Ae =F Lincoln College Annual Report and Financial Statements Year ended 31 July 2023
## LINCOLN COLLEGE
## Annual Report and Financial Statements
Contents
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|Report ofthe Governing Body|2|
|Independent Auditor's Report|28|
|Consolidated Statement of Financial Activities|38|
|Consolidated and College Balance Sheets|39|
|Consolidated Statement of Cash Flows|40|
|NotestotheFinancialStatements|41|
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LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2023
## MEMBERS OF THE GOVERNING BODY
The Members of the Governing Body, once they have been Members for a year, are the College's charity trustees under charity law. The members of the Governing Body who served in office as Trustees during the year or subsequently are detailed below.
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## LINCOLN COLLEGE
Report of the Governing Body
Year ended 31 July 2023
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LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2023
During the year 2022-23, the activities of the Governing Body were carried out through ten committees. The current membership of these committees is shown above for each Fellow.
1. Finance Committee
2. Senior Tutor’s Committee
3. Domestic Committee
4. Planning Committee
5. Senior Library & Archive Committee
6. Welfare Committee
7. Junior Relations Committee
8. Health & Safety Committee
9. Nominations Committee
10. Equality 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:
## Rosalind Newman
## Academic Administrator
Andrew Miller Access Officer Celia Harker Accountant Richard Little Admissions Officer Rev’d Andrew Shamel Chaplain & Student Welfare Coordinator Julian Mitchell Clerk of Works Michele McCartney Domestic Operations Manager Joanne Coleman Human Resources Manager Michael White \T Officer Lucy Matheson Librarian
## se
## LINCOLN COLLEGE
Report of the Governing Body Year ended 31 July 2023
## ALUMNI REPRESENTATIVES AND ADVISERS
An alumnus of the College attended Governing Body meetings as representative of the College’s alumni. This person was Mr Max Thorneycroft, a former partner in the law firm Jones Day.
Two alumni of the College served as members of the Finance Committee. In 2022-23 these were Mr Richard Williams, formerly Chief Investment Officer of Railpen, and Ms Charlotte Swing, Portfolio Director at Cazenove Capital.
Mr Richard Hardie and Ms Sophie Warrick, Managing Director at J P Morgan, were members of the Planning Committee in 2022-23.
In 2022-23, the Chairman of the Remuneration Committee was Dr Wendy Piatt, CEO of Gresham College. The other members of the Committee were Professor Peter Cook, a former Professorial Fellow, Ms Sheona Wood, alumna and Partner in the legal practice DW Fishburns, Professor Jan Palmowski, alumnus and ProVice Chancellor at Warwick University, and Camilla Hughes, Managing Director at Rothschild & Co.
15 alumni served as members of the Development Committee, meeting three times during the year.
58 alumni served as members of the Rector’s Council, meeting in June 2023 to receive reports from College officers and to offer strategic advice to the Rector.
## COLLEGE ADVISERS
## Investment managers
Partners Capital, 5 Young Street, London W8 5EH
investment property managers
Laws and Fiennes, Warren Lodge, Banbury, Oxfordshire, OX15 5EF
Auditor
Critchleys Audit LLP, Beaver House, 23-38 Hythe Street, Oxford, OX1 2EP
Bankers
Lloyds TSB, Carfax Oxford, 1-5 High Street, Carfax, Oxford, OX1 4AA
## Solicitors
Knights, Midland House, West Way, Oxford, OX2 OPH
College address
Lincoln College, Turl Street, Oxford, OX1 3DR
## Website
wwnw.lincoln.ox.ac.uk
## Fo
## __
Report of the Governing Body Year ended 31 July 2023
## LINCOLN COLLEGE
## REFERENCE AND ADMINISTRATIVE INFORMATION
Lincoln College (‘the College’) is an eleemosynary chartered charitable corporation. The full corporate designation of the College is ‘The Warden or Rector and Scholars of the College of the Blessed Mary and All Saints, Lincoln, in the University of Oxford, commonly called Lincoln College’. The College was founded by Richard Fleming, Bishop of Lincoln, under a Royal Charter of King Henry VI, dated 13 October 1427, and a Deed of Foundation of 1429. The corporation comprises the Rector and Fellows.
The names of all Members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 5. The College registered with the Charities Commission on 3 December 2010. Its registered number is 1139261.
## 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 Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, the Bishop of Lincoln. The Governing Body is a self-appointing corporate body. Membership is subject to review and renewal: it lapses with retirement from office. New members of the Governing Body are elected when they are appointed to Tutorial, Professorial, or Official Fellowships with the College. Tutoria! and Professorial Fellows are elected on the basis of their experience of and contribution to education and research in their field of study. College Officers appointed as Official Fellows are elected for the professional and/or administrative skills and qualifications that will enable them to contribute to the Governing Body’s management of the College. Some Tutorial Fellows and alt Professorial Fellows hold their College posts in conjunction with posts held at Oxford University. Other Tutorial Fellows and those College Officers who have been appointed to specific administrative or managerial roles in the College are College-only appointees.
The Governing Body determines the strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly, with the Rector as chair, and is advised by its various committees.
## Recruitment and training of Members of the Governing Body
New Members of the Governing Body are recruited when they join 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 (as is the case for some Tutorial Fellows and all Professorial Fellows), the recruitment exercise will have been conducted jointly by the College and the relevant department of the University, with representatives of both entities serving on the selection panel. If the post is one whose appointment is solely at the discretion of the College (as is the case for some Tutorial Fellows and Official Fellows such as the Senior Tutor, the Bursar and the Development Director), the
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## LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2023
recruitment process will have been managed entirely by the Rector and Fellows of the College, aided by expert advisers from outside the College.
New Fellows are formally elected to the Governing Body as soon as is practicable after appointment to their Fellowship; they take the College oath at 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 meetings with senior colleagues. The College Statutes stipulate that new Fellows do not vote at Governing Body meetings during their first year in office: they therefore do not become trustees of the charity until they have been in post for one year. New trustees are provided with guidance documents issued by the Charity Commission and trustee training sessions are made available to members of the Governing Body.
## Remuneration of Members of the Governing Body and Senior College Staff
Members of the Governing Body who are primarily Fellows are teaching 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 receive remuneration for their work as employees of the College; this is based on the advice of the College’s Remuneration Committee, members of which are not in receipt of remuneration from the College. Where possible, remuneration is set in line with that awarded to the University’s academic staff.
## Organisational management
The members of the Governing Body meet at least nine times each year. The work of developing the Governing Body's policies and monitoring their implementation is carried out by a number of Committees, of which some are Committees of the Governing Body and others are Committees overseeing particular functions of the College. The principal Committees of the Governing Body are: Finance Committee: an advisory Committee of the Governing Body. Its remit covers matters relating to finance, accounting, investments, estates, premises and risk management; chaired by the Rector, convened by the Bursar; membership includes two alumni representatives with special experience of investments and of financial management; student representatives attend for Unreserved Business; this Committee meets at least six times per annum. Senior Tutor’s Committee: an advisory Committee of the Governing Body. Its remit covers matters relating to the academic work of the College (both education and research); chaired by the Rector, convened by the Senior Tutor; student representatives attend for Unreserved Business; meets at least six times per annum.
Planning Committee: an advisory Committee of the Governing Body. Its remit covers College strategy; chaired by the Rector, convened by the Bursar, and including up to two alumni representatives; student representatives attend for Unreserved Business; meets at least twice per annum.
Domestic Committee: an advisory Committee of the Governing Body, chaired by the Rector and convened by the Domestic Operations Manager. Its remit covers all domestic operations within the College. Student representatives attend for Unreserved Business. The Committee normally meets at least six times per annum.
Senior Library and Archives Committee: an advisory Committee, chaired alternately by the Fellow Archivist and Fellow Librarian and co-convened by the Librarian and the Archivist. Its remit covers all matters relating to the Senior Library and the Archive: the Committee normally meets at least three times per annum.
Junior Relations Committee: chaired by the Rector, convened by the Senior Dean; members include representatives of the student common rooms, the Chaplain and the College’s Doctor and Nurse, together with other College officers; this Committee meets at least three times per annum.
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LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2023
Welfare Committee: chaired by the Rector, convened by the Welfare Dean; members include representatives of the student common rooms, the Chaplain, the College’s Doctor, and Lodge Manager together with some College officers; this Committee meets at least three times per annum.
Equality Committee: chaired by the Bursar, convened by the Human Resources Manager; membership includes members of staff and student representatives; this Committee meets three times a year.
Health and Safety Committee: chaired by the Bursar, convened by the Domestic Operations Manager; membership includes members of staff and student representatives; normally meets at least three times per annum, but this year met twice as there was no meeting in Trinity term.
Nominations Committee: considers appointments of Fellows to all the College’s standing Committees on which Fellows (as opposed to ex officio members) serve and to College Officers’ posts. It also identifies persons appropriate for election as Honorary Fellows. The Rector convenes the Committee which meets once a year in Hilary Term, with additional meetings if required.
## Other committees with specific functions within the College are:
Development Committee: chaired by an alumnus, convened by the Development Director; its remit covers alumni relations and fund-raising; membership includes a number of alumni and College Officers.
Remuneration Committee: an advisory committee of the Governing Body, whose remit extends to making recommendations in respect of the remuneration and benefits of trustees in which some discretion or judgement is required; the chair and all members are external to the College (that is, none is a trustee or an employee of the College); meets once per annum or more frequently if so required. Sustainability Committee: focuses on the College’s actions to promote environmental sustainability. It is chaired by the Domestic Operations Manager with a Fellow participating as a committee member. This committee meets three times a year and reports to the Domestic Committee.
Implementation of the Governing Body’s policies and decisions is undertaken by College Officers, chief among whom are the Rector, the Bursar, the Senior Tutor, the Senior Dean, and the Domestic Operations Manager. The Officers are assisted by members of the College's staff.
## Group structure and relationships
The College administers many special trusts, as detailed in Notes 19 and 20 to the financial statements.
There are two charitable bodies which are constituted independently of the College and whose objects are solely for the benefit of the College and its members. These are the Lincoln College Michael Zilkha Trust (registered charity number 1095113) whose object is to support the educational and/or research activities of the Fellows of Lincoln College; and the Lincoin 2027 Trust (registered charity number 1136816) whose object is to raise and accumulate funds to provide new and substantial financial support for the College.
The College has two wholly owned non-charitable subsidiaries. These are: Lincoln College Enterprises Limited, which undertakes major building and refurbishment works relating to the College’s premises; and Lincoln College Trading Limited, which undertakes the College’s conference business and catering or accommodation services provided to non-College members. Annual profits of the subsidiaries are donated to the College under the Gift Aid Scheme.
The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship.
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Report of the Governing Body Year ended 31 July 2023
## OBJECTIVES AND ACTIVITIES
## Charitable Objects and Aims
## The College's objects are
- | the advancement of education, study, and research in particular through the provision, support and maintenance of a college in Oxford;
- II the advancement of religion, including the provision and support of a chapel in accordance with the principles of the Church of England.
The aims set for the College’s subsidiaries are to help to finance the achievement of the College’s objects.
The Governing Body has considered the Charity Commission’s guidance on public benefit and in keeping with its objects, the College’s aims for the public benefit are:
- *« to admit students and to appoint academic staff solely on the basis of academic merit and potential, without regard to sex, ethnic origin, religion, disability, previous educational experience or financial circumstances;
- ¢ to provide financial support to students, both from its own resources and in conjunction with the wider collegiate University;
- e to honour the College's commitment to participation in bursary schemes organised in the name of Oxford University (e.g. the Oxford Bursary);
- to commit resources to programmes of outreach and access, initiated both by the College and by the University;
- to welcome members of the public as visitors to the College and to its events and facilities;
- e to preserve and share its heritage.
The College takes very seriously its commitment to provide financial support for its students. In 2022-23 the College maintained an extensive programme of financial support for undergraduate and postgraduate students, in the form of bursaries (to assist with living costs), hardship support (to assist with unexpected financial difficulties), and scholarships (awarded in recognition of particular academic merit), amounting in total to more than £1.887 million.
The support from the College was given in addition to any support students may have derived from government-sponsored sources such as the Student Loans Company. Lincoln participated in the University's fee-waiver programme, subsidising undergraduate tuition. Fifty Lincoln undergraduate students received bursaries of up to £3,700 each via the Oxford Bursary Schemes. In total, in addition to fee reductions, the College contributed £70,280 to the Oxford Bursary Schemes. The College notes in particular the generosity of alumni that has made possible additional support for undergraduates from less-privileged backgrounds. Ninety-eight students were awarded an aggregate £177,925 from Lord Crewe’s Charity and from the Cuthbert, Kingsgate, Henrey, Blackstaffe, Bearley, Mary Kift Legacy, Millerchip, Finn, and Featherstone funds.
The College made additional grants and loans totalling £56,331 to undergraduates who experienced varying degrees of financial hardship. Scholarships, prizes and academic grants were awarded to undergraduate students to reward academic excellence and to encourage academic endeavour: in 2021-22, the total awarded was £78,906.
In 2022-23, 143 post-graduate students were the recipients of scholarships, studentships and bursaries amounting to £1,488,456. Lincoln now has an extensive programme of graduate scholarships and grants that
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## LINCOLN COLLEGE
Report of the Governing Body Year ended 31 July 2023
has been substantially increased in the last two years. However, it continues to be challenging to provide sufficient funding for graduates in Humanities and Social Sciences.
The financial support provided by the College through bursaries and scholarships enables the College to admit students of the highest academic ability who would not otherwise have been able to study in the College.
Although the primary beneficiaries of the College’s work are its resident members, students and academic staff are directly engaged in education, learning and research, other beneficiaries also include: students and academic staff from other colleges and of Oxford University as a whole; visiting academics from other universities; schoolchildren visiting the College for introductory sessions; and alumni of the College and other visitors, including members of the general public, who may attend educational events such as lectures, concerts, exhibitions, and Chapel services and have access to the gardens and historic buildings. During 2022-23, the College hosted a number of events for the benefit of the wider public. The College was pleased to be again open to members of the public throughout all of 2022-23. It also makes available its newly renovated accommodation in the Mitre building to the public for guest accommodation. Opening the College to other students, prospective students, and academic staff, in addition to the public, enables the College’s facilities to be of benefit to the public.
## Outreach
The College has acted on it its commitment to programmes of outreach designed to improve access to Oxford University in general and to Lincoln in particular. The Access and Career Development Fellow (ACDF) was appointed and started in September 2021. The College hasa full-time Access Officer, whose role is to encourage applications to Oxford, particularly from our link regions of Lincolnshire, Northamptonshire and the North East. The Access Officer, together with the ACDF, Fellows and Tutors of the College, undertook a programme of events, including visits with schools and study days for individuals. These included 2-day workshops for History and Classics, English and Modern Languages, and for the first time, Physics and Engineering. Admissions test workshops were held, with the support of Fellows and Tutors, for Target Oxbridge. In 2022-23, 29 events were organised for schools in our link regions of Lincolnshire and Northamptonshire and with consortium partners in both the East Midlands and North East; many of these events involved contact with more than one school. A further 29 events were held, solely or in collaboration with partners, that were extra-regional or non-regional. The College’s flagship programme — Pathfinders, is an educational and aspirational enrichment intervention aimed at 13-16 year olds in our linked regions who are eligible for free school meals. There have been three events for Pathfinders, so far, with another planned for March 2024. 60 pupils are currently enrolled across two cohorts. In 2022-23, the College’s expenditure on activities associated with outreach work and the recruitment of new students was £78,630.
The College is not aware of any detriment or harm arising from carrying out its charitable objects. There are no geographical restrictions in the College’s objects: students and academic staff are drawn from around the world. There are no age restrictions in the College’s objects (though it is to be noted that most students of the College are aged between 18 and 25). The College’s objects do not imply any restrictions as to religious behaviour or belief.
