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2021-07-31-accounts

REPORT OF THE GOVERNING BODY
INTRODUCTION
OBJECTIVES AND ACTIVITIES
Charitable
Objects and Aims
Activities and objectives ofthe College
ACHIEVEMENTS AND PERFORMANCE
FUTURE PLANS
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing
documents
Governing
Body
Recruitment
and training
ofMembers ofthe		 Governing Body
Remuneration
ofMembers of the Governing		 Body and Senior College Staff
Organisational
management
Group structure
and relationships
Risk management 10
FINANCIAL REVIEW 10
Reserves policy 12
Investment
policy, objectives and performance		 13
Fundraising 13
Statement ofthe Governing
Body's responsibilities		 13
SUMMARY OF FELLOWS' ACTIVITIES IN THE YEAR TO 31JULY 2021
Senior Research Fellows 14
University
Academic Fellows		 17
Examination
Fellows		 20
Post-Doctoral Fellows 22
Other Fellows
Honorary
and Emeritus Fellows		 26
Visiting Fellows 30
REFERENCE AND ADMINISTRATIVE INFORMATION 33
MEMBERS OF THE GOVERNING BODY 33
COLLEGE ADVISERS
INDEPENDENT
AUDITOR'S REPORT TO THE MEMBERS OF THE GOVERNING
BODY OF ALL SOULS COLLEGE
PRINCIPAL ACCOUNTING
POLICIES		 42
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 50
CONSOLIDATED AND COLLEGE BALANCE SHEETS 51
CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES TO THE FINANCIAL STATEMENTS 53

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John Vickers Warden 4/4
Noel Malcolm Sub-Warden 4/4
Thomas Seaman Estates Bursar —retired 30Sep. 21
David Renton Estates Bursar —appointed 1 Oct. 21 0/0
Sarah Beaver Domestic Bursar —retired 30 Se .20 0/0
Rima Dapous Domestic Bursar —appointed 1Oct. 20 4/4
Catherine
Mor		 an Academic Secreta
John Dru Chaplain 4/4
Cecilia He es Senior Dean 4/4
Lucia Zedner Dean ofVFs 4/4
David Pannick 4/4
Simon Green 4/4
William Walde rave 4/4
Cecilia Trifo li 4/4
Pere
rine Horden		 4/4
Andrew
Wilson		 4/4
Ian Loader 4/4
Colin Burrow Fellow Librarian 4/4
Geor e Mol neaux Fellowship expired 12Jun. 21 4/4
John Redwood 4/4
Deborah Oxle Resigned 31Dec. 20 1/2
Launcelot Henderson 4/4
David Gellner 4/4
An ela McLean 3/4
Katherine
Rundell		 4/4
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Vincent Crawford Retired 30Sep. 20 0/0
Suzanne Ai rain 3/4
Mark Armstrong 3/4
Alexandra
Mullen		 Intermitted 6Oct. 19 - 4Oct. 20 4/4
Frederick Wilmot-Smith 4/4
Geor e Woudhu sen 4/4
Neil Kenn 4/4
Clare Bucknell 4/4
Edward Mortimer 3/4
Susanne Bobzien 4/4
Catherine
Red		 well 4/4
Marius Ostrowski Fellowship expired 8Nov. 20
Beata Javorcik Intermitted 1Se .19 —31Au .22 0/0
Paul Fendle
Cecile Fabre 4/4
Tess Little 4/4
Max Harris 3/4
Francis Brown Financial Dele ate, Oct. 18-Se .21 4/4
Wolf an
Ernst		 4/4
Peter Wilson 4/4
Dmitri Levitin 4/4
Philipp Nothaft Resigned 31Aug. 20 —f50 Fellow from 0/0
12Jun. 21
Erik Panzer Fellowship expired 30Sep. 20 —650 0/0
Fellow from 12 Jun. 21
Catriona Seth 4/4
Hasan Dind'er Financial Dele ate Oct. 17 —Se .20 4/4
Andrew W nn Owen 4/4
Claire Hall
Diwakar Acha a 4/4
Julia Smith 4/4
Ruth Harris
Ian Rumfitt 4/4
Katherine
Backler		 4/4
Sarah Bufkin 4/4
Lisa Lodwick Intermitted 1Apr. 21 - 1Jan. 22 3/3
Jasmine Nirod Intermitted 3Jan. 19-1Mar 21 2/2
Srikanth To aladoddi
Ross Anderson 4/4
Matthew
Mandelkern		 Resi ned 30Nov. 2020
Fitzro
Morrisse		 Financial Dele ate Oct.20-Se .23 4/4
David Addison 4/4
Stathis Kal vas 4/4
Christina
Ri		 s Fellowshi ex ired 30Se .20 0/0
Gavin Salam 3/4
Lucia Prauscello 3/4
Ma aKrishnan 4/4
John Merrin
ton		 4/4
Santanu Das Diversi Fellow 4/4
Marina Warner 4/4
Elizabeth Chatter'ee Resi ed 23Jan. 2021 2/2
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Anne-Mar
aret Wolf		 Intermitted 2 Se .20 —1Mar. 21 2/2
Rachel B
an		 4/4
Karolina Watroba 4/4
K le Pratt 4/4
Alexander
Geor iou		 4/4
Chun Hin Lucas Tse 3/4
Amia Srinivasan Jan. 20- 4/4
Vladimir Markovic Jun. 20- 4/4
Justin Stover Jun. 20- 4/4
Timothy Endicott Jul. 20- 4/4
Sheilagh, Ogilvie Oct. 20- 4/4
Richard Davenport-Hines Oct. 20- 4/4
Miriam Meyerhoff Nov. 20- 3/4
Other Committee Members
(not Trustees)
Robin Bri
s		 Emeritus Fellow
Ian Maclean Emeritus Fellow
James Malcomson Emeritus Fellow
Keith Thomas Honorar Fellow
Paul-James
White		 Former Fellow
John Landers Former Fellow (Chair)
Charles Youn External Member
Ewen Cameron-Watt External Member
Jeremy Large External Member
COLLEGE OFFICERS
The officers ofthe College to whom day to day management is delegated at the date ofsigning of this report are as follows:
A. Warden Professor Sir John Vickers
B.Domestic Bursar 8z Academic Administrator Dr Rima Dapous
C.Estates Bursar David Renton
D.Manciple Paul Gardner (to Sep.21)
D.Manciple Toby Christensen
(from Sep. 21)
E.Accountant Diana Mead

