2021-06-30-accounts - The Master And Fellows Of The College Or Hall Of Saint Catharine The Virgin In The University Of Cambridge

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Auditors	Solicitors	Chartered Surveyors
Peters Elworthy & Moore	Ashton KCJ	Bidwells Property Consultants
Salisbury House	Chequers House	Trumpington Road
Station Road	77—81 Newmarket Road	Cambridge
Cambridge	Cambridge	CB2 2LD
CB12LA	CB58EU
Bankers	Investment Fund Managers
Barclays Bank Plc	1. Legal & General Investment	2. CCLA Investment
Cambridge Business Centre	Management	Management
Cambridge	One Coleman Street	Senator House
CB2 3PZ	London	85 Queen Victoria Street
	EC2R5AA	London
		EC4V4ET

Aims and objectives	5
Public benefit	5—6
Equality, diversity and inclusion	6
College funding	7
Achievements and performance	7—15
Financial review	15—20
Principal risks and uncertainties	20—21
Plans forthe future	21—22
PART 2: Financial statements
Statement of corporate governance	23
Statement of internal controls	24
Responsibilities ofthe Governing Body	25
lndependent auditors’ report	26—29
Statement of principal accounting policies	30—38
Consolidated statement ofcomprehensive income and expenditure	39
Consolidated statement ofchanges in reserves	40
Consolidated and College balance sheets	41
Consolidated cash flow statement	42
Notes to the accounts	43—63

By degree		Bygender		By origin
PhD	181	Female	159	Home	149
Masters	134	Male	199	EU	59
Clinical Vets/Medics	44	Other	6	Island	2
CPGS	4	Total		Overseas	154
PGCE	1	postgraduate student body	364

Item
Reduced spend on food, meals and catering provision	-0.8
Reduced investment management fees after re-tender	-0.1
Reduced fundraising spend (travel, events and staff)	-0.3
Reduced staffing costs in other teams	-0.2
Increased spend on student awards, welfare and counselling	0.3
Increased spend on estate repairs and maintenance	0.2
Decrease in expenditure	£(0.9)

Investments are divers allocation:	ified across	asset classes to reduce	asset classes to reduce	risk and o	ptimise ret	urn with th
		Asset allocation %
	3OJune	3OJune	3OJune	3OJune	3OJune	3OJune
	2015	2016	2017	2018	2019	2020
Owned Property	24	24	16	18	10	8
Property Funds	7	7	8	8	6	6
Realassets in CUEF	1	1	2	3	4	5
Total Property	32	32	26	29	20	19
Equities	44	44	46	40	45	41
Private equity	6	6	5	7	8	10
Bonds	6	6	6	6	3	8
Hedge Funds	2	3	4	5	5	6
Commodities	2	2	2	3	1	1
Cash	6	6	8	9	15	14
Other	2	1	3	1	4	1
Total	100	100	100	100	100	100

Use of a legacy to compensate for lost income	0.9
L!2 Retention Scheme (furlough)	0.8
Release ofexpendable reserves to support current spend	0.3

