Saint John Baptist College in the
University of Oxford
Annual Report and Financial Statements
Year ended 31 July 2021

Saint John Baptist College in the University of Oxford
Annual Report and Financial Ststements
Contents
Governing Body, Officers and Advisers
Report of the Governing Body
Auditoff s Report
Consolidated Statement of Financial Activf(ies
Consolidated and College Balance Sheets
ConsolKlaled Statement of Cash Flows
Notes to the Fin8ncial Statements

Saint John Baptist College in the Unlversity of Oxford
Report of the Governing Body
MEMBERS OF THE GOVERNING BODY
The Members of the Governing Body are the College's charity trustees under charity18w. The College has
been given a dispensation by the Charrf£y Commission from publishing the names of its Iruslees.
The Governing Body is responsible for the direction of the col￿ge, for its administration and for the
management of its finances and assets. 11 meets regularly under the chairmanship of the President and is
advised by a range of commrttees, which include the Educational Policy, Finance, Eststes, Equality and
Remuneration Committees.
COLLEGE ADVISERS
Investmant managers and aifvisers
Cazenove Capital Management Limf(ed
12 Moorgale
London, EC2R 6DA
Edgewood Management LLC
350 Park Avenue
New York, NY 10022
USA
LGT Capital Partners Ltd.
Schuetzenslrasse 6, P.0. Box
8808 Pfaeffikon,
Swrtzedand
Investment property manage
Savi115 IL&P} Limited
Wytham Court
11 Wesl Way
Botley
Oxford
OLIM Property Limited
Pollen House
10-12 Cork Street
LONDON W1S 3NP
St Brides LLC
3 Stamford Landing
48 Southfield Avenue, Suite 100
Stamford, CT 06902
USA
Audltor
Alliotts LLP
Friary Court
13-21 High Street
Guildford
Surrey, GU13DL

Saint John Baptist College in the Unlversity of Oxford
Report of the Governing Body
Bankers
The Royal Bank of Scotland plc
Incorporating Child & Co, Bankers
1 Fleet Street
London, EC4Y 1BD
Solicitors
Knights
MKlland Housg
West Way
Bolley
Oxford
OX2 OPH
College address
Sl John's College
Oxford
OX1 3JP
Webshe
http'.l/wwM.sje.ox.¥.ukl
Main Contsct
'The Principal Bursarf at the College add￿$S

Saint John Baptist College in the University of Oxford
Report of the Goveming Body
The Members of the Governing Body present their Annual Report for the year ended 31 Juty 2021 under the
Charities Act 2011 together wlh the audited financial statements for the year.
REFERENCE AND ADMINISTRATIVE INFORMATION
Saint John 8aplisl College in the Universty of Oxford, which is known as Sl John's College. I'the College'l 18
an eleemosynary chartered charitsble corporation aggregale.11 was founded by Sir Thomas While under a
Royal Patent of Foundation, dated 1 May 1555.
The College ￿gistered wtth the Charity CommissK)n on 10 January 2011 {registered number 1139733}.
The College has been given a dispensation by the Charity Commission from publishing the names of its
Trustees.
OWECTIVES AND ACTIVITIES
Charltable Objects and Aims
The College's Objects are to be "A perpetual college of learning sciences, sacred theology, philosophy and
good atts" from the Latin.. collegium perpetuum erudib'onis scientiarum sacre theologie gt philosophie ac
bonarum artium.
The Governing Body has considered the Charity Commission's guidance on public benefit and In keeping with
ils objects, Sl John's College provides and conducts itseff as 8 College of the University of Oxford for the
benefit of the general public, in particular by carrying out leaching in the higher eduCat￿n sector and by
supporting advanced study or research by its members and others. The College aims to foster excellence in
education and research.
The aim set for the College's non-charitable subsidiaries is to provide support for the achievement of the
College's aims as above. The annual donation from the Lamb and Flag Ioxfordl Limited, which is made under
the Gift Aid Scheme, is currently used lo support Graduate Scholarships., the donation from Thomas White
Properties Limited is used for the general purpose of the College.
Activities and objectives of the College
The Colle9e is committed lo promding public benefrt in accordanee with its founding principles, by its
educational work and i(s contribution lo the enlargement of human knowledge through ils support for ￿Search.
The College's activities are focused on furthering ils staled objects and aims antj can be idenlrfied as..
education of undergraduate students and postgraduate students within the UnNersty of Oxford.,
provision of student accommodation, meals and facilities.,
provision of a library and an historical archive.,
provision of a range of grants available to all students and a number of fully funded graduate
scholarships lundergraduales have access lo the University-wide Oxford bursary and Oxford
Opportunrfcy Bursary Schemes).,
employment of Junior Research Fellows.,
provision of staff and facili(ies to carry out reSea￿h projects In the Sl John's College Research Centre
and elsewhere in the College or University.,
provision of financial SUPFX)rt and facilities for research undertaken by the teaching and other fellows
of the College.,
Support for such other education81 or research activities as shall be delemined by the Trustees.
Most of the College's research support is directed to individuals selected on the basis of open compelf(ion.
As Can be seen from the financial statements. the charit8blÈ activrty of the College is heavily subsidised,. in
2020121, income received in respect of carrying Out charitable activities covered only 200kn of the expendilu
required lo cary out those actNities.
St John's College is commttted to academic excellence, admittsng students of the highest academic potential
regardless of background and supporting them lo succeed. We welcome diversity in our student body and are
ommitted to supporting a balanced and inclusive community, regard￿$S of gender, ethnic origin, disabilty,
social. economic or educational background. People of lesser means are encouraged lo benefit from the

Saint John Baptist College in the University of Oxford
Report of the Governing Body
educational and research adivities of the College and steps are taken to ensure that they are not excluded
from these benefrts. UK students currently attend St John's College and the University of Oxford on the same
financial terms as they woukl attend any English institution of Higher Education, with Student Loan Company
loans available to CC)ver undergraduate fees and maintenance. Students from low-income households may
qualrfy for enhanced government loans or for the Oxford Bursary or Moritz-Heyman Scholarship schemes.
ACHIEVEMENTS AND PERFORMANCE
In the 2020121 academic year, the college admitted 126 new undèrgraduate students and 63 new
postgraduate students. In lolal there We￿ 403 undergraduate students and 253 postgraduate students
within the College. There were 145 degrees in lolal awarded by the University lo members of the College las
ceremonies for conferrals in person resumed in July 20211.
In the 2020121 academic year, 87 undergraduates at Sl John's received either an Oxford Bursary, a
Reuben Bursary or a Crankslart Scholarship, with 44 receiving the maximum level of support. The cost to
St John's College of Oxford Bursaries in the year was £90k and St John's students re￿iVed bursary
support totalling £240k with the balance of the cost being met by the University of Oxford. The College also
contributed lo 63 full graduate scholarships at a cost lo the College of £938k. A large number of students
also benefi(ed from a range of academic, travel and sports grants. Detsils of the costs of these grants can
be seen in note 7 of the Financial Statements.
The College offered a pre- and post- GCSE set of access and outreach programmes aimed at widening
participation, narrowing the attainment gap. raising aspirations and offering both in-person and virtual
enrichment opportunities for young people. Estimates of contact numbers for 202012021 exceed 2000 pupils
actively enrolled on our programmes, although the majority of our materials are freely available to the public
with our analyiics demonstrating extensive geographic usage.
Many plogrammes which were ¢las5ically delivered in-person were moved lo online leaching platfomis during
the COVID-related school closures that occurred in this academic year.
During the 2020121 academic year. the College conducted 6 access and outreach virtual events, a Year 12
study day in Maths and an essay ¢ompeti(IDn in Classics. The College also participated in university-led events
including 3 public virtusl open days. The College also supports external initiatives such as the virtual Lumina
course for local stste secondary schools in the Harrow region.
The College continued lo run its p￿-GCSE programme which is in ils second ygar, wi(h 336 Year 10 pupils
enrolled and 24 teachers pa￿ act-up allowances to deliver blended local and Oxford learning aids. The pupils
attended virtual workshops as well as interactive study sessions on our digital platform. Around 1000 pupils
were enrolled on our Year 10111 Inspire Digital virtual programmes cenlred round a critical queslK)n analysis
and associated competitions. The Year 12 post-GCSE Inspire Programme provided a blended approach of
virtual universty-style lectures and on-site study skills workshops within 2 main strands.. Humanities and Stem
for 100 students across the SE of England. The College also ran wrtual 3-54ay summer schools for Years
10, 11 and 12, providing academic and cU￿ural enrichmentfor pupils and prospeclNe applicants. All individuals
from non-selective slate schools enrolled on our courses were eligible to apply for a digital award to assist in
the participation in our remote leoming classes. Tablets, noise cancelling earphones and stationary were
available.
2020121 also saw the conlinualion of academic pupil support pages on our digital platform to support incoming
offer-holders as well as an offer-holder mentor scheme to help reduce the academic and social barriers that
can prevent the university places being accepted. Offer-holders with known socioeconomic disadvantage
(band A and B on the university scales) were provided with book codes valued al £100 to assist in the pre-
universty study.
The College fomied an A¢cess and Outreach consortium for SE EngLand together with 3 other Oxford
Colleges.. St Hilda's, St Hugh's and Somerville. The SE Consortium will work together lo provide targeted
assistsnce and joint events such as Ambassador Roadshows, study days and application worffshops to
schools in the SE of England.
The academic conlenl of the College's access and Outreach prograrnmes is provided by the Fellows and
aeademic staff who are passionate about the Access and Outreach work in the College. In addition, the
Undergraduate and Graduate Ambassador Scheme continues to play a central role in the academic output.
The Ambassadors supported events throughout the year including mentoring, study days, quiz setting,
competrfcion setting land markingl for the younger pupi15 in addition lo their academic ￿ntributionS to our
critical question plattorms.

Saint John Baptist College in the University of Oxford
Report of the Governing Body
The College supported the work of 14 stipendiary Junior Research Fellows during the academic year 2020r21
and multiple ￿search events were held wtihin and supported by the College.
IMPACT OF CORONAVIRUS
During the pandemic, the first concern of Governing Body has been lo safeguard all aspects of the health and
welfare of the College Community and to ensure it has been well-placed lo support ils primary charitable
objective of delivering a first ¢lass educalK)n to rtS Students and promding resources lo enable research and
scholarship.
The College has followed the commitment of the Collegiate University lo deliver face-lo-face tutorial and small
group teaching and to keep Libraries open whenever permitted by national lockdowns. E*tra funds have been
directed to ensuring sufficient staffing support to meet these needs, including engaging agency support to
strengthen the housekeeping team charged with hygiene and lo ensure a rapid response to prevent the
spread of infection.
Philanthropic funding was sought lo increase funds available as covid-hardship grants. £181 k has been
raised in total and £126k of grants were made during the year from this fund. For graduate students whose
laboratory work, fieldlrips or archival research was disrupted, fund5 for extensions were available.
commensurate with those provided by research councils. external funding agencies and the Untversity.
Overall. the College's educalic)nal and research work has been able lo continue during the pandemic to ils
usual wodd-class standard and the Goveming Body sre grateful for all the efforts of fellows, staff and students
which have made this possible.
Financially, student rents for 2020121 were below budget due to the partial closure of the College site during
the Hilary Temi. £583k was receNed in grants from the governmenfs Coronavirus Job Retention Scheme.
Significant additional a¢ademic grants were made to students to meet the unexpected Costs of remote
working., this was funded by ￿dUCtIOnS in special and travel grants where travel was not possible.
Dividend income also fell. However the College still reports consolidated endowment gains of £111 million.
This is attributed to the College's investment approach and the long-term nature of most of tis endowment
inveslmenls.
The College's wholly owned subsidiary, The Lamb & Flag {Oxford} Ltd, which operated the Lamb & Flag
public house ceased operations on 31 January 2021 due to poor trading conditions during the pandemic.
FUTURE PLANS
The College was estsblished "in perpetu1￿ when it was founded in 1555. It will continue its support of access
to higher education and its core activities of leaching undergraduate students, supporting graduate teaching
and research, through a varEty of scholarships and other mechanisms,. and of supporting the advanced study
and research of its Fellows, Lecturers and other senior members. The College will also continue ils support
for wsf(ing schoLgrs, al all levels of seniority, from other institutions.

