OpenCharities

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

2021-07-31-accounts

Governing
Body, Officers		 Governing
Body, Officers		 and Advisers and Advisers
Report ofthe Governing Body
Auditor's
Report
Statement
of		 Accounting Policies 17
Consolidated Statement of Financial Activities 22
Consolidated and College Balance Sheets 23
Consolidated Statement of Cash Flows 24
Notes to the Financial Statements 25

(1) (2) (3) (4)
Dame Hilary Boulding (President)
Mrs Lynne Adam
Professor Dame Frances Ashcroft
Dr Xavier Bach
Professor Nicholas Barber
Professor Francis Barr
Professor Geoffrey Batchen
Dr Fanny Bessard
Dr Maria del Pilar Blanco
Mrs Felicity Susan Broers
Professor Keith Buckler
Professor Christopher
Butler
Dr Jan Czernuszka
Dr Andrea Dolcetti Resigned 30 September 2020
Dr Stefano-Maria
Evangelista
Professor Paul Fairchild
Mr Christopher
Ferguson
Dr Andrea Ferrero
Dr Stephen
Fisher
Dr Kantik Ghosh
Dr Anil Gomes
Dr lan Hewitt
Professor Katherine
Ibbett
Professor Alexander
Korsunsky
Professor Marta Kwiatkowska
Professor Louis Mahadevan
Professor Martin
Maiden
Dr Karol Mazur
Professor Peter McCulloch
Dr James McDougall
Professor Michael
Moody
Professor Kim Nasmyth
Dr Marie Ni Lethlobhair
(Lawlor)

Unrestricted Restricted Endowed 2021 2020
Funds Funds Funds Total Total
Notes E'000 E'000 F'000 6'000 f'000
INCOME AND ENDOWMENTS FROM:
Charitable
activities:
Teaching, research and residential 3,647 3,647 4,169
Other Trading
Income		 35 35 247
Donations
and legacies		 90 1,593 989 2,672 2,440
Investments
Investment
income		 4 148 18 3,292 3,458 3,441
Total return
allocated		 to income 14 3,059 883 (3,942)
Other income - CJRS 318 318 352
Total income 7,297 2,494 339 10,130 10,649
EXPENDITURE ON:
Charitable
activities:
Teaching, research and residential 7,347 762 8,109 8,425
Generating
funds:
Fundraising
through		 donations 588 588 568
Trading
expenditure		 32 32 160
Investment
management		 costs 1 198 200 167
Total Expenditure 7,968 763 198 8,929 9,320
Net Income/(Expenditure) before gains (671) 1,731 141 1,201 1,329
Net gains/(losses)
on		 investments 11,12 1,082 19,942 21,024 9,597
Net Income/(Expenditure) 411 1,731 20,083 22,225 10,926
Transfers
between
funds		 18 4,295 (4,149) (147) (0)
Net movement
in funds for the year		 4,706 (2,418) 19,936 22,225 10,926
Fund balances
brought
forward		 18 24,723 4,694 164,266 193,683 182,758
Funds carried forward at 31 July 29,430 2,276 184,202 215,908 193,684

2021 2020 2021 2020
Group Group College College
Notes e000 F'000 6'000 f'000
FIXEDASSETS
Tangible assets 9 35,590 20,231 35,590 20,232
Property
investments		 11 58,602 58,979 58,602 58,979
Other Investments 12 122,609 113,269 122,609 113,269
Total Fixed Assets 216,801 192,479 216,801 192,480
CURRENT ASSETS
Stocks 73 78 73 78
Debtors 15 1 173 1,091 2,697 2,589
Investments
-cash deposit		 25 2,939 2,939
Cash at bank and in hand 1,610 692 1,461 462
Total Current Assets 2,856 4,800 4,231 6,068
LIABILITIES
Creditors: Amounts
falling due within one year		 2,038 1,576 3,440 2,866
NET CURRENT ASSETS 818 3,224 791 3,202
TOTAL ASSETS LESS CURRENT LIABILITIES 217,619 195,703 217,592 195,682
Provisions
for liabilities		 and charges 17 58 59 58 59
NET ASSETS BEFORE PENSION LIABILITY 217,561 195,644 217,534 195,623
Defined benefit pension scheme liability 22 1,653 1,961 1,653 1,961
TOTAL NET ASSETS 215,908 193,683 215,881 193,662
FUNDS OF THE COLLEGE
Endowment
funds		 18 184,203 164,267 184,203 164,267
Restricted funds 2,278 4,696 2,278 4,696
Unrestricted
funds
General funds 6,474 6,358 6,474 6,358
Designated
funds		 24,606 20,325 24,579 20,303
Pension reserve 22 (1,653) (1,961) (1,653) (1,961)
215,908 193,684 215,881 193,662

