2021-07-31-accounts - The Principal And Fellows Of The Manchester Academy And Harris College In The University Of Oxford

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

			(2)	(3)	(4)
Mrs Kate Alderson-Smith		Joined wef 16June 2021
Dr Alexandra Alvergne		Retired wef 30 September 2020
Professor Jan-Emmanuel	De Neve
Rev Alex Bradley
Dr Eric Eve
Mr Brian Fidler			x	x
Dr Gina Hadley
Mr Harry Henderson
Professor Richard Hobbs
Dr Hayley Hooper
Dr Joshua Hordern
Mr George Hudson
Mr Peter Hyde
Dr Catherine Jackson
Dr Crispin Jenkinson
Dr Linda Hulin
Mrs Susan Killoran		Retired wef 4 December 2020
Ms Victoria Lill
Professor William Mander
Professor Diane Mayer		Retired wef 16June 2021
Dr Ross McAdam
Professor Kate McLoughlin
Professor Alister McGrath
Professor Alex Nicholls
Professor Patrik Rorsman
Professor Ronald Roy				x	x
Dr Isabel Ruiz
Professor Jane Shaw

Professor Lesley Smith
Dr Harrison Steel	Joined wef 1 October 2020
Dr Kristin van Zwieten
Dr John Vella
Mr Ashley Walters	Joined wef 6 October 2021

COLLEGE SENIOR STAFF	COLLEGE SENIOR STAFF
The senior staff ofthe College to whom day to day management		is delegated		are as	follows.
Principal	Jane Shaw
Bursar	Peter Hyde
Senior Tutor	Lesiey Smith
Academic Administrator	Victoria Lill, Ashley Walters 2021)		(maternity		cover until 16July

				Unrestricted	Restncted	Endowed	2021	2020
				Funds	Funds	Funds	Total	Total
			Notes	f.'000	E000	E000	6'000	E000
INCOME AND ENDOWMENTS		FROM:
Charitable activities:
Teaching, research and residential				1,717			1,717	1,742
Public worship
Heritage
Other Trading Income				4			4	2
Donations and legacies				954	1.348		2,302	929
Investments
Investment income				594			601	463
Total return allocated	to income
Other income				228			228	182
Total income				3,497	1,348	7	4,852	3,318
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential				2,836	1,389		4,225	4,067
Public worship
Heritage
Generating funds:
Fundraising				60	115		175	116
Trading expendiWre
Investment management		costs
Total Expenditure				2,905	1,504		4,409	4,189
Net Income/(Expendltum)	before gains			692	(156)	7	443	(871)
Net gains/(losses) on investments			10			2,358	2,358	(412)
Net Incomei(Expenditure)				592	(156)	2,365	2,801	(1,283)
Transfem between funds			15	(13)	13
Other recognised gains(losses
Gains/(losses) on revaluation		offixed assets
Actuarial gains/(losses)	on defined benefit pension schemes
Net movement in funds for the year				579	(143)	2,365	2,801	(1,283)
Fund balances brought forward			15	1,640	24,290	14,371	40,301	41,584
Funds carried forward at	31July			2,219	24,147	10,736	43,102	40 301

					2021	2020
					College	College
				Notes	2'000	B000
FIXEDASSETS
Tangible assets				9	24,883	25,465
Heritage assets				10
Property investments				10
Other Investments				10	16,736	14,371
Total Fixed Assets					41,619	39,836
CURRENT ASSETS
Stool(s					11
Debtors					703	460
Investments
Cash at bank and	in	hand			2,212	1,248
Total Current Assets					2,926	1,728
LIABILITIES
Creditors: Amounts		falling due within one year		12	825	619
NET CURRENT ASSETS/(LIABILITIES)					2,101	1,109
TOTAL ASSETS LESSCURRENT LIABILITIES					43,720	40,945
CREDITORS: falling	due		after more than one year	13	270	270
Provisions for liabigtles			and charges
NET ASSETSI(LIABILITIES) BEFORE PENSION ASSET OR
LIABILITY					43,450	40,675
Defined benefit pension			scheme aabllity	19	348	374
TOTAL NET ASSETSI(LIABILITIES)					43,102	40,301
FUNDS OF THE COLLEGE				15
Endowmentfunds					16,736	14,371
Restricted funds					24,147	24,290
Unrestricted funds
Designated funds					1,669	1,679
General funds					898	335
Revaluation reserve
Pension reserve					(348)	(374)
					43,102	40,301

