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2020-07-31-accounts

ST CATHERINE’S COLLEGE

FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2020

St Catherine's College

Annual Report and Financial Statements

Year ended 31 July 2020

St Catherine's College Annual Report and Financial Statements Contents

Governing Body, Officers and Advisers 2-5
Report of the Governing Body 5-16
Auditor’s Report 17-19
Statement of Accounting Policies 20-24
Consolidated Statement of Financial Activities 25
Consolidated and College Balance Sheets 26
Statement of Cash Flows 27
Notes to the Financial Statements 28-44

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St Catherine's College Governing Body, Officers & Advisers Year ended 31 July 2020

MEMBERS OF THE GOVERNING BODY

The Members of the Governing Body are the College’s charity trustees under charity law. The members of the Governing Body who served in office as Governors during the year or subsequently are detailed below.

(1) (2) (3) (4) (5)
Professor K E Börjars ● ● ● ●
Dr F E Dinshaw ● ●
Professor P D Battle ● ● ● ●
Professor A G Rosser
Professor J S Foord
Dr R A Leese
Professor L L Fawcett
de Posada
Professor P A Handford
Professor R I Todd
Professor M Lackenby ●
Professor M E
Mulholland		 ●
Professor G Lowe
Professor R M Berry
Professor A I Handa ●
Mr J L Bennett ● ●
Professor D J
Womersley		 ●
Ms C E Chappell ● ●
Professor D R H
Gillespie
Professor P P Edwards
Professor P S Grant ●
Dr J N Pila
Professor B B van Es
Professor T Pizzari ●

St Catherine's College Governing Body, Officers & Advisers Year ended 31 July 2020

Professor B W Byrne ● ●
Professor R M Bailey ●
Professor G Scerif ●
Professor C Reisinger ●
Professor K E
Shepherd-Barr
Dr J E Thomson ●
Professor A J Bunker
Professor A L Smith
Professor A Muench ●
Professor U C T
Oppermann
Professor A Goriely
Dr D A Robertson
Professor P T Ireland
Professor P
Hamalainen
Professor B A F Bollig ●
Professor E P J Stride ● ●
Professor H de Wet
Professor P E Koralus ●
Professor A J Dickinson
Professor I P J Shipsey
Dr F R McConnell ●
Professor L Tunbridge ●
Professor A C de O
Nobre
Professor S A Whiteson
Dr A L Power
Dr J M Goodman
Dr A Iandolo

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St Catherine's College Governing Body, Officers & Advisers Year ended 31 July 2020

Dr A Teytelboym ●
Dr S J P Wolfe ●
Dr T C Adams ●
Dr O Adamidis

During the year the activities of the Governing Body were carried out through five principal committees. The current membership of these committees is shown above for each Fellow.

The Remuneration Committee includes, in addition to the Fellows indicated above, two external members, Mr A W Henfrey and Mr S Clark. Mr Henfrey is also a member of the Investment Subcommittee.

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St Catherine's College Governing Body, Officers & Advisers Year ended 31 July 2020

COLLEGE SENIOR STAFF

The senior staff of the College to whom day to day management is delegated are as follows.

follows.
Master Professor K E Börjars
Pro-Master Professor P D Battle
Senior Tutor Professor M E Mulholland
Dean Dr R M Bailey
Finance Bursar Dr F E Dinshaw
Home Bursar Mr J L Bennett

COLLEGE ADVISORS

Broker and Custodian

Hargreaves Lansdown One College Square South Anchor Road Bristol BS1 5HL

Auditor

Critchleys Audit LLP Beaver House 23 – 38 Hythe Bridge Street Oxford OX1 2EP

Bankers

Lloyds Bank plc The Atrium Davidson House Forbury Square Reading RG1 3EU

College address

St Catherine's College Manor Rd Oxford OX1 3UJ

Website www.stcatz.ox.ac.uk

The Members of the Governing Body present their Annual Report for the year ended 31 July 2020 under the Charities Act 2011 together with the audited financial statements for the year.

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St Catherine's College Report of the Governing Body of St Catherine’s College 31 July 2020

The Members of the Governing Body present their Annual Report for the year ended 31 July 2020 under the Charities Act 2011 together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

St Catherine's College in the University of Oxford, which is known as St Catherine's College, ("the College") is an eleemosynary chartered charitable corporation aggregate. It was founded under a royal charter granted on 1 October 1963.

The College registered with the Charities Commission on 15 September 2011 (registered number 1143817).

The names of all Members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 5.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The College is governed by its Charter dated 1 October 1963 and Statutes last amended June 2004.

Governing Body

The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, who is HRH Prince Philip, Duke of Edinburgh. The Governing Body is self-appointing and consists of The Master, Bursars, Academic Registrar, Official Tutorial Fellows (Class A), Professorial Fellows and some other Fellows. New members of the Governing Body are elected on the basis of a recommendation to Governing Body of the Fellowships Committee.

The Governing Body determines the continuing strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly under the chairmanship of the Master and is advised by five principal committees.

Recruitment and training of Members of the Governing Body

New Fellows, including those who are ex officio members of the Governing Body, are recruited in open competition following established conventions for advertisement. They are inducted into the workings and procedures of the College, including Governing Body policy, by the Master and College Officers. Members of the Governing Body are briefed on good practice for trustees and made aware of current issues and regulatory requirements in the sector.

Junior Members

Representatives of junior members are present at meetings of the Governing Body and of certain College Committees.

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St Catherine's College Report of the Governing Body of St Catherine’s College 31 July 2020

Remuneration of Members of the Governing Body and Senior College Staff

Members of the Governing Body who are Fellows are primarily teaching and research employees of the College or University and receive no remuneration or benefits from their trusteeship of the College. Those trustees that are also employees of the College receive remuneration for their work as employees of the College which is based on the advice of the College’s Remuneration Committee, members of which include Fellows not in receipt of remuneration from the College and externals. Remuneration is set in line with that awarded to the University’s academic staff or with the median prevailing rates for similar posts in Oxford.

Organisational management

The members of the Governing Body meet 10 times a year. The work of developing policies and monitoring the implementation of these is carried out by five principal Committees:

The day-to-day running of the College is delegated to the Master and senior College Officers, The Master chairs all meetings of the principal committees with the exception of Remuneration Committee.

Group structure and relationships

The College administers a number of special trusts, as detailed in Notes 17 and 18 to the financial statements. The College has two wholly owned non-charitable subsidiaries: St Catherine's College Management Ltd and St Catherine's College Development Ltd whose annual profits are donated to the College under the Gift Aid Scheme. The subsidiaries' aims, objectives and achievements are covered in the relevant sections of this report.

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St Catherine's College Report of the Governing Body of St Catherine’s College 31 July 2020

The College is part of the collegiate structure of the University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship.

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The College's Charitable Objects are to advance learning, education and research in the arts and sciences and to provide for men and women who shall be members of the University a College wherein they may work for degrees in the University or may carry out postgraduate or other special studies.

The Governing Body has considered the Charity Commission’s guidance on public benefit and in keeping with its objects, the College’s aims for the public benefit are:

The aims of the College's subsidiaries are to help finance the achievement of the College's aims as above.

The College is one of the constituent colleges of the University of Oxford chiefly admitting undergraduate and postgraduate students. Such students must be members of a college in order to study for degrees at the University of Oxford, and many Faculty posts in the University are joint appointments between a college and the University. The College therefore carries out its education and research activities jointly with the University.

The College supplements the education provision provided jointly with the University with further tutorial teaching provided by college-only appointed teachers, its own library and IT facilities, and welfare, domestic, social, cultural and recreational facilities to enable each of its students to realise their academic and personal potential to its fullest extent.

The College also supplements the research activities it promotes jointly with the University through joint appointments, by providing College Research Fellowships, providing funding in support of research, providing facilities for visiting researchers and for national and international conferences, and a social environment for interaction between researchers. Additionally, the College supports outreach activities designed to promote aspiration among United Kingdom school-leavers to engage in University study.

The College provides various forms of financial assistance to both undergraduate and postgraduate students through prizes, scholarships and grants, and to alleviate cases of hardship.

The College admits undergraduates; postgraduates are admitted jointly with the University. The College admits undergraduate students from the EU and elsewhere without any restriction except the satisfaction of stated academic criteria. Tuition fees for

St Catherine's College Report of the Governing Body of St Catherine’s College 31 July 2020

Home and EU students are regulated and financed on a national basis, and for other students in conformity to University-wide agreements. The College charges its students for accommodation and food; students are eligible for Student Loans under the national scheme, and for Oxford Bursaries and Crankstart Scholarships on a means-tested basis to cover these and related core maintenance costs.

