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## 

|Report ofthe Governing Body|page 2-10|
|---|---|
|Statement ofAccounting and Reporting Responsibilities|page 11|
|Governing Body, Officers and Advisers|page 12-14|
|Auditor’s Report|page 15-17|
|Statement ofAccounting Policies|page 18-23|
|Consolidated Statement of Financial Activities|page 24|
|Consolidated and College Balance Sheets|page 25|
|Consolidated Cashflow Statement|page 26|
|Notes to the Financial Statements|page 27-44|





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|Geographic origin|Undergraduates|Postgraduates|
|---|---|---|
|UK|319|82|
|Other EUIEEA|13|14|
|Overseas|69|132|
|Total|401|228|





## 

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## 

||1|2023|2022|
|---|---|---|---|
|||£|£|
|Oxford Opportunity Bursaries (undergraduates)||85,530|74,115|
|Book grants||1,768|1,928|
|Sports & extra-curricular grants||3,216|4,598|
|Research & travel grants||61,398|46,284|
|Scholarships & prizes||131,898|121,069|
|Bursaries & hardship funds||97,778|61,740|
|Total||381,588|309,734|





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|(4)<br>Tutorial Committee|||||||
|---|---|---|---|---|---|---|
|||(1)|(2)||(3)|(4)|
|Dame Professor S M||||—|||
|Springman|||||||
|Professor J M Yeomans|Retired 30/9/23||||||
|Professor<br>I M Moroz|Retired 30/9/23||||||
|Professor K J Clarke|||||||
|Professor P Schleiter|||||||
|DrMKean|||||||
|Professor L J Smith|||||||
|Dr R M Armstrong|||||||
|Professor H Swift||||||•|
|DrI-ISmith|||||||
|DrGPaul|||||||
|Piufessor D Fiiatuv|||||||
|Professor E Payne|||||||
|Ms B Travers|Retired 31/12/22||||||
|DrKHoge|||||||
|Professor F Macintosh|||||||
|Professor R Condry|||||||
|Professor S Todd|||||||
|Dr S McHugh|||||||
|Professor A Noble|||||||
|Professor D Wakelin|||||||
|Professor A Katzourakis|||||||
|Professor D Howey|||||||
|Dr P Hulley|||||||
|Professor D Gangjee|||||||
|Dr C Swales|||||||
|DrDBulte|||||||
|Dr LWUd|||||||
|DrSNorman|||||||
|Professor J Barlow|||||||






## 


## 

|Dame Professor S M Springman|Principal|
|---|---|
|Ms B Travers|Development Directorto 31/12/22|
|Mr A Thomas|Development Directorfrom 10/7/23|
|MrCWood|Bursar|
|Dr S Norman|Senior Tutor|





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## **St Hilda's College** 

## **Independent auditor's report to the Members of the Governing Body Year ended 31 July 2023** 

## **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. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: w .frc.org.uk/apb/scope/private.cfm. This description forms part of our auditor's report. 


## Crowe UK LLP 

Statutory Auditor 

## Oxford 

## Date: 28 November 2023 

Crowe UK LLP is eligible to act as an auditor in terms of sections 1212 of the Companies Act 2006. 

**17** 



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## 

|||Linrestricled|Restricted|Endowed|2023|2022|
|---|---|---|---|---|---|---|
|||Funds|Funds|Funds|Total|Total|
||Notes|£000|£000|£000|£000|£000|
|INCOME AND ENDOWMENTS FROM:|||||||
|Charitable activities:|||||||
|Teach ng. research and resdenial||7342|-|-|7,342|6,035|
|Other Trading Income|3|798|-|-|798|497|
|Donations and legacies|2|803|1.510|8|2,321|2.383|
|Investments|||||||
|Investment income|4|301|13|1,344|1,658|1,617|
|Total retarn alIocaed to income|13|649|,l78|çl,8273|-|-|
|Total income||9,893|2,701|(475)|12,119|10,532|
|EXPENDITURE ON:|||||||
|Charitable activities:|||||||
|Teaching, research and residential|5|9,024|2,216|-|11,240|12,894|
|Generating funds:|||||||
|Fundraising||511|-|-|511|444|
|Trading expenditure||417|-|-|417|235|
|Investment management costs|||2|179|181|234|
|Total Expenditure||9,952|2,218|179|12,349|13,807|
|Net lncome/(Expenditure) before gains||(58)|483|(654)|(230)|(3,275)|
|Net gainsl(losses) on investments|10,11|-|14|1.482|1,495|(2,113)|
|Net Incornel(Expenditure)||(58)|497|828|1,266|(5,388)|
|Net movement in funds for the year||(58)|497|828|1266|(5,388)|
|Fund balances brought forward|17|58,745|2,815|59,867|121,427|126,815|
|Funds carried forward at 31 July||58,687|3312|60,695|122,693|121427|





