#
##
||TABL|E OF|CONTE|NTS||
|---|---|---|---|---|---|
|TABLE OF CONTENTS||||||
|MEMBERS OFTHE GOVERNING BODY||||||
|COLLEGE COMMITTEE STRUCTURE||||||
|EXTERNAL COMMITTEE MEMBERS||||||
|COLLEGE SENIOR STAFF||||||
|COLLEGE ADVISERS||||||
|ANNUAL REPORT FOR THE YEAR ENDED 31JULY2022|||||7|
|REFERENCE AND ADMINISTRATIVE||INFORMATION|||7|
|College address|||||7|
|STRUCTURE, GOVERNANCE|AND MANAGEMENT||||7|
|Governing
documents|||||7|
|Governing
Body|||||7|
|Recruitment
and training|ofMembers ofthe||Governing|Body|8|
|Remuneration
ofMembers|ofthe Governing||Body||8|
|Organizational
management|||||8|
|Governance|||||9|
|Group structure
and relationships|||||10|
|OBJECTIVESAND ACTIVITIES|||||11|
|Charitable
Objects and Aims|||||11|
|Activities and Objectives ofthe College|||||11|
|Public benefit|||||12|
|ANNUAL REVIEW OFACHIEVEMENTS||AND PERFORMANCE|||13|
|President's
Perspective|||||13|
|Academic Performance|||||13|
|Outreach
and Admissions|||||15|
|Domestic Bursar's Report|||||17|
|Development|||||18|
|Risk Management|||||18|
|FINANCIAL REVIEW|||||20|
|Endowment
Performance|Context||||20|
|Investment
Performance
Review 2021/2022|||||20|
|Portfolio Initiatives|||||22|
|Environmental,
Social and|Governance
(ESG)||||23|
|Outlook|||||23|
|STATEMENT OFACCOUNTING|AND REPORTING RESPONSIBILITIES|||||
|REPORT OFTHE AUDITORS|||||26|
|STATEMENT OFACCOUNTING|POLICIES||||30|
|FINANCIAL STATEMENTS FORTHE YEAR ENDED 31JULY2022||||||
|oftheir original app|ointm|ent
is no|ted.||
|---|---|---|---|---|
|Prof Colin Akerman|||2008||
|Prof David Armstron|||2017||
|Prof Alastair Buchan|||2009||
|Prof Giovanni Ca occia|||2003||
|Dr Paul Dellar|||2007||
|Prof James Du|||2016||
|Prof Marion Durand|||2019||
|Prof Matthew
D son|||2016||
|Prof Jas' Elsner|||1999||
|Prof Liz Fisher|||1999||
|Prof Andrew
Fowler|||1985
Retired 30~ September|2022|
|Prof Nicole Grobert|||2012||
|Prof Constanze
G0thenke|||2014||
|Prof Stephen
Harrison|||1987||
|Prof Peter Hore|||1983||
|Prof Marek Jankowiak|||2018||
|Prof Michael Johnston|||2002||
|Prof Hans Kraus|||1996||
|Prof Rebekah Lee|||2022
A pointed 26'" Janua|2022|
|Ms LizL le|||2021||
|Revd Canon Dr Judith|Maltb||1993||
|Prof Michael Martin|||2018||
|Dr Neil McL nn|||2007||
|Prof Jeff McMahan|||2014||
|Mr Nicholas
Melhuish|||2018||
|Prof Helen Moore|||1996||
|Prof Robin Mu
h|||2009||
|Prof Peter Nellist|||2006||
|Prof Judith Olszo
-Schlan||er|2018||
|Dr Esther Osorio Whewell|||2021||
|Prof Pier Palamara|||2017||
|Prof Katherine
Paugh|||2017||
|Prof Giuseppe
Pezzini|||2021||
|Prof Tobias Reinhardt|||2008||
|Mr Andrew
Rolfe|||2014||
|Prof David Russell|||2015||
|Prof Mark Sansom|||2011
Retired 30~September|2022|
|Prof Kathryn Stevens|||2020||
|Prof Pawel Swietach|||2010||
|Prof John Watts|||1997||
|Dr Mark Wormald|||2000||
|Prof Mark Wrathall|||2017||
##
##
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|Investment|Investment|Mana|Mana|ers|Oxford University|Oxford University|Oxford University|Endowment|Management|
|---|---|---|---|---|---|---|---|---|---|
||||||(OUEM)|||||
||||||King Charles||House|||
||||||Park End Street|||||
||||||Oxford|||||
||||||OX1 1JD|||||
|Pro e|Mana||er||Bidwells|||||
||||||Seacourt Tower|||||
||||||West Way|||||
||||||Oxford|||||
||||||OX2 OJJ|||||
|Auditor|||||Critchleys
Audit LLP|||||
||||||Beaver House|||||
||||||23-38 Hythe|Bridge Street||||
||||||Oxford|||||
||||||OX1 2EP|||||
|Bankers|||||Royal Bank|ofScotland||||
||||||Drummond|House||(EW) Branch||
||||||Drummond|House||||
||||||1 Redheughs||Avenue|||
||||||Edinburgh|||||
||||||EH12 9JN|||||