Non-EU undergraduates and postgraduates need also to satisfy the College in advance of being enrolled on a course that they have sufficient funding to cover the University and College fees for Year 1 of their course, and declare their willingness to meet all University and College fees and living costs for the duration of their course.

The private benefit accruing to the Master, Fellows and other employees of the College by means of salaries and employment-related benefits is objectively reasonable. Where the recipients of benefits are members of the Governing Body, and therefore are trustees, the Governing Body has directed that all forms of benefit and remuneration are determined by a Remuneration Committee including a Chair and majority of suitably qualified individuals who are not members of the Governing Body or not eligible to receive such remuneration or benefits.

The College does not consider that any detriment or harm arises from carrying out the College's aims.

The College remains committed to the aim of providing public benefit in accordance with its founding principles.

The principal committees monitor and report to Governing Body on the achievement of the college’s aims and its academic, financial, pastoral, and cultural performance.

Activities and objectives of the College

The College's activities are focused on furthering its stated objects and aims for the public benefit by fulfilling its educational purposes with respect to both teaching and research having regard to both the obligations and rights that ensue from its incorporation within the Collegiate University and its status as a registered charity.

THE MASTERSHIP

Professor Peter Battle continued as Pro-Master for Michaelmas Term 2019 and Professor Kersti Börjars took up office as Master from Hilary Term 2020.

ACHIEVEMENTS AND PERFORMANCE

Junior Members: Academic

Owing to the Covid pandemic, examinations were severely disrupted this year. Many were cancelled - including the entirety of First Year Prelims and Mods - and all suddenly changed. The College’s notable success in Finals was, therefore, all the more creditable.

Final Honours School saw 70 candidates awarded a first, up from 68 a year ago; 50 were awarded a II (i), compared to 72 last year; one a II (ii); and one a III.

Subjects with at least a third of candidates gaining a first in the Final Honour School this year were Biochemistry, Biomedical Sciences, Chemistry, Computer Science,

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St Catherine's College Report of the Governing Body of St Catherine’s College 31 July 2020

Economics, Engineering, English, Fine Art, Geography, History of Art, Human Sciences, Management, Materials, Mathematics, Medical Sciences, Modern Languages, Music, Philosophy, Physics, Politics and Psychology.

No candidate gained below a II (i) in Biochemistry, Biological Sciences, Biomedical Sciences, Computer Science, Economics, Engineering, English, Fine Art, Geography, History, History of Art, Human Sciences, Law, Management, Materials, Medical Sciences, Modern Languages, Music, Philosophy, Physics, Politics and Psychology.

Notable achievements by individual students were as follows:

Thomas Graham was awarded a Congratulatory First in Psychology & Philosophy.

Mavis Teo in Biological Sciences and Jiaqi Kang in History of Art won the Gibbs Prize for best Finals performance in their respective subjects.

Ryan Teo won the Turbett Prize for Practical Organic Chemistry.

Yansong Zhao won the Statistics Departmental Prize for best overall performance in Mathematics and Statistics Final Honours School, Part B.

Anna Redgrave, Modern Languages, was awarded the Phillipa of Lancaster Portuguese Prize.

James Stacey won his Departmental Prize for second best research project.

Jude Hunt in Physics was a winner in the best Group Project contest.

The College expects the Departments and Faculties still to report news of some prizes awarded during the year.

Due to the pandemic, no Norrington Table was published this summer, but, given these results, it seems likely that the College would have retained its place very near the top (last year’s Table was revised to put the College up from 4[th] to 2[nd] ).

The college has put in place conditions designed safely to nurture an appropriate blend of on-line and face-to-face teaching in the coming academic year.

The College expects this result to increase the quality of admissions in terms of social diversity, intellectual background and, thereby, overall quality.

Junior Members: Other Achievements

St Catz Drama Society put on the musical Rent in the Bernard Sunley Theatre .

Many sporting activities, particularly rowing, were disrupted by Covid. Nevertheless there are some achievements to report.

The men’s first team for football won the JCR Premier Division, and the women’s team got to the final of Cuppers.

Zoe Nunn, a DPhil student and Junior Dean, played in the Varsity rugby match.

Beyond sport, many students volunteered in support of the efforts to combat the effects of the pandemic.

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St Catherine's College Report of the Governing Body of St Catherine’s College 31 July 2020

Senior Members: Academic Awards, and Achievements

Professor John Goodenough, Honorary Fellow, won the Nobel Prize for Chemistry.

Deborah Warner delivered her inaugural Cameron Mackintosh lecture entitled Changing Directions – Journeys in Theatre, Opera and Installation.

The annual Katritzky lecture, combining history and climate change, was delivered by Professor Michael McCormick, Francis Goelet Professor of Medieval History at Harvard.

Professor Kia Nobre was elected to the National Academy of Sciences.

Eleanor Stride was listed as one of the 100 Most Influential Women in Engineering in a list produced by Inclusive Boards in partnership with the Financial Times. She was also a Finalist in the 2020 Blavatnik Awards for Young Scientists.

Alex Teytelboym was Highly Commended in the Policy Engagement category for the 2020 Vice-Chancellor’s Innovation Awards.

Laura Tunbridge published Beethoven: A Life in Nine Pieces .

Richard Bailey collaborated with the Pew Charitable Trusts and other international organisations to supply and run the model for a report on ocean plastic pollution that was also published in Science .

Kersti Börjars and Laura Tunbridge were elected Fellows of the Academia Europaea.

OBITUARIES

The College is saddened to report the deaths of Sir James Gowans, Founding and Honorary Fellow of the College, Emeritus Fellow Professor Malcolm Green and Dame Diana Rigg, Emeritus Fellow and Cameron Mackintosh Visiting Professor of Contemporary Theatre in 1999.

ADMISSIONS, ACCESS AND OUTREACH

The College participated successfully in various widening participation programmes including its flagship initiative, the Catalyst programme; these efforts will be expanded next year as part of the Oxford Cymru consortium. The fact that Catalyst was awarded a grant from the Department for Education is further evidence of the success of the programme.

Following the nation-wide controversy over the award of A level results for 2020, the College decided to honour the vast majority (>98%) of its conditional offers. Applications in the December 2019 admissions round fell by 3.6%; 157 candidates elected to take up offers for MT 2020 while 4 deferred entry till MT 2021 or MT 2022.

DEVELOPMENT AND FUND RAISING

The Development Office raised just under £2.3 million, with a participation rate of 14.8%.

The College continued to focus its fundraising activities in 2019-20 on securing funds for graduate studies, tutorial Fellowships, student support and building projects.

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St Catherine's College Report of the Governing Body of St Catherine’s College 31 July 2020

The College is registered with the Fundraising Regulator and employs full-time professional staff in the Development Office to act on its behalf and to ensure that it is compliant with the Code of Fundraising Practice. Training is given to Development Office staff to ensure that they are aware of the Code.

The College did not receive any complaints relating to its fundraising activities.

Donations for the year amounted to £2,272K (2018/19: £2,735K). The Development Office income includes £979,763 from legacies; the ratio of funds raised to fund-raising costs was 6:1

Ms Jane Rogers left her post during the year and Ms Emma Simpson filled the role pending the appointment of a new Development Director.

FABRIC

The major project this year was the completion of the Ainsworth Graduate Centre and associated accommodation comprising 78 new study bedrooms and a separate MCR and academic space at the north end of the College, together with associated landscaping works.

Refurbishment works took place to the glazed lobbies connecting the SCR and JCR to the Hall.

The fire detection and alarm systems on three more staircases (14, 15 and 16) have been converted from wireless to wired, bringing this rolling project to completion.

On the energy efficiency front, the electricity substation was upgraded to enable further movement from non-renewable to renewable energy use.

A programme of works to the Master’s Lodgings was completed, including the upgrade of heating and water supply systems, internal and external decoration and works to the flat roof.

A new roof membrane and improved drainage on the Hall roof were installed in anticipation of necessary refurbishment work to the ceiling (replacement of damaged fibreboard panels, upgrade of lighting to meet current code and the installation of energy efficient LED lighting).

