2022-06-30-accounts - The Master And Fellows Of The College Or Hall Of Saint Catharine The Virgin In The University Of Cambridge

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

PART 1:Report ofthe Trustees
Aims and Objectives.
Public Benefit.
Equality, Diversity and Inclusion.
College Funding. .
Achievements and Performance.
Financial Review							..1S
Principal Risks and Uncertainties.	....						..21
Plans for the Future.							..22
Statement ofCorporate Governance			.				......23
Statement of Internal Controls.							..24
Responsibilities ofthe Governing	Body						25
Independent Auditors' Report to	the		Governing		Body ofSt Catharine's	College, Cambridge. ....	....26
PART 2:Financial Statements
Statement of Principal Accounting		Policies					30
Consolidated Statement ofComprehensive				Income and Expenditure ..			38
Consolidated Statement ofChanges		in Reserves			.....		39
Consolidated and College Balance Sheets							..40
Consolidated Cash Flow Statement.		.					..41
Notes to the Accounts .							..42

STCATHARINE'5 COLLEGE, CA Report ofthe Trustees	MBRIDGE		FOR THE YEAR EN	FOR THE YEAR EN	DED 30JUNE 2022
year and higher pension costs.	Expenditure	includes	staff costs ofE6.0 million, representing		almost half ofthe
College's total cash expenditure,	and depreciation		ofE1.2 million. The key expenditure	changes compared to
2020—21were:
Item			5million
Increased end on food meals and caterin		revision	0.25
Increased a roll cost			0.60
Increase in USS ension deficit	rovision		0.70
Increase in ex enditure			1.55

Reserves			30June						Purpose
			2022
			%million
Restricted reserves:
Income and	expenditure	reserve:	73.0	Donors	have		specified		that the	funds	be permanently
endowment	reserve			invested		to	generate		an income.		Most	of	these
				endowments			have	a s ecific direction as			to use
Income and	expenditure	reserve:	25.8	Donors	have		specified		that the donation		must be used for
restricted reserve				a articular		ob'ective
			98.8
Unrestricted	reserves:
Income and	expenditure	reserve:	72.4	Funds can		be used		for	general charitable		purposes.		Most
unrestricted				ofthese	reserves			are represented		by the College's			fixed
				and herita		e	assets	so thev are not		li uid
Total reserves			17L2

eport ofth	e Trustees
Reserve		Target fmillion		Rationale
Income contingency		4.0	Contingency to cover extreme/unexpected shorifsll				in most	'vulnerable'
			income streams equivalent	to 18	months' external		conference		income
			(aversge oflast three pre-pandemic		years) snd	12 months'		unrestricted
			donations income
Capital expenditure		2.0	Two years of capital expenditure		excluding	major projects			that are
			separately funded through	fundraising or loans.		This provides			cover for
			the additional investment	required	to implement	s planned		preventative
			maintenance ro rsmme
Expenditure	contingency	2,5	Contingency to cover additional extreme/unexpected				expenditure such
			as a ms'or estate re sir
TOTAL		f$.5m

Governance		(ESG) criteria.	(ESG) criteria.	To ensure that investments	To ensure that investments	To ensure that investments	To ensure that investments	are managed	appropriately for	appropriately for	appropriately for	appropriately for	both long-	both long-	and short-	and short-
term financial		requirements,		there are now three			distinct	sub-portfolios with			different		investment		strategies:
the long-term		endowment,		the loan	repayment	fund and		the liquidity	ladder.
				30June		30June					Purpose
				2022 gmillion		2021 Imillion
Long-tenn	endowment				103.8		106.8	Investments	held	for the long		term which contribute to
								annual operating			expenditure		through		the	3.75%
								drawdown	from the		endowment
Loan repayment			fund		13.9		14.8	Investments	held	to	generate	sufficient		income		to pay
								the annual	interest	and to grow			the capital		in order to
								re the X20m		'vate lacement loan in 2063
Liquidity	ladder		including		14.4		20.0	Investments	held	in	cash or near cash			for	short-term
investment	cash							ca 'tal o'ects
					132.1		141.6

