ST ANTONY'S COLLEGE Annual Report and Financial Statements Year ended 31 July 2020 ST ANTONY'S COLLEGE Report of the Governing Body Year ended 31 July 2020 CONTENTS MEMBERS OF THE GOVERNING BODY COLLEGE SENIOR STAFF COLLEGE ADVISERS REFERENCE AND ADMINISTRATIVE INFORMATION STRUCTURE, GOVERNANCE AND MANAGEMENT OBJECTIVES AND ACTIVITIES ACHIEVEMENTS AND PERFORMANCE FINANCIAL REVIEW FUTURE PLANS 11 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES 12 AUDITOR'S REPORT 13 ACCOUNTING POLICIES 15 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 19 CONSOLIDATED AND COLLEGE BALANCES BALANCE SHEETS 20 CONSOLIDATED STATEMENT OF CASHFLOWS 21 NOTES TO THE FINANCIAL STATEMENTS 22 ST ANTONY'S COLLEGE Report of the Governlng Body Year ended 31 July 2020 MEMBERS OF THE GOVERNING BODY The Members of the Governing Body are the College's charity trustees under charily law. The members of the Governing Body who served in office during the year or subsequently are detailed below. Professor W81e Adebanwi Professor Ro Allison Dr Walter Amibrust Dr Tan a Baldwin Bursar Professor Paul Betts Professor Paul Chais( Dr Eric Chane Dr Simukai Chi udu Professor Paul Collièr Dr Cath n Costello Di Faisal Dev i Professor Timolh Garton Ash Professor Chil5 Gei Ms Kirsten Gillin ham Professor Dou Professor Ro er Goodrnan Professor Nandini Goo Mr James Graham from 14A ri12020 until 3151 Au ust 2019 until 30 June 2020 until 27￿ Se tember 2019 arden Interim Bursar from 23 Sèptember 2019 unb'l 27 Decembei 2019 Di Thomas Hale Professor Daniel Healg Dr David Johnson Professor Dominic Johnson Professor Takehiko Kari Dr Sho Konishi Dr DAiles Larmer Dr Tcib Matlhiesen Dr Laurent Mi non Dr Rachel Mur Professor lan Nea Professor K81 so Nicolaidis PiofessoT Lei hAnnPa ne P¥ofessor Phili Robins Dr Timolh Power Professoi David Piallen Di Sitnon Quinn Professor Tari Ramadan Professor Eu eno Ro 8ri Dr Die o Sanohez-Ancochea Di Ramon Sarro Dr Kate Sullivan de E$lrada Dr Miles Tendi Dr Timolhee Vlandas Professor Hu h Whittaker Dr Michael Willis Professor Jan ZielonkB untll 30 Se tember 2020 until 30 Se tember 2019 untsl 30th Se lember 2019 until 20 Februa 2020 Durit)g the year the activities of the Governing Body were carried out through two commillees, one internal (Management Executive Team IMETII, and one exlemal IRemuneralion and Conflicts of Interest Committee). The 2019120 membership ol the MET is shown above in column11). ST ANTONY'S COLLEGE Report ofthe Governing Body Year ended 31 July 2020 COLLEGE SENIOR STAFF The senior staff of the College lo whom day lo day management is delegated are as follows.. College Registrar Mrs F McNamara College Accountant Mr W Garnell Development Director Mr W le Kloeze Domestic Bursar Mr M Morgan HR Manager Ms A Marshall ICT Manager Mr D Todd Librarian Mrs A Burlekova COLLEGE ADVISERS Investment managers BlackRo¢k, 12 Throgmorton Avenue, London, EC2N 2DL Cambridge Associates Ltd. 105 Wigmore Street, London, W1U 1QY PartneTS Capital LLP, 5th Floor, 5 Young Street, London. W8 5EH Oxford University Endowment Management. King Charles House, Park End Street. Oxford, OX1 1JD Auditor Critchleys Audit LLP. Beaver House, 23-38 Hylhe Bridge Street. Oxford. OX1 1 EP Bankers Royal Bank of Scotland. 32 St Giles. Oxford, OX13ND Natwesl Corporate Services Team, PO Box 8765, Birmingham, 84 6DY Lloyds Bank, 10 Gresham Street, London, EC2V 7AE Solicitor$ Blake Morgan, Seacourt Tower. Westway, Oxford, OX2 OFB Hedges Law, 13 Beaumont Street, Oxford. OX12LP SurveyoTS Bidwells, Seacourt Tower, Wesl Way, Oxford, OX2 OJJ College address 62 Woodstock Road, Oxford, OX2 6JF Webslte WWW.5ant.ox.ac.uk ST ANTONY'S COLLEGE Report ofthe Governing Body Year ended 31 July 2020 The Members of the Governing Body present their Annual Report for the year ended 31 July 2020 under the Charities Act 2011 together with the 8udiled financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION Sl Antony's College in the University of Oxford, which is known as Sl Antony's College l.the College"), is a chartered chaiilable corpoiation.11 was founded by Monsieur Antonin Besse under 8 Royal Charler of Queen Elizabeth11, dated 1st April 1953. The corporation comprises the Warden and Fellows. The College was formerly an exempl charity under s315al Charities Act 1993 (as listed in Schedule 2lb) to that Acti. The College registered with the Charitie5 Commission on 11th April 2011 (registered number 11412931. The names of all Members of the Governing Body al 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 1 to 3. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College is governed by ils Statutes dated February 2011 and its By Laws. Governing Body The Governing Body is conslituled and regulated in accordanGe with the College Slatules, the terms of which are enforceable ultimately by the Visitor, who is the Chancellor of The University of Oxford. The Governing Body is self-appointing. The procedure for electing new members of the Governing Body is as follows.. Goveining Body shall determine who shall represent the College on a selection committee for a Governing B￿Y Fellow. The College is represented on the electoral board for the election of Governing Body Fellows whose appointment depends on their appointment lo a University post. The Warden will submit a proposal for the election of a Governing Body Fellow to Governing Body if and when he or she considers such a proposal to be appropriate. Such a proposal lo Governing Body will always be supported by relevant information, including urriculum vilae, which will be circulated with the appropriate agenda for a Slated General meeting of Governing Body. The admission shall be by the Gove¥ning Body at a closed Slated General Meeting on such terms as it sees fil. Any stipend or benefits shall be decided by Governing Body after considersng the recommendation of the Remuneration and Conflicts of Interest Committee. A Governing Body Fellow who holds a University post shall vacate his or her Fellowship and any Offi￿ which he or she holds in the College on resigning or otherwise vacating his or her University post. The Governing Body determines the ongoing strategic direction of the College and regulates its adminislralion and the management of its finances and assets. It meets regularly. chaired by the Warden, and is advised by o committees. Rècrultment and trainlng of Members ofthe Governing Body New Members of the Governing Body are recruited based on the following crileria.. Persons elected at the discretion of the Governing Body whose election shall not depend on their appointment lo a University post. The holders of established University Professorships and ststulory University Readerships and by th05e who become Professors or Readers in a Recognition of Distinction exercise. The holders of other Offices of the University who are declared eligible by any Slatule or Decree ol the University. Persons who are appointed lo a joint University and College post or who are appointed lo a UnNersily post albcated to the College. ST ANTONY'S COLLEGE Report ofthe Governing Body Year ended 31 July 2020 They are elected using the procedure outlined above and inducted into the workings of the College. including Governing Body policy and procedures, through the provision of an induction pack and one lo one meetings with the Warden, the Bursar and the Senior Adminislralive Officers. All members of the Goveming Body have received a copy of the 'Essential Trustee, booklet and are kept informed on current issues in Ihe sector and on regulatory requirements via Governing Body meetings. Rgrnunpratlon of Members of the Govemlng Body and Senlor College Staff Members of the Governing Body who are primarily Fellows are teaching and research employees of the College or University and receive no remuneration or benefits from their Irusleeship of the College. Those trustees that are also employees of the College receive remuneration for their work as employees of the College. Remuneration is sel based upon the advice of the College's Remuneration and Conflicts of Interest Committee which is comprised of notable College alumni with experience in this area and Higher Education. Where possible, remuneration is set in line with that awarded to the University's academic staff. The remuneration of senior college staff is set by the Management Executive Team in line with equivalent p)sts in the University and comparable organisational sellings. Organlsational management The members of the Governing Body nomally meet six times a year. The work of developing their policies and monitoring the implementation of these is mainly carried out by the Management Executive Team which consists of the following College Officers.. the Warden. Sut>Warden, Dean, Senior Tutor, Governing Body Delegate for Finance and Tutor for Admissions, Bursar. and the Graduate Common Room President. Governing Body and the Management Executive Team are advised by.. The Remunemb'on ancl Conflicts of Interest Committee lexlernal membership only) Ad-hoc committees which are established from tsme lo lime according to need. The day-to-day running of the College is delegated lo the Warden, supported by the Bursar and the College's Senior Adminislralive Officers, The Warden andlor Bursar allend all meetings of the Governing Body's Commiltees. Group structure and relationshlps The College administers many special trusts, as detailed in Note 20 to the financial slalements. The College has bNo wholly owned non-charilable subsidiaries." Sl Antony's College Trading Limited, whose annual profits are donated lo the College under the Gift Aid Scheme, and St Antony's College Estates Limited. which undertakes College building works. The trading activities of St Antony's College Trading Limited primarily comprise revenue from letting of the College facilities when not in use by the College. The College also has a one-third shareholding in North Oxford College Shaied Services Limited. which is 8 cost sharing group providing IT services to St Antony's College, Sl Hugh's College and Lady Margaret Hall. The subsidiaries. aims, objectives and achievements are covered in the relevant sections of this report. The College is part of the collegiate University of Qxlord. Material interdependencies between Ihe University and the College arise ss a consequence of this relationship. OBJECTIVES AND ACTIVITIES Charitable Objects and Alms The College's objects, described in its slalutes dated February 2011, are to provide men and women who are members of the University of Oxford with a College wherein they may work for higher degrees in the University of Oxford or engage in academic research especially in the disciplines of the social sciences and the humanities and a range of other subject areas as approved by the Governing Body and to do all other such things as are incidental or conducive to advancing education and academic research in Oxford or elsewhere. ST ANTONY'S COLLEGE Report of the Governlng Body Year ended 31 July 2020 The Governing Body has considered the Charity Commission's guidance on public benefit and, in keeping with Ils objects, the College's aim for the public benefit is lo promote inlemational understanding in a complex wortd. Members of Ihe College, both students and academic staff, are directly engaged in study. learning, education or