FINANCIAL REVIEW

The accounts are presented in the format prescribed by Statute XV of the University in conformity with UK Charity Statement of Recommended Practice. The operating results for the year were substantially affected by a lost Trinity Term and Long Vacation due to Covid-19. Nevertheless falls in domestic and conference income were cushioned by reductions to expenditure and the assistance of £340K in government furlough funding. 81 staff were placed on furlough and the College made up all their salaries to 100%. Overall income fell by 16.7 % while expenditure fell by 14.7%. This, combined with a reduction in investment gains made that net income on the SOFA fell by nearly 40% to £2.45m. In assessing the results for the year the Governing Body differentiates between core recurring operations which are predictable, including the transfer of total return from capital funds at a sustainable annual level, and those which are likely to evidence a

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St Catherine's College Report of the Governing Body of St Catherine’s College 31 July 2020

significant degree of volatility year on year, such as donations and legacies, investment income (as the College is a total return investor) and the movement on the pension reserve. If the sustainable spending transfer from the endowment is substituted for the investment income on the SOFA, and donations, costs associated with income from restricted funds and the movement on the pension reserve are excluded, then the net operating deficit for the year is £345K (2019: surplus £1,025K)

Reserves policy

The College's reserves policy is to maintain sufficient free reserves to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall and to allow the College to be managed efficiently and provide a buffer that would ensure uninterrupted services.

Total funds of the College and its subsidiaries at the year-end amounted to £123.3m (2019: £120.9m). This includes endowment capital of £88.9m and unspent restricted income funds totalling £628K. Free reserves at the year-end amounted to £5m (2019: £7.1m), representing retained unrestricted income reserves excluding an amount of £28.2m (2019: £25.5m) for the book value of tangible fixed assets less associated funding arrangements.

The future level of free reserves will be impacted by the depreciation cost of the Graduate Centre from 2020-2021 onwards, as well as by the pace at which the economy returns to normal post the Covid episode.

Risk Management

The College has on-going processes which operated through-out the financial year for identifying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidiaries in undertaking their activities. When it is not able to address risk issues using internal resources, the College takes advice from experts external to the College with specialist knowledge. Policies and procedures within the College are reviewed by the relevant College Committee, chaired by the Master or one of the Bursars. Financial risks are assessed by the Finance Committee and investment risks are monitored by the Investment Committee. In addition, the Home Bursar and domestic staff heads meet regularly to review health and safety issues. Training courses and other forms of career development are available, when appropriate, to members of staff to enhance their skills in risk-related areas.

The Governing Body, which has ultimate responsibility for managing any risks faced by the College, has reviewed the processes in place for managing risk and the principal identified risks to which the College and its subsidiaries are exposed and has concluded that adequately robust systems are in place to manage these risks. The principal risks and uncertainties faced by the College and its subsidiaries that have been identified are categorised as follows:

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St Catherine's College Report of the Governing Body of St Catherine’s College 31 July 2020

Strategies for managing the risks identified by the College as described above include, for example:

The College identifies the risks it faces, the potential impact of each risk, the likelihood of recurrence, the severity of impact, and the steps taken to mitigate each particular risk in its Risk Register, which is regularly reviewed by the Finance Committee and approved by Governing Body.

Investment policy, objectives and performance

The College’s investment objectives are to balance the needs of current and future beneficiaries by:

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St Catherine's College Report of the Governing Body of St Catherine’s College 31 July 2020

To meet these objectives, the College’s investments as a whole are managed on a total return basis to a benchmark of UK CPI+4%, maintaining diversification across a range of asset classes in order to produce an appropriate balance between risk and return. In line with this approach, the College statutes allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total return.

The investment policy and strategy are set by the Governing Body as advised by the Investment Committee from time to time and performance is regularly monitored by the Investment Committee and reported to Finance Committee and Governing Body. At the year end, the College’s long term endowment investments, combining securities and property investments, totalled £88.9m. The College measures investment performance in calendar quarters; the total investment return to 30 June was +5.89% which compared to the benchmark (UK CPI +4%) return of +4.65%; MSCI World of 7.57%; FTSE 100 of -15.53%; FTSE Actuaries UK CGT 9.82%; 70% MSCI World/30% FTSE Actuaries UK CGT of 8.24%.

The carrying value of the preserved permanent capital and the amount of any unapplied total return available for expenditure was taken as the open market values of these funds as at 1 August 2002 together with the original gift value of all subsequent endowment received.

On the total return basis of investing, it is the Governing Body’s policy to extract as income 3% of the value of General Endowment. However, to smooth and moderate the amounts withdrawn, this 3% is calculated on the average of the year end values in each of the last three years. Due to increasing investment values over the previous three years, the effective amounts withdrawn are currently less than the nominal 3% stated in this policy. Transfers from other expendable endowment funds and from permanent endowment funds match expenditure from the relevant funds according to their remits. The equivalent of 2.4% of the opening endowment value was extracted as income on the total return basis during the year. The Governing Body keeps the level of income withdrawn under review to balance the needs and interests of current and future beneficiaries of the College’s activities.

Future Plans

The College’s future plans as agreed by the Governing Body are:

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St Catherine's College Report of the Governing Body of St Catherine’s College 31 July 2020

Statement of accounting and reporting responsibilities

The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations.

Charity law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body have prepared the financial statements in accordance United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).

Under charity law the Governing Body must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the College and of its net income or expenditure for that period. In preparing these financial statements, the Governing Body is required to:

The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College’s transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Governing Body on 4 November 2020 and signed on its behalf by:

Kersti Börjars Master

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St Catherine's College Report of the Auditor to the Members of the Governing Body of St Catherine’s College

Opinion

We have audited the financial statements of St Catherine’s College (the “Charity”) for the year ended 31 July 2020 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The Members of the Governing Body are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial

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St Catherine's College Report of the Auditor to the Members of the Governing Body of St Catherine’s College

statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the Members of the Governing Body

As explained more fully in the Statement of Accounting and Reporting Responsibilities set out on page 16, the Members of the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Members of the Governing Body are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of the Governing Body either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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St Catherine's College Report of the Auditor to the Members of the Governing Body of St Catherine’s College

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/apb/scope/private.cfm. This description forms part of our auditor’s report.

Use of this report

This report is made solely to the College’s Governing Body, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the Governing Body those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College’s Governing Body as a body, for our audit work, for this report, or for the opinions we have formed.

Critchleys Audit LLP Statutory Auditor Oxford

Date: 1 December 2020

Critchleys Audit LLP is eligible to act as an auditor in terms of sections 1212 of the Companies Act 2006.

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ST CATHERINE’S COLLEGE Statement of Accounting Policies Year ended 31 July 2020

1. Scope of the financial statements

The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Cash Flow Statement comprising the consolidation of the College and with its wholly owned subsidiaries, St Catherine’s College Management Ltd and St Catherine’s College Development Ltd. No separate SOFA has been presented for the College alone as permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. The results of the subsidiaries as included in the consolidated income, expenditure and results of the College are disclosed in note 12.

2. Basis of accounting

The College’s individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102).

The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated financial statements in accordance with ‘The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (The Charities SORP (FRS 102)).

The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year.

3. Income recognition

All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured.

a. Incoming resources from fee income, HEFCE support and other charges for services

Fees receivable, HEFCE support and charges for services and use of the premises, including contributions received from restricted funds, are accounted for in the period in which the related service is provided.

b. Income from donations, grants and legacies

Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly

20

ST CATHERINE’S COLLEGE Statement of Accounting Policies Year ended 31 July 2020

3. Income recognition (continued)

b. Income from donations, grants and legacies (continued)

within the control of the College and it is probable that the specified conditions will be met.

Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) of the deceased’s estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable.

Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds.

Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the date of the gift.

4. Investment income

Interest on bank balances and fixed interest securities is accounted for in the period to which the interest relates.

Dividend income and similar distributions are accounted for in the period in which they become receivable.

Income from investment properties is accounted for in the period to which the rental income relates.

5. Expenditure

Expenditure is accounted for on an accruals basis. Indirect expenditure is apportioned to expenditure categories based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Grants awarded are expensed as soon as they become legal or operational commitments.

Governance costs comprise the costs of complying with constitutional and statutory requirements.

Intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure.

21

ST CATHERINE’S COLLEGE Statement of Accounting Policies Year ended 31 July 2020

6. Tangible fixed assets

The cost of major renovation projects which increase the service potential of buildings is capitalised and depreciated over applicable periods. Expenditure on equipment costing more than £1K is capitalised and carried in the balance sheet at historical cost.

Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the Statement of Financial Activities as incurred.

7. Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows:

nomic lives as follows:
Freehold properties, including major extensions 30 years
Building improvements 20 - 30 years
Equipment 4 - 10 years

Freehold land is not depreciated. The cost of maintenance is charged in the Statement of Financial Activities in the period in which it is incurred.

8. Investments

Investment properties are valued as individual investments at their market values as at the balance sheet date. Purchases and sales of investment properties are recognised on exchange of contracts.

Listed investments are valued at their mid-market values as at the balance sheet date. Investments such as hedge funds and private equity funds which have no readily identifiable market value are included at the most recent valuations from their respective managers.

Gains and losses arising on the investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the “ownership” of the underlying assets.

9. Stocks

Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.

10. Foreign currencies

Transactions denominated in foreign currencies during the year are translated at prevailing rates of exchange at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates applying at the Balance Sheet date or, where there are related forward foreign exchange contracts, at the contract rates. The resulting exchange differences are taken to the Statement of Financial Activities.

22

ST CATHERINE’S COLLEGE Statement of Accounting Policies Year ended 31 July 2020

11. Total Return investment accounting

The College statutes authorise the College to adopt a ‘total return’ basis for the investment of its permanent endowment. The College can invest its permanent endowments without regard to the capital/income distinctions of trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a capital supplement to the preserved (‘frozen’) value of the permanent endowment.

The Governing Body has decided that it is in the best interests of the College to account for its invested expendable endowment capital in the same way, though there is no legal restriction on the power to spend such capital.

For the carrying value of the preserved (‘frozen’) permanent capital, the Governors have taken its open market value as at 2003-04, together with the original gift value of all subsequent endowments received.

12. Fund accounting

The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the origins of the funds and the terms set by the donors. Endowment funds are further sub-divided into permanent and expendable.

Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds.

Restricted funds comprise gifts, legacies and grants where the donors have earmarked funds for specific purposes. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required that the capital be maintained and the income used for specific purposes.

Permanent endowment funds arise where donors specify that the funds should be retained as capital for the permanent benefit of the College. Any income arising from the capital will be accounted for as unrestricted funds unless the donor has placed restricted the use of that income, in which case it will be accounted for as a restricted fund.

Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long term benefit of the College. However, the Governing Body may at its discretion determine to spend all or part of the capital.

23

ST CATHERINE’S COLLEGE Statement of Accounting Policies Year ended 31 July 2020

13. Pension costs

The costs of retirement benefits provided to employees of the College through two multi-employer defined pension schemes are accounted for as if these were defined contribution schemes in accordance with the requirements of FRS 102. The College’s contributions to these schemes are charged in the period in which the salaries to which the contributions relate are payable.

14. Accounting judgements and estimation uncertainty

The College has used the methodologies provided by the Universities Superannuation Scheme and the Oxford Staff Pension Scheme to calculate its share of the deficits of these two schemes. This calculation therefore embodies major judgements made by the trustees of the schemes as to the actions required to eliminate their overall deficits and the rate at which this can be achieved.

In the view of the Governing Body, no assumptions concerning the future or estimation uncertainly affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

24

St Catherine's College Consolidated Statement of Financial Activities For the year ended 31 July 2020

Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1
Other Trading Income
3
Donations and legacies
2
Investments
Investment income
4
Total return allocated to income
14
Other income
5
Total income
EXPENDITURE ON:
6
Charitable activities:
Teaching, research and residential
Generating funds:
Fundraising
Trading expenditure
Investment management costs
Total Expenditure
Net Income/(Expenditure) before gains
Net gains/(losses) on investments
11, 12
Net Income/(Expenditure)
Transfers between funds
18
Other recognised gains/losses
Gains/(losses) on disposal of fixed asset
Net movement in funds for the year
Fund balances brought forward
18
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
7,622
260
0
1,136
2,079
386		 Restricted
Funds
£'000
0
0
778
0
0
0		 Endowed
Funds
£'000
0
0
1,494
1,626
(2,079)
0		 2020
Total
£'000
7,622
260
2,272
2,762
0
386		 As restated
2019
Total
£'000
9,224
675
2,735
2,485
0
42
11,483
9,262
388
554
127		 778
623
0
0
0		 1,041
0
0
0
50		 13,302
9,885
388
554
177		 15,161
11,748
418
566
171
10,331 623 50 11,004 12,903
1,152 155 991 2,298 2,258
413 0 (263) 150 1,690
1,565 155 728 2,448 3,948
75
0		 (74)
0		 (1)
0		 0
0		 0
2,400
1,640
32,127		 81
547		 727
88,205		 2,448
120,879		 6,348
114,531
33,767 628 88,932 123,327 120,879

25

St Catherine's College Consolidated and College Balance Sheets As at 31 July 2020

Notes
FIXED ASSETS
Tangible assets
10
Property investments
11
Other Investments
12
Total Fixed Assets
CURRENT ASSETS
Stocks
Debtors
15
Investments
Cash at bank and in hand
Total Current Assets
LIABILITIES
Creditors: Amounts falling due within one year
16
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: falling due after more than one year
17
Provisions for liabilities and charges
Defined benefit pension scheme liability
22
TOTAL NET ASSETS/(LIABILITIES)
FUNDS OF THE COLLEGE
Endowment funds
Restricted funds
Unrestricted funds
Designated funds
General funds
Pension reserve
22
NET ASSETS/(LIABILITIES) BEFORE PENSION ASSET OR
LIABILITY		 2020
Group
£'000
28,213
14,828
88,454		 2019
Group
£'000
25,476
17,237
87,568		 2020
College
£'000
28,213
14,828
88,454		 2019
College
£'000
25,476
17,237
87,568
131,495 130,281 131,495 130,281
187
3,372
5,947
12,243		 185
2,323
10,000
11,168		 187
3,392
5,947
12,162		 185
2,507
10,000
10,989
21,749
1,748		 23,676
4,170		 21,688
1,687		 23,681
4,175
20,001
151,496
26,700
0		 19,506
149,787
26,900
0		 20,001
151,496
26,700
0		 19,506
149,787
26,900
0
124,796
1,469		 122,887
2,008		 124,796
1,469		 122,887
2,008
123,327 120,879 123,327 120,879
88,932
628
30,213
5,023
(1,469)		 88,205
547
27,009
7,126
(2,008)		 88,932
628
30,213
5,023
(1,469)		 88,205
547
27,009
7,126
(2,008)
123,327 120,879 123,327 120,879

The financial statements were approved and authorised for issue by the Governing Body of St Catherine's College on 4 November 2020

Trustee:

Trustee:

26

St Catherine's College Consolidated Statement of Cash Flows For the year ended 31 July 2020

Notes
Net cash provided by (used in) operating activities
24
Cash flows from investing activities
Dividends, interest and rents from investments
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of borrowing
Cash inflows from new borrowing
Receipt of endowment
Net cash provided by (used in) financing activities
Change in cash and cash equivalents in the reporting period
25
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
period
Change in cash and cash equivalents due to exchange rate
movements		 2020
£'000
(4,396)		 2019
£'000
2,092
2,762
0
(4,311)
20,585
(18,912)		 2,175
2,400
(7,180)
45,932
(45,340)
124 (2,013)
(200)
0
1,494		 (200)
0
1,994
1,294 1,794
(2,978) 1,873
21,168
0		 19,295
0
18,190 21,168

27

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

Teaching, Research and Residential
Unrestricted funds
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other fees
Other HEFCE support
Other academic income
College residential income
Total Teaching, Research and Residential		 2020
£'000
2,117
1,494
1,006
229
141
2,635
7,622
7,622		 2019
£'000
2,166
1,446
976
218
147
4,271
9,224
9,224

Total Teaching, Research and Residential

The above analysis includes £3,840k received from Oxford University from publicly accountable funds under the CFF Scheme (2019: £2,187k).

Under the terms of the undergraduate student support package offered by Oxford University to students from lower income households, the college share of the fees waived amounted to £0k (2019: £1k). These are not included in the fee income reported above.

