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|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|
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|management account||
|---|---|
|deficit|(0.9)|
|Remove||
|Depreciation|(2.2)|
|USS Deficit|(1.3)|
|Other|(0.4)|
|Deficit included in SOCIE|(4.8)|
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|||||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|
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|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%|
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||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|
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||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||
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|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)|
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||||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)|||
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|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|
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|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|
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|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|
##
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|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|