Saint John Baptist College in the University of Oxford
Report of the Governing Body
FINANCIAL REVIEW
A summary of the College's finanaal activities is as follows..
2021
£'ooo
2020
£'ooo
Summary of Consolidated Colle8e Financial Activities
Incoming College resources
Resources from charitable activities
Unrestricted revenue legacies and donations
Restricted revenue legacies and donations
Coronavirus Job Retention Scheme income
Trading income and other generation of funds
5,466
776
456
583
63
6,096
1.029
1,703
639
402
7,344
9,869
Funding from the College Endowment
Investment income and interest
Capital gains
Capital gains used to fund restricted and designated activity
16.140
6,000
206
22,346
29.690
16.750
3,750
39
20,662
30.531
Totsl Incomlng resource
College expendlture
General teaching and research
Non-cash pension costs
Total teaching and research
Public worship
Fundraising
Trading and sundry expenditure
27,875
834
28,709
90
27,015
16941
26,321
91
653
461
27,526
3,005
18,2671
622
275
29,696
161
6,295
Net College Revenue
Actuarial110ssl/gain on pension asset
Summary of Endowment Movements
Opening Endowment5
Investment gains
New Endowments
Endowment costs
Gains used to fund operating activity
Gains on ￿Stricted and designated endowments used to fund
operating activity
Gains used to fund fixed assets
C105ing Endowments
606,864
110,695
446
17,3621
16,0001
573,457
43,935
16,1871
13,7501
12061
18201
703,617
1391
11,iooi
606,864
Incoming resour￿$ from charitable activities were £5.5 million12020.' £6.1 million) followng partial lockdowns
in the year due to the global coronavirus pandemic. Wf(hin this figure fee income and other student tuition
related income was £3.1 million12020'. £3.2 million). Funds received from Oxford Universiiy under the College
Funding Formula scheme were £3.2 million. The College therefore continues to rely heavily on income
generated by its endowment funds.
£16.1 million investment income is recognised wrthin the Slalemenl of Finanaal Activf(ies, £6.82 million has
been transferred to undesignatèd, unreslricled funds from endowment gains and a further £206k has been
transferred lo restricted reserves from gains on endowments restricted to specrfic purposes. Gains are

Saint John Baptist College in the University of Oxford
Report of the Governing Body
reported on both the property and other investments of the Group, £23.4 million and £87.5 million respectively.
The College also reports donations of £1.7 million, including £0.4 million new endowments. Total funds of the
College at 31 July 2020 were £744.6 million. Consolidated total funds were £788.7 million.
The lolal funding from the College endowments lo support operating actiwties was £22.3 million whth
represents 3.70/0 of the opening value of endowments. Including increased funding of fixed assets, this
increases lo £23.2 million drawn from endowments, being 3.80h of opttning endowments. Considering only the
unreslricled General Endowment Fund these percentages arè 3.80A and 4.OQA respectively.
The total value of eonsolidated College endowments at the year end was £704 million of which £656 million is
held in the General Endowment Fund. After tsking account of the long term loan secured on fixed assets bul
serviced by endowment relums, these figures would be £669 million and £621 million respectively.
The College has continued its academic and research a¢tivity, al a lolal cost of £28.7 million. This figure
includes the eosl of teaching and academic facilities, of providing student accommodation and of supporting
Tesearch. 11 includes £1.78 million of bursaries, sludentships, scholarships, hardship grants and other awards
made lo students, in addition lo facilities 8nd resources provided directly. As described in note 20 to the
accounts, staff costs include £834k non-cash pension charges. This compares lo 8 £894k credit in 2020 and a
£2.4 million charge in 2019.
A deficit of £1.9 million is reported on the St John's College Stsff Pension Fund reduced from £7.2 million as
at 31 July 2020.
The principal financial risk faced by the College is that the College endowment might no longer support
academic activities, so the draw on capital would become unacceptably high. This risk is managed through
robust investment management and ongoing review of financial activities as described under"Financial
Revie￿.
ReseNes policy
The College's reserves policy is to m8intsSn sufficllènt free reserves
to enable il lo meet its short-term financial obligations in the event of an unexpected revenue
shortfall,.
lo allow the College to be managed efficiently.,
lo promde a buffer that would ensure uninterrupted services.
In assessing the level of the COl￿ge,5 on-going activities and the support provided for different types of
education and research, the Governing Body considers both current academic need and the financial
environment in wh￿h the College operates Ithe health of the endowment, the gains which have been
achieved on ti in recent years and the return which Can reasonably be expected from it over the medium tem
while also en$uring that the value of the capital in real terms is not diminished). The Governing Body will then
manage the reserves of the College so a$ to support this level of charitable activity.
The Goveming Body has reviewed the reserves of the College and has concluded that a general reserve of
around one month's expenditure before depreciation, and excluding investment in fixed assets and the
pension scheme, should be maintained for these purpose5. A £6.82 million transfer has been made from
endowments to the income and expenditure account to maintain these reserves. This transfer was funded out
of investment gains on the unrestricted endowments. As shown above. £6 million of this transfer can be seen
as funding the operating actDlrties of the College with the remainder funding increased investment in fixed
assets. Further transfers of £206k nel have been made from investment gains on endowments originally given
for restri￿ed purposes or held for designated purposes lo fund acliwly in pursuit of Iho$e purposes.
The College's undesignated free reserves at the year-end amounted lo £2.5 million12L120.. £2.4millionl,
representing retained unrestricted income reserves, excluding amounts of £73.3 million for the book value of
fixed assets less long-tem funding arrangements.

Saint John Baptist College in the Universlty of Oxford
Report of the Goveming Body
Invèstment policy. objectives and performance
The College's inveslrnent objectives are to balance current and future beneficiary needs by..
Maintsining and rf possib￿ increasing the value of the investments in real tems,.
Producing a consislenl and sustainable amount to support expenditure,. and
Delivering these objectives within acceptable levels of risk.
To meet these objectives the College's investments as a whole are managed on a total retum basis,
maintaining cliversrfication across a range of asset classes in order to produce an appropriate balance
between risk and return. Investment income is credited ID unrèslricled funds in the Statement of Financial
Aclivilie$ unless il arises from assets in a restricted Dr endowment fund where the donor has placed
restrictions on the use of that income, in which ease (( will be ¢￿dited to restricted funds.
Be¢8use the College's investment activty is conducted with a wew lo total return, it is expected that the
Collegè's activity will normally be funded by 98ins as well as by in¢ome, with transfers being made between
the expendable endowment funds and the revenue funds as necessary to maintain the real value of the
investments and support the College's current activity. The Governing Body keeps the level of transfers under
review, lo balance the needs and interests of current and future beneficiaries of the College's activities.
The investment strategy, policy and performance are monitored by the Investment Committee. Al the yeai-
end, consolidated long term investments, combining the securities and propety investments, totalled £744
million, of which £347 million was property and £397 million, was other inveslmenls. A more detailed
breakdown of the College's investments can be seen in notes 10 and 11 to the accounts.
Th$ Goveming Body assesse5 investment performance against the investment objectives over a rolling five-
year period and bslieves results have been consrslent with the College's objectives over this period. For
2020121, gains on property investments were £23.4 million and gains on securities and other investments
were £87.5 million.
The College's UK investment adviser, Cazenove operate a programme of socially responsible engagement
with the management of companies in which they invest. The College takes a￿tsuN1 of advice from its
investment and property managers about the social and ethical dimensions of its investment holdings and
keep$ under remew its approach to enmronmental. social and govemance issues in investment.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing documents
The College is govemed by ils Letters Patents of 1555 and its Statutes, which were most recently revised on
10 July 2012. These documents can be found on the College websf(e
{https'./lww.sjc.ox.ae.ukldiscoverlabout-collegellegaVslalutes4.
Governing Body
The Goveming Body is constf(uted and regulated in accordance wich the College Statutes, the temis of which
are enforceable ultimately by the Visitor, who is the Bishop of Winchester. Nearly all members of Governing
Body became members on the basis of an appointment to a substantive or b'lular academic post at the
University of Oxford.
New members of the Governing Body are eleded on the basis of an appointment process in which an expert
selection committee makes a recommendation to the Goveming Body. The committee always lakes external
advice and, in the large majority of cases, there are one or more external members of the selection
commrttee. The formal appointment is a decision of the Goveming Body acting as a whole. For the
appointment of a new President, the Governing Body Conducts the selection process directly itself, seeking
prolessional support and advi￿ as appropriate.
The Goveming Body determines the on-going strategie directKJn of the College and regulates ils
administration and the management of ils finances and assets. It meets regularly under the chairmanship of
the President and is advised by various Committees. The President is ex chair of 811 committees.

Saint John Baptist College in the University of Oxford
Report of the Goveming Body
Recruitmenl and training of Members of the Governing Body
New members of the Governing Body are normally recruited in response to an advertised academic posi(ion,
as a resu￿ of which the University of Oxford and the College become joint employers of the person sppoinled.
The chief exception lo joint appointment relatès to certain individuals who hold Slalulory Professorships at the
University of Oxlord in conjunckn.on with a Professorial Fellowship al St John's College. All members of
Goveming Body during the year were therefore working teachers and researchers at the University of Oxford,
with the exception of the Principal Bursar, the Finance Bursar, the Senior Tutor and the Director of
Development and Alumni Relations. The UnNersf(y and Colleges organise 8 variety of induction processes for
new appointees, which cover a very wide range of the duties that they will undertake. All ne￿Y appointed
Fellows are given guidance on how to access the official documentstion of the College. There is an internal
memorandum about College procedures and the rights and responsibilities of members of Governing 8Ddy.
Members of the Goveming Body are provided with advice from the President and other College Officers {for
example, Senior Tutor, Principal Bursar, Finance Bursar, Senior Dean) to keep them infomed on eurrent
issues in the higher education sector and on regulatory requirements. These individuals receive advice
directly from professional sources or through the University and inter-collegiate bodies (the Conference of
coll￿e$ and (ts various Committees), which exist lo promote communication on academic, governance and
regulatory issues.
Remuneration of Membèrs of the Governing Body and Senlor College Staff
Members ol the Goveming Body are leaching and fftsearch employees of the College with the exception of
the Principal Bursar, the Finan￿ Bursar, the Senior Tutor and the Director of Development and Alumni
Relations who are full time professional employees. ND Iruslee receives any remuneration or benefits from
their trusteeship of the College Those trustees who are also employees of the College receive remuneration
for their work as employees of the College which is set based on the advice of the College's Rernuneration
Committee, wmposed entirely of exlemal members. Where possible, remuneration is set in line with that
awarded to the University's academic staff.
Organlsatlonal managèment
The Governing Body is scheduled lo meet 13 limes a year_ All major decisions about the running of the
College require the authority of the Governing Body. Certain operational matters are delegated to appointed
college officers (for example, Senior Tutor, Principal Bursar, Finance Bursar, Senior Dean), who are members
of the Governing Body and accountable to it. The college bylaws can be found on the College websi(e
Ihttps".Ilww.sjc.ox.ac.ukldiscoverlabout<ollegellegaVstatulesll.
Equality and Diversity
The Goveming Body has due regard for the Public Sector Equaif(y Duly The Equality Commtttee of the
College, which has representation from all members of the College Istudenls, academic and non-academic
staff), leads a proactive approach to eliminating discrimination, advancing equal opportunities and fostering
good relations in the College. This eommittee reports directly lo the Goveming Body. The Goveming Body
appoints a Fellow for Equalrty who oversees the implementation of matters relating lo Equalrfcy, as well as
Fellow for Women and a Fellow for Ethnic Minorf(ies. The Fellow for Equality is also the Disability Lead for the
College. The College's Equality Policy, Public Sector Equality Duty Policy, Harassment Policy and annual
Equality Report can be found al https'.IlvwM.sjc.ox.ac.ukldiscoverlabout-collegellegaVcollege-poli¢ie$4.
Group structure and relatlonships
The College has six wholly owned non-charitable subsidiariss. The Lamb and Flag (Oxfordl Limited, Thomas
Whf(e Properties Limf(ed, Thomas While Oxford Limited, Peartree Oxford Limited, St John's College servI￿s
Limited and Bainton Road Nursery Limited, whose annual profits are donated to the College under the Grft Aid
Scheme. 11 has had two additional wholly owned US subsidiaries, one of which was dissolved during the year
and consolidates the results of a chari(able company incorporated in Gemiany whose purposes are the
promotion of science, research and education by maintaining the College.
The College is part of the collegiate Unniersty of Oxford. Material interdependenoies between the University
and the College arise as a consequftncg of this relationship.
10

Saint John Baptist College in the Universlty of Oxford
Report of the Governing Body
Risk management
The College has on-going processes which operated through-out the financial year for identrfying, evaluating
and managing the principal risks and uncertainties faced by the College and its subsidi8ries in undertaking
their activities. When it is not able lo address risk issues using inlemal resources. the College lakes advice
from experts extemal to the College with specialist knowledge. Policies and prO￿dureS within the College are
remewed by the relevant College Committees, chaired by the President. Financial and investment risks are
assessed by the Finance Commrttee in conjunction with ils Investment Sub-committee. Recornmendations of
the committees are presented to Goveming Body for their approval or rejection. SenDr members of the
college staff meet regularly with the Safety Officer or one of the Bursars to review health and safety issues.
Training courses and other forms of career development are available lo members of staff lo ernhan￿ their
skills in risk-related areas.
The Governing Body, which has ultimate responsibilty for managing any risks faced by the College, has given
nsideration lo the major risks lo ￿1¢h the College and its subsidiaries are exposed and has concluded that
robust systems are in place to manage these risks. It is recognised that systems can provide only reasonable
but not absolute assurance that majDr risks have been managed.
Fundraising
Fundraising is carried out by a small team of College employees, led by the Director of Fundraising and
Alumni Relations. The College does not use external professional fundraisers or involve commercial
partieipalors. During the 2020121 financial year there were no complaints about fundraising activities. The
College has signed up to the Fundraising Regulator's Code of Fundraising Practice.
STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBIUTIES
The Governing Body is responsible for preparing the Report of the Governing Body and the financial
statements in accordance with appli¢able18w and reguLations.
Charity law requires the Governing Body to prepare financial slalements for each financial year. Under that
law the Governing Body have prepared the financial statements in accordance United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Stsndards and applicable lawl, including Financial
Reporting Standard 102= The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS
1021.
Under charity law the Goveming Body must not approve the financial statements unless they are satisfied that
they give a true and fair wew of the slate of affairs of the College and of ts net income or expendrture for that
period. In preparing these financial statements, the Governing Body is required to".
select the most suitable accounting policies and then apply them consistently,.
make judgments and accounting estimates that are reasonable and prudent.,
slate whether applicable accounting standards. including FRS 102. have been followed, subject to any
material departures disclosèd and explained in the financial statements,.
state whether a Statement of Recommended Practice ISORPI applies and has been followed, subject lo
any material departures which are explained in the financial statements.
prepare the financial statements on the going coneem basis unless it is inappropriate lo presume that the
College will continue lo operate.
The Governing Body is respc)nsible for keeping proper accounting records that are sufficient to show and
explain the College's transactions and disclose with reasonable accuracy al any time the financial posrtion of
the College and enable them to ensure that the financial slalements comply with the Charities Act 2011. They
are also responsible for safeguarding the assets of the College and ensuring their proper appli¢alion under
charf(y law and hence for taking reasonable steps for the prevention and detection of fraud and other
ir￿gU18n1ie$.
Ap
oved by the Governing Body on 3 November 2021 and signed on its behaff by..
Professor
President
Snowling

