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2020-07-31-accounts

Governing Body, Officers and Advisers 2-4
Report ofthe Governing Body 5-13
Statement ofAccounting and Reporting Responsibilities 14
Auditor’s Report 15-16
Statement ofAccounting Policies 17-20
Consolidated Statement of Financial Activities 21
Consolidated and College Balance Sheets 22
Consolidated Statement ofCash Flows 23
Notes to the Financial Statements 24-40

(1) (2) (3) (4) (5) (6) (7) (8) (9)
ProfessorSirN.Shadbolt . . . •* •*
Professor KM. Kohl Research leave 2019/20
Professor P.O. Daley . .
Professor M. Brouard
DrD.N.Barron .
Professor A.S. Dancer .
Dr S.C. White •
ProfessorA.J. D’Angour
Professor P. Clavin
Professor P. Kewes
Professor S. Srinivas .
Professor J. Tilley .
Professor C. Warman
Dr S. Aspden
Professor C. Taylor •
Dr J. Magorrian Coverfor MT19 & HT2O
Professor M. E. Turner Research leave HT & TT2O
Dr J. Oliver
DrA. Lumbers • • • • • •
DrP.Esd .
Professor E. Anderson
Dr R. Grenyer
Professor C. Hollãnder
Dr A. Gajda
DrS. Douglas •
Professor P. Riley
Professor Y. Chen
Mr P. Coffin • •
Mr R. Baumann . • •
Dr R. Evans
Dr S. Morris •
DrM. John .
Mrs R. Creen
Professor K. Vincent Sabbatical MT19 & HT2O
Mr D. Stevenson • • •
Professor L. Enriques
Professor T. Coulson
Professor R. Pierrehumbert
Professor S. Dercon
MrS.Woodward • • • • • • •* •*

the investment pe rformance wa s as follows: s as follows:
Value at
118119		 additions I
.
(disposals)		 Change
in value		 Value at
31I7/20		 Income
in year		 Total return
A B C D E 2019120 2018119
£‘OOO £‘OOO £‘OOO £‘OOO £‘OOO % %
Agricultural 35,589 - 2,065 3,158 36,682 478 10.5% 8.2%
Commercial
and residential		 17,530 - - 3203 14327 1,154 -11.7% -10.9%
Equities,
bonds & cash		 143,275 843 - 3607 140,511 1,113 -1.7% 5.1%
Total 196,394 - 1,222 - 3,652 191,520 2,745 -0.5% 0.8%

e, in equal annual instalments over their expected u
seful ec
onomic lives as follows:
Freehold properties, including majorextensions 15 - 50 years
Leasehold properties, including land 25 - 50 years or period oflease if lower
Building improvements 10 - 25 years
Equipment 5 - 15 years
Plant and machinery 10 -20 years

Unrestricted Restricted Endowed 2019/20 2018/19
Funds Funds Funds Total Total
Notes £000 £000 £000 £‘OOO £000
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential 5,028 5,028 5,999
Publicworship 2 2 2
Heritage
Othertrading income 3 225 225 420
Donations and legacies 2 427 350 232 1,009 15,191
Investments
Investment income 4 600 2 2,233 2,835 3,867
Total return allocated to income 13 5,377 857 (6,234)
Other income
- Furlough scheme		 307 307
Total income 11,966 1,209 (3,769) 9,406 25,479
EXPENDITURE ON:
Charitable activities: 5
Teaching, research and residential:
College 7,981 1,149 9,130 10,863
Northgate Project (251) (251) 3,348
Publicworship 43 43 58
Generating funds: 5
Fundraising 536 536 801
Trading expenditure 268 - - 268 378
Investment management costs 1,847 - 586 2,433 2,482
Total expenditure 10,423 1,149 586 12,159 17,930
Net income/(deficit) before investment gains 1,543 60 (4,355) (2,753) 7,548
Netgains/(losses) on investments: 10, 11
Northgate House - - - - (6,000)
Other investments 3,148 - (6,810) (3,662) 4,323
3,148 - (6,810) (3,662) (1,677)
Net income/(deficit) 4,691 60 (11,165) (6,415) 5,872
Transfers between funds 17 (959) - 959 - (0)
Net movement in funds forthe year 3,732 60 (10,206) (6,415) 5,872
Fund balances brought forward 17 26,947 14,756 175,855 217,559 211,687
Funds carried forward at 31 July 30,679 14,816 165,649 211,144 217,559

