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2023-07-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS

Year ended 31 July 2023

Registered Charity Number 1137506

Nuffield College

Annual Report and Financial Statements Contents

INDEX PAGE
Governing Body, Officers and Advisers 2 - 4
Report of the Governing Body 5 - 16
Auditor’s Report 17 - 20
Statement of Accounting Policies 21 - 25
Consolidated Statement of Financial Activities 26
Consolidated and College Balance Sheets 27
Consolidated Statement of Cash Flows 28
Notes to the Financial Statements 29 - 50

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Nuffield College Governing Body, Officers and Advisers Year ended 31 July 2023

MEMBERS OF THE GOVERNING BODY

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

Elected/Resigned/Retired (1) (2) (3) (4) (5) (6) (7)
Warden
Sir A W Dilnot ● ● ● ● ● ● ●
Official Fellows
N D de Graaf
G Evans ● ●
I Jewitt Retired 30/09/2023
J O Jonsson ●
M A Meyer ●
Professorial Fellows
T Abou-Chadi
A Adams-Prassl Elected 01/01/2023
B Ansell ●
R I V Bernhard
S Broadberry ●
E Bukodi
L Cluver ●
I Crawford ●
P Culpepper
J Dill Resigned 30/09/2023 ●
M Ellison ●
E Gonzalez Ocantos
J Green ●
R Kashyap ●
D S King ● ●
D Kirk
P Klemperer
C Laborde

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Nuffield College Governing Body, Officers and Advisers Year ended 31 July 2023

Elected/Resigned/Retired (1) (2) (3) (4) (5) (6) (7)
H Low
C Mills
M Mills ●
C W S Monden
B Nielsen
Z Pamuk Elected 01/09/2023
B Petrongolo
D Rueda
L Schubiger
A Thompson ●
M Weidner ● ●
F Windmeijer ●
Supernumerary Fellows
E Kechagia-Ovseiko ● ● ● ● ●
T Moore ● ● ● ● ● ●
Research Fellows
S R Bond
R Breen ●

During the year the main activities of the Governing Body were carried out through seven committees. The current membership of these committees is shown above for each Fellow.

Two additional committees, chaired by external non-trustees, advise the Governing Body. These are the Audit Committee and the Fellows’ Remuneration Review Committee.

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Nuffield College Governing Body, Officers and Advisers Year ended 31 July 2023

COLLEGE SENIOR STAFF

The senior staff of the College to whom day to day management is delegated are as follows.

Andrew Dilnot Warden
Eleni Kechagia-Ovseiko Senior Tutor
David Walker Head of the Endowment Office
Tom Moore Bursar
Yanislava Moyse Head of Finance

In February 2023, Andrew Dilnot announced his intention to retire at the end of the academic year 2023/24. The process of appointing a success began during the year ending 31 July 2023, and is expected to culminate in an election at the end of the calendar year 2023.

COLLEGE ADVISERS

Investment managers

Oxford University Endowment Management Limited, 27 Park End Street, Oxford, OX1 1HU

Investment property managers

Savills plc, 33 Margaret Street, London W1G 0JD meterhoch2! Hausverwaltungen GmbH, Schwarzbacher Str. 3, 10711 Berlin, Germany

Auditor

Moore Kingston Smith LLP, 9 Appold Street, London EC2A 2AP

Bankers

Royal Bank of Scotland Group plc, 36 St Andrew Square, Edinburgh EH2 2YB J P Morgan, 1 Knightsbridge, London SW1X 7LX

Solicitors

Knights plc, Midland House, West Way, Botley, Oxford OX2 0PH Old Square Chambers, 10-11 Bedford Row, London WC1R 4BU Pennington Manches Cooper LLP, 9400 Garsington Road, Oxford Business Park, Oxford OX4 2HN Hanns-Martin Geismar, Marburger Straße 5, 10789 Berlin

Herbert Smith Freehills LLP - Exchange House, Primrose Street, London, EC2A 2EG Withers LLP, 2 Old Bailey, London EC4M 7AN

Surveyors

Savills plc, 33 Margaret Street, London W1G 0JD Adkin, Orpwood House, School Road, Ardington, Wantage, Oxfordshire, OX12 8PQ

College address

New Road Oxford OX1 1NF

Registered Charity Number

1137506

Website

www.nuffield.ox.ac.uk

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Nuffield College Report of the Governing Body Year ended 31 July 2023

The Members of the Governing Body present their Annual Report for the year ended 31 July 2023 under the Charities Act 2011, together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

The Warden and Fellows of Nuffield College in the University of Oxford, which is known as Nuffield College (“the College”), is an eleemosynary chartered charitable corporation aggregate. It was founded by Viscount Nuffield under a Deed of Covenant and Trust dated 16 November 1937 and was granted a Royal Charter from Queen Elizabeth the Second on 18 April 1958. The corporation comprises the Warden and Fellows.

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

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The College is governed by its Charter and Statutes dated 18 April 1958.

Governing Body

The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, who is the Master of the Rolls. The Governing Body is self-appointing, by election.

New members of the Governing Body are elected on the basis of academic distinction, or their ability to serve the College in other ways.

The Governing Body determines the ongoing strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly under the chairmanship of the Warden.

Recruitment and training of Members of the Governing Body

New Members of the Governing Body are recruited by election and inducted into the workings of the College, including Governing Body policy and procedures.

Members of the Governing Body are made aware of Charity Commission guidance to trustees and are encouraged to attend external trustee training and information courses to keep them informed on current issues in the sector and on regulatory requirements. Trustee training (delivered by Penningtons Manches) is organised by the Conference of Colleges on an annual basis and is open to all new Governing Body fellows. Refresher sessions to which all Governing Body members are invited are organised periodically.

Remuneration of Members of the Governing Body and Senior College Staff

Members of the Governing Body, who are primarily Fellows engaged in teaching and research, receive no remuneration or benefits from their trusteeship of the College. Those trustees who are also employees of the College receive remuneration for their work as employees of the College which is set in accordance with the advice of the College’s Fellows’ Remuneration Review Committee (FRRC) which where appropriate has regard to relevant remuneration arrangements for academic, and academic-related, staff within the collegiate University. FRRC consists of a Chair plus three members, normally including at least two current Visiting Fellows; none of the Committee’s members are trustees and none are in receipt of remuneration from the College. The Committee provides independent scrutiny of proposals concerning any changes to pay or conditions that would benefit Fellows, by testing them against three key principles: legitimacy, affordability, and reasonableness.

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Nuffield College Report of the Governing Body Year ended 31 July 2023

Organisational management

The Governing Body meets six times a year. The work of developing policies and monitoring their implementation is carried out by the following committees:

The day-to-day running of the College is delegated to the senior staff listed on page 4 ( viz ., the Warden, Senior Tutor, Head of the Endowment Office, Bursar, and Head of Finance), and is supported by heads of the College’s administrative departments. The Governing Body is chaired by the Warden, who also chairs the College’s Investment Committee, Strategy and Resources Committee, Library Committee, Personnel and Domestic Committee, Equality Committee, and Welfare Committee. The Information Systems Committee is chaired by an IT Fellow (drawn from amongst the College’s Governing Body), who also has some responsibility for overseeing the relevant areas of the College’s IT activities.

In addition, there are two committees that assist the College to control risks related to governance and conflicts of interest: a Fellows’ Remuneration Review Committee (as described above) and an Audit Committee, which has an external (not a trustee or employee) chair and two further external members, and which advises Governing Body on the effectiveness of the financial and other internal control systems of the College.

Group structure and relationships

The College had one wholly owned non-charitable subsidiary in the year: Nuffield College Developments 1 Ltd (NCD1 Ltd), which was acquired on 15 December 2021.

Prior to the acquisition, NCD1 Ltd, formerly known as OxWED Ltd, was a joint venture between Nuffield College and Oxford City Council (for the purposes of assembling land at Oxpens and bringing it forward for development). Nuffield College obtained full control of the company following the acquisition of Oxford City Council’s 50% equity interest.

NCD1 Ltd carries out the duties of a member of the newly formed OXWED LLP. OXWED LLP is a joint venture between Nuffield College Developments 1 Ltd and Oxford City Council (with the same purpose as OxWED Ltd), and was incorporated on 10 December 2021.

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.

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Nuffield College Report of the Governing Body

Year ended 31 July 2023

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The College’s Objects as set out in its Statutes are to advance postgraduate education and research in the social sciences.

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

Activities and objectives of the College

The College’s activities are focused on furthering its stated objects and aims for the public benefit as set out above. In doing so, the College aims to achieve sustained levels of excellence, not just in respect of its academic activities, but also in respect of the operations which support and enable those activities to happen.

To achieve its objects and aims, the College places special emphasis on:

The College assesses the success of these strategies with reference amongst other things to:

Policy on and provision of bursary support

The College admits only graduate students. It awards scholarships to cover or partially cover fees and maintenance costs. In 2022/23, College funds provided £1,593k towards such costs, which was 29% higher than the previous year (2022: £1,235k).

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Nuffield College Report of the Governing Body Year ended 31 July 2023

Statement on fundraising activities

Through its Development Office, the College builds relationships with alumni and other friends of the institution in order to foster a culture of giving. Potential donors are invited to give through a variety of fundraising tools, including dedicated alumni events and communications, face-to-face major gift solicitation, as well as an annual fund programme (direct mail appeals and telethons). Telethons are conducted in conjunction with Buffalo Fundraising Consultants. The College follows and has complied in full with the Fundraising Regulator’s “Code of Practice in Fundraising” and has committed to the Regulator’s “Fundraising Promise”. It also subscribes to the principles set out in the University’s “Policy on fundraising with and responding to people in vulnerable circumstances”. No complaints have been received about fundraising activities undertaken by the College or any of its commercial participants.

ACHIEVEMENTS AND PERFORMANCE

During the period under review the College’s operations continued successfully across all aspects of its activities and objectives.

Some highlights of the College’s activities in 2022/23 (which include examples of awards, public engagement and outreach activities, research, and equality and diversity initiatives) are set out below.

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Nuffield College Report of the Governing Body Year ended 31 July 2023

More information about the College’s academic activities for the year can be found in the relevant version of its Annual Report.

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Nuffield College Report of the Governing Body Year ended 31 July 2023

FINANCIAL REVIEW

Income

In line with the prevailing economic environment, College’s total income for the year decreased by 3% to £14,101k in 2022/23 (2022: £14,517k, excluding the consolidated trading income from the subsidiary). NCD1 Ltd, the wholly owned subsidiary of the College did not realise any trading income in the financial year to 31 July 2023 (2022: £32,370k). The trading income recognised in the previous financial year related to a disposal of land held as stock, which was a one-off transaction following a corporate restructuring carried out in December 2021 (further details are provided in notes 12 and 13 to the financial statements).

