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|Report ofthe|Governing
Body|||
|Independent|Auditor's
Report||30|
|Consolidated|Statement
of Financial|Activities|40|
|Consolidated|and College Balance|Sheets|41|
|Consolidated|Statement ofCash Flows||42|
|Notes to the|Financial Statements|||
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|Senior member
College during|s
ofstaff who were
the year were:|not trustees
but who undertoo|k|important
roles in|
|---|---|---|---|---|
|Celia Harker||Accountant|||
|Michele McCartney||Domestic Operations||Manager|
|Richard
Little||Admissions
Officer|||
|Lucy Matheson||Librarian|||
|Andrew
Miller||Access Officer|||
|Julian
Mitchell||Clerk ofWorks|||
|Rev'd Andrew|Shamel|Chaplain
&Student||Welfare Coordinator|
|Nina Thompson||Human
Resources|Manager||
|Rosalind
Newman||Academic
Administrator|||
|Michael White||IT Officer|||
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|Risk||Description|Management
of Risk||
|---|---|---|---|---|
|Reputation|Impairment|of College's standing|The College has a comprehenswe||
||||Governance
structure
with multiple||
||||committees
reporting
to the Governing|Body;|
||||it regularly
reviews
its strategic planning,||
||||seeks to maintain
the highest academic||
||||standards
and is careful
in its operational||
||||mana
ement. The Colic e monitors
and||
##
||||reviews
its welfare,
diversity
and equality|
|---|---|---|---|
||||practices and policies.|
|Statutory|and|Impact of governmental,|The College is actively
involved
with the|
|regulatory||regulatory
and University
bodies|Conference of Colleges to participate
in|
|risks||on the College's activities.|policy-making.
It is vigilant
in corporate|
|||Substantially
increased
regulation|governance.
Governing
Body, advised
by its|
||||committees,
reviews and implements|
||||policies. Officers are focused on regulation.|
||||External advisers are retained
where|
||||appropriate.|
|Funding|and|Impact ofexternal
developments|The College maintains
high academic|
|financial||on tuition
funding,
impact of|standards
and a substantial
endowment
to|
|risks||market movements
on financial|protect tuition
funding.
Diversification
of|
|||returns
and on endowment|investments
and monitoring
of prudent
risk|
|||funding
of operational
activities,|parameters
reduce
disks in financial
returns.|
|||impact ofshared
pension|The College is examining
the impact of|
|||obligations.
In particular
the|inflation
and making
the necessary|
|||impact of inflation
is a risk.|adjustments.
The College monitors|
||||developments
in the USS pension scheme|
||||and its views are solicited by the relevant|
||||authorities.|
|Cyber-||Disruption
of activities
and loss of|Measures taken
by the University
and the|
|security|disks|data due to impairment
of IT|College to improve
security,
including
multi-|
|||capability
or data breaches;|factor authentication
and vulnerability
testing.|
|||ransomware
attacks|Ongoing
protection
measures
are being|
||||undertaken.|
|Other||Operational
risks, including|Regular
review ofoperational
plans,|
|operational||security and human
resources,|specialist external
advice, compliance
with|
|risks||insurance,
maintenance
and risk|established
procedures
as well as investment|
|||of recession
impacting|in resources. We prepare for power cuts.|
|||conference income. Power cuts||
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|Freehold|buildings,
including|major|extensions|50years|
|---|---|---|---|---|
|Leasehold|properties|||50years or period of lease ifshorter|
|Building
improvements||||20 - 50years|
|Equipment||||3 - 15years|
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||||Unrestricted|Restricted|Endowment|2022|2021|
|---|---|---|---|---|---|---|---|
||||Funds|Funds|Funds|Total|Total|
|||Notes|2'000|7'000|E000|E000|F000|