Jesus College
Consolidated and College Balance Sheets
As at 31 July2020
2019/20 2018/19 2019/20 2018/19
Group Group College College
Notes £‘OOO £000 £‘OOO £000
FIXED ASSETS
Tangible assets 9 38,271 30,753 37,388 30,753
Property investments 10 51,574 53,695 51,574 53,695
Other investments 11 140,511 143,275 140,511 143,275
Total fixed assets 230,356 227,723 229,473 227,723
CURRENTASSETS
Stocks 156 136 156 136
Debtors 14 5,800 8,934 6,829 9,726
Investments 24 16,567 22,976 16,567 22,976
Cash at bank and in hand 24 1,760 1,958 1,695 1,588
Total currentassets 24,283 34,004 25,247 34,426
LIABILITIES
Creditors: Amounts falling due within one year 15 3,930 3,203 4,011 3,625
NETCURRENTASSETS 20,353 30,801 21,236 30,801
TOTAL ASSETS LESS CURRENT LIABILITIES 250,709 258,524 250,709 258,524
CREDITORS: falling due aftermore than one year 16 37,502 38,516 37,502 38,516
NETASSETS BEFORE PENSION LIABILITY 213,207 220,008 213,207 220,008
Defined benefit pension scheme liability 21 2,063 2,449 2,063 2,449
NETASSETS 211,144 217,559 211,144 217,559
FUNDS OF THE COLLEGE
Endowmentfunds 17 165,649 175,855 165,649 175,855
Restricted funds 17 14,816 14,756 14,816 14,756
Unrestricted funds
Designated funds 17 10,030 10,413 10,030 10,413
General funds 17 22,712 18,984 22,712 18,984
Pension reserve 21 (2,063) (2,449) (2,063) (2,449)
211,144 217,559 211,144 217,559

Jesus College
Consolidated Statement of Cash Flows
Forthe yearended 31 July2020
2019/20 2018/19
Notes £‘OOO £000
Net cash used in operating activities 23 (1,466) (476)
Cash flows from investing activities
Dividends, interest and rents from investments 2,835 3,272
Purchase of property, plant and equipment (7,511) (2,212)
Proceeds from sale of investments 3,007 1,533
Purchase of investments (1,522) (1,963)
Netwithdrawals from current asset investments 6,409 2,804
Net cash provided by investing activities 3,218 3,434
Cash flows from financing activities
Repayments of borrowing (959) (910)
Finance costs paid (1,458) (1,606)
Receipt ofendowment donations 232 954
Net cash used in financing activities (2,185) (1,562)
Change in cash and cash equivalents in the reporting
year (433) 1,396
Cash and cash equivalents atthe beginning ofthe
reporting year 1,958 562
Cash and cash equivalents atthe end ofthe reporting
year 24 1,760 1,958
Movement on net debt 2019/20 2018/19
£‘OOO £000
Net debt at the beginning ofthe reporting year 14,541 14,039
Repayment ofborrowings (959) (910)
Change in unamortised debt issue costs 4 4
Netwithdrawalsfrom currentasset investments 6,409 2,804
Change in cash and cash equivalents 433 (1,396)
Net debt atthe end ofthe reporting year 20,428 14,541

INCOME FROM CHARITABLE ACTIVITIES
2019120 2018/19
Teaching, Research and Residential £000 £000
Unrestricted funds
Tuition fees
- UK and EU students		 1,521 1,487
Tuition fees
- Overseas students		 868 871
Othersupport - Office for Students 198 197
Otheracademic income 322 242
College residential income 2,119 3,202
Total teaching, research and residential 5,028 5,999
Total publicworship 2 2
Total income from charitable activities 5,030 6,001
DONATIONS AND LEGACIES
2019I20 2018/19
£000 £000
Donationsand Legacies
Unrestricted funds 427 600
Restricted funds 350 13,585
Endowed funds 232 1,006
1,009 15,191
INCOME FROM OTHER TRADING ACTIVITIES
2019120 2018/19
£‘OOO £000
Subsidiary companies’ trading income 221 416
Other trading income 4 4
225 420
INVESTMENT INCOME
2019I20 2018/19
£000 £000
Unrestrictedfunds
Agricultural rent 478 544
Other property income 24 28
Interest on fixed term deposits and cash 90 444
Bank interest 8 1
600 1,017
Restricted funds
Intereston fixed term deposits and cash 2 8
2 8
Endowedfunds
Commercial rent 1,081 1,590
Other property income 49 53
Equitydividends 1,103 1,199
2,233 2,842
Total Investment income 2,835 3,867