research in pursuit of this aim. The College also hosts, and welcomes to its aclivilies. students and academic staff from other Colleges within the University of Oxford and from the University more broadly, visiting academics from other inslilulions of higher education. visiting students, and the general public. The output from research undertaken by students and Fellows in social sciences and humanities provides exceptional long-term public benefit. The Governing Body receives reports from all the College's research cenlres about research awards, academic activities, academic visitors. and publications. The aims sel for the College's subsidiaries are to help finance the achievement of the College's aims as above. Activitlos and objectives of the Collgge The College's activitiès are focused on furthering ils staled objects and aims for the public benefit. The College's principal activity is the provision of excellent posl-graduale education and research opportunities lo world-class students and academics from across the globe. focusing on international relations, economics. politics, history. anthropology and interdisciplinary area studies. In particular the College is active in-. allracting academies who have attained the highest distinctions in their field$', selecting students from anywhere in the world whom we judge to have the highest potential., providing students with access to the best possible learning and ￿search facilities and a supportive working and living environment st Antony's Is the most cosmopolitan of the seven all graduate colleges of the University of Oxford, and the College provides, in conjunction with the University of Oxford, an education for students which is recognised internationally as being of the highest standard. Both laught degrees and research degrees are offered. This education develops students academically and advances their leadership qualities and interpersonal skills, and so prepares them to play full and effecbve roles in society. In particular, the College provides.. leaching facilities, including space for lectures and seminars,. pastoral. adminislfative and academic support from academic staff and through the graduate advisory system., a dedicated environment designed to facilitate research training for its students,. social, cultural, and recreational facilities to enable each of ils students to realise as much as possible of their academic and personal potential whilst studying at the College. The College also advances education ancl research through.. providing Junior Research Fellowships lo outstanding academics al the early stages of their career5, which enables them to develop and focus on their research in this formative period before they undertake the full teaching and administrative duties of an acadèmic post.. supporting research work pursued by ils Fellows through promoting inleraclion across disciplines, providing workrooms and IT facilities and promoting occasions and events al which they can present the results of their research and hear about the research work of others., ST ANTONY'S COLLEGE Report of the Governing Body Year ended 31 July 2020 encouraging visits by outstanding academics from the United Kingdom and abroad. encouraging the dissemination of research undertaken by members of the College through the publication of papers in academi¢ journals or other suitable means. The College has several speGialised academic Cenlres located on its sile. These hold weekly seminars and short conferences throughout the academic year allracling leading scholars from Britain and oversea5, provide the focus for the stimulating intellectual life for which St Antonls is inlernalionally known and assist the College in developing ils role as a source of policy advice. Some of these Cenlres are part of the College's operations (Asian Studies, European Studies, the Middle East Centre and the Centre for Russian and Eurasian Sludiesl while others are University Centres hosted by the College (African Sludies, the Latin American Centre and the Nissan Institute of Japanese Sludiesl. The College houses seveTal libraTies, including those supporting the work of the academic Cenlres. These facilities are available to scholars from anyvlhere in the world who need their resources lo undertake specific research. The Main Library holds the general collections in modern history, politics, international relations and economics, the collections on Europe, Asia, and the non-slavonic collections on Russia, the former USSR and Eastern Europe. 11 also houses some 20th ￿nturY archive collections including the Wheeler-Bennett papers. The Bodleian Japanese Library is a dependent library of the Bodleian in the Nissan Institute of Japanese Sttjdies in the College. The Library, combining Bodley's extensive holdings on Japan with the residual collection of the Nissan Institute Library. houses the University's principal collections relating to Japan. The collections transferred from the cenlial Bodleian sile remain for reference only but the residua1 Nissan holding may be borrowed by members of the University. The Latin American Centre Library in the College is one of the University's primary sources for those studying Latin American polrtics, economics, social sciences and history and is parl of the Humanities Team of Oxford University Library Services. Its principal role is to serve postgraduate students undertaking the Masters level Latin American Studies programmes and il is both a focus of scholarship and a meeting place for stLJdenls. 11 is a lending library and open to all current resident members of the University who have an interest in the subject area. st Anlonl5 Russian and Eurasian Studies Centre Library has specialist strength within certain fields, especially Russian and Soviet politics, history and literature. Holdings are essentially in the languages of the geographical areas covered. The Middle East Cenlre library specialises in Modern Middle Eastern Studies covering the 18th century lo the present day, in addition lo the European languages the materials are collected in Arabic, Hebrew, Persian and Turkish. The remit of the collection includes the history, diplomatic history, social science and economy of the Gountries in the region covering the Middle East. and also North African countries. The College also holds an extensive collection relating to the Middle East al the Middle East Centre Archive. This is administered by a full litne qualified archivist who maintains a unique and outstanding collection of private and official papers and photographs ol individuals and organisalions that have worked in the Middle East covering 1800 to the present day, many of which would probably not have otherwise survived,. both these land the archive collections in the College's Main Library} are flee to use and the College welcomes academic researchers from around the world as well as independent authors, historlcal novelists. documentary and film makers and family historians. ST ANTONY'S COLLEGE Report of the Governing Body Year ended 31 July 2020 Policy on and provl8lon of scholarshlps and hardship funds St Antony's College does its utmost with limited fi'nancial resources to achieve the objective that no one is barred from access lo what il provides for lack of fi'nancial resources. Many of ils students, including those from the UK. benefit from public funding. In addition the College itself awards scholarships and hardship funding from several funds and ils students can also benefit from College connections with the University and a large number of external funding sources. ACHIEVEMENTS AND PERFORMANCE The College's priorities are to create high quality academic outputs and ideas. generated by strong interdisciplinary research ¢ommunilies in area-based Centres, lo develop themes that link between Centres, and to supwrt students in aGhieving the best possible results in their chosen area of study. In early 2020, the global COVID-19 pandemic hil the UK. On 23 March 2020, the country went into 'lockdown', with the population instructed by the UK Prime Minister to 'stay al home, and some businesses forced lo close. In response, the Universily of Oxford and ils constiluenl colleges entered Stage 314 of its Business Continuity Plan, resulting in remote working wherever possible with aGtivilies continuing in College only if they could not be carried out remotely. The College took advantage of the Government Coronavirus Job Retention I'furlough'l Scheme where possible and appropriate, with c. 65010 furloughed initially in MarchlApril 2020. Some of these staff saw a gradual return lo work through the remainder of the Financia￿ Year, with c. 40QA of the staff body furloughed throughout the period. Fortuitously, the timing of the initial stages of lockdown coincided with the end of Hilary Term. Teaching, leaTning and assessment continued in Trinity Term. However, St Antony's College, together with the wider collegiate University. saw a significant and deleterious impact on ils events conferencing business, with no conference or summer school activity taking place over the summer. The College hosted 165 events during 2019120, in addition lo course seminars. lectures, and student- organised activities. This includes events held in the College before the lockdown caused by the COVID- 19 pandemic began in March 2020, and webinars and podcasts produced thereafler.11 does not include events that were planned btjt had to be cancelled. 11 was an average of 10 events per week of the iwo terms that look place in Oxford before the pandemi¢ hil. The Middle East Centre hosted a seminar given by the distinguished Edward Said Professor al Columbia University. Rashid Khalidi, lo a capacity crowd in the Inveslcorp Lecture Theatre. This marked the 50th anniversary of Rashid's scholarship and relationship with the College. The Asian Studies Centre hosted an international conference in OclobeT 2019, on 'Menlal Health in India Bridging the Gap,, which brought together psychiatrists, psychoanalysts, historians, anthropologists and literary scholars from India. the US and the UK. The African Studies Centre hosted the President of the Seyohelles, Danny Faure, al the African Leaders Lecture Series in October 2019, speaking about 'Prolecling Our Oceans.. The Seychelles Experience,. The Russian and Eurasian Studies Centre helped lo organise a seminar in November on Russian policy in the Middle East, addressed by the renowned Russian scholar Professor Vitaly Naumkin, President of the Institute of Oriental Studies in Moscow. 