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2021-07-31-accounts

Governing Body, Officers and Advisers 2-4
Report of the Governing Body 5-13
Statement ofAccounting and Reporting Responsibilities 14
Auditor’s Report 15-17
Statement ofAccounting Policies 18-21
Consolidated Statement of Financial Activities 22
Consolidated and College Balance Sheets 23
Consolidated Statement of Cash Flows 24
Notes to the Financial Statements 25-41

they are members.
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Professor Sir N. Shadbolt • • • •* •*
Sabbatical leave MT2O
Professor K.M. Kohl Special leave HT21
Unpaid leave TT21
Professor P.O. Daley •
Professor M. Brouard
Dr D.N. Barron
Professor AS. Dancer •
Dr S.G. White
Professor A.J. D’Angour
Professor P. Clavin Retired 30/09/21
Professor P. Kewes Sabbatical leave MT2O
Professor S. Srinivas
Professor J. Tilley
Professor C. Warman
Dr S. Aspden
Professor G. Taylor •
Dr J. Magorrian
Special leave MT2O
Professor M.E. Turner Sabbatical leave
HT21 &TT21
DrJ. Oliver
DrA. Lumbers • •
DrP.EsO
Professor E. Anderson
Dr R. Grenyer
Professor G. Holländer
Dr A. Gajda
Dr S. Douglas
Professor P. Riley
Professor Y. Chen
MrP.Goffin
Mr R. Baumann
Dr R. Evans
DrS. Morris • •
DrM.John
Mrs R. Green
Professor K. Vincent
MrD. Stevenson • • •
Professor L. Enriques
Professor T. Coulson
Professor R. Pierrehumbert

aking account of market gains a nd losses, the nd losses, the inv estment pe rformance was as follows:
Value at
1/8120		 additions I
(disposals)		 Change
in value		 Value at
31l7/21		 Income
-
in year		 Total return
A B C D E 2020/21 2019/20
£‘OOO £‘OOO £‘OOO £‘OOO £‘OOO % %
Agricultural 36,682 - 1,349 38,031 483 5.0% 10.5%
Commercial
and residential		 14,327 - - 1,353 12,974 1,326 -0.2% -11.7%
Equities,
bonds & cash		 140,511 - 415 30,467 170,563 311 21.9% -1.7%
Total 191,520 - 415 30,462 221,567 2,120 17.0% 0.8%

JESUS COLLEGE

Report of the Auditor to the Members of the Governing Body of Jesus College Year ended 31 July 2021

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income, and the override of controls by management. Our audit procedures to respond to risk of income recognition included selecting a sample of income during the year, agreeing back to the relevant documentation and ensuring it has been recognised correctly. Our audit procedures to respond to the risk of management override included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non­ compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

V 0.,-J UL...... l_,J .

Crowe U.K. LLP

Statutory Auditor

Reading

Date: 1 December 2021

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

17

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

Unrestricted Restricted Endowed 2020121 2019120
Funds Funds Funds Total Total
Notes £000 £‘OOO £000 £‘OOO £000
INCOME AND ENDOWMENTS FROM:
Charitable activities: 1
Teaching, research and residential 5,263 - - 5,263 5,028
Publicworship 4 - - 4 2
Other trading income 3 54 - - 54 225
Donations and legacies 2 2,041 885 196 3,122 1,009
Investments
Investment income 4 480 - 1,640 2,120 2,835
Total return allocated to income 13 4,976 1,388 (6,364) - -
Other income
- Furlough scheme		 194 - - 194 307
Total income 13,012 2,273 (4,528) 10,757 9,406
EXPENDITURE ON:
Charitable activities: 5
Teaching, research and residential:
College 9,800 726 - 10,526 9,130
Northgate Project - (251)
Publicworship 58 58 43
Generating funds: 5
Fundraising 591 - 591 536
Trading expenditure 5 - - 5 268
Investment management costs 1,436 - 482 1,918 2,433
Total expenditure 11,890 726 482 13,098 12,159
Net incomel(deficit) before investment gains 1,122 1,547 (5,010) (2,341) (2,753)
Net gainsl(iosses) on investments: 10, ii
Propertyandotherinvestments 1,434 - 29,114 30,548 (3,662)
1,434 - 29,114 30,548 (3,662)
Net income/(deficit) 2,556 1,547 24,104 28,207 (6,415)
Transfers between funds 17 (2,017) - 2,017 - -
Net movement in funds forthe year 539 1,547 26,121 28,207 (6,415)
Fund balances brought forward 17 30,679 14,816 165,649 211,144 217,559
Funds carried forward at 31 July 31,218 16,363 191,770 239,351 211,144

