# 



## 

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





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## 

## 

|ofthe Governing<br>below.|B|ody who|served<br>in office as|Trustees|durin|g<br>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<br>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<br>Kukura|||||||||||
|Professor Michael|Osborne||||||||||
|Professor Jared Tanner|||||||||||
|Professor Karin Sigloch|||Demitted 30th<br>Aptil2021||||||||
|Dr James Grant|||||||||||
|Professor Rachel|Taylor||||||||||
|Dr Martin<br>Davy|||||||||||
|Rev'd<br>Mr Andrew|Allen||||||||||
|Professor Conall|||||||||||
|MacNiocaill|||||||||||





## 

## 

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





## 

## 

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





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|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||



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||||||Unrestricted|Restricted|Endowed|2021|2020|
|---|---|---|---|---|---|---|---|---|---|
||||||Funds|Funds|Funds|Total|Total|
|||||Notes|E000|E'000|E000|6'000|2'000|
|INCOME AND ENDOWMENTS||FROM:||||||||
|Charitable<br>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<br>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<br>activities:||||||||||
|Teaching, research and residential|||||9,553|1,839||11,392|10,872|
|Generating<br>funds:||||||||||
|Fundraising|||||633|||633|537|
|Trading expenditure|||||159|||159|238|
|Investment<br>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<br>/ (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<br>in funds for the year|||||(1,008)|85|13,637|12,714|(1,976)|
|Fund balances<br>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<br>funds|||88,513|74,876|88,513|74,876|
|Restdicted funds|||5,264|5,179|5,264|5,179|
|Unrestricted<br>funds|||||||
|Designated<br>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<br>activities<br>Cash flows from Investing<br>activities||||25|~1,066|(1,001)|
|Dividends,<br>interest and rents from investments|||||1,424|1,543|
|Endowment<br>related investment<br>management||costs|||(935)|(589)|
|Purchase of property,<br>plant and equipment|||||(623)|(684)|
|Proceeds from sale ofinvestments|||||3,202|2,382|
|Purchase ofinvestments<br>Net additions<br>to current asset investments<br>Net cash used In investing<br>activities<br>Cash flows from financing<br>activities|||||(11,084)<br>~OM<br>~15020|(900)<br>~0.2M<br>~4,6M|
|Repayments<br>ofborrowing|||||(12,800)|(600)|
|Finance costs paid|||||(1,248)|(649)|
|Cash inflows from new borrowing|||||29,836||
|Receipt ofendowment<br>donations|||||346|177|
|Net cash provided<br>by I(used in) financing|activities||||16,134|(1,272)|
|Change in cash and cash equivalents<br>In the||reporting|period|||(6122,|
|Cash and cash equivalents<br>at the beginning||ofthe|||||
|reporting<br>period|||||4,070|10,791|
|Cash and cash equivalents<br>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<br>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<br>income|2,049|2,652|
|Total Teaching, Research and Residential|5,523|5,715|



## 

|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||||6'000|E000|
|Donations snd Legacies||||||||
|Unrestricted<br>funds||||||478|779|
|Restricted funds||||||1,775|1,596|
|Endowed<br>funds||||||346|177|
|||||||2,599|2,552|
|INCOME FROM|OTHER TRADING ACTIVITIES|||||||
|||||||2021|2020|
|||||||6'000|f.'000|
|Subsidiary<br>company|||trading|income||160|225|
|Other trading<br>income|||||||25|
||||||||2 2|
|INVESTMENT INCOME||||||||
|||||||2021|2020|
|||||||6'000|E000|
|Unrestricted<br>funds||||||||
|Commercial<br>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<br>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<br>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<br>costs allocated to:||||
|Teaching, research<br>and residential||3,579|3,034|
|Total charitable<br>expenditure||11,392|10,872|
|Expenditure<br>on generating|funds|||
|Direct staff costs allocated|to:|||
|Fundraising||410|365|
|Other direct costs allocated|to:|||
|Fundraising||151|101|
|Trading expenditure||152|232|
|Investment<br>management|costs|1,001|657|
|Support and governance<br>costs allocated to:||||
|Fundraising||72|71|
|Trading<br>expenditure||7|6|
|Investment<br>management|costs|3|3|
|Total expenditure<br>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<br>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<br>and domestic administration||54|625|679|
|Human<br>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<br>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<br>the year the College funded||research|awards|and|bursaries|to students|from|its restricted|and unrestricted|fund as|
||follows:|||||||||||
|||||||||||2021|2020|
||Unrestricted<br>funds|||||||||8'000|F000|
||Grants to individuals:|||||||||||
||Scholarships,<br>prizes and grants|||||||||47|63|
||Bursaries end hardship|awards||||||||1|6|
||Graduate<br>studentships|||||||||16|20|
||Total unrestricted|||||||||64|69|
||Restricted funds|||||||||||
||Grants to individuals:|||||||||||
||Scholarships,<br>prizes and grants|||||||||37|40|
||Bursaries and hardship|awards||||||||199|139|
||Graduate<br>studentships|||||||||541|471|
||Total restricted|||||||||776|650|
||Total grants and awards|||||||||840|739|



