2021-06-30-accounts - Gonville And Caius College In The University Of Cambridge Founded In Honour Of The Annunciation Of The Blessed Mary The Virgin

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Trustees’ Annual Report and Accounts 2020/21
Reference and Administrative Details	2
Report ofthe College Council	3
Independent auditors’ reportto the Council of Gonville & Caius College, Cambridge	15
Statement of Principal Accounting Policies for the Year Ended 30 June 2021	19
Consolidated Statement ofComprehensive Income and Expenditure for the Year Ended 30 June 2021	27
Consolidated Statement of Changes in Reserves	28
Consolidated Balance Sheet as at 30June 2021	29
Consolidated Cash Flow Statement as at 30 June 2021	30
Notes to the Accounts 2020/21	31

	2020/21	2019/20	Change
Undergraduate	619	603	+2.7
Postgraduate	252	225	+12.0
Total	871	828	+5.2

	2020/21	2019/20	Change
	£000	£000	£000
Income	3,980	3,868	112
Expenditure	(8,882)	(7,946)	(936)
Net Cost	(4,902)	(4,078)	(824)

	2020/21	2019/20	Change
	£000	£000	£000
Teaching	3,516	3,472	+44
Tutorial and student welfare	1,341	1,286	+55
Admissions	290	346	-56
Research	1,026	1,070	-44
Scholarships and awards	1,991	1,054	+937
Other educational facilities	690	685	+5
Other educational expenses	28	33	-5
Totals	8,882	7,946	+936

gures are summarised below.
	2020/21	2019/20	Change
	£000	£000	£000
Drawdown permitted under spending rule	5,305	5,349	(44)
Reduction due to unrestricted donations	(3,413)	(2,843)	(570)
Sub-total	1,892	2,506	(614)
Gross up for costs ofinvestment management	-	2,250	(2,250)
Endowmenttransfer in the Statement of Comprehensive
Income and Expenditure	1,892	4,756	(2,864)

			3OJune 2021	3OJune 2020	Change
Number	of	Fellows	108	107	1
Number	of	Staff (FTEs)	145	148	(3)

he investment asset allocation comprises:
	June21	June20	June19	June18	June17
	£000	£000	£000	£000	£000
Total Return	17.3%	1.8%	3.9%	7.7%	12.7%
Cash	8,497	8,338	12,419	8,413	2,924
Fixed income		266
Credit	5,442	5,256	6,243	2,851	2,858
Hedge funds —absolute return	7,252	3,878	12,225	11,998	15,251
Hedge funds —hedged equities	11,228	12,411	10,630	13,604	15,870
Public equity	93,310	77,559	62,222	60,935	56,359
Private equity	24,399	18,676	21,933	17,609	16,421
Private debt	4,832	4,367	4,661	5,405	5,795
Core property	91.607	84,271	88,710	91,222	87,776
Property funds	2,503	2,365	4,591	5,540	2,849
Infrastructure and operating assets	5,232	4,671
Contractual and other income	1,606	1,770
Inflation linked bonds and inflation hedges	3,922	2,512	3,825	3,517	3,897
Total Investments	259,830	226,340	227,459	221,094	210.000
Private Placement	(10,000)	(10,000)	(10,000)	(10,000)	(10,000)
Net Investments	249,830	216,340	217,459	211,094	200,000

