2024-07-31-accounts - St Edmund Hall In The University Of Oxford

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St Edmund Hall

Annual Report and Financial Statements Year ended 31 July 2024

St Edmund Hall

Annual Report and Financial Statements

Contents

	Page
Governing Body, Officers and Advisers	2
Report of the Governing Body	6
Independent Auditor’s Report	17
Statement of Accounting Policies	21
Statement of Financial Activities	27
Balance Sheet	28
Cash Flow Statement	29
Notes to the Financial Statements	30

St Edmund Hall

Governing Body, Officers and Advisers

Year Ended 31 July 2024

MEMBERS OF THE GOVERNING BODY

The Members of the Governing Body are the College’s charity trustees under charity law. The members of the Governing Body who served in office as Trustees during the year or subsequently are detailed below.

Trustee	Notes	(1)	(2)	(3)	(4)
Professor David Bannerman
Professor Joanna Bell
Mr Mark Blandford-Baker			●	●
Ms Eleanor Burnett		●	●	●	●
Professor Maia Chankseliani
Professor David Dupret		●
Professor Jason Gaiger	(demitted 8 January 2024)
Professor Michael Gill
Professor Leslie Goldberg
Professor Paul Goulart				●
Professor Cameron Hepburn	(demitted 30 September 2023)
Professor Carly Howett					●
Professor Lars Jansen				●
Professor Heidi Johansen-Berg
Professor Paul Johnson
Professor Andrew Kahn		●	●
Dr Alexandre Kohlhas
Professor Henrike Lähnemann
Dr Alex Lloyd	(appointed 10 October 2024)
Professor David Manolopoulos		●
Professor Katharina Marquardt	(appointed 1 September 2023)
Dr Brooke Marshall	(appointed 1 October 2023)
Professor Erica McAlpine
Professor David Moreno-Mateos	(appointed 1 September 2023)	●
Professor Philip Mountford	(demitted 31 August 2023)
Professor Luc Nguyen		●

St Edmund Hall

Governing Body, Officers and Advisers

Year Ended 31 July 2024

Trustee	Notes	(1)	(2)	(3)	(4)
Dr Claire Nichols				●
Dr Luke Parry	(appointed 1 September 2023)		●
Professor Ian Pavord
Dr Joe Pitt-Francis	(appointed 1 October 2024)
Professor David Priestland			●	●	●
Dr Anna Regoutz	(appointed 1 September 2024)
Professor Oliver Riordan
Professor Peter Rothwell
Professor Jeffrey Tseng
Professor Dimitrios Tsomocos
Professor Filippo de Vivo
Professor Robert Whittaker	(demitted 30 September 2023)
Professor Robert Wilkins		●	●
Professor Richard Willden	(demitted 31 March 2024)
Professor Mark Williams		●
Professor Wes Williams
Professor Katherine Willis		●	●	●	●
Professor Jonathan Yates
Dr Musab Younis	(appointed 1 September 2024)
Professor Linda Yueh			●
Professor Amy Zavatsky

During the year, the activities of the Governing Body were carried out through four core committees. The membership of these committees during the 2023/24 academic year is shown above for each Fellow.

(1) Academic Committee
(2) Finance Committee
(3) General Purpose & Bursarial Committee
(4) Development Committee

St Edmund Hall

Governing Body, Officers and Advisers

Year Ended 31 July 2024

The Remuneration Committee is comprised solely of independent members, as follows:-

Mr Gareth Penny (Chair)	(from October 1st2023)
Mr Peter Johnson (Chair)	(until 30 September 2023)
Cllr Mary Clarkson
Dr Anne Mullen	(from October 1st2023)
Professor Steve Roberts
Ms Sarah Thonemann
Ms Mary Waldner
Dr Mark Pobjoy	(until 30 September 2023)

COLLEGE SENIOR STAFF

The senior staff of the College to whom day-to-day management was delegated during the year were as follows:-

follows:-
Professor Katherine Willis	Principal
Professor David Priestland	Vice Principal
Professor Robert Wilkins	Senior Tutor
Ms Eleanor Burnett	Finance Bursar
Mr Mark Blandford-Baker	Domestic Bursar
Ms Stephanie Hanks	College Accountant
Ms Melody Njoki	College Registrar
Mr Andrew Vivian	Director of Development

St Edmund Hall

Governing Body, Officers and Advisers

Year Ended 31 July 2024

COLLEGE ADVISERS

Investment Managers

Oxford University Endowment Management, 27 Park End Street, Oxford OX1 1HU Rathbone Greenbank Investment Managers, 8 Finsbury Circus, London EC2M 7AZ

Investment Property Managers

Cluttons LLP, 7400 The Quorum, Alec Issigonis Way, Oxford Business Park, Oxford OX4 2JZ

Auditor

Moore Kingston Smith LLP, 6[th] Floor, 9 Appold Street, London EC2A 2AP

Bankers

NatWest PLC, Mimms Business Park, 7 West Way, Willow Court, Oxford OX2 0JB

Solicitors

Blake Morgan LLP, Seacourt Tower, West Way, Botley, Oxford OX2 0FB Mills & Reeve, Botanic House, 100 Hills Road, Cambridge CB2 1PH

Surveyors

Vail Williams LLP, 3 Ocean Way, Ocean Village, Southampton SO14 3TJ

College Address

St Edmund Hall, Queen’s Lane, Oxford OX1 4AR

Website

www.seh.ox.ac.uk

Report of the Governing Body Year Ended 31 July 2024

St Edmund Hall

The Members of the Governing Body present their Annual Report for the year ended 31 July 2024 under the Charities Act 2011 together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

The Principal, Fellows and Scholars of St Edmund Hall in the University of Oxford, which is commonly known as St Edmund Hall (the “College” or the “Hall”), is an eleemosynary chartered charitable corporation aggregate. It was incorporated under a Royal Charter dated 15 February 1957, although the Hall has been in existence since the 13th Century.

The College registered with the Charity Commission on 13 August 2010 (registered number 1137470).

The names of all Members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 - 4.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

The College is governed by its Statutes in accordance with the Universities of Oxford and Cambridge Act 1923 (the current Statutes having been approved on 12 April 2017).

Governing Body

The Governing Body of the College comprises the Principal and Fellows. This body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, who is the Chancellor of The University of Oxford. The Governing Body is self-appointing: new members are generally elected according to the nature of their Fellowships at the College; retirements generally occur on the same basis.

The Governing Body determines the ongoing strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly, with the Principal as Chair, and is advised by its three core Committees: Academic Committee, Finance Committee and General Purposes & Bursarial Committee. External members are represented on the Remuneration Committee and the Investment Sub-committee.

The Finance Committee is responsible for the operational budgeting and financial control of the College and the Investment Sub-committee is responsible for the governance and management of the College’s investment assets, making recommendations to the Finance Committee for approval.

The Investment Sub-committee comprises Fellows of the College and five independent members with professional investment experience, who serve in a voluntary capacity. The Investment SubCommittee is further supported by an investment adviser, Rathbone Greenbank, which evaluates funds and other investments that may be incorporated within the portfolio and provides asset allocation and market strategy guidance. The College investments are maintained in accordance with an investment policy which is approved by the Governing Body and reviewed periodically.

The academic operations of the College are guided by the Academic Committee.

Report of the Governing Body

St Edmund Hall

Year Ended 31 July 2024

Recruitment and Training of Members of the Governing Body

Fellows of the College are recruited through open competition to their teaching and research positions or to offices of the College (such as Finance Bursar or Development Director) as such vacancies arise, except for the few Fellows whose Fellowship arises from a University appointment. Vacancies are advertised on the College website, in the University Gazette, on the Jobs.ac.uk website and in such professional or national journals as may be appropriate.

All Fellows are inducted into the workings of the College and given information on the duties of a trustee. They are advised that they will carry such responsibilities as members of Governing Body at the time they are offered their job and are required to confirm that they have read and understood those obligations as a condition of taking up their appointment.

Members of the Governing Body understand the importance of being kept informed on current issues in the sector and on regulatory requirements; it offers a formal programme for Trustee training to new Fellows offered by the Conference of Colleges.

Trustee indemnity insurance is in place for the College.

Remuneration of Members of the Governing Body and Senior College Staff

Members of the Governing Body, all of whom are Fellows, are administrative, teaching or research employees of the College or University and receive no remuneration or benefits from their trusteeship of the College.

Those trustees that are also employees of the College receive remuneration for their work as employees of the College which is determined on the advice of the College’s Remuneration Committee, members of which are independent and not in receipt of remuneration from the College. For academic staff, remuneration is set in line with that awarded to the University’s academic staff according to the published academic scales.

The remuneration of senior college staff is set with reference to the seniority and qualifications required for such a post and in most cases the remuneration is set by reference to the published University of Oxford academic-related scales.

Organisational Management

The Governing Body meets ten times per year. The work of developing its policies and monitoring the implementation of these is carried out by various committees. The standing committees of the College are the Nominating Committee, the Remuneration Committee, the General Purposes & Bursarial Committee, the Academic Committee, the Tutorial Committee, the Finance Committee and the Development Committee. The Buildings Sub-committee, Domestic sub-committee, Garden subcommittee and the College & Welfare sub-committee all report to the GPBC. The Investment subcommittee and the Wages sub-committee report to the Finance Committee. The Remuneration Committee reports directly to the Governing Body. The responsibilities of key committees are detailed below:

The Academic Committee is responsible for the admissions policy of the College and oversees the admissions process, considers all matters relating to the provision of tuition for and supervision of students, and considers the creation of certain Fellowships.

St Edmund Hall

Report of the Governing Body

Year Ended 31 July 2024

The Finance Committee is responsible for the operational finances of the College, recommending charges to students, reviewing the annual budget and statutory accounts, managing the investments of the College, managing purchases, sales and leases of College property, managing any loans held by the College and approving all contractual arrangements of the College.
The General Purpose & Bursarial Committee is responsible for overseeing the domestic arrangements for students, both accommodation and catering, room provision for all members of the College, makes recommendations on building maintenance and capital projects, and advises the Governing Body on all matters concerning health and safety, including legislative requirements.
The Development Committee makes recommendations to the Governing Body on matters relating to fundraising and alumni relations.

