|Contents||||||
|---|---|---|---|---|---|
|Foreword from the Warden
and Chair ofthe Governing|||Body.|||
|Governing
Body report..||||||
|Financial
Review. .|||||.12|
|Governance .....|||||.15|
|Statement ofAccounting|and Reporting|Responsibilities.|||.20|
|Independent
Auditors'
Report to the Trustees ofSt Antony's||||College..|,21|
|Accounting
Policies..|||||.25|
|Statement of Financial Activities. .|||||.31|
|Consolidated
and College|Balance Sheet.||||.32|
|Consolidated
Statement|ofCashflows.||||.33|
|Notes to the Financial Statements.|||||,34|
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|Name|||rustee for Whole
unless stated|Period|Member of MET 2022/23|
|---|---|---|---|---|---|
|Dr Maryam
Alemzadah|||From 1"September|2022||
|Professor|Roy Allison|||||
|Professor|Walter Armbrust|||||
|Dr Tanya Baldwin (Bursar)||||||
|Professor|Paul Betts||||Y(from 1st October 2022)|
|Dr Lenka Bustikova|||From 1"September|2022||
|Professor|Paul Chaisty||||Y (to 30th September 2022)|
|Dr Eric Chancy|||||Y (from 1stOctober 2022)|
|Dr Simukai|Chigudu|||||
|Dr Cathryn|Costello|||||
|Professor|Faisal Devji|||||
|Professor|Timothy
Garton Ash|||||
|Professor|Chris Gerry||Until 31"August 2022||Y(to 30th September 2022)|
|Professor|Douglas
Gollin|||||
|Professor|Roger Goodman|(Warden)||||
|Professor|Nandini
Gooptu|||||
|Dr Irem Guceri||||||
|Dr Thomas|Hale|||||
|Professor|Daniel Healey||until 31"August 2022|||
|Dr David Johnson||||||
|Professor|Dominic Johnson|||||
|Professor|Takehiko
Kariya|||||
|Dr Neil Ketchley||||||
|Dr Sho Konishi||||||
|Professor|Miles Larmer|||||
|Professor|Laurent
Mignon|||||
|Professor|Rachel Murphy||||Y(from 1st October 2022)|
|Professor|Kalypso Nicolaidis||until 31*' December|2022||
|Professor|Leigh Ann Payne|||||
|Professor|Timothy Power|||||
|Professor|David Pratten||||Y(from 1st October 2022)|
|Dr Simon Quinn||||||
|Professor|Eugene Rogan|||||
|Professor|Diego Sanchez-Ancochea||||Y(to 30th September 2022)|
|Professor|Ramon Sarro|||||
|Professor|Kate Sullivan
de Estrada|||||
|Professor|Miles Tendi|||||
|Dr Timothee Vlandas||||||
|Professor|Hugh Whittaker|||||
|Dr Michael|Willis||||Y(to 30th September 2022)|
|Dr Zbigniew
Wojnowski|||From 1"September|2022||
##
|The senior staff ofthe College to
follows:|whom day to day manage|
|---|---|
|College Registrar|Mrs F McNamara|
|College Accountant|Mr W Garnett|
|Development
Director|Mr Wte Kloeze|
|Domestic Bursar|Mr M Morgan|
|HR Manager|Ms A Marshall|
|ITManager|Mr F Harley|
|Librarian|Mrs A Burlakova|
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||||||Unrestricted|Restricted|Endowed|2023|2022|
|---|---|---|---|---|---|---|---|---|---|
||||||Funds|Funds|Funds|Total|Total|
|||||Notes|E'000|E000|E000|6'000|F000|
|INCOME AND ENDOWMENTS|||FROM:|||||||
|Charitable
activities:||||||||||
|Teaching, research and|residenti'al||||4,470|3||4,473|4,195|
|Other Trading
Income|||||405|||405|132|
|Donations
and legacies|||||3,117|1,305|172|4,594|2,388|
|Investments||||||||||
|Investment
ihco
me||||4|371||1,929|2,300|1,943|
|Total return allocated to|ihcome|||15|1,112|848|(1,960)|||
|Other income||||5|||||387|
|Total income|||||9,475|2,166|141|11,772|9,045|
|EXPENDITURE ON:||||||||||
|Charitable
activities:||||||||||
|Teaching, research
and|residential||||5,558|2,408||7,966|7,672|
|Generating
funds:||||||||||
|Fundraising|||||369|||369|276|
|Trading expenditure|||||306|||306|94|
|Investment
management||costs|||1|||1|195|
|Total Expenditure|||||6,234|2,408||8,642|8,237|
|Net Income/(Expenditure)|before gains||||3,24'I|(252)|141|3,130|808|
|Net gains/(losses)
on investments||||12, 13|||(2,419)|(2,419)|1,725|
|Net Incomei(Expenditure)|||||3,241|(252)|(2,278)|711|2,533|
|Transfers
between funds||||20|(863)|(212)|1,075|||
|Net movement
in funds for|the||year||2,378|(464)|(1,203)|711|2,533|
|Fund balances
brought
forward||||20|17,280|12,700|57,744|87,724|85,191|
|Funds carried forward at 31||July|||19,658|12,236|56,541|88,435|87,724|
##
|Consolidated
and Co
As at 31July 2023|lle|ge Balan|ce Sheets||||||
|---|---|---|---|---|---|---|---|---|
||||||2023|2022|2023|2022|
||||||Group|Group|College|College|
|||||Notes|B000|B000|B000|B000|
|FIXEDASSETS|||||||||
|Tangible assets||||10|32,809|30,686|32,809|30,686|
|Heritage assets||||11|||||
|Property
investments||||12|110|3,010|110|3,010|
|Other Investments||||13|57,190|58,404|57,190|58,404|
|Tots
I Fixed Assets|||||90,109|92,100|90,109|92,100|
|CURRENT ASSETS|||||||||
|Stocks|||||21|22|22|22|
|Debtors||||16|767|721|629|827|
|Investments|||||||||
|Cash al bank and
in|hand||||1,627|4,200|1,545|4,054|
|Tote I Current Assets|||||2,415|4,943|2,196|4,903|
|LIABILITIES|||||||||
|Creditors.
