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2022-07-31-accounts

Annual Report and Financial Statements

Year ended 31 July 2022 Charity No. 1141259

UNIVERSITY COLLEGE

Annual Report and Financial Statements

Contents

Contents Pages
Governing Body, Officers and Advisers 2-5
Report of the Governing Body 6-20
Auditor’s Report 21-27
Consolidated Statement of Accounting Policies 28-33
Statement of Financial Activities 34
Balance Sheet 35
Statement of Cash Flows 36
Notes to the Financial Statements 37-55

1

UNIVERSITY COLLEGE

Governing Body, Officers and Advisers

Year ended 31 July 2022

MEMBERS OF THE GOVERNING BODY

The Members of the Governing Body are the College’s charity trustees under charity law. The members of the Governing Body who served in office as trustees during the year or subsequently are detailed below. During the year, the main operational activities of the Governing Body were carried out through six committees. The current membership of these committees at the date of approval of these accounts is shown against each Fellow according to this reference:

(1) (2) (3) (4) (5) (6)
The Master, Right Honourable
Baroness Valerie Amos CH PC		 ● ● ● ● ● ●
Professor R J Nicholas Retired 30thSeptember 2021
Professor A W Roscoe ●
Professor J F Wheater ●
Dr K L Dorrington Retired 30thSeptember 2021
Professor T W Child ●
Dr C J Pears ●
Professor N Woods ●
Dr S Collins
Professor G M Henderson ●
Professor P D Howell ●
Professor C J Holmes ●
Professor J Hein ●
Professor P Jezzard ●
Professor A Ker ● ●
Professor W Allan ●
Professor T Povey
Professor O Zimmer Resigned 31stDecember 2021
Revd Dr A Gregory ● ● ●

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UNIVERSITY COLLEGE

Governing Body, Officers and Advisers Year ended 31 July 2022

(1) (2) (3) (4) (5) (6)
Professor D Logan
Dr L Kallet Retired 30thSeptember 2021
Dr B Jackson ●
Professor N Yeung ●
Professor M Benedikt
Professor S C Tsang
Professor T Sharp ●
Professor M Smith
Professor N Halmi ●
Professor A Johnston
Professor S Mavroeidis ●
Professor P Jones
Professor J Rowbottom
Dr M Galpin ●
Dr K Milewicz Resigned 31StMarch 2022
Professor N Nikolov
Professor J Benesch
Dr C Leaver
Mrs A Unsworth ● ● ● ● ●
Dr A Bell ● ● ● ● ●
Professor C Terquem
Professor M Barnes
Dr I Jacobs
Dr S Smith
Professor K O’Brien Resigned 30thSeptember 2021
Dr P Rebeschini ●
Dr A I Grant ● ● ●
Professor G Screaton
Professor J E S Moshenska ●
Professor J D Hamkins Resigned 31stDecember 2021
Professor Ruth Chang

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UNIVERSITY COLLEGE

Governing Body, Officers and Advisers Year ended 31 July 2022

(1) (2) (3) (4) (5) (6)
Mr Gordon Cox Resigned 17thJanuary 2022
Dr Richard Ashdowne ●
Professor R Rickaby
Professor A Smith ●
Professor T Y Tan
Dr R Chitnis ●
Dr M Schentuleit ●
Dr J Bryson
Dr M Filip
Dr N Moneke
Professor B Klin Appointed 1stSeptember 2021
Dr N Talbot Appointed 20thOctober 2021
Ms R Baxter Appointed 1stSeptember 2022 ● ●
N Vince Appointed 1stOctober 2022

The College is guided by three further permanent committees, namely: Audit Committee, Remuneration Committee and Investment Committee. As the membership of these committees correctly and additionally includes external members as well as Fellows of the College, their complement is not listed here but on page 8. In addition, the College has constituted an Oversight Committee which operates with a temporary and limited standing delegation of authority from the Governing Body to make decisions for the Univ North construction project. Despite being populated only by Fellows of the College, this Committee is temporary as it will only operate for the duration of the Univ North construction project and so it is also detailed on page 8.

COLLEGE SENIOR STAFF

The senior staff of the College to whom day to day management is delegated are as follows:

The senior staff of the College to whom day to day management is delegated are as follows:
Valerie Amos Master
Andrew Grant Finance Bursar
Angela Unsworth Domestic Bursar
Andrew Bell Senior Tutor
Rebecca Baxter Development Director (Interim) (w.e.f. 1/9/22 for 2022/2023)

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UNIVERSITY COLLEGE

Governing Body, Officers and Advisers Year ended 31 July 2022

COLLEGE ADVISERS

Investment Managers

Credit Suisse (UK) Limited 5 Cabot Square London, E14 4QR

Goldman Sachs International River Court, 120 Fleet Street London, EC4A 2BE

Allianz Global Investors GmbH 199 Bishopsgate London, EC2M 3TY

Chartered Surveyors and Property Advisers

Cluttons LLP Seacourt Tower, West Way Oxford, OX2 0JJ

Carter Jonas LLP Mayfield House, 256 Banbury Road Oxford, OX2 7DE

Stephenson & Son York Auction Centre, Murton York, YO19 5GF

Bidwells Seacourt Tower, West Way Oxford, OX2 0JJ

Auditor

Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading, RG1 1PL

Bankers

HSBC 65 Cornmarket Street Oxford, OX1 3HY

Solicitors

Blake Morgan Farrer & Co Seacourt Tower, West Way Lincoln’s Inn Fields Oxford, OX2 0FB London, WC2A 3LH

College address

High Street, Oxford OX1 4BH

E- Links

Web Home Page:www.univ.ox.ac.uk Facebook:facebook.com/universitycollegeoxford Twitter:@UnivOxford YouTube:http://bit.ly/univyoutube Instagram:www.instagram.com/univcollegeoxford/

5

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2022

REPORT OF THE GOVERNING BODY

The Members of the Governing Body present their Annual Report for the year ended 31 July 2022 under the Charities Act 2011 together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

The College of the Great Hall of the University of Oxford, of ancient foundation and later incorporated by a Royal charter of 15 February 1573, is known as University College (“the College”). It is a chartered charitable corporation.

The College is registered with the Charity Commission (registered number 1141259).

The names of all Members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 5.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The College is governed by its statutes which are made from time to time by order of His Majesty in Council in accordance with the Royal Charter of 1573, and the Universities of Oxford and Cambridge Act 1923. New statutes were approved by Her Majesty Queen Elizabeth II on 13 July 2016. The new regulations, which are necessary to enable the implementation of these statutes, came into effect with the new statutes on 1 February 2018, replacing and superseding in their entirety the existing ones. The new statutes and regulations formally state the College’s charitable object, identify the College’s charity trustees, establish appropriate procedures for managing conflicts of interest and introduce a Remuneration Committee to oversee employee benefits, including remuneration and other benefits provided to members of the Governing Body and Fellows of the College.

Governing Body

The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable by the Visitor, who is His Majesty the King. The Governing Body is self-appointing, with the decision to elect a new trustee being taken by a vote of two-thirds of those present and voting at a meeting of the Governing Body.

The Governing Body determines the ongoing strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly under the chairmanship of the Master and is advised by the six main operational committees. The Governing Body has adopted the Charity Governance Code and is working to embed its principles and many recommendations into our operational practices.

Recruitment and Training of Members of the Governing Body

New members of the Governing Body are recruited following interview and selection procedures for the associated academic, senior administrative, or other post and inducted into the workings of the College, including Governing Body policy and procedures. Members of Governing Body are supported by training run presently by Pennington Manches Cooper LLP.

Remuneration of Members of the Governing Body and Senior College Staff

Members of the Governing Body, who are predominantly academic Fellows and are also teaching and research employees of the College and/or the University, receive no remuneration or benefits from their trusteeship of the College. Those trustees who are also employees of the College receive remuneration only for their work as employees of the College, which is set based on the advice of the College’s Remuneration Committee.

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Year ended 31 July 2022

Remuneration Committee members are the Master, Finance Bursar, Senior Tutor and a Fellow who is not in receipt of remuneration from the College. In addition, three external members comprise the standing complement. The membership of Remuneration Committee is appropriately adjusted when the Committee is considering the remuneration of its College members or their peers (Note 19). Variously, the Master has been conflicted and has demitted from the Committee, recusing herself from the impacted business and the Vice Master has chaired. The College is in the process of inducting an independent Chair to the Committee in order to address this matter.

Where possible, remuneration is set in line with that awarded to the University’s academic staff and based on nationally agreed pay scales. The remuneration of senior college staff is set by reference to nationally agreed pay scales and local conditions. In deciding appropriate pay levels, the College aims to strike a balance between paying enough to recruit and retain people with the skills the College needs, the responsibility to the Office for Students to spend public money appropriately and the College’s donors’ expectations that the money they entrust to the College will be used wisely to promote academic excellence. In setting the pay of key management, the Remuneration Committee takes account of the skills and experience required for each of the roles and the remuneration in the sectors from which suitable candidates for such posts would be found. They also take account of affordability for the College. The College does not pay bonuses or other incentive payments to its senior officers. Pay increases to key management and other employees are awarded subject to excellent performance.

Organisational management

The members of the Governing Body meet at least six times a year to make decisions on the recommendations of the six main committees. The work of developing policies and monitoring their implementation is carried out by the main committees listed below:

The frequency of these governance meetings of Governing Body and committees is amended from time to time according to circumstances, with extraordinary meetings of Governing Body and relevant committee called when needed, the latter being occasionally afforced by other members to address particular matters with the widest perspective.

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Report of the Governing Body

Year ended 31 July 2022

In addition to the six main committees meeting frequently through the year, the College relies on a number of committees that consider particular aspects of College operation. These committees include external members. Their purpose and their current membership are:

The day-to-day running of the College is delegated to the senior officers listed on page 4 above, supported by their staff in the Domestic Bursary; Estates Bursary including the Treasury and Works Department; Academic Office and Alumni and Development Office, and operating under the oversight of the relevant committee. The Univ North construction project is subject to particular arrangements that reflect the need for timely decisionmaking. To this an Oversight Committee has been constituted.

Structure and relationships

The College, though autonomous, is a member of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship. The College administers many special trusts, as detailed in Notes 14 and 15 to the financial statements.

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The College’s Object is to promote the advancement of university education, learning and research as a College in the University of Oxford including maintaining its historic buildings and other patrimony, pastoral care of its students, and public liturgy.

The Governing Body has considered the Charity Commission’s guidance on public benefit and in keeping with its objects, the College’s aims for the public benefit are to:

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Report of the Governing Body

Year ended 31 July 2022

Activities and objectives of the College

The College’s activities are focused on furthering its stated objects and aims for the public benefit.

Our key objectives for the year included:

ACHIEVEMENT AND PERFORMANCE

The following table summarises the degrees awarded to members of the College during the year:

owing table summarises the degrees awarded
Degrees Awarded 2021-22
2020-21
Undergraduate
1st& Upper 2ndClass
Taught Graduate
Research Graduate		 112
115
92.9%
93.0%
29
27
38
41

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Report of the Governing Body

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These results across both the undergraduate and graduate bodies represent a notable achievement at a time of continued upheaval for students and staff as we continue to experience the enduring effects of the pandemic.

Throughout 2021 – 22, in-person teaching and in-person study were again the norm, and students were assessed by conventional in-person means as was the case before 2020. Occasional recourse was had to online teaching where appropriate, and the lessons of the previous two years were invaluable in making this an effective experience. The after-effects of the pandemic remained visible in learning loss, staff and student fatigue, and welfare challenges. Though a difficult time, academic and welfare provision remained robust and high levels of student satisfaction were maintained and reported in feedback

The total of scholarships, prizes, grants, bursaries and hardship awards in 2022 was £1,402k (2021: £1,304k) including Oxford Bursary payments (Note 6). In addition, further awards totalling £134k (2021: £130k) were made by the Univ. Old Members’ Trust to students of the College.

The College has continued to expand its provision of graduate studentships in 2021-22 using newly endowed studentship funds leveraged by the University's Graduate Scholarship Matched Fund, and by linking College funds with Departmental and Divisional funding, to create a large number of fully funded graduate studentships.

The College is proud to have launched the Univ Beacon Programme this year, which makes available bursaries, internships and research opportunities to undergraduate and graduate students who come from defined underrepresented backgrounds. Ten undergraduate and two graduate Beacon scholars were appointed to begin their studies in October 2022.

Details of the extent of the awards granted are set out below:

% Receiving Awards 2021-22
2020-21
Graduates
Undergraduates		 48%
48%
28%
26%

*excludes those receiving small awards, e.g. book grants, etc.

Dropout rates at the College continue to be exceptionally low compared to the national average of 8.3% in 201819 (Higher Education Statistics Agency (“HESA”) Non-continuation following year of entry 2017-18).

2021-22
2020-21
% of Undergraduates that do not continue their
course after the firstyear		 0.0%
0.8%

Despite the restrictions imposed by the pandemic, schools liaison and access work has continued through a range of online modes, and 38 major events took place between over the year, including three major study days, an additional online study day for BAME students, and inbound and outbound schools visits. All told, the College worked with approximately 3,500 students over the year and hosted an additional 2,300 students at its Open Days.

The College’s online learning resource for pre-university students, called Staircase12, has also been refreshed with new material.

Research is a duty of all academic fellows and the College is pleased to celebrate their many academic accomplishments. In the last year, two Fellows were awarded the title of Professor in recognition of their important contributions to their respective fields. The College further supports research by granting sabbatical

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Report of the Governing Body

Year ended 31 July 2022

leave and special leave to fellows for specific research activities. The College continues to employ outstanding researchers at an early stage of their careers. At any one time, the College employs approximately ten Junior Research Fellows as early-career researchers.

As part of its Univ Beacon Programme, an additional new Junior Research Fellowship has been established for scholars coming from under-represented backgrounds. The College also specifically allocated £94k (2021: £119k) for the purchase of books/equipment and conference attendance to support both junior and senior fellows in their research efforts.