In addition, the Remuneration Committee advises on the remuneration of the Principal and Fellows of the College, including matters such as salaries, benefits, allowances, expenses, and pensions. Two additional committees will be established during the 2024/25 academic year: an Audit & Risk Committee which will comprise Fellows and external members and a Governance & Strategy Committee.

The key management personnel are the College Officers set out on page 4. The day-to-day running of the College is overseen by the Principal. Academic matters are delegated primarily to the Senior Tutor, supported by the College Registrar. Administrative and financial matters are delegated primarily to the Finance Bursar, supported by the College Accountant; the Finance Bursar is a member of all four core Committees, and attends the Remuneration Committee as its Secretary. Domestic and estates matters are delegated primarily to the Domestic Bursar, supported by the Estates Manager.

Group Structure and Relationships

The College administers many special trusts, as detailed in Notes 18 and 19 to the financial statements.

The College has three wholly-owned non-charitable trading subsidiaries, one of which is dormant: St Edmund Hall Enterprises Ltd. St Edmund Hall Trading commenced trading on August 1[st] 2021 and manages all the non-charitable trading activity such as commercial conferences and banquets and St Edmund Hall Design & Build Ltd undertakes the College’s building works. Both companies Gift Aid their annual profits to St Edmund Hall. The subsidiaries’ aims, objectives and achievements are covered in the relevant sections of this report.

The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship.

OBJECTIVES AND ACTIVITIES

Charitable Object and Aims

The College’s charitable object, as specified in the Statutes, is to promote the advancement of university education, learning and research as a College in the University of Oxford (including maintaining its historic buildings and other patrimony, and pastoral care of its students).

St Edmund Hall

Report of the Governing Body

Year Ended 31 July 2024

The Governing Body is mindful of the long-standing requirement to provide public benefit and of the disclosure requirements of the Charities Act 2011. In this connection, the Governing Body, through the College’s senior staff, has monitored closely the general and supplemental guidance produced by the Charity Commission, and in particular its public benefit guidance on advancement of education and on fee-charging.

Activities and objectives of the College

Accordingly, the College engages in activities to achieve its objects including:

Carrying out education and research activities jointly with the University, involving payment of salaries and the provision of infrastructure including office space and administrative support;
Supplementing the education provided jointly with the University with tutorial teaching provided by College-only appointed teachers, and by provision of its own Library and IT facilities, and welfare, social, cultural and recreational facilities, to enable each of its students to realise their academic and personal potential to their fullest extent;
Supplementing the research activities it promotes jointly with the University by providing College-only funded research Fellowships, and by providing an environment for interaction between researchers and facilities for visiting researchers, including access to a valued library;
Admitting undergraduate and graduate students without any restriction subject only to satisfaction of publicised academic criteria; Home/EU undergraduate students are eligible for Student Loans from Student Finance England, and for Oxford Bursaries on a means-tested basis;
Providing various forms of financial assistance to both undergraduate and graduate students through prizes, scholarships, and grants, to allow them to pursue projects which further their studies, and to provide targeted support in cases of hardship;
Supporting a number of access-related activities, ensuring that the information needed to apply for admission to the University is disseminated as effectively as possible;
Maintaining and enhancing its buildings, fabric and grounds to ensure they are fit-for-purpose for teaching and accommodation of current and future generations of undergraduate and graduate students;
Employing welfare officers to provide counselling and pastoral care to members of the College.

Public Benefit

The College is committed to the aims of providing public benefit in accordance with its objects, and has continued to conduct its affairs during the year to 31 July 2024 in furtherance of these aims. The Trustees confirm that they have complied with the duty in Section 17 (5) of the Charities Act 2011 to have due regard to the guidance issued by the Charity Commission on public benefit.

More specifically, the College’s public benefit activities include the following:

The College admits students those who have the highest potential for benefiting from the education provided by the College and University and employs academic staff who are best

St Edmund Hall

Report of the Governing Body

Year Ended 31 July 2024

able to contribute to the academic excellence of the College, regardless of financial, geographical, ethnic, social, age or religious background.

The College provides accommodation and meals to students at rates that are as reasonable as finances allow, and it offers accommodation to all first and final year undergraduates, and to all first-year graduates. The College provides a substantial subsidy for student meals and other activities.
In order to assist undergraduates entitled to financial support, the College provides funds to the Oxford Bursary scheme. In addition, the College provides a significant number of academic and academic-related awards, including book, equipment and writing-up support, and funding for individual and group non-academic pursuits through our Masterclass and Amalgamated Clubs funds. Further, the College operates a targeted Financial Assistance Scheme, which makes awards to undergraduates and graduates who face unexpected financial issues.
The College operates an outreach programme to raise educational aspirations within schools, and to attract outstanding applicants who might not otherwise have considered applying to the College; each year we engage with around 3,000 students distributed in around 100 schools. It employs a full-time Schools Liaison Officer, and the programme involves visits by schools to the College, open days, and guidance and information to applicants and teachers.
The College takes part annually in ‘Oxford Open Doors’, including opening the College library to the public and offering guided tours of the College’s facilities, and runs its own ‘Access Hall areas’ weekend where the College is opened to the public to view talks, displays and guided tours around the College site. The College is part of the National Gardens Scheme and advertises specific dates when the snowdrops are in bloom, and again a date in the summer. The College is generally open to the public from 10am to 4pm throughout the year, and maintains its long-standing policy of not charging members of the public who wish to visit.
The College makes many of its talks and lectures available to the public in the form of videos on its YouTube channel, www.youtube.com/StEdmundHall.
During term-time, the Chapel hosts Sunday services that are open to the public, and other services at College events and other occasions. The Choir has also sung at venues around the country, and visits Pontigny in France, annually, where St Edmund is buried. In addition, the College hosts, free of charge, a number of concerts by both College musicians and other Oxford-based ensembles.

ACHIEVEMENTS AND PERFORMANCE

During the academic year 2023-24, 109 undergraduates passed final examinations of which 30%, representing many disciplines, achieved First Class degrees. Both Final Honours students and those in earlier years won many individual prizes and awards and a full list of these is presented in the annual Hall Magazine. The graduate population of the College has been maintained with a thriving Middle Common Room. The College exhibits a good balance of Masters and DPhil students and reflects Oxford’s Academic Divisions and their expertise and position as world-class research groupings within the University.

The Collegiate University maintains a number of bursary schemes for both undergraduate and graduate students. The College contributes to the funding of these schemes (in particular the Oxford

Report of the Governing Body Year Ended 31 July 2024

St Edmund Hall

Bursary Scheme for Home undergraduates) and admits students on bursary schemes, both as undergraduate and graduate students.

In addition to the Oxford Bursary Scheme, which is operated and funded equally by the University of Oxford and the colleges, St Edmund Hall offers generous financial support to its students through hardship grants and academic grants. The total value of student support through bursaries and scholarships, including Oxford Bursaries, was £526k (2023: £591k).

The talents of the Fellowship were recognised in many ways:

Professor David Dupret, Tutorial Fellow in Neuroscience , has been elected to membership of the Academia Europaea. The Academia Europaea is the Pan-European Academy of Sciences, Humanities and Letters, founded in 1988 as an initiative of the Royal Society to coordinate European interests in national research agencies. Its members are drawn from across the whole European continent. Members are leading experts from the physical sciences and technology, biological sciences and medicine, mathematics, the letters and humanities, social and cognitive sciences, economics and law.

Professor Paul Goulart, Tutorial Fellow in Engineering Science, was awarded the title of Professor in the 2024 Recognition of Distinction Exercise. Three Hall academic researchers were awarded professorships by the University of Oxford in the 2023 Recognition of Distinction Exercise. Professor Jenny Taylor, Fellow by Special Election in Human Genetics , was conferred the title Professor of Translational Genomics, Professor Aris Karastergiou, Fellow by Special Election in Astrophysics , became Professor of Astrophysics and Professor Claire Edwards, Fellow by Special Election in Surgery , was awarded the title of Professor of Bone Oncology.

Professor Heidi Johansen-Berg, Professor of Cognitive Neuroscience and Senior Research Fellow , was honoured to be elected a Fellow of the Royal Society in 2024 in recognition of her research on brain plasticity. Her research group is currently focused on understanding the role of sleep in recovery from brain damage and stroke. In collaboration with engineers, they are designing and testing new wearable technology to boost learning in the sleeping brain.

Professor Karma Nabulsi, Senior Research Fellow in Politics , was this year’s recipient of the BRISMES Service Award. The British Society for Middle Eastern Studies (BRISMES) was founded in 1973 to provide a forum for educators and researchers in the field. The award was announced at the society’s annual conference held at Lancaster University earlier this month; it is the largest and most prestigious annual UK gathering of scholars and practitioners focusing on the region. The award was made in recognition of the immense impact Karma’s research has had on the field – especially in relation to 18th- and 19th-century political thought, the laws of war, and the contemporary history and politics of Palestinian refugees – and her direction of a bilingual digital teaching and research resource, currently hosted at Oxford’s Department of International Development.

Professor Krina Zondervan, Professor of Reproductive and Genomic Epidemiology, Head of the Nuffield Department of Women’s & Reproductive Health, and Fellow by Special Election in Obstetrics and Gynaecology, has been elected as a Fellow of the Academy of Medical Sciences. This is in recognition of her outstanding contribution to the advancement of biomedical and health science, cutting-edge research discoveries, and translating developments into benefits for patients and wider society.

Professor Robert Whittaker, Emeritus Fellow at St Edmund Hall and Emeritus Professor of Biogeography, was the 2023 recipient of the International Biogeography Society’s biennial award for a lifetime of outstanding contributions by an eminent scholar in Biogeography. The award is named after Alfred Russel Wallace Award, a key founding figure in the field of biogeography. Professor Whittaker received the award at the Biennial meeting of the International Biogeography Society, which was held in Prague in January 2024.