Amounts|falling due within one year|||17|3,343|8,201|3,124|8,161|
|NET CURRENT ASSETS/(LIABILITIES)|||||(928)|(3,258)|(928)|(3,258]|
|TOTAL ASSETS LESS CURRENT|||LIABILITIES||89,181|88,842|89,181|88,842|
|CREDITORS: falling
due||after more than one year||18|||||
|Provisions for liabil/8'as||and charges||19|||||
|NET ASSETS/(LIABILITIES) BEFORE PENSION|||||||||
|ASSET OR LIABILITY|||||89,181|88,842|89,181|88,842|
|Defined benefit pension||scheme|liability|24|746|1,118|746|1,118|
|TOTAL NET ASSETS/(LIABILITIES)|||||88,435|87,724|88,435|87,724|
|FUNDS OF THE COLLEGE|||||||||
|Endowment
funds||||20|56,541|57,744|56,541|57,744|
|Restricted funds||||20|12,236|12,700|12,236|12,700|
|Unrestricted
funds|||||||||
|Designated
funds||||20|19,991|13,768|19,991|13,768|
|General
funds||||20|413|4,631|413|4,631|
|Pension
Fund Liabhity||||20|(746)|(1,119)|(746)|(1,119)|
||||||88,435|87,724|88,435|87,724|
##
||||||2023|2022|
|---|---|---|---|---|---|---|
||||Notes||E'000|f."000|
|Net cash provided
by (used in) operating||activities||27|1,430|1,482|
|Cash flows from investing
activities|||||||
|Dividends,
interest and rents from investments|||||2,300|1,943|
|Purchase
of property,
plant and equipment|||||(270)|(306)|
|Proceeds
from sale of investments|||||751|999|
|Purchase
of investments|||||(1,956)|(1,128)|
|Net cash provided
by (used in) investing||activities|||825|1,508|
|Cash flows from financing
activities|||||||
|Repayments
of borrowing|||||(5,000)|(3,518)|
|Receipt ofendowment|||||172|293|
|Net cash provided
by (ussd in) financing||activities|||(4,828)|(3,225)|
|Change
in cash and cash equivalents|in|the|reporting|perlr|(2,573)|(235)|
|Cash and cash equivalents
at the beginning|||ofthe||||
|reporting
period|||||4,200|4,435|
|Change
in cash and cash equivalents
due|to|exchange|||||
|rate movements|||||||
|Cash and cash equivalents
at the end|of|the|||||
|reporting
period||||28|1,627|4,200|
|INCOME FROM CHARITABLE ACTIVITIES|||
|---|---|---|
||2023|2022|
|Teaching, Research and Residential|5'000|f.'000|
|Unrestricted
funds|||
|Tuition fees - UK and EU students|329|370|
|Tuition fees —overseas students|1,375|1,232|
|Support from Office for Students|53|58|
|Other academic income|141|128|
|College residential
income|2,572|2,405|
||4,470|4,193|
|Restricted
funds|||
|Other academic income|||
|Total Teaching, Research and Residential|4,473|4,195|
##
##
|Donations||and Legacies|
|---|---|---|
|Unrestricted||funds|
|Restricted||funds|
|Endowed|funds||
##
|Unrestricied
funds|||
|---|---|---|
|Other property|income||
|Other investment||income|
|Bank interest|||
|2023|2022|
|---|---|
|f.'000|5'000|
|405|132|
|2023|2022|
|f.'000|f.'000|
|3,117|219|
|1,305|1,876|
|172|293|
|4,594|2,388|
|2023|2022|
|6'000|f'000|
|263|138|
|47||
|61|5|
|371|143|
||26|
|1,929|1,774|
|1,929|1,800|
|2,300|1,943|
##
##
##
|ANALYSIS OF EXPEND|IT|UR|E||||||
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
||||||||6'000|2'000|
|Charitable
expenditure|-|teaching,||research|and residential||||
|Direct staff costs|||||||2,153|2,799|
|Other direct costs|||||||3,576|2,762|
|Support
&governance|costs||||||2,237|2,111|
|Total charitable
expenditure|||||||7,966|7,672|
|All Charitable
expenditure||relates to||teaching,|research and residential|activities|||
||||||||2023|2022|
|Expenditure
on generating|||funds||||f000|E000|
|Direct staff costs allocated|||to:||||||
|Fundraising|||||||269|216|
|Trading expenditure|||||||163|36|
|Other direct costs allocated|||to:||||||
|Fundraising|||||||64|31|
|Trading expenditure|||||||139|54|
|Support and governance||costs allocated to:|||||||
|Fundraising|||||||36|29|
|Trading expenditure|||||||4|4|
|Investment
management|||costs||||1|195|
|Total expenditure
on raising|||funds||||676|565|
|Total expenditure|||||||8,642|8,237|
##
##
##
##
|ANALYSIS OF SUPPO|RT|AN|D GO|VE|RNAN|CE|CO|STS||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||Teaching||||||||Teaching|||
|||||||||Generating
Funds|and
Research||||2023
Total||Generating
Funds||and
Research||2022
Total|
|||||||||E'000||E'000|||E000|||F'000||E'000|F'000|
|IT||||||||24||250|||274|||19||210|229|
|Human
resources|||||||||||84||84|||||82|82|
|Financial
administration||||||||||243|||254|||||215|224|
|Domestic administration||||||||||372|||372|||||383|383|
|Investment
Management||||||||||||||||194|||194|
|Governance
costs|||||||||||21||27|||6||18|24|
|Bank interest payable
Other finance charges||||||||||156
67|||156
67|||||93
25|93
25|
|Depreciation||||||||||1,044|||1,044|||||1,085|1,085|
|||||||||41||2,237|||2,278|||228||2,111|2,339|
|Financial and domestic|administration,||||IT, governance|||and human|resources||costs are attributed|||according||to the estimated||staff time|spent on|
|each activity.
