|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|