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||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|





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|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|





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|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.|||



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|<br> depreciation. Capital funding costs of £0.83m<br>.89m in 2019/20) expenditure therewere staff|<br> (0.74m in 201 <br>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|



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||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<br>Restricted<br>Endowment<br>Total<br>Note|£<br>£<br>£<br>£<br>Income|3,400,589<br>275,359<br>3,675,948<br>Academic fees and charges<br>1|2,353,073<br>2,353,073<br>Accommodation, catenng and conferences<br>2|183,951<br>2,269<br>81,438<br>267,658<br>Investment income<br>3|164,561<br>53,133<br>(217,694)<br>Endowment return transferred<br>3|179,751<br>11,158<br>190,909<br>Other income<br>4|6,281,925<br>341,919<br>(136,256)<br>6,487,588<br>Total income before donations and endowments|171,827<br>1,685,524<br>-<br>1,857,351<br>Donations|74,547<br>-<br>-<br>74,547<br>Legacy Donations|1,088,000<br>-<br>-<br>1,088,000<br>Capital grant from Colleges Fund|7,616,299<br>2,027,443<br>(136,256)<br>9,507,486<br>Total income|Expenditure|3,184,361<br>681,948<br>-<br>3,866,309<br>Education<br>5|2,315,636<br>-<br>-<br>2,315,636<br>Residences, catering and conferences<br>6|435,115<br>617,090<br>32,652<br>1,084,857<br>Other expenditure<br>7|5,935,112<br>1,299,038<br>32,652<br>7,266,802<br>Total expenditure<br>8|1,681,187<br>728,405<br>(168,908)<br>2,240,684<br>Surplusl(deficit) before other gains and losses|320,790<br>18,640<br>1,340,042<br>1,679,472<br>Gain on investments<br>11|2,001,977<br>747,045<br>1,171,134<br>3,920,156<br>Surplus forthe year|Other comprehensive income|55,095<br>-<br>-<br>55,095<br>Actuarial (loss) I gain in respect of pension schemes<br>17|||2,057,072<br>747,045<br>1,171,134<br>3,975,251<br>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<br>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<br>College members|||2,236,444|2,245,209|
||Conferences|||5,408|258,442|
||Catering<br>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<br>total<br>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 <br>Othr|term bank loan<br> Irr’|2,989,370<br>17flflflflfl|2,989,370<br>17flflflflfl|3,164,650<br>17flfl flflfl|3,164,650<br>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<br> 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)|





## 

## 

## 

## 

|<br>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<br>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<br>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<br> 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<br>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)|



## 

## 



## 

## 

## 

## 

## 

|<br>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|





## 

## 

## 

##