Depreciation||costs and|||profit or loss an|||disposal offixed assets|||are|attributed|according||to the|use made|ofthe underlying
assets.|||
|Interest and other financing||charges||are attributed|||according to the||purpose|ofthe related|||financing.|||||||
|||||||||||||||||||2023|2022|
|Governance casts comprise:||||||||||||||||||E'000|E'000|
|Auditor's
remuneration|—audit||services|||||||||||||||24|22|
|Auditor's
remuneration|-other||services|||||||||||||||3|2|
|||||||||||||||||||27|24|
|No amount
has been included|||in governance|||costs for the direct employment|||||costs or reimbursed|||expenses||ofthe College||Fellows on|the basis|
|that these payments
relate||to the Fellows involvement||||||in the College's charitable||||activities.|Details|of|the remuneration||of the Fellows and their|||
|reimbursed
expenses are||included||as|a separate||note within these||financial|statements.||||||||||
|GRANTS AND AWARDS||||||||||||||||||2023|2022|
|||||||||||||||||||F'000|E'000|
|During the year the College funded||||research||awards||and bursaries|to students||were as follows:|||||||||
|Unrestricted
funds - Grants|||to Individuals|||||||||||||||||
|Grants to individuals:||||||||||||||||||||
|Scholarships,
prizes|and grants|||||||||||||||||||
|Total unrestricted||||||||||||||||||||
|Restricted funds - Grants to|||Individuals|||||||||||||||||
|Grants to individuals:||||||||||||||||||||
|Scholarships,
prizes and grants
Bursaries and hardship
awards
Total restricted||||||||||||||||||326
34
360|330
11
341|
|Total grants and awards||||||||||||||||||361|341|
##
|STAFF COSTS|||||||
|---|---|---|---|---|---|---|
||||||2023|2022|
|The aggregate
staff costs for the year were as follows.|||||E'000|E'000|
|Salaries and wages|||||2,923|2,616|
|Social security costs|||||208|181|
|Pension costs:|||||||
|Defined benefit schemes|||||(130)|674|
|Defined contribution|schemes||||125|77|
|Other benefits|||||39|26|
||||||3,165|3,574|
|The average number
was as follows.|ofemployees|ofthe College,|excluding|Trustees,|2023|2022|
|Tuition and research|||||26|32|
|College residential
Fundraising
Support|||||49
5
31|41
3
28|
|Total||||||104|
|The average
number|ofemployed|College Trustees|during|the year was as follows:|||
|University
Lecturers|||||37|37|
|CUF Lecturers|||||||
|Other teaching
and research|||||||
|Other|||||||
|Total|||||38|38|
##
##
##
##
##
##
##
##
|All investments
are held|All investments
are held|at fair value.||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2023|2022|
|||||||||8'000|2'000|
|Group investments||||||||||
|Valuation
at start ofyear||||||||58,404|55,650|
|New money invested||||||||1,956|1,128|
|Amounts
withdrawn||||||||(755)|(1,809)|
|Reinvested
income||||||||17|1,829|
|Investment
management||fees||||||(12)|(54)|
|(Decrease)/increase|in value of investments|||||||(2,420)|1,660|
|Group investments|at end ofyear|||||||57,190|58,404|
|Investment
in subsidiaries||||||||||
|College investments|at|end ofyear||||||57,190|58,404|
|Group Investments|comprise:||Held outside|Held|in|2023|Held outside|Held
in|2022|
||||the UK|the|UK|Total|the UK|the UK|Total|
||||2'000|P000||8'000|2'000|2'000|E'000|
|Equity investments|||7,124|63||7,18?|7,578|47|7,625|
|Global multi-asset
funds|||73|49,044||49,117|81|49,608|49,689|
|Property funds||||148||148||182|182|
|Alternative
and other|investments||738|||738|908||908|
|Total group investments|||7,935|49,255||57,190|8,567|49,837|58,404|
##
|The results|and their asse|ts an|d liabilities oft|he parent and subsidiar|he parent and subsidiar|ies
at the year|end were as fol|end were as fol|end were as fol|lows.||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||StAntony's||StAntony's|StAntony's|||StAntony's|St|Antony's||StAntony's||
|||||College||Trading
Ltd|Estates||Ltd|College|Trading||Ltd|Estates|Ltd|
|||||2023||2023|2023|||2022||2022||2022||
||||||2'000|2'000||E000||E'000||2'000|||F'000|
|Income|||||11,772|395|||8|8,914|||131|||
|Expenditure|||||(8,642)|(368)|||(2)|(8,143)|||(92)||(2)|
|Revaluation|Gain / (Loss)||||(2,419)|||||1,725||||||
|Donation
to|College under|gift|aid||33|(27)|||(6)|39|||(39)|||