## 

|||2023|2022|2023|2022|
|---|---|---|---|---|---|
|||Group|Group|college|College|
||Note|£000|£000|£000|£000|
|FIXED ASSETS||||||
|Tangible assets|9|76.095|75,719|76,095|75.719|
|Properly inveslments|10|23,006|1656|23,006|1.656|
|Otner Investments|11|40,343|60.197|40,345|60,199|
|Total Fixed Assets||139,444|137.572|139,446|137,574|
|CURRENT ASSETS||||||
|Stocks||50|45|50|45|
|Debtors|14|1,064|829|1,420|865|
|Investments||3.989|5,957|3.989|5,957|
|Cash at bank and in hand||2,251|1736|1,479|1,461|
|Total current Assets||7,354|8,567|6,935|8,328|
|LIABILITIES||||||
|Creditors: Amounts farling due within one year|15|2,123|1,680|2,094|1,708|
|NET CURRENT ASSETSI(LIABILITIES)||5,231|6,887|4,844|6,520|
|TOTAL ASSETS LESS CURRENT LIABILITIES||144,675|144,459|144,290|144,194|
|CREDITORS: falling due after more than one year|16|19,834|19,829|19,834|19,829|
|NET ASSETS!(LIABILITIES) BEFORE PENSION||||||
|ASSET OR LIABILITY||124,841|124,630|124,456|124,365|
|Defined benefit pension scheme liability|21|2,148|3,203|2,148|3,203|
|TOTAL NET ASSETS/(LIABILITIES)||122,693|121,427|122,308|121,162|
|FUNDS OF THE COLLEGE||||||
|Endowment funds|17|60.695|59,867|60,695|59,667|
|Restricted funds|17|3,312|2,815|3.312|2,815|
|Unrestricted funds||||||
|General funds||2,841|4,330|2,456|4,065|
|Designated funds|17|57,994|57,618|57,994|57,618|
|Pension reserve|17|(2,148)|(3,203)|(2,148)|(3.203)|
|||122,693|121,427|122,308|121.162|





|||2023|2022|
|---|---|---|---|
||Notes|£000|£000|
|Net cash provided by (used in) operating activities|24|(1,242)|(1,790)|
|Cash flows from investing activities||||
|Dividends, interest and rents from investments||1,658|1,617|
|Proceeds from the sale of property, plant and equipment||-||
|Purchase of property, plant and equipment||(1,877)|(1,074)|
|Proceeds from sale of investments||-|2.193|
|Purchase ot investments||-||
|Net cash provided by (used in) investing activities||(219)|2.736|
|Cash flows from financing activities||||
|Repayments of borrowing||||
|Cash inflows from new borrowing||-||
|Receipt of endowment||8|7|
|Not cash provided by (used in) financing activities||8|7|
|Change in cash and cash equivalents in the reporting period||(1,453)|953|
|Cash and cash equivalents at the beginning ofthe||||
|reporting period||7,693|6,740|
|Change in cash and cash equivalents due to exchange||||
|rate movements||||
|||-||
|Cash and cash equivalents at the end of the reporting||||
|period|25|6,240|7,693|





## 

## 

||2023|2022|
|---|---|---|
|Teaching, Research and Residential|£000|£000|
|Unrestricted funds|||
|Tuition fees<br>- UK and EU students|1.562|1.512|
|Tuition fees<br>- Overseas students|1.424|1.230|
|Other HEFCE sUpport|221|232|
|Other academic income|141|147|
|Residential income|3,988|2.854|
|Total Teaching, Research and Residential|7,342|6.035|
|Total income from charitable activities|7,342|6.035|



|DONATIONS AND LEGACIES|||
|---|---|---|
||2023|2022|
||£000|£000|
|Donations and Legacies|||
|unrestricted funds|803|2,005|
|Restricted funds|1,510|311|
|Erdowec funcs|8|7|
||2,321|2,383|
|INCOME FROM OTHER TRADING ACTIVITIES|||
||2023|2022|
||£000|£000|
|Subsidiary company trading income|781|497|
|Other trading income|17|0|
||798|497|
|INVESTMENT INCOME|||
||2023|2022|
||£000|£000|
|Unrestricted funds|||
|Commercial rent|75|74|
|Inccme fro,’, hoc intees: stocks|-||
|Bank interest|226|24|
|Restricted funds|||
|Equitydividends|13|I|
||13|15|
|Endowed funds|||
|Other property income|344||
|Equitydividends|966|1.503|
|Income from fxed interest stocks|34|-|
|Interest on fixed term deposits and cash|-||
|Other investment income|-||
|Bank interest|-||
|Other interest|-||
||1,344|1.503|
|Total Investment income|1,658|1.617|





|S|ANALYStS OF EXPENDtTURE|||
|---|---|---|---|
|||2023|2022|
|||£000|£000|
||Charitable expenditure|||
||Direct staff costs allocated to:|||
||Teaching, research and residential|5,441|4,894|
||Other direct costs allocated to:|||
||Teaching, research and residential|3,870|3.245|
||Support and governance costs atlocetad to:|||
||Teaching, research and residential|1929|4,755|
||Total charitable expenditure|11,240|12,8g4|
||Expenditure on raising funds|||
||Direct staffcosts aCacated to|||
||Fundraisvg|334|286|
||Tradhrg expendt.e|162|95|
||Other direct costs alocated to’|||
||Fundraising|102|101|
||Trading expanc tu a|2C9|115|
||Investment naragement costs|181|234|
||Support and governance costs allocated to:|||
||Fundratsing|75|57|
||Trading expenditure|46|25|
||Total expenditure on raising funds|1.109|913|
||Total expenditure|12,349|13,807|





