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2022-07-31-accounts

Page Number
Governing
Body, Officers		 and Advisers
Report ofthe Governing Body 6-21
Auditor's
Report		 22-24
Statement of Accounting Policies 25-29
Consolidated Statement of Financial Activities .30
Consolidated and College Balance Sheets
Consolidated Statement ofCash Flows 32
Notes to the Financial Statements 33-49

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Recruited 3Foundation
Year (FY)students
for a 2022 start, and
celebrated the academic success of3 FY "graduates" who completed
the course with Distinction,
Recruited
two new Tutorial Fellows
in Chemistry
and Biochemistry,
Recruited the JRR Tolkien Professor
in English Language
and
Literature
and the Professor
in Abrahamic
Religions.
Recruited one Early Career {Domus) Fellow in History.
Recruited excellent new tutors. 21 Lecturers.
Recruited a total of32.72 FTEVisiting Students
for 2022-23.
Noted a successful
fourth year ofthe Oxford Study Skills Centre:
c.180hours ofsupport
provided
to students
(LMH) in one-to-one		 and
group sessions.
Recruited
two new Study Skills Lecturers to continue
the work set		 up
by the Oxford Study Skills Centre at LMH (now merged
with general
College academic support).
Academic distinction. Recruited 178new graduates
for 2022-23, ofwhich 35are part		 time.
postgraduate 84 graduates
selected
LMH as first choice college.
Accommodated
94 graduates
in 2021-22; on site, in one leased		 off-
site building
and through
rental agreements
with the central
University.
To date, 63 Masters students
successfully
completed
their degrees,
with 35obtaining
Distinction
or Merit, 26 students
successfully
completed
their Doctorates (D Phil). {Masters student complete		 by 30
September each year. )
Continued
work to identify
and grow financial support for
postgraduate
scholarships,
including
close working
with the
University.
Successful association
with and launch ofthe Oxford Pakistan
Programme,
supporting
scholars and postgraduates
Academic distinction: teaching Maintained
a range ofonline teaching,
learning
and support
and research mission resources
(Library, Study Skills Centre), and online examinations		 in
Trinity Term 2022, informed
and supported
by University
and College
IT provision.
Publicised academic results and prizes for undergraduates,
graduates
and tutors. 31%of undergraduate
finalists obtained a		 1st
and 61%obtained a 2:1,,
Undertook
further Academic Office restructuring
to bolster support
coherent and timely services for students,
academic tutors and
support staff colleagues.
Continued
and improved
budgetary
controls and close and
collaborative
working
continued
with College Accounts Team.
Health, Wellbeing and Welfare Continued
to offer the welfare support
to students
through
the year,
with 95%of student
rooms occupied
in Trinity Term.
Ensured
that academic tutors were appropriately
informed
ofwelfare
signposting
for their students
and themselves.
Appointment
ofa new Head ofWellbelng
for 2022-23 to co-ordinate
all the wellbeing
support
activities (welfare and non-academic
support) ofthe College including
Safeguarding.
Signed a government-backed
pledge against the use of non-
disclosure
agreements
in cases ofsexual misconduct
and bullying.
A Diverse/Inclusive College ~ Participated
in a range ofjoint University
initiatives
to improve
accessibilit
and inclusivit
.
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Key Goals Objectives 2022-2023
Academic distinction: Continue
to promote
high academic performance		 from students
undergraduate through
provision
oftargeted
support and ongoing
consultation		 with
students.
Maintain
Final Honours School success rate of &		 90% of
undergraduate
students
achieving
at least an upper second class
degree.
Recruit up to 125very able undergraduates
plus		 up to 3students on
the University
Astrophoria
Foundation
Year.
Recruit up to four new Tutorial Fellows: Classics, History, Ancient
Philosophy
and Law (replacements
for retirements		 and resignations),
Continue
to improve
and refresh systems
for feedback		 between
students
and tutors,
Continue
to develop the reach and stretch ofthe		 Study Skills support.
Recruit 35FTEVisiting Students.
Academic distinction: Recruit 125 postgraduate
students
and maintain
the growth of overall
postgraduate numbers.
Continue
to Improve our postgraduate
offering and scholarships		 to
attract and support well-qualified
graduate
students.
Develop
University
links to explore Joint scholarship
provision.
Continue to monitor numbers
of postgraduate
students		 selecting
LMH as first-choice college,
Continue
to provide practical support
for postgraduate		 students who
are not offered accommodation
in College.
Monitor completion
rates and investigate
support		 initiatives
to
improve
timely completion
ofresearch degrees.
Academic distinction: teaching Undertake
further restructuring
ofthe Academic Office		 to support
and research missions Fellows and other academic staff in their primary missions of
teaching
and research,
Develop a more active research strategy,
including		 increase
in non-
stipendiary
Junior Research Fellows and other externally
funded
Research Fellows, to provide academic and intellectual subject
coherence as well as enriching
teaching
provision		 and career
development
opportunities.
Continue
to increase visibility ofacademic
publications		 and
achievements
on the website and in other ways.
Health, Wellbeing and Welfare ~ Support the new Head ofWellbeing
in their role,
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Unrestricled Restricted Endowed 2022 2021
Funds Funds Funds Total Total
Notes R'000 R'000 F'000 R'000 R'000
INCOME AND ENDOWMENTS
FROM:
Charitable
actlvilles;
Teaching, research end residengal
other Trading Income
Donations
and legacies		 7,744
655
605		 1,751 1,397 7,744
665
3,753		 6,765
'l12
3,694
Inveslmsnls
investment
Income		 4 145 679 728
Total return al(ocalsd (oincome
Other income
Total income		 13
33		 1,367
49
10,565		 1,751 (1,367)
709		 13,025 512
10,811
EXPENDITURE ON:
Charitable
activities'I
Teaching, research end residential		 12,236 868 13,104 9,928
concreting funds:
Fundralslng
'frsdlng
expenditure
Inveslmenl
management
costs
Total Expenditure
Net Income/(Expenditure)
before gains		 580
629
21
13,486
~2,9D1		 083 't28
128
0III		 680
629
149
14,462
~1437		 498
428
133
10,985
~174
Net gains/(losses)
on Inveslmenls		 10,11 429 3I84 6676
Net Income/(Expenditure) (2,846) 803 1,010 ~0001 6,002
Transfers
between funds		 18 6 28 (34)
Other reoognlsed
gains/losses
Galas/(losses)
on revaluation
ofgxed assets
Acluarlal gains/(losses)
on deflned bene6t pension schemes
Net movement
In funds for tho year		 (2,840) 911 976 (953) 6,502
Fund balances
brought forward		 18 26,610 2,786 41,574 70,979 64,477
Funds carried forward ai 31 July 23,779 3,697 42,550 70,026 70,9'/9

