2024-07-31-accounts - Nuffield College In The University Of Oxford

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ANNUAL REPORT AND FINANCIAL STATEMENTS

Year ended 31 July 2024

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 - 15
Auditor’s Report	16 - 19
Statement of Accounting Policies	20 - 24
Consolidated Statement of Financial Activities	25
Consolidated and College Balance Sheets	26
Consolidated Statement of Cash Flows	27
Notes to the Financial Statements	28 - 48

Nuffield College Governing Body, Officers and Advisers Year ended 31 July 2024

MEMBERS OF THE GOVERNING BODY

The Members of the Governing Body are the College’s charity trustees under charity law. 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
J Black	Elected 14/09/2024	●	●	●	●	●	●	●
Sir A W Dilnot	Retired 13/09/2024
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
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	Resigned 01/04/2024
P Klemperer				●

Nuffield College Governing Body, Officers and Advisers Year ended 31 July 2024

	Elected/Resigned/Retired	(1)	(2)	(3)	(4)	(5)	(6)	(7)
C Laborde		●
H Low
C Mills
M Mills			●			●
C W S Monden
B Nielsen
Z Pamuk	Elected 01/09/2023
B Petrongolo
D Rueda
L Schubiger
C Sinander	Elected 03/01/2024
A Thompson			●
M Weidner			●	●
F Windmeijer						●
Supernumerary Fellows
E Kechagia-Ovseiko		●			●	●	●	●
T Moore		●	●	●		●	●	●
Research Fellows
S R Bond
R Breen	Retired 30/09/2024

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.

(1) Strategy and Resources Committee
(2) Investment Committee
(3) Personnel & Domestic Committee
(4) Library Committee
(5) Information Systems Committee
(6) Equality, Diversity, and Inclusion Committee
(7) Welfare Committee

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

Nuffield College Governing Body, Officers and Advisers Year ended 31 July 2024

COLLEGE SENIOR STAFF

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

Julia Black (from 14thSeptember 2024) Andrew Dilnot (until 13thSeptember 2024)	Warden
Eleni Kechagia-Ovseiko	Senior Tutor
David Walker	Head of the Endowment Office
Tom Moore	Bursar
Yanislava Moyse	Head of Finance

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

Nuffield College Report of the Governing Body Year ended 31 July 2024

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

REFERENCE AND ADMINISTRATIVE INFORMATION

The 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.

Nuffield College Report of the Governing Body Year ended 31 July 2024

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 Strategy and Resources Committee. Academic policies and the utilisation of College resources and functional assets.
The Investment Committee, which includes at least three suitably qualified external members. Supervision of the College investments and income policies.
The Personnel and Domestic Committee. Personnel and health & safety policies. Domestic arrangements including catering and maintenance.
The Library Committee. Supervision of the College Library.
The Information Systems Committee. Information systems policies and maintenance. Provision of IT equipment and support.
The Welfare Committee. Policies and processes concerning welfare matters for students and staff (academic and non-academic).
The Equality, Diversity, and Inclusion Committee. Policies and processes concerning matters of equality and diversity within the College.

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.

Nuffield College Report of the Governing Body

Year ended 31 July 2024

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:

to undertake outstanding academic research and to facilitate the study of social science problems by cooperation between academic and non-academic persons;
to disseminate the results of this research and contribute to engagement, debate, and policy making in the public sphere;
to recruit and admit postgraduate students in the social sciences, and present them for matriculation in the University of Oxford (admission is open to all and is subject only to academic merit);
to supervise students who are studying for postgraduate degrees and prepare them for careers, in the academic world or beyond; and
to contribute to the cultural, social, and economic life of the city of Oxford.

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:

collaborating with the University of Oxford to ensure its continued ability to attract, recruit, and retain outstanding academic staff and postgraduate students;
providing an environment for work and study which enables College members to pursue research of the highest quality;
establishing and maintaining, in particular through its scheme of Visiting Fellowships, strong on-going relationships with figures in the public and private sectors, locally and nationally;
employing rigorous admissions procedures to select the best graduate students in the social sciences, providing innovative funding packages to ensure that admission is based on academic merit alone, regardless of financial means; and
working closely and creatively with, inter alia , the University of Oxford and local authorities to identify and develop opportunities to contribute to the life of the city of Oxford.

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

the volume and quality of research published by academic members of the College (as assessed, inter alia , through exercises such as the Research Excellence Framework);
the impact of this research outside of academia, and in particular on public policy;
other indicators of academic esteem (including, for example, prizes, fellowships, research grants);
acceptance rates for the admission of graduate students, and their academic results;
student placement records (in respect of both academic and non-academic careers); and
results of internal surveys and other mechanisms for feedback.

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 2023/24, College funds provided £1,705k towards such costs, which was 7% higher than the previous year (2023: £1,593k).

Nuffield College

Report of the Governing Body Year ended 31 July 2024

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 Giving Days or 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 2023/24 (which include examples of awards, public engagement and outreach activities, research, and equality and diversity initiatives) are set out below.

Professorial Fellow Ben Ansell was announced as the 2023 BBC Radio 4’s Reith Lecturer, joining a highly distinguished group of academics and intellectual figures who had hitherto been Reith Lecturers. Professor Ansell delivered four lectures in the UK, Europe and the US, all inspired by his recently published book Why Politics Fails .
Martina Beretta, DPhil student in Social Policy, received a prestigious award from the Horowitz Foundation for her doctoral project The "Great Gatsby Curve" in Europe: Is there a (inverse) relationship between inequality and social mobility?
Professorial Fellow Ridhi Kashyap was awarded a Philip Leverhulme Prize in recognition for her globally impactful contribution to demographic research.
Professorial Fellow Jane Green was elected President of the British Polling Council; and together with members of the Nuffield Politics Research Centre hosted a series of successful seminars on British Politics Elections Year , marking the 60[th] Anniversary of the British Election Study. Professor Green was also the elections analyst on ITV in the run-up to, and on the General Election day in July.
Senior Research Fellow Steve Bond was elected Fellow of the Econometric Society in recognition of his extraordinary contribution to the study of economics.
Professorial Fellow Lucie Cluver was elected to the Fellowship of the Academy of Social Sciences in recognition for the positive impact of her work on children’s wellbeing in Africa and worldwide.
The College continued to engage and work with external consultants, AdvanceHE, to produce an updated set of Equality Objectives and an Equality, Diversity and Inclusion Action plan, together with a monitoring and evaluation plan for the coming four year period. A dedicated Equality, Diversity, Inclusion and Welfare Officer was appointed to support the College in taking forward the implementation of these plans.
The College hosted events in February, March and May 2024 to celebrate LGBTQ+ month International Women’s Day and Pride month.
The College continued its collaboration with the University’s UNIQ+ graduate access programme and hosted ten undergraduate students who were taking part in the 2024 programme. The seven-week programme, which started in July, sees undergraduate students work on a research project, attend skills sessions and learn more about graduate study at Oxford.

