2021-07-31-accounts

			Page
Charity Reference and	Administrative	Details
Governors' Annual Report
Independent Auditor's	Report
Statement of Financial	Activities		14
Balance Sheet			15
Statement ofCash Flows			16
Notes to the Financial	Statements		17

			2021	2021		2020
		Unrestricted	Restricted	Endowment
		funds	funds	funds	Total	Total
	Note					E
Income and endowments
from:
Donations and legacies Charitable activities Other trading activities Investments		74,550 1,785,106 23,921 1,871	16,404 69,133 21,419		90,954 1,854,239 23,921 23,290	117,536 1,600,753 33,142 26,568
Total income and endowments		1,885,448	106,956		1,992,404	1,777,999
Expenditure on:
Raising funds Charitable activities	6 7	73,018 1,658,788	21,703		73,018 1,680,491	70,318 1,644,326
Total expenditure		1,731,806	21,703		1,753,509	1,714,644
Net gains /(losses) on investments	15			115,523	115,523	9,333
Net income I(expenditure)		153,642	85,253	115,523	354,418	72,688
Transfers between funds	24	23,892	(23,892)
Other recognised gains I(losses):
Pension deficit movement	26	9,000			9,000	98,000
Other gains I(losses)	21	(254,552)			(254,552)	537,875
Net movement in funds		(68,018)	61,361	115,523	108,866	708,563
Reconciliation offunds:
Total funds brought forward	24	8,239,335	144,908	905,930	9,290,173	8,581,610
Total funds carried forward	24	8,171,317	206,269	1,021,453	9,399,039	9,290,173

							2021	2020
						Note	E	E
Fixed assets
Tangible assets						14	10,846,448	10,818,282
Investments						15	814,178	698,655
							11,660,626	11,516,937
Current assets
Stocks						16	5,388	5,746
Debtors						17	50,669	23,436
Cash at bank and	in	hand					966,654	770,087
							1,022,711	799,269
Creditors: amounts		falling due			within one year	18	(149,407)	(106,694)
Net current assets							873,304	692,575
Total assets less	current.			liabilities			12,533,930	12,209,512
Creditors: amounts		falling due			after more than one year
Secured loan						19	(3,024,891)	(2,770,339)
Unsecured loan						19	90,000	120,000
							3,114,891	2,890,339
Net assets (excluding			pension		liability)		9,419,039	9,319,173
Defined benefit pension				liability		26	(20,000)	(29,000)
Net assets							9,399,039	9,290,173
Charity Funds
Endowment funds						24	1,021,453	905,930
Restricted funds						24	206,269	144,908
Unrestricted funds						24	8,171,317	8,239,335
Total charity funds							9,399,039	9,290,173

	2021	2020
	E	E
Net cash flow from operating activities	272,228	41,588
Cash flow from investing activities
Dividends, interest and rent from investments Proceeds from the sale of property, plant and equipment Purchase ofproperty, plant and equipment Proceeds from the sale of investments Purchase of investments Net cash flow from investing activities	23,290 (68,951) (45,661)	26,568 695,000 (41,922) 646,834 (646,834) 679,646
Cash flow from financing activities
Repayments of borrowing Net cash flow from financing activities	(30,000) (30,000)	(695,000) (695,000)
Net increase in cash and cash equivalents	196,567	26,234
Cash and cash equivalents at 1 August 2020	770,087	743,853
Cash and cash equivalents at 31July 2021	966,654	770,087
Cash and cash equivalents consists of:
Cash at bank and in hand Short term deposits Cash and cash equivalents at 31July 2021	891,654 75,000 966,654	618,923 151,164 770,087

Reconciliation ofnet income to net cash flow from operatin	g activities
	2021	2020
Net income / (expenditure) for year / period	354,418	F 72,688
Depreciation (Gains) / losses on investments Dividends, interest and rent from investments (increase) / decrease in stock (Increase) / decrease in debtors Increase / (decrease) in creditors Net cash flow from operating activities	40,785 (115,523) (23,290) 358 (27,233) 42,713 272,228	43,731 (9,333) (26,568) 551 60,825 (100,306) 41,588