fortheYearEnded 30 June 2021	2020	Unrestricted Restricted Endowment Total	£000 £000 £000 £000	3,719 149 - 3,868	4,474 - 4,474	- - 5,623 5,623	2,009 2,747 (4,756) -	448 - - 448	10,650 2,896 867 14,413	2,843 69 - 2,912	- 42 871 913	- 56 - 56	13,493 3,063 1,738 18,294		6,356 1,590 - 7,946	6,431 - - 6,431	819 1,079 - 1,898	194 - - 194	13,800 2,669 - 16,469	(307) 394 1,738 1,825	2,550 (10) (2,134) 406	2,243 384 (396) 2,231		(923) - - (923)	1,320 384 (396) 1,308
ConsolidatedStatementofComprehensiveIncomeandExpenditure	2)21	Note Unrestricted Restricted Endowment Total	Income £000 £)00 £000 £000	Academicfees and charges - 3,80 1 3,805 175	Accommodation, cateringand conferences - 3,567 2 3,667	Investment income 4,895 4,395 3 -	Endowment return transferred (1,892) - 3 - 1,892	Other income - 59 259	Total income before donations and endowments 3,003 12,301 7,731 2,067	Donations - 3,305 3,705 100	New endowments 1,026 1, )91 65	Other capital grants forassets - 148 148	Total income 11,436 2,380 4,029 17,345	Expenditure	Education 7,026 1,856 - 8,382 4	Accommodation, catering and conferences 6,330 - - 6,330 5	Otherexpenditure 997 112 6,008 7,117 6	Contribution underStatute G,ll 206 - - 206	Total expenditure 14,559 1,968 6,008 22,335	Surplus/(deficit) before other gains and losses (3,123) 412 (1,979) (4,E90)	Gain/(loss) on investments 23,921 699 13,968 38,588 3	Surplus/(deficit) forthe year 20,798 1,111 11,989 33,398	Other comprehensive income/(expenditure)	Actuarial gain/(loss) in respect of pension schemes 1,780 - - 1,780 16	Total comprehensive income forthe year 22,578 1,111 11,989 35,578	The notes on pages 31 to 54 form part ofthese accounts.

					Total	£000	341,927	33,898	1,780		-	377,604	340,619	2,231	(923)	-	341,927
GONVILLE & CAlus COLLEGE	ConsolidatedStatementofChanges in Reserves	Year ended 30June 2021		Income and expenditure reserve	Unrestricted Restricted Endowment	£000 £000 £000	Balance at 1 July 2020 262,405 4,614 74,908	Surplus/(Deficit) from income and expenditure statement 20,798 1,111 11,989	Other comprehensive income/(expenditure) 1,780 - -	Transfer between restricted and endowmentfunds 2,269 (2,269)	Release of restricted capital funds spent in the year 148 (148) -	Balance at 30June 2021 285,130 7,846 84,628	Balance at 1July 2019 261,029 4,286 75,304	Surplus/(Deficit)from income and expenditure statement 2,243 384 (396)	Othercomprehensive income (923) - -	Release of restricted capital funds spent in the year 56 (56) -	Balance at 30June 2020 262,405 4,614 74,908	The notes on pages 31 to 54 form part ofthese accounts.

			2021	2020
			£000	£000
		Note
Non-current assets
Fixed assets		9	137,705	136,367
Heritage assets		9	120	113
Investment assets		10	259,830	226,340
Total non-current assets			397,655	362,820
Current assets
Stock		11	594	629
Trade and other receivables		12	3,036	3,112
Cash and cash equivalents		13	3,389	3,371
Total current assets			7,019	7,112
Creditors: amounts falling due
within one year		14	(4,484)	(3,393)
Net Current assets			2,535	3,719
TntI 4ccptc Iecc r,irrpnt I[hjljtjpc			400 iqn
Creditors: amounts fallingdue
after more than one year		15	(15,584)	(15,942)
Net assets excluding pension liability			384,606	350,597
Net pension liability		16	(7,002)	(8,670)
Net assets			377,604	341,927
Restricted reserves
Income and expenditure reserve	—endowment reserve	17	84,628	74,908
Income and expenditure reserve	— restricted reserve	18	7,846	4,614
Unrestricted reserves
Income and expenditure reserve	— unrestricted		285,130	262,405
Total Reserves			377,604	341,927

	Note	2021	2020
		£000	£000
Net cash inflow /(outflow) from operating activities	20	47	(2,148)
Cash flows from investing activities	21	970	800
Cash flows from financing activities	22	(999)	3,129
lncrease/(decrease) in cash and cash equivalents in the year	23	18	1,781
Cash and cash equivalents at beginning ofthe year		3,371	1,590
Cash and cash equivalents at end ofthe year		3,389	3,371

