##
##
|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|||||
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|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|