for the year to 31 July 2018

Financial

Statements

Page 1

Contents

Chair’s foreword 2

Council and Council committee membership 3

 

 

 

Statement of Council responsibilities in respect of the

 

Independent auditor’s report to the Council of

King’s College London 17

Statement of principal accounting policies 19



and Expenditure 22



 

 

 

Notes to the accounts 26

Page 2

CHAIR’S FOREWORD





























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









Last October, the Prime Minister commissioned the

















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



















I am glad to commend this Report and Accounts to









QSO FKC

Chair of Council

Chair’s foreword

Page 3



–



Council



QSO FKC [Chair since August 2016]

[President & Principal since

September 2014]

Dr Angela Dean [since 2012]

Mr Michael D’Souza [Honorary Treasurer since August 2016]

[since June 2010]

Mr Paul Goswell [since 2015]

[since June 2010]

Ms Ros King [since 2012]

[since 2009]

[Vice-Chair since August 2016,

member since 29 June 2016]

Mr Chris Mottershead [since 2009]



[since November 2015]

Mr Momin Saqib [ex ocio, August 2017–July 2018]

Sir Nigel Sheinwald GCMG [since 2014]

Mr Andrew Summers CMG [since June 2010]

Dr Ian Tebbett [since 2016]

Ms Nhuoc Lan Tu [since April 2016]

[since 2013]

[since June 2010]

Chair’s Committee



QSO FKC [Chair since August 2016]

[President & Principal since

September 2014]

Dr Angela Dean [ex ocio, since 2014]

Mr Michael D’Souza [Honorary Treasurer since August 2016]

Mr Paul Goswell [ex ocio, since 2015]

[since 2009]

[Vice-Chair since August 2016]

Mr Chris Mottershead [since 2009]

Sir Nigel Sheinwald GCMG [since 2014]

Mr Andrew Summers CMG [ex ocio, since 2010]

[since 2013]

Finance Committee

Mr Michael D’Souza [Chair and Honorary Treasurer since

August 2016]

[President & Principal since

September 2014]

[since 2015]

[since March 2010]

Dr Angela Dean [since December 2012]

Mr Stephen Large [ex ocio, since 2000]

Mr Richard North [since 2010]

Mr Andrew Scott [since 2015]

Dr Ian Tebbett [ex ocio, since October 2016]

Mr Michael Urmston [since 2010]

[since 2011]



Mr Andrew Summers CMG [Chair since 2010]

[since 2011]

Ms Julienne Daglish [since June 2017]

[since 2011]

Mrs Sarah Hopwood [since 2011]

Ms Ros King [since December 2012]

Ms Nhuoc Lan Tu [since February 2017]

Mr George Warren [since February 2017]

[since June 2017]



[Chair since September 2015]

[President & Principal since

September 2014]

Dr Angela Dean [since 2012]

Mr Rob Gambi [since April 2015]

Mr John Harrison [ex ocio, 2016–April 2018]

Mr Stephen Large [ex ocio, since 2000]

[April 2008–July 2018]

[ex ocio, since April 2018]



[April 2008–July 2018]

[since April 2015]

[since March 2018]



Mr Paul Goswell [Chair since 2015]

[President & Principal since

September 2014]

[Vice-Chair since 2010]

Mr Stephen Large [ex ocio, since 2000]

[ex ocio, since 2009]

[since 24 November 2015]

[ex ocio, since 2017]

Mr Daniel Peltz FKC [since December 2012]

Dr Ian Tebbett [ex ocio, since October 2016]

[ex ocio, since 2013]

Council and

Council committee

membership

1 August 2017–

31 July 2018

Page 



Operating and

nancial review for

the year ended

31 July 2018



2017–18 2016–17





 

Total income









 



total income

 



total income

 



















 





 





 

 Excludes directed research, pending development of the

new campaign.

