SIDNEY SUSSEX COLLEGE
Sidney Street, Cambridge CB2 3HU
ANNUAL REPORT
AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Charity Reglstratlon Number.. 1137586

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
CONTENTS
OPERATING AND FINANCIAL REVIEW................................................................................................
About Sidney Sussex.........................................................................................................
RevieWofoperat￿ftS.........................................................................................................
Review of financial performance ........
14
Principal risks and uncertainlies..........................-..........................-...........-.-.-............
Plans for future periods..
.18
.22
STATEMENT OF INTERNAL CONTROL. ..
.25
RESPONSIBILITIES OF THE COUNCIL................
INDEPENDENT AUDITORS, REPORT TO THE COUNCIL.................................................................27
STATEMENT OF PRINCIPAL ACCOUNTING POLICIES....................................................................31
STATEMENT OF COMPREHENSIVE INCOME AND EXPENDITURE......................
STATEMENT OF CHANGES IN RESERVES.......................................................................................39
BALANCE SHEET.................................................................................................................................40
CASH FLOWSTATEMENT..................................................................................................................41
NOTES TO THEACCOUNTS...............................................................................................................42

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Truslges Imgmbers ol the Councll)
ExQffiGio Members:
Master..
Vice Master..
Senior Tutor..
Bursar..
Professor R Penty
Dr M Ramage (to 31 Aug 20201 I Professor G Gersue (from 1 Sep 20201
Mr M Beber
Ms S Bonnett
Fellows Elected by and from Members of the Governlng Body:
Professor A Al-Tabbaa (to 31 Aug 20201
Professor K Armstrong Ilo 31 Aug 20201
Dr F Lusa Bordin (from 1 Sep 20211
Dr C Doran
Dr L Fruk
Dr B Fulda
Dr R Garcia Mayoral Ifrom 1 Sep 20211
Dr T Lambert (to 31 Aug 20201
Dr C McTernan (to 31 Jan 2D21}
Dr O Oner (from 1 Sep 2021}
Dr C Roberts
Dr J Seymour
Dr R Stasch
Four Ele¢tgd Sludent Members:
JCR President..
MCR President..
JCR Vice-Presidentr.
Student Rep..
Mr T Bryan (to 31 Dec 20201 l Mr J Lowry lfrom 1 Jan 20211
Mr A Sharma Ilo 25 Jan 2021 I l Mr V Velazahahn {from 26 Jan 20211
Mr B Karsberg (to 31 Mar 20211 l Ms M Kazani Ifrom 1 Apr 20211
Mr A Nashal Mettry {from 1 Oct 20201

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Governing Body
The names of the members of the Governing Body for the year ended 30 June 2021 were as follows..
Master..
Professor R Penty
Professor A Al-Tabbaa
Professor K Amislrong
Dr T Aubry
Mr M Beber
Professor E Biagini
Dr S Bill
Ms S Bonnett
Dr F Bordin
M5 P Carter {from 1 Sep 20201
Dr L Cheke
Dr G Crossan {from 1 Sep 2020}
Dr T Demetriou
Dr C Doran
DT R Duschinsky
Dr M Eilslrup Sangiov8nni
Dr E Eiser
Dr O Elder (to 30 Sep 20201
Professor A Flewitt
Dr P Flynn
DF L Fruk
Dr B Fulda
Dr Y Galanakis
Dr N Ganany (from 1 Sep 2020)
Dr R Garcia-mayoral
Professor G Gersde
Dr B Gray
Professor A Greer
Dr B Groisman
Dr H Groom (from 1 Sep 2020}
Professor M Gurnell
Dr F Hall
Dr A Jackson
Dr R Jack50n-Ravenscroft
Professor M Lamb
DrT Lamberi
Dr H Leggett
Dr J Longley
Professor P McHugh
Or C McTernan (to 31 Jan 2021)
Dr N Morrison Ito 31 Aug 20201
Dr F Muschitiello
Professor A Neely
Dr M Noriega-sanchez
Dr O Oner
Professor M Pollitt
Dr M Ramage
Ms E Ramplon
Dr R Ranasinghe (from 1 Sep 20201
Professor C Reynolds
Dr C Roberts
Dr C Roddie
Ms H Saunders
Dr C Scalliet lfrom 1 Sep 2020)
Professor R Sepulchre
Dr J Seymour
Dr M Shirk
Dr D Skinner
Dr P Sliwa
Dr R Stasch
Dr S Slrelchuk
Dr C Sumnall
Dr H Thompson {10 31 Aug 20201
Dr O Weller
Dr E Wilson-Lee
Professor M Zernicka-Goelz
Elecled studenl members of Councll are
also mgmbers of the Governing Body {see
Council mombership on previous pagel

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Senior officers
Master..
Vice Master..
Senior Tutor..
Bursar..
Professor R Penty
Dr M Ramage (10 31 Aug 20201 I Profvssor G Gerstie (from 1 Sep 20201
Mr M Beber
Ms S Bonnett
Principal advisoVS
Auditors..
Petefs Elworthy & Moore
Salisbury House
Station Road
CambrKJge
CB12LA
Bankers..
Barclays Bank p
Barclays Corporate
PO Box 885
Mortlock House
Histon
Cambridge
CB24 9DE
Buikjings Consultants..
Pleasance, Hookham & Nix
1 Northampton Street
Cambridge
CB3 OAD
Property Mana9ers'.
Cheffins Commercial
Clifton House
1-2 Clifton Road
Cambridge
CB17EA
Investment Managers-.
BlackRock Investment Management (UK} Limited
12 Throgmorton Avenue
London
EC2N 2DL
Legal Advisers..
Mills & Reeve
Botan￿ House
100 Hills Road
Cambridge
CB2 1PH

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
OPERATING AND FINANCIAL REVIEW
1. About Sidney Sussex
Sidney Sussex College was founded in 1596 under the will of Lady Frances Sidney, Countess of Sussex and is
one of the ancient colleges of the University of Cambridge. Its purposes are the admission and education of
students matriculaled in the Universty of Cambridge and the promotion of academic research by ils Fellows. It
is an independent. self-governing. corporate body whose affairs are regulated by statutes approved by the
Queen in Council The College was fomially registered with the Charity ComMiss￿n on 25 August 2010. The
College provides accommodation and catering for its junior Members through most of the year. and for
academic and other conferences during vacations.
Aims and objectives of the College
The College is a place of education. religion, leaming and research, and it aims to promote academic
eX￿llen￿ and freedom of thought and belief.
Educatlon
The College provides, in conjunction with the Universty of Cambridge, an education for almost 650
undergraduate and postgraduate students, which is recognised inlemationally as being of the highest standard.
This education is both academic and personal in the sense that il enhances the students, potential to become
leaders and effective communicators, so preparing them to play full and effective roles in society. It is a ￿ntral
aim of the College lo promote academic excellence, just as it is to guard freedom of thought and belief. for all
its members and for the public good.
In pursuit of these beneffts. the College-.
provides extensive leaching facilities. especially including individual or small-group supervision, as well
as pastoral, adminislralive and academic support through ils tutorial and graduate mentoring systems.
provides social, cultural, musical, recreational and sporting facilities enabling all students to realise their
academic and personal potential to the full while studying at the College.
is committed to the freedom of thought and expression.
maintains an extensive library, so providing a valuable r8source for students and Fellows of the
College.
The College is committed to..
admitting undergraduate and p05tgr?duate students who have the highest potential for benefitting from
the education provided by the College and the University
operating an outreach programme to raise educational aspiration, and to attract outstanding applicants
who might not otherwise have considered entering Higher Education at all, so that they may be
encouraged to apply to a University, lo Cambridge in general and lo Sidney Sussex College in
parbcular. This programme involves an extensive round of visits to schools. sch¢)ol visits lo the College,
open day$, ts51er days devoted to individual academic disciplines and admissions conferences for
tea¢hers, as well as extensive guidance and information available on the College website
setting out an admissions policy that ensures students are selected without regard to their gender,
sexuality, social background, geographic location, religious commitment, ethn￿ origin or financial
position. No student is excluded on the grounds, or as a result, of these factors
charging the following fees..
Home and EU undergraduates are charged a combined University and College fee of £9,250
(£9,250 in 2019-201, of which the College's share is £4,6251£4.625 in 2019-201
Overseas undergraduates are ¢h?rged a College fee of £9,3711£8,925 in 2019-20}
Postgraduates are charged a combined Universlty and College fee, which varies according to
the course. The tolal fee income is then allocated across Colleges al art equal average rate per
sludenl which for 2020-21 is £4,069 per poslgraduale1£3,909 in 2019-201
Ac¢ommodation and meals are charged at reasonable rates

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
assisting undergraduates with limited financial means by providing bursary support through the
CambrKJge 8ursary Scheme, which is operated jointly by Colleges and Ihe University. For the
academic year 2020-21. the number of awards made was 8112019-20.. 661 out of a HomelEU
undergraduate population of 34012019-20.. 3271,. 4612020.. 431 of the awards were at the maximum
value of £3,50012019-20.' £3,500)., and the average value of the awards was £2,79312019-20. £2.885}
SUppo￿.￿g the costs of postgraduate students by providing substantial financial support. This includes
studentships to fund fees and living costs and 'topup' funding lo fill funding shortfalls in students.
nding packages
supporting all students through a grants scheme, assisting Wlth the purchase of books and equipment.
attendance al conference5, Study and research grants and travel grants
operaling a hardship scheme for all students in financial need.
Public bon•fit
The Council has complied with ils duty regarding public benefit. showing regard to the Charity Commission's
guidance. The College follows a rigorous and objective process for selecting members in partnership with the
University of Cambridge.
In order to fulfil its charitable purposes of advancing education, religion, learning and research, the College
employs Fellows in roles which include those of Teaching officers, Directors of Studies, Tutors, and senior
administrative officers. All Fellows in Classes 1, 2 and 3 are members of the College's Governing Body. The
employment of the Master and Fellows is undertaken with the intention of furthering the College's aims. and
their employment directly contributes lo the fulfilmenl of those aims. The private benefit accruing to the Master
and Fellows Ihrough salaries, stipends and employment related benefits is objectively reasonable, measured
against academic stipends generally, and reviewed by the Remuneration Committee which has al least
external members. Annual pay increases normally follow national settlements applying lo the universty sector.
Without the ernployment of Fellows, the College ¢oulrJ nol fulfil its charitable aims as a College in the University
of Cambridge.
As a not-for-profit organisalion. the College sets its charges for members only as high as is necessary lo cover
costs. Bursaries and other financial support are offered lo individuals wherever possible, in an effort to ensure
that no one is dissuaded from applying, taking up a place or completing their studies because of financial
hardship.
Religion
In pursuing its objective as a Pla￿ of religion, the College carries fotward the tradition, continuous Sin￿ its
foundation. of reflection upon the benefits, and moral and ethical commitments. entailed by religious belief, and
upon the implications of that belief for the individual and society. It is, further. a central aim of the College to
piomote freedom of thought and belief among all its members, of any faith and none.
As part of this, the College:
maintains, in accordance with its Statutes and the law of the land, its historic connection with the work
of the Church of England, p8rticulady through tts Anglican SeNi￿S in College
maintains and $upports the Chapel as a plats of religious worship and holds a variety of religious
services on weekdays and al weekends during term, which are open to the general public and to
visitors
supports the emotional, spiritual and mental wellbeing of all members of the College community
through its chaplaincy, and through the stimulus that the chapel can provide to all, regardless of
whether they have a particular faith commitment or not, to reflect upon the ethical and wider
dimensions of human existence and the accompanying social responsibilities
enriches its services in Chapel th¥oL¢gh its outstanding choral tradition carried forward by the College's
Choir.
The College's religious services {in all senses of the word 'servi¢es'l are available to every member of the
College, and benefit the wider public through the openness of all riles Ilwice weekly Evensong), alongside a
variety of other services, to 811 members of the public, through charitable collections undertaken by members of

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
the College. and through the promotion and dissemination into society at large of value$ and practices that
foster moral, spiritual and ethical well-being.
Leaming and research
Learning and research seek lo increase the sum of human knowledge and to be applied to the benefit of
society. It is a central aim of the College to promote academic ex￿llenCe through Tesearch, and in doing so to
uphold freedom of expression, thought and belief, for all rts members and for the public good.
In carrying out its objective of advancing research, the College..
usually offers Research Fellowships per year tenable for a period of 3 years
provides Col￿ge Teaching Officer posts, the duties of which require that a substantial proportion {al
least 50Vol of time be devoted to developing the Fellow's researth. In 2020-21 there were 6.5 College
Teaching Officers in post
supports research work pursued by its other Fellows through promotsng interaction across disciplines,
providing facilities and providing grants for national and international conferences, research trips and
research materials
encourages visits from other academies, from home and abroad, through its Visiting Fellowships and
other similar programmes
maintains a library and College Archive, including important special colle¢b"ons of great value for which
the College has a duty of perpetual and inalienable care, so providing a valuable resosjrce of learning
and scholarship.
vmth a view to improving access to learning and research..
the academic staff of the College are recruited for their potential lo contribute to the College's aim of
promoting academic excellence, regardless of their gender, sexuality, social background, religious
commitment, ethnic origin or financial position
the College supports and encourages the dissemination of research undertaken by members of the
College to the public at large through the publication of papers in academicjournals or other suitable
means, including the mass-media of radio, television, journalism, web and social media
Research Fellowships, like College Teaching Fellowships, are awarded to outstanding academics at
the earty stages of their careers. Research Fellowships enable them to develop and focus on their
resear¢h in this fomiative period before they undertake the fiJll teaehing and administrative duties of an
academic post. Teaching Fellowships combine a proportion of teaching and administrative duties with a
similar opportunity lo develop and focus on research.

