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2022-07-31-accounts

Contents
Introduction. .
Foreword from the Warden and Chair ofthe Governing Body
Governing
Body report
Looking forward,
looking		 back ....
Student experience
Environment.
Development
and external affairs. .
Equality,
diversity
and		 inclusion
Records, archives,
history
Governance
and management.
Fundraising.
Activities ofthe College —Research Centres, Libraries/Archives, and College Members ...
African Studies Centre
Asian Studies Centre
European
Studies Centre
Nissan institute ofJapanese Studies .....
Latin American
Centre
Middle
East Centre
Russian
and Eurasian		 Studies Centre
Financial
Review ..
Financialresults
for 2021/22
Funds and balance sheet.
Pensions
Reserves policy
Investment
policy, objectives and performance
Risks and uncertainties.
Governance
Governing
documents. ....
Governing
Body..		 16
Recruitment
and training
of members		 ofthe Governing Body
Remuneration
of Members ofthe Governing		 Body and Senior College Staff 17
Sub-Committees. 17
Subsidiaries
and interdependencies		 17
Members ofGoverning
Body 2021/22		 18
Statement ofAccounting
and Reporting		 Responsibilities. 20
Independent
Auditors'
Report		 21
Conclusions
relating to going concern
Auditor's
responsibilities
for the audit ofthe financial		 statements 22
Accounting
Policies.		 25
Statement of Recommended
Accounting		 Practice
Consolidated
and College Balance Sheet		 32
Consolidated
Statement ofCashflows.
Notes to the Fina ncia
I Statements.		 34

Member
of MET
2021/22
Professor Roy Allison
Professor Walter Armbrust
Dr Tanya BaIdwin (Bursa r)
Professor Paul Betts
Professor Paul Chaisty
Dr Eric Chancy
Dr Simukai Chigudu
Dr Cathryn Costello
Professor Faisal Devji
Professor Timothy Garton Ash
Professor Chris Gerry
Professor Douglas Gollin
Professor Roger Goodman (Warden)
Professor Nandini
Gooptu
Dr Irem Guceri From 1September 2021
Dr Thomas Hale
Professor Daniel Healey
Dr David Johnson
Professor Dominic Johnson
Professor Takehiko
Kariya
Dr Neil Ketchley From 1September 2021
Dr Sho Konishi
Professor Miles Larmer
Professor Laurent
Mignon
Professor Rachel Murphy
Professor Kalypso
Nicolaidis
Professor Leigh Ann Payne
Professor Timothy
Power
Professor David Pratten
Dr Simon Quinn
Professor Eugene Rogan
Professor Diego Sanchez-Ancochea
Professor Ramon Sarro
Professor Kate Sullivan de Estrada
Professor Miles Tendi
Dr Timothee
Vlandas
Professor Hugh Whittaker
Dr Michael Willis

he senior staff ofthe College to whom
day to day management
is delega		 ted
are
College
Registra r		 Mrs F McNamara
College Accountant Mr W Garnett
Development
Director		 Mr Wte Kloeze
Domestic Bursar Mr M Morgan
HR Manager Ms A Marshall
IT Manager Mr D Todd (left 12 November 2022)
Mr F Harley (from 8 February 2021)
Librarian Mrs A Burlakova

Freehold
properties,
including		 major extensions 50years
Building improvements 25 years
Refurbishment
ofStudent Accommodation		 10years
Equipment
and Software		 4- 10years

