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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|





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## 

|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|





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|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<br>student body|364|||



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|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)|





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|Investments are divers<br>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|



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|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|



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|||||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<br>Unrestricted<br>Restricted<br>Endowment|£000s<br>£000s<br>£000s<br>£000s|3,508<br>3,208<br>314<br>-|2,401<br>4,721<br>-<br>-|3,561<br>551<br>-<br>2,517|-<br>237<br>2,743<br>(2,980)|513<br>397<br>4<br>-|9,983<br>9,114<br>3,061<br>(463)|1,997<br>405<br>857<br>-|1,179<br>-<br>-<br>189|-|||6,058<br>-<br>2,177<br>-|19,217<br>9,519<br>6,095<br>(274)||6,960<br>3,984<br>3,159<br>-|5,471<br>6,013<br>-<br>-|478<br>450<br>-<br>224|33<br>32<br>-<br>-|12,942<br>10,479<br>3,159<br>224|6,275<br>(960)<br>2,936<br>(498)|(12)<br>(108)<br>-<br>-|14,713<br>(503)<br>(178)<br>(242)|20,976<br>(1,571)<br>2,758<br>(740)||1,103<br>(636)||22,079<br>(2,207)<br>2,758<br>(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<br>Unrestricted<br>Restricted|Income<br>£000s<br>£000s|Academic fees and charges<br>1<br>3,223<br>285|Accommodation, catering and conferences<br>2<br>2,401<br>-|Investment income<br>3<br>452<br>-|Endowment return transferred<br>3<br>636<br>2,900|Other income<br>513<br>-|Total income before donations and endowments<br>7,225<br>3,185|Donations & Legacies<br>1,505<br>492|New endowments<br>16<br>-<br>-|Capital grantfrom Colleges Fund<br>-<br>-|||Other capital grants for assets<br>-<br>6,058|Total income<br>8,730<br>9,735|Expenditure|Education<br>4<br>3,427<br>3,533|Accommodation, catering and conferences<br>5<br>5,471<br>-|Other expenditure<br>394<br>-|Contribution under Statute GIl<br>33<br>-|Total expenditure<br>6<br>9,325<br>3,533|(Deficit)ISurplus before other gains and losses<br>(595)<br>6,202|Gain/(loss)on disposal of fixed assets<br>8<br>(12)<br>-|Gain/(loss)on investments<br>9<br>5.177<br>1,710|Surplusl(deficit) forthe year<br>4,570<br>7,912|Other comprehensive income|Actuarial gain/(loss) in respect of pension schemes<br>15<br>1,103||Total comprehensive income forthe year<br>5,673<br>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<br>Endowment|£000s<br>£000s|15, 563<br>66,586|7,912<br>8,494|-<br>-|(107)<br>-|-<br>(1)|23, 368<br>75,079|Income and expenditure reserve|Restricted<br>Endowment|L000s<br>£000s|12,482<br>67,689|2,58<br>(740)||(56)|379<br>(363)|15, 563<br>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)<br>from<br>income<br>and<br>expenditure<br>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)<br>from<br>income<br>and<br>expenditure<br>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<br>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 <br>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<br>reserve|— endowment|16|75,079|75,079|66,586|66,586|
|Income and expenditure reserve<br>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|



|2|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<br>Comprehensive Income|I (loss) for year included within Statement of<br> and Expenditure (see note 18)|12 160<br>‘|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|





|5|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<br>(note 7)|Other<br>operating<br>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<br>(note 7)|Other<br>operating<br>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|



## 



|8|Fixed assets||||||||
|---|---|---|---|---|---|---|---|---|
||Consolidated|College<br>buildings<br>and Site|College<br>houses<br>and<br>hostels|Plant,<br>fixtures<br>and<br>fittings||Assets<br>Under<br>Construction|2021<br>Total|2020<br>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|



## 

|9|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<br>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<br>— equities||||30,650|30,650|
||Fixed interest securities||||||
||Investments in subsidiary undertakings||||||
||Cash<br>and<br>cash<br>equivalents<br>investment managers|at|20,447|20,447|16,811|16,811|
||Managed<br>Multi-Asset Portfolios <br>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|








|15|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<br>service<br>cost||including|life|213|166|1|380|189|
||assurance|||||||||
||Contributions||||(251)|(197)|(3)|(451)|(531)|
||Otherfinance cost||||7|107|-|114|116|
||Actuarial<br>(gain)<br>/|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|



|16|Endowment funds|||||
|---|---|---|---|---|---|
||Restricted netassets relatinq to endowments are as follows:|||||
||Consolidated & College|Restricted<br>permanent<br>endowments|Unrestricted<br>permanent<br>endowments|Total<br>2021|Total<br>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<br>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|





|17|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)<br>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<br>July 2020|Cash<br>Flows|At 30th<br>June<br>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|





|24|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|||



|25|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<br>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||Country of registration or<br>incorporation|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<br>reserves|Result for<br>the year|
|---|---|---|---|---|---|---|
||||||2021|2021|
||||||£000s|£000s|
|St|Catharine’s|College|Development Ltd|Development contractor|-||
|St|Catharines|College|Events Ltd|Functions and events|4|(14)|



## 



##