Unrestricted Restricted Endowed 2021 2020
Funds Funds Funds Total Total
Notes E'000 E'000 F,'000 E'000 E'000
INCOME AND ENDOWMENTS FROM:
Charitable
activities:
Teaching, research and residential 487 487 537
Other Trading Income 48 48 50
Donations
and legacies		 7 8 8
Investments
Investment
income		 60 10,543 10,603 11,616
Total return allocated to income 16 10,034 (10,034)
Other income 5 476 476 640
Total income 11,052 61 509 11,622 12,851
EXPENDITURE ON:
Charitable
activities:
Teaching, research and residential 9,534 42 9,585 7,551
Public worship 109 117 140
Heritage
Generating
funds:
Investment
management		 costs 7 1,221 1,228 1,247
Total Expenditure 6,7 9,643 49 1,238 10,930 8,938
Net Income before gains 1,409 12 (729) 692 3,913
Net gains/(losses)
on investments		 12,13 275 59,069 59,345 (14,453)
Net Income/(Expenditure) 1,410 287 58,340 60,037 (10,540)
Transfers between funds 21 19 (19)
Other recognised
gains/(losses)
Actuarial
gains/(losses)		 on defined benefit pension schemes 25 652 652 (117)
Net movement
in funds for the year		 2,081 268 58,340 60,689 (10,657)
Fund balances brought forward 21 41,180 2,401 421,822 465,403 476,060
Funds carried forward at 31July 43,261 2,669 480,162 526,092 465,403
2021 2020 2021 2020
Group Group College College
Notes 6'000 E'000 E'000 F,'000
FIXEDASSETS
Tangible assets 10 3,052 4,151 3,049 4,149
Heritage assets 11 7,947 7,947 7,947 7,947
Property investments 12 235,851 222,959 233,503 221,083
Other Investments 13 279,969 231,436 279,917 231,384
Total Fixed Assets 526,819 466,493 524,416 464,563
CURRENT ASSETS
Stocks 571 588 571 588
Debtors 17 1,955 2,020 2,079 2,117
Cash at bank and in hand 1,436 906 1,424 888
Total Current Assets 3,962 3,514 4,074 3,593
LIABILITIES
Creditors: Amounts falling due within one year 18 1,156 1,160 1,105 1,144
NET CURRENT ASSETS 2,806 2,354 2,969 2,449
TOTAL ASSETSLESSCURRENT LIABILITIES 529,625 468,847 527,385 467,012
CREDITORS: Amounts falling due after more than one year 19 1,102 369 1,102
NET ASSETSBEFOREPENSION LIABILITY 528,523 468,478 526,283 466,643
Defined benefit pension scheme liabilities 25 2,431 3,075 2,431 3,075
TOTAL NET ASSETS 526,092 465,403 523,852 463,568
FUNDS OF THE COLLEGE
Endowment
funds		 480,162 421,822 477,816 419,948
Restricted funds 2,669 2,401 2,669 2,401
Unrestricted
funds
Designated
funds		 7,977 7,976 7,977 7,976
General funds 37,715 36,279 37,821 36,318
Pension reserve 25 (2,431) (3,075) (2,431) (3,075)
526,092 465,403 523,852 463,568

2021 2020
Notes 6'000 E'000
Net cash (used in) operating
activities		 (8,837) (9,182)
Cash flows from investing
activities
Dividends,
interest and rents from		 investments 10,603 11,616
Proceeds from the sale ofproperty, plant and equipment 1,000 13
Purchase
of' property,
plant and equipment		 (156) (203)
Proceeds from sale of investments 202,133 18,828
Purchase of investments (204,213) (22,971)
Net cash provided
by investing
activities		 9,367 7,283
Cash flows from financing
activities
Net cash provided
by (used in) financing
activities
Change in cash and cash equivalents in the reporting period 530 (1,899)
Cash and cash equivalents
at the beginning		 ofthe reporting
period 906 1,393
Change in cash and cash equivalents due to exchange rate movements
Cash and cash equivalents
at the end		 of. the reporting period 29 1,436 906