|Result for the year|||||744|||||2,535|||||(2)|
|Total assets|||||92,524|476|||10|97,003|||167||90|
|Total liabilities|||||(4,089)|(476)|||(10)|(9,279)||(167)|||(90)|
|Net funds at the end ofyear|||||88,435|||||87,724||||||
|The College|owns a 1/4 share||in North Oxford|Shared College Services Limited, a company||||jointly owned by St Antony's||||College, St||Hugh's||
|College, Wolfson College||and|Lady Margaret|Hall in order|to share|ITsupport costs. The company||||had a turnover|in 2022/23||ofF639,476 and|||
|operates as|a cost-sharing|group so there were no profits.|||Since the end ofthe financial year||||Green Templeton
College|||has also joined the||||
|company
with an equal share.||||||||||||||||
##
##
##
|together
with all subsequent
endowments
|valued at date|ofgift.|||||||
|---|---|---|---|---|---|---|---|---|
||||Permanent||Endowment||Expendable|Total|
|||||Unapplied|||Endowment|Endowments|
||||Trust for|Total|||||
||||Investment|Return||Total|||
|At 1stAugust 2022
Gift component
ofthe permanent
endowment
Unapplied
total return
Expendable
endowment
Total Endowments|||E'000
7,229
7,229||6,665
6,665
6'000|E000
7,229
6,665
13,894|E000
43,850
43,850|6'000
7,229
6,665
43,850
57,744|
|Movements
in the reporting
period:
Gift ofendowment
funds||||||97|75|172|
|Investment
return: total investment
income|||||464|464|1,465|1,929|
|Investment
return: realised and unrealised
Other transfers|gains and losses||||(569)|(569)
(43)|(1,850)
1,118|(2,419)
1,075|
|Total|||54||(105)|(51)|808|757|
|Unapplied
total return allocated to income
in the reporting
Expendable
endowments
transferred
to income||period|||(349)|(349)|(499)
(1,112)
(1,611)|(848)
(1,112)
(1,960)|
|Net movements
in reporting
period|||54||(454)|(400)|(803)|(1,203)|
|At 31stJuly 2023
Gift component
ofthe permanent
endowment
Unapplied
total return
Expendable
endowment
Total Endowments|||7,283
7,283||6,211
6,211|7,283
6,211
13,494|43,047
43,047|7,283
6,211
43,047
56,541|
|DEBTORS|||||||||
||||||2023|2022|2023|2022|
||||||Group|Group|College|College|
||||||8'000|E000|6'000|2'000|
|Amounts
falling due within one year:
Trade debtors|||||289|147|105|117|
|Amounts
owed by College members
Amounts
owed by Group undertakings
Loans repayable
within
one year
Prepayments
and accrued income
Other debtors|||||96
206
174|43
8
166
357|97
44
209
174|43
136
8
166
357|
||||||767|721|629|827|
##
##
##
|CREDITORS: falling|due within one year|||||
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||Group|Group|College|College|
|||8'000|F'000|8'000|8'000|
|Bank overdrafts||||||
|Bankloans||2,000|7,000|2,000|7,000|
|Obligations
under finance leases
Trade creditors||638|426|422|384|
|Amounts
owed to College Members
Amounts
owed to Group undertakings||421|370|420|370
95|
|Taxation
and social security||42||42|8|
|College contribution
Accruals
and deferred|income|242|395|240|304|
|Other creditors|||1|||
|||3,343|8,201|3,124|8,161|
##
##
##
|20|ANALYSIS OF MOVEMENTS ON FUNDS|ANALYSIS OF MOVEMENTS ON FUNDS|||||||
|---|---|---|---|---|---|---|---|---|
||||1 Aug 2022
E000|Income
F000|Expenditure
E000|Transfers
F'000|Gain/(Lass)
E000|31July 2023
E000|
||Endowment
Funds - Permanent||||||||
|fa)|Fellowships||8,923|294||(230)|(366)|8,621|
|lb)
fc)
fd)|Support to Students
Libraries &Archives
Centre Costs||2,475
2,239
257|179
72
9||(30)
(124)|(103)
(90)
(11)|2,521
2,097
255|
||Total Endowment
Funds - Permanent||13,894|554||(384)|||
||Endowment
Funds - Expendable||||||||
|ea)
eb)
ec)
ed)
ee)
ef)|Fellowships
Support to Students
General Endowment
Centre Costs
Research
Other||4,908
4,748
27,728
4,532
1,539
397|147
159
955
225
49
12||(155)
(41)
183
(258)
(168)|(211)
(197)
(1,179)
(187)
(61)
(14)|4,687
4,669
27,687
4,312
1,359
333|
||Total Endowment
Funds - Expendable||43,850|1,547||(501|(1,849)|43„047|
||Endowment
funds
held by subsidiaries||||||||
||Total Endowment
Funds - Group||57,744|2,101||||6, 41|
||Restricted Funds||||||||
|ra)|Fellowships||189|319|(465)|347||390|
|rb)
rc)|Support to Students
Libraries
&Archives||208
15|219
3|(332)
(106)|146
102||241
14|
|rd)
re)|Centre costs
Research||65
228|2
202|(288)
(400)|277
151||56
181|
|rf)|Capital
