Annual Report and Financial Statements Year ended 31 July 2022 Jesus College OXFORD JESUS COLLEGE Annual Report and Financial Statements Contents Gov8ming Body. offi￿rS and Advisers 24 Report of the Governing Body 5-13 statament of Actounling and Reporting Responsibilities 14 Auditor's Report 1&17 Slalement of Accounling Polick?S 18-21 ConsolKJated Statemenl of Financial Aclivfties 22 Consolidated and College Balance Sheets 23 Consolidated Statement of Cash Flows 24 Notes to the Financial Slatoments 2541 JESUS COLLEGE Goveming Body, Offlcers and Advisgrs Year endod 31 July 2022 MEMBERS OF THE GOVERNING BODY Members of Gov&rning 8ody are the College's charity Irusi8gs under charity law. Those who served in Offi￿ during th8 year, together with detsils of the committees where they ara members, are below. {31 (41 {51 191 Professor Sir N. Shadbdt Professor K.M. Kohl Professor P.0. Ddey Professor M. 8r(xJard Dr D.N. Barron Relred Professor A.S. Dancer Dr S.G. White Sabbaucal HT22, rr22 Professor A.J. D'ArIg￿r Professor P. Cla￿n Professor P. Kewes Sabbatical HT22 Relred 30109121 5obLpO￿l Mr21-TT22 Professor S. Srinivas ProfessorJ. Tllley Profe&sor C. Wannan Dr S. Aspden Professor G. TaOcw Dra. Mawrrian profe￿Or M.E. Tumer Dr J. Oliver SabtHI(yl hrr21- Tf22 Reored 30109121 Re￿red 1611￿72 8abbatic41 MT21 Dr A. Lumber3 Dr P. ESO Professor E. Anderson Dr R. Grenyer Professor G. Hdlknder Dr A. Gajda Dr S. Douglas Professor P. ￿leY Professor Y. Chen 8gbba￿(al HT22, rryd Mr P. Goffin Mr R. 8aumann Dr R. Evans S8bbèu(*l HT22. rr22 Dr S. Morrts S*balrAI MT21- TT22 Dr M. John Mrs R. Gr8en Reored 5Augu8t2022 Piolessor K. Wincent Mr D. Stevenson Profe5501 L. Enriques Prof8550r T. Coulson Professor R. Pierrehumbert Professor S. Deicon sabba￿￿1 fv￿21- rr22 Mr S. W￿dWa￿d ## **JESUS COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2022** |||||||||| |---|---|---|---|---|---|---|---|---| |Dr B. Williams
Professor J. Rousseau
Dr M. Jackson
Professor S. Livny
Dr B. Wellner James
Dr S. Conway
Professor D. Van Hulle
Dr B. Verd
Professor D. Willis
Dr D. Altshuler
Dr M. Phillips-Brown
Dr F. Grabenhorst
Appointed 0 1 /09/21
Dr S. Flaxman
Appointed 01/09/21
Dr J. Baccelli
Appotnted 0 1/10/21
Professor G. Wright
Appointed 01/10/21
Professor B. Goldacre
Appointed 01/02/22
Mrs F. Williams
Appointed 07 /06/22
Other Non-Governing Body
members
•
•
•
1
4
2
0
•
•
•
•
•
•
•
0
9
5
3
4|•
•
•
•
•
•||||||•
•
•
•|| *: Although not a member of the Committee, the Member normally attends its meetings The Committees and their non-Governing Body members are as follows: - (1) Accommodation, Catering and Conferences Committee - Mr Robert Kay (retired 30/09/2022) - (2) Estates Committee - Mr John Dowty (appointed 01/10/21), Mr Harry Seekings (appointed 01/10/21), Ms Mona Shah (appointed 01/08/22) and Mr Bob Yates (retired 31/07/22) - (3) Property and Environment Committee - Professor Susan Doran, Mr James Edgar (retired 30/09/22) and Ms Caroline Stanford (appointed 01/10/22) - (4) Human Resources Committee - (5) Academic Committee - (6) Development Committee- Ms Rachel Angell (appointed 31/01/22), Mr Paul Bostock (appointed 31/01/22), Mr Brian Buchan (retired 25/10/21), Mr Michael Cavers-Davies (appointed 31/01/22), Ms Sarah Hendry (retired 25/10/21), Mrs Emma Huepfl, Mr Oliver Thomas (retired 25/10/21 ), Mrs Leah Tomkins and Mr Brad Wilson - (7) Remuneration Committee - Ms Alison Beardsley, Mrs Kirsten Gillingham, Professor Yvonne Jones (Chair), Ms Ann Means and Mr Nick Sykes - (8) Risk and Audit Committee - Ms Sharon Maidment, Mr Tom Saul (appointed 01/08/21) and Mr Richard Whitelam - (9) Equality and Diversity Committee - Professor Renee Adams, Dr Dorothee Boulanger, Dr Chris Dingwall-Jones and Professor Viii Lehdonvirta ## **COLLEGE SENIOR STAFF** The senior staff of the College responsible for day-to-day management are as follows: Prof Sir N. Shadbolt Principal Prof K. Kohl Vice-Principal Mr R. Baumann Director of Accommodation, Catering and Conferences Mrs R. Green Human Resources Director (retired 05/08/22) Dr A. Lumbers Academic Director Mr D. Stevenson Property Director Dr B. Wellner James Development Director Mrs F. Williams Human Resource Director (appointed 07/06/22) Mr S. Woodward Estates Bursar 3 JESUS COLLEGE Govemlng Body, OfFiears and Advisers Year ended 31 July 2022 COLLEGE ADVISERS Investment manage Cambridge Associat8s Limitad 62 8uckingham Gale London SW1E 6A1 Auditor Crowe U.K. LLP Aquis House 49-51 Blagrave Slreel Reading Berkshire, RG11PL Bankers B8rcl8ys Comm8rcia1 Bank 4th Floor Apex Plaza Forbury Road R8adir4J, RG1 1AX Sollcltors Knights Profassional S8rvicas Midland House Wesl Way Oxford, OX2 OPH Valuers Sawlls 33 Margarat Slr8è1 London. WIG OJD Deloitte LLP 1 N8w Strag1 Square London, EC4A 3HQ College address Jesus College Turl Street Oxford. OX1 3DW Website www.jesus.ox.ac.uk JESUS COLLEGE Report of tha Governing Body Year ended 31 July 2022 The Mam￿rS of the Governing Body present their Annual Report for the year ended 31 July 2022 under the Charities Act 2011 togather with the audited financial st3t8m8nls for the yaar then endad. REFERENCE AND ADMINISTRATIVE INFORMATION J8sus Collega, within the City and UniversEty of Oxford. of Queen Elizabeth'5 Foundation, w8s established by Lell8rs Palenl by Queen Elizabeth l in 1571. It is a registered charity Iregislrath?n number 11374351. The names of all Members of the Governing Body and of those in office during the year, togelhar with details of the senior staff and advisers of the College, are given on pag8s 2 to 4. Subsequent lo the year*nd. the College has appointed Dr Ricardo Rocha as 8 Member of the Governing Body. STRUCTURE. GOVERNANCE AND MANAGEMENT Goveming Body The Governing Body consists of the Principal, the College's Tutoria1 Fell(Iws, some of ils Professorial Fellows. and the full-tima and part-time Coll8g8 Officers. At 31 July 2022, il comprised fifty-four members. forty male and fourteen female. Members of the Governing Body are the Charity's Irusle8s. Tutorial Fellows are employegs of the College, recruited and appointed in conjunction with the relevant University department. A Tulorial Fellows r8sponsibiliti8s for the provision of undergraduate teaching are set out in the College's Statutes. Professorial Fellows are University offic8rs or dislinguishad acad8miG% who hold posit￿nS in the University. Prospective Professori81 Fellows are elected by the Governing Btjjy after it has considered a report of ar4 appointment committee. The College's governing document, ils Slalules. is enforceable ultimately by lh8 Visitor, the Right Honourable the Earl of Pembroke. The Statutes are madefrom time lo time by order of Her Majesty in Council in accordance with the Royal Charter of 1571 and the Univarsitigs of Oxford and Cambridge Act 1923. The Governing Body determines the ongoing strategic direction of the College and regulales its administration and the manag8m8nt of its finances and ass8ls. It meals ragularly, chaired by the Principal. and is advised primarily by nine commitlees. Recrultment and training of Mgmbors of th& Governlng Body New mombers are appointed on the recommendation of a committee constituted specrfically for that particular appointment. The committ88 8nsurgs tha necassary axp8rtis8 is available lo advise the Governing Body and that il has due regard lo equality and diversity requirements. The Govarning Body receives a report from the committee and, if satisfied, proceeds to elect the individual lo a Fellowship. New Governing Body members re￿1ve induction in their role as Iruslees. Membership of all commillees, with Ihg exception of the HR, Academic and Equality arbd DNersily Committees. includes people exiernal to the College. Remuneration of Members of the Governing Body Members of the Goveming Body who are Tutorial Fellows re￿4Ve a salary in part from the College and in part from the Univarsity for carrying out Ihgir 18aching and research duties. Professorial Fellows are remunerated through their University departments and receive no remuneration from the College. College Officers. who are employees of the Collage, receive remuneration for their work as employ8as of th8 Collage, which is sel in line with that awarded lo the Universills academic staff. Delai18 ol Members, remuneration are disclosed in Note 20 to th8s8 accourbls. Recognising the potential for cor4flicls of interest, the College has a Remuneration Committee, members of which are eith&r not in receipt of remuneration from tha Collège or are indopendenl of the College. Tha Committee recommends the levels of salarie8 and other benefits provided lo memb&rs of Ihe Gov8rning Body having regard for the appropriate, established university salary levels and other relevant data. Organisational management Members of the Governing Body nomally meèt len times a year. The work of developing the Coll8g&'s policies and monitoring the implemenlalion of these is carried out by a number of committees. the composition and funGtions of which are sp8cified in the College's Bylaws. Th8se include.. Academic Cornmillee (Bylaw 10.101 Accommcmjalion, Catering and Conferences Committeè IBylaw 10.81 Developmenl Committe8 (B￿aW 10.161 JESUS COLLEGE Report of the Govemlng Body Year ended 31 July 2022 Equality and Diversity Committ88 (Bylaw 10.351 Estates Committee (Bylaw 10.61 Human Resources Commitlea (Bylaw 10.121 Property and Environment Commitlee110.71 R8muneralion Commillee18ylaw 10.15} Risk and Audit Committee IBy18w 10.91 In addition lo thase committees, specific working groups are formed to address r8quir8mants of particular projects or issues. In the past. these have included the Northgale Projacl and d8aling wilh Covid-19. Group structure and relatlonshlps The College administers many spacial trusts, as detailod in Notes 17 and 18 to the financial statements. The Colleg8 has two wholly owned non-chari(able subsidiaries. Jesus Accommodation Limited I'JAL'I and Jesus College Dev8Lopm8nts (Oxfordl Limited {'JCD'I. JAL accounts for the College's non-academic conferenc8 and evanls aclivilies.. JCD is the developer for the NortFwJale Project which compl8lad this year. The subsidiaries, aims, objeclivgs and results are disclosed in the relevant sections of this report. They don818 their annual profits to the College under the Gift Aid Scheme. The College is part of Ihe coll8giat8 University of Oxford. Material irbterdependencie8 between the University and the College arwe as a consequence of this relationship. OBJECTIVES AND ACTIVITIES Charitable objects and aims Objectives The College's principal obj8Ct is to furth8r study. Lgarning. 8ducalKJn and research. and to b8 a College within the University of Oxford wherein members of College may carry out advanced study or research. The College also has as a charitable object the provisK)n of public worship. To this end. the College promdes chap81 and employs a chaplain. The aims of the College's subsidiaries are to support the College in th8 Achiev8m8nl of its objectives. Public benefit The Governing Body confirms that it has compliad with the duty in Section 17151 of the Charities Act 2011, 10 have due regard lo the guidance issued by the Charity Commissk)n on public benefit. The College Terrbains committed to its aim of providing public benefit in accordan￿ wth bts founding principl8s. Accordingly. its activities focus on furtharing its stat8d objects and aims. examples of which are described below. The College provid8s public bgnefil by offaring higher education lo ils undergraduates and postgraduates. Undergraduate places are offered purely on academic merit. Financial support is available lo undergraduates to assist thom wth tuition fees and living costs whi18t al Ihe College. This is in addition lo that available from the University Ihrc*ugh the Oxford Bursaries scheme in which the College also participal8s. The College is aware of the difficulties those aspiring lo graduate studies face in obtaining financial support and has Iharefore increas8d its efforts to collaborate wilh the Universily to provid@ scholarships. The COl￿e continues to support students in their studios through grants to cover. inter alia, the purchase of books, travel and research expanses. 11 increased its spending on these lo a total of £988k12020121.' £902kl, comprising £235k12020121'. £309kl in bursaries and hardship funding and £763k12Q20121'. £593kl in scholarships, prizes and grants. In addition, the College disbursed a further £23k12020121.' £47k}from the University Covid Hardship Fund lo milvJate the impact of lh8 pandemic on ils sludenls. A key elemgnl of the education of our undergraduates is the tutorial system, which provides for undergraduates lo meet with Iheir tutor, physically or on-line, on a regular basis. The tutor is responsible for their students, academic progress and pastoral ca￿. The College also provides th8 Collage Library for students, use, as well as computing, accommodation, food and other facilities. For 2021122, approximately SOQ/o {2020121'. $4%) of the cost of running the Coll8g8 was mal from th8 r8lurn on ils endowmanl and other investment income. The College provides support lo ils poslgraduala sludenl m8mb8rs by the provision of a Fellow as College Advisor. dedicated lo supporting and monitoring their progress, as w8118s dealing with any pastoral issues. As noted above, the Collaga also advances the education of its graduate students by providing research grants lo meet costs involved in undertaking research and prasenting pap&rs at conferences. This year these iolalled JESUS COLLEGE Report of lh8 Govarning Body Year ended 31 July 2022 £75k12020121.' £42kl. Collag8 mambgrs undertake r8sear¢h that the Coll8g& supports in a number of ways. In particular, Junior Research Fellows and Career Development Fellows are fixed-lerm appoinlmants inlanded lo anable earfy-career scholars lo develop their research. The College supports the research of its Fallows by offering research grants and. where appropriate, sabbatical leave and other research leave. The College also provides public benefit by permitting access to ils library collections. Unique material in its Celtic and Fellows, Libraries is accessible to any researcher on application. The College's 140 medieval manuscripts ara on daposit at Ihe Bodleian Library where interest￿ researchars can consult them. Th8 College's archives are also made available lo 811 enquirers. The College employs an Archivist to assist ￿rith such quests for informalDn, including arranging for researchers lo wsit the archives where appropriate. Finally, the College has a policy of lending its material lo Museums on request from exhibition curators. The Collège has 18nt soveral paint4.ngs and illuminated manuscripts to major exhibits'orks in recent years, including more recently various TE Lawrence memorabilia. Access and Outreach The Coll8g8 continues lo be committed to supporting and growng ils Access