Nuffield College Report of the Governing Body Year ended 31 July 2024

The College continued the scheme, launched in 2016/17, of underwriting funding for all new students admitted at Nuffield, meaning that the College provides the full funding required (or partial funding in conjunction with another scholarship) in the event that a new student does not secure scholarship funding from other sources to meet the full costs of their study (fees and living expenses). By removing the funding uncertainty at an early stage in the admissions process, the College aims to attract and, crucially, retain applicants of the highest academic merit.
In the course of the 2023/24 graduate admissions cycle the College received and assessed 349 applications from prospective students and made 43 offers. In total, 31 students started their course in October 2024: 9 in Economics (5 DPhil and 4 MPhil+DPhil), 11 in Politics and International Relations (all DPhil), 8 in Sociology and Social Policy (allDPhil), and 3 in interdisciplinary subjects (DPhil in History, DPhil in Statistics and DPhil in Public Policy). Sixteen students on taught masters courses took exams during the year. Of the nine students in the final year of their taught course, five achieved overall distinctions; one student received a prize for best overall performance at their exams. Fifteen DPhil students completed their doctoral thesis, at least seven of whom have subsequently secured academic posts.
The College elected Ludvig Sinander, to a Professorial Fellowship in association with the Department of Economics with effect from 2 January 2024.
The College continued its major capital project involving the refurbishment of internal and external ground floor areas of the College with a view to enhancing accessibility into and around the main site and improving teaching and meeting spaces.

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

Nuffield College Report of the Governing Body Year ended 31 July 2024

FINANCIAL REVIEW

The following financial review provides an overview of the College's financial position and performance for the year ended 31 July 2024, highlighting key areas and significant movements affecting the financial results.

Income

College’s total income for the year increased by 11% to £15,699k in 2023/24 (2023: £14,101k). Investment income, which is the largest source of income to the College, rose by 4% to £12,268k (2023: £11,790k). This was primarily due to an increase in interest income, resulting from holding large deposit balances and some positions in money market funds, during a period of favourable interest rate conditions.

----- Start of picture text -----
INCOME 2024
4%
8%
Investment Income
3%
7% Research Grants & Other Academic Income
Student Fee & OfS support
Donations
78% Residential Income
----- End of picture text -----

Income from charitable activities of £2,217k was 9% higher than the previous year (2023: £2,039k), and consisted of:

student fee income of £263k (a decrease of 6%);
other OfS support of £169k (a decrease of 8%);
other academic and mainly research grant income of £1,127k (an increase of 16%);
residential income of £658k (an increase of 8%).

Income from donations increased significantly to £1,214k (2023: £272k), largely due to a single expendable endowment donation of £1,000k to a specific Graduate Scholarship fund.

Expenditure

The College’s reported total expenditure decreased by 30% to £11,840k (2023: £16,841k), net of the subsidiary’s trading expenditure of £9k (2023: £23k). This reduction is largely due to the effect of two favourable adjustments totalling £6,351k, comprising £2,418k from the release of pension provisions and £3,933k from realised profits on the sale of fixed assets.

Excluding these adjustments, the total expenditure for the year was £18,200k, compared to a comparative figure of £17,809k in the previous year, representing a small increase of 2%.

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

The cost of generating funds decreased by 8% to £3,937 (2023: £4,267k): investment management costs decreased by 8% to £3,697k (2023: £3,999k). The decrease is primarily attributable to reduction in property development costs during the year. The fundraising costs of £240k were 10% lower than the previous year (2023: £268k).

Result for the year

The College’s total consolidated funds grew by £13,377k in the year to £327,384k as at 31 July 2024 (2023: £314,007k), representing an increase of 4%. The College reported an increase in investment asset values and the corresponding investment gains of £10,990k (2023: a loss of £1,527k), group share of the joint venture’s loss of £1,463k (2023: £1,671k) and realised profit on sale of fixed assets of £3,933k (2023: £119k).

Nuffield College Report of the Governing Body Year ended 31 July 2024

Investments

The total group investments, which comprise securities, property investments and an investment in a Joint Venture, decreased by 1% and amounted to £321,759k (2023: £326,393k) at the year-end. The reduction was primarily due to the disposal of part of the College's holdings in bond funds during the year, with the proceeds being used for a partial repayment of the bank loan by £9,500k. This reduced the value of the outstanding loan, measured at amortised cost, to £22,479k.

The effective interest payable on the bank loan for the year was 5.23%, based primarily on SONIA plus 1%. The effective interest rate payable in the previous financial year was 4.46%.

After taking into account the bank loan and the other net investment current assets of £3,844k, the total consolidated net investment assets stood at £303,124k as at 31 July 2024 (2023: £297,160k).

In the context of improved global markets growth during the financial year, the College reported an increase in the total return from its investment portfolio compared to the previous year. The total investment return for the year, based on the consolidated financial results, was 5.5% (2023: 1.3%), primarily driven by increased capital values.

Reserves policy

At the year-end, the total consolidated funds of the College amounted to £327,384k (2023: £314,007k), comprising endowment, restricted, and unrestricted funds. The balances of these funds are provided below as at 31 July 2024, including the comparative figures.

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FUND BALANCES
£000
24,260
Unrestricted Funds
16,847
10,156
Restricted Funds
9,912
292,968
Endowment Funds
287,248
0 50,000 100,000 150,000 200,000 250,000 300,000 350,000
2024 2023
----- 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 £5,640k (2023: £5,347k).

The reported pension reserve of £2,418k, within unrestricted funds at the end of the previous financial year, was fully released in the current year, resulting in a corresponding increase in the total unrestricted funds.

