## 

|Table of Contents||Page|
|---|---|---|
|Governing<br>Body, Officers|and Advisers||
|Report ofthe Governing|Body.||
|Independent<br>Auditors<br>Report||....13|
|Statement<br>ofAccounting|Policies|17|
|Consolidated<br>Statement|of Financial Activities .|22|
|Consolidated<br>and College|Balance Sheets||
|Consolidated<br>Statement|of Cash Flows.|24|
|Notes to the Financial Statements. ....||25|





## 

## 

|verning<br>Bod|y who served|in office during|the|year or subs|equently<br>are d|etailed<br>b|elow.||
|---|---|---|---|---|---|---|---|---|
||||||||Committees||
|||||Changes in year|||FRC|APC|
|Professor|Sinan|Acikgoz|||||||
|Professor|Ros|Ballaster|||||||
|Professor|Jocelyn|Bell Burnell|||||||
|Professor|Vanessa|Berenguer-Rico|||||||
|Dr|Andrea|Bernini|||||||
|Professor|Steve|Biller|||||||
|Professor|Stephen|Blun dell|||||||
|Mr|Clem|Brohier||Appointed|15November|2021|||
|Professor|Jon|Chapman|||||||
|Mr|James|Colman|||||||
|Dr|Carmen|Constantin||Resigned|31March 2022||||
|Professor|Pavlos|Eleftheriadis|||||||
|Professor|Marina|Galano|||||||
|Professor|Kathryn|Gleadle|||||||
|Dr|Andy|Gosler|||||||
|Professor|Vicente|Grau Colomer|||||||
|Professor|lan|Griffiths|||||||
|Professor|Andrew|Higgins|||||||
|Professor|Peter|Keevash|||||||
|Professor|Tarunabh|Khaitan||Appointed|13October 2021||||
|Mr|Kevin|Knott||30Sept -|15Nov 2021||||
|Dr|Helen|Lacey|||||||
|Professor|David|Leopold|||||||
|Professor|Paul|Lodge|||||||
|Professor|Helen|Margetts|||||||
|Professor|James|Marrow|||||||
|Professor|Chris|Martin|||||||
|Professor|Derek|McCormack|||||||
|Ms|Tess|McCormick|||||||
|Professor|Michele|Mendelssohn|||||||
|Dr|Katherine|Morris|||||||
|Ms|Helen|Mountfield,|KC||||||
|Dr|Amber|Murrey-Ndewa|||||||
|Professor|Catherine|O'Regan|||||||
|Professor|Colin|Please|||||||
|Professor|Joel|Rasmussen|||||||





## 

||||Changesin|year|FRC|APC|
|---|---|---|---|---|---|---|
|Ms|Lucinda|Rumsey|||||
|Professor|Alison|SaIvesen|||||
|Dr|Christopher|Salam one|||||
|Mr|Richard|Scanlon|Resigned 30September 2021||||
|Professor|Dino|Sejdinovic|||||
|Professor|Jason|Smith|||||
|Professor|Jennifer|Strawb ridge|||||



## 

## 

|Ms Helen Mountfield,|KC|Principal||||||||
|---|---|---|---|---|---|---|---|---|---|
|Mr Richard Scanlon||Bursar||Resigned|30September 2021|||||
|Mr Kevin Knott||Acting Bursar||30September||—15 November|||2021|
|Mr Clem Brohier||Bursar||Appointed|15|November||2021||
|Ms Lucinda<br>Rumsey||Senior Tutor||Appointed|University||Senior Proctor|||
|||||1March 2021||||||
|Dr Helen Lacey||Acting Senior|Tutor|Appointed|1March||2021|||
|Professor Pavlos Eleftheriadis||Dean||||||||
|Dr Christopher<br>Salamone||Tutor for Graduates||||||||
|Ms Lynne Quiggin||Domestic Bursar||||||||
|Ms Tess McCormick||Development|Director|||||||
|Ms Samantha<br>Cuss||College Accountant||||||||





## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 




## 

## 

## 

## 

## 



## 

## 

## 



## 



## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

||||Unrestricted|Restricted|Endowed|2022|2021|
|---|---|---|---|---|---|---|---|
||||Funds|Funds|Funds|Total|Total|
|||Notes|E'000|r.'000|F'000|E'000|F'000|
|INCOME AND ENDOWMENTS|FROM:|||||||
|Charitable<br>activities:<br>Teaching, research and <br>Other Trading<br>Income<br>Donations<br>and legacies|residential||5,279<br>751<br>276|886|6,781|5,279<br>751<br>7,943|4,420<br>51<br>2,398|
|Investments<br>Investment<br>income<br>Other income<br>Total income|||473<br>130<br>6,909|273<br>1,159|6781|746<br>130<br>14849|626<br>366<br>7,861|
|EXPENDITURE ON:||||||||
|Charitable<br>activities:<br>Teaching,<br>research and|residential||7,042|601||7,643|6,258|
|Raising funds:<br>Fundraising<br>Trading<br>expenditure<br>Investment<br>management<br>Total Expenditure|costs||620<br>173<br>7<br>7,842|612||631<br>173<br>7<br>8,454|370<br>141<br>5<br>6,774|
|Net Income/(Expenditure)<br>before gains|||(933)|547|6,781|6,395|1,087|
|Net gains/(losses)<br>on investments|||||(725)|(725)|2,719|
|Net Income/(Expenditure)|||(933)|547|6,056|5,670|3,806|
|Transfers<br>between funds||16|22|(41)|19|||
|Net movement<br>in funds for the year|||(911)|506|6,075|5,670|3,806|
|Fund balances<br>brought<br>forward||16|15,668|2,155|17346|35,169|31,363|
|Funds carried forward<br>at 31|July||14,757|2,661|23,421|40,839|35,169|





## 

||||2022|2021|2022|2021|
|---|---|---|---|---|---|---|
||||Group|Group|College|College|
|||Notes|F'000|F'000|E'000|F'000|
|FIXEDASSETS|||||||
|Tangible assets||10|19,996|20,627|19,996|20,627|
|Other Investments||11|23,421|17,346|23,421|17,346|
|Total Fixed Assets|||43,417|37,973|43,417|37,973|
|CURRENT ASSETS|||||||
|Stocks|||89|86|89|86|
|Debtors||13|1,410|883|1,410|883|
|Deposits and other|short term investments||272|569|272|569|
|Cash at bank and|in hand||1|1|1|1|
|Total Current Assets|||1,772|1,539|1,772|1,539|
|LIABILITIES|||||||
|Creditors: Amounts|falling due within one year|14|1,989|3,153|1,989|3,153|
|NET CURRENT ASSETS/(LIABILITIES)|||(217)|(1,614)|(217)|(1,614)|
|TOTAL ASSETS LESSCURRENT LIABILITIES|||43,200|36,359|43,200|36,359|
|CREDITORS: falling due after more than one year||15|23|45|23|45|
|NET ASSETS BEFORE PENSION LIABILITY|||43,177|36,314|43,177|36,314|
|Defined benefit pension scheme liability||20|(2,338)|(1,145)|(2,338)|(1,145)|
|TOTAL NET ASSETS|||40,839|35,169|40,839|35,169|
|FUNDS OF THE COLLEGE|||||||
|Endowment<br>funds|||23,421|17,346|23,421|17,346|
|Restricted funds|||2,661|2,155|2,661|2,155|
|Unrestricted<br>funds|||||||
|Designated<br>funds|||18,963|20,688|18,963|20,688|
|General funds|||(1,868)|(3,875)|(1,868)|(3,875)|
|Pension<br>reserve||20|(2,338)|(1,145)|(2,338)|(1,145)|
||||40,839|35,169|40,839|35,169|





## 

||||2022|2021|
|---|---|---|---|---|
|||Notes|F'000|E'000|
|Net cash provided<br>by (used in) operating<br>activities||22|411|(1,385)|
|Cash flows from investing<br>activities<br>Dividends,<br>interest and rents from investments|||746|602|
|Proceeds from the sale of property,<br>plant and equipment<br>Purchase offixed assets (including<br>adjustment)|||(35)|(6)|
|Proceeds from sale of investments|||||
|Purchase<br>of investments<br>Net cash provided<br>by (used in) investing<br>activities|||(6,800)<br>(6,089)|(3)<br>593|
|Cash flows from financing<br>activities<br>Repayments<br>of borrowing<br>Cash inflows<br>from new borrowing<br>Net cash provided<br>by (used in) financing<br>activities|||(1,400)<br>5,381|700<br>700|
|Change<br>in cash and cash equivalents<br>in the reporting|period||(297)|(92)|
|Cash and cash equivalents<br>at the beginning<br>ofthe<br>reporting<br>period|||570|417|
|Change<br>in cash and cash equivalents<br>due to exchange|rate||||
|movements|||||
|Cash and cash equivalents<br>at the end ofthe reporting<br>period|||273|570|





