2022-07-31-accounts - The Queen's College, Oxford

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			Page
Governing Body, Officers		and Advisers
Report ofthe	Governing	Body
Auditor's Report			14
Statement of	Accounting	Policies	17
Consolidated	Statement	ofFinancial Activities	22
Consolidated	and College Balance Sheets		23
Consolidated	Statement	ofCash Flows	24
Notes to the	Financial Statements		25

Dr C H Craig CBE (Provost)
Prof P A Robbins
Dr R BNickerson
DrJ H Davis	Retired 30/09/2021
Prof R A Taylor
Prof JA Langdale
Prof EJ C Mellor
Dr N J Owen
Prof D LRees
Mr N C Bamforth
Dr KA0 O'Reilly
Prof C BLouth
Prof CJ Norbury
Prof J P K Doye		gA
Prof M J Buckley
Prof SAldridge
Dr A Timms
Dr P Papazoglou
Dr L R Lonsdale
Prof R L Beasley			~A
Dr C V Crowther
Prof C A O'Callaghan
Prof R N N Robertson	Retired 30/09/2021
Prof L L A Phalippou
Dr D Mayer
Prof A M Gardner
Dr P Tammaro
Dr L A Turnbull

DrJ L Guest
Prof R B Parkinson
Dr C M S Metcalf
Prof SA Whidden
Dr D Prout
Prof J P Keating			~ A
Prof C EJAbell
Prof RSWeatherup
DrSB Kelly
Prof J A Carillo de la Plata
Dr C P O' Brien
Prof SJ Leedham
Dr M P Ono-George	Elected 20/10/2021
Prof P Griffin	Elected 10/11/2021; resigned	30/09/2022
Prof K Leeder	Elected 19/10/2022
Dr D Egger	Elected 19/10/2022
Prof BSchulman	Elected 19/10/2022

he members ofthe Governing Bod	y to whom day-to-day management is delegated are as follows:
Provost	Dr C H Craig
Bursar	Dr A Timms
Senior Tutor	Prof SA Whidden
Dean	Dr R BNickerson
Tutor for Undergraduates	Prof C BLouth
Tutor for Graduates	Prof R L Beasley (from 01/10/2022) (Prof M J Buckley to
	30/09/2022)
Tutor for Admissions	Dr J L Guest

hey are supported in particular by t	he following senior staff:
Domestic Bursar	Ms M L Bracey
College Accountant	Mrs KA Daniels
Academic Administrator	Dr S McHugh
Director of Development	DrJ BJacobs
Chaplain	The Revd A Watson	(from 01/08/2022) (The Revd KA M
	Price to 20/07/2022)
Librarian	Dr M Shaw

				Unrestricted	Restncted	Endowed	2022	2021
				funds	fuitds	fuiids	Total	Total
			Notes	E000	E000	E000	O000	E000
INCOME AND ENDOWMENTS		FROM:
Charitable activities:
Teaching, research and	residential			5,704			5,704	4,349
Other trading income				451			451	27
Donations and legacies					213	2 106	2,319	2,085
Investments
Investment mcome			4	788	149	5 182	6,119	4,679
Total return allocated to income			14	8,858	1,788	(10846)
Other Income: Coronavirus		Job Reienhon Scheme		21			21
Total income				15,822	2,150	(3,358)	14,614	11,444
EXPENDITURE ON:
Charitable activities:
Teaching, research and	residential			12,696	1,164	282	14,142	12,590
Generating funds:
Fund-raising				179			179	171
Trading expenditure				394			394	65
Investment management		costs		170	32	1,120	1,322	1 272
Total Expenditure				13,439	1,196	1,402	16,037	14,098
Net income I(expenditure)	before gains I(losses)			2,383
Net gains I(losses) on investments			11.12	1 070	(141)	7,026	7,955	50,610
Net income I(expenditure)				3,453	813	2,266	6,532	47 956
Transfers between funds
Net movement in funds for	the year			3,453	813	2,266	6,532	47,956
Fund balances brouglit forward				82,338	11,857	325,523	419,718	371,782
Funds carried forward at 31July				85,791	12,670	327,789	426,250	419718

