2022-07-31-accounts - St Hilda's College In The University Of Oxford

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Report ofthe Governing Body	page 2-12
Statement ofAccounting and Reporting Responsibilities	page 13
Governing Body, Officers and Advisers	page 14-16
Auditor’s Report	page 17-20
Statement ofAccounting Policies	page 21-26
Consolidated Statement of Financial Activities	page 27
Consolidated and College Balance Sheets	page 28
Consolidated Cashflow Statement	page 29
Notes to the Financial Statements	page 30-46

Geographic origin	Undergraduates	Postgraduates
UK	317	98
Other EU/EEA	16	28
Overseas	69	91
Total	402	217

	2022	2021
Oxford Opportunity Bursaries (undergraduates)	74,1 15	85,886
Book grants	1,928	3,679
Sports & extra-curricular grants	4,598	5,101
Research & travel grants	46,284	33,897
Scholarships & prizes	121,069	124,443
Bursaries & hardship funds	61,740	103,415
Total	309,734	356,421

		(1)	(2)	(4)
Dr C Swales
DrDBuIte
DrLWild
Professor J Barlow
DrSNorman
ProfessorAKock
Professor C Schenk			•
Professor C Gwenian
Professor D Richards
Dr B Haveikova
Dr M Parrott
Professor A Mondino
DrDTew
Dr L Hanson
MrCWood		•
Dr Malachi Mcintosh	Appointed 1/6/22			•

Professor Dame S Springman	Principal
Dr G Paul	Vice Principal
Mr C Wood	Bursar
Dr S Norman	Senior Tutor
Ms B Travers	DevelopmentDirector

St Hilda's College Report of the Auditor Year ended 31 July 2022

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of specific income streams and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, sample testing of income transactions to supporting documentation and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor

Aquis House

49-51 Blagrave Street

Reading RG11PL

Date: 23 November 2022

		Unrestricted	Restricted	Endowed	2022	2021
		Funds	Funds	Funds	Total	Total
	Notes	£000	£000	£000	£000	£000
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential	1	6,035	-	-	6,035	5,047
Other Trading Income	3	497	-	-	497	71
Donations and legacies	2	2,005	371	7	2,383	2,846
Investments
Investment income	4	99	15	1,503	1,617	1,745
Total return allocated to income	13	634	1,163	(1,797)	-
Other income	1	-	-	-	-	269
Total income		9,270	1,549	(287)	10,532	9,978
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential	5	11,418	1,476	-	12,894	8,605
Generating funds:
Fundraising		444	-	-	444	401
Trading expenditure		235	-	-	235	33
Investment management costs			3	231	234	241
Total Expenditure		12,097	1,479	231	13,807	9,280
Net Income/(Expenditure) before gains		(2,827)	70	(518)	(3,275)	698
Net gains/(losses) on investments	10,11	294	(23)	(2,384)	(2,113)	6,470
Net Incomel(Expenditure)		(2,533)	47	(2,902)	(5,388)	7,168
Net movement in funds for the year		(2,533)	47	(2,902)	(5,388)	7,168
Fund balances brought forward	17	61,278	2,768	62,769	126,815	119,647
Funds carried forward at 31 July		58,745	2,815	59,867	121,427	126,815

