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|||Page|
|---|---|---|
|Governing
Body, Officers and Advisers|||
|Report ofthe|Governing
Body|5-13|
|Auditor's
Report||14-21|
|Consolidated|Statement of Financial Activities|22|
|Consolidated|and College Balance Sheets|23|
|Consolidated|Statement ofCash Flows|24|
|Notes to the|Financial Statements|25-45|
##
##
|||||1|2|5|6|7|
|---|---|---|---|---|---|---|---|---|
|Professor|Denise Lievesley|Retired September||||x|x|X|
|||2020|||||||
|Sir Michael Dixon||Principal since||||x|x|x|
|||September 2020|||||||
|Professor|Shourno||||||||
|Bhattacharya|||||||||
|Dr Tim Clayden||Bursar|||||x|x|
|Dr David Cranston|||||||||
|Dr Richard|Cuthbertson|Secretary|to the|||x|x||
|||Governing|Body||||||
|Professor|Mary Daly||||||||
|Professor|Harry Daniels||||||||
|Professor|Sarah Darby||||||||
|Professor|Marella de Bruijn||||||||
|Professor|Sue Dopson||||||||
|Professor|Gary Ford||||||||
|Professor|Peter Friend||||||||
|Professor|Xiaolan Fu||||||||
|Professor|Richard Gibbons|||||x|x||
|Professor|Mark Harrison||||||||
|Professor|Keith Hawton||||||||
|Professor|Elisabeth
Hsu||||||||
|Professor|David Hunter||||||||
|Dr Stephen|Kennedy||||||||
|Professor|Paul Klenerman||||||||
|Dr Laurence Leaver||Medical Fellow|||||||
|Professor|Richard McManus|Dean ofWelfare|||||||
|Professor Tim Morris|||||||||
|Professor|Neil Mortensen||||||||
|Ms Elizabeth
Padmore||Barclay Fellow|||||||
##
|Professor Rafael Ramirez||
|---|---|
|Professor Felix Reed-Tsochas|Academic Tutor|
|Dr Susan James Relly||
|Dr Jonathan
Reynolds||
|Professor Jack Satsangi||
|Dr Michael Smets||
|Dr Alison Stenton|Senior Tutor|
|Dr Rebecca Surender|Vice Principal|
|Dr Mare Thompson|Tutor for Admissions|
|Dr Stephen Tucker|Dean of Discipline|
|Mr John Webster|Barclay Fellow|
|Dr Andrew White||
|Professor James Worrell||
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||||||Unrestricted|Restricted|Endowed|2021|2020|
|---|---|---|---|---|---|---|---|---|---|
||||||Funds|Funds|Funds|Total|Total|
|||||Notes|E000|C000|E000|ir000|r.'000|
|INCOME AND ENDOWMENTS|||FROM:|||||||
|Charitable
activities:||||||||||
|Teaching, research|and residential||||3,309|||3,309|3,200|
|Other Trading Income|||||98|||98|285|
|Donations
and legacies|||||37|1,361||1,398|763|
|Investments||||||||||
|Investment
income|||||1,504|140|30|1,674|1,714|
|Other income|||||139|||139|252|
|Total income|||||5,087|1,501|30|6,618|6,214|
|EXPENDITURE ON:||||6-9||||||
|Charitable
activities:||||||||||
|Teaching, reseamh|and residential||||6,689|495|6|7,190|6,591|
|Generating
funds:||||||||||
|Fundraising|||||149|||148|144|
|Trading expenditure|||||40|||40|56|
|Investment
management|||costs||1|||1|1|
|Total Expenditure|||||6,879|495|6|7,380|8,794|
|Net Incomel(Expenditure)||before gains|||(1,792)|1,006||||
|Net (losses)/gains
on|investments|||11,12|2,198|1,100|235|3,533|5,695|
|Net Incomel(Expenditure)|||||406|2,106|259|2,771|5,115|
|Net movement
in funds|for the year||||406|2,108|259|2,771|5,115|
|Fund balances
brought
forward||||16|97,212|4,453|1,143|102,808|97,893|
|Funds carried forward at||31July||18|97,618|6,559|1,402|105,579|102,806|
##
|||||2021|2020|2021|2020|
|---|---|---|---|---|---|---|---|
|||||Group|Group|College|College|
||||Notes|5'000|5'000|6'000|5'000|
|FIXEDASSETS||||||||
|Tangible assets|||10|63,777|64,951|63,776|64,951|
|Property
investments|||11|28,870|27,500|28,870|27,500|
|Otherlnvestments|||12|12,819|13,434|12,819|13,434|
|Total Fixed Assets||||105,466|105,885|105,465|105,885|
|CURRENT ASSETS||||||||
|Stocks||||91|92|91|92|
|Debtors|||14|572|522|567|685|
|Cash at bank and|in|hand||1,697|3,317|1,681|3,186|
|Total Current Assets||||2,360|3,931|2,339|3,963|
|LIABILITIES||||||||
|Creditors: Amounts||falling due within one year|15|1,315|5,949|1 311|5,947|
|NET CURRENT ASSETS/(LIABILITIES)||||1,045|(2,018)|1,028|(1,984)|
|TOTAL ASSETS LESS||CURRENT LIABILITIES||106,511|103,867|106,493|103,901|
|NET ASSETS/(LIABILITIES) BEFORE PENSION LIABILITY||||106,511|103,867|106,493|103,901|
|Defined benefit pension scheme liability|||20|932|1,059|896|974|
|TOTAL NET ASSETS/(LIABILITIES)|||18|105,579|102,808|105,597|102,927|
|FUNDS OF THE COLLEGE|||17|||||
|Endowment
funds||||1,402|1,143|1,402|1,143|
|Restricted funds||||6,559|4,453|6,559|4,453|
|Unrestricted
funds||||||||
|Designated
funds||||20,518|20,518|20,518|20,518|
|Green College||||24,800|24,800|24,800|24,800|
|Other||||803|803|803|803|
|General funds||||5,042|6,133|5,024|6,167|
|Revaluation
reserve||||47,387|46,017|47,387|46,017|
|Pension reserve|||20|(932)|(1,059)|(896)|(974)|
||||18|105,579|102,808|105,597|102,927|
##
||||2021|2020|
|---|---|---|---|---|
|||Notes|5'000|6'000|
|Net cash provided
by (used in) operating
activities||22|(5,430)|1,806|
|Cash flows from investing
activities|||||
|Dividends,
interest and rents from investments|||1,674|1,714|
