2021-07-31-accounts - The Principal And Fellows Of St Hugh's College In The University Of Oxford

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Governing Body, Officers	Governing Body, Officers	and Advisers	and Advisers	Page	1
Report ofthe	Governing	Body		Page	6
Auditor's Report				Page	17
Statement of	Accounting	Policies		Page	21
Consolidated	Statement	of Financial	Activities	Page	26
Consolidated	and College Balance		Sheets	Page	27
Consolidated	Statement	of Cash Flows		Page	28
Notes to the	Financial Statements			Page	29


Dame Elish Angiolini		(Principal)
Professor	A L Harris		Retired 31 December 2020
Professor	A W Moore
Professor	G SGarnett
Dr T M Kuhn
Professor	K R Plunkett
Professor	M BGiles
Professor	JSGetzler
Professor	L LWong
Professor	G A Stellardi
Professor	PJ Mitchell
Professor	P D McDonald
Mrs SJVainker
Professor	S R Duncan
Professor	R KWestbrook
Professor	S Paseta
Professor	R G Grainger

			C0 m
			EL
Professor	CJ Stevens
Professor	M R Macnair
Professor	C Wilson
Professor	TC BRood
Professor	A Harnden
Dr N E R	Perkins
Professor	TC Powell
Professor	J Martin
Professor	C Capelli	Resigned as Trustee 30 September 2020
Professor	D P Marshall
Professor	R Perera
Mr P R C	Marshall
Professor	E E Leach
Professor	G Loutzenhiser
Professor	SJ Conway
Professor	R Baker
Professor	E Mann
Dr TSanders

									m C C LL	E 00	Q) C mE— V) 0 C Q	o E m m O&	0 m h e
Dr J Parkin
Professor	EM Husband
Professor	C Ballentine
Professor	D Biro
Professor	D Doyle
Professor	Eidenmuller
Professor	Jerusalem
Professor	H Oberhauser
Professor	E Saupe
Professor	E Morisi
			Resigned		as Trustee		30
Professor	M McMahon		September		2020; elected as
			Senior Research			Fellow 1
			October 2020
Professor	T D Cousins
Professor	R Cont
Dr D FTaylor
Professor	BKornmann
Mr H W Myring			Started on		17February 2020
Professor	A Abate		Elected to		Fellowship		from	1
			Au	ust 2020
Professor	BKocsis		Elected to		Fellowship		from	1
			October 2020
During the year the activities ofthe Governing					Body were		carried out			through	five	committees.	The
current membership		ofthese committees		is shown above			for each		Fellow.

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0O| |---|---|---|---|---|---|---|---|---|---|---| |Mr T P Roberts|Appointed|29 April 2015;||||||||| ||Renewed|16June 2021||||||||| |Mr J Digges|Appointed|29 April 2015;||||||||| ||Renewed|16June 2021||||||||| |Ms R Emerson|Appointed|16June 2021||||||||| |Dame Frances Cairncross|Appointed|1 April 2018||||||||| ||Renewed|16June 2021||||||||| |Dr T Power|Appointed|1 April 2018||||||||| ||Renewed|16June 2021||||||||| |Mr K Knott|Appointed|1 March 2020|||||||||

Dame Elish Angiolini	Principal
Professor G Garnett	Vice Principal
Mr H W Myring	Bursar
Professor R Westbrook	Senior Tutor
Mr Jeremy Weeks	College Accountant
Mr Bruce Lawrence	Director of Development
Mrs Rahele Mirnateghi	Domestic Bursar

						Unrestricted	Restricted	Endowed	2021	2020
						Funds	Funds	Funds	Total	Total
					Notes	F'000	E'000	E'000	E'000	f.'000
INCOME AND ENDOWMENTS				FROM:
Charitable activities:
Teaching, research	and residential					6,660			6,660	6,625
Other Trading Income						104			104	698
Donations and legacies						1,658	876	322	2,856	997
Investments
Investment income					4	1,871	15	701	2,587	2,847
Total return allocated		to income			13	1,751		(1,751)
Other income					5	574			574	494
Total income						12,618	891	(728)	12,781	11,661
EXPENDITURE ON:
Charitable activities:
'Teaching, research	and residential					11,106	138		11,244	10,970
Generating funds:
Fundraising						498			498	616
Trading expenditure						544			544	815
Investment management			costs			196		79	275	241
Total Expenditure						12,344	138	79	12,561	12,642
Net Income/(Expenditure)		before gains				274	753	(807)	220	(981)
Net gains/(losses) on investments						4,490	165	8,235	12,890	(3,058)
Net Income/(Expenditure)						4,764	918	7,428	13,110	(4,039)
Transfers between funds					18
Net movement in funds for the				year		4,764	918	7,428	13,110	(4,039)
Fund balances brought forward					18	30,176	4,264	34,934	691374	73,413
Funds carried forward at		31 July				34,940	5,182	42,362	82,484	69,374

