2024-07-31-accounts

PEMBROKE COLLEGE Annual Report and Financial Statements

Pembroke College Annual Report and Financial Statements 31[st] July 2024

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Annual Report and Financial Statements

PEMBROKE COLLEGE

Governing Body, Officers and Advisers	3-5
Report of the Governing Body	6-13
Independent Auditor’s Report	14-16
Statement of Accounting Policies	17-21
Consolidated Statement of Financial Activities	22
Consolidated and College Balance Sheets	23
Consolidated Statement of Cash Flows	24
Notes to the Financial Statements	25-45

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PEMBROKE COLLEGE 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.

Dr Brian A'Hearn Prof Andy Baldwin Prof Guido Bonsaver Nancy Braithwaite Academic Director, left 03/09/23 Prof Min Chen Ms Jane Chesters Advisory Fellow, appointed 12/03/24 Mr John Church Advisory Fellow Dr Peter Claus Access Fellow Dr Nicholas Cole Interim Academic Director, appointed 07/02/24 Prof Owen Darbishire Dr Ushashi Dasgupta Prof Ben Davis Prof Ariel Ezrachi Vicegerent Designate Dr Tim Farrant Prof Linda Flores Prof Sandra Fredman Prof Andre Furger Development Fellow Prof Adrian Gregory Prof Henrietta Harrison Prof Raphael Hauser Vicegerent Prof Nick Hawes Prof Justin Jones Prof Guy Kahane Mr Matthew Kirkby Advisory Fellow appointed 13/03/24 Prof Pramila Krishnan Prof Christopher Melchert Retired 30/09/2023 Dr Eamonn Molloy Prof Fitzroy Morrissey Appointed 11/10/23 Prof Lynda Mugglestone

Prof Ana Namburete Prof Andy Orchard Suspended February 2024 Prof James Read Prof Jonathan Rees Prof Damian Rossler Dean The Rt Hon Sir Ernest Ryder Master Prof Roberto Salguero- Gomez Ms Julie Saunders Bursar Mr Julian Schild Advisory Fellow Prof Nicolai Sinai Prof Clive Siviour Prof Hannah Smithson Prof Kevin Talbot Reverend Dr Andrew Teal Chaplain Prof Stephen Tuck Prof Theo Van Lint Prof Morgan Wascko Appointed 11/10/23 Prof Stephen Whitefield Prof Rebecca Williams Prof Tim Woollings

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PEMBROKE COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2024

Undergraduate and graduate students attended the Open sessions of meetings of the Governing Body and of the Finance and Planning, Academic, Buildings and Sustainability, and Welfare and Equality Committees.

Ms V. Gouws (Operations Bursar) attends Governing Body, Governance Committee, Finance and Planning Committee, Staff and Operations Committee, Development Committee, Buildings and Sustainability Committee, and Welfare and Equalities Committee.

Mr P. Robson and Mr I. West served as external members of the Finance and Planning Committee.

In addition to Dr Molloy and Prof M Wascko, Professor I. Posner (non-Governing Body, Fellow by Special Election) and Professor V. Nanda (non-Governing Body, Associate Professor) served on the Investment Committee. Ms L. Patel, Mrs B. Hollond, Mr O. Meyohas, Mr W. Hooton and Mr N. Millar served as external members of the Investment Committee.

Prof Jeremy Taylor (Emeritus Fellow), Mr P. Alsop, Mrs S. McKinlay, and Mr T. Gardam served as members of the Fellows’ Remuneration Committee.

Mrs S. McKinlay and Mr T. Gardam served as external members of the Staff and Operations Committee.

Dr R White and Mr M Wilson (Music Director) served as members of the Art Committee.

Mr K Howick served as an independent member of the Development Committee.

Mr Martin Bowdery KC served as an independent member of the Governance Committee.

Dr R. White, the Junior Deans, the Academic Registrar, and Mr R. Charles (Head Porter) served as members of the Welfare and Equality Committee.

COLLEGE OFFICERS

The Officers of the College carrying out the day-to-day management of the College during the year were as follows:

Sir Ernest Ryder	Master
Professor Raphael Hauser	Vicegerent
Dr Nicholas Cole	Interim Academic Director
Ms Julie Saunders	Bursar
Ms Vanessa Gouws	Operations Bursar
Professor Andre Furger	Development Fellow
Dr Peter Claus	Access Fellow

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PEMBROKE COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2024

COLLEGE ADVISERS

Financial Advisor

JT Financial Management Ltd

Investment Managers

Oxford University Endowment Management Ltd Hamilton Lane (UK) Ltd Vanguard Asset Management Ltd BlackRock Investment Management Brown Advisory Ltd

Auditor

Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

Bankers

The Royal Bank of Scotland plc Santander UK plc

Solicitors

Blake Morgan LLP Freeths LLP Penningtons Manches LLP Keystone Law Ltd

College Address

Pembroke College, Oxford OX1 1DW

Website

www.pmb.ox.ac.uk

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PEMBROKE COLLEGE Report of the Governing Body Year ended 31 July 2024

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 Master, Fellows and Scholars of Pembroke College in the University of Oxford, known as Pembroke College, is an independent self-governing charitable institution. It was founded on the initiative of Dr Thomas Clayton, Principal of Broadgates Hall, who secured the necessary endowment left in legacies by Thomas Tesdale and Richard Wightwick to amalgamate several smaller halls sited along the City Wall with the fifteenth century Broadgates Hall, to form a new College. The original statutes were drawn up by Royal Commission in 1624. The corporation comprises the Master, Fellows and Scholars. The College became a registered charity (no. 1137498) in August 2010.

The names of all Members of the Governing Body in office during the year, together with details of the College Officers and advisers of the College, are given on pages 3 to 6 of this report.

GOVERNANCE, STRUCTURE AND MANAGEMENT

Governance

The Governing Body of the College comprises the Master and Fellows. This body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, the Chancellor of the University of Oxford. The College Statutes are as made from time to time by order of His Majesty in Council in accordance with the Royal Charter of 1624, and the Universities of Oxford and Cambridge Act 1923.

Governing Body

The Governing Body determines the strategic direction of the College and regulates its administration and the management of its finances and assets. It makes sure that decision making is effective, and that risk assessment and management systems are set up and monitored. It meets nine times a year under the chairmanship of the Master and is advised by a range of committees: senior policy-making committees (including Fellowships Committee, Academic Committee, and Finance and Planning Committee) and senior compliance committees (Governance Committee and Standing Committee) which report directly to Governing Body, and Ordinary Committees which provide recommendations to Senior Committees.

Recruitment and training of Members of the Governing Body

New members of the Governing Body are recruited through open competition to advertised posts or through promotion. They are elected on the basis of their abilities in teaching, research, or administration. New members of the Governing Body are inducted into the policies and procedures of College (including those of Governing Body) and into the legal duties of charitable trustees by the Master and other College Officers. Regular training sessions on the duties of charitable trusteeship and developments in charitable law take place throughout the academic year, and all Governing Body members are expected to attend external trustee training and information courses throughout the year to keep them informed about regulatory requirements and current issues in the sector.

Remuneration of Members of the Governing Body and College Staff

The remuneration of members of the Governing Body is based on the advice of the Fellows’ Remuneration Committee, none of the members of which is in receipt of remuneration from the College. Remuneration for the Master and individual Fellows is determined by factors relevant to the nature of their appointment, including University pay scales.

The remuneration of all college staff who are not also members of the Governing Body is set by the Governing Body taking into account recommendations of the Staff and Operations and Finance and Planning Committees.

Organisational management

The Governing Body is responsible for all the affairs of the College. It is supported by twelve Committees which report regularly to the Governing Body:

• The Academic Committee develops and oversees the implementation and management of the College’s Academic Policy, covering Admissions and the progression of undergraduates and graduates.

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PEMBROKE COLLEGE Report of the Governing Body Year ended 31 July 2024

• The Art Committee ensures the status and rotation of the College’s artworks is reviewed and considers proposals for monuments, engravings, and portraits for recommendation to Governing Body.

• The Buildings and Sustainability Committee ensures effective oversight of the College’s estate and capital spending. It advises Governing body on sustainability and oversees the implementation of the College’s Sustainability strategy.

• The Development Committee takes strategic oversight of the College’s fundraising and alumni relations activities, develops and oversees policies and procedures relating to fundraising, undertakes due diligence on donations and gifts, and ensures regulatory issues and compliance obligations are met.

• The Fellows Remuneration Committee considers matters relating to the remuneration of the members of Governing Body in their capacity as employees of the College.

• The Fellowships Committee makes recommendations and reports directly to the Governing Body on matters of the fellowship and academic employment in the college more widely.

• The Finance and Planning Committee oversees the financial and operational performance of the College. It develops and reviews future financial plans and budgets, monitors financial performance, and ensures that appropriate financial policies and practices are in place.

• The Governance Committee oversees the effectiveness of the Governing Body and its committee structures, the processes in place to ensure regulatory compliance and for managing risk.

• The Investment Committee advises the Governing Body on the College’s investments and monitors the performance of the College’s investment portfolio.