2021 2020
Notes P'000 F'000
Net cash provided
by (used in) operating
activities		 24 (2,427) (2,206)
Cash flows from investing
activities
Dividends,
interest
and rents from investments		 3,458 3,441
Proceeds from the sale of property,
plant and equipment
Purchase
of property,
plant and equipment		 (16,102) (7,138)
Proceeds from sale of investments 17,322 10,304
Purchase
of investments		 (5,261) (11,733)
Net cash provided
by (used in) investing
activities		 (583) (5,127)
Cash flows from financing
activities
Repayments
of borrowing
Cash inflows from new borrowing
Receipt ofendowment 989 767
Net cash provided
by financing
activities		 989 767
Change
in cash and cash equivalents
in the reporting		 period (2,021) (6,566)
Cash and cash equivalents
at the beginning
ofihe reporting		 period 3,631 10,197
Change
in cash and cash equivalents
due to exchange		 rate movements
Cash and cash equivalents
at the end ofthe reporting		 period 25 1,610 3,631
1 INCOME FROM CHARITABLE ACTIVITIES
2021 2020
Teaching, Research and Residential 6'000 f.'000
Note 31a
Unrestricted
funds
Tuition fees - UK and EU students 1,247 1,225
Tuition fees -Overseas
students		 671 716
Other Office for Students
support		 223 190
Other academic income 123 164
College residential
income		 1,383 1,874
Total Teaching, Research and Residential 3,647 4,169
Total income from charitable activities 3,647 4„169

DONATIO N S
AND		 LEGACI ES
2021 2020
f'000 f.'000
Note 31a
Donations and Legacies
Unrestricted funds 90 91
Restricted funds 1,593 1,582
Endowed funds 989 767
2,672 2,440
INCOME FROM OTHER TRADING ACTIVITIES
2021 2020
f.'000 f'000
Note 31a
Subsidiary company trading income 35 247
35 247
4 INVESTMENT INCOME INVESTMENT INCOME
2021 2020
6'000 6'000
Note 31a
Unrestricted
funds
Agricultural
rent
Commercial
rent
Other property
income
Equity dividends 148 155
Income from fixed interest stocks
Interest on fixed term deposits and cash
Other investment income
Bank interest 12
148 167
Restricted funds
Agricultural
rent
Commercial
rent
Other property
income
Equity dividends 18 133
Income from fixed interest stocks
Interest on fixed term deposits and cash
Other investment income
Bank interest
133
Endowed funds
Agricultural
rent		 612 511
Commercial
rent		 239 287
Other property
income
Equity dividends 2,441 2,343
Income from fixed interest stocks
Interest on fixed term deposits and cash
Other investment income
Bank interest
Other interest
3,292 3,141
Total Investment income 3,45& 3,441
5 ANALYSIS OF EXPENDITURE
2021 2020
6'000 6'000
Note 31a
Charitable
expenditure
Direct staff costs allocated to:
Teaching, research
and residential		 4,719 4,847
Other direct costs allocated to:
Teaching, research
and residential		 2,148 2,336
Support and governance
costs allocated to:
Teaching, research
and residential		 1,242 1,242
Total charitable
expenditure		 8,109 8,425
Expenditure
on raising funds
Direct staff costs allocated to:
Fundraising
through
donations		 418 356
Trading
expenditure		 8 123
Other direct costs allocated to:
Fundraising 97 137
Trading
expenditure		 24 37
Investment
management
costs		 200 167
Support and governance
costs allocated to:
Fundraising 73 75
Total expenditure
on raising funds		 820 895
Total expenditure 8,929 9,320

6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
Teaching
Generating and 2021
Funds Research Total
f.'000 6'000 f.'000
Financial
administration		 53 237 290
Domestic administration 58 58
IT 19 166 185
Depreciation 743 743
Loss/(profit) on fixed assets
Other finance charges 14 14
Governance costs 24 25
73 1,242 1,315
Teaching
Generating and 2020
Funds Research Total
f.'000 L"000 6'000
Financial
administration		 52 254 306
Domestic administration (8) (8)
IT 22 192 214
Depreciation 751 751
Loss/(profit) on fixed assets
Other finance charges 30 30
Governance costs 23 24

