%PDF-1.3 % 3 0 obj <>stream /GS1 gs BT /TT2 1 Tf 13.98 0 0 13.98 223.8 635.36 Tm 0 g .0003 Tc .0007 Tw (WOLFSON COLLEGE )Tj -1.0987 -2.3046 TD .0001 Tc -.0012 Tw [(FINANCI)-5.4(AL S)-5.8(T)1.9(ATEMENTS )]TJ -2.4635 -2.3047 TD .0007 Tc -.001 Tw (FOR THE YEAR ENDED 30 JUNE 2007 )Tj ET endstream endobj 4 0 obj <>/ExtGState<>>> endobj 9 0 obj <>stream /GS1 gs BT /TT2 1 Tf 10.98 0 0 10.98 227.58 772.8203 Tm 0 g .0004 Tc .001 Tw [(FINANCIAL STATEM)-6.8(ENTS )]TJ -10.3934 -4.5028 TD .0011 Tc 26.7653 Tw [(Contents Page )]TJ /TT4 1 Tf 0 -2.3005 TD .0003 Tw [(Financial Review )-24480.8(1 )]TJ 0 -2.306 TD .0008 Tc .0006 Tw [(Responsibilities of the Governing Body )-15601.1(2 )]TJ 0 -2.3005 TD .0016 Tc -.0057 Tw [(Independent Auditors )-5.5(Re)8.1(port)6( )-19508.2(3 )]TJ 0 -2.306 TD .0013 Tc .0001 Tw [(Statement of Principal Accounting Polic)7.8(ies )-14207.6(5 )]TJ T* .002 Tc -.0006 Tw [(Definition of )5.5(Term)9.1(s )-23508.2(7 )]TJ 0 -2.3005 TD .0013 Tc .0001 Tw [(Income and Expenditure A)7.8(ccount )-18027.3(8 )]TJ 0 -2.3059 TD .0009 Tc .0005 Tw [(Statement of Total Recognised Gains an)-7.3(d Losses )-11868.8(9 )]TJ 0 -2.3005 TD .0013 Tc .0001 Tw [(Balance Sheet )-25311.5(10 )]TJ 0 -2.306 TD .001 Tc .0004 Tw [(Cash Flow Statement )-22448.1(11 )]TJ T* .0008 Tc .0006 Tw [(Notes to the Accounts )-22142.1(12 )]TJ ET endstream endobj 10 0 obj <>/ExtGState<>>> endobj 13 0 obj <>stream /GS1 gs BT /TT6 1 Tf 10.02 0 0 10.02 294.9 796.7603 Tm 0 g 0 Tc 0 Tw (1)Tj /TT2 1 Tf 10.98 0 0 10.98 242.22 771.6807 Tm .0008 Tc .0006 Tw [(FINANCIAL REVIEW)-4.7( )]TJ -15.6011 -3.459 TD (Financial Review )Tj /TT4 1 Tf 0 -2.3005 TD .0009 Tc .0824 Tw [(This y)-7.3(ears deficit of 263,000, after depreciation of)7( 889,000, is an increase o)-7.3(n)-1.8( the previous y)-7.3(ears )]TJ 0 -1.1474 TD .0007 Tc .0171 Tw [(surplus of expenditure ove)7.2(r income. 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The proportion of)5.7( inco)-7.6(m)7.7(e)1.6( which )-5.5(arises fro)-7.6(m)7.7( r)-5.2(e)-3.8(sidential and )5.4(catering facili)-5.9(ties rose )]TJ T* .0008 Tw [(this )5.5(y)-7.6(ear in relation to )5.5(othe)7.1(r sources of in)-5.8(come and stands at 59% of total income. )]TJ 0 -2.3005 TD .0009 Tc .0716 Tw [(The Statement of Recognised Gains an)-7.3(d Losses )-5.4(shows an overall)-5.6( gain of 1,135,000 duri)5.3(ng the y)-7.3(ear )]TJ 0 -1.153 TD .0013 Tc .082 Tw [(attributable to Stock Market perform)8.4(ance and a gr)11.3(ant from the )-5.5(Colleges Fund. )-6.2(In the Balance Sheet, )]TJ T* .0005 Tc .0391 Tw [(the loan which was put in )5.4(place as part )-5.5(of the fund)-8.8(ing for the Cha)7(ncellor)-5.3(s Centre, stands at 520,000 )]TJ T* .0012 Tc .1095 Tw [(and continue)7.7(s to be repaid at 100,)5.3(000 p.a. The rate)7.9( of pension contributions to the defined benefit )]TJ T* .0005 Tc .0716 Tw [(pension scheme increased)-7.7( this )5.2(y)-7.7(ear, but the cost was offset by)-7.7( a )5.2(m)7.6(o)-2.2(re favourable actuarial valuation. )]TJ 0 -1.1474 TD .0013 Tc .104 Tw [(This resulted)-6.9( in a reduced)-6.9( liability)-6.9( of 288,)5.4(000, as shown in the Balance Sheet, an im)8.4(provement of )]TJ 0 -1.153 TD .001 Tc .0004 Tw [(137,000 ove)7.5(r last y)-7.2(ear. )]TJ /TT2 1 Tf 0 -3.4645 TD .0007 Tc .0007 Tw (Benefactions and Donations )Tj /TT4 1 Tf 0 -2.2951 TD .0009 Tc .2737 Tw [(The College received ju)-7.3(st over 133,000 in dona)7.4(tions during the y)-7.3(ear. Additionall)5.3(y)-7.3( a grant of )]TJ 0 -1.1529 TD .0011 Tc .0003 Tw [(480,000 for )5.5(corporate Capital was received from)8.2( the Colleges Fund. )]TJ /TT2 1 Tf 0 -3.459 TD 0 Tw (Investments )Tj /TT4 1 Tf 0 -2.3005 TD .0221 Tw [(Market valuation )5.4(of the)7.6( portfolio at )5.4(30 June 20)11.3(07 )]TJ 20.19 0 TD .0012 Tc [(was 8,)5.3(911,)5.3(000. )5.4(This was an increase of 1,756,)5.3(000)9.4( )]TJ -20.19 -1.153 TD .0006 Tc .0008 Tw [(over the value at the end of the preceding )5.5(y)-7.6(e)-.1(ar. )]TJ /TT2 1 Tf 0 -2.3115 TD .0008 Tc 0 Tw (Buildings)Tj /TT4 1 Tf 0 -2.2951 TD .0005 Tc .3397 Tw [(Major refurbish)-7.7(m)7.6(e)-.7(nts to Norton Hous)7.3(e and Plommer House )-5.4(were co)-7.7(m)7.6(p)-2.2(leted during t)4.9(h)-2.2(e )5.5(y)-7.7(ear. )]TJ 0 -1.153 TD .0007 Tc .0334 Tw [(Preparatory)-7.4( )5.5(work to repla)7.3(ce the )-5.4(m)7.9(a)1.8(in b)-7.4(o)-1.9(ilers a)-6.3(nd control m)7.8(e)-.6(chanism)7.8(s)2.1( during the su)-7.5(mmer of 2007 was )]TJ T* .0011 Tc .0604 Tw [(also undertaken. Other projects included m)8.2(inor roofing repairs and the buil)5.5(d)-1.6(ing of a sm)8.2(oking shelter.)5.2( )]TJ T* .0168 Tw [(Expenditure )5.5(on routine maintenance in)-7.2(creased during the y)-7.2(ear, but expenditure on capital projects )-5.5(was )]TJ 0 -1.1475 TD .0008 Tc .0006 Tw [(kept to 164,000. The Coll)5.2(e).1(ge properties are valued at 63.6m)7.9( for insurance purposes. )]TJ /TT2 1 Tf 0 -2.3115 TD -.0007 Tc 0 Tw [(Rese)-5.1(rves )]TJ /TT4 1 Tf 0 -2.3005 TD .001 Tc .0058 Tw [(The Colleges unrestricted)-7.2( funds am)8.1(ount to 46 m)8.1(illi)-5.5(on and are represented in t)-5.5(h)-1.7(e balance )-5.5(sheet by)-7.2( the )]TJ 0 -1.153 TD .0009 Tc .0169 Tw [(Colleges ope)7.4(rational buil)5.3(d)3.6(ings and )5.5(by)-7.3( )5.5(part of the i)5.3(n)1.8(vestment portf)6(o)0(lio. T)5(h)-1.8(e restricted funds a)7.4(m)8(ount to)-7.3( )]TJ 0 -1.1475 TD .0008 Tc .0006 Tw [(3 m)7.9(illion. )5.5(鶹Ӿhas the reserves to)-7.4( cover its pension liabilitie)7.3(s. )]TJ ET endstream endobj 14 0 obj <>/ExtGState<>>> endobj 17 0 obj <>stream /GS1 gs BT /TT6 1 Tf 10.02 0 0 10.02 294.9 796.7603 Tm 0 g 0 Tc 0 Tw (2)Tj /TT2 1 Tf 10.98 0 0 10.98 170.88 770.4803 Tm .0004 Tc .001 Tw [(RESPONSIBILITIES )-5.4(OF THE GOVERNING )-5.4(B)-4.7(O)2.1(DY )]TJ /TT4 1 Tf -9.1038 -3.4481 TD .0008 Tc .017 Tw [(In accordance with the )-5.4(Colleges Statutes, the )-5.4(Governing Body)-7.4( is responsible for the ad)-7.4(m)7.9(i)-.3(ni)-5.7(stration of )]TJ 0 -1.153 TD .0004 Tc .001 Tw [(the Colleges )5.5(affairs. )]TJ 0 -2.306 TD .001 Tc .0821 Tw [(It is responsible for ensuring that there )-5.7(is an effectiv)-7.2(e sy)-7.2(stem)8.1( of internal control and that accounting )]TJ .0001 -1.1474 TD .0006 Tc .0169 Tw [(records ar)-5.2(e pr)-5.2(operly)-7.6( kept. 