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|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|
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|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|||
##
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##
|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|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|||||||||||
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##
|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|
|6c|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|
##
|17|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)|
##
|22|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.|||||||
##