2020-07-31-accounts

Lincoln College Annual Report and Financial Statements Year ended 31 July 2020

LINCOLN COLLEGE Annual Report and Financlal Statements Contents Page Report of the Governing Body Independent Audilorfs Report 29 statement of Accounling Policies 31 Consolidated Statement of Financi81 Activities 37 Consolidated and College Balanco Sheets 38 Consolidated Statement crf Cash Flows 39 Note5 to the Financial Slalements 40

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2020 This was an exiraordin8ry y8ar for the College. Following an outbreak of the Covid-19 pandemic throughout the UK, the College was required lo close Ils Llbrary, Hall, Chapel and ¢ornmon rooms in late March 2020. For tha balance of the academic year, students were unable lo return lo Oxford,. teaching wa8 conducted online as re 8xamlnatiOn5. Stud8nls and Tutors adapted lo these difficuli condltions, showing resilience and OUT Final Honours student5 achlèved excellent results. MEMBERS OF THE GOVERNING BODY The Member8 of the Governing Body, once they have been Members for a year, are tha College's charity trustees under charity law. The members of the Governing Body who Berved In office 88 Governors during thè year or subsequently are detailed bel¢)w. 131 DC {41 pc 151 SLAC (61 18} H& sc Igi NG FC JRC Newton.Abraham V191tln Profegsor Lett 30 September 2019 Prolgssor Donald Bern BEBBII Dr Samu•l Browltt- Taylor Prol Pedro C8Tvalho Pfol R8du Coldoa Prol Roèl DLillans Dr LouS8e Dumlng SenlorTubr Retlred Augu812019 Prof NSgel Emplage Prot Stefan Enehelmaler A960clate Fellow forAlum Relali¢ns', H8r8$sm•nl Offlcer., Data Proledlon Offloer Prof Matthew Freoman Ne¥V(on.Abrahom VIS￿￿j Prof&sgor Appolnted 1 October 2019 Left 31 August 2020 AssoEiale Fellow for Alumnl Relatlons., Dean of Dewo9', Editor ol the Record Devgloprnent Director ProlAlar) Garfinkel DrPeThy Gaud Ms Susan Harri50n Prof David Hllls Car Pat1(ing Ombudsman Asso¢lale Fellow lor ￿UMn1 Relations SÈnlor Tutor Appointed 5 August 2019 Sub-Rector, Sleward of C(Mnmon Room., Gardèn Mastér Dr Jody LaPorte Dr L Matthews Prof Peter Mccultough

LINCOLN COLLEGE Roport of the Governlng Body Y8ar endèd 31 July 2020 121 ST {31 DC 141 151 SLAC 161 171 JRC {81 H& sc 191 NC FC Dr fimolhy Michael Dr Matthew Moore Dr Edward Nye Df Daniela Omlor Dr Aleksel Parakhonyak DrJ-P Park DrAlexander Prescott- Couch Prof Nicholas Proudfoot DrAlèxls Radisoglou Prof Jor<lan Raff Pfol Roland (Berti Smith Dr Harrlet Sop8r Mr Alex Spaln Dr Marla Slamatopoulou Dr Poul Slavrinou Prof Mgrgarel Stevons Senior Daan Hara8srnantAdviser Appointed 1 September 2019 Appolnled 1 Seplember 2019 Bursar Fellow Llbrarfgn Sgcrgtary to tha GovarnlrKJ Body Dr Andr•AB Televdnlo Deputy Fgllow for S¢hooJ8 Llal8on Webslte Fellow Dr loannl8 Vakonakls Prol Davld Voux Dr DominiE Vella Dr Qlanwang Dr Gabitelle Watson Fellow for Schools Llalson Appoint8d I S•ptember 2019 SenlorTrea$uror of Amalgamated Clubs.. Welfare Dean FellowArchivisl Prof M1chael Wllls Dr Lucy Wooding Prof Henry Woudhuysen Rertor Th8 Rector wlll be taking leave for academic research kn 2020-21. He will relain some respon3ibilitles bul m05t of his dutiès wll be assumed by the Acting Rector, Professor Davld Hills. During the year 2019-20, the activities of thg Gov8rnlng Body were carried out through nine commille88. The current memb8rshlp of these committees is Shown above for &ach Fellow. 1. Flnance Commit188 2. Senior Tutorfs Committeé 3. DomestiG Committee

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2020 4. Plannlng Commttlèe 5. Senior Library & Archive Committee 6. Welfare Committee 7. Junior Relations Ccthmittee 8. Health 8 Safety Comm(tte@ 9. Nominations Commiltee Mr Slephan Chambers, Senior Research Fellow of the College and Director. The Marshall Institute for Philanthropy and Social Entrepreneurship, London School of Economics and PDlitical Science Ibul not a member of the Governing Body), is a member of the Finance Committeè. Mr Richard HaréE, Senior Adviser to UBS AG UK and Ms Sophie Warrick, Managing Director at J P Morgan are members ofthe Planning Committee. COLLEGE STAFF Senior members of staff who were not trustees but who undertook important roles in the management of the College during the year were- Mrs Celta Harker Accountant Mr Richard Little Admissions O)TKer Ms Michele Mccartney Revd Dr Melanie Marshall Domestic Operations Manager Chaplain & Student Wemare Coordinator Librarian Miss Lucy Matheson Mr Julian Mitchell Ckrk ofworks MS Katie Osmon Schools Liaison Officer Ms Lisa Slokes-King Ms Nina Thompson Ms Jemma Undèrdown Academic Administrator Human Resouroes Manager Academic Administrator Mr Michael White IT Officer ALUMNI REPRESENTATIVES AND ADVISERS An alumnus of the College attended Govemlng Body meètings as representative of the College's alumni. This person was Mr Max Thomeyeroft, a partner in the law fI￿n Jones Day. Two alumni of the College seNed as members olthe Finance Committee. In 2019-20 these were Mr Christopher FitzGerald, form6rly partnèr in the legal practice Slaughter and May and then General Counsel to Natwesl Group PIC and Mr Hugh SIo8ne, co-foundèr of the investment manager Sloane Robinson. Irt 2019-20, the Chairman of the Remuneration Committee was Profgssor Keith Gull CBE, a Wellcome Trust Principgl Research Fellow and Professor of Molecular Microbiology al the Sir William Dunn School of .Palhology and former Principal of St Edmund Hall, Oxford. The other members of the Committee were Professor Peter Cook. a former Professorial Fellow. Ms Sheona Wood, alumna and Partner in the legal

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2020 practice DW Fishburns, Professor Jan Palmowski, alumnus and Pro-vlce Chancellor al Warwick University and Dr Wendy Platt, alumna and former Dlreclor of the Russell Group of UK Unlversltles. 13 alumnl seTved as members of the Development Committe8, meeting three lim8s durlng the year. 40 alumni served as m8mb8rs d the Rector's Council, meeting in June 2020 lo recelve reports from Colleg8 officers and lo offer Strategic advice to the R8Ctor. COLLEGE ADVISERS Investment manager8 Partners Capital, S Young Street, London W8 5EH Invèstment property managers Laws and Fi8nn@s, War￿n Lodge, Banbury, Oxfordshire, OX15 5EF Auditor Crflchleys Audit LLP, Beaver House. 23-38 Hythe Slr6et, Oxford, OX12EP 8ankpr8 Lloyds TSB, Carfax Oxford, 1-5 Hlgh Street. Carfax, Oxford, OX14AA Sollcltors KnSghls, Midland Housè. Wesl Way, Oxford, OX2 OPH College address Llncoln College, Turf 8lrgel. Oxford, OX13DR Webg5te w.Ilncoln.ox. REFERENCE AND ADMINISTRATIVE 5NFQRMATION Lincoln College I the College'l 18 an eleemosynary chartored charllable eorporallon. The full corpor818 designation of the College Is 'The Warden or Rector and SGholar5 Of the College of the Blessed Mary and All Saints, Lincoln. In the Unlverslty of Oxford, common5y called Lincoln Gollege,. The College was founded by Richard Flemlng, Bishop of Llncoln, under a Royal Charter of King Henry Vl. dated 13 October 1427, and Deed of Foundation of 1429. The Corporallon comprises the Reclor and Fellows. The names of all Members of the Governing Body al the dale of Ihls report and of th08e in office during the year. together with delai18 of the senior staff and advisers of the College. are given on pages 2 to S. The College registered with the Charitie¥ Commlssion on 3 December 2010. Its regi5t8red number Is 1139261.

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2020 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College is governed by its Statutes, dating from 1478. and most recently updated In 2003. Governing Body The Goveming Body is constiluled and regulated in accordan￿ with the College Slalutes, the temis of whiGh are enforceable ullthnalely by the Visitor. the Bishop of Lincoln. The Governing Body is a self-appoinling corporate body. Membership is subject to review and renewal every seven years and lapses with retirement from office. New members of the Goveming Body are elecled when they are appointed lo Tutorial, Professorial or Official Fellowships with the College. Tutorial and Professorial Fellows are elected on the basis of their experience of and eonlribution to education and research in their field of study. College Officers appointed as Official Fellows are elected for the professiona] andlor administrative ski115 2nd qualificattons that will enable them to contribute to the Governing Body's management of the College. Some Tutorial Fellows and all Profèssorial Fellows hold their College posts in conjunction with posts held al Oxford University. Other Tutorial Fellows and those Coll￿& Officers who have b8en appointed to specific administrative or managerial roles in the Co51ege are College-only aF)poinl88S. The Governing Body determines the strategic direction of the College and regulates ils administration and the management of ils finances and assets. It meets regularly under the Ghaimianship of the Rector and is advised by ils various committ@8S. Recrultment and training of Members of the Governing 8ody New Members of the Goveming Body are recruited when theyjoin the College as Tutorial. Professorial or Official Fellows. Recruitment to these posts may be in one of two ways. If the post is one that is jointly appointed by the College and by Oxford University (a5 Is the case for some Tutorial Fellows and all ProfEssorial Fellow5), the recwitmenl exercise will have been conducted jointly by the College and the relevant department of th8 University, with r8presentalives of both entitie5 serving on the selection panel. If the post is one whose appDinlment is solely at the dis¢relion of Ihe College las is the casè for some Tutorial Fellows and OffKial Fellows such as the Senior Tutor. the Bvrsar and the Development Director). the recruitment process will have bean managed entirely by the Rector and Fellows of the college, aided by èxpert advisers from outside the College. N8w Fellows are formally eleGted to the Governing Body as soon as is practicable after appointment to Iheir Fellowship and they tske the College oath al the first available meeting of the Governing Body. Induction into the workings of the College, including Governing Body policy and procedures, is by means of meelings with senior colleagues and by r8ceipt of 'Notes for New Fellows,: this document seNes as a manual for senior members of thè coll￿e. The College Slatules stipulate that new Fellows do not vole at Governing B￿Y meetings during their first year in office.. they thèrefore do not become Iruslees of the charity until they h been in post for one year. New Trustees are provideé wilh guidance documents issued by the Charity Commission and trustee training sessions are made avallable to members of the Governing Bcrfjy. Romunoration of Members ofthe Govemlng Body and Senior College Staff Members of the Governing Body who are primarily Fellows are leaching and research employees of the CollEge and receive no remuneration or benefits from their trusteeship of the College. Those trustees that are also employees of the College re￿1ve remuneration for their work as employees of the College that is based

LINCOLN COLLEGE Report of the Govèrning Body Year ended 31 July 2020 on the advice of the College's Remuneration Commlttee. members of which are not in receipt Df remuneration from the College. Where possible, remuneration is set in line with that awarded to the Universitys academ staff. The remunératlon of senior College staff is set by the Remuneration Committeè in line wth Universlty pay- scales. Organisational management The members of the Governing Body meet at least nine time5 each year. The work of developing the Governing Body's policies and moni(oring their implementation is carried out by a number of COmm￿tees, of which some are Committees of the Goveming Body and others ar8 Committees overseeing particular functions of the Colleg8. The principal Committees of the Governlng Body are- Finance Commitlee.. an advisory Commi1188 01 the Governing Body whose remit covers matters relati￿ to finance, accounting, investments, estsles. premises ané rlsk managemenl., ¢hairèd by the Rector, convened by the Bursar., membership includes two alurnni represenlalives with especial experrence of investments ar of financial management., student representatives attend for Unreserved Business-, meets at least six limes perannum. Senior Tutorfs comm￿89.. an advisory Committee of the Governing Body whose remit covers matters relating lo the academic work of the College (both education and research).. chaired by the Rector, convened by th8 Senior Tutor., student represenlalives attend for Unreserved Business., meets al least six times per annum. Planning Committee: an advisory coMm￿ee of the Goveming Body whose remit covers College strategy., chalred by the Rector. convened by the Bursar, and including up to two alumni representatives., stLKlent represenlalives attend for Unreserved Business., meets at least twice per annum. Domestic Commilleè.. an advisory Commiliee of the Goveming Body. Chaired by the Rector and Gonvened by the Domestic Operations Manager. This Committee's remit covers all domestic operations within the College. student represenlalives attend for Unreserved Business. The Committee norrna15y meets at least six Ihnes per annum but this year there were no meetlngs in Trinity term. senior￿b￿ry and Archivgs Commill8e- an advisory Committee, chaired alternately by the Fellow Archivist and Fellow Librarian and co-convened by thè Librarian and th@ Archivist. This Commillee's remit covers all matters relating to the Sènior Library and the Archive and the Committee normally meets at least three times r annum bul this year met twice as there was no meeting in Trinity tèrm. JurpiorRglalions Commi71ee: chaired by the Rector. convened by the S&nior Dean.. members include representatives of the student comrnon rooms, the Chaplain and the College's DLxlor and Nurse, together with other College officers,. meets al least thr88 times per annum. W6Mafft Commillee: chaired by the Rector, convened by the Welfare Dean,. members include representatwes of the student common rooms, the Chaplain and the College's Doctor and Lodge Manager together with some College offKers', meets al least thre8 limes per onnum. Heallh 8nd Safety Commillee.. chaired by the Bursar, wnvened by the Domestic Operations Manager., membership includes member8 of staff and student representatives,. normalty meets at least three times per annum but this y8ar met tihice a5 there was no meeting in Trintty term. Other committees wlh specific functions wtthln the College are.. Equality Commillee.. chaired by the Bursar, convened by the Human Resources Managèr, membership Includes membèrs of staff and sludenl repre5enlalives.

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2020 D&velopmenl Commillee.. chaired by an alumnus, convened by the Dev21opment Director,. remit covers alumni relations and fund-raising: membèrship includes a numbèr ol alumni and College Officers. R&Munernt￿ Commfftee". an advisory committee of the Governing Body. whose remit extends to making recommendatlons in respect of the remunerallon and beneflts of members of the Governing Body and nominated Col￿ge Officers in whlch som8 discr81ion orjudgem&nt is r8quired,' the chairman and all memb￿$ are extemal to the College Ilhal is, none is a Iruslee or an employee of the College).. meets once per annum or more frequently if so required. Implementallon of the Governlng Body's pollcies and decisions18 undertaken by College Officers, chief among whom are the Rèctor, the Bursar, the Sènior Tutor, the Senior Dean, and th& Domestic Operation8 Manager. The Officers are as8i3led by members of the College's staff. Group ¥truGture and relatlonshlp5 The College administers many special trusts, as detailed in Notes 19 and 20 to the fin8nclal 8talements. There are ￿ charllable bodles whlch gre Gonstituled independently of the College and whose objects aTg solely for Ihe benefit of the College and ils member5. These are the Lincoln College Michael Zllkha TTUSt Iregislered Gharily number 1095113) whose object Is lo support the educallonal andlor research 8Ctlvillès of the Fellows of Lincoln College. and the Lincoln 2027 Trust lieglslered charity number 1136816} whose objeGI 18 to rais& and accumulate funds lo provlde new and subslanllal finan¢lal support for the College. The Colleg9 has two wholly owned non-charilable subsidiaries. These ar8.. Lincoln College Enlerprfses Llmlled, whlch undertakes major bullding and refurbishment work8 relating lo the College'$ premlses.. and Llncoln College Tradlng Llmiled, whlch undertake8 the College'8 conf8r&nc8 bu8ine8s and cataring I acGommodallon services provlded to non-college members. Annual profits of the subsldl8rles are donated lo the College under the Gift Aid Scheme. The Coll&g& is part of th8 collegiate Unlversty of Oxlord. Materlal Inlerdependencles between the Univer8lty and the College arlse a8 a con88quence of this relationship. OBJECTIVES AND ACTIVITIES Charitable ObjeGts and Alms Tho Colloge'8 object8 are the advancement of education, study, and research in particular through the provision, support and mainlenance of a college in Oxford. the advancement of religlon, including the provislon and support of a chapel in accordance with the pdnciples of the Church of England. The aims sel for the College's subsldiaries are lo help lo flnance the achievement of the College's objects. The Governing 8ody has considered the Charity Commission's guidanGe on public benefit and in keeping with its objecls. the College's aims for the public benefrt ale: to admit sludenls and lo appoint acad8mic staff solely on the basis of academlc merit and polenlial, wilhoul regard lo sex, gender, ethnic origin, religion. disabilty. previous educational experience or financial ¢i￿um$tsnQeS', to provide financial support to student5. both from ils own rescu￿S and in conjunction with the wder collegiate UnNer811y', to honour the College's commitment lo participation in bursary schemes org8nlsed In the name of O)rford University le.g. the Oxford Bursary).