Unrestricted Restricted Endowed 2022 2021
Funds Funds Funds Total Total
Notes E'000 f'000 E'000 f'000 F'000
INCOME AND ENDOWMENTS FROM:
Charitable
activities:
Teaching, research and residential
Other Trading Income
Donations
and legacies		 4,193
132
219		 2
1,876		 293 4,195
132
2,388		 3,851
3
4,499
Investments
Investment
income		 4 143 1,800 1,943 1,521
Total return allocated to income
Other income
Total income		 15
5		 909
385
5,981		 596
2
2,476		 (1,505)
588		 387
9,045		 179
10,053
EXPENDITURE ON:
Charitable
activities:
Teaching,
research and residential		 5,740 1,932 7,672 6,667
Generating
funds:
Fundraising
Trading
expenditure
Investment
management
Total Expenditure		 costs 276
94
1
6,111		 1,932 194
194		 276
94
195
8,237		 239
6
11
6,923
Net Income/(Expenditure)
before gains		 (130) 544 394 808 3,130
Net gains/(losses)
on investments		 12,13 1,725 1,725 9,668
Net Income/(Expenditure) (130) 544 2,119 2,533 12,798
Transfers
between
funds		 20 936 (1,413) 477
Net movement
in funds for the year		 806 (869) 2,596 2,533 12,798
Fund balances
brought
forward		 20 16,474 13,569 55,148 85,191 72,393
Funds carried forward at 31 July 17,280 12,700 57,744 87,724 85,191
2022 2021 2022 2021
Group Group College College
Notes E'000 f.'000 K'000 F'000
FIXEDASSETS
Tangible assets 10 30,686 31,464 30,686 31,464
Heritage assets 11
Property
investments		 12 3,010 3,910 3,010 3,910
Other Investments 13 58,404 55,650 58,404 55,650
Total Fixed Assets 92,100 91,024 92,100 91,024
CURRENT ASSETS
Stocks 22 28 22 28
Debtors 16 721 2,370 827 2,398
Investments
Cash at bank and in hand 4,200 4,435 4,054 4,394
Total Current Assets 4,943 6,833 4,903 6,820
LIABILITIES
Creditors: Amounts falling due within one year 17 8,201 1,429 8,161 1,416
NET CURRENT ASSETS/(LIABILITIES) (3,258) 5,404 (3,258) 5,404
TOTAL ASSETS LESSCURRENT LIABILITIES 88,842 96,428 88,842 96,428
CREDITORS: falling due after more than one year 18 10,518 10,518
Provisions
for liabilities		 and charges 20
NET ASSETS/(LIABILITIES) BEFORE PENSION
ASSET OR LIABILITY 88,842 85,910 88,842 85,910
Defined benefit pension scheme liability 24 1,118 719 1,118 719
TOTAL NET ASSETS/(LIABILITIES) 87,724 85,191 87,724 85,191
FUNDS OF THE COLLEGE
Endowment
funds		 20 57,744 55,148 57,744 55,148
Restricted funds 20 12,700 13,569 12,700 13,569
Unrestricted
funds
Designated
funds		 20 13,768 9,631 13,768 9,631
General funds 20 4,631 7,562 4,631 7,562
Pension
Fund Liability		 20 (1,119) (719) (1,119) (719)
87,724 85,191 87,724 85,191

2022 2021
Notes E'000 f'000
Net cash provided
by (used in) operating		 activities 27 1,482 ~(90
Cash flows from investing
activities
Dividends,
interest and rents from investments		 1,943 1,521
Purchase
of property,
plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided
by (used in) investing
activities		 (306)
999
~t,128
1,508		 (4,095)
(3,573)
3,027
~3,120)
Cash flows from financing
activities
Repayments
of borrowing
Receipt ofendowment
Net cash provided
by (used in) financing		 activities (3,518)
293
3,225		 (57)
702
645
Change
in cash and cash eqotvatents
in		 the reporting period (235) (2,585)
Cash and cash equivalents
at the beginning		 ofthe
reporting
period		 4,435 7,000
Change
in cash and cash equivalents
due to exchange
rate movements
Cash and cash equivalents
at the end ofthe
reporting
period		 28 4,200 4,435
INCOME FROM CHARITABLE ACTIVITIES
2022 2021
Teaching, Research and Residential E'000 F.'000
Unrestricted
funds
Tuition fees - UK and EU students 370 466
Tuition fees - overseas students 1,232 1,203
Support from Office for Students 58 68
Other academic income 128 141
College residential
income		 2,405 1,972
4,193 3,850
Restricted
funds
Other academic income
Total Teaching, Research and Residential 4,195 3,851
Total income from charitable activities 4,195 3,851
INCOME FROM OT HER TR ADING ACTIVITIES
2022 2021
F.'000 F'000
Subsidiary
company		 trading income 132
DONATIONS
AND		 LEGACIES
2022 2021
F.'000 F'000
Donations
and Legacies
Unrestricted
funds		 219 1,768
Restricted funds 1,876 2,029
Endowed
funds		 293 702
2,388 4,499
INVESTNIENT
INCOME
2022 2021
F'000 F'000
Unrestricted
funds
Other property income 138 89
Other investment income 24
Bank interest 1
143 114
Endowed
funds
Other property income 26 22
Other investment income 1,774 1,385
1,800 1,407
Total Investment Income 1,943 1,521

