St Hilda's College Annual Report and Financial Statements Year ended 31 July 2021 St Hilda's College Annual Report and Flnan¢lal Statements Contents Report of the Governing Body page 2-12 statement of Accounling and Reporting Responsibilitles page 13 Governing Body, Offi￿rS and Advisers page 14-16 Auditor's Report page 17-21 ststement of Accounting Policies page 22-27 Consolidated Statement ol Financial Activities page 28 Consolidated and College Balance Sheets page 29 Consolidated Cashflow Stalement page 30 Notes to the Financial Slatement5 page 3147 St Hilda's College Report of the Governing Body Year ended 31 July 2021 The Governing Body presents Its Annual Report for the year ended 31 July 2021 under the Charitiès Act 2011 toggther bwth the audited financial statements for the yegr. REFERENCE AND ADMINISTRATIVE INFORMATION St Hilda's College is an eleemosynary chartered charitable corporation aggregate. 11 was founded by Dorothea Beale in 7893 as a Hall for Women Students and received its first Royal Charter in 1926. when il was incorporated under the liue "Principal and Council of Sl Hilda's College. Oxford.. In 1960. il became a College of the University. The College's most recent Supplemental Charter. granted in 2007, changed the name of the College lo St Hilda's College in the University of Oxford and pemltted the admlsslon of male students. The College Is registered wSlh the Charfty Commlsslon, wSth regislratton number 1137537. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College is governed in accordance ils Royal Charter dated 25 July 2007 and its Statutes. Goveming Body The Goveinlng Body of the College Is consllluled and regulated In accordance with the College Slalutes, the tems of which are enforceable ultimately by the Visitor, Dame Elvzabelh Butler-sloss. The College Slalutes are as made from time to time by order of Her Majesty in Council in accordance with the Royal Charter of 2007, and the Universities of Oxford and Cambridge Act 1923. The Govemlng Body determlnes the on-golng strategic direction of the College and regulates ils administration and the management of its finances and assets. The Goveming Body is chaired by the Principal and meets regularfy throughout the year. It is advised by a range of committees. The names of all Members of the Governing Bc#Yy together with details of the senior staff and advisors of the College 8re given on pages 14-16. Recruitment and tralning ¢f members of the Governlng Body New members of the Governing Body are elected by the GoverniTrJ Body, on tha basis of their knowledge of, and contribution to, education, leaming and research within the Collgge and the University of Oxford. or on the basis of their possession of professional and administrative qualifications and skills that enable them to contribute towards the govemance of the College. New members are inducted into the workings of the College. and their role as trustees, by the Principal. the College Officers and others. Further training is arranged as appropriate. St Hilda's College Report of the Governlng Body Year end8d 31 July 2021 Organl$atlonal Management The Covernlng Body nomially meets al least six limes a year. The work of devdoping poliaes for the approval of the Goveming Body and monitoring the implementation of th9se is carried out by several Standing Committees being principally.. The General Purposes Committee, whlch oversees the implementation of the College's strategic. academic. and financial plans and polides on behalf of the Governing Body and approves deviations from those plans in defined,1Smited, clrcumstances under delegated authorlty. The Investment Committee, which moniloTS the perfomiance of investment managers and holds them lo account. The Development Advisory Committee, which provides a foTum in which representatives of Fellows, Senior and Junior mernbers and alumnae review progress in fund raising and discuss strategy. The Tutorial Committee. which deals wlth educational matteTS, and matters of tutorial control for undergraduates, and academic adwee and progression for graduates. These Committees, except the Tutorial Committee. ar8 chaired by the Principal and consist of trustees of the College supplemented, in the case of the Investment Committee, by Ms C Burton, an alumna of the College. and In the case of the Development Advlsory Committee. by Mrs M Ellis. Ms J Archer. and Dr M Gregory, an Emeritus Fellow of the College. The Tulorlal Committee Is chaired by the Senior Tutor. Subject to the oversight of the Standing Committees, th8 day-lo-day running of the College is entntsted to its principal officers.. the Principal. the Bursar. the Senh)r Tutor. and the Development Director. A Remuneration Committee has also been established, the role of which is to advise Goveming Body on the level of rewnuneralion and benefits for the Principal and Fellows of the College. 11 comprises of alumnae and two Emerflus, or Supèrnumerary Fellows, not in receipt of remuneration or benefits from the College. The members are Ms J Almond. Ms M Harris, Dr M Gregory. Dr S Watkinson and Ms J Kelly. St Hilda's College Report of the Governing Body Year ended 31 July 2021 Group structure and relatlonshlps At the yearend, th& College had three wholly-owned, non-Cha￿tsble, subsldlalies: St Hilda's Properties Ltd, which is dormant. st Hilda's College Developments Ltd and St Hilda's Colloge {Trading} Ltd, whose annual profi15 are donated lo the College under the Gift Scheme. In addition, The Jacqueline Du Pre Music Building Ltd, which is a company limited by guarantee and an exempl charity, was a wholly-owned subsidiary of the College. St Hilda's Properties Ltd and The Jacqueline du Pre Music Building Ltd were dissofved in Odober2021. The activities of St Hilda's College (Trading) Ltd primarily Comprise the letting of College facilities when not in use by the College. The subsidiariès, aims. objectives, and achlevements are covered in the relevant sections of this report. St Hllda's College Developments Ltd provldes conslructlon servlces lo the College. The College is part of the collegiate University of Oxford. Material interdependencies betsveen the University arKI the College arise as a consequence of this relationship. The CrAlege also admirysters many special trusts, as detailed in Note 17 to the ffinancial slalemenls. OBJECTIVES AND ACTIVITIES Charitable Objects and Aim$ The College's charitable objectives as stated in its Royal Charter are.. To provlde education and iesidenllal accommodatlon for women and men who are mem￿r$ of the College and the Untversty of Oxford. To maintain, continue and d8velop the Collgge ethos and tradltlon of provlding gncouragemgnl and support in academic research and education undertaken by women and mgn. To do other such things as are incAdental or conducive to these objects. The Govemlng Body has ¢X*nsldered the Charfty Commlssion'8 guldance on publlc benefft and. In keeplng wSlh its obleclSves, the College's alms for the public benefit are: To provide educauon, In conlunctlon w51h the Unlverslly of Oxford, to approximately 600 undergraduates and graduates. This develops Ihg students academicaNy and prepares them lo play a full and effective role in society- To encourage applications from ex￿lIent students who might benefit from an Oxford education but who mtght not otherwise consider applying to the College.. To participate