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2021-07-31-accounts

Charity Registration Number: 1139726

Wadham College

Annual Report and Financial Statements

Year ended 31 July 2021

Wadham College Contents

Year ended 31 July 2021

Table of contents Page
Contents 1
Trustees’ Report 2 - 15
Independent Auditor’s Report 16 - 19
Statement of Accounting Policies 20 - 22
Consolidated Statement of Financial Activities 23
Consolidated and College Balance Sheets 24
Consolidated Cash-flow Statement 25
Notes to the Financial Statements (Notes 1 – 32) 26 - 44

Cover photo: Back Quad in early spring, William Parry

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Wadham College Trustees’ Report

Year ended 31 July 2021

TRUSTEES’ REPORT

The Governing Body of Wadham College (“the College”) present their annual report for the year ended 31[st] July 2021 under the Charities Act 2011 together with the audited consolidated financial statements for that year.

REFERENCE AND ADMINISTRATIVE DETAILS

Wadham College registered as a charity (Registration No: 1139726) (“the Charity”) with the Charity Commission on the 6[th] January 2011. Before this date it was an unregistered charity.

The Governing Body is the Board of Trustees of the Charity. Members of the Governing Body act in their capacity as Charity Trustees. The present Trustees and those who served during the year are listed on pages 11 and 13.

The officers and senior staff to whom the day to day management is delegated are as follows: Warden: Lord Macdonald QC (retired 31 Aug 2021) Sub-Warden: Professor Paul Beer Robert Hannigan CMG (from 1 Sept 2021) Professor Carolin Duttlinger Senior Tutor: Dr Michael Froggatt Academic Administrator: Ms Katherine Allen Finance Bursar: Dr Peter Alsop College Accountant: Mr Vincent Skeffington Domestic Bursar: Mrs Frances Lloyd Deputy Domestic Bursar : Mr Neil Tindall Development Director: Ms Julie Hage Deputy Development Director: Mr Marco Zhang

College Address : Wadham College, Parks Road, Oxford, OX1 3PN Website : www.wadham.ox.ac.uk

The principle professional advisors employed by the College are:

INVESTMENT MANAGERS: Blackrock Investment Management (UK) Limited 12 Throgmorton Avenue, London, EC2N 2DL Oxford University Endowment Management Limited King Charles House, Park End Street, Oxford, OX1 1JD BANKERS: Barclays Bank, Apex Plaza, Forbury Road, Reading, RG1 1AX Lloyds Bank, Carfax, Oxford, OX1 4AA LAND AGENTS: Carter Jonas, 269 Banbury Road, Oxford, OX2 7LL Whirledge & Nott, Maplestead Hall, Little Maplestead, Halstead, Essex, CO9 2SL SOLICITORS: Freeths Solicitors, 5000 Oxford Business Park South, Oxford, OX4 2BH Knights Solicitors, Midland House, West Way, Oxford, OX2 0PH AUDITORS: Critchleys Audit LLP, Beaver House, Hythe Bridge Street, Oxford, OX1 2EP

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Wadham College Trustees’ Report

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Wadham College was founded by Nicholas and Dorothy Wadham in 1610. The Governing Body of the College comprises the Warden and Fellows. This Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, the Bishop of Bath and Wells. The College Statutes are as made from time to time by order of Her Majesty in Council in accordance with the Universities of Oxford and Cambridge Act 1923. The Governing Body holds to itself the responsibilities for the ongoing strategic direction of the College, for its administration and for the management of its finances and assets. It meets up to three times each term under the chairmanship of the Warden and is advised by a range of committees, the principal ones being the Academic Policy Committee (to advise on all academic related issues), the Finance Committee (to advise on financial and other general matters), the Investment Committee (to advise on investment issues) and the Risk and Audit Committee (to advise on risk management and the financial audit).

CORPORATE GOVERNANCE

Internal controls over all forms of commitment and expenditure continue to be refined to improve efficiency. Processes are in place to ensure that performance is monitored and that appropriate management information is prepared and reviewed regularly. The Governing Body is ultimately responsible for the Risk Assessment and Risk Management of the College. To assist with this process there is a Risk & Audit Committee, attended by two independent external members. This Committee undertakes regular reviews of identified risks and mitigation plans, and of the effectiveness of systems in place for the assessment and management of material areas of risk within the College.

PUBLIC BENEFIT

The Trustees believe that by putting well over £12mln a year into teaching and research, providing support for students from financially disadvantaged backgrounds, and the maintenance of important historic buildings, the Charity provides substantial public benefit. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the College’s aims and objectives and in planning future activities. The Trustees remain committed to the aim of providing public benefit in accordance with its founding principles and in line with the Charity Commission’s guidelines.

PLANS FOR THE FUTURE

The Trustees have identified three strategic goals to focus on in the medium term. These are making the College a beacon for fair access, creating an innovative learning environment, and creating a hub for world leading research. Practical measures to achieve these goals include increasing access initiatives, providing further student accommodation, fundraising for bursaries and student support, expanding the number of graduate scholarships and securing teaching posts. The Trustees continue to strive to make the College a centre of excellence in both education and research and they have no plans to change this fundamental objective. The Trustees will look to foster closer collaboration with the University in all of its activities.

OBJECTIVES

The College, working with the University, provides an education aimed at offering outstanding students from all backgrounds the opportunity to fulfil their maximum potential and seeks to advance world-leading research. The education provided to undergraduates and graduate students is recognised internationally as being of the highest standard. The education provided develops students academically and advances their leadership qualities and inter-personal skills, and prepares them to play full and effective roles in society. In particular, the College provides:

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The College advances research through:

The College maintains an extensive Library and Archive (including important special collections), so providing a valuable resource for students and Fellows of the College and others by arrangement.

The College does not consider that any detriment or harm arises from carrying out the College’s aims, and is not aware of views among others that such detriment or harm might arise.

The resident members of the College, both students and academic staff, are the primary beneficiaries and are directly engaged in education, learning or research. Beneficiaries also include students and academic staff from other colleges and the University of Oxford more widely, visiting academics from other higher education institutions and alumni of the College who have an opportunity to use its academic facilities, and visiting schoolchildren to attend educational events at the College. The general public are also able to attend various educational activities in the College such as concerts, exhibitions and have access to its gardens and historic buildings.

The College admits as students those who have the highest potential for benefiting from the education provided by the College and the University. It recruits as academic staff those who are able to contribute most to the academic excellence of the College and the wider community, regardless of their financial, social, religious or ethnic background.

The focus of the College is strongly academic and students need to satisfy high academic entry and on-course requirements.

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PRINCIPAL ACTIVITIES DURING THE YEAR

Fellowship Research and Teaching

At the end of July 2021, the College had 71 Fellows who were members of the Governing Body, 29 Emeritus Fellows, 27 Honorary Fellows, and 17 Foundation Fellows. During the 2020-21 academic year, the College paid for teaching cover for around 27 terms of leave (almost 45% of this being sabbatical leave), and employed 37 College Lecturers.

The research record of the College’s Fellows and Lecturers remains impressive and the following are but a few of their achievements in the academic year:

The College supports studies at undergraduate and graduate level, and for visiting students, across a wide range of courses, and offers just over 200 graduate and undergraduate degree courses including: Biochemistry; Biology; Chemistry; Classics; Economics and Management; Engineering; English and Joint Schools; History and Joint Schools; History of Art; Human Sciences; Law; Maths and Joint Schools; Medicine; Modern Languages and Joint Schools; Oriental Studies and Joint Schools; Philosophy, Politics and Economics; Experimental Psychology; and Physics and Joint Schools.

Outreach and Access

In 2020-21 the College contributed to 106 access events, involving over 4,300 students representing more than 198 schools from the UK (902 including events in collaboration with the wider university). With Wadham closed to external visitors, and schools similarly closed, all sessions were run online using a blend of live and pre-recorded content. The number of events was at normal levels, but the usual geographical restrictions were removed allowing scheduling of events in ways that wouldn’t usually be possible. The aim of access events remained the same: raise the aspirations of young people aged 10-18 and provide information, advice and guidance on applications to Oxford and other highly selective universities.

The College provides financial support to third parties including Target Oxbridge and IntoUniversity to support their access work. Wadham also supports university led access initiatives such as UNIQ and Opportunity Oxford. Wadham involves some third parties in design and delivery of sessions to support access programmes such as Causeway Education. The year saw the launch of the East of England Consortium alongside Balliol and Hertford serving a larger area than the usual 11 link areas. This included the recruitment and training of postgraduates to create online resources to support sixth form pupils interested in extending their learning beyond the classroom. The Wadham Project ran successfully online, working with schools and pupils in Bedford, Bedfordshire and Luton.

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In the year ahead, the College’s access approach will be revised to incorporate face-to-face delivery of inbound and outbound events alongside online provision. The year will also see the launch of the Think Like a Lawyer programme in partnership with Linklaters seeking to improve access to law at Oxford and progression within the legal sector.