Depreciation is provided estimated residual value,	Depreciation is provided estimated residual value,	on all tangible fixed assets, at rates calculated to write off the cost, less ofeach asset on a systematic basis over its expected useful life as follows:
Freehold land		No provision has been made for depreciation on freehold land
Freehold buildings		and buildings as it is believed that the future useful economic
		life ofthe buildings is so long that any depreciation would be
		immaterial.
Plant and machinery Fixtures and fittings		Calculated at annual rates of between 5-20% depending on the class ofasset, with the intention ofwriting offthe cost or
Motor vehicles		valuation ofthe asset over their expected useful lives.

Income from	donations and le	gacies
			2021	2020
Gifts and donations Legacies Tax reclaimed Government Grant —Coronavirus		Job Retention Scheme	28,056 4,380 4,376 54,142	28,302 7,000 4,221 78,013
			90,954	117,536

Income fro	m charitable	activities
			2021	2020
			E
Tuition and other student Student accommodation Continuing education Research		fees and allowances	1,119,951 662,626 530 71,132	993,817 584,468 20,387 2,081
			1,854,239	1,600,753

				2021	2020
				F	E
Fundraising	events			114	107
Conference hire Sales of merchandise		and other trading	activities	22,689 1,118	32,923 112
				23,921	33,142

Income	from investments
		2021	2020
			E
Dividends - equities Interest —fixed interest securities Interest - deposits		21,419 1,871	15,531 7,718 3,319
		23,290	26,568

Expenditure	on raising funds
		2021	2020
Fundraising and PR activities Conference expenses Support costs (see note 8)		17,211 40,358 15,449	16,748 38,704 14,866
		73,018	70,318

Analysis ofexpendit	ure on charitab	le activities
	Staff Costs	Teaching	Estates and	Support	Total	Total
	(incl	Related (incl	Facilities	costs (see	2021	2020
	Housing)	University		note 8)
Teaching and Research Student Accommodation Continuing Education Total 2021	f 614,159 283,015 7,365 904,539	Fees) 140,067 140,067	f 13,595 271,332 284,927	f 200,325 148,760 1,873 350,958	f 968,146 703,107 9,238 1,680,491	931,486 699,990 12,850 1,644,326
Total 2020	864,945	133,796	300,122	345,463	1,644,326

			Raising	Teaching	Student	Cont	Total	Total
			funds	and	Accommod	Educat'n	2021	2020
				Research	ation
				F			f
Governance Admin &maintenance staff costs Office costs Premises costs Maintenance and equipment Insurance Other professional fees Depreciation Total 2021			377 5,863 1,440 4,385 499 784 467 1,634 15,449	4,888 76,022 18,678 56,856 6,464 10,164 6,062 21,191 200,325	3,629 56,454 13,870 42,221 4,800 7,548 4,501 15,737 148,760	46 711 175 532 60 95 57 197 1,873	8,940 139,050 34,163 103,994 11,823 18,591 11,087 38,759 366,407	9,949 135,225 34,249 103,460 190 14,351 19,981 42,924 360,329
Total 2020			14,866	194,761	147,985	2,717	360,329

		2021	2020
Trustee Auditor's	expenses remuneration	F 8,940	f 1,009 8,940
		8,940	9,949

Net expenditure	for the	year
Net expenditure	is stated	after charging:
			2021	2020
Depreciation of Operating lease	tangible rentals	fixed assets	F 40,785 2,203	f 43,731 2,033

The reimbursement oftrustee	expenses was as follows:
	2021	2020	2021	2020
	Number	Number	F
Travel		3		1,009

The average follows:	The average follows:	monthly	number	of employees	and	full time equivalent (FTE)	full time equivalent (FTE)	during	the	year was as
						2021	2021	2020		2020
						Number	FTE	Number		FTE
Teaching	and	research				13	11.4	12		11.0
Administration		(including	library)			10	74	10		7.4
Catering,	domestic and		maintenance			14	10.8	15		10.8
						37	29.6	37		29.2

