| CONTENTS | |
|---|---|
| MEMBERS OF THE GOVERNING BODY |
|
| COLLEGE SENIOR STAFF | |
| COLLEGE ADVISERS | |
| REFERENCE AND ADMINISTRATIVE INFORMATION |
|
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
|
| OBJECTIVES AND ACTIVITIES | |
| ACHIEVEMENTS AND PERFORMANCE |
|
| FINANCIAL REVIEW |
|
| FUTURE PLANS | |
| STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES |
12 |
| AUDITOR'S REPORT | 14 |
| ACCOUNTING POLICIES |
17 |
| CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES |
22 |
| CONSOLIDATED AND COLLEGE BALANCES BALANCE SHEETS |
|
| CONSOLIDATED STATEMENT OF CASHFLOWS |
24 |
| NOTES TO THE FINANCIAL STATEMENTS | 25 |
| Professor | Wale Adebanwi | Until 30June 2021 | |
|---|---|---|---|
| Professor | Ro Allison |
||
| Dr Walter | Armbrust | ||
| Dr Tan a | Baldwin Bursar |
||
| Professor | Paul Betts | ||
| Professor | Paul Chaist | ||
| Dr Eric Chanc | |||
| Dr Simukai Chi udu |
|||
| Dr Kath | n Costello | ||
| Dr Faisal | Dev'i | ||
| Professor | Timoth Garton Ash |
||
| Professor | Chris Ger | ||
| Professor | Dou las Gollin |
||
| Professor | Ro er Goodman | arden | |
| Professor | Nandini Goo tu |
||
| Dr Thomas Hale |
|||
| Professor | Daniel Heale | ||
| Dr David | Johnson | ||
| Professor | Dominic Johnson | ||
| Professor | Takehiko Kari a |
||
| Dr Sho Konishi | |||
| Dr Miles Larmer | |||
| Dr Tob Matthiesen |
Until 30Se tember 2020 | ||
| Dr Laurent Mi non |
|||
| Dr Rachel | Mur h |
||
| Professor | Kal so Nicolaidis |
||
| Professor | Lei h Ann Pa ne |
||
| Dr Timoth | Power | ||
| Professor | David Pratten | ||
| Dr Simon | Quinn | ||
| Professor | Tari Ramadan |
Until 30June 2021 | |
| Professor | Eu ene Ro an | ||
| Dr Die o | Sanchez-Ancochea | ||
| Dr Ramon | Sarro | ||
| Dr Kate Sullivan de Estrada | |||
| Dr Miles Tendi | |||
| Dr Timothee Vlandas | |||
| Professor | Hu h Whittaker |
||
| Dr Michael Willis |
| COLLEGE SENIOR STAFF | COLLEGE SENIOR STAFF | ||
|---|---|---|---|
| The senior staff ofthe College to whom day to day management | is delegated | are as follows: | |
| College Registrar | Mrs F McNamara | ||
| College Accountant | Mr W Garnett | ||
| Development Director |
Mr W te Kloeze | ||
| Domestic Bursar | Mr M Morgan | ||
| HR Manager | Ms A Marshall | ||
| ICT Manager | Mr D Todd | ||
| Librarian | Mrs A Burlekova |
| Unrestricted | Restricted | Endowed | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Total | Total | ||||
| Notes | f'000 | f.'000 | f.'000 | f'000 | f'000 | |||
| INCOME AND ENDOWMENTS | FROM: | |||||||
| Charitable activities: |
||||||||
| Teaching, research |
and residential | 3,850 | 3,851 | 3,771 | ||||
| Other Trading Income |
3 | 3 | 131 | |||||
| Donations and legacies |
1,768 | 2,029 | 702 | 4,499 | 2,299 | |||
| Investments | ||||||||
| Investment income |
4 | 114 | 1,407 | 1,521 | 1,623 | |||
| Total return allocated to income | 15 | 857 | 564 | (1,421) | ||||
| Other income | 5 | 164 | 8 | 7 | 179 | 231 | ||
| Total income | 6,756 | 2,602 | 695 | 10,053 | 8,055 | |||
| EXPENDITURE ON: | ||||||||
| Charitable activities: |
||||||||
| Teaching, research |
and residential | 4,930 | 1,737 | 6,667 | 7,148 | |||
| Generating funds: |
||||||||
| Fundraising | 239 | 239 | 223 | |||||
| Trading expenditure |
6 | 6 | 124 | |||||
| Investment management |
costs | 11 | 11 | 1 | ||||
| Total Expenditure | 5,186 | 1,737 | 6,923 | 7,496 | ||||
| Net Income/(Expenditure) | before gains | 1,570 | 865 | 695 | 3,130 | 559 | ||
| Net gains/(losses) on |
investments | 12, 13 | 9,668 | 9,668 | (2,301) | |||
| Net Income/(Expenditure) | 1,570 | 865 | 10,363 | 12,798 | (1,742) | |||
| Transfers between funds |
20 | 1,141 | (1,185) | 44 | ||||
| Net movement in funds |
for the year | 2,711 | (320) | 10,407 | 12,798 | (1,742) | ||
| Fund balances brought forward |
20 | 13,763 | 13,889 | 44,741 | 72,393 | 74,135 | ||
| Funds carried forward | at 31 | July | 16,474 | 13,569 | 55,148 | 85,191 | 72,393 |
| 2021 | 2020 | 2021 | 2020 | |||||
|---|---|---|---|---|---|---|---|---|
| Group | Group | College | College | |||||
| Notes | R'000 | E'000 | E'000 | E'000 | ||||
| FIXEDASSETS | ||||||||
| Tangible assets | 10 | 31,464 | 28,292 | 31,464 | 28,292 | |||
| Property investments |
12 | 3,910 | 3,970 | 3,910 | 3,970 | |||
| Other Investments | 13 | 55,650 | 45,376 | 55,650 | 45,376 | |||
| Total Fixed Assets | 91,024 | 77,638 | 91,024 | 77,638 | ||||
| CURRENT ASSETS | ||||||||
| Stocks | 28 | 25 | 28 | 25 | ||||
| Debtors | 16 | 2,370 | 356 | 2,398 | 389 | |||
| Investments | ||||||||
| Cash at bank and in |
hand | 4,435 | 7,000 | 4,394 | 6,948 | |||
| Total Current Assets | 6,833 | 7,381 | 6,820 | 7,362 | ||||
| LIABILITIES | ||||||||
| Creditors: Amounts | falling due within one year | 17 | 1,429 | 1,354 | 1,416 | 1,335 | ||