Donations and Legacies
Unrestricted funds
Restricted funds
Endowed funds
3
INCOME FROM OTHER TRADING ACTIVITIES
Subsidiary company trading income
Other trading income
4
INVESTMENT INCOME
Unrestricted funds
Other property income
Equity & global diversified dividends
Income from fixed interest stocks
Interest on fixed term deposits and cash
Other investment income
Bank interest
Other interest
Endowed funds
Other property income
Equity & global diversified dividends
Income from fixed interest stocks
Interest on fixed term deposits and cash
Other investment income
Bank interest
Other interest
Total Investment income
5
OTHER INCOME
Furlough income
Other miscellaneous income		 2020
£'000
0
778
1,494
2,272
2020
£'000
260
0
260
2020
£'000
1,134
0
0
0
0
2
0
1,136
0
504
0
245
877
0
0
1,626
2,762
340
46
386		 2019
£'000
0
741
1,994
2,735
2019
£'000
675
0
675
2019
£'000
1,205
0
0
0
0
0
0
1,205
0
310
0
407
562
0
1
1,280
2,485
0
42
42

An average of 75 staff were furloughed and the College paid the additional 20% to make up salary to 100%.

28

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

6
ANALYSIS OF EXPENDITURE
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential
Other direct costs allocated to:
Teaching, research and residential
Support and governance costs allocated to:
Teaching, research and residential
Total charitable expenditure
Expenditure on raising funds
Direct staff costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Other direct costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Support and governance costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Total expenditure on generating funds
Total expenditure		 2020
£'000
4,199
3,140
2,546
9,885
288
268
0
100
50
0
0
236
177
1,119
11,004		 2019
£'000
4,073
3,577
4,098
11,748
284
264
0
134
75
0
0
227
171
1,155
12,903

The 2019 resources expended of £12,903k represented £12,151k from unrestricted funds, £705k from restricted funds and £47k from endowed funds.

The College is liable to be assessed for Contribution under the provisions of Statute XV of the University of Oxford. The Contribution Fund is used to make grants and loans to colleges on the basis of need. Contributions are calculated annually in accordance with regulations made by the Council of the University of Oxford.

The teaching and research costs include College Contribution payable of £44k (2019 - £37k).

29

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Financial administration
Domestic administration
Human resources
IT
Depreciation
Loss/(profit) on fixed assets
Bank interest payable
Investment management
Other finance charges
Governance costs		 Generating
Funds
£'000
0
0
0
0
236
0
0
177
0
0
413		 Teaching
and
Research
£'000
343
285
62
275
1,338
0
762
0
(539)
19
2,545		 2020
Total
£'000
343
285
62
275
1,574
0
762
177
(539)
19
2,958
Financial administration
Domestic administration
Human resources
IT
Depreciation
Loss/(profit) on fixed assets
Bank interest payable
Investment management
Other finance charges
Governance costs		 Generating
Funds
£'000
0
0
0
0
227
0
0
47
0
0
274		 Teaching
and
Research
£'000
332
264
81
249
1,286
0
773
130
1,093
19
4,227		 2019
Total
£'000
332
264
81
249
1,513
0
773
177
1,093
19
4,501

Financial and domestic administration and human resources costs are attributed according to the estimated staff time spent on each activity. Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made of the underlying assets. IT costs are attributed according to time allocated to each activity.

Interest and other finance charges are attributed according to the purpose of the related financing. Governance costs are allocated according to time spent in each area.

Governance costs comprise:
Auditor's remuneration - audit services
Auditor's remuneration - assurance services other than audit		 2020
£'000
19
0
19		 2019
£'000
18
0
18

No amount has been included in governance costs for the direct employment costs or reimbursed expenses of the College Fellows on the basis that these payments relate to the Fellows involvement in the College's charitable activities. Details of the remuneration of the Fellows and their reimbursed expenses are included as a separate note within these financial statements.

30

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

GRANTS AND AWARDS
2020
£'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
15
Bursaries and hardship awards
77
Graduate Studentships
27
Grants to other institutions
-
Total unrestricted
119
Restricted funds
Grants to individuals:
Scholarships, prizes and grants
533
Bursaries and hardship awards
-
Graduate Studentships
90
Grants to other institutions
-
Total restricted
623
Total grants and awards
742		 2019
£'000
22
78
31
-
131
593
-
112
-
705
836

8 GRANTS AND AWARDS

The figure included above represents the cost to the College of the Oxford Bursary scheme. Students of this college received £122k (2019: £120k).Some of those students also received fee waivers amounting to £0k (2019: £1k).

The above costs are included within the charitable expenditure on Teaching and Research.

9 STAFF COSTS

The aggregate staff costs for the year were as follows.
Salaries and wages
Social security costs
Pension costs (see also note 21):
Defined benefit schemes - employer contributions
Defined benefit schemes - movement in provision
Defined contribution schemes
Other benefits
The average number of employees of the College, excluding Trustees,
on a full time equivalent basis was as follows.
Tuition and research
College residential
Public worship
Heritage
Fundraising
Support
Total
The average number of employed College Trustees during the year was as follows.
University Lecturers
CUF Lecturers
Other teaching and research
Other
Total		 2020
£'000
4,424
309
578
(539)
125
2
4,899
2020
38
97
0
0
2
10
147
23
8
6
3
40		 2019
£'000
4,339
302
547
1,093
82
3
6,366
2019
37
93
0
0
7
10
147
22
8
5
4
39

31

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

9 STAFF COSTS (continued)

The following information relates to the employees of the College excluding the College Trustees. Details of the remuneration and reimbursed expenses of the College Trustees is included as a separate note in these financial statements.

The number of employees (excluding the College Trustees) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fell within the following bands was:

£60,001-£70,000
The number of the above employees with retirement benefits accruing was as follows:
In defined benefits schemes
In defined contribution schemes
The College contributions to defined contribution pension schemes totalled		 1
1
0
578		 1
1
0
547
10
TANGIBLE FIXED ASSETS
Group & College
Cost
At start of year
Additions
Disposals
At end of year
Depreciation and impairment
At start of year
Depreciation charge for the year
Depreciation on disposals
Impairment
At end of year
Net book value
At end of year
At start of year		 Leasehold
land and
buildings
£'000
0
0
0
0
0
0
0
0
0
0
0		 Freehold
land and
buildings
£'000
41,212
4,149
0
45,361
16,206
1,435
0
0
17,641
27,720
25,006		 Plant and
machinery
£'000
0
0
0
0
0
0
0
0
0
0
0		 Fixtures,
fittings and
equipment
£'000
2,207
162
0
2,369
1,737
139
0
0
1,876
493
470		 Total
£'000
43,419
4,311
0
47,730
17,943
1,574
0
0
19,517
28,213
25,476

The above includes:

The College has historic assets all of which are used in the course of the College’s teaching and research activities. These comprise mainly listed buildings on the College site, together with their contents including some works of art. In some cases reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. However, in the opinion of the Trustees the depreciated historical cost of these assets is now immaterial.

11 PROPERTY INVESTMENTS

Group & College
Valuation at start of year
Additions and improvements at cost
Transfer to tangible fixed assets
Disposals
Revaluation gains/(losses) in the year
Valuation at end of year		 Agricultural
£'000
0
0
0
0
0
0		 Commercial
£'000
0
0
0
0
0
0		 Other
£'000
17,237
0
0
(2,831)
422
14,828		 2020
Total
£'000
17,237
0
0
(2,831)
422
14,828		 2019
Total
£'000
17,764
0
0
(15)
(512)
17,237

The properties include nine properties managed by OLIM and three properties purchased under the College's joint equity scheme with staff. These are valued annually by reference to changes since the purchase date in the Nationwide House Price Index for the outer South East or where applicable according to the terms of the joint equity agreements.

32

St Catherine's College Notes to the financial statements

For the year ended 31 July 2020

12 OTHER INVESTMENTS

All investments are held at fair value.

All investments are held at fair value.
Group investments
Valuation at start of year
New money invested
Amounts withdrawn
Reinvested income
Investment management fees
(Decrease)/increase in value of investments
Group investments at end of year
Investment in subsidiaries
College investments at end of year
Group investments comprise:
Equity investments
Global multi-asset funds
Property funds
Fixed interest stocks
Alternative and other investments
Fixed term deposits and cash
Total group investments		 Held outside
the UK
£'000
2,739
0
14,629
0
10,088
0
27,456		 Held in
the UK
£'000
23,692
11,393
2,338
0
7,156
16,419
60,998		 2020
Total
£'000
26,431
11,393
16,967
0
17,244
16,419
88,454		 Held outside
the UK
£'000
1,160
0
13,314
0
11,444
0
25,918		 2020
£'000
87,568
18,912
(18,689)
935
0
(272)
88,454
0
88,454
Held in
the UK
£'000
24,407
11,501
2,653
0
8,931
14,158
61,650		 2019
£'000
85,634
45,340
(45,917)
309
0
2,202
87,568
0
87,568
2019
Total
£'000
25,567
11,501
15,967
0
20,375
14,158
87,568

13 PARENT AND SUBSIDIARY UNDERTAKINGS

The College holds 100% of the issued share capital in St Catherine's College Management Limited, a company providing conference and other event services on the College premises, and 100% of the issued share capital in St Catherine's College Developments Limited, a company providing design and build construction services to the College.