FINANCIAL AND OPERATIONAL REVIEW

Sources and Uses of Funds

Investment delivery, policy and objectives

The purpose of the investment policy is to generate additional value for the College to support greater delivery of its higher education and academic objects than might have been possible otherwise. The College’s endowed and related investments are deployed in commercial property, financial assets and fixed income assets with the aim of generating total returns, i.e. annual income and capital growth. The College’s investment objectives are to:

The College’s investments comprise a diverse range of asset classes, with a view to produce total returns for the College with acceptable risk and return. Our investment policy is not based on exclusions of particular types of investments but reflects the College's overall vigilance that its actions should be ethically sound, and that its actions reflect environmental and governance awareness. It has invested in ESG-compliant funds.

The investment management, strategy and policy have the support of external advisers, under the guidance of the Investment Committee, and are also subject to a continuing review by an Investment Management Review Group, chaired by the Vice-Master. The College has appointed a Property Investment Manager and strengthened the Investment Committee with a further experienced property specialist to respond to the challenges of managing the material property portfolio and to maximise its contribution to total returns.

The College operates a total returns investment policy. This affords the College greater flexibility over asset selection given the relative shortage of new quality income assets in which to invest.

Net income from investment assets (after provision for doubtful debts) was £4.9m (2021: £4.6m). The total provision made against the tenanted rental debtor balance at 31 July 2022 is £1.0m (2021: £0.9m ). These figures support the view that the commercial properties continued their slow but steady post-pandemic recovery with higher tenancy rates and more assured timing for payment of dues.

At the year end, the College’s long term investments, combining the securities and property investments, totalled £207.2m (2021 £196.2m) . The overall total investment return was 6.7% (2021: 11.6%) over the year. Since the inception of the Investment Committee (31 July 2002), the annualised return to 31 July 2022 is 8.1% (to 2021: 8.2%). Total gains on investments were £ 4.1 m (2021: £ 13.1 m).

Operations

The normal financial running of the College through this financial year continued to be disturbed by the impact of the COVID-19 pandemic particularly through late 2021, although the form of the disruption was most acutely felt in staffing retention and recruitment and, latterly, climbing costs. The effect was increased remuneration

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Year ended 31 July 2022

costs. These cost increases were compounded in 2022 with the acute issues arising from the war in Ukraine, escalating energy costs and ongoing challenges recruiting into the ‘hospitality’ sector.

In addition, the conference and summer school activity has been restarted. It generated £0.9 m of welcome income this financial year (2021: £0.04 m).

The College’s expenditures climbed 3.8% to £(16.3)m (2021: £(15.7)m). The principal driver of this increase was the increase in the provision for the contributions payable under the USS pension fund’s deficit recovery plan (note 20).

Despite the continuing challenges of inflationary pressures, recruitment, and slow recovery in property income, there has been no unmanageable risk to the College’s status as a ‘going concern’. The College’s debt service, stipends, salaries and all other liabilities as they fell due have been paid in a timely manner. The Fellowship has combined to address the scope of potential cost-savings and other efficiencies that have the potential to bring income and expenditure into better balance despite the inflating costs. These actions are positioned for sustainable improvement over the next 5-10 years.

Univ North

The College has made material progress on the ‘Univ North’ scheme, the project to build new student residences. The design has been tendered for construction and a preferred contractor selected on the basis of their quality and proposed costs. Detailed design and contract negotiations are underway. Univ North will enhance the College’s offer to students in the form of subsidised accommodation of a scale that will permit each year group to be co-located in its entirety for the first time, a matter that has been requested by our members and will directly support the College’s academic delivery. Furthermore, the Univ North new build, with its ancillary facilities and nursery, develops the Staverton Road Annexe into a genuinely complementary site to that on the High Street.

The scale is significant with new buildings and renovations providing up to 150 new bed spaces and ancillary facilities – the College’s largest increment in functional premises in over three centuries. The attention has been on engaging with the construction market to mitigate against the consequences of the disruption in the construction supply chains arising as fallout of the pandemic, and the challenging economic circumstances that have prevailed through 2022.

The confidence to approach the market and progress the project has been enabled through nearly £50 million of new funds generously provided to supplement the £13 million which the College has already invested in creating the opportunity. The new funds comprise some £24 million of donations and £26 million of structured funding with the generous assistance of an anchor donor.

The first payment under the structured funding arrangement – called Al Duca – was received in April 2022. On the 1st March 2022 the College entered into two back-to-back agreements whereby philanthropic funding would be provided for the College's North Oxford development and in return the College would commit to distribute the net returns from the development for a minimum of 40, and a maximum of 50 years, to a US University nominated by the funder. The two agreements are assessed as being a complex financial instrument and as such the liability under the distribution agreement is calculated at fair value, (see Note 23).

The total incoming monies pledged under the structured funding agreement is $35m with a first payment made in April 2022 of $5m. With each subsequent receipt the College will recalculate the liability arising from the commitment to distribute the proportion of its receipts, net of costs, from the new build.

As well as maintaining and enhancing its wider functional estate, a total of £0.6m (2021: £1.7m) was spent on capital projects (see Note 8).

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Year ended 31 July 2022

Development activity

The College is fortunate and remains deeply grateful to its community of committed and generous donors, friends and volunteers that is so vital to the College’s fundraising and development activity.

Univ’s participation rate (the number of Old Members who are also donors) for the 2021-2022 financial year sits at 19.1%. This rate is favourable compared with other Colleges where the average for the period was 12.2%. At Univ, there were 1355 unique donors making a total of 7724 gifts.

Challenges remain from the pandemic, particularly in relation to regular, unrestricted income via Direct Debits. As a result, a Direct Debit retention campaign was undertaken at the end of the financial year leading to a significant increase in the number of regular gifts. Donations recognised in the accounts total £10.4m (2021: £8.4m), with £4.2m raised as new pledges to be fulfilled in the year or in later years, together with in-year commitments made and paid. In terms of new gifts, 157 regular gifts were made in this year, with an average instalment amount of £113.

Fundraising at the College continues to focus on two key areas: teaching and research at the College, and on Univ North, the College’s major development in North Oxford. The development and alumni relations office is staffed by professionals employed by the College, who work regularly with College members acting as ambassadors and volunteers under the close guidance of the development team.

The College continues to work to maintain the integrity of its data and to ensure that all evidence of consent, whenever it is required, is recorded. The College’s compliance with GDPR regulations and the Charities (Protection and Social Investment) Act 2016 are central to the governance of its development activity.

The College is registered with the Fundraising Regulator and follows their guidance and best practice when working with vulnerable people. A Donor Charter survey of all supporters underpinned a new strategy for donor relations, which includes improved donor reporting, and the creation of a specialised Donor Relations role. A link to the College’s privacy notice is included in all communications, along with an opt-out option. A recent review in our mass-mailing policies and procedures has led to a strengthening of these opt-out procedures and a streamlining of data transfer processes.

The Development Committee meets once a term and provides advice and strategic perspectives on fundraising and Old Member engagement.

Reserves policy

The College’s reserves policy is to maintain sufficient free reserves to enable it to meet its short-term financial obligations, in the event of an unexpected revenue shortfall including the semi-annual payments of interest on the bonds and Senior Note (see Note 14). This general operational reserve is a liquidity buffer comprising 3 months of operating expenditures which allows the College to be managed efficiently and provides assurance of uninterrupted services. The College’s free reserves as at 31 July 2022 were £4.0m (2021: £3.8m).

Total Funds

Total funds of the College at the year-end amounted to £237.4m(see Note 16) (2021: £225.5m) including endowment capital of £147.1 m (2021: £142.4m) and unspent restricted income funds totalling £17.2m (2021: £10.8m) and unrestricted funds of £73.2m (2021: £72.3m). The unrestricted funds comprise £54.3m (2021: £55.9m) representing the book value of tangible fixed assets less associated funding arrangements, designated funds amounting to £4.0m (2021: £12.5m), a revaluation reserve of £ 0.9 m and the College’s general reserve of £4.0m (2021:£3.9m).

Details of the funds held for educational and research purposes are set out in Note 17.

Risk management and Internal Controls

The Governing Body has accountability for managing all risks to its objectives and purpose that are faced by the College. It has reviewed the processes in place for managing risk and the identified principal risks to which

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Year ended 31 July 2022

the College is exposed. While the senior officers own the risk management processes in their respective areas of accountability, the College is working to progress a more holistic process that will help assure risk prioritisation across the College’s activities. The Audit Committee, through its annual cycle of meetings, probes and challenges the Fellows' approach to risk management, including discussions with senior officers on a rolling basis in respect of their respective areas of accountability.

Policies and procedures within the College are reviewed by the relevant College committee(s). For example, responses to risks to delivery of the College’s higher education objects are reviewed and shaped by the Academic Committee; financial risks, such as funding the Univ North development, are assessed by the Finance Committee and investment risks are monitored by the Investment Committee. Different risks arising from common activity may be addressed by different committees, such as Univ North project management risks fall under the aegis of the Oversight Committee, which has an explicit delegation of authority from the Governing Body.

All College committees can be subject to review by the Audit Committee from time to time. The Domestic Bursar reviews health and safety issues with other departmental heads. Training courses and other forms of career development are available to members of staff to enhance their skills in risk-related areas.

Risks are considered under the broad headings of: Governance; Operational; Financial; External and Compliance. The approach to managing risks is characterised accordingly:

Governance – the College governance arrangements ensure the smooth running of the College and timely decision making. The Governing Body (GB) is the Trustee body responsible for oversight of the College’s activities and is the sovereign body of the College. Many matters are delegated to Committees, which define and make recommendations to GB for approval. Each committee’s membership is reviewed annually by the Master to ensure a diversity of perspectives and appropriate skills. Where appropriate, the College utilises working groups of Fellows to consider specific issues. The College operates within the framework of Charity Commission’s expectations on wider governance matters, including attention to conflicts of interest and registration of interests.

Operational – the College has a range of policies governing the way the higher educational objects of the College are delivered, including academic policies covering students’ experiences, including welfare, teaching and research, as well as non-academic policies governing the day-to-day operations of the College.

Financial – the Governing Body is regularly presented with financial and investment data, which is first scrutinised by the Finance Committee and, as appropriate, the Investment Committee. The investment performance is also considered as part of the financial risks review. Appropriate liquidity is maintained within the endowment assets to be prepared for potential existential threats to the College. The COVID19 pandemic has meant that these resources have been drawn upon to cover missing incoming cash receipts in the period.

External – the Governing Body is aware of the changing context and its potential impact on delivery of the College’s academic objectives. The context in which education and research is being delivered is evolving rapidly, with recent challenges in relation to freedom of speech, environmental sustainability, Black Lives Matter, #MeToo, the trans debate, increasing casualisation of employment, and the importance of paying the living wage. In addition, the declining prospective value of fellows’ pensions, need to support early career academics, all remain relevant.

Compliance with law and regulation – management receive training and advice on compliance issues in their areas of responsibility, including, for example, Prevent, health and safety, access support and data protection. The College’s statutory Data Protection Officer, under UK General Data Protection Regulations, rests with ClearComm, which is part of Moore Kingston Smith, with the current nominated lead being Sam Butler.

COVID-19 is an operational risk that continued to prevail at the start of this financial year. While there was no lasting impact on the College’s higher educational activities, delivering its objects placed an additional toll upon

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all its staff. The College has had the financial resources to see it through the pandemic and, as a consequence, has not signalled a major incident to the Charity Commission. As can be seen in the tables below, the College’s business continuity plans, developed previously as risk management in readiness, were put into full and effective operation.

The College’s insurances against the unforeseen are extensive and are reviewed annually. The insurance regime remains under scrutiny because of the exceptional risk circumstances and the challenge in the insurance markets giving rise to more costly premia.

The College’s management processes seek to provide assured risk identification and assessment in order to drive the right management action according to their potential impact on the College. Some risks are enduring, or ever present. In contrast, some risks maybe emerging, temporary and short term, arising either through some external step-change, or from a material new project or change in College direction arising from a new initiative. College-level risk perspectives are under development with initial sessions held on the various ‘values’ of the fellowship and staff which will form the basis of an holistic risk management process.