| NET CURRENT ASSETS/(LIABILITIES) | 5,404 | 6,027 | 5,404 | 6,027 | ||||
| TOTAL ASSETS LESSCURRENT | LIABILITIES | 96,428 | 83,665 | 96,428 | 83,665 | |||
| CREDITORS: falling due | after more than one year | 18 | 10,518 | 10,518 | 10,518 | 10,518 | ||
| Provisions for liabilities |
and charges | 20 | ||||||
| NET ASSETS/(LIABILITIES) BEFORE PENSION | ||||||||
| ASSET OR LIABILITY | 85,910 | 73,147 | 85,910 | 73,147 | ||||
| Defined benefit pension | scheme | liability | 24 | 719 | 754 | 719 | 754 | |
| TOTAL NET ASSETS/(LIABILITIES) | 85,191 | 72,393 | 85,191 | 72,393 | ||||
| FUNDS OF THE COLLEGE | ||||||||
| Endowment funds |
20 | 55,148 | 44,741 | 55,148 | 44,741 | |||
| Restricted funds | 20 | 13,569 | 13,889 | 13,569 | 13,889 | |||
| Unrestricted funds |
||||||||
| Designated funds General funds |
20 20 |
9,631 7,562 |
9,187 5,330 |
9,631 7,562 |
9,187 5,330 |
|||
| Pension Fund Liability |
20 | (719) | (754) | (719) | (754) | |||
| 85,191 | 72,393 | 85,191 | 72,393 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | E'000 | E'000 | |||||
| Net cash provided by (used in) operating |
activities | 27 | (90) | ~1,030 | |||
| Cash flows from investing activities |
|||||||
| Dividends, interest and rents from |
investments | 1,521 | 1,623 | ||||
| Proceeds from the sale of property, | plant | and equipment | |||||
| Purchase of property, plant and equipment |
(4,095) | (3,886) | |||||
| Proceeds from sale of investments Purchase of investments Net cash provided by (used in) investing |
activities | (3,573) 3,027 ~3,120 |
1,960 ~3,865 ~4,188 |
||||
| Cash flows from financing activities |
|||||||
| Repayments of borrowing |
(57) | (87) | |||||
| Cash inflows from new borrowing | 7,000 | ||||||
| Receipt of endowment | 702 | 547 | |||||
| Net cash provided by (used in) financing |
activities | 645 | 7,460 | ||||
| Change in cash and cash equivalents in |
the | reporting | period | (2,565) | 2,262 | ||
| Cash and cash equivalents at the beginning |
ofthe | ||||||
| reporting period |
7,000 | 4,739 | |||||
| Change in cash and cash equivalents |
due to | exchange | |||||
| rate movements | |||||||
| Cash and cash equivalents at the end ofthe |
|||||||
| reporting period |
28 | 4,435 | 7,000 |
| INCOME FROM CHARITABLE | ACTIVITIES | ||
|---|---|---|---|
| 2021 | 2020 | ||
| Teaching, Research and Residential | E'000 | f.'000 | |
| Unrestricted funds |
|||
| Tuition fees - UK and EU students | 466 | 423 | |
| Tuition fees - overseas students | 1,203 | 1,109 | |
| Other fees | 122 | ||
| Support from Office for Students Other academic income |
68 141 |
56 82 |
|
| College residential income |
1,972 3,850 |
1,972 3,764 |
|
| Restricted funds |
|||
| Other academic income | |||
| Total Teaching, Research and | Residential | 3,851 | 3,771 |
| Total income from charitable | activities | 3,851 | 3771 |
| INCOME FROM | OT | HER TR | ADING ACTIVITIES | ||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| E'000 | E'000 | ||||
| Subsidiary company |
trading | income | 131 | ||
| 131 | |||||
| DONATIONS AND |
LEGACIES | ||||
| 2021 | 2020 | ||||
| f.'000 | f.'000 | ||||
| Donations and Legacies Unrestricted funds |
1,768 | 95 | |||
| Restricted funds |
2,029 | 1,657 | |||
| Endowed funds |
702 | 547 | |||
| 4,499 | 2,299 | ||||
| INVESTMENT INCOME | |||||
| 2021 | 2020 | ||||
| E'000 | f'000 | ||||
| Unrestricted funds |
|||||
| Other property | income | 89 | 52 | ||
| Other investment | income | 24 | |||
| Bank interest | 1 | 19 | |||
| 114 | 71 | ||||
| Endowed funds |
|||||
| Other property income Other investment income |
22 1,385 |
30 1,522 |
|||
| 1,407 | 1,552 | ||||
| TotalInvestment | i | ncome | 1,521 | 1,623 |
| ANALYSIS OF EXPENDITURE | ANALYSIS OF EXPENDITURE | |||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| E'000 | F'000 | |||||
| Charitable expenditure |
||||||
| Direct staff costs | 2,408 | 2,100 | ||||
| Other direct costs | 2,272 | 3,174 | ||||
| Support and governance costs |
1,987 | 1,874 | ||||
| Total charitable expenditure |
6,667 | 7,148 | ||||
| All Charitable expenditure relates to teaching, |
research | and residential | activities | 2021 | 2020 | |
| Expenditure on generating |
funds | F'000 | f.'000 | |||
| Direct staff costs allocated | to: | |||||
| Fundraising | 174 | 159 | ||||
| Trading expenditure |
28 | |||||
| Other direct costs allocated | to: | |||||
| Fundraising | 39 | 33 | ||||
| Trading expenditure | 4 | 94 | ||||
| Investment management |
costs | 10 | ||||
| Support and governance costs allocated to: Fundraising |
26 | 31 | ||||
| Trading expenditure |
2 | 2 | ||||
| Investment management |
costs | 1 | 1 | |||
| Total expenditure on raising |
funds | 256 | 348 | |||
| Totalexpenditure | 6,923 | 7,496 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Total | Total | ||||