The results and their assets and liabilities of the parent and subsidiaries at the year end were as follows.

Income
Expenditure
Donation to College under gift aid
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 £'000
261
(261)
0
0
49
(49)
0
St Catz
Management		 £'000
3,206
(3,144)
(62)
St Catz
Development
0
59
(59)
0

33

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

14 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 2007/08. The investment return to be applied as [income is calculated as 3% of the average of the year-end values of the relevant investments in each of the last 3 years. The preserved (frozen) value of the invested endowment capital represents its open market value in 2003/04 together with all subsequent endowments valued at date of gift.

At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Recoupment of trust for investment
Allocation from trust for investment
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the reporting period
Transfers into expendable endowments
Net movements in reporting period
At end of the reporting period:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments		 Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
10,175
10,175
5,927
5,927
10,175
5,927
16,102
191
0
191
0
0
0
0
0
0
0
297
297
0
(48)
(48)
0
0
0
0
0
0
191
249
440
0
(387)
(387)
0
0
(387)
(387)
191
(138)
53
10,366
0
10,366
5,789
5,789
10,366
5,789
16,155
Permanent Endowment		 Expendable
Endowment
£'000
72,103
72,103
1,303
0
0
1,329
(215)
(50)
0
2,367
(1,692)
0
(1,692)
675
72,777
72,777		 Total
Endowments
£'000
10,175
5,927
72,103
88,205
1,494
0
0
1,626
(263)
(50)
0
2,807
(2,079)
0
(2,079)
728
10,366
5,789
72,777
88,932

15 DEBTORS

DEBTORS
Amounts falling due within one year:
Trade debtors
Amounts owed by College members
Amounts owed by Group undertakings
Loans repayable within one year
Prepayments and accrued income
Other debtors
Amounts falling due after more than one year:
Loans
CREDITORS: falling due within one year
Bank loans
Trade creditors
Amounts owed to College Members
Amounts owed to Group undertakings
Taxation and social security
College contribution
Accruals and deferred income
Other creditors		 2020
Group
£'000
3,197
0
0
4
144
27
0
3,372
2020
Group
£'000
200
548
191
0
594
0
186
29
1,748		 2019
Group
£'000
705
5
0
8
1,578
27
0
2,323
2019
Group
£'000
200
2,549
132
0
332
37
773
147
4,170		 2020
College
£'000
3,197
0
20
4
144
27
0
3,392
2020
College
£'000
200
501
191
0
580
0
186
29
1,687		 2019
College
£'000
211
5
678
8
1,578
27
0
2,507
2019
College
£'000
200
488
132
2,059
339
37
773
147
4,175

16 CREDITORS: falling due within one year

34

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

17 CREDITORS: falling due after more than one year

CREDITORS: falling due after more than one year
Bank loans
Obligations under finance leases
Other creditors		 2020
Group
£'000
1,700
0
25,000
26,700		 2019
Group
£'000
1,900
0
25,000
26,900		 2020
College
£'000
1,700
0
25,000
26,700		 2019
College
£'000
1,900
0
25,000
26,900

The bank loan is a 25 year unsecured fixed rate loan, ending on 02/01/2030.

Other creditors represents a private placement of debt with a term of 45 years at a fixed interest rate of 2.57% ending on 14/10/2061.

18 ANALYSIS OF MOVEMENTS ON FUNDS

Endowment Funds - Permanent
Scholarships & Prizes
Fellowships
Students
Buildings
Endowment Funds - Expendable
General endowment
Research
Scholarships & Prizes
Fellowships
Total Endowment Funds - College		 At 1 August
2019
£'000
7,628
6,612
1,719
144
54,352
9,698
4,320
3,732
88,205		 Incoming
resources
£'000
231
146
104
7
2,225
251
87
69
3,120		 Resources
expended
£'000
(50)
(50)		 Transfers
£'000
(208)
(125)
(50)
(4)
(1,537)
(13)
(34)
(109)
(2,080)		 Gains/
(losses)
£'000
(23)
(20)
(5)
0
(162)
(29)
(13)
(11)
(263)		 At 31 July
2020
£'000
7,628
6,613
1,768
147
54,828
9,907
4,360
3,681
88,932
Endowment funds held by subsidiaries 0 0 0 0 0 0
Total Endowment Funds - Group
Restricted Funds
Scholarships & prizes
Students
Research
Graduate Centre
Building Works
Expenditure from endowment funds on specific purposes
Total Restricted Funds - College
Restricted funds held by subsidiaries
Total Restricted Funds - Group
Unrestricted Funds
General reserve
Fixed Asset Designated Fund
Other academic reserve
Private Placement
Building Designated reserve fund
Pension reserve
Total Unrestricted Funds - College
Unrestricted funds held by subsidiaries
Total Unrestricted Funds - Group
Total Funds		 88,205
175
166
206
0
0
0
547
0
547
7,125
25,477
16
1,208
309
(2,008)		 3,120
14
22
74
491
177
778
0
778
7,733
1,134
539		 (50)
(5)
(8)
(67)
(543)
(623)
0
(623)
(7,988)
(1,574)
(770)
(10,332)
0
(10,332)
(11,005)		 (2,080)
(491)
(126)
543
(74)
0
(74)
(1,847)
4,310
(309)
2,154
0
2,154
0		 (263)
0
0
0
0
0
0
0
0
(1)
413
412
0
412
149
88,932
184
180
213
0
51
0
628
0
628
5,023
28,213
15
1,985
0
(1,469)
32,127 9,406 33,767
0
32,127
120,879		 0
9,406
13,304		 0
33,767
123,327

35

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

19 FUNDS OF THE COLLEGE DETAILS

The following is a summary of the origins and purposes of each of the Funds

Endowment Funds - Permanent:
Scholarships & prizes A consolidation of gifts and donations where income, but not capital, can be
used for scholarships and prizes.
Fellowships A consolidation of gifts and donations where income, but not capital, can be
used for Fellowships.
Students A consolidation of gifts and donations where income, but not capital, can be
used for student hardship.
Buildings A consolidation of gifts and donations where income, but not capital, can be
used for the buildings of the College.
Endowment Funds - Expendable:
General endowment A consolidation of gifts and donations where either income, or income and capital,
can be used for the general purposes of the charity
Scholarships & Prizes A consolidation of gifts and donations where either income, or income and capital,
can be used for scholarships and prizes.
Research A fund whose income and in certain circumstances capital may be used for
research.
Fellowships A consolidation of gifts and donations where either income, or income and capital,
can be used for Fellowships.
Restricted Funds:
Scholarships A consolidation of gifts and donations where both income and capital can be
used for scholarships.
Students A consolidation of gifts and donations where both income and capital can be
used for the benefit of students.
Research A consolidation of gifts and donations where both income and capital can be
used for research.
Designated Funds
Fixed Asset Designated Fund Unrestricted Funds which are represented by the fixed assets of the College
and therefore not available for expenditure on the College's general purposes
Other academic reserve Unrestricted Funds allocated by the Governing Body for designated academic
purposes.
Private Placement Fund Unrestricted funds allocated by the Governing Body in order to accrue funds to
repay the private placement of debt in October 2061. The fund includes income
and gains from the matching investments net of all costs and investment losses
(if any).
Pension reserve Representing the liability for future pension contributions under defined benefit
schemes.
Building Designated reserve fund Unrestricted Funds allocated by the Governing Body for buidling projects.
General Unrestricted funds Represent accumulated income from the College's activities and other sources
that are available for the general purposes of the College.