284 new students joined the College in 2019120 which is a new recoid. Overall. the College had 531 students on ils books this year. Of the total sludenl population, 40Yo were studying for DPhils,' the remainder were studying for research and taught Masters, degrees. Our global student body was represented by 75 nalionalilies, from Albania through Mexico lo Zimbabwe. Approximately 310/0 of the fee-paying student body was in receipt of a full or partial scholarship, with major funding sourGes including deparlrnenlslfaculties of the University, national government funding schemes from many different countries, the Economic and Social Research Council, the Rhodes Trust. the College's Swirelcalhay Pacific and Swire Centenary & Calhay Pacific Scholarships, and scholarships offered to St Antony's students by the international integrated energy company Eni. We also welcomed a number of Senior Members to the College during the academic year 2019-20. Amongst these were 20 Academic Visitors, including one Swire Academic Visitor, and 12 Visiting Fellows. ST ANTONY'S COLLEGE Report of the Governing Body Year ended 31 July 2020 Post-pandemic, the College will relum to running a wide variety of seminars and events that are open to the public as well as making available ils Library and Archive resources. Fundraising activities throughout the year included face-lo-face meetings, conversations through online video applications, events and dinners, one telephone campaign (current students calling alumni) and involving champions signing letters to their conlempor2ries asking for support. Until the COVID-19 lockdown in March, the College's Warden and Development Director mel with alumni in locations around the world. including the USA and Canada. Since March, the focus has shifted towards increasing an online presence Ihrough podcasts and webinars lo engage with the college's alumni and friends. Major efforts have gone into raising funds for the Hilda Besse renovation campaign, on which great progress has been made. Other projects such a5 scholarships and student support fundraising has continued lo achieve positive results. One major project is the implemenlalion of the college's donor recognition programme.. amongst other aclivilies, all past and current donors are being approached for their name to appear on a Benefactors Board. The Warden and a professional team, the Development Office, are the staff involved with fundraising. There are 2.4fte professional staff members (Development Direelor, Development Manager and Communications Coordinalorl who are involved with fundraising and related activities. All fundraising activities by Fellows and Cenlres are monitored by the Development Director who, together with the Data Protection Officer, ensures that all rules and regulations are adhered lo in terms of data protection and fundraising regulations. Sl Antony's College operates in Gompliance with the Fundraising Regulator's voluntary scheme. The Development Office works with a number of volunteers, called Liaison Officers, who act on the College's behalf in various countries of the world. Their role is to help organise alumni events bul does not extend further. According lo the General Data Protection Regulation, the Development Office holds all the data and does not share personal contact details with liaison offi'cers. The Development Office also works with 'Year and other Champions, who are asked lo sign lellers ID their contemporaries and friends. AS Wlth the Liaison Officers, personal contact are not shared with these champions. The COll￿e has not received any fundraising complaints about any of its fundraising aclivilies. Several protocols are in place to ensure that Ihe Development Office is fully compliant with GDPR, and PECR.. Codified information sources and dales to prove that data are procured in line with legitimate interest and consent., Updated forms for'updale your Details,, and 'Communications Preferences, to allow individuals to indicate how they would like the Development Office lo be in touch with them,. Updated contact preferences and consent options in the College's fundraising dalab8se-, Work with the Registry lo gain consent information from leaving stLJdents and ensuring that information provided lo leaving students fully captures the scope of the College's engagement, and gives them the necessary degree of control. The College's Data Proleclion Policy Statement is published on the College website. as well as a privacy notice for, amongst others, alumni and donors. In preparation for telephone campaigns, prospective donors receive a pre-call leller which explains that wlthin the next few weeks they can expect a call from a Sl Antony's students lo talk about the College and our fundraising aclivilies. If an alumnus prefers not lo receive a call. the opportunity is given to 'opt-out'. Alumni who have notified the Development Office of not wanting to be approached during telephone campaigns a marked as such in the dalabase. FINANCIAL REVIEW Total income lor the year to 31st July 2020 amounted to £8.06 million compared lo £7,62 million in the previous year, an increase of £0.44 million. This increase was achieved despite the significant impact of the COVID pandemic. The pandemic led to a fall in trading income lof £0.43 million) and a drop in residential income as many student rooms remained vacant between April and July. However, these falls in income were more than compensated for by higher investment income lup £0.75 million}, higher levels of donations {up £0.13 million) and income from the Government's Job Support Scheme {£0.23 million). ST ANTONY'S COLLEGE Report ofthe Governing Body Year ended 31 July 2020 Expenditure during the year was £7.50 million compared lo £8.84 million in the previous year. This fall in expenditure of £1.34 million was in large part a result of the impact of the pandemic on activity al the College. The balance sheet shows an increase in the value of fixed assets of £2.74 million. This incre8se reflects the purchase of an investment properly in Canterbury Road in September 20191£2.90 millionl and an increase in the value of fixed assets lan increase on £3.14 million after deprecialionl largely due lo the renovation of the Hilda Besse building These increases were offset in part by reductions in the value of investments (by £3.3 Debtors rose from £0.30 million to £0.35 million whilst cash at bank 2nd in hand rose lo £7.0 million lup £2.26 million on the previous yearl due lo a drawdown of a loan lo fund the Hilda Besse renovations. Creditors rose slightly from £1.03 million lo £1.35 million due mostly to liming of payments. Long term creditors also rose from £3.55 million lo £10.52 million as a result of the new loan facility to fund the Hilda Besse work. The financial statements include the results ol the College's two wholly owned subsidiaries. The turnover of Sl Antony'8 College Trading Limited was much reduced as a result of the impact of the COVID pandemic, down from £562k in 2018119 to £129k in the 2019120 financial year. Sl Antony's Trading Limited generated 8 net profit of £4k. There was limited activity for St Antony's College Estates Limited with a small surplus of £lk for the year to 31 sl July 2020. Profits from the College's wholly owned subsidiaries will be gift aided lo the College in the current year. In accordance with FRS102 we have estimated the pension fund liability at 31st July 2020 to be £0,75 million compared to £1.25 million al the same point Ihe previous year. Reserves policy The College's reserves policy is to maintain suflicient free reserves to enable il to meet ils short-tem) financial obligations in the event of an unexpected revenue shortfall and lo allow the College to be managed efricienlly and to provide a buffer that would ensure uninlerrupled services. Totsl funds of the College and ils subsidiaries at the year-end amounted to £72.39 million12019'. £74.14 million). An analysis of funds held by the College is provided in note 20 01 the accounts and further details are provided in note 21. The value of Endowments fell by £1.69 million during the year to reach £44.74 million in large part as a result of a fall in investment values during the year. Reslricled funds fell by £0.11 million lo £13.89 million. There was an increase in unreslricled reserves from £13.70 million to £13.76 million. The College's general reserves rose by £0.04 million lo reach £5.33million. Risk management The College has on-going processes which operated throughout the financial year for identifying, evaluating and managing the principal risks and uncerlainlies faced by the College and ils subsidiaiies in undertaking their aclivilies. When il is not able lo address risk issues using internal resources, the College lakes advice from experts external lo the College with specialist knowledge. Policies and Pro￿dureS within the College are reviewed by the Management Executive Team. chaired by the Warden. The Domestic Btjrsar and domestsc deparlmenlal heads meet regularly lo review health and safety issues. Training courses 2nd other forms of career development are available lo members of staff to enhance their skills in risk-relaled areas. The Governing Body, who have ultimate responsibility for managing any risks faced by the College. have reviewed the processes in place for managing risk and the principal identified risks lo which the College and ils subsidiaries are exposed and have concluded that adequate systems are in place lo manage these risks. The principal risks and uncertainties faced by the College and its subsidiaries are ¢ategorised as.. failure to secure good or Services following the UL'S exist from the EU,. ongoing impact of the COVID-19 pandemic on student recruitment. the availability of goods and services, service conlinuily, the College's financial position and the student experience., and ensuring the security and well-being of the College's estate and the people 10 ST ANTONY'S COLLEGE Report of the Governing Body Year ended 31 July 2020 living and working on the College sile. The College has policies and procedures in place to miligale and manage these risks across all ils operations. Investment policy. objectives and performance The College continues the process of switching the management of our endowed funds from our existsng fund managers lo Oxford University Endowment Management {OUEMI. In order lo minimise risk, this transfer is being undertaken in stages. DuTing the year, a number of disbursements from investment funds were retained in Cash, rather than being reinve51ed in OUEM. in order lo protect cashllow during the COVID pandemic. As a result, the College continued lo hold unusually large cash balanTrs at the end of the financial year. The College's investment objectives are lo balance current and future beneficiary needs by.. maintaining (al least) the value of the investsllents in real terms., producing a consistent and sustainable amount to support expenditure,. and delivering these objectives within acceptable levels of risk. To meet these objectives, the College's investments as a whole are managed on a total return basis, maintaining diversification aeross a range of asset classes in order to produce an appropriate balance between risk and return. In line with this approach, the College slalules allow the College lo invest permanent endowments lo maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total Teturn. The investment policy and strategy are sel by the Governing Body. During the year the College began the transfer of investments from the existing Investment vehicles lo funds managed by Oxford University Investment Management IOUEMI in accordance with a decision of the Governing Body in 2018. This process will continue in the coming years as funds that are currelllly locked become available for transfer. At the year end. the College's long term inveslmenls, combining the securities and property invaslments, tolalled £49.35 million. The total return on investments was _1.530A compared lo the relevant benchmark return of +6.100/0. This reflected the unrealised loss of investments over the year. The carrying value of the preserved permanent capital and the amount of any unapplied tolal return available for expenditure was taken as the open market values of these funds as al 1 August 2002 together with the original gift value of all subsequent endowment received. On the lolal return basis of investing, il is the Governing Body's policy lo extract as income 3.5°/¢ (plus costs) of the value of the relevant inveslmenls. However, lo smooth and moderate the amounts withdrawn this 3.50kn is calculated on the average of the year end values in each of the last three years. Due lo increasing investment values over the previous three years, the effective amounts withdrawn are currently less than the nominal 3.5?