			2020	Total	£000s	3,522	4,721	3,068	-	401	11,712	1,262	189		2,177	15,340		7,143	6,013	674	32	13,862	1,478	(108)	(923)	447		(636)	(189)
		The notes on pages 43 to 63 form part ofthese accounts	2021	Total Unrestricted Restricted Endowment	£000s £000s £000s £000s	3,508 3,208 314 -	2,401 4,721 - -	3,561 551 - 2,517	- 237 2,743 (2,980)	513 397 4 -	9,983 9,114 3,061 (463)	1,997 405 857 -	1,179 - - 189	-	6,058 - 2,177 -	19,217 9,519 6,095 (274)		6,960 3,984 3,159 -	5,471 6,013 - -	478 450 - 224	33 32 - -	12,942 10,479 3,159 224	6,275 (960) 2,936 (498)	(12) (108) - -	14,713 (503) (178) (242)	20,976 (1,571) 2,758 (740)		1,103 (636)	22,079 (2,207) 2,758 (740)
				Endowment	£000s	-	-	3,109	(3,536)	-	(427)	-	1,179	-	-	752		-	-	84	-	84	668	-	7,826	8,494			8,494
ST CATHARINE’S COLLEGE, CAMBRIDGE	CONSOUDATED STATEMENT OF COMPREHENSIVE INCOME AND EXPENDITURE	FOR THE YEAR ENDED 30 JUNE 2021		Note Unrestricted Restricted	Income £000s £000s	Academic fees and charges 1 3,223 285	Accommodation, catering and conferences 2 2,401 -	Investment income 3 452 -	Endowment return transferred 3 636 2,900	Other income 513 -	Total income before donations and endowments 7,225 3,185	Donations & Legacies 1,505 492	New endowments 16 - -	Capital grantfrom Colleges Fund - -	Other capital grants for assets - 6,058	Total income 8,730 9,735	Expenditure	Education 4 3,427 3,533	Accommodation, catering and conferences 5 5,471 -	Other expenditure 394 -	Contribution under Statute GIl 33 -	Total expenditure 6 9,325 3,533	(Deficit)ISurplus before other gains and losses (595) 6,202	Gain/(loss)on disposal of fixed assets 8 (12) -	Gain/(loss)on investments 9 5.177 1,710	Surplusl(deficit) forthe year 4,570 7,912	Other comprehensive income	Actuarial gain/(loss) in respect of pension schemes 15 1,103	Total comprehensive income forthe year 5,673 7,912

			145,763	20,976	1,103	-	-	167,842				145,952	447	(636)			145,763
	Total	£000s								Total	£000s
Income and expenditure reserve	Restricted Endowment	£000s £000s	15, 563 66,586	7,912 8,494	- -	(107) -	- (1)	23, 368 75,079	Income and expenditure reserve	Restricted Endowment	L000s £000s	12,482 67,689	2,58 (740)		(56)	379 (363)	15, 563 66,586
	Unrestricted	£000s	63,614	4,570	1,103	107	1	69,395		Unrestricted	£000s	65,781	(1,571)	(636)	56	(16)	63,614
			Balance at 1 July2020	Surplus/(Deficit) from income and expenditure statement	Other comprehensive income	Release ofrestricted capital funds spent in the year	Transfers between Funds & Reserves	Balance at 30 June 2021				Balanceat 1 July2019	Surplus/(Deficit) from income and expenditure statement	Other comprehensive income	Release of restricted capital funds spent in the year	Transfers between Funds & Reserves	Balanceat 30 June 2020

			2021	2021	2020	2020
			Consolidated	College	Consolidated	College
		Note	£000s	£000s	£000s	£000s
Non-currentAssets
Fixed assets		8	58,258	58,302	54,587	54.631
Heritane assets		8	3,177	3,177	3,130	3,130
Investments		9	141,609	141.609	123.422	123,422
Total non-currentassets			203,044	203,088	181,139	181,183
Current assets
Stocks		10	178	172	186	186
Trade and other receivables		11	2,253	2,316	2,894	3,001
Cash and cash equivalents		12	446	385	590	411
Total currentassets			2,877	2,873	3,670	3,598
Creditors: amounts falling due within one year		13	(2,338)	(2,327)	(2,245)	(2,182)
Netcurrent assets			539	546	1,425	1,416
Total Assets less current liabilities			203,583	203,634	182,564	182,599
Creditors: amounts falling due than one year	after more	14	(31,000)	(31,000)	(31,000)	(31,000)
Provisions
Pension provisions		15	(4,741)	(4,741)	(5,801)	(5,801)
Total netassets			167,842	167,893	145,763	145,798
Restricted reserves
Income and expenditure reserve reserve	— endowment	16	75,079	75,079	66,586	66,586
Income and expenditure reserve reserve	— restricted	17	23,368	23,368	15,563	15,563
			98,447	98,447	82,149	82,149
Unrestricted Reserves
Income and expenditure reserve	— unrestricted		69,395	69,446	63,614	63,649
Total Reserves			167,842	167,893	145,763	145,798

