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2023-07-31-accounts

Governing
Body, Officers, and Advisers		 Governing
Body, Officers, and Advisers		 Governing
Body, Officers, and Advisers		 2-5
Report ofthe Governing Body 6-15
Statement
of		 Accounting and Reporting Responsibilities 16
Auditor's
Report		 17-19
Statement
of		 Accounting Policies 20-23
Consolidated Statement of Financial Activities 24
Consolidated and College Balance Sheets 25
Consolidated Statement of Cash Flows 26
Notes to the Financial
Statements		 27-43

(1) (2) (3) (4) (5) (6) (8) (9) (t0)
Professor Sir N. Shadbolt ~e ~*
Professor K.M. Kohl
Professor P.O. Daley
Professor M. Brouard
Dr D.N. Barron Resred
30/09/22
Professor A.S.Dancer SabbaUcal
H/23
lk TT23
DrS.G.White S abbe
MT22		 deal
Professor A.J. D'Angour
Professor P.Kewes Special leave
MT22 - TT23
Professor S.Srinivas
Professor J.Tilisy
Professor C.Warman
Dr S.Aspden
DrJ.Magorrian
Professor M.E.Turner Resred
10/10/22
DrJ.Oliver
Dr A. Lumbers
Dr P.Esc
Professor E.Anderson
Dr R.Grenyer
Professor G. Hollander
Dr A. Gajda
DrS.Douglas
Professor P. Riley
Professor Y.Chen SebbeU eel
MT22 - TT23
Mr P. Goftln
Mr R. Baumann
Dr R.Evans SabbaUcel
MT22
Professor S.Morris
Dr M. John
Mrs R. Green Retrad
UU/08/22
Professor K.Vincent

Mr D.Stevenson
Professor L Enriques
Professor T. Coulson
Professor R. Plerrehumbert
Professor S.Dercon Sabbasoal
MT22 & HT23
Mr S.Woodward Retired
31/03/23
Dr B.Williams
Professor J.Rousseau
Dr M. Jackson
Professor S.2lvny
Dr B.Wellner James
DrS.Conway
Professor D. Van Hulls
Dr B.Verd Matemlty
leave
Mr22 &tn23
Professor D. Willis
Dr D. Altshuler
Dr M. Phillips-Brown Retired
0&/00/23
Dr F.Grabenhorst
DrS.Flaxman
DrJ.Baccelli
Professor G.Wright Matemsy
TT23		 leave
Professor B.Goldacre
Mrs F.Williams
Dr R. Roche Appointed
01/00/22
Dr M. Kerry Appointed
01/01/23
Ms C.Winter Appointed
21/03/23
Dr i. Hideg Appa/ntad
01/00/23
Other Non-Governing
members		 Body 1 3 0 0 6 3 4
':Although
not a member		 ofthe Committee, the Member normally attends its meetings

For the year ended 3 1July 2023
Unrestricted Restricted Endowed 2022/23 2021/22
Funds Funds Funds Total Total
Notes f.'000 E000 F'000 f.'000 E000
INCOME AND ENDOWMENTS FROM:
Charitable
activities:
Teaching,
research
and rssklentlal		 7,794 7,794 6,776
Public worship 3 3 2
Other trading
Income		 434 434 278
Donations
snd legacies		 5,805 618 102 8,525 2,762
Investments
Investment
income		 4 638 1,892 2,530 2,554
Total return
allocated		 to income 13 4,624 1,353 (5,977)
Total Income 1,971 (3,983) 17,286 12,372
EXPENDITURE ON:
Charitable
activities:
Teaching, research
and residential:
College 12,492 1,578 14,070 11,103
Pension
provision		 charge 8 (1,357) (1,357) 1,762
Public worship 80 80 73
Generating
funds:
Fundralslng 625 625 509
Pension
provision charge		 (185) (185) 240
Trading expenditure 452 452 349
Investment
management
costs		 1,823 631 2,454 2,460
Total expenditure 13,930 1,578 631 18,139 16,496
Net Income/(deficit)
before investment		 gains 5,368 393 ~4,634 1,147 ~4,724
Net gains/(losses)
on investments:
Property and other investments		 10, 11~7,677
(1,877)		 5957
5,957		 4080
4,080		 21 571
21,571
Net Income/(deficit) 3,491 393 1,343 5,227 17,447
Transfers
between funds		 17 1,177 (1,177)
Net movement
In funds		 for ths year 4,668 393 166 5,227 17,447
Fund balances
brought
forward		 17 66,127 6,280 164,391 256,798 239,351
Funds carried forward at 31July 70,795 6,673 184,557 262,025 256,798