Operating highlights





We continue to attract high numbers of outstanding







made real progress following the launch of our new Education































































Whilst operating margins are under pressure from rising











Students by category, July 2018

Undergraduate UK/EU 14,129

Undergraduate overseas 3,308

Postgraduate taught UK/EU 4,681

Postgraduate taught overseas 2,918

Postgraduate research UK/EU 1,777

Postgraduate research overseas 651

As reported in the July 2018 return to HESA

Sta numbers by category, 2017–18 average

Academic 3,887

Clerical 1,278

Administrative 1,216

Technical 356

Other 181

Page 





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













running there were decreases in applications to the nursing,



in applications to the postgraduate diplomas in nursing and



Sustainability





Credit rating 2017–18 2016–17

  





King’s will maintain its strong position in the sector, with high



Diversity and inclusion 2016–17 2015–16

  





 





 





 













Global university rankings Latest

year

Prior

year





31st

23rd =









36th













Research and innovation 2017–18 2016–17



income from Research Councils

 



completion rate

 







 































Domicile of undergraduate student applicants,

2018–19 admissions

UK 55%

Other EU 15%

China 5%

Hong Kong 3%

Singapore 3%

India 3%

USA 2%

Malaysia 1%

Rest of world 13%

Domicile of postgraduate student applicants,

2018–19 admissions

China 43%

Hong Kong 34%

UK 18%

Other EU 5%

Page 6













































• 







• 



partners

• 





Educate to inspire and improve





































access to learning and teaching spaces which are second to

none, together with outstanding new student facilities in the



























Student numbers 



July 2018 July 2017 Change

Undergraduate

 16,690 

Postgraduate taught

 6,927 672

Postgraduate research

 2,361 67

Total

  























All students on postgraduate taught programmes are











satisfaction among postgraduate taught students has been









King’s is continuing to prepare for Teaching Excellence















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

































Research to inform and innovate



















To increase its PhD talent, King’s launched a programme







• 



for collaboration

• 

strategic applications and support research funding across





• 







• 











external funding for a number of new centres including a new

























Research awards and

renewals

2017–18

£000

2016–17

£000

Increase

£000

Arts and Sciences faculties

  

Health faculties

  

Other

3 272 

Total King’s

  



















New research awards (£000)

2014–15 2015–16 2016–17 2017–18

187,000 158,000 182,000 225,000

Page 

Research grants and contracts income (£000)

Research

Councils

42,451

43,474

UK central

government,

local authorities

and hospitals

36,166

39,858

UK industry and

commerce

15,903

15,282

UK charities 53,166

54,407

EU 26,717

24,679

Overseas non-EU 16,904

15,360

Other 1,256

1,357

+2%

+10%

–4%

–8%

–9%

+8%

+2%

2016–17

2017–18

Financial highlights































Results

2017–18

£000

2016–17

£000

Total income

 

Expenditure

 



and losses

 



 



23,997 

Actuarial loss in respect of pension

schemes

 





 















operating cash surpluses is a crucial component of the











Capital investment

















important to support its education and research mission,

including online learning, lecture capture, data storage and























Sources of funding for academic investment

Operating performance and

reserves 49%

Loans 39%

Oce for Students capital

grants 9%

Philanthropy, grants and partner

investment 2%

Disposal proceeds 1%



Page 9



2017–18

Investments

£m

2016–17

Investments

£m

Student facilities

 

Infrastructure

 

Research

 







 £36m









engagement scheme



 £9m

Research equipment seed funding £7m

Rolling programme of learning and teaching



£7m



infrastructure















Income

Tuition fees are the largest source of income and comprised









Sources of King’s income, 2017–18

Tuition fees 41%

Research grants and contracts 23%

Funding body grants 15%

Residences, catering and trading 6%

Reimbursements from the NHS 4%

Donations and endowments 3%

Investment income 1%

Research Councils studentship grants 1%

Other income 6%

Tuition fees and education contracts income (£000)

–18%

+21%

+29%

+31%

+82%

Home

fees

Overseas

fees

NHS

contracted

student

fees

Part-time

fees

Special

and short

courses

Research

training

support

grants

2016–17 132,605 117,396 24,602 9,947 15,322 44

2017–18 146,644 142,575 20,121 12,794 20,039 80

+11%

Expenditure

How King’s spent its money, 2017–18

Academic departments and services 37%

Research grants and contracts 20%

Premises 14%

Administration and central services 7%

Sta, student and general education 7%

Residences, catering and

conferences 6%

NHS activities 4%

Academic self-nancing activities 4%

Other expenditure 1%

Year-on-year change in expenditure (£000)