In the undergraduate admissions process (Oct-Dec 2020) we received 78 applications from applicants in composite Band A, indicating the highest levels of socio-economic and educational disadvantage (this represented 10.4% of all applicants to the college). We made offers to a total of 53 male applicants and 87 female applicants. Finally, we received 71 applications and made 15 offers to applicants with a registered disability, a success rate of 21.1%.

On the graduate side, the generosity of donors has allowed the College to award 17 scholarships for graduates starting their courses at Wadham from October 2021:

Student Numbers

The College had 751 students registered as on-course in December 2020: comprising 22% on postgraduate research courses, 11% on postgraduate taught courses, 64% on undergraduate courses, and 3% registered visiting students. Some 26% of Wadham’s undergraduate students on course in 2020-21 identified themselves as BAME.

At the start of the 2020-21 academic year, the College welcomed 145 undergraduate students (126 previous year) and 117 graduate students (91 new graduates in the previous year). Of these graduates, 80 were reading for taught degrees and 37 for research degrees. The College also continued to engage in a number of student exchange programmes that enrich its vibrant scholarly community.

In the admissions round for entry in October 2021 (and deferred entry in 2022) the College received 768 applications from prospective undergraduates. We received 58.59% of applications from the UK, 8.59% in the EU, and 32.94% from the rest of the world. Following interviews in December 2020, offers were made to 140 students, including offers for deferred entry in October 2022.

The graduate admissions process runs across the academic year, with applications arriving at the College from November through to the following September. In total, Wadham considered 277 applications, slightly less than 2020 (286 applications), and the College’s graduate intake for the 2021-22 academic year is 101.

During the 2020-21 academic year Wadham students sat 2,148 separate exams, 248 of which were postponed exams from 2019-20. The majority of exams were remote, sat on Inspera as

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open book assessments. A total of 137 undergraduate students completed their Finals exams with 55 First Class results. Following these examinations, the College awarded prizes to departing students, awarded named College prizes, and nominated continuing students to undergraduate scholarships and exhibitions in recognition of their academic achievement.

Student Financial Support

The College and University continue to work hard to provide a range of financial support for those students adversely affected by the fees regime introduced in 2012-13, or who for other reasons seek assistance with the costs of their education. This year the total cost of grants and awards, including hardship, was over £1.1mln. Within this, the cost to the College for its share of the Oxford Bursary Scheme administered by the University totalled £133k for the year. Thanks to the generosity of the trustees of late Dr Peter Burum Sherry, assistance totalling more than £130k was provided to those affected adversely by COVID-19, and in addition the College made discretionary bursaries and hardship awards of £80k to students facing unforeseen financial hardship. The College now offers high quality, safe and affordable accommodation to all its undergraduates and most of its first-year graduates, and in addition provides rental assistance to those to whom it cannot offer accommodation, and some of those living in. Grants in some areas were not taken up this year as a result of students living at home or being unable to undertake extra-curricular activities under COVID-19 measures.

New Building Development Projects

The new Dr Lee Shau Kee Building and the William Doo Undergraduate Centre in the back Quad were completed successfully, despite facing difficulties due to COVID-19 restrictions. We began welcoming parties of prospective students in the fine new Locke Access Centre, this year’s undergraduates were able to benefit from the high quality and accessible accommodation in the Dr Lee Shau Kee Building on the main site, and the excellent new facilities in this and the William Doo Undergraduate Centre were valued as study and recreational spaces during the COVID-19 restrictions. The new Webb Quad, and the Bruce Naylor Garden within it, provided students with nearby access to a beautiful and refreshing environment to socialise and recuperate. At the same time, the flats at the Dorothy Wadham Building provided safe, clean and well-ventilated living arrangements needed for self-contained households during COVID.

FUNDRAISING

Despite severe disruptions to all parts of College life, the 2020-21 academic and financial year has in so many ways demonstrated the extraordinary resilience and resourcefulness of the Wadham community. As we report on our alumni engagement programme and our fundraising income, it is awe-inspiring to acknowledge the enormous commitment, encouragement and generosity expressed by our community in the UK and overseas. When the Access to Excellence campaign was launched in 2016, the aim to secure £30mln towards this ambitious “life cycle” programme designed to support the entire student journey to Oxford and beyond was viewed with great trepidation. As the financial year 2020-21 ended, more than £44.4mln had been secured towards these key priorities and 3,611 alumni all over the world had demonstrated their trust in the College by making a gift to the campaign.

Over the course of the campaign, a total of £17mln has been raised towards the new William Doo Undergraduate Centre and the Dr Lee Shau Kee Building; £10mln towards graduate scholarships, which has attracted generous matched funding from the University and a range of faculties and departments, doubling the value of many scholarships Wadham offers; over £6.2mln has been secured towards Student Support and the Wadham Fund, which is used to support areas of greatest need; and £7mln has been secured for academic posts, thereby funding or permanently endowing Fellowships.

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This year alone, the College has received £4.9mln in cash and pledge payments and £3.1mln in new gifts and pledges. A highlight of the year was the unveiling in July of the Macdonald Terrace next to the new Back Quad buildings, to celebrate Ken Macdonald’s remarkable nine-year term as Warden. Thanks to generous Foundation Fellows and Development Council members, more than £1mln was raised towards the Back Quad buildings in his honour. During the past year, we have also received a generous benefaction to permanently endow and name the Sarah Taylor Fellowship in Biochemistry at Wadham College.

The Wadham Fund continues to provide vital unrestricted income to the College and enables Wadham to allocate funding towards areas of greatest need during the year. The pandemic significantly curtailed our annual fundraising programme but despite this setback, the College increased overall donations from friends and alumni on the year before, concluding with £743k in unrestricted gifts to the Wadham Fund (compared with £585k in 2019-20) – a heartening achievement and a testament to the goodwill and generosity of our alumni community. Contributing to this result, the College’s second Giving Day in November 2021 had the best participation of any Oxbridge college to date, with 600 donors contributing over £200k, breaking our own previous Oxbridge record of 279 donors on one day.

Over the past financial year, 2,050 alumni and friends generously donated to Wadham, compared with 1,629 in 2019-20. Our alumni participation rate rose to an all-time record of 25%, a significant increase on 21% in 2019-20, placing Wadham in the top 3 of Oxford colleges. On average, 20% of donations the College receives are from bequests and we are deeply grateful to the many alumni who have made a provision in their wills, also this year. Over the past year this form of gift totalled over £340k. With 407 members, Wadham’s 1610 Society is now one of the largest legacysocieties in Oxford. The 1610 Society Committee has worked even harder this year to ensure increased membership of the Society and we owe them all a debt of gratitude.

On behalf of everyone at Wadham, we extend our sincere thanks to all our donors who have done so much to care for current and future members of Wadham, during what has been another difficult year across the world.

INVESTMENT OBJECTIVES AND GOVERNANCE

The Trustees have determined that the endowments shall be invested, taking advice from the investment committee, and the investment performance shall be assessed on the basis of total return. The Investment Committee is chaired by the Warden and comprises Fellows, and old members of the college with extensive investment experience. The Committee meets termly and is responsible for advising on the implementation of the investment objectives and strategy as agreed by the Trustees.

The investment objectives are:

In pursuit of these investment objectives, the College has adopted a draw-down rate of up to 3.5% based on the average value of endowment funds for the preceding three years. The College attempts to mitigate the effects of risk through a strategy of managed diversification, by investing in a range of different asset classes and with geographical distribution.

The College is an educational charity that relies upon investment income to achieve its charitable purpose, and the trustees are under a legal obligation to have primary regard to this in the

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management of its financial affairs. However, the College feels wider responsibilities to invest ethically and avoid profiting from unethical activities. It therefore does not seek to maximise investment income irrespective of the nature of its investments but to invest in accordance with its ethical standards.

In line with University policy, the College will not make direct investments in companies that earn a significant proportion of their revenue from illegal or controversial arms manufacturing, coal or oil sands, or tobacco. Like most reputable investors, the College makes indirect investments in managed funds and trackers that may include companies that do not satisfy its ethical criteria for direct investment. In such cases, it will seek information about the extent to which funds are invested in areas of ethical concern (for example, fossil fuel extraction) and take this information into account in its portfolio allocations. When making such investments, it will seek to include only assets or funds whose investment policies are compatible with its ethical criteria, for instance in applying materiality thresholds to investments in areas of concern, or actively managing them within a framework of meaningful engagement to raise ethical standards, and it will engage with its active fund managers to promote more ethical practices.

The determination of ethical criteria will be made and periodically (e.g. biennially) reviewed by Governing Body on advice from Investment Committee and having considered the views of other interested parties (for example alumni and students) on this matter.

FINANCIAL REVIEW

The audited accounts have been prepared in accordance with the Financial Reporting Standard applicable in the UK and republic of Ireland using the Statement of Recommended Practice “Accounting and Reporting by Charities” Charities SORP (FRS 102). The accounts include all operational and investment income, and donations together with expenditure for both Wadham College and its subsidiary and affiliate companies.