ANALYSIS OF EXPENDITURE
2019120 2018/19
£000 £000
Charitable expenditure
Direct staffcosts allocated to:
Teaching, research and residential 4,201 3,975
Movement in pension deficit liability - see Note 8 (323) 902
Public worship 32 37
Otherdirectcosts allocated to:
Northgate Project expenditure (251) 3,348
Otherteaching, research and residential 3,286 3,748
Public worship 11 21
Support and governancecosts allocated to:
Teaching, research and residential 2,015 2,100
Movement in pension deficit liability - see Note 8 (49) 138
Total charitable expenditure 8,922 14,269
Expenditure on raising funds
Direct staff costs allocated to:
Fundraising 281 320
Movement in pension deficit liability - see Note 8 (51) 141
Trading expenditure 85 135
Investment management costs 150 198
Other direct costs allocated to:
Fundraising 234 274
Trading expenditure 179 164
Investment management costs 848 731
Support and governancecosts allocated to:
Fundraising 72 66
Trading expenditure 4 79
Investment management costs 1,435 1,553
Total expenditure on raising funds 3,237 3,661
Total expenditure 12,159 17,930

ANALYSIS OF SUPPORT AND GOVERNANCE COS TS
Teaching
Generating and Public 2019120
Funds Research Worship Total
£000 £000 £000 £000
Financial administration 40 266 - 306
Domestic administration 10 252 - 262
Human resources 25 250 - 275
IT 22 285 - 307
Depreciation - 841 - 841
Bank interest payable 808 3 - 811
Otherfinance charges 600 47 - 647
Governance costs 6 22 - 28
1,511 1,966 - 3,477
Teaching
Generating and Public 2018/19
Funds Research Worship Total
£000 £000 £000 £000
Financial administration 40 337 - 377
Domestic administration 85 242 - 327
Human resources 22 247 - 269
IT 20 268 - 288
Depreciation - 920 - 920
Bank interest payable 859 10 - 869
Otherfinance charges 667 190 - 857
Governance costs 5 24 - 29
1,698 2,238 - 3,936
2019120 2018/19
£000 £000
Governance costs comprise:
Auditor’s remuneration - audit services 29 27
Auditor’s remuneration - other services - 2
Othergovernance costs
29 29

2019120 2018/19
Unrestricted funds £‘OOO £000
Grants to individuals:
Scholarships, prizes and grants 249 232
Bursaries and hardship awards 15 79
Total unrestricted 264 311
Restricted funds
Grants to individuals:
Scholarships, prizes and grants 270 304
Bursaries and hardship awards 235 177
Total restricted 505 481
Total grants and awards 769 792
STAFF COSTS
2019120 2018/19
The aggregate staffcosts for the yearwere as follows: £000 £000
Salaries and wages 4,387 4,366
Social security costs 403 405
Pension costs
Defined benefit and defined contribution schemes 702 690
Subtotal 5,492 5,461
Movement in pension deficit liability (423) 1,181
5,069 6,642
The average number ofemployees ofthe College, excluding Trustees,
on a full time equivalent basis was as follows: 2019i20 2018/19
Tuition and research 18 19
College residential 54 50
Public worship 1 1
Fundraising 5 6
Support 17 15
Total 95 91

The average number ofemployed College Trustees during the yearwas as follows:
Tutorial Fellows 33 33
Otherteaching and research 11 11
College Officers and others 8 9
Total 52 53

TANGIBLE FIXED ASSETS
Group and College Assets Freehold Leasehold Plant and Fixtures,
under land and land and machinery fittings and
construction buildings buildings equipment Total
£000 £000 £000 £000 £000 £000
Cost
Atstartofyear 21,100 14,527 6,418 3,102 562 45,709
Additions 8,186 172 - - - 8,358
Disposals
At end ofyear 29,286 14,699 6,418 3,102 562 54,067
Depreciation and impairment
At start ofyear - 10,718 2,227 1,489 522 14,956
Depreciation charge forthe year - 443 138 239 20 840
Depreciation on disposals - - - - -
At end ofyear - 11,161 2,365 1,728 542 15,796
Net bookvalue
At end ofyear 29,286 3,538 4,053 1,374 20 38,271
Atstartofyear 21,100 3,809 4,191 1,613 40 30,753