Report of the Governing Body Year Ended 31 July 2024

St Edmund Hall

This year, the Vice-Chancellor’s Award for Research Engagement went to the REACH programme, a project based in the School of Geography and Environment and funded by the Foreign, Commonwealth and Development Office. Dr Callum Munday, Fellow by Special Election in Geography , was part of this team whose overall research aim was to improve water security for 10 million people in East Africa and Bangladesh.

The collaborative project ‘Rapid test for Covid-19’ by the University of Oxford and Oxsed Limited won the top prize for ‘Outstanding Achievement in Chemical and Process Engineering Award’ at the IChemE Global Awards 2023. The team also secured two additional trophies in the categories of ‘Innovative Product Award’ and ‘Business Start-up Award’. Led by Professors Zhanfeng Cui and Wei Huang, Fellow by Special Election in Synthetic Biology , the Oxford team developed a rapid Covid test during the pandemic. Subsequently, the test has been successfully commercialised through the spinout company Oxsed Limited. This joint initiative involved the Department of Engineering Science at the University and the Oxford Suzhou Centre for Advanced Research (OSCAR).

FINANCIAL REVIEW

The College’s consolidated total funds at the year-end increased by 15% to £115.8m (2023: £100.7m). This includes endowment capital of £72.2m (2023: £68.2m) and restricted funds of £1.7m (2023: £1.7m). The College’s general funds at the year-end are £41.8m (2023: £30.8m). The College’s free reserves at the year-end amounted to £7.0m (2023: £5.4m), representing retained unrestricted income reserves excluding an amount of £31.5m (2023: £25.4m) for the net book value of fixed assets, and £3.3m of funds in hand for the Norham Project less associated funding arrangements.

The College’s incoming resources were £17.1m (2023: £16.1m), of which £4.8m was from tuition fees, other academic income and other OFS support, £4.4m was from residential and trading income, £3.5m was from donations and legacies, and £4.4m was from investment income. Investment income included £1.43m from bank interest on significant cash holdings which were held during the year in readiness for the Norham Gardens project. In 2024, total expenditure was £10.6m (2023: £11.9m) after the release of the £1.97m pension provision leaving the college with net incoming resources of £6.5m before investment gains and revaluations. Investment gains for 2024 were £2.36m (2023: loss of £5m). The balance sheet no longer holds a defined benefit pension scheme reduction liability against its general funds as both USS and OSPS are in surplus (2023: liability of £1.97m).

As part of the funding strategy for the Norham project, agreed by Governing Body during the year and implemented by the year-end, was the transfer of a residential property into the Endowment portfolio as investment assets. The property had previously been regarded as a functional asset and had been fully depreciated since its purchase. The portfolio was transferred in at a value of £6.17m and an equivalent cash value was transferred to designated funds for the project.

The endowment assets delivered a total return of 6.3% (2023: -2.5%), in what was a slightly improved year for the markets with inflationary pressures reducing and the expectation that interest rates will start to fall over the coming year. Overall, the investment sub-committee is satisfied with this outcome. Since September 2020, Rathbone Greenbank has been managing that part of the investment portfolio not held with OUEM. The entire portfolio was transferred to RG and invested in holdings that meet strict environmental, social and governance (ESG) criteria, an area in which Rathbone has significant expertise. The college’s investment policy statement reflects this investment path, and it is reviewed on an annual basis.

In June 2017, the College issued a debt private placement of £20.2 million with a fixed interest rate of 2.525%, repayable in 2067. Proceeds from this placement are being used to fund the student accommodation project in Norham Gardens. The college will start to rebuild an investment pot from

St Edmund Hall

Report of the Governing Body

Year Ended 31 July 2024

the returns on the new accommodation site, to ensure repayment of the loan is achievable in 2067.

Reserves Policy

The College’s reserves policy is to maintain sufficient free reserves to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall, to allow the College to be managed efficiently, and to provide a buffer that would ensure uninterrupted services.

The Governing Body has reviewed the free reserves and is satisfied that the level of free reserves, the current cash flow projections and the availability of external financing facilities would provide an adequate safety net in the event of adverse operating conditions. The Governing Body is satisfied that there is sufficient unrestricted cash and liquid assets at the year end to meet its financial obligations.

Investment policy, objectives and performance

The College’s investment objectives are to balance the needs of current and future beneficiaries by:

maintaining (at least) the value of the investments in real terms over the long term;
producing a consistent and sustainable annual transfer to support the general expenditure of the College; and
delivering these objectives within acceptable levels of risk.

To meet these objectives, the College’s investments are managed on a total return basis, maintaining diversification across a range of asset classes to produce an appropriate balance between risk and return. In line with this approach, the College statutes allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total return.

Under the total return accounting basis, it is the Governing Body’s policy to operate a spend rule which calculates the total transfer to income according to a smoothing mechanism based on 3.5% of the average of the market value of the assets held within the Endowment Funds over the last twelve quarters of the year in question. The Investment Committee keeps this policy under review in the light of investment returns to maintain an equable balance between present and future beneficiaries.

The investment policy, objectives and performance of the College are monitored by the Investment Sub-committee which reports through the Finance Committee to Governing Body. At year end, the College’s long-term investments including securities and property totalled £67m (2023: £81.2m).

Development, alumni relations and fundraising

St Edmund Hall fundraises via face-to-face meetings, correspondence, telephone, video-calling and online. All fundraising is carried out by staff or members of the College (including current students). 1,078 alumni donated in the 2023-2024 which included a telethon with £97,071 pledged from 167 alumni. In-person alumni events saw successful reunion lunches and dinners taking place in the UK, predominantly in Oxford and London as well as in North America (Montreal and New York) and in Asia with successful reunion and fundraising events held in Hong Kong and Singapore.

The Development Office successfully raised over £3.4m this year (2022/23: £3.8m), including gifts of £1.25m to endow an Early Career Teaching & Research Fellowship in History, £780k to endow a graduate scholarship and £373k towards the college’s Norham St Edmund Capital Project. In addition, there were a variety of donations for, amongst other things, scholarships, bursaries and student support together with unrestricted giving.

St Edmund Hall

Report of the Governing Body

Year Ended 31 July 2024

Fundraising activity is managed on a day-to-day basis by the Development and Alumni Relations Office. This office comprises of five full time employees, including the Fellow responsible for fundraising activity. The Office is overseen by the College Principal and reports to the Development Committee and the Governing Body.

Fundraising activity is predominantly carried out to members of the College (alumni). The College does not carry out any fundraising with members of the general public. No complaints were received in relation to the College’s fundraising activity in 2023/24.

In 2023/24 the College employed Buffalo Fundraising (Registered in England Number 5602547) as its fundraising consultant and as a data processor.

In line with data fundraising regulation and best practice the college updated its privacy statement in 2019 and provided opportunities for College Members to update their contact preferences and permissions. Members can update their permissions at any time.

RISK MANAGEMENT

The College is engaged in risk assessment on an ongoing basis. The principal risks and uncertainties fall into three main categories: 1) Finances, Premises, Employment and Operations; 2) Academic; and 3) Governance & Compliance. Included within these categories are a number of individual risks which are reviewed annually and managed with various controls and procedures.

The Governing Body, which has ultimate responsibility for managing risks faced by the College, has considered the major risks to which the College is exposed, and has concluded that adequate systems are in place to manage these risks. It is recognised that risk-assessment systems can provide only reasonable but not absolute assurance that major risks have been managed. When it is not able to address risk issues using internal resources, the College takes advice from experts external to the College with specialist knowledge.

The following specific risks have been identified by the College:

The potential impact of the Teaching Excellence Framework on College funding and its academic reputation. An inappropriate application of the TEF may lead to the reputation of the College’s teaching being damaged. There are controls in place in relation to the application of funding.
The impact of reduced government funding on teaching and research. Reduced government funding risks eroding the quality of teaching and research and risks damaging Oxford University’s and the College’s ability to compete internationally for the best academics and the best students. The Governing Body, with the University, is considering this impact.
Long-term adverse investment returns which could reduce the College’s income and threaten its ability to service the loan or invest in its capital infrastructure. The Investment SubCommittee and investment advisers review performance, risk and the investment climate termly (or more frequently if required), which is considered sufficient for reacting to market changes.
Impact of a pandemic on the operations and finances of the College. Implementation of business contingency planning meetings to review and consider cash forecasts, use of Government schemes and consideration of projects that could be put on hold.

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Report of the Governing Body

Year Ended 31 July 2024

FUTURE PLANS

In October 2019, the Governing Body published its 10-year strategy for the College. Five key areas of the College’s activities were examined, namely: teaching and research; access, equality and diversity; culture; estates; and finance. This document provides a road-map for the collective direction in these key areas over the next decade.

In 2024, members of the College, including students, staff and Fellows, came together to discuss and measure the progress made since 2019, and to establish goals for the next five years. The college is delighted to report that significant progress has been made so far, across all fives areas of priority. The publication Flourishing Steps summarises this progress and the goals that have been collectively committed to for the next review in 2029 and can be found on the College’s website.

To enable the College to implement its strategy, it launched its HALLmarks fundraising campaign in Spring 2022 to help support the College achieve its aims in endowing fellowship posts, providing student support and funding the significant new capital project at the site in Norham Gardens.

A key aim for the College is to update its estate to meet the requirements of students and academics in the 21[st] Century. The student accommodation project at Norham Gardens has been progressing well throughout the year. The main contract was signed in December 2023, with the first spade in the ground shortly thereafter. Three new Passivhaus accredited buildings are being built and at the time of this report, the first building, Park House has moved above ground with the Cross-Laminated Timber (CLT) structure in place and bathroom pods in situ. The main Villa building will also be above ground by the end of the calendar year, with the keystone expected to be in place in the Spring when a topping out ceremony will be held.

The new 127-bedroom site will be complete by Spring 2026 and ready for students in the following Michaelmas Term. Undergraduate Freshers who commence their study at the college in Michaelmas Term 2025 will be the first cohort of students that will be able to stay in college accommodation for the entirety of their course. The College is funding the project through its own funds and through philanthropy, and during the year, £23m was extracted from the investment portfolio to be held as cash in anticipation of the call on funds for the Norham project over the next twelve months.