## **St HIida's College Notes to Iha financial statements For tha year anded 31 July 2023** 

## **6 ANALYSIS OF SUPPORT ANO GOVERNANCE COSTS** 

|||**Teaching**||
|---|---|---|---|
||**Generating**|**and**|**2023**|
||**Funds**<br>**£'0 **|**Research**<br>**£'000**|**Total**<br>**£'000**|
|**Financial administration**|**114**|**499**|**613**|
|**Domestic admlnistralion**||||
|**Human resources**||**51**|**51**|
|**IT**|**7**|**246**|**253**|
|**Depreciation**<br>**Loss(profl) on fixed assets**||**1,499**|**1,499**|
|**Interest payable**<br>**Other fnance charges**<br>**Goverance csts**<br>**Investment management carges**|**181**|**659**<br>**(1,055)**<br>**26**|**659**<br>**(1,055)**<br>**26**<br>**181**|
||**302**|**1,925**|**2,227**|



|||**Teaching**||
|---|---|---|---|
||**Generating**|**and**|**2022**|
||**Funds**<br>**£'00**|**Research**<br>**£'000**|**Total**<br>**£'0**|
|**Financial administration**|**76**|**407**|**483**|
|**Domestic administralion**<br>**Human resurces**||**86**<br>**40**|**86**<br>**40**|
|**IT**<br>**Dep,ecation**<br>**Loss(proft) on fixed assets**|**6**|**216**<br>**1,463**<br>**659**|**222**<br>**1.463**<br>**659**|
|**Interest payable**||**1,858**|**1,858**|
|**Other finance charges**<br>**Goveranc csts**||**22**|**22**|
|**Investment management charges**|**234**<br>**31**|**4,51**|**234**<br>**5,067**|



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

**Depreciation costs and profit** _**or**_ **loss on disposal of fixed assets are attributed according to the use made or the underlying assets.** 

**Interest and other �nance charges are attributed according to the purpose of the related financing.** 

**Governance costs comprise: Auditofs remuneralion • audit services** 

|**2023**<br>**£'000**<br>**26**<br>|**2022**<br>**£'00**<br>**22**<br>|
|---|---|
|~~**26**~~|~~**22**~~|



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

## **T GRANTS ANO AWARDS** 

||||
|---|---|---|
|**GRANTS ANO AWARDS**<br>**During the year the College funded research awards and**<br>**bursaries to students from Its restricted and**<br>**unrestricted fun as fofow:**<br>**Unrestricted funds**<br>**Grants lo individuals:**<br>**Scholarships, prizes and grants**<br>**Bursaries and hardship awrds**<br>**Total unrestricted**<br>**Restrictd funds**<br>**Grants to Individuals:**<br>**Scholarships, prizes and grants**<br>**Bursaries an hardship awards**<br>**Total restricted**<br>**Total grants and awards**<br>**2023**<br>**£'000**<br>**32**<br>**162**<br>m<br>**166**<br>**22**<br>m<br>**382**||**2022**<br>**£'0 **<br>**35**<br>**113**<br>|
|||~~**t�I**~~ <br>**140**<br>**23**<br>**U3**<br>|
||||
|||~~311~~|



**The figures shown above include the cos! lo lhe College of the Oxford Bursary scheme. Students of trns college received £236k (2022: £235k).** 

**Page�** 



## 

||2023|2022|
|---|---|---|
|me angregate staff costs for the yea- were as fows|£000|£000|
|Salaries and wages|4110|4.731|
|Social security costs|393|348|
|Pension coma:|||
|Defined benefit schemes|1943|795|
|Defined contribution schemes|-|1|
|Pension liability|(1,055)|1657|
||5,391|7.732|



|The average number of employees of the College. excluding trustees.|||
|---|---|---|
|on a full time equivalent basis was as follows.|2023|2022|
|Tuition and research|20|21|
|College residential|66|61|
|Fundraising|5|5|
|Support|20|19|
|Tots|111|106|



|Unve’s ty Lecturers|14|15|
|---|---|---|
|CUF Lecturers|12|12|
|Other teaching and research|3|3|
|Othe’|4|4|
|Tore|33|34|



|The number of employees (escluding the College Trustees) during the year w<br>within the foltowing bands was:|hose gross pay and benefits (excluding employer NI and pension contrib|utions) fell|
|---|---|---|
|£60,000-E70,000|4|3|
|£70,001-80,000|1|0|