|INCOME AND ENDOWMENTS|FROM:|||||||
|Ghtritable
activities:||||||||
|Teaching, research and residential|||6,245|||6,245|5.146|
|Other Trading
Income|||233|||233|71|
|Ootations
and legacies|||619|2,800|3,586|7,005|14,354|
|Investments||||||||
|Investment
income||4|900|109|1,781|2,790|2,005|
|Total return allocated to|income|14|2,241|1,352|(3,593)|||
|Other income - Coronavirus|Job Retention Scheme||46|||46|481|
|Total ihcome|||10,284|4,261|I 774|16,319|22,057|
|EXPENDITURE
ON:||||||||
|Charitable
activities:||||||||
|Teaching, research
and|resideneal||10,130|3,249|54|13,433|10,274|
|Geseratmg
funds:||||||||
|Fundraising|||618|||618|501|
|Trading expenditure|||225|||225|76|
|investment
management|costs||458|36|759|1,253|2,593|
|Total Expenditure|||11,431|3,285|813|15,529|13,444|
|Net income/(Expenciiture)
before gains|||(1,147)|976|961|790|8,613|
|Net gains/(lasses)
on investmenls||11,12,16|750|(50)|3,862|4,562|15,683|
|Net Income/(Expenditure)|||397)|926|4,823|5,352|24,296|
|Transfers
between
funds||19|174|(174)||||
|Net movement
in funds for the year|||(223)|752|4,823|5,352|24,296|
|Fund balances
brought forward||19|31,938|9,892|143880|185710|161,414|
|Funds carnied forward
et 31|July||31,715||148.703|||
##
|||||2022|2021|2022|2021|
|---|---|---|---|---|---|---|---|
|||||Group|Group|College|College|
||||Notes|E'000|6000|6000|E'000|
|FIXEDASSETS||||||||
|Tangible assets|||9|39,495|40,370|39,495|40,370|
|Heritage assets|||10|||||
|Property
investments|||11|61,864|59,841|61,864|59,841|
|Otherlnvestments|||12|I13,751|108,593|102,723|97,348|
|Total Fixed Assets||||215,110|208,804|204,082|197,559|
|CURRENT ASSETS||||||||
|Stocks||||140|149|140|149|
|Debtors|||15|2,317|1,824|2,453|1,900|
|Investments|||16|6,127|6,070|6,127|6,070|
|Cash at bank and in|hand|||1,714|2,961|1,568|2,879|
|Total Current Assets||||10,298|11,004|10,288|10,998|
|LIABILITIES||||||||
|Creditors: Amounts|falling due|within one year|17|1,406|2,058|1,404|2,055|
|NET CURRENT ASSETS||||8,892|8,946|8,884|8,943|
|TOTAL ASSETS LESS|CURRENT|LIABILITIES||224,002|217,750|212,966|206,502|
|CREDITORS falling due after more than one year|||18|30,670|30,694|30,670|30,694|
|NET ASSETSBEFORE PENSION||ASSETOR LIABILITY||193,332|187,056|182,296|175,808|
|Defined benefit pension scheme||liability|23&31|(2,270)|(1,346)|(2,270)|(1,346)|
|TOTAL NET ASSETS||||191,062|185,710|180,026|174,462|
|FUNDS OF THE COLLEGE||||||||
|Endowment
funds|||19|148,703|143,880|137,673|132,633|
|Restricted funds|||19|10,644|9,892|10,644|9,892|
|Unrestricted
funds|||19|||||
|Designated
funds||||28,406|28,838|28,406|28,838|
|General funds||||5,579|4,446|5,573|4,445|
|Pension reserve|||23|(2,270)|(1,346)|(2,270)|(1,346)|
|||||191,062|185,710|180,026|174,462|
##
|||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|
||||||Notes|||E'000|E'000|
|Net cash provided
by (used in) operating||activities|||25|||||
|Cas hflows from investing
activities||||||||||
|Dividends,
interest and rents from investments||||||||2,790|2,005|
|Ftoceeds from the sale of property,|plant and equipment|||||||||
|Fkirchase of property,
plant and equipment||||||||(117)|(4,100)|
|Rroceeds from sale of investments||||||||3,374|3,010|
|Receipt from/(purchase)
ofcurrent asset investments
loiirchase offixed asset investments
Net cash provided
by (used in) investing
activities||||||||(380)
~6D
~s|1,556
~18,890
~19i|
|Cas hflows from financing
activities||||||||||
|Repayments
of borrowing||||||||||
|Cash inflows from new borrowing||||||||||
|Receipt of endowment||||||||3,586|8,723|
|Net cash provided
by (used in) financing||activities||||||3,586|8,723|
|Change
in cash and cash equivalents|in|the|reporting|period||||||
|Cash and cash equivalents
at the beginning|||ofthe|||||||
|reporting
period||||||||2,961|10,669|
|Cash and cash equivalents
at the end of||the|reporting|||||||
|period|||||26|||1,714|2,961|