2021 2020
Teaching, Research and Residential F.'000 6'000
Unrestricted
funds
Office for Students support 344 293
Other academic income 24 19
College residential income 119 225
487 537
Total Teaching, Research and Residential 487 537
Total income from charitable activities 487 537

DONATIO NS
AND LEGACIES
2021 2020
f,'000 E'000
Donations and Legacies
Unrestricted funds
Restricted funds
INCOME FROM OTHER TRADING ACTIVITIES
2021 2020
E'000 8'000
Other trading income - Chichele Property Company (ASC) Ltd. 50
50

2021 2020
E'000 E'000
Unrestricted
funds
Agricultural
rent
Commercial
rent
Other property
income
Equity dividends
Income from fixed interest stocks
Other investment income
Bank interest
Restricted funds
Agricultural
rent
Commercial
rent
Other property
income
Equity dividends 60 66
Income from fixed interest stocks
Other investment income
Bank interest
60 66
Endozued funds
Agricultural
rent		 2,268 1,797
Conurzercial
rent		 4,581 4,943
Other property
income		 1,190 1,192
Equity dividends 2,492 3,495
Income from fixed interest stocks 12 121
Other investment income
Bank interest
10,543 11,548
Total Investment
income		 10,603 11,616
5 Other Income
2021 2020
E'000 E'000
Coronavirus
Job Retention Scheme claims		 73 242
Profit on disposal offixed assets 365 396
Other miscellaneous income 38 2
476 640
ANALYSIS OF EXPENDIT URE
2021 2020
E'000 6'000
Charitable
expenditure
Direct staff costs allocated to:
Teaching, research and residential 5,170 3,859
Public worship 18 18
Other direct costs allocated to:
Teaching, research and residential 3,165 2,288
Public worship 53 70
Support and governance costs allocated to:
Teaching, research and residential 1,250 1,404
Public worship 46 52
Total charitable
expenditure		 9,702 7,691
Expenditure
on raising funds
Direct staff costs allocated to:
Trading expenditure
Investment
management		 costs 85 85
Other direct costs allocated to:
Trading expenditure
Investment
management		 costs 1,143 1,162
Support and governance costs allocated to:
Trading expenditure
Investment
management		 costs
Total expenditure
on raising		 funds 1,228 1,247
Total expenditure 10,930 8,938

Teaching
Investment Research Public 2021
Management and Resid. Worship Total
6'000 6'000 E'000 6'000
Financial administration 368 368
Human resources 22 22
226 226
Depreciation 574 620
Effective interest payable 36
Other finance charges
Governance costs 24 24
1,250 46 1,296
Teaching
Investment Research Public 2020
Management and Resid. Worship Total
6'000 6'000 6'000 6'000
Financial administration 386 386
Human resources 12 12
282 282
Depreciation 632 52 684
Effective interest payable 68 68
Other finance charges
Governance costs 24 24
1,404 52 1,456
2021 2020
6'000 6'000
Governance costs comprise:
Auditor's remuneration - audit services 24
Auditor's remuneration -tax and other advisory services 3
24
GRANTS AND AWARDS 2021 2020
6'000 E'000
During the year the College funded research awards and bursaries from its restricted and
unrestricted
funds as follows:
Unrestricted
funds
Grants to individuals:
Scholarships,
prizes and grants		 243 174
Grants to other institutions 923
Total unrestricted 1,166 185
Restricted funds
Grants to individuals:
Scholarships,
prizes and grants		 10
Grants to other institutions
Total restricted 10
Endowed funds
Grants to individuals:
Scholarships,
prizes and grants
Grants to other institutions
Total endowed
Total grants and awards 1,175 195

STAFF COSTS
2021 2020
The aggregate
staff costs		 for the year were as follows. 6'000 E'000
Salaries and wages 4,342 4,368
Social security costs 463 444
Pension costs (note 25):
Defined benefit scheme - ASCSPS 273 330
Defined benefit scheme —USS 715 677
Defined benefit scheme - USS, movement in provision (56) (1,463)
Other benefits 78 87
5,815 4,443
The average number ofemployees ofthe College, excluding Fellows, on a full time equivalent
basis was as follows. 2021 2020
Tuition and research 8 8
College residential 39 45
Public worship 1 1
Support 18 12
Total 66
The average number ofemployed College Fellows during the year was as follows.
Other teaching and research 55 58
Other 3 3
Total 58 61

