## |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| ## |||||m
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E| |---|---|---|---|---|---|---|---|---|---|---|---|---| |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|||||||||||| ## ||||m
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E| |---|---|---|---|---|---|---|---|---|---|---|---| |||||||||||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
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0| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |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.||||||||| ## |External Committee
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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.||| ## |6|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| ## |10|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|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||||||| ## |19|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| ## ## ## |22|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||| ## |22|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|| ## ## ## ## ## |b|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|