and Outreach programme. Led by our Accass Fellow. Matt Williams, and Access Assistant, Shelley KnO¥￿eS, we engaged with just over 12,OUO pupils through 176 irkbound and out-bound acc8ss ev&nls, an increas8 of 16.10 on the prior year. Our flagship activilias are tha annual sel of summar schools. targaled al und8rprivilgg8d students. Compared with 22 students in our pilot 2017 event, the College hosted 426 participants across four summer schools in 2022. All participants We￿ from under-rep￿senIed backgrounds, many from some of the most deprived areas in the UK and Europe. Three of the four 2022 summer schools were for 376 Welsh students, run in collaboration wth the We18h Govarnment's Seren Nelwork.. we are grateful for their contribution of £87k towards their costs. We also utilised donations from Admiral Insuranc8 and a £1 m 8ndowmenl from alumnus, Olivar Thomas. trj cover other costs involved in running access evenls for Wales. The number of participants at the schools and th& subs8quenl applications lo Oxford provide a snapshot of their impact. Year 51 2017 llll 2018 1111 2019 11112(Y20 11112021 11112022 Total participants 22 74 73 174 375 376 Applledtooxfordllll 16 111 41 111 41 1511 63 111 121 111141 20% of Oxford studants coming from Wales hav& attendad thè Colleg&'s Welsh summar schools. This year we also held an access summer school for Londoners and thos8 from tha18ss wall rapresented cilias in England. In 2020, we offered 25 spaces lo pre-GCSE students from the UKS poorest areas., in 2022, there were 50 Spa￿3. Support for this came primarily from Aermonl Capital. The London summer school has a focus on raising attainment and aspiration amongst younger children. encouraging them lo work hard in their GCSES. B8sid8s summer schools, Jesus College has offered over three access events per week to schools, including in-bound wsits lo Colleg8, and out-bound visits lo schools and communiti8s. W8 are also working increasingly with digital t8chnology lo r8ach araas that ar8 more physically r8mola. Our access YouTubg channel has grown to be the largest of any Oxbridge college. receiving 1.5 millK)n views in the past calendar year. Jesus College continu88 to lead, on behalf of the wider Univ8rsity, the programmè for British Banglad@shi and Pakistani pupils. These Indiv￿ua1S comprise one of the rrbost under-represented cohorts al this and other lop univarsilies in the UK. ACHIEVEMENTS AND PERFORMANCE Activities and achievements during 2021122 The Coll8g8's academic staff continu8 lo recaive many prastigious honours, awards, grants and prizas in recognition of their achievements. Professor Patricia Daley was elected honorary fellow of the Royal Geographical Society and awarded an Academy of Social Science Fellowship. Professor Phillip Burrows was elected lo th8 Council of Institut8 of Physics and Profassor Tim Palmer was elected an Honorary Fellow of tha Institute of Physics. Professor Renée Adams was elected as Chair of th8 Council of Ihe Sociely for Financi81 Studies. Professor Michael Vickers was elected Chair of the UK-based charity Friends of Academic Research in Georgia, FaRiG. Professor Susan Jebb r8Cgiv8d bNo major new grants from the National Institute of Health Research to study riew dietsry approaches lo achiev8 diabetes remission. Professor Standa Zviny was awarded a É2m European JESUS COLLEGE Raport of the Govemlng Body Year ended 31 July 2022 Research Counal Consolidator Grant. Assocsale Professor Fabian Grabanhorsl was awarded a four-year Medical Research Grant for his project on Systams Neuroscience of Primate Social Cognitv)n. Professor Yvonne Jones was awardad a Wellcome Trust Collaborative Grant. Professor Iram Siraj was awarded a hAedical R8search Council grant to explore mental health outcomes for car&experienced young peopl8. Professor Dirk Van Hulle was awarded a UKRI-AHRC Research Granlfor a project'Editing Beckett.. Towards 8 Bilingual Digital Genetic Edition of Saniuel Beckett's Works,. Professor Shankar Srinivas received a Wellcome Trust Enriching Engagement grant lo bring togelher the sciences, humanities. and arts in different communities in Oxford. Professor Caroline Warman's book, The Atheist's Bible.. D￿ernI and the &émenls de physiolog￿, won the R. Gapper Book Prize 2021 and Professor Richard Moxon's book, 'Brain Fever.. How Vaccines Preverst Meningib's And Other Killar Diseases, was selecled for the recent Oxford Literary Festival. In addition, the following published works.. Talita Di8s. Beyond Imperfect Injustice.. Legality and Fair Labelling in Intematnnal Law,. Amy L￿Ster, Publishing the History Play in the Time of Shakgspeare {Cambridge, 20221,. Matthew Williams, Judges and the Language of Law- Wljy Governments Across the World Have In￿asInglY Lost in Court,. Dirk Van Hulle, Genetsc CritKism.' Tracing Creativity in Literature,. Armand D'Angour, How to Innovate.. An Ancient Guide lo Creative Thinking - Anuenl Thinking for hAodem Readers., Colin Clark8 & Gillian Clarke, The HandkerCh￿f TTre.' The Journal ofFrederick Grice, 1946-83. and Raymond Pierrehumbert, Planetary Systems.. A Very Short IntrodUCt￿n, Ioxford, 20211. The College's academic staff have bggn involved in some exciting projects 8nd media events. Professor Sir Nigel Shadboll was part of a Royal Society working group that published the Online Inforniation Environment r@port, which found that govemmenls and social media p1atfomis shoukl rLoI r8ly on conlenl removal for combatting harmful scientrfic misinformation online. Professor Susan Doran had a major ro￿ in Ihe British Library exhibiliori Elizabeth and Mary.. Royal Couwns and Rival Queens. as editor of the catalogue. Professors Paulina Kewos and Susan t)or8n, with the help of an Oxford TORCH Humanities Cultural Programme grant, ran a series ofevanls on'opening Oxford 1871. which included a concert atthe Sh8kJonian showcasing diverse religh)ns' musical Iradittons. Also, they launched Oxford Re-Formed, a digital exhibition atthg Museum of Oxford tracing how relwJious con￿1Ct slamming from lh8 Prolestanl and Catholic Reformats'ons shaped Oxford's cityscape and material culture. Talits Dias wa8 invited lo give eviden￿ on online safety and harms lo the House of Commons. Dwital, Culture. Media, gnd Sports Sub-C0mm￿ee on Online Hanns and Disinfom7abon. The Collage also hosted a numberof events with distinguished spoakars. We walcomed Dr Bongani Ngqulunga. academic and priztrwinning biographer of Pixley ka Isaka Seme. who discussed PrK1ey's time at Oxlord and Jesus College reading Law. Collega stLJd@nls have received recognition in a number of fields. 27 sludenis, or 28Vo, w8re awarded a First Class degree for2D21122 and 14 were awarded prizes fortop perfomiance in University examinations. W8 hava also celebrated the success of 20 graduate students who achieved Distinctions in th&ir axaminations. One of the College's firsl-year Mathematics students achieved top performan￿ in first year exams lout of a cohort of 1801 whilst others in Chemislry. Exparimenlal Psychology, and Geography were also very highly ranked and awardad prizBs. On8 of our Medicine students achieved an award for their top performanco in their 2nd BM Clinical Medicine degree out of a very large cohort Ic. 2501 across th8 University. One of our postgraduates, Munib Mesinovic (Health Data Scienc81 look part in a global dats scienc8 hackalhon for university students around the world. winning second priz8 of £5,000 with two other Oxford University studen15. Claire MacLeod IEducalion- Digital & Social Changel won 8econd-place in the University of Oxford Centre for Teaching and Leaming's Digital Futures Student Writing Competition. Covid-lg The impact of Covid-19 on the College reduced this year in comparison with previous years. The College r8tum8d to in-person teaching throughout 2021-22 although soma 18a¢hing and 18clures continued on-line. Conferences and events al the beginning of the yaar were disrupled and allhough the social life in College was closer lo nomal. restrictions had to be applied al various limes because of outbreaks of infections. Further commentary can be found in Ihe Financial Review. Risk Management and Future Plans sections below. FUNDRAISING Th8 D8velopmenl Taam le8ds the College's fundraising activitEs. 11 includes major gift fu￿1raiserS vtho aim lo meet up to 200 indwiduals each per yaar to solicit donations in Ihe UK and overseas, supported by an additional mid-range lundraiser, who solicits lower-level fund5 regionally in the UK. They supplement their work by a direct mail app8al for Ihe Annual Fund in summer and an annual Telethon appaal in September. For the Telethon, the College has a contract with an 8Xtgrnal company, Shared Vision lo help deliver this project. a rol8 JESUS COLLEGE Report of the Govemlng Body Year ended 31 July 2022 that is monitcYBd carefully by Davekjpmenl Team. The Annual Fund typically raises bètween £200k arhj £400k annualty primarity through fac8-trtrfac8 fundraising and legaae5 that have been raalisgd. The College has ragistered with the Fundraising Regulator as part of supporting th8 standards for fundraising set out in the Code of Fundraising Practice. Tha College takes seriously its obligation lo prolecl any vulnerable people. It designs fundraising appea18 so that whenever possible they appear al regular and expected intervals each year. Tha Developmenl Office employs ils database to avoid sanding excessive fundraising requests or duplicated appeals.11 makes sure all pol8nlial donors are given notice of lh8 annual Telelhon or online appeals and have the opportunity lo 'opl-OUt' of all foms of solicitab'on. Finally. il tailors our mailings io potential dor￿rS to the best of our kr￿ledge based on their parsonal prefererKes. We nevgr solicit alumn1d0r￿rs who have givan to College within a six-monlh p8ri0d. 450th Campaign We are delighted lo report that after four yBars of considerable collatrKsralive effort. in July 2022 the College reached its largel of £45 million for the 450th Annivai3ary CampaKJn. The Nort￿Jata Prt)jecl, vthich has givon rise to th8 Cheng Yu TuryJ Building. was a key part of the 450th Anniversary CampaKJn. As reported prev￿u$lY. ilaltracted a ￿ad donation of £15m from thè Cheng family trmards the overall lolal. This ￿ar we have benefited from a £1m commitment by alumnus. Chris R￿hey. who has nam8d th8 new Tower R￿rn in memory of Asistsir Buo#wnan. VC. Aongshde this. continued furKlraisiro efforts for ac¢ess, bursaries, graduate S¢￿)18rShlp arKI tutorial felkjvtships have played a key part in Ihe fvndraising su¢xws. FuThJraising rgmains central lo Ihe supp)rt of ts College'5 finances and so our campaignirvJ wll continue as normal. FINANCIAL REVIEW Th8 Statement of Financi81 ActIvit￿8 shows a n81 Su￿U8 of £17.4m (2020121.. net surplus £28.2ml. This figur8 includes legacies and donations for r88lricled and andowed funds of £1.5m12020121.. £1.1ml and 8 ri81 gain on inv8Stments of £21.6m {202D121.' nel galn £30.5ml. Further details of both of these 8rg provided b810w. CovSd-19 In financial terms, tha impact of the pandemic was limited largely lo the College's conlerence activity al the $lart of Ihg year. Summer 2022 has seen lev818 of conference arKI 8vents actNty return lo a mors r￿rMal level. Income Charftable and trading in¢ome Charitabl8 income. £6.8m12020121.' £5.3ml, ¢￿ipriseS turt￿ feesfrom UK. EU and overseas 8lLbdants. support from orrice for ihe Student. other academic incomg. arKI relaled resKJential income. Nèarly all of th8 increase stems from residential income. In lum, thk8 refkcts thg absen￿ of the ￿bateS 8nd waivers seen in 2020r21 wfien sIL￿ents were encouraged to stay al home durirvJ bckdowns, ￿uS the renls frcffi students C￿Upy1ng th8 8cc(xnmodation in Ihe Ch8ng 8uilding for thé first bme. Trading inLX)me. £0.3m {2020121.. £0.1ml, CLvnpitses r￿rl-acadernle I￿nference and funct￿ Ir￿Orne. also reflects a retum to nomial actiwty. Donatlons and legacles Donation and Wcy income, £2.8m {2020121.. £3.1ml. benefrted again from the Developmgnt team's focus on the Co51ege's 450th Anniversary and the wllingnass of tho COl￿g0'S alumni and others to provide signrficant and regular wnlributions for acces5, the College's Annual Fund, and other aspects of College life. Lggacies from alumni. £0.9m12020121'. £1.6m}, mado an import8nl contribution again. Investmonts The Collage invests in v8ri0us assgt clas588, Including listed equtyfunds. commarcial 8nd agricultural property, government and commercial bonds, and privat8 equity. The Estatas Committee oversees the management of the College's endowment. The College dalegales the managernenlof ils equity portfolD to an external manag9r. Cambridge Associates,. the Colleg8's Property Director 8nd his team manage the commerrA818nd 8gricullural property. Investment income was £2.6m {2020121.. £2.1ml rnflectirvJ the r8duced impact of Ihe parKlemic on 8quity dividends and an increase in agricu￿uraL rents. While cash income is important. the College operates a Total Return wlicy th81 tskes account of market gains aThJ losses. The in¥e5trnent perfomiance on Ihi8 basi8 was as JESUS COLLEGE Report of the Govemlng Body Year ended 31 July 2022 Value at 118121 Net addltlons I Idlsposalsl Change In valuo Value at 31fT122 Income In yèar Total return 2021122 2020121 £￿00 £'ooo £'ooo Tooo rooo gricultural ConMerclal and residential 38.031 62 25.131 63.224 614 67.6% 5.0% 12.974 20.313 1.083 32,224 1.183 0.9% -0.2% Equities, tA)nds & cAsh 170,563 3.531 2,542 164,490 757 -1.1% 21.9% Total 221.568 16.844 21,526 259.938 2.554 11.0% 17.0% Total retum= IC+EI I IA+8121. The iesults are appro￿￿￿te and do fK)t take account of direct fee5 and other related costs. comme￿181 property addttions CO￿)rise the transfer from assets uThJer construction al the year-end. Consistent wth the Totsl Return policy. the invoslm8nl mandal8 do8s r￿1 distinguish between income and capital gains. The target return for inveslmenis is a minimum of 3.SV/o plus CPI aftar feas. which in lum allows the College to draw 3.3Q/o of the value of relevant investments to 5UPPOrt its annual expenditure. To avoid undue fluctuations, tha Coll8g8 calcLJlates lh8 total r8tLJrn draw of 3.30/0 by reference lo the averag8 investment values for the last five years, indexed for infllilion. The Estates Committe8 k8eps Ih818vel of draw under cLose reviaw lo ensure that the interests and n8&ds of both current and future co1￿& members arg balanc8d. AgriGuKural property has benefitted from a significant uplrft in the value of land designated for development. While current economic ¢ontJilions have delayed this project, we are hopeful that il will proceed in lh8 not l(x) distant future. Wilhoul this, the value ol other agricultural estates has increased by 30/.. Commercial property comprises retail outlets in cantral Oxford and this yaar includes the addIt￿)n of the units in tha nawly compl8t8d Cheng Building. The retail