2022-07-31-accounts - Ripon College Cuddesdon

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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

				2022	2022			2021
			Unrestricted	Restricted		Endowment
			funds	funds		funds	Total	Total
		Note
Income and endowments
from:
Donations and legacies			36,378	16,305			52,683	90,954
Charitable activities			1,691,390	4,702			1,696,092	1,854,239
Other trading activities			108,632				108,632	23,921
Investments			1,096	22,147			23,243	23,290
Total income and			1,837,496	43,154			1,880,650	1,992,404
endowments
Expenditure on:
Raising funds		6	87,731				87,731	73,018
Charitable activities		7	1,838,136	53,376			1,891,512	1,680,491
Total expenditure			1,925,867	53,376			1,979,243	1,753,509
Net gains / (losses)	on	15				(9,389)	(9,389)	115,523
investments
Net income I(expenditure)			(88,371)	(10,222)		(9,389)	(107,982)	354,418
Transfers between	funds	24	22,848	(22,848)
Other recognised	gains I(losses):
Pension deficit movement		26	10,000				10,000	9,000
Other gains / (losses)		21	(395,431)				(395,431)	(254,552)
Net movement in funds			(450,954)	(33,070)		(9,389)	(493,413)	108,866
Reconciliation offunds:
Total funds brought	forward	24	8,171,317	206,269	1,021,453		9,399,039	9,290,173
Total funds carried	forward	24	7,720,363	173,199	1,012,064		8,905,626	9,399,039

							2022	2021
						Note		E
Fixed assets
Tangible assets						14	10,855,182	10,846,448
Investments						15	804,789	814,178
							11,659,971	11,660,626
Current assets
Stocks						16	6,253	5,388
Debtors Cash at bank and	in	hand				17	60,844 842,873	50,669 966,654
							909,970	1,022,711
Creditors: amounts		falling due			within one year	18	(173,993)	(149,407)
Net current assets							735,977	873,304
Total assets less	current			liabilities			12,395,948	12,533,930
Creditors: amounts		falling due			after more than one year
Secured loan Unsecured loan						19 19	(3,420,322) 60,000	(3,024,891) 90,000
							3,480,322	3,114,891
Net assets (excluding			pension		liability)		8,915,626	9,419,039
Defined benefit pension Net assets				liability		26	(10,000) 8,905,626	(20,000) 9,399,039
Charity Funds
Endowment funds						24	1,012,064	1,021,453
Restricted funds						24	173,199	206,269
Unrestricted funds						24	7,720,363	8,171,317
Total charity funds							8,905,626	9,399,039

		2022	2021
		E	F
Net cash flow from operating activities		(62,247)	272,228
Cash flow from investing	activities
Dividends, interest and rent from investments Proceeds from the sale ofproperty, plant and equipment		23,243	23,290
Purchase ofproperty, plant and equipment Proceeds from the sale ofinvestments		(54,777)	(68,951)
Purchase ofinvestments
Net cash flow from investing activities		(31,534)	(45,661)
Cash flow from financing	activities
Repayments of borrowing Net cash flow from financing activities		(30,000) (30,000)	(30,000) (30,000)
Net increase in cash and cash equivalents		(123,781)	196,567
Gash and cash equivalents	at 1August 2021	966,654	770,087
Cash and cash equivalents	at 31July 2022	842,873	966,654
Cash and cash equivalents	consists of:
Cash at bank and in hand		767,873	891,654
Short term deposits		75,000	75,000
Cash and cash equivalents	at 31July 2022	842,873	966,654

Analysis ofchanges in net de	bt
	At start of	Cashflows	Foreign	Other non-	At end of
	year		exchange	cash	year
Cash Cash equivalents	891,654 75,000	(123,781)	movements	changes	767,873 75,000
Loans falling due within one	966,654 (30,000)	(123,781) 30,000		(30,000)	842,873 (30,000)
year
Loans falling due after more than one year	(3,114,891)		(395,431)	30,000	(3,480,322)
Total	2,178,237	93,781	395,431		2,697,449

	2022	2021
	F	F
Net income / (expenditure) for year / period	(107,982)	354,418
Depreciation	46,043	40,785
(Gains) / losses on investments	9,389	(115,523)
Dividends, interest and rent from investments (Increase) / decrease in stock	(23,243) (865)	(23,290) 358
(Increase) / decrease in debtors Increase / (decrease) in creditors	(10,175) 24,586	(27,233) 42,713
Net cash flow from operating activities	(62,247)	272,228

estimated residual value, of	each asset on a systematic basis over i	ts expected useful life as fol	lows:
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	Calculated at annual rates of	between 5-20% depending	on the
Fixtures and fittings	class ofasset, with the intention ofwriting offthe cost or
Motor vehicles	valuation ofthe asset over their expected useful lives.

