTMENT INCOME
2022 2021
3a Analysis
of Endowment
Income		 E
Income from:
Freehold
Land and Buildings
Quoted
&other Securities
Cash		 3,897,906
6,968,031
34,121		 3,339,915
6,217,079
2,397
10,900,058 9,559,391
3b Summary
ofTotal Return		 2022 2021
6
Income from:
Land 8 Buildings 3,897,906 3,339,915
Quoted and other securities
and cash		 3,468,215 2,638,873
Gains/(losses)
on Endowment
Assets:
Land & Buildings
Quoted and other securities
and cash		 4,453,707
(1,277,941)		 (3,573,733)
52,443,875
Investment
management		 costs re quoted securities - equities (344,643) (327,396)
Total Return for year 10,197,244 54,521,534
Total Return recognised
in Income
&Expenditure		 Account (10,900,058) (9,559,391)
Unapplied
Total Return recognised
in Statement		 of Comprehensive income and ~702,814 ~962,1
Expenditure
4.OTHER INCOME 2022 2021
6
Other income 125,844 575,208
125,844 575,208

5.DONATIONS 2022 2021
Unrestricted
donations
Restricted
donations		 1,025,824
6,982,645		 975,310
6,729,253
8,008,469 7,704,563
6.EDUCATION EXPENDITURE 2022
F		 2021f
Teaching
Tutorial
Admissions
Research
Scholarships
and
Other Educational		 Awards
FaciTities		 1,515,970
1,384,216
757,724
885,792
798,810
465,768		 3,220,344
1,223,632
656,844
715,831
469,973
405,800
Total 5,808,280 6,692,424
7.ACCOMMODATION, CATERING AND CONFERENCES EXPENDITURE 2022 2021
Accommodation College Members
Conferences		 4,087,196
193,524		 4,254,988
37,134
Catering College Members
Conferences		 1,983,881
365,607		 1,236,178
54,262
Total 6,630,208 5,582,562
8a.ANALYSIS OF 2021/22 EXPENDITURE BYACTIVITY
Staff Other
Costs Operating
(Note 9) Depreciation Expenses Total
6 F
Education
(Note
Accommodation,
Other (Note 8c)		 6)
Catering		 and Conferences (Note 7) 2,547,300
2,935,256
995,500		 259,641
759,655
2,180		 3,001,339
2,935,297
3,056,075		 5,808,280
6,630,208
4,053,755
6,478,056 1,021,476 8,992,711 16,492,243

Staff Other
Costs Operating
(Note 9)
f		 Depreciation
6		 Expenses
6		 Totalf
Education
(Note
Accommodation,
Other		 6)
Catering		 and Conferences (Note 7) 4,139,761
2,740,291
973,438		 259,171
746,398
2,137		 2,293,492
2,095,873
2,604,044		 6,692,424
5,582,562
3,579,619
853,
0		 07,706 6993409 l5I854,
IO

10.TANGIBLE
FIXEDASSETS (CONS		 OLIDATED
&CO		 LLEGE)
Land Buildings Furniture
&
Equipment
6		 Heritage
assets
f		 Total
COSTWALUATION
At 1stAugust 2021
Additions		 10,080,000 48,842,734
12,748,572		 4,649,581
199,007		 265,700 63,838,015
12,947,579
Cost/Valuation
as at 31stJuly 2021		 10,080,000 61,591,306 4,848,588 265,700 76,785,594
DEPRECIATION
At 1stAugust 2021
Provided
for the year		 8,510,376
734,007		 3,234,667
287,469		 11,745,043
1,021,476
Depreciation
at 31stJuly 2021		 9,244,383 3,522,136 12,766,519
At 31stJuly 2022 10,080,000 52,346,923 1,326,452 265,700 64,019,075
At 31st July 2021 10,080,000 40,332,358 1,414,914 265,700 52,092,972

