2024-07-31-accounts

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Annual Report and Financial Statements

Year ended 31 July 2024 Charity No. 1141259

UNIVERSITY COLLEGE

Governing Body, Officers and Advisers

Year ended 31 July 2024

MEMBERS OF THE GOVERNING BODY .............................................................................................. 2 COLLEGE SENIOR STAFF ................................................................................................................ 4 COLLEGE ADVISERS ........................................................................................................................ 5 REPORT OF THE GOVERNING BODY ................................................................................................. 6 REFERENCE AND ADMINISTRATIVE INFORMATION ..................................................................... 6 STRUCTURE, GOVERNANCE AND MANAGEMENT ........................................................................ 6 OBJECTIVES AND ACTIVITIES ......................................................................................................... 8 ACHIEVEMENT AND PERFORMANCE ............................................................................................. 9 FINANCIAL AND OPERATIONAL REVIEW ...................................................................................... 10 FUTURE PLANS .............................................................................................................................. 19 TRUSTEES’ RESPONSIBILITIES STATEMENT .............................................................................. 20 AUDITOR’S REPORT TO THE TRUSTEES OF UNIVERSITY COLLEGE OXFORD ........................... 21 STATEMENT OF ACCOUNTING POLICIES ........................................................................................ 26 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ............................................................. 32 CONSOLIDATED AND COLLEGE BALANCE SHEET ......................................................................... 33 CONSOLIDATED STATEMENT OF CASH FLOWS............................................................................. 34 NOTES TO THE FINANCIAL STATEMENTS ....................................................................................... 35

UNIVERSITY COLLEGE

Governing Body, Officers and Advisers

Year ended 31 July 2024

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 for each Fellow against to this reference:

(1) Academic Committee
(2) Finance Committee
(3) General Purposes Committee
(4) Premises Committee
(5) Development and Communications Committee
(6) Equality, Diversity & Inclusion Committee

GOVERNING BODY	NOTES	(1)	(2)	(3)	(4)	(5)	(6)
The Master, Right Honourable Baroness Valerie Amos LG CH		●	●	●	●	●	●
Professor A W Roscoe	Retired 31/12/23
Professor J F Wheater						●
Professor T W Child	Resigned 1/10/24 (on sabbatical to 30/9/25)
Dr C J Pears	Retired 30/9/24
Professor N Woods						●
Professor G M Henderson						●
Professor P D Howell			●
Professor C J Holmes			●
Professor J Hein		●
Professor P Jezzard			●
Professor W Allan				●
Professor A Ker			●		●
Professor T Povey
Revd. Dr A Gregory				●	●		●
Professor D Logan	Retired 30/9/24
Dr B Jackson						●
Professor N Yeung		●					●
Professor M Benedikt
Professor S C Tsang	Resigned 1/10/24 (on sabbatical to 30/9/25)
Professor T Sharp		●

UNIVERSITY COLLEGE

Governing Body, Officers and Advisers Year ended 31 July 2024

GOVERNING BODY	NOTES	(1)	(2)	(3)	(4)	(5)	(6)
Professor M Smith						●
Professor N Halmi		●
Professor A Johnston	Resigned 1/10/24 (on sabbatical to 30/9/25)
Professor S Mavroeidis		●
Professor P Jones		●
Professor J Rowbottom
Professor N Nikolov
Professor J Benesch
Dr M Galpin				●
Dr C Leaver
Dr I Jacobs	Resigned 1/10/24 (on sabbatical to 30/9/25)
Mrs. A Unsworth	Resigned 26/10/24
Professor C Terquem		●
Professor M Barnes				●
Dr A Bell		●	●	●		●	●
Dr S Smith	Resigned 1/10/24 (on sabbatical to 30/9/25)
Dr P Rebeschini		●
Dr A I Grant			●		●	●
Professor J E S Moshenska							●
Professor G Screaton
Professor R Rickaby	Resigned 1/10/24 (on sabbatical to 30/9/25)
Professor Ruth Chang							●
Professor A Smith
Professor T Y Tan
Dr R Chitnis							●
Dr M Schentuleit			●
Dr Richard Ashdowne		●
Dr J Bryson
Dr M Filip				●
Dr N Moneke
Professor B Klin
Dr N Talbot
Ms. R Baxter	Fixed term appointment 1/9/22 - 27/9/23

UNIVERSITY COLLEGE

Governing Body, Officers and Advisers

Year ended 31 July 2024

GOVERNING BODY	NOTES	(2)	(5)
Dr Aneurin Ellis-Evans
Dr N Benkhaled-Vince
Dr Beau Mount	Appointed 1/9/23
Ms. Felice Nassar	Appointed 18/9/23	●	●
Dr A J Awad	Appointed 1/5/24

The College is guided by three further permanent committees, namely: Audit Committee, Remuneration Committee and Investment Committee. As the membership of these committees 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 its membership being 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 Rt Hon Baroness Valerie Amos	Master
Dr Andrew Grant	Finance Bursar
Mrs. Angela Unsworth	Domestic Bursar (Resigned 26/10/24)
Mr Nicholas French	Domestic Bursar (Interim) (w.e.f. 21/10/2024)
Dr Andrew Bell	Senior Tutor
Ms. Rebecca Baxter	Development Director (Interim) (w.e.f. 1/9/2022 to 27/9/2023)
Ms. Felice Nassar	Director of Development, Communications and Alumni Relations (w.e.f. 18/9/2023)

UNIVERSITY COLLEGE

Governing Body, Officers and Advisers Year ended 31 July 2024

COLLEGE ADVISERS

Investment Managers

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

Allianz Global Investors GmbH 199 Bishopsgate London, EC2M 3TY

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

OU Endowment Management Ltd 27 Park End Street Oxford, OX1 1HU

Chartered Surveyors and Property Advisers

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

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

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

Bidwells Seacourt Tower, West Way Oxford, OX2 0JJ

Vail Williams New Barclay House, Botley Oxford OX2 0HP

Auditor

Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

Bankers

HSBC 65 Cornmarket Street Oxford, OX1 3HY

Solicitors

Blake Morgan Seacourt Tower, West Way Oxford, OX2 0FB

Farrer & Co Lincoln’s Inn Fields London, WC2A 3LH

College address

High Street, Oxford OX1 4BH

E- Links

Facebook: facebook.com/universitycollegeoxford

X: @UnivOxford

Instagram: www.instagram.com/univcollegeoxford/

YouTube: http://bit.ly/univyoutube

Web Home Page: www.univ.ox.ac.uk

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2024

REPORT OF THE GOVERNING BODY

The Members of the Governing Body present their Annual Report for the year ended 31 July 2024 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 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[1] . 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 with the Master as chair 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 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 established for the relevant academic, senior administrative, or other post. Induction into the workings of the College, including Governing Body policy and procedures, is undertaken. Members of the Governing Body are assisted in understanding their role as trustees 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.

The Remuneration Committee comprises at least four independent members and has an independent chair. Senior officers and others may attend from time to time in an advisory capacity.

1 In the event of the College needing to call on the Visitor for support, His Majesty would be represented by the High Steward of Oxford, Lord Reed KC, as an effective delegate for the Crown.

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2024

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. 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 consider strategic issues facing the College and to make decisions on the recommendations from the six main committees. The work of developing policies and monitoring their implementation is carried out by the main committees listed below:

The Academic Committee meets at least twice a term to discuss all aspects of academic policy and practice, for example, academic appointments, student admissions, student performance, access and widening participation in the student body, scholarships, applications for sabbatical leave and special leave, teaching arrangements and quality assurance. The Committee also keeps abreast of academic developments in the central University and in other colleges through the Conference of Colleges and its sub-committees and through membership of college officers of relevant central University committees. It also receives reports and recommendations from its sub-committee, the Research Committee, from time to time.
The Finance Committee discusses all aspects of the financial affairs of the College, including the best ways to achieve efficiency and effectiveness, and meets three times a term. The Finance Committee reviews the financial implications of recommendations made by the other standing committees of the College, as well as monitoring reports from the Remuneration Committee and the Investment Committee.
The General Purposes Committee meets twice a term to consider a range of operational issues, including sustainability, service provision and monitoring of the implementation of College policies that are not typically captured by other committees of the College.
The Premises Committee, meeting typically termly, considers and prioritises capital and maintenance projects for the College’s functional premises to keep them in effective order and to enhance them according to need. The Committee also recommends projects to improve the College’s environmental, sustainability and energy efficiency.
The Development and Communications Committee considers the College’s fundraising and communications initiatives and its ongoing links with Old Members and champions of the College.
The Equality, Diversity and Inclusion Committee considers and recommends policies to deliver on the College’s commitment to be pro-active in eliminating discrimination and creating a diverse, inclusive culture that promotes equality.

The frequency of these governance meetings of the Governing Body and committees is amended from time to time according to circumstances, with extraordinary meetings of Governing Body and the relevant committee called when needed, to address urgent matters.

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 Development, Communications and Alumni Relations Office, and operating under the oversight of the relevant committee.

In addition to the six main committees meeting through the year, the College relies on a number of committees that consider particular aspects of the College operation. These committees include external members to work alongside Fellows who attend and contribute from time to time. The purpose and current membership are:

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2024

The Remuneration Committee reports to the Governing Body, but may consult the Finance Committee, and makes recommendations concerning main salary scales and other matters relating to the remuneration of employed persons who may also be trustees. The external members are currently Helen Morton (chair), Michael Harloe, Hugh Blaza, Andrew Reid and Kevin Bailey.
The Audit Committee reports to the Governing Body, meets termly, and its duties include monitoring the effectiveness of the College’s internal management controls and risk management systems. It is free to probe any activity, risk or opportunity with a College-level risk management perspective. It supports trustees with views on internal and external risks to the College achieving its objectives. The Audit Committee performs an assurance function to support the Trustees alongside the College’s Auditors – Crowe U.K. LLP – whose role is statutory. The Committee critically reviews the annual report and financial statements. The Committee also interrogates College management responses to the risks facing the College as it delivers its purpose and may engage in deeper enquiries in order to provide independent assurance to the Governing Body. The members of the Audit Committee are currently Andrew Ker (Chair), Peter Howell and John Morton, and independent external members Gilly Lord and Andrew Ashton.
The Investment Committee reports to the Governing Body and considers the College’s investment strategy for its endowment assets, making recommendations for its implementation, and reviews the performance of those investment assets. The Committee includes seven expert external members John Authers, Tim del Nevo, Gavin Ralston, James Anderson, Charles Mason, Ross Owen and Kevin Grassby.
The Oversight Committee reports to the Governing Body and is focused exclusively on the governance matters arising from the ‘Univ North’ Development Project. It operates with a delegation of authority from the Governing Body to approve project-related matters within specified financial limits. The Committee meets six times per year. It is chaired by the Master with the Finance Bursar, Justin Benesch, Catherine Holmes, John Wheater, Adam Smith and Lea Rees as members[2] .
The Health and Safety Committee reports to General Purposes Committee, reviews health and safety issues and includes representation from all areas of the College.