				2021	2020	2021	2020
				Group	Group	College	College
			Notes,	f'000	f'000	f'000	f'000
FIXEDASSETS
Tangible assets			10	22,990	23,971	22,990	23,971
Other Investments			11	106,491	93,078	106,491	93,078
Total Fixed Assets				129,481	117,049	129,481	117,049
CURRENT ASSETS
Stocks				150	155	150	155
Debtors			14	1,875	1,144	1,844	1,106
Cash at bank and in	hand			5,504	5,235	5,502	5,231
Total Current Assets				7,529	6,534	7,496	6,492
LIABILITIES
Creditors: Amounts	falling due within one year		15	2,611	1,996	2,560	1,910
NET CURRENT ASSETS/(LIABILITIES)				4,918	4,538	4,936	4,582
TOTAL ASSETS LESS	CURRENT LIABILITIES			134,399	121,587	134,417	121,631
CREDITORS: falling due		after more than one year	16	50,502	50,773	50,502	50,773
Provisions for liabilities		and charges
NET ASSETS/(LIABILITIES) BEFORE PENSION ASSETOR
LIABILITY				83,897	70,814	83,915	70,858
Defined benefit pension		scheme liability	17	1,413	1,440	1,413	1,440
TOTAL NET ASSETS/(LIABILITIES)				82,484	69,374	82,502	69,418
FUNDS OF THE COLLEGE			18
Endowment funds				42,362	34,934	42,362	34,934
Restricted funds				5,182	4,264	5,182	4,264
Unrestricted funds
Designated funds				8,534	2,137	8,534	2,137
Fixed asset designated		fund		22,221	22,935	22,221	22,935
General funds				5,598	6,544	5,616	6,588
Pension reserve				(1,413)	(1,440)	(1,413)	(1,440)
				82,484	69,374	82,502	69,418

							2021	2020
						Notes	F'000	E'000
Net cash provided by (used	in) operating		activities			24	(1&704)	(2,870)
Cash flows from investing	activities
Dividends, interest and rents from investments							2,587	2,847
Proceeds from the sale of property,		plant and equipment					5	5
Purchase ofproperty, plant and equipment							(146)	(394)
Proceeds from sale ofinvestments							44,124
Purchase ofinvestments							(44&650)	(3,821)
Net cash provided by (used	in) investing		activities				1,920	(1,363)
Cash flows from financing	activities
Repayments of borrowing							(267)	(2,083)
Receipt ofendowment							322	609
Net cash provided by (used	in) financing		activities				55	(1,474)
Change in cash and cash equivalents		in the		reporting	period		271	(5&707)
Cash and cash equivalents	at the beginning			ofthe
reporting period							5,235	9,079
Change in cash and cash equivalents		in the		reporting	period		269	(3&844)
Cash and cash equivalents	at the end	of	the	reporting
period						25	5,504	5,235

INCOME FROM CHARITABLE	ACTIVITIES
		2021	2020
Teaching, Research and Residential		f.'000	f'000
Unrestricted funds
Tuition fees - UK and EU students		1,974	1,865
Tuition fees - Overseas students		1,812	1,522
Other fees		27	51
Other HEFCE support		267	221
Other academic income		46	67
College residential income		2,534	2,899
Total TeachIng, Research and	Residential	6,660	6,625
Total income from charitable	activities	6,660	6,825