## 

|STAFF COSTS|||||||
|---|---|---|---|---|---|---|
||||||2021|2020|
|The aggregate<br>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:<br>Defined benefit schemes<br>Movement<br>in pension deficit liability|||||829<br>~3)<br>5,666|796<br>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<br>number|of|employed|College Trustees|during the year was as follows:|||
|University<br>Lecturers|||||15|16|
|CUF Lecturers|||||11|11|
|Other teaching and research|||||8|8|
|Other|||||6|6|
|Total|||||40|41|





## 

## 

|Nl and pensi|on<br>contributions)<br>fell within|the following<br>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<br>and impairment|||||
|At start ofyear|11,341||1,778|13,119|
|Depreciation<br>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|





## 

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## 

|||||||
|---|---|---|---|---|---|
|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<br>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<br>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<br>withdrawn||(2,502)|(2,382)|
|(Decrease)/increase|In value ofinvestments|11,362|(1,610)|
|Group Investments|at end ofyear|72,015|52,071|
|Investment<br>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<br>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<br>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<br>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<br>ofthe year:||||||||||
|Giff component<br>ofthe permanent||endowment|||15,639||15,639||15,639|
|Unapplied<br>total return||||||15,866|15,866||15,866|
|Expendable<br>endowment||||||||43,371|43,371|
|Total Endowments|||||15,639|15,866|31,505|43,371|74,876|
|Movements<br>in the reporting|period:|||||||||
|Gift ofendowment<br>funds|||||172||172|174|346|
|Investment<br>return: total investment|||income|||474|474|651|1,125|
|Investment<br>return: realised Iunrealised||||gains &losses||6,663|6,663|9,202|15,865|
|Less: Investment<br>management|costs|||||||||
|Total|||||172|6,744|6,916|9,485|16,401|
|Unapplied<br>total return<br>allocated|to income|||||||||
|in the reporting<br>period<br>Expendable<br>endowments<br>transferred|||to|income||(1,038)|(1,038)|(1,421)<br>~3D5|(2,459)<br>~30|
|Total affocatlon||||||(1,038)|(1.038)|(1,726)|(2,764)|
|Net movements<br>in reporting|period||||172|5,706|5,878|7,759|13,637|
|At end ofthe reporting<br>period:||||||||||
|GIR component<br>ofthe permanent||endowment|||15,811||15,811||15,811|
|Unapplied<br>total return||||||21,572|21,572||21,572|
|Expendable<br>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<br>ofthe year:||||||||||
||Gift component<br>ofthe permanent||endowment||15,485|||15,485||15,485|
||Unapplied<br>total return||||||16,573|16,573||16,573|
||Expendable<br>endowment||||||||44649|44 649|
||Total Endowments||||15,485||16,573|32,058|44.649|76,707|
||Movements<br>In the reporting|period:|||||||||
||GiR ofendowment<br>funds||||154|||154|23|177|
||Investment<br>return: total investment||income||||589|589|817|1,406|
||Investment<br>return: rea0sed<br>/ unrealised<br>Less: Investment<br>management<br>costs|||gains &losses|||(26)|(26)<br>~24|(36)<br>(342)|(62)<br>~590|
||Total||||154||317|471|462|932|
||Unapplied<br>total return allocated to income<br>in the reporting<br>period<br>Expendable<br>endowments<br>transferred<br>to income||||||(1,024)|(1,024)|(1,419)<br>(2,443)<br>4321)~||
||Total agocatlon||||||(1,024)|(1.024)|(1,740)|(2,764)|
||Net movements<br>In reporting|period|||154||(708)|(554)|(1,278)|(1,832)|
||At end ofthe reporting<br>period:||||||||||
||Gift component<br>ofthe permanent||endowment||15,639|||15,639||15,639|