• The Staff and Operations Committee makes recommendations to the Governing Body in relation to human resources and operational issues, including remuneration for academic and non-academic staff of the College and organisational effectiveness; it does not advise on the remuneration of academic staff who are also trustees.

• The Tutors’ (Standing) Committee oversees academic discipline and sits to consider complaints and appeals made on academic grounds.

• The Welfare and Equality Committee develops and oversees the College’s policies with regard to welfare, equality and diversity, and other related matters.

The College Officers, listed on Page 4, are responsible for the day-to-day running of the College. All major issues which arise are referred to the relevant College committee or directly to the Governing Body.

Group structure and relationships

The College administers many special trusts and funds, as detailed in Notes 20 and 21 to the financial statements.

The College has two wholly owned non-charitable subsidiaries: Pembroke College Enterprises Limited, a company limited by shares, which undertakes the College’s major building works, and Pembroke College Conferences and Events Limited, a company limited by guarantee, which lets College facilities when not required for its own educational purposes. The profits of both subsidiaries are donated to the College under the Gift Aid Scheme.

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.

Risk Management

The Governing Body has identified and reviewed the risks to which the College is exposed and is satisfied that there are systems and procedures in place to manage those risks. The Governance Committee oversees the College’s risk management process with individual risks delegated to relevant Committees. Where appropriate, the College seeks external advice to support its risk management processes. These include external health and safety audits, compliance checks and the annual financial audit.

The Governing Body has identified a number of critical risk areas and defined for each of these risk areas a risk control process which sets out the level of risk, what the controls are, who is responsible, how frequently the risk should be monitored, and any further actions required. Risks are grouped into six areas outlined below, with each risk reviewed in depth at least once a year by the Governing Body or one of its committees.

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PEMBROKE COLLEGE

Report of the Governing Body Year ended 31 July 2024

Risks are grouped into six areas.

• Strategic, overseen by the Governing Body, including reputational risk, mishandling of a serious incident, and risks relating to the sustainability of the business model of the College.

• Financial, overseen by the Finance and Planning Committee, including ineffective financial oversight, inadequate financial controls, a shortfall in conference income, and a failure to raise sufficient funds via fundraising.

• Academic , overseen by the Academic Committee, including failure to attract and retain the best students with appropriate widening participation representation, student health and welfare, and student performance.

• Operational risks, overseen by the Finance and Planning Committee, including risks related to fire, security, business continuity, and breaches in health and safety procedures.

• Human Resources, overseen by the Staff and Operations Committee, including a failure to attract and retain quality staff, and a serious staff incident. Risks related to the remuneration of staff who are also trustees is overseen by the Fellows’ Remuneration Committee which comprises members who are not remunerated by the College.

• Compliance risks, overseen by the Governance Committee, including failure to comply with best practice, law or regulation, including GDPR and Charity Commission regulations.

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The College’s objects are to advance education, scholarship and research through the provision of a college in the University of Oxford.

The Governing Body has considered the Charity Commission’s guidance on public benefit and in keeping with its objects, the College’s aims for public benefit are:

• to promote excellence in undergraduate education, including pastoral and academic support.

• to provide pastoral and academic support to graduate students.

• to enable students to study at Oxford University, irrespective of their personal background and financial circumstances.

• to promote excellence in research on the part of the Fellows.

Activities and objectives of the College

The College’s activities are focused on furthering its stated objects and aims for the public benefit.

Public Benefit

The College advances public learning by providing higher education for undergraduate and postgraduate students within Oxford University, and by supporting the pursuit of publicly disseminated research. In 2023/24, the College had 445 undergraduates and visiting students, and 326 graduates. 31 Tutorial and 21 Junior and Senior Research Fellows held contractual obligations to undertake teaching and research.

The College provides public benefit by offering higher education to its undergraduates, mostly through the tutorial system which provides the opportunity to meet with a tutor on a weekly basis during term time. In addition, the College provides classes, seminars and other forms of teaching, as appropriate, in conjunction with the University's departments. To support student learning, the College also provides the use of the College's library, meeting rooms, auditorium and accommodation. The College actively promotes the wider cultural and social education of its students through music, drama, sports and careers advice.

The College advances research in a range of disciplin0es by employing academics who have a contractual obligation to undertake published research and providing them with a supportive academic atmosphere, including the provision of research grants, library and computer facilities, office accommodation and meals. The research activities of the majority of College Fellows have been audited by the National Research Assessment

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PEMBROKE COLLEGE Report of the Governing Body Year ended 31 July 2024

Exercise; that research is disseminated through published papers, books, websites and lectures. The College supports the research of academics who, at the beginning of their careers, have already shown outstanding promise in their chosen field of research by supporting Junior Research Fellowships. Research is also supported through lectures and the provision of facilities to research centres and programmes.

The College offers undergraduate places on the basis of academic merit. It aims to attract students who are able to benefit the most from an Oxford education regardless of sex, gender, income, ethnic origin, religion, previous education opportunity or disability, and actively works to recruit students from non-traditional backgrounds.

During the 2023/24 academic year, financial support was available to undergraduates from the UK to assist them with the costs of tuition fees and living costs whilst at the College. In addition to student loans, which are available to undergraduates from within the UK, Oxford Bursaries and Crankstart Scholarships are available to undergraduates from lower income households.

Graduates at the College form an important part of the academic community. Every graduate student is assigned a College Graduate Adviser who provides academic and pastoral support. Funding is available for some graduate studies and, for exceptional graduates, there are a number of scholarship funds available, administered by the University, the College or other sources.

The College awards a number of scholarships and exhibitions each year to undergraduates on course, based on their academic performance. In 2023/24, 122 scholarships and exhibitions were awarded to undergraduates and 23 graduates held College scholarships. In addition, a number of additional academic prizes are available to undergraduates and graduates at the College that are awarded on the basis of academic excellence. These scholarships, exhibitions and prizes serve further to encourage academic endeavour at the College. The College also provides travel grants to meet costs involved in undertaking research.

The Governing Body has considered the processes in place during the financial year ended 31 July 2024. It is satisfied that, with regard to public and publicly accountable funds received from the University of Oxford (out of grants from UK Research and Innovation, other agencies and student fees) for the year ended 31 July 2024, the arrangements for achieving economy, efficiency, effectiveness and value for money were appropriate. In making this confirmation, members of the Governing Body are cognisant of their obligations as charity trustees to ensure that funds are correctly applied in line with the objects of the College.

ACHIEVEMENTS AND PERFORMANCE

The College celebrated its 400[th] anniversary during the year, hosting 132 anniversary events through the year, and a Ball, organised by a committee of students and fellows. On 29[th] June 2024, The Pembroke 400 Festival took place, with hundreds of alumni and academics coming together to celebrate. Guests enjoyed a day of discussions, talks and celebration of all things Pembroke: our research, our people, our impact, our treasures, and our food!

During 2023/24, outstanding results were achieved by the College’s students in their final exams and our research centres and community of independent researchers continued to flourish. In the Trinity Term exams, 37 undergraduates achieved a First-Class degree and 69 an Upper Second-Class degree. Combined with a number of prestigious University prizes across a wide range of subjects, this represents another excellent year for the College. At the same time, Pembroke students have taken full advantage of the range of opportunities available to them, both within and external to the College, nationally and internationally to broaden their experiences and development alongside their studies. Thanks to the generosity of its donors, the College was also able to award a number of extraordinary internship and travel opportunities to its students.

Recognising that every effort must be made to attract the very best talent to the College, Pembroke continues to focus on its Outreach and Access activities. Through its Access Fellow, Pembroke is now widely acknowledged as a significant contributor to the OxNet Academic Access Programme, the results of which are now becoming encouraging. Over the past three years, 12.1% of our new freshers have arrived at Pembroke from socioeconomically disadvantaged backgrounds[1] and 13.1% from areas with low progression to higher education[2] .

1 ACORN categories 4 and 5 2 POLAR quintiles 1&2

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PEMBROKE COLLEGE Report of the Governing Body Year ended 31 July 2024

During the year, construction work was completed on the £14m Geoffrey Arthur Building (GAB) re-development project to create 77 new rooms for graduates and four flats for young academics, work took place to remodel three of the North Quad staircases to provide 17 high-quality study bedrooms for undergraduate students and the Old Quad refurbishment project began.

As part of our plans to decarbonise the site, the gas boilers in the Main Site Dining Hall and the older part of the Geoffrey Arthur Building (GAB), serving 99 student accommodation, were removed and replaced by Air Source Heat Pumps, reducing the College’s operational carbon emissions by 24%.

Further information about the College’s achievements and performance over the past year can be obtained from the Pembroke Record, which is available directly from the College.

FINANCIAL REVIEW

These financial statements present the accounts of Pembroke College and its subsidiaries and include all operational income and expenditure, donations and investment income and all the assets and liabilities of the College.

Overall, net income/(expenditure) before investment and other gains/losses was £5,216k in 2023/24 compared to £39,555k in 2022/23. The 2022/23 outturn, however, was materially influenced by a significant legacy from the estate of a generous American alumnus, the majority of which ($43.5m USD) was received during that year.