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## LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2023
## Activities and Objectives of the College
The principal focus of the Coltege’s activities is on its academic work: that is, high-quality research and the education of new generations of students, both in a wide range of subject areas. The College maintains and develops the experience of a residential community whose senior and student members are engaged in the pursuit of academic excellence. To this end, the College provides facilities for study in the form of teaching and seminar rooms, lecture theatres, computer facilities, and co-operative access to the laboratories, libraries and other facilities provided by Oxford University. The extensive Library and Archive constitute a valuable resource for members of the College and for others by arrangement. The College also provides a sufficient number of study bedrooms to accommodate many Tutors and the majority of its students as well as facilities consistent with the provision of an all-round education (a sports ground, a boathouse, and spaces for music, art, and drama).
## ACHIEVEMENTS AND PERFORMANCE
During the year 2022-23, Lincoln College has registered significant achievements consistent with its two charitable objects.
## Students
In conjunction with Oxford University, Lincoin College provides an education, internationally recognised as being of the highest standard, for 640 undergraduate and postgraduate students from all over the world. This education develops students’ academic abilities, interpersonal skills, and leadership qualities; it prepares them for full and effective roles in society. The College provides teaching facilities, together with academic, administrative and pastoral support, to its undergraduate and postgraduate students.
The College continued in its principal work of preparing students for examination in a range of subjects and at various levels at Oxford University. Undergraduate numbers totalled approximately 323 (including a visiting student) spread over three or four years of study, in line with Lincoln’s long-standing policy of providing full tutorial provision, pastoral care and residential accommodation for this number of students. Much of the education provided to undergraduate students is via the tutorial system, by which students meet their tutors individually or in small groups on a weekly basis during Term for in-depth discussion of pieces of prepared work. In the last year, some of these tutorials had to be held online because of the pandemic. In addition to tutorials, the College also provides classes and seminars in conjunction with departments of the University. For the academic year 2021-22, the College was ranked second in the Norrington Table. Eighty-nine undergraduate students (excluding Clinical Medicine students) in their third or fourth year of study completed the Final Honours School in 2021, with 33 being placed in the First Class or achieving a Distinction and 44 being awarded a 2:1 degree or achieving a Merit.
Post-graduate students numbered approximately 360 throughout the year, with approximately 66 per cent of students undertaking lengthy programmes of research (leading, for example, to doctorallevel degrees) and, 34 per cent undertaking shorter, structured courses of tuition leading to examination. Each postgraduate student is assigned a College advisor who provides academic advice and pastoral support; the Collegeappointed Tutor for Graduates maintains overall oversight of postgraduates’ welfare and academic progress. Thirty-eight students were granted leave to supplicate for their DPhil degrees during the year; and of the 44 students who passed examinations for their post-graduate qualifications in the summer of 2023, 13 achieved a Distinction and 16 achieved a Merit.
## rr
## LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2023
The College continued to encourage education in its broadest sense, supporting its student members in a wide range of cultural and sporting activities and in service to others. Forty-three members of the College teceived awards from the College’s Blues Fund, which not only rewards students for representing University teams, but helps them to fulfil their aspirations in sports, including rowing, tennis, rugby, badminton, cycling, and swimming, to name but a few. VacProj is a Lincoln student charity which organises and hosts holidays for under-privileged Oxfordshire children; it has just celebrated its 50'" anniversary.
## Fellows and Lecturers
The College advances research by:
- e Paying stipends to Fellows and supporting the costs of their research through sabbatical and special leave;
- e Making funds available to Fellows for attendance at international and national conferences; for research trips; for research materials; and for hosting academic conferences and lectures in the College;
- e Sponsoring visits by academic researchers from all over the world;
- e Providing research fellowships to outstanding (mainly) young academics to enable them to establish a research profile as a prelude to obtaining a permanent academic (teaching, research and administrative) post.
At the start of the 2022-23 academic year, on 1 September 2022, the College welcomed as Governing Body members, Dr Alice Thorneywork, Tutorial Fellow in Physical Chemistry and Associate Professor of Physical Chemistry; Dr Roel Konijnendijk, Darby Fellow in Ancient History, and Dr Arabella Begin, the Lewis and Audrey Cannell Fellow and Director of Studies in Clinical Medicine. Prof Massimo Loda, Newton-Abraham Visiting Professor started in early October. He will also be a member of the Governing Body and will be with us for one year.
During the 2022-23 academic year, Dr Anthony Roberts, the Berrow Foundation Lord Florey Fellow in Biochemistry joined 1 April 2023, Dr Emma Kavanagh, the Lord Crewe Career Development Fellow in Music joined 12 December 2022, and Dr Laure Miolo, the Dilts Research Fellow and Lyell Research Fellow in Latin Palaeography joined 1 October 2022.
The College thanks those Fellows and members of our academic staff who will retire on 30 September 2023. This year Professor David Hills retires after 39 years at Lincoln as the Embling Fellow and Tutorial Fellow in Engineering and in 2022-23 serving as Sub-Rector. Professor Hills had previously twice fulfilled the post of Acting Rector and has previously assisted the College as Acting Bursar. We will not entirely lose Professor Hills’s talents, as he will continue teaching in the College. Earlier in the year, Dr Gabrielle Watson, Shaw Foundation Fellow in Law departed. Professor Massimo Loda, Newton-Abraham Visiting Professor in 2022-23 completed his term in September 2023.
## Fellows’ Research
Senior members of the College combined their teaching and educational duties with research work of the highest quality in 2022-23. There follows a representative list of notable research achievements by Fellows and academic researchers associated with the College:
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LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2023
## Peter Atkins (Chemistry)
This year, Professor Atkins has published four books: the 12" edition of his Physical Chemistry, the 8" edition of his US freshman text, Chemical Principles, the 3 edition of Physical Chemistry for the Life Sciences, and the new Solutions Manual (online only), with detailed solutions of the approximately 500 exercises in the text. For all of them, he has various co-authors. In the background, several of his books are currently undergoing translation into Arabic, Chinese, Greek, Italian, Japanese, and Turkish.
## Radu Coldea (Physics)
Over the past academic year, Professor Coldea and his research group have continued to explore experimentally the properties of magnetic materials with macroscopic quantum properties. Notable results are the direct experimental observation and theoretical modelting of novel forms of collective dynamics in weaklycoupled quantum spin chains in externally applied longitudinal and transverse magnetic fields, which test experimentally fundamental concepts in the theory of many-body quantum dynamics in the regimes of weak and strong confinement. New results have also been obtained for a hyperhoneycomb rare-earth magnet, first synthesized in single crystal and powder form in Professor Coldea’s research group. Here magnetic ions are three-fold coordinated as in the planar honeycomb, but additional bond rotations make the structure fully threedimensionally connected, a lattice much studied theoretically as a potential host for unconventional magnetic properties but not much explored experimentally due to major difficulties in materials synthesis. Experiments in Professor Coldea’s group have been successful in obtaining a complete solution of the magnetic structure at low temperatures and theoretical modelling showed that the observed noncollinear magnetic order and the emergent energy gap are the collective result of strongly frustrated interactions between the quantum spin-1/2 ions on the hyperhoneycomb lattice. Professor Coldea has given invited lectures on research in his group at the Theoretical and Experimental Magnetism Meeting in Abingdon, Institute Louis Néel in Grenoble, France, and at the Kavli Institute for Theoretical Physics at the University of California, Santa Barbara, USA.
## Joseph da Costa (Modern Languages)
Dr da Costa has a Leverhulme Trust postdoctoral research fellowship within the Portuguese department. Over the past two years, he has been writing and presenting internationally on the histories of science and humanism in the construction of race in sixteenth-century Portugal. Of particular importance is the continued work he is doing on his knowledge of anti-racist and inclusive pedagogy.
## Cristina Dondi (History)
In November 2022, Professor Dondi delivered the Sandars Lectures at the University of Cambridge on the subject ‘Incunabula in Cambridge: European Heritage and Global Dissemination’. Started in 1895, these are the most important lectures in bibliography and the history of the book in the United Kingdom, together with the Lyell Lectures in Oxford, and the Panizzi Lectures at the British Library. In December, she went to Buenos Aires for the opening of her exhibition La revolucién de la imprenta, set up in collaboration with Ediciones Ampersand.
Between March and June 2023, Professor Dondi again offered a course on the history of the book for the University of Rome La Sapienza. She took the students to Tipoteca, a working type and printing museum located in Cornuda to look at fifteenth-century printed books at the library of Fondazione Giorgio Cini in Venice. She also went to Fabriano, Italy's oldest paper-mill founded in 1264 and still operational.
She was this year appointed full professor of Modern History at Rome La Sapienza and received a large grant from the Italian Ministry of Research to work on incunabula in the United States for her project ‘Printing Revolution and American Collections: The Migration of Cultural Heritage at Times of Political Change’, which will investigate the consequences of historical policies and events on the European book heritage then migrated to the United States.
Professor Dondi has spent ten years in Lincoln College, which coincided with the rectorship of Henry Woudhuysen, and she expects that the connection and collaboration with the College and with Oxford will continue. SSS
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## Andrii Gorelik (Biomedical Sciences)
Dr Gorelik attended a conference in Croatia dedicated to ADP-ribosylation, which is the cellular process he is researching. There he presented his findings on the role of ADP-ribosylation in lung cancer, which were wellreceived, leading to several new collaborations. For the fourth time, Dr Gorelik participated in the Merck Innovation Cup in Germany, where he coached the ‘Protein Engineering’ team which he found to be filled with creativity and valuable networking opportunities.
## David Hills (Engineering)
The academic year 2022-2023 was the last one before retirement, under the University’s EJRA. It was quite a full one for him as sub-Rector including, among other things, organising the competition for the Rector's successor in a year's time. He was also elected a Fellow of the Royal Academy of Engineering and is intending to continue fundamental research into contacts and fatigue.
## Nick Jelley (Physics)
Professor Jelley has been writing updates for the OUP textbook Energy Science with his co-author John Andrews. These were published online in the summer of 2023. They include discussion of the main developments in the subject since publication of the 4" edition and are accessible online at the OUP website. For his book Renewable Energy: A Very Short Introduction (OUP, 2020), a further translation deal will mean that it will be available in Kazakh, as well as English, French, Arabic, Polish, Spanish, Turkish, Simplified Chinese, and Complex Chinese.
## Emma Kavanagh (Music)
Dr Kavanagh is currently writing three journal articles derived from her doctoral thesis. The first, on adaptation and provincial identity in Massenet’s Sapho, is recently published in the nineteenth-century French studies journal Dix-Neuf. The second, on satirising japonisme in Saint-Saéns’s La Princesse jaune, has just been accepted by a specialist opera journal. She is now working on a third article about Gustave Charpentier's operas. This project required an extended archival trip to Paris, made possible by a generous grant from Lincoln’s Zilkha Fund. While in Paris, she also found time to co-author a review of the recent Royal Opera House production of Dvofak’s Rusalka, and to give an invited guest lecture on the city’s musical life at the American University of Paris.
## Mark Kirby (History)
For Dr Kirby, this year has mostly been one for writing, as he tries to turn the product of several years in the archives into the text of a monograph on the architectural history of the College Chapel. This is due for publication in 2027, as part of the celebrations for the six hundredth anniversary of the foundation of the College in 1427. Dr Kirby has also been visiting locations in Oxford, Oxfordshire, and London to photograph examples of carved woodwork and stained glass in churches and chapels contemporary with the College’s own Chapel. He believes that in art and architectural history, there is no substitute for being able to compare your subject-matter with its peers, and it should make for an especially visually attractive book.
## Roel Konijnendijk (Ancient History)
Dr Konijnendijk’s second book, Between Miltiades and Moltke: Early German Studies in Greek Military History, appeared this year. This is the final product of a Marie Curie Postdoctoral Fellowship at Leiden (2018-20), in which he explored the influence of professional soldiers on the first academic studies of ancient Greek warfare. He has now started working on his introduction to Greek warfare for Cambridge University Press while awaiting reviewers' reports on his second edited volume, The Economics of War in the Ancient World.
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## Jody LaPorte (Politics)
Dr LaPorte has had two edited volumes published this year for which she contributed chapters. The first, entitled ‘Leninist Extinction? Critical Junctures, Legacies, and the Study of Post-Communism’, published in Critical Junctures and Historical Legacies, examines how applying punctuated equilibrium models can help us to understand the sources of change versus continuity in politics from the Soviet to the post-Soviet periods. The second, ‘Russia's Super-presidency’, in the compilation Russian Politics Today, offers an introductory look at the evolution of Russia’s executive institutions under Putin. She also has a third chapter on qualitative methods, titled ‘Preparing a Causal Research Design’, coming out in the forthcoming Doing Good Qualitative Research.
Last autumn, Dr LaPorte attended the European International Studies Association conference in Athens, where she delivered a paper on Azerbaijan’s investment in the tourism industry and its push to attract major international sporting events. She has now submitted that to a journal for peer review. In September 2023, she participated in the annual conference of the American Political Science Association, presenting a co-authored project on authoritarian referendums, seeking to better understand why dictators sometimes decide to put their initiatives to a public vote. The analysis was well received, and she looks forward to submitting that paper to a journal this Autumn.
## Andrew Lewis (Medical Sciences)
Dr Lewis returned to Oxford and Lincoin College following a very enjoyable and productive secondment to Boston at Massachusetts General Hospital and Harvard Medical School last year. This year he has been undertaking specialist training in cardiology, has submitted several research papers and conference abstracts, developed two new international collaborations, and completed the writing of a major Fellowship proposal which could enable him to develop an independent and externally funded five-year research programme here in Oxford.
## Peter McCullough (English)
Professor McCullough had two terms of college sabbatical which gave him unbroken time to complete the next volume (the fifth of sixteen) of The Oxford Edition of the Sermons of John Donne. He joined his former Lincoln graduate student, the Rev Dr Erica Longfellow (now Dean of the Chapel of New College) to edit the volume of sermons preached by Donne at marriages, christenings, and 'churchings' of women (the Prayer Book service of thanksgiving after childbirth). The sermons have been critically neglected, but their work has uncovered in them important aspects of Donne's preaching career relating to patronage, women's lives, and his understudied sacramental theology. The volume will appear from OUP in 2024. Professor McCullough also enjoyed engaging with Faculty roles, particularly as convenor of the Early Modern Period Group (1550-1660), and, although not an easy task, found it very rewarding to step in at short notice to chair the English Finals examination board. For light relief, his research on early modern sermons resulted in an invitation to preach the University Sermon for St John the Baptist's Day, which is uniquely and traditionally delivered from the outdoor pulpit in the front quad of Magdalen. He took the opportunity of the feast day's themes of John's preaching and baptising in the wilderness to reflect on the urgent need to respond to the impact of the climate crisis, especially on the world's poorest and most vulnerable who are so disproportionately affected by economic and environmental exploitation.
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## Timothy Michael (English)
Dr Michael continued to work on two major projects: the first, a second book, on the global orientation of literary criticism and theory from 1740 to 1800, focussing on figures such as Lord Kames, Robert Lowth, David Hume, and William Jones; the second, in collaboration with Dr Paddy Bullard at the University of Reading, a scholarly edition of Alexander Pope’s late prose (under contract with OUP for the Oxford Edition of the Writings of Alexander Pope). In addition to these two larger projects, Dr Michael has spent much of the past year speaking and writing about William Hazlitt and the liberty of the press. He continues to supervise a number of impressive DPhil and MSt students, and finds Lincoln undergraduates remain a joy to teach and learn from. Dr Michael has also served as a member of the Faculty Board and the FHS Exam Board, and he looks forward to taking on the role of Chair of the FHS Exam Board next year.
