| Page | Page | |
|---|---|---|
| Reference and Administration Details | 2 | |
| Members ofthe Governing Body | 3 | |
| Report ofthe Trustees | 4 | — 15 |
| Rprwtnffh Aiiditor | 1E—19 | |
| Statement of Principal Accounting Policies | 20 | — 26 |
| Consolidated Statement of Comprehensive Income and Expenditure | 27 | |
| Consolidated and College Statement ofChanges in Reserves | 28 | |
| Consolidated and College Balance Sheet | 29 | |
| Cash Flow Statement | 30 | |
| Notes to the Accounts | 31 | — 48 |
| Charity Commission | Registered No: 1137471 |
|---|---|
| Advisors: | |
| Auditors | Peters Elworthy & Moore |
| Salisbury House | |
| Station Road | |
| Cambridge | |
| CBI 2LA | |
| Solicitors | Ashton Legal |
| Chequers House | |
| 77-81 Newmarket Road | |
| Cambridge | |
| CB5 8EU | |
| Mills & Reeve | |
| Francis House | |
| 112 Hills Road | |
| Cambridge | |
| CB2 IPH | |
| Bankers | Lloyds Bank |
| 3 Sidney Street | |
| Cambridge | |
| CB2 3HQ | |
| Fund Managers | Cazenove Capital |
| I London Wall Place | |
| London | |
| EC2Y 5AU | |
| Seniorofficers: | |
| Head of House | DrAnthony Freeling |
| Bursar | MrJonathan Newby |
| Senior Tutor | Dr Tori McKee |
| Fund | Description | Total £ | Total £ |
|---|---|---|---|
| 2020/21 | 2019120 | ||
| Hardship | For unforeseen hardship in maintenance | £32,474 | £10,531 |
| Bursaries | and/oraccommodation | ||
| Conference | For all postgraduates, and for | £4,047 | £15,781 |
| Travel | undergraduates when a course requirement. | ||
| Generously supported by a benefactor. | |||
| Varsity Sport | Forathletes participating in Universitysports | £1,249 | £2,960 |
| teams | |||
| Language | For students who study a language other | £2,010 | £2,005 |
| Course Support | than English alongside theircourse, | ||
| normally through the Language Centre’s | |||
| programme (CULP) | |||
| Innominate | For various financial needs up to £250, e.g. | £2,691 | £2,806 |
| Fund | PhD Thesis binding, small hardship. |
depreciation. Capital funding costs of £0.83m .89m in 2019/20) expenditure therewere staff |
(0.74m in 201 costs of£2.85m a |
|---|---|
| 2021 Total | |
| £ | |
| Ordinary Income | 6,487.588 |
| Ordinary Expenditure | (6,181,945) |
| SurDlus on ordinary income | 305.643 |
| Donations received includina Ieaacv | 1.931.898 |
| Capital Grant from Colleges Fund | 1,088,000 |
| Funding costs | (826,169) |
| ChaoterZero | (258.688 |
| Effect ofother gains, losses and charges | 1,734,567 |
| Total comDrehensive incomefortheyear | 3.975,251 |
| 2020 | Total | £ | 3,346,056 | 2,993,450 | 387,297 | 267,812 | 6,994,615 | 808,464 | 1,114,082 | 920,000 | 9,837,161 | 3,582,062 | 3,309,806 | 736,011 | 7,627,879 | 2,209,282 | 88,905 | 2,298,187 | (20,922) | 2,277,265 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Endowment | £ | - | - | - | - | - | - | - | - | - | - | - | - | 86,133 | 86,133 | - | 86,133 | |||||||||||
| Restricted | £ | 243,950 | 40,703 | 284,653 | 532,466 | - | - | 817,119 | 628,502 | - | 187,182 | 815,684 | 1,435 | 1,140 | 2,575 | - | 2,575 | |||||||||||
| Unrestricted | £ | 3,102,106 | 2,993,450 | 346,594 | 267,812 | 6,709,962 | 275,998 | 1,114,082 | 920,000 | 9,020,042 | 2,953,560 | 3,309,806 | 548,829 | 6,812,195 | 2,207,847 | 1,632 | 2,209,479 | (20,922) | 2,188,557 | |||||||||
| FOR THE YEAR ENDED 31 JULY2021 | 2021 | Unrestricted Restricted Endowment Total Note |
£ £ £ £ Income |
3,400,589 275,359 3,675,948 Academic fees and charges 1 |
2,353,073 2,353,073 Accommodation, catenng and conferences 2 |
183,951 2,269 81,438 267,658 Investment income 3 |
164,561 53,133 (217,694) Endowment return transferred 3 |
179,751 11,158 190,909 Other income 4 |
6,281,925 341,919 (136,256) 6,487,588 Total income before donations and endowments |
171,827 1,685,524 - 1,857,351 Donations |
74,547 - - 74,547 Legacy Donations |
1,088,000 - - 1,088,000 Capital grant from Colleges Fund |
7,616,299 2,027,443 (136,256) 9,507,486 Total income |