The total staff costs and	employee benefits was as follows:
		2021	2020
Wages and salaries Employers national insurance contributions Pension costs —defined benefit schemes Pension costs —defined contribution schemes Other employee benefits (housing and book allowances)		F 906,774 74,840 58,442 45,928 19,247	E 859,269 69,452 55,317 43,424 18,365
		1,105,231	1,045,827

Tangible fixed assets
	Edward King	Other Freehold	Fixtures and
	Chapel	Land and	Fittings	Total
		Buildings
	F	E
Cost or valuation:
At 1 August 2020 Additions Disposals At 31 July 2021	2,681,551 2,681,551	7,992,184 7,992,184	612,628 68,951 (26,180 655,399	11286 363 68,951 (26,180) 11,329,134
Depreciation:
At 1 August 2020 Charge for the year Eliminated on disposals At 31 July 2021			468,081 40,785 (26,180) 482,686	468,081 40,785 (26,180) 482,686
Net book value:
At 31 July 2021	2,681,551	7,992,184	172,713	10,846,448
At 31 July 2020	2,681,551	7,992,184	144,547	10,818,282

Fixed asset investments
		Listed
Market Value At 1 August 2020 Additions		investments E 698,655
Disposals
Realised gain / (loss) on disposals
Unrealised gain / (loss) on revaluation At 31 July 2021		115,523 814,178
	2021	2020
Equities Fixed Interest / Bonds	814,178	F 698,655
	814,178	698,655

16	Stocks
									2021		2020
									E		E
	Food and catering supplies								2,411		2,736
	Book tokens,	vouchers		and items for		resale			2,977		3,010
									5,388		5,746
17	Debtors
									2021		2020
									E
	Students and	staff							8,741		3,928
	External debtors								30,609		11,961
	Tax repayment	due							4,376		4,221
	Prepayments	and deposits							6,943		3,326
									50,669		23,436
18	Creditors: amounts		falling due		within one		year
									2021		2020
									E		E
	Trade creditors								54,447		51,607
	Accruals								36,516		16,094
	Deferred revenue (see			note 22)					14,836
	Concessionary	loans	payable (see note 21)						30,000		30,000
	Other creditors								13,608		8,993
									149,407		106,694
	Details of leasing arrangements				are provided		in note 20.
19	Creditors: amounts		falling due		after more		than one year
									2021		2020
	Concessionary	loans	payable (see note 21)						3,114,891	2,890,339
20	Leases
	Total future minimum		lease payments			under	non-cancellable	operating	leases are as follows:
									2021		2020
											E
	Not later than one year								1,990		1,525
	Later than one	and not		later than	five	years			5,472
	Later than five	years
									7,462		1,525
21	Concessionary	loans		payable
									2021		2020
	Secured Loan	—Church		Body of	Hong	Kong			3,024,891	2,770,339
	Unsecured Loan								120,000		150,000
									3,144,891	2,920,339

Deferred	income
				Total
At 1 August 2020
Additions	during the year			14,836
Amounts	released	to income
At 31 July	2021			14,836
Deferred	income	consists ofconference	bookings that relate to future periods.

Unrestricted fu	n	ds —year ende	ds —year ende	d 31July 20	21
		Balance at							Gains /				Balance at
			1/08/20	Income	Expenditure		Transfers		(losses)				31/07/21
				F			F		E				F
General Fund			8,104,060	1,731,441	(1,433,563)		(84,281)		(245,552)				8,072,105
WEMTC			69,694	154,007	(143,467)		(26,827)						53,407
Property			65,581		(154,776)		135,000						45,805
			8,239,335	1,885,448	1,731,806		23,892		245,552				8,171,317
Restricted funds		—year ended		31July 2021
				Balance at 1/08/20	Income	Expendit ure		Transfers	Gains (losses			/	Balance at 31/07/21
				F	F		F	F		F			F
Endowment (incl Bishop Allen)					1,282			(1,282)
Wilberforce					137			(137)
Jaspers Lectureship					3,618			(3,618)
Exhibition and Library					10,993			(10,993)
Sykes and Pannell					5,389			(5,389)
Cuddesdon Study	Centre			42,648	5,452		(4,492)	(1,697)					41,911
Student Hardship	and Retreats			15,551			(2,120)	5,088					18,519
WEMTC				49,087									49,087
Refurbishment				24,090				5,088					29,178
Appeal					775			(775)
Miscellaneous Other			Restricted	13,532	79,310		15,091	10,177					67,574
Total Restricted Funds				144,908	106,956		21,703	23,892					206,269
Endowment funds			—year ended	31July 2021
				Balance at 1/p8/2p	Income	Expendi ture		Transfer	Gains / (losses)				Balance at 31/07/21
				F	F		F			F			F
Endowment Fund				105,049						6,914			111,963
Foundation Fund				140,284									140,284
Wilberforce Fund				4,051						736			4,787
Jaspers Lectureship				107,400					19,514				126,914
Exhibition and Library				326,322					59,291				385,613
Skyes and Pannell				222,824					29,068				251,892
Total Endowment		Funds		905,930					115,523				1,021,453

