2022-07-31-accounts - The Principal And Fellows Of The Manchester Academy And Harris College In The University Of Oxford

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				(3)	(4)
Mrs Kate Alderson-Smith
Rev Alex Bradley		Retired 30/06/2022
Professor Jan-Emmanuei	De Neve
Dr Eric Eve		Retired 30/g/2022
Mr Brian Fidler				x	x
Dr Gina Hadley
Mr Harry Henderson
Professor Richard Hobbs		Retired 30/9/2022
Dr Hayley Hooper
Dr Joshua Hordern
Mr George Hudson
Dr Linda Hulin
Mr Peter Hyde		Resigned	31/10/2022
Dr Catherine Jackson
Dr Crispin Jenkinson
Ms Victoria Lill
Rev Dr Claire MacDonald		Elected 02/1 1/2022
Professor William Mander
Dr Ross McAdam		Resigned	18/06/2022
Professor Alister McGrath		Retired 30/9/2022
Professor Kate McLoughlin
Professor Alex Nicholls
Professor Patrik Rorsman
Professor Ronald Roy				x	x
Dr isabel Ruiz
Professor Jane Shaw
Professor Lesley Smith
Dr Harrison Steel

Dr Kristin van Zwieten
Dr John Vella
Mr Ashley Walters	Elected 06/1 0/2021
Professor Matthew Weait	Elected 20/4/2022
Dr BeeWee

COLLEGE SENIOR S	TAFF	TAFF
The senior staff ofthe	College to whom day to day management		is delegated		are as follows.
Principal		Jane Shaw
Senior Tutor		Lesley Smith
Academic Administrator		Victoria Lill
Bursar		Peter Hyde (resigned		31/10/2022)
Domestic Bursar		Clare Davis
Director ofGovernance	&Projects	Ashley Walters

					Unrestricted	Restricted	Endowed	2022	2021
					Funds	Funds	Funds	Total	Total
				Notes	D000	D000	E000	6'000	Eooo
INCOME AND ENDOWMENTS			FROM:
Charitable activitlesr
Teaching, research	and residential				2,510			2,510	1,717
Public worship
Hentage
Other Trading income					3			3	4
Donations and legacies					1,823	1,598	820	4,241	2,302
Investments
Investment income					803	14		617	601
Total return allocated		to income
Other income					28			28	228
Total income					4,967	1,612	820	7,399	4,852
EXPENDITURE ON:
Charitable activities:
Teaching, research	and residential				3,380	1,592		4,972	4,225
Public worship
Heritage
Generating funds:
Fundraising					56	38		94	175
Trading expenditure
Investment management			costs
Total Expenditure					3,441	1,630		5,071	4,409
Net Income/(Expenditum)		before gains					920	2.328	443
Net gains/(losses) on investmenls				10			(193)	(193)	2,358
Net Income/(Expenditure)					1,526	(18)	627	2,135	2,801
Transfem between funds				15	112	(100)	(12)
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					1,838	(118)	815	2,135	2,801
Fund balances brought forward				15	2,219	24,147	16,736	43,102	40,301
Funds carried forward at		31July			3,857	24,029	17,351	45,237	43,102

					2022	2021
					College	College
					6'000	0000
FIXEDASSETS
Tangible assets				9	24,347	24,883
Heritage assets				10
Property investments				10
Other Investments				10	17,351	16,736
Total Fixed Assets					41,698	41,619
CURRENT ASSETS
Stocks					14	11
Debtors					751	703
Investments
Cash at bank and	in	hand			4,456	2,212
Total Cur mnt Assets					5,221	2,928
LIABILITIES
Creditors: Amounts		falling due within one year			718	825
NET CURRENT ASSETS/(LIABILITIES)					4,503	2,101
TOTAL ASSETS LESSCURRENT LIABILITIES					46,201	43,720
CREDITORS: faglng	due		after more than one year	13	270	270
Provisions for liabilities			and charges	14
NET ASSETSI(LIABILlllES) BEFORE PENSION ASSETOR
LIABILITY					46,931	43,450
Defined benefit pension			scheme liabilay	19	694	348
TOTAL NET ASSETSI(LIABILITIES)					45,287	43,102
FUNDS OF THE COLLEGE				15
Endowment funds					17,351	16,736
Restricted funds					24,029	24,147
Unrestricted funds
Designated funds					1,660	1,869
General funds					2,891	898
Revaluation reserve
Pension msarve					(694)	(348)
						43.102

