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2021-07-31-accounts

Page
Governing
Body, Officers and Advisers
Report ofthe Governing
Body
Auditor's
Report		 21
Statement ofAccounting
Policies		 25
Consolidated
Statement of Financial Activities		 30
Consolidated
and College Balance Sheets		 31
Consolidated
Statement ofCash Flows		 32
Notes to the Financial Statements 33

ofthe Governing
below.		 B ody who served
in office as		 Trustees durin g
the		 year or subseque ntly are
Trustee (2) (3) (4) (S) (T) (3) (g)
Rector:
Professor Sir Richard
Trainer ~ ~
Official Fellows:
Dr Michael Hart
Ms Jeri Johnson
Dr Maureen
Taylor
Professor Jonathan Herring
Professor Andrew Steane
Professor Simon Clarke
Professor Zhongmin Qian
Professor Jane Hiddleston
Professor Christina de
Bellai ue
Professor Cornelia Drutu
Dr Chris Ballinger
Dr Philipp
Kukura
Professor Michael Osborne
Professor Jared Tanner
Professor Karin Sigloch Demitted 30th
Aptil2021
Dr James Grant
Professor Rachel Taylor
Dr Martin
Davy
Rev'd
Mr Andrew		 Allen
Professor Conall
MacNiocaill

Trustee (1) (2) (3)
Professor Garret Cotter
Dr Barnaby Taylor
Dr Imogen Choi
Professor Giuseppe
Marcocci
Dr Natasha
Simonova
Professor Dan Snow Demitted
Aug 2020		 31
Professor Rachel Fraser
Mr Babis Karakoulas
Professor Dan Quigley
Professor Nandini
Das
Ms Yvonne Rainey
Mr Nicholas Badman
Dr Neil Herring
Dr Agni Orfanoudaki Appointed
Oct2021		 1
Fellows by Special
Election:
Dr James Kennedy
Professor Andrew
Farmer
Professor Dapo Akande
Dr Asti Niyazioglu
Professor Oreet Ashery
Ms Rajssa Mechelli
Research Fellows:
Dr Edith Chen Appointed
Oct2021		 1
Dr Sarah Howles Appointed
Oct 2021		 1
Dr Catherine
Green
Dr Dexnell Peters Demitted 30
Sep 2021
Dr Katherine
Bull		 Demitted 30
Sep 2021

Trustee (1) (2) (3) (4) (6) (6) (7) (8) (9) (10)
Dr Stephanie
Cavanaugh
Dr Charlotte
Elves
Dr Francis Bischoff
Professorial
Fellows:
Professor Mare
Lauxtermann
Mr Nigel Portwood
Professor Dame Carol
Robinson
Professor
Ervin Fodor
Professor Christoph Tang
Dr Chris Fletcher
Professor Keith Channon
Professor Jonathan
Thacker
Professor Luciano Floridi

Professor Sir Richard Trainor Trainor Rector
Dr Bamaby Taylor Sub-Rector
Mr Nicholas Badman (from 1 Nov 2020) Finance &Estates Bursar
Dr Chris Ballinger Academic Dean
Mr Babis Karakoulas Domestic Bursar
Mr Rudi Makishti Co//ege Accountant
Ms Yvonne Rainey Director ofDevelopment &Alumni Relations
Ms Josie Cobb Academic Registrar

Unrestricted Restricted Endowed 2021 2020
Funds Funds Funds Total Total
Notes E000 E'000 E000 6'000 2'000
INCOME AND ENDOWMENTS FROM:
Charitable
activities:
Teaching, research and residential 5,523 5,523 5,715
Other Trading Income 160 160 250
Donations and legacies 478 1,775 346 2,599 2,552
Investments
Investment
income		 4 279 20 1,125 1,424 1,634
Total return allocated to income 13 1,244 1,215 (2,459)
Other income-CJRS government grant 331 331 240
Total Income 8,015 3,010 (988) 10.037 10,391
EXPENDITURE ON:
Charitable
activities:
Teaching, research and residential 9,553 1,839 11,392 10,872
Generating
funds:
Fundraising 633 633 537
Trading expenditure 159 159 238
Investment
management		 costs 69 935 1,004 660
Total Expenditure 10,414 1,839 935 13,188 12,307
Net Income/(Expenditure) before gains ~3 .121 ~22623 ~3252 ~2162
Net gains
/ (losses) on		 investments 10,11,13 15,865 15,865 (62)
Net Income/(Expenditure) (2,399) 1,171 13,942 12,714 (1,978)
Transfers between funds 18 1,391 (1,086) (305)
Net movement
in funds for the year		 (1,008) 85 13,637 12,714 (1,976)
Fund balances
brought forward		 18 50,940 5,179 74,876 130,995 132,973
Funds carried forward at 31July 49,932 5,264 88,513 143,709 130,995

