THE LINCOLN COLLEGE MICHAEL ZILKHA FUND FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 JULY 2020 INDEX Page 1-3 Trustees, Report 4-5 Independent Audltors, Report Slatemenl of FlnaKlal Activitles B81ance sheet 8-10 No165 to the Flnancial Statements Charity No. 1095113 THE LINCOLN COLLEGE MICHAELZILKHA FUND TRUSTEES,. REPORT FOR THE YEAR ENDED 31 JULY 2020 The Trustees submit their annual report and the audited financial statements for the year ended 31 July 2020. The Tru5tee5 have adopted the provisions accordance with Accounting and Reportlng by Charities.. Stalemenl of Recommended Practice applicable to charities preparlng their accounts In accordance with the Financial Reporting Standard applicable in the UK and R8publi¢ of Ireland (FRS 1021 In preparlng the annual report and financial 5t818ments of the charity. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered charity no. 1095113 Reglstered Office: Llncoln College Turl Street Oxford OX13DR Trustee8'. Prof. Henry WoudhLrysen Prof. Neil Barclay Prof. Stephen Gill Audllors.. CTitchleys Audlt LLP 23-38 Hylhe Bridg8 Street Oxford OX12EP Sollcllors.. Knlghts PLC Mldland House West Way Botley Oxford OX2 OPH STRUCTURE, GOVERNANCE AND MANAMGEMENT The charfty Is governed by a Declaratlon of Trust, dated 15 November 2002. Recrultment and appointmont of new Trustee8 One of th8 Trustees shall be the Rector of Lincoln College. Any new Trustees shall be chosen by virtue of their petsonal or professional quallflcation to make a contribution to the pursuit of Ihe objects of th6 charity and shall be appointed by a resolution of the existing Trustees. THE UNCOLN COLLEGE MICHAEL ZILKHA FUND, TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2020 OBJECTIVES AND ACTIVITIES The ob￿CtiVe of the charity is to support the eduCat￿n&[ andlor research actlvities of the Fellows of Lincoln College. Grant maklng pollcy The Fund only makes grants to the F811ows of Llncoln College to support their educational andlor research activities. Fellows should apply to the Trustees. Th8 Trustees meet regularly to consider grant appllcation8, Publlc beneflt The Trustees have complied wlh the duty within the Charltles Act 2011 to have due regard lo public benefrt guidanc& published by the Charity Commission. ACHIEVEPIiENTS AND PERFORNIANCE The charlty18 grateful to Mlchael Zllkha for the don8tlon8 that have beén recelved by the charfty In the past, These amounts hava been invested to generate income which is being us6d to make grants lo Fellow6 in accordance with theoblectlve of the Fund. Durlng the year net grants latslllng £28,301 were made to 16 fellow8 of the College. FINANCIAL REVIEW InvKtmont pollcy The Investments are pool8d wlth the investments of Llncoln College. Expondable andowment There are no SPOGific restncllons on spending eapilal but the intenllon Is for expenditure to b8 reslricled lo a set percentage of the capltal sum lin 2019-20 this percentage was fixed at 3%). Any amounts not expended will be added to the Fund. The Fund is therefore treated as an expendable 8ndowment. R•8erve8 polley AS noted abov8 the Fund consists solety of an expendable endowment. There are therefore no free reseNes. The TTustses consider rf( approprfate not to have any free reserves 88 the endowmenl is expendable. If ther8 is shortfall in investment income In any particular year, capital can be expended lo cover the expenditur&. THE LINCOLN COLLEGE MICHAELZILKHA FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2020 (CONTINUED) Statement of Trustees, Respon61bilities The Trustees are r8sponslble for preparing the Trustees, Report and financial statements in accordance with applicable law and Unlted Kingdom Generally AGGepted Accountlng Practice (United ￿ngdoM Generally Accepted Accounllng Praclicel. The law applicable to charitles in England & Wales requires the trustees lo prepare finanGlal statements for each financial year which give a true and fair view of the state and affairs of the charity and of the incoming resources and application of rèsources of the charity for that perfod. In prepadng these financial statements, tha trustees are ￿queSted to,. S818Ct suitable accounting poliGies and then applled them consistently,, observe the methods and principles In the charities SORP., made judgements and estimates th8t are reasonable and prudenL stated whether applicable accountlng standards have been followed, subfvt lo any materlal dep8rtures disclosed and explained in the flnanoial statements., 8nd prepare the financial statements on the going concern k)88ls unless It is inapproprlate to prèsume that the charlty wlll conllnue In buslne88. The truste85 are regponslble for keeping proper accounting records that d18clo¥e wlth re8sonable accuraGy al any time the flnancial poslticn of the charlty and which enable them to 8nsure that thè financlal statements comply with the Charltles AGI 2011, the Charlly (Accounts and Reports) Regulations 2008 and the provi8lons of the Tru81 Deed. They are also responslble for safeguard1ng the assets of the charlty and h8nce for taklng reasonable steps for the prevention and detecllon of fraud and other Irregularltles. Th18 report wag 8pproved by the Trustees on 14 December 2020 Prof. Henry Woudhuysen ITru$lee} INDEPENDENT AUD￿OR,5 