		2022	2021	2022	2021
		Group	Group	College	College
	Note	£‘OOO	£000	£‘OOO	£000
FIXED ASSETS
Tangible assets	9	75,719	76,105	75,719	76,105
Property investments	10	1,656	1,012	1,656	1,012
Other Investments	11	60,197	65,147	60,199	65,149
Total Fixed Assets		137,572	142,264	137,574	142266
CURRENT ASSETS
Stocks		45	37	45	37
Debtors	14	829	701	865	715
Investments		5,957	5,186	5,957	5,186
Cash at bank and In hand		1,736	1,554	1,461	1,422
Total CurrentAssets		8,567	7,478	8,328	7,360
LIABILITIES
Creditors: Amounts falling due within one year	15	1,680	1,757	1,708	1743
NET CURRENT ASSETS/(LIABILITIES)		6,887	5,721	6,620	5,617
TOTAL ASSETS LESS CURRENT LIABILITIES		144,459	147,985	144,194	147883
CREDITORS: falling due after more than one year	16	19,829	19,824	19,829	19,824
NET ASSETS!(LIABILITIES) BEFORE PENSION
ASSET OR LIABILITY		124,630	128,161	124,365	128059
Defined benefit pensIon scheme liabIlity	21	3,203	1,346	3,203	1,346
TOTAL NET ASSETSI(LIABILITIES)		121,427	126,815	121,162	126,713
FUNDS OF THE COLLEGE
Endowment funds	17	59,867	62,769	59,867	62,769
RestrIcted funds	17	2,815	2,768	2,815	2,768
Unrestricted funds
General funds		4,330	4,620	4,065	4,518
Designated funds	17	57,618	58,004	57,618	58,004
Pension reserve	17	(3,203)	(1,346)	(3,203)	(1,346)
		121,427	126,815	121,162	126,713

		2022	2021
	Notes	£‘OOO	£000
Net cash provided by (used in) operating activities	23	(1,790)	2,133
Cash flows from investing activities
Dividends, interest and rents from investments		1,617	1,745
Proceeds from the sale of property, plant and equipment		-	3,500
Purchase of property, plant and equipment		(1,074)	(5,306)
Proceeds from sale of investments		2,193	3,561
Purchase of investments		-
Net cash provided by (used in) investing activities		2,736	3,500
Cash flows from financing activities
Repayments of borrowing		-	(600)
Cash inflows from new borrowing
Receipt of endowment		7	8
Net cash provided by (used in) financing activities		7	(592)
Change in cash and cash equivalents in the reporting period		953	5,041
Cash and cash equivalents at the beginning of the
reporting period		6,740	1,699
Change in cash and cash equivalents due to exchange
rate movements		-
Cash and cash equivalents at the end ofthe reporting
period	24	7,693	6,740

INCOME FROM CHARITABLE ACTIVITIES
	2022	2021
Teaching, Research and Residential	£000	£000
Unrestricted funds
Tuition fees - UK and EU students	172	1,663
Tuition fees - Overseas students	1,230	1,224
Other HEFCE support	232	270
Otheracademic income	147	82
Residential income	2,854	1.808
Total Teaching, Research and Residential	6,035	5,047
Total income from charitable activities	6,035	5,047
OTHER INCOME	0	269

	2022	2021
	£000	£000
Donations and Legacies
Unrestricted funds	2,005	2,022
Restricted funds	371	816
Endowed funds	7	8
	2,383	2,846

INCOME FROM OTHER TRADING ACTIVITIES
	2022	2021
	£000	£000
Subsidiary company trading income	497	68
Other trading income	0	3
	497	71
INVESTMENT INCOME
	2022	2021
	£000	£000
Unrestrictedfunds
Commercial rent	74	74
Income from fised interest stocks	1	44
Bank interest	24	8
	99	126
Restrictedfunds
Equity dividends	15	14
	15	14
Endowedfunds
Equity dividends	1,503	1,605
Income from fised interest stocks	-	-
Interest on fixed term deposits and cash	-
Other investment income	-
	1,503	1,605
Total Investment income	1,617	1,745

	2022	2021
	£000	£000
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential	4,894	4,541
Other direct costs allocated to:
Teaching, research and residential	3,245	2,531
Support and governance costs allocated to:
Teaching, research and residential	4,755	1,533
Total charitable expenditure	12,894	8,605
Expenditure on raising funds
Direct staffcosts allocated to:
Fundraising	286	288
Trading expenditure	95	15
Other direct costs allocated to:
Fundraising	101	66
Trading expenditure	115	13
Investment management costs	234	241
Support and governance costs allocated to:
Fundraising	57	47
Trading expenditure	25	5
Total expenditure on raising funds	913	675
Total expenditure	13,807	9,280