After investment gains of £10,978k (2023: £(3,749)k losses), net income amounted to £16,194k (2023: £35,806k). As a result, the total funds of the College and its subsidiaries increased in the year to £160,955k on 31 July 2024 from £144,761k on 31 July 2023.

Total income amounted to £21,711k (£55,535k in 2022/23 including the legacy). Discounting the exceptional impact of the legacy in 2022/23, total income was £2,594k higher in 2023/24 compared to the previous year (£19,117k). Teaching, research and residential income slightly decreased from £10,412k in 2022/23 to £10,116k in 2023/24, this was mainly due to an increase in accommodation income due to the new GAB rooms becoming available (£377k) being offset by a reduction in funding for our research groups (£(688)k). Although trading income increased marginally to £1,245k (2023: £1,190k), this was offset by an intra-group adjustment (£189k). Investment income rose in the year to £5,138k (2023: £4,853k), largely due to income generated from the investment of the legacy received in the prior year.

Total expenditure on charitable activities increased to £14,334k (2023: £13,949k). This expenditure figure reflects a decrease in pension provision of £(2,176)k, (2023: £(1,220)k); excluding the impact of the pension provision reduction, expenditures increased by £1,341k.

The completion of the new Geoffrey Arthur Building (GAB) accommodation block negatively impacted on the College’s finances as a result of: the write off of the old GAB building (£(316)k); an increase in depreciation of £298k; and the non-capitalisation of the interest cost on the relevant portion of the private placement loan (£(327)k.

The College’s 400[th] year celebrations with events held throughout the year added to costs (£(180)k). Inflationary cost pressures, particularly in relation to staff (£(605)k), food and utilities costs added further to expenditure in the year. These additional expenditures were offset by a reduction in costs of £700k in the research groups, in line with less funding being received, as above.

As reported in Note 24 to the financial statements, the valuation for USS and OSPS no longer reported a deficit after September 2023. This resulted in an adjustment in expenditure of £(2,176)k. The College monitors discussions regarding contributions carefully, particularly with regard to USS.

The total declared value for insurance purposes of the College’s real estate amounts to £195,000k.

Going Concern

The Governing Body has assessed the College’s ability to continue as a going concern. It has considered several factors in forming its conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements, including a review of updated forecasts and cash flows to 31[st] July 2026, a consideration of key risks that could impact the College and the latest available management information.

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PEMBROKE COLLEGE Report of the Governing Body Year ended 31 July 2024

Frozen undergraduate fees, cost inflation, and the need to invest significantly in the estate continues to put pressure on operational results and the College expects to record an operational loss in 2024/25. Thereafter, with careful management of costs and with the College receiving full benefit from the legacy, the College is expected to return to operational surplus. Overall, however, the College’s financial viability has improved considerably with the addition of the legacy in 2022/23. The Governing Body is satisfied that it continues to have sufficient cash resources to fund its operations throughout this period, and beyond.

Having regard to the above, the Governing Body is satisfied that there are no material uncertainties around the decision to adopt the going concern basis of accounting in preparing these financial statements.

Reserves policy

The College aims to hold at least the equivalent of one term’s operating expenditure as free reserves so as to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall or increased costs. In 2023/24, one term’s operating expenditure amounted to approximately £5,263k.

Total funds of the College and its subsidiaries, including long-term investments, at the year-end amounted to £160,955k (2023: £144,761k). Endowment funds equated to £78,925k (2023: £73,003k), of which £57,512k (2023: £53,167k) is permanent endowment and £21,413k (2023: £19,836k) is expendable endowment. In addition, total restricted funds amounted to £11,350k (2023: £11,342k).

The College’s unrestricted funds at the year-end amounted to £70,680k (2023: £62,592k). After deducting an amount of £25,625k (2023: £21,308k) for the book value of fixed assets, the free reserves amount to a £45,055k (2023: £39,108k). The Governing Body is satisfied that the College has sufficient liquidity at the year end, amounting in total to £33,759k (2023: £55,850k).

Investment policy, objectives and performance

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

• maintaining (at least) the value of the investments in real terms;

• producing a consistent and sustainable amount to support expenditure; 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 in order to produce an appropriate balance between risk and return. In line with this approach, the College statutes allow the College to invest with the objective of maximising the total return and to make available for expenditure each year an appropriate proportion of the unapplied total return (see below).

The investment strategy, policy and performance are monitored by the Investment Committee which reports directly to the Governing Body. At the year end, the College’s long-term investments, combining the securities and property investments, totalled £146,861k (2023: £133,919k). The annualised total investment return was 11.34% on the weighted average investment portfolio available over the year, compared to the College’s strategic benchmark return of 7.10% (CPI+ 4%).

The carrying value of the preserved permanent capital and the amount of any unapplied total return available for expenditure was taken as the open market values of these funds as at 31 July 2002 together with the original gift value of all subsequent endowment received.

Under the total return accounting basis, it is the Governing Body’s policy to draw down as income up to 3.5% (plus costs) of the value of the relevant investments. However, to smooth and moderate the amounts withdrawn this is calculated on the average of the year end values in each of the last three years.

In line with this policy, the equivalent of 3.5% of the average three-year end opening value of the property, securities and other investments, was drawn down as income on the total return basis in the year. The Governing Body will keep the level drawn down under review to balance the current and future needs and interests of the College.

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PEMBROKE COLLEGE Report of the Governing Body Year ended 31 July 2024

Fundraising

Pembroke College is committed to best practice in relation to all fundraising activities. The Development Fellow co-ordinates fundraising activities, and reports to the Development Committee. Pembroke College is registered with the Fundraising Regulator. The College has protocols and procedures to ensure that all College fundraising is open, honest and respectful, and that it adheres to legal and fundraising guidelines, including in dealing with vulnerable individuals. The College does not engage any professional third parties to carry out fundraising activities on its behalf.

FUTURE PLANS

The College continues to mark 2024, its 400[th] anniversary year, with many celebratory events and activities planned through to January 2025.

During 2024/25, the Governing Body will complete the update of its strategic plan, covering the period from 2024-2029. The plan reconfirms the College’s commitment to the current tutorial system and emphasises the need to permanently fund the fellowship through increasing the long-term investments. The strategy commits to further augmenting the student experience with enhanced student support and increased possibilities to participate in internships, exchange schemes and career mentoring.

In 2024/25, the College will implement the next phase of its decarbonisation programme by replacing the gas boilers in the Rokos building with Air Source Heat Pumps (ASHPs), supplementing the energy provided by the existing Ground Source Heat Pump.

As a first step in a major initiative to refurbish Old Quad, the SCR Staircase and Broadgates Hall, the College will convert the four rooms in Staircase 7 into Fellows’ rooms and begin work on the SCR Staircase.

Looking forward, the College hopes to replace the ageing McGowin Library with a ‘state of the art’ Research & Study Centre incorporating: an undergraduate library; a graduate study centre; housing for Research Programmes; a rare books’ room; an innovation centre; and an exhibition space.

The College will continue to support its research-led teaching as well as to invest in our flourishing research centres and community of independent researchers. Widening participation will remain centre stage via OxNet, a networked approach to access and outreach work, delivering academically intensive programmes to Sixth Form students which aim to inspire and challenge those who take part, particularly those from disadvantaged and non-traditional university application backgrounds.

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PEMBROKE COLLEGE

Report of the Governing Body Year ended 31 July 2024

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. Under that law the Governing Body have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law, including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).

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;

• state whether applicable accounting standards, including FRS 102, 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 which are explained in the financial statements.

• prepare the financial statements on a 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 the Charities Act 2011. 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 and signed on its behalf by:

Sir Ernest Ryder Master

Date: 4[th] December 2024

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PEMBROKE COLLEGE

Auditor’s Report Year ended 31 July 2024

Independent Auditor’s Report to the Trustees of Pembroke College

Opinion

We have audited the financial statements of Pembroke College for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated and College Balance Sheets, Consolidated Statement of Cash Flows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31 July 2024 and of the group’s income and receipts of endowments and expenditure, 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 the financial statements section of our report. We are independent of the group 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 trustee's 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 or the group’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 trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

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 this gives rise to a material misstatement in the financial statements themselves. 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.

14

PEMBROKE COLLEGE

Auditor’s Report Year ended 31 July 2024

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient and proper accounting records have not been kept by the parent charity; 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 require for our audit

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assessing the group and the parent 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 trustees 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 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the parent charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were taxation legislation, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the parent charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the parent charity and the group for fraud. The other laws and regulations we considered in this

15

PEMBROKE COLLEGE Auditor’s Report Year ended 31 July 2024

context for the group were General Data Protection Regulations and Health and Safety regulations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

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

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

Use of our report

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

Crowe U.K. LLP Statutory Auditor

London

Date:

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

16

PEMBROKE COLLEGE Statement of Accounting Policies Year ended 31 July 2024

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 Cash Flow Statement of Cash Flows comprising the consolidation of the College and with its wholly owned subsidiaries Pembroke College Enterprises Limited. The subsidiaries have been consolidated from the date of their formation being the date from which the College has exercised control through voting rights in the subsidiaries and Pembroke College Conferences and Events. No separate SOFA has been presented for the College alone as 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 charity and each of its material subsidiaries for the reporting year are in note 14.