		2021	2020
	Note	£000s	£000s
Net cash inflow from operating activities	19	11,380	9,704
Cash flows from investing activities	20	(10,413)	(8,633)
Cash flows from financing activities	21	(1,11 1)	(1,1 11)
(Decrease)Ilncrease in cash and cash equivalents in the year		(144)	(40)
Cash and cash equivalents at beginning ofthe year		590	630
Cash and cash equivalents at end ofthe year	12	446	590

Academicfees and charges	2021	2020
	£000s	£000s
Colleges fees:
Fee income received at the Regulated Undergraduate rate	1,916	2,042
Fee income received at the Unregulated Undergraduate rate	478	407
Fee income received at the Graduate rate	830	759
Sub-total	3,224	3,208
Other income	284	314
Total	3,508	3,522

Income from accommodation, catering and conferences	2021	2020
	£000s	£000s
Accommodation:
College members	2,042	2,196
Conferences		1,006
Sub-total	2,042	3,202
Catering:
College members	338	788
Conferences	21	731
Sub-total	359	1,519
Total	2,401	4,721

3	Endowment return and investment income	2021	2020
		£000s	£000s
3a	Analysis of Investment Income
	Total return contribution (see note 3c)	3,536	2,980
	Other Investment Income	452	551
	Net income transferred to income and expenditure reserve
	Total	3,988	3,531
3b	Analysis of Investment Gains	2021	2020
		£000s	£000s
	Gains/(losses) on endowment assets:
	Land and buildings	176	(322)
	Quoted and other securities and cash	12,495	(375)
		12,671	(697)
	Gains/(Losses) on otherassets:
	Quoted and other securities and cash	2,041	(226)
	Total	14,712	(923)

3c	SummaryofTotal Return	SummaryofTotal Return	2021	2020
			£000s	£000s
	Income from:
	Land and buildings		254	291
	Quoted securities		2,480	1 ,857
	UnitTrusts		322	307
	Income from short-term investments		53	62
			3,109	2,517
	Gains/(Losses) on endowment assets (see note 3b)		12,671	(697)
	Investment management costs and loan interest (see note 3d)		(84)	(224)
	Total return for year		15,696	1,596
	Total return transferred to	income and expenditure reserve (see note 3a)	(3,536)	(2,980)
	Unapplied total return Comprehensive Income	I (loss) for year included within Statement of and Expenditure (see note 18)	12 160 ‘	1 384
3d	Investment managementcosts and loan interest		2021	2020
			£000s	£000s
	Land and buildings		48	12
	Luoted securities - equities		3b	212
	Endowment Loan Interest
			84	224
	Other Loan interest and costs		594	594
	Total		678	818
4	Education expenditure		2021	2020
			£000s	£000s
	Teaching		2,486	2,752
	Tutorial		1,113	1,050
	Admissions		1,221	1,423
	Research		767	798
	Scholarships and awards		1108	818
	Other educational facilities		265	302
	Total		6,960	7,143

Accommodation, catering and conferences expenditure	2021	2020
	£000s	£000s
Accommodation:
College members	2,448	2,527
Conferences	1,322	1,157
Sub-total	3,770	3,684
Caterinq:
Collecie members	1 158	1,126
Conferences	543	1,203
Sub-total	1,701	2,329
Total	5,471	6,013

Analysis of 202012021 expenditure by activit	y
	Staffcosts (note 7)	Other operating expenses	Depreciation	Total
	£000s	£000s	£000s	£000s
Education	2,752	3,867	341	6,960
Accommodation, catering and conferences	2,592	2,003	876	5,471
Other	211	267		478
Statute Gil		33		33
Totals	5,555	6,170	1,217	12,942