11.INVESTMENTS Group College Group College
2022 2022 2021 2021
Balance at beginning
ofyear		 308,623,592 308,623,594 258,424,701 258,424,703
Additions 1,645,707 1,645,707 2,358,480 2,358,480
Disposals
Transfer to Tangible Assets		 (663,415) (663,415) (679,731)
(350,000)		 (679,731)
(350,000)
Appreciation/(Depreciation) 3,175,766 3,175,766 48,870,142 48,870,142
Balance at end ofyear 312,781,650 312,781,652 308,623,592 308,623,594
Represented
by:
Property 71,489,041 71,489,041 67,226,550 67,226,550
Equities 169,806,468 169,806,468 170,917,317 170,917,317
Investment
in Subsidiary
Undertaking		 2 2
Other investments 71,486,141 71,486,141 70,479,725 70,479,725
312,781,650 312,781,652 308,623,592 308,623,594
12.TRADE AND OTHER RECEIVABLES Group College Group College
2022 2022 2021 2021
E E
Due within one year:
Members ofthe College 994,890 994,890 620,312 620,312
Amounts
due from subsidiary		 undertakings 4,080
Other Debtors 936,927 171,289 1,202,671 597,732
Prepayments
and accrued income		 1,005,661 1,006,865 756,456 5,306,463
2,937,478 2,173,044 2,579,439 6,528,587
Due after more than one year
Other Debtors
2,937,478 2,173,044 2,579,439 6,528,587
13.CASH AND CASH EQUIVALENTS Group College Group College
2022 2022
F		 2021f 2021
Current and Deposit Accounts 8,777,015 8,694,257 14,756,640 14,743,321
Cash in Hand 1,658 1,658 1,708 1,708
8,778,673 8,695,915 14,758,348 14,745,029

Group
2022		 College
2022		 Group
2021		 College
2021
14.CREDITORS: AMOUNTS FALLING DUE F F F
WITHIN ONE YEAR
Trade creditors
Members ofthe College
Amounts
due to subsidiary
undertakings
Contribution
to Colleges Fund
Other creditors
Accruals
and deferred income
Pension
deficit provision		 2,471,413
973,397
199,000
481,013
1,434,159
39,672		 1,215,474
973,397
412,249
199,000
481,013
1,430,659
39,672		 513,348
892,402
201,000
549,839
2,627,973
35,012		 487,878
892,402
189,959
201,000
549,839
6,399,315
35,012
5,598,654 4,751,464 4,819,574 8,755,405
15.CREDITORS: AMOUNTS FALLING DUE AFTER
llllORE THAN ONE YEAR
Pension
deficit provision
Loan Finance		 1,085,564
30,000,000		 1,085,564
30,000,000		 1,666,139
30,000,000		 1,666,139
30,000,000
31,085,564 31,085,564 31,666,139 31,666,139
610,000,000 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 40years.
Pension deficit provision
Provision at the beginning ofthe year
Deficit contributions
paid
Change
in expected contributions
Interest
payable		 1,701,151
(27,123)
(563,592)
14,800		 1,701,151
(27,123)
(563,592)
14,800		 566,789
(25,080)
1,155,304
4,138		 566,789
(25,080)
1,155,304
4,138
Provision at the end of the year 1,125,236 1,125,236 1,701,151 1,701,151
Payable
within
1 year
Payable after 1 year		 39,672
1,085,564		 39,672
1,085,564		 35,012
1,666,139		 35,012
1,666,139
1,125,236 1,125,236 1,701,151 1,701,151
16.PENSION PROVISIONS
Balance at beginning
ofyear		 8,258,305 8,258,305 8,142,471 8,142,471
Movement
in year
Current service costs including
Contributions		 life assurance 1,223,779
(888,646)		 1,223,779
(888,646)		 1,131,163
(783,385)		 1,131,163
(783,385)
Other finance(income)/cost 152,027 152,027 122,446 122,446
Actuarial
loss/(gain)
recognised
realised
gains snd losses		 in statement oftotal
(4,845,374)		 (4,845,374) (354,390) (354,390)
Balance at end of year 3,900,091 3,900,091 8,258,305 8,258,305
Unrestricted Restricted
Permanent Permanent 2022 2021
Endowments Endowments Total Total
6 6 6
Balance at beginning ofyear:
Capital 85,068,941 31,343,960 116,412,901 101,800,708
Unspent
income		 7,610,661 2,954,043 10,564,704 4,477,696
New endowments received 21,755 21,755 28,579
Investment
income		 224,093 903,133 1,127,226 1,044,777
Other income
Expenditure (680,320) (330,701) (1,011,021) (894,382)
Transfers 12,842,969 (408,357) 12,434,612 5,936,613
Increase/(decrease) in market (1,512,712) (1,005,923) (2,518,635) 14,583,614
value of investments
Balance at end of year 103,553,632 33,477,910 137,031,542 126,977,605
Comprising:
Capital 83,556,229 30,359,792 113,916,021 116,412,901
Unspent
income		 19,997,403 3,118,118 23,115,521 10,564,704
Balance at end of year 103,553,632 33,477,910 137,031,542 126,977,605
Representing:
Fellowship
Funds		 5,834,419 5,834,419 5,961,640
Scholarship
Funds		 69,237 11,014,387 11,083,624 11,484,371
Prizes Funds 447,654 447,654 462,229
Hardship
Funds		 5,049,758 5,049,758 5,066,727
Other Funds 316,188 11,131,692 11,447,880 11,714,148
General endowments 103,168,207 103,168,207 92,288,490
Total 103,553,632 33,477,910 137,031,542 126,977,605