|Proceeds from the sale ofproperty,
plant and equipment|||||
|Purchase of property,
plant and equipment|||(642)|(326)|
|Proceeds from sale of investments|||2,778||
|Purchase of investments||||(1,338)|
|Net cash (used in)/provided
by investing
activities|||3,810|50|
|Change
in cash and cash equivalents
in the reporting|period||(1,620)|1,856|
|Cash and cash equivalents
at the beginning
ofthe|||||
|reporting
pediod|||3,317|1,461|
|Cash and cash equivalents
at the end ofthe reporting|||||
|period||24|1,697|3,317|
##
|||2021|2020|
|---|---|---|---|
|Teaching, Reseamh|and Residential|2'000|F000|
|Unrestricled
funds||||
|Tuhlon fees||1,831|1,606|
|Other academic income||14|14|
|College residential|income|I,'M4|1,500|
|||3,300|3,200|
|Total Teaching, Research and Residential|||3,200|
##
##
|OONAIION|S
AND L|EGAC|IES|||||
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
|||||||Cgoe|EOOD|
|Oonations|and Legacies|||||||
|Unrestricted|funds|||||37|55|
|Reslrided
funds||||||1,361|708|
|Endowed funds||||||||
|||||||1,308|763|
|Curing the|year the Fellows||ofths Collage donated tgk for general College purposes|with no conditions attached|The|||
|INCOME FROM OTHER TRAOING ACTIVITIES||||||||
|||||||2021|2020|
|||||||Eogo|2000|
|Subsidiary|company|trading|income|||||
|Other trading
income||||||00
205
90285||
##
##
|||2021|2020|
|---|---|---|---|
|||6'000|6'000|
|tinrestricted
funds||||
|Agricultural
mnt||||
|Commercial
rent||1,387|1,563|
|Ogmr property income||||
|Equity dividends|||130|
|Income from fixed interesl stocks||||
|Interest on fixed lerm deposits end cash||||
|Other inveslmsnt|income|||
|Benk inu!rest|||21|
|Other internet||||
|||1,504|1,714|
|Nestihfsd
mr«rs||||
|Agficulhirsl
rsiil||||
|Commsroal
mnt||||
|Other property income||||
|Equity dividends||140||
|Income from fixed interest stocks||||
|Internet on fixed term deposits and cash||||
|Other investment|income|||
|Bank interest||||
|Other interest||||
|Endoned
funda||||
|Agricultural
rent||||
|Commerdal
rent||||
|Other properly
income
internet||||
|Equily dividends||||
|Income from fixed interest stocks||||
|Interest onfixe term deposits snd cash||||
|Other invsslmsnl|income|||
|Bank interest||||
|Other||||
|Total Inveshnent
Income||1,674|~f,y|
|Endoned
funda||
|---|---|
|Agricultural
rent||
|Commerdal
rent||
|Other properly
income
internet||
|Equily dividends||
|Income from fixed|interest stocks|
|Interest onfixe term deposits snd cash||
|Other invsslmsnl|income|
|Bank interest||
|Other||
##
|5|OTHER INCONIE||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2021|2D20|
||||||||||F000|2'000|
||Government
Grants||||||||||
||Unrsstncled
funds||||||||139|252|
||Restnctsd funds||||||||||
||Endowed funds||||||||||
||||||||||139|252|
||In 2021 Ihe College claimed 5120k(2020-2252K) end|||Green Templeton||Services claimed f19k(2020- tnil)||in ra)aeon to the Coronavirus|tob||
||Renteneon scheme. The|college also paid ag remaining|||salaty end employee||benefits not covered by the scheme for sll relevant employees||||
|6|ANALYSIS OF EXPENDITURE||||||||||
||||||||||2021|2020|
||||||||||6'000|EOOO|
||Charitable
expenditure||||||||||
||Direct staff costs agocaled to:||||||||||
||Teaching, research|and reedentiel|||||||2 441|2,403|
||Other direct costs allocated||to.||||||||
||Teaching, research|and residential|||||||2,292|2.414|
||Support end governance|costs egoceted to.|||||||||
||Teaching, msearch|and residential|||||||2,457|1,774|
||Total charitable
expendimre||||||||7,190|6,591|
||Expenditure
on raising funds||||||||||
||Direct stag costs allocated to.||||||||||
||Fundraising||||||||123|120|
||Trading expenditure||||||||||
||Investmsnl
management||costs||||||||
||Other direct coals alocated lo:||||||||||
||Fundraeing||||||||||
||Trading expsndilure||||||||||
||Investmsnl
management||costs||||||||
||Support and governance|costs allocated lo,|||||||||
||Fundrsising||||||||26|24|
||Trading expendilure||||||||||
||Investment
management||costs||||||||
||Total expenditure
an raising funds||||||||190|203|
||Total expenditure||||||||7,360|6,794|
||The 2020 resources expended||of26794k mspesented|56296k fnim unrsstnctsd|||funds, 2491k from restncled|funds and 65k from endowed|funds.||
##
##
||||||Tsachrrrg||||
|---|---|---|---|---|---|---|---|---|
|||||Generating|and|Public||2021|
|||||Funds|Research|Worship|Hemsge|Total|
|||||E'000|5'DOO|E'OOD|5'ODO|COOO|
|Financial||admrnislration|||180|||109|
|Human||msources|||104|||104|
|IT||||18|147|||163|
|Depreciation|||||I.als|||1,815|
|Other finance|||charges||91|||91|
|Governance|||costs||30|||32|
|||||27|2,458|||2,4SO|
||||||Teaching||||
|||||Genemting|snd|Public||2020|
|||||Furlrls|Research|Worship|Henlags|Total|
|||||E'000|EDOO|EOOD|E'ODO|E'000|
|Financial
Otherfinance||sdministrafion|||182|||190|
|Human|resources||||155|||155|
|rr||||15|134|||149|
|Dspreclrdrcn|||||1,302|||1,302|