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The)7.3( financial stat)-5.7(em)7.9(ents are accordingly prepared on a going concern basis. )]TJ 0 -2.3005 TD .0006 Tc .1702 Tw [(The Governing Body has)7.4( taken reasonable steps to ensure that there are appropriate fina)7.1(ncial an)-7.6(d)-7.6( )]TJ 0 -1.153 TD .0005 Tc .0009 Tw [(management controls in place to safegu)-7.7(ard the asset)5.2(s).2( )-5.4(of the College and prevent and detect fraud. )]TJ 0 -2.306 TD .0008 Tc .006 Tw [(Any)-7.4( s)7.6(y)-7.4(stem)7.9( o)-7.4(f).5( internal financial control, )5.4(however, can only)-7.5( )5.3(provide reasonabl)5.2(e, not absolute assurance )]TJ 0 -1.153 TD .0006 Tc .0062 Tw [(against m)7.7(a)1.6(ter)-5.2(ial m)7.7(i)-.5(sst)-5.9(atement )5.4(or )5.4(loss. )]TJ ET endstream endobj 18 0 obj <>/ExtGState<>>> endobj 21 0 obj <>stream /GS1 gs BT /TT6 1 Tf 10.02 0 0 10.02 294.9 796.7603 Tm 0 g 0 Tc 0 Tw (3)Tj /TT2 1 Tf 10.98 0 0 10.98 137.88 772.8203 Tm .0003 Tc .0011 Tw [(REPORT OF THE AUDITORS TO )-5.4(THE )-5.4(GOVE)-4.8(RNING B)-4.8(O)-3.5(DY OF )]TJ 9.3934 -1.153 TD -.0002 Tc .007 Tw [(WOLFS)-6.7(O)1.5(N COL)-5.3(LEGE )]TJ /TT4 1 Tf -15.4918 -3.4535 TD .0009 Tc .055 Tw [(We have aud)-7.3(ited the financial st)-5.6(atements of 鶹ӾCollege for t)-5.6(h)-1.8(e y)-7.3(ear ended 30 June 2007 which )]TJ 0 -1.1475 TD .0007 Tc .2083 Tw [(co)-7.5(m)7.8(p)-2(rise the statem)7.8(ent of principal ac)7.2(counting poli)5.1(cies, the income and expenditure account, t)5.1(h)-2(e )]TJ 0 -1.1529 TD .1756 Tw [(statement of total recogni)5(sed gains and losses, the balance sheet, the cash flow statement and the)7.1( )]TJ T* .0223 Tw [(related notes )-5.7(1 to 24. These financial )-5.7(statements hav)-7.4(e)1.8( been prepared under the accounting policies set)-5.7( )]TJ T* .0013 Tc .0001 Tw (out therein. )Tj 0 -2.3005 TD .0009 Tc .0441 Tw [(This report is )-5.5(m)8(a)1.9(de solely)-7.3( to the Governing Body, in accordance )-5.4(with our engagem)8(e)1.9(nt lett)-5.6(er dated 20)]TJ 0 -1.1532 TD .0605 Tw [(Septem)8(ber 2007. )5.4( Our audit work has )5.4(been undertaken so that w)7.4(e)1.9( )-5.5(m)8(i)-.2(ght state )-5.5(to the Gover)6(n)-1.8(ing Body)-7.3( )]TJ 0 -1.153 TD .0012 Tc .0493 Tw [(those )-5.5(m)8.3(a)2.2(tters we are required to state to them)8.3( in an auditors)8( repor)6.3(t and for no )5.4(other purpose. To the )]TJ T* .0011 Tc .115 Tw [(fullest extent)-5.4( perm)8.2(itted by)-7.1( law, )-5.5(we do )-5.5(not accept )12.5(or assu)-7.1(me )-5.5(resp)-7.1(onsibilit)5.5(y)-7.1( to )5.4(anyone other)6.2( than the )]TJ T* .1587 Tw [(College and )-5.5(the Governing Body)-7.1(,)0( for our audit work, for this report, or for the opinions )5.4(we have )]TJ T* .0008 Tc 0 Tw (formed.)Tj /TT2 1 Tf 0 -3.3989 TD .0006 Tw [(Respective responsibilities of the Colleges Council and auditors)7.4( )]TJ /TT4 1 Tf 0 -2.5739 TD .0003 Tc .2145 Tw [(As described)-7.9( in the statement of resp)-7.9(onsibilities of the Governing Body, the Governing Body)-7.9( is )]TJ 0 -1.153 TD .0008 Tc .2137 Tw [(responsible for preparing the financial statem)7.9(ents )-5.4(in accordance with appli)5.2(cable United Kingdom)7.9( )]TJ 0 -1.1474 TD .0009 Tc .0059 Tw [(generally)-7.3( accepted accounting )5.4(practice, the provisi)5.3(ons)7.7( of)6.3( t)5.3(h)-1.8(e Statut)5.3(e)-.1(s of )5.4(the )5.4(Coll)-5.6(e)-.1(ge )5.4(and )5.4(the )5.4(University )]TJ 0 -1.153 TD .0011 Tc .1915 Tw [(of Cam)8.2(b)-1.6(ridge and the Statement of Reco)-7.1(mmende)6.1(d Practice for accounting i)5.5(n)-1.6( Further and Higher )]TJ T* .0014 Tc 0 Tw (Education.)Tj 0 -2.306 TD .0009 Tc .1425 Tw [(Our responsibilit)5.3(y)-7.3( is)7.7( to a)7.4(udit t)5.3(h)-1.8(e fina)7.4(ncial statements in accordance with relevant United Kingdom)8( )]TJ 0 -1.153 TD .0005 Tw [(legal and regulator)6(y)-7.3( requir)6(e)-3.5(m)8(e)1.9(nts and International )5.5(Auditing Sta)7.4(ndards \(UK & Ireland\). )]TJ 0 -2.3005 TD .0008 Tc .0607 Tw [(We report to )5.5(you )5.5(our)5.9( opi)5.2(ni)5.2(on as to whether the financia)7.4(l statemen)-7.4(ts give a tr)5.9(ue and fair )5.5(view and are)7.3( )]TJ 0 -1.153 TD .0007 Tc .0389 Tw [(properl)5.1(y)-7.5( )5.4(prepared in accordance with United Kingdom)7.8( )-5.6(Gener)-5.1(a)1.7(lly)-7.5( )5.3(Accepted Accounting Practice, with )]TJ T* .0002 Tc .0286 Tw [(the Statutes of the University of Cam)7.3(b)-2.5(ridge, and with the provisions of the Statut)-5.7(es of the College. In )]TJ T* .001 Tc .1042 Tw [(addition, we report whether the University)-7.2( Contri)5.4(bu)5.4(tion has been correctly)-7.2( calculated in accordance )]TJ 0 -1.1475 TD .0007 Tc .0006 Tw [(with the provisions of Uni)5.2(v)-1.9(ersity)-7.4( Statut)5.2(e)-.1( G, II. )-748.6( )]TJ 0 -2.306 TD .001 Tc .0386 Tw [(We also report if, in our opinion, the Financial Review is not consistent with the financial )-5.5(st)-5.5(atements,)-5.8( )]TJ 0 -1.1529 TD .0009 Tc .0333 Tw [(the College has not kept proper accounting records, or if we have )-5.4(not received all the information and )]TJ T* .0008 Tc .0006 Tw [(explanations )5.5(we require for our audit)5.2(.)