2022-07-31-accounts - Lincoln College Oxford

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			Page
Report ofthe	Governing Body
Independent	Auditor's Report		30
Consolidated	Statement of Financial	Activities	40
Consolidated	and College Balance	Sheets	41
Consolidated	Statement ofCash Flows		42
Notes to the	Financial Statements

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Senior member College during	s ofstaff who were the year were:	not trustees but who undertoo	k	important roles in
Celia Harker		Accountant
Michele McCartney		Domestic Operations		Manager
Richard Little		Admissions Officer
Lucy Matheson		Librarian
Andrew Miller		Access Officer
Julian Mitchell		Clerk ofWorks
Rev'd Andrew	Shamel	Chaplain &Student		Welfare Coordinator
Nina Thompson		Human Resources	Manager
Rosalind Newman		Academic Administrator
Michael White		IT Officer

Risk		Description	Management of Risk
Reputation	Impairment	of College's standing	The College has a comprehenswe
			Governance structure with multiple
			committees reporting to the Governing	Body;
			it regularly reviews its strategic planning,
			seeks to maintain the highest academic
			standards and is careful in its operational
			mana ement. The Colic e monitors and

			reviews its welfare, diversity and equality
			practices and policies.
Statutory	and	Impact of governmental,	The College is actively involved with the
regulatory		regulatory and University bodies	Conference of Colleges to participate in
risks		on the College's activities.	policy-making. It is vigilant in corporate
		Substantially increased regulation	governance. Governing Body, advised by its
			committees, reviews and implements
			policies. Officers are focused on regulation.
			External advisers are retained where
			appropriate.
Funding	and	Impact ofexternal developments	The College maintains high academic
financial		on tuition funding, impact of	standards and a substantial endowment to
risks		market movements on financial	protect tuition funding. Diversification of
		returns and on endowment	investments and monitoring of prudent risk
		funding of operational activities,	parameters reduce disks in financial returns.
		impact ofshared pension	The College is examining the impact of
		obligations. In particular the	inflation and making the necessary
		impact of inflation is a risk.	adjustments. The College monitors
			developments in the USS pension scheme
			and its views are solicited by the relevant
			authorities.
Cyber-		Disruption of activities and loss of	Measures taken by the University and the
security	disks	data due to impairment of IT	College to improve security, including multi-
		capability or data breaches;	factor authentication and vulnerability testing.
		ransomware attacks	Ongoing protection measures are being
			undertaken.
Other		Operational risks, including	Regular review ofoperational plans,
operational		security and human resources,	specialist external advice, compliance with
risks		insurance, maintenance and risk	established procedures as well as investment
		of recession impacting	in resources. We prepare for power cuts.
		conference income. Power cuts

Freehold	buildings, including	50years
Leasehold	properties	50years or period of lease ifshorter
Building improvements		20 - 50years
Equipment		3 - 15years

			Unrestricted	Restricted	Endowment	2022	2021
			Funds	Funds	Funds	Total	Total
		Notes	2'000	7'000	E000	E000	F000
INCOME AND ENDOWMENTS	FROM:
Ghtritable activities:
Teaching, research and residential			6,245			6,245	5.146
Other Trading Income			233			233	71
Ootations and legacies			619	2,800	3,586	7,005	14,354
Investments
Investment income		4	900	109	1,781	2,790	2,005
Total return allocated to	income	14	2,241	1,352	(3,593)
Other income - Coronavirus	Job Retention Scheme		46			46	481
Total ihcome			10,284	4,261	I 774	16,319	22,057
EXPENDITURE ON:
Charitable activities:
Teaching, research and	resideneal		10,130	3,249	54	13,433	10,274
Geseratmg funds:
Fundraising			618			618	501
Trading expenditure			225			225	76
investment management	costs		458	36	759	1,253	2,593
Total Expenditure			11,431	3,285	813	15,529	13,444
Net income/(Expenciiture) before gains			(1,147)	976	961	790	8,613
Net gains/(lasses) on investmenls		11,12,16	750	(50)	3,862	4,562	15,683
Net Income/(Expenditure)			397)	926	4,823	5,352	24,296
Transfers between funds		19	174	(174)
Net movement in funds for the year			(223)	752	4,823	5,352	24,296
Fund balances brought forward		19	31,938	9,892	143880	185710	161,414
Funds carnied forward et 31	July		31,715		148.703