Expenditure | 3,184,361 681,948 - 3,866,309 Education 5 |
2,315,636 - - 2,315,636 Residences, catering and conferences 6 |
435,115 617,090 32,652 1,084,857 Other expenditure 7 |
5,935,112 1,299,038 32,652 7,266,802 Total expenditure 8 |
1,681,187 728,405 (168,908) 2,240,684 Surplusl(deficit) before other gains and losses |
320,790 18,640 1,340,042 1,679,472 Gain on investments 11 |
2,001,977 747,045 1,171,134 3,920,156 Surplus forthe year |
Other comprehensive income | 55,095 - - 55,095 Actuarial (loss) I gain in respect of pension schemes 17 |
2,057,072 747,045 1,171,134 3,975,251 Total comprehensive incomeforthe year |
The notes on pages 31 to 48 form part ofthese accounts. |
| Group | Income and | expenditure | reserve | |
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |
| £ | £ | £ | £ | |
| Balance at 1 August2020 | 39,937,634 | 1,138,555 | 6,726,864 | 47,803,053 |
| Surplus from income and expenditure | ||||
| statement | 2,001,977 | 747,045 | 1,171,134 | 3,920,156 |
| Other comprehensive income | 55,095 | - | - | 55,095 |
| Balance at 31 July 2021 | 41,994,706 | 1,885,600 | 7,897,998 | 51,778,304 |
| College | Income and | expenditure | reserve | |
| Unrestricted | Restricted | Endowment | Total | |
| £ | £ | £ | £ | |
| Balance at 1 August2020 | 40,381,781 | 986,202 | 6,726,864 | 48,094,847 |
| Surplus from income and expenditure | ||||
| statement | 1,883,809 | 634,060 | 1,171,134 | 3,689,003 |
| Othercomprehensive income | 55,095 | - | - | 55,095 |
| Balanceat 31 July 2021 | 42,320,685 | 1,620,262 | 7,897,998 | 51,838,945 |
| Group | Income and expenditure | reserve | ||
| Unrestricted | Restricted | Endowment | Total | |
| £ | £ | £ | £ | |
| Balance at 1 August 2019 | 37,749,077 | 1,135,980 | 6,640,731 | 45,525,788 |
| Surplus from income and expenditure | ||||
| statement | 2,209,479 | 2,575 | 86,133 | 2,298,187 |
| Other comprehensive income | (20,922) | - | - | (20,922) |
| Balance at 31 July 2020 | 39,937,634 | 1,138,555 | 6,726,864 | 47,803,053 |
| College | Income and expenditure | reserve | ||
| Unrestricted | Restricted | Endowment | Total | |
| £ | £ | £ | £ | |
| Balance at 1 August2019 | 38,202,032 | 891,325 | 6,640,731 | 45,734,088 |
| Surplus from income and expenditure | ||||
| statement | 2,200,671 | 94,877 | 86,133 | 2,381,681 |
| Other comprehensive income | (20,922) | - | - | (20,922) |
| Balance at 31 July 2020 | 40,381,781 | 986,202 | 6,726,864 | 48,094,847 |
| 2021 | 2021 | 2020 | 2020 | |||
|---|---|---|---|---|---|---|
| Consolidated | College | Consolidated | College | |||
| Note | £ | £ | £ | £ | ||
| Non-CurrentAssets | ||||||
| Fixed assets | 10 | 36,423,245 | 36,864,711 | 36,903,987 | 37,348,249 | |
| Investments | 11 | 34,857,424 | 34,857,424 | 30,850,921 | 30,850,921 | |
| Total non-currentassets | 71,280,669 | 71,722,135 | 67,754,908 | 68,199,170 | ||
| CurrentAssets | ||||||
| Stocks | 12 | 15,564 | 15,564 | 16,080 | 16,080 | |
| Trade and other receivables | 13 | 756,669 | 896,431 | 1,034,135 | 1,148,222 | |
| Cash and cash equivalents | 14 | 2,111,672 | 1,562,367 | 2,209,517 | 1,914,842 | |
| Total currentassets | 2,883,905 | 2,474,362 | 3,259,732 | 3,079,144 | ||
| Creditors: amounts falling due | ||||||
| withinoneyear | 15 | (1,584,71gL | (1,555,994) | _j18L | (2,155,728) | |
| Net currentassets | 1,299,193 | 918,368 | 1,075,884 | 923,416 | ||
| Total assets less current liabilities | 72,579,862 | 72,640,503 | 68,830,792 | 69,122,586 | ||
| Creditors: amounts falling due Dftcrmoreth one year |
16 | (2O,’69’7’2) | (2(87fl) | nAfl) | (9flR4fl) | |
| Provisions | ||||||
| Pension provisions | 17 | (312,188) | (312,188) | (363,089) | (363,089) | |
| Total net assets | 51,778,304 | 51,838,945 | 47,803,053 | 48,094,847 | ||
| Restricted reserves | ||||||
| Income and expenditure reserve | — | |||||
| endowment reserve | 18 | 7,897,998 | 7,897,998 | 6,726,864 | 6,726,864 | |
| Income and expenditure reserve | — | |||||
| restricted reserve | 19 | 1,885,600 | 1,620,262 | 1,138,555 | 986,202 | |