Group Leasehold Freehold Plant and Fixtures,
land and land and machinery fittings and
buildings buildings equipment Total
F.'000 E'000 E'000 E'000 E'000
Cost
At start ofyear 736 10,805 1,405 969 13,915
Additions 25 25 106 156
Disposals (941) (11) (952)
At end ofyear 736 9,889 1,430 1,064 13,119
Depreciation
and impairment
At start ofyear 722 7,408 1,009 625 9,764
Depreciation
charge for the year		 14 394 102 109 619
Depreciation
on disposals		 (311) (5) (316)
At end ofyear 736 7,491 729 10,067
Net book value
At end ofyear 2,398 319 335 3,052
At start ofyear 14 3,397 396 344 4,151
College Leasehold Freehold Plant and Fixtures, Fixtures,
land and land and machinery fittings and
buildings buildings equipment Total
E'000 f.'000 E'000 E'000 E'000
Cost
At start ofyear 736 10,803 1,405 967 13,911
Additions 25 25 105 155
Disposals (941) (11) (952)
At end of year 736 9,887 1,430 1,061 13,114
Depreciation
and impairment
At start ofyear 722 7,407 1,008 625 9,762
Charge for the year 14 394 102 109 619
On disposals (311) (5) (316)
At end ofyear 736 7,490 1,110 729 10,065
Net book value
At end of year 2,397 320 332 3,049
At start ofyear 14 3,396 397 342 4,149

College and Group Ashmolean National British Museum
of		 Faculty of
Museum Gallery Museum the History of Music
Science Total
E,'000 E'000 E'000 f.'000 E'000 6'000
At start ofyear 4,812 1,300 1,020 808 7,947
At end ofyear 4,812 1,300 1,020 808 7,947

Group 2021 2020
Agricultural Commercial Other Total Total
E'000 E'000 E'000 E'000 E'000
Valuation at start ofyear 64,546 132,785 25,628 222,959 214,505
Additions and improvements at cost 3.223 1,082 2,438 6,743 14,332
Disposals (128) (796) (3,423) (4 347) (1,658)
Revaluation gains/(losses) in the year 3,907 5,527 1,062 10,496 (4,220)
Valuation at end of year 71,548 138,598 25,705 235,851 222,959
College 2021 2020
Agricultural Commercial Other Total Total
6'000 6'000 E'000 E'000 E'000
Valuation at start ofyear 64,546 130,911 25,626 221,083 212,273
Additions and improvements at cost 3,223 1,082 2,438 6,743 14,332
Disposals (128) (796) (3,423) (4 347) (1,658)
Revaluation gains/(losses) in the year 3,907 5,055 1,062 10,024 (3,864)
Valuation at end ofyear 71,548 136,252 25,703 233,503 221,083

All investments
are		 held at fair value.
2021 2020
6'000 F,'000
College investments
Valuation
at start ofyear		 231,436 251,926
New money invested 197,418 3,922
Amounts
withdrawn		 (197,786) (14,696)
Reinvested
income		 465
Increase/(decrease) in value ofinvestments 48,849 (10,233)
College investments at end ofyear 279,917 231,384
Held in subsidiaries 52 52
Group investments at end ofyear 279,969 231,436
Group investments comprise: Held outside Held in 2021 Held outside 2021 Held outside Held in 2020
the UK the UK Total the UK the UK Total
E'000 F,'000 F000 6'000 E'000 6'000
Equity investments 231,900 14,705 246,605 168,044 31,895 199,939
Fixed interest stocks 5,962 5,962 5,353 5,353
Alternative
and other investments		 10,829 10,829 13,208 13,208
Fixed term deposits and cash 16,573 16,573 12,936 12,936
Total group investments 242,729 37,240 279,969 181,252 50,184 231,436

Each of the three companies
has a subsidiary
to manage the rental income from
The figures in this note show the Group share ofthe consolidated
net assets of		 student
housing.
the six subsidiaries.
2021 2020
6'000 6'000
CityBlock (Reading) Limited Group
Share ofgross assets 11,101 10,729
Share ofgross liabilities (9,151) (9,008)
1,950 1721
CityBlock (The Gillows) Limited Group
Share ofgross assets 6,199 5,971
Share ofgross liabilities (5,932) (5,678)
267 293
CityBlock (Lancaster 6) Limited Group
Share of gross assets 4,101 3,706
Share of gross liabilities (3,973) (3,846)
128 (140)

All Souls Chichele Animarum
College Property Properties
Co (ASC)
F,'000 E'000 6'000
Income 10,460 48 1,097
Net Expenditure, including investment gains/(losses) 50,203 (13) (1,123)
Donation to College under gift aid 42 (42)
Result for the year 60,705 (7) (26)
Total assets 528,490 49 14,172
Total liabilities (4,638) (48) (14,248)
Net funds at the end ofyear 523,852 (76)
Permanent Permanent Endowment Expendable Total
Invested Endowment Endowments
Endowment Unapplied
Capital Total Return Total
6'000 6'000 6'000 E'000 6'000
At the beginning
of the		 year:
Gift component
ofthe permanent		 endowment 65,398 65,398 65,398
Unapplied
total return		 62,967 62,967 62,967
Expendable
endowment		 293,457 293,457
Total Endowments 65,398 62,967 128,365 293,457 421,822
Movements
in the reporting		 period:
Gift ofendowment
funds
Investment
return: total		 investment income 3223 3,223 7,320 10,543
Investment
return: realised and		 unrealised gains and losses 17,911 17,911 41,158 59,069
Less: Investment
management		 costs (374) (374) (848) (1,222)
Other transfers (12) (12) (4) (16)
Total 20,748 20,748 47,626 68,374
Unapplied
total return allocated		 to income (3,067) (3,067) (3,067)
Expendable
endowments		 transferred to income (6,967) (6,967)
(3,067) (3,067) (6,967) (10,034)
Net movements
in reporting		 period 17,681 17,681 40,659 58,340
At end of the reporting period:
Gift component
ofthe permanent		 endowment 65,398 65,398 65,398
Unapplied
total return		 80,648 80,648 80,648
Expendable
endowment		 334,116 334,116
Total Endowments 65,398 80,648 146,046 334,116 480,162
Seenote 35 (d) for comparative amounts.