As at 31July 2023
2022/23 2021/22 2022/23 2021/22
Group Group College College
Notes 6'000 f'000 6'000 E000
FIXEDASSETS
Tangible assets 9 46,010 44,510 46,010 44,510
Property
Investments		 10 91,045 96,375 91,045 98,375
Other Investments 11 166,731 184,490 166,731 164,490
Total fixed assets 303,700 305375
,		 3037M 305,375
CURRENTASSETS
Stocks 201 188 201 188
Debtors 14 1,162 1,181 1,441 1,381
Investments 24 32 31 32 31
Cash at bank and in hand 24 1,308 1,366 1,227 1,276
Total current assets 2,703 2,766 2,901 2,876
LIABILITIES
Creditors: Amounts falling due within one year 15 5,170 9,057 5,361 9,167
NET CURRENT ASSETS (2,467) (8,291) (2,460) (6,291)
'TOTAL ASSETS LESSCURRENT LIABILITIES 301,319 299,084 301,326 299,084
CREDITORS: falling due after more than one year 16 36,692 38,255 36,692 38,255
NET ASSETS BEFORE PENSION LIABILITY 264,627 260,829 264,634 260,829
Defined benefit pension scheme liability 21 2,602 4,031 2,602 4,031
NET ASSETS 262,025 256,798 262,032 256,798
FUNDS OF THE COLLEGE
Endowment
funds		 17 184,557 184,391 184,557 184,391
Restricted funds 17 6,673 6,280 6,673 6,280
Unrestricted
funds
Designated
funds		 17 53,307 46,209 53,307 46,209
General funds 17 20,090 23,949 20,097 23,949
Pension reserve 21 (2,602) (4,031) (2,602) (4,031)
262,025 258,798 262,032 258,798

2022/23 2021/22
Notes E'000 E'000
Net cash (used In) / generated
from		 operating activities 23 ~1555 ~5,255
Cash flows from Investing
activities
Dividends,
interest and rents from investments		 2,530 2,554
Proceeds from the sale of property, plant and equipment 2,935
Purchase
of property,
plant and equipment		 82 (9,762)
Proceeds from sa e o inves men s I
Purchase
of investments		 (1,142) (783)
Net withdrawals
from current asset		 investments (1) 4,779
Net cash provided
by investing
activities		 7,485 3,775
Cash flows from financing
activities
Repayments
of borrowing		 (4,488) (1,169)
Finance costs paid (1,583) (1,484)
Cash inflows from new borrowing 3,000
Receipt of endowment
donations		 102 173
Net cash (used in) / provided
by Rnanclng
activities
Change
in cash and cash equivalents
In the reporting		 ~5,929 525
year (58) 1,037
Cash and cash equivalents
at the beginning		 ofthe
reporting
year		 1,366 329
Cash and cash equivalents
at the end ofthe		 reporting
year 24 1,308 1,366
Movement
on net debt		 2022/23 2021/22
6'000 F'000
Net debt at the beginning
ofthe reporting		 year (41,345) (35,768)
New borrowings (3,000)
Repayment
of borrowlngs		 4,488 1,169
Change
in unamortised
debt Issue costs		 (4) (4)
Net withdrawals
from current asset Investments		 (4,779)
Change
in cash and cash equivalents		 (58) 1,037
Net debt at the end ofthe repordng year 36918 41 345

INCOME FROM CHARITABLE ACllVITIES
2022/23 2021/22
Teaching, research and resldengal E'000 2000
Unrestricted
funds
Tuition fess - UK and EU students I,6S6 1,648
7ulOon fees - Overseas students 1xttd 1,177
Other support - OfBcefor Students 237 214
Other academic Income 221 276
CoBege residential
Income		 F265 3,481
Total teaching, research and resMentlel 7794 a776
Total public worship
Total Income from charitable activities ~7797 ~6778

DONAllONS
AND LEGACIES		 DONAllONS
AND LEGACIES		 DONAllONS
AND LEGACIES
2022/23 2021/22
E'000 DDOO
Dormttons
end legacies
Unrestrtmed
funds		 5,IN5 1,266
Resbtcted
funda		 618 1,323
Endowed
funds		 102
~6526		 173
~2762
Unrestrlded
funda
ln 2022/23		 Indude 25,410k rs legacy donations (2021/22: E936k).
INCOME FROM OTHER TRADING ACllylllES
2022/23 2021/22
E'000 EOOD
Subsidiary
companies'		 trading Income 432 272
Other trading
Income		 2 6
434 278
Jesus Acccmmcdatlon Umlted accounted fm 2432k (2021/22: f'272k) ofBm CoBegds non charitable trading Income.
BIVESTMENT INCOME
2022/23 2021/22
E'000 L'000
Unresa/c/ed
funds
Agricultural
rent		 697 593
Other property
Income		 18 21
Interest on Bxed term deposits end cash 1 1
Bank Interest 22
815
Rasa/ctsd
funds
Interest on fixed term deposits end cash 86
Bd
Endowed funds
Commercial
rent		 1,498 1,131
Other property
Income
Equity dividends		 66
338
~t 892		 ~t 62
871
54
Total Investment
income		 2,530 2,554
Under the CoBege's Investment management mandate, the return focuses on growth by capital gain as well ss dividend return.