2	DONATIONS AND	LEGACIES
							2021	2020
							6'000	E'000
	Donations and Legacies
	Unrestricted funds						1,658	334
	Restricted funds						876	471
	Endowed funds						322	192
							2,856	997
3	INCOME FROM OTHER TRADING ACTIVITIES
							2021	2020
							8'000	r.'000
	Subsidiary company		trading income				104	698
							104	698
4	INVESTMENT INCOME
							2021	2020
							6'000	r.'000
	Unresiricied funds
	Other property	income
	Other investment		income				1,870	2,114
	Bank interest						1	50
							1,871	2,164
	Restricted funds
	Other investment		income				15	13
							16	13
	Endowedfunds
	Other investment		income				701	670
							?01	670
	Total Investment	income					2,587	2,847
5	OTHER INCOME
							2021	2020
							6'000	F'000
	Other Income						574	494
							574	494
	9459k (2020:2474k) relates to government			grant income received through	the Coronavirus	Job Retention Scheme.

ANALYSIS OF EXPENDITURE
				2021	2020
				6'000	r'000
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential				5,475	5,594
Other direct costs allocated	to:
Teaching, research and residential				2,968	2,535
Support and governance costs allocated to:
Teaching, research and residential				2,801	2,841
Total charitable expenditure				11,244	10,970
Expenditure on raising funds
Direct staff costs allocated to:
Fundraising				339	381
Trading expenditure				130	142
Investment management	costs
Other direct costs allocated	to:
Fundraising				66	151
Trading expenditure				141	140
Investmsnt management	costs
Support and governance costs allocated to:
Fundraising				93	84
Trading expenditure				273	533
Investment ma nag emenl	costs			275	241
Total expenditure on raising funds				1,317	1,672
Total expenditure				12,561	12,642
The 2021 resources expended	of612563k(2020:612	642k) represented	812336k(2020:612 430k) from unrestricted	funds, F138k(2020:6174k) from
restricted funds and Esgk (2020:838k) from endowed		funds.

			Teaching
		Generating	and	2021
		Funds	Research	Total
		E'000	E'000	f'000
Financial administration		367	258	626
Human resources		13	106	119
IT		33	251	284
Depreciation		226	901	1,127
Bank interest	payable		1,288	1,288
Other finance	charges		(27)	(27)
Governance	costs		24	26
		641	2,801	3,442
			Teaching
		Generating	and	2020
		Funds	Research	Total
		f'000	F'000	f'000
Financial administration		321	223	544
Human resources		14	127	141
IT		29	222	251
Depreciation		492	1,970	2,462
Bank interest	payabls		1,295	1,295
Other finance	charges		(1,021)	(1,021)
Governance	costs		25	27

STAFF COSTS
														2021			2020
The aggregate staff costs		for Ihe year			were as follows.									E'000		E.'000
Salaries and wages														6&019		5,213
Social security costs														421			419
Pension costs:
Defined benefit schemes														690			752
Defined conlribufion	schemes													92			5
Movement in pension	provisions													(27)		(1,021)
														6,196		5,368
The average number of	employees			ofIhe College,		excluding Trustees,
on a full lime equivalent	basis was			as	follows.									2021			2020
Tuition and research														25			25
College residenlial														84			84
Fundraising														6			6
Support														13			13
Total														128			128
The average number of	employed			Cofiege Trustees during the year was as					follows.
University Lecturers														28			27
CUF Lecturers														9			9
Other teaching and research														3			3
Other														2			2
Total														42			41
Redundancy payments are			accounted		for in the period		in which the	employee		was informed ofthe dedslon. Where redundancy			costs are uncertain,		Ihe figure	in	the
accounts represents a best			estimate.		These costs	will	be met from unrestricted			funds.
The fofiowlng information		relates to the employees				of	the College exduding		the College Trustees. Details of the remuneration			and reimbursed		expenses of Ihe
College Trustees is induded			as a	separate note in these financial statements.
The number of employees			(excluding		the College	Trustees) during		the year	whose gross pay and benefits (exduding		employer		Nl and pension contributions)			fell
within Ihe following bands		was
														2021			2020
r60,001-670,000
E70,001-E80,000
E90,001-E100,000
The number of the above		employees			with retirement benefits accruing was				as follows:
In defined benefits schemes
														E'000		E'000
The College contributions		to defined contribution				pension schemes		totalled						69			64