## 

||2022|2021|
|---|---|---|
|Teaching, Research and Residential|E'000|E'OOO|
|Unrestricted<br>funds|||
|Tuition fees - UK and EU students<br>Tuition fees - Overseas<br>students|1,257<br>898|1,212<br>895|
|Other fees|837|686|
|Other HEFCE support|111|55|
|Other academic income|223|99|
|College residential<br>income<br>Total income from charitable<br>activities|1,955<br>5,279|1,473<br>4,420|



## 

||||||2022|2021|
|---|---|---|---|---|---|---|
||||||E'000|OOOO|
||Non-chantable<br>trading||income||747|51|
||Other trading<br>income||||4||
||||||751|51|
|3|DONATIONS<br>AND|LEGACIES|||||
||||||2022|2021|
||||||E'000|E'000|
||Donations<br>and Legacies||||||
||Unrestricted<br>funds<br>Restricted funds||||276<br>886|1,557<br>841|
||Endowed<br>funds||||6,781||
||||||7,943|2,398|
|4|INVESTMENT INCOME||||||
||||||2022|2021|
||||||E'000|E'OOO|
||Unrestncted<br>funds||||||
||Equity dividends||||470|457|
||Bank interest||||3||
||||||473|457|
||Restricted funds||||||
||Equity dividends||||273|169|
||||||273|169|
||Total Investment|income|||746|626|
|5|OTHER INCOME||||||
||||||2022|2021|
||||||E'000|F'OOO|
||Coronavirus<br>Job Retention|||Scheme|47|326|
||Otherincome||||83|40|
||||||130|366|





|6|ANALYSIS OF EXPENDITURE|2022|2021|
|---|---|---|---|
|||f 000|E000|
||Charitable<br>expenditure|||
||Direct staff costs allocated to:<br>Teaching,<br>research<br>and residential|3,711|2,583|
||Other direct costs allocated to:<br>Teaching, research and residential|2,383|2,324|
||Support and governance<br>costs allocated to.<br>Teaching,<br>research<br>and residential|1,549|1,351|
||Total charitable<br>expenditure|7,643|6,258|
||Expenditure<br>on raising funds|||
||Direct staff costs allocated to:|505|298|
||Fundraising<br>Trading<br>expenditure|76|58|
||Other direct costs allocated to:|81|44|
||Fundraising<br>Trading<br>expenditure|91|71|
||Support and governance<br>costs allocated to:|45|28|
||Fundraising<br>Trading<br>expenditure<br>Investment<br>management<br>costs|6<br>7|12<br>5|
||Total expenditure<br>on raising funds|811|516|
||Total expenditure|8,454|6,774|





## 

## 




## 

## 

|9|STAFF COSTS||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||The aggregate<br>staff costs for the|||year were|as follows.|||||||2022||2021|
||Salaries and wages|||||||||||E'000||E'000|
||Social security costs<br>Pension costs.<br>Defined benefit schemes|||||||||||3,086<br>254||2,898<br>227|
||Pension deficit recovery||plan adjustments||(note|20)||||||514||483|
|||||||||||||1,193||(147)|
||The average<br>number ofemployees<br>on a full time equivalent<br>basis was|||of the College, <br> as follows.||excluding||Trustees,||||5,047||3,461|
||Tuition and research|||||||||||2022||2021|
||College residential<br>Fundraising<br>Support|||||||||||10<br>36<br>5||11<br>38<br>4|
||Total|||||||||||12||12|
||The average<br>number ofemployed<br>College Trustees|||||during|the|year was as follows||||63||65|
||University<br>Lecturers||||||||||||||
||CUF Lecturers<br>Other teaching<br>and research<br>Other|||||||||||19<br>2<br>18||19<br>2<br>18|
||Total|||||||||||2||1|
|||||||||||||41|||
||There were no employees<br>(excluding college trustees)<br>exceeded E60,000(2021:No employees).||||||during the year whose gross pay and pay benefits<br>(excluding||||employer|Nl and pension|contributions)||
||TANGIBLE FIXEDASSETS||||||||||||||
||Group and College||||||||||||||
||Cost<br>At start ofyear|||||||Leasehold<br>land and<br>buildings<br>E'000|Freehold<br>land and<br>buildings<br>E000|Plant and<br>machinery<br>E'000||Fixtures,<br>fittings and<br>equipment<br>E'000|Total<br>E'000||
||Additions<br>At end ofyear|||||||75|25,297<br>7|||581<br>28|25,953<br>35||
||Depreciation|||||||75|25,304|||609|25,988||
||At start ofyear||||||||||||||
||Depreciation<br>charge for the <br>At end ofyear|year||||||10|4,775<br>623|||541<br>43|5,326<br>666||
||Net book value|||||||10|5,398|||584|5,992||
|At end ofyear|||||||||||||||
|At start ofyear||||||||65|'I9,906|||25|19,996||
|||||||||65|20,522|||40|20,627||