## Kimberly Palladino (Physics)
Dr Palladino has this year continued to operate and analyze data from the world's most sensitive direct dark matter detector, LZ. Located in a mine in South Dakota, it will continue running for the next few years looking for the particles that may make up the dark matter that gravitationally dominates galaxies and larger structures in the universe. She is also on the steering committee for the XLZD consortium, planning a detector of the same liquid xenon time projection chamber technology that would be operational! in about a decade. Dr. Palladino is involved with plans to expand the Boulby Underground Laboratory outside Whitby to potentially host XLZD as the largest international physics experiment ever located in the UK. Dr. Palladino tutors Lincoln Physics students in the first and second years, and lectures on Special Relativity to first year students in the Physics Course
## Aleksei Parakhonyak (Economics)
Dr Parakhonyak’s paper entitled ‘Information Design through Scarcity and Social Learning’, co-authored with Nick Vikander, was published in the Journal of Economic Theory. During Hilary Term, they conducted an experiment based on the published theoretical paper. Both projects focused on examining how scarcity strategies may influence observational learning in consumer markets. Furthermore, they composed another paper investigating how scarcity strategies and product delays can impact consumer word of mouth. Service speed choice balances the ability to communicate ‘hard’ information about the quality of purchased products with communicating ‘soft’ information related to high demand and a large number of pre-orders. They characterized the conditions under which a firm prefers delaying consumers to create product buzz. This year, Dr Parakhonyak was on sabbatical leave during Michaelmas Term. Upon returning from sabbatical, he taught courses in Microeconomics Analysis and Game Theory that included delivering both lectures and tutorials. Additionally, he taught a second-year MPhil course in Industrial Organization. He also chaired the PPE Exam Board this year.
## J.P. Park (History of Art)
Professor Park this year delivered several invited lectures, including those at the Oriental Ceramic Society in London, the University of Zurich, and the University of Heidelberg. He has also taken on the role of a juror for the distinguished Charles Rufus Morey Book Award. His third book manuscript, Reinventing Art History: Forgery and Counterforgery in Early Modern China, is now under contract with the University of California Press and scheduled for publication by the end of 2024. Furthermore, his first book, originally published by the University of Washington Press in 2012, has been translated by a major art history publisher in China, Shanghai Fine Arts, and is set to be published by the end of this year. Professor Park has recently embarked on a new book project, tentatively titled, Pastmodern: The Traditions of the Avant-garde in Early East Asian Art.
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## Eileen Parkes (Oncology)
Dr Parkes this year organised the very successful inaugural UK meeting on cGAS-STING biology in May, with attendees from Southampton, London, Cambridge, and Leicester, as well as groups from Oxford. Another highlight of the year was having her research group's collaborative work on chromosomal instability with researchers in the US published in Nature. This well-received publication further strengthens the lab’s work on the tumour microenvironment in this context. Their plan is to understand how to improve treatment for this type of cancer. On the clinical side, Dr Parkes continues to lead clinical trials of novel immunotherapy for cancer. She has been working with a group of immunologists new to cancer to identify gaps in their understanding of how cancers develop in tandem with suppression of the immune system. She and her research group have also been successful in a number of funding applications to extend their work studying the tumour microenvironment of chromosomally unstable cancers—for example, oesophageal cancer and BRCA-mutant prostate cancers. Dr Parkes was also pleased to supervise postgraduate students in their studies and guide their development as future scientific leaders.
## Andrea Pasqualini (Economics)
Dr Pasqualini, after teaching at Lincoln for several years, left academia in September 2023 to take on a role as bank supervisor at De Nederlandsche Bank, the Dutch central bank. He is grateful for meeting the students, staff, and Fellows of Lincoln.
## Alexander Prescott-Couch (Philosophy)
Dr Prescott-Couch was pleased this year to receive a Leverhulme Research Fellowship for his project ‘The Politics of Understanding’. The Fellowship will commence in April 2024 and will allow him to push his research about the aims and political import of work in the interpretive social sciences. In the wake of global populist discontent, many have emphasised the importance of ‘understanding’ other citizens and how social scientific work might help us achieve that aim. However, it is not obvious what kind of understanding is at issue here, how achieving it connects to more typical aims of social science, and why understanding of this kind matters in a political context. The project considers several distinct cognitive achievements that should go under the heading ‘political understanding’. It then argues that attention to these distinctions helps us appreciate the methods and aims of qualitative forms of social research such as ethnographies and narratives, as well as the limits of the so-called ‘causalist paradigm’ of social explanation. Part of his year has been spent developing material for this project.
Besides this project on the interpretive social sciences, Dr Prescott-Couch has spent most of this year working on his book Deconstructive Genealogy: A Nietzschean Approach to Historical Critique, as well as associated papers. The book concerns how historical information about our moral beliefs and social practices might be relevant to our evaluations of them, and how to avoid the so-called ‘genetic fallacy’, the ostensible fallacy of drawing an evaluative conclusion from historical premises. He has given talks associated with the material of the book in Seoul, Manchester, Nottingham, and Tivoli. He has also been revising some associated papers, which he hopes will be published soon.
## Anthony Roberts (Biochemistry)
Dr Roberts is the Berrow Foundation Lord Florey Fellow in Biochemistry. His research focuses on motor proteins—tiny molecular machines that walk along filaments in our cells, transporting essential components to where they are needed. He and colleagues have used advanced microscopy techniques to study how these proteins move and to identify their cargoes. They also investigate how their dysfunction causes human disease. One major task in relocating the laboratory from the Institute of Structural and Molecular Biology at Birkbeck/UCL (where Dr Roberts started his research group) to Oxford was to pack up their microscopes and successfully install them in their new home at the Sir William Dunn School of Pathology. This task having now been completed, Dr Roberts looks forward to this next year.
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## Peter Sarkies (Biochemistry)
This year, Dr Sarkies designed, organised, and delivered the first-ever teaching module on Evolutionary Biology in the Biochemistry undergraduate course. A highlight of this wasa visit to the Natural History Museum, where students were shown a number of fascinating exhibits not usually on public display. The students appreciated the opportunity to put their molecular knowledge into the wider context of life on Earth. In the lab, his group continued to make inroads into understanding how inheritance processes beyond the DNA sequence can contribute to evolution. They have published a key paper, the culmination of several years' work, in which they described how changes in the structures of proteins that bind to DNA can occur and be propagated across many generations of evolution of a simple worm in the laboratory. The paper has been published in the journal PLOS Genetics. It's a hint that maybe not everything that happens in evolution is due to changes in DNA sequence.
## Maryanne Saunders (History of Art)
Dr Saunders has this year published an article in De Gruyter’s Encyclopedia of Jewish-Christian Relations (coauthored with Professor Aaron Rosen) and a chapter on ‘Queering Eve in Modern and Contemporary Art’ in the Routledge Companion to Eve (2023). She was pleased to take up a long-postponed visiting fellowship position at the ISM, Yale Divinity School and Yale Art Gallery over the Easter vacation, where she worked on examples of book art in the Allan Chasanoff Collection, a visit kindly supported by the Zilkha Fund. Dr Saunders will soon be submitting the manuscript for her first monograph, Theologising Queer Art (Brill, 2024), and an article on ‘Optics, Power, and Sacred Space’, before beginning another book project on the reception history of the Virgin Mary in art and women's rights.
## Christoph Schmitt-Maass (Modern Languages)
Dr Schmitt-Maass this year has co-edited two volumes documenting the results of two conferences (in Munich and Budapest) dedicated to the study of the reception of Jansenism (a strictly Catholic view in the 17" and 18" centuries), with contributions in German, English, and French. Among various essays he was able to finish, he particularly highlights the one in the Festschrift for his late mentor and exile researcher, fan Wallace. A lecture in Durham on human rights in 17""-century natural law brought him together with his predecessor in Office in Lincoln, Claudia Nitschke. Dr Schmitt-Maass is also hosting a conference at Lincoln College in September 2023 dedicated to political literature in the 17" and 18'* centuries. Since last year, he has also been a member of a (German) research network on disability studies, which aims to transfer the methods and results of this relevant topic from the Anglo-Saxon world to the German-speaking world.
## RRR Smith (Classical Archaeology)
Professor Smith retired from the Lincoln Professorship of Classical and Archaeology in September 2022 and went for the academic year to Princeton, where he was invited as the Stanley Kelley, Jr. Visiting Professor for Distinguished Teaching in the Departments of Art & Archaeology and Classics. Professor Smith gave classes there on the Hellenistic East and on new material from Anatolia and put on a conference in April on News from Aphrodisias: Greek Urban Culture Under the Roman Empire.
In July and August, 2023 Professor Smith was again at Aphrodisias (in SW Turkey) for field research with excellent results. A fruitful trip to Naxos and Paros followed in September.
Amongst forthcoming publications, one examines the troubled reign of the emperor Commodus, seen through the coins, inscriptions, and portraits of his lifetime —- as opposed to the foul-mouthed historiographical representation that came later. The book, Commodus: The Public !mage of a Roman Emperor (Reichert, Wiesbaden), was written with former Lincoln graduate student, Christian Niederhuber.
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The highpoint of his year was a magnificent event held at Lincoln in June and kindly hosted by the Rector — a sumptuous retirement dinner preceded by a gathering of friends and colleagues at which he was invited to speak on the theme of ‘my adventures in classical archaeology.’ It was followed the next day by excellent talks by friends from Greece and Ttrkiye on exciting new material from the Aegean/Anatolian region in a symposium brilliantly organised by Lincoin’s dynamic Maria Stamatopoulou.
## Harriet Soper (English)
Dr Soper this year completes four years teaching at Lincoln. She will at the calendar end of the year be leaving Lincoln to join the University of Bristol as Lecturer in Medieval Literature. Dr Soper has in this last year been able to participate in the College’s Pathfinders scheme in September 2023 and speak to a group of 1314-year-olds about Old English riddles. She has also contributed to the University’s Ten-Minute Book Club podcast series. She has found teaching to be as enjoyable and enlightening as ever, and indeed teaching has prompted her to publish a new article (‘The Wanderer and the Legacy of Pathetic Fallacy’, in Neophilologus), emerging from years of related conversations with Lincoln's undergraduates. In the Summer of 2023, Dr Soper gave a keynote at the biennial conference of the International Society for the Study of Early Medieval England, and she looks forward to speaking at Yale University and the University of Pennsylvania during her sabbatical leave this autumn, which she will mostly spend as a Visiting Fellow at Yale.
## Andreas Televantos (Law)
This past academic year Dr Televantos’s focus has very much been on research, as he was on sabbatical during Michaelmas and Hilary Terms. He had an article on the nature of the rights of partners in partnership assets appear in the Law Quarterly Review, wrote a chapter for an edited volume on company charges, and co-authored another chapter on equitable accounting. He also completed a draft of an article on trustee liabilities and the rights of trust creditors. In terms of talks, Dr Televantos presented a paper on the uses of trusts in financial structures to both practitioners and academics at the University of Tokyo and in Oxford, both leading a Faculty discussion of a recent Privy Council Case (ITG v Fort Trustees) and co-presenting the paper on equitable accounting.
## Alice Thorneywork (Chemistry)
Dr Thorneywork’s research currently focuses on achieving a fundamental understanding of how to control transport of material, from ions to nanoparticles, through tiny pores and channels; a problem with applications ranging from the development of biomedical sensors to clean energy generation. Having recently been awarded a £1.2M UKRI Frontier Research Guarantee grant in addition to support from the John Fell Fund, alumni donors, and the Royal Society, Dr Thorneywork and her colleagues have been busy this year building all the bespoke experimental setups they need to pursue this work. Their preliminary results have been very well received at presentations in Lausanne, Paris, New Hampshire, and Edinburgh and she is excited to push ahead with the project in the coming year.
## David Vaux (Medicine)
In the laboratory, Professor Vaux and his colleagues have been busy on several fronts. Years ago, they noted that human cell nuclei may ‘burst’ only to reassemble without apparent harm to the cell. They have now linked this seeming catastrophe to the appearance of new invaginations into the nucleus from the cytoplasm. Now they need to establish which of these is cause and which consequence; initial time-lapse studies suggest that invaginations may be restorative for the damaged nuclear envelope. Research has also continued on BRCA1 influences on extracellular vesicles produced by human breast cancer cells, and the implications for migration of neighbouring cells. They have also continued to study the physiology of pancreatic beta cells, culminating in submission of a large study exploring the link between high glucose levels and the genesis of insulin containing granules.
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Not all of their collaborations have been entirely science-based, and he was pleased to host the Ligeti Quartet in College for the world premiere of a new work, “Imprisoned Absence”, a collaboration between the composer Vernon C David and Banafshe Larijani, poet, science collaborator, and sometime Lincoln visiting academic.
Despite these distractions, Professor Vaux's College teaching has remained an enjoyable highlight throughout, and he is pleased to report excellent results for our medics in Finals, and in 2°4 BM Finals, as well as our Biomedical Scientists. He congratulates them all for navigating troubled times to achieve these results.
## Michael Willis (Chemistry)
This year saw the College welcome its largest cohort of chemistry students for a long time, with seven students starting the course. Fortunately, this coincided with Dr Alice Thorneywork taking up her Fellowship in physical chemistry. All in all, the teaching year was a successful one with the students continuing to excel.
Ithas been a successful year from Dr Willis’s research perspective. In general, he and his group are continuing to explore the development of new methods for the synthesis of medicinally-relevant organosutfur molecules. In particular, they have begun to focus on exploiting sustainable substrate classes. A highlight of the year for him was presenting some of their research at the Fall meeting of the American Chemical Society, held this year in San Francisco.
## Nigel Wilson (Classics)
This year Mr Wilson has been able by video-conference to give two lectures to Fu Dan University in Shanghai and one to Tubingen and to hold weekly meetings with a colleague from Bratislava; they are working together on an important palimpsest manuscript in the National Library in Vienna. They gave a joint paper describing their research at a conference held in Wolfson College. Production of Mr Wilson’s edition of Photius is going ahead, although slowly. There is just one publication to report, a brief introduction to a volume of essays dealing with the recovery of knowledge of Homer in the Italian Renaissance Studi sulla riscoperta umanistica di Omero, ed. J. Butcher, P. Megna, N. Wilson. Mr Wilson has also been pleased to act as College Advisor to an Italian doctoral student of great ability, who will next year stand in for the Tutor at St Anne’s when he is on leave.
## Henry Woudhuysen (Rector)
In April 2018, there was a two-day conference in the Oakeshott Room on printing and misprinting in Renaissance Europe. A handsome volume of the papers given at it has now appeared, published by OUP, and jointly edited by the College’s Geri Della Rocca de Candal, with Anthony Grafton and Paolo Sachet. Professor Woudhuysen provided a short ‘Foreword’ for this rather Lincoln-shaped volume. A slightly longer piece on ‘Thomas Hearne’s Woodblocks’ was published in the Bodleian Library Record. This described the woodblocks that Hearne, a Fellow of St Edmund Hall and one of the grumpiest people in a crowded Oxford field, used in his many early eighteenth-century publications; several of the blocks survive in the Bodleian and, after his death in 1735, were reprinted. A chapter with the rather snappy title, ‘From Duck Lane to Lazarus Seaman: Buying and Selling Old Books in England during the Sixteenth and Seventeenth Centuries’, appeared in The Oxford Handbook of the History of the Book in Early Modern England, edited by Adam Smyth. Professor Woudhuysen’s edition of Evelyn Waugh's gothic fantasy A Handful of Dust, was published as volume 4 in a projected 43-volume edition of OUP’s The Complete Works of Evelyn Waugh.
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## The Chapel
The College Chapel provides a focus for worship according to the rites of the Church of England, as well as a place of quiet beauty and contemplation for the whole College. The Chapel hosted a number of alumni weddings, welcoming guests from around the world and close to home. Our ordinary round of services, including Holy Eucharist and Chora! Evensong saw strong attendance throughout the year.
Six Choral Scholarships (for Lincoln members) and two Choral exhibitions (for students of other colleges) were awarded for the academic year 2022-23. Members of the Choir receive professional singing lessons, helping maintain its reputation as one of Oxford’s best mixed-voice student Choirs, providing a rich community in which to foster the life of the English choral tradition. The Chapel Choir capped off a stellar year with a tour in France, singing in churches in Caen and Toulouse.
## Environmental Sustainability
The College has increased its focus on measuring and managing our carbon consumption and our biodiversity. The College was pleased to have been awarded a gold Green Impact award for its sustainable practices.
## Premises
The College has continued to pay considerable attention to the maintenance and enhancement of its physical resources in pursuit of its charitable objects.
During the year, the College commenced plans for improving disabled access in the Library and for the restoration of the Beckington and Williams rooms.