TANGIBLE FIXEDASSETS	TANGIBLE FIXEDASSETS
Group		Freehold	Fixtures,
		land and	fifiings and
		buildings	equipmsnt	Total
		2'000	E'000	6'000
Cost
At start ofyear		38,916	3,344	42,260
Additions		89	57	146
Disposals
At end ofyear		39,005	3,401	42,406
Depreciation	and impairment
At start ofyear		15,510	2,779	18,289
Depreciation charge for the year		969	158	1I'f27
Depreciation on disposals
Impairment
At end ofyear		16,479	2,937	19,416
Net book value
At end ofyear		22,526	464	22,990
At start ofyear		23,406	565	23,971
College		Freehold	Fixtures,
		land and	fittings and
		buildings	equipment	Total
		B000	f.'000	6'000
Cost
At start ofyear		38,918	3,344	42,260
Additions		89	57	146
Disposa!s
At end ofyear		39,006	3,401	42,406
Depreciation	and Impairment
At start ofyear		15,510	2,779	18,289
Charge for the	year	969	158	11127
On disposals
Impairment
At end ofyear		16,479	2,937	19,416
Net book value
At end ofyear		22,526	464	22,990
At start ofyear		23,406	565	23,971

	The Trustees have adopted a duly authorised	The Trustees have adopted a duly authorised	The Trustees have adopted a duly authorised	The Trustees have adopted a duly authorised	policy	oftotal return accounting	oftotal return accounting	oftotal return accounting	for	the College	investment	returns	with effect from 15	May 2002.The investment	May 2002.The investment	May 2002.The investment	return
	to be applied as income is calculated		as 3,77%(2020:3.77%)(plus costs) of						the	average ofthe year-end		values	ofthe relevant investments		in each	ofthe last	5
	years. The preserved (frozen) value ofthe			invested		endowment		capital represents		its open market value		at 31July 2002 together with all subsequent				endowments
	valued at date ofgift.
											Permanent	Endowment		Expendable			Total
											Unapplied			Endowment		Endowments
										Trust for		Toial
										Investment		Return	Total
										E'000		6'000	2'000		E'000		8'000
	At the beginning ofthe year:
	Gift component ofthe permanent	endowment								14,929			14,929				14,929
	Unapplied total return											8,743	8,743				8,743
	Expendable endowment														11,262		11,262
	Total Endowments									14,929		8,743	23,672		11,282		34,934
	Movements in the reporting period:
	Gift ofendowment funds									322			322				322
	Recoupment oftrust for investment
	Allocation from trust for investment
	Investment return: total investment	income										287	287		414		701
	Investment return: realised and unrealised			gains	and losses							5,580	5,580		2,655		8,235
	Less; Investment management costs														(79)		(79)
	Other transfers
	Total											5,867	6,189		2,990		9,179
	Unapplied total return allocated to income in the Expendable endowments transferred to income				reporting		period					(1,095)	(1,095)	~656		(1,095) ~656
												(1,095)	(1,095)		(656)		(1,751)
	Net movements in reporting period									322		4,772	5&094		2,334		7,428
	At end ofthe reporting period:
	Giff component ofthe permanent	endowment								15,251			15,251				15,251
	Unapplied total return Expendable endowment Total Endowments											13,515	13,515 ~22,& 6	13,596 ~3,626		13,515 13,596 ~2,362
	A comparative note for2019/20 figures is shown				in	note	31a
14	DEBTORS
												2021	2020		2021		2020
												Group	Group		College		College
												6'000	F'000		F.'000		2'000
	Amounts fafflng due within one	year:
	Trade debtors											669	450		538		413
	Loans repayable within one year											17	28		17		28
	Prspayments and accrued income											1,238	608		1&238		607
	Other debtors											7	9		7		9
	Amounts falling due after more	than one year:
	Loans											44	49		44		49
												1,876	1,144		1,844		1,106

15	CREDITORS: falling due	CREDITORS: falling due	within one year	within one year
					2021	2020	2021	2020
					Group	Group	College	Cogege
					E'000	EOOD	E'000	E'000
	Bank loans				267	283	267	263
	Trade creditors				697	330	697	322
	Amounts	owed to Group undertakings					26	120
	Taxation	and social security			121	115	120	121
	Accruals	and deferred income			1,090	717	1,082	691
	Other creditors				436	571	369	393
					2,611	1,996	2,660	1,910
	Deferred	Income 'nduded	w'thi	Acciuals and Other income
	Balance	brought forward			'l,054	864	844	654
	Vacation	Residence Students		Allowances	14	14	14	14
	Graduate	Rents			33	33	33	33
	Visitors				31	31	31	31
	CFF				82	82	82	82
	Other				30	30	30	30
	Balance	canied forward			1,244	1,054	1,034	844
16	CREDITORS: falling due		after more than one year
					2021	2020	2021	2020
					Group	Group	College	College
					E'000	EOOO	E'000	E'000
	Bank loans				602	773	602	773
	Bond				60,000	50,000	60,000	50,000
					50,602	50,773	60,602	50,773