							2021	2020
						Notes	6'000	C000
Net cash provided by (used	In) operating		activities			22	378	(1,189)
Cash flows from investing	activities
Dividends, interest and rents from investments							601	483
Proceeds from the sale ofproperty,		plant and equipment
Purchase of property, plant and equipment							(8)	(143)
Proceeds from sale of investments							(82)	753
Purchase ofinvestments							76	(750)
Net cash provided by (used	in) investing		activities				586	323
Cash flows from financing	activities
Repayments of borrowing
Cash inflows from new borrowing
Receipt ofendowment
Net cash provided by (used	in) financing		activities
Change In cash and cash equivalents		in the		reporting	period		964	(886)
Cash and cash equivalents	at the beginning			ofthe
reporting period							1,248	2,114
Change in cash and cash equivalents		due to		exchange
rate movements
Cash and cash equivalents	atthe end ofthe			reporting
period						24	2,212	1,248

		2021	2020
Teaching, Research and	Residential	B000	E000
Unrestricted funds
1uition fees —UK and EU students		483	403
Tuition fees - Overseas	students	699	572
Other fees		80	110
Other HEFCE support		13
Other academic income		58
College residential income		404	857
		1,'717	1,742
Restncled funds
Tuihon fees - UK and EU students
Tuition fees - Overseas	students
Other fees
Other HEFCE support
Other academic mcome
College residential income
Endowed funds
Tuition fees - UK and EU students
Tuition fees - Overseas	students
Otherfees
Other HEFCE support
Other academe income
College residential income
Total Teaching, Research	snd Residential	1,717	1,742

Total Teaching, Research	Total Teaching, Research	snd Residential
Pubac worship
Unrestricted funds
Choir school fees
Other
Restncted funds
Choir school fees
Other
Endowed funds
Choir school fees
Other
Total Public worship
Heritage
Unrestriicted funds
Hentage Income
Other charitable	income
Restncted funds
Hentage Income
Other chsntable	income
Endowed funds
Heritage Income
Other chantable	income

DONATIONS AND	LEGACI	ES
			2021	2020
			6'000	L"000
Donations and Legacies
Unrestncted funds			964	112
Restricted funds			1,346	617
Endowed funds
			2,302	929
INCOME FROM OTHER TRADING ACTIVITIES
			2021	2020
			6'000	L"000
Subsidiary company	trading	income
Other trading income
INVESTMENT INCOME
			2021	2020
			6'000	D000
Unrestncted funds
Agricultural rent
Commeroal rent			12	12
Other property income			13	13
Equity dividends			561!	429
Income from fixed	interest	stocks
Interest on lixed term deposits and cash
Other investment	mcome
Bank interest
Other' interest
			694

Subsidiary company	trading	income
Other trading income

Unrestncted funds
Agricultural rent
Commeroal rent
Other property income
Equity dividends
Income from fixed	interest	stocks
Interest on lixed term deposits and cash
Other investment	mcome
Bank interest
Other' interest

ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE
		2021	2020
		6'000	0000
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential		1,769	1,481
Public worship
Hentage
Other direct costs allocated	to
Teaching, research and residential		I 264	1,488
Public worship
Heritsge
Support and governance costs allocated to
Teaching, research and residential		1,192	1,098
Public worship
I-leritage
Total charitable expenditure		4,225	4,067
Expenditure on raising funda
Direct staff costs allocated to:
Fundi8ising		142	93
Trading expenditure
investment management	costs
Other direct costs allocated	to
Fundraismg
Trading expenditure
Investment management	costs
Support and governance costs allocated to
Fundraising		26	20
Trading expenditure
Investmsnt management	costs
Total expenditure on raising	funds	184	122
Total expenditure		4,409	4 189