		Teaching
	Genarating	and	2022
	Funds	Research	Total
	£000	£000	£000
Financial administration	76	407	483
Domestic administration		86	86
Human resources		40	40
IT	6	216	222
Depreciation	-	1,463	1,463
Loss/(profit) on fised assets	-	-
Interest payable	-	659	659
Other finance charges	-	1,858	1,858
Governance coals	-	22	22
Investment management charges	234	-	234
	316	4,751	5,067
		Teaching
	Generating	and	2021
	Funds	Research	Total
	£000	£000	£000
Financial administration	47	405	452
Domestic administration	-	82	82
Human resources	-	29	29
IT	5	201	206
Depreciation	-	1,522	1,522
Lossl(profit) on fixed assets		(1,227)	(1,227)
Interest payable	-	646	646
Other finance charges	-	(145)	(145)
Governance costs		15	15
Investment management charges	241		241
	293	1,528	1,821

		2022	2021
		£080	£000
Governance costs comprise:
Auditor’s remuneration	- audit services	22	16
		22	16

7	GRANTS	AND	AWARDS	2022	2021
				£000	£000

GRANTS AND AWARDS	2022 £000	2021 £000
During the year the College funded research awards snd
burssries to students trom its restricted and
unrestricted fund as follows:
Unrestricted funds
Grants to individuals:
Scholarships, prizes end grants	35	23
Burssries and hardship awards	113	139
Total unrestricted	148	162
Restricted funds
Grants to individuals:
Scholsrships, prizes and grants	140	143
Bursaries and hardship awards	23	51
Total restricted	163	194
Total grants and awards	311	356

STAFF COSTS
	2022	2021
The aggregate staff coata for the yearwere as follows.	£000	£000
Salaries end wages	4,731	4361
Social security costs	348	314
Pension coats:
Defined benefit schemes	795	742
Defined contribulion schemes	1	1
Pension liability	1,857	(145)
	7,732	5,273

The average number of employees ofthe College, excluding Trustees,
on a full time equivalent basis was as follows.	2022	2021
Tuition and research	21	17
College residential	61	65
Fundraising	5	5
Support	19	ig
Total	106	106
The average number of employed Collage Trustees during the year was as follows.
University Lecturers	15	15
CUP Lecturers	12	11
Otherteaching and research	3	5
Other	4	5
Total	34	36

The following information relates to the employees of the College escluding the College Trustees. Details of the remuneration and reimbursed expenses of the College Trustees is included as a aeparate note in these financial statements.	The following information relates to the employees of the College escluding the College Trustees. Details of the remuneration and reimbursed expenses of the College Trustees is included as a aeparate note in these financial statements.
The number of employees (evcluding the College Trustees) during the year whose gross pay and benefits (excluding employer NI and pension contributions) felt
within the following bands was:
£60,001-fl70,000	3	3
The number of the above employees with retirement benefits accruing was as follows:
In defined benefits schemes	3	3

Group & College	Freehold	Assets	Fixtures,
	land and	Under	fittings and
	buildings	Construction	equipment	Total
	£000	£000	£000	£000
Cost
At start ofyear	80,125	1,296	2,362	83,783
Additions	620	52	402	1,074
Transfers	298	(298)		-
	(42)	42
At end of year	81,001	1,092	2,764	84,857
Depreciation and Impairment
At Start of year	6,007	-	1,671	7,678
Depreciation charge for the year	1,305	-	155	1,460
At end of year	7,312	-	1,826	9,138
Net book value
At end of year	73,689	1,092	938	75,719
Atstartofyear	74,118	1,296	691	76,105


Group & College		2022	2021
	Commercial	Total	Total
	£000	£000	£000
Valuation at start of year	1,012	1,012	1,012
Additions	350	350
Revaluation gains/(losses) in the year	294	294
Valuation at end of year	1,656	1,656	1,012