## Development and Fund-raising
Legacies and donations contributed £3.848 million to the College’s funds in 2022-23 (2021-22: £7.005m). In addition, the College received pledges to the value of £5.63m million (this does not include pledges that were immediately converted to cash), with future bequest pledges of £790,000 also received. Once again, a significant number of donations were in support of scholarships and bursaries, including grants for graduate students from long-term donors, the Lord Crewe’s Charity and the Sloane Robinson Foundation, and several new bursary funds for undergraduate students. Alumni continue to donate generously to student support in general, enabling the College to make generous hardship grants when these are needed, and contributing to the costs of Study Skills Lecturers. In addition, alumni donations continue to support the tutorial system, with allocations to Biomedical Science, Law, Music, Maths and Philosophy. Alumni feel closely connected to the College through our extensive events programme, which this year saw visits to the USA by the Rector and Deputy Development Director, as well as in Oxford and a number of other cities in the UK and Europe. As measured by financial participation, at 15% (2021-22: 15%), engagement is high in relative terms.
The fundraising strategy for the College is determined by the Governing Body, and aims to seek funds in its core objectives of education and research. Fundraising is led by the Development Director, who reports to the Governing Body. The Development Office team of five (including the Development Director) is responsible for both fundraising and alumni relations activity within Lincoln College. Fundraising activity is directed at alumni of the College, and Trusts and Foundations with objectives allied to the College, and uses direct mail, email, and social media, telephone, and face-to-face approaches to discuss fundraising opportunities with supporters and potential supporters. On some occasions, the Development Office uses a third party to help with the management of telephone campaigns; no telethon was conducted this year, but the Development Office did ——————ee—S
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spend time preparing for a September 2023 telethon. The Development Office is also responsible for producing College publications, and hosts a mentoring platform to connect alumni with students seeking career advice. In 2022-23, our new College Communications and Website Officer continued the work of her predecessor in editing and producing College publications for alumni; she also increased our profile on social media. She worked closely with the Outreach Officer to update the College’s website pages for potential applicants, and with the College’s external communications consultancy. The College uses a fundraising database, Raisers Edge, to maintain contact details for alumni and donors, and adheres to the GDPR. Lincoln College is registered with the Fundraising Regulator and adheres to the Code of Fundraising Practice. In the past year, no complaints have been received about fundraising activity or about personnel.
The financial performance of the College is discussed in the ‘Financial Review’ below and in the section entitled ‘Investment Policy, Objectives, and Performance’.
## FINANCIAL REVIEW
The College derives income to support its regular operations in pursuit of its objectives from three principal sources:
- e income in respect of tuition, being fees paid by students (or their sponsors, or government) and money received from external sources to fund Fellowships and studentships;
- e revenue from the College’s domestic (accommodation and catering) activities, as provided both to College members and to non-members of College;
- e returns generated by the College’s pool of investments.
The College also receives a number of donations and legacies each year, some of which are used to fund regular operations, but the larger share of which is used to increase endowment funds and to fund major items of capital expenditure.
In 2022-23, the total income was £14.738 million (2021-22: £16.319 million) of which £3.848 million was in the form of donations and legacies (2021-22: £7.005 million).
The College spends money on five areas of activity:
- e academic activities (education, study, and research, including personnel costs and expenditure on supporting infrastructure);
- e support for students (in the form of scholarships, bursaries, and expenditure on facilities and activities for students’ benefit);
- e provision of accommodation and catering services to members and non-members of College; ¢ buildings’ repair and maintenance; e management (including the costs of fund-raising, investment management, and governance).
In 2022-23, the total expenditure was £16.488 million (2021-22: £15.529 million). Therefore, the total of net expenditure before investment gains was £1.750 million (compared to net income in 2021-22 of £0.79 million).
The College’s annual Financial Plan is structured such that all operating expenditure should be met from the three sources of operating income, with the proviso that the sum derived from the College's endowment should be no more than a fixed percentage of the value of those endowment funds. The College has a policy to draw up to 3% of its average endowment fund balances over the previous three years. This can be varied, if necessary, as it was in 2019-20 with the onset of the pandemic. From the year 2013-14, the College has presented its Accounts ona total return accounting basis. The Governing Body will keep the level of income withdrawn from endowment funds under review in order to balance the needs and interests of current beneficiaries of the College’s activities with those of future beneficiaries.
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In 2022-23, income in the form of tuition fees showed an increase to £3.042 million (2021-22: £2.838 million). The College continued to benefit from privately sourced funds in support of student scholarships, with substantial and generous donations from the Kingsgate Fund, Sloane Robinson Foundation, the Keith Murray Award Fund, the Berrow Foundation, and Lord Crewe’s Charity.
Income from domestic activities was £3.692 million. This compares with income from residential activities of £3.173 million in 2021-22. The College has a provision on its balance sheet of £1.835 million (2021-22: £2.270 million) for deficits in its USS and OSPS pension plans. As we look forward, the OSPS scheme is now in surplus and the next valuation of the USS scheme is expected to showa surplus.
Endowment total return allocated to income was £3.758 million in 2022-23 (£3.593 million in 2021-22). In addition, certain unrestricted and restricted donations may fund operating expenditure.
## Reserves policy
The College’s reserves policy is: to maintain sufficient free reserves to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall; to allow the College to be managed efficiently; and to provide a buffer that would ensure uninterrupted services.
Total funds of the College and its subsidiaries at the year-end amounted to £189.342 million (2021-22: £1491.062 million). This includes endowment capital of £147.317 million and unspent restricted income funds totalling £10.658 million (2021-22: £10.644 million). Free reserves at the year-end amounted to £4.503 million (2021-22: £5.579 million), representing retained unrestricted income reserves excluding an amount of £26.967 million for the book value of tangible fixed assets less associated funding arrangements and £1.439 million of designated reserves.
Free reserves at the year-end were £4.503 million (2021-22: £5.579 million). This amount represents approximately over three months’ expenditure and is line with the College’s policy on reserves.
## Risk management
The College has on-going processes that operated throughout the financial year for identifying, evaluating and managing the principal risks and uncertainties faced by it and its subsidiaries in undertaking its activities. When it is not able to address risk issues using internal resources, the College takes advice from experts external to the College with specialist knowledge. Policies and procedures within the College are reviewed by the relevant College committee, chaired by the Rector or the Bursar. Financial and investment risks are assessed and monitored by the Finance Committee. Technology and data security risks are reviewed by the Planning Committee. In addition, the Domestic Operations Manager and domestic staff heads meet regularly to review health and safety issues. Training courses and other forms of career development are available, when requested, to members of staff to enhance their skills in risk-related areas.
The Governing Body, who have ultimate responsibility for managing any risks faced by the College, have reviewed the processes in place for managing risk and the principal identified risks to which the College and its subsidiaries are exposed and have concluded that adequate systems are in place to manage these risks. The College has identified specific risks, assessed the impact of the risk and the probability of the event occurring, and reviewed measures to manage the risks. The principal categories of risks and uncertainties faced by the College and its subsidiaries are:
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## LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2023
|Reputation|Impairment ofCollege’s standing | The College, along with other Oxford|Impairment ofCollege’s standing | The College, along with other Oxford|
|---|---|---|
|and||colleges, is currently reviewing its|
|Governance||governance to seek further improvement.|
|||Any proposed measures will be discussed|
|||with the Charity Commission. The College|
|||monitors and reviews its welfare, diversity,|
|||and equality practices and policies.|
|Statutory and
regulatory|| Impact ofgovernmental,
regulatory and University bodies|The College is actively involved with the
Conference ofColleges 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 risks | on tuition funding, impact of
standards and a substantial endowment to|||
||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 risks in financial returns.|
||impact ofshared pension|The College monitors the impact of inflation|
||obligations. In particular, the|and makes the necessary adjustments. The|
||impact of inflation is a risk.|College monitors developments in the USS|
|||pension scheme.|
|Cyber-|Disruption of activities and loss of||Measurestaken bythe University and the|
|Security risks||data due to impairment ofIT|College to improve security, including multi-|
||capability or data breach;|factor authentication, vulnerability testing.|
||ransomware attacks.|Ongoing protection measures being|
|||undertaken. Independent review by external|
|||expert 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|
||conferenceincome.||
## Investment policy, objectives and performance
The College’s investment objectives are to balance current and future beneficiary needs by:
e maintaining and then growing the value of the investments in real (spending-power) terms; ® producing a consistent and sustainable amount to support regular expenditure;
e delivering these objectives within acceptable levels of risk.
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## LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2023
To meet these objectives, the College’s investments as a whole are managed on a total return basis (that is, income and capital taken together), maintaining diversification across a range of asset classes in order to produce an appropriate balance between risk and return. This approach is consistent with the College Statutes, which allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total return. Investment strategy, policy, and performance are monitored by the Finance Committee. Individual members of the Finance Committee bring to it significant investment expertise.
At the end of July 2023, the Group’s long-term investments, combining the property assets and the pool of securities and other investments, totalled £172.783 million (2021-22: £175.615 million) of which £9.857 million comprised the independently constituted Lincoln 2027 Trust and £1.843 million the Lincoln College Michael Zilkha Trust.
The College aims to achieve a long-term return of 4% above inflation (as measured by the Consumer Price Index). The net return on the College's endowment and long-term investments (that is, income plus capital gain less management fees) was 0.4% (2021-22: 3.9%). This return comprised:
Property Investments Securities and Other Investments Total Net returns +2.3 % -0.6% 0.4%
Valuations of Property Investments are determined by the College’s Land Agents, Laws and Fiennes, who in turn take advice from such advisers as Cluttons (for commercial and London residential properties), Breckon & Breckon (for local residential properties), and Carter Jonas (for agricultural properties). With the assistance of these advisers, the College undertakes a full-scale market-based revaluation of a portion of the Property portfolio every year, so that over three years all the properties have been subject to such a market-based revaluation. This year, the College’s commercial properties in Oxford and Marlow were valued by Cluttons. Day-to-day management of most of the securities and other investments was delegated to an external manager, Partners Capital. Non-endowed capital that is required for expenditure in the short-term is invested in liquid short-term securities and money-market funds. The carrying value of the preserved permanent capital and the amount of any unapplied total return available for expenditure was taken as the open-market values of these funds as at 1 August 2002, together with the original gift value of all subsequent endowment received.
## FUTURE PLANS
The College’s mission and values are stated below:
We believe students with outstanding academic potential come from all backgrounds. We seek to offer the widest possible access to the education we provide.
We offer our Tutors both support and autonomy. We aim to recruit and retain the best Tutors, who are attracted to the College by its reputation, its autonomy, and by the support it provides to Fellows in their teaching and research.
Our Tutors afford our students the opportunity of a unique experience of personal teaching and learning. We believe the advancement of learning is best achieved by the tutorial model of teaching in small groups and support for academic research.
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LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2023
Lincoln College is an integral part of the University of Oxford. We seek to contribute to society through the pursuit of our objects:
1. The advancement of education, study, and research, in particular through the provision, support and maintenance of a college in Oxford;
2. The advancement of religion, including the provision and support of principles of the Church of England.
a Chapel in accordance with the
We value difference. Lincoln College is committed to fostering an inclusive culture that promotes equality, values diversity, and maintains a working, learning, and social environment in which the rights and dignity of all its staff, Fellows, and students are respected.
We are committed to ensure that members of the College have academic freedom within the law to question and test received wisdom, and to put forward new ideas and controversial or unpopular opinions, without placing themselves in jeopardy of risking their jobs or privileges; and to apply the principles of justice and fairness to their application within the College.
We believe in achieving our aims sustainably. Lincoin College is working towards an environmentally sustainable future.
The College’s future plans towards the achievement of its Objects are set out in the College’s Strategic Plan which is available on the College's website at https://lincoln.ox.ac.uk/policies-and-reports/lincoln-collegestrategic-plan-2022-27. Progress in implementing the Strategic Plan is reviewed each year in Michaelmas Term by the Governing Body, advised by the Planning Committee; and the Plan is formally reviewed approximately every five years.
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## LINCOLN COLLEGE
Report of the Governing Body Year ended 31 July 2023
## STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES
The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations.
Charity law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body has prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).
Under charity law, the Governing Body must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the College and of its net income or expenditure for that period. In preparing these financial statements, the Governing Body is required to:
- e select the most suitable accounting policies and then apply them consistently;
- e make judgements and accounting estimates that are reasonable and prudent;
- « state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
- e state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures, which are explained in the financial statements;
- e prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the College will continue to operate.
The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College's transactions and disclose with reasonable accuracy at any time the financial position of the College and enable it to ensure that the financial statements comply with the Charities Act 2011. It is also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Governing Body on 8 November, 2023 and signed on its behalf by:
## Henry Woudhuysen
Rector
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## LINCOLN COLLEGE Independent Auditor’s Report to the Members of the Governing Body of Lincoln College
## Opinion
We have audited the financial statements of Lincoln College (the “Charity”) for the year ended 31 July 2023 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- e give a true and fair view of the state of the group and charity’s affairs as at 31 July 2023 and of the group’s income and expenditure for the year then ended;
- e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- e have been prepared in accordance with the requirements of the Charities Act 2011.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Members of the Governing Body’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in the relevant sections of this report.
## Other information
The Members of the Governing Body are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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## LINCOLN COLLEGE
Independent Auditor's Report to the Members of the Governing Body of Lincoln College
## Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- e sufficient accounting records have not been kept;
- e the financial statements are not in agreement with the accounting records and returns; or
- e we have not obtained all the information and explanations necessary for the purposes of our audit.
## Responsibilities of the Members of the Governing Body
As explained more fully in the Statement of Accounting and Reporting Responsibilities, set out on page 25, the Members of the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Members of the Governing Body are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of the Governing Body either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |SAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with taws and regulations, was as follows:
- es the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- e we identified the laws and regulations applicable to the charity through discussions with Members of the Governing Body and other management, and from our knowledge and experience of the client's sector;
- e we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation;
- *® we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and, where relevant, inspecting legal correspondence; and
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## LINCOLN COLLEGE
Independent Auditor’s Report to the Members of the Governing Body of Lincoln College
- e identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity's financial statements to material misstatement, including Obtaining an understanding of how fraud might occur, by:
- e making enquiries of Members of Governing Body and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- e considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- e assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- e investigated the rationale behind significant or unusual transactions;
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- e agreeing financial statement disclosures to underlying supporting documentation;
- e reading the minutes of meetings of those charged with governance;
- e enquiring of management as to actual and potential litigation and claims;
- e if considered necessary, reviewing correspondence with relevant regulators and the charity’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Members of Governing Body and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.fre.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
## Use of this report
This report is made solely to the College’s Governing Body, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the Governing Body those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College’s Governing Body as a body, for our audit work, for this report, or for the opinions we have formed.
Critchleys Audit LLP Statutory Auditor
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## LINCOLN COLLEGE
Independent Auditor’s Report to the Members of the Governing Body of Lincoln College Beaver House,23-38 Hythe Bridge Street f e ' Llg CrP; Oxford OX1 2EP
## Date: 7. Wf |totT
Critchleys Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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## LINCOLN COLLEGE Statement of Accounting Policies Year ended 31 July 2023
1. Scope of the financial statements
The financial statements present the Consolidated Statement of Financial Activities (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 Limited together with Lincoln 2027 Trust and Lincoln College Michael Zilkha Fund. The subsidiaries have been consolidated from the date of their formation being the date from which the College has exercised control through voting rights in the subsidiaries. No separate SOFA has been presented for the College alone as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary of the results and financial position of the charity and each of its material subsidiaries for the reporting year is in note 13.
2. Basis of accounting
The College’s individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102).
The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated financial statements in accordance with ‘The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (The Charities SORP (FRS 102)).
The financial statements have been prepared on a going concern 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 the Statement of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year.
3. Accounting judgements and estimation uncertainty
In preparing financiat statements, it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governing Body to have most significant effect on amounts recognised in the financial statements.
The College participates in two multi-employer defined benefit pension plans. In the judgement of the Governing Body there is insufficient information about the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets in the financial statements and therefore the plan is accounted for as a defined contribution scheme (see notes 23).