The College’s free reserves amounted to £5,640k at the year-end (2023: £2,929k after deducting the pension liability).

Consolidated designated reserves, excluding the fixed assets designated fund of £16,176k (2023: £11,425k), amounted to £2,444k (2023: £2,493k) at the year-end. This included funds of £55k (2023: £55k) for specific research projects to be spent within ten years of the initial award and an academic fund of £2,389k (2023: £2,438k), set up in March 2014, for the purpose of advancing postgraduate education and research.

Nuffield College Report of the Governing Body Year ended 31 July 2024

The total return allocated to income from the College’s endowment funds provides, on average, approximately between 80% and 85% 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 20% of the expected charitable expenditure for approximately 22 months.

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 one year’s 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 4.23% of the opening balances of the relevant funds, plus costs, was extracted as income in the year (2023: 3.68%).

Risk management

The College’s Risk Management Policy (updated in 2023) outlines the College’s approach to identifying and managing risks associated with the College’s activities and operations and allocates roles and responsibilities accordingly.

In general terms, the College recognises that risk cannot be eliminated. Its approach to risk, including its tolerance for risk and its risk-management activities, is informed in particular by its nature as a high-profile charitable institution with close connections to the rest of the collegiate University, by the duty of care it owes its members, by the structure of its system of governance and the fact that its trustees are also employees of the College, by its size and dependence on key individuals, by the significant extent to which it relies on its endowment to fund its operational activities, and by the fact that it benefits from public funds.

In practical terms, each of the main College committees maintains and reviews on an at least termly basis an assessment of risks associated with current and ongoing activities which fall within the remit of that committee. Copies of those assessments, together with a summary drawing attention to key items, is provided to Governing

Nuffield College Report of the Governing Body Year ended 31 July 2024

Body once a term. The College’s approach to risk management is also reviewed and scrutinised on an annual basis by Audit Committee, which reports to Governing Body accordingly. Operational risks are also discussed on a regular basis by senior College officers and heads of the College departments. When it is not possible to address risk issues adequately 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.

More specifically, the College has paid particular attention during the period under review to ( inter alia ) the risks associated with: the continued recruitment and retention of outstanding academic staff and students; its property development projects in the West End of Oxford; heightened uncertainty and volatility in the investment world along with persistently high rates of interest and (to a lesser extent) inflation; the suitability of existing governance structures; the major refurbishment works taking place on its main site and the challenges more generally of managing an historic estate; the (constant) possibility of phishing and other ‘scam’ attacks giving rise to a data breach or loss of services and the possible loss of data more generally; the potential for overreliance on key personnel; and the consequences of any potential failure to satisfactorily comply with relevant regulations.

Going concern

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

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 year’s transfer from the endowment to unrestricted funds under the approved endowment expenditure rule. On this basis, and taking into account the available cash balances as at the year-end, 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 between 80% and 85% 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 20% of the College’s operating expenditure, could be funded from the free reserves for approximately 22 months.

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 2024/25, the College plans to:

continue with and/or implement the findings of reviews in respect of its:
equality, diversity and inclusion
communications
Centre for Experimental Social Sciences
Fellows’ Housing Scheme; and
governance.
continue to run, in conjunction with the University, its graduate access summer school (known henceforth as UNIQ+) which aims to provide research internships for talented undergraduate students from disadvantaged backgrounds;

Nuffield College Report of the Governing Body Year ended 31 July 2024

review arrangements for residential and office space on the main College site with a view to developing a strategy for future accommodation which enables the College to continue to meet its strategic aims;
finalise the refurbishment of internal and external ground floor areas of the College with a view to enhancing accessibility into and around the main site and improving teaching and meeting spaces;
progress the development of the College’s investment sites in the west end of Oxford, through the appointment of development or delivery partners as appropriate.

More generally, the College’s future plans are:

to continue to recruit and retain outstanding academic staff and students in the social sciences;
to take steps to improve student experience and outcomes and prepare students for the academic and nonacademic job markets;
to take steps to enhance its equality, diversity and inclusion agenda;
to produce and disseminate high quality and innovative research in the social sciences and to pursue engagement with the non-academic world;
to form strong ongoing relationships with alumni and with significant figures in the public and private sectors;
to make a significant contribution to the economic and social regeneration of the West End of Oxford, working with relevant stakeholders and commercial partners as appropriate.

Nuffield College

Report of the Governing Body

Year ended 31 July 2024

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

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

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

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

select the most suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue to operate.

The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College’s transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with 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 4 December 2024 and signed on its behalf by:

Professor Julia Black

Warden

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 2024 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:

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the 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

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:

the charity has not kept adequate and sufficient accounting records; or
the charity’s financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.

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:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and charity’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

Nuffield College

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

Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or charity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.

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:

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

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:

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

Nuffield College Statement of Accounting Policies Year ended 31 July 2024

1. Scope of the financial statements

The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated 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.

Nuffield College Statement of Accounting Policies Year ended 31 July 2024

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

Nuffield College Statement of Accounting Policies Year ended 31 July 2024

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.

Nuffield College Statement of Accounting Policies Year ended 31 July 2024

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.

Nuffield College Statement of Accounting Policies Year ended 31 July 2024

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 was recognised until 31 July 2023 for the discounted value of the expected future contribution payments under the agreements with these multi-employer schemes to fund the past service deficits. This liability was released in the financial year to 31 July 2024; further details are provided in note 23 to the financial statements.