The College continues to invest in its Estate on the main Queen’s Lane site and its external properties, with the focus being on de-carbonising the estate.

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations.

Charity law requires the Governing Body to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity law, the Governing Body must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the College and of its net incoming or outgoing resources for that period. In preparing these financial statements, the Governing Body is required to:

Select the most suitable accounting policies and then apply them consistently;
Make judgments and accounting estimates that are reasonable and prudent;

St Edmund Hall

Report of the Governing Body

Year Ended 31 July 2024

State whether applicable accounting standards, including FRS102, have been followed, subject to any material departures disclosed and explained in the financial statements;
State whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures disclosed and explained in the financial statements; and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue to operate.

The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College’s transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with FRS102. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Governing Body on 6 November 2024 and signed on its behalf by:

Professor Baroness Katherine J Willis CBE Principal

St Edmund Hall

Independent Auditor’s Report to the Members of the Governing Body of St Edmund Hall Year Ended 31 July 2024

Independent Auditor’s Report to the Trustees of St Edmund Hall

Opinion

We have audited the financial statements of St Edmund Hall for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the of the College’s and the group’s affairs as at 31 July 2024, and of the incoming resources of the group and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Members of the Governing Body are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

St Edmund Hall

Independent Auditor’s Report to the Members of the Governing Body of St Edmund Hall Year Ended 31 July 2024

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

the information given in the Members of the Governing Body’s Annual Report is inconsistent in any material respect with the financial statements; or
the charity has not kept adequate accounting records; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we required for our audit.

Responsibilities of the Members of Governing Body

As explained more fully in the Members of the Governing Body’s responsibilities statement set out on page 16, 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 the Members of the Governing Body determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Members of the Governing Body are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of the Governing Body either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

St Edmund Hall

Independent Auditor’s Report to the Members of the Governing Body of St Edmund Hall Year Ended 31 July 2024

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Members of the Governing Body.
Conclude on the appropriateness of the Members of the Governing Body’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during

St Edmund Hall

Independent Auditor’s Report to the Members of the Governing Body of St Edmund Hall Year Ended 31 July 2024

the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.
We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the Members of the charity’s Governing Body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the Members of the Governing Body 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 any party other than the charity and the Members of the Governing Body as a body, for our audit work, for this report, or for the opinion we have formed.

Moore Kingston Smith LLP Statutory Auditor

Date: 18 December 2024

6[th] Floor, 9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

Statement of Accounting Policies

Year Ended 31 July 2024

St Edmund Hall

1. Scope of the financial statements

The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiaries; St Edmund Hall Design & Build Limited and St Edmund Hall Trading. The subsidiaries have been consolidated from the date the companies started trading and the College owns 100% of the share capital of St Edmund Hall Design & Build Limited; the College is the sole member of St Edmund Hall Trading. No separate SOFA has been presented for the College alone as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary of the results and financial position of the College and its subsidiaries for the reporting year are in note 13.

2. Basis of accounting

The financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (“FRS 102”).

The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its financial statements in accordance with ‘The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (The Charities SORP (FRS 102)).

The financial statements have been prepared under the historical cost convention, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA).

The Members of the Governing Body have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the College to continue as a going concern, including the impact of the current cost of living increases. The College has prepared cash flow and other forecasts, taking into account the potential pressures on income, which, together with the available general funds and expendable endowment funds, confirm the College will have sufficient liquidity to operate for at least the next twelve months from the date of approval of these financial statements. The College therefore continues to adopt the going concern basis in preparing its financial statements.

The principal accounting policies adopted are set out below and have been applied consistently throughout the year.

3. Accounting judgements and estimation uncertainty

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governing Body to have most significant effect on amounts recognised in the financial statements.

The College participates in a multi-employer defined benefit pension plan. In the judgement of the Governing Body there is insufficient information about the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets in the financial statements and therefore the plan is accounted for as a defined contribution scheme (see note 22).

St Edmund Hall

Statement of Accounting Policies

Year Ended 31 July 2024

The College carries investment property at fair value in the balance sheet, with changes in fair value being recognised in the income and expenditure section of the SOFA. Independent valuations are obtained to determine fair value at the balance sheet date.
Before legacies are recognised in the financial statements, the Governing Body has to exercise judgement as to what constitutes sufficient evidence of entitlement to the bequest. Sufficient entitlement exists once notification of payment has been received from the executor(s) of the estate or estate accounts are available which indicate there are sufficient funds in the estate after meeting liabilities for the bequest to be paid.

In the view of the Governing Body, no other assumptions concerning the future or estimations of uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

With respect to the next financial year, the other most significant areas of uncertainty that affect the carrying value of assets held by the College are the level of investment return and the performance of investment markets.

4. Income recognition

All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured.

a) Income from fees, OFS support and other charges for services

Fees receivable, less any scholarships, bursaries or other allowances granted from the College unrestricted funds, OFS support and charges for services and use of the premises are recognised in the period in which the related service is provided.

b) Income from donations, grants and legacies

Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met.

Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) of the deceased’s estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable.

Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds.

Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the date of the gift receipt.

c) Investment Income

Interest on bank balances is accounted for in the period to which the interest relates.

Statement of Accounting Policies

St Edmund Hall

Year Ended 31 July 2024

Dividend income and similar distributions are recognised in the period in which they become receivable.

Income from investment properties is recognised in the period to which the rental income relates.

5. Expenditure

Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated.

Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met.

All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the SOFA.

Support costs which include governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure in the consolidated financial statements.

6. Leases

Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease term and the assets’ useful lives. Assets are assessed for impairment at each reporting date. The corresponding capital obligations under these leases are shown as liabilities and recognised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as to achieve a constant rate of interest on the remaining balance of the liability.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a straight line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight line basis.

7. Tangible fixed assets

Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings which is directly attributable to bringing the asset to its working condition for its intended use and amounting to more than £5,000 together with expenditure on equipment costing more than £5,000 is capitalised.

Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised and expensed in the SOFA.

Statement of Accounting Policies

St Edmund Hall

Year Ended 31 July 2024

Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the SOFA as incurred.

8. Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows:

Freehold properties, including major extensions 50 years Leasehold properties 50 years or period of lease if shorter Building improvements 10 - 50 years Equipment 4-8 years

Freehold land is not depreciated. The cost of maintenance is charged in the SOFA in the period in which it is incurred.

The cost of major renovation projects that increase the service potential of buildings is capitalised and depreciated over applicable periods.

9. Investments

Investment properties are initially recognised at their cost and subsequently measured at their fair value (market value) at each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts.

Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs.

Investments such as hedge funds and private equity funds that have no readily identifiable market value are initially measured at their costs and subsequently measured at their fair value at each reporting date without deduction of the estimated future selling costs. Fair 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 are credited or charged to the income or expenditure section of the SOFA as ‘gains or losses on investments’ and are allocated to the fund holding or disposing of the relevant investment.

10. Other Financial Instruments

a. Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less.

b. Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

Statement of Accounting Policies

St Edmund Hall

Year Ended 31 July 2024

11. Stocks

Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.

12. Foreign Currencies

The functional and presentation currency of the College and its subsidiaries is pound sterling, rounded to the nearest thousand.

Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.

13. Total Return investment accounting

The College statutes authorise the College to adopt a ‘total return’ basis for the investment of its permanent endowment. The College can invest its permanent endowments without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return that can either be retained for investment or released to income at the discretion of the Governing Body.

14. Fund Accounting

The total funds of the College and its subsidiary are allocated to unrestricted, restricted or endowment funds based on the origins of the funds and the terms set by the donors. Endowment funds are further sub-divided into permanent and expendable.

Unrestricted funds can be used in furtherance of the Objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds.

Restricted funds comprise gifts, legacies and grants where the donors have earmarked funds for specific purposes. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required that the capital be maintained and the income used for specific purposes.

Permanent endowment funds arise where donors specify that the funds should be retained as capital for the permanent benefit of the College. Any income arising from the capital will be accounted for as unrestricted funds unless the donor has restricted the use of that income, in which case it will be accounted for as a restricted fund.

Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long-term benefit of the College. However, the Governing Body may at its discretion determine to spend all or part of the capital.

Statement of Accounting Policies

St Edmund Hall

Year Ended 31 July 2024

15. Pension Costs

The College participates in Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme. These schemes are hybrid pension schemes, providing defined benefits (for members), as well as defined contribution benefits. The assets of the schemes are each held in a separate trusteeadministered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual Colleges and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other Universities and Colleges employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to each scheme.

Since the College has entered into agreements (the Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, the college recognises a liability for the contributions payable that arise from the agreements (to the extent that they relate to the deficit) and therefore an expense is recognised.