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2. Review of operations
11. Responding to COVID-19
The COVID-19 global pandemic which emerged in eady 2020 continued to have a significant opeiational and
financial impact on the College throu9houl the 2020-21 academic year. Although the College opened
successfully for the start of the Michaelmas Term 2020, the introduction of a second national lockdown on 5
November 202D, and a third national lockdown on 6 January 2020, meant that the vast majority of leaching was
delivered online during 2020-21. Students had lo have a specific reason for being in residence during the Lent
and some of Easter Term, which included not having an allernalive place lo live and study. Large numbers of
staff continued to be put on furlough leave under the Coronavirus Job Retention Scheme, and remaining staff,
including Fellow5. conlinued to work from home, with the exception of skeleton operational support staff in
College including Porters and housekeeping staff.
As in 2020, the Colbge ¢onlinued to benefit from very significant intercollegiate and University collaborats'on
during 2021 when making decisions as to what College services and provision could be made available on a
'COVID-secure' basis over the course of the academic year. Regulations and national guidance continued to
change frequently, each lime requiring plans to be revised and updated.
The principal effects and challenges of the pandemic over the 2020-21 academic year were..
shuttrng down a significant proportion of residential accommodation at the start of the Lent Term and
making buildings safe, including management of student belongings which had been left over the
Christmas vacation.,
ensuring clear communication to the various constr(uenl groups wrthin the College affected ty the
conlinued changes in the way thal the College was operating..
¢onlinuing lo teach online, and provide study materials remotely.,
supporting the well-bein9 of students remotely.,
helping implement, in tems of College logistics and student support, the asymptomatic testing
programme for students in residence, which was being run by the University.,
more complicated and restricted graduation arrangements in the Easter Temi.,
managing the financial consequences of the pandemic, which included..
¢ontinued loss of student accommodation and catering income, particularfy during the Lent
Term".
cancellabon of the majority of conference events for 2021.,
significant negative impact on rent received from commercial tenants,.
negative impact on dividends from funds held in equities relative to pre•Covid returns.
securin9 adequate supplies for College departments including those required for infection control",
undertaking risk assessments, and ensuring staff were comfortable with the arrangements for working
in COVID-secure environments in the College during the periods in which restrictions were lifted.,
ensuring that essential maintenance, and the College's kitchen ￿fvrbishm￿nt programme could
continue in a COVID-se¢ure manner.
Subsequent to the year-end, and since the Govemment ITfted all national COVID-19 restrictions on 19 July
2021, Universities have been advised that there a￿ no longer restrictions on the approach to leaching and
learning ir) higher education providers as a result of COVID-19. This includes no requirement for social
distancing or other measures within in person teaching. In the absence of these national reslriclions, Higher
Education providers are directed to continue to conduct risk assessments for their particular circumstances,
and to implement sensible and proportionate control measures to reduce the risk from COVID to the lowest
reasonably practical level. This includes having a contingency plan to deal with any identified positive cases of
COVID-19 or Outb￿akS. Accordingly, for as long as il is required, the College will continue to carry out risk
assessmenls for all its activities and ￿UlarlY review its COVID policies and protocols.

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.2. Stud•nt numb￿3
During the 2020-21 academic year, the College admitted 109 {2019-20'. 113} undergraduates and 9912019-20-.
1031 postgraduate students. The breakdown for each is shown in the tables below.
Under raduate Admissio
Sciences
Overall
2020.21 2019-20 202￿21 2019-20 2020-21
21
22
29
30
501460/01
35
24
21
591540AI
53
S1
109
2019-20
52146Q/vl
61 154%)
113
Male
Female
Total
62
Comprising..
Home maintained school
Home independent sthool
Settled Status maintained sd)ool
Settled Slatus independent sthool
Pre-sertled St8tus
Ovèrsèas {EUI Slatu$
Overseas Status
Totsl
57152/01
32129/¢1
1 11¢/0
1 11%)
212%)
212%)
14113%)
109
58151èh}
24 {21V/•)
16{14Qh)
15113¢hl
113
Post raduate Admissions
Sciences
Overall
2020-21 2019-20 2020-21 2019.20 2020.21
32
23
23
55156°/.1
38
44144Vol
70
2019-20
Malè
Female
Total
35
69
46144%)
103
34
In total, 396 {2019-2020'. 3841 undergraduate and 221 12019-2020.. 2881 postgraduate stLKlent5 We￿ on the
register.
2.3. Student support
In order lo assist undergraduales from families with low incomes. the College provides financial support
through the Cambridge Bursary Scheme which is operated jointly by Colleges and the Universty. In addition.
the College provides a number of top-up bursaries. Undergraduates in the College received £335,32912019-
20.. £236,000} in bursaries. In addition, the College provided £88k12019-20'. £33k) in study awards and
hardship grants to students in financial need.
The College provided £151,00012019-20'. £141,000) in financial support to postgraduate students in order to
assist with their costs. This is in the form of a limited number of full sludentships, tQP-UPS to extemal
studentships and assistance with research expenses.
To raise educational aspiration and attract outstanding applicants, who might not otherwise have considered
applying, the College opefates an outreach programme. The programme includes visits to schools, visits by
schools, open days and published guidance for prospective applicants. Excluding bursaries the College spent
£65,00012019-20'. £101,000) on a￿$S activty in the year.
10

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.4. Academic achievomonts
A¢ad•mi¢ results 2021
First Dogro08
No. of students
Results avallable to date
as ./(* of those who Sat
cla$sÈd èxaminations
2021
2020
2021
356
259
2020
130
101
Undergraduates who sat classed examinations
Classed results availabl8
of which..
All First including Distinctions {and Part111 Maths
Merilsl
11.1 and Fourth Year Merits (other than Part111
Maths}
11 undivided
11.ii and Fourth Year Honours Passes
78%
82
47
31.7%
46.50
149
50
57.51
49.5°h
1.20
8.90
0.40/0
0.40/0
00
30
00
23
Failures to satisfy the Examiners
The results in 2020 are not comparable wrth 2019 as the collegiate University moved to 'temote lea¢hing onty,
in Easter tem 2020, as a consequence of COVID-19, and no in-person examinations look place. Instead
students were assessed according lo Cambridge University's 'Principles and Policies for Modified Assessmenv.
Summative assessments were r￿IntrOduced for most students across all years of each Tripos in the 2021
examination round (the traditional In-person three-hour papers, however, were replaced by a combinats.on of
limed. 0n-lln￿pr0¢IOred examinations, essay portfolios and dissertations due in early Easter Term, and open-
book examinabons held over bnger windows varying from 24 hours to several days).
Poslgraduate qualificatlons
College members graduating in 2020-21 achieved 16 PhDs, 14 MBChir and Vet MBS, and 58 Masters-bvel
degrees12019-20.' 16, 13 and 51 respectively) btheen them1 The number of PG degrees conferred in 2019-
20 is lower than in 2018-19 partly because, due to COVID-19, a number of students have elected to wail for an
in-person graduation, and others have applied for extra time. The on-going pandemic disruption continued to
affect both the timing of submission of research degree5, and the choices made by postgraduate students,
once they have sab"sfied all conditions for the formal award of their degree. whether lo defer conferment of the
degree until they may receive it in person.
2.5. Capital expenditure and malntenance
The maintenance of the College's operating assets requires a continuing financial commitment from the
College.
The major project that the College has been working on since 2015 is the ongoing build of a new kitchen and
dining hall. This involves building a new basement underneath the Master's garden. relocation of the kitchen
into the basement, expanding the Gurrenl 5ervery and developing an additional new dining space. In 2017-18
the preliminary costs of the proje¢( including archaeology and ground works, were expensed at £1.9 million.
Al the end of the 2020-21 financial year, the project reached completion wrth a further £3.2 million capital
expenditure incurred on the project in the course of the year. This brings the totsl capital expenditure for the
Se￿nd phase of the project to £10.5 million which has been added to the College's fixed assets. Commencing
in 2021-22, the equipment will be depreciated over a period of 15 years, with the remainder being depreciated
over a 50 year period. In addition to the amount capitalised, there is a further £0_1 million in capitsl
commitments Ifor example new fumiture for the dinin9 hall) and £0.3 million has been during the course of the
project.
1 The 58 M8Ster level degree5 do nct include BAMENG. BAMSCI. or BAMMTh sludents of whi¢h there were 23.

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Following the purchase of a new hostel in PaTk Parade for poslgraduale accommodation In June 2019, the
College ComMen￿d refvrbishmenl of the propety in March 2020.
This project was completed in October 2020, with the project slower to complete than planned due lo site
closure as a result of the COVID-19 pandemic and resulting national lockdown. The final caprtal expendilure on
the project was £0.5 million in addrtion to the £1.1 million purchase costs.
The College also operates a planned maintenance programme designed to maintain and improve the estale. In
2020-21 the College spent £0.1 million on thi5 programme. Due lo the financial implications of the pandemic on
the fInan￿S of the College, a decision was taken to defer some of the planned major projects in the 2020-21
financial year. This work was mainly focussed on offsite student accommodation and will be carned out in the
2021-22 financial year programme of works when the budgeted spend for the year is £0.4 million.
2.6. Data handllng
The College continues to monitor its data handling, reporting and Data Protection Statements in light of the UK
General Data Protection Regulation IGDPRI.
2.7. Donations and fundralslng
The College's fundraising efforts are primarily directed al raising mney from our alumni. Our fundraising
approach ensures that we understand and respect individual alumni preferences for contscl in relation to
approaches seeking support as well as more generally. Key objectives for the College include teaching.
research and student support. COVlD-19 had a significant impact on fundraising and alumni relalion5 al the
College during the 2020-21 financial year. All face-It>face meetings with donors, as well as 811 events, were
¢aneelled.
Given the challenging circumstances. the College is immensely grateful for the £2,361,502 in donations and
legacies received over the course of the year1£1,582,115 in 2019-201. Included in this amount was £625,000
from subslants.al and generous legacies. The cost of the Development and Membership Office IDMOI, a
College department, for the year was £311,000 compared with £368,000 in 2019-20. The DMO cost includes
fundraising as well as alumni relations aclivily, such as reunions and other events and publications.
To date a total of just over £4 million has been donated specifically for the College's major building project,
creating a new kitchen and dining hall, which was completed in Summer 2021.
As the amount received in donations Can vary significanlty from year to year, included below is a chart with
three and fve-year rolling averages of donations r￿1ved, as well as the annual Cost of the DMO.
12

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINAIICIAL STATENENTS
FOR THE YE*R ENDED 30 JUNE 2021
Annual and rolllng average donations and cost of DMO
sn
4.0
É 3.0
25
IA)
os
oj)
2013114
2014115
2015116
2016117
2017118
2018119
2019120
2020121
3year rolAn8 a%*Ta8e yearTdMn8avera8e ￿ Donat￿￿$f0Tthe year ￿c0st of DMO
I furKlraiwAng is Carri￿0Ut by th8 DMO. thich reports qUart￿ty resul& to Courtil, and al Sts Y￿rk is subject to
¢Mrsight by a d&Jlcated C￿￿e corrrrittee, thich meets three times per year. The C(A* is r&Jistered
the FUndrai￿￿j Regukte* ar￿ ￿ rh)t thè yjbfvct of any conpLaints to that b)dy in 2021>21, r•)r did lh8
Cdbge recei￿ corykints atrKyJt its f￿r￿raiSing a¢tiMties from ary othor swrcg. Tha CdbJe Ih)es nct 8e8k
support from the g8rnral publc and tskes acti￿ stsps to respect tha nwjs of any Fthnti81 supwrter v*M) n
be in a wlnerable cIrcUn￿taKe or require ￿titiOn1 care arKI support to Trke an irrfQm￿d decison.
The CoThege is corthtte/J to the prIncip￿ and pracUc8 of equal opF￿￿nIfj9s and strivas to be an ￿Ual
opporttinlles erybyer. Bulkllng UFrf)n Ihls, th8 C￿￿8 set up a Equallty, DIv8r%ty and Incknsion vKrking wp
in 2tr￿21 to de* a stratsgy for iMw￿lng equality, dI￿rsity arml incIL￿10￿ wilhin the C￿ge.
13

SIDNEY SUSSEX COLLEGE
ANNUPL REPORT ￿lD FINANCLOL STATEl￿NTs
FOR THE YEAR ENDED 30 JUNE 2021
3. Revlew of flnanclal parfomianco
Thls has b8en a second Cor￿eCuti￿ finanGialty chalbryJir¥J year for the Cdbje the full impaGt of the
COVID-19 pandenlc haNiro a ￿gnificant impact on tho financos.
WhiLst the net assets Ihi8 year h&e increased by £10.3 nilion from £1a3 ￿lI110n to £133.6 million, InC￿r
has b88n gjbslantialty bmr tr￿n rKJrrrHI in Ihis financial year du8 to mininHI conf8rence irtom8, ￿gnificanty
redLKed renta Incon￿ from ConThrcial prop8rties, r￿UC￿l student renlal and c*ring I￿onE in part'cukr for
the Lerrt term, and kxer dimdend incom frt)m th8 CoM8g8 8quity In￿$tr￿nts. Th8 financia inpact of
pandenic ￿41 continu& into the 2021-22 financial year and beyond, ￿1th ￿aIn c(rference inc(ATh, and
contlnued depression in incom from comnwcial rents and dimdends. The Cowe has agreed princi￿ f
financial recoNery to ensure IJ￿t tha f￿uS of Ihe financial man4ement ofthe Colw is threctsd lo its core
rpjses and aGlivities. *ilh a ¢￿IlnUed ernph8￿s on c¢Jrfro1￿ng costs, generaong incom and rebulkllng free
of tyt n￿rr￿ts in ts balance sheet are ts increase in the nwket Y￿e of Ihe shares held by
the Col* offset ty the th)ww*rd r&O￿atien of th8 Cc*e'8 corrffmcial propety [￿10.
The mrket of the shares has risen by £9.6 million from Jung 2020 to J￿8 2W21.
The Colege'5 COrr￿rCIal prcF* portfolo again revalued by the c￿￿e'S prowty wAnagers Cheffir
CorM￿rcIal. In June 2021 bthich resuttgj in a decrease in the ￿lUatiOn from £17.4 nillon to £15.0 million - a
rnmnwt of £2.4 nillon. This follov•ed a decrease in of £5.2 ni￿On in Ihe preNious year. The ￿a￿ati(
und8rtak8n ijn lh8 basis of ￿Arket Vahje. FITh￿r, al Ihe ￿d￿ation date. Ch8ffir6 Cc*mrrwcial considered
thal they couhd attrxh less vEight to pm1c￿S rrthet emdence for c0rrparl￿n purFKtses lo infcwm opinions of
8. Consequenljy, ￿s$ certainty, arKI a higher degree of caulion. shjukl be attached to the ￿luatIOn Ihan
w)ukl rKYmaty be the case. ()v8n Ihe unkn￿￿ fu￿re inpact that COVID-19 ffight haKe on the real estate
nTrrkeL the Yahjation of Ihe prowtie5 wll be kept under frequent Temew.
Durir¥J the 20￿21 financial year, the Coleg& secured a second temi debt issve by wgy of a privats
pknerrwt of £10.0 million the Pensions Insuranca Corporation {a of £8.5 miL4on was secured in Ihe
201&20 financial yearl. The fvnds ￿tTe receI￿d in June 2021 vith a matrwity date of 12 W 2066. The
c￿￿ge'S *ctive in securing th8 debt Yfas to tske advantsge of the current tow inlerest rates and gear the
babnce shèet to pnerate future unrestricted incorn for the Colege. The b)an has created a thjrt tsrm Gash
resem, vkni¢h has akmated th8 risk of liquidity iswes arising from the dr881ic and pr￿￿ed reduction in
income as a resuk of the COVIt>19 panderric.
As a resuft of Ihe Change in mrket condtions. there a f811 in the prowisions both of the C￿￿ge,
per￿On 8chen*s.
Th8 statem￿ of CoWehen9￿ IrK(Th aTra EyndI￿re {SCCIE) shry•YS an opgrating surplu5 (before other
gsins ar￿ l)sses} of £1.267 ffi1Son for tho y&ar. conyared ￿1th an OFeratirvJ surFAus of £2.283 rrillion in 201
20. As as Ihe operational inpact of COVID-19. Ihe 2019-20 figures we significanty inyacted by a
re%er8al In the prowsions required ynst tha USS scherro.
Otr*r galns k)sses in th& year show a gain on in1estm￿ of £7.4 rrilon c(ry8red ￿1th a loss of £9.4
nwmion in 201&20. This yearfs 98in is wethminanty due to the increase of £9.6 nillion In %glu6 of the ￿Ulty
ir￿S￿￿nts offset by the £2.4 rrilli¢￿ decrease in the conYr*rcial prop* YahJ81ion.
14