ANALYSIS OF EXPEND IT U RE
2022/23 2021/22
6'000 2'000
Charitable
expenditure
~tract 8185costs sgocetsd to:
Teaching, resemoh
and		 residential 4,936 4,672
Movement
In pension		 defldt Bab0lty (1,172) 1,522
Pubgc worship 67 56
Other direct costs egoceted to:
Other teaching, research and resldendel 6,165 4217
Publh womhlp 23 18
Support end governance costs allocated to:
Teaching, research
and		 residential 2,969 2,207
Movement
In pension		 deficit Babglty (185) 240
Total charitable
expenditure		 ~1279$ ~1931
Expenditure
on raising		 funda
Direct staff costs sgoceted to:
Fundralslng 406 380
Movement
In pension		 deBdt gsbglty (185) 240
Tnxgflg expendltUfe 135 135
Investmeni
mrmagement		 costs 96 147
Other direct costs allccated lo:
Fundrslslng 285 178
Tl'Bdhlg BXpsndltUfe 175 74
Investment
management		 costs 897 867
SUppclt Blld gcvsfneflcs UUBts 80ocstBd tm
Fundralslng 89
Tnldlng
BxpandltUlvl		 7 5
Investment
management		 costs 1,482 1,483
Total expenditure
on raising funds		 ~348 ~3565
Total expenditure 18,139 iff496
Tha College ls gable to be assessed for conldbutlon under the provisions of Statute XV of the University of Oxford. The Contribution Fund ls used to
make grants and loans tocolleges on the basis ofneed. Contributions ere calculated annually In acccrdwtce with regulations made by the Coundl ofthe
Universlly
ofOxfmd. Teaching, research		 snd resldenBBI costs Include a charge of2160k (2021/22: 2183k)for the CoBegeContrltwtkm charge.
Fo0owlng completion
of		 the OSPS March 2022 valuedon that recognised e surplus, the Cogege has recorded s credit fo rebstsnce the dlsclosured total
pension
gabglty.
Indudlng		 the movement on the USS deBdt provision, the total credit for the year Is 21 542k (2021/22: 22 002k) - see Note B.
ANALYSIS OF SUPPORT AND GOVERNANCE
COSTS
Teaching
Generating and Pubgc 2022/23
Funds Research Worship Total
PBOO OOOO DOOO 2'000
Flnrmclal
admlnlstreUon		 53 339 $92
Domes08 administration 7 261 258
Humen
resources		 34 343 $77
IT 28 385 393
~epreclaBon 1,4I2 1,4)2
Loss/(proBt) on fixed assets (12) (12)
Bank Interest payable 758 758
Other finance charges 868 161 829
Movement
In pension
deBUU		 gabglty (185) (185)
Governance
costs		 10 40 50
~4342

Tesohing Tesohing Tesohing Tesohing
Generating snd PubUc 2021/22
Funds Research Worship Total
k'000 F000 D000 k'000
Financial admlnhtra5on 49 296 345
Domesec admlnlstrseon 9 280 289
Human
resources		 34 350 364
IT 25 348 373
Depreda5on 836 836
Bank Interest payable 762 762
Other finance charges eee 58 726
Movement
ln pension		 deedt gabelty 240 240
Governance
costs		 40 47
1 664 2 447 4,001
Rnence, administration snd human resources costs are eUoceted according to the estimated staff time spent on each actMty. Depreciation Is sUocated
according
to the use made of		 the underlying assets. If snd Governance costs sre allocated according
to activity.		 Interest and other Rnance charges sre
egccsted according
to		 the purpose of the related flnandng Other finance chwgss Indude 6663k (2021/22; 6663k) of interest payable for ths private
placement
loan of225m.
2021/22
2022/23 restated
D000 D000
Govwuance costs comprise:
Auditor's
remunereeon		 -audit services 34 29
Auditor's
mmuneraeon		 -othw services 13 4
Other governance
costs		 3 14
50 47
No recount has been Induded In governance costs for the direct employment costs or reimbursed expenses of the College Fellows on Ihe basis that
these payments
relate		 to the Fellows' Involvement tn the Cogege's charitable acevt5m Deluge ofths remuneration ofthe Fellows and their retmbursed
expenses we Induded in Note 20.
7 GRANTS AND AWARDS
During the year, the College funded research awards snd bursarles to students from its restricted and unrestricted funds as follows:
2022/23 2021/22
Unrestrkted
funds		 8'000 6'000
Grants to Indi vtdu ala'I
Scholarships,
prizes		 snd grants 332 348
Bursarles and hardship swede 91 15
Tot rr I
U sr'es trlcted
Restrkued
funds
Grants to Individuals:
Scholarships,
prizes		 and grants 608 415
B Ura aries
snd hardship		 awards 118 220
Total restdcted 726 635
Total grants and awards 1,149 998
8 STAFF COSTS
2022/23 2021/22
The aggregate
staff costs		 for the year were as fol/ows: 6'000 2'000
SrUa des end wages 5,192 4,807
Sodel security costs 441 451
Penskm costs
Deened benset end defined contribution schemes 876 872
Subkrtel
Movement
In pension		 deUck Uebgity - sss Note 6 6,609
~1542		 6,130
2 002
4 967 8,132
Ihs average number ofemployees of the Cdlege, excluding Trustees,
on a full ttme equivalent basis wss as fclknvs: 2022/23 2021/22
Tuition end resesrrh 28 20
College resldenUal 57 ee
PubUc worship 1 1
Fundrsislng 5 5
Support 27 19
Tote I 118 100