Structure and relationships

The College, though autonomous, is a member of the collegiate University of Oxford. Interdependencies between the University and the College arise as a consequence of this relationship, which are related to the College’s delivery of its objects, such as Public Examination of its members and award of degrees, and in particular employment arrangements of its Professorial staff who may well be simultaneously employed in part by the University of Oxford as well as the College. To support the funding of these academic employees, the College administers many special trusts, as detailed in Notes 16 and 17 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:

Provide lectures, teaching facilities and high-quality individual or small group tuition and supervision to its students, who are selected on a financial-needs-blind basis according to academic merit alone;
Provide public liturgy, pastoral and academic support, and library facilities, and

2 The Oversight Committee is supported in timely governance of the Univ North project by a Project Board chaired by the Finance Bursar, in his capacity as Project Director, Andrew Gregory, Andrew Bell, Richard Ashdowne, Michael Barnes, Angela Unsworth (until 26/10/24), Nicholas French, Huw Davies, and Shane Pledge.

UNIVERSITY COLLEGE Report of the Governing Body

Year ended 31 July 2024

Advance research by providing grants to postgraduate research students, research fellowships to outstanding academics at the early stages of their careers and sabbatical leave to established academics to carry out research.

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:

i. To continue to develop and enhance the quality of our tutorial provision in order to support the academic experience and success of our undergraduate students;
ii. To continue to enhance the wellbeing and success of our undergraduate and graduate students through the provision of professional pastoral and welfare support;
iii. To continue to monitor and refine our methods of selecting undergraduate students to ensure fairness in order that those who are admitted are those who are expected to benefit from the academic environment of the collegiate University;
iv. To continue to collaborate with the University’s academic departments in selecting graduate students so that those who are admitted are those who are expected to benefit from the academic environment of the collegiate University;
v. To advance research through the appointing of outstanding early-career academics to Junior Research Fellowships, the appointing of sector-leading senior academics to Tutorial and Professorial Fellowships, and by facilitating the research activities of those Fellows of the College through the provision of sabbatical and research leave, and research funding;
vi. To continue to provide, and enhance the availability of bursaries to undergraduate students of limited financial means;
vii. To develop further our academic transition support programme to facilitate the transition from secondary to tertiary education, and to help in particular those from educationally disadvantaged backgrounds;
viii. To strengthen our links with the secondary education sector and to increase our efforts to attract applications from academically outstanding students through our ambitious schools liaison activities;
ix. To continue a targeted programme of access and recruitment activities which are focused on ensuring that students from disadvantaged and under-represented backgrounds are encouraged to apply to study at the College and enabled to succeed here;
x. To continue our efforts to attract the most outstanding graduate students and to provide fully funded studentships for as many of them as possible.
xi. To support the achievement of the above objectives through the provision of non-academic support services for the resident and non-resident community of the College.

ACHIEVEMENT AND PERFORMANCE

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

Degrees Awarded	2023-24	2022-23
Undergraduate	123	121
1st & Upper 2ndClass	87.8%	90.9%
Taught Graduate	28	37
Research Graduate	31	39

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2024

The total of scholarships, prizes, grants, bursaries and hardship awards in 2024 was £1,761k (2023: £1,672k) including Oxford Bursary payments (Note 6). In addition, further awards totaling £124k (2023: £138k) were made by the Univ. Old Members’ Trust to students of the College.

The College’s Beacon Programme continues to make available bursaries, internships and research opportunities to undergraduate and graduate students who come from defined under-represented backgrounds. Two graduate Beacon scholars were appointed to begin their doctoral studies in October 2023, along with eight undergraduate Beacon scholars.

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

% Receiving Awards	2023-24	2022-23
Graduates*	47%	53%
Undergraduates*	25%	23%

*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 5.3% in 2019-20 (Higher Education Statistics Agency (“HESA”) Non-continuation following year of entry 2019-20, which is the latest data available.

	2023-24	2022-23
% of Undergraduates that do not continue their course after the first year	0.9%	0.9%

Schools liaison and access work has continued through a range of online and in-person modes, and 34 major events took place during the year, including two major study days, an additional online study day for BAME students, and inbound and outbound schools visits. The College worked with approximately 2,500 students over the year and hosted an additional 2,200 students at its Open Days.

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

Research is a duty of all academic Fellows. The College supports research by granting sabbatical 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 up to ten Junior Research Fellows as early-career researchers. The College appointed two Junior Research Fellows in October 2023 under the auspices of the Univ Beacon Programme, that supports outstanding emerging scholars coming from backgrounds under-represented at Oxford.

The College also specifically allocated £111k (2023: £92k) 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 returns for the College in a manner that aligns with the College’s values so that it may support greater delivery of its charitable objects than might have been possible otherwise.

The College’s endowment and other investments are deployed in commercial property, financial assets and fixed income assets with the aim of generating optimum total returns, i.e., annual income and capital growth. In addition, the College performs a measure of self-help in that it offers hospitality and accommodation services for educational

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2024

conferencing and summer schools for additional income, as well as bearing down on costs to make its finite resources go further.

The College’s investment objectives are to:

Support funding of current spending at sustainable levels with an unchanged, real long-term drawing rate of 3.5% of the invested assets, and
Make sufficient additional excess returns to help fund capital investments across the College’s functional estates for the betterment of its junior members.
Deliver the above objectives in a manner that comports with its ethical and social values.

The College’s investments comprise a diverse range of assets and classes, with a view to producing returns for the College at a risk that is acceptable to the College trustees. Our investment policy is not based on the exclusion of particular types of investments, except for hedge funds, but does reflect the College's overall vigilance that its actions should be ethically sound, and that its actions reflect as best it can current and prospective environmental and governance awareness. Its investments include funds that are actively considered through an ESG lens, and junior member have been engaged in asset selections.

The investment management, strategy and policy has benefitted from the professional input of a number of independent external advisers as members of its Investment Committee. There has also been continuing review by an Investment Management Review Group (IMRG), chaired by the Vice-Master, and constituted to guide the management process over the College’s assets. For example, the College now has a dedicated Property Investment Manager (first appointed in 2021) and a strengthened Investment Committee with further independent members with relevant specialist experience to respond to the challenges of the post-pandemic period and positioning to maximise total returns over the long term. The IMRG has evolved into an Ethical Investment Working Group who will provide trustee guidance on the portfolios attributes.

Net income from the investment portfolio (after provision for doubtful debts) was £7.5m (2023: £6.5m). The total provision made against the tenanted rental debtor balance at 31 July 2024 is £0.59m (2023: £0.70m). The falling provision for bad debt arises from effective cooperation with tenants and a strengthening recovery of commercial properties from the pandemic.

At the year end, the College’s long-term investments, combining the securities and property investments, totalled £219.7m (2023: £208.6m). The total return of the investment portfolio (capital appreciation plus investment income less attributable costs) was 11.0% (2023: 2.7%) calculated as follows:

less attributable costs)was11.0% (2023: 2.7%) calculated as follo	ws:
	2024 £000	2023 £000
Investment Gains/(Losses): Property	3,776	(2,278)	Note 9
Investment Gains: Other investments	8,893	1,176	Note 10
Investment Income	7,484	6,483	Note 3
Less Investment Management Costs	(1,161)	(1,074)	SOFA
Less Interest on Bond & Senior Note	(1,480)	(1,480)	SOFA
Return (“A”)	17,512	2,827
As a % of Opening Investment Assets:
Property Investments	80,750	82,388	Note 9
Other Investments	127,875	124,504	Note 10
Less Bond Liability	(49,400)	(49,400)	Note 15
Total Investment Assets (“B”)	159,225	157,492
Investment Return % (“A”/”B”)	11.0%	1.8%

UNIVERSITY COLLEGE Report of the Governing Body

Year ended 31 July 2024

Operations

The College’s total expenditures rose to £(18.5)m (2023: £(16.3)m). The drivers working in the year operated in opposite directions as continued inflationary increase in wages and salaries were offset by decreases in the liabilities under the USS and OSPS pension funds’ deficit recovery plans (Note 20). A total of £2.7m was released as a credit to the SOFA in the year (2023: £0.9m).

Conference and out-of-term summer school income fell slightly to £0.9m of income (2023: £1.2m).

Despite inflationary pressures and the recovery in property income that has stretched over four years, 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, including the major contractual commitment to the ‘Univ North’ capital programme, have all been paid as they fell due.

Univ North and Capital Projects

The College has made considerable, high-quality progress on the construction of the ‘Univ North’ scheme. Univ North is the new-build student residence and associated facilities at its Staverton Road Annexe site in north Oxford. The site now stretches from Woodstock Road to Banbury Road sitting to the north of the rear gardens of Rawlinson Road. This phase of construction comprises five new buildings and two renovations. The practical completion of the first four buildings is expected in the first half of calendar year 2025 and will be occupied later in the year. Phase 1 will deliver over 120 new student bedrooms and a nursery for the offspring of the College’s academic members and staff, as well as those of Oxford University.

Univ North will enhance the College’s accommodation offer to students. Importantly, the expanded premises will permit each year group to be co-located in its entirety – first years and third years in the College’s High Street site and, for the first time, the whole of the second year at Univ North. The capital programme thus transforms a residential satellite into a genuinely complementary site to that on the High Street. This is expected to further support both students and the College’s academic delivery.

The College’s wholly owned design and build subsidiary, UnivDevCo Ltd., has managed the main construction contract. At financial year end, the forecast cost under SDC Builder’s Ltd main contract was £46.4 million plus additional provisions for supporting consultancy services, fixtures, fittings and furniture to enable operations to commence in 2025 (see Note 28).

Univ North project represents the College’s largest increase in functional premises in over three centuries. The focus has been on working to mitigate against the consequences of disrupted construction supply chains and rising costs arising from the pandemic, as well as sensitively installing the buildings in a tree-laden Victorian suburb Conservation Area with landscaped grounds. The first building planned to open at Univ North is the Nursery in Spring 2025, and the first undergraduate and postgraduate students will take occupancy in Univ North student accommodation in Michaelmas Term 2025.

The project has been enabled through some £50 million of new funds provided to supplement the £13 million which the College had already invested in establishing the project. The new funds comprise some £24 million of donations and about £26 million from an innovative structured funding through the generous assistance of an anchor Old Member donor. These latter incoming monies, pledged under the dedicated structured funding agreement, have been paid in tranches following an agreed payment schedule. USD 22 million has been received to date out of a total of USD 35 million. In the year £3.5m was credited as gift income to the SOFA (2023: £1.3m). On each receipt, the College recalculates and records the liability arising from the commitment to distribute a proportion of the cash receipts, net of costs, from Univ North. In the year £(3.6)m was debited to the SOFA as the fair value adjustment to the liability (2023: £0.9m credit).

As well as maintaining and enhancing its wider functional estate, a total of £0.2m (2023: £0.4m) was spent on capital projects (see Note 8).

£0.9m so far has been invested in derelict buildings on the College’s Linton-on-Ouse estates in Yorkshire for improved rental income yield. The renovated buildings have been let out and are contributing enhanced rental returns. Various properties in Oxford have been similarly renovated for additional financial returns.