||||charge||f102)|||(1027|
|Govemahce|||costs||23|||25|
##
##
|9|STAFF COSTS||||||
|---|---|---|---|---|---|---|
||||||2021|2020|
||The aggregate
slalf costs for the year were as follows||||2'000|2'000|
||Satanas
and wages||||2,248|2,257|
||Social sscurity costs||||247|238|
||Psnston costs.||||||
||Defined benefit schemes||||318|45|
||Delinsd contributio
schemes||||80|51|
||Other benefits||||||
||||||2,873|2,591|
||The average
number|ofemployees|ofIhe College, excluding|Trustees,|||
||was as folowe||||2021|2020|
||Tuition and reseamh||||14|14|
||College residential||||44|60|
||Public worship||||||
||Herilage||||||
||Fundraising||||4|4|
||Support||||11|13|
||Total||||73|91|
||The average number|ofemployed|College Truslses during|the year was es follows.|||
||University
Lecturers||||||
||CUF Lecmrers||||||
||Other leaching and research||||||
||Other||||||
||Total||||||
##
|10|TANGIBLE FIXEDASSETS||||||
|---|---|---|---|---|---|---|
||Group 6Degage|Leasehold|Freehold|Plant snd|Fixtures,||
|||lend snd|land and|machinery|Sltrngs and||
|||buildings|buildings||equipment|Total|
|||2'ODO|2'ODO||2'000|8'000|
||CostNaluation||||||
||At start ofyesr'|IDI|66,751||2,509|09,441|
||Addrtrohs||391||251|642|
||Revaluation||||||
||Drspcssls||||||
||Atend ofyear|101|67142||2840|70003|
||Depreciation
snd impairment||||||
||At slsrl cfyssf||2,013||1,633|4,490|
||Dsprsaakon
charge for the year||1,326||488|1,816|
||Dspmciakon
on mvalued assets||||||
||Depreciation
on disposals||||||
||Impairment||||||
||Atend of!rear|46|4,139||7.121|6306|
||Nst book value||||||
||At end ofyear|55|63,003||'T19|03,777|
||Atstartoryear|57|63,930||956|04,951|
##
##
|||||||||
|---|---|---|---|---|---|---|---|
|Group 8|College|||||2021|2020|
||||Agncukurel|Commercial|Other|Total|Total|
||||E'000|5'000|t'000|EOOD|2'000|
|Valuation|al start ofyear|||27,500||27,500|21,756|
|Additions|and impmvements|et cost||||||
|Oisposals||||||||
|Revaluation
gains/(fosses)||in Ihe year||1,370||1,370|5,744|
|Valuation|atend ofyear|||26,670||28,870|27,500|
|Ag investmsnls
are h|ald|al f|air value.|||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2021|2020|
|||||||||E'000|E000|
|Group investments||||||||||
|Valuakon
at start ofyear||||||||13,434|12,145|
|New money invested|||||||||1,338|
|Amounts
withdrawn||||||||(2,77$)||
|Reinvesled
income||||||||||
|Investment
management||fees||||||||
|(oecreaseyincrease|in value||ofInvestments|||||2,163|(49)|
|Group investmenla|stand||ofyear|||||12,819|13,434|
|gilttilelt
In!mt nestle!t||||||||||
|College investments|at|end ofyear||||||~12,8 9|13,434|
|Group investments|comprise:|||Held outside|Held in|2021|Held outside|Held in|2020|
|||||Ihe UK|the UK|Total|Ihe UK|the UK|Total|
|||||EOOD|2'000|Gggo|EOOD|Eom|EOOD|
|Equity invsslmsnts|||||10,185|10,1$5||6,337|8337|
|Global
multi-asset
funds||||||||||
|Pmpsrty
fufids|||||355|355|||430|
|Fixed interest stocks||||||||||
|Alternative
and other|investments|||||||||
|Fixed lerm deposits|and|cash|||2 279|2,279||4,667|4,667|
|Total group investmenls||||||||13,434|13,434|
|||Parent College|Green|GTC Design a|
|---|---|---|---|---|
||||Templeian|Build|
||||SsNIcss||
|||2'ODO|r.'DDD|2000|
|SOFA|||||
|Income||9,757|238|156|
|Expenditum||(7,004)|(220)|(156)|
|Donauon to|College under gift aid||||
|Result for the year||2,753|10||
|)20)sacs|eat||||
|Total sssels||107790|19|17|
|Total liabilities||(2,194)|(36)|(17)|
|Net funds st|the end ofyear|105506|(I7)||
|14|DEBTORS||||||
|---|---|---|---|---|---|---|
||||2021|202D|2021|2020|
||||Group|Gfoup|College|College|
||||0'000|BODD|5'000|2'000|
||Amounts
falling due|within one year:|||||
||Trade deblors||19|100|10|109|
||Amounts
owed by College members||175|296|175|290|
||Amounts
owed by Group undertakings||||(8)|162|
||Loans repayable
wilhin ons year||||||
||Prepaymenls
and accrued income||99|65|100|66|
||Other debtors||279|52|279|52|
||||572|522|567|605|
|15|CREDITORS: falling|due within one year|||||
||||2021|2020|2021|2020|
||||Group|Group|College|CO0sgs|
||||OOOO|BDOO|Pogo|5'000|
||Trade creditors||110||110|76|
||Amounts
owed to College Members||||||
||Amounts
owed to Group undertakings||||||
||Taxation and social secun1y||137||130|137|
||College contnbution||||||
||Accrue)a end deferred|income|020|024|023|020|
||Other creditors||240|4,914|240|4,914|
||||1.315|5,949|1,311||
||||At I Augiisl|Incoming|Resources||Gains(|At 31July|
|---|---|---|---|---|---|---|---|---|
||||2020|iesoumes|expended|Transfers|(losses)|2021|
||||CODD|6'DDD|CCDD|6'000|6'000|6'000|
|Endowment
Funds||- Permanent|||||||
|Student and academic support|||1.137||(5)|||1,132|
|Endowment
Funds||- Expendable|||||||
|Green College||||30||||30|
|Other|||||||235|240|
|Total Endowment||Funds - College||30|(6)||235|1,402|
|Endowment
funds|held by subsidiaries||||||||
|Tom( Endowment||Funds -Group|I 143||||235|1,402|
|Restricted
Funds|||||||||