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

Unrestricted Funds £'000 2,217 - - 496 11,231 -	Restricted Funds £'000 - - 2 326 932 -	Endowed Funds £'000 - - 1,212 11,446 (12,163) -	2024 Total £'000 2,217 - 1,214 12,268 - -	2023 Total £'000 2,039 - 272 11,790 -
13,944 6,291 240 - -	1,260 1,612 - - 157	495 - - 9 3,540	15,699 7,903 240 9 3,697	14,101 12,574 268 23 3,999
6,531	1,769	3,549	11,849	16,864
7,413	(509)	(3,054)	3,850	(2,763)
-	476	10,514	10,990	(1,527)
7,413	(33)	7,460	14,840	(4,290)
-	-	-	-	-
7,413	(33)	7,460	14,840	(4,290)
- - - -	- 277 - -	(1,463) (277) - -	(1,463) - - -	(1,671) - (29) -
7,413 16,847	244 9,912	5,720 287,248	13,377 314,007	(5,990) 319,997
24,260	10,156	292,968	327,384	314,007

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

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 (LIABILITIES)/ASSETS 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	2024 Group £'000 16,176 - 114,260 193,474 14,025 337,935 88 4,960 - 9,226 14,274 24,825 (10,551) 327,384 - - 327,384 - 327,384 292,968 10,156 18,620 5,640 - - 327,384	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	2024 College £'000 16,176 - 114,260 210,667 - 341,103 88 4,960 - 10,196 15,244 24,813 (9,569) 331,534 - - 331,534 - 331,534 296,148 10,156 19,590 5,640 - - 331,534	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

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

Warden: Professor J Black

Bursar: Mr T Moore

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

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 Repayment of loans 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	2024 £'000 (13,182)	2023 £'000 (14,205)
	11,086 4,830 (6,231) 16,521 (5,133)	10,744 730 (578) 13,410 (13,676)
	21,073	10,630
	(1,670) (9,500) 1,212	(1,424) - 270
	(9,958)	(1,154)

	(2,067)	(4,729)
	27,600 (40)	32,366 (37)
	25,493	27,600

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

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, research and residential Unrestricted funds Tuition fees - UK and EU students Tuition fees - Overseas students Other fees Other Office for Students (OfS) support Other academic income College residential income Total teaching, research and residential Total income from charitable activities	2024 £'000 120 143 12 169 1,115 658 2,217 2,217 2,217	2023 £'000 112 167 11 183 958 608
		2,039

		2,039

		2,039

The above analysis includes £169k received from Oxford University from publicly accountable funds under the College Funding Formula (CFF) Scheme (2023: £183k).

To support the strategic priority to fund more graduate scholars and to enable outstanding students to take up their places regardless of their financial position, for graduate students with overseas fee status funded through the Clarendon or UKRI scholarship funding schemes, the College share of the fees waived amounted to £47k (2023: £14k). These are not included in the fee income reported above.

2 DONATIONS AND LEGACIES

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	2024 £'000 - 2 1,212 1,214 2024 £'000 - - - 2024 £'000 432 64 - 496 209 - 75 42 - 326 38 4,464 - 4,800 2,144 - 11,446 12,268	2023 £'000 - 2 270
		272
		2023 £'000 - -
		-
		2023 £'000 221 69 -
		290
		209 - 82 31 -
		322
		39 4,467 - 4,872 1,800 -
		11,178

		11,790

3 INCOME FROM OTHER TRADING ACTIVITIES

4 INVESTMENT INCOME

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

5 ANALYSIS OF EXPENDITURE

Charitable expenditure Direct staff costs allocated to: Teaching, research and residential Other direct costs allocated to: Teaching, research and residential Support and governance costs allocated to: Teaching, research and residential Total charitable expenditure Expenditure on raising funds Direct staff costs allocated to: Fundraising Trading expenditure Investment management costs Other direct costs allocated to: Fundraising Trading expenditure Investment management costs Support and governance costs allocated to: Fundraising Trading expenditure Investment management costs Total expenditure on raising funds Total expenditure	2024 £'000 3,324 6,700 (2,121) 7,903 174 - 133 57 5 3,564 9 4 - 3,946 11,849	2023 £'000 5,150 5,885 1,539
		12,574
		197 - 132 62 22 3,867 9 1 -
		4,290

		16,864

The above total expenditure for the year includes adjustments for (i) the release of the pension liability (note 23), and (ii) the profit on disposal of fixed assets (note 6). The total expenditure for the year, excluding these two adjustments, is £18,200k. The comparative figure for the previous year was 17,809k.

The total expenditure for the comparative year (2023) of £16,864k, including the adjustments, comprised £11,235k from unrestricted funds, £1,780k from restricted funds and £3,849k 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 £297k (2023: £282k).

6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Generating Funds £'000 Financial administration 3 Domestic administration 3 Human resources 1 IT 2 Depreciation - Loss/(profit) on fixed assets - Other finance charges - Governance costs 4 13 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	Teaching and Research £'000 342 239 166 387 583 (3,933) 62 33	Public Worship £'000 - - - - - - - - - Public Worship £'000 - - - - - - - - -	Heritage £'000 - - - - - - - - - Heritage £'000 - - - - - - - - -	2024 Total £'000 345 242 167 389 583 (3,933) 62 37
	(2,121)			(2,108)
	Teaching and Research £'000 359 205 152 399 408 (119) 108 27			2023 Total £'000 362 207 153 402 408 (119) 108 28
	1,539			1,549

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

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	2024 £'000 26 4 7 37	2023 £'000 24 1 3
		28

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	2024 £'000 1,459 75 - 1,534 174 174 1,708	2023 £'000 1,411 118 -
		1,529
		64
		64

		1,593

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	2024 £'000 5,667 553 769 (2,476) 4,513	2023 £'000 5,799 585 911 (928)
		6,367

Key management remuneration

The total remuneration paid to key management was £750k (2023: £803k).

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 50 42 College residential 52 49 Fundraising 4 4 Support 15 13 Total 121 108 The average number of employed College Trustees during the year was as follows: University lecturers 11 3 Other teaching and research 27 11 Other 3 3 Total 41 17 2024	Headcount FTE 52 46 50 46 4 4 16 14 122 110 9 2 27 11 3 3 39 16 2023	Headcount FTE 52 46 50 46 4 4 16 14 122 110 9 2 27 11 3 3 39 16 2023
		110
		2 11 3
		16

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

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:

£60,001-£70,000 £70,001-£80,000 £80,001-£90,000 £90,001-£100,000 £100,001-£110,000 £120,001-£130,000 £130,001-£140,000 The number of the above employees with retirement benefits accruing was as follows: In defined benefits schemes	2024 - 2 1 - 1 - 1 5	2023 1 3 1 1 - 1 -
		6

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 (2023: £nil). These costs were charged to unrestricted funds.

9 TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
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 2,827 365 - 3,192 934 45 - - 979 2,213 1,893	Freehold land and buildings £'000 14,713 5,840 (1,187)	Plant and machinery £'000 - - - - - - - - - - -	Fixtures, fittings and equipment £'000 231 26 (64) 193 231 9 (64) - 176 17 -	Total £'000 17,771 6,231 (1,251)
		19,366			22,751
		5,181 529 (290) -			6,346 583 (354) -
		5,420			6,575
		13,946			16,176
		9,532			11,425

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.

