| Contents | Page | Page | Page |
|---|---|---|---|
| Contact | |||
| information | 1 | ||
| Trustees ofthe charity | 2 | ||
| Operating and Financial Review | 3 - |
10 | |
| Corporate Governance and Public Benefit | 11 | - | 13 |
| Responsibilities ofthe Governing Body | 14 | ||
| Auditors’ Report | 15 | - | 17 |
| Statement of Accounting Policies | 18 | - 24 | |
| Statement of Comprehensive Income and Expenditure | 25 | ||
| Statement of Change in Reserves | 26 | ||
| Balance Sheet | 27 | ||
| Cash Flow | |||
| Statement | 28 | ||
| Notes to the Accounts | 29 | - 41 |
| management account | |
|---|---|
| deficit | (0.9) |
| Remove | |
| Depreciation | (2.2) |
| USS Deficit | (1.3) |
| Other | (0.4) |
| Deficit included in SOCIE | (4.8) |
| 3 Year | ||||
|---|---|---|---|---|
| Support (E’Ooo) | 2019-20 | 2020-21 | 2021-22 | Total |
| Postgraduate studentships | 495 | 467 | 334 | 1,296 |
| Undergraduate studentships | 16 | 19 | 23 | 58 |
| Cambridge Bursaries & other support | 308 | 319 | 343 | 970 |
| Prizes and scholarships | 33 | 96 | 57 | 186 |
| Maintenance/rent rebates | 131 | 133 | 128 | 392 |
| Book grants | 7 | 17 | 9 | 33 |
| Research expenses | 36 | 6 | 22 | 64 |
| Counsellingsupport | 17 | 40 | 56 | 113 |
| Vacation study | 12 | 56 | 49 | 117 |
| Other awards | 42 | 27 | 46 | 115 |
| Total awards | 1,097 | 1,180 | 1,067 | 3,344 |
| Pembroke College is funded fro s follows: |
m a series of | sources. I | ncludingendo | wment |
|---|---|---|---|---|
| 2020-21 | 2021-22 | |||
| IncomeSource | £000 | % | £000 | % |
| Studentfees | 3,231 | 28% | 3,319 | 22% |
| Student rents | 1,984 | 17% | 2,753 | 18% |
| Student catering and bar | 355 | 3% | 382 | 2% |
| Bequests & Donations | 1,647 | 14% | 2,574 | 17% |
| Endowment | 3,422 | 30% | 3,534 | 24% |
| International Programmes | (1) | 0% | 1,741 | 11% |
| Conference | 12 | 0% | 191 | 1% |
| Other | 960 | 8% | 831 | 5% |
| Total | 11,610 | 100% | 15,325 | 100% |
| Em | |
|---|---|
| Annual giving | 0.8 |
| Restricted fund annual gifts | 1.6 |
| Unrestricted endowment gifts | 0.1 |
| Corporate donations | 0.2 |
| Capital gifts — Mill Lane |
7.7 |
| Total | 10.4 |
| 2020-21 | 2021-22 | |||
|---|---|---|---|---|
| Investmentvehicle | £000 | % | £000 | % |
| Managed cash (other than operating balance) | 3,294 | 3.4% | 3,322 | 3.3% |
| Equities | 51,439 | 52.9% | 49,100 | 48.8% |
| Alternative investments (hedge funds, derivatives) | 116 | 0.1% | 0.0% | |
| Property funds | 9,323 | 9.6% | 12,536 | 12.5% |
| College property—shops, land and commercially held properties | 31,125 | 32.0% | 33,469 | 33.2% |
| Private equity, venture capital | 1,075 | 1.1% | 1,367 | 1.4% |
| Other investments | 791 | 0.9% | 763 | 0.8% |
| Total endowment investments | 97,163 | 100.0% | 100,557 | 1000% |
| Overall investment growth | 10.40% | 3.49% | ||
| Drawdown for spending | 3.90% | 3.60% | ||
| Total return | ||||
| Private placement investments (note 9) | ||||
| Managed cash | 2,612 | 19,1% | 612 | 4.8% |
| Equities | 11,041 | 80.9% | 12,268 | 95.2% |
| Total other investments | 13,653 | 100.0% | 12,880 | 100.0% |
| Total investment portfolio (note 9) | 110,816 | 113,437 |
| Computer equipment/photocopiers | 33% p.a. (3 years> |
|---|---|
| Boats | 7% p.a. (15 years) |
| Heating systems | 5% p.a. (20 years) |
| Other furniture and equipment | 10% p.a. (10 years) |
| 2021 | Total | £000 | 3,473 | 2,474 1,691 |
2,474 1,691 |
(9) 581 |
(9) 581 |
8,210 | 1,464 | 397 | 13,125 | 23,196 | 7,603 | 6,029 | 6,029 | 2,648 | (163) | 34 | 16,151 | 7,045 | 12,717 | 19,762 | 901 | 20,663 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Endowment | £000 | 1,536 | (3,425) | (1,889) | - | 397 | - | (1,492) | - | - | 699 | - | - | 699 | (2,191) | 10,438 | 8,247 | - | 8,247 | |||||||||||||
| Restricted | £000 | 140 | 0 | 138 | 1,870 | 20 | 2,168 | 775 | - | 13,125 | 16,068 | 2,328 | - | 160 | - | 6 | 2,494 | 13,574 | 556 | 14,130 | 14,130 | |||||||||||