				2022	2021	2022	2021
				Group	Group	College	College
			Notes	E'000	6000	6000	E'000
FIXEDASSETS
Tangible assets			9	39,495	40,370	39,495	40,370
Heritage assets			10
Property investments			11	61,864	59,841	61,864	59,841
Otherlnvestments			12	I13,751	108,593	102,723	97,348
Total Fixed Assets				215,110	208,804	204,082	197,559
CURRENT ASSETS
Stocks				140	149	140	149
Debtors			15	2,317	1,824	2,453	1,900
Investments			16	6,127	6,070	6,127	6,070
Cash at bank and in	hand			1,714	2,961	1,568	2,879
Total Current Assets				10,298	11,004	10,288	10,998
LIABILITIES
Creditors: Amounts	falling due	within one year	17	1,406	2,058	1,404	2,055
NET CURRENT ASSETS				8,892	8,946	8,884	8,943
TOTAL ASSETS LESS	CURRENT	LIABILITIES		224,002	217,750	212,966	206,502
CREDITORS falling due after more than one year			18	30,670	30,694	30,670	30,694
NET ASSETSBEFORE PENSION		ASSETOR LIABILITY		193,332	187,056	182,296	175,808
Defined benefit pension scheme		liability	23&31	(2,270)	(1,346)	(2,270)	(1,346)
TOTAL NET ASSETS				191,062	185,710	180,026	174,462
FUNDS OF THE COLLEGE
Endowment funds			19	148,703	143,880	137,673	132,633
Restricted funds			19	10,644	9,892	10,644	9,892
Unrestricted funds			19
Designated funds				28,406	28,838	28,406	28,838
General funds				5,579	4,446	5,573	4,445
Pension reserve			23	(2,270)	(1,346)	(2,270)	(1,346)
				191,062	185,710	180,026	174,462

								2022	2021
					Notes			E'000	E'000
Net cash provided by (used in) operating		activities			25
Cas hflows from investing activities
Dividends, interest and rents from investments								2,790	2,005
Ftoceeds from the sale of property,	plant and equipment
Fkirchase of property, plant and equipment								(117)	(4,100)
Rroceeds from sale of investments								3,374	3,010
Receipt from/(purchase) ofcurrent asset investments loiirchase offixed asset investments Net cash provided by (used in) investing activities								(380) ~6D ~s	1,556 ~18,890 ~19i
Cas hflows from financing activities
Repayments of borrowing
Cash inflows from new borrowing
Receipt of endowment								3,586	8,723
Net cash provided by (used in) financing		activities						3,586	8,723
Change in cash and cash equivalents	in	the	reporting	period
Cash and cash equivalents at the beginning			ofthe
reporting period								2,961	10,669
Cash and cash equivalents at the end of		the	reporting
period					26			1,714	2,961
Anlaysis ofchanges in net debt
						At 1 August	Cash flows	Other non-	At 31July
						2021		cash changes	2022
						P000	E'000	E.'000	E'000
Cash at bank end in hand						2,961	(1,247)		1,714
Loans falling due after more than one year					18	(30,694)		24	(30,670)
						(27,733)	(1,247)		iiV4 E r

INCOME FROM CH	ARITAB	LE AC	TIVITIES
						2022	2021
Teaching, Research	and Residential					EDOO	E'ODO
Unrestricted funds
Tuition fees - UK	and EU students					1,571	1,578
Tuition fees - Overseas studerlts						1,267	966
Other fees						33	64
Other Office for Students Other academic income		support				116 85	257 209
College residential	income					3,173	2,074
Total Teaching, Research and Residential
The above analysis	indudss	E2,977k received		from Oxford University	from publicly accountable	funds under the CFFScheme (202n E2,824k).
DONATIONS AND LEGACIES
						2022	2021
						E'000	EOOD
Donations and Legacies
Unreslncted funds						619	52
Restnoled funds						2,8DO	5,579
Endowment funds						3,586	8,723
						7,005	14,354
INCOME FROM OTHER TRADING ACTIVITIES
						2022	2021
						EOOD	EOOD
Subsidiary company	trading	income				233	71
INVESTMENT INCOME
						2022	2021
						E'000	E'OOD
Unrsstrhted funds
Agricultural reiit						4	4
Commemial rant						420	107
Other property income Equity dividends and fixed interest						473 3	315
Bank interest
Restricted funds
Agricultural rent						11	8
Commsroal rent						85	51
Other property income Equity dividends and fixed interest						29 4	5 18
Endowment funds
AgncuiiWral rent						186	185
Commercial rent						1,054	1,136
Other property income Equity dividends and fixed interest						463 T7	138 35
Interestonlixed	lermde	osits	andcash			1