All investments are held at fair value.
					2022	2021
					£000	£000
Group investments
Valuation at start of year					65,147	62235
New money invested						-
Amounts withdrawn					(3,828)	(4,980)
Reinvested income					1,519	1,663
Investment manegerrient fees					(234)	(241)
(Decrease)fincrease in value of investments					(2,407)	6,470
Group investments at end of year					60,197	65,147
Investment in subsidiaries					2	2
College investments at end of year					60,199	65,149
Group investments comprise:	Held outside	Held in	2022	Held outside	Held in	2021
	the UK	the UK	Totat	the UK	the UK	Total
	£000	£000	£000	£000	£000	£000
Equity investments	26,742	10,128	36870	32,197	11,377	43,574
Propertyfunds		3,513	3,513		2,077	2,077
Fixed interest stocks		4,261	4,261		8,588	8,588
Alternative and other investments		8,867	8,867		5,594	5,594
Fixed term deposits and cash		6,686	6,686		5,314	5,314
Total group investments	26,742	33,455	60,197	32,197	32,950	65,147

The results and their assets and liabilities of the p	arent and subsidiaries at the year end were	as follows.
	Parent	St Hilda’s College	St Hilda’s College
	College	(Trading) Ltd	Developments Ltd
	£000	£000	£000
Income	10,532	497	355
Expenditure	(14,133)	(237)	(350)
Result for the year	(3,601)	260	5
Total assets	146,024	269	24
Total liabilities	(24,923)	(9)	(19)
Netfundsettheend of year	121,101	260	5

		Permanent Endowment		Expendable	Total
		Unapplied		Endowment	Endowments
	Trust for	Total
	Investment	Return	Total
	£000	£000	£000	£000	£000
At the beginning of the year:
Gift component ofthe permanent endowment	14586		14586		14,586
Unapplied total return		16,149	16,149		16,149
Espendable endowment				32,034	32,034
Total Endowments	14,586	16,149	30,735	32,034	62,769
Movements in the reporting period:
Gift of endowment funds			-	7	7
Investment return: total investment income		756	756	747	1,503
Investment return: realised and unrealised gains and losses		(1,200)	(1,200)	(1,184)	(2,384)
Less: Investment management costs		(116)	(116)	(115)	(231)
Other transfers	-	-		-	-
Total	-	(560)	(560)	(545)	(1,105)
Unapplied total return allocated to income in the reporting period		(914)	(914)	(543)	(1,797)
Expendable endowments transferred to income				-	-
	-	(914)	(914)	(883)	(1,797)
Net movements in reporting period	-	(1,474)	(1,474)	(1,428)	(2,902)
At end ofthe reporting period:
Gift component ofthe permanent endowment	14,586	-	14.586	-	14,586
Unapplied total return		14,675	14,675	-	14,675
Expendable endowment				30,606	30,606
Total Endowments	14,586	14,675	29,261	30,606	59,867

14	DEBTORS
		2022	2021	2022	2021
		Group	Group	College	College
		£000	£000	£000	£000
	Amounts falling due within one year:
	Trade debtors	303	51	188	40
	Amounts owed by College members	-	-
	Amounts owed by Group undertakings	-	-	155	51
	Loans repayable within one year	17	13	17	13
	Taxation and social security	4	54		29
	Prepayments and accrued income	483	428	483	427
	Otherdebtors	22	155	22	155
		829	701	865	715
15	CREDITORS: falling due within one year
		2022	2021	2022	2021
		Group	Group	College	College
		£000	£000	£000	£000
	Trade creditors	1,006	910	1,006	906
	Amounts owed to Group undertakings	-	-
	Taxation and social security		-	38	-
	Accruals and deferred income	280	242	277	236
	Other creditors	394	605	387	601
		1,680	1,757	1,708	1,743
16	CREDITORS: falling due after more than one year
		2022	2021	2022	2021
		Group	Group	College	College
		£000	£000	£000	£000
	Bond	19,829	19,824	19,829	19824
		19,829	19,824	19,829	19824

