2020-07-31-accounts - St Hilda's College In The University Of Oxford

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Report ofthe Governing Body			page 2-11
Statement ofAccounting and Reporting		Responsibilities	page 12
Governing Body, Officers and Advisers			page 13-15
Auditor's Report			page 16-18
Statement ofAccounting Policies			page 19-24
Consolidated Statement of Financial	Activities		page 25
Consolidated and College Balance	Sheets		page 26
Consolidated Cashf low Statement			page 27
Notes to the Financial Statements			page 28-44

Geographic	Undergraduates	Postgraduates
UK	298	98
Other EU/EEA	26	50
Overseas
Total	401	229

		(1)	(2)	(3)	(4)
Sir Gordon Duff
Professor J M Yeomans
Dr A Avramides
Professor A Cooper-Sarkar	Retired 30/9/19
Professor I M Moroz
Miss M Croghan	Retired 30/9/19
Dr KJ Clarke
Professor P Schleiter
Professor SJones
Dr M Kean
Professor LJ Smith
Dr R M Armstrong
Dr H Swift
Dr H Smith
Dr G Paul
Professor G Seregin	Retired 30/9/1 9
Professor D Filatov
Ms BTravers
Dr E Payne
Dr K Hoge
Dr M Glitsch
Professor F Macintosh
Professor R Condry
Professor STodd
Dr S McHugh
Professor A Noble
Professor D Wakelin
Professor A Katzourakis
Dr D Howey
Dr P Hulley

Th	e College Officers to	whom day-to-da	y manage
Sir	Gordon Duff	Principal
Mr	Frank Gargent	Bursar to 31/12/19
Mr	Chris Wood	Bursar from	1/3/20
Dr	Sarah Norman	Senior Tutor
Ms	Bronwyn Travers	Development	Director

					Unrestricted	Restricted	Endowed	2020	2019
					Funds	Funds	Funds	Total	Total
				Notes	E'000	f'000	E'000	F'000	E'000
INCOME AND ENDOWMENTS			FROM:
Charitable activities:
Teaching, research	and		residential		4,907			4,907	5,792
Other Trading Income					104			104	210
Donations and legacies					2,722	559		3,289	1,969
Investments
Investment income				4	710	16	1,700	2,426	2,768
Total return allocated		to	income	13	583	949	(1,532)
Other income				1	209			209
Total income					9,235	1,524	176	10,935	10,743
EXPENDITURE ON:
Charitable activities:
Teaching, research	and		residential	5	6,126	1,611		7,737	9,711
Generating funds:
Fundraising					437			437	469
Trading expenditure					74			74	141
Investment management			costs		54		210	266	275
Total Expenditure					6,691	1,613	210	8,514	10,596
Net Income/(Expenditure)		before gains			2,544	(89)	(34)	2,421	147
Net gains/(losses) on investments				10,11	(493)	15	1,945	1,467	2,204
Net Income/(Expenditure)					2,051	(74)	1,911	3,888	2,351
Net movement in funds for the year					2,051	(74)	1,911	3,888	2,351
Fund balances brought forward				17	58,452	2,626	54,681	115,759	113,407
Funds carried forward at		31July			60,503	2,552	56,592	119,647	115,758

			2020	2019	2020	2019
			Group	Group	College	College
		Notes	6'000	E'000	6'000	E'000
FIXEDASSETS
Tangible assets		9	74,594	61,145	74,594	61,145
Property investments Other Investments		10 11	1,012 62,235	1,012 72,791	1,012 62,237	1,012 72,793
Total Fixed Assets			137,841	134,948	137,843	134,950
CURRENT ASSETS
Stocks			38	35	38	35
Debtors		14	3,128	1,752	2,748	1,214
Investments			1,154	3,143	1,154	3,143
Cash at bank and	in hand		545	1,021	485	559
Total Current Assets			4,865	5,951	4,425	4,951
LIABILITIES
Creditors: Amounts	falling due within one year	15	1,299	2,744	1,124	1,882
NET CURRENT ASSETS/(LIABILITIES)			3,566	3,207	3,301	3,069
TOTAL ASSETSLESSCURRENT LIABILITIES			141,407	138,155	141,144	138,019
CREDITORS: falling due after more than one year		16	20,269	20,414	20,269	20,414
NET ASSETS/(LIABILITIES) BEFORE PENSION ASSET OR
LIABILITY			121,138	117,741	120,875	117,605
Defined benefit pension scheme liability		21	1,491	1,983	1,491	1,983
TOTAL NET ASSETS/(LIABILITIES)			119,647	115,758	119,384	115,622
FUNDS OF THE COLLEGE
Endowment funds		17	56,592	54,681	56,592	54,681
Restricted funds		17	2,552	2,626	2,552	2,626
Unrestricted funds
General funds			3,803	9,800	3,540	9,664
Designated funds		17	58,191	50,635	58,191	50,635
Pension reserve		17	(1,491)	(1,983)	(1,491)	(1,983)
			119,647	115,758	119,384	115,622