| Included | within the | resources expended | above are: | Z'000 | f.'000 |
| Operating lease payments Foreign exchange gain / (loss) |
30 (134) |
333 (12) |
| reimbursed expenses are |
included | as a sepa | rate not |
e within these | financial sta | tements. | ||
|---|---|---|---|---|---|---|---|---|
| GRANTS AND AWARDS | 2021 | 2020 | ||||||
| K'000 | F'000 | |||||||
| During the year the College funded | research | awards | and bursaries | to students | were as follows: | |||
| Restricted funds -Grants |
to Individuals | |||||||
| Grants to individuals: | ||||||||
| Scholarships, prizes and Bursaries and hardship |
grants awards |
266 9 |
260 10 |
|||||
| Total restricted | 275 | 270 | ||||||
| Total grants and awards | 275 | 270 |
| STAFF COSTS | ||||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| The aggregate staff costs for the year were as follows. |
E'000 | E'000 | ||||
| Salaries and wages | 2,594 | 2,858 | ||||
| Social security costs | 175 | 171 | ||||
| Pension costs: | ||||||
| Defined benefit schemes | 212 | (191) | ||||
| Defined contribution | schemes | 99 | 26 | |||
| Other benefits | 35 | 30 | ||||
| 3,115 | 2,894 | |||||
| The average number was as follows. |
ofemployees | ofthe College, | excluding | Trustees, | 2021 | 2020 |
| Tuition and research | 45 | 41 | ||||
| College residential | 51 | 57 | ||||
| Fundraising | 6 | 5 | ||||
| Support | 27 | 29 | ||||
| Total | 129 | 132 | ||||
| The average number |
ofemployed | College Trustees | during | the year was as follows: | ||
| University Lecturers |
37 | 40 | ||||
| Total | 37 | 40 |
| Group | 2021 Total |
2020 Total |
||
|---|---|---|---|---|
| E'000 | F.'000 | |||
| Valuation Additions |
at start ofyear and improvements |
at cost | 3,970 | 1,070 2,900 |
| Disposals Revaluation gains/(losses) |
in the year | (89) 29 |
||
| Valuation | at end ofyear | 3,910 | 3,970 | |
| College | 2021 Total |
2020 Total |
||
| K'000 | F'000 | |||
| Valuation Additions |
at start ofyear and improvements |
at cost | 3,970 | 1,070 2,900 |
| Disposals Revaluation gains/(losses) |
in the year | (89) 29 |
||
| Valuation | at end ofyear | 3,910 | 3,970 |
| All investments are held at fair value. |
|||||||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| F'000 | F'000 | ||||||
| Group investments Valuation at start ofyear New money invested Amounts withdrawn |
45,377 3,027 (3,878) |
48,672 965 (1,919) |
|||||
| Reinvested income |
1,510 | ||||||
| Investment management fees (Decrease)/increase in value of investments |
(49) 9,663 |
(41) (2,301) |
|||||
| Group investments at end ofyear |
55,650 | 45,376 | |||||
| Investment in subsidiaries |
|||||||
| College investments at end ofyear |
55,650 | 45,376 | |||||
| Group investments comprise: |
Held outside the UK |
Held the |
in UK |
2021 Total |
Held outside the UK |
Held in the UK |
2020 Total |
| F'000 | F'000 | R'000 | F.'000 | F'000 | F.'000 | ||
| Equity investments Global multi-asset funds |
264 71 |
5,448 47,457 |
5,712 47,528 |
3,997 72 |
160 36,424 |
4,157 36,496 |
|
| Property funds Alternative and other investments |
175 2,235 |
175 2,235 |
4,511 | 212 | 212 4,511 |
||
| Total group investments | 2,745 | 52,905 | 55,650 | 8,580 | 36,796 | 45,376 |
| 2021 | 2020 | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|---|
| Group | Group | College | College | ||||
| E'000 | F'000 | F'000 | F'000 | ||||
| Amounts | falling due | within one year: | |||||
| Trade debtors | 35 | 95 | 35 | 59 | |||
| Amounts | owed by College members | 173 | 55 | 171 | 54 | ||
| Amounts | owed by Group undertakings | 66 | 70 | ||||
| Loans repayable within one year |
8 | 10 | 8 | 10 | |||
| Prepayments | and accrued income | 2,003 | 196 | 2,003 | 196 | ||
| Other debtors | 151 | 115 | |||||
| 2,370 | 356 | 2,398 | 389 | ||||
| CREDITORS: | falling | due within one year | |||||
| 2021 | 2020 | 2021 | 2020 | ||||
| Group | Group | College | College | ||||
| R'000 | F'000 | 6'000 | F'000 | ||||
| Bank loans | 57 | 57 | |||||
| Trade creditors | 713 | 180 | 697 | 160 | |||
| Amounts | owed to College Members | 370 | 335 | 372 | 334 | ||
| Amounts | owed to Group undertakings | 93 | 94 | ||||
| Taxation | and | social security | 1 | 1 | |||
| Accruals | and | deferred | income | 345 | 781 | 254 | 689 |
| Other creditors | 1 | ||||||
| 1,429 | 1,354 | 1,416 | 1,335 | ||||
| CREDITORS: | falling | due after more than one year | |||||
| 2021 | 2020 | 2021 | 2020 | ||||
| Group | Group | College | College | ||||
| 'Z'000 | F'000 | E'000 | F'000 | ||||
| Bank loans | 10,518 | 10,518 | 10,518 | 10,518 | |||
| 10,518 | 10,518 | 10,518 | 10,518 |
| 0 | ANALYSIS OF MOVEMENTS | ANALYSIS OF MOVEMENTS | ON FUNDS | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 Aug 2020 F'000 |