ANALYSIS OF EXPENDITURE ANALYSIS OF EXPENDITURE
2022 2021
K'000 P'000
Charitable
expenditure
Direct staff costs allocated to:
Direct staff costs 2,799 2,408
Other direct costs 2,762 2,272
Support and governance
costs		 2,111 1,987
Total charitable
expenditure		 7,672 6,667
All Charitable
expenditure
relates to teaching,		 research and residential activities
2022 2021
Expenditure
on generating		 funds F'000 F'000
Direct staff costs allocated to:
Fundraising 216 174
Trading
expenditure		 36
Other direct costs allocated to:
Fundraising 31 39
Trading
expenditure		 54 4
Investment
management		 costs 10
Support and governance
costs allocated to:
Fundraising 29 26
Trading
expenditure		 4 2
Investment
management		 costs 195 1
Total expenditure
on raising		 funds 565 256
Total expenditure 8,237 6,923
The teach ing
an		 d research costs include College Contribution
payable
of FOk (2021 —EO		 k).
2022 2021
Total Total
Included within the resources expended above are: K'000 E'000
Operating lease payments 48 30
Foreign exchange (loss) (134)

9 STAFF COSTS 2022 2022 2021
The aggregate
staff costs for the year		 were as follows. E'000 f.'000
Salaries and wages
Social security costs		 2,616
181		 2,594
175
Pension costs:
Defined benefit schemes
Defined
contribution
schemes
Other benefits		 674
77
26		 212
99
35
3,574 3,115
The average
number		 of employees of the College, excluding Trustees, 2022 2021
was as follows.
Tuition and research
College residential		 32
41
3		 45
51
6
Fundraising 28 27
Support
Total 104 129
The average
number		 of employed College Trustees
during		 the year was as follows:
University
Lecturers		 37 37
Total 37
Redundancy
payments
are accounted
for in the
uncertain,
the figure
in the accounts represents		 period
a best		 in which the
estimate.		 employee was informed ofthe decision. Where redundancy costs are
The following
information		 relates to the employees ofthe College excluding the College Trustees. Details ofthe remuneration and reimbursed
expenses
ofthe College		 Trustees is included as a separate note in these financial statements.
There was one employee (excluding the College Trustees) during the year whose gross pay and benefits (excluding Nl and pension contributions)
was above f60,000 (2021:one). This employee had no retirement benefits accruing. 2022 2021
f70,001-280,001
The College contributions to defined contribution pension schemes totalled 77 99


subsequent
endowments
 valued a t date o fgift.
Permanent Endowment Expendable Total
Unapplied Endowment Endowments
Trust for Total
Investment Return Total
At 1stAugust 2021 f'000 f'000 f'000 f'000 f'000
Gift component
ofthe permanent		 endowment 7,182 7,182 7,182
Unapplied
total return		 6,106 6,106 6,106
Expendable
endowment		 41,860 41,860
Total Endowments 7,182 6,106 13,288 41,860 55,148
Movements
in the reporting
period:
Gift ofendowment
funds		 106 106 187 293
Investment
return: total investment		 income 429 429 1,371 1,800
Investment
return: realised
and
Less: Investment
management
Other transfers
Total		 unrealised
costs		 gains and losses (44)
~15
47		 453
882		 453
(44)
~(15
929		 1,272
(149)
491
3,172		 1,725
(193)
476
4,101
Unapplied
total return allocated to income
in the reporting
Expendable
endowments
transferred
to income
Net movements
in reporting
period		 period 47 (323)
(323)
559		 (323)
(323)
606		 (273)
~909)
(1,152)
1,990		 (596)
~(909
~(1,505
2,596
At 31stJuly 2022
Gift component
ofthe permanent		 endowment 7,229 7,229 7,229
Unapplied
total return		 6,665 6,665 6,665
Expendable
endowment		 43,850 43,850
Total Endowments 7,229 6,665 13,894 43,850 57,744
DEBTORS
2022 2021 2022 2021
Group Group College College
f'000 f'000 f'000 f'000
Amounts
falling due within one		 year:
Trade debtors 147 35 117 35
Amounts
owed by College		 members 43 173 43 171
Amounts
owed by Group undertakings		 136 66
Loans repayable
within one year		 8 8 8 8
Prepayments
and accrued		 income 166 2,003 166 2,003
Other debtors 357 151 357 115
721 2,370 827 2,398