td td 0 td UCZ	g C 0 0		NO td	0t-	w	DQO Ih ltl	O									N Dl		O Ul frl	r	Dd r «I	Dd r «I	m rh		Ih td ID	N	r	td		M CQ	Ch I Idt4
	Ut
Cft
0								ErlO	Ut mIh		td'It					tdIh
Ut	EO
	E
ZI-g0				'0 I					OO Dl N									mM I«l						N N0		O r	Id			td
CL				4I
				IL
	Cl
	DD CL L0 0 +00			Ul Cl L0	CQOO Ul	rh O r«d m		N lll	ID Eh ID	M Ut	Ntd					ItlI DC		f« d m	I «r llt	d Eh fh		m m					OIIh		M ED
	IU
			NN0 N			Ch m m									EhNm Dfl	'lttd				O UI r«M Ih				tdm W td	N	Irl CQ MI	O		rt« I«
								CQ mO					m ~4			rd td										O N	DlO			Eh
					CI8			m
				'0					ID «r DQ	Erl					DlI« M												Ntd r			td I
											m				M												hl			m
				4I
				IZ
		Cl 0 Cl		'lQ b	8 CI	m	DQ fh	m d	M O Xt	ED cd rt								N Nd'	O Eh ID						CQ M ID				N	Ih
		CL			w
		OC
		04
		0
		Cl
		E00e
		CI0																											IU
		0																											E 4f
0 Lt		V 0 Cl IO 4Vt'00 IC 000lJ			E S	E dl IJ ld Cl EU E 4f 1Q	EUVC Cl Cl C0 1Q ID Dll 0 fd C0 0 E E0IJ UQ	Ql E0VC L Ct E 4l 0	1Q EU Cl fd C EU C dl E 0'0 C UJ	EU E0VL EU 0	'0 C ld C0 E00C	Cl V fd OO Cl C fd UlC0 EO 0 CI	I E 0 1Q Z	C IL IU DO Cl 0IJ E0 dl OD fd EL Cl 'LI	Cl»» !O 0 Ul0 ld th dl O. dlIJ Cl	Cl E 80 Tl0 I	Ol 0 DC0 ~L X Xl	00 EOIJ Ul	EUIJ Cl Cl 0 OC fd OO Cl dlV 0O'80EE0		Cl E 'O C dl CL X EU Cl 0	0 Cl 8 Ul Cl 140 00 0 0	IO NO	0 '00 CI C ld CO Cl 0 Ol 0 U0 0 Cl0 ~» TL I Ul	Ul Cl Ul Ul Ed ClX IC 0 dl 0 «Q C0 0 fd ED	I 4l E I Cl L 0L fd OO 0	ld Cl IU 0 Z V 00 Ul a E Ih	E 8 Cl	V 00 0 ClO. 0 0 0 C fit IUt fd fd	ld Cl Cl 0 4l E S NO

m	(U (h c
0 e	v0 E			IO I-0	(Qcr 00 ID					IDo rQ		(0 a	0 0 W	th Cl lh'lr	'(0 gl Q (X	IVIQ			OQ 00 r
ZI- 0 IL	v (tl Qr Ct00 FL 0 Ol0L Cl		4I 'TrC	vC E 0	Dl lrl r	(hQ				Cl Al	Ol? I 4I 10C	C E 0 L	0OO W		«h hr 00				Dlo Ih	(U LJ 130 v0
	I-		4I «L X OOC(0S Ea C	Ol	00 m (tl OQ				Ih (Q	Ih (EI	Ol X Cl 10C IO Cl E0IJC	Ol V I/I	O0 W0	m ID Ih lh	«h				00 ID Ifl ttt	Ot IO LJ (0 Cl 0 I/I
				EY								IY								Ct
																				E
				ClvV!					Ihcr	at hl r		IU ! I/! QJ!	000 W	cr ~Q ID m ID	omr I o Ih hr		Q		Ihal m th ID	Ctvv(h Cl IO!(0 Cl I/! Ot
				C																L
																				Ot
																				v
																				Cl!
						C									C					g'a
						(U									(U
						E									E
		Cl?				v(0 (/! OJ		(0 Cl Ql C							(U (/I Cl v		(0) Cl C			(0 QJ IO E 0
CD0 Cl EC \J 0IJ		Cl C 4I Wl C(0 IJ 0 C 4/ E 4l			o (C Itt	ClO. X (U C(0 (U E0 E0v	Ct E0 Ot C OJ	E Ot «L '8 C fQ «L IOIJ'0 Ol V	Ol2 Ot IL QOI C C EU Cl	OQ CI QQ ttt Cl0				o IOo OQ	C Cl X Cl (0 Ot E0(J E0v	Ct E0 C Ql Cl	QJ «L (/I '8Lv (0 «L (0 Qt !	Ct? Ct Ct E« (OI '8 C C (U Cl	Ct (El OQ Ol	EU I fO Ol! 4I00 tlt 0 '0 EO
Z EC ~CZ ~t I I- Ih		Cl (0 0 C0IJ			IO IUVC IO IO Cl	O. \ Ih (J (C Ct CI	4t 0. E0 Ct 0	(0! h-0 Ot (h EO Cl Ql	Ct JU ~- Ot Q- C f0I-	o Itl (0 Cl C(0 (0 Cl				'H IO OI C(0 (0 Cl	V OC EU CI 0 QL I/I	IU I «L E0! Ol 0	0 OJ (/I(0 Ol (U I«	v Ot ! OJv C IOI-	o Itlv tO OJIJC IO Ol ID	4l IOa 0 C0 (U