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

10 PROPERTY INVESTMENTS

PROPERTY INVESTMENTS	PROPERTY INVESTMENTS
Group and College Agricultural Commercial £'000 £'000 Valuation at start of year 2,956 116,052 Additions and improvements at cost 22 91 Disposals - (2,000) Revaluation gains/(losses) in the year 69 (2,930) Valuation at end of year 3,047 111,213		Other £'000 - - - - -	2024 Total £'000 119,008 113 (2,000) (2,861) 114,260	2023 Total £'000 118,219 2,938 (2,721) 572
	111,213			119,008

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 2024.

Formal valuations for the commercial properties were prepared as at 31 July 2024 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	2024 £'000 192,397 1,747 (14,521) 13,851 193,474 17,329 843 (979) 210,667	2023 £'000 200,647 4,538 (10,689) (2,099)
		192,397 16,829 843 (986)
		209,083

Group investments comprise: Held outside Held in the UK the UK £'000 £'000 Equity investments - - Global multi-asset funds 151,576 14,427 Property funds - - Fixed interest stocks 6,757 - Alternative and other investments 3,086 1,361 Fixed term deposits and cash 4 16,263 Total group investments 161,423 32,051	2024 Total £'000 - 166,003 - 6,757 4,447 16,267	Held outside the UK £'000 - 137,078 - 15,974 4,358 116 157,526	Held in the UK £'000 - 14,644 - - 1,361 18,866 34,871	2023 Total £'000 - 151,722 - 15,974 5,719 18,982
	193,474			192,397

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

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:

Nuffield College purchased Oxford City Council's shares in the previous joint venture (OxWED Ltd), resulting in the creation of a subsidiary, the name of which was subsequently changed to Nuffield College Developments 1 Limited.
The business activities and the main asset of OxWED Ltd were transferred to the new joint venture (OXWED LLP).

• 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 further loans to OXWED LLP of £1,325k in the previous financial years and additional loans of £500k in the year to 31 July 2024. As of the balance sheet date, the total value of the outstanding loans, provided by Nuffield College to OXWED LLP was £17,329k. Interest is charged on the loans at a rate of 6.5%, resulting in outstanding interest of £2,947k as at 31 July 2024 (2023: £1,753k) (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 2024	As at 31 July 2024
Loans due to members Members' capital classified as equity Other reserves classified as equity Members' interest as at 31 July 2024	OXWED LLP Total £'000 34,658 1,362 (7,970) 28,050	£'000 17,329 681 (3,985) Nuffield College share 50%	£'000 17,329 681 (3,985) Oxford City Council share 50%
		14,025	14,025

Members' interest 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 £'000 33,658 16,829 1,362 681 (5,044) (2,522) 29,976 14,988 Nuffield College share 50% As at 31 July 2023	OXWED LLP Total £'000 £'000 33,658 16,829 1,362 681 (5,044) (2,522) 29,976 14,988 Nuffield College share 50% As at 31 July 2023	£'000 16,829 681 (2,522) Oxford City Council share 50%
		14,988	14,988

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

12 INVESTMENT IN JOINT VENTURE - continued

OXWED LLP Profit and loss account for the year ended 31 July 2024	OXWED LLP Profit and loss account for the year ended 31 July 2024
Income Expenditure Operating surplus/(loss) Interest charge Loss from continuing operations Total comprehensive income & expenditure loss Nuffield College share 50%	2024 2023 £'000 £'000 569 502 (1,108) (1,638)
	(539) (1,136)
	(2,387) (2,206)
	(2,926) (3,342)

	(2,926) (3,342)
	(1,463) (1,671)
Balance sheet as at 31 July 2024	OXWED LLP
Stocks Debtors Cash at bank and in hand Current liabilities Net assets attributable to members	2024 2023 £'000 £'000 33,169 33,169 418 85 506 480 (6,043) (3,758)
	28,050 29,976

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

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 £9k (2023: £23k). Some of the subsidiary’s reserves were donated to the College in previous years under Gift Aid.

Income Expenditure Operating surplus/(loss) Tax Profit from continuing operations Total comprehensive income & expenditure profit	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	2024 2023 £'000 £'000 1,686 1,628 - - - 58 1,686 1,686 - 29 - (29) - - - 29 - (58) - (29)