CREDITORS: falling due within one year
2022 2021 2022 2021
Group Group College College
E'000 f'000 E'000 F'000
Bank loans 7,000 7,000
Obligations
under finance leases
Trade creditors 426 713 384 697
Amounts
owed to College Members		 370 370 370 372
Amounts
owed to Group undertakings		 95 93
Taxation
and social security		 8
College contribution
Accruals and deferred income 395 345 304 254
Other creditors 1 1
8,201 1,429 8,161 1,416

CRE DITORS: falling due after more than one ye ar
2022 2021 2022 2021
Group Group College College
f'000 F'000 E'000 f'000
Bank loans 10,518 10,518
10,518 10,518
20 ANALYSIS OF MOVEMENTS ANALYSIS OF MOVEMENTS ANALYSIS OF MOVEMENTS ANALYSIS OF MOVEMENTS ON FUNDS
1 Aug 2021 Income Expenditure Transfers Gain 31July 2022
f'000 f'000 f.'000 F'000 E'000 K'000
Endowment
Funds		 - Permanent
fa) Fellowships 8,487 369 (27) (197) 291 8,923
fb)
fc)
fd)		 Support to Students
Libraries
8 Archives
Centre Costs
Total Endowment
Funds - Permanent		 2,377
2,187
237
13,288		 84
70
14
537		 (8)
(8)
~1)
(44)		 (48)
(73)
318		 70
63
7
431		 2,475
2,239
257
13,894
Endowment
Funds		 - Expendable
ea) Fellowships 4,727 140 (15) (108) 162 4,906
eb) Support to Students 4,570 151 (16) (94) 137 4,748
ec) General Endowment 26,979 936 (99) (908) 820 27,728
ed)
ee)
ef)		 Centre Costs
Research
Other		 3,727
1,475
382		 268
49
12		 (14)
(5)
(1)		 431
(24)
~7		 120
44
11		 4,532
1,539
397
Total Endowment
Funds - Expendable		 41,860 1,556 (150) (710) 1,294 43,850
Endowment
funds
held		 by subsidiaries
Total Endowment
Funds - Group		 55,148 2,093 ~194 1,028 1,725 57,744
Restricted
Funds
ra) Fellowships 189 102 (365) 263 189
rb) Support to Students 193 180 (342) 177 208
rc) Libraries
&Archives		 21 3 (81) 72 15
rd) Centre costs 581 4 (138) (382) 65
re) Research 271 208 (259) 8 228
rf) Capital
Hilda Besse		 81 1,035 (190) (926)
rg) Capital Investcorp 11,681 (281) 11,400
rh)
ri)
rj)		 Capital Gateway
Conferences
8 Seminars
Other
Total Restricted
Funds		 - College 11
462
79
13,569		 323
25
1,880		 (248)
(28)
(1,932)		 (11)
(17)
~(1
(817)		 520
75
12,700
Restricted funds held by subsidiaries
Total Restricted
Funds		 - Group 13,569 1,880 (1,932) (817) 12,700
Unrestricted
Funds
ua) General reserves 7,562 4,856 (4,704) (3,083) 4,631
ub) Fixed asset designated fund 9,205 19 (802) 4,951 13373
uc) Libraries
&Archives		 57 3 (4) (45) 11
ud) Centre Costs 323 126 (85) (27) 337
ue) Hilda Besse Building Fund (65) 65
uf) Capital Loan Repayment Fund 16 (16)
ug) Pension
Fund Liability		 (719) (400) (1,119)
uh) Wardens
House Fund		 30 68 (51) 47
Total Unrestricted
Funds - College		 16,474 5,072 (6,111) 1,845 17,280
Unrestricted
funds
held		 by subsidiaries
Total Unrestricted
Funds - Group		 16,474 5,072 ~6,111 1,845 17,280
Total Funds 85,191 9,045 (8,237) 1,725 87,724