36

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible fixed assets
Property investments
Other investments
Net current assets
Defined benefit pension scheme liability
Long term liabilities
Tangible fixed assets
Property investments
Other investments
Net current assets
Defined benefit pension scheme liability
Long term liabilities		 Unrestricted
Funds
£'000
28,213
14,350
(628)
20,001
(1,469)
(26,700)
33,767
Unrestricted
Funds
£'000
25,476
16,600
(547)
19,506
(2,008)
(26,900)
32,127		 Restricted
Funds
£'000
-
-
628
-
-
-
628
Restricted
Funds
£'000
0
0
547
0
0
0
547		 Endowment
Funds
£'000
-
478
88,454
-
-
-
88,932
Endowment
Funds
£'000
0
637
87,568
0
0
0
88,205		 2020
Total
£'000
28,213
14,828
88,454
20,001
(1,469)
(26,700)
123,327
2019
Total
£'000
25,476
17,236
87,568
19,506
(2,008)
(26,900)
120,878

21 TRUSTEES' REMUNERATION

The trustees of the college comprise the governing body, primarily fellows who are teaching and research employees of the College and who sit sit on governing body by virtue of their employment.

No trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the College receive salaries for their work as employees. Where possible, these salaries are paid on external scales and often are joint arrangements with the University of Oxford.

Trustees of the college fall into the following categories:

The Master Official Tutorial Fellows Official non-Tutorial Fellows Professorial Fellows Readers Fellows by Special Election Stipendiary Lecturers Faculty Lecturers

Some trustees are eligible to partipate in the College's joint equity scheme; others may be eligible for a housing allowance which is disclosed within the salary figures below. Three trustees live in houses owned jointly with the College.

Some trustees receive additional allowances for additional work carried out as part time college officers. For example, Senior Tutor, Dean, Tutor for Admissions, Tutor for Graduates. These amounts are included within the remuneration figures below. The total remuneration and taxable benefits as shown below is £1,092k (2018-19 £1,070k). The total of pension contributions is £217k (2018-19 £187k).

37

St Catherine's College Notes to the financial statements

For the year ended 31 July 2020

21 TRUSTEES' REMUNERATION (continued)

Remuneration paid to trustees

Range
£0-£999
£1,000-£1,999
£7,000-£7,999
£8,000-£8,999
£9,000-£9,999
£11,000-£11,999
£12,000-£12,999
£13,000-£13,999
£16,000-£16,999
£17,000-£17,999
£18,000-£18,999
£20,000-£20,999
£21,000-£21,999
£22,000-£22,999
£23,000-£23,999
£24,000-£24,999
£25,000-£25,999
£33,000-£33,999
£34,000-£34,999
£39,000-£39,999
£43,000-£43,999
£45,000-£45,999
£47,000-£47,999
£48,000-£48,999
£49,000-£49,999
£50,000-£50,999
£55,000-£55,999
£56,000-£56,999
£59,000-£59,999
£60,000-£60,999
£63,000-£63,999
£65,000-£65,999
£66,000-£66,999
£68,000-£68,999
£69,000-£69,999
£70,000-£70,999
£71,000-£71,999
£83,000-£83,999
£85,000-£85,999
Total		 11
1
1
0
1
0
2
0
1
0
2
0
0
2
0
16
1
0
1
0
2
0
0
0
1
2
0
0
1
1
0
0
1
0
1
1
1
0
1
51
Number of
Trustees/Fellows		 £
0
1,758
7,997
0
9,270
0
24,770
0
16,544
0
36,599
0
0
45,566
0
388,075
25,204
0
34,514
0
86,415
0
0
0
49,967
101,420
0
0
59,152
60,045
0
0
66,037
0
69,238
70,022
71,105
0
85,983
2020
1,309,681
Gross remuneration, taxable
benefits and pension
contributions		 11
0
0
1
0
1
1
1
1
1
0
1
1
12
5
1
0
1
0
1
0
1
1
1
1
0
1
1
0
0
1
1
1
1
0
0
0
1
0
50
Number of
Trustees/Fellows		 £
0
0
0
8,735
0
11,147
12,118
13,149
16,982
17,478
0
20,942
21,339
270,694
117,450
24,405
0
33,156
0
39,499
0
45,662
47,313
48,658
49,116
0
55,755
56,255
0
0
63,609
65,262
66,827
68,049
0
0
0
83,115
0
2019
Gross remuneration, taxable
benefits and pension
contributions
1,256,715

Eleven trustees are not employees of the college and do not receive remuneration. All trustees may eat at common table, as can all other employees who are entitled to meals while working.

See also note 27 Related Party Transactions

Key management remuneration

The total remuneration paid to key management was £331k (2019: £333k).

Key management are considered to be the senior staff listed on page 4 of the Report of the Governing Body.

38

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

22 PENSION SCHEME PROVISIONS

Pension Schemes

The College participates in two principal pension schemes for its staff - the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). The assets of the schemes are each held in separate trustee-administered funds. USS and OSPS schemes are contributory mixed benefit schemes (i.e. they provide benefits on a defined benefit basis - based on length of service and pensionable salary and on a defined contribution basis – based on contributions into the scheme). Both are multi–employer schemes and the College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, the College accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period. In the event of the withdrawal of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.

The College has made available the National Employment Savings Trust for employees who are eligible under automatic enrolment regulations to pension benefits but not eligible for either USS or OSPS.

Schemes accounted for under FRS 102 paragraph 28.11 as defined contribution schemes

Actuarial valuations

Qualified actuaries periodically value the USS and OSPS schemes using the ‘projected unit method’, embracing a market value approach. The resulting levels of contribution take account of actuarial surpluses or deficits in each scheme. The financial assumptions were derived from market conditions prevailing at the valuation date. The results of the latest actuarial valuations and the assumptions which have the most significant effect on the results.

USS OSPS
Date of valuation: 31/03/2018 31/03/2019
Date valuation results published: 16/09/2019 19/06/2020
Value of liabilities: £67.3bn £848m
Value of assets: £63.7bn £735m
Funding surplus / (deficit): (£3.6bn) (£113m)
Principal assumptions:
Discount rate CPI - 0.73% to Gilts +0.5%-2.25%
CPI + 2.52%a b
 Rate of increase in salaries n/a RPI
 Rate of increase in pensions CPIc Average RPI/CPId
Assumed life expectancy on retirement at age 65:
Males currently ages 65 24.4 yrs 21.7 yrs
Females currently ages 65 25.9 yrs 24.4 yrs
Males currently ages 45 26.3 yrs 23.0 yrs
Females currently ages 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%
Employer 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 rate) for the USS valuation rate:

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 1-21+: 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% pa at each term. Post-retirement: Equal to the UK nominal gilt curve at the valuation date plus 0.5% pa at each term.

c. Pensions increases (CIP) for the USS valuation were:

Term dependant rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.3% pa

d. Increases to pensions inpayment for the OSPS valuation were:

RPI inflation s derived from the geometric difference between the UK nominal gilt curve and the UK index-linked curve at the valuation date, less 0.3% pa at each term. CPI inflation is derived from the RPI inflation assumption. Less the Scheme Actuary's best estiamte of the long-term difference between RPI and CPI inflation as applies from time to time (1.0% pa 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.

39

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

22 PENSION SCHEME PROVISIONS (continued)

e. The USS and OSPS employer contribution rates include provisions for the cost of future accural of defined benefits, deficit contributuions administrative expenses and defined contributions.

Sensitivity of actuarial valuation 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:

USS
Assumption Change in assumption Impact on USS liabilities
Initial discount rate increase / reduce by 0.1% decrease / increase by £1.2bn
Discount rate in 20 years’ time increase / reduce by 10% decrease / increase by £6.4bn
RPI inflation increase / reduce by 0.1% increase / decrease by £0.7bn
Rate of mortality more prudent assumption (mortality rated increase by £1.6bn
down by a further year)
OSPS
Assumption Change in assumption Impact on OSPS technical
provisions
Valuation rate of interest decrease by 0.25% Increase by £45m
RPI increase by 0.25% Increase by £40m

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:

OSPS USS
Finish Date for Deficit Recovery Plan 30/06/2028 31/06/28
Average staff number increase 0.00% 0.00%
Average staff salary increase 2.00% 2.00%
Average discount rate over period 0.74% 0.63%
Effect of 0.5% change in discount rate £12k £22k
Effect of 1% change in staff growth £37k £46k

A provision of £1,469k has been made at 31 July 2020 (2019: £2,008k) for the present value of the estimated future deficit funding element of the contributions payable under these agreements, using the assumptions shown. The provision reduces as the deficit is paid off according to the pension recovery scheme.