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2020 lo commit resources lo programmes of outreach and access, inilialed both by thè College and by the Universlty., to wolcome members of the public as visitors lo the College and lo its events and facllilies., to preserve and share its heritagé. The College lakes very serlou51y Ils commitment to provide financial support for Its students. In 2019-20 the Colleg6 maintained an extensive progiamrne of financial support for undergraduate and poslgraduale students. in the form both of bursaries (lo as815t wlth living costs), hardship SUPPDrt (to assist with unexpected flnancial diffiGullie8) and scholarships (awarded In recognitlon of particular academic merit) amounting to more than £1,383,000. Thls SUPPDrt from the College was givan in addition lo any support student¥ may have derived from govèrnmant-sponsored sources such as the Sludenl Loans Company. Llncoln partlGlpaled In the University's fee-waivér programme subsidising undergraduate lullion. Fifty-six Lincoln undergraduale students re¢etved bursaries of up 10 £3,700 each via the Oxford Bursary Schemes. In lolal, in addition to fee reducllons, Llncoln students received approximately £131,428 via these SGheme8, with the College's contribution lo the Scheme amounllng lo £80,161. The College notes in partlcu12r the gener08ily of alumnl that has made possible addillonal support for undergraduate¥ from less-priwleged backgrounds.. the first Culhbert Bursades were 8ward8d in 2012-13, and th8y were jolned in the followino year by three further endowed bursaTy scheme8- the Klngsgale, 14enrey and Blacksl8ffe,' in 2014-15 by th8 Bearley Bur8arles and the Mary Kift Legacy,. and In 2015-16 by the Mill8rchlp and Fealherslone Bursarie5. Forty undergraduates received support from Ih83e endowed 8cheme8 during 2019-20, to a total of £72,100. The College made additional grant¥ and loans lotslling £50.594 to undergraduates who experienced varylng degrees of financial hardshlp. Scholarships, prize8 and academic grants were awarded to und&rgraduate students lo reward academlc excellence and lo oncourage academlc endeavouT.' In 2019-20. Ihe total awarded was £46,381. In 2019-20, 153 post-graduate students were the rgclplenls of scholarshlps, sludenlshlps arKS burs8ries amountlng lo £1,022,126. Llncoln now h2s an extenslve programmo of graduate scholarships and grants. However, It conllnugs to b8 challenging lo provld& sufflclent funding for graduate8 In Humanilles and Soclal Science8. In the year 2019-20 the College has sub8lantlally increa8ed115 gradua18 fundlng through tha Klng8gale Graduate Fund. The financlal support pmided by the College through bursaries and sGholarshlpF enables the College to admit 8ludent5 of the highest academlc ab11￿Y who would not otherwise have bean able to 8tudy in the College. Although the primary beneficiaries of thg College's work are Ils re55dent rnembers, both 51udenls 8nd academlc staff direct5y engaged in educalion,18amlng and research, olh8r beneficiaries also include.. students nd academic staff from other Golleges and of Oxford Universily as a whole,. visf(ing academycs from oth8r universilles,. schoolchlldren vlslling the College for inlTodu¢lory 8essions'. and alumni of the College and other visitors, includlng members of the gen8ral public, who may attend educational events such as concerts, exhibitions and Chapol Servi￿S and have access lo th8 gardens and historic bulldlng8. During 2019-20, the College hosted a number of events for the benefit of the wlder publlc although from March 2020 events were curtailed by onset of the Covid-19 pandemic. We did participate again in the Oxford Open Doors programme and in the Oxford Lieder Festival. Until March 2020, regular Chapel seN¢es were open lo members of the public and the College admitted VIS￿Or3 and tourists without charge. Opening the College to other sludenl8. prospeGliv2 students and academic staff in addition lo the pUb￿C enables the College's facilities lo be of ben8fit to th8 public.

LINCOLN COLLEGE Report of the Governlng Body Year ended 31 July 2020 Outreach The College malnlained ils commilmènl lo programme5 of outreaGh designed lo improvè access to Oxford University. The College has a fuS1-lime Schools Liaison Offic8r, whose iole is lo encouTage appllcatlons to Oxtord, particularly from our link reglons of Lincolnshire, the South West of England and the North East. The Schools Liaison Officer, tog&lher with Fellows and Tutors of the College, undertook a programme of events includlng visits lo schools and residential and day vislls by school parties to the College. In 2019-20, 46 events were organised in Oxford and in our link regions of Llncolnshlre and the South Vvest of England., many tsf these events involved contact with more than one school. The College outreach activrtios were adversely Impacted by the Covid-19 pandemic which p￿vented any visits to the College in Trinity T8rm 2020 or over thè Summer 2020. Open days were held online. In 2019-20, the College's expenditure on activities associated wth the admisslon of ngw Students was £153,705, of whlch £60,679 wa¥ spent specifically on Ihe outreach aclivilles here descrthed. Tha College is nol aware of any d&lrlmenl or harm arislng from c8rying out ils charitable objects. There are no geographlcèl resliicllons in the Colle9e's objects.. slud8nls and academlG staff are drawn from around the wcrld. There are no age r8slriclions In the Collège's objects (though11 Is lo b8 noted that most students of the College are aged between 18 and 251. The College's objects do not imply any reslrlctlons as to rellgious behaviour or bellef, ActSvltles and Objoctlves of the Collgge Th9 prSnclpal focus of the College's aGllvilles18 on Ils acgdemie work.. that Is, hlgh-quallly research and the educallon of new gen&rallon3 of studonls, both In a wlde lange of subject areas. The College maSntaln$ and develop5 the experlence of 8 residentlal community whose senlor and studènt memb8rs are engaged in the pursuit of academic excellenc9. To Ihis end. the College provldes faGililie¥ for study In the fomi of leachlng and seminar rooms, lecture Ihealres, computer facllllles and cO￿peratIVe access to the labor8loriès, librarleg 8nd olh8I facililles provlded by Oxford University. The exienslve Library and ArGhiv& constitute a valuabl& resource for m&mbers of the College and for other¥ by arrangement. The College a180 provides a sufficient number of 81udy bedrooms to accommodate many lulor3 and the malorlty of ils slLJdents as well as facilities consislenl with th& provlslon of an a51-Tound education la sports giound, a boathouse and spaces for music, art and drarng). ACHIEVEMENTS AND PERFORMANCE During Ihe year 2019-20, Lincoln College has reglslered 5ignificanl achievements consisl&nt w51h ils two charitablp objects. 8tudentg In conlunclion with Oxtord University. Lincoln Colleg8 provides an education, inlernalionglly recognlsed as belng of the highest standard, for 611 undergraduate and postgraduate students from all over the world. This education develops Students, academic abilities, interpersonal skills and leadership quglllles and prepares them for full and 8ffoCtive roles in so¢iety. The College provides leaching facilities together with acadernic, odminlstrallve and pastoral support to (ts undergraduate and p051graduate students. The College continuèd In 51$ prlncipal work of preparing sludents for examination in a range of 5ubjec15 and al various levels al Oxford Universlly. Undergraduate numbers lotalled approximately 316 sprèad over three or four years of study, in line with Lincoln's long-standing policy of providing full tutorial Provision, pastoral care and residenllal accommodation for this number of students. Much of the education provided to undergraduate 10

LINCOLN COLLEGE Report of the Goveming Body Year ended 31 July 2020 students is via the lulorial system, by which students meet their tutors individually or in small groups on a weekly basis during Term for in4Jeplh di5Gussion of pieces of prèpared work. In addition lo tutorials, the College also piovides classes and semlnars in conjunction with departments of the University. Ninety undergraduate students in their third or fourth yéar of study completed the Fin81 Honours Schwl in 2019, with forty-s￿ being placed in the First Class and thirty eight being awarded a 2..1 degree. Posl%raduale stud@nts numbered approximately 295 throughout the year. wilh 68 per ￿￿1 of students undertaking lengthy programmes of research (leading. for example. lo doclorale-level degTres} and, 32 per cent undertaking shorter, structured courses of luilion leading to examination. Each postgraduate student is assigned a College advisor who provides academic advKe and pastoral support,. and the College4ppolnted Tutor for Graduates malnlains overall overslghl of postgraduates. welfare and academic progress. Thity nine students were awarded the degreè of DPhil during the year.. and of the seventy-thre2 students who passed examinations for their post-graduate qualifications in the summer of 2019. twenly-five achieved special meril (Dislinclion). Because of the impact of the Coronavinjs Covid-19. te8Ghing and examinations in Trinity term were undertakèn remotely online. Our students adapted very well lo these challenging GirGumslance8. The CDllegg continued lo encourage education in ils broade8t sense, supporting its sludenl members in a wlde range of cultural and sporting 8clivities and in service to others. Thirty-five member5 of College re￿iVed awards from the College's Blues Fund, which not only rewards students for representing University teams, but helps them lo fulfil their aspirallons in sports, including rowing. tennis, rugby, badminton. cycling and swimming. to nam8 but a few. HoweveT. Sporting activities in the latter half of the academic year were very limited becaus8 of the Covid-19 pandemic. Many events had to be canc@Iled. Similarly VaGProj had to cancel the holidays for under-privileged Oxfordshlre children that il organises and hosts. Fellows and Lecturers The Co15ege advances resèarch by: Paying stipends lo Fellows and supporting the costs of their research through sabbatical and special leave: Making funds available to Fellows for attendance at international and natlonal conferences. for research trips and for ￿search materials., and hosting academic conference8 and lectures in the Collegè., Sponsoring vi5ils by academtc resèarchers from all overthe world.. Providing rese?rch fellowships lo outstanding Imainlyl young academics to enable them to establish a research profile as a pralude lo obtaining a permanent academic {teaching, research and admink8trative} post. Al the start of the academic year. the College welcomed Dr. J P Park. the June and Simon Li Fellow and Tutor in the History of Art, Dr. Harriet SDper, the Simon and June Li Felluw and Tutor in Engllsh Literature and Dr. Gabri8118 Walson, the Shaw Foundation Fellow and Tutor in Law. Departing this year are Dr Sam Brewill- Ta￿Or, Darfoy Fellow in History and Professor Nicholas Proudfool, Brownlee-Abrah8m Praf8ssor of Molecular Biology at the Dunn School, who is retiring. In September 2020 new Fellows who WIIS be joining the College include Dr Kimberly Palladino. Tutorial Fellow in Physics, whojoined us al the beginning of July 202Q and Dr Joshua Bennell. Darby Fellow in History who wlll join thè College on 1 September 2020. Both will be members of the Goveming Body. 11

LINCOLN COLLEGE Report of the Governlng Body Year ended 31 July 2020 Dr George Green will also join in October as Lavery-shuffrey Earfy Career Fellow in Roman Art and Archaeology and Dr Samantha Ege will join In Septèmber as the Lord Crewe Junior Research Fellow in Mu81C. Senior memberts of the Co15eg8 combined thgir teaching and educalionBI dulles wllh research work ol the highest quality in 2019-20. There follow5 a repre88nlalive list of notable research achiev8men15 by Fellows and aGademiG Tgsearchers assDcialed with the College: Fèllows, Research and Teachlng New8 Sam Br8witt-Taylor IHlstory)- Dr Brewltt-TayloVs book about Christian radlcallsm In the 19608 Church of England won the Ecclesiaslleal Hlstory Society's first book prlze,. he also gave a keynote 8ddr8ss lo the Soclety's winter conference in January. Dr Brewill-Taylor has now completed his fiv8 years as Darby F811ow. We thank hlm lor his scholarship and good company. R8du Coldèa IPhy8lcsl- Professor Cok1￿ h88 over the last year conllnued lo explore experimentally emergent phenomena In quantum malenals. New Tesulls include. the discov8ry of a novel lrlple.cell cryslallographlc superslruclure slabilked by chemiGg1 dopin9 in a hexagonal spinknorbit Moll insulator; new expenmenlal and Iheorellcal results on the rol& of glide symmetry breaking near a magnetic quantum phase Iransilion,. and exp?rlmental ob8ervallon of nov81 soft spin Iluctualions Induced by Strong Inleraclions in a frustrated quantum 8nllferromagnet. His research group have publlshed papers on those resulls in the journals Physical Review and Proce9dlngs of tho NalionalAcademy of Scl8nces. Chrlstlna Dondl (Hlstory) - Professor Dtsndl was Invlted to lectur& on the Prlnllng R8volulion 8xhlbltlon al number of universill?3 in ltsly and the UK, bul 81so al events for schools 8nd the 9eneral public. In January 2020 the Italian Emb858y in London centrod Ils 'Art28uslness' serles on Prlnting R-ovolution 1470-2020.'Tho Ilalien Publishing 8nd Printing Industry 550years ago and toda￿. The number of prlnling pleGe¥ and printing offices in'llaly In the Ilfteenlh century were placed on a map and Compared with Italian prinl&r8 and graphic d&51gn8rs in Italy today. The event also displayed the third book ever prlnlÉd In Italy, a copy of St Augustine'8 De G'ivil81g dei, printed in 1467 The Ila118n Embassy in London hosted the book for six months, lo promote the content of Italy's historic81 libraries, and lo support inlernailonal inilialives c8nlrad on Ihelr book herltage. This Includad the rec8nlly completed project to digilize, catalogue, and promote the Incunable colleGtlon of Subiaco, 8 collaborallon of the Nallonal Central Library of Rome and th8 Consortlum of European Resear¢h Librari98 lof which she is the Secretary), funded by the Polonsky Foundation. The project undertook the dlgi11sation and high-lovel cataloguing of 241 Incunabula, and created videos to present and explain lo th9 s8n8ral publlc the contribution of this unique Collection lo the spread of knowledgo in western Europe. In June, Professor Dondl look part in a webinar'FrDm the dawn of printing in Italy to the benefits of digital access.. maklng books available lo everybodl alongside Amba888dor Trombell8, Marc Polonsky, and Antonlo Padoa Schioppa, with Jon Snow as moderator. In terms of publicallon. her edition of the proceedings of the conference held in the Doge's Palace of Venice in September 2018 appeared as Prinling R-Evolulion and Sociely 1450-1500. Fifty Years that Changed Etjrope (Veni￿. Edizioni Ca, F08caTI. 2020). 12

LINCOLN COLLEGE Report of the Governing 8ody Year ended 31 July 2020 Roel Dullens {Chemistryl In the last year, Professor Dullens has continued his work on the stnjcture and dynamics of coltDidal malertals. This has resulted in pubfjcatK)ns on the development and behaviour of banana4haped colloidal par1￿￿S {Sci8nc8 20201 and on the transport of colloidal particles in temporalty oscillating optical landscapes (New Joumal 0[Phy￿￿S 2019). He and his research group have also PLJblished artides on a ra￿e of other topics. induding the diffuston of magnetK colknidal particles and Ihe measurement of the pair potential in colloidal fluids. Professor Dullens was awarded the 2019 McBain Medal fr¢¥n the Royal Society of Chemistry arKI has given a number of invited lectures. including talks at the McBain Medal Meeting in London (20191. and at the online EPS Condensed Maller Physics Conference (20201. Nigel Emptage (Medical Seiencesl They say an ill wiThl... ￿lIe bxkdown was Certainty not wetcome, it has meant that fo￿$ Could be gNen to the anatysis and written repDrting of researth that might have otherwise not received swh prompt attention. To dale 2tf20 has seen the publ￿tKIn of fNe artiGles wilh five others still in the revtew pipekn'ne from his group: Volumetric tw(whoton fluorv￿enee unaging of neUrc￿S using a mutttincmje q)tical fiber. Raphaèl Turcotte d al. Optics Letters {20201. In p￿s. A novel Optic￿ quantal analysis of miniature events reveals enhanced frequency following amylomj beta exposure Henry Taybr @l al., Frontier5 Neuroscien￿(202O} In pre5S. Deconvolulw)n for multimeée fiber imaging". Oper￿oU￿ modding of spatialy variant PSF. Rapha￿ Turcotle et al.. (20201 Biomedical Optics Express Vd. 11. Issue 8 pp 47594771. Compact arKI contactles5 refiectar￿ corrfc¢d microseope for neufosurgery Jiahe Cui et al.. 12020) Biomedical Optsx Express Vol 11. Issue 8, pp 47724785 A iwo-compartment M￿e1 ot synspts coMpUtat￿n and plastKxty. Rudi Tong et al..12￿20) Mol Braln. 13: 79. stefan Enchelmaier IiAwl In Michaelmas term. Professor Enche]Ma1￿ took up his duties as Direclor of Examinations for the Law Facurty. He is pkased to report that four out of seven of Lincoln's first-year law students obtained distinclior15 in Moderations, one even gaining a prize. Two other students onty narrO￿Y missed a distinction. The finalists dso perfomied vw well in diff￿￿11 conditions. three Securi￿ first class honours. Professor Encheknaier has pub￿shed a number of papers in the lasi year a reflection on the legal lilerature of English law, and the division of labour arwjong legislature, judiciary. and ac￿leMIa In the common law., a chapter on freè movement of goods in th8 leading volume on EU law. Craig & de Burca's Evolution of EU L8W (Oxford Universty Press 20211.. a contribution on free movement law to a volume edrted under the auspices of the Collège d'Europe on the European Internal Marke( and an art￿le on the European free trade area and custcxns union for the special edit￿n marking 60 years S￿￿e the EEC Treaty Came into effect. This was published in the Dulch periodical, Erasmus Law Review. Perry Gauci IH15toryl- Dr Gauci has male prc•3ress on his bankers project by giving papers to a variety of audiences. most memorably in the grandeur of Goltsmiths. Hall in London and in the skyline auditorium of th8 Pantheon-sorbonne Universlty in Paris. He was a]so p￿Sed wth the )Mnning reviews for the recently- published volume to honour Paul Langford, JI of thich pad tr￿Ute to Paul t2ngforcfs extraordinary onlribution to his field. Nick Jelley (Physics) ProfessorJelley has been busy wr(Eing. and in February 2020 hrs book Renewabl8 Energy.. A Vw Short Intrc*luction was published by OxfcKd Universiiy Press. It descnbes the main renewable 13

