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
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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
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141
151
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161
171
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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.
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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).
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LINCOLN COLLEGE
Report of the Governing 8ody
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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.
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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.
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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 year*nd 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 year*nd 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￿ man*ing 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 gw*ral 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 tfans*ions 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 Col*e 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 mov*moM 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￿sU**nts%uP9ort
2U4
172
Tot41 T•arhkng.Res¢*¢h and Roslthrthl
S.714
amouAted bJ£C412O19'.nklTrKw￿Thl1￿7l*tsl
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 fi*Jkniwest
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
th*r1thb￿ •xpenthir•
5.724
Tuthknll. reseath
Tea¢hSig, t•shJ&w
2,147
2.Q2J
Toial¢h4f4l4bl••¥p•nd￿jT•
F￿nd￿SIng
OItswoif•¢it4iri aNrK*ed to..
Fu0d1￿¥￿ll
199
42
047
T￿d￿￿￿OndNYt*
379
T*X41 ¢• 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 Si*FORT ANDW4Btr14NCECC67S
FthJ&
rooo
R•se•tch
Tohil
£woo
522
man r¢40Utus
79
292
683
Bank und Int*iwipwb
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 wirq*trt6t*d
Gwts
IN6T
Totsl woStri¢tsd
7B4
Toial gr*•nd aw•
srAFFCOSTS
2019
rooo
4￿•1
395
4.5D4
3B4
$eL*Jrity￿
p￿S1on co&ts.'
￿e￿￿e￿¥￿M￿.mo￿enIkn (rKtr23>
19161
147
121S
189
The
2020
2019
TuNkn￿d rn5ewch
re&hlEhll
SuP￿rt
12
12
1Z
14
CUF ￿UrerS
Other
TN51eesl$inthJdedaso yrywatenLtsnthEIEfriand4

LlncolTh College
Note5 to the flnanclal statemer
Fortho ygar gndod 31 2020
T•I4MLE FLMEDA55EtS
Ornup*ndColle
d•id
d&iJ
e4u*rtIt
£woo
Cotst
Al
4th2
tx*posds
3D.743
Dvpr•c14￿ofj jnd lrnp4lrn•nl
T.742
$54
14
Ndbook ¥•lu•
Aiond Df y•*r
a¢.941.
20.7é1
125
IhèCdk*p•Ma t¢q•WthIhr*tyil￿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$￿ithl b8&bofmBrkel %th&ewtlor
Group andcolltyi
2019
Valuali&ièf
Add￿￿8￿d
DIS￿%￿P￿Le?dS
1D.870
62261
J,131
3.131
V21)
alendofprthknss
l*JJliurd end land pt0ptyfot¥thkh￿Ojye1thewt￿￿h￿￿￿ r*J*d tyJttyC•wJts
12
OYHER INVESTMENTS
Alkn*sknpnts Brèh4d4T*Y
2020
rooD
2019
Coxpgq lTh¥e5trnBnts
Ve•J￿(￿OI
60,297
5Y.A76
ountswlhdrwn
thE*￿In(Alm•
In￿$￿￿ntman4ener￿l
12.59BI
144
(215)
272
P27>
5.791
1.776
E¥iBrnal fnv4$kn*nts 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 ￿￿9*h05Y3 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 cons*uclTh 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 C4*oo
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
$TAY2mll￿ OP INVESTMENT TOTAL RETURN
oppvod Inwm•iic*¢utslQd a14%for2O20￿IYl2Olfj.' ?%lvlIh•u￿i4thollh•Y￿i-en0 Y￿￿1011h￿￿*a¥7n1l￿￿Jt￿•rt11IIts••￿d orthv￿1 3yDmTh*
pt•sewd (frvlfjnl￿rU•oI1h￿1￿￿1r0d ondLwD•nl¢•plW r•prniqntytt4 ¢pvn Mth•1￿u￿ln l Augu•t iootioglthv￿ el iube•qu•nl •nd(5w•ni• Ald&ts
gm.
pe￿ll￿nIEnd￿Tr￿1
un1pp￿Id
T•i•l
R•ium
ew•ndabl•
ndowffj•ntJ
Ttst•lrdium
noiopplhd
TrJMI
rojo
£'ooo
t¢k• biy1nrt1n• 011￿y+4r.'
Qlff ¢B)mpon¢nlofliiip•m*n￿l￿￿￿In1
Unryp110¢ IDtsI rfum
r.uffdxnDt uublncitotD￿ Num
E¥ondabl• vThdw￿onl
T<141
3e,877
77
00.169
60.168
17•
Mtv•rn&nti lrt th• t•p¢rtlng pgrlgd:
GIR DlcndDvKnonlfvJnd*
InvMtmoThiretum.. 10th11nwotrnonllniLhrnp
Ir*vestmenlroium.'
unMaii**d 94kni￿d
1,4S6
1,4
1041
11.538)
ooo
.oDo
Tatal
1 1.148
451
UNppl￿d told ￿1￿M￿l￿•t•d IQ
(a.￿3>
13.ao31
{660)
2P
EyndFbl8 8ndo4wnents
28
rJ.3D31
13,3031
Ntstm¢wm•ni$ In reportlng pBrfod
(3,9461
521
At•ndoltho rDpDAlnll ptrrfDd.'
Gin CL¥llPUnEni
Unwpll¥d totBlwlurn
Fundg nolsub1erifvwm￿M
pondobloendtyWI
T¥t*l 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**<br>**DEBTORS**<br>**Amounts falling due within one year:**<br>Trade debtors<br>Amounts owed by College members<br>Amounts owed by Group undertakings<br>Loans repayable within one year<br>Prepayments and accrued income<br>**Amounts falling due after more than one year:**<br>Loans|**2020**<br>**Group**<br>**£'000**<br>**310**<br>**23**<br>**-**<br>**-**<br>**208**<br>**824**<br>**1,365**|2019<br>Group<br>£'000<br>515<br>32<br>-<br>-<br>168<br>827<br>1,542|**2020**<br>**College**<br>**£'000**<br>**310**<br>**23**<br>**1,112**<br>**-**<br>**276**<br>**824**<br>**2,545**|2019<br>College<br>£'000<br>453<br>32<br>416<br>-<br>239<br>827|
|---|---|---|---|---|
|||||1,967|



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



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



**18 CREDITORS: falling due after more than one year** 

|Bank loans<br>Notes<br>Other creditors|**2020**<br>**Group**<br>**£'000**<br>**5,000**<br>**25,619**<br>**100**<br>**30,719**|2019<br>Group<br>£'000<br>5,000<br>25,641<br>100<br>30,741|**2020**<br>**College**<br>**£'000**<br>**5,000**<br>**25,619**<br>**100**<br>**30,719**|2019<br>College<br>£'000<br>5,000<br>25,641<br>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 AUgU*i
201¥
£Yoo
At31 July
2020
£DOO
Eyeftdliu
TranJlorn
oo
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RECONCILIA71C44 OF NETINCOME TO
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