							2022	2021
						Notes	E000	P000
Net cash provided by (used	in) operating		activities			22	1,663	378
Cash flows from investing	activities
Dividends, interest and rents from investments							617	801
Proceeds from the sale ofproperly,		plant and equipment
Purchase ofproperty, plant and equipment							(38)	(8)
Proceeds from sale ofinvestments								(82)
Purchase ofinvestments								75
Net cash provided by (used	in) investing		activities
Cash flows from financing	activities
Repayments ofborrowing
Cash inflows from new borrowing
Receipt ofendowment							820
Net cash provided by (used	in) financing		activities				820
Change in cash and cash equivalents		in the		reporting	period		2,244	964
Cash and cash equivalents	at the beginning			ofthe
reporting period							2,212	1,248
Change In cash and cash equivalents		due to		exchange
rate movements
Cash and cash equivalents	at the end ofthe			reporting
period						24	4,456	2,212

INCOME FROM CHARITABLE ACTIVITIES	INCOME FROM CHARITABLE ACTIVITIES
		2022	2021
Teaching, Reseamh and	Residential	2'000	C000
Unrestncted funds
Tuition fees - UK and EU students		387	483
Tuition fees - Overseas	students	828	899
Other fees		77	60
Other HEFCE support		35	13
Other academic income		192	58
College residential income		991	404
		2,510	1,717
Restricted funds
Tuition fees - UK and EU students
Tuition fees - Overseas	students
Other fees
Other HEFCE suPPort
Other academic income
College residenbal income
Endowed funds
Tuition fees - UK and EU students
Tuition fees - Overseas	students
Other fees
Other HEFCE support
Other academic income
College residential income
Total Teaching, Research	and Residential	2,510	1,717
Public worship
Unrestncted funds
Choir school fees
Other
Restncted funds
Choir school fees
Oner
Endowed funds
Choir school fees
Other
Total Public worship
Heritage
Unrestricted funds
Hentage Income
Other chsntsble income
Restncted funds
Hentage Income
Other charitable income

						2022	2021
						2'000	B000
	Donations and Legacies
	Itnrestricted funds					1,023	954
	Restricted funds					1,698	1,340
	Endowed funds					820
						4,241	2,302
3	INCOME FROM OTHER TRADING ACTIVITIES
						2022	2021
						2'000	C000
	Subsidiary company		trading	income
	Other trading income
4	INVESTMENT INCOME
						2022	2021
						6'000	E000
	Unresrncred funds
	Agncultural rent
	Commeroal rent					12	12
	Other properly income					13	13
	Equity dividends					575	566
	Income from fixed		interest	stocks
	Interest on fixed	term deposits			and cash
	Other investment		income
	Bank interest
	Other interest
						603	594
	Restricted funds
	Agncultural rent
	Commeroal rent
	Other property income
	Equity dividends					14
	Income from fixed		interest	stocks
	Interest on fixed	term deposits			and cash
	Other investment	income
	Bank interest
	Other interest
						14
	Endowed funds
	Agncultural rent
	Commercial rent
	Other property income
	Equity dividends
	Income from fixed		interest	stocks
	Interest on fixed	term deposits			and cash
	Other investment	income
	Bank interest
	Other interest
	Total Investment	Income				617	601

ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE
		2022	2021
		r.'000	5'000
Charitable expenditum
Direct staff costs agccated to:
Teschmg research and residential		1,770	1,769
Public worship
Heritage
Other direct costs allocated	to
Teaching, research and residential		1,616	1,264
Public worship
Hentage
Support and governance costs allocated to
Teaching, research snd residential		1,588	1,192
Public worship
Hentage
Total charitable expenditure		4,972	4,225
Expenditure on raising funds
Direct staff costs allocated to.
Fundraising			142
Trading expenditure
Investment management	casts
Other direct costs allocated	to
Fundraising		12
Trading expenditure
Investment management	costs
Support and governance costs agocsted to
Fundraising		18
Trading expenditure
Investment management	costs
Total expenditure on raising	funds	99	184
Total expenditure		5,071	4,409