| 9,783,598 | 9,518,260 | 7,865,419 | 7,713,066 | |||
| Unrestricted Reserves | ||||||
| Income and expenditure reserve | — | |||||
| unrestricted | 41,994,706 | 42,320,685 | 39,937,634 | 40,381,781 | ||
| Total Reserves | 51,778,304 | 51,838,945 | 47,803,053 | 48,094,847 |
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Net cash inflow from operating activities | 21 | 2,865,866 | 2,838,175 |
| Cash flows from investing activities | 22 | (2,062,871) | (1375,014) |
| Cash flows from financing activities | 23 | (900,840) | (901,643) |
| (Decrease)Ilncrease in cash and cash equivalents in theyear | (97,845) | 561,518 | |
| Cash and cash equivalents at beginning ofthe year | 2,209,517 | 1,647,999 | |
| Cash and cash equivalents at end ofthe year | 14 | 2,111,672 | 2,209,517 |
| The notes on pages 31 to 48 form part ofthese accounts. |
| TH | E YEAR ENDED 31 JULY2021 | ||||
|---|---|---|---|---|---|
| Academicfees and charges | 2021 | 2020 | |||
| £ | £ | ||||
| Colleges fees: | |||||
| Fee income received atthe regulated undergraduate rate | 428,219 | 368,531 | |||
| Fee income received atthe unregulated undergraduate rate | 723,490 | 578,598 | |||
| Fee income received at the graduate rate | 2,246,160 | 2,154,977 | |||
| 3,397,869 | 3,102,106 | ||||
| Other income: | |||||
| Research Fellow Support (funded through donations) | 33,486 | 7,622 | |||
| Bursaries (Cambridge Bursary Scheme and other donations) | 241 ,873 | 236,328 | |||
| Teaching and Other Income | 2,720 | ||||
| Total | 3,675,948 | 3,346,056 | |||
| 2 | Income from accommodation, catering and conferences | 2021 | 2020 | ||
| £ | £ | ||||
| Accommodation College members |
2,236,444 | 2,245,209 | |||
| Conferences | 5,408 | 258,442 | |||
| Catering College members |
110,302 | 363,672 | |||
| Conferences | 919 | 126,127 | |||
| Total | 2,353,073 | 2,993,450 | |||
| 3 | Endowment return and investment income | ||||
| TheTotal Return investment accounting policyonlyappliestothe | Long | Term Fund | |||
| 2021 | 2020 | ||||
| £ | £ | ||||
| 3a | Analysis of Endowment income | ||||
| Total return contribution (see note 3b) | 217,694 | - | |||
| Land and buildings | 11,501 | - | |||
| Quoted securities | 169,930 | 321,448 | |||
| Income from short-term investments | 2,520 | 65,849 | |||
| Other investment income | 2,269 | - | |||
| Total | 403,914 | 387,297 | |||
| 3b | Summary oftotal return | 2021 | 2020 | ||
| £ | £ | ||||
| Income from: | |||||
| Quoted and othersecurities and cash | 81,438 | ||||
| Gains/(losses) on endowment assets: | |||||
| Quoted and other securities and cash | 1,402,346 | ||||
| Investment managementcosts (see note 3c) | (32,652) | ||||
| Total return for the year | 1,451,132 | ||||
| Total return transferred to income and expenditure reserve (see | |||||
| note3a) | (217,694) | ||||
| Unapplied total return for year included |
within Statement | of | |||
| Comprehensive Income and Expenditure (see note 20) | 1,233,438 |
| 3c | Investment management costs | Investment management costs | 2021 | 2020 |
|---|---|---|---|---|
| £ | £ | |||
| Quoted securities | — equities including in Total return | 32,652 | - | |
| Quoted securities | - equities | 52,158 | - | |
| Total | 84,810 | - | ||
| 4 | Other Income | 2021 | 2020 | |
| £ | £ | |||
| Project Admin Recovery | 30,444 | 13,602 | ||
| Miscellaneous Income | 17,180 | 22,387 | ||
| Job retention scheme grant | 132,126 | 231,823 | ||
| ChapterZero | 11,159 | - | ||
| Total | 190,909 | 267,812 | ||
| All job retention scheme grant income has been used forwages and salaries. | ||||
| 5 | Education expenditure | 2021 | 2020 | |
| £ | £ | |||
| Teaching | 1,675,551 | 1,613,507 | ||
| Tutorial | 432,426 | 419,042 | ||
| Admissions | 201,686 | 204,790 | ||
| Research | 692,299 | 501,804 | ||
| Scholarships and awards | 700,751 | 669,126 | ||
| Othereducational | facilities | 163,596 | 173,793 | |
| Total | 3,866,309 | 3,582,062 |