Investment income, which is the largest source of income to the College, decreased by 4% to £11,790k (2022: £12,270k) mainly due to an exceptional payment reported in the previous year and a small decrease in commercial rents.

----- Start of picture text -----
INCOME 2023
4%
3% [2%]
Investment Income
7%
Research Grants & Other Academic Income
Student Fee & OfS support
Donations
Residential Income
84%
----- End of picture text -----

Income from charitable activities of £2,039k was 11% higher than the previous year (2022: £1,842k), and consisted of student fee income of £279k (an increase of 2%), other OfS support of £183k, other academic and mainly research grant income of £969k (an increase of 12%), and College residential income of £608k (an increase of 17%).

Income from donations amounted to £272k (2022: £405k) and was composed mainly of endowment donations (£270k) to the Graduate Scholarship funds.

Expenditure

The College’s total expenditure increased by 1% to £16,841k (2022: £16,629k), net of the subsidiary’s trading expenditure of £23k.

Expenditure on charitable activities was £12,574k, a decrease of 6% from the previous year (£13,330k). This decrease was largely attributable to the reported movement in the pension provision, which resulted in a net decrease in total costs of £826k in the current year, compared to a corresponding net increase of £1,779k reported in the previous financial year.

Details of the pension provision for the current and the previous year are included in note 23 of the financial statements.

The cost of generating funds increased by 29% to £4,267k (2022: £3,299k): investment management costs increased by 30% to £3,999k (2022: £3,068k), primarily due to the increase in interest rate, which resulted in higher interest costs related to the outstanding bank loan. The fundraising costs of £268k were 16% higher than the previous year (2022: £231k).

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Nuffield College Report of the Governing Body Year ended 31 July 2023

Result for the year

The College’s total consolidated funds decreased by £5,990k in the year to £314,007k as at 31 July 2023 (2022: £319,997k), representing a decrease of 2%. The decrease is primarily attributable to the reported group share of the joint venture’s loss, amounting to £1,671k (2022: £1,577k), and a reduction in investment asset values and the corresponding investment losses of £1,527k (2022: gain of 12,909k).

Investments

The total group investments, which comprise securities, property investments and an investment in a Joint Venture, decreased by 2.5% and amounted to £326,393k (2022: £334,800k) at the year-end.

In the backdrop of the continued trend in the global markets during the financial year, the College reported a decrease in the total return from its investment portfolio compared to the previous year. The total return for the year, based on the consolidated financial results, was 1.3% (2022: 7.9%), primarily due to reduced growth of capital values.

The value of the bank loan, measured at amortised cost, was £31,959k and the interest payable for the year was 4.46%, based primarily on SONIA plus 1%. The effective interest rate payable in the previous financial year was 1.57%. After taking into account the bank loan and the net investment current assets of £2,726k, the total consolidated net investment assets stood at £297,160k as at 31 July 2023 (2022: £303,807k).

Reserves policy

At the year-end, the total funds of the College amounted to £314,007k (2022: £319,997k), comprising endowment, restricted, and unrestricted funds. The balances of these funds are provided below as at 31 July 2023, including the comparative figures.

----- Start of picture text -----
FUND BALANCES
£000
16,847
Unrestricted Funds
16,190
9,912
Restricted Funds
9,993
287,248
Endowment Funds
293,814
0 50,000 100,000 150,000 200,000 250,000 300,000 350,000
2023 2022
----- End of picture text -----

The College’s reserves policy is to maintain sufficient free reserves to meet short-term financial obligations in the event of an unexpected revenue shortfall.

The College’s general reserves at the year-end amounted to £5,347k (2022: £5,068k).

In accordance with FRS 102, a pension reserve of £2,418k (2022: £3,244k), which represents the current defined benefit pension scheme liability, is included within unrestricted funds.

The College’s free reserves, after deducting the pension liability, amounted to £2,929k at the year-end (2022: £1,824k).

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Nuffield College Report of the Governing Body Year ended 31 July 2023

Consolidated designated reserves, excluding the fixed assets designated fund of £11,425k (2022: £11,866k), amounted to £2,493k (2022: £2,500k) at the year-end. This included funds of £55k (2022: £55k) for specific research projects to be spent within ten years of the initial award and an academic fund of £2,438k (2022: £2,445k), set up in March 2014, for the purpose of advancing postgraduate education and research.

The total return allocated to income from the College’s endowment funds provides, on average, approximately 82% of the total funds required to support the College’s charitable activities.

In the event of a significant decline in operating income, the current level of free reserves would be sufficient to cover 18% of the expected charitable expenditure for approximately one year.

Liquidity

The College maintains a level of liquidity (in highly liquid assets), that ensures there is sufficient cash available to meet expected future capital commitments, cover the next two years’ transfer from endowment funds to unrestricted funds under the approved endowment expenditure rule and cope with unexpected cash requirements.

Investment policy, objectives and performance

The College’s endowment makes a major contribution to funding its activities. The Governing Body intends that this should continue for the foreseeable future.

The College seeks to generate a return in excess of inflation that enables it to maintain the value of the endowment in real terms and to make a sustainable contribution to funding expenditure. As a long-term investor, the College recognises the significance of compounding of returns and of inflation, the consequences of permanent or longlasting loss of capital value, and the general risk-and-return characteristics of different asset classes. The College tolerates managed volatility. It aims to maintain sufficient liquidity to meet its liabilities, to protect against permanent loss of capital value, and to enable it to benefit from investment opportunities.

The College requires there to be sound arrangements for custody of its investment assets and for dealing with credit, counterparty, and currency risks. The College holds a diversified portfolio of assets, and the balance among classes may vary from time to time. The College may seek to benefit from investing in risk assets globally, and it may pursue a range of approaches to generating returns.

Mindful of fiduciary duties, the Governing Body maintains that consideration of environmental, social, and governance (ESG) factors should be fully integrated into the College’s investment activities. This encompasses conservation of the College’s reputation, attention to relevant moral considerations, and awareness of focus on ESG factors in the investment world and in society generally.

The College’s Statutes allow it to invest permanent endowments to maximise total return and to make available for expenditure each year an appropriate proportion of the unapplied total return. The total return accounting basis uses a long-term spending rate combined with a smoothing rule, which adjusts spending gradually in accordance with changes in the endowment’s market value after costs. The amount released is calculated as a weighted sum of the prior year contribution adjusted for inflation (80% weight) and the amount that would have been contributed using 4.3% of the previous year’s brought forward fund values (20% weight). The equivalent of 3.68% of the opening balances of the relevant funds, plus costs, was extracted as income in the year (2022: 3.50%).

Risk management

Policies and procedures within the College are reviewed by the relevant College Committee, and each key Committee maintains its own Risk Register. Financial risks are assessed by the Strategy and Resources and Audit Committees, and investment risks are monitored by the Investment Committee. In addition, the Bursar and heads of the College departments meet regularly to review and assess operational risks. When it is not able to address risk issues using internal resources, the College takes advice from experts external to the College with specialist knowledge. Training courses and other forms of career development are promoted to members of staff to enhance their skills in risk-related areas.

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Nuffield College Report of the Governing Body Year ended 31 July 2023

Governance & compliance

Key areas of risk Managing strategies
Lack of strategy / skills Strategy and Resources Committee; budget-setting and
quarterly forecasting; recruitment and induction
processes; appointment of external consultants with
relevant expertise as appropriate.
Conflict of interest / non-charitable activities Fellows Remuneration Review Committee; Conflict of
Interest policy;recruitment andinductionprocesses.
Regulatory reporting requirements Allocate roles and responsibilities; training and induction;
regulardepartmental reviews.

Academic

Key areas of risk Managing strategies
Failure to recruit and retain world class academic staff Strategic planning; competitive salaries and benefits;
appointment procedures; collaboration with University.
Failure to attract and admit top quality graduate students Admissions planning and processes; scholarships;
quality of student experience; collaboration with
University; low overall intake.

Financial

Key areas of risk Managing strategies
Fraud; budgetary control Audit Committee; internal controls; segregation of duties;
regular reporting.
Financial markets risk (including equity, currency, and
interest rate risk)		 Diversification, asset-liability matching, monitoring of
currency exposure, asset allocation and duration
management.
Inflation risk Budgetary monitoring, cash flow management,
geographical diversification within the investment
portfolio.
Investment policy and strategy Investment Committee (inc. external members and
expert advisors); regular reporting; diversification of
holdings; external fundmanagers.

Operational

Key areas of risk Managing strategies
Loss of key staff Systems, policies, and processes; succession planning;
regular departmental reviews; contingency planning.
Recruitment of support staff Review terms and conditions; collaboration with
University and othercolleges; casualappointments.
Information security; data loss Information Systems Committee; back-up arrangements;
regular reviews; collaboration with University; business
continuity planning.
Health and safety; employment issues Recruitment, induction, and training; management
processes; monitoring and reporting; external controls.

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Nuffield College

Report of the Governing Body Year ended 31 July 2023

Going concern

In assessing the College’s ability to continue to operate as a going concern, the Trustees have considered the following three key areas:

Bank loan covenant compliance . A breach of the current bank loan covenants would occur in the event that the College’s net assets fell by 59.6% of the values reported as at 31 July 2023, the likelihood of which was assessed as low.

Liquidity risk. The College’s investment policy is to maintain a sufficient level of liquidity (in highly liquid assets) to meet planned future capital commitments and cover the next two years’ transfer from the endowment to unrestricted funds under the approved endowment expenditure rule. On this basis, the likelihood of the College not being able to meet its obligations as they fall due was assessed as low.

Loss of income . The total return allocated to income from the College’s endowment provides approximately 82% of the total funds required to support the College’s charitable activities. The College has adopted a total return approach to its investments and has sufficient levels of accumulated unapplied total return (note 14). Therefore, although short-term adverse market conditions would be reflected in the accumulation of investment return and endowment fund balances, the amount of total return allocated to income would not be subject to the investment markets’ volatility and is within the control of the Governing Body. Any significant decline in the College’s operating income, which covers approximately 18% of the College’s operating expenditure, could be funded from the free reserves for approximately one year.

Based on the reported financial performance and the assessment of the principal risks, the Trustees have a reasonable expectation that the College has adequate resources to continue in operation and meet its liabilities as they fall due for at least 12 months from the approval of the financial statements. The Trustees, therefore, continue to adopt the going concern basis of accounting in preparing the annual financial statements.