￿ staled in this policy. The equivalent 013.5010 of the opening value of the securities and property investments, plus costs, was extt8cled as income on the total return basis in the year. The Governing Body will keep the level of income withdrawn under review to balan￿ the needs and interests of current and future beneficiaries of the College's activities. FUTURE PLANS The College's plans continue to encompass the recr(Jitmenl and retention of excellent researchers. the admission and support of students in the College's academic fields, and the provision of facilities lo support all the activities ol students, staff and visitors. In terms of academic development, the College is actively seeking funding for research posts in key areas, and the fundraising strategy for the College continues lo focus on securing funding for scholarships for students, and supporl for Junior Research Fellowships and posl-doctor81 researchers. Fundraising for building projects and the College endowment is Important, as this frees other College resources for academic priorities. A major project is underway to refurbish the Grade11-lisled Hilda Besse Building.. the social hub for the College containing all the dining facilities, the students, common room and bar. and many meeting rooms. The refurbishment work encompasses all the services in the building as well as the windows, roof and repairs to the concrete cladding. The building is closed for around 20 months until January 2021. The project Is the focus for a major fundraising campaign. 11 ST ANTONY'S COLLEGE Report of the Governing Body Year ended 31 July 2020 Specific development plans are drawn up for each of the departments within the College to ensure that the College continues lo enhance ils ability lo support strong interdisciplinary rèsearch communities in area-based Centres and the progress and development of all students to achieve the best possible results in their chosen area of study. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations. Charity law requires the Governing Body lo prepare financial statements for each financial year. Under that law the Governing Body have prepared the financial slalemenls in accordance United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl, including Financi81 Reporting Standard 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 102}. Under charity law the Governing Body must not approve the financial statemen15 unless they are satisfi'ed that they give a true and fair view of the stale of affairs of the College and of its nel income or expenditure for that period. In preparing these financial statements, the Governing Body is required lo.. select the mosl suitable accounting policies and then apply them consistently., make judgments and accounting estimates that are reasonable and prudent., stste whether applicable accounting standards, Including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial slatemenls., state whether a Statement of Recommended Practice ISORPI applies and has been followed, subject lo any material departures which are explained in the financial slatemenls.. and prepare the financial statements on the going con￿rn basis unless il is inappropriate lo presume that the College will continue lo operate. The Governing Body is responsible for keeping proper accoLJnling records that are sufficient to show and expl8in the College's transactions and disclose with reasonable accuracy at any lime the financial position of the College and enable them lo ensure that the financial statements comply with the Charities Act 2011. They are also iesponsible for safeguarding the assets of the College and ensuring their proper application under charity law and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Governing Body on 2nrf December 2020 and signed on ils behalf by= Professor Roger Goodman (Warden) 12 ST ANTONY'S COLLEGE Independent Auditors, report to thg Members of the Governlng Body of St Antony's College Year Ended 315t July 2020 AUDITOR'S REPORT Opinlon We have audited the financial slalemenls of Sl Antony's College {Ihe"Charily } for the year ended 31 July 2020 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Aclivilies, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Slalemenl and notes lo the financial slalemenls. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slalements.. give a true and fair view of the state of the group and charity's affairs as at 31 July 2020 and of the group's income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice-, have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Inlemational Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhieal responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions Telatlng to going concern We have nothing to report in respect of the following matters in relation lo which the ISAS IUKI require us to report lo you where.. the Members of the Governing Body's use of the going concern basis of accounting in the preparation of the financial slalements is not appropriate.. or the Members of the Governing Body have not disclosed in the financial statements any identified material uncertainties that may cast significant doubl about the Charity's ability to continue to adopt the going concern basis of accounting for a period ol al least twelve months from the date when Ihe financial statements are authorised for issue. Other inforniallon The Members of the Governing Body are responsible for the other information. The other inlormation comprises the information included in the annual repoll other than the financial statements and our auditor's report IheTeon. Our opinion on the financial slalemenls does not cover the other information and, exGepl to the extent otherwise explicitly staled in our reF)Ort, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial slatemenls, 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 lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalernenls, we are required lo determine whether there is a material misstatement in the financial slalements or a maleTial misslatemenl of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. 13 ST ANTONY'S COLLEGE Independent Audltors. report to the Members of the Governing Body of St Antony's College Year Ended 31st July 2020 atters on which we are requlred to report by exception We have nothing to report in respect of the following matters in relation lo which the Charities Aet 2011 requires us lo report to you if, in our opinion.. sufficient a¢oounting records have not been kept.. the financial statements are not in agreement with the aocounling re¢ords and returns; or we have not obtained all the information and explanations ne¢ess8ry for the purposes of our audit. Responsibllitles of the Members of the Governing Body As explained more fully in the Ststemenl of Accounting and Reporting Responsibilities Isel out on page 111. the Members of the Governing Body are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as they deterrnine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the Members of the Governing Body are responsible for assessing the Charity's ability to continue a5 2 going Concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Members of the Governing Body either intend to liquidate the Charity or to cease operations, or have no realistic alternative but lo do so. Auditor's responslbilities for the audit of the financial statements Our objectives are lo obtain Teasonable assuran￿ about whether the financial statements as a whole are flee from material misslalemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accoTdance with ISAS IUKI will always delect a material misstalemenl when il exists. Misslalemenls 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.OTg.uklaudilorsresponsibililies. This description forms parl of our audilorfs report. This report is made solely to the College's Governing Body, as a b(xly, in accordan￿ with section 144 of the Chaiilies Act 2011 and the regulations made under section 154 of that Acl. Our audit work has beèn undertaken so that we might slate to the Members of the Governing Body those mallers we are required to slate to them in an auditor's report and for no other purpose. To the fullest exlenl permitted bylaw, we do not accept or assume responsibility lo anyone other than the College's Governing Body as a body, for our audit work, for this report, or for the opinions we have formed. Critchleys Audit LLP SlalutOTy Auditor Oxford Dale.. 3 December 2020 Critchleys Audit LLP is eligible to act as an auditor in term5 of Sections 1212 of the Companies Act 2006. 14 ST ANTONY'S COLLEGE Independent Auditors, report to the Members of the Governlng Body of St Antony's College Year Ended 31&t July 2020 ACCOUNTING POLICIES 1. Scope of the financial statements The financial slalements present the Consolidated Statement of Financial Activities {SOFAI, the Consolidated and College Balance Sheets and the Consolidated Stslemenl of Cash Flows for the College and its wholly owned subsidiaries St Antony's College Trading Limited and Sl Antony's College Estates Limited. The subsidiaries have been consolidated from the date of their formation being the date from which the College has exercised control through voting rights in the subsidiaries. No separate SOFA has been presented for the College alone as permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary of the results and financial position of the charity and each of its material subsidiaries for the reporling year are in note 14. 