The financial performance has again been substantially impacted by various of the emergency measures stemming from the COVID-19 coronavirus, and their wider effects. Many university students were forced to study remotely for part of the academic year, some accommodation charges were waived, and there was much reduced income from student catering and other student-facing activities. Most of the conference and event income was also lost. Depending on their roles, staff continued a combination of working from college, working in home, and periods on furlough if they had no work-related activities. No specific support was provided to the higher education sector, but again universities were recommended to participate in the Job Retention Scheme.

Total Income was marginally reduced at £14.4mln (2020: £14.9mln). The underlying income streams reflected the challenges of the year, with revenues from teaching, research and residential (including conferences and trading) slightly recovered at £6.5mln (2020: £6.2mln), but the pre-Covid income from Conferences and Events was still absent. Donations were again hugely generous, many in support of the building projects, totalling £4.9mln (2020: £5.9mln). In addition an exceptional £0.3mln (2020: £0.4mln) was claimed under the Job Retention Scheme. The college received income of £2.6mln (2020: £2.4mln) from the endowment investments, but recognised a draw-down of £3.8mln under the Total Return Policy.

With the completion of the Dr Lee Shau Kee Building and the William Doo Undergraduate Centre, coming a year after students moved into the Dorothy Wadham Building, the College is now offering much enhanced residential, study and social spaces to our students – both quantity and quality. Recognising the completion of these projects, and the expenditure of all funds generously donated in support of these splendid buildings, a transfer of £16.4mln from Restricted to Unrestricted was made. The new buildings come with additional operational, upkeep and staffing costs, as well as annual payments of £1.0mln in Bond coupons, and a significant step up in

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depreciation in the accounts. More details are given below on a downwards adjustment on the provision for underfunding of the defined benefits pension funds.

On a consolidated basis, the total operating expenditure for the year was £12.6mln (2020: £12.3). This resulted in a lower net income before gains of £1.8mln (2020: £2.6mln). The investment portfolio saw gains of £14.3mln (2020: losses of £3.8mln), and ended the year £17.1mln higher after including liquidations and reinvestments, (2020: lower by £4.9mln). The consolidated Net Income is reported as £16.1mln (2020: deficit £1.2mln). As a result, £158.9mln of funds were carried forward at the end of this year (2020: £142.8mln). The decision was taken to transfer funds from the General Benefaction Fund within the Endowment, spread in annual tranches, and this year the sum of £2.9mln was transferred into Unrestricted. There were no other recognised gains and losses.

Capital expenditure of £3.2mln (2020: £10.3mln) was invested in completing the Dr Lee Shau Kee Building and William Doo Undergraduate Centre. The impact can be seen from a further rise in Tangible Assets on the Balance Sheet to £76.5mln (2020: £74.9mln) after depreciation of £1.5mln (2020 £1.2mln), and a reduction in cash within the Current Assets.

Under the Charities SORP, the total net assets include a liability provision relating to the pension scheme. This year the provision was reduced to £1.7mln (2020 £2.1mln), but in a post-Balance Sheet item (see Note 32) there is notification of new information which will result in a provision of £3.2mln, which is an increase of £1.5mln over the stated figure. The substantial year-to-year differences are a reflection of the required computation method for revaluation of the pension funds and the assumptions of future performance being made. Negotiations on the funding of the USS pension deficit have resulted in large fluctuations in the pension recovery plan provisions, and may continue to do so in the future.

Investment Performance

The investment environment recovered well after last year’s losses, and after a flat first quarter, performance was strong for the rest of the year. Again, the value of having a geographically diversified portfolio was seen, with stronger performance in North America, Europe and UK compensating for weaker performance in the far east. The investments provided the college with income of £2.6mln (2020: £2.4mln). Some portfolio rationalisation was carried out with three small opportunistic property transactions, completing the divestment of the college’s open-ended property funds, and its holding in an active China Fund, together releasing £3.2mln. These proceeds, together with £2.8mln previously held as contingency, were reinvested by subscribing to a range of “ESG” tracker funds screened or positively weighted for performance on Environmental, Social and Governance factors, and in the Oxford Endowment Fund.

The value of investments at the year-end was £110.0mln (2020: £92.8mln), which is £17.1mln above last year, but £12.1mln above 2 years ago. The Total Return (capital appreciation plus income) was 18.7% (2020: negative 1.3%). For a number of years, performance has been compared with the FTSE All-Share Index (for total return in GBP) which achieved 26.7% for the same period. For context, over the last 2-years the above corresponds to 8.2% against a benchmark of 2.1%. The investments of the College at the year-end comprised £36.2mln (2020: £29.4mln) in the Oxford Endowment Fund, £50.7mln (2020: £40.0mln) in tracker funds, and £23.0mln (2020: £23.4mln) in directly held Property.

The specific funds held by the College at the year-end, were:

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iShares MSCI Europe ESG Enhanced ETF, iShares MSCI EMU ESG Screened ETF, iShares MSCI Emerging Markets ESG Enhanced ETF.

The College’s direct property holdings comprise farms in Essex, Lincolnshire, Derbyshire and land on the Isle of Wight (currently used for a Solar Farm, and grazing); a small number of commercial properties; and houses used either for staff, students, Fellows or rented commercially.

The Trustees are satisfied with the financial and investment performance for the year.

POLICY FOR HOLDING CASH AND RESERVES

The policy is to maintain a combination of cash and free reserves, so that together these holdings will enable the College to continue to operate effectively and meet its short-term financial obligations in the event of unexpected revenue shortfall. This would provide a temporary buffer to allow the College to operate normally for a period of time. Due to the financial uncertainty caused by COVID-19, cash holdings may continue to be held at a somewhat elevated level.

The technical “free reserves” at the year-end, under the revised FRS 102 standard (prior to providing for the pension fund liability), amounted to £37.4mln before adjusting for borrowing (2020: deficit £40.3mln), and £2.4mln after adjusting for borrowing (2020: deficit £5.3mln). This figure has changed significantly since last year, which showed the large distorting effect of ongoing major building projects. A target for after completion of the projects is to hold Free Reserves and/or cash corresponding to at least three to six months of operating expenditure.

APPOINTMENT AND TRAINING OF TRUSTEES

Appointment to the College’s Governing Body is on the basis that those elected are eligible and willing to act as Charity Trustees. The majority of new members, who are normally academics, hold joint posts with the University of Oxford. A transparent and professional selection process is followed for all appointments. An induction program setting out the responsibilities and duties of being a Charity Trustee is provided to all new appointees.

TRUSTEES AND COMMITTEE MEMBERSHIP

All Trustees are members of the Governing Body, which is advised by a range of committees. The principal ones being Finance Committee (FC), Academic Policy Committee (APC), Risk & Audit Committee (RA), Investment Committee (IC), Development Committee (DC) and Remuneration Committee (RC). The list below provides the names and committee memberships of the Trustees.

The Trustees, all of whom held office during the year unless otherwise stated, were:

Lord Ken Macdonald APC RA
DC
FC
IC		 RC
Prof Louis Alday
Dr Peter Alsop APC RA
DC
FC
IC		 RC
Prof Paul Balister
Prof Michael Bannon RC
Prof Paul Beer APC RA
DC
FC		 RC
Dr Alan Beggs RC
Dr Christina Benninghaus
Prof Ben Berks
Dr Jenny Boddy From 1/9/2020
Prof Dominic Brookshaw
Prof Philip Bullock

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Prof Martin Bureau APC DC
Mr Oliver Butler
Prof Philip Candelas Until 30/10/2020
Dr Fabrizio Caola APC
Dr Alfonso Castrejón-Pita
Dr Hannah Christensen
Prof Eric Clarke
Dr Emma Cohen
Dr Sarah Cullinan-Herring
Prof Séamus Davis From 1/10/2020
Prof Darren Dixon
Dr Natalia Doan
Prof Carolin Duttlinger APC RA
DC
FC		 RC
Dr Evan Easton-Calabria
Prof Andrew Farmery
Dr Michael Froggatt From 1/10/2020 APC DC
FC		 RC
Dr Jane Garnett
Dr Lydia Gilday
Dr Molly Grace From 1/9/2020
Dr Jane Griffiths APC
Prof Monika Gullerova APC DC
Ms Julie Hage DC
Prof Edmund Herzig DC RC
Prof Stephen Heyworth APC RC
Dr Margaret Hillenbrand
Prof Laura Hoyano
Dr Matthew Kempshall APC
Dr Tarunabh Khaitan Until 30/6/2021
Dr Heeyeon Kim Until 31/8/2020
Prof Karl Kügle
Dr Matthew Langton Until 31/8/2020
Prof Susan Lea Until 31/12/2020
Prof Francesco Licausi
Mrs Frances Lloyd RA
DC
FC
Dr Paul Martin
Dr Ursula Martin
Dr Caroline Mawson On Leave of Absence
Prof Colin Mayer IC
Dr Lucy McDermott From 1/10/2020
Dr Emily McLaughlin
Dr Jack Miller Until 30/9/2020
Dr Laura Moody From 1/10/2020
Prof Ankhi Mukherjee FC
Prof Alexander Paseau
Dr Cláudia Pazos-Alonso
Prof Fiona Powrie RC
Dr Andrew Princep Until 31/8/2020