				2021	2020	2021	2020
				Group	Group	College	College
				E'000	E'000	E'000	E'000
At start	ofyear			1,440	2,461	1,440	2,461
Charged	in Ihs Statement	of Financial	AcgviUes	(27)	(1,021)	(27)	(1,021)
Settled	in the year
At end	ofyear			1,413	1,440	1,413	1,440

ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS
				At 1 August	Incoming	Resources		Gains/	At 31July
				2020	resources	expended	Transfers	(losses)	2021
				F'000	F'000	E'000	E'000	E000	8'000
Endowment Funds	- Permanent
Bursaries				565	11		(10)	133	899
Fellowships and lectureships				15,102	326		(828)	3,561	18,161
General educational	purposes			1,542	31		(14)	363	1,922
Library				443	10		(40)	104	517
Other purposes				2,723	116		(127)	642	3,354
Prizes				191	11		(4)	45	243
Scholarships				3,106	104		(72)	732	31870
Endowment Funds	- Expendable
Bursaries				133	3		(6)	31	161
Chapel				260	5		(30)	61	296
Fellowships and lectureships				1,298	26		(187)	306	1,443
General educational	purposes			8,541	334	(79)	(408)	2,014	10,402
Library				45	1		(3)	11	54
Other purposes				437	34		(22)	103	552
Scholarships				548	11			129	688
Total Endowment Funds - College				34,934	1,023	~79	~7,75&	8,235	42,362
Endowment funds held by subsidiaries Total Endowment Funds - Group				34,934	1 023	~79	~&,75&	8,235	42,362
Restricted Funds
Aung San Suu Kyi Summer School				6					6
Burma Exchange Programme				11					11
Italian Pavia Exchange Programme				18					18
Bursaries				343	14	(1)		57	413
Capital projects fund				49		(30)			19
Career development	fellowships			293	50	(43)			300
China Studies building					1	(1)
College prizes				14		(2)			12
Fellowships				3					4
Lecture series				37					3?
Refurbishment and development		of buildings		54	246	(1)			299
Scholarships				218	6	(60)			164
Legacy student Support				960	10			108	1,078
Futures Project				2,258	563				2,821
Total Restricted Funds - College				4,264	001	~&30		165	5,182
Restricted funds held by subsidiaries
Total Restricted Funds -Group				4,264	091	~&38		165	5,182
Unrestricted Funds
Designated funds				2,137	43	(114)	2,385	4,083	8&534
Fixed asset designated fund				22,935		(1,127)	413		22,221
General funds				6,544	10,824	(11,130)	(1,047)	407	5,598
Pension reserve				(1,440)		27			(1,413)
Total Unrestricted	Funds - College			30,176	10.007	~&2,844	1,751	4,490	34,940
Unrestricted funds held by subsidiaries
Total Unrestricted	Funds -Group			30.176	10,007	~&2,344	1,751	4,490	34,940
Total Funds				69,374	12,781	(12,561)		12,890	82,484
A comparative note	for 2019/20 figures is shown		in note 31b