	Staffcosts (note 7)	Other operating expenses	Depreciation	Total
	£000s	£000s	£000s	£000s
Education	2,893	3,910	340	7,143
Accommodation, catering and conferences	2,916	2,222	875	6,013
Other	235	439		674
Statute GIl		32		32
Totals	6,044	6,603	1,215	13,862

The number ofofficers and employees ofthe College, including Head of House, who received	remuneration in the
following ranges was:
2021 Total	2020 Total
£100,001 -110,000	1

Fixed assets
Consolidated	College buildings and Site	College houses and hostels	Plant, fixtures and fittings		Assets Under Construction	2021 Total	2020 Total
	L000s	£000s	L000s		£000s	£000s	£000s
Cost or valuation
Atbeginningofyear	49,791	17,042		379	2,286	69,498	69,741
Additions	194	-		-	5,156	5,350	1,637
Transfers	297	-		-	(297)	-	-
Disposals	-	(511)		-	(1)	(512)	(1,880)
At end ofyear	50,282	16,531		379	7,144	74,336	69,498
Depreciation
At beginning ofyear	12,198	2.677		36		14.911	13,696
Charge forthe year	885	294		38		1,217	1,215
Eliminated on disposals		(50)				(50)
At end ofyear	13,083	2,921		74		16,078	14,911
Net book value
At end ofyear	37,199	13,610		305	7,144	58,258	54,587
At beginning ofyear	37,593	14,365		343	2,286	54,587	56,045
College
Cost or valuation
At beginning ofyear	49,792	17,085		379	2,286	69,542	69,784
Additions	194				5,156	5,350	1,637
Transfers	297				(297)
Disoosals		(511)				(511)	(1.879)
At end ofyear	50.283	16,574		379	7,145	74.381	69.542
Depreciation
At beginning ofyear	12,198	2,677		36		14,911	13,696
Charge for the year	886	294		38		1,218	1,215
Eliminated on disposals		(50)				(50)
At end ofyear	13,084	2,921		74	-	16,079	14,911
Net book value
At end ofyear	37,199	13,653		305	7,145	58,302	54,631
Atbeginningofyear	37,593	14,409		343	2,286	54,631	56,088
The insured value offreehold land and buildings as at 30 June				2021	was £155,254,085 (2020: £153,426,836).
The cost to the group offreehold buildings and assets under construction consists ofthe costs incurred							by the
College less the surplus recorded in the accounts of St			Catharine’s College Events Limited, a subsidiary
undertaking, and eliminated on consolidation.

included in the balance sheet is partial.
Amounts forthe current and previous years were as follows:
	2021	2020
	£000s	£000s
Acquisitions purchased with specific donations	40	3
Acquisitions purchased with College funds	7	1
Total cost ofacquisitions purchased	47	4
Value ofacquisitions by donation
Total acquisitions capitalised	3,177	3,130

Investments
		Consolidated	College	Consolidated	College
		2021	2021	2020	2020
		£000s	£000s	£000s	£000s
Balance at beginning ofyear		123,422	123,422	113,286	113,286
Additions		98,442	98,442	15,153	15,153
Disposals		(93,060)	(93,060)	(6,756)	(6,756)
Transfer to Operational Buildings
Gain/(loss)		9,169	9,169	(1,578)	(1,578)
lncrease/(decrease) in cash balances held at fund managers		3,636	3,636	3,317	3,317
Balance at end ofyear		141,609	141,609	123,422	123,422
Represented by:
Property		9,035	9,035	9,898	9,898
Quoted securities — equities				30,650	30,650
Fixed interest securities
Investments in subsidiary undertakings
Cash and cash equivalents investment managers	at	20,447	20,447	16,811	16,811
Managed Multi-Asset Portfolios Other Investments	and	112,127	112,127	66,063	66,063
Total		141,609	141,609	123,422	123,422

	Consolidated	College		Consolidated	College
	2021	2021		2020	2020
	£000s	£000s		£000s	£000s
Goodsforresale	172		172	186		186
Work in progress	6		-	-		-
Other stocks	-		-	-		-
Totals	178		172	186		186