LINCOLN COLLEGE Report of the Goveming Body Year ended 31 July 2020 sources of energy. from wind and solar to biomass and hydroelectric power, and explores their innovalive technologies. emphasizing what they can deliver, and their importanc8 in tackling climale chang8, and in improving health, welfare, and access to electricity. Prol8ssor Jelley has also been revlslng the textbook En8rgy Science.. prlnGApl88, technologies, and imp&cts (written with Jthn Andrews), and th6 4th èdillon Is due lo be published by Oxford universlty Press next summer., Karl Kinsella (Hlstoryl. In a year of dlsruptlon, Dr Kinsella had planned trips to Hereford and Lincoln postponed. However a trip in th8 Summer of 2019 lo archivès In St. GallÈn, Munlch, and Austrla was a success and he was able to build a picture of the travels and dlssemlnallon of twelfth-century manuscrlpts around Europe, solving some mysteries in the process. Dr Kinsella published several pieces, including a short artlcle In th8 catalogue for the Bodleian's recent Thinking3D" exhibition which was well received. Mark Kirby (Architectural History) Dr Kirby was awarded hls PhD by the UnlversRy of York In February 2019 for his thesis, 'Fumishing Sir Christopher iffin's churchgs,. Ariglican Idgntily in late Sov&nloonth-Cantury London.. His research interest$ lie 81 the meeting of church archileclura and church h181ory, and h18 role al Llncoln is to wrlte the architectural history of the Colleg8 Chapel and Chapel Quad. The Chapel, financed and bulll by Blshop John Willlams, is 8 rare ex8mple of alm061 unaltered sev&nleenlh-century chap61 archileclure, mercifully spared the nol-80-tendgr attentions of the Victorians. Jody LaPorto IPolltlc81. Dr LaPorte hgs continued lo advanGe her reBe8rch on the polillcs of aulhorilarian regimes. She authored a chapter on executive Inslilullon8 In non-demoGralic conlexls, whkh was publlshed this summer in the Oxford Handbook of Polillcal Execullvcs. Lothdown has also proved to be a chance for further work on her book manu8crfpl. A180, thls sprlng. her ctraulhored artlele 'Pmcess Traclng 8nd the Problem of Missing Data" wa8 awarded th8 Alexander GeDrge Be81 Artlcle Award by the Amerlcan Polltlcal Science Association. Llncoln PPE conllnues to bulld the teachlng team, wllh the addlllon of a stlpendlary lecturer In Ph11050phy and also to develop links between Gurrenl students and PPE alumni. Despite the diffiGull ¢irGumstanGes, Dr Laporte is pleased lo report that four out of the College's ten finalists achieved First Class Honours in flnals exams, the College's best perfomiance In sever81 years. Andraw Lqwls IMèdScal Sclenc8sl Sincejoining Llncoln In 2019, Dr L&wis has dividèd his limè èqually between Irealing patients with heart disease as a clinician, and developing new imaging technologies to help U8 understand how and why heart8 fail. As a researcher, he 18 primarily working on emerging magnetic resonance imaging technologies, and his group recently became the wortd's first group lo use a powerful new technique called hyperpolariz8llon lo study human hearts. Over the coming years they intend to move Ihls and other Imaglng technoloyles Into deflnlllve human gludles whlch will help them to deftne new mechanlsms of diseases, and, ullimalely, to aC￿lerate the dèvelopment of new Ireatm&nls for people living with heart dlsease. Peter Mccullough IEnglishl This was a busy year for Professor Mccullough, made memorable primarily by the fantastic cohort of English students. The relationships built over the first two terms with second years and finalists made the sudden shift to online leaching in Trinity term easy. Schools results- a record nlne flrsts- might suggest too that the imposed exile from the templalions of an Oxford spring actually had hidden beneffts 14

LINCOLN COLLEGE Report of the Governlng Body Year ended 31 July 2020 for revisionl On the research front, ProfÈs8tsr Mccullough continued hi8 re888rch'. tracing Ilves, lileralure, and religion in the London and Cambridge of the mid-sixleènth century. Timothy Mlchael {Eng115hl Thls wa8 Dr Michael's final year as Dean of the College. a year of disruption as a result of the Covid-19 pandemlc. He continues his work on a scholariy edition of Alexander Pope's later prose, including Peri Balhous and The Memoirs of Murtin Scriblerns, for Oxford Unlversily Press. This, along with two other prolecls related to the history of critlcism and Romanlk poetry. will be his ftscus durlng his upcoming year of sabballcal leave. While he is on leave, Dr Michael's leachlng wlll be undertaken by Dr Sarah Bennell. Cèltlln Naylor Imedlcal SGlences) Dr Naylorjolned Llncoln In January 2020, having been a postdoctoral sclenli81 at Ihe W•ath8rall InstSlut8 of Molecular Medicine under Prof8ssor Hal Drakesmilh since Oclob8r 2018. Hef research focuses on the role of iron and iron regulation in malaria drug susceplibilily an pathogenesls. Much of her research has focused on the question of whether the iron regulatory hormone hepcidln could be used to reduce free Iron conlenl within red bk)od ce118, thus affecting artemlsinln acllvalion or rnalarlal gr￿h. Her group a130 dlverged Into an exclling new avenue Invo5ving the impact of Iron d81iciency vAthin a host on artemislnin efficacy agalnsl reslslant strains of malaria Howev8r,1Ske many $cien11819, her work has been curtailed this year by the Covid-19 pandemic. Alex$&l Parakhonyak IEconomlc81 Dr P8rakhony8k was able to complete his 18achlng of Mlcroeconomics to undergraduates and MPhll students before the pandemlc struck. However, th? pandemlc dld requir8 him lo cancel savaral research trips and delayed some of research proj8cl$. In rec8nl months, he hos been worklng on Robust Baye$San Persuasion. Standard Bayesian P8r8uaslon setting Is a class of problem8 In whlGh the "senderf commits to a certaln Information Iran8missign rule (say, a producl-lesling procedure, rules for hearing evldencel and then Iran8mlts Information lo Ih&"recelverf In order to provoke o eertaln actlon Ilo purGha$e the product, or convict the defvndanl). Thls problem is well sludled in the case of environments wllh probabilistl¢ propertles known to the sender. In this project thoy are proposlng a solution In silualion3 of amblguRy, when th& sender does not have any a priori informatlon about the environment. In hlg joint work with Anton Sobolev from the Unlversily of Mannheim, they dav&lop Ideas from their previou5 paper, In which Ihgy proposed solution for the optimal search problem under ambiguity. J. P. Park (History of Artl Dr Park joined Lincoln in 2019 from tha US and while al times he found thg transition challenglng, he reports that this has been a truly exciting and stimulallng year. In this year he has made progress on hls third book, ReinvenlAng Art Hlstory.. Forg9ry and Counlerforgery ￿ Early Modgm China. Thls prolecl is under Gontract with the Unlversily of Washlngton Press. Alexander Prescott¢rouch (Phllosophyl Dr Prescotl-crouch hos continued to work on iwo projects this year. One project concerns the nature and instilulional conditlons of understanding other perspeGtive$ in a modern pluralistic society. What is il to understand. other perspectives, and how can the media and social sciences help citizens achieve it? His paper, 'D&1ibe￿I￿on Thmugh Misrepresenlation.. Inchoalg Speeoh and the Division of Inte￿retiVe Laboff. examines thesè questlons, and il was accepted this year by the Joumal of Polilical Philosophy. He also published a piece considering how'fake news. and other problems in the media enwronmenl compromise a dlverse set of democralic values entitled "Democracy and the Contemporary Mgdia.. Whal is the Problem?" In addition lo these papers, Dr Prescotl-crouch has conlinued to work on a proj8cl aboul'genealogw, whish considers how historical infomialion about our mDral beliefs and social 15

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2020 pr8cllces might be relevant lo our evaluations of them. He started writing a boDk manuscrlpl discussing these issues that expands on a sel of previously published papers. Bgrt Smith IClas51cal Archaeology) For Professor Smith thls was the second year of a thr￿year L8v8rhulme Malor Research Fellowship working on 'The Greek East underRom8.' A visual history". Work proceeded well until the lockdown closed the libraries. Writing continued during lockdown bul in part-ficlion mode- all will need lo be exlensNely checked against the facts. Professor Smith tturated a small exhiblllon of three stunning Roman portrait bust8 currently on loan al the Randolph Sculpturè gallery of the Ashmolean. The busls are from Ihe very lop of Roman portrart production 8nd represent Germanicus, Anllnous, and Commodus. He also conllnued to work with the Classics Faculty on an impacl case study, studying the effect of his e8rli8r exhibition on Anllnous.. boy made god" on the wider publlc. Professor Smilh gave talk8 In London, New York, and on Zoom for Ihe Bri115h Inslilule In Ankara, and publicallons included papers on Aphrodlslas and on 'Myihology and SarGophagl", Hg Parti¢ipaled In a conference on late antlque slalu88 and In8crlbed eplgrams in Rome, and managed a brlef trSp to Copenhagen lo see the °R08d to Palmyrf gxhibilion. The summer excavation at Aphrodl$la$, planned wllh several Lincoln graduates 8nd colleagues, wa5 severely Gurtalled by the pandemic. Harrlet Soper IEngll8hl Dr Soper has completed her first year of teachlng al the College. Sha 15 grateful for the resllienGe shown by her Engllsh students In the f8c8 of thè pandemlc. She has also submilled a full manuscript of her first monogreph, provislonally tilled The Lifg Course in Old Engllsh Poetry, lo Cambrldge Unlversily Press, as well as writing two pepers on the subject of 'dialoglc syntax" Isyntsclical struetures reproduced across conversational lums, tts varlous elfecl81 In Old Nor88 dialogue poetry. Together with Dr Thijs Porck In Lgidan, sh8 has also been edilina a volume of essays. Early Medieval English Coursos.. Cullur&l H￿torIcal Perspgctivos, eontracled with 8rill. She was sel lo deliv&r a few conlerence paper8 this year, all of which have unfortunately been cancelleos. One of these wa¥ intended to be a re8pprai8al of the 'beasls of battle, motif In Old Engllsh poetry, and She was particularly proud of the pun which formed the fif81 half of her tille, in aGcordancg with scholarly tradition: 'Keèp CAIM and Carrion,. Maria Stamatopolou ICla$slcal Archagologyl Bafore the lockdown, Dr Stamalopolou gave talks in Halle, Athens, Tirana, and Vo103. and helped lo organise an gxhibilion tn Volos cèlebrating 110 years of Its archaeologlcal museum and the work of Aposlolos S. ATvanilopoulos, the flrsl ephor of anllqullles of Thessa￿. Shé wrote about h18 contrlbullon for the exhibition catalogue, and gave a keynote paper al the exhlbitiDn conference about the southern sector of Demelrias, the famous painted slelal, and the southern cemetery of the city. She made research t￿p$ to Turkey, G8miany, and Greece in the autumn and winter. while In Athens she started work on Ihe very rich archive of the Archaeological Service, which has valuable infomialion for her projects. Dr Stamalopolou's publlcatlons Included papors on'The unknown city on Ihp sile 'GrgmouTrs' (Argissa).. a assessment ollha flnds., and 'B18ck-G18ze pollery of the Classical period from Pharsalos". As the libraries and the Faculty were inaccessible, she focused on editing a collaborative volume on Thessalian cults, which will go to the publlsher In October. 16

LINCOLN COLLEGE Report of the Goveming Body Year ended 31 July 2020 Even though excavation had lo be postponed due to COV￿-19 restrictions it was still possible to co-ordinate small teams who worked on Tenos and Thessaly throughout the summer. Graduate students {Anna Dalgkilsi). and recent DPhils Istelios leremias, Dafni Vlantil worked in the teams in the museums. and catalogued, drew and photographed finds, while her colleague Anna Blomley focused on the coinage from Mt Ossa and on the study of vi(iculture tyi northem Thessaly. In August 2020 she and her group started a collaborative two-year research project with Ihe Department of Anliquiti&s of Thessaly, aiming lo fomi an interdisciplinary team to publish on the key monuments of ancient Demetrias. The first stage is 5UPPOrted by a pump-priming Main Award from the John Fell Fund. During the Easlervacation in 2020 she Collordinaled the archaeologists. effort to turn everythlng digital. Although on leave from College duties in Hilary and Trinty. she continued teaching graduate students and m81 with the finalists for revision. She was delighted, but hardly surprised, that the College's CMH finalists did very well, despite the strange circumstances. Most are continuing lo graduate study. This was also her final year as Schools Liaison Officer for the Classics Faculty., the Faculty held various events before lockdown, including the ￿rtUal Open Days. Paul Stavrlnou (Engineering) Dr SlavrTnou has continued to build up the optoelectron￿ Laboratory in Suzhou, China- part of Oxford Centre for Advanced Research (OSCAR). Despite the obvious challenges of last year, it was a great testament to the six research8rs now in place, that development of materials and devic8s, e.g. for solar cell and solid-slate lighting, had continued. This new capability will pruve very helpful over the comlng year, notably to support a new ￿search theme initiated al O)rford on sub-wavelength phDloacoustic structures. Elsewhere, rèsearch oulpuls concemed with soluble semiconducting materials hav8 continued, and have f8atured in Advanced Materials, Chemistry of Malerials and Advanced Functional Materi81s. An interesting venture, with a long-tetm collaborator frc¥n EfH-Zurfch and frequent visitor to the College, has seen his application of data sciènce techniques lo some rematkable sets of ancient Roman concrete. The samples. secured from excavation siles from all over Switzerland and expertly measured with a variety of spectroswpic techniques al ETH, have proved fascinating. As 8ver, he found teachlng the College's engineers lo be a great source of pleasure and sati5faGtion. and he looks forward to welcomlng the new cohort. Amid continuing un￿rtainlies. the advantrdges and beneffts of the small-group lutorlal system have never been more wekome. Andreas Televantos (Law) Dr Televantos has had a busy year. Hé has sent lo Oxford Universty Press the final pr¢)ofs of his monograph, C8pitaJism Before Co￿OratIon. which explore5 how aspects of law central lo modem finance evolved in the Regency era and werp shaped by the commercial expectations and intellectual dimate of that lime. He has also sent off proofs of 8 co-authored chapter discussing the theoretical structure of English private law, also to Oxford University Press. Both will appèar in print in late 2020. He also completed a draft of an artic5e on the application of limitation periods to claims for breach of trust, which examines how modern lawers have imperfectly transposed Viclori8n legal thinking onto modern legal problems. Finally, he look up a position as one of three Articles Editors al the Oxford Joumal of Legal Studies. Dr Televantos has eonlinued to teach undergraduate Courses in Trusts Law and Land Law, and has also started to teach graduate BCL courses on Advanced Prop@rty and Trusts, LEgal Concept5 in Finance, and Modern Legal History. 17

LINCOLN COLLEGE Report of the Governlng Body Yaar ended 31 July 2020 Joshua Thomas Iclasslcal Archaeology) In a difficult year. Dr Thomas has completed new artlcles on the Alexander Mosaic from Pompeii. and on a series of mylholo9ical reliefs from Aphrodislas in Turkey. He has also made good progress on his first monograph. Dr Thom8s is current5y working on 8 paper on the "Wresllerg Moselc., excavated In Alexandria in the 19908, and preparing for his new posltlon as a Humboldl Postdoctoral Research Fellow at Ludwig-Maximilian5- Universiiai in Muni¢h. We Ihank Dr Thomas lor hls contrlbullon during his four years at the College. John Vakonakls {81ochemtstryl Dr Vakonaki8 was on sabbalical1oav& thls year. He declded lojoin the group of Prof. Roland Sigel (University of Zurich), alming to leam experimental RNA biochemistry. However because of the pandemic he was in his 'home office. Thus, he focused instead on writing long-dèlayed research slorles from the group, with six papers published during his sabballc81 year. Howev8r, Covld-19 al$0 forcad a re-evaluation of what his lab does, and how lo apply skllls lo help In this emergency. To that end, his group partnered with other laboratorie¥ in Oxford, al the Diamond Llghl Source, and Sn 5srael, In the Covid Moonshot project Ihllp6.'Ilposlera.ailcovid} aimlng lo accelerate drug discovery agalnsl the novel coronavirus. Fortunatèly, th1818 something they could do even from the'home office" as much of Ihelr in8trumenlallon Gould be controll&d remotely. With the help of a hard-worklng scien1181 In the wet-lab, Anasl8ssla Kantsadi, nuclear magnetic resonance was u88d to measurè how different drug-llke ch8mlcals blnd to proteins of the coronavirus and block their function. A5 hg expl#in&d in a recent Imprinl article. h18 group'8 work18 a 8mall slep towards Covid-19 drugs, bLrt every Illlle blt helps. Dr Vakonakis wi8he3 tc salute the efforts of those Involved In Blochemi8try leachlng In hls absence th18 year, and of thè students. AS Webslle Fellow of Llncoln College, Dr Vakonakls led a group that Iransform8d the College's website maklng11 a much more gffectlve means of communlcallon. We thank him and the Collogo Communlcations Officer, Julla Uwlns, for all th8 work undertaken 50 w811 In thls most challengthg ta8k. Davld Vaux Imodlcal Scl&nc8sI belleves we have been fortunate thi8 year to be gble to continue al ieaBI Some preclinical basic science research, albek11 In a very constrained way. Early during lockdown. a Llncoln graduate sludenl member of the lab was one of lh8 flrsl In the unlversily to successfully defend his Ihesis onlino,. his research will result in a sIgn￿leant publlc811on on cryploblosis, which represents a novel offshoot of our work In liquid-liquid phase separation (LLFSI. Lockdown also 58w th8 publiealitsn of a large collaboratlve study on LLPS and mechanisms of Chronic disea¥e. 11 wa8 gratifying to S9& th15 papar downloaded more than 3,500 Ilmes In the first month. The strong College connecllon wllh the lab continued this year with the afriv31 of a new Lincoln graduate student, who was fortunate ?nough beforè the pandemic hil lo make good early pro9Te8B on the link between the loss of the BRCA1 protein from breast Cancer cells and th8 highly migratory behaviour that is associated with melaslatiG cancer spreading. Large scale screens to id8nlify proteins involved in conlrolllng molilily and proteins modified by BRCA1 pioduce a list of candidate regulators wlh potenllal clinlc81 s1gnif￿anCe. These are now being assessed in human canc8r cells using gene editing and a modrficalv)n of the tracking software developed last year to study hydrogel fomialion. Profe550r Vaux WDuld al80 like to express his admiration for the reslllence and good humour shown by all of the College's students in medicin& and biomedical sGien¢es as they navigated the switch lo remote leaching and'revision by wire. a highly effecllve Iransttkjn resulllng in half of the College's finalists seGuring First Class Honours. 18