No	tes to theAccounts 20	20/21
	Academic fees and charges
			2021	2020
			£000	£000
	College fees:
	Fee income received at the Regulated
	Undergraduate rate		2,520	2,441
	Fee income received at the
	Unregulated Undergraduate rate		536	547
	Fee income received at the graduate
	rate		708	698
			3,764	3,686
	Income for Cambridge Bursaries		175	149
	Other income		41	33
	Total		3,980	3,868
2	Income from
	accommodation, catering
	and conferences		2021	2020
			£000	£000
	Accommodation	College members	3,073	2,784
		Conferences	69	792
	Catering	College members	470	542
		Conferences	55	356
	Total		3,667	4,474

3a	Analysis
		2021	2020
		£000	£000
	Total return contribution (see note 3b)	1,892	4,756
3b	Summary ofTotal Return
		2021	2020
	Income from:	£000	£000
	Land and buildings	3,075	3,365
	Quoted and other securities and cash	1,820	2,257
	Gains on endowment assets:
	Land and buildings	7,435	(4,361)
	Quoted and other securities and cash	31,152	4,767
	Investment Management costs (see note 3c)	(6,008)	(2,250)
	Total Return for year	37,474	3,778
	Total Return transferred to Income and Expenditure
	Account	(1,892)	(4,756)
	Investment management costs (see note 3c)		2,250
	Total return expendable amount	(1,892)	(2,506)
	Unapplied Total Return for Year included within
	Statement ofComprehensive Income and Expenditure
	(see note 19)	35,582	1,271
3c	Investment management costs	2021	2020
		£000	£000
	Land and buildings	1,582	1,070
	Other investments	4,426	1,180
	Total	6,008	2,250

Education Expenditure	2021	2020
	£000	£000
Teaching	3,516	3,472
Tutorial	1,341	1,286
Admissions	290	346
Research	1,026	1,070
Scholarships and awards	1,991	1,054
Other educational facilities	690	685
Other educational expenses	28	33
Total	8,882	7,946

5	Accommodation, Catering and Conferences Expenditure	Accommodation, Catering and Conferences Expenditure	2021	2020
			£000	£000
	Accommodation:	College members	4,836	4,529
		Conferences	43	343
	Catering:	College members	1,312	1,100
		Conferences	139	459
	Total		6,330	6,431
6	Other Expenditure		2021	2020
			£000	£000
	Investment management and administration		5,557	1,780
	Interest		667	640
	Pension scheme losses (gains) and other non-cash pension charges		151	(1,397)
	Other general and administrative		742	875
	Total		7,117	1,898

Analysis of2020/2021 Expenditure by Activity
		Other
	Staffcosts	Operating	Depreciation
	(Note 8)	Expenses	(Note 9)	Total
	£000	£000	£000	£000
Education (note 4)	4,081	4,319	482	8,882
Accommodation, catering and conferences (note 5)	3,141	1,580	1,609	6,330
Other (note 6)	466	6,647	4	7,117
Contribution under Statute G,ll	-	206	-	206
Total	7,688	12,752	2,095	22,535

Analysis of2019/2020 Expenditure by Activity
		Other
	Staffcosts	Operating	Depreciation
	(Note 8)	Expenses	(Note 9)	Total
	£000	£000	£000	£000
Education (note 4)	4,049	3,456	441	7,946
Accommodation, catering and conferences (note 5)	3,432	1,477	1,522	6,431
Other (note 6)	479	1,415	4	1,898
Contribution under Statute G,ll	-	194	-	194
Total	7,960	6,542	1,967	16,469


Auditors’ remuneration	2021	200
	£000	£000
Other operating expenses include:
Audit fees payable to the College’s external
auditors	29	26
Other fees payable to the College’s external
auditors	3	7
Total	32	33

Staffcosts
		Non-	Total	Total
	Academic	academic	2021	2020
	£000	£000	£000	£000
Salaries	1,978	4,136	6,114	6,366
National insurance	235	332	567	576
Other pension costs	436	571	1,007	1,018
Total	2,649	5,039	7,688	7,960