valuations are still under pressure bul we are encouraged by tenants who have signed during the year and thos8 we hop8 will sign soon. In June 2022, the new NHS centra for three GPS, practices opened in the basement of the Cheng Bu1￿1ng,. more tenancies have commenc8d trading in Ship Street. The reduction in value overall stams from a longbgase that is due lo expire in 2025. Despila considerable volatility in equity markets in 2022. equity returns have b8&n r8asonably rasilwanl, h8lp8d by the facl that most of the College's investments are held in $s and other currencies rather than slerlir¢g. For the first time in many years. the College drew funds, £3m. from the portfolio to fund operating activities. The Col*e is conscious of the importance of good governan￿ and adheren￿ lo appropriate ethical arid sustainability objectives when making inveslmenls. This year it has been conducting a comprehensive review of all of ils aclivitigs as part of formulating ils nextfive-yaar strategic plan. One outputwill ba a r8vis8d investment policy designed lo contribute io delivery of the College's nel zero objective. Until approved by the College's Goveming Body, the current investment policy is as set out below= The College expects all CoMpan￿S in which it invests, whether directty or wa an investment fund, to abide by the relevant law of the place where it ljas its headquarters and the law of the places where it cames out operations. Where a portfolio company, to the College's knO￿edge, takes actNon Wh￿h, whether lawful or not, creates a significant nsk of severe ￿pUtatIOnal loss lo the College, the College will not seek to maintain ils investment if, aft8r appropriate eng￿eMent. there is no reasonable prospect of a change in the company's behaviour. The College also recognises the Importan￿ and relevan￿ of environmental. swal and corporate govemance ('ESG) factors in the selects'on and management of investments wrfhin its portfolio. It believes that good govemanco. as so d8fined. supports the College s overriding concern for the good economic and financial performance of its portfolio over the longer tem7. As the College invests in funds, rather than making direct investments, it expects its fund managers to have an ESG policy in place that integrates ESG factors into their investment process and lo r8port their compliance with the UK Stewardship Code and the United Nations Principles of Responsible Investment. Where choices exist, the College beI￿VeS thatrfis more constructive and effective for its fynd managehs to engage with investee companies thoughffully and consistently as part of their investment decisions rather than opting automatically fordivestn7ent. Consistent wrfh this approach. il expects its fund managers lo report on their corporate engagement and vob'ng activity on a regularbasis. Further details on investments are included in Notes 4, 10 and 11 to the financial stslemenls. 10 JESUS COLLEGE Report of the Governlng Body Year ended 31 July 2022 Expanditure Total expenditure, £16.5m, compares lo £13.1 m in 2020121. Comparison belwean th8 years is distorted by several factors. This year includes a charge of £2m1202012t'. credit of £0.1ml for changes in the pgnsion daficit prOvis￿n,. whil8 2020121 benefited from £0.4m of capitalised interest, whereas there was none this year., and more genera15y, the absence of signrficanl disruption from th@ pandamic has led normal levels of expenditure in several areas. The undedying increase is estimated to be 4.50h. Staff costs, excluding movements on the pension deficit provision, wer8 £6.1 m {2020121.' £5.9ml. Staff numbers ovèrall were virtually unchanged and so mostof the increase is allributable io higher national insurance charges and pension contributions. The ColEege maintains its practice of paying all staff at a ral8 that is at least equivalent lo tha Voluntary Living Wage. In addition. in July 2022. il made a payment of £250 to all staff to help with enèrgy costs,. a further payTn8nl is planned for 8arly in th8 new year. Non-staff costs were £8.4m 12020121.. £7.3ml- As noted. the prior year benefited from £0.4m of capitalised interest where8s in 2021122 the r8dLJc8d impact from tha pandamic meant that there were increases in trading. catering and maintenance activities. In addition, energy costs increased by 70% and th8 College made important investments in IT and student bursaries. Northgate Project The Northgale Project, the biggest investment in the College's central site infrastructur8 and facililEs since ils foLJndalion, reached ils conclusion in July 2022. Renamed the Cheng Yu Tung Building in recognition of tha Cheng famills18ad donation. il has doUb￿d available leaching and research space, added 68 student rooms for poslgraduales and four for Felbws, established a digital hub. and improved the accessibility of the col￿ge, both physically and virtually, while retaining ils existing commercial footag8 on Cornmarkel and Market Street. Capital additions for the Project were £7.9m12020121'. £19.1m}, bringing the total costs to £37.2m. Iricluding the related freehold land of £19.2m, £36.8m has been reclassified as freahold land and buildings or plant and machinary, while £19.6m, being the commercial element, has been transferred lo investment property. A further £3.3m {2020121.. £L).3ml of additions relate lo the separate project to fil out th8 bas8m&nt and raar of the ground and first floors of the commercial Spa￿ for the College's first lenanl, a group of three GP pra￿l¢eS. The College received a payment of £2.9m against this with the balance. £0.7m. a150 being transferred to investment properties. Sustalnablllty The College recognises the urgenl need to addre85 the climate crisis and is committ8d to reducing ils impact on the environment. The Governing Body will publish its new Strategic Plan. 2023 -28 in earfy 2023, which will sel out the commitments intended to deliver a nel zero tsrgel. To dale we hav8 rArri8d out a rang8 of additional energy reduction measures across the historic site, including the inslallalK)n of low-energy LED lighting, window drafl-proofing, boilar upgrades and enhan￿ roof insulation. We are nearing wmpl81ion of a £1.5m multi-year project lo upgrade insulation al our sludenl residential building al Stevens Close in North Oxford, which is already all-8le¢lric. W8 have inslallad solar panels at Stevens Close. the Ship Street Cenlre, College's squash courts, ané in the new Cheng Yu Tung building. The Cheng Yu Tung Building is healed by ground-SoUr￿ heal pumps and the Collage oparates a solar farm al our eslale in Glamorgan. As part of our commilmerlts. we wll provide an annual report on the College's environmantal impact and progress towards its sustainabilily goals. Resebves pollcy The Collage's policy is lo maintain sufficient reserves and facilities to meet its short-lem f nancial obligations in the event of an unexpected revenue shortfall so that the Collegè can managa its op8ralions efficiently and provide uninlerrupled seryices. The pandemic, with ils adverse effect on manyof the College's revenue streams, provided a lesl of this policy and so it is pleasing that the College dealt with Ihese ch811enges succ8ssfully. Forworking capital purposes, the College has a £5m overdraft facility and a £5m unsecured Ihrae-yaar revolving credit facility., £3m of the lalterwas drawn al year-end.11 also has term facilities in Iheform of a £3.3m unsecured, ten-year term, fixed rale loan,. a £11.5m fixed rate loan Ihal amortis8s lo 2028., and a long-term fixed rate £25m privat8 placement loan. Most of these facilities have taken advantage of hisloric8lly low intaresl rates. Th8y are also in addition to the significant liquidity available lo the College through i(s substantial secUrit￿S inveslmenls. In reviewing compliance with Ihg raserve policy, the Eslales Committee defines short-lerm financial needs by reference to a multiple of the College's underlying operaling 8xpgndilure, after allowing for its assessment of 11 JESUS COLLEGE Report of the Governing Body Ygar endad 31 July 2022 reasonable sensitivities. These include.. th8 risk of signrfic8nt changes in the valu8 of th8 Colleg8's inveslment and property portfolio,. the negd to commit lo specific projects, both capital and non-capitsl, which further the College's charitable objectives,. and the potential restrictions imposed orb the College's spending by either the terms of its Total Return policy or its bank and other loan covenants. Th8 College's tr)ial funds al the year-end amounted to £256.8m12021.. £239.4ml. Wilhin this, 'free reserves.. being unrestricted funds excluding designated funds of £46.2m12021.' £9.7ml, were £19.9m {2021'. £21.6ml. The large incr8as8 in designalad funds corresponds wf(h Ihe increase in tangible fixed assets now that the Northgale Project is complete. Olher'available reserves, comprise the unappli8d totsl r8tum for p8nn8nent and exp8ndabl8 8ndowm&nt funds. After adjusting for the cumulative impact of inflation of £45.7m 12020121.. £30.3ml lo mair41ain the underfyng capital value, these are £15.2m 12021.. £39.2ml. The principle behind the unapplied lolal return is that the College could draw on this under the terms of ils total ralurn policy, albail in doing so, it would have to have regard for the terms of the individual, undarfwng funds, as well as other factors such as available liquidity. The Eslales Committee has conducted a r8view of the financial risks facing the College in IvJht of ts inv8stmenl portfolio and olhèr finanaal risks. These include the hywlhetical impact on the College's income of periods of poor investment perfomiance consislenl with more extreme silualions-, shortfalls irb commercial rents.. and tha impact of much higher inflation. Gearing covenants apply to the Collego's borrowings bul even with Ihe application of the same sensiliwli8s, subslantial headroom remains. In view of this level of reserves and tha consid8rabl8 liquidity available lo the College from its investments arwj tha bank facilili8s in plac8, th8 Committee has concluded that the level of reserves is appropriate. Designated reserves at Ihg year-end include £1,590k {2021.. £1,094kl in the Development Fund available lo support both new projects and a variety of a¢tNities inc4uding bursaries and widening participation within a 12 10 18-monlh timescale. Rlsk managemenl The College has on-going gov8mance processes that operate throughout the financk91 year for idenlrfwng, evaluating and managing the principal risks and Un￿rtaInlieS faced by the College and ils subsidiaries in undertaking their activities. The Governing Body has approvad a risk managemanl policy and in accordance with this, the relevant College committees, chairad by the Principal or Vice-Principal, revièw risks and miligaling procedur&s. Financial and investment risks are assessed by the Estates Committee., the D1￿clOr of Accommodalion, Calering atKI Conferences and department heads meet regularly lo review health and safety issues,. and academic matters are add￿SSed by the Acad8mic Committe8. Th8 working group that m81 monthly lo review pr()gress on the Northgal8 Proj8ci disbanded following completion of tho Projecl., a new group is ftxusing on the operation of th8 new building. The Gov8rning Body has ultimate responsibilityfor managing any risks faced bythe College. The Risk and Audit Committee supports this by moniloring the major rksks to which the College is exposed. A risk register exists and responsibility lor the management of the key risks resides wth the College Officers and their relevant committees, with the Risk and Audit Committ88 r8C8iving pariodic reports on tha 8ffectiven8ss of this. The Governing Body recognises, how8v8r, that systems can provide only reasonable and not absolu18 assurance over the manag8m&nl of major risks. The principal risks and uncertainties faced by the College and ils subsidiaries are as follows.. Academic perfonnanGe. Attracting the best lulors and students is essential to the College's overall purpose. The recent Strategic Plan has delivered additional resources to support bolh lutorial fellows, 10 nsure Ihey continue to deliver excellent results through their leaching and research, and stuéenls, whether in terms of access. study facilities or preparation for the ngxl stag8 of thair careèrs. Actions hava included the pemianenl endowmenl of more tijtorial posis,. bursaries for both undergraduales and poslgraduales.. and 8 significant axpansion of funding for. and work in support of. access lo the College and University. Student welfare. The wellbeing of. and support for, students in all forms is a priority for the College. An established welfare network and medical support team is availabl8 within Collage in addition lo the communicalDns and services thal exisl in the wider Universty. The College's welfare provision includes a dedicated Welfare Officer and an exp8rienc8d stLJdent Counsellor who provides on-sil8 support. Their work has expand8d considerably recently and not just since the emergence of the pandemic. Inflatlon. High inflation has reappeared this year and has had an impact on energy and food costs in particular. As regarés energy, the College is a member of the Univarsily and collegiate energy consortium that Sgaks lo hedge prices. Ih8r8by providing mor8 stability and miligaling the most signrficanl increases. 12 JESUS COLLEGE Report of the Governlng Body Year ended 31 July 2022 Alaiorin¢idents.' This 8ncompasses th8 risk of a majorfire. 