Endowment funds
AgncuiiWral rent
Commercial rent
Other property	income
Equity dividends		and fixed interest
Interest on lixed		lerm deposits	and cash

ANALYSIS QF EXPENDITURE
			2022	2021
			f.'000	6'000
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential			6,115	4,395
Other direct costs allocated to:
Teaching, research and residengal			4,886	3,915
Support and governance costs allocated		tw
Teaching, research and residential			2,432	1.964
Total charitable expenditure			13.433	10,274
Expenditure on raising funds
Dirae stag costs allocated to
Fundraising			401	383
Trading expenditure			122	36
Investment management	costs
Other direct costs allocated	to:
Fundraising			175	64
Trading expenditure			103	40
Investment management	costs		876	2228
Support and governance costs allocated		to:
Fundraising			42
Trading expenditure
Investment maregement	costs		377	365
Total expenditure on raising	funds		2,096	3,170
Total expenditure

ANALYSIS OFSUPPORT AND GOVERNANCE
		Teaching
	Generating	and	2022
	Funds	Research	Total
	DODO	E'000	E'000
Financial administration	18	503	521
Domestic administration		225	225
Human resources		88	88
IT		209	232
Depreciation		992	992
Lossiiprofit) on fixed assets
Bank and loan interest payable	376	377	T53
Other finance shames		12	'I2
Goverlrence casts		26	28
		Teaching
	Generating	and	2021
	Furids	Research	Total
	E'000	DDOO	E'DDD
Finanual administration	18	451	469
Domestic administration		218	218
Human resources		83	83
IT	15	136	151
Depremation		675	675
Losel(profit) cn fixed assets
Bank interest payable	362	361	723
Other finance charges		13	13
Governance costs		27	31

GRANTS AND AiNARDS	GRANTS AND AiNARDS																	2022	2021
																		2'000	2'000
During Ihe year the Cogege			funded		research					awards	and
bursariss lo students	from		its	rash'idled				and
unrestrcted fund as follows:
Unrestricted funds
Grants lo individuals.
Scholarships, pnzes and			grants																40
Bursaries and hardship			awards
Total unrestricted
Restricted funds
Grants to individuals.
Scholarships, prizes and grants																		1,671	1.483
Bursaries and hardship			awards															192	304
Totalrestncted
Total grants and awards
The figure induded above			represents				the		cost to Ihe College of				the Oxford Bursary scheme		The	College conlnbuted	F81k(202U E71k)lo this scheme.
The above coals are	included			vsthin		the		charitable			expendiWre		on Teaching	and Research.
STAFF COSTS
																		2022	2021
Ths aggregate stall	costs		for	the year			were			as fogowa.								Booo	E'000
Saraiies and wages																		4,986	4,683
Serai secunty costs																		510	399
Pension caste
Defined benefit schemes - contribubons										paid in	the year	(note 23)						816	778
Defined benefit schemes - movement									in	provision (note 23)								924	(420)
Other benefits																		156	111
																		7,392
The average number	of	employees				ofthe College,					excluding	Trustees,
on a full time equivalent		basis was as					fogows.											2022	2021
Tuition and research																		20	18
College residential																		ee	67
Fundraising																		6	4
Support																		12	12
Total
The average number of		employed			College					Trustees duriing		the	year was as	fosows.
University Lecturers																		12	14
CUF Lecturers																		11	11
Other leaching arri	research																	4	4
Other																		5	5
Total
The following information			relates to			the		employees			ofthe Co6ege excluding			the College Trustees.		Details ofthe remunerabon		and reimbursed expenses ofthe
College Trustees is	included			as a	separate					nole in	these financial stalsmsnls.