The teaching and research costs	mclud	e Cogegs Contribution payable ofEok (2021 - Eok).
			2022	2021
			Total	Total
Included within the resources expended		above are	6'000	E000
Impairment charges
Stock recognised as sn expense	in the	year
Opershng lease payments
Foreign exchange losses

			Teaching
		Generating	and	Public		2022
		Funds	Research	Worship	Hentage	Total
		E'000	E'000	f000	E'000	E'000
Finanoai administration		21	242			263
Domestic administration			280			280
Human resources			4			4
IT			122			122
Depreciation			573			573
Loss/(profit)	on fixed assets
Bank interest payable
Otherfinance	charges		347			347
Governance	costs		16			18
		21	1,586			1,607
			1caching
		Generating	situ	Public		2021
		Funds	Research	INorship	Heritage	Total
		0000	E'000	000	E'000	E'000
Finanoal administration		35	394			429
Domestic administration
Human resources			1			1
IT			143			143
Depreciation			589			589
Loss/(profit)	on fixed assets
Bank interest	payable
Otherfinance Governance	charges costs		(25) 17			(28) 17

						2022	2021
						0000	E'000
Governance costs comprise:
Auditor's	remuneration-		audit services			17	17
Auditor's	remuneration	-	assurance	services other than audit
Auditor's	remuneration	-	tax advisory	services
Auditor's	remuneration	-	other services
Legal and	other fees on		constitutional		mshers
Other governance costs
							17

GRANTS AND AWARDS				2022	2021
				E000	E000
During the year the College funded		research awards and
bursaries to students from	its rsstnctsd		snd
unrsstnctsd fund as follows
Unrestricted funds
Grants to individuals
Scholsmiiips, prizes and grants				3
Bursaries and hardship	awards			13	15
Grants toother institubons
Total unrestricted				16	16
Restricted funds
Grants to individuals:
Scholarships, prizes and grants				104	170
Bursaries and hardship	awards			10
Grants toother institubons
Total restricted				114	170
Total grants and awards				130	185

STAFF COSTS
										2022	2021
The aggregate staff costs for the year were as						follows.				ffooo	Dooo
Salaries and wages										1,990	1,954
Social secunty costs										191	177
Pension costs
Defmed benefit schemes			- employer's		contributions					156	166
Defined contnbution		schemes -		employers		contnbubons				55	50
~efmed benefit schemes			- movement		on pension			provision		347	(27)
Other benefits
										2,739	2,320
The average number	of	employees		ofthe	College		excluding		Trustees,
on s full time equivalent		basis was		as follows.						2022	2021
Tuition and research										5	3
College residential										22	22
Public worship											1
~entsge
Fundraismg										1	2
Support										14	12
Total										42	39
1he average number	of	employed		College Trustees			dunng the year was as follows.
university Lecturers
CUF Lecturers
Other teaching and research
Other
Tots I										20	20

Coaege		Leasehold	Freehold	Plant and	Fixtures,
		land and	land and	machmery	fiitings and
		buildings	buildings		equipment	Tots I
		6'000	BOOO	6'000	BOOO	6'000
Cost
At start ofyear			28,257	126	662	29,045
Additions				3	35	35
Dispossls
At end ofyear			28 26'7	129	697	29,083
Depreciation	and impairment
At start ofyear			3,496	119	547	4,162
Charge for the	year		512	4	58	574
On disposals
Impairment
At end ofyear			4,008	123
Net book value
At end ofyear			24,249	8	92	24,347
At start ofyear			24,761	7	115	24,883

Ai investments srs held	Ai investments srs held	st fair value.
							2022	2021
							C000	E000
Group investments
Valuation st start of	year						16,736	14371
New money mvested							808
Amounts withdrawn
Reinvested income
Investment management		fees
(Decrease)/increase	in value of investments						(193(	2,358
College investments	at	end ofyear					17,361	18,738
College Investmenls	comprise:		Held outside	Held in	2022	Held outside	Held in	2021
			Ihe UK	the UK	Total	the UK	the UK	Total
			0000	0000	M000	5'000	5000	E'000
Equity investments				16,968	16,968		16,020	16,020
Global multi-asset funds
Property funds				141	141		141	141
Fixed interest stocks
Alternative and other	mvestments
Fixed term depowts	and	cash		242			575	575
Total group investments				17,351	I'7,351		16,736	16736