Income from	donations	and legacies
			2022	2021
Gifts and donations			34,050	28,056
Legacies			13,650	4,380
Tax reclaimed			4,983	4,376
Government	Grant —Coronavirus	Job Retention Scheme		54,142
			52,683	90,954

Income fro	m charitable	activities
			2022	2021
			E
Tuition and	other student	fees	1,035,176	1,119,951
Student accommodation		and allowances	649,429	662,626
Continuing	education		2,385	530
Research			9,102	71,132
			1,696,092	1,854,239

				2022	2021
				E	F
Fundraising	events			112	114
Conference hire Sales of merchandise		and other trading	activities	107,829 691	22,689 1,118
				108,632	23,921

Expenditure	on raising funds
		2022	2021
			F
Fundraising	and PR activities	11,981	17,211
Conference	expenses	56,090	40,358
Support costs (see note 8)		19,660	15,449
		87,731	73,018

Analys	is ofexpendit	ure on charitab	le activities
		Staff Costs	Teaching	Estates and	Support	Total	Total
		(incl	Related (incl	Facilities	costs (see	2022	2021
		Housing)	University		note 8)
			Fees)
		E			E	f
Teaching and Research		699,241	184,373	8,826	242,330	1,134,770	968,146
Student Accommodation		281,153		306,010	169,579	756,742	703,107
Continuing	Education						9,238
Total 2022		980,394	184,373	314,836	411,909	1,891,512	1,680,491
Total 2021		904,539	140,067	284,927	350,958	1,680,491

Total 2021	Total 2021	Total 2021	904,539	904,539	904,539	904,539	904,539	140,067 284,927 350,958 1,680,491	140,067 284,927 350,958 1,680,491	140,067 284,927 350,958 1,680,491	140,067 284,927 350,958 1,680,491	140,067 284,927 350,958 1,680,491	140,067 284,927 350,958 1,680,491	140,067 284,927 350,958 1,680,491	140,067 284,927 350,958 1,680,491	140,067 284,927 350,958 1,680,491	140,067 284,927 350,958 1,680,491	140,067 284,927 350,958 1,680,491
Expenditure on charitable F21,703) was attributable			activities was to restricted					E1,891,512 (2021 - E1,680,491) of which F53,376 (2021- and E1,838,136 (2021 - E1,658,788) was attributable to
unrestricted	funds.
Allocation ofsupport		costs
					Raising			Teaching		Student		Cont				Total		Total
					funds				and	Accommod		Educat'n				2022		2021
								Research		ation
						f.			F		F					F
Governance							407		5,020		3,513					8,940		8,940
Admin &maintenance staff costs Office costs							6,703 1,393		82,627 17,169		57,821 12,015					147,151 30,577		139,050 34,163
Premises costs						6,567			80,948		56,646					144,161		103,994
Maintenance and	equipment						83		1,029		720					1,832		11,823
Insurance							993		12,231		8,559					21,783		18,591
Other professional	fees						1,553		19,141		13,395					34,089		11,087
Depreciation							1,961		24,165		16,910					43,036		38,759
Total 2021						19,660			242,330	169,579						431,569		366,407
Total 2020						15,449			200,325	148,760		1,873				366,407
Governance	costs
													2022				2021
														E
Trustee expenses
Auditor's remuneration														8,940			8,940
														8,940			8,940
No amount	has been	included			in	Governance			costs	for the direct employment					costs or reimbursed
expenses of the Staff		Governors					on the	basis that		these	payments	relate		to	involvement		in	the
College's charitable activities.
Net expenditure for the year
Net. expenditure is stated after					charging:
													2022			2021
														E
Depreciation	oftangible	fixed		assets									46,043			40,785
Operating lease rentals														1,918			2,203