onsolidated and C	olleg	e	Balanc	e Shee	ts
							2022	2022	2021	2021
							Consolidated	Colic e	Consolidated	College
						Note	6000s	f000s		fooos
Non&urrent Assets
Fixed assets							69,592	69,641	58,258	58,302
Heritage assets							3,209	3,209	3,177	3,177
Investments							132,095	132,095	141,609	141,609
Total non-current assets							204,896	204,945	203,044	203,088
Current assets
Stocks						10	210	172	178	172
Trade and other receivables							1,905	2,080	2,253	2,316
Cash and cash e uivalents						12	1,156	949	446	385
Total current assets							3,271	3,201	2p877	2,873
Creditors: amounts	falling		due	within	one	13	(2,770)	(2,692)	(2,338)	(2,327)
year
Net current assets							501	509	539	546
Total Assets less current		liabilities					205,397	205,454	203,583	203,634
Creditors: amounts than one year	falling		due after more			14	(31,000)	(31,000)	(31,000)	(31,000)
Provisions
Pension provisions						15	(3,191)	(3,191)	(4,741)	(4,741)
Total net assets							171,206	171,263	167,842	167,893
Restricted reserves
Income and expenditure endowment reserve		reserve-				16	72,970	72,970	75,079	75,079
Income and expenditure		reserve —restricted				17	25,845	25,845	23,368	23,368
reserve
							98p815	98,815	98,447	98,447
Unrestricted Reserves
Income and expenditure unrestricted		reserve—					72,391	72,448	69,395	69,446
Total Reserves							171,206	171,263	167,842	167p893

					2022	2021
				Note		E000s
Net cash inflow from operating activities					3,489	11,380
Cash flows from investing	activities				(1,669)	(10,413)
Cash flows from financing	activities				(1,110)	(1,111)
Increase/(Decrease) in cash and cash		equivalents	in the year		710	(144)
Cash and cash equivalents	at beginning	ofthe year			446	590
Cash and cash equivalents	at end ofthe year				1,156	446

otes	tothe Accounts	tothe Accounts	tothe Accounts
	Academic fees and charges								2022	2021
									EOOOs	EOOOs
	Colleges fees:
	Fee income received at		the Regulated		Undergraduate			rate	2,053	1,916
	Fee income received at		the Unregulated			Undergraduate		rate	555	478
	Fee income received at		the postgraduate			rate			931	830
	Sub-total								3,539	3,224
	Other income									284
	Total								3,839	3,508
	Income from accommodation,			catering		and conferences			2022	2021
									EOOOs	EOOOs
	Accommodation:
	College members								2,771	2,042
	Conferences								141
	Sub-tota I								2,912	2,042
	Catering:
	College members								830	338
	Conferences								142	21
	Sub-total								972	359
	Total								3,884	2,401
	Endowment return and		investment		income				2022	2021
									EOOOs	EOOOs
3a	Analysis ofInvestment		Income
	Total return contribution		(see note 3c)						3,649	3,536
	Other Investment	Income							473	452
	Net income transferred		to income and			expenditure	reserve
	Total								4,122	3,988
	Analysis ofInvestment		Gains						2022	2021
									EOOOs	EOOOs
	Gains/(losses) on endowment			assets:
	Land and buildings								720	176
	Quoted and other	securities and cash							(4,263)	12,495
									(3,543)	12,671
	Gains/(Losses) on	other	assets:
	Quoted and other	securities and cash							(840)	2,041
	Total								(4,383)	14,712