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Prof Paolo Radaelli FC
Prof Stephan Rauschenbach
Prof Alexander Ritter FC
Dr Alice Rouillère
Dr Sakura Schafer-Nameki IC
Dr Nathalie Seddon
Prof Ekaterina Shamonina FC
Dr Thomas Simpson
Dr Rebecca Simson
Dr Tom Sinclair
Dr George Southcombe
Dr Sandy Steel
Dr Christopher Summerfield
Dr Oren Sussman IC
Dr Atilla Szabo From 1/10/2020
Dr Mark Thompson
Dr Peter Thonemann
Dr Olivia Vázquez-Medina
Mr Samuel Williams Until 31/8/2020
Dr Juliane Zachhuber
Prof Francesco Zanetti IC

Trustee Remuneration Disclosure

The Trustees of Wadham College, namely the Warden and Governing Body Fellows of the College, receive no remuneration for their acting as Trustees. However, their position on Governing Body is by virtue of their being Warden and Fellows. Fellows are generally involved in teaching or research, or together with the Warden are officeholders of the College, and are therefore employed in an academic or professional capacity by the College and/or the University, and receive salaries and allowances under contracts of employment. The College has adopted the University of Oxford’s pay grades and an independent Remuneration Committee advises on all issues of pay and allowances for Fellows. The majority of Tutorial Fellows’ teaching posts are joint appointments with the University. The Trustees have agreed to use the framework set out in Note 22 to the accounts for their disclosure of remuneration.

The Trustees of the College fall into the following classes of Fellowships: Professorial, Official, Senior Research, Junior Research and those by Special Election. The College’s administration is delegated to College Officers; this category includes the Finance Bursar, Domestic Bursar, Senior Tutor and Development Director, who are all Official Fellows. The Warden, who is the College’s Head of House and has administrative duties, is also a Trustee, but does not hold a Fellowship.

Certain classes of Fellowships are provided with a Housing Allowance (disclosed within the salary figures in Note 22) or can elect to live rent free in College. All Fellows may eat in College free of charge, as can all other employees who are entitled to meals while at work.

Some Trustees, in their role as Fellow, are entitled to additional allowances for work carried out as a part-time College Officer. Such posts include the Sub-Warden, Dean, Welfare Dean, Tutor for Graduates, Tutor for Undergraduates, Tutor for Access, Director of Music, Fellow Librarian and Keeper of the Gardens. These amounts are included within the remuneration in Note 22. The total remuneration and taxable benefits to Trustees in their other roles was £2.1mln (2020: £1.9mln).

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Wadham College Trustees’ Report

Year ended 31 July 2021

A total of 78 Trustees served for at least part of the financial year, and at the end of the year 71 Trustees were in place. Of the total, 55 Trustees received remuneration under a contract of employment for work for the College and 23 Trustees received no remuneration.

No Fellow claimed any expenses for work as a Trustee.

Related party Transactions with Trustees

Certain Trustees, as a result of their employment as a Fellow, have been eligible to apply to join the College’s Joint Equity Housing Scheme or to apply for a housing loan. Both initiatives are provided by the College in order to assist with the purchase of suitable accommodation in the Oxford area. Housing assistance is not an automatic right. Each application is looked at on its own merits by an independent committee who assess the benefits to the College in providing housing assistance. One Fellow exited the housing loan scheme, and one Fellow exited the Joint Equity housing Scheme. There were no other changes to participation in each scheme, as summarised in Note 30.

14

Wadham College Trustees, Report Year ended 31 July 2021 statemenl of Accountlng and Reporting Responsibilities The Governing Body, who are Trustees for the purposes of Charity Law, is responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the Governing Body lo prepare financial statements for each financial year. Under that law the Governing Body has elected lo prepare the financial stalements in accordance with United Kingdom Generally Accepted AcGounting Practice (United Kingdom Accounting Standards and applicable law)- The Governing Body must not approve the financial statemenls unless they are satisfied that they give a true and fair view of the state of affairs of the College and the group and of the incoming resources and application of resources, including the income and expenditure, of the group for Ihal period. In preparing these financial statements, the Governing Body is required lo.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudenl., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements-, prepare the financial statements on the going concern basis unless it is inappropriate to presume that Ihe group will conlinue in business. The Governing Body are responsible for keeping adequate accounting records thal are sufficient to show and explain the College's and group's transactions and disclose with reasonable accuracy al any time the financial position of the College and the group and enable them to ensore that Ihe financial statements comply with the Charities Act 2011, the Charily (Accounls and Reports) Regulations and the provisions of the Irust deed. They are also responsible for safeguarding the assets of the College and the group and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Approved on behalf of the Trustees on (y- ?oZ Robert Hannlgan CMG Warden 15

Wadham College Trustees’ Report

Year ended 31 July 2021

Independent auditor’s report to the members of the Governing Body of Wadham College

Opinion

We have audited the financial statements of Wadham College (the “Charity”) for the year ended 31 July 2021 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).

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.

16

Wadham College Trustees’ Report

Year ended 31 July 2021

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.

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:

Responsibilities of the Members of the Governing Body

As explained more fully in the statement of Accounting and Reporting Responsibilities, set out on page 14, 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 ISAs (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:

17

Wadham College Trustees’ Report

Year ended 31 July 2021

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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.frc.org.uk/auditorsresponsibilities.

This description forms part of our auditor’s report.

18

Wadham Collegg Trustees, Report Year ended 31 July 2021 Use of our 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 8ody those matters we are required lo state to them in an auditor's report and for no other purpose. To the fullest extent permitted bylaw, 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 Oxford Date.. Cri(chleys Audit LLP is eligible to act as an audrtor in terms of sections 1212 of the Companies Act 2006. 19

Wadham College Statement of Accounting Policies Year ended 31 July 2021

STATEMENT OF ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention as modified by the revaluation of fixed asset investments at market rates prevailing at the balance sheet date. The statements are in accordance with applicable accounting standards and the Statement of Recommended Practice “Accounting and Reporting by Charities” (the Charities SORP FRS 102) issued in 2014.

The financial statements consolidate the accounts of the College and its subsidiaries, Wadham College Services Ltd and Wadham College Design & Build Ltd, on a line by line basis. The accounts of the affiliated student bodies (the Student Union and the Middle Common Room) have not been consolidated because the College does not control these activities.

The College has an investment in an associated undertaking, Boathouse Consortium Limited. This investment is included in the consolidated financial statements using equity accounting.

The Accounting Policies remain unchanged from the prior year and are set out below:

Income and endowments

Donations, legacies and other forms of voluntary income are accounted for when receivable. Student fee income and charges are accounted for on an accruals basis. The College accounts for its investment income on a total return basis, which allows the College to invest permanent endowments to maximise total return and to make available an appropriate portion of the total return for expenditure each year. Until this power is exercised the total return shall be an ‘unapplied total return’ and remain as part of the permanent endowment. The College has adopted a 3.5% total return rate, on a three year rolling average.

Expenditure

Expenditure classified as charitable activities included only direct costs associated with those activities. All other administrative and overhead costs incurred by the College which are not directly attributable either to fund generation or governance are allocated on the basis of staff involvement in those areas.

Classification of funds

The College’s endowed funds are capital funds where normally only the income arising may be applied, in certain cases for restricted purposes. These endowments are either permanent or expendable, depending on whether the trustees have authority to spend the capital.

The College’s restricted funds have arisen from restrictions specified by the donors. Both income

and capital can be used for restricted purposes.

The College’s unrestricted funds represent accumulated income from the College’s activities and other sources that are available for the general purposes of the College.

Tangible fixed assets

Tangible fixed assets are stated at cost and are depreciated on a straight-line basis over the following periods:

Freehold buildings - 50 years Building improvements - 50 years Equipment - 5 years Freehold land is not depreciated.

The cost of major renovation projects which increase the service potential of buildings is capitalised and depreciated over applicable periods. Certain historic College buildings are included at a net value of £1 as, due to their age, their historic cost would be difficult to ascertain and they would also now be fully depreciated.

20

Wadham College Statement of Accounting Policies Year ended 31 July 2021

The College operates a “de minimis” limit of £7.5k for capitalisation of expenditure on building improvements and for equipment. Works of art and other valuable artefacts that can be regarded as inalienable are not included in the financial statements.

Stocks

Stocks are stated at the lower of their cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.

Maintenance of premises

The cost of routine corrective maintenance is charged to the Statement of Financial Activities in the period it is incurred.