						2020	2019
					Notes	E'000	E'000
Net cash provided by (used	in) operating		activities		23	(2,379)	(313)
Cash flows from investing	activities
Dividends, interest and rents from investments						2,426	2,768
Proceeds from the sale ofproperty,		plant and equipment
Purchase of property, plant and equipment						(14,393)	(6,222)
Proceeds from sale of investments						12,023	4,688
Purchase ofinvestments
Net cash provided by (used	in) investing		activities			56	1,234
Cash flows from financing	activities
Repayments ofborrowing						(150)	(150)
Cash inflows from new borrowing
Receipt ofendowment						8
Net cash provided by (used	in) financing		activities			(142)	(145)
Change in cash and cash equivalents		in	the reporting	period		(2,465)	776
Cash and cash equivalents	at the beginning ofthe
reporting period						4,164	3,388
Change in cash and cash equivalents		due to exchange
rate movements
Cash and cash equivalents	at the end of		the reporting
period					24	1,699	4,164

												2020	2019
Teaching, Research and Residential												E'000	E'000
Unrestricted funds
Tuition fees - UK	and EU students											1,558	1,564
Tuition fees - Overseas students												1,274	1,129
Other HEFCE support												227	242
Other academic income												74	73
Residential income												1,774	2,784
Total Teaching, Research		and	Residential									4,907	5,792
Other charitable income
Total income from	charitable		activities									4,907	5,796
OTHER INCOME												209
The above analysis	includes	E3,059k		received	from Oxford University			from publicly accountable		funds under the CFF Scheme (2019:E2,935k).
Under the terms ofthe undergraduate				student	support package offered by Oxford University				to	students	from lower income households,	the college share ofthe
fees waived amounted to EOk (2019:E98k). These are						not included	in	the fee income reporled		above.
Other income includes E205k received				from the furlough		grant
DONATIONS AND LEGACIES
												2020	2019
												E'000	E'000
Donations and Legacies
Unrestricted funds												2,722	1,151
Restricted funds												559	813
Endowed funds												8	5
												3,289	1,969
INCOME FROM OTHER TRADING ACTIVITIES
												2020	2019
												E'000	E'000
Subsidiary company	trading	income										&6	190
Other trading income												18	20
INVESTMENT INCOME
												2020	2019
												E'000	E'000
Unrestricted funds
Commercial rent												73	73
Income from fixed	interest stocks											620	1,000
Bank interest												17	26
												Tvl	l1IRI
Restricted funds
Equity dividends												16	17
Endowed funds
Equity dividends												1,700	1,652
income from fixed	interest	stocks
interest on fixed term deposits			and	cash
Other investment	income

ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE
				2020		2019
				6'000		6'000
Charitable expenditure
Direct staff costs allocated	to:
Teaching, research and	residential			4,425		4,216
Other direct costs allocated	to:
Teaching, research and	residential			1,872		2,191
Support and governance costs allocated to:
Teaching, research and	residential			1,440		3,304
Total charitable expenditure				7,737		9,711
Expenditure on raising funds
Direct staff costs allocated to:
Fundraising				325		321
Trading expenditure				23		45
Other direct costs allocated	to:
Fundraising				59		103
Trading expenditure				41		74
Investment management	costs			266		275
Support and governance costs allocated to:
Fundraising				53		46
Trading expenditure				10		21
Total expenditure on raising	funds			777		885
Total expenditure
The 2019resources expended	of810,596k repesented	69,850k from unrestricted	funds, 6551k from restricted	funds and 6195kfrom endowed	funds,