Group and Group and Co5ege 2023
Agricultural Commerdal Other Total
2000 E'000 E'000 E'000
Valuation at start ofyem 63,224 32,224 927 96,375
Addl5ons and Improvements at cost 23
Dlsposals (582) (191) (753)
RevaluaDon gains/(losses) In the year (1,921) (408) 44 (2286)
Tnmsfer fram assets under construction
Transfer to Bxed assets (2,315) (2,315)
Valuation at end ofyear 80,741 29,524 780 91,045
Group snd College 2022
Agricultural Commercial Other Total
E'000 E'ODD ENDO 8TIOO
Valuation ststat ofyear 38,031 12,974 61,887
Additions end Improvements at cost 62 262
Dl spa as la
RevaluaBcn gains/(losses) In the yean 26,131 (1,063) 45 24,113
Transfer fram assets under construcBon 20,313 20,313
Valuation at end ofyear 83,224 ~3224 927 96MB

A9 Investments
ere h		 eld at fair va lue.
2023 2022
E'000 E'000
Group and College Investments
Vslustlorl
al start of'/esr		 164,490 170,583
New money Invested 1,118 621
Amounts
withdrawn		 (5,243) (4,063)
(Decrease) / Incnmse In value of Investments 6486 (2,542)
Group end College Investments at end ofyear 186,731 164,490
In addition
to the above, the CDDege reaDsed a loss on currency exchange		 on cash balances of281k(2021/22: yak gain).
Group and Cogegs Investments comprise:
Held outside Hekl ln 2023 Hski outskle Held
In		 2022
the UK Ihe UK Tote I the UK the UK Total
EYIDO E'000 60DO E'000 E'000 L"000
Equity Investments 2,76D 146,196 143,742 2,490 146,232
Property funds 1,249 1JI49 1,495 1,495
AltemeDve
and other		 Investments 16,126 15,128 15,225 16,225
Fixed term deposits snd cash 4,160 4,160 1,538 1,538
Total group snd College Investments 158,682

2022/23 2022/23 2021/22 2021/22 2021/22
Parent JBBUB JC Develop- Panlnt Jesus JC Develop-
Cogeg e Accommod- ments College Accommod- ments
agon Ltd (Oxford) Ltd agon Lk (Oxford) Ltd
6'000 POOD PTIOO P000 6'000 6'000
kco me 17,288 434 280 12,372 273 14,047
Expenditure (18,256) (317) (288) (16,836) (216) (13,786)
Donal/on
to College under		 gtfl a/d 117 (117) (58) (282)
Net (loss) / Income before Investment gains 1,147
Total assets 3D6,887 158 1,081 308,261 135 1,962
Total I I ah I I I ties (44,855) (I 56) (1,089) (51,453) (135) (1,962)
Net funds at the end ofyear 2624)32
STATEMENT OF INVESTMENT TOTAL RETURN
The Trustees
adopted
8		 duly authorised Ixecy of loba return
accounting		 for the College Investment returns with egect from I August 2015. The
Investment
return
to be epp		 gad es Income Is cakuleted es3.1%(2021/22: 3.3% )of the average ofthe Intlat/on-ad)usted year-end values ofthe relevant
Investments
for the lest tive		 years. The preserved va/ue ofthe Invested endowment capital represents Its fair value at August 2D09 plus eg subsequent
endowments
valued at the		 date ofIhe glfL
Comparstlves
are provided		 in Note 31b.
Permanent Endowment Expendable Total
Trust for Un epp8 ed Endowment
Investment Total Return Total
POOD POOD POOD 6'000
At the begknlng
ofthe year.
1erst for' 1nveBtnleni. 87,914 87,914 87,914
Uneppged
total return		 67,506 87,606 67,505
Expendable
endowment		 28,972 28,972
Total endowments By,e14 67,505 18!I,418 28,972 184,391
Movemerrls
In the reporting
period:
GIRofendowment
funds		 88 88 14 102
Investment
return. total Investment		 Income 1,594 1,694 298 1,892
Investment
return: reagsed
and
Less: Investment
mrmsgement
Other trensfem
Total		 unreagsed
costs		 gains and losses 6,021
(531)
8,084		 6,021
(531)
6,172		 936
(100)
~1,177
(29)		 5,957
(631)
~1177
6,143
Unsppged
total return
elkcraed		 to Income In the period (5,038) (5,038) (939) (5,977)
Net movements
In reporgng		 period 88 1,046 1,134 (eee) 166
At end ofthe reporting
period:
Trust for Investment 88,002 88,002
Uneppged
total return		 68,561 88,551
Expendable
endowment		 28,004 28,004
Total endowments
14 DEBTORS
2023 2022 2023 2022
Group Group College Cagege
f.'000 E'000 E'ON f'ODD
Amounts
falling due within one year.
Taxia delrlore 627 484 502 443
Amounts
owed by College members		 137 97 137 97
Amounts
owed by Gmup undertakings		 356 279
Prepayments 336 337 304 337
Acmued
Income		 141 246 121 210
Other' debtom 22 15 22 15
1,162 ~t (8( lrtdt 1,381
Prepeymente
Indude f126k (2021/22. 2155k)due after one year
15 CREDITORS: feting due within one year
2023 2022 2023 2022
Group
f.'000		 Group
f'OOD		 College
2000		 College
E'ODO
Bank loans 1,SBB 4,487 1,566 4,487
Trade wedltore BO1 466 57S 388
Amounts
owed to CaUege members		 317 240 317 240
Amounts
awed to Group undertakings		 370
Taxalon and cadet security 276 799 281 874
College conbtbuocn
Expenditure
eccruds		 1,516 2,143 1,480 2,468
Deferred
lrtcarne		 447 420 467 419
Ottle I' card ik)ra 446 613 348 513
5,170 ~0067 S,sot 9,107
16 CREDITORS: fallhg due after more then one year
2023 2022 2023 2022
Group Group Colege College
f.'000 E'000 E'ON f.'000
Bank lowe - unsecured 11,782 I3,349 11,782 13,349
Other loan - unsecured 24,910 24,808 24,910 24,908