Group and College 2020
Agricultural Commercial Other Total
£000 £000 £000 £000
Valuation at start ofyear 35,589 17,530 576 53,695
Additions and improvements atcost 35 - - 35
Disposals (2,100) - - (2,100)
Revaluation gains/(losses) in the year 3,158 (3,203) (11) (56)
Valuation at end ofyear 36,682 14,327 565 51,574
Group and College 2019
Agricultural Commercial Other Total
£000 £000 £000 £000
Valuation atstart ofyear 34,068 46,430 597 81,095
Additions and improvements at cost 33 - - 33
Disposals (702) - - (702)
Revaluation gains/(losses) in the year:
Northgate House - (6,000) - (6,000)
Otherproperties 2,190 (3,700) (21) (1,531)
Transferto assets in thecourse ofconstruction - (19,200) - (19,200)
Valuation at end ofyear 35,589 17,530 576 53,695

All investments are held at fairvalue.
2020 2019
£‘OOO £000
Group and College investments
Valuation at start of year 143,275 136,322
New money invested 1,487 1,930
Amounts withdrawn (644) (758)
(Decrease) I Increase in value of investments (3,607) 5,781
Group and College investments at end ofyear 140,511 143,275
Held outside Held in 2020 Held outside Held in 2,019
the UK the UK Total the UK the UK Total
£000 £000 £000 £000 £000 £000
Equity investments 105,862 24,718 130,580 98,059 38,670 136,729
Propertyfunds - 1,227 1,227 - 1,292 1,292
Alternative and other investments 3,979 - 3,979 3,643 - 3,643
Fixed term deposits and cash - 4,725 4,725 - 1,611 1,611
Total group and College investments 109,841 30,670 140,511 101,702 41,573 143,275

Parent Jesus JC Develop- Parent Jesus JC Develop-
College Accommod- ments College Accommod- ments
ation Ltd (Oxford) Ltd ation Ltd (Oxford) Ltd
£000 £000 £000 £000 £000 £000
Income 9,406 224 6,954 25,059 418 3,617
Expenditure (12,242) (218) (6,877) (17,610) (378) (3,558)
Donation to College undergift aid 83 (6) (77) 99 (40) (59)
Net (loss) / income before investment gains (2,753) - - 7,548 - -
Total assets 254,720 57 2,156 262,149 244 1,037
Total liabilities (43,576) (57) (2,156) (44,590) (244) (1,037)
Netfundsattheendofyear 211,144 - - 217,559 - -

end values of the relevant investments for the last 5 years. T
value atAugust 2009 plus all subsequent endowments valued
Comparativesare provided in Note 31b.		 he preserved value of the invested
atthe date ofthe gift.		 he preserved value of the invested
atthe date ofthe gift.		 endowme nt capital repres ents its fair
Permanent Endowment Expendable Total
Trust for Unapplied Endowment
Investment Total Return Total
£000 £000 £000 £000 £000
At the beginning ofthe year:
Trust for Investment 87,778 - 87,778 - 87,778
Unapplied total return - 64,137 64,137 - 64,137
Expendable endowment - - - 23,940 23,940
Total endowments 87,778 64,137 151,915 23,940 175,855
Movements in the reporting period:
Giftofendowmentfunds 55 - 55 177 232
Investment return: total investment income - 1,929 1,929 304 2,233
Investment return: realised and unrealised gains and losses - (5,876> (5,876) (934) (6,810)
Less: Investment management costs - (507) (507) (79) (586)
Othertransfers - - - 959 959
Total 55 (4,454) (4,399) 427 (3,972)
Unapplied total return allocated to income in the period - (5,377) (5,377) (857) (6,234)
Net movements in reporting period 55 (9,831) (9,776) (430) (10,206)
At end ofthe reporting period:
Trust for Investment 87,833 - 87,833 - 87,833
Unapplied total return - 54,306 54,306 - 54,306
Expendable endowment - - - 23,510 23,510
Total endowments 87,833 54,306 142,139 23,510 165,649