2. Basis of accounting The College's individual and consolidated linancial statements have been prepared in accordance wllh United Kingdom Accounting Standards, in particular 'FRS 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland, IFRS 102>. The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepaTed ils individual and consolidated financial statements in accordance with 'The Slalemenl of Recommended Practice applicable to charities preparing their financial statements irs accordance with FRS 102, {The Charities SORP IFRS 102}1. The financial slalemenls have been prepared on 8 going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities al fair value with movements in value reported within the Slalement of Financial Activities ISOFAI. The principal accounting policies adopted are sel out below and have been applied consislenlly throughout the year. 3. Accounting judg9ments and estimatlon un¢ertalnty In the view of the Goveming Body, in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the fi'nancial slalements. In the view of the Governing Body, no assumptions concerning the futu￿ or eslimalion uncertainly affecting assets and liabilities al the balance sheet date are likely to result in a material adjuslmenl to their carrying amounts in the next financial year. 4. Income recognition All income is recognised once the College has enlillement lo the income, the economic benefit is probable and the amount can be reliably measured. Incomg from fees, the Office lor Students and other charges for services Fees receivable, less any scholarships, bursaries or other allowances granted from the College unreslricled funds. support from Ihe Office for Students and charges for services and use of the prBmi5es are recognised in the period in which the related service is provided. Income from donations, grants and Segacles Donations and grants that do not impose Specif￿ future performance-related or other specific conditions are recognised on the date on which the charity has enlillement to the resource, the amount can be reliably measured and the economic benefit lo thè College of the donation or grant is probable. Donations and grants subject lo performance-related conditions are recognised as and when those conditions are met. Donations and grants subject lo other specific conditions are recognised as those conditions are Met or their fulfi'lmenl is wholly within the control of the College and il is probable that the specified conditions will be mel. Legacies are recognised following grant of probate and On￿ the College has received sufficient information from the execulorlsl of the deceased's eslale lo be satisfied that the gift can be reliably measured and that the economlc benefit lo the College is probable. Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds. 15 ST ANTONY'S COLLEGE Statement of Accounting Pollcles Year Ended 31" July 2020 Donations, grants and legacies which are subject to conditions as lo their use imposed by the donor or sel by the terms of an appeal 2re credited lo the relevant reslricled fund or, where the donation, grant or legacy is required lo be held as capital, lo the endowment funds. Where donations are received in kind las distinct from cash or other monetary assets), they are measured at the fair value of those assets al the dale of the gift. Investment income Interest on bank balances is a¢counted for on an accrual basis with interest recognised in the period lo which the interest relates. Income from fixed interest debt securities is recognised using the effective interest rale method. Dividend income and similar dislribulions are recognised on the dale the share interest becomes ex- dividend or when the right lo the dividend can be established. Income from investment properties is recognised in the period to which the rental income relates. S. Expenditure Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the College to expenditure that will probably require settlement. the amount of which can be reliably measured or eslimaled. Gran15 awarded that are not performance-relaled are charged as an expense as soon as a legal or conslruclive obligation for their payment arises. Grants subject lo performance-relaled conditions are expensed as the specified conditions of the grant are met. All expenditure including support costs and governance costs are allocate(l or apportioned to the applicable expenditure categories in the Slalemenl of Financial Activities Ithe SOFA). Support costs, which includes governance costs {costs of complying with constitutional and statutory requiremenlsl and other indirect c95ts are apportioned to expenditure categories in the SOFA based on the estimated amount atlribulable lo that activity in the year, either by reference lo staff lime or the use made of the underlying assets. as appropriate. Irrecoverable VAT is included with the item of expenditure to which il relates. Inlra-group sales and charges between the College and ils subsidiaries are excluded from trading income and expenditure in the consolidated financial slalemenls. 6. Leases Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included wilhin fixed assets and depreciation is charged over the shorler of the lease tetm and the assets, useful lives. Assets are assessed for impairment al each reporting date.The corrèsponding 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 rale of interest on the remalning balan￿ of the liability. Leases that do not transfer all the Tisks and rewards of ownership are classified as operats'ng leases. Rentals payable under operating leases are charged in the SOFA on a straight line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight line basis. 7. Tanglble fixed assets Land is staled al cost. Buildings and equipment are stated at cost less aocumulaled depreciation and any accumulated impairment losses. Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings which is directly allributable to bringing the asset to ils working condition for ils intended use and arnounling to more than £10,000 together with expenditure on equipment costing more than £10,000 is capilalised. 16 ST ANTONY'S COLLEGE Statement of Accounting Policies Year Ended 31"July 2020 Where a parl of a building or equipment is replaced and the Gosls capilalised, the carrying value of those parts replaced is derecognised and expensed in the SOFA. other expenditure on equipment incurred in the normal day-l04ay running of the College and its subsidiaries is charged lo the SOFA as incurred. 8. Depreclation Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their eslimaled residual value, in equal annual inslalmenls over their expected useful economic lives as follows.. Freehold properties, including major extensions Building improvements Equipment 50 years 25 years 4- 10 years Freehold land is not depreciated. The cost of Maintenan￿ is chaiged in the SOFA in the period in which it is incurred. At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the cairying value May not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment. 9. Investments Investment propertt'es are initially recognised al their cost and subsequently measure(J al their fair value Imarkel value) at each reporting dale. Purchases and sales of investment properties are recognised on exchange of contracts. Listed investments are initially measured al their cost and subsequently measured 81 their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the eslimaled future selling costs. Investments such as hedge funds and private equity funds which have no readily identifiable market value are initially measured at their costs and subsequently measured al their fair value al each Teporting date without deduction of the eslimaled future selling costs. Fair value is based on the most recent valuations available from their respective fund managers. Changes in fail value and gains and losses arising on the disposal of investments are crediled or charged to the income or expenditure section of the SOFA as 'gains or losses on investments, and are allocated to the fLJnd holding or disposing ol the relevant investment. 10. Other flnanclal Instruments a. Cash and cash equlvalents Cash and cash equivalents include cash al banks and in hand and short term deposits with a maturity date of three months or less. b. Debtors and credltors Deblots and creditors receivable or payable within one year of the reporting dale are carried at their at tiansaclion price. Debtors and creditors that are receivable or payable in more than one year and not subject lo a market rale of interest are measured al the present value of the expected future receipts or payment di5Gounted at a market rate of interest. 11. Stocks Stocks are valued at the lower of cost and nel realisable value, cost being the purchase price on a first in, first out basis. 12. Forelgn currencies The functional and presentation currency of the College and its subsidiaries is the pound sterling. 17 ST ANTONY'S COLLEGE statement of Accountlng Pollcles Year Ended 31st July 2020 Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates al the dates of the Iransaclions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling al the rates applying at the reporting date. Foreign exchange gains and losses resulting from the selllement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates al the reporting date are recognised in the income and expenditure section of the SOFA. 13. Total Return investment accounting The College slalutes aulhorise the College lo adopt a 'total return, basis for the investment of ils permanent endowment. The College can invest ils permanent endowments without regard lo the capilallincome distinctions of standard tru51 law and with discretion to apply any part of the accumulated totsl return on the investment as income for spending each year. Until this power is exeicised, the total return is accumulated as a component of the endowment known as the unapplied lotsl return that can be either be retained fol investment or release to income al the discretion ol the Governing Body. 14. Fund accountlng The total funds of the College and ils subsidiaries are allocated to unrestricted, reslricled or endowment funds based on the terms sel by the donors or set by the terms of an appeal. Endowment funds are further sub4ivided into permanent and expendable. Unrestricted ftjnds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds. Reslricled 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 musl be used for the purposes givèn or the income on gifts where the donor has required or permilled the capital to be maintained and with the intention that the income will be used for specific purposes within the College's objects. Permanent endowment funds arise where donors specify that the funds are to be retained as capitsl for the permanent benefit of the College. Any part of the lolal return arising from the capital that is allocated to income will be accounted for as unreslricled funds unless the donor has placed restrictions on the use of that income, in which case il will be accounted for as a restricted fund. Expendable endowment funds are similar to permanent endowment in that they have been given, or the College ha5 determined based on the circumstances that they have been given, for the long term benefit of the College. However, the Governing Body may al their discretion determine lo spend all or parl of the capital. 15. Pension Costs The costs of retirement benefits provided to employees of the College through two multi-employer defined pension schemes are accounted for as il 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 lo 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 al the balance sheet dale for the discounted value of the expected future contribution payments under the agreements with these mulli-employer schemes lo fund the past service deficits. 