7 GRANTS AND AWARDS 2021 2020
6'000 000
During the year the College funded awards and
bursaries
to students
from		 its restricted and
unrestricted
fund as follows:
Unrestricted
funds
Grants to individuals:
Scholarships,
prizes and grants		 26 19
Bursaries and hardship awards 12 11
Grants to other institutions
Total unrestricted 38 30
Restricted funds
Grants to individuals:
Scholarships,
prizes and grants		 439 360
Bursaries
and hardship		 awards 103 130
Grants to other institutions
Total restricted 542 490
Total grants and awards 5&0 520
The figure above includes the cost to the College ofthe Oxford Bursary Scheme. Students ofthis college received F65k (2020:272k). Some ofthose students also received fee
waivers
amounting
to F35k (2020:		 657k).
STAFF COSTS
2021 2020
The aggregate
staff costs for the year were as follows.		 F'000 E'000
Salaries and wages 4,470 4,475
Social security costs 408 405
Pension costs: (see note 23)
Defined benefit schemes 367 563
Defined
contribution		 schemes 119 107
Other benefits 131 123
5,494 5,672
The average
number ofemployees		 ofthe College, excluding Trustees,
on a full time equivalent basis was as follows. 2021 2020
Tuition and research 12 11
College residential 59 5&
Fundraising 5 5
Support 21 18
Total 97 92
The average
number of employed		 College Trustees during the year was as follows.
University
Lecturers		 21 19
CUF Lecturers 7 7
Other teaching
and research		 6 4
Other 6 5
Total 40 35
The following
information
relates to the employees		 ofthe College excluding the College Trustees. Details ofthe remuneration and reimbursed expenses of the College Trustees is
included as a separate note in these financial statements.
Three employees
received gross pay and benefits		 (excluding Nl and pension contributions) during the year within the F60 001 to F70000 band (2020 - four).

9 TANGIBLE FIXEDASSETS
Group and College Freehold Fixtures,
land and fittings and
buildings equipment Total
f'000 6'000 6'000
Cost
At start ofyear
Additions		 28,644
16,036		 2,482
66		 31,126
16,102
At end ofyear 44,680 2,548 47,228
Depreciation
and impairment
At start ofyear
Depreciation
charge for the year		 8,715
581		 2,180
162		 10,895
743
At end ofyear 9,296 2,342 11,638
Net book value
At end ofyear 35,384 206 35,590
At start ofyear 19,929 302 20,231
EOk (2020:fOk) of plant and machinery held under finance leases.
fOk (2020iagk) offixures, fittings and equipment held under finance leases.
College Freehold Fixtures,
land and fittings and
buildings equipment Total
f.'000 6'000 f'000
Cost
At start ofyear 28,644 2,482 31,126
Additions 16,036 66 16,102
At end ofyear 44,680 2,548 47,228
Depreciation
and impairment
At start ofyear 8,715 2,180 10,895
Charge for the year 581 162 743
At end ofyear 9,296 2,342 11,638
Net book value
At end ofyear 35,384 206 35,590
At start ofyear 19,929 302 20,231

PROPERTY INVESTMENTS PROPERTY INVESTMENTS PROPERTY INVESTMENTS PROPERTY INVESTMENTS
Group and College 2021 2020
Agricultural Commercial Dev't and Other Total Total
L"000 000 L'000 F.'000 f.'000
Notes 31a,31b
Valuation at start ofyear 34,807 3,300 20,872 58,979 54,573
Transfers between categories
Additions and improvements at cost 117 117 593
Disposals (155) (2,373) (2,528) (1,585)
Revaluation
gains/(losses)		 in the year 493 1,541 2,034 5,398
Valuation at end ofyear 35,262 3,300 20,040 58,602 58,979

All investments
are held		 All investments
are held		 All investments
are held		 at fair value. 2021 2020
F'000 F.'000
Note 31b
Group investments
Valuation
at start ofyear		 113,269 106,648
New money invested 2,939 4,840
Value of purchases 2,205 6,300
Amounts
withdrawn
Value ofsales (14,793) (8,720)
Reinvested
income
Investment
management		 fees
(Decrease)/increase in value of investments 18,989 4,200
Group investments at end ofyear 122,609 113,269
College investments at end ofyear 122,609 113,269
Group investments comprise: Held outside Held in 2021 Held outside Held
in		 2020
the UK the UK Total the UK the UK Total
6'000 5'000 6'000 F.'000 F'000 6'000
Equity investments 83,223 11,761 94,985 63,079 11,969 75,048
Global multi-asset funds
Property funds 8,107 8,107 7,890 7,890
Fixed interest stocks 1,492 1,817 3,309 5,157 7,042 12,199
Alternative
and other		 investments 263 9,793 10,056 204 9,197 9,401
Fixed term deposits and cash 1,122 5,030 6,152 3,801 4,930 8,731
Total group investments 86,100 36,508 122,609 72,241 41,028 113,269

Trinity TOOL TCDL
College
L"000 6'000 F'000
Income 10,130 34 14,476
Expenditure (8,929) (32) (14,324)
Donation to College under gift aid 154 (2) (152)
Gains/(Lasses) 21,024
Result for the year 22,379
Total assets 221,032 56 2,762
Total liabilities (5,151) (56) (2,739)
Net funds at the end ofyear 215,881 23
For prior year comparatives refer to note 31c