|Anlaysis
ofchanges
in net debt||||||||||
|||||||At 1 August|Cash flows|Other non-|At 31July|
|||||||2021||cash changes|2022|
|||||||P000|E'000|E.'000|E'000|
|Cash at bank end
in hand||||||2,961|(1,247)||1,714|
|Loans falling due after more than one year|||||18|(30,694)||24|(30,670)|
|||||||(27,733)|(1,247)||iiV4 E r|
##
|INCOME FROM CH|ARITAB|LE AC|TIVITIES|||||
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
|Teaching, Research|and Residential|||||EDOO|E'ODO|
|Unrestricted
funds||||||||
|Tuition fees - UK|and EU students|||||1,571|1,578|
|Tuition fees - Overseas studerlts||||||1,267|966|
|Other fees||||||33|64|
|Other Office for Students
Other academic income||support||||116
85|257
209|
|College residential|income|||||3,173|2,074|
|Total Teaching, Research and Residential||||||||
|The above analysis|indudss|E2,977k received||from Oxford University|from publicly accountable|funds under the CFFScheme (202n E2,824k).||
|DONATIONS
AND LEGACIES||||||||
|||||||2022|2021|
|||||||E'000|EOOD|
|Donations
and Legacies||||||||
|Unreslncted
funds||||||619|52|
|Restnoled
funds||||||2,8DO|5,579|
|Endowment
funds||||||3,586|8,723|
|||||||7,005|14,354|
|INCOME FROM OTHER TRADING ACTIVITIES||||||||
|||||||2022|2021|
|||||||EOOD|EOOD|
|Subsidiary
company|trading|income||||233|71|
|INVESTMENT INCOME||||||||
|||||||2022|2021|
|||||||E'000|E'OOD|
|Unrsstrhted
funds||||||||
|Agricultural
reiit||||||4|4|
|Commemial
rant||||||420|107|
|Other property
income
Equity dividends
and fixed interest||||||473
3|315|
|Bank interest||||||||
|Restricted funds||||||||
|Agricultural
rent||||||11|8|
|Commsroal
rent||||||85|51|
|Other property
income
Equity dividends
and fixed interest||||||29
4|5
18|
|Endowment
funds||||||||
|AgncuiiWral
rent||||||186|185|
|Commercial
rent||||||1,054|1,136|
|Other property
income
Equity dividends
and fixed interest||||||463
T7|138
35|
|Interestonlixed|lermde|osits|andcash|||1||
|Endowment
funds||||
|---|---|---|---|
|AgncuiiWral
rent||||
|Commercial
rent||||
|Other property|income|||
|Equity dividends||and fixed interest||
|Interest on lixed||lerm deposits|and cash|
##
|ANALYSIS QF EXPENDITURE|||||
|---|---|---|---|---|
||||2022|2021|
||||f.'000|6'000|
|Charitable
expenditure|||||
|Direct staff costs allocated to:|||||
|Teaching, research and residential|||6,115|4,395|
|Other direct costs allocated to:|||||
|Teaching, research and residengal|||4,886|3,915|
|Support and governance
costs allocated||tw|||
|Teaching, research and residential|||2,432|1.964|
|Total charitable
expenditure|||13.433|10,274|
|Expenditure
on raising
funds|||||
|Dirae stag costs allocated to|||||
|Fundraising|||401|383|
|Trading expenditure|||122|36|
|Investment
management|costs||||
|Other direct costs allocated|to:||||
|Fundraising|||175|64|
|Trading expenditure|||103|40|
|Investment
management|costs||876|2228|
|Support
and governance
costs allocated||to:|||
|Fundraising|||42||
|Trading expenditure|||||
|Investment
maregement|costs||377|365|
|Total expenditure
on raising|funds||2,096|3,170|
|Total expenditure|||||
##
|6|ANALYSIS OFSUPPORT AND GOVERNANCE|COSTS||||
|---|---|---|---|---|---|
|||||Teaching||
||||Generating|and|2022|
||||Funds|Research|Total|
||||DODO|E'000|E'000|
||Financial
administration||18|503|521|
||Domestic administration|||225|225|
||Human resources|||88|88|
||IT|||209|232|
||Depreciation|||992|992|
||Lossiiprofit)
on fixed assets|||||
||Bank and loan interest payable||376|377|T53|
||Other finance shames|||12|'I2|
||Goverlrence casts|||26|28|
|||||Teaching||
||||Generating|and|2021|
||||Furids|Research|Total|
||||E'000|DDOO|E'DDD|
||Finanual
administration||18|451|469|
||Domestic administration|||218|218|
||Human resources|||83|83|
||IT||15|136|151|
||Depremation|||675|675|
||Losel(profit) cn fixed assets|||||
||Bank interest payable||362|361|723|