| Unrestricted | £000 | 3,333 | 2,474 | 17 | 1,546 | 561 | 7,931 | 689 | - | - | 8,620 | 5,275 | 6,029 | 1,789 | 163) | 28 | 12,958 | 4.338) | 1,723 | (2,615) | 901 | (1,714) | ||||||||||
| 2022 | Total | £000 | 4,791 | 4,307 | 1,755 | (8) | 137 | 10,982 | 1,574 | 1,170 | 7,664 | 21,390 | 8,405 | 6,731 | 3,169 | 1,346 | 34 | 19,684 | 1,706 | 3,836 | 5,542 | 1,144 | 6,686 | |||||||||
| Endowment | £000 | 1,574 | (3,529) | (1,955) | - | 1,170 | - | (785) | - | - | 926 | - | - | 926 | (1,711) | 4,527 | 2,816 | - | 2,816 | |||||||||||||
| Restricted | £000 | 148 | 2 | 39 | 1,929 | 37 | 2,155 | 794 | - | 7,664 | 10,613 | 2,172 | - | 232 | - | 8 | 2,412 | 8,201 | 118 | 8,319 | 8,319 | |||||||||||
| Unrestricted | £000 | 4,643 | 4,305 | 142 | 1,592 100 |
10,782 | 780 | - | - | 11,562 | 6,233 | 6,731 | 2,011 | 1,346 | 26 | 16,346 | 4,S4 | (809) | (5,593) | 1,144 | (4,449) | |||||||||||
| Pembroke College | StatementofComprehensive Income and Expenditure | Year ended 30th June 2022 | Note | Income Academic fees and charges Accommodation, catering and conferences Investment income Endowment return transferred Other income 1 2 3a 3a 3c |
Total income before donations and endowments | Donations New endowments Other capital donations for Mill Lane project |
Total income | Expenditure Education 4 |
Accommodation, catering and conferences Other expenditure USS Provision Contribution under Statute 0,11 5 7d 7d |
Total expenditure | (Deficit)/surplus before othergains and losses | Gain/(Ioss) on investments 3a |
(Deficit)/surplus fortheyear | Other comprehensive income Actuarial profit/(loss) in respect of pension schemes 15 |
Total comprehensive income forthe year | The notes on pages 29 to 41 form partof these accounts. |
| Pembroke College Statement of Changes in Reserves Year ended 30th June 2022 |
||||||
|---|---|---|---|---|---|---|
| Income and expenditure reserve | ||||||
| Unrestricted | Revaluation | Restricted | Endowment | Total | ||
| £000 | £000 | £000 | £000 | £000 | ||
| Balance at 1 July 2021 | 76,110 | 76,084 | 41,139 | 87,580 | 280,913 | |
| (Deficit)/surplus from income and expenditure statement | (5,593) | - | 8,319 | 2,816 | 5,542 | |
| Other comprehensive income | 1,144 | - | - | 1,144 | ||
| Release of restricted capital funds spent in the year | 19,071 | (19,071) | ||||
| Transfer from endowment to unrestricted funds | ||||||
| Balance at 30June 2022 | 90,731 | 76,084 | 30,387 | 90,396 | 287,599 | |
| (note 17) | (note 16) | |||||
| Income and expenditure reserve | Restated | |||||
| Unrestricted | Revaluation | Restricted | Endowment | Total | ||
| £000 | £000 | £000 | £000 | £000 | ||
| Balance at 1 July 2020 | 75,652 | 76,084 | 29,181 | 79,333 | 260,250 | |
| (Deficit)/surplus from income and expenditure statement | (2,615) | - | 14,130 | 8,247 | 19,762 | |
| Other comprehensive income | 901 | - | - | 901 | ||
| Release of restricted capital funds spent in the year | 2,172 | - | (2,172) | - | ||
| Transfer from endowment to unrestricted funds | ||||||
| Balance at 30 June 2021 | 76,110 | 76,084 | 41,139 | 87,580 | 280,913 | |
| (note 17) | (note 16) |
| Year ended 30th June 2 | 022 | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Note | £000 | £000 | ||
| Non-current assets | ||||
| Fixed assets | Ba | 179,810 | 162,592 | |
| Heritage assets | Sb | 644 | 574 | |
| Investments | 9 | 113,439 | 110,818 | |
| Total non-current assets | 293,893 | 273,984 | ||
| Current assets | ||||
| Stock | 10 | 688 | 720 | |
| Trade and other receivables | 11 | 2,608 | 7,746 | |
| Cash and cash equivalents | 12 | 0 | 2,937 | |
| Short-term investments | 13 | 19,387 | 25,072 | |
| Total current assets | 22,682 | 36,475 | ||
| Creditors: amounts falling due within | ||||
| one year | 14a | (10,008) | (10,657) | |
| Net current assets | 12,674 | 25,818 | ||
| Total assets less current liabilities | 306,567 | 299,802 | ||
| Creditors: amounts falling due after | ||||
| more than one year | 14b | I14.1O | i ,556i |
|
| 292,127 | 285,246 | |||
| Provisions | ||||
| Pension provisions | 15 | (4,530) | (4,333) | |