|Le al Advisers|||||Farrer &Co|||||
||||||66 Lincoln's|Inn Fields||||
||||||London|||||
||||||WC2A 3LH|||||
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|Asset Allocation|Asset Allocation|||||
|---|---|---|---|---|---|
|Asset Class||Target|Exposure|Max Range|Min Range|
|m aoIszo2i'||||||
|Equities||5po/o|64o/o|55o/o|45'/o|
|Public||40'/o|34'/o|50'/o|20o/o|
|Private||20o/o|30'/o|30o/o|po/o|
|Absolute|Return 8 Credit|15'/o|20'Yo|25'/o|15o/o|
|Property||35'/o|35o/o|40'/o|30'/o|
|Cash (net|ofborrowings)|-15'/o|-19/0|0'/o|-10'/o|
|Total||1PP'/o|100'/o|n/a|n/a|
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||||||Unrestricted|Restricted|Endowed|2022|2021|
|---|---|---|---|---|---|---|---|---|---|
||||||Funds|Funds|Funds|Total|Total|
|||||Notes|r.'000|F'000|f'000|f'000|f'000|
|INCOME AND ENDOWMENTS||FROM:||||||||
|Charitable
activities:||||||||||
|Teaching, research|and|residential|||4,210|||4,210|3,411|
|Donations
and legacies|||||260|892|302|1,454|1,127|
|Investments||||||||||
|Investment
income||||3|1||2,291|2,292|1,745|
|Total return allocated to income||||13|4,566|674|(5,239)|||
|Other income||||4|||||285|
|Total income|||||9,036|1,566|(2,647)|7,955|6,568|
|EXPENDITURE ON:||||||||||
|Charitable
activities:||||||||||
|Teaching, research|and residential||||10,230|776|496|11,502|7,857|
|Generating
funds:||||||||||
|Fundraising|||||473|||473|218|
|Trading expenditure||||||||||
|Investment
management||costs|||||1,504|1,506|1,335|
|Total Expenditure
Net Income/(Expenditure)
before gains
Net gains/(losses)
on investments||||10,704
11,12~1,668||7?6
266|2,001
~4.848
12,110|13,481
~5.526I
12,110|9,410
~2,842
32,587|
|Net Income/(Expenditure)|||||(1,668)|790|7,463|6,584|29,745|
|Transfers between funds||||17|2,840|(2,839)|(1)|||
|Other recognised
gains/losses||||||||||
|Gains/(losses)
on revaluation||offixed assets|||1,975|||1,975||
|Actuarial
gains/(losses)|on defined||benefit pension schemes|||||||
|Net movement
in funds forthe year|||||3,147|(2,049)|7,461|8,559|29,745|
|Fund balances
brought
fonNard||||17|19,500|6,857|194,938|221,294|191,539|
|Funds carried forward at|31July||||22,647|4,808|202,399|229,853|221,284|
##
||||||2022|2021|
|---|---|---|---|---|---|---|
|||||Notes|E'000|E'000|
|FIXEDASSETS|||||||
|Tangible assets||||9|22,450|17,177|
|Heritage assets||||10|||
|Property investments||||11|67,132|60,888|
|Other Investments||||12|181,305|174,956|
|Total Fixed Assets|||||270,887|253,021|
|CURRENT ASSETS|||||||
|Stocks|||||203|204|
|Debtors||||14|403|318|
|Investments|||||||
|Cash at bank and|in hand||||24,517|1,655|
|Total Current Assets|||||25,124|2,177|
|LIABILITIES|||||||
|Creditors: Amounts|falling due||within one year|15|2,021|1,695|
|NET CURRENT ASSETS/(LIABILITIES)|||||23,103|481|
|TOTAL ASSETSLESSCURRENT|||LIABILITIES||293,990|253,502|
|CREDITORS: falling|due|after more than one year|||61,000|31,000|
|Provisions for liabilities||and charges|||||
|NET ASSETS/(LIABILITIES) BEFORE PENSION ASSETOR LIABILITY|||||232,990|222,502|
|Defined benefit pension||scheme|liability|21|3,137|1,155|
|TOTAL NET ASSETS/(LIABILITIES)|||||229,853|221,347|
|FUNDS OF THE COLLEGE|||||||
|Endowment
funds||||17|202,399|194,938|
|Restricted funds||||17|4,808|6,846|
|Unrestricted
funds|||||||
|Designated
funds||||17|23,708|19,435|
|General funds||||17|2,076|1,283|
|Pension reserve||||21|(3,137)|(1,155)|
||||||229,853|221,347|
##
||||||2022|2021|
|---|---|---|---|---|---|---|
|||||Notes|R'000|f'000|
|Net cash provided
by (used in) operating|activities|||24|24,497|(3,159)|
|Cash flows from investing
activities|||||||