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

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 4.23% (2023: 3.68%) 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 72,956 - 72,956 Unapplied total return - 135,770 135,770 Expendable endowment - - - Total Endowments 72,956 135,770 208,726 Movements in the reporting period: Gift of endowment funds 212 - 212 Investment return: total investment income - 7,600 7,600 Investment return: realised and unrealised gains and losses - 6,664 6,664 Gains/(losses) on revaluation of subsidiary assets - - - Less: Investment management costs (incl. taxation) - (914) (914) Less: Loan interest payable - (1,206) (1,206) Less: Subsidiary's net income and expenditure (incl. taxation) - - - Other transfers - (277) (277) Net profit/(loss) in relation to joint venture - - - Total 212 11,867 12,079 Unapplied total return allocated to income in the reporting period - (5,161) (5,161) Expendable endowments transferred to income - - - - (5,161) (5,161) Net movements in reporting period 212 6,706 6,918 At end of the reporting period: Gift component of the permanent endowment 73,168 - 73,168 Unapplied total return - 142,476 142,476 Expendable endowment - - - Total Endowments 73,168 142,476 215,644 Permanent Endowment	Unapplied Trust for Total Investment Return Total £'000 £'000 £'000 At the beginning of the year: Gift component of the permanent endowment 72,956 - 72,956 Unapplied total return - 135,770 135,770 Expendable endowment - - - Total Endowments 72,956 135,770 208,726 Movements in the reporting period: Gift of endowment funds 212 - 212 Investment return: total investment income - 7,600 7,600 Investment return: realised and unrealised gains and losses - 6,664 6,664 Gains/(losses) on revaluation of subsidiary assets - - - Less: Investment management costs (incl. taxation) - (914) (914) Less: Loan interest payable - (1,206) (1,206) Less: Subsidiary's net income and expenditure (incl. taxation) - - - Other transfers - (277) (277) Net profit/(loss) in relation to joint venture - - - Total 212 11,867 12,079 Unapplied total return allocated to income in the reporting period - (5,161) (5,161) Expendable endowments transferred to income - - - - (5,161) (5,161) Net movements in reporting period 212 6,706 6,918 At end of the reporting period: Gift component of the permanent endowment 73,168 - 73,168 Unapplied total return - 142,476 142,476 Expendable endowment - - - Total Endowments 73,168 142,476 215,644 Permanent Endowment	Unapplied Trust for Total Investment Return Total £'000 £'000 £'000 At the beginning of the year: Gift component of the permanent endowment 72,956 - 72,956 Unapplied total return - 135,770 135,770 Expendable endowment - - - Total Endowments 72,956 135,770 208,726 Movements in the reporting period: Gift of endowment funds 212 - 212 Investment return: total investment income - 7,600 7,600 Investment return: realised and unrealised gains and losses - 6,664 6,664 Gains/(losses) on revaluation of subsidiary assets - - - Less: Investment management costs (incl. taxation) - (914) (914) Less: Loan interest payable - (1,206) (1,206) Less: Subsidiary's net income and expenditure (incl. taxation) - - - Other transfers - (277) (277) Net profit/(loss) in relation to joint venture - - - Total 212 11,867 12,079 Unapplied total return allocated to income in the reporting period - (5,161) (5,161) Expendable endowments transferred to income - - - - (5,161) (5,161) Net movements in reporting period 212 6,706 6,918 At end of the reporting period: Gift component of the permanent endowment 73,168 - 73,168 Unapplied total return - 142,476 142,476 Expendable endowment - - - Total Endowments 73,168 142,476 215,644 Permanent Endowment	Expendable Total Endowment Endowments £'000 £'000	Expendable Total Endowment Endowments £'000 £'000
72,956 - - 72,956 212 - - - - - - - - 212 - - - 212 73,168 - -	- 135,770 -	72,956 135,770 - 208,726 212 7,600 6,664 - (914) (1,206) - (277) - 12,079 (5,161) - (5,161) 6,918 73,168 142,476 -	- - 78,522 78,522 1,000 3,846 3,850 - (956) (464) (9) - (1,463) 5,804 - (7,002) (7,002) (1,198) - - 77,324	72,956 135,770 78,522
	135,770 - 7,600 6,664 - (914) (1,206) - (277) -			287,248 1,212 11,446 10,514 - (1,870) (1,670) (9) (277) (1,463)
	11,867 (5,161) -			17,883 (5,161) (7,002)
	(5,161)			(12,163)
	6,706 - 142,476 -			5,720 73,168 142,476 77,324
73,168	142,476	215,644	77,324	292,968

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

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

15 DEBTORS

Amounts falling due within one year: Trade debtors Amounts owed by College members Amounts owed by joint venture Loans repayable within one year Prepayments and accrued income Other debtors Amounts falling due after more than one year: Loans	2024 Group £'000 1,435 5 2,947 5 413 155 -	2023 Group £'000 2,146 1 1,753 5 305 42 - 4,252	2024 College £'000 1,435 5 2,947 5 413 155 - 4,960	2023 College £'000 2,146 1 1,753 5 305 42 -
	4,960			4,252

16 CREDITORS: falling due within one year

Bank loans Trade creditors Amounts owed to College Members Holiday pay accrual Taxation and social security College contribution Accruals and deferred income Other creditors	2024 Group £'000 22,479 706 12 56 307 - 1,033 232	2023 Group £'000 - 354 1 55 286 - 1,387 295 2,378	2024 College £'000 22,479 702 12 56 307 - 1,025 232 24,813	2023 College £'000 - 354 1 55 286 - 1,377 295
	24,825			2,368

A loan of £32 million was arranged in 2014/15 with the Royal Bank of Scotland to (i) fund the acquisition of Investment Properties in Oxford and (ii) refinance existing bank loans. The loan was repayable at the end of 10 years (July 2025), with the option for early repayments. During the financial year, the College repaid £9.5m of the above loan. The outstanding loan balance was fully repaid in the month following the year-end (see note 32).

The interest rate for the year to 31 July 2024 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.

17 CREDITORS: falling due after more than one year

Bank loans (note 16)	2024 Group £'000 -	2023 Group £'000 31,959 31,959	2024 College £'000 - -	2023 College £'000 31,959
	-			31,959

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	2024 Group £'000 - - -	2023 Group £'000 - - - -	2024 College £'000 - - - -	2023 College £'000 - - -
	-			-

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

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 and Other 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 2023 resources £'000 £'000 99,452 3,288 75,641 3,198 2,688 89 249 8 14,439 477	Resources expended £'000 (1,583) - (43) (4) (230)	Transfers £'000 (4,204) - (89) (8) (611)	Gains/ (losses) £'000 4,773 266 129 12 696	At 31 July 2024 £'000 101,726 79,105 2,774 257 14,771
	7,138 236	(114)	(302)	344	7,302
	598 20 2,003 66 152 5 1,446 48 4,920 377 208,726 7,812 60,033 3,754	(10) (32) (2) (23) (79) (2,120) (1,376)	(20) (66) (5) (48) (85) (5,438) (8,354)	29 97 6 70 242 6,664 3,646	617 2,068 156 1,493 5,375 215,644 57,703
	16,829 - 843 -	- -	500 -	- -	17,329 843
	2,525 1,092	(44)	852	204 3,850 10,514	4,629 80,504
	80,230 4,846 288,956 12,658 (2,522) -	(1,420)	(7,002) (12,440) -
		(3,540)			296,148
		-
Movement of endowment funds invested in JV				(1,463)	(3,985)
Movement of endowment funds invested in Subsidiary	814 -	(9)	-	-	805
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 and Other 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	287,248 12,658 1,133 37 401 13 4,160 137 127 4 1,953 65 462 15 172 7 1,219 40 44 2 241 8 9,912 328		(12,440) 89 8 611 302 20 66 5 48 - 60 1,209	9,051 54 19 201 6 95 22 9 59 - 11 476
		(3,549)			292,968
		(18) (5) (1,050) (400) (31) (52) (2) (34) - (177)			1,295 436 4,059 39 2,102 513 191 1,332 46 143
		(1,769)			10,156