2021 2020 2021 2020
Group Group College College
E'000 6'000 E'000 6'000
Amounts falling due within one year:
Trade debtors 1,724 1,733 1,695 1722
Amounts owed by College members 41 18 35 18
Amounts owed by Group undertakings 160 124
Loans repayable within
one		 year 5 5
Prepayments
and accrued income		 61 129 61 113
Other debtors 119 130 119 130
Amounts falling due after more than one year:
Loans
1,955 2,020 2,079 2,117

CREDIT ORS: falling due within one year
2021 2020 2021 2020
Group Group College College
E'000 6'000 F,'000 E'000
Trade creditors 63 226 63 226
Amounts owed to Group undertakings
Taxation and social security 345 388 344 388
Accruals and deferred income 397 381 382 367
Other creditors 351 165 316 163
1,156 1,160 1,105 1,144

2021 2020 2021 2020
Group Group College College
E'000 E'000 6'000 6'000
Other creditors 1,102 369 1,102 369
1,102 369 1,102 369

ANALYSIS OF M OVEM ENTS ON FUNDS
At 1August Incoming Resources Gains/ At 31July
2020 resources expended Transfers (losses) 2021
E,'000 6'000 F.'000 6'000 6'000 f,'000
Endowment
Funds		 - Permanent
General 127,760 3,208 (372) (3,053) 17,827 145,370
Evans-Pritchard 271 7 (5) (6) 38 305
Penhow 173 (9) (4) 24 188
Lee Lectureship 151 (4) 21 172
Feinstein 10 1
Endowment
Funds		 - Expendable
General 291,583 7,320 (852) (6,967) 40,686 331,770
Total Endowment Funds - College 419,948 10,543 (1,238) (10,034) 58,597 477,816
Endowment
funds		 held by subsidiaries 1,874 472 2,346
Total Endowment Funds —Group 421,822 10,543 (1,238) (10,034) 59,069 480,162
Restricted Funds
Sparrow 884 22 (36) (19) 100
Library General Fund 801 21 (2) 93 913
Wentworth
Kelly		 457 11 (1) 53 520
Brownlie 71 2 8 81
Neill 59 1 6 66
Wren 49 1 (2) 6 54
Ford Fund 52 1 (7) 6 52
Humphries
Fund		 23 2 (1) 3 27
Small Library Funds 5
Total Restricted Funds - College and Group 2,401 61 (49) (19) 275 2,669
Restricted funds held by subsidiaries
Total Restricted Funds - College and Group 2,401 61 (49) (19) 275 2,669
Unrestricted
Funds
Designated
Heritage Assets Reserve		 7,948 7,948
Other Designated funds 28 29
General funds 36,322 1,018 (9,602) 10,053 37,791
Pension reserve (3,075) (8) 652 (2,431)
Total Unrestricted 'Funds -College 41,223 1,018 (9,610) 10,053 653 43,336
Unrestricted
funds		 held by subsidiaries (42) (33) (75)
Total Unrestricted Funds - Group 41,180 1,018 (9,643) 10,053 653 43,261
Total Funds 465,403 11,622 (10,930) 59,997 526,092

The following The following is a summary ofthe origins and purposes
of each ofthe Funds
Endowment Funds - Permanent:
General A consolidation
of gifts and donations
where income, but not capital, can be
used for the general purposes
ofthe charity
Evans-Pritchard The capital balance of a past donation
where related		 income, but not the original
capital, can be used for the provision of a lectureship.
Penhow The capital balance of a past donation
where related		 income, but not the original
capital, can be used for the purchase
of advowsons		 and for the advancement of
learning.
Lee Lectureship The capital balance ofa past donation
where related		 income, but not the original
capital, can be used for the provision
of a lectureship.
Feinstein The capital balance of a past donation
where related		 income, but not the original
capital, can be used to fund the Feinstein Prize in Economic History.
Endowment Funds - Expendable:
General A consolidation
ofgifts and donations
where either		 income, or income and capital,
can be used for the general purposes
ofthe charity
Restricted Funds:
Heritage Asset Reserve These funds have been reclassified
as Designated
Funds from 1st August		 2018.
Sparrow A donation
specifically
given to the Library where both income and capital
can be used.
Library General A consolidation
ofsmaller gifts and donations
where		 both income and capital
can be used for general purposes by the Library.
Wentworth Kelly A donation
specifically
given to further research in		 European,
Mediterranean
and Near Eastern medieval
history.
Brownlie A donation specifically
given to provide electronic resources for the study of		 Law.
Small Library Funds A consolidation
ofsmaller gifts and donations
(under		 620,000)where both
income and capital can be used for specific purposes within the Library.
Neill For the provision oflaw lectures or concerts to commemorate
the
Wardenship
ofthe late Lord Neilh
Wren For the conservation
and remounting
ofthe Christopher
Wren drawings		 held
in the Library.
Ford For the provision
ofgrants for the relief ofhardship,		 specifically for non-
academic staff.
Humphries For the provision of an annual prize to Masters students
in Economic and		 Social
History.
Unrestricted Funds:
Heritage Asset Reserve Designated
Funds represented
by the value of the Heritage Assets in the		 Balance
Sheet. Due to the historic provenance
ofthe heritage		 assets and the lack ofevidence
of any specific restriction
on how they can be used,		 these funds have been classified
as designated
to be available
for public display with		 effect from 1st August 2018.
Other Designated Funds General donations
received by the College that have		 been designated
for
Library purposes
by the Governing
Body.