Pension provisions
Consolidated &		College		USS	CCFPS	CEFPS	Total 2021	Total 2020
				£000s	£000s	£000s	£000s	£000s
Balance at beginning	ofyear			510	5,285	6	5,801	5,391
Movement in year:
Current service cost		including	life	213	166	1	380	189
assurance
Contributions				(251)	(197)	(3)	(451)	(531)
Otherfinance cost				7	107	-	114	116
Actuarial (gain) /	loss	recognised	in
Statement ofComprehensive Income			and	-	(1,103)	-	(1,103)	636
Expenditure
Balance at end ofyear				479	4,258	4	4,741	5,801

Endowment funds
Restricted netassets relatinq to endowments are as follows:
Consolidated & College	Restricted permanent endowments	Unrestricted permanent endowments	Total 2021	Total 2020
	£000s	£000s	£000s	£000s
RInrc,f beginning ofyear
Capital	65,339	1,247	66,586	67,689
New donations and endowments	1,157	22	1,179	189
lncrease/(decrease) in market value of investments	7,178	137	7,315	(929)
Transfer between Funds	(1)		(1)	(363)
Balance at end ofyear	73,673	1,406	75,079	66,586
Analysis bytype of purpose
Fellowship Funds	26,130		26,130	24,137
Prizes	1,160	158	1,318	1,186
Travel Awards	307	777	1,084	972
Home Bursaries	7,727		7,727	5,348
Graduate Bursaries	31,510		31,510	28,388
Overseas Bursaries	4,453		4,453	4,013
Grants	354	471	825	725
Other	1,388		1,388	1,237
General Endowment	644		644	580
Group Total	73,673	1,406	75,079	66,586
Analysis byasset
Property	4,700	90	4,790	5,340
Investments	58,335	1,113	59,448	52,176
Cash	10,638	203	10,841	9,070
Group Total	73,673	1,406	75,079	66,586

Restricted Reserves
Reserves with restrictions		are as follows:
				Permanent
			Capital	unspent	Restricted
Consolidated & College			grants	and other	expendable	2021 Total	2020 Total
			unspent	restricted	endowment
				income
			£000s	£000s	£000s	£000s	£000s
Balance at beginning	of	year
Capital			7,785	-	2,369	10,154	7,017
Accumulated income			-	5,295	114	5,409	5,465
New qrants			6,058			6,058	2,177
New donations				297	481	778	1,175
Endowment return transferred			200	2,609	91	2,900	2.743
Other investment income
lncrease/(decrease) value ofinvestments	in	market	855	582	273	1,710	(178)
Expenditure				(2,883)	(650)	(3,533)	(3,159)
Capital cjrants utilised			(107)			(107)	(56)
Transfer between Funds							379
Balance at end ofyear
Capital			14.790		2,630	17.420	12,154
Accumulated income				5,899	49	5,948	5,409
Analysis ofother restrictedfundsldonations
bytype ofpurpose
Fellowship Funds			-	2,699	1,431	4,130	3,689
Prizes			-	275	6	281	251
Travel Awards			-	263	-	263	237
Home Bursaries			-	715	7	722	656
Graduate Bursaries			-	497	-	497	459
Overseas Bursaries			-	1,294	-	1,294	1,166
Grants			14,790	49	528	15,367	8,225
Other			-	71	706	777	844
General Endowment			-	37	-	37	36
Group Total			14,790	5,899	2,679	23,368	15,563

Included w	ithin	reserves the following amounts representthe Unappl	ied Total Return ofthe College	:
			2021	2020
			£000s	£000s
Unapplied	Total	Return at beoinnina ofyear	24299	25.683
Unapplied	Total	Return/(Loss)foryear (see note 3c)	12,160	(1,384)
Unapplied	Total	Return at end ofyear	36,459	24.299