			2022	2021	2022	2021
			Group	Group	College	College
		Notes	5'000	E000	B000	E000
FIXEDASSETS
Tangible assets		9	31,786	32,425	31,786	32,426
Heritage assets		10
Property investments		11	96,919	83,919	96,919	83,919
Other investments		12	332,213	316,982	332,213	316,982
Total fixed assets			460,918	433,327	460,918	433,327
CURRENT ASSETS
Stocks			439	438	440	438
Debtors		15	2,527	2,458	2,885	2,506
Cash at bank and	in hand		5,285	21,971	4,629	21,852
Totalcurrent assets			8,251	24,857	7,954	24,796
LIABILITIES
Creditors. amounts	falling due within one year	16	12,649	1,982	12,537	1,928
NET CURRENT ASSETS			(4,398)	22,885	(4,583)	22,858
TOTAL ASSETS LESSCURRENT LIABILITIES			456,520	456,212	456,335	456,195
CREDITORS: falling due after more than one year		17	26,873	34,863	26,873	34,863
NET ASSETSBEFORE PENSION LIABILITY			429,647	421,349	429,462	421,332
Defined benefit pension scheme liability		23	3,397	1,631	3,397	1,631
TOTAL NET ASSETS			426,250	419,718	426,065	419,701
FUNDS OF THE COLLEGE
Endowment funds		19	327,789	325,523	327,789	325,523
Restricted funds		19	12,670	11,857	12,670	11,857
Unrestricted funds		19
Designated funds			75,089	71,779	75,089	71,779
General funds			10,702	10,559	10,517	10,542
			426,250	419,718	426,065	419,701

						Restated
					2022	2021
				Notes	8'000	8'QQQ
Net cash used in operating	activities				7	~7.5937
Cash flows from investing	activities
Dividends, interest and rents from investments					6,453	4,883
Purchase ofproperty, plant and equipment Proceeds from sale ofinvestments Purchase of investments				9 11,12 11	(146) 1,495 ~9. 9	(19) 1,543 (221)
Net cash provided by investing activities					(11,970)	8,188
Cash flows from financing	activities
Interest payable on bank loans and senior notes					(799)	(778)
Receipt ofendowment					2,129	4,823
Net cash provided by financing activities					1,330	4,045
Change in cash and cash	equivalents in the	reporting	period		(16,686)	2,638
Cash and cash equivalents	atthe beginning	ofthe
reporting period					21,971	19,333
Cash and cash equivalents	atthe end ofthe	reporting
period				28	5,285	21,971

	2022	2021
Teaching, research and residential	6'000	E000
Unreslnmed funds
Tuition fees UK and EU students	1,422	1,446
Tuition fess - overseas students	1,193	1,067
Other Offms for Students support	260	298
Other academic income	139	131
College residential income	2,690	1,407
Total teaching, research and residential	0,704	4,349
Total income from charitable activities	5,704	4,349

					2022	2021
					2'000	0'000
	Donations and legacies
	Restricted funds				213	110
	Endowed funds				2,106	1,067
					2,310	2,005
3	INCOME FROM OTHER TRADING ACTIVITIES
					2022	2021
					Pggg	B000
	Subsidiaty company		trading	income		27
					451	27
4	INVESTMENT INCOME
					2022	2021
					E'000	2'000
	Unresfnca d funds
	Agncultural rent				03	00
	Commercial rent				343	231
	Equity dividends				362	242
	Bank interest
					700	553
	Resfdkfed funds
	Agnculturalrenl				16	15
	Commercial rent				65	42
	Equity dividends				68	45
	Bank inleresl
					149	102
	Endowed funds
	Agricultural rent				545	584
	Commercial rent				2,255	I 670
	Equity dividends				2,300	1,759
	Bank interest				2	2
					5,102	4,024
	Total Investment	income			6,110	4,679

ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE
			2022	2021
			Eccc	2000
Charitable expenditure
Direct staff costs allocated	to:
Teaching, research and	residential		7,504	5 361
Other direct costs allocated	to
Teaching, research and	residential		4,908	5,419
Support and governance costs allocated to
Teaching, research and	residential		I 730	1,810
Total charitable expenditure			14,142	12,590
Expenditure on generating	funds
Direct staff mats agocaled	lc
Fund-raising			140	119
Trading expenditure			99	18
Other direct costs agocaled	lo
Fund-raiang			39	52
Trading expenditure			255	33
Investment management	costs		133	138
Support and gevemance costs allocated to:
Trading expenditure			40	14
Investment management	costs		1,189	1,134
Total expenditure on generating		funds	t,agff	1,508
Totalexpendlhure			16,037	14,098