St Edmund Hall

Consolidated Statement of Financial Activities For the Year Ended 31 July 2024

Unrestricted Funds £'000 8,435 644 479 2,002 1,168 78	Restricted Funds £'000 - - 666 - 1,359 -	Endowed Funds £'000 162 - 2,270 2,384 (2,527) -	2024 Total £'000 8,597 644 3,415 4,386 - 78	2023 Total £'000 8,323 426 3,851 3,440 - 36
12,806 7,061 550 909 511	2,025 1,357 12 1 -	2,289 - - - 215	17,120 8,418 562 910 726	16,076 9,818 501 830 733
9,031	1,370	215	10,616	11,882
3,775	655	2,074	6,504	4,194
419	-	1,938	2,357	(5,014)
4,194	655	4,012	8,861	(820)
684 6,170	(662) -	(22) -	- 6,170	- -
11,048 30,800	(7) 1,709	3,990 68,248	15,031 100,757	(820) 101,577
41,848	1,702	72,238	115,788	100,757

St Edmund Hall

Consolidated and College Balance Sheet As at 31 July 2024

2024 Group £'000 31,527 8,994 58,051	2023 Group £'000 25,411 2,759 78,437	2024 College £'000 31,761 8,994 58,051	2023 College £'000 25,524 2,759 78,437
98,572	106,607	98,806	106,720
157 1,889 10,000 27,630	141 1,607 - 16,163	157 1,691 10,000 27,460	142 1,920 - 15,795
39,676 2,359	17,911 1,693	39,308 2,180	17,857 1,693
37,317 135,889 20,101	16,218 122,825 20,097	37,128 135,934 20,101	16,164 122,884 20,097
115,788 -	102,728 1,971	115,833 -	102,787 1,971
115,788	100,757	115,833	100,816
72,238 1,702 34,906 6,942 -	68,248 1,709 26,816 5,955 (1,971)	72,238 1,702 34,906 6,987 -	68,248 1,709 26,816 6,014 (1,971)
115,788	100,757	115,833	100,816

The financial statements were approved and authorised for issue by the Governing Body of St Edmund Hall on 6th November 2024

Trustee:

St Edmund Hall

Consolidated Statement of Cash Flows For the Year Ended 31 July 2024

Notes Net cash provided by / (used in) operating activities 24 Cash flows from investing activities Dividends, interest and rents from investments Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments Net cash provided by (used in) investing activities Cash flows from financing activities Receipt of endowment Net cash provided by (used in) financing activities Change in cash and cash equivalents in the reporting period 25 Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	2024 £'000 (665)	2023 £'000 598
	3,982 - (7,144) 29,194 (16,170)	2,749 - (2,538) 9,226 (1,163)
	9,862	8,274
	2,270	585
	2,270	585

	11,467	9,457
	16,163	6,706
	27,630	16,163

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, Research and Residential Unrestricted funds Tuition fees - UK and EU students Tuition fees - Overseas students Other fees Other OFS support Other academic income College residential income Endowed funds College residential income Total Teaching, Research and Residential Total income from charitable activities	2024 £'000 1,654 1,863 874 235 163 3,646 8,435 162 162 8,597 8,597	2023 £'000 1,668 1,907 637 247 136 3,728
		8,323
		-
		-

		8,323

		8,323

The above analysis includes £3,754k received from Oxford University from publicly accountable funds under the CFF Scheme (2023: £3,828k).

To support the strategic priority to fund more graduate scholars and to enable outstanding students to take up their places regardless of their financial position, for graduate students with overseas fee status funded through the Clarendon or UKRI scholarship funding schemes, the college share of the fees waived amounted to £44k (2023: £23k). These are not included in the fee income reported above.

2 DONATIONS AND LEGACIES

Donations and Legacies Unrestricted funds Restricted funds Endowed funds	2024 £'000 479 666 2,270 3,415	2023 £'000 1,020 2,246 585
		3,851

3 INCOME FROM OTHER TRADING ACTIVITIES

Conference and Function Income OTHER INCOME Other income INVESTMENT INCOME Unrestricted funds Equity dividends Interest on fixed term deposits and cash Bank interest Other interest Endowed funds Commercial rent Equity dividends Interest on fixed term deposits and cash Total Investment income	2024 £'000 644 644 2024 £'000 78 78 2024 £'000 556 1,019 411 16 2,002 160 2,107 117 2,384 4,386	2023 £'000 426
		426
		2023 £'000 36
		36
		2023 £'000 873 91 297 10
		1,271
		154 2,014 1
		2,169

		3,440

4 OTHER INCOME
5 INVESTMENT INCOME

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

6 ANALYSIS OF EXPENDITURE Charitable expenditure Direct staff costs allocated to: Teaching, research and residential Other direct costs allocated to: Teaching, research and residential Support and governance costs allocated to: Teaching, research and residential Total charitable expenditure Expenditure on generating funds Direct staff costs allocated to: Fundraising Trading expenditure Other direct costs allocated to: Fundraising Trading expenditure Investment management costs Support and governance costs allocated to: Fundraising Trading expenditure Investment management costs Total expenditure on raising funds Total expenditure	2024 £'000 4,815 3,387 216 8,418 334 444 152 316 213 76 150 513 2,198 10,616	2023 £'000 4,829 3,255 1,734
		9,818
		294 396 113 291 205 94 143 528
		2,064

		11,882

The 2024 resources expended of £10,616k represented £9,031k from unrestricted funds, £1,370k from restricted funds and £215k from endowed funds.

The 2023 resources expended of £11,882k represented £10,116k from unrestricted funds, £1,554k from restricted funds and £222k from endowed funds.

The College is liable to be assessed for contributions under the provisions of Statute XV of the University of Oxford. The Contribution Fund is used to make grants and loans to colleges on the basis of need. Contributions are calculated annually in accordance with regulations made by the Council of the University of Oxford.

The teaching and research costs include College Contribution payable of £0k (2023: £0k).

7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Financial administration Domestic administration Human resources IT Depreciation Loss/(profit) on fixed assets Bank interest payable Other finance charges Governance costs	Generating Funds £'000 68 7 19 65 43 - 511 26 - 739	Teaching and Research £'000 318 473 85 270 849 136 - (1,956) 41 216	Public Worship £'000 - - - - - - - - - -	Heritage £'000 - - - - - - - - - -	2024 Total £'000 386 480 104 335 892 136 511 (1,930) 41
					955

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

Financial administration Domestic administration Human resources IT Depreciation Loss/(profit) on fixed assets Bank interest payable Other finance charges Governance costs	Generating Funds £'000 110 10 32 48 44 - 511 10 - ~~765~~	Teaching and Research £'000 375 579 96 267 864 37 - (515) 31 ~~1,734~~	Public Worship £'000 - - - - - - - - - ~~-~~	Heritage £'000 - - - - - - - - - ~~-~~	2023 Total £'000 485 589 128 315 908 37 511 (505) 31
					~~2,499~~

Financial and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on each activity.

Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made of the underlying assets. Interest and other finance charges are attributed according to the purpose of the related financing. Governance costs are allocated according to the core business of the college.

Governance costs comprise: Auditor's remuneration - audit services Auditor's remuneration - other services	2024 £'000 38 3 41	2023 £'000 29 2
		31

No amount has been included in governance costs for the direct employment costs or reimbursed expenses of the College Fellows on the basis that these payments relate to the Fellows' involvement in the College's charitable activities. Details of the remuneration of the Fellows and their reimbursed expenses are included as a separate note within these financial statements.

8 GRANTS AND AWARDS

2024	2023
£'000	£'000

During the year the College funded research awards and bursaries to students from its restricted and unrestricted fund as follows:

Unrestricted funds Grants to individuals: Scholarships, prizes and grants Total unrestricted Restricted funds Grants to individuals: Scholarships, prizes and grants Bursaries and hardship awards Total restricted Total grants and awards	34 34 404 88 492 526	67
		67
		416 108
		524

		591

The figure included above represents the cost to the College of the Oxford Bursary scheme. Students of this college received £223k (2023: £218k).

The above costs are included within the charitable expenditure on Teaching and Research.

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

9 STAFF COSTS The aggregate staff costs for the year were as follows. Salaries and wages Social security costs Pension costs: Defined contribution schemes Defined benefit schemes Movement in pension deficit Liability The average number of employees of the College, excluding Trustees, was as follows. Tuition and research College residential Fundraising Support Total The average number of employed College Trustees during the year was as follows. University Lecturers CUF Lecturers Other Total	2024 £'000 5,427 453 137 556 (2,016) 4,557 2024 36 77 6 12 131 23 5 3 31	2023 £'000 5,304 436 159 672 (629)
		5,942
		2023 38 76 6 12
		132
		24 5 4
		33

The College also benefits from temporary staff, agency workers and those part-time external tutors who are not on the College payroll. Redundancy payments are accounted for in the period in which the employee was informed of the decision. Where redundancy costs are uncertain, the figure in the accounts represents best estimate. These costs will be met through unrestricted funds.

The following information relates to the employees of the College excluding the College Trustees. Details of the remuneration and reimbursed expenses of the College Trustees is included as a separate note in these financial statements.

The number of employees (excluding the College Trustees) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fell within the following bands was:

£60,001-£70,000 £70,001-£80,000 £80,001-£90,000 The number of the above employees with retirement benefits accruing was as follows: In defined benefit schemes In defined contribution schemes The College contributions to defined contribution pension schemes totalled	1 1 101 43 £'000 137	1 1
		107 35
		£'000 159

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

10 TANGIBLE FIXED ASSETS

Group Cost At start of year Additions Revaluation Transfer to investment properties Disposals At end of year Depreciation and impairment At start of year Depreciation charge for the year Depreciation on assets transferred to investment properties Depreciation on disposals At end of year Net book value At end of year At start of year	Leasehold land and buildings £'000 - - - - - - - - - - - - -	Freehold land and buildings £'000 34,926 7,116 6,170 (6,190) (301) 41,721 9,842 825 (20) (165) 10,482 31,239 25,084	Plant and machinery £'000 - - - - - - - - - - - - -	Fixtures, fittings and equipment £'000 1,792 28 - - - 1,820 1,465 67 - - 1,532 288 327	Total £'000 36,718 7,144 6,170 (6,190) (301)
					43,541
					11,307 892 (20) (165)
					12,014
					31,527
					25,411

The above includes: £0k (2023:£0k) of plant and machinery held under finance leases. £0k (2023:£0k) of fixures, fittings and equipment held under finance leases.

College Cost At start of year Additions Revaluation Transfer to investment properties Disposals At end of year Depreciation and impairment At start of year Depreciation charge for the year Depreciation on assets transferred to investment properties Depreciation on disposals Impairment At end of year Net book value At end of year At start of year	Leasehold land and buildings £'000 - - - - - - - - - - - - - -	Freehold land and buildings £'000 35,039 7,237 6,170 (6,190) (301) 41,955 9,842 825 (20) (165) - 10,482 31,473 25,197	Plant and machinery £'000 - - 0 - - - - - - - - - - -	Fixtures, fittings and equipment £'000 1,792 28 - - - 1,820 1,465 67 - - - 1,532 288 327	Total £'000 36,831 7,265 6,170 (6,190) (301)
					43,775
					11,307 892 (20) (165) -
					12,014
					31,761
					25,524

The above includes:

£0k (2023:£0k) of plant and machinery held under finance leases.

£0k (2023:£0k) of fixures and fittings held under finance leases.