LINCOLN COLLEGE Report of the Goveming Body Year ended 31 July 2020 Dominic Vella IMathematl¢s) Professor Vella cornments that this has be8n a strange year in both teachiThJ and research. Lincoln's malhemalics students have continued to excel (with nine first elass honours grades from 13 finalists). In his research group, they have been frKussing on mathemaliGal models of elastic defomialions. A particular highlight was studying how poking a piece of frutt gives infomation about the ripeness of the flesh: while th8 fruit's skin generally stiffens what you feel when you poke. the size of our finger or thulnb ensures that poking aclually gives an aGGurale reflection of the flesh's softness land hence rip8ness). Elsewhere. they have focussed on underslandlng how elastic deformations 0￿ur dynamically. particularly the dynamics of wrinkling. Their work appeared in journals including Soft Matter, PhysicalReview Letters,and the Proceedlngs of thg Nat￿alAcadeMY olSGiences. and has been fealur8d on the cover of Ih8sejournals. Before lockdown, Professor Vella gave talks on his research in Aspen. Davis, Lausanne, and Paris. A paper from last year was awarded the FranGois Frenkiel Award for Fluid DynamiGS by the AmeTican Physical Society's Division of Fluid Dynamics. Gabrielle Watson {Law) Drwatson joined Lincoln College in September 2019 as the Shaw Foundation Fellow in Law following a Leverhulme Early Career Fellowship in the Faculiy of Law and Postdoctoral Research Fellowship in Law al Christ Church. Her first botsk. Respect and Criminal Jus1￿, was publlshed in June 2020 by OxloTd Univ8rsity Press. Funded by the Leverhulmé Trust, she continued Work on a second book, Just Words? Ethics and Ihe Language of Criminal Justice. She was delighted lo b8 8lecled to Visiting Fellowships al the Centre for Penal Theory and Penal Ethics and at Downlng College. Cambridge, which sh8 hopes to lake up in 2021 with the generous support of the Zilkha Fund. Dr Walson worked with the Knowledge Exchange Units of the University of Oxford. UK Parliament, and UK Government. commenting on the effect of COVID-19 on the criminal process. including the suite of police powers lo enforce lockdown. and the early release of prisoners seNlng short-lenn sentences and deemed'low- risk,. At Lincoln, Dr Watson tsught the core papers in Criminal Law, Constitution81 Law, and Jurisprudence. In the Faculty of Law, sh& convened the optional paper in the Philosophy of Punishment. She is pleased to report that four out of seven Lincoln students achieved Dlstinctions in their first-year examinations. and her student was awarded the Faculty Prize for the best perfomiance in Constilulional Law in the Unlversity. Djlichael Wlllls (Chemistry) Professor Willis had a productive 8tx months before the labs closed due to Covld- 19 resliiclions. Given these upheavals, the resilience and enterprise shown by his group has been impressive.. they have published the 150th resèarch paper from the group, and have stsrted an ex¢iiing collaboration applying synthetic methods fr¢Jn their group to some challenges in chemical biology. Nigel Wllson (Classics) has found the year lo be fr￿￿trating owing to the closure of libraries and the impossibility of travel since March 2020. Regretfully the planned Summer School in Greek Palaeography had lo be canc811ed. He has however been able make progress with the edilion of the Bibliotheca of Pholius, which he expects lo hand in lo Oxford University Press by the end of the 2020 ¢alendar year. Work on th& Vlenna palimpsests has also continued, allhtrugh meetings have had lo lakp place by video-conference. 19

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2020 Rachel Wood ICla55iGal Archaeology) Drwood was delighted lo be back at Lincoln for another year, covering Professor Bert Smith's teaching duties. Herteaching covered a range of topics on the Greek, Helleni51ic, and Roman worlds, including the debut of a postgraduate class on the Archaeology of the Hellenistic Far East. In research, Dr Wood published on methodological and historiographical issues in the Study of Sasanian art and Zoroastrianism. which came out with CUP just before lockdown. Due to COVID-19 restrictions, the publication of an edited volume on art histories of late anliquily across Eurasia 18 delayed lo earfy next year. Work continues on her main research project of g monograph on art and cultural dynamiG5 in Iran during the Hellenistic period. Dr Wood is also involved in publication of the British Museum's excavabons at the soulhem Iraqi site of Tello (ancient Girsul. which during th& 3rd and 2nd centuries BC was the focus of spectacular renovation uslng remnants of their ancient heritage from th8 3rd millennium BC. H.R. Woudhuysen (English) spoke on editing Evelyn Waugh in London and on editing Shakespeare in Oxford. The Chapol The College Chapel provides a focus for worship accordiThJ to th& riles of the ChuiGh of England. At the end of the 2019-20 year the Reverend Melani& Marshall left the College for a new post. We thank her for th& dedication. fellowship and good humoured support she brought to all both as Chaplain and as the student welfare co-ordinator. We w21come the Reverend Andrew sh￿e1 as our new Chaplain and student we￿are Co-ordinator from August 2020. The recgnl r8Storalion and renovation of the Chap81 roof. wood panels ar￿ flooring was ￿mpleted bèfore the stsrt of Michaelmas term in the 2019-20 academic year. Regular sèrvices were conducted during lerm-lirn&, including.. Mass (three times per week)., the daily office,. and Choral Evensong on Sunday evenings. Ghapel services are open to the publlc and are advertised on the website as well as within College. Improvernents to sern4ce books, minor chapel fumishings and other resources conlinue on a rolling basis., fellowship after seNi¢es is faeililated by hospi181ily offered by the Chaplain. Support fDr the worshipplng life of the College is provided by the Choir and Organists. Six Choral Scholarships (for Lincoln members) and two Choral &xhibilions (for students of other Colleges) were awarded for the ademic year 2019-20. Members of the Choir recenie professional singing lessons, helping maintain ils reputation as one of Oxford's best mixed-voic8 student Choirs. In 2D20 the planned Choir tour to Switzedand had to be cancelled due to Covid-19. Premlses The College has continued to pay considerable allenlion to the maintenance and enhancement of its physical resources in pursuit of ib charitable objects. There has been significant expenditure on the restoration of the Chapel. The College is also undertaking a programme of maintenance of ils buildings and is implementing the recommendations of an external review of maintenance required until 2027. Thls year this included Tesloration of the floor in Ihe Hall and repair to the stone walls the Front Quad. During the year, the College proyressed vAlh the renovation of student accommodation in the Mil￿, Turl Yard and in four of the Turl Slieel houses. Thg College also completed its other major project-. the conversion of a former bank premises on the High Slreèl lo become a restaurant and residential accommodation. 20

LINCOLN COLLEGE Report of the Goveming Body Year ended 31 July 2020 Development and Fund-raising Legacies and donations contributed £7.690 miifion to the Collgp's funds in 201￿20 (2018-19.. £6.166m). In addf(ion, the Call￿e received pledges to value of £0.391 MI￿0￿ (this dc￿ not incI￿le pledges wh￿h were immediately converted to cashl. with future bequest pledges of £1.037 million also rèceived. Once again, a signrficanl number of donations y￿re in support of scholarship5 and bursarTes. inclLkding a further bursary scheme for Masters students (Kingsgate) and a pledge for further support from the Sloane Robinson FOur￿allOn for Master students both from the UK and in partnership the Weidenfeld Hoffi7)an T￿￿1. A significant bequest from th8 will of the late DrAudrey T￿er wll endow teaching in Clinical Medicine. ar both the Shaw Foundation Fellowship in Law a￿￿ the GontKas Felk)wshiop ui Politi&% have been renewed for further five years.The other priorrty ¢)ver the past year has been to fund5 for the Mitre refuTbishmenl projecl. A room-naming In￿atiVe brought in £1.174m over the financial year. The second half of the yèar was of course affected by the CoMd-19 pandemia and prioriiies changed a5 a result. The Development Office taunched an inrtiative lo connecl alumni with current students. so that t could provide advice and support. This proved very popularwrth ly)th groups. and over 700 alumni voluntaered their setmces. Events moved onlne. one of the dear benefits of this was that it enabled alumni frcth all over the world to participate. By June, when it became clèar that there would be considerable additional costs to the Cdlege in term5 of its response to the pandemic. the Devèlopment offi￿ launched a COV￿-19 appeal to alumni by m&1 and email- by the end of the ftnanual year. over £205k had been raised in unrestricted donations to the Annual Fund to be used lo support the Coltege's Covid-related expenses., in addition £57.7k was contributed towards student support. In total. 200/0 {2018-19: 17DA) of all alumni made a donation in the financial year 2019-20. The fundraising strategy for the College is detemiined by the Goveming Bcdy. and aims to seek funds in its core ot4ectiv8s of education and research. Fundraising ￿ led by the Development Diredor, who reports to the Rector and Governing Body. The Developmenl Office team of five (including the Development Dirèctor) is reskX)nsible for both fundraising and alumni relatK)ns adivity Mfjthin Lneoln College. Fundraising activity 15 directed at alumni of the College, and Trusts and Foundations Wth objectives allied lo the College, and uses direct mail, email and social media. te￿phtsne and face-to-kn approaches tr) discuss fundraising opportunities wrth supwrters and potenti￿ SUpp￿￿r5. On some occasions, the Devehjpment Office uses a thiTd party lo help with the management oftelephone campaigns" howeverthere were no such campalqns in the past year. The Developmenl Office is also respons￿? for producing College publications, and a wide range of events bolh in Oxford and overseas. Withn th8 Deve*ment Offi￿. the Alumni and Communicatltsns Officer has been heavily involved tn the redeve10w￿nt of the CollÈge w8bsite this year. it 15 anticipated that this role will be ongoing, as further rna1ntenan￿ arKI devek)rKnent of the sile is required. The College uses a fundraising database, Raisers Edge, to matntain contact details for alumni and donors. and adheres to th6 GDPR. Lincoln College ts registered with the Fundrai5irvJ Regulator and adheres to the Code of Fundr8ising Prdctice. In the past year no complaints have been re¢ewl about fundraising activrty or about personnel. The financial perfomiance of the College Is di%¢ussed In Ihe'Finawal RevieY/ below and in the section entitled 'lnvestmenl Policy, Objectwes and Perfonn3n￿'. 21

LINCOLN COLLEGE Report ofthe Governing Body Y8ar ended 31 July 2020 FINANCIAL REVIEW The College derives Income lo support f(s regular operalton8 in pursuit of Its oblectlves from three principal sources.. income in respect of luf(ion, being fees paid by students (¢X their sponsors, or government) and money reGeived from external sources to fund Fellowships and studenlship8', revenue from the College'5 domesllc {8ccommodation and caterSngl activities, as provid&d both lo College members and lo non-members of College; returns generated by the College's pool of investments. The College al80 receiv8s A number of donations and legaGie3 aach year, 80me of which are used to fund regular operations, bul thè larger share of which Is used to inGrea5e endowment funds and to fund major i18ms of capital expenditure. In 2019-20 the total Income w80 £15.404 million {2019.. £15.085 mllllon) of which £7.69 million was In the form of donallon8 and legacie812019: £6.166 million). The College sp8nds money on five area8 of actlvily- academlc activitles {educalion, study and research, includ1r￿ personnel co818 and expendllure on supporting infrastruGlurg1', supwrt for Students (in the fomi of scholarships, bursarles and expendlture on facllilie8 and activities for students, b8n8fiti', provision of accommodation and caterlng servicés io members and non-momber8 of College., buildlng8' repalr and rnaintenanco., management1Sncluding the costs of fund-raislng, Investment management and governance). In 2019-20, thè total expendkure wa8 £11.486 milllon12019.. £12.986 million). Therefore, the total of n81 Income before inv&slment galns was £3.918 million12019.. £2.099 mllllonl. The Gollege'¥ annual Flnancial Planls structured such that all operating oxpendltur8 Should be met from th6 three sources of operating income, with th8 provlso that the sum d8Tived from the Colleg&'s endowmenl should be no more than a fixed percentage of the valu8 of those endowment fund8. The College generally dra￿ 3% although because of the un8xpeGled shortfall In accommodation income in this year 2019-20. the Governing Body decided lo draw up tp 4% from endowment funds gnd th8 college drew 3.2010 of it8 avorage endowment fund balances over the previous three years.. FTOM 2013-14 the College has presented its Accounts on a total lelurn accounting basis. The Governing Body will keep the level of Income ¥Mthdrawn from endowment funds under revlew in order Its balance the needs and interests of current benellclarles of the College's aGtivilies ￿th those of future bgnaflciaries. In 2019-2D, inGome in the form of tuklon fees show8d an increase lo £2.216 million12019.' £2.134 milllon). The College continued lo benefit from privately sourced funds in support of student scholarships, with subslanllal and generous donations from the Kingsgate Fund, Sloane Robinson Foundation, the Keith Murray Award Fund, the Polonsky Foundation, the Berrow Foundal¢c)n and the Lord Crewe Trust. Incoma from domesllc actlvfties decreased by 27'/ty lo £2.304 million as a result of students not retuming lo their College accommodation in TrinSly Term and the cancellation of all conference business in the Summer of 2020. The College has a provision on ils balance sheet of £1.766 miS1ion {2019.. £2.644 million) for deficits in ts USS and OSPS penS5C￿ plan. The College will make annual incremental payments lo tha USS and OSPS P8nsion plans that will reduce the provislon over tlme. Endowment total return allocated to income was £3.963 million In 2019-20 (£3.019 mllllon in 20191. In addition, certgin unrestricted and rèslricled donations may fund operating expenditure. 22

LINCOLN COLLEGE Report of the Goveming Body Year ended 31 July 2020 Reserves policy The College's res￿eS policy is to m8intawi suff￿lent free reserves to enable it io meet its short-temi fmancial obligations in the event of an unexpected revenue strK)rtfall.. to allow the COl￿e to be managed efficienuy, and to provide a bufferthal would onsure uninterrupted services. Total funds of the College arvj its subsidiaries al the yearnd amounled to £161.414 million12019- £160.623 millv)nl. Thls incluées endowment capitd of £124.437 mli IKJn and Un5￿nt rest[￿ted income funds totalling £7.007 million {2019.' £6.112 million). Free reserves at the yearnd arn￿nIed to £3.024 million12019.' £5.876 million), representing retained unrestricted income reserves exduding an amount of £27.551 million for the book v￿ue of tsngibte fixed assets less aSS￿lated funding arrangements and £1.158 million of desv3nate reserves. Free reseNe8 al the year-&nd were £3.024 tniifion {2019: £5.876 million). This amount represents appr0￿matelY 3 nv)nths' expenditure and ￿ bnè with the col￿e'S wri￿ on reserves. Risk management The Co15ege has on-going pr￿sSeS, whth operated throughout the fmancral year for ¥Jentrfying, evaluating and wnanaging the principal risks and u￿rtaIn￿eS faced by l aThJ its sub5idiaTies in uNJertaking ils activities. When il is not able to address risk issues ￿1r￿j intemal resources. the College takes advice from experts external lo the College wrth specyalisl knowledge. PolKies and procedures within the College are review8d by the relevant College committee, chatred by the Reclor orlhe Bursar. Financial and investment risks are assessed and monitored by the Finance Commitlee. In addition. the D(nestic Operations Manager and domestic staff heads meet regularly to remew heath aThJ safety issues. Training courses and other foms of career devekjpment are available, when requeste(I, to members of staff to enhan￿ their skills in risk-rel8ted areas. Since March 2020 the College has had an operating ccKnmittee to manage College operations in response lo the Covtd-19 pandemic. This Committee Iw met three tmies a week during term and orKe a wèek in the long va¢alion. The Governing Body. who have y￿ate responsibility f￿ maning any risks fared by the College. have Teviewed the processes In place for managing risk and the principal Ktentified risks to which the College an¢J its subsidiaries are exposed and have concluded that adequate syElems are in place to manap these risks. The College has identrfied Speci￿ risks, assessed the impacl of the risk and Ihe probability of the event occurring and reviewed measures lo manage thè risk& The prinapal categories of risks and uncert8lnlies faced by the College its subs¢diaries are: Rt5k De5¢riPtion Management of Risk The College I￿S a comprehensive (knrnar￿ structure with multiple c(nmittees reporting lo the Goveming Bod￿. it regularty revtws ils stralegio planning., sed(s to m8inlain the highest academic standard5 and i8 careful in its 0￿ratIonaL management The Couege is acaNety involved wth the Conference of Colleges to parbcipale in pcArcy-making. It is vtgilanl in corporate 0Vema￿e. Govemin Bod . admsed b Reputstion Impairn￿t of Coltege's sianding Slalutory and regulatory risks Impact of govemmentaL regulatory and University l￿dieS