## 

## 

|Group and College||||||||
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
|All investments<br>are held at fair value||||||6'000|8'000|
|||||||17,346|14,627|
|Investments<br>Valuation<br>at start of year||||||6,800<br>(725)|2,719|
|New money invested<br>(Decrease)/increase|in value of investments|||||||
|||||||23,421|17,346|
|Investments<br>at end|of year|||||||
|Investments<br>comprise:||Held outside<br>the UK<br>L'OOO|Held in<br>the UK<br>EOOO|2022<br>Total<br>j'000|Held outside<br>the UK<br>EOOO|Held in<br>the UK<br>8'000|2021<br>Total<br>P. OOO|
|Equity investments<br>Alternative<br>and other investments|||20,630<br>2,503<br>288|20,630<br>2,503<br>288||15,809<br>1,241<br>296|15,809<br>1,241<br>298|
|Fixed term deposits|and cash||23,421|23,421||17,346|17,348|
|Total investments||||||||



|The results and the assets and liabilities|of the subsidiary|at the year end are as follows.|||2022<br>F'000|2021<br>r.'ooo|
|---|---|---|---|---|---|---|
|||||||7|
||||||(2)|(4)|
|Income|||||||
|Expenditure|||||(2)||
|Result for the year|||||3|7|
||||||(2)|(4)|
|Total assets|||||||
|Total liabilities|||||||
|Net funds at the end ofyear|||||||
|DEBTORS|||2022<br>Group<br>6'000|2021<br>Group<br>EOOO|2022<br>College<br>f.'000|2021<br>College<br>EOOO|
|Amounts<br>falling due within one year:<br>Trade debtors<br>Amounts<br>owed by College members<br>Prepayments<br>and accrued income|||260<br>136<br>41<br>973|48<br>61<br>58<br>716|260<br>136<br>41<br>973|48<br>81<br>58<br>718|
|Other debtors|||1,410|883|1,410|883|
|CREDITORS: falling due within one year|||2022<br>Group<br>6'000|2021<br>Group<br>BOOO|2022<br>College<br>6'000|2021<br>College<br>EOOO|
|Bank loans<br>Trade creditors<br>Amounts<br>owed to College Members<br>Taxation and social security<br>Accruals and deferred<br>income|||1,000<br>51<br>156<br>120<br>515<br>147|2,400<br>140<br>136<br>88<br>291<br>98|1,000<br>51<br>156<br>120<br>515<br>147|2,400<br>140<br>136<br>88<br>291<br>98|
|Other creditors|||1,989|3,153|1,989|3,153|





