2020-07-31-accounts - The Principal And Fellows Of Somerville College

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Governing Body, Officers and Advisers	Governing Body, Officers and Advisers
Report ofthe	Governing Body
Auditor's Report		15
Consolidated	Statement of Financial Activities	20
Consolidated	and College Balance Sheets	21
Consolidated	Cash flow Statement	22
Notes to the	Financial Statements	23


Baroness	Janet Royall, Principal
Professor	Prateek Agrawal	Employed	TT20
Professor	Daniel Anthony
Professor	Jonathan Burton
Professor	Dan Ciubotaru	Leave HT20
Professor	Robert Davies
Professor	Julie Dickson	Leave MT19
Professor	Samantha Dieckmann
Professor	Beate Dignas	Dean HT20-HT21
Mr Julian Duxfield
Professor	Christopher Hare
Professor	Michael Hayward
Professor	Michelle Jackson
Ms Sara Kalim
Professor	Simon Kemp	Dean HT19-MT20
Professor	Robin Klemm	Employed	TT20
Professor	Aditi Lahiri
Professor	Renaud Lambiotte
Dr Anne Manuel
Professor	Lois McNay	Leave MT19-TT20
Professor	Mari Mikkola
Professor	Louise Mycock	Leave MT19
Professor	Karen Nielsen	Leave HT20
Dr Natalia	Nowakowska
Professor	Patricia Owens	Employed	TT20
Mr Andrew	Parker
Professor	Vivien Parmentier


Professor Luke Pitcher
Professor Charlotte Potts	Leave MT19-HT20
Dr Stephen Rayner
Professor Stephen Roberts
Professor Elena Seiradake
Professor Steven Simon
Professor Francesca Southerden
Professor Charles Spence
Professor Fiona Stafford	Leave TT20
Professor Richard Stone	Leave TT20
Professor Almut Suerbaum	Leave MT19-TT20
Professor Annie Sutherland	Leave MT19
Professor Rajesh Thakker
Professor Benjamin JThompson	Vice-Principal Seconded to		MT19-TT20 Division MT19-T20
Dr. Damian Tyler
Professor Renier van der Hoorn
Professor Stephen Weatherill
Professor Philip West	Leave HT20
Professor Matthew Wood
Professor Faridah Zaman
Professor Noa Zilberman	Employed	HT20

Principal			Baroness Janet Royall
Senior Tutor			Dr Stephen Rayner
Treasurer	(Finance	&Estates Bursar)	Mr Andrew Parker
Domestic	Bursar		MrAndrew Parker
Development Director			Ms Sara Kallm
Librarian	&Archivist	& Head of IT	DrAnne Manuel

ual value,	in equal a	nnual ins	talment	s over their ex	pected useful economic lives as follows:
Freehold	properties,	including	major	extensions	100years
Leasehold	properties				100years or period oflease ifshorter
Building improvements					10 - 30years
Equipment					3-10years

				Unrestricted	Restricted	Endowed	2020	2019
				Funds	Funds	Funds	Total	Total
			Notes	E000	C000	E000	dcgc	E000
INCOME /IND ENDOWMENTS		FROM:
Charitable activities:
Teaciiing, research	and residential			5,396			5,396	5,923
Other Trading Income				289			289	677
Donations and legacies				1,150	226	751	2,127	4,196
Investments
Investment income				1,988	1,937		3,925	3,975
Other income				410			410	70
Total income					2,163	751	12,147	14,541
EXPENDITURE ON:
Charitable activities:
Teaching, research	and residential			10,221	2,214		12,435	12,839
Raising funds:
Fundrsising				761			761	765
Trading axpendihcre				135			135	184
Investment management		costs		71	120		191	225
Total Expenditure			6	11,188			13,522	14,014
Net Income/(Expenditure)	before gains
Net (losses)/gains on investments			11,12	(1,262)		(5,364)	(6,626)	5,027
Net (Expenditure)/income
Transfers between funds				(335)		335
Net movement in funds for the year				(3,552)	(171)	(4,278)	(8,001)	6,854
Fund balances brought forward			17	140,840	3,024	87,941	231,805	224,951
Funds carried forward at 31July				137,288	2,853	83,663	223,804	231,805