|SWdentSupporlFunds|||I,IDI|337|(122)|||1,315|
|Other Academic Support|||2,133|652|(237)|||2,548|
|Other Fuiids|||1,219|512|(135)||1.100|2,696|
|Total Restricted|Funds - College||4,453|1,501|495||I IDD|6550|
|Restricted funds held by subsidiaries|||||||||
|Total Restricted|Funds -Group||4,453|1,501|495||1,100|6,559|
|Uhfestricted
Fuhds|||||||||
|Designated
funds|||2D,510|||||20,518|
|Green College|||24,800|||||24,800|
|Other|||903|||||803|
|General funds|||6,133|5,087|(7,005)||828|5,043|
|Revaluation
reserve|||46,017||||1,370|47,387|
|Pension reserve|||(974)||78|||(896)|
|Total Unrestricted||Funds - College|97297|5087|(6 928)||2,'l98|97,654|
|Pension Reserve|held by subsidiaries||(85)||49|||(36)|
|Total Unrestricted||Funds -Group|97,212|5,067|(6,879)||2 198|97,618|
|Total Funds|||102808|6,618|(7380)||3533|105,579|
|FUNDS OF|THE COLLEG|THE COLLEG|E DETASS|||
|---|---|---|---|---|---|
|The following|isa summary||of Ihe ongins and purposes|ofeach ofthe Funds||
|Endowment|Funds - Permanent|||||
|Student and|academic|support||A consolidation
of gifts and donations|to Ihe College, where the income but not the|
|||||capital must be used
in support ofstudents
and academic activities within Cofiege.||
|Endowment|Funds - Expendable:|||||
|Gmsn College snd Moriis|||Tmsl|A consolidation
ofgms and donations|to the college, similar lo permanent
endowment|
|Endowment||||in that they were given. or the College|has determined
based on Ihe circumstances|
|||||that they have been given, for the long|term benefi of Ihe College.
However,
the|
|||||Governing
Body may al their discrefion|determine
to spend
ag or perl ofIhe capital.|
|Restricted Funds:||||||
|Studentsupportfunds||||Aconsolidation
ofgdls and donations|where both income and capital can be used in|
|||||support ofstudent scholarship
and bursae provision.||
|Other academic support funds||||Aconsolidation
ofgas and donsfions|where both income and capital can be used in|
|||||support
ofacademe
initiatives
undertaken
within the general purposes
ofIhe College||
|Other funds||||A consolidation
ofgdls and donations|where both income and capital can be used in|
|||||support
ofCollege building
projecls.||
|Designated|Funds|||||
|Fixed asset|designated|funds||Unrestricted
Funds which are repmsenled
by fixed assets ofths College and||
|||||which are Iherefore not available for expenditure
on Ihe College's general purposes.||
|Other desig naiad funds||||Unrestricted
funds currently
allocated|by Ihe Governing
Body forfuture costs of|
|||||student
and academic support
This stood alto.sm at year end.||
|Revaluation|reserve|||Created by the revaluation
ofpraperty|inveslmsnts|
|Pension reserve||||Representing
the liability forfuture pension contnbuions
under defined benefit schemes||
##
|||unrsstnoled|Restncled|Endowment|2021|
|---|---|---|---|---|---|
|||Funds|Funds|FUnds|Total|
|||2'OOD|EOOD|2'ODO|E'000|
|Tangible|fixed assets|63,777|||63,77T|
|Property|investments|28,070|||28,070|
|Other investments||4,050|6,559|1,402|12,019|
|Net current assets||1,045|||1,045|
|Long teml liabilities||(932)|||(932)|
|||ST,618|6,559|1,402|105,679|
|||Unmstnotsd|Restdotsd|Endowment|mm|
|||Funds|Funds|FUnds|Total|
|||E'000|2'000|E'ODO|5'000|
|Tangible|fixe assets|64,951|||00061|
|Pmpsny
Investments
OtherinvesbnenLS||27,500
7,030|4,453|1,143|27,600
13,434|
|Nst oulvsht assets||(2.010)|||(2,D10)|
|Long tenn lisbdltiss||(1.059)|||(1,059)|
|||97,212|4,453|1,143|102,800|
##
|20|PENSION SCHEMES||
|---|---|---|
||Pension accounting
policy
The College participates
in Universities
Superannuation
Scheme and the Univerwty
ofOxford Staff Pension Scheme. These schemes are||
||hybnd
pension schemes,
providing
defined
benefits based on satanas as well as benefits based on contnbubons,||
||The assets ofthe schemes are each held
in a separate trustee-administered
fund. Because ofthe mutual
nature ofthe schemes, the||
||assets applicable
to the defined
benefit membership
are not atlnbuted
to individual
Colleges and scheme-wide
contribution
rates are set.||
||The College is therefore exposed
to actuarial
risks associated
with other UniversiTies'
and Colleges' employees
and is unable to identify|its|
||share ofthe underlying
assets and liebrlrfies ofthe defined
benefrt scheme on a consistent
and reasonable
basis.||
||As required
by Section 28of FRS 102 'Employee
benefits',
the College accounts for the schemes as if they were wholly
defined||
||contribution
schemes and contnbubons
tothese schemes are recognised es a hsbility
and an expense
in the period
in which the satanas||
||to which the contributions
relate are payable.||
||The College has entered
into agreements
for both schemes (the Recovery Plena) that determine
how each employer
within the schemes||
||will fund the overall scheme deficits
A liabihty
is recognised
at each balance sheet date fcr the dacounted
value ofthe expected future||
||contribution
