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