REPORT TO THE TRUSTEES OF THE LINCOLN COLLEGE MICHAEL ZILKHA FUND Opinion We have audited the financial statements of Lincoln College mic￿1 Zilkha Fund (the Charity) for th8 year ended 31 July 2020 which comprise the Statement of Firsancial Actrvilies, the Balance Sheet and note5 to the financial statements, including a summary of significant accounting wli¢ies. The financial reporting framework that has been applied in their preparation appficable law and United Kingdom Accounting Standards, including Financial Reporting Sland8rd 102- The Financtai ReForting Standard applicable in the UK and Republic of Ireland (United Kingdom Generalty Accepted A¢countiryJ Practice). In our oplnion, the financial statements-. give a true and fair view of the stale of the Charity's affairs as at 31 Juty 2020 and of its income and expenditure for the year then ended.. have been property prepared in acccrfdance with Unlted Kingdom Generally Awted Accounting Practice., have been prepared in a￿ordan￿ with the requirements of the Charitles Act 2011. Basls of oplnlon We conducled our audll in accordarKe w¢th Intemational Slandards on AudI￿ng (UK) IISA8 (UK)) and applicable law. Our Trsponsibililies under those standards are further described in the Auditor's responsibilities for the audit of the financial statements seCt￿n of our report. We are independent of the Charity in 8¢cordanc& with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'3 Ethicd Standard and we hav& fvlfilled cyjr other ethical responsibilities in accord8nce wllh these requirements. We believe that the audit evidènce we have obtained is sufficient and appropriate lo provide basis for our opinlon. Conclu81ons relatlng to golng ¢on¢em We have nothing lo report In respect of the followlng mattets Sn rdauon to vthich the ISAS IUKI requlre us to report to you where.. the trustees, use of the going concem basis of accounliNJ in the yeparatlon of the financlal statement6 Is not appropriate.. or the trustees have not dlsclosed. in the financial stateff*nts any tdentifted materlal uncertainties that may cast stgnificant doubt about the Charity's ability to continue to adopt the going concem basis of accounting for a period of at ￿t twdve monlhs from the date when the financial statements are authorised for issue Other Inforniation The trustees are responsib￿ for th& other Infomiation. The other informatknn comprises the information induded In the annual report other than the financial statements and our auditor's report thereon. Our opinlon on the financial statements does nol cover the other info￿81￿]n and, except lo the extent otherwise explScltly staled in our report, we do not express any form of 8SSUfanee conclusion thereon. In connection with our audit of the financial statements. our re8ponsibility is to read the other Informa￿On and, in doing so. consider whether the other infomation Is materially inconsistent with the finanGial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misststements. we are required to determine whether there is a material misslatemenl in Ihe financial statements or a material mis5tatemenl of the other information. If, based on the work we have performed. we condude that there 15 a material misstslement of this other information, we are required to report that fact. We have nothing to report in this regard. INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LINCOLN COLLEGE AIICHAEL ZILKHA FUND {continuedl Matters on which we are required to rgport by exception We have nothing to report in respect of the follovAng matteTS where the Charltles Act 2011 ￿qUIr￿ us lo rèport to YDU if. in our opinion.. sufficient 8ccounling records have not been kept.. or the financial statements are not in agreement the xcounting records and retums., or we have not received all the Information and expkinations we require for our audit. Responsibilitles Ot tho trnstses As explained more fully in the trustees, Rsponsibilities stakment Isel out on page 31, the tnjstees are responslble for the preparation of the finanGial statements and for being sati%fied that they give a true and fair vlew, and for such internal control as they detemiine is necessary .to enable the preparation of financlal statements that a￿ free from maleroal m155tatemen( whethw due to fraud or 8rror. In preparing the financlal statements, the tnjstees are responslble for assessing the Charity's ability lo contsnue a5 a going concern. disclosing, as applicable, matters related to going concem and using the going conGem basis of accounting unless the trustees either intend to IB4uidale the Charity or to cease operations, or have no realistic alternalive but to do so. Audltorf8 rnspon85bllltle8 for th• audlt ol tha financlal statementg Our objectives are lo oblaln reasonable assurance about whether the financial statements as a whole are free from materfal misstatement, whether due to fraud or error. and to issue an auditor's report that includes our oplnion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordar￿e with ISAS (UK) will always detect a material misststement when it exlsts. Misstatements can ar¢ge from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expected to influence the economlc decIs￿5 of users laken on thè basls of these financlal