FUTURE PLANS

During the financial year 2023/24, the College plans to:

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Nuffield College Report of the Governing Body Year ended 31 July 2023

More generally, the College’s future plans are:

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Nuffield College

Report of the Governing Body

Year ended 31 July 2023

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 income or expenditure for that period. In preparing these financial statements, the Governing Body is required to:

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 29 November 2023 and signed on its behalf by:

Sir Andrew Dilnot

Warden

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Nuffield College

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE GOVERNING BODY OF NUFFIELD COLLEGE

Opinion

We have audited the financial statements of Nuffield College (the ‘charity’) for the year ended 31 July 2023 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the 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:

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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained in the annual report. 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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial

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Nuffield College

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE GOVERNING BODY OF NUFFIELD COLLEGE

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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Governing Body’s annual report.

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

Responsibilities of trustees

As explained more fully in the statement of accounting and reporting responsibilities set out on page 16, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 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 group or charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

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Nuffield College

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE GOVERNING BODY OF NUFFIELD COLLEGE

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

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

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

The objectives of our audit in respect of fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

19

Nuffield College

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE GOVERNING BODY OF NUFFIELD COLLEGE

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

Use of our report

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's members those matters which we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Moore Kingston Smith LLP, Statutory Auditor 9 Appold Street London EC2A 2AP

Date: 30 November 2023

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

20

Nuffield College Statement of Accounting Policies Year ended 31 July 2023

1. Scope of the financial statements

The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its interest in the OXWED joint venture, under the equity method of accounting. No separate SOFA has been presented for the College alone as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements.

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 financial statements have been prepared on a going concern basis and 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 College is a member of the Universities Superannuation Scheme (USS) and University of Oxford Staff Pension Scheme (OSPS). These are multi-employer pension schemes both of which are in deficit. The College has recognised a provision for its commitments under the agreed deficit reduction plans for each scheme. In calculating these provisions the College has made a number of assumptions which are disclosed in note 23.

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.

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

4. Income recognition

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

a. Income from fees, Office for Students support and other charges for services

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

21

Nuffield College Statement of Accounting Policies Year ended 31 July 2023

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. In case of donations, entitlement usually arises immediately on its receipt. 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.

Research grants income is usually conditional on delivery of specified research and incurring pre-determined expenditure, therefore performance condition is delivery of particular level of service, measured by proportion of costs incurred.

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 when the right to receive payment 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.

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 costs are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

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

22

Nuffield College Statement of Accounting Policies Year ended 31 July 2023

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 £25,000 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 is charged to the SOFA as incurred.

8. Depreciation

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

Freehold properties, including major extensions 50 years
Leasehold properties 50 years or period of lease if shorter
Building improvements 25 years
Equipment 3 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. 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.

Other unquoted investments are valued using primary valuation techniques such as earnings multiples, recent transactions and net assets where reliable estimates can be made – otherwise at cost less any impairment.

23

Nuffield College Statement of Accounting Policies Year ended 31 July 2023

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as ‘gains or losses on investments’ and are allocated to the fund holding or disposing of the relevant investment.

10. Other financial instruments

a. Derivatives

Derivative financial instruments are initially measured at fair value on the date the contract is entered into and are subsequently measured at fair value. Changes in fair value are credited or charged to the income or expenditure section of the SOFA. Hedge accounting is not currently applied to derivatives.

b. Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

c. Debtors and creditors

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

11. Stocks

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

12. Foreign currencies

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

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

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

13. Total Return investment accounting

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

24

Nuffield College Statement of Accounting Policies Year ended 31 July 2023

14. Fund accounting

The total funds of the College 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 donors have 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 both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required or permitted the capital to be maintained and with the intention that the income will be used for specific purposes within the College’s objects.

Permanent endowment funds arise where donors specify that the funds are to 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.

15. Pension costs

The costs of retirement benefits provided to employees of the College through two multi-employer defined pension schemes are accounted for as if these were defined contribution schemes as information is not available to use defined benefit accounting in accordance with the requirements of FRS 102. The College's contributions to these schemes are recognised as a liability and an expense in the period in which the salaries to which the contributions relate are payable.

In addition, a liability is recognised at the balance sheet date for the discounted value of the expected future contribution payments under the agreements with these multi-employer schemes to fund the past service deficits.

25

Nuffield College Consolidated Statement of Financial Activities For the year ended 31 July 2023

Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
1
Teaching, research and residential
Other trading income
3
Donations and legacies
2
Investments
Investment income
4
Total return allocated to income
14
Other income
Total income
EXPENDITURE ON:
5
Charitable activities:
Teaching, research and residential
Generating funds:
Fundraising
Trading expenditure
Investment management costs (incl. loan interest)
Total expenditure
Net income/(expenditure) before gains
Net gains/(losses) on investments
10, 11
Net income/(expenditure) before tax
Taxation
13
Net income/(expenditure)
Group share of joint venture's profit/(loss)
12
Transfers between funds
14
Other recognised gains/losses
Gains/(losses) on revaluation of subsidiary assets
13
Actuarial gains/(losses) on defined benefit pension schemes
Net movement in funds for the year
Fund balances brought forward
19
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
2,039
-
-
290
9,563
-		 Restricted
Funds
£'000
-
-
2
322
874
-		 Endowed
Funds
£'000
-
-
270
11,178
(10,437)
-		 2023
Total
£'000
2,039
-
272
11,790
-
-		 2022
Total
£'000
1,842
32,370
405
12,270
-
11,892
10,967
268
-
-		 1,198
1,607
-
-
173		 1,011
-
-
23
3,826		 14,101
12,574
268
23
3,999		 46,887
13,330
231
32,421
3,068
11,235 1,780 3,849 16,864 49,050
657 (582) (2,838) (2,763) (2,163)
- 251 (1,778) (1,527) 12,909
657 (331) (4,616) (4,290) 10,746
- - - - (208)
657 (331) (4,616) (4,290) 10,538
-
-
-
-		 -
250
-
-		 (1,671)
(250)
(29)
-		 (1,671)
-
(29)
-		 (1,577)
-
5,669
-
657
16,190		 (81)
9,993		 (6,566)
293,814		 (5,990)
319,997		 14,630
305,367
16,847 9,912 287,248 314,007 319,997

26

Nuffield College Consolidated and College Balance Sheets As at 31 July 2023

Notes
FIXED ASSETS
Tangible assets
9
Heritage assets
Property investments
10
Other investments
11
Investment in joint venture
12
Total fixed assets
CURRENT ASSETS
Stocks
Debtors
15
Investments
Cash at bank and in hand
27
Total current assets
LIABILITIES
Creditors: Amounts falling due within one year
16
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: falling due after more than one year
17
Provisions for liabilities and charges
18
Defined benefit pension scheme liability
23
TOTAL NET ASSETS/(LIABILITIES)
FUNDS OF THE COLLEGE
19
Endowment funds
Restricted funds
Unrestricted funds
Designated funds
General funds
Revaluation reserve
Pension reserve
23
NET ASSETS/(LIABILITIES) BEFORE PENSION ASSET
OR LIABILITY		 2023
Group
£'000
11,425
-
119,008
192,397
14,988
337,818
74
4,252
-
8,618
12,944
2,378
10,566
348,384
31,959
-
316,425
2,418
314,007
287,248
9,912
13,918
5,347
-
(2,418)
314,007		 2022
Group
£'000
11,866
-
118,219
200,647
15,934
346,666
58
3,208
-
7,791
11,057
2,543
8,514
355,180
31,939
-
323,241
3,244
319,997
293,814
9,993
14,366
5,068
-
(3,244)
319,997		 2023
College
£'000
11,425
-
119,008
209,083
-
339,516
74
4,252
-
9,588
13,914
2,368
11,546
351,062
31,959
-
319,103
2,418
316,685
288,956
9,912
14,888
5,347
-
(2,418)
316,685		 2022
College
£'000
11,866
-
118,219
216,334
-
346,419
58
3,197
-
8,641
11,896
2,300
9,596
356,015
31,939
-
324,076
3,244
320,832
293,799
9,993
15,216
5,068
-
(3,244)
320,832

The financial statements were approved and authorised for issue by the Governing Body of Nuffield College on 29 November 2023.

Warden: Sir A W Dilnot

Bursar: Mr T Moore

27

Nuffield College Consolidated Statement of Cash Flows For the year ended 31 July 2023

Notes
Net cash provided by (used in) operating activities
26
Cash flows from investing activities
Dividends, interest and rents from investments
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Cash flows from financing activities
Interest paid
Receipt of endowment
Net cash provided by (used in) financing activities
Change in cash and cash equivalents in the reporting period
27
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
Change in cash and cash equivalents due to
exchange rate movements		 2023
£'000
(14,205)		 2022
£'000
(5,748)
10,744
730
(578)
13,410
(13,676)		 9,565
-
(965)
27,034
(7,523)
10,630 28,111
(1,424)
270		 (502)
392
(1,154) (110)
(4,729) 22,253
32,366
(37)		 10,031
82
27,600 32,366

28

Nuffield College Notes to the financial statements For the year ended 31 July 2023

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 (OfS) support
Other academic income
College residential income
Total teaching, research and residential
Total income from charitable activities		 2023
£'000
112
167
11
183
958
608
2,039
2,039
2,039		 2022
£'000
103
171
3
180
866
519
1,842
1,842
1,842

The above analysis includes £183k received from Oxford University from publicly accountable funds under the College Funding Formula (CFF) Scheme (2022: £180k).

Donations and legacies
Unrestricted funds
Restricted funds
Endowed funds
Total income from donations and legacies
INCOME FROM OTHER TRADING ACTIVITIES
Endowed funds
Subsidiary company trading income (see note 13)
Other trading income
Total income from other trading activities
INVESTMENT INCOME
Unrestricted funds
Interest on fixed term deposits and cash
Other investment income
Bank interest
Restricted funds
Commercial rent
Other property income
Equity dividends
Interest on fixed term deposits and cash
Other interest
Endowed funds
Agricultural rent
Commercial rent
Other property income
Equity dividends
Interest on fixed term deposits and cash
Other investment income
Total investment income		 2023
£'000
-
2
270
272
2023
£'000
-
-
-
2023
£'000
221
69
-
290
209
-
113
-
-
322
39
4,467
-
4,872
1,800
-
11,178
11,790		 2022
£'000
-
13
392
405
2022
£'000
32,370
-
32,370
2022
£'000
18
64
-
82
270
-
76
-
-
346
39
4,917
1,200
4,679
1,007
-
11,842
12,270

29

Nuffield College Notes to the financial statements For the year ended 31 July 2023

5 ANALYSIS OF EXPENDITURE

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		 2023
£'000
5,150
5,885
1,539
12,574
197
-
132
62
22
3,867
9
1
-
4,290
16,864		 2022
£'000
7,001
4,738
1,591
13,330
183
-
126
37
32,418
2,942
11
3
-
35,720
49,050

The comparative year's (2022) total expenditure of £49,050k represented £12,298k from unrestricted funds, £1,379k from restricted funds and £35,373k 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.