2021 2020 2021 2020
Group Group College College
Notes 6'000 6'000 6'000 L'000
FIXEDASSETS
Tangible assets 9 59,845 60,735 60,543 61,432
Property investments 10 26,492 22,689 23,392 19,589
Other Investments 11 72,015 52,071 75,218 55,274
Total Fixed Assets 158,352 135,495 159,153 136,295
CURRENT ASSETS
Stocks 87 95 87 95
Debtors 14 697 873 994 1,226
Investments 26 13,200 6,200 13,200 6,200
Cash at bank and in hand 26 4,122 4,070 3,688 3,572
Total Current Assets 18,106 11,238 17,969 11,093
LIABILITIES
Creditors: Amounts falling due within one year 15 1,281 1,893 1,210 1,867
NET CURRENT ASSETS 16,825 9,345 16,759 9,226
TOTAL ASSETS LESSCURRENT LIABILITIES 175,177 144,840 175,912 145,521
CREDITORS: faglng due after more than one year 16 29,836 12,000 29,836 12,000
NET ASSETS BEFORE PENSION LIABILITY 145,341 132,840 146,076 133,521
Defined benefit pension scheme liability 22 1,632 1,845 1,632 1,845
TOTAL NET ASSETS 143,709 130,995 144,444 131,676
FUNDS OF THE COLLEGE 18
Endowment
funds		 88,513 74,876 88,513 74,876
Restdicted funds 5,264 5,179 5,264 5,179
Unrestricted
funds
Designated
funds		 48,578 48,758 49,277 49,455
General funds 1,354 2,182 1,390 2,166
143,709 130,995 144,444 131,676

2021 2020
Notes 6'000 6'000
Net cash used in operating
activities
Cash flows from Investing
activities		 25 ~1,066 (1,001)
Dividends,
interest and rents from investments		 1,424 1,543
Endowment
related investment
management		 costs (935) (589)
Purchase of property,
plant and equipment		 (623) (684)
Proceeds from sale ofinvestments 3,202 2,382
Purchase ofinvestments
Net additions
to current asset investments
Net cash used In investing
activities
Cash flows from financing
activities		 (11,084)
~OM
~15020		 (900)
~0.2M
~4,6M
Repayments
ofborrowing		 (12,800) (600)
Finance costs paid (1,248) (649)
Cash inflows from new borrowing 29,836
Receipt ofendowment
donations		 346 177
Net cash provided
by I(used in) financing		 activities 16,134 (1,272)
Change in cash and cash equivalents
In the		 reporting period (6122,
Cash and cash equivalents
at the beginning		 ofthe
reporting
period		 4,070 10,791
Cash and cash equivalents
at the end ofthe		 reporting
period 26 4,122 4,070

INCOME FROM CHARITABLE ACTIVITIES
2021 2020
Teaching, Research and Residential 6'000 E000
Unrestricted
funds
Tuition fees - UK and EU students 1,543 1,457
Tuition fees - Overseas students 1,271 1,045
Other fees 100 66
Other OfS support 206 176
Other academic income 354 299
College residential
income		 2,049 2,652
Total Teaching, Research and Residential 5,523 5,715

2021 2020
6'000 E000
Donations snd Legacies
Unrestricted
funds		 478 779
Restricted funds 1,775 1,596
Endowed
funds		 346 177
2,599 2,552
INCOME FROM OTHER TRADING ACTIVITIES
2021 2020
6'000 f.'000
Subsidiary
company		 trading income 160 225
Other trading
income		 25
2 2
INVESTMENT INCOME
2021 2020
6'000 E000
Unrestricted
funds
Commercial
rent		 264 177
Interest on fixed term deposits and cash 15 22
Other investment income 1
Bank interest 1
279 201
Restricted funds
Interest on fixed term deposits end cash 20 27
20 27
Endowed funds
Agricultural
rent		 290 293
Other properly income 393 547
Equity dividends 442 566
1,125 1,406
Total Investment income 1,424 1,634

