2021-06-30-accounts - The Queens' College Of Saint Margaret And Saint Bernard In The University Of Cambridge

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Congestls			Page
Reference and Administrative Details			3-6
Structure, Governance and Management			7-10
Aims and Objectives ofthe Cogege
Public Benefit			Il - 12
Review ofOperations			I3 - ]8
Financial Review			]9-27
Rcspoosibilities ofthe Governing	Body		28
independent Auditors Report			29- 32
Sttnement ofPrincipal Accounting	Policies		33-39
Consolidated Statement ofComprehensive		Income Jt	40
Expenditure
Statement ofChanges in Reserves			41
Consolidated Ba]ance Sheet			42
Consolidated Cash Flow Statement			43
Notes to tbe Financial Statements			44- 59

Fellows' attendance was reco	rded as fogow	s:
The Rt Hon. Prof. Lord		Prof. RNick)	8/11
(10/7/2()20)		DrTS But)in	8/11
Dr M A El-Erisn	10/)0	Mrg J Price	]0/11
Prof. RRWeber	11/I I	Prof. A C Rice	11/II
Prof. JA Jackson	7/8	Dr EMoyroud	ti/I I
Prof. RG Fentiman	9/) )	Dr DJBunerfteld	8/8
Prof. P H Haynes	11/I I	Dr A Paterson	9/I I
Prof. D Cebon	II/11	Dr ME BTait	II/I I
Prof, EAHHall	11/) I	DrEGa)io	5/I I
Prof. RW Prager	)0/I I	Dr F I Paddeu	10/11
Prof. AN Laaenby	10/I I	Mr RMC Kitt	11/I I
/1)Dr A H Gee	10/I I	Revd TCHarhng	11/I I
Dr JW FAllison	10/11	Dr S Heggerty	9/11
ProfRA W Rcx	11/11	Or CJBickerton	7/I I
ProfCEBryant	I I/11	fh CBrendon	8/11
Dr M PV Crowley	8/I I	Or DJParker	10/I )
Dr JW PCampbe))	11/11	Dr G Denyer Willis	10/I I
Dr H R14Jones	8/1)	Dr EMcPherson	10/I I
Prof. MJDixon	10/I I	Dr G Atkins	11/11
Prof. DKMeson	10/I I	DrC Warnick	11/11
Dr A CThompson	10/I )	Pmf. A Beresford	11/I I
Prof. A A Seshia	9/11	DrA Mars)sun	10/)i
Prof. EM Terent)ev	9/I I	Dr J Blande)I	7/8
Dr I Sitsridou	I I/I )	Dr TDenmead	10/) I
Dr A harsher	11/))	Dr P McMurray	11/11
Dr A MRossi	8/I )	hir A D Bainbridge	)I/11
MrISpence	))/I )	Dr JGarrison	11/11
Dr GI M~Shane	11/11	Revd M Bay)isa	10/I I
Dr H J Stone	8/I I	Prof N D Lawrence	10/I I
Prof, M Edmonds	))/) I
Dr JJMaguire	11/I I

~ The COllege'S	sCccmmadatinn, COnferenCe	sCccmmadatinn, COnferenCe	sCccmmadatinn, COnferenCe	sCccmmadatinn, COnferenCe	Snd Catering	aCfivities Showed a	deficit of64,054,000	deficit of64,054,000	deficit of64,054,000
(2019/2020: K2,498,000		deficit).	This	area was the most affected by the pandemic				as discussed
below;
~ The tack of external revenue from conference and catering and significantly from~ not being in residence for long periods during the year has							diminished affected the		income College
advemely.
Fundmg ofthe Col)ege
Queens' College is ftmded	from several		sources ss follows:
Year ended 30"June		2021			2020	2039	2018		2017
Academic Fees		31.4%			29.4%	25.0%	26.4%		26.5%
College		17,4%			18.6%%uo	23,9%o	23.7%o		23.8%o
Accommodation
College Catering		1,3'%%d			5.3%	6,6%	6.8%		7.2%o
Conference Activities					9.8%	10.8%	11.0%		9.9%
(Including Cateringj
lnvesunent Income		21,8%			26.3%o	13.6%	16.5%		18.0%
Donations		25.3%%uo			7.0%	18.5%	14.4%%uo		13.0%
		2,8'%%uo			3.6%	I.6%	1.2'Yo