|Dividends,
interest and rents from investments|||||2,292|1,745|
|Purchase
ofproperty,
plant and equipment|||||(7,639)|(2,052)|
|Proceeds from sale of investments|||||24,969|20,764|
|Purchase of investments|||||(25,452)|(22,447)|
|Net cash provided
by (used in) investing|activities||||(5,830)|(1,990)|
|Cash flows from financing
activities|||||||
|Receipt ofendowment|||||302|441|
|Net cash provided
by (used in) financing|activities||||302|441|
|Change
in cash and cash equivalents
in|the|reporting|period||18,968|(4,708)|
|Cash and cash equivalents
at the beginning||ofthe|||||
|reporting
period|||||1,655|5,773|
|Change
in cash and cash equivalents
due to||exchange|||||
|rate movements|||||||
|Cash and cash equivalents
at the end of|the|reporting|||||
|period||||25|24,517|1,655|
##
|||2022|2021|
|---|---|---|---|
|Teaching, Research snd Residential||E'000|F'000|
|Unrestricted
funds||||
|Tuition fees - UK and EU students||1,080|1,788|
|Tuition fees - Overseas students||753||
|Other fees||41|15|
|Other HEFCE support||172|129|
|Other academic income||59|84|
|College residential
income||2,104|1,395|
|Total Teaching, Research and|Residential|4,210|3,411|
|Total income from charitable|activities|4,210|3,411|
##
|DONATION|S AND LEGACIES|||
|---|---|---|---|
|||2022|2021|
|||E'000|E'000|
|Donations|and Legacies|||
|Unrestricted|funds|260|301|
|Restricted|funds|892|385|
|Endowed funds||302|441|
|||1,454|1,127|
|INVESTMENT INCOME||||
|||2022|2021|
|||E'000|E'000|
|Endowed funds||||||
|---|---|---|---|---|---|
|Agricultural
rent||||641|563|
|Commercial
rent||||1,145|829|
|Other property
income||||369|349|
|Equity dividends||||5|4|
|Income from fixed||interest stocks||||
|Interest on fixed|term deposits||and cash|7||
|Other investment||income||124||
|Bank interest||||||
|Other interest||||||
|||||2,291|1,745|
|Total Investment|income|||2,292|1,745|
|OTHER INCOME||||||
|||||2022|2021|
|||||E.'000|E'000|
|HMRC CJRS income|||||285|
##
|5|ANALYSIS OF EXPENDITURE|ANALYSIS OF EXPENDITURE|||
|---|---|---|---|---|
||||2022|2021|
||||K'000|E'000|
||Charitable
expenditure||||
||Direct staff costs allocated to:||||
||Teaching, research
and|residential|4,507|4,224|
||Other direct costs allocated|to:|||
||Teaching, research
and residential||3,764|2,835|
||Support and governance
costs allocated to:||||
||Teaching, research
and residential||3,231|798|
||Total charitable
expenditure||11,502|7,857|
||Expenditure
on raising funds||||
||Direct staff costs allocated to:||||
||Fundraising||282|170|
||Trading
expenditure||||
||Investment
management|costs|||
||Other direct costs allocated|to:|||
||Fundraising||79|61|
||Trading
expenditure||||
||Investment
management|costs|396|536|
||Private placement fees and interest||1,108|798|
||Support and governance
costs allocated to;||||
||Fundraising||112|(13)|
||Trading
expenditure||||
||Investment
management|costs||1|
||Total expenditure
on raising|funds|1,979|1,553|
||Total expenditure||13,481|9,410|
|The teac|hing and research costs|indud|e
College Contribution
payable of6144k (2021 - 6131k)|.||
|---|---|---|---|---|---|
|||||2022|2021|
|||||Total|Total|
|Included|within the resources expended||above are:|K'000|6'000|
|Stock recognised as an expense||in the|year||(4)|
##
##
##
||||Teaching||
|---|---|---|---|---|
|||Generating|slid|2022|
|||Funds|Research|Total|
|||E'000|E'000|E'000|
|Financial
administration|||552|563|
|Domestic administration|||34|34|
|Human
resources|||30|30|
|IT|||239|239|
|Depreciation|||393|393|
|Bank interest|payable||20|20|
|Other finance charges||99|1,884|1,983|