The College carries investment property at fair value in the balance sheet, with changes in fair value being recognised in the income and expenditure section of the SOFA. Valuations of Property Investments are determined by the College’s Land Agents, Laws and Fiennes, who in turn take advice from such advisers as Cluttons (for commercial and London residential properties), Breckon & Breckon (for local Oxford residential properties) and Carter Jonas (for agricultural properties). With the assistance of these advisers, the College undertakes a market-based revaluation of a portion of the Property portfolio each year with the balance being estimated valuations undertaken by the College’s Land Agent. In 2022-23 the College's commercial properties in Oxford and Marlow were independently valued by Cluttons. The College’s other properties were valued by its Land Agent after consultation with the above-mentioned advisers.
Before legacies are recognised in the financial statements, the Governing Body has to exercise judgement as to what constitutes sufficient evidence of entitlement to the bequest. Sufficient entitlement exists once notification of payment has been received from the executor(s) of the estate or estate accounts are available which indicate there are sufficient funds in the estate after meeting liabilities for the bequest to be paid.
## SO — eS eee S—‘—‘“Fr””
Statement of Accounting Policies Year ended 31 July 2023
## LINCOLN COLLEGE
In the view of the Governing Body, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
With respect to the next financial year, the most significant areas of uncertainty that affect the carrying value of assets held by the College are the level of investment return and the performance of investment markets.
- 4, Income recognition
All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured.
a. Income from fees, Office for Students support and other charges for services
Fees receivable, Office for Students support and charges for services and use of the premises are recognised in the period in which the related service is provided.
## b. Income from donations, grants and legacies
Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the date on which the College has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met.
Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) of the deceased’s estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable.
Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds.
Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the date of the gift.
## c. Investment income
Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates.
income from fixed interest debt securities is recognised using the effective interest rate method.
Dividend income and similar distributions are recognised on the date the share interest becomes exdividend or when the right to the dividend can be established.
Income from investment properties is recognised in the period to which the rental income relates.
5. Expenditure
Expenditure is accounted for on an accrual basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated.
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LINCOLN COLLEGE Statement of Accounting Policies Year ended 31 July 2023
Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met.
All expenditure, including support costs and governance costs, is allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA).
Support costs, which include governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs, are apportioned to expenditure categories in the SOFA, based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.
Intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure in the consolidated financial statements.
6. Tangible fixed assets
Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.
The College capitalises expenditure on buildings where there is a significant improvement in their useful life. The College capitalises expenditure on equipment costing more than £1,000.
Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised and expensed in the SOFA.
Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the SOFA as incurred.
7. Depreciation
Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows:
Freehold buildings, including major extensions 50 years Leasehold properties 50 years or period of lease if shorter Building improvements 20 - 50 years Equipment 3 - 15 years Freehold land is not depreciated. The cost of maintenance is charged in the SOFA in the period in which it is incurred.
At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable, then the carrying values of tangible fixed assets are reviewed for impairment.
8. Heritage Assets
The College has chosen to hold heritage assets at cost. The College has a number of assets, including items of art and historic texts that meet the definition of heritage assets under the SORP. The depreciated historic cost of the majority of these items is nil. tems purchased are recognised at cost and items donated to the College are recognised at fair value. The College has taken advantage of the exemption within FRS 102 not to disclose transactions before 1 January 2015 as obtaining fair values for these
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LINCOLN COLLEGE Statement of Accounting Policies Year ended 31 July 2023
assets would be impracticable and the cost of obtaining such valuations would outweigh the benefits to the users of these financial statements.
9. Investments
Investment properties are initially recognised at their cost, and subsequently measured at their fair value (market value) at each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts.
Listed investments are initially measured at their cost, and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs.
Investments such as hedge funds and private equity funds, which have no readily identifiable market value, are initially measured at their costs and subsequently measured at their fair value at each reporting date, without deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respective fund managers.
Other unquoted investments are valued using primary valuation techniques such as earnings multiples, recent transactions and net assets where reliable estimates can be made — otherwise at cost less any impairment.
Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as ‘gains or losses on investments’ and are allocated to the fund holding or disposing of the relevant investment.
## Other financial instruments
## a. Cash and cash equivalents
Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less.
b. Debtors and creditors
Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors (excluding any amounts that are classed as concessionary loans) and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.
## 10. Stocks
Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.
## 11. Foreign currencies
The functional and presentation currency of the College and its subsidiaries is the pound sterling.
Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.
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LINCOLN COLLEGE Statement of Accounting Policies Year ended 31 July 2023
## 12. Total Return investment accounting
The College Statutes authorise the College to adopt a ‘total return’ basis for the investment of its permanent endowment. The College can invest its permanent endowments without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return that can either be retained for investment or release to income at the discretion of the Governing Body.
## 13. Fund accounting
The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or set by the terms of an appeal. Endowment funds are further sub-divided into permanent and expendable.
Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose, and this will be accounted for by transfers to appropriate designated funds.
Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required or permitted the capital to be maintained and with the intention that the income will be used for specific purposes within the College’s objects.
Permanent endowment funds arise where donors specify that the funds are to be retained as capital for the permanent benefit of the College. Any part of the total return arising from the capital that is allocated to income will be accounted for as unrestricted funds unless the donor has placed restrictions on the use of that income, in which case it will be accounted for as a restricted fund.
Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined, based on the circumstances that they have been given, for the long-term benefit of the College. However, the Governing Body may at its discretion determine to spend all or part of the capital.
## 14. Pension costs
The College participates in the Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme. These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of each scheme are held in a separate trusteeadministered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual employers and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other employers’ employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits’, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to each scheme. Since the College has entered into agreements (the Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, the College recognisesa liability for the contributions payable that arise from the agreements (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.
36
LINCOLN COLLEGE Statement of Accounting Policies Year ended 31 July 2023
FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer 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 multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The trustees are satisfied that Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme both meet the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the recovery plans in existence at the date of approving the financial statements.
37
## Lin Coln College
## Consolidated Statement of Financial Activities For the year ended 31 July 2023
## ———————————— ee
## eee eee
|||Unrestricted
Funds|Restricted
Funds|Endowment
Funds|2023
Total|2022
Total|
|---|---|---|---|---|---|---|
||Notes|£'000|£'000|£'000|£'000|£'000|
|INCOMEAND ENDOWMENTS FROM:|||||||
|Charitable activities:|1||||||
|Teaching, researchand residential||7,095|-|-|7,095|6,245|
|OtherTrading Income
Donations and legacies|3
2|310
456|-
2,166|-
1,226|310
3,848|233
7,005|
|Investments|||||||
|investment income|4|950|126|1,604|2,680|2,790|
|Total return allocated to income|14|2,327|1,431|(3,758)|-|-|
|Olherincome|10|805|-|-|805|46|
|Totalincome||11,943|3,723|(928)|14,738|46,319|
|EXPENDITURE ON:|5||||||
|Charitable activities:|||||||
|Teaching, research and residential||10,276|3,366|57|13,699|13,433|
|Generating funds:|||||||
|Fundraising
Trading expenditure||707
296|-
-|-
-|707
296|618
225|
|Investment managementcosts||476|66|1,244|1,786|1,253|
|Total Expenditure||11,755|3,432|1,301|16.488|15,529|
|Net IncomefExpenditure) before gains||188|291|(2,229)|(1,750)|790|
|Net gains/{losses) on investments|41,12,16|(672)|(141)|843|30|4,562|
|Net Income/(Expenditure)||(484)|150|(7,386)|(7,720)|5,352|
|Transfers between funds|19|436|(136)|-|-|-|
|Net movement in funds for the year||(348)|14|(1.386)|(1,720)|5,352|
|Fundbalancesbrought forward|19|31,715|10,644|148,703|191,062|185,710|
|Fundscarriedforwardat31July||31,307|10,658|147,317|189,342|791,062|
38
## Lirtcoln College Co Nsolidated and College Balance Sheets As at 31 July 2023
|———— OO
— — ———
———— — ——
O_O"
O_o?|———— OO
— — ———
———— — ——
O_O"
O_o?|———— OO
— — ———
———— — ——
O_O"
O_o?|———— OO
— — ———
———— — ——
O_O"
O_o?|———— OO
— — ———
———— — ——
O_O"
O_o?|———— OO
— — ———
———— — ——
O_O"
O_o?|
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
|||Group|Group|College|College|
||Notes|£'000|£'000|£'000|£'000|
|FIXED ASSETS||||||
|Tangible assets|9|39,610|39,495|39,610|39,495|
|Heritage assets|10|-|-|-|-|
|Property investments|11|60,452|61,864|60,452|61,864|
|Other Investments|12|112,331|113,751|100,633|102,723|
|Total Fixed Assets||212,393|215,110|200,695|204,082|
|CURRENTASSETS||||||
|Stocks||141|140|141|140|
|Debtors|15|2,467|VAST TA|2,519|2,453|
|Investments|16|1,035|6,127|1,035|6,127|
|Cash at bank and in hand||2,382|1,714|2,315|1,568|
|Totat Current Assets||6,025|10,298|6,010|10,288|
|LIABILITIES||||||
|Creditors: Amounts falling due within one year|A7|1,595|1,406|1,592|1,404|
|NETCURRENTASSETS||4,430|8,892|4,418|8,884|
|TOTAL ASSETS LESS CURRENT LIABILITIES||216,823|224,002|205,113|212,966|
|CREDITORS: failing due aftermore than one year|18|25,646|30,670|25,646|30,670|
|NETASSETS BEFORE PENSION ASSET OR LIABILITY||191,177|193,332|179,467|182,296|
|Defined benefit pension scheme liability|23 & 31|(1,835)|(2,270)|(1,835)|(2,270)|
|TOTALNETASSETS||~~ 489,342~—~«19,062,—~°~=*=“‘«‘dT7,OS2Q~=~“‘COCC#O#«#O‘SO(«CO’™||||
|FUNDS OF THE COLLEGE||||||
|Endowment funds|19|147,317|148,703|135,617|137,673|
|Restricted funds|19|10,658|10,644|10,658|10,644|
|Unrestricted funds|19|||||
|Designated funds||28,699|28,406|28,699|28,406|
|General funds||4,503|5,579|4,493|5,573|
|Pension reserve|23|(1,835)|(2,270)|(1,835)|(2,270)|
|||189,342|191,062|177,632|180,026|
The financial statements were approved and authorised for issue by the Governing Body of Lincoln College on 8 November 2023
t4/ Trustee:Trustee: Times *)md boy«
39
## Lirttoln College Consolidated Statement of Cash Flows Fo tthe year ended 31 July 2023
|Fo tthe year ended 31 July 2023|Fo tthe year ended 31 July 2023|Fo tthe year ended 31 July 2023|Fo tthe year ended 31 July 2023|Fo tthe year ended 31 July 2023|Fo tthe year ended 31 July 2023|
|---|---|---|---|---|---|
|OO
——
——————— ——
st||||||
|||||2023|2022|
||Notes|||£'000|£'000|
|Net cash provided by (used in) operating activities|24|||(5,729)|(4,830)|
|Ca$h flows from investing activities||||||
|Dividends, interest and rentsfrom investments||||2,680|2,790|
|Proceeds from the sale of property, plant and equipment||||=|=|
|Purchase of property, plant and equipment||||(178)|(11)|
|Proceeds from sale of investments||||2,872|3,374|
|Receipt from/(purchase) of current asset investments||||4,982|(380}|
|Purchase offixed asset investments||||(185)|(5,670)|
|Netcash provided by (used in) investing activities||||10,171|(3)|
|Cash flows from financing activities||||||
|Repayments of borrowing||||(5,000)|-|
|Cash inflows from new borrowing||||-|-|
|Receipt ofendowment||||1,226|3,586|
|Net cash provided by {used in) financing activities||||(3,774)|3,586|
|Change in cash and cash equivalents in the reporting period||||668|(1,247)|
|Cash and cash equivalents at the beginning of the||||||
|reporting period||||1,714|2,961|
|Cash and cash equivalents at the end of the reporting||||||
|period|25|||2,382|1,714|
|Anlaysis of changes in net debt||||||
|||At1 August|Cash flows|Other non-|At 31 July|
|||2022||cash changes|2023|
|||£'000|£'000|£'000|£000|
|Cash at bank and in hand||1,714|668|-|2,382|
|Loans falling due after more than one year|18|(30,670)|(5,000)|10,024|(25,646)|
|||(28,956)|(4,332)|10,024|(23,264)|
40
## Lineoln College Not#s to the financial statements For the year ended 31 July 2023 **e** e ee
1 INCOME FROM CHARITABLE ACTIVITIES
|||2023|2022|
|---|---|---|---|
||Teaching, Research and Residential|£000|£'000|
||Unrestricted funds|||
||Tuition fees - UKand EU students|1,629|1571|
||Tuition fees - Overseas students|1,413|1,267|
||Otherfees|61|33|
||Other Office forStudents support|171|116|
||Otheracademic income|129|85|
||College residential income|3,692|3,173|
||Total Teaching, Researchand Residential|7,095|6,245|
||Theabove analysis includes £3,180k received from Oxford University from publicly accountablefunds undertheCFFScheme (2022: £2,977k).|||
|2|DONATIONSAND LEGACIES|||
|||2023|2022|
|||£'000|£'000|
||Donations and Legacies|||
||Unrestrictedfunds|456|619|
||Restricted funds|2,166|2,800|
||Endowmentfunds|1,226|3,586|
|||3,848|7,005|
|3|INCOME FROM OTHER TRADING ACTIVITIES|||
|||2023|2022|
|||£'000|£000|
||Subsidiary company trading income|310|233|
|4|INVESTMENT INCOME|||
|||2023|2022|
|||£'000|£'000|
||Unrestricted funds|||
||Agricultural rent|7|4|
||Commercial rent|296|420|
||Other property income|512|473|
||Equitydividends and fixed interest|10|3|
||Bank interest|125|-|
||Restricted funds|||
||Agricultural rent|15|11|
||Commercial rent|66|65|
||Other property income|34|239|
||Equitydividends and fixed interest|11|4|
|||—_
He|~—~«*T05|
||Endowment funds|||
||Agricultural rent|173|186|
||Commercial rent|838|1,054|
||Other propertyincome|426|463|
||Equitydividends and fixed interest|167|77|
||Interest on fixed term deposits and cash|-|4|
|||T6004|176|
||TotaiInvestmentincome|2,680|2,790|
41
## Lin€0ln College
Not €s to the financial statements For the year ended 31 July 2023
OTee—eee eee—=~—c0 5 ANALYSIS OF EXPENDITURE
|ANALYSIS OF EXPENDITURE|||
|---|---|---|
||2023|2022|
||£'000|£'000|
|Charitable expenditure|||
|Direct staffcosts allocated to:|||
|Teaching, researchand residential|5,290|6,115|
|Other direct costs allocated to:|||
|Teaching, research and residential|5,661|4,886|
|Support and governance costs allocated to:|||
|Teaching, research and residential|2,748|2,432|
|Total charitable expenditure|13,699|13,433|
|Expenditureon raising funds|||
|Direct staffcosts allocated to:|||
|Fundraising|450|401|
|Trading expenditure|171|122|
|Investment management costs|12|=|
|Other direct costs allocated to:|||
|Fundraising|206|175|
|Trading expenditure|125|103|
|investment management costs|1,388|876|
|Support and governance costs allocated to:|||
|Fundraising|51|42|
|Trading expenditure|=|=|
|Investment management costs|386|377|
|Total expenditure on raising funds|2,789|2,096|
|Totalexpenditure|16,488|15,529|
The College is liable to be assessed for Contribution under the provisions of Statute XV of the University of Oxford. The Contribution Fund is used to make grants and loans to colleges on the basis of need. Contributions are calculated annually in accordance with regulations made by the Council of the University of Oxford,
The teaching and research costs include College Contribution payable of £103k (2022 - £93k}.