The teaching snd research costs	includ	e college contnbution payable ofF0k (2020-rck).
			2021	2020
			Total	Total
Included withm the resources expended		above are:	6'000	f000
Impairment charges
Stock recognised as an expense	in the	year
Operagng lease payments
Foreign exchange losses

			Teaching
		Generating	arid	Public		2021
		Funds	Reseamh	Worship	Hentage	Total
		D000	E'000	E'000	E'000	2'000
Finance l administration		35	394			429
Domestic admini stration
Human resources			1			I
n			143			143
Deprecation			589			589
Loss/(profit)	on fixed assets
Bank interest payable
Other finance charges			(28)			(28)
Governance	costs		93			93
		36	1,192			1,227
			Teaching
		Generating	and	Public		2020
		Funds	Research	Worship	Hentage	Tots I
		E'000	E'000	E000	E000	E'000
Finanaal admimstration		26	330			356
Domestic administration
Human resources			(3)			(3)
IT			158			158
Depredation			595			595
Loss/(profit)	on fixed assets
Bank interest	payable
Other finance charges			(90)			(80)
Governance	costs		108			108

				2021	2020
				E'000	E'000
Governance coals comprise:
Auditor's	remuneraion	- audit senrices		17	17
Auditor's	remuneration	-assurance	services other than audit
Auditor's	remuneration	-tax sdwsory	sennces
Auditors	remunerabon	-other services
Legal and	other fees	on constitutional	matters	76	91
Other governance costs
				93	108


GRANTS AND AWARDS			2021	2020
			Deco	E000
During the year the College funded research awards snd
bursaries to students from	its restncted	and
unrestncted fund as follows:
Unrestricted funds
Grants to individuals.
Scholarships, prizes snd grants
Burssnes snd hardship	awards		15	18
Grants to other institutions
Total unrestricted			15	18
Restricted funds
Grants to mdividuals:
Scholamhips, pnzes and grants			170	173
Bursaries and hardship	awards
Grants to otherinstitutions
Total nlsti'icted			170	173
Total grants and awards			155	191

STAFF COSTS
			2021	2020
The aggregate staff costs for the year were ss fo0owa			E'000	U000
Salaries and wages			1,928	1 519
Socisl secuflty costs			177	185
Pension costs.
Defined benefit schemes			155	141
Defined contribution	schemes		60	45
Other benefits
			2,320	1,870
The average number of	employees	ofthe College, excluding Irustees,
on a full time equivalent	basis was	ss follows	2021	2020
Tuibon and research			3	2
College residential			22	23
Public worship			1	1
Heritage
Fundraismg			2	2
Support			12	10
Total			39	38
The average number of	employed	College Trustees dunng the year was as follows.
Unwersity Lecturers
CUF Lsctufers
Other teaching snd resesmh
Other
Iotal			20	15

College			Leasehold	Freehold	Plant and	Fixtures,
			land and	land and	machinery	fittings snd
			buildings Eooo	buildings Eooo	f000	equipment r.'000	Total 5'000
Cost
At start cf)mer				28,257	125	655	29,037
Additions					'I	7	8
Disposals
At end ofyear				28 257	126	662	29,045
Depreaiation	and impairment
At start ofyear				2,984	111	477	3,572
Charge for the	year			512	8	70	690
On disposals
Impairment
At end ofyear				3496	119
Net book value
At end ofyear				24,761		115	24,883
At start ofyear				25,273	14	179	2S,46S
The above includes
Fck (2020 rnk) ofplant and machinery		held under finance leases.
tok (202090k) offixures and fiuings		held under finance leases.