-.6( )]TJ 0 -2.3005 TD .001 Tc .2244 Tw [(We read the other infor)6.1(mation contained in th)6.7(e )5.5(accounts for the above )5.5(year as described in the)7.5( )]TJ 0 -1.153 TD .0005 Tc .1647 Tw [(contents secti)-6(on and consider the im)7.6(plications for our report if )5.4(we beco)-7.7(m)7.6(e)1.5( aware of any)-7.7( )5.4(apparent)-6( )]TJ T* .0009 Tw [(misst)-6(atements or material i)-6(n)-2.2(consiste)8.1(ncies with the financial statements. )]TJ /TT2 1 Tf 0 -3.4044 TD .001 Tc .0004 Tw [(Basis of audi)5.4(t opinion )]TJ /TT4 1 Tf 0 -2.5683 TD .0007 Tc .0006 Tw [(We conducted our audit in accordance )-5.4(with International Auditing Standards \(UK & Ir)-5.1(eland\) )-5.5(issued )5.4(by )]TJ 0 -1.153 TD .001 Tc .0769 Tw [(the Auditing Practices Board. An audit includes examination, on a test basi)-5.5(s, of )-5.4(evidence relevant to )]TJ T* .0008 Tc .3063 Tw [(the am)7.9(ounts and disclos)7.6(ures in the )5.2(financial stat)-5.7(em)9.8(ents. It al)-5.7(so includes an assessment of t)5.2(h)-1.9(e )]TJ T* .0011 Tc .2462 Tw [(significant estimates and )-5.4(judgem)8.2(e)2.1(nts )-5.4(made in the pr)8.5(eparation of the financial statements and of )]TJ 0 -1.1475 TD .0009 Tc .2193 Tw [(whether the )-5.2(accounting policies are )-5.2(appropriate to the circu)-7.3(m)8(s)0(tances of the College, co)-7.3(nsistently)-7.3( )]TJ 0 -1.153 TD .0013 Tc .0001 Tw [(applied and a)7.8(d)-1.4(equately dis)8.1(c)2.3(losed. )]TJ ET endstream endobj 22 0 obj <>/ExtGState<>>> endobj 24 0 obj <>stream /GS1 gs BT /TT6 1 Tf 10.02 0 0 10.02 294.9 784.1003 Tm 0 g 0 Tc 0 Tw (4)Tj /TT4 1 Tf 10.98 0 0 10.98 70.92 746.4205 Tm .0013 Tc .1039 Tw [(We planned and performed our audit s)8.1(o)-1.4( as to obtain all the inform)8.4(ation and explanations which we )]TJ 0 -1.153 TD .0006 Tc .0445 Tw [(considered necessary)-7.6( in order to provide us with suff)-5.2(icient evidence to give reasonable assur)-5.2(a)1.6(nce that)-5.9( )]TJ T* .0004 Tc .2745 Tw [(the financial)-6.1( statements )-5.2(are fr)-5.4(ee fro)-7.8(m )-5.2(materi)-6.1(al misst)-6.1(atement, whether caused by)-7.8( fraud or other )]TJ T* .0011 Tc .3609 Tw [(irregularity)-7.1( )5.4(or error. In form)8.2(ing our opinion, )8.6(we al)-5.4(so evaluated the overall adequacy)-7.1( of the )]TJ 0 -1.1475 TD .0008 Tc .0006 Tw [(presentation of inform)7.9(ation in the financial statement)-5.7(s. )]TJ /TT2 1 Tf 0 -3.3006 TD 0 Tw (Opinion)Tj /TT4 1 Tf 0 -2.4645 TD .0002 Tc .0176 Tw [(In our)5.3( opinion the financial statem)7.3(ents g)-8(i)-.9(ve a true and fair view of the state of affairs of the College as )]TJ 0 -1.153 TD .0011 Tc .0713 Tw [(at 30 June 2007 and of the)7.6( Colleges inco)-7.1(m)8.2(e)2.1( and expenditure for)6.2( the y)-7.1(ear then ended and )5.5(have been)-7.1( )]TJ T* .0009 Tc .0879 Tw [(properl)5.3(y)-7.3( prepared in accordance with United Kingdo)5.7(m Generally)-7.3( )5.5(Accepted )-5.5(Accounting Pra)7.4(c)1.9(tice, the )]TJ T* .0006 Tc .0334 Tw [(Statement of )5.4(Reco)-7.5(mmended Practice on )5.4(Accounting f)5.8(o)-2(r Further and Higher Education, the St)5.1(atutes of )]TJ T* .0006 Tw [(the College and the Univer)5.9(sity)-7.4( and the a)7.3(ccounting )5.5(policies set out therein. )]TJ 0 -2.3005 TD .0553 Tw [(In our)5.7( opi)5(nion, the contribution )5.4(due from)7.7( the Colleg)-7.6(e to the University)-7.6( as set out in note )5.4(22 )5.4(has been )]TJ 0 -1.153 TD .0007 Tw [(correctly)-7.5( calculated in accordance with the )8.2(provisions of University Statute G, II. )]TJ 0 -8.0655 TD .0008 Tc [(Deloitte & T)-6(ouche LLP )]TJ 0 -1.153 TD (Chartered Accountants and Registered Auditors )Tj 0 -1.1474 TD .0014 Tc 0 Tw [(Cam)8.5(b)-1.3(ridge, United Kingdom)8.5( )]TJ ET endstream endobj 25 0 obj <>/ExtGState<>>> endobj 27 0 obj <>stream /GS1 gs BT /TT6 1 Tf 10.02 0 0 10.02 294.66 796.7603 Tm 0 g 0 Tc 0 Tw (5)Tj /TT2 1 Tf 10.98 0 0 10.98 154.8 773.9603 Tm .0006 Tc .001 Tw [(STATEMENT OF PRINCIP)-6.2(AL ACCOUNTING POLICIES )]TJ -7.6394 -2.306 TD .0007 Tw [(Basis of prep)-5.8(aration )]TJ /TT4 1 Tf 0 -2.2951 TD .0008 Tc .0388 Tw [(The accounts have been prepared in accordance with the provisions of the Statutes of the College and)-7.4( )]TJ 0 -1.153 TD .001 Tc .4594 Tw [(of the University)-7.2( of Cam)8.1(b)-1.7(ridge. 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The activities of student )]TJ 0 -1.1585 TD .0009 Tc .0005 Tw (societies have not been consolidated. )Tj /TT2 1 Tf 0 -2.2021 TD .0007 Tc .0007 Tw (Recognition of income )Tj /TT4 1 Tf 0 -2.3005 TD .2848 Tw [(Unrestricted )-5.5(donations and benefactions are shown as inco)-7.5(m)7.8(e)-3.7( in the y)-7.5(ear)5.8( in which they)-7.5( arise. )]TJ 0 -1.153 TD .2903 Tw [(Donations and benefactions to restricted funds)6.3( are shown as income only)-7.5( when t)5.1(h)-2(e associat)-5.8(ed )]TJ 0 -1.1475 TD .0011 Tc .0003 Tw [(expenditure i)5.5(s)2.5( recognised. )]TJ 0 -2.306 TD .0009 Tc .2737 Tw [(Income earn)-7.3(e)1.9(d on invest)5.3(ments is recognised in t)5.3(h).3(e same way, according to the unre)7.4(stricted or )]TJ 0 -1.153 TD .001 Tc .0004 Tw [(restricted nature of the fund to which it)5.4( i)5.4(s)2.4( apportioned. )]TJ 0 -2.3059 