Addressing the Enduring Risks first, these are characterised by the need for constant and progressive management to enhance the College’s processes. They are set out in the table below:

Title Enduring Risk Potential Impact Management
Health and
Safety,
including
safeguarding.		 Risk of avoidable
injury and harm to
individuals.
Failure to
discharge full duty
of care with
consequences to
individuals’
physical and/or
mental wellbeing.		 Harm to member(s)
of College. Loss of
licence to operate,
with close attention
by regulatory
authority and
monitored
remediation plan
undertaken. Fines
and grave
reputational damage.		 This risk is controlled through clear H&S policy
setting expectations of conduct on all activities
including hazardous ones, e.g., working at height
servicing buildings; welfare processes for young
people in College; and keeping members safe
through pandemics of infectious diseases.
Fire safety and H&S reviews assessed at least
annually and on any change of operation.
Financial –
Financial
management		 Loss of income
from changes in
student financing,
research support,
or commercial
returns from our
endowment
assets.		 Inability to fund core
activities. Inability to
sustain College’s
endowment.		 Engage with the University to sustain funds for
teaching and research, and access appropriate
new resources. Regular reviews by Finance
Committee, challenging College’s use of funds,,
and Investment Committee, guiding investment
plans, ensures that financial management
receives scrutiny and challenge.
An operational general reserve is maintained to
cover normal cycles which is underpinned by a
substantial prudential reserve as cover for
existential risk.
The College continues to bear down on
expenditure with a detailed review of operational
income
and
expenditure
by
a
Financial
Sustainability Working Group and the Trustees
to address sustainable expenditure. .
Operational -
Students		 Failure to attract,
recruit and admit
sufficient		 Loss of status as an
elite academic
institution; loss of		 Maintain numbers through realistic over-offering,
and participation in Open Offer schemes. Adhere
to
the
University’s
common
admissions

15

UNIVERSITY COLLEGE

Report of the Governing Body Year ended 31 July 2022

Title Enduring Risk Potential Impact Management
appropriate
students.		 academics and
income leading to
decline.		 framework. Champion the wider adoption of
Univ’s Opportunity Programme by supporting
“Opportunity Oxford”, to deepen widening
participation and thereby tap into the nation’s
wider talent pool.
Develop the Beacon Programme to address the
risk of missing talent in underrepresented
sections of society at Oxford.
Operational -
Students		 Failure to teach
and supervise
students to an
appropriate
standard.		 Student under-
performance.
Reputational
damage.		 Regular monitoring of student progress and
quality of teaching provision. Annual review of
quality assurance measures by reference to
Oxford University guidelines.
Operational –
Academic
Staff		 Failure to recruit
and retain high
quality academic
staff.		 Poor teaching and
care of students.
Adverse effect on
research reputation.		 Joint appointment procedures followed by the
College and Oxford University. Policies to
support research and research leave. Rewards
Policy approved to underpin remunerative
processes for efficiency and effectiveness.
Operational –
Support Staff		 Failure to recruit
and retain capable
teams of support
staff for domestic
operations.		 Disrupted services
for all members.		 Close attention to optimisation of existing
resources with common processes and tailoring
of service levels to meet current capability.
Judicious restructuring and appointment into
critical gaps to rebuild service capacity.
Operational -
Students		 Substandard
support for
students with
disabilities, who
may be vulnerable
or otherwise
disadvantaged.
Deterioration of
welfare support
generally.		 Failure of affected
students to progress
satisfactorily.		 The Equality, Diversity, and Inclusion Committee
provides the leadership platform and agency for
this risk. Provision of services for students with
disabilities is supported by a dedicated Student
Disability & Welfare Advisor and the College
works closely with the University’s Disability
Advisory Service. College is pursuing a multi-
year
Accessibility
budget
to
invest
in
improvements to our functional premises in
support. Recognition that different processes
apply for mental well-being.
Under-represented student participation will be
bolstered by the introduction of the Beacon
programme of bursaries and support.
Compliance -
Governance		 Non-compliance
with statutory
requirements,
such as Charity
Act, reporting
requirements,
GDPR, Health &		 Charges and fines
arising from unlawful
acts, e.g.,
distribution of
sensitive personal
data, rising to
criminal charges for
fraud, or overt		 Close and regular contact with legal advisors
helps ensure proactive attention and response to
changes of legislation.
UK
GDPR
governance
implemented
and
maintained across all departments. Sensitive
welfare and personal data are kept securely with
access restricted and retention schedules

16

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2022

Title Enduring Risk Potential Impact Management
Safety, and
similar.		 scrutiny by Charity
Commission.		 maintained. Data breach reporting has been
robust, with currently a culture of open reporting,
but
constant
attention
required.
GDPR
compliance is subject to audit by DPO. Main
focus of risk management is presently on third
parties who are processing College personal
data.
External –
Information
and IT
Provision		 Physical damage
to IT equipment
and virus/malware
attack.
Cyber-attack for
ransom.		 Loss of key data and
disruption to day to
day operations.		 Essential files stored on central servers with
daily backups and continuous replication of the
servers onto a dedicated disaster recovery site.
Secure access has been enhanced to the
College network for computers that have been
screened for virus/malware, which is particularly
important given the reduction in affordable
insurance cover for cyber threats.
Multi-factor authorisation being implemented
across all functional aspects of the IT provision.

The risks to the College’s delivery and operation that are not enduring arise from time-to-time due to either an external event or particular choices or changes that the Governing Body may make, such as a new project or direction. These risks may therefore emerge and persist for several periods, before the material risk is either managed away, the impact of the risk event declines or the risk becomes enduring. This evolution reflects the dynamic nature of risk management. All external pressures, new legislation and similar, require attention and potentially deeper management action as the judgement develops on the scale of risk and its implications. Therefore, in addition to the 'Enduring' risks above, further risk management effort was delivered to manage certain ‘Emerging’ risks, including:

Title Emerging Risk Potential Impact Management
Financial –
Univ North		 The expansion of
the College’s
north Oxford site
with a material
£62 million
development
creates the
potential for
financial distress
as well as
unfulfilled
expectations.		 Worst outcome
includes inability to
fund core activities
and/or damage
College’s
endowment.		 Univ North development project was subject to a
dedicated risk review that identified 17 risk issues.
Satisfactory management responses have been
developed to these College-level risks in addition
to the project’s own rigorous project risk
management which follows an emergent, evolving
cycle of new risks and management response.
Univ North is to continue to be a standing item for
all Governing Body meetings with governance
arrangements augmented by the Oversight
Committee,
chaired
by
the
Master,
and
underpinning Project Board. The Finance
Committee and Univ North Working Party continue
to interrogate aspects of the project in support.
High risk issues at period-end include final
definition
of
an
acceptable
sustainability/

17

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2022

Title Emerging Risk Potential Impact Management
decarbonisation
brief;
buildability;
cost
efficiencies;
inflationary
pressures
for
construction
costs,
and
compliance
with
increasing and changing regulatory demands.
Operational –
Staff
Pensions		 Failure to retain
top quality
academic staff as
regulatory
requirement to
recover Defined
Benefit pension
deficit risks
pension benefits.		 Liability arises from
higher employer’s
contribution and
potentially a need
to ‘make-up’ the
loss from reduced
pension benefits.
Industrial action by
academics.		 Strike action and staff discontent are concerns in
the
light
of
challenges
with
Universities
Superannuation
Scheme
and
salary
incrementation. The College continues to
contribute to employer consultations initiated by
UUK and USS trustees in order to help find
acceptable structural solutions. The risk has
abated from the 2020 valuation. While employee
engagement continues, close monitoring is
essential given limited influence on USS trustees.
The inflationary backdrop adds pressure to living
costs for staff and the risk of staff feeling worse off.
External –
Sustainability
challenge
and ESG
expectations		 Failure to make
visible progress
on ESG
expectations
across all
activities giving
rise to
reputational risk.		 The College’s
control of the
agenda appears to
decline and
reduces the
credibility with
external
stakeholders.		 A multi-year carbon reduction programme has
been re-energised under the direction of the
Premises
Committee
with
a
new
8-year
programme of heat decarbonisation initiatives.
The exemplary Univ North, under the direction of
the Oversight Committee, is landscape-led and a
fabric-first, high efficiency development scheme
which has been subject to further works to identify
and implement additional decarbonisation plans
and progress delivery of biodiversity goals.
Social enhancement is now under the direction of
a new and dedicated Equality, Diversity and
Inclusion Committee

FUTURE PLANS

The College’s future plans as agreed by the Governing Body are:

18

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2022

19

Year ended 31 July 2022

UNIVERSITY COLLEGE

Report of the Governing Body

TRUSTEES' RESPONSIBILITIES STATEMENT

The trustees are responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations.

Charity law requires the trustees to prepare financial statements for each financial year. Under that law the Governing Body have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).

The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity, and of its net income or expenditure, for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the College's statutes. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Right Honourable Baroness Valerie Amos CH PC Master

20

Independent auditor's report to the trustees of University College

Year ended 31 July 2022

Independent Auditor’s Report to the Trustees of University College Oxford

Opinion

We have audited the financial statements of University College Oxford (the “Parent Charity”) and its subsidiary (together, the “Group”) for the year ended 31 July 2022, which comprise:

The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the trustees’ assessment of the Group’s and Parent Charity’s ability to continue to adopt the going concern basis of accounting included:

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s and Parent Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

21

Independent auditor's report to the trustees of University College

Year ended 31 July 2022

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Overview of our audit approach

Materiality

In planning and performing our audit we applied the concept of materiality. An item is considered material if it could reasonably be expected to change the economic decisions of a user of the financial statements. We used the concept of materiality to both focus our testing and to evaluate the impact of misstatements identified.

Based on our professional judgement, we determined overall materiality for the Group financial statements as a whole to be £5.95m (2021 £5.30m), based on 2% of gross assets. In addition, we determined a lower materiality level applicable for particular classes of transactions, account balances or disclosures. This has been set at £0.3m which represents approximately 2% of income, and is applied to transactions and all account balances with the exception of fixed assets. Materiality for the Parent Charity financial statements as a whole was set at £5.98m (2021: £5.30m) based on 2% of gross assets.

We use a different level of materiality (‘performance materiality’) to determine the extent of our testing for the audit of the financial statements. Performance materiality is set based on the audit materiality as adjusted for the judgements made as to the entity risk and our evaluation of the specific risk of each audit area having regard to the internal control environment. The performance materiality used for income was £378k (2021: £214k) whilst £4.965m was used for fixed assets (2021: £4.40m) for the group and £4.965m (PY £4.4m) for the parent.

Where considered appropriate performance materiality may be reduced to a lower level, such as, for related party transactions and trustee’s remuneration.

We agreed with the Audit Committee to report to it all identified errors in excess of £22.7k (2021: £16k). Errors below that threshold would also be reported to it if, in our opinion as auditor, disclosure was required on qualitative grounds.

Overview of the scope of our audit

The audit procedures have been carried out solely by Crowe U.K. LLP. We performed an audit of the complete financial information of University College Oxford and its subsidiary. Our audit was conducted at University College Oxford. Our audit approach was risk based and founded on a thorough understanding of the College’s activities, its environment and risk profile.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

This is not a complete list of all risks identified by our audit.

22

Independent auditor's report to the trustees of University College

Year ended 31 July 2022

Key audit matter

Income recognition on charitable activities and donations & legacies (notes 1 and 2)

The key risks in this area were identified as follows.

How the scope of our audit addressed the key audit matter

Our audit work in this area has included the following:

Our testing did not identify any material misstatements in the income recognised during the year.

Investment property (note 9)

The College has a significant property portfolio, with a carrying value of £82.4m, which is classified as Investment property for financial reporting purposes and carried at fair value in accordance with Financial Reporting Standard 102.

The valuation of property required significant judgement and estimates by management and the external valuer. Any input inaccuracies or

Our audit work included, but was not restricted to:

23

Independent auditor's report to the trustees of University College

Year ended 31 July 2022

Key audit matter

unreasonable bases used in these judgements could result in a material misstatement of the Statement of Financial Activities and Balance Sheet.

There is also a risk that management may bias the significant judgements and estimates in respect of property valuations in order to influence property valuation.

Accounting for the Al Duca financing arrangement (accounting policy 10(d))

The College entered into the ‘Al Duca’ philanthropic financing arrangement on 1 March 2022. The arrangement is a complex financial instrument. The arrangement includes a Donation agreement and a Distribution agreement.

The measurement of a financial liability under the Distribution agreement is based on significant estimates and judgements of management. Key assumptions include those used in Financial Model used to determine the financial liability and the discount rate.

How the scope of our audit addressed the key audit matter

Our testing did not identify any material misstatements in the valuation of investment properties.

We confirmed the conclusions reached by management for the accounting treatment for the financing arrangement through review of the signed agreement.

We checked the numerical accuracy of the Financial Model prepared by management.

We agreed the Financial Model included the key terms of the signed financing agreements.

We assessed the appropriateness of the assumptions and key judgements made by management in respect of the discount rate and Financial Model.

We also assessed the appropriateness of the disclosures in the Group financial statements in relation to the financial arrangement.

At 31 July 2022 the asset of £4.0m created represents the cash received, with a financial liability of £3.4m and gift income of £0.4m and £0.2m finance credit.

Given the management judgement involved and the significance of the implementation to the Group and Parent Charity financial statements, we consider this to be a key audit matter.

24

Independent auditor's report to the trustees of University College

Year ended 31 July 2022

Our audit procedures in relation to these matters were designed in the context of our audit opinion as a whole. They were not designed to enable us to express an opinion on these matters individually and we express no such opinion.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of the trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 20, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Group’s and Parent Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Group or the Parent Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

25

Independent auditor's report to the trustees of University College

Year ended 31 July 2022

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the parent charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were The Charities Act 2011, together with taxation legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the parent charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the parent charity and the group for fraud. The other laws and regulations we considered in this context for the group were Charity Commission legislation, anti-fraud, bribery and corruption legislation; health and safety legislation as well as employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income, and the override of controls by management. Our audit procedures to respond to risk of income recognition included selecting a sample of income during the year, agreeing back to the relevant documentation and ensuring it has been recognised correctly. Our audit procedures to respond to the risk of management override included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and

26

Independent auditor's report to the trustees of University College

Year ended 31 July 2022

regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Other matters which we are required to address

Following the recommendation of the audit committee, we were appointed by the Governing Body on 8 June 2018 to audit the College financial statements for the year ended 31 July 2018 and subsequent financial periods.

The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the College and we remain independent of the College in conducting our audit. We confirm that we have not provided any nonaudit services to the College.

Our audit opinion is consistent with the additional report to the audit committee.

Use of our report

This report is made solely to the Charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor

Reading

2 December 2022

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

27

UNIVERSITY COLLEGE

Statement of Accounting Policies

Year ended 31 July 2022

STATEMENT OF ACCOUNING POLICIES

1) Scope of the financial statements

The financial statements present the Consolidated Statement of Financial Activities (“SOFA”) , the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows comprising the consolidation of the College and its wholly owned subsidiary UnivDevCo Limited. The subsidiary has been consolidated from the date of formation, being the date from which the College exercised control through voting rights. Intra-group sales and charges between the College and its subsidiary are excluded from consolidated income and expenditure. Balances between the College and its subsidiary are eliminated on consolidation. A separate SOFA has not been presented for the College as permitted by the Charity Commission. The comparative year figures for the Group comprise only the College.

The accounts of the University College Old Members’ Trust (“OMT”) have not been consolidated because the College does not control its activities. The net assets of the OMT as at 31 July 2022 were £10.8m (2021: £11.1m). Its incoming resources for the year then ended were £254k (2021: £121k) and it contributed £161k (2021: £160k) to the College during the year.

2) Basis of accounting

The College’s financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102).

The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its financial statements in accordance with ‘The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (The Charities SORP (FRS 102)).

The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the SOFA. The College has cash resources and has no further requirement for external funding in excess of current facilities. The Trustees have a high expectation that the College has adequate resources to continue in operational existence for the foreseeable future. In making their assessment the Trustees have considered the impact on the business of COVID-19 including the ability of the College to continue to operate as a College of the University of Oxford. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

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 statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governing Body to have the most significant effect on amounts recognised in the financial statements .