2022 2021 2022 2021
Notes Group
6'000		 Group
2'000		 College
6'000		 College
2'000
FIXEDASSETS
Tangible assets
Property Invsslmenls
Other Invsstmenls		 9
10
11		 29,301
49,475		 29,986
1,775
46,908		 29,301
49,479		 29,980
1,775
46,910
Total Fixed Assets 78776 78',))86 78,7))8 78,685
CURRENT ASSETS
Stocks
Debtors
Investments
Cash at bank and In hand		 14 159
2,173
2)941
1,381		 161
712
2,291
2,150		 159
2)448
2,941
744		 161
827
2,291
1,992
Total Current Assets 6)654 6,314 6,292 5,271
LIABILITIES
Credllors;
Amounts		 falling dus within one year 15 2,541 1,744 2,174 1,697
NET CURRENT ASSETS/(LIABILITIES) 4,113 3,570 4,118 3,574
TOTAL ASSETSLESS CURRENT LIABILITIES 82,869 82,236 82,890 82,239
CREDITORS: falling due after mors than one year 8,925 9,525 8,925 9,525
Provisions
for liabilities		 snd charges 17
NET ASSETS/(LIABILITIE6) BEFOREPENSION ASSET OR
LIABILITY		 73)964 72,7'I1 73,S73 72,714
Defined benefit pension scheme liability 22 3,938 1,732 3,938 1,732
TOTAL NET ASSETS/(LIABILITIES) 70,026 70,979 70,035 70,982
FUNDS OF THE COLLEGE
Endowment
funds		 42,550 41,569 42,650 41,574
Restricted funds 3,697 2,787 3,697 2,786
Unrestricted
funds
General funds
Designated
Funds		 (336)
28,053		 90
28,266		 (338)
28,062		 90
26,264
Revaluation
reserve
Pension reserve		 22 (3,938) (1,732) (3,938) (1,732)
70,026 70,979 70,035 70,982