Reconciliation ofconsolidated surplus forthe year to net cash inflow	from operating activiti	es
	2021	2020
	£000s	£000s
Surplus for the year	20,976	447
Adjustment for non-cash items
Depreciation	1,217	1,216
Investment income
(Gain)/Loss on endowments, donations and investment property	(9,159)	1,697
Decrease/(increase) in stocks	8	14
Decrease/(increase) in trade and other receivables	640	8,133
lncrease/(decrease) in creditors	79	274
lncrease/(decrease) in provisions
Pension costs less contributions payable	44	(227)
Adjustment for investing orfinancing activities
Investment income	(3,562)	(3,069)
Interest payable	1,125	1,111
Loss/(Profit) on the sale of non-current assets	12	108
Net cash inflow from operating activities	11,380	9,704

Cash flows from investing activities
	2021	2020
	£000s	£000s
Proceeds from sales of non-current fixed assets	449	1,772
Non-current investmentdisosaI	89,415	5,955
Investment income	3.562	3,069
Endowment funds invested	(98.442)	(17,788)
Withdrawal ofderosits
Payments made to acouire non-current assets	(5.397)	(1.641)
Total cash flows from investing activities	(10,413)	(8,633)

Cash flows from financing activities
	2021	2020
	£000s	£000s
Interest paid	(1,111)	(1,111)
New secured loans
Total cash flows from financing activities	(1,111)	(1,111)

	At 1st July 2020	Cash Flows	At 30th June 2021
	£000s	£000s	£000s
Cash and cash equivalents	590	(144)	446
Borrowings:
Amounts falling due after more than one year
Unsecured loans	(31,000)		(31,000)
Nettotal	(30,410)	(144)	(30,554)

		2021	2020
		£000s	£000s
Financial assets
Financialassets at fair value through Statement ofComprehensive income
Listed equity investments		-	29,217
Other Investments	- including multi-asset portfolios	112,124	67,493
Financialassets that	are equity instruments measuredat costless impairment
Other equity investments		3	3
Financialassets that	are debtinstruments measuredatamortisedcost
Cash and cash equivalents		20,893	17,401
Other equity investments		-	-
Loan notes		-	-
Otherdebtors		516	501
Financial liabilities
Financialliabilities at	fair value through Statement of Comprehensive Income
Forward foreign currency contracts
Financialliabilities measuredatamortised cost
Bank overdraft
Loans		31,000	31,000
Service concessions
Finance leases
Trade creditors		172	340
Othercreditors		815	1,234

Capital commitments
	2021	2020
	£000s	£000s
Capital commitments at 30 June 2021 are as follows:
Authorised and contracted:
Building works	14,152	816
Collective investment with Cambridge University & other Cambridge Colleges	74	82
Collective investment schemes through investment managers	334	373
	14,560	1,271
Authorised but not yet contracted for	6,776
Commitments under finance leases entered into but not yet provided for in the
financial statements

Lease obligations
	2021	2020
	£000s	£000s
At 30 June 2021 the College had commitments under non-cancellable operating leases as follows:
Land and buildings:
Expinng within one year	bb		3ui
Expiring between two and five years	48		72
Expiring in overfive years	17		17
	321		460
Other
Expiring within one year	10		12
Expiring between two and five years	10		2
Expiring in over five years	-		-
	20		14

tal pension cost for the year ended 30June 2021 was as foll	ows:
	2021	2020
	£000	£000
USS: Charged to income and expenditure	221	229
CCFPS: Charged to income and expenditure	274	302
Other pension schemes: Contributions	180	202
	675	733

The current life expectancies on retirement at age 65	are:
	2021	2020
Males currently aged 65 (years)	24.6	24.4
Females currently aged 65 (years)	26.1	25.9
Males rurrntlv aged 4S (years)	26.6	26.3
Females currently aged 45 (years)	27.9	27.7

ase to 6%. The 2021 deficit recovery liability refle ced using the following assumptions:	cts this plan. The liability figur	es have
	2021	2020
Discount rate	0.78%	1.58%
Pensionable salary growth	2.96%	1.50%