||Unspp8ed<br>total return||||||15,865|15,865||15,865|
||Expendable<br>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<br>in the|year|(108)|(249)|(108)|(249)|
|New income deferred<br>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<br>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<br>Funds||- Permanent||31,505||847|393|1,038|6662|3'7383|
|Tuition<br>& Fellowship||Support||14,236||388|(179)|(472)|3,031|17,004|
|Scholarships,<br>Exhibitions,<br>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<br>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,<br>Exhibitions,<br>Prizes and Travel|||||||||||
|Funds||||124||63|(82)|38||143|
|Studentships||||787||45|(485)|389||736|
|Student Assistance,<br>Other Funds||Bursadies and Hardship<br>4 8||195<br>3,570<br>8,|35<br>1,290<br>,||(98)<br>(240)<br>~IJI88|164<br>(1,041)<br>129||296<br>3,579<br>5,264|
|Unrestricted<br>Funds|||||||||||
|Designated<br>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<br>funds held by subsidiaries||||10||4||||14|
|Consolidation<br>adj investment<br>in subsidiary<br>Consolidation<br>adj on Construction<br>Contract<br>with Subsidiary<br>Total Unrestdicted<br>Funds - Group||||(697)<br>,4,||(2)|~48444|(50)<br>2,635||(50)<br>(699)|
|Total Funds||||130,995|10,037||(13,188)||15,865|143,709|
|Transfers<br>detail||||unreetriated<br>funds|eeelgoated<br>funds||Restricted<br>funds|Permanent<br>Endowment|Expendable<br>Endowment|Total|
|Transfer for investment<br>total|||return|1,244|||1,215|(1,038)|(1,421)||
|Removal of restriction||on CQ|fund|800|||(800)||||
|Additional<br>transfer from endowment||||290|||15||(305)||
|Removal ofrestriction||on Library funds|||301||(301)||||
|Designation<br>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<br>Funds <br>Tuition 8 Fellowship|P<br> - Permanent<br>Sup ort||2019<br>E'000<br>32,058<br>14,435|resources<br>E'000<br>743<br>388|expended<br>Transfers<br>BOOO<br>E'000<br>(u)~l, <br>(463)<br>(112)||(losses)<br>E'000<br>~<br>(12)|2020<br>E'000<br>(,<br>14,236|
|Scholarships,<br>Exhibitions,<br>Prizes and Travel|||||||||
|Funds<br>Studentshlps<br>Student Assistance,<br>Other Funds<br>Endowment<br>Funds <br>Tuition &Fellowship<br>Studentships|8ursaries<br>and Hardship<br> - Expendable<br>Support||5,207<br>9,889<br>2,351<br>176<br>4,668<br>1,745<br>~(|96<br>181<br>75<br>3<br>85<br>32|(40)<br>(76)<br>(18)<br>(1)<br>(165)<br>(314)<br>(76)<br>(5)<br>(4)<br>(8)<br>(2)<br>(36)<br>(13)<br>(148)<br>(70)<br>(4)<br>(1)<br>()~~|||5,094<br>9,672<br>2,330<br>173<br>4,565<br>1,693<br>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<br>Total Endowment<br>Funds - Group and<br>College|||34,994<br>76,707|640<br>83|(268)<br>(1,419)<br>~8~(,||(28)<br>~|33,919<br>34,8|
|Restricted<br>Funds|||||||||
|Tuition 8 Fellowship|Support||264|400|(772)|611||503|
|Scholarships,<br>Exhibitions,<br>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<br>Funds|||||||||
|Designated<br>funds|||||||||
|Fixed Asset Reserve|||48,670|||(735)||47,935|
|Other Designated<br>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<br>funds held by subsidiaries|||10|||||10|
|Consolidation<br>adj on|Construction<br>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<br>total return|||1,658||785|(1,023)|(1,420)||
|Removal ofrestriction<br>on CQ fund|||800||(800)||||
|Additional<br>transfer from endowment|||305||16||(321)||
|Removal ofrestriction<br>on Library funds||||415|(415)||||
|Designation<br>in year|||735|(735)|||||
|Total|||3,498|(320)|(414)|(1,023)|(1,741)||
|Designated<br>transfers|reflect the rnovernent|in the net book value||oftangible|fixed assets.||||