			Teaching
		Generalmg	and	2022
		Funds	Research	Tote I
		E'000	OOOO	E'000
Finanaai administration		368	607	995
Human resources		I	55	56
IT		8	224	232
Depredation			786	786
Loan interest	payable	832		832
Other finance	charges		36	36
Governance	costs		22	22
		1,229	1,730	2,959
			Tending
		Generating	aml	2021
		Funds	Research	Total
		2'000	E'000	E'000
Fmancial administration		373	585	958
Human resources			81	81
IT			308	312
Depmdation			787	787
Loan interest	payable	771		771
Other finance	charges		28	28
Governance	cosis		22	22

GRANTS AND AWARDS							2022	2021
							2'000	2'000
During the year the College		funded	research	awards and bumanes	to students	from
its iestncted end unrestricted		funds	as follows:
unrestricted funds
Grants lo individuals:
Scholarships, pnzes and grants							68
Burssnes and hardship	awards						92
Graduate studentships							141
Total unrestricted							301	201
Restricted funds
Grants to individuals
Scholarships, prizes snd grants							67	40
Bursaries and hardship	awards						1	6
Graduate sludentships							298	243
Total restricted							366	289
Total grants and awards							667	490

STAFF COSTS
									2022	2021
The aggregate staff costs	for the year were as follows								E000	5'000
Salaries and wages									5,409	5 273
Social security costs									500	452
Pension costs:
Defined benefit schemes									906	848
Pension defial recovery	plan adiuslments		(Note	23)					I,'752	(196)
Other benefits									190	68
									8,757	6,445
The average number ofemployees of the College,				excluding		trustees,
on a headcount basis was	as fofiows.								2022	2021
Tuition and research									36	34
Co0sge residential									71	73
Fundraising									5	5
Support									39	38
Total									151	150
The average number of employed College			trustees	during	the year was as		follows
Assodals Professor —TF	Univemily	and non-TF							20	20
Assodale Professor —TF	College								9	9
Other teaching and research									I	I
Other									2	2
Total										32
The following informalion	relates lo lhe employees			of the	College sxduding		ihe College trustees. Details ofthe remuneration	and reimbursed	expenses ofthe
College trustees is induded ssa separale			note in	these finand		el statements

TANGIBLE FIXEDASSETS
Group	Freehold	Fixtures,
	land and	fitlmgs snd
	buildmgs	equipment	Total
	B000	5'000	Bfiee
Cost
At start of year	41 471	158	41,829
Additions	146		146
At end ofyear	chair	158	41 775
Depreciation and impairment
At stan of year	9,077	126	9,203
Depredation charge for Ihe year	758	28	786
Atend ofyear	9,835
Net book value
At end ofyear	31,782	4	31,786
At start ofyear	32,394	32	32,426
College	Freehold	Fixlums.
	land and	fithngs and
	buildings	equipment	Total
	2'000	5'000	5.'000
Cost
Al start ofyear	41,471	158	41,829
Addilions	146		146
Disposels
At end ofyear	41 617
Depreciation and impairment
At start ofyear	9,077	126	9,203
Charge fnr the year	756	28	rfia
At snd ofyear	9,835	154	9989
Net book value
At end ofyear	31282	4	31,786
At alert ofyear	32,394	32	32,426

PROPERTY INVESTMENTS	PROPERTY INVESTMENTS	PROPERTY INVESTMENTS
Group							2022	2021
				Agncultural	Commeroal	Other	Tote I	Total
				C000	5'DOD	r.'000	6'000	2'DOO
Valuation	at start ofyear			49052	34,600	67	83,919	90,970
Additions	and improvements		al cost	511	260		771	221
Oisposals				(534)	(745)		(1,279)	(1,223)
Revaluation gainer(losses)		in	ihe year	15,614	(2,1D6)		13,508	(6,049)
Valuation	at end ofyear			64.643	32,209	67	96,919	83919
College							2022	2021
				Agricultural	Commerdal	Other	Total	Total
				2'000	2'000	CDOD	6'000	2'000
Valuation	al start ofyear			49,052	34800	67	83,919	90,970
Additions	and improvements		at cost	511	260		771	221
Cisposals				(534l	(745)		(1,279)	(1,223)
Revaluation gains/(losses)		m	the year	15,614	(2 106)		13,509	(6,049)
Valuation	at end ofyear			64,643	32,209	67	96,919	83,919