payments
under these past service deficit funding
agreements
with changes
to these liabilities
bemg recognised as an||
||expense
rn the penods
rn which the changes occur||
||PENSION SCHENIES||
||The College participates
in the Universities
Superannuation
Scheme ( USS'I and the University
ofOxford Staft Pension Scheme ('OSPS')
on behalf its fellows snd staf plus NEST||
||As explained
rn the accounting
policies, due to insufficient
information
berng available
to enable the College to use defined
benefit||
||accounting
forthe USS and OSPS, in accordance
with the provisions
of FRS 102 both schemes are accounted for as ifthey were defined||
||contribution
schemes.||
||Both schemes have put in place agreements
for additional
contributions
lo fund their psst servos deficits and the College has recognised
a habrlity for the present
value ofthe future contributions
that 4esbmates
will be payabie ss a result ofthese deficit funding
agreements
as||
||explained
below and reported
in note 28.||
||In the event ofthe withdrawal
ofeny ofthe partiopatrng
employers
in USS or OSPS, the amount ofany pension
funding
shorffall
(which||
||cannot be otherwise
recovered)
in respect ofthat employer
will be spread across the remaining
participating
employers
and reflected
in||
||the next actuarial
valuation
ofthe scheme.||
||The University
hss also made available
the National
Employment
Savings Trust for employees
who are eligible under automatic||
||enrolment
regulations
to pension
benefits but not eligible for either USS or OSPS||
||Universities
Superannuation
Scheme||
||The USS corn pnses
two perte, USS Retirement
Income Builder which
is s defined
benefit arrangement
and USS Investment
Builder which||
||is a defined
contribution
arrangement.
However, as explained
above, both parts are accounted for as ifthey were defined
contribution||
||arrangements.
The pension
charge forthe year
in the Statement of Financial
Activities includes 5195518(2020 - 2118148) in relation to the USS.This
represents
normal
contributions
of8272,478 (2020-5284,882) payable
to the USS together
with the change
in the deficit funding
liability
between
the opening
and closmg balance sheet dates of(576,962)(2020 —(5403,030)).||
||The latest triennial
actuarial
valuation
ofthe USS defined benefit liabilities was prepared as at 31 March 2020 and the related actuarial||
||report and contribution
determrnalron
were shared
with the USS's Joint Negotiating
Committee
(JNC) (which represents
employers
end||
||scheme members)
in March 2021,||
||This report sets out increases
in pension
ccntnbutions
that would be necessary to manta in the scheme's existing benefas
under three
scenarios.
1he most favourable
ofthese scenanos
required
an overall contnbution
rate of42 I55with higher rates for the other scenarios
of49.8%and 582'4. These compare to the current overall conb ibution rate of30.7'4. The scheme deficit as at March 2020 also varies
depend rig on the scenario from 514.9bn to 517Qbn (on a technical
provisions
basis).||
||In response tothese rising costs of providing
the scheme's
current benefrls,
the JNC has proposed
changes to the way future benefxs are||
||built up which, 4agreed,
will pave the way for the introduction
of new contribution
rates.||
||Any changes are still subiect to s statutory
employer-led
consultstron
with affected employees
and their representatives
and, because of||
||the necessary
time for this, USS mformed The Pensions
Regulator
that it was not possible to complete the 2020 valuation
by the statutory
deadline of30June 2021.The cunsnt expectation
is that the valuation
process
will not conclude
until late 2021 or early 2022.||
##
|RECONCILIATION
OF NET|RECONCILIATION
OF NET|INCOMING|INCOMING|RESOURCES TO|||||
|---|---|---|---|---|---|---|---|---|
|NET CASH FLOW FROM OPERATIONS|||||||2021|2020|
||||||||Group|Gfcup|
||||||||E'000|2'000|
|Net movement
In funds for||lhe|year||||2,771|5 115|
|Elimination
of non-operating||cash iowa|||||||
|Investment
income|||||||(I 674)|(1,714)|
|Losses/(Gains)
in investments|||||||t3,533)|(5.695)|
|Endowment
donations|||||||||
|Depraaedon|||||||1,816|1,302|
|Decrease/(Incmase)|in stock||||||I|12|
|Decrease/(Incmase)|in deblom||||||(50)|443|
|Increase/(Decrease)|in creditors||||||(4,634)|2,580|
|(Decrease)/Increase|in provisions||||||||
|(Decrease)/increase|in pensian||scheme|liability|||(127)|(317)|
|Net cash provided
by operating
activiTies|||||||(5,430)||
|ANALYSIS OF CHANGES
IN NET DEBT|||||||||
||||||At start||At end||
||||||otthe||ofthe||
||||||year|Ceshflows|year||
||||||E'000|E'000|0'000||
|Cash|||||3,317|(1,620)|1,097||
|Deposits and other short lerm investments|||||4,667|(2,300l|2,279||
|Loans falling due after more||Ihan ons year|||||||
|Total|||||7,984||||
|ANALYSIS OF CASH AND CASH EOUIVALENTS|||||||||
||||||||2021|2020|
||||||||E'000|E'000|
|Cash at bank and in hand|||||||1,897|3,317|