## 

||||||
|---|---|---|---|---|
|Group & College|Freehold|Assets|Fixtures,||
||land and|Under|fillings and||
||buildings|Construction|equipment|Total|
||£000|£000|£000|£000|
|Cost|||||
|At start of year<br>Additions|81,001<br>1,702|1,092<br>30|2.764<br>145|84,857<br>1,877|
|Transfers|36|(36)|||
|At end of year|82,739|1,086|2,909|86,734|
|Depreciation and impairment|||||
|At start of year<br>Depreciation charge br the year|7312<br>1,096|-<br>-|1,826<br>405|9,138<br>1,501|
|At end of year|8,408|-|2,231|10.639|
|Net book value|||||
|At end of year|74,331|1.086|678|76,095|
|At start of year|73,669|1,092|938|75.719|



## 

|||||
|---|---|---|---|
|Group & Collage||2023|2022|
||Commercial|Total|Total|
||£000|£000|£000|
|Valuation at start of year|1,656|1.666|1.012|
|Additions|19,222|19,222|350|
|Revaluation gains/flosses) in the year|2,128|2,128|294|
|Valuation at end of year|23,006|23,006|ibSti|





## 

|OTHER INVESTMENTS|||||
|---|---|---|---|---|
|All investments are held at fair value.|||||
||||2023|2022|
||||£000|£000|
|Group investments|||||
|Valuation at start of year|||60,1ST|65,147|
|New money invested|||-|-|
|Amounts withdrawn|||(20,054)|(3.623)|
|Renvested r,ccme|||1,013|1.519|
|l”vestment managementfees<br>(Decrease.[increase ir. va’ue of investments|||(181)<br>(632)|(234)<br>(2.407)|
|Group tnveslments at end of year|||40.343|60.197|
|Investment i-i subsidiaries|||2|2|
|College investments at end of year|||40,345|60,199|
|Group investments comprise:|Held in|2023|Held in|2022|
||the UK|Total|the UK|Total|
||£000|£000|£000|£000|
|Equity investments|18,501|lt,501|36,870|36,870|
|Propertyfunds|1,111|1,111|3.513|3,513|
|Fixed interest stocks|4,014|4,014|4,261|4,261|
|Alternative and otter investments|2119|2,719|8.667|8,667|
|Fised tern deposits aid cash|13,998|13,998|6.655|6,656|
|Total group investments|40.343|4L34Y|60.197|60.197|



## 

|The results and their assets and liabilities of the parent an|d subsidiaries at the year end were|as follows.||
|---|---|---|---|
||Parent|St Hilda’s College|St Hilda’s College|
||College|(Trading) Ltd|Developments Ltd|
||£000|£000|£000|
|Irccme<br>Exendilurs|12.119<br>(12.349)|803<br>(418)|(191)<br>191|
|Resuit ior the year|(230)|385||
|Tota’ assets|146.384|847|26|
|Tota’ liabiltea|(24076)|(462)|(26)|
|Net fr’ds at tie end of year|122,308|385||
|Defaila of prioryearare shown in note 29b||||





## 

## 

|||Permanent Endowment||Expendable|Total|
|---|---|---|---|---|---|
|||Unapptied||Endownrent|Endowments|
||Trust for|Total||||
||Investment|Return|Total|||
||£000|£000|£000|£000|£000|
|At the beginning of the year:||||||
|Gift component oftie perma”ent endowment|14586||14,586||14,586|
|uappreo total return||4,675|14.675||14,675|
|Exoendab’e<br>endo-,vment||||30,606|30,606|
|Total Endowments|14566|14,675|29,261|30,606|59,867|
|Movements in the reporting period:||||||
|Gih of endowment f,,rcs|||-|8|8|
|Investment return: total investment income||677|677|667|1,344|
|Investment retu:n: reatsed ar,d unreased gains and losses||746|746|736|1,482|
|Less Investment management costs||(90)|(90)|(89)|(179)|
|Other transters|-|-|-|-|-|
|Total|-|1.333|1,333|1,322|2,655|
|Unapplied total return allocated lo income in the reporting period||(922)|(922)|(905)|(1,827)|
|Expendable endowments transferred to income||||-|-|
||-|(922)|(922)|(905)|(1,827)|
|Net movements in reporting period|-|411|411|411|828|
|At end of the reporting period:||||||
|Gift component of the permanent endowment|14,586|-|14,586|-|14,586|
|IJnapotied totat return||15.086|15,086|-|15,086|
|Expe’dable<br>endowment<br>Total Endowments|14.586|15,086|29,672|31.023<br>31,023|31,023<br>60,695|





## 

|14|DEBTORS|||||
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||Group|G’o4|College|Colege|
|||£000|£000|£000|£000|
||Amounts falling due within one year:|||||
||Trade cobb’s|565|303|488|183|
||Ano..n;s owed by Cotege members|-|-|-|-|
||Amounts owed by Group undertakings|-|-|457|155|
||Loans repayable within one year|18|17|18|17|
||Taxation and social security|24|4|||
||Prepayments and accrued income|435|483|435|483|
||Other debtors|22|22|22|22|
|||1,064|829|1,420|865|
|15|CREDITORS: falling due within one year|||||
|||2023|2022|2023|2022|
|||Group|Group|College|College|
|||£000|£000|£000|£000|
||Trade creditors|1,052|1 .008|1,052|1 .006|
||Amounts owed to Group undertakings||-|||
||Taxation and social security|186|-|186|38|
||Accruals and deferred income|306|280|300|211|
||Other creditors|579|394|556|381|
|||2.123|1jW|2.094|1.705|
|16|CREDITORS: falling due after more than one year|||||
|||2023|2022|2023|2022|
|||Group|Grouo|College|College|
|||£000|£000|£000|£000|
||Bard’|19.834|9.829|19.834|19.629|
|||19.834|19.829|19.834|19.629|