| Total net assets | 287,597 | 280,912 | ||
| Restricted reserves | ||||
| Income and expenditure reserve | - endowment reserve | 16 | 90,396 | 87,580 |
| Income and expenditure reserve | - restricted reserve | 17 | 30,387 | 41,139 |
| 120,783 | 128,719 | |||
| Unrestricted reserves | ||||
| Income and expenditure reserve | - unrestricted reserve | 90,731 | 76,110 | |
| Revaluation reserve | 76,084 | 76,084 | ||
| 166,815 | 152,194 | |||
| Total reserves | 287,599 | 280,913 |
| Pembroke College Cash FlowStatement Year ended 30th June 2022 |
|||
|---|---|---|---|
| 2022 | 2021 | ||
| Note | £000 | £000 | |
| Cash flowsfrom operating activities | 21 | 16,555 | (2,625) |
| Cash flows from investing activities | 22 | (16,275) | 199 |
| Cash flows from financing activities | 23 | (602) | (602) |
| (Decrease) in cash and cash equivalents in the year | (322) | (3,027) | |
| Cash and cash equivalents at beginning ofthe year | (4,952) | (1,925) | |
| Cash and cash equivalents at end ofthe year | 24 | (5,275) | (4,952) |
| 1. Academic fees and charges | 2022 | 2021 | |||
|---|---|---|---|---|---|
| £000 | £000 | ||||
| College fees | |||||
| Fee income received at the Regulated Undergraduate rate | 1973 | 1,967 | |||
| Fee income received at the Unregulated Undergraduate rate | 451 | 417 | |||
| Fee income received at the Postgraduate rate | gg | 47 | |||
| Pee income received at the International Programme rate | 1,206 | ||||
| 4,525 | 3,231 | ||||
| Other income | 101 | 110 | |||
| Cambridge gursary scheme | 165 | 132 | |||
| Total | 4,791 | 3,473 | |||
| 2. Income from accommodation, catering and conferences income | 2022 | 2021 | |||
| £000 | £000 | ||||
| International Programmes | 535 | (1) | |||
| Accommodation College members |
2,957 | 2,log | |||
| Conferences | 7g | 9 | |||
| Catering | College members | 625 | 355 | ||
| Conferences | 112 | 3 | |||
| Total | 4,307 | 2,474 | |||
| 3a. tndomment and investment income | 2022 | 2021 | |||
| £000 | £000 | ||||
| Income from investments and donations: | |||||
| Income dramdomn from andomment | 3,520 | 3,416 | |||
| Freehold land and buildings | 1 | 11 | |||
| Other interest receivable | 67 | (14) | |||
| Private placement inaestmaat income | 76 | 20 | |||
| Mill Lane investment income | 39 | 13 | |||
| 3,703 | 3,571 | ||||
| Summary of total return: | |||||
| Income from: | |||||
| Land and baildings | 454 | 492 | |||
| Oaotnd and other secarities | and cash | 1,119 | 1,045 | ||
| Gains on endomment assets: | |||||
| Land and buildings | 3,114 | 317 | |||
| Ouoted and other securities | and cash | 1,532 | 10,177 | ||
| lnaestmnnt management costs in | respect of: | ||||
| Land and buildings | (490) | (320) | |||
| Ouoted and other securities | and cash | (436) | 433) | ||
| Total return for the year | 5,293 | 11,773 | |||
| Total return transferred to income and espenditure reserve (see above) | (3,529) | (3,425) | |||
| Unapplied total return for year included mithin Statement of Comprehensive Income | |||||
| and Eupenditurn (page 25) | 1,764 | 3,353 | |||
| Gains on other assets: | |||||
| Ouoted and other securities | and cash (page 25) | (309( | 1,723 | ||
| 3b. Investment management costs | 2022 | 2021 | |||
| £000 | £000 | ||||
| Ouoted securities - equities |
294 | 273 | |||
| Other investments | 142 | 160 | |||
| 433 | 433 | ||||
| 3c. Other income | 2022 | 2021 | |||
| £000 | £000 | ||||
| Lease of operational buildings | - | ||||
| Income from sports facilities and eqsipmnnt | 13 | 16 | |||
| HMRC Job Retention scheme grant | 43 | 497 | |||
| Other income | 81 | 68 | |||
| 137 | 531 |
| Analysis of eapenrfituru by activity 2 | 021-22 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Staff & Fellows | Other | |||||||||||||
| payroll costs | operating | Total | ||||||||||||
| (note 6) | eoyenses | Depreciation | 2022 | |||||||||||
| £000 | £000 | £000 | £000 | |||||||||||
| Education (Noted) Accnmmodalion, catering, and cnnferences (Note 5) other eopenditnre (Note 7d( USS pnnninn Prnaisinn Cnntribatins under Statute 0,11 |