statements. A further d68cdptlon of our responsibllitie8 for the audlt of the financial statements is located on the Financtal Reporting Councll's website at: www.frc.org.uklauditorsresponsibilitle8. Thls description forms part of our audito¢8 r•port. U8e of our report This report is made solely to the Charfty's trustees, as a body, in awordance with sectlon 146 of the Charfties Act 2011 and the regulations made under section 154 of that Act. Our audil work has been undertaken so that we M￿h1 slate lo the Charity's trustees those matters we are Tequired to slate to them In an audilols report and for no other purpose. To the fullest extent pemirtted by law. we do not accept or assume resF4)nslbility to anyone other than the Ch8rity'S trustees as a LKxly. for our audit work. for this report, or for the oplnkns we hav8 formed. Critchleys Audit LLP Statutory Auditor Be8ver House 23-38 Hythe Bridge Street Oxford OX12EP 5 January 2021 Crilchleys Audit LLP is el1g1t￿e to act as an auditor in teTm5 of section 1212 of the Companies Act 2006. THE UNCOLN COLLEGE fyIICHAEL ZILKHA FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2020 Endowment Funds Total 2020 Total 2019 Nots Income and Pndov￿nents from Investm8nts Totsl Income Expendfture on Raising funds- investment management costs Charitable activities 10,859 10,859 29 7,336 Total expendfture 424 Net Ilossesygains on investments Net income 140,855) (40,8551 69,589 Total funds brought foTward 1 746 655 1677 066 Tt)tsl funds carried forward 2019 fvnds all relate to er)dowment fijnds THE LINCOLN COLLEGE MICHAEL ZILKHA FUND BALANCE SHEET AS AT 31 JULY 2020 Note 2020 2019 Flxed assgts Investments 1.710,839 1,747,724 Current assets Cash at bank and in hand 11 Creditors: amounts falllng due within one year Net current (Ilabllltles) Net assets The funds ofthe charlty: Endawmenl funds The financial statements on pages 6 to 10 were approved and authorised for issue by the Irustees on 14 December 2020 and signed on their behalf by.. . Prof. Henry WoudhLrysen {Trustee) THE LINCOLN COLLEGE MICHAEL ZILKHA FUND NOTES TO THE'FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 ACCOUNTING POLICIES General Informatlon Lincoln College Michael Zilkha Fund meets the definition of a public benefit entity under FRS 102. It Is an unincorporated enllty with ils registered office at Lineoln College, Turl Street, Oxford OX130R. bl Bas18 of preparation The financial 8talements have been prepared In accordance wllh Accountlng and R8porting by Charities: Stslement of Recommended Practice applicable to chadt185 preparing their 8ccounts in accordanc8 Wlth the Flnancial Reporting Standard appllcab18 in th8 UK and Republic of Ireland IFRS 102}- (Charities SORP (FRS 102>1, the Flnancial Raporting Standard applicable In the UK and Republlc ol Ireland (FRS 102) and the Charitles Act 2011. Investments Investments are pooled wllh LIn￿￿n Colleg&, The charlty racelves the benefll of any Investment gains and these are reflected in the balanc8 sheet of the charfty. The change In rnarket value is also refiecled In the Statement of Financlal Aclivlties. d) Investment Income The charity recelves Its shgre of the total Investrnent income received by Llncoln College by vlrtue of the ralevanl slzes of the funds. Grnnts payabl• Grants are included In the Statement of Financlal Activi1188 when they are paid, wllh accrual b&lng mad8 at the year-end for any amounts awarded before the year-end that It has been agreed will bè paSd after the year-end. Expendabl• endowment The funds of the charity are represented by an expendable endowment. It is the intention that up lo 3Yo of the capital be expended In each year with any surplus being added to the value of the Fund. gl Donatlons Donations are recorded in the Statement of Flnanclal Activities when il 15 received. THE LINCOLN COLLEGE MIGHAELZILKHA FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 ICONTINUEDI INGOME FROThq INVESTMENTS 2020 2019 Share of Investment Incom8 re￿iVed from Lincoln College CHARITABLE ACTIVITIES 2020 2019 Grants lo Fellow8 of Lincoln College (gross) 32,262 38,472 Sum8 refunded by Fellows of Llncoln College as un8p&nt 28,301 35,293 Grants to Fellow5 Of Llncoln College Ineti GovernanGe Gosts (note 41 20 These are classified as granls to In81ilullons. 1712019.. 26) grants were made to 16 Fellow812019.' 22 Fellows) GOVERNANCE COSTS 20ZO 2019 AudltOTS' remuneratlon No Trustee recelved any remuneTatlon or relmbursement of expenses from the charfty. Thé 2019 audilor8' r8muneralion was settled by Lincoln College. FIXED ASSET INVESTMENTS 2020 2019 At 1 August 2019 Revaluation Ilossesllgains Net lexpendilurel retained 1,747,724 126,2201 1,678,135 76,822 At 31 July 2020 The investments represent PODled investments wlth Llncoln College. 10 THE LINCOLN COLLEGE MICHAEL ZILKHA FUND INOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 (CONTINUED) CREDrroRS: APAOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Grants payable Accruals 3,880 RELATED PARTIE8 Lincoln College, Oxford is a related paty by vlrtue of the oblects of the Trust and Llncoln College'8 abllity to control the Trustees of the Trust. Lincoln College, Oxlord Icharlty number 1139261)18 an Oxford University College and produces consolldated financial 81atemenls.