Income F'000 |
Expenditure f.'000 |
Transfers F'000 |
Gain F.'000 |
31July 2021 6'000 |
||||
| Endowment Funds - Permanent |
|||||||||
| fa) | Fellowships | 7,118 | 213 | (180) | 1,336 | 8,487 | |||
| fb) | Scholarships, Bursaries |
8 Awards | 1,809 | 160 | (8) | 416 | 2,377 | ||
| fc) | Libraries &Archives |
1,327 | 601 | (80) | 339 | 2,187 | |||
| fd) | Centre Costs Total Endowment Funds - Permanent |
176 10,430 |
20 994 |
~268) | 41 2,132 |
237 13,288 |
|||
| Endowment Funds - Expendable |
|||||||||
| ea) | Fellowships | 3,942 | 113 | (122) | 794 | 4,727 | |||
| eb) | Scholarships, Bursaries |
8 Awards | 3,680 | 117 | (73) | 812 | 4,536 | ||
| ec) | General Endowment |
22,195 | 708 | (857) | 4,933 | 26,979 | |||
| ed) | Centre Costs | 2,962 | 135 | (30) | 660 | 3,727 | |||
| ee) | Research | 1,200 | 38 | (26) | 263 | 1,475 | |||
| ef) | Student Hardship |
28 | 1 | (1) | 6 | 34 | |||
| eg) | Other Total Endowment Funds - Expendable |
304 34,311 |
10 1,122 |
68 7,536 |
382 41,860 |
||||
| Endowment funds held |
by subsidiaries | ||||||||
| Total Endowment Funds - Group |
44,741 | 2,116 | 9,668 | 55,148 | |||||
| Restricted Funds |
|||||||||
| ra) | Fellowships | 193 | 173 | (330) | 153 | 189 | |||
| rb) | Scholarships, Bursaries |
8 Awards | 189 | 83 | (240) | 81 | 113 | ||
| rc) | Libraries &Archives |
28 | 1 | (88) | 80 | 21 | |||
| rd) | Centre costs | 532 | 154 | (131) | 26 | 581 | |||
| re) | Research | 411 | 139 | (293) | 14 | 271 | |||
| rf) | Student Hardship |
105 | (26) | 1 | 80 | ||||
| rg) rh) |
Capital Hilda Besse Capital Investcorp |
11,962 | 1,241 | (190) (281) |
(970) | 81 11,681 |
|||
| ri) | Capital Gateway | 11 | 11 | ||||||
| rj) | Conferences &Seminars |
380 | 227 | (137) | (8) | 462 | |||
| rk) | Other Total Restricted Funds |
-College | 78 13,889 |
20 2,038 |
(21) ~1,737) |
2 (621) |
79 13,569 |
||
| Restricted funds held by subsidiaries |
|||||||||
| Total Restricted Funds |
- Group | 13,889 | 2,038 | ~(1,737 | ~621 | 13,569 | |||
| Unrestricted Funds |
|||||||||
| ua) | General reserves | 5,330 | 5,708 | (4,394) | 918 | 7,562 | |||
| ub) | Fixed asset designated | fund | 8,879 | (644) | 970 | 9,205 | |||
| uc) | Libraries &Archives |
8 | 3 | 46 | 57 | ||||
| ud) | Centre Costs | 284 | 125 | (86) | 323 | ||||
| ue) | Hilda Besse Building Fund |
(71) | 71 | ||||||
| uf) | Capital Loan Repayment | Fund | 16 | 16 | |||||
| ug) | Pension Fund Liability |
(754) | 35 | (719) | |||||
| uh) | Designated —Wardens House |
Fund | 63 | (26) | (7) | 30 | |||
| Total Unrestricted Funds - College |
13,763 | 5,899 | ~(5,186 | 1,998 | 16,474 | ||||
| Unrestricted funds held |
by subsidiaries | ||||||||
| Total Unrestricted Funds - Group |
13,763 | 5,899 | ~5,186) | 1,998 | 16,474 | ||||
| Total Funds | 72,393 | 10,053 | (6,923) | 9,668 | 85,191 |
| Unrestricted Funds: |
Unrestricted Funds: |
Unrestricted Funds: |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| These funds represent | all | income | which has been received | by the College where no restriction |
has been placed | on it's use. Unrestricted funds |
||||||
| are listed | in table | 20 in | a | number | ofdifferent categories, some ofwhich have | been designated | by the Governing | Body for particular purposes, |
||||
| which are outlined | below: | |||||||||||
| General | Reserves | This represents the general financial reserves ofthe college. |
||||||||||
| Fixed Asset Designated | Fund | Unrestricted Funds which |
are represented | by the fixed assets | ofthe College and therefore | not | ||||||
| available | for expenditure | on the College's general purposes. | ||||||||||
| Libraries | &Archives | This is a | consolidation of |
unrestricted funds |
raised by the College's Libraries, which the |
|||||||
| Governing Body has therefore set aside to |
be spent for the benefit ofthose Libraries. | |||||||||||
| Centre Costs | This is a | consolidation of |
unrestricted funds |
raised by the College's Academic Centres, which | ||||||||
| the Governing Body has |
therefore set aside to be spent for the benefit ofthose Centres. | It | ||||||||||
| includes | a separate designated fund for the purpose of running and maintaining the Nissan |
|||||||||||
| Building. | ||||||||||||
| Hilda Besse Building | Fund | Trustees | have designated | a fund to provide | for the costs of maintenance and refurbishment |
of | ||||||
| the Hilda | Besse Building. | |||||||||||
| Capital Loan Repayment | Fund | Trustees | have designated | a fund to provide | for repayment of |
long term capital loans. | ||||||
| Pension | Fund Liability | Funds designated to highlight the potential |
liability ofdefined | benefit pension schemes of | which | |||||||
| the college is a member. | ||||||||||||