ANALYSIS OF MOV	EM	E	NTS ON FUNDS
				At 1 August	Incoming	Resources		Camel	At 31 July
				2021	resources	expended	Transfers	(losses)	2022
				£000	£000	£000	£000	£000	£000
Endowment Funds	- Permanent
Student Support Funds				1,312	28	4	27	(45)	1,264
JRF Funds				1,765	36	5	46	(56)	1,695
Teaching Funds:
Humanities & Social	Sciences			7,756	197	30	237	(312)	7,374
Medical Sciences				1,941	49	7	59	(77)	1,853
Physical & Life Sciences				3,000	75	12	92	(119)	2,852
General purpose				14,818	371	57	453	(587)	14,092
Other purposes				138	3	-	-	(4)	137
Endowment Funds	- Expendable
Student Support Funds				5,519	131	21	97	(208)	5,324
JRF Funds				2,421	50	8	137	(79)	2,247
Teaching Funds:
Humanities & Social	Sciences			4,4g5	108	17	137	(172)	4,276
Medical Sciences				1,242	31	5	33	(49)	1,186
Physical & Life Sciences				1,606	40	5	49	(64)	1,528
Other purposes				1,579	34	5	18	(54)	1,536
Endowment Funds -	Expendable Designated
Student Support Funds				778	20	3	10	(31)	754
JRF Funds				1,228	26	4	-	(41)	1,209
Teaching Funds:
Humanities & Social	Sciences			3,g22	gg	16	120	(157)	3,728
Medical Sciences				3,123	78	12	95	(124)	2,970
General purpose				5,009	124	jg	182	(198)	5,634
Other purposes				208	10	1	5	(7)	205
Total Endowment Funds			- College	b2.IbS	ibtU	231	tl19t1	t2.354t	59,661
Total Endowment Funds			- Group	62,769	1,510	231	(1,797)	(2,384)	59,867
Restricted Funds
Transfer from endowment			funds for spending			1,163	1,163
Student support funds				103	3	0	-	(4)	102
Scholarship & Bursary Fund				881	116	00	-	(2)	905
Access				82	7	-	-	-	89
College Contribution	fund			2	81	83	-	-	0
Fellowship funds				656	11	22	-	(17)	628
Library fund				67	3	4	-	-	66
Otherfunds				977	165	117	-	-	1,025
125 Fund
Total Restricted Funds		-	College	2,768	385	1,479	1,163	(23)	2,815
Restricted funds held	by subsidiaries
Total Restricted Funds		-Group		2,768	385	1,470	1,163	(23)	2,815
Unrestricted Funds
General funds				2,994	7,682	0,009	2,158	294	4,029
125 Fund				1,024	36		(1,024)		36
College Contribufion	grant			500			(500)
Designated				58,004	1,074	1,460			57,618
Revaluation reserve
Pension reserve				(1,346)		1,857			(3,203)
Total Unrestricted Funds			- College	61,176	8,792	12,416	634	294	58,480
Unrestricted funds held by			subsidiaries	102	265	102			265
Total Unrestricted Funds			- Group	61,278	9,057	12,618		294	58,745
Total Funds College				126,713	10,687	14,126	-	(2,113)	121,162
Total Funds Group				126,815	10,532	13,807		(2,113)	121,427

	Unrestricted	Restricted	Endowment	2022
	Funds	Funds	Funds	Totat
	£000	£000	£000	£000
Tangible fixed assets	75,719	-	-	75,719
Property investments	1,656	-		1,656
Other investments	-		60,197	60,197
Net current assets	4,402	2,815	(330)	6,887
Long term liabilities	(23,032)	-	-	(23,032)
	58,745	2,815	59,867	121,427
	Unrestricted	Restricted	Endowment	2021
	Funds	Funds	Funds	Total
	£000	£000	£000	£000
Tangible fixed assets	76,105	-	-	76,105
Property investments	1,012	-	-	1,012
Other investments	2,748	-	62,399	65147
Net current assets	2,583	2768	370	5,721
Long term liabilities	(21,170)	-	-	(21,170)
	61,278	2,768	62,769	126,815