8xplosion or other disaster that might affect the College's operational propety. The College has adoplad the Universit¥s policy that covers such inGidenls and has completed dry run5 to lest various S￿nariO$. Regular maintenance of safety systems takes pla and a catastrophe insurance policy is kept under review. Going conGem and Ilquldlty. The pandemic demonslrated how un8xp8Cted events could have an impact on the COl￿ge'S revenues, necessitating charn￿$ lo its operations and 8dditional cost. Dealing with such uncertainty pla￿S a premium on the availability of cash lo cover any revenue shortfalls or additional costs, or lo avoid having to realise assets at an inopportune lime. rhe College has a mix of short and madium- tem bank and finance facilities to SLJpplament I￿ mrmal sources of liquidity. Furthermore. il has substantial assets, many of which are capable of being realised al short notice. Management of investments. The College is relianl on the investment ratLJTn from its endowments to support ils charitable activities. The risk of volatility linked lo a variety of f8Ctors remains. In addition, as noted above, commercial rents for the Chgng Yu Tung Building are sts"Il under discussion and promotion. Responsibililyfor monitoring th8 Collagè's inv8stm8nt p8rfomianc8 rests with the Estates Committee, which has appointed experienced investment managers lo acl on ils behalf. Complalion of the pending land sale would secure a substantial cash inflow for the College. Cheng Yu Tung Bulldlng. With the construction phase of the Northgale project complete. the primary risk is one of ensuring that the College inlegrales its operatron into ils existing activities and lakes advantage of the new facilities that the building brings. Responsibility for this rests wth a newly form8d operational working group of thè Collega Officers and other senior managers. IT facilities and securlty. The risk embraces IT systems failLJr8, data security and vulnerability to cyber- attack, as well as the need lo respond lo the challenge of conducting much of th8 College s leaching, r8search and operations on-line. Recent actions have introduced greater ￿8111enCe and currant plans alk)w for further inv8stm8nts in systems to tak8 this further. Dual authenlicalron procedures apply-, appropriate back-up facilities are available., and insurance cover exists. Pensions. The USS March 2020 acluarial valuation was compleled during tha year. folk)wing which the College has recognised an additional £2m in respect of its share of th8 reported deficit, see Notes 21 and 30. As this will be payable over seventeen years. the immediate cash impact of this will ￿ limit8d. Sustainabillty. The College recognises th81 me81ing climat8 change and other sustainability targets will require considerable resources, both in tems of funds and th8 tim8 raqLJired of its staff to deliver these. Furthermore. it is likely that some aspects of its plans will depend on technological devglopmenis that ar& as y81 unproven or not fully developed. FUTURE PLANS During the year, memb8rs of Coll8g8 have baen discussing the options for its next Strategic Plari for th& peri¢Jd 2023 to 2028. Although not yel finalised or approved by Goveming Body, the following are likely to feature in the new plan: Continuing our access work lo ensure that we attract applicants froln a divem r8nge of slutjents., Extending the funding and support forjunior and early Ca￿er Fellows., Refurbishing and improving learning, leaching. research and accommodation facilities., Agreeing a nel zero objective for Ihe Coll8g8 and praparing and impbmenting plans to deliver this wthi the proposed limelable., and Mainiaining and bLJilding th8 Colleg8's 8ndowment as a kay source of funding for the above objectives. Manyof these objectives are expected lo feature in the new plan, together with clearer focus on issues such as suslainabilty equality and diversity. 13 JESUS COLLEGE Report of the Governing Body Year ended 31 July 2022 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body { the Trustaas°} is responsible for preparing the Report of the Goveming Body and th8 financial ststements in accordance wlh 8pplic8bl8 law and r8gulalions. Charity law requires the Governing Body to pr8par8 financial statements for each fin8nci81 year in accordance with United Kingdom Generally Accepted Accounling Practice {Unitad Kingdom Accounting Slandardsl 8nd applicable law, including Financial Reporting Standard 102.. Thg Financi21 Reporting Standard 8pp1icable in Ihe UK and Republic of Ireland {FRS 1021. Under charity law. the Governing Body musl not approve the financial stalgments unless they are s81isfied that Ih8y give a trua and fair view of the slate of affairs of the College and of ils net incoming or outgoing resources for that period. In pr8paring lhasa financial stalemenls, the Governing Body is ￿qUired to- select the most suilabEe accounting policigs and than apply them consistently- makejudgmenls and 8ccounling estimates that ar8 r8asonabLe and prudanl- slate whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial slalements,. slate whether a Slalemenl of Recommended Practice {SORPI applies and has been followed, subject lo any material departurgs which are explained in the financial statements. and prepare the financial statements on the going con￿rn basis unless r( is inappropriat8 to presume that the Collega will continue lo operate. The Governing Body is rgsponsibla for kgaping proper accounting records that are sufficientto show and axplain the College's Ir8nsaclions and disclos8with ￿sOnable accuracy at any lime the finanGial position of the College and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their propar application under charity law and hence for taking r8asor￿b￿ steps for the prevention and detection of fraud and other irregularities. Approved by Ihg Governing Body on 30 November 2022 ar￿ signed on ils behalf by. Prof ir N. Shadbolt Principal 14 JESUS COLLEGE Report of the Governing Body Year ended 31 July 2022 Independent Auditor's Report to the Trustees of Jesus College Oplnion We have audited the financial slalemenls of Jesus College {Ihe 'Charilll 8nd ils subsidiaries Ilhe 'Group'l for the year ended 31 July 2022 which comprise the Consolidated Stslemenl of Financial Activities, Consolidated and College Balance Sheet, Consolidated Cash Flow Statement and notes to the financial stalemenls, including signrficant accounting policies. The financial rew)rting framework that has beer5 applied in their preparation 18 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in th8 UK and Republic of Ireland (United Kingdom GenerdllyAccepted Accounting Praclicel. In our opinion th8 financial statements.. give a true and fair view of the st819 of th8 Group's and th8 Par8nl Charills affairs as at 31 July 2022 and of the Group's income and receipts of endowments and expenditure, for the year then end￿., have been properfy prepared in accordance wlh United Kingdom Generally Acceptad Accounting Practice", and have been prepared in accordance wlh th8 requirements of the Charities Act 011. Basis for opinlon We conducted our audit in accordance wth Intemalonal Standards on Auditing IUKI {ISAs IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slat@ments saction of OLJr report. We are independent of the Group in accordan￿ ¥Mlh the ethical uirements that are relevant to our audit of the financial statements in the UK, including th8 FRC'S Ethical Standard, and we have fU￿illed our other ethical resFNJnsibililies accordance with ihese reqU￿reMentS. We beSieve that tha audit evidence we have obtained is SLrff1c￿￿t and appropriate to provkle a basis for our opinion. Concluslons rolating to going concem In auditing the financial stat8m8nts, we hav8 concluded that the Trusteas, Use of tha going concern basis of accounting in the preparation of the financial slatgmanls is appropriate. Based on the work we have performed, we have not identrfied any material uncertaint￿S ralating lo avents or conditions that. indiwdually or collectNe1y. may cast svJnrficanl doubl on the Charity or the Group's ability lo continua as a going concern for a period of al least twelve months from when the financial slalements are aulhorised for issu&. Our responsibilities and th8 r8sponsibilili8s of th8 Trust8es wlh respect to going concem ar8 described in the relevant sections of this report. other inforniation The Trustees are responsible for the other information contained wthin the 8nnual report. The other infomialion comprises the infornialion included in the annual report. other than the financial slalements and our auditorfs report thereon. Our opinion on th8 financial stalemants does not wv8r tha othgr information and. ex￿p1 lo the exterit olherwse explicitly slated in our report, we do not express any form of assuranc8 conclusion Iher80n. Our responsibility is to read the other information and, in doing so, consider whether the othgr informalK)n is materially inconsistent with the financi81 slat8menls orour kno￿A￿dge obt8in8d in th8 audit or olh8rwis8 appèars lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we ar8 reqLJirad lo determine whether this gives rise lo a material misslatemenl in the financial slalements themselves, If, based on lh8 work ￿ hav8 p8rfomied, we con¢lLJde that th@r8 is a matarial misstalemenl of this other information, we are required to report that fact. We have riothing to report in this regard. 15 JESUS COLLEGE Report of tha Govorning Body Year ended 31 July 2022 Mattars on which wa are rgquired to report by 8xcaption We have nothing to report in respect of lh8 following matters in relation to which the Charities IAccounts 8nd Reports) Regulations 2008 reqU￿re8 us lo report lo you if. in our opinion: the informatw)n given in the financi81 statements is inconsislenl in any material r8spgcI with the Trustees, Report.. or sufficient and proper accounting records have not been kept by the Parent Charity- or the financial slalements are nol in agre8menl with Ihe accounling r&cords and returns,. or we have not received all th8 information and oxplanalions wa require for our audit RespL>nslbllltles of trustees explained more fully in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as th8 Trusle8s delarmina is necassary lo enable tha preparatvjn of financial stslements that are free from material misstalemenl, whethor due to fraud or error. In preparing the financial ststem8nts, the Trustees are rasponsible for assessing the Group arid the Parent Charity's ability to continue as a going concern, disclosing. as applicable, matters related lo going con￿rn and using the going concern basis of accounting unless the Trustees either intend to liquKlale Ihe Charity or io cease opèrations, or hav8 no realistic all8rnaliv8 but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section of the Charili8s Act 2011, and report in accordance with the Acts and ralevanl regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statamenls as a whole are free from material misslalemenl. whether due to fraud or error, and lo issue an auditor's report that includes our opinion. R8asonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordanc& with ISAS {UKI will always detect a mat8rial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expecled lo intlu@nca the 8conomic decisions of usars taken on tha basis of these financial statements. Details of the extant to which the audit was considered capable of detecb.ng irregularities. induding fraud arKI non-compliance with laws and regulations arg sel out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al: www.frc.o .uklauditorsres onsibilities. This description form8 part of our auditorfs report. Extant to which the audit was considered capable of detecting irregularitie5, Includlng fraud Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We iéenlified and assessed the risks of material misslatement of the financial statements from irregularilias, whether due to fraud or error, and discussed these between our audit team. We then designed and performed 8udit procedLJres r8sponsive lo thosa risks, including obtaining audit avidenca sufficiant and appropriate to provide a basis for our opinion. We oblain8d an uTrgarslanding of th818gal and r8gu1310ry frameworks wthin which the Parent Charf(y and Group operates. focusing on those saws and regulations that have a directeffecton th@ determination of material amunts and disclosures in the financi81 sialemenls. The1aws and regulations we considered in this CDntexl ware taxation legislation. together with the CharilEs SORP {FRS 1021. We assessed the required compliance with ihese laws and regulalh)ns as part of our aLJdil procedures on Ihe r&lal8d financial statamenl itams. In addition, we considered provisions of olher laws and regulations thatdo not have a direcleffectori thefinanrjal stslemenis but enmpliance with which mKJhl be fundamental to th8 Paranl Charills and the Group's ability lo D￿rat8 or to avoid a material penalty. We also considered the opportunities and incentives that may existwithin the Parent Charily and the Group for fraud. The other laws and regulations we conS￿ered in this context for the Group were General Data Protection Regulations and Health and Safely. Auditing standards limil the required aLJdit procedures lo id8nlify non-complianc8 with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. 16 ## **JESUS COLLEGE** ## **Report of the Auditor to the Members of the Governing Body of Jesus College Year ended 31 July 2022** 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. ## **CroweU.K. LLP** Statutory Auditor Aquis House 49-51 Blagrave Street Reading 30 November 2022 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 JESUS COLLEGE Report of the Governlng Body Ygar ended 31 July 2022 1. Scopg of tho financial statements The financial sl8lements present the Consolidat8d Statement of Financial Activities {SOFAI, th8 Consolidated and College Balan￿ Sheets and the Consolidated Statement of Cash Flows comprising Ihe consolidation of the College and its wholly owned subsidiaries, Jesus Accommodation Limited and Jèsus College Developments {Oxford} Limited. A separate SOFA has not b8an presented for the College as permilled by Charity Commission. A summary of the results and finanrAal position of the College and ils subsidiarias is disclosed in Note 12. 