The College participates in the Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme. These schemes are hybrid pension schemes, providing defined benefits (for members), as well as defined contribution benefits. The assets of the schemes are each held in a separate trusteeadministered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual Colleges and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other Universities’ and Colleges’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to each scheme. Since the College has entered into agreements (the Recovery Plans)

28

UNIVERSITY COLLEGE

Statement of Accounting Policies

Year ended 31 July 2022

that determine how each employer within the schemes will fund the overall deficit, the college recognises a liability for the contributions payable that arise from the agreements (to the extent that they relate to the deficit) and therefore an expense is recognised.

The College carries investment property at fair value in the balance sheet, with changes in fair value being recognised in the income and expenditure section of the SOFA. Independent valuations are obtained to determine fair value at the balance sheet date. Properties have been valued individually by independent valuers on the basis of fair value in accordance with the Royal Institution of Chartered Surveyors (“RICS”) Valuation – Professional Standards UK, revised April 2015.

On the 1st March 2022 the College entered into two back-to-back structured finance agreements (Donation and Distribution) whereby philanthropic funding would be provided for the College's ‘Univ North’ development and, in return, the College would commit to distribute the net receipts from bedspace usage from the development for a minimum of 40, and a maximum of 50 years, to a US University nominated by the funder (“Al Duca”). The agreements are accounted for as a single transaction assessed as being a complex financial instrument. The Governing Body has to exercise judgment on the quantum and timing of the anticipated cashflows and the discount rate to be applied to assess the fair value of those flows at the point of receipt and subsequent balance sheet dates.

Before legacies are recognised in the financial statements, the Governing Body has to exercise judgement as to what constitutes sufficient evidence of entitlement to the bequest. Sufficient entitlement has been determined to exist once notification of payment has been received from the executor(s) of the estate or estate accounts are available which indicate there are sufficient funds in the estate after meeting liabilities for the bequest to be paid.

With respect to the next financial year, the most significant areas of estimation uncertainty that affect the carrying value of assets held by the College are the level of investment return and the performance of investment markets.

4) Consolidation

Since the date of formation, UnivDevCo Limited has been consolidated annually although it only began trading during the year. Intra-group sales and charges between the College and UnivDevCo Limited are excluded from consolidated income and expenditure. Balances between the College and UnivDevCo Limited are also eliminated upon consolidation.

5) Income recognition

All income is recognised once the College has entitlement to the income, the economic benefit is probable, and the amount can be reliably measured.

a) Income from fees , Office for Students (“OfS”) support and other charges for services and the use of premises.

Fees receivable, OfS support and charges for services and use of the premises including contributions received from restricted funds, are recognised in the period in which the related service is provided.

b) Income from donations, grants and legacies

Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the date on which the College has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met.

29

UNIVERSITY COLLEGE

Statement of Accounting Policies

Year ended 31 July 2022

Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) of the deceased’s estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable.

Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds.

Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the date of the gift.

c) Investment income

Interest income is recognised using the effective interest method except for interest receivable on bank deposit accounts and from government gilts which are on an accruals basis.

Dividend income and similar distributions are recognised on the date the share interest becomes exdividend or when the right to the dividend can be established.

Income from investment properties is recognised in the period to which the rental income relates.

d) Government Grants

Grants provided through the Coronavirus Job Retention Scheme are government grants. Income has been recognised under the accruals model whereby income is recognised on a systematic basis over the period in which the College recognises the related payroll costs for which the grant is intended to compensate.

5) Expenditure

Expenditure is accounted for on an accruals basis. A liability and related expenditure are recognised when a legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated.

Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met.

All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the SOFA.

Support costs which include governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

6) Leases

Leases of assets that transfer substantially all the risks and rewards of ownership 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 term and the assets’ useful lives. Assets are assessed for impairment at each reporting date. The corresponding capital obligations under these leases are shown as liabilities and recognised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as to achieve a constant rate of interest on the remaining balance of the liability.

30

UNIVERSITY COLLEGE

Statement of Accounting Policies

Year ended 31 July 2022

Leases that do not transfer 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 over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight-line basis.

7) Tangible fixed assets

Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

Under FRS 102, the College has elected to use the fair value of certain land holdings as a ‘deemed cost’. The valuation was undertaken by Carter Jonas, Chartered Surveyors, in accordance with the RICS Valuation – Professional Standards UK, revised in April 2015, for valuations for inclusion in financial statements prepared in accordance with revised UK Generally Accepted Accounting Principles (“GAAP”) procedures (note 8).

Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings which is directly attributable to bringing the asset to its working condition for its intended use and amounting to more than £10,000 together with expenditure on equipment costing more than £10,000 is capitalised.

Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised and expensed in the SOFA.

Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiary is charged to 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 instalments over their expected useful economic lives as follows:

Freehold properties, including major extensions 50 years
Leasehold properties 50 years or period of lease if shorter
Educational papers and documents 50 years
Fixtures, fittings and equipment 5 years

Freehold land is not depreciated. The costs of maintenance are charged in the SOFA in the period in which they are incurred.

At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.

9) Investments

Investment properties are initially recognised at their cost and subsequently measured at their fair value (market value) at each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts.

Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs.

Investments such as hedge funds and private equity funds which have no directly observable market value are initially measured at their cost and subsequently measured at their fair value at each reporting date without deduction of the estimated future selling costs. Fair value is based on the most recent valuations

31

UNIVERSITY COLLEGE

Statement of Accounting Policies

Year ended 31 July 2022

available from their respective fund managers. These use significant unobservable inputs in their valuation techniques.

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the SOFA as ‘gains or losses on investments’ and are allocated to the fund holding or disposing of the relevant investment.

Cash and cash equivalents are held within investment funds to provide liquid funds for investment opportunities and to provide adequate availability of funds in the event of major shocks to the world financial markets.

10) Other financial instruments

a) Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less.

b) Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are initially recognised at their transaction price and subsequently measured at amortised cost. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest and subsequently measured at amortised cost.

c) Bonds liability

On 28 April 2015 the College issued £40m of 3.068% unsecured bonds due April 2065. They are treated as a basic financial instrument. The bonds were initially measured at the proceeds of issue less all transaction costs directly attributable to the issue. After initial recognition the bonds are measured at amortised cost (note 14).

On 30 March 2017 the College issued an unsecured Senior Note of £10m with an interest rate of 2.53% repayable in March 2057. It is treated as a basic financial instrument. The Senior Note was initially measured at the proceeds of issue less all transaction costs directly attributable to the issue. After initial recognition the Senior Note is measured at amortised cost (note 15).

d) “Al Duca” funding arrangement

On the 1st March 2022 the College entered into two back-to-back structured finance agreements (Donation and Distribution) whereby philanthropic funding would be provided for the College's ‘Univ North’ development and, in return, the College would commit to distribute the net receipts from bedspace usage from the development for a minimum of 40, and a maximum of 50 years, to a US University nominated by the funder. The agreements are accounted for as a single transaction assessed as being a complex financial instrument.

On each and every receipt under the Donation Agreement, a liability under the Distribution agreement is calculated at fair value (see Note 23). Any difference in the fair value of the liability under the Distribution agreement and the remittance under the Donation agreement is recognised as donation income in the SOFA. At subsequent balance sheet dates, any change in the fair value of the liability under the Distribution agreement is subsequently recognised as a finance charge or credit.

The total pledged under the structured funding agreement is $35m. The first payment in April 2022 was $5m. With each subsequent receipt the College will recalculate the liability arising from the commitment to distribute the proportion of its receipts, net of costs, from the new build. The liability will be recalculated at each subsequent balance sheet date at fair value. The basis of the calculation of fair value is discounted cash flow.

32

UNIVERSITY COLLEGE

Statement of Accounting Policies Year ended 31 July 2022

11) Stock

Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.

12) Foreign currencies

The functional and presentation currency of the College and its subsidairy is the pound sterling.

Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.

13) Fund accounting

The total funds of the College and its subsidiary are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or set by the terms of an appeal. Endowment funds are further subdivided into permanent and expendable.

Unrestricted funds can be used in furtherance of the object of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds.

Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required that the capital be maintained and the income used for specific purposes.

Permanent endowment funds arise where donors specify that the funds should be retained as capital for the permanent benefit of the College. Any income arising from the capital will be accounted for as unrestricted funds unless the donor has placed restrictions on the use of that income, in which case it will be accounted for as a restricted fund.

Expendable endowment funds are similar to permanent endowment funds in that they have been given, or the College has determined based on the circumstances that they have been given, for the long-term benefit of the College. However, the Governing Body may at its discretion determine to spend all or part of the capital.

14) Pension costs

The costs of retirement benefits provided to employees of the College through two multi-employer hybrid pension schemes (benefits are based on salaries as well as benefits based on contributions) are accounted for as if these were defined contribution schemes as information is not available to use defined benefit accounting in accordance with the requirements of FRS 102. The College's contributions to these schemes are recognised as a liability and an expense in the period in which the salaries to 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 with these multi-employer schemes to fund the past service deficits.

33

University College Consolidated Statement of Financial Activities For the year ended 31 July 2022

Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1
Donations and legacies
2
Investments
Investment income
3
Total return allocated to income
12
Other income
Government Grants
Other
Total income
EXPENDITURE ON:
4
Charitable activities:
Teaching, research and residential
Generating funds:
Fundraising
Investment management costs
Interest payable on bond and senior note
Total Expenditure
Net Income before gains
Net gains/(loss) on investments
9, 10
Net Income/(expenditure)
Transfers between funds
16,12
Other recognised gains/losses
Gains/(losses) on revaluation of fixed assets
Net movement in funds for the year
Fund balances brought forward
16
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
7,281
2,024
1,235
-
168
-		 Restricted
Funds
£'000
307
6,333
68
3,790
-
-		 Endowed
Funds
£'000
-
2,049
3,685
(3,790)
-
-		 2022
Total
£'000
7,588
10,406
4,988
-
168
-		 2021
Total
£'000
5,544
8,384
4,886
-
316
1
10,708
9,163
262
337
1,480		 10,498
3,334
896
14
-		 1,944
-
-
820
-		 23,150
12,497
1,158
1,171
1,480		 19,131
11,861
894
1,473
1,480
11,242 4,244 820 16,306 15,708
(534) 6,254 1,124 6,844 3,423
476 92 3,538 4,106 13,061
(58) 6,346 4,662 10,950 16,484
-
924		 -
-		 -
-		 -
924		 -
-
866
72,300		 6,346
10,823		 4,662
142,413		 11,874
225,536		 16,484
209,052
73,166 17,169 147,075 237,410 225,536

34

University College Consolidated and College Balance Sheets As at 31 July 2022 Charity No.1141259

Notes
FIXED ASSETS
Tangible assets
8
Property investments
9
Other investments
10
TotalFixed Assets
CURRENT ASSETS
Stocks
Debtors
13
Cash at bank and in hand
TotalCurrent Assets
LIABILITIES
Creditors: Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS:falling dueafter more than one year
15
NET ASSETS BEFORE PENSION ASSET OR LIABILITY
Defined benefit pensionscheme liability
20
TOTAL NET ASSETS
FUNDS OFTHECOLLEGE
Endowment funds
Restricted funds
Unrestricted funds
Designated funds
General funds
Revaluation reserve
2022
Group
£'000
59,714
82,388
124,504


2021
Group
£'000
61,259
75,699
120,528
257,486
63
6,254
15,556
21,873
2,392
19,481
276,967
49,398
227,569
2,033
225,536
142,413
10,823
68,450
3,850
225,536		 2022
College
£'000
59,714
82,388
124,504
2021

College

£'000
61,259
75,699
120,528
266,606 266,606 257,486
63
6,254
15,556
73
7,038
23,901		 73
7,038
23,895
31,006
3,788
31,012
3,788		 21,873
2,392
27,224
293,830
52,813		 27,218
293,824
52,813		 19,481
276,967
49,398
241,017
3,607		 241,011
3,607		 227,569
2,033
237,410
147,075
17,169
68,216
4,026
924
237,410		 237,404
147,075
17,169
68,216
4,020
924		 225,536
142,413
10,823
68,450
3,850
237,404 225,536

----- Start of picture text -----
iversit
----- End of picture text -----

The financial statements were approved and authorised f\ i� theroverning �iversit Trustee: Right Honourable Baroness Valerie Amos CH PC� �

35

University College

Consolidated Statement of Cash Flows For the year ended 31 July 2022

Notes
Net cash used in operating activities
24
Cash flows from investing activities
Dividends, interest and rents from investments
Investment management expenses
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Cash flows from financing activities
Interest payable on bond and senior note
Cash inflows from Al Duca funding
Receipt of endowment donations
Net cash provided by financing activities
Change in cash and cash equivalents in the reporting period
26
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
period
Change in cash and cash equivalents due to exchange rate
movements		 2022
£'000
3,934		 2021
£'000
4,930
4,988
(1,171)
547
(290)
20,157
(28,491)		 4,886
(1,473)
705
(1,746)
16,111
(8,182)
(4,260) 10,301
(1,480)
3,400
2,049		 (1,480)
-
863
3,969 (617)
3,643 14,614
39,710
1,357		 25,383
(287)
44,710 39,710

36

University College Notes to the financial statements For the year ended 31 July 2022

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, Research and Residential
Unrestricted funds
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other OfS support
Other academic income
College residential income
Restricted funds
Other academic income
Total Teaching, Research and Residential Income		 2022
£'000
1,849
1,142
269
58
3,963
7,281
307
7,588		 2021
£'000
1,816
1,037
316
40
2,053
5,262
282
5,544

The above analysis includes £3,261k received from Oxford University from publicly accountable funds under the CFF Scheme (2021: £2,974k).