Jesus College
Consolidated and College Balance Sheets
As at 31 July 2021
2020/21 2019/20 2020/21 2019/20
Group Group College College
Notes £‘OOO £000 £‘OOO £000
FIXED ASSETS
Tangible assets 9 57,228 38,271 57,228 37388
Property investments 10 51,687 51,574 51,687 51,574
Other investments 11 170,563 140,511 170,563 140,511
Total fixed assets 279,478 230,356 279,478 229,473
CURRENT ASSETS
Stocks 165 156 165 156
Debtors 14 1,578 5,800 2,397 6,829
Investments 24 4,810 16,567 4,810 16,567
Cash at bank and in hand 24 329 1,760 270 1,695
Total currentassets 6,882 24,283 7,642 25,247
LIABILITIES
Creditors: Amounts falling due within one year 15 5,255 3,930 6,015 4,011
NET CURRENT ASSETS 1,627 20,353 1,627 21,236
TOTAI ASSETS LESS CURRENT LIABILITIES 281,105 250,709 281,105 250,709
CREDITORS: falling due after more than one year 16 39743 37,502 39,743 37,502
NET ASSETS BEFORE PENSION LIABILITY 241,362 213,207 241,362 213,207
Defined benefit pension scheme liability 21 2,011 2,063 2,011 2,063
NET ASSETS 239,351 211,144 239,351 211,144
FUNDS OF THE COLLEGE
Endowmentfunds 17 191,770 165,649 191,770 165,649
Restricted funds 17 16,363 14,816 16,363 14,816
Unrestricted funds
Designated funds 17 9,665 10,030 9,665 10,030
General funds 17 23,564 22,712 23,564 22,712
Pension reserve 21 (2,011) (2,063) (2,011) (2,063)
239,351 211,144 239,351 211,144

2020121 2019/20
Notes £‘OOO £‘OOO
Net cash used in operating activities 23 886 (1,231)
Cash flows from investing activities
Dividends, interest and rents from investments 2,120 2,835
Purchase of property, plant and equipment (17,753) (7,511)
Proceeds from sale of investments 743 3,007
Purchase of investments (360) (1,522)
Netwithdrawals from currentasset investments 11,757 6,409
Net cash provided by investing activities (3,493) 3,218
Cash flows from financing activities
Repayments of borrowing (1,017) (959)
Finance costs paid (1,403) (1,458)
Cash inflows from new borrowing 3,400 -
Receipt of endowmentdonations 196 232
Net cash used in financing activities 1,176 (2,185)
Change in cash and cash equivalents in the reporting
year (1,431) (198)
Cash and cash equivalents at the beginning ofthe
reporting year 1,760 1,958
Cash and cash equivalents at the end ofthe reporting
year 24 329 1,760
Movement on net debt 2020121 2019/20
£‘OOO £000
Net debt at the beginning ofthe reporting year (20,193) (14,541)
New borrowings (3,400) -
Repayment of borrowings 1,017 959
Change in unamortised debt issue costs (4) (4)
Net withdrawals from currentasset investments (11,757) (6,409)
Change in cash and cash equivalents (1,431) (198)
Net debtat the end of the reporting year (35,768) (20,193)
INCOME FROM CHARITABLE ACTIVITIES
2020/21 2019/20
TeachIng, research and residential £000 £000
Unrestricted funds
Tuition fees
- UK and EU students		 1,705 1,521
Tuition fees
- Overseas students		 998 868
Other support- Office for Students 247 198
Otheracademic income 237 322
College residential income 2.076 2,119
Total teaching, research and residentIal 5,263 5,028
Total publicworship 4 2
Total Income from charitable activitIes 5,267 5,030
DONA11ONS AND LEGACIES
2020121 2019/20
£000 £000
Donations and legacies
Unrestricted funds 2,041 427
Restricted funds 885 350
Endowed funds 196 232
3,122 1,009
INCOME FROM OThER TRADING ACTIVITIES
2020/21 2019/20
£000 £000
Subsidiary companies’ trading income 50 221
Other trading income 4 4
54 225
INVESTMENT INCOME
2020/21 201920
£000 £000
Unrestrictedfunds
Agricultural rent 464 478
Otherproperty income 19 24
Interest on fixed term deposits and cash (3) 90
Bank interest - 8
480 600
Restrictedfunds
Interest on fixed term deposits and cash - 2
- 2
Endowed funds
Commercial rent 1,279 1,081
Other property income 47 49
Equitydividends 314 1,103
1,640 2,233
Total Investment Income 2,120 2,835