The teaching and research costs include College Contribution payable to the University of Oxford of £282k (2022: £260k).

Included in the total trading expenditure of £32,421k for the year to 31 July 2022 is expenditure of £21,393k related to the subsidiary (see note 13) and a fair value adjustment to the land sold by the subsidiary of £11,028k.

6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Generating
Funds
£'000
Financial administration
3
Domestic administration
2
Human resources
1
IT
3
Depreciation
-
Loss/(profit) on fixed assets
-
Other finance charges
-
Governance costs
1
10
Generating
Funds
£'000
Financial administration
3
Domestic administration
3
Human resources
1
IT
4
Depreciation
-
Loss/(profit) on fixed assets
-
Other finance charges
-
Governance costs
3
14		 Teaching
and
Research
£'000
359
205
152
399
408
(119)
108
27		 Public
Worship
£'000
-
-
-
-
-
-
-
-
-
Public
Worship
£'000
-
-
-
-
-
-
-
-
-		 Heritage
£'000
-
-
-
-
-
-
-
-
-
Heritage
£'000
-
-
-
-
-
-
-
-
-		 2023
Total
£'000
362
207
153
402
408
(119)
108
28
1,539 1,549
Teaching
and
Research
£'000
297
200
156
515
385
-
18
20		 2022
Total
£'000
300
203
157
519
385
-
18
23
1,591 1,605

30

Nuffield College Notes to the financial statements For the year ended 31 July 2023

The following costs are attributed on a per capita basis: Finance and administration and human resources costs Depreciation costs IT costs

Governance costs comprise:
Auditor's remuneration - audit services
Auditor's remuneration - subsidiary
Other governance costs		 2023
£'000
24
1
3
28		 2022
£'000
17
3
3
23

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.

7 GRANTS AND AWARDS

During the year the College provided research grants and bursaries to students from its restricted and unrestricted funds as follows:

Unrestricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Grants to other institutions
Total unrestricted
Restricted funds
Grants to individuals:
Scholarships, prizes and grants
Total restricted
Total grants and awards		 2023
£'000
1,411
118
-
1,529
64
64
1,593		 2022
£'000
1,141
34
-
1,175
60
60
1,235

The above costs are included within the charitable expenditure on teaching, research and residential.

8 STAFF COSTS

The aggregate staff costs for the year were as follows.
Salaries and wages
Social security costs
Pension costs:
Pension contributions
Staff costs related to pension liability		 2023
£'000
5,799
585
911
(928)
6,367		 2022
£'000
5,030
499
807
1,766
8,102

Key management remuneration

The total remuneration paid to key management was £803k (2022: £618k).

Key management are considered to be the Warden, Senior Tutor, Head of Endowment Office, Bursar and Head of Finance.

The average number of employees of the College, excluding Trustees, were as follows:

Headcount
FTE
Tuition and research
52
46
College residential
50
46
Fundraising
4
4
Support
16
14
Total
122
110
The average number of employed College Trustees during the year was as follows:
University lecturers
9
2
Other teaching and research
27
11
Other
3
3
Total
39
16
2023
 Headcount
FTE
50
44
47
43
4
4
16
14
117
105
9
2
29
10
3
3
41
15
2022		 Headcount
FTE
50
44
47
43
4
4
16
14
117
105
9
2
29
10
3
3
41
15
2022
105
2
10
3
15

31

Nuffield College Notes to the financial statements For the year ended 31 July 2023

The College also engages temporary staff and agency workers who are not on the College payroll.

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 are included as a separate note in these financial statements.

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


pension contributions) fell within the following bands was:
£60,001-£70,000
£70,001-£80,000
£80,001-£90,000
£90,001-£100,000
£120,001-£130,000
The number of the above employees with retirement benefits accruing was as follows:
In defined benefits schemes		 2023
1
3
1
1
1
6		 2022
2
-
1
1
1
5

Redundancy and termination payments are accounted for in the period in which the payments were made. During the current financial year, redundancy and termination payments amounted to £nil (2022: £17k). These costs were charged to unrestricted funds.

Group and College
Cost
At start of year
Additions
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		 Leasehold
land and
buildings
£'000
2,827
-
-
2,827
896
38
-
-
934
1,893
1,931		 Freehold
land and
buildings
£'000
14,746
578
(611)		 Plant and
machinery
£'000
-
-
-
-
-
-
-
-
-
-
-		 Fixtures,
fittings and
equipment
£'000
231
-
-
231
231
-
-
-
231
-
-		 Total
£'000
17,804
578
(611)
14,713 17,771
4,811
370
-
-		 5,938
408
-
-
5,181 6,346
9,532 11,425
9,935 11,866

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.

32

Nuffield College Notes to the financial statements For the year ended 31 July 2023

10 PROPERTY INVESTMENTS

PROPERTY INVESTMENTS PROPERTY INVESTMENTS
Group and College
Agricultural Commercial
£'000
£'000
Valuation at start of year
2,869
115,350
Additions and improvements at cost
59
2,879
Disposals
-
(2,721)
Revaluation gains/(losses) in the year
28
544
Valuation at end of year
2,956
116,052		 Other
£'000
-
-
-
-
-		 2023
Total
£'000
118,219
2,938
(2,721)
572
119,008		 2022
Total
£'000
125,918
2,161
(25,735)
15,875
116,052 118,219

The College directly invests in a substantial portfolio of commercial property and one agricultural holding. All the property is held in the United Kingdom except for three assets in Berlin, Germany.

A formal valuation of the agricultural property in Liverpool was prepared by Simon P Alden MRICS FAAV of Adkin as at 31 July 2023.

Formal valuations for the commercial properties were prepared as at 31 July 2023 by their respective managing agents: by Nicholas F Rees MRICS of Savills for UK property, Volker Zwing of Meterhoch2! for Berlin and Simon P Alden MRICS FAAV of Adkin for Nuffield Estate.

Prior year comparatives of the analysis between Agricultural and Commercial properties are shown in note 33 (b).

11 OTHER INVESTMENTS

All investments are held at fair value.

Group investments
Valuation at start of year
New money invested
Amounts withdrawn
(Decrease)/increase in value of investments
Group investments at end of year
Loan to joint venture (note 12)
Investment in subsidiary (note 13)
Less: Cash related to subsidiary
College investments at end of year		 2023
£'000
200,647
4,538
(10,689)
(2,099)
192,397
16,829
843
(986)
209,083		 2022
£'000
181,173
23,739
(1,299)
(2,966)
200,647
16,104
814
(1,231)
216,334
Group investments comprise:
Held outside
Held in
the UK
the UK
£'000
£'000
Equity investments
-
-
Global multi-asset funds
137,078
14,644
Property funds
-
-
Fixed interest stocks
15,974
-
Alternative and other investments
4,358
1,361
Fixed term deposits and cash
116
18,866
Total group investments
157,526
34,871		 2023
Total
£'000
-
151,722
-
15,974
5,719
18,982		 Held outside
the UK
£'000
-
137,064
-
16,668
5,345
20
159,097		 Held in
the UK
£'000
-
15,634
-
-
1,361
24,555
41,550		 2022
Total
£'000
-
152,698
-
16,668
6,706
24,575
192,397 200,647

33

Nuffield College Notes to the financial statements For the year ended 31 July 2023

12 INVESTMENT IN JOINT VENTURE

OXWED LLP is a joint venture between (1) Nuffield College Developments 1 Limited, a wholly owned subsidiary of Nuffield College, and (2) Oxford City Council. The principal activity of the partnership is property investment and development.

The joint venture was established in December 2021, as part of a concurrent corporate restructuring, which also included the following:

• The outstanding loans, originally provided by Nuffield College to OxWED Ltd, totalling £15,504k, were novated to the new joint venture OXWED LLP. The total amount included the outstanding at the time principal of £11,716k and the accrued but unpaid interest of £3,788k. The interest had taken the form of additional loan, following the payment-in-kind agreement between Nuffield College and OxWED Ltd, entered into at the time of the restructuring.

Nuffield College provided a further loan to OXWED LLP of £600k in the previous financial year and additional loans of £725k in the year to 31 July 2023. As of the balance sheet date, the total value of the outstanding loans, provided by Nuffield College to OXWED LLP was £16,829k. Interest is charged on the loans at a rate of 6.5%, resulting in outstanding interest of £1,753k as at 31 July 2023 (2022: £650k) (note 15).

Nuffield’s interest in the joint venture is measured using the equity method of accounting in the consolidated financial statements.

Nuffield’s share of the net assets of OXWED LLP is included in the consolidated balance sheet and the net share of profit/(loss) is shown in the consolidated SoFA, and calculated as follows:

Members' Interest As at 31 July 2023 As at 31 July 2023
Loans due to members
Members' capital classified as equity
Other reserves classified as equity
Members' interest as at 31 July 2023		 OXWED
LLP
Total
£'000
33,658
1,362
(5,044)
29,976		 £'000
16,829
681
(2,522)
Nuffield
College
share
50%		 £'000
16,829
681
(2,522)



Oxford City
Council
share 50%
14,988 14,988
Members' interest
Loans due to members
Members' capital classified as equity
Other reserves classified as equity
Members' interest as at 31 July 2022		 OXWED
LLP
Total
£'000
£'000
32,208
16,104
1,362
681
(1,702)
(851)
31,868
15,934
As at 31 July 2022
Nuffield
College
share 50%		 OXWED
LLP
Total
£'000
£'000
32,208
16,104
1,362
681
(1,702)
(851)
31,868
15,934
As at 31 July 2022
Nuffield
College
share 50%		 £'000
16,104
681
(851)


Oxford City
Council
share 50%
15,934 15,934

34

Nuffield College Notes to the financial statements For the year ended 31 July 2023

12 INVESTMENT IN JOINT VENTURE - continued

OXWED LLP
Profit and loss account for the year ended 31 July 2023		 OXWED LLP
Profit and loss account for the year ended 31 July 2023
Income
Expenditure
Operating surplus/(loss)
Interest charge
Loss from continuing operations
Total comprehensive income & expenditure loss
Nuffield College share 50%		 2023
2022
£'000
£'000
502
255
(1,638)
(657)
(1,136)
(402)
(2,206)
(1,300)
(3,342)
(1,702)
(3,342)
(1,702)
(1,671)
(851)
Balance sheet as at 31 July 2023 OXWED LLP
Stocks
Debtors
Cash at bank and in hand
Current liabilities
Net assets attributable to members		 2023
2022
£'000
£'000
33,169
33,169
85
178
480
40
(3,758)
(1,519)
29,976
31,868
OxWED Ltd
Profit and loss account for the year ended 31 July 2023
Income
Expenditure
Operating surplus/(loss)
Interest charge
Loss from continuing operations
Total comprehensive income & expenditure loss
Nuffield College share 50%		 2023
2022
£'000
£'000
-
137
-
(885)
-
(748)
-
(704)
-
(1,452)
-
(1,452)
-
(726)
Balance sheet as at 31 July 2023 OxWED Ltd
Stocks
Debtors
Cash at bank and in hand
Current liabilities
Net assets attributable to members		 2023
2022
£'000
£'000
-
-
-
-
-
-
-
-
-
-

35

Nuffield College Notes to the financial statements For the year ended 31 July 2023

13 PARENT AND SUBSIDIARY UNDERTAKINGS

Nuffield College owns 100% of the share capital of Nuffield College Developments 1 Ltd (NCD1 Ltd), company no. 09957392, following the acquisition of Oxford City Council’s 50% equity interest in the jointly controlled company, formerly known as OxWED Ltd, in December 2021.