	2021	2020
	%p.a.	%p.a.
Discount rate	1.80	1.45
Increase in salaries	3.10	2.70
Retail Price Index (RPI) assumption	3.40	3.10
Consumer Price Index (CPI) assumption	2.60	2.20
Pension increases in payment (RPI max 5% p.a.)	3.30	3.00
Pension increases in payment (CPI max 2.5%)	1.95	1.80

cases:
	Male		Female
Active Members—Option 1 Benefits		64		64
Deferred Members—Option 1 Benefits		63		62

	2021	2020
	£0005	£000s
Present value of plan liabilities	(14,930)	(15,322)
Market value of plan assets	10,673	10,037
Net defined benefit asset/(Iiability)	(4,257)	(5,285)

	2021	2020
	£000s	£000s
Current service cost	166	233
Administrative expenses	18	18
Interest on net defined benefit (asset)/liability	77	103
(Gain)/loss on plan changes	-	-
Total charge	261	354

	2021	2020
	£000s	£000s
Present value of plan liabilities at beginning of period	15,320	13,940
Current service cost	166	233
EpIc’’e	22
Benefits paid	(349)	(386)
Interest on plan liabilities	221	312
Actuarial losses/(gains)	(450)	1,195
(Gain)/loss on plan changes	-	-
Curtailment (gain)/loss	-	-
Present value ofScheme liabilities at end of period	14,930	15,322

	2021	2020
	£000s	L000s
Market value of plan assets at beginning of period	10,036	9,389
Contributions paid by the College	197	268
Employee contributions	22	28
Benefits paid	(349)	(386)
Administrative expenses paid	(30)	(30)
Interest on plan assets	144	209
Return on assets, less interest included in Profit and Loss	653	559
Market value ofScheme assets at end of period	10,673	10,037
Actual return on plan assets	797	767

	2021	2020
Equities	48%	49%
Bonds & Cash	42%	41%
Properties	10%	10%
Total	100%	100%

	2021	2020
	£000s	£000s
Return on assets, less interest included in Income & Expenditure	653	559
Expected less actual plan expenses	(12)	(12)
Experience gains and losses arising on plan liabilities	273	224
Changes in assumptions underlyingthe present value of plan liabilities	177	(1,419)
Remeasurement of net defined benefit liability recognised in OCI	1,091	(648)

	2021	2020
	£000s	£000s
Net defined benefit asset/(liability) at beginning ofyear	(5,285)	(4,551)
Recognised in Income and Expenditure	(261)	(354)
Contributions paid by the College	197	268
Remeasurement ofnet defined benefit liability recognised in OCI	1,091	(648)
Surplus/(deficit) in plan at the end ofthe year	(4,258)	(5,285)

% of pensionable stipends	1 January2018 to	lJanuary2o2lto
	31 December 2020	Ji December 2022
Deficit repair contributions	11.9%	7.1%
L

	2020		2019
	£000s		£000s
Balance sheet liability at 1 January		(6)		(19)
Deficit contribution paid		3		4
Interest cost (recognised in SOCIE)		-		-
Remaining change to the balance sheet liability*		(1)		9
(recognised in the SOCIE)
Balance sheet liability at 31 December		(4)		(6)

recovery payments:
	December	December	December
	2020	2019	2018
Discount rate	0.2% pa	1.1% pa	2.1% pa
Price inflation	3.1% pa	2.8% pa	3.1% pa
Increase to total pensionable payroll	1.6% pa	1.3% pa	1.6% pa

Subsidiary undertakings		Shares held
		Class	%
St Catharine’s College Development Ltd	UK	Ordinary		100
St Catharine’s College Events Ltd	UK	Ordinary		100

				Principal activity	Capital and reserves	Result for the year
					2021	2021
					£000s	£000s
St	Catharine’s	College	Development Ltd	Development contractor	-
St	Catharines	College	Events Ltd	Functions and events	4	(14)