## 

|||||||||
|---|---|---|---|---|---|---|---|
|15|CREDITORS: falling due after more than one year|||||||
||Otherloans|||2022<br>Group<br>6'000|2021<br>Group<br>EOOO|2022<br>College<br>6'000|2021<br>College<br>E'000|
|||||23||23|45|
|||||23|45|23|45|
|16|ANALYSIS OF MOVEMENTS ON FUNDS|||||||
||Group and College<br>Endowment<br>Funds - Permanent|At 1 August<br>2021<br>EOOO|Incoming<br>resources<br>EOOO|Resources<br>expended<br>EOOO|Transfers<br>EOOO|Gains/<br>(losses)<br>6'000|At 3'I July<br>2022<br>6'000|
||General endowment|||||||
||Fellowships<br>Scholarships/Prizes/Bursaries<br>Chapel and related purposes<br>Other|10,286<br>1,376<br>1,020<br>1,634|5,375<br>1,406||10<br>9|(328)<br>(125)<br>(147)|9,958<br>6,636<br>2,288|
|||48||||(46)|1,588|
||Endowment<br>Funds - Expendable|||||(2)|46|
||General endowment<br>Fellowships<br>Scholarships/Prizes/Bursaries<br>Other|2,513<br>296<br>124||||(65)<br>(8)|2,448<br>288|
|||49||||(3)|'l21|
||Total Endowment<br>Funds|17,346|6781|||(1)|48|
||Restricted Funds|||||(725)|23421|
||Fellowships<br>Scholarships/Prizes/Bursaries<br>Chapel and related purposes<br>Buildings - capital<br>Buildings<br>-lease<br>Other<br>Total Restricted<br>Funds<br>Unrestricted<br>Funds|137<br>803<br>6<br>1,055<br>154<br>2,155|127<br>538<br>36<br>2<br>456<br>1,159|(50)<br>(380)<br>(35)<br>(2)<br>(145)<br> ~612i|(10)<br>(2)<br>(22)<br>(7)<br>(41)||204<br>959<br>7<br>1,033<br>458<br>2,661|
||Fixed asset designated<br>fund<br>General funds<br>Other designated<br>funds<br>Pension reserve|20,688<br>(3,876)|6,909|(666)<br>(5,982)|(1,059)<br>1,081||18,963<br>(1,868)|
|Total Unrestricted<br>Funds - College<br>Unrestricted<br>funds held by subsidiaries||(1,144)<br>15,668|6,909|(1,194)<br>(7,842)|22||(2,338)<br>14,757|
|Total Unrestricted<br>Funds<br>Total Funds||15,668|6.909 ~(7842,||22||14,757|
|||35,169|14,849|(8,454)||(725)|40,839|





## 

||DETAILS OF THE FUNDS OF THE COLLEGE|||
|---|---|---|---|
||The following<br>is a summary<br>of the origins and purposes|ofeach ofthe Funds||
||Endowment<br>Funds - Permanent:<br>General endowment|A consolidation<br>of gifts and donations<br>where income,<br>but not capital, can be used for the general<br>purposes<br>of the College<br>Capital balance of past donations<br>where related income,<br>but not the original<br>capital, can be used|for|
||Fellowships<br>Scholarships/Prizes/Bursaries<br>Chapel and related purposes|supporting<br>Teaching<br>Fellowships<br>Capital balance of past donations<br>where related income, but not the original capital, can be used for<br>the provision<br>of scholarships,<br>prizes and bursanes<br>Capital balance ofpast donations<br>where related income,<br>but not the original capital, can be used to<br>support<br>the Chapel and related activities<br>A consolidation<br>of gifts and donations<br>where income, but not capital, can be used to support<br>other||
||Other|specified College activities||
||Endowment<br>Funds -Expendable:|A consolidation<br>of gifts and donations<br>where either income, or income and capital, can be used|for|
||General endowment|the general purposes<br>of the College<br>A consolidation<br>of gifts and donations<br>where either income, or income and capital, can be used|for|
||Fellowships<br>Scholarships/Prizes/Bursaries|supporting<br>Teaching<br>Fellowships<br>Capital balance of past donations<br>where either income, or income and capital, can be used for<br>the provision<br>of scholarships,<br>prizes and bursaries<br>A consolidation<br>of gifts and donations<br>where either income, or income and capital, can be used|to|
||Other|supporting<br>other specified College activities.||
|17|FUNDS OF THE COLLEGE DETAILS continued<br>Restricted Funds:|A consolidation<br>of gifts and donations<br>where both income and capital must be used for supporting||
||Fellowships<br>Scholarships/Prizes/Bursaries<br>Chapel and related purposes|Teaching<br>Fellows<br>A consolidation<br>of gifts and donations<br>where both income and capital must be used for the<br>provision<br>of scholarships,<br>prizes and bursaries<br>A consolidation<br>of gifts and donations<br>where both income and capital must be used to support<br>the Chapel and related activities<br>A consolidation<br>of gifts and donations<br>where both income and capital must be used to provide||
||Buildings|new buildings<br>or maintain<br>existing<br>buildings<br>A consolidation<br>of gifts and donations<br>where both income and capital must be used to support||
||Other|other specified College activities||
||Designated<br>Funds<br>Fixed asset designated<br>fund|This represents<br>the net book value ofthe fixed assets of the College less the amount<br>funded<br>restncted<br>fund. Therefore,<br>this element of unrestricted<br>funds are not available<br>for expenditure|by the "Buildings -Lease"<br>on the College's general|
|||purposes.<br>Representing<br>the liability for future pension<br>contributions<br>under defined benefit schemes||
||Pension reserve|||