Unrestricted Restricted Endowment 2021
Funds Funds Funds Total
6'000 E'000 6'000 f.'000
Tangible fixed assets and heritage assets 10,999 10,999
Property investments 235,851 235,851
Other investments 32,699 2,669 244,601 279,969
Net current assets 2,806 2,806
Long term liabilities and pension liability (3,243) (290) (3,533)
43,261 2,669 480,162 526,092
Unrestricted Restricted Endowment 2020
Funds Funds Funds Total
E'000 E'000 E'000 6'000
Tangible fixed assets and heritage assets 12,098 12,098
Property investments 222,959 222,959
Other investments 29,803 2,401 199,232 231,436
Net current assets 2,354 2,354
Long term liabilities and pension liability (3,075) (369) (3444)
41,180 2,401 421,822 465,403
Remuneration
paid to Governing		 Body Fellows during
the year
2021 2020 2021 2020
Gross remuneration,
Number of Number of taxable benefits and
Range Fellows' Fellows' pension contributions
f.0
61-6999 14 3,201 7,202
f1,000-61,999 17,294 11,384
62,000-62,999 2,275 14,530
63,000-f3,999 10,081 3,203
64,000-F4,999 17,740
65,000-65,999 11,693
66,000-66,999 20,759 6,944
f7,000-F7,999 7,474
69,000-f9,999 9,126 9,595
610,000-610,999 10,536 10,665
fl1,000-611,999 22,895
F13,000-613,999 13,883
F14,000-614,999 14,925 29,209
f15,000-615,999 15,899
f16,000-616,999 16,735 16,735
621,000-621,999 21,738 64,630
622,000-f22,999 22,755
623,000-f23,999 23,645 23,341
627,000-f27,999 27,032
628,000-628,999 28,049
631,000-631,999 31,977
634,000-634,999 34,412
636,000-636,999 36,085
637,000-637,999 37,878
638,000-638,999 76,658
639,000-639,999 39,578 78,036
640,000-640,999 40,378
f41,000-641,999 41,424 41,565
f42,000-642,999 126,409 42,697
f43,000-643,999 43,002 130,341
F44,000-F44,999 44,098 44,333
F46,000-f46,999 46,214 187,340
647,000-647,999 47,643
648,000-648,999 48,160
649,000-649,999 49,614
651,000-651,999 51,847
654,000-654,999 54,243
656,000-656,999 56,476 112,973
657,000-657,999 114,438
659,000-659,999 59,478
678,000-678,999 78,536
680,000-680,999 80,351
681,000-681,999 81,750
682,000-682,999 82,925

2021 2020 2021 2020
Gross remuneration,
Number of Number of taxable benefits and
Fellows' Fellows' pension contributions
692,000-692,999 92,209
6103,000-F103,999 103,724
6111,000-6111,999 111,294
6116,000-6116,999 116,550
F127,000-6127,999 127,712
f128,000-6128,999 128,699 128,318
6130,000 - 6130,999 130,471 130,079
6132,000 - 6132,999 132,026
6133,000 - 6133,999 133,392
F134,000 - 6134,999 134,188
6135,000 - F135,999 135,983 135,647
6136,000 - F136,999 273.312 409,012
6138,000 - 6138,999 277,222 138,378
6141,000 - F141,999 283,020 141,157
F142,000 - F142,999 142,931
F143,000 - F143,999 143,804
F145,000 - 6145,999 145,586
F146,000 - F146,999 146,511
6147,000 - 6147,999 147,690
6149,000 - 6149,999 149,042
6180,000 - 6180,999 180,033 180,199
91 3,514,172 3,540,049