NCD1 Ltd, as a subsidiary of Nuffield College, carries out the duties of a member of OXWED LLP. It seeks in particular to ensure that the LLP successfully carries out the business transferred to it.

The subsidiary has realised a loss for the year of £23k (2022: Profit of £10,769k resulted from the sale of land held as stock, which was a one off transaction following the corporate restructuring (note 12)). Some of the subsidiary’s reserves were donated to the College during the year under Gift Aid.

College investments NCD1 Ltd
Cost
At start of year
Additions
At end of year
Net Book Value		 2023
2022
£000
£000
814
-
29
814
843
814
843
814
2023
2022
£'000
£'000
Income
-
32,370
Expenditure
(23)
(21,393)
Operating surplus/(loss)
(23)
10,977
Tax
-
(208)
Profit from continuing operations
(23)
10,769
Total comprehensive income & expenditure profit
(23)
10,769
Balance sheet
2023
2022
£'000
£'000
Investments
681
681
Debtors
-
10
Cash at bank and in hand
16
381
Current liabilities
(10)
(242)
Total net assets
687
830
Retained earnings/(accumulated deficit)
807
1,680
Gift Aid
(120)
(850)
Total equity
687
830
NCD1 Ltd
NCD1 Ltd
Profit and loss account for the year ended 31 July 2023		 2023
2022
£'000
£'000
Income
-
32,370
Expenditure
(23)
(21,393)
Operating surplus/(loss)
(23)
10,977
Tax
-
(208)
Profit from continuing operations
(23)
10,769
Total comprehensive income & expenditure profit
(23)
10,769
Balance sheet
2023
2022
£'000
£'000
Investments
681
681
Debtors
-
10
Cash at bank and in hand
16
381
Current liabilities
(10)
(242)
Total net assets
687
830
Retained earnings/(accumulated deficit)
807
1,680
Gift Aid
(120)
(850)
Total equity
687
830
NCD1 Ltd
NCD1 Ltd
Profit and loss account for the year ended 31 July 2023
Income
Expenditure
Operating surplus/(loss)
Tax
Profit from continuing operations
Total comprehensive income & expenditure profit
Balance sheet
Investments
Debtors
Cash at bank and in hand
Current liabilities
Total net assets
Retained earnings/(accumulated deficit)
Gift Aid
Total equity
Fair Value of Net Assets on Acquisition
Start of year
Value of net assets
Fair value adjustments to net assets
End of year
50% of net assets acquired in year
Consideration paid
Goodwill
50% of the FV adjustment
Adjustment to current liabilities
(Loss)/gain on revaluation of subsidiary assets		 2023
2022
£'000
£'000
1,628
-
-
(9,090)
58
10,718
1,686
1,628
29
814
(29)
(814)
-
-
29
5,359
(58)
310
(29)
5,669

36

Nuffield College Notes to the financial statements For the year ended 31 July 2023

14 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees adopted a duly authorised policy of total return accounting for the College investment returns with effect from 31 July 2013.

The investment return to be applied as income is calculated as a weighted average of the prior year contribution adjusted for inflation (80% weight) and the amount which would have been contributed using 4.30% of the previous year's brought forward fund values (20% weight). The application of the above rule equates to a drawdown rate of 3.68% (2022: 3.50%) of the opening balances of the relevant funds.

The preserved (frozen) value of the invested endowment capital represents its open market value in 2003 together with all subsequent endowments valued at date of gift.

Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
At the beginning of the year:
Gift component of the permanent endowment
72,686
-
72,686
Unapplied total return
-
139,228
139,228
Expendable endowment
-
-
-
Total Endowments
72,686
139,228
211,914
Movements in the reporting period:
Gift of endowment funds
270
-
270
Investment return: total investment income
-
7,412
7,412
Investment return: realised and unrealised gains and losses
-
(3,829)
(3,829)
Gains/(losses) on revaluation of subsidiary assets
-
-
-
Less: Investment management costs (incl. taxation)
-
(1,284)
(1,284)
Less: Loan interest payable
-
(1,027)
(1,027)
Less: Subsidiary's net income and expenditure (incl. taxation)
-
-
-
Other transfers
-
(250)
(250)
Net profit/(loss) in relation to joint venture
-
-
-
Total
270
1,022
1,292
Unapplied total return allocated to income in the reporting period
-
(4,480)
(4,480)
Expendable endowments transferred to income
-
-
-
-
(4,480)
(4,480)
Net movements in reporting period
270
(3,458)
(3,188)
At end of the reporting period:
Gift component of the permanent endowment
72,956
-
72,956
Unapplied total return
-
135,770
135,770
Expendable endowment
-
-
-
Total Endowments
72,956
135,770
208,726
Permanent Endowment		 Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
At the beginning of the year:
Gift component of the permanent endowment
72,686
-
72,686
Unapplied total return
-
139,228
139,228
Expendable endowment
-
-
-
Total Endowments
72,686
139,228
211,914
Movements in the reporting period:
Gift of endowment funds
270
-
270
Investment return: total investment income
-
7,412
7,412
Investment return: realised and unrealised gains and losses
-
(3,829)
(3,829)
Gains/(losses) on revaluation of subsidiary assets
-
-
-
Less: Investment management costs (incl. taxation)
-
(1,284)
(1,284)
Less: Loan interest payable
-
(1,027)
(1,027)
Less: Subsidiary's net income and expenditure (incl. taxation)
-
-
-
Other transfers
-
(250)
(250)
Net profit/(loss) in relation to joint venture
-
-
-
Total
270
1,022
1,292
Unapplied total return allocated to income in the reporting period
-
(4,480)
(4,480)
Expendable endowments transferred to income
-
-
-
-
(4,480)
(4,480)
Net movements in reporting period
270
(3,458)
(3,188)
At end of the reporting period:
Gift component of the permanent endowment
72,956
-
72,956
Unapplied total return
-
135,770
135,770
Expendable endowment
-
-
-
Total Endowments
72,956
135,770
208,726
Permanent Endowment		 Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
At the beginning of the year:
Gift component of the permanent endowment
72,686
-
72,686
Unapplied total return
-
139,228
139,228
Expendable endowment
-
-
-
Total Endowments
72,686
139,228
211,914
Movements in the reporting period:
Gift of endowment funds
270
-
270
Investment return: total investment income
-
7,412
7,412
Investment return: realised and unrealised gains and losses
-
(3,829)
(3,829)
Gains/(losses) on revaluation of subsidiary assets
-
-
-
Less: Investment management costs (incl. taxation)
-
(1,284)
(1,284)
Less: Loan interest payable
-
(1,027)
(1,027)
Less: Subsidiary's net income and expenditure (incl. taxation)
-
-
-
Other transfers
-
(250)
(250)
Net profit/(loss) in relation to joint venture
-
-
-
Total
270
1,022
1,292
Unapplied total return allocated to income in the reporting period
-
(4,480)
(4,480)
Expendable endowments transferred to income
-
-
-
-
(4,480)
(4,480)
Net movements in reporting period
270
(3,458)
(3,188)
At end of the reporting period:
Gift component of the permanent endowment
72,956
-
72,956
Unapplied total return
-
135,770
135,770
Expendable endowment
-
-
-
Total Endowments
72,956
135,770
208,726
Permanent Endowment		 Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
At the beginning of the year:
Gift component of the permanent endowment
72,686
-
72,686
Unapplied total return
-
139,228
139,228
Expendable endowment
-
-
-
Total Endowments
72,686
139,228
211,914
Movements in the reporting period:
Gift of endowment funds
270
-
270
Investment return: total investment income
-
7,412
7,412
Investment return: realised and unrealised gains and losses
-
(3,829)
(3,829)
Gains/(losses) on revaluation of subsidiary assets
-
-
-
Less: Investment management costs (incl. taxation)
-
(1,284)
(1,284)
Less: Loan interest payable
-
(1,027)
(1,027)
Less: Subsidiary's net income and expenditure (incl. taxation)
-
-
-
Other transfers
-
(250)
(250)
Net profit/(loss) in relation to joint venture
-
-
-
Total
270
1,022
1,292
Unapplied total return allocated to income in the reporting period
-
(4,480)
(4,480)
Expendable endowments transferred to income
-
-
-
-
(4,480)
(4,480)
Net movements in reporting period
270
(3,458)
(3,188)
At end of the reporting period:
Gift component of the permanent endowment
72,956
-
72,956
Unapplied total return
-
135,770
135,770
Expendable endowment
-
-
-
Total Endowments
72,956
135,770
208,726
Permanent Endowment		 Expendable
Total
Endowment Endowments
£'000
£'000		 Expendable
Total
Endowment Endowments
£'000
£'000
72,686
-
-
72,686
270
-
-
-
-
-
-
-
-
270
-
-
-
270
72,956
-
-		 -
139,228
-		 72,686
139,228
-
211,914
270
7,412
(3,829)
-
(1,284)
(1,027)
-
(250)
-
1,292
(4,480)
-
(4,480)
(3,188)
72,956
135,770
-		 -
-
81,900
81,900
-
3,766
2,051
(29)
(1,118)
(397)
(23)
-
(1,671)
2,579
-
(5,957)
(5,957)
(3,378)
-
-
78,522		 72,686
139,228
81,900
139,228
-
7,412
(3,829)
-
(1,284)
(1,027)
-
(250)
-		 293,814
270
11,178
(1,778)
(29)
(2,402)
(1,424)
(23)
(250)
(1,671)
1,022
(4,480)
-		 3,871
(4,480)
(5,957)
(4,480) (10,437)
(3,458)
-
135,770
-		 (6,566)
72,956
135,770
78,522
72,956 135,770 208,726 78,522 287,248

The prior year comparatives of the Statement of Total Return are shown in note 33 (c).