DEBTORS
		2022	2021
		College	Colega
		6'000	0000
Amounts falling due	within one year:
Trade debtors		(36)	36
Amounts owed by College members		23	1
Amounts owed by Group undertakings
Loans repayable withm one year
Prepayments and accrued income		410	68
Other debtors		353	598
Amounts faglng due	after more then one year:
Loans
CREDITORS: falling	due within one year
		2022	2021
		College	College
		D000	D000
Bank overdrafts
Bank loans
Obligations under finance leases
Trade creditors		66	32
Amounts owed to College Membem
Amounts owed to Group undertalungs
Taxation and sooal security		69	49
College contribution
Accruals and deferred	income	220	152
Other creditors		355	592
		718	825
CREDITORS: falling due after more than one year
		2022	2021
		College	College
		5'000	r000
Bsnkloans
Obligations under finance leases
Other creditors		270	270
		270	270

Bank overdrafts
Bank loans
Obligations under finance leases
Trade creditors
Amounts owed to College Membem
Amounts owed to Group undertalungs
Taxation and sooal security
College contribution
Accruals and deferred income
Other creditors

2022	2021
College	College
D000	F000

ANALYSIS OF MOVEMENTS	ANALYSIS OF MOVEMENTS	ANALYSIS OF MOVEMENTS	ANALYSIS OF MOVEMENTS	ON FUNDS
					AII Angus'I	Incoming	Resoiirces		Gsinsl	At 31July
					2021	resources	expended	Transfers	(losses)	2022
					r.'000	E000	E000	r.'000	r.'000	2'000
Endowment Funds - Permanent
College Endowment	Fund				9,784				(112)	9,672
Edward Robert lssmaton		Wills		Endowment	6,671				(81)	6,690
Endowment Funds	- Expendable
Scholarship Funds					281	620		(12)		1,089
Total Endowment	Funds		- College		18,736	820
Endowment funds held		by subsidianes
Total Endowment	Funds		-Group		16736	820
Restricted Funds
Development Funds					22 796		(524)			22,272
Scholarship Funds					290	88	(119)	12		261
Farmington Institute	Fund				169	615	(448)	(77)		259
Distinguished Careers Institute				Fund	83		(31)			52
Wegbeing Resesmh	Centre				653	642	(427)	(35)		633
Development Office					64		(37)			27
Fellowship Funds					46	35	(28)			53
Other Funds					46	252	(16)			282
Total Restricted Funds		-College			24,147					24,029
Restricted funds held by		subsidisnes
Total Restricted Funds		- Group			24 147					24,029
Unrestricted Funds
Development Funds					1,669		(9)			1,660
Fixed asset designated		Fund
General funds					898	4 967	(3,085)	112		2,892
Revaluation reserve
Pension reserve					(348)		(347)			(695)
Total Unrestricted	Funds		-College		2.219	4,967	(3441)	112		3857
Unrestricted funds held		by subsidianes
Total Unrestricted	Funds		- Group		2.219	4,967	(3,441)	112		3,857
TotalFunds					43,102	7,399	(5,071)		(193)	45,237