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2024

Development activity

The College has a long history of exceptional engagement from its community of alumni, friends and volunteers, who support and advise its professional services of development.

Over the past academic year, 1,263 (2023: 1,055) donors have supported University College by making a total of 6,583 gifts (2023: 5,881).

Donations recognised in the accounts total £7.2m (2023: £3.7m), with £0.04m (2023:£0.6m) raised as new pledges to be fulfilled in the year or in later years, together with in-year commitments made and paid. Over the past year, generous legacies from our alumni totalled over £0.57m (2022: £0.2m).

Following the years of intensive fundraising for the College’s large capital project, Univ North, and a period of consolidation, this year, the Development, Communications and Alumni Relations (DCAR) Office has been active in the planning and delivery of events to mark the College’s 775[th] anniversary in 2024. The anniversary celebrates Univ’s people, past and present, its long history and its aspirations for the future.

Two international alumni trips by the Master, Development Director and Deputy Development Director were undertaken, to Hong Kong and Singapore, and later, the US. Both of these visits were an opportunity to engage with University College’s Old Members – the first trip to Asia, post-pandemic – and to host events to celebrate 775. A highlight of the year was a Gala Dinner for alumni and their guests, held at the British Ambassadorial Residence in Washington DC.

The College also organised an event to encourage mass participation and raise funds for some of its ongoing areas of greatest need: Univ’s 775 Giving Day on 30 April-1 May 2024. Whilst primarily a digital communications event with a dedicated website, the DCAR team also hosted many activities in the College to bolster a sense of community and celebration. Old members, staff, and students were all encouraged to take part. The 775 Giving Day raised a total of £200,000 to benefit Student Support, Music at Univ, the Boat Club and the Area of Greatest Need (Annual Fund).

Building work at Univ North under the direction of the Governing Body and its Oversight Committee has continued apace since construction works started in February 2023. The DCAR Office has kept alumni and Univ North donors updated on progress through communications and monthly hard hat tours, open to all.

As part of the 775 anniversary which focuses on the College’s people, the DCAR Office has started the next phase of fundraising. Governing Body has tasked the team with raising funds to support the College’s endowment, and specifically, tutorial fellowships. With a history of raising funds for Graduate Scholarships, innovative Access initiatives, such as the Opportunity Programme and Beacon, and the ambitious capital project of Univ North, the College is now focusing on the heart of its academic mission: protecting teaching and the tutorial system.

As always, the DCAR Office remains fully accountable to Governing Body in its fundraising and operates under its direction. Termly meetings are held with Development and Communications Committee, chaired by the Master. Members of the DCAR team present their activity and income figures over the past period, as well as future plans. Committee members have an advisory role which can also be drawn on between Committee meetings. The minutes of these Committee meetings are included in subsequent Governing Body meetings, and available to the full Governing Body.

Fundraising activity at University College is conducted largely among its alumni community, although the College also has some non-alumni donors and friends. In addition to individual donors, the College is supported by some Trusts and Foundations, with whose objectives the College is aligned. University College has a Gift Acceptance Policy which is in place to uphold the mission and reputation of University College, its donors and supporters.

The College is registered with the Fundraising Regulator and follows its guidance in fundraising practice. The DCAR Office uses a fundraising database Raiser’s Edge NXT, to maintain contact details for alumni and donors. The College continues to work to maintain the integrity of its data and to ensure that lawful purpose and all evidence of consent, whenever it is required, is recorded along with documentation to support Gift Aid claims. The College’s compliance with GDPR regulations and the Charities (Protection and Social Investment) Act 2016 is central to the

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Report of the Governing Body

Year ended 31 July 2024

governance of its development activity. The College has had no complaints about its fundraising engagement processes in 2023-2024 (there were no complaints in 2022-2023).

Reserves Policy

The College’s reserves policy is to maintain sufficient free reserves to enable it to meet its short-term financial obligations, including the payments of interest on the bonds and Senior Note (see Note 15) even in the event of an unexpected revenue shortfall. This general operational reserve is a liquidity buffer comprising 3 months of operating expenditures and allows the College to be managed efficiently by providing assurance of uninterrupted services. The College’s free reserves as at 31 July 2024 were £4.1m (2023: £4.0m).

Total Funds

Total funds of the College at the year-end amounted to £256.0m (see Note 16) (2023: £238.5m) including endowment capital of £156.7m (2023: £146.1m) and unspent restricted income funds totalling £18.0m (2023: £16.7m) and unrestricted funds of £81.3m (2023: £75.7m). The unrestricted funds comprise £54.0m (2023: £54.5m) representing the book value of tangible fixed assets less associated funding arrangements, designated funds amounting to £22.3m (2023: £16.1m), a revaluation reserve of £0.9m (2023: £0.9m) and the College’s general reserve of £4.1m (2023: £4.0m).

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 the risks to the delivery of its objectives and purpose that are faced by the College. It has reviewed the processes in place for managing risk and identified the principal risks to which the College is exposed. While the senior officers own the risk management processes in their respective areas of accountability, the College is working to develop 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 College's approach to risk management, including thorough 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, including the funding of the Univ North development, are assessed by the Finance Committee and investment risks are monitored by the Investment Committee. Risks arising from common activity may be addressed by more than one committee. For example, Univ North project management risks fall under the aegis of the Oversight Committee, which has an explicit delegation of authority from the Governing Body and is constituted by a diversity of trustees to assure determinations of high integrity.

All College committees can be subject to review by the Audit Committee which reports directly to the Governing Body. Where capability issues are identified, training courses and other forms of personal career development are available to members of staff to enhance their skills in risk-related areas.

Over the year, senior officers and their teams have been engaged in a process to identify the key risks facing the College. These have been summarised at the College level as:

Financial Sustainability
Compliance with law and regulation
Collegiality, Community and Cohesion
Governance

Since the start of the last academic year, the Governing Body has considered an overview report from the Master looking at the changing context of higher education 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. Issues associated with environmental sustainability, the trans debate, increasing casualisation of some modes of employment in higher education, pensions, industrial action, the importance of a supporting early career academics, falling value of tuition

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Report of the Governing Body

Year ended 31 July 2024

fee, and recruitment/retention have all had an impact. In addition, the year has witnessed heightened attention by the College leadership to respond to the student response to freedom of speech, regional conflicts, climate change and investment matters.

Financial sustainability – 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.

To address the risk of loss, the College maintains an extensive suite of insurances against the unforeseen, and these are reviewed annually. The insurance regime remains under scrutiny due to the challenges of the insurance markets giving rise to more costly premia. Through the College’s management processes, senior officers and their teams identify and assess risk in order to decide on the right risk mitigation measures.

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 Moore ClearComm, with the current nominated lead being Meagan Mirza. A GDPR audit has been completed post year-end and before signing this Report.

Collegiality, Community and Cohesion –the operational risk to collegiality and community from the Covid-19 pandemic and its aftermath now appears to have abated and there has been no lasting impact on the College’s higher educational activities. The College’s business continuity plans, developed previously as risk management in readiness, are maintained to assure full and effective operation should they be needed.

Nevertheless, in the academic year, the College had cause to signal four reports of serious incidents to the Charity Commission. All were related to the health and well-being of junior members and were dealt with comprehensively by the College. The four incidents were unrelated and the trustees, while saddened by the events, found no systemic causes.

Governance – the College governance arrangements ensure the smooth running of the College and timely decision making. The Governing Body 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 determinations and recommendations back to the Governing Body 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 trustee training and constant attention to conflicts of interest, annual registration of interests and related party matters.

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.

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 project or change in direction arising from a new initiative. These new risks may therefore emerge and persist for several periods, before it is either managed away, the impact of the risk event declines, or occasionally, the risk becomes enduring. This evolution reflects the dynamic nature of risk management. All external pressures, new legislation and similar, are monitored and those that require attention and potentially deeper management action, are acted upon with management controls or interventions documented.

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Report of the Governing Body

Year ended 31 July 2024

Financial Sustainability

	Risk	Potential Impact	Management
Financial Management and Sustainability	Loss of income from changes in student financing, research support, or other commercial returns from our endowment assets. Threat to student and staff experience Retention of staff.	Inability to fund core activities. Deterioration of College’s endowment.	Engage with Oxford 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 to guide investment plans. Ensure that College- wide financial management receives scrutiny and challenge. An operational general reserve is maintained to cover 3-month fund demand through normal cycles. This is underpinned by maintaining appropriate liquidity within our invested assets to allow them to be drawn on quickly to cover any existential risk. The College continues to bear down on expenditure following a detailed review of operational income and expenditure by a Financial Sustainability Working Group and the Trustees to focus on sustainable expenditure.
Financial – Univ North	The expansion of the College’s north Oxford site with a significant 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 continues to be subject to overarching risk review in addition to the project’s own rigorous project risk management process The Univ North project continues to be a standing agenda item for all Governing Body meetings with governance arrangements augmented by the Oversight Committee, chaired by the Master, and a Project Board chaired by the Finance Bursar. The Finance Committee and Univ North Working Party continue to interrogate certain aspects of the project in support of the above governance arrangements. While the project risks are falling, issues at period-end include the challenges executing an acceptable sustainability / decarbonisation brief; cost efficient delivery against the unfixed, provisional scope and compliance with increasing regulatory demands, including sign- off of Building Control matters, and inflationary pressures on incremental scope.
Staff Pensions	Failure to retain top quality academic staff as regulatory requirement to recover the Defined Benefit pension deficit	Liability arises from a higher employer’s contribution and potentially a need to ‘make-up’ the loss from reduced pension benefits.	The risk of strike action and deepening staff discontent has fallen considerably over the year due to two major factors. Firstly, USS trustees have recognised the recovery in asset valuations since the 2020 collapse. Secondly, the Oxford University ‘Pay and Condition 2024’ review has prompted an incrementation of salaries with effect from 1 August 2024. Employee engagement continues and close

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2024

	Risk	Potential Impact	Management
	risks pension benefits.	Industrial action by academics.	monitoring remains appropriate given limited influence on USS trustees and the inflationary backdrop continues to bear on living costs for staff.