2022 2021
Notes 8'000 f.'000
Net cash provided
by (used in) operating
activities		 25 ~&488 ~&,557
Cash flows from investing
activities
Dividends,
Interest and rents from Inveslmenls
Proceeds (rom the sale ofproperty,
planl and equipment
Purchase ofproperty,
plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided
by (used in) investing
activities		 824
(592)
1,895
~3,335
~rS		 728
273
(134)
4,264
~3,838)
3,888
Cash flows from financing
activities
Repayments
of borrowing		 (600) (600)
Cash inflowe from new borrowing
Receipt of endowment
Net cash provided
by (used in) financing
activities		 1,397
797		 644
44
Change In cash and cash equivalents
in the reporting		 period (788)
Cash and cash equlvatents
at the beginning
ofthe
reporting
period		 2&150 1,575
Change
in cash and cash equivalents
due to exchange		 rate
movements
Cash and cash equivalents
at the end ofthe reporting
period		 26 1,381 2,150

2 DONATIONB
AND		 LEGACIES 2022 2021
E'000 E'000
Donations
snd Legacies		 605 1,764
Unrestricted
funds
Restricted
funds
Endowed
funds		 1,761
1,397
3 763		 1,286
644
3,694
3 INCOME FROM OTkER TRADING ACTIVITIES 2022 2021
E'000 E'000
Unrektdcfed
funds		 666 112
Subsidiary
company
trading		 income
Other trading Income
688 112
4 INVESTMENT INCOME 2022 2021
E'000 E'000
IJnrsklrfkled
funds
Agricultural
rent
Commercial
rent
Other property income
Equity dividends
Income from fixed interest clocks
Interest on flxed term deposits and cash 145 124
Other Investment Income
Bank Interest
Olher Interest 145 124
Endowed funds
Agricultural
rent
Commercial
rent
Other property Income 679 604
Equity dividends
(ncome trom gxed Interest slacks
Intorest on fixed lerm deposits and cash
Other Invsslmenl (acorns
Bank Interest
Olherinleresl 679 604
Total Invest(neat irlcome 824 728

ANALYSIS OF EXPENDITURE ANALYSIS OF EXPENDITURE ANALYSIS OF EXPENDITURE
2022 2021
8800 2'000
Charitsbte
expenditure
Direct slsff coals allocaled to:
Teaching, research and residential 5,841 6,231
Public worship
Her(legs
Olher direct coals allocated lo;
Teaching, research and res(dan(la( 3,041 2,844
Public worship
Heritage
Support and governance coals allocated lo:
Teaching, research and residential 4,422 1,851
Pub(to worship
Heritage
Total charitable
expenditure		 13,104 9,926
Expenditure
on raising funds
Direct staff coals agocaled lo:
Fundralslng 446 405
Trading expenditure
Investment
management		 costs
Other direct coals allooa(sd lo;
Fundralslng 126 87
Tradfng expend(lure 308 94
Investment
management		 costs 149 133
Supporl and governance
costs allocated to:
Fundralslng 0
Trading expend(lure 321 334
Investment
management		 costs
Total expenditure
on raising		 funds 1,368 1,069
Total expenditure 14,462 10,985
Tearhtng
Generating and 2022
Funds Research Total
2'000 2'000 8'000
Financial adrnlnlstragon 120 356 476
Domesgc administration 39 118 157
Human resources 211 211
IT 126 128
Depreciation 163 1,110 1,273
Loss/(proAI} on fixed assets
Bank inlerssl payable 272 279
Other((nance charges 2,206 2,205
Governance costs 21 21
32r 4422 4761