For the
ear ended 31July 2023		 the
ear ended 31July 2023
17 ANALYSM OF MOVEMENTS ON FUNDS At 1 August Incoming Resources Transfers Gains/ At 31July
2022 orBcUm88 expended (losses) 2023
ETMO C000 5'000 D000 EV)00
ENDOWMENT
FUNDS - PERMANENT		 ~155419 5021 156553
Bursary and hardship
funds		 1,593 19 (5) (52) 51 1,606
Cultural
sporting
snd travel funds:
P.W. Dodd Fund 881 (3) (29) 28 888
Other cultung
sporting
and travel		 846 (3) (27) 27 851
General purposex
Old Estate Inc. Leo5ns Jenklns I12225 1,152 (384) (3,638) 3,826 112,981
Meyrlcke Endowment 18,399 189 (83) (596) 594 18,523
Other general purposes 2,582 26 (9) (84) 83 2,598
Bugdlng It Infrasbucture
(A EStevens)		 4,222 43 (14) (137) 136 4JI60
Other specific endowments 166 2 (1) (6) 5 16T
Scholarships,
prizes & awards funds		 3,930 123 (13) (127) 127 4JM0
Teaching!I research funds:
Zsltlyn 5,667 58 (19) (184) 'I83 5,705
Other teacMng
& research
funds		 4,908 53 (17) (159) 161 4,946
ENDOWMENT
FUNDS - EXPENDABLE		 ~28972 938 28004
Norlhgate
I-louse		 7,338 76 (25) (1,416) 237 8,208
Colkrge Penskn
Fund		 1,800 18 (6) (58) 68 1,812
John Welsh History Fegowshlp 1,722 21 (6) (56) 68 1,737
W &M FJton Davles Fund 1,616 17 (5) (52) 52 1,627
H Morag Enggsh
Fe8owshlP		 1,441 16 (5) (47) 47 1JI61
Hofhnann
Medical Grad. Scholarships		 IJI94 19 (6) (81) 81 1,907
J Bounden
Endowment
Fund		 2,103 22 (7) (88) 88 2,118
Shreder Student Support Fund 1,250 13 (4) (41) 1468
Welsh Access 8 Outreach
Fund		 1,011 10 (3) (33) 33 1,018
Other teaching
&mssarch
funds
Fegowshl ps 5,941 86 (20) (193) 192 5,986
Sch0lkashl p8 1,740 18 (7) (56) 58 1,751
BUnrsrkrs
Other teaching
&~funds		 1,118 18 (6) (36) 38 1,131
Total endowment
funds		 164,391 6,957
RESTRICTED FUNDS
~ursery snd hardship
funds		 754 224 (195) 137 920
Cultural
sporting
and travel funds		 165 (50) 66 171
Bugdlng
& Inl'rastructuret'
ChenglKnlght
Dragon
Other building
&Infrastructure		 18 7 (138) 137 24
Other spec)go funds 609 184 (190) 21 824
Scholwshlps,
prizes & awards funds		 1,620 53 (276) 249 1,646
Teaching
&resewch funds		 3,114 160 (729) 763 3488
Total restricted funds 8,280 1,363 6,873
UNRESTRICTED FUNDS
Gen end unrestricted
funds		 23,949 8,971 (8,854) (2,099) (1,877) 20,090
Designated;
Fixed asset		 44,510 (1,482) (21,929) 21,099
Deslgnatedr 'Dewdopment
Asset		 26,206 25JM5
Designated:
Annual
fund		 1,590 395 (399) 1,588
Designated'
Strategic Pro]eats &		 Posts 5,308 5408
Designated:
Other		 109 109
General
purposes funds		 (4,824) 4,624
Pension
reserve		 (4,031) 1,429 (2JI02)
Tct81 Ullmstrlated
fUnds		 ~68127 1 77 70795
Total funds 266,798 4,080 262,025
Incoming resources for endowed funds cern prise donations In the year snd reagsed returns on related Investments.
Trwtsfers
Indude 21,353k snd		 24,824k released frcm pwmenent and expendable endowment
to		 restricted and unrestricted funds respectively
In
accordance
with the
C o6 ega's total return		 pot ky; and 62,315ktran sfered fram Investment assets to Bxed assets to reflect the final true up exercise an the
costs related to the Northgate Prc(ect egest by 51,177k added to expendable endrxvnxmt for the 2022/23 cephal repayment on the Norlhgste House
loan.
Comparative
funds movements		 ere provided kt Note 31c.