Contingency		SL99million	Contingency to cover	Contingency to cover	extreme/unexpected	shortfall	in
income th Expenditure			income	or additional	extreme/unexpected	expenditure—
			equivalent ta 18 months accornmodatica			conferena:	and
			catering	income being	the average of the	last three	non-
			pandemic	years
Emeqrency	Building	XI.75million	To fund	unexpected urgent repairs ta buildings in the estate
Repair Contingency			eg roof failures, etc. equivalent ta 58ti ofbuildings as fixed
			assets
Total		f.l0.74 miHion

					4272	4 I II			4 I I 'I
						MI3			4,7I3
			IIsa		2821	28N	I 107	030
						561			N4
			26N	0N	caaa	106N	%107	330
lsaaal Caaa~~					11225 0				3,782 a
Ccsacs~68 ccaaa Na					4cles 6			24S7	24SS 6
aacccalaaaaacarmesa					6				a
		11860	667~	slN7	3280N	77csN	0860
			467	als	3332	6JI3	463	030	22I1
					4607	IDt I			2317
					504	SEI			036
Ceaaaca~Saaa G.E
	6	Ilcsl~	407	~44	00200	126tl	400	~36	308N
		SIEIIS	8812	4803	I'I.ass	1183a	El82
		Sssl 0			7261)				6
		6362	004	7862	N820	00INS	SI200	SIJINJ	c86NJ
		8			0	0			6
		KcN			acal	82006			caasel

CSEENS' CCKLEQE, CAW%KNSE ~ofCbanhas ih Raaerees	CSEENS' CCKLEQE, CAW%KNSE ~ofCbanhas ih Raaerees
Year Ended 20$rtuse 292I		has»ra and aapcrngfrne Unrearrhhd ~		rasarre Endarrr seri
Bahnce	sr1tuft 2929
Oyencrg	bohr'		12,aca	57~
Change	ofFmd~ion
			9,396
		2llOS
		~roarr» and eapesdihre Unreal rhhd ~		reserm Er~a
Balrnc»	al1July 2919	Efafg	92ND	9909
	bahnoe
Change	ofFmd Chrcilkation	0	9	0
		Q,0721	2rr29
		f2,05cj
					11I~5%

			2021	2020
			Grwp	Creep
p)ON C(IRIISSTASSSTS
Freed erects			39,4an	3$.o27
iccrnsge Asscle In~			103 135,271	103 110267
Tract aoneerreat erects			170863	148,397
Cl)SBE7ITASSETS
Stacks		10	436	449
Trade sad cchar rcacivabler		Il	2.161	3,299
Cssb and cash catavdcrw		12	207	267
Tacal cerreat assets			2,$03	4,015
Crcdlccre. arsenate fclgsg dac vrlnrln	one year	13	1,747	2,242
Toast Access less carrcat Ssbgltbe			175.9't9	150,170
Credlterra accoun ynigsg dec atter	scare
I ha ~ace year			123.000)	(23.000)
Provdshrw
Ptscias pres(Sisal		15	(93)69)	(11335)
Odxr previsiaas			0	0
Tang sel ssscn			143050	l(5 36
		17	69.373	57.34$
		le	71,841	12,445
I)aravtreeted Reserves (scone and~reserve.~			51,835
			143050	1153)36

Net cash iudow from operating activities	Net cash iudow from operating activities	Net cash iudow from operating activities	19	)3.045	10,120
Cash f)ows hum mvesdng	nctivhies		26	112,358)	(9.538)
Cash Sows &utt fmaaoiag	activities		27~747		624
)nereatet)2)ecresse) in Cath	equiValenta	in thC yCar		(60)	f43)
Cesb and cash equivalents	si beginning	oftha year		267	310
Cash and oath oquivalems	at ead oftbe	year	42	267	267