The following	The following	iss summary	iss summary	iss summary	the angina and	purposes ofeach ofthe Funds
Endowment		Funds	- Permanent:
Cohege Endowment			Fund			A consolidation of gil'ts and donations where capital and income, or only the	income,
						can be used for the general purposes ofthe chanty. Part ofthese funds may
						have been designated for 4 particular purpose by the Govermng Body.
Edward Robert Hamilton				yyits	Endowment	A speofic donation to be used to enhance the permanent endowment ofthe	Cotege			where
						the income can be used for the general purposes ofthe chanty
Endowment		Funds	- Expendable:
Scholarship		Funds				A bequest where the use ofthe income is foraspeofic purpose so designated
						by the donor and which can only be used for that purpose or activity
Restricted	Funds:
Development		Fund				A consolidation ofgifts and donations where both income and capital can be
						used for acquisition replacement and maintenance ofthe College functional	buildings.
Scholarship	Funds					A consolidsbon ofgifts and donations where both income and capital can be
						used for student scholarships prizes and support.
Farmington	Institute		Fund			Restricted funds include income of6303000 given as a grant by the Farmington		Trust
						to support the chantable activities ofthe Farmington Institute. The charitable	activities
						ofthe Institute were transferred to Hams Manchester College on I August 2015		the
						Farmington Trust having determined that its charitable obiects would be best
						achieved through such a 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'
Yye0being Research			Centre			The We0being Research Centre is a hub for researchers addressing the issues of human
						we0being and conducting research in different fields such as economics, behavioural				seance,
						psychology, philosophy snd the environment. The Centre also hosts regular research				seminars
						social events and will be organismg future academic talks and conferences.
						In 2021/2022, Wetbeing Research Centre entered into an agreement with World		Weilbeing			Centre
						a UK company ofwhich Professor Jan-Emmanuel de Neve, is a director
						with a view to the latter providing funding to the former for research pumoses.
Development		Office				A grant from the College Contnbutions Fund to fund the creation ofa Development			Office'
Fellowship	Funds					A consolidation ofgifts and donations where the income is to be used to support
						Cogege fellowships.
Other Funds						A consolidation ofgifts and donations received for suppori ofgeneral running	of	College
						1his includes funding received via CCF.
Designated	Funds
Fixed asset	designated					Unrestricted Funds which are represented by the fixed assets ofthe College
						and therefore not available for expenditure on the Co0ege's general purposes.
						The Trustees have transferred the balance on this fund mto general cogega
						reserves as it is no longer considered necessary to show separately
Designated	Revenue		Funds			Designated Revenue Funds represent monies nng-fenced for speofic purposes		by	Governing
						Body
Development		Fund				Unrestncted Funds allocated by the Fellows for future costs of
						replacement snd maintenance ofthe College functional buildings

ANALYS	IS OF NET ASSETS BETWEEN FUNDS
		Unrestncted	Restncted	Endowment	2022
		Funds	Funds	Funds	Total
		E'000	f000	f000	t.'000
Tangible	fixed assets	17,952	6,395		24,347
Property	investments
Other investments				17,351	17,351
Net current assets		(13,131)	17,634		4,503
Long term liabilities		(270)			(270)
Peneon	scheme liability
		3,857	24,029	17,351	46,237
		Unrestncted	Restncted	Endowment	2021
		Funds	Funds	Funds	Total
		6'000	6'000	6'000	6'000
Tangible	fixed assets	17,964	6,919		24,883
Properiy	mvestments
Other mvestments				16,736	16,736
Net current assets		(15,101)	17,228		2,127
Long term liabilibes		(270)			(270)
Pension	scheme liability	2219	24,1	16,736	(374) 43,102

		2022			2021
		Gross remuneration,	taxable		Gross remuneration,	taxable
	~umber ot	benefits and pension		Number ol	benefits and pension
Range	Trustees/Fellows	contributions		Trustees/Fellows	co/ltfibutlohs
					E
51,000-21 999		1 500			1,500
56 000-E6,999					6,742
E7000-E7999					7,832
E'8,000-r8,999		8,091
E9,000-59,999		19,497			9,597
r10,000-510,999		10,910
r11,000-511,999					23,253
E12 000-512,999		50,451			37,798
521,000-521,999					21,772
537,000-E37,999					37,945
E40.000-F40,999					40,943
E42,000-E42,999					42 945
544,000-E44,999		44,904
E47,000-547,999		95,720			141,712
E48,000-548,999		48 139
557,000&57,999		57780
563,000-563999		63538
E68,000-568999		68659
E70,000470 999		70587
E73,000-E73,999					73,377
E75,000-f75,999		75,089
r78,0004'.78,999					78,237
E79,000-579,999		79422
5'81 000-581,999					81,632
E127,000-5127,999					127,938
5130,000-5139,999		132,802
Total	20	827,089		20	733,223