			2020	2019	2020	2019
			Group 6'000	Group 6'000	College 6'000	College 0000
FIXEDASSETS
Tangible assets		10	158,295	157,836	158,295	157,838
Property investrnenis		11	8,710	9,900	8,710	9,900
Other Investments		12	92,253	96,313	82,579	86,169
Total Fixed Assets			259,258	264,051	249,584	253907
CURRENT ASSETS
Stocks			83	59	83	59
Debtors		14	1,341	3,435	1,903	4,570
Investments			5	1,105	5	1,105
Cash at bank and in	hand		1,590	2,366	671	175
Total Current Assets			3,019	6,985	2,662	5,909
LIABILITIES
Creditors: Amounts	falling due within one year	15	1,891	2,390	1,744	1,464
NET CURRENT ASSETS/(LIABILITIES)			1,128	4,595	918	4,445
TOTAL ASSETS LESSCURRENT LIABILITIES			260,386	268,646	250,502	258,352
CREDITORS: falling due after more than one year		16	35,750	35,750	35,750	35,750
NET ASSETSI(LIABILITIES) BEFORE PENSION ASSETOR
LIABILITY			224,636	232,696	214,752	222,602
Defined benefit pension scheme liability		21	832	1,091	832	1,091
TOTAL NET ASSETSI(LIABILITIES)			223,804	231,805	213,920	221,511
FUNDS OFTHE COLLEGE
Endowment funds		16	83,663	87,941	74,605	78,451
Restricted funds		16	2,853	3,024	2,853	3,024
Unrestricted funds
Designated funds		16	136,932	139,628	136,932	139,626
General funds		16	1,188	2,303	362	1,499
Pension reserve		21	(832)	(1,091)	(832)	(1,091)
			223,804	231,805	213,920	221,511

					2020	2019
				Notes	6'000	E'000
Net cash provided by (used In) operating	activities			24
Cash flows from Investing activities
Dividends, interest and rents froru investments					3,925	3,975
Proceeds from the sale of property, plant and equipruent					507
Purchase ofproperty, plant and equipment					(2,960)	(7,508)
Proceeds from sale of investments Purchase of investments Net cash provided by (used in) investing	activities				685 ~52.2 ~8	~355 ~888
Cash flows from financing activities
Repayments of borrowing
Finance costs paid					(866)	(594)
Cash inflows from new borrowing
Net (additions to)/withdrawals from terre	deposits				1,100	4,585
Receipt ofendowment					751	2,439
Net cash provided by (used in) financing	activities				985	6,430
Change in cash and cash equivalents in the		reporting	period		(796)	(859)
Cash and cash equivalents atthe beginning		ofthe
reporting period					2,386	3,245
Cash and cash equivalents atthe end ofthe		reporting
period				26		,3M

Teaching, Research and Residential
Unrestricted funds
Tuition fees UK and EU students
Tuition lees Oversees students
Other HEFCE support
Other academic income
College residential income

DONATIONS AND L	EGACI	ES
				2020	2019
				E'000	2'000
Donations and Legacies
Urrestricted funds				1,15D	1,134
Restricted funds				226	623
Endowed funds				751	2,439
INCOME FROM OTHER TRADING ACTIVITIES
				2020	2D19
				CODD	2'000
Subsidiary mmpany	trading	income		264
Other trading income				25
INVES1MENT INCOME
					2D19
					E'000
Unreslnmud funds
Commercial rent				622	612
Equgy dMdends				996	990
Income from Dxed	interest	stocks		57	52
Interest on fixed term deposits			and cash		2
Other investmsnt	income			306	288
Bank lrfienlst				7	5
Resigned funds
Commercial rent				10	40
Equily dMdends				1,567	1,631
Income Dum Dxed	interest	stocks		107	106
Interest onfixe term dsposxs			and cash	(5)	5
Other Investmsnt	Income			254	240
Other lrilerest				4	4
					2,026