|Governance|costs|4|79|83|
|||114|3231|3,345|
||||Teaching||
|||Generating|and|2021|
|||Funds|Research|Total|
|||E'000|E'000|E'000|
|Financial
administration||10|483|493|
|Domestic administration|||32|32|
|Human
resources|||17|17|
|IT|||254|254|
|Depreciation|||427|427|
|Loss/(profit)|on fixed assets||||
|Other tinance|charges|(24)|(470)|(494)|
|Governance|costs|2|55|57|
|GRANTS AND AWARDS|GRANTS AND AWARDS||||2022|2021|
|---|---|---|---|---|---|---|
||||||E'000|E'000|
|During the year the|College funded||research awards and||||
|bursaries to students|from|its restricted||and|||
|unrestricted
fund as|follows:||||||
|Unrestricted
funds|||||||
|Grants to individuals:|||||||
|Scholarships,
prizes and grants|||||201|189|
|Bursaries and hardship||awards|||108|189|
|Total unrestricted|||||309|378|
|Total grants and|awards||||309|378|
##
|8|STAFFCOSTS|||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2022|2021|
||The aggregate
staff|costs for the year were as follows.||||||8'000|8000|
||Salaries and wages|||||||4,405|3,613|
||Social security costs|||||||382|329|
||Pension costs:|||||||||
||Defined benefit schemes - contributions||||in year|||679|1,078|
||Defined benefit schemes - movement||||in provision|||1,982|(494)|
|||||||||7,448|4,526|
||The average number|of|employees|ofthe|College, exduding||Trustees,|||
||on a full time equivalent||basis was|as follows.||||2022|2021|
||Tuition and research|||||||5|4|
||College residential|||||||56|57|
||Fundraising|||||||3|1|
||Support|||||||13|12|
||Total|||||||77|74|
||The average
number|of|employed|College Trustees||during the year was as follows.||||
||University
Lecturers|||||||15|15|
||CUF Lecturers|||||||8|8|
||Other teaching
and research|||||||3|3|
||Other|||||||6|6|
||Total||||||||32|
##
##
##
##
|Year ended 31July 2022||||||Permanent|Endowment||Expendable|Total|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||Unapplied|||Endowment|Endowments|
|||||||Trust for|Total||||
|||||||Investment|Return|Total|||
|||||||6'000|F'000|6'000|F'000|8'000|
|Atthe beginning
ofthe year:|||||||||||
|GiR component
ofthe permanent
endowment||||||54,208||54,208||54,208|
|Unapplied
total return|||||||118,747|118,747||118,747|
|Expendable
endowment|||||||||21,982|21,982|
|Total Endowments||||||54,208|118,747|172,9S5|21,982|194,938|
|Movements
in the reporting|period:||||||||||
|Gift ofendowment
funds||||||4||4|298|302|
|Investment
return: dividends|and interest||||||2,291|2,291||2,291|
|Investment
return: realised and||unrealised||gains and losses|||11,445|11,445|664|12,109|
|Less: Investment
management
Other transfers
Total||costs||||4|(1,505)
(496)
11,734|(1,505)
(496)
11,738|962|(1,507)
~(496
12,696|
|Unapplied
total return allocated to income
in the reporting
Expendable
endowments
transferred
to income|||||period||(4,609)|(4,609)|~63D|(4,609)
~63D|
||||||||(4,609)|(4,609)|(630)|(5,239)|
|Net movements
in reporting|period||||||7,125|7,129|332|7,459|
|At end ofthe reporting
period:|||||||||||
|Gift component
ofthe permanent||endowment||||54,212||54,212||54,212|
|Unapplied
total return|||||||125,874|125,874||125,874|
|Expendable
endowment|||||||||22,313|22,313|
|Total Endowments||||||54,212|125,874|180,086|22,313|202,399|
##
|DEBTORS|||
|---|---|---|
||2022|2021|
||E'000|F'000|
|Amounts
falling due within one year:|||
|Trade debtors|120|157|
|Amounts
owed by College members|41|32|
|Amounts
owed by Group undertakings|24||
|Loans repayable
within one year|14|9|
|Prepayments
and accrued income|134|48|
|Other debtors|64|59|
|Amounts
falling due after more than one year:|||