All mvestments are	held	at fair value
							2021	2020
							EOOO	EOOO
Group investments
Valuation at start of	year						14,371	14,765
New moneyinvested
Amounts withdrawn								(3)
Reinvented income
Investment management		fees
(Decrease)/increase	in value of irivestments						2,366	(412)
College investmenls	at	end ofyear					16,736	14,371
College investmenls	comprise:		Held outside	Held in	2021	Held outside	Held in	2020
			the UK	the UK	Total	the UK	the UK	Total
			r.'000	O000	COOO	E000	EOOO	EOOO
Equity investments				16,020	16,020		12411	12,411
Global multi-asset funds
Propertyfunds				141	141		141	141
Fixed interest stocks
Alternative and other	investments
Fixed term depoats	and	cash		575	5'76		1,619	1,819
Total gmup investments				15736	16,736		14,371	14,371

DEBTORS
			2021	2020
			College	College
			2'000	CDDD
Amounts falling due		within one year:
Trade debtors			36
Amounts owed by College members			I
Amounts owed by Group undertakings
Loans repayable withm one year
Prepeyments	and accrued income		66	36
Other debtors			696	434
Amounts faalng due		after more than one year:
Loans
			703	480
CREDITORS:	falling due within one year
			2021	2020
			College	College
			2'000	BDDD
Bank overdrsfts
Bank loans
Obligations under finance leases
Trade creditors			32
Amounts owed	to College Members
Amounts owed	to Group undertakings
Taxation and social secunty			49	52
Cot ega contnbution
Accruals and deferred		inoome	152	27
Other creditors			592	492
			825
CREDITORS:	falling due after more than one year
			2021	2020
			College	College
			ODDD	k'000
Bank loans
Obligations under firiance leases
Other creditors			270	270
			270	270
PROVISIONS FOR LIABILITIES ANO CHARGES
			2021	2020
			College	College
			2'000	BDDD

ANALYSIS OF MOVEMENTS	ANALYSIS OF MOVEMENTS	ANALYSIS OF MOVEMENTS	ON FUNDS
				At 1 August	Iri coming	Resources		Gainer	At 31July
				2020	resources	expended	TransFers	(losses)	2021
				000	OOOO	6'000	0000	6'000	r.'000
Endowment Funds	- Permanent
College Endowment	Fund			8,430				1,347	9,784
Edwanl Robert Nsmrlmn		Wills	Endowment	5,893				978	6,671
GuBifer Fellowship
Endowment Funds	- Expendable
Scholarship Funds				248				33
Total Endowment	Funds - College			14371				2,358	16,736
Endowment funds held		by subsidiaries
Total Endowment	Funds - Group			14371
Restncted Funds
Development Funds				23297		(501)			22,796
Scholarship Funds				436	97	(185)	10		368
Farmington Institute	Fund			88	548	(462)	(1)		189
Distinguished Careers institute			Fund	83					83
We0being Research	Centre			318	578	(241)			653
Development once				53	128	(115)			64
Gulifer Fellowship				17	3
Total Restricted Funds		- College		24290			13
Restricted funds held by		subsidiaries
Total Restricted Funds		- Group		24290			13
Unrestricted Funds
Development Funds				1,679		(10)			1,669
Fixed asset designated		Fund
Designated Revenue Funds
General funds				335	3,497	(2,921)	(13)		898
Revaluation reserve
Pension reserve				(374)					(348)
Total Unrestricted	Funds - College			1 840	3497	(2905)	(I3)		2219
Unrestricted funds held		by subsidiaries
Total Unrestricted	Funds - Group			1,640	3,497	(2,905)	(13)		2,219
Total Funds				40,301	4,852	(4,409)		2,358	43,102