37

Nuffield College Notes to the financial statements For the year ended 31 July 2023

15 DEBTORS

Amounts falling due within one year:
Trade debtors
Amounts owed by College members
Amounts owed by joint venture
Loans repayable within one year
Prepayments and accrued income
Other debtors
Amounts falling due after more than one year:
Loans
CREDITORS: falling due within one year
Trade creditors
Amounts owed to College Members
Holiday pay accrual
Taxation and social security
College contribution
Accruals and deferred income
Other creditors		 2023
Group
£'000
2,146
1
1,753
5
305
42
-		 2022
Group
£'000
1,934
42
650
6
473
103
-
3,208
2022
Group
£'000
310
1
61
316
-
1,377
478
2,543		 2023
College
£'000
2,146
1
1,753
5
305
42
-
4,252
2023
College
£'000
354
1
55
286
-
1,377
295
2,368		 2022
College
£'000
1,934
42
650
6
473
92
-
4,252 3,197
2023
Group
£'000
354
1
55
286
-
1,387
295		 2022
College
£'000
302
1
61
316
-
1,143
477
2,378 2,300

16 CREDITORS: falling due within one year

17 CREDITORS: falling due after more than one year

Bank loans 2023
Group
£'000
31,959		 2022
Group
£'000
31,939
31,939		 2023
College
£'000
31,959
31,959		 2022
College
£'000
31,939
31,959 31,939

A loan of £32 million was arranged in 2014/15 with Royal Bank of Scotland to (i) fund the acquisition of Investment Properties in Oxford and (ii) refinance existing bank loans. The loan is repayable at the end of 10 years (2025) and may be repaid earlier.

The interest rate for the year to 31 July 2023 was 1% above SONIA, plus a small credit adjustment spread, following the transition from LIBOR in January 2022 (previously, 1% above LIBOR).

The loan is measured at amortised cost using the effective interest method.

The loan arrangement fee of £193k has been treated as a deduction from the amount of the principal advanced and the effective interest rate on the loan has been calculated to reflect the arrangement fee being amortised over the loan period.

18 PROVISIONS FOR LIABILITIES AND CHARGES

PROVISIONS FOR LIABILITIES AND CHARGES
At start of year
Charged in the Statement of Financial Activities
Settled in the year
At end of year		 2023
Group
£'000
-
-
-		 2022
Group
£'000
-
-
-
-		 2023
College
£'000
-
-
-
-		 2022
College
£'000
-
-
-
- -

38

Nuffield College Notes to the financial statements For the year ended 31 July 2023

19 ANALYSIS OF MOVEMENTS ON FUNDS

Endowment funds - permanent
General
Nuffield College Trust
Guardian Fellowship Fund
GS Pollard Memorial Bursary
Ford Foundation Endowment
Gwilym Gibbon Bequest
Arthur Goodhart Fund
Andrew Mellon
PM Williams Memorial Appeal
Jemolo Research Fellowship
Oxford Graduate Scholarship Funds
Subtotal (permanent endowment)
Endowment funds - expendable
General
Endowment funds invested in joint venture
Endowment funds invested in subsidiary
Oxford Graduate Scholarship Funds
Subtotal (expendable endowment)
Total endowment funds - College		 At 1 August Incoming
2022 resources
£'000
£'000
99,118
3,223
79,681
3,109
2,667
87
247
8
14,388
467		 Resources
expended
£'000
(1,725)
-
(46)
(4)
(250)		 Transfers
£'000
(3,646)
-
(87)
(8)
(529)		 Gains/
(losses)
£'000
2,482
(7,149)
67
6
363		 At 31 July
2023
£'000
99,452
75,641
2,688
249
14,439
7,114
231		 (124) (262) 179 7,138
593
19
1,988
65
150
5
1,435
47
4,533
421
211,914
7,682
62,905
3,699		 (10)
(35)
(3)
(25)
(89)
(2,311)
(1,479)		 (19)
(65)
(4)
(47)
(63)
(4,730)
(7,127)		 15
50
4
36
118
(3,829)
2,035		 598
2,003
152
1,446
4,920
208,726
60,033
16,104
-
814
-		 -
-		 725
29		 -
-		 16,829
843
2,062
67		 (36) 416 16
2,051
(1,778)		 2,525
80,230
81,885
3,766
293,799
11,448
(851)
-		 (1,515) (5,957)
(10,687)
-
(3,826) 288,956
-
Movement of endowment funds invested in JV (1,671) (2,522)
Movement of endowment funds invested in Subsidiary 866
-		 (23) - (29) 814
Total endowment funds - Group
Restricted funds
Guardian Fellowship Fund
GS Pollard Memorial Bursary
Ford Foundation Endowment
Gwilym Gibbon Bequest
Arthur Goodhart Fund
Andrew Mellon
PM Williams Memorial Appeal
Jemolo Research Fellowship
Studentship Appeal and Studentship Support
Oxford Graduate Scholarship Funds
Total restricted funds - College
Restricted funds held by subsidiaries
Total restricted funds - Group
Unrestricted funds
General funds
Fixed asset designated fund
Other designated funds
Pension reserve
Total unrestricted funds - College
Consolidation adjustments related to subsidiaries
Total unrestricted funds - Group
Total funds		 293,814
11,448
1,005
33
378
12
4,622
150
170
5
1,859
60
434
14
161
5
1,127
37
44
1
193
7
9,993
324		 (10,687)
87
8
529
262
19
65
4
47
-
103
1,124		 (3,478)
25
10
117
4
47
11
4
28
-
5
251
(3,849) 287,248
(17)
(7)
(1,258)
(314)
(32)
(62)
(2)
(20)
(1)
(67)		 1,133
401
4,160
127
1,953
462
172
1,219
44
241
(1,780) 9,912
-
-		 - - - -
9,993
324
5,068
2,329
11,866
-
3,350
120
(3,244)
-
17,040
2,449
(850)
(120)
16,190
2,329
319,997
14,101		 (1,780) 1,124
8,309
(33)
461
826
9,563
-
9,563
-		 251
-
-
-
-
-
-
-
(3,227)		 9,912
(10,359)
(408)
(468)
-		 5,347
11,425
3,463
(2,418)
(11,235) 17,817
- (970)
(11,235) 16,847
(16,864) 314,007

The prior year comparatives of the Analysis of Movement of Funds are shown in note 33 (d).

39

Nuffield College Notes to the financial statements For the year ended 31 July 2023

20 FUNDS OF THE COLLEGE DETAILS

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

Endowment Funds - Permanent:

General endowment
Nuffield College Trust
Guardian Research Fellowship
GS Pollard Memorial Bursary
Ford Foundation Endowment
Gwilym Gibbon Bequest
Arthur Goodhart Fund
Andrew Mellon Fund
PM Williams Memorial Appeal
Jemolo Research Fellowship
Oxford Graduate Scholarship Funds
Endowment Funds - Expendable:
General
Lord Nuffield's Bequest
Sir Norman Chester's Bequest
P.M. Williams' Bequest		 Sources/Origins
Purposes
Lord Nuffield's Benefaction
Nuffield Foundation
The Scott Trust
CIPFA
The Ford Foundation
Sir I. Gwilym Gibbon
Provides for travel grants to and from North America.
To provide for studentship or research funding into
modern developments in public finance.
To provide a College for postgraduate work especially
in the study of social (including economic and
political) problems.
Ten Trust Funds, the purpose of which is to pay some
or all of the University and College fees together with
a maintenance grant. The original capital cannot be
spent.
A visiting Fellowship by persons whose field of
research is Italy.
Supports Fellows of the College in the field of politics,
with particular reference to European politics.
For the study of the problems of Government.
Professor Goodhart,
(organised by the
Association of American
Rhodes Scholars)
The Andrew W. Mellon
Foundation
A bare Trust established for the purpose of investing
in the Oxford Funds, administered by OUem. The
capital and income are treated in the same way and
subject to the same restrictions as the general
endowment.
Supports scholarly activities in conjunction with the
Andrew Mellon Professorship, and the field of
American Government.
Student support, and Library expenditure.
Research by persons with experience in the print and
broadcast media.
To provide additional funds to support the College for postgraduate work
especially in the study of social (including economic and political) problems.
Appeal issued in 1984,
administered by Nuffield
College
The Bank of Italy, the
Banca Commerciale
Italiana, the Banco di
Santo Spirito, The
Instituto S. Paolo di
Torino and the
Assicurazioni Generali
J.Hausman, Swire
Educational Trust and
others
Endowment funds invested in joint venture Note 12
Oxford Graduate Scholarship Funds College matched studentship funding allocation

Restricted Funds:

The following funds represent unspent income from the respective endowment fund: Guardian Research Fellowship GS Pollard Memorial Bursary Ford Foundation Endowment Gwilym Gibbon Bequest Arthur Goodhart Fund Andrew Mellon Fund PM Williams Memorial Appeal Jemolo Research Fellowship Oxford Graduate Scholarship Funds

Studentship Appeal and Studentship Support

Annual appeal organised For student financial support by Nuffield College

Designated Funds

Fixed asset designated fund

Other designated funds

Pension reserve

Unrestricted Funds which are represented by the fixed assets of the College and therefore not available for expenditure on the College's general purposes Unrestricted Funds allocated by the Fellows for future costs of specific research projects. Unrestricted Funds, in accordance with FRS 102, representing the defined benefit pension scheme liability

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.

40

Nuffield College Notes to the financial statements For the year ended 31 July 2023

21 ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Funds
£'000
Tangible fixed assets
11,425
Property investments
-
Other investments
-
Investment in joint venture
-
Net current assets
7,840
Long term liabilities
-
Pension scheme liability
(2,418)
16,847
Unrestricted
Funds
£'000
Tangible fixed assets
11,866
Property investments
-
Other investments
-
Investment in joint venture
-
Net current assets
7,568
Long term liabilities
-
Pension scheme liability
(3,244)
16,190		 Restricted
Funds
£'000
-
4,178
5,603
-
131
-
-
9,912
Restricted
Funds
£'000
-
4,137
5,800
-
56
-
-
9,993		 Endowment
Funds
£'000
-
114,830
186,794
14,988
2,595
(31,959)
-
287,248
Endowment
Funds
£'000
-
114,082
194,847
15,934
890
(31,939)
-
293,814		 2023
Total
£'000
11,425
119,008
192,397
14,988
10,566
(31,959)
(2,418)
314,007
2022
Total
£'000
11,866
118,219
200,647
15,934
8,514
(31,939)
(3,244)
16,190 319,997

41

Nuffield College Notes to the financial statements For the year ended 31 July 2023

22 TRUSTEES' REMUNERATION

The Trustees of the College comprise the permanent Governing Body Fellows who sit on governing body by virtue of their employment.

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 the College or the University and the College for the academic or management services they provide.

Changes in remuneration are scrutinised by the Fellows' Remuneration Review Committee.