	Average staff	numbers 2021	Average staff numbers 2020	Average staff numbers 2020
	Number of	Number of	Number of	Number of
	Fellows	Non-Fellows	Fellows	Non-Fellows
Academic (number receiving a stipend)	77	10	74	13
Non-Academic (full-time equivalents)	2	145	2	148
Total	79	155	76	161

Fixed Assets
	Land	College
		Buildings	Assets in	Furniture &	Total	Total
			construction	Equipment	2021	2020
	£000	£000	£000	£000	£000	£000
Cost/Valuation
At beginning ofyear	62,220	80,637	4,385	333	147,575	143,876
Additions	-	3,202	118	113	3,433	3,732
Disposals at
cost/valuation				(79)	(79)	(33)
Transfers		4,257	(4,257)	-
At end ofyear	62,220	88,096	246	367	150,929	147,575
Depreciation
At beginning ofyear		11,036	-	172	11,208	9,274
Charge for the year		2,017		78	2,095	1,967
Flimintr1 on
disposal				(79)	(79)	(33)
At end ofyear		13,053		171	13,224	11,208
Net bookvalue
At end of year	62,220	75,043	246	196	137,705	136,367
At beginning ofyear	62,220	69,601	4,385	161	136,367	134,602

	2021	2020	2019	2018	2017
	£000	£000	£000	£000	£000
Balance brought forward	113	101	97	90	90
Acquisitions purchased with College
funds	7	12	4	7	-
Total	120	113	101	97	90
10 Fixed Asset Investments				2021	2020
				£000	£000
Balance at beginning ofyear				226,340	227,459
Additions				36,717	81,252
Disposals				(30,957)	(79,259)
Appreciation				33,875	406
(Decrease)/lncrease in cash balances held
by fund managers				(6,145)	(3,518)
Balance at end ofyear				259,830	226,340
				2021	2020
Represented by:				£000	£000
Cash				8,497	8,338
Fixed income				-	266
Credit				5,442	5,256
Hedge funds - absolute return				7,252	3,878
Hedge funds - hedged equities				11,228	12,411
Public equities				93,310	77,559
Private equity				24,399	18,676
Private debt				4,832	4,367
Core property				91,607	84,271
Property funds				2,503	2,365
Infrastructure and operating assets				5,232	4,671
Contractual and other income				1,606	1,770
Inflation linked bonds and inflation hedges				3,922	2,512
Total				259,830	226,340

11	Stocks and work in progress	2021	2020
		£000	£000
	Wine stocks	579	619
	Bar, kitchen and other stocks	15	10
	Total	594	629
12 Trade and other receivables
		2021	2020
		£000	£000
Members ofthe College		287	250
Commercial rents		453	679
Donations		2,083	1,831
Other debtors		127	283
Prepayments and accrued income		86	69
Total		3,036	3,112
	Cash and cash
	13 equivalents
		2021	2020
		£000	£000
	Current accounts	3,389	3,371
	Total	3,389	3,371
14	Creditors: amounts falling due within one
	year
		2021	2020
		£000	£000
	Trade creditors	2,682	1,781
	Bank loan due for repayment within a year	360	360
	Members ofthe College	616	458
	University fees	65	37
	Commercial rent deferred income	486	528
	Contribution to Colleges Fund	206	194
	Other creditors	69	35
	Total	4,484	3,393

Creditors: amounts fallingdue after one year
	2021	2020
	£000	£000
Bank loans	5,584	5,942
Other loans	10,000	10,000
Total	15,584	15,942