Collegiality, Community and Cohesion

Title	Risk	Potential Impact	Management
Students	Failure to attract, recruit and admit sufficient appropriate students.	Loss of status as an elite academic institution; loss of academics and income leading to decline.	Maintain numbers through realistic over- offering, and participation in Open Offer schemes. Adhere to the University’s common admissions framework. Participate in “Opportunity Oxford”, to deepen widening participation and thereby tap into the nation’s wider talent pool. Ongoing implementation of the Beacon Programme to grow inclusivity across the College.
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.
Students	Substandard support for students with disabilities, who may also be vulnerable or otherwise disadvantaged. Deterioration of welfare support generally.	Failure of affected students to progress satisfactorily.	The Equality, Diversity, and Inclusion Committee with the Student Disability and Welfare Advisor provides the leadership for this risk. The College works closely with the University’s Disability Advisory Service. College is also pursuing a multi-year Accessibility budget to invest in improvements to our functional premises. Recognition that different processes apply for mental well-being.
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.
Support Staff	Failure to recruit and retain capable teams of support staff for domestic operations	Disrupted services for all members of the College.	Optimise 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 against a service offer tailored to needs.
Health and Safety, including safeguarding.	Risk of avoidable injury and harm to individuals.	Harm to member(s) of College. Loss of licence to operate, with close	This risk is controlled through clear H&S policy, setting expectations of conduct on all activities including hazardous ones, e.g., working at height while servicing buildings; welfareprocesses foryoung people in

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2024

Title	Risk	Potential Impact	Management
	Failure to discharge full duty of care with consequences to individuals’ physical and/ or mental wellbeing.	attention by regulatory authority. A monitored remediation plan installed with possible fines and grave reputational damage.	College, and keeping members safe through unforeseen events. Fire safety and H&S reviews assessed at least annually and on any change of operation. College operations subject to monitoring and scrutiny through independent audit.

Governance

Title	Risk	Potential Impact	Management
Compliance Internal Control External – Information and IT Provision External – Sustainability	Non-compliance with statutory requirements, including Charity Act; financial reporting requirements; UK GDPR; Health & Safety, and similar	Charges and fines arising from unlawful acts, e.g., distribution of sensitive personal data, rising to criminal charges for fraud, or overt scrutiny by Charity Commission	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 maintained. Data breach reporting has been robust, with a culture of open reporting. Constant attention is paid to this. Statutory reporting, UK GDPR compliance and similar are subject to regular independent audit. The main focus of our risk management is on third parties and agents who may be processing College personal data or acting on our behalf.
	Gaps and lapses in our internal control framework expose College to fraud	Loss of funds, property and licence to operate	Dedicated Financial Controller appointed to lead implementation of College-wide improvements in financial and process control. End-to-end process maps have been progressed and improvements implemented for purchase-to-pay and payroll processes under the aegis of the Audit and Finance Committees.
	Physical damage to IT equipment and/or virus/ malware attack leading to loss of confidence. 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 threat. Multi-factor authorisation being implemented across all functional aspects of the IT provision
	Failure to make visible	The College’s control of the	A multi-year carbon reduction programme has beenprogressed under the direction of

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2024

Title	Risk	Potential Impact	Management
challenge and ESG/Ethical Investing expectations	progress on ESG expectations across all activities, giving rise to reputational risk.	agenda declines, reducing credibility with external stakeholders, students and Old Members.	the Premises Committee with a new 8-year programme of heat decarbonisation initiatives. The Univ North project is landscape-led and a fabric-first, high thermal efficiency development scheme which has been subject to further works to identify and implement additional decarbonisation opportunities and progress delivery of biodiversity goals. These have come at a price for both capital and operational cost. Social enhancement is now under the direction of a dedicated Equality, Diversity and Inclusion Committee. A working group has been constituted to progress a College position on Ethical Investing with wide stakeholder input.

FUTURE PLANS

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

i. to strengthen the intellectual environment in which our undergraduate and graduate students are educated and continue to put in place measures for improving the performance of our undergraduates in public examinations;
ii. to promote the exceptional quality of the education offered to our undergraduates with a view to attracting the best students from all sectors, including those from under-represented backgrounds;
iii. to maintain its support to admitting more undergraduate applicants from the most disadvantaged backgrounds, taking account of new University initiatives;
iv. to provide excellent welfare and disability support to our students, with a view to helping them achieve their full intellectual and educational capacity;
v. to continue to provide means-tested bursaries to students from disadvantaged backgrounds, and to provide bridging support to those from educationally disadvantaged backgrounds who may be in need of it;
vi. to continue to fundraise to ensure that our graduate scholarships are fully funded, and to compete in an international market for the most outstanding graduate students, and to incentivize applications from students from under-represented backgrounds through the provision of new targeted grants.
vii. to continue to support the research of our Fellows;
viii. to continue to support research and teaching posts for early career academics, and
ix. the development of Univ North to enhance the College’s offer to its students, staff and Fellows to continue to build an inclusive culture within the College to maximise the contribution made by students, Fellows and staff.

UNIVERSITY COLLEGE Report of the Governing Body Yèar ended 31 July 2024 TRUSTEES, RESPONSIBILITIES STATEMENT The trustees are responsible for preparing the Report of the Goveming Body and the financial statetllenls in accordan with applicable law and regulations. Gharity law reqUIS the trustees lo prepare finan¢ial statements for each financial year. Under that law the Goveming Body have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl, including Financial Reporting Standard 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 1021- The Iruslees musl not approv8 th8 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 ststemenls. the trLislees are reqUId to.. sele¢t suitsble accounting policies and then apply them consistendy., make judgments and aocounling estimates that ar¢ reasonable and prLJdent-, state whether applicable UK Ac¢ounting Stsndards have been followed. Subject to any materlal departures disclosed and explained in the financial slalemenls., prepare the financial statements on the golng concern basis unless it is Inappropriate to presume that the College will continue in bLJsiness. The Iruslees are responsible for keeping adequate acwunling records that are sufficierrt lo show and explain the charity's transactions and disclose wth reasonable ac¢uracy at any time the finznGial position ol the charity and enable them to ensure that the financial statements ¢omply with the Charitltrs Ad 2011. the Charity (Accounts and Reportsl Regulations and the provisions of the College's statutes. They are also responsible for safeguarding the assets of th9 Gharity and hen for taking reasonable steps for the prevention and detection of fraud and okner irregularities. Approved by the Governing Body on 4 December 2024 and signed on ils behalf by.. Right Honourable Baroness Valerie Amo Master CHPC 20

Independent auditor’s report to the trustees of University College

Year ended 31 July 2024

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 2024, which comprise:

the Group Statement of Financial Activities for the year ended 31 July 2024;
the Group and Parent Charity Balance Sheets as at 31 July 2024;
the Group Cash Flow Statement for the year then ended; and
the notes to the financial statements, including significant accounting policies.

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

In our opinion the financial statements:

give a true and fair view of the state of the Group’s and of the Parent Charity's affairs as at 31 July 2024 and of the Group’s incoming resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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:

considering the cash position of the Charity along with current facilities available; and
reviewing the cash expenditure model provided by management and challenging the assumptions made, including the funding for the ongoing capital work and the liquidity of investment holdings.

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.

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 £4.4m (2023: £4.2m), based on 2% of total investments. In addition, we determined a lower materiality

Independent auditor’s report to the trustees of University College

Year ended 31 July 2024

level applicable for particular classes of transactions, account balances or disclosures. This has been set at £0.5m (2023: £0.4m) which represents approximately 2% of income, and is applied to transactions and all account balances with the exception of fixed asset investments. Materiality for the Parent Charity financial statements as a whole was set at £4.390m (2023: £4.165m) based on 2% of total investments.

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 all balances and transactions other than investments was £285k (2023: £265k) whilst £2.1m was used for investments (2023: £2.0m) for the Group and College.

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 £23.5k (2023: £18.5k). 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.

*Key audit matter*	*How the scope of our audit addressed the key audit*	*How the scope of our audit addressed the key audit*
	*matter*
Investment property (Note 9)
The College has a significant property	Through our work we:
portfolio, with a carrying value of £84.8m, which is classified as Investment		Ensured revaluations had been accounted for and
property for financial reporting purposes		disclosed correctly;
and carried at fair value in accordance with Financial Reporting Standard 102.		Considered post year-end events which might affect valuations; and
The valuation of property required significant judgement and estimates by management and the external valuers.		Tested how the valuers had made the estimate and the data on which it is based by:
Any input inaccuracies or unreasonable bases used in these judgements could result in a material misstatement of the		o Agreeing to the valuation prepared by the property expert;
Statement of Financial Activities and		o Checking the qualifications of the expert and
Balance Sheet.		confirming their independence;
There is also a risk that management		o Checking the valuation is prepared in accordance
may bias the significant judgements and		with professional standards;
estimates in respect of property valuations in order to influence property valuation		o Checking all relevant properties have been included within the valuation;

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.

Independent auditor’s report to the trustees of University College

Year ended 31 July 2024

Key audit matter How the scope of our audit addressed the key audit matter o Challenging the assumptions used within property valuations and
o Considering management’s conclusions surrounding potential indicators of impairment on properties not revalued in the period.
Our testing did not identify any material misstatements in the valuation of investment properties.

Accounting for the Al Duca financing arrangement (Note 15)

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.

At 31 July 2024 the asset of £17.9m held by the College represents the total cash received to date, with a financial liability of £15.0m. Gift income and finance credit of £3.6m and £3.6m respectively have been recognised in respect of the year to 31 July 2024.

Through our work we:

Confirmed the conclusions reached by management for the accounting treatment for the financing arrangement through review of the signed agreement.
Checked the numerical accuracy of the Financial Model prepared by management.
Agreed the Financial Model included the key terms of the signed financing agreements.
Assessed the appropriateness and challenged the assumptions and key judgements made by management in respect of the discount rate and Financial Model.
Assessed the appropriateness of the disclosures in the Group financial statements in relation to the financial arrangement.

Our testing did not identify any material misstatements in this arrangement.

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.

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.

Independent auditor’s report to the trustees of University College

Year ended 31 July 2024

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:

the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records ; or
we have not received all the information and explanations we require for our audit

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.

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.

Independent auditor’s report to the trustees of University College

Year ended 31 July 2024

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the accounting for the Al Duca financing arrangement, investments (including investment property), the College’s pension liability and the timing of recognition of donations and legacies income and the override of controls by management. Our audit procedures to respond to risks associated with the Al Duca financing arrangement and investment property is outlined above, our work on 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 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 non-compliance 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 non-audit 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

London

Date 11 December 2024

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.

UNIVERSITY COLLEGE Statement of Accounting Policies

Year ended 31 July 2024

STATEMENT OF ACCOUNTING 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 2024 were £10.7m (2023: £10.6m). Its incoming resources for the year then ended were £269k (2023: £461k) and it contributed £176k (2023: £161k) 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 considered the cash requirements for a period of 12 months from the date of authorization of issue of the financial statements and have a high expectation that the College has adequate resources to continue in operational existence for the foreseeable future. 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 trustee-administered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual Colleges and schemewide 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) that determine how each employer within the

UNIVERSITY COLLEGE Statement of Accounting Policies Year ended 31 July 2024

schemes will fund the overall deficit, the college recognised 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 1 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 and continues to trade. Intragroup 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.

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.

UNIVERSITY COLLEGE

Statement of Accounting Policies

Year ended 31 July 2024

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

Donations, grants and legacies ~~w~~ hich 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 ex-dividend 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.

6) 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.

7) 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.

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.

8) 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).

UNIVERSITY COLLEGE

Statement of Accounting Policies

Year ended 31 July 2024

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 recognised.

Where a part of a building or equipment is replaced and the costs recognised, the carrying value of those parts replaced is recognised 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.

9) 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.

10) 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 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.

11) 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.

UNIVERSITY COLLEGE Statement of Accounting Policies

Year ended 31 July 2024

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 1 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 was in April 2022. With each subsequent receipt the College recalculates 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.