Unrestricted fu	n	ds —Year ende	ds —Year ende	d 31July 2	020
		Balance at								Gains	/		Balance at
			1/08/19	Income	Expenditure		Transfers			(losses)			31/07/20
			P	F	E			E		E			E
General Fund		7,354,443		1,534,508	(1,380,902)		(39,864)			635,875			8,104,060
WEMTC			82,361	201,761	(143,390)		(71,038)						69,694
Property			110,693		(180,112)		135,000						65,581
		7,547,497		1,736,269	1,704,404			24,098		635,875			8,239,335
Restricted funds		—Year ended		31July 2020
				Balance at 1/08/19	Income	Expendit ure		Transfers		Gains / (losses)			Balance at 31/p7/2p
				E	E				E		E
Endowment (incl Bishop Allen)					1,391			(1,391)
Wilberforce					148				(148)
Jaspers Lectureship					3,927			(3,927)
Exhibition and Library					11,932			(11,932)
Sykes and Pannell					5,850			(5,850)
Cuddesdon Study	Centre			40,024	5,345		(2,721)						42,648
Student Hardship	and		Retreats	11,878	4,286		(613)						15,551
WEMTC				49,087									49,087
Refurbishment				18,555	5,535								24,090
Appeal					850				(850)
Miscellaneous Other			Restdcted	17,972	2,466		6,906						13,532
Total Restricted Funds				137,516	41,730		10,240	24,098					144,908
Endowment funds			—Year ended	31July 2020
				Balance at	Income		Expendit ure	Transfer s		Gains / (losses)			Balance at 31/07/20
					F				E
Endowment Fund				104,490							559		105,049
Foundation Fund				140,284									140,284
Wilberforce Fund				3,992								59	4,051
Jaspers Lectureship				105,823							1,577		107,400
Exhibition and Library				321,532							4,790		326,322
Skyes and Pannell				220,476							2,348		222,824
Total Endowment		Funds		896,597							9,333		905,930

to the Financial Stat Ended 31July 2021	ements
				2020	2019
Balance sheet liability at	1 January
Deficit contribution paid
Interest cost (recognised	in SoFA)
Remaining change to the balance sheet		liability*(recognised	in
SoFA)
Balance sheet liability at	31 December

nd has ecovery	been valued payments:	using the following assumption	s, set by reference to t	he duration of the de
		December 2020	December 2019	December 2018
Discount	rate	P PP%	P PP%	P OP%

%of pensionable	stipends	January 2018to	January 2021 to
		December 2020	December 2022
Deficit repair contributions		11.9%	7.1%

					2020	2019
Balance sheet liability	at	1 January			29,000	127,000
Deficit contribution paid					(15,000)	(17,000)
Interest cost (recognised		in SoFA)			0	2,000
Remaining change	to	the balance	sheet	liability*	6,000	(83,000)
(recognised in SoFA)
Balance sheet liability	at	31 December			20,000	29,000

		December 2020	December 2019	December 2018
Discount rate Price inflation Increase to total pensionable	payroll	0.2% pa 3.1%pa 1.6% pa	1.1%pa 2.8% pa 1.3%pa	2.1%pa 3.1%pa 1.6% pa