2. Basls of accounling The College's indiwdual and consolidated firbancial statements have been prepared in accordance with United Kingdom Accounts'ng Standards, in particular'FRS 102.. Th8 Financial Reporting Stan¢Jard applicable in the UK and Republic of Ireland, IFRS 1021. The College is a public benefit enlily for the purposes of FRS 102 and a registered charity. Therefore, the Colleg8 has also prepared its individual and consoSidated financial stat&ments in accordance with 'The Statement of Recommendad Practice applicable to charities preparing their financial statemer4ts in accordance with FRS 102, (The Charities SORP, FRS 1021. The financial statements have b88n preparad on tha going concern and historical cost bases, axcaptfor Ihe measurement of inveslTnenl properties and other inveslmenls, with movements irb value reported within the Statement of Financial Activities ISOFAI. The Trustees. having regard for th8 high proportion of the Collegè's assets that are in liquid or near liquid funds and the bank facilities availabl&, are salisfEd that it has adequate resources to continue in operational existence for the foreseeable future. In making their assessment, the Trustees have considered the ability of lh8 Coll8g8 lo continue operating as a College of tha University of Oxford and meet ts resulting obligations. Accordingly, Ihay continue lo belEve that the going concarn basis of accounting is appropriate in preparing the annual financi81 sts18menls. Th8 prinapal accounting poliaas adopted are set out below arwA have been appliad consistently throughout the year. 3. Accounting Judgements and e5tlmatlon of uncertalnty In preparing financia1 statements. it is necessary lo maka c8rt2in judgements. estimates and assumptions that affect the arnounls recognised in the financial ststements. The followng judgements arml estimates hav8 th& most significant effect on amounts recognised in the financi81 ststements. The College partiCApales in three muMi£mployer defined benefit pansion plans. In thejudgemerbl of the Governing Body, there is insufficient information about th8 plans, assets and liabilities to account reliably for their share of the defined benefit obligations and assets in the financial stslemenls and therefore they account for the plan5 as defined contribution schemes Ise8 Note 211. The Collegè carri8s inv8stm&nt property al fair value in the balance sheet, wth chang8s in fair valu8 recognised in the income and expenditure section of th8 SOFA. Independent valualions are obtsined lo determine fair value at the balance sheet date. The majority of tha uplift in value of agricultural land has bèan del@rmin8d by ref8renc8 lo prospects for realisirsg value from a holding in development land. Before recognising legacies in th& financial slalemgnls. the Governing Body exercises judg&m6nl as lo what constitutes sufficient evidence of enlillemenl to th8 bequest. Sufficient ewdence exists once notification of payment has b￿n received from the execulorlsl of tha eslale or eslale accounts are available which indicat8 sufficKgnl funds arg in the eslale after meeling liabilities for tha b8quest to be paid. With respect to the next linancial year, the most significant areas of uncertainty that a￿ expected to affect tha carrying value of assets and liabilities held by the College are-. Th8 final costs associalgd with the Northgale Project. The reported figures include astimales of the final costs that are subject lo agreement wlh the r8levanl parties. on￿ agreed, the allocation of the lot81 cost between asset categories will need lo be confirmed in conjunction with the Project's advisers. The ￿Ve1 Df investment return and the performance of investment markets for both the Collega's commercial property and other investments. The pension deficits recorded that are dependent ori certain key estimates, including future empk)ymenl patterns and the discount rale which is applied when determining the College's share of the past service deficits on the pension schemes lo which il contributes. 18 JESUS COLLEGE Report of the Governlng Body Yaar ended 31 July 2022 4. Consolidation The subsidiaries have been consolidated from the dale of their formab"on, being the date from which the College exercised control through voting rights. Inlra-group salos charges beiween the College and its subsidiaries are excluded trom consolidated trading income and expenditure. Balances between the College and ils subsidiaries are eliminated on consolidation. 5. Income recognltlon Al income is recognised once tha Colleg8 has entiuementto the income, Ihe economic banefil is probable, and the amount can be measured reliably. Income from fees. OFS supportand other charges for services Fees receivable, less any scholarships, bursaries or other allowances granted from the College's unrestricted fur￿$, OFS support. and charges for services and use of the premises are recognised in the period in which the related servic8 is provid8d. Income from tho Coronavirus Job Reténtion Scheme (the 'Furlough sch8m8? Payments under the Govemmenl's furlough scheme are recognised when recHvable and cl88srfied as other income in the SOFA. In¢ome from donatlons and lega¢les Donations Ihatdo r￿1 impose specific future p8rfomianc8-ralaled or otharsp8cific conditions aro racognisad on Ihè dat8 on which th8 Collage has 8ntillen)enl lo the resource, tha amount can be r81iably measured and the economic benefit lo the College of the donation or grant Is probable. Donations subject lo pefftimiance- rdaled conditions are recognised as and when those COr￿lti0nS are mel. Donati)ns subject lo other specffic conditions are recognised as those conditions ar8 mat or thair fvlfilmenl is wholly within the control of tha Collage and il is probable that tha Specif￿ conditions will be mel. L8gaci8s are recognised once nolificalion of paymanl has bèen r8ceiv8d from the execulorlsl of Ihg astate or estate accounts are available that indicate sufficient funds are in the eslale after meeting liabilities for the bequest lo be paid. Voluntary income received for the general purpose of the College is credited directly lo a desKJnaled fund and is subject lo review and planned distribuli)n by the Disbursement Cofflmiltee each October in the followng year. Voluntary income which is subject lo specific wishas of the donor is credited to the relevant restricted fund or, whare the donation, grant or ￿gacY is requirgd to be held as capital, to th8 gndowmenl funds. Whare don81k)ns arè received otherwise Ihan in cash, they are valued al Ihe market value ot the LJnd8rlying assets received al the dale of ￿ceIPt. 6. Investment Income Interest on bank balances and fixed inlerast sacurilias is accountad for on an accruals basis in the pgriod lo which th& intaresl relatas. DThiid8nd incoma and similar distributions are recognised in the period in which thay bacom8 raceivablg. Income from investment prop8rt1gs is recognised in the p8riod lo which the rental income r8lales. 7. Total ratum investment accounting As aulhorised by the COl￿ge'S stalutas, the Colleg8 has adopted a 'Total Ralurn. basis for the inv8slment of ils endowment. The carrying value of the p￿SerVed permanent capital, the trust for investment, and the amount of any unapplied lolal return available for expenditure were taken as the fair value of these funds as at 1 August 2009 together with tha original gift valu8 of all subsequent endowment additions received. In choosing this dale, the Governing Body sought lo achieve an appropriate balance belween the availability of relevant, historical information on changes in the College's permanent endowmentfunds, bearing in mind changes in classifications which havo lakan place ovar thg years, and th8 naad for accurate analysis. It invests these funds without regard lo the capilallincom8 distinctions of standard trust law and with discretion to apply any part of thè accumulal8d tr>tal return on Ihe investment as incom8 for spanding èach year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied lolal return thal can either be rataingd for inveslmentor ra￿aSed lo income at the discralion of the Governing Body. 19 JESUS COLLEGE Report of the Governlng Body Y&ar gndod 31 July 2022 8. Expendlture Expenditure is accounted for on an accnjals basis. A liability and related eX￿ndItur& is recognised when a 18gal or constructive obligation commits the College lo expenditure thatwll probably require settlamant, the amounl of which can bg raliably Measu￿ or estimated. Grants Bwardad that are not p8rformanc&relaled are charged as an expense as soon as a legal or conslruclive obligation for their payment arises. Grants subject to perfomance-rellql8d conditions are expensed as th8 sp8cifi8d conditions of tha grant aro mel. Support costs, which includ8 governance costs (costs of complwng with conslitulional and slatutory requifftments) and other inéire¢t costs, 3r8 apportioned to 8xpgnditur8 categories in the SOFA based on the estimated amount atlribulable lo that activity in the year, either by refer8nc8 lo staff lime or the use mado of the underfwng assets. Irrecoverable VAT is induded wlh the related item of expenditure. 9. Tanglble fixod assets Land is statad al cost or deemed cost. Buildings and equipment are slatsd al cost less 8ccumulaled depreciab'on and any accumulated impairmenl losses. Expenditure on the acquisition, construclion or enhancamenl of land and bUi￿l￿gS together wlh plant and machinery, and fixtures, fittings and equipment, which is directly attribLJlablg lo bringing the asset to ils working condition for ils intended use. is reviewed on a case by Gase basis. in conjun¢lion with ind8p8nd8nt advi88rs whgre appropriala, to d8t8rmine whether it is appropriate to be capilalised and, rf so. to ascertain the correct period over which to depreciats Ihe ass&t. Other exp8nditur8 on equipment incurred in th8 normal daY-t￿daY rurbning of the College and its subsidiaries charged to the SOFA 8s incurred. 10. Depreciation Deprecialion is provided lo write off the cost of 811 relevant tangible fixed assets, less Ih8ireslimatad rasidual valu8, in equal annual inslalmenis over their expected useful economic lives as follows.. Freghold propertEs. including major extensions 15- 50 years Leas8hold properties. including land 25- 50 years or period of lease if lower Building improvements 10- 25yaars Equipment 5- 15years Plant and machin8ry 10-20 years Freehold land and a88ets in the course of construction ara nol depreciated. Tha cost of maintenance. including non-capital repairs and r8furbishm8nt, is chargad in the Statement of Financial Activities in the period in which il is incurred. Works of art and other valuab5e art8facts regarded as inalienable are not included in the financial statements. 11. Investments Inveslment properties are recognised initially at their cost of acquisition and measured subsequenuy, after taking advice from independent valuers, at their fair value al each reporting data. Purchases and sales of investment properties are recognised on exchange of contracts. Listed investments are recognised initially al their cost and measured subsequently at their fair value at each r8POrting dale. Fair value is based on their quoted price at the balance sheet dale without deductio of tha aslimaled future selling costs. Fair value for investments. SUGh as hedge funds and privaie equity fuTvJs which have no readily idenlifHble markat value, is based on the most recent valuations available from their respective fund managers. Changes in fair value and gains and losses arising on the disposal of investments ar8 credilad or charged lo the income or expenditure section of the SOFA as 'gains or losses on inveslmenls, and are allocated to the appropriale fund holding or disposing of tha ralavant investment. 12. Financial instruments Cash and cash equivalents include cash at banks and in harHI and short-lerm deposits with a maturity dale of three months or less. Current asset investments comprise endowment funds awaiting inveslmenl and the proceeds of the private placement and lead donation for lh8 Northgal8 Projacl, which have been invoslgd in a cash tur￿ lo provide liquidilyfor the project. 20 JESUS COLLEGE Report of the Governlng Body Year ended 31 July 2022 Financial instruments include debtors and creditors. Debtors and creditors ar8 initially recognised al transaction value and subsequently measured at amortised cost. Note 25 provKles more information on financial instruments where future cash flows are anlicipaled, with financial assets referring lo fixed asset inv8$tm8nts and dablor balancès excluding pr8paymen￿, and financia1 liabilities referring to creditor balan￿$ excluding deferred income and lax and social security. 13. Leases Leases of assets that transfer substantially all the risks and rewards of ownership are cLqssffi8d as finance leases. rhe cost of the assets held under finan￿ leases is included within fixed assets 8nd depreciation is charged overlhe shorterof the lease terffl and the assets, useful lives. The corresponding capital obligations under these leases are shown as liabilities and recognised al the lower of the fair value of the leased assets and the pr8senl value of the minimum ￿ase payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as io achieve a conslant rale of interest on the remaining balance of the liability. Leases that do not transfer all the risks and rewards of ownership are classrfied as operaling leas8s. R8nlals payable under operating leases are charged in the SOFA on a slr8ighl-line basis over the relevant lease terms. Any18ase incantives ara recognisad over Ihelgasa torm on a straight-line basis. 14. Fund accountlng The lot81 fLJnds of thè Coll8g8 and its subsidiaries ara allocatad to unrastricled, restricted or endowment funds based on the terms set by the donors or the terms of an 8ppeal. Endowmanl funds are further sub- divided into permanent and expendable. Unrestricted funds can be used in furtheran￿ of the objects of the College al th8 discretion of the Goveming Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this wll bg accountad for by transfers lo appropriate designated funds. Restrictod funds comprise gifts, legacies and grants where the donors have specified that the funds are lo be used for particular purpos8s of tha Co118ge. They consist of either grfts where the donor has specified that both the capi181 and any income arising must b8 used for thg purpos&s given or the income on gifts where the donor has required that the capital be maintained and the incom8 used for speafic purposes. Permanent endowmenl lunds arise where donors specrfy thal the fLJnds should b8 relaingd as capital for th8 permanent benefit of the College. Any part of the total relum from the capital that is allocated lo income will be accounted for as Un￿strICted funds unless the donor has placed restn'ctions on Ihe use of that income, which case it will b8 accountad for as a rastrictgd fund. Expendab￿ endowment funds are similar lo permanent endowment in that they have been given, or the College has d818rmined basad on tha circumstances that they have been given. for the long-lerm benefit of th8 College. However. the Governing Body may al their discretion determine to spend all or part of the capital. 15. Pension costs Th8 costs of retirement benefits provKled lo employees of the College through mulli-employer éefined banefil pension Schemes are accounted for as rf these were defined contribution schemes as informalton is not available lo use defined benefit accounting in accordan￿ with the requirements of FRS 102. The Collaga's contributions to these schemes are recognised as a liability and an expense in Ihe period in which the salaries to which the contributions ralat& Bre payabla. In addition, the Collgg8 r8cognis8s a liability at tho balance sheet dale for the discounted value of the expected future contributions under the agreements with thes8 mulli-amployer schemes to fund the past service deficits. 16. Forelgn currancies The functional and prasenlation currancy of th8 Coll8ga and ils subsidiaries is the pound sterling. Trans8clions denominated in foreign currencies are translated al the spot rates of exchange at the dales of tha transactions. Monetary assets and liabilities denominated in foreign currenciès are translated into sterling 8l ratas applying al th8 r8POrting dat8. Foreign exchange gains and losses from the settlement of transactions and from the Iranslalion of monetary asseis and liabilities denominated in foreign currencies al the exchange rdles al the fftwjrting dale are recognised in the income and eX￿ndItUre seclDn of the SOFA. 21 J8sus College Con5011dated Statement of Flnanclal Actlvltles For the yearended 31 July 2022 Unre$tri¢tgd Funds £'ooo Res￿cted Endowed Funds Funds £'ooo £'ooo 2021122 Total £'ooo 2020121 Tota] £'ooo Not•s INCOME AND ENDOWMENTS FROM.. Charltable act￿111?