## ## ||||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| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||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|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|nd|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| ## ## ##