	- -	-	-	-	-

	9,912 328 5,347 2,713 11,425 - 3,463 - (2,418) - 17,817 2,713 (970) - 16,847 2,713 314,007 15,699	(1,769)	1,209 4,721 6,231 279 - 11,231 - 11,231 -	476 - - - - - - - 9,527	10,156
		(7,141) (1,480) (328) 2,418			5,640 16,176 3,414 -
		(6,531)			25,230
		-			(970)
		(6,531)			24,260
		(11,849)			327,384

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

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

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 and Other Funds	Sources/Origins Purposes Lord Nuffield's Benefaction Nuffield Foundation The Scott Trust CIPFA The Ford Foundation Sir I. Gwilym Gibbon 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. 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 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 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. Advanced research and graduate scholarship funds. The purpose of the scholarship funds 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.
Endowment Funds - Expendable: General Lord Nuffield's Bequest Sir Norman Chester's Bequest P.M. Williams' Bequest To provide additional funds to support the College for postgraduate work especially in the study of social (including economic and political) problems.
Endowment funds invested in joint venture Note 12 Endowment funds invested in subsidiary Note 13
Oxford Graduate Scholarship Funds College matched studentship funding allocation.

oth	ers a maintenance grant. The original capital cannot be spent.
Endowment Funds - Expendable:
General
Lord Nuffield's Bequest	To provide additional funds to support the College for postgraduate work
Sir Norman Chester's Bequest	especially in the study of social (including economic and political) problems.
P.M. Williams' Bequest
Endowment funds invested in joint venture	Note 12
Endowment funds invested in subsidiary	Note 13
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 Annual appeal organised 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 for future costs of specific research projects, and for future investments.

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.

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

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 16,176 Property investments - Other investments - Investment in joint venture - Net current assets/(liabilities) 8,084 Long term liabilities - Pension scheme liability - 24,260 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		Restricted Funds £'000 - 4,991 4,996 - 169 - - 10,156 Restricted Funds £'000 - 4,178 5,603 - 131 - - 9,912	Endowment Funds £'000 - 109,269 188,478 14,025 (18,804) - - 292,968 Endowment Funds £'000 - 114,830 186,794 14,988 2,595 (31,959) - 287,248	2024 Total £'000 16,176 114,260 193,474 14,025
				(10,551)
				- -
				327,384
				2023 Total £'000 11,425 119,008 192,397 14,988 10,566 (31,959) (2,418)
	16,847			314,007

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

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 13 Trustees live in houses owned jointly by the College as at 31 July 2024.

One Trustee, the Warden, lived in a property wholly owned by the College until 17 August 2023.

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 £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 £60,000-£64,999 £90,000-£94,999 £95,000-£99,999 £100,000-£104,999 £115,000-£119,999 £120,000-£124,999 £125,000-£129,999 £145,000-£149,999 £235,000-£239,999 £330,000-£334,999 Total	2024	2023
	- - 1 3 - 382,597 - 1 118,151 - 1 101,997 - - 1 239,144 - - - - - 60,325 - - 1 93,955 2 195,537 2 197,194 336,473 1 149,872 1 149,090 1 20,817 1 24,391 7 196,793 3 85,327 - 2 242,869 14 453,600 15 482,902 8 298,097 6 225,924 1 40,148 - - - Number of Trustees / Fellows Gross remuneration, taxable benefits and pension contributions Number of Trustees / Fellows Gross remuneration, taxable benefits and pension contributions £ £ 1 5,287 - - - - 1 18,568 2 1 1 1 1 98,215 53,737 60,071 125,490
	41 39 2,144,214 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.

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

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.

Schemes accounted for under FRS 102 paragraph 28.11 as defined contribution schemes Deficit Recovery Plans

Universities Superannuation Scheme

For USS, a deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The College was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the income and expenditure account. The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the College cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

At 31 July 2023, the College’s balance sheet included a liability of £2,408k for future contributions, following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date the College was no longer required to make deficit recovery contributions. Therefore, the remaining liability of £2,408k was released to the income and expenditure account.

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

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

CPI assumption	Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves less: 1.0% p.a. to 2030, reducing linearly by 0.1%p.a. from 2030.
Pension increases (subject to a floor of 0%)	Benefits with no cap: CPI assumption plus 3bps Benefits subject to a “soft cap” of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10%): CPI assumption minus 3bps
Discount rate (forward rates)	Fixed interestgiltyield curveplus:
	Pre-retirement: 2.5%p.a.
	Post-retirement: 0.9%p.a.

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

101% of S2PMA “light” for males and 95% of Mortality base table S3PFA for females CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a. and a long-term Future improvements to mortality improvement rate of 1.8% pa for males and 1.6% pa for females

The current life expectancies on retirement at age 65 are:

	2024	2023
Males currentlyaged 65(years)	23.7	24.0
Females currentlyaged 65(years)	25.6	25.6
Males currentlyaged 45(years)	25.4	26.0
Females currentlyaged 45(years)	27.2	27.4

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

University of Oxford Staff Pension Scheme

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

The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan as agreed at the last valuation was no longer required and the deficit contribution ended on 30th September 2023. The provision of £10k which was made at 31 July 2023 to account for deficit recovery payments up to 30 September 2023 was released to the income and expenditure account in 2024.

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

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

The table below summarises the key actuarial assumptions. Further details of the assumptions are set out in principles dated 27 June 2023 and can be found at https://finance.admin.ox.ac.uk/osps-documents	The table below summarises the key actuarial assumptions. Further details of the assumptions are set out in principles dated 27 June 2023 and can be found at https://finance.admin.ox.ac.uk/osps-documents
Date of valuation: Value of liabilities: Value of assets: £914m £961m 31/03/2022
Theprincipal assumptions used bythe actuarywere:
Rate of interest(periods upto retirement)	Gilts' +2.25%
Rate of interest(periods after retirement)	Gilts' +0.5%
RPI	Break-even RPI curve less 0.5% pa pre-2030 and 1.0%papost-2030
CPI	RPI inflation assumption less 1% pa pre-2030 and 0.1%papost-2030
Pensionable Salaryincreases	RPI +pa
Funding Ratios:
Technicalprovisions basis:	105%
‘Buy-out’ basis:	62%

Non-financial assumptions:
Post-retirement mortality - base table	Non-Pensioners: 105% of standard S3PxA medium tables for both males and females Pensioners: 105% of standard S3PxA medium tables for both males and females
Post-retirement mortality - improvements	Non-Pensioners: 105% of standard S3PxA medium tables for both males and females Pensioners: 105% of standard S3PxA medium tables for both males and females
Recommended employer’s contribution rate (as % of pensionable salaries):	16.5% DB for members from 01/10/2023 10%/12%/14% DC members in relation to 4%/6% /8% costplan - from 01/10/2023
Effective date of next valuation:	31/03/2025

Pension charge for the year

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

Scheme	2024	2023
	£000's	£000's
Universities Superannuation Scheme	559	683
University of Oxford Staff Pension Scheme	210	228
Other schemes – contributions	-	-
Total	769	911

Included in other creditors are pension contributions payable of £nil (2023: £nil).