ANALYSIS OF EXPENDITURE
2020121 2019/20
£000 £000
Charitable expenditure
Direct staff costs allocated to:
Teaching. research and residentml 4,532 4,201
Movement in pension deficit liability - see Note 8 (51) (323)
Public worship 53 32
Otherdirectcosts allocated to:
Northgate Project expenditure (251)
Other teaching, research and residenUal 3,974 3,286
Public worship 5 11
Support and governance costs allocated to
Teaching, research and residental 2,079 2,015
Movement in pension deficit liability - see Note 8 (8) (49)
Total charltabte expenditure 10,584 8,922
Expenditure on raising funds
Direct staffcosts allocated to:
Fundraising 375 281
Movement in pension deficit liability - see Note 8 (8) (51)
Trading expenditure 85
Investment management costs 151 150
Otherdirectcosts allocated to:
Fundraising 141 234
Trading expenditure - 179
Investment management costs 685 848
Support and governance costs allocated to:
Fundraising 83 72
Trading expenditure 5 4
Investment management costs 1,082 1,435
Total expenditure on raIsing funds 2,514 3,237
Total expenditure 13,098 12,159
ANALYSIS OF SUPPORT AND GOVERNANCE COST S
Teaching
Generating and Public 2020121
Funds Research Worship Total
£000 £000 £000 £000
Financial administration 45 294 - 339
Domesfc administrafon 9 264 273
Human resources 30 286 - 316
IT 26 348 - 374
Oepreciation - 855 - 855
Bank interest payable 766 1 - 767
Otherfinance charges 287 (18) - 269
Governance costs 7 41 - 48
1,170 2,071 - 3,241
Teaching
Generating and Public 2019/20
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
Other finance charges 600 47 - 647
Governance costs 6 22 - 28
1,511 1,966 - 3,477
2020121 2019/20
£000 £000
Governance costs comprise:
Auditoris remuneration - auditservices 46 29
Auditoris remuneration - otherservices
Othergovemance costs
48 30
7 GRANTS AND AWARDS
During the year, the College funded research awards and bursaries to students from its restricted and unrestricted funds as follows:
2020121 2019/20
Unrestricted funds £000 £000
Grants to individuals:
Scholarships, prizes and grants 254 249
Bursaries and hardship awards 15
254 264
Total
unrestricted
Restricted funds
Grants to individuals:
Scholarships, prizes and grants 339 270
Bursaries and hardship awards 309 235
Totai restricted 648 505
Total grants and awards 902 769
STAFF COSTS
2020121 2019/20
The aggregate staff costs for the year were as follows: £000 £000
Salaries and wages 4,737 4,387
Social security costs 426 403
Pension costs
Defined benefit and defined contribution schemes 784 702
Subtotal 5,947 5,492
Movement in pension deficit liability (67) (423)
5,880 5,069
The average number of employees of the College, excluding Trustees,
on a full tme equivalent basis was as follows: 2020121 2019/20
Tuition and research 17 18
College residential 55 54
Publicworship 1 1
Fundraising 5 5
Support 21 17
Total 99 95
The average number ofemployed College Trustees during the yearwas as follows:
Tutorial Fellows 34 33
Other teaching and research 9 11
College Officers and others 7 8
Total 50 52

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 29,286 14,699 6,418 3,102 562 54,067
Additions 19,481 323 - - 9 19,813
Disposals - - -
At end ofyear 48,767 15,022 6,418 3,102 571 73,880
DeprecIatIon and Impairment
Atstartofyear - 11,161 2,365 1,728 542 15796
Depreciation charge for the year - 440 171 242 3 856
Depreciation on disposals - - - - - -
At end ofyear 11,601 2,536 1,970 545 16,652
Net book value
At end ofyear 48,767 3,421 3,882 1,132 26 57,228
Atstartofyear 29,286 3,538 4,053 1,374 20 38,271