finance charges are sgributsd
according to ihs purpose of Ihe related Ansncln		 finance charges are sgributsd
according to ihs purpose of Ihe related Ansncln		 finance charges are sgributsd
according to ihs purpose of Ihe related Ansncln		 finance charges are sgributsd
according to ihs purpose of Ihe related Ansncln		 g.
No amount hss been included
in Governance
Costs for(he direct employment
these paymenls
relate lo Ihe Fellows' (ave(vernant
ln the College's charitable		 costs or reimbursed
activities. Dstegs of		 expenses of Ihe
the remuneration		 College Fellows an ihe basis that
of the Fellows and Ihelr reimbursed
expenses sre included asasepsrals note wghin these Ananclal statements.
2022 2021
6'000 E'000
Governance costs comprise;
Auditor's
rsmuneragon
-audit services		 20
Auditor's remuneration
-assurance services other Ihan audit
Auditor's remuneraUon
- (ex advisory services
Audhor's remuneration
-other services
Legal end olher fees on consglugonslma(ters
Other governance
costs
21 20
GRANTS AND AWARDS 2022
6'000		 2021
K'000
During (he year ths College funded research
awards snd
bursar(as to sludenls
from lls funds as follows.'
Unrsstrlctod
funds
Grants to individuals:
Scholarships,
prizes snd grants
nurseries
and hardship
awards		 81 97
Grants to other Inslllutions
Total unrestricted		 97
Endowment
snd Restricted funds
Grants lo individuals:
Scholarships,
prizes end grants
Bursar(ca end hardship
awards		 322
77		 272
113
Grants to other instltugons
Total restricted		 399 366
Total grants snd awards 480 482

8 STAFF COSTS 2022 2021
The aggregate slaff costa for ihe year were as follows. 2'000 2'000
Salaries and wages
Social security costs		 5,507
383		 5,126
359
Pension costs:
Defined
benefil schemes
Dagned conldibutlon
schemes
Staff costs related to pension
liabglty		 718
166
2,206		 691
182
(278)
8980 6060
The average number ofemployees of(he College, excluding Truclees,
on a toll time equivalent
basis was as follows.		 2022 2021
Tuition and research
College residsntiat
Public worship		 32
89
1		 26
85
1
Karl(age
Fundrslslng
Support		 8
40		 6
34
Total 170 152
The avsrsgo numbor of employed
College Trustees		 during the year was as follows.
University
Lecturers
CUF Lecturers
Other leaching and research
other		 20
8
10
10		 22
9
2
8
Total 48 41
Ths follovring
Information
relates to ihe employees of the College excluding		 the College Trustees. Details ofihe remuneration and reimbursed expenses
oflhs College Trustees is included es a separate nots In these gnenclal statements,
The number ofemployees
(excluding		 lha college Trustees) during ihe year whose gross pay and benefits (excluding employer Nl and pension
conlrlbuticns)
(ell within the following bands was:
260,001-870,000
670,001-280,001
The numbers(
Ihe above employees		 with retirement benefits accruing was as follows:
In defined benefits sohemss

The result s and lhsfr assei s and liabilities oflhe parent end subsidiaries
al Ih		 e year end were as follows.
LMH
Hospitality LMH Trading Ltd
Services Ltd
POOD f'DDO
Incomo 655
Expend(lure (260)
Oonagon lo College under gift aid (406)
Result for lhe year
Total assets
Total liabilities
Net funds at Ihs end ofyssr		 1,038
(634)
4D6		 28
(37)
~ll