2021 2020
5'000 E'000
Charitable
expenditure
Direct staff costs allocated to:
Teaching, research and residential 4,724 4,627
Other direct costs allocated to:
Teaching, research and residential 3,089 3,211
Support and governance
costs allocated to:
Teaching, research
and residential		 3,579 3,034
Total charitable
expenditure		 11,392 10,872
Expenditure
on generating		 funds
Direct staff costs allocated to:
Fundraising 410 365
Other direct costs allocated to:
Fundraising 151 101
Trading expenditure 152 232
Investment
management		 costs 1,001 657
Support and governance
costs allocated to:
Fundraising 72 71
Trading
expenditure		 7 6
Investment
management		 costs 3 3
Total expenditure
on raising funds		 1,796 1,435
Total expenditure ,30

ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
Teaching
Year ended July 2021: Generating end 2021
Funds Research Total
F'000 6'000 6'000
Financial and domestic administration 623 677
Human
resources		 106 106
IT 259 259
Depreciation 17 1,496 1,513
Bank interest payable 1,248 1,248
Other finance charges (213) (213)
Governance costs 60 71
82 3,579 3,661
Teaching
Year ended July 2020: Generating and 2020
Funds Research Total
6'000 6'000 6'000
Financial
and domestic administration		 54 625 679
Human
resources		 117 117
IT 259 259
Depreciation 17 1,503 1,520
Bank interest payable 649 649
Otherfinsnce charges (175) (175)
Governance costs 9 55 64
80 3,033 3,113
Governan ce
costs are		 allocated accord ing to the time spent on each activity.
2021 2020
6'000 6'000
Governance costs comprise:
Auditor's remuneration -audit services (current year) 26 26
Auditor's remuneration -other services 4 3
Legal and other fees on constitutional matters 41 35

7 GRANTS AND AWARDS
During
the year the College funded		 research awards and bursaries to students from its restricted and unrestricted fund as
follows:
2021 2020
Unrestricted
funds		 8'000 F000
Grants to individuals:
Scholarships,
prizes and grants		 47 63
Bursaries end hardship awards 1 6
Graduate
studentships		 16 20
Total unrestricted 64 69
Restricted funds
Grants to individuals:
Scholarships,
prizes and grants		 37 40
Bursaries and hardship awards 199 139
Graduate
studentships		 541 471
Total restricted 776 650
Total grants and awards 840 739

STAFF COSTS
2021 2020
The aggregate
staff costs for the year were as follows:		 6'000 6'000
Salaries and wages 4,684 4,594
Social security costs 366 359
Pension costs:
Defined benefit schemes
Movement
in pension deficit liability		 829
~3)
5,666		 796
5,573
The average number of employees ofthe College, excluding Trustees,
on a full time equivalent basis was as follows: 2021 2020
Tuition and research 33 30
College residential 83 89
Fundraising 7 6
Support 12 12
Total 35
The average
number		 of employed College Trustees during the year was as follows:
University
Lecturers		 15 16
CUF Lecturers 11 11
Other teaching and research 8 8
Other 6 6
Total 40 41

Nl and pensi on
contributions)
fell within		 the following
b		 ands wa s:
2021 2020
660,001-670,000 1
The number of the above employees with retirement benefits accruing in defined benefit schemes
was 1

Group: Freehold Plant and Fixtures,
lend and machinery fittings and
buildings equipment Total
E000 f.'000 6'000 6'000
Cost
At start ofyear 71,445 2,409 73,854
Additions 474 149 623
At end ofyear 71,919 2,558 74,477
Depreciation
and impairment
At start ofyear 11,341 1,778 13,119
Depreciation
charge for the year		 1,348 165 1,513
At end ofyear (fr689 1,943 14,632
Net book value
At end ofyear 59,230 615 59,845
At start ofyear 60,104 631 60,735

College: Freehold Plant and Fixtures,
land and machinery fittings and
buildings equipment Total
E000 5'000 E000 6'000
Cost
At start ofyear 72,142 2,400 74,551
Additions 476 149 625
Disposals
At end ofyear 72,618 2,557 75,176
Depreciation and Impairment
At start ofyear 11,341 1,778 13,'119
Charge for the year 1,348 165 11513
At end ofyear 12,690 1,943 14,633
Net book value
At end ofyear 59,929 6'I4 60,543
At start ofyear 60,801 631 61,432