18 St Antony's College Consolidated Statement of Financial ActivitieB For the year ended 31 July 2020 Unrestricted Reslricled Endowed Funds Funds Funds £'ooo £'ooo £'ooo 2020 rotal £'ODO 2019 To181 £'ooo Notes INCOME AND ENDOWMENTS FROM: Charltable activities: Teaching, research and residential Public worship Heritage Other Trading In¢omè Donations and legacles Investments Investment income Total relurn allocated to income Other income Total income 3,764 3,771 4,027 131 95 131 2,299 562 2,165 1,657 547 71 815 212 5,088 1,552 11,4941 13 618 1,623 870 15 679 231 8,055 2,349 7,624 EXPENDITURE ON.. Charitable activitlos: Teaching, research and residential Public worship Herffage 4,242 2,906 7,148 8.028 Generating fund8: Fundraising Trading expenditure Inveslmenl rnanagemenl costs Total Expenditur¢ 221 124 223 124 265 539 12 8,844 4,588 2.908 7,496 Nel IncomellExpenditurel boforè gains soo 1559 618 559 11,2201 Nel gainsl{lossesl on investments 12. 13 12,3011 12,301) 2,804 Net IncomellExp8nditurel 500 1559) 11,6831 11,7421 1,584 Transfers between fund6 20 {4411 452 Other re¢ognis*d galnsllosses Gainsl{lossesl on revaluation of fixèd assets Actuarial gainslllos8e8} on defined benefit pension schemes Nèt movement Sn funds for the yèar Fund balances brought forward 11071 13,996 11.6941 46.43S 11,7421 74.135 1.584 20 13,704 72.551 Funds carrled fornard at 31 July 13,763 13,889 44,741 72,393 74,135 19 st Antony's College Con501idated and College Balance Sheets As at 31 July 2020 2020 Group £'ooo 2019 Group £'ooo 2020 College £'ooo 2019 College £'ooo Notes FIXED ASSETS Tan9ible assets Property investments Other Investments 10 12 13 28,292 3,970 45,376 25,152 1.070 48.672 28,292 3,970 45,376 25,151 1,070 48,672 Total Flxed A$¥8ts 7Y,638 74,B94 77,638 74,893 CURRENT ASSETS Stocks Debtors Investments Cash al bank Bnd in hand 25 356 27 304 25 389 28 944 16 7,000 4,739 6,948 4,046 Total Current Assets 7.381 5,070 7.362 5,018 LIABILITIES Creditors.. Amounts falling due within ollo year 17 1,354 1.030 1,336 977 NET CURRENT ASSETSIILIABILITIESI 6,027 4,040 6,027 4,041 TOTAL ASSETS LESS CURRENT LIABILITIES 83,665 78,934 83,665 78,934 CREDITORS-. falllng due aft•r more than one year 18 10,518 3,547 10,518 3.547 Provlslons for Ilabilltlès and chary•s 20 NET ASSETSIILIABILITIESI BEFORE PENSION ASSET OR LIABILITY 73,147 75,387 73,147 75,387 Defined beneflt penslon scheme 118blllty 24 7S4 1.252 754 1,2S2 TOTAL NET ASSETSIILIABILITIESI 72,393 74,135 72.393 74,135 FUNDS OF THE COLLEGE Endowment funds 20 44,741 46,435 44.741 48,435 Re$trleted funds 20 13,889 13,996 13,889 13,9 Unrestrietsd funds Designated funds Gener81 funds Pension Fund Liability 20 20 20 9,187 5.330 17541 9,678 5,278 11,2521 9,187 6,330 1754} 9,678 5,278 11.2521 72,393 74,135 72,393 74.13S The fi'nancial siatemenls were approved 8nd authorised for Issue by the Governing Body ol St AnlonY8 College on 2nd December 2020 Trustee.. Trusteo.. 20 st Antony's College Consolldated Statement of Cash Flows For the year ended 31 July 2020 2020 £'ooo 2019 £'oao Notes Net cash provided by (used inl op8rating activities 27 1.030 11,118 Cash flows from Investlng activltles Dividends, interest and rents from investments Proceeds from the sale of propety, plant and equipment Purchase of property, plant and equipment Proceeds from sale of investments Pu￿hase of investments Net cash provlded by (used Inl invg$tlng activities 1,623 870 13,8861 1,960 3,865 4.168 1181 3.583 379 4,056 Cash flows from financing activities Repayments of borrowing Cash inflows from new borrowing Receipt of endowment Net cash provided by (used In) financlng actlvili8S 1871 7.000 547 7,460 11.1161 626 490 Change In cash and cash èquivalents In tho roporting period 2,262 2.448 Cash and cash equivalents at the boglnning of th& reportlng pgriod 4,739 2.291 Change in cash and cash equivalents due lo exchange rale movements Cash and cash equlvalents at the end of the reporting period 28 7.000 4.739 21 St Antony's College Note8 to thè flnanclal statements For thè year ended 31 July 2020 INCOME FROM CHARITABLE ACTIVITIES 2020 £'ooo 2019 £'ooo Teaching, Resèareh and Residential Unreslricled funds Tuition fees- UK and EU students Tuition fees- overseas students Other lees Support from Office for Students Other academic income Cdlege residential income 423 1,109 122 56 82 1,972 3,764 867 506 114 179 25 2.523 4,014 Restricted funds Other academic income 13 13 4,027 Total Teachlng, Research and Resldentlal 3,771 Total Income from charitsb18 activltles 3,771 4,027 The above analysls includes £1578k recelv¢d from Oxford Universlty from publidy accountable funds under the CFF Scheme12019'. £179kl. INCOME FROM OTHER TRADING ACTIVITIES 2020 £'ooo 2019 £'ooo Subsidiary c4)rnpany trading income 131 562 131 562 DONATIONS AND LEGACIES 2020 £'ooo 2019 £'ooo Donatlons and Lega¢ie$ Unrestricled funds Rostricted funds gndowed funds 95 1,657 547 2,299 1,532 626 2,165 INVESTMENT INCOME 2020 £'ooo 2019 £,￿0 UnrestriGl8d fvnds Other pioperty income Olhei inv8slment income Bank inleie5t 52 63 18 18 99 19 71 Endowedlunds other property Income Equity dividends Other invesltnent income 154 587 771 1,522 1,552 Total Invèstment Income 1,623 870 22 St Antony's Collège Notes to the financial statements For the year endgd 31 July 2020 OTHER INCOME Other in¢om& comprises £238.1(X) of support from the Goverlltnent Job Retention Scheme. These funds were claimed in respect ol both perrnanent and casual employees who were placed on furlough betrNeen March 2020 and JLsly 2020. There was no similar incomè in the prevlous financial y¢ar. Where appropriate. income Irorn Iheiob retention s¢*eme has beèn allocated lo the relevant fund in order to coverthe costs ol the lurtoughed employees chaiged lo thal fLind. ANALYSIS OF EXPENDITURE 2020 £'ooo 2019 £'ooo Charltable expenditure Di￿1 starf costs 811ocaled lo.. Teaching, rese8r¢h and residen1181 2.100 2,906 other direct costs alloeated to.. Teaching, research and residenti81 3,174 3,370 Support and governance costs allocated lo-. Teaching, ￿search and iesidential 1,874 1,752 Total charitablè expenditure 7.148 8,028 2D2D £'ooo 2VI¥ £'ooo Expendlture on genoratlng funds Direct staff co8ls allocated lo.. Fundraising Trading expenditure Other direct costs allocaled to.. Fundraising Trading expenditure Irivestment managernont costs Support and governance ¢osts allocated to.. Fundr8ising Trading expenditure Investment management costs 159 28 171 120 33 94 67 418 12 31 27 Total expendltur8 on ralslng furtds 348 818 Total exp¥ndlture 7,496 The 2019 resources expendiluro of £8,844k reprèsented £6,518k from unrestricted funds and £2,326k from re8lrieted funds. 8.844 The College is liable to be assessed lor a contribution under the provisions of Statute XV of the University of Oxford. The Contribution Fund is used to make grants and loans to eolleges on the basis ol need. Contributions are calculated annually in accordance wth regulations made by the Council ol the University of Oxford. The teaching 8nd research costs Include College Contribution payable ol £Ok12019- £1kl. 2020 Total £'ooo 2019 Total £'ooo Included within thts resources expènded ab)ve are.. Stock ￿COgnised 8s an expense in the year Operating lease payments Foreign exchange gain I Ilossl 14 29 37 333 1121 23 st Antony's College Notes to the financial statements For the year ended 31 July 202D ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Teaching and Research £'o Generatin9 Funds £'ooo 11 21JZU Total £'ooo 2S1 485 30 245 747 106 25 19 1.908 Fin8ncial administration Domestic administration Human resources 485 30 226 747 IOS 25 15 1.874 19 Depreciation 8ank interest payable Other finan￿ Charges Governance costs 34 Teaching and Research £'ooo 141 457 31 214 760 103 31 15 1,752 Generating Funds £'ooo 10 2019 Total £'ooo 151 457 31 231 760 103 31 16 1,780 Financlal adminislral Domestic administration Human resour￿$ IT Depreci31ion Bank inlgrest payable Other fin3ncÉ charges Governancè costs 17 28 Finan¢l81 and domestic administialion, IT, governance and human resources costs are attribLJted according to the esb"maled stall time spent on each aclivily. Depiecialion costs 8nd profit or loss on disposal ol fixed assets a￿ attributed accoiding lo the use made of the undedying assets. Inte￿st and other lin8nciw charges are attn"buted according to the purpose of the related financin9. 2020 £'ooo 19 2019 £'ooo 16 Governance costs comprlse.. Auditor's remuneration - audil setw¢trs Auditorfs rernuneralion- other services 20 16 No amount has been inGluded in governance c05ts for the dired employment cos18 or relmbursed expenses of the College Fellows on the basis Ihat these payments ￿late lo the Fellows involvement in the College's charitable activities. Details ol Ihe remuneration ol the Fellows and their ￿1MbUrSed expen$e$ are Included as 8 separate note within these financial statements. GRANTS AND AWARDS 2020 £'ooo During the year the College funded research awards and bui$8ries to students from Ils restricted funds were as follows.. Unrestrlcted funds - Grants to Indivlduals Scholarships. priz85 and grants Total unrestrlcted 2019 £'ooo Restrlcted funds- Grants to Indlvlduals Scholarships. prizes and grants Bursaries and hardship awar(Ss Total regtrlcted 267 23 290 qo 10 Total grants and awards 10 291 Sludents at this college did not receive any payments form the Oxford Buisary scheme nor wgre there any fee waivers las was tho case in 20191- There were no grants to other ir)slilutions. 24 st Antony's College Notès to th& linanclal statements For the year ended 31 July 2020 STAFF COSTS 2020 £'ooo 2019 £'ooo The aggregate staff costs lor the year were as follows. Salaries an($ wages SoGi81 security Costs Pension costs". Defined benefit sd)emes Defined contribution schemes Other benelils 2,B58 171 2.910 169 11911 26 30 746 37 48 2.894 3.910 The average number ol employees ol the College, exduding Trustees, was as follows. 2020 2019 Tuitlon and research College residential Fundraising Support 41 57 40 60 29 31 Total 132 137 The average number of employed College Tiusl¢es during the year was as follows. University Le¢tureis 40 42 Total 40 42 Redundancy paymenls are a¢¢ounted for in the pefiod in which the employee was informed of th8 decision. Where redundancy costs are uncertain. the liguie in the accounts represents 8 b8St ests"male. These costs will be met through unrestricted funds. The lollowlng inforrnation relates lo th8 employees ol the College excluding the College Trustees. Details of the remun81al1￿ and reimbursed expenses of the College Trustees is included as 8 separate note in these financial stalemenls. There was one employee (excluding the College Trustees) during the yearwhose gross pay and bonefils lexduding Nl and p&nsion contributions) was above £60.00012019'. onel. This ernployee had no retirement benefits accruing. The College contiibutions to defined ¢ontribution pensiori schemes lotalled 25 37 25 st Antony's College Notes to the flnanclal statements For the year ended 31 July 2020 10 TANGIBLE FIXED ASSETS Group Freehold land and buildings £'tK)O Fixtures, fi'llings and equipment £'ooo Total £'ooo Co$t At 518rt of year Additions 29.845 3.875 913 30,758 3,886 At end of year 33,720 924 34,644 Depreclation and Impairment At start of year DeprecAation charge lor Ihe year 5,070 536 101 5,606 746 At end of year 5.715 637 6,352 Net book value At end of year 28,005 287 28,292 At start of year 24,775 3TI 25,152 There were no sums relatin9 to assets held under fi'nance lease8 in 202012019.. nlll College Fieehold land and buildings £'ooo Fixtures, rittings and equipment £'O(KJ Total £'ooo Cost Al start ol year Additions 29,846 3.875 910 11 30,756 3,886 At end of year 33,721 921 34,642 Depreclatlon and Impalrment At start ol year Charge for the year 5,070 644 535 101 5,605 745 At ond of year 5,714 636 6,350 Net book valuè At end of year 28,007 285 28,292 At start ol year 24,776 375 25,151 There were no asset dlsposals in the year. 