											2022	2021	2021	2022	2022	2021
										Number		Number
Travel
Staff costs and employee					benefits
The average monthly follows:			number			of	employees		and	full	time equivalent		(FTE)	during	the	year was
											2022	2022		2021		2021
										Number		FTE		Number		FTE
Teaching	and research										14	123		13		11.4
Administration (including				library)							10		78	10		7.4
Catering,	domestic	and		maintenance							13	10.1		14		10.8
											37	30.2		37		29.6
The total	staff costs	and		employee				benefits was as		follows:
													2022			2021
																E
Wages and salaries													973,327			906,774
Employers	national	insurance			contributions									79,751		74,840
Pension costs —defined				benefit		schemes								66,253		58,442
Pension costs —defined				contribution				schemes					47,955			45,928
Other employee benefits				(housing			and book allowances)						23,801			19,247
													1,191,087			1,105,231

Tangible fixed assets
	Edward	King	Other Freehold	Fixtures and
	Chapel		Land and	Fittings	Total
			Buildings
			E
Cost or valuation:
At 1 August 2021	2,681,551		7,992,184	655,399	11,329,134
Additions				54,777	54,777
Disposals				(25,418)	(25,418)
At 31 July 2022	2,681,551		7,992,184	684,758	11,358,493
Depreciation:
At 1 August 2021				482,686	482,686
Charge for the year				46,043	46,043
Eliminated on disposals				(25,418)	(25,418)
At 31 July 2022				503,311	503,311
Net book value:
At 31 July 2022	2,681,551		7,992,184	181,447	10,855,182
At 31 July 2021	2,681,551		7,992,184	172,713	10,846,448

				Listed
				investments
Market Value
At 1 August 2021				814,178
Additions
Disposals
Realised	gain	/(loss) on disposals
Unrealised At 31 July	gain / (loss) on revaluation 2022			(9,389 804,789
			2022	2021
				E
Equities			804,789	814,178
Fixed Interest		/ Bonds
			804,789	814,178

16	Stocks
									2022		2021
									E
	Food and	catering supplies							3,557		2,411
	Booktokens,		vouchers		and items for resale				2,696		2,977
									6,253		5,388
17	Debtors
									2022		2021
									F		F
	Students and		staff						9,153		8,741
	External debtors								41,974		30,609
	Tax repayment		due						4,983		4,376
	Prepayments		and deposits						4,734		6,943
									60,844		50,669
	Creditors:	amounts		falling due		within one	year
									2022		2021
	Trade creditors								63,583		54,447
	Accruals								43,198		36,516
	Deferred revenue (see				note 22)				20,645		14,836
	Concessionary		loans	payable (see note 21)					30,000		30,000
	Other creditors								16,567		13,608
									173,993		149,407
	Details of leasing arrangements					are provided	in note 20.
19	Creditors:	amounts		falling due		after more	than one year
									2022		2021
									E
	Concessionary		loans	payable (see note 21)					3,480,322	3,114,891
20	Leases
	Total future	minimum		lease payments under			non-cancellable	operating	leases are as follows:
									2022		2021
											F
									1,990		1,990
									3,483		5,472
									5,473		7,462
	Concessionary		loans		payable
									2022		2021
	Secured Loan		—Church		Body of	Hong Kong			3,420,322	3,024,891
	Unsecured	Loan							90,000		120,000
									3,510,322	3,144,891

				2022	2021	2022	2021
						HK$	HK$
Loan outstanding		at 1 August		3,024,891	2,770,339	32,690,000	32,690,000
Unrealised	foreign	exchange	movement	395,431	254,552
Loan outstanding		at 31 July		3,420,322	3,024,891	32,690,000	32,690,000
Exchange	rate HK$ to the pound at 31 July			9.5576	10.8070

Deferred	income
		Total
		F
At 1 August 2021		14,836
Additions	during the year	20,645
Amounts	released to income	(14,836)
At 31 July	2022	20,645