DEBTORS
2020 2019 2020 2019
Group Group College College
£‘OOO £000 £000 £000
Amounts falling due within one year:
Trade debtors 430 239 420 230
Amounts owed by College members 36 156 36 156
Amounts owed by Group undertakings - - 1,000 932
Prepayments 162 228 162 176
Accrued income 4,988 5,137 5,027 5,058
Otherdebtors 184 120 184 120
Amounts falling due after more than one year:
Accrued income - 3,054 - 3,054
5,800 8,934 6,829 9,726

CREDITORS: falling duewithin one year
2020 2019 2020 2019
Group Group College College
£000 £000 £‘OOO £000
Bank loan 1,018 959 1,018 959
Trade creditors 309 616 291 368
Amounts owed to College members 287 176 287 176
Amounts owed to Group undertakings - - 1,050 771
Taxation and social security 216 325 210 306
College contribution 144 - 144
Expenditure accruals 1,642 553 699 507
Deferred income 166 271 167 244
Othercreditors 292 159 289 150
3,930 3,203 4,011 3,625
CREDITORS: falling due aftermore than one year
2020 2019 2020 2019
Group Group College College
£000 £000 £000 £000
Bank loan
- unsecured		 12,604 13,622 12,604 13,622
Other loan
- unsecured		 24,898 24,894 24,898 24,894
37,502 38,516 37,502 38,516

17 ANALYSIS OF MOVEMENTS ON FUNDS At 1 August Incoming Resources Transfers Gains? At 31 July
2019 resources expended (losses) 2020
£000 £000 £000 £000 £000 £‘OOO
ENDOWMENT FUNDS
- PERMANENT		 151,915 1,984 (507) (5,377) (5,876) 142,139
Bursary and hardship funds 1,550 23 (5) (56) (60) 1,452
Cultural sporting and travel funds:
P.W. Dodd Fund 861 12 (3) (31) (33) 806
Othercultural sporting and travel 821 10 (2) (28) (31) 770
General purposes:
Old Estate in
Leoline Jenkins		 109,809 1,394 (366) (3,891) (4,251) 102,695
Meyricke Endowment 18,003 229 (60) (638) (697) 16,837
Othergeneral purposes 2,521 31 (7) (89) (98) 2,358
Building & infrastructure (A E Stevens) 4,131 52 (14) (146) (160) 3,863
Otherspecific endowments 163 - (5) (6) 153
Scholarships, prizes & awards funds 3,719 92 (11) (128) (140) 3,532
Teaching & research funds:
Zeitlyn 5,547 70 (18) (197) (215) 5,187
Otherteaching & research funds 4,790 70 (21) (168) (185) 4,486
ENDOWMENT FUNDS - EXPENDABLE 23,940 481 (79) (934) 0
Northgate House 4,149 53 (14) 812 (161) 4,839
College Pension Fund 1,762 22 (6) (62) (68) 1,648
John Walsh History Fellowship 1,677 24 (6) (59) (65) 1,571
W & M Elton Davies Fund 1,580 20 (5) (56) (61) 1,478
H Morag English Fellowship 1,411 18 (5) (50) (55) 1,319
Hoffmann Medical Grad. Scholarships 1,855 24 (6) (66) (72) 1,735
J Bounden Endowment Fund 2,059 26 (7) (73) (80) 1,925
ShrederStudent Support Fund 1,211 15 (4) (43) (47) 1,132
Welsh Access & Outreach Fund 625 135 (2) (24) (26) 708
Otherteaching & research funds 7,611 144 (24) (277) (299) 7,155
Total endowment funds 175,855 2,465 (586) (5,275) (6,810) 165,649
RESTRICTED FUNDS
Bursary and hardship funds 668 14 (186) 93 - 589
Cultural sporting and travel funds 73 - (27) 38 - 84
Building & Infrastructure:
Cheng/Knight Dragon 11,278 - 11,279
Other building & infrastructure 3 5 (6) 93 - 95
Otherspecific funds 169 23 (10) 15 - 197
Scholarships, prizes & awards funds 1,138 107 (288) 137 - 1,094
Teaching & research funds 1,427 202 (632) 481 - 1,478
Total restricted funds 14,756 352 (1,149) 857 - 14,816
UNRESTRICTED FUNDS
General unrestricted funds 18,984 6,181 (9,927) 4,326 3,148 22,712
Designated: Fixed asset 9,653 - - (668) - 8,985
Designated: Annual fund 652 406 (122) - - 936
Designated: Other 109 2 - - 111
General purposes funds (1) - (761) 760 - (2)
Pension reserve (2,449) - 386 - (2,063)
Total unrestricted funds 26,948 6,589 (10,424) 4,418 3,148 30,679
Total funds 217,559 9,406 (12,159) - (3,662) 211,144