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

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

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	2024 £'000 - 193,474 4,960 24,825 - 2024 Group £'000 14,840 (12,268) (10,990) (1,212) 583 1,690 - (3,933) (14) 475 65 - (2,418) (13,182)	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)

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 8,618 18,982 (31,959) (4,359)	Cash flows Foreign exchange movements £'000 £'000 648 (40) (2,715) - - - (2,067) (40)	2024 £'000 9,226 16,267 - - 25,493 Other non- cash changes £'000 - - 31,959 31,959	2023 £'000 8,618 18,982 - -
				27,600
				At end of year £'000 9,226 16,267 -
				25,493

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

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	2024 £'000 2,590 4,486 32,521 39,597 4,711	2023 £'000 2,952 6,060 33,438
		42,450
		4,715

29 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July 2024 for future capital projects totalling £2,644k (2023 - £5,030k).

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 2024, 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 2024 are marked with an asterisk in the list below.

R Allen R Bernhard S Bond R Breen J Darwin D Gallie E Gonzalez Ocantos J Green R Kashyap E Kechagia-Ovseiko D Kirk C Laborde K MacDonald M Mills C Monden T Moore L Sinander D Snidal A Thompson F Windmeijer Total net book value of properties owned jointly with Trustees	2024 £'000 156 416 170 - 281 111 227 218 289 327 - 141 173 414 210 300 403 313 202 412 4,763	2023 £'000 156 - 171 293 281 111 227 218 289 327 410 141 173 414 210 300 - 313 202 412
		4,648

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 mainly 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.

The outstanding bank loan balance of £22.5m (note 16) was fully repaid after the year-end, in August 2024.

32 POST BALANCE SHEET EVENTS

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

33 ADDITIONAL PRIOR YEAR COMPARATIVES

a. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Prior Year)

Unrestricted Funds £'000 INCOME AND ENDOWMENTS FROM: Charitable activities: Teaching, research and residential 2,039 Other trading income - Donations and legacies - Investments Investment income 290 Total return allocated to income 9,563 Other income (CJRS) - Total income 11,892 EXPENDITURE ON: Charitable activities: Teaching, research and residential 10,967 Generating funds: Fundraising 268 Trading expenditure - Investment management costs (incl. loan interest) - Total expenditure 11,235 Net income/(expenditure) before gains 657 Net gains/(losses) on investments - Net income/(expenditure) before tax 657 Taxation - Net income/(expenditure) 657 Group share of joint venture's profit/(loss) - Transfers between funds - 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 657 Fund balances brought forward 16,190 Funds carried forward at 31 July 16,847	Restricted Funds £'000 - - 2 322 874 -	Endowed Funds £'000 - - 270 11,178 (10,437) -	2023 Total £'000 2,039 - 272 11,790 - -
11,892 10,967 268 - -	1,198 1,607 - - 173	1,011 - - 23 3,826	14,101 12,574 268 23 3,999
11,235	1,780	3,849	16,864
657	(582)	(2,838)	(2,763)
-	251	(1,778)	(1,527)
657	(331)	(4,616)	(4,290)
-	-	-	-
657	(331)	(4,616)	(4,290)
- - - -	- 250 - -	(1,671) (250) (29) -	(1,671) - (29) -
657 16,190	(81) 9,993	(6,566) 293,814	(5,990) 319,997
16,847	9,912	287,248	314,007

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

33 ADDITIONAL PRIOR YEAR COMPARATIVES - continued

b. PROPERTY INVESTMENTS (Comparatives to Note 10)

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 2,869 115,350 59 2,879 - (2,721) 28 544 2,956 116,052		Other £'000 - - - - -	2023 Total £'000 118,219 2,938 (2,721) 572
		116,052		119,008

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

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
72,686 - - 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	- - 81,900 81,900 - 3,766 2,051 (29) (1,118) (397) (23) - (1,671) 2,579 - (5,957) (5,957) (3,378) -	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) -			(6,566) 72,956
- -	135,770 -	135,770 -	- 78,522	135,770 78,522
72,956	135,770	208,726	78,522	287,248

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

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 2022 resources £'000 £'000 99,118 3,223 79,681 3,109 2,667 87 247 8 14,388 467 7,114 231 593 19 1,988 65 150 5 1,435 47 4,533 421 211,914 7,682 62,905 3,699	Resources expended £'000 (1,725) - (46) (4) (250) (124) (10) (35) (3) (25) (89)	Transfers £'000 (3,646) - (87) (8) (529) (262) (19) (65) (4) (47) (63) (4,730) (7,127) 725 29 416 (5,957) (10,687) - - (10,687) 87 8 529 262 19 65 4 47 - 103	Gains/ (losses) £'000 2,482 (7,149) 67 6 363 179 15 50 4 36 118 (3,829) 2,035	At 31 July 2023 £'000 99,452 75,641 2,688 249 14,439 7,138 598 2,003 152 1,446 4,920
		(2,311)			208,726
		(1,479)			60,033 16,829 843 2,525
	16,104 - 814 -	- -		- -
	2,062 67	(36)		16 2,051 (1,778)

	81,885 3,766 293,799 11,448 (851) -	(1,515)			80,230

		(3,826)			288,956
		-			(2,522) 814
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				(1,671)
	866 -	(23)		(29)
	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			(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)	1,124		9,912

	- -	-	- 1,124 8,309 (33) 461 826 9,563 - 9,563 -	-	-

	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)		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

Front photo by Kinga Lubowiecka (Bright Lens), back photo by David Fisher (Fisher Studios)