Permanent Endowment Expendable Total
Unapplied Endowment Endowments
Trust for Total
Investment Return Total
r.'000 f'000 r.'000 f.'000 6'000
At the beginning
ofthe year:
Gift component
ofthe permanent		 endowment 41,118 41,118 41,118
Unapplied
total return		 103,829 103,829 103,829
Expendable
endowment		 19,320 19,320
Total Endowments 41,118 103,829 144,946 19,320 164,266
Movements
in the reporting		 period:
Gift of endowment
funds		 889 889 100 989
Recoupment
oftrust for		 investment
Allocation
from trust for		 investment
Investment
return: total investment		 income 2,846 2,846 446 3,292
Investment
return: realised
and		 unrealised gains and losses 16,669 16,669 3,272 19,942
Less: Investment
management		 costs (195) (195) (3) (198)
Other transfers 357 357 (503) (147)
Total 889 19,677 20,566 3,312 23,878
Unapplied
total return allocated		 to income in the reporting period (3,478) (3,478) (3,478)
Expendable
endowments		 transferred to income (464) (464)
(3,478) (3,478) (464) (3,942)
Net movements
in reporting		 period 889 16,200 17,088 2,848 19,936
At end ofthe reporting period:
Gift component
ofthe permanent		 endowment 42,006 42,006 42,006
Unapplied
total return		 120,028 120,028 120,028
Expendable
endowment		 22,168 22,168
Total Endowments 42,006 120,028 162,035 22,168 184,202
For prior year comparatives
refer		 to note 31e
15 DEBTORS DEBTORS
2021 2020 2021 2020
Group Group College College
F.'000 6'000 6'000 F.'000
Amounts
falling due		 within one year:
Trade debtors 46 50 41 42
Amounts owed by College members
Amounts owed by Group undertakings 1,563 1,555
Loans repayable
within one year
Prepayments
and accrued		 income 708 595 693 580
Other debtors 419 446 400 412
1,173 1,091 2,697 2,589
16 CREDITORS: falling due within one year
2021 2020 2021 2020
Group Group College College
F'000 F'000 F:000 F'000
Trade creditors 332 360 2,913 2,347
Amounts owed to College Members 80 32 80 31
Taxation and social security 199 181 115 122
College contribution
Accruals and deferred income 1,348 869 253 232
Other creditors 79 134 79 134
2,038 1,576 3,440 2,866
17 PROVISIONS FOR LIABILITIES AND CHARGES
2021 2020 2021 2020
Group Group College College
6'000 F.'000 f'000 6'000
At start ofyear 59 59 59 59
Charged in the Statement of Financial Activities (1) (1)
Settled in the year
At end ofyear 58 59 58 59

ANALYSIS OF MOVEMENTS ANALYSIS OF MOVEMENTS ANALYSIS OF MOVEMENTS ON FUNDS ON FUNDS
At 1 August Gains/ At 31July
2020 Income Expenditure Transfers (losses) 2021
L"000 L"000 6'000 6'000 L"000 f.'000
Endowment
Funds - Permanent
Permanent
Endowment
Fund		 119,987 2,257 (190) (2,838) 12,311 131,526
Frank Chadwick
Fund		 3,760 87 (1) (93) 635 4,389
Ford Fund 1,567 36 (0) (39) 265 1,829
Millard
Fund		 1,070 25 (o) (26) 181 1,249
Blakiston
Fund		 1,071 27 (0) (26) 181 1,253
Dr Blakiston's
Fund		 2,063 48 (o) (51) 349 2,408
Dr W Hunt Fund 586 14 (0) (14) 99 684
Mrs J H McKeown
Fund		 1,202 28 (0) (30) 203 1,403
Professor John Mitchell
Fund		 1,343 31 (0) (33) 227 1,567
Bursaries
Fund		 944 22 (0) (23) 159 1,102
W P Haskett-Smith
Fund		 660 15 (0) (16) 111 770
Whitehead
Travelling
Fund		 1,209 28 (0) (30) 204 1,411
Jeffrey Abbott Fund 611 14 (0) (15) 103 713
Funds for student support 1,378 32 (0) (180) 233 1,462
Funds for student
prizes		 and awards 2,586 959 (1) 414 579 4,538
Funds to support
Fellowships		 1,569 36 (0) (39) 265 1,831
Stephen
Christie-Miller
Fund		 1,140 26 (0) (28) 193 1 331
War Memorial
Fund		 753 17 (0) (19) 127 879
Other funds - Permanent Endowments 1,448 33 (0) (36) 245 1,690
Endowment
Funds - Expendable
War Memorial
Fund		 1,671 38 (0) (41) 282 1,950
Brown Fellowship
Fund		 2,022 66 (0) (48) 343 2,383
Hunt-Grubbe
Fellowship		 Fund 903 21 (0) (22) 152 1,054
Henry Birkhead
Fund		 684 16 (0) (17) 115 798
King's Group Fund 776 18 (0) (19) 131 906
Funds for student
support		 4,842 191 (1) (617) 825 5,240
Funds to support
Fellowships		 7,689 178 (1) (186) 1,299 8,979
Other funds - Expendable
Total Endowment
Funds		 Endowments
- College		 733
164,267		 18
4,281		 (0)
(198)		 (18)
~4,089)		 124
19,942		 857
184,203
Endowment
funds held by		 subsidiaries
Total Endowment
Funds		 - Group 164,267 4,281 (198) (4,089) 19,942 184,203
Restricted
Funds
New Building
Fund		 2,939 1,357 (4,295) (0)
Dr Blakiston's
Income
Fund		 67 26 93
Dr W Hunt Income Fund (14) 14 0
Mrs J H McKeown
Income		 Fund 9 (14) 30 25
Professor John Mitchell
Income Fund		 53 (30) 33 56
Bursaries
Income Fund		 149 (49) 49 149
Funds for student support 945 57 (281) 502 1,223
Funds to support
Fellowships		 109 7 (272) 294 139
Other funds - Restricted Funds 425 189 (102) 81 594
Total Restricted
Funds		 - College 4,696 1,611 (763) (3,266) 2,278
Restricted
funds held by		 subsidiaries
Total Restricted
Funds		 - Group 4,696 1,611 (763) (3,266) 2,278
Unrestricted
Funds
General 6,358 4,238 (7,533) 2,330 1,082 6,474
Fixed asset designated
Fund		 20,234 (743) 5,024 24,516
Pension reserve (1,961) 308 (1,653)
Funds for student
support		 70 70
Total Unrestricted
Funds		 - College 24,699 4,238 (7,968) 7,354 1,082 29,404
Unrestricted
funds
held by		 subsidiaries 23 23
Total Unrestricted
Funds		 - Group 24,721 4,238 (7,968) 7,354 1,082 29,427
Total Funds 193,684 10,130 (8,929) 21,024 215,909
For analysis
of prior year		 comparatives refer to note 31e