Hilda Bassa|||521||(521)|||
|rg)
rh)
ri)|Capital Investcorp
Conferences
&Seminars
Other||11,400
520
75|2
40|(281)
(501)|151
(9)||11,270
12
72|
||Total Restricted
Funds|- College||||636||12,236|
||Restricted
funds held by|subsidiaries|||||||
||Total Restricted
Funds|- Group|12,700|1,308|(2,408)|636||12,236|
||Unrestricted
Funds||||||||
|ua)
ub)
uc)|General reserves
DAC Scholarship
Fixed asset designated|fund|4,631
13,373|5,061|(4,997)
(764)|(4,282)
53
6,911||413
53
19,520|
|ud)|Libraries
&Archives||11|5|(12)|(3)||1|
|ue)|Centre Costs||337|142|(85)|(27)||367|
|uf)
ug)
uh)|Hilda Bassa Building
Fund
Wardens
House Fund
Pension Fund Liability||47
(1,119)|3,100
55|(323)
(53)|(2,777)
1
373||50
(746)|
||Total Unrestricted
Funds - College|||||249||19,658|
||Unrestricted
funds held|by subsidiaries|||||||
||Total Unrestricted
Funds - Group||17,280|||249||19,658|
||Total Funds||87,724|11,772|(8,642)||(2,419)|88,435|
##
##
##
|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|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|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|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
DAC Scholarship|||This represents
the general
financial reserves ofthe college.
Sums set aside by Trustees to fund scholarships
for students
whose first degree was
undertaken
in a country
idenffied
by the Development
Assistance
Committee
as eligible to||
||||receive official development
assistance.
These countries consist of low and middle earning||
||||countries (based upon gross national
income per capita) as published
by the World Bank.||
|Fixed Asset Designated||Fund|Unrestricted
Funds which are represented
by the fixed assets ofthe College and therefore
available
for expenditure
on the College's general purposes.|not|
|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 ofmaintenance
and refurbishment|of|
||||the Hilda Bassa Building.||
|Pension
Fund Liabikty|||Funds designated
to highlight
the potential
liability ofdefined benefit pension schemes ofwhich||
||||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|Analysis ofTransfers|Between Funds:|Between Funds:||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||Permanent|Expendable|Restricted|General|Fixed Asset||Other|
||||||Endowments|Endowments|Funds|Funds|Fund||Designated|
||||||||||||Funds|
||||||B000|P000|F'000|E'000|E'000||F.'000|
||Total Return Allocated||to Income||(349)|(1,611)|848|1,112||||
||Repayment
of Hilda|Besse Loan||||||(589)||589||
||Unrestricted
Donation||added|to General Endowment||1,340||(1,340)||||
||General
Endowment|Income||to DAC Scholarship||(45)|||||45|
||Hilda Bassa designated||and gifted income||||||2,802||(2,802)|
||Hilda Sesse Restricted||gifted|income|||(521)|||521||
||Reclassification
of Canterbury|||Rd Property||||(2,900)|2,900|||
||New CapitalAssets|in|year|||||(210)||210||
||Reclassification
of Softbridge|||capital equipment|||121||(121)|||
||Middle East Centre|cost reallocation|||(1)|(143)|147||||(3)|
||Other Transfers||||(34)|(42)|41|18||10|7|
||||||(384)|(501)|636|(3,909)|6,911||(2,753)|
|22|ANALYSIS OF NET|ASSETS BETWEEN FUNDS||||||||||
||||||Unrestricted|Restricted|Endowment|2023||||
||||||Funds|Funds|Funds|Total||||
||||||F'000|E'000|F.'000|B000||||
||Tangible fixed assets||||21,539|11,270||32,809||||
||Property
investments||||110|||110||||
||Other investments||||649||56,541|57,190||||
||Net current assets||||(1,894)|966||(928)||||
||Long term liabilities||||(746)|||(746)||||
||||||19,658|12,236|56,541|88,435||||
||||||Unrestricted|Restricted|Endowment|2022||||
||||||Funds|Funds|Funds|Total||||
||||||E'000|B000|F'000|5'000||||
||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||||
##
##
##
##
##
|Schemes accounted for under FRS 102as defined|Schemes accounted for under FRS 102as defined|Schemes accounted for under FRS 102as defined|contribution|schemes|schemes|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Actuarial
valuations
Qualified
actuaries
periodically
value the USS and OSPS schemes
using the 'projected
unit
resulting
levels ofcontribution
take account of actuarial
surpluses
or deficits
in each scheme.
