##
##
||||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||
##
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##
|||||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|
##
|5|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|
|7|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|
##
|8|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|||||
##
|9|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|
##
##
|11|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|
##
|19|ANALYSIS OF MOVEMENTS|ON FUNDS|||||||
|---|---|---|---|---|---|---|---|---|
||||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|
##
|19|ANALYSIS OF MOVEMENTS|ANALYSIS OF MOVEMENTS|ON FUNDS (Continued)|||||||
|---|---|---|---|---|---|---|---|---|---|
|||||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|regarding|Ihe principal|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|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|
##
|34|b|PRIOR YEAR COMPARATIVE - Property|PRIOR YEAR COMPARATIVE - Property|PRIOR YEAR COMPARATIVE - Property|PRIOR YEAR COMPARATIVE - Property|PRIOR YEAR COMPARATIVE - Property|Investments|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|||||