19 FUNDS OF THE COLLEGE FUNDS OF THE COLLEGE FUNDS OF THE COLLEGE FUNDS OF THE COLLEGE DETAILS
The following
is a summary		 ofthe origins and purposes ofeach of the major Funds
Endowment
Funds		 - Permanent:
Permanent
Endowment		 Fund A consolidation ofgifts and donations which comprise the historic endowment ofthe
College, which the Governing
Body considers to be permanent		 endowment.
Frank Chadwick
Fund		 For general purposes.
Ford Fund For general purposes.
Millard
Fund		 For general purposes.
Blakiston
Fund		 For general purposes.
Dr Blakiston's
Fund		 To fund improvements to the fabdic ofthe College.
Dr W Hunt Fund To fund extraordinary repairs to the fabric ofthe College.
Mrs J H McKeown Fund Scholarship
fund.
Professor John Mitchell Fund To fund awards for outstanding 3rd and 4th year undergraduates.
Bursaries
Fund		 Fund created in 1870's to pool earlier smaller funds; student support.
W P Haskett-Smith Fund Student support.
Whitehead
Travelling		 Fund To fund a travel award; balance for general purposes.
Jeffrey Abbott Fund Scholarship
fund.
Stephen
Christie-Miller		 Fund Student support.
War Memorial
Fund		 To fund library expenditure.
Endowment
Funds		 - Expendable:
War Memorial
Fund		 Student support.
Brown Fellowship
Fund		 To fund the Fellowship in Classics.
Hunt-Grubbe
Fellowship		 Fund To fund the Fellowship in Engineering Sciences.
Henry Birkhead
Fund		 To fund study, education or research in history,
literature		 or arts.
King's Group Fund Scholarship
Fund.
Restricted
Funds:
New Building
fund		 Funds donated towards Levine Building. Expenditure off6,395m in 2019-20 transferred out
ofthe restricted fund to the fixed asset designated fund
Designated
Funds
Fixed asset designated Unrestricted
Funds which are represented		 by the fixed assets ofthe College
and therefore not available
for		 expenditure on the College's general purposes
Pension Reserve The pension reserve represents the amounts included in the balance sheet
as a provision for future deficit reduction contributions
The transfers
between		 funds reflected in Note 18arise from resolutions
approved		 by the Charity Commission or reclassifications better to reflect the
purpose
of donors.
The General
Unrestricted		 Funds represent accumulated income from the College's activities and other sources that are available for the general
purposes
ofthe College.
20 ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restricted Endowment 2021
Funds Funds Funds Total
6'000 f.'000 6'000 f'000
Tangible
fixed assets		 35,591 35,591
Property
investments		 58,602 58,602
Other investments 5,823 2,262 114,524 122,609
Pensions
Provisions		 (1,653) (1,653)
Provisions for liabilities and charges (58) (58)
Net current assets 805 14 818
Long term liabilities
Interfund
Loans		 (11,078) 11,078
29,430 2,276 184,202 215,909
Unrestricted Restricted Endowment 2020
Funds Funds Funds Total
6'000 r'000 6'000 6'000
Tangible
fixed assets		 20,231 20,231
Property
investments		 58,979 58,979
Other investments 6,224 1,757 105,288 113,269
Pensions
Provisions		 (1,961) (1,961)
Provisions
for liabilities		 and charges (59) (59)
Net current assets 287 2,939 3,226
Long term liabilities
24,723 4,696 164,267 193,685
35