FUNDS OF THE COLLEGE DETAILS	FUNDS OF THE COLLEGE DETAILS	FUNDS OF THE COLLEGE DETAILS	FUNDS OF THE COLLEGE DETAILS	FUNDS OF THE COLLEGE DETAILS	FUNDS OF THE COLLEGE DETAILS	FUNDS OF THE COLLEGE DETAILS
The fogowlng is a summary					ofthe origins		and purposes	ofeach ofthe Funds
Endowment Funds		- Permanent:
Bursaries, Fellowships			and Lectureships,					A consogdalion	ofgiRs and donations where income, but not capital, can be
Library, Prizes,	Scholarships							used for the payment ofbursaries, Ihe cost offellowships and lectureships,			the
								running costs ofthe library and for student prizes and scholarships.
General Educational			Purposes					Capital balance	ofpast donaUons where related income, but not Ihe original		capital,
								can be used for	the general educational purposes ofthe charily
Other purposes								A consolidation	ofgiRs and donations where income, but not capital, can be
								used for a variety ofeducational purposes such as lectures and student		support.
Endowment Funds		- Expendable:
Bursaries, Fellowships			and Lectureships,					A consolidation	ofgiRs and donations where either income, or Income and capital,
Library, Chapel,	History,			Scholarships				can be used for	the payment ofbursaries, the cost offellowships and lectureships,
								the running costs ofthe library and for student prizes and scholarships.
General Educational		Purposes						Capital balance	ofpast donations where related income, or income and	capital,
								can be used for	the general educagonal purposes ofihe charity
Other purposes								A consolidation	ofgifis and donations where either income, or income and capital,
								can be used for	a variety ofeducational purposes such as travel grants,	prizes and
								studenlsupport.
Restricted Funds:
Siudent support								A consolidation	ofgifts and donations where both income and capital can be
								used for student	support.
Refurbishment	and development					ofbuildings		A consogdation	ofgifts and donations where both income and capital can be
								used for the refurbishment and development of buildings.
Capital projects	fund							A consolidation	ofgifts and donations which are being released into
								unrestricted funds in line with the depreciation ofthe project that they were raised
								to Unance.
China Studies building								A consolidation	ofgifts and donations where both income and capital can be
								used to finance	the construction ofa China studies building. As Ihe building
								was completed	in 2015further donagons are transferred lo unrestricted	funds.
Career development		fellowships						A consogdatlon	ofgifts and donations where both income and capital can be
								used forcareer	development fagowships.
Lecture series								A gift to be used	to provide a series oflectures over a 10year period.
Bursaries, Scholarships,				Fellowships				A consogdaUon	ofgiRs to be used to fund bursaries, shcolarships and fellowships
Aung San Suu	Kyi Summer School							A consolidation	of giRs lo fund a summer school for Burmese students
College Prizes								A consolidation	ofgifts to fund a named prize in Chemistry
Futures Project								A project to raise funds for Ihe redevelopment oflhe siie around Ihe Wolfson Building
								in the North West comer ofthe College site
Designated Funds
Bursaries, Fellowships			and Lectureships,					Unrestricted Funds allocated by the Fellows for future costs ofbursaries
Scholarships								fellowships and	lectureships and scholarships.
General educational		purposes						Unrestricted Funds allocated by Ihe Fellows for future general
								educational purposes of Ihe charity
Other purposes								Unrestricted Funds allocated by Ihe Fellows fora variety offuture costs
								such as the gardens, the library, prizes and student hardship.
The General Unrestricted					Funds represent		accumulated	income from the College's acgvities and other sources that are available for		the general
purposes ofthe	College

ANALYSIS OF NET ASSETS BETWEEN FUNDS
	Unrestricted	Restricted	Endowment	2021
	Funds	Funds	Funds	Total
	5'000	OOOO	5'000	f.'000
Tangible fixed assets	22,990			224990
Other investments	58,947	5,182	42,362	106,491
Net current assets Long term liabilities Defined benefit pension scheme liability	4,918 (50,502) ~4.413 34,940	5,182	42,362	4,918 (50,502) ~1,413 82,484
	Unrestricted	Restricted	Endowment	2020
	Funds	Funds	Funds	Total
	E'000	F000	5'000	5'000
Tangible fixed assets	23,971			23,971
Other investments	53,880	4,264	34,934	93,078
Net current assets Long term liabilities Defined benefit pension scheme liability	4,538 (50,773) ~1,443 30,176	4,264	34,934	4,538 (50,773) ~1,443 69,374