EA	R EtuoEll 30410qK2021	R EtuoEll 30410qK2021	R EtuoEll 30410qK2021	R EtuoEll 30410qK2021	R EtuoEll 30410qK2021	R EtuoEll 30410qK2021
I	Academic fees aad ehargcs												2021			l020
													0000			SND
	Fee income received			m ke Regulated							unde~	rate	2.529			2.475
	Fee inonme received			al Ihe uarcgulctcd							undergrsdume	mrc				120
	Fee income mceived			ct Ihe Graduate						mte			1,227			1350
	Other Inotnrm												168			157
													4.212			4.111
2	Income 5)ant aecommodatioe. ealeriag aad ttmfereaeta Accommodation: Cogcgc mcrrkets												2,344			2~
						Coclerenmc					and banquets		22			494
	Cateriug;					Coaage			meukets				177			746
						Coot'ere			ness		and bcnquen		0			873
	Total															.7l3
3	Eadanmcat cad		Iavmtmcat				Income							2D2I		2020
3o	Analysis													BND		5ND
	Income fmm;
	gaud snd buildings														480	S28
	Qnotml securities													2,143		2,833
	Fixed ialercm sos	mit		its											16	16
	Ineomc gom shoroterm				invesonents										3	S6
	Other interesr receivable														272	251
	Tc4d													2921		3683
3h	IavcsImcat menageracat					caste								2021		2020
														6000		5000
	Land and bulk)huts														(78)	11.7
	Quoted Securities-		equidea												(88)	62
	Fisod iulermt securhim														0	0
	Otlult utv Ilnmus														0	0
	Cash														0	0
	Tmst													165)		190
4	Educmtou espeaditntu													2021		2020
														8000
	Teaching													3.200		3,103
	Tumrial													1.662		I.792
	Admissions													351		503
	Research															305
	Scholarships and	awanh												797		701
	Other cduemionat		Stettuies											719		727
	Ttnal													7032		7311
8	Aeeommodatioa,	oemrIog				aad		coaiercaccs cspcaditurc						2021		2020
	~ucnr											College memhms		4,920		8000 4.362
	Camrtug											Conrcrecuuc and banquets College menkers Conreran acs md~		45 1,623 0		806 1,014 1,028
	Total													6.597		7.211

geol costa	Other	Bcpmla	dan	Total
(sots 71	opera gag
	expenses
6050	6000	5400
3.929	2254		649	7,032
3,532	1.433	12132		6.597
345	274		0	422
7.505	3.960	2	452	14355

gtaS coals	Other	ttsprcctacien	Total
(aotc 71	opero clog
	ex pe nero
	5090
3,704	2.695	512	7.211
3316	2.139	1.556	7,211
396	492	0		ggll
7616			15	310

'
Auditsre	reteaeerngen		2021
			5000
Odor opersdsg nnxxntu		indudc
Aude fees Other foes	payablc 10gn payable tothe	Cnlbgab existed andante Collegab extenud~		33 0	32 0

TES TOFINANCIAL STATKM AR ENDED 30JUNE 2022 fcacd osscta	IPITS
					2021
	Laud ssd bui)dinge	Alocul ia ceaslraebss	Rtu)pmcar	)Icelege Asses	Tom(	Tolnl
Custer valaugM Al~ef year	5000 54,453	$000 &18	0)00 2,537	4000 105	59.611	57.767
Addrricus at etm	6.272	5	107	0	6A64	2.12$
Rcveualioa ofes¹l	0	0	0	0	0	0
TIIMsfef	0	0	0	0	0	0
Bispesals A(ml ofyear	55) 60.167	2.523 0	475 2249	0 103	3,556) 285 62.51059.6(1
Bcprcc louse At ueglna alpefyem	20.232		)249	0	21,4$1	19,398
Charge fer dw yew	2,0)0		4a3	0	2,482	2,368
Elimiaa¹d ee Dr)pored	(560)		(475)	0	(1,035)	(285)
Wrincn back M rcvskaatM	0		0	0	0	0
atcadofyear	2L690	0	)237	0	22,927	21¹81
Hk( BOOK VALVE
Arced ofyear	3L477	0	IAl) l	l03	39,591	30,130
At bcg(rmktg ofyear	34321	2.518	1208	103	3$130	30,370