Provisions

Provisions are recognised when the College has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefit will be required to settle the obligation, and a reliable estimate can be made of the obligation.

Pension Fund provisions & Critical accounting judgements

The College participates in the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). These schemes are hybrid pension schemes, providing defined benefits (for members), as well as defined contribution benefits. The assets of the schemes are each held in a separate trustee-administered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual Colleges and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other Universities’ and Colleges’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme 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 reflected in the Statement of Financial Activities 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 recognises a liability for the contributions payable that arise from the agreements (to the extent that they relate to the deficit) and therefore an expense is recognised.

USS notes: FRS 102 requires that accounting judgements which are considered to be critical by those charged with governance are explained in more detail as to why the judgement has been applied. The disclosure below may be useful where the treatment of the scheme as a multiemployer scheme and adopting defined contribution accounting is deemed to be critical.

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 USS or one for employers in the same locality such as OSPS. 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 USS and OSPS 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.

Foreign currencies

Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year end rates of exchange or, where there are related forward foreign exchange contracts, at contract rates. The resultant exchange differences are included in the Statement of Financial Activities for the year.

21

Wadham College Statement of Accounting Policies Year ended 31 July 2021

Taxation status

As a charity within the meaning of the Charities Act 2011, the College is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The College is subject to VAT on its non-charitable activities.

College Contribution Scheme

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. Contribution is calculated annually in accordance with regulations made by the University’s Council and is accounted for in the period to which it relates.

Investments

Investments are stated at market value at the Balance Sheet date. The Statement of Financial Activities shows net investment gains and losses arising from revaluation of the investment portfolio and disposals throughout the year.

Recognition of liabilities accounting policy

Liabilities are recognised when there is a legal and constructive obligation committing the College to the expenditure.

22

Wadham College

Consolidated Statement of Financial Activities For the year ended 31 July 2021

----- Start of picture text -----
Unrestricted Restricted Endowed 2021 2020
Funds Funds Funds Total Total
Notes £'000 £'000 £'000 £'000 £'000
INCOME AND ENDOWMENTS FROM:
Charitable activities: 1
Teaching, research and residential 6,473 - - 6,473 6,014
Other Trading Income 3 19 - - 19 191
Donations and legacies 2 748 3,613 599 4,960 5,912
Investments
Investment income 4 14 - 2,565 2,579 2,421
Total return allocated to income 14 3,760 - (3,760) - -
Other income - Includes Job Retention Scheme £333k 411 - - 411 376
Total income 11,425 3,613 (596) 14,442 14,914
EXPENDITURE ON: 5
Charitable activities:
Teaching, research and residential 11,172 630 - 11,802 11,451
Generating funds:
Fundraising 658 - - 658 754
Investment management costs 140 - - 140 108
Total Expenditure 11,970 630 - 12,600 12,313
Net Income/(Expenditure) before gains (545) 2,983 (596) 1,842 2,601
Net gains/(losses) on investments 11, 12 - - 14,258 14,258 (3,750)
Net Income/(Expenditure) (545) 2,983 13,662 16,100 (1,149)
Transfers between funds 19 17,592 (14,664) (2,928) - -
Net movement in funds for the year 17,047 (11,681) 10,734 16,100 (1,149)
Fund balances brought forward 19 20,382 17,193 105,237 142,812 143,961
Funds carried forward at 31 July 37,429 5,512 115,971 158,912 142,812
----- End of picture text -----

23

Wadham College Cr)nsolidated and College Balance Sheets As at 31 Jtsly 2021 2020 2Q21 Colleye FIXED ASSETS TanglE￿e assats 74.870 74.870 23,404 69,438 11 12 other Inwesknents Tota( Flxed Assets 186A54 167.712 186N5¢ 167.712 CURRENT ASSET5 Deblot5 Ca3h al bank and in hand 15 1.916 12.t126 1.888 8.146 11.915 Totsl CwrentAssets 10,537 14.448 14.430 UABILFflES 16 2211 2.193 *134 134 11237 TOTALASSETS LESS CURREKf LIABILITIES 179 179.949 17 35.0 160W8 144949 Dofined benOfitpw￿l0Tr Sd￿￿0 liability 18 1137 1.676 2.137 158.912 14W2 158,912 142,812 FUNDS OF THE COLLEGE Endowmentfunds 19 1115237 11W1 105,Y37 4512 17.1g3 s￿12 17.193 Unr85ts1cted fvnds General funds 39.105 11.¥16) T4519 1113n 39,105 11,6761 22.519 1113n 14912 141812 15&912 141812 TFusts9.' 16Q ALSOP

Wadham College

Consolidated Statement of Cash Flows For the year ended 31 July 2021

----- Start of picture text -----
2021 2020
Notes £'000 £'000
Net cash provided by (used in) operating activities 26 (767) (112)
Cash flows from investing activities
Dividends, interest and rents from investments 1,369 2,421
Proceeds from the sale of property, plant and equipment -
Purchase of property, plant and equipment (3,158) (10,289)
Proceeds from sale of investments 1,824 1,189
Purchase of investments (3,473)
Net cash provided by (used in) investing activities (3,438) (6,679)
Cash flows from financing activities
Repayments of borrowing -
Cash inflows from new borrowing -
Receipt of endowment 599 135
Net cash provided by (used in) financing activities 599 135
Change in cash and cash equivalents in the reporting period (3,606) (6,656)
Cash and cash equivalents at the beginning of the
reporting period 12,026 18,682
Cash and cash equivalents at the end of the reporting
period 27 8,420 12,026
----- End of picture text -----

25

Wadham College Notes to the financial statements For the year ended 31 July 2021

Teaching, Research and Residential
Unrestricted funds
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other fees
Other HEFCE support
Other academic income
College residential income
Total income from charitable activities		 2021
£'000
2,072
1,053
124
312
146
2,766
6,473		 2020
£'000
2,014
918
159
265
142
2,516
6,014

The above analysis includes £3437k received from Oxford University from publicly accountable funds under the CFF Scheme (2020: £3197k).

Under the terms of the undergraduate student support package offered by Oxford University to students from lower income households, the college share of the fees waived amounted to £0k (2020: £0k). These are not included in the fee income reported above.

Donations and Legacies
Unrestricted funds
Restricted funds
Endowed funds
INCOME FROM OTHER TRADING ACTIVITIES
Subsidiary company trading income
INVESTMENT INCOME
Unrestricted funds
Bank interest
Endowed funds
Agricultural rent
Commercial rent
Equity dividends
Total Investment income		 2021
£'000
748
3,613
599
4,960
2021
£'000
19
19
2021
£'000
14
14
297
165
2,103
2,565
2,579		 2020
£'000
656
5,121
135
5,912
2020
£'000
191
191
2020
£'000
77
77
279
177
1,888
2,344
2,421

26

Wadham College

Notes to the financial statements For the year ended 31 July 2021

5
ANALYSIS OF EXPENDITURE
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential
Other direct costs allocated to:
Teaching, research and residential
Support and governance costs allocated to:
Teaching, research and residential
Total charitable expenditure
Expenditure on raising funds
Direct staff costs allocated to:
Fundraising
Other direct costs allocated to:
Fundraising
Investment management costs
Support and governance costs allocated to:
Fundraising
Investment management costs
Total expenditure on raising funds
Total expenditure		 2021
£'000
5,321
3,142
3,339
11,802
524
96
140
38
-
798
12,600		 2020
£'000
5,592
3,185
2,674
11,451
538
163
108
53
-
862
12,313

The 2020 resources expended of £12313k represented £11939k from unrestricted funds, £374k from restricted funds and £0k from endowed funds.

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 £0k (2020 - £0k).

27

Wadham College Notes to the financial statements For the year ended 31 July 2021

6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Financial and Domestic administration
Domestic administration
Human resources
IT
Depreciation
Loss/(profit) on fixed assets
Bank interest payable
Other finance charges
Governance costs
Financial and Domestic administration
Human resources
IT
Depreciation
Bank interest payable
Other finance charges
Governance costs		 Generating
Funds
£'000
12
-
1
23
-
-
-
-
2
38
Generating
Funds
£'000
12
2
37
-
2
53		 Teaching
and
Research
£'000
129
-
209
422
1,533
-
996
32
18
3,339
Teaching
and
Research
£'000
54
179
341
1,217
864
1
18
2,674		 Public
Worship
£'000
-
-
-
-
-
-
-
-
-
-
Public
Worship
£'000
-		 Heritage
£'000
-
-
-
-
-
-
-
-
-
-
Heritage
£'000
-		 2021
Total
£'000
141
-
210
445
1,533
-
996
32
20
3,377
2020
Total
£'000
66
181
378
1,217
864
1
20
2,727

Financial and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on each activity. Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made of the underlying assets. Interest and other finance charges are attributed according to the purpose of the related financing. Governance costs are allocated according to an estimate of audit services time spent.

Governance costs comprise:
Auditor's remuneration - audit services		 2021
£'000
20
20		 2020
£'000
20
20

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.