| Warden's | House | Fund | Trustees | have designated | net income from | the private rental |
ofa property in Church walk, |
|||||
| formerly | used as a residence for the College Warden to support students and student related |
|||||||||||
| activities. |
| Analysis ofTransfers |
B | etwe | en Fu | nds | : | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Permanent | Expendable | Restricted | General | Funds | Fixed Asset | Other | ||||||
| Endowments | Endowments | Funds | Fund | Designated | ||||||||
| Funds | ||||||||||||
| F.'000 | E'000 | E'000 | F.'000 | F'000 | E'000 | |||||||
| Total Return Allocated | to | Income | (306) | (1,115) | 564 | 857 | ||||||
| Wardens Scholarship funds from Restricted Hilda Besse cost funded by General Fund Hilda Besse cost funded by Designated Fund Sir Adam Roberts Underspend to unrestricted |
46 | (46) (970) (71) (92) |
46 | 970 | 71 46 |
|||||||
| Hill Brown Fund | 38 | (38) | ||||||||||
| Other Transfers | (2) | (6) | 15 | (7) | ||||||||
| (268) | (1,109) | (621) | 918 | 970 | 110 | |||||||
| ANALYSIS OF NET ASSETS | BETWEEN FUNDS | |||||||||||
| Unrestricted | Restricted | Endowment | 2021 | |||||||||
| Funds | Funds | Funds | Total | |||||||||
| E'000 | F'000 | F.'000 | K'000 | |||||||||
| Tangible fixed assets |
19,783 | 11,681 | 31,464 | |||||||||
| Property investments |
3,010 | 900 | 3,910 | |||||||||
| Other investments | 1,402 | 54,248 | 55,650 | |||||||||
| Net current assets | 4,270 | 1,888 | 6,158 | |||||||||
| Long term liabilities | (11,991) | (11,991) | ||||||||||
| 16,474 | 13,569 | 55,148 | 85,191 | |||||||||
| Unrestricted | Restricted | Endowment | 2020 | |||||||||
| Funds | Funds | Funds | Total | |||||||||
| F'000 | F'000 | F'000 | E'000 | |||||||||
| Tangible fixed assets |
16,330 | 11,962 | 28,292 | |||||||||
| Property investments Other investments |
3,075 1,530 |
895 43,846 |
3,970 45,376 |
|||||||||
| Net current assets | 4,598 | 1,927 | 6,525 | |||||||||
| Long term liabilities | (11,770) | (11,770) | ||||||||||
| 13,763 | 13,889 | 44,741 | 72,393 |
| Remuneration paid |
to trustees | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||||
| Number | of | Gross remuneration, | taxable | Number of | Gross remuneration, | taxable | |||
| Trustees/ | benefits | and pension | Trustees/ | benefits | and pension | ||||
| Range | Fellows | contributions | F | Fellows | contributions | F | |||
| F1-F999 | 0 | 0 | 1 | 753 | |||||
| F1,000-F.1999 | 1 | 1,287 | 4 | 5,319 | |||||
| F2,000-F2,999 | 0 | 0 | 2 | 4,554 | |||||
| F3,000-F3,999 | 21 | 78,440 | 21 | 75,839 | |||||
| F4,000-F4,999 | 2 | 9,210 | 3 | 13,837 | |||||
| F5,000-F5,999 | 5 | 28,213 | 4 | 23,012 | |||||
| F6,000-F6,999 | 2 | 12,572 | 0 | 0 | |||||
| F8,000-F8,999 | 1 | 8,214 | 0 | 0 | |||||
| F9,000-F9,999 | 1 | 9,700 | 1 | 9,254 | |||||
| F12,000-F12,999 | 1 | 12,789 | 2 | 25,505 | |||||
| F13,000-F13,999 | 0 | 0 | 1 | 13,981 | |||||
| F17,000-F17,999 | 0 | 0 | 2 | 34,430 | |||||
| F20,000-f20,999 | 1 | 20,589 | 0 | 0 | |||||
| F24,000-F.24,999 | 0 | 0 | 1 | 24,765 | |||||
| F61,000-F61,999 | 0 | 0 | 1 | 61,028 | |||||
| F67,000-F67,999 | 1 | 67,847 | 0 | 0 | |||||
| F68,000-F68,999 | 0 | 0 | 1 | 68,891 | |||||
| F88,000-F88,999 | 1 | 88,209 | 0 | 0 | |||||
| F90,000-F90,999 | 1 | 90,539 | 0 | 0 | |||||
| F94,000-F94,999 | 0 | 0 | 1 | 94,867 | |||||
| Total | 38 | 427,609 | 45 | 456,035 |
| market conditions prevailing at significant effect on the results. |
the v | aluatio | n date. The resul |
ts ofthe latest actuarial valuations and |
the assumptions which hav |
|---|---|---|---|---|---|
| USS | OSPS | ||||
| Date ofvaluation: | 31/03/201 8 | 31/03/2019 | |||
| Date valuation results published: |
16/09/201 9 | 19/06/2020 | |||
| Value of liabilities: Value ofassets: |
E67.3bn f63.7bn |
8848m f735m |
|||
| Funding surplus / (deficit): |
(F3.6bn) | (6113m) | |||
| Principal assumptions: | |||||
| Discount rate | CPI - 0.73/o to CPI +2.52/o (a) |
Gilts +0.5'/o- 2.25'/o (b) | |||
| Rate ofincrease in salaries |
n/a | RPI | |||
| Rate ofincrease in pensions |
CPI (c) | Average RPI/CPI (d) |
|||
| Assumed life expectancies on retirement Males currently aged 65 Females currently aged 65 Males currently aged 45 Females currently aged 45 |
at age 65: | 24.6 yrs 26.1 yrs 26.6yrs 27.9yrs |
21.7 yrs 24.4 yrs 23.0 yrs 25.8 yrs |
||
| Funding Ratios: |
|||||
| Technical provisions basis |
95'/o | 87'/o | |||
| Statutory Pension Protection |
Fund | basis | 76'/o | 74'/o | |
| 'Buy-out' basis | 56'/o | 60'/o | |||
| Employer contribution rate (as salaries): |
%%d of | pensionable | 21.1'4 increasing to 23.7'4 on 01/10/21 |
19'/o | |
| Effective date of next valuation: | 31/03/2020 | 31/03/2022 |