		Parent College	QCOTL	QCODL
		8'000	2'000	2'000
Income		14,163	451
Expendilure		(15,772)	(265)
Donation lo	College under gift aid	15	(I5)
Inveslmenl	gains	7,855
Nel income	for Ihe year		171
Total assets		468,872	798
Total liabilities		(42,807)	(613)
Net funds al Ihe end ofyear

The Irustees have adopted a duly	The Irustees have adopted a duly		authorised	authorised	authorised	authorised	authorised	policy of total return	policy of total return	policy of total return	policy of total return	policy of total return	accounting	for the college mvestment returns	for the college mvestment returns	for the college mvestment returns	for the college mvestment returns	with enact from I August 2002 1he investment	with enact from I August 2002 1he investment	with enact from I August 2002 1he investment	with enact from I August 2002 1he investment	with enact from I August 2002 1he investment	with enact from I August 2002 1he investment
return to be applied as income	is	based				on	Ihe		return on the classes ofinvsstmenls						held and	the average ofthe		yearend	values of Ihe relevant investments				in
each of the last five years, aclusled				Ior		inflation				The preserved			(frozen) value	of the invested		endowment capital		represents its openmarket			value in 2002		logelher
with all subsequent endowments		valued				at	date			oi gift.
2022															Permanent		endowment			Expendable		2022 Total
																Unapplied				endowment		endowments
															Trustfor		total
														investment			return		Total
															E'000		E'000		6'000		EOOO		POOO
At the beginning ofthe year.
Gift component ofthe permanent				endowment											91,075				91,075				91,075
Unapplied total return																	209,840	209,840					209,848
Expendable endowment																				24,000			24,000
Total endowments															91,075		209,848	300,923		24,600			325,523
Movements in the reporting	period:
Gift ofendowment funds															1,071				1,071		1,035		2,106
Investment return: total investment					income												4,780		4,786		396		5,182
Investment return: realised and Less: investment management Other transrers Total			unrealised costs						gains and		losses				1,071	10,144 6,480 (1,034) ~90)		11,215 0,408 (1,034) ~96		1,697 538 (86) ~tsa		12,912 7,026 (1,120) ~202)
Unapplied total return allocated			to		income			in		the reporting		period					(9,903)		(9,903)		(743)		(10,646)
Expendable endowments transferred						to	income
																	(9,903)		(9,903)		(743)		(10,846)
Net movements in reporting	period														1,071		241		1,312		954		2,280
At end ofthe reporting period:
Gift component ofthe permanent				endowment											92,146				92,140				92,146
Unapplied total return																	210,089	210,089					210,009
Expendable endawment																				25,554			25,554
Total endowments															92,146		210,089	302,235		25,554			327,789
2021															Permanent		endowment			Expendable		2021 Total
																	Unapplied			endowment		endowments
															Trust fol'		total
															inveslmenl		return		Total
															2000		E.'000		COOO		E'000		2'000
Atthe beginning ofthe year:
Gilt component ofthe permanent			endowment												91413				91,413				91,413
Unapplied lolal return																	I76,320	176,320					176,320
Expendable endowment																					21,103		21,103
Total endowments															01413		176,320	267,733			21,103		288,836
Movements in the reporting	period:
Gift of endowment funds															I 162				1,162		805		1,967
Investment return: intel investment				income													3,724		3,724		300		4,024
Investment return: realised and unrealised Less investmenl management coals Other transfers Total							gains			and losses					(330)		42 663 40 169 (I 012)		40,169 (1,012) (1,718'I 42,325		3 255 (82) (172) 4,106	43,424 (1,094) ~(l 000) 46,431
Unapplied total return allocated	to		income				in	the		reporting	period						(9,135)		(9135)		(609)		(9,744)
Expendable endowments transferred					to	income
																	(9,135)		(9,135)		(609)		(9,744)
Net movements in reporting	pediod																33,520		33,190		3,497		36,607
At end ofthe reporting period:
Gift componerit ofthe permanent			endowment												91,075				91,075				91 075
Unapplied total return																	209,048		209,048				209,848
Expendable endowment																					24,600		24.600
Total endowments																					24,600		325,523