| 6 | Accommodation, | catering and conferences expenditure | 2021 | 2020 |
|---|---|---|---|---|
| £ | £ | |||
| Accommodation | College members | 1,904,382 | 2,257,817 | |
| Conferences | 746 | 241,649 | ||
| Catering | College members | 357,857 | 683,732 | |
| Conferences | 52,651 | 126,608 | ||
| Total | 2,315,636 | 3,309,806 | ||
| 7 | Other Expenditure | 2021 | 2020 | |
| £ | £ | |||
| Loan Interest | 93,244 | 98,549 | ||
| Bond Interest | 637,209 | 638,013 | ||
| Other Expenditure including USS | 95716 | (551) | ||
| ChapterZero | 258,688 | - | ||
| Total | 1,084,857 | 736,011 |
| Analysis of 2020121 expe | nditure by act | ivity | ||
|---|---|---|---|---|
| Staff | Otheroperating | |||
| rost | xnnses | |||
| (Note 9) | Depreciation | Total | ||
| £ | £ | £ | £ | |
| Education (Note 5) | 1,552,680 | 2,313,629 | - | 3,866,309 |
| Accommodation, | ||||
| catering and conferences | ||||
| (Note 6) | 1,301,309 | 530,094 | 484,233 | 2,315,636 |
| Other (Note 7) | - | 1,084,857 | - | 1,084,857 |
| Totals | 2,853,989 | 3,928,580 | 484,233 | 7,266,802 |
| Analysis of 2019120 expenditure | by activity | |||
|---|---|---|---|---|
| Staff | Other | |||
| costs | operating | |||
| (Note 9) | expenses | Depreciation | Total | |
| £ | £ | £ | £ | |
| Education(Note5) | 1,509,216 | 2,072,846 | - | 3,582,062 |
| Accommodation, catering and | ||||
| conferences (Note 6) | 1,351,582 | 1,459,993 | 498,231 | 3,309,806 |
| Other(Note7) | - | 736,011 | - | 736,011 |
| Totals | 2,860,798 | 4,268,850 | 498,231 | 7,627,879 |
| 8c | Auditors’ remuneration | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Other operating expenses include: | |||
| Auditfees payable to the College’s external auditors | 19,500 | 18,500 | |
| Otherfees payable to the College’s external auditors | 3,750 | 6,320 | |
| 23,250 | 24,820 |
| 9 | Staffcosts | ||||
|---|---|---|---|---|---|
| Non- | 2021 | 2020 | |||
| Consolidated | Academic | academic | Total | Total | |
| £ | £ | £ | £ | ||
| Staffcosts: | |||||
| Salaries | 803,339 | 1,658,631 | 2,461970 | 2,494,575 | |
| National Insurance | 74,094 | 152,741 | 226,835 | 210,637 | |
| Pension costs | 78,337 | 86,847 | 165,184 | 155,586 | |
| 955,770 | 1,898,219 | 2,853,989 | 2,860,798 | ||
| Average staff | numbers 2021 | Average staff | numbers 2020 | ||
| Number of | Full time | Number of | Full time | ||
| Fellows | Equivalent | Fellows | equivalent | ||
| Academic | 17 | 19 | 15 | 17 | |
| Non-academic | 2 | 52 | 1 | 52 | |
| Total | 19 | 71 | 16 | 69 |
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Aggregated | remuneration | 403,170 | 431,499 |
| Furniture | ||||||
|---|---|---|---|---|---|---|
| fittings | ||||||
| Freehold | Freehold | Motor | and | Kitchen | ||
| land | buildings | vehicle | equipment | equipment | Total | |
| £ | £ | £ | £ | £ | £ | |
| Cost | ||||||
| Asati August2020 | 15,584,741 | 25,408,689 | 11000 | 1,268,212 | 90,053 | 42,362,695 |
| Additions at cost | - | - | - | 3,491 | - | 3,491 |
| Written off | - | - | - | (780,832) | (15,489) | (796,321) |
| As at 31 July2021 | 15,584,741 | 25,408,689 | 11,000 | 490,871 | 74,564 | 41,569,865 |
| Depreciation | ||||||
| Asati August2020 | - | 4,378,369 | 6,600 | 1,019,208 | 54,531 | 5,458,708 |
| Charge for the year | - | 373,870 | 2,200 | 93,250 | 14,913 | 484,233 |
| Written off | - | - | - | (780,832) | (15,489) | (796,321) |
| Asat3OJune2O2l | - | 4,752,239 | 8,800 | 331,626 | 53,955 | 5,146,620 |
| Net bookvalue | ||||||
| As at 31 July2021 | 15,584,741 | 20,656,450 | 2,200 | 159,245 | 20,609 | 36,423,245 |
| A at 31 Juy 2020 | 13,534,741 | 21,030,320 | 4,400 | 240,00’! | 36,002,987 |
| Furniture | ||||||
|---|---|---|---|---|---|---|
| fittings | ||||||
| Freehold | Freehold | Motor | and | Kitchen | ||
| land | buildings | vehicle | equipment | equipment | Total | |
| £ | £ | £ | £ | £ | £ | |
| Cost | ||||||
| Asatl August2020 | 15,584,741 | 25,852,951 | 11,000 | 1,268,212 | 90,053 | 42,806,957 |
| Additions at cost | - | - | - | - | - | |