2. Basis of accounting

The College’s individual and consolidated 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 individual and consolidated 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 accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the previous Statement of Recommended Practice: Accounting and Reporting by Charities which was effective from 1 April 2005 but which has since been withdrawn.

The Governing Body has assessed the College’s ability to continue as a going concern. The Governing Body has considered several factors when forming its conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements, including a review of updated forecasts and cash flows to 31[st] July 2026, a consideration of key risks, that could impact on the College and the latest available management information. Having regard to the above, the Governing Body is satisfied that there are no material uncertainties around the decision to adopt the going concern basis of accounting in preparing these financial statements.

The financial statements are prepared on the historical cost basis, 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 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 Governing Body, in applying the accounting policies, have included an estimate for the College’s share of the USS and OSPS pension scheme liabilities in relation to funding past service deficits – this involves a number of estimates as disclosed in note 24.

The College includes an estimate of the useful economic life of its buildings. This is re-assessed annually. Leases on equipment are classified as either operating or finance leases which require an evaluation of the terms and conditions of each lease to determine whether the College retains or acquires the significant risks and rewards of ownership of the leased assets and as a result recognises an asset and a liability for future payments relating to the capital element of the lease in the balance sheet.

17

PEMBROKE COLLEGE 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 – this involves a number of estimates.

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, the Office for Students (formerly known as HEFCE) support and other charges for services

Fees receivable, less any scholarships, bursaries or other allowances granted from the College unrestricted funds, the Office for Students 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.

c. Investment income

Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates.

Income from fixed interest debt securities is recognised using the effective interest rate method.

Dividend income and similar distributions are recognised on the date the share interest becomes exdividend or when the right to the dividend can be established.

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.

18

PEMBROKE COLLEGE Statement of Accounting Policies Year ended 31 July 2024

All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA).

Support costs which includes governance costs (costs of complying with constitutional and statutory requirements) and other indirect expenditure 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.

Grants awarded are expensed as soon as they become legal or operational commitments.

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.

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 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 Building improvements 10 - 30 years Plant and machinery 15 years Equipment 5 - 15 years

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

At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.

9. Heritage Assets

The College has no assets which it considers should be classified as Heritage Assets.

19

PEMBROKE COLLEGE Statement of Accounting Policies Year ended 31 July 2024

10. 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 which 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.

11. 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 and Fellows’ Loans payable out with one year of the reporting date are carried at their transaction price.

12. 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.

13. Foreign currencies

The functional and presentation currency of the College and its subsidiaries is the pound sterling.

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.

14. 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 be either retained for investment or released to income at the discretion of the Governing Body.

15. Fund accounting

The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or set by the terms of an appeal. 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 donor has specified that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified that

20

PEMBROKE COLLEGE Statement of Accounting Policies Year ended 31 July 2024

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 part of the total return arising from the capital that is allocated to income will be accounted for as unrestricted funds unless the donor has placed restrictions on 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 their discretion determine to spend all or part of the capital.

16. Pension costs

The College participates in the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of each scheme are held in a separate trusteeadministered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual employers and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other employers’ employees and is unable to identify its share of the underlying assets and liabilities of the schemes 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 income and expenditure account represents the contributions payable to each scheme and any deficit recovery contributions payable under a scheme Recovery Plan.

Where a scheme valuation determines that the scheme is in deficit on a technical provisions basis (as was the case following the 2020 USS valuation), the trustee of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit. The College recognises a liability for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the income statement. Further disclosures relating to the deficit recovery liability can be found in note 24

21

Pembroke College

Consolidated Statement of Financial Activities For the year ended 31 July 2024

Notes INCOME AND ENDOWMENTS FROM: Charitable activities: Teaching, research and residential 1 Other Trading Income 3 Donations and legacies 2 Investments Investment income 4 Total return allocated to income 15 Other income 5 Total income EXPENDITURE ON: Charitable activities: Teaching, research and residential Generating funds: Fundraising Trading expenditure Investment management costs Total Expenditure 6 Net Income/(Expenditure) before gains Net gains/(losses) on investments 12, 13 Net Income/(Expenditure) Transfers between funds 20 Net movement in funds for the year Fund balances brought forward 20 Funds carried forward 20	Unrestricted Funds £'000 8,998 1,056 2,204 2,308 1,114 -	Restricted Funds £'000 1,118 - 1,400 326 1,671 1,647	Endowed Funds £'000 - - 150 2,504 (2,785) -	2024 Total £'000 10,116 1,056 3,754 5,138 - 1,647	2023 Total £'000 10,412 1,220 38,930 4,853 - 120
	15,680 10,432 561 894 245	6,162 3,902 81 - 44	(131) - - - 336	21,711 14,334 642 894 625	55,535 13,949 500 829 702
	12,132	4,027	336	16,495	15,980
	3,548	2,135	(467)	5,216	39,555
	4,579	- -	6,399	10,978	(3,749)
	8,127	2,135	5,932	16,194	35,806
	2,137 10,264 60,416	(2,127) 8 11,342	(10) 5,922 73,003	- 16,194 144,761	- 35,806 108,955
	70,680	11,350	78,925	160,955	144,761

Prior year comparative SOFA Is shown in note 34

22

Pembroke College Consolidated and College Balance Sheets As at 31 July 2024

Notes FIXED ASSETS Tangible assets 10 Property investments 12 Other Investments 13 Total Fixed Assets CURRENT ASSETS Stocks Debtors 16 Investments Cash at bank and in hand Total Current Assets LIABILITIES Creditors: Amounts falling due within one year 17 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: falling due after more than one year 18 Defined benefit pension scheme liability 24 TOTAL NET ASSETS FUNDS OF THE COLLEGE Endowment funds Restricted funds Unrestricted funds Designated funds General funds Pension reserve 24 NET ASSETS BEFORE PENSION ASSET OR LIABILITY	2024 Group £'000 50,616 7,220 139,641	2023 Group £'000 46,299 7,425 126,494	2024 College £'000 51,047 7,220 139,641	2023 College £'000 46,473 7,425 126,494
	197,477	180,218	197,908	180,392
	234 1,988 1,474 2,997	226 1,592 5,509 2,722	234 1,668 1,473 2,894	226 1,664 5,509 2,132
	6,693 3,115	10,049 3,265	6,269 2,688	9,531 2,746
	3,578 201,055 40,100 160,955 -	6,784 187,002 40,065 146,937 2,176	3,581 201,489 40,100 161,389 -	6,785 187,177 40,065 147,112 2,176
	160,955	144,761	161,389	144,936
	78,925 11,350 59,352 11,328 -	73,003 11,342 52,621 9,971 (2,176)	78,925 11,350 59,352 11,761 -	73,003 11,342 52,621 10,146 (2,176)
	160,955	144,761	161,388	144,936

The financial statements were approved and authorised for issue by the Governing Body of Pembroke College on 4th December 2024

Master: Sir E. Ryder

Bursar: J Saunders

23

Pembroke College

Consolidated Statement of Cash Flows For the year ended 31 July 2024

Notes Net cash provided/ (used in) operating activities 27 Cash flows from investing activities Dividends, interest and rents from investments Finance costs paid Purchase of investment property Purchase of property, plant and equipment Proceeds from sale of investments/reinvested income Purchase of investments Net reduction to current asset investments Net cash used in investing activities Cash flows from financing activities Receipt of endowment Net cash provided used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	2024 £'000 385	2023 £'000 35,004
	5,138 (1,164) - (6,305) (267) (1,697) 4,035	4,853 (837) (3,495) (6,021) 2,903 (36,796) 310
	(260)	(39,083)
	150	213
	150	213
	275	(3,865)
	2,722	6,587
	2,997	2,722

24

Pembroke College 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 Office for Students support Other academic income College residential income Restricted funds Other academic income Total Teaching, Research and Residential Total income from charitable activities	2024 £'000 1,674 1,602 630 134 433 4,525 8,998 1,118 1,118 10,116 10,116	2023 £'000 1,790 1,372 637 144 555 4,148
		8,646
		1,766
		1,766
		10,412
		10,412

The above analysis includes £3400k received from Oxford University from publicly accountable funds under the CFF Scheme (2023: £3306k).

2 DONATIONS AND LEGACIES Donations and Legacies Unrestricted funds Restricted funds Endowed funds	2024 £'000 2,204 1,400 150 3,754	2023 £'000 36,754 1,963 213
		38,930

The College use a legacy pipeline to record those legacies that are known to the College but do not yet fulfil the criteria for income recognition. At 31 July 2024, the value of the legacy pipeline was £491k (2023: £2,246k).