Pension charge for the year

The pension charge recorded by the College during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows:

Scheme 2019/20 2018/19
£'m £'m
Universities Superannuation Scheme 458 407
University of Oxford Staff Pension Scheme 239 217
Other schemes – contributions 7 5
Total 704 629

These amounts include £578k (2019: £547k) contributions payable to defined contribution schemes at rates specified in the rules of those plans.

Included in other creditors are pension contributions payable of £0k (2019: £0k).

23 TAXATION

The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiary companies because the directors of this/these companies have indicated that they intend to make donations each year to the College equal to the taxable profits of the company under the Gift Aid scheme. Accordingly no provision for taxation has been included in the financial statements.

40

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

24 RECONCILIATION OF NET INCOMING RESOURCES TO

NET CASH FLOW FROM OPERATIONS
Net income/(expenditure)
Elimination of non-operating cash flows:
Investment income
(Gains)/losses in investments
Endowment donations
Depreciation
(Surplus)/loss on sale of fixed assets
Decrease/(Increase) in stock
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
(Decrease)/Increase in provisions
(Decrease)/Increase in pension scheme liability
Net cash provided by (used in) operating activities		 2020
Group
£'000
2,448
(2,762)
(150)
(1,494)
1,574
0
(2)
(1,049)
(2,422)
0
(539)
(4,396)		 2019
Group
£'000
3,948
(2,485)
(1,690)
(1,994)
1,513
0
(5)
(176)
1,888
0
1,093
2,092

25 ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash at bank and in hand
Notice deposits (less than 3 months)
Bank overdrafts
Total cash and cash equivalents		 2020
£'000
12,243
5,947
0
18,190		 2019
£'000
11,168
10,000
0
21,168

26 FINANCIAL COMMITMENTS

At 31 July the College had annual commitments under non-cancellable operating leases as follows:
Land and buildings
expiring within one year
expiring between two and five years
expiring in over five years
Other
expiring within one year
expiring between two and five years
expiring in over five years		 2020
£'000
-
-
-
-
-
-
-
-		 2019
£'000
-
-
-
-
-
-
-
-

27 CAPITAL COMMITMENTS

There are no capital committments that require disclosure.

41

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

28 RELATED PARTY TRANSACTIONS

The College is part of the collegiate University of Oxford. Material interdependencies between the University and of the College arise as a consequence of this relationship. For reporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS 102

Members of the Governing Body, who are the trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College. Details of these payments and reimbursed expenses as trustees are disclosed separately in these financial statements.

There were no loans outstanding at 31 July.

The College has properties with the following net book values owned jointly with trustees under joint equity ownership agreements between the trustee and the College.

2020 2019
£'000 £'000
Mr J L Bennett 0 172
Dr R Bailey 79 81
Dr L Tunbridge 58 73
Dr A Power 208 201

All joint equity properties are subject to sale on the departure of the trustee from the College.

29 CONTINGENT LIABILITIES

None.

30 ADDITIONAL PRIOR YEAR COMPARATIVES

a. SOFA breakdown
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
Other Trading Income
Donations and legacies
Investments
Investment income
Total return allocated to income
Other income
Total income
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential
Generating funds:
Fundraising
Trading expenditure
Investment management costs
Total Expenditure
Net Income/(Expenditure) before gains
Net gains/(losses) on investments
Net Income/(Expenditure)
Transfers between funds
Other recognised gains/losses
Gains/(losses) on disposal of fixed asset
Net movement in funds for the year
Fund balances brought forward
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
9,224
675
1
1,205
2,028
27
13,160
11,043
418
566
124
12,151
1,009
(530)
479
3,745
2,400
6,624
25,503
32,127		 Restricted
Funds
£'000
0
0
741
0
0
0
741
705
0
0
0
705
36
0
36
(3,767)
0
(3,731)
4,278
547		 Endowed
Funds
£'000
0
0
1,994
970
(2,028)
15
951
0
0
0
47
47
904
2,529
3,433
22
0
3,455
84,750
88,205		 2019
Total
£'000
9,224
675
2,736
2,175
0
42
14,852
11,748
418
566
171
12,903
1,949
1,999
3,948
0
2,400
6,348
114,531
120,879

b. Property investments (note 11)

42

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

30 ADDITIONAL PRIOR YEAR COMPARATIVES (continued)

Group & College
Valuation at start of year
Additions and improvements at cost
Transfer to tangible fixed assets
Disposals
Revaluation gains/(losses) in the year
Valuation at end of year
c. Parent & subsidiary undertakings (note 13)
Income
Expenditure
Donation to College under gift aid
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 Agricultural
£'000
0
0
0
0
0
0		 Commercial
£'000
0
0
0
0
0
0		 Other
£'000
17,764
0
0
(15)
(512)
17,237
£'000
675
(329)
(346)
0
504
(504)
0
St Catz
Management
2018/19		 2019
Total
£'000
17,764
0
0
(15)
(512)
17,237
£'000
5,097
(4,998)
(99)
0
757
(757)
0
St Catz
Development
2018/19
d. Statement of investment total return (note 13)
At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Recoupment of trust for investment
Allocation from trust for investment
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the reporting period
Transfers into expendable endowments
Net movements in reporting period
At end of the reporting period:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments		 Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
9,604
9,604
5,861
5,861
9,604
5,861
15,465
571
0
571
0
0
0
0
0
0
0
0
0
0
460
460
0
0
0
0
0
0
571
460
1,031
(394)
(394)
0
0
(394)
(394)
571
66
637
10,175
0
10,175
5,927
5,927
10,175
5,927
16,102
Permanent Endowment		 Expendable
Endowment
£'000
69,285
69,285
1,423
0
0
970
2,069
(47)
37
4,452
(1,634)
0
(1,634)
2,818
72,103
72,103		 Total
Endowments
2019
£'000
9,604
5,861
69,285
84,750
1,994
0
0
970
2,529
(47)
37
5,483
(2,028)
0
(2,028)
3,455
10,175
5,927
72,103
88,205

43

St Catherine's College Notes to the financial statements For the year ended 31 July 2020

30 ADDITIONAL PRIOR YEAR COMPARATIVES (continued)

e. Analysis of movement on funds (note 17)
Endowment Funds - Permanent
Scholarships & Prizes
Fellowships
Students
Buildings
Endowment Funds - Expendable
General endowment
Research
Scholarships & Prizes
Fellowships
Total Endowment Funds - College		 At 1 August
2018
£'000
7,163
6,519
1,645
137
51,950
9,445
4,160
3,731
84,750		 Incoming
resources
£'000
453
38
73
7
2,300
0
108
0
2,979		 Resources
expended
£'000
(47)
(47)		 Transfers
£'000
(202)
(140)
(48)
(4)
(1,401)
(29)
(72)
(110)
(2,006)		 Gains/
(losses)
£'000
214
195
49
4
1,550
282
124
111
2,529		 At 31 July
2019
£'000
7,628
6,612
1,719
144
54,352
9,698
4,320
3,732
88,205
Endowment funds held by subsidiaries 0 0 0 0 0 0
Total Endowment Funds - Group
Restricted Funds
Scholarships & prizes
Students
Research
Graduate Centre
Expenditure from endowment funds on specific purposes
Total Restricted Funds - College
Restricted funds held by subsidiaries
Total Restricted Funds - Group
Unrestricted Funds
General reserve
Fixed Asset Designated Fund
Other academic reserve
Private Placement
Building Designated reserve fund
Pension reserve
Total Unrestricted Funds - College
Unrestricted funds held by subsidiaries
Total Unrestricted Funds - Group
Total Funds		 84,750
182
201
157
3,738
0
4,278
0
4,278
5,298
19,808
14
1,298
0
(915)		 2,979
22
20
104
595
0
741
0
741
9,926
0
1
1,205		 (47)
(29)
(19)
(65)
0
(592)
(705)
0
(705)
(8,780)
(1,513)
0
(766)
(1,093)
(12,152)
0
(12,152)
(12,903)		 (2,006)
0
(36)
10
(4,333)
592
(3,767)
0
(3,767)
(1,719)
7,182
1
0
309
0
5,773
0
5,773
(0)		 2,529
0
0
0
0
0
0
0
0
2,400
0
0
(530)
0
1,870
0
1,870
4,399
88,205
175
165
206
0
0
547
0
547
7,125
25,477
16
1,207
309
(2,008)
25,503 11,132 32,127
0
25,503
114,531		 0
11,132
14,852		 0
32,127
120,879

44