||Other finance charges|||13|13|
||Governance
costs|||27|31|
##
|GRANTS AND AiNARDS|GRANTS AND AiNARDS|||||||||||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||||||||2'000|2'000|
|During Ihe year the Cogege|||funded||research|||||awards|and|||||||||
|bursariss
lo students|from||its|rash'idled||||and||||||||||||
|unrestrcted
fund as follows:||||||||||||||||||||
|Unrestricted
funds||||||||||||||||||||
|Grants lo individuals.||||||||||||||||||||
|Scholarships,
pnzes and|||grants||||||||||||||||40|
|Bursaries and hardship|||awards|||||||||||||||||
|Total unrestricted||||||||||||||||||||
|Restricted
funds||||||||||||||||||||
|Grants to individuals.||||||||||||||||||||
|Scholarships,
prizes and grants||||||||||||||||||1,671|1.483|
|Bursaries and hardship|||awards|||||||||||||||192|304|
|Totalrestncted||||||||||||||||||||
|Total grants
and awards||||||||||||||||||||
|The figure induded
above|||represents||||the||cost to Ihe College of||||the Oxford Bursary scheme||The|College conlnbuted|F81k(202U E71k)lo this scheme.|||
|The above coals are|included|||vsthin||the||charitable|||expendiWre||on Teaching|and Research.||||||
|STAFF COSTS||||||||||||||||||||
|||||||||||||||||||2022|2021|
|Ths aggregate stall|costs||for|the year|||were|||as fogowa.||||||||Booo|E'000|
|Saraiies and wages||||||||||||||||||4,986|4,683|
|Serai secunty costs||||||||||||||||||510|399|
|Pension caste||||||||||||||||||||
|Defined benefit schemes - contribubons||||||||||paid in|the year|(note 23)||||||816|778|
|Defined benefit schemes - movement|||||||||in|provision (note 23)||||||||924|(420)|
|Other benefits||||||||||||||||||156|111|
|||||||||||||||||||7,392||
|The average number|of|employees||||ofthe College,|||||excluding|Trustees,||||||||
|on a full time equivalent||basis was as|||||fogows.|||||||||||2022|2021|
|Tuition and research||||||||||||||||||20|18|
|College residential||||||||||||||||||ee|67|
|Fundraising||||||||||||||||||6|4|
|Support||||||||||||||||||12|12|
|Total||||||||||||||||||||
|The average number of||employed|||College|||||Trustees
duriing||the|year was as|fosows.||||||
|University
Lecturers||||||||||||||||||12|14|
|CUF Lecturers||||||||||||||||||11|11|
|Other leaching arri|research|||||||||||||||||4|4|
|Other||||||||||||||||||5|5|
|Total||||||||||||||||||||
|The following
information|||relates to|||the||employees|||ofthe Co6ege excluding|||the College Trustees.||Details ofthe remunerabon||and reimbursed
expenses ofthe||
|College Trustees is|included|||as a|separate|||||nole in|these financial stalsmsnls.|||||||||
##
##
##
|PROPERTY INVESTMENTS|PROPERTY INVESTMENTS|PROPERTY INVESTMENTS||||||
|---|---|---|---|---|---|---|---|
|Group and College|||||||2022|
|||||Agricuaural|Commeroal|Other|Total|
|||||EOOD|6'000|E'000|E'000|
|Valuation|at start ofyear|||14,001|34 635|11,205|59,841|
|Additions|and improvements||at cost|||||
|Disposal|promeds||||(1,4I)8)||(1,468)|
|Revaluation
gains/(losses)||in|the year|1,833|1,558|100|3,491|
|Valuation|at end ofyear||||7 5|||
|Group and|Group and|College||||||2021|
|---|---|---|---|---|---|---|---|---|
||||||Agncultural|Commemial|Other|Total|
||||||EOOD|EDDD|EDOO|E'000|
|Valuation|at|start of previous||year|13,825|36,009|10,810|80,645|
|Additions|and improvements|||at cost||20||20|
|Disposal|proceeds|||||(351)||(351)|
|Revaluation||gains/(losses)|in the year||175|(1,043)|395|(473)|
|All investments
are h|eld|a|t fair value.|||
|---|---|---|---|---|---|
|||||2022|2021|
|||||E'000|2'000|
|Consgeinvestments||||||
|Valuation at start ofyear||||97,346|68,250|
|New money invested||||5,603|16,817|
|Amounts
withdrawn||||(846)|(1.418)|
|Reinvested
income||||59|42|
|Investmenl
management|||fees|(I,D18)|(1,200)|
|(Decrease)/incrsase|in|value of investmenls||1,575|14,855|
|External
investments||at|snd ofyear|1D2221|97.346|
|Investment
in subsidiaries||||||