wlh the University of Oxford and others in a bursary scheme to provide flnanclal assistance to eligible undergraduate students of m¢)desl means. The College also provides scholarships to graduates st Hilda's College Report of th8 Governing Body Year ènded 31 July 2021 financial support available to all students for books, trav81 grants, and in wes of unexpgcl8d financial hardship.. To advance researth through the support given to College fellows by means of sabbatical and research leave and by appointing research felbws., and To support a community programme of edu¢atSonal concerts. ACHIEVEMENTS AND PERFORMANCE SENIOR TUTOR'S REPORT FollowTng on from the upheaval of Trinity Teryn 2020, the 2020121 academic year has been a highly unusual one,. the dI￿￿ultieS Caused by the Covid-19 pandemic have been wide-ranging and constanuy changing. affecting all members of the College comrnunily. Starting the academic year with in-person college teaching, we had to move entirely online during the second full lockdown in Hilary Term, only to tentatively return to hybrid on-line and in-person teachlng and examinallon arrangements for Trinity Temi. Thls had a significant effect on our undergraduate arKI graduate students, our tutors and college lecturers, as well as the academSc- related and domestic support stsff in all departments of thfr College. A-Levels 2020 and the Admissions Pmc8SS The year started in unusual circumstsnces with the difficultles caused by the cancellation of school exams and the reported concems 8boul the algorithm used lo calculate the 2020 A Level grades. Sl Hilda's College has a long history of supporting academically excellent students from 8 very diverse range of backgrounds, and we are committed to ensuring that we continue to admit our undergraduate population with a fair approach. and on tho basis of academic achievèm8nl and potèntial. whilst striving to wden aC￿sS and lo support the aims of equality. diversity and inclusion. Followlng the University-issued guidelines on admissions, and with the kno￿edge students from dlsadvantaged backgrounds would be disproportionately affected by the likely downgTading of Centre Assessment Grades ICAG51. the College admitted 12 offer holders who did not initially achieve their offer using the algorithm-generaled grade., 75V4 of these students had dropped one grade and were from disadvantaged backgrounds. The College then honoured all offers of a place lo all applicants whose CAGS mel their conditional offers. an additional 8 students. The 2020 cohort was therefore the biggest intake in the College's histy. The Student Body In October 2020 the number of enrolled studènts was 657 across the full range of dlsclplines. of whlch 416 were following > or 4-y8ar undergraduate degree courses al the Unlverslty of Oxford, 241 were carrylng out research for Doctorates. studying Clinical Medicine. or following 1- or 2-￿ar graduate courses. The st Hilda's College Report of thè Governing Body Year Ènded 31 July 2021 googiaphical origin of current students is broadly similar to recent years although there are mor8 UK undergraduates, more Overseas graduates, but slmilar EU students at both the undergraduate or graduate level, and is shown in the table below. Geographlc origln Undergraduates Postgraduates 97 UK 315 Other EUEEA 29 48 Overseas 72 96 Total 416 241 The composition of the undergraduate student body in ternis of thelr secondary schools al the polnt of applyirtg to the College was 44% UK maintained schools. 32% UK independ8nl schools, and 24% non-UK schools. Of the lolal student body approximately 54Yo are female and 460A are male. NewAssociate Professors The College was delighted to welcome a new AssOCl8te Professor and Tutorfal Fellow, Dr Louise Hanson in Philosophy, as well as a new Associate Professor and Non-Tutorial Fellow in Clinical TherapeutiC5, Dr James Fullerton. The Tutorial Fellows are responsible for undergraduate teaching and 8dminislratlon, as well as providing guidance lo graduate students and participating in College governance. Our Non-Tulorfal Fellows provide our graduate advice and participate in the College's research en￿rOnment. Dr Fullerton is helping lo support the development of the Centre for Clinical Therapeutics, initiated al Sl Hilda's in February 2019. We are sure our students ¥MII be well supported by their new undergraduate tutors and graduate advisors. and will continue to benefit from the face-to-face teaching and personalised support that the College structure provides. Earfy Career Researche This academic year saw a number of new elections to Junior and Associate Research Fellowshlp8. These early career fellowshlps can provide a college assoclatSon lo post-doctoral researchers holding personal fellowships awarded by external b¢xlies or direcuy by the Collegg. This year the College elected Dr Monica Olcina lo an Associate Research Fgllowship IARFI in recognition of her research achievernents and her ndependenl research post at the Department of Oncology. Offering a college fellowship to these early career resea￿herS provides thern with a supportive collegial and multi-disciplinary research environment. In return our ARFS both add expertise to the Fellowship. and provide valuable advice to our graduate students, such as how to prepare for the next stages of their career path. Th8 College was also able lo offer a new slipendiary Junior Research Fellowship to start durlng In October 2021. Dr Michelle Taylor was elected to the Stipendiary Joanna Randall-madver Junior Research Fellowship St Hilda's College Rèport of the Gov8rning Body Year ended 31 July 2021 for a p9rfod of years from 1 October 2021. The Randall-maclver Benefaction supports the junior research fellowships. which are on rotation and lenabla at Lady Margaret Hall. Somerville Collegg, St Hugh's College. St Hllda's College. and St Anne's College. Access and OU1￿aCh The restrictions during the academic year meant that the College's Access and Outreach acttvities went exdusively online. The College's Outreach Officer generated an entire year's programme of school activities and talks lo support the College's objectives- these being lo enhance the number of direct high-qualily undergraduate appli¢alions, 8t the same tSme as enhancing diversity among our applicant pool and therefore our undergraduate population. The 2020121 a¢adgmic year also saw the launch of the South East Outreach Consortium {wilh Sometmlle, Sl Hugh's and St John's Colleges}. this is part of the Collegiate Universills "Oxford for UIC, a natlonwide communty outreach programme offering bespoke and local support to students of mixed ages, their parents arKI teachers. Underyradu8te Degree Achievements Al the start of the year Tutorial Committee implemented an allemalive way to identify those who. had il not been for the ￿nCelIatIon of some Unlversity examlnalions in Trinity Term 2020 due to the pandemic. might have been awarded Scholarships. Exhibltions or Prtzes following Prellms. Mods and other end of year public examinations. 