2
DONATIONS AND LEGACIES
Donations and Legacies
Unrestricted funds
Restricted funds
Endowed funds
3
INVESTMENT INCOME
Unrestricted funds
Agricultural rent
Commercial rent
Other property income
Equity dividends
Income from fixed interest stocks
Interest on fixed term deposits and cash
Restricted funds
Agricultural rent
Commercial rent
Other property income
Equity dividends
Income from fixed interest stocks
Endowed funds
Agricultural rent
Commercial rent
Other property income
Equity dividends
Income from fixed interest stocks
Interest on fixed term deposits and cash
Total Investment income
4
ANALYSIS OF EXPENDITURE
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential
Other direct costs allocated to:
Teaching, research and residential
Support and governance costs allocated to:
Teaching, research and residential
Total charitable expenditure		 2022
£'000
2,024
6,333
2,049
10,406
2022
£'000
23
974
42
112
34
50
1,235
3
43
8
11
3
68
138
2,596
235
499
151
66
3,685
4,988
2022
£'000
5,002
4,499
2,996
12,497		 2021
£'000
2,881
4,640
863
8,384
2021
£'000
28
1,027
57
280
14
-
1,406
1
50
3
14
1
69
129
2,065
315
197
643
62
3,411
4,886
2021
£'000
5,042
5,191
1,628
11,861

37

University College Notes to the financial statements For the year ended 31 July 2022

4
ANALYSIS OF EXPENDITURE (CONTINUED)
Expenditure on generating funds
Direct staff costs allocated to:
Fundraising
Other direct costs allocated to:
Fundraising
Investment management costs
Interest payable on bond and senior note
Support and governance costs allocated to:
Fundraising
Investment management costs
Total expenditure on generating funds
Total expenditure		 2022
£'000
529
225
328
1,480
404
843
3,809
16,306		 2021
£'000
570
153
696
1,480
171
777
3,847
15,708

The 2021 resources expended of £15,708k represented £9,797k from unrestricted funds, £4,729k from restricted funds and £1,182k from endowed funds.

The teaching and research costs include College Contribution paid of £130k (2021:£122k).

5 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Financial administration
Domestic administration
Human resources
IT
Depreciation
Profit on sale of fixed assets
Finance charge/(credit) on Al Duca funding
Investment management
Other finance (income)/charges
Governance costs		 Generating
Funds
£'000
331
39
-
8
-
-
-
562
241
66
1,247		 Teaching
and
Research
£'000
537
353
110
157
820
(177)
(236)
-
1,366
66
2,996		 2022
Total
£'000
868
392
110
165
820
(177)
(236)
562
1,607
132
4,243
Financial administration
Domestic administration
Human resources
IT
Depreciation
Profit on sale of fixed assets
Investment management
Other finance charges/(income)
Governance costs		 Teaching
Generating
and
2021
Funds
Research
Total
£'000
£'000
£'000
325
520
845
32
288
320
-
110
110
8
150
158
-
868
868
-
(156)
(156)
557
-
557
(37)
(213)
(250)
64
62
126
949
1,629
2,578

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

Governance costs are attributed equally between generating funds and teaching and research.

Governance costs comprise:
Auditor's remuneration - audit services
Legal and other fees on constitutional matters
Other governance costs		 2022
£'000
44
1
87
132		 2021
£'000
45
2
79
126

38

University College Notes to the financial statements For the year ended 31 July 2022

5 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS (CONTINUED)

No amount has been included in governance costs for the direct employment costs or reimbursed expenses of the College's Teaching Fellows on the basis that these payments relate to the Fellows involvement in the College's charitable activities. Details of the remuneration of the Fellows and their reimbursed expenses are included as a separate note within these financial statements.

GRANTS AND AWARDS
During the year the College funded research awards and bursaries to students from its restricted and
unrestricted fund as follows:
Unrestricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Total unrestricted
Restricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Total restricted
Total grants and awards		 2022
£'000
259
37
296
887
219
1,106
1,402		 2021
£'000
105
22
127
924
253
1,177
1,304

6 GRANTS AND AWARDS

Within the total grants and awards figure of £1,402k above, is the cost to the College of the Oxford Bursary scheme of £82k (2021:£91k ). Students of this college received £62k (2021: £70k).

The above costs are included within the charitable expenditure on Teaching, Research and Residential.

The College has opted to take the exemption available for charity trusts registered in England and Wales to not disclose the names of grant recipients.

7
STAFF COSTS
The aggregate staff costs for the year were as follows.
Salaries and wages
Social security costs
Pension costs:
Defined benefit schemes
Increase/(Decrease) in Pension deficit recovery plan liability
Other benefits
The average number of employees of the College, excluding Trustees,
Tuition and research
College residential
Fundraising
Support
Total
The average number of employed College Trustees during the year was as follows.
University Lecturers
CUF Lecturers
Other teaching and research
Other
Total		 2022
£'000
5,297
493
934
1,574
247
8,545
2022
51
94
11
18
174
24
7
5
6
42		 2021
£'000
5,312
479
962
(273)
201
6,681
2021
50
101
12
17
180
25
9
9
6
49

39

University College Notes to the financial statements For the year ended 31 July 2022

7 STAFF COSTS (CONTINUED)

The following information relates to the employees of the College excluding the College Trustees. Details of the remuneration and reimbursed expenses of the College Trustees is included as a separate note in these financial statements.

The number of employees (not covered in Note 19) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fell within the following bands was:

£60,001-£70,000
£70,001-£80,001
The number of the above employees with retirement benefits accruing was as follows:
In defined benefits schemes		 2022
2021
2
1
1
1
3
2
8
TANGIBLE FIXED ASSETS
Group and College
Cost or deemed cost
At start of year
Reclassification
Additions
Transfers to investment properties
Disposals
At end of year
Depreciation and impairment
At start of year
Depreciation charge for the year
Transfers to investment properties
Depreciation on disposals
Impairment
At end of year
Net book value
At end of year
At start of year		 £'000
-
7,956
156
-
-
8,112
-
-
-
-
8,112
-
Assets under
Constructiion		 General
£'000
68,120
(7,956)
92
(911)
(467)
58,878
7,171
689
(265)
(97)
-
7,498
51,380
60,949
Land and
Buildings:		 Fixtures,
fittings and
equipment
£'000
2,557
-
42
-
-
2,599
2,247
130
-
-
2,377
222
310		 Total
£'000
70,677
-
290
(911)
(467)
69,589
9,418
819
(265)
(97)
-
9,875
59,714
61,259

The College has substantial long-held historic assets all of which are used in the course of the College’s teaching and research activities. These comprise listed buildings on the College site, together with their contents comprising works of art, ancient books and manuscripts and other treasured artefacts. Because of their age and, in many cases, unique nature, reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. However, in the opinion of the Trustees the depreciated historical cost of these assets is now immaterial.

9 PROPERTY INVESTMENTS

Group and College
Valuation at start of year
Additions and improvements at cost
Transfers from Tangible Fixed Assets
Revaluation gains/(losses) in the year
Valuation at end of year*		 Agricultural
£'000
11,467
-
-
11,467		 Commercial
£'000
64,232
-
1,570
5,119
70,921		 2022
Total
£'000
75,699
-
1,570
5,119
82,388		 2021
Total
£'000
73,223
2,044
-
432
75,699

40

University College Notes to the financial statements For the year ended 31 July 2022

9 PROPERTY INVESTMENTS (CONTINUED)

Estates land and property valuations as at 31 July 2022 have been made by the College's land agents, three independent firms of Chartered Surveyors: Cluttons, Carter Jonas and Stephenson & Son. The basis of valuation being market valuation i.e. the estimated amount for which the asset should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

Either an income valuation approach, capitalsing the anticipated future rental income at appropriate mutliplier(s) and/or the market approach adopting a capital value per unit of measurement based on market transactional evidence has been followed. The resulting values have been checked against recent market evidence derived from comparable transactions.

10 OTHER INVESTMENTS

All investments are held at fair value.
Group and College
Valuation at start of year
New money invested
Amounts withdrawn
Increase in cash held by fund manager
Increase in value of investments
Investments at end of year
Group and College Investments comprise:
Equity investments
Global equity funds
Property funds
Fixed interest stocks
Alternative and other investments
Fixed term deposits and cash
Total investments		 Held outside
the UK
£'000
23,118
27,560
-
15,222
2,108
-
68,008		 Held in
the UK
£'000
10,100
4,631
10,201
7,004
3,751
20,809
56,496		 2022
Total
£'000
33,218
32,191
10,201
22,226
5,859
20,809
124,504		 Held outside
the UK
£'000
23,569
23,086
-
3,815
763
-
51,233		 2022
£'000
120,528
28,491
(20,157)
(3,345)
(1,013)
124,504
Held in
the UK
£'000
10,658
6,371
8,610
16,577
2,925
24,154
69,295		 2021
£'000
115,334
6,138
(16,111)
2,538
12,629
120,528
2021
Total
£'000
34,227
29,457
8,610
20,392
3,688
24,154
120,528

11 PARENT AND SUBSIDIARY UNDERTAKINGS

The College holds 100% of the issued share capital in UnivDevCo Limited, a company providing design and build construction services to the College.

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

Income
Expenditure
Donation to College under gift aid
Net result before investments gains
Total assets
Total liabilities
Net funds at the end of year		 £'000
£'000
23,196
1,843
(16,601)
(1,789)
54
(54)
6,649
-
297,612
364
(60,208)
(364)
237,404
-
2022
Parent College
UnivDevCo
Limited		 £'000
£'000
19,131
-
(15,708)
-
-
-
3,423
-
279,359
-
(53,823)
-
225,536
-
2021
Parent
College
UnivDevCo
Limited		 £'000
£'000
19,131
-
(15,708)
-
-
-
3,423
-
279,359
-
(53,823)
-
225,536
-
2021
Parent
College
UnivDevCo
Limited
-
-
-
-

41

University College Notes to the financial statements For the year ended 31 July 2022

12 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1 August 2020. The investment return to be applied as income is calculated as 3.5% of the average of the inflation adjusted year-end values of the relevant investments in each of the last 3 years. The preserved value of the invested endowment capital represents its fair value in 2003 together with all subsequent endowments valued at date of the gift.

At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Recoupment of trust for investment
Allocation from trust for investment
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the reporting period
Expendable endowments transferred to income
Net movements in reporting period
At end of the reporting period:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments		 Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
57,771
57,771
49,299
49,299
57,771
49,299
107,070
139
139
-
-
-
-
-
1,932
1,932
2,599
2,599
(370)
(370)
-
-
139
4,161
4,300
(2,629)
(2,629)
-
-
(2,629)
(2,629)
139
1,532
1,671
-
57,910
-
57,910
50,831
50,831
57,910
50,831
108,741
Permanent Endowment		 Expendable
Endowment
£'000
35,343
35,343
1,910
1,753
939
(450)
-
4,152
(1,161)
(1,161)
2,991
38,334
38,334		 Total
Endowments
£'000
57,771
49,299
35,343
142,413
2,049
-
-
3,685
3,538
(820)
-
8,452
(3,790)
-
(3,790)
4,662
57,910
50,831
38,334
147,075

42

University College Notes to the financial statements For the year ended 31 July 2022

13 DEBTORS

13
DEBTORS
Amounts falling due within one year:
Trade debtors
Amounts owed by College members
Loans repayable within one year
Prepayments and accrued income
Other debtors
14
CREDITORS: falling due within one year
Trade creditors
Taxation and social security
Accruals and deferred income
Other creditors
15
CREDITORS: falling due after more than one year
Al Duca fair value
Bonds and Senior Note liabilities		 2022
Group
£'000
966
376
123
5,385
188
7,038
2022
Group
£'000
1,283
211
1,924
370
3,788
2022
Group
£'000
3,400
49,413
52,813		 2021
Group
£'000
1,110
252
849
3,866
177
6,254
2021
Group
£'000
333
187
1,520
352
2,392
2021
Group
£'000
-
49,398
49,398		 2022
College
£'000
966
376
123
5,385
188
7,038
2022
College
£'000
1,283
211
1,924
370
3,788
2022
College
£'000
3,400
49,413
52,813		 2021
College
£'000
1,110
252
849
3,866
177
6,254
2021
College
£'000
333
187
1,520
352
2,392
2021
College
£'000
-
49,398
49,398

On the 1st March 2022 the College entered into two agreements ("Al Duca") whereby philanthropic funding would be provided for the College's North Oxford development and in return the College would committ to distribute the net returns from the development for a minimum of 40, and a maximum of 50 years, to a US University nominated by the funder. The back to back agreements are assessed as being a complex financial instrument and as such the liability under the distribution agreement is calculated at fair value.

Fair value is calculated using a discounted cash flow approach on the model of predicted receipts, net of costs, from the new build rooms at the Univ North development.

On 28 April 2015 the College issued £40m of 3.068% unsecured bonds due April 2065 ("the bonds"). The bonds were issued at par. The proceeds of issue, less directly attributable transaction costs, amounted to £39.472m. Interest is payable on 28 April and 28 October each year. The bonds are listed on the London Stock Exchange. Unless previously redeemed, the bonds will be redeemed at their principal amount of £40m on 28 April 2065.

On 30 March 2017 the College issued an unsecured Senior Note of £10m with an interest rate of 2.53% and repayable on 30 March 2057 ("the note").The note was issued at par. The proceeds of issue, less directly attributable transaction costs, amounted to £9.836m. Interest is payable on the 30 March and 30 September each year. The note is not listed. Unless previously redeemed, the note will be redeemed at its principal amount of £10m on 30 March 2057.

Both the bond and senior note were initially measured at the proceeds of issue less all transaction costs directly attributable to their issues. After initial recognition, both are measured at amortised cost.