|Notice deposils gsss|than 3|monlhs)|||||||
|Batik ovoid/afls|||||||||
|Total cash and cash|equivalents||||||~097|3,317|
##
##
|The finanoal
slatemenls
include Ihe following|The finanoal
slatemenls
include Ihe following|The finanoal
slatemenls
include Ihe following|The finanoal
slatemenls
include Ihe following|in|respect|ofitems held at|fair value|||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||2021|2020|2021|2020|
|||||||||Gfoap|Group|College|College|
|||||||||k'000|6'000|MOOD|6'ODO|
|Financial|inslmments|that are debt instruments|||measured|at seitlement|value:|||||
|Trade debtors||||||||19|IDO|19|109|
|Amounts|owed by College members|||||||175|296|I'75|296|
|Amounts|owed by Group undertakings|||||||||Ie)|162|
|Loans repayable
mthin||one year||||||||||
|Other debtors||||||||279|52|279|52|
|Financial|liabilities measured
at sedlemenl||value|||||||||
|Tmde creditors||||||||(110)|(77)|(110)|(76)|
|Amounts|owed to College membem|||||||||||
|Amounts|owed to Group undertakings|||||||||||
|College|contribution|||||||||||
|Other creditors||||||||(240)|(4914)|(240)|(4,914)|
|||||||||123|(4,534)|117|(4,371)|
##
##
##
|||||Unreslricted|Restncted|Endowed|2020|2019|
|---|---|---|---|---|---|---|---|---|
|||||Funds|Funds|Funds|Total|Total|
||||Notes|6'000|2'000|2'ODO|6'000|E'000|
|INCOME AND ENDOWMENTS||FROM:|||||||
|Charitable
activiTies:|||||||||
|Teaching, rsseamh
and|residential|||3.200|||3,200|3,179|
|Public worship|||||||||
|Donations
and legacies||||55|700||763|791|
|Investmenls|||||||||
|Investmenl
income|||4|'I214|||1,714|1,430|
|Tolel return allocaled lo|income||13||||||
|Total income||||5,006|700||6,214|5,614|
|EXPENDITURE ON:|||||||||
|Charitable
activities:|||||||||
|Teaching, research and|residential|||6,095|491|5|0,6af|7,909|
|Public worship|||||||||
|Generating
funds:|||||||||
|Fundraising||||144|||144|132|
|Trading expenditure||||58|||58|40|
|Investmenl
management|costs|||I|||I|I|
|Total Expenditure||||6,290|491|5|0,T94|8,162|
|Net Incomal(Expenditure)|before gains|||(702)|217|(5)|(500)|~E64|
|Net gains/(losses)
on inveslments
Net Incomer(Expenditure)|||10,11|5,716
4924|(17)
200|(4)
(0)|5,005
5115|1,023
~(t 5 5)|
|Transfers
between funds|||15||||||
|Net movement
in funds for the||year||4,924|20D||5,115|(1,525)|
|Fund balances
bmught
forward|||15|92,208|4,253|1,152|97,693|09210|
|Funds canisd forward at|31July||17|07,212|||||
##
##
|The 202D|parent and subsi|diary
undertakings
income|and expenditure
were as follows:|||
|---|---|---|---|---|---|
||||Parent Cogegs|Gr88n|GTC Design 0|
|||||Templeton|Build|
|||||S8Nicas||
||||E.'000|EOOD|DODO|
|SOFA||||||
|Income|||11,809||100|
|Expenditure|||(6,602)|(12)|(100)|
|Donaaon|lo College under|gift eid||||
|Result for|the year||5,127|(12)||
##
|ii.|ANALYSIS OF MOVEMENTS ON FUNDS|ANALYSIS OF MOVEMENTS ON FUNDS|||||||
|---|---|---|---|---|---|---|---|---|
||||At I August|Incoming|Resources||Gains/|At 31July|
||||2019|msovmss|expended|Transfers|(losses)|2020|
|||||2'000|2'000|6000|6'000|E'000|
||Endowment
Funds - permanent||||||||
||student
and academic support||1,145||(4I||(4)|1.137|
||Permanenl2||||||||
||EndowmentFunds-Expendable||||||||
||Green College||||||||
||Other||||||||
||Total Endowment|Funds - College|1,152||(5)||(4)|1 143|
||Endowmenl
funds
Total Endowment|held by subsidieries
Funds - Group|1,152||(5)||~4)|1,143|
||Restricted
Funds||||||||
||Student Support Funds||1.040|174|(121)|||1,101|
||Other Academic Support||2 030|338|(234)|||2,133|
||Other Funds
Total Restricted|Funds - College|1.175
4 253|196
708|(136)
(491)||(17)
~17|1,218
4453|
||Restnmed
funds
held by subsidianes||||||||
||Total Reetnctsd|Funds - Group|4,253|708|(491l||(17)||
||Uiinistf feted Fuhds||||||||
||Designated
funds||20518|||||20,518|
||Green College||24,800|||||24,ggo|
||Omar||803|||||803|
||General funds||7,270||(6615)||(28)|6,133|
||Revalualion
reserve||40,273||||5,744|46,017|
||Pension reserve||(I 269)||295|||(974)|
||Total Unreseicted|Funds - College|92,395|5506|(6320)||5716|97297|
||Pension Reserve|held by subsidianes|(107)||22|||(85)|
||Total Unrestricted|Funds - Group|92,288|55ml|(6298)||5716|97212|
||TolalFunds||97693|6,214|(6,794)||5,695|102,808|
|31|US DEPARTMENT OF EDUCATION
FINANCIAL|US DEPARTMENT OF EDUCATION
FINANCIAL|RESPONSIBILITY
SUPPLEMENTAL|RESPONSIBILITY
SUPPLEMENTAL|RESPONSIBILITY
SUPPLEMENTAL|RESPONSIBILITY
SUPPLEMENTAL|RESPONSIBILITY
SUPPLEMENTAL|RESPONSIBILITY
SUPPLEMENTAL|RESPONSIBILITY
SUPPLEMENTAL|SCHEDULE|SCHEDULE|SCHEDULE|SCHEDULE|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||In sabsfacbon
of ils oblrgasons
to facilitate students'|||access to Us federal finandal|||||aid, the||collage||is required,|||by the Us Department|||of Education,|||
||to present
the follomng Supplemental
Schedules||in|a prescnbed fomiat||||||||||||||||||
||The schedules
have been|||||||||||||||||||||
||prepared