## 




## 

## 


## 



## 

## 

## 

|Qualified<br>actuaries<br>periodically<br>account of actuarial<br>surpluses|Qualified<br>actuaries<br>periodically<br>account of actuarial<br>surpluses|value the <br>or deficits|value the <br>or deficits|USS and OSPS schemes<br>using the 'projected<br>unit method',<br>embracing<br>in each scheme. The financial<br>assumptions<br>were derived<br>from market|USS and OSPS schemes<br>using the 'projected<br>unit method',<br>embracing<br>in each scheme. The financial<br>assumptions<br>were derived<br>from market|USS and OSPS schemes<br>using the 'projected<br>unit method',<br>embracing<br>in each scheme. The financial<br>assumptions<br>were derived<br>from market|USS and OSPS schemes<br>using the 'projected<br>unit method',<br>embracing<br>in each scheme. The financial<br>assumptions<br>were derived<br>from market|USS and OSPS schemes<br>using the 'projected<br>unit method',<br>embracing<br>in each scheme. The financial<br>assumptions<br>were derived<br>from market|USS and OSPS schemes<br>using the 'projected<br>unit method',<br>embracing<br>in each scheme. The financial<br>assumptions<br>were derived<br>from market|USS and OSPS schemes<br>using the 'projected<br>unit method',<br>embracing<br>in each scheme. The financial<br>assumptions<br>were derived<br>from market|USS and OSPS schemes<br>using the 'projected<br>unit method',<br>embracing<br>in each scheme. The financial<br>assumptions<br>were derived<br>from market|a market value approach. The resulting<br>levels of contribution<br>conditions<br>prevailing<br>at the valuation<br>date. The results of the|a market value approach. The resulting<br>levels of contribution<br>conditions<br>prevailing<br>at the valuation<br>date. The results of the|a market value approach. The resulting<br>levels of contribution<br>conditions<br>prevailing<br>at the valuation<br>date. The results of the|a market value approach. The resulting<br>levels of contribution<br>conditions<br>prevailing<br>at the valuation<br>date. The results of the|take<br> latest|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|actuarial<br>valuations<br>and the|assumptions|||which||have the most significant||effect on the results were:|||||||||
|||||||||USS||||OSPS|||||
|Date of valuation:||||||||31/03/2020||||31/03/2019|||||
|Date valuation<br>results published:||||||||30/09/2021||||19/06/2020|||||
|Value of liabilities:||||||||f80.6bn||||6848m|||||
|Value ofassets:||||||||666.5bn||||6735m|||||
|Funding<br>surplus<br>/ (deficit):||||||||(f14.1bn)||||(6113m)|||||
|Prinopal<br>assumptions:|||||||||||||||||
|Discount rate||||||||Fixed interest||||Gilts +0.5% —2.25%|||||
|||||||||gilt yield curve||||b|||||
|Rate of increase|in|salanes||||||plus 1%-2 75%||||RPI|||||
|Rate of increase|in|pensions||||||n/a||||Average<br>RPI/CPI d|||||
|||||||||CPI +005%c|||||||||
|Assumed<br>life expectancies||on retirement|||at|age 65.|||||||||||
|Males currently aged|65|||||||23.9yrs||||21.7 yrs|||||
|Females currently<br>aged||65||||||25.5yrs||||24.4 yrs|||||
|Males currently<br>aged|45|||||||25.9 yrs||||23.0yrs|||||
|Females currently<br>aged||45||||||27.3 yrs||||25.8yrs|||||
|Funding<br>ratios|||||||||||||||||
|Technical provisions|basis|||||||83%||||87%|||||
|Statutory<br>Pension Protection|||Fund|basis||||64%||||74%|||||
|'Buy-out' basis||||||||51%||||60%|||||
|Employer<br>contribution<br>rate (as||%of|pensionable|||salaries):||21.1%to 21.48||||19%|||||
|||||||||from<br>1 Oct 21|||||||||
|Effective date of next valuation:||||||||31/03/2023||||31/03/2022|||||