Group and College 2021
Agricultural Commercial Other Total
£000 £000 £000 £000
Valuation atstart of year 36682 14,327 565 51,574
Additions and improvements at cost - - 200 200
Disposals - (148) (148)
Revaluation gains/(losses) in the year 1,349 (1,353) 65 61
Valuation at end ofyear 38,031 12,974 682 51,687
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 at cost 35 - - 35
Disposals (2,100) - - (2,100)
Revaluation gains/(losses) in the year: 3,158 (3,203) (11) (56)
ValuatIon at end of year 36,682 14,327 565 51,574

All investments are held at fairvalue.
2021 2020
£000 £000
Group and College Investments
Valuation at startof year 140,511 143,275
New money invested 159 1,487
Amounts withdrawn (574) (644)
Increase!(Decrease) in value of investmenls 30,467 (3,607)
Group and College Investments at end ofyear 170,563 140,511
Group and Coltege Investments comprIse:
Held outside Held in 2021 Held outside Held in 2020
the UK the UK Total the UK the UK Total
£000 £000 £000 £000 £000 £000
Equityinvestments 151,807 4,414 156,221 105,862 24,718 130,580
Propertyfunds - 1,262 1,262 - 1,227 1,227
Alternative and other investments 7,924 - 7,924 3,979 - 3,979
Fixed term deposits and cash - 5,156 5,156 - 4,725 4,725
Total group and College Investments 159,731 10,832 170,563 109,841 30,670 140,511

2020121 2019120
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 10757 53 16,370 9,181 224 6,954
Expenditure (13,458) (34) (16,029) (12,033) (218) (6,877)
Donation to College under gift aid 360 (19) (341) 99 (6) (77)
Net loss before investment gains (2341) - - (2,753) - -
Total assets 287,120 66 3,079 254,720 57 2,156
Total liabilities (47,769) (66) (3,079) (43,576) (57) (2,156)
Netfundsattheendofyear 239,351 - - 211,144 - -

Permanent Endowment Permanent Endowment Expendable Total
Trustfor Unapplied Endowment
Investment Total Return Total
£000 £000 £000 £000 £000
At the beginning ofthe year:
Trustfor 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
Movements In the reporting period:
Giftofendowmentfunds 40 - 40 156 196
Investmentreturn: total investment income - 1,410 1,410 230 1,640
Investmentreturn: realised and unrealised gains and losses - 24,974 24,974 4,140 29,114
Less: Investment managementcosts - (412) (412) (70) (482)
Othertransfers - - - 2,017 2,017
Total 40 25,972 26,012 6,473 32,485
Unapplied total return allocated to income in the period - (5,455) (5,455) (909) (6,364)
Net movements In reporting period 40 20,517 20,557 5,564 26,121
At end ofthe reporting period:
Trust for Investment 87,873 - 87,873 - 87,873
Unapplied total return - 74,823 74,823 - 74,823
Expendable endowment - - - 29,074 29,074
Total endowments 87,873 74,823 162,696 29,074 191,770

DEBTORS
2021 2020 2021 2020
Group Group College College
£000 £000 £000 £000
Amounts fallIng due within one year:
Trade debtors 257 430 252 420
Amounts owed byCollege members 81 36 61 36
Amounts owed by Group undertakings - - 832 1,000
Prepayments 190 162 190 162
Accrued income 404 4,988 396 5,027
Other debtors 646 184 646 184
1,578 5,800 2,397 6,829