42
## Lin€éoln College Not€s to the financial statements For the year ended 31 July 2023
## OGeel
|8|ANALYSIS OFSUPPORTAND GOVERNANCE COSTS||||
|---|---|---|---|---|
||||Teaching||
|||Generating
Funds|and
Research|2023
Total|
|||£'000|£'000|£000|
||Financial administration|27|550|577|
||Domestic administration|:|248|248|
||Human resources|-|98|98|
||IT|23|209|232|
||Depreciation|-|4,153|1153|
||Loss/(profit)on fixed assets|-|2|-|
||Bankand loan interest payable|385|386|771|
||Other finance charges|-|75|75|
||Governance costs|2|29|31|
|||aa|2,746|3,165|
||||Teaching||
|||Generating
Funds|and
Research|2022
Total|
|||£'000|£'000|£000|
||Financial administration|18|503|521|
||Domestic administration|-|225|225|
||Human resources|=|88|88|
||IT|23|209|232|
||Depreciation|-|992|992|
||Lossi{profit) on fixed assets|-|-|-|
||Bank interest payable|376|377|753|
||Other finance charges|-|12|12|
||Governance costs|2|26|28|
|||4s" _2asz-aT||aT|
||Financialand domestic administration, IT and human resources costs are altributed according to the estimated staff timespent on||each activity.||
||Depreciation costsand profit orlosson disposal offixed assets are altributed according to theuse made ofthe underlying assets.||||
||Interestand otherfinance charges are attributed according to the purpose of the related financing.||||
||||2023|2022|
||||£'000|£'000|
||Governance costs comprise:||||
||Auditor's remuneration - audit services||30|27|
||Auditor'sremuneration-taxadvisoryservices||1|al|
No amount has been included in governance costs for the direct employment costs or reimbursed expenses of the College Fellows on the basis that these payments relate to the Fellows involvement in the College's charitable activities. Details of the remuneration of the Fellows and their reimbursed expenses are included as a separate note within these financial statements,
43
**----- Start of picture text -----**
||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Lin&0ln|College|
|Not|€s|to|the|financial|statements|
|For|the year|ended|31|July|2023|
|ee|EE|
|7|GRANTS|AND AWARDS|2023|2022|
|£000|£'000|
|During|the|year the|College|funded|research|awards|and|.|
|bursaries|to|students|from|its|restricted|and|
|unrestricted|fund|as|follows:|
|Unrestricted|funds|
|Grants|to|individuals:|
|Scholarships,|prizes|and|grants|-|.|
|Bursaries|and|hardship|awards|:|:|
|Total|unrestricted|_—_———S_E_|=_|
|Restricted|funds|
|Grants|to|individuals:|
|Scholarships,|prizes and|grants|1,727|1,671|
|Bursaries|and|hardship|awards|160|192|
|Total|restricted|eT”|rE|fi353|
|Total|grants|and|awards|7,887|T.B6d|
|The|figure|included|above|represents|the|cost|to|the|College|of the|Oxford|Bursary|scheme.|The|College|contributed|£70k|(2022:|£61k)|to|this|scheme.|
|The|above|costs are|included|within|the|charitable|expenditure|on|Teaching|and|Research,|
|8|STAFF|COSTS|
|2023|2022|
|The aggregate|staff costs|for|the|year were|as|follows|£'000|£'000|
|Salaries and wages|5,698|4,986|
|Social|security costs|510|510|
|Pension|costs:|
|Defined|benefit|schemes|- contributions|paid|in|the|year {note|23)|906|B16|
|Defined|benefit|schemes|- movement|in|provision|(note|23)|(510)|924|
|Other|benefits|169|156|
|—_|6773.|SSO”~“‘«S|iC|
|The average|number|of employees|of the|College,|excluding|Trustees,|
|on a|full time equivalent|basis was as follows.|2023|2022|
|Tuition|and|research|22|20|
|College|residential|64|66|
|Fundraising|5|6|
|Support|12|12|
|Total|oor oT|
|The average|number|of employed|College|Trustees|during|the|year was|as|follows.|
|University|Lecturers|13|12|
|CUF|Lecturers|11|11|
|Other|teaching|and|research|4|4|
|Other|5|5|
|Total|33|32|
|The|following|information|relates|to|the|employees|of the|College|excluding|the|College|Trustees.|Details|of the|remuneration|and|reimbursed expenses|of the|
|College|Trustees|is|included|as|a|separate|note|in|these|financial|statements.|
|The number|of employees (excluding|the|College|Trustees)|whose|gross|pay|and|benefits|(excluding employer|NI|and|pension|contributions)|exceeded|£60,000|
|£60,001-£70,000|-|1|
|£70,001-£80,001|a ee|
**----- End of picture text -----**
44
**----- Start of picture text -----**
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Lin€0In|College|
|Not|€8|to|the|financial|statements|
|For|the year|ended|31|July|2023|
|NN SSS........ggqg3&3;°_|°°|=>“|aa|
|9|TANGIBLE|FIXED|ASSETS|
|Group|and|College|Leasehold|Freehold|Plant and|Fixtures,|
|land|and|land and|machinery|fittings|and|
|buildings|buildings|equipment|Total|
|£'000|£'000|£000|£'000|£'000|
|Cost|
|At|start|of year|4,612|43,938|-|1,017|49,567|
|Additions|-|68|-|110|178|
|Transfers|from|investment|property|(note|11}|-|1,090|-|=|1,090|
|Other|transfers|-|(450)|450|-|
|Disposals|-|-|-|(563)|(563)|
|At|end|of year|4,612|44,646|-|1,014|60,272|
|Depreciation|and|impairment|
|At|start|of year|831|8,303|-|938|40,072|
|Depreciation|charge|for|the|year|92|854|.|207|1,153|
|Depreciation|on|disposals|-|-|-|(563)|(563)|
|At|end|of|year|923|9,157|-|582|10,662|
|Net|book|value|
|At|end|of|year|—_3,689|35,489|-|432|39,610|
|LA otyes|———ze)|a|——|—____.fide|
**----- End of picture text -----**
The College has substantial long-held historic assets all of which are used in the course of the College's teaching and research activities. These comprise listed buildings on the College site, together with their contents comprising works of art, ancient books and manuscripts and other treasured artefacts. Because of their age and, in many cases, unique nature, reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. However, in the opinion of the Trustees the depreciated historical cost of these assets is now immaterial.
Two properties with a net book value of Enil were transferred to investment properties in the year. The value at the date of transfer is recorded in the Statement of Financial Activities as other income.
10 HERITAGE ASSETS
Lincoln College has a large, diverse, valuable collection of antiquarian (pre-1830) printed books including 48 books printed before 1501 (primarily important early editions of classical or theological texts). It also has a valuable collection of sixteenth-century books and Hebrew books. The College archives contain valuable documents including the College charter from Henry V! (1427), a confirmation foundation charter from Edward IV (1461/62) as well as the College's statutes signed by Thomas Rotherham, the Bishop of Lincoin, who was the College's second founder (1469).
The College has a collecting policy for the acquisition, preservation, management, and disposal of heritage assets. The College subscribes to the Oxford Conservation Consortium, a charity providing programmes of collection care within the historic library and archive collections of its 14 members, all colleges, of the University of Oxford. The College takes in heritage material relating to its buildings, societies, estates, members, and activities, in addition to those produced by the College itself in the course of its administration. It takes in archives, publications and artefacts where these contribute to an appreciation of the College and its history, or where these reflect significant work carried out by College members, providing that they should not be more fittingly in another repository.
Lincoln College employs professional staff with recognized qualifications to manage and preserve its heritage assets, including a Librarian, Archivist, and Clerk of Works. Heritage assets are stored securely following British Standards and internationally published guidelines for environment and storage. Work is carried out following international standards for cataloguing description. The Archive collection includes information about the historic acquisition of heritage assets. Heritage assets are available for research use by members of the College and members of the public free of charge by appointment. Contact details for the relevant members of staff for the collections are available on the College website. The Archon repository code for Lincoln College is GB: 456
There have been no material acquisitions or disposal of heritage assets in the last 5 years
45
12 OTHER INVESTMENTS
## Lin@0ln College Not €s to the financial statements For the year ended 31 July 2023
## ee 1 PROPERTY INVESTMENTS
**----- Start of picture text -----**
|||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Group|and|College|2023|
|Agricultural|Commercial|Other|Total|
|£000|£'000|£'000|£'000|
|Valuation|at|start|of year|15,834|35,150|10,880|61,864|
|Additions|and|improvements|at|cost|-|-|>|-|
|Transfer|from|tangible|fixed|assets|(at|valuation)|.|805|-|805|
|Disposal|proceeds|-|(955)|-|(955)|
|Transfer|to|tangible|fixed|assets|(note|9)|-|{1,090)|-|(1,090)|
|Revaluation gains/(losses)|in|the year|662|(834)|-|(172)|
|Valuation|at end|of|year|16,496|33,076|70,450|60,452|
|Property|valuations|at|31|July 2023|have|been|provided|by|the|College's|external|land|agent|(FRICS)|from|Laws|&|Fiennes on|the|basis|of|market|value,|except|for|
|commercial|properties|which|were|valued|by Cluttons|and|Breckon|&|Breckon|
|Group|and|College|2022|
|Agricultural|Commercial|Other|Total|
|£'000|£'000|£000|£'000|
|Valuation|at|start|of|previous|year|14,001|34,635|11,205|59,841|
|Additions|and|improvements|at|cost|-|-|-|-|
|Disposal|proceeds|-|(1,043)|(425)|(1,468)|
|Revaluation|gains/(losses)|in|the|year|1,833|1,558|100|3,491|
|Valuation|at end|of previous|year|15,834|35,|150|10,880|61,504|
**----- End of picture text -----**
Property valuations at 31 July 2022 have been provided by the College's external land agent (FRICS) from Laws & Fiennes on the basis of market value, except for agricultural properties which were valued by Carter Jonas and its commercial property at 120-222 High Street in Oxford which was valued by Cluttons.
All investments are held at fair value
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|£'000|£000|
|College|investments|
|Valuation|at|start|of|year|102,721|97,346|
|New money|invested|-|5,603|
|Amounts|withdrawn|(1,427)|(846)|
|Reinvested|income|185|59|
|Investment|management|fees|(438)|(1,016)|
|(Decrease)/increase|in|value|of|investments|(410)|1,575|
|External|investments|at|end|of|year|100,631|102,721|
|lavestment|in|subsidiaries|2|2|
|College investments|at end|of year|100,633|02,723|
|Group|investments|
|Valuation|at|start|of year|113,751|108,593|
|New money|invested|-|5,603|
|Amounts|withdrawn|(1,479)|(888)|
|Reinvested|income|185|67|
|Investment|management|fees|(438)|(1,018)|
|(Decrease)/increase|in|value|of|investments|312|1,394|
|Group|investments|at|end|of|year|112,331|113,751|
|Group|investments|comprise:|2023|2022|
|Total|Total|
|£'000|£'000|
|Equity|investments|79,301|78,837|
|Credit|and|Government|Bonds|20,224|21,052|
|Absolute|return|and|other|investments|6,838|6,556|
|Fixed|term|deposits and|cash|5,968|7,306|
|Total|group|investments|112,331|13,75|
**----- End of picture text -----**
46
## Lin©0In College Not €s to the financial statements For the year ended 31 July 2023
|Lin©0In College
Not €s€s to the financial statements
For the yearyear ended 31 July 2023|Lin©0In College
Not €s€s to the financial statements
For the yearyear ended 31 July 2023|Lin©0In College
Not €s€s to the financial statements
For the yearyear ended 31 July 2023|Lin©0In College
Not €s€s to the financial statements
For the yearyear ended 31 July 2023|Lin©0In College
Not €s€s to the financial statements
For the yearyear ended 31 July 2023|Lin©0In College
Not €s€s to the financial statements
For the yearyear ended 31 July 2023|Lin©0In College
Not €s€s to the financial statements
For the yearyear ended 31 July 2023|Lin©0In College
Not €s€s to the financial statements
For the yearyear ended 31 July 2023|Lin©0In College
Not €s€s to the financial statements
For the yearyear ended 31 July 2023|
|---|---|---|---|---|---|---|---|---|
|a|||||||||
|als|PARENTANDSUBSIDIARY UNDERTAKINGS||||||||
||The College holds 100% ofthe issued share capital|in Lincoln College Trading Limited,||a company providing|conference and other event serviceson|||the College|
||premises, and 100% of the issued share capital in Lincoln College Enterprises Limited,|||a company providing|design and build construction services to the College, In||||
||addition the consolidated accounts include Lincoln 2027 Trust and Lincoln College Michael Zilkha Fund which are|||||separate registered charities with charity numbers|||
||1136816 and 1095113 respectively.||||||||
||The results and their assets and liabilities ofthe parent and subsidiaries at theyear endwere as follows.||||||||
||||Parent College|Lincoln College||Lincoln|Lincoln 2027|Lincoln College|
|||||Trading Ltd||College
Enterprises|Trust|Michael Zilkha
Fund|
|||||||Ltd|||
||||£'000|£000||£'000|£'000|£'000|
||Income||9,246|310||-|:|22|
||Expenditure||(13,351)|(299)||(1)|-|(74)|
||Investment gains/losses||(692)|-||-|721|1|
||Donation to College under gift aid||6|{8)||2|-|-|
||Result for the year||(4,791)|KS||1|721|(51)|
||Total assets||206,705|101||62|9,857|1,843|
||Total liabilities||(29,073)|(89)||(62)|-|-|
||Net funds atthe end ofyear||177,632|12||-|9,857|7,843|
|14|STATEMENT OF INVESTMENT TOTAL RETURN||||||||
||The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns|||||with effect from 1 August 2013. The||investment|
||return to beapplied as income is calculated as3% for2023 (2022: 3%) of the average|||ofthe year-end values of||the relevant investments at theend of the last3|||
||years. The preserved (frozen) value of the invested|endowment capital represents its open market value in|||1 August 2002 together with all subsequent endowments||||
||valued at date ofgift||||||||
|||||Permanent Endowment|||Expendable|Total|
|||||Unapplied|||Endowment|Endowments|
|||Total return|Trust for|Total|||||
|||not applied|Investment|Return||Total|||
|||£'000|£'000|£'000||£°000|£'000|£'000|
||At the beginning of the year:||||||||
||Gift component ofthe permanentendowment||51,095|||51,095||51,095|
||Unapplied total return|||65,461||65,461||65,461|
||Funds not subject to total return|143||||143||143|
||Expendableendowment
Total Endowments|143|51,095|65,461||116,699|32,004
32,004|32,004
148,703|
||Movements in the reporting period:||||||||
||Gift ofendowment funds||1,169|||1,169|57|1,226|
||Investment return: total investment income|||1,345||1,345|259|1,604|
||investment return: realised and||||||||
||unrealisedgainsand losses
Less: Investment management costs|22||84
(1,041)||106
(1,041)|737
(203)|843
(1,244)|
||Other transfers|||||-|-|-|
||Total|22|1,169|388||1,579|850|2,429|
||Unapplied total return allocated to||||||||
||income in the reporting period|||(3,130)||(3,130)|(628)|(3,758)|
||Expendable endowments transferred to income|||||-|(57)|(57)|
||||-|(3,130)||(3,130)|(685)|(3,815)|
||Net movements in reporting period|22|1,169|{2,742)||(1,551)|165|(1,386)|
||At end of the reporting period:|||||-|||
||Giftcomponent ofthe permanentendowment||52,264|-||52,264||52,264|
||Unapplied total return|||62,719||62,719||62,719|
||Funds not subject to total return|165||||165||165|
||Expendableendowment||||||32,169|32,169|
||TotalEndowments|165|52,264|62,719||115,745|32,169|147,317|
47
|Lin€oln|College|||||
|---|---|---|---|---|---|
|Not €s to the financial statements||||||
|For the|year ended 31 July 2023|||||
|a
Rs
O—0_0—_—||||||
|15|DEBTORS|||||
|||2023
Group|2022
Group|2023
College|2022
College|
|||£000|£'000|£'000|£000|
||Amounts falling due within one year:|||||
||Trade debtors|724|807|628|756|
||Amounts owed byCollegemembers
Amounts owed byGroup undertakings|73
-|80
-|73
148|80
187|
||Loans repayable within one year|-|-|-|=|
||Prepayments and accrued income|161|58|161|58|
||Amounts falling due after more than one year:|||||
||Loans|1,509|1,372|1,509|1,372|
|||2467|2,317|2519|2453|
|16|CURRENT ASSET INVESTMENTS|||||
||Group and College||Other|2023|2022|
||||shortterm|Total|Total|
|||'|£'000|£000|£'000|
||Valuation at start ofyear||6,127|6,127|6,070|
||Additions
Disposals||18
(5,000)|18
(5,000)|380
-|
||Revaluation gains/(losses) in the year||(110)|(110)|(323)|
||Valuation at end of year||7,035|7,035|6,127|
|17|CREDITORS: falling due within one year|||||
|||2023|2022|2023|2022|
|||Group
£'000|Group
£'000|College
£'000|College
£'000|
||Trade creditors|512|215|512|215|
||Taxation and social security|180|241|179|240|
||Accruals and deferred income|423|273|424|272|
||Other creditors|480|677|480|677|
|18|CREDITORS: falling due after more than one year|||||
|||2023|2022|2023|2022|
|||Group|Group|College|College|
|||£000|£'000|£'000|£'000|
||Bank loans|-|5,000|-|5,000|
||Notes|25,546|25,570|25,546|25,570|
||Other creditors|100|100|100|100|
|||25,646|30,670|25,646|30,670|
£5,000,000 of unsecured bank loans was repayable in 2041. This was repaid early during 2023
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
48
20 FUNDS OF THE COLLEGE DETAILS
|Lin€oln College|Lin€oln College|Lin€oln College|||||||
|---|---|---|---|---|---|---|---|---|
|Not
&s||to the financial statements|||||||
|For|the year ended 31 July 2023||||||||
|ee
FSFSFSFSFSFSFSFFFFFFeFeFeFeFeFeeeee
nn
——|||||||||
|19||ANALYSIS OF MOVEMENTS ON FUNDS|||||||
||||At 1 August
2022|Income|Expenditure|Transfers|Gains/
(losses)|At 31 July
2023|
||||£'000|£'000|£'000|£'000|£'000|£°000|
|||Endowment Funds - Permanent|||||||
|||General Endowment|58,429|674|(522)|(1,699)|42|56,924|
|||Montgomery Estate|912|11|(8)|(27)|1|889|
|||Nuffield Research Trust Fund|1,852|21|(16)|(54)|1|1,804|
|||Paul Shuffrey Bequest
OtherFellowships|40,126
29,947|117
1,196|(90)
(267)|(284)
(708)|7
21|9,866
30,189|
|||Polonsky (Hansard)|143|.|-|-|22|165|
|||Student Support|14,989|492|(134)|(344)|1|15,014|
|||Others|301|3|(4)|(4)|1|297|
|||Endowment Funds - Expendable|||||||
|||General Endowment|7,709|87|(69)|(224)|5|7,508|
|||Bequests and legacies -general|9,357|162|(82)|(284)|z|9,160|
|||Bequests and legacies - allocated|3,908|45|(35)|(120)|3|3,801|
|||Total Endowment Funds - College|137,673|2,808|(1,227)|(3,758)|121|135,617|
|||Endowment funds held by subsidiaries|||||||
|||Lincoln 2027 Trust|9,136|-|-|“|721|9,857|
|||Lincoln College Michael Zilkha Fund|1,894|22|(74)||4|1,843|
|||Total Endowment Funds -Group|148,703|2,830|(1,301)|(3.758)|843|147,317|
|||Restricted Funds|||||||
|||Income -endowmentfunds|91|20|(13)|-|-|98|
|||Scholarship and grants|-|823|(823)|-|-|-|
|||Berrow Foundation Building|295|3|{42}|-|-|256|
|||Mitre Refurbishment|-|136|-|(136)|-|-|
|||Other restricted funds|10,258|4,310|(2,554)|1,431|(141)|10,304|
|||Total Restricted Funds - Collegeand Group|10,644|2,292|(3,432)|1,295|(141)|10,658|
|||Unrestricted Funds|||||||
|||General
Fixed asset designated|5,573
26,967|9,492
-|(10,958)
(1,153)|1,059
1,404|(673)
-|4,493
27,218|
|||Other designated|1,439|120|(79)||1|1,481|
|||Pension reserve|(2,270)|-|435|-|-|(1,835)|
|||Total Unrestricted Funds - College and Group|31,709|9,612|(41,755)|2,463|(672)|31,357|
|||Unrestricted funds held by subsidiaries|6|4|-|:|%|10|
|||Total Unrestricted Funds - Group|31,715|9,616|(11,755)|2,463|(672)|31,367|
|||TotalFunds-Group|191,062|14,738|(16,488)|-|30|189,342|
The following is a summary of the origins ard purposes of each of the Funds
Endowment Funds - Permanent: General Endowment
## Monigomery Estate
A consolidation of gifts and donations where income, but not capital, can be used for the general purposes of the College; includes the foundation capital of the College.