5	OTHER INCOME
		2020	2010
		Eegs	f'000
	Coronavirus Job Retention Scheme Grants	392
	Miscslaneous Income	34	70
		420	70
6	ANALYSIS OF EXPENDITURE
		2020
		E000
	Charitable expendnure
	Dkscl stall costs sllomtsd to:
	Teaching, research snd residential	4,952	4,773
	Other dlred costs srocated to:
	Teaching, research end rssidengal	3,037	3,833
	Support and governance costs allocated to:
	Teaching, research snd residential	3,546	4,233
	Total charitable expenditure
	Expenditure on raising funds
	Direm slag costs allocated lo:
	Fundraising	499	506
	Other dbsct costs sllccstsd Ic.
	Fundralslng	217	219
	Trading expendturs	28	78
	Investmenl management costs	174	200
	Support end governance costs allocated to:
	Fundreising	45	41
	Tradihg expshditura	107	\OS
	Investment management costs	17	16
	TotalexpendlWrs on raising funds	I 087	1,175
	TotelsxpsndlWre

										TSSChlng
								Generedng		8ild		Pubic			2020
									Funds	Resmfcli		Worship	Hemege		Total
									0'000	COOO		2'000	2'000		Bcog
Financhl administnnion										305					419
Human resources										127					127
IT										224					224
Depreaerion									120	2,033					2,181
(Pnifltyloss on fmsd asset		~								(108)					(106)
Sara merest payable										1,006					1,000
Diner finanos charges										(2SO)					(2M)
Goilstrailcs costs										138					143
															3 I
										TSSChlru
								Generating		and		Public			2010
									Funds	Research		Worship	Hemage		Total
									2'000	OOOO		000	POCO		8'000
Financial administration									32	377					400
Human resources										106					100
IT										202					2S2
Depreciation									110	1,021					2,040
(Profigrioss on lixed assets
Bank interest payable										794					794
Other finsnce charges										666					HIO
GOS8rnsnce ccats									12	166					170
Financnl and domestic	administration,				IT end human		resources costs are etlnbuled		eccorcing to	the estimated	stslf dme	spam on each scfnrity.
Depreciation costs ard	proft or loss on dspossl					oftlxed assets ere sanbulsd		according tothe use made cfIhe			underlying	assets.
Interest ard other Onaree		charges		am	earibuled	sccorCing lo the purpose of		the related flnenclng.
Governance costs are	aoocaled lo teaching snd					research costs
													2020		2019
														em	E'000
Governance costs comprlsei
Auditor's rsmuneredon	- audit		sendces											30
Olha govamltcs costs														113
No amounl hes been included			in governance msts for the direct employment					coals	or reimbursed	experises cfthe College Fellows			on Ihe basis	Ihat these	paymsnls
relate lo the Felaws involvement				in Ihe	Cdlsge's	chartable acavlces. Detets		ofthe	remuneration	ofIhe FeOows	and their	reimbursed	expenses	ere ireluded as a
separate nots within these		financial statements.
GRAN18 AND AWARDS													2020		2019
													2'000		E'000
During the year Ihe Ccgege funded research awards							and
bursaries to students from		Bs	restricted		and
unrestricted fund as fcgcws
Unrestricted funds
Grants lo Indivlduels:
Schclerships, prbes	end grants
Buissnes 8lld h8rdslxp		88!!Ids
Grants lo other insnutions
Total unrestricted
Restricted funds
Grants lo individuals:
Schclsrsliips, prizes	and grants												076		070
Burssries end hmnhip		ewanls											1S4		100
Greiils lo odler kisnutlons
Total restricted
Tata lgrants and awards

STAFFCOSTS
												2020	2019
The aggregate staff costs for Ihe year were esfollows.												E'000	F000
Satanas arri wages													4,566
Social security coals													374
pension costs:
Delined benefi schemes												70	950
Delined conhibulicn		schemes										267	263
Otherbenefas												255	337
													6,510
The average number	of	employees ofIhe College,
excluding Trustees, wes		es		follaws.								2020	2019
Tuition end research												53	53
College residential												132	121
Furldmrslng												10	8
Suppon												2	2
Total
The average number	of	employed College Trustees during					the year was as	follows
University Lemurers												19	19
CUF Lecturers												19	17
Other												3	3
Total												41
The follovnng inmrmagcn relates lo the employees Trustees are inuudsd es e separate nole 0these						of Ihe college exduding flnandal statements.		the college Trustees. Details ofIhe remunerason		end reimbursed		expenses of Ihe college
The number of employees				(exriuding	Ihe College	Trustees)	during the year	whose gross pay and benefits (excluding	emplsyer		Nl snd pension	contributions)	fell vsthin
the followiro bands wac
660,00ISE70,000												1	I
The number of Ihe above			employees		with retirement benefds aocruing was			as follows:
In defined beneffis schemes
In defined contriburon	schemes
The Cogege contribufions			to defined		conblbution	pension schemes totaled						210k	Elgk