Date of valuation: 31/03/2018 31/03/2019
Date valuation
results
published:		 16/09/2019 19/06/2020
Value of liabilities:
Value ofassets:		 667.3bn
f63.7bn		 6848m
f735m
Funding
surplus
/ (deficit):		 (63.6bn) (6113m)
Principal assumptions:
Discount rate CPI - 0.73%to Gilts +0.5%-2.25% b
Rate ofincrease
in		 salaries CPI +2.52% a RPI
Rate ofincrease
in		 pensions n/a Average
RPI/CPI		 d
CPI c
Assumed
life expectancies		 on retirement at age 65:
Males currently
aged 65
Females currently
aged 65
Males currently
aged 45		 24.4 yrs
25,9 yrs
26.3yrs		 21.7 yrs
24.4 yrs
23.0 yrs
Females currently
aged 45		 27.7 yrs 25.8 yrs
Funding
Ratios:
Technical
provisions		 basis 95% 87%
Statutory
Pension
Protection		 Fund basis 76% 74%
'Buy-out' basis 56% 60%
Recommended
employer's		 contribution rate (as %of pensionable salaries): 21.10% 19%
increasing
to
23.7% on
01/10/2021
Effective date of next valuation: 31/03/2020 31/03/2022

a.
The discount rate (forward rates)		 for the USS valuation
was:
Years 1-10: CPI +0.14% reducing
linearly to CPI —0.73%
Years 11-20: CPI + 2.52% reducing
linearly to CPI + 1,55% by		 year 21
Years 21 +- CPI + 1.55%
b.
The discount
rate for the OSPS valuation
was:
Pre-retirement: Equal to the UK nominal
gilt curve at the valuation		 date plus 2.25% p.a.at each term.
Post-retirement: Equal to the UK nominal
gilt curve at the valuation		 date plus 0.5% p.a.at each term.
c.
Pensions
increases (CPI) for the
Term dependent
rates
in line with the		 USS valuation
were:
difference
between
the Fixed Interest and		 Index Linked
yield curves, less 1.3%p.a
d.
Increases to pensions
in payment		 for the OSPS valuation
were:
RPI inflation
is derived
from the geometric difference
between
the UK nominal
gilt curve and the UK index-linked
curve at the valuation
date, less 0.3%		 p.a. at each term.
CPI inflation
is derived		 from the RPI inflation assumption,
less the Scheme Actuary's
best estimate ofthe long-term
difference
between
RPI and CPI inflation as		 applies from
time to time (1.0% p.a.as at 31 March 2019).
For pension increases
linked to inflation,
a pension increase curve is constructed		 based on either the RPI, CPI or the
average of the RPI and CPI inflation curves described
above, adjusted to allow		 for the different
maximum
and
minimum
annual increases that apply,		 and the Scheme Actuary's
best estimate		 of inflation
volatility as		 applies from
time to time.
e.
The USS and OSPS employer
contribution
rates include provisions
for the		 cost offuture accrual of defined
benefits,		 deficit
contributions,
administrative
expenses		 and defined
contributions.

Sensitivity
ofactuarial
valuation		 Sensitivity
ofactuarial
valuation		 assumptions assumptions
Surpluses
or deficits which		 arise at future valuations may impact on the College's future contribution commitment.
The sensitivities
regarding		 the principal assumptions used to measure
the		 scheme
liabilities		 are set out below:
Change in assurrtpt4en lmgeet"oe V5$ lia'bilkttss
Initial discount
rate		 increase by 0.1% decrease by E1.2bn
Asset values reduce by 10% increase
by P6.4bn
RPI inflation increase by 0.1% decrease
byf0.7bn
Rate of mortality more prudent
assumption
down by a further year)		 (mortality rated increase by 51.6bn
',/et)tact'oti:
.
Asgtsnption , pdrol
/te)rm!s'tfrbrn
tt9+&q4'eded
Valuation
rate of interest		 decrease
by 0.25%		 increase
by 645m
Rate of pension increases increase by 0.25% Increase by 640m
Deficit Recovery Plans
In line with FRS 102 paragraph
28.11A,		 the College has recognised a liability for the contributions payable for the agreed
deficit funding
plan. The principle		 assumptions used in these calculations are tabled below:
Finish Date for Deficit Recovery Plan 30/06/2028 31/03/2028
Average staff number
increase		 2 2
Average staff salary increase 1.50% 1.50%
Average
discount
rate over		 period 0.63% 0.74%