under Ihe histoncal|cost convenson,|sublect to ths reveluabon|||||ot certain tlxed||||assets||||||||||
||prepared
using
United
Kingdom
generally
accepted accounsng
practice,|||||||in acconlance||||with Financial|||Reporting||standard|102||||
||(FRE102) and the statement|of Recommended||practice
Accounsng||for FuMar and|||||~igher Education (2019edibon),|||||||||||
||presented
in pounds
atening|||||||||||||||||||||
|||||||||||||||||||2021||2020||
||||||||||||||||||E'000||2'000|0.'000||
||Expendable
Net Assets|||||||||||||||||||||
||Statement ofFinanual
Posibon .Nel assets without||||Net assets mlhout|||donor|reslnctions||||||||||97,610||97212|
||donor restncaons|||||||||||||||||||||
||statement
of Finanual posaon - Net assets wdh donor||||Net assets mth|donor Nslnotions|||||||||||||7,961||5596|
||nwuictions|||||||||||||||||||||
||Statement ofFinanual
Posibon - Related party||||Secured and Unsecured||||related||party mceivable|||||||175||296||
||receivable and Related pariy note|disdosum||||||||||||||||||||
||Statement ofFinanual Posaon - Related party||||Unsecumd
n:lated|||party|receivable||||||||||175|||
||receivable end Related pa
note|disdosure||||||||||||||||||||
||Statement ofFinanoal Position - Pmperiy,
Plant end||||Pmperty
plant and|||equipmsnt,||net (includes||||||||||92451||
||e
ul menL net||||ConstruMon
in|||mss||||||||||||||
||Note ofthe Finanuat
Stalemenls|Slabrmsnt of|||Property
plant and equipmsnl.||||||preumplemenlation||||||||'I2,005||92125|
||mnanual
Position - Properly,
plant|ard equipmsnt|-|prs-||||||||||||||||||
||implementation|||||||||||||||||||||
||Nota of Ihe Finandal
Statements|-Statement of|||properly.
plant and|||equipmenl||-|postumplementabon|||||||||||
||Finanual
Posibon - Property,
plant|and equipmerit||post|with outstanding|debt for|||onginal||purchase|||||||||||
||Implementation
wth oulslancing
debt for ong inc)|||||||||||||||||||||
||purchase|||||||||||||||||||||
||Nots of the Finsndel Statements|- Statement of|||property,
plant and equipment|||||-|post implementation||||||||sa2||326|
||Finanuel
Posibon - Property,
plant|end equipment|-post||without oulstancing|||debt|for anginal|||purchase||||||||||
||implementabon
without outslsncing|riebl for onginal||||||||||||||||||||
||purchase|||||||||||||||||||||
||Note of the Financial Statements|-Statement
of|||Construction
in|pmgress||||||||||||||||
||Finanoal
Position
Conslrucaon
in pro ress|||||||||||||||||||||
||Statement of Finenual
pcsibon -|Lasso nghtxrause|||Lease nght-of-use|||asset,|nel|||||||||||||
||assets. net|||||||||||||||||||||
||Nots ofthe Finandal Statements|-Statement
of|||Lease nghltof-uss|||asset|prs-implememetion|||||||||||||
||Finanual Pssaon - Lease nght-of-use asset pre-|||||||||||||||||||||
||implementauon|||||||||||||||||||||
||Note ofthe Finanual
Statements|- Statement of|||Lease nght-of-use|||asset|post-implementeaon|||||||||||||
||Finanual
Position - Lease right-of-use asset post|||||||||||||||||||||
||imulemenlabon|||||||||||||||||||||
||Statement
of Finanual
Poation -Goodwill||||Intangible
assets|||||||||||||||||
||statement
ofFinanual
position uythsr
intangible
assets||||Inlangble assets|||||||||||||||||
||Statement ofFinanual
Poabon -|Postwmployment||and|Postwmployment|||and penaon||liabilibes|||||||||932||1059|
||enaon
liabiblies|||||||||||||||||||||
||Statement ofFinancial Posibon -|Nots Payable snd|||Long-tenn
debt|- for long term||||pumoses||||||||||||
||ILine ofCredit for long term purposes
(both cunent||and|||||||||||||||||||
||long term) and Line ofCredit for Conslrucgon
in process|||||||||||||||||||||
||Statement of Finanual
Position -|Note Payable and|||Long-term
debt||for long term|||purposes|||prs-|||||||||
||ILine ofCredit for long.term purposes
(both current||and||implemenlation|||||||||||||||||
||long lenn) and Line ofCredit for Conslrucbon
in process|||||||||||||||||||||
||Statemenl ofFlnandal
Powtion -|Note Payable snd|||Long-term debt|-|for long tenn|||purposes|||post-|||||||||
||ILine ofCredit for long-tenn
purposes
(both current||and||implemenlabon|||||||||||||||||
||long term) end Line ofCredit for Con stmcbon
in process|||||||||||||||||||||
||statement
of Finanual
poason -|Note payable
and|||Line ofCredit for||Conslrucbon|||in process||||||||||||
||Line ofctacit for long-term
purposes
(boih cunent||and|||||||||||||||||||
||ilong lean) snd Line of Credl lor Construmion
in process|||||||||||||||||||||
||Statement of Financial Posigon|Lease righl-of-usa|||Lease rightwf-use|||asset|liebilxy|||||||||||||
||asset liabili|||||||||||||||||||||
||Statement of Finance) Poabon -|Lease nght-of-use|||Pre-implemenlebon|||nghlud. use|||leases|||||||||||
||asset liability
reqmplementabon|||||||||||||||||||||
||Statement
of Financwl
Poetion -|Lease nght-of-use|||Postumplemenlabon|||nghtvri-use||||leases||||||||||
||asset liebili
sl-im
lemsrrlebon|||||||||||||||||||||
