#
|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|