4,420 2,062 935 - |
3,401 2,353 2,030 1,336 34 |
576 1,518 144 - |
8,405 6,73t 3,169 1,346 34 |
||||||||||
| 0,281 | 9,164 | 2,236 | 19,661 | |||||||||||
| Loan interest payable for the year tn 30th June 2021 wan 0482k. | ||||||||||||||
| Other enpenditure includes gnnereance, investment management fees, fundraising and alumni | relations enpenditure | |||||||||||||
| Eundraising costs Caere 0210k. | ||||||||||||||
| Analysis ofenpenditorn by activity 2020-21 | Staff & Fellows | Other | ||||||||||||
| payroll costs | operating | Total | ||||||||||||
| (note | 6( | nopnnses | Depreciation | 2021 | ||||||||||
| €000 | £000 | £000 | £000 | |||||||||||
| Education (Note 4( Accommodation, catcrint, and conferences (Note S( Other enpenditure (Nnre 7d( 595 pnensron prnoisinn Contnibuton under Statute 0,11 |
4,080 2,587 895 - |
2,952 1,942 1,810 (163( 3d |
971 1,900 043 |
7,603 8,029 2,648 (183( 34 |
||||||||||
| 7.562 | 6.379 | 2,214 | 10,151 | |||||||||||
| loan interest nasable for she year to | 30th Jane 2021 was 0482k | |||||||||||||
| Other noyenditure includes gonernance, investment management fees, fucdraising and alumni | relations copenditure. | |||||||||||||
| Fondraising costs Caere 021Gb, | ||||||||||||||
| . Auditors’ remuneration | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| £000 | £000 | |||||||||||||
| Audt lens payable to the College’s ent&nal aud’tnrs Other fees payable to the College’s enter’ral aoditnrn |
27 1 |
21 3 |
||||||||||||
| . Other espenditorn | 2020 | 2021 | ||||||||||||
| £000 | £000 | |||||||||||||
| Uninensities SuyerannoasinnScheme Interest charges lnoestment management fees Other enpenditare |
- pension pcnnisinn | 1,036 475 926 423 |
(163( 482 699 1,467 |
|||||||||||
| 3,109 | 2,405 | |||||||||||||
| a, Piond assets | ||||||||||||||
| college site Buildings |
Assets Course |
in of |
college situ Foondress |
Houses for College |
Sportsgroand & Boathouse |
land | Furniture & gqoipmeot |
Total 2022 |
Total 2021 |
|||||
| construction | Court | Memhers | ||||||||||||
| £000 | £000 | €000 | £000 | £000 | £000 | £000 | £000 | |||||||
| cost/naluation Alt July 2021 Additions Disposals Transfer In innestments |
- 69,890 172 |
- (56( 9,870 14,964 19,139 46 |
96 19,512 54 |
820 | 55,990 | 3,728 43 |
170,774 19,454 - |
118,227 3,331 (28) (758( |
||||||
| Cnst/nalaatinn as at 30 June 2022 | 66,062 | 28,953 | 15,010 | 19,622 | 020 | 55,990 | 3,771 | 190,220 | 170,774 | |||||
| Oepreciation At 1 July 2021 prnnided for the year |
3,777 1,337 |
- - |
915 309 |
1,135 390 |
79 27 |
- - |
2,276 173 |
8,182 2,236 |
5,967 2,20S |
|||||
| Oispusals | ||||||||||||||
| Onpreciatinn at 30 June 2022 | 5,114 | - | 1,224 | 1,525 | 106 | . | 2,449 | 10,418 | 8,182 | |||||
| Net book value At 30 June 2022 |
00,908 | 28,953 | 10,786 | 18,097 | 714 | 15,990 | 1,322 | 179,810 | 162,582 | |||||
| At 30 bce 2021 | 62,114 | 3,870 | 14,049 | 18,377 | 741 | 99,990 | 1,432 | 162,992 | 162,260 |
| Amounts for the current and previous four years were as follows: | Amounts for the current and previous four years were as follows: | |||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2020 | 2019 | 2018 | ||||
| £000 | £000 | £000 | £000 | £000 | ||||
| Total value 1st July | 574 | 481 | 206 | 136 | 136 | |||
| Acquisitions purchased with specific donations | 275 | |||||||
| Acquisitions purchased with College funds | 70 | 13 | ||||||
| Total cost of acquisitions purchased | 70 | 13 | 275 | - | - | |||
| Vaiue of acquisitions by donation | 80 | - | 70 | - | ||||
| Total acquisitions capitalised in year | 70 | 93 | 275 | 70 | - | |||
| Total value 30th June | 644 | 574 | 481 | 206 | 136 | |||
| 9. Investments | 2022 | 2021 | ||||||
| £000 | £000 | |||||||
| Balance at 1 July | 110,818 | 99,526 | ||||||
| Additions | 2,290 | 12,063 | ||||||
| Disposals | (785) | (8,676) | ||||||
| Transfer from fixed assets | 758 | |||||||
| Gain | 3,088 | 12,271 | ||||||
| (Decrease)/lncrease in cash held by investment managers | (1,958) | (5,093) | ||||||