Permanent Endowment Expendable Total
Unapplied Endowment Endowments
True(for Total
Investment Return Tolal
2'000 2'000 2'000 2'000 8'000
At the beginning
ofthe year:
Gift componen( of(hs permanent
endowmeni
Unapplied
total return
Expendable
endowment
Total Endowmenls		 9,767
917I67		 8,521
8,521		 9,767
8,521
10,286		 23,286
23,286		 9,767
8,621
23285
41,574
Movemonts
In the reporting period:
Gillofendowment
funds		 27 27 1,370 1.39'r
Recoupment
of Irus( for Investment
A(loca(ion from trust for Inveslmenl
Inveslmsn(
relurrx total Investment
tncoms
Investment
re(mn: realised and unreal(sad
Loss: Investment
management
coals
O(her transfers
Tolal		 gains snd losses 27
311
311
117
117
(46)
(45)
~23 ~28
363
390		 360
312
(83)
~&3
1,954		 679
429
(128)
~33
2,344
Unapplied
total return allocated lo Income In the period
Expendable
sndowmenis
transferred
to Income		 (614)
(614)		 (614)
(614)		 (667)
~86
(753)		 (1,281)
~63
(1,367)
II(st movements
I» reporting
period		 27 (251) (224) 1,201 077
At end ofIhe repor0ng
period:
Gift co(nponent ofihe permanent
endowment
(fnspplled
(olal return
Expendable
endowmm(t
Total Endowments		 9&794
6714		 8,270
8271		 9,794
8,270
18M4		 24486
24488		 9,794
0,270
24 480
42311
14 DEBTORS 2022 2021 2022 2021
Group
6'000		 Group
f.'000		 College
2'000		 College
f.'000
Amounts
fslgng due within one year:
Trade debtors		 473 243 360 177
Amounts
owed by College members
Amounts
owed by Group under(ekings		 123 31 123
697		 31
183
Loans repayable
viithfn one year
Prepaymenis
and accrued Income
Giber debtors		 1,540
32		 400
36		 1,238
30		 400
30
Amounts
falling due after more than		 one year:
Loans
2 171 712 2448 827
15 CREDITORS: falgng due within one year 2022 2021 2022 2021
Group
2'000		 Group
2'000		 College
6'000		 College
2'000
Bank overdrafle
Bank loans		 600 600 600 500
Obligations
under finance leases
Trade credi(ors
Amounts
owod (oCo(loge Members		 322
171		 346
241		 322
171		 346
241
Amounts
owed lo Group under(eklngs
Taxation and sordo( securlly		 193 105 192 102
College contribution
Acmuais snd deferred income		 974 262 608 208
Other creditors 251 201 281 201
2641 1744 2174 1617

19 FUND8 OF THE COL(.EGE DETAILS FUND8 OF THE COL(.EGE DETAILS
Tho following
is asummary
ofIhe origins		 and purposes of each ofthe Funds
Endowmeni
Funds -Permanent:
General purpose
funds		 A consoiidagon
of glas and donsgons
where income, but not cap((sl, can be
used for Ihe general purposes of5(ocharity
Tutorial snd research
fellowship		 funds, student Capita(balance
ofpeal dona(iona where related Income, bul nol the original oapl(al,
support
funds snd other purpose		 funds can hs used for named specific purposes ofthe charity
Endowment
Funds - Expendable:
General purpose
funds
Tutorial snd research fellowship
funds, student
support
funds snd other purpose
funds		 Aconsolldagon
ofglks snd donagons
whsro either income, or Income and capital,
csn be used for ihs general purposes ofIhs charily
Capital balance ofpast donations
where re(sled Income, or Income and capkel,
can be used for named speclgc purposes ofthe char((y
Restricted
Funda(
Tutorial end research
fellowship		 funds, student Aconsogdetlon
ofgiga and donations
where both income and cap(la( oan be
support funds snd other purpose funds used for nwnsd
restricted purposes
Designated
Funds
Fixed asset designated		 Unrestric(sd
Funds which are represented
by the fixed assets ofthe College
and therefore not svagable
forexpenditure
on the College's general purposes
Designated
oepllal funds		 Unrestricted
Funds allocated by Ihe Trustees for the purpose ofpreserving
(ho capital and mainlafnlng
a long-lerrn
Income a(roam In support o(Ihe
College's acgvlllss
Other designated
funds		 Unrestricted
Funds allocated by the Trustees for olhsr purposes
The General Unrestricted
Funds		 represent eccuinuleled
Income from the Collage's actlvlges and other sources (hei sre available
for ihe general purposes ofthe college