|Loans||13|
||403|318|
|CREDITORS: falling due within one year|||
||2022|2021|
||K'000|r'000|
|Trade creditors|613|673|
|Amounts
owed to College Members|||
|Amounts
owed to Group undertakings|||
|Taxation and social security|153|125|
|College contribution|||
|Accruals and deferred income|1,112|741|
|Other creditors|145|156|
||2,024|1,695|
|CREDITORS: falling due after more than one year|||
||2022|2021|
||K'000|E'000|
|Bank loans|1,000|1,000|
|Other creditors|60,000|30,000|
||61,000|31,000|
##
|ANALYSIS OF MOVEMENTS|ANALYSIS OF MOVEMENTS|ANALYSIS OF MOVEMENTS|ON FUNDS||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||At 1 August|Incoming|Resources||Gainsl|At 31July|
||||||2021|resources|expended|Transfers|(losses)|2022|
||||||6'000|000|F'000|E'000|6'000|5'000|
|Endowment
Funds - Permanent|||||||||||
|General purpose funds|||||137,394|1,922|(1,536)|(4,139)|8,776|142,417|
|Fellowship
funds|||||6,667||(1)|(105)|202|6,762|
|Junior Research
Fellowship||funds|||1,589||(1)||48|1,636|
|Fabric and building
funds|||||6,257||(1)|(189)|189|6,256|
|Student supportfunds|||||4,292|||(37)|129|4,388|
|Other teaching
funds|||||492|||(6)|15|501|
|Library funds|||||68|||(2)|2|88|
|Other purpose funds|||||147||(1)|(1)|4|150|
|Clubs funds|||||299|||(7)|9|300|
|Pate fund|||||15,750|369|(463)|(124)|2,074|17,607|
|Endowment
Funds - Expendable|||||||||||
|General purpose funds|||||14,208|127||(428)|429|14,336|
|Fellowship
&JRFfunds|||||2,982|149||(70)|90|3,152|
|Student support funds|||||3,894|16||(106)|118|3,922|
|Other teaching
funds|||||230|||(6)|7|231|
|Library funds|||||633|||(19)|19|633|
|Other purpose funds
Total Endowment
Funds - College|||||35
194,938|2,592|~2,003|(1)
~5,240|1
12,112|39
202,399|
|Restdcted
Funds|||||||||||
|Transfers
from specific|purpose||endowments|for|||||||
|spending|||||||(674)|674|||
|Special Collections Centre fund|||||6,321|602||(2,839)||4,084|
|Teaching
and research|funds||||206|0|(7)|||199|
|Student support funds|||||289|222|(19)|||492|
|Other purpose funds|||||30|86|(83)|||33|
|Total Restricted
Funds|- College||||6,846|910|~793|(2,165)||4,808|
|Unrestricted
Funds|||||||||||
|General|||||1,220|4,470|(8,722)|3,134|1,975|2,076|
|Special Collections Centre fund|||||2,258|||||2,258|
|Designated
property
project funds|||||||||||
|Fixed asset designated|fund||||17,177|||4,273||21,450|
|Revaluation
reserve|||||||||||
|Pension reserve|||||(1,155)||(1,982)|||(3,137)|
|Total Unrestricted
Funds - College|||||19,500|4470|~42704,|7,406|1,975|22,647|
|TotalFunds|||||221,284|7,973|(13,490)||14,087|229,853|
##
##
##
|The following
is a summary|The following
is a summary|The following
is a summary|The following
is a summary|ofthe origins|and purposes|and purposes|and purposes|ofeach ofthe Funds|ofeach ofthe Funds|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Endowment
Funds|- Permanent:|||||||||||||||||||
|General purpose
funds||||||||A consolidation|ofgifts and|donations||where income,|but not|||capital, can be used for the||general||
|||||||||purposes
ofthe|charity.|||||||||||
|Fellowship,
Junior Research||||Fellowship,|Fabric and|||Capital balance|ofpast donations||where related income,|||but||not the original capital, can||be used for||
|building,
Student support,|||Other teaching,||Library,||Clubs|named specific|purposes.|||||||||||
|and Other purpose|funds|||||||||||||||||||
|Pate fund||||||||Capital balance|ofthe Pate|Charity, a||fund that was previously||||an exempt charity,
and is||now in|the|
|||||||||process of being registered||with|the Charity Commission|||as a constituent