'I'here were no sums relatlng to assets held under Iinance leases In 202012019.. nlll The College has substantial lon￿held historic assets all of which ale In the Course of the College's teaching and re8e8ich adivities. These comprise listed buildings on the College sil£. together ￿th their contents comprising works ol art, 3ncient books and manuscripts and other Ifeasured artefacls Because ol their age and, in many cases, unique natur¢. rollable histor￿al cost information is not available for these a85els and could not be obtained except at disproportionate expens8. However, in the opinion of the Trustees the depreciatéd hisloii¢al cost ol Ihese assets is now immalerial. 26 St Antony's College Notes to the flnancial statements Forthe year ended 31 July 2020 11 HERITAGE ASSETS The College hold a number ol manusciipts, books, photograph5 and other documents which whère acquired by the college al no cost. There have been no material additions or disposals of such assets sn recent years. 11 is College policy to review 811 such gifts before accepting them and to ensure they 316 properly documented, maintained and subject to an appropriate disposal policy. Access is grantèd by prior arrangernenl lo academics, students and member ol Ihe publi¢. 12 PROPERTY INVESTMENTS Group 2020 Total £'ooo 2019 Total £'ooo Valuation at start of year Additions and improvements at cost 1,070 2,900 1,070 Valuatlon at end of year 3,970 1,070 Collègo 2020 Total £'ooo 2019 Tol81 £'ooo Valuation at start ol year Additions and improvements al cost 1,070 2,900 1,070 Valuatlon at end of year 3,970 1.070 An independent valugtion of the property at 28 H8milton Road was ￿rrIed out by Breckon and Breckon Ltd in 2015. 11 was not POS5ible to obtain a new valuation in 2020 due ti thts impacl of the COV1D pandemic but a new valuat￿rn wll be obtained as soon it IS Sale tr> do so. During the year the College purchases an additional propety at 4 Canterbury Road at a cost of £2.9million. 13 OTHER INVESTMENTS All investrnents are held at fair value. 2020 £'ooo 2019 £'(x)o Group Investmen18 ValLJation at start of year New money invested Amounts withdrawn Reinvested incorne Investment management fees IDecreasellincrease in value of inve$lmenls 48,672 965 11,9191 49.071 35,804 139,7641 769 1121 2,804 1401 12,3021 Group Inv•stments atend of year 45,376 48,672 Investmènt In subsidiaries College Investments at ¥nd of year 45,376 48.672 27 St Antony's College Notes to the Ilnanclal statements For the year endèd 31 July 2020 Group Investments comprlse: Held outsido the UK £'ooo Held in the UK £'ooo 2020 Held outside Totsl the UK £'ooo £'ooo Held in tho UK £'ooo 2019 Total £'ooo Equity investments Global multi-assel funds Property funds Altemative and other investments Fixed teitn deposits and cash 3,997 72 160 36,424 212 4.157 36,496 212 4,511 3.199 113 38,190 242 3.312 38.283 242 6,816 19 4,511 6,816 19 Total group Investments 8,580 36,796 45,376 10.108 38,564 48,S72 14 PARENT AND SUBSIDIARY UNDERTAKINGS The Gollege holds 100% 01 the issued share capital in Sl Antonys Trading Limited. a ¢omp&ny providing conference and other event 96rvices on the College pretnises. and 100% 01 the issued share capital in Sl Antonys Estates Limiled, a company providing design and build construction services to the College. The results and IheSr assets and liabilities ol the Pa￿nt and subsidiaries at the year end were 88 ft>llows. Parent College Subsidiary SANT Trading 2019 £'ooo Subsidiary SANT E81818s 2019 £'ooo Parent College 8ubsldlary Subsldlary SANT SANT Tradlng Estates 2020 2020 £'ooo £'ooo 2019 £'i)00 2020 £'ooo Income Expenditure Revaluabon Gain Donation to College undèr yift aid 7,(￿2 4,302 2,804 20 562 .540 6,310 17,3701 16871 129 11251 -22 141 Result for the year 1,584 11,7421 Total assets 79,911 -5,776 945 -945 181 -181 85.000 112.6071 72 1721 106 11061 Net funds at the end of year 74,135 72.393 The College owns a 113rd 5h8re in North Oxford Sh8rod College Services Lirnit8d, a company jointty established by Sl Antony's College, St Hugh's Colleg& and Lady Margaret Hall in order lo share IT support costs. 28 st Antony's Collegè Notes to the financial statements For the year ended 31 July 2020 15 STATEMENTOF INVESTMENT TOTAL RETURN The Trustees have adoplod a duly authorisèd Policy of total ielum accounb.ng for the College investment retums. The investment r8tLJm lo be applied as income is calculated as 3.5%12019.. 3.5%) (plus costs) of the average of the year-end values ol the relevant investments in each ol the last 3 years. The preserved Ilrozenl value of the invested endowment capital iepresenls its open market value in 2003 together wrth all subsequent endowments valued al date ol gift. Permanent Endowment Unapplied Total Return £'oorJ Expendable Total Endowment Endowments Trust for Investment £'ooo 6.070 Total £'ooo 6,070 4,325 At 1st August 2019 Gift component oflhe p&rmanent endowment Un8pplied total return Expendable endowrnenl Total Endowments £'(K)O É'ooo 6,070 4,325 36,040 46,435 4,325 36,040 36,040 6,070 4.325 10,395 Movements In the reportlng parlod: Gift of endowment funds Recoupfflenl of tfust for inve51mènt Allocation from trust lor investment Investment return.. total investrnenl income Investment reluin.. realised and uniealised gains and losses Less.. Investment management c08ts Other transfers Total 448 448 112 560 348 14641 348 14641 1,204 -1,837 1,552 12,3011 123 425 21 1951 121 330 191 15301 12001 Unapplied total relum allocated lo incom& in the reporting peric Expendable endowtnenl$ Iransferred lo income 12951 12951 13841 8151 11,199 11,7291 16791 815 1,494 11,6941 2951 13901 295 3S Net M0￿ments In reportlng porlod 425 At 31st July 2020 Gift ¢omponent ol th8 p8rmanent endowment Unapplied toial return Expendable endowment Total Endowments 6,495 6,495 3,935 6.495 3.935 34.311 44,741 3,935 34,311 34,311 6,495 3,935 10,430 16 DEBTORS 2020 Group £'ooo 2019 Group £'ooo 2020 College £'ooo 2019 College £'ooo Amounts falling due wlthin onè year: Trade debtors Amounts owed by College member$ Amounts owed by Group undertakln9S Loans repayable wthin one year Prepayments and accrued incomè 95 55 102 60 69 64 70 10 196 40 60 702 qo 196 139 139 356 389 29 St Antony's College Notes to the flnan¢lal statèments For thè year 8ndod 31 July 2020 17 CREDITORS.. falling duè wlthln one year 2020 Group £'ooo 2019 Group £'ooo 2020 College £'ooo 2019 College £'ooo Bank loans Trade creditors Amounts owed to College Members Amounts owed to Group undertakings Taxation and soaal security Accruals and deferred income 57 180 335 115 228 264 57 160 334 94 115 176 264 48 375 48 374 781 689 1,354 1,030 1,335 977 18 CREDITORS.. fallln9 du& aftèr more than one year 2020 Group É'ooo 2019 Group £'ooo 2020 College £'ooo 2019 College rooo Bank loans 10,518 3,547 10,518 3,547 10,518 3,547 10,51B 3,547 The loans are unsecured. The Gateway loan of £3.518k is repayable in instalments be￿een October 2022 and October 2042. The Hilda Besse loan of £7,OOOk is a Tevolving loan facility that is repayable in D￿ernbel 2022, though this faality may be extended by a further one or years. 19 PROVISIONS FOR LIABILITIES AND CHARGES There are no provisions for lia￿'11t1es and charges12019'. nil) 30 St Antony's Collègè Notas to the flnanelal ststements For the year ended 31 July 2020 20 ANALYSIS OF MOVEMENTS ON FUNDS 1 Aug2019 £'ooo Income Expenditure £'oo(I Transfers £'ooo Loss 31 July 2020 £'ooo £'ooo £'ooo Endowmènt Funds- Pemianent fal Followships Ibl Scholarships fc) Libraiies Idl Centre Cosis Total Endowment Funds . Pemianent 7,367 1,435 1,420 170 10,392 238 488 57 14 797 11771 1351 1831 13101 1791 1671 7,118 1,809 1,327 176 10,430 1295 1464 Endowment Funds . Expendable ea) General Endowment ebl Fellowships ecl Scholarships ed) Research eel Student Prizes eo Student Hardship egl cent￿ Costs eh) Other Total Endowment Funds - Expendable 23,353 4.270 3.434 1.306 291 32 3.047 310 36,043 788 128 221 43 10 18151 11541 1961 1881 22,195 3.942 3.393 1.200 287 28 2,982 304 34,311 13021 11661 1611 1141 141 1521 114 10 1.315 11471 15 11,837 11,2101 Totsl Endowment Funds - Group 46,435 2,112 1,505 2,301 44,741 Restricted Funds ral Fellowships rbl Scholarships rcl Research rdl Conleientss 8 seminars rel Libraii85 rfj Student Prizes rgl Sludenl Hardship rhl Sludenl Travel ril Sludenl Grants & Burs8ries rjl Centre Cos15 rkl Capital Inveslcorp rl) Capital Gateway rml Capital Hilda Besse rnl Other Total RostrÉctèd Funds- College 299 92 434 293 24 72 158 351 347 14421 11911 14431 12521 1941 264 129 69 181 93 193 186 411 3BO 28 123 1221 1101 141 11501 12811 105 499 12,243 144 39 532 11.962 11 1721 59 13.996 525 47 1,670 19911 28 2,908 538 78 13.889 1,131 Restricted funds held by subsidiaries Total Restrlcted Funds- Group 13,996 1,670 2,908 1,131 13,889 Unrèstrlctèd Funds ual General reserves ubl Libraries cl Centre costs udl Nissan building ￿serve uel Hilda Besse Building Fund un Capital Loan Repayment Fund ugl Fixed asset desionated fund uh) Pension Fund Liability 5,278 4,150 14,5491 131 451 5,330 21 219 171 16 9.242 11,2521 21 263 120 1761 16 B,879 17541 14571 498 94 Total Unrestricted Funds- College 13,704 4,273 4,588 374 13,763 Unrestricted funds held by subsidiaries Totsl Unrestrlcted Funds- Group 13,704 4,273 4,588 374 13,763 Total Funds 74,135 8,055 17,4961 12,3011 72,393 31 St Antony's College Note5 to the flnanclal statements For the year ended 31 July 2020 21 FUNDS OF THE COLLEGE DETAILS The college manages four m8In groups of fund. listed In note 20 abovè, the purpose ol which is explained in rnore detail b810w'. Endowment Funds - Pemianent: These repiesent 8 consolidation of donations and gifts where the incorne obtained through managing the funds is lo be used lo support various activities ol the College as OLJtlined by the donor. The funds held support four main arears of activity, namely the c08ts of vark)us fellowships within the College, costs of libiaries, academio centres and the provision of Scholarships. Amongst the fellowships supported by permanent endowment funds are the King Mohamme¢J Vl Fellowship, the Andres Bello FelkwshTP and the Alistair Home Fellowship. Endowment Funds- Expenilable.. Expendable Endowments are the consc>lidation of gffts and donations where either the investment income or the capital sum may be used loi th8 purposes outlined by the donor. The f(Jnds Serve a number of purposes induding the provision ol fellowships, scholarships, slud$nl prizes, awards and support to sluden15 experiencing frnancial hardship. Sorne funds support the costs of the acadefflic ￿ntreS of the college and research and there is 3 general endowment to fund college activities. Restrlctèd Funds: Restricted Funds are grants, gifts and donations that are given for a particular purpose by the donor or organisation m8king a grant to the college. ThBy may only be used for specific purposes and they fund activities which are groupgd into a number of areas including the provision ol fellowships, scholaiships, student piizès, awards, grants, bursaries and svpport to students experiencing linancdal hardship. Some funds support the costs of the academic cenlres of the college. it's