Trustees of the College fall into the following categories:

Professorial Fellow Official Fellow Research Fellow There are also three Trustees, the Warden, the Bursar and the Senior Tutor, who work full time on management.

Trustees are eligible for participation in the College housing scheme and 18 Trustees live in houses owned jointly by the College as at 31 July 2023.

One Trustee, the Warden, lives in property wholly owned by the College.

Some Trustees receive additional allowances for additional work carried out as part time College officers, e.g. Dean. These amounts are included within the remuneration figures below.

Remuneration paid to Trustees

Remuneration paid to Trustees
Range
£Nil
£1,000-£4,999
£5,000-£9,999
£15,000-£19,999
£20,000-£24,999
£25,000-£29,999
£30,000-£34,999
£35,000-£39,999
£40,000-£44,999
£45,000-£49,999
£50,000-£54,999
£55,000-£59,999
£60,000-£64,999
£70,000-£74,999
£90,000-£94,999
£95,000-£99,999
£115,000-£119,999
£120,000-£124,999
£125,000-£129,999
£135,000-£139,999
£145,000-£149,999
£210,000-£214,999
£330,000-£334,999
Total		 2023 2022
2
-
1
-
1
-
1
-
Number of
Trustees /
Fellows
Gross remuneration,
taxable benefits and
pension contributions
Number of
Trustees /
Fellows
Gross remuneration,
taxable benefits and
pension contributions
£
£
-
-
1
-
-
-
2
7,783
-
-
1
5,089
1
18,568
-
-
1
24,391
1
22,223
3
85,327
5
145,547
15
482,902
13
405,421
6
225,924
6
222,236
-
-
3
124,744
-
-
1
57,657
-
-
1
74,406
1
93,955
1
93,073
2
197,194
1
96,056
1
118,151
3
350,470
2
242,869
-
-
98,215
53,737
60,071
125,490
1
149,090
-
-
-
-
1
213,598
1
336,473
-
-
-
1
135,090
39
41
1,953,393
2,312,357

The amounts disclosed above include only payments made by the College; some Trustees are paid jointly by the College and the University of Oxford.

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

Other transactions with Trustees

No Trustee claimed expenses for any work performed in discharge of duties as a Trustee.

See also note 30 Related Party Transactions.

42

Nuffield College Notes to the financial statements For the year ended 31 July 2023

23 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 paragraph 28.11 as defined contribution schemes Actuarial valuations

Qualified actuaries periodically value USS and OSPS defined benefits using the ‘projected unit method’, embracing a market value approach. The resulting levels of contribution take account of actuarial surpluses or deficits in each scheme. The financial assumptions were derived from market conditions prevailing at the valuation date. The results of the latest actuarial valuations and the assumptions which have the most significant effect on the results were:

USS OSPS
Date of valuation: 31/03/20 31/03/22
Date valuation results published: 30/09/21 27/06/23
Value of liabilities: £80.6bn £914m
Value of assets: £66.5bn £961m
Funding surplus / (deficit): (£14.1bn) £47m
Principal assumptions:
Fixed
Interest gilt Gilts
• Discount rate: yield curve +0.5% -
plus 1% - 2.25%b
2.75%a
• Rate of increase in salaries n/a RPI
• Rate of increase in pensions CPI
+0.05%c		 Average
RPI/CPId
Assumed life expectancies on retirement at age 65:
• Males currently aged 65 24.0 yrs
• Females currently aged 65 25.6 yrs
• Males currently aged 45 26.0 yrs
• Females currently aged 45 27.4 yrs
Funding Ratios:
• Technical provisions basis 83% 105%
• Statutory Pension Protection Fund basis 64% 98%
• 'Buy-out' basis 51% 62%
19% down
Employer contribution rate (as % of pensionable salaries): 21.4% to
21.6% from
1 April 22		 to 16.5%
for DB
members
from 1 Oct
23
Effective date of next valuation: 31/03/23 31/03/25

43

Nuffield College Notes to the financial statements For the year ended 31 July 2023

Fixed interest gilt yield curve plus: Pre-retirement 2.75%, post-retirement 1.00%

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long term difference of 0.1% p.a. from 2040.

For pension increases linked to inflation, a pension increase curve is constructed based on either the RPI, CPI or the average of the RPI and CPI inflation curves described above, adjusted to allow for the different maximum and minimum annual increases that apply, and the Scheme Actuary’s best estimate of inflation volatility as applies from time to time.

Sensitivity of actuarial valuation assumptions

Surpluses or deficits which arise at future valuations may impact on the college’s future contribution commitment. The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set out below:

USS Change in Impact on USS
Assumption assumption liabilities
Initial pre-retirement discount rate increase by 0.25% decrease by £1.3bn
Post-retirement discount rate decrease by 0.25% increase by £2.8bn
CPI decrease by 0.1% decrease by £1.5bn
more prudent
assumption (reduce
Life expectancy the adjustment to the increase by £1.2bn
base mortality table
by 5%)
more prudent
assumption
Rate of mortality (increase the annual
mortality		 increase by £0.6bn
improvements long-
~~term rates by 0.2%~~
Assumption OSPS Change in
assumption		 Impact on OSPS
technical provisions
Valuation rate of interest decrease by 0.25% increase by 2% of
pensionable salaries
RPI increase by 0.25% increase by 1.5% of
pensionable salaries

44

Nuffield College Notes to the financial statements For the year ended 31 July 2023

Deficit Recovery Plans

In line with FRS 102 paragraph 28.11A, the College has recognised a liability for the contributions payable for the agreed deficit funding plan. The principle assumptions used in these calculations are tabled below:

2023 2023 2022
OSPS USS OSPS USS
Finish Date for Deficit Recovery Plan 30/09/23 31/03/38 30/01/28 31/03/28
Average staff number increase 1.00% 1.00% 1.00% 1.00%
Average staff salary increase 2.00% 2.00% 2.00% 2.00%
Average discount rate over period 5.63% 5.63% 3.19% 3.19%
Effect of 0.5% change in discount rate:
+ 0.5% £0k (£83k) (£6k) (£114k)
- 0.5% £0k £87k £6k £121k
Effect of 1% change in staff growth:
+ 1% £0k £174k £18k £252k
- 1% £0k (£159k) (£18k) (£229k)

A provision of £2,418k has been made at 31 July 2023 (2022: £3,244k) for the present value of the estimated future deficit funding element of the contributions payable under these agreements, using the assumptions shown. The provision reduces as the deficit is paid off according to the pension recovery scheme.

Pension charge for the year

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

Scheme 2023
2022
Universities Superannuation Scheme
University of Oxford Staff Pension Scheme
Other schemes – contributions
Total		 £000's
£000's
683
619
228
188
-
-
911
807

Included in other creditors are pension contributions payable of £nil (2022: £nil).

45

Nuffield College Notes to the financial statements For the year ended 31 July 2023

24 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.

25 FINANCIAL INSTRUMENTS

The carrying values of the College's financial assets and liabilities are summarised by the following categories:

Note
Financial Assets
Measured at fair value through profit or loss
Short term Investments
27
Investments
11
Measured at undiscounted amount receivable
Trade and other debtors
15
Financial Liabilities
Measured at undiscounted amount payable
Trade and other creditors
16
Measured at amortised cost
Bank loan
17
26
RECONCILIATION OF NET INCOMING RESOURCES TO
NET CASH FLOW FROM OPERATIONS
Net income/(expenditure)
Elimination of non-operating cash flows:
Investment income
(Gains)/losses in investments
Endowment donations
Depreciation
Financing costs
Fair value on subsidiary
(Surplus)/loss on sale of fixed assets
Decrease/(Increase) in stock
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
(Decrease)/Increase in provisions
(Decrease)/Increase in pension scheme liability
Net cash provided by (used in) operating activities		 2023
£'000
-
192,397
4,252
2,378
31,959
2023
Group
£'000
(4,290)
(11,790)
1,527
(270)
408
1,444
(29)
(119)
(16)
2
(246)
-
(826)
(14,205)		 2022
£'000
-
200,647
3,208
2,543
31,939
2022
Group
£'000
10,538
(12,270)
(12,909)
(392)
385
502
1,124
-
7
5,181
307
-
1,779
(5,748)

27 a. ANALYSIS OF CASH AND CASH EQUIVALENTS AND CHANGES IN NET DEBT

Cash at bank and in hand
Investment asset cash
Short term investments
Bank overdrafts
Total cash and cash equivalents
b. ANALYSIS OF CHANGES IN NET DEBT
Cash
Cash equivalents
Loans falling due after more than one year
Total		 At start
of year
£'000
7,791
24,575
(31,939)
427		 Cash
flows
Foreign
exchange
movements
£'000
£'000
864
(37)
(5,593)
-
-
-
(4,729)
(37)		 2023
£'000
8,618
18,982
-
-
27,600
Other non-
cash
changes
£'000
-
-
(20)
(20)		 2022
£'000
7,791
24,575
-
-
32,366
At end of
year
£'000
8,618
18,982
(31,959)
(4,359)

46

Nuffield College Notes to the financial statements For the year ended 31 July 2023

28 OPERATING LEASE INCOME

At the balance sheet date the College had contracted with tenants to receive the following future minimum lease payments:

Land and buildings
expiring within one year
expiring between two and five years
expiring in over five years
Total
Total rents recognised as income in the year		 2023
£'000
2,952
6,060
33,438
42,450
4,715		 2022
£'000
2,610
5,689
34,553
42,852
5,226

29 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July 2023 for future capital projects totalling £5,030k (2022 - £1,160k).

30 RELATED PARTY TRANSACTIONS

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. 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.

As at 31 July 2023, the College had properties with the following net book values owned jointly with Fellows under joint equity ownership agreements between the Fellows and the College. Those Fellows who were Trustees as at 31 July 2023 are marked with an asterisk in the list below.

R Allen
S Bond
R Breen
J Darwin
G Evans
D Gallie
E Gonzalez Ocantos
J Green
R Kashyap
E Kechagia-Ovseiko
D Kirk
C Laborde
K MacDonald
M Mills
C Monden
T Moore
D Snidal
A Thompson
F Windmeijer
Total net book value of properties owned jointly with Trustees		 2023
£'000
156
171
293
281
-
111
227
218
289
327
410
141
173
414
210
300
313
202
412
4,648		 2022
£'000
156
171
293
281
611
111
227
218
289
327
410
141
173
414
210
300
313
202
412
5,259

All joint equity properties are subject to sale if the Fellow ceases to be a member of the College (or of an equivalent institution with Oxford University) other than at retirement.

The Fellows pay compensation to the College on the College owned share of the properties, at a rate of 1% of the original College equity, indexed by CPIH.