## 

## 



## 

|ANALYSIS DF NET ASS<br>|ANALYSIS DF NET ASS<br>|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<br>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<br>(cont.)||||||
|---|---|---|---|---|---|
|Remuneration<br>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<br>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<br>f20000 - f20999<br>f21000 -f21999|||17,776<br>20,359||17,463<br>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<br>-f29999|||||29,392|
|E30000<br>-f30999<br>f31000-f31999<br>f33000 - f33999|||30,514<br>31,604<br>33,000||30,001<br>31,310<br>66,486|
|F36000-f36999<br>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<br>-f49999|||49,318|||
|F51000 - F51999|||51,303||51,782|
|f52000<br>-F52999|||||105,203|
|f53000<br>-f53999|||53,037|||
|f54000<br>-f54999|||54,038|||
|f55000<br>-E55999|||||55,281|
|f57000<br>-E57999|||57,815|||
|F58000-f58999<br>f59000 - f59999||117,081<br>119,175|||58,238<br>59,514|
|f65000-f65999|||||65,975|
|f69000 - f69999|||69,238|||
|E73000<br>-E73999|||73,006||73,047|
|F85000<br>-F85999|||85,609|||
|F89000 - F89999<br>f91000-f91999||89,447<br>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<br>actuaries|periodically|||value||the Schemes.||||Both USS and||OSPS were|||valued||using|the 'projected||unit" method,|||
|embracing<br>a market|value||approach.||The resulting||||levels||of contribution||take account|||of actuarial||surpluses|or deficits||in each||
|scheme.<br>The financial||assumptions|||were derived|||from market<br>conditions||||||prevailing||at the|valuation<br>date.||The results|||of the|
|latest actuarial<br>valuations|||and|the assumptions|||which have the most significant<br>effect|||||||||on the|results ofthe latest|||valuations||and|
|the determination<br>of|the contribution||||levels are shown||||in the following table.||||||||||||||
||||||||||||USS|||DSPS|||||||||
|Date ofvaluation|||||||||||31/03/2016|||31/03/2079|||||||||
|Date valuation<br>results||ubllshed|||||||||16/09/2019|||19/06/2020|||||||||
|Value of liabilities|||||||||||667.3bn|||2848m|||||||||
|Value ofassets|||||||||||663.7bn|||6735m|||||||||
|Fundl<br>defici|||||||||||(83.6bn|||(2113m)|||||||||
|Principal assumptions:|||||||||||||||||||||||
|Discount rate|||||||||||CPI - 0.73%|||Gilts +0.5%-|||||||||
||||||||||||to|||2.25%|||||||||
||||||||||||CPI +2.52'/|||b|||||||||
||||||||||||s||||||||||||
|Rate ofincrease<br>in salaries|||||||||||n/s|||RPI|||||||||
|Rate ofincrease<br>in pensions|||||||||||CPI|||Average|||||||||
||||||||||||0|||RPI/CPI|||||||||
|||||||||||||||d|||||||||
|Assumed<br>life expectancies|||on retirement|||at age|65:||||||||||||||||
|Males currently<br>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<br>rs|||||||||
|Funding<br>ratios:|||||||||||||||||||||||
|Technical provisions||basis|||||||||g5%||||||||||||
|Statutory<br>Pension|Protection|||Fund|basis||||||76%|||74%|||||||||
|'Bu -out' basis|||||||||||56%|||60%|||||||||
|Recommended<br>Employe's|||oonlrlbulion|||rate '(as a%|||of||21.1%|||19%|||||||||
|pensionable<br>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<br>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<br>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<br>OF NET INCOME TO|RECONCILIATION<br>OF NET INCOME TO|RECONCILIATION<br>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<br>cash|flows:|||||||
|Investment<br>income||||||(1,424)|(1,634)|
|Endowment<br>related investment|management||costs|||935|589|
|(Gains)/Losses<br>in investments||||||(15,865)|62|
|Endowrnentdonations||||||(346)|(177)|
|Depreciation||||||1,513|1,520|
|Financing costs||||||1,248|649|
|Decrease<br>in stock||||||8|2|
|Decrease<br>in debtors||||||176|405|
|(Decrease)/Increase<br>in creditors||||||188|(263)|
|Decrease<br>in pension scheme liability||||||(213)|(176)|
|Net cash from/(used<br>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<br>Loans due in more than one year||||(800)<br>~12,0X|800<br> ~11tx<br>~&.984||~R9,838<br>~12, 1~k|



## 

|during the year in o|rder to provide<br>mor|e student<br>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|





## 

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|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<br>Ltd||||||||||(20)|
|Exeter College Yew Tree Hill Development<br>Checker Hall Company<br>Ltd|||||Company|Ltd|||324<br>~26|350|
||||||||||374|579|
|Outstanding<br>balances|receivable||I (payable) as at|||31|July:||||
|Exeter College Trading|Ltd||||||||44|(6)|
|Cofiexoncotoo<br>Ltd|||||||||(29)||
|Yew Tree Hill Development||Company||Ltd|||||191|324|
|Checker<br>Hell Company|Ltd||||||||||
||||||||||2116|316|



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