$. Teaching, research and residential Pubtic worship Other trading Income Donatlons and lègael•s Investments Investment income Total rèturn allocated to incorne Oth•r Income- Furfough scheme Total Incoma 6.776 6,776 5.263 278 1.266 278 2,762 1,323 173 3,122 615 4,863 85 1,429 1.854 16,2921 2,$54 2,120 13 13.800 2,837 14,265} 12,372 10,757 EXPENDITURE ON: Charttable actlvltl•s: Teaching. research and residential.. Collègè Pension provlslon charg8 Public worship 9.545 1.762 73 1,557 11.103 1.762 73 10,585 1591 58 Genoratlng funds: Fundraising Pension provislon cha Trading expenditure Investment management costs Total expendlturè 509 240 349 1,830 14,308 509 240 349 2,460 16,496 599 181 630 630 1,91B 13,098 1.557 Nèt Incom￿l￿Of1¢I1} b8for8 Invostmont galns 2.341 N•t galnslllosses) on Investments: Property and other inveslrnen15 10, 11 2S.131 25.131 3,561 13,5611 21,571 21,571 30,548 30,548 N•t Ineomèl{doflcltl 24,624 1,280 18,4571 17,447 28,207 Transfors between funds 17 10,286 111.3631 1.077 Net movement In funds for thg year 34.910 110,0831 17,380} 17,447 28.207 Fund balances btijught forward 17 31.218 16,363 191,770 239,351 211.144 Funds carrlad fon¥ard at 31 July 66,128 6,280 184,390 256.798 239,351 Comparats"v8s for tr￿ movements on fund8 ar8 provided in Not8 318 22 Jesus College Consolidated and College Balance Sheels As at 31 July 2022 2021122 Group £￿00 2020121 Group rooo 2021122 College £'ooo 2020121 College £'ooo Notes FIXED ASSETS Tangible assets Property inveslmanls Other investments 44,510 96,375 164,490 57,228 51,687 170,563 44,510 96,375 164,490 57,228 51,687 170,563 10 11 Total fixad assets 305.375 279.478 305,375 279,478 CURRENT ASSETS Stocks Debtors Investments Cash al bank and in hand 188 1,181 31 1,366 165 1,578 4,810 329 188 1.381 31 1,276 165 2,397 4,810 270 14 24 24 Total current assats 2,766 6.882 2,876 7.642 LIABILITIES Creditors.. Amounts falling éue wthin one year 15 9,057 5,255 9,167 6,015 NET CURRENT ASSETS 16,2911 1,627 16,2911 1,627 TOTAL ASSETS LESS CURRENT LIABILITIES 299,084 281,105 299,084 281,105 CREDITORS.. falllng dua after morn than ong year 16 38,255 39.743 38,255 39,743 NET ASSETS BEFORE PENSION LIABILITY 260.829 241.362 260.829 241.362 Deff nod b&n8fit pension scheme liability 21 4.031 2.011 4,031 2,011 NET ASSETS 256,798 239,351 256,798 239,351 FUNDS OF THE COLLEGE Endowment funds Restrlcted funds Unrestrictsd funds Designated funds General funds Pension reserve 17 17 184.391 6,280 191,770 16.363 184,391 6.280 191,770 16.363 17 17 21 46.209 23.949 {4,0311 9.665 23,564 {2,0111 46.209 23,949 14,0311 9.665 23.564 {2,0111 256,798 239,351 256,798 239,351 The financial stslements were approved and authorised for issue by thg Governing Body of Jesus Collega on 30 Novembar 2022 Prof Sir N. Shadbolt Mr S.N. Woodward ncipal Estates Bursar 23 Jesus College Consolidated Statement of Cash Flows For the year ended 31 July 2022 2021122 £'ooo 2020121 £'ooo Notes Net cash (used Inl I generated from operating activitios 23 3,25B 886 Cash flow5 from investing activities Dividends. interast and rents from investments Proceeds from the sale of proparty, plant and equipment Purchase of property, plant and aquipmenl Procaeds from sal8 of investments Purchase of inveslmenls Nel wlhdrawals from current 8ssel investments 2.554 2.935 {9.7621 4.053 (7831 4.779 2.120 {17,7531 743 13601 11,757 Net cash providad by investlng actlvltles 3,493 Cash flows from flnancing activities Repayments of borrowing Finance costs paid Cash inflows from new borrowng R8c&ipt of endowment donations 11,1691 11,4841 3,000 173 11,0171 (1,4031 3,400 196 Nat cash used In fflnanclng actlvlties 520 1,176 Change in cash and cash equlvalents In the reporting yaar 1.037 {1,4311 Cash and cash aquivalants at the beulnnlng of the roporting year 329 1,760 Cash and cash •quFvalents at the end of tho reportlng year 24 1.366 329 Movem&nt on net debt 2021122 £'ooo 2020121 £'ooo Net debt at the beginning of tho reportlng year New borrowings Rapayment of borrowlngs Change in unamortised debt issue costs Nel withdrawals from current asset investment8 135,7681 {3.0001 1,169 120,193) 13,4001 1,017 141 14,7791 1,037 {4 111,757 11,431 Change in cash and cash equlvalents Net dgbt at the end of the reporting yoar Nel debt comprises.. gross borrowings, see Nole 16, plus the current element of the bank loan, see Note 15, less cash and cash ￿u1valentS and current asset inveslmenls, see Note 24. 24 Jesu¥ Colleu Notes to the FlTran¢lal Statsmonts FDrthe yoar 8nd8d 31 July 2022 COME FROM CHPRITABLEACThllmE8 2021IZ2 EWOO 2020r21 ro T&achln8p r**•arch iV4ld•mi un￿$￿￿eledfuTrdS Tulllon fees- UKand EU a￿￿er Tultlon fees- OverseAs siudents Other sUPPQrt- offi￿ for 8lud8DIs 0th8r academic4r￿Me Cttii8ye resldenl& Income 1,705 1,177 214 176 3,411 247 237 2.076 Total puWl¢warshlp Totsi Incomèfrom chailtablo Xtmth 6.778 5.167 abllv6 includes £3,039k12020121 r2,95Okl from OkfoTd ijrlv8￿ty ￿dertr￿ CFF 8them. Thè Inerease In re￿den081 Incarne refieC￿ ihe absence of pgnd8mic roba8s 8ffected the prtor ￿*r occwatlon of the new mmdaith Inthe Cheng Bulldlng kn March 2022 om¥ards. DONATION3 AMD LEo￿lEs 2021122 £￿00 2020121 Donatlons and louaclas Unre5trlc￿d lund5 Restricied (uryjs Endow8d fL￿g 13ee 1.323 173 2.7fj2 2.041 85 198 3.121 Unfa$￿tle￿ ru￿51n 2021122 Includè £936k of 1egxydonat￿rnS(zo2Or2l." £1.58lkl. INCOME FROM OTHER TRADING ACTMnES 2021122 roofj 202W21 roty) Subsldlvy conwBnle5' IradlryJ IrKorne Olherlrddlnu Inryy 27Z 27B 54 Jesus AccomnKwJglon oc¢ounl8d lortt72* (202Q121'. £S(rti tsf thÈ College¥ ￿0￿Cho￿tab￿ Iradngirwmg. IWE874IENTINCOME ZQZ112Z roo 2020rk1 AgrIcui￿rni reni Other propety incomB 1Th￿resi0￿￿XedteTrn dtrposltsa￿ c05h 593 Z1 eis RestrdGt8dfunds Intsrestcnflxed iermdeposlts cash 85 85 Sndov*dfiJnds Commerclal rnnl OLherprq)8rty Itthmè Équltydlvldends 1279 47 92 671 1.?54 2.554 2,12Q ijnder the G￿lege* Irbve5tfflMI ￿ndate, retum focuses Ongro￿th byeèpltal gBln eswell Asdl¥ldend reium. 25 Josllg CoHego Notqs 10 Iho FlnanGl*l St*t•m•nt8 Forthfr year8ntted 31 July 20r2 14NLY8kSOF EIFEIIDITUIIE 2021122 £'DDO 2020121 C*wttabkeXpeTrdI￿y9 tXr8rt ¥WfcosL% 3llDcaiad Teacniw, reseBrch And resk1enUal )venwnl In Pe￿lOn d8ficil Iloblllty IC￿[5h1P 4532 1￿22 ¢Jth8rdirectC05ts allocBted b.. 0￿￿teaChIng. research r8SIdEn￿￿l Publlcwotshlp 4J17 3.974 Teathlng, resegrch end resldentlal Movew*niin penslon deflcit Ilablllty 2207 24ts 2,079 Ttstsi eharhabh •xpthdltllr• Exp9ndtt￿r0 OTr ralslTrg fund• DItEL* staff C￿ts dltscèfed ￿.. F￿dra1$lrW3 Ve￿￿nI in pgnslon d8flcrf Ilabillty T￿1￿9 ewendI￿re Invesment mrwJemenlcosts 3BO 240 135 147 375 Cxherdlreeietssts allota*d ￿. FundralslrvJ Trwjing expgndllurp Inve9bnertmBwementts)sts 174 74 ¥57 SUp[￿an￿￿ema￿Ètt ¢O*alloL%￿ trJ'. Fundralslro Trwjlng eypendkure Invesbnent mèn8Yemertt￿￿I 83 1AfjJ 1.082 Totsl oxpwd#urn on r41slng funds Totsl 1e.486 13.11 Th8 Go41eg8 Is li*18 forc0nknbui￿ry underlhe P￿s1On5 of St*ule XV of the Unlversltyol Oxforf. The CoThlrtbullon Fund15 Used make Ènd loans to calleges ttn bas￿ of need Conldbulan5 arE calculat8d annualty in rew19￿￿S by If Councll ￿ the UnIve￿ty of Oth. Teachln9. re5eèrch ￿5￿je￿Id costs ¢hArge of £163k 12020121.. E142kl for the Coll ¢ynthbuVon tharyE InveSbneniM8nagè￿ni￿SIs aTe net of Ènll l2020QI' È367kl of Iniere$ltapitsllsEd as patitjfthe Nortwte Prllie F￿h￿Ing compleibn of the USS hl£rch 2020 valuBUon ihAi recogThlsed 8 much18rgerdeficlC the CdlegÈ has ￿e0rded 8 chargè of £1,928k for hs shar* llf th8 Increaso The pmyislon Is payabb over 58vgDl8en y8ars and 15 sthjeGI 10 tuther Tevlew ai the n&Ki vg1uathM in March 2￿￿3. Includln9 the movement on the OSPS der￿L ptDv151on. trLe tora ch8tgefDr the È2.002kl2020f21 cradltof È67kl- sag Nol88. 4ALY8I5 OF SUPPORTNI40 GOVERNANCECOS73 T8￿h1￿ nd RÈseBrch Gdntrfdbng Fu￿5 £wo PulA Worshlp 2021122 rooo nandHI admIn￿￿￿C Dom8sOc*rninislratlgn Huwn restturees 48 350 348 835 25 373 83$ 762 726 24 47 Oppr8¢13ti( Bènk In￿reSt ￿y&ble Otherflnènce ¢h8ryes v9ment￿ p8nsiondeflryllla￿1 762 240 2.447 Q01 26 Jesus Colleg• Nol95 to thtr Fln8n¢lAI Statsmènts For Ih•yAar ended 31 July2022 G8n8rabry 2020￿1 Totsl Researth Financlal wJmlni*tra 4S 339 273 264 286 348 855 Human resour￿5 30 26 374 85S 767 289 48 8ank Interest pwblg 0￿er￿n￿nce charyes Gtsvernan¢e COSLS 7e6 287 41 1.170 2.071 3241 Flnonce. and hlvnan re8ourcfjs (uts are alloc*0 8w)rthrwJ to the t$b￿lèd stalf IMÈ speN on eech •c￿vIty. DepreryHih￿ I￿(al￿d acthtding kn the u* of the un&rtJino Assets. IT ènd Govemance C05L% a￿ all￿ted ￿1rd1￿ lo I￿￿￿5t and other fina[￿9 ¢tprg8s ar6 gCCDrdiw its the purposÈ ￿ the ￿la￿d fl￿n￿1Th9. Otherflnance charges IrKlud2 £663k IZ020Q1 E663kl ol Interost y&bÈ lor the prtv8￿ pL2cern￿l of £25m, nel of Enl I2￿20￿1.. E367kl ￿￿t￿lIsed ys porf ol ihg NQ[tt¥Ja￿ Ptyct ￿ ￿flert thè rxW IK fundlng forihal propcl 2021122 £'ooo 2020121 fjovom•ncq CD*t* comp￿#•.. Audiioffs remuneraiion- audll serylce5 Audilots reThwn8ratlon- olherseNce¥ OtherwvEmarte costs 4S 46 47 No omounl has bEen Irduded 9tsv&man￿ tsr the d1￿￿ empknymeni COSL% or relr(IJu15ed eXp￿se& ol Coif8gg F8IIDWa tjn IhE thai these pèyments ￿￿te io th8 Fgllows. Invofvemenl 4Th College's athr11b￿. D8Lwils of remunEtsltsn ol Felbws Bnd thdr ielmbur58d expen￿£ Induded In Note 20 GPANI3 ANDAWAROS Durlng th8year. tho ¢ollegefundEd rosllarth ￿r￿a￿È$ to st￿&￿ts rromlts re5￿cted uNesthcied funds £sfdlthvs'. 2UZ1r4Z 202W21 Gtants ￿ lndlv￿ua1S'. Scholarships, prizes and urants Bursanes hardshlp awèrds Ttstsi unr•strict•d 254 15 254 Rastrlctsd lundA GranLS ￿ Indlvlduals.. Iwships. priz85 ar￿ grsnts Bursane5 and awerds Totsi r•itrfctgd 415 220 635 339 Total grants and •ward• 998 902 8TAFF cr)sis 2121122 £'ooo 202Q121 The eggregaie 5taffc08ts1ortho y9Yrv￿r8 8sldkM". sala￿es and ¥wJes SOCI￿ se¢uTrty costs Pension costs Defined kn2fl1and defined o)n￿bUlan 5cf*m&s subl0￿1 )vemnl ID wn$ipn d4llclll￿bl11ty- geÈ Nots 5 07 451 4,737 426 872 8.1311 5.947 8.132 5.880 Theaverag8 nun*erttf enM)loyees of thecd1￿, exclLk11rwJ Tnjsiees, on a fuii lime eqUlva￿nt basls es1￿1£￿5.. 2021122 2Q20ni Tuilw and rasearch Col￿ge r&sid8ntlal Publicwot5hip 20 17 55 Support Tt)tsl 19 100 27 Jesus College Notes to the Flrbanclal Statements For theygar?rKl8d 31 July 2022 The averèye numbèrttf Coll￿* To*b8sernployed durlry theyearvffj5 os foll(Nés.' TU￿rIe1 Fellows 0th8rtWdching and resgarch College Ofketsènd oV*rs Totsl 36 50 ThE pkyrdl co¥ts tor ygHr b•foTe the mvement Ir* the ￿nSIon Ilabllity wÈrè Èe Im 12020r21" £5 gml. of £5 5ni12Q20f21.. £5.3ml ￿￿ted io Income.generathw functlDnS £Q Ém (202(Y21 £0.6ml to support funclms. The c￿lege Èlso be￿fiL* Iram &mrM)rary s&ff. •Jencyworker6 and part-ilme exkrnal wrcrswho a￿ r￿0Th the CDlkge payrdl Th@ reLwledcostswere E332k12020QI'. E392kl. rkLwll$ Df r8￿nErathn 5nd rgimbur69dgxp8nses ￿th&col￿ge Tnjsteesare h￿l￿ded In Mjte 3Oi¢thÈSèflnand￿ style￿nts. There wer8 iwr ernth￿S lexGludlrwJ thè Collfoe Thtsttegl lI￿ring year grLW pay ar￿ tenefjis (ex1￿1￿ perdon conMbub2nsl exceeded Èeok TANGIBLE FIXED A58ETS Group And CoShg0 Assets und8r constru¢ EWO F￿hold land Leasèhohl land and buWirwJs p￿rt Ènd rnachlnery FIxiuTes, fi￿ng5 and aquitKnenl Total £'wo £wo Nl SL8rt￿ye￿r dluons DIsp05915 Ttsn5fertO pmpérty ReclasslflcAUons 48.767 11.243 p,9351 120,3131 136,7fj21 15,022 ,418 3.102 73.U80 11.364 12Q.3131 36.170 571 Ugprg¢l•tknn s￿rt year DepreCI8b￿ Ch￿ the year Dep￿Cla￿￿ Ondlspos￿S 2,536 170 1,970 238 545 18.652 835 423 N•t boD* Yalu• At end olygar 39,168 3,712 1,607 23 445111 151ertofyear 48,7S7 3.421 J,BJ2 1.132 The C￿rege has 5ubBt8nllal IrNvJ-held h1$￿￿¢ assets, which ara us8d in course of the College's lgachlw research èdvlttes. The (Jmpnse listed bulldinys on Ihe C￿￿ge slte. ￿ether wlth Ihelr eorfftnL4 thrnpri$lng watks 01&rt, books, Manu5¢npts and okner treasured tefacts Because ol t￿1r age and. in tnany c3sos, rb8bJre. relleble hiS￿rIc￿l cost Infom*btin Is noi avallabk lor thÈse assEts 8nd this could nol be Ob￿l￿ed except al dL4pfoponitinBte expense In Ihe opinlon of TNst8es ihe depredoled hlsicrt￿l cosi of these esseis LA tetial rnw. Followiny eampletion rrf Pmi8ct ￿MIaled cost ha5 been recla5slfied ￿ its rde¥èni èssei t8￿gOd￿&. These investrrtert yoperty In the QBe of ihg comrnerc481 seckn ol new building. and fr99hold a￿j bli￿J5￿gS or pLqni ond mecNnery the case of thosè rb knJlwill b8 Us8d bY￿e¢￿￿ge. No depredallon hès been chaT9Èd on the5E a55EtS 85 the Frqaclwas rnl cotnpl8bd unll th89nd of J￿y. JBsus Collego Notes tv the FlrMnGl#l Statsm•nts For the year onded 31 July 2022 10 PROPERTY INVE3TMENT8 Gr0￿P And CO1￿9• 2022 Totsl rooo Agdeui￿ral 00 CoMr￿Tc1￿1 Other VglugllonHlstyrto1￿r Addibtins and Improvemerts Blcosl Rev21u2110Tr gainsNbsses1 the ye Transtsrfromy¥set% under¢onstrUt￿)n 38.031 [2 .131 12.974 682 200 45 51, 262 24.113 70,313 11,0831 20,313 V•lv•Uw 4t•nd oly4at 63,224 32,224 927 91375 Group and 2021 Total Agncuifvwl £￿00 Commert 0￿r ro Valuation glstartDf yÈar MdStlon5 wj Im￿Yo¥8m8￿IS9lco&l Dlsposè RevaIuaV￿n ￿l￿5￿￿55eS> In y9¥" 36.68? 14.327 56S 200 Sl,S74 200 1.349 65 V&luatlon at oTrd of year 38.031 12.974 682 51,687 Afonnal valuèlon rrflhe agriculturol properiles WHS propar8d by G￿r￿d FI&G8rHld FRICS Df Savills Lid &a èt 31 July 2022. Aform81 v8luallon of e conwnerLJal and otherpmpEtb&swas prepared by Edwln 8rdyFR￿s of Dekille LLP è5 Bt 31 JL4y 2022. The Increase In agntui￿ral property value ￿fie¢l3 pdmBrfly pr(wJress in Ihg development wlenbal of a rn¥jDr P￿P￿ty inyftwed18nd VBlues elsewhere amwosi the College'5 fanns. The reduc1￿ valu8 of p￿perty refl&L4 thallengln9 envlfonm8ni faclnp retall&r5 ar e Impendlny cessafjon olone Major￿a￿e Duriny yÈ8r. College knveGied In one propwty U￿er ihe Joknl Equty Schwng 3n0￿er*I a nètgalndl È45k agaIn￿ ItsC8FTrlr Value. OTHERINVESThIENTS I are hddatfdrv4Iw. 2022 £woo 2021 £UQD Group eolhg• I￿¥￿*t￿&￿tI Valuètlon èistariof yÈ8r New mon&y IDve6 ArDounlswI￿r•Wn IDettea*l I In¢re3sè1Thvgl￿Qf Investrnents 170.563 521 I{OS31 {2.5421 15741 3Q4e7 Group and Collgq• ImstrngDtsatgnd of 164Ag0 170,563 In 8ddlllon ￿tha èbovo. Coll8g4 rgali88d a curronty cash E8k12020121'. £*IL561. 13r*lUP and Coli49* COM￿•*.. HeldouLsvJe IhÈ tJK £'ooo 2022 HÈkloutsid8 Total lh2 UK £'ooo He￿ In ihe UK 2021 TDts eUK rooo Equlty Iw&sfftnts Propertyfund5 INlemHllve andother InVÈStments F1xed terndèpoSltS8￿ ¢eGh 143.742 2.490 1.4 146,232 1,49S 15.225 1.538 151.8a7 4,414 1,2é2 156,221 1262 7.924 5.156 15.225 7.924 1.538 S,156 Totsl grtsllp And Colkge lTh¥¢stmants t5U,567 5.523 164.490 159,731 10.832 170.563 ternaUV£ and Other Invesrn&nts IrKlude certAln unllsted inveBtrngtts v*u8d as at 30 June 20> bec8Llse Valuadons 8131 July 2022 wère Mi readlly avallgble. 