LINCOLN COLLEGE Rèport of the Governing Body Yearended 31 July 2020 on the College's aclivilie5. Substantially increased regulation Committees reviews and implements policies. Officers are focused on regulation. Extemal admsers are retained where appropriate The Colleg@ maintains hrgh academic standards and a substantial endowmènt lo proleA luitlon funding. Diversification of investments and rnoniloring of prudent risk parameters redu￿ risks in financial returns. The College monitors developments in the USS pension schemè and ils views are solicited by the relevant authorities. Effective integration with University IT infra51rueture. Additional measures were undertaken in 2019-20 to strengthen information Security. Funding and rinancial risks Impact of extern81 developments on tuition funding, impact of market movements on financial returns and on endowment funding of operational aclivilies, impact of shared pènsion obligations IT risks Disruption of activities and loss of data due to impaiment of IT capabrfity or data breach Other operational risks Operational risks, including security and human resources, insurance, maintenance and risk of recession impacting conference income Regular review of operational plans, specialist exiernal ad￿Ce. compliance with established procedures as well as inveslment in resources Investment policy? objectives and performance Thè College's Investment objectives are lo balonce ourrent and future beneficiary needs by.. maintaining and then growing the value of the investments in real Isp8ndingwwerl terms., producing a consistent and sustainable amount to support regular expenditure.. delivering Ih8se objectives within acceptable levels of risk. To meet these objectives, the Colleg&'s investments as a whole are managed on a total return basis (that Is, income and ¢apitsl taken together), maintaining diversification across a Tange of asset classes in order lo produce an appropriate balance belween risk and retum. This approach is consistent with the College statutes. which allow the College to invest pemanenl endowments lo maximise the related total return and lo ake available for expenditure each year an appropriate proportion of the unapplied lolal return. Investment strategy, policy and performance are monitored by the Finance Commillee. Individual members of the Finance Committee bring to il significant investment expertise. Al the end of July 2020, the Group's long-term investrnents. combining the property assets and the pool of securities and Dlher investments, to18118d £139.111 million12019.. £140.754 million) of which £8.509 million comprised the independently conslituled Lincoln 2027 Trust and £1.707 million the Lincoln College Michaèl Zilkha Trust. The College aims lo achieve a long-terrn retum of 4% above inflation las measured by the Consumer Price Index). The nel retum on the CDllegè's endowment and long-term inveslmenls {thal is, income plus capital gain less management fees) was -0.7°A12019: +5.2/1. Thi5 retum comprised.. Prop&ty Investments Securities and Other Investments Total 24

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2020 Nel relurns 4.3% +2.￿ Valuations of Property Investments are dèt6milned by the College's Land Agents. Laws and Fiennes, who In turn take advlce from such adv¢8ers as Clullons (for commercial and London resldenlial properties), Breckon & Breckon (for local resldential properties) and Carter Jonas (for agricultural properties). With the assistanoe of these advisors, thè College undertakes a full-scalg market-based revaluation of a portion of the Property portfolio every year so that over three years all the properties have been subject lo such a market-based revaluation. This year the College'3 commarclal property outside London was valued by Clullons. Clullon8 caullon that there is material uncertainly in th& valuat￿n because il wa5 undertaken during the Covid pandemic. Day-l¢>day management of mosl of the Se¢urltle$ and olher investments was delegated to an external manager, Partner8 Capital. Non-andowed capital that Is requlred for expenditure in the short-lerm is inveslgd in 8 passive investment fund managed by The Vanguard Group. Th8 carrying value of the Preserved permanent capital and th8 amount of any unapplied tol81 return available for expenditure was taken as the open-markel values of thes8 funds as at 1 August 2002 together with the origlnal 9ift valu8 of all 8ubsequenl endowm8nl received. FUTURE PLANS Th8 Ctslleye's futur8 plan$ towards the achlevement of115 Objects are sel out In the Coll8ge's Strategic Plan a5 periodically agreed by the Governing Body. Achlev?menls In respect of the Slraleglc Plans 8re Monitored each year in Michaelmas Term by the Governing Body, advlsed by the Plannlng Comm￿lee., and the Plan is formally reviewed approxlmalgly every five year8. Th8 College's Slraleglc Plen for 2017-202218 summarlsed below. Toachlng and learnlng We shall advance 8ducallon, study, and research by.. Competing locally, nationally and Inlernallonally for th8 best sludenl8 Maintalnlng a student body of about 600, equally divided betwe?n undergraduates and graduates Commilling the College to providing the best possible education fgr our students through the und8rgraduale tutorlal system and the role of graduate advisers Enhancing our programmes to widen participation and lo increBS8 access oniloring and developing our welfare provislon for students Ensuring that wo recruit and seek lo relaln the best teachers and r8searGher8 as Fellows We shall advance eéucation, study and research by.. Developlng our access and outreach work in Lincolnshire, Somerset and the North Ea81 Moniloring equality and diversity In admlsslons and In extending our outreach strategy Encouraging excellence among our 81udenl8 by reviewing our policies and praGli￿S relatlng lo academic discipline and rewarding oulslanding perfomance Raising funds for graduate students, especially in the Humanities and SoGial SGlenGes Raviwing our provislon of graduate acccmmo(ialion 25

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2020 B. College finance and management The College depends uwn a combinat￿n offees, res¢dential and other d￿les￿ income and drawdown from its endowment to finance its (yerations. GNen that fees in part￿lar are unlikely to rise signrfKantly over the five-year period. the College wll prioritise corrtiolling its oxpenditure and growing its endowment. We shall ensure the College is run in the most eff￿lent and effective way by: Rewarding our staff in line with the unIv￿$1￿S cost of I￿7ng adjustments 8nd the recommendations of the Living Wage Foundation Review5ng the managemenL pr(￿essing and security of our data Agreeing ané implementing a fNe-year plan forthe College's b￿￿get We shall seek to in¢reas8 th8 ColEege's endowment by Managing our investment assets. and implementing our securitÈs Investment strategy with the intention, by 2022, of growing the College's erKl¢)vKnent by 25%.. this should allow the current pattem of spending on established CLxnmitments to be maintained Seeking further improvements.. in the service and working condihons of administrative domestic staff.. in operating efficiencie5" and ￿ generatwvJ ir￿C￿e frC￿ external sources Maintaining our commitmènt lo the 3°/ts dr￿(voYn 50 that the 5astirw3 gro￿ ofthe endowment can continue in real lem)8 u￿ng the Road to 2027 Campaign to increase engagement with old members and to pave the way for a new campaign that will take the Cdlege frtNn 2022 to its anniveisary in 2027 We shall use the drthown frcAn the College's endowmenl to.. Supyjrt our studen15, our Fellow5 and staff. our buildings arKI Iher ¢C￿tents Fr(Mn our own reSoUr￿S to finance all COll￿e fdbwships, to supwjrt ail our students a￿ordIng to their needs, to mainlain our buildings and to catakNJue. conseNe and display our historic collections Make sure that our Fellgws and staff are appropriatety remunerated C. Bulldlngs and malntenance We shall ensure that: All long-standing issues with maintenance and appearance have been resolved In particular. we shall: Complete work on the Mitre and on the High Street part of the Natwest bull¢fing Complete work on the restomtion of the Chapd. the Bec*inglon Room and the Hall and undertaké necessary renovation of the Reclorfs lodgings Initiate a fiv&year rolfing plan for the maIntena￿e of al our buildings Ll. The Universty and the wlder world We shall play as full a part as posS￿le in the Univetsitws life and vth ty. Encouraging and supporting Fellows who lake on [￿rtionS in the University Engaging closety in the njnning of the conf￿Ce of Colleges Developing strategic alliances wlth other crAleges. especially the Tud Street colleges We shall enharKe our engagement th1th1￿27. natts)nal and internat￿nal audiences by.. Developing the Lbrary and ArchNe through the Lincoln Unkcked proyramme The online cataloguing of the sent￿ Library and of the ArchNe 26

LINCOLN COLLEGE Report of the Goveming Body Year ended 31 July 2020 Making as much as possible of our historic collections available online Initiating historical projects in relation lo the College's 600th anniversary Participating in local cultural initiatives, such 8S the OxFord Literary Festival and the Oxford Lieder Festival, through the use of the Ccllege's performance spaces We shall renew the way in whKh College presents ilseir to the world by.. Redesigning and bringing con3i5t2ncy to all our interna5 and exiemal documents and slgnage Rèdesigning our website Enhancing our engag2menl with our alumni, both nationally and internationally, through a well- organised and diverse programme of events and publicalh)ns and maintain an exlensive programme of communications through print, 8mail arKI social media We shall seek to achieve all these aims by. Prudent management of the Collège's finances Growing our endowmenl Drawing on the advice and experience of our old rnembers through partKipation in events, fundraising and advlsory committees 27

LINCOLN COLLEGE R¢port of the Governing Body Year ended 31 July 2020 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Govarning Bodyls responsible for preparing th8 Report of the Governing Body and thè flnanciai slalements in accordance with applicable law and regulations. Charity law requlres the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body has prepared the financial slalemenls in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdorn Accounting Standards and 8pplicab5e law}, inGluding Financial Reporting Standard 102.. The Financial Reportlng Standard Applicable in the UK and Republic of Ireland (FRS 102). Under charity law, th• Govemlng Body musl not approve the financial statements unless il is satisfied that they give a true and fair view of th8 slat8 of affairs of the College 8nd of its nel Income or expenditure for th81 period. In preparlng these financial 5talements, the Gov8rnlng Body Is required to.. 3gle¢l the most suitablè accounllng policios and then apply them consislènlly., make judgements and accounting esllmales thal ar6 reasonable and pwdenl., slate whether appllcable accounllng standard¥, Including FRS 102, have been followed, 8ublect lo any m8leri81 departures disclosed and explained1n the flnanGial 8t8lemenls', $181e whether 8 Slalemont of Recommended Pracllce ISORP) applles and has bèen followed, 8ubjecl Ic any material departures, which arg oxpIBined In the financlal slalemenls.. prepare the flnancial 8latem&nt8 on the oolng concern ba¥ls, unless it Is InappToprlal& to presume that the College will conllnue to operate. Tha Governlng Body Is rèsponslbl8 for keeping proper accounting records th81 are sufflclenl to show and explain th9 College's transactions and disclose with reasonable accuracy at any Ilme the financial posillon of the College and enable il to ensure that the finanGlal slalemenls comply with the Charllles Act 2011.11 Is also rÉsponslble for safeguardlng the assèts of the Colleg8 and ensuring their proper application under charlly Lqw and hgnc9 for taklng reasonable steps for the Prevention and d8leclion of fraud and other Irregulariti8S. Approved by the Governing B¢dy on 11 N￿rnber 2020 and slgned on118 behall by.. Davld Hills Acting Re¢lor 28

LINCOLN COLLEGE Independent Auditor's Report to the Members of tho Govemlng Body of Llncoln College Opinion We have audited the financial slalemenls of Lincoln College Ilhe'chariiy.) for the yèar ended 31 July 2020 which comprise the Statement of Awunling Pollcles. the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Con801idaled Cash Flow Stalement and notes to the financial Statements. The financial reporting framework that has been applied In their preparation is applicable18w and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republlc of Ireland {United Kingdom Generally Accepted Accounllng Practice). In our opinion, the finanGial 3tatemenl8'. give a IrLte and fair view of the slate of the group and ch8rills affalrs as 8131 July 2020 and of the group's income and expendlture for the year then ended.. have been proparly prepared In accordance with United Ksngdom Generally Ac¢epted A￿OuntIng Practice., have been prepared In gccordance wlth the requlremenl$ of the Charities Act 2011. Basls for oplnlon We conduGled our audll In accordanc& wlth Inlern81h)nal Standards on Auditing (UK) IISAS {UKII and applicable law. Our responslbllilles under those sland8rds 8Te furthér descrlbed in the Audltor's respor15ibili11gs for the audit of thé Ilnanclal slalemenls secllon of our report. We are Indepandènt of the Charily in accordance with the elhlcal requirements that 8re T8lèvanl to our audit of the financial slalernent8 In the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other @Ihical responslblli118s In aGGordance wfÉh Ihase requlremènls. We belleve that the audit evldenGe we have oblalned is sufficlènt and appropria181o providg B basis for our oplnlon. Conclu$lons ralatlng to golng concern We have noththg lo report in respect of the followlng maller8 In relatlcffj lo which the ISAS (UK) require us to report to you where., the Members of the Governlng Body'8 Use of the going concwn basls of accounting tn the preparatlon of the financial slalement9 Is not appropriate., or th8 Members of the Goveming Body have not disclosed In the financial statements any identified materlal uncertalnties that may cast slgnlflcant doubl about the Charity's ablllty lo conllnue lo adopt thg going Concern basls of accountlng for a p8rlod of al least twelve months from thg dal8 when the flnanclal statements are author18ed lor1ssue. Other Informatlon The Members of the Govemlng Body are responsible for the other informallon. Th8 other information comprises th8 infomiation Includ8d In the annual report other than the financial 5talemenl8 and our 8udilor's report Ihereon. Our opinion on the financial slalaments does not cover the other infomiation and, except lo the axtenl othèrwise explicitly 8tated in our report, we do not express any fDrm of assurance conclu8ion Ihereon. In Gonnection wilh our audlt of the financial statements, our responsibility is to read the othèr Information and. In doing so. consider wh8lher the olhei infomialion is materially inconsistènt wllh the financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially mlsslaled. If we identify su¢h material incon5iStencies or apparent material misstatements, we are required to d&lermine whether there 18 a material rrbi5slalement in the financial slalemenls or a material misstslemenl of the other information. If, based on the work we have perfO￿ed, we conclude that Ihara is a materi81 misslalemenl of this other infomiation, we are required to report tha fact. We have nothing to report in this regard. 29

LINCOLN COLLEGE Independent Auditor's Report to the Member5 of the Governing Body of Llncoln College Matters on whlch we are required to report by exceptlon We have nolhlng to report in respecl of the following matters in r8lation lo whlch the Charities Act 2011 requires U8 to report to you If, In our opinion.. sufficient acGounting records have not béen k8Pt', the financial slalemenls are not in agreement with the accounting records 8nd rèturns., or we have not obtained all the Infomatlon and explanations necessary for the purposes of our audit. Responslbllltles of th? Member8 of the Govemlng Body As explained more fully in the Statement of AGcounling and Reporting R85ponslbllltles, set out on page 25, the Members of the Governing Body are responsible for the preparation of the financial $18tem8nls and for being salisfled that they give a true and fair view, and for such internal control as they determine is necessary to enab18 tha pr8paratlon of fin8ncial slalement3 that era free from material mlsslalement, whether due lo fraud or error. In preparing the flnanclal slalement8, the Members of the Govemlng 8￿Y 8re respon51ble for assesslng the Charity's abllily to Gonlinue as a going concern, discloslng, as appllcable, mallers related lo going Concern and using the golng concern basis of aGcounling unless the Members of the Governing Body &lther Intend lo Ilquidale the Charily or to cease ¢pèralions, or have no realistic allernallve bul lo do so. Audltor's regponsSbllltle3 for thè audlt of the flnanclal statements Our objecllveg are to ob18in reasonable assur8nGe abgul whether the flnancl81 statement8 as a whole are fre& from matorlal misslalemenl, whether due lo fraud or error, and lo issu? an audilols report that includ8s our oplnion. Reasonable Bs5ur8nce1g a hlgh level of 85suranc&, bul Is not 8 guarantee that an audit conducted In accordancè with ISAS {UKI will always deleGI a malgrial misslalement when11 exists. Misstalemenls can arlse from fraud or error and ar8 considèred malerlal If. indlvldually or in the aggregate, Ihgy could reasonably be expected to Influence the economlc dgGlslons of u8er8 taken on the basis of thé88 flnanclal statement8. A further de5Griplion ol our re8ponsibililies for the audit of thè financial slalemenls Is located on the Fingncial Reportlng Council's web8lte at.. www.frG.org.uklaudilorsresponsibllllles.. This d6scriplion forms part of our audil0rf8 report. Use of th19 report Thls report is made solely to the Collgga's Governing Body, as a body, In accordance wlth sgollon 144 of Ihe Charilles Act 2011 and the regulations made under secllon 154 of that Act. Our audit work has beèn undertaken so th81 wé mlghl state lo the M8mb9rs of th9 Governing Body th05e mallers we are requlred lo slate lo them In an auditor's r8port and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the Colleg8's Governlro Body as a body. for our audit work, for this réport, or for the opinions we have formed. Critchley8 Audit LLP Slalulory Audllor Oxford Dale.. 25 November 2020 CrltchleyB LLP ts eligiN8 to act 8& an 8udlloi kn t8ms of8ecllon 1212 ofthg Companle5 Act 20tK. 30

LINCOLN COLLEGE ststement of Accounting PollGies Year ended 31 July 2020 1. Scope of the financlal statements The financial statements present the Consolidated Slotement of Fin8ncial Actiwties (SOFA). the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiaries Lincoln College Trading Limited and Lincoln College Enterprises Limlted together with Lincoln 2027 Trust and Lincoln College Michael Zilkha Fund. The subsidiaries have been consolidated from the date of thelr fomialion being the dale from which th& College has exercised Control through voting rights in the subsidiaries. No separate SOFA has been presented for the College alone as curtenlly permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial slatemenls. A summary of the results and financial position of the charity and eo¢h of its material subsidiaries for the rèporting yèar is in note 13. 2. Basis of accounting The College's individual and consolidated financial slalemen15 have been prepared in accordan￿ with United Kingdom Accounting Standards, in particular'FRS 102= The Financial Reporting Standard applicable in the UK and Republic of Ireland. {FRS 1021. The College is a public benefrt enllty for thè purwses of FRS 102 and a registered charity. The CDllege has Iherefgre also prepared its indniidual and consolidated financial slalemenls in accordance with 'The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102, (The Gharilies SORP (FRS 102)). The financial slatem8nls have been prepared on a going concem 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 thè Statement of Financial Activities (SOFAI. The principal accounting policies adopted are sel out below and have been applied consistently throughout the year. 3. Account5ng judgèments and estimation uncertainty In preparing financial statements, It ss necessary lo make certain judgements, estimates and assumptions that affect the amounts r&cognised in the financial stalemenls. The following judgements and esllmales are considered by the Goveming Body to have most Sign￿ECan1 effect on amounts re￿nised in the financlal statements. The College participates in two multFemplDyer defined benefit pension plans. In the judgement of the Goveming Body there is insufficient infomiation about the plan assets and liabilities lo be able to reliably account for its share of the defined benefft obligation and plan assets in thE financial slalemenls and therefore the plan is accounted for as a defined contribution seheme (see noie 231. The Colleg8 carries Investment proporty al fair value In the balanc8 sheet, with changes in fair value being recognised in the income and expendiluTe seGtion of the SOFA. Valuations of Property Inveslments are determined by the Coll@g@'s Land Agents, Law8 and Fiennes, who in turn take advice from such advisers as Clutlons (for commercial and London residential properties), Breckon & Breckon (for local Oxford residential properties) and Carter Jonas (for agrfcullural properties). Wilh the asslstance of these advisers, the College undertakes a market-based revaluation of a portion of the Property portfobo each year with the balance being estimated valuations undertaken by the College's Land Agent. In 2019-20 the College's Commercial properties in Oxford, Marlow, Cirencesler and Winchester were indep8ndently valued by Clutlons and its other properties were valued by ils Land Agent aftei consultation with the above- mentioned advlsers. Clullons caution that, because il was undertaken during Ihe'covid pandemic, there ts material valuallon uneertainty in their valuation of £21.8m of commercial property. Before legacies are recognised in the financial statements, the Governing Body has to exerciBe judgement as lo what constitutes sufficient evidence of entItl￿nent lo the bequest. Sufficient entitlement exists onc& notification of payment has been received from the executorlsl of the estate or eslale accounts are 31