24 RECONCILIATION
OF NET INCOMING		 RESOURCES TO RESOURCES TO
NET CASH FLOW FROM OPERATIONS 2021 2020
Group Group
f'000 6'000
Net income/(expenditure) 22,225 10,926
Elimination
of non-operating
cash flows:
Investment
income		 (3,458) (3,441)
(Gains)/losses
in investments		 (21,024) (9,597)
Endowment
donations		 (989) (767)
Depreciation 743 751
(Surplus)/loss
on sale offixed assets
Decrease/(Increase)
in stock		 5 (3)
Decrease/(Increase)
in debtors		 (82) (207)
(Decrease)/Increase
in creditors		 462 239
(Decrease)/Increase
in provisions		 (1)
(Decrease)/Increase
in pension scheme		 liability (308) (107)
Net cash provided
by (used in) operating		 activities (2,427) (2,206)
25 ANALYSIS OF CASH AND CASH EQUIVALENTS
2021 2020
f'000 E000
Cash at bank and
in hand		 1,610 692
Notice deposits (less than 3 months) 2,939
Bank overdrafts
Total cash and cash equivalents 1,610 3,631

31 ADDITIONAL PRIOR YEAR ADDITIONAL PRIOR YEAR ADDITIONAL PRIOR YEAR COMPARATIVES COMPARATIVES COMPARATIVES
a)SOFA as at July 2020: movement by Fund Type
Unrestricted Restricted Endowed 2020
Funds Funds Funds Total
RefNotes 6'000 f.'000 6'000 6'000
INCOME AND ENDOWMENTS FROM:
Charitable
activities:
Teaching,
research and		 residential 4,169 0 0 4,169
Other Trading
Income		 247 0 0 247
Donations
and legacies		 91 1,582 767 2,440
Investments
Investment
income		 4 167 133 3,141 3,441
Total return allocated to income 14 2,838 775 (3,613) 0
Other income - CJRS 352 0 0 352
Total income 7,864 2,490 295 10,649
EXPENDITURE ON:
Charitable
activities:
Teaching, research and residential 7,545 880 8,425
Generating
funds:
Fundraising 568 0 568
Trading
expenditure		 160 0 160
Investment
management		 costs 0 166 167
Total Expenditure 8,273 881 166 9,320
Net Income/(Expenditure) before gains (409) 1,609 129 1,329
Net gains/(losses)
on investments		 11,12 260 0 9,337 9,597
Net Income/(Expenditure) (149) 1,609 9,466 10,926
Transfers
between funds		 18 6,395 (6,395)
Net movement
in funds		 for the year 6,246 (4,786) 9,466 10,926
Fund balances
brought
forward		 18 18,475 9,482 154,801 182,758
Funds carried forward at 31July 24,722 4,696 164,267 193,684
b) Property Investments
PROPERTYINVESTMENTS
Group and College 2020
RefNote Agricultural Commercial Dev't and Other Total
11 f.'000 6'000 6'000 f.'000
Valuation
at start ofyear		 31,379 2,915 20,279 54,573
Transfers
between categories
Additions
and improvements		 at cost 593 593
Disposals (30) (1,555) (1,585)
Revaluation
gains/(losses)		 in the year 2,959 385 2,054 5,398
Valuation
at end ofyear		 34,901 3,300 20,778 58,979

market value
in 2005 tog		 ether w ith all subs equent
endowm		 ents
 valued at dat e of gift
Permanent Endowment Expendable Total
Unapplied Endowment Endowments
RefNote Trust far Total
Investment Return Tata l
f'000 f.'000 f.'000 f'000 6'000
At the beginning
ofthe year:
Gift component
of the permanent		 endowment 40,600 40,600 40,600
Unapplied
total return		 95,861 95,861 95,861
Expendable
endowment		 18,340 18,340
Total Endowments 40,600 95,861 136,461 18,340 154,801
Movements
in the reporting		 period:
Gift of endowment
funds		 518 518 249 767
Recoupment
oftrust for		 investment
Allocation
from trust for		 investment
Investment
return: total investment		 income 2,711 2,711 430 3,141
Investment
return: realised
and		 unrealised gains and losses 8,614 8,614 723 9,337
Less: Investment
management		 costs (163) (163) (3) (166)
Other transfers
Total 518 11,162 11,679 1,399 13,079
Unapplied
total return allocated		 to income in the reporting period (3,194) (3,194) (3,194)
Expendable
endowments		 transferred to income (419) (419)
(3,194) (3,194) (419) (3,613)
Net movements
in reporting		 period 518 7,968 8,485 980 9,466
At end ofthe reporting period:
Gift camponent
af the permanent		 endowment 41,118 41,118 41,118
Unapplied
total return		 103,829 103,829 103,829
Expendable
endowment		 19,320 19,320
Total Endowments 41,118 103,829 144,946 19,320 164,266