		2022		2021
		Gross remuneration, taxable
	Number of	benefits and pension	Number of	Gross remuneration, taxable benefits
Range	TrusteesfFellows	contributions	Truxtuex/Fellows	and pension contributions
		£		£
£3,000-f3,ggg	2	3,600	2	3.600
£12,000-f12,ggg	1	12,814		12,620
£13,000-613,ggg	-	-		13,045
£21,000-621,ggg	-	-		21,410
£22,000-622,ggg	1	22,80g
£23,000-f23,999	11	258,843	9	208,139
£25,000-E25,ggg	-	-		25,gog
£26,000-E26,9g9	1	26,233
£28,000-f28,ggg	-	-	2	57,015
£29,000-f29,999	1	2g,243
£38,000-f38,ggg	-	-		38,809
£3,000-f3,9	1	3g,452
£45,000-f45,ggg	-	-		45,775
£47,000-f47,ggg	2	95,745		47,145
£4g,000-f4g,ggg	1	49,174
£50,000-f50,ggg	1	50,841		50,023
£53,000-f53,ggg	1	53,276
£57,000-f57,ggg	-	-	5	288,333
£58,000-f58,999	4	234,406
£60,000-feo,ggg	1	60,575		60,167
£61,000-f61,9g9	1	61,101
£68,000-f68,999	-	-		68,566
£78,000-f78,999	-	-		78,237
£79,000-f79,ggg	1	79,443
£88,000-f88,ggg	-	-	2	177,516
£90,000-f90,999	2	180,344
£91,000-f91 999	-	-		91,656
£96,000-fg6,ggg	-	-		06,880
£98,000-f98,999	2	197,109
Total	34	1,455,008	33	1,384,845

		OSffS
Date ofvaluation:	31/03/2020	31/03/2019
Date valuation results published:	30/09/2021	19/06/2020
Value of liabilities:	£80.6bn	£848m
Value ofassets:	£66.Sbn	£735m
Funding surplus / (deficit(:	(E14.1bn)	(El 13m)
Principal assumptions:
Discount rate	Fixed interest gilt yield curve	Gilta+0.5%- 2.25%
Rate of increase in salaries	Plus l%-2.75%	b
Rate of increase in pensions	n/a CPI+0.05%	Average RPI/CPI d
Assumed life expentancies on retirement at
age 65
• Males currentlyaged 65	23.9yrs	21.7 yra
• Females currentlyaged 65	25.Syrs	24.4 yra
• Males currentlyaged 45	25.gyra	23.0 yrs
• Females currentlyaged 45	27.3yrs	25.8 yrs
Funding Ratios:
Technical provisions basis	83%	8780%
Statutory Pension Protection Fund basis	64%	74%
Buy-out basis	51%	60%
Employer contribution rate (as % of pensionable salaries)	21.1% increasing to 21.4% on 1/10/21	19%
Effective date of next valuation:	31/03/2023	31/03/2022

Assumption	USE Change in assumption	Impact on USS liabilities
Initisl pre-retirement discount rate discount rate	increase by 0 25%	decrease by £1.3bn
Post retirement discount rate	Decrease by 0.25%	Increase by E2.8bn
CPI	decrease by 0,1%	decrease by 1.Sbn
	more prudent aaaumption (reduce
Life expectancy	the sdiustment to the base	increaae by £1.2bn
	mortality table by 5%)
	more prudent sasumption
Rate of mortality	(increase the annual mortality . improvements long-term rates by	increase by £0.Sbn
	0.2%)
Assumption	OSPS Change in assumption	Impact on DSPS technical provisions
Valuation rate of interest	decrease by 0.25%	increase by £45m
RPI	increase by 0.25%	increase by £40m