SaintJohn Baptlst College in the University of Oxford
Independent Auditorfs Report to the Members of the Goveming Body of St John's College, Oxford
Opinion
We have audited the financial statem@nls of Sl John's College Oxford (the 'charily'l for the year ended 31 July
2021 which comprise the Consolidated Statements of Financial Activities, the Consolidated and College
Balance Sheets, the Cash Flow and the related notes, Including a summary of signrficant accounting policies.
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 Stsndard
applieable in the UK and Republic of Ireland IUnf(ed Kingdom Generally Accepted Accounting Praclicel.
In our opinion, the financial slatemenls..
give a true and fair view of the stste of the group and parent charity's affairs as at 31 July 2021 and of
its income and expend(ture for the year then ended.,
have been properly prepared in aC￿rdance wi(h United Kingdom Generally Accepted Accounting
Practice.,
have been prepared in accordance with the requirements of the Char(ties Act 2011.
Basis for opinion
We conducted our audf( in accordance with International Stsndards on Auditing IUKI {ISA5 IUKII and applicable
law. Our responsibilities underthose stsndards are further (fescribed in the Auditor's responsibilities for the audit
of the financial slalemenls section of our report. We are independent of the group and parent charity in
a￿Ordance with the ethical requirements that ar$ relevant to our audit of the financial slalements in the UK,
indudlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believethat the audrt evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Concluslons relating to going concem
In auditing the financial statements, we have concluded that the College's Governing Body use of the going
con￿rn basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfomied, we have not identified any material uncertainties relating lo events or
condstions that. individually or collectively, may cast significant doubt on the College's ability lo continue as a
going concern for a period of at least ￿e1ve months from when the financial ststements are aulhorised for issue.
Our responsibilities and the responsibilities of the College's Goveming Body with respect to going concem are
described in the relevant sections of this report.
Other information
The College's Governing Body are responsible for the other infomialion. The other infomiation comprises the
information included in the annual report other than the finanaal ststements and our auditorfs report thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicf(ly stated in our report, we do not express any form of assuran￿ conclusion Ihereon.
In connection with our audit of the financial ststements, our responsibility is to read the other infomialion and,
in doing so. considerwhether the other information is materially inconsistent with the financial stslements or our
knowledge obtained in the audrt or otherwise appears to be materially misststed. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether there is a material
misslalemenl in the financial slalemenls or a material misslatemenl of the other infomation. If, based on the
work we have performed, we conclude that there is a material misstslement of this other infomiation, we are
required to report that fact.
We have nothing to report in this regard.
Matters on vthich we are requlred to report by exceptton
In the light of the knowledge and understanding of the group and parent charity and their environment obtained
in the course of the audit, we have not identified material misstatements in the Report of the Governing Body.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and
Reports) Regulations Act 2008 requiies us to report lo you rf, in our opinion..
the infomialion given in the financial statements is inconsistent in any mater￿1 respect with the
Governing Body's Report., or
12

Saint John Baptlst College in the University of Oxford
Independent Auditor's Report to the Members of the Governing Body of St John's College. Oxford
sufficient a￿oUntIng records have not been kept.,
the financial statements are not in agreement with the accounting ￿cOrdS and retums,. or
we have not obtained all the information and exptanalions necessary for the purposes of our audrt.
Responsibilities of the Goveming Body
As explained more fully in the Ststement of Accounting and Reporting Responsibilities, the College's Governing
Body, as charity trustees, are responsible for the preparation of the financial slalemenls and for being satisfied
that they give a true and fair view, and for such internal control as they determine is necessary lo enable the
preparation of financial statements that a￿ f￿e from material misststement, whether due to fraud or error.
In p￿parIng the financial statements, the College's Goveming Body are responsible for assessing the group
and parent charity's ability lo continue as a going ¢oncem, disclosing, as applicable, matters related lo going
concem and using the going concem basis of accounting unless the College's Governing Body either intend to
liquidate the group and parent charty or to ¢ease operations, or have no realistic alternative but lo do so.
Auditor's responsibiliti¢$ for the audit of the financial ststements
We have been appointed under section 151 of the Charities Act 2011 and report in accordance wi(h the Act and
relevant regulations made or hawng effect Ihereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are frèe
from material misslalement, whether due to fraud or error, and to issue an audilorfs 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 IUK} will athys detect a material misslalemenl when f( exists. Misststements can arise
frorn fraud or error and are considered material rf, individually Dr in the aggregate, they COU￿ reasonably be
expected lo influence the economic decisions of users taken on the basis of these financial statements.
Ir￿gularItIes, including fraud, a￿ instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities,
including fraud. The extent lo which our procedures are capable of detecting ir￿gUIar((1e8, including fraud, is
detailed below.
Our approach to identifying 8nd assessing the risks of material misslalemenl in respect of irregularf(ies, incjuding
fraud and non-compliance with laws and regulations, was as follows..
the engagement partner ensured that the engagement team collectively had the appropriate
competence, ¢apabili(ies and skills to idenlrfy or recognise nonwcomplLan￿ with applicable laws and
gulalions.,
we identrfied the laws and regulations applicable lo the College through discussions with Members of
the Governing Body and Senior College Staff, and from our knowledge and experience of the not-for-
profrt sector,
we focused on specrfic laws and regulations which we considered may have a direct material effect on
the financial statements or the operations of the College, including the College Slalutes, the Charities
Act 2011, the Charities SORP 2019, and data protection, anli-bribery, employment, environmental and
health and safety legislation.,
we assessed the extent of compliance with the laws and regulations idenlrfied above through making
enquiries of management and inspecting legal correspondence, and
identified laws and ￿gulatIOnS were communi¢aled within the audf( team regularty and the team
remained alert to instances of non-compliance throughout the audr(.
We assessed the susceplibilty of the College's financial statements to material misststement. including
obtaining an understanding of how fraud might occur, by..
making enquiries of Members of the Governing Body and Senior College Staff as to where they
considered there was susceptr'bility lo fraud, their knowledge of actual. suspected and alleged fraud..
13

Saint John Bapttst College in the University of Oxford
Independent Auditorfs Report to the Members of the Governing Body of St John's College, Oxford
considering the internal controls in pL1￿ to mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls, we..
perfomied analytical procedures to identrfy any unusual or unexpected relationships.,
tested joumal entries to identify unusual transactlDns',
assessed whether judgements and assumptions made in detemiining the accounting estimates were
indicative of potential bias., and
investigated the rationale behind si9nrficant or unusual transactions.
In response lo the risk of irregularities and non-compliance with laws and ￿gUlatiOns, we designed procedures
which included, bul were not limited to..
agreeing financial statement disclosures to underlying SUPPOrting documentation.,
reading the minutes of meetings of the Governing Body.,
enquiring of Senior College Stsff as to actual and polentral If(igation and claims,. and
reviewing corTesponden¢e with HMRC. re￿vant regulators and the College's legal advisors.
There are inherent limrtations in our audit procedures described above. The more removed that jaws and
regulations a￿ from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing stsndards $150 limit the audf( procedures required lo identty non-compliance wf(h laws and ￿gUlationS
lo enquiry of the Members of Governing Body and other Senior College Stsff and the inspection of regulatory
and legal correspondence, if any.
Material misslalements that arise due to fraud can be harder to detect than those that arise from emr as they
may involve deliberate concealment or collusion.
A further description of our responsibiliti$$ for the audit of the financial slalemenls is located on the Financial
Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This descr¥ption forms part of our
audrtor's ￿pOrt.
Use of our report
This report is made solely to the College's Governing Body in accordance wi(h part 4 of the Charities (Accounts
and Reports) Regulations 2008. Our aud(t work has been undertaken so that we might state lo the College's
Goveming Body those matters we are required to state to them in an auditorfs report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the
College's Governing Body as a body, for our audit work, for this report, or for the opinions we have fomied.
Alllotts LLP
Statutory Auditor
Friary Court
13-21 High Street
Guildfgrd
Surrey, GU1 3DL
Date.. 30 Novernber 2021
Alliotts is eligible for appointment as audi(or of the charity by virtue of its eligibility for appointment as audrf(or of
a company under section 1212 of the Companies Act 2006.
14

Saint John Baptist College in the University of Oxford
Statement of Accounting Poli¢ie$
Year ended 31 July 2021
1. Scope of the financial ststements
The financial slalemenls present the Consolidated Statement of Financial Activi(ies ISOFAI, the
Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College
and (ts wholly owned subsidiaries. The subsidiaries have been consolidated from the date of their
fomiation. No separate SOFA has been presented for the College alone as currently permitted by the
Charity Commi55Dn on a concessionary basis for the filing of consolidated financial statements. A
summary of the results and financial position of the charity and each of its subsidiaries for the reporting
year are disclosed in note 12.
2. Basis of accounting
The College'5 individual and (x)nsolidated financial ststements have been prepared in accordance with
United Kingdom Accounting Standards, in pa￿"¢￿lar 'FRS 102.. The Financial Reporting Standard
applicable in the UK and Republic of Ireland, IFRS 1021.
The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College
has therefore also prepared its individual and consolidated financial slalernents in accordance with 'The
Slalement of Recommended Practic& applicable to charities preparing their financial slalements in
accordance with FRS 102, IThe Charities SORP IFRS 10211.
The financial statements have been prepared on a going concern basis and on the historical cost basis,
except for the measurement of investments and certain financial assets and liabili(ies at fair value with
movements in value reported w((hin the Statement of Financial ActNrties ISOFAI. The principal accounting
Policies adopted are set out below and have been applied consistently throughout the year.
3. Accounting judgements and estimation uncertainty
In preparing financial slalements (( is necessary to make ￿rtain judgements, estimates and assumptions
that affect the amounts ￿cognised in the financial statements. The judgements and eslimales consKlered
by the Governing Body to have the most signfficant effect on amounts recognised in the financial
stslements are explained in the following accounting policies. particularfy policy 9, Investments.
4. Income recognition
All incomè is recognised once the College has enlitlemenl to the income, the economic bènefrt is probable
and the amount can be reliably measured.
Income frorn fees. HEFCE support and other charges for services
Fees receivable, less any scholarships, bursaries or other allowances granted from the College
unrestricted funds, HEFCE support and charges for servtes and use of the premises are recognised in
the period in which the related service is provided.
Income from donations, grants and legacles
Donations and grants that do not impose specific future performance-related Qr other specrfic condf(ions
are recognised on the dale on which the charity has enlillement to the resource, the amount can be
reliably measured and the economic benefrt lo the College of the donation or grant is probable. Donations
and grants subject to perforrnance-relaled conditions are recognised as and when those condi(ions are
met. Donations and grants subject lo other spècrfie condi(ions are recI￿nised as those condrtK)ns are met
or their fulfilmenl is wholly wf(hin the control of the College and i( is probable that the specrfied CDndf(ions
will be mel.
Legacies are recognised following grant of probate and once the College has re￿iVed sufficient
information from the executorls) of the deceased's eslale to be s8tisfied that the gift can be reliably
measured and that the economic benefit lo the College is probable.
Donations, grants and legacies accruing for the general purposes of the College are credited to
unrestricted funds.
15