11 was agreed that they would be awarded based on the results obtained in the replacement formative or summalive assessments to be administered either by FawllieslDepartments or by College Tutors. Further to this. the awards were extended to include public examinations delayed to. and undertaken in, Michaelmas Temi 2020. There were higher numbers of Scholarships, Exhibitions and Prizes awarded this year than awarded in Mi¢haelmas Temi 2019, wlh 41 Scho18rships, 12 Exhibitions and 20 Prizes. Al the end of the year the University also recognised our students by the award of Gibbs Prizes. This year five undergraduate students were awarded Glbbs prizes. One student for Preliminary Examinations in English Language and Literature, the sècond student for thelr dlstlnguished performance in English Language and Lileralure. the third for their perfoman¢e in the Philosophy papers in the Honour School of Philosophy and Modern Languages. the fourth for the BA Group Project Presentations in Physic3, and the final one for the besl overall perforrnance in Psychology. Philosophy and Linguistics. We congratulate all our students who have worked so hard under what were very challenging circumstances this year. st Hilda's College Report of the Governing Body Year ended 31 July 2021 Student financial support During the year. the College provided £356.421 in financial support to both undergraduate and p051graduate sILtdents as shown In the table below. 2021 2020 Oxford Opportunity Bursaries (undergraduates) Book grants Sports & extra-curricular grants Research & travel grants Scholarships & prizès Bursaries & hardship funds Total £85.886 £3,679 £5,101 £102.188 £1,721 £5.475 £50,908 £130,130 £21,053 £311,476 £33.897 £124,443 £103,415 £356.421 Communlty musl¢ events The College's Jacqueline du Pre Music Building I'JdP'I is a very prestigious and popular venue for the perfomiing arts, for College social and domesb'c events and for conferences. This includes numerous evènts of an educational nature aimed at children and their families and other events aimed at the public In general. During tem time, the College holds regular Cushion Concerts on Sundays for thildien aged under. and over. 5 years old and their families. The Cushion Concerts introduce children and their families to a wide variety of different instruments. demonslraling how they work and what kind of music they play. A new version of the popular series was launched during the 2019-20 season. The series was led by the Oxfor&based claringtist,. Catriona Scott, a music alumna of Sl Hilda's, and, although cut short by the closure of the JdP due lo the effects of COVID-19, proved to be a great success. Unfortunately. there were no cushion concerts during the 2020-21 season because of the ongoing effects of the pandemiG. A new series of concerts is planned for the 2021-22 season. This yearfs Christmas pantomwne ftir C￿ldren, Heidi and the Snow Globe. continued a fruitful relationship wth Wild Boor Ideas {￿rith additional support from the Arts Council England)- This year the show was filmed in advance and sold online due to the effects of COVID-19. Thanks lo support frc¥n Louisa Service, we have the abilty lo continue lo create a new Christmas show each year in memory of Sir Robert Mayer even if, by necessity. this is performed virtually rather than live. St Hllda's College Report of the Governing Body Year ended 31 July 2021 FINANCIAL REVIEW Income and expenditure for thè year The financial statements pr8senl the accounts of College and its subsi¢Jiaries including all operating income and expenditure. donatiorbs and investment income, assets and liabilitios. In response lo the COVID-19 pandemic, and in line with government guidance, the College closed in April 2020 and re-openèd only in late September 2020, towards the beginning of the 2020121 academic year. As the Unfvetsity had dispensed with residency requirements, 811 students chose to return and this was detrimental lo the level of income received by the College from accommodation. At the same lime, ongoing COVID-19 reslriclions meant that the College was unable lo host Conferen￿ and events for rnuch of the year. which reduced ils income frorn these areas significantly. As a result of these reslriclions, the College recorded a nel income before gains on investments from ils combtned operations, and its subsidiarie5. for the year of £698k (2020.. £2,421kl. Net gains for the year on the College's investmgnls l0ts11gd £6.5 million and, in aggreg8t8, the nel assets of the College increased by £7.2 million lo £126.8 million. of which £65.1 million is held in investments. This Increase in thg value of the College's investments reflected year-on-year growth of 6%. The major sources of recurring income for the College arg tuition fees, accommodation and catering charges, investrnenl income. conferences, and donations, together with income from miscellaneous sources. Incorne for the year from 811 sources totalled £9,978k. a decrease of 8.7% from 2019120. This decrease in income. through lower fees and accommodation charges, was the direct re5uII of operational re51riclions due lo the effec15 of COVID-19. The College's receipts from donations and legacies also fell. by £443k or 13Yo, to £2.846k. In ord8r to mitigate its level of overheads during its closure. the College sought Support under the govemmenys Job Rètention Schemè and, at various limes, furfoughed up lo 50% of ils support employees. The value of support received by the College from the scheme lotslled £269k. The major items of expenditure are staff costs. particularly for academic teaching and for staff providing residential and support serwces. The College's lotsl costs Increased, In aggregate, by 9Y. from the previous year to £9.280k. This increase was a direct consequenca of additional spending on maintenance of College buildings. The volume of teachlng and the provision of accommodation and meals wera necessarily reduc8d dua th8 College's closure. st Hilda's College Report of the Governlng Body Year ended 31 July 2021 During the year. the College sought to bolster its operational cash reserves by selling a property used for students In Unlon Street. Oxford. The sate of the bulldlng, whlc* ralsed £3.5 million, was completed in January 2021. The Goveming Body continues to exercise firm control over costs and lo seek additional income via exi51ing and new income generating activities. ranging from conferences and events lo alumni giving. It is emdenl that the College is highly dependent upon these supplementary income streams as well as the income from the Invested endowment. 125 Anniversary celebrations and long4emi funding In 2018. the College celebrated the 125￿ anniversary of Its foundation in 1893. To mark the occaslon, ihe College embarked on a programme of buildlng on the College s￿￿. The programme almed lo increase and improve the stock of rooms available lo undergraduates and lo provide additional teaching and research facilities. Further details can be seen on the College websf(e www.sl-hildas.ox.ac.uk. The College's building programrne was divided into two phases. The first phase has seen the construdion of the Anniversary Building Ifomierly known as the Boundary Building), which provides 52 sludenl bedrooms, offKes and leaching rooms, and the Pavilion. which is intended for large meetlngs. ￿nferenCeS and events. The Anniversary Building and Pavilion were completed in Septembèr 2020 and occupled from the start of the academic year. The costs of wnslrudion for this first phase totalled £24 million. Thls sum has beèn funded through a combination of fundraisin9 and the use of long-lerm borrowings. which were drawn ¢k)wn in December 2015. A request for planning permission for