Group 2021 2020
Agricultural Other Total Total
D000 6'000 6'000 E000
Valuation at start ofyear 15,724 6,965 22,689 21,141
Additions and improvements at cost
Disposals (700) (700)
Revaluation
gains/(losses)		 in the year 3,278 1,225 4,503
Valuation at end ofyear 18,302 8 190 26492 22)689
College 2021 2020
Agricultural Other Total Total
5'000 U000 6'000 E000
Valuation at start ofyear 12,624 6,965 19,589 21,141
Additions and improvements at cost
Disposals (700) (700) (3,100)
Revaluation gains/(losses) in the year 3,278 1,225 4,503 1,548
Valuation at end ofyear 15,202 8,190 23,392 19,569

A8 investments
are		 held at fair value.
2021 2020
8'000 E000
Group Investments
Valuation at start of year 52,071 55,163
New money invested 11,084 900
Amounts
withdrawn		 (2,502) (2,382)
(Decrease)/increase In value ofinvestments 11,362 (1,610)
Group Investments at end ofyear 72,015 52,071
Investment
in subsidiaries		 3,203 3,203
College Investments at end ofyear 75,218 55,274

Group investments comprise: Held outside Held in 2021 Held outside Held in 2020
the UK the UK Total the UK the UK Total
E000 5'000 8'000 5'000 6000 2'000
Equity investments 13,289 13,289 22,208 15,815 38,023
Global multi-asset
funds		 47,482 205 47,687 3,121 166 3,287
Property funds 1,053 1,053 1,010 1,034 2,044
Fixed interest stocks 2,624 2,624 2,451 2,451
Fixed term deposits and cash 7,362 7,362 6,266 6,266
Total group Investments 63,395 8,620 72,015 28,790 23,281 52,071

The results and assets and liabilities ofthe parent and subsidiaries
at the y		 ear end were ear end were as follows:
Exeter Exeter Collexonc- Yew Tree Checker
College College otoo Ltd Hill Dev Co Hall Co Ltd
Trading Ltd Ltd
r.'000 6'000 E000 B000 E000
Income 25,525 156 123 217
Expenditure
Result for the year 12,575 2 (1) 191 (43)
Donation to College under gift aid 193 (2) (191)
Movement
in reserves		 12,768 (43)
Total assets 177,122 95 83 246 3,162
Total liabiliTies (32,678) (95) (75) (194) (55)
Net funds atthe end ofyear 144,444 8 52 3,107

Permanent Endowment Expendable Total
Unapplied Endowment
Trust for Total
Investment Return Total
f.'000 F'000 f.'000 5'000 8'000
At the beginning
ofthe year:
Giff component
ofthe permanent		 endowment 15,639 15,639 15,639
Unapplied
total return		 15,866 15,866 15,866
Expendable
endowment		 43,371 43,371
Total Endowments 15,639 15,866 31,505 43,371 74,876
Movements
in the reporting		 period:
Gift ofendowment
funds		 172 172 174 346
Investment
return: total investment		 income 474 474 651 1,125
Investment
return: realised Iunrealised		 gains &losses 6,663 6,663 9,202 15,865
Less: Investment
management		 costs
Total 172 6,744 6,916 9,485 16,401
Unapplied
total return
allocated		 to income
in the reporting
period
Expendable
endowments
transferred		 to income (1,038) (1,038) (1,421)
~3D5		 (2,459)
~30
Total affocatlon (1,038) (1.038) (1,726) (2,764)
Net movements
in reporting		 period 172 5,706 5,878 7,759 13,637
At end ofthe reporting
period:
GIR component
ofthe permanent		 endowment 15,811 15,811 15,811
Unapplied
total return		 21,572 21,572 21,572
Expendable
endowment		 51,130 51,130
Total Endowments 15,811 21,572 37,383 51,130 88,513