The total remuneration
end beneBls show		 n below IsR1,691k(202 1:E1,594k). Ths Iotal ofpension contributions
Isf3		 06k (2021 :E278k).
Remuneration
paid to trustees
2022 2021
Gross remuneration, taxable
Number ot benefits snd pension Number of Gros s rsmunerallor h taxable
Range Trustees/Fellows contributions
f		 Trustees/Fsllovrs bensfils E
and pension		 co niribulions
ro- R999 3,260 2 712
E1,000 -R1,999 0 0
R2,000 - E2,999
E3,000 -f3,999		 2,452
0		 2,520
3,943
E6,000 ~ EB,S99 0 12,798
R10,000- E10,989 0 10,883
E11)000- E11,999 0 11,716
r12,000 - E12,999 0 75,658
E13,000 - R13,999 0 13,284
R16,000 - E18,899 33,415 16,300
R1"/,000 -EI7,999 17,620 17,349
f18,000 -f18,999 37,006 18,780
R20,000 -E20,999
f21,000 -f21,999
f22,000 -f22,999		 20,304
21,960
22,416		 0
0
0
E23,000 - R23,SBS 0 1M,BQI
f24,000
R24,999		 223,352 0
f25,000 - R25,99S 60,364 25,509
f28,000-f28,999 86,264 28,639
R33,000 -E33,999 33,834 0
234,ODD - 234,999 0 34,612
R36.000 -E35,999 35,282 0
E37,000 - R37,999 37,567 0
E38,000 - E36,999 38,486 0
E47,000-f47,889 0 S4,509
E51,000-651,99S
f57,000 -f67,999		 51,426
D		 0
57,787
R68,000 - E58,999 Q 175,123
E59,000 - 259,999 119,994 0
f60,000-E60,999 80,755 120,691
E62,000 - E62,999 62,476 0
R63,000 -f63,999 63,766 0
E65,000 -E85,999
868,000 -f88,999		 0
0		 65,439
BS,216
R76,000 - E78,999 78,018 0
EBS,ODD - E89,999 0 89,335
feo,ooo-Eee,ese
R91.000 -f91,999		 0
0		 90,126
0
E92,000 -E92,999
E93,000-f93,999
f94,000 -E94,999
EB7,0 DO -f97,999		 92,741
93,294
'f88,645
0		 92,024
0
0
97,930
R100,000 -f100,999 0 100,340
f101,00D - E101,999 0 101,803
6103,000 - f103,999 103,371 0
R118,000 - f116,999 116,621 0
Total 1,6S1,897 1,593,506

Members ofIhe Governing
omployses
of Iho Collogo.		 Body,
Dolalls		 who aro the trustees of the College
ofthese payments
and rsfmburssd		 who aro the trustees of the College
ofthese payments
and rsfmburssd		 and
related parties as defined
by FRS 102,receive remuneration
and factlltlss as
expenses as trustees are disclosed separately
In these gnanclal stalamenls.		 and
related parties as defined
by FRS 102,receive remuneration
and factlltlss as
expenses as trustees are disclosed separately
In these gnanclal stalamenls.		 and
related parties as defined
by FRS 102,receive remuneration
and factlltlss as
expenses as trustees are disclosed separately
In these gnanclal stalamenls.		 and
related parties as defined
by FRS 102,receive remuneration
and factlltlss as
expenses as trustees are disclosed separately
In these gnanclal stalamenls.		 and
related parties as defined
by FRS 102,receive remuneration
and factlltlss as
expenses as trustees are disclosed separately
In these gnanclal stalamenls.		 and
related parties as defined
by FRS 102,receive remuneration
and factlltlss as
expenses as trustees are disclosed separately
In these gnanclal stalamenls.
The Collage has propergss with Itis (ollowings
net book valves owned loinlly with trustees
under joint equgy ownsrsliip		 agrsemenls
between the trustee
and the College, 2022 2021
Trustee 9'000 r.'000
ProfJOoicoechea 112 117
Prof N Hankins 90 94
ProfBTHuffman 97 101
Prof R Harding
Prof H Scen		 204
102		 272
180
Total net book value ofproperges owned lolntly with trustees 745 770
All lolnt equity properties sre sublecl tosale on Ihs departure ofths trustee from the college.