12) Stock

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

13) Foreign currencies

The functional and presentation currency of the College and its subsidiary 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.

UNIVERSITY COLLEGE Statement of Accounting Policies Year ended 31 July 2024

14) 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.

15) 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.

University College

Consolidated Statement of Financial Activities

For the year ended 31 July 2024

Unrestricted Funds £'000 8,565 4,842 1,706 - 52	Restricted Funds £'000 79 1,407 110 4,668 -	Endowed Funds £'000 - 943 5,668 (4,668) -	2024 Total £'000 8,644 7,192 7,484 - 52	2023 Total £'000 8,288 3,670 6,483 - 26
15,165 10,032 780 215 1,480	6,264 5,088 - 14 -	1,943 - - 932 -	23,372 15,120 780 1,161 1,480	18,467 12,838
				896 1,074 1,480
12,507	5,102	932	18,541	16,288
2,658	1,162	1,011	4,831	2,179
2,885	185	9,599	12,669	(1,102)
5,543	1,347	10,610	17,500	1,077
(21) -	36 -	(15) -	- -	- -
5,522 75,755	1,383 16,648	10,595 146,084	17,500 238,487	1,077 237,410
81,277	18,031	156,679	255,987	238,487

Unlversity Colleg ConsolidalEd and College Balance Sheet5 As at 31 July 2024 Charity No. 1141259 2024 Group 2023 Group £'ooo 2024 2023 Cc4iege £'ooo Notis £'DOQ HXED ASSETS Tangiwe Pioperty Inve$irnerts olriVestMents 81.353 84.822 I3492 04.735 80,750 64,736 8Q,75Q 127,875 84,822 134,892 10 Tatsl Flxgd Assgts 301,067 273.361 CVRRENfASSETS Stocks 70 74 4.904 23.408 70 3,979 22,137 74 7,236 23,270 Cash al bafftka In hand 22.93a Totsl ¢urrnntAssgts 26,457 28,388 26.186 30.560 LIABILrriES Cieditois". AMOu$t*1119 duewithin on&yBar S.917 7,401 8.282 NET CURRENT ASSETS 19.342 22,469 18.Y$fj 22.29B TOTALASSETS LES5 CVRRBNT UABIUTIES 320OOY 395.830 319052 295.659 CREDITORS.. lalllng du•aftgr morgthHn ong y•HT 64A21 $4.616 A21 54.616 NET ASSEIts BEFORE PFNSION ASSETOR LIABILITY 255,987 255.431 241.043 DEfined bEnefilpoasion sch4rn• liabll 20 2.727 2.727 TOTAL NET ASSETS 255,987 238.417 255.431 238.316 FUNDS OF THE COLLEGE EnOoWmentfn1Is 155,679 156,679 14fj,Q84 16,031 16,648 16,648 UnTr$triCtsd lund 75.743 4,fj1Q 924 70.660 7S,743 054 70,660 4,000 924 Rfrwaluabon r1 Pen$ioD re$gPI 924 io 255.987 238.487 2SS,431 23t.316 ThtfineThc4al £taiemeAts were appm%Yd andauihorisd tori55UE tythe Verlg 8yo[V1V8r5nyc0w0ge or 4 Oecember2024. Tlustee Right FknnouraNe Barones5Veric ArnosCH PC {']- Tte@ Di Alldrwwl Giant 33

University College Consolidated Statement of Cash Flows

For the year ended 31 July 2024

Notes Net cash used in operating activities 24 Cash flows from investing activities Dividends, interest and rents from investments Investment management expenses Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments Net cash used 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	2024 £'000 (491)	2023 £'000 (169)
	7,484 (1,161) (17,385) 10,516 (30,736)	6,483 (1,074) (6,023) 16,191 (18,033)
	(31,282)	(2,456)
	(1,480) 9,739 943	(1,480) 4,101 703
	9,202	3,324

	(22,571)	699
	45,211 293	44,710 (198)
	22,933	45,211

University College Notes to the financial statements For the year ended 31 July 2024

1 INCOME FROM CHARITABLE ACTIVITIES Teaching, Research and Residential Unrestricted funds Tuition fees - UK Tuition fees - Overseas students Other OfS support Other academic income College residential income Restricted funds Other academic income Total Teaching, Research and Residential Income	2024 £'000 1,732 1,770 262 37 4,764	2023 £'000 1,770 1,468 280 40 4,460
	8,565	8,018
	79	270
	8,644	8,288

The above analysis includes £3,765k received from Oxford University from publicly accountable funds under the CFF Scheme (2023: £3,158k).

2 DONATIONS AND LEGACIES

Donations and Legacies Unrestricted funds Restricted funds Endowed funds 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	2024 £'000 4,842 1,407 943	2023 £'000 1,786 1,181 703
	7,192	3,670
	2024 £'000 26 1,148 62 140 141 189	2023 £'000 24 1,072 45 111 153 331
	1,706	1,736
	4 45 11 13 37	4 46 9 11 10
	110	80
	161 2,864 464 589 1,355 235	146 2,829 271 494 505 422
	5,668	4,667

	7,484	6,483

3 INVESTMENT INCOME

Following the adoption of a total return policy with effect from 1st August 2020 investment income is classified as arising within the endowment funds (as opposed to within the restricted funds associated with the respective endowments).

University College Notes to the financial statements For the year ended 31 July 2024

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 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	2024 £'000 5,779 5,661 3,680	2023 £'000 5,342 6,751 745
	15,120	12,838
	2024 £'000 547 303 235 1,480 (70) 925	2023 £'000 481 284 193 1,480 131 881
	3,420	3,450

	18,540	16,288

The 2023 resources expended of £16,288k represented £9,145k from unrestricted funds, £6,192k from restricted funds and £9,51k from endowed funds.

The teaching and research costs include College Contribution paid of £153k (2023:£146k).

5 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Financial administration Domestic administration Human resources IT Depreciation Finance charge on Al Duca funding Investment management Other finance charges Governance costs	Generating Funds £'000 392 49 - 8 - - 733 (403) 76	Teaching and Research £'000 746 443 145 150 768 3,633 - (2,286) 81	2024 Total £'000 1,138 492 145 158 768 3,633 733 (2,689) 157
	855	3,680	4,535

Financial administration Domestic administration Human resources IT Depreciation Loss on sale of fixed assets Finance credit on Al Duca funding Investment management Other finance charges Governance costs	Generating Funds £'000 344 44 - 9 - - - 659 (126) 82	Teaching and Research £'000 644 394 126 165 839 163 (954) - (714) 82	2023 Total £'000 988 438 126 174 839 163 (954) 659 (840) 164
	1,012	745	1,757

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	2024 £'000 59 1 97	2023 £'000 74 - 90
	157	164

University College Notes to the financial statements For the year ended 31 July 2024

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	2024 £'000 28 -	2023 £'000 254 36
	28	290
	1,335 398	1,000 382
	1,733	1,382

	1,761	1,672

6 GRANTS AND AWARDS

Within the total grants and awards figure of £1,763k above, is the cost to the College of the Oxford Bursary scheme of £72k (2023:£74k ). Students of this college received £39k (2023: £73k).

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.

STAFF COSTS

The aggregate staff costs for the year were as follows. Salaries and wages Social security costs Pension costs: Defined benefit schemes Decrease in Pension deficit recovery plan liability (See Note 20) Other benefits Termination payments of £26,398 were paid to two members of staff during the year (2023: £1,713). 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	2024 £'000 6,312 572 884 (2,726) 262	2023 £'000 5,539 548 991 (880) 285
	5,304	6,483
	2024 51 105 12 18	2023 47 94 11 18
	186	170
	22 9 5 6	22 7 10 6
	42	45

University College Notes to the financial statements For the year ended 31 July 2024

9 PROPERTY INVESTMENTS

7 STAFF COSTS (CONTINUED)

2024 £60,001-£70,000 1 £70,001-£80,000 1 £110,001-£120,000 - 2 The number of the above employees with retirement benefits accruing was as follows: In defined benefits schemes 2 The number of employees (not covered in Note 19) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fel following bands was: The following information relates to the employees of the College excluding the College Trustees. Details of the remuneration and reimbursed expenses Trustees is included as a separate note in these financial statements.	2024 £60,001-£70,000 1 £70,001-£80,000 1 £110,001-£120,000 - 2 The number of the above employees with retirement benefits accruing was as follows: In defined benefits schemes 2 The number of employees (not covered in Note 19) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fel following bands was: The following information relates to the employees of the College excluding the College Trustees. Details of the remuneration and reimbursed expenses Trustees is included as a separate note in these financial statements.	2023 1 1 1 l within the of the College
	2 2	3 2

8 TANGIBLE FIXED ASSETS

£'000 13,671 16,752 - Assets under construction	General £'000 59,115 181 - Land and Buildings:	Fixtures, fittings and equipment £'000 2,644 452 -	Total £'000 75,430 17,385 -
30,423	59,296	3,096	92,815
- - -	8,220 689 -	2,474 79 -	10,694 768 -
-	8,909	2,553	11,462
30,423	50,387	543	81,353
13,671	50,895	170	64,736

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.

Valuation at start of year Additions and improvements at cost Transfers Revaluation gains/(losses) in the year Valuation at end of year	Agricultural £'000 13,748 * - (4,505) -	Commercial £'000 67,002 * 296 4,505 3,776	2024 Total £'000 80,750 296 - 3,776	2023 Total £'000 82,388 640 - (2,278)
	9,243	75,579	84,822	80,750

Restated split between Agricultural and Commercial valuations broughtforward ( Previously Agricultural £13,108k, Commercial £67,642k).

Estates land and property valuations as at 31 July 2024 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.

University College Notes to the financial statements For the year ended 31 July 2024

10 OTHER INVESTMENTS

Held outside the UK £'000 28,774 31,609 - 14,830 5,953 -	Held in the UK £'000 16,926 4,841 16,748 11,379 3,832 -	2024 Total £'000 45,700 36,450 16,748 26,209 9,785 -	Held outside the UK £'000 24,906 28,254 - 14,345 1,587 -	2024 £'000 127,875 30,440 (10,516) (21,800) 8,893	2023 £'000 124,504 17,393 (16,191) 993 1,176
				134,892	127,875
				Held in the UK £'000 10,896 4,703 13,385 7,281 715 21,803	2023 Total £'000 35,802 32,957 13,385 21,626 2,302 21,803
81,166	53,726	134,892	69,092	58,783	127,875

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.

2024 Parent College £'000 23,594 (19,119) 225	2024 UnivDevCo Limited £'000 16,703 (16,094) (225)	2023 Parent College £'000 18,465 (16,513) 54	2023 UnivDevCo Limited £'000 8,002 (7,777) (54)
4,700	384	2,006	171
327,253 (71,822)	3,419 (2,810)	303,941 (65,625)	3,414 (3,243)
255,431	609	238,316	171

University College Notes to the financial statements For the year ended 31 July 2024

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.