13 STATEMENT OF INVESTMENT STATEMENT OF INVESTMENT TOTAL RETURN (cont.) TOTAL RETURN (cont.)
STATEMENT OF INVESTMENT TOTAL RETURN Permanent Endowment Expendable Total
(prior year): Unapplied Endowment
Trust for Total
Investment Return Total
OOOO E'000 E'000 8'000 OOOO
At the beginning
ofthe year:
Gift component
ofthe permanent		 endowment 15,485 15,485 15,485
Unapplied
total return		 16,573 16,573 16,573
Expendable
endowment		 44649 44 649
Total Endowments 15,485 16,573 32,058 44.649 76,707
Movements
In the reporting		 period:
GiR ofendowment
funds		 154 154 23 177
Investment
return: total investment		 income 589 589 817 1,406
Investment
return: rea0sed
/ unrealised
Less: Investment
management
costs		 gains &losses (26) (26)
~24		 (36)
(342)		 (62)
~590
Total 154 317 471 462 932
Unapplied
total return allocated to income
in the reporting
period
Expendable
endowments
transferred
to income		 (1,024) (1,024) (1,419)
(2,443)
4321)~
Total agocatlon (1,024) (1.024) (1,740) (2,764)
Net movements
In reporting		 period 154 (708) (554) (1,278) (1,832)
At end ofthe reporting
period:
Gift component
ofthe permanent		 endowment 15,639 15,639 15,639
Unspp8ed
total return		 15,865 15,865 15,865
Expendable
endowment		 43,371 43371
Total Endowments 15,639 15,866 31,505 43,371 74,876

2021 2020 2021 2020
Group Group College College
E'000 E'000 E'000 E'000
Amounts falling due within one year:
Trade debtors 261 132 241 131
Provision for bad debt (76) (86) (76) (86)
Amounts owed by Group undertakings 317 354
Prepayments and accrued Income 372 689 372 689
Other debtors 140 138 140 138
697 873 994 1,226
CREDITORS: falling due within one year
2021 2020 2021 2020
Group Group College College
E'000 E'000 E'000 E'000
Bankloans 800 800
Trade creditors 370 313 356 307
Taxation and social secudity 91 79 85 86
Accruals and deferred income 558 358 507 322
Other creditors 262 343 262 352
1,281 1,893 1,210 1,867
2021 2020 2021 2020
Group Group College College
E'000 E'000 E'000 E'000
Deferred income at start ofyear 108 249 108 249
Deferred income released
in the		 year (108) (249) (108) (249)
New income deferred
to following		 year 102 108 102 108
Deferred income at end ofyear 102 108 102 108

2021 2020 2021 2020
Group Group College College
6'000 6'000 6'000 6'000
Bank loans - due in less than 5years 12,000 12,000
Bank loans - due in more than 5years 29,836 29,836
29,836 12,000 29,836 12000

ANALYSIS OF MO VEMENT S
ON FUNDS
At 1 August Incoming Resources Gains/ At 31July
2020 resources expended Transfers (losses) 2021
6'000 r.'000 P000 5'000 E000 8'000
Endowment
Funds		 - Permanent 31,505 847 393 1,038 6662 3'7383
Tuition
& Fellowship		 Support 14,236 388 (179) (472) 3,031 17,004
Scholarships,
Exhibitions,
Prizes and Travel
Funds 5,094 76 (63) (167) 1,071 6,011
Studentships 9,672 145 (120) (317) 2,034 11,414
Student Assistance, Bursaries and Hardship 2,330 35 (29) (76) 490 2,'750
Other Funds 173 3 (2) (6) 36 204
Endowment
Funds		 - Expendable 43,371 825 541 1,726 9,202 51,131
Tuition & Fellowship Support 4,565 68 (57) (147) 978 5,407
Studentships 1,693 40 (21) (70) 366 2,008
Student Assistance, Bursaries and Hardship 2,670 202 (35) (91) 606 3,352
Other Funds 524 8 (7) (17) 112 620
Exeter College Main Fund 33,919 507 (421) (1,401) 7,140 39,744
Total Endowment Funds - Group and
College 74,884 2 764 15,865 88513
Restricted Funds
Tuition & Fellowship Support 503 362 (934) 579 510
Scholarships,
Exhibitions,
Prizes and Travel
Funds 124 63 (82) 38 143
Studentships 787 45 (485) 389 736
Student Assistance,
Other Funds		 Bursadies and Hardship
4 8		 195
3,570
8,		 35
1,290
,		 (98)
(240)
~IJI88		 164
(1,041)
129		 296
3,579
5,264
Unrestricted
Funds
Designated
funds
Fixed Asset Reserve 47,935 (90) 47,845
Other Designated Reserves 1,520 89 (177) 1,432
General funds 2,172 6,680 (10,237) 2,775 1,390
Total Unrestricted Funds - College ~1414 50,667
Unrestricted
funds held by subsidiaries		 10 4 14
Consolidation
adj investment
in subsidiary
Consolidation
adj on Construction
Contract
with Subsidiary
Total Unrestdicted
Funds - Group		 (697)
,4,		 (2) ~48444 (50)
2,635		 (50)
(699)
Total Funds 130,995 10,037 (13,188) 15,865 143,709
Transfers
detail		 unreetriated
funds		 eeelgoated
funds		 Restricted
funds		 Permanent
Endowment		 Expendable
Endowment		 Total
Transfer for investment
total		 return 1,244 1,215 (1,038) (1,421)
Removal of restriction on CQ fund 800 (800)
Additional
transfer from endowment		 290 15 (305)
Removal ofrestriction on Library funds 301 (301)
Designation
in year		 90 (90)
Total 2,424 211 129 (1,038) (1,726)