29 Josus college Notès to thè Flnan¢lal Statamonts Forthe year ended 31 July2022 11 PARENT AND 8UB3DWIY UNDERTAKIN135 The financial SLstemen&eorL%ol￿S￿ the *counts Df JesUsCol*gBa￿ tol1￿￿￿9 ¢OnwÈn￿S. s Llrnh•d.. Whollyowned tr2¢ifvJ SUbs￿￿pro￿dl￿geOnferÈrtCe othereveN sephces onthe Cdlege premlses. Je1￿$ Colliol 04v4k>pmènts (Oxfordl Llmtt4d.' Wholly trèdlng subsldlèry. ¥¥hlch w85 IneA)rpor8ted to pr￿Ide d85vJn and bulvj seM￿S Jesus CttllegÈ ftsru* Pr4ttt. The re5￿ts and the a55ets￿d Ilabllllesoftr* pwentandSU￿￿arfes All￿ yeor endwere a5foll￿S'. 2021122 Jesu5 ACCoThwn￿. adon Ltd £wo 2020121 P￿ent J￿$ ColleGe Ac¢omrMd. Ltd Parent CD1￿98 JC D8vela JC Deve10p- menis (Oxford) Ltd (Oxford) Ltd ro I￿￿8 Expendi￿re Don￿10￿ to Collep urthrgrfiavj 12,372 118,8361 340 273 14,047 113.7e81 Iz8zi 10,757 16,370 11QQZg1 1341 Nell10561lirKomJ before Inv851mJnlwins 4.124 2M41 ToLèI assets Tobi Ileblllues 308,251 151.4531 135 287.120 147.7691 3.079 11.9S21 (661 Nelfund5 olihe of yeor 256.798 139,351 13 STATEMEIIYOF INVESThIENTTOTAL REniRN The Tru5tee5 adOp￿d a duty athortsed wllcy of iokl re￿M *c￿u￿￿rg for ihe Col￿g& InvesTheni reDJrn5 wlh effecl 1 Auwsl 201$ Th8 Inve5kn8rt return to b8 app￿8￿ a5 irwrne Is cglcul8ted 3.3% 1202W21". 3.3%) of 8vBrgg8 of th8 ItthlshDn-￿l￿tert Year-er￿ valuès ol t fèlevart InvestrnEnts lttr lasl five yeats The P￿Served ol uiÈ Invesidd ￿K￿w4￿niCaplt￿l ieprÈsents tts ialrvalw 01 Augu512rth plu5 all subsequenieThdowmentsvalued Att￿ ttaie of the glft. mppryb¥85 aTe pwbJEd In Nole 31b Penn8nÈnlF￿Dirnt Trusifor Unappl￿d Invesirnwl Tolal Rglwn Experthb Enthv4rn9Th1 Total Tatsl ro( Atthe beglfinlng olthqyqar TrusiforlThvestmeni Unèpplled toial reium Exp8ndgble errfJowm8nl 87,873 87.873 74.823 87.873 74,823 29,074 74.823 29,074 Totsi•ndowmAn 87.873 74￿23 162,696 29,014 IY1,77ts GMolenthwm2nifunds Investmert rt￿m.. iOLg1 Investhaniir￿Orn8 lTrvestmenl reium.. realised unradwdgelns and kn5s05 Less Inves￿￿@￿tma￿99Btne￿1CDstS othÈr Total 41 41 1,572 13,02Ql 13Z 28Z IS411 173 1,￿4 1.572 13.0201 41 11.9831 855 11,0871 lo￿1 re￿rn allottaied io Intrme In the Is.3￿) 16,2W21 Ngtmov9rn0nts In 41 173771 Èend olthB rnporlng pedod.. TtU5tfDr InvestThEnl UrnapO￿d total rétum Expendable endow￿nI 87.914 81.914 7.￿5 87.914 67.505 28.971 67,505 28.g71 Ttstsi ondo*iY*nts 87,914 67.50$ 155.419 28.971 184390 30 Jv$u¥ ¢0118 Not#8 to tho Flnandal Ststom•nts Forth&year ended 31 July 2022 14 DEBTOR8 2022 Group 2021 GroLP e￿(￿) 2022 2021 Cdl8g eooo Am4unt# falllng du• ¥￿thIn on•y•ar. Trgdedebiors owed by members ts owed by Group Underta￿r￿j$ Prgpaymenis Accrued In￿￿* Otherdebtors 257 81 443 97 279 331 210 15 2V 81 832 1gD 398 46 97 337 190 404 15 1.578 13B1 2,397 Pmpèymants InJ￿￿e £155k (2020r21". £nlll due atsronayear 15 CREDrroR8.' falllng dug ￿thIn on•yur 2022 Group E'ooo 2021 Gro 20Z2 Collego £'ooo 2021 g8 8Ènklogns Trade ¢redllor4 Amounts DwÈd to Colleye ￿Mbtr8 T8xatlon soclel 59curlty ExpendiUJre accruals Defetred Intome Othercr&dliryS 1.164 350 280 665 2.352 193 4,487 1.164 174 280 270 3.887 193 247 45$ 240 799 2,143 420 513 674 2,4e6 81a 9.057 59SS 9,167 6M1S 16 CREOITORS.. fBllng duo oft•rmor4than Or￿ ygAr 2421 Group rooo 2021 Grtt 2022 College £'ooo 2021 c￿￿ge 8ank h)&ns. ur£e¢ured 0th2f h)an- unsecured 13,349 24,906 14.841 24.902 13.349 Z4,gll6 14.841 24.￿* 3H,155 39,743 JB2SS 39.743 Thfr bank logns￿mpriS￿. A m(rtuage relating ￿ the orlylnal acqui41￿Th ol Ntsrthyate ￿￿$8. In￿real i4 wèble at è fixeo ra￿ ol S.369%. The loAn ￿ rep￿b￿ In Instalments over 20 ￿arS malLYe5 In Aprll 2028., £1.137k12021.' £1.077kl of the knan Is payab￿ wllhSn one year A term logn at a fix8d rat8 of 1 99%. onginally to fund org 18nanfs prgThHs@s in Cheng Yu Tunu Buildlng and Ltsed for workAng caplbl. CBpilal and Intsr8sI payabb quarterty until Apri12031 E35Qk12020121-. EB6kl of the loan Is payablg YKthin llnE year In January 2017. Collegè rtised £25m vla a p￿Vate pl￿emE￿l primanly io lund ￿e NDrthgate Praieci. T￿ loan ￿mp￿Se$ EIOM repayotrAe ITr y2037 èt a ffxed In￿rest raie of 2.67% £15m repayable In MBy2058818 ffxed 1Th￿reSI rate of2.64%. In additlon to the above loans. Colleg8 hBF an OVerd￿ft faryllty ol up b £5m and a crBdll bclllty ¢1£5m e3mol thè RCF 01 July2022 31 Jesus College Not•s to th• Flrwnclal Statèmènts For the year ended 31 July 2022 17 AIIALYS15 OF MOVEhlEW1S ON FLIIIDS Atf I￿￿￿￿1￿9 resources £'ooo Resources èxpended rooo TrangfEra GÈlrtsl 110sse51 (*) At 31 July 2022 £'o 2021 £woo ENDOWMENTFUNDS .PERMAI4ENT 162.698 535 5.335 155419 rsary and hardship funds Cultutai And travel funds.. P W. Do*J FLP 0￿erc￿￿r￿l trav General purp058s'. Old ESLqie Inc. Le￿￿8 JeTr￿ Meyricke Endowm8nl Other9enerni pwrx)SÈS Ildlnu & Infrastruclure IAE StÈ¥engl OtherspÈdflÈ erthwmen &holarship& pnzfj¥ 8 aw*ogfunds Teachlng& reseorchfunds.. Z*Uyn 0￿￿rIe@chITrg & researchfvnds 20 1301 881 B46 1.136 186 26 43 13881 112,225 18.399 2W2 4322 19.￿6 2.701 4.421 175 4,079 1501 1821 74 3.9311 5,935 5,137 5.067 4,908 51 (951 ENDOWMENT FUNDS. EXPENDABLE NDthgate Ho Ilege Pènsknn Fund Johnwalsh Hlsw Fg11(wship W & M &ton Dav*$ Fund H Myag English F91Wship Hoffmènn hledltAI GrAd. Sthc4èr&Np5 J BoundBn EndowTnentFund Shrederst￿eThiSUpp0rt Fund WdshAccess &OuirÈath Fund Other￿￿hINg & research funds Fellowshlps S¢￿￿orshIps 8ursart8S 29,074 6,555 1,885 95 540 63 862 7J36 20 1.722 1,610 IA41 I￿￿¢ 2,103 1.28ts 1.692 1.9)9 1.984 2.wz 1.296 954 19 In 25 6.214 1.8Z2 12041 Isgi 5J41 1,741 1341 24 Olhertearhlng & reseHrch Totsl¢nd4)wMentfund 191,770 2.027 184391 RESTRICTED FUNDS bljrsaryand haTd5hlpfut￿¥ cutt￿￿1 Sptsruny travel IL￿9 Building & InfrBstw¢lure ChsnlKn￿htDra9lln Otherbuilding & IntraEtNciure otherspedflcfuThds Scthl8ishlp6, pdzes & fuThYs Te*hiAy & researth ￿Thd$ 174 12201 14n 754 165 15 56 11,278 12 85 111.3631 145 23 251 804 18 199 355 $89 IZQ71 1M20 3,114 2.462 Totsi M*trkt4dfundi 16,363 1.551 6kBO UNRESTRICTED FUNDS GÈrterèl unrtStrlLted lunds De￿￿73l&l." Flxed ès5ei OE￿9￿aled." Anrhual fund e￿gnal0￿.. 0￿er G8n8ral purposgs tÈaeNe 23.584 8.461 I.￿4 8.391 111,4441 25.131 13,949 44,Si 36.049 548 Iso) 109 17931 12,0201 793 (2.01ti Totsi llnMXtrlÈtsd fvnd4 6Q127 Totsifundx 239,351 12,372 16,4991 25Q798 IncomityJ resources for endDwÈd funds cDrnpr￿e donatlons Inthe year8nd rÈaliSed reknmgan ￿lated lrtvesimÈnL% Trnnslers Include E1.429k and E4.863k tsleesed Iram permaneni expendable enttoyémeni ￿Spe¢￿VelY lo reslrtcied Lnreslncted fvnds cordance Wilh the College'5 ￿1￿1 ￿tUni Olcy, off581 by £1,077k add8d lo ￿pendable endowmert lor Ihg 20211Z2 capital repayment on the NoTtrLgatg House loan". and t11.353k and £24.6E6k transla￿ed IhE ChEng Fund and wnEral Unreskntted funds respectlvely to the S￿natedfiXed asset lund refieeiu)e compleuttn of lh& mor￿g￿￿ Pr4eci. Compar*ive fund5 movemgnts are prOv￿ed In Nol& 31c. 32 sus College Nolo$to Ihe FInancI￿ Slatemonts For theyearended 31 July 2022 18 FUMDS OF THE COLLEGE DETAILS The followlng Is a summary ofthe 0￿r￿and rAjI￿ ofthe more SvJnM¢2niFurth. End¢wimintfu￿dÉ. P•rnwi4 Bursary Qndhordshlpfunds A￿￿￿oI1d9￿Ofi of grts. don*￿t￿5 bÈquestsMthere Income. bL* noir*￿￿. c4n ￿ used for u&ntsuppofL hard5hlp or bur5arfes. CapilBI consistiry of residu8 of esLgie ol P.W Dodd (d￿ 19311, whert rekn IncomE. bul not the Driginal tapitsl. can be used to a￿Si undergr8duÈtes to travel abroad for "generAI brO￿@￿Ing01th& rathgrlhan A<￿[￿8051￿atiOn of gn15. donatlOn8 and be4uesL4 Vihttre InciJmÈ, bthntst C8piial. Ggn be usedfor u¥al. SpO￿n9￿nd travel p￿￿OSe9. A consolldthn of donations. glfts and bgwe¥ts forth￿ lh8 orngin8l8n￿￿rnEnl 1£ye￿erwI￿1 mnies left In the ￿11 of Slr Le￿Ine JÈfikins dèled 12 June 18￿, lonner PrtnclpBI. whlch brougm iogetr*r hi4 esta￿ and monles gfven ty bequeAih&d io hlrn by Mywll. former P￿￿1PaI. and twtor Wllllam Ba6seL whlth tog8th8r ar& cdleclw8ty r￿e[red ￿ as the Old Estth. ThE In￿meOn￿C￿n be U3edforU* gther81 p￿rPoSeS of IhÈ co1￿￿. Cuttur81 SPOr￿ng Bad trAvd f￿d5'. P.W. Dodd Fund Oth8rcui￿r0l spcrftlry travel Ceneral pu￿￿$ba. Ok*ESts￿ lTrc. Leollne JÈnklns lÈyrttkÈ EthltswmÉnt A bequest by Edmund M?yrfcke. a former Follow, in 1713 undar w￿ch the but nttlyle c8piiai. can ts vsedlorihegerhÈral purposes of uiÈ College. ArxJnsolIda￿Tr of g1ft5. donauons bequestswhere income. bLrt nolLapIt￿, can bg used for purposes of C￿1￿98 A gift to llle CollEge th￿er a Deed ttl Appolnfftni dated 25 Jun8 1975 wder w￿Ch IKome. bui not eaplW. shal be oppmed to inyrove aryj exlend ihefvnclbnul bulldlrrf>5 oTlh&Cd￿9 0th6rganaral pwDse8 Bulldrvj &lrlraslNcbJre IA E SlevenBI 5hip$. pdzes & *¥ard furth AcorbsoIKtsUon of gffis. donations ￿ryJ bgqugsL5 W￿re IrKomB, bulnot rytsl. be l¢r th& wow1￿0￿ of SC￿￿[shIPS, PnZe$ and awart&. The College WÈ5 the re$￿U￿ry beneficlary of ihe wlllof Myrle Henrfette Zeltyn 124 Juw 19971 Incorne bul t￿t Ihe Laplal c8n bB used to SUPPOrt Fslknwships In p￿E￿ty" Lèw. Fret and Mediclne On 18 April 2010 It ¥¥ts ￿￿Èed that one ol the Fellowshlp5 endowed be chènpdfromLew ￿ Modem H*iory. A wn8olldationof bwuÈÈL4whÈr& bL* fWJt(X￿ts1, rAn be usèd br teathiry arml research purposes. T8achlng a r988arch fvnd Zei other￿￿thIng & reseaKhfunds EndowmBntlU￿th- Expl￿#￿1*.. Norfhga￿ Housè In wrcha5ed 1>21 c1mm￿el st INtsrthgète HousÈl fijnthd by t Proceeds from a ￿m￿￿ory purch858 and a morlgage fvnded out of Incl￿etror￿ ￿ properly nd endolvmenl Capltal ro￿￿9￿1& of th8 tnDrtg48 ar8 add￿ io Inc¢ nd Ixpiial BtisinsfrDffl prwtyis to tye used I¢*￿epenernl purposes of thecol￿g?. w & M &ton Dovl•s F￿d A bÈqwst mèdÈ bywkl 8 M @ton Owles for the èStsbl*hm&ni of a fund 10 SUPPOrt bw6arfgs forundergraduates. P￿Of Ig9￿yf￿￿ Davld thnes. ￿ a￿t￿nu&. 8l1uc8￿d kn supr￿￿￿14￿1￿ryF￿k￿Sh1p. Ewlish Fellowshlp surwrted ty vidorWrA)d. namert In mernryof hls%vrf&. A dtsThaUtsn 1￿M Hoffmam %¥hlch allmcied matrhed fijndng from the Oxhxd Gradue Maiched Fund Theycovorluil￿nfe8¥an￿ll￿￿g wstsforrn8thcg15l￿EntS JohnWèL%h Hlstcry Felknw&Np H thray Engltsh FeMowsNp HoffmanTr MedKal Graduate81udentshlp J Bounthn Endowment Fund ShrÈdÈi EThdu¥¥meni FuThl We15hAccg55 & Outreach Furyj Otherspeclficfund5". Fgllowship5 SchL4ÉtShlps Legacy fr(4n John BoL￿denaval1abEe for g8n8rdl puwes of th8 ￿1@ LEgHcy trtm PGS shr￿er avall*le lorthe gEnÈrèl purw5eScf the Glft ￿fuThd Access and Outreath aGt1vI￿S. A Bengs ol gh75, don8UorFS ￿ques￿ WI￿re the can b& llsèd lo 8UPP(wteoll8getsllawshi A series of gifts, lton9￿0￿S b8qué$L%, wr*rè inthmé from the tarA￿ Ggn be used b) Supp(rt undewèthaiÈor9rAduÈÈ schDlarsNp5. A SèfiES ol yits. bequests, V4he￿ inth)me trom tr* cgFiio1 can be UEed bj suppwiprovldè burswles ￿ undergre4u*esat¥J gTrduaes. Bur5ArfeG ChentyKn(qht Drawn A grfi Df E15m Dr C**n9 through hL4 t￿MpaThy, Knlght Drawi. for rtrdevelopmenl of NOr￿Ate House. Followlng comFqeOon of the pr￿￿( the has beentrans1gtr8d to th Des￿￿318￿ Flxed Asset Fun 00$￿￿na￿d lund$'. Oeslgnatett F&8dA8581 Unre5trtded funds repTesenied by fixed assels end Ih2refore Ml ay￿babIe fvr ewendliure on ihe Cdleye* generdl purposes Unr8stncted donabons to the Devèltspment Fund 811(t8ted by trhe Fell(Nés for dlsbur5emeni In Ihe ye2rfrAknwlrvJ donBlon for both newprolects ondextsungareas of wendlbJre cÈslg)ated'. Fur DE51Wèted Other iknr95lrtd8d fU￿S allac818d by the Fell(Ms fDf ac￿eMIC puryMXÈS. art and ￿ThI￿ge, nnln9 01 ChapÈi and foru* upkeep and m8lnien8Thceol College propertle5. The 9er*r81 unrestricied funds repr&senl a¢cumu￿￿ed Income from the Collgggs aGUVIb￿ and other sources that are 4vail*l8 for the purposes of ihscd￿ge 33 Jesus CollegB Notes to the Flnanclal StstomeniB Fortheyear ondod 31 July202Z 19 PI4ALYSIS OF NET A&SETS BETWEEN FVNDS RttiMtted ErmI0%￿n2ni Fund& FuThYs Ery)00 2022 TrAal É'ooo Fu￿5 ro Twwbla fixÈd aSgèL8 OP2fyinvesimnts 8ecuriU85 otsr Invéstffl8nts Netcurrenla5Sets I lllabl1￿5) Defined beMflI peTrslon Scheme Hèblllty Cieditors falling atsiong y83r 44,510 64,151 44,S10 96,375 IM490 I￿251) J2.224 164Ag0 112.3241 6280 13B.25SI 138.255} 66.128 6.280 184.390 I￿79B Vr￿estrkted Fu￿J$ R8slrfct8 FuAds £￿00 EndovJment FL￿9 ro 2021 Tctsl TaWl￿&1bxÈd Assets Prop8rty Invgslm8n15 Sgcurilies other inVe5tmÈnts NÈteL¥rent assets I (l￿bIlItIe5> Oefnad benefft pen4on l*bllty l@rm liwb511UÈS 57.228 38.113 57,228 51.687 170.563 1,627 12,974 170.563 .Z33 1*.9691 16.363 1387431 31.218 16.363 191.770 239,351 IRVSIEEV REMU14ERAIION The TruslB85 ofth6 College CDrynse GDVÈmwy PA)dy. ￿m￿nIYF8lI¢￿￿￿h￿aMt•￿Nty r￿£r¢h thmpknyees oftheCoMegearyJwl￿￿I ) Governing Body by %lrtue of thelremployment. No T￿s￿e receNes any remungralion for 3¢bng as a inJBte9. H￿Vfjr. ihose Tw5t98s who eMp￿yEes College ree*lve 5aknrl8S foT thslrwork as etnployee5. fhEse salanES are basedon eXIErnal sc8le5 8nd Di&n ère ldnl8rrawemenis the Unfverslty ￿0xfOrd. atthowh theymÈybe sUp￿emented by spe¢llk College 8llowèTh¢es. èsexF48lned beluw. ITr order to avowj InknrgsL r9comm9ndalons ￿ncOMir¥j rernunergbun. ￿th of kndwldual Fell¢bWS and kn gener81, are modè by an d&p8ndBnl RÈmuThets￿n Cttmmitteè. the mÈmbetshlp of IS ayrtÈd ty the GovÈrning Botty. 11 IrKlude5 o noTrremuMralgd Fgkn¥. reired Estsies 8ur60rfrom QThlihef Co11eg&, i%¥0 Old Mèrfthefsoflhe Cc11egg endonerelote& b an olcl mpmbgf. TruBh85 ofthe tsII fdWnsixte9)riy¥' - Profegattdal Fellows., Tutorl81 Felk>ws,' - Colbgpoffjcars D￿rir￿J Ihe year seven T￿S￿e5. belfig the pr1r￿paI. Academlc tmrector, E5Lqies BuFsèr. Deveknpmenl Dlrethor, Dlrector ol Ac￿mM￿d* CÈterlng ConfereThces. Human Resources Dliector Propety Dlreclry, worked on manag8ment and fundraiskng We￿ lull Vme exception of ihe Esta￿& 4uts¥, wotk5 Dn a 50% pr458nce and HR Dirnctar who y￿rKod on èn 80% presertt untll JuTra 2022. These Trus￿e￿ tomprfse the key maM9ement perscnnel arKt thdr rx)St for year. Indudkn9 eM￿0ye￿$ penslon gnd N8llonal knsurance. WBS £747k 12020121.. £713kl. Some Ttustegs, p8rticul8rly Tutortal Fell￿￿￿. areellgib* to pwlupaLg In thB ColleyE&IDlnt4ulty stheMe- see Note 28. Tw5teÈS reteNeAddlOonAI allowèrtts where perforn spe¢tht roles ¥￿thIn Cdlege. Trse arr•Junts are InCI￿Od In the re￿￿j￿r￿n below. The iot21 renvJnerdlloTr4nd bxable beneth6 below15 £2.037k12020r21.' E1.87bkl.whl* IT￿￿d&S S￿￿10Y￿r pÈnskn) r*JntrtFAJUons E347k1202QIZI." E321kl. 34 Jesus College Notes to the Flnanclal StatBm?nts Forthg year Bndgd 31 July 2022 R*muTh•¥atk>n paklto tru•tsoS 2021122 2020121 H￿n￿rDI GroB61¢￿r￿ral￿ *¥abla Rango b￿￿n￿ £1 - £999 e1000- £1999 E5000- £S999 £10WQ- £10959 È13MO- t13￿9 E15MO- t15￿9 r27MO- £27￿8 £28000. £28959 É290DQ- £299 £30000- £30999 £310￿- £31 £32000- £329 £33000- £33995 £3800ll- £38B9 £45000- £459 £46000-£46995 ESQOOO-£￿jg# £S7000- £57999 E59000-E59999 t62000. E62939 ESS000-£65999 E66000-E6$9J9 È68000. E68999 E69000- £69999 71ooo- e71￿9 E65000- E85999 £9￿00- £90999 E91QQO- t91￿5 £94000. £84899 £95￿0. £95959 É96000- £96999 £97NO. £97999 £IOOOOO- [1Q0￿# £102000- E102W9 £133000- £133999 £1340QO- È134999 Totsi 12 7.228 5.325 10.973 13.258 1&756 55,376 28,874 29,146 305,813 187.802 32.003 33.404 38.334 27.536 113.S53 89.5C 438,223 32,058 fj7.183 45.051 46.257 48.132 50.654 57.441 59.532 fj2,214 326,0 264.937 69.068 71,182 170,514 gD,017 91.￿5 94,287 96.214 91.567 100,431 I￿2.321 133.664 134.264 1,037,453 57 1.877.g97 JI Tru51ees. together wllh senior emptyes. 