conditions
prevailing
at the valuation
date. The results ofthe latest actuarial
valuations
and|||||||method',
embracing
a market
The financial assumptions
the assumptions
which have|||value approach. The
were derived from market
the most significant
effect||
|on the results were as follows:||||||||||||
|||||||USS|||OSPS|||
|Date ofvaluation:||||||31/03/2020|||31/03/2022|||
|Date valuation
results
published:
Value of liabilities:
Value ofassets:||||||30/09/2021
580.6bn
566.5bn|||27/06/2023
F914m
f961m|||
|Funding
surplus
/ (deficit):||||||(F14.1bn)|||547m|||
|Principal assumptions:||||||||||||
|Discount rate||||Fixed
curve||interest gilts yield
plus 1'/o - 2.75'/o||Gilts+0, 5/o- 2.25/o (b)||||
|Rate of increase
in salaries||||||n/a|||RPI|||
|Rate of increase
in pensions|||||CPI +0.05/o (c)|||Average
RPI/CPI (d)||||
|Assumed
life expectancies
on retirement||at age 65:||||||||||
|Males currently
aged 65
Females currently
aged 65
Males currently
aged 45
Females currently
aged 45||||||24.0yrs
25.6yrs
26.0yrs
27.4 yl'5||||||
|Funding
Ratios:
Technical provisions
basis||||||83o/o|||105o/o|||
|Statutory
Pension
Protection
'Buy-out' basis|Fund|basis||||64o/o
51o/o|||98o/o
62'/o|||
|Employer
contribution
rate (as '/o of
salaries):|pensionable|||214%increasing
to 21.5%from 1st
April 2022||||15%down to 155%for Oe
members
trom October 2025||||
|Effective date of next valuation:||||||31/03/2023|||31/03/2025|||
##
|USS||||||
|---|---|---|---|---|---|
|||Assumption|Change
in assumption|Impact on USS liabilities||
|Initial pre-retirement||discount rate|increase by 0.25%|decrease|by 61.3bn|
|Post-retirement|asset values||decrease
by 0.25%|increase|by 62.8bn|
|CPI intlation|||increase
by 0.1%|decrease|byf1.5bn|
|Life Expectancy|||more prudent
assumption
(reduce|||
||||the adiustmertt
o the based mortalrty|increase|by 51.2bn|
||||table by 5%)|||
|Rate of mortality|||more prudent
assumption
(Increase|||
||||Ihe annual
mortality
improvements|increase|by P0.6bn|
||||long lerm rates by 02%)|||
##
|OSPS||||||
|---|---|---|---|---|---|
|||Assumption|Change
in|assumption|Impact on OSPS technical
provisions|
|Valuation|rate of|interest|decrease|by 0.25%|increase
by 2%of
pensionable
salaries|
|Rate of|pension|increases|increase|by 0.25%|increase
by 1.5% of
pensionable
salaries|
##
##
##
##
##
##
|The College has the following||financial|financial|instruments:|instruments:|||2023|2022|
|---|---|---|---|---|---|---|---|---|---|
|||||||||Group|Group|
|||||||||F'000|2'000|
|Financial assets measured||at fair value through||||profit or loss||||
|Investments||||||||57,300|61,414|
|Financial
liabilities
measured|||at fair value through||||profit or loss|||
|Financial assets measured||at amortised|||cost|||||
|Cash and cash equivalents||||||||1,627|4,200|
|Trade Debtors 8Amounts
owed by College|||||Members|||385|190|
|||||||||2,012|4,390|
|Financial
liabilities
measured|||at amortised cost|||||||
|Bank Loans||||||||2,000|0|
|Trade Creditors, Tax Creditors|||and amounts||owed|to|College Members|1,101|805|
|||||||||3,101|805|
|RECONCILIATION
OF NET|INCOMING|||RESOURCES TO||||||
|NET CASH FLOW FROM OPERATIONS||||||||2023|2022|
|||||||||Group|Group|
|||||||||6'000|5'000|
|Net income/(expenditure)||||||||711|2,533|
|Elimination
of non-operating|cash flows:|||||||||
|Investment
income||||||||(2,300)|(1,943)|
|(Gains)/losses
in investments||||||||2,419|(1,725)|
|Endowment
donations||||||||(172)|(293)|
|Depreciation||||||||1,047|1,084|
|(Surplus)/loss
on sale of fixed||assets||||||||
|Decrease/(Increase)
in stock||||||||1|6|
|Decrease/(Increase)
in debtors||||||||(46)|1,649|
|(Decrease)/Increase
in creditors||||||||142|(228)|
|(Decrease)/Increase
in provisions||||||||||
|(Decrease)/Increase
in pension|||scheme|liability||||(372)|399|
|Net cash provided
by (used||in) operating|||activities|||1,430|1,482|
|ANALYSIS OF CASH AND CASH EQUIVALENTS||||||||||
|||||||||2023|2022|
|||||||||6'000|E'000|
|Cash at bank and
in hand||||||||1,607|2,185|
|Notice deposits (less than 3months)||||||||20|2,015|
|Total cash and cash equivalents||||||||1,627|4,200|
##
##
|ANALYSIS OF CHANGES
IN NET DEBT|||||
|---|---|---|---|---|
||Balance at|Cash Flows|Non-Cash|Balance at|
||Start ofYear||Changes|End ofYear|
||F.'000|F'000||2'000|
|Cash|2,185|(578)||1,607|
|Cash Equivalents|2,015|(1,995)||20|
|Loans Falling due within one year|(7,000)|5,000||(2,000)|
|TOTAL|(2,800)|2,427||(373)|
##
||||2023|2022|
|---|---|---|---|---|
||||2'000|E'000|
|Other|||||
|payable|within one year||23|31|