ANALYSIS OF MOVEMENTS ON FUNDS ANALYSIS OF MOVEMENTS ON FUNDS (prior year) (prior year)
At 1 August Incoming Resources Gains/ At 31July
Endowment
Funds
Tuition 8 Fellowship		 P
- Permanent
Sup ort		 2019
E'000
32,058
14,435		 resources
E'000
743
388		 expended
Transfers
BOOO
E'000
(u)~l,
(463)
(112)		 (losses)
E'000
~
(12)		 2020
E'000
(,
14,236
Scholarships,
Exhibitions,
Prizes and Travel
Funds
Studentshlps
Student Assistance,
Other Funds
Endowment
Funds
Tuition &Fellowship
Studentships		 8ursaries
and Hardship
- Expendable
Support		 5,207
9,889
2,351
176
4,668
1,745
~(		 96
181
75
3
85
32		 (40)
(76)
(18)
(1)
(165)
(314)
(76)
(5)
(4)
(8)
(2)
(36)
(13)
(148)
(70)
(4)
(1)
()~~		 5,094
9,672
2,330
173
4,565
1,693
4
Student Assistance, Bursaries and Hardship 2,707 73 (21) (87) (2) 2,670
Other Funds 535 10 (4) (17) 524
Exeter College Main Fund
Total Endowment
Funds - Group and
College		 34,994
76,707		 640
83		 (268)
(1,419)
~8~(,		 (28)
~		 33,919
34,8
Restricted
Funds
Tuition 8 Fellowship Support 264 400 (772) 611 503
Scholarships,
Exhibitions,
Prizes and Travel
Funds 109 (19) 34 124
Studentships 647 202 (448) 385 '787
Student Assistance, Bursaries and Hardship 170 5 (142) 162 195
Other Funds 3,850 1,015 (104) (1,192) 3,570
48 5,179
Unrestricted
Funds
Designated
funds
Fixed Asset Reserve 48,670 (735) 47,935
Other Designated
Reserves		 1,089 442 (11) 1,520
General funds 2,153 6,743 (10,222) 3,499 2,173
Total Unrestricted Funds - College 51,912 7,185 (10,233) 2,764 51,628
Unrestricted
funds held by subsidiaries		 10 10
Consolidation
adj on		 Construction
Contract
with Subsidiary (696) (697)
Total Unrestricted Funds - Group 51,226 7,185 (10,233) 2,763 50,941
Total Funds 132,973 10,391 (12,307) (62) 130,995
unrestricted Designated Restricted Ps(mascot Expendable
Transfers dates funds funds funds Endowment Endowment Total
Transfer for investment
total return		 1,658 785 (1,023) (1,420)
Removal ofrestriction
on CQ fund		 800 (800)
Additional
transfer from endowment		 305 16 (321)
Removal ofrestriction
on Library funds		 415 (415)
Designation
in year		 735 (735)
Total 3,498 (320) (414) (1,023) (1,741)
Designated
transfers		 reflect the rnovernent in the net book value oftangible fixed assets.