2021 2020 2019 2018 2017
Discount rate 1.55'/o 1.30'/o 2.20oo 2.80'/o 2.70'/o
Rate ofincrease in salaries 2.70'/o 2.45'/o 4.60'/o 4.50'/o 4.50'/o
Rate ofincrease of pensions in payment (RPI) 3.50'/o 2.65'/o 3.60'/o 3.50'/o 3.50'/o
Rate ofincrease ofpensions in deferment (CPI) 2.70'/o 2.45'/o 2.80'/o 2.70'/o 2.70'/o
2021 2020
F'000 E'000
Employer
contributions		 in the year 209 128
Current Service Cost (220) (285)
Net Service (Cost) (157)
Interest on assets 115 203
Interest on liabilities (134) (229)
Net Interest (Cost) (19) (26)
Movement
in Deficit		 2021 2020
F.'000 6'000 F.'000 E'000
(Deficit) at beginning of year (1,571) (1,252)
Current
service cost		 (220) (285)
Employer
Contributions		 209 128
Expenses paid by scheme (34) (19)
Net interest (cost) (19) (26)
Net (charge) to employer (64) (202)
Return on Scheme assets less liabilities 1,401 (518)
Change in defined benefit obligation due to assumptions -749 401
Net actuarial gains/(losses) 652 (117)
(Deficit) at end ofyear (983) (1,571)
Movements
in fair		 va lue of asset s and scheme liabilities
(ASCSPS):
2021 2020
6'000 E'000
Fair value of assets at the start of the year 8,847 9,267
Interest on assets 115 203
Employer
contributions		 209 128
Employee
Additional		 Voluntary Contributions 27 30
Benefits paid (219) (244)
Expenses paid by scheme (34) (19)
Return on assets less interest 1,401 (518)
Fair value of assets at the end of the year 10,346 8,847
2021 2020
f,'000 E'000
Value ofliabilities
at the start of the year		 (10,418) (10,519)
Current service cost (220) (285)
Employee Additional Voluntary Contributions (27) (30)
Interest cost (134) (229)
Benefits Paid 219 244
Changes to financial assumptions (749) 401
Value of liabilities at the end of the year (11,329) (10,418)

required
by		 FRS102for ASC SPS and the USS deficit recovery provision,
as follows:
2021 2020
6'000 6'000
Universities Superannuation Scheme (USS) 659 (786)
All Souls College Staff Pension Scheme (ASCSPS) 273 330
932 (456)
The pension deficit liabilities
in the Balance Sheet are:
2021 2020
8000 6'000
All Souls College Staff Pension Scheme 983 1,571
USSpension liability 1,448 1,504
2,431 3,075

2021 2020 2021 2020
Group Group College College
E'000 E'000 E'000 8'000
Financial assets measured at amortised cost 3,330 2,797 3,282 2,768
Financial liabilities measured at amortised cost (414) (391) (379) (389)
Financial assets measured at fair value 279,969 231,436 279,917 231,384
Financial liabilities measured at fair value (3,533) (3,444) (3,533) (3,444)
2021 2020
Interest Interest Gains / Interest Interest Gains /
Income (Expense) (losses) Income (Expense) (losses)
E'000 E'000 E'000 F.'000 E'000 E'000
Financial assets measured at fair value through 48,849 (10,233)
SOFA
Financial liabilities measured at fair value through (36) (68)
SOFA
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost

RECONCILIATION OF NET INCOMING
RESOURCES TO		 OF NET INCOMING
RESOURCES TO
NET CASH FLOW FROM OPERATIONS 2021 2020
Group Group
6'000 f.'000
Net income/(expenditure) 60,037 (10,540)
Elimination
ofnon-operating		 cash flows:
Investment
income		 (10,603) (11,616)
Losses/(gains)
on investments		 (59,345) 14,453
Depreciation 619 684
(Surplus) on sale of fixed assets (364) (395)
Decrease/(Increase) in stock 17 (10)
Decrease/Increase) in debtors 65 (174)
Increase/(Decrease) in creditors 729 (370)
Increase/(Decrease) in pension scheme liabilities before gains 8 (1,214)
Net cash (used in) operating activities (8,837) (9,182)
2021 2020
6'000 6'000
Cash at bank and in hand 1,436 906
Total cash and cash equivalents 1,436 906

2021 2020
E'000 6'000

2021 2020
8000 6'000
Professor S.Bobzien 338 338
Professor
Professor		 C.Trifogli
F.Brown		 78 78
473
Professor P.Fendley 340
125
Professor I.Loader
College share of the equity of properties owned jointly with Fellows 416 1,354

Unrestricted Restricted Endowed 2020
Funds Funds Funds Total
Notes f.'000 6'000 E,'000 6'000
INCOME AND ENDOWMENTS FROM:
Charitable
activities:
Teaching, research and residential 537 537
Other Trading Income 50 50
Donations
and legacies		 8 8
Investments
Investment
income		 66 11,548 11,616
Total return allocated to income 9,176 (9,176)
Other income 640 640
Total income 10,413 66 2,372 12,851
EXPENDITURE ON:
Charitable
activities:
Teaching, research and residential 7,531 14 6 7,551
Public worship 130 10 140
Generating
funds:
Trading expenditure
Investment
management		 costs 1,240 1,247
Total Expenditure 6,7 7,661 21 1,256 8,938
Net Income before gains 2,752 45 1,116 3,913
Net losses on investments 12I13 (57) (14,396) (14,453)
Net Income 2,752 (12) (13,280) (10,540)
Transfers between funds
Other recognised
(losses)/gains
Actuarial(losses)/gains on defined benefit pension schemes (11'7)
Net movement
in funds		 for the year 2,635 (12) (13,280) (10,657)
Fund balances brought forward 38,545 2,413 435,102 476,060
Funds carried forward at 31July 41,180 2,401 421,822 465,403