The College has substantial long-held historic assets all of which are used in the course of the College’s teaching and research activities. These comprise listed buildings on the College site, together with their contents, comprising works of art, ancient books and manuscripts and other treasured artefacts. Because of their age and, in many cases, unique nature, reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. However, in the opinion of the Trustees, the depreciated historical cost of these assets is now immaterial.

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

11 PROPERTY INVESTMENTS

Group Valuation at start of year Additions and improvements at cost Disposals Transfer from functional properties Revaluation gains/(losses) in the year Valuation at end of year College Valuation at start of year Additions and improvements at cost Disposals Transfer from functional properties Revaluation gains/(losses) in the year Valuation at end of year	Agricultural £'000 - - - - - - Agricultural £'000 - - - - - -	Commercial £'000 2,759 - - 6,170 65 8,994 Commercial £'000 2,759 - - 6,170 65 8,994	Other £'000 - - - - - - Other £'000 - - - - - -	2024 Total £'000 2,759 - - 6,170 65 8,994 2024 Total £'000 2,759 - - 6,170 65 8,994	2023 Total £'000 1,824 1,163 - - (228)
					2,759
					2023 Total £'000 1,824 1,163 - - (228)
					2,759

A formal valuation of the commercial properties was prepared by Vail Williams as at 31 July 2024 in accordance with the current RICS ValuationGlobal Standards, which incorporates the International Valuation Standards (the ‘RICS Global Red Book’).

12 OTHER INVESTMENTS

All investments are held at fair value.

Group investments Valuation at start of year New money invested Amounts withdrawn Reinvested income Investment management fees (Decrease)/increase in value of investments Group investments at end of year Investment in subsidiaries College investments at end of year Group investments comprise: Equity investments Global multi-asset funds Alternative and other investments Total Group investments	Held outside the UK £'000 - - 96 96	Held in the UK £'000 5,248 52,707 - 57,955	2024 Total £'000 5,248 52,707 96 58,051	Held outside the UK £'000 - - 109 109	2024 £'000 78,437 6,170 (29,194) 404 (58) 2,292 58,051 - 58,051 Held in the UK £'000 24,904 53,424 - 78,328	2023 £'000 91,881 - (9,226) 691 (123) (4,786)
						78,437 -
						78,437
						2023 Total £'000 24,904 53,424 109
						78,437

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

13 PARENT AND SUBSIDIARY UNDERTAKINGS

The College holds 100% of the issued share capital in St Edmund Hall Enterprises Ltd, St Edmund Hall Trading Ltd and St Edmund Hall Design & Build Ltd.

The results and their assets and liabilities of the parent and subsidiaries at the year end were as follows.

Income Expenditure Gains on Investments Donation to College under gift aid Result for the year Total assets Total liabilities Net funds at the end of year	£'000 16,469 (9,979) 8,527 15,017 138,114 (22,281) 115,833 Parent College	£'000 645 (569) - (26) 50 334 (259) 75 St Edmund Hall Trading	£'000 6,956 (6,843) - (29) St Edmund Hall Design & Build Ltd
			84
			1,140 (1,027)
			113

14 STATEMENT OF INVESTMENT TOTAL RETURN (see note 31 for 2023 comparatives)

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 17th June 2015. The investment return to be applied as income is calculated as 3.5% of the average of the values of the relevant investments in each of the last 3 years. The preserved (frozen) value of the invested endowment capital represents its open market value in 2015 together with all subsequent endowments valued at date of gift.

At the beginning of the year: Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments Movements in the reporting period: Gift of endowment funds Investment return: total investment income Investment return: realised and unrealised gains and losses Less: Investment management costs Other transfers Total Unapplied total return allocated to income in the reporting period Expendable endowments transferred to income Net movements in reporting period At end of the reporting period: Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments	Unapplied Trust for Total Investment Return Total £'000 £'000 £'000 52,173 - 52,173 - 12,314 12,314 - - - 52,173 12,314 64,487 105 - 105 - 2,331 2,331 - 1,776 1,776 - (198) (198) - (1) (1) 105 3,908 4,013 - (2,394) (2,394) - - - - (2,394) (2,394) 105 1,514 1,619 52,278 - 52,278 - 13,828 13,828 - - - 52,278 13,828 66,106 Permanent Endowment	Expendable Endowment £'000 - - 3,761 3,761 2,165 215 162 (17) (21) 2,504 - (133) (133) 2,371 - - 6,132 6,132	Total Endowments £'000 52,173 12,314 3,761
			68,248 2,270 2,546 1,938 (215) (22)
			6,517 (2,394) (133)
			(2,527)
			3,990 52,278 13,828 6,132
			72,238

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

15 DEBTORS Amounts falling due within one year: Trade debtors Amounts owed by College members Amounts owed by Group undertakings Loans repayable within one year Prepayments and accrued income Other debtors Taxation and social security Amounts falling due after more than one year: Loans 16 CREDITORS: falling due within one year Trade creditors Amounts owed to College Members Amounts owed to Group undertakings Taxation and social security Accruals and deferred income Other creditors 17 CREDITORS: falling due after more than one year Bank loans Other creditors	2024 Group £'000 195 140 - 15 1,189 5 220 125 1,889 2024 Group £'000 389 458 - - 1,504 8 2,359 2024 Group £'000 20,035 66 20,101	2023 Group £'000 290 155 - 11 985 16 - 150 1,607 2023 Group £'000 550 422 - 121 592 8 1,693 2023 Group £'000 20,030 67 20,097	2024 College £'000 195 85 245 15 1,021 5 - 125 1,691 2024 College £'000 335 458 715 146 518 8 2,180 2024 College £'000 20,035 66 20,101	2023 College £'000 248 155 459 11 871 26 - 150
				1,920
				2023 College £'000 389 422 230 121 523 8
				1,693
				2023 College £'000 20,030 67
				20,097

In June 2017, the College issued a debt private placement of £20.2 million with a fixed interest rate of 2.525%, repayable in 2067, of which £20.0 million was invested with Oxford University Endowment Management.

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

18 ANALYSIS OF MOVEMENTS ON FUNDS (see note 31 for 2023 comparatives) At 1 August Incoming 2023 resources £'000 £'000 Endowment Funds - Permanent General Fund 31,211 1,127 Scholarships, Grants & Awards Funds 6,740 264 Bursary & Hardship Funds 1,942 109 General Fellowship Funds 20,421 787 Dr Emden Trust 1,685 61 Other Funds 2,486 90 Endowment Funds - Expendable General Fund 123 32 General Fellowship Funds 715 1,379 Scholarships, Grants & Awards Funds 1,966 881 Bursary & Hardship Funds 329 63 Other Funds 630 23 Total Endowment Funds - College 68,248 4,816 Endowment funds held by subsidiaries - - Total Endowment Funds - Group 68,248 4,816 Restricted Funds Scholarships, Grants & Award 699 64 Bursary & Hardship 151 32 General Fellowship 352 79 Norham St Edmund New Build Project - 374 Dr Emden Trust - Other 507 117 Total Restricted Funds - College 1,709 666 Restricted funds held by subsidiaries - - Total Restricted Funds - Group 1,709 666 Unrestricted Funds Designated funds 26,816 86 General funds 6,014 10,901 Pension reserve (1,971) Total Unrestricted Funds - College 30,859 10,987 Unrestricted funds held by subsidiaries 54 772 Consolidation adj on Construction Contract (113) (121) Total Unrestricted Funds - Group 30,800 11,638 Total Funds 100,757 17,120	Resources expended £'000 (95) (21) (6) (63) (5) (8) - (6) (8) (1) (2) (215) - (215) (432) (79) (663) (63) (133) (1,370) - (1,370) (89) (10,276) 1,971 (8,394) (637) (9,031) (10,616)	Transfers £'000 (1,165) (249) (69) (758) (63) (90) (3) (26) (88) (11) (27) (2,549) - (2,549) 212 80 798 (374) 63 (82) 697 - 697 8,093 (6,241) 1,852 1,852 -	Gains/ (losses) £'000 858 186 54 563 46 68 4 56 75 11 17 1,938 - 1,938 - - - - - - - - - 6,589 6,589 6,589 8,527	At 31 July 2024 £'000 31,936 6,920 2,030 20,950 1,724 2,546 156 2,118 2,826 391 641
				72,238
				-
				72,238
				543 184 566 - - 409
				1,702
				-
				1,702
				34,906 6,987 -
				41,893
				189 (234)
				41,848
				115,788

Transfers from endowment funds of £2,472k, relate to the total return transfer, which is shown in the income section of the SOFA.

The General Unrestricted Funds represent accumulated income from the College's activities and other sources that are available for the general purpose of the College.

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

19 FUNDS OF THE COLLEGE

The following is a summary of the origins and purposes of each of the Funds.

Endowment Funds - Permanent
General Fund	To generate income for the general purposes of the charity.
Scholarships, Grants & Award Funds	To generate income to fund scholarships, gants and awards.
Bursary & Hardship Funds	To generate income for bursary and hardship awards.
General Fellowship Funds	To generate income for the funding of teaching fellowships.
Claude Jenkins Benefaction	To generate income to fund a St Edmund Hall Junior Research Fellowship.
William Miller Fellowship Fund	Capital balance of past donations where related income, but not the original capital,
	can be used to fund a Fellowship in Biochemistry, a Junior Research Fellowship
	in Life Sciences or Physical Sciences and three graduate scholarships.
Fellowship in Geology Fund	To generate income to fund a Fellowship in Geology.
Dr Emden Trust	To generate income for the maintenance of the Libraries, Chapels and Gardens.
Other Funds	To generate income to fund a variety of College expenditure.
Endowment Funds - Expendable
General Fund	To generate income for the general purposes of the charity.
Scholarships, Grants & Award Funds	To generate income to fund scholarships, grants and awards.
Bursary & Hardship Funds	To generate income for bursary and hardship awards.
Other Funds	To generate income to fund a variety of College expenditure.
Restricted Funds
Scholarships, Grants & Award Funds	Gifts, donations and unspent income to fund scholarships, grants and awards.
Bursary & Hardship	Gifts, donations and unspent income to fund bursary and hardship awards.
General Fellowship	Gifts and donations for the funding of teaching fellowships.
Other	Gifts and donations to fund a variety of College expenditure.
General Fellowship Funds	Income not spent to fund future fellowship costs.
Claude Jenkins Benefaction	Income not spent to fund a St Edmund Hall Junior Fellowship.
William Miller Fellowship Fund	Capital balance of past donations where related income, but not the original capital,
	can be used to fund a Fellowship in Biochemistry, a Junior Research Fellowship
	in Life Sciences or Physical Sciences and three graduate scholarships.
Fellowship in Geology Fund	Income not spent to fund a Fellowship in Geology.
Dr Emden Trust	Income not spent to fund future expenditure on the maintenance
	of the Libraries, Chapels and the Gardens.
Other Funds	Income not spent to fund a variety of College expenditure.