| The College has the following | financial | financial | instruments: | instruments: | 2021 | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|
| Group | Group | ||||||||
| F'000 | F'000 | ||||||||
| Financial assets measured | at | fair value through | profit or loss | ||||||
| Investments | 59,560 | 49,346 | |||||||
| Financial liabilities measured |
at fair | value through | profit or loss | ||||||
| Financial assets measured | at | amortised cost | |||||||
| Cash and cash equivalents | 4,435 | 7,000 | |||||||
| Debtors and accrued income | 2,370 | 356 | |||||||
| 6,805 | 7,356 | ||||||||
| Financial liabilities measured |
at amortised cost | ||||||||
| Bank Loans | 10,518 | 10,518 | |||||||
| Accruals deferred income |
345 | 781 | |||||||
| Other creditors | 1,084 | 573 | |||||||
| 11,947 | 11,872 | ||||||||
| RECONCILIATION OF NET |
INCOMING | RESOURCES TO | |||||||
| NET CASH FLOW FROM OPERATIONS | 2021 | 2020 | |||||||
| Group | Group | ||||||||
| F'000 | F'000 | ||||||||
| Net income/(expenditure) | 12,798 | (1,742) | |||||||
| Elimination of non-operating |
cash flows: | ||||||||
| Investment income |
(1,521) | (1,623) | |||||||
| (Gains)/losses in investments |
(9,668) | 2,301 | |||||||
| Endowment donations |
(702) | (547) | |||||||
| Depreciation | 923 | 747 | |||||||
| Decrease/(Increase) in stock |
(3) | 2 | |||||||
| Decrease/(Increase) in debtors |
(2,014) | (52) | |||||||
| (Decrease)/Increase in creditors |
132 | 382 | |||||||
| (Decrease)/Increase in pension |
scheme | liability | (35) | (498) | |||||
| Net cash provided by (used |
in) operating activities |
(90) | (1,030) | ||||||
| ANALYSIS OF CASH AND CASH EQUIVALENTS | |||||||||
| 2021 | 2020 | ||||||||
| F.'000 | f'000 | ||||||||
| Cash at bank and in hand |
4,424 | 6,989 | |||||||
| Notice deposits (less than 3 | months) | 11 | 11 | ||||||
| Total cash and cash equivalents | 4,435 | 7,000 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| f'000 | f'000 | |||
| Other | ||||
| payable | within one year | 21 | 256 | |
| payable | between | two and five years | 60 | 81 |
| 81 | 337 |
| Reference to financial | Reference to financial | 2021 | 2021 | 2020 | 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| statements | & Notes | ||||||||||
| E'000 | f'000 | F'000 | E'000 | ||||||||
| Modified | Net Assets | ||||||||||
| Statement | ofFinancial Position |
- Total Assets | 20 | 16,474 | 13,763 | ||||||
| Note ofthe Financial Statements | - Statement | of Financial | 20 | ||||||||
| Position - Lease right-of-use asset pre-implementation |
68,717 | 58,630 | |||||||||
| Statement | ofFinancial Position |
- Lease right-of- | |||||||||
| use asset | liability pre-implementation | ||||||||||
| Statement | ofFinancial Position |
—Goodwill | |||||||||
| Statement | ofFinancial Position |
- Related party | receivable | and | |||||||
| Related party note disclosure |
|||||||||||
| Modified Assets | |||||||||||
| Statement | of Financial Position |
- Total Assets | Bal Sheet - Total Fixed | ||||||||
| & Current Assets | |||||||||||
| 97,857 | 85,019 | ||||||||||
| Note ofthe Financial Statements | —Statement of |
||||||||||
| Financial | Position —Lease right-of-use asset pre- |
||||||||||
| implementation | |||||||||||
| Statement | of Financial Position |
- Lease right-of- | |||||||||
| use asset | liability pre-implementation | ||||||||||
| Statement | of Financial Position |
- Goodwill | |||||||||
| Statement | of Financial Position |
- Related party | |||||||||
| receivable | and Related party note disclosure | ||||||||||
| Statement | of Financial Position |
- Related party | |||||||||
| receivable | and Related party note disclosure | ||||||||||
| Net Income Ratio | |||||||||||
| Statement | ofActivities - Change in |
Net Assets Without | Donor | SOFA - Net movement | |||||||
| Restrictions | In Funds | 2711 | 499 | ||||||||
| Statement | ofActivities —(Net assets released from |
restriction), | Total | 10 + | 12 | ||||||
| Operating Revenue and Other Additions and Sale of Fixed Assets, gains (losses) |
8,532 | 6,432 |
| Reference | Reference | to financial | to financial | 2021 | 2021 | 2020 | 2020 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| statements | & Notes | |||||||||||
| f'000 | f'000 | f'000 | f'000 | |||||||||
| Ex endable Net Assets |
||||||||||||
| Statement of Financial Position - |
Net assets without | donor | SOFA - | unrestricted | ||||||||
| restrictions | Funds C/F | 16,474 | 13,763 | |||||||||
| Statement of Financial Position - |
Net assets with donor | SOFA - | Restricted+ | |||||||||
| restrictions | Endowed | Funds CIF | 68,717 | 58,630 | ||||||||
| Statement of Financial Position - |
Related party receivable | and | ||||||||||
| Related party note disclosure |
||||||||||||
| Statement of Financial Position —Related party receivable |