ANALYSIS DF NET ASS
 ANALYSIS DF NET ASS
 ET S BETW EEN FUNDS
As at 31 July 2021 Unrestricted Restricted Endowment 2021
Funds Funds Funds Total
r.'000 8'000 6'000 6'000
Tangible fixed assets 59,845 59,845
Borrowings (29,836) (29,836)
Property
investments		 26,492 26,492
Securities and other investments 10,000 62,015 '72,015
Net current assets (including pension provision) 9,923 5,264 6 15,193
49,932 5,264 88,513 143,709
As at 31 July 2020 Unrestricted Restdicted Endowment 2020
Funds Funds Funds Total
6'000 BOOO E'000 BOOO
Tangible fixed assets 60,735 60,735
Borrowings on acquisition of fixed assets (12,000) (12,000)
Property investments 22,689 22,689
Securities and other investments 52,071 52,071
Net current assets (including pension provision) 2,205 5,179 116 7,500
50,940 5,179 74,876 130,995

TRUSTEES' REMUNERATION
(cont.)
Remuneration
paid to Trustees
2021 2020
Number or ross remunera on, Number oi ross remuneration,
Trusteesl taxable benefits and Trusteesi taxable benefits and
Range Fellows nsion contnibutions
f		 Fellows ension contributions
f1000 - f1999 1,966
f3000 - f3999 3,273
f4000 - f4999 4,023
f9000 - f9999 9,558
f10000 - f10999 10,968 10,968
f11000- f11999 11,452
f12000 - f12999 12,081
f13000-E13999 26,790
f17000 - f17999
f20000 - f20999
f21000 -f21999		 17,776
20,359		 17,463
21,824
f23000 - E23999 118,805 190,735
F24000 - f24999 97,756 73,621
f25000 - f25999 25,018
f26000- F26999 26,865
f28000 - f28999 56,334
f29000
-f29999		 29,392
E30000
-f30999
f31000-f31999
f33000 - f33999		 30,514
31,604
33,000		 30,001
31,310
66,486
F36000-f36999
f39000-f39999		 39,858 36,847
E40000 - f40999 81,710 40,688
f42000 - F42999 42,069
f44000 - f44999 44,402
f45000 - f45999 45,396
F47000 - f47999 47,270 94,350
E48000 - f48999 48,155
F49000
-f49999		 49,318
F51000 - F51999 51,303 51,782
f52000
-F52999		 105,203
f53000
-f53999		 53,037
f54000
-f54999		 54,038
f55000
-E55999		 55,281
f57000
-E57999		 57,815
F58000-f58999
f59000 - f59999		 117,081
119,175		 58,238
59,514
f65000-f65999 65,975
f69000 - f69999 69,238
E73000
-E73999		 73,006 73,047
F85000
-F85999		 85,609
F89000 - F89999
f91000-f91999		 89,447
91,813		 69,719
f92000 - f92999 92,997
F94000 - f94999 94,372
696000-f96999 96,277
E105000 - F105999 105,030
E110000- f110999 110,433
f111000 - f111999 111,756
Total 42 1,798,027 45 1 813164

Actuarial Valuations
Qualified
actuaries		 periodically value the Schemes. Both USS and OSPS were valued using the 'projected unit" method,
embracing
a market		 value approach. The resulting levels of contribution take account of actuarial surpluses or deficits in each
scheme.
The financial		 assumptions were derived from market
conditions		 prevailing at the valuation
date.		 The results of the
latest actuarial
valuations		 and the assumptions which have the most significant
effect		 on the results ofthe latest valuations and
the determination
of		 the contribution levels are shown in the following table.
USS DSPS
Date ofvaluation 31/03/2016 31/03/2079
Date valuation
results		 ubllshed 16/09/2019 19/06/2020
Value of liabilities 667.3bn 2848m
Value ofassets 663.7bn 6735m
Fundl
defici		 (83.6bn (2113m)
Principal assumptions:
Discount rate CPI - 0.73% Gilts +0.5%-
to 2.25%
CPI +2.52'/ b
s
Rate ofincrease
in salaries		 n/s RPI
Rate ofincrease
in pensions		 CPI Average
0 RPI/CPI
d
Assumed
life expectancies		 on retirement at age 65:
Males currently
aged		 65 24.6yrs 21.7yrs
Females currently aged 65 26.1 yrs 24.4 yrs
Males currently aged 45 26.6yrs 23.0 yrs
Females currsntl a ed 45 27.9 rs 25.8
rs
Funding
ratios:
Technical provisions basis g5%
Statutory
Pension		 Protection Fund basis 76% 74%
'Bu -out' basis 56% 60%
Recommended
Employe's		 oonlrlbulion rate '(as a% of 21.1% 19%
pensionable
salaries):		 increasing to
23.7% by
nwnnimca
Effective date ofnext valuation 31/03/2020 31/03/2022