CREDITORS: fallIng due withIn one year
2021 2020 2021 2020
Group Group College College
£000 £000 €000 £000
Bankloans 1,164 1,018 1,164 1,018
Trade creditors 350 309 174 291
Amounts owed to College members 280 287 280 287
Amounts owed to Group undertakings - - 1,050
Taxation and social security 665 216 270 210
Expenditure accruals 2,352 1,642 3,687 699
Deferred income 193 166 193 167
Other creditors 251 292 247 289
5,255 3,930 6,015 4,011
2021 2020 2021 2020
Group Group College College
€000 £000 £000 £000
Bank loans - unsecured 14,841 12,604 14,841 12,604
Other loan - unsecured 24,902 24,898 24,902 24,898
39,743 37,502 39,743 37,502
17 ANALYSIS OF MOVEMENTS ON FUNDS At 1 August Incoming Resources Transfers Gains/ At 31 July
2020 resources expended (losses) 2021
£000 £000 £000 £000 £000 £000
ENDOWMENT FUNDS -PERMANENT 142,139 1,450 (412) (5,455) 24,974 162696
Bursaryandhardshipfunds 1,452 17 (4) (56) 255 1,664
Cultural sporting and travel funds:
P.W. Dodd Fund 806 8 (2) (31) 141 922
Other cultural sporting and travel 770 7 - (28) 136 885
General purposes:
Old Estate inc. Leoline Jenkins 102,695 1,015 (299) (3,945) 18,045 117,511
Meyricke Endowment 16,837 166 (49) (647) 2,959 19,266
Othergeneral purposes 2,358 25 (6) (90) 414 2,701
Building & infrastructure (A E Stevens) 3,863 38 (11) (148) 679 4,421
Other specific endowments 153 (5) 26 175
Scholarships, prizes & awards funds 3,532 70 (8) (135) 620 4,079
Teaching & research funds:
Zeitlyn 5,187 51 (15) (199) 911 5,935
Otherteaching & research funds 4,486 52 (18) (171) 788 5,137
ENDOWMENTFUNDS-EXPENDABLE 23,510 386 (70) 1,108 4,140 29,074
Northgate House 4,839 48 (14) 832 850 6,555
College Pension Fund 1,648 16 (5) (63) 289 1,885
JohnWalsh History Fellowship 1,571 18 (5) (60) 276 1,800
W & M Elton Davies Fund 1,478 15 (4) (57) 260 1,692
H Morag English Fellowship 1,319 13 (4) (51) 232 1,509
Hoffmann Medical Grad. Scholarships 1,735 17 (5) (67) 304 1,984
J Bounden EndowmentFund 1,925 19 (6) >74) 338 2,202
Shreder Student Support Fund 1,132 11 (3) (43) 199 1,296
Welsh Access & Outreach Fund 708 145 (2) (29) 132 954
Other teaching & research funds
Fellowships 4,546 55 (13) 827 799 6,214
Scholarships 1,591 16 (4) (61) 280 1,822
Bursaries 1,018 13 (5) (46) 181 1,161
Total endowmentfunds 165,649 1,836 (4.82) (4,347) 29,114 191,770
RESTRICTED FUNDS
Bursary and hardship funds 589 12 (94) 149 656
Cultural sporting and travel funds 84 - 13 59 156
Building & Infrastructure:
Cheng/Knight Dragon 11,279 (1) - - 11,278
Other building & infrastructure 95 10 (241) 148 12
Otherspecificfunds 197 402 (27) - 572
Scholarships, prizes & awards funds 1,094 45 (147) 223 1,215
Teaching & research funds 1,478 417 (230) 809 2,474
Total restricted funds 14,816 885 (726) 1,388 16,363
UNRESTRICTED FUNDS
General unrestricted funds 22712 7,579 (10,790) 2,629 1434 23,564
Designated: Fixed asset 8,985 - (524) - 8,461
Designated: Annual fund g36 457 (299) - 1,094
Designated: Other 111 (1) - 110
General purposes funds (2> (853) 854
Pension reserve (2,063) - 52 - (2,011)
Total unrestricted funds 30,679 8,036 (11,890) 2,959 1,434 31,218
Total funds 211,144 10,757 (13,098) - 30,548 239,351