PROPERTY INVESTMENTS	PROPERTY INVESTMENTS	PROPERTY INVESTMENTS
Group and College							2022
				Agricuaural	Commeroal	Other	Total
				EOOD	6'000	E'000	E'000
Valuation	at start ofyear			14,001	34 635	11,205	59,841
Additions	and improvements		at cost
Disposal	promeds				(1,4I)8)		(1,468)
Revaluation gains/(losses)		in	the year	1,833	1,558	100	3,491
Valuation	at end ofyear				7 5

Group and	Group and	College						2021
					Agncultural	Commemial	Other	Total
					EOOD	EDDD	EDOO	E'000
Valuation	at	start of previous		year	13,825	36,009	10,810	80,645
Additions	and improvements			at cost		20		20
Disposal	proceeds					(351)		(351)
Revaluation		gains/(losses)	in the year		175	(1,043)	395	(473)

All investments are h	eld	a	t fair value.
				2022	2021
				E'000	2'000
Consgeinvestments
Valuation at start ofyear				97,346	68,250
New money invested				5,603	16,817
Amounts withdrawn				(846)	(1.418)
Reinvested income				59	42
Investmenl management			fees	(I,D18)	(1,200)
(Decrease)/incrsase	in	value of investmenls		1,575	14,855
External investments		at	snd ofyear	1D2221	97.346
Investment in subsidiaries
College investmenls	at		end of year	102,7
Group mvestments
Valuation at start ofyear				108,593	78,466
New money invested				5,603	16,817
Amounts withdrawn				(888)	(1,418)
Reinvestsd income				67	53
Investmsnt management			fees	(1,018)	(1,241)
(Decrease)/incmsse	in	value of investments		1,394	15,916
Group investmenls	at	end of year		75
Group investmenls	comprise:			2022	2021
				Total	Total
				E'DOD	E000
Equity imrestmsnts				78.837	87,988
Credit and Government		Bonds		21,052	26,931
Alternative and other	investments			6,556	8,018
Fixed tenn deposits and			cash	7,306	5,856
Total group investments

			Parent College	Lincoln College	Lincoln College	Lincoln	Lincoln 2027	Lincoln College
				Trading	Ltd	College	Torsi	Michael Zilkha
						Enlerpnsss		Fund
						Ltd
			E'DOO	EDOO		E.'000	E'000	E'DOO
Income			16,249		233		8	25
Expenditure			(15,4291	(225)		(2)	(2)	(67)
Investment		gains/losses	4 743				(239)	58
Donation	to	College under giR aid	I
Result for	the year						(233)
Total assets Total liabilities Net funds at the end of year			214,370 (34,344)	136 (127)		61 (62) ~)	9,136 9,136	1,894

						Endowment		Expendable	Total
						Unapplied		Endowment	Endowments
				Totalreturn	Trust Ior	Total
				not applied	Investment	Return	Total
				E'ODD	E'DOO	E'000	EOOD	E'000	2'DOD
At the beginning ofthe year
Gift component of lhe permanent		endowment			47,804		47,804		47,804
Unspaced totalreturn						64,176	64,176		64,176
Funds not sub/ect to total return				226			226		226
Expendable endowment								31,674	31,874
Total Endowments				226	47.804	64,176	112,206	31,674	143.880
Movements in the reportmg	penod
Gift of endowmentfunds					3,291		3,291	295	3,586
Investmenl return total investment			income			1,474	1,474	3D7	1,781
Investmenl returrr realised and
unrealised gains and losses				(83)		3,492	3409	453	3,862
Less Investment management	costs					(631)	(631)	(128)	(759)
Other transfers
Total				(83)	3,291	4335	7,543	927	8,470
Unapplied total return allocated	to
mcome rn the reporting penod						(3,050)	(3,050)	(543)	(3,593)
Expendable endowments transfermd			to income					(54)	(54l
						(3 050)	(3,050)	(597)	(3 847)
Net movemenis in reporting	period			(83)	3,291	1 285	4493	330	4,823
At snd of the reportmg period.
Gift component ofthe permanent		endowment			51 095		51 095		51,095
Uriapplied total return						65,461	65.461		65,461
Funds not subject to total return				143			143		143
Expendable endowment								32,004	32,004
Total Endowments