and | |||||||||||
| Related party note disclosure |
||||||||||||
| Statement of Financial Position —Property, Plant and |
10 + | 12 | ||||||||||
| equipment, net |
35,374 | 32,262 | ||||||||||
| Note of the Financial Statements | - Statement of Financial |
10 + | 12 | |||||||||
| Position - Property, plant and equipment - pre-implementation |
24,679 | 25,476 | ||||||||||
| Note ofthe Financial Statements | - Statement of Financial |
10 + | 12 | |||||||||
| Position - Property, plant and equipment - post-implementation |
||||||||||||
| with outstanding debt for original |
purchase | 6,837 | 3,875 | |||||||||
| Note ofthe Financial Statements | - Statement of Financial |
10 + | 12 | |||||||||
| Position - Property, plant and equipment- post-implementation |
||||||||||||
| without outstanding debt for original purchase |
3,858 | 2,911 | ||||||||||
| Note ofthe Financial Statements | —Statement of Financial |
|||||||||||
| Position - Construction in progress |
||||||||||||
| Statement of Financial Position - |
Lease right-of-use | assets, net | ||||||||||
| Note ofthe Financial Statements | —Statement of Financial |
|||||||||||
| Position - Lease right-of-use asset pre-implementation |
||||||||||||
| Note ofthe Financial Statements | - Statement of Financial | |||||||||||
| Position - Lease right-of-use asset post-implementation |
||||||||||||
| Statement of Financial Position - |
Goodwill | |||||||||||
| Statement of Financial Position -Other intangible |
||||||||||||
| assets | ||||||||||||
| Statement of Financial Position - |
Post-employment | and pension | 20- | row(ug) | ||||||||
| liabilities | 719 | 754 | ||||||||||
| Statement of Financial Position - |
Note Payable and |
Line of | 18 | |||||||||
| Credit for long-term purposes (both current and long |
term) | and | ||||||||||
| Line of Credit for Construction in |
process | 10,518 | 10,575 | |||||||||
| Statement of Financial Position —Note Payable and |
Line of | 18 | ||||||||||
| Credit for long-term purposes (both current and long |
term) | and | ||||||||||
| Line of Credit for Construction in |
process | 3,518 | 3,575 | |||||||||
| Statement of Financial Position - |
Note Payable and |
Line of | 10+ | 12 | ||||||||
| Credit for long-term purposes (both current and long |
term) | and | ||||||||||
| Line of Credit for Construction in |
process | 7,000 | 3,875 | |||||||||
| Statement of Financial Position - |
Note Payable and |
Line of | ||||||||||
| Credit for long-term purposes (both current and long |
term) | and | ||||||||||
| Line of Credit for Construction in |
process | |||||||||||
| Statement of Financial Position— |
Lease right-of-use | asset | ||||||||||
| liability | ||||||||||||
| Statement of Financial Position- |
Lease right-of-use | asset | ||||||||||
| liability pre-implementation | ||||||||||||
| Statement of Financial Position- |
Lease right-of-use | asset | ||||||||||
| liability post-implementation | ||||||||||||
| Statement of Financial Position- |
Annuities | |||||||||||
| Statement of Financial Position- |
Term endowments | |||||||||||
| Statement of Financial Position —Life Income Funds |
||||||||||||
| Statement of Financial Position —Perpetual Funds |
20 Endowment Funds - Permanent |
13,288 | 10,430 |
| Reference to financial | Reference to financial | 2021 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|---|---|
| statements & Notes |
||||||
| f.'000 | E'000 | f.'000 | L'000 | |||
| Total Ex enses and Losses | ||||||
| Statement ofActivites - Total Operating Expenses (Total from |
SOFA - Total | |||||
| Statement ofActivities prior to adjustments) |
Expenditure | 6,923 | 7,496 | |||
| Statement ofActivites - Non-Operating (Investment return |
SOFA - Total | |||||
| appropriated for spending), Investments, net of annual spending |
Return + Net |
|||||
| gain (loss), Other components of net periodic pension costs, |
gains on | |||||
| Pension-related changes other than net periodic pension, |
investments | |||||
| changes other than net periodic pension, Change in value of |
||||||
| split-interest agreements and Other gains (loss) - (Total from |
||||||
| Statement ofActivities prior to adjustments) |
-11,189 | 679 | ||||
| Statement ofActivites - (Investment return appropriated for spending) and Investments, net ofannual spending, gain (loss) |
SOFA - Total Return Net gains on investments |
+ | -11,189 | 679 | ||
| Statement ofActivities - Pension related changes |
||||||
| other than periodic pension | ||||||
| POST BALANCE SHEET EVENTS | ||||||
| Since the year end, following the completion ofthe 2020 actuarial |
valuation for the USS pension scheme, |
a new dual rate schedule of | ||||
| contributions has been agreed with an effective date of 1 October |