Unrestricted
Funds:		 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
listed
in table 20 in a number ofdifferent categories, some ofwhich have been designated
by the Governing
Body for particular
purposes,
which		 are
are
outlined
below:
General Reserves
Fixed Asset Designated		 Fund This represents
the general financial reserves ofthe college.
Unrestricted
Funds which are represented
by the fixed assets ofthe College and therefore
available
for expenditure
on the College's general purposes.		 not
Libraries 8 Archives This is a consolidation
ofunrestricted
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.
The
balanceon
the find was applied
during
the year.
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
ofTransfe		 rs Bet ween Funds:
Permanent Expendable Restricted General Funds Fixed Asset Other
Endowments Endowments Funds Fund Designated
Funds
f.'000 f'000 f.'000 f'000 f'000 f'000
Total Return Allocated to Income (323) (1,182) 596 909
Repayment
of Gateway		 Loan («) (3,491) 3,518 (16)
MEC Designated
Fund		 to New MEC Endowment 46 (46)
Investcorp
Restricted		 Fund to Endowment 454 (454)
Hilda Besse loan financing offset designated and
gifted income (926) 1,089 (163)
Unrestricted
Donations		 designated to Hilda Besse (203) 203
New Capital Assets in year (287) 287
North American
Studies		 Shorffall 18 (18)
Other Transfers (28) (40) 7 57
(318) (710) (817) (3,083) 4,951 (23)
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restricted Endowment 2022
Funds Funds Funds Total
f.'000 f'000 f.'000 E'000
Tangible
fixed assets		 19,286 11,400 30,686
Property
investments		 3,010 3,010
Other investments 660 57,744 58,404
Net current assets (4,558) 1,300 (3,258)
Long term liabilities (1,118) (1,118)
17,280 12,700 57,744 87,724
Unrestricted Restricted Endowment 2021
Funds Funds Funds Total
f'000 f'000 f'000 f'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

Remuneration
aid		 to trustees
p 2022 2021
Number of Gross remuneration, taxable Number of Gross remuneration, taxable
Trustees/ benefits and pension Trustees/ benefits and pension
Range Fellows contributions Fellows contributions F
F1,000-F1999
F3,000-F3,999
F4,000-f4,999
F5,000-f5,999
F6,000-F6,999
F8,000-F8,999
F9,000-F9,999
F12,000-F12,999
F20,000-820,999
F67,000-267,999		 21
4
2
3		 81,690
17,891
10,683
19,004
9,737
25,540		 1
21
2
5
2
1
1
1
1		 1,287
78,440
9,210
28,213
12,572
8,214
9,700
12,789
20,589
67,847
F73,000-F73,999
F88,000-F88,999
F90,000-F90,999		 73,198 88,209
90,539
F93,000-F93,999 93,996
F96,000-F96,999 96,122
Total 36 427,861 38 427,609

USS
Assumption Change
in assumption		 Impact on USS liabilities
initial discount rate increase
by 0.25%		 decrease by F1.2bn
Asset Values reduce by 0.25% increase by F6.4bn
RPI inflation increase by 0.1% decrease by E0.7bn
Life Expectancy more prudent
assumption
(reduce
the adjustment
o the based mortality		 increase by F1.2bn
table by 5%)
Rate of mortality more prudent
assumption
(increase
the annual
mortality
improvements		 increase by F0.6bn
long term rates by 0.2%)
OSPS
Assumption Change
in		 assumption Impact on OSPS technical
provisions
Valuation rate of interest decrease by 0.25% increase F45m
Rate ofpension increases increase by 0.25% increase by F40m