| Writtenoff | - | - | - | (780,832) | (15,489) | (796,321) |
| As at 31 July2021 | 15,584,741 | 25,852,951 | 11,000 | 487,380 | 74,564 | 42,010,636 |
| Depreciation | ||||||
| Asati August2020 | - | 4,378,369 | 6,600 | 1,019,208 | 54,531 | 5,458,708 |
| Chargefortheyear | - | 373,872 | 2,200 | 92,553 | 14,913 | 483,538 |
| Written off | - | - | - | (780,832) | (15,489) | (796,321) |
| Asat3OJuly2O2l | - | 4,752,241 | 8,800 | 330,929 | 53,955 | 5,145,925 |
| Net book value | ||||||
| As at 31 July2021 | 15,584,741 | 21,100,710 | 2,200 | 156,451 | 20,609 | 36,864,711 |
| As at 31 July2020 | 15,584,741 | 21,474,582 | 4,400 | 249,004 | 35,522 | 37,348,249 |
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Asatl August2020 | 30,850,921 | 29,157,417 | |
| Additions | 3,582,583 | 11,910,312 | |
| Disposals proceeds | (1,933,675) | (13,417082) | |
| Gains | 1,679,472 | 88,905 | |
| Increase in cash balances held at fund managers | 678,123 | 3,111,369 | |
| As at 31 July 2021 | 34,857,424 | 30,850,921 | |
| Represented by: | |||
| Property | 667,716 | - | |
| Quoted securities | - equities | 6,360,203 | 4,728,214 |
| Quoted securities | - bonds | 9,530,401 | 8,297,294 |
| Quoted securities | - Multi-assetfund | 1,380,832 | 1,304,247 |
| Quoted securities | - Alternatives & Funds | 1,000,730 | 1,281,747 |
| Cash in hand | 15,917,542 | 15,239,419 | |
| 34,857,424 | 30,850,921 |
| 12 | Stocks | ||||
|---|---|---|---|---|---|
| Group | College | Group | College | ||
| 2021 | 2021 | 2020 | 2020 | ||
| £ | £ | £ | £ | ||
| Goodsforresale | 11,887 | 11,887 | 11,920 | 11,920 | |
| Other stocks | 3,677 | 3,677 | 4,160 | 4,160 | |
| 15,564 | 15,564 | 16,080 | 16,080 | ||
| 13 | Trade and other receivables | ||||
| Group | College | Group | College | ||
| 2021 | 2021 | 2020 | 2020 | ||
| £ | £ | £ | £ | ||
| Members ofthe College | 228,669 | 228,669 | 200,765 | 200,765 | |
| Other receivables | 12,270 | 4,581 | 6,239 | 6,239 | |
| Prepayments and accrued income | 515,730 | 511,616 | 827,131 | 822,421 | |
| Amounts owed by subsidiary company | - | 151,565 | - | 118,797 | |
| 756,669 | 896,431 | 1,034,135 | 1,148,222 | ||
| 14 | Cash and cash equivalents | ||||
| Group | College | Group | College | ||
| 2021 | 2021 | 2020 | 2020 | ||
| £ | £ | £ | £ | ||
| Short-term money | |||||
| market investments | 317,340 | 317,340 | 317,307 | 317,307 | |
| Bank deposits | 29,280 | 29,280 | 29,280 | 29,280 | |
| Current accounts | 1,765,052 | 1,215,747 | 1,862,170 | 1,567,495 | |
| Cash in hand | 760 | 760 | |||
| Total | 2,111,672 | 1,562,367 | 2,209,517 | 1,914,842 |
| Creditors: amounts falling due wit | hin one year | |||
|---|---|---|---|---|
| Group | College | Group | College | |
| 2021 | 2021 | 2020 | 2020 | |
| £ | £ | £ | £ | |
| Bank loan | 175,281 | 175,281 | 170,387 | 170,387 |
| Trade creditors | 228,878 | 213,251 | 328,344 | 326,329 |
| MembersoftheCollege | 615869 | 615869 | 514,230 | 514,230 |
| University fees | 13,827 | 13,827 | ||
| Othertaxes and social security | 105,753 | 105,753 | 81,697 | 81,697 |
| Accruals and deferred income | 458,931 | 445,840 | 1,075,363 | 1,049,258 |
| 1,584,712 | 1,555,994 | 2,183,848 | 2,155,728 |
| Group | College | Group | College | ||
|---|---|---|---|---|---|
| 2021 | 2021 | 2020 | 2020 | ||
| £ | £ | £ | £ | ||
| Long Othr |
term bank loan Irr’ |
2,989,370 17flflflflfl |
2,989,370 17flflflflfl |
3,164,650 17flfl flflfl |
3,164,650 17 .flfl flflfl |
| 20,489,370 | 20,489,370 | 20,664,650 | 20,664,650 |
| Pension provisions Consolidated an | d College | |||
|---|---|---|---|---|
| CCFPS | USS | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Balanceatbeginningofyear | 221875 | 141,214 | 363,089 | 353,778 |
| Movement in year: | ||||
| Currentservicecost | 3,811 | - | 3,811 | 3,811 |
| Contributions | (9,870) | (7,020) | (16,890) | (21,470) |
| Change in expected contributions | - | 12,994 | 12,994 | (1,944) |
| Other finance cost | 3,248 | 1,031 | 4,279 | 7,992 |