Saint John Baptist College in the University of Oxford
Statement of Accounting Policie$
Year ended 31 July 2021
Donations, grants and legacies which are subject to Conditions as to their use imposed by the donor or set
by the temis of an appeal are ¢red(tèd to the relevant restricted fund or, where the donation, grant or
legacy is required to be held as capital, to the endowment funds. Where donations are received in kind las
dislincl from cash or other monetsry assets). they are meaSU￿d at the fair value of those assets al the
date of the gift.
Investment income
Interest on bank balances is accounted for on an accrual basis with interest recognised in the pèriod lo
which the interest relates.
Income from fixed interest debt securf(ies is recognised using the effective interest rale method.
Dividend income and similar distributions are recognised on the date the share interest becomes ex-
dividend or when the right lo the dividend can be established.
Income from investment prope￿eS is recognised in the period lo which the rental income relates.
5. Expenditure
Expendi(ufft is account￿ for on an accruals basis. A liability and related expenditure is recognised wh8n
legal or constructive obligation commits the College to expenditure that will probably require settlement,
the amount of which can be reliably measured or estimated.
Grants awarded that are not performance-relaled are charged as an expense as soon as a legal or
constructive obligation for their payment arises. Grants subject lo perfomiance-related conditions are
expensed as the specrfied conditions of the grant are met.
All expendrture including support costs and governance costs are allocated or apportioned to the
applicable expenditure categories in the Slalemenl of Financial Activf(ies (the SOFA).
Support ￿$1$ which include govemance costs I￿sts of complying with constitutional and statutory
requiremenlsl and other indirect costs are apportioned lo expenditure categories in the SOFA based on
the estimated amount attributable to that activity in the year, either by reference to staff time or the use
made of the underlying assets, as appropriate. Irrecoverable VAT is included wth the rtem of expenditu
to which il relates.
Intra-group sales and charges be￿een the College and its subsidiaries are excluded from trading income
and expenditure in the consolidated financial statements.
6. Leases
Leases of assets that transfer substantially all the risks and rewards of owneT5hip are classified as finance
leases. The costs of the assets held under finance leases are included within fixed assets and
depreciation is charged over the shorter of the lease tem and the assets, useful lives. Assets are
assessed for impairment at each ￿porting dale.The corresponding capital obligations under these leases
are shown as liabilities and re￿nised al the lower of the fair value of the leased assets and the present
value of the minimum lease payments. Le8se payments are apportioned be￿een capital repayment and
finance charges in the SOFA so as to achieve a eonslant rate of interest on the remaining balance of the
Leases that do not trdnsfer all the risks and rewards of ownership are classified as operating leases.
Rentals payable under operating leases are charged in the SOFA on a straight line basis overthe relevant
lease terrns. Any lease incentives are recognised over the lease temi on a straight line basis.
7. Tanglble fixed assets
Land is stated al cost. Buildings and equipment are stated at cost less accumulated depreciation and any
accumulated impaiment losses.
Expenditure on the acquisition or enhancement of land and on the acquisition, construction and
enhancement of buildings wh￿h is directly attributable to bringing the asset lo ils working condition for its
16

Saint John Baptist College In the University of Oxford
Statement of Accounting Policies
Year ended 31 July 2021
intended use and amounllng to more than £50,000 together wth expenditure on equipment costing more
than £50.000 is capitalised.
Where a part of a building or equipment is replaced and the costs capitalised, the carrwng value of those
parts replaced is derecognised and expeftsed in the SOFA.
Other expendf(ure on equipment incurred in the normal day-to-day running of the College and its
subsidiarEs is charged lo the SOFA as incurred.
8. Depreciation
Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated
residual value. in equal annual instalmenls over their expected useful economic lives as follows..
Freehold properties, including major exlensions
150 yearsl
Building improvements
110 yearsl
Equipment
15 yearsl
Freehold land is not depreciated. Assets under construction are not depreciated until they come into use.
The cost of maintenance is charged in the SOFA in thè period in which tt is incurred.
If events or changes in eircumslances indicate that the carrying value may not be recoverable then the
carrying values of tsngible fixed assets are reviewed for impairrnenl.
9. Investments
Investment properties are initially Tecognised at their cost Énd subsequently measured at their fair value
(market value) al each reporting date. Purchases and sales of investment properties are recognised on
exchange of contracts.
Listed investrnents are initially rneasu￿d at their cost and subsequently measured at their fair value at
each reporting dale. Fair value is based on their quoted price al the balance sheet date without deduction
of the estimated future selling costs.
Investments such as hedge funds and private equity funds which have no readily identifiable market value
are initially measured al their costs and subsequently measured at their fair value at each reporting date
wilhoul dedudion of the estimated future selling costs. Fair value is based on the most recent valuations
available from their respective fund managers.
Changes in fair value and gains and losses arising on the disposal of investments are credited or charged
to the income or expenditure section of the SOFA as 'gains or losses on investments, and are allocated to
the fund holding or disposing of the relevant investment.
10. Cash and cash equivalents
Cash and cash equivalents include cash at banks and in hand and short lemi deposits wth a maturity
date of three months or less.
11. Debtor5 and creditors
Debtors and creditors receivable or payable within one year of the reporting dale are carried al their at
transadion price. Debtors and creditors that are receivable or payable in more than one yèar and not
subject to a market rate of interest are measured al the present value of the expected future receipts or
payment discounted al a markèt rate of interest.
12. Stocks
Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in.
first out basis. The majorty of stock is consumables.
17

Saint John Baptist College in the University of Oxford
Statement of Accounting Policies
Year ended 31 July 2021
13. Foreign eurrencies
The fundional and presentation ¢urrency of the College and its subsidiaries is the pound slerfing.
Transactions denominated in foreign currencies during the year are translated into pounds sterling using
the spot exchange rates al the dates of the transactions. Monetary assets and liabilV(ies denominated in
foreign currencies are translated into pounds sterling at the rates applying at the reporting date.
Foreign exchange gains and losses resuf(ing from the sethemenl of transactions and from the translation
of monetary assets and liabilrfcies denominated in foreign ¢urrencies at the exchange rates at the reporting
dale are recognised in the SOFA.
14. Fund accounting
The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment
funds based on the lemis set by the donors or set by the terms of an appeal. Endowment funds are
further sub-divided into pemanent and expendable.
Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the
Governing Body. The Goveming Body may decide that part of the unreslricled funds shall be used in
future for a specific purpose and this will be accounted for by transfers to appropriate designated funds.
Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to
be used for particular purposes of the College. They consist of either gifts Whe￿ the donor has sperAfied
that both the capital and any income arising must be used for the purposes given or the income on grfts
where the donor has required or permitted the capital to be maintained and with the intention that the
income will be used for specffic purposes within the College's objects.
Permanent endowment funds arise Whe￿ donors specrfy that the funds are to be retained as capi181 for
the pemanenl benefit of the College. Any income arising from the caprtal will be accounted for as
unrestricted funds unless the donor has pIaced restrictions on the use of that income, in which case i( will
be accounted for as a restricted fund.
Expendable endowment funds are similar lo pemanent endowment in that they have been given, or the
College has determined based on the circumslanees that they have been given. for the long temi benefit
of the College. However, the Governing Body may al their discretion determine to spend all or part of the
capital.
15. Pension costs
The three principal pension schemes for the College's staff are the Universities Superannuation Scheme
iussi, the University of Oxford Staff Pension Scheme IOSPSI and the St John's Coll￿e Staff Pension
Fund ISJCSPFI
USS and OSPS are muf(i-employer defined benefit schemes where the share of the assets and liabilities
applicable to each employer cannot be idenltfied. The costs of retirement benefits provided lo employees
of the College through these schemes are accounted for as if they were defined contribution schemes as
information is not available to use defined benefrt accounting in accordance with the requirements of FRS
102. The College's contributions to these schemes are recognised as a liabilf(y and an expense in the
period in which the salaries lo which the contributions relate are payable.
In addition, a liability is recognised at the balance sheet date for the discounted value of the expected
future contribution payments under the agreements w(th these multi-employer schemes to fund the past
service defi¢tis.
The SJCSPF scheme is a defined beneff( s¢heme and this scheme is aceounled for using defined benefit
accounting in accordan￿ with the requirements of FRS 102.
16. Government grants
Government grants are recognised on the accruals basis when there is reasonable assurance that the
College will comply wl(h the conditions attaching to the grant and the grant will be received.
18

St John'$ College
Consolidated Statemgnt of Financial Activities
For the year ended 31 July 2021
Unrestricted
Funds
Restricted
Funds
£'ooo
Endowed
Fund5
£'ooo
2021
Totsl
eooo
2020
Total
£000
£'ooo
INCOME AND ENDOWMENTS FROM..
Charitable 8CtNitIos:
reachirg, research and residential
Public worship
Heritage
OtherTrading Income
Donatitsns and legacies
Investments
Investment Income
Proftsloossesl on dtsposal offixed assets
OIIEr incorne
Total incom&
5,381
85
5,466
6,0
63
776
63
1,678
402
3.280
456
446
15,551
589
16,140
16,750
583
213S4
583
23.930
639
27,167
1,130
EXPEWDlfURE ON=
Charitabl8 activities..
TeaGhing. re5earth and ￿￿￿ential
Public wuship
27.450
76
1,259
14
23,709
90
26.321
91
Generating fund&.
Fundraising
Tr3ding expendituie
Investment man2gemeni costs
Total ExponditsJr8
622
220
622
220
7,417
37.058
653
407
6.241
33.713
55
1.328
7,382
7,362
2&368
NetgainslO055e$l on investment$
10,11
110.695
110.697
43.933
Nat It)c¢MnellExp&t)ditur81
16,0141
103.T19
97.869
37.387
Transfers b8twe8n funds
16
6,820
206
17.0261
othor r8cogn(sod gaIr￿n055&S
uarial gainslOosse$l on defir*d benefrt pension 8cherrEs
6.295
6,29S
18.2e71
Net movèment in funds forthe year
7.101
10
96.753
103.864
29.120
Fund balances brought fowrd
16
68.406
7.546
606,864
682.816
653.696
Funds ¢arried forward at 31 July
75.5
7,566
703.617
786,680 ￿￿816
19

St John'$ College
Consolidated and College Balance Sheets
As at 31 July 2021
2021
Group
£'ooo
2020
l>oup
eLM)O
2021
col￿ge
£'ooo
2020
College
£'ooo
Notes
FIXED ASSETS
Tangible assets
Property investments
Other Investments
108,304
347,229
396,832
107,489
331,534
313,670
108,303
245,054
458.631
107,488
242,335
378,945
Total FI%￿ Assets
852,365
752,693
811,988
728,768
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in hand
1.441
5,956
10,612
1,466
$,949
10.759
1341
4828
7,842
1,455
6.019
7.711
13
Totsl Current Assets
18,009
19,174
14,111
15.185
LIABIUTIES
Creditors.. Arnounts falling due vAthin one ￿ar
14
3,828
4.917
2.802
3.917
NET CURRENT AsSETs￿LIABluTIES)
14,181
14257
11.309
11,268
TOTAL ASSETS LESS CURRENT LIABILITIES
866,546
766,gSO
823,297
740,036
CREDITORS: lalling due after more than one year
15
76,192
75,000
75.000
75,000
NEfA$SETS BEFORE PENSION LIABILITY
790,354
691.950
748.297
66S.036
D¢fined bÈnefrt penslon scheme liab￿lty
20
13,6741
19.1341
13,6741
19,1341
TOTAL NET ASSETS
786,680
682,816
744.623
655,902
AINDS OF THE COLLEGE
Endowmentlunds
703,617
606,864
664,155
581.870
R&stitted fund5
7.556
7,546
7,856
Unrestricted funds
Designated funds
General funds
Pension reserve
738
78A43
13,6741
738
74848
13.6741
76.853
19.1341
74.933
19,1341
20
786,680
882.816
744,623
655,902
The finanual s
tements were approved and aulhwsed for issue by the Governing Body of St John's Cdlege w 3 Nov 2021
Tnjstee..
Trustee..

StJohn's College
Consolidated Statement of Cash Flows
For the year ended 31 July 2021
2021
£'ooo
2020
£'ooo
Notes
Net provided by lus•d inl tspelating activibes
124,696
124,2881
Cash flow8 from investing activttles
DDiidends. interest and ￿nts from investments
Proceeds trom the sale of property, plant and equipment
Purchase of property. plant and equipment
Proceeds from Sale of investments
Purchase of investrnents
Net cash provided by lused inl investing activiti85
16,140
16.750
13.7871
68,330
157,5911
23,092
14.9271
46,419
133.1941
25,048
Cash flow5 from financing activities
Repayments cf borrowing
Cash inflow5 trorn new bo￿oWIng
Receipt of endowment
Net cash provided by lused inl financing activitios
1,192
446
1.638
548
548
hang* in ¢ash artd eAsh equi￿aIeTrts in the reporting period
1,308
ash and cash equivalents althe beginning of the
reporting period
10,759
9,808
Change in ¢a$h and ¢a$h equivalents due to exchange
rats movements
11811
13571
Cash and cash equNalents at the end of the reporting
nod
23
10,612
10,759
21

St John's College
Notes to the financlal $tstsments
For the year ended 31 Juty 2021
INCOME FROM CHIRITA8LE ACTIVIIIES
2021
£'ooo
2020
£'ooo
Ttaching, Research ond Residential
Unreskncted funds
Tuthon fee5- UKand EU $ll￿er)ts
Tuthon f￿5- Overse85 sludents
Otherfee5
Other HEFCE support
Oiher 8¢aL*m￿ ineotne
College resideniwl in¢Dme
1.894
939
2.1
313
267
46
2,782
2,150
5.381
Restacted funds
OtheracademicinL¥)me
En(Jjwedfu￿S
Total Tea¢hTng, Research and Residential
The abovear*lysis indudes £3.181m recti¥ed from Oxford Univer5tyfrcffl put4dYxC￿n1a￿￿Il￿th L￿￿trr thè CFF Scherne{2￿20.. £3 057ml.
DONATIONS AND LEGACIES
20
£￿00
2020
£'ooo
DOI￿￿On5 and Legacl08
Unrestricted funds
Re$lricted funds
Endwd fvnd$
776
456
1,029
1.703
$48
3.280
1,678
INCOME FROM OThER TrADING AcnviTies
2021
Sithidiary ctmp2nytrading Ino)me
Other tradin9 inwme
61
58
63
402
INVESTMENT INCOME
2021
£'ooo
2020
rooo
Rems
Olher praperty inrAJme
Equity diVider￿S
Incom&trom ffixed interest stork5
Int8fest
10.955
177
12.025
4.593
44
17
Investhentinwmeis 8ttnb(rtedto.-
Unreskn¢ted funds
RestriGted tur￿$
Endowedfunds
15,551
589
16,135
615
Totsl Inveslment in¢ome
16,140
16.750
22