LINCOLN COLLEGE StatÈment of Accounting Pollcies Year ended 31 July 2020 available which indicate there are suffKEnt fvnds in the estate after maeting IrabS1itles for the bequest to b8 paid. In the viw of the Goveming Body. no assumptM)ns concèmirKJ the futu￿ or eslimalv)n uncertainty affectin9 assets and liabilities at the balance dale are11(ely to resuh in a materfal adlustment to their carrying 8m¢JJnts in the nexi financial year. With respect lo the next financial year. the m¢)St ￿gnIficant areas of uncertainly that affect the earrylng value of assets held by the Col￿ge are the level of investment relum and the performance ol investment markets. 4. Income recognitlon All income is recognised onc8 tha College has entitlement to the Ineome. the 8CC￿0M1C benefit 1$ probable and the amount be reliably measured. Income from fees. Offlce for Students support and othor ¢harges for servlces Fee5 reGeivabl8. Office for Students $upp(yl grKI Gharges for services and use of the premises are reccpjnised In the period in which the rdated is provided. Income from donatlonsi grants and legacles Donatlons and grants that do not impose spectfic future pèrfomianceryrelated or other speclflc condllions are recognlsed on the dat8 on whith the c￿￿e has entitlement lo the resource. the amount can be reliably measured and the e¢onomi¢ benefit lo the College of th8 donatlon or grant is probable. Donations and gr8nls 8ubJect to performancé-related Condi(￿•nS are rec￿nISed a5 and when those condition5 are mel. Donation8 and grants subjéct to other specific condi1￿nS are recognlsed as those c0nrfil￿DS are mel orlheir fulfilmenl is wholly within lh& control of the College and it Is probabb that the specifi8d condf(ion$ 11 be met. L8gaci98 are Teeognised fdlowing granl of probale ond once the College has received sufficient infomialion from the execulor{s) ol the deceased's estate lo be Satisfied that the gift can be rellably measured and that the econom￿ benefit to the College 1$ prob8blo. Donalp)ns. grants and legacies aC￿UIng lor the gwral purpo8e8 of the Colbge are credited lo unrestricted funds. Donations, grants and legades which ao sutr4ect Its Cond￿20n$ as to their use imposed by the donor or set by the terms of an appeal are credited lo the relevant restricted fund or, where the donalw)n, grant ar legaGy Is required to be held as capital. to the endovKnenl ftjnds. Where dongtion8 are received in kind (as distinct from cash or other monetary assets). they are measured at the fair value Df those assets al Iha date of the gift. Inveslmont Income Inlergst on bank balances Is 8ccounteil foron an ￿rnal basls rylh inter85t recognised in the period lo which the interest relates. Income from fixed interest debl securities is recognised using the effectwe inleresl rale method. Dividend income and similar distributions are ￿ognised on the date the share interest beGomes ex- dividend or when the right to the divtdend can be estsblished. Income from investment properties is recogniwl in the peri(*J to whvth the rental income relatès. 5. Expenditure Expenditure Is 8ccounted for on an arnaLs basi5. A liabilty and r8lated expenditure is recognised when legal or wnslruclive obligation commits the Colkge to expenditure that wll probably requirè Sa￿ement, the wnount of which can be reliably measured or estimated. 32

LINCOLN COLLEGE Statement of Accounting Policies Year ended 31 July 2020 Grants awarded that are not perfoTmance-relaled are charged as an expense as s¢x)n as a legal or constructive obligat￿n for thwr Pa￿nent arises. Grants subject to performanceryrelaled conéilions are expensed as the speCif￿d condftions of Ihe granl are met. All expenditure including support Costs and govemance c051s ara allocated.or apportK)ned to the applicable expenditure categories in Ihe Stst8ment of FinancialActivilies (the SOFA). Support costs, which include govem8nce costs (costs of Com￿Y1ng with constitutv)nal and 5talulory requirements) aThd other indireGI costs. are apport¢oned lo expenditure categories in the SOFA, based on the estimated amount attributable to that actwity in the yegr. either by reference to staff tim@ or the use made of the underlying assets, as appropriat& Irrecoverable VAT b I￿luded with the item of expenditur6 to which il relates. Inlr8-group sales and charges between Ihe Colkge and ils subsklfarle8 are excluded from tradlng 5ncome and expenditure in the consor￿ated finanual statements. 6. Tanglble tixed assets Land Is staled al cost. Buildlngs and equlpmenl are state(l at ¢4)St less Kcumulated deprecialk)n and any accumulated impairment losses. The College c8pilalisos experKlkure on buildings where there 15 8 signrfkant Improvement in théir useful Ilfe. The Collep capilali8e3 expendiiure on equipment costing more than £1,000. Whére a part of a building or equiwenl is replaced and the costs capilalised, the ¢8rrylng value of Ihcse parts r6placed Is derecognised and expensed in the SOFA. Olher expendlture on equipment irwwrred In the normd day-t￿tsy running of th6 College and It6 subsidlaries Is charged lo thè SOFA ag Incurred. 7. Depreclation Dep￿latIOn is Provided to wriie off the cost of all relevant tangible fixed a5set5. less their eslimaled residual value, in equal annual in51alments over their expeGted useful econcxnic lives as foll¢)ws'. Freehotd bulkjlngs. incI￿1ng m¥4or extens)ns 50 years Leasehold properties 50 years or perkJd of lease If shorter Bulldlng hnprovements 20- 50 ye9rs Equlpment 3-15years Freeho￿ land is not depwi8ted. The cost of maintenance is charged in the SOFA In the perlod in whlch f( Is incurred. At the end of each rep￿ting period. the restdual va]ues and usefvl Irves of assets are rev￿ed and adjusted rf necessary. In addition. rf events or change In ￿rCumStanceS iThlicate that the carrying value may not be recovèrable, then Wfwng values of taroli Jle fixed assets are reviewed for Impairment. 8. Herltage Assets The College has chosen lo hold heritage assets at cost. The College has a numter of assets. Including item9 of art and histofic texts that meel the definili￿ of heritage assets under the SORP. Thè depreciated his1c￿C cost of the Majority of these items ts nlL Items purchased are recogniqed at C05t and items donated lo the College are recognised at fail value. The College has iaken advantage of the exemption within FRS 102 not lo disclose tfansions before 1 January 2015 as obtaining f￿r values for these 33

LINCOLN COLLEGE statement of Accounting Pollcie5 Year ended 31 July 2020 assets would be Impracticable and the Go¥t of obtaining such valuallons would outweigh the benefits lo the users of these financial slalemenls. 9. Investments Investment properties are initially recognised al th8ir Cost, and subsequently measured at thelr falr value (market value) al each reporting date. Purchases and sales of investment properti&s ara recognised on exchange of conlracls. LL8led inveslmenls are Initlally measured al their cost, arKI Subsequently measurèd 81 Ihelr falr value al èach reporting dale. Fair value is based on their quoted price at the balance sheet dale without deducllon of the estimated future selllng eosls. Investments 5uGh a5 hedge funds and private equity funds, whlch have no readlly Iden15fiabl8 market value, are initially measured at their costs and subsequently measured at their fair value at each reporting date, without deductlon of the eslimaled future selllng costs. Fair value is based on the most r8e8nl valuallons availabl8 from thelr respective fund managgrs. other unquoted Investments are valued uslng prfmary v8luallon techniqu88 sueh as earnings mulllples, cent transactions and nel a88ets where rellable e¥limales can be made- oth8Mlse al cost less any Impalrm8nt. Charsges In falr valug and gaing and108885 #rislng on the disposal of Investment3 ara credlled or chargèd lo the Income or exp&ndllure section of the SOFA as'gaino or losses on inveslmenls, and are allo¢ated lo the fund holding or disposlng of thè rélevant Inveslmenl. Other flnanclal Instrumonts a. Cash and ¢a8h equlvalents Cash and cash equlvalents include Cash 81 banks and In hand and short term dewsS18 With a maturfty dale of three months or less. b. Debtors and credltors Debtors and creditors receivable or pay8bl8 wilhln one year of tha reportlng date are carrled at thelr transaction prlGe. Debtors lexclvding any amounts that are classed as concesslonary loan81 and creditors that are receivable or payable in more than one year and not subject lo a market rate of Interest are measur6d at the present valug of the expected future reeelpts or payment disGounled at a market ralg of in18r8st. 10. Stock8 Stocks are valued al the lower of cost and net realisable value. cost b8ing the purchase prtce on a first in, first out basls. 11. Forolgn curronclos The functional and presenlallon currency of th8 College and its subsidiarie8 1$ the pound sterllng. TrdnsaclK)ns denominated in fO￿Ign currencies during the year are translated into pounds sterling using the spot 8xchange rates al the dales of the transactions. Monetary assets and liabilities denominated in foreign currencies arè translated into pounds sterling al the rates applying al the reporting date. Foreign exchange gains and losses resu5ting from the s8lllement of transactions and from the Iranslalion of monetary assets and liabilities denominated in forelgn currencies 81 the exchange rate8 at the ieporting (late are r8cognlsed In the income and expenditure seGlb)n of the SOFA.

LINCOLN COLLEGE statement of Accountlng Policies Year ended 31 July 2020 12. Total Return investment accounting The College Statute5 aulhorise the Cole to adc4)t a lotal Tetum, basTs for the investmenl of its permanent endowment. The College can invest ils permanent endowments wilhoul regard to the capitavincome dislinthns of standard trust law and with discretion to apply any part of the accumulated lotsl return on the investment as income for spending each year. Until this power i8 exerctsed, the totsl return is ￿¢UMUlated as a ¢L￿pOnent of tho endowment known as the unapplied total return that CAn etther be retained ft)r Investment or release to incom& al the discretion of the Governing Body. 1& Fund accountlng The lolal funds of the College and ils subs1￿[arleS ai& aNocated lo unrestricted. restricted or endowment fund$ based on the terms set by the donoTS or set by the lemis of an appèal. Endowment funds are further sub4ivided into pemwnent and experKlabie. un￿StriCted funds can be used in furtherance ol the oty'eds of the Cdlege at the discretion of th& Governing Body. The Governing Body may decide that parl of the unrestTifted funds shall used In future for 8 specif¢c pu￿0$e, and this wll be accounted for by transfers lo appropriate designated fundy. Reslricled funds comprise gifts. legacies and grants where the donors have specified that the fvnd5 ere lo be used for partlcular purposes of the College. They consist of either gifts where the donor has ¥p2crfigd that both the capital and any Income arislng musl be used for the purposes given or the irKcAn8 On glfts where the donor has required or permilted the capital to be maintained and with the intention that the In¢¢Jne will be used for specik purposes wthln the College's objects. Pémanent endowment funds arise where don￿3 specify that the fvnds are to be retained as capllal for the peThanenl benefit of the Col￿e. Any part of the lotal return arislng from the capttal th81 i8 allocated to inGome wlll be accounted for as unreslri¢ted funds unless th& donor has pl%ed restrlclions on the u88 of that Income, in which Case It ￿11 be accounted for a$ a restricted fund. Expendab endowment funds ar8 shnilar lo permanent endowment in that they have been glven, or th8 College has delermined, based on the clrcumstances that they have been given, for the long lemi bgnefil of the College. However, the Governing Body may at its discretion delemine to spend all or part of the capital. 14. Penslon Gosts The Colleue partKipates in the UniversitEs Superannuation Scheme 8nd the University of Oxford Staff Pension Sch8me. These schemes are hybrid pension schemes. providirKJ defined b@n8frts as well as benefrts based on defined contnbul¢ons. Tr assets of each scheme are he￿j in a separate trustee administered fund. Becaus8 of the Mutu￿ nature of the schemes. the 8ssels are not attributed to individual employ8rs and schem￿[de contribution rates are set. The College is therefore èxposed to actuar¢al risks associated with olher employers, empbyees and is unabte lo identfy its share of the undedying assets and liabilities of the schemes on a consistent and reasonabk basi5. As required by Section 28 of FRS 102 'Empbyee benefits., the College therefore accounts for the schemes as rf they were wholly defined conlrtsutwjn schemes. As a result, the anounl charged to the profft and loss account represents the eonlrlbutk)ns payable to e￿h scheme. Since the College has entered into agreements (the Recovery Plans) that detemine how each employerwilhin the scheme5 will fund the overall deficf(. the College recognises a liability for Ihe contributions payable that artse from th8 agreements Ito the extenl that they relate to the daficit) with related expenses being recognised through the profit loss accounL 35

LINCOLN COLLEGE statement of Accountlng Policies Year ended 31 July 2020 FRS 102 makes the dislincllon between a group plan and a mulli-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring 8mployer. A multiryemployer scheme is a scheme for entities not under common control and represents an industry-wide scheme such as Universities Superannuation Scheme or one for employers in the same locality such as the University of Oxford Staff Pension Scheme. The accounting for a mulli-employer scheme where the employer has entered into an agreement with the scheme that d8termines how the employer will fund a deficit results in the recognition (rf a liability for the Gonlribulions payable that arise from the agreement (to the extent that they relate lo the déficit} and the resulting expense in profil or loss in accordance with section 28 of FRS 102. The trustees are satisfied that Universities Superannuation Schemè and tho University of Oxford staff Pension Scheme both meet the definition of a muS1i-employer scheme and has therefore recognised the discounted fair value of the ¢ontractU31 conlrlbulions under the recovery plans in existence at th8 dale of approving the financial statemenls. 38

Llncoln College Consolidated Statgment of Flnanela5 Actlvltle8 For the year ended 31 July 2020 Unrésiiitknd Func¥ £000 Re8￿cted endw Funds FuTrd8 £'ooo 2020 Total £'ooo 2019 Tot PQOD Notss INCOMeANO ENDOWMEKf3 FROM.. Ch4Tit4ble a¢tlvltlg5'. Tea¢hlng. research 1851denU4t oth•rTTBdlng locom? DoD•tlon$ and legaclBJ Inv•stmnts In￿lMEnt IncL¥ne Tota1 iotum Bl1Cc￿e￿I0 thc other Incc¥no- ¢ortyiHwwsJob RBwnlknn Scheme Totsl Incom• 4,858 4.a56 .714 246 6,166 944 3,796 2,948 7￿90 330 2.827 309 9,666 85 1,130 1,814 I3.￿3} 2.42B 2.939 14 .019 EXPENDITIJRE CII.. Ttaehlng, resogreh r•slthnU 7,2e3 2,245 29 9,657 Gorwr4¢1nof¥nd: FundrJaloo 58S 108 4J3 8.41 É00 237 937 12.see 1LIB 1,22e Inv•$kn¥)I m8nawn•ThlcoBts Tot•1 Èxpendlture 29 No¢ InEom•ll&xwndltuMI b•lor• gHlnB 1,16 2,745 11,12.18 14 13,1271 1,978 N•t Incomol(Expendltur•l 231 791 Tr•Mlwo t4￿09n lurtdl 2,8e4 I1.￿4) N•i movmoM In fund? lorthB y￿r Fund b￿anceS brouth¢ lo￿￿rd 19 27,337 e.112 127,174 160,e23 166.548 Funth u•ril•dl0Th￿ld •t 31 July 7.QO

Llneoln College Consolidated and Collegtr Balan¢9 Sheets As at 31 July 2020 2020 Group £￿00 2019 Group È'ooo 2020 Coll•go £'ooD 2019 Cotl89• £Y)00 Notes FIXED ASSEf8 Tan01￿9 a86•t$ H6rit808 assets Propertylnvostmenlb Othgr Investman 36,945 30,924 36.945 30.924 ID 60,645 78,466 62,392 78.422 e0,646 68,262 92,332 68.299 12 Total FlxedA8•ts 176 058 171.e78 168,842 181,555 URRENT ASSETS Sknck8 Oebt¢r5 In¥8strnenl$ C&8h altonk4nd In 140 1,368 7,386 10,669 128 t,$42 14D 2.545 7,386 ,482 128 1,967 ,489 15.902 15 le 18,331 TotNI A￿+t1 10,060 24,490 24.488 LIA8IUTlgS Cr8dllor8.' knXnt$l￿1kry dUel￿thIN one y••r 17 1,717 2,1eo 1,715 2.187 NET CURRE￿ AS8Ers 17I43 22.330 17,83& 22,319 TOTALA35ETS LESS CURRENT LNeiLIME5 193.889 194.¢08 183,8BO 103,874 CREDifoRS- lalllng du• 8fl•r mor8 t￿n onoyTr4r JO,719 30,741 30.719 30,741 NET ASSETS BEFORE PEN510NAsser OR LIAWLITY 1&3.18 163,287 152,98 163,133 Delln4d b•nellt pn&lon ¢h•m Ilablllty 23 P,8441 11,7681 12.6441 TOTAL NET A8SETS 161,414 160,623 151,195 160,489 FUNDS OF THE COLLEGE Endowmènlfurjds 19 124h37 127,174 114221 117.049 R•tstritt￿ fund$ 19 7,007 6,112 7.Q07 Unrostrlclod fundy 0e519na￿lIUThd> G￿er81 fund3 pen￿0￿ rese 19 26,709 3,027 24.096 8,66S 12,6441 28.709 J,024 1,7661 24,096 5,87e 12,6441 161.414 160,823 151,195 150,489 Thg I&)9n￿ slBiernenlBvrn8Lpprts¥ad Ind 8uthorfsedfor188ue bytho Wjyof Uncthcollepeffl I l. Nov&mber202D Twst*. Truste&.