15	DEBTORS
				2022	2021	2022	2021
				Group	Group	College	College
				8'000	E'000	r.'000	DODO
	Amounts falling due		within one year:
	Trade debtors			1,164	953	1,022	940
	Amounts owed by College members			107	211	107	211
	Amounts owed by group undertakings					501	56
	Loans repayable within		one year	72	01	71	51
	Prepayments	and accrued income		202	210	202	215
	Amounts falling due		after more than one year:
	Loans			092	095	092	095
				2527	2,450	2,805	2506
16	CREDITORS: falling		due within one year
				2022	2021	2022	2021
				Group	Gmiup	College	College
				E'000	2'000	E'000	2'ODO
	Bankloans fnole 17)			8,000		8,000
	Trade credfiors			602	37D	602	370
	Taxation and	social secunty		241	149	227	147
	Accruals and	deferred	income	3,386	1,D62	3,208	1,010
	Other cfedltois			420	401	420	401
				12,649	1,002	12,537	1 020
17	CREDITORS:	falling	due after more than one year
				2022	2021	2022	2021
				Group	Gloup	College	Catege
				E'000	BOOO	0'000	8'000
	Bankloans			7,000	14,005	7,000	14995
	Senior notes			19,073	10,000	19,073	10060
				26,073	34,063	26,873	34,063

ANALYSIS OF MOVEMENTS
	Atl August					At 31 July
	2021	Income	Expenditure	Transfers	Gains	2022
	aooo	2'000	6'000	5'000	Goof	6'000
Endowment funds - permanent
Corpus permanent endowment	206,158	3,271	(707)	(6,845)	4,435	206,312
Endowment funds	33,005	1,607	(149)	(1,071)	726	34,170
Trusts within College objects	61,439	975	(272)	(1,979)	1,322	61,405
Trusts outside College obiects	261	3	(1)	(9)	6	280
Endowment funds - expendable
Corpus expendable endowment	15,343	243	(123)	(439)	330	I5,354
Donations fund	4,920	1,119	(24)	(270)	114	5,859
Pension fund	4,337	70	(126)	(33)	93	4,341
Total endowmentfunds Total Endowment Funds - Group	~325523 325,523	7,288 7,288	~1,402 ~1,402)	~lg 840) ~10,546)	7,026 7,026	327709 327.709
Restricted funds
Trusts within Cugege objects	5,478	87	(360)	692	118	8,015
Trusts outside College obiecls	194	3	(I)	9	4	209
Endowment funds	1,824	29	(738)	1,087	39	2,241
Speofic funds	1,774	243	(97)			1,960
Speofic balances Total restricted funds	2,587 11,057	382	~t,t96	1,788	(342) ~141	2,245 12,670
Total Restricted Funds -Group	11,057	362	~t,t96	1,788	~tat	12,670
Unrestricted funds
General funds	10,542	5,889	(10,902)	4,765	223	10,517
Fixed assets reserre	32,426		(786)	146		31,706
Building fund	30,353	624	(1,468)	3,947	347	43,303
Total unrestricted funds	82321	6513	~13156	0s9a	I 070	BS008
Unrestncted funds held by subsidianes	17	451	(283)			105
Total unrestricted funds - group	02,336	8,964	~13,439)	~3656	1,070	85,791
Total funds	419,710	14,014	(16,037)		7,955	426,250

ANALYSIS OF MOVEMENTS	ANALYSIS OF MOVEMENTS
		Ai I AU9ust					At 31 July
		2020	Income	Expenditure	Transfers	Losses	2021
		2'000	E'000	E'000	E.'000	B000	0000
Endowment funds	- pemlanent
Corpus permanent	endowment	183,224	2,548	(693)	(6,302)	27,381	206,158
Endowment funds		28,224	1,556	(137)	(954)	4,376	33,065
Trusts within College objects		56,053	780	(I 900)	(1,871)	8,377	61.439
Trusts outside College obiems		232	3	(I)	(8)	35	261
Endowment funds	- expendable
Corpus expendable	endowment	13,636	190	(134)	(387)	2,038	15,343
Donations fund		3,612	861	(20)	(174)	641	4,920
Penmon fund		3,855	53	(99)	(48)	576	4,337
Total endowment	funds	288,836	5,991	~2,984	~9,744	43,424	325523
Total Endowment	Funds - Group	288,838	5,991	(2,984)	(9.744)	43,424	325523
Restricted funds
Trusts within College objects		4 421	62	(346)	680	661	5,478
Trusts outside College obiecls		161	2	(II	8	24	194
Endowmenlfunds		1,247	17	(580)	954	186	I 824
Spscificfunds		1,446	139	(43)		232	I 774
Specific balances		2,450				137	2,587
Total restricted funds		9725	220	~970	I 642	I 240	11857
Total Restricted Funds - Group		9725	220	~970)	I 642	I 240	11857
Ulirsstflcted funds
Generalfunds		8,091	4,764	(7,934)		I 190	10 543
Fixed assets reserve		33,194		(787)	19		32,426
Building fund		31,825		(1,322)	3,652	4756	39,353
Total unrestricted	funds	73,110	5206	~IO 043	8,102	5946	82 321
Unreshicied funds held by mlbsidisries		91	27	(101)			17
Total unrestncted	funds - group	73,201	5,233	~101441	S.iga	5,94S	82,338
Total funds		371 762	11444	(14098)		50,810	419718