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible fixed assets Property investments Other investments Net current assets Long term liabilities Tangible fixed assets Property investments Other investments Net current assets Long term liabilities Defined benefit pension scheme liability	Unrestricted Funds £'000 37,697 (6,170) - 30,422 (20,101) 41,848 Unrestricted Funds £'000 25,411 - 13,157 14,300 (20,097) (1,971) 30,800	Restricted Funds £'000 - - - 1,702 - 1,702 Restricted Funds £'000 - - - 1,709 - 1,709	Endowment Funds £'000 - 8,994 58,051 5,193 - 72,238 Endowment Funds £'000 - 2,759 65,280 209 - 68,248	2024 Total £'000 37,697 2,824 58,051 37,317 (20,101)
				115,788
				2023 Total £'000 25,411 2,759 78,437 16,218 (20,097) (1,971)
				100,757

21 TRUSTEES' REMUNERATION

The Fellows who are the Trustees of the College for the purposes of charity law receive no remuneration for acting as charity trustees but are paid by either or both of the University and the College for the academic services they provide to the College.

Trustees of the college fall into the following categories: Head of House Professorial Fellow Official Fellow Fellow by Special Election Research Fellow

No trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the college receive salaries for their work as employees. These salaries are paid on external academic and academic-related scales and often are joint arrangements with the University of Oxford.

All Official and Research Fellows are eligible for a Housing Allowance, which is disclosed within the salary figures below. Seven trustees live in houses owned by the college and pay market rent on a monthly basis.

The College has a Remuneration Committee which makes recommendations to Governing Body on pay and benefits which are outside of external scales. The composition of the Remuneration Committee is set out in page 3 of the section, Governing Body, Officers and Advisers.

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

Remuneration paid to Trustees

Range £4,000-£4,999 £7,000-£7,999 £10,000-£10,999 £11,000-£11,999 £14,000-£14,999 £15,000-£15,999 £16,000-£16,999 £20,000-£20,999 £23,000-£23,999 £24,000-£24,999 £25,000-£25,999 £26,000-£26,999 £27,000-£27,999 £28,000-£28,999 £29,000-£29,999 £31,000-£31,999 £32,000-£32,999 £33,000-£33,999 £34,000-£34,999 £37,000-£37,999 £38,000-£38,999 £39,000-£39,999 £40,000-£40,999 £45,000-£45,999 £52,000-£52,999 £58,000-£58,999 £59,000-£59,999 £61,000-£61,999 £62,000-£62,999 £68,000-£68,999 £74,000-£74,999 £94,000-£94,999 £107,000-£107,999 £119,000-£119,999 £122,000-£122,999 £145,000-£145,999 £146,000-£146,999 Total	2 - - 1 - 1 1 1 1 1 1 - 2 3 3 2 - 1 2 - 1 1 - 1 1 - - 1 1 1 1 - 1 - 1 - 1 33 Number of Trustees/Fellows	£ 9,323 - - 11,062 - 15,999 16,266 20,577 23,684 24,317 25,674 - 55,092 85,338 87,817 62,704 - 33,665 68,947 - 38,169 39,336 - 45,371 52,311 - - 61,662 62,886 68,325 74,144 - 107,708 - 122,320 - 146,864 Gross remuneration, taxable benefits and pension contributions 2024 1,359,558	1 1 1 - 1 - 1 1 - 2 - 1 4 4 2 1 1 - - 2 - 1 2 - - 1 2 1 - - - 1 - 1 - 1 - 33 Number of Trustees/Fellows	£ 4,874 7,121 10,478 - 14,365 16,375 20,062 - 49,109 - 26,756 110,874 113,429 58,683 31,049 32,362 - - 75,590 39,617 80,981 - 58,948 119,761 61,394 94,035 - 119,964 145,138 Gross remuneration, taxable benefits and pension contributions 2023
				1,290,964

10 Trustees are not employees of the college and do not receive remuneration.

All Trustees may eat at common table, as can all other employees who are entitled to meals while working.

Other transactions with Trustees

Fellows also receive reimbursement of personal expenses necessarily incurred in connection with their services to the College as Trustees. No Fellow claimed any expenses for work as a Trustee.

See also note 28 Related Party Transactions

Key management remuneration

The total remuneration paid to key management was £749k (2023: £771k).

Key management are considered to be the Principal, Vice Principal, Senior Tutor, Finance Bursar, Domestic Bursar, Director of Development, College Registrar and College Accountant.

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

22 PENSION SCHEME PROVISIONS

The College is a member of the Universities Superannuation Scheme (USS) and University of Oxford Staff Pension Scheme (OSPS), which are multiemployer pension schemes neither of these are currently in deficit. The College has in previous years recognised a provision for its commitments under the agreed deficit reduction plans for each scheme.

PENSION SCHEMES

The College participates in two principal pension schemes for its staff - the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). The assets of the schemes are each held in separate trustee-administered funds. USS and OSPS schemes are contributory mixed benefit schemes (ie they provide benefits on a defined benefit basis - based on length of service and pensionable salary and on a defined basis - based on contributions into the scheme). Both are multi-employer schemes and the College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, the College accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period. In the event of the withdrawal of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.

The College has also made available the National Employment Savings Trust for non-employees who are eligible under automatic enrolment regulations to pension benefits but not eligible for either USS or OSPS.

The College is aware of the Virgin Media v NTL Pension Trustees II Limited Court of Appeal judgement which may give rise to adjustments to the schemes. At present the legal process is incomplete and therefore we are unable to quantify any potential liabilities.

Schemes accounted for under FRS 102 as defined contribution schemes

Deficit Recovery Plans

USS

A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The College was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the income and expenditure account. The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method. Since the College cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

At 31 July 2023, the College’s balance sheet included a liability of £1,956k for future contributions, following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date the College was no longer required to make deficit recovery contributions. The liability was released to the income and expenditure account.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below.

CPI assumption	Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves less: 1.0%p.a. to 2030,reducinglinearlyby0.1%p.a. from 2030.
Pension increases (subject to a floor of 0%)	Benefits with no cap: CPI assumption plus 3bps Benefits subject to a “soft cap” of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10%): CPI assumption minus 3bps
Discount rate (forward rates)	Fixed interestgiltyield curveplus:
	Pre-retirement: 2.5%p.a.
	Post-retirement: 0.9%p.a.

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

Mortalitybase table	101% of S2PMA “light” for males and 95% of S3PFA for females	101% of S2PMA “light” for males and 95% of S3PFA for females	101% of S2PMA “light” for males and 95% of S3PFA for females
Future improvements to mortality	CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a. and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females
The current life expectancies on retirement at age 65 are:
Males currently aged 65 (years) Females currently aged 65 (years) Males currently aged 45 (years) Females currentlyaged 45 (years)		2024 23.7 25.6 25.4 27.2	2023 24 25.6 26 27.4

University of Oxford Staff Pension Scheme

The University of Oxford Staff Pension Scheme (OSPS) is a multi-employer hybrid scheme set up under trust and sponsored by the University. It is the pension scheme for support staff at the University, participating colleges and other related employers. New members joining the scheme build up benefits on a defined contribution basis. Members who joined before 1st October 2017 build up benefits on a career average revalued earnings basis

The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan agreed at the last valuation is no longer required and the deficit contribution ended on 30th September 2023. A provision of £15k was made at 31 July 2023 to account for deficit recovery payments up to 30th September 2023. That remaining liability was released to the income and expenditure account in 2024.

The Trustee and the University have agreed a new contribution schedule which took effect from 1 October 2023 and takes account of the benefit improvements and changes to member contributions since the last valuation date. It was agreed that the scheme will meet its own running costs from the scheme's assets, including expenses relating to both the DB and DC Sections and the cost of pension Protection Fund /other statutory levies

The table below summarises the key actuarial assumptions. Further details of the assumptions are set out in the statement of funding principles dated 27 June 2023 and can be found at https://finance.admin.ox.ac.uk/osps-documents

Date of valuation:	31/03/2022	31/03/2022
Value of liabilities: Value of assets: Fundingsurplus / (deficit):	£914m £961m £47m
Theprincipal assumptions used bythe actuarywere	:
Rate of interest(periods upto retirement)		Gilts' +2.25%
Rate of interest (periods after retirement)		Gilts' +0.5%
RPI		Break-even RPI curve less 0.5% pa pre-2030 and 1.0% pa post-2030
CPI		RPI inflation assumption less 1% pa pre-2030 and 0.1% pa post-2030
Pensionable Salaryincreases		RPI +pa
FundingRatios:
Technicalprovisions basis:		105%
‘Buy-out’ basis:		62%
Non-financial assumptions:
Post-retirement mortality - base table	Non-Pensioners: 105% of standard S3PxA medium tables for both males and females
	Pensioners: 105% of standard S3PxA medium tables for both males and females
Post-retirement mortality - improvements	Non-Pensioners: 105% of standard S3PxA medium tables for both males and females
	Pensioners: 105% of standard S3PxA medium tables for both males and females
Recommended employer’s contribution rate (as % of pensionable salaries):	16.5% DB for members from 01/10/2023
	10% /12% /14% DC members in relation to 4% /6% /8% cost plan - from 01/10/2023
Effective date of next valuation:	31/03/2025

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

Pension Charge for the Year

The pension charge recorded by the College during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows:

Scheme	2024	2023
Universities Superannuation Scheme University of Oxford Staff Pension Scheme Other Schemes - contributions Total	£000s 452 238 3 693	£000s 532 295 4 831

These amounts include £3k (2023: £4k) contributions payable to defined contribution schemes at rates specified in the rules of those plans.