18.RESTRICTED RESERVES 18.RESTRICTED RESERVES 18.RESTRICTED RESERVES Other
Restricted		 Other
Restricted		 2022 2021
Funds Total Total
6
Balance at beginning ofyear 113,121,448 113,121,448 84,884,243
Investment
income		 2,530,619 2,530,619 2,173,405
Restricted
donations		 6,960,890 6,960,890 6,700,674
Expenditure
Transfers		 (1,593,978)
(681,210)		 (1,593,978)
(681,210)		 (1,218,115)
(616,713)
Increase/(decrease)
value of investments		 in market (159,899) (159,899) 21,197,954
Balance at end ofyear 120,177,870 120,177,870 113,121,448
Representing:
Fellowship
Funds
Scholarship
Funds '*
Prizes Funds		 10,812,625
76,440,317
512,972		 10,812,625
76,440,317
512,972		 11,253,854
72,483,903
529,963
Hardship
Funds
Travel Grant Funds		 2,116,401
321,229		 2,116,401
321,229		 2,068,856
325,955
Other Funds 29,974,326 29,974,326 26,458,917
Total 120,177,870 120,177,870 113,121,448
**Included
in Restricted Scholarship		 Funds are the following Non-Collegiate Funds: 2022 2021
* Herchel
Smith Scholarships
* Herchel
Smith Scholarship
Brewer Hall Poetry
Sandcroft Educational		 to Harvard
in Intellectual		 Property 40,964,257
5,883,994
52,707
247,025		 39,802,418
6,156,413
53,130
249,164
AE Tomlinson 110,814 111,619
47,258,797 46,372,744
.RESERVES Fixed asset
investment
Group &College General
reserves		 revaluation
reserve		 2022
Total		 2021
Total
6 6 6 F
Balance at the beginning of year 51,589,939 42,156,382 93,746,321 89,769,299
Surplus
retained
Transfers		 for the year 2,083,687
(11,753,402)		 2,083,687
(11,753,402)		 (565,440)
(5,319,900)
Actuarial
gain/(loss)
Increase/(decrease)		 in market value of 4,845,374 2,320,362 4,845,374
2,320,362		 354,390
9,507,972
investments
Transfers
between		 revaluation and income
and expenditure reserve
Balance at the end ofyea r 46,765,598 44,476,744 91,242,342 93,746,321