Amocna for lhe cuneul	and	prevmus	years was m fogews.
Acquisiuem~with		spectfn					2019 6800	1017 0800
Aeqeishwm plaehcscd	with	cogcgc	linda
Total costofecquisitwns	purchased			0		0	$$
Vake ofccqamliens by	donagm			0		0	0
Toml mqrdnuOm Capibd'ned
Irked asset 1avaaacaa
					2021		2020
					Terai		rout
					(0$0		$000
0abmuc m bcguming ofJnw					110267		IfiL688
Add'aient					88306		28.114
Tomfawl fiem Feted assca						0	0
iyispecsk					773120		17.061
Lese impairment cn unqemod		serwnua				0	0
Crauqkss)					14,42$		Ie,yI41
lnc/ccscedecrcam& m cerh balenees			held m
fued manapsa
Bdance etcnd ofyear					i31	71	110 67
~wd hF.
					24,076		23367
Oaoted mcrneia —ma ines					se,	e93	40.47$
Pixod hmcmt orucnice Ogler l vestmmm Cash m hand Bal~mal egerc					6ll 19.107 31804		I9.719 tg&$2 12421
Toud					131271		110267

Pmmioa pnwisl see		2821		2020
CCFFO
Baleamnr bcglaaiagofycnr		I0,777		8328
Movcmcn! n! )'err'
L)urete euvire Cntn iInlud! ag	bye etttusem	1.514		1,332
Cenuibulions		(881)		5938)
Other fiawee oret			0	0
Actucncl losutfgcis) rcwgeiscd	in Steummt of
Cemerchcnsive laconn ud Eepcaditure		i2	IDS)	2,054
		9	01	Ip 777
S)83
Release at bcglaalng sfyear			558	876
&nrem service casts inclttstns C~	life cmurence	2S4 (282)		IIO) I262)
Other fi!mace ccut			8	14
Odmm W Cud Ofreer				558

hentucung sen icos at the Co Eadowmcat fanch	lle	ge
Rmlnmed nct assets rehung	to	eudowmcun	me as fogowe
			Salrktcd	l)nrcsirintd
			petmoomt	permsaeat		1021		102D
			cadmvmeale	~ndowmertm		Teml		'Toml
			DDM		0080	0400		8000
Esleacc m Iwgia slag ofyear
Capimi			309156'78 24	24A)2208.95		57347,887.is	59	76479431
			4,4IR77S,O I		26,443,22	4,443;22L23	2,456,863.04
lactcmuf dcctemc) ia market		valw of
mvesencnn			1,939,053.41		3.642,992.55	7,581,045.96	(4.893.770161
Balance at ead efyear			39 71 66	3	101 64472	603731	7	9
Aasbtch by type ofperpeee
Mlow ehB funds S~ty fumh			27,592 4,643		0 0	27392 4.643		21.912 2.995
Prier Funds			0		0	0		0
Hcuhbip Suds			131		0	131		112
B mern) fends			4.765		0	4.765		43)59
Trcvd eruct fua*			305		0	305		262
t)Oer funds			146		0	146		115
Crcucrd			I 684		30 102	31 ')85		27 70
			39 65		0 102			57344
A an lysis by meet l~			6J59 30.770		4,798 23J89	IL056 54,360		9.14D 44,938
Cmh			2,234		1,714	3,950		3,266