+8%

+12%

+28%

–1%

Staff

costs

Depreciation Other

operating

costs

Interest

payable

2016–17 436,656 40,541 269,652 17,259

2017–18 470,959 51,797 302,540 17,129



Page 10















Endowment asset investments















Performance for the year to 31 July 2018

Actual performance











The endowment has adopted the following asset



Asset allocation %



















UK gilts and cash





King’s to adopt a total return approach without the need













Treasury management













is placed in the RLAM Cash Plus Fund, and an unlimited





Long-term loans

External borrowings

Total

£000

< 1 year

£000

> 1 year

£000

Finance leases

  

Loans

  



  

Total borrowings 2016–17   

31 July

2018

31 July

207

Limit

External borrowings as a



  

External borrowings to



  



limits based on percentage of income and gearing, and the



The ratio of liquid assets to annual expenditure















Net cash 31 July

2018

£000

31 July

2017

£000

Change

£000

   



deposits for loan



  



  

Pensions

The two main pension schemes in which King’s participates

























Page 11























on the default cost sharing proposals, which would increase



























is no longer required,







Prospects and planning outlook





present challenging headwinds that necessitate adaptation



Education is expected in spring 2019 and it is hoped that it



balancing the funding for students with the research and







Negotiations in relation to the UK’s withdrawal from

























prospec











For the higher education sector there is additional















for programmes such as postgraduate diplomas, where



potential changes to the status of students from the EU,































































local communities and strengthening King’s relationships





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

ments, King’s















agement



Conclusions





King’s programmes and, in particular, new programme









Mr Michael D’Souza Mr Stephen Large

Treasurer Vice-President (Finance)

Page 13



Corporate

governance

























King’s is an independent corporation whose legal status





















































committees, in particular a Finance Committee; an Audit,























The Finance Committee inter alia recommends



budgets and monitors performance in relation to the













internal auditors to consider detailed internal audit reports























The Remuneration Committee determines the annual





































Page 

STATEMENT OF INTERNAL CONTROL

Statement of internal

control









assets for which the Council is responsible, in accordance



Charter and Statutes and the OfS Terms and Conditions of





























• The Council considers the plans and strategic direction



• 





• 













• 

the whole of the Senior Management Team and chaired













• 













• 









• The business planning process requires heads of faculties









• 



• 









• 







which is contained within the OfS Terms and Conditions











• The Internal Audit Unit submits regular reports to the



























Page 



Statement of Council

responsibilities

in respect of the

nancial statements



College London is responsible for the administration and









for Students’ Terms and conditions of funding for higher

education institutions and Research England’s Terms and

conditions of Research England grant and applicable law









The Financial

Reporting Standard applicable in the UK and Republic of

Ireland





for Further and Higher Education, in accordance with the

















• 



• 

prudent

• state whether applicable UK accounting standards





• 

continue as a going concern, disclosing, as applicable,

matters related to going concern, and

• use the going concern basis of accounting unless it either















material misstatement, whether due to fraud or error, and has









• 



applied to those purposes and managed in accordance



• 



and conditions attached to them

• 

accordance with the Memorandum of Assurance and



attached to them

• 

in place to safeguard public funds and funds from other

sources, and

• 



The Council is responsible for the maintenance and















• 





• 





• 





outturns

• 









• 





• a professional independent internal audit team whose





Page 16















Page 17

INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL OF KING’S COLLEGE LONDON

Independent

auditor’s report to

the Council of King’s

College London



statements

Opinion













Cash Flows and related notes, and the Statement of Principal





• 









• 

UK accounting standards, including FRS102, The

Financial Reporting Standard applicable in the UK and

Republic of IrelandStatement of

Recommended Practice – Accounting for Further and

Higher Education; and

• meet the requirements of the Accounts Direction dated



Basis for opinion

We conducted our audit in accordance with International







of the Group in accordance with, UK ethical requirements







Going concern



that the use of the going concern basis of accounting is











Other information

The Council is responsible for the other information, which























Council responsibilities











free from material misstatement, whether due to fraud or



continue as a going concern, disclosing, as applicable, matters

related to going concern; and using the going concern basis of

accounting unless it either intends to liquidate the Group or





Auditor’s responsibilities





material misstatement, whether due to fraud or error, and to









can arise from fraud or error and are considered material













requirements

We are required to report on the following matters under



Page 

INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL OF KING’S COLLEGE LONDON