TD .2299 Tw [(Restricted donations, benefactions and investm)8.1(e)2.1(nt )5.2(earnings to be recognised)-7.2( as inco)-7.2(me in future)7.5( )]TJ 0 -1.1475 TD .0005 Tc .0227 Tw [(periods are shown in the )5.4(Statement of )5.4(Total Recogn)7.2(ised Gains and Losses, offset by)-7.7( receipts of earlier )]TJ 0 -1.153 TD .0004 Tc .001 Tw [(y)-7.8(ears which are recognised in the current )5.5(y)-7.8(ear. )]TJ /TT2 1 Tf 0 -2.3115 TD (Pension schemes )Tj /TT4 1 Tf 0 -2.3224 TD .0008 Tc .3339 Tw [(The College participates in both t)5.2(h)-1.9(e Cam)7.9(b)-1.9(ridge Colleges Federated Pen)-7.4(s)2.2(ion Scheme, with its)7.5( )]TJ 0 -1.1803 TD .2246 Tw [(em)7.9(ploy)-7.4(ees contracted in to the State )-5.5(Second Pension \(S2P\), f)5.9(o)-1.9(rmerly)-7.4( the State Earnin)-7.4(g).1(s-Related)-7.4( )]TJ T* .0012 Tc .1204 Tw [(Pension Scheme \(SERPS\), and the Universities Supe)10.4(rannuation )5.5(Schem)8.3(e)2.2(, )-5.4(which is contracted out of )]TJ T* .001 Tc .0495 Tw [(the State Second )5.4(Pension )5.4(\(S2P\), form)8.1(erly the State E)5.1(a)2(rnings-Related Pension S)5.4(c)2(hem)8.1(e)2( \(SERPS\). Bot)5.4(h )]TJ T* .0006 Tc .0007 Tw [(are defined benefit schemes, the asset)-5.9(s).5( of which are held in separate trustee-ad)-7.6(ministered funds. )]TJ 0 -2.3552 TD .0004 Tc .1868 Tw [(In each scheme, the funds are valued)-7.8( every)-7.8( three )5.5(y)-7.8(ears by)-7.8( a professionally qualified independent )]TJ 0 -1.1803 TD .0006 Tc .0882 Tw [(actuary)-7.6( using the projected unit)5( m)7.7(e)1.6(tho)-7.6(d)-2.1(, and t)5(h)-2.1(e rates of contribution )5.5(pa)7.1(y)-7.6(a)1.6(ble are determ)7.7(i)-.4(n)-7.6(e)-.4(d by)-7.6( t)5(h)-2.1(e)7.1( )]TJ T* .0004 Tc .0939 Tw [(trustee on the advice of the actuary)-7.8(.)0( In )5.5(the interv)-5.1(e)0(ning )5.5(y)-7.8(ears the actuary)-7.8( reviews the progress of the )]TJ T* [(scheme. 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The related be)7.9(nefactions are credited to a deferred capital grant and are released)-7.3( )]TJ T* .0012 Tc .0329 Tw [(to the Inco)-7(m)8.3(e and Expenditure Account over the expe)-5.8(cted useful )-5.5(econom)8.3(ic life o)-7(f).9( the rel)-5.3(a)2.2(ted )-5.5(asset on )]TJ T* .0005 Tc .1375 Tw [(a basis consi)-6(s)1.9(tent with the depreciatio)-7.7(n polic)7(y)-7.7(.)4.6( Finance costs, which are directly)-7.7( attributable to the)7( )]TJ T* .0006 Tc .0008 Tw [(construction )5.5(of buildings, )5.5(are not capitalised as part of the cost of those asset)-5.9(s).3(. )]TJ 0 -2.377 TD .0335 Tw [(Buildings under construction are valued at cost, based on the value of architect)-5.8(s' )-5.4(certificates )-5.4(and other )]TJ 0 -1.1803 TD .0011 Tc .0003 Tw [(direct costs incurred to 30 J)7.9(une. The)7.6(y)-7.1( are not depreciated until t)5.5(h)-1.6(e)7.6(y)-7.1( )5.5(are brought i)5.5(n)-1.6(to use)]TJ /TT6 1 Tf 35.224 0 TD 0 Tc 0 Tw (.)Tj /TT2 1 Tf -35.224 -2.3661 TD .0004 Tc .001 Tw [(b. Maintenance and Ren)-6.1(e)1.4(wal of premises )]TJ /TT4 1 Tf 0 -2.3334 TD .0007 Tc .0225 Tw [(The College has a rolling )5.4(maintenance )-5.5(plan, which i)5.1(s)2.1( reviewed o)-7.5(n)-2( an annual basis. The cost of routine )]TJ 0 -1.153 TD .0014 Tc .0382 Tw [(maintenance )-5.5(is charged to )-5.5(the Inco)-6.8(m)8.5(e and Expendit)5.8(u)4.1(re)7.5( account as it is incurred. The College also has )]TJ 0 -1.1585 TD .001 Tc .055 Tw [(a )-5.5(major renewal programme, the )-5.5(costs of which are treated )-5.5(as )-5.5(capital im)8.1(provements )-5.5(which )-5.5(bear upon )]TJ T* .0004 Tw [(the depreciated replacement cost of buil)5.4(d)3.7(ings. )]TJ /TT2 1 Tf 0 -2.4045 TD .0004 Tc .001 Tw [(c. 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The)7.3( related benefactions are )-5.5(credited to )5.3(a deferred capital account and are)7.3( )]TJ 0 -1.1585 TD .0007 Tc .0334 Tw [(released to the Inco)-7.5(m)7.8(e and)-7.5( Expendit)5.1(u)-2(re Account over the expected useful economic life of the related )]TJ 0 -1.153 TD .0007 Tw (asset on a basis consistent with the depreciation policy. )Tj /TT2 1 Tf 0 -2.3224 TD .0005 Tc .0009 Tw [(d. Silver, works of art and other asset)-5.3(s).6( not related to education )]TJ /TT4 1 Tf 0 -2.3278 TD .0006 Tc .0554 Tw [(Silver, works of art and other assets not related to education, whic)7.1(h are deem)7.7(ed)-7.6( to be inalienable, are )]TJ 0 -1.1803 TD .0007 Tw (not included in the balance sheet. )Tj /TT2 1 Tf 0 -2.3388 TD .001 Tc 0 Tw (Investments )Tj /TT4 1 Tf 0 -2.2951 TD .0003 Tc .1267 Tw [(Invest)-6.2(m)7.4(e)1.3(nts are included )5.4(in the )5.4(balance sheet at )-5.5(m)7.4(a)-6.2(rket value. Securities are )-5.5(shown at their market)-6.2( )]TJ 0 -1.153 TD .0009 Tc .0387 Tw [(value. For listed invest)-5.6(m)8(e)-3.5(nts this is the )-5.5(m)8(i)-.2(ddle )-5.5(m)8(a)1.9(rk)-7.3(et quotation r)6(u)-1.8(ling at the close of business on 30 )]TJ T* .0007 Tc .0006 Tw [(June, translated for overseas invest)-5.8(m)7.8(e)1.7(nt)-5.8(s into sterling at the rates of exchange ruling at that da)7.3(te. )]TJ 0 -2.306 TD .0827 Tw [(Invest)-5.9(m)7.7(e)1.6(nt inco)-7.6(m)7.7(e)1.6( is r)-5.2(eco)-7.6(gnised as and when divide)7.2(nds and interest beco)-7.6(me r)-5.2(eceivable. 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Contributi)5.4(on )5.5(is used to f)11.5(und grants to colleges fro)-7.2(m)8.1( the Colleges F)5.4(und. 