ANALYSIS OF NETASSETS BETWEEN FUNDS
Unrestricted Restricted Endowment 2020
Funds Funds Funds Total
£000 £000 £000 £000
Tangible fixed assets 38,271 - - 38,271
Property investments 14,892 - 36,682 51,574
Securities and other investments - - 140,511 140,511
Net currentassets I (liabilities) 17,081 14,816 (11544) 20,353
Defined benefit pension scheme liability (2,063) - - (2,063)
Creditors falling due afterone year (37,502) - (37,502)
30,679 14,816 165,649 211,144
Unrestricted Restricted Endowment 2019
Funds Funds Funds Total
£000 £000 £000 £000
Tangible fixed assets 30,753 - - 30,753
Property investments 36,165 - 17,530 53,695
Securities and other investments - - 143,275 143,275
Net currentassets /(liabilities) 995 14,756 15,050 30,801
Defined benefit pension scheme liability (2,449) - - (2,449)
Long term liabilities (38,516) - - (38,516)
26,948 14,756 175,855 217,559

Remuneration paid to trustees
2019120 2018/19
Number of Gross remuneration, taxable Number of Gross remuneration, taxable
Range Trustees!
Fellows		 benefits and pension
contributions		 Trustees!
Fellows		 benefits and pension contributions
£ £
£0 - - 1 -
£1 -999 11 2,057 10 6,058
£1000-2999 2 4,525 - -
£900O-9999 1 9,625 - -
£11000-11999 1 11,513 - -
£16000-16999 - - 1 16,470
£21000-f21999 - - 1 21,780
£22000-22999 - - 1 22,293
£27900-27999 2 55,191 - -
£29000
- £29999		 1 29,735 2 59,029
£30000-30999 11 335,569 - -
£31000-31999 3 94,366 1 31,327
£32000-32999 2 65,477 6 194,545
£33000
- £33999		 1 33,312 8 265,392
£34000-E34999 - - 4 137,201
£35000-35999 - - 1 35,870
£38000-E38999 1 38,244 - -
£40O00-40999 - - 1 40,713
£46000-E46999 1 46,131 - -
£47000
- £47999		 - - 1 47,589
£56000-E56999 1 56,952 - -
£58000
- £58999		 - - 1 58,592
£60000-60999 1 60,772 - -
£61000-61999 - - 1 61,058
£64000-64999 4 259,670 - -
£65000-f65999 1 65,436 3 196,949
£66000-66999 - - 2 132,616
£67000-67999 1 67,760 1 67,886
£71000-f71999 1 71,258 - -
£72000-72999 - - 1 72,263
£80000-f80999 1 80,660 - -
£81000-t81999 - - 1 81,926
£86000-86999 1 86,028 - -
£870O0-87999 - - 1 87,684
£88000-88999 - - 1 88,120
£89000
- £89999		 1 89,283 - -
£94000-f94999 1 94,034 1 94,312
£100000-10O999 1 100,185 - -
£106000-2106999 - - 1 106,137
£133000-133999 1 133,345 - -
£134000-134999 - - 1 134,852
Total 52 1,891,128 53 2,060,662

aluations, and the determination ofthe contribution levels are sho wn in the following table.
USS OSPS
Date ofvaluation: 31/03/2018 31/03/2019
Dste valuation results published: 16/09/2019 19/06/2020
Value of liabilities: £67.3bn £848m
Value ofassets: £63.7bn £735m
Funding surplus / (deficit): (S3.6bn) (E113m)
Principal assumptions:
Discount rate CPI -0.73% to
CPI +2.52% pa°		 Gills +0.5% to
2.25% pa1’
Rate of increase in salaries N/A ‘RPI
Rate of increase in pensions CPI° Average
RPl/CPld
Assumed life expectancies on retirement atage 65:
•
Males currently aged 65		 24.4yrs 21.7yrs
•
Females currently aged 65		 25.9 yrs 24.4 yrs
•
Males currently aged 45		 26.3 yrs 23.0 yrs
•
Females currently aged 45		 27.7 yrs 25.8yrs
Funding ratios:
•
Technical provisions basis		 95% 87%
•
Statutory Pension Protection Fund basis		 76% 74%
•
‘Buy-out’ basis		 56% 60%
21.1%
Employer’s contribution rate (as % of pensionable salaries): increasing to
23.7% on		 19%
01/10/21
Effective date of next valuation: 31/03/2020 31/03/2022