charity with the||||College. 75%||
|||||||||ofthe net total return
drawdown|||arising from the fund is payable to Pate's Grammar
School Foundation.|||||||||
|||||||||The remaining
25%ofthe net total return
drawdown|||||is available forthe||||general purposes|ofthe|College|
|||||||||and hence is allocated to unrestricted||||funds.||||||||
|Endowment
Funds|- Expendable:|||||||||||||||||||
|General purpose funds||||||||A consolidation|ofgifts and|donations||where either income, or income and capital, can be used forthe||||||||
|||||||||general purposes ofthe charity.||||||||||||
|Fellowship,
Student|support,|||Other teaching,||Library and||Capital balance|ofpast donations||where related income,|||or income and|||capital, can be used for||named|
|Other purpose funds||||||||specific purposes,||||||||||||
|Restricted Funds:||||||||||||||||||||
|Special Collections|Centre||fund|||||Funds that must|be applied|to specific||fixed asset projects.||||||||
|Teaching and research,||student support and||||other||Funds where both income and capital||||can be used for named||||restricted|purposes.|||
|purpose
funds||||||||||||||||||||
|Designated
Funds||||||||||||||||||||
|Special Collections Centre|||fund|||||Unrestricted
Funds allocated||by the Trustees forthe|||2017||building
fund.|||||
|Fixed asset designated||fund||||||Unrestricted
Funds which are represented
by the fixed assets||||||||ofthe College and therefore not available||||
|||||||||for expenditure
on the College's general purposes.||||||||||||
|The General
Unrestricted|||Funds represent||accumulated|||income from the College's activities|||and|other sources|that|are||available forthe general purposes|||ofthe|
|College||||||||||||||||||||
|ANALYSIS OF NET|ASSETS BETWEEN||||FUNDS|||||||||||||||
|||||||||||||Unrestricted|||Restricted||Endowment||2022|
|||||||||||||Funds||||Funds|Funds||Total|
|||||||||||||E'000||||E.'000|E'000||E'000|
|Tangible fixed assets||||||||||||21,176||||(701)|||20,475|
|Property investments|||||||||||||||||67,132||67,132|
|Other investments||||||||||||32,928|||||148,376|181,304||
|Net current assets||||||||||||(28,321)||||5,509|47,891||25,079|
|Long term liabilities||||||||||||(3,137)|||||(61,000)|(64,137)||
|||||||||||||22,647||||4,808|202,399|229,853||
|||||||||||||Unrestricted|||Restricted||Endowment||2021|
|||||||||||||Funds||||Funds|Funds||Total|
|||||||||||||E'000||||E'000|E'000||E'000|
|Tangible fixed assets||||||||||||14,959||||2,218|||17,177|
|Property investments|||||||||||||||||60,888||60,888|
|Other investments||||||||||||51,998|||||122,958|174,956||
|Net current assets||||||||||||(46,302)||||4,628|42,092||418|
|Long term liabilities||||||||||||(1,155)|||||(31,000)|(32,155)||
|||||||||||||19,500||||6,846|194,938|221,284||
##
##
##
##
##
##
##
##
##
##
|||||2021/22|||2020/21||
|---|---|---|---|---|---|---|---|---|
||||OSPS||USS|OSPS||USS|
|Finish Date for Deficit|Recovery Plan||30/01/28||31/03/38|30/01/28||31/03/28|
|Average Staff Number|Increase||0-3.0'/o||0-2.0'/o|0 30o/a||0-2 Oo/o|
|Average staff salary increase|||4 ppo/o||4 Ppo/o|2 ppo/o||2.0po/a|
|Average discount rate|over period||3 19o/o||3 34o/a|0 74o/a||0 63a/o|
|Effect of0.5/o change|in discount|rate|E21k||E29k|E21k||E5k|
|Effectof1/a chan e in|staf
rowth||E53k||E195k|E23k||E29k|
##
##
##
|The College has the following|fi|nancial instruments:||||
|---|---|---|---|---|---|
|||||2022|2021|
|||||E'000|6'000|
|Financial assets measured|at|fair value through|profit|||
|orloss||||||
|Investments||||181,305|174,956|
|||||181,305|174,956|
