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