| Less: change in amount owed to Pembroke House | (14) | (31) | ||||||
| Balance at 30 June | 113,439 | 110,818 | ||||||
| General investments | 100,559 | 97,165 | ||||||
| Private placement investments | 12,880 | 13,653 | ||||||
| Balance at 30 June | 113,439 | 110,818 | ||||||
| 2022 | 2021 | |||||||
| £000 | £000 | |||||||
| Long-term investments: | ||||||||
| Commercial shops | 2,637 | 2,550 | ||||||
| Agricultural land | 9,631 | 9,501 | ||||||
| Residential property | 21,200 | 19,075 | ||||||
| Total investment properties | 33,468 | 31,126 | ||||||
| Equities | 61,631 | 62,793 | ||||||
| Other investments | 13,908 | 10,403 | ||||||
| Cash in hand and at investment managers | 3,936 | 5,958 | ||||||
| Loans to Fellows | 763 | 791 | ||||||
| Less: a’niount owed to Pembroke House | (267) | (253) | ||||||
| 113,439 | 110,818 | |||||||
| 10. Stock | 2022 | 2021 | ||||||
| £000 | £000 | |||||||
| Kitchen | 26 | 21 | ||||||
| Cellar wine | 656 | 693 | ||||||
| Bar | 2 | |||||||
| Porters’ Lodge | ||||||||
| 688 | 720 |
| 11. Trade and other receivables | 11. Trade and other receivables | 2022 | 2021 |
|---|---|---|---|
| £000 | £000 | ||
| Trade debtors | 72 | 14 | |
| Members ofthe College | 224 | 219 | |
| Debtors and prepayments | - Other | 1664 | 7,513 |
| Debtors due over 1 year | 648 | ||
| Trade and other receivables due within one year | 2,608 | 7,746 | |
| 12, Cash and cash equivalents | 2022 | 2021 | |
| £000 | £000 | ||
| Current accounts | - | ||
| Bank deposits | - | 2,937 | |
| Cash | 0 | 0 | |
| Less: amount owed to Pembroke House | (0) | (0) | |
| 0 | 2,937 | ||
| 13. Short-term investments | 2022 | 2021 | |
| £000 | £000 | ||
| Mill Lane deposits | 19,387 | 25,072 | |
| 19,387 | 25,072 | ||
| 14a. Creditors: amounts falling due within one year | 2022 | 2021 | |
| £000 | £000 | ||
| Bank overdrafts (see note | below) | 5,275 | 7,889 |
| Bank loan | 135 | 127 | |
| Trade creditors | 527 | 363 | |
| Members of the College | 888 | 838 | |
| Accruals and deferred income | 2,808 | 1,167 | |
| Universityfees | 4 | 2 | |
| Contribution to College fund | 34 | 34 | |
| Taxes and social security | 37 | 117 | |
| Holiday & Bonus accrual | 241 | 85 | |
| Other creditors | 59 | 35 | |
| 10,008 | 10,657 |
| lAb. Creditors: amounts falling due after more than one yea’ | 2022 | 2021 |
|---|---|---|
| £000 | £000 | |
| Bank loan | 1,168 | 1,303 |
| Members of the College | 372 | 353 |
| Other loans | 12,900 | 12,900 |
| 14,440 | 14,556 |
| Pension provisions | ||||
|---|---|---|---|---|
| CCFPS | USS | 2022 | 2021 | |
| £000 | £000 | £000 | £000 | |
| (Deficit) in schemes in beginning of the year | (3,288) | (1,045) | (4,333) | (5,371) |
| Movement in year: | ||||
| Recognised in income and expenditure | (264) | (1,354) | (1,618) | (136) |
| Contributions paid by the College | 277 | - | 277 | 273 |
| Actuarial (loss)/profit recognised in the Statement of | 1,144 | - | 1,144 | 901 |
| Comprehensive Income and Expenditure | ||||
| (Deficit) in schemes at end of the year | (2,131) | (2,399) | (4,530) | (4,333) |
| note 20b | note 20a |
| Endowment funds | ||||
|---|---|---|---|---|
| Restricted | Unrestricted | 2022 | 2021 | |
| Permanent | Permanent | £000 | £000 | |
| £000 | £000 | £000 | £000 | |
| Balance at beginning ofyear: | ||||
| Capital | 44,127 | 43,453 | 87,580 | 79,333 |
| 44,127 | 43,453 | 87,580 | 79,333 | |
| New donations and endowments | 1,137 | 33 | 1,170 | 397 |
| Increase in market value of investments | 866 | 780 | 1,645 | 7,850 |
| Balance at end of year (page 26) | 46,130 | 44,266 | 90,396 | 87,580 |
| Representing: | ||||
| Fellowship Funds | 12,609 | - | 12,609 | 12,336 |
| Scholarship Funds | 7,313 | - | 7,313 | 6,509 |
| Prize Funds | 1,033 | - | 1,033 | 1,011 |
| Bursary/Hardship Funds | 5,446 | 1,325 | 6,771 | 6,521 |
| Travel Grant Funds | 1,775 | 1,775 | 1,740 | |
| Graduate Funds | 8,117 | - | 8,117 | 8,655 |
| Other Funds | 9,837 | - | 9,837 | 8,653 |
| General endowments | - | 42,941 | 42,941 | 42,155 |