the second phase of the College's building prograrnme was submitted to Oxford City Council in May 2021. As al the dale of these financial statements. the outcome of this submission was still awaited. Rèsorves The College's reseNes policy is to maintain sufficient free reserves to enable it to meet its short-term flnanclal obligations and. in the event of an unexpected r8venue shortfall. to allow the College to be sllll managed efficrenlly. and lo ensure uninterrupted operations. The College's free reseNes al the year-end amounted to £4,620k {2020'. £3,803kl. RestTlCted reserves at the year-end were £2,768k 12020.. £2,552kl. These comprise of funds for scholarships. bursaries. and teaching support. io St Hilda's College Report of the Govèmlng Body Year ended 31 July 2021 Inv8stm8nt poll¢y. oblectlves and perfomiance The College Slatules allow the College to invest permanent endowment ftjnds to maximise the related lolal relum. and to make available for expenditure èach year an appropriate proportion of the unappligd total retum. The College's investsnenl objectives are to balance current and future beneficiary needs by= Malnlalnlng lal least) the value of the investrnents in real temis; Producing a consistent and sustainable amount lo supwrt expenditure.. and Dellvering these objectives within aC￿ptable levels of risk. The College's long-term investments are managed by Sarasin & Partners on a total return basis, maintsining diversification across a wide range of asset classes in order lo Produ￿ an appropriate balance be￿een risk and return. The investments are held In the Climate Active Endowment fund. The College's investment strategy, policy and perfomiance are monSlored by the Investment Cornmittee. Al the 31 July 2021 year*nd. those investments lotalled £62.4 million {2020 £55.6 millionl. The total retum for the year, net of investment costs, was approximately 14.20A. Under the lolal return on investment accounllng b8sls, It Is the Governing Bodrfs policy to draw down in support of ils ath'vilies 3.5Vo of the value of the relevant investments. However, to smooth alld moderate the amounts withdrawn, this 3.5 /0 is calculated by averaging the Year-Er￿ investment values of each of the last fNe years. Rlsk management College followed various processes and procedures throughout the financial year, ￿lch allowed il to Identify. evaluate. and manage, the prindpal risks and uncertainties faced by the College. and its subsidiaries. When11 Is not able to address risks using inlemal resources. the College lakes advice from experts extemal lo tho College with specialist knowledge. Policies and procedures within the College are reviewed by the relevant College Committee, chaired by the Principal or Bursar. Financial risks are assessed by the General Purposes Committee and investment risks are monitored by the Investment Committee. In addition, the Bursar and heads of department meet regularly to rèview health and safely issues. Training courses are made available to rnembers of staff to enhance Ihelr skllls in risk-related areas. The principal risks faced by the College are largely financlal In nature and relate lo its ability to fund increasing levels of operating expenditure and the planned capitsl development programme. The htgh proportion of assets invested in financial rnarkeis is also a source of risk. 11 st Hilda's College Report of the Governlng Btxly Year ended 31 July 2021 The Governing Body. which has ults'mate responslblllly for managlng the rlsks faced by the College, has considered the fflajor risks lo syhich the College and its subsidiaries are exposed and has concludod that adequate systems are In place lo manage these risks. 11 is recognised that systems can provide only reaSona￿e but not absolute assurance that major risks have been managed. 12 St Hilda's College Report of the Governing Body Year ended 31 July 2021 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body Is responsible for preparlng the Report of the Govemlng Body and the financial statements In accordance with appl￿ble law and regulations. Charity law requires the Governing Body to prepare financial statements for each financial year in accordance with United Klngdom Generally Accepted Accounting Practice (United Kingdom Accounting Slandardsl and applicable law. Under charity law, the Governlng Body must not approve the financial statements unless th8y ar8 satisfied that they give a true and fair wew of the state of affairs of the College and of its net incoming or outgoing resources for that perK)d. In preparing these financial slalemenls. the Governing Body is required to.. Select the most suitable accounting policies and then apply them consistently.. Make judgments and accounting eslimales that are reasonable and pNdenl; Stale whethgr applicable accounting standards have L*en followed, subject to any material departures disclosed and explained in thè financial slalemÈnts', Slate whether a Siatemenl of Recommended Practice {SORPI applies and has been followed, subject to any material departures that are explained in the accounts.. and Prepare the financial ststements on the going concern basis unless il is inappropriate to presume that the College will continue lo operate. The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College's transactions and disclose with reasonable accuracy al any lime the financial position of the College and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the as5els of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and delectwjn of fraud and other iffegularilies. 13 st Hllda's College Report of the Governing Body Year ended 31 July 2021 MEMBERS OF THE GOVERNING BODY The Members of the Goveming Body are the College's charity trustees under charity law. The names of membeTS of the Goveming Body who seNed in office as trustees during the year are shown in the tsbte below. During the year, the activities of the Governing Body were carried out through a number of comrnittees. The membership of these committees is shown In the table below for each Fellow. 11) General Purposes Committee Investment Committee {2} (31 Development Advisory Committee (41 Tutorial Committee {2} 131 {4) Sir Gordon Duff Professor J M Yeomans DrA Avramides Professor l M Moroz Dr K J Clarke Professor P Schleiter Professor S Jones Dr M Kean Professor L J Smith Dr R M Armstrong Dr H Swift Dr H Smith Dr G Paul Professor D Filatov Ms B Travers Dr E P8yng Dr K Hoge Dr M Glilsch Professor F Macintosh Professor R Condry Professor S Todd Dr S McHugh Professor A Noble Professor D Wakelin Professor A K8tzourakis Dr D Howey Dr P Hulley Professor D Gangiee Dr C Swales Retired 3117121 Retlred 3019120 Retired 3019121 Acting Principal 114121 Resigned 3019121 14 St Hilda's College Report of thè Governing Body Year ended 31 July 2021 FL (1} 12} 131 141 Dr D Bulle Dr L Wild Professor J Bartow Dr S Norman DrA Kock Professor C Schenk Professor C Gwenlan Professor D Richards Dr B Havelkova Dr M Parroti DrA Mondino DrDTew Dr L Hanson Mr C Wood Appointed 119120 Appointed 4112120 College Officers The College Officers lo whom tlay-t(HJay management of tha College is charged are as follow5. Sir Gordon Duff inupal Acting Prinupal Bursar Dr Georgina Paul Mr Chris Wood Dr Sarah Norman Senior Tutor Ms Bronwyn Travers Development Di￿¢tOr 15 St Hilda's College Report of the Goveming Body Year ended 31 July 2021 Investment