Group 2020
Agricultural Commercial Other Total
E'000 E'000 E'000 8000
Valuation at start ofyear 63,505 125,624 25,376 214,505
Additions and improvements at cost 300 14,032 14,332
Disposals (103) (985) (570) (1,658)
Revaluation losses in the year 844 (5,886) 822 (4,220)
Valuation at end ofyear 64,546 132,785 25,628 222,959
College 2020
Agricultural Commercial Other Total
E.'000 E'000 E'000 E'000
Valuation at start ofyear 63,505 123,394 25,374 212.273
Additions and improvements at cost 300 14,032 14,332
Disposals (103) (985) (570) (1,658)
Revaluation losses in the year 844 (5,530) 822 (3,864)
Valuation at end ofyear 64,546 130,911 25,626 221,083

All Souls Chichele Animarum
College Property Properties
Co (ASC)
E'000 E'000 E'000
Income, including investment gains 11,682 50 1,119
Net Expenditure (22,366) (6) (1,136)
Donation to College under gift aid 44 (44)
Result for the year (10,640) (17)
Total assets 468,156 34 13,870
Total liabilities (4,588) (25) (13,921)
Net funds at the end ofyear 463,568 (51)
STATEMENT OF INVE ST ME NT TOTAL RETURN -NOTE 16
2020
Permanent Endowment Expendable Total
Invested Endowment Endowments
Endowment Unapplied
Capital Total Return Total
E'000 6'000 6'000 6'000 6'000
At the beginning of the year:
Gift component
of		 the permanent endowment 65,398 65,398 65,398
Unapplied
total return		 66,929 66,929 66,929
Expendable
endowment		 302,775 302,775
Total Endowments 65,398 66,929 132,327 302,775 435,102
Movements
in the		 reporting period:
Gift ofendowment funds
Investment
return:		 total investment income 3,529 3,529 8,019 11,548
Investment
return:		 realised and unrealised gains and losses (4,291) (4,291) (10,105) (14,396)
Less: Investment
management		 costs (379) (379) (861) (1,240)
Other transfers (16) (16) (16)
Total (1,157) (1,157) (2,947) (4,104)
Unapplied
total return allocated to income		 (2,805) (2,805) (2,805)
Expendable
endowments		 transferred to income (6,371) (6,371)
(2,805) (2,805) (6,371) (9,176)
Net movements
in reporting		 period (3,962) (3,962) (9,318) (13,280)
At end of the reporting period:
Gift component
of		 the permanent endowment 65,398 65,398 65,398
Unapplied
total return		 62,967 62,967 62,967
Expendable
endowment		 293,457 293,457
Total Endowments 65,398 62,967 128,365 293,457 421,822

ANALYSIS OF M OVE MENTS ON FUNDS - NOTE 21
At 1August Incoming Resources (Losses)/ At 31July
2019 resources expended Transfers gains 2020
E'000 E'000 E'000 E.'000 E'000 E'000
Endowment
Funds		 - Permanent
General 131,686 3,513 (377) (2,792) (4,270) 127,760
Evans-Pritchard 284 7 (4) (6) (10) 271
Penhow 188 (10) (4) (6) 173
Lee Lectureship 159 (4) (3) (5) 151
Feinstein 10 10
Endowment
Funds		 - Expendable
General 300,545 8,019 (861) (6,371) (9,749) 291,583
Total Endowment Funds - College 432,872 11,548 (1,256) (9,176) (14,040) 419,948
Endowment
funds		 held by subsidiaries 2,230 (356) 1,874
Total Endowment Funds - Group 435,102 11,548 (1,256) (9,176) (14,396) 421,822
Restricted Funds
Sparrow 885 24 (23) (21) 865
Library General Fund 800 22 (2) (19) 801
Wentworth
Kelly		 456 13 (1) (11) 457
Small Library Funds 79 1 (2) (2) 76
Neill 60 2 (2) (1) 59
Wren 58 2 (10) (1) 49
Ford Fund 52 1 (1) 52
Humphries
Fund		 23 1 (1) 23
Total Restricted Funds - College and Group 2,413 66 (21) (57) 2,401
Restricted
funds held by subsidiaries
Total Restricted Funds —College and Group 2,413 66 (21) (57) 2,401
Unrestricted
Funds
Designated
Heritage Assets Reserve		 7,947 7,947
Other Designated funds 28 28
General funds 34,767 1,237 (8,858) 9,176 36,322
Pension reserve (4,172) 1,214 (117) (3,075)
Total Unrestricted Funds - College 38,570 1,237 (7,644) 9,176 (117) 41,222
Unrestricted
funds		 held by subsidiaries (25) (17) (42)
Total Unrestricted Funds - Group 38,545 1237 (7,661) 9,176 (117) 41,180
Total Funds 476,060 12,851 (8,938) (14,570) 465,403