28

Wadham College Notes to the financial statements For the year ended 31 July 2021

7
GRANTS AND AWARDS
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
Restricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Total restricted
Total grants and awards		 2021
£'000
368
133
501
550
80
630
1,131		 2020
£'000
328
120
448
292
82
374
822

The figure included above represents the cost to the College of the Oxford Bursary scheme. Students of this college received £101k (2020: £120k).Some of those students also received fee waivers amounting to £0k (2020: £0k).

The above costs are included within the charitable expenditure on Teaching and Research. Grants to other institutions comprise £0

29

Wadham College Notes to the financial statements For the year ended 31 July 2021

8
STAFF COSTS
The aggregate staff costs for the year were as follows.
Salaries and wages
Social security costs
Pension costs as paid :
Defined benefit schemes
Pension Provision
The average number of employees of the College, excluding Trustees,
on a full time equivalent basis was as follows.
Tuition and research
College residential
Fundraising
Support
Total
The average number of employed College Trustees during the year was as follows.
University Lecturers
CUF Lecturers
Other
Total		 2021
£'000
5,390
468
917
(494)
6,281
2021
6
84
7
37
134
24
12
27
63		 2020
£'000
5,658
481
918
(613)
6,444
2020
7
87
7
36
137
25
12
32
69

Redundancy payments are accounted for in the period in which the employee was informed of the decision. Where redundancy costs are uncertain, the figure in the accounts represents a best estimate. These costs will be met through unrestricted funds.

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) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fell within the following bands was:

£60,001-£70,000
£70,001-£80,000
The number of the above employees with retirement benefits accruing was as follows:
In defined benefits and hybrid schemes
In defined contribution schemes
The College contributions to defined contribution pension schemes totalled		 1
1
2
-
Nil		 1
1
2
-
Nil

30

Wadham College Notes to the financial statements For the year ended 31 July 2021

9 TANGIBLE FIXED ASSETS

Group and College
Cost
At start of year
Additions
Transfers
Disposals
At end of year
Depreciation and impairment
At start of year
Depreciation charge for the year
Depreciation on disposals
Impairment
At end of year
Net book value
At end of year
At start of year		 Leasehold
land and
buildings
£'000
-
-
-
-
-
-
-
-
-
-
-		 Freehold
land and
buildings
£'000
74,310
-
16,443
-
90,753
12,784
1,485
-
-
14,269
76,484
61,526		 Assets Under
Construction
£'000
13,285
3,158
(16,443)
-
-
-
-
-
-
-
-
13,285		 Fixtures,
fittings and
equipment
£'000
1,900
-
-
1,900
1,841
45
-
-
1,886
14
59		 Total
£'000
89,495
3,158
-
-
92,653
14,625
1,530
-
-
16,155
76,498
74,870

31

Wadham College Notes to the financial statements For the year ended 31 July 2021

10 HERITAGE ASSETS

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.

32

Wadham College Notes to the financial statements For the year ended 31 July 2021

11 PROPERTY INVESTMENTS

Group and College
Valuation at start of year
Additions and improvements at cost
Disposals/Transfers
Revaluation gains/(losses) in the year
Valuation at end of year		 Agricultural
£'000
17,833
3
(315)
722
18,243		 Commercial
£'000
3,162
-
(397)
(210)
2,555		 Other
£'000
2,409
7
(252)
41
2,205		 2021
Total
£'000
23,404
10
(964)
553
23,003		 2020
Total
£'000
23,440
28
(138)
74
23,404

An independent valuation of the agricultural properties was prepared by Whirledge and Nott and Carter Jonas as at 31 July 2021 and 31 July 2020.

An independent valuation of the commercial and other properties was prepared by Carter Jonas as at 31 July 2021 and 31 July 2020.

All investments are held at fair value.

Group investments
Valuation at start of year
New money invested
Amounts withdrawn
Reinvested income
(Decrease)/increase in value of investments
Group investments at end of year prior to Boathouse
Investment in Consortium Boathouse
Group investments at end of year
Group investments comprise:
Global multi-asset funds
Property funds
Fixed interest stocks
Alternative and other investments
Fixed term deposits and cash
Total group investments		 Investment
Held outside
the UK
£'000
71,498
-
-
-
-
71,498		 Held in
the UK
£'000
15,415
-
-
-
-
15,415		 2021
Total
£'000
86,913
-
-
-
-
86,913		 Held outside
the UK
£'000
55,115
-
-
-
-
55,115		 2021
£'000
69,395
2,800
(870)
1,883
13,705
86,913
40
86,953
Held in
the UK
£'000
13,387
893
-
-
14,280		 2020
£'000
74,299
(1,080)
-
(3,824)
69,395
43
69,438
2020
Total
£'000
68,502
893
-
-
-
69,395

33

Wadham College Notes to the financial statements For the year ended 31 July 2021

13 PARENT AND SUBSIDIARY UNDERTAKINGS

The College holds 100% of the issued share capital in Wadham College Services Limited, a company providing conference and other event services on the College premises, and 100% of the issued share capital in Wadham College Design and Build Limited, a company providing design and build construction services to the College.

The results and their assets and liabilities of the parent and subsidiaries at the year end were as follows.

Income
Expenditure
Donation to College under gift aid
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 £'000
14,422
(12,578)
-
1,844
196,991
(196,991)
-
Parent College		 £'000
19
(18)
(15)
(14)
32
(32)
-
Wadham
College
Services Ltd		 £'000
1
(4)
(43)
(46)
250
(250)
-
Wadham
College
Design and		 £'000
-
-
-
-
-
-
-
Subsidiary
Name 3		 £'000
-
-
-
-
-
-
-
Subsidiary
Name 4

14 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees have adopted a duly authorised policy of total return accounting for the College with effect from 1st August 2008. The return to be applied as income is calculated as 3.5% (2020: 3.5%) of the average of the year-end values of the relevant balances in each of the last three years. The preserved (frozen) value of the invested endowment capital represents its open market value in 2002 together with all subsequent endowments valued at date of gift.

At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Recoupment of trust for investment
Allocation from trust for investment
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the reporting period
Expendable endowments transferred to income
Net movements in reporting period
At end of the reporting period:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments		 Trust for
Investment
£'000
42,006
42,006
578
-
578
-
578
42,584
42,584
Pe		 Unapplied
Total
Return
£'000
55,437
55,437
-
-
2,375
13,202
15,577
(3,481)
(3,481)
12,096
-
67,533
67,533
rmanent Endowm		 Total
£'000
42,006
55,437
97,443
578
-
-
2,375
13,202
-
-
16,155
-
(3,481)
(3,481)
12,674
-
42,584
67,533
110,117
ent		 Expendable
Endowment
£'000
7,794
7,794
21
190
1,056
(2,928)
(1,661)
(279)
(279)
(1,940)
5,854
5,854		 Total
Endowments
£'000
42,006
55,437
7,794
105,237
599
-
-
2,565
14,258
-
(2,928)
14,494
-
(3,760)
(3,760)
10,734
42,584
67,533
5,854
115,971

34

Wadham College

Notes to the financial statements For the year ended 31 July 2021

15 DEBTORS

Amounts falling due within one year:
Trade debtors
Amounts owed by College members
Amounts owed by Group undertakings
Other debtors
Amounts falling due after more than one year:
Loans
CREDITORS: falling due within one year
Trade creditors
Amounts owed to College Members
Amounts owed to Group undertakings
Taxation and social security
College contribution
Accruals and deferred income
Other creditors
CREDITORS: falling due after more than one year
30 Year Senior Note Bonds
The 30 year unsecured Senior Note Bonds comprise:
£30m 2.88% Senior Bond Note due 1 August 2046
£5m 2.64% Senior Bond Note due 8 June 2048
PROVISIONS FOR LIABILITIES AND CHARGES
At start of year
Charged in the Statement of Financial Activities
At end of year		 2021
Group
£'000
193
261
-
1,077
91
1,622
2021
Group
£'000
161
174
-
131
76
861
1,403
2021
Group
£'000
35,000
35,000
2021
Group
£'000
2,137
(461)
1,676		 2020
Group
£'000
103
160
-
1,462
191
1,916
2020
Group
£'000
860
253
-
127
-
73
898
2,211
2020
Group
£'000
35,000
35,000
2020
Group
£'000
2,750
(613)
2,137		 2021
College
£'000
185
261
274
1,077
91
1,888
2021
College
£'000
160
174
-
130
70
861
1,395
2021
College
£'000
35,000
35,000
2021
College
£'000
2,137
(461)
1,676		 2020
College
£'000
89
160
107
1,462
191
2,009
2020
College
£'000
857
253
-
130
-
55
898
2,193
2020
College
£'000
35,000
35,000
2020
College
£'000
2,750
(613)
2,137