Ths foUowlng Ths foUowlng ls a summary ls a summary ls a summary ls a summary ofthe origins ofthe origins and purposes
ofthe more slgniRoant
Funda
Endowment funds - Permanent:
Bursary and hardship funds A consoUdatlon
of gifts, donaU
ons end bequests
where income,
but not capital,		 nm be used kr
student support,
hardship
or burssrles.
CuKural
sporting
and		 travel funds: Capital conslsgng
ofthe resklue ofthe estate ofP.W. Dodd (deed. 1031),where
related		 Income,
P.W. Dodd Fund but nol the original
capital,
cen be used
to assist undergraduates
to travel
abroad
for		 'general
broadening
ofIhe mind'
rather then formal study.
Other cultural
sporting		 snd travel A consoldatkm
of gifts, donatkns
and bequests
where
Income,
but nol capital,		 cen be used for
cultural,
sporUng
and travel purposes.
General purposes: A consoNdalon
of donations,
gifts snd bequests
funning
the
original
endowment
together		 wtlh
Old Estate Inc. Leogne Jenklns monies
left In the wgl ofSir Leogne Jenkins
dated 12 June 1666, former Prindpsl,
which		 brought
together
his estate end monies
given
or bequeathed
to him
by Frands Msnse5,		 former Prlndpel,
and
Doctor Wlgam
Basset, which
kgether
sre coUecttvely
referred
to as Ihe		 Old
Estate.		 The
Income only crm be used for Ihe general purposes
ofthe College.
Meyrkke Endowment A bequest
made by Edmund
Meyrlcke, a former
Fellow,
In 1713under which the Income, but		 not
the capital, osn be used for the general
purposes
ofthe College.
Other genwel purposes A consogdatlon
ofgifts, doneUons
snd bequests
where Income,
but not capital, can be used for		 the
general purposes
ofthe College.
BuUdlng & infrasbucture (A E Stevens) A gIR to the College under a Deed ofAppointment
dated 25 June 1975 under		 whkh
Income,		 but
not crerktU, shag be appNed
to Improve
rmd extend the functional
buUdings
ofthe		 College.
Scholarships, prizes & award funda A ccnsogdatlon
of gUls, donations
end bequests
where Inccme, but not cepnal, can be used for		 the
provlskn
ofscholarships,
prizes snd awards.
Teaching
8		 research funds: The CrUlege wss Ihe residuary
benefldery
of the
wgl of Myrtle
HenrleNe
Zeltlyn		 (24 July 1997).
ZeUlyn Income but not the capital cen be used to support three Fegrxvshlps
ln perpetuity:		 Law, French end
Medldne.
On 16Aprg 2010 it was agreed that one of the Fegowshlps
endowed		 be changed from
Lsw to Mcdem
History.
Other teaching
&resewch		 funds A consoUdaUon
of gifts, donalkns
and bequests
where
Income,
but not capital,		 can be used for
brectrlrrg
errd reseelctl purposes.
Endowment funds - Expendable:
No rib gate House In 2001 ths Colege purchased
13-21 Commerket
St (Northgate
House) funded		 by the prcceeds
from a compulsory
purchase
end s mortgage
funded
out of Income
fram		 the
property		 and
endowment.
Capital repayments
ofthe mortgege
em added to Ihe endowment.		 Income and capital
arising
from the properly
Is to be used for the general purposes
ofthe CoUege.
W 8 M Elton Devise Fund A bequest
made
by WM & M Bton Davtes for the sstablshment
ofa fund to support bursarles		 for
undergraduates.
John Welsh History Felcwshlp Pert ofthe legacy frcm David Jones, en alumnus,
agocsted to support the History		 FeNowshlp.
H Morag EngUsh
FeUowshlp		 Englsh
Fegowshlp
supported
by Victor Wood, named
In memory ofhis wife.
Hoffmann
Msdkel Graduate		 Studentship A donation
from
Andre
Hoffmann
which
attracted
matched
funding
from the		 Oxford Graduate
Scholarships
Matched
Fund. They cover tuition fees rmd Uvlng costs for medical		 students.
J Bounden Endowment Fund Legacy from John Bounden evagable
for the general purposes ofthe College.
Shreder Endowment Fund Legacy fiom PGS Shreder evegsble for the gerwrel purposes
ofthe CoUege.
Welsh Access &Outreach Fund Gift lo fund the Cogege's Access snd Outreach
actlvlUes.
Other specNc funds: A series of gUts, donations
end bequests,
where
Income from the capKal csn be used
to support
FeUowshlps CoUege felowshlps.
Schoikxshlps A series of gtfls, donetkms
and bequests,
where
Income from the capital
crm be used
to support
undergaduate
or graduate
scholarships.
Burssrls s A series of gtfls, donations
and bequests,
where
income
from the capital cen be used to support
provide bursarles
to undergraduates
snd graduates.
Restricted funds:
Chang/Knight Dragon A glR of 516m ltom
Dr Chang
through
his company,
Knight
Dragon,
for the		 redevelopment of
Northgate
House.
Fdlowlng
completion
of the prc)ect, the belrstcs
has been		 transferred
to		 the
Designated:
Fixed Asset Fund
Designated funds:
Designated: Fixed Asset Un estrkkd
funds represented
by Rxed assets and therefore
not avaNable
for		 expenditure
on		 the
Colegs's general purposes.
Designated: Annual Fund Un sstrtckk
donaUons
to the Devekpment
Fund allocated
by the Fellows for disbursement
in		 the
yea' foUowlng
donaUon kr both new pro)acts and existing mess ofexpenditure.
Designated; Slraleglo Pro)acts &Posts Unresbkted
funds slocsled by the FsNows for the purpose
of advenrUng
spedlk		 strategic pnorlNes
Including,
but not gmlted
to, academic
prlorlUes,
bugdlng
pro)sots, sustelnablny,		 equsUty, diversity
end Induslon.
Designated: Other Unrestrkted
funds elkcsted
by the Fellows for academk purposes,
srt and heritage, ihe		 running of
Chapel and for Ihe upkeep snd malntenwtce
ofDegage proper5es.
The general unrestricted funds represent accumulated
income from the Cogege's acNvltles
and other sources that we avalkble
fcr the		 general purposes
ofthe College.