St John's Collegè
Notes to th¢ finan¢ial statements
For the year ended 31 July 2021
AM4LYSIS OF EXPENDITURE
2021
2020
£'wo
Charitable exppnditur•
Direct Stsff costs allacate¢ to..
Taaching. research and ￿ljential
Pthi¢wDtship
10,459
73
8,922
Otherdwt Costs dkKatedto'
Teaching, rasearth residertk91
worship
10,1CX)
17
9.671
25
Support and 9ovemanTr￿sts alk¢atedto'.
Teachin#, research and rewdenli
Publicworship
8,150
7.529
Total Charitableexpenditure
28,799
26.413
Exp2nditure on raising funds
DireGI slaff costs allocated to".
Fundraising
Trading expwJlur
Inve51mert managementco$l8
409
130
90
413
168
Olherdirect outs all￿ated￿.
Fvndratsi
Tfading expendilure
Invesknant marwmenl co$ts
141
90
5.845
239
4.693
Sukwtand governance ¢o$ls alloca*d to..
FUndrai￿n9
Investtnent m8nagem8nl costs
1.482
1.457
Totsl expeftditure on rasitho funds
8,259
7,301
Totsl expÈnditurÈ
37.058
33,714
The 2021 resources expended ￿£36.T73rn rep25ented £28.388rn from Lnre$lrEa￿ fvm(b. £1.328m from ¢estri¢ted funds and£7.OTlm from
endowed ￿nds.
The col￿ge is liab]e lo te 8ssessed for Contiibution underihe ty0v15￿￿5 of Stslute XV of the Uni¥ersityof Oxfc(d. The Coniriblrtion Fund is us& to
m&ke gants and loans to colleges on the bas￿ ofnea Conti)M￿S are calculatsd annualy in accordan￿￿1￿ reguktions m* by Ihe CoLnoI
otihe Universrty of Oxford.
Th2teachiryand research o)sts incbAe c￿le£* cOnknbth￿n paYa￿e of£644k12020-£424kl
23

St John's Collègè
Notes to the finaneial ststements
Forthe year ènded 31 July 2021
AWILYSIS OF SUPPORT AND GOVERI4ANCE COSTS
Generating
Fund$
£￿00
Chariiable
2021
Total
2021
£'ooo
and domestic administrats
1,647
IT
DerxecHIIDn
Interest pay¥ble
Governancecosis
6S2
4,254
1.650
4254
4074
50
9,704
Generati
Funds
£DCM)
Charirabie
Acb%ryties
E'o
Total
2020
Financia arvj drff(Eslic 8dministralk
IT
Oepreciaiion
Interest payable
Gwronce
270
1,492
612
3,841
3.052
592
3.841
1,828
Firortial and donesit admini51ration. IT, Thuman r8s0urcesand govunarKe costs *biPAted according lo the esbmaied staff time spent on
Depwiation costs and profitor ioss on di$po¥l of fixed assets are sttribuied 8curding lo the use made ollhe uT￿erI￿n0 assets.
Iwe5t and otherfinan￿￿srItrs are allribut￿ aGcordiny 10 the purpose of the related financirs.
2021
£0
2020
£￿0
Governanc• costs compriso..
Audrforfs remureration- audit services
Auditoffs ￿M￿neratiOn- other servi￿$
Olher govemartecosls
50
48
Non¥overnance ¢LX8ts ith¢lud8:
A￿*101$ r&muner8tLon. olher servK%S
No arnDUnthaB be￿ Ind￿&d in governar￿¢0$ts fLY tha th￿l￿nploYmentr￿sts or reinbutsed exF¢ThSesofthe members ofG￿ern￿9 Badyon
the basis Ihatthese payments rdaie 10 their involwneni in the ColEeyè'$ch8riiable actyvities. Details of the remuneralh?n oftrE membws of
Governing Wy and theirreimbursed eynses are induded as a stp&* rEOtEwilhin these finawal sta￿entS.
24

St John's College
Notes to the financial statsm¢nts
Forthe year ended 31 Juty 2021
GRANTSAND AWARDS
2021
2020
£000
yeartrE Collegefvn¢ed rese￿ awardsand tyJrsarie$tO8lLthntsfrom its restriGled and unrestliGted fJrvJ asfolltrws..
Unre¥tri¢t8d fun(ts
Grants to indKvhJu¥ls'
Butsares ar￿ hardship awards
Gradua￿ studentships
other $GP￿l1rshlp5. and gants
rotal unres¢ri¢tod
407
167
302
RestrKted Funds
8ur52rie$ and ￿￿d$h￿p ¥fftrd8
Graduate studaniships
Other schoiqrships, F¥ize5 dnd grants
Totsl wtri¢ted
95
293
35
423
293
3S
423
Total grants and awards
1,777
,568
Thefiyure aL%)ve indudes Lwdttolhe Coll￿e ofthe Oxlord ￿rSary scheme. siudents oflhis college rer*ived £240k1202tr. £186kl. Some of
thosesfvd&nis atso received feewaivers amounting 10£33k12020'. £51kl.
STAFF COSTS
2021
£'ooo
2D20
rooo
Thè ayyrégate siafFcosis fortrÈyearwere a5 folLvws.
SaL¥ries andw8ges
Social security Costs
Pension costs.
Defined benefrt Stherf￿&S
OeffirEd COntrib￿lon schemes
benefits
9,825
871
9.698
879
1068
649
11,230
The average nLThber ofernployees Oft￿ cdw, exdJOlro Trustees, Vds 33412020." 3281
The 8verage nLmber ofernpioyed CollegeTrust*g d￿ngtrE yearwa$6212020 61}
Tha Colleg6 its subsldlaries re￿iVed t583k in grants from the Goverwneni's CoronavinJ5 Job Retention sCh￿e lowards the salary of staff
r4aced on furtough 8nd reported under Other I￿oMe In the s18lem￿l of Financial Activities12020- £639kl An average of 45 Cowege staff w￿e
rjaced on furtowh Orffle￿b￿ fiJrbouoh during Ihe yearto 31 July2021 aiiof wmm wer8 P8KI 100%of salary, the balance being ￿1￿ by the Cowegtr
Q020 Marth 10 Juty- 1101.
Thefollowin9 itsfom)ab￿ reMe$tot￿* employees of the c￿￿ge excIL¥*￿4 the COll￿e Tru$lees. Details Oft￿ remunerati￿ and reimtrAJrsed
axpw68s oflhe CollegeTrust￿s ￿ illGlud6d as 8 sep8rate note In Ihese fifi￿c￿l 5tatsments.
Thè number ofkey employees lexdudiry Coii¥)e Tru8188s1 durlng theyear gros$ pay and benefits fdl wrfhin the following barth was..
2021
2020
£60.001- VO,(X)o
£70.001- £80,000
£80.001- £90,000
£90.001 - £1(M),000
£100.001- £110,000
£I10.￿l- £120,000
Th8 numberof the abo￿ emrAoyee5 Y￿1h retirement twEfft$ accruing was as follows".
In defined beneffts schemes
08iail$¢f ihese s¢heme5 can b2 fourvj in Nota 20
11
12
25

St John's Colle9è
Notes to thè fJnan¢ial statements
For thè year ended 31 July 2021
TANG18LE FIXED ASSETS
Group
Freeho
land and
building$
£￿(￿)
Ildiws
uréer Imkyovements
con8iructv)n
rix)o
FtiiJres,
fiibngs and
equ1w￿l
r(x)o
Totsl
e(M)O
Cost
At start ofye8r
Ad￿tt￿n$
Transfers inve8imeni pwpety
121,223
27,745
1,502
1,957
1Y),925
3,787
1,282
2,214
1,282
Alend of year
122.576
2,214
29,247
1.957
155.994
Deprtciation and impairnient
Al start of year
Depreci*K)n charge forlhe year
17.345
I.￿6
1.185
2.516
At end of year
27,422
18,851
1.417
Net book value
Atend of year
95,1S4
2,214
10,396
540
1QB,304
Atstaiofye*
96,317
10,400
772
107.489
Col￿ge
Freehold
land and
Aldino5
under ImkYtr¢ements
Con5trudon
£￿[￿)
Fixtures,
fil￿ngS and
equipment
Total
r￿0
£'ooo
£'O(M)
£D(M)
Cost
At $t*tof yeBr
Idlions
Transfers frorn inveslrrEnt property
121,223
71
1,282
27.643
1,502
1,758
150,624
3,787
1,282
2.214
Atend ofyear
122 5T6
2214
29.145
1,758
155,693
Depreciation and imp8iment
At Start Of ye*r
Charge forthe y
24.906
2,516
17.243
1.506
987
43,138
42S4
At ond of year
27.422
18,749
47,390
Net bookval
Atend olyear
95,154
2,214
10.396
539
108,303
stsrt ofye8r
96.317
10.400
771
107.488
Tts C¢Uege ha5 5ubstsntial longth4d histori¢ assets all ofthich are used In theuursa of1￿ Cdw's leachirvJ and re8￿Ch activiti8S. Thèse
cornprise listed Pwilding$ trn the College site, logethwwlh th•r contènts comprising works of arL ¥ncleni books and manu5GriPt5 and other
treasu￿d artefacts Berause of their 8ge and, in rnany cases, unique n*ure, r4iaoie nisiortal CL51 inform81ion is not avai1*4e forthese 8ssets and
could not b8 obtain2d exceplat LlsproportLON8te expanse. However. in the opniMof the Trusteag the d&prerAaled hkstorKal cosi aft￿8& assets is
now immaw181.
26

st John's College
Notes to the finaneial statements
For the year ended 31 July 2021
10
PROPERTY INVESTMENTS
Gro
In?￿lment
Propety
£'ODO
2021
Totsi
£'OOD
2020
Total
£'OCN)
Valuatim al start ofye
Addit￿n$ vnK*<Nements ai cost
DiskKssals
Trnnsfertofixed 8888t$
Revalu81p)n gain51llctssesl in Iheyear
331,534
7,571
113.*91
11.2821
23.375
331.534
7.571
113.9691
11.2821
23,375
296.087
9,66$
28.961
V8Iu8tion at end of year
1.534
ollege
Investtnent
2021
Total
£'ooo
2020
rotal
£'ooo
£'ooo
Valuation atst8rtof year
Addthon$ and improvtrinerts at wsl
Disposals
TBnsfer tofixed assets
Rev¥lL*lv)n gainsllEosse51 In theyear
242.335
1.903
{1.1201
216.802
6.814
11,1201
3,218
20,285
Valuation at end of year
24
245,0
242.335
At 31 July 2021 the Estate land and wepartyVTdS ￿￿ed tytr* Culleg2'5 Property thsor, Sawlls, whth Is a memberofthe Royal Insiilutitin of
Charwed ￿Ney0r5
11
OTFIER INVESThIENTS
l In￿81m￿nts are heKI 81 fair va￿.
2021
£'ooo
2020
rooo
Gmup rnve¥tments
Valualicm al start of year
Purchase5
DisrrtwI$
(Decrease)￿￿[￿%Se in clinvesknents
313.670
SO.020
154.3611
87,$03
318.051
23,529
{43,2401
15,330
Group investments 3¢ond of year
396.832
313.670
Imwirr8ntin su￿dianeS
61,799
65,275
College inve8trnents atend of year
454631 ￿￿945
Gmup investsnemts comprise:
Held ouisile
UK
£,￿0
In
theUK
£'ooo
2021
Total
rooo
Held outsid&
theUK
£'ooo
2020
Total
I￿vK
Equty IrbV8*M￿ts
Fixed IntereststoEks
Inveslmentfur￿s and oth¥ securfbes
3.405
5.514
17.829
64.428
357,B33
5,514
224.255
56,084
280,339
5,655
27.676
15,656
24.787
2.869
Total 9roup inve8knents
31S,74
254,
27