		2021/22		2020/21
	OSPS	USS	OSPS	Uss
Finish Date for Deficit Recovery Plan	30/01/2028	31/03/2038	30/01/2028	31/03/2028
Average staff number increaae	0-1%	0	0-0.5%	0-0.5%
Average staff salary increase	2.00%	2.00%	2.00%	2.00%
Average diacount rate over period	3.19%	3.34%	0.89%	0.89%
Effect of0.5% change in discount rate	15k	107k	7k	20k
Effect of 1% change in staff growth	45k	225k	8k	41k

	2021/22	2020/21
Scheme	L’m	Lw
Universities Superannuation Schewe	2092	504
University of Oxford Staff Pension Scheme	560	236
National Employment Savings Truet	1	1
Total	2653	741

RECONCILIATION OF NET INCOMING RESOURCES TO
NET CASN FLOW FROM OPERATIONS	2022	2021
	Group	Group
	£000	£000
Net tncome!(espenditure)	(5388)	7168
Elimination of non-operaling cash flows:
Investment income	(1,617)	(1,745)
(Geins)/loaaes in investments	2,113	(6,470)
Endowment donations	(7)	(8)
Depreciation	1,460	1,517
Amortisation of bond issue coats	5	5
(Surplus)/losa on sale of fixed assets		(1.227)
Decreaae/(lncreaee) in stock	(8)	1
Decrease/(lncrease) in debtors	(128)	2,428
(Decreaee)/Increase in creditors	(77)	609
(Decreese)/Increase in pension scheme liability	1,857	(145)
Net cash provided by (used in) operating activities	(1,790)	2,133

ANALYSIS OF CASH AND CASH EQUIVALENTS
	2022	2021
	£000	£000
Cash at bank and in hand	1,736	1,554
Notice deposits (less than 3 months)	5,957	5,186
Total cash and cash equivalents	7,693	6,740

Consolidated Statement of Financial Activities
For the yearended 31 July 2021
	Unrestricted	Restricted	Endowed	2021	2,020
INCOME AND ENDOWMENTS FROM:	Funds	Funds	Fands	Total	Total
	£000	£000	£000	£000	£000
Charitable activities:
Teaching, research and residential	5,047	0	0	5,047	4,907
Other Trading Income	71	0	0	71	104
Donations and legacies	2,022	816	8	2,846	3,289
Investments				0
Investment income	126	14	1,605	1,745	2,429
Total return allocated to income	1,642	0	-1,642	0	-
Other income	269	0	0	269	209
Total income	9,177	830	-29	9,978	10.935
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential	7,937	668	0	8,605	7,737
Generating funds:				0
Fundraising	401	0	0	401	437
Trading expenditure	33	0	0	33	74
Investment management costs	9	2	230	241	266
Total Expenditure	8,380	670	230	9,280	8,514
Net Income/)Expenditure) before gains	797	160	-259	698	2,421
Net gainnl(lonses) on investments	(22)	56	6,436	6,470	1.467
Net lncomel(Expnnditure)	775	215	6,177	7,168	3,888
Fund balances brought forward	60,503	2,552	56,592	119,647	115,759
Funds carried forward at 31 July	61,278	2,768	62,769	126.815	119.647

	Parent	St Hilda’s College	St Hildaa College
	College	(Trading) Ltd	Developments Ltd
	£000	£000	£000
Income	9,895	67	3,655
Expenditure	(9,453)	(35)	(3,585)
Result for the year	442	32	70
Total assets	149,037	107	164
Total liabilities	(22,478)	(75)	(94)
Net funds at the end ofyear	126,559	32	70