||Statement
of Finanual Posibon -|Annulbes|||Arinullies
with donor mstrioions|||||||||||||||||
||statement
ofFinancial
poaalon -|Term endowments|||Tenn endowments|||with|donor|reslridions||||||||||||
||Statement ofFinanual Posaon -|Life Income Funds|||Life income funds|||with donor reslricbcns||||||||||||||
||Statement
ofFinanual
Position -|Perpetual
Funds|||Net assets mlh|donor iaslrlcsons:||||||restnosd||in||||||||
||||||oerpetuitv|||||||||||||||||
|US DEPARTMENT OF EDUCATION
FINANCIAL|US DEPARTMENT OF EDUCATION
FINANCIAL|US DEPARTMENT OF EDUCATION
FINANCIAL|RESPONSIBILITY|RESPONSIBILITY|RESPONSIBILITY|SUPPLEMENTAL SCHEDULE (conEnued|SUPPLEMENTAL SCHEDULE (conEnued|SUPPLEMENTAL SCHEDULE (conEnued|SUPPLEMENTAL SCHEDULE (conEnued|SUPPLEMENTAL SCHEDULE (conEnued|SUPPLEMENTAL SCHEDULE (conEnued|SUPPLEMENTAL SCHEDULE (conEnued|SUPPLEMENTAL SCHEDULE (conEnued|SUPPLEMENTAL SCHEDULE (conEnued|||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||||||2021||2020||
||||||||||||||||2'000|Edda|8'000|EYIIM|
|Ydtal Expahuls
ahd Losses|||||||||||||||||||
|sletemmit
ofActiums-
Total Operating
Eimens!B||||Total expenses|||without||dcnm mBncli one- laban|||||||7,580||67I4|
|ITolal from Statement
ofAclivdes|pnor to adlustmenls)|||iliractly from||statement|||of|Acbvdies|||||||||
|Statement
ofAclivites - Non-Gperat
ng (Investment||||Non Gpersbng|||snd|Net|investment||||goes)|||-5,207||7409|
|return appropnalsd
for spending),|Investmsnts|net|of||||||||||||||||
|annual
spending
gain goes), Other components||of|net||||||||||||||||
|penodic pension costs, Pension-related
changes||other|||||||||||||||||
|man net periomc pension, cnanges otner tnan net|||||||||||||||||||
|penodic pension, Change
in value|ofsplit-interest||||||||||||||||||
|agreements
and Other gains (loss) - (Total from|||||||||||||||||||
|Statement
ofActivibes pnor to aC)ustments)|||||||||||||||||||
|Slalement ofAcbvitss - (Investment
return
appmpnsted||||Net Investment|||losses|||||||||.5,837||-i665|
|for spending)
end Investments
net of annual
spending|||||||||||||||||||
|garrt (loss)|||||||||||||||||||
|Statement ofActivihes - Pension|related changes other|||pension-related|||changes|||other than|||net penocrc costs||||||
|than oanoCkc oensron|||||||||||||||||||
|US DEPARTMENT OF EDUCATION
FINANCIAL|||RESPONSIBILITY|||SUPPLEMENTAL|||||SCHEDULE|||(continued|||||
||||||||||||||||2021||2020||
||||||||||||||||2'000|E'000|Eoaa|E'000|
|Modifi
d N t Ass ts|||||||||||||||||||
|Statement of Finanmal
Position -|Net assets without|||Nst assets without||||donor||rsstnc8ons||||||97,610||97212|
|dohor rrtsurcltohs|||||||||||||||||||
|Statement ofFrnanmal
Position -|total Net assets with|||Net assets with|||donor restncbons|||||||||7,961||5596|
|donor restncbons|||||||||||||||||||
|Statement of Finanual
Posiaon -|Goodwill|||Intangible|assets||||||||||||||
|Statement of Financial PosRon -|Rslalsd
party|||Secured|and Unsecured|||||related||party receivable|||175||296||
|receivable and Related pa
nots|disclosure||||||||||||||||||
|Statement of Finanual
Posdon -|Related party|||Unsecured||misled||party receivable||||||||175||296|
|receivable and Related party note|disclosure||||||||||||||||||
|Us DEPARTMENTDF EoucATIDN
FINANclAL|||REEPDNBIBIUTY|||sUPPLEMENTAL scHEDULE(cmdlnuatE|||||||||||||
||||||||||||||||2021||2020||
||||||||||||||||Pdgo|0'000|F:000|8.'000|
|Modified Asrms|||||||||||||||||||
|Statement of Financial
Position|Total Assets|||Total Assets||||||||||||107,026||109816|
|Note ofthe Ftnandal
Statements|-Slatement ol|||Lease nght-of-use||||asset prevmplemenlatian|||||||||||
|Finsnual
position
-Lease nghtmf-uss
easel prs-|||||||||||||||||||
|Implementabori|||||||||||||||||||
|Statement of Finandal
Position -|Lease nghtcrf-uss|||Pre-implementabon||||nghtureusu||||leases|||||||
|asset lrabrli
pra-r
lementatron|||||||||||||||||||
|Statement of Financial Position|Goodwrg|||Intangible|assets||||||||||||||
|Statement of Financial Position -|Related party|||Secured|and Unsecured|||||related||party receivable|||175||296||
|rscwvabls
and Related party nots|disclosure||||||||||||||||||
|smrement
or Finandai posBon -|Raisted pany|||Unsecured||related||party receivable||||||||175||296|
|receivable and Related party nota|disclosure||||||||||||||||||
|US DEPARTMENT DF EDUCATION
FINANCIAL|||RESPONSIBILITY|||SUPPLEMENTAL SCHEDULE (continued)|||||||||||||
||||||||||||||||2021||2020||
||||||||||||||||F:000|0'000|Cggg|Bogg|
|Net Income Ratio|||||||||||||||||||
|Statement ofAcbvities - Change|in Net Assets Without|||Change|in Net||Assets Without Conor Reslnctions||||||||||||
|Donor Restrtclions|||||||||||||||||||
|Statement
ofAcbvitiss - (Net assets released from||||Total Revenue|||and|Gains||||||||4,94I||4500|
|reslnction),
Total Operating
Revenue and Other|||||||||||||||||||
|Additions
and Sale cfFixed Assets
gains (losses)|||||||||||||||||||