|Financial assets measured|at|amortised cost||||
|Cash and cash equivalents||||24,517|1,655|
|Debtors and accrued income||||318|264|
|||||24,836|1,919|
|Financial
liabilities measured||at amortised cost||||
|Accruals and deferred income||||1112|741|
|Other creditors||||60,912|30,954|
|||||62,024|31,695|
|RECONCILIATION|OF NET INCOMING R|ESOURCES TO|||
|---|---|---|---|---|
|NET CASH FLOW|FROM OPERATIONS||2022|2021|
||||Group|Group|
||||E'000|E'000|
|Net income/(expenditure)|||6,584|29,745|
|Elimination
of non-operating
cash flows:|||||
|Investment
income|||(2,292)|(1,745)|
|(Gains)/losses
in investments|||(12,110)|(32,587)|
|Endowment
donations|||(302)|(441)|
|Depreciation|||393|427|
|(Surplus)/loss
on sale offixed assets|||||
|Decrease/(Increase)|in stock||1|(4)|
|Decrease/(Increase)|in debtors||(86)|559|
|(Decrease)/Increase|in creditors||30,326|1,381|
|(Decrease)/Increase|in provisions||||
|(Decrease)/Increase|in pension scheme liability||1,982|(494)|
|Net cash provided|by (used in) operating|activities|24,497|(3,159)|
##
|||||||||
|---|---|---|---|---|---|---|---|
|25|ANALYSIS OF CASH AND CASH EQUIVALENTS|||||||
|||||||2022|2021|
|||||||6'000|5'000|
||Cash at bank and in hand|||||24,517|1,655|
||Total cash and cash equivalents|||||24,517|1,655|
|26|FINANCIAL COMMITMENTS|||||||
||At 31 July the College had no significant|annual|commitments|under non-cancellable|operating leases (2021:none).|||
|27|CAPITAL COIIMITMENTS|||||||
##
|2022|2021|
|---|---|
|6'000|F'000|
||13|
##
##
|31|ADDITIONAL
PRIOR YEAR COMPARATIVES|ADDITIONAL
PRIOR YEAR COMPARATIVES|ADDITIONAL
PRIOR YEAR COMPARATIVES||||||
|---|---|---|---|---|---|---|---|---|
|a)|Consolidated
Statement|ofFinancial Activities|||||||
||Year ended 31July 2021|||Unrestricted|Restricted|Endowed|2021|2020|
|||||Funds|Funds|Funds|Total|Total|
|||||E'000|6'000|2'000|E'000|L'000|
||INCOME AND ENDOWMENTS
FROM:||||||||
||Charitable
activities:||||||||
||Teaching, research and|residential||3,411|||3,411|3,522|
||Donations
and legacies|||301|385|441|1,127|5,648|
||Investments||||||||
||Investment
income|||||1,745|1,745|1,782|
||Total return allocated to income|||5,129||(5,129)|||
||Other income|||285|||285||
||Total income|||9,126|385|(2,943)|6,568|11,298|
||EXPENDITURE ON:||||||||
||Charitable activities:||||||||
||Teaching, research and|residential||7,771|||7,857|&,421|
||Generating
funds:||||||||
||Fundraising|||218|||218|341|
||Investment
management|costs||||1,335|1,335|1,349|
||Total Expenditure
Net Income/(Expenditure)|before|gains|7,9&9
1137|86
288|1,335
~4,278|9,410
~2,842|10,111
1,187|
||Net gains/(losses)
on investments|||212||32,375|32,587|2,098|
||Net Income/(Expenditure)|||1,349|299|28,097|29,745|3,285|
||Transfers
between funds||||||||
||Net movement
in funds for the year|||1,349|299|28,097|29,745|3,285|
||Fund balances
brought
forward|||18,151|6,547|166,841|191,539|188,254|
||Funds carried forward at|31July||19,500|6,846|194,938|221,284|191,539|
|b)|Property Investments||||||||
||This note provides the comparative||figures for Note 11.||||2021|2019|
|||||Agricultural|Commercial|Other|Total|Total|
|||||E'000|F'000|6'000|E'000|2'000|
||Valuation
at start ofyear|||36,947|15,250|5,560|57,757||
||Additions
and improvements|at cost||106|2,760||2,866||
||Disposals|||(3,567)|||(3,567)||
||Revaluation
gains/(losses)|in the year||3,832|||3,832|2,908|
||Valuation at end ofyear|||37,318|18,010|5,560|60,888|57,757|
##
##
|This note provides the comparative|This note provides the comparative|This note provides the comparative|figures|for Note 12.|||Permanent|Endowment||Expendable|Total|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||Unapplied|||Endowment|Endowments|