| Total | 46,130 | 44,266 | 90,396 | 87,580 |
| Analysis by asset: Property |
13,610 | 13,060 | 26,670 | 24,599 |
| Investments | 1,600 | 1,536 | 3,136 | 58,273 |
| Cash | 30,920 | 29,670 | 60,590 | 4,708 |
| 46,130 | 44,266 | 90,396 | 87,580 |
| 7. Restricted reserves | |||||
|---|---|---|---|---|---|
| Capital grants | Unspent | Restricted | 2022 | 2021 | |
| unspent | Permanent | Expendable | Total | Total | |
| £000 | £000 | £000 | £000 | £000 | |
| Balance at beginning of year: Capital |
- | - | 6,055 | 6,055 | 5,243 |
| Accumulated income | 31,482 | 2,980 | 622 | 35,084 | 23,938 |
| 31,482 | 2,980 | 6,677 | 41,139 | 29,181 | |
| Transfers between funds in year Increase in market value of investments |
- | - 118 |
- 118 |
- 556 |
|
| Capital grants Donations |
7,664 | - 3 |
- 791 |
7,664 794 |
13,124 775 |
| Endowment return transferred | - | 1,697 | 232 | 1,929 | 1,871 |
| Other investment income | 39 | 72 | 115 | 226 | 297 |
| Expenditure Capital grants utilised |
(75) (19,071) |
(1,507) - |
(830) - |
(2,412) (19,071) |
(2,493) (2,172) |
| Movement in the year | (11,443) | 26S | 426 | (10,752) | 11,958 |
| Balance at end ofyear | 20,039 | 3,245 | 7,103 | 30,387 | 41,139 |
| Balance at end ofyear: Capital Accumulated income |
- 20,039 |
- 3,245 |
6,518 585 |
6,518 23,868 |
6,055 35,084 |
| 20,039 | 3,245 | 7,103 | 30,387 | 41,139 | |
| Representing: Fellowship Funds Scholarship Funds Prize Funds |
- | 688 796 123 |
2,533 303 825 |
3,221 1,099 948 |
2,992 970 88 |
| Burxary/Hardship Funds Travel Grant Funds |
- | 579 218 |
- 13 |
579 231 |
1,385 198 |
| Graduate Funds | - | 428 | 836 | 1,264 | 1,226 |
| Other Funds | 20,039 | 413 | 2,593 | 23,045 | 34,280 |
| Total | 20,039 | 3,245 | 7,103 | 30,387 | 41,139 |
| 18. Memorandum of unapplied total return | 2022 | 2021 | |||
| £000 | £000 | ||||
| Included within reserves the following amounts represent the unapplied total return of the College: | |||||
| Unapplied total return at the beginning of the year Unapplied total return for the year (see note 3a) |
48,389 1,764 |
40,036 8,353 |
|||
| Unapplied total return at end ofyear | S0,153 | 48,389 | |||
| 19. Capital commitments | 2021 | 2020 | |||
| £000 | £000 | ||||
| Capital commitmentscontracted for at 30th June | 177 | 15,903 |
| Term dependent rates in line with the difference between | |
|---|---|
| the Fixed Interest and Index Linked yield curves less: | |
| CPI assumption | |
| 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long- | |
| term difference of 0.1% | |
| p.s. from 2040 | |
| Pension increases (subject to a floor of 0%) | CPI assumption plus 0.05% |
| . Discount rate (forward rates) |
Fixed interest gilt yield curve plus: Pre-retirement: 2.78% p.a. |
| Post retirement: 1.00% p.a. |
| carried out as part of the 2020 actuarial valuation | . The mortality assumptions used in these figures are as follows: |
|---|---|
| 2020 valuation | |
| Mortality base table | 101% of S2PMA “light” for males and 95% of S3PFA for females |
| Future improvements to mortality | CMI 2019 with a smoothing parameter of 7.5, an initial |
| addition of 0.5% p.a. | |
| and a long-term improvement rate of 1.8% pa for males and | |
| 1.6% pa for females |
| 2022 | 2021 | |
|---|---|---|
| Males currently aged 65 (years) | 23.9 | 24.7 |
| Females currently aged 65 (years) | 25.5 | 26.1 |
| Males currently aged 45 (years) | 25.9 | 26.7 |
| Females currently aged 45 (years) | 27.3 | 27.9 |
| 2022 | 2021 | |
|---|---|---|
| Discount rate’ | 3.31% | 0.78% |
| Pensionable salary growth Year 1 | 4.50% | 3.20% |
| Pensionable salary growth Year 2 | 5.00% | 3.20% |
| Pensionable salary growth Year 3 to 17 | 3.00% | 3.20% |
| 30jane | 3OJune | |
|---|---|---|
| 2022 | 2021 | |
| Discount rate | 3.00% | 1.80% |
| Increase in salaries | 3.25% | 3.10% |
| RPI assumption | 3.45% | 3.40% |
| CPI assumption | 2 75% | 2 60% |
| Pension increases in payment )RPI Mao 5% p.a.) | 3.30% | 3.30% |
| Pension Increases in payment )CPI Man 2.5% p.a.) | 2.05% | 1.85% |