PENSION SCHEMES
Pension Schemes
The College participates in two principal pension			schemes			for	its staff —the Universities						Superannuation				Scheme		(USS)and	the University ofOxford				Staff
Pension Scheme (OSPS). The assets ofeach		scheme			are	held		in separate trustee			-administered funds.						USS and OSPS are			contributory mixed benefit
schemes (i e, they provide benefits on a defined			benefit		basis		—based on length			of	senrice			and pensionable salary- and on a defined contribution									basis			—based
on contributions into the scheme). Both are mulfi-employer						schemes and the College is							unable to identify its share ofthe underlying								assets and	liabilities
relating to defined benefits ofeach scheme on		a	consistent			and		reasonable basis. Therefore,							in accordance with the accounti					ng standard FRS		102		paragraph
28.11,the College accounts forthe schemes	as		if	they	were defined contribution					schemes.				As a result,			the amount charged to the				Income and	Expenditure
Account represents the contributions payable	to		the schemes				in	respect	ofths accounting					period. In		the	event ofthe withdraw			al of	any ofthe participafing
employers in USSorOSPS, the amount ofany pension					funding			shortfall	(which	cannot		bs		oiherwiss		recovered)		in respect of		tha temployerwifl		be	spread
across the remaining participating employers	snd			reflected		in	the next actuarial valuation						ofthe scheme.
The Coflege has also made available the National				Employment				Savings	Trust for employees						who are eligible under automatic					enro	Iment regulations			to	pension
benefits but not eligible foreither USSorOSPS.
Actuarial valuations
Qualified actuaries periodically value USS and		OSPS defined					benefits using the			'projected				unit method',			embracing a market va lue				approach. The resulting
levels ofcontribution take account ofactuarial		surpluses			or	deficits in each scheme.					Ths		financial assumptions					were derive d		from market conditions				prevailing
at the valuation date. The results ofthe latest		actuarial			valuations and the assumptions							which			have the		most significant sffact on the results were:
																					USS					OSPS
Date ofvaluation:																					31/03/2018				31/03/2019
Date valuation results published:																					1609/2019				19/06/2020
Value ofliabilities:																					f67.3bn					8848m
Value ofassets:																					263.7bn					8735m
Funding surplus / (deficit);																					(83.6bn)'					(8113m)
Principal assumptions:
Discount rate																					CPI - 0.73'Yo to			Gilts+0.5%to
																					CPI-2.52%a					225%b
Rate ofincrease in salaries																										RPI
Rate ofincrease in pensions																					CPI c					Average RPI/CPI	EI
Assumed life expectandes on retirement at age	65:
Mates currently aged 65																					24.6 yrs					21.7yrs
Females currently aged 65																					26.1 yrs					24.4yrs
Males currenfiy aged 45																					26.6yrs					23.0yrs
Females currently aged 45																					27.9yrs					25.8yrs
Funding Ratios:
Technical provisions basis																					95%					87%
Statutory Pension Protection		Fund basis																			76%					74%
'Buy-out' basis																					56%					60%
																					21.1%
Employer's contribuiion rate (as%ofpensionable			salaries):																		increasing 23.7%by	to				19% e
																					01/10/2021	e
Effective date ofnext valuation:																					31/03/2020				31/03/2022