|||||||Trust for||Total||||
|||||||Investment||Return|Total|||
|||||||E'000||6'000|L'000|E'000|6'000|
|Atthe beginning
ofthe year:||||||||||||
|GIR component
ofthe permanent
endowment||||||54,110|||54,110||54,110|
|Unapplied
total return||||||||94,487|94,487||94,487|
|Expendable
endowment||||||||||18,244|18,244|
|Total Endowments||||||54,110||94,487|148,597|18,244|166,$41|
|Movements
in the reporting|period:|||||||||||
|Gift ofendowment
funds||||||94|||94|347|441|
|Investment
return: dividends|and interest|||||||1,393|1,393|352|1,745|
|Investment
return: realised and||unrealised||gains and losses||||28,331|28,331|4,044|32,375|
|Less: Investment
management||costs||||||(1,335)|(1,335)||(1,335)|
|Other transfers||||||||||||
|Total||||||94||28,389|28,483|4,743|33,226|
|Unapplied
total return allocated to income in the reporting
Expendable
endowments
transferred
to income|||||period|||(4,476)|(4,476)|~653|(4,476)
~653|
|||||||||(4,476)|(4,476)|(653)|(5,129)|
|Net movements
in reporting|period|||||94||23,913|24,007|4,090|28,097|
|At end ofthe reporting
period:||||||||||||
|Gift component
ofthe permanent||endowment||||54,204|||54,204||54,204|
|Unapplied
total return||||||||118,400|118,400||118,400|
|Expendable
endowment||||||||||22,334|22,334|
|Total Endowments||||||54,204|118,400||172,604|22,334|194,93$|
##
|d)|Analysis ofmovement||on|funds|funds|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||This note provides the|comparative||||figures|for Note 17.|||||||
|||||||||At 1 August|Incoming|Resources||Gains/|At 31July|
|||||||||2020|resources|expended|Transfers|(losses)|2021|
|||||||||L'000|6'000|6'000|L'000|6'000|6'000|
||Endowment
Funds - Permanent|||||||||||||
||General purpose funds|||||||117,837|1,395|(1,165)|(3,756)|23,083|137,394|
||Fellowship
funds|||||||5,482|88||(166)|1,263|6,667|
||Junior Research
Fellowship|||funds||||1,528|||(43)|104|1,589|
||Fabric and building
funds|||||||5,208|||(215)|1,264|6,257|
||Student support funds|||||||3,617|||(90)|765|4,292|
||Other teaching
funds|||||||410|||(17)|99|492|
||Library funds||||||||||(2)|14|68|
||Other purpose funds|||||||118||||23|147|
||Clubs funds|||||||247|||(8)|60|299|
||Pate fund|||||||14,094||(170)|(179)|1,656|15,750|
||Endowment
Funds - Expendable|||||||||||||
||General purpose funds|||||||11,731|1||(381)|2,859|14,210|
||Fellowship
&JRFfunds|||||||2,385|231||(119)|484|2,981|
||Student support funds|||||||3,379|116||(122)|521|3,894|
||Otherteaching
funds|||||||193|||(6)|46|231|
||Library funds|||||||526|||(22)|128|632|
||Other purpose funds
Total Endowment
Funds - College|||||||30
166,841|2,188|~1,338|(1)
~8,129|6
32,375|35
194,938|
||Restricted
Funds|||||||||||||
||Transfers
from specific|purpose|||endowments||for|||||||
||spending|||||||||||||
||Special Collections Centre fund|||||||6,128|200|(7)|||6,321|
||Teaching
and research|funds||||||166|81|(«)|||206|
||Student support funds|||||||253|73|(37)|||289|
||Other purpose
funds||||||||31|(1)|||30|
||Total Restricted Funds|- College||||||6,547|385|(66)|||8,846|
||Unrestricted
Funds|||||||||||||
||General|||||||1,400|3,997|(8,483)|4,094|212|1,220|
||Library and Archive Centre fund|||||||2,258|||||2,258|
||Designated
property
project funds|||||||||||||
||Fixed asset designated|fund||||||16,142|||1,035||17,177|
||Pension reserve
Total Unrestricted
Funds||- College|||||(1,649)
18,151|3,997|494
~7.989|5,129|212|(1,155)
19,500|
||TotalFunds|||||||191,539|6,568|(9,410)||32,587|221,284|