of Practice issued under the Further and Higher Education





• 







• income has been applied in accordance with the



• 



and conditions attached to them; and

• 

accordance with the Memorandum of Assurance and







whom we owe our responsibilities







Council those matters we are required to state to them in an



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



Fleur Nieboer



Chartered Accountants

15 Canada Square

London

E14 5GL





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









Statement of

principal accounting

policies









conditions is deferred on the balance sheet and released to

















until such time as it is used in line with the restrictions, at









restricted or unrestricted income according to the terms of the







This allows the spending of permanent endowment











Donations with no restrictions are recorded in the





Donations and endowments with restrictions are









• 



• unrestricted permanent endowments – the donor has





• restricted expendable endowments – the donor has







• restricted permanent endowments – the donor has





Capital grants are recorded in income when the





STATEMENT OF PRINCIPAL ACCOUNTING POLICIES

Page 20

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES





























compensated absences are recognised as an expense in the































lease term so as to produce a constant periodic rate of interest













Transactions denominated in foreign currencies are translated





in foreign currencies at the balance sheet date are retranslated









are dealt with in the determination of income and expenditure











Costs incurred in relation to land and buildings after

initial purchase or construction are capitalised to the





Freehold land is not depreciated, as it is considered











No depreciation is charged on assets in the course



Equipment, including computers and software, costing







Capitalised equipment is stated at cost and depreciated





























In so far as heritage assets are used as operational assets,





















Descriptions of the principal heritage assets held are set



Page 21

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES





income or capital appreciation rather than for use in























































within the meaning of Paragraph 1 of Schedule 6 to the



exempt from taxation in respect of income or capital gains





of Chargeable Gains Act 1992, to the extent that such income































to settle the obligation and a reliable estimate can be made of















Page 22





For the year ended 31 July 2018

Consolidated University

Note

2017–18

£000

2016–17

£000

2017–18

£000

2016–17

£000

Income

Tuition fees and education contracts

 299,916  299,916



 122,996  122,996

Research grants and contracts

   

Other income

   133,329



6,190 6,330  

Total income before donations and endowments    

Donations and endowments

   23,127

Total income

   

Expenditure



   

Other operating expenses    272,232

Depreciation

   



17,129  17,129 

Total expenditure

   

Surplus before other gains and losses    



   



 –  –

Surplus before tax 23,997  23,997 

Taxation

– – – –

Surplus for the year

23,997  23,997 

Actuarial loss in respect of pension schemes

   

Total comprehensive income for the year

   

Represented by:



   



   



   

   





The notes on pages 26 to 42 form part of the nancial statements.

Page 23





For the year ended 31 July 2018

Consolidated Income and expenditure account

Endowment

£000

Restricted

£000

Unrestricted

£000

Total

£000

Balance at 1 August 2016

 10,617  

    

 – –  

 –   –

Total comprehensive income for the year

   

Balance at 1 August 2017

   

    23,997

 – –  



–   –

Total comprehensive income for the year

   

Balance at 31 July 2018

  707,700 

University Income and expenditure account

Endowment

£000

Restricted

£000

Unrestricted

£000

Total

£000

Balance at 1 August 2016

 10,617  

    

 – –  

Total comprehensive income for the year

   

Balance at 1 August 2017

   926,220

    23,997

 – –  



–   –

Total comprehensive income for the year

   

Balance at 31 July 2018

  710,032 

The notes on pages 26 to 42 form part of the nancial statements.