DEBTORS	DEBTORS
				2022	2021	2022	2021
				Group 6'000	Group 2'OOD	College 2'000	College E'000
Amounts	falling due	within one year
Trade debtas				807	518	756
Amounts	owed by College members			80		80
Amounts	awed by Group undertakings					187	117
Loans repayable mthin		one	year
Prepayments and accrued income				58	221	58	221
Amounts	falling due	after	more than one year:
Loans				1,372	1,085	1,372	1,085
					1,824
CURRENT ASSET INVESTMENTS
Group and College					Other	2022	2021
					shorttsrm	Total	Total
					DODO	EOOD	k'DDO
Valuabon	at start ofyear				6,070	6,07D	7.366
Additions					380	380
Disposals							(1.556)
Revaluation gainsl(losses)			in Ihe year		(323)	(323)	240
Valuation	at end ofyear				6,127
CREDITORS. falhng		due within one year
				2022	2021	2022	2021
				GroUp	Group	College	Cofisge
				2'000	EOOD	E'ODO	2'000
Trade creditors				215	499	215	49li
Taxation	and social security			241	79	240	79
Accruals	and deferred	income		273	1,D19	272	1,019
Other credaors				677	461	677	458
						1, 04
CREDITORS. falling		due after more than one year
				2022	2021	2022	2021
				Group	GroUP	College	College
				EOOD	E'000	EOOD	E'000
sank kans				5,00D	5,0DO	5,DOO	5,000
Notes				25,57D	25,594	25,570	25,594
Other auditors				1DO	10D	100	100

ANALYSIS OF NET ASSETS BETWEEN FUNDS
	Urrmstrlcted	Restncted	Endowment	2D22
	Funds	Funds	Fumls	Total
	E000	E'000	EOOD	E000
Tangible fixed assets	39,495			39,495
Propmty invsstmsnls	12,730		49,134	fil,sfl4
Other investmerits	3538	10,644	99569	113,751
Net cunent assets	8,892			8,892
Long term liabilities	(32,940)			(32,940)
	Unrestricted	Restncted	Endcwmenl	2021
	Funds	Funds	Funds	Tolat
	E'000	E'000	EOOD	E000
Tangrbh fixed assets	40,370			40,370
Property investments	11,745		48,D96	59,841
Other investments	2,917	g,tl92	95,784	108,593
Net current assets	8,948			8,946
Long term liabilities	(32D40)			(32,04D)

Qualified	Qualified	actuaries periodically	actuaries periodically	actuaries periodically	actuaries periodically	actuaries periodically		value the USS and OSPS schemes	value the USS and OSPS schemes	value the USS and OSPS schemes	value the USS and OSPS schemes	value the USS and OSPS schemes	using Ihe 'proiected	using Ihe 'proiected	using Ihe 'proiected	unit method'	embraang	a market value approach The	a market value approach The	a market value approach The	resulbng	levels of
contribution			take		account nf actuanal				surpluses		or defiats	in each	scheme.		The fina nasl assumptions		were denvsd		from market conditions prevailing at			Ihe
valuation		date.		The resufis of			the latesl			actuanal	valuations	and the		assumptions which		have the most significant		effect on the results		were
															USS					OSFS
Dslh ofvaluation														31/03/2020						31l03/201 9
Date vhluhhhn			results		published									30/09/2021						19/06I2020
Value of	lihhiiil		es												6806bn					E848m
Vsl eof	hsrels.														666 shn					O35m
Fhndrhg		eius/(deice,												(6141h )						(E113ml
Phhcrpsl		5m	plllh5
					D 5fur									Fixed Interest					Gills	tt5% -2.25%
														ahl	yreld curve					b
					Rate of ncnnse		in	shlshhh						plus	1% -2,75'4					RFI
					Rate of incrhshe		n	pensions							n/s				Ave	age R PI/DPI	rl
														DPI+0056
Assumed		lire expsaanahs on				rhlrhmenl		at sge 65
					Mv	nnrrwwm									2390%					21 7 yrs
					Females	ch renlly		aged 66							25.5yn					244 yrs
					Mn	mlr ww		45							25 9yr5					23 0F5
					Females	cvnently		aged 45							27 31'5					25 97
Fuhdrhy	Rslrhh
					Techn chl prhnsc			s basis												87%
					Slhtuihry	Pension		Pmtechhn		Fund bshe										74'/
					'8vyhrut	bs515									51%					60'/
Employe		mnlribuhon			rale (hs	%of pens hnsblh			relaxes)			21.1'/		ihchnsing	lo 21 4% on	01/1 0/2021				19%
Elfedrw	dale		ofnextvhluakhn											31/M/2023						31/03I2022
a, The discount rate (forward								rates)	for the USS valuaton			was.