|17|ANALYSIS OF MOVEMENTS ON FUNDS|ANALYSIS OF MOVEMENTS ON FUNDS|ANALYSIS OF MOVEMENTS ON FUNDS|ANALYSIS OF MOVEMENTS ON FUNDS|||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||At I Aug.st|lnccning|Resources||Gains/|At 31 July|
||||||2022|resources|exoo,ded|Transfers|(losses)|2023|
||||||£030|£ 000|£000|£000|£000|£000|
||Endowment Funds|- Permanent|||||||||
||StLden: Support Ftrds||||1,264|25|3|28|23|1,286|
||JRF Funds||||1,695|32|4|31|35|1,727|
||Teaching Funds:||||||||||
||Humanities & Social|Sciences|||7,374|176|23|243|194|7,478|
||Medical Sciences||||1.853|43|6|61|48|1,877|
||Physical & Life Sciences||||2,852|67|9|94|74|2,890|
||General purpose||||14,092|331|44|464|365|14,280|
||Other purposes||||137|2|-|1|3|141|
||Endowment Funds|- Expendable|||||||||
||Student Support Funds||||5,324|117|17|117|129|5,436|
||JRF Funds||||2,247|45|6|139|49|2,196|
||Teaching Funds:||||||||||
||Humanities & Social|Sciences|||4,276|96|13|141|107|4,325|
||Medical Sciences||||1.186|28|4|34|30|1,206|
||Physical & Life Sciences||||1.528|36|4|50|40|1,550|
||Olherpurposes||||1.536|30|4|.|33|1,595|
||Endowment Funds<br>-|Expendab Designated|||||||||
||S:uent Support Funds||||754|19|2|8|9|182|
||JRF Funds||||1.209|23|3|-|25|1.254|
||Teaching Furds:||||||||||
||HumaiiLes & Social|Sciences|||3729|89|13|123|98|3,780|
||Medcs’ Sciences||||2 970|70|9|98|77|3,010|
||General purpose||||5636|113|14|186|124|5,673|
||O:hepu’poses||||205|10|1|9|4|209|
||Total Endowment Funds|||- College|59.861|1,352|179|(1,827)|1.482|60,695|
||Total Endowment Funds|||- Group|59,661|1,352|179|(1,827)|1,482|60,695|
||Restricted Funds||||||||||
||Transfer from endowmenl|||lunds for spending|||1.178|1.178|-|-|
||Sludent support funds||||102|2|||2|108|
||Scholarship & Buraary Fund||||905|119|120||1|905|
||Access||||89|25|-||-|114|
||College Contribution|fund|||0|400|400|-|-|-|
||Fellowship funds||||628|10|22|-|11|627|
||Library fund||||66|411|-|-|-|537|
||Other funds||||1.025|496|498|-|-|1,023|
||Total Restricted Funds||-|College|2,815|1,523|2,218|1.178|14|3,312|
||Restricted funds held|by subsidiaries|||||||||
||Total Restricted Funds||-|Group|2,815|1,523|2.218|1.178|14|3,312|
||Unrestricted Funds||||||||||
||General funds||||4.029|6,983|9.205|649||2,456|
||125 Fund||||38||36||||
||Designated||||57.618|1,877|1.501|||57.994|
||Peisicn reserve||||(3.203)||(1.055)|||(2,148)|
||Total Unrestricted Funds|||- College|58.’83|8,860|9.687|649|-|58,302|
||Urestrictec Unds heid by|||sjbsidiaries|265|385|265|||385|
||Total Unrestricted Funds|||- Group|58,745|9,245|9,952|649||58.687|
||Total Funds College||||121,162|11,734|12,064||1.496|122,308|
||Total Funds Group||||121,427|12,119|12,349||1,496|122,693|





## 

## 

|ANALYSIS OF NET ASSETS BETWEEN FUNDS|||||
|---|---|---|---|---|
||Unrestricted|Restricted|Endowment|2023|
||Funds|Funds|Funds|Total|
||£000|£000|£000|£000|
|Tangible fixed assets|76.095|||76,095|
|Prccacy investments|1.656|-|t .350|23,006|
|Ot’er r.vestments|-||40,343|40,343|
|Net curret assets|2,918|3,312|(998)|5,231|
|Long term iabiities|(21,982)|-|-|(21,982)|
||5d,667|““31T”|60,69o|122.63Y|



||Unrestricted|Restricted|Endowment|2022|
|---|---|---|---|---|
||Funds|Funds|Finds|Total|
||£000|£000|£tOO|£000|
|Tangible fixed assets|75.719|-|-|75,719|
|Property investments|1,656|-|-|1,656|
|Other investments||-|60,197|60,197|
|Net current assets|4,402|2.615|(330)|6,887|
|Long term liabilities|(23.032)||-|(23,032)|
||58.745|?,815|59,887|121.427|