GRANTS AND AWARDS			2020	2019
			6'000	8'000
During the year the College funded research awards and
bursaries to students from	its restricted	and
unrestricted fund as follows:
Unrestricted funds
Grants to individuals:
Scholarships, prizes and grants			19	15
Bursaries and hardship	awards		104	122
Total unrestricted
Restricted funds
Grants to individuals:
Scholarships, prizes and grants			171	186
Bursadies and hardship	awards		18	35
Total restdicted
Total grants and awards

STAFF COSTS
															2020		2019
The aggregate staff	costs for the year						were as follows.								F'000		6'000
Salaries and wages															4,300		4,226
Social security costs															310		306
Pension costs:
Defined benefit schemes															190		1,706
Defined contribution	schemes														1		1
The average number	of	employees			of		the College,	excluding Trustees,
on a full time equivalent		basis was			as	follows.									2020		2019
Tuition and research															21		20
College residential															66		64
Fundraising															5		6
Support															20		24
Total
The average number	ofemployed				College Trustees				during	the year	was as	follows.
University Lecturers															17		14
CUF Lecturers															12		10
Other teaching and research															3		6
Other															5		5
Total
The following information			relates to the employees					ofthe College excluding				the College Trustees. Details of the remuneration		and reimbursed		expenses ofthe
College Trustees is included				as a separate note in				these financial statements.
The number of employees				(exduding			the College	Trustees)		during	the year	whose gross pay and benefits (excluding	employer		Nl and pension	contributions)	fell
within the following bands			was:
660,001-570,000
The number of the above			employees			viith retirement			benefits accruing was			as follows:
In defined benefits schemes

TANGIBLE FIXEDASSETS	TANGIBLE FIXEDASSETS
Group &College		Freehold	Assets	Fixtures,
		land and	Under	fittings and
		buildings	Construction	equipment	Total
		E'000	E'000	E'000	E'000
Cost
At start ofyear		56,902	7,619	2,034	66,555
Additions		1,000	13,324	69	14,393
At end ofyear		57,902	20,943	2,103	80,948
Depreciation and impairment
At start ofyear		4,024		1,386	5,410
Depreciation charge for the year		792		152	944
At end ofyear		4,816		1,535	5 355
Net book value
At end ofyear		53,086	20,943	565	74,594
At start ofyear		52,$78	7,619		61,145
During the year borrowing	costs totalling E390k(2019:E171k}were capitalised as part ofthe construction		ofthe student facilities	on the main College site

PROPERTY INVESTMENTS	PROPERTY INVESTMENTS
Group &	College		2020	2019
		Commercial	Total	Total
		E'000	E'000	E,'000
Valuation	at start ofyear	1,012	1,012	1,012
Valuation	at end ofyear

OTHER INVESTMENTS	OTHER INVESTMENTS
All investments are held		at fair value.
							2020	2019
							E'000	E'000
Group investments
Valuation at start of	year						72,791	75,275
New money invested
Amounts withdrawn							(14,093)	(7,080)
Reinvested income							2,334	2,667
Investment management		fees					(266)	(275)
(Decrease)fincrease	in value ofinvestments						1,469	2,204
Group investments	at end ofyear						62,235	72,791
Investment in subsidiaries
College investments	at	end ofyear
Group investments	comprise:		Held outside	Held in	2020	Held outside	Held in	2019
			the UK	the UK	Total	the UK	the UK	Total
			E'000	E,'000	E'000	F'000	F'000	E'000
Equity investments			8,137	28,638	36,775	26,601	10,437	37,038
Propertyfunds				1,022	1,022		4,033	4,033
Fixed interest stocks				15,015	15,015		16,727	16,727
Alternative and other	investments			5,375	5,375		1,995	1,995
Fixed term deposits	and	cash		4,048	4,048		12,998	12,998
Total group investments

The resulis and their assets and liabilities ofthe	parent and subsidiaries at the year end were	as follows.	as follows.
	Parent College	St Hilda's College		StHildas College
		(Trading)	Ltd	Developments	Ltd
	E'000	E'000			E'000
Income	10,935		104	12,587
Expenditure	(8,514)		(75)	(12,354)
Result for the year
Total assets	142,268		62		424
Total liabilities	(22,884)		(33)		(191)
Net funds at the end ofyear

