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|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|







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|||(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||•|•|•|•|•|•|•*|•*||






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|the investment pe|rformance wa|s as follows:|s as follows:|||||||
|---|---|---|---|---|---|---|---|---|---|
||Value at<br>118119|additions I<br>.<br>(disposals)|||Change<br>in value|Value at<br>31I7/20|Income<br>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<br>and residential|17,530||-|-|3203|14327|1,154|-11.7%|-10.9%|
|Equities,<br>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%|





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|e, in equal annual instalments over their expected u|<br>seful ec|<br>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|



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## 

|||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<br>- 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<br>Consolidated and College Balance Sheets<br>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<br>Consolidated Statement of Cash Flows<br>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<br>- UK and EU students|1,521|1,487|
|Tuition fees<br>- 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|





## 

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## 

||||||
|---|---|---|---|---|
|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<br>value atAugust 2009 plus all subsequent endowments valued <br>Comparativesare provided in Note 31b.|he preserved value of the invested<br> atthe date ofthe gift.|he preserved value of the invested<br> 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<br>- unsecured|12,604|13,622|12,604|13,622|
|Other loan<br>- 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<br>- 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<br>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!<br>Fellows|benefits and pension<br>contributions||Trustees!<br>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<br>- £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<br>- £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<br>- £47999|-||-|1|47,589|
|£56000-E56999|1||56,952|-|-|
|£58000<br>- £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<br>- £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<br>CPI +2.52% pa°|Gills +0.5% to<br>2.25% pa1’|
|Rate of increase in salaries|N/A|‘RPI|
|Rate of increase in pensions|CPI°|Average<br>RPl/CPld|
|Assumed life expectancies on retirement atage 65:|||
|•<br>Males currently aged 65|24.4yrs|21.7yrs|
|•<br>Females currently aged 65|25.9 yrs|24.4 yrs|
|•<br>Males currently aged 45|26.3 yrs|23.0 yrs|
|•<br>Females currently aged 45|27.7 yrs|25.8yrs|
|Funding ratios:|||
|•<br>Technical provisions basis|95%|87%|
|•<br>Statutory Pension Protection Fund basis|76%|74%|
|•<br>‘Buy-out’ basis|56%|60%|
||21.1%||
|Employer’s contribution rate (as % of pensionable salaries):|increasing to<br>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<br>- CPI spread|Increase by 0.1%||Decrease by £0.7bn|
|Rate of mortality|More prudent assumption (mortality rated down<br>by a further year)||Increase by £1.6bn|
|Assumption|osps<br>Change in assumption|I<br>I<br>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). <br>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<br>- 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|