Gmirp						2020	2019
			Agricugural	Commercial	Olhsr	Total	Total
			EOOD	2'ino	EOOD	2'000	CODD
Vslustiorl st	slsft cfyssr			9,900		9,9X	0,391
Dispossls				(685)		(685)
Revaluabon	geinsrgosses)	In Ihe year		(505)		(5D5)
Valuation stend ofyear
College						2020	2019
			Agrktilbiral	Commercial	Other	Total	Total
			5'000	EODO	r.'000	8'OX	GXO
Valuation at	alert ofyear			9,900		0,9X	0,391
Cisposals				(685)		(005)
Revaluation	gainer(losses)	in Ihe year		(505)		(606)
Valuation at end ofyear

All investments ere	held	at fair value
							2020	2010
							EDDO	2'000
Group investments
Valuation st ahri of year							00,313	88,640
New money invested							2,201	2,335
Investment msnagmnenl		fees					(140)	(10D)
(necrease)lincrease	in value ofinvestments						($,121)	5,518
Group investments	stend ofyear						92,253	98,313
Investmenls In subsidiaries							($,074)	(I0,144)
College investmenta	at	end ofyear
Group invesunents	comprise:		Hekl outside	Held in	2020	Beld outside	Held in	2019
			the UK	the UK	Talal	the UK	Ihe UK	Totsl
			EXO	F00	8'000	r.'xo	2'OOD	r.'ox
E0inr Irivssbrxirils			14,768	11,801		17,010	15,580	32,590
Propalbf funds				438			al1	461
Fixed inleresl slacks			1,330	0,397	7,727	1.263	5JI75	6,738
mtuuatlva arid other'	iiivasbliarlfs		38,010	16,907	55,018	38,197	17,061	55,258
Fixed lerm deposgs ard Total group Investments		cash	54 117	2,413 38136	2,413 92	5647	1,266 ~04	1,266 96313

			2020	2019	2020	2010
			GIOUp	Group	College	Cosege
			6'000	2'000	6'000	0000
Amounts	falling due	within one year:
Trade debtors			M5	335	68	174
Amounts	owed by Colege members		236	317	2ul	317
Anroullls	owed b\I Gloup Undellaklrlgs				002	1,460
Prepaymenls ard acuuad income			383	2,395	S78	2,308
Clhsr debtors			577	388	549	222
Amounls	faglng due	atter more than one year.
LS8ns
			I 341			wn
CREDITORS: falling		due within one year
			2020	2019	2020	2019
			Gmup	Group	Cogsge	College
			Egcs	2'000	8'000	2'000
Tmds omdilors			535	915	441	404
Taxehon	and annal secuily		107	247	167	143
Accruals	and deferred	inmme	496	770	443	440
other' clsdtois			693	449	6SS	417
			I 091	2390	I 744	I 404

TRUSTEES' REMUNERATION cont
Remuneration paid to trustees
			2020			2019
			Gross rsmurlsrsgorl,	Isxsble
	Number	or	berslils and pension		Number or	Gross remuneration,		taxable
Range	TrusteesiFellows		oordrlblrBorls		TrusleesrFellows	benefits and	pension ccntribudons
			5				2
KOK1,000							715
f2,000-E2,9$!			2,039				2,737
fd,DOti-E4,999			4,139
27,00527,999			7,362				7,452
29,000-29,999							9,190
EIO,ODOFID,999 f12,000-7I2,999			12,169				10,084 12,131
f\3,008813,999			26,325
f15,MD-F15,999			15,843
221,000-721,999							43,339
222,00IFE22,999			22,248				203,844
f23,MOK23,999			23,674
224,MOS.'24,999			169,731
225,000-225,999			25,370
f26,MOK26,999			52,296				26,408
232,000-232,999							32,397
f34,00IFE34,999							34,546
237,MD-F 37,999			37,331
240,000-24D,999			40,044				40,199
243,00OK43,999			43,651
245,000-245,999 f46,MD-E48,999							45,318 92,789
247,00OE47,999							47,318
248,006K46,999			48.379
KBO,MOK50,999 f52,MD-E52,999 f53,MOE53,999			50,703 52,186				53,268
955,000-755,999							39tl,7DO
258,000E58,999			293,491
260,00OK60,999 f63,000-263,999			60,879 189,657				60,0DB
f64,MILES4,999			64,540
EBI,MOE81,999							81,162
282,MD-F82,999			82,122
EBB,MOE86,999							86,116
590,000E90,999 fI08,000-f108,999			90,522				108,406
EIIB,DOD-f118,999							118,843
2124,00D-f124,999			'I24,329
9125,000-f125,999			125,496
2131,000-2131,999							131,759
5147,000-E147,999			147,072
Total		40	'I 811598		39		I 638514