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The valuation was carried out using the)7.3( )]TJ T* .0012 Tc .0002 Tw [(projected unit)5.6( method. )]TJ 0 -2.306 TD .0003 Tc .0011 Tw [(The major assu)-7.9(m)7.4(p)-2.4(tions used by)-7.9( the actuary)-7.9( were: )]TJ /TT2 1 Tf 10.02 0 0 10.02 70.92 444.8 Tm -.0001 Tc 31.804 Tw [( 30 )31802.4(June )]TJ 33.3593 -1.1437 TD -.003 Tc 0 Tw [(2)-6(007)-6( )]TJ 4.3593 1.1437 TD -.0001 Tc .0016 Tw (30 June )Tj 1.3054 -1.1437 TD -.003 Tc 0 Tw [(2)-6(006)-6( )]TJ 4.3534 1.1437 TD -.0001 Tc .0016 Tw (30 June )Tj 1.3054 -1.1437 TD -.003 Tc 0 Tw [(2)-6(005)-6( )]TJ /TT4 1 Tf -14.1257 -.4491 TD 5.265 Tc [( )-143.7( )]TJ -30.5569 -1.8322 TD .0003 Tc .0012 Tw [(Discount rate )-27173.8(5.)4.8(40% )-2832.3(4.)4.8(90% )-2826.3(5.)4.8(40% )]TJ 0 -1.1497 TD .0011 Tw [(Inflation a)6.9(ssum)11.6(p)-2.6(tion )]TJ 32.7787 0 TD .0011 Tc 2.8327 Tw [(3.)5.6(30% 3.)5.6(00% )6(3.)5.6(00% )]TJ -32.7787 -1.1497 TD .0005 Tw [(Rate of i)9.2(n)-2(crea)7.5(s)7.1(e)1.5( in salaries )-20077.8( )6( )6(3.)5.5(90% )-1083.8( )6( )6(3.)5.5(75% )-1077.8( )6( )6(3.)5.5(75% )]TJ 0 -1.1437 TD .0006 Tc .0009 Tw [(Rate of i)8.8(n)-2.4(crea)7.1(s)6.7(e)1.1( in )6(pensions i)8.8(n)-2.4( )6(defe)7.1(rm)11.8(ent )-16018(3.)5.1(30% )-2832.3(3.)5.1(00% )-2826.3(3.)5.1(00% )]TJ 0 -1.1497 TD .001 Tw [(Rate of i)8.7(n)-2.5(crea)7(s)6.6(e)1( in )6(pensions i)8.7(n)-2.5( )6(paym)11.7(ent for )6(m)5.7(e)-5(m)11.7(b)-2.5(ers )-11047.9(3.)5(30% )-2832.3(3.)5(00% )-2826.3(3.)5(00% )]TJ T* -.0003 Tc .0018 Tw [(Rate of i)7.9(n)-3.3(crease in )6(pensions i)7.9(n)-3.3( )6(paym)]TJ 14.6916 0 TD -.0002 Tc [(ent for )6(me)-5.7(m)11(b)-3.2(ers joini)8(n)-3.2(g from)11( 1 )6(Apri)8(l )]TJ -13.985 -1.1437 TD -.003 Tc 0 Tw [(2)-6(004)-6( )]TJ 32.0778 1.1437 TD .001 Tc 2.8267 Tw [(3.)5.5(00% 2.)5.5(50% 2.)5.5(50% )]TJ 10.98 0 0 10.98 70.92 329 Tm .0005 Tc .0009 Tw [(The asset)-6(s).5( in the scheme and the expected rates of ret)-6(u)-2.2(rn are: )]TJ /TT2 1 Tf 10.02 0 0 10.02 211.02 317.18 Tm -.0004 Tc .0019 Tw (Long term )Tj 1.7186 -1.1437 TD .0012 Tc .0003 Tw [(rate)7.7( of )]TJ .0299 -1.1497 TD -.0013 Tc 0 Tw (return)Tj -2.024 -1.1497 TD -.0007 Tc -.0038 Tw [(expec)5.8(t)-3(ed at )]TJ 1.491 -1.1437 TD -.0001 Tc .0016 Tw (30 June )Tj 1.3054 -1.1496 TD -.003 Tc 0 Tw [(2)-6(007)-6( )]TJ 5.1557 1.1497 TD .0004 Tc (Value)Tj .1678 -1.1497 TD .003 Tc [()6.7(0)6(00 )]TJ 3.4731 5.7364 TD -.0004 Tc .0019 Tw (Long term )Tj 1.7186 -1.1437 TD .0012 Tc .0003 Tw [(rate)7.7( of )]TJ .0299 -1.1497 TD -.0013 Tc 0 Tw (return)Tj -2.0241 -1.1497 TD -.0007 Tc -.0038 Tw [(expec)5.8(t)-3(ed at )]TJ 1.491 -1.1436 TD -.0001 Tc .0016 Tw (30 June )Tj 1.3054 -1.1497 TD -.003 Tc 0 Tw [(2)-6(006)-6( )]TJ 5.1558 1.1497 TD .0004 Tc (Value)Tj .1677 -1.1497 TD .003 Tc [()6.7(0)6(00 )]TJ 3.4731 5.7364 TD -.0004 Tc .0019 Tw (Long term )Tj 1.7187 -1.1437 TD .0012 Tc .0003 Tw [(rate)7.7( of )]TJ .0298 -1.1497 TD -.0013 Tc 0 Tw (return)Tj -2.0238 -1.1497 TD -.0007 Tc -.0038 Tw [(expec)5.8(t)-3(ed at )]TJ 1.491 -1.1436 TD -.0001 Tc .0016 Tw (30 June )Tj 1.3054 -1.1497 TD -.003 Tc 0 Tw [(2)-6(005)-6( )]TJ 5.1557 1.1497 TD .0004 Tc (Value)Tj .1677 -1.1497 TD .003 Tc [()6.7(0)6(00 )]TJ /TT4 1 Tf -44.4611 -1.1377 TD 5.4087 Tc [( )-12844.3( )]TJ 0 -1.1437 TD .0003 Tc 12.8994 Tw [(Equities 7.5% )9742.5(1,042 )9574.9(7.)]TJ 28.4867 0 TD .0009 Tc 3.1563 Tw [(5% 1,133 )]TJ 10.5689 0 TD 3.9048 Tw [(7.5% 823 )]TJ -39.0556 -1.1497 TD .0019 Tc 3.9038 Tw [(Bon)4.9(d)-1.1(s )3910.2(\(incl)10.1(udi)10.1(ng)4.9( )3904.2(cas)8(h\) )-3000(4.)6.4(3% 69)4.9(8 )580.9(4.)6.4(3% 57)4.9(5 )580.8(4.)6.4(7% 48)4.9(1 )]TJ T* .0021 Tc 4.4006 Tw [(Pro)5.1(p)-.9(e)8.6(r)-.2(ty)5.1( )-8329.3(6.)6.6(5% )497(24)5.1(9 )1077.9(6.)6.6(5% 48 )1077.8(6.)6.6(5% 35 )]TJ 0 -1.1437 TD 5.4087 Tc 0 Tw [( )-12844.3( )]TJ 0 -1.1497 TD .003 Tc 3.1542 Tw [( )-15095.8( 1,)7.5(98)6(9 )-2251.5( 1,)7.5(75)6(6 )-2251.5( 1,)7.5(33)6(9 )]TJ T* 5.4087 Tc 0 Tw [( )-12844.3( )]TJ ET q /RelativeColorimetric ri /Cs6 CS 0 0 0 SCN 1 J 1 j .75 w 10 M []0 d 1 i q 1 0 0 1 401.82 182.66 cm 0 0 m 25.32 0 l S 1 0 0 1 -112.62 .12 cm 0 0 m 25.32 0 l S 1 0 0 1 224.94 1.38 cm 0 0 m 26.34 0 l S 1 0 0 1 -112.44 -3 cm 0 0 m 25.32 0 l S 1 0 0 1 -112.62 .12 cm 0 0 m 25.38 0 l S 1 0 0 1 224.94 1.38 cm 0 0 m 26.4 0 l S 1 0 0 1 -224.82 23.1 cm 0 0 m 25.32 0 l S 1 0 0 1 226.02 -.12 cm 0 0 m 25.32 0 l S 1 0 0 1 -112.62 .12 cm 0 0 m 25.32 0 l S Q Q endstream endobj 77 0 obj <>/ExtGState<>/ColorSpace<>>> endobj 78 0 obj [/ICCBased 79 0 R] endobj 79 0 obj <>stream hޜwTTϽwz0z.0. 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[(Movem)11.5(e).8(nt )5407.2(in )5407.2(y)9.3(ear: )-16455.1( )]TJ T* -.0009 Tc .0024 Tw [( )-455.1(Current service cost i)7.3(n)-3.9(clu)]TJ 10.9328 0 TD [(ding )6(Life Assurance prem)]TJ 10.3847 0 TD .0005 Tc 4.7555 Tw [(iu)-8.5(m)11.7( \(139\))-3492.8(\()-1.8(129\) )1515(\(120\) )1018(\(95\))]TJ -21.3175 -1.1436 TD .0021 Tc 3.9036 Tw [( )3449.1(C)4.4(ontri)10.3(butio)5.1(ns )-17844.3(18)5.1(8 12)5.1(2 11)5.1(2 10)5.1(6 )]TJ 0 -1.1498 TD .0005 Tc .001 Tw [( )-455.1(Past service c)7(o)3.5(sts )-21431.1(- )-5071.9(- )-5071.9(- )-5071.8(- )]TJ 0 -1.1436 TD .0021 Tc -.0006 Tw [( )-455.1(Othe)8.6(r fi)10.3(nance)8.6( i)10.3(n)-.9(com)13.3(e)2.6( )-19604.8(6 )-4574.8(\(5)5.1(\) )-4568.9(7 )-4904.2(5 )]TJ 0 -1.1497 TD .0003 Tc .4563 Tw [( Actuarial )455.1(loss )-21766.5(82 )-3616.7(\(43\) )-2784.4(\(184\) )-3281.4(\(53\))]TJ T* 5.4087 Tc 0 Tw [( )-24047.9( )]TJ 0 -1.1437 TD -.0006 Tc .0021 Tw [(Deficit in scheme at end )6(of the )]TJ 12.5087 0 TD .0004 Tc 3.2406 Tw [(year )-10161.7(\(288\))-3492.9(\()-1.9(425\) \(370\) \(185\))]TJ -12.5087 -1.1497 TD 5.4087 Tc 0 Tw [( )-24047.9( )]TJ /TT2 1 Tf -.0002 -3.6827 TD .0001 Tc .0014 Tw [(Histor)6.6(y )6(of e)6.6(x)-2.9(perience gains )6(and)-238.2(l)-.1(osses)]TJ 26.4012 -1.1497 TD -.0001 Tc .0016 Tw (30 June )Tj 1.3054 -1.1497 TD -.003 Tc 0 Tw [(2)-6(007)-6( )]TJ -.3353 -1.1437 TD .003 Tc [()6.7(0)6(00 )]TJ 4.6886 2.2934 TD -.0001 Tc .0016 Tw (30 June )Tj 1.3054 -1.1497 TD -.003 Tc 0 Tw [(2)-6(006)-6( )]TJ -.3352 -1.1437 TD .003 Tc [()6.7(0)6(00 )]TJ 4.6885 2.2934 TD -.0001 Tc .0016 Tw (30 June )Tj 1.3054 -1.1497 TD -.003 Tc 0 Tw [(2)-6(005)-6( )]TJ -.3352 -1.1437 TD .003 Tc [()6.7(0)6(00 )]TJ 4.6886 2.2934 TD -.0001 Tc .0016 Tw (30 June )Tj 1.3054 -1.1497 TD -.003 Tc 0 Tw [(2)-6(004)-6( )]TJ -.3353 -1.1437 TD .003 Tc [()6.7(0)6(00 )]TJ /TT4 1 Tf -44.3473 -1.1377 TD 5.4087 Tc [( )-24047.9( )]TJ 0 -1.1497 TD .0003 Tc .0012 Tw [(Diffe)6.8(re)6.8(nce )6(between expecte)6.8(d an)11(d actual)8.5( return on sc)6.8(hem)11.5(e).8( )]TJ .7065 -1.1436 TD -.0005 Tc 0 Tw (assets)Tj 28.497 1.1436 TD 0 Tc (7)Tj -.3772 -1.1436 TD .003 Tc (0%)Tj 5.0359 1.1436 TD [(13)6(5 )]TJ -.1256 -1.1436 TD .0014 Tc .0001 Tw [( )6(8% )]TJ 6.2813 1.1436 TD .003 Tc 0 Tw (22)Tj -.6227 -1.1436 TD .0014 Tc .0001 Tw [( )6(2% )]TJ 6.2813 1.1436 TD .003 Tc 0 Tw (50)Tj -.6228 -1.1436 TD .0014 Tc .0001 Tw [( )6(4% )]TJ -45.0539 -1.1497 TD -.0007 Tc .0022 Tw [(Experience )6(gains and losses arisin)]TJ 13.6458 0 TD [(g on t)7.5(h)-3.7(e schem)10.5(e)-.2( liabili)-4.5(ties)-6.5( )-4059.9(\(42\))]TJ 14.8452 -1.1497 TD .0027 Tc 0 Tw (-2%)Tj 5.8683 1.1497 TD .003 Tc (18)Tj .1258 -1.1497 TD .0012 Tc (1%)Tj 5.2036 1.1497 TD .0025 Tc [(\(9)5.5(9\) )]TJ .1198 -1.1497 TD .001 Tc (-6%)Tj 5.5389 1.1497 TD .0027 Tc [(\(2)5.7(5\))]TJ .1198 -1.1497 TD (-2%)Tj -45.4671 -1.1437 TD .0002 Tc .0013 Tw [(Total am)11.4(ount )6(r)3.9(ecognise)6.7(d)-2.8( in s)6.3(t)2.4(atem)11.4(ent of tot)8.4(a).7(l recognised )]TJ .7066 -1.1497 TD .0004 Tc .0011 Tw [(gains)6.5( and l)8.6(o)-2.6(sse)6.9(s )]TJ 27.994 1.1497 TD .003 Tc 0 Tw (82)Tj .1256 -1.1497 TD (4%)Tj 5.2036 1.1497 TD .0025 Tc [(\(4)5.5(3\) )]TJ .1199 -1.1497 TD .001 Tc (-2%)Tj 5.0419 1.1497 TD -.003 Tc [(\()-5.3(184)-6(\))-5.3( )]TJ .1198 -1.1497 TD .0008 Tc (-11% )Tj 6.0359 1.1497 TD .0027 Tc [(\(5)5.7(3\))]TJ .1198 -1.1497 TD (-4%)Tj ET q /RelativeColorimetric ri /Cs6 CS 0 0 0 SCN 1 J 1 j .75 w 10 M []0 d 1 i q 1 0 0 1 404.1 628.04 cm 0 0 m 24.36 0 l S 1 0 0 1 113.04 .12 cm 0 0 m 25.86 0 l S 1 0 0 1 -56.34 -.12 cm 0 0 m 24.36 0 l S 1 0 0 1 -113.4 0 cm 0 0 m 24.36 0 l S 1 0 0 1 55.68 -22.32 cm 0 0 m 26.34 0 l S 1 0 0 1 .54 -2.52 cm 0 0 m 25.8 0 l S 1 0 0 1 56.28 2.52 cm 0 0 m 26.34 0 l S 1 0 0 1 .42 -2.46 cm 0 0 m 25.86 0 l S 1 0 0 1 54.9 2.22 cm 0 0 m 26.34 0 l S 1 0 0 1 .54 -1.98 cm 0 0 m 25.86 0 l S 1 0 0 1 -169.38 2.22 cm 0 0 m 26.34 0 l S 1 0 0 1 .54 -2.52 cm 0 0 m 25.8 0 l S Q Q endstream endobj 85 0 obj <>/ExtGState<>/ColorSpace<>>> endobj 87 0 obj <>stream /GS1 gs BT /TT6 1 Tf 10.02 0 0 10.02 292.08 796.7603 Tm 0 g .0005 Tc 0 Tw (23)Tj /TT2 1 Tf 10.98 0 0 10.98 70.92 784.2803 Tm .0007 Tc .0008 Tw [(Universities Superannuation Scheme:)-5( )]TJ /TT4 1 Tf 0 -2.295 TD .0008 Tc .1754 Tw [(It is not possible to identify)-6.9( each institutions )-7(share of the underly)-6.9(i)-.1(ng asset)-5.1(s).3( and liabiliti)-6.1(es of th)-7.9(e )]TJ 0 -1.153 TD .001 Tc .2361 Tw [(scheme and hence contributions are accounted for as if the schem)8.5(e)2.5( were a defined contributio)9.7(n )]TJ T* .0006 Tc .0608 Tw [(scheme. The cost recognised within the deficit for the y)-8(ear in the )5.9(Income and Expenditure )5.9(account is)7.2( )]TJ T* .0005 Tc .0009 Tw [(equal to the c)6.9(ontributions )6(pay)-7.9(a)1.9(ble to the scheme for the )6(y)-7.9(ear. )]TJ 0 -2.3 TD .0012 Tc .0942 Tw [(The m)8(o)-1.8(st recent full actuarial valuation of the sc)5.5(heme was as at 31 March 2)-7(005. The valuation was )]TJ 0 -1.1529 TD .001 Tc .0007 Tw [(carried out using the projec)7.9(ted unit m)7.9(e)1.9(th)-6.9(od. The assum)7.9(p)-1.9(tions which have the most significant effect on)-6.9( )]TJ T* .0333 Tw [(the result of the valuation are those relating to the rate of return on investm)7.8(e)1.9(nts \(i.e. the valuation rate )]TJ T* .0007 Tw [(of interest\), t)-5.9(h)-1.7(e rates of in)-6.7(crease in salaries and pe)9.2(nsi)-5.4(ons and the assu)-7.2(m)8.6(e)1.6(d rates )-5.1(of )-5.1(m)8.6(o)-1.2(rtality)-7.2(. )5.9(In relation )]TJ T* .0005 Tc .061 Tw [(to the past service liabilities, the financial assu)-7.9(m)7.9(p)-1.9(tions were derived from)7.8( )-5.1(market y)-8(i)-.2(elds )5.9(prevailing at )]TJ 0 -1.147 TD .0007 Tc .0383 Tw [(the valuation date. It was assu)-7.9(m)7.9(e)1.9(d that the valuation r)5.8(a)1.6(te of interest would be 4.)4.8(5% per annum, salary)-7.2( )]TJ 0 -1.153 TD .0009 Tc .0499 Tw [(increases would be 3.9% per annum \(plus an additional allowance for increases in salari)-6(e)0(s d)-6.8(u)-1.8(e to ag)-6.8(e )]TJ T* .001 Tc .0491 Tw [(and prom)8.3(otion and a f)6.5(u)-1.5(rther am)8.3(ount of 800m)8.3( of lia)7.3(b)5(ilities to refl)5.4(ect recent ex)-7.4(perience\) and pensions )]TJ T* .0282 Tw [(would increase by)-7.1( 2.9% per annu)-7.1(m)7.7(.)