2021/22 2021/22 2020/21 2020/21
OSPS USS OSPS USS
Finish Date for Deficit Recovery Plan 30/01/2028 31/03/2038 30/01/2028 31/03/2028
Average staff number increase 0 0 0 0
Average staff salary increase 3.50% 3.50% 2.00% 2.00%
Average discount
rate		 over period 3.19% 3.34% 0.89% 0.89%
Effect of0.5%change in discount rate F 4,581 F 35,478 F 7,868 F 6,092
Effect of1%change
in		 staff growth F 8,280 F 73,078 F 15,512 F 12,010

losses being recognised
within		 income income and expendit and expendit and expendit ure .
The College has the following financial instruments: 2022 2021
Group Group
F'000 F'000
Financial assets measured
at		 fair value through profit or loss
Investments 61,414 59,560
Financial
liabilities
measured		 at fair value through profit or loss
Financial assets measured
at		 amortised cost
Cash and cash equivalents 4,200 4,435
Trade Debtors &Amounts
owed		 by College Members 190 208
4,390 4,643
Financial
liabilities
measured		 at amortised cost
Bank Loans 7,000 10,518
Trade Creditors, Tax Creditors and amounts owed to College Members 805 1,083
7,805 11,601
RECONCILIATION
OF NET INCOMING		 RESOURCES TO
NET CASH FLOW FROM OPERATIONS 2022 2021
Group Group
K'000 f'000
Net income/(expenditure) 2,533 12,798
Elimination
of non-operating
cash flows:
Investment
income		 (1,943) (1,521)
(Gains)/losses
in investments		 (1,725) (9,668)
Endowment
donations		 (293) (702)
Depreciation 1,084 923
(Surplus)/loss
on sale offixed		 assets
Decrease/(Increase)
in stock		 6 (3)
Decrease/(Increase)
in debtors
(Decrease)/Increase
in creditors		 1,649
(228)		 (2,014)
132
(Decrease)/Increase
in provisions
(Decrease)/Increase
in pension		 scheme liability 399 (35)
Net cash provided
by (used		 in) operating activities 1,482 (90)
ANALYSIS OF CASH AND CASH EQUIVALENTS
2022 2021
f.'000 F'000
Cash at bank and
in hand		 2,185 4,424
Notice deposits (less than 3 months) 2,015 11
Bank overdrafts
Total cash and cash equivalents 4,200 4,435

This sched
September		 ule
has been compiled
from the Se
23,2019/ Rules and Regulations.		 ction 2 Exam ple Fina ncial Statements
incl		 ncial Statements
incl		 uded
in the Fe		 deral RegisterNol. 84, No. 184/ Monday,
Reference to financial 2022 2022 2021 2021
statemenls & Notes
8'000 6'000 F'000 f'000
Modified
Net Assets
Statement
of Financial
Position - Total Assets		 20 17,280 16,474
Note ofthe Financial Statements
- Statement
of Financial
Position - Lease right-of-use asset pre-implementation		 20 70,444 68,717
Statement of Financial
Position - Goodwill
Statement of Financial
Position - Lease right-of-use		 asset liability
pre-implementation
Statement of Financial
Position - Related party receivable		 and
Related party note disclosure
Modified Assets
Statement of Financial
Position - Total Assets		 Bal Sheet - Total Fixed
& Current Assets
97,043 97,857
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
Restrictions		 SOFA - Net movement
in Funds		 806 2,711
Statement ofActivities - (Net assets released
from restriction),		 Total 10+12
Operating
(losses)		 Revenue
and Other Additions
and Sale		 of Fixed Assets, gains 7,102 8,532

Reference to financial 2022 2022 2021 2021
statements & Notes
K'000 E'000 F'000 f.'000
Ex endable
Net Assets
Statement
of Financial
restrictions		 Position - Net assets without donor SOFA - Unrestricted
Funds C/F		 17,280 16,474
Statement
of Financial
restrictions		 Position - Net assets with donor SOFA - Restricted+
Endowed
Funds C/F		 70,444 68,717
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
net		 equipment, 10 + 12 33,696 35,374
Note ofthe Financial Statements
-Statement
of Financial		 10 + 12
Position - Property,
plant and equipment-
pre-implementation		 23,046 24,679
Note ofthe Financial Statements
—Statement
of Financial		 10 + 12
Position - Property,
plant and equipment
- post-implementation
with outstanding
debt for original purchase		 6,557 6,837
Note ofthe Financial Statements
-Statement
of Financial		 10 + 12
Position - Property,
plant and equipment
- post-implementation
without
outstanding
debt for original purchase		 4,093 3,858
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
liabilities		 Position
—Post-employment		 and pension 20 - row (ug) 1,118 719
Statement
of Financial		 Position - Note Payable and Line of Credit 18
for long-term
purposes
Credit for Construction		 (both current and long term)
in process		 and Line of 7,000 10,518
Statement
of Financial		 Position - Note Payable and Line of Credit 18
for long-term
purposes
Credit for Construction		 (both current and long term)
in process		 and Line of 7,000 3,518
Statement
of Financial		 Position - Note Payable and Line of Credit 10+12
for long-term
purposes
Credit for Construction		 (both current and long term)
in process		 and Line of 7,000
Statement
of Financial		 Position - Note Payable and Line ofCredit
for long-term
purposes		 (both current and long term) and Line of
Credit for Construction in process
Statement ofFinancial 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		 13,894 13,288
Reference to financial 2022 2022 2021 2021
statements & Notes
K'000 E'000 F'000 F'000
Total Ex enses and Losses
Statement
ofActivities - Total Operating		 Expenses (Total from SOFA - Total
Statement
ofActivities
prior to adjustments)		 Expenditure 8,237 6,923
Statement
ofActivities - 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		 ofsplit-
interest agreements
and Other gains		 (loss) - (Total from
Statement
ofActivities
prior to adjustments)		 (3,668) (11,189)
Statement
ofActivities - (Investment
return
spending)
and Investments,
net of annual		 appropriated
for
spending,
gain (loss)		 SOFA - Total Return+
Net gains on
investments		 (3,668) (11,189)
Statement
ofActivities - Pension
related		 changes
other than periodic pension
35 POST BALANCE SHEET EVENTS
There were no post balance sheet events.
36 PRIOR YEAR COMPARATIVES
Consolidated
Statement
of Financial
Activities		 for the Year ended 31 Jul 2021
Unrestricted Restricted Endowed 2021
Funds Funds Funds Total
INCOME AND ENDOWIIENTS FROM: f'000 E'000 f.'000 R'000
Charitable
activities:
Teaching,
research
and residential
Other Trading
Income
Donations
and legacies		 3,850
3
1,768		 2,029 702 3,851
3
4,499
Investments
Investment
income		 114 1,407 1,521
Total return allocated
to income		 857 564 (1,421)
Other Income 164 8 7 179
Total Income 6,756 2,602 695 10,053
EXPENDITURE ON:
Charitable
activities:
Teaching,
research
and residential		 4,930 1,737 6,667
Generating
funds:
Fundraising		 239 239
Trading
expenditure
Investment
management
costs
Total Expenditure		 6
11
5,186		 1 737 6
11
6,923