Assumption USS Change in assumption Impact on USS liabilities
Initial discount rate Increase by 0.1% Decrease by £1.2bn
Asset values Reduce by 10% Increase by £6.4bn
RPI
- CPI spread		 Increase by 0.1% Decrease by £0.7bn
Rate of mortality More prudent assumption (mortality rated down
by a further year)		 Increase by £1.6bn
Assumption osps
Change in assumption		 I
I
I		 Impact on OSPS technical provisions
Valuation rate of interest Decrease by 0.25% I Increase by £45m
RPI Increase by0.25% Increase by £40m

Assumption OSPS USS
Finish datefor Deficit Recovery Plan 30/01/2028 31/03/2028
Average staffnumber increase 1.6% 1.6%
Average staffsalary increase 2% rising to 4% 2% rising to 4%
Average discount rate over period 0.74% 0.63%
Effect of0.5% change in discount rate £18k £35k
Effect of 1%change in staffgrowth £35k £50k

£64k of deficit contributions (2018/19: £58k).
section.		 The charge for O SPS includes £ 71k (2018/19: £43k) payable to its defined contribution
2019120 2018/19
Scheme Current Deficit Total Current Deficit
£000 £000 £000 £000 £000 £000
Universities Superannuation Scheme 469 (458) 11 453 1,203 1,656
University of Oxford Staff Pension Scheme 233 35 268 231 (17) 214
Other schemes - - - 6 (5) 1
Total pension charge forthe year 702 (423) 279 690 1,181 1,871

23 RECONCILIATION OF NET INCOMING RESOURCES TO
NET CASH FLOW FROM OPERATIONS 2019120 2018/19
Group Group
£‘OOO £000
Net (deficit) I income (6,415) 5,872
Reversal ofnon-operating cash flows:
Investment income (2,835) (3,867)
Unrealised losses on investments 3,662 1677
Gain on propertydisposals (263) -
Endowment donations (232) (1006)
Depreciation 840 920
Financing costs 1,458 1,726
Increase in stock (20) (16)
Decrease/(lncrease) in debtors 3,134 (5,941)
lncrease/(Decrease) in creditors (409) (1,046)
lncrease/(Decrease) in pension scheme liability (386) 1,205
Netcash used in operating activities (1,466) (476)
24 ANALYSIS OF CASH AND CASH EQUIVALENTS 2019120 2018/19
£‘OOO £000
Cash and cash equivalents 1,760 1,958
Deposits and othershort term investments 16,567 22,976
Total cash and currentasset investments 18,327 24,934

The College and Group’s value offinancial instruments are summarised below:
Group and College Group College
2020 2019 2020 2019
£000 £000 £000 £000
Financial assets measured at fair value through profit or loss 208,652 219,946 208,652 219,946
Financial liabilities measured at fairvalue through profitor loss 2,063 2,449 2,063 2,449
Financial assets measured atamortised cost 7,398 10,664 8,362 11,138
Financial liabilities measured at amortised cost 41,050 41,123 41,136 41,591
The College’s and Group’s income, expenses, gains and losses in respect of financial instruments are summarised below:
Interest income and expense: Group College
2020 2019 2020 2019
£000 £000 £000 £000
Total interest income forfinancial assets held atamortised cost 10 9 10 9
Total interestexpense forfinancial liabilities held at amortised cost 1,458 1,726 1,458 1,726

FINANCIAL COMMITMENTS FINANCIAL COMMITMENTS
At 31 July the College and Group had future minimum lease payments made under non-cancellable leases as follows:
2020 2019
£000 £000
Non-cancellable operating lease commitments
Less than one year 254 254
Afterone year and less than five years 1,016 1,016
Afterfive years 4,214 4,468
5,484 5,738
Non-cancellable operating lease rentals receivable
Less than one year 1,667 1,616
Afterone yearand less than five years 3,142 3,746
Afterfive years 731 1,357
5,540 6,719