43

University College Notes to the financial statements For the year ended 31 July 2022

16 ANALYSIS OF MOVEMENTS ON FUNDS

ANALYSIS OF MOVEMENTS ON FUNDS
Endowment Funds - Permanent
Dr Radcliffe's Linton Estate (1714)
Oxford Radcliffe Scholarships (2013)
Univ 20/20 Strategy (2007)
Univ 20/20 Endowment (2007)
Radcliffe Travelling Fellow(1858)
J G Weir (1954)
John Freeston Trust (1592)
Maintenance Trust Fund (1932)
Sir E A Wallis Budge (1935)
Sanderson Modern History Fellow (2012)
Harold Salvesen Junior Fellow (1964)
Margaret Candfield English (1997)
McConnell Laing Classics (1999)
The Bouverie Trust (1979)
Oxford Chellgren Graduate Scholarship (2011)
Tacchi Fellowship (2008)
Dunhill Foundation Trust (1988)
Goodman Fellowship Fund (1986)
Schrecker Slavonic Studies (2007)
O.M. Organic Chemistry Fellow (1990)
Scott JRF Fund (2001)
Swire Graduate History Scholarship (2012)
Oxford Anderson History Graduate Scholarship (2014)
Modern History Fund (1999)
Robert Mynors (1922)
Modern History Fund II (2001)
Rayne Physics (1980)
Oxford Burma Graduate Scholarship (2016)
Pye Fellowship (1998)
Levison Physics (1996)
Henni Mester (2005)
43 Other Funds
Endowment Funds - Expendable
Univ. Capital Fund
Hoffman Law Fellowship
Oxford-Univ-Rhodes Graduate Scholarship (2017)
Beacon Programme (2022)
Ivana and Pavel Tykac Fellowship in Czech (2017)
44 Other Funds
Total Endowment Funds
Endowment funds held by subsidiaries
Total Endowment Funds - Group
Restricted Funds
Univ North Fund (2019)
Geary Hill Fund (1987)
57 Other Funds
Total Restricted Funds
Restricted funds held by subsidiaries
Total Restricted Funds - Group		 At 1 August
2021
£'000
13,508
12,565
7,858
5,755
6,895
5,141
3,049
2,243
2,129
1,950
1,828
1,827
1,813
1,609
1,587
1,482
1,445
1,433
1,429
1,419
1,396
1,293
1,270
1,237
1,237
1,216
1,110
1,085
1,071
1,058
982
17,150
22,338
1,921
1,583
-
1,022
8,479
142,413
-
142,413
5,542
1,672
3,609
10,823
-
10,823		 Incoming
resources
£'000
268
217
115
116
117
99
60
44
40
40
27
35
38
-
28
31
29
23
29
28
29
26
30
22
25
32
22
22
21
21
17
418
1,508
40
62
1,319
153
583
5,734
-
5,734
5,731
32
945
6,708
-
6,708		 Resources
expended
£'000
(52)
(42)
(22)
(22)
(22)
(19)
(12)
(9)
(8)
(8)
(5)
(7)
(7)
-
(5)
(6)
(5)
(4)
(5)
(5)
(6)
(5)
(6)
(4)
(5)
(6)
(4)
(4)
(4)
(4)
(3)
(54)
(402)
(8)
(9)
-
(1)
(30)
(820)
-
(820)
(38)
(4,206)
(4,244)
-
(4,244)		 Transfers
£'000
(481)
(397)
-
(205)
-
(183)
(108)
(80)
(15)
(40)
-
(58)
(64)
-
(28)
(53)
(9)
-
(51)
(51)
(38)
(15)
(45)
(44)
(44)
(43)
(40)
(36)
(38)
(38)
(17)
(408)
(770)
(68)
(56)
-
(25)
(242)
(3,790)
-
(3,790)
3,790
3,790
-
3,790		 Gains/
(losses)
£'000
360
293
156
159
158
134
81
60
54
53
37
47
51
-
38
42
39
31
38
38
39
34
40
31
33
41
30
30
29
28
23
372
607
54
59
-
4
215
3,538
-
3,538
43
49
92
-
92		 At 31 July
2022
£'000
13,603
12,636
8,107
5,803
7,148
5,172
3,070
2,258
2,200
1,995
1,887
1,844
1,831
1,609
1,620
1,496
1,499
1,483
1,440
1,429
1,420
1,333
1,289
1,242
1,246
1,240
1,118
1,097
1,079
1,065
1,002
17,478
23,281
1,939
1,639
1,319
1,153
9,005
-
147,075
-
147,075
11,273
1,709
4,187
-
-
17,169
-
17,169

44

University College Notes to the financial statements For the year ended 31 July 2022

16 ANALYSIS OF MOVEMENTS ON FUNDS (CONTINUED)

Unrestricted Funds
General
Revaluation reserve
Fixed Asset Designated Fund
Univ North Designated Fund
Major Repair Fund
Master's Stipend Fund
Overbrook Foundation
17 Other Funds CHECK
Total Unrestricted Funds
Unrestricted funds held by subsidiaries
Total Unrestricted Funds - Group
Total Funds		 At 1 August
2021
£'000
3,850
-
55,930
6,103
1,294
1,210
1,002
2,911
72,300
-
72,300
225,536		 Incoming
resources
£'000
10,702
10,702
6
10,708
23,150		 Resources
expended
£'000
(11,242)
(11,242)
-
(11,242)
(16,306)		 Transfers
£'000
(690)
924
(1,613)
2,195
(1,294)
15
463
-
-
-
-		 Gains/
(losses)
£'000
1,400
1,400
-
1,400
5,030		 At 31 July
2022
£'000
4,020
924
54,317
8,298
-
1,210
1,017
3,374
73,160
6
73,166
237,410

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

Dr Radcliffe's Linton Estate (1714 ) fund established out of the legacy of Dr John Radcliffe in 1714 to support a variety of College activities. Oxford Radcliffe Scholarships (2013 ) fund established to endow graduate scholarships.

Univ 20/20 Strategy (2007 ) established as part of the College's re-endowment campaign to provide support for the college's strategy. J G Weir (1954) fund established to provide for a fellowship for the purposes of teaching or research.

Univ 20/20 Endowment (2007) established as part of the College's re-endowment campaign to provide a new permanent endowment fund. Radcliffe Travelling Fellow (1858) fund established to provide for medical research fellowships. John Freeston Trust (1592) fund established out of the legacy of John Freeston in 1592 to support the College and Normanton Grammar School. Maintenance Trust Fund (1932) provides for the income of the fund to be applied for or towards the upkeep, maintenance and repair of the College buildings and properties. Sir E A Wallis Budge (1935) fund established out of bequest of Sir Wallis Budge in 1935 to found a scholarship fellowship or lectureship in Egyptology. The Bouverie Trust (1979) fund established to support the study of English at the College. Oxford Chellgren Graduate Scholarship (2011 ) fund for graduate scholarships. Sanderson Modern History Fellow (2012) fund established to endow a fellowship in Modern History. McConnell Laing Classics (1999) established as part of the College's 750th anniversary campaign to provide for a fellowship in Classics. Margaret Candfield English Fellowship established in 1997 to provide for a fellowship in English. Tacchi Fellowship Fund established in 2008 to provide for a fellowship at the College. Dunhill Foundation Trust (1988 ) fund established in 1988 to provide for a fellowship at the College in Physiology. Schrecker Slavonic Studies (2007) fund established in 2007 to provide support for Slavonic Studies at the College by endowing the Schrecker-Barbour Fellowship in Slavonic & Eastern European Studies. O.M. Organic Chemistry Fellow fund established in 1990 through the generosity of Old Members' of the College to provide a fellowship in Organic Chemistry. Harold Salvesen Junior Fellow (1964) fund established to endow a junior fellowship at the College. Swire Graduate History Scholarship (2012 ) fund for graduate scholarships. Scott JRF (2001 ) fund established to endow two junior research fellowships at the College. Modern History Fellowship (1999) fund established to support tutorial fellowship in History. Robert Mynors (1922 ) fund exists to support a fellowship in Social Sciences. Goodman Fellowship (1986) fund exists to support a fellowship in Jurisprudence. Rayne Physics (1980) fund exists to support physics. Modern History Fellowship II (2001) fund exists to support a fellowship in Modern History. Oxford Burma Graduate Scholarship (2016 ) fund for graduate scholarships. Pye Fellowship (1998 ) fund exists to support a fellowship in Mathematics. Oxford Anderson History Graduate Scholarship (2014) fund for graduate scholarships. Levison Physics (1996) fund for the support of physics. Henni Mester Scholarship (2005 ) fund for graduate scholarships

Endowment Funds - Expendable:

Univ. Capital Fund is the consolidation of gifts and donations which can be used for the general purposes of the College. Oxford-Univ-Rhodes Graduate Scholarship (2017) fund for graduate scholarships. Hoffman Law Fellowship fund established to support the costs of a fellow in Law.

Restricted Funds:

Geary Hill Fund (1987) established to provide a fund for the benefit of the undergraduates at the College. Radcliffe Travelling Fellow (1858) income fund established to provide for medical research fellowships. Univ North (2019) established to provide for the development of the North Oxford site .

Unrestricted Funds:

General fund represents the accumulated income from the College's activities and other sources that are available for the general purposes of the College. £4.1m has been earmarked to date for the redevelopment & expansion of the North Oxford College site.

Fixed Asset Designated fund represented by the fixed assets of the College and therefore are not available for expenditure on the College's general purposes. Transfers are made from the College Capital Fund to match unfunded fixed asset purchases. Univ North Designated Fund is designated for the costs of the North Oxford project.

Major Repair Fund is designated for major repairs to College Buildings. Master's Stipend Fund is designated for provision of the stipend of the Master of the College. Overbrook Foundation fund is used at the discretion of the Master to support a range of educational and research projects.

45

University College Notes to the financial statements For the year ended 31 July 2022

18 ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities		 Unrestricted
Funds
£'000
59,714
22,245
30,831
16,796
(56,420)
73,166
Unrestricted
Funds
£'000
61,259
20,439
32,918
9,115
(51,431)
72,300		 Restricted
Funds
£'000
-
6,741
10,428
-
17,169
Restricted
Funds
£'000
-
457
10,366
-
10,823		 Endowment
Funds
£'000
-
60,143
86,932
-
147,075
Endowment
Funds
£'000
-
55,260
87,153
-
-
142,413		 2022
Total
£'000
59,714
82,388
124,504
27,224
(56,420)
237,410
2021
Total
£'000
61,259
75,699
120,528
19,481
(51,431)
225,536

19 TRUSTEES' REMUNERATION The trustees of the College comprise the Governing Body. The Governing Body is constituted from employees of the College who also fulfil teaching and research obligations or management duties.

No trustee receives any remuneration for acting as a trustee.

The remunerations listed below arise solely from their employed duties as tutorial fellows or managers of executive or pastoral activity for the benefit of the College and its members. The disclosures below should be read in this context.

Tutorial fellows are paid on the College's scale according to skill and experience, with most also being a joint appointment with the University of Oxford.

The College's Remuneration Committee makes authoritative recommendations on all matters involving trustees and comprises the Master, the Finance Bursar , the Senior Tutor, a Professorial Fellow and three external members and considers amendments to the College Scale and other stipends and allowances generally following national pay awards. It is appropriately reconstituted when the remuneration of member officers is considered from time to time, informed by competitive benchmarks and University salary scales.

Trustees of the College fall into the following categories:

The key management comprise 5 employees who are also trustees; The Master, Finance Bursar, Domestic Bursar, Senior Tutor and the Development Director who work full time on management or fundraising.

Some trustees who are Tutorial Fellows are eligible for College housing schemes. 2 trustees live in the College or College owned houses or flats.26 receive an allowance for housing which is disclosed within the salary figures below. 2 trustees live in houses owned jointly with the College. Some trustees receive additional allowances for additional work carried out as part time college officers, e.g. Dean. These amounts are included within the remuneration figures below.

The total remuneration and taxable benefits as shown below is £1,638k (2021:£1,644k).

The total of pension contributions is £290k (2021:£294k).

46

University College Notes to the financial statements For the year ended 31 July 2022

19 TRUSTEES' REMUNERATION (CONTINUED)

The following table sets out the remuneration received as employees of the College (and for the avoidance of doubt, not for acting as trustees):

Remuneration Received as Employees
Trustee Name & Position
Dr W Allan - Tutorial Fellow
Baroness V Amos - Master
Dr R Ashdowne - Assistant Senior Tutor
Dr M Barnes - Tutorial Fellow
Dr A Bell - Senior Tutor
Professor M Benedikt - Supernumerary Fellow
Professor J Benesch - Tutorial Fellow
Dr J Bryson - Tutorial Fellow
Professor R Chang - Professorial Fellow
Professor T W Child - Tutorial Fellow
Dr R Chitnis - Tutorial Fellow
Dr S Collins - Tutorial Fellow
Mr G J Cox - Development Director
Sir I M Crewe - The Master
Dr K L Dorrington - Tutorial Fellow
Dr M R Filip - Tutorial Fellow
Dr M Galpin - Supernumerary Fellow
Dr A I Grant - Finance Bursar
Revd Dr A Gregory - Chaplain
Professor N Halmi - Tutorial Fellow
Professor J D Hamkins - Tutorial Fellow
Professor J Hein - Professorial Fellow
Professor G M Henderson - Senior Research Fellow
Dr C J Holmes - Tutorial Fellow
Professor P D Howell - Tutorial Fellow
Dr B Jackson - Tutorial Fellow
Dr I Jacobs - Supernumerary Fellow
Professor P Jezzard - Professorial Fellow
Professor A Johnston - Tutorial Fellow
Dr P Jones - Tutorial Fellow
Dr L Kallet - Tutorial Fellow
Professor A Ker - Tutorial Fellow
Dr B Klin - Tutorial Fellow
Dr C Leaver - Supernumerary Fellow
Professor D Logan - Professorial Fellow
Professor S Mavroeidis - Tutorial Fellow
Dr K Milewicz - Tutorial Fellow
Dr N Moneke -Tutorial Fellow
Dr J E S Moshenska - Tutorial Fellow
Professor R J Nicholas - Tutorial Fellow
Dr N Nikolov - Tutorial Fellow
Dr C J Pears - Tutorial Fellow
Professor T Povey - Tutorial Fellow
Dr P Rebeschini - Tutorial Fellow
Professor R Rickaby - Professorial Fellow
Professor A W Roscoe - Senior Research Fellow
Professor J Rowbottom - Tutorial Fellow
Dr M Schentuleit - Supernumerary Fellow
Professor G Screaton - Professorial Fellow
Professor T Sharp - Tutorial Fellow
Professor A Smith - Professorial Fellow
Dr M D Smith - Tutorial Fellow
Dr S Smith - Tutorial Fellow
Dr N Talbot - Supernumerary Fellow
Professor TY Tan - Professorial Fellow
Professor C Terquem - Tutorial Fellow
Professor S C Tsang - Tutorial Fellow
Mrs A Unsworth - Domestic Bursar
Professor J F Wheater - Senior Research Fellow
Professor N Woods - Senior Research Fellow
Professor N Yeung - Tutorial Fellow
Professor O Zimmer - Tutorial Fellow		 Remuneration
£
43,975
111,650
40,537
21,992
87,924
-
23,754
21,992
-
22,692
10,772
28,445
38,905
-
2,889
18,910
9,256
99,599
67,145
26,612
18,527
-
2,796
50,930
22,988
53,737
-
5,713
53,886
22,872
7,867
26,921
28,007
-
-
15,125
15,131
22,497
55,519
3,478
19,363
22,012
22,183
20,770
-
2,718
49,940
3,048
-
21,992
-
25,013
22,591
13,958
-
23,950
20,477
88,439
-
2,796
32,113
20,907
1,495,313
 Taxable
Benefits
£
1,852
11,810
-
1,852
-