20	FUNDS OF THE COLLEGE	FUNDS OF THE COLLEGE	DETAILS
	The following is a summary		of the origins and purposes	of each of	the funds.
	Endowment funda
	Permanent
	Corpus permanent	endowment		A consolidation		of	gifts and		donations			where		income,	but not capital, can be used				for the general
				purposes	of the	College
	Endowment funds			A consolidation		of	gifts and		donations			whose		donor has specified that mcome				but	not capital may		only be
				used for	particular			purposes	within		the College objects
	Trusts withm College objects			Capital element		of		gifts and	donations			held	in formal trusts			where income	but nol		capital may be		used for
				particular	purposes			within the College				obiecls.
	Trusts outside College obieds			Capital element		of		gifts and	donations			held	in formal trusts			where income	but not		capital may be		used for
				particular	pufitoses			fagmg outade College					obiects
	Expendable
	Corpus expendable	endowment		A consolidation		ofgifts and			donations			where		either income, or income and capital, can						be used for		Ihe
				general purposes			ofthe College, but					will normally be held for Ihe long lerm
	Donations fund			A consolidation		of	gifts and		donations			where		either income, or income and capital, can						be used for		the
				general purposes			ofthe College, but					will normally be held for the long term
	Pension fund			A fund held for Ihe				payment	ofcertain			pensions where income and capital					can be used			for the purpose
				but will normally		be		held for	the	long	term
	Restricted funds:
	Trusts within College obiects			Accumulated income from gifts						and	donations			held in	formal lrusls which		may	be	used	for pargcular
				purposes	within	the college			objecls
	Trusts outade College obiects			Accumulated income from gifts						and	donations			held in	formal lrusls which		may	be	used	for panicular
				purposes	outside		the College objects
	Endowmerd fiinds			Accumulated income from gifts						and	donalions			whose	donor has specified		that	income		but not capital
				may only be used			for particular			purposes within the College objects
	Specilic funds			A consoedation		of	gifts and		donations			where		the donor has spedfied lhey			may only be			used for particular
				purposes	mlhin	the College			abiects
	Speofm balances			A consolidation		of	gifts end		donations			where		the donor has speofied they			may only be			used for particular
				purposes	vnlhin	Ihe College			objects		and where the investment is held in particular								assets specified			by the
				donor
	Unrestricted funds:
	General funds			General	unrestnmed			funds	represent			accumulated income				from the Cogege's		activmes		and ether	sources
				that are	available		for the general			purposes			ofthe College
	Fixed assets reserve
				An allocation from				general funds to			represent			the accumulated net baok value				of	the College fixed			assets
	Designated funds
	Building fund			Unrestncted funds				allocated	by	lhe	Fellows		for the future costs ofmaintenance					and refurbishment				of
				College	buildings
21	ANALYSIS OF NET	ASSETS BETWEEN FUNDS
												Unrestricted				Restricted	Endowment					2022
														funds		funds			funds			Total
														E'000		Ugaa			BOOO			B000
	Tangible fixed assets													31786							31,786
	Property investments													12,872		2,591		81,456			96,919
	Other investments													43,818		11,086		277,329			332,213
	hist currant assets													4.278		(268)			(8,408)			(4,398)
	Long-term liabilibes													(6,963)		(719)		(22,588)			(30,270)
														85791		12,670		327,789			426,250
												Unreslncted				Restricted	Endowment					2021
														fiinds		fuiids			funds			Total
														E'000		Eccc			E'000			E'000
	Tangible fixed assets													32,426							32,426
	Properly investments													6,617		2,140		75,162			83,919
	Other investments													24,763		10,607		281,592			316,982
	Nel cun'erit Surete													22,885							22.885
	Long-term liabilities													(4,373)		(890)		(31,231)			(36,494)
														82,338		11,857		325 523			419,718