trum with recut t	niou	nc mkguam
				pc em a ace'i
				uaspeat	aad	Restricted
			Capital grants	other rcslrictng		e spends bit	2021		2820
			uaspear	I acorns		endawmcat	Total		Tel~I
			0800	BIM		SNNI	RNNI		$000
Balance ccbeginning of&car			0		1.620	ID,$25	12,445		9.509
		Cassia(	0		0	I(L44$	I(L44$		8595
	Accumulated mmme		0		1.620	377	1,997		913
Change of		Fmd Clcmit Ktcjoa	0
		New greats				0		0	0
		Itcw docaiiocs				7.825	7.825		4925
Bodovmum		cctorll Irnlsfcrccd			6$8	154		$42	I uv6
	Other	imcuman income			252	0		252	172
tarrmcd(dccmaic)	io mcrkCC value af
		Iovmuotvm						8$4	(426)
		I.'xpmdhum			(325)	($1)		(407)	(661)
	Capital Dream uulucd		0
	Balance m cnd of&cur			2334		19607	2'I	$41	12445
		capeat				19.157	19.157		10,448
	AccccllcIaicd Inomic			v v34		450	4664		1.997
Anahsh fua~ ms		ofother rtou(tnd by 1&peofpurpose Fellowship funds			!.719	1,046	2.765		2, 143
		Sthohm(up fucch			126	589		714	619
		Pnac Fuels.			0	0		0	D
		teaids hi9 funda			(7)	1,520	4513		1,294
		Bursary funds			30$	626		935	713
		Tume IgrecC fcndv			49	37			70
		Other funds			37	23,345	23,382		7,362
		Gcntnd			0	268		26$	231

Reeoaeiliatlen afecmeogdakd	curplm	far (3nyear	to arl caih logan fram	eperngng aedvitlcs
					2Rtl	2D20
					ddgD	$600
Sicploa(dcfcck) forthe year					25.166	(5.573)
Adjmhoccx tcr acrscmh items
Oqucoiation				6	2.4$2	2.36$
Lone(gem) on cnduwmcau. dunaiiom		end kvmanem	otoscny	17	( 14rt2$)	9.5(4
(ymrcmef(tncrcasci in stocks				ID	13	19
ymcccccf/(Incrcoml ia Iriak mitl Caber iccuvcblni				II	1.139	7216
Incrumm(decrasm) in cceddecc				13	(495)	(440)
Increecu)denucm ia provbiom					0	0
Pcccioa cons (ms oeoaiholiooc	pa&ohk			15	643	76
(~gain) an ssk ofscopcny					761	0
Adjushncar for lavesllagor	gnonekg	eetiviciec
Invcctmeai kcoom					(2,921)	(3,6$3C
I amore pe&shia					747	624
Rer cash (agon (rom opcradag acdvltics					13.045	10.120

BJ	Cenwdldskd rccsaegladsa aad suahrhsefasrdele
					Other
		Ae I July	(mb		aca4asb	At 3$Junc
		2020	Rmrs		chaagns	2021
		$000	OOM		BOOB	BBIN
	Cash aad cash cqalvaksls	267		(60)
	gsrluwiags;
	Amaask faNag due afkr Isola thea aue
	)'car
	I)ntecurcd hans	(D,OOO)				(23,000)
	Tocsl act dc'bt	733
24	pbtasckt Icmramcsk
	Flrmnelel aeeek Rneceon Sceak atStirvalue ihmsph~Or~can ctecnm Us)%i onultu hlveakvutk Other~ Fkenccst assets that are dear~meeswed el~eeet				56,197 10232	56.197 IIJ$2
	Cash Ond wish oresvekflk				12.6$$	11,6$$
	Outm debiom				3.1$0	3,1$0
	Flrwneiss lb hohkn Finsnout ANkm mes earns el~eeet
	Lukta				13,000	2),INO
	Tmda medium				1.173	1,173
	Odmr cmhtom				512	512

	2023	2020
Males currently aged 65(years)		24.4
Feraales currendy aged 65 (years)		25.9
Males currently aged 45 (years)	26.6	26.3
Females currently aged 45 (years)	27.9	27.7