e) Analysis
of movement		 e) Analysis
of movement		 on funds
ANALYSIS OF MOVEMENTS
ON FUNDS		 RefNote
18
At 1 August Gains/ At 31July
2019 Income Expenditure Transfers (losses) 2020
x'000 F.'000 6'000 E'000 E'000 6'000
Endowment
Funds - Permanent
Permanent
Endowment		 Fund 112,938 2,162 (160) (2,636) 7,683 119,987
Frank Chadwick
Fund		 3,620 84 (1) (85) 142 3,760
Ford Fund 1,508 35 (35) 59 1,567
Millard
Fund		 1,030 24 (24) 40 1,070
Blakiston
Fund		 1,031 24 (24) 40 1,071
Dr Blakiston's
Fund		 1,986 46 (47) 78 2,063
Dr W Hunt Fund 564 13 (13) 22 586
Mrs J H McKeown Fund 1,157 27 (27) 45 1,202
Professor John Mitchell Fund 1,292 30 (30) 51 1,343
Bursaries
Fund		 908 21 (21) 36 944
W P Haskett-Smith
Fund		 635 15 (15) 25 660
Whitehead
Travelling
Fund		 1,164 27 (27) 45 1,209
Jeffrey Abbott Fund 588 14 (14) 23 611
Funds for student support 1,326 31 (31) 52 1,378
Funds for student pdzes and awards 1,986 565 (53) 88 2,586
Funds to support
Fellowships		 1,511 35 (36) 59 1,569
Stephen
Christie-Miller		 Fund 1,098 26 (26) 43 1,140
War Memorial
Fund		 725 17 (17) 28 753
Other funds - Permanent Endowments 1,394 33 (33) 55 1,448
Endowment
Funds - Expendable
War Memodal
Fund		 1,608 38 (38) 63 1,671
Brown Fellowship
Fund		 1,925 65 (43) 76 2,022
Hunt-Grubbe
Fellowship		 Fund 869 20 (20) 34 903
Henry Birkhead
Fund		 658 15 (15) 26 684
King's Group Fund 748 17 (18) 29 776
Funds for student
support		 4,531 235 (103) 180 4,842
Funds to support
Fellowships		 7,296 272 (166) 288 7,689
Other funds - Expendable
Endowments		 705 17 (16) 27 733
Total Endowment
Funds		 - College 154,801 3,908 (166) (3,613) 9,337 164,267
Endowment
funds held		 by subsidiaries
Total Endowment
Funds		 - Group 154,801 3,908 (166) (3,613) 9,337 164,267
Restricted
Funds
New Building
Fund		 7,779 1,556 (6,395) 2,939
Levine Bursaries
Dr Blakiston's
Income Fund		 49 (6) 24 67
Dr W Hunt Income Fund (13) 13
Mrs J H McKeown Income Fund 2 (20) 27 9
Professor John Mitchell Income Fund 48 (25) 30 53
Bursaries
Income Fund		 125 5 (26) 45 149
Funds for student
support		 810 111 (272) 296 945
Funds to support
Fellowships		 243 13 (412) 265 109
Other funds - Restricted Funds 426 30 (106) 75 425
Total Restricted
Funds		 - College 9,482 1,715 (881) (5,620) 4,696
Restricted
funds held by subsidiades
Total Restricted
Funds		 - Group 9,482 1,715 (881) (5,620) 4,696
Unrestricted
Funds
General 6,605 5,026 (7,629) 2,095 260 6,358
Fixed asset designated Fund 13,845 (751) 7,138 20,232
Pension reserve (2,068) 107 (1,961)
Funds for student
support		 70 70
Total Unrestricted
Funds		 - College 18,452 5,026 (8,273) 9,233 260 24,699
Unrestricted
funds held		 by subsidiaries 23 23
Total Unrestricted
Funds		 - Group 18,475 5,026 (8,273) 9,233 260 24,721
Total Funds 182,758 10,649 (9,320) 9,597 193,684
44

Governing
Body, Officers		 Governing
Body, Officers		 and Advisers and Advisers
Report ofthe Governing Body
Auditor's
Report
Statement
of		 Accounting Policies 17
Consolidated Statement of Financial Activities 22
Consolidated and College Balance Sheets 23
Consolidated Statement of Cash Flows 24
Notes to the Financial Statements 25