FUNDS OF THE COLLEGE DETAILS FUNDS OF THE COLLEGE DETAILS FUNDS OF THE COLLEGE DETAILS
The following is a summary of the origins and purposes of the more significant Funds.
Endowment funds Permanent:
Bursary and hardship funds A consolidation of gifts, donations and bequests where income, but not capital, can be used for
student support, hardship or bursaries.
Cultural sporting and travel funds: Capital consisting of the residue of the estate of P W Dodd (decd. 1931), where related income,
P.W. Dodd Fund but not the original capital, can be used to assist undergraduates to travel abroad for “general
broadening of the mind” rather than formal study.
Other cultural sporting and travel A consolidation ofgifts, donations and bequests where income, but not capital, can be used for
cultural, sporting and travel purposes.
General purposes: A consolidation of donations, gifts and bequests forming the original endowment together with
Old Estate inc. Leoline Jenkins monies left in the will of Sir Leoline Jenkins dated 12 June 1685, former Principal, which brought
together his estate and monies given or bequeathed to him by Francis Mansell, former Principal,
and Doctor William Basset, which together are collectively referred to as the Old Estate. The
income only can be used for the general purposes of the College.
Meyricke Endowment A bequest made by Edmund Meyricke, a former Fellow, in 1713 under which the income, but
not the capital, can be used for the general purposes of the College.
Othergeneral purposes A consolidation of gifts, donations and bequests where income, but not capital, can be used for
the general purposes of the College.
Building & infrastructure (A E Stevens) A gift to the College under a Deed of Appointment dated 25 June 1975 underwhich the income,
but not the capital, shall be applied to improvement and extension of the functional buildings of
the College.
Scholarships, prizes & award funds A consolidation of gifts, donations and bequests where income, but not capital, can be used for
the provision of scholarships, prizes and awards.
Teaching & research funds: The College was the residuary beneficiary of the will of Myrtle Henriette Zeitlyn (24 July 1997).
Zeitlyn Income but not the capital can be used to support three Fellowships in perpetuity: Law, French
and Medicine. On 16 April 2010 it was agreed that one of the Fellowships endowed be changed
from Law to Modern History.
Other teaching & research funds A consolidation of gifts, donations and bequests where income, but not capital, can be used for
teaching and research purposes.
Endowmentfunds Expendable:
Northgate House In 2001 the College purchased 13-21 Commarket St (Northgate House) funded by the proceeds
from a compulsory purchase and a mortgage funded out of income from the property and
endowment. Capital repayments of the mortgage are added to the endowment, Income and
capital arising from the property is to be used for the general purposes of the College.
W & M Elton Davies Fund A bequest made by WM & M Elton Davies for the establishment of a fund to support bursaries
for undergraduates.
John Walsh History Fellowship Part of the legacy from David Jones, an alumnus, allocated to support the History Fellowship.
H Morag English Fellowship English Fellowship supported byVictor Wood, named in memory of his wife.
Hoffmann Medical Graduate Studentship A donation from Andre Hoffmann which attracted matched funding from the Oxford Graduate
Scholarships Matched Fund. They cover tuition fees and living costs for medical students.
Bounden Endowment Fund Legacy from John Bounden available for the general purposes of the College,
Shreder Endowment Fund Legacyfrom PGS Shreder availablefor the general purposes of the College.
Welsh Access & Outreach Fund Gift to fund the College’sAccess and Outreach activities.
Other specific funds: A series ofgifts, donations and bequests, where income from the capital can be used to support
Fellowships College fellowships.
Scholarships A series of gifts, donations and bequests, where income from the capital can be used to support
undergaduate orgraduate scholarships.
Bursaries A series of gifts, donations and bequests, where income from the capital can be used to support
provide bursaries to undergraduates and graduates.
Restricted funds:
ChenglKnight Dragon In February 2017, the College received a pledge and subsequent donations totalling £15m from
Dr Cheng through his company, Knight Dragon, for the re-development of Northgate House.
Designated funds:
Designated: Fixed asset Unrestricted funds represented by fixed assets, excluding assets in the course of construction,
and therefore not available for expenditure on the College’s general purposes.
Designated Annual Fund Unrestricted donations to the Development Fund allocated by the Fellows for disbursement in
the year following donation for both new projects and existing areas of expenditure.
Designated Other Unrestricted funds allocated by the Fellows for academic purposes, art and heritage, the
running of Chapel and for the upkeep and maintenance of College properties.

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restricted Endowment 2021
Funds Funds Funds Total
£000 £000 £000 £000
Tangible fixed assets 57,228 - - 57,228
Property investments 38,713 - 12,974 51,687
Securities and other investments - - 170,563 170,563
Netcurrentassets/(liabilities) (22,969) 16,363 8,233 1,627
Defined benefit pension scheme liability (2,011) - - (2,011)
Creditors falling due after one year (39,743) - - (39,743)
31,218 16,363 191,770 239,351
Unrestricted Restncted Endowment 2020
Funds Funds Funds Total
£000 £000 £000 £000
Tangible fixed assets 38,271 - - 38,271
Propertyinvestrnents 37,247 - 14,327 51,574
Securities and other investments - - 140,511 140,511
Netcurrentassets! (liabilities) (5,274) 14,816 10,811 20,353
Defined benefit pension scheme liability (2063) - - (2,063)
Long term liabilities (37502) - (37,502)
30.679 14,816 165,649 211,144