The Trustees have adopted a	duly authorised	duly authorised	duly authorised	duly authorised	duly authorised	policy	oftotal return	oftotal return	accounting	accounting	for the College	investment	returns	with	effect from August	effect from August	effect from August	2000.The investment	2000.The investment
return to be applied as income	is		calculated			as 3.5%(2015:3.5%)			ofthe average of the year-end values				ofthe	relevant investments			in each ofthe last		5years, The
preserved (frozen) value ofthe		invested			endowment		capital represents			its open market value		in August	2009together		with all	subsequent		endowments	valued at
date ofgifi.
											Permanent	Endowment				Expendable			Total
											Unapplied					Endowment			Endowments
										Trust for		Total
										Investment		Return			Total
											E'000	E.'000			6'000			F'000	6'000
At the beginning ofthe year:
Gilt component ofthe permanent			endowment							14,585				14,5&5					14,585
Unapplied total return												12,132		12.132					12,132
Expendable endowment																	27,964		27,964
Total Endowments										14,585		12,132		26,717			27,964		54,681
Movements in the reporting	period:
Gift ofendowmentfunds															1			7	8
Investment return: total investment			income									856			858			844	1,700
Investment return: realised and		unrealised			gains and		losses					979			979			966	1,945
Less: Investment management		costs										(106)			(106)			(104)	(210)
Other transfers
Total												1,729		1,730			1,713		3,443
Unapplied total return allocated		to	income		in	the reporting		period				(785)			(785)			(747)	(1,532)
Expendable endowments transfened				to income
												(785)			(785)			(747)	(1,532)
Net movements in reporting	period											944			945			966	1,911
At end ofthe reporting period:
Gifl component ofthe permanent			endowment							14,586				14,586					14,586
Unapplied total return											13,076			13,076					13,076
Expendable endowment Total Endowments																	28,930		28,930
Details ofprior year movements		are shownin				note 28c

DEBTORS
	2020	2019	2020	2019
	Group	Group	College	College
	E'000	E'000	E'000	E'000
Amounts falling due within one year:
Trade debtors	46	857	26	81
Amounts owed by College members
Amounts owed by Group undertakings			46	411
Loans repayable within one year	17	14	17	14
Taxation and social security	406	156
Prepayments and accmed income	2,637	708	2,637	691
Other debtors	22	17	22	17
CREDITORS: falling due within one year
	2020	2019	2020	2019
	Group	Group	College	College
	E'000	E'000	E'000	E'000
Bank loans	150	150	150	150
Trade creditors	380	1,825	373	121
Amounts owed to Group undertakings				766
Taxation and social security				95
College contribution
Accruals and deferred income	400	366	236	361
Other creditors	369	403	363	389
CREDITORS: falling due after more than one year
	2020	2019	2020	2019
	Group	Group	College	College
	E'000	E'000	E'000	E'000
Bank loans	450	600	450	600
Bond*	19,819	19,814	19,819	19,814