| Actuarial loss | (55,095) | - | (55,095) | 20,922 |
| Balanceatendofyear | 163,969 | 148,219 | 312,188 | 363,089 |
| Restricted net assets relating to endow | ments are as follows | : | ||
|---|---|---|---|---|
| Restricted | Unrestricted | |||
| permanent | permanent | 2021 | 2020 | |
| Group and College | endowments | endowments | Total | Total |
| £ | £ | £ | £ | |
| Balanceat beginning ofyear | 1,707,325 | 5,019,539 | 6,726,864 | 6,640,731 |
| New donations and endowments | - | - | - | |
| lncrease/(decrease) in market value | ||||
| of investments | 286,058 | 885,076 | 1,171,134 | 86,133 |
| Balance atend ofyear | 1993,383 | 5,904,615 | 7,897,998 | 6,726,864 |
| Analysis bytype ofpurpose: | ||||
| Fellowship Fund | 54057 | - | 54,057 | 45,954 |
| Student Support Fund | 544,785 | - | 544,785 | 463,124 |
| Scholarship | 1,309,541 | - | 1,309,541 | 1,113,247 |
| Other Funds | 85,000 | - | 85,000 | 85,000 |
| General endowments | 5,904,615 | 5,904,615 | 5,019,539 | |
| 1,993,383 | 5,904,615 | 7,897,998 | 6,726,864 | |
| Analysis byasset | ||||
| Investments | 1,985,604 | 5,881,574 | 7,867,178 | 6,652,367 |
| Cash | 7,779 | 23,041 | 30,820 | 74,497 |
| 1,993,383 | 5,904,615 | 7,897,998 | 6,726,864 |
| Restricted Reserves | ||||
|---|---|---|---|---|
| Permanent | ||||
| Unspent | ||||
| and Other | Restricted | |||
| Restricted | expendable | 2021 | 2020 | |
| Group | Income | endowment | Total | Total |
| £ | £ | £ | £ | |
| Balance at beginning ofyear | 969,626 | 168,929 | 1,138,555 | 1,135,980 |
| Newdonations | 1,881,927 | 90,114 | 1,972,041 | 776,416 |
| Investment income | 53,133 | 2,269 | 55,402 | 40,703 |
| Increase in market value of | ||||
| investments | 14,988 | 3,652 | 18,640 | 1,140 |
| Expenditure | (1,205,166) | (93,872) | (1,299,038) | (815,684) |
| Balance at end ofyear | 1,714,508 | 171,092 | 1,885,600 | 1,138,555 |
| Alyci nf nthpr rpctrirfpr1 f,,ndcl dnnMions bytvn nfnurnos | ||||
| Fellowship Funds | 31,501 | - | 31,501 | 29,137 |
| Scholarship Funds | 463,340 | 6,286 | 469,626 | 465,584 |
| Prize Funds | 15,714 | 4,735 | 20,449 | 13,409 |
| StudentSupportFunds | 211,086 | - | 211,086 | 195,768 |
| Other Funds | 159,390 | 160,071 | 319,461 | 300,041 |
| Bridge Centres | 813,305 | 813,305 | 130,397 | |
| Travel Funds | 20,172 | - | 20,172 | 4,219 |
| 1,714,508 | 171,092 | 1,885,600 | 1,138,555 |
| Restricted Reserves (continued) | ||||
|---|---|---|---|---|
| Permanent | ||||
| Unspent | ||||
| and Other | Restricted | |||
| Restricted | expendable | 2021 | 2020 | |
| College | Income | endowment | Total | Total |
| £ | £ | £ | £ | |
| Balance at beginning ofyear | 817,273 | 168,929 | 986,202 | 891,325 |
| New donations | 1,872,246 | 90,114 | 1,962,360 | 854,308 |
| Investment income | 53,133 | 2,269 | 55,402 | 40,703 |
| Increase in market value of | ||||
| investments | 14,988 | 3,652 | 18,640 | 1,140 |
| Expenditure | (1,308,470) | (93,872) | (1,402,342) | (801,274) |
| Balance at end ofyear | 1,449,170 | 171,092 | 1,620,262 | 986,202 |
| Analysis ofother restricted funds/ donations bytype of purpose: | ||||
| Fellowship Funds | 31,501 | 31,501 | 29,137 | |
| Scholarship Funds | 463,340 | 6,286 | 469,626 | 465,584 |
| Prize Funds | 15,714 | 4,735 | 20,449 | 13,409 |
| Student Support Funds | 211,086 | 211,086 | 195,768 | |
| Other Funds | 17,553 | 160,071 | 177,624 | 147,688 |
| Bridge Centres | 689,804 | 689,804 | 130,397 | |
| Travel Funds | 20,172 | 20,172 | 4,219 | |
| 1,449,170 | 171,092 | 1,620,262 | 986,202 |
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Unapplied | Total Return at beginning ofyear | 6,726,864 | |
| Unapplied | Total (Loss)/Return foryear (see note 3b) | 1,233,438 | |
| Unapplied | Total Return at end ofyear | 7,960,302 |
| 21 | Reconciliation of consolidated surplus forthe year to net c | ash inflow from operating ac | tivities |
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Surplus forthe year | 3,975251 | 2,277,265 | |
| Adjustmentfor non-cash items | |||