Net Income/(Expenditure)
before gains		 1,570 865 695 3,130
Net Net gains/(losses)
on investments
Income/(Expenditure)		 1,570 865 9,668
10,363		 9,668
12,798
Transfers
between
funds
Net movement
in funds for the year
Fund balances
brought
forward		 2,711
13,763
1,141		 (320)
13,889
~1,185)		 10,407
44,741
44		 12,798
72,393
Funds carried forward at 31July 16,474 13,569 55,148 85,191
ANALYSIS OF MOVEMENT
IN FUNDS 2021
1 Aug 2020 Income Expenditure Transfers Gain 31July 2021
F'000 f.'000 F'000 F'000 F'000 F'000
Endowment
Funds - Permanent
fa)
fb)
fc)		 Fellowships
Scholarships,
Bursaries 8 Awards
Libraries 8 Archives		 7,118
1,809
1,327		 213
160
601		 (180)
(8)
(80)		 1,336
416
339		 8,487
2 377
2,187
fd) Centre Costs 176 20 41 237
Total Endowment
Funds - Permanent		 10,430 994 ~(268 2,132 13,288
Endowment
Funds - Expendable
ea)
eb)
ec)
ed)
ee)
ef)
eg)		 Fellowships
Scholarships,
Bursaries 8 Awards
General Endowment
Centre Costs
Research
Student
Hardship
Other		 3,942
3,680
22,195
2,962
1,200
28
304		 113
117
708
135
38
1
10		 (122)
(73)
(857)
(30)
(26)
(1)		 794
812
4,933
660
263
6
68		 4,727
4,536
26,979
3727
1,475
34
382
Total Endowment
Funds - Expendable		 34,311 1,122 7,536 41,860
Total Endowment
Funds -Group		 44,741 2,116 (1,377) 9,668 55,148
Restricted
Funds
ra)
rb)		 Fellowships
Scholarships,
Bursaries 8 Awards		 193
'I89		 173
83		 (330)
(240)		 153
81		 189
113
rc) Libraries 8 Archives 28 1 (88) 80 21
rd) Centre costs 532 154 (131) 26 581
re)
rf)		 Research
Student
Hardship		 411
105		 139 (293)
(26)		 14
1		 271
80
rg)
rh)
ri)
rj)
rk)		 Capital
Hilda Besse
Capital Investcorp
Capital Gateway
Conferences
8 Seminars
Other		 11,962
11
380
78		 1,241
227
20		 (190)
(281)
(137)
(21)		 (970)
(8)
2		 81
11,681
11
462
79
Total Restricted
Funds - College
Total Restricted
Funds - Group		 13,889
13,889		 2,038
2,036		 ~((,737
~1,737(		 (621)
~621(		 13,569
13,569
Unrestricted
Funds
ua)
ub)		 General reserves
Fixed asset designated
fund		 5,330
8,879		 5,708
0		 (4,394)
(644)		 918
970		 7,562
9,205
uc) Libraries
&Archives		 8 3 46 57
ud) Centre Costs 284 125 (86) 323
ue)
uf)		 Hilda Besse Building
Fund
Capital Loan Repayment
Fund		 16 (71) 71 16
ug)
uh)		 Pension
Fund
Liability
Designated
-Wardens
House Fund		 (754) 63 35
(26)		 (7) (719)
30
Total Unrestricted
Funds - College		 13,763 5,899 (5,186) 1,998 16,474
Total Funds 72,393 10,053 (6,923) 9,668 85,191
STATEMENT OF TOTAL RETURN STATEMENT OF TOTAL RETURN STATEMENT OF TOTAL RETURN STATEMENT OF TOTAL RETURN 2021 Permanent Endowment Expendable Total
Unapplied Endowment Endowments
Trust for
Total
Investment
Return		 Total
At 1stAugust 2020 F'000 F'000 F'000 f.'000 K'000
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
Movements
in the reporting		 period:
Gift ofendowment
funds		 671 671 38 709
Investment
return: total investment		 income 328 328 1,079 1,407
Investment
return: realised and
Less: Investment
management
Other transfers		 unrealised
costs		 gains and losses 2,133
16~8		 2,133 37
7,535		 44
9,668
Total 687 2,452 3,139 8,689 11,828
Unapplied
total return
allocated
to income
in the reporting
Expendable
endowments
transferred
to income
Net movements
in reporting
period		 period (281)
~281
687
2,171		 (281)
(281(
2,858		 (284)
~856(
~((,146
7,549		 (565)
(856)
~(1,421
10,407
At 31stJuly 2021
Gift component
ofthe permanent		 endowment 7,182 7,182 7,182
Unapplied
total return		 6,106 6,106 6,106
Expendable
endowment		 41,860 41,860
Total Endowments 7,182 6,106 13,288 41,860 55,148