managers Sarasin & Partners LLP Bankers Juxon House Lloyds Plc. 100 Sl Paul's ChLtrchyard London 1-5 High Street Oxford EC4M 8BU OX14AA J P Morgan International Bank Ltd Solleltors 1 Knightsbridge London Penningtons Manches LLP 9400 Garsinglon Road SW1P 9UH Oxford Business Park Oxford Auditor OX4 2HW Critchleys Audit LLP Beaver House 23-38 H￿he Bridge Street Oxford College address Cowley Place OX4 1DY Webslte www.st-hildas.ox.ac.uk Approved by the Governing Body on - Iz 21 and signed on its behalf by.. Principal 16 St Hllda's College Independent audltor's report to the Members of the Govemlng Body Yaar onded 31 July 2021 Oplnlon We have audited the financial ststgments of St Hilda's College {'Ihe Charit￿) for the year end9d 31 July 2021 which comprise the Statement of Accounting Policies. the Consolidated Ststement of Financial AclNilie5, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Slalement and notes to the financSal slalements. The finandal repo￿ng framework that has been applSed in their preparaUon Ss appllc8ble law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Iraland (United Kingdom Genarally Accepted Accounting Praclicel. This report is made solely to the College's Governing Body, as a body. in accordance with sections 144 of the charit￿S Act 2011 and the regulation made under section 154 of that Act. Our audit work has been undertaken so that we might stale lo the Members of the Goveming Body those matters we are requlred lo state lo them in an audilols rèport and for no other purpose. To the fullest extent pèrmitted bylaw, we do not accept or assume responslbllily lo anyone other than the College's Governlng Body as a body, for our audlt work. for this report, or for the opinions we have formed. In trjr opinion the financial slalements: give a tnje and fair view of the stale of the group and the chariws affairs 8s at 31 July 2021 and ofthe group's incoming resources and application of iesources for the year then ended., have been properly prepared In accordance wSlh Unlted Klngdom Generally Accepted Accounting Practtce,. and have been prepa￿d in 8¢cordan¢e with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISA5 IUKII and opplicable law. Our responsibilities under those Standards are further described in the Auditorfs responsibilities for the audit of the financial statements sectiori of our report. We are independent of the Charity in a¢¢or¢Jance wth the ethical requlrèments that are relevant lo our audit of the financial stalemenls in the UK. including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and approprlale to provide a basis for our opinion. Concluslons Telatlng to golng concern In auditing the financial slatemenls, we have conduded that the Members of the Governing Body's use of the going concern basis of accovnting in the preparation of the financial slalemenls is appropriate. Based on the work we have perforrn￿, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial slatemenls are authorised for issue. 17 St Hilda's College Independent auditor's report to the Members of the Governlng Body Year ended 31 July 2021 Our responsibilities and Ihg responsiblli1Ses of the Members of the Govemlng Body with iespecl lo going concern are described in the relevant sections of this reporL Other inforniation The Members of the Goveming Body are responSIb￿ for the other Infomatlon. The olher Infomiallon comprises the information included in the annual ￿pOrt other than the financial stslemenls and our audilorfs report Ihereon. Our opinion on the finanaal statements does not cover the other infomation and, excgpt to the extent otherwise explicitly slated in our report, we do not express any forni of assurance conclusion Ihereon. In connection with our audit of the financial statemants, our responsibility is to read the other infom)alion and, In doing so. consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained In the audit or otherwise appears to be materially misstated. If we identify such material inconsistgncies or apparent Mate￿al mlsstatements, we are iequlred to ijetemiine whether there Is a material misstalemenl in the financial stalgments or a material misstalemenl of the other information. If, based on the work we have perfomied. we conclude that there is a material misststement of this other information, we are required lo report that fact. We have nothing lo rew)rt in this regard. Matter5 on which we are required to report by exception We have nothing to report In respect of the following matteTS in relation to which the Charities Act 2011 requires us lo report to you rf. in our opinion-. sufficient accounting records have not bgen kept., the financial slalemenls are not in agreement wlh the accounting records and relums., or we have not obtained all the infomation and explanations necessary for the purposes of our audit. Re$pon$lblllties of the MernbeTS of the Governing Body As explained rnore fully in the Statement of Accounting and Reporting Responsibilities (sel out on page 111, the Members of the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whglhor due to fraud or error. In preparing the financial statements, the Members of the Goveming Body are ￿sponsible for assessing the Charity's ability to continue as a going concern. disclosing. as applicable. matters related lo going concern and using the going concern basis of accounting unless the Members of the Goveming Body either intend to liquidate the Charity or lo cease operations, or hav8 no realistic altemativg but to do so. 18 St Hilda's College Independent auditor's report to the Illembers of tha Governlng Body Year ended 31 July 2021 Auditor's responsibilities for the audit of the financial statements We have been appoSnled as audllor under Sectlon 144 of the Charilles Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial ststements as a vthole are free from material misstatement, whether due to fraud or error, and to issue on audilorfs report that indudes our opinion. Reasonable assurance is o high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material if. individually or in the aggregate, they could reastsnably be expected to influence the econornic decisions of users tsken on the basis of these financial siatemenls. Irregularities. Including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oudined above. lo delecl material misslalemenls in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularili8S, Including fraud is detailed below.. Our approach lo identifying and assessing the risks of material misstslemgnt in respect of irr9gularilies, including fraud and non-compliance with laws and regulations. was as follows.. the engagement partner ensured that the engagement team collecllvely had the appropriate competenc8, capabilities and skills to identfy or recognise non-compliance with applicable laws and regulations.. we identified the laws and regulations applicable to the charity through discussions with Members of the Governing Body and other management, and from our knowledge and exper1er￿e of the client'5 sector., we focused on specific laws and regulation5 which wg considored may have a direct material effect on the financial statements or the operations of the charity. including Charities Act 2011. Office for Students and Oxford Unwersity requirements, lax8tion legislation. data protectSon, employment and pensions. planning and health and safely legislation., we assessed the extent of compliance with the18ws and regulations identified 8bove through making enquiries of management and. where relevanL inspecting legal correspgnden¢e'. and identified laws and regulations were communicated within the audit team regulady and the team remained alert lo instances of non-compliance throughout the audit. 