Unrestricted fun	ds	—year ende	—year ende	d 31July 20	22
		Balance at									Gains /	Balance at
		1/08/21		Income	Expenditure		Transfers				(losses)	31/07/22
			E	E	E			E				F
General Funds		8,072,105		1,690,667	(1,587,665)		(7,716,357)				10,000	468,750
DF —Property (fixed assets)					(46,043)		7,579,059				(395,431)	7,137,585
DF —Property			45,805		(118,055)			150,000				77,750
(repairs)
DF-WEMTC			53,407	146,829	(174,104)			10,146				36,278
		8,171,317		1,837,496	1,925,867			22,848			385,431	7,720,363
Restricted funds	—year ended			31July 2022
				Balance at 1/08/21	Income	Expendit ure		Transfers			Gains / (losses	Balance at 31/07/22
						f.					F
Endowment (incl Bishop Wilberforce Jaspers Lectureship			Allen)		1,325 141 3,741				(1,325) (141) (3,741)
Exhibition and Library Sykes and Pannell Cuddesdon Study Centre Student Hardship and Retreats				41,911 18,519	11,367 5,573 5,450 50	(2,917)			(11,367) (5,573) 5,053			47,361 20,705
WEMTC				49,087								49,087
Refurbishment				29,178						5,053		34,231
Appeal					700					(700)
Miscellaneous Other Restricted				67,574	14,807	50,459			10,107			21,815
Total Restricted Funds				206,269	43,154	53,376			22,848			173,199
Endowment funds —year ended				31July 2022
				Balance
				at	Income	Expen diture		Transfers			Gains / (losses)	Balance at 31/07/22
						F
Endowment Fund				111,963							(562)	111,401
Foundation Fund				140,284								140,284
Wilberforce Fund Jaspers Lectureship Exhibition and Library Skyes and Pannell				4,787 126,914 385,613 251,892							(60) (1,586) (4,819) 2,362	4,727 125,328 380,794 249,530
Total Endowment	Funds			1,021,453							9,389	1,012,064

Unrestricted f	u	s —Year ende	d 31July	2021
		Balance at						Gains /	Balance at
		1/08/20	Income	Expenditure		Transfers		(losses)	31/07/21
		E		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		Gains / Transfers (losses		Balance at 31/07/21
			f.	E				E	F
Endowment (incl Bishop Allen) Wilberforce Jaspers Lectureship				1,282 137 3,618			(1,282) (137) (3,618)
Exhibition and Library Sykes and Pannell Cuddesdon Study Centre Student Hardship and Retreats			42,648 15,551	10,993 5,389 5,452	(10,993) (5,389) (1,697) 5,088 (4,492) (2,120)				41,911 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/Q8/2Q	Income	Expendit ure		Transfer s Gains / (losses)		Balance at 31/07/21
			F	F	E			F	E
Endowment Fund			105,049					6,914	111,963
Foundation Fund			140,284						140,284
Wilberforce Fund Jaspers Lectureship			4,051 107,400					736 19,514	4,787 126,914
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

25 Analysis of net assets be	25 Analysis of net assets be	tween funds
Year ended 31 July 2022		Unrestricted	Designated	Restricted	Endowment
		funds	funds	funds	funds	Total
		F		F	F	F
Fixed assets and investments			10,647,907		1,012,064	11,659,971
Cash and	current investments	572,276	114,028	156,569		842,873
Other current assets / liabilities		(93,526)	(30,000)	16,630		(106,896)
Creditors	more than one year		(3,480,322)			(3,480,322)
Provisions	/ pensions	(10,000)				(10,000)
Total		468,750	7,251,613	173,199	1,012,064	8,905,626
Year ended 31 July 2021		Unrestricted	Designated	Restricted	Endowment
		funds	funds	funds	funds	Total
			F	F	F	F
Fixed assets and investments		10,639,173			1,021,453	11,660,626
Cash and	current investments	671,970	99,212	195,472		966,654
Other current assets / liabilities		(104,147)		10,797		(93,350)
Creditors	more than one year	(3,114,891)				(3,114,891)
Provisions	/ pensions	(20,000)				(20,000)
Total		8,072,105	99,212	206,269	1,021,453	9,399,039

The movement in the pro	vision isas follow	s:
				2021	2020
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

		December 2021	December 2020	December 2019
Discount	rate	p pp/0	p pp'/0	p pp'/0

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

set out in the above table.
For senior office holders, out in the Scheme's rules.	pensionable stipends			are adjusted	in the calculations	by a multiple, as set
Section 28.11Aof FRS 102 requires agreed The movement in the balance sheet liability			deficit recovery payments to be recognised as a liability. over 2019and over 2020 is set out in the table below.
					2021	2020
Balance sheet liability at	1 January				20,000	29,000
Deficit contribution paid Interest cost (recognised	in SoFA)				(10,000) 0	(15,000) 0
Remaining change to (recognised in SoFA)	the balance	sheet		liability*	0	6,000
Balance sheet liability at	31 December				10,000	20,000

		December 2021	December 2020	December 2019
Discount rate Price inflation Increase to total pensionable	payroll	0.0%pa n/a -1.5%pa	0.2% pa 3.1%pa 1.6% pa	1.1%pa 2.8%pa 1.3%pa