The above provision relates to USS and OSPS Pension deficits

35

Wadham College

Notes to the financial statements For the year ended 31 July 2021

19
ANALYSIS OF MOVEMENTS ON FUNDS
Endowment Funds - Permanent
Teaching and Scholarship Funds
Dr Wills' Pension Fund
Sir Algernon Methuen's Bequest
Dr David T Wylie's Bequest
The Lee Shau Kee Benefaction
The Law Fellowship Support Fund
The Von Bothmer Benefaction
A F Thompson History Fellowship
The Knowles/Williams J R F
The Hackney/Stow Law Fellowship
Engineering Fellowship
Forrest/Derow Classics Fellowship
Hutcheson Bequest
M Benham Biology Fellowship
M Benham Mathematics Fellowship
English Teaching Fund Fellowship
Roger Penrose Maths Fellowship
Lee Placito Fellowship in Medicine
David Richards Chemistry Fellowship
David Richards Economic History JRF
David Richards Economics Fellowship
David Richards Graduate Scholarship Chemistry
David Richards Graduate Scholarship Climate
David Richards Graduate Scholarship Economics
David Richards Graduate Scholarship History
David Richards Physics Fellowship
Dowding Humanities Scholarship
Mok Medical
Warden's Exhibition
College Buildings & Facilities
R H Robbins Garden Fund
College Corporate Capital
128 Funds below £600k
Endowment Funds - Expendable
The General Benefactions Fund
Total Endowment Funds - College
Endowment funds held by subsidiaries
Total Endowment Funds - Group
Restricted Funds
Building Projects
67 Other Funds
Total Restricted Funds - College
Restricted funds held by subsidiaries
Total Restricted Funds - Group
Unrestricted Funds
General funds
Pension reserve
Total Unrestricted Funds - College
Unrestricted funds held by subsidiaries
Total Unrestricted Funds - Group
Total Funds		 At 1 August
2020
£'000
-
852
2,143
1,017
721
2,122
2,690
3,263
1,058
2,018
914
2,702
775
910
910
1,278
1,217
653
667
1,357
667
607
1,215
607
1,215
667
603
674
541
853
47,293
15,233
7,794
105,236
-
105,236
12,036
5,157
17,193
-
17,193
22,519
(2,137)
20,382
-
20,382
142,812		 Incoming
resources
£'000
21
52
25
18
53
65
84
26
51
23
74
19
22
22
31
30
16
17
33
17
15
29
17
29
17
15
16
13
21
1,153
928
211
3,163
-
3,163
2,428
1,185
3,613
-
3,613
7,665
7,665
-
7,665
14,441		 Resources
expended
£'000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(630)
(630)
-
(630)
(12,431)
461
(11,970)
-
(11,970)
(12,600)		 Transfers
£'000
(31)
(77)
(37)
(26)
(76)
(96)
(116)
(37)
(72)
(33)
(97)
(28)
(33)
(33)
(46)
(43)
(24)
(24)
(49)
(24)
(22)
(43)
(22)
(43)
(24)
(22)
(24)
(19)
(30)
(1,691)
(539)
(3,207)
(6,688)
-
(6,688)
(14,464)
(200)
(14,664)
-
(14,664)
21,352
21,352
-
21,352
-		 Gains/
(losses)
£'000
115
290
138
98
288
365
442
144
273
124
366
105
123
123
173
165
89
90
184
90
83
164
83
164
90
82
92
73
-
115
6,412
2,058
1,057
14,258
-
14,258
-
-
-
-
-
-
14,258		 At 31 July
2021
£'000
-
957
2,408
1,143
811
2,387
3,024
3,673
1,191
2,270
1,028
3,045
871
1,022
1,022
1,436
1,369
734
750
1,525
750
683
1,365
685
1,365
750
678
758
608
959
53,167
17,680
5,855
115,971
-
115,971
-
5,512
5,512
-
5,512
39,105
(1,676)
37,429
-
37,429
158,912

The College has agreed to list individually all those Permanent Endowment Funds with a balance greater than £600k at the year-end. The College also had 26 Permanent Endowment Funds with a balance between £250k and £600k and 102 Funds with a balance below £250k.

The Total Return Spending Rule transfer amounted to £3.76m.

36

Wadham College Notes to the financial statements For the year ended 31 July 2021

20 FUNDS OF THE COLLEGE DETAILS

The following is a summary of the origins and purposes of each of the Funds

Endowment Funds - Permanent:

Endowment Funds - Expendable:

Restricted Funds:

Unrestricted Funds

21 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities		 Unrestricted
Funds
£'000
76,498
-
(2,393)
(36,676)
37,429
Unrestricted
Funds
£'000
62,834
-
-
(5,315)
(37,137)
20,382		 Restricted
Funds
£'000
-
-
5,512
-
5,512
Restricted
Funds
£'000
12,036
-
-
5,157
-
17,193		 Endowment
Funds
£'000
-
23,003
86,953
6,015
-
115,971
Endowment
Funds
£'000
-
23,404
69,438
12,395
-
105,237		 2021
Total
£'000
76,498
23,003
86,953
9,134
(36,676)
158,912
2020
Total
£'000
74,870
23,404
69,438
12,237
(37,137)
142,812

37

Wadham College Notes to the financial statements For the year ended 31 July 2021

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 Fellow by Special Election 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 and Research Fellows are eligible for a Housing Allowance, which is disclosed within the salary figures below. Twelve trustees live in College or property owned by the College.

Remuneration paid to trustees

2021 2020
Gross remuneration, taxable Gross remuneration, taxable
Number of benefits and pension Number of benefits and pension
Range Trustees/Fellows contributions Trustees/Fellows contributions
£ £
£0-£2999 1 2,851 5 6,607
£3,000-£3.999 1 3,953
£4,000-£4.999
£5,000-£5.999
£6,000-£6.999 1 6,794
£7,000-£7.999
£9,000-£9,999 1 9,097
£10,000-£10,999 1 10,061
£11,000-£11,999
£12,000-£12,999 4 50,479
£13,000-£13,999 1 13,914 5 68,880
£14,000-£14,999 1 14,341
£15,000-£15,999 1 15,310 1 15,812
£16,000-£16,999 1 16,668
£18,000-£18,999 1 18,760
£19,000-£19,999 2 39,098 2 39,026
£20,000-£20,999 1 20,466
£21,000-£21,999
£22,000-£22,999 4 90,965 2 45,426
£23,000-£23,999 8 189,382 11 259,666
£24,000-£24,999 6 148,545 3 73,749
£27,000-£27,999 1 27,488 1 27,488
£29,000-£29,999 1 29,449
£30,000-£30,999 1 30,321
£31,000-£31,999
£34,000-£34,999 1 34,107 2 68,802
£35,000-£35,999 1 35,332
£36,000-£36,999 1 36,387
£37,000-£37,999
£38,000-£38,999 1 38,356 1 38,258
£39,000-£39,999
£40,000-£40,999 1 40,928
£41,000-£41,999 1 41,098
£42,000-£42,999 1 42,144
£43,000-£43,999 2 86,790 1 43,170
£44,000-£44,999
£45,000-£45,999
£47,000-£47,999 1 47,145
£48,000-£48,999 1 48,414
£50,000-£50,999
£51,000-£51,999
£52,000-£52,999 1 52,404
£53,000-£53,999
£54,000-£54,999
£55,000-£55,999
£56,000-£56,999
£57,000-£57,999
£58,000-£58,999 3 174,733 4 232,977
£59,000-£59,999 2 118,439 1 59,024

38

Wadham College

Notes to the financial statements For the year ended 31 July 2021

£60,000-£60,999
£61,000-£61,999
£62,000-£62,999
£67,000-£67,999
£90,000-£90,999
£92,000-£92,999
£93,000-£93,999
£94,000-£94,999
£95,000-£95,999
£96,000-£96,999
£97,000-£97,999
£99,000-£99,999
£100,000-£100,999
£101,000-£101,999
£103,000-£103,999
£109,000-£109,999
£120,000-£120,999
£125,000-£125,999
£128,000-£128,999
Total		 2
1
2
1
1
1
1
57		 61,402
101,830
128,069
125,325
124,350
121,683
2,083,823
100,617		 3
1
1
1
1
1
1
55		 1,938,611
182,346
62,145
109,891
67,066
99,034
100,247
125,325

23 trustees are not employees of the college and do not receive remuneration.

All trustees may eat at common table..

Other transactions with trustees

No trustee claimed expenses for any work performed in discharge of duties as a trustee.

See also note 30 Related Party Transactions

Key management remuneration

The total remuneration paid to key management was £601k (2020: £557k). Key management are considered to be the Warden and College Officers (Finance Bursar, Domestic Bursar, Senior Tutor and Development Director).

39

Wadham College Notes to the financial statements For the year ended 31 July 2021

23 PENSION SCHEMES

Pension Scheme Provisions

Wadham College participates in the Universities Superannuation Scheme (USS) and University of Oxford Staff Pension Scheme (OSPS). 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 trustee-administered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual employers and scheme wide contribution rates are set. Wadham College is therefore exposed to actuarial risks of other employers' employees and is unable to identify its share of the underlying assets and liabilities on a consistent and reasonable basis. As required by Section 28 of FRS102 "Employee Benefits", Wadham 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 Wadham College has entered into agreements (the Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, Wadham College recognises a 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.