|College investmenls|at||end of year|102,7||
|Group mvestments||||||
|Valuation at start ofyear||||108,593|78,466|
|New money invested||||5,603|16,817|
|Amounts
withdrawn||||(888)|(1,418)|
|Reinvestsd
income||||67|53|
|Investmsnt
management|||fees|(1,018)|(1,241)|
|(Decrease)/incmsse|in|value of investments||1,394|15,916|
|Group investmenls|at|end of year||75||
|Group investmenls|comprise:|||2022|2021|
|||||Total|Total|
|||||E'DOD|E000|
|Equity imrestmsnts||||78.837|87,988|
|Credit and Government||Bonds||21,052|26,931|
|Alternative
and other|investments|||6,556|8,018|
|Fixed tenn deposits
and|||cash|7,306|5,856|
|Total group investments||||||
##
||||Parent College|Lincoln College|Lincoln College|Lincoln|Lincoln 2027|Lincoln College|
|---|---|---|---|---|---|---|---|---|
|||||Trading|Ltd|College|Torsi|Michael Zilkha|
|||||||Enlerpnsss||Fund|
|||||||Ltd|||
||||E'DOO|EDOO||E.'000|E'000|E'DOO|
|Income|||16,249||233||8|25|
|Expenditure|||(15,4291|(225)||(2)|(2)|(67)|
|Investment||gains/losses|4 743||||(239)|58|
|Donation|to|College under giR aid|I||||||
|Result for|the year||||||(233)||
|Total assets
Total liabilities
Net funds at the end of year|||214,370
(34,344)|136
(127)||61
(62)
~)|9,136
9,136|1,894|
|||||||Permanent|Endowment||Expendable|Total|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Unapplied||Endowment|Endowments|
|||||Totalreturn|Trust Ior||Total||||
|||||not applied|Investment||Return|Total|||
|||||E'ODD|E'DOO||E'000|EOOD|E'000|2'DOD|
|At the beginning
ofthe year|||||||||||
|Gift component
of lhe permanent||endowment|||47,804|||47,804||47,804|
|Unspaced
totalreturn|||||||64,176|64,176||64,176|
|Funds not sub/ect
to total return||||226||||226||226|
|Expendable
endowment|||||||||31,674|31,874|
|Total Endowments||||226|47.804||64,176|112,206|31,674|143.880|
|Movements
in the reportmg|penod||||||||||
|Gift of endowmentfunds|||||3,291|||3,291|295|3,586|
|Investmenl
return
total investment|||income||||1,474|1,474|3D7|1,781|
|Investmenl
returrr
realised
and|||||||||||
|unrealised
gains and losses||||(83)|||3,492|3409|453|3,862|
|Less
Investment
management|costs||||||(631)|(631)|(128)|(759)|
|Other transfers|||||||||||
|Total||||(83)|3,291||4335|7,543|927|8,470|
|Unapplied
total return
allocated|to||||||||||
|mcome
rn the reporting
penod|||||||(3,050)|(3,050)|(543)|(3,593)|
|Expendable
endowments
transfermd|||to income||||||(54)|(54l|
||||||||(3 050)|(3,050)|(597)|(3 847)|
|Net movemenis
in reporting|period|||(83)|3,291||1 285|4493|330|4,823|
|At snd of the reportmg
period.|||||||||||
|Gift component
ofthe permanent||endowment|||51 095|||51 095||51,095|
|Uriapplied
total return|||||||65,461|65.461||65,461|
|Funds not subject to total return||||143||||143||143|
|Expendable
endowment|||||||||32,004|32,004|
|Total Endowments|||||||||||
##
|DEBTORS|DEBTORS|||||||
|---|---|---|---|---|---|---|---|
|||||2022|2021|2022|2021|
|||||Group
6'000|Group
2'OOD|College
2'000|College
E'000|
|Amounts|falling due|within one year||||||
|Trade debtas||||807|518|756||
|Amounts|owed by College members|||80||80||
|Amounts|awed by Group undertakings|||||187|117|
|Loans repayable
mthin||one|year|||||
|Prepayments
and accrued income||||58|221|58|221|
|Amounts|falling due|after|more than one year:|||||
|Loans||||1,372|1,085|1,372|1,085|
||||||1,824|||
|CURRENT ASSET INVESTMENTS||||||||
|Group and College|||||Other|2022|2021|
||||||shorttsrm|Total|Total|
||||||DODO|EOOD|k'DDO|
|Valuabon|at start ofyear||||6,070|6,07D|7.366|
|Additions|||||380|380||
|Disposals|||||||(1.556)|
|Revaluation
gainsl(losses)|||in Ihe year||(323)|(323)|240|
|Valuation|at end ofyear||||6,127|||
|CREDITORS. falhng||due within one year||||||
|||||2022|2021|2022|2021|
|||||GroUp|Group|College|Cofisge|
|||||2'000|EOOD|E'ODO|2'000|
|Trade creditors||||215|499|215|49li|
|Taxation|and social security|||241|79|240|79|