	Summary ofTotal Return	Summary ofTotal Return					2022 f000s	2021 f000s
	Income from:
	Land and buildings						271	254
	Quoted securities						2,573	2,480
	Unit Trusts						314	322
	Income from short-term	investments					(120)	53
							3,038	3,109
	Gains/(Losses) on endowment		assets (see note 3b)				(3,543)	12,671
	Investment management	costs	and loan interest	(see note 3d)			(51)	(84)
	Total return for year						(556)	15,696
	Total return transferred 3a)	to income and expenditure			reserve (see note		(3,649)	(3,536)
	Unapplied total (loss)/return for year included within Statement Comprehensive Income and Expenditure (see note 18)					of	(4,205)	12,160
3d	Investment management	costs and loan interest					2022	2021
							f000s	f000s
	Land and buildings						31	48
	Quoted securities - equities						20	36
	Endowment Loan Interest
							51	84
	Other Loan interest and	costs					594	594
	Total						645	678
	Education expenditure						2022	2021
							f000s	f000s
	Teaching						2,866	2,486
	Tutorial						1,210	1,113
	Admissions						1,562	1,221
	Research						825	767
	Scholarships and awards						876	1,108
	Other educational facilities						408	265
	Total						7,747	6,960

othe Accounts
Accommodation,	caterin	and conferences expenditure	2022	2021
			EOOOs	EOOOs
Accommodation:
College members			2,711	2,448
Conferences			1,231	1,322
Sub-total			3,942	3,770
Catering:
College members			1,608	1,158
Conferences			640	543
Sub-total			2,248	1,701
Total			6,190	5371

Analysis of2021	/2022 expenditure by activity
		Staff costs (note 7)	Other operating expenses	Depreciation	Total
		Eooos	EOOOs	Eooos	EOOOs
Education		3,169	4,237	341	7,747
Accommodation,	catering and conferences	2,649	2,665	876	6,190
Other		224	296		520
Statute G,li			35		35
Totals		6,042	7,233	1,217	14,492

Analysis of2020	/2021 expenditure by activity
		Staff costs (note 7)	Other operating expenses	Depreciation	Total
			EOOOs	Eooos	Eooos
Education		2,752	3,867	341	6,960
Accommodation,	catering and conferences	2,592	2,003	876	5,471
Other		211	267		478
Statute G,ll			33		33
Totals		5,555	6,170	1,217	12,942

Auditors'	remuneration	2022		2021
		EOOOs		Eooos
Other operating expenses include:
Audit fees	payable to the College's external auditors		26		23
Other fees payable to the College's external auditors
Totals			26		23

Fixed assets
Consolidated	College buildings and Site	College houses and hostels	Plant, fixtures and fittings	Assets Under Construction	2022 Total	2021Total
		Eooas	EOOOs	Eooos	Eooos	Eooos
Cost or valuation
At beginning ofyear	50,282	16,531	379	7,144	74,336	69,498
Additions				12,635	12,635	5,350
Transfers	12			(13)
Dis osals		(137)			(137)	(512)
At end ofyear	50,294	16,394	379	19,766	86,833	74,336
Depreciation
At beginning ofyear	13,083	2,921	74		16,078	14,911
Charge for the year	894	285	38		1,217	1,217
Eliminated on disposals		(54)			(54)	(50)
At end ofyear	13,977	3,152	112		17,241	16,078
Net book value
At end ofyear	36,317	13,242	267	19,766	69,592	58,258
At be inning ofyear	37,199	13,610	305	7,144	58,258	54,587
College
Cost or valuation
At beginning ofyear	50,283	16,574	379	7,145	74,381	69,542
Additions				12,638	12,638	5,350
Transfers	12			(12)
Disposals		(137)			(137)	(511)
At end ofyear	50,295	16,437	379	19,771	86,882	74,381
Depreciation
At beginning of ear	13,084	2,921	74		16,079	14,911
Char efor the year	894	284	38		1,216	1,218
Eliminated on disposals		54			(54)	(50)
At end ofyear	13,978	3,151	112		17,241	16,079
Net book value
At end ofyear	36,317	13,286	267	19,771	69,641	58,302
At beginning ofyear	37,199	13,653	305	7,145	58,302	54,631