|payable|between|bvo and five years|57|113|
||||80|144|
||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|
||||||||f.'000|E'000|
|||||||M Willis|55|55|
|||||||DSanchez|55|55|
|Total|net|book|value|ofproperties|owned|jointly with trustees|110|110|
##
##
##
|Septembe|r 23,2019/|Rules and|Regulations.|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||Refeience to financial|2023|2023|2022|2022|
||||||||statements s Notes|||||
|||||||||8'000|Ln000|E'000|E'000|
|Modified|Net Assets|||||||||||
|Statement|of Financial|Position|- Total Assets||||20||19,658||17,280|
|Note ofthe Financial Statements|||-Statement|of Financial|||20|||||
|Position - Lease right-of-use
asset pre-implementation|||||||||68,777||70,444|
|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||||aal Sheet - Total Fixed|||||
||||||||a Cunent Assets|||||
||||||||||92,524||97,043|
|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|ofFinancial|Position|—Goodwill|||||||||
|Statement|of Financial|Position|—Related parly|||||||||
|receivable|and Related|party note disclosure||||||||||
|Statement|ofFinancial|Position|- Related parly|||||||||
|receivable|and Related|party note disclosure||||||||||
|Net Income Ratio||||||||||||
|Statement|ofActivities
—Change
in||Net Assets Vyithout Donor||||SOFA - Net movement|||||
|Restrictions|||||||in Funds||2,378||806|
|Statement|ofActivilies
—(Net assets released
from|||restriction),||Total|10+ 12|||||
|Operating
(losses)|Revenue
and Other Additions
and Sale of Fixed||||Assets, gains||||9,472||7,102|
##
||||||||Reference|Reference|Reference|to finencret|2023|2023|2022|2022|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||stelsments SNotes||||||||
||||||||||||8'000|E'000|2'000|f.'000|
|ssi
N
A|||||||||||||||
|Statement
of Financial|Position|-|Net assets without||donor||SOFA|-|Unrestncted||||||
|restrictions|||||||Funds C/F|||||19,658||17,280|
|Statement
of Financial|Position|—Net assets with donor|||||SOFA||Restdcted+||||||
|restrictions|||||||Endowed|||Funds C/F||68,777||70,444|
|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
net|Position|-|Property,
Plant and||equipment,|||10 + 12|||32,919||33,696||
|Note ofthe Financial Statements|||- Statement
of Financial|||||10+12|||||||
|Position - Property,
plant and equipment
-pre-implementation||||||||||||22,357||23,046|
|Note ofthe Financial Statements|||- Statement
of Financial|||||10 + 12|||||||
|Position
—Property,
plant and equipment
-post-implementation|||||||||||||||
|with outstanding
debt|for original||purchase|||||||||1,793||6,557|
|Note ofthe Financial Statements|||—Statement
of Financial|||||10 + 12|||||||
|Position - Property,
plant and equipment
-post-implementation|||||||||||||||
|without
outstanding
debt for original purchase||||||||||||8,769||4,093|
|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 of the Financial Statements|||—Statement
of Financial||||||||||||
|Position - Lease right-of-use
asset post-implementation|||||||||||||||
|Statement ofFinancial|Position|-|Goodwill||||||||||||
|Statement ofFinancial|Position|-Other intangible|||||||||||||
|assets|||||||||||||||
|Statement ofFinancial|Position|—Post-employment||and pension|||Zg|-|row (ug)||||||
|liabilities||||||||||||746||1,118|
|Statement ofFinancial|Position|-|Note Payable and||Line ofCredit||||18||||||
|for long-term
purposes|(both current and long term)||||and Line of||||||||||
|Credit for Construction|in process||||||||||2,000||7,000||
|Statement ofFinancial|Position|-|Note Payable and||Line ofCredit||||18||||||
|for lang-term
purposes|(both current and long term)||||and Line of||||||||||
|Credit for Construction|in process|||||||||||2,000||7,000|
|Statement
ofFinancial|Position|-|Note Payable and||Line ofCredit||10|||+ 12|||||
|for long-term
purposes|(both current and long term)||||and Line of||||||||||
|Credit for Construction|in process||||||||||||||
|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 ofFinancial|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
Fllnds - Permanent|||||13,494||13,894|
##
|||Reference to financial|2023|2023|2022|2022|
|---|---|---|---|---|---|---|
|||statements eNotes|||||
||||5'000|2'000|L'000|E000|
|Total Ex enses and Losses|||||||
|Statement
ofActivities - Total Operating
Expenses (Total|from|SOFA - Total|||||
|Statement
ofActivities
prior to adjustments)||Expenditure||8,642||8,237|
|Statement
ofActivities - Non-Operating
(Investment
return||SOFA - Total|||||
|appropriated
for spending),
Investments,