ANALYSIS OF MOVEMENTS	ANALYSIS OF MOVEMENTS	ON FUNDS	ON FUNDS
			At	1 August	Incoming	Resources		Gains/	At 31July
				2019	resources	expended	Transfers	(losses)	2020
				6'000	2'000	E000	6'000	6'000	6'000
Endowment Funds	- Permanent
Student Support Funds				1,137	32		13	37	1,189
JRF Funds				1,547	40		7	46	1,621
Teaching Funds:
Humanities &Social	Sciences			6,724	223	27	215	254	6,959
Medical Sciences				1,693	55	7	54	63	1,750
Physical & Life Sciences				2,608	85	10	83	97	2,697
General purpose				12,891	419	52	412	479	13,325
Other purposes				117	3			3	123
Endowment Funds	- Expendable
Student Support Funds				4,742	148	18	111	169	4,930
JRF Funds				2,144	57	7	21	65	2,238
Teaching Funds:
Humanities &Social	Sciences			3,938	123	15	126	141	4,061
Medical Sciences				1,073	35		30	40	1,114
Physical & Life Sciences				1,397	45	5	45	52	1,444
Other purposes				1,357	38		15	44	1,419
Endowment Funds -	Expendable		Designated
Student Support Funds				660	29		25	25	686
JRF Funds				1,053	29		16	33	1,095
Teaching Funds:
Humanities &Social	Sciences			3,380	112	14	98	128	3,508
Medical Sciences				2,717	88	11	87	101	2,808
General purpose				5,320	142	18	171	162	5,435
Other purposes Total Endowment Funds - College Total Endowment Funds - Group				183 54,681 54,681	5 1 708 1,708	1 210 210	3 ~1,532 ~1,532	6 1,945 1,945	190 56,592 56,592
Restricted Funds
Transfer from endowment funds for spending						949	949
Student supportfunds				49	1	3			49
Scholarship &Bursary Fund				968	57	110			918
Access				59	12				71
College Contribution	fund			78	223	222			79
Fellowship funds				616	15	23		13	621
Library fund				63	7	1			69
Other funds				617	259	130			745
125Fund				175		175
Total Restricted Funds - College				2,626	574	1,613	949	15	2,552
Total Restricted Funds - Group				2,626	574	1,613	949	15	2,552
Unrestricted Funds
General funds				2,604	9,296	6,621	1,436	(493)	3,350
125Fund				7,060	625		7,495		190
Designated				50,635		792	(8,348)		58,191
Pension reserve				(1,983)		(492)			(1,491)
Total Unrestricted Funds - College				58,316	9,921	6,921	583	493	60,240
Unrestricted funds held by subsidiaries				136	263	136			263
Total Unrestricted Funds - Group				58,452	10,184	7„057		(493)	60,503
Total Funds College			115,622		12,203	8,744		1,467	119,384
Total Funds Group			115,758		10,935	8,514		1,467	119,647
Prior year funds movements		are shown in note 28(dJ

FUNDS OF	THE COLLEG	E DETAILS	E DETAILS
The following	is a summary	of the origins and purposes ofeach ofthe Funds
Endowment	Funds - Permanent:		*A consolidation ofgifts and donations where income, but not capital, can be
			used for the general purposes of the charity
Endowment	Funds - Expendable:		*A consolidation of gifts and donations where either income,	or income and capital,
			can be used for the general purposes ofthe charity
Restricted Funds:
			*A consolidation of gifts and donations where both income and capital can be
			used for restricted purpose
Designated	Funds
Fixed asset	designated		Unrestricted Funds which are represented by the fixed assets ofthe College,
			less external borrowing to fund their acquistion and therefore	not available
			for expenditure on the College's general purposes
125Fund			'This is a fund used for projects relating to the 125th anniversary of the College

ANALYSIS OF NET ASSETS BETWEEN FUNDS
	Unrestricted	Restricted	Endowment	2020
	Funds	Funds	Funds	Total
	F'000	6'000	6'000	6'000
Tangible fixed assets	74,594			74,594
Property investments	1,012			1,012
Other investments	6,636		55,599	62,235
Net current assets	21	2,552	993	3,566
Long term liabilities	(21,760)			(21,760)
	Unrestricted	Restricted	Endowment	2019
	Funds	Funds	Funds	Total
	6'000	6'000	6'000	6'000
Tangible fixed assets	61,145			61,145
Property investments	1,012			1,012
Other investments	18,976		53,815	72,791
Net current assets	(284)	2,626	866	3,207
Long term liabilities	(22,397)			(22,397)
	~lx52

Sensitivity ofactuarial valuation	Sensitivity ofactuarial valuation	assumptions	assumptions	assumptions
Surpluses or deficits which arise at future				valuations	may impact on the College's future contribution commitment.					The sensitivities	regarding		the principal
assumptions used to measure	the	scheme liabilities			are	set out below:
Assumption				USS	Change in assumption		Impact on		USS liabilities
Initial discount rate				increase		by 0.1'k	decrease		by E1.2bn
Asset values				reduce by 10%			increase	by E6.4bn
RPI inflation				increase by 0.1%			decrease		by E0.7bn
				more	prudent assumption
Rate ofmortality				(mortality		rated down by a furiher	increase	by E1.6bn
				year)
Assumption				OSPS		Change in assumption	Impact on		OSPS technical	provisions
Valuation rate of interest					deuease by 0.25%			increase by E45m
RPI					increase by 0.25'k			increase by E40m
Deficit Recovery Plans
In line with FRS 102paragraph	28.11A,		the Coliege		has recognised a liability for the contributions				payable forthe	agreed deficit funding		plan.	The principle
assumptions used in these calculations			are tabled be!oar,
						OSPS			USS
Finish Date for Deficit Recovery	Plan					30/01/2028			31/03/2028
Average staff number increase						0-0.5%			0-0.5%
Average staff salary increase						2.00%			2.00%
Average discount rate over period						0.74%			0 63'k
Effect of0.5%change in discount rate						9I(			25k
Effect of 1%change in staff growth						37I&			52k