## 

## 


## 



## 



## 




|a<br>Consolidated<br>Statement<br>of|Financial Activities|Unrestricted|Restricted|Endowed|2020|
|---|---|---|---|---|---|
|||Funds|Funds|Funds|Total|
|||F'000|E000|E000|6'000|
|INCOME AND ENDOWMENTS|FROM:|||||
|Charitable<br>activities:<br>Teaching, research and residential<br>Other Trading Income<br>Donations<br>and legacies||4,420<br>51<br>1,557|841||4,420<br>51<br>2,398|
|Investments<br>Investment<br>income<br>Other income<br>Total income||457<br>366<br>6,851|169<br>1,010||626<br>366<br>7,861|
|EXPENDITURE ON:||||||
|Charitable<br>activities:<br>Teaching, research and residential||5,644|614||6,258|
|Public worship||||||
|Generating<br>funds:||358|12||370|
|Fundra<br>ising<br>Trading<br>expenditure<br>Investment<br>management<br>costs<br>Total Expenditure||137<br>5<br>6,144|4<br>630||141<br>5<br>6,774|
|Net Income/(Expenditure)<br>before gains||707|380||1,087|
|Net gains/(losses)<br>on investments||||2,719|2,719|
|Net Income/(Expenditure)||707|380|2,719|3,806|
|Transfers<br>between<br>funds||106|(106)|||
|Other recognised<br>gains/losses<br>Fund balances<br>brought<br>forward||14,855|1,881|14,627|31,363|
|Funds carried forward at 31July||15,666|2,155|17,346|35,169|





## 

|29|ADDITIONAL<br>PRIOR YEAR COMPARATB/ES|ADDITIONAL<br>PRIOR YEAR COMPARATB/ES|ADDITIONAL<br>PRIOR YEAR COMPARATB/ES|continued|||||||
|---|---|---|---|---|---|---|---|---|---|---|
||b<br>Analysis of Movements||on Funds||||||||
||Group and College||||At 1 August|Incoming|Resources||Gains/|At 31July|
||||||2020|resources|expended|Transfers|(losses)|2021|
||||||EQQQ|EQQQ|EQQQ|L'000|F'000|6'000|
||Endowment<br>Funds - Permanent||||||||||
||General<br>endowment||||8,669||||1,617|10,286|
||Fellowships||||1,161||||215|1,376|
||Scholarships/Prizes/Bursanes||||861||||159|1,020|
||Chapel and related|purposes|||1,377||||257|1,634|
||Other||||40||||8|48|
||Endowment<br>Funds - Expendable||||||||||
||General<br>endowment||||2,122||||391|2,513|
||Fellowships||||250||||46|296|
||Scholarships/Prizes/Bursaries||||105||||19|124|
||Other||||42||||7|49|
||Total Endowment|Funds -|College||14,627||||2,719|17,346|
||Endowment<br>funds|held by subsidiaries|||||||||
||Total Endowment|Funds|||14,627||||2,719|17,346|
||Restricted<br>Funds||||||||||
||Fellowships||||16|65|(47)|||34|
||Scholarships/Prizes/Bursaries||||641|680|(415)|||906|
||Chapel and related|purposes|||75|37||(106)||6|
||Buildings|||||71|(71)||||
||Other||||1,149|157|(97)|||1,209|
||Total Restricted Funds - College||||1,881|1,01O|~830|~108||2,155|
||Restricted<br>funds held by subsidiaries||||||||||
||Unrestricted<br>Funds||||||||||
||Fixed asset designated<br>fund||||21,207||(654)|135||20,688|
||General funds<br>Other designated|funds|||(5,061)|6,851|(5,637)|(29)||(3,876)|
||Major works reserve||||||||||
||Pension reserve||||(1,291)||147|||(1,144)|
||Total Unrestricted|Funds -|College||14,855|6,851|(6,144)|106||15,668|
||Unrestricted<br>funds <br>Total Unrestricted|held by subsidiaries<br>Funds|||14,855|8,851|~6.144|106||15,668|
||Total Funds||||31,363|7,861|(6,774)||2,719|35,169|