19 st Hilda's College Independent auditor's report to the Members of the G¢vernlng Body Year ended 31 July 2021 We assessed the susceptibility of the charity's financial statements to mateiial misstslemenl, including obtaining an understanding of how fraud might occur. by.. making enqulrfes of Memb8rs of Governlng Body and other management as to where they considered there was susceptibility to fraud. their knowledge of actual. suspected and alleged fraud., and considering the internal controls in place lo miligale risks of fraud and non-mmpliance with laws and regulations.. To address the risk of fraud through management bias and override of controls. we= performed analytical procedures lo identify any unusual or unexpected relationships- tssled journal entries lo IdentWy unusual transadons., assessed whether judgements and assumptK)ns made in deteminlng the accounting estimates were indiralive of potential bias- and investigated the rationale behind significant or unusual trans8¢tions', In response lo the risk of irregularities and non-compliance vllh laws and regulatsons, we designed procedures which included. but were not limited to= agreeing financial statement disclosures to underlying supporting documentation- reading the minutes of meetings of those charged with governance.. enquiring of management as to actual and potential litigation and claims.. rf considered ne¢es$ary, reviewng correspondence with relevant regulators and the ¢ompany's legal advisors. There are Inherent Ilmilalons in our audll procedures described above. The more removed that laws and regulations are from financial transaclions, the less lik8iy it is that we would b¢¢om¢ aware of non-compliance. Auditing standards also limit the audit PrO￿u[eS required to identify non-ccfflpliance with laws and regulations to enquiry of the Members of Goveming Body and other management and the inspection of regulatory and legal correspondence, if any. Material mi5Stalements that arise due to fraud can be harder lo detect than those th8t a￿se from error as they may involv8 deliberate concealment or collusion. 20 st Hilda's College Indepèndent auditor's report ts the Members of the Goveming Body Year ended 31 July 2021 A ftjrther description of our responsibilities for the audil of the financial slalemenls is located on the Financi81 Reporting Council's website al-. www.frc.org.uklauditorsresponsibililies. This descriplK>n forms part of our auditorfs report. Crilchleys Audit LLP statutory Auditor Oxford Date.. 02 December 2021 Crilchleys Audit LLP is eligible to act as an auditor in lemis of sections 1212 of the Companles Act 2006. 21 St Hilda's College statement of Accounting Policles Year ended 31 July 2021 1. Scope of the financial statements The financial statements present the Consolidated Statement of Financial Activities ISOFAI, the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and it8 wholly owned subsidiaries. The subsidiaries have been consolidated from the date of fomialion being the date from whlch the College has exercised control through voting rights in the subsidiaries. No separate SOFA has been presented for the College alone as eurrenlly permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial ststoments. A summary of the results and financial position of the charity and each of its material subsidiaries for the reporting year are In note 12. 2. Ba$1$ of accountlng The College's indiwdual and consolidated financial stat8menls have been prepared in accordance witti United Kingdom Accounting Standards. in particular 'FRS 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland. IFRS 1021- The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared ils individual and consolidated financial ststements in accordance with The Stalemenl of Recommended Practice applicable lo charitSes preparing their finan¢i81 slalements in accordance with FRS 102, (The Charities SORP IFRS 102>1. The financial statements have beèn prepared on a going concem basis and on the historical cost basis. except for the measurement of investments and certain financial assets and liabilities at fair value wlth movements in value reported within the Statement of Financial Activities (SOFA}. The principal accounting policies adopted are set out below and have been applied consistently throughout the year. 3. Accountlng ludgements and estlmatlon uncertalnty In preparing financial ststements il is necessary lo make cgrtain judgements. estsmales and assumpti(￿$ that affect the amounts recognised in the financial slalements. The following judgements and eslimales are considered by the Governing Body to have most significant effect on amounts recognised in the financial statements. The College carries investment property al fair value in the balance sheet, wilh changgs in fair valuo being recogriised in the income and expenditure section of the SOFA. Before legacies aTe recognised in the financial slatemenls. the Goveming Body has lo exercise judgement as to what constitutes sufficient evtdence of enllllement lo the bequest. Suffic¢enl enlillement exists once nolfficallon of payment has been received from the executorls) of the estate or estate accounts are available whlch indicate there are sufficient funds in the estate after meeting liabl￿tieS for the bequest lo be paid. 22 St Hilda's College Statement of A¢¢ountlng Pollcles Year ended 31 July 2021 In the view of Ihg Govgming Body, no assumptions concerning the future or estimation uncertainly affectlng assets and liabilities at the balance sheet dale a￿ likely to rèsutt in a malefi81 adjustrn8nl to Ihelr carrylng amounts in the next financial year. 4. Incom8 rgcoynltion All income is recognised once the College has enlillement lo the income, the economic benefit is probable and the amount can be reliably measured. Incomg from fee$. HEFCE support and other charg&$ for $orvl¢•$ Fees receivable. less any scholarships, bursaries or other allowances granted from the College unreslrieted funds,. HEFCE support and charges for services and use of the premises are re¢ognised in the period in which the related service is provided. Incom8 from donatlons, grants and l•gacles Donallons and grants that do not impose specific future performance-relaied or other specific conditions are recognised on the dale on which the charity has enlillemenl lo the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donatlons and grants subject to perforniance-relaled conditions are recognised as and when thos8 conditlons are meL Donations and grants subiecl to other specrfic conditions are reeognised as those condillons are met or their fu￿lIMent is wholly within the control of the College and it is probable that the specified conditions will be met. Legacles are recognised following grant of probate and once the College has received sufficlent infom)ation from the execut(rfsl of the deceased's estsle lo be sausfied that the gift can be reliably moasured and that the economlc benefit to the College is pfobable. Donations. grants and legacjes accruing for the general Purposes of thè College are credlled to unrestricted funds. Donations, grants and legac4es which are subject to Conditions as to their use imposed by the donor or set by the terrns of an appeal are credited to the relevant restricted fijnd or, where the donation, grant or legacy is required lo be held as capital, to the endowment funds. Where donations are received In kind las distinct from cash or other monetary assets), they are measured al the fair value of those assets al the dal8 of the gift. Investment Incomg Interest on bank balances is accounted for on an accrual basls wllh Interest recognised in the period lo which the Interest relates. Income from fixed interest debt $￿UrItieS is recognised using the effective interest rate methoj. 