A fund established by Mrs Gertrude Montgomery in 1977 where income, but not capital, can be used to fund the teaching of Classics and/or German
Nuffield Research Trust Fund
A fund established by Viscount Nuffield in 1948 where income, but not capital, can be used to support medical research, specifically to fund the emoluments payable to the College's nominated medical research Fellow(s).
Paul Shuffrey Bequest
A fund established by Paul Shuffrey in 1955 where income, but not capital, can be used to fund the study of Architecture, Classics, History of Art or similar areas of study at the discretion of the Rector of the College.
## Other Fellowships
Student Support Endowment Funds - Expendable: General Endowment
A consolidation of gifts and donations where income, but not capital, can be used to support a number of named Fellowships dedicated to research and teaching at Lincoln College.
A consolidation of gifts and donations where income, but not capital, can be used to fund scholarships, exhibitions, prizes and other forms of support for students at Lincoln College
A consolidation of gifts and donations where either income or income and capital can be used for the general purposes of the College.
49
## Lin€0ln College Not €s to the financial statements For the year ended 31 July 2023
aTT STSTTT Legacies and Bequests A consolidation of legacies and bequests made over to Lincoln College, of which either income or income and capital can be used for the general purposes of the College. Some of these have been allocated to generate income for particular purposes, Lincoln 2027 Trust An independent charity (registered no, 1136816) established by Trust Deed dated 18th December 2009 with the object of raising, investing and accumulating funds to provide new and substantial support to Lincoln College. Lincoln College Michael Zilkha Fund An independent charity (registered no. 1095113) established by Trust Deed in 2002 whose object is to support the educational and/or research activities of the Fellows of Lincoln College. Restricted Funds: Income generated by endowment funds which can be used for the specific purposes for which the endowment Incame, Endowment funds funds were established. Berrow Foundation Building Funds received for the Berrow Foundation Building, Amounts are transferred to the fixed asset designated fund once they have been expended on the building. EPA Alfred Street and Mitre Reurbishment Donations received for the Alftred Street building which has already been constructed and the Mitre Refribshment. The amounts are then transferred to unrestricted funds once spent. Scholarships and grants Funds received for scholarships and other forms of support for students that have been expended during the year. Designated Funds Fixed asset designated Unrestricted funds which are represented by the the fixed assets of the the College and which which are therefore not available
Unrestricted funds which are represented by the the fixed assets of the the College and which which are therefore not available for expenditure on the College's general purposes.
The General Unrestricted Funds represent accumulated income from the College's activities and other sources that are available for the general purposes of the College.
21 ANALYSIS OF NET ASSETS BETWEEN FUNDS
**----- Start of picture text -----**
Unrestricted Restricted Endowment 2023
Funds Funds Funds Total
£000 £'000 £7000 £'000
Tangible fixed assets 39,610 - - 39,610
Property investments 12,166 - 48,286 60,452
Other investments 2,642 10,658 99,031 112,331
Net current assets 4,430 “ a 4,430
Long term liabilities (27,481) : : (27,481)
Unrestricted Restricted Endowment 2022
Funds Funds Funds Total
£'000 £000 £'000 £'000
Tangible fixed assets 39,495 : - 39,495
Property investments 12,730 - 49,134 61,864
Other investments 8,696 10,644 99,569 118,909
Net current assets 3,734 - - 3,734
Long term liabilities (32,940) - - {32,940)
**----- End of picture text -----**
50
## Lin ©0in College Not€s to the financial statements For the year ended 31 July 2023
e—OOFE $.$.:-— i 22 TRUSTEES’ REMUNERATION
The Fellows who are the Trustees of the College for the purposes of charity law receive no remuneration for acting as charity trustees but are paid by either or both of the University and the College for the academic services they provide to the College.
Trustees of the college fall into the following categories:
Head of House
Professorial Fellow Official Fellow Darby Fellow Research Fellow
No trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the college receive salaries for their work as employees. These salaries are paid on external academic and academic-related scales and often are joint arrangements with the University of Oxford. All Official Fellows are eligible for a Housing Allowance, which is disclosed within the salary figures below. Seven trustees live in houses owned by the college and pay rent on a monthly basis.
The College has a Remuneration Committee which makes recommendations to Governing Body on pay and benefits which are outside of external scales, The composition of the Remuneration Committee is set out in page 4 of the section, Governing Body, Officers and Advisers
Remuneration paid to trustees
|||2023||||2022|
|---|---|---|---|---|---|---|
|Range|Number of|Gross remuneration,|taxable||Number of|Gross remuneration, taxable|
|||£||||E|
|£5,000-£5,999|||||1|§,499|
|£22,000-£22,999|4||22,290||1|22,030|
|£29,000-£29,999|1||29,626||||
|£30,000-£30,999
£32,000-£32,999|||||1
2|30,718
64,886|
|£33,000-£33,999|1||33,431||4|133,466|
|£34,000-£34,999|6||207 424||2|69,080|
|£35,000-£35,999|3||106,710||||
|£36,000-£36,999|||||1|36,305|
|£37,000-£37,999
£39,000-£39,999|1
1||37,334
39,734||i
1|37,602
39,149|
|£44,000-£44,999|1||44,881||||
|£50,000-£50,999|||||2|100,187|
|£53,000-£53,999|||||||
|£54,000-£54,999|1||54,031||1|54,872|
|£56,000-£56,999|1||56,883||||
|£58,000-£58,999|1||58,758||||
|£60,000-£60,999|||||1|60,366|
|£62,000-£62,999|1||62,919||||
|£67,000-£67,999|||||e|202,777|
|£69,000-£69,999|||||1|69,551|
|£70,000-£70,999|1||70,215||4|70,605|
|£71 ,000-£71,999|4||285,267||||
|£73,000-£73,999|||||2|147,046|
|£76,000-£76,999|1||76,090||||
|£77 ,000-£77,999|1||77,679||||
|£80,000-£80,999|||||1|80,511|
|£85,000-£85,999|||||1|85,993|
|£92,000-£92,999||||92,433||||
|£95,000-£95,999|||||1|95,380|
|£100,000-£100,999|||||4|100,268|
|£102,000-£102,999|||||||
|£103,000-£ 103,999|1||103,112||||
|£105,000-£105,999|||||4|105,178|
|£120,000-£120,999|2||241,387||||
|£140,000-£140,999|||||1|141,192|
|£145,000-£145,999|1||145.327||||
||31||745,529]|||af|1,752,661|
5 (2022: 6) trustees are not employees of the college and do not receive remuneration.
All trustees, together with other senior employees, are eligible for private health insurance as part of their package of remuneration. Other transactions with trustees
No fellow claimed any expenses for work asa trustee,
See also note 29 Related Party Transactions
Key management remuneration
51
## Lin€@0ln College Not5 to the financial statements For the year ended 31 July 2023 eeOO> ---—r o———=
The total key management compensation (including employers’ national insurance) was £641k (2022: £583k). Key management are considered to be the Rector, Bursar, Development Director, Senior Tutor and Domestic Operations Manager,
23 PENSION SCHEMES
## Schemes accounted for under FRS 102 paragraph 28.11 as defined contributian schemes
## Actuarial Valuations
Qualified actuaries periodically value the USS and OSPS schemes using the ‘projected unit method’, embracing a market value approach. The resulting levels of contribution take account of actuarial surpluses or deficits in each scheme. The financial assumptions were derived from market conditions prevailing at the valuation date. The results of the latest actuarial valuations and the assumptions which have the most significant effect on the results were
**----- Start of picture text -----**
|||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|USS|OSPS|
|Date|of valuation:|31/03/2020|31103/2022|
|Date valuation|results|published:|30/09/2021|27/06/2023|
|Value of|liabilities:|£80.6bn|£914m|
|Value|of|assets:|£66.5bn|£961m|
|Funding|surplus|/|(deficit):|{£14.1bn)|£47m|
|Principal|assumptions:|
|.|Discourt|Rate|Fixed|Interest|Gills|+ 0.5%|-2,25%|
|gilt yield|curve|b|
|.|Rate|of increase|in|salaries|plus|1%|-|2.75%|RPI|
|.|Rate|of increase|in|pensions|wa|Average|RPI/CPI d|
|CPI|+0,05%|
|Assumed|life|expectancies|on|retirement|al age|65|
|.|Males|curently aged 65|24.00%|
|.|Females|currently|aged|65|25.6|yrs|
|.|Mats|awrently|aged|45|26|yrs|
|.|Females|currently aged|45|27.4|yrs|
|Funding|Ralios:|
|.|Technical|provisions|basis|83%|105%|
|.|Statutory Pension|Protection Fund basis|64%|98%|
|.|‘Buy-out'|basis|51%|62%|
|Employer|contribulion|rate|(as %|of pensionable|salaries}:|21.4%|increasing|to 21.6%|from|1|April|22|18%|Down|to|16.5%|for DB members|1|October 23|
|Effective|date of next valuation:|31/03/2023|3103/2025|
|a.|The|discount|rate|(forward|rates)|for the|USS|valuaton|was:|
**----- End of picture text -----**
Fixed interest gilt yield curve plus: Pre-retirement 2.75%, post-retirement 1.00%
b. The discount rate for the OSPS valuation was: Pre-retirement Equal to the UK nominal gilt curve at the valuation date plus 2.5% p.a. at each term. Pre-retirement Equal to the UK nominal gilt curve at the valuation date plus 0.5% p.a. at each term.
c, Pensions increases (CPI) for the USS valuation was:
Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a.to 2030, reducing linearly by 0.1% p.a. to a long term difference of 0.1% p.a. from 2040.
d. ‘Increase to pensions in payment for the OSPS valuation were:
52
## Lin@0ln College Not €8 to the financial statements For the year ended 31 July 2023 ——SS
RP} inflation is derived from the geometric difference between the UK nominal gilt curve and the UK index-linked curve al the valuation date, less 0.3% p,a. at each term pre-2030.. CPI inflation is derived from the RPI inflation assumption, less the Scheme Actuary's best estimate of the long-term difference between RPI and CPI inflation as applies from time to time (1.0% p.a. pre-2030 and 0.1% p.a. post-2030.
|For pension increases linked to inflation,|a pension increase curve is constructed based on eitherthe RPI, CPI or|a pension increase curve is constructed based on eitherthe RPI, CPI or|a pension increase curve is constructed based on eitherthe RPI, CPI or|a pension increase curve is constructed based on eitherthe RPI, CPI or|a pension increase curve is constructed based on eitherthe RPI, CPI or|the average of the RPI and CPI inflation|the average of the RPI and CPI inflation|
|---|---|---|---|---|---|---|---|
|curves described above, adjusted to allowfor the different maximum and minimum annual increases that apply, and the Scheme Actuary’s best estimate of||||||||
|inflation volatility as applies from time to time.||||||||
|e.
The USS and OSPS employer contribution rates include provisions for the cost of future accrual ofdefined benefits, deficit contributions, administrative||||||||
|expenses and defined contributions.||||||||
|Sensitivity of actuarial valuation assumptions||||||||
|Surpluses ordeficits which arise at future valuations may impact on the College's future contribution commitment.