|Accruals|and deferred|income||273|1,D19|272|1,019|
|Other credaors||||677|461|677|458|
|||||||1, 04||
|CREDITORS. falling||due after more than one year||||||
|||||2022|2021|2022|2021|
|||||Group|GroUP|College|College|
|||||EOOD|E'000|EOOD|E'000|
|sank kans||||5,00D|5,0DO|5,DOO|5,000|
|Notes||||25,57D|25,594|25,570|25,594|
|Other auditors||||1DO|10D|100|100|
##
##
##
##
##
|ANALYSIS OF NET ASSETS BETWEEN FUNDS|||||
|---|---|---|---|---|
||Urrmstrlcted|Restncted|Endowment|2D22|
||Funds|Funds|Fumls|Total|
||E000|E'000|EOOD|E000|
|Tangible fixed assets|39,495|||39,495|
|Propmty invsstmsnls|12,730||49,134|fil,sfl4|
|Other investmerits|3538|10,644|99569|113,751|
|Net cunent assets|8,892|||8,892|
|Long term liabilities|(32,940)|||(32,940)|
||Unrestricted|Restncted|Endcwmenl|2021|
||Funds|Funds|Funds|Tolat|
||E'000|E'000|EOOD|E000|
|Tangrbh
fixed assets|40,370|||40,370|
|Property
investments|11,745||48,D96|59,841|
|Other investments|2,917|g,tl92|95,784|108,593|
|Net current assets|8,948|||8,946|
|Long term liabilities|(32D40)|||(32,04D)|
##
##
|Qualified|Qualified|actuaries
periodically|actuaries
periodically|actuaries
periodically|actuaries
periodically|actuaries
periodically||value the USS and OSPS schemes|value the USS and OSPS schemes|value the USS and OSPS schemes|value the USS and OSPS schemes|value the USS and OSPS schemes|using Ihe 'proiected|using Ihe 'proiected|using Ihe 'proiected|unit method'|embraang|a market value approach
The|a market value approach
The|a market value approach
The|resulbng|levels of|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|contribution|||take||account nf actuanal||||surpluses||or defiats|in each|scheme.||The fina nasl assumptions||were denvsd||from market conditions
prevailing at|||Ihe|
|valuation||date.||The resufis of|||the latesl|||actuanal|valuations|and the||assumptions
which||have the most significant||effect on the results||were|||
||||||||||||||||USS|||||OSFS|||
|Dslh ofvaluation||||||||||||||31/03/2020||||||31l03/201 9|||
|Date vhluhhhn|||results||published|||||||||30/09/2021||||||19/06I2020|||
|Value of|lihhiiil||es||||||||||||6806bn|||||E848m|||
|Vsl eof|hsrels.||||||||||||||666 shn|||||O35m|||
|Fhndrhg||eius/(deice,||||||||||||(6141h )||||||(E113ml|||
|Phhcrpsl||5m|plllh5||||||||||||||||||||
||||||D
5fur|||||||||Fixed Interest|||||Gills|tt5% -2.25%|||
|||||||||||||||ahl|yreld curve|||||b|||
||||||Rate of ncnnse||in|shlshhh||||||plus|1% -2,75'4|||||RFI|||
||||||Rate of incrhshe||n|pensions|||||||n/s||||Ave|age
R PI/DPI|rl||
|||||||||||||||DPI+0056|||||||||
|Assumed||lire expsaanahs
on||||rhlrhmenl||at sge 65|||||||||||||||
||||||Mv|nnrrwwm|||||||||2390%|||||21 7 yrs|||
||||||Females|ch renlly||aged 66|||||||25.5yn|||||244 yrs|||
||||||Mn|mlr ww||45|||||||25 9yr5|||||23 0F5|||
||||||Females|cvnently||aged 45|||||||27 31'5|||||25 97|||
|Fuhdrhy|Rslrhh||||||||||||||||||||||
||||||Techn chl prhnsc|||s basis||||||||||||87%|||
||||||Slhtuihry|Pension||Pmtechhn||Fund bshe||||||||||74'/|||
||||||'8vyhrut|bs515|||||||||51%|||||60'/|||
|Employe||mnlribuhon|||rale (hs|%of pens hnsblh|||relaxes)|||21.1'/||ihchnsing|lo 21 4% on|01/1 0/2021||||19%|||
|Elfedrw|dale||ofnextvhluakhn|||||||||||31/M/2023||||||31/03I2022|||
|a,
The discount rate (forward||||||||rates)|for the USS valuaton|||was.|||||||||||
##
##
|||||||OSPS||||USS|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Fmeh Dale to Osluinsm
sqr plan||||||304ni2028||||31N3I2028|||
|Avsnae
vlalf|be
ncrsass|||||2.44.4%||||244 4%|||
|Avenge stall asian
cease||||||2.00%||||200%|||
|Average cscoucl|rale over pened|||||I AO'4||||1.75%,|||
|Effsd of05% change
in damunt
rais||||||f'1.4m||||Es.sm|||
|Sfhcicf1%cha|scsiail
nnAh|||||E2 em||||E125m|||
|A provision
of|E2,270 000 has|been at 31st July 2022 (2021 E1,346||||000) for Ihe present||value ofthe estimated|future deficit funding|element|of the|conbibulicns|