Trust for Investment £'000 57,913 Pe	Unapplied Total Return £'000 48,374 rmanent Endowm	Total £'000 57,913 48,374 ent	Expendable Endowment £'000 39,797	Total Endowments £'000 57,913 48,374 39,797
57,913 7 -	48,374 - - 3,108 5,180 (408)	106,287 7 - - 3,108 5,180 (408) -	39,797 936 2,560 4,419 (524) (15)	146,084 943 - - 5,668 9,599 (932) (15)
7	7,880 (3,146)	7,887 (3,146)	7,376 (1,522) -	15,263 (4,668) -
-	(3,146)	(3,146)	(1,522)	(4,668)
7 57,920	4,734 - 53,108	4,741 - 57,920 53,108	5,854 45,651	10,595 57,920 53,108 45,651
57,920	53,108	111,028	45,651	156,679

13 DEBTORS

Amounts falling due within one year: Trade debtors Amounts owed by College members Amounts owed by Group undertakings Loans repayable within one year Prepayments and accrued income Other debtors	2024 Group £'000 709 324 - 178 2,109 134	2023 Group £'000 299 423 - 143 3,023 1,016	2024 College £'000 711 324 524 177 2,109 134	2023 College £'000 609 423 2,886 144 3,023 151
	3,454	4,904	3,979	7,236

14 CREDITORS: falling due within one year

Trade creditors Amounts owed to Group undertakings Taxation and social security Accruals and deferred income Other creditors	2024 Group £'000 3,962 - 588 2,358 208	2023 Group £'000 3,364 - 190 2,311 52	2024 College £'000 2,493 2,120 222 2,358 208	2023 College £'000 3,008 2,722 190 2,311 51
	7,116	5,917	7,401	8,282

University College Notes to the financial statements For the year ended 31 July 2024

15 CREDITORS: falling due after more than one year Al Duca fairvalue Bonds and Senior Note liabilities	2024 Group 14,989 49,432	2023 Group 5,203 49,413	2024 College £'000 14,989 49,432	2023 College £'000 5,203 49,413
	64,421	54,616	64,421	54,616

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.

16 ANALYSIS OF MOVEMENTS ON FUNDS

At 1 August 2023 £'000 13,150 12,206 8,132 5,610 7,173 4,999 2,969 2,182 2,193 1,950 1,893 1,788 1,771 1,609 1,594 1,447 1,505 1,488 1,393 1,381 1,414 1,304 1,248 1,200 1,205 1,200 1,081 1,064 1,042 1,029 993 17,074 24,478 1,875 1,605 1,395 1,126 1,038 8,280	Incoming resources £'000 430 350 186 189 188 160 97 71 65 63 44 57 60 - 45 49 46 37 46 45 47 41 48 35 39 49 35 35 34 34 27 462 2,085 65 71 610 10 309 347	Resources expended £'000 (57) (46) (24) (24) (25) (21) (13) (9) (9) (8) (6) (7) (8) - (6) (6) (6) (5) (6) (6) (6) (5) (6) (5) (5) (6) (5) (5) (4) (4) (4) (60) (461) (9) (9) (6) (1) (3) (36)	Transfers £'000 (519) (482) - (221) - (198) (117) (86) (17) (108) - (67) (70) (62) (56) (57) - - (55) (55) (36) (86) (47) (47) (47) (43) (41) (41) (41) (15) (532) (903) (74) (62) (131) (30) - (337)	Gains/ (losses) £'000 717 584 310 315 314 266 162 119 108 104 73 94 101 - 76 82 77 62 76 75 77 68 79 57 66 82 59 59 57 57 45 759 3,617 108 119 76 16 43 440	At 31 July 2024 £'000 13,721 12,612 8,604 5,869 7,650 5,206 3,098 2,277 2,340 2,001 2,004 1,865 1,854 1,547 1,653 1,515 1,622 1,582 1,454 1,440 1,532 1,372 1,283 1,240 1,258 1,278 1,127 1,112 1,088 1,075 1,046 17,703 28,816 1,965 1,724 1,944 1,121 1,387 8,694 -
146,084	6,611	(932)	(4,683)	9,599	156,679
-	-	-	-	-	-
146,084	6,611	(932)	(4,683)	9,599	156,679

University College Notes to the financial statements For the year ended 31 July 2024

16 ANALYSIS OF MOVEMENTS ON FUNDS (CONTINUED) At 1 August 2023 £'000 Restricted Funds Univ North Fund (2019) 11,975 Geary Hill Fund (1987) 1,680 57 Other Funds 2,993 Total Restricted Funds 16,648 Restricted funds held by subsidiaries - Total Restricted Funds - Group 16,648 Unrestricted Funds General 4,000 Revaluation reserve 924 Fixed Asset Designated Fund 54,520 Univ North Designated Fund 10,541 Master's Stipend Fund 1,210 Overbrook Foundation 1,017 17 Other Funds 3,372 Total Unrestricted Funds 75,584 Unrestricted funds held by subsidiaries 171 Total Unrestricted Funds - Group 75,755 Total Funds 238,487	Incoming resources £'000 533 51 1,012	Resources expended £'000 - (58) (5,044)	Transfers £'000 - 4,704	Gains/ (losses) £'000 - 85 100	At 31 July 2024 £'000 12,508 1,758 3,765
16,648	1,596	(5,102)	4,704	185	18,031
-	-	-	-	-	-
16,648	1,596	(5,102)	4,704	185	18,031
4,000 924 54,520 10,541 1,210 1,017 3,372	14,780	(12,506)	(5,105) (508) 5,485 107	2,885	4,054 924 54,012 16,026 1,210 1,017 3,479
75,584	14,780	(12,507)	(21)	2,885	80,721
171	385	-	-	-	556
75,755	15,165	(12,507)	(21)	2,885	81,277
238,487	23,372	(18,542)	-	12,669	255,986

17 FUNDS OF THE COLLEGE DETAILS

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.

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 (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. Beacon Programme (2022) established to drive participation and inclusion in education and research. Centenary Visiting Professorship in PPE (2022 ) fund established to support the costs of the Visiting Professorship in PPE. Ivana and Pavel Tykac Fellowship in Czech (2017) fund to support a fellowship in Czech

Restricted Funds:

Geary Hill Fund (1987) established to provide a fund for the benefit of the undergraduates at the College. 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.

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.

University College Notes to the financial statements For the year ended 31 July 2024

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 81,353 22,902 40,121 1,322 (64,421)	Restricted Funds £'000 - 12 18,019 -	Endowment Funds £'000 - 61,920 94,759 - -	2024 Total £'000 81,353 84,822 134,892 19,341 (64,421)
	81,277	18,031	156,679	255,987
	Unrestricted Funds £'000 64,736 21,803 32,657 13,902 (57,343)	Restricted Funds £'000 - 8,081 8,567 -	Endowment Funds £'000 - 58,947 87,137 - -	2023 Total £'000 64,736 80,750 127,875 22,469 (57,343)
	75,755	16,648	146,084	238,487

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 four members, all external to the College, and considers amendments to the College Scale and other stipends and allowances generally following national pay awards.

Trustees of the College fall into the following categories:

Tutorial Fellows
Professorial Fellows
Supernumerary Fellows
Senior Research Fellows
Chaplain
Key Management

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

Some Trustees who are Tutorial fellows now receive a Fellows Allowance (included in the remuneration figure below) but have no right to accommodation in College housing. 2 trustees live in the College or College owned houses or flats. 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 £1,847k (2023:£1,726k).

The total of pension contributions is £309k (2023:£315k).

University College Notes to the financial statements For the year ended 31 July 2024

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 Professor A J Awad- Tutorial Fellow Dr M Barnes - Tutorial Fellow Ms R Baxter - Development Director 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 Dr AJC Ellis-Evans - 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 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 Dr B Mount - Tutorial Fellow Mrs F Nassar- Director of Development 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 Dr N Vince - Tutorial Fellow * Professor J F Wheater - Senior Research Fellow Professor N Woods - Senior Research Fellow Professor N Yeung - Tutorial Fellow	Remuneration £ 65,696 127,968 47,350 8,201 24,310 11,284 88,384 - 24,752 24,480 - 24,549 8,108 - 55,481 24,582 11,202 117,462 70,262 29,250 - 3,024 54,612 24,490 57,575 - 7,910 56,240 33,666 - 28,832 25,227 - - 11,719 - 24,364 54,867 51,319 66,192 19,716 24,703 24,250 24,250 - 1,225 53,124 3,124 - 24,250 - 27,692 24,250 16,388 - 24,318 24,475 86,637 56,386 - 2,963 24,671	Taxable Benefits £ 2,293 13,796 - - 2,293 - - 917 917 401 917 - - 1,834 200 2,293 917 1,834 2,293 1,834 2,201 2,293 2,293 2,293 2,293 917 - 6,286 1,375 - 917 2,293 1,375 4,403 15,596 - 917 2,293 - - 6,356 2,192 1,834 2,293 - 4,403 2,293 - - 4,403 2,293 917 917 - 1,834 2,293 - 2,293 - 2,396 1,375 2,293	Pension Contributions £ 13,291 25,138 9,499 1,799 4,823 2,437 17,041 - 4,823 4,823 - 984 1,613 - 11,001 4,823 1,628 - 14,004 5,818 - - 10,859 4,823 11,448 - 1,542 11,190 6,637 - 5,708 4,823 - - 2,206 - 4,823 10,859 10,129 12,996 3,749 963 4,823 4,823 - 223 10,859 621 - 4,823 - 5,412 4,823 3,256 - 4,823 4,823 16,722 11,242 - 589 4,823	2024 Total £ 81,280 166,902 56,849 10,000 31,426 13,721 105,425 917 30,492 29,704 917 25,533 9,721 1,834 66,682 31,698 13,747 119,296 86,559 36,902 2,201 5,317 67,764 31,606 71,316 917 9,452 73,716 41,678 - 35,457 32,343 1,375 4,403 29,521 - 30,104 68,019 61,448 79,188 29,821 27,858 30,907 31,366 - 5,851 66,276 3,745 - 33,476 2,293 34,021 29,990 19,644 1,834 31,434 29,298 105,652 67,628 2,396 4,927 31,787	2023 Total £ 72,085 156,571 52,868 - 31,446 80,073 107,106 838 31,994 29,440 838 27,333 9,755 12,819 68,800 29,670 12,215 107,816 78,875 36,077 2,012 5,063 68,282 34,497 71,819 838 7,445 72,945 37,659 - 37,464 30,195 838 4,025 28,815 - 30,511 70,074 - - 29,897 26,826 30,894 31,313 - 7,464 66,794 3,822 - 31,313 2,096 33,592 30,055 20,876 1,677 31,485 31,939 106,434 63,706 1,677 4,795 35,253
	1,725,780	120,869	308,985	2,155,634	2,041,004

- joiner during the year and/or before approval of the financial statements -see pages 2-4 ** - 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 30 Related Party Transactions.

Key management remuneration

The total remuneration paid to key management was £653k (2023: £617k).