								USS	OSPS
Date of valuation							31/03/2020		31/03/2019
Date valuabon results	published						30/09/2021		I9/06/2020
Value of liabilities								680 6bn	2848m
Value ofassets:								266 5bn	8735m
Funding surplus / (deficit).							(214 Ibn)		(6113m)
Prinopal assumptions:
Drscounl rale							Fixed interest gilt yield curve plus 1%-2.75%		Giffs+0,54. 235% b
Rate ofmcrease in	satanas							nia	R PI
Rate ofmcrease in	pensions						CPI +0.05%c		Average RPI/CPI	rl
Assumed life expectancies		on retirement		al age	65
Males currently aged 65								239yrs	21 7 yre
Females currently aged		65						255 yrs	24.4yrs
Males currently aged 45								25.9yrs	230\I/s
Females currenfiy aged		45						273yfs	258 yrs
Funding Ratios.
Technical provisions	basis							83%	87%
Statutory Pension Protection			Fund basis					64'4	74%
Buy oul basis								51%	80%
Employer contribution satanas).	rate	(as '/ ofpensionable					21,1'/ lo 21.6'4 from 01/10/21		19%
Elfeclive dale of nexl	valuation:						31/03/2023		31/03/2022
a.The discount rais (forward rates) for				Ihe USS	valuation	was:
Fixed interest gilt yield	curve plus: Pre retirement				2,75%,	post-retirement	1,00%

Surpluses or deficits	which ense at future	which ense at future	which ense at future	which ense at future	which ense at future	which ense at future	valuations	may	impact on Ihe	company's	company's		future	contnbution commitment.	contnbution commitment.	contnbution commitment.	contnbution commitment.	The sensitivities	regarding
assumptions used to measure				the	scheme		liabilities	are sel out below
Assumption									Uss					Impact on USS liabilities
								Change in assumption
initial discount rate									increase by 0.25%						decrease	by	21.3bn
Post-retirement discount			rate						deaaase by 0.25%						mcrease	by	f2 sbn
DPI									deaaase by 0.1%						decrease	by	fl 5bn
Ufe expedancy									more prudent	assumption			(reduce		increase	by	fl 2bn
									Ihe adjustmenl	to base		mortality
									labia by 5%)
Rate of mortality									more prudent	assumption					maease	by	20 6bn
									(increase the	annual	mortality
									improvements	long-term			rates by
									02'4)
Assumption									OSPS					Impact on OSPS liabilities
								Change in assumption
)/aluation rate ofinterest									decrease by 0.25'4,					increase		by f45m
RPI									increase by 0.25%						inaaase	by	240m
Deficit Recovery Plans
In line with FRS 102	paragraph			28	IIA,	the College		has recognised a liability for the contnbutions							payable	for the agreed defiat funding			plan. The pnnaple
assumptions used in	these calculakons					are labled below:
										2022							2021
									OSPS			USS			OSPS			USS
Finish Dale for Defidt		Recovery		Plan					30/01/2028		31/03/2028				30/01/2028			31/03/2028
Average staff number		increase							o%%u				0%		0%			0'4
Average staff salary	increase								4%				3%		2%			2%
Average discount rale		over period							3.19'%		3.19%				089%			0,89%
Effect of0.5'4 change		in	discount		rate				Ioli			121k			Ilk			3911
Effect of 1%change	in staff growth								9k				28k		Ik			2k