The numberof loans outstanding at 31 July with the balances in t he following bands were as follows:
2019 2018
£1-E10,000 1 1
1 1
The College has properties which are owned jointlywith trustees underjoint equity ownership agreements between the trustee and the The College has properties which are owned jointlywith trustees underjoint equity ownership agreements between the trustee and the The College has properties which are owned jointlywith trustees underjoint equity ownership agreements between the trustee and the
College. The carrying value ofthe College’s share was as follows:
2020 2019
£000 £000
DrS.Aspden 150 150
Prof P. Kewes 62 62
DrJ.Oliver 213 213
DrS. Morris 151 151
Total net book value of properties owned jointlywith trustees 576 576

31 ADDITIONAI PRIOR YEAR COMPARATIVES
a) Consolidated StatementofFinancial Activities
Unrestricted Restricted Endowed 2018119
Funds Funds Funds Total
£000 £000 £000 £000
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential 5,999 - 5,999
Public worship 2 - - 2
Othertrading income 420 - 420
Donations and legacies 600 13,585 1,006 15,191
Investments
lnvestmentincome 1,017 8 2,842 3,867
Total return allocated to income 4,425 1,156 (5,581) -
Total income 12,463 14,749 (1,733) 25,479
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential:
College 9,422 1,441 - 10,863
Northgate Project 1,392 1,956 - 3,348
Public worship 47 11 - 58
Generating funds:
Fundraising 801 - - 801
Trading expenditure 378 - 378
Investment management costs 1,758 - 724 2,482
Total expenditure 13,798 3,408 724 17,930
Net incomel(deficit) before investment gains (1,335) 11,341 (2,457) 7,549
Netgainsl(losses) on investments:
Northgate House - - (6,000) (6,000)
Other investments 652 - 3,671 4,323
652 - (2,329) (1,677)
Net incomel(deficit) (683) 11,341 (4,786) 5,872
Transfers between funds (910) - 910 -
Netmovement in funds forthe year (1,593) 11,341 (3,876) 5,872
Fund balances brought forward 28,541 3,415 179,731 211,687
Funds carried forward at 31 July 26,947 14,756 175,855 217,559

Permanent Endowment Permanent Endowment Permanent Endowment Expendable Total
Trust for Unapplied Endowment
Investment Total Return Total
£000 £000 £000 £000 £000
At the beginning ofthe year:
Trustforlnvestment 87,725 - 87,725 - 87,725
Unapplied total return 63,802 63,802 - 63,802
Expendable endowment - - - 28,204 28,204
Total endowments 87,725 63,802 151,527 28,204 179,731
Movements in the reporting period:
Gift ofendowmentfunds 53 - 53 953 1,006
Investment return: total investment income - 2,382 2,382 460 2,842
Investment return: realised and unrealised gains and losses - 3,260 3,260 (5,589) (2,329)
Less: Investment managementcosts - (609) (609) (115) (724)
Othertransfers - - - 910 910
Total 53 5,033 5,086 (3,381) 1,705
Unapplied total return allocated to income in the period - (4,698) (4,698) (883) (5,581)
Netmovements in reporting period 53 335 388 (4,264) (3,876)
At end ofthe reporting period:
Trust for Investment 87,778 - 87,778 - 87,778
Unapplied total return - 64,137 64,137 - 64,137
Expendable endowment - - - 23,940 23,940
Total endowments 87,778 64,137 151,915 23,940 175,855
c) ANALYSIS OF MOVEMENTS ON FUNDS At 1 August Incoming Resources Transfers Gains! At 31 July
2018 resources expended (losses) 2019
£000 £000 £000 £000 £000 £000
Endowmentfunds
- Permanent		 151,527 2,432 (605) (4,693) 3,254 151,915
Endowmentfunds - Expendable 28,204 1,416 (119) 22 (5,583) 23,940
Total endowment funds 179,731 3848 (724) (4,671) (2,329) 175,855
Total restricted funds 3,415 13,593 (3,408) 1,156 - 14,756
Unrestricted funds
General unrestricted funds 19,169 7,436 (11,645) 3,372 652 18,984
Designated: Fixed asset 10,261 - - (608) - 9,653
Designated: Annual fund 248 600 (196) - - 652
Designated: Other 107 2 - - - 109
General purposes fund - - (752) 751 - (1)
Pension reserve (1,244) - (1,205) - - (2,449)
Total unrestricted funds 28541 8,038 (13,798) 3,515 652 26,948
Total funds 211,687 25,479 (17,930) - (1,677) 217,559