The foOowing	The foOowing	The foOowing	is a summary	is a summary	is a summary	is a summary	the ongins	and purposes	ofeach ofthe Funds
Endowment			Funds	- Permanent:
College Endowment					Fund				A consolidation of giffs and donations where capital and	income, or only the	income,
									csn be used for the general purposes ofthe chanty. Pert	ofthese funds may
									have been designated for a particular purpose by the Govermng Body.
Edward Robert Hamilton						Wills	Endowment		A specific donation to be used to enhance the permanent	endowment ofthe	Cogege			where
									the income can be used for the general purposes ofthe charity
Gullifer Fellowship									A consolidation ofgifls and donations where the income	is to be used to support
									a College fellowship m Isw
Endowment			Funds	- Expendable:
Scholarship			Funds						A bequest where the use ofthe income is foraspeefic purpose sodesignated
									by the donor and which can only be used for that purpose	or activity
Restricted		Funds:
Development			Fund						A consolidation ofgifts and donabons where both income	and capital can be
									used for acquisition, replacement snd msmtenance ofthe	College functional	buildmgs.
Scholarship			Funds						A consolidation ofgilts and donations where both income	and capital can be
									used for student scholarships
Farminglon		Institute		Fund					Restncted funds include income ofL'303,000 given ss a grant by the Fsrmmgton			Trust
									to support the ohantable activities ofthe Fsrmington insbtute. The charitable		activibes
									ofthe Institute were transferred to Harris Manchester Cotege on 1 August 2015,the
									Farmington Trust having determmed that its chen table chisels would be best
									achieved through such s transfer.
Distinguished			Careers		Institute		Fund		A fund to provide a term-long programme for mid- and late - term professionals
									who want structured time to think about 'whet next'
Wegbeing	Research			Centre					The WeBbeing Research Centre isa hub for researchers	addressing the issues ofhuman
									weBbeing and conducting research in different fields such	ss economics, behavioural				science
									psychology philosophy and the environment, The Centre	also hosts regular research				seminars,
									soaal events and will be organising future academic talks	and conferences
Development			oNce						A grant from the College Contributions Fund to fund the creation ofa Development				Office'
Gulhfer Fellowship									A consolidation ofgifts and donations where the income	is to be used to support
									a College fellowship in law.
Designated		Funds
Fixed asset		designated							Unrestncted Funds which are represented by the fixed assets ofthe College
									and thetefore not available for expenditure on the Co0ege's general purposes.
									The Trustees have transferred the balance on this fund into general college
									reserves as it is no longer considered necessary to show	separately.
Designated		Revenue			Funds				Designated Revenue Funds represent monies ring-fenced	for specific purposes		by	Governing
									Body
Development			Fund						Unrestncted Funds aBocsted by the Fellows for future costs of
									replacement and maintenance ofthe CoBege functional buildings
The General			Unrestncted			Funds represent		accumulated	income from the Co0ege's activities and other sources that	are available for the	general			purposes	ofthe

No trustee receives any remuneration	No trustee receives any remuneration	for acting as a trustee However,	trustees	who are	also employees	also employees	ofthe College receive	satanas for their work	satanas for their work	as
employees. Where possible these	satanas sre paid on external academic and		academic-related			scales and often are joint arrangements		wnh the University		of
Oxford.
The College hss s Remuneration	Committee	which makes recommendations	to the Governing		Body on psy snd		benefits which ere outside ofexternal scales. 1h
composiion ofthe Remuneration	Committee	is set out m page 24 ofthe financial statements in				the section, Govemmg Body, Officers		and Advisers.
Remuneration paid to trustees
			2021				2020
			Gross remuneration,			taxable	Gross remuneration,		taxable
		Number of	benefits and pension				Number of	benefits and pension
Range		Trustees/Feaows		contnbutions			Trustees/Feacws	contributions
				E				E
Et,cccat,999				1,500
E7,00047,999				15,240
EQ,OOO-E9,999				9,703
E10,000-E10,999								10315
E11,000411,999				/ UDay				22 914
E12,000-E12,999				50,555				38 182
E23,000-E23,999				23,747
E37,000-837,999								37,770
E41,0DO-E41,999				41,459
E44,000-844,999				44,695
546,000-546,999				46 623				46,904
E49 ODO-E49,999
E51,000-E51,999				154,220				102,578
E'61,000-861,999
E84,000-E64 999								64,465
F73,000-873,999								73,549
E80,00D-E80,999				80,591				80,868
F82,000-882 999
E85,000-885,999				85,936				85,601
ESS,DOO-E88,999								88,752
E89,000-E89,999				89,719
5135,000 -E135,999								135,45I}
E136000 —8136,999				136,«3
Total		20		791,688				787,354

