72 City of Glasgow College Annual Report & Accounts 2019-20
CITY OF GLASGOW COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
12 months ended 12 months ended
FOR THE 12 MONTHS ENDED 31 JULY 2020 31 July 2020 31 July 2019
£000 £000
23 RESERVES
General Reserves
Opening balance at 1 August 2019 1,957 11,943
(Deficit) on continuing operations after depreciation
of assets at valuation (4,720) (6,576)
Transfer from revaluation reserve 578 2,087
Actuarial (loss)/gain in pension scheme (13,582) (5,497)
At 31 July 2020 (15,767) 1,957
Represented by:
Income & Expenditure Reserve
Balance at 1 August 2019 8,787 10,552
(Deficit) on continuing operations after depreciation
of assets at valuation (4,720) (6,576)
Transfer from pension reserve 2,433 2,724
Transfer from revaluation reserve 578 2,087
At 31 July 2020 7,078 8,787
Pension Reserve
Balance at 1 August 2019 (6,830) 1,391
Current service cost (4,481) (4,605)
Curtailments - Employer
contributions 2,222 1,880
Net return on (liabilities)/assets (174) 1
Transfer (to) income & expenditure account (2,433) (2,724)
Actuarial (Loss)/Gain (13,581) (5,497)
At 31 July 2020 (22,844) (6,830)
Reconciliation
Income & Expenditure Reserve 7,078 8,787
Pension Reserve (22,844) (6,830)
At 31 July 2020 (15,766) 1,957