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
3.1. Income
The College had total income of £9.639 million in the year, a decrease of £1.201 million111%1 from the
£10.840 million for 2019-20.
2020-21
£m
Student fees
2.762
Accommodation and catering charges to members 1.872
Conference and hospilalily
0.037
Investment income
2.177
Donations and Endowments
2.362
Other
0.429
Total
9.639
2019-20
£m
2.706
1.823
1.201
3.143
1.582
0.385
11.184
Varianco
£m
0.056
0.049
{1.1641
10.9661
0780
0044
11.201
Income from academic fees and charges increased by £0.056 million120/.l as a result of higher undergraduate
student numbers in 2020-21 than in 2019-20. Postgraduate fee income has dropped despite a slight increase in
the per Capita fee, due to lower student numbers.
Income from residences, cateftng and Confe￿nceS decreased by a total of £1.115 million1370A} in the year.
This is a direct consequence of the pandemic, with almost no Conferen￿ and hospitality business in the year
The accommodation and catering charges for members is similar to 2019-20 levels, with both years having
effectively lost most of one term of residen￿.
Overall there was a £0.966 million131Vol decrease in investment and endowment income, comprising a
de¢￿ase in equity and interest income across the year of £0.335 million, and a decreased in income of £0.631
million in commercial rental income. due to 8 significant number of rent reductions ané ￿nt waivers provided.
Although the College has recognised all the ￿mmercIal rental inrome that invoiced lo the tenants, there is
still a significant doubtful debt provision as a number have indicated that there continue lo be financial
difficulties as businesses deal with the impacts of the pandemic.
On a positive note, Donations and Endowments have increased by £0.780 million149.kl to £2.362 million. The
College is extremely grateful for the donations and benefactions il receives as they enable the College to
continue to provide high quality personalised leaching and do things it could not otherwise do to deliver ils
charitable purpose, particularly in such financially challenging limes.
Other income has increased by £0.044 million from £0.385 million last year to £0.429 million this year. This
includes the re￿Ipl of the funds from HMRC of £0.339 million for those staff that were furloughed during the
financial year. This has helped to mitsgale part of the effect of the loss in income from rent and catering during
this period.
Academic fees cover only 65tsk of the cost of providing education, and this year the College ran a deficit of £1.5
million on education. The College is reliarsl on income from conferences, commercial propety and dNidends
from investments, as well as donabons, to fund the education deficil. As such, the reduction in income from
conferences, Commercial rent and dividend income due to the COVID-19 pandemic means that the College is
even more exposed lo the deficit on educats'on.
The trustees remain committed to continue with the work stsrted at the end of 2019-20 to reduce the short and
medium term impacts on the College finances.
3.2. Expendhuro
In 2020-21 expenditure decreased from the previous year by £0.240 million130AI to £8.317 million.
However, the 2019-20 expenditure included a credit adjustment of £1.046 million due to the USS PTovision
being redu¢ed. Excluding this, underlying costs have the￿fore decreased by £1.286 million.
The reductions in Costs have come from a variety of areas and ar8, in part, as a result of reduced Q￿uPan¢Y of
Ihe College during Ihe year, both students in residence and also minimal conference aGtivity. Imth the
15

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
significanUy lower oe¢upancy and catering activity in College, there has been a focus on effictency and the cost
reductions reflect lower staffing, food and drink and maintenance costs.
3.3. Invostmont perfomiance
The value of the investments increased by £7.357 million to £84. 154 million and generated £2.177 million
income during the year., 8 combination of equity retums and rent from commercial properties. This movement in
the value ot investments includes the additional investment in the last quarter of £4.618 million of fvnds lo be
invested for fijlure College income. These funds came from the debt issue raised in 2019-20.
Of the quoted securities the greater part were held in Index Tracker Funds with BlackRock Investmenl
Management IUKI Ltd. Cash not required for immediate investment or to cover expenditure is placed on short
term deposit with a number of banks at various rates of interesL
Gross Perforniance 1 year BlackRock Portfollo Com
30 June 2021
21 17ty
30 June 2020
-6.44¥.
30 June 2019
3.790
30 June2018
30 June2017
30 June2016
ite Benchmark
8.630/.
20.42°10
4.90 10
5.52%
The College adheres to Charity Commission guidance on ethical investments. ￿en investments are made in
index tracker fvnds. the Investment Committee ￿nSiderS th9 Environmental, Social and Governance IESG)
credentials of the company that manages these funds.
The Investment Committee believes that it is more fruitful to engage with companies rather than adopt policies
which force divestment according lo inflexible criteria. The Investment Cornmittee en¢ourages all index fund
managers who are appointed by the College to adopt the highest governance and ￿rpOrate engagement
stsndards when they invest the Col*e's assets.
3.4 ReseNos
The College Reserves Policy ensures that the College has sufficient financial resources to continue, but also
constrains the extent to which reserves are built up from operating surpluses lo help maintsin inler-generalional
equity, and balance the needs of Current and future students.
The College's tsrget for tree reserves is set out below..
Reserve
Target Free
Reserves
Rabonal
Strategic
initsative
reserve
Continget
Income and
Ex
enditure
Total
£2.5 million
To lurKI strategic initiabves such as inveslrnenl in propety and facilitiès for
members of College- equlva￿nt lo 50/0 of fixed assets.
£2.5 million
Contingerty to cover extremelunexperAed expenditure or cover shortfall in
income- equwalent lo 25V/o of tuinover.
£5.0 millbon
Available free reserves represent unrestricted general funds of the College. The calculation involves analysis of
the Composition of the total reserves shown in the Balance Sheet. In line with the Charities Commission
definition, the College excludes the folk)wing categories in its calculation of free reserves." restricted reserves
leomprising special trust funds. reslricled capital grants and pern￿nent reslricled endowmentl.. illiquid
investments {which includes the College's commercial renlal properties since they are integrated with student
accommodation blocks), and fixed and heritage assets. AddilDnally the College excludes designated funds
from the tree resetves calculation as Ihese are funds for which Gounryl has designated a particular purpose
which is generally driven by prefe￿nCeS exp￿Ssed by donors and hence nol available for general expenditu￿.
16

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Set out below is a table showing the hlslorical trend in free reserves".
£ million
June 2017
June 2018
June 2019
June 2020
June 2021
Totsl
125.8
133.3
131.7
123.3
133.6
Less.. Restricted reserves
143.5)
146.1
129.2
134.11
149.6}
{34.51
{53.01
128.9}
(31.9)
{57.0)
{21.41
132.1)
160.1)
{18.9)
Le88'. Fi¥erth¢ritago 8s$0ts
Less.. Illiquid investments.
130.2)
Sub-total: Fr•0 Reserv•s
including DeBignated FundB
Less.. Designated funds
Avallable Free Reserves
19.4
1S.3
13.0
22.5
11.41
{14.41
115.1)
117.51
14.51
121.21
'Note that Illiquid investments have been re-stated to include the value of Dafwin Green "Assets held forsale" in the
balance sheet, nob.ng that once the sale is realised, the pr￿edS are trnnslerred lo thg Sidney Sussex Pennanent Fund
whAGh is a fund desttgnated by Council.
As at 30 June 2021. the College's free reserves were £1.3 million compared vthh target reseNes of £5.0 million.
The increase from June 2020 to June 2021 reflects the increase in investment values. alongside the decrease
in the pension provisions.
The College is focusing on maximising income and donations, reducing costs, effective use of restricted income
from Special Trust Funds and Designated Funds, and investing in the Sidney Sussex Permanent Fund in order
to recover from the impact of the kitchen project and COVID-19, and rebuild its free reserves to the target level
of £5 million. This is one of the key principles for financial recovery as approved by Council.
3.5 Pension funds
The College participates in ￿ pension schemes. the Sidney Sussex 1975 Pension Scheme and Ihe
Universrties Superannualion Scheme IUSSI. The College Pension kheme has been closed to new rnember5
since 2004 and al the June 2021 year-end has only five active members accruing benefits. All other College
members on the payroll are auto-enrolled in the USS Scheme (subject to meeting the eligibility ¢riteria} unless
they chwse to opt out.
The Sidney Sussex 1975 Pension Scheme deficit decreased during the year from £4.321 millv)n to £2.642
million following changes in market conditions underlying the present value of plan liabilitses
The USS deficit funding provision decreased from £1.364 million to £1.284 million. with payment made towards
the deficit in the year and a small change in salary assumptions.
Both pensh)n funds were due a triennial valuation in 2020. A valuation establishes whether, at a certain date,
the seheme trustees ￿lIeVe the pension s¢heme will have enough nx)ney to be able to pay the pensions that
the scheme's members are expecting, now and long into the future.
The July 2020 valuation for the SKlney Sussex 1975 Pension Scheme was completed in March 2021. The
deficit Tedudion contributions were maintained at the existing level of £294,000 per annum whilst the period of
the def￿1t recovery plan was redU￿d to seven years.
The 'snapshof date for USS 2020 valuation is 31 March 2020. Given the timing of the glob81 COVID-19
pandem￿, both valuations. particuLgrly USS, will be impacted by the financial uncertainty in the markels at the
valuation dale. Further increases in employer and employee contributions will come into effect from 1 October
2021 for the USS scheme.
17

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Principal risks and uncertainties
Members of the Council as trustees of the College have ultimate responsibility for ensuring risk is managed
satisfactorily within College. The Council ￿vieWed the arrangements for managing risk in 2018-19 and revised
the process, with implementation in 2019-20, and further embedding of the process in 2020-21.
The prin¢lpal risks the College must continuously address are the bng-term ability to mairrtain and develop its
educational and research activities, to attract the best staff and students, and to maintain and renftw rts phy$i¢al
facilities.
The￿ a￿ always uncertainties regarding the future external environment within which the College wll operale,
most notably ￿gardIng higher education poly and funding.
Afi of the College's principal risks were heightened by the emergence of COVID-19 in 2020. However, although
COVID-19 has contsnued to have impact in 2021, the residual scores for the majority of the College's risks
have been either lowered or maintained at the same level, as the Pandem￿ is managed nationally and
intemationally.
Summary tabltt of Sidney Sussex College rfsks In 2021
Rlsk
Raw risk
score 2021
Residual risk
score 2021
Resldual score
movement
from 2020
Financial Management
20
16
Student welfare
20
12
Student academic and personal development
20
12
Academic staff
16
12
Student admissions
16
12
Health and Safety
16
12
Communications
15
12
Donation and legacy income
12
Estates and facilities
12
Assistant staff
15
Information Technology
15
Governance
12
University and inter-collegiate relations
18

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
The prlnclpal risk in 2021
As indicated in the table above, the principal risk and uncertainty that the College faces, and the only risk
assessed lo have an overall residual red rating in 2021, is that related to financial perfomiance. The description
of this risk and key miligaling actions agreed to manage it in 2020-21, are summarised below..
Financial PerfoThance
Description and crystallisalion of risk.. This risk encompasses risks to income, expenditure or investment
performance as a result of external factors 8ndlor ineffective financial managemenl. Although both the raw and
sidual risk have been assessed as lower than they were in 2019-20, both ratings have an ongoing red
assessment in 2020-21. and the risk has continued to ¢ry$lallise in the following areas.. Due to the continued
impact of COVID-19 there were a significant number of tenants reporting financial difficulties resulb'ng in delays
lo settlement of rents andlor requesting reductions and write off of amounts due, as well as a significant loss of
income from student accommdationlcatering charges and conferencing.
Mitigating action in 2020-21.. In addition lo the key controls in place to manage financial risk, the College
agreed the following additional actions this year.. to secure a further debt issue which has eased liquidity and
provided an opportunity to leverage the balance sheet for future growth in unrestricted funds available to
College," lo review the strategic asset allocation for the College's index tracker funds held with Blackrock
Investment Management IUKI Limited-, to revw the College and Trading Subsidiary Conferencing and Events
income and profrtability forecast and plans.. to work closely with propety agents and commercial tenants", and,
to change the investment manager and strategic allocation for Sidney Sussex 1975 Pension Scheme as part of
the plan for pension s¢heme deficit reduction.
Othèr key rlsks
In addition to the printipal risk described above. the table above shows that the College identified eight
additsonal risks which in 2021 were also assessed as havin9 a red 'raw' risk rating, bul which have been ranked
amber, and hence lower than the financial risk, in terms of 'residual' risk. This is largely due lo the anticipated
and cumulative elfects of the miligalion being applied. These eight risks are summarised in the table below in
order of residual risk score (highest to lowest).
Risk
Risk do$¢ription and
incidences of c stallisation
This risk constitutes potential
failures of student welfare and l or
pastoral support leading to mental
health, safeguarding or pecuniary
issues for students.
Mitigating action in 2020-21
Student Welfare
Specific additional actions taken in 2020-
21 to mitigate this risk have included the
reV￿W of college iules and processes
which deal with harassment and sexual
misconduct, and other breaches of
discipline, to ensure consistency with and
ease of access to improved university
processes," and the appointment of a Head
of Student Wellbeing who will join the
College in September 20218nd will
develop a new strategy of mental health
and well-being support for students.
19

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Risk
Risk doscrlption and
in¢idgn¢o$ of t
Ilisation
This risk con5b'tutes potential
failure by the College to enable
students lo flourish academically
and personally. The risk was
heightened with the emergence of
COVID-19 and the need for
remote learning for significant
periods and aspects of the
leaming experience throughovl
2020 and 2021. Crystallisation of
the risk has been seen in the
increased number of Student
allowances and inlemiissions this
year.
Mitigating 8Ctlon In 2020-21
student
Academic and
Personal
Devek)pment
In addition lo the key controls in pla¢e to
manage this risk, the following additional
actions have been pursued.. the advance
budgeling of extra and co-curricular
student support,. working with the
JCRIMCR and the COVID-19 Operations
Working Group to secure maximum scope
for college facilities and student events., the
implementation of a COVID supervisions
policy to enable supervisions to take place
face lo face safely when it has tsen
possible to offer this.
Academic Staff
This risk constitutes Dolential
failure to attract and retsin high
quality academic staff to deliver
the College's teaching needs and
to eonlribute lo good college
90vernance through engaged
membership with Council,
Governing body and their
committees,. as well as the
College's ability to provide an
attractive interdisciplinary
scholarly community-
In addition to some of the key Controls to
mitigate this risk, including regular review
of teaching needs and UTO s¢heme
oprrt)rtunilies, clear expectations and
monitoring of contributionglslint of both
CTOS and UTO Fellows, and flexibility in
appointment terms, specific additional
action in 2020-21 has included discussion
al Council as to ways in which collegiality
could be sustained under COVID
reslriclions, with regular Zoom meetings for
Fellows and resumption of Formals during
the per￿S when this has been possible.
student
admissions
This risk conslilutes potential
deviations of actual admissions
trom tsrget numbers, failure to
identify candidates with best
potential, failure lo widen
participation, failure to fvlfil the
University's Access Parb'cipalion
Plan obli9alions, and failure to
comply with due pr￿88. Sidney
Sussex met three of the five
widening participation tsrgels for
undergr?duate admissions in
2021.
In addition lo the key controls in place to
manage this risk which includes a
transparent admissions process, University
Irained inleNiewers, and an outreach
programme, the following additional
actions were pursued in 2020-21.. The
development of additional plans for
outreach content on the website and
YouTube', and the implementation of an
online admissions interviews pro¢e55
within the context of the continuing COVID-
19 situation. The Admissions Director will
highlight the Importan￿ of the University
targets lo Directors of Studies in the 2022
admissions rocess.
In addition to the key controls in place to
manage this risk, in 2020-21, the COVID
task force via the Operation working group,
has continued to be a forum for the actTve
monitoring of the COVID situation in
College and the regular review of a range
of College COVID protocols and risk
assessments.
Health & Safety
This risk constitutes potential
failure to maintain a safe
environment for college members,
staff and visitors., it has been
exa￿rbaled in 2020-21 by
COVID-19 and the relum to work
by most stsff at the start. and for a
riod, of Michaelmas Term 2020.
20