-.1( In relation to the future service liabilities,)-5.8( it was assu)-6.8(med that the )]TJ T* .0012 Tc .2843 Tw [(valuation rate of interest woul)5.6(d be 6.2% per annum)8.7(, including an additional investm)7.9(e)-3.1(nt return )]TJ T* .0006 Tc .0117 Tw [(assu)-7.1(m)7.7(p)-2.1(tion of 1.7% per annum)7.7(, salary)-7.1( increases would be)5.1( 3.9% per annum)8( \(also)-7.8( plus an allowance for)6.2( )]TJ 0 -1.147 TD .0008 Tc .0004 Tw [(increases in salaries due to age and promotion\) and pe)7.4(nsions would )5.8(increase by)-7.4( 2.9% per annum)8.4(. )]TJ .001 -2.306 TD .0006 Tw [(Standard m)8(o)-1.8(rtality)-7.8( tables were used as follows: )]TJ 0 -1.153 TD .0006 Tc .0008 Tw [(Pre-retiremen)-7.9(t m)7.9(o)-1.9(rtality)-7.9( )126( )-3278.1(PA92 rated down 3 )6(y)-7.9(ears )]TJ T* .0012 Tc 0 Tw [(Post-retirement)-251.3(m)8.1(or)]TJ 8.037 -.002 TD .0011 Tc -.2404 Tw [(tality)-6.8( )]TJ 5.3581 .0004 TD .0009 Tc -.0001 Tw [(PA92 \(c=2020\) for all retired and non-retired mem)8(bers )]TJ -13.396 -2.3005 TD .0004 Tc .214 Tw [(Use of these m)7.7(o)-1.5(rtality)-7.8( tables reasonably)-7.8( reflects the actual USS experience but also )5.9(provides an )]TJ 0 -1.1529 TD .0007 Tc .0553 Tw [(element of conservatism)7.9( to)-7.9( allow for further sm)7.9(all i)-6.1(m)-3.1(provem)7.9(e)1.9(nts i)-6.1(n)-1.9( m)7.9(o)-1.9(rtality)-7.9( rates. The assu)-7.9(med life )]TJ T* .0007 Tw (expectations on retirement at age 65 are: )Tj 0 -2.3 TD .001 Tc .5796 Tw [(Males )-2448(19.8 )585(y)-7(ears )]TJ 0 -1.153 TD .0017 Tc 2.9669 Tw [(Fem)8.8(a)2.8(les 22.8 )2973(y)-6(ears )]TJ 0 -2.306 TD .0011 Tc .0389 Tw [(At the valuation date, the )-4.6(market value )-4.6(of the assets of the scheme was 21,740 m)7.9(illion and the value )]TJ 0 -1.153 TD .115 Tw [(of the past service liabilities and provision for expenses was 28,308 m)7.9(illion indicating a deficit of)6.1( )]TJ T* .0009 Tc .0175 Tw [(6,568 m)7.9(illion. The assets therefore were sufficient to)-7.9( cover 77% o)-7.7(f).3( the benefits which had accrued to )]TJ 0 -1.147 TD .0005 Tc .0015 Tw [(mem)7.4(b)-7.4(ers aft)-5.6(e)-3.6(r allowing for expect)-5.9(ed future increases in earnings. )]TJ 0 -2.3059 TD .0008 Tc .1211 Tw [(The actuary)-6.9( )6.3(also valued the scheme on a num)7.9(ber of other bases as at the valuation date. Using the)6.9( )]TJ 0 -1.153 TD .0009 Tc .1753 Tw [(Minim)7.7(u)-7.1(m)7.7( Fu)-7.1(nding Requir)5.9(e)-3.3(m)7.7(e)1.7(nt prescr)-5.1(i)-.3(bed assum)7.7(p)-2.1(t)-5.3(i)-.3(ons)6.9( intr)6.1(oduc)7.9(ed by the Pe)7.9(nsions Act 1995, the )]TJ T* .0005 Tc .0992 Tw [(scheme was 126% funded at that date; under the)6.7( Pensi)]TJ 22.6563 0 TD .001 Tc .0987 Tw [(on Pr)5.7(otection F)5.9(und regulations intr)5.7(oduced by )]TJ -22.6563 -1.147 TD .0009 Tc .2739 Tw [(the Pension )6.2(Act 2004 it)5.6( )6.2(was 110% funded; )6.2(on a)7.7( buy)-7.7(-)6.3(out )6.2(basis \(i.e. assuming the schem)8.1(e).1( had)-7.7( )]TJ 0 -1.153 TD .0016 Tc .1531 Tw [(discontinued )6.3(on the valuation date\) the assets woul)9.5(d have been approxim)8.4(a)2.5(tely)-6.4( 74% of the am)8.4(oun)-6.4(t )]TJ T* .0007 Tc .0444 Tw [(necessary)-7.7( to )6(secure all the USS benefits with an ins)7.5(u)-1.7(rance co)-7.7(m)8.1(p)-1.7(any)-7.7(;)5.1( and )6(using the FRS17 )6(form)8.1(ula as )]TJ T* .0008 Tc .0607 Tw [(if USS were a single em)8(ploy)-7.8(er schem)8(e)0(, the actuary estim)8.3(ated that the fundi)5.3(ng l)5.3(e)2.3(vel would have been )]TJ T* .0017 Tc -.0003 Tw [(approxim)8.6(a)2.6(tely 90%. )]TJ 0 -2.3 TD .0008 Tc .0333 Tw [(Since 31 March 2005 the f)6.1(i)-.1(nancial security of the sc)]TJ 21.19 0 TD .0325 Tw [(hem)7.9(e)-.1( has i)-6.1(m)7.9(proved and the actuary)-6.9( has esti)-6.1(m)7.9(ated)-6.9( )]TJ -21.19 -1.153 TD .0013 Tc .1314 Tw [(that the funding level has increased from)8.7( 77% at 31 March 2005 to 91% at 31 March 2007. This)8.1( )]TJ T* .0006 Tc .2299 Tw [(i)-6(m)8(provem)8(e)2(nt)-6( in the schemes financial security)-7.8( is)7.4( due )5.6(prim)8(a)0(ri)-6(ly to the invest)-6(ment return on the)7.1( )]TJ T* .0009 Tc .0938 Tw [(schemes assets since 31 March 2005 )6.4(being higher than allowed for in the funding assum)7.9(p)-1.9(t)-5.1(i)-.1(ons. On )]TJ T* .0007 Tc .0553 Tw [(the FRS17 )6(basis, the actuary estimated that the fundi)5.3(ng level at )6(31 March 2007 )6(was above 109% and)-7.5( )]TJ 0 -1.147 TD .0005 Tc .0009 Tw [(on a buy-out )6(basis was approxim)8.1(a)1.1(tely)-7.7( 84%. )]TJ 0 -2.306 TD .0006 Tc .0718 Tw [(The institution contribution rate requi)6.2(red for future service benefits alone at the date of the )6(valuation )]TJ 0 -1.153 TD .0004 Tc .0887 Tw [(was 14.3% o)-7.9(f).1( pensionable salari)-6.1(e)-.1(s but t)-6.1(h)-1.9(e trustee com)7.9(p)-7.9(any)-7.9(,)-.9( on the advice of t)-6.1(h)-1.9(e actuary)-7.9(,).1( decided to)-7.9( )]TJ T* .0007 Tc .0007 Tw (maintain the institution contribution rate at 14% of pensionable salaries. )Tj ET endstream endobj 88 0 obj <>/ExtGState<>>> endobj 90 0 obj <>stream /GS1 gs BT /TT6 1 Tf 10.02 0 0 10.02 292.08 796.7603 Tm 0 g .0005 Tc 0 Tw (24)Tj /TT4 1 Tf 10.98 0 0 10.98 70.92 771.7407 Tm .1867 Tw [(Surpluses or deficits whi)-6(c)1.5(h arise at f)-5.3(u)-2.2(ture valuations may)-7.7( affect the Colleg)-7.7(e)-5.3(s future contribution )]TJ 0 -1.153 TD .2905 Tw [(co)-7.7(mm)7.6(it)-6(ment. The sensitivities regarding the prin)-8.6(cipal assu)-7.7(m)7.6(p)-2.2(t)-6(i)-.6(ons used to )-5.4(m)7.6(e)1.5(asure the scheme )]TJ T* .0007 Tc .0007 Tw [(liabilities are )-5.4(set out below: )]TJ /TT11 1 Tf 0 -2.3115 TD .0009 Tc .0005 Tw [(Assu)-5.6(mption )-1404.3( )-3027.3( )-3027.3(Change in as)7.7(sumption )-289.6( )-3027.3(Impact on scheme liabilities)]TJ /TT4 1 Tf 0 -1.1475 TD .0006 Tc .0008 Tw [(Valuation rate of interest )-2879.7(Increase/decr)-5.2(ease by)-7.6( 