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

University College Notes to the financial statements For the year ended 31 July 2024

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 hybrid pension schemes providing defined benefits as well as benefits based on defined contributions. 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 had put in place agreements for additional contributions to fund their past service deficits. In accordance with the provisions of FRS 102 the College had recognised a liability for the future contributions that it estimated will be payable as a result of these deficit funding agreements. Both schemes no longer have past service deficit plans in place. USS A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The College was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the income and expenditure account. The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the College cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

At 31 July 2023, the College’s balance sheet included a liability of £2,705k for future contributions ~~,~~ following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date the College was no longer required to make deficit recovery contributions. The remaining liability of £2,705k was released to the SOFA in 2024.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below.

	Term dependent rates in line with the difference between the Fixed Interest and Index Linked
CPI assumption	yield curves less: 1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030.
Pension increases (subject to a floor of 0%)	Benefits with no cap: CPI assumption plus 3bps Benefits subject to a “soft cap” of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a
	maximum of 10%): CPI assumption minus 3bps
Discount rate (forward rates)	Fixed interest gilt yield curve plus: Pre-retirement 2.5% pa; Post-retirement 0.9% pa.
The main demographic assumptions used relate to the members' mortality. These assumptions are based on analysis of the scheme’s experience carried out as part of
the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:
Mortality base table	101% of S2PMA “light” for males and 95% of S3PFA for females
Future improvements to mortality	CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a. and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females
The current life expectancies on retirement at age 65 are:
	2024 2023
Males currently aged 65 (years)	23.7 24
Females currently aged 65 (years)	25.6 25.6
Males currently aged 45 (years)	25.4 26
Females currently aged 45 (years)	27.2 27.4

The pension credit for the year includes a credit of £2,106k (2023: £433k) in relation to the USS. This represents contributions of £599k (2023: £668k) payable to the USS as adjusted by the decrease in the deficit funding liability between the opening and closing balance sheet dates of £2,705k (2023: Decrease £235k).

As mentioned above, there is no deficit funding plan required at 31 July 2024 and the provision is nil (2023: £2,705k).

University College Notes to the financial statements For the year ended 31 July 2024

20 PENSION SCHEMES (CONTINUED)

Oxford Staff Pension Scheme

The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly, moving from a deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan agreed at the last valuation is no longer required and the deficit contribution ended on 30th September 2023. A provision of £21k had been made at 31 July 2023 to account for deficit recovery payments up to 30th September 2023. This remaining liability of £21k was released to the SOFA in 2024.

The OSPS Trustee and the University have agreed a new contribution schedule which took effect from 1 October 2023 and takes account of the benefit improvements and changes to member contributions since the last valuation date. It was agreed that the scheme will meet its own running costs from the scheme's assets, including expenses relating to both the DB and DC Sections, and the cost of pension Protection Fund and other statutory levies.

The table below summarises the key actuarial assumptions. Further details of the assumptions are set out in the statement of funding principles dated 27 June 2023 and can be found at https://finance.admin.ox.ac.uk/osps-documents

Date of valuation	31/3/2022
Value of liabilities	£914m
Value of assets	£961m
Funding surplus/(deficit)	£47m
The principal assumptions used by the actuary were:
Rate of interest (periods up to retirement)	Gilts +2.25%
Rate of interest (periods after retirement)	Gilts +0.5%
RPI	Break-even RPI curve less 0.5% pa pre-2030 and
CPI	RPI inflation assumption less 1% pa pre-2030 and
Pensionable Salary increases	RPI +pa
Funding ratios:
Technical provisions basis:	105%
‘Buy-out’ basis:	62%
Non-financial assumptions:
Post-retirement mortality - base table	Non-Pensioners: 105% of standard S3PxA medium tables for both males and females. Pensioners:105% of standard S3PxA medium tables for both males & females
Post-retirement mortality -improvements	Non-Pensioners: 105% of standard S3PxA medium tables for both males and females. Pensioners:105% of standard S3PxA medium tables for both males & females

Recommended employer’s contribution rate (as % of 16.5% DB for members from 01/10/2023. 10%/12%/14% DC members in relation to pensionable salaries): 4%/6%/8% cost plan-from 1/10/23 Effective date of next valuation: 31/03/2025

The pension credit for the year includes a charge of £264k (2023: £322k) in relation to the OSPS. This represents contributions of £285k (2023: £323k) payable to the OSPS as adjusted by the decrease in the deficit funding liability between the opening and closing balance sheet dates of £21k (2022: £645k).

g p p y y j y ( ) p The College is aware of the Virgin Media v NTL Pension Trustees II Limited Court of Appeal judgement which may give rise to adjustments to both the USS and OSPS schemes. At present the legal process is incomplete and therefore the College is unable to quantify any potential liabilities

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 all such income and gains are applied to exclusively charitable purposes.

University College Notes to the financial statements For the year ended 31 July 2024

22 FINANCIAL INSTRUMENTS

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

2024 Group £'000 134,892	2023 Group £'000 127,875	2024 College £'000 134,892	2023 College £'000 127,875
709 324 - 178 2,109 22,933	299 423 - 143 2,744 23,408	711 324 524 177 2,109 22,137	609 423 2,886 144 2,744 23,270
26,253	27,017	25,982	30,076
14,989	5,203	14,989	5,203
14,989	5,203	14,989	5,203
3,962 - 588 1,626 208 49,432	3,364 - 190 1,596 52 49,413	2,493 2,120 222 1,626 208 49,432	3,008 2,722 190 1,596 51 49,413
55,816	54,615	56,101	56,980

23 FINANCIAL INSTRUMENTS RISK

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 (i) market risk, (ii) credit risk, (iii) liquidity risk,(iv) interest rate risk and (v) Other risk.

(i) 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 rate risks arise largely from the Group's purchases and sales of those investment assets denominated in foreign currencies, and the exchange risk arising from the receipt of monies remitted to the College is other currencies, such as US Dollars from, for example, our American benefactors

To mitigate the Group's exposure to foreign currency risk, the Investment Committee monitor and review the currency allocations and recommend rebalancing from time to time. Forward exchange contracts are only entered into exceptionally, such as 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 any time in the period to 31 July 2024.

The College has noted an outstanding intention to donate USD13 million towards meeting the costs of the Univ North development under the ‘Al Duca’ arrangement. As the College has considerable flexibility over the timing of these US Dollar donations sums, and crucially that the timing of requested but not certain donations had not been set, the College has accepted the a foreign currency exposure in favour of the certain costs of a forward purchase of pounds Sterling and the new risk that such hedging of this currency risk would incur if, for example, the USD donations did not materialise at the settlement due date(s).

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.

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 2024 Financial assets Financial liabilities Total Exposure Impact on the net movement of funds for the year 2023/24 10% US dollar appreciation 10% Yen appreciation	USD Yen £'000 £'000 28,371 9,750 - -	2024 2023 68.8% 58.7% 21.0% 30.4% 7.2% 7.3% 3.0% 3.6%
		100.0% 100.0%
		Other Total £'000 £'000 3,969 42,090 - -
	28,371 9,750	3,969 42,090
		£'000 2,837 975

University College Notes to the financial statements For the year ended 31 July 2024

23 FINANCIAL INSTRUMENTS RISK (CONTINUED) 31 July 2023 Financial assets Financial liabilities Total Exposure Impact on the net movement of funds for the year 2022/23 10% US dollar appreciation 10% Yen appreciation	USD Yen Other Total £'000 £'000 £'000 £'000 38,101 9,197 4,530 51,828 - - - -
	38,101 9,197 4,530 51,828
	£'000 3,810 920

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.

(ii) 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:

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	2024 2023 £'000 £'000 82,150 68,759 16,748 13,385 26,209 21,626 9,785 2,302 22,933 45,211 3,979 7,236
	161,805 158,519

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 and other counterparties with whom long term commercial commitments have been made, 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 40% 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 holdings 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 AAA.

University College Notes to the financial statements For the year ended 31 July 2024

23 FINANCIAL INSTRUMENTS RISK (CONTINUED)

(iii) Liquidity Risk

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

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 2024 Bonds and Senior Note liabilities Other creditors Total at 31 July 2024 As at 31 July 2023 Bonds and Senior Note liabilities Other creditors Total at 31 July 2023	Total £'000 £'000 £'000 £'000 £'000 740 740 5,921 101,263 108,664 3,961 - - - 3,961 Between three months and a year Three months or less Between one and five years More than five years
	4,701 740 5,921 101,263 112,625
	740 740 5,921 102,743 110,144 5,307 - - - 5,307
	6,047 740 5,921 102,743 115,451

Risk management policies and procedures

(iv) 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 2024 the College held £26.2m (2023: £21.6m) 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.

(v) 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 2024 total endowment funds were £156.7m (2023: £162.7m) - 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 Distribition 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.

University College Notes to the financial statements For the year ended 31 July 2024

23 FINANCIAL INSTRUMENTS RISK (CONTINUED)

Complex Financial Instruments

On the 1st March 2022 the College entered into two agreements ("Al Duca"- see accounting policies) 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 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 the discounted cash flow method on the model of predicted receipts, net of costs, according to the proportion of the new build rooms to the total at the Univ North development.

	Discount Rate
Receipt or Balance Sheet Date	Applied	Commentary on Discount Rate
April 2022	3.5%	Riskless rate (30 yr UK Gilt rates) plus assessed risk premium.
		Riskless rate (30 yr UK Gilt rates) plus assessed risk premium.Adjustments
July 2022	3.8%	being exclusively due to changes in the 30 yr UK Gilt rate
		Riskless rate (30 yr UK Gilt rates) plus assessed risk premium.Adjustments
December 2022	5.0%	being exclusively due to changes in the 30 yr UK Gilt rate
		Riskless rate (30 yr UK Gilt rates) plus assessed risk premium.Adjustments
July 2023	6.0%	being exclusively due to changes in the 30 yr UK Gilt rate
		Riskless rate (30 yr UK Gilt rates) plus assessed risk premium.Adjustments
October 2023	6.6%	being exclusively due to changes in the 30 yr UK Gilt rate
		Riskless rate (30 yr UK Gilt rates) plus assessed risk premium.Adjustments
December 2023	6.0%	being exclusively due to changes in the 30 yr UK Gilt rate
		Riskless rate (30 yr UK Gilt rates) plus assessed risk premium.Adjustments
July 2023	6.0%	being exclusively due to changes in the 30 yr UK Gilt rate

Amounts included in the financial statements are as follows:

Amounts included in the financial statements are as follows:
Fair value as at 31 July 2023 brought forward Fair value adjustment at 31 July 2024 to brought forward liability Fair value of receipt of third payment in October 2023 Fair value of receipt of fourth payment in December 2023 Finance credit following fair value calculation recognised through the SOFA Fair value as at 31 July 2024	£'000 5,203 737 2,911 3,243 2,895
	14,989