Fixed assets (continue Herita eassets	d)	d)	d)	d)	d)	d)	d)
The College holds and	conserves certain collections, artefacts							and other assets ofhistorical,				artistic or
scientific importance.
As stated in the statement of principal					accounting		policies, heritage		assets acquired		since 1	July 2011			have
been capitalised. However, the majority ofassets							held in the	College's collections were acquired						prior	to		this
date and as reliable estimates of cost or valuation							are not available		for these on a cost-benefit				basis, they
were brought into the	accounts at			insurance		value on first adoption			ofthe RCCA format. As			a	result the			total
included in the balance		sheet is partial.
Amounts for the current		and	previous		years	were	as follows:
											2022				2021
											f000s				f000s
Acquisitions purchased		with	specific donations															40
Acquisitions urchased		with	College funds										32
Total cost ofacquisitions		purchased																47
Value ofacquisitions b		donation											32
Total acquisitions capitalised											3,209					3,177
Investments
					Consolidated			College		Consolidated				College
						2022		2022			2021			2021
						feces		fooos			f000s			fooos
Balance at beginning of		year				141,609		141,609			123,422				123,422
Additions							3,299		3,299		98,442					98,442
Oisposals							(2,172)		(2,172		(93,060)					93,060)
Transfer to Operational		Buildings
Gain/(loss)							(4,666)		(4,666)		9,169						9,169
Increase/(decrease) in held at fund managers		cash	balances				(5,975)		(5,975)		3,636						3,636
Balance at end ofyear						132,095		132,095			141,609				141,609
Represented b
Pro ert							8,675		8,675		9,035						9,035
Quoted securities —equities
Fixed interest securities
Investments in			subsidiary
undertakin s
Cash and cash investment managers	equivalents			at			14,472		14,472		20,447					20,447
Managed Multi-Asset Other Investments		Portfolios		and		108,948		108,948			112,127				112,127
Total						132,095		132,095			141,609				141,609
Stocks and work in progress
					Consolidated			Colic e		Consolidated				College
						2022		2022		2021				2021
						f000s		f000s		f000s				f000s
Goods for resale							172		172		172						172
Work in rogress							38
Other stocks
Totals							210		172		178						172


11	Trade and other		receivables
									Consolidated			College	Consogdated	Colic e
									2022			2022	2021	2021
									EOOOs			f000s	EOOOs	f000s
	Members of	the	College							154		154	21	21
	Amounts due		from			subsidiary						221		62
	undertakings
	Other receivables									554		517	495	503
	Pre a ments	and accrued					income			1,197		1,188	1,737	1,730
	Totals									1,905		2,080	2,253	2,316
12	Cash and cash equivalents
									Consolidated			College	Consolidated	College
									2022			2022	2021	2021
									EOOOs			EOOOs	f000s	EOOOs
	Short-term		money					market
	investments
	Bank de osits
	Current accounts		-Interest				earning			1,156		949	446	385
	Cash in hand
	Totals									1,156		949		385
13	Creditors: amounts			falling due within					one year
									Consolidated			College	Consohdated	College
									2022			2022	2021	2021
									f000s			f000s	E000s	f000s
	Bank overdraft
	Trade creditors									173		166	172	170
	Members of	the	College							270		270	292	292
	Amounts	due		to			subsidiary
	underta kings
	University fees									307		307	240	240
	Contribution	to Colleges				Fund				35		35	33	33
	Other creditors (e.g. VAT)									241		241	251	265
	Accruals and	deferred			income					1,744		1,673	1,350	1,327
	Totals									2,770		2,692	2,338	2,327
14	Creditors: amounts			falling				due after	more than	one	ear
									Consolidated			College	Consolidated	College
									2022			2022	2021	2021
									f000s			f000s	E000s	EOOOs
	Bank loans									6,000		6,000	6,000	6,000
	Other Loans									25,000		25,000	25,000	25,000
	Totals									31,000		31,000	31,000	31,000