740
1,481
-

1,481
-
-
1,481
926

-
3,556
1,481
740
1,481
1,852
740
8,760

740
1,852
1,852
1,481
5,908

740
-
6,153
2,862
9,069
740
-

740

1,852
13,213
370
740
1,852
1,778
6,789
1,852
1,481
4,040

-
1,481
3,230
-

-
1,852

1,852
740
6,002
-

1,481
1,852
10,923
1,852

1,481
1,111
1,852
370
142,416		 Pension
Contributions
£
10,908
23,913

8,682
4,710

17,764
-
4,710

4,710
-

4,444

2,297
6,085
8,284

-
610
4,710
1,682
-
13,316
5,700
3,452
-
-
10,908
4,710
11,207
-

1,225
11,301
4,710
1,369
5,770

6,006
-
-
2,265
3,127
4,710
12,039
615
3,661
4,046
4,710
4,710

-
582
10,908

638

-
4,710
-
5,309
4,361

2,995
-
5,123
3,147
17,589
-
599
6,559
4,449
290,035		 2022
Total
£
56,735
147,373
49,219
28,554
105,688

740
29,945
26,702

1,481
27,136
13,069
36,011
48,115

-
7,055
25,101
11,678

101,080
82,313
33,052
30,739

740

4,648
63,690
29,179
70,852

740
6,938
71,340
30,444
18,305
33,431
34,013

740

1,852
30,603
18,628
27,947
69,410
5,871
29,813
27,910
28,374
29,520

-
4,781
64,078
3,686

-
28,554

1,852
31,062
32,954
16,953

1,481
30,925
34,547
107,880

1,481
4,506
40,524
25,726
1,927,764		 2021
Total
£
54,116
125,809
48,365
27,972
96,289
693
27,625
33,531
1,386
27,151
3,553
42,473
102,812

3,327
24,318
33,032
10,587
99,514
72,008
31,021
78,957
693
4,487
62,497
28,187
57,658
693
13,560
63,413
18,918
48,532
26,932
-
693
1,733
13,827
26,932
24,430
65,802
23,006
21,766
29,602
27,657
48,400

-
4,630
54,753
3,553

-
27,972
1,733
30,267
13,313
-
1,386
41,988
14,777
93,900
1,386
4,375
28,484
61,457
1,937,930

** - leaver during the year or prior year and before approval of the financial statements - see pages 2-4

Other transactions with trustees

No trustee claimed expenses for any work performed in discharge of duties as a trustee. See also note 29 Related Party Transactions.

Key management remuneration

The total remuneration paid to key management was £620k (2021: £576k).

Key management are considered to be The Master, the Senior Tutor, the Finance Bursar, the Domestic Bursar and the Development Director.

47

University College Notes to the financial statements For the year ended 31 July 2022

20 PENSION SCHEMES

The College participates in the Universities Superannuation Scheme ("the USS") and the University of Oxford Staff Pension Scheme ("the OSPS") on behalf of its staff. Both schemes are contributory defined benefit schemes (i.e. they provide benefits based on length of service and pensionable salary) and until April 2016 were contracted out of the State Second Pension Scheme. The assets of USS and OSPS are each held in separate trustee-administered funds. The College has made available the National Employment Savings Trust for non-employees who are eligible under automatic enrolment regulations to pension benefits.

Both schemes are multi-employer schemes and the College is unable to identify its share of the underlying assets and liabilities of each scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, the College accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the Statement of Financial Activities represents the contributions payable to the schemes in respect of the accounting period.

Both schemes have put in place agreements for additional contributions to fund their past service deficits. In accordance with the provisions of FRS 102 the College has recognised a liability for the future contributions that it estimates will be payable as a result of these deficit funding agreements - see below.

Actuarial Valuations

Qualified actuaries periodically value USS and OSPS defined benefits using the ‘projected unit method’, embracing a market value approach. The resulting levels of contribution take account of actuarial surpluses or deficits in each scheme. The financial assumptions were derived from market conditions prevailing at the valuation date. The results of the latest actuarial valuations and the assumptions which have the most significant effect on the results were:

USS OSPS
Date of valuation: 31/03/2020 31/03/2019
Date valuation results published: 30/09/2021 19/06/2020
Value of liabilities: £80.6bn £848m
Value of assets: £66.5bn £735m
Funding surplus / (deficit): (£14.1bn) (£113m)
Principal assumptions:
Fixed Interest gilt
yield curve plus 1%
- 2.75%		 Gilts +0.5%-
· Discount rate 2.25% b
· Rate of increase in salaries n/a RPI
Average RPI/CPI
· Rate of increase in pensions CPI +0.05%c d
Assumed life expectancies on retirement at age 65:
· Males currently aged 65 23.9 yrs 21.7 yrs
· Females currently aged 65 25.5 yrs 24.4 yrs
· Males currently aged 45 25.9 yrs 23.0 yrs
· Females currently aged 45 27.3 yrs 25.8 yrs
Funding Ratios:
· Technical provisions basis 83% 87%
· Statutory Pension Protection Fund basis 64% 74%
· ‘Buy-out’ basis 51% 60%
21.1% to
Employer contribution rate (as % of pensionable 21.4% from 1
salaries): Oct 21 19%
Effective date of next valuation: 31/03/2023 31/03/2022

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

Fixed interest gilt yiled curve plus: Pre-retirement 2.75%, post-retirement 1.00%

b. The discount rate for the OSPS valuation was:

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

c. Pensions increases (CPI) for the USS valuation were:

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long term difference of 0.1% from 2040.

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

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

For pension increases linked to inflation, a pension increase curve is constructed based on either the RPI, CPI or the average of the RPI and CPI inflation curves described above, adjusted to allow for the different maximum and minimum annual increases that apply, and the Scheme Actuary’s best estimate of inflation volatility as applies from time to time.

e. The USS and OSPS employer contribution rates include provisions for the cost of future accrual of defined benefits, deficit contributions, administrative expenses and defined contributions.

48

University College Notes to the financial statements For the year ended 31 July 2022

20 PENSION SCHEMES (CONTINUED) Universities Superannuation Scheme

The pension charge for the year includes £2,231k (2021: £664k) in relation to the USS. This represents contributions of £625k (2021: £637k) payable to the USS as adjusted by the increase in the deficit funding liability between the opening and closing balance sheet dates of £1,606k (2021: £27k decrease).

A provision of £2,940k has been made at 31 July 2022 (2021: £1,334k) for the present value of the estimated future deficit funding element of the contributions payable under this agreement. In determining the level of this provision it has been assumed that the College will have an increase in membership of 1% in year 1 and 1% thereafter. It has been assumed that relevant earnings of these employees will increase by 3% in year 1, and 3% thereafter. An average discount rate of 3.31% over the period to 31 March 2028 has been used.

Oxford Staff Pension Scheme

The pension charge for the year includes £276k (2021: £25k) in relation to the OSPS. This represents contributions of £309k (2021: £325k) payable to the OSPS as adjusted by the decrease in the deficit funding liability between the opening and closing balance sheet dates of £32k (2021 £300k decrease).

A provision of £667k has been made at 31 July 2022 (2021:£699k) for the present value of the estimated future deficit funding element of the contributions payable under this agreement. In determining the level of this provision it has been assumed that the membership in the scheme will increase by 1% in year 1 & year 2, 5% in year 3 & 1% thereafter. It has been assumed that relevant earnings of these employees will increase by 10% in year 1, by 5% in year 2 and 3% thereafter. An average discount rate of 3.15% over the period to 31 January 2028 has been used.

21 TAXATION

The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes.

22 FINANCIAL INSTRUMENTS

The College and Group's financial statements include the following in respect of their financial instruments:

Investments
Trade debtors
Amounts owed by College members
Loans repayable within one year
Accrued income
Cash and cash equivalents
Trade creditors
Taxation and social security
Accruals
Other creditors
Long term creditors
Financial assets at fair value through statement of
financial activities:
Financial assets that are debt instruments measured at
amortised cost:
Financial liabilities measured at fair value through
statement of financial activities:
Financial liabilities that are debt instruments measured at
amortised cost:		 2022
Group
£'000
124,504
966
376
123
4,859
23,901
30,225
3,400
3,400
1,283
211
724
370
52,813
55,401		 2021
Group
£'000
120,528
1,110
252
849
3,427
15,556
21,194
-
-
333
187
832
352
49,398
51,102		 2022
College
£'000
124,504
966
376
123
4,859
23,895
30,219
3,400
3,400
1,283
211
1,200
370
52,813
55,877		 2021
College
£'000
120,528
1,110
252
849
3,427
15,556
21,194
-
-
333
187
832
352
49,398
51,102

The Group is exposed to various risks in relation to financial instruments. The Group's financial assets and liabilities by category are summarised in Note 22. The main types of risk are market risk, credit risk, liquidity risk and interest rate risk.

Market Risk Analysis

The Group is exposed to market risk through its use of financial instruments and specifically to currency risk, interest rate risk, and certain other price risks, which result both from its operating and investing activities.

Foreign Currency Sensitivity

Most of the Group's operating transactions are carried out in pounds sterling. Exposure to currency exchange rates arise from the Group's purchases and sales of investments denominated in foreign currencies. To mitigate the Group's exposure to foreign currency risk the Investment committee monitor regularly and review the currency allocations and recommend rebalancing. Forward exchange contracts are only entered into for significant long-term foreign currency exposures that are not expected to be offset by other same-currency transactions. There were no forward exchange contracts at 31 July 2022 or 31 July 2021.

Foreign currency denominated financial assets and liabilities which expose the Group to currency risk are disclosed below. The amounts shown are those reported to the Investment Committee translated into pounds sterling at the closing rate.

49

University College Notes to the financial statements For the year ended 31 July 2022

23 FINANCIAL INSTRUMENTS RISK (CONTINUED)

At 31 July the Group's and College's investment assets had the following principal exposures

Pounds sterling
US dollar
Japanese Yen
Other currencies
31 July 2022
Financial assets
Financial liabilities
Total Exposure
Impact on the net movement of funds for the year 2021/22
10% US dollar appreciation
10% Yen appreciation
31 July 2021
Financial assets
Financial liabilities
Total Exposure
Impact on the net movement of funds for the year 2019/20
10% US dollar appreciation
10% Euro appreciation		 USD
Yen
£'000
£'000
42,140
8,378
-
-		 2022
2021
63.0%
61.1%
28.4%
27.9%
5.6%
6.6%
3.0%
4.4%
100.0%
100.0%
Other
Total
£'000
£'000
4,445
54,963
-
-
42,140
8,378		 4,445
54,963
USD
Yen
£'000
£'000
37,492
8,914
-
-		 £'000
4,214
838
Other
Total
£'000
£'000
5,905
52,311
-
-
37,492
8,914		 5,905
52,311
£'000
3,749
891

Risk Management policies and procedures

Currency positions in the investment portfolio are reviewed regularly by the Finance Bursar and monitored by the Investment Committee. Currency exposure is managed within the asset allocation strategy.

Credit risk

Credit risk is the risk that the Group and College would incur a financial loss if a counterparty were to fail to discharge its obligations to the Group and College.

Credit risk exposure

The Group and College is exposed to credit risk in respect of its financial assets held with various counterparties. The following table details the maximum exposure to credit risk at 31 July:

Equity investments
Property funds
Fixed interest stocks
Alternative and other investments
Cash & Cash equivalents
Trade and other receivables
Total financial assets exposed to credit risk		 2022
2021
£'000
£'000
65,409
63,684
10,201
8,610
22,226
20,392
5,859
3,688
44,704
39,710
7,038
6,254
155,437
142,338

Risk management policies and procedures

The Group and College aims to minimise its counterparty credit risk exposure by monitoring the size of its credit exposure to, and the creditworthiness of, counterparties, including setting exposure limits and maturities within its investment portfolio primarily. The creditworthiness and financial strength of trading customers e.g. new tenants, is assessed at inception. All new students have to provide a financial guarantee statement indicating the availability of funds to meet fees and living costs. Counterparties for investment assets and bank accounts are selected based on their financial ratings, regulatory environments and specific circumstances. Over 60% of the Cash & Cash equivalents total is held at HSBC Bank plc that has a S&P's long term credit rating of A+. Of the fixed interest stocks , the College's diverse portfolio of Corporate debt is held with average credit rating of A- and no holding worse that BBB while its Sovereign and high quality agency debt is held mostly in AAA and an average credit ratio of this part of the portfolio of AA+.

Liquidity Risk

Liquidity risk is the risk that the College will encounter difficulties raising cash to meet its obligations when they fall due. Obligations are associated with financial liabilities and capital commitments.

50

University College Notes to the financial statements For the year ended 31 July 2022

23 FINANCIAL INSTRUMENTS RISK (CONTINUED)

The majority of the investment assets by the College are investments in quoted securities and in funds that are readily realisable.

The College regularly monitors its liabilities and commitments and ensures it holds appropriate levels of liquid assets.