3 INCOME FROM OTHER TRADING ACTIVITIES

3 INCOME FROM OTHER TRADING ACTIVITIES Subsidiary company trading income Other trading income 4 INVESTMENT INCOME Unrestricted funds Commercial rent Equity dividends Bank interest Other interest Restricted funds Equity dividends Bank interest Endowed funds Commercial rent Equity dividends Bank interest Total Investment income 5 OTHER INCOME Government Funding (Low Carbon Skills Fund)	2024 £'000 1,245 (189) 1,056 2024 £'000 89 1,638 441 1 2,308 293 33 326 271 1,983 250 2,504 5,138 2024 £'000 1,647 1,647	2023 £'000 1,190 30
		1,220
		2023 £'000 67 554 1,189 1
		1,811
		316 0
		316
		292 2,434 -
		2,726
		4,853
		2023 £'000 120
		120

25

Pembroke College 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 raising funds Direct staff costs allocated to: Fundraising Trading expenditure Investment management costs 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 6,973 5,107 2,254 14,334 282 321 - 285 197 1 75 376 624 2,161 16,495	2023 £'000 6,373 5,613 1,963
		13,949
		270 285 - 169 187 0 61 357 702
		2,031
		15,980

The 2024 resources expended of £16,495k represented £12,132k (2023: £10,692k) from unrestricted funds, £4,027k (2023: £4,757k) from restricted funds and £336k (2023: £531k) from endowed funds.

The College is liable to be assessed for Contribution 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. No College contribution was payable in the financial year (2023 - £0k)

26

Pembroke College Notes to the financial statements For the year ended 31 July 2024

7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Financial administration Domestic administration Human resources IT Depreciation Write off of fixed assets Bank interest payable Other finance charges (including pension provision movement) Investment management costs Governance costs	Generating Funds £'000 283 64 - 18 84 - - - 624 2 1,075	Teaching and Research £'000 619 169 256 282 1,588 316 1,164 (2,176) - 36 2,254	2024 Total £'000 902 233 256 300 1,672 316 1,164 (2,176) 624 38
			3,329

Financial administration Domestic administration Human resources IT Depreciation Write off of fixed assets Bank interest payable Other finance charges (including pension provision movement) Investment management costs Governance costs	Generating Funds £'000 206 58 - 21 132 - - - 701 2 1,120	Teaching and Research £'000 549 165 129 293 1,153 - 837 (1,193) - 30 1,963	2023 Total £'000 755 223 129 314 1,285 837 (1,193) 701 32
			3,083

Financial and domestic administration, IT, human resources and governance 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 comprise: Auditor's remuneration - audit services Auditor's remuneration - tax advisory services Other governance costs	2024 £'000 30 5 3 38	2023 £'000 27 5 -
		32

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

GRANTS AND AWARDS Unrestricted funds Grants to individuals: Scholarships, prizes and grants Bursaries and hardship awards Total unrestricted Restricted funds Grants to individuals: Scholarships, prizes and grants Bursaries and hardship awards Total restricted Total grants and awards During the year the College funded research awards and bursaries to students from its restricted and unrestricted fund as follows:	2024 £'000 190 73 263 268 5 273 536	2023 £'000 157 84
		241
		378 20
		398
		639

The figure included above represents the cost to the College of the Oxford Bursary scheme. Students of this college received £330k (2023: £299k).Some of those students also received fee waivers amounting to £3k (2023: £25k).

The above costs are included within the charitable expenditure on Teaching and Research. No grants to other institutions were paid.

27

Pembroke College Notes to the financial statements For the year ended 31 July 2024

• 9 STAFF COSTS

2024 The aggregate staff costs for the year were as follows. £'000 Salaries and wages 6,902 Social security costs 619 Pension costs: Defined benefit schemes (1,190) Other benefits 218 6,549 The average number of employees of the College, excluding Trustees, on a full time equivalent basis was as follows. Tuition and research 58 College residential 78 Fundraising 4 Support 26 Total 166 The average number of employees of the College, excluding Trustees, on an actual basis was as follows. Tuition and research 98 College residential 87 Fundraising 4 Support 30 Total 219 The average number of employed College Trustees during the year was as follows. University Lecturers 26 CUF Lecturers 5 Other teaching and research 2 Other 6 Total 39 Redundancy payments are accounted for in the period in which the employee was informed of the decision. There was no redundancy payments made in t 2023).	2023 £'000 6,103 542 (113) 181
	6,714
	53 71 5 23
	152
	89 79 5 28
	201
	25 5 2 6
	38
	he year (None in

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) greater than £60K:

£60,001-£70,000 £70,001-£80,001 Total The number of the above employees with retirement benefits accruing was as follows: In defined benefits schemes	1 3 3 -
	4 3 4 3

28

Pembroke College Notes to the financial statements For the year ended 31 July 2024

10 TANGIBLE FIXED ASSETS

Group Cost At start of year Additions Transfers Disposals At end of year Depreciation and impairment At start of year Depreciation charge for the year Depreciation on disposals Impairment At end of year Net book value At end of year At start of year College Cost At start of year Additions Transfers Disposals At end of year Depreciation and impairment At start of year Charge for the year On disposals Impairment At end of year Net book value At end of year At start of year	Assets Under Construction £'000 15,751 5,956 (15,731) - 5,976 - - - - - 5,976 15,751	Freehold land and buildings £'000 43,102 11 15,477 (1,083) 57,507 14,341 1,257 (767) - 14,831 42,676 28,760	Plant and machinery £'000 2,680 (6) - - 2,674 1,866 178 - - 2,044 630 814	Fixtures, fittings and equipment £'000 3,114 344 254 - 3,712 2,140 238 - - 2,378 1,334 974 Fixtures, fittings and equipment £'000 3,126 343 254 - 3,723 2,140 237 - - 2,377 1,346 986	Total £'000 64,647 6,305 - (1,083)
					69,869
					18,347 1,673 (767) -
					19,253
					50,616
					46,299
	Assets Under Construction £'000 15,751 6,212 (15,943) - 6,020 - - - - - 6,020 15,751	Freehold land and buildings £'000 43,264 12 15,689 (1,083) 57,882 14,341 1,257 (767) - 14,831 43,051 28,922	Plant and machinery £'000 2,680 (6) - 2,674 1,866 178 - - 2,044 630 814		Total £'000 64,821 6,561 - (1,083)
					70,299
					18,347 1,672 (767) -
					19,252
					51,047
					46,473

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.

11 HERITAGE ASSETS

College and Group

The College does not hold any heritage assets at 31 July 2024 (2023 - Nil)

29

Pembroke College Notes to the financial statements For the year ended 31 July 2024

12 PROPERTY INVESTMENTS

Group Valuation at start of year Additions and improvements at cost Revaluation gains/(losses) in the year Valuation at end of year College Valuation at start of year Additions and improvements at cost Revaluation gains/(losses) in the year Valuation at end of year	Commercial £'000 7,425 - (205) 7,220 Commercial £'000 7,425 - (205) 7,220	2024 Total £'000 7,425 - (205) 7,220 2024 Total £'000 7,425 - (205) 7,220	2023 Total £'000 3,430 3,495 500
			7,425
			2023 Total £'000 3,430 3,495 500
			7,425

A formal valuation of the commercial and other properties was prepared by Cluttons as at 31 July 2023. An informal valuation as at 31 July 2024 has resulted in a valuation decrease of £(205)k.

13 OTHER INVESTMENTS

All investments are held at fair value.

Group investments Valuation at start of year New money invested Amounts withdrawn Reinvested income Increase/ (decrease) 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 Fixed term deposits and cash Total group investments	Held outside the UK £'000 - 9,585 - 9,585	Held in the UK £'000 474 122,373 7,209 130,056	2024 Total £'000 474 131,958 7,209 139,641	Held outside the UK £'000 - 9,834 - 9,834	2024 £'000 126,494 1,697 (721) 988 11,183 139,641 - 139,641 Held in the UK £'000 458 87,444 28,758 116,660	2023 £'000 96,849 36,796 (5,387) 2,485 -4,249
						126,494 -
						126,494
						2023 Total £'000 458 97,278 28,758
						126,494

30

Pembroke College Notes to the financial statements For the year ended 31 July 2024

14 PARENT AND SUBSIDIARY UNDERTAKINGS

The College wholly owns both, Pembroke College Conference and Events (PCCE), a company limited by guarantee which provides conference and other event services on the College premises, and 100% of the issued share capital in Pembroke College Enterprises Limited (PCEL), a company providing design and build construction services to the College. PCCE and PCEL both have their registered office at New Kings Court, Tollgate, Chandler's Ford, Eastleigh, Hampshire SO53 3LG. Their company registration numbers are PCCE - 7665202 and PCEL - 5174033.

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

Income Expenditure Donation to College under gift aid Result for the year Total assets Total liabilities Net funds at the end of year	£'000 32,689 (16,495) - 16,194 204,177 (42,788) 161,388 Parent College	£'000 3,003 (2,936) (67) - 451 (451) - Pembroke College Enterprises Limited	£'000 1,245 (911) (334) - 403 (403) - Pembroke College Conferences and Events

During the year an amount of £894k (2023: £863k) was paid by PCCE to College in respect of costs incurred by the College on behalf of the subsidiary including staff costs, catering costs and a share of other running costs and overheads. At the year end, a balance of £195k (2023: £291k) was owed by PCCE to Pembroke College. At the year end, a balance of £238k was owed by College to PCEL (2023: £232k was owed by PCEL to the College. The income received by PCEL is derived almost entirely from the College.