st John'$ College
Notes to the financsal statements
For the year ended 31 July 2021
12
PARENT ANO SU88IDIARY UNDERTAKINGS
The Colege Wds 100% of the 15$u* sharewital in Th8 Lamb and Flag IOxfc*dl ￿mIted. a rA)mpanywhKh ran the aThJ Fbg
public house. The ￿ffi3 of the subsidi8ry company are donat￿t0 Ihe College underlhe GnlAid Scheme and Ltsed to SLprth uraduate
schoiqrships. Thecompany ceased Irdding thring the yearandwill 5hthty bewound up
The College also hobJ¥ 100.lts of the issued share capital in Thornas Vthiie Properties Limited. 8 COm￿nYv￿1ch hohys invastrneni
fxtyeriy. The wofits of sub5vJiary company are donated lo the Coilege under the GrfIAid scheme.
The College 81s0 hobjs 100'h ofthe issued share capital in Thomas vthite Oxtrd Limit￿, a compsnywhich hdds investrnert propprty
The profits of the subsidiary companyare donated lo the College under Gift Ild scheme.
The college 81s0 ho￿$ 100% oflhe issued share capital in Peartree Okford bmited. 8 companywhth holds investrnent PY￿rty.
The prvffts of the subsidiary cOM￿nY>re don8tÈd to the ¢oiiegt undef Gift scheme.
Tho Colleye also hO￿S 100fjA of the issued share capilsl in Balnion Road Nursery LimileJ. a ¢ompsnywhicTh opwates a day
nursery for st￿￿ents and Stsff. The profits 01lhe subsidkAry ¢￿panY are don81ed tothe Coll￿6 undarth6 GiftAtd sch6￿￿.
P051 yearerf, the OW*ion oftrie nursery has been transfer￿ to the College
The College 8150 holds 1￿ of the ISSL￿ $hare capital in Sl John's Coi* Sawices Limited, a dormant company.
The Collegè i$tPE sole sharehoPkrof Thomas VVhit¢ In¥e$tmenls LLC, a comp8ny incorwr*ed in Dd*w8rewhic* hofds investment
property.
Tha Coll¥Jew8s aisolhe 501e sharehokler of Laty Vlthite Investments LLC. a comrony incorporated in D8law8re whith haliy
investm￿1 prok*ty The inve51mert wopertyowned by Ladi Whrte Investments LLC was sold dufing IheyeararKlthe 5h3re
oflhe companywas ca￿e￿Ie4
The College also¢onsdtdates th8 rtrsutts of Saint John Bapbst Colege withe Unriersity of OxFord gGmbH, a chantable crjmpany
Irurporaled in Germ8nywhth raceives invesiff*nt rents and whosè purposes aret￿ promotion ofs￿en￿, research and edu¢8tyon by
mwnkining th8 College.
The resLAts trEas88ts and IiaknlliÉs trfth8 patent arwJ subsitharies at the yearendwere a5fdkyw5.
Thona8
Whila
PropwtE5
Ltd.
P8ram
College
The Lamb &
Fbg IOxtr¢l
Ltd
Fortheyearended 31 Juty 2021
Balnton Ro
Nursery Ltd
£'LYIo
£'ooo
£'c¥)o
IrKoma
Expenditure
th>natK)n lo under gift aid
Actuarial gains on Pen￿on scheme
Net9ainstllossesl on investments
Resultforthe year
22,831
134,7511
94
97
12581
1761
6,295
94,344
88,719
94
24
Tokl assels
822,425
77,802
744,623
32
65
133
15,177
129
15,048
74
58
16
Net funds attheeTha of y&
Thomas
ite
Investments
Saint John
83ptis1 C￿lege
P8artrae
Oxford Ltd
LadylNtrite
WniteOx*ord Investments
Lld
LLC
LLC
University of
C)xtrd gGmbPI
eooo
rooo
Eooo
£No
£￿00
IT￿orne
E¥tndiiure
Distribution from US and Germ8n subsidaries
Nel gain￿1105$eSI ￿ Invest￿nIS
Result forlhe year
81
17291
37
167
2,657
14291
1921
11.400
111.4041
33,353
32.705
1,8051
12,4241
178
390
42
Total assets
14.434
67.￿6
1.4271
16
7,393
1,669
Netlunds ai end ofye¥
14.4
28

St John'$ College
Notes to the financial statements
For the year ended 31 July 2021
During the year ended 31 July 2021, the follwino movements n sh¥e carital of svbsidi8ry undert*intrs look place..
- the share capital ofThomas W￿lIe Oxford Limited was Increas￿ from £13.513.930 10 £16.903,930
Cornparative results foryearended 31 JL¢ty 20
Thl￿a5
While
Prop￿￿$
Ltd
Parent
Colleg&
The Lamb &
(Oxford)
Lt
Bainten Ro
Nursèry Ltd
£'ooo
25,381
132,0491
369
97
303
13581
Expenditure
DonatK)n lo c(￿￿￿ ￿der gfft aiLI
AGtuanal gain5 on pen*w scheme
Net￿In￿lI0$5esI on invesbren
18,2671
35,314
Resullforthe year
20,359
Tota as￿8
Tota liaknlilies
734,819
178,9171
153
15,175
Net fund5 atthe of year
Sani John
Baptist College
Inthe
UnI￿r$Ity of
Oxford gGmbH
Peartr
Okrford Lld
Thoma5
hile Oxford
Ll
Ladyffjthite
Investments
LLC
ThDmas
White
Invesbren
LLC
£wo
rooo
r(K)O
£'ooo
Ir*ome
Expendit
Distr￿11(￿ from US Subsidiaries
Netgain&lllossesl on investmen15
73
12981
629
12511
130n
1.4Y
11981
1591
11.63n
15.2141
7,300
5.649
Re5uttforthe year
Total a8s8ts
Total liatililies
25.8S4
30.S98
10,784
10.981
I1.￿0)
1.279
Net funds atItteer￿ of ye8r
13
DEBTORS
2021
Group
rooo
2020
2020
Cdleg¢
ColE•g•
£'ooo
Amountsfalling duty￿thin oneyear.
Trade debtors
Amoun15 ow& by Colege membetS
Amounts ow* by Group underta￿n95
Prep*yments actrued intome
Other dabtors
3,409
928
4,809
713
2,856
928
177
523
339
2.764
713
1,219
537
1,2BO
339
641
29

St John's College
Notes to the financial statements
For thè yèar ended 31 Juty 2021
14
CREOITORS.. falling due %wthi* one year
2021
Group
£YJoo
2020
Group
2021
¢011oy•
2020
Coll￿e
£'ooo
Tr&Se ¢r8diiors
owed iocolege Membw8
Ta%aton and so¢i81 secunty
Colege ¢wtnbutio
ArLrua15 and deferred income
Other ¢rethior$
2,105
157
523
3.197
129
170
2,737
129
15e
157
413
721
322
1,169
252
416
322
643
252
15
IJIEDITORS.. falling due after more than oneyear
20
Group
£'ooo
2U20
Group
£￿00
2021
Collggg
2020
College
Bank kkns
36,192
40,000
35,000
40.000
35,000
4W.000
35,000
40,(￿0
othe[c￿rt￿6
75,000
The£35 mllron bank Icén is 8eoJred ￿ the Kendrew Quadrangla.1118 repsy8￿8 in 2039 and Interest is ch8rged * a fixed rale of 5 225%. ThL% loan
was (kawn down ￿ December 2009.
The l¢an notes crrnprise million du2 In 2051 wth afi￿ interest rate of 2.9VA and £20 [n￿liOn due in 2061 wrth a fMed int¥881 rats of 3.2%.
Thefundsfrom loan notes were dr*Nn dLwn in JL￿e 2016.
16
ANALYSIS OF MOVEMENTS ON FIJNDS
At 1 August
2020
£'D
Incoming
resour￿$
Resources
exk*nded
£'ooD
Gain51
Ilossesl
At 31 Juty
2021
Tran8f¥s
College
£'ooo
EndowmentFut)d8- Pem)ane
PerrTrin2nt Endowmpnt Funds
4.938
$62
s,￿0
Endowrnes)tFunds- Expendablo
General Endowment Fu
1gr￿ted Endowment Funds
Spe¢5fic Endowment Fur¥Js
540.599
8.476
27.857
15.4791
{6.8201
88,136
1.830
3.416
616,436
10.306
31.S13
446
12061
T¢)tsl Endovrnent Funds
581.870
5.479
.026
94.344
4,155
Restricted Funds
Resiricted Funts
1,130
7,556
Totsl Restricted Funds
7.546
1,130
1.328
206
7,556
Lknrestricted Funds
General ReseNe
LksigNgied ReseNes
Pension Reserve
74.933
687
19.1YI
21,131
124
127,0361
6,820
75,848
738
13.6741
6.2
Tot81 Uthrestri¢ied FuJ)ds
21,255
{27.944
6.820
6.295
72.912
Toial Funds ol the College
655.902
22,831
{34,751
100.641
744623

St John's Colle9e
Notes to the financial statements
Forthe yèar 8nded 31 July 2021
At 1 Augusi
2020
£'ooo
InGomi
resources
Re8ources
expended
£'ooD
G8ins1
Oosses}
At31 July
2021
Transfers
£'(x)o
Group
£'ooo
Endo*Thent Funds- Permanent
Pe￿nanent Endc4¥meN FLK
4.938
962
5,900
EndowrneTrt Funds- Expondabie
General Endowment Fund
Designated End0%￿rent Funds
Specffic Endcmment Funds
565,593
8,476
27,857
17.3621
16.8201
104.487
1.830
3.416
655,898
10.3C6
31.513
12061
Total End¢Mnert Funds
606.864
110.695 7O¥T17
Re&tricted Fuody
Reskncfrd Fu￿3
7,546
1,130
206
7,556
Total Resirfcted Fund5
11,3281
7,556
Unrestri¢ted Funds
Ge￿ra1 Reserve
De*gnat84 Resaves
Pension Re$etve
76.653
687
19.1341
127.4601
6.820
78.443
738
13.6741
124
18351
Totsl Unrestricted Fund5
128,3681
Total Fund5 oltho Group
681816
23,930
137.0581
116,992
786,680
ompardtive resultstoryearended 31 Juty 2020
At 1 August
2019
Irwming
resources
Resources
Gainsl
Ilossesl
At31 July
2020
rthjo
Tran5fer5
College
£'ooo
£￿00
£'ooo
Endowment Fund5- Pennaftgnt
Pernaneni Endth¥m8ni Funds
5.156
4,938
EndowJThent Funds- Expendable
GerÈral Endowment Fund
twvJnatsd Endowment Funds
Spacific Endowment Fund8
515.NO
15.1*1
I4,8￿}
35.605
181
12541
540.599
8,476
27.857
27.561
548
Totsl Èndowont Funds
556,093
548
14,889
35,314
581,870
Restrktgd Funds
Reslrida Funds
6.491
2.429
11.2631
11091
Toi81 Restricted Funds
6.491
1.2631 ￿109}
U￿￿0$ti1¢ted Funds
General Reserve
Oesignaled ReseNes
Pvmsion Reserve
73.912
,281
123
{28,1971
4,957
41
74.933
687
19,1341
11,5621
695
18,2671
T+)tal Unreslrffi¢ted Funds
72,961
25,590
4.998
66,486
Total Funds of tts eolkye
635.S45
2S,361
{32.049}
27.048
655,9W2

St John'$ College
Notes to the financlal statements
For the year ended 31 July 2021
1 1 August
2019
lrtoming
resou￿5
rooo
Resourc8$
eynd
£'ooo
Gainsl
Ila5se51
É'ooo
At31Ju
2020
e'ooo
Transfws
£'ooo
Group
EndowmÈntFund$- Pemanent
PerTnarenl ￿￿ment Fund$
5,1
12181
4.938
Endo%wnènt Fund5- Expendable
Gewal Endo¥¥ment Fu
Desvjnth Endowment F￿￿S
Spe¢th¢ EndLwnenl Funds
532.404
8.336
27.561
16,18n
14,8501
$65.593
8,476
27.857
12YI
Total Endowment Funds
57
16.1871 7TSsfi
43.935
6,B64
RestrKted Funds
Resiricled Fund5
6.491
2,429
11,2631
7,546
Totsi Restricted Funds
,491
2,42
11,2631 ￿rI
Un￿5￿Cted Fund¥
General Re8eNe
Dewgn81& Reserves
Pension Reserv8
74,699
24.067
123
126.8701
1881
695
4.957
41
76.853
687
19,1341
11.5621
18.26Q
Total Unrestthd Funds
24,t90 ￿263)
18.2671 ￿￿406
Totsl F￿ndS of the Group
651696
27,167
133.7131
.666
681816
17
FUNDS OF TME COLLEGE D￿AlLs
The￿1￿￿1￿9 $ a sunmaryoflhe ￿gInS and wrpose$ ofeath oflhe
End0%￿nert Funds- Pernianent
perma￿nI Enijowment Fund$
ita ba*¢8 ofdonations where r4at*l irwne. but [￿l￿e origin81 cakY￿1. be
Ltsed only tor resirictsd purw5es o*the Col
Endowmont Funds. Exppndablo..
Gereral Erthmenl Fund
Captsl b8lan* ofdonations and pa51 c8Ptalis*ion 0f￿cOrne wttere eilw incema, or
i￿0￿¢ and Capital. tan be used for the general purposes ofthe c￿￿ge
Capit81 b¥lanc&of donations where related income, or incnme 8nd c8PitJ, can be us&1
forlhe g8rerai wTwse5 of Ihe College bul have bBeTr designated for spe¢ffj
purwses by the Tntstees
C8Prtal balance ofdanatyons fftre *lWlh2 rdated irKthme. or tolh incomtr and
Ca￿tal, can be u5e¢ only forrestricted purposes of the Cdkga
DesvJnated Endowment FurKIs
Endowment Fur
Re$trKted Funds..
Reslrict•Y Funds
Revewe grfts given forteslrith& purposes looethtrrwth vKorre generated frty
Pernianenl and Sp￿lfIC Erfowmenl Funds
Designated Funds
Cksw)r￿ Reserves
Unreslftaed Fund$ allocated by the Fdows forde8yrAted fulwe wrpose& ieoath
with inwm6 gèr*ated from De*gnated Endowment FuThYs
The General Unrestricted Funds wesent8ccumul8t8d irtome from the Cdleoe'$ activ￿e￿and other Sour￿ that 8reaVai￿L1e
r￿the general purp08es Of1￿ C￿￿ge
SpeGnlc endwments lunsdKlaled and ¢dlegel irtlude fU￿S valLEd ai £1.58&r v4hi¢h kyovide inrome for purpo$6sthat lie
0￿sIde￿eObleCts of the College. Income arising ￿Ounted 10 £54k.