34 ADDITIONAL
PRIOR YEAR COMPARATIVES		 ADDITIONAL
PRIOR YEAR COMPARATIVES		 ADDITIONAL
PRIOR YEAR COMPARATIVES		 ADDITIONAL
PRIOR YEAR COMPARATIVES
a) Consogdated
Statement		 of Flnoncial Activities
For the year ended 31July 2021 (See SOFA for current year) Unrestricted Restricted Endowed 2021
Funds Funds Funds Total
Notes 2'000 E000 POCO 2'000
INCOME AND ENDOWMENTS PROM:
Charitable
acllvllles:
Teaching, research and		 rssldonihl 6,765 5,765
Public worship
Heritage
Dlher Trading Income
DOnatlcne
and legacies		 112
1,764		 1,200 644 112
3,694
Inveslm ento
Inveslmsnt
income		 124 604 ?28
Tolai rolurn agoceted lo
Other income
Tofal Income		 income 13 1,360
612
0,637		 1,286 (1,360)
(112)		 512
10,81'I
EXPENDITURE ON.'
Charitable
activities:
Teaching, research and resldengsl 9,226 700 9,926
Publlo worship
Hergage
Generating
funds;
Fundralsing
Trading sxpsmlilurs
Invsslmsnt
managoment
costs
Total Expenditure
Net Income/{Expenditure)
before gains		 498
428
33
10,186
546		 700
588		 10O
100
~212		 498
428
'133
10,986
~174
Nel gains/(losses)
on Inveslmsnts		 10,11 1,137 5,639 6,876
Net Income/(Expenditure) 586 5,327 8502
Transfers
between funds		 23 (32)
Other recognised gains/losses
Gains/(losses)
on revaluation		 of Bxed assets
Actuarial gains/(losses)
on		 defined benefit pension schemes
Net movement
in funds for the
Fund balances
brought
forward		 year 598
26,021		 609
2,177		 5,295
36,2/9		 6,602
64,477
Funds carrlod forward at 31July M,619 2,786 41,674 70,978
b) Property Investmanls
Forthe year ended 31July 2021 (See note 10(or current year)
Group a college Agricultural Commercial Othor 2021
Total
P000 2'000 2'000 8'000
Valuation sl start ofyear 2,246 2,245
Additions
and improvements		 eicoal
Dlspoasis (470) (470)
Revaluation
gains/(losses)		 In the year
Valuation
at end ofyear		 1,776 1,775