23 Sl Hilda's College Statement of Accounting Policies Year ended 31 July 2021 Dividend income and similar dlslrlbullons are recognlsed on the date the share Interest becom8s ex- diwdend or when Ihg right to the dividend can be established. Income from investment propgrties is recognised in the period to which the tenlal income relates. 5. Expenditure Expenditure is accounted for on an accruals basis. A liability, and related expenditure, is recognised when a legal or conslnjclive obligation commits the College to expenditure that will probably require seitlemgn( the amount of which can be reliably measured or estimated. Grants awarde(I that are not perfom8nce-Telated are charged as an expense a5 soon as a legal or onstruclive obligation for their payment arises. Grants subfjecl lo perfom1a￿e-reIated ccmdilions are expensed as the specified conditions of the grant are mel. l expendlture including support costs and govemance costs are alloc818d or 8PPOrtioned lo the applicable expenditure ¢alegorigs in the Slalemenl of Financial Activities {the SOFAI.Support costs whic indudes governance costs Icosls of complying with constrtutional and statutory requiTemenlsl and other IrKJlrecl costs are apportioned lo expendTture categories in the SOFA based ¢n the eslimaled amount attributable lo that activity in the year, either by reference to staff lime or the use made. 6. Tangible fixed assets Land IS Stated at Cost. Bulldlngs and equipment are slated at C05t less accumulated depreciation and any accumulated impaiment losses. Under FRS 102, the College elected lo use the fair value of cèrtain freehold and leasehold properties as 'deemgd cost,; an appropriate valuation was undertaken by Carter Jonas as at 1 August 2014. The buildings will be subject to annual depreciation and no further r8v8luations wll be necessary. Expenditure on the acquisition or enhan￿ment of land and on the acquis11ion, construction and enhancement of buildings, which is directly attributable to bringing the asset to f(s working condition for its intended use and amounting to more than £10,000 together with expendilurg on equipment costing more than £5.000 ts capilalised. Where a part of a building or equlpment Is replaced and the costs capltallsed, the carrying value of those parts replaced is adjustad and expensed in the SOFA. Other expenditure on equipment incurred in the normal day-lo-day running of the College and ils subsidiaries is charged to the SOFA as incurred. 24 St Hilda's College Statement of Accounting Policias Year ended 31 July 2021 7. Deprèclatlon Depreciation is provided to write off the wsl of all relevant tangible fixed assets, less their eslimaled residual value, in equal annual inslalments over their expected useful economic lives as follows- Freehold prop9rtigs, induding major extensions 50 years Equipment 3- 10 years Freehold land is not depreclated. The cost of malnlenance 18 charged Sn the SOFA in the perfod in ￿lch il is incurred. At the end of each reporbng period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addrftion, if events or changes in circumstances indicate that the carrwng value may not be recoverable then the carwng values of langibie fixed assets are reviewed for impaimienl. 8. Investments Investment properties are initially recognised at their cost and subsequenuy measured at their market value at each reporbng dale. Purchases and sales of investment properties are recognised on exchange of contracts. Listed Investments are initially measured at their cost and subsequently measured al their fair value al each reportlng date. Fair value is based on their q¢Joted pricè at the balance sheet dale ￿th0lrt deductlon of the Bstimated future stslling costs. Investmen15, such as hedge funds and private equity funds, which have no readily identrfiable market value are initially measured al their costs and subsequently measured at their fair value al each reporting date without deduction of the estimated fiJtU￿ selling costs. Fair value is based on the most recent valuations available from Ihelr respecllve fund managers. Changes in fair value and gains and losses arising on the disposal of investments are credited or charged lo the income or expenditure section of the SOFA as 'gains or losses on investments. and a￿ allocated lo the fund holding or disposirig of the relevant investment. 9. Stock$ Stocks are valued al the lower of cost and net realisable value. cost being the purchase price on a first in. first out basis. 25 St Hilda's College statement of Accountlng Pollcle$ Year ended 31 July 2021 10. Forèlgn currencies The functional and presentation currency of the College and ils subsidiaries is the pound slerfing. Transactions denominated in foreign currencies during the year are translated into pourKls sterfing using the spot exchange rates at the date5 of the transactions. Monetary assets and liabilities denomirtated in foreign cu￿en¢1es are translated into pounds sterling at the rates applying at the reporting dale- Foreign exchange gains and losses resulting from the settlement of transactions and from the translatiorb of monetary assets and liabilities denorninaled in foreign currencies at the exchange rates al the reporting date are recognlsed In the Income and expenditure section of the SOFA. 11. Total R9turn Inveslrngnt accountlng The College slalules aulhorise the College to adopt a 'total retum, basis for thè investment of its pemanenl endowrnenL The College can invest its permanent endowments without regard to the capitaVin¢ome distinctions of standard trust law and with discretion lo apply any part of the accumulated total return on the investment a$ income for spending each year. Until this power is exer￿sed. the total relum is acuJmulated as a component of the endovmient known as the unapplied total return that can be either retained for investment or released lo income at the discretion of the Goveming Body Fund accountlng The total funds of the College 8nd its subsidiaries are allocated to unrestrieted. reslricled or endowinenl furKls based on the temis set by the donors or sel by the lems of an appeal. Endowment funds are further SU￿dIvided into pemianent and expendable. Unrestricted funds can be used in furtherance of the objec15 of the College at the discretion of the Goveming Body. The Governing Body may decide that part of the unreslricled funds shall be used in future for a specific purpose 8nd this wll be accounted for by transfers to appropriate designated funds. Reslricled funds comprise gifts, legacies and grants where the donors have specified that the funds are lo be used for particular purposes of the