| 2022 | 202t | |
|---|---|---|
| €ooo | £000 | |
| Total market value of annets | 8,716 | 10,449 |
| Present valve of scheme liabilities | 10,847) | )13,737) |
| Net pension liabilitp | (2,131) | (3,2BB( |
| 2022 | 2021 | ||
|---|---|---|---|
| £000 | £000 | ||
| Current nervice cost | 189 | 207 | |
| Administration evpennen | 16 | 15 | |
| loterent on net defined benefit liability | 59 | 61 | |
| Loss on plan changes | |||
| Total | 264 | 262 | |
| Changes in the present value of the Scheme liabilities for the year ending 30 June 2022 v/tb comparative figures for the year ended | 30 lane | 2021) | |
| areas follows- | |||
| 2022 | 2021 | ||
| £000 | £000 | ||
| Present value of plan liabilities at beginning of period | 13,737 | 13,902 | |
| Current service cost | 189 | 207 | |
| Employee contributions | 6 | 8 | |
| Benefits paid | 513) | )298) | |
| Interest on plvo liabilities | 244 | 201 | |
| Actuariul )profitn)/losnen | 2,818) | )283) | |
| Loss on plan changes | |||
| Present ualae of plan liabilities at end of period | 10,647 | 13,737 |
| Changes in the fair value ofthe plan assets for the year ending 30 June 2022 (with tompsrative figsres for the ye | ar endisg 30 June 2021) are as follows: | |
|---|---|---|
| 2022 | 2021 | |
| £000 | £000 | |
| Market value of plan assets at beginning of period | 10,449 | 9,721 |
| Contributiont paid by the College | 277 | 274 |
| Employee contributions | 6 | 8 |
| Benefits paid | (513) | (298) |
| Administration eapenses | (22) | (26) |
| Isterest on plan assets | 185 | 140 |
| Return on assets, less interest included in Comprehensive Income and Espenditure | (1,665) | 629 |
| Marketvalae of plan asaets at end of period | 9,717 | 10,449 |
| Actual return on plan assets | (1,491) | 769 |
| The major categories of plas assets as a percentage of total plan assets for che ended 30 Juse 2021) are as follows: |
year ending 30 June 2022 (with comparative figures for the year | |
|---|---|---|
| 2022 | 2021 | |
| £000 | £000 | |
| Equities | 52% | 48% |
| Bonds and cash | 34% | 42% |
| Property | 14% | 10% |
| Total | 100% | 100% |
| Analysis of the remeasurement ofthe net defined benefit liability recognised in Other Comprehensive Income (O comparative figures for the year ending 30 June 2021) areas follows: |
CI) for the year ending 30 June 2022 (with | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £000 | £000 | ||
| Return on assets, less interest included in Comprehensive Income and Enpenditure | (1,66S) | 629 | |
| Expected less actual plan expenses | (6) | (11) | |
| Experience gains and losses arising on plan liabilities | (943) | 135 | |
| Changes in assumptions underlying the present value of plan liabilities | 3,760 | 148 | |
| Actuarial gain/(losu) recognised in OCI (page 25) | 1,144 | 901 |
| ment in (deficit) during the 12 months ending 30 lune 2022 (with comparative figures for the year end | ed 30 June 2021) areas follows | |
|---|---|---|
| 2022 | 2021 | |
| £000 | £000 | |
| (Deficit) in plan at beginning of year | (3,288) | (4,182) |
| Recognised in Statement of Comprehensive Income and Expenditure Contributions paid by the College |
(264) 277 |
(282) 274 |
| Actuarial guin/)loss( recognised in DCI | 1,144 | 901 |
| (Deficit) in plan at the end of the year | (2,131) | @f?) |
| (d) summary of pension costs | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £000 | £000 | ||
| Unieersities Superannuation Scheme | 636 | 624 | |
| Universities Superannuation Scheme | - pension provision | 1,354 | (163) |
| Cambridge Colleges Federated Pension Scheme | 209 | 212 | |
| NOW:Pension Scheme | 195 | 179 | |
| Death in service | 10 | 6 | |
| Totsl pension costs (note 6) | 2,404 | 858 | |
| Reconciliation of surplus for the year to cash flows from operating activities | |||
| 2022 | 2021 | ||
| £000 | £000 | ||
| Surplus for the year | 5,542 | 19,762 | |
| Adjustment for non-cash items: | |||
| Depreciation (note 8) | 2,236 | 2,215 | |