Year to 30 June 2021
	CCFPS	USS	Other	Total
	£000	£000	£000	£000
Balance at beginning ofyear	6,753	1,594	323	8,670
Movement in year:
Current service cost including life
assurance	251	-	(3)	248
Contributions	(302)	(82)	(44)	(428)
Change in expected contributions	-	176	-	176
Other finance cost	99	12	4	115
Actuarial (gain)/loss recognised in
Statement ofComprehensive
Income and Expenditure	(1,790)		11	(1,779)
Balance at end ofyear	5,011	1,700	291	7,002
Year to 30 June 2020
	CCFPS	USS	Other	Total
	£000	£000	£000	£000
Balance at beginning of year	5,789	3,053	339	9,181
Movement in year:
Current service cost including life
assurance	248	-	(3)	245
Contributions	(314)	(46)	(44)	(404)
Change in expected contributions	-	(1,461)	-	(1,461)
Other finance cost	131	48	7	186
Actuarial (gain)/loss recognised in
Statement of Comprehensive
Income and Expenditure	899	-	24	923
Balance at end ofyear	6,753	1,594	323	8,670

		Restricted	Unrestricted	Total	Total
17	Endowmentfunds	Permanent	Permanent	2021	2020
		£000	£000	£000	£000
	Balance at beginning ofyear:
	Capital	74,908	-	74,908	75,304
	New donations and endowments	1,026	-	1,026	872
	Increase! (Decrease) in market
	value of investments	10,963	-	10,963	(1,268)
	Transferto restricted funds	(2,269)		(2,269)	-
	Balance at end ofyear	84,628	-	84,628	74,908
	Analysis bytype of purpose
	Fellowship, Research, Scholarship
	and Studentship Funds	64,976	-	64,976	58,191
	Prizes Funds	782	-	782	679
	Bursaries, Hardship and Travel
	Funds	9,109	-	9,109	7,570
	General and Other Trust Funds	9,761	-	9,761	8,468
	Balance at end ofyear	84,628	-	84,628	74,908
	Analysis byasset
	Property	32,361	-	32,361	30,335
	Investments	49,558	-	49,558	41,950
	Cash	2,709	-	2,709	2,623
	Balance at end ofyear	84,628	-	84,628	74,908

			Permanent
		Capital	Unspent and	Restricted
		Grants	other restricted	expendable
18	Restricted Reserves	unspent	income	endowment	Total 2021	Total 2020
		£000	£000	£000	£000	£000
	Balance at beginningof
	year:
	Capital	-		774	774	737
	Accumulated income	-	3,840	-	3,840	3,549
	Total	-	3,840	774	4,614	4,286
	New grants	148	175	-	323	205
	New donations	-	100	66	166	111
	Endowment return
	transferred	-	1,873	18	1,891	2,747
	Increase in market value	-	582	117	699	(10)
	Expenditure		(1,965)	(3)	(1,968)	(2,669)
	Capital grants utilised	(148)	-	-	(148)	(56)
	Iranster from
	endowment funds		1,317	952	2,269	-
	Total	-	5,922	1,924	7,846	4,614
	Balance at end ofyear
	Capital	-	-	1,924	1,924	774
	Accumulated income	-	5,922	-	5,922	3,840
	Total	-	5,922	1,924	7,846	4,614
	Analysis ofrestricted
	funds bytype of purpose
	Analysis bytype of
	purpose
	Fellowship, Research,
	Scholarship and
	Studentship Funds	-	4,816	952	5,768	2,979
	Prizes Funds	-	300		300	245
	Bursaries, Hardship and
	Travel Funds	-	684	972	1,656	1,270
	General and Other Trust
	Funds		122		122	120
	Total	-	5,922	1,924	7,846	4,614

19	Memorandum of Unapplied Total Return
	Included within reserves, the following amounts represent the
	Unapplied Total Return ofthe College:	Note	2021	2020
			£000	£000
	Unapplied Total Return at beginning ofyear		113,248	111,977
	Unapplied Total Return for the year	3b	35,582	1,271
	Unapplied Total Return at end ofyear		148,830	113,248
	Reconciliation ofconsolidated surplus for the year to net cash
20	inflow/(outflow)from operating activities		2021	2020
			£000	£000
	Surplus for the year		35,678	1,308
	Adjustment for non-cash items
	Depreciation		2,094	1,967
	Gain on endowments, donations and investment property		(38,588)	(406)
	Decrease (increase) in stocks		35	9
	Decrease/(increase) in trade and other receivables		1,092	(1,161)
	lncrease/(decrease) in creditors		76	(152)
	Pension costs less contributions payable		(1,669)	(511)
	Adjustment for investingor financing activities
	Investment income		(4,895)	(5,623)
	Investment expenditure		5,557	1,780
	Interest payable		667	641
	Net cash inflow/(outflow) from operating activities		47	(2,148)
21	Cash flows from investing activities		2021	2020
			£000	£000
	Non-current investment disposal		2,393	60,183
	Investment income		3,086	3,659
	Investment expenditure		(977)	(1,422)
	Payments to acquire non-current assets		(3,532)	(61,620)
			970	800
22	Cash flows from financing activities		2021	2020
			£000	£000
	Interest paid		(640)	(614)
	New borrowing		-	4,000
	Repayments ofamounts borrowed		(359)	(257)
	Total cash flows from financing activities		(999)	3,129