| Depreciation | 484,233 | 498,231 | |
| Gain on endowments | (1,679,472) | (88,905) | |
| Decrease/(increase) in stocks | 516 | 1,692 | |
| Decrease/(increase) in debtors | 277,466 | (530,078) | |
| lncrease/(decrease) in creditors | (604,022) | 321,394 | |
| lncrease/(decrease) in provisions | (50,901) | 9,311 | |
| Adjustmentfor investing or financing activities | |||
| Investment income | (267,658) | (387,297) | |
| Loan interest payable | 93,244 | 98549 | |
| Bond interest payable | 637,209 | 638,013 | |
| Netcash inflow from operating activities | 2,865,866 | 2,838,175 | |
| ?2 | (ch flnwc frnm invpqtinci rtMtipq | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Non-current investment disposal | 5,100,000 | 3,200,000 | |
| Net investment income | 96,343 | 82697 | |
| Endowment funds invested | (7,255,722) | (4,500,000) | |
| Payments made to acquire non-current assets | (3,492) | (157,711) | |
| Total cash flows from investing activities | (2,062,871) | (1,375,014) | |
| 23 | Cash flows from financing activities | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Loan interest paid | (93,244) | (98,549) | |
| Bond interest paid | (637,209) | (638,013) | |
| New secured loans | - | ||
| Repayment of amounts borrowed | (170,387) | (165,081) | |
| Total cash flows from financing activities | (900,840) | (901,643) |
| Other non- | |||||
|---|---|---|---|---|---|
| At 1 | August | Cash Flows | cash | At 31 July | |
| 2020 | changes | 2021 | |||
| £ | £ | £ | £ | ||
| Cash and cash equivalents | 2,209,517 | (97,845) | - | 2,1 11,672 | |
| Borrowings: Amounts falling due | |||||
| within oneyear | |||||
| Bank Loan | (170,387) | (4,894) | - | (175,281) | |
| Borrowings: Amounts falling due | |||||
| after morethan one year | |||||
| Long term bank loan | (3,164,650) | 175,280 | - | (2,989,370) | |
| Other loans | (17,500,000) | - | (17,500,000) | ||
| (18,625,520) | 72,541 | - | (18,552,979) | ||
| Financial Instruments | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Financial assets | |||||
| Financial assets at fair value through | Statements of Comprehensive | ||||
| income | |||||
| Listed equity investments | 18,272,166 | 15,611,502 | |||
| Financial assets thatare debt instruments | measured atamortised cost | ||||
| Cash and cash equivalents | 18,029,214 | 17,448,936 | |||
| Debtors | 240,939 | 207,004 | |||
| Financial liabilities | |||||
| Financial liabilities measured at amortised | cost | ||||
| Loans | 20,664,651 | 20,835,037 | |||
| Trade creditors | 228,878 | 328,344 | |||
| Other creditors | 721,622 | 609,754 |
| e total pension cost for the yearended 31 July was as follows: | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| USS: Employer Contributions | 74,064 | 73,696 |
| Stakeholder scheme: Employer Contributions | 91,120 | 81,890 |
| 165,184 | 155,586 |
| he current life expectancies on retirement atage 65 are: | ||
|---|---|---|
| 2021 | 2020 | |
| Males currently aged 65 (years) | 24.6 | 24.4 |
| Females currently aged 65 (years) | 26.1 | 25.9 |
| Males currently aged 45 (years) | 26.6 | 26.3 |
| Females currently aged 45 (years) | 27.9 | 27.7 |
| I | 2021 | 2020 | ||
|---|---|---|---|---|
| Discount | rate | 0.87% | 0.73% | |
| [Pension | increase | (CPI) | 0% | 0% |
| The principal actuarial assumptions at the balance sheet da | te were as follows: | |
|---|---|---|
| 2021 | 2020 | |
| %p.a. | %p.a. | |
| Discount rate | 1.80 | 1.45 |
| Retail Price Index (RPI) assumption | 3.40 | 3.10 |
| Consumer Price Index (CPI) assumption | 2.60 | 2.20 |
| e amounts recognised in the Balance Sheet as at 30 June 20 follows: |
21 (with comparative figures as at 30 June | 2020) are |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Present value of plan liabilities | (828,143) | (868,740) |
| Market value of plan assets | 664,174 | 646,865 |
| Net defined benefit (liability) | (163,969) | (221,875) |
omparative figures forthe year ending 30 June 2020) are as follow |