Pension Schemes

Wadham College participates in two principal pension schemes for its staff - the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). The assets of the schemes are each held in separate trustee-administered funds. USS and OSPS schemes are contributory mixed benefit schemes (i.e. they provide benefits on a defined benefit basis - based on length of services and pensionable salary and on a defined contribution basis - based on contributions into the scheme). Both are multi–employer schemes and Wadham College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, Wadham College accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the Statement of Financial Activities represents the contributions payable to the schemes in respect of the accounting period.

In the event of the withdrawal of any of the participating employers in USS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.

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

----- Start of picture text -----
USS OSPS
Date of valuation: 31/03/2018 31/03/2019
Date valuation results published: 16/09/2019 19/06/2020
Value of liabilities: £67.3bn £848m
Value of assets: £63.7bn £735m
Funding surplus / (deficit): (£3.6bn) (£113m)
Principal assumptions:
 Discount Rate CPI - 0.73% to Gilts + 0.5% to
CPI + 2.52% a Gilts - 2.25% b
-
 Rate of increase in salaries n/a RPI
 Rate of increase in pensions CPI c RPI/CPI d
Assumed life expectancies on retirement at age 65:
 Males currently aged 65 24.4 yrs 21.7 yrs
 Females currently aged 65 25.9 yrs 24.4 yrs
 Males currently aged 45 26.3 yrs 23.0 yrs
 Females currently aged 45 27.7 yrs 25.8 yrs
Funding Ratios:
 Technical provisions basis 95% 87%
 Statutory Pension Protection Fund basis 76% 74%
 ‘Buy-out’ basis 56% 60%
Employer’s contribution rate (as % of pensionable salaries): 21.10% 19%
USS rate increasing to 23.7% on 01/10/2021
Effective date of next valuation: 31/03/2020 31/03/2022
----- End of picture text -----

a. The discount rate (forward rates) for the USS valuation was:

Years 1-10: CPI + 0.14% reducing linearly to CPI – 0.73% Years 11-20: CPI + 2.52% reducing linearly to CPI + 1.55% by year 21 Years 21 +: CPI + 1.55%

b. The discount rate for the OSPS valuation was:

40

Wadham College Notes to the financial statements For the year ended 31 July 2021

Pre-retirement: Equal to the UK nominal gilt curve at the valuation date plus 2.25% p.a. at each term. Post-retirement: Equal to the UK nominal gilt curve at the valuation date plus 0.5% p.a. at each term.

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.3% p.a.

d. Increases to pensions in payment for the OSPS valuation were:

RPI inflation is derived from the geometric difference between the UK nominal gilt curve and the UK index-linked curve at the valuation date, less 0.3% p.a. at each term. CPI inflation is derived from the RPI inflation assumption, less the Scheme Actuary’s best estimate of the longterm difference between RPI and CPI inflation as applies from time to time (1.0% p.a. as at 31 March 2019).

For pension increases linked to inflation, a pension increase curve is constructed based on either the RPI, CPI or the average of the RPI and CPI inflation curves described above, adjusted to allow for 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 of defined benefits, deficit contributions, administrative expenses and defined contributions.

Sensitivity of actuarial valuation assumptions

Surpluses or deficits which arise at future valuations may impact on Wadham College’s future contribution commitment. The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set out below:

----- Start of picture text -----
USS
Assumption Change in assumption Impact on USS liabilities
Initial discount rate increase by 0.1% decrease by £1.2bn
Asset Values reduce by 10% increase by £6.4bn
RPI - CPI Spread increase by 0.1% increase by £0.7bn
Rate of mortality more prudent assumption (mortality rated down by a increase by £1.6bn
further year)
OSPS
Assumption Change in assumption Impact on OSPS technical provisions
Valuation rate of interest decrease by 0.25% Increase by £45m
RPI increase by 0.25% Increase by £40m
----- End of picture text -----

Deficit Recovery Plans In line with FRS 102 paragraph 28.11A, Wadham College has recognised a liability for the contributions payable for the agreed deficit funding plan. The principle assumptions used in these calculations are tabled below:

----- Start of picture text -----
|||| |---|---|---| |OSPS|USS| |Finish Date for Deficit Recovery Plan|30/01/2028|31/03/2028|

----- End of picture text -----

41

Wadham College Notes to the financial statements For the year ended 31 July 2021

----- Start of picture text -----
|||| |---|---|---| |Average staff number increase|0%|0%| |Average staff salary increase|3.00%|2.00%| |Average discount rate over period|1.50%|1.50%| |Effect of 0.5% change in discount rate|£30k|£36k| |Effect of 1% change in staff growth|£15k|£18k|

----- End of picture text -----

A provision of £1.676m has been made at 31 July 2021 (2020: £2.137m) 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 off according to the pension recovery scheme. Please see Note 32 - Post Balance Sheet Events.

Pension charge for the year

The pension charge recorded by Wadham College during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows:

----- Start of picture text -----
|||| |---|---|---| |Scheme|2021|2020| |£000's|£000's| |Universities Superannuation Scheme|512|519| |University of Oxford Staff Pension Scheme|405|399| |Other schemes – contributions| |Total|917|918|

----- End of picture text -----

24 TAXATION

The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that 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 of this/these company(is) have indicated that they intend to make donations each year to the College equal to the taxable profits of the company under the Gift Aid scheme. Accordingly no provision for taxation has been included in the financial statements.

25 FINANCIAL INSTRUMENTS

The College held no Financial Instruments

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|||| |---|---|---| |26|RECONCILIATION OF NET INCOMING RESOURCES TO| |NET CASH FLOW FROM OPERATIONS|2021|2020| |Group|Group| |£'000|£'000| |Net income/(expenditure)|16,100|(1,149)| |Elimination of non-operating cash flows:| |Investment income|(2,579)|(2,421)| |(Gains)/losses in investments|(14,258)|3,750| |Endowment donations|(599)|(135)| |Depreciation|1,533|1,217| |(Surplus)/loss on sale of fixed assets|-| |Decrease/(Increase) in stock|11|24| |Decrease/(Increase) in debtors|294|392| |(Decrease)/Increase in creditors|(808)|(1,177)| |(Decrease)/Increase in provisions|-| |(Decrease)/Increase in pension scheme liability|(461)|(613)| |Net cash provided by (used in) operating activities|(767)|(112)| |27|ANALYSIS OF CASH AND CASH EQUIVALENTS| |2021|2020| |£'000|£'000| |Cash at bank and in hand|8,420|12,026| |Total cash and cash equivalents|8,420|12,026|

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Wadham College Notes to the financial statements For the year ended 31 July 2021

28 FINANCIAL COMMITMENTS

At 31 July the College had no annual commitments under non-cancellable operating leases.

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Wadham College Notes to the financial statements For the year ended 31 July 2021

29 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July for future capital projects totalling £0k (2020 - £3600k).

30 RELATED PARTY TRANSACTIONS

The College is part of the collegiate University of Oxford. Material interdependencies between the University and of the College arise as a 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 following trustees had housing loans outstanding from the College at the year-end:

T Simpson
D Brookshaw		 2021
£'000
90
90		 2020
£'000
-
90
100
190

Interest is charged on the above loans at 3% per annum. All loans are repayable on sale of the property or on the departure of the trustee from the College if earlier.

The College also has properties owned jointly with Trustees under Joint Equity Ownership Agreements between the Trustee and the College. The value of the College's share of these properties is:

A Castrejon-Pita
C Summerfield
N Seddon
M Gullerova (Sold December 2020)
Total net book value of properties owned jointly with trustees		 2021
£'000
298
229
238
0
765		 2020
£'000
276
215
233
268
992

All joint equity properties are subject to sale on the departure of the trustee from the College.

31 CONTINGENT LIABILITIES

There are no Contingent Liabilities that require disclosure.

32 POST BALANCE SHEET EVENTS

Since the year end, following the completion of the 2020 actuarial valuation , a new dual rate schedule of contributions has been agreed with an effective date of 1 October 2021. Recalculating the USS provision on the basis of these contributions would result in an increased obligation to fund the deficit of £3.188m, an increase of £1.513m.

A further change to deficit recovery contributions will become applicable under the 2020 valuation if the Joint Negotiating Committee recommended deed on benefit changes has not been executed by 28 February 2022. In this scenario, higher deficit recovery contributions will commence from 1 October 2022 at 3% and then increase every 6 months until they reach 20% at 1 October 2025. They remain at this level until 31 July 2032. Negotiations continue and an increase to this level is considered remote

If the Schedule of Contributions remains unchanged, Wadham College's Financial Statements for the year ended 31 July 2022 will reflect these changes to the provision, subject to any other changes in financial and operational assumptions.

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