Lincoln College Consolidated Statement of Cash Flows Forthe year ended 31 July 2020 2020 £'ooo 2019 £'ooo Notss Net cash provided by Ius0d Inl oper4llng activitios 25 11083 269 ash flow$ from investing a¢tivitips D￿)dends. intsrestand rents frum nvesbwts Proceeds from the Sa￿ of property. plant and Purchase of property. plant equyrnent Proceedsfrom sale of investrnen15 Reee&bt froml(purthasel ofcurrent a5S8t PuT¢hase olfLxed a55et N8t¢ash provlded by lusod inl thvesting activitsgs 2A38 2.939 16.6841 3,351 159n 15.13 16.62 14.0141 691 529 1fj.79n e,652) cash Itows from financlng aclivilios Repay￿ents ofborfowin9 Cash ￿flow5 from new botrtiwiig Recopt ofendowmenl Netcash provid•d by lused Inl financing activltiES 2,948 2,948 1,788 1.788 Change in cash and Cash equlvajents In the rePO￿nY.Ppriod 15.6621 14.5951 Cash and cash equivalents atthe begtnning ofthe rpportJog perlod 16,331 20.926 Cash and ca¥h gqulvalents atthe end ofthe T•porting pgriod 26 10,669 16.331 Anloysls of changes in net debt At l August Cash IIow8 2019 Other non- cash chang8S At31 July 2020 £'DOO Cash aibank aThJ in hand Dep¢*ls 16.331 15,6ff21 2.000 [7.6621 10.669 16 18.331 10,669 Loansfaming due afterrnore than on8 ye 18 (30.7411 22 (30.7191 112.4101 (7.662 22 120,050

Llncoln Colggg Mgt•8 to thB ftnanclal siai•m6 Fortho year frnded 31 Juty 2020 2020 £￿00 2019 £￿00 R•sear¢h 4ndRKld•n￿I ￿n￿S￿l￿a funds re¢S.uK￿d Eusts 1h6B 747 jo 218 5B 0￿er0￿¢•I0￿sUnts%uP9ort 2U4 172 Tot41 T•arhkng.Res¢¢h and Roslthrthl S.714 amouAted bJ£C412O19'.nklTrKw￿Thl1￿7ltsl TIOPts ANDLeGAC¥ES zo rooo 2019 DuNaOonsamYL•g4c 944 3.79 Fle51rictedfvnd$ d lund& 1.788 e,166 2•20 2019 248 INVESYMENT INWME 7D2D rooo 2D19 wv¥thctedthdS OlherpwettyrttsD Banklmenst 142 AW¢uttrx#reni rent 50 Yf EgUtydWend$and fiJkniwest 182 1.3 144 127 17 M73 EO*tydW¢ndJandl￿d knitteit 332 2.9J9

LlncolTh co￿8ge Not•8 to tstat•m6nts FoTth&yearendod 31 July 2020 NALY&S Cf EXPEIIMTURE 2020 £woD 2DI9 £YJoo thr1thb￿ •xpenthir• 5.724 Tuthknll. reseath Tea¢hSig, t•shJ&w 2,147 2.Q2J Toial¢h4f4l4bl••¥p•nd￿jT• F￿nd￿SIng OItswoif•¢it4iri aNrKed to.. Fu0d1￿¥￿ll 199 42 047 T￿d￿￿￿OndNYt 379 TX41 ¢• rthino •IDyosw rWI n*1•by￿ecl¥JnClrfth1uOwV¢rfr￿rftyd. Fv¢th•y•w•nd•d 31 July201a noConblbyLknI 41

Lln¢oln Coljègè Not•s to the flnancialstatememts Forthfi yearfrnded 31 Juty 2020 4•LY815 CF SiFORT ANDW4Btr14NCECC67S FthJ& rooo R•se•tch Tohil £woo 522 man r¢40Utus 79 292 683 Bank und Intiwipwb Otherffn￿￿rb¥g GO%wn•iC4￿st* 377 755 4Thd Rewr 1019 TOI C•J 02$ 193 74 124 lurn￿ 74 18 e67 14 I3￿￿￿1¢￿1 759 29 709 2020 £'ooo 2019 £YJDo 26 42

LltKoln Collegfr Note5 to thp ttnanclal statwn¢ Forth• year ended 31 Juty 2020 GR4NfsANDAWARDS 2020 rooo 2015 unT￿IrtCted lu￿d5 95 Tp141 wirqtrt6td Gwts IN6T Totsl woStri¢tsd 7B4 Toial gr•nd aw• srAFFCOSTS 2019 rooo 4￿•1 395 4.5D4 3B4 $eLJrity￿ p￿S1on co&ts.' ￿e￿￿e￿¥￿M￿.mo￿enIkn (rKtr23> 19161 147 121S 189 The 2020 2019 TuNkn￿d rn5ewch re&hlEhll SuP￿rt 12 12 1Z 14 CUF ￿UrerS Other TN51eesl$inthJdedaso yrywatenLtsnthEIEfriand4

LlncolTh College Note5 to the flnanclal statemer Fortho ygar gndod 31 2020 T•I4MLE FLMEDA55EtS OrnupndColle d•id d&iJ e4urtIt £woo Cotst Al 4th2 txposds 3D.743 Dvpr•c14￿ofj jnd lrnp4lrn•nl T.742 $54 14 Ndbook ¥•lu• Aiond Df y•r a¢.941. 20.7é1 125 IhèCdkp•Ma t¢q•WthIhrtyil￿ts Be￿￿0flh￿Té9O•nd. ID mThiy COW. b•cbtthed lTrth• HEpJfAOtAS8eTS Hwtytrl114271. Ethwd IV(1461M2) tryTh￿s￿LI￿￿wn. Iho Wlhtp ¥c* fwnthf(1489J.

LlnGoln Colag Notes to thèfinan¢Pal stalthnonts Forlhe year ended 31 Juty 2020 PROPERTYINVESTFIENrs QroupudCDIIEgp 202D TotAI e'OOD Oihw v￿U￿11￿&1Sl0rtQ15 AadYI ro Otspasa pj￿ed5 g￿r01(￿ls￿￿kl 13.n7 ID.¥IO 62P32 ¥￿05 ¢zzY) (227) 15.204) Pioperty%a￿￿0Sllt31 J￿9Jz0 ￿ bew (FRICSIkn ￿&F￿￿e$￿ithl b8&bofmBrkel %th&ewtlor Group andcolltyi 2019 Valuali&ièf Add￿￿8￿d DIS￿%￿P￿Le?dS 1D.870 62261 J,131 3.131 V21) alendofprthknss lJJliurd end land pt0ptyfot¥thkh￿Ojye1thewt￿￿h￿￿￿ rJd tyJttyC•wJts 12 OYHER INVESTMENTS Alknsknpnts Brèh4d4TY 2020 rooD 2019 Coxpgq lTh¥e5trnBnts Ve•J￿(￿OI 60,297 5Y.A76 ountswlhdrwn thE￿In(Alm• In￿$￿￿ntman4ener￿l 12.59BI 144 (215) 272 P27> 5.791 1.776 E¥iBrnal fnv4$knnts a¢Andoty•ar fj82SO 68287 C￿[•lle ofypav Gr￿P InwAIITrEll 78h22 70N29 N￿MOn￿lI￿￿Od JnoJn￿¥￿dm% ReiY49519d ln%slrnentrnaTheuem￿t teeg .6121 214 (221) ts6S 1349) 4.897 1.85B 0roupkn¥vtsifntnts y•4r 3020 Totsl COD 2o1g Toi roDll Equtyln¥estrnBnis 48.787 2U.933 ?A62 2J41 fvtslgroup lowstsm•nts 4S

LIDcoln Colloga Notes to th• flnanclal 8tatsm8ntg For the y•aronded 21 July 2020 PARENT AND SuP51￿AR¥ UNDERTAKINGS The ￿￿9h05Y3 IOQ% oflhelz3uEd 5hBrowlt￿ln ColryoTraOn# umfted.A￿mP￿ypw￿d1nll cr￿￿enED￿nd dth¢reveni s&}lce¥￿ thwCdbueprEm&u. and 100%ofIh•l￿llQd Sha￿ LknCQtn c￿lege r¢xnpAnyprothdlnq desbn endbvld consuclTh In ￿11Yr￿ th• $ecourytBth¢Jurt•Lln¥4n ZOZ? Truitlnd Unc(4n Colog8 Mlch&dakhB Fund%thlL ire swwavrnyhl¢th4eh£tllthvAlh Gwlynumbern 1138816&id 1QgJ113 rIsp￿￿v. Llnedn Colle Tmdlnp Ltd L￿c￿l￿ CrAIfjo Enknpdx LlrA4n 202Y TNgt Unc<4n C4oo a&lZlkha Inum• Expond4ure IOW6 10.3041 rJ.1891 79 3,791 70 (27) 80 28 140) rL7) VO81 10) tthlllorihoy 18J.? 134.2 1.288 1,707 T¢Wll•bThlU• 41 NnllJndi li Ihèend ofyoF 14 $TAY2mll￿ OP INVESTMENT TOTAL RETURN oppvod Inwm•iic¢utslQd a14%for2O20￿IYl2Olfj.' ?%lvlIh•u￿i4thollh•Y￿i-en0 Y￿￿1011h￿￿a¥7n1l￿￿Jt￿•rt11IIts••￿d orthv￿1 3yDmTh pt•sewd (frvlfjnl￿rU•oI1h￿1￿￿1r0d ondLwD•nl¢•plW r•prniqntytt4 ¢pvn Mth•1￿u￿ln l Augu•t iootioglthv￿ el iube•qu•nl •nd(5w•ni• Ald&ts gm. pe￿ll￿nIEnd￿Tr￿1 un1pp￿Id T•i•l R•ium ew•ndabl• ndowffj•ntJ Ttst•lrdium noiopplhd TrJMI rojo £'ooo t¢k• biy1nrt1n• 011￿y+4r.' Qlff ¢B)mpon¢nlofliiip•mn￿l￿￿￿In1 Unryp110¢ IDtsI rfum r.uffdxnDt uublncitotD￿ Num E¥ondabl• vThdw￿onl T<141 3e,877 77 00.169 60.168 17• Mtv•rn&nti lrt th• t•p¢rtlng pgrlgd: GIR DlcndDvKnonlfvJnd InvMtmoThiretum.. 10th11nwotrnonllniLhrnp Irvestmenlroium.' unMaii*d 94kni￿d 1,4S6 1,4 1041 11.538) ooo .oDo Tatal 1 1.148 451 UNppl￿d told ￿1￿M￿l￿•t•d IQ (a.￿3> 13.ao31 {660) 2P EyndFbl8 8ndo4wnents 28 rJ.3D31 13,3031 Ntstm¢wm•ni$ In reportlng pBrfod (3,9461 521 At•ndoltho rDpDAlnll ptrrfDd.' Gin CL¥llPUnEni Unwpll¥d totBlwlurn Fundg nolsub1erifvwm￿M pondobloendtyWI T¥tl Endovmi¢n 40.Q25 58.213 125 AO,Q25 56.213 56,213 125 26NY4

Lincoln College

Notes to the financial statements For the year ended 31 July 2020

15 DEBTORS Amounts falling due within one year: Trade debtors Amounts owed by College members Amounts owed by Group undertakings Loans repayable within one year Prepayments and accrued income Amounts falling due after more than one year: Loans	2020 Group £'000 310 23 - - 208 824 1,365	2019 Group £'000 515 32 - - 168 827 1,542	2020 College £'000 310 23 1,112 - 276 824 2,545	2019 College £'000 453 32 416 - 239 827
				1,967

16 CURRENT ASSET INVESTMENTS Group and College Valuation at start of year Additions Net movement on deposits Revaluation gains/(losses) in the year Valuation at end of year	Deposits £'000 2,000 - (2,000) - -	Other short term £'000 4,489 2,597 - 300 7,386	2020 Total £'000 6,489 2,597 (2,000) 300 7,386	2019 Total £'000 7,000 4,471 (5,000) 18
				6,489

17 CREDITORS: falling due within one year Trade creditors College contribution Accruals and deferred income Other creditors	2020 Group £'000 286 - 894 537 1,717	2019 Group £'000 769 65 939 378 2,160	2020 College £'000 286 - 892 537 1,715	2019 College £'000 810 65 914 378
				2,167

18 CREDITORS: falling due after more than one year

Bank loans Notes Other creditors	2020 Group £'000 5,000 25,619 100 30,719	2019 Group £'000 5,000 25,641 100 30,741	2020 College £'000 5,000 25,619 100 30,719	2019 College £'000 5,000 25,641 100
				30,741

£5,000,000 (2019 £5,000,000) of the bank loans is repayable in 2041. This loan is unsecured. This loan is included at amortised cost as they are classified as basic financial instruments.

On January 12, 2017 the College issued Notes for an aggregate principal amount of £20,000,000. An additional £5,000,000 was issued in February 2018. The Notes pay interest semi-annually at a fixed rate of 0.9% per annum until January 2019 and thereafter at a fixed rate of 2.78% per annum. The Notes are due for repayment on 12 January, 2057. The Notes are measured at amortised cost under the effective interest method.

47

Llncoln Collég Notes ta tho flnanclal 8tatemonts Forthey•arended 31 July 2020 19 A114LY818 OFMOVEMElnS ON FUNDS At 1 AUgUi 201¥ £Yoo At31 July 2020 £DOO Eyeftdliu TranJlorn oo EndawmntFund6.P•rnanoM General Enaowrtnffil £6,oe9 888 P,1071 R71 {601 P701 14541 1842} 112) (27) 63,55$ BJ6 IN97 •,278 2),270 125 10,358 Ib) i) 01 V23) Nuffipld Re3ew¢h TnMIFun P￿1 Shu￿•YBeqvVSl OtherFgllty%hlps PL4Oh$kyIFM8Aml siudcntSuppEqi Oth• 20 143 8.Yl6 19.779 17 1Q,439 3bg 97) 224 (651 113D) EndoYim•MFvnd$. ExpqDdtsbl• G￿er4 [0d￿e￿I 7,400 10,434 10 <4 11$7) 7064 1(,794 Toial EThJ(vimttDtFundi-e¥llbBb 720 114J21 End￿￿￿IntSjnd5knddbYsY$￿￿rt1 Llnei4n 2D27 TpJ LlnGdn Colt•OMichoalXlkhB Fund 1.377 1.748 70 26 Q71 •,OD¥ 1,707 (271 T0t41 Ind¢vémèni Fund8-$roup 127 174 R•ildotod 92 .1ssi 1743 74? ?S7 256 EPAAli•d Mlts• ￿￿1￿m•￿t Olhwr•Moi•d fvnd8 {1,913) 4• J,713 TOMI R••irtlllod FyndB-C¢ll•g••n4 Group Unr•ltrl¢t•d F¥Thd• Gonor 6,876 22,952 1,104 ,644) $,650 1g,J271 (e631 407 ,2fj2 (1,$8ti 3,024 Qthurd•￿g￿#i•d P¥nilM mDr 878 TothiiJnmirfci8d F￿nd9.coll•9I￿￿ Group ge UnfvÈirf&ed ￿ndlhot￿ by•L•ildltr fot41 Unr•iirfciqd Fundi- ff4MP ieo.e23 %1,4es .127 20 FUNDS OF THE COLLEGE pET￿lS The￿￿￿ng lsaJumrn¥ rfth# DrtB1￿1nopllr￿￿VDoT•Ith1Tr1thBFUnd Gvn•rql EndoKeM AGVn1￿dnlIQn ofgllj buinoLCBpM. bevSedkrth•Fw￿pUWse1 or èCooe'.1ndud•B rh•fouD¢JYmw￿ 01￿•cont￿o. &knIpDmery Eit Akna e$ithiished by Mr8GertnJ¢eMontgDmThyln I￿7￿￿￿1nC4jMe. bul n￿¢￿pIt￿l. tthbtsiJ ts•Jnd P4Jmth R•svvthTNSf Fund Afundèsbbxjhed byWswAnl Nyfvjd h 194tYtherokncome, bJln¢tupitd, w b•uzed to3upportmed Alund estobl5h￿tsypad ln1955vrtie0kncomB,b￿ nDI caw, <aThb&uxdl(s•Jnd Ihp ¢lags1u, Hi￿￿￿￿Or￿MI￿r0r￿oIOlU￿y￿I 1hed1suebL￿ olthe ReGlurolthvCrAle9•. AunSdldalknofll￿sOndd￿n2d￿s%th1r•1n¢0MP. bul nol bo u$eJ 10gupwi8 numbwol r￿le￿ Fdky8Npsd•dkatsa ￿ I￿￿¢naryd t*gehkn9 Cdl¢o•.