						OSPS				USS
Fmeh Dale to Osluinsm sqr plan						304ni2028				31N3I2028
Avsnae vlalf	be ncrsass					2.44.4%				244 4%
Avenge stall asian cease						2.00%				200%
Average cscoucl	rale over pened					I AO'4				1.75%,
Effsd of05% change in damunt rais						f'1.4m				Es.sm
Sfhcicf1%cha	scsiail nnAh					E2 em				E125m
A provision of	E2,270 000 has	been at 31st July 2022 (2021 E1,346				000) for Ihe present		value ofthe estimated	future deficit funding	element	of the	conbibulicns
payable under	these agreements,		using the assumptions		shown. The provision reduces			as Ihe defiot is paid off	according to the pension recovery			scheme
Pension charge for the year
The pension	charge reconled	by	the College dunng	the	accounting	period (excluding	pension finance coals) was equal to the contnbulions payable					after allowances
for the deficit	recovery plan as	follows


25	RECONCILIATION OF NET INCOME TO
	NET CASH FLOW FROM OPERATIONS					2022	2021
						Group	Group
						E'DOD	f.'OOD
	Net income/(expenditure)					5,352	24,296
	Egminatlon of non-operating cash sows
	Investment income					(2,790)	(2,D05)
	(Gains)/losses in investmenls					(4,562)	(15,683)
	Endowment donations Depreciation					(3,566) 992	(8,723) 675
	(Surplus)/loss on sale ofaxed assets
	Decrease/0 ncrea eel in stock					9	(9)
	Decrease/(Increase) In debtors					(493)	(459)
	(Decrease)/Increase in creditors					(676)	316
	(Decrease)/Increase in pension scheme liabiliiy					924	(420)
	Nst cash provided by (used in) operating		acbvi lies
26	ANALYSIS OF CASH AND CASH EQUIVALENTS
						2022	2D21
						DODO	E'000
	Cash al bank and in hand					1,714	2,961
	Total cash and cash equivalents
27	FINANCIAL COMMITMENTS
	At 31 July the Ccgege had commitments	uniier non-cancellable		operaling	leases as follows	2022	2D21
						E.'000	E'000
	Land and bugdlngs
	expiring within one year
	expiring between ons and five years

Consohdated Statement		of Fmanmal	Activities for the year ended 31 July 2021	Activities for the year ended 31 July 2021
				Unrestncled	Restncted	Endowment	2021
				Funds	Fuiids	Funds	Total
			Notes	E'Doo	E'000	E000	E.'000
INCOME AND ENDOWMENTS FROM'
Charitable activities
Teaching. research and		residential		5, 146			5,146
Other Tradmg Income				71			71
Donations and legamss				52	5.579	8,723	14,354
Invsslmenls
Investment income			4	426	82	1 497	2005
Total return allocated	to income		33c	2 123	1,157	(3260)
Other income - Coronavirus Job Retention Scheme				481			481
Total mcome				8,299	6,818	6,940	22,057
EXPENDITURE ON
Chantable aclivities
Teaching, research and		residenaal		7,300	2,954	20	10,274
Generating funds
Fundmising				5DI			501
Trading expenditure				76			76
Investment management		costs		444	89	2,060	2,593
Total Expenditure				8,321	3,043	2,080	13,444
Net Income/(Expenditure)		before gams		(22)	3,775	4,5so	8,613
Net gainer(losses) on investments			11,12.16	504	747	14,432	15,683
Net Incomel(Expenditure)						19,292	ZA22
Transfers between funds			33d	1,486	(1,637)	151
Net movement in funds for Ihe year				1,968	2,885	19443	24,296
Fund balances brought	forward		330	29,970	7 007	124,437	161,414
Funds cerned forward	at 31 July			SIJ)338

The result	s	and their ass	ets and liabilities of the	parent and subsidianes for the yea	r ended 31July 202	r ended 31July 202	1 were as follows	.
				Parent College	Lincoln College		Lincoln	Lincoln 2027	Lincoln College
					Trading	Ltd	College	Tmsl	Michael Zilkha
							Enterprises		Fund
							Lld
				EDDD	E'000		E'000	E'000	Eooo
income				22,018		71	22	11	22
Expenditure				(13.376)		(70)	(22)	03)	(50)
Investment		gainsllosses		14,622				582	199
Donation	to	College under	gift aid	3		(3)
Result for	Ihe year							860	171
Total assets				208,557		59	64	9,369	1,878
Total liabilities				(34 095)		(57)	(63)
Net funds	at Ihe end of year			174, 62					878