|payable
under|these agreements,||using the assumptions||shown. The provision
reduces|||as Ihe defiot is paid off|according to the pension recovery|||scheme|
|Pension charge for the year|||||||||||||
|The pension|charge reconled|by|the College dunng|the|accounting|period (excluding|pension finance coals) was equal to the contnbulions
payable|||||after allowances|
|for the deficit|recovery
plan as|follows|||||||||||
##
##
|||||||||
|---|---|---|---|---|---|---|---|
|25|RECONCILIATION
OF NET INCOME TO|||||||
||NET CASH FLOW FROM OPERATIONS|||||2022|2021|
|||||||Group|Group|
|||||||E'DOD|f.'OOD|
||Net income/(expenditure)|||||5,352|24,296|
||Egminatlon
of non-operating
cash sows|||||||
||Investment
income|||||(2,790)|(2,D05)|
||(Gains)/losses
in investmenls|||||(4,562)|(15,683)|
||Endowment
donations
Depreciation|||||(3,566)
992|(8,723)
675|
||(Surplus)/loss
on sale ofaxed assets|||||||
||Decrease/0
ncrea eel in stock|||||9|(9)|
||Decrease/(Increase)
In debtors|||||(493)|(459)|
||(Decrease)/Increase
in creditors|||||(676)|316|
||(Decrease)/Increase
in pension scheme liabiliiy|||||924|(420)|
||Nst cash provided
by (used in) operating||acbvi lies|||||
|26|ANALYSIS OF CASH AND CASH EQUIVALENTS|||||||
|||||||2022|2D21|
|||||||DODO|E'000|
||Cash al bank and in hand|||||1,714|2,961|
||Total cash and cash equivalents|||||||
|27|FINANCIAL
COMMITMENTS|||||||
||At 31 July the Ccgege had commitments|uniier non-cancellable||operaling|leases as follows|2022|2D21|
|||||||E.'000|E'000|
||Land and bugdlngs|||||||
||expiring
within one year|||||||
||expiring between ons and five years|||||||
##
##
##
##
##
|33a|Consohdated
Statement||of Fmanmal|Activities for the year ended 31 July 2021|Activities for the year ended 31 July 2021||||
|---|---|---|---|---|---|---|---|---|
||||||Unrestncled|Restncted|Endowment|2021|
||||||Funds|Fuiids|Funds|Total|
|||||Notes|E'Doo|E'000|E000|E.'000|
||INCOME AND ENDOWMENTS
FROM'||||||||
||Charitable
activities||||||||
||Teaching. research
and||residential||5, 146|||5,146|
||Other Tradmg
Income||||71|||71|
||Donations
and legamss||||52|5.579|8,723|14,354|
||Invsslmenls||||||||
||Investment
income|||4|426|82|1 497|2005|
||Total return
allocated|to income||33c|2 123|1,157|(3260)||
||Other income - Coronavirus
Job Retention Scheme||||481|||481|
||Total mcome||||8,299|6,818|6,940|22,057|
||EXPENDITURE ON||||||||
||Chantable
aclivities||||||||
||Teaching, research
and||residenaal||7,300|2,954|20|10,274|
||Generating
funds||||||||
||Fundmising||||5DI|||501|
||Trading
expenditure||||76|||76|
||Investment
management||costs||444|89|2,060|2,593|
||Total Expenditure||||8,321|3,043|2,080|13,444|
||Net Income/(Expenditure)||before gams||(22)|3,775|4,5so|8,613|
||Net gainer(losses)
on investments|||11,12.16|504|747|14,432|15,683|
||Net Incomel(Expenditure)||||||19,292|ZA22|
||Transfers
between
funds|||33d|1,486|(1,637)|151||
||Net movement
in funds for Ihe year||||1,968|2,885|19443|24,296|
||Fund balances
brought|forward||330|29,970|7 007|124,437|161,414|
||Funds cerned
forward|at 31 July|||SIJ)338||||
|The result|s|and their ass|ets and liabilities
of the|parent
and subsidianes
for the yea|r ended 31July 202|r ended 31July 202|1 were as follows|.||
|---|---|---|---|---|---|---|---|---|---|
|||||Parent College|Lincoln College||Lincoln|Lincoln 2027|Lincoln College|
||||||Trading|Ltd|College|Tmsl|Michael Zilkha|
||||||||Enterprises||Fund|
||||||||Lld|||
|||||EDDD|E'000||E'000|E'000|Eooo|
|income||||22,018||71|22|11|22|
|Expenditure||||(13.376)||(70)|(22)|03)|(50)|
|Investment||gainsllosses||14,622||||582|199|
|Donation|to|College under|gift aid|3||(3)||||
|Result for|Ihe year|||||||860|171|
|Total assets||||208,557||59|64|9,369|1,878|
|Total liabilities||||(34 095)||(57)|(63)|||
|Net funds|at Ihe end of year|||174, 62|||||878|
##
|Statement