15	Pension provisions
	Consolidated	IECollege						CCFPS	CEFPS Total 2022	Total 2021
							f000s	EOOOs	f000s f000s	EOOOs
	Balance at beginning	ofyear					479	4,258	4,741	5,801
	Movement in year:
	Current service cost		including			life	964	179	1,143	380
	assurance
	Contributions						(261)	(234)	(497)	(451)
	Other finance cost							77	81	114
	Actuarial (gain) /	loss	recognised			in
	Statement of Comprehensive				Income			(2,277)	(2,277)	(1,103)
	and Expenditure
	Balance at end ofyear						1,186	2,003	3,191	4,741
16	Endowment funds
	Restricted net assets relating			to	endowments		are as follows:
	Consolidated 8 College					Restricted permanent endowments		Unrestricted permanent endowments	Total 2022 Total 2021
						f000s		f000s	f000s f000s
	Balance at beginning	ofyear
	Capital						73,673	1,406	75,079	66,586
	New donations and	endowments					818		823	1,179
	(Decrease)/Increase value ofinvestments	in		market			(2,875)	(57)	(2,932)	7,315
	Transfer between Funds
	Balance at end ofyear						71,616	1,354	72,970	75,079
	Analysis by type ofpurpose
	Fellowship Funds						25,239		25,239	26,130
	Prizes						1,153	151	1,304	1,318
	Travel Awards						300	749	1,049	1,084
	Home Bursaries						7,928		7,928	7,727
	Graduate Bursaries						30,304		30,304	31,510
	Overseas Bursaries						4,280		4,280	4,453
	Grants						341	454	795	825
	Other						1,343		1,343	1,388
	General Endowment						728		728	644
	Group Total						71,616		72,970	75,079
	Analysis by asset
	Property						4,703		4,792	4,790
	Investments						59,067	1,117	60,184	59,448
	Cash						7,846	148	7,994	10,841
	Group Total						71,616	1,354	72,970	75,079

Restricted Reserves	Restricted Reserves
Reserves with restrictions			are as follows:
				Permanent
			Capital	unspent	Restdcted
Consolidated IECollege			grants	and other	expendable		2022Total	2021Total
			unspent	restricted	endowment
				income
				E000s	EOOOs
Balance at beginning		of
year
Capital			14,790		2,630		17,420	10,154
Accumulated income				5,899			5,948	5,409
New grants			3,329				3,329	6,058
New donations				302	1,069		1,371	778
Endowment transferred		return		2,787		59	2,846	2,900
Other investment	income
Increase/(decrease) in market value of investments				(230)	(59)		(289)	1,710
Expenditure				(3,011)	(524)		(3,535)	(3,533)
Capital grants utilised								(107)
Transfer between	Funds		(1,133)	(10)	(102)		(1,245)
Balance at end of	year
Capital			16,986		3,086		20,072	17,420
Accumulated income				5,737			5,773	5,948
Analysis ofother	restricted
funds/donations	by	type	ofpurpose
Fellowship Funds				2,623	1,180		3,803	4,130
Prizes				267			273	281
Travel Awards				254			254	263
Home Bursaries				724			724	722
Graduate Bursaries				475			475	497
Overseas Bursaries				1,243			1,243	1,294
Grants			16,986	47		428	17,461	15,367
Other				68	1,508		1,576	777
General Endowment				36			36	37
Group Total			16,986	5,737	3	122	25,845	23,368

18	Memorandum of Unapplied Total Return	Memorandum of Unapplied Total Return	Memorandum of Unapplied Total Return	Memorandum of Unapplied Total Return
	Included within reserves the following amounts				represent the Unapplied	Total Return ofthe College:
						2022	2021
						EOOOs	EOOOs
	Unapplied Total Return at be innin		of	ear		36,459	24,299
	Una lied Total Return/(Loss) for year (see note 3c)					(4,205)	12,160
	Unapplied Total Return at end ofyear					32,254	36,459
19	Reconciliation ofconsolidated surplus for the year to net cash inflow					from operating	activities
						2022	2021
						E000s
	Surplus for the year					1,087	20,976
	Adjustment for non-cash items
	Depreciation					1,217	1.217
	Investment income
	Loss/(Gain) on endowments, donations			and investment property		4,750	(9,159)
	(Increase)/Decrease in stocks					(32)
	Decrease/(Increase) in trade and	other		receivables		349	640
	Increase/(Decrease) in creditors					430	79
	Increase/(Decrease) in provisions
	Pension costs less contributions	payable				727
	Adjustment for investing orfinancing activities
	Investment income					(3,511)	(3,562)
	Interest payable					1,110	1,125
	Loss/(Profit) on the sale of non-current			assets		(2,638)	12
	Net cash inflow from operating	activities				3,489	11,380
20	Cash flows from investing activities
						2022	2021
						E000s	E000s
	Proceeds from sales of non-current		fixed assets			2,721	449
	Non-current investment dis osal					10,434	89,415
	Investment income					3,511	3,562
	Endowment funds invested					5,670)	(98,442
	Withdrawal ofdeposits
	Payments made to ac uire non-current			assets		(12,665)	(5,397)
	Total cash flows from investing	activities				(1,669)	(10,413)
21	Cash flows from financing activities
						2022	2021
						E000s	E000s
	Interest paid					(1,110)	(1,111)
	New secured loans
	Total cash flows from financing	activities				(1,110)	(1,111)