Remuneration paid to trustees
2020/21 2019/20
Number of Gross remuneration, taxable Number of Tiuistees! Gross remuneratiai, taxable benefits
Range Trustees! Fellows benefits and pension contributions Fellows and pension cosbibutices
£ £
£1 -E999 11 7,228 11 2,057
£l000-E2999 - - 2 4,525
£9000- £9999 - - 1 9,625
E11000-E11999 - - 1 11,513
£15000-E15999 1 15,756 - -
£27000-E27999 2 55,376 2 55,191
£28000-E28999 1 28,874 - -
£29000-E29999 1 29,146 1 29,735
£30000-E30999 10 305,613 11 335,569
£31000-E31999 6 187,802 3 94,366
£32000- £32999 1 32,003 2 65,477
£33000-E33999 1 33,404 1 33,312
£38000- £38999 1 38,334 1 38,244
£46000-E46999 1 46,132 1 46,131
E50000-E50999 1 50,664 - -
£56000
- £56999		 - 1 56,952
£60000
- £60999		 - 1 60,772
£62000-E62999 1 62,215 - -
£64000
- £64999		 - - 4 259,670
£65000- £65999 5 326,099 1 65,436
£67000
- £67999		 - - 1 67,760
£68000-E68999 1 68,511 - -
£71000-E71999 - - 1 71,258
£80000
- £80999		 1 80,660
£85000-E85999 2 170,514 - -
£86000
- £86999		 1 86,028
E89000-E89999 1 ‘ 89.283
£91000-E91999 1 91,965 - -
£93000
- £93999		 1 94,034
£94000-E94999 1 94,267 - -
£100000-E100999 1 100,431 1 100,185
£133000-E133999 1 133,665 1 133,345
Total 50 1,877,997 52 1,891,128

USS OSPs
Date ofvaluation: 31/03/2018 31/03/2019
Date valuation results published: 16/09/2019 19/06/2020
Value of liabilities: 567.3bn E848m
Value ofassets: £63.7bn £735m
Funding surplus / (deficitl: (E3.6bn) (El 13m)
Principal assumptions:
• Discount rate CR 0 73% to
CPi*252%pa		 G/ts ‘05% in
225%p
• Rate of increase in salaries N/A ‘RPi
• Rate of increase in pensions CPIC Average
RPI/CPId
Assumed life expectancies on retirement at age 65:
• Males currently aged 65 24.6 yrs 21.7 yrs
• Females currentlyaged 65 26.1 yrs 24.4 yrs
• Males currently aged 45 26.6 yrs 23.0 yrs
• Females currentlyaged 45 27.9 yrs 25.8 yrs
Funding ratios:
• rechnical provisions basis 95% 87%
• Statutory Pension Protection Fund basis 76% 74%
• ‘Buy-out’ basis 56% 60%
21.1%
Employers contnbution rate (as % ofpensionable salanes): increasing to
23.7%		 19%
01/10/21
Effective date of next valuation: 31/03/2020 31/03/2022
Assumption USS Change in assumption Impacton USS liabilities
Initial discount rate Increase by0.1% Decrease byEl.2bn
Asset values Decrease 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		 Impact on OSPS technical provisions
Valuation rate of interest Decrease by 0.25% Increase by E45m
RPI Increase by 0.25% Increase by E40m
Assumption OSPS USS
Finish date for Deficit Recovery Plan 30/01/2028 31/03/2028
Average staffnumber increase 1.6% t.6%
Average staff salary increase 2% rising 104% 2% rising to4%
Average discount rate over period 0.74% 0.e3%
Effect of0.5% change in discount rate £18k £35k
Effect of 1% change in staffgrowth £35k £50k

(2019120: £64k) and 688k (2019/20: £71 k) payab le to defined contrib ution sections at rates specified in the rules oftho se plans
2020121 2019/20
Scheme Current Deficit Total Current Deficit Total
£000 £000 £000 £000 £000 £000
Universities Superannuation Scheme 525 55 580 469 (458) 11
University of Oxford StaffPension Scheme 254 (123) 131 233 35 268
Otherschemes 5 - 5 - - -
Total pension charge forthe year 784 (67) 717 702 (423) 279