Ths results and their assets end Dsb(Biles ofIhs parent and subsidiar ies
at Ihe year ended		 31 July 2021 w ere as (ollow s.
LMH
Hospitality LMH Trading
L(d
Serv(ces Ltd
f'000 CODD
Income 112
Expendl(urs
Oonagcn to College under gift aid		 (61)
(51)		 (3)
Result fcr Ihe year
Total sseeis 196 29
Total llebllllloa (192) (37)
Net funds al Ihe snd ofyear
d) Statement ofInvestment
Total Return
For ihs year ended 31July 2021 (See note 13for current year)		 Psrmsnsn( Endowment Expendable Total
Unapplied Endowmsnl Endowments
Trust for Total
lnvssimsnl Return Total
PDOO PODO f.'000 2'000 80000
At the beginning
ofthe year:
Gift ccmponenl ofths permanent
Unapplied
total return
Expendable
endowment
Total Endowments		 endowment 9,767
0,767		 6,272
6,272		 D,TBT
8,272
18,039		 20240
20,240		 9,767
6,272
20,240
36,279
Movemenls
In the reporting
perlodr
Gift ofsndowmenl
funds		 644 844
Recoupment
oftrust for Invesimen(
Allocelfon
from trust for Inveslmsnt
Invsslmenl
return: lotsl Investmenl
Inconie
loves(ment
return: realised and unreaBeed
Loss: Investmenl
management
coals
0(her Iransfers
Tote(		 gains end losses 260
280
2,568
2,588
(42)
(42)
~20 ~20
2,786
2,785		 324
2,971
(58)
~13
3,868		 6D4
5,530
(100)
~33r
Unapplied
tolal re(urn allocated lo income
In lhs period
Expendable
endowments
transferred
to Income		 (537)
(537)		 (537)
(537)		 (733)
~9D
(023)		 (1,270)
~9D
(1,360)
Ite( movemsnts
In reporting
period		 2,249 2,249 3,045 5,294
At end ofths roportlng
period:
Gift componen( ofthe permanent
Unapplied
lo(al return
Expendable
endowment
Total Endowments		 endowment D,767
,767		 8,521
8,521		 9,T67
8,521
18,288		 23,285
23,285		 9,787
0,621
23,265
41,673

e) Analysis ofMovements
on Funds
For the year ended 31July 2021(sse note 18 for current year)
Al 1August Incoming Resources Gains! At 31July
2020 resources expended Transfers (losses) 2D21
2'000 2'000 O'OOO POOD POOD 6'ODD
Erldowmant
Funds - Permanent
General purpose
funds		 6,182 149 (16) (256) 991 7,050
Tulorial and research
(ellowshlp
funds		 7,153 126 (19) (274) 1,143 6,129
Studantsupportfunds 2,393 42 (6) (53) 384 2,760
Other purpose
funds		 311 5 (1) (12) 50 353
Endowment
Funds - Expendable
General purpose
funds
Tulorfal and research
fegowship
funds		 8,892
8,460		 87
122		 (22)
(17)		 (217)
(350)		 800
1,034		 7,240
?,249
Student support
funds
Olher purpose
funds
Total Endowment
Funds - College		 6,480
l08
30270		 , 428
289
I 200		 (17)
(2)
~100		 (210)
(20)
~I,392		 1,040
97
5,539		 ?,721
1,0?2
41,574
Endowment
funds held by subsidiaries
Total Endowment
Funda -Group		 30,270 1230 ~100 ~1.302 5,539 41,674
Restrloled
Funds
Ouildings
(unde
Tulorial and research
followshlp
funds		 978 7
251		 (389) (7)
32		 872
Student supportfunds
Olher res(ricled funds		 1,014
185		 306
722		 (176)
(135)		 (2) 1,142
'l72
Trans(ers
from specific purpose
endowmenls:
Applied (o(al re(urn
Olher (rene(ere
Total Restricted Funds -College 2,177 1,208 ~700 2786
Reslrlcled
funds hald by aubsidlarlos
Total Restricted Funds - Group 2,177 1,208 ~700 23 2 786
Ur'u'est(late(I
Fun(le
General (unde
Fixed Asset Oeslgnaled
funds
Designated
capital funds		 (76)
20,546
7,563		 8.153
124		 (10,430) 2,4462
(790)
(286)		 1,137 90
19,766
8,505
Oeslgnaled
olhsr funds
Ravalualion
reserve
Ponsion reserve (2,010) 278 (10732)
Total Unrestricted
Funds - Collage		 26,021 0277 ~10,308 1 369 1 137 28619
Unroslrirlad
(unde hald by subsidiaries
Total Unreslrlclerl
Funds - Group		 28021 8277 ~10,18,5 1,369 1,137 26619
Total Funds 64,477 10811 (10,985) 8,676 ?D,D79