2021/22
nuaber of Dross remvnsnurpn, teuals Nu mow crTrust
Range Trustees/ Fellows bsnsrus md pension contrlbueops Peecvls
0 I
E1-E999 12 8,564 12 8,830
f1000 - f1999 I 1,329
E5000 - F5999 I 5,326
f8000-F8999 8,173
F10000 - EI0999 10,973
E«ooo-F«ceo
E13000 - F13999
f19000-E'I9999		 19,737 I3,258
627000 - E27999 . 27,636
f28000-f28999
E29000 - f29999		 1
2		 28,842
68,936		 «3,553
89,605
E30000 - F30999 I 30,132
E'31000-531999
E32000-f32999		 4
10		 126,789
323,745		 14
I		 438,223
32,058
F33000 - f33999 8 199,'764 2 87,183
F34000 - f34999
E36000 -f35999		 I
1		 34,390
36,269
f45000 - E45999 45,061
E460oo - Fpeoee 46,257
E57000 - E57999 57,132 5'7,441
E59000 - E69999 69,532
k64000 - F64999 84,780
Eeeooo
-EBegee		 264,937
EB8000 - f68999 137,925
Eegooo -feeeeo 139,163 89,088
E71000 - E71989 143,510 71,182
E87DOO
-887999		 87,350
E90000 - k90999 90,017
F91000-E91999 91,359
f95000 - E96999 96,829
f96DOO-E98999
f97000 - 897999		 96,214
97,66'7
f101000-F101999 101,441
5'102000-E102999 205,819 102,321
E134000 - E134999 134264
f148000-F148999 148038
Total 66 2049
17		 67 2037453

USS OSPU
Date ofvsksllon. 3003/2020 3003I2022
Dets valuaUon
rssrats
praxkrhrxk		 30IUBI2021 27/06I2023
Value ofUsbtlaes' Eao.sbn 2914m
Value ofssssts. Eee.mn Egal m
Frrrdhg
BVVPIUB I(dssctt):		 (E14.1bn) E47m
PrtlrcIPBI BSBUIUPUOSB'
Discount rate Fbso htsrort 9It Olb m.sa Io
RBts Of IrrNOOSB 4 BOIBdOS 'HEld CUrvr
NIA		 2MS ps
TIPI
Rate cfincrBBss h penskm CPI + 0.06%' Avwsgo
RPUCPI
Assumed
gfs sxpeotandes
cn reUmmsnt		 at age 65;
~
Melee cunsntly
aged 66		 23.9yrs
~
Femsks currsntly		 aged 85 26.6 yrs
~
Males cummtty
aged 46		 26.9yrs
Fsmdes
cUnlrlrUy		 aged 46 27.3yrs
Frmdhg reacs:
Tschnkw
provIBINrs bssls		 83% 106%
~
Statutory
Pension		 Protectkn Fund basis 64% 98'%
~
'Buy-out'
basis		 51% 62%
Employer'8
conlrbuson		 rale (ss % ofpsnsknst48 salaries): 21.4% - 21.6%
kcm I Aprg
2022		 I9%dovm to
la.5%fmm DB
mamba w kcm
I Cct 23
EfocUvs dsis of Ivrxi 88485cnt 3003I2023 3Ir03I2026
a.The disco
mt
rate (krward
rates) for		 the USS valuation was:
Fixed Interest glh ylski curve plus: Prevedrement 2.76'A; post retirement 1.00%
b.The discount rale for ths OSPS valueUon was:
Pre-retirement Equal to the UK nominal ggt curve st the valuaUon dale plus 2.26%ps st each term.
Post-mtlremsnt Equal to the UK nwnlnal ggt curve at the valusUon dais plus 0.6% pa et each term.