The sensitivities regarding the principal||||||||
|assumptions used to measure the scheme liabilities are set|||out|below:||||
|Assumption||USSChange||Change inassumption|||Impacton USS liabilities|
|Initial pre-retirement discount rale||||Increase by 0,25%|||Decrease/ Increaseby£4.3bn|
|Post retirementdiscount rate||||Decrease by 0.25%|||Increase by£2.8bn|
|CPI||||Decrease by 0.1%|||Decrease by £1.5bn|
|Life expeclancy|more|prudent assumoplion (reduce theadjustment to lhe base mortality|||||Increase by £1 2bn|
|||||table by 5%)||||
|Rateofmortality|moreprudent|prudentassumption (increase theannual mortalityimprovements
long-term ratesby0.2%)|||||Increase by£0.6bn|
|Assumption||OSPSChangeinassumption|||Impact onOSPStechnical provisions|||
||||||||$s|
|Valuation rateof interest||||Decreaseoy0.25%|||Increase by2% ofpensionable salaries|
|RPI||||Increase by 0.25%||Increase by 1.5% ofpensionable salaries||
|Deficit Recovery Plans||||||||
|Inline with FRS 102 paragraph 28,11A, the College has||recongiseda||liability forthecontributions payable forthe agreed deficit funding plan. The principle||||
|assumptions used in these calculations are tabled below||||||||
|Deficit Recovery Plans||||||||
||||2022/23||||2021/22|
|||OSPS||USS|OSPS||USS|
|Finish Datefor DeficitRecovery Plan||30/09/2023||31/03/2038|30/01/2028||31/03/2028|
|Average slaffnumber increase||2.00%||2.00%|2.00%||2444%|
|Average staffsalary increase||3.00%||3.00%|2.00%||2.00%|
|Average discountfale over pefiod||430%||4.37%|140%||1.75%|
|A provision of£1,835,000 has been made at 31st|July2023 (2022: £2,270,000) for the present value of the estimated future deficit funding element of the|||||||
|contributions payable under these agreements, using the assumptions shown. The provision reduces as the deficit is paid|||||||offaccording to the pension recovery|
|scheme,||||||||
53
## Lin©0ln College
Not €8 to the financial statements For the year ended 31 July 2023
i
Pension charge for the year The pension charge recorded by the College during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowances for the deficit recovery plan as follows:
vogntibutions payable to the Schemes in the 2022/23 202112022 £000 £000 University Superannuation Scheme 428 359 University of Oxford Staff Pension Scheme 470 447 Other schemes contributions 8 10 Total 906 B16
54
## Lin€0ln College Not €S to the financial statements For the year ended 31 July 2023 ————————eee 24 TAXATION
||The College is able to takeadvantage ofthe tax exemptions available to charities from taxation in respect ofincome and capital gains received to the extentthat|The College is able to takeadvantage ofthe tax exemptions available to charities from taxation in respect ofincome and capital gains received to the extentthat|The College is able to takeadvantage ofthe tax exemptions available to charities from taxation in respect ofincome and capital gains received to the extentthat|
|---|---|---|---|
||such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiary companies because the|||
||directors ofthese companies have indicated that they intend to make donations each year to the College equal to the taxable profits ofthecompanyunderthe Gift|||
||Aid scheme. Accordingly no provision for taxation has been included in the financial statements.|||
|25|RECONCILIATION OF NET INCOME TO|||
||NETCASHFLOWFROM OPERATIONS|2023|2022|
|||Group|Group|
|||£°000|£000|
||Net income/(expenditure)|(1,720)|5,352|
||Elimination ofnon-operating cash flows:
Investment income
({Gains)/losses in investments
Endowment donations|(2,680)
(30)
(1,226)|(2,790)
(4,562)
(3,586)|
||Depreciation|1,153|992|
||(Surplus)/losson sale/transfer offixed assets|(805)|:|
||Decrease/(Increase) in stock|(1)|9|
||Decrease/{Increase) in debtors|(150)|(493)|
||(Decrease)/Increase in creditors|165|(676)|
||(Decrease)/Increase in pension scheme liability|(435)|924|
||Netcash provided by(used in)operating activities|(6,729)|(4,830)|
|25|ANALYSIS OF CASH AND CASH EQUIVALENTS|||
|||2023|2022|
|||£'000|£'000|
||Cash at bankand in hand|2,382|1,714|
||Total cash and cash equivalents|2,002|T714|
|26|FINANCIAL COMMITMENTS|||
||At 31 July the College had commitments under non-cancellable operating leases as follows|2023|2022|
|||£'000|£000|
||Land and buitdings|||
||expiring within one year|=|=|
||expiringbetweenoneandfiveyears|-|-|
27 CAPITAL COMMITMENTS
The College had contracted commitments at 31 July for tangible fixed asset projects totalling £0m (2022 - £0m).
55
## Lin£0ln College Nots to the financial statements For the year ended 31 July 2023 nn 28 RELATED PARTY TRANSACTIONS
The College is part of the collegiate University of Oxford. Material interdependencies between the University and of the College arise as 4 consequence of this relationship. For reporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS 102
Members of the Governing Body, who are the trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College. Details of these payments and reimbursed expenses as trustees are disclosed separately in these financial statements.
The loans outstanding at 31 July with the balances were as follows:
**----- Start of picture text -----**
|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|2023|2022|
|£'000|£'000|
|Prof Radu|Caldea|408|108|
|Dr|J|LaPorte|132|132|
|Dr|L|Matthews|132|132|
|Dr T|Michael|132|132|
|Dr|D|Omlor|117|117|
|Dr A|Parakhonyak|120|120|
|Prof J|Park|134|134|
|Dr A Prescott-Couch|132|132|
|Prof M|Stamatopoulou|110|110|
|Dr A|Televantos|134|434|
|Prof|Q Wang|130|
|Prof M|Willis|117|iz|
|Interest|is|charged|on|the above|loans.|All|loans|are|repayable|on|the departure|of the|trustee|from|the|College.|
|In|addition|the|following|trustees|had|interest|free|capital|expenditure|loans|outstanding|from|the|College|at|the|start|
|and/or end end|of the the|year|
|2023|2022|
|£'000|£000|
|Dr A|Begin|Td|-|
|Prof.|D|Hills|07|-|
|Dr|J|LaPorte|1.4|1.3|
|Prof E|Nye|08|-|
|Dr|Parakhonyak|14|-|
|Dr|Pasqualini|1.0|-|
|Dr|Prescott-Couch|15|-|
|Dr|H|Soper|4.0|23|
|Dr A|Televantos|1.1|-|
|Prof D Vaux|1.5|:|
|Prof D|Vella|1.8|-|
|Or G|Watson|-|2.0|
|CONTINGENT|LIABILITIES|
|The|College|has|no|material|contingent|liabilities|
|POST|BALANCE|SHEET EVENTS EVENTS|
|There|are|no|post|balance|sheet|events|which|require|disclosure|
|FINANCIAL|INSTRUMENTS|
|The|financiat|statements|include|the|following|items|
|2023|2022|
|Total|Gains|/|Interest|Total|Gains|/|Interest|
|Group|(losses)|(expense)|Group|(losses)|(expense)|
|£'000|£000|£'000|£'000|£'000|£'000|
|Financial|assets|measured|at|fair|value|through|
|statement|of|financial|activities|
|Fixed|assets:|other investments|112,331|312|113,751|1,394|
|Current|assets:|other investments|1,035|-110|6,127|-323|
|Financial|liabilities|measured|at|amortised|cost|
|Creditors:|amounts|falling|due|after|more than|one|25,646|(771)|30,670|(753)|
**----- End of picture text -----**
In addition the following trustees had interest free capital expenditure loans outstanding from the College at the start and/or end end of the the year
## 29 CONTINGENT LIABILITIES
The College has no material contingent liabilities
## 30 POST BALANCE SHEET EVENTS EVENTS
There are no post balance sheet events which require disclosure
31 FINANCIAL INSTRUMENTS
56
## Lin <0ln College Notés to the financial statements For the year ended 31 Juty 2023
SSTeennn 32 ADDITIONAL PRIOR YEAR COMPARATIVES
## 33a
Consolidated Statement of Financial Activities for the year ended 31 July 2022
33b
**----- Start of picture text -----**
||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Endowment|2022|
|Funds|Funds|Funds|Total|
|Notes|£'000|£'000|£'000|£'000|
|INCOME AND|ENDOWMENTS|FROM:|
|Charitable|activities:|1|
|Teaching,|research|and|residential|6,245|-|-|6,245|
|Other|Trading|Income|3|233|-|-|233|
|Donations|and|legacies|2|619|2,800|3,586|7,005|
|Investments|
|Investment|income|4|900|109|1,781|2,790|
|Total|return|allocated|to|income|33c|2,241|1,352|(3,593)|-|
|Other|income|-|Coronavirus|Job|Retention|Scheme|46|-|-|46|
|Total|income|10,284|4,261|1,774|16,319|
|EXPENDITURE|ON:|5|
|Charitable|activities:|
|Teaching,|research|and|residential|10,130|3,249|54|13,433|
|Generating|funds:|
|Fundraising|618|=|-|618|
|Trading|expenditure|225|-|-|225|
|Investment|management|costs|458|36|759|1,253|
|Total|Expenditure|11,431|3,285|813|18,529|
|Net|Income/(Expenditure)|before|gains|{1,147)|976|961|790|
|Net|gains/(losses)|on|investments|11,12,16|a|750|(50)|3,862|4,562|
|Net|Income/(Expenditure)|G37)|~~ S20”|4,823|5,302|
|Transfers|between|funds|33d|174|(174)|-|-|
|Net|movement|in|funds|for|the|year|(223)|752|4,823|5,362|
|Fund|balances brought forward|33d|31,938|9,892|143,880|185,710|
|Funds|carried forward|at|31|July|31,715|10,644|148,703|TST,062|
|The|results|and|their|assets|and|liabilities|of|the|parent|and|subsidiaries|for|the|year|ended|31|July|2022 were|as|follows.|
|Parent|College|Lincoln|College|Lincoln|Lincoln|2027|Lincoln|College|
|Trading|Ltd|College|Trust|Michael|Zilkha|
|Enterprises|Fund|
|Ltd|
|£'000|£'000|£'000|£'000|£'000|
|Income|16,249|233|-|8|25|
|Expenditure|(15,429)|{225)|(2)|(2)|(67)|
|Investment|gains/losses|4,743|-|-|(239)|58|
|Donation|to|College|under|gift|aid|1|(1)|-|-|:|
|Result|for|the|year|5,504|7|2)|(233)|16|
|Total|assets|214,370|136|61|9,136|1,894|
|Total|liabilities|(34,344)|(127}|(62)|-|-|
|Net|funds at|the end|of year|T60,026|i)|7)|9,136|B04|
**----- End of picture text -----**
57
## Lin€0ln College Not€s to the financial statements For the year ended 31 July 2023
|Lin€0ln College
Not€s
€s to the financial statements
For the year ended 31 July 2023|Lin€0ln College
Not€s
€s to the financial statements
For the year ended 31 July 2023|Lin€0ln College
Not€s
€s to the financial statements
For the year ended 31 July 2023|Lin€0ln College
Not€s
€s to the financial statements
For the year ended 31 July 2023|Lin€0ln College
Not€s
€s to the financial statements
For the year ended 31 July 2023|Lin€0ln College
Not€s
€s to the financial statements
For the year ended 31 July 2023|Lin€0ln College
Not€s
€s to the financial statements
For the year ended 31 July 2023|Lin€0ln College
Not€s
€s to the financial statements
For the year ended 31 July 2023|
|---|---|---|---|---|---|---|---|
|sss
TT||||||||
|33c|Statement of Investment Total Return for the year ended 31 July 2022|||||||
|||||Permanent Endowment
Unapplied||Expendable
Endowment|Total
Endowments|
|||Totat return|Trust for|Total||||
|||not applied
£'000|Investment
£'000|Return
£'000|Total
£'000|£'000|£'000|
||At the beginning of the year:|||||||
||Giftcomponent ofthe permanent endowment||47,804||47,804||47,804|
||Unapplied total return|||64,176|64,176||64,176|
||Funds not subject to total return|226|||226||226|
||Expendableendowment|||||31,674|31,674|
||Total Endowments|226|47,804|64,176|112,206|31,674|143,880|
||Movements in the reporting period:|||||||
||Giftofendowment funds
Investmentreturn: total investmentincome||3,291|1,474|3,291
1,474|295
307|3,586
1,781|
||Investment return: realised and|||||||
||unrealised gainsand losses|(83)||3,492|3,409|453|3,862|
||Less: Investment management costs|||(631)|(631)|(128)|(759)|
||Other transfers||||=|=|=|
||Total|(83)|3,291|4,335|7,543|927|8,470|
||Unapplied total return allocated to|||||||
||income inthe reporting period
Expendableendowments transferred to income||-|(3,050)
(3,050)|(3,050)
-
3,050)|(543)
(54)
(597)|(3,593)
(54)
(3,647)|
||Net movements in reporting period|(83)|3,291|4,285|4,493|330|4,823|
||At end of the reporting period:||||-|||
||Giftcomponent of the permanent endowment||51,095|-|51,095||51,095|
||Unapplied total return|||65,461|65,461||65,461|
||Fundsnotsubjectto total return
Expendableendowment
TotalEndowments|143
143|51,095|65,401|143
T16,099|32,004
32,004|143
32,004
146,703|
58
## Lin€0ln College Not €S to the financial statements For the year ended 31 July 2023
|C**e**||et|et|et|et|et|et|et|
|---|---|---|---|---|---|---|---|---|
|33d|Analysis ofMovement on Funds for the year|ended|31 July 2022||||||
||||At 1 August
2021|Income|Expenditure|Transfers|Gains/
(losses)|At 31 July
2022|
||||£'000|£'000|£'000|£'000|£'000|£000|
||Endowment Funds - Permanent||||||||
||General Endowment||57,886|763|(326)|(1,699)|1,805|58,429|
||Montgomery Estate||903|12|(5)|(26)|28|912|
||Nuffield Research Trust Fund
PaulShuffrey Bequest||4,834
10,028|24
132|(10)
(57)|(53)
(290)|57
313|1,852
40,126|
||Other Fellowships||27,113|2,786|(153)|(640)|841|29,947|
||Polonsky (Hansard)||226|-|-||(83)|143|
||Student Support||13,925|1,046|(79)|(342)|439|14,989|
||Others||291|2|(1)|-|9|301|
||Endowment Funds - Expendable||||||||
||General Endowment||7,634|101|(41)|(223)|238|7,709|
||Bequests and legacies -general
Bequests and legacies -allocated||8,997
3,796|418
50|(51)
{21}|(284)
(36)|277
119|9,357
3,908|
||Total Endowment Funds -College||132,633|5,334|(744)|(3,593)|4,043|137,673|
||Endowment funds held by subsidiaries||||||||
||Lincoln2027 Trust||9,369|8|(2)|-|(239)|9,136|
||Lincoln College Michael Zilkna Fund||1,878|25|(67)||58|1,894|
||Total Endowment Funds -Group||143,880|5,367|(813)|(3,593)|3,862|148,703|
||Restricted Funds||||||||
||Income -endowment funds||91|36|(37)|-|1|91|
||Scholarship and grants||-|802|(802)|-|-|-|
||Berrow Foundation Building||284|4|(2)|-|9|295|
||EPA Alfred Streetand Mitre Refurbishment||=|174|-|(174)||-|
||Other restricted funds||9,517|1,893|(2,444)|1,352|(60)|10,258|
||Total Restricted Funds - College and Group||9,892|2,909|(3,285)|1,178|(50)|10,644|
||Unrestricted Funds||||||||
||General||4,445|7,639|(9,446)|2,219|716|5,573|
||Fixed assetdesignated||27,763|-|(992)|196|-|26,967|
||Otherdesignated||1,075|397|(67)||34|1,439|
||Pension reserve||(1,346)|-|(924)|-|-|(2,270)|
||Total Unrestricted Funds -College and Group||31,937|8,036|(11,429)|2,415|750|31,709|
||Unrestricted funds held by subsidiaries||1|7|(2)|-|-|6|
||Total Unrestricted Funds -Group||31,938|8,043|(11,431)|2,415|750|31,715|
||TotalFunds-Group||185,710|16,319|(15,529)|-|4,562|191,062|
59