Professional valuations of the properties were obtained from independent Chartered Surveyors in order to establish the market value of the properties and therefore the College's share of them.

31 CONTINGENT LIABILITIES

There were no contingent liabilities that require disclosure.

There were no post balance sheet events that require disclosure.

32 POST BALANCE SHEET EVENTS

47

Nuffield College Consolidated Statement of Financial Activities For the year ended 31 July 2023

33 ADDITIONAL PRIOR YEAR COMPARATIVES

a.
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Prior Year)
Unrestricted Restricted
Funds
Funds
£'000
£'000
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1,842
-
Other trading income
-
-
Donations and legacies
-
13
Investments
Investment income
82
346
Total return allocated to income
8,787
403
Other income (CJRS)
-
-
Total income
10,711
762
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential
12,067
1,263
Generating funds:
Fundraising
231
-
Trading expenditure
-
-
Investment management costs (incl. loan interest)
-
116
Total expenditure
12,298
1,379
Net income/(expenditure) before gains
(1,587)
(617)
Net gains/(losses) on investments
-
708
Net income/(expenditure) before tax
(1,587)
91
Taxation
-
-
Net income/(expenditure)
(1,587)
91
Group share of joint venture's profit/(loss)
-
-
Transfers between funds
-
731
Other recognised gains/losses
Gains/(losses) on revaluation of subsidiary assets
-
-
Actuarial gains/(losses) on defined benefit pension schemes
-
-
Net movement in funds for the year
(1,587)
822
Fund balances brought forward
17,777
9,171
Funds carried forward at 31 July
16,190
9,993		 a.
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Prior Year)
Unrestricted Restricted
Funds
Funds
£'000
£'000
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1,842
-
Other trading income
-
-
Donations and legacies
-
13
Investments
Investment income
82
346
Total return allocated to income
8,787
403
Other income (CJRS)
-
-
Total income
10,711
762
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential
12,067
1,263
Generating funds:
Fundraising
231
-
Trading expenditure
-
-
Investment management costs (incl. loan interest)
-
116
Total expenditure
12,298
1,379
Net income/(expenditure) before gains
(1,587)
(617)
Net gains/(losses) on investments
-
708
Net income/(expenditure) before tax
(1,587)
91
Taxation
-
-
Net income/(expenditure)
(1,587)
91
Group share of joint venture's profit/(loss)
-
-
Transfers between funds
-
731
Other recognised gains/losses
Gains/(losses) on revaluation of subsidiary assets
-
-
Actuarial gains/(losses) on defined benefit pension schemes
-
-
Net movement in funds for the year
(1,587)
822
Fund balances brought forward
17,777
9,171
Funds carried forward at 31 July
16,190
9,993		 a.
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Prior Year)
Unrestricted Restricted
Funds
Funds
£'000
£'000
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1,842
-
Other trading income
-
-
Donations and legacies
-
13
Investments
Investment income
82
346
Total return allocated to income
8,787
403
Other income (CJRS)
-
-
Total income
10,711
762
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential
12,067
1,263
Generating funds:
Fundraising
231
-
Trading expenditure
-
-
Investment management costs (incl. loan interest)
-
116
Total expenditure
12,298
1,379
Net income/(expenditure) before gains
(1,587)
(617)
Net gains/(losses) on investments
-
708
Net income/(expenditure) before tax
(1,587)
91
Taxation
-
-
Net income/(expenditure)
(1,587)
91
Group share of joint venture's profit/(loss)
-
-
Transfers between funds
-
731
Other recognised gains/losses
Gains/(losses) on revaluation of subsidiary assets
-
-
Actuarial gains/(losses) on defined benefit pension schemes
-
-
Net movement in funds for the year
(1,587)
822
Fund balances brought forward
17,777
9,171
Funds carried forward at 31 July
16,190
9,993		 Endowed
Funds
£'000
-
32,370
392
11,842
(9,190)
-		 2022
Total
£'000
1,842
32,370
405
12,270
-
-
10,711
12,067
231
-
-		 762
1,263
-
-
116		 35,414
-
-
32,421
2,952		 46,887
13,330
231
32,421
3,068
12,298 1,379 35,373 49,050
(1,587) (617) 41 (2,163)
- 708 12,201 12,909
(1,587) 91 12,242 10,746
- - (208) (208)
(1,587) 91 12,034 10,538
-
-
-
-		 -
731
-
-		 (1,577)
(731)
5,669
-		 (1,577)
-
5,669
-
(1,587)
17,777		 822
9,171		 15,395
278,419		 14,630
305,367
16,190 9,993 293,814 319,997

48

Nuffield College Notes to the financial statements For the year ended 31 July 2023

33 ADDITIONAL PRIOR YEAR COMPARATIVES - continued

PROPERTY INVESTMENTS (Comparatives to Note 10)
Group and College
Valuation at start of year
Additions and improvements at cost
Disposals
Revaluation gains/(losses) in the year
Valuation at end of year		 Agricultural Commercial
£'000
£'000
20,845
105,073
144
2,017
(20,952)
(4,783)
2,832
13,043
2,869
115,350		 Other
£'000
-
-
-
-
-		 2022
Total
£'000
125,918
2,161
(25,735)
15,875
115,350 118,219

c. STATEMENT OF INVESTMENT TOTAL RETURN (Comparatives to Note 14)

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
Gains/(losses) on revaluation of subsidiary assets
Less: Investment management costs (incl. taxation)
Less: Loan interest payable
Less: Subsidiary's net income and expenditure (incl. taxation)
Other transfers
Net profit/(loss) in relation to joint venture
Total
Unapplied total return allocated to income in the reporting period
Expendable endowments transferred to income
Net movements in reporting period
At end of the reporting period:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments		 Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
Permanent Endowment		 Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
Permanent Endowment		 Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
Permanent Endowment		 Expendable
Total
Endowment Endowments
£'000
£'000		 Expendable
Total
Endowment Endowments
£'000
£'000
72,294
-
-
72,294
392
-
-
-
-
-
-
-
-
392
-
-
-
392
72,686		 -
131,540
-		 72,294
131,540
-
203,834
392
7,774
5,879
-
(1,252)
(363)
-
(731)
-
11,699
(3,619)
-
(3,619)
8,080
72,686		 -
-
74,585
74,585
-
4,068
6,322
5,669
(1,198)
(139)
(259)
-
(1,577)
12,886
-
(5,571)
(5,571)
7,315
-		 72,294
131,540
74,585
131,540
-
7,774
5,879
-
(1,252)
(363)
-
(731)
-		 278,419
392
11,842
12,201
5,669
(2,450)
(502)
(259)
(731)
(1,577)
11,307
(3,619)
-		 24,585
(3,619)
(5,571)
(3,619) (9,190)
7,688
-		 15,395
72,686
-
-		 139,228
-		 139,228
-		 -
81,900		 139,228
81,900
72,686 139,228 211,914 81,900 293,814

49

Nuffield College Notes to the financial statements For the year ended 31 July 2023

33 ADDITIONAL PRIOR YEAR COMPARATIVES - continued

d. ANALYSIS OF MOVEMENTS ON FUNDS (Comparatives to Note 19)

Endowment Funds - Permanent
General
Nuffield College Trust
Guardian Fellowship Fund
GS Pollard Memorial Bursary
Ford Foundation Endowment
Gwilym Gibbon Bequest
Arthur Goodhart Fund
Andrew Mellon
PM Williams Memorial Appeal
Jemolo Research Fellowship
Oxford Graduate Scholarship Funds
Subtotal (permanent endowment)
Endowment funds - expendable
General
Endowment funds invested in joint venture
Endowment funds invested in subsidiary
Oxford Graduate Scholarship Funds
Subtotal (expendable endowment)
Total endowment funds - College		 At 1 August
Incoming
2021
resources
£'000
£'000
92,499
3,618
80,655
2,990
2,505
95
232
9
13,514
511
6,664
252
557
21
1,868
71
140
5
1,348
51
3,852
543
203,834
8,166
65,225
3,996		 Resources
expended
£'000
(1,222)
-
(32)
(3)
(171)
(85)
(7)
(24)
(2)
(17)
(52)
(1,615)
(1,313)		 Transfers
£'000
(3,234)
-
(95)
(9)
(511)
(233)
(21)
(71)
(4)
(51)
(121)
(4,350)
(11,212)
4,844
814
(17)
(5,571)
(9,921)
4,544
(4,544)
(9,921)
95
9
511
233
21
71
4
51
21
118
1,134		 Gains/
(losses)
£'000
7,457
(3,964)
194
18
1,045
516
43
144
11
104
311
5,879
6,209		 At 31 July
2022
£'000
99,118
79,681
2,667
247
14,388
7,114
593
1,988
150
1,435
4,533
211,914
62,905
11,260
-
-
-		 -
-		 -
-		 16,104
814
1,918
72		 (24) 113
6,322
12,201		 2,062
81,885
78,403
4,068
282,237
12,234
(3,818)
-		 (1,337)
(2,952) 293,799
-
Movement of endowment funds invested in JV
Subsidiary
Total endowment funds - Group
Restricted funds
Guardian Fellowship Fund
GS Pollard Memorial Bursary
Ford Foundation Endowment
Gwilym Gibbon Bequest
Arthur Goodhart Fund
Andrew Mellon
PM Williams Memorial Appeal
Jemolo Research Fellowship
Studentship Appeal and Studentship Support
Oxford Graduate Scholarship Funds
Total restricted funds - College
Restricted funds held by subsidiaries
Total restricted funds - Group
Unrestricted funds
General funds
Fixed asset designated fund
Other designated funds
Pension reserve
Total unrestricted funds - College
Consolidation adjustments related to subsidiaries
Total unrestricted funds - Group
Total funds		 (1,577) (851)
-
32,370		 (32,629) 5,669 866
278,419
44,604
825
31
334
13
3,857
146
860
32
1,667
63
377
14
142
6
976
37
23
12
110
5
9,171
359		 16,293
64
26
298
66
129
29
11
75
-
10
708
(35,581) 293,814
(10)
(4)
(190)
(1,021)
(21)
(57)
(2)
(12)
(12)
(50)		 1,005
378
4,622
170
1,859
434
161
1,127
44
193
(1,379) 9,993
-
-		 - -
1,134
9,093
965
508
(1,779)
8,787
-
8,787
-		 - -
9,171
359
5,476
1,924
11,286
-
2,480
850
(1,465)
-
17,777
2,774
-
(850)
17,777
1,924
305,367
46,887		 (1,379) 708
-
-
-
-
-
-
-
17,001		 9,993
(11,425)
(385)
(488)
-		 5,068
11,866
3,350
(3,244)
(12,298) 17,040
- (850)
(12,298) 16,190
(49,258) 319,997

50

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