RECONCILIATION
OF NET INCOMING RESO
NETCASHFLOWFROMOPERATIONS		 URCES TO
2022I23 2021/22
Group Group
6'000 2000
Net fncolrle 6227 I7,447
Reversal ofncnvrpemtlng
cash flows:
Investment
Income
Unreslbed
gains on Investments
Gain on propertydkrposals
Endowment
dons0ons
Deprecla5on
Rnrvrclng
costs
(SurpWs)lloss
on sale ofReed assets		 (2,530)
(4,068)
(12)
(102)
t452
1,587		 (2,554)
(21,571)
(173)
835
1,488
Increase
In stock
Decrease
In debtors
Decnmse
In creditors
deussse
In pension scheme
6abgity		 (13)
19
(1,715)
(7429)		 (23)
397
(1,124)
2,020
Net cash (used In) Igenenrted
fmm operating		 actlvMes ~7,564 ~3258

Unrestricted Re strl dad Endowed 2021/22
Funds Funds Funds Total
2000 E'000 E'000 E'000
fNCOME AND ENDOWMENTS FROM:
Charhable
ectlvtUes:
Teaching, ntsserch
alKI		 Iesldentl81 8,778 6,776
Pubgc worship 2 2
Other trading
Income		 278 2'78
Donations
and legacies		 1,266 1,323 173 2,762
hv8etlnmlts
Investment
Income		 616 85 1,664
Total return
egocated		 to Income 4,863 1,429 (6,292)
Odter Income - Furlough scheme
Total Income 13Jlgg 2,837 (4,265) 12,372
EXPENDITURE ON:
Charaable
ectlvtUes:
Teaching, research and resldentlsb
College 9,545 1,557 11,103
Pension
provision		 charge 1,782 1,782
Pubgc worship 73 73
Generating
funds:
Fundralslng 609 609
Penshn
provision		 charge 240 240
Trading
expenditure
Investment
management		 costs 349
1 830		 630 349
~2480
Total expenditure 14,308 1,55'7 630 16496
Net hcomef(deBclt) before Investment gains
Net gains on Investments:
Other investrneltts		 ~3561 21 671
25,131 (3,581) 21,571
Net hcome 24624 1280 ~87157 ~17447
Transfers
between
funds		 10,286 (11,363) 1,077
Net movement
In funds for the		 year 34,910 (10,083) P,380) 17,447
Fund belmtces
brought		 fonvard 31218 16,383 191,'770 239,351
Funds carrlsd forward at 31July

b) STATEMENT OF INVESTMENT TOTAL RETURN STATEMENT OF INVESTMENT TOTAL RETURN STATEMENT OF INVESTMENT TOTAL RETURN STATEMENT OF INVESTMENT TOTAL RETURN STATEMENT OF INVESTMENT TOTAL RETURN STATEMENT OF INVESTMENT TOTAL RETURN
Permanent Endowment Expendable Total
1rustfor Unsppded Endowment
Investment Total Rerum
E'000 8000 8'000
At the beg Inning of the year:
Trust for Investment 87,873 8'7,873 87,873
Unsppded
total return		 74,823 74,823 74,823
Expendable
endowment		 29,074 29,074
Total endowments 87,873 74,823 162,696 28,074 191,770
Movements
In the reporting		 period:
Gift ofendowment
funds		 41 41 132 173
hvesunent
return/ 'total Investment		 Income 1,672 1,572 282 1,864
Investment
return: resdsed end unresdsed		 gains and losses (3,020) (3,020) (541) (3,561)
Less Investment
management		 coats (636) (535) (95) (630)
Other transfers 1 077 1 077
Total 41 (1,983) (1,942) 865 (1,067)
(Insppded
total return		 rdkcsted to Income In the period (5335) (5,335) (957) (6,292)
Net movements
In		 repordng period 41 (7,318) PJITT) (102) P,379)
At end ofthe reporthg period:
Trust fcr Investment 87,914 87,914 87,914
Unappded
total return		 67,605 67,505 87,506
Expendable
endowment		 28,972 28,972
Total endowments
c) ANALYSIS OF MOVEMENTS ON FUNDS At 1 August Incoming Resources Transfers Gains/ At 31July
2021 expended (I esses) 2022
F000 L'000 E000 BV)00 6'000 ETMB
Endowment
funds		 - Permanent 162,898 1,613 (636) (5,335) (3,020) 1dd,419
Endowment
funds		 - Expendable 29,074 414 (95) (640) 28,973
Total endowment
funds		 ~191770
Total restricted funds 6280
Unrsstrkted
funds
General unrestricted funds 23,564 8,391 (11,444) (21,893) 25,131 23,949
Designated:
Fixed asset		 8,481 36,049 44,610
Designated:
Annual		 fund 1,094 546 (50) 1,690
Designated:
Giber		 110 (I) 109
General purposes
fund		 (793) 793
Pension reserve (2,011) (2,020) (4,031)
Total unrestricted funds 15149 25131 66127
Total funds 239,351 21,570 268,798