1he college	had	contracted	contracted	commrments	commrments	commrments	al31 July for futuu capital proleois	al31 July for futuu capital proleois	al31 July for futuu capital proleois	totaling 24000k f2019-El 283kj.	totaling 24000k f2019-El 283kj.	totaling 24000k f2019-El 283kj.	totaling 24000k f2019-El 283kj.
RELATED PARTY TRANSACTIONS
The Calhge	is part ofIhe		callegiate		Univemily of Oxfard. Malarial iraerdependencies between the Universily							and	ofthe	College arise ss e consequence		afthis
relaronshlp.	For	reporting	purposes,		the Urivsrsily		and	the ether Colleges	are not tresled ss related psnies			as delined		in FRS 102
Members of	the Governing			Body, who		ere the bustees ofIhe cdlege end			related parties as delined by FRs 102,rscsivs remunera						ron and facill6es ss	employees of
Ihe college.	Deters oflhasa payments					and reimbursed		expenses as trustees		are dlsdosed separately	in these gnsncial			smlements.
The following	trustees hsd		loans oulstarding fram				Ihe College at the start		and/or end ofthe year.
															2020	2019
															2'000	2'000
6Thompson															100
Interest is chamed on the			shove loan			sl 4%per annum.		The loan ls repayable		vathin 5years or on the	departure		ofthe	truslee from	the Collage if earlier.
The college	has properties			mlh the	fogowings net		book values owned jointly nilh trusmes mder joint equity					ownership		agreemenls	lwtwaen the trustee	and Ihe
College.
															2020	2019
															6'800	E'DDD
A Sutherland															16'7	171
M Hayward															72	74
C Hare															186	169
SRapier															0	173
J Merchini															0	173
RVen der Hoom															91	93
8 Dignas															183	187
L Mycock															18$	197

						Unrestrimed	Restrimed	Endowed	2,019
						Funds	Funds	Furms	Total
					Notes	atmo	b'000	9'000
INCOME AND ENDOWMENTB			FRONb
Charitable activities:
Teaching, research and	residential					5,923	0	D	5,923
Other Trading Income						677	0	0	677
Donanona and legacies						1,134	623	2,439	4,196
lrlvssbrrerlts
Invesbnenl income						1,949	2,026		3,975
Other income						70	D		70
Tolal income						9,753	2,649		14,841
EXPENDRURE ON:
Charitable actlvitlesr
Teaching, research and	residential					10,716	2.123		12,839
Raising funds:
Fuldnrlslrlg						718	0	48	766
Tfsdlrlg axpsrldltufa						184	0	0	184
Invesbnenl managemenl		cosh				105	120	0	225
Total Expenditure						11,723	2,243		14,014
Net Incomel(Expendlmre)		before gains				-I 970	406	2 391
Nel gains/(losses) on Investments						1,310	0	4,717
Net Incomel(Expenditure)						-660	406	7 108	6854
Transfers between funds						-118		218
Net movement in funds	for the		year			-778	306	7,326	6,854
Fund balances brought	forward					141,618	2,718	BD,615	224,951
Funds carried forward at		31July
ANALY818OF MOVEMENTS ON FUNDS
				At I August	Incoming	Rssorlross		Gainer	At 31July
				2,018	mscrrfcss	expended	Transfers	(losses)	2,019
				f'OOD	f'OOD	FOOD	Foml	X'000	9'000
Endowment Funds - Permanent
1.Fellowship funding:
Fellowship Endowment Fund				4,679	115			277	5,071
Indira Gandhr Fund				3,277	1,200			193	4,670
Calhenne Hughes Fund					0			BD	1,443
P.Normen Fellowship Fund Other funds less Ihan f500,000				1,821 1,829	0 0			107 108	1,928 1,937
2.Aclrdemic awardsr
Funds Nss Ihan f50D,ODO				1,272				75	1,347
3.Student support:
Funds less Ihan 9500,000				2,049				121	2,170
4.Other tunas:
College Capital Fund				2,487				147	2,821
Total endowment permanent				18,777	1,502		0	I 108	21 387