23	Consolidated reconciliation and analysis ofnet debt
		At
		beginning	Cash	At end of
		ofyear	Flows	year
		£000	£000	£000
	Cash and cash equivalents	3,371	18	3,389
	Borrowings:
	Amounts falling due within one year: unsecured loans	(360)	-	(360)
	Borrowings:
	Amounts falling due after more than one year: unsecured loans	(15,942)	358	(15,584)
		(12,931)	376	(12,555)
24	Financial Instruments		2021	2020
			£000	£000
	Financial assets
	Financial assets at fairvalue through Statement of Comprehensive	income:
	Listed equity investments		116,441	97,760
	Other investments		43,286	35,970
	Financial assets that are debt instruments measured at amortised	cost:
	Cash and cash equivalents		11,886	11,709
	Other debtors		414	541
	Financial liabilities
	Financial liabilities measured at amortised cost
	Loans		15,944	16,303
	Trade creditors		355	214
	Other creditors		900	677
25	Capital commitments		2021	2020
			£000	£000
	Capital commitments at 30 June are as follows:
	Authorised and contracted		220	1,982
	Authorised but not yet contracted for		556	295

	2021	2020
	£000	£000
USS	862	856
CCFPS	131	145
Church of England	10	10
Non-contributory scheme	4	7
Total	1,007	1,018

	—	97.6% of SAPS S1NMA “light” for males and 102.7% of RFVOO
		for females.
Future improvements to		CMI_2017 with a smoothing parameter of8.5 and a long
mortality		term improvement rate of 1.8% pa for males and 1.6% pa for
		females.

	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

	2021	2020
Discount rate	0.87%	0.73%
Pensionable salary growth	1.50%	1.58%

	2021	2020
	%p.a.	%p.a.
Discount rate	1.80	1.45
Increase in salaries	3.10	2.70
RPI assumption	3.40	3.10
CPI assumption	2.60	2.20
Pension increases in payment (RPI Max 5% p.a.)	3.30	3.00
Pension increases in payment (CPI Max 2.5%
p.a.)	1.95	1.80

			Male	Female
Active Members	—Option 1 Benefits		64	64
Deferred Members		— Option 1 Benefits	63	62

The amounts recognised in the balance sheet as a June 2020) are as follows:	t 30 June 2021 (with comparative	figures as at 30
	2021	2020
	£000	£000
Present value of plan liabilities	(20,677)	(21,412)
Market value of plan assets	15,666	14,659
Net defined benefit (liability)	(5,011)	(6,753)

	2021	2020
	£000	£000
Current service cost	222	219
Administrative expenses	29	29
Interest on net defined benefit liability	99	131
(Gain)/loss on plan changes	-	-
Total	350	379

	2021	2020
	£000	£000
Present value of plan liabilities at beginning of period	21,412	19,575
Current service cost (including employee contributions)	222	219
Employee contributions	44	48
Benefits paid	(435)	(577)
Interest on plan liabilities	309	437
Acti,ariI Iocses/(ajns)	(87S	1.711)
(Gain)/Ioss on plan changes	-	-
Present value of plan liabilities at end of period	20,677	21,412