Prior year comparative of this note is shown in note 34.

15 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1 August 2010. The investment return to be applied as income is calculated as 3.5% (2022: 3.5%) of the average of the year-end 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 at 31 July 2002 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 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	Trust for Investment £'000 26,406 - - 26,406 145 - - - - 145 - - 145 26,551 - - 26,551 Pe	Unapplied Total Return £'000 - 26,761 - 26,761 - 1,810 4,661 (243) - 6,228 (2,028) (2,028) 4,200 - 30,961 - 30,961 rmanent Endowmen	Total £'000 26,406 26,761 - 53,167 145 1,810 4,661 (243) - 6,373 (2,028) (2,028) 4,345 26,551 30,961 - 57,512 t	Expendable Endowment £'000 - - 19,836 19,836 5 694 1,739 (93) (11) 2,334 (757) (757) 1,577 - - 21,413 21,413	Total Endowments £'000 26,406 26,761 19,836
					73,003 150 2,504 6,400 (336) (11)
					8,707 (2,785)
					(2,785)
					5,922 26,551 30,961 21,413
					78,925

Prior year comparative of this note is shown in note 34.

31

Pembroke College Notes to the financial statements For the year ended 31 July 2024

16 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 Amounts falling due after more than one year: Loans 17 CREDITORS: falling due within one year Trade creditors Amounts owed to Group undertakings Taxation and social security Accruals and deferred income Other creditors	2024 Group £'000 350 199 - 17 1,092 330 1,988 2024 Group £'000 438 - 181 2,190 306 3,115	2023 Group £'000 310 216 - 18 743 305 1,592 2023 Group £'000 291 - 184 2,593 197 3,265	2024 College £'000 279 199 195 17 648 330 1,668 2024 College £'000 436 235 181 1,535 301 2,688	2023 College £'000 204 216 523 18 398 305
				1,664
				2023 College £'000 291 - 184 2,076 195
				2,746

In the year, the College received deferred income of 29,329 Euros for a Department of Foreign Affairs Reconciliation fund grant for the Quill project. At 31st July, this was held as a creditor.

18 CREDITORS: falling due after more than one year

CREDITORS: falling due after more than one year
Bank loans Other creditors	2024 Group £'000 40,000 100 40,100	2023 Group £'000 40,000 65 40,065	2024 College £'000 40,000 100 40,100	2023 College £'000 40,000 65
				40,065

A placement of a private bond totalling £40m took place in January 2019. The bond has a fixed term of 45 years with a fixed coupon of 2.91%.

19 PROVISIONS FOR LIABILITIES AND CHARGES

The College has no provisions at 31 July 2024 (2023 - None)

32

Pembroke College Notes to the financial statements For the year ended 31 July 2024

20 ANALYSIS OF MOVEMENTS ON FUNDS At 31st July 2024 Endowment Funds - Permanent General College Capital Damon Wells Trust Stanley Ho Trust TEPCo Trust Lee Trust Tanaka Fund in Numerical Mathematics Damon Wells Chaplaincy Trust Chris Rokos Fund in Computer Science Shimizu Trust Nuffield Fund Aisbitt Fund BTP Fund Tanaka Fund in Biochemistry Oxford Stanion Fund Bandar Trust Fund Saleh Trust Fund Rokos Physics Theology Fellowship Rokos Economics Blackstone-Heuston Trust Leung Trust Mike and Hilary Wagstaff Fund Burt 1923 Scholarship Fund Rhodes Pelczynski Fund Eekelaar Law Fellowship Fund Abraham Trust Jose Gregorio Hernandez Award Chris Rokos Fund for Black STEM Grad. Scholarships Abraham O'Brien Trust Italian Fellowship Lewin Trust Damon Wells Music and Chapel Fund Sue Cormack Trust Pension Fund Other funds < £500k relating to: Buildings Bursaries Fellowships General purposes Lecture Chapel and Library Scholarships, prizes & grants Endowment Funds - Expendable Expendable Capital Fund Total Endowment Funds - College Endowment funds held by subsidiaries Total Endowment Funds - Group	At 1 August 2023 £'000 11,500 2,870 1,821 1,651 1,595 1,579 1,396 1,374 1,229 1,202 1,155 1,103 1,099 1,011 990 985 961 885 880 879 827 824 810 800 800 712 665 590 579 555 549 531 524 502 - - 340 782 1,775 2,640 256 59 1,882 - - 19,836 73,003 - 73,003	Incoming resources £'000 392 98 61 56 54 54 48 47 42 41 39 38 117 35 33 33 32 29 30 30 29 28 28 33 29 24 22 20 20 19 19 18 17 17 12 27 90 90 9 2 93 699 2,654 - 2,654	Resources expended £'000 (53) (13) (8) (8) (7) (7) (6) (6) (6) (5) (5) (5) (5) (5) (5) (4) (4) (4) (4) (4) (4) (4) (4) (4) (4) (3) (3) (3) (3) (3) (3) (2) (2) (2) (2) (3) (8) (12) (1) (0) (9) (93) (336) - (336)	Transfers £'000 (439) (110) (69) (63) (61) (60) (53) (52) (47) (46) (44) (43) (42) (39) (38) (38) (37) (34) (34) (33) (32) (31) (31) (31) (31) (27) (25) (23) (22) (21) (21) (21) (20) (17) (11) (30) (68) (100) (10) (2) (71) (768) (2,795) - (2,795)*	Gains/ (losses) £'000 1,008 252 160 145 140 138 122 120 108 105 101 97 96 89 87 86 84 77 77 77 72 72 71 71 70 62 58 52 51 49 48 47 46 44 30 69 156 231 22 5 165 1,739 6,399 - 6,399	At 31 July 2024 £'000 12,408 3,097 1,965 1,781 1,721 1,704 1,507 1,483 1,326 1,297 1,246 1,190 1,265 1,091 1,067 1,062 1,036 953 949 949 892 889 874 869 864 768 717 636 625 599 592 573 565 544 369 845 1,945 2,849 276 64 2,060 21,413
						78,925
						-
						78,925

33

Pembroke College

Notes to the financial statements

For the year ended 31 July 2024

Restricted Funds Library Research Centre - Quill Research Centre - CCW Funds < £500k relating to: Buildings Fellowships Scholarships, prizes & grants Research Centres Other funds Total Restricted Funds - College Restricted funds held by subsidiaries Total Restricted Funds - Group Unrestricted Funds Designated funds: Financial Resilience Fund Private Placement Fund Theology Fellowship Physics Fellowship Scholarships, prizes & grants Other Total designated funds General funds Revaluation reserve Pension reserve Total Unrestricted Funds - College Unrestricted funds held by subsidiaries Total Unrestricted Funds - Group Total Funds	At 1 August 2023 £'000 1,521 777 667 979 2,926 1,607 313 2,552 11,342 - 11,342 35,776 14,458 563 561 518 745 52,621 10,146 - (2,176) 60,591 (175) 60,416 144,761	Incoming resources £'000 52 516 871 1,820 288 217 334 393	Resources expended £'000 (7) (728) (910) (25) (1,150) (358) (335) (514) (4,027) - (4,027) (163) (66) (9) (3) (14) (3) (258) (14,050) - 2,176 (12,132) - (12,132) (16,495)	Transfers £'000 (215) - (14) (1,648) 987 238 14 182 (456) 0 (456) 1,093 (551) - 74 - - 616 2,635 (0) - 3,251 - 3,251 -*	Gains/ (losses) £'000 - - - - - - - - - - - 3,136 1,267 50 49 34 43 4,579 - - - 4,579 - 4,579 10,978	At 31 July 2024 £'000 1,351 565 614 1,126 3,051 1,704 326 2,613
		4,491				11,350
		- 4,491 1,218 492 19 22 18 25 1,794 13,030 - - 14,824 (256) 14,566 21,711				0
						11,350
						41,060 15,600 623 703 556 810
						59,352 11,761 (0) 0
						71,113
						(431)
						70,680
						160,955

*Transfers included £1,114k and £1,671k released to unrestricted and restricted funds respectively in accordance with the College's total return policy. Prior year comparative of this note is shown in note 34

34

Pembroke College Notes to the financial statements For the year ended 31 July 2024