s: | |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Currentservice cost | - | - |
| Administrative expenses | 3,811 | 3,811 |
| Interest on net defined benefit liability | 3248 | 4,601 |
| Total charge | 7,059 | 8,412 |
| anges in the present value of the plan liabilities for the year ending 30 J arending 30 June 2020) are as follows: |
une 2021 (with comparative figu | res for the |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Presentvalue of plan liabilities at beginning of period | 868,740 | 829,827 |
| Currentservice cost | - | - |
| Benefits paid | (35,438) | (34,943) |
| Interest on plan liabilities | 2,34 | 6,280 |
| Actuarial losses | (17,500) | 55,576 |
| Presentvalue ofScheme liabilities atend of period | 828,143 | 868,740 |
| hanges inthefairvalueofplan assetsfortheyear ending 30 June 2021 (wi 0 June 2020) are as follows: |
th comparative figuresforthe y | earending |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Market value of plan assets at beginning of period | 646,865 | 627,416 |
| Contributions paid by the College | 9,870 | 9,870 |
| Benefits paid | (35,438) | (34,943) |
| Administration expenses paid | (4,186) | (4,210) |
| Interest on plan assets | 9,093 | 13,679 |
| Return on assets, less interest included in profit and loss | 37,970 | 35,053 |
| Market value ofScheme assets at end of period | 664,174 | 646,865 |
| Actual return on plan assets | 47,063 | 48,732 |
| he majorcategories ofplan assets as a percentage of t 30 June 2020) are as follows: |
otal Schemeassets at30June 2021 (withcomparati | vefigures |
|---|---|---|
| 2021 | 2020 | |
| Equities | 48% | 49% |
| Bonds&Cash | 42% | 41% |
| Properties | 10% | 10% |
| Total | 100% | 100% |
| rthe year ending 30 June 2021 (with comparative figures forthe yearending 30 J | une 2020) are as follow | s: |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Return on assets, less interest included in income and expenditure | 37,970 | 35,053 |
| Expected less actual plan expenses | (375) | (399) |
| Experience gains and losses arising on plan liabilities | 10,371 | 2,331 |
| Changes in assumptions underlying the presentvalue of plan liabilities | 7,129 | (57,907) |
| Remeasurement of net defined benefit liability recognised in OCI | 55,095 | (20,922) |
| Movements in net defined benefit asset/(liability) during the year ending 30 Ju he year ending 30 June 2020) are as follows: |
ne 2021 (with comparative | figures for |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Netdefined benefit assetl(liability) at beginning ofyear | (221,875) | (202411) |
| Recognised in Profit and Loss | (7,059) | (8,412) |
| Contributions paid by the College | 9,870 | 9,870 |
| Remeasurement of net defined benefit liability recognised in OCI | 55,095 | (20922) |
| Net defined benefit asset/(Iiability)at end ofyear | (163,969) | (221875) |
At 31 July 2021 Hughes Hall |
held an investm | ent in the following companies: | ||
|---|---|---|---|---|
| Undertaking | Company | Activity | Incorporation | % |
| Numbers | ||||
| Hughes Hall Limited | 03238129 | Design and build of new residential | United | 100% |
| accommodation | Kingdom | |||
| Hughes Hall (Hong | 1661877 | Providing advancement and | Hong Kong | 100% |
| Kong) Limited | promotion of learning and education | |||
| at Hughes Hall, University of | ||||
| Cambridge | ||||
| Hughes Hall Conference | 00038077 | Provision ofconference services | United | 100% |
| Company Limited | Kingdom | |||
| ChapterZero Limited | 12062028 | Membership organisation and climate | United | 100% |
| change research | Kingdom |
| 2021 | 2020 | ||
|---|---|---|---|
| From | To | Number | Number |
| £1 | £10,000 | 10 | 9 |
| £10,001 | £20,000 | ||
| £20,001 | £30,000 | 3 | 2 |
| £30,001 | £40,000 | 1 | - |
| £40,001 | £50,000 | 3 | 2 |
| £50,001 | £60,000 | - | |
| £60,001 | £70,000 | 1 | 2 |
| £70,001 | £80,000 | ||
| £80,001 | £90,000 | 1 | 1 |
| £90,001 | £100,000 | - | |
| Total | 19 | 16 |