Page 



Consolidated University

Note

2018

£000

2017

£000

2018

£000

2017

£000

Non-current assets

Tangible assets

1,029,939 972,137 1,031,920 



   



   

   

Current assets

Trade and other debtors

  101,063 



   

   

Less: Creditors: amounts falling due within one year

   

Net current assets

   

Total assets less current liabilities

  1,339,191 

Creditors: amounts falling due after more than one year

   

Provisions



   



   

Total net assets

   926,220

Restricted reserves



   



   

Unrestricted reserves



707,700  710,032 

Total reserves

   926,220



As at 31 July 2018



  

Chairman of Council President & Principal Treasurer

Page 

CONSOLIDATED STATEMENT OF CASH FLOWS

Consolidated Statement of Cash Flows

For the year ended 31 July 2018

Note

2017–18

£000

2016–17

£000

Cash ow from operating activities

 23,997 

Adjustment for non-cash items

Depreciation

 



 –



 

 3,917 

Increase in creditors  

  



 



 

Adjustment for investing or nancing activities



 



17,129 

Endowment income

 

Capital grant income  

Net cash inow from operating activities

66,001 

Cash ows from investing activities

  

Capital grants receipts  



6,190 6,330



 



301 



 



 

 

Cash ows from nancing activities

Interest paid  

  –

  



1,666 

  

  

 

Decrease in cash and cash equivalents in the year

 



 



 

Decrease in cash and cash equivalents in the year

 

The notes on pages 26 to 42 form part of the nancial statements.

Page 26

NOTES TO THE ACCOUNTS

Notes to the accounts

For the year ended 31 July 2018



Consolidated and University

2017–18

£000

2016–17

£000

  

  117,396

NHS contracted student fees 20,121 

  

Special and short course fees 20,039 

Research training support grants  

 299,916



Consolidated and University

2017–18

£000

2016–17

£000

 107,711 

  3,696

  



 122,996



Consolidated and University

2017–18

£000

2016–17

£000

Research Councils  

  –

  36,166

  

UK charitable bodies  

  26,717

  

Other  

 



Consolidated University

2017–18

£000

2016–17

£000

2017–18

£000

2016–17

£000

    

 7,173  7,173 

Residences, catering and conferences    

    

    

Research Councils studentship grants    

Other income    

   133,329

Page 27

NOTES TO THE ACCOUNTS

Notes to the accounts continued

For the year ended 31 July 2018



Consolidated University

2017–18

£000

2016–17

£000

2017–18

£000

2016–17

£000

Income on restricted permanent endowments (note 23) 3,003  3,003 

Income on restricted expendable endowments (note 23) 703  703 

 972 – 972 –

    

6,190 6,330  



Consolidated University

2017–18

£000

2016–17

£000

2017–18

£000

2016–17

£000

Capital grants 3,660  3,660 

New endowments (note 23) 1,666  1,666 

Donations with restrictions 7,622  7,622 

Unrestricted donations   12,622 

   23,127



Consolidated University

2017–18

£000

2016–17

£000

2017–18

£000

2016–17

£000



Wages and salaries    

 1,967 1,662 1,967 1,662

    

Other pensions costs (note 27)

   

    

 23,613   26,733



   





2017–18

Number

2016–17

Number



  3,736

 1,216 

Technical  

Clerical  

Other  

 

Page 

NOTES TO THE ACCOUNTS

Notes to the accounts continued

For the year ended 31 July 2018

(continued)



2017–18

Total number

2016–17

Total number

  31

 33 30

 27 20

 17 

 17 

 7 11

 12 9

 10 

 12 7

 6 7

 7 1

  6

  

 3 1

 2 2

 1 –

 1 1

 3 2

 – 1

 1 1

 – 2

 3 –

 1 –

 2 1

 – –

 2 –

 1 –

 – –

 – –

 – –

 – –

 1 1

 – –

 – –

 – –

 1 –

221 172





Page 29

NOTES TO THE ACCOUNTS

Notes to the accounts continued

For the year ended 31 July 2018

(continued)

2017–18

Number

2017–18

£000

2016–17

Number

2016–17

£000



11 2,110 9 









President & Principal’s pay statement









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

2017–18

£000

2016–17

£000



  

  12

Accommodation  

 

Pension scheme contributions 63 63

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







Page 30

Notes to the accounts continued

For the year ended 31 July 2018



Consolidated University

2017–18

£000

2016–17

£000

2017–18

£000

2016–17

£000

    

    