SIDNEY SUSSEX COLLEGE
ANNU￿ REPORT AthID FINANCLOL STATEhENTS
FOR THE ENDED 30 JUNE 2021
Risk
P•ltlgatlng actlon
inckl&ncos of c
alllsatk*n
This risk constitrrtes the potential
the Cdkge's comrwnications
8ctliiti8s to W to darwirwJ
blclty, LY the pro%ison of
inad4uate or Inaecurate
Infcffmation thich impacts the
ColegeS reputation. In 202(k21,
the Cc4b3e has cOntin￿d to
eYperle￿e irKreawJ xrutiny
from Ihe press, rrointy S￿dent
press. in reLilion tr) ￿TrI$S10￿S
pdicy and COVID-19
Convnunicalion
In addilion ID the wistirKJ controL¥ in pLace
to nHnage thls rlsk, bthich br￿ludeS a
conmjnicalions officerto day to
day corrnwnicabons and a
coThYwni¢ations steering gr￿p to Mithv
conmJnic8tions dats and to a(hise c
polcy deci￿on9. it decided that in
202(k21. a C(￿Yehensi￿ remew ofthe
g￿rnance and accounlabillty for
conywnicalions acr(￿ the Colsege thDukJ
be initiated. This wil b8 ¢Jwng during the
2021-22 acadeffic ye8r, to culrrfinaie in
c￿r lires of respc￿1b1￿ty and a t￿d
coniTrJnicaions tAan for the Col￿e.
inc(YF()r8tsro I￿NIp￿ target 8￿J1￿￿e5
comrrnjnicabon chann*.
In additi￿ ts) ex)sling ccMtr0￿ ¥thlch
include the regular rwew of FR polci65
and prc£e&sos ty Financ8 & Needs
ConTrMttee which rewxb to Council , and
ongoing liaison wth (yJtside wJrc8s $L￿h
as the wder LkniwNty. profe&gional bJal
athsers, and intsr-Cd￿j1ats HR
Forum. the fopthiing a¢tirms ha￿ twi
initia￿1 in 202¢N21: the induction of a new
fUl￿￿TrE HR manager" the Iderffication of
training wds l training Sf*JOons, and the
de￿JPrr￿t of a system f
nb)nibringltracknng trainirrfJ.
Assigant stsff
This risk COr￿til)jt¢s the pokntial
failure of the Col* to atract
aThJ retsin appropriatety skil
and capable staff needed to n*et
the ongoing requirenEnts of tr
col￿ge. failure to 8￿Ute the
cC￿traC￿al otrAigations as an
enwbyer, andlor failure kn folk)w
best FR practice or promde 8 Safe
arKI fair V•Dthng en￿rOM￿nt.
Tre risk is likety to be an
increasing one in Ihe year ahead
du8 to Ihe incr￿ng diffi¢uty in
re¢ruilng staff as a res￿￿ of bolh
Br9>it and Ihe reopeniw of the
eccnonry after C(ND thkdDhrts.
covitk19 has Continu￿ to increase
chaI￿r￿je of rronaJing assistant skff in
202{￿21 bLrt thè nEasures to he¥) nifjgats
CCNID-19 sibJathon ha￿ continuod to
ertjed successfuty. Includir￿ reguL4r
o￿lne team e8tcF￿Ups and creation of an
orAine Y+ith inFormation regardir#J
rfic COVIt>19 polcies and
CLThnunications.
Inforrntion
TechrK)Ic¥Jy
This risk constittrtes the Fotsnti81
k)ss or corrupDon of dats, or k7ss
of access lo IT senfices; with th8
risk hamng been increased b%ithin
the of C¢NID by staff
needing lo th rgnKrtety.
In additirm to the raroe of key contrcls for
managing this risK athjitional actions
in 2021 h&e inclu(knY:
upjating of policie5 and &￿c(edl￿es to
ensure best security practice. arKI carrying
OLrt a remew of knjre d*a retention
Fdi¢ies in order to irrpbment best
ractice.
21

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT FINANCIAL STATEhEi¥rs
FOR THE YEAR ENDED 30 JUNE 2021
Plans for future perlods:
Th8 Col* is a Ferryon￿t ir*lilYtir￿ 8nd an inw&nt constituent of Ihe colegiate Ithi￿r51ty of Can-bridge.
Th8 Charitab￿ is that the Ccl¥Je Is a place of education, religion, ￿rnIng and research, and it airr6 to
pronbjte academic exell8nce and freedom of tFwht arKI belef.
pkn8 for the SW and mgjium tom inc￿￿0.
ensuring that the Colkngo is, and renyains. a COVID-19 secure enigronnMt for staff and studerts,
thr￿ regular remew of lh8 Cdbja Pisk Assessnvts and orwJoir¥J impkrrEntation and ffK)niknring CA
agreed mib'gatiro ac1C￿ in ts li9hi of e%Th%qng Departrrnnt for Education and Public ErKJk8Th
thce
¢￿tin￿r￿a to dthek)p proFwk for imFfo%pThnts in FfjSt(Kd care, fdkming reLeipt ofd(xKf fL￿dIng
for this purpM)se, V•Drknng vllh the recrLited Coleg8 Hg•J of s￿dent Welbeing vkno corrrrErths
vth for the Col* in Septemter 2021
continued remew ofts Cdbp's a(knisslorts strategy In the Ight ofthe Lhiwrslty's Acces8 and
Participation Plan IAPPI, the wider Ad￿lSsionS Remew initiated by thè Unisw%ty rerthed in
2021, the gOvernn￿nt consuAation on P05t ￿a1￿CatiOn A8sessmnt, and wepar*icffl for imo￿Thnt
in the Lhiw8Ity-￿1da foundation year prograrr￿. th8 first intake of vthich in 2022-Y3
ongoing ￿teW and I￿￿￿En￿tioft ofthe strucknre and renwneration oftoochirg prwsion ￿lIhin Ihe
capltaNslrwJ ￿ the cw)rbJnibes that1he compkti(n in SumnEr 2021 of Ihe proJ￿t to bLllkJ a new
baserrent kntchen and create a n8w semry and diniThJ hall, aff￿dS the Cd*e in temB of enhanc8d
$kn￿nt dining. conferar￿a and aknrni 84pnts
ongoing inwemntslion of pL9n to r￿0vaT from COVID-19 financial bsses by 2023-24., that is to retyrn
t* break-even on SUrp￿￿defI¢lt before nwjcw tht)rks and donations, and take appropriate nwyjres to
re￿Ik1 free reser￿8 kn meet the tar￿t knel of£5 million
bJSkling ukN)n the Garried out by the e8tsbllsh￿ Equaty, DibErsity and Incluson Y￿r￿r￿j
up lo de* a stralegy for imFfoMr¥J wlty, disersity and InckJ81￿ wthin Ihg
ng iffpknMting an enNironffBntal suslainability strakn and Flan for ts Cc4b38
de￿I0￿r￿j a stratsgic framwrk for Ihè Cd8g8 ththich wll be based on a review of thg chalkgThJes aTh
achiwments of the Cd*, ¢(w￿liaOr￿ ￿•th key 8laketrKAd8rs
successlon pLqnning for ts ￿lAstership, 7rtithin Ihe pr￿eSSeS set out in th8 Statutès, for th8
current fr10stsrfs tsrm ends in 2023
continucMJ8 inWro￿n￿￿ lo gcvornanGe arrang¢ftpnts, Inchjdlng an on￿r￿￿ r￿aW of Colbge
F￿¢18S and PrO￿oL￿
Ap￿0￿1 at thg rrwtiTr3 of the Councll on 10 Pknent*r 2021
Professor R Porty
Master

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
CORPORATE GOVERNANCE
In February 2018 a revised sel of Statutes for the College were approved by the Privy Council. The College is
govemed, under these Statutes, by tsvo prinapal bodies..
The Governin Bod
Comprises the Master, all Fellows in Class 1 Ileachingl, Class 2 Iresearchl or
Class 3 ladministr8tivel, and four elected students representing the junior members of the College. The
Governing Body meets 6 to 8 times a year. 11 elects the College Council and supervises its work. In
addition, it has the 8Uthority to make or amend the slatLrtes and ordinances of the College and to
solve issues conceming their interpretstion., to authorise any substantial alterations or additions to the
College buildings or grounds,. to hold the annual Audit Meeting,. to ele¢t and de¢ide on the
remuneration of the Master (subject lo the Remuneration and Benefits Committee).. and to elect the
Vice-master.
Thg Colle
Council". compftses the Master, three Fellows ex officio (the viCe￿aster, Bursar and
Senior Tutor), nine lo Fellows elected for three-year temis by the Annual Meeting of the
Governing Body, and fourjunior members. three of whom are elected ex officio and one directly. The
Council usually meets 9 times a year, and deals with all matters of College administration not reserved
to the Governing Body. The members of the College COU￿11 are the charity trustees of the College.
The Governin9 Body and the College Council are served by sUb-￿MMIttee$ of which the principal ones as set
out in the Statutes and Ordinances are.. Audit Committee, Education and Pastoral Care Committee, Finance
and Needs Committee, Investment Committee, Remuneration and Benefits Committee and Ststules and
Ordinances Committee. The Audit, Irsvestment and Remuneration and Benefits Committees contain members
vtho are external to the College.
The Finance and Needs Commlttee is a standing committee of the Council, appointed annually, nomially at
the Annual Council Meetin9. The Committee has the responsibility for the financial affairs of the College,
including in the long-term, and frjr all aspects of financial poli¢y, which in¢ludes." priorities and resources for
teaching needs identified by the Education and Pastoral Care Committee, financial strategy and policy, financial
planning and resource management, including human resources, College accounts and suitable procedures for
financial and other control. The Committee shall act as a remuneration and benefits committee for assistant
staff. setting annual policy and pay bands.
The Audil Commlttee is a standing committee of the Governing Body, appointed annually, normally at the
Annual Meetsng. The Committee has the authority lo seek out concerning informab.on and investigate any
matter within ils remit. Any memter of the Committee, and any aulhorised agent of the Committee, rnay inspect
the financial records of the College. The Committee will scrutinise accounting policy and piactice, alongside the
internal systems of financial and other control set by the Finan￿ and Need5 Committee. It will also set policy
and oversee procedures for risk assessment alld risk managemenl. It is its duty lo manage the annual external
audit of the College a¢Goun15 and it has general oversight of the effectiveness of College governance, with
authority lo raise any matter of concem with the Governing Body.
The InvoStm&nt Commlttee is a standing committee of the Council, also appointed annually. Wlhin the terms
of policies *t by Ihe Council and subject to any specific direcb'ons from the Council, the Committee manages
ash, including the investment or realisab.on of operational cash, stocks and shares and other financial
instruments, investment funds and land or any interests in land held for investment purposes.
The Remuneratlon and Beneffts Commlttee is a standing committee ofthe Governing Body. The Committee
acts as an independent advisory body with power to set limits on the level of remuneration and olher direct and
indirect benefits (including the receipt of any salary, stipend, allowance, fund or facility, or any other benefit of
measurable value) of the Master, Fellows and Officers of the College, including the Trustees.
The Education and Pastoral Car¢ Committee is a standing committee of the Council. The Committee h8S
general superintendence of educational policy and provision in the Colle9e, keeping all aspects under review.
In particular it mnitors relevant Universty policies and general public policies on educational matters,
consideis proposals and makes recommendations on undergraduate and graduate admissions policy and
practice, makes annual assessments of teaching needs and resources and identifies any appropriate changes
to teaching provision or admissions practice, induding the addition or loss of teaching slaff. The Committee
23

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
takes sleps to maintain the quality of College teaching and its costeffe¢tiveness. and for that purpose lake due
account of feedback from gtudenls, both through fomial general consultation and in dialogue with students,
representatives. It reports annually to the Council on the academic perf0mlan￿ of undergraduate and
postyraduale student5 and proposes measures which may help sustain and improve that performance
including, through the appropriate channels lin particular the Graduate Tutors, Committee and Education Sub-
Committee of the Senior Tutors, Committee) any aspects of the collegiate University's educational provision for
postgraduates which gives rise lo concern.
The Statutes and Ordlnances Comrnlttee is a standing Committee of the Governing Body. The Committee
provides advice on legal matters which arise, whether within the College or from advi￿ or consultations
initiated by bodies in the collegiate University or beyond. It keeps the Statutes and Ordinances of the College
under review in the light of University policy and practice, the law of the land and best practice. and makes
recommendations for changes to the instruments of govemance. providing appropriate draft instruments to give
effect lo such recommendab'ons.
24

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
STATEMENT OF INTERNAL CONTROL
The Counal is responsible for maintaining a sound System of internal control that supports the achievement of
policy, aims and objectives while safeguarding the public and other funds and assets for which the Council is
responsible, in accordance with the College's Statutes.
The system of internal control 1$ risk based, so is designed to manage and mitigate, rather than eliminate. the
risk of failure to achieve policies. aims and objectives.
The system of internal control is designed to identify the principal risks to the achievement of the College's
policies, aims and objectives, lo evaluate the nature and extent of those risks and to manage them eff￿lently,
effecb.vely and economically. The Council has responsibility for agreeing the fisk assessment. Risk
Managen￿nt is delegated to individual Committees and is ovefseen by the Audit Committee. The Audit
Committee's and Council's review of the effectiveness of the System of internal control is informed by the work
of the various Committees, the Bursar, and College officers, who have responsibility for the development and
maintenance of the internal control framework, and ty commenis made by the external auditors in their
management letter and other reports.
The Audit Committee meets without officers being present and can carry out independent investigations of
complaints and is a point ot independent contact for the Auditors.
25