Consolidated reconciliation	Consolidated reconciliation	and	and	analysis	analysis	ofnet	ofnet	debt
										At	1July	Cash	At30
										2021		Flows	June 2022
										E000s		E000s
Cash and cash equivalents												710	1,156
Borrowings:
Amounts falling due	after more			than one			year
Unsecured loans										(31,000)			(31,000)
Net total										(30,554)		710	(29,844)
Financial Instruments
												2022	2021
												E000s	E000s
Financial assets
Financial ossets at	fair value			through		Statement			of Comprehensive
income
Listed equity investments
Other Investments	- including			multi-asset			portfolios					108,922	112,124
Financial assets that are		equity			instruments			meosured		at cost less
impoirment
Other equity investments												27
Finoncial assets that	are debt instruments						measured		at amortised		cost
Cash and cash equivalents												15,628	20,893
Other equity investments
Loan notes
Other debtors												708	516
Financial liabilities
Financial liabilities atfair value				through		Statement			of Comprehensive
income
Forward foreign currency		contracts
Financial liabilities meosured			at	amortised			cost
Bank overdraft
Loans												31,000	31,000
Service concessions
Finance leases
Trade creditors												173	172
Other creditors												809	815

TCA otes	THARINE'5 COLLEGE, CAMBRIDG tothe Accounts	E			FOR	T	HEYEAR	ENDED 3	0JUNE	2022
24	Ca ital commitments
								2022		2021
								fOOOs		KOOOs
	Capital commitments at 30June 2022		are as follows:
	Authorised and contracted:
	Building works							11,060		14,152
	Collective investment with Cambridge		University		Ik other Cambridge	Colleges			84		74
	Collective investment schemes through		investment managers						247	334
								11391		14,560
	Authorised but not yet contracted	for						1,398		6,776
	Commitments under finance leases entered			into but not yet provided			for in
	the financial statements
25	Lease obligations
								2022		2021
								6000s		E000s
	At 30June 2022 the Colic e had commitments				under non-cancellable		o eratin	leases as	follow
	Land and buildings:
	Expiring within one year								95		256
	Expiring between two and five years								34		48
	Expiring in over five years								12		17
									141		321
	Other
	Expiring within one year								27		10
	Ex iring between two and five years										10
	Expiring in over five years
									61		20

			2022		2021
			EOOD		EOOO
USS:Charged	to income and expenditure			261		221
CCFPS:Charged to income and		expenditure		256		274
Other pension	schemes: Contributions			262		180
				779		675
USS:Pension	liability movement	charged to other costs		707
				1,486		675

		2022	2021
Discount rate		3.319s	0.78yv
Pensionable	salary growth	3.249o	2.969o

			2022		2021
			96p.a.		96p.a.
Discount rate				3.80		1.80
Increase in salaries				3.25		3.10
Retail Price Index (RPI) assumption				3.45e		3.40
Consumer Price Index (CPI) assumption				2.75e		2.60
Pension increases	in payment	(RPI max 5%p.a.)		3.30*		3.30
Pension increases	in payment	(CPI max 2.5%)		2.05»		1.95

	Male		Female
Active Members —Option l Benefits		64
Deferred Members —Option I Benefits		63		62

he amounts recognised in the balance sheet as at 3 une 2021)are as follows:	0June 2022 (with comparat	ive figure	s as at	30
	2022		2021
	f000s		EOOOs
Present value of plan liabilities		(11,028)		(14,930)
Market value of plan assets		9,026		10,673
Net defined benefit asset/(liability)		(2,002)		(4,257