32	PRIOR YEAR COMPARAllVE
b.	ANALYSIS OF MOVEMENTS ON FUNDS
		At I AUgUSI	tricemrrig	Rsscufcss		Gains/	At 31July
		2,018 2ODO	msouroes 2'OOD	expended fODO	Tnrfwf8rs f.'000	(losses) BOX	2,019 2'000
	Endowment Funds - Expendable
	1.Ferowshlp funding.
	Centenary Appeal Fund	777	0	0	0	46	823
	E.P.A.Cephalosporin Fund	1,011	D	0	0	60	1,D71
	A &W Cobbe Fund Ford	3,691	0	0	0	218	3,909
	L.tabowsky Fund 1992	727	0	0	0	41	770
	Mitchel Fund	2,550	0	0	0	150	2,700
	Csrlisle &CA.Lee Fund	862	0	0	0	51	913
	Ernest Cook Fund	972	0	0	0	57	1,029
	Mary Ewart Trust Fund	1,169	0	0	0	69	1,238
	Ross Graham Fund	1,664	0	0	0	eB	1,762
	Daphrw Osborne Fund	6,146	0	0	0	363	6,509
	C.8 D.Roaf Fund	1.323	0	0	0	78	1,401
	Mary Snsw Fellowship Fund	1,625	0	0	0	96	1,721
	Mary Somenne Research Fund	1,058	0	0	0	62	1,120
	Margaret Thatcher Fund	462	0	-nl	0	27	441
	K &LWoolley Fund Fund	962	0	0	0	57	1,019
	Worwm Fund	731	0	0	0	43	774
	Scogan Fund	0	760	0	120	7	887
		25,730			120	1,525	28,087
	Other funds less than 2500,00D	5,234 30,964	760		120	309 ~1834
	2.Academic awards:
	Janel Wahon Fund Other funds less than f50D,OOD	862 4,343			0 -120	51 256	913 448D
		5205	I	0	-120		5393
	3.mudent Support:
	Bursary Fund	2,904	142			171	3,217
	Dame Emily Penrose Fund Other funds less than f50D,OOD	819 3060	0 29			48 181	867 3270
		6783	171	0	0		7354
	4.Other funds:
	General Endowment Fund	3,675			0	217	3,897
	Loan Repayment Furd	1,681			218	109	2,008
	Cerys Benriister Fund	1,244			0	73	1,317
	CA Lee Fund	607			0	38	643
	Other funds less than 2500,000	2,664			0	158	2822
		9871	5	0	218	593	10687
	Total endowment funds, expendable	~52 823	937	48	218	3134
	Total Endowment Funds - College	71600	2439	48	218	4 242
	Endournent fwlds held by subsrdiades	9,015	0	0	0	475	9,490
	Total Endowment Funds - Group	80615			218	~717
	Restricted Funds
	Endowment Income	2,179	2,649	-2,2 13	-10D
	Othsl fsslrtclsd fUnds	539	0	0	D
	Total Restricted Funds - College	2718	2649	-2 243	-IOD
	Restricted funds held by subsidiaries
	Total Restricted Funds - Group	2718	2649	-2243	-100
	unrestncted Funds
	General funds	1,500	0		-1		1,499
	Designated funds	3,465	0		546		4,DI3
	Fued Asset designated funds	136,275	9,753	-11,723		1,310	135,615
	Revaluation reserve	0					0
	Pennon reserve	426			-665		-1,091
	Total Unrestricted Funds - College	140,814		-11723	-116	I 310	140036
	Unrestricted funds held by subsidiaries
	Total Unrestricted Funds -Group	141818	9763	-11723	-118	1,310	140840
	Total Funds	224,961	14,841	114,014)		6,027	231 806