## 

## 

|Remuneration paid to trustees|||||
|---|---|---|---|---|
|||2023||2022|
|||Gross remuneration, taxable|||
||Number of|benefits and pension|Number of|Gross remuneration, taxable benefits|
|Range|Trustees/Fellows|contributions|Trustees/Fellows|and pension contributions|
|||||£|
|£3.000-63,999|4|1,200|2|3,600|
|£12,000-fl2,999||||12,814|
|£13,000’013.999|1|13,512|||
|£20,000-E20.999|1|20,868|||
|£22,000-E22 999|-|-||22,809|
|£23.000-E23.999|-||11|258 843|
|£24,000-E24.999|1|24.983|||
|£25.000-025.9’39|H|219,639|||
|£28.000-026.999|-|-||26,233|
|£29,000-E29.999|-|-||29,243|
|£30,000-030.999|1|30,375|||
|£34,000-E34.999|1|34.454|||
|£39,000-139.999|-|-||39,452|
|£4’.000-041.999|1|4 .065|||
|042.000-042.999|1|42,1 St|||
|041.000-047,999|-|-|2|95.745|
|049.000449.999|-|-||49,174|
|£50.000450.999|2|100,962||50,641|
|053,000-053,999|-|-||53,276|
|£54000454999|1|54,161|||
|058.000-058.999|1|58,070|4|234,406|
|060,000-060,999|-|-||60,575|
|061,000-061,999|-|-||61,101|
|062,000-062,999|4|249.377|||
|064.000-064,999|1|84,844|||
|067.000-067,999|1|67,344|||
|079.000-079,999|-|-||79,443|
|090,000-090,999|-|-|2|180,344|
|095,000-095,999|1|g5,636|||
|£98.Oon-098 999|1|gaIts|9|107 mo|
|£108,000-2108,999|1|108.513|||
|0131,000-0131,999|1|131,936|||
|Total|36|1,523,233|34|1,456,008|





||||USS|OSPS|
|---|---|---|---|---|
|Date of valuation:|||31103/2020|31/03/2019|
|Date valuation results puhtished:|||3010912021|19/06/2020|
|Value of|liabilities:||£80,6bn|£914m|
|Value of|assets:||£66,Sbn|£961m|
|Funding|surplus I (deficit):||(El4.lbn)|£47m|
|Principal|assumptions:||||
|||-<br>Discount rate|Fixed interest gilt<br>yield curve|Gitts+0.5%-<br>2-25%|
|||-Rate of increase in salaries|Plus 1%-2.75%|to|
|||-<br>.<br>.<br>-Rate of increase in pensions|n/a CPI+0.05%|Average<br>RPI/CPI d|
|Assumed||life expentancies on retirement at|||
|age 65|||||
|||Males currently aged 65|24.Oyrs||
|||-<br>Females currently aged 65|25.6yrs||
|||-<br>Males currently aged 45|26.Oyra||
|||-<br>Females currently aged 45|214yra||
|Funding|Ratios:||||
|-||Techn’cal provisions basis|83%|105%|
||-|Statutory Pensori Protection||nfl”|
|||Fund basis|||
|||Buy-out basis|51%|62%|
|||||19% down to|
|Emp’oyer contrib,fcn ate (as % of|||21.4% -21-6%|155% forDS|
|||pensoracle sa aries)|from I Ap-il 22|members|
|||||from 1 Oct 23|
|Effective||date of next vatja:’or’:|31/03/2023|31/03/2025|





|Assumption|USS Cha”ge in assumption|Impact on USS sabil tea|
|---|---|---|
|Initial pre.retirement discount rate discount<br>rate|increase by 025%|decrease by £1 3bn|
|Post retirement discount rate|Decrease by 0,25%|Increase by £2.Bbn|
|CPI|decrease by 0.1%|decrease by ISbn|
||more prudent assumption (reduce||
|Life expectancy|the adjustment to the base|increase by £1,2bn|
||mortality table by 5%)||
||more prudent assumption||
|Rate of modality|(increase the snnuel mortality<br>improvements long-term rates by|increase by £0,Gbn|
||0.2%)||
|Assumption|OSPS Change in assumption|Impact on OSPS techntcat<br>provisions|
|Valuation rate of interest|decrease by 0.25%|increase by 2% of pensionable|
|RPI|increase by 0.25%|increase by 1.5% of pensionable|



|||2022123||2021/22|
|---|---|---|---|---|
||OSPS|liss|OSPS|IJSs|
|Firish Date for Deficit Recovery Plan|30101/2028|31/03/2038|30131/2028|31/03,2028|
|Average staff number increase|0-1%|0-1%|0-1%|0|
|Average staff salary increase|4.00%|4.00%|2.00%|2.00%|
|Average discount rate over perioc|0.00%|5.52%|3.19%|3.34%|
|Effect of 0.5% chs”qe in d scoun: ate|0|75k|15k|107k|
|Effect of 1% charqe in staff qrou%rh|1k|21k|45k|225k|