The College is able to take advantage	of the	of the	tax exemptions	available	available	to charities from taxation	to charities from taxation	in respect ofincome and capital gains	received	to the extent	that
such income and gains are applied to	exclusively charitable			purposes.		No	liabiliiy to corporation	tax arises in the College's subsidiary	company	because the
directors ofthe company have indicated		that	they intend to make		donations		each year to the College equal to the taxable profits ofthe company			under the Gift Aid
scheme. Accordingly no provision for	taxation has been induded				in the	financial statements.
RECONCILIATION OF NET INCOMING		RESOURCES TO
NET CASH FLOW FROM OPERATIONS									2020		2019
									Group		Group
									5'000		F'000
Net income/(expenditure)									3,888		2,351
Elimination ofnon-operating cash flows:
Investment income									(2,426)		(2,768)
(Gains)/losses in investments									(1,467)		(2,204)
Endowment donations Depreciation									(8) 950		(5) 973
(Surplus)/loss on sale offixed assets											27
Decrease/(Increase) in stock Decrease/(Increase) in debtors									(3) (1,376)		1 (385)
(Decrease)/increase in creditors (Decrease)/Increase in provisions									(1,445)		579
(Decrease)/Increase in pension scheme		liability							(492)		1,118
Net cash provided by {used in) operating			activities
ANALYSIS OF CASH AND CASH EQUIVALENTS
									2020		2019
									5'000		B000
Cash at bank and in hand									545		1,021
Notice deposits (less than 3 months)									1,154		3,143
Total cash and cash equivalents

28	ADDITIONAL PRIOR YEAR COMPARATIVES	ADDITIONAL PRIOR YEAR COMPARATIVES	ADDITIONAL PRIOR YEAR COMPARATIVES
a)	Consolidated Statement		of Financial Activities
	Forthe year ended 31	July 2019
				Unrestricted	Raslrided	Endowed	2,019
	INCOME AND ENDOWMENTS FROM:			Funds	Funds	Funds	Total
				E000	r'000	E000	E'000
	Chantable activities;
	Teaching, research and	residential		5,792	0		5,792
	Public worship			0	0		0
	Heritage				0		0
	Other Trading Income			210	0		210
	Donations and legacies			1,151	813		1,969
	Investments
	Investment income			1,099	17	1,652	2,768
	Total return allocated to	income		1,598	0	-1,598	0
	Other income			4	0	0	4
	Total income			9,854	830	59	10,743
	EXPENDITURE ON:
	Charitable activities:
	Teaching, research and	residential		9,162	549		9,711
	Public worship			0	0		0
	Heritage			0	0		0
	Generating funds.
	Fundraising			469	0	0	469
	Trading expenditure			141	0	0	141
	Investment management		costs	78	2	195	275
	Total Expenditure			9,850	551	195	10,596
	Net Income/(Expenditure)		before gains		279	-136	147
	Net gains/(losses} on investments			-509	21	2,692	2,204
	Net Income/(Expenditure)			-sos	300	2,556	2,351
	Actuarial gains/(losses)	on defined benefit pension schemes
	Nat movement in funds		for the year	-505	300	2,556	2,351
	Fund balances brought		forward	58,957	2,325	52,125	113,407
	Funds carried forward	at 31July		58,452	2625	S4,681	115,758