		2021	2020
Discount mrs		1.80%	1,45%
Pensionable	salary growth	3.10/c	2.7%

				~une
			~221	2020
Discount rate			l.80%	1.45%
Increase in salaries			3.10%	2.70%
RPI assumption			3.40%	3.10%
CPI assumption			2.60%	2.20%
Pension increased	in payment	(RPI h4ax 5%pa)	3.30%	300%
Pension increases	in payment	(Cpl Max 2.5%pa)	1.95%	1.80%

	Lang-term		Long-term		Long-term
	rate af		rate of		rate of
	retrlrn		return		return
	extra cted at	Value at	expected a(	Valse at	extt6tcted ot	Value or
	30/06/202 l	30/06/2023	3iiIr0672020	30/Od/2020	3IVOr92039	3IVO6/2039
Equities and Hedge Funds Cash, Bonds4 Net Curreru		I0,606,207 9,280,43]		9.810,563 8,208,838		I0,2I1.737 6,109I,2(2
Assets
		2209625		2002,156		I 612379
		22006264		20021557.		17915328

The fogowing	resu	hs	we	re m	easured in a	ccordance	with the requirements	ofFRSI02
						2021		2019
								E
Total market 9 t 6	value IS	of I	assets 116		22,096,264 'litt ~3I 397694		20,021,557 ~30798 169	17,915,328 ~6.243.731
S 0 IM(d 7	it) '	10	S	I	~9301430		~10776612	~8328 4tl3
The amounts	recognised			in income and expenditure			are ns follows:
								3(F Jaae	30 Jane
								2021	2020
In staB costs:	Current		service		cost (net of	employee	umtribrnions)	1.320.995	I 107.620
In endowment	and	investment			income:
interest cost Expected return on		pension scheme assets						453,455 ~296,257	600,966 ~412,107
Net return								157.198	ISS859
Actual renrrn	on penaion			Scheme asaets				1.528 371	1.439.084

Changes in the presem v	alue		ofthe plan liab	ilitie	s	are as follo	ws:
							30»June		30»June
							2021		2020
Present value ofplan liabilities			at beginning	ofperiod			30,798.169		26,243,731
Cunent service cost (including			employee's	contributions)			1,594,918		1,404,994
Interest on plan liabilities							453.455		600,966
Actuarial (gains) losses							(897,337)		3,061,536
(Gain)/loss on plan changes							0		0
Cunaihncut (gain)/lass Benefits paid							0 ~551 511	D ~513058
Present value ofplan liabilities			at end ofperiod				31397694		30798 169
Changes in the fair value	ofscheme assam are as					follows:	30»Jane		30»June
							2021		2020
Market value ofplan assets at			beginning of	year			20.D21.557		17.915328
Conuibutions by dm College							881,344		938,442
Additional contributions	by members (including					AVCs)	273,922		297374
Benefits (and expenses)	paid						(608,930)		(568,67))
interest on phm assets							296,257		412,107
Return an assets, Jess interest			included in Prof.ir		tk Loss		1 232 114		1 026.977
hsarkct value ofplan assets at			end afyear				22 096214		20 021 557
Amounts for the current	and	previous four periods a)css fellows:
			30 Jaae		30 Jnue		30»Juae 30 June		3D» June
			2021			2020	2D19	2010	2017
Present value ofpian
(htb)lities M I W fpl	6		(31,397,694) 22096264	(30.798,169) 20021557			(26,243,731) (22,678,045) 17915328 15707600		(22,167,697) 14834952
Surplus/(deficit)		~9301430		SII077 612			1~821~403 ~6880365		~732745
Experience adjustmenrs	on
plan liabiiities			(459,639)			(54,536)	439,114 (297285)		1,793
Change in assmnptions
underlying present value phm liabilities	of		(416,040)	(3,026482)			(2,878,488) (1,063,729)		(2,586,016)