net ofannual
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)||||119||(3,666)|
|Statement
ofActivities - (Investment
return
appropriated
spending)
and Investments,
net ofannual
spending,
gain|for
(loss)|SOFA - Total Return +
Nst gains on
investments||119||(3,668)|
|Statement
ofActivities
- Pension related changes|||||||
|other than periodic pension|||||||
##
##
##
|Consolidated
Statement
of|Financial Activities|Financial Activities|for the Year ended 31 Jul|2022|||
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Endowed|2022|
||||Funds|Funds|Funds|Total|
|INCOME AND ENDOWNIENTS||FROM:|2'000|2'000|E'000|6'000|
|Charitable
activities:|||||||
|Teaching,
research|and|residential|4,193|||4,195|
|Other Trading Income|||132|||132|
|Donations
and legacies|||219|1,876|293|2,388|
|Investments|||||||
|Investment
income|||143||1,800|1,943|
|Total return allocated to||income|909|596|(1,505)||
|Other Income|||385|2||387|
|Total income|||5,981|2,476|588|9,045|
|EXPENDITURE ON:|||||||
|Charitable
activities:|||||||
|Teaching, research|and|residential|5,740|1,932||7,672|
|Generating
funds:|||||||
|Fundraising|||276|||276|
|Trading expenditure|||94|||94|
|Investment
management||costs|1||194|195|
|Total Expenditure|||6,111|1,932|194|8,237|
|Net Income/(Expenditure)|before gains||(130)|544|394|808|
|Net gainsf(losses)
on|investments||||1,725|1,725|
|Net Income/(Expenditure)|||(130)|544|2,119|2,533|
|Transfers
between funds|||936|(1,413)|477||
|Net movement
In funds for the year|||806|(869)|2,596|2,533|
|Fund balances
brought
forward|||16,474|13,569|55,148|85,191|
|Funds carried forward
at|31July||17,280|12,700|57,744|87,724|
##
||ANALYSIS OF MOVEMENT|ANALYSIS OF MOVEMENT|ANALYSIS OF MOVEMENT|ANALYSIS OF MOVEMENT|ANALYSIS OF MOVEMENT|ANALYSIS OF MOVEMENT|IN FUNDS 2022|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||1 Aug 2021|Income|Expenditure|Transfers|Gain|31 July 2022|
|||||||||5'000|6'000|E000|E'000|8'000|8'000|
||Endowment
Funds||-|Permanent||||||||||
|fa)|Fellowships|||||||8,487|369|(27)|(197)|291|8,923|
|fb)|Support to Students|||||||2,377|84|(8)|(48)|70|2,475|
|fc)|Libraries
&Archives|||||||2,187|70|(8)|(73)|63|2,239|
|fd)|Centre Costs|||||||237|14|(f)||7|257|
||Total Endowment|Funds||||-|Permanent|13,288|537|(44)|(318)|431|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|(9g)|(908)|820|27,728|
|ed)|Centre Costs|||||||3,727|268|(14)|431|120|4,532|
|ee)|Research|||||||1,475|49|(5)|(24)|44|1,539|
|ef)|Other|||||||382|12|(1)|(7)|11|397|
||Total Endowment|Funds||||-|Expendable|41,860|1,556|(150)|(710)|1,294|43,850|
||Total Endowment|Funds||||-|Group|55,148|2,093|(194)||||
||Restricted
Funds|||||||||||||
|ra)|Fellowships|||||||189|102|(365)|263||189|
|rb)
rc)|Support to Students
Libraries &Archives|||||||193
21|180
3|(342)
(81)|177
72||208
15|
|rd)|Centre costs|||||||581|4|(138)|(382)||65|
|re)|Research|||||||271|208|(259)|8||228|
|rf)|Capital
Hilda Bassa|||||||81|1,035|(190)|(926)|||
|rg)|Capital Investcorp|||||||11,681||(281)|||11,400|
|rh)|Capital Gateway|||||||11|||(11)|||
|ri)|Conferences
&Seminars|||||||462|323|(248)|(17)||520|
|rj)|Other|||||||79|25|(28)|(1)||75|
||Total Restricted Funds||||-|College||13,569|1,880|(1,932)|817)||12,700|
||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||13,373|
|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)
uh)|Pension Fund Liability
Designated
—Wardens|||House Fund||||(719)
30|68|(400)
(51)|||(1,119)
47|
||Total Unrestricted||Funds|||- College||16,474|5,072|(6,111)|1,845||17,280|
||Total Funds|||||||85,191|9,045|(8,237)||1,725|87,724|
##
|STATEMENT OF TOTAL|RETURN|RETURN|RETURN|RETURN|2022|||Permanent|Permanent|Endowment|Endowment||Expendable|Total|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||Unapplied||||Endowment|Endowments|
|||||||||Trustfor|Total||||||
|||||||||Investmen
t|Return|||Total|||
|At 1stAugust
2021||||||||F'00
0||8'000||E'000|8'000|6'000|
|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||unrealised|||gains and losses|||||453|453|1,272|1,725|
|Less; Investment
management|||costs|||||(44)||||(44)|(149)|(193)|
|Other transfers||||||||(15)||||(15)|491|476|
|Total||||||||47|||882|929|3,172|4,101|
|Unapplied
total return
allocated|||to|income||in the reporting|period|||(323)||(323)|(273)|(596)|
|Expendable
endowments|transferred||||to income||||||||(909)|(909)|
||||||||||||323|||(1,505)|
|Net movements
in reporting||period||||||47|||559|606|1,990|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||||13,894|43,850|57,744|