0.5%)8.5( )-2213.1(Decr)-5.2(ease/incr)-5.2(ease by)-7.6( 2.2billion )]TJ T* .0009 Tc .0005 Tw [(Rate of pension increases )-2655.7(Increase/decrease )6.1(by)-7.3( 0.5%)8.8( )-2213.1(Increase/decrease by)-7.3( 1.7 )5.5(billion )]TJ 0 -1.153 TD .0006 Tc .0006 Tw [(Rate of salary)-7.6( growth )-934.6( )-3027.5(Increase/decr)-5.2(ease by)-7.6( 0.5%)8.5( )-2213.3(Increase/decr)-5.2(ease by)-7.6( 0.5 )5.3(billion )]TJ T* [(Rate of )-5.4(m)7.8(o)-2(rtality )-2743.1( )-3027.3(More prudent )6.9(assu)-7.5(m)7.8(p)-2(tion )-2568.3(Increase by)-7.5( )5.5(0.8 billion )]TJ T* .001 Tc 3.0277 Tw [( \(Mortality )3027.3(us)7.8(ed )3027.3(at )3027.3(last )]TJ T* .0009 Tc [( actuarial )3027.3(valuation, )3027.3(rated )]TJ 0 -1.1475 TD .0008 Tc 3.0279 Tw [( down )3027.3(by )3027.3(a )3027.3(fur)5.9(ther )3027.3(y)-7.4(ear\) )]TJ 0 -2.3059 TD .0005 Tc .0446 Tw [(USS is a last man standing scheme so that in the event of the insolvency of a)7(n)3.2(y)-7.7( of the participating)-7.7( )]TJ 0 -1.153 TD .0015 Tc .0053 Tw [(em)8.6(ploy)-6.7(ers in USS, the am)8.6(o)-6.7(unt of any)-6.7( pe)8(nsion fundin)16.6(g)4.2( shortfall \(which cannot )10.9(otherwise be recovered\) )]TJ T* .0005 Tc .0499 Tw [(in respect of )5.3(that em)7.6(ploy)-7.7(er will be spread across the rem)7.6(a)1.5(ining participant em)7.6(plo)-7.7(y)-7.7(e)1.5(rs and reflected in )]TJ T* .0011 Tc .0003 Tw [(the next actuarial valuation )5.5(of the schem)8.2(e)-.1(. )]TJ 0 -2.3005 TD .0014 Tc .0817 Tw [(The trustee believes that over the long-term)8.5( )-5.7(equity)-6.8( investm)8.5(e)2.4(nt )-5.7(and investm)8.5(e)2.4(nt in selected alternative )]TJ 0 -1.153 TD .0007 Tc .0553 Tw [(asset)-5.8( classes )-5.5(will provide superior returns to other )-5.2(invest)-5.8(m)7.8(e)1.7(nt )-5.5(classes. The )-5.5(managem)7.8(ent )-5.5(structure and)-7.5( )]TJ T* .0005 Tc .05 Tw [(targets set )-5.5(ar)-5.3(e designed to give the fund a bias towa)-11.6(rds equities through portf)5.6(o)-.1(lios that are diversified )]TJ T* .0006 Tc .3341 Tw [(both )5.5(geographically)-7.6( and )5.5(by)-7.6( sector. The trustee recognises that it would )5.5(be possible to select)-5.9( )]TJ 0 -1.1475 TD .0225 Tw [(investm)7.8(e)1.7(nts producing income flows broadly sim)7.8(ilar to the estim)7.8(ated liabilit)5.1(y)-7.5( ca)7.2(sh flows. However, in)-7.5( )]TJ 0 -1.153 TD .001 Tc .1752 Tw [(order to m)8.1(e)2(et the long-term)8.1( funding objective within a level of)6.1( contribut)5.4(ions that it cons)7.8(iders the)7.5( )]TJ T* .126 Tw [(em)8.2(ploy)-7.1(ers would be willing to make, )-5.4(the trustee h)-7.1(a).1(s agreed to )-5.4(take on a degree of invest)-5.4(m)8.2(e)2.1(nt risk)-7.1( )]TJ T* .0007 Tc .2192 Tw [(relative to the liabilities. This taking )5.4(of investm)7.8(e)1.7(n)-7.5(t)3.7( risk seeks )-5.5(to target a greater return)-7.5( than the)7.3( )]TJ T* .001 Tc .0168 Tw [(matching assets would provide whilst )-5.4(maintaining a prudent approa)7.5(ch to )-5.4(m)8.1(eeting)-7.2( the funds lia)7.5(bilities. )]TJ 0 -1.1474 TD .0008 Tc .088 Tw [(Before deciding to take invest)-5.7(m)7.9(e)1.8(nt ri)-5.7(sk relative to th)-7.4(e liabilities, t)-5.7(h)-1.9(e trustee receives advice )-5.5(from it)-5.7(s )]TJ 0 -1.153 TD .0009 Tc .077 Tw [(investm)8(e)1.9(nt consultant and the scheme actuary)-7.3(,)-.1( and )7.6(considers the views of the em)8(ploy)-7.3(ers. )5.5(The strong )]TJ T* .0007 Tc .2573 Tw [(positive cash flow of the)7.2( schem)7.8(e)-.1( )-5.7(means that it is)7.5( not necessary to realise investm)7.9(e)1.8(nts to m)7.9(eet)-5.7( )]TJ T* .0012 Tc .1969 Tw [(liabilities. The trustee believes that this, together with the ongoi)5.6(ng flow of new )-5.5(entrants into the)7.7( )]TJ T* .0008 Tc .1973 Tw [(scheme and the strength )5.5(of covenant )5.5(of the em)7.9(ploy)-7.1(ers enables it to take a l)5.2(ong-term)7.9( view of its)7.6( )]TJ T* .0009 Tc .0387 Tw [(invest)-5.6(m)8(e)1.9(nts. )-5.5(Short-term)8( v)-7.3(o)-1.8(latilit)5.3(y)-7.3( of ret)5.3(u)-1.8(rns can be tolerated and need not feed through dire)7.4(ctly)-7.3( t)5.3(o)-1.8( the)7.4( )]TJ 0 -1.1475 TD .001 Tc .0766 Tw [(contributi)5.4(on rate. The )-5.7(actu)-7.2(ary)-7.2( has confirm)8.1(ed that the schemes cash flow is lik)-7.1(ely)-7.1( to remain positive)7.6( )]TJ 0 -1.153 TD .0008 Tc .0006 Tw [(for the next te)7.3(n )5.5(y)-7.4(e)0(ars or m)7.9(o)-7.4(re. )]TJ 0 -2.3059 TD .0009 Tc .033 Tw [(The next formal triennial )-5.7(actuarial valu)-7.3(ation is due as at 31 March)-7.3( 2008. T)5(h)-1.8(e contribut)5.3(ion ra)7.4(te will be )]TJ 0 -1.153 TD .0008 Tc .0006 Tw [(reviewed as p)-7.4(a)1.8(rt of each valuation. )]TJ 0 -2.3005 TD .0007 Tc .0446 Tw [(The total pension cost for)5.8( )5.7(the College )5.7(was 113,093 \(46,748 i)5.1(n)3.4( 2006\). T)4.9(h)-2(e contribut)5.1(ion rate pay)-7.5(a)1.7(ble )]TJ 0 -1.153 TD .0005 Tc .0009 Tw [(by)-7.7( the College was 14% of pensionable )5.5(salaries. )]TJ /TT2 1 Tf 0 -3.4645 TD -.0002 Tc .0016 Tw [(24 RELATE)-5.3(D PART)-5.3(Y T)-5.3(RANS)-6.7(ACT)-5.3(IONS )]TJ /TT4 1 Tf 0 -2.2951 TD .0008 Tc .0005 Tw [(Owing to the )5.4(nature of the )5.4(College's operations and the co)-7.4(m)7.9(position of its Gover)5.9(n)-1.9(ing Body)-7.4( it )5.4(i)5.2(s)2.2( )]TJ 0 -1.153 TD .0006 Tw [(inevitable that transactions will take place with organi)5.2(sations in whi)5.2(c)1.8(h a )-5.4(m)7.9(e)-3.6(m)7.9(b)-7.4(er )-5.4(of the Governing )]TJ T* .0007 Tc [(Body)-7.5( m)7.8(a)1.7(y)-7.5( have an interest. 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