23 RECONCILIATION OF NET INCOMING RESOURCES TO
NET CASh
FLOW FROM OPERATIONS		 2020121 2019/20
Group Group
£000 £000
Netlncomel(deflclt) 28,207 (6,415)
Reversal of non-operating cash flows:
Investmentincome (2,120) (2,835)
Unrealised (gains)flosses on investments (30,527) 3,662
Gain on propertydisposals (21) (263)
Endowmentdonations (196) (232)
Depreciation 856 840
Financing costs 1,036 1,458
Increase in stock (9) (20)
Decrease in debtors 4,222 3,134
Decrease in creditors (510) (174)
Decrease in pension scheme liability (52) (386)
Net cash generated from /(used In) operating actMtles 886 (1,231)
24 ANALYSIS OF CASH AND CASH EQUIVALENTS 2020121 2019/20
£000 £000
Cash and cash equivalents 329 1,760
Deposits and other short term investments 4,810 16,567
Total cash and currentasset Investments 5,139 18,327

Group and College Group College
2021 2020 2021 2020
£000 £000 £000 £000
Financial assets measuredat fairvalue through profit or loss 227,060 208,652 227,060 208,652
Financial liabilities measured at fair value through profit or loss 2,011 2,063 2,011 2,063
Financial assets measured at amortised cost 1,717 7,398 2,477 8,362
Financial liabilities measured atamortised cost 44,140 41,050 45,295 41,136
Interest Income and expense: Group College
2021 2020 2021 2020
£000 £000 £000 £000
Total interest income forfinancial assets held atamortised cost - 10 - 10
Total interestexpense forfinancial liabilities held at amortised cost 1,036 1,458 1,036 1,458

At 31 July the College and Group had future minimum lease payments made under non-cancellable leases as follows:
2021 2020
£000 £000
Non-cancellable operating lease commitments
Less than one year 254 254
Afterone year and less than live years 1,016 1,016
Aftertiveyears 3,960 4214
5,230 5,484
Non-cancellable operating lease rentals receivable
Less than one year 1,622 1,667
Afterone year and less than live years 2,485 3,142
Afterfive years 1,409 731
5,516 5,540

The College has properties which are owned jointly with trustees underjoint equity ownershi
The carrying value of the College’s share was as follows:		 p agreements between the trustee and the C ollege.
2021 2020
£000 £000
DrS.Aspden 170 150
Prof P. Kewes 70 62
DrJ. Oliver 242 213
DrS Morris - 151
Dr 0 Altshuler 200 -
Total net book value of properties owned jointly with trustees 682 576

a) Consolidated Statement of Financial Activities
Unrestricted Restricted Endowed 2019120
Funds Funds Funds Total
£000 £000 £000 £000
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential 5,028 - 5,028
Public worship 2 - 2
Othertrading income 225 - 225
Donations and legacies 427 350 232 1,009
Investments
Investment income 600 2 2,233 2,835
Total return allocated to income 5,377 857 (6,234)
Other income
- Furlough scheme		 307 - 307
Total income 11,966 1,209 (3,769) 9,406
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential:
College 7,981 1,149 - 9,130
Northgate Project (251) - (251)
Publicworship 43 - 43
Generating funds:
Fundraising 536 - 536
Trading expenditure 268 - 268
Investment management costs 1.847 - 586 2,433
Total expenditure 10,423 1,149 586 12,159
Net lncome!(deflclt) before investment gains 1,543 60 (4,355) (2,753)
Net galnsl(lossas) on investments:
Other investments 3,148 - (6,810) (3,662)
3,148 - (6810) (3,662)
Net Income!(deflclt) 4,691 60 (11,165) (6,415)
Transfers between funds (959) 959
Net movement In funds forthe year 3,732 60 (10,206) (6,415)
Fund balances broughtforward 26,947 14,756 175,855 217,559
Funds carried forward at 31 July 30,679 14,816 165,649 211,144
b) STATEMENT OF INVESTMENT TOTAL RETURN
Permanent Endowment Expendable Totat
Trustfor Unspoiled Endowment
Investment Total Return Total
£000 £000 £000 £000 £000
Atthe beginning ofthe year:
Trustfor 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:
Giftof endowment funds 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 managementcosts - (507) (507) (79) (586)
Other transfers - - - 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 pertod 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
c) ANALYSIS OF MOVEMENTS ON FUNDS At 1 August Incoming Resources Transfers Gains/ At 31 July

us College
tes to the Financial Statements
the year ended 31 July 2021
2019 resources expended (losses) 2020
£000 £000 £000 £000 £000 £000
Endowmentfunds- Permanent 151915 1984 (507) (5,377) (5,876) 142,139
Endowment funds
- Expendable		 23,940 481 (79) 102 (934) 23,510
Totalendowmentfunds 175,855 2,465 (586) (5,275) (6,810) 165,649
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 fund (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