Defined benefit pension scheme liability

The total provision below includes the balance for USS and OSPS.

Scheme		2024	2023
Universities Superannuation Scheme (USS) University of Oxford Staff Pension Scheme (OSPS) Total		£'000s - - -	£'000s 1,956 15 1,971

23 TAXATION

The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes. No provision for taxation has been included in the financial statements.

24 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS

RECONCILIATION OF NET INCOMING RESOURCES TO
NET CASH FLOW FROM OPERATIONS Net income/(expenditure) Elimination of non-operating cash flows: Investment income (Gains)/losses in investments Management fees charged to capital Endowment donations Depreciation (Surplus)/loss on sale of fixed assets (Gains)/losses in fixed assets Decrease/(Increase) in stock Decrease/(Increase) in debtors (Decrease)/Increase in creditors (Decrease)/Increase in pension scheme liability Net cash provided by (used in) operating activities ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand Total cash and cash equivalents	2024 Group £'000 15,031 (4,386) (2,357) 58 (2,270) 892 136 (6,170) (16) (282) 670 (1,971) (665) 2024 £'000 27,630 27,630	2023 Group £'000 (820) (3,440) 5,014 123 (585) 908 37 - 8 (158) 57 (546)
		598
		2023 £'000 16,163
		16,163

25 ANALYSIS OF CASH AND CASH EQUIVALENTS

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

26 FINANCIAL COMMITMENTS RECEIVABLE

At 31 July 2024 the College was due to receive the following under non-cancellable operating leases in respect of in	2024	2023
	£'000	£'000
Land and buildings
expiring within one year	121	124
expiring between two and five years	127	214
expiring in over five years	-	24
	248	362

27 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July for future capital projects totalling £28,720k (2023: £605k).

28 RELATED PARTY TRANSACTIONS

The College is part of the collegiate University of Oxford. Material interdependencies between the University and of the College arise as a consequence of this relationship. For reporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS

Members of the Governing Body, who are the Trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College. Details of these payments and reimbursed expenses as Trustees are disclosed separately in these financial statements.

The number of loans outstanding at 31 July with the balances in the following bands were as follows:

		2024	2023
		£'000	£'000
£20,000	- £30,000	1
£40,000	- £50,000		1
£90,000	- £100,000	1	1

Interest is charged on the above loans at 1% above the Bank of England base rate per annum. All loans are repayable on the 10th anniversary of the loan being made or upon any of the following events if earlier:

1 At any time, at the request of the recipient Fellow (partial repayments being allowed, subject to a minimum of £10,000.

2 If the recipient Fellow makes any payment of principal on the first mortgage (other than by monthly payments on a repayment mortgage).

3 Upon the sale of the property for any reason.

4 If the recipient Fellow ceases to reside in the property.

5 When the recipient Fellow ceases to be a Governing Body Fellow for any reason.

6 Upon the recipient fellow's retirement.

7 Within one year of the recipient Fellow's death.

8 If the recipient Fellow declares bankruptcy.

9 Upon any breach of the terms of the loan. For the avoidance of doubt, a reduction in the market value of the property will not in itself constitute a

During the year the subsidiary company, St Edmund Hall Design & Build Limited, charged the College a total of £6,949k (2023: £1,701k) in respect of design and build services. The College charged St Edmund Hall Trading £546k (2023: £378k) in respect of costs relating to the conference business. During the year the College received £55k from St Edmund Hall Design and Build Limited being gift aided profits.

29 CONTINGENT LIABILITIES

At 31 July 2024 the College had no contigent liabilities (2023:£0k).

30 POST BALANCE SHEET EVENTS

There are no post balance sheet events that require disclosure at 31 July 2024.

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

31 ADDITIONAL PRIOR YEAR COMPARATIVES

(a) STATEMENT OF FINANCIAL ACTIVITIES

Notes INCOME AND ENDOWMENTS FROM: Charitable activities: Teaching, research and residential 1 Other Trading Income 3 Donations and legacies 2 Investments Investment income 5 Total return allocated to income 14 Other income 4 Total income EXPENDITURE ON: 6 Charitable activities: Teaching, research and residential Generating funds: Fundraising Trading expenditure Investment management costs Total Expenditure Net Income/(Expenditure) before gains Net gains/(losses) on investments 11 Net Income/(Expenditure) Transfers between funds 18 Net movement in funds for the year Fund balances brought forward 18 Funds carried forward at 31 July	Unrestricted Funds £'000 8,323 426 1,020 1,271 1,161 36 12,237 8,337 438 830 511 10,116 2,121 (1,213) 908 1,798 2,706 28,094 30,800	Restricted Funds £'000 - - 2,246 - 1,311 - 3,557 1,481 63 - - 1,544 2,013 - 2,013 (1,796) 217 1,492 1,709	Endowed Funds £'000 - - 585 2,169 (2,472) - 282 - - - 222 222 60 (3,801) (3,741) (2) (3,743) 71,991 68,248	2023 Total £'000 8,323 426 3,851 3,440 - 36 16,076 9,818 501 830 733 11,882 4,194 (5,014) (820) - (820) 101,577 100,757	2022 Total £'000 7,637 271 2,101 2,950 - 43
					13,002 10,751 544 710 684
					12,689
					313
					(3,176)
					(2,863)
					-
					(2,863) 104,440
					101,577

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

(b) STATEMENT OF INVESTMENT TOTAL RETURN (refer to note 14)

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 17th June 2015. The investment return to be applied as income is calculated as 3.5% (2022: 3.6%) of the average of the values of the relevant investments in each of the last 3 years. The preserved (frozen) value of the invested endowment capital represents its open market value in 2015 together with all subsequent endowments valued at date of gift.

At the beginning of the year: Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments Movements in the reporting period: Gift of endowment funds Recoupment of trust for investment Allocation from trust for investment Investment return: total investment income Investment return: realised and unrealised gains and losses Less: Investment management costs Other transfers Total Unapplied total return allocated to income in the reporting period Expendable endowments transferred to income Net movements in reporting period At end of the reporting period: Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments	Unapplied Trust for Total Investment Return Total £'000 £'000 £'000 51,979 - 51,979 - 16,414 16,414 - - - 51,979 16,414 68,393 194 - 194 - - - - - - 2,050 2,050 - (3,592) (3,592) - (210) (210) - - - 194 (1,752) (1,558) - (2,348) (2,348) - - - - (2,348) (2,348) 194 (4,100) (3,906) 52,173 - 52,173 - 12,314 12,314 - - - 52,173 12,314 64,487 Permanent Endowment	Expendable Endowment £'000 - - 3,598 3,598 391 - 119 (209) (12) (2) 287 - (124) (124) 163 - - 3,761 3,761	Total Endowments £'000 51,979 16,414 3,598
			71,991 585 - - 2,169 (3,801) (222) (2)
			(1,271) (2,348) (124)
			(2,472)
			(3,743) 52,173 12,314 3,761
			68,248

St Edmund Hall Notes to the financial statements For the Year Ended 31 July 2024

(c ) ANALYSIS OF MOVEMENTS ON FUNDS (refer to note 18) At 1 August 2022 £'000 Endowment Funds - Permanent General Fund 33,219 Scholarships, Grants & Awards Funds 7,102 Bursary & Hardship Funds 1,973 General Fellowship Funds 21,664 Dr Emden Trust 1,794 Other Funds 2,639 Endowment Funds - Expendable General Fund 106 General Fellowship Funds 760 Scholarships, Grants & Awards Funds 1,845 Bursary & Hardship Funds 314 Other Funds 575 Total Endowment Funds - College 71,991 Endowment funds held by subsidiaries - Total Endowment Funds - Group 71,991 Restricted Funds Scholarships, Grants & Award 707 Bursary & Hardship 171 General Fellowship 240 Norham St Edmund New Build Project - Dr Emden Trust - Other 374 Total Restricted Funds - College 1,492 Restricted funds held by subsidiaries - Total Restricted Funds - Group 1,492 Unrestricted Funds Designated funds 25,645 General funds 4,994 Revaluation reserve - Pension reserve (2,517) Total Unrestricted Funds - College 28,122 Unrestricted funds held by subsidiaries 41 Consolidation adj on Construction Contract with Sub (69) Total Unrestricted Funds - Group 28,094 Total Funds 101,577	Incoming resources £'000 994 278 149 691 53 79 27 23 334 44 82 2,754 - 2,754 101 5 109 1,695 336 2,246 - 2,246 10,650 10,650 470 (44) 11,076 16,076	Resources expended £'000 (102) (22) (6) (66) (6) (8) (1) (2) (6) (1) (2) (222) - (222) (446) (102) (769) (62) (165) (1,544) - (1,544) (10,205) 546 (9,659) (457) - (10,116) (11,882)	Transfers £'000 (1,160) (243) (66) (732) (62) (86) (2) (26) (98) (10) 11 (2,474) - (2,474) 337 77 772 (1,695) 62 (38) (485) - (485) 1,171 1,788 2,959 - - 2,959 -	Gains/ (losses) £'000 (1,740) (375) (108) (1,136) (94) (138) (7) (40) (109) (18) (36) (3,801) - (3,801) - - - - - - - - - (1,213) (1,213) - - (1,213) (5,014)	At 31 July 2023 £'000 31,211 6,740 1,942 20,421 1,685 2,486 123 715 1,966 329 630
					68,248
					-
					68,248
					699 151 352 - - 507
					1,709
					-
					1,709
					26,816 6,014 - (1,971)
					30,859
					54 (113)
					30,800
					100,757

Transfers from endowment funds of £2,472k, relate to the total return transfer, which is shown in the income section of the SOFA. The General Unrestricted Funds represent accumulated income from the College's activities and other sources that are available for the general purpose of the College. The Restricted Funds includes donations of £1,695k in the year which were used to fund the Norham Gardens student accommodation project, all of which was spent during the financial year.