| (Gain) on endomments, donations and investment property | )3,g36( | (12,717) | |
| (Increase) in stocks | 32 | (1) | |
| (Increase) is trade and other receivables | 5,136 | (5,231) | |
| (lncrease)/decrease in short-term investments | s,6gs | (6,004) | |
| lncrease/)decrease) in creditors | 1,942 | 420 | |
| Pension costs less contributions payable | 1,341 | (137) | |
| Adjustment for investing or financing activities Investment income |
(1,755) | (1,691) | |
| Investment costs | 926 | 754 | |
| Interest payable | 475 | 482 | |
| Endowment funds invested Gift of heritage asset |
(1,170) | (397) (go) |
|
| Total cash flows from operating activities | 16,555 | (2,625) | |
| . cash flows from isvesting activities | |||
| 2022 | 2021 | ||
| £000 | £000 | ||
| Non-current investment disposal | 3,529 | 3,425 | |
| Investment income | 181 | 156 | |
| Endommeet funds invested | 1,170 | 397 | |
| Payments made to acquire non-current assets | (21,155) | (3,779) | |
| Total cash flows from investing activities | (16,275) | ||
| . cash flows from financing activities | |||
| 2022 | 2021 | ||
| £000 | £000 | ||
| Interest paid Repayments of amounts borromed |
(475) (127) |
(482) (119) |
|
| Total cash flows from financing activities | (602) | (601) |
| ysis of cash asd cash equivalents | |||
|---|---|---|---|
| At beginning of | |||
| year | Cashflows | At end ofyear | |
| £000 | £000 | £000 | |
| Bank overdrafts | (7,889( | 2,614 | (5,275) |
| Cash at bank and in hand | 2,937 | (2,937) | 0 |
| Net Funds (page 28) | (4,952) | (323) | (5,275) |
| lsne 2022 the College had commitments under non-cancellable operating leases as follows | ||||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| £000 | £000 | |||||
| and buildings: | ||||||
| Expiring within one year | 301 | 301 | ||||
| Evpiring between two and five years | 151 | 452 | ||||
| Expiring in over five years | - | - |
| nciliation and analysis of net debt | ||||||
|---|---|---|---|---|---|---|
| New finance | Other non-cash | |||||
| At 1 July | Cashflows | leases | changes | At 30 June | ||
| 2021 | 2022 | |||||
| £000 | £000 | £001 | £000 | £000 | ||
| Cash and cash equivalents | 2,937 | 293?i | - | - | ||
| Borrowings: | ||||||
| Amounts falling due within one year: | ||||||
| Bank overdraft | (7,889) | 2,614 | (5,275) | |||
| Unsecured loans | (127) | (8) | - | - | (135) | |
| (8,016) | 2,606 | - | - | (5,410) | ||
| Borrowings: | ||||||
| Amounts falling due after more than one year: | ||||||
| Unsecured loans | (14,203) | 135 | - | - | (14,068) | |
| (14203) | 135 | - | - | (14,068) | ||
| Total net debt | (19,282) | (196) | - | - | (19,478) |
| ncial instruments | ||
|---|---|---|
| 2022 | 2021 | |
| £000 | £000 | |
| Financial assets | ||
| Financial assets atfair value through StatementofComprehensive income | ||
| Listed equity investments (note 9) | 61,364 | 62,540 |
| Other investments (note 9( | 13,908 | 10,403 |
| F,nonc,al assets that ore debt instruments measured at amortised cast | ||
| Other investments (note 91 | 763 | 791 |
| Cash anu cash equivalents (note 9, 12, 131 Other debtors (note 11) |
23,322 267 |
13,966 326 |
| Financial liabilities | ||
| Financiol liabilities measuredat amortised cost | ||
| Bank overdraft (vote 14a( | 5,275 | 7,889 |
| Loans (notes 14a, 14b( | 14,203 | 14,330 |
| Trade creditors (note 14a( | 527 | 363 |
| Other creditors (notes 14a, 14b( | 1,394 | 1,379 |
| 2022 | 2021 | ||
|---|---|---|---|
| £000 | £000 | ||
| 763 | 791 |
| ummarised | in the table below: | |||||
|---|---|---|---|---|---|---|
| From | To | 2022 | Number | 2021 | Number | |
| £0 | £10,000 | 44 | 44 | |||
| £10,001 | £20,000 | 9 | 12 | |||
| £20,001 | £30,000 | 4 | 6 | |||
| £30,001 | £40,000 | 2 | 0 | |||
| £40,001 | £50,000 | 0 | 0 | |||
| £50,001 | £60,000 | 2 | 5 | |||
| £60,001 | £70,000 | 5 | 2 | |||
| £70,001 | £80,000 | 2 | ||||
| £80,001 | £90,000 | 2 | ||||
| £90,001 | £100,000 | 2 | ||||
| £100,001 | £110,000 | 1 | 0 | |||
| £110,001 | £120,000 | 0 | ||||
| £120,001 | £130,000 | |||||
| Total | 72 | 76 |