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

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

Discount rate Increase by 0.6% Decrease by 0.6% 24 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS Net Income Elimination of non-operating cash flows: Investment income (Gain)/Loss on investments Endowment donations Bonds & Senior Note Interest payable Investment management costs Other exchange (gain)/loss Depreciation Loss on sale of fixed assets Decrease/(increase) in stock Decrease in debtors Increase/(Decrease) in creditors Decrease in pension scheme liability Net cash used in operating activities	Impact on Al Duca Liability £'000 (1,544)	2023 £'000 1,077 (6,483) 1,102 (703) 1,480 1,074 198 839 163 (1) 2,077 (112) (880) (169)
	1,813
	2024 £'000 17,500 (7,484) (12,669) (943) 1,480 1,161 (296) 768 - 4 1,450 1,265 (2,727)
	(491)

University College Notes to the financial statements For the year ended 31 July 2024

25 ANALYSIS OF CHANGES IN NET DEBT

At start of year £'000 23,408 21,803 (54,616)	Cash flows £'000 (771) (21,803) (9,739)	Foreign Exchange Movements £'000 296 - -	Other non-cash changes £'000 - - (66)	At end of year £'000 22,933 - (64,421)
(9,405)	(32,313)	296	(66)	(41,488)
	llows:		2024 £'000 Group 22,933 -	2023 £'000 Group 23,408 21,803
			22,933	45,211
			2024 £'000 4 16	2023 £'000 4 16
			20	20

28 CAPITAL COMMITMENTS

On the 3rd October 2023 the College through UnivDevCo contracted with SDC for the construction of the 5 new buildings, the renovation of 2 existing buildings and the rejuvenation of heritage orchards at the Univ North site for a total cost of £44.2m. Since the project commencement the employers agent has instructed £2.2m on behalf of the College. The current contract sum is £46.4m. At 31st July 2024 £26.3m of works are yet to be completed under the contract. (2023 :£nil).

29 COMMITMENTS UNDER OPERATING LEASES

The College 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 College 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	2024 £'000 4,333 8,846 56,893	2023 £'000 3,955 8,416 51,665
	70,072	64,036

University College Notes to the financial statements For the year ended 31 July 2024

30 RELATED PARTY TRANSACTIONS

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

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

The 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 A Johnston Associate Professor N Nikolov Total net book value of properties owned jointly with trustees	2024 £'000 153 197	2023 £'000 157 203
	350	360

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

During the year a total of £24,923 (2023: £6,186) 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 research activities into Blockchain technology to operate alongside the commercial activities of TBTL. Professor A W Roscoe, an Emeritus Fellow and former trustee of the College, is a cofounder 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.

31 CONTINGENT LIABILITIES

The College had no contingent liabilities at 31 July 2024 (2023: £nil).

32 POST BALANCE SHEET EVENTS

There were no post balance sheet events of note.

University College Notes to the financial statements For the year ended 31 July 2024

33 ADDITIONAL PRIOR YEAR COMPARATIVES

a) Statement of Financial Activities

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 Other recognised gains/losses Gains/(losses) on revaluation of fixed assets Net movement in funds for the year Fund balances brought forward 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) - -	2023 Total £'000 7,588 10,406 4,988 - 168 -
	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
	11,242	4,244	820	16,306
	(534)	6,254	1,124	6,844
	476	92	3,538	4,106
	(58)	6,346	4,662	10,950
	- 924	- -	- -	- 924
	866 72,300	6,346 10,823	4,662 142,413	11,874 225,536
	73,166	17,169	147,075	237,410

b) Property Investments

Valuation at start of year Additions and improvements at cost Transfers from tangibke Fixed Assets Revaluation losses in the year Valuation at end of year	Agricultural £'000 11,467 - - 779	Commercial £'000 64,232 - 1,570 4,340	2023 Total £'000 75,699 - 1,570 5,119
	12,246	70,142	82,388

University College Notes to the financial statements For the year ended 31 July 2024

33 ADDITIONAL PRIOR YEAR COMPARATIVES (CONTINUED) 16 ANALYSIS OF MOVEMENTS ON FUNDS At 1 August 2022 £'000 Endowment Funds - Permanent Dr Radcliffe's Linton Estate (1714) 13,603 Oxford Radcliffe Scholarships (2013) 12,636 Univ 20/20 Strategy (2007) 8,107 Univ 20/20 Endowment (2007) 5,803 Radcliffe Travelling Fellow(1858) 7,148 J G Weir (1954) 5,172 John Freeston Trust (1592) 3,070 Sanderson Modern History Fellow (2012) 1,995 Harold Salvesen Junior Fellow (1964) 1,887 Margaret Candfield English (1997) 1,844 McConnell Laing Classics (1999) 1,831 The Bouverie Trust (1979) 1,609 Oxford Chellgren Graduate Scholarship (2011) 1,620 Tacchi Fellowship (2008) 1,496 Dunhill Foundation Trust (1988) 1,499 Goodman Fellowship Fund (1986) 1,483 Schrecker Slavonic Studies (2007) 1,440 O.M. Organic Chemistry Fellow (1990) 1,429 Scott JRF Fund (2001) 1,420 Swire Graduate History Scholarship (2012) 1,333 Oxford Anderson History Graduate Scholarship (2014) 1,289 Modern History Fund (1999) 1,242 Robert Mynors (1922) 1,246 Modern History Fund II (2001) 1,240 Rayne Physics (1980) 1,118 Oxford Burma Graduate Scholarship (2016) 1,097 Pye Fellowship (1998) 1,079 Levison Physics (1996) 1,065 Henni Mester (2005) 1,002 43 Other Funds 17,480 Endowment Funds - Expendable Univ. Capital Fund 23,281 Hoffman Law Fellowship 1,939 Oxford-Univ-Rhodes Graduate Scholarship (2017) 1,639 Beacon Programme (2022) 1,319 Ivana and Pavel Tykac Fellowship in Czech (2017) 1,153 Centenary Visiting Professorship in PPE(2022) 560 44 Other Funds 8,443 Total Endowment Funds 147,075 Endowment funds held by subsidiaries - Total Endowment Funds - Group 147,075 Restricted Funds Univ North Fund (2019) 11,273 Geary Hill Fund (1987) 1,709 57 Other Funds 4187 Total Restricted Funds 17,169 Restricted funds held by subsidiaries - Total Restricted Funds - Group 17,169 Unrestricted Funds General 4,020 Revaluation reserve 924 Fixed Asset Designated Fund 54,317 Univ North Designated Fund 8,298 Master's Stipend Fund 1,210 Overbrook Foundation 1,017 17 Other Funds 3,374 Total Unrestricted Funds 73,160 Unrestricted funds held by subsidiaries 6 Total Funds 237,410	Incoming resources £'000 304 247 131 133 133 113 69 44 31 40 43 - 32 35 33 26 32 32 33 29 34 25 28 35 25 25 24 24 19 319 2,153 46 67 115 7 493 295	Resources expended £'000 (72) (59) (31) (32) (32) (27) (16) (10) (7) (9) (10) - (8) (8) (8) (6) (7) (8) (8) (7) (8) (6) (6) (9) (6) (6) (6) (6) (5) (74) (355) (11) (12) (7) (2) (2) (42)	Transfers £'000 (511) (477) - (218) - (194) (115) (54) - (64) (69) - (32) (56) - - (54) (54) (12) (34) (48) (47) (47) (46) (42) (38) (41) (40) (12) (467) (815) (73) (60) (15) (28) (10) (311)	Gains/ (losses) £'000 (174) (141) (75) (76) (76) (65) (39) (25) (18) (23) (24) - (18) (20) (19) (15) (18) (18) (19) (17) (19) (14) (16) (20) (14) (14) (14) (14) (11) (184) 214 (26) (29) (17) (4) (3) (105)	At 31 July 2023 £'000 13,150 12,206 8,132 5,610 7,173 4,999 2,969 1,950 1,893 1,788 1,771 1,609 1,594 1,447 1,505 1,488 1,393 1,381 1,414 1,304 1,248 1,200 1,205 1,200 1,081 1,064 1,042 1,029 993 17,074 24,478 1,875 1,605 1,395 1,126 1,038 8,280
147,075	5,370	(951)	(4,185)	(1,225)	146,084
-	-	-	-	-	-
147,075	5,370	(951)	(4,185)	(1,225)	146,084
11,273 1,709 4187	702 36 793	- (45) (6,147)	- - 4,185	- (20) (25)	11,975 1,680 2993
17,169	1,531	(6,192)	4,185	(45)	16,648
-	-	-	-	-	-
17,169	1,531	(6,192)	4,185	(45)	16,648
4,020 924 54,317 8,298 1,210 1,017 3,374	11,401 0 0 - - - -	(9,145) 0 0 - - -	(2,444) 0 203 2,243 - - (2)	168 0 0 - - -	4,000 924 54,520 10,541 1,210 1,017 3,372
73,160	11,401	(9,145)	-	168	75,584
6	165	-	-	-	171
237,410	18,467	(16,288)	-	(1,102)	238,487

Annual Report and Financial Statements

Year ended 31 July 2024

CONTENTS

Governing Body, Officers and Advisers

Year ended 31 July 2024

MEMBERS OF THE GOVERNING BODY

UNIVERSITY COLLEGE

Governing Body, Officers and Advisers Year ended 31 July 2024

Governing Body, Officers and Advisers

Year ended 31 July 2024

COLLEGE SENIOR STAFF

COLLEGE ADVISERS

Investment Managers

Chartered Surveyors and Property Advisers

Auditor

Bankers

Solicitors

College address

E- Links

REPORT OF THE GOVERNING BODY

REFERENCE AND ADMINISTRATIVE INFORMATION

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

Governing Body

Recruitment and Training of Members of the Governing Body

Remuneration of Members of the Governing Body and Senior College Staff

Report of the Governing Body

Year ended 31 July 2024

Organisational management

Year ended 31 July 2024

Structure and relationships

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

Year ended 31 July 2024

Activities and objectives of the College

Our key objectives for the year included:

ACHIEVEMENT AND PERFORMANCE

FINANCIAL AND OPERATIONAL REVIEW

Sources and Uses of Funds

Investment delivery, policy and objectives

Report of the Governing Body

Year ended 31 July 2024

Operations

Univ North and Capital Projects

Development activity

Year ended 31 July 2024

Reserves Policy

Total Funds

Risk management and Internal Controls

Year ended 31 July 2024

Report of the Governing Body

Year ended 31 July 2024

Financial Sustainability

UNIVERSITY COLLEGE

Report of the Governing Body

Year ended 31 July 2024

Collegiality, Community and Cohesion

Report of the Governing Body

Year ended 31 July 2024

Governance

Year ended 31 July 2024

FUTURE PLANS

Year ended 31 July 2024

AUDITOR’S REPORT TO THE TRUSTEES OF UNIVERSITY COLLEGE OXFORD

Opinion

Basis for opinion

Conclusions relating to going concern

Overview of our audit approach

Materiality

Year ended 31 July 2024

Overview of the scope of our audit

Key Audit Matters

Year ended 31 July 2024

Other information

Year ended 31 July 2024

Matters on which we are required to report by exception

Responsibilities of the trustees for the financial statements

Auditor’s responsibilities for the audit of the financial statements

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