Scheme 2021 2 20
6'6808 E'000s
Universities Superannuation Scheme (USS) 318 (5)
University of Oxford Staff Pension Scheme (OSPS) 285 626
Other schemes - contributions
Total 603 621
Scheme 2021 20 0
6'000s k'0008
Universities Superannuation Scheme (USS) 830 1,037
University of Oxford Staff Pension Scheme (OSPS) 712 718
Provision for two ex-employee pensions 90 00
Total 1,632 1,845

The financial statements The financial statements include include the following in respect of items held at fair value:
Financial assets measured at fair value 2021 2020
through
profit orloss:		 Gains I Gains I
Income Expense (lossesl Income Expense ilosses)
6'000 5'000 G000 F000 E'000 P000
11,362 566 (1,610)
Financial assets that are debt instruments measured at 2021 2020 2021 2020
amortised cost: Group Group College College
F000 6'000 6'000 6'000
Trade debtors 185 46 165 45
Accrued income 201 569 201 569
Other debtors 140 138 140 138
526 753 506 752
Financial
liabilities		 measured at amortised 2021 2020 2021 2020
cost: Group Group College College
6'000 6'000 6'000 G000
Sank loan - including due in more than one year 29,836 12,800 29,836 12,800
Trade creditors 370 313 356 307
Accruals 456 250 405 214
Other creditors 262 343 262 352
30,924 13,706 30,859 13,673

RECONCILIATION
OF NET INCOME TO		 RECONCILIATION
OF NET INCOME TO		 RECONCILIATION
OF NET INCOME TO
NET CASH FLOW FROM OPERATIONS 2021 2020
Group Group
6'000 E000
Net Income/(Expenditure) 12,714 (1,978)
Reversal ofnon-operating
cash		 flows:
Investment
income		 (1,424) (1,634)
Endowment
related investment		 management costs 935 589
(Gains)/Losses
in investments		 (15,865) 62
Endowrnentdonations (346) (177)
Depreciation 1,513 1,520
Financing costs 1,248 649
Decrease
in stock		 8 2
Decrease
in debtors		 176 405
(Decrease)/Increase
in creditors		 188 (263)
Decrease
in pension scheme liability		 (213) (176)
Net cash from/(used
In) operating		 activities (1,066) (1,001)
ANALYSIS OF CASH AND CASH EQUIVALENTS
2021 2020
6'000 6'000
Cash at bank and in hand 4,122 4,070
Deposits and other short term investments 13,200 6,200
Total cash and current asset investments 17,322 10,270
NET DEBT: Cash flow Other
2020 movements movements 2021
E'000 E'000 6'000 6'000
Cash at bank end in hand 4,070 52 4,122
Deposits and other short term investments 6,200 7,000 13,200
Loans due in less than one year
Loans due in more than one year		 (800)
~12,0X		 800
~11tx
~&.984		 ~R9,838
~12, 1~k

during the year in o rder to provide
mor		 e student
ac		 cornrnodation.
2021 2020
6'000 E000
Land and buildings
falling due within one year 135 130
falling due between two and five years 3 135
138 265
Other
falling due within one year 10 11
falling due between two and five years 7 17
17 28
OPERATING LEASE INCOME
At 31 July the College had contracted with tenants to receive the following future minimum lease payments:
2021 2020
6'000 E000
Land and buildings
falling due within one year 209 368
falling due between two and five years 585 771
falling due in over five years 8
794 1,147

The College received Income from The College received Income from The College received Income from and had and had outstanding outstanding balances with its wholly owned subsidiary entities as follows:
2021 2020
B000 B000
Income received from I(expenditure paid to):
Exeter College Trading Ltd 100 249
Collexoncotoo
Ltd		 (20)
Exeter College Yew Tree Hill Development
Checker Hall Company
Ltd		 Company Ltd 324
~26		 350
374 579
Outstanding
balances		 receivable I (payable) as at 31 July:
Exeter College Trading Ltd 44 (6)
Cofiexoncotoo
Ltd		 (29)
Yew Tree Hill Development Company Ltd 191 324
Checker
Hell Company		 Ltd
2116 316