## 

||2022/23|2021122|
|---|---|---|
|Scheme|Em|Em|
|Universites Superarnuation Scheme|558|544|
|University of Oxford Staff Pension Scheme|329|251|
|National Employner.: Savings Trist|0|1|
|Pension iaoisty|(1.055)|1851|
|Total|(1681|2653|



## 

||2023|2022|
|---|---|---|
||Group|Group|
||£000|£000|
|Financial assets measured at fair value through profit or loss|||
|Investments|40,343|60,197|
||40,343|60,197|
|Financial assets measured at amortised coat|||
|Cash and cash equivalents|6,240|7,693|
|Debtors and accrued income|629|346|
||6,869|8,039|
|Financial liabilities measured at amortised cost|||
|Bank loans|19,834|19,829|
|Accruals and deferred income|306|280|
|Other creditors|579|394|
||20,719|20,503|



|24|RECONCILIATION OF NET INCOMING|RESOURCES TO|||
|---|---|---|---|---|
||NET CASH FLOW FROM OPERATIONS||2023|2022|
||||£000|£000|
||Net inconie!(expenditure)||1,266|(5.388)|
||Etmination of ncn-oceral’tg cash flows:||||
||Investment ecorne||(1,658)|(1.617)|
||(Gains)flosses in investments||(1,496)|2.113|
||Erdowme”t donations||(6)|(7)|
||Deoreciation||1,501|1.463|
||Am,ortisa:ion of bond issue costs||5|5|
||Decrease/(lnc’eaee} in stccK||(5)|(8)|
||Decrease/(lnc’eaee) in debtors||(235)|(128)|
||(Decrease)/lncresxe in creditors||443|(77)|
||(Decrease)/lncresse in neneicn soften’s|I abil t’j|(1,055)|1.857|
||Net cash provided by (used in) operating activities||(1,242)|(I .792)|
|25|ANALYSIS OF CASH AND CASH EQUIVALENTS||||
||||2023|2022|
||||£000|£000|
||Ceah at bank and in hand||2,251|1.736|
||Notice deposits (less thae 3 months)||3,969|5,957|
||Total cash and cash equivalents||6,240|7,693|



## 



## 

## 

## 



## 

## 

|a)|consolidated Statement of Financial Activities||||||
|---|---|---|---|---|---|---|
||For the year endad 31 July 2022||||||
|||unrest-icleol|Restricled|E,do,sec|2022|2C21|
||INCOME MID ENDOWMENTS FROM:|Fc-ds|Fucida|Ends|Total|Tool|
|||£000|£0.00|£000|£000|£ 033|
||Charitable acIiities:||||||
||Teaching, research and residenlial|6,035|‘|-|6,035|5,04?|
||Other Trading Income|49?|-|-|497|71|
||DonatIons and legacies|2,005|371|7|2,383|2,846|
||leveatmenta||||||
||Investment income|99|15|1,503|1,617|1.745|
||Total return allocated to income|634|1,163|(1.7971||-|
||Other income|-|-|-||269|
||Total income|9,270|1,549|(2871|10,532|9,978|
||EXPENDITURE ON:||||||
||Charitable activIties:||||||
||Teaching, research and residential|11,418|1,476|-|1 2,694|8,605|
||Generating funds:||||||
||Fuedraising|444||-|444|401|
||Trading expenditure|235|‘|-|235|33|
||Invettmeet manegemerit costs||0|231|234|241|
||Total Expenditure|12,097|1.479|231|13407|9,280|
||Net lncome!lExpendilure) before game|2.627)|70|•518|—3,275|538|
||Net 9a’sitcssss) oninvestrents|294|(231|(2.384)|12.1 13)|6,470|
||Net Incomef(Expenditure)|(2 533)|47|(2.902)|(5.3881|7,16a|
||Net movement in funds for the year|12 533)|47|(2.902)|(5 388)|7163|
||Fund balances brought forward|61,278|2,768|62.769|116.815|119.647|
||Fonda carnied forward at 31 July|58.745|2 815|59.857|121,427|123.8’S|



## 

||Parent|St Hilda’s College|St Hildas College|
|---|---|---|---|
||Cotlege|(irading) Lid|Deveiuptrie,iix Lid|
||£000|£000|£000|
|Income|10,532|497|355|
|Expenditure|(14,133)|(237)|(350)|
|Result for the year|(3.60))|260|5|
|Total assets|146,024|269|24|
|Total la5ties|(24,923)|(9)|(19)|
|Net funds at the end c’ year|121,10’|260||