Statement of Investment Total	Statement of Investment Total	Return for the year ended 31 July 2021	Return for the year ended 31 July 2021	Return for the year ended 31 July 2021
						Permanent	Endowment		Expendable	Total
							Unapplied		Endowment	Endowments
				Total return	Trust for		Total
				nolappaed	Investment		Return	Total
				2'000	8000		5'000	2'000	EDDD	2'000
Al lhe beginmng ofthe year:
Gia component of the permanent			endowment		40,025			40,D25		4D.025
Unapplied lotal return							56,213	56213		58,213
Funds not subject to lolal return				125				125		125
Expendable endowment									26,074	28.074
Total Endowments				125	40.025		56,213	96,363	28,074	124437
Movements in the reportmg	penod:
GIRofendowment funds					7,779			7,779	944	8,723
Investment return' total invsstmenl			income				1,235	1,235	262	1,497
Investment return: realised and
unrealised gains and losses				101			11,194	11295	3,137	14,432
Less Investment management		costs					(1,700)	(1,700)	(360)	(2,D60)
Other transfers									151	151
Total				101	7,779		10,729	18.605	4,134	22,743
Unapplied total return allocated to income in the reporhng period Expendable endowments transferred				to inoime			(2,766)	(2,766)	(514) ~20	(3,28D) (20)
							(2,766)	(2,706)	(534)	(3.300)
Net movements In reporting	period			IDI	7,779		7,963	15,843	3,600	19,443
At end ofthe reporting period:
Gift component ofthe permanent			endowment		47,804			47,804		47,SO4
Unapplied total return							64,176	64,176		64.176
Funds not subject to lolal return				226				226		226
Expendable endowment									31,674	31,674
Total Endowments				226	47,804		64,176			8

Analysis of Movemenl	Analysis of Movemenl	on Funds for the year ended	31 July 2021
			At I August				Gainsf	Al 31 July
			2020	Income	Expenditure	Transfers	(lcssiis)	2021
			E'000	EOOD	E'DDO	FDDO	E'000	E'000
Endowment Funds -	Permanent
General Endowment			53.556	687	(946)	(1,640)	6,229	57,886
Montgomery Estate			636	11	(15)	(26)	97	903
Nunield Research Trust		Fund	1,697	22	(30)	(52)	197	1,834
Paul Shuarey Bequest			9,278	119	(164)	(284)	1,079	10,028
Other Fellowships			2D,275	5,204	(361)	(379)	2,374	27,113
Polonsky (Hansard)			125				ID1	226
Student Support			10,358	2 943	(181)	(385)	1,190	13,925
Others			238	28	(3)		28	291
Endowment Funds -	Expendable
General Endowment			7064	91	(126)	(216)	821	7.634
Bequests andlegaoiss Total Endowment Funds - College			10794 114,221	1,082 10,187	(191) (2017)	(147) ~3129	1,255 13,371	12,793 132,633
Endowment funds held		by subsidianes
Lincoln 20271rusl			8,509	11	(13)		862	9,369
I.incoln College Michael Zilkha Fund			1,707	22	(50)		199	1,878
Total Endowment Funds - Group			124437	10220	(2,080)	(3,129)	14,432	143SBO
Restrmled Funds
Income - endowment	funds			18	(18)			91
Scholarship and grants				881	(881)
Barrow Foundation Building			255	3	(4)		30	284
EPA Alfred Street and	Mitre Refurbishment			1,637		(I 637)
Other restricted funds			6,661	3,122	(2,140)	1,157	717	9517
Total Restncted Funds - Cogsge and Group			7007	5661	(3043)	(480)	747	9892
Unrestricted Funds
General			3,024	6,133	(B,D35)	2,944	379	4,445
Fixed asset designated Other designated			27,551 1,158	43	(675) (29)	887 (222)	125	27,763 1,075
Pension reserve			(I 786)		420			(1,346)
Total Unrestncted Funds - Conege and Group			29,96T	6,176	(8.319)	3,609	504	31,937
Unrestricted funds held		by subsidiaries			(2)
Total Unrestrmted Funds - Group			29,970	6,176	(8,321)	3,509	504	31,938
Total Funds - Group			161,414	22,057	(13,444)		15,683	185,710