8re eliulblo ffjr prfv* hgaNh Inguranca as part tsf YIEir remunèrnlon ￿ck￿ge. Al Trusthes mayealalcomonl*le. ￿ (¥Dall oiheremploye45 wbD8r8 entWed FÉl￿w$ also re￿1ve reimbJrsernenl ol pe￿ne1 expenses neCeS￿dIY Incwred In coM8dlon ￿e1r servt85 to Collegè as Tfttstsas. Durlng iheyear a tolal of Efjk12020f21".£1kl wo¥ r8ltnbur$8d 9120W21 8101 thè Trust&* in ra￿￿Oft to overslghl Collegè orfor it8ndinu llIh4rC￿￿￿ buSlThes5 orconferences 35 Jesus College Notes to the Flnanclal StstemBnts Forthe year ended 31 July 2022 PENSW)N SCHEMES The C￿lege pa￿CIpateS wo pdnclpal penslon schernes for It5 5ietf- thfr Un￿&r51￿8$ Superannuabon Schetne IUSSI and the Unlveislty af O%trd Slaff Penslon $c￿Me IOSPSI. The ol sch8￿￿ heW In 8eparate ￿￿$￿e.8￿MIr￿skreO fund5. USS and OSPS are nhbuw mixed benefii $themE5. i e Uiey pr(WidÈ bÈnÈfits on A dÈfinÈ¢5 benelll bèsls, thai Is based rAI lenglh of 69Nlce pen5IDnatle saL4ry. and on 8 defir*d contribulon bè51s. ih£i Is based on conthbulons Inb the scheme. ￿th ar8 mulb-@ryloyer 5chemE5 and the c￿le92 Is unable lo Identify Its shar9 01 ihg underfyitwJ asséts and 1kwbill￿￿S r8lating ￿ dEflned benefiL5 al eèeh scheme on 8 wnsi*enl end reasonable trAsis fherefDre. In 8ccarth￿e accDUntlng st￿d￿￿ FRS 102, the College acwunts Bs K they were conlnwion schEtnes. As result. tt)e amouni cherged ￿ the s￿tement of Flnèncb91 Aciivlllgs represenls the c0rtfibuts￿& t￿y￿ble to schemes In iespeci of the v￿￿u￿11ng pedod In th8 wltyhdr•val of any of ￿ part4¢ipaUnu employers lrt USS tt OSPS. the amouni of any perffjw)n t￿￿11 Shottrall that ttannoi otherwtse rÈ¢overed in fespeei of thai employer would be sp￿ed ￿$5 tre remainlng partlut￿￿￿9 empitsyets ar flecied In the nexi aclu￿￿1 valuatlon of the scheme. In addlI￿n to its main p8nSIOn schgn¥ tha Co1￿9@ a]n￿ule5 kn the ChL¥th of Er¥land Funded Perbslon Scthmg ICEP81 for sbpgtKJ￿ry etyy, another m￿￿-em[￿OyÈrsthèMe. and ￿ NBtlonal EmrAwnthit Savlngs TNSI INE8n far norkerybyeesvJlKTr elwlbl@ utthr enrolr(*ni regulaiiortsto pe￿10n beneflts. Actuarfal wal￿￿1￿)n6 auaimed actuartes pedodKolly value the USS and OSPS schemes UGlng Ihe 'prolgded wll r￿•t￿￿' ieveL4 01 contrtts￿Ion tBke account ol ac1￿￿al SUWLWS Order￿t$ In aach schgm@. Th@financlal a%sumpUDA$ tre dÈrfvÈd from mètheie0￿[IoTr$ pr4velllng al Ihe r919Vant ValUa￿n da￿. The resuhs of the Lqte5l aciuwl81 valualons, the èssuwuons whkh have the m051 slwifvxnl eftect on kn8s8 va￿8￿n$. U d8tannlnalan levets ￿e ShNn In theftsllowiny kble 3110312020 912021 £8Offjbft 31I03Q019 puL*kw valwcfll¥knl￿u'. Valupof4yset%'. £7 1£ll3ffl1 PrIrt1￿1 Otscwrt Ffthdinm Gl* *05% NIA 'RPI CW +0.05%. RPY¢PI Amumod IWe 23.gy 25.5 .9 27.3>T¥ 21.7yrs Malo5 cunoNtyagod45 F￿8*￿(urrenUY￿4S 2&0y T&chn￿oI pro¥É*ns bA&i& SLgbrttsryPènshinProtth Fund 74% 51% 21.1% 10 1110121.. 21A% 111 21.V arNY4¥d¥ EmFlwrfs conlrbJlkn %otp?r&L￿lbknSll￿[kn 31IQY2023 s110￿022 . The dI5￿U￿t rtie (roMa￿ ra￿$) forthe USS valwoon wès.. FIKed Inle￿￿1 slllweldciiVEpluS-. È-rtlrtment 2.75%., post rnlremeni 1.00% b. The dlscouN raie for thèOSPS Wa￿8￿0nwas'. Pre-re￿reMent Posi-reurunert Equ8110 the UK nomln&1 giiicuNe41 wJluulion date plu5 Z25% p8 gt8ach Equal io ihe UK nornln&l glllcutV8 at valuatlDn date 0.5% p8 Èieach ierm. ¢. Penslon InGreaseG ICPII for the USS valuaiKbnwere.' Tèm) dependent rale5 In line the dlfference bet<*en Flxed Interest end I￿0KLIn￿ed cuN8s. IESS 1.1% p8 k> 2030. r&luÈlng Iln8*ty byO.1% lo a I￿g hrm drfbrenc&ofO.1% pa from204 d. lTrcre8B6S 10 pBnsions In PgWDenlforlhe OSPSvaluaI￿n werg RPI inflabon Is dprived frotn IhE gecmehc difference between If￿ nothnal gilt curvÉ and the UK I￿eX-11r&ed curve al the valwiion ttate. 1855 0 2% pa at eèch term CPI Infla￿ts￿ i4 derlved Irom RPI Inllaiion assumpuon. less the sche￿0 bssl @sliffjat8 the l￿-t￿[￿ dlfference be￿8¢￿ RPI CPI Infla￿￿n a5 applvd5 from Omg ￿ time 11.0% p.a as at 31 M¥ch 20191. For pension Increases linked to innalKJn. 5 pensllln IncrBase cUNe IS CDnSbutt￿d based on elther the RPI. CPI ortr* average of the f¢PI CPI Inflation cuNes descdbed above, Bdlusted io allow lor the dlfferent maxlmum and rfnlrnum annwl appty, the SthÈm8 A¢￿￿r￿S besi e￿lm* of Infla￿n volaiilityas applle5 from time lo tim8. 36 Jesus College Note5 to Flnandal Statemonts For the year ended 31 July 2022 e. The USS and QSPS a[￿￿0y@r ¢￿In￿(rfIon rates IncbJO8 for the I￿￿1 of fL*ure ol b#Mnts, con￿￿V￿r￿, admlnlstrgbvÉ Èxpènsès and deflnÈdts)ntdbutlons. S•n*W¥lty olacNarlal valuauon {M￿Mp￿0￿5 SurrAu5es or defficlts Vlhlch grise ai frthure valuatlons 5mpo￿on the College's fuiwe COM￿trnenL Tr 8en*ti¥lles regar￿[￿j U prin(ipal 96sumpttons used to measur6thg sch&mg Nabl￿l￿s3r8s8l0ulbdo￿ US8 Chary 1SsLknlPtIDn Ir￿[0￿1•￿¥ 0.25% DKr8as• byO.25% by0.1% lrtdute adlu&tm8nito byS%I •rtass￿Ptkn￿ IlnEr•as•th•aMwl mDrtaMy bng-LTTh rai8%by02%1 Impact onuss l￿bk￿l DeTh¥ebyE1.3bn Ill￿e￿?by ￿.? by£1 Pastr•￿lementdNCDunlr￿te cpi l￿B%￿￿E1. r￿￿&10￿YE0.ebTr osps *Asumpdon ImpJthonOSPStathnl& prtsyl￿n DV￿yebYo.2S% by025% byÈ45 DBnclt r•covBrypl*n* The ￿llege has eTh￿red Int)ègr£en*ntsfDrboth sthdrnBS hètde*milne how e*hÈmp1Dyer¥￿th1Th gchÈmèwlM fund ￿ sthem? defic5ts. In Ihe FRS 102 paragraph 28.11A College has reQWn￿ed 8 NBblllty for the d15c¢unied value of the expected c0ntrlbuti￿5 pa>eble Sythe agreed deficllfunding ￿an cha￿86 to t￿$￿ Iwbllit￿s r8c(wisett us an expgnse or8 cr8dlt In in wkdch Ihe chatv (￿CUr The a￿￿p￿tr￿S used Inthese ca￿￿9￿0ft$ *￿tsb￿d A&&umplon Flrl&hdai•forDencrt RecovpryPk Avwostsff n￿berI￿reSse osp$ 3010112028 22% uss 30￿)￿$203￿ 4.12% 3.U% E143k wyrpBrh 3.19% e14 EtsdDFO.5%charo• Inthcwrt insLgTf r￿Ath 31 Juty ZQ2?, provI$￿n5 tsf £3,28gk12QZQ121." É1.350kl gnd £72Jt IZQ2QR1 £642kl r8spertw8ly have bÈ&n for USS Ar￿ OSPS tsr the preknt Value of e5tlmathd fuiixe denc4t fUr￿lr0 e￿meTri of ￿ cor*thukns payable U￿er these ogreemgniG. a5SUrnPtlon¥ ThÈ msi receni vgluabon r85peclof Lhe CEPS was al 31 D￿eTh*er 2018. *thkh g r￿0Very WHS pulin pl￿8 untll 31 Decembgr 2022. The ￿11898 maklng deflulrEP￿rcOrtrt￿UÈ0￿sof 7.1%. d8firj1pmvbi(￿ farkni%sc￿￿is QOk12020f21". E19kl. P4nsloTr chargB fvrthè year Th& pension charge retordèd by C￿￿ge lor the year, exdlldiny fIn&￿e thSL% or £18k12020121.' E15kl. tomprlse5 ujrrent conWbutlons yable of £872k 12020121.. E784kl. plu5 a cherge tr the IrMye85e al E2.002k1202W21'. redUc￿on of £67kl. The bit9rlnGluU85 £121k of defldi CorlributrL￿S(2o2ol2l E104kl and £1Q3k130zor21 E8&1 P￿ble to deflngd cwtriblrtlon sacbllns at rates spÈdried In mles of thr 2021122 Totsl 20121 8chgmg Current Defjcll £wo ss rouo £'ooo Unlversltles Supgrdnnualknn scheme iJnlvetsityoI Oxfford Sbff PensionS¢heme Otherschemes Totsl pllth*l¢￿ eharg4 lorth4 y4•r 2.531 33J 525 254 75 10 872 2,002 2.874 68 0thercmdil(￿atyQ￿￿et￿ pBnwon c0nknbu￿an5 of eNil for USS andOSP$120W121." ÉNIII A copy ol full at￿3￿•1 valuati￿ re[￿ and other further dÈt8lls On Sthem ¥e avallablè on th8 rekvanl w£bsKe'. w*w.u55.CQU hit*'Ilfinan￿ admln.ox.aG.uWosps. 2z fAxAmOM Thtr Coiieo&15 ab￿ io lake advontsge of the tsx exemplorts chBrlOesfrom reSkKd of IncLMn8 BnLI c*ilal gains [B￿NEd lo e e￿ent thql such InwThLe and gain5 Brfj app119d to exdusivety tharilable purpus9s No Ibbillty to clltpDralion 8rlse5 in College's sUbs￿l¥rycoMpa￿￿S bEcause the director5 01 thÈSe COThFaniES havE it￿lcated they inteFhd ￿ make don8￿￿￿5 ea¢h year ￿ Ihe c￿lege equal to 18x&bie profits of the compeny under the Glft Md stheme. Accordln9ly. no provk44(M for h05 been in(aL¥Jed In Ihe financ￿1 37 Jesus College Note5 tothe Flrbanclai Statsm•nts Fortheypar Bntl8d 31 July2022 ZJ RECOlICIL￿11OM OF NETINCOMINQ RESOURCES TO NETCASH FLOWFROM OPERATIONS 2021A2 Group £'ooo 2020Q1 Gro NBt Incarn• 17N47 2&207 Ilev&rsHI of rwJD.up8rafjry cash tknw5.' Y8abn8nt InfJMe Unreallsedgalns on Inveslments Gwn on propertydl¥pt&4L4 EndDWmènld￿&t10Trs Depre¢lA￿On F￿aTr￿n￿¢0$16 In 510tk DecreaEe indetrtors t*crease In cr8dltor5 InC￿sSÈ h pens1￿ scheme11gblldy 12,554} (2,1201 13a.5271 835 1A88 856 1.036 [91 4.222 397 2.020 NotcJsh lusad InllO•W&fahd frorn opgratlng aclmtl 8Bfj ANALYSLS OF CASHAIID CASH EQUIVALENTS 2021122 rooo 2Q2Q121 ro Co5h and cash 84Livaents DeW￿lsa￿j Others￿rttetM Investm￿15 1.366 31 329 4.810 Total cash 4nd ¢thrt•hta**ét knwJ•tmgfftts 1,397 5,139 Dep051ts ¥knati.temi Invesrnent5 re￿te to furth ralsed frorn prtvaty ￿￿*m￿￿taThd Invested In g thlrf ppty mÈn>Jèmnl wNch has48 trM)uracces5. The c￿￿ge h054n ur￿tsd overdraftol E5m And Ur￿e¢L￿ed revolvlry cr8thlfycfiliyfDrE5m. £3m of thè latterwos<*wwn at yÈarÈnd. 2S FIllANCI￿ INSTrUNENT8 Coiittgtt ￿dGr0￿.S¥Olu8 offlnarKld Summadsed bel￿.. GwoupaniE Colkq• Group 2022 Coll•gg 2022 E'llOO 2021 £￿[p) 2121 nunthl a589tsm28sUrÈd atfeir vèlue throv4h wofft orl Flnancial Ilablllles measured atblrvalue Ihroush prohlorltsgs nanual a5&et5 measured atamortlsed cost Flnen¢ial l1ablllu￿ measurtd at Amortlsedcosi 164521 4.031 2.21 46,093 17&373 164.521 4.031 Z,3ZO 48J29 175.373 2,477 45,295 44.140 col￿e's Group's 1￿c￿ne. expÈnses, gahs8￿10sses 1Trrespecloflkna￿￿l Instr￿n8￿￿&re summdsed ￿0W.. Int•rnxtlneOm* Bfftd•xpen60'. Gr￿P 2ty21 Comege 2022 £'ooo 2021 2021 Toki 1Th￿re* Intomelorfirondal At amDrtls£d rA)St Totsi In￿rest 8xpen8olornnèndal118blllles ￿ld Alamr￿sedcOs1 1.488 1.036 1.036 Finan¢k71 assets meèsured al 8moth5ed c061 conwri8e cash ￿ cash e4uwdenL%. de￿$￿5. fee5 recdvab1e. L*btttlS. 8mounb owed by group undÈrtaklThgs £rKI other dgblors ex￿￿1￿9 prepsytnpnts. Fin￿￿&1 èssets measured alfar va￿8 r￿a￿ to Ilsied Invesiments and 5hort-bnD Investhents valued by rgf8rence Eo market prttes Fingwgl Ivabilities mea5UtÈd at amDrnsed c051 compriBe bank |oBn¥ and DVatdra¢ tsther loBns. tr•Ja Credit￿ and accruds xcluding dEfeffed Ints)me. Bnanclgl Ilabilllles m8aswod altairvAiue ￿18￿ kn the pen51on 38 Jesu5 college Nolos to the Flrwnclal Statements Forthe year ended 31 July 2022 26 FINANc￿L COMMITMENT5 a 31 Juty Cdlege Group hHd fvtrjre mlnlmurn leose P&yTMnts mode undernoTrcHrrA1lab￿ leases as￿￿￿." 2022 rooo 2021 IlonllcaTrGellableoperaUnq104yJ• Less One year rone yearend ￿$s￿8￿fiVeYer Afbrfiv8 y&ars 254 l.lJl6 3,707 254 3.960 4.977 5230 II¢JA4ancellable oppralfftg r￿￿81* 14¢efvabl Less one ygw I￿rone yeararhd trh8nfiveyears rflve yeArs 1.622 2A85 1.4 3M85 9R31 14.689 5,518 cHrKellable Lgase commlirMnis cons￿1 of leaEes CrA* ￿dsW11h Oxtorf Clty Coundl 8xplrg in ZQ41 and 2043, thÈ rent lor ¥h￿h i4 rèvlewedevery flve yÈÈts. NonuKellable lease renkis relète to reni br￿me receIveb￿ from the col￿ge¥ hivestrneN prOpe￿eS. rece￿￿￿ g lknlkd 10 the nexi Tentrevlew dAtefarggrlcuiwral properles orthÈe&rf￿r0f the leAse end dale or break dause dAie forther F¥werUes. OThERcoMMrrMENTS The College had contrxtsd wrnrnllmenls for P￿ect5 of £nll at 31 July 2022 12021.. £9.3rn1. The prfcf yeor flguro IncI￿J￿j HmounL5 In raspBctor r8dgYelopm8nt of the Narknja￿ sit8 8nd th8 fft11Trgothof glonvnl¥ pr8MlSaS. 2B PELATED PARTYTR￿l5A¢TIONS The College Is parlollh9c0lbg￿1fj Unfv8wtyof Oxford. FAat8lal Inl8￿J8p9thn￿FS Ihè CoM4è &rtSè8S tatbsewencÈ thlg rÉlAlonshlp. For￿r￿n9 puwtses. the UnIVer￿ty8￿ thèotrbercoleges ¥e noitres￿d8S rdgiad pArriesas deflned FRS 102. embers IhE CovetnitwJ Body, ¥vhDare Trustees of the Coltye 5nd re￿ted parfiEga$ dEfinEd byFRS 102. retdve rtmunemlon Ènd Iifjesas employèescf the CrA￿ge. DeL8115 of these p8ymeMs relmbursedexpensesastruS￿es pAe d16¢￿sed lTrNote 20 In ihes8finaDthI si*m8nis The c￿￿92 pro[*￿es￿h1eh ÈTe Ownedloln￿ywth IMS￿$$ undèrlolnièquitytr*nersNp agraemenls between thetrn*te&4Dd the CollwJe. The vahje of lh8 CoYwJg'5 share wusas tollo%v5'. 2022 rfjoo 174 73 153 210 210 925 2021 Ltrs. AswJ9 Pruf P Kewe$ J. Ollver OrGWnghl Dro AL4huier To￿1 tbelbollk valu8 of P￿￿er￿@S lolnUywlhtruste85 170 70 242 2QO Aljolrt ewity prDpgrU8sare subiBcl to s¥A8 on ib8 d8prluro of Lhe Trustee CD1￿￿. YIB ￿*r, an In onè prop8rtyWAg made 39 Jesus Coll•g& Notes to thtr FlnAndal Statgm*nts For th8 year ended 31 JLsly 2022 CONTINGENfLI*BILlllES There ae no matenal coni1nwnlllèb￿￿les alihe balancè3h*idats12(r21 Énlll. 30 POST BALANCE SHEETEVENTS The Cttllege has b98n Informed thAI 11 Ls benefi&ary of ihe resldu81 ests* of èn alumnL*. Th8 esiéte o)mprlseS propwty fiN8rthl Investmerts h8ld ts¥erse3s Inllla1 8stimate$ swge51 Ihol the amounts Involved are material bui unlll probate cOr￿r01 of the 8sset5 ore obtained In a11 relevanl cwntnes èdmlN51rdtlon of eskie * further advanced, li i% posslble ￿ prothde an estlmets of lrtaccordancowlthlhe CO1￿08.58CCQunIry pollry fDrWè¢leG. nolK(ND9 h8* bÈen recL%Jn158d ￿cOUnts fOr2￿21tt2. 31 IMTIONAL PAb)R YEAR COklPARAllVE8 eon*olk1Ated 8tat•rn•ntof Flnan¢lal P%tMt unre5￿cted Funds EWO Restdcted Funds Ery)QW) EThJ￿ Fund5 2120121 Total INCOME AND ENDOWMENTS FROM.. ¢h*rlt*ble a¢tlv5tbs- TeachSng. researth and Publlc WDtshlp Othqrtrndlna lTrcom Donalons and Iq98¢h* Investmonts Invesbneni Income Totsi ro￿r￿ allocaied iolrKor Oth•r InctsMè- Furbryh scheme Tatsi Incom• 5.283 5.263 2,041 196 3,122 480 4.978 1,640 16.3641 2.12Q 1.3È8 13,011 2373 14,S281 11.7S7 EXPENDMJRE ON.. char￿ats￿ actMIIofj'. Teach1￿, rEsearch reslL*nllal 726 10.Y26 58 blit worship GeneratlfigfUnd*'. Fundralsing Trèdlng gXP8nditurè Inv&Bknignl maThBgemgntCDSts Tots1 llxp•ndkurg s8 591 591 48? 1,918 13.098 11.890 n6 NotlTrGomll1l414fit￿Tr before Ngtoalns on Imstmerrt¥'. Otherlnvestrnents 1,434 30.548 N•t In¢omo 24.104 28.207 Tran•f•rs b•ttwgn 2.017 riot mowmgfitln funds forth•yg 539 1,S47 26.121 2&2Q7 FLI￿ balBnc86 brfwghtfcrfwwd 30.fj79 165,649 211,144 Fund#carrf•d forward at 31 July 40 Jesus College Note5 to the FlnanclBI Ststemants Forthe year ended 31 July 2022 bl STATEA4ENT OF 1NVESTMENfTOT￿ REWRN PermanenIE￿O*m8ni Trusiror Un&P￿￿d Invesmeni To￿1 Retum EY)OQ £'wo Expendable Enthwmgnl Totsi Totsi £'ooo Atth& b•glnnlng of theyoar.. TNslfor Inveslneni ump￿led tQ&l return Exp8ntsble 8ndowMenl 87,833 87.833 54.30fj 87.833 54.306 23.510 54.306 23,510 Total¢ndowMgTrts 87,833 54,306 141.139 23￿10 16&049 moveme￿1% lThthg rgptsrtlng pgrfod.. Gln of 9￿0￿meDI tunds kn¥es￿e￿l reium iotsl 1nvBs￿lle￿t]t￿rn knvesbnenl reium realised ￿￿r￿al￿d uains Le5s'. Investment m8ntyem8ni¢osts 0￿0r1ran5rer& T¢btsl 40 230 4,14D 24,974 24,974 29,114 40 25,972 26.012 6.473 32,48S Urwpoied toPdl return al￿ra18￿ to Income Inlhe pertod 15.45SI 16.3641 Net m0v0me￿ts In rnportkng p•rfod 10.517 20.557 s,￿4 At4nd ts1t￿ Y*porfng po￿￿d.. Tru5ttor Investm6nl Urhapoied to￿1 rfjlum Expendèble endowment 87.873 7.873 74,823 87.873 74.823 21074 74.823 29,074 Total•ndoyTh4nts ANALY8kS OF hlOVENEWIB ON FUNDS Al 1 August 2021 raoD lrtrthlng r8wurce5 E￿00 RÈsource8 eyoerthd £wo Ttansfers At31Jv 2021 lknssesl Endowm4ntfuTrd4-P•Yman•nt 14Z.139 1.4 24.874 182.898 EndDwrn•ntfuTrd&-Exp8nds14B 23.510 388 1.108 4.140 29,074 Total¢ndown*nlfund$ 165.649 482 191 770 Total restrktad fuTrd6 726 7&363 Unr4*￿¢14d fund* Gengral unr&5tr1cied funds D8￿gnat￿d Fixadass81 Dssignatad Annual I Designaied Olller General pu￿0$e5fund re58Ne 22.712 8.985 936 110,7WI 2.629 IS241 21564 8,4¢1 457 12991 854 12.0831 52 Total unwesirfct&dfund$ Totsifunds 13.0981 30,548 239.351 41