Included
within reserves the fol		 lowing
am		 ou nts repres ent
t		 he Unapplied Total Return ofthe Co llege:
2022 2021
6 F
Unapplied
Total Return at 1st August 2021		 157,904,755 112,942,612
Unapplied
Total Return for year (see note 3b)		 (702,814) 44,962,143
Unapplied
Total Return at 31st		 July 2022 157,201,941 157,904,755
21.Reconciliation
ofconsolidated
operating		 surplus to net cash inflow from operating
activities
2022 2021
Suplus/(deficit)
from continuing		 operations before donations of Heritage assets 10,119,178 7,269,498
Depreciation
ofTangible
Fixed		 Assets 1,021,476 1,007,705
Transfer ofassets from Charity for Emmanuel College Library
(Profit)/loss
on disposal ofTangible
Fixed		 Assets (7,500) 8,435
Investment
income
Interest payable		 (10,900,058)
958,701		 (9,559,391)
958,701
Pension costs less contributions payable 487,160 470,224
(Increase)/decrease
in stocks
(Increase)/decrease
in debtors		 15,854
(358,039)		 (6,242)
(706,874)
Increase/(decrease)
in creditors		 198,504 2,303,548
Net cash inflow from operating activities 1,535,276 1,745,604
22.Cash flows
2022 2021
Returns on investments
and servicing		 offinance 6
Endowment
and investment
income received		 7,366,121 5,978,788
Interest paid (958,701) (958,701)
Net cash inflow from returns
on		 income and servicing offinance 6,407,420 5,020,087
Capital expenditure
and financial
investment
Purchase oftangible
Fixed Assets		 (12,947,579) (6,292,178)
Proceeds ofdisposal ofTangible Fixed Assets 7,500 (8,435)
Net sale/(purchase)
of long-term		 investments (982,292) (1,678,749)
Net cash outflow from capital expenditure and financial investment (13,922,371) (7,979,362)
23.Analysis ofcash and bank balances At beginning of At end of
year Cash flows year
F 6 E
Cash at bank and
in hand		 14,758,348 (5,979,675) 8,778,673
Net Funds 14,758.348 ~(5.979,675 8778673,
24. Reconciliation
&Analysis of		 Net Debt 2022 2021
f
Cash &Cash Equivalents
as at 1st July		 14,758,348 15,972,019
Borrowing
Greater Than
1 Year		 (30,000,000) (30,000,000)
Cash &Cash Equivalents
as at 31stJuly		 ~((5,24(,652 ~((4.827,981
31

The current life expectancies on retirement at age 65are:
2022 2021
Valuation Valuation
Males currently
aged 65(years)		 23.9 24.7
Females currently aged 65 (years) 25.5 26.1
Males currently
aged 45 (years)		 25.9 26.7
Females currently
aged 45		 (years) 27.3 27.9

l actuarial assum
 tions at the b alance sheet date were as follows
June 2022 June 2021
pa pa
Discount rate 3.80% 1.80%
Increase
in salaries		 3.25% 3.10%
Retail Prices Index (RPI)assumption 3.45%* 3.40%
Consumer
Prices Index (CPI) assumption		 2.75%* 2.60%
Pension increases In Payments (RPI Max 5%p.a) 3.30%* 3.30%
Pension increases in Payments (CPI Max 2.5%p.a) 2.05%* 1 95%

The amounts
reco nised
in the balance sheet are as follows		 The amounts
reco nised
in the balance sheet are as follows		 June 2022 June 2021
f F
Present value of Scheme liabilities
Market value ofScheme assets
Surplus/(Deficit)
in Scheme as at 30June		 (15,624,831)
13,029,740
(2,595,091)		 (21,044,599)
14,971,294
(6,073,305)
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		 (2,595,091)
)2,595,091)		 (6,073,305)
~6,D73,3D5)
The amounts
reco nised
in
refit or loss are as follows:		 June 2022
f		 June 2021
F
Current service cost
Interest Cost		 924,779
110,027		 903,163
99,446
(Gain)/Loss
on Plan Changes
Total		 1,034,806 1,002,609
Chan es in the
resent value ofthe Scheme liablities are		 as follows: June 2022 June 2021
f F
Present value ofScheme liabilities
at beginning
ofperiod
Service cost (including
employee's
contributions)
Benefits paid
Interest cost		 21,044,599
963,393
(495,711)
382,884		 20,504,089
939,198
(399,737)
301,329
(Gain)/Loss
on Plan Changes
Actuarial
losses(gains)
Present value of Scheme liabilities at end ofperiod		 15,624,831
~6270334)		 ~, 21,044,599
, 300,200)
Chan es in the fair value of the Scheme assets are as follows: June 2022
f		 June 2021
Market value ofScheme assets at beginning
ofperiod
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 of period		 14,971,294
272,857
(2,446,432)
685,646
38,614
~492.230)
13,029,740		 13,682,618
201,883
867,110
583,385
36,035
(399,737)
14,971,294
Actual Return on Plan Assets (2,173,575) 1,068,993