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
RESPONSIBILITIES OF THE COUNCIL
The Counul is responsible for preparing the Annual Report and financial statements in accordance with
applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting
Pract￿).
The College's Statutes, and the Statutes and Ordinances of the UnNersity of Cambridge, require the Governing
Body to prepare financial statements for each financial year which give a true and fair view of the state of affairs
of the College and of the surplus or deficit of the College for that period. In preparing these financial
statements, the Council is required to..
select suitable accounting policies and then appty them consistently
make judgements and estimales that are reasonable and prudent
stste whether appli¢able accounting standards have been followed, subject to any material depa￿reS
disclosed and explained in the financial statements
prepare the financial statemenlg on the going Concern basis unless it is inappropriate to presume that
the College will continue in operation.
The Council is responsible for keeping a¢wunting records which disclose with reasonable a¢curaey at any time
the financial position of the Coll￿e and enable it lo ensure that the financial statemen15 comply with the
Statutes of the University of Cambridge. 11 is also responsible for safeguarding the assets of the College and
hence for taking r8asonable steps for the prevention and detection of fraud and other irregularities.
The Council is responsible for the maintenance and integrity of the corporate and financial information included
on the College's website. Legislation in the United Kingdom goveming the preparation and dissemination of
financial statements rnay differ from legislatson in other jurisdictions.
26

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
INDEPENDENT AUDITORS, REPORT TO THE COUNCIL
Opinion
We have audited the financial statements of S￿neY Sussex College Ilhe 'College} for the year ended 30 June
2021 which comprise the Statement of Comprehensive Income and Expenditure, the Statement of Changes in
ReseTves, the Balance Sheet, the Cash Flow Statement and notes to the financial stslements, including a
summary of significant accounting policies_ The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard
102 The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland Iunited Kingdom Generally
Accepted Accounting Practice).
In our opinion, the financial ststements..
give a true and fair view of the state of the College's affairs as at 30 June 2021 and of ils incoming
resources and application of resources for the year then ended.,
have been prop8rly prepared in accordance with Unrted Kingdom Generally Accepted Accounting
Pracb'ce., and
have been prepared in accordance with the requirements of the Charities A¢t 20118nd the Statutes of
the University of Cambridge.
8a818 for oplnlon
We Conducted our audit in accordance with International Standards on Auditing IUKI (ISAS IUKII and applicable
law. Our responsibilities under those standards are further described in Ihe Auditors, responsibilities for the audit
of the financial statements section of our report. We are independent of the College in accordanTr with the ethical
requirements that are relevant to our audit of the financial statements in the United Kingdom, including the
Financial Rep)rting Council's Ethical Slandard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufticient and
appropriate to provi(Je a basis for our opinion.
Conclusions relatlng to golng concern
In auditing the financial statements, we have conduded that the Trustees. use of the going concern basis of
accounting in the preparation of the financial ststemenls is appropriate.
Based on the work we have performed, we have not idents'fied any material uncertainties relating to events or
conditions that, individually or collectively, may cast Significant doubt on the College's ability to continue as a
going concern for a period of at least fv4elve months from when the financial statements ale authorised foi issue.
Our responsibilities and the responsibilities of the Tru$lees with respect to going concem are described in the
relevant sections of this report.
othgr Inft>rmation
The Council are responsible for the other information. The other information ¢omprises the infomiation included
in the Annual Report other than the financial statements and our auditors, report thereon. Our opinion on the
financial slalemenls does not cover the other information and. except to the extent ott)erwise explicitly stated in
our report, we do not expr•¥s any fonn of assuran￿ conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other infomation and. in
doing so, consider whether the other information is Tnaterially inconsistent with the financial statements or our
knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. Ifwe identify such
material inconsisten¢ie$ or apparent material misstatements. we are required lo determine whether there is a
mat8rial misstatement in the financial ststements or a material misstatement of the other information. If, based
on the work we have performed, we conclude that there is 8 material misstatement of this other information, we
are ￿quired to report that fact.
We have nothing to report in this regard.
27

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Opinion on other matt•rs pre8¢ribed by the Statutes of the University of Cambridgo
In our opinion based on the work undertaken in the course of the audit..
The contribution due from the College to the University has been computed as advised in the provisional
assessment by the University of Cambridge and in accordance with the provisions of Statute G,11, of the
University of Cambridge.
Matters on whlch we are required lo rpport by exceptlon
the light of the knowledge and understanding of the College and its environment oblained in the course of the
audit, we have not identified material misststements in the Operating and Financial Review.
We have nothing to report in respect of the foll¢)wing matiers in relation to which the Charitses (Accounts and
Reports) Regulatsons 2008 require us to report to you rf, in OLsr opinion..
sufficient accounting records have not been kept., or
the financial statements are not in agreement with the accounting records,. or
we have not received all the infomialion and explanations we require for our audit.
Responsibilities of the Councll
As explained more fvlly in the responsibilities of the Council statement set out on page 26, the Council 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 the Council determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Council are responsible for assessing the College's abilty to continue
as a going concern, disclosing, as applicable, matters ￿lated lo going concem and using the going concern basis
of accounts'ng unless the Trustees either intend lo liquidate the College or lo cease operations, or have no realists'c
altemalive but lo do so.
Audltors, responsibilities for the audit of tho financlal statsments
Our objeGtives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement. whether due lo fraud or error, and to issue an Auditors, report that includes our
opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audrt conducted in
accordance with ISAS IUKI will always detect a material misstatement when it exists Misstatements can arise
from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be
expected to Influen￿ the economic decisions of users tsken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design protsdures
in line with our Tesponsibililies, outlined above. to detect material misststemenls in respect of Irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is
detailed below..
Our approach lo identifying and assessing the risks of material misslalement in respect of irregularities, including
fraud and non-compliance with laws and regulalK>ns, was as follows..
the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills lo identify or recognise non-eompliance with applicable Laws and
regulations.,
we Kienlified the laws and regulations applicable lo the College through discussions wrth Trustees and
other management, and from our knowledge and experience of the education sector.,
we obtained an understsnding of the legal and regulatory framework applicable to the College and how
the College is comptying with that tramework.,
28

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT ANO FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
we identified which laws and regulations were significant in the context of the College. The Laws and
regulations we considered in this eontext were Charities Act 2011, the Statutes of the Unwersity of
Cambridge and taxation legislation. We assessed the required compliance with these laws and
regulations as part of our audit procedures on the related financial statement items,.
in addib'on, we considered provisions of other law5 and regulations that do not have a direct effect on the
ffinancial statements but compliance with which might be fundamental to the College's and the Group's
ability to operate or lo avoid material penalty.. and
identified laws and regulations were ¢ommuniGated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the College's financial statements to material rnisstatemenc including obtaining
an understanding of how fraud might occur, by..
making enquiries of management as to where they considered there was susceptibility to fraud. their
knowledge of actual, suspected and alleged fraud,. and
considering the inlemal controls in place lo mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls. we.,
tested journal entries to identify unusual transactions..
assessed whether judgements and assumptions made in detemiining the accounting estimates set out
in the accounting policy were indicative ot potential bias,. and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and nonvcompliance wrth laws and regulations, we designed procedures
which included, but were not limited lo..
agreeing financial statement disclosures to underlying supporting documentation.,
reviewing minules of meetings of those charged with governance.,
enquiring of management as to actual and potential litigation and claims," and
reviewing correspondence with relevant regulators and the College's legal advisors.
There are inherent limitslions in our audit procedures descfibed above. The more removed that laws and
regulations are from financial transactions, the less likely il is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
to enquiry of the directors and olher management and the inspecbon of regulatory and legal correspondence, if
any.
Material mi5Statements that arise due to fraud can be harder to detecl than those that arise from error as they
rnay irbvolve deliberate concealment or collusion.
A ftjrther descriptson of our responsibilities for the audit of the financial statements 1$ located on the Financial
Reporting Council's website at." wvM.frc.org.ukJauditorsresponsibilties. This descriptson forms part of our auditors.
report.
29

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Use of our report
This report is made solely to the College's Council as a body. in accordan￿ with College's statutes, the Statutes
of the University of Cambridge and the Charities Act 2011. Our work has been undertaken so thal we might stale
to the Council those matters we are required to state to them in an Auditors, Report and for no olher purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the College
and the College's Gouncil as a body, for our audit work, for this Teport. or for the opinions we have formed.
IA• qcye
PETERS ELWORTHY & MOORE
Chartered Accountants and Slatulory Audrtors
Salisbury House
Station Road
CambrKlge
CB12LA
Date.. 16 November 2021
Peters Elworthy & Moore is eligible to act as an auditor in temis of section 1212 of the Companies Act 2006.
30

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
STATEMENT OF PRINCIPAL ACCOUNTING POLICIES
Basis of preparatlon
The financial statements have been prepared in accordance with the provisions of the Ststutes of the College
and of the University of Cambridge, using the Recommended Cambridge College Accounts IRCCAI form8t',
and applicable United Kingdom Accounting Standards, including Financial Reporting Standard 102 IFRS 1021
and the Statement of RecomnEnded Practice ISORP).. Accounting ft)r Further and Higher Education issued in
2019.
The Statement of Comprehenswe Income and Expenditure includes activty analysis in order to demonstrate
that all fee income is spent for educational purposes. The analysis required by the SORP is set out in note 6.
The College is a public benefit entity and therefore has applied the relevant public benefit requirement of the
applicable UK laws and accounting standards.
Basis of a¢¢ounllng
The financial ststements have tEen prepared under the historical Gost convention, modffied in respect of the
treatment of investments and certain operational properties whioh are in¢luded at valuation.
Golng Concern
In light of the global pandemic that commen¢ed in earfy 2020, the Twstees have specifically considered the
impact of the COVID-19 Icoronavirusl pandemie, including the extent to which the College has experienced
disruption in ils activilEs in the year. Mthilsl students relumed in October 2020. the second bckdown in January
2021 caused further disruption which irnpacled on the Coll￿e'S ability to generate sufficient income from luilion
fees, accommodation and caterin9 and investment activities to meet ils ongoing expenditure obli9alions. After
the year end, following government announcements, some confefence and Summer school activities were able
to take pla¢e.
The College has undertaken additional budgeting, forecasting and cash flow planning which is reviewed and
monitored by the Financ8 and Needs Committee and Council. Forecasts have been prepared for the period to
2026 which have been stress tested based on a number of scenarios and have considered the impact upon the
College and ils cash resources and unrestficted reserves. The College has reviewed its cost base in order to
Combat the reduct￿In in fftvenues and to extend financial headroom. The College has made use of the
Government Job Retention Scheme. The College also has significant investments which could be realised if
required.
Based upon their review the Trustees believe that the College will have sufficient resources to meet its liabilities
as they fall due for the foreseeable ftjtU￿ and therefore have ¢ontinued to adopt the going concern basis in
preparing the financial statements.
Consolidation of subsidiaries
Sidney Sussex College has two wholly owned subsidiaries, SKJney Sussex Limited and Sidney Sussex
Hospitality Company. Sidney Sussex Limited is a dormant company and Sidney Sussex Hospitality Company
Ltd has not been consolidated on the basi5 of materiality but has produced accounts that are available at
Compantes House.
Rocognition of Incomo
Acad6mic fees
Academic fees are wognised in the period to which they relate and include all fees chargeable to students or
their sponsors.
Grant income
Grants received from non*ovemment sources lin¢luding research grants from non-govgrnment sour¢gsl are
recognised within the Statement of Comprehensive Income and Expenditu￿ when the College is entitled to the
income and perfom)ance related conditions have been mel.
31

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Income received in advance of performance related conditions is deferred on the balan¢e sheet and ￿leaSed to
the Statement of Comprehensive Income and Expenditure in line with sud) conditions being mel.
Donat￿n$ and endowments
Non exchange transactions without performance related conditions are donations and endowments. Donations
and endowments with donor imposed restrictions are recognised within the Statement of Comprehensive
Income and Expenditure when the College is entitled to the income. InGome is retained within restricted
resetves until such time that it is utilised in line with such restrictions at which point the income is released to
general reserves through a reseNe transfer.
Donations and endowments with restrictions are classified as restricted reserves with additional disclosure
provided within the notes to the accounts. Restricted capital grants are released to general reserves upon
completion of the capital projecl to whtch they relate.
Special Trust Funds are restricted funds that the College holds in Irusl. The College is not free tr) change the
terms on which these funds were established, though, as a result of the new Statutes approved in February
2018, it does have ￿latiVelY broaé powers to use surplus income.
There are four main types of donations and endowments with reslriclions".
Reslricled donatsons- the donor has specified that the don*ion must be used for a particular
objective.
2. Unrestricted permanent endowments- the donor has specified thal the fund is to be pempnenlly
invested lo generate an income stream for the general benefit of the College.
3. Restricted expendable endowments- the donor has specified a particular objective and the
College can convert the donated sum into income.
4. Restricted permanent enéowments - the donor has specified Ihal the fund is to be pemianently
invested to geneiate an income stream to be applied to a particular objective.
Designated Funds are funds that have been given without restriction, which the Council has decided to
designate for a specific purpose. Often this ￿flects the preferences of the donor. The Council is free to make
and amend the regulations for these funds.
Donations with no restrictions are recorded wrthin the Statement of Comprehensive In¢ome and Expenditure
when the College is entitled lo the income.
Investment income and change in value of investm8nt assets
Investment income and change in value of investment assets is recorded in income in the year in which it
arises and as either reslricled or unrestricted income according to the terms or other restrictN)ns applied to the
individual endowment fund.
All investrnenl income is credited lo the Statement of Comprehensive Income and Expendilure in the peric#J in
which il is eamed. It is then transferred to an Accumulated Income Account, from which the Council declares
an annual dividend. This dividend forms the income for the Trust Funds for the year. The scheme is desigrsed
to smooth out fluclualions in Trust Fund income.
Other incom8
Income is received from a range of activities including accommodation. catering conferences and other
serviees rendered.
Cambridge Bursary Scheme
In 2020-21, the Cambridge Bursarie5 given by the College lo eligible students were made directly by the
Student Loans Company ISLCI. The College reimbursed the SLC for the full amount paid lo their eligible
students, and the College subsequently received a contribution from the University of Cambridge towards this
payment. The College has shown the gross payment made to eligible Students and a contribution from the
University as Income 4Jnder"Academic Fees and Charges..
32