		2022		2021
		f000s		f000s
Present value ofplan liabilities at beginning	of period		14,930		15,320
Current service cost			141		166
Employee contributions			27		22
Benefits paid			(370)		(349)
Interest on lan liabilities			267		221
Actuarial losses/(gains)			(3,967)		(450)
(Gain)/loss on plan changes
Curtailment (gain)/loss
Present value ofScheme liabilities at end of	period		11,028		14,930

				2022		2021
				EOOOs		EOOOs
Market value	ofplan assets at	beginning	of period		10,673		10,036
Contributions	paid by the College				234		197
Employee contributions					27		22
Benefits paid					(370)		(349)
Administrative	expenses paid				(25)		(30)
Interest on plan assets					190		144
Return on assets, less interest		included	in Profit and Loss		(1,702)		653
Market value	ofScheme assets	at end ofperiod			9,026		10,673
Actual return	on plan assets				(1,512)		797

omparative figures at 30June 2021)are as	follows:
	2022		2021
Equities		529o		489o
Bonds(k Cash		3496		42%
Properties		149o		10N
Total		100%		100%

					2022		2021
					EOOOs		EOOOs
Return on assets,	less interest included		in Income Ik Expenditure			(1,702)		653
Expected less actual plan expenses						(6)		(12)
Experience gains	and losses arising	on plan liabilities				(398)		273
Changes in assumptions underlying		the	present value of plan liabilities			4,365		177
Remeasurement	ofnet defined benefit		liability recognised	in OCI		2,259		1,091

						2022		2021
						EOOOs		EOOOs
Net defined	benefit asset/(liability)		at beginning	ofyear			(4,258)		(5,285)
Recognised	in	Income and Expenditure					(237)		(261)
Contributions	paid by the College						234		197
Remeasurement		ofnet defined benefit liability		recognised	in OCI		2,259		1,091
Surplus/(deficit)		in plan at the end	ofthe year				(2,002)		(4,258)

%of pensionable	stipends	1January 2018to	1January 2021to
		31December 2020	31December 2022
Deficit repair contributions		11.99o	7.19o

		2021		2020
		E000s		E000s
Balance sheet liability at 1January
Deficit contribution paid			(2)		(3)
Interest cost (recognised	in SOCIE)
Remaining change to the	balance sheet liability*
(recognised in the SOCIE)
Balance sheet liability at 31December

		December	December	December
		2021	2020	2019
Discount rate		0.0%pa	0.2% pa	1.1%pa
Price inflation		n/a	3.1%opa	2.8%pa
Increase tototal pensionable	payroll	-1.59( pa	1.6%pa	1.3%pa

he College holds more than 20%of	he College holds more than 20%of	the sh	are capital ofthe following	compa	nies:
Subsidiary undertakings			Country ofregistration incorporation	or	Shares held
					Class
St Catharine's	College Development	Ltd	UK		Ordinary	100
StCatharine's	College Events Ltd		UK		Ordinary	100

					Principal activity			Capital and reserves	Result for the year
								2022	2022
								EOOOs	EOOOs
St	Catharine's	College	Development	Ltd	Development contractor
St	Catharine's	College	Events Ltd		Functions and contractor	events,	and

From						To						2022 Number			2021 Number	2021 Number
EO						E10,000							36			33
E10,001						620,000
E20,001						630,000
F30,001						E40,000
E40,001						650,000
E50,001						E60,000
E60,001						E70,000
E70,001						E80,000
E80,001						E90,000
E90,001						E100,000
E100,001						E110,000
						Total							63			62
The total	Trustee salaries			were E1,211,943			for	the year (2021:E1,228,127)
The trustees were also paid other taxable benefits (including											associated employer				National
Insurance	contributions)			and employer contributions						to pensions		which totalled		E395,711for
the year	(2021:E388,034)
The College		has two (trading		and	dormant) subsidiary				undertakings		which	are consolidated			into	these
accounts.	All subsidiary		undertakings			are 100%	owned		by	the College and are registered				and operating
in England	and Wales.
The College		has taken	advantage		of	the exemption		within		section 33ofFRS 102not			to disclose
transactions		with wholly	owned group			companies	that		are	related parties.