21 FUNDS OF THE COLLEGE DETAILS

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

Endowment Funds - Permanent:
General College Capital	General Permanent Endowment
Damon Wells Trust	Supports a Fellowship in History
Stanley Ho Trust	Supports a Fellowship in Chinese History
TEPCo Trust	Supports a Fellowship in Japanese
Lee Trust	Supports a Fellowship in Engineering
Tanaka Fund in Numerical Mathematics	Supports a Fellowship in Numerical Mathematics
Damon Wells Chaplaincy Trust	Supports the Chaplaincy
Chris Rokos Fund in Computer Science	Supports a Fellowship in Computer Science
Nuffield Fund	Supports general expenditure
Aisbitt Fund	Supports a Fellowship in English Literature
BTP Fund	Supports a Fellowship in Chemistry
Oxford Stanion Fund	Supports a Graduate Scholarship in Biochemisty
Bandar Trust Fund	Supports the maintenance of College buildings
Saleh Trust Fund	Supports a Fellowship in Arabic
Rokos Physics Fund	Supports a Fellowship in Physics
Theology Fellowship	Supports a Fellowship in Theology
Rokos Economics Fund	Supports a Fellowship in Economics
Blackstone-Heuston Trust	Supports a Fellowship in Law
Tanaka Fund in Biochemistry	Supports a Fellowship in Biochemistry
Leung Trust	Supports a Fellowship in Law
Mike and Hilary Wagstaff Fund	Supports student activities and programmes
Burt 1923 Scholarship Fund	Supports hardship and general expenditure
Rhodes Pelczynski Fund	Supports a Fellowship in Politics
Eekelaar Law Fellowship Fund	Supports a Fellowship in Law
Abraham Trust	Supports a Fellowship in Zoology
Jose Gregorio Hernandez Award	Advance the education of graduates of Venezuelan nationality
Chris Rokos Fund for Black STEM Scholarships	Supports graduate scholarships for black students
Abraham O'Brien Trust	Supports a Fellowship in Medicine
Italian Fellowship	Supports a Fellowship in Italian
Lewin Trust	Supports a Fellowship in Philosophy
Sue Cormack Trust	Supports a Fellowship in Management
Damon Wells Music and Chapel Fund	Supports Music and Chapel
Pension Fund	Supports payment of Pensions
Endowment Funds - Expendable:
General College Capital	General Expendable Endowment
Designated Funds
Financial Resilience Fund	Supports resilience for the long term by generating a return, from the
	long term investment pool, to support the charitable objects and aims.

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

35

Pembroke College Notes to the financial statements For the year ended 31 July 2024

22 ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible fixed assets Property investments Other investments Net current assets and other long term liabilities Long term loan finance	Unrestricted Funds £'000 50,616 - 64,087 (4,023) (40,000) 70,680	Restricted Funds £'000 - - 3,848 7,502 - 11,350	Endowment Funds £'000 - 7,220 71,705 - - 78,925	2024 Total £'000 50,616 7,220 139,640 3,479 (40,000)
				160,955

23 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 Advisory 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 Fellows are eligible for a Housing Allowance to support academic and/or other employment services, which is disclosed within the salary figures below.

The College has a Remuneration Committee which makes recommendations to Governing Body on pay and benefits which are outside of external scales.

36

Pembroke College Notes to the financial statements For the year ended 31 July 2024

Remuneration paid to trustees

Range £2,001-£3,000 £6,001-£7,000 £8,001-£9,000 £12,001-£13,000 £13,001-£14,000 £15,001-£16,000 £18,001-£19,000 £20,001-£21,000 £22,001-£23,000 £23,001-£24,000 £25,001-£26,000 £26,001-£27,000 £27,001-£28,000 £28,001-£29,000 £29,001-£30,000 £30,001-£31,000 £31,001-£32,000 £32,001-£33,000 £35,001-£36,000 £39,001-£40,000 £53,001-£54,000 £54,001-£55,000 £58,001-£59,000 £61,001-£62,000 £62,001-£63,000 £63,001-£64,000 £64,001-£65,000 £66,001-£67,000 £67,001-£68,000 £75,001-£76,000 £82,001-£83,000 £94,001-£95,000 £95,001-£96,000 £119,001-£120,000 £123,001-124,000 £129,001-£130,000 £144,001-£145000 Total	1 1 1 1 1 1 2 8 2 5 1 2 2 1 1 1 1 1 2 1 1 2 1 1 41 Number of Trustees/Fellows	£ £ 1 2,359 6,304 - - 8,200 - - 12,193 1 12,234 13,153 - - 1 15,361 18,604 - - 20,104 - - 1 22,236 47,114 - - 7 178,337 208,731 4 107,058 55,959 5 135,906 141,734 1 28,315 29,258 1 29,117 2 60,553 63,712 1 31,669 1 32,004 71,005 - - 39,136 - - 3 160,838 54,499 - - 58,628 - - 61,186 1 61,842 62,596 1 63,890 1 64,361 1 66,215 135,426 - - 75,766 - - 82,998 - - 3 284,422 191,064 - - 1 119,027 123,017 - - 1 129,537 144,041 - - 2024 2023 Gross remuneration, taxable benefits and pension contributions Number of Trustees/Fellows Gross remuneration, taxable benefits and pension contributions
		1,724,428 38 1,605,281

8 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 receive reimbursement of personal expenses necessarily incurred in connection with their services to the College as Trustees. During the year a total of £16 (2023 - £110) was reimbursed to one (2023 - one) of the Trustees .

See also note 31 Related Party Transactions.

Key management remuneration

The total remuneration paid to key management was £509k (2023: £460k). Key management are considered to be the College Officers as set out in the Report of the Governing Body.

37

Pembroke College Notes to the financial statements For the year ended 31 July 2024

24 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 each scheme are held in separate trustee-administered funds. USS and OSPS are contributory mixed benefit schemes (i.e. they provide benefits on a defined benefit basis – based on length of service and pensionable salary – and on a defined contribution 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 employees who are eligible under automatic enrolment regulations to pension benefits but not eligible for either USS or OSPS.

Schemes accounted for under FRS 102 as defined contribution schemes

Deficit Recovery Plans

For 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 £(2,176)k 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 remaining liability of £(2,176)k 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.

University of Oxford Staff Pension Scheme (OSPS)

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.

38

Pembroke College Notes to the financial statements For the year ended 31 July 2024

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 £2,176k was made at 31 July 2023 (2022: £3,396m) to account for deficit recovery payments up to 30th September 2023. That remaining liability of £2,176k was released to the income and expenditure account in 2024.

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 £2,176k was made at 31 July 2023 (2022: £3,396m) to account for deficit recovery payments up to 30th September 2023. That remaining liability of £2,176k 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
Value of liabilities:	£914m
Value of assets:	£961m
Funding surplus / (deficit):	£47m

39

Pembroke College 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:

These amounts include £1.1m (2023: £1.2m) contributions payable to defined contribution schemes at rates specified in the rules of those plans.

25 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 liability to corporation tax arises in the College's subsidiary companies because the directors of these companies have indicated that they intend to make donations each year to the College equal to the taxable profits of the company under the Gift Aid scheme. Accordingly no provision for taxation has been included in the financial statements.

26 FINANCIAL INSTRUMENTS

The College holds basic financial instruments,as described in the accounting policy. No financial instruments are considered complex in nature.

27	RECONCILIATION OF NET INCOMING RESOURCES TO
	NET CASH FLOW FROM OPERATIONS	2024	2023
		Group	Group
		£'000	£'000
	Net income	16,194	35,806
	Elimination of non-operating cash flows:
	Investment income	(5,138)	(4,853)
	Losses/(Gains) in investments	(10,978)	3,749
	Endowment donations	(150)	(213)
	Depreciation	1,673	1,286
	Financing costs	1,164	837
	(Increase) in stock	(8)	(7)
	(Increase)/Decrease in debtors	(396)	44
	Increase/(Decrease) in creditors	(115)	(424)
	(Decrease)/Increase in provisions	-	-
	(Decrease)/Increase in pension scheme liability	(2,176)	(1,220)
	Write off of fixed assets	316	-
	Net cash provided by (used in) operating activities	385	35,004

40

Pembroke College Notes to the financial statements

For the year ended 31 July 2024

28 ANALYSIS OF NET DEBT

ANALYSIS OF NET DEBT
Cash at bank and in hand Current asset investments Investment cash held Loans falling due after more than one year Total net debt	2024 £'000 2,997 1,474 7,209 (40,000) (28,320)	2023 £'000 2,722 5,509 28,758 (40,000)
		(3,011)

29 FINANCIAL COMMITMENTS

Outstanding costs in relation to an ongoing building project were estimated to be £0.5m at the year end. These costs will be paid in the financial year ending 31st July 2025.

30 CAPITAL COMMITMENTS

The College had no new contracted commitments at 31 July 2024. ( 2023 - £1.5m)

31 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 102.

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.

Loans to trustees are available under one scheme:

1) Loans up to £200,000 to assist with the purchase of a principal residence or significant extension and are interest free and repayable within 8 years of inception or when the trustee leaves the College, if earlier. These loans are made to assist recruitment and retention. The need for such a loan must be demonstrated to a committee comprising of the Bursar, the College Accountant and a Fellow who is not remunerated by the College.

2) Loans of up to £10k were available to all Fellows and interest was charged at 5% p.a.. There is now no one participating in this scheme.

Scheme 1 Scheme 2	2024 No. 3 - 3	2023 No. 3 1
		4

Over the end of the financial year 31st July 2023 and start of financial year to 31st July 2024, the College hosted a Summer School for International Colour Vision Society where a College trustee also sits on the Board of Directors. The amount relating to this financial year was £15k (2023: £7k). There was nothing outstanding at the year end.