	2021	2020
	£000	£000
Market value of plan assets at beginning of period	14,659	13,786
Contributions paid by the College	302	314
Employee contributions	44	48
Benefits paid	(435)	(577)
Administrative expenses paid	(45)	(44)
Interest on plan assets	210	306
Return on assets, less interest included in Profit & Loss	931	826
Market value of plan assets at end of period	15,666	14,659
Actual return on plan assets	1,142	1,132

	2021	2020
Equities	48%	49%
Bonds & Cash	42%	41%
Property	10%	10%
Total	100%	100%

	2021	2020
	£000	£000
Return on assets less interest included in statement of income	931	826
and expenditure
Expected less actual plan expenses	(16)	(15)
Experience gains and losses arising on plan liabilities	623	118
Changes in assumptions underlying the present value of plan
liabilities	252	(1,828)
Remeasurement of net defined benefit liability recognised in	1,790	(899)
OCI

	2021	2020
	£000	£000
Net defined benefit asset/(liability) at beginning ofyear	(6,753)	(5,789)
Recognised in statement of income and expenditure	(350)	(379)
Contributions paid by the College	302	314
Remeasurement of net defined benefit liability recognised in
CCI	1,790	(899)
Net defined benefit asset/(liability) at end ofyear	(5,011)	(6,753)

	2021	2020
Discount rate	1.85	1.45
Pension increases in payment	0.00	0.0

June 2020) are as follows:
	2021	2020
	£000	£000
Present value of plan liabilities	(287)	(317)
Net defined benefit (liability)	(287)	(317)

						2020	2020
						£000	£000
Interest	on	net	defined	benefit	liability	(4)	(7)
Total						(4)	(7)

	2021	2020
	£000	£000
Present value of plan liabilities at beginning of period	317	319
Current service cost	-	-
Interest on plan liabilities	4	7
Actuarial losses (gains)	10	34
Benefits paid	(44)	(43)
Presentvalue of plan liabilities at the end ofthe period	287	317
The plan has no assets.

	2021	2020
	£000	£000
Experience gains and losses arising on plan liabilities	(16)	(18)
Changes in assumptions underlying the present value of plan
liabilities	6	(16)
Remeasurement of net defined benefit liability recognised in OCI	(10)	(34)

	2021	2020
	£000	£000
net defined benefit (liability) at beginning ofyear	(317)	(319)
Contributions paid by the College	43	43
Recognised in Profit and Loss	(4)	(7)
Remeasurement of net defined benefit liability recognised in
OCI	(10)	(34)
Net defined benefit (liability) atthe end ofthe year	(287)	(317)

% of pensionablestipends	January2018	January2021
	to December	to December
	2020	2022
	%	%
Deficit repair contributions	11.9	7.1

	2020	2019
	£000	£000
Balance sheet liability at 1 January	6	19
Deficit contribution paid	(3)	(3)
Interest cost (recognised in SoFA)	-	-
Remaining change to balance sheet liability* (recognised in	1	(10)
statement of income and expenditure)
Balance sheet liability at 31 December	4	6

	December	December	December
	2020	2019	2018
Discount rate	0.2% pa.	1.1% p.a.	2.1% pa.
Price inflation	3.1% pa.	2.8% p.a.	3.1% p.a.
Increase to total pensionable payroll	1.6% p.a.	1.3% p.a.	1.6% p.a.

	Country of	Cost	Class of	Proportion of	Principal
	Incorporation		Shares	shares held	activity
	and Operation
		£
Caius Property . . . Services Limited	United . Kingdom	1	Ordinary	100%	Dormant
Budworth	United
Development	Kingdom	1	Ordinary	100%	Dormant
Limited
Caius Conferences	United				Provision of
Limited	Kingdom	1	Ordinary	100%	conference
					services

From	To	Number	Number
£0	£10,000	11	5
£10,001	£20,000	3	3
£20,001	£30,000	-	-
£30,001	£40,000	1
£40,001	£50,000	-	1
£50,001	£60,000	2	4
£60,001	£70,000	1	1
£70,001	£80,000
£80,001	£90,000
£90,001	£100,000	1	1
	Total	19	15