76 City of Glasgow College Annual Report & Accounts 2020-21
CITY OF GLASGOW COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
12 months ended 12 months ended
FOR THE 12 MONTHS ENDED 31 JULY 2021 31 July 2021 31 July 2020
£000 £000
22 RESERVES
General Reserves
Opening balance at 1 August 2020 (15,766) 1,957
(Deficit) on continuing operations after depreciation
of assets at valuation (4,145) (4,720)
Transfer from revaluation reserve 578 578
Actuarial (loss)/gain in pension scheme 12,333 (13,581)
At 31 July 2021 (7,000) (15,766)
Represented by:
Income & Expenditure Reserve
Balance at 1 August 2020 7,078 8,787
(Deficit) on continuing operations after depreciation
of assets at valuation (4,145) (4,720)
Transfer from pension reserve 4,697 2,433
Transfer from revaluation reserve 578 578
At 31 July 2021 8,208 7,078
Pension Reserve
Balance at 1 August 2020 (22,844) (6,830)
Current service cost (6,724) (4,481)
Curtailments - Employer
contributions 2,377 2,222
Net return on (liabilities)/assets (350) (174)
Transfer (to) income & expenditure account (4,697) (2,433)
Actuarial (Loss)/Gain 12,333 (13,581)
At 31 July 2021 (15,208) (22,844)
Reconciliation
Income & Expenditure Reserve 8,208 7,078
Pension Reserve (15,208) (22,844)
At 31 July 2021 (7,000) (15,766)