32 CONTINGENT LIABILITIES

The College does not have any contingent liabilities at 31 July 24 (2023 - Nil)

33 POST BALANCE SHEET EVENTS

None

41

Pembroke College Notes to the financial statements For the year ended 31 July 2024

34 PRIOR YEAR COMPARATIVES

Consolidated Statement of Financial Activities For the year ended 31 July 2023 INCOME AND ENDOWMENTS FROM: Charitable activities: Teaching, research and residential Other Trading Income Donations and legacies Investments Investment income Total return allocated to income Other income Total income EXPENDITURE ON: 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 Other gains Net Income/(Expenditure) Transfers between funds Net movement in funds for the year Fund balances brought forward Funds carried forward at 31 July	Unrestricted Funds £'000 8,646 1,220 36,754 1,811 1,080 - 49,511 9,311 443 829 109 10,692 38,819 (1,643) - 37,176 109 37,285 23,131 60,416	Restricted Funds £'000 1,766 - 1,963 316 1,651 120 5,816 4,638 57 - 62 4,757 1,060 - - 1,060 (75) 984 10,358 11,343	Endowed Funds £'000 - - 213 2,726 (2,731) - 208 - - - 531 531 (323) (2,106) - (2,429) (34) (2,463) 75,466 73,003	2023 Total £'000 10,412 1,220 38,930 4,853 - 120
				55,535 13,949 500 829 702
				15,980
				39,555
				(3,749) -
				35,807
				-
				35,807
				108,955
				144,762

PARENT AND SUBSIDIARY UNDERTAKINGS 2023 (Note 14)

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

Income Expenditure Donation to College under gift aid Result for the year Total assets Total liabilities Net funds at the end of year	£'000 51,786 (15,980) - 35,806 189,923 (44,987) 144,936 Parent College	£'000 3,124 (3,095) (29) - 519 (519) - Pembroke College Enterprises	£'000 1,190 (844) (346) Pembroke College Conferences
			-
			522 (522)
			-

During the year an amount of £863k (2021: £196k) was paid by PCCE to the College in respect of costs incurred by the College on behalf of the subsidiary including staff costs, catering costs and a share of other running costs and overheads. At the year end, a balance of £425k (2021: £230k) was owed by PCCE to Pembroke College. At the year end, a balance of £919k was owed by the College to PCEL (2021: £224k was owed by the College).

42

Pembroke College Notes to the financial statements For the year ended 31 July 2024

STATEMENT OF INVESTMENT TOTAL RETURN 2023 (Note 15)

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1 August 2010. The investment return to be applied as income is calculated as 3.5% (2022: 3.5%) of the average of the year-end 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 at 31 July 2002 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 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	Trust for Investment £'000 26,303 - - 26,303 103 - - - - 103 - - 103 26,406 - - 26,406 Pe	Unapplied Total Return £'000 - 28,718 - 28,718 - 1,988 (1,535) (387) (31) 35 (1,991) (1,991) (1,958) - 26,761 - 26,761 rmanent Endowmen	Total £'000 26,303 28,718 - 55,021 103 1,988 (1,535) (387) (31) 138 (1,991) (1,991) (1,854) 26,406 26,761 - 53,167 t	Expendable Endowment £'000 - - 20,445 20,445 110 738 (571) (144) (3) 130 (740) (740) (610) - - 19,836 19,836	Total Endowments £'000 26,303 28,718 20,445
					75,466 213 2,726 (2,106) (531) (34)
					268 (2,731)
					(2,731)
					(2,464) 26,406 26,761 19,836
					73,003

43

Pembroke College

Notes to the financial statements

For the year ended 31 July 2024

ANALYSIS OF MOVEMENTS ON FUNDS(Note 20) At 31st July 2023 Endowment Funds - Permanent General College Capital Damon Wells Trust Stanley Ho Trust TEPCo Trust Lee Trust Tanaka Fund in Numerical Mathematics Damon Wells Chaplaincy Trust Chris Rokos Fund in Computer Science Shimizu Trust Nuffield Fund Aisbitt Fund BTP Fund Tanaka Fund in Biochemistry Oxford Stanion Fund Bandar Trust Fund Saleh Trust Fund Rokos Physics Theology Fellowship Rokos Economics Blackstone-Heuston Trust Leung Trust Mike and Hilary Wagstaff Fund Burt 1923 Scholarship Fund Rhodes Pelczynski Fund Eekelaar Law Fellowship Fund Abraham Trust Jose Gregorio Hernandez Award Chris Rokos Fund for Black STEM Grad. Scholarships Abraham O'Brien Trust Italian Fellowship Lewin Trust Sue Cormack Trust Damon Wells Music and Chapel Fund Pension Fund Other funds < £500k relating to: Buildings Bursaries Fellowships General purposes Lecture Chapel and Library Scholarships, prizes & grants Endowment Funds - Expendable Expendable Capital Fund Total Endowment Funds - College Endowment funds held by subsidiaries Total Endowment Funds - Group Restricted Funds Library Research Centre - Quill Research Centre - CCW Funds < £500k relating to: Buildings Fellowships Scholarships, prizes & grants Research Centres Other funds Restricted funds held by subsidiaries Total Restricted Funds - Group	At 1 August 2022 £'000 11,918 2,975 1,887 1,711 1,653 1,636 1,447 1,424 1,273 1,246 1,197 1,143 1,139 1,048 1,025 1,020 995 916 912 911 857 854 839 829 827 738 689 611 600 575 569 551 543 520 385 809 1,839 2,736 266 61 1,847 20,445 75,466 - 75,466 1,478 576 741 888 2,796 1,188 338 2,353 10,358 - 10,358	Incoming resources £'000 430 107 68 62 60 60 51 52 47 45 42 41 41 37 37 36 36 33 32 32 31 31 30 30 32 27 25 22 22 21 21 19 20 20 15 31 67 98 9 2 167 849 2,939 - 2,939 53 915 1,382 182 269 566 587 211 4,165 - 4,165	Resources expended £'000 (84) (21) (13) (12) (12) (12) (10) (10) (9) (9) (8) (8) (8) (7) (7) (7) (7) (6) (6) (6) (6) (6) (6) (6) (6) (5) (5) (4) (4) (4) (4) (4) (4) (4) (3) (6) (13) (19) (2) - (13) (144) (531) - (531) (10) (714) (1,456) (99) (1,150) (373) (611) (343)	Transfers £'000 (431) (108) (68) (62) (60) (59) (52) (52) (46) (45) (43) (41) (41) (38) (37) (37) (36) (33) (33) (33) (31) (31) (30) (30) (30) (27) (25) (22) (22) (21) (21) (20) (20) (19) (46) (29) (67) (99) (10) (2) (67) (743) (2,765) - (2,765) - - - 8 1,011 226 - 331 1,576 - 1,576	Gains/ (losses) £'000 (333) (83) (53) (48) (46) (46) (40) (40) (36) (35) (33) (32) (32) (29) (29) (28) (28) (26) (25) (25) (24) (24) (23) (23) (23) (21) (19) (17) (17) (16) (16) (15) (15) (15) (11) (23) (51) (76) (7) (2) (52) (571) 1,491 - 13,518 - - - - - - - - - - -	At 31 July 2023 £'000 11,500 2,870 1,821 1,651 1,595 1,579 1,396 1,374 1,229 1,202 1,155 1,103 1,099 1,011 989 984 960 884 880 879 827 824 810 800 800 712 665 590 579 555 549 531 524 502 340 782 1,775 2,640 256 59 1,882 19,836
						73,003
						-
						73,003
						1,521 777 667 979 2,926 1,607 313 2,552 11,342 -
			(4,757)
			- (4,757)
						11,342

44

Pembroke College

Notes to the financial statements

For the year ended 31 July 2024

Unrestricted Funds Designated funds: Financial Resilience Fund Private Placement Fund Theology Fellowship Physics Fellowship Scholarships, prizes & grants Other Total designated funds General funds Revaluation reserve Pension reserve Total Unrestricted Funds - College Unrestricted funds held by subsidiaries Total Unrestricted Funds - Group** Total Funds	At 1 August 2022 £'000 0 14,361 547 545 531 756 16,740 9,962 - (3,396) 23,306 (175) 23,131 108,955	Incoming resources £'000 - 442 20 20 19 27 528 47,904 - - 48,431 - 48,431	Resources expended £'000 - (86) (4) (4) (6) (5) (105) (11,807) - 1,220 (10,692) - (10,692)	Transfers £'000 35,776 (259) - - (15) (19) 35,483 (34,294) - - 1,189 - 1,189	Gains/ (losses) £'000 - - - - (11) (14) (25) (1,618) - - (1,643) - (1,643) (3,749)	At 31 July 2023 £'000 35,776 14,458 563 561 518 745
						52,621 10,146 - (2,176)
						60,591
						(175)
						60,416
		55,535	(15,980)	-		144,761

ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023(Note 22) Tangible fixed assets Property investments Other investments Net current assets and other long term liabilities Long term loan finance	Unrestricted Funds £'000 46,299 - 57,479 (3,363) (40,000) 60,416	Restricted Funds £'000 - - 3,436 7,906 - 11,342	Endowment Funds £'000 - 7,425 65,578 - - 73,003	2023 Total £'000 46,299 7,425 126,494 4,543 (40,000)
				144,761

45