The Trustees have adopted a duly authorised	The Trustees have adopted a duly authorised	The Trustees have adopted a duly authorised	The Trustees have adopted a duly authorised	policy	oftotal return	oftotal return	accounting	accounting	for the College	investment	returns	with effect from August 2000. The investment	with effect from August 2000. The investment	with effect from August 2000. The investment	with effect from August 2000. The investment
return to be applied as income is		calculated		as 3.5%	(2015:3.5%)		ofthe average ofthe year-end values				ofthe	relevant investments		in each ofthe last	5years. The
preserved (frozen) value ofthe	invested		endowment		capital represents			its open market value		in August	2009together with all subsequent endowments				valued at
date of giR.
									Permanent	Endowment			Expendable		Total
									Unapplied				Endowment		Endowments
								Trust for		Total
								Investment		Return		Total
									6'000	6'000		6'000		6'000	6'000
At the beginning ofthe year:
GIR component ofthe permanent		endowment						14,584				14,584			14,584
Unapplied total return										10,851		10,851			10,851
Expendable endowment														26,690	26,690
Total Endowments								14,584		10,651		25,435		26,690	52,125
Movements in the reporting period:
Gift ofendowment funds Investment return: total investment income Investment return: realised and unrealised gains and Less: Investment management costs					losses				1 1 4 5 834 834 818 1,652 1,355 1,355 1,337 2,692 ~97~97~99~199
Total										2,092		2,093		2,061	4,154
Unapplied total return allocated	to	income	in	the reporting		period				(811)		(811)		(767)	(1,598)
Net movements in reporting psdiod									1	1,281		1,282		1,274	2,556
At end ofthe reporting period:
Gifi component ofthe permanent		endowment						14,565				14,585			14,585
Unapplied total return										12,132		12,132			12,132
Expendable endowment Total Endowments									%132					27,964	27,964

ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS
		At 1 August 2018 6000	Incoming resources F'000	Resources expended 6'000	Transfers E'000	Gains/ (losses) 6'000	At 31July 2019 6'000
Endowment Funds - Permanent
Student Support Funds JRF Funds		1,084 1,504	31 39		25 55	51 64	1,137 1,547
Teaching Funds:
Humanities &Social Sciences Medical Sciences Physical & Life Sciences		6,384 1,609 2,480	218 54 83	26 6 10	204 51 79	352 87 134	6,724 1,693 2,608
General purpose		12,262	408	49	392	662	12,891
Other purposes		113	3		4	5	117
Endowment Funds - Expendable
Student Support Funds JRF Funds Teaching Funds:		4,484 2,051	144 55	17 6	104 46	235 90	4,742 2,144
Humanities &Social Sciences Medical Sciences Physical & Life Sciences		3,757 1,021 1,329	120 34 44	14 4 5	120 33 43	195 55 72	3,938 1,073 1,397
Other purposes		1,274	37		10	60	1,357
Endowment Funds - Expendable	Designated
Student Support Funds		621	25		18	34	660
JRF Funds Teaching Funds:		1,043	28		61	46	1,053
Humanities &Social Sciences Medical Sciences		3,209 2,583	109 86	13 10	103 82	178 140	3,380 2,717
General purpose Other purposes Total Endowment Funds - College Total Endowment Funds - Group		5,143 174 52,125 52,125	134 5 1,657 1,657	16 1 195 195	165 3 ~7.598 ~1. 598	224 8 2,692 2,692	5,320 183 54,681 54,681
Restricted Funds
Transfer from endowment funds for spending			(1,598)		1,598
Student support funds		40	8	1			49
Scholarship &Bursary Fund		949	125	106			968
Access		72	6	19			59
College Contribution fund		35	330	287			78
Fellowship funds		598	23	24		19	616
Maintenance fund
Library fund		64	3	4			63
Other funds		567	160	110			617
125 Fund Total Restricted Funds - College		2 325	175 ~766	551	1,598	21	175 2,626
Total Restricted Funds - Group		2,325	~768	551	1,598	21	2,626
Unrestricted Funds
General funds 125Fund		1,138 3,664	8,671 1,047	7,943	(1,247) (2,349)	(509)	2,604 7,060
Designated		55,020		789	3,596		50,635
Pension reserve		(865)		1,118			(1,983)
Total Unrestricted Funds - College		58,957	9,718	9,850		509	58,316
Unrestricted funds held by subsidiadies			136				136
Total Unrestricted Funds - Group		58,957	9,854	9,850		(509)	58,452
Total Funds College		113,407	10,607	10,596		2,204	115,622
Total Funds Group		113,407	10,743	10,596		2,204	115,758