Qualified	Qualified	actuanes psriodicely	actuanes psriodicely	actuanes psriodicely	actuanes psriodicely	value the USS defined benefits	value the USS defined benefits	value the USS defined benefits	using the 'projected	using the 'projected	using the 'projected	using the 'projected	unit	method'	embraang	embraang	a	market value approach. The resultmg	market value approach. The resultmg	market value approach. The resultmg	levels of
contnbution take			account ofactuanal surpluses				or defiots	m the scheme.			The financial			assumptions		were	derived		from market conditions prevailing		at the
valuation		date. The		msults ofthe latest actuanal			valuation	and	the	assumption which have the					most	sigmficant		effect on the results were
																				USS
Date of	valuation																			31/03/2020
Date of	valuation		results		published															30/09/2021
Value of		liabilities																		EBO.Bbn
Value of		assets																		EBe.5bn
Funding		Surplus/(Deficit)																		(514lbn)
Pnncipal		assumptions
								~recount		rate									a	Fixed Interest
																				gilt paid curve
																				plus 1%- 2.75%
								Rate	of increase			in satanas								n/a
								Rate	ofincrease			in pensions							b	CPI +005%c
Assumed	I/fe sxpsctances			on	retirement	atsge 65
								Males currently			aged 65									23.9 yrs
								Females		currently		aged	65							25.5 yrs
								Males currently			aged 45									25.9 yi's
								Females		currently		aged	45							27.3 yrs
Fundmg		Ratios
								Technical		Provisions basis										83%
								Statutory		Pension		Protection		Fund basis						64%
								'Buy-out"		basis										51%
																				21.1'y to
																				21 4'4 from I
Employer's contribution					rate (as '4 ofpensionable		salsnss):													Oct 21
Effective		date of	next	valuation.																31/03/2023

Scheme				2022	2021
				6000 s	6000's
Universities	Su ersnnuation		Scheme	156	155
Pensions Trust Growth		Plan	Series t and 2
Pensions Trust Growth		Plan	Sensa 4	55	60
Total				211	215

The financial statements include the foBowing	The financial statements include the foBowing	The financial statements include the foBowing	The financial statements include the foBowing	The financial statements include the foBowing	respect ofitems held at fair	value
						2022			2021
							Gains I			Gams/
					Income	Expense	(losses)	Income	Expense	(losses)
					E000	5'000	6'000	E000	f."000	E000
Financial assets measured	at fair value through				profit or		(193)			2,358
lass
Financial liabikties measured		at fair value		through	profit
oi' loss
Finanaal assets measured	st amortised		cost
Fmanoal liabilities measured		at amorksed		cost
RECONCILIATION OF NET		INCOMING	RESOURCES TO
NET CASH FLOW FROM OPERATIONS
									2022	2021
									000	E000
Net income/(expenditure)									2,135	2,801
Elimination ofnon-operating		cash flows:
Investment income									(917)	(601)
(Gams)/losses in investments									193	(2,358)
Endowment donations									(820)
Depredation									574	589
(Surplus)/loss on sale offixed assets
Decrease/(Increase) in stock									(3)	(11)
Decrease/(Increase) in debtors									(48)	(223)
(Decrease)/Increase in creditors									(107)	207
(Decrease)/Increase in prowsions
(Decrease)/Increase in pension scheme			liability						348	(26)
Net cash pmvided by (used		in) operating		aativities					1,663	378
ANALYSIS OF CHANGES IN NET GEST									Other non
							At 01/08/21	Cashflows	oash	At 31/07/22
									changes
Cash and cash equivalents
Cash at bank and in hand							2,212	2,244		4,456
ANALYSIS OF CASH AND CASH EQUIVALENTS
									2022	2021
									000	2'000
Cash at bank and m hand									4,456	2 212
Notice deposits (less than 3	months)
Sank overdrafts
Total cash and cash equivalents									4,456	2,212

At 31 July the College hsd annual	At 31 July the College hsd annual	2022	2021
		1."000	E000
Land and buildings
expiring	within one year
expinng	between hvo and five years
expiring	in over five years
expinng	withm one year
expiring	between two and five years
expiring	in over five years

			2022	2021
			E000	E000
Dr	J	Hordern	66	66
Dr	I	Ruiz	75	75
			141	141