Llnroln Cvllpgv Nots¥ to theflD4nelal statom8nts Forthe y¢ar bttd•d 31 Juty 2020 studonl&p AunstsVd&Ytsn ol•lft$aid donwknBtthetoknEorn•. but wlw11d.can iofvnd 8thdaiNpo, ENd0￿¥Th•OtF￿ndF.ExPlDdal4r Gln￿ EndtrAment olalts gnd dr￿￿￿￿￿e[0dther1nC¢￿e oikn¢om•qndupttd ¢Thibo US•dtrth•ow purpoe•8olthoCoUDo(t. L&i¢okn2D27Tnul oobledilnh1ng.knwsth9 Ond lundstOFSOs4dv nthvartd 6ub8laniw•upportloUn¢( Coll•g•MIBhwiJfthn Fu0 dgpthd￿tch￿fy(r4uloI0[od ng. IQ931131 byTru&tDDadlTh2002Ythc••oW•rllitowpport •dU¢•￿￿4ndl0rre￿jCh o¢¥￿￿0fth•F¥IW<ILthmtn Cdthfj. Ro8lil£l•d Fur￿0.. Irrtom• gIft￿lIed byqndthsTrenifvTrdlh￿ bètsied rorthèBpodMpu￿O1Klortt￿ 41WdT••St4blsh•d. In1￿MI, EndrwTronlfvndB mYFDwdaikn Bullng Fundi reco￿d forlh• DqrrwiFcunrfth BuWno.kniounw •r•tranofmd Ir+tholx4d•iMithrAtsd fvrt Clryce LhOyhth￿b4ffl0Vtsd•d en th bulldhg. EPAAhd $tr••iind MIroR￿￿b1thM1 bthmnL Th #mounts oroth•fvtfwf•Th•d bunr•iblod Nnd•On￿4P1NI, grnn Fund•rqovW1w￿h￿￿h￿1￿OOthlrfonnirfwppQrt forJlu¢thil•th•lhMMln¢Whd¢i duffio th• D•619nii•d Fund• Unl￿metI￿bjndIvthth nrep[•0•￿8d K•themfomn( 1hJblotrowndtt4Jt•on th• Cologebgonfjr￿ pwpwl. ¢lth•¢ol•rD. 21 AN•LYS18 QF NETl4B8ETiI BE7WIIUN PUI unMIM¢bJ Pundi £1 2020 Fund9 Fwd• £Too £wou 36.945 J1.146 Pr4pgtyln¥o4lmpD 48,800 72.230 Q7 6,076 1.929 71h$¢ 17A43 P2N861 Nel Lvdtm14blllV•¥ 12,807 P2Aes1 Reolrfc Fwd rooo 2019 FundB Fundl EVOO Tqng5Moffixed a55et• PrDpertyln￿thDTh OthrlnveJwii NbtcUffWtAs￿ Lons tFtm l*bliUp 30,B24 9.4WJ 1.164 ,•39 71.238 J,QP7 J2,932 7&422 213JO (35,3851 8.Q20 133,?8$1 49

Llncoln Colleyp Notès to the flnan¢lal statÈmèrhts For ihoyearonded 31 July 202U 22 TRU5TEE¥ MIUNERATION The FeULvrJ4thv2tstheTDJSt¢os¢fth¢ CdgPftrthepU￿tsse50￿￿￿WreEO￿no[￿llne1￿￿￿tr￿B b3chkniy tru51ee8butwep bye1￿￿￿0tbLth Lf ￿n￿¢￿ty&na the C¢lfeuèloIth80cI￿1sSeth thwpTQ¥tdet4th¢ Cdg¢, pr¢iessortg1 Fellow offjr￿ Fdow DthyF¥Itr Regearth Feqow NDbw8e rec14￿5[￿yren¥JNualoA for￿ng8$Oh￿Ste8. Bte BtsoempW8 01th0tr1logerece￿e wnpwe ThesB pald ItsdthC￿d £c4dem￿(d8l￿d sca85 and DIBn￿￿JdNt￿rtUQ￿￿ts￿1th the UnKw$JyofOxtsrf. AIOWdlGYJJ Dro8lufgT•tw4 HOuafn9Alcthwce.vAchtsdWDsed%Mth￿ bdtsw. so¥￿ blJSteeyli¥elTr hous¢5 Mtyj bylhuelTwiapayMtuTr m¢nth1yb￿S. ThèCty￿jÉha$sRl￿￿￿e￿tiDn m#ke$ t¢coMMenda￿n$wG￿￿IIng gotythi p4yATrd benefft$tAthM ￿QuIsI￿a0[aeM￿ thoRemunw4Yon crmniBi$$ei￿lin pap4 olthe GO￿￿1￿￿ Body. 0￿Cers￿n￿ Adwyers. RernuTrvratiDTr pa1d tDIrn$T¢•$ 202D r4umbBrof Gross ￿m￿ner￿U￿,1aX*I¢ TrusleeFIFalths benefft$8nd penslMwilr)ubpn$ TtUSiStrF4llM benerrtg ondp&iekn¢0n￿hufjfyiS tO,ODD41.999 £2.ODD&2.999 E3,OoD￿.￿99 E11.QW£1t,999 £17.D0fy¢17,W. £19.000&19,99 f21.UQW21.$99 £23.OthH23.999 f24.UW£Z4￿llO £25.OOW5.999 t27.00￿£27.9S9 £30.OOM3D.999 £31.U00£31.$ £32.00￿g32.￿9 E33,¢0￿£32. E34,CQW4.999 £35,rth£35. E40,OUW4U.999 £41,CQW41. È42KQM2.999 244￿0￿44.￿9fj £47,OOW7.99g £49,OOtsE49,99g £55.QOfyL45.999 È58.O00.È58.￿9 £60.000.ESO.W9 1,38T 2P50 2,e30 3024 11th4 17,321 fJ.280 24.1Q4 50.878 27.114 125.953 97.387 66,352 33.531 34.779 36.253 35,502 40,250 41.83D 42.473 44.349 94,998 140￿01 $5,717 58,826 60,274 65,453 64097 £64.￿E64.￿o £$5.CW£￿.999 ESE.L￿.£$s.w9 E67.000¢$7.099 te8.000468,099 £69.000469,99 t72,000-£72,99> £73,000i73,999 E78.0a￿T6,￿9 £87,00￿87.9B9 £97,00￿£97,?B9 £98,OW£98.999 £1D2.OW£102,999 É13D.oJ￿l39.0Da £138.OD￿£13s.999 Td 64,?92 131,177 66.794 67.597 68.749 6f,4B9 72.005 72,41Z 73,OD7 78.116 É7.250 97.755 ¥8A77 102.269 137,823 1N982 29 1.458.80B 36 1.602.ieo

Llncotn Collegp Notos toth• flnao¢lal 8tatèmonts Forthoyearended 31 July 2020 8 f2018.' 41 IvJstDBJ dDnDItEGthèMmuntha¥cn. AIlW￿l•¥ tLwerkn1thother￿n1ore￿p1￿yEBJ, kn5wHn￿aS￿tO1￿￿trPl￿vl1￿￿X￿èr410n. OthertranwUgnBwtthtNtsth¢s Keymw•nwikn)eon8lletedto botheRttk¢. tknwMenlDtre￿ry. S￿l￿¢T￿tran￿ OP￿n￿￿￿. 23 PENSIONSCHEMES 7hgC(4hgBpaMJdpol051ni4wpfirsl￿￿th6ch￿es￿Isgta￿-￿eUnI￿eAVSsu￿nuOkn Sth95n8lUSSIEnd ￿tu￿￿ty0t0th Sttyff Ptrth Schemo IQSPSI. ThgA5W% oleach ythemé %￿held kn ay8re INs￿￿dID1￿￿￿[￿dfvnd3. VSS ￿d.08P5 llrec<h1￿￿tory￿[kEd benefiisrhwn•& Q.B.theyptO￿debtrnÈ un •de%nedbgnefilb85&-b&sed M lengthofsenicow¢ prffj?trffla¥trSdthy-wd on Adelngd c0nwbut￿￿ey￿5-b8sed on (Ijn￿￿￿On$￿Dl0lh• sthm•l. Buth e Id mson5b￿ Thetekn¢.1th￿II￿￿Vlthth9sl￿￿nti￿ S￿dar￿F￿<S 102pwordph 2É.11, ￿e￿n￿￿￿a￿￿JnIsforthO￿thBmBs￿￿w￿eY￿￿ a¢Fffjed conldbuym ABatpWJll. thaAmwDtthwgBd IOthèlrtMmè£nd GyendilUt8A￿￿trepre5￿I￿th￿c¢nt￿butsmjP￿￿to¢hR athemesm ￿2P dlhé nyno p￿￿￿. In the4￿lo￿lhOwknar USS ryOSPS.the¥mwrto1￿y￿78kn lknndkng shorftal t￿n01b h￿¢recO￿ar8ffj kn WeLdthoiempWer￿lbO¥pFlld le￿$% therwnBmi ino ￿p￿Ve￿8nd ￿te£l￿d In ihenvt¥AuarfYth4tkn LqlhexhErnp. Sch•mesaEcoUntvdat￿AO•rFRS 102 p4r4graph 28.11 Bs Go#irfbul¢n $Bhem•B Actullrfalvalua￿o￿s IheUSS 2nd OSPS U￿￿o￿￿'pty￿ed vn1tmethO￿. eMb￿￿V amErtet￿￿e￿PItsth. or LV&0Tva￿knYÉ JIM￿)• 31WII ¢Pl-g,D% zi.yws 24.4w 2T.7Tr FurthyR 74% 60% & ThodknountJth(hNArd r4ts4ftylheLISS %5*pknw4s.' 51

Llntolm Ctsllège Notes to the flnanGl415tatprDer Forthgyoar gnd8d 31 July 2020 y•￿a 1-10 CPI +0.14%redudw I￿e￿￿t0 GPI-0.73% Y&¥g11-20 CPI +2.¥2%ieiu¢w CPI * byyear21 Ywé21+ ¢P1+1 b. Thedlsc4WDlraieforknoQSPS %luÈtlMwa5'. Prw¢Urenvnt Eqtrd iOth4 UK nomlnglM¢uN89tth•Nyl￿￿0n dthplus2.S% p.a atth8¢h E4ud tothe UK d¥l¢plusQ.H p.& btèth Prtrreiiremenl Penslonslnrmxs KPllt£thèUSS wiuAtion I￿5.. dpPBnden1r5￿ 1TrIÈrt14nd Index Lthked p knLTvasetOp￿OTh91n paymenltrthe f)SPSyaluBUonwe RPI derf¥edfvryn L)K nomkn219llt(m8nd Ih$lK1nde￿￿￿ p.o. ach t8Tm. CPllnfiaiI￿ isleri￿￿oM RPI ffjr assump￿on, I￿￿•s¢￿enI?Ac￿1rfs besi drffeFertcebÈlX￿ RPI 8nd CPI Innallon a 1p￿frtth llm¢totthèl1.0% p.& assl 31 2019). kncreaSÈsfinked iolThfithon, ap&ilonlncrWdS•CU￿81￿canS￿￿¢led basedL￿ pl￿ErthApI. CW wlbBa4waY8￿Its￿PI artd cpilrt describ￿ a￿)￿￿,￿dIUsIed to￿￿ky￿e￿￿l?renlrn￿￿Urn ￿nI￿lUma)n￿￿ Increa￿th81PpPly. ?nd ￿88r￿￿m￿AC1uw1sbasttylM8tÉ or inflallon ume IoikTh. ThèL¢S ond OSPS Èmpfuyerconthbutknn￿s1￿￿￿dIpro￿￿o￿9t0rthQ(oQllutyT4 ar￿u￿¢{d￿kd beNe￿i#. aefidic£￿￿buL￿nJ. edrdnlstroU% ￿￿Va￿a￿on$mSYIrnpj#Qn Coley&$fiurèe￿t￿bU￿0Tr¢Q￿mHMa1t. Th8s8n&Ib￿ti￿re￿onnY pdnclpda5vumFlton$ AS￿MPtIOn US5￿￿￿￿e1￿ ￿SumP rm>•tton LLS51bllides Ir￿￿E1￿ebyll1% dwtyirfA R￿.¢Pl Impaeton O$PstKhnTCalr￿￿anS sBbffE4Qm D&fiGIt RECOVPry Dgffl¢ttRocovgry Hans osp8 uss FWD*kYDoTho)PAwiFlan 2A4A% 2A4.4% 1.75% fsthm E12&n £2JM

Llncoln Coll8go Notes to thtrflnanelal siatem6nts FoTthe year Bnded 31 Jufy 2020 C¢ntrI￿% th•y•¥ 2U1•nI2ty 201112019 433 Tot pro%4sEth1rf£1,766.1￿hdsts?en￿ata1 j￿y20201?)lÉz61￿￿SxIhQ￿VJerthy¢Xknwty￿thr•d￿tst￿r￿￿j ETeM￿or￿￿U￿Lth￿s Pen51¢n ¢haryeforthg ytar knc¢>TneBnd to exJSl•(•rfl%pu￿0￿.Tr￿ beeau9etheditwJtyg olthe Com￿7@Sh8¥y￿dl￿￿￿JthÉltrWhtthJ iomedlln￿t￿th swriOUC¢tsae trWb)Wia>tsPrfJlsdt￿c￿TYS￿YundertheGfttPld

Llneoln Collègé Notesto thg ￿n￿nGla7 5tatomonts Fortheyeargnded 31 July 2020 RECONCILIA71C44 OF NETINCOME TO NETC￿H FLOW FRONI OPEPATIONS 2020 Grnvp 2018 ¢3r¢up 7•1 4.075 (2.￿9) End0￿￿en1 DuprKknbn {Su￿]￿S￿o55 ajsola De¢re48&lln¢r￿￿t1 Sn•to¢k D￿r￿la￿lI￿CrVWpl Indebtc¢i IDqrnaJ¥lMrtLY4•&•lnvedl ID•ug0I91ffjncr•4¥ln pM¥1w 12.9481 083 11.788) 13 982 1,242 21 AMALYSISOPCASH IADCASH RQLIiVALVIT8 a020 ¢'ooo 201 ttyjo Ch41 bank &i hand 10.61• Tlthl ea•h offtd c•ih 9qulwlont• FINANCIALCOMMITMENT8 Ai81 ¢wMiiM•nl$￿d￿nQh￿￿¢￿l•b￿Iol1f4tlDI i••••i••rt41th• 2019 £Yoo E'OQIJ 411 AWTAL¢OMNITMeNrs Tho Cc4knp• h•1 unirvrlod cqrnmltsn￿lI4tS1 ￿￿(￿*1￿0￿1￿￿X0d ouètprolari•lnty11th9 ÈJ,8mI2lll9-£10.￿1. nMcOntr#c￿rtc4￿m1￿1I￿t?1 ÉOM (2019-Ll.Sfft),

Llnaoln Coll•ge Notey to the flnan¢lal st•tements Forthp year Bndod 31 Juty 2020 ELAYED PmTR4NSAttIiONS F¥r¥p￿r￿j pwp06e& FRS 102 ThD |wni￿Jl￿dkng 1131 2030 EWDts 2019 tVR•du Co•ll Roel DYDD Prof CIssDNr Droom 1•9 10B 120 DIfyI￿A stsm#op¢bJ PTcIMIthW DrL 133 dlhes•w. 2120 rooo 201B ttrKKth50V Prrf. D Hll IA oM¢C￿￿

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Llncoln Collfrgo Notssto th•fSnanclal stataments For theye•rendéd 31 July 2020 3i741 69)

Llncoln College Notes to th￿ flnanclal 8tatom8nt5 For th• ygwr endgd ai July 2020 33 AD￿TI0w4L PFWOR YEAR COPAPARITIVES C￿e￿Ildatedstlt•￿•h1ar wn4n¢lèi A ￿r￿J$ 760 ao) lQ•irno¥•m•nlln Ivn¢• forthp y•ir 12,8381 ￿177 90,17 3,93 4,737 12Z,437 4,018 166,14e J2d TAF re•ukn th•iftsi*•ts ahu Ilobllltl•i ofth• w•thand BulJ•ldl•rlo4for th• y•irMd•d$l July 2019 w•1• J•followB. pttmntCol•B• Lkncoln ¢dfqg9 LInC￿n CDltqg• rties nco1n 2027 TN Uncrkn CdellB h4£1Zllkh Fund roDO rouo 14,842 (12188) 240 3.128 35 Expwdiiura 1971) 77 Dw4iDn itsco]ieoèuThderolrt#id 7e 18) ITOI R•wllforlhfjyfj 186.041 (36.5521 ,377 1.74 NolfMd84llhe endplyw 10 67

Llncoln Coll•ge Note5 to tho flnanolal statomenlts Forthg year èndèd 31 Juty 2020 Staknm•Nof In¥¢¥trnentTot&l R•twn fOrth•yg4r•￿•d 31 Juty2O19 e>Felld￿e EndLbVrnOnt ToLIl UnBppllEd Taid llOlgppH•J £￿D0 TrJBI r I￿V￿￿trneD1 TrA 000 rooo rooD Atth•b•glnnlng Df thDy•ar. GlftwnpDnaDI ofthepfftin4n￿1 ond(wrnoDI Unappllod t¢th reium Fund$ noisubj￿¢ lotow Tobxn 3782 97.082 37.gU2 58.86• 248 24B 248 Tot&1 End￿￿•￿15 24B 37.90 27.83 122A37 v•monts In ihp r•portln• P•r￿d.. 895 8B5 1.933 1,7# In¥e5lrn￿lreiuin.I￿II In￿￿en11￿C￿￿ 1,933 46S unwrll6Bdpalni and108sBs I￿3? 1413) 4,11T 1llQ) Othorirnn$foTV Total {891 7,780 Llnoppll•d tot41rnium lo In¢om•kn th•r•ptytlnD PErfpd 12,0021 J4 IltmoY•mont4th p•rf• Ai•ndolth• rnForUng pvrtod.. 38.177 3e,877 00.159 179 puedtoial Funds nol wmecl ioiINiuffl kwLdO)l• •ndGYrnent To￿[ endowm#n eo.isg 179

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