St John's College
Notes to the financlal slatgments
For the year ended 31 July 2021
1B
AJ14LYSIS QF NeT ASSETS BETWEEN FUNDS
Unresiri¢ied
Fund$
£￿[K)
Restricted
Funds
t￿(M>
E￿r￿¥ment
Funds
Total
ethjo
2021
Tangible fixed $s88ts
Property invesbhents
Securibes and Olher wwe5trnenls
Nei current 8SS6ts
Pension liatiliiy
Long term creditors
108,304
108,304
347,229
356,832
14181
13,6741
(76,19
347.229
,832
748
5,877
13,6741
135,0001
7,556
3.617
786,
UnreslrKled
Funds
£'(M)O
Re51nci
Funds
£￿00
E￿owment
Funds
£'ODD
2020
Total
Tangib￿ fixa assets
Propèrty inveslments
tibes and other Investyn￿lS
Net current assets
Perbsion lia￿lIty
Long term creditors
107,489
107,489
331,534
313,670
14,257
19,1341
40001
331,534
313,670
1,660
5,051
19,1341
135,0001
140,0001
19
TRUSTEES. REMLTr4ERATION
The Fdk)ws who 8re Tru51ee5 ofthe Collegefor the purp￿$ ofch¥rity L¥w r8¢eive no remunerabon forathng as chanty Iw$le8s. S)me
Trustees are paid sa18ri8s by the Colla9e forlhe arademic or other Se￿l¢eS they pThid& as amployees Of thè Cdlege I￿nY Tru$lees are p8id
salaries by the University of Oxford forthe of le8ching, COtyJu¢t ol r￿earch and ot￿ra¢adeMjC¥n￿ a(kninisir*ve dub6S.
Tf¥ès&saL2rie5 are pad ￿ ek#emal 8¢*Jem¢and ac￿eMic-re1ated 5G*esand areioinl ar(awm￿ts wrlh the Ullivewty ofoxford.
The Cdleg¢ h8s8 R￿U￿rat￿J￿ Committee, composed ofindNhju￿¥ axtem￿ 10 tha College. whth makes recommfrtalKirts toGoveming Sc
on paya￿1 benefits.
33

St John's College
Not¢$ to the financial statements
For the yèar ended 31 July 2021
Remutheration paid to trustees
2020
Numb¥
Gmsir*munerati(￿.l0X4bl￿
Numberof
TruÉt•*PJ fr￿8fft5and wislon¢ontTrbUt￿S Trn$￿￿F￿Itr1IA
£OOO's
Grosgremn&ation, tthblebEn¢ffl
and perrfion ¢￿￿bU￿8
£OOO'¥
£LL£999
£1.LvJ￿1.999
£4.u￿4.￿9
,OWES.*9
£6.OOfyE6.999
£7,ON7,999
£8,00tsÈ8,*9
£10,0￿11,QrmJ
£12,￿￿El2,899
£15,00tsÉ15,999
£I6,ODtsE16,999
£17,00tsÈ17,999
£18,(W£18,999
£19,fy)>£19,999
£zo,rw20,999
£21,fHL£21,999
£22.rw22,999
£23.WD423.
£24.LW£24.
£2S.(W£25.
£27.WX27,
£28.0(ts£28.999
17
12
1S
17
74
e1
22
23
25
2S
27
28
£31.0r￿￿.999
f63.OW3.9
.0(k￿84.5
£35.0cK￿.9ss
£26,0CL￿26.999
E37.0th>£37.999
E28.OthKa8.999
E39,ON39.999
E42,QN42,999
£46,OfKW6,999
È47.OW47,999
£48.0￿g48,999
E50,0￿££0.599
E51,OW51,999
E53,OW53,999
£54,OW54,999
£5S.OW55,￿9
£$7.oDWS7.￿9
£58.ONS8.999
£60.ON80,999
£65.(m)N￿,$99
£71.COX71,999
£73.OOX73,999
£74.0(HX74.999
£75.oro£75.999
£7B.ofix78.9
£78.0(WX79.999
£80.0(M>e80.999
£98.OCM>£98.999
£I06.0(￿lo$,999
t108.C(N>£IO8.9*
E112.C(N>É112,999
e114.0(tre114,999
£1￿.Or￿lSS,wj9
É193.orts£193,999
Total
107
75
$7
59
81
73
22>
79
eo
2.*3

St John's College
Notes to the financlal statements
For the year ended 31 Juty 2021
JI of theftreooing irKthvith81$ are41g1b￿ftr memb*5hip of the USS d2fined benefit pension scheme35 ouuined in nrAe 20
The Preswjent lives on the main college ￿te. Some Trusteès are eligi￿tfor COll￿e housing Schemes At 31 July 2021. 22 Truslees lived In
propertles owned by the Cdkge12020- 2418nrt 6 Iru$tees lived in properbes (Nm8d j£¥niiywth theCole9e12020- 71. NO Such sKo•eswere
bDughtor durin9 tre year12020- 01. 21 Trustses re*ive ¥ Housing AI¢w8n¢e12019". 201, which isdisclos￿ within tha sal*y figure5 aL¥)ve.
Al trustees may eat 31 tsble. as rkn all Olheremployeeswhoare enirtw 10 mt8ls Whi￿ working.
reimbursement was made lo Tru$iee$during the year of personal expenses incurred in ¢oDrÉ¢iion with th•rserwi¢es tothe
College as Ttustees
See 21so rK)te2S, Rekled Party Tr8nwts"ons
peN$ION SCHEMES
The College p8rbipaies in three main pensK)n sehen*$ on behawof Is Staff, the StJohn'5 C￿lege Staff Pen5iDn Fund I the SJCSPP'I, the
Universitses Superallnwdlron &heme ('the USS") and Ihe Urwversty of Oxford S18ff P•nsitr) Sch6N* llhe OSPS'I. Th6 8¥sets oflhexhw*sar8
each hdd in separate Iru51ee-adminislered lunds
The College h3$ 81so 8v8118bkt￿ Nati￿￿ Empioymant S8wngs Trustfor any indmdual who is not digitAefor membershipof one of the
main schemes butvtho ￿ elioiblefor pensjon ber*ffts und* aut(malic enrL4ment reguLation%
St John's College Staff Pethsion Fund
The level ofb?￿fits provided bylhe Fund depend5 on a memberfs length ofsemce and the￿Salary al th￿r date of the Fund.
The last funding valuation of the St Jthn's C¢ll89t Staff Pen$ioD Fund was catried out by a ryarfied xiuaryas at 31 Juty 2018 and
8 surplus of £4 1 million. Tha naxtfundiny vaILA1￿ r&dua no laierihan 31 July 2021.
College pay5 conlribuhons of 12% of pensionable $alaries in respect of cwrenlaccrual, with Xbve rrÈmbers p85Nng a tsrther 6% of
P8nS￿n8bb sJ8ri8s. Ats)ntribulion of£O.46 million is expected to be ￿ld by th2 College during the year ending on 31 July 2021.
The resLlts of the181esi fu￿Ing valuation at 31 July2018 have b￿n aiusted tolhe balall￿ shBet datelaking accountof experierKe I￿rthe
Fenod sin* 31 July 2018. ¢h*ges in M8d(at¢￿ath0nS ana differ￿¢&$ in thefinancJal and demryr2phic 2s5umptiOnS. The present valueof tile
defined benefit olAvJgtion Ihe rda1￿ current Servi￿ costwere measured u*ny the Projected Unil Crethl Method.
The pri￿1paI as$JmFliorts used 1¢ cakuL2i&ihe liabithes under FRS102 are setOLrt b￿LY￿¥.
Main financial assumptyons
31Jul-20
RPI Intslh)n
CPI Inflation
Rate of increase in salaries
Pensk)n Incr￿Se5 pre April 2005
Penson incresses posi April 2CM)S
Diso)unt ratetor sd)erf*118bilit￿5
2.95
2.50
2.50forS ￿r$. 3.$0 Lnereaffer
2.45
2.45
2.95
2.*forSyeats, 3.30thweafter
2.30
2.30
Main dgmographl¢ assumptKins
rtallty
31-Jul-20
95% ￿ pensionets and 100%
fu non-rÈnsioner$ofthe
S2PXAIa￿$Wtth
imryovernenls in line t￿¢
CbA 2017 projecti￿S and
smoothing factorof 7.5 ar
-tsrm r8kofimyovenEnt
of 1.25% pa
95% ftrpensioners 100%
for non-pens￿ners of th&
¥2PxA ta￿e$wth
improvements in line wlh
CMI 2017 projectK)n5
smoothing tscttr of 7.5 and
bng.tern rate ofimprovemern
of Y.25% pa
fe exwkncy form8le currenity aged 60
Ufe ewtsnw forfemale currentty apd 60
fe ekp#bncy 8160 for male¢urrenJy 8oed40
fe ewectancy al 60 fOrf*na￿ cUrren￿Y aged 40
28.8 ye8rs
28.8 ye8rs
28.4 years
30.4 years
26 7 years
28.8 years
28.3 years
30.4 yea
35

St John's College
Notes to the financial stattrnerrts
For the year ended 31 July 2021
Fund a55rtalJo¢8tion
31Juk21
£000
20.974
1.838
3,719
26,531
31-Jul-20
£'ooo
17.134
1.898
2.272
21.304
EqLities
Govemmeni boThls
14
100
Totsl
100
None ofthe fund assds are invested in lh8 c￿￿ge,5 ffn8￿￿ I￿rum￿ts orin propertyotsup￿d by. orother 8$8ets used by.
Colleg&.
31-Jul-21
É'ooo
26,531
128.4651
11.9341
Reconciliation of funded status to balance sh88t
Fairva￿e ofassets
Present vaue of funded defined b8n8frt oLlyation$
status
Unre￿nISed asset
Assevlliaknlityl rewonised on the baance sheet
p￿sent value ofunfurtedilefined t*r*fftObligab￿8
31-Jul-2D
£￿0
21,304
17.227}
{1,934
17,227
When d6terminiw th8 asset rwised on Ihe balanc£ ¥heel, it has been 8ssumEd that the College would be 8t48 10 recowl
surplus throLyh r￿uCed firture wntributions ora refund trom the fund in Ih6 future Th1$ reflects th2 prow¥h)￿ of the plan
Amounts recogni5ed In iJ)¢orne statemont
Yearendry
21-JuP21
£000
Yearending
31-Jul.20
£'ooo
OFwaln9 ¢OSt
Current service cost
AdmirnslBli)n expense5
Past semce cost
Curkilmeni Cost
Settlement C45t
Fin8n¢ing tosl..
Interest on nel defined bènefft Iiabiiityllassetl
Pension expènse recognised in income $i*emeni
1.359
107
1.466
1.084
Arnounts recogn￿0 In Other Cornprehensivtr Incorne IOCII
Year wding
31-Jul-21
£000
4,715
1,580
Yearending
31-Jul-20
£'ooo
13,8S9)
14,4081
Asset9ainslllossesl arising during the ye8f
Liability gain￿{￿sSeS) arisiw during Iheyear
h8ry& ill the efte¢i of thè a65el *ili
Tow 8ML￿nI rwnised in OCI
6,295
8,2671
Change5 to the presentvalue of defined benefit obligétson
during thèyw
Opening defined benefit O￿l)8t￿n IDBOI
Current ser11￿ cost
Interest expense on DBO
ConknpArtIO￿ by members
Actuarial (gain$ii￿s$es on liabilities
Net bw8ffts pakl 0
Past swwce cost
Curtailmenlcost
Nei irtre8se in Ikqbilits"esfrom disp098lslacqui$ilK)ns
Setuemenls
cits8￿9 defined tenefft oblgatioi
Year endifvJ
Year ending
31-Juk20
rooo
22.745
£'(N)O
28,531
1,359
407
232
11.$801
14841
510
231
4.408
14761
28.465
28.S31
Yearendiry
Year endiry

