## ## |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| ## ## ## ## ## ## ## ## ## ##