## 

|||Permanent Endowment||Expendable|Total|
|---|---|---|---|---|---|
|||Unapplied||Endowment|Endowments|
||Trust br|Total||||
||Investment|Return|Total|||
||£000|£000|£000|£000|£000|
|At the begtnning of the year:||||||
|Gift component of the permanent endowment|14.586||14,586||14,586|
|Unapplied total return||16,149|16,149||16,149|
|Expendable endowment||||32.034|32,034|
|Total Endowments|14,566|16,149|30,735|32,034|62,769|
|Movements In the reporting period:||||||
|Gift of endowment funds|||||7|
|Investment return: total investment income||756|756|747|1,503|
|Investment return: realised and unrearised gains and tosses<br>Less: Investment management costs<br>Total||(1,200)<br>(116)<br>(560)|(1.2001<br>(116)<br>(560)|-1.184<br>(115)<br>(545)|(2.3841<br>(2311<br>(1.105)|
|Urappted Iota’ return alozated to income” tie repcrting period||(914)|(9141|(883)|(1,797)|
|Net movements in reporting period||(1.474)|1.474)|(1,428)|(2,902)|
|At end ofthe reporting period:||||||
|Gift component nfI-c oern-anent e”doecient|14,586||14,586|-|14,586|
|Unappied total return||14.675|14,675|-|14,675|
|Exce”dab’e endownent||||30,606|30606|
|Total Endowments|4,586|14,675|29,261|30,606|59,867|






## 

|d)|ANALYSIS OF MOVEMENTS ON FUNDS|ANALYSIS OF MOVEMENTS ON FUNDS|ANALYSIS OF MOVEMENTS ON FUNDS|ANALYSIS OF MOVEMENTS ON FUNDS|||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||At 1 August|Incom ig|Resources||Cars!|At 31 July|
||||||2321|resources|expended|Transiers|(losses)|2022|
||||||£ 000|£000|£033|£000|£330|£000|
||Endowment Funds- Permanent||||||||||
||Student Support Funds||||1.312|28|4|27|(45)|1.264|
||JRF Funds||||1,765|36|5|46|(56)|1,695|
||Teaching Funds:||||||||||
||HunarIies & Socal|Sdences|||7.756|197|30|237|(32)|7,374|
||Medical Sc.ences||||1.947|49|7|59|771|1,853|
||Physical & Life Sciences||||3030|75|2|92|( t<br>9)|2,852|
||Genera! purcose<br>Other purposes||||14,818<br>138|371<br>3|57<br>-|453<br>-|(5811<br>(4)|14,092<br>137|
||Endowment Funds|- Espendabte|||||||||
||Suder,t S,ppc1 Furde||||5,519|131|21|97|(208)|5,324|
||JRF Funds||||2.421|50|8|137|(79)|2,247|
||Teaching Funds:||||||||||
||Humanitres & Social|Sciences|||4,495|108|17|137|(172)|4,276|
||Medical Sciences||||1,242|31|5|33|(49)|1,186|
||Physical & Life Sciences||||1,606|40|&|49|(64)|1.528|
||Other purposes||||1.579|34|5|18|(54)|1,536|
||Endcwnnent Funds<br>-|Expendable Designated|||||||||
||Student Support Funds||||778|20|3|10|(31)|754|
||JRFFunds||||1,228|26|4|-|(41)|1,209|
||Teaching Funds:||||||||||
||Humanities & Social|Sciences|||3.922|99|16|120|(157)|3,728|
||Medical Sciences||||3.123|78|12|95|(124)|2,970|
||General purpose||||5,909|124|19|182|(198)|5.634|
||Other purposes||||208|10|1|5|(7)|205|
||Total Endowment Funds|||- College|62,769|1,510|231|(1,797)|(2,384)|59,867|
||Total Endowment Funds|||- Group|62,769|1,510|231|(1,797)|(2,384)|59,867|
||Restricted Funds||||||||||
||Transfer from endowment|||funds for spending|||1,163|1,163|-|-|
||Studenl support funds||||103|3|0|-|(4)|102|
||Scholarship 8 Sursary Fund||||881|116|90|-|(2)|905|
||Access||||82|7|-|-|-|89|
||Cc4ega Contnbullo”|fund|||2|51|83|-|-|0|
||Fe o’s p funds<br>Lib’ary fund||||656<br>67|11<br>3|22<br>4|-<br>-|(17)<br>-|628<br>66|
||flIh,’ I||||977|165|Ii?|-|-|1,025|
||Total Restricted Funds||-College||2,768|365|1,479|1.163|(23)|2815|
||Total Restricted Funds||-|Group|2,768|385|1,479|1,163|(23)|2.815|
||Unrestricted Funds||||||||||
||General funds||||2,994|7,682|9,099|2.158|294|4,029|
||125 Fund||||.024|36||(1.024)||36|
||Cotege Cant, Duti3”||||500|||(503)|||
||Designated||||58,004|1,014|1,460|||57,618|
||Pension reserve||||( .346)||1,857|||(3,203)|
||Total Unrestricted Funds|||- College|6t176|8,792|12,416|634|294|68,480|
||Unrestricted tunds held by|||subsidiaries|102|265|102|||265|
||Total Unrestricted Funds|||- Group|61,278|9,057|12,518||294|58,745|
||Total Funds Cottege||||126,713|10,687|14,126|-|(2,113)|121,162|
||Total Funds Group||||126,815|10,532|13,807||(2,113)|121,427|