PENSION SCHEMES (continued)
a. The discount rate (forward rates) for ihe USS valuafion				was:
Years 1-10:		CPI +0.14%reducing linearly			to CPI —0.73%
Years 11-20;		CPI + 2.52%reducing linearly			to CPI +	1.55%by	year 21
Years 21+:		CPI +1.55%
b. The discount rate for ths OSPS valuation was:
Pre-retirement:		Equal to Ihe UK nominal		gill curve at the valuation				date plus 2.25%p.a.at each tenn.
Post-retirement:		Equal to the UK nominal		gfit curve at the valuation				date plus 0.5%p.a.at each			term,
c. Pensions increases (CPI)for the USS valuation			were:
Term dependent rates in line with the difference between					the Fixed	Interest and			Index Linked yield curves,		less	1.3%p.a.
d. Increases to pensions in payment for the OSPS valuation were:
RPI inflation is derived from		ths geomelrlc	differenc between the UK nominal					gilt curve and the UK index-linked				curve at	the valuation	date, less	0.3%
p.a. at each term. CPI infiatlon is derived from the RPI inflation assumption,							lass the Scheme Actuary's best estimate ofth elong-term							differenc
between RPI and CPI inflation as applies from time				to time (1.0%p.a.as at 31 March 2019).
For pension increases linked to inflation, a			pension increase curve			is constructed			based on	either the RPI,	CPI or ihs averag e ofihe RPI and CPI
infiatlon curves described	above, adjusted		to allow for the		different	maximum		and minimum		annual increases thai apply, and th e Scheme Actuary's						best
estimate of inflation volatility		as applies from Ume to		lime.
e. The USS and OSPS employer		contribution rates indude		provisions for		the cost offuture accrual ofdefined benefits,						deficit contributions, administrative
expenses and defined contributions.
Sensitivity ofactuarial valuation	assumptions
Surpluses ordefidts which arise at	future valuations		may impact on the company's future						contribution	commitment.	The	sensi tivities regarding		the principal
						USS
Assumption					Change in			assumption				Impact on USS liabilities
Initial discount rate						increase		by 0.1%					decrease by	f1.2bn
Asset values						reduce		by	10%				increase by	f6.4bn
RPI inflation						increase		by 0.1%					increase by	93.3bn
Rate of morlalily				more prudent valuation,		assumption rated down			(mortafity used at last by a further year)				increase by	81.6bn
						OSPS
Assumption					Change in			assumption				Impact on OSPS technical provisions
Valuation rats ofinterest						decrease		by	0.25%				increase by	f45m
Rate ofpension increases						increase		by 0.25%					increase by	f40m
Deficit Recovery Plans
In line with FRS 102paragraph 28.11A,the company has recognised a liability for the								contributions		payable for the	agreed de ficit		funding plan.	The principle
assumptions used in these calculations are tabled below:
											OSPS					USS
Finish Date for Deficit Recovery Plan											30/01/2028			31/03/2028
Average staff number increase												0%				0%
Average staff salary increase											200%				200%
Average discount rate over period											089%				0.89%
Effect of0.5%change in discount rate											f0.01m				F0.02m
Effect of 1%change in staff growth											90.01m				f0.2m

ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS
2019/20 comparative
		At 1 August	Incoming	Resources		Gains/	At 31July
		2019	resources	expended	Transfers	(losses)	2020
		E'000	f.'000	2'000	5'000	f.'000	f.'000
Endowment Funds - Permanent
Bursaries		625	11		(8)	(63)	666
Fellowships and lectureships		16,863	314		(380)	(1,695)	15,102
General educational purposes		1,696	29		(13)	(170)	1,542
Library		508	9		(23)	(51)	443
Other purposes		3,060	79		(108)	(308)	21723
Pnzes		211	4		(3)	(21)	191
Scholarships		3,482	98		(124)	(350)	3,106
Endowment Funds - Expendable
Bursaries		149	3		(4)	(15)	133
Chapel		292	5		(8)	(29)	260
Fellowships and lectureships		1,456	25		(37)	(146)	1&298
General educational purposes		9,637	235	(38)	(324)	(969)	8,641
Library		52	1		(3)	(5)	46
Other purposes		477	39		(31)	(48)	437
Scholarships		598	10			(60)	648
Total Endowment Funds - College		39,106	6!2	~38	~1.0B6)	~3.930	34,934
Endowment funds held by subsidiaries Total Endowment Funds -Group		39,106	862	~38	~1.096	~3.930	34,934
Restricted Funds
Aung San Suu Kyi Summer School		6					6
Burma Exchange Programme		11					11
Italian Pavia Exchange Programme		18					18
Bursaries		351	28	(1ii)		(26)	343
Capital projects fund		79		(30)			49
Career development fellowships		246	50	(3)			293
China Studies building			76	(76)
College prizes		15		(1)			14
Fellowships		2					3
Lecture series		37					37
Refurbishment and development	ofbuildings	46	9	(1)			54
Scholarships		235	11	(28)			218
Legacy -Student Support		1,028	9	(25)		(52)	960
Futures Project		1,958	300				2,258
Total Restricted Funds - College		4,032	484	~174		~TS	4,264
Restricted funds held by subsidiaries Total Restricted Funds - Group		4,032	484	~174		~73	4,264
Unrestricted Funds
Designated funds		2,384	40	(48)		(239)	2,137
Fixed asset designated fund		25,095		(2,462)	302		22,935
General funds		5,259	10,275	(10,943)	764	1,189	6,544
Pension Reserve		(2,462)		1,022			(1,440)
Total Unrestricted Funds - College		30,276	10.313	~12,431	1,066	950	30,176
Unrestricted funds held by subsidiaries
1'otal Unrestricted Funds - Group		30,276	10.315	~12,431	1,066	950	30,176
Total Funds		73,414	11,661	(12,643)		(3,058)	69,374