2021.Recalculating | the USS provision | on the basis ofthese contributions | |||
| would result in an increased obligation to fund of5545k but this is |
not accounted | for within the financial statements | as it is a post balance sheet | |||
| event. |
| ANALYSIS OF MOVEMENT | ANALYSIS OF MOVEMENT | ANALYSIS OF MOVEMENT | ANALYSIS OF MOVEMENT | IN FUNDS 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 Aug 2019 F'000 |
Income F'000 |
Expenditure F'000 |
Transfers F'000 |
Gain f.'000 |
2020 F'000 |
||||||
| Endowment Funds |
- Permanent | ||||||||||
| fa) | Fellowships | 7,367 | 238 | (177) | (310) | 7,118 | |||||
| fb) | Scholarships | 1,435 | 488 | (35) | (79) | 1,809 | |||||
| fc) | Libraries | 1,420 | 57 | (83) | (67) | 1,327 | |||||
| fd) | Centre Costs | 170 | 14 | (8) | 176 | ||||||
| Total Endowment | Funds - | Permanent | 10,392 | 797 | ~(295 | (464) | 10,430 | ||||
| Endowment Funds |
- Expendable | ||||||||||
| ea) | General Endowment |
23,353 | 788 | (815) | (1,131) | 22,195 | |||||
| eb) | Fellowships | 4,270 | 128 | (154) | (302) | 3,942 | |||||
| ec) | Scholarships | 3,434 | 221 | (96) | (166) | 3,393 | |||||
| ed) | Research | 1,306 | 43 | (88) | (61) | 1,200 | |||||
| ee) | Student Prizes | 291 | 10 | (14) | 287 | ||||||
| ef) | Student Hardship |
32 | 1 | (4) | (1) | 28 | |||||
| eg) | Centre Costs | 3,047 | 114 | (52) | (147) | 2,962 | |||||
| eh) | Other | 310 | 10 | (1) | (15) | 304 | |||||
| Total Endowment Total Endowment |
Funds - Funds - |
Expendable Group |
36,043 46,435 |
1,315 2,112 |
(1,21 0) (1,505) |
~(1,837 ~2,301) |
34,311 44,741 |
||||
| Restricted Funds |
|||||||||||
| ra) | Fellowships | 299 | 72 | (442) | 264 | 193 | |||||
| rb) | Scholarships | 92 | 156 | (191) | 129 | 186 | |||||
| rc) | Research | 434 | 351 | (443) | 69 | 411 | |||||
| rd) | Conferences &seminars |
293 | 347 | (252) | (8) | 380 | |||||
| re) | Libraries | 24 | 5 | (94) | 93 | 28 | |||||
| rf) | Student Prizes | 1 | 1 | ||||||||
| rg) | Student Hardship |
123 | (22) | 4 | 105 | ||||||
| rh) | Student Travel | 1 | 9 | (10) | 1 | 1 | |||||
| ri) | Student Grants & Bursaries |
3 | (4) | 2 | 1 | ||||||
| rj) | Centre costs | 499 | 144 | (150) | 39 | 532 | |||||
| rk) | Capital Investcorp | 12,243 | (281) | 11,962 | |||||||
| rl) | Capital Gateway | 11 | 11 | ||||||||
| rm) | Capital Hilda Besse |
(72) | 525 | (991) | 538 | ||||||
| rn) | Other | 59 | 47 | (28) | 78 | ||||||
| Total Restricted Funds Total Restricted Funds |
- College - Group |
13,996 13,996 |
1,670 1,870 |
(2,908) ~2,908) |
1,131 1,131 |
13,889 13,889 |
|||||
| Unrestricted Funds |
|||||||||||
| ua) | General reserves | 5,278 | 4,150 | (4,549) | 451 | 5,330 | |||||
| ub) | Libraries | 9 | 2 | (3) | 8 | ||||||
| uc) | Centre costs | 21 | 1 | (1) | 21 | ||||||
| ud) | Nissan building reserve |
219 | 120 | (76) | 263 | ||||||
| ue) | Hilda Besse Building | Fund | 171 | (171) | |||||||
| uf) | Capital Loan Repayment | Fund | 16 | 16 | |||||||
| ug) | Fixed asset designated | fund | 9,242 | (457) | 94 | 8,879 | |||||
| uh) | Pension Fund Liability |
(1,252) | 498 | (754) | |||||||
| Total Unrestricted | Funds - College | 13,704 | 4,273 | (4,588) | 374 | 13,763 | |||||
| Total Funds | 74,135 | 8,055 | (7,496) | (2,301) | 72,393 |
| STATEMENT OF TOTAL | RETURN | RETURN | RETURN | RETURN | 2020 | Permanent | Endowment | Expendable | Total | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unapplied | Endowment | Endowments | ||||||||||
| Trust for Total |
||||||||||||
| Investment Return |
Total | |||||||||||
| At 1stAugust 2019 | F'000 | f'000 | F'000 | E'000 | K'000 | |||||||
| Gift component of the permanent |
endowment | 6,070 | 6,070 | 6,070 | ||||||||
| Unapplied total return |
4,325 | 4,325 | 4,325 | |||||||||
| Expendable endowment |
36,040 | 36,040 | ||||||||||
| Total Endowments | 6,070 | 4,325 | 10,395 | 36,040 | 46,435 | |||||||
| Movements in the reporting |
period: | |||||||||||
| Gift ofendowment funds |
448 | 448 | 112 | 560 | ||||||||
| Investment return: total investment income Investment return: realised and unrealised Other transfers |
gains and losses | ~23 | 348 (464) 21 |
348 (464) (2) |
1,204 (1,837) ~9 |
1,552 (2,301) ~11 |
||||||
| Total | 425 | (95) | 330 | (530) | (200) | |||||||
| Unapplied total return allocated to income in the reporting Expendable endowments transferred to income Net movements in reporting period |
period | (295) ~295) 425 (390) |
(295) (295) 35 |
(384) ~5(5) ~(1,199 (1,729) |
(679) (815) (1,494) (1,694) |
|||||||
| At 31stJuly 2020 | ||||||||||||
| Gift component ofthe permanent |
endowment | 6,495 | 6,495 | 6,495 | ||||||||
| Unapplied total return |
3,935 | 3,935 | 3,935 | |||||||||
| Expendable endowment |
34,311 | 34,311 | ||||||||||
| Total Endowments | 6,495 | 3,935 | 10,430 | 34,311 | 44,741 |