RECONCILIATION OF NET INCOMING	RECONCILIATION OF NET INCOMING	RECONCILIATION OF NET INCOMING	RESOURCES TO	RESOURCES TO							Restated'
NET CASH FLOW FROM OPERATIONS										2022	2021
										Group	Group
										F.'000	E'000
Net Income (expenditure)										6,532	47,956
Elimination of non-operating	cash	flows
Irlveslmenl income										(6,119)	(4,679)
(Gains) I Losses in rnveslmenis										(7,955)	(50,610)
Interest payable										632	771
Endowment donations received										(2, 106)	(1,967)
Deprsrtation										786	787
(Surplus) on sale offixed assets
(Decrease) in stock										(I)	(34)
(Increase) in debtors										(330)	(194)
Increase in creditors										549	560
Increase I(Decrease) in pension		scheme	liability							1,766	(183)
Net cash used in operating	activities										(75 I
' Restatement relates to the redasslfication ofthe movemerfi					Irl creditors between those relaling to		operahng	activities	and interest
ANALYSIS OF CHANGES	IN NET DEBT
							At start		Cash	Noo-cash	At end
							of year'		flows	Changes	ofyear
Cash							21,971		Hfi,sfis)		5,285
Loans falling due within one	year									(8,000)	(8,000)
Loans falling due after more	than	one year					(I4,995)			7,995	(7,000)
Senior Notes due after more than		one year					(19,868)			(5)	(19,873)
							(12,892)		(18,686)	(10)	(29,588)
ANALYSIS OF CASH AND	CASH EQUIVALENTS
										2022	2021
										2'000	E'000
Cash at bank and in hand										5,285	21,971
Total cash and cash equivalents										5,285	21,971
FINANCIAL COMMITMENTS
At 31 July the College had annual		commitments		under non-cancegable		operating leases as follows.				2022	2021
										E'000	2'000
Land and buildings
expinng vnthin one year
expiring between two and five yearn											412

4		ADDITIONAL PRIOR YEAR COMPARATIVES	ADDITIONAL PRIOR YEAR COMPARATIVES
34	a	PRIOR YEAR COMPARATIVE - Consolidated		Statement of Financial	Activities
		For the year ended 31July 2021
					Unrastncted	Restricted	Endowed	2021
					fuIIIfs	funds	funds	Total
					POOD	POOD	PODO	8'000
		INCOME AND ENDOWMENTS FROM:
		Charitable activities:
		Teaclung research and residential			4,349			4,349
		Other trading income			27			27
		Donations and legacies				118	1,957	2,085
		Investments
		Investment income			553	102	4,D24	4,679
		Total return alocsled lo inmme			8,102	1,642	(9,744)
		Other Income Coronavirus Job Retention	Scheme		304			304
		Total income			13,335	1,862	(3,753)	11,444
		EXPENDITURE ON:
		Charitable activities:
		Teaching, research and residential			9,758	942	1,890	I2,590
		Generating funds:
		Fund-raising			171			I'71
		Trading expenditure Investment management costs			65 150	28	1,094	65 ~1272
		Total Expenditure Net income I(expenditure) before Eossas)			10,144 3191	970 892	2,984 ~6,737	14,098 ~2,654
		Net gains I(losses) on investments			5,946	1,240	43,424	50,610
		Nst income I(expenditure)			9,137	2,132	36,687	47,958
		Transfers between funds
		Net movement in funds for the year			9,137	2,132	36,697	47,956
		Fund balances brought forward			73,201	9725	288,838	37I,762
		Funds cerned forward at 31 July			82,338	11,857	325,523	419,718

PRIOR YEAR COMPARATIVE - Property	PRIOR YEAR COMPARATIVE - Property	PRIOR YEAR COMPARATIVE - Property	PRIOR YEAR COMPARATIVE - Property	PRIOR YEAR COMPARATIVE - Property	Investments
(Current	year Note 11)
Group									2021
						Agflcultural	Commeroal	Other	Tots I
						2'000	2'000	P000	MOOO
Valuation	at start	ofyear				47665	42,945	360	90,970
Additions	and improvements		al cost			221			221
Disposals						(1,074)		(149)	(1,223)
Revaluation gainsl(losses)			in the year			2,240	(8,145)	(144)	(6,049)
Valuation	at end	ofyear				49,052	34,800	67	83,919
College									2021
						Agncultural	Commercial	Other	Total
						E000	2'000	EOOO	MOOO
Valuation	at start	ofyear				47,665	42,945	360	90,970
Addiaons	and improvements		al cost			221			221
Dispose(a						(1,074)		(149)	(1,223)
Revaluation gsinslgosses)			m Ihe year			2,240	(8,145)	(144)	(6,049)
Valuation	at end	ofyear				49,052	34,800	67	~63,9 9
Aformal	valuation	ol the agricultural		properties	was prepared	by Seville as at 31 July 2018and	updated esat 31 July 2021.

		Parent College	QCOTL	QCODL
		2'000	2'000	2'000
Income		11,417	27
Expenditure		(14,068)	(10)
Donation to	College under gift aid	91	(91)
Investment	gains	50,610
Net income	for the year	48,030	(74)
Tata( assets		458,123	126
Total liabilities		(38,422)	(109)
Net funds at the end ofyear