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
The nel payment of £107,250 is shown within the Statement of ComprehensNe Income and Expenditure as
follows..
Income (see note 11
Expenditure
£119,000
£226,250
Foreign currency trnnslation
Transactions denominated in foreign currencies are recorded al the rate of exchange ruling al the dale of the
transactions. Monetary assets and liabilities denominaled in foreign currencies are Iranslaled into sterling at
year end rates or, where there are forward foreign exchange contract, al contract rale5. The resulting
exchange differences are dealt with in the detemiination of the comprehensive income and expenditure for the
financial year.
Fixed a88ets
Land and buildings
Fixed assets are staled at deemed cost less accumulated depreciation and accumulated impairment losses.
Wnere parts of a fixed asset have different useftjl lives, they are accounted for as separate items of fixed
asset5.
Costs incurred in relabon lo land and buildings after initial purchase or conslruclion, and prior to valualKin. are
capitalised to the exienl that they increase the expected future benefits to the College.
Fix8d assets
Freehold land is not depreciated as it is considered to have an indefinite useful life. Freehold buildings and
Long Leasehold Buildings are depreciated on a 1Yo reducing balance basis.
Short Leasehold Buildings are depreGiated over the life of the lease up to a maximum of 50 years.
Assets under construction are valued at CO5( based on the value of architects, certificates and other direct
osts incurred and are wognised on a cash basis. They are not depreciated until they are brought into use.
Land held specifically for development, investment and subsequent sale is included in curf8nl assets at the
lower of cost and net realisable value.
The cost of additions to operational property shown in the balan¢e sheet includes the Cost of land. Furniture,
fittings and equipment costing less than £5,000 per individual item is written off in the year of acquisition unless
the aggregate value of related items exceeds £25,000. All other assets are Capitaliserj and depreciated over
their expected useful lrfe as follows..
Furniture and fith'ngs
Motor vehicles
Plant and equipment
2_25Qkn reducing balancelstravJht line
20•lo Straight line
15-25Vo reducing balan¢el$traight line
Leased assets
Leases in which the College assumes substantially all the risks and rewards of ownership of the leased asset
are classified as finance leases. Leased assets acquired by way of finance leases are stated at an amount
equal to the lower of their fair value and the present value of th6 minimum lease payments at inception of the
lease, less accumulated depreciation and less accumulated impairment losses. Lease payments are accounted
for as described below.
Minimum lease payments are apportioned betsveen the finance charge and the reduction of the outstanding
liability. The finance ¢haige is allo¢aled lo each period during the lease term so as to produ￿ a constant
periodic rale of interest on the remaining balance of the liability.
Costs in respect of operakn'ng leases are charged on a slraight-line basis over the lease term. Any lease
premiums or in￿n￿'veS are spiead over the minimum lease term.
33

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Heritage assets
The College holds and conserves a number of collects'ons, exhibits. artefacts and other assets of hislorfical,
artistic or scientific importance. Heritsge assets acquired before 1 July 2000 have not been capilalised since
reliable eslimales of cost or value are not 2vailable on a cost-benefil basis. Acquisrtions since 1 July 2000
have been capilalised at cost or, in the case of donated assets, at expert valuats'on on receipt. Heritsge assets
are not depreciated since their long economic life and high residual value mean that any depreciation would not
be matenal.
Investments
Securities are induded in the balance sheet at fair value on 30 June each year, except for investments in
subsidiary undertakings which are stated in the College's balance sheet at cost.
Investment properties are ineluded at fair valuab'on and the aggregate surplus or deficit in transferred to
Unrestricted Reserves. A ft)rmal valuation of the commercial propety holdings was ￿rried out by Cheffins,
Chartered Surveyors, as a130 June 2020.
Stocks
Stocks are staled at the lower of cost and net realisable value after ￿￿akIng provision for slow moving and
obsolete items.
Provisions
Provisions are recognised when the College has a present legal or constructive obligation as a result of a past
event, it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation.
Contlngont Ilabilitigs and assgts
A contingent liability arises from a past event that gives the College a possible obligalK>n whose existen￿ will
only be confirmed by the occurren¢e or othenNise of uncertain future events, not wholly within the control of the
College. Contingent liabilitses also arise in ¢ircumslances where a provision would othe￿iSe be made but either
it is not probable that an ouffiow of ￿SOUrceS will be required or the amount of the obligation cannot be
measured reliably.
A contingent asset arises where an event has taken place that gives the College a possible asset whose
existen￿ will only be confirmed by the occurrence or othetwise of uncertain future events not wholly within the
eontrol of the College.
Contingent assets and liabilities are not recognised in the balance sheet but a￿ disclosed in the notes.
Flnancial instruments
The College has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognibon, measurement
and disclosure of financial instruments. Financial assets and liabilities are recognised when the College
becomes paty to the conlraclual provision of the instrument and they are classified according to the substance
of the contractual arTangements entered into.
A financial asset and a financial liability are offset only when there is a legally enforceable right to sel off the
recognised amounts and an inlenlion either to settle on a net basis, or to realise the asset and setue the liability
Simultaneously.
Financial asgets
Basie financial assets include trade and other receivables, cash and cash equwalents and investments in
commercial paper li.e. deposits and bonds). These assets are inrtially recognised al transaction price unless
the arrangement constitLrtes a financing transaction, where the transaction is measured at the present value of
the future reeeipts discounted at a market rate of interest. Such assets are subsequently carr￿1 at amortised

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
cost using the effective interest rate method. Financial assets are assessed for indulors of impairment at each
porting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement
of Comprehensive Income.
For financial assets carried at amortised cost the impairment Ios5 is the drfference be￿een the carrying amount
of the asset and the present value of the estimated fvture cash flows, discounted at the asset's original effective
interest rate.
Other financial assets, including investrnents in equity instruments. which are not subsidiaries or joint ventures,
are initially measured al fair value which is typically the tonsaction price. These assets are subsequently
carried at fair value and changes in fair value at the reporting dale are recognised in the Ststement of
Comprehensive Income. Where the investment in equity instruments is not publicly traded and where the fair
value cannot be reliably measured, the assets are measured at cost less impairment. Investments in propety
or other physical assets do not constitute a finanaal instrument and are not included.
Financial assets are de-recognised when the contractual rights to the cash flows from the asset expire or are
settled 01 substantially all of the risks and rewards of ownership are transferred to another party.
Flnanclal Ilabililies
Basic financial liabilities in¢lude trade and other payables, bank loans and intergroup loans. These liabilities are
initially reeognised at transaction price unless the arrangement constitutes a financing Iransaclion, where the
debt instrument is measured at the present value of the future payments discounted at a market rale of interest.
Debl instruments are subsequendy carried at aM0￿sed cost using the effective interest rate method.
Fees paid on the eslablishmenl of loan facilities are recognised as transaction costs of the loan to the extent
that it is probable that some or all of the facility will be drawn down.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable a￿ classified as current liabilities if payment is due within one year
or less. If not, they are presented as nonvcurrent liabilities. Trade payables are recognised initially at transaction
price and subsequently measured at amortised cost using the effective interest rate method.
Derivatives, including forward foreign exchange contracts, are not basic financial inslrumgnts. D8rivatiV8s are
initially recognised al fair value on the dale the derivative contract is entered into and are subsequently re-
MeaSu￿d at their fair value at the reporting date. Changes in the fair value of derivatives are recognised in the
Statement of Comprehensive Income in finance costs or finance income as appropriate, unless they are
included in a hedging arrangement
To the extent that the College enters into forward foreign exchange contracts which remain unsettled at the
reporting date the fair value of the contracts is reviewed at that dale. The initial fair value is measured as the
transaction price on the dale of inception of the conlracls. Subsequent valuations are considered on the basis
of the forward rates for those unsettled contracts at the reporting date. The College does not apply any hedge
accounting in resped of forward foreign exchange ¢onlracts held to manage cash flow exposures of forecast
transactions denominated in foreign currencies.
Financial liabilities are de-recognised when the liability is discharged, cancelled, or expires.
Taxatlon
The College is a registered charity (number 11375861 and also a charity within the meaning of Section 467 of
the Corporation Tax Act 2010. kcordingly, the College 15 exempt from taxation in respect of income or capital
gains received within the categories Covered by s￿li0n$ 478 to 488 of the Corporation Tax Act 2010 or
Section 256 of the Taxation of Chaigeable Gains kt 1992 to the extent that such income or gains are applied
to exclusively charitable purposes.
The College receNes no similar exemplK)n in respect of Value Added Tax.
35

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Contribution under Statute G, 11
The College is liable to be assessed for Contribution under the provisions of Stslule G.11 of the University of
Cambridge. Contribution is used lo fund grants to wlleges from the Colleges Fund. The liability for the year is
as advised to the College by the University based on an assessable amount derwed from the value of Ihe
College's assets as at the end of the previovs financral year.
Pension costs
Retirement benefits for employees, who started afier 2 January 2004, and for the majority of Fellows a
provided by the Universities Superannuation Scheme {USSI. Benefits for participating employees who started
before l January 2004 are provided by the College's own scheme, Sidney Sussex 1975 Pension Scheme, bul
this is now closed to new entrants.
Universilies sup6r8nnUat￿n Sch8m8
The College participates in Universities Superannuation Scheme. The assets of the scheme are held in a
separate tnjstee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed
to individual institul¢ons and a scheme-wide contribution rale is set. The College is therefore exposed to
actU8rial risks associated with other inslilutions, employees and is unable to idents.fy its share of the undedying
assets and liabilities of the scheme on a consistent and reasonable basis. As required by Secb'on 28 of FRS
102°Employee benefits., the inslitulion therefore accounts for the scheme as rf il were a defined
contributson stheme. As a result, the amount charged to the profit arid loss account represents the
contributions payable to the scherne. Since the institution has ente￿d into an agreemenl (the Recovery Plan)
that determines how each employer within the scheme will fund the overall deh'cit, the institution recognises
liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit)
with related 8xp8nsgs being recognised through the profit and loss account.
S￿neY Suss8x Coll8g8 1975 PensDn Scheme
This 1$ a defined benefit scheme which is externally funded and contracted out of the State Second Pension
Scheme up to 31 March 2016. The funds are valued every three years by a professionally qualified
independent actuary using the projected unit method, the rates of contribut￿n payable being delemined by the
Iruslees on the advice of the actuary. In the inteNening years, the actuary reviews the progress of the scheme.
Pension costs are assessed in ac¢ordance with the advice of the actuary, based on the lalesl actuarial
valuation of the scheme and is accounted for on the basis of ¢har9ing the cost of providing pensions over the
period during which the College benefits from the employees, and Fellows. services.
Employment beneffts
Short term employment benefits such as s81aries and compensated absences 8re reccgnised as an expense in
the year in which the employees render setvice to the College. Any unused benefits are accrued and measured
as the addrf(ional amount the College expects to pay as a result of the unused entiuement.
Reserves
Reserves are allocated be￿een restricted and unrestricted reserves. Endowment reserves include balances
which, in respect of endowment to the College. are held as permanent funds, which the College must hold in
perpetuity.
Restricted reserv85 include balances in respect of which the donor has designated a specific purpose and
therefore the College is restricted in the use of these funds.
CritiGal acGounting estimatss and judgements
The preparation of the College's accounts requires College offi￿rg to make judgements, estimates and
assumpts'ons that affect the application of accounting policies and reported amounts of assets and liabilities,
income and expenses. These judgements, eslimales and associated assumptions are based on historical
experience and other factors, including expectations of future events that are believed lo be reasonable under

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
the circumstances. The resulting accounting estimates will, by definition, seldom equal the ￿lated actual
results.
College Offi￿r5 consider the areas set out below to be those where critical accountlng judgements have been
applied and the resulting estimates and assumptions may lead to adjustments to Ihe future Carrying amounts of
assets and liabilities.
Income recognition - Judgement is applied in determining the value and timing of certain income items to be
recognised in the accounts. This includes determining when performance related conditions have been met and
determining the appropriate recognition liming for donations. ￿qUeStS and legacies. In general, the later are
recognised when al the probate stage.
Usefvl lives of property, vehick. equipment and fumiture- Property, vehicle, equipment and fijrniture represent
a significant proportDn of the College's total asset5. Therefore the estimated useful lives can have a significant
impact on the depreciation charged and the College's reported performance. Useful lives are determined at the
time the asset is acquired and reviewed regularly for appropriateness. The lives are based on historical
experiences with similar assets. professional advice and anticipation of future events. Details of the carrying
values of propety, plant and equipment are shown in note 8.
Recoverability of debtors- The provision for doublfvl debts is based on the College's estimate of the expected
recoverability of those debts. Assumptions are made based on the level of debtors which have defaulted
historically. coupled with current economic knowledge. The provision is based on the current situation of the
customef, the age profile of the debt and the nature of the amount due.
Investment propety- Properties were revalued lo their fair value al the reporting date by Cheffins Commercial.
The valuation is based on the assumptions and judgements which are impacted by a variety of factors including
market and other economic conditions. The revised valuation at 30 June 2021 was reduced ftom £17.4 million
10 £15.0 million. Given the unknown fufvre impa¢t that COVID-19 might have on the real estate markel, thg
valuation of the properties will be kept under frequent review.
Investments in Chaiities Property Fund- the College holds an investment in the Charits'es Property Fund
Income Units which at the year*nd was valued at £2.5 million.
Retirement benerrt obligatr'ons- The cost of defined benefit pension plans land other posl-employmenl
benefitsl are determined using acbJarial valuations. The actuarial valuation involves making assumptions about
discount rates, future salary increase5, mortalrty rates and future pension in¢rea5e$. Due to the ¢omplexity of
the valuation, the undedying assumptions and the long term nature of these plans, such estimates are subje
to significant uncertainty.
College Officers are satisf￿d that Universities Superannuation Scheme meets the definits'on of a multi-employer
scheme and has therefore recognised the discounted fair value of the ¢onlraclual Contributions under the
recovery plan in existence al the date of approving these financial ststements. Further details are given in note
26.
As the College is contractually bound to make deficit recovery payments to USS, this is recognised as a liability
on the balance sheet. The provisitin is currently based on the USS deficit recovery plan agreed after the 2018
actuarial valuation, which defines the deficit payment required as a percentsge of future salaries until 2036.
These contributions will be reassessed within each triennial valuation of the scheme. The provision is based on
College Offi¢ers' eskn.mate of expected future salary inflation, changes in staff numbers and the prevailing rate
of discount. Further details a￿ set out in note 26.
37

¢DfffJO
00
¢o¢o
(omm
¢O<LL
nzo
LkfLU<OU

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT FINANC14L STATEPIENTS
FOR THE VE*R ENDED 30 JUNE 2021
BAL￿CE SHEEr
2021
£wo
Not•
Non4urr•nt As8•ts
Fwl assets
59,831
234
84.154
144,219
$6,780
234
76,797
13&791
I)voStM￿ls
Curr•nta66•to
10
11
12
Trade 8ThJ cthr receivables
Cash arnl cash equiv8
Total curTent
17.040
20.233
11,538
Credltors: wrnunts falling ￿th1Th on• par
13
110581
11,4441
N•t¢urr•nt ￿•ts
18,175
10.094
Total AM•ts 1•56 ¢urr•nt IlablllUg•
162,394
Cr•dI¢￿' an>)unts falllng dug aft•rTrTh￿ th•n •Jno Jfjar
14
{24,*JO)
14,gJO)
Provl•lon¥
Pertsth p￿S1OnS
15
13.9261
15,6851
Total n•t •08•t8
133,568
123JOO
Repres•nt•d ty.
R•strlctsdr•seNg8
and expeTrJfture reservg- endowrnent reserve
ome and expeTrJiture re8erve- rethcted
16
17
30,166
25,664
31,988
31,695
Unr•strlGtsd Rg8er¥o•
In¢rme and eywdilurn reserve- urwestrrted
55.233
101.580
91.605
Total R•8•rv•s
133.568
123.300
Th& finan¢lal stakmnts v￿e apPrO￿d by ts Master arttl Fekn￿ on 10 ￿￿Mb9r 2021 ￿ Sis￿ed cn its
behalf by:
essor R Perty
S 8{￿rtett
Bursar
The not95 on pa9ts 42 to 56 fomi part of these

SIONEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
CASH FLOW STATEMENT
2021
£000
2020
Not
Nèt eagh Inflow trom operatlng acllvltle6
18
12.6141
12,8281
Ca$h flow# from Investlng actIvI￿e8
19
13.2821
11,4531
Cash flows from flnanclng activltSes
20
9.526
8,143
Incrnasel{decTeasel in cash and cash equivalents in the year
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
14.231
17.861
10.369
14.231
9&12
The notes on pages 42 to 56 fom) part of these accounts
41

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCtAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
NOTES TO THE ACCOUNTS
Academic fee¥ and ¢harge$
2021
£000
2020
£000
Colleges fees..
Fee income receNed 81 the Regulated Undergraduate ral¢
Fee income received at the Unr•gulat•d Undergraduate rale
Fee in¢tsme ￿ceiVed al the Giaduate rate
1,528
1,474
456
673
601
Other income
Carnbridge Bursatie5 Income
119
103
Tolal
2.762
2,706
Income frorn accommodation, catering and eonf•r•ne•s
2021
£000
2020
£000
Aceommod8tion
College members
Conferences
College members
Conferences
1,670
1,514
Catering
202
309
Totsl
1.909
3,024
Endowment and investment ineom•
2021
£000
2020
Inv•slm•nts
Income frorn..
Land and buildirrfJs
Quoted Securities
Othèr intèrèst receNable
750
1,385
42
1,381
1.672
90
Total
2.177
3,143
R•pr•s•nt•d by:
2021
£000
2020
£00
Unrestricted Income
Restr￿ed Income
Endowment income- Unrestricted Pemianent
End0wm￿t income- Restricted Pemianent
2,129
48
334
632
33
261
415
Tot81
2,177
3.143
3b Donations and Endo*ryn•nts
2021
£000
2020
£000
Unrestricted General Donations
UnrestrKted Designated Donations
Rèstrietèd Donatitins
NÈW Endowments
Other ¢apilal grants for assets
352
1,217
155
440
919
13
636
210
Total
2.362
1,582
42

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Education ¢xpgnditu
2021
£000
2020
£000
Teaching
Tu1￿1a1
Admis&ons
Research
Scholarships and awards
Other educational fa¢ilitie$
1,869
630
1,893
457
405
487
510
257
589
447
Total
4,238
4.416
Accommodation. catering and conferences expenditure
2021
£000
2020
£000
Accomrnodation
Cdlege members
Conferences
College Mom￿r$
Conferences
2,074
607
670
237
2,390
682
782
538
Catering
Total
3,588
4,392
6a Analysi8 of 2020.21 expenditure by activity
staff
costs
lnoie 71
£000
Other
oporatlng
expenses
Depreciation
Totsl
£000
£000
£000
Educalion
AccOmrnoda￿n. c8lerirKJ and eonferen¢ès
Investment management costs
Olher
USS Provision Adiusbnenl
2.182
2.071
1,909
1,165
108
187
147
352
4.238
3,588
108
383
179
17
Totals
4,432
516
8.317
Expenditure indudes fundraising costs of £224k.
fjb Analysis of 2019-20 expenditure by acbvity
Slaff
o¥t¥
Inote 71
£000
Other
operatlng
expenses
£000
Depreciatlon
£000
Totsl
£000
Education
A¢¢ommodalion, catering and
Confe￿nCeS
Investment management costs
Other
USS Provision Adjustment
2,395
2.395
1,887
1,677
134
320
4,416
4.392
373
215
373
422
11,0461
191
11,046)
16
TotaLs
3,935
4,152
470
8,557
Expenditu￿ includes fundraising costs of £236k.
43

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
6c
Auditor8. r•mungr•tlon
2021
£000
2020
£000
Other operating expenses Include..
Audit fees payable lo the College's extemal auditors
other fees payable to the College's extemal audrtors
21
22
Total
24
24
Staff Costs
College
Fellows
£000
Other
academi¢
£000
N+)n-
a¢8demlc
£000
2021
Total
£000
2020
Total
£000
Consolldated
staff costs:
Salaries
National Insufan
Pension costs
Sub-total
1,015
33
3.434
3,791
325
865
4,981
194
491
207
1,322
702
4.432
41
USS Pro￿510n Adjustment
1,046
Total
1.322
41
3,069
4.432
3,935
Av•rng• staff numbers
Average staff numbers
2021
Full-time
equlv￿ents
Average $taff numbers
2020
Full-iime
equivalents
Number of
Follows
61
Number of
Fellows
65
Academic
Non-a¢ademlc
91
100
Total
70
91
74
100
The number of officers and ¢mployaas ofthe College, induding Head of House, who received remuneration in
the followng ranges was..
2021
Totsl
£000
2020
Total
£oofr
£100.001 - £110.000
£110.001 - È120.000
Remuneration includes salary. empToyeT'S n8tion81 insurance contribubons, employels pension contributions
plus any taxable benefits èither paid, payable or provided, gross of any salary sacrifice arrangements.
Kèy manag•m•nt personnel
Key management personnel are those persons having aulhority and reswnsibilrty for p18nning, dirgdtng and
Controlling the activities of the College. This indudes aggregated ernduments paid to kèy management
personnel. Kèy management personnel for the College include the Master, WI￿ Master, Bursar, Senior Tulor
and Development Director. AgJregaled wnolumenls ¢on$isl of salary and t8xaNe benefits bul exdude any
employerfs pension contribution.
2021
Totsl
£000
2020
Totsl
£000
Key management personnel
356
346
The Trustees ￿ceiVed no emoluments in their caparyty as Tru$tees ofthe Charity.
44

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Fixed assets
Freehold L•as•hold
Vehlcle.
Assets in
Land and
Land and Equlpm•nt constructlon
bulldln
building5
•nd
Furnltur¢
2021
Total
2020
Totsl
£000
£000
£000
£000
£000
£000
Cost or valuation
At beginning of year
Additions
Tran5f8ts
Disposals
Tr¥nsfer to SOCIE
49,795
1.201
1,341
7,425
3,543
110,968)
59.762
3,587
55,300
4,462
9,085
1,883
1106}
11(61
At end of year
58.880
1.201
3.162
63,243
59,762
Oeproclatlon
At beginning of year
Charge for the year
Eliminated on disposals
12,2921
13791
1186}
28)
15241
1731
13,002)
1480)
69
{2.5341
14681
Al end of year
2,671
214
528
3,413
,002
N•t book valuè
At end ofyear
S6,209
987
2,634
59.830
56,760
At beginning ol year
47,503
1.015
817
7,425
56,760
52.767
The insuled value of land an¢J building$ as al 30 June 2021 was £153m12020'. £14Cwl.
Heritage assets
The College hokls and conserves cert8ln collectk)ns, artefacts and othgr assets of hisiorical, artistic or
scientffie importan¢e.
As stated in the Slalement of K*Sn¢ipal accout)ts"ng pol*ies, herita9e assets acquired sI￿e 1 July 20C() have
been capitalised. Howevei, thg majority gf as$8ts held in th• Coll•g8'9 collections were acquired prior to this
date. As reliable esb'males of cost or valuation are not available for these on a cost-beneffit basis. they have
r￿1 been captslised. As a result the total indud8d in ihe ba￿nce sheet is parbal.
AnK)unts for the current and previous four years were as follows..
2021
£000
2020
£000
2019
£000
2018
£000
2017
£000
Acquisititins purchased wilh speafic
donations
Awuisitions puiGh¥sed with College
fvnds
Total cost of awuisitions purchased
Value of awuisitions by donation
Total acqulsStions capltallsed
234
234
234
234
234
45

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Investments
2021
£000
2020
£000
Balance at b8ginning of year
A(SditK)ns
Disposals
Depreciation
Transfers out
Gainlllossl
Increaselldecreasel in eAsh balances held at lund managers
76.797
7,872
13,254)
83,540
6,219
(3,6211
131
7,227
14.4651
{9.51n
132
Balance al end of year
84.154
76,797
Repres•ntsd by:
Property
Propérty Hèld for Sale
Quoted seCUr￿e$- equiti8S
Fixed interest securities
Unquoted securilie$- equitie$
Cash on Short Temi Deposit
Cash in hand and at investmenl managwB
Other investments
15,021
17,4(N)
67,762
51,611
1.934
450
821
103
76.797
84,154
The College has Iwo whtslty owned subwdiaries. Sidney Sussex Limited, a domiant company and Sidney Sussex
Hospitality Company. a eonferen¢e business. All proffts generated through Sidney Sussex Hospitality Company
are covenanted badt lo the college.
10
Stocks and work in progress
2021
£000
2020
£000
Goods for resale
Other stocks
143
47
134
29
Total
190
163
11
Trade and oth•r r•celvables
2021
£000
2020
£000
Members oflhe College
Other re￿1Vable$
Prepayments and accrued income
Provision for bad debts el
Assets Held for Sale (Due less than 1 yearl
Assets Held for Sale (Due greater than l yearl
83
359
351
(2311
381
1,507
637
12511
872
895
Total
2,450
12
Cash and cash equivalents
2021
£000
2020
Èooo
Short-temi money market investments
Current accounts
10,686
6,354
7,695
1,230
Totsl
17,040
8,925

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
13
Cr¢dltors: amounts falling due within one year
2021
2020
£000
Payments on accnunt
Trade c￿dI1018
Taxation and Social Security
University fees
Contribution to Colleyès Fund
Other creditors
Accruals and deferred income
131
237
83
316
87
12
321
1,2SS
24
310
$32
Totsl
1.444
14
Cr•ditorn: amounts falllng duè aft•r mor• than on• y•ar
2021
£000
2020
£000
College Bond130 yearl 4.41Y/o interest rate• Ma￿ring October 2043
College 8ond130 yearl 4.45°kn interest rat& maturing January 2044
College Bond140 yearl 4.40% interest rate- maturing O¢tober 2053
Pensions Insurance Corporation Private Placement 2.26Vo interest
rate- maturing December 2063
Pensions Insurance Corporation Private Placernent 2.24Yts interest
rate- maturing May 2066
2,900
1,200
2.300
2,￿0
1,200
2.300
8.500
10,0
Total
24,9(K)
14,90D
During 201&14, Ihè t￿llege b0rrtsw￿ from institulitinal investors, collèctively wth other COl￿eS, the College's
Sha￿ being £6.4 rnillion. The loans are unsecured and repayable during the period 2043-2053, and are al fixed
inteiest lates of 4proximately 4.490. The Col￿ge has agreed a financial covgnant of Ihe ratio of Borrowings to net
Assets, and has been in Complian￿ with the covenant at all times since itxurring the debt. In March 2020, the
college secured a new long term loan for £8.5 million wth the Pensions Insurance Corporation IPICI with a maturity
dale of 12 December 2063 at a ffixed intere$t rale of 2.260￿. In June 2021, the ¢ollege se¢uied a further long lem)
kjan foT £10 million with the Pensions Insurance Corporation {PIC) wrth a maturity date of 12 May 2C66 at a fixed
interest rate o12.24¥ts.
15
Pgnslon provl$l¢n$
Sidney Sussex
College 1975
P*￿10rt Sehèmè
uss
2021
2020
Total
£000
Total
£000
£000
£000
Balance at beginning of year
4,321
5,685
5.732
Movement in year..
Curretrt setvice cost includiThJ life
assurance
Contribution5
Other ffinan￿ lincornelleost
Aduarial lossllgain} r•cognised in
Stalement of Comprehenswe Income and
Expendilure
132
500
632
132n
14161
15goi
10
{1.4￿6)
75
114601
11,0871
143
1.224
11,4601
BalarKe at erKJ of year
2,642
1,284
3,926
5.685
See note 26 for hjrther analys1$
47

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
16
Endohyment fvnds
Restticted nel assets relating to endowments are as f(Alows-.
Re$tri¢tèd
Unrostrlcted
pennanent
pèrmanènt
endowments
ondowments
£000
£000
2021
Total
2020
Total
£000
Balance at btyinning of year
Capital
15,678
9,988
25.664
27,960
New donats'ons an¢J endowments
Increaselldecrea$¢} in rna￿
value of invèstments
TransleTS to I from Reserves
2,697
1,703
4.400
12,3981
100
102
8al4nce at ènd of year
18,475
11.691
30,166
25,664
Analysls by type of purpos•
Fellowship Funds
Scholarship Funds
Prize Funds
Hardship Funds
Bursary Funds
Travel Grant Funds
Other Fvnds
Gene[81 endowments
9.434
3,459
183
272
238
233
4.656
9,434
3,459
183
272
238
233
4,656
11,691
8,077
2,881
157
232
202
3,930
9,986
11,691
Total
18,475
11,691
30,166
25.fj64
Analysis by asset
Property
Investments
C8$h
18,476
11.688
30,164
25,664
Total
18,475
11,691
30,166
25.664
48

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT ANO FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
17 Restricted Re8eTveB
Reserves wtth restrf¢tions are as follows:
Permanent
un9￿nt
and other
rostrictod
income
£000
Capltal
grants
unspent
£000
Restricted
9x￿ndable
endowment
£000
2021
Total
£000
2020
Total
£000
Balance at b•glnnlng of
year
Capltal
Accumulated income
773
141
914
773
5,258
6,031
890
4,126
4,126
991
991
5,953
Pr￿r Year Adjustment..
Change of Fund Classiffication
New grants
New donations
636
210
13
155
155
Other investment income
Increasel{decreasel in market
value of investments
14
414
19
116
447
116
587
1681
Expervjiture
Capital grants utilised
Transfers to I from Rese￿e$
{91
{4,891}
124
14391
11051
{5531
14,8911
{1201
1480}
{10)
{1731
11141
11301
Balance at end of year
852
969
1,821
8,031
Comprlslng ofr.
Capital
Accumulated income
844
125
773
5,258
6,031
852
852
978
1,822
Fellowship Funds
Scholarship Funds
Prize Funds
Hardship Funds
Bursary Funds
Travel Grant Funds
Other Funds
320
224
320
224
295
41
51
32
177
43
745
123
359
47
671
91
182
Totsl
852
6,031
Analysis by assot
Property
Investments
Cash
1.003
1331
1,003
820
725
5,306
852
Total
852
1,822
6,031
49