Finance leases    

Net charge on pension schemes  1,331  1,331

17,129  17,129 



Consolidated University

2017–18

£000

2016–17

£000

2017–18

£000

2016–17

£000

Academic departments  233,762  233,762

    

 7,173  7,173 

    

Research grants and contracts  163,909  163,909

Residences, catering and conferences    

Premises 120,723  120,723 

    

 17,692  17,692 

General education expenditure    

    

 31,336  31,336 

Pensions costs    

Other  11,912  

Total per Income and Expenditure Account

   



2017–18

£000

2016–17

£000



 69 

 9 

United States Department of Education – 27

  –



  16

  

Operating lease rentals

Land and buildings  

Other 273 207

NOTES TO THE ACCOUNTS













Page 31

Notes to the accounts continued

For the year ended 31 July 2018

NOTES TO THE ACCOUNTS



Consolidated and University

2017–18

£000

2016–17

£000



– –







Furniture Assets in

Land and buildings and Leased the course of Investment

Consolidated

Freehold Leasehold Plant equipment equipment construction property Total

£000 £000 £000 £000 £000 £000 £000 £000

Cost

At 1 August 2017     21,733   

Additions – – 102  –  – 

Transfers   2,101  –   

Disposals –    – – – 



  120,113 172,661 21,733  – 

Depreciation

At 1 August 2017      –  326,722

Transfers – – – – – –  

 6,329   23,013  – – 

Eliminated on disposals –    – – – 



   109,030  – – 366,976

Net book value



  77,602 63,631   – 1,029,939

At 1 August 2017

       972,137

Furniture Assets in

University

Land and buildings and Leased the course of Investment

Freehold Leasehold Plant equipment equipment construction property Total

£000 £000 £000 £000 £000 £000 £000 £000

Cost

At 1 August 2017     21,733   1,300,711

Additions – – – 13,921 –  – 

Transfers   2,101  –   

Disposals –    – – – 



  119,966  21,733 126,793 – 

Depreciation

At 1 August 2017      –  

Transfers – – – – – –  

 6,329     – – 

Eliminated on disposals –    – – – 



     – – 

Net book value



     126,793 – 1,031,920

At 1 August 2017

       

Page 32

Notes to the accounts continued

For the year ended 31 July 2018

NOTES TO THE ACCOUNTS



















Archives













Special collections





















Gordon Museum









King George III Collection



















(continued)







Page 33

Notes to the accounts continued

For the year ended 31 July 2018

NOTES TO THE ACCOUNTS



Consolidated and University

Investment

property

£000

Francis Crick

Institute

£000

Other

investments

£000

Total

2018

£000

Total

2017

£000

At 1 August 2017 – 39,200 936  

Additions  –   

  – –  –

   –  



    













Consolidated and University

2017–18

£000

2016–17

£000

  

Additions  

Disposals  

Appreciation  

Increase in cash balances  



 

  

Equities  

 26,713 



 

Fixed interest and equities at cost

 



Consolidated University

2018

£000

2017

£000

2018

£000

2017

£000

Trade debtors    

Other debtors    

Research grant debtors    

    

 9,797   11,303

 – –  

  101,063 

Page 

Notes to the accounts continued

For the year ended 31 July 2018

NOTES TO THE ACCOUNTS



Consolidated University

2018

£000

2017

£000

2018

£000

2017

£000

Trade creditors 31,013   

Deferred income 127,130   

Other creditors and accruals    

    

 12,919 11,791 12,633 

 – –  191



(note 19)

   

(note 19)    

   





Consolidated University

2018

£000

2017

£000

2018

£000

2017

£000

  70,363  70,363

Other income 39,967   

Donations    

Other deposits    

127,130   



Consolidated University

2018

£000

2017

£000

2018

£000

2017

£000

(note 19)  13,292  13,292



   

   

Loans (note 19)

   

    

    



   









Page 

Notes to the accounts continued

For the year ended 31 July 2018

NOTES TO THE ACCOUNTS



Consolidated and University

Obligation to fund decit on pension

USS SAUL Total

£000 £000 £000

At 1 August 2017 72,739  

  – 

  – 

Additional actuarial loss   2,029



 – 











Consolidated and University

Finance leases Loans

2018

£000

2017

£000

2018

£000

2017

£000





    