of Investment
Total|Statement
of Investment
Total|Return for the year ended 31 July 2021|Return for the year ended 31 July 2021|Return for the year ended 31 July 2021|||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||Permanent|Endowment||Expendable|Total|
||||||||Unapplied||Endowment|Endowments|
|||||Total return|Trust for||Total||||
|||||nolappaed|Investment||Return|Total|||
|||||2'000|8000||5'000|2'000|EDDD|2'000|
|Al lhe beginmng
ofthe year:|||||||||||
|Gia component of the permanent|||endowment||40,025|||40,D25||4D.025|
|Unapplied
lotal return|||||||56,213|56213||58,213|
|Funds not subject to lolal return||||125||||125||125|
|Expendable
endowment|||||||||26,074|28.074|
|Total Endowments||||125|40.025||56,213|96,363|28,074|124437|
|Movements
in the reportmg|penod:||||||||||
|GIRofendowment
funds|||||7,779|||7,779|944|8,723|
|Investment
return'
total invsstmenl|||income||||1,235|1,235|262|1,497|
|Investment
return: realised and|||||||||||
|unrealised
gains and losses||||101|||11,194|11295|3,137|14,432|
|Less
Investment
management||costs|||||(1,700)|(1,700)|(360)|(2,D60)|
|Other transfers|||||||||151|151|
|Total||||101|7,779||10,729|18.605|4,134|22,743|
|Unapplied
total return allocated to
income
in the reporhng
period
Expendable
endowments
transferred||||to inoime|||(2,766)|(2,766)|(514)
~20|(3,28D)
(20)|
||||||||(2,766)|(2,706)|(534)|(3.300)|
|Net movements
In reporting|period|||IDI|7,779||7,963|15,843|3,600|19,443|
|At end ofthe reporting
period:|||||||||||
|Gift component ofthe permanent|||endowment||47,804|||47,804||47,SO4|
|Unapplied
total return|||||||64,176|64,176||64.176|
|Funds not subject to lolal return||||226||||226||226|
|Expendable
endowment|||||||||31,674|31,674|
|Total Endowments||||226|47,804||64,176|||8|
##
|33d|Analysis
of Movemenl|Analysis
of Movemenl|on Funds for the year ended|31 July 2021||||||
|---|---|---|---|---|---|---|---|---|---|
|||||At I August||||Gainsf|Al 31 July|
|||||2020|Income|Expenditure|Transfers|(lcssiis)|2021|
|||||E'000|EOOD|E'DDO|FDDO|E'000|E'000|
||Endowment
Funds -|Permanent||||||||
||General Endowment|||53.556|687|(946)|(1,640)|6,229|57,886|
||Montgomery
Estate|||636|11|(15)|(26)|97|903|
||Nunield Research Trust||Fund|1,697|22|(30)|(52)|197|1,834|
||Paul Shuarey Bequest|||9,278|119|(164)|(284)|1,079|10,028|
||Other Fellowships|||2D,275|5,204|(361)|(379)|2,374|27,113|
||Polonsky (Hansard)|||125||||ID1|226|
||Student Support|||10,358|2 943|(181)|(385)|1,190|13,925|
||Others|||238|28|(3)||28|291|
||Endowment
Funds -|Expendable||||||||
||General Endowment|||7064|91|(126)|(216)|821|7.634|
||Bequests andlegaoiss
Total Endowment
Funds - College|||10794
114,221|1,082
10,187|(191)
(2017)|(147)
~3129|1,255
13,371|12,793
132,633|
||Endowment
funds
held||by subsidianes|||||||
||Lincoln 20271rusl|||8,509|11|(13)||862|9,369|
||I.incoln College Michael Zilkha Fund|||1,707|22|(50)||199|1,878|
||Total Endowment
Funds - Group|||124437|10220|(2,080)|(3,129)|14,432|143SBO|
||Restrmled
Funds|||||||||
||Income - endowment|funds|||18|(18)|||91|
||Scholarship
and grants||||881|(881)||||
||Barrow Foundation
Building|||255|3|(4)||30|284|
||EPA Alfred Street and|Mitre Refurbishment|||1,637||(I 637)|||
||Other restricted
funds|||6,661|3,122|(2,140)|1,157|717|9517|
||Total Restncted
Funds - Cogsge and Group|||7007|5661|(3043)|(480)|747|9892|
||Unrestricted
Funds|||||||||
||General|||3,024|6,133|(B,D35)|2,944|379|4,445|
||Fixed asset designated
Other designated|||27,551
1,158|43|(675)
(29)|887
(222)|125|27,763
1,075|
||Pension reserve|||(I 786)||420|||(1,346)|
||Total Unrestncted
Funds - Conege and Group|||29,96T|6,176|(8.319)|3,609|504|31,937|
||Unrestricted
funds held||by subsidiaries|||(2)||||
||Total Unrestrmted
Funds - Group|||29,970|6,176|(8,321)|3,509|504|31,938|
||Total Funds - Group|||161,414|22,057|(13,444)||15,683|185,710|