College. They conslst of ellher a gift, where the donor has specified that both Ihg Capital and any income arising musl be used for the purposes given. or the income on a gifL where the donor has required or permitted the capital to be maintained and with the intention that the Income will be used for specific purposes within the College's objeets. Permanent endowment funds arise where donor8 specify that the funds are lo be retained as C8Pital for the permanent benefit of the College. Any part of Ihe total retum arising from the ¢apital that is allocated lo income will be accounted for as unrestricted funds unless the donor has placed reslriclions- on the use of that income. in which case il will be accounted for as a restricted fund. 26 st Hilda's College Statement of Accounting Policies Year ended 31 July 2021 Expendable endowment funds are similar to pemanenl endowment in that they have been given, or the College has detemiined based on the circumstsnces that they have been given, for the bng-lem benef of the College. However, the Goveming Body may, delemiine. by discretion. lo spend all or part of the capital. 12. Ponslons The Colleg8 partlcipales In Unlversities Superannuation Scheme and the Unlverslty of Oxford Staff Pension Scheme. These schemes are hybrid pensSon schemes, providing defined benefits Ifor members). 8$ well as defined contribution benefits. The assets of the schemes are each held in a separate trustee- adminSslered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual Colleges and scheme-wde contribution rates are sel. The College is therefore exposed lo actuarial risks associated with other Universities and Colleges employees and is unable to Identify ils share of the underlying as5els and liabilities of the scheme on a consister71 and reasonable basis. As required by Section 28 of FRS 102 'Employee benefits" the College therefore a¢¢ounts for the schemes as if they weTe wholly defined contribution schemes. As a resulL the amount charged lo the profil and loss account represents the contributions payable to each scherne. Since the College has entered into agreements Ilhe Recovery Plans) that determine how each employer within the schem8s will fund the overall deficit. the college recogn¢ses a liability for the contributions payable that arise from the agreements Ito the extènt that they relate to th& deficf(l and therefore an expènse is recognisgd. FRS 102 makes the distinction between a group plan and a mulli-employer scheme. A group plan consists of a collection of entllles under common control typically with a sponsor6ng employer. A mulli-employer scheme is a scheme for entities not under common control and represents an industy-wide scheme such as Universities Superannuation Scheme or one for employers in the same locality such as the Llniversity of Oxford Staff Pension Scheme. The accounting for a multi-employer scheme. where the employer has entered into an agreement with the scheme that determlnes how the employer will fund a deficlt. results in the recognition of a liability for the contributions payable that arise from th8 agreement Ilo the extent that they Telate to the defi¢il} and the resulting exponse in profit or loss in a¢¢ordan¢e with section 28 of FRS 102. The trustees are satisfied that Universities SuperannuatM)n Scheme and the Vniversily of Oxford Staff Pension Scheme both meet the definition of a mulli-employer scheme and has therefore recognised the discounted fair value of the conlraclual contribution5 under the recovery plans in existence at the date of approving the financtal slalemenls. 27 st Hllda's College Consolldated Statement of Financial Activitie5 For the yèar ènded 31 Juty 2021 Unre51rKted Funds Restricted Funds End¢MEd Fund5 2021 Totsl £woo 2020 Total N¢)t¢s rooo £000 £000 £'ooo INCOME AND ENDOWMENTS FROM: Charltable a￿1VitIes. Teaching. research and resldenlal otherTrading IneomÈ Donations and IwJaclo8 InvoStmeThts Investment income To181 return allocated te In¢om¢ Other incorne Tofal In¢om8 5,047 71 2.022 $047 71 2,846 4,907 104 3,289 816 126 1,642 289 9,177 14 1,W5 11,8421 f,745 2,426 13 269 9.978 209 10.935 830 1291 EXPENDITURE ON.. Charltable actlvltlvs: Teaching, research and residenth31 7.937 8.605 7,737 Gemtatirkg funds.. Fundraising Trading experK1tture Inv&stsnent rnanagamenl ¢o$ts Total Expenditure 401 33 401 33 241 9,280 437 74 266 8,514 230 230 8,3BO 670 Net IncomdlExpendllur¢l before galns 797 698 2,421 Net gainsll10$5e$l on inve5tment5 10,11 1221 56 6,436 6.470 Net In¢omellExpendlturel 775 216 8,177 7,168 3,888 Net movoment In funds for the yoar 775 216 6.177 7.168 3.8e8 Fund balances brought forward 17 60.503 2.552 56.592 119.647 115,759 Funds ¢arwled for%vard at 31 Juty 1.278 2,768 62,769 126,815 119.647 28 st Hllda's College Consolidated and College Balancè Sheets As at 31 July 2021 2021 Group £'#oo 2020 Group £￿tY} 2021 College £'ooo 2020 Cdleyt £￿0 FIXED ASSETS Tanglble assets Property inv8$imènts Other Investments 76,105 1,012 65.147 74.594 1,012 62.235 76,105 1,012 05.149 74.594 1.012 fj2.287 10 Total Fixad Assets 142.264 13T,841 142.266 137,843 CURRENT ASSETS stctks 37 701 5.156 1,554 38 3.128 37 715 5,166 1,422 38 2.746 1,154 485 14 Investrntni$ C8sh atbank and in hand 545 Yotsl Current A8Stts 7.478 4.865 7,360 4.425 LIABILITIES cred￿l¢r$.. kniourtsfallirg duemrithin one ygpr 15 1,757 1,299 1,743 1,124 MET CURRE14T ASSETSIILIABILITIESI .721 3.566 4617 3.301 TOTAL ASSETS LESS CURRE￿[ UABILITIES 147.985 141h07 147.883 141.144 cRED￿ORS. falllng duè aftgrmorè than on• yèar 16 19,824 20,269 19,824 20.269 PIET AssgYsiiLIABILITIESI BEFORE PENSION Ass￿ OR LIA81LITY 12B.161 121.138 128.059 120,875 D•fln•d b8thglltponslon scheme Ilablllty 21 IA46 1,491 1,346 1.491 TOTAL NET AsSETSIILiABIL￿IES} 126,815 119.647 126,713 119.384 FUNOS OF THE COLLEGE EndowrnÈnt fvnds 17 62.769 56.592 62,709 56.592 Re$tri¢t•d lur¥d¥ 17 2.768 2,768 2.552 Vnrestricled fvnds General funds Designated fund$ Pension reseNe 620 58.004 11 3,803 58.191 4,518 58,004 11,3461 3.540 56.191 11,4911 17 17 126.815 119,647 126,713 119.384 The fiDand81 statsmentswere approved and Jul￿rised for issue by th2 Governing eodyof Sl Hilda¥ Cal￿e on Dr G8orginB Paul Mr Chris Wood 29 St Hilda's College Consolidated Statoment of Cash Flows Forlhe year ended 31 July 2021 2021 £'ooo 2020 £'ooo Note$ Net ca$h prov5ded by (used In) operatlng adlvltl•s 23 2,133 2,379 Cash flow5 frorn investing activltleg Dividends, interest and rents from inve5trnent5 Proceeds from the sale of property. ￿ant and equiprnent PU￿hase of property, plant and equipment Proceed5 frorn 5a18 of inv8Stments Purchase of investrnents N•t Cash provklod by lus•d Inl inv8Stlng actlvltles 1,745 3.$00 15.3061 3,561 2,426 114,3931 12,023 3,500 56 Cash flows from financlng actlvltles Repayments of borrowrhg Cash inflows Irom new borrowing Receipt of endowtnent Net cash provld8d by {ysed Inl ftnan¢lng a¢flvltles {600) 11501 592 142 Change In cash and cash equivalents In the reportlng perlod 5.041 12.4651 Cash and cash equivalents ot the beglnnlng of the reporting period 1.699 4.164 Chan9e In cash and ¢ash equlvalents due to exchange rate movements Cash and cash equlval8nts at the end of the r¢portlng perlod 24 6,740 1,699 30 Sl HlldèS Collqq• N¢xes toth•fihandal %lat•mAnts Forth•y•arqnd•d 31 July2Q21 *4C041EFRON CHAPJTABLEACILVMES 2QZO T￿¢￿*￿. 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