Princi a!actuarial
assum
tions at		 the balance sh ee t date
ex ressed as w		 ei
hted avera
es
As at As at
31 March 31 March
Financial assumptions
Discount rate		 2022
2.60%		 2021
2.0%
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%
2.90%
3.40%
0.0%
3.50%		 n/a
2.0%
2.5%
3.1%
0.0%
3.2%
Demographic
assumptions
Assumed
life expectancy
in years,
Retiring today		 on retirement
Males
Females		 at 65 22.8
25.4		 234
25.9
Retiring
in 20years		 Males
Females		 21.5
24		 22.2
24.5
Em
lo ee benefit obli ations-amounts		 reco nised in the balance sheet
As at As at
31 March 31 March
2022 2021
Present value offunded
obligations		 6,780,000 7,156,000
Fair value of plan assets
Surplus/(Deficit)
in the scheme		 5,475,000
(1,305,000)		 4,971,000
(2,185,000)
Related deferred tax asset/(liability)
Net pension
asset/(liability)		 1,305,000 2,185,000)
The amounts
reco nised in
refit		 or loss are as follows:
Foryear to For year to
31 March 31 March
2022f 2021
6
Current service cost * 299,000 228,000
Interest expense
Interest Income **		 143,000
(101,000)		 137,000
(110,000)
Admin expenses (4,000)
Gains and losses on settlements or curtailments
Total cost 341,000 251,000
Actual return(loss)
on plan assets		 296,000 (110,000)

Country
of
registration Class of Proportion Nature of business
and share held
operation
Blue Lion Limited England Ordinary 100% Property development

9.Financial
Instruments
2022f 2021
6
Financial Assets
Financial assets at fair value through Statement ofComprehensive
Income
Listed Equity Investment 241,292,608 241,397,053
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		 8,695,915 15,972,019
Other Debtors 1,745,147 6,171,270
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 1,184,748 487,878
Other Creditors 3,841,057 9,933,666

30.PRIOR YEAR INCOME AND EXPENDITURE ACCOUN T
Note 2021 2021 2021 2021
Unrestricted
6		 Restricted Endowment Total
f
INCOME
Academic Fees and Charges
Residences,
Catering
and Conferences
Investment
Income
Endowment
return transfer
Other Income		 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
Total income before donations
and endowments		 12,402,358 2,173,405 1,044,777 15,620,540
Donations 5 975,310 6,700,674 28,579 7,704,563
Total Income 13,377,668 8,874,079 1,073,356 23,325,103
EXPENDITURE
Education
Residences,
Cateding
and Conferences
Other expenditure
Contribution
Under Statute G,II		 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
Total Expenditure 13,943,108 1,218,115 894,382 16,055,605
Surplus/(deficit)
before other gains and losses		 (565,440) 7,655,964 178,974 7,269,498
Transfers (5,319,900) (616,713) 5,936,613
Gain/(loss)
on investments		 9,507,972 21,197,954 14,583,614 45,289,540
Surplus/(deficit)
for the year		 3,622,632 28,237,205 20,699,201 52,559,038
Other comprehensive
income
Actuarial
(loss) in respect of pension schemes		 354,390 354,390
Total comprehensive
income for the year		 3,977,022 28,237,205 20,699,201 52,913,428