St John's College
Notes to the financial statements
Forthe year ended 31 July 2021
Change$ to the farvaluè o* StJohn's College Staff Pension Fund
assets durin9 theyear
0￿Ing fairv8lu8 of fL¥￿ asse
Interest on lund assets
GaiNtIos51 on ￿n0 8ssets
ConlribLrtions by the Cd
Contributions by fund participants
Nel benefits pad OLrt
Adminisir81ion ctsts inwrred
Net Increase fft assets from diSpc6al￿ac4￿ISltlThr
Settiwnents
cl￿n0 fairvalue of astsets
31-Jul-20
£'wo
24,406
539
13,8591
463
231
1476}
£'ty)D
21,304
300
4,71S
232
14841
28.531
21,304
Actual retum on fund a￿ts
Year endirvj
Year ending
31-Juk20
rooo
Int￿881 inwme knd assats
Gainiifossl on fund assets
Ac￿$ re￿rTh on fund a5set8
300
4,715
5,015
13,8591
3,320
My￿-8mPlOy+r5Chernes
The assats ofUSS 3rf OSPS 8re each held in separate trusl*administered fund5.
USS And OSPS conlnbthorymixed bEnefft 5th￿e$ (i.e. they provide benefitson a defined ben¢fft basis- bas*1 on length of8eTrice and
pensionaNe saw- and on a defiW ￿￿bu￿On basis- bas84 on ¢ontribulions Intothe s¢hèrnel. Both are multi-employerschemes Army the
College 1$ unableto i(kMrfy its Share of the underfsqng assets and IiatAlili8s relabng lo defined teneffts of each scheme ￿ a co￿￿te￿I and
reasonable basi5. TherefrKe, in accordarKe with the attouniing standard FRS 102 pardgraph 28 11. the College accounts for the sch•he$ as if
theyweredefined ￿ntribUtIon 5rAeme5. As a result. the8M￿Tht charged lolhe Income 8nd ExpEnLllure Accnunt represents the GonlTrbubons
payat4etothe schernes in ￿pect oflhe accounbno pa￿d In theevenl of1￿withdraWal ofany oflhe part￿Ipating emrjoyers in USS orOSPS, the
am(￿nI of any penS￿n tsnding shortfal Iwhrch cannot be 01￿￿5e recovered) in resk*cl of t￿1 empknyer Will be S￿￿ta￿ aGf05S Ihe remainino
P*vpalng em￿¢yerS and reflected in th& nèxt arAuart81 V*uatiL￿ ofthtsch￿e.
QUalif￿d actuari88 ￿n￿lIcallY value USS 8￿j OSPS defined beneffts using Ihe'projected unil melFwJrf, embraung a matstvakE appro￿h. Tr*
re$LAling l*els of contnbLrtion taka account of thsfi81 suWu5es ordeficits In 5o*erne. 80lh strtmes have put in pLgce8greeff*nts for
additK)nal ￿lribUbDn￿ to￿nI Iheif past service defitits. In 8¢Cordan￿￿￿ the prO￿s1On¥ of FRS 102 the Cdle98 has re¢oynised a I18tAlily forth&
futwe contrtxrt1￿S thai Il estimates *ryll be pay8L4eas a resultof these defi&1 fu￿Ing agreeTrEnts.
IthNers￿es Superannuation Schem•
The WSK)n tharoe fu the year indudes a charge of£707k12020' 455k ¢￿ditI in relats￿ ￿ the USS. This rewe5ents 0)nEn￿trOn$ of£882k12020..
£897kl psYa￿e lo the USS. 8djusied by I￿¢￿￿ge In the deficit fijndiw IiabJlitybatw6Én oPe￿n93￿￿ closw bapan￿￿heeI dates bJt eY¢luding
pension frnarKe ¢ost5.
USS, latèst ¥¢tuarial valuatton tfy)k placè as al 31 March 2018 8ndthe results were published on16 September2019. ThefinanGial assumption$
ere derived from market ¢ondloons prevail￿9 atthe valuation dats. Details about the benefits may ￿ reifjewed on USS, web&ie. W¥￿￿.uS5.GO.u
Theeffecbve datè ofthe next vaJ18tton is 31 2020.
Discount rale$ assumed by the USS. 8th8ry were cpl +0.14¢A in ye8r 1, decreasing line8rfy to CPI-0.73% over 10 years, CPI + 2.52% from year
11 rethcing line8rly 10 CPI + 1 $5% by year 21, remainiry at CPI + 1.SS% Ihemfter The total USS èmployer Contri￿li0nS 8re 21 1% 01 sa￿rieS.
irtreasing to 23.7¥o on 1 October 2021 These ¢￿tributiOn rates indude provisions for Ihe cost of future acuual of defined benefrts IOBI Inel of
rnernber Contr1￿1￿)￿S to the D8 SÈClion}, deficii contribubons, administ￿live expenses and defined rAJntribub￿S At the valuation date, V81￿ of
the assets of the scheme Was £63.7 &IS￿n Ihe value of the s¢h8me's tethnical prow*w¥ was £67.3 billion Ind￿￿￿n9 a shthtrdll of £3.6 billion
d a funding rath) of 95%.
In lir*with FRS 102 rk9ratyaph 28.11A ￿ Coll8g8 has rec￿r￿se￿ a liability forlhe contritrArtiffts pay8tle fortheagreed defKitfunrfing plan whKh
d&fi¢it payments of2% ofsalaries from 1 0¢to￿r 2019 to 30 September2021 and then ￿Yfflents of6% Ofsalaries from 11)¢iober 2021 to
31 MarGh 2028. A wovr6vJn of t1.720m has made al 31 July 2Wd1 12020- £1 884ml forihe present valueof the estimated fLrturt Jeffi￿1
fvnding element ol conlributson5 payable underifvisagreement. In determining the level olths prov1$1￿ it has b*n assumed Ih*thè College
will wmnueio have a constant levei of ￿ploY￿ partsupatI￿ In tri8 ￿herne and thai ltrÈ re￿Vant &arnings of these ￿plOYeeS￿lI increase In lire
th the acluaryls prc4ected lory-term saLary rate wtreases.
Ao)py ￿thefull xtuaria valuabon rawrt and frJrthwd&tals on the schemeare avail8￿e on Ihe Usswebsile w%w4.L68.CO.Ld
37

St John's Colle
Notes to the financial statements
For thè yo¥r ended 31 July 2021
Snce the year end, follownj the comp￿110￿ ofthe2020 8ctyarial valuat￿)n. a nwi dual rate schedule of ¢Onkn￿li0￿ h88 been agreed with an
effe¢bve dats of l October 2021. Recalcu1811ng the USS provi%ion on the bBs15 of theSe￿iDbu￿on8 woubj result in an irKreased obligabon 10 fund
the defoi of£4.697m, an increase of£2.977m.
A futher ch8ngeto defjtsi recovery contribubonsv￿I bxome a￿uble underthe 2020 valuation rflheJrAffl Negobaiing committea rewmm￿￿d
deed on benefit charvJe5 has wl ex￿le￿ by 28 Febtuary 2022. In this scenario. higher d&fi¢il recovery contributions will comm&nc&frcm 1
October2022 al 3% and then inuease every6 monihs until they reaGh 20% al 1 October 2025. They reman atthis level until 31 July 2032.
Negoliatior6 conbntse ar￿ an increasetothi5 ￿e[ is conwdered remote
If Iheschedub of C￿￿bub0￿S remairts uncharvjed. Ihe College's Finarrial Statements forIheye8re￿￿ 31 July 2022 will refip&the5e Ghanges
tothe provi&￿, subj*tto any other ¢hanges in fn8ncl￿ 8￿j Operatic￿al a5sumptirms"
Oxford Stsff Pension Scheme
The pension charge fortr* year Indude$ 8 £3k ¢r]arge12020. £9k cr￿11) in relat1￿ to theOSPS. Thi$ represénts contributions of t7k 12020.. £Skl
payatleloihe OSPS as adjust￿J bylhe change In thedeficil fiJNJing &8knlity the wing arf dosing ba18W8 swdatss.
OSPS, a¢￿8￿81 v￿uati￿ as * 31 March 2019 was wtyished on 19 J￿e 2020 aNJ idenliffied a required knrv>term ￿p￿Yer contribLrtv)n rate of
19% of total pensionable saigries. with a funding defiGiI of 1113 rn The actuary has certified Ihatthe recovery plan should eliminate Ihe defityl by 31
March 2028. Ttr￿ r￿xt triennial valuatk)n is due With an effe¢bve date of 31 Marth 2022.
A provision of£20k has been made 8131 Juty 2021 12020- £23kl forlhe present wdlueoftheeslim8￿flrtUre d8fiui furKln9 eltrmeni of Ihe
¢￿tribUb00$ paYa￿e underthis agreement In determining Ihfr level ofthis provis￿ it has b*n assumed Ihat the Cdle9e Will ¢ontinL* 10 nave a
i$tsnl level of employee parti￿pation in this sc￿m@￿nd Ih*the r818vani eaminos ofthese emplo>￿ will increase in Iinewith the
prcy6Ctsd lon*lerm salary Ble incre85e*
Acopyof the full actLBFial valuation rewrt 8nd otherfurther ￿e￿IS on scheme are avaI￿leOn the Universtyof Oxford
http'KlvW￿ admln.ox.ac.uk1finar￿eleEwPèTh$￿nsl5Ch2fflesl0SpS1
Pension charye fortheytar
The peThson cA8rge e￿L￿dI￿ flnance costs retorded by during theaccouNing perfod was equa 10 the¢0th￿rtion$ payableafter
IDwan￿f0r t￿ deficit wovery ￿an as follthys."
Scheme
>)20
£orMY5
£ODQ'$
Un￿erS￿e5 superannuati￿ Sch8me
Un￿ersty of Oktord StafFPensh)n ScherNd
St John's College Staff PenS￿n Fund
Nabwal EmFAoyment Savings Trust
Total
706
14551
1,359
2,071
653
Ir¢iu¢e¢ In ots credttors and accrual$ 2re p￿slon (x*rtri￿tiQn5 Payableof £Ok12020.' £Okl.
Pet)$ion liability
The penS￿n ass￿(1&3b1lity) shwn on Ihe Bala￿ Sheet 8riSeS as lolrMÉ'.
Sch￿9
2021
£OOO's
11.7201
2020
£OOO's
11.8841
UNvers￿e$ SU￿r￿nnuation Sch
Univers￿/ ofoxford Staff Pen*on SKheme
StJohn's ¢dkge Staff Pension Fund
1.934
13.6741
.2271
19.1YI
38

St John's College
Notes to the financlal statèments
Forthe year ended 31 July 2021
21
TAXATION
The College is ab￿ to takeathankge of the t3% eX￿p￿On$ av8118bk to th8filies frty)) taxati￿ in resp8¢t of ￿￿ome and capital gans received lo
e￿￿that such in(y)m&and gain$ a￿aPplIed lo exdu5ivdy Charitab￿ purposes No liatrAlity to¢orpctslion tax in the UK arL88s ir ihe College's
sub51diary companie$ b8c8tsse the dir•¢tors ￿th$s8 compsni6$ have indiGated thalthey intend to make donations each y￿r io the College equal
tothè taxable profits of Ihe company under the scheme. Accordingty no provision fort8xat￿Tr h8s been induded in thè fi￿nCId statements
22
RECONCILIATION OF NET INCOMING ResouRCES TO
NET CASH FLOW FROM OPERATIONS
2021
Group
£'ooo
2020
Group
É'ooo
Net inc(xpellexpendituYel
103.86d
29.120
Eiinination of rK)rFoperats￿ cashfiows..
Investment incrjme
IGains)Aosses in inveslments
EndowrnentdDrAtion5
Depre￿atIon
De¢re8selllncrea5el ￿ stock
reaselllncreasel ￿ debtor5
IDecreaselllncrease In ¢redilors
IDecrea8elllncrease In pension xh•ne I￿t￿lity
116.7SOI
143.9331
15481
3.841
24
12.6291
1110,6971
1446)
25
11,089}
IS,4601
7.572
Net Cast) pmvidÈd by (used inl opprdting acti￿lIeS
24.288
23
ANALYSIS OF CASH AND CASH EQUJVALENTS
2021
2020
£OCM)
Cash ai bank ar¥J in hand
10,612
10.759
Total cash and cash 4qulvaknts
10,612
10,759
CAPITAL COMMITMENTS
Th2 C(Aly had contr*d wmmitments 8131 July 2021 forfvlure ¢8pW woirfts lot4ling £0.835m12020- t1.421ml.
RELATED PARTY TRANSAC￿oN$
The College is partof thecollegiale Universty of Oxford klalerial inlerdependenoes between the Universty and of the c¢￿￿ge arise as a
eonsequeno of this relationship. F￿ re￿)￿n9 purpDse5, the University and the othercoleges are nottreated as related parbe5 as defined in FRS
102
MembErs ofthe Goveming &oty, who we the trustees oflhe College and rdala partE5 8s defined by FR$ 101 reCe￿e remun2rAtion farAlities
as EM￿oyeES of the CDllege. Oetails of these paymen15 ￿¥j ￿MbUr5e<l expenses as Iruslee5 are disdo5ed 5eparatety in Ihesefinano¥al
stslemfm
POST BALANCE SHEET EVEi¥rs
s￿¢£ the y88r end. the 2020 actuarial ¥*u81i￿ ofthe USS s¢h8me has be8n Com￿818￿ and a n• thal rate schedule ofwiribJuon$
lias been aYr￿d wlh an e￿liVe dale of 1 Octob2r 2021. Reralculating the USS provis10n on the basis of these cOntn￿lI0nS WOLld result In an
inueased rtligabon tofu￿ the d*it of£4.697m. an increaseof£2.977m 8s dexribed in rth20.
39