The following table summarise the maturity of the College's undiscounted contractual payments

As at 31 July 2022
Bonds and Senior Note liabilities
Other creditors
Total at 31 July 2022
As at 31 July 2021
Bonds and Senior Note liabilities
Other creditors
Total at 31 July 2021		 Total
£'000
£'000
£'000
£'000
£'000
740
740
5,921
104,234
111,635
1,271
-
-
-
1,271
More than
five years
Between three
months and a
year
Three
months or
less
Between one
and five years
2,011
740
5,921
104,234
112,906
740
740
5,921
105,704
113,105
439
-
-
-
439
1,179
740
5,921
105,704
113,544

All other financial liabilities are due on demand.

Risk management policies and procedures

Interest rate risk

Interest rate risk arises from the risk that the value of an asset or liability will fluctuate due to changes in market interest rates (i.e. for fixed interest rate assets or liabilities) or that future cash flows will fluctuate due to changes in interest rates (i.e. for floating rate assets or liabilities).

Interest rate exposure and sensitivity

As stated in the accounting policies, the College's bond liabilities are measured at amortised cost. The College has only minimal amounts held on variable rate.

Interest rate risk is focused on the potential impact of interest rate changes on the fair value of investments in fixed interest securities.

At 31 July 2022 the College held £22.2m (2021: £20.4m) of government bonds with fixed interest.

Risk management policies and procedures

The College takes into account the possible effects of a change in interest rates on fair value and cash flows of the interest-bearing financial assets and liabilities when making investment decisions.

Other price risk

Price risk is the risk that the value of an asset or liability will fluctuate due to changes in market price (other than those arising from currency risk or interest rate risk), caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.

This is a key risk for the College because of the significance of the endowment funds in supporting the academic activities of the College and the requirement to maintain their value in real terms into the future.

At 31 July 2022 total endowment funds were £147.1m (2021: £142.4m) - see notes 16 & 17 for further detail on the endowment funds.

Concentration of exposure to other price risk

As the majority of the College's investment assets are carried at fair value, all changes in market conditions will directly affect the College's net assets. The split of investment assets at the reporting date is shown in notes 9 & 10.

Fair Value

Debtors and current liabilities are stated in the balance sheet at amortised cost (except for the new liability under the Distribution Agreement related to the funding of the College's North Oxford development -see below) which are not materially different from their fair values. The bond liabilities are also measured at amortised cost which is not materially different from fair value. The amortised cost of the other financial assets and liabilities shown on the balance sheet are the same as the fair value.

Complex Financial Instrument

On the 1st March 2022 the College entered into two agreements ("Al Duca") whereby philanthropic funding would be provided for the College's North Oxford development and in return the College would committ to distribute the net returns from the development for a minimum of 40, and a maximum of 50 years, to a US University nominated by the funder. The back to back agreements are assessed as being a complex financial instrument and as such the liability under the distribution agreement is calculated at fair value.

Fair value is calculated using a discounted cash flow approach on the model of predicted receipts, net of costs, from the new build rooms at the Univ North development.

For the initial fair value calculation on receipt of the first payment a discount rate of 3.5% was used. As at 31 July 2022 the discount rate used was 3.8%.

Amounts included in the financial statements are as follows:

Fair value as at 31 July 2022
Initial calculated fair value of liability following receipt of payment in April 2002 of £4.0m
Finance credit following fair value calculation recognised through the SOFA		 £'000
3,636
(236)
3,400

The intial difference between the receipt and the fair value of the liability is credited to the SOFA as donation income.

51

University College Notes to the financial statements For the year ended 31 July 2022

23 FINANCIAL INSTRUMENTS RISK (CONTINUED)

Sensitivty to changes in the discount rate used are set out below:

----- Start of picture text -----
Impact on
Distribution
Agreement
Discount rate Liability
£'000
Increase by 0.3% (217)
Decrease by 0.3% 236
----- End of picture text -----

24 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS

NET CASH FLOW FROM OPERATIONS
Net Income
Elimination of non-operating cash flows:
Investment income
Gains on investments
Endowment donations
Bonds & Senior Note Interest payable
Investment management costs
Other exchange (gain)/loss
Depreciation
Surplus on sale of fixed assets
(Increase)/Decrease in stock
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Increase/(Decrease) in pension scheme liability
Net cash used in operating activities		 2022
Group
£'000
10,950
(4,988)
(4,106)
(2,049)
1,480
1,171
(1,357)
819
(177)
(10)
(784)
1,411
1,574
3,934		 2021
Group
£'000
16,484
(4,886)
(13,061)
(863)
1,480
1,473
287
868
(156)
5
4,055
(483)
(273)
4,930

25 ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Other investments cash
Loans Falling due after more than one year
Total
26
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Other investments cash
Total cash and cash equivalents		 At start of year
£'000
Group
15,556
24,154
(49,398)
(9,688)		 Cash flows
£'000
Group
6,988
(3,345)
-
3,643		 Foreign
Exchange
Movements
£'000
Group
1,357
-

-
1,357		 Other non-cash
changes
£'000
Group
-

-

(3,415)
(3,415)
2022
£'000
Group
23,901
20,809
44,710		 At end of year
£'000
Group

23,901

20,809
(52,813)
(8,103)
2021
£'000
Group
15,556
24,154
39,710

27 CAPITAL COMMITMENTS

There are no capital committments that require disclosure.

The Group earns rental income by leasing its properties to tenants under non-cancellable operating leases. Leases in which substantially all risks and rewards of ownership are retained by another party, the lessor, are classified as operating leases. Payments, including prepayments, made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straightline basis over the period of the lease.

At the balance sheet date the Group had contracted with tenants to receive the following future minimum lease payments:

Not later than 1 year
Later than 1 year and not later than 5 years
later than 5 years		 2022
£'000
Group
4,038
9,423
54,544
68,005		 2021
£'000
Group
3,478
8,613
54,796
66,887

52

University College Notes to the financial statements For the year ended 31 July 2022

29 RELATED PARTY TRANSACTIONS

The College is part of the collegiate University of Oxford. Material interdependencies between the University and of the College arise as a consequence of this relationship. For reporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS 102.

Members of the Governing Body, who are the trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College. Details of these payments and reimbursed expenses as trustees are disclosed separately in these financial statements.

The College has properties with the following net book values owned jointly with trustees under joint equity ownership agreements between the trustee and the College.

Professor N Yeung
Associate Professor B Jackson
Professor A Johnston
Associate Professor N Nikolov
Total net book value of properties owned jointly with trustees		 2022
£'000
-
-
164
212
376		 2021
£'000
104
266
164
212
746

*- the College's interest in the property was acquired during the year by the Fellow at a valuation established by an independent valuer.

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

During the year a total of £12,731 (2021: £nil) was paid to children of Trustees for work done as casual workers.

During the 2018-19 year, the College entered into a tenancy-at-will with The Blockhouse Technology Limited ("TBTL") to permit its occupation of 2 Staverton Road, a property in North Oxford that is owned by the College. TBTL’s rescindable tenancy in the property may also afford space for the College's newly established research activities into Blockchain technology to operate alongside the commercial activities of TBTL. Professor A W Roscoe, a trustee of the College, is a co-founder of, and a significant shareholder in, TBTL. The tenancy-at-will was established at arm’s length, and Professor Roscoe was recused from the College’s decision making in this matter. The College is also a shareholder in TBTL.

30 CONTINGENT LIABILITIES

The College had no contingent liabilities at 31 July 2022 (2021: £nil).

31 POST BALANCE SHEET EVENTS

There are no post balance sheet events that require disclosure.

53

University College Notes to the financial statements For the year ended 31 July 2022

32 ADDITIONAL PRIOR YEAR COMPARATIVES

ADDITIONAL PRIOR YEAR COMPARATIVES
Statement of Financial Activities
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
Donations and legacies
Investments
Investment income
Total return allocated to income
Other income
Coronavirus Job Retention Retention Scheme
Other
Total income
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential
Generating funds:
Fundraising
Investment management costs
Interest payable on bond and senior note
Total Expenditure
Net Income before gains
Net gains on investments
Net Income
Transfers between funds
Net movement in funds for the year
Fund balances brought forward
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
5,262
2,881
1,406
-
316
1
9,866
7,834
403
80
1,480
9,797
69
1,662
1,731
-
1,731
70,569
72,300		 Restricted
Funds
£'000
282
4,640
69
4,962
-
-
9,953
4,027
491
211
-
4,729
5,224
202
5,426
(7,597)
(2,171)
12,994
10,823		 Endowed
Funds
£'000
-
863
3,411
(4,962)
-
-
(688)
-
-
1,182
-
1,182
(1,870)
11,197
9,327
7,597
16,924
125,489
142,413		 2021
Total
£'000
5,544
8,384
4,886
-
316
1
19,131
11,861
894
1,473
1,480
15,708
3,423
13,061
16,484
-
16,484
209,052
225,536
b)
Property Investments
Valuation at start of year
Additions and improvements at cost
Revaluation losses in the year
Valuation at end of year		 Agricultural
£'000
10,974
-
495
11,469		 Commercial
£'000
62,249
2,044
(63)
64,230		 2021
Total
£'000
73,223
2,044
432
75,699

54

University College Notes to the financial statements For the year ended 31 July 2022

32 ADDITIONAL PRIOR YEAR COMPARATIVES (CONTINUED)

c) Analysis of Movement on Funds

Endowment Funds - Permanent
Dr Radcliffe's Linton Estate (1714)
Oxford Radcliffe Scholarships (2013)
Univ 20/20 Strategy (2007)
J G Weir (1954)
Univ 20/20 Endowment (2007)
Radcliffe Travelling Fellow(1858)
John Freeston Trust (1592)
Maintenance Trust Fund (1932)
Sir E A Wallis Budge (1935)
Sanderson Modern History Fellow (2012)
Harold Salvesen Junior Fellow (1964)
Margaret Candfield English (1997)
McConnell Laing Classics (1999)
The Bouverie Trust (1979)
Tacchi Fellowship (2008)
Dunhill Foundation Trust (1988)
Goodman Fellowship Fund (1986)
Schrecker Slavonic Studies (2007)
O.M. Organic Chemistry Fellow (1990)
Scott JRF Fund (2001)
Swire Graduate History Scholarship (2012)
Oxford Anderson History Graduate Scholarship (2014)
Modern History Fund (1999)
Robert Mynors (1922)
Modern History Fund II (2001)
Rayne Physics (1980)
Oxford Burma Graduate Scholarship (2016)
Pye Fellowship (1998)
Levison Physics (1996)
Beaverbrook Fund (1979)
45 Other Funds
Endowment Funds - Expendable
Univ. Capital Fund
Hoffman Law Fellowship
Oxford-Univ-Rhodes Graduate Scholarship (2017)
Ivana and Pavel Tykac Fellowship in Czech (2017)
42 Other Funds
Total Endowment Funds
Analysis of Movement on Funds(Continued)
Restricted Funds
Univ North Fund (2019)
Geary Hill Fund (1987)
Radcliffe Travelling Fellow (1858)
Univ 20/20 Strategy (2007)
124 Other Funds
Total Restricted Funds
Unrestricted Funds
General
Fixed Asset Designated Fund
Univ North Designated Fund
Major Repair Fund
Master's Stipend Fund
Overbrook Foundation
17 Other Funds
Total Unrestricted Funds
Total Funds		 At 1 August
2020
£'000
12,919
11,831
5,945
4,799
4,703
4,538
2,916
2,145
1,940
1,863
1,328
1,698
1,728
1,559
1,412
1,382
1,109
1,365
1,356
1,282
1,236
1,139
1,197
1,184
1,137
1,061
1,024
1,024
1,011
17,721
18,327
1,829
1,448
900
7,433
125,489
At 1 August
2019
£'000
1,135
1,578
1,893
1,248
7,140
12,994
3,767
55,273
5,203
1,294
1,210
1,001
2,821
70,569
209,052		 Incoming
resources
£'000
272
222
131
101
106
120
62
45
41
40
28
36
38
54
31
29
23
29
29
29
26
30
22
24
31
23
23
22
22
-
710
1,131
41
73
150
480
4,274
Incoming
resources
£'000
4,407
32
-
-
552
4,991
9,753
-
-
-
-
35
78
9,866
19,131		 Resources
expended
£'000
(33)
(27)
(16)
(12)
(13)
(15)
(8)
(5)
(5)
(5)
(3)
(4)
(5)
-
(4)
(3)
(3)
(3)
(3)
(4)
(3)
(4)
(3)
(3)
(4)
(3)
(3)
(3)
(3)
(40)
(920)
(5)
(5)
-
(12)
(1,182)
Resources
expended
£'000
-
(36)
-
-
(4,693)
(4,729)
(9,663)
-
-
-
-
(34)
(100)
(9,797)
(15,708)		 Transfers
£'000
(475)
(131)
1,402
(53)
637
1,891
(107)
(79)
29
(68)
391
(12)
(64)
(4)
(52)
(51)
233
(50)
(50)
-
(45)
23
(44)
(44)
(42)
(39)
(15)
(37)
(37)
362
(804)
(67)
(54)
(28)
119
2,635
Transfers
£'000
-
-
(1,893)
(1,248)
506
(2,635)
(1,669)
657
900
-
-
-
112
(0)
-		 Gains/
(losses)
£'000
825
670
396
306
322
361
186
137
124
120
84
109
116
-
95
88
71
88
87
89
79
82
65
76
94
68
56
65
65
966
4,604
123
121
-
459
11,197
Gains/
(losses)
£'000
-
98
-
-
104
202
1,662
-
-
-
-
-
-
1,662
13,061		 At 31 July
2021
£'000
13,508
12,565
7,858
5,141
5,755
6,895
3,049
2,243
2,129
1,950
1,828
1,827
1,813
1,609
1,482
1,445
1,433
1,429
1,419
1,396
1,293
1,270
1,237
1,237
1,216
1,110
1,085
1,071
1,058
-
19,719
22,338
1,921
1,583
1,022
8,479
142,413
At 31 July
2020
£'000
5,542
1,672
-
-
3,609
10,823
3,850
55,930
6,103
1,294
1,210
1,002
2,911
72,300
225,536

55