															USS
Date	ofvaluation														31/03/2018
Date	ofvaluation		results		published										16/09/2019
Value	of liabilities														567.3bn
Value	ofassets														F63.7bn
Funding Surplus/(Deficit)															6(3.6)bn
Pnnapal assumpaons
									Discount	rate
															CPI - 0.73%to
															CPI +2.52%pa
									Rate ofincrease		in satanas				n/a
									Rate ofincrease		in pensions			b	DPI
Mortality assumptions
									Assumed	life expectancy at age 65 (males currently aged 65)					24.6yrs
									Assumed	life expectancy at age 65 (females currently aged 65)					26.1 )iis
									Assumed	life expectancy at age 65 (males currently aged 45)					26.6yrs
									Assumed	life expectancy at sge 65 (females currently aged 45)					27.9yrs
Funding Rsbos
									Technical	Provisions		basis			95%
									Statutoiy	Pension	Protection		Fund basis		76%
									"Buy-out"	basis					56%
															21 1%
															increasing	to
															23.7'4 by
Employer's contnbution					rate (as %of pensionable			satanas):							01/10/21
Effective date of		next valuabon:													31/03/2020
Notes
a.	1he discount		rate		(forward rates) for the USS valuation was
Years	1-10								CPI + 014%reduang			linearly to CPI —073%
Years	11-20								CPI+ 2.52% reducing			linearly to CPI+ 1 55% by year 21
Years	21 +.								CPI + I 55%
b Pensions increases				(CPI) for the		USS valuation		were:
Term	dependent	rates		in line with		the difference		between	the Fixed	Interest	and	Index Ooked yield curves, less 1.3%p.a.
c The USS employer				contnbution		rate mcludes	provisions		for the cost offuture			accrual	ofdefined benefits, deficit contnbutions,	administrative		expenses and
defined contnbutions

									2021			2020
										Gains/			Gsins /
								Income	Expense	Bosses)	Income	Expense	(losses)
								EOOO	0000	2'000	0000	0000	F000
Financial assets measured	at		fair value through			profit or				2,358			(412)
loss
Finsnosl liabilities measured			at fair value		through		profit
ol' loss
Fmanosl assets measumd	at		amortised	cost
Finsndel liabihties measured		at amorlised			cost
RECONCILIATION OF NET		INCOMING		RESOURCES TO
NET CASH FLOW FROM OPERATIONS
												2021	2020
												2'000	5'000
Net Income/(expenditure)												2,801	(1 283)
Elimmstion of non-operating		cash Oows:
Investment Income												(601)	(463)
(Gams)/losses in investments												(2,358)	412
Endowmentdonabons
Depreciation												589	595
(Surplus)/loss on sale offixed			assets
Decrease/(Increase) in stock												(11)	9
Decrease/gncresse) In debtors												(223)	10
(Decrease)/Increase in creditors												207	(377)
(Decrease)/Irlcresse irl prov/s/ons
(Decrease)/Increase in pension scheme				liability								(26)	(91)
Net cash provided by (used			in) operating		activities							378	(1,189)
ANALYSIS OF CHANGES IN			NET DEBT									Other non
										At 01/08/20	Cashnows	cash	At 31/07/21
												changes
Cash and cash equivalents
Cash at bank and m hend										1,248	964		2,212
ANALYSIS OF CASH AND CASH EQUIVALENTS
												2021	2020
												EOOO	0000
Cash at bank and in hand												2,212	1,240
Notice deposits (less than 3	months)
~ank overdrafts
Total cash and cash equivalents												2,212	1,248

FINANCIAL COMNSTMENTS	FINANCIAL COMNSTMENTS
At 31 July the College had annual		commitments	under non-cancefiable	operating	leases as follows:	2021	2020
						8'000	2'000
Land and buildings
expinng	within one year
expiring	between two and five years
expiring	in over five years
expinng	within one year
expiring	between two and five years
expiring	in over five years