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
18 Reconciliation of ¥urplu8 for the year to ngt ¢a8h inflow from operatlng actlvltyes
2021
£000
2020
£000
Surplus {deficitl for the year
8.808
17,1411
Adju¥trnent for non4agh items
Depreaalion
516
468
Lossllgainl on disposal of fixed assets
Lossllgainl on investments
Decrease/(Increasel in stocks
Decreasellincre8sel in trade and other re￿Wa￿eS
Inc¥easelldecreasel in Creditors
P8nsion costs less contributions payable
17,4871
127
1675
614
12991
9,424
276
1276}
(1,271)
Adjustment for Investlng orflnanclng activStle¥
Investment income
Interest payab
Donalbons and Legacies
Donations for Capital Grants
{2.17D
474
{1.7261
18361
13,1431
357
11,3721
{210}
Net cash inflowlloufflowl from operating activiti
2,615
2,828
Ca$h flows from Investlng actlvltl
2021
£000
2020
£000
Current investment dispos81
Non-currenl investment disposal
Inveslmenl incom8
Withdrawal of dep￿t
Paymenls made lo acquire non-cufrent fixed 8$sets
Payments made to acquire ncffi-current Investment assets
Donations and Legacies
Donations for Capital Grants
381
926
1441
3,143
3,621
(4,4621
{6.2191
1,372
210
2.177
3.254
13.5871
17.8721
1.726
636
Total cash flows from investing activltles
3.2821
1,453
20
Cash Il¢>ws from flnanclng actlvltks
2021
£000
2020
£ooD
Interest paid
New secured loans
Repaymènts of amounts borrowed
14741
10,0(X)
{35T)
8,500
Total cash flows from financing activiti••
9,526
8,143
21
Analy818 of eash and ¢a$h •qul¥•lent8
At beginning
of year
£000
At ènd of
year
Cash flows
£000
£000
C8sh at bank and in hand
Cash held 8t Fund Managers
14,231
3,630
17,861
Net Funds
14,231
3,630
50

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDEO 30 JUNE 2021
22 Capltsl ¢ommlknents
2021
£000
2020
£000
Capital commilmerts al 30 June 2021 are as lollows".
Authorised and contracted
Authonsed but not yet o)ntracted for
3,859
112
23
Lease obligations
AI 30 June 2021 the College had commthents under non<ancellable operating leases as follows=
2021
£000
2020
£000
Land and buildings..
Expiring within one year
Expiring in over 5 years
Reco￿011•t1on and analysls of net debt
Al 1 July 2020
Cash Flows
At 30 June
2021
£000
Éooo
Cash and cash equival•nts
14,231
3,630
Borrowing5:
Amounts falling du¢ withln on• yo•r
Secured loans
Unsecured loans
Bank ov•rdraft
subtotal
Borrowings:
Amounts falllng •ft•r mow than one year
Secured loaris
Unsecured loans
subtotal
14,900
14,9C
10,OCK)
10,0
24,9LXJ
24,9
Total
6,370
.039
51

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
25
Flnancial Instrurnents
2021
£000
2020
£000
F5nancial a$$•ts
Fin8n¢ial 8sÈ&ts èt fair value Statement ofComp￿henSIVe Income
Listed equrty investments
Other equty investments
Financi81 assets that debt instnimenls ffle8su￿d at amortis8d cost
Cash and cash equ￿alentS
Other debtors
67,762
450
53,545
443
17,861
2,371
14,232
2,099
Financial liobilltles
Financialliabtlities measured at amortised cost
Bank overdraft
Loans
Trade creditors
Other creilrtors
24,gXI
237
14.￿
316
Pension schem•$
The College participates in Iwo defined be￿rrt sctheme6.'
Universitle¥ SUpgr•nnu8￿0n Schemo
The total cost charged to the profit and k)ss account Is £511,14412019-20: £441.424 vra5 cr8diiedl. This indudes
£52,08012019-20". £56,443) outstanding contributions at the balance sheet date.
Deficit re￿)Very contributions due wilhin one ye¥1 for the Cdl8g8 are £156,32812019-20.. £61,940)
As at the 30 June 2021, the latest avwlable complete ￿uarial valuation ol the Retirement Income Builder was at 31
March 2018 {Ihe valuation dale), which was carried out using the PTojected unit method. Since the yeaf end the
valuth'on as at 31 March 2020 was signed and filed with The Pensions Regulator wrth an effective date of 1 Od<)ber
2021. As the new valuation was not in plaTr at the financial year end. any adjustment in the deficit proVis￿n will be
reflected in the finanaal 8talement$ lor the year ended 30 June 2022.
Since the College cannot Klentify its share of USS Rel1￿ment Income Builder (defined beneffitl assets and Ilabilities,
the following disclosures r¢fflect those felevant for those assets and liabilitie5 as a whole.
The 2018 valu81ion was the frfth Valua￿on for th? sehemè undèr the scheme-sperific fundin9 regime introduced by
the Pensions Act 2004, which requires sehemes to adopt a statutory funding objectlve, which is to have suffirienl
and approprtate assets to COV81 their technical provisions. At the valuation date, th• value ol the assels of the
scheme was £63.7 billion and thè value of the scheme's techni¢al provlslons was £67.3 billion indicating 8 8hortf811 of
£3.6 billion and a funding Tatio of 95.10.
The key finanaal assumptions used In the 2018 valuation are described below. MO￿ detall is set oul in ihe
ststement of Funding Prinriples.
Pension increases (CPI)
Term dependent iat9$ in lina wilh the difference betr￿een the
Fixed Interest and Index Linked yield curves, less 1.3Q/o P.8.
Discount rate Ifotward rates)
Years 1-10.. CPI + 0.14% reducing linearfy to CPI- 0.73°
Years 11-20.. CPI + 2.52% redudng linearly to CPI + 1.55%
by year 21
Years 21 +: CPI + 1.55Yo
52

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Univ¢rsiti•s Supèrannuation Scheme (Continued)
The main demographic assumption used relates to the mortality assumptions. These assumptions are based on
analysis of the 5chetne's experience cafried out as part of the 2018 actuarial valuation. The mortali(y assumptions
used in these figsjres are as lolbws..
2018 Valuatlon
Mc￿ality base table
Pre-￿lrement'.
71Q/o ol AMCOO IduiatK)n O) for maL*s and 11¥A gfAFC(K) (duration 01 lor
fèmales
Post reliiemenl".
97.6% of SAPS S1NMA"lighf for males and 102.7Y¢ of RFVOO forfema￿S
Futu￿ improvements
to rnortality
CMI_2016 with a smoothing pararneter of8.5 and a long temi improvement
r*e of 1.8°h p8 for males and 1.6% pa for females.
The ￿rrent life expectancies on retirement at age 65 afe..
2021
24.6
2020
24.4
25.9
26.3
27.7
Males currently aged 65 lyearsl
Females currently aged 65 lyearsl
Mal&s currently aged 45 lyearsl
Females currently aged 45 (years}
26.8
27.9
A new defjcat re¢xJvery plan was put in pLice as part ol the 2018 valuallon, whlch r¢qulre$ payment of 20/0 of salaries
over the perth 1 Oclober 2019 to 30 September 2021 at which point the rate will increase to 6%. Thé 2021 dèficrt
rtrcovery liabilty provision reflects this pLin. The liabilty figLsres have been produced using Ihe followng
85sumptions'.
2021
2020
Discount Rate
Pensionable salary growth
0.87%
1.50%
0.73¢h
1.0()4h
SSdney Sussex College 1975 Pension Scheme
The College operates a dgfined bgneffts plan, the Sidney Sussex College 1975 Pen810n Scheme.
The liath'lrties of the plan have been estimated for the purposes of FRS102 based on the results of the actuarial
v4ILHtion as at 1 Juty 2020, adjusled for the different as8umpbon3 required under FRST02 and taking into
consideration subsequent cash flows.
The prinapal aduariBI assumptions at the balance sheet date were as follows..
2021
%pa
1.85
2020
%pa
1.45
Discount rate
Increase in salaries
RPI assumption
CPI assumpts'on
Incrèasès lo deferrtrd pensions in excess of the GMP
Increases to pensions in payment for servi¢e pre 614197 in excess of GMP
Increases lo pensions in payment fof s•Thica from 614197
3.05
2.25
2.25
2.80
3.20
Members are assumed to relfire at the plan nomial retirement age.
53

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Sidnèy Sussox College 1975 Pensitsn Sehome {Continuedl
The underlying mortality assurnption ts based upon 100.10 ol the rates in the 8tsnd8rd t8Ne known as
S3LPA on 8 year ol birth usage with CMI_2019 future improvemènt factors and a long-temi rate of futu
improvement of 1.250h p.a. and no additional improvement {A=O¥o}12020.' S2LPA. CMI_2017, 1.25Ph, A-O%1.
The amounts recognised in the Balance Sheet as al 30 June 2021 Iwth comparative figures as at
30 June 20201 are as follows..
ZOZ1
2020
Present value of defined tenefit otligation
Falr value of plan assets
7.829.300
{5.188,1(X)I
8,734,400
{4,413,8001
Net defined ber￿fit liability
2,641.200
4,320,600
The amounts to be recognised in Profft and Loss for the year ending 30 Jung 2021 Iwth comparative figures forthe
year ending 30 June 20201 are as follows..
2021
2020
Current service cost
Interest ¢)n the nel defined benefft liability
L055 on plan changes
Losses lor gains) on Settlem￿1$ or curtailments
135,7
60,6CQ
184,￿0
71,4
Totsl
196,300
256,31X)
Changes in the p￿sent value of the ￿an liabilities for the year ending 30 June 2021 (with comparative figures for
the year ending 30 June 20201 are as follows..
2021
2020
Present value of plan liabilities at baginning of period
Current service cost
Employee contributions
Benefits paid and DIS premium$
Interest on plan liabilities
AetU81ial {gainslllosses
Gainlnoss on plan change$
Curtailrv*nt lyainlAoss
Sèttlèment
8,734,400
135.700
11,100
(410,1001
124,700
1766,5001
7.770.S
184.900
17,900
162,30DI
176,400
647,(K
Present value of plan liabiltss at ènd of per
7.829,300
8,734.400
54

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Sidney Sifvsex College 1975 Pension Scheme (Continued)
Changes in the fair value of the plan assets for the year ending 30 June 2021 {with comparativ8 figures for the
year ending 30 June 20201 are as follows..
2021
2020
Market value of plan assets at beginniThJ of pariod
Contributions paid by the College
Employée ¢onlribuli￿s
Benefrts paid and DIS premiums
Administrativg gxpènses
Interest on plan assets
Retum on assets, less interesl induded in Profft & Loss
Setuement
4,413.800
416,000
11,100
1410.1(N)
4.448,400
481,4)0
17,9fX)
162,3001
64,1
693.2
105,000
{577,1001
Market value of pian assets al end of period
5.188,11X)
4,413.800
Aciual ratum on plan assets
757,3C
1472.1001
The major Categories of plan assets for the year ending 30 June 2021 comparab've fwures for the year efiding
30 June 20201 are as follows..
2021
70ts
2020
82Q
4%
Equities
Piopèrty
Corpgrat¢ boTrJs
th profit funds
Cash
6°
4¥0
16%
140
Total
100%
100•
The plan has no investments in property occajpied by, assets used by or ffinancial instruments issu•d by the College.
Analysis of the rfrmeasufement of the net defined benefit liability recognised in Othèr Comprehensive Incorne (OCII
for the year ending 30 June 2021 (with compafalive ffigures loi the year ending 30 June 20201 are as follows..
2021
2020
Actuarial gainllloss) on plan assets
AGluarial gainllloss) on plan liabilities
693,2(X)
766,S(M)
(s77,1￿)
I647,0￿}
Re-rrEa6urement of net defined beneffit liability recognlsed in OCI
1,459.700 11,224.100)
Movement in nel defined txnefil assetl Iliabilityl during the year endin9 30 June 2021 (with Comparative figures for
the year ending 30 Jung 20201 are as follow8..
2021
2020
Nèt deffined benefft assevoiabilityl at beginning of year
Recognised in Profit and Loss
contrib￿s0nS paid by ihe College
Ré-measuiement of net defined benefft liabilty recognis8d in OCI
14,320,600) (3,322,100)
1196,3001
{256,3001
416,(J)O
481,9CX)
1.459,700 {1.224,1Q)I
Net defined benofrt assèulliabilityl at gnd of ytrar
,841.200
4,320,600
55

SIDNEY SUSSEX COLLEGE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Post Balance Sheet Event
Since the year end. following the completion ol Ihe 21x20 a¢tU8rial v8luatlon, 8 new deficit re¢overy plan has ￿en
agreed in respecl of the USS pension scheme. A new Sthedule of Contributions based on the 2020 actuarial
valualion has been agreed, and become effective, post year end. This results in an increase of £2,286k in the
provision for the obligation lo fund the deficTt on the USS pensK)n which would instead be £3.570k. As the Schedule
of Contributions was not in place at the fjnanaal year end this adjustment will be reflected in the Financial
Statements for the year ended 30 June 2022. 11 the Joint Negotiating Commrttee {JNC} recommended deed on
beneffit thanges has not be8n executed by 28 Febmary 2022 t￿n 8 different schedulè ol contributions would
become applicab￿. If this weie to happen then there would be an increase of £4,442k in the provision for the
obligation lo furKI the dofi¢il on Ihg USS pen$i¢)n whi¢h would instead be £5.727k.
28
ContIng￿lt Llabllltle8
No contingenl liability ha8 been recogni8ed.
29
Related Party Transactions
Owng lo the nature of the College's operathons and the ¢ompo¥ition of the College Council. it is inevilaNe that
transaction5 will lake place with organisalions in which a College Coun￿1 member may h8ve an interest. All
transactions invofving organi5ations in which a membei of the College Counc41 may have an interest are conducted
at arm's length and in accDTdance with the College's nomi81 pro¢edures.
The College maintains a register of interests for all College Councal members and where any member of the College
Council has a material interest in a Col￿ge maiter they are required to declare that facl.
During the year no fres or expenses were pald to Fellows in respeel of their duties as Trustees.
Fellows are remunerated for teaching. research and other duties wthin the Collttge. Fèllows are billed for any privato
¢alg1ing. Trustees rEfflunerab"on overseèn by the Remuneration Committtr&.
The salaries paid to Trustees (excluding employer's national insurance contributions and eM￿0yerfS pension
contributions em lo ers
in the ear are summarised in the lable below..
2021
Number
10
2020
Number
From
£0
£10.W1
£20,001
£30,(N)1
£40,CM)1
£50,001
£60,001
£70.1)01
£80,001
£9Q.CK11
£10,OCN)
£20.OC
£30,000
£40,0(K)
£50.1)00
£60,1X)O
£70.(X)O
£80,000
£90,000
£100,000
Totsl
16
17
The total Trustee salaries were £416k for thè èar
201￿20.. £497k
The trustees were also paid other laxabb benefits (including asSOryated employer National Insurance conlribubon$
and ern
lo
r contributions to
ensions
whi¢h tot8lled £1￿k for the
2019-20.. £154k
The Trustees were also paid expenses in respect ol Iheii leaching, re598rch 8nd other duties within the College
which totalled £8.7k for the
r. These ex
nses related lo travel, Colle
entert•inmenl and research ex
ndrture
The College has one trading and one dormant subsidiary undertakings whith are not consolidated into these
accounts. All subsidkiry undertakings are IOOVO owned by the College and are registered and opeTating in EnglaThY
and Wales.
The College has taken advantage of the exemption wtthin 8edion 33 of FRS 102 not to disdose tr8nSaetions with
wholl
corn
nies that are related rtps.
56