 3,696  

    



–   

(note 18)  13,292  

(note 17)    

   293,936

























Page 36

Notes to the accounts continued

For the year ended 31 July 2018



Consolidated and University

Capital

grants Studentships General

2018

Total

2017

Total

£000 £000 £000 £000 £000

At 1 August  – –  10,617

     

Capital grants utilised  – –  

Expenditure

–    

    



 – –  



Consolidated and University

Restricted permanent Restricted Restricted

Original

gift

Unapplied

total return

permanent

Total

expendable

Total

2018

Total

2017

Total

£000 £000 £000 £000 £000 £000

Capital at 1 August    30,002  

New donations and endowments  –  10 1,666 





– 17,396 17,396   

 – 3,003 3,003 703 3,706 

Expenditure –     



   31,623  



Capital      

Accumulated income  –    

   31,623  













NOTES TO THE ACCOUNTS



Consolidated and University

Leasehold dilapidations

£000

At 1 August 2017 

 –

 –











Page 37

Notes to the accounts continued

For the year ended 31 July 2018

NOTES TO THE ACCOUNTS

 (continued)

1 August 2017

Additions

and

transfers

Change in

market

value

Total

return

income Expenditure

31 July 2018

£000 £000 £000 £000 £000 £000

Funds with income under £100,000

      

 9,172 3 722 279  

    2,762  

  –    

Funds with income over £100,000

 17,691 – 1,399   

 9,121 – 739   9,921

 7,730 – 337   7,726

Lau China Institute Donation 6,903 –  211  

  –    6,221

  1,000    

  –    

Herbert Dunhill Chair of

Rehabilitation

 – 320   

  – 316 122  

Paediatric Research Unit Lectureship

Fund

 –  122  



Medicine

 – 311

120  

  – 297   3,992

  –  110  



Fund

 –  106  3,699

Arcadia Endowment 3,392 –  103  

Total return from capital gains – – 3,390  – –

 1,666  3,706  































Page 

Notes to the accounts continued

For the year ended 31 July 2018



Consolidated University

£000 £000

  

Surplus after depreciation of assets at cost and tax  

  



707,700 710,032





 717,390 719,371

  



 

  



707,700 710,032







Consolidated and University

2018

£000

2017

£000

  

  

 

NOTES TO THE ACCOUNTS



1 August 2017 Cash ows

Other

changes

31 July 2018

£000 £000 £000 £000



  – 







Total pensions costs for the university and its subsidiaries Consolidated University

2017–18

£000

2016–17

£000

2017–18

£000

2016–17

£000

Contributions to USS  33,676  33,676

Contributions to SAUL    

Contributions to NHSPS    

Contributions to other pension schemes 272 212 77 96

Total pensions costs (note 7)

   

Page 39

Notes to the accounts continued

For the year ended 31 July 2018

PENSIONS (continued)

Universities Superannuation Scheme (USS)



















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



















2018 2017

Discount rate  

  

  





2018 2017



 



females





 



females





 CMI_2016 with a smoothing parameter





females





NOTES TO THE ACCOUNTS



2018 2017

  

  

2018 2017

Scheme assets £63,600m £60,000m

Total scheme liabilities £72,000m 

  

  

Page 

Notes to the accounts continued

For the year ended 31 July 2018

NOTES TO THE ACCOUNTS

PENSIONS (continued)



• 





• 

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

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• 

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• 

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• 

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 £103,211m £173,710m

Superannuation Arrangements of the University of London (SAUL)



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

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Notes to the accounts continued

For the year ended 31 July 2018

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

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NOTES TO THE ACCOUNTS

PENSIONS (continued)



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







• 

• 



• 

• 

• 

National Health Service Pension Scheme (NHSPS)







TRAINING SALARIES

Consolidated and University

2017–18

£000

2016–17

£000

 220 366

Funding Council and Department for Education grants  

Disbursed to students  



 220







Page 

NOTES TO THE ACCOUNTS

Notes to the accounts continued

For the year ended 31 July 2018





Consolidated and University

Land and

buildings

Other

leases

2018

Total

2017

Total

£000 £000 £000 £000



 273  



    

  326  

  163  



 763  