		Permanent Endowment		Expendable	Total
		Unapplied		Endowment	Endowments
	Trust for	Total
	Investment	Return	Total
	£000	£000	£000	£000	£000
At the beginning of the year:
Gift component of the permanent endowment	14,586		14,586		14,586
Unspplied total return		13,076	13,076		13,076
Expendable endowment				28,930	28,930
Total Endowments	14,586	13,076	27,662	28,930	56,592
Movements in the reporting period:
Gift of endowment funds			-	8	8
Investment return: total investment income		808	808	797	1,605
Investment return: realised and unrealised gains and losses		3,242	3,242	3,195	6,437
Less: Investment management costs Total	1	(116) 3,934	(116) 3,934	(114) 3,886	(230) 7,820
Unapplied total return allocated to income in the reporting period		(861)	(861)	(781)	(1,642)
Net movements in reporting period		3,073	3,073	3,105	6,178
At end ofthe reporting period:
Gift component of the permanent endowment	14,586	-	14,586	-	14,586
Unapplied total return		16,149	16,149	-	16,149
Expendable endowment Totat Endowments	14,586	16,149	30,735	32,035 32,035	32,035 62,770

ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS
				At 1 August	Incoming	Resources		Gains/	At 31 July
				2020	resources	expended	Transfers	(losses)	2021
				£000	£000	£000	£000	£000	£000
Endowment Funds	- Permanent
Student Support Funds				1189	30	4	24	121	1,312
JRF Funds				1621	38	5	40	152	1,766
Teaching Funds:
Humanities & Social	Sciences			6959	210	30	225	842	7,756
Medical Sciences				1750	52	7	56	208	1947
Physical & Life Sciences				2,697	80	11	87	321	3,000
General purpose				13325	395	57	430	1,585	14,818
Other purposes				123	3	-	-	12	138
Endowment Funds	Expendable
Student Support Funds				4930	140	21	90	560	5,519
JRF Funds				2238	53	8	76	214	2,421
Teaching Funds:
Humanities & Social	Sciences			4,061	116	17	131	466	4,495
Medical Sciences				1,114	33	5	32	132	1,242
Physical & Life Sciences				1,444	43	5	47	172	1,606
Other purposes				1419	42	5	21	144	1,579
Endowment Funds -	Expendable Designated
StudentSupportFunds				686	22	3	10	83	778
JRF Funds				1,095	27	4	-	110	1,228
Teaching Funds:
Humanities & Social	Sciences			3,508	106	15	102	425	3,922
Medical Sciences				2808	83	12	90	334	3,123
General purpose				5,435	135	20	176	536	5,909
Other purposes				190	5	1	5	19	208
Total Endowment Funds			- College	56,592	1,613	230	(1,642)	6,436	62,768
Total Endowment Funds			- Group	56,592	1,613	230	(1,642)	6,436	62,768
Restricted Funds
Transfer from endowment			funds for spending		(1,583)		1583	-	-
Student support funds				49	51	2	-	5	103
Scholarship & Bursary Fund				918	69	112	-	6	881
Access				71	11	-	-	-	82
College Contribution	fund			79	316	393	-	-	2
Fellowship funds				621	12	22	-	45	656
Libraryfund				69	10	12	-	-	67
Other funds				745	361	129	-	-	977
Total Restricted Funds		-	College	2,552	(753)	670	1,583	56	2,768
Total Restricted Funds		-	Group	2,552	(753)	670	1,583	56	2,768
Unrestricted Funds
General funds				3,350	4,960	6,592	1,400	(22)	3,096
125 Fund				190	834				1,024
College Contribution					500				500
Designated				58,191	2,537	1,324	(1,400)		58,004
Pension reserve				(1,491)		(145)			(1,346)
Total Unrestricted Funds			-College	60,240	8,831	7,771	-	(22)	61,278
Unrestricted funds held by			subsidiaries	263	102	263			102
Total Unrestricted Funds			- Group	60,503	8,933	8,034		(22)	61,380
Total Funds College				119,384	9,793	8,934	-	6,470	126,713
Total Funds Group				119,647	9,978	9,280		6,470	126,815