libraries and research. There are specific funds that were used lo support the capitsl expendrture on the Gateway, Inveslcorp 8nd Hilda Besse bulldings and also to support the on-going running costs of the Investwry> building. Unrestrictad Funds: These funds represerit all income which h8s been received by the College wherg rio restriction has been placed on il's use. Unrestricted funds are Iisled in fablg 20 in a number of different categories, sotne of which have been designated by the Governing Body for particular purposes, which are oulllned bdow.. General Reserves Libraries This represents the general financl81 reserves ol the college. This is a consolidation ol unreslricled funds raised by the College's Libr81ies, which thts Governing Body has therefore set aside to be spent for the benefit of those Libraiies. Centre Costs This is a consolldalion ol unrestri¢ted funds raised by the College's Academic Centres. which the Governing Body has therefore set aside to be spent lor the benefit ol those Cenlres. This fund has been designated by the Goveming Body lor the purpose of running and maintaining the Nissan Building. TpJstee8 have designated a fund to provide lor the costs of mainlenanefr and refuibishment ol the Hilda Besse Building. Trustees have designated 8 IL)nd to provide for ropayment ol long term ca￿tal loans. Unreslricled Funds whith are represented by the fixed assets ol the College and therefore not available for expenditure on the College's general purposes. Funds designated lo highlight the potenti81 liability ol defined b8nefit pension schemes of which the college is a member. Nissan Building Reserve Hilda Besse Buildlng Fund Capitsl Loan Repayment Fund Fixed Asset Designated Fund Pension Fund Liability 32 St Antony's Collegè Notes to th8 flnanclal statemen15 For Ihe yèar ended 31 July 2020 Analysis of Transfers Between Fund9'. Perrnanenl Endowmenl8 Exp8ndab Endewments Reslricted Fvnds General Funds Fixed Asyel Fund Olher D8signaled Funds £'ooo £'ooo £'ooo £'ooc> £'cKJo £'CM)O Total RetLJin Allocated to Income Hild8 Besse Cost funded by General Fund Hilda Besse cost ILinded by Design8ted Fund Repayrnent ol Loans Funding Assets Transfer Of Intem21 Workroom Rent Charges Other Ti8nsters -295 -1,199 679 367 171 815 -367 -171 -94 99 -99 13 -11 1295 11.2101 1.131 451 94 11711 22 ANALYSIS OF NET ASSETS BETWEEN FUNDS un￿strICted Funds £'ooo Restricted Endowment Funds Funds £'ooo £'ooo 2020 Total £'ooo T8ngiNe fixed assets Property investments Other investments Nel ¢utrent assets Long tem) Ilabillties 16,330 3,075 1,530 4,598 111,7701 11,962 28,292 3,970 45,376 6,525 111.7701 895 43,848 1,927 13.763 13.889 44.741 72,393 Unrestricted Fund5 £'ooo ReStr￿ted Endowment Funds Funds £'ooo £'ooo 2019 Total £'ooo Tangible Itxed assets Propety investrnents Other investments Net current assets Long tem) liabilities 12,￿9 75 3,132 2,287 14,7991 12,243 25.152 1.070 48,672 4,040 14,7991 895 45,540 1.753 13,704 13,996 46.435 74.135 33 st Antony's College Notes to the financial stateTnents For the ya¥r ended 31 July 2020 23 TRUSTEES. REMUNERATION The Fellow8 who are the Trustees of the College forthe purposes of charity law receive no iemuner3lion for acting as charity Irus1è6S l are paid by either or both of the University and the College lor the acadefflic services thay provide lo the College. Trustees ol the college fall into the lollowlno categories.. Head ol House Professorial Fellow Ollicial Fellow Fellow by Spècial Election Research Fellow No Iruslee receives any rernuneration loi aeting as a trustee. However, those trustees who gre also employees of the colleg8 ie¢eiv6 salaries for their work as employees These salaries are paid on external academio 8nd 8cAdemic-related scales and often are joint 8rrangements with the University of Oxford. The Remuner81ion and Confi￿ts ol Interest Cornmittee con818ts 01 nolablo College Alumni. Its purpose is to make re¢ommendabons to Governing Body concerning.. 11 the annual stipend ol each mernber ol Goveming Body inclvdlng the Warden, ill the benefits and allowances paid lo the Warden by the College in accordan￿ with the statutes, iiil the benefits and 811owances paid to each member of Governing Body lexeluding the Warden) in accordance with the Ststules N) such other mallers as are ref8ried lo it by the Goveming Bodv. All Trustees of the College are Members ol the Goveinin9 Body. One ol these, the Bursar, works full time on the management of the College. All trustees a￿ eligible for College housing schemes These either tske the form ol 8 monthly hotJsin9 allowance thich is included in the figures below or a joint equity103n or purchase or a repayable loan of £55.000 Thrtye IrLJslees Iwe in houses owned jointly with th6 College. The taxabltr benefits arising out ol the joint equily arrangements are included in the figures below. Some trustees re￿1ve additional allowances foi work c8rried out as part lime college officers Thes8 ale the Sub-warden, the De8n, the Senior Tutor, the Governing Body Delegate lor Finance, the Dean of Degrees, the Palgrave Macmillan editors and the Centre Direclois. These amounts are induded within the remuneration figures bolow. The total ￿muneratIon and taxable benefits 85 Shown below is £431.18512019 £461.5221. The total of pension contribution8 15 £47,971 (2019 £65,212). The College has a Remuneration Committee which tn8kes recommendations to Governin9 Body on pay and benelits wh￿h are outside ol external scales. The composition of the Remuntrralon Committee is set out on page 4 of the Trustee Report. 34 St Antony's College Notes to the ItrEan¢lal statement5 For the year èndèd 31 July 2020 Remuneration pald to trustses 2020 Gross remuneraNon, taxable ben8fits and pension contn"butions 2019 Gross rernuneralion, taxable benefits and pension contributions Number ol Trusteesl Fellows Number of Trusteesl Fellows Range £1-£999 £1,000-£1999 £2,000-£2,999 £3,000-£3,999 £4,000-£4,999 £5,000-£5,999 £8,00048,999 £10.000-£10,999 £11.000-£11,999 £12,000-£12.999 £13.000-£13.999 £16,000-£16.999 £17,00(P£17.999 £24,O￿£24,999 £58,0(M)-£58,999 £61,000-£61,999 £65.000-£65,999 £68,000-£68,999 £85,000-£85.999 £94,000-£94,999 £95,00(k£95,999 1,265 3,048 10.878 62,986 4,055 20,753 8,501 498 24 69.830 10.602 9.121 20,153 20 10,2S8 23.45& 12,073 23.999 13,228 16,573 17,103 24,765 58,673 61.028 65,200 fj8,891 85.W5 94,114 95,743 Total 45 431,185 43 461,522 All trustees may eat at common table, as can all other employees who are en￿'tIed to meals while WOTking. Other transaetlons wlth trustèes No trustee claimed expenses for any work performed in discharge of dubes as a trustee. See also note 31 Related Party Transactions Key management rèmuneratlon The total ￿MUnera￿an paid lo koy management lincluding National Insurance contributions) was £464k12019'. £480kl. Key managernenl are considered lo be the Wardèn and College Officers, the Bursar, the Domestic Bursar, Me HR Manager and the Accountant. 35 st Antony's Colleg& Note8 to the financlal statements For the year ended 31 July 2020 24 PENSION SCHEMES The CollBge participates in two principal pension schemes for its staff - the Universities Superannuation Scheme IUSSI and the University ol Oxlord Staff Pension Scheme IOSPSI. The assets of the schemes ale each held in separate truslee-administered funds. USS and OSPS schemes are contributory mixed benefi't schernes li.e. Ihey provide benefits on 8 defi.ned benefit b851s- based on length ol Se￿iCe and pensionable salary arnd on a defined contribution basis- based on contributions into the scheme). Both are multi-employer schemes and the College is unable lo identify its share ol the underlying assets and liabilities relating to defined benefi'ts of each scheme on a oonsistent and reasonable basis. Therefor8. in accordance with the accounting standard FRS 102 paragrjph 28.11, the College accounts for the schernes as if they were defined contribution schemes. As 8 result, the amount chaigèd lo the Income and Expendiknkie Account represents the conlribulitsns payable to th8 schemes in iespeGI ol the accounting period In the evenl of the withdrawal of any ol the patbcipats'ng employeis In USS or OSPS. the amount ol any pension funding shortfall (which cannot be otherwise recovered) in respect ol that employer wll be spread across the remaining participating employers and reflecled in the nexi actuarial valuation ol the scheme. Sl Antony's College ha5 made available the National Employrnent Savings Trust lor non-employees who are eligibl& under automatic enrolmenl regulations to pensv)n b8nefils. AetLEarlal valuatlons Qualified acluaries P8ri0dically value the USS and OSPS s¢hemes using the'pTojeeted unit method,, embraring a market valu8 approach. The iesu1ting levels of contribution take account ol actuarial surpluses or defiuts in Bach scheme. The financial assumptions were derived from market conditions prevailing at the valuation date. The re5ulls of the latest actuarial valuations and the assumptions which have the mosl significanl effect on the result5. uss 31103r2018 1610912019 £67.3bn £63.7bn 1£3.6bnl osps 3110312019 1910612020 £848m £735m 1£113ml Date of valu81ion'. Date valuation results published. Value ol assets. Funding surplus I Ideficill. Prin¢ipal 8ssumpiions'. Discount rale CPI 0.73Vo lo CPI +2.52% lal nla CPI Icl Gilts +0.5°k- 2.25% b Rate of increase in salaries Rate of increase in pensions Assumed life expectancies on retirement 8t age 65.. Males currently aged 65 Females currently aged 65 Males currently aged 45 F9males currently aged 45 Funding Ratios.. Technieal provisions b•sls Slalutory Pension Prot8¢1ion Fund 'Buy-OUt' basis RPI Average RPIICPI Idl 24.4 yrs 25.9 yrs 26.3 yrs 27.7 yrs 21.7 yrs 24.4 yrs 23.0 yrs 25.8 yrs 95% 76% 56% 87% 74% Employer contribution rale las ¥0 of pensionable salaries).. 21.1% in¢r*a$lng ￿ 23.7% 1 0111D121 19% Effeclive date of next valUat￿n.. 3110312020 3110312022 36 St Antony's Collogè Notes to the Itnanclal statements For the year ended 31 July 2020 al The discount rate Ilorward rates) for the USS valu8titsn was.. Years 1-10.. CPI + 0.14°k reduc4ng lineorty lo CPI- 0.73% Years 11-20.. CPI + 2.52% r8dueing linearfy lo CPI + 1.55% by year 21 Years 21 + CPI + 1.55% bl The discount rate lor Ihe OSPS valuation w88." Pre-reliremenl.. Equal lo the UK nominal gilt curvè at the valuation date plus 2.25°k p.a. al each term. Posl-reliremenl.. Equal to the UK nominal gilt curve al the valuation date plus 0 5% p.a. 8t each temi. cl Pensions increases ICPII for the USS valuation were.. Term dependenl rates in line with the difference bebNeen the Fixed Interest and Index Linked yield cuives, less 1.3% p.a. dl Increases lo pen5ion5 in payment for the OSPS valuation were.. RPI inftalion is derNed frorn the geometric difference betrleen the UK nornin81 gill curve and the UK index-linked curve al the valuation dale, less 0.3% p.a. at each term. CPI inflation is derived Irotn the RPI inflation assumption, less the Scheffle Aotuary'5 best estimate of the long-lerm difference bemeen RPI and CPI inflation as applies frotn time to time11.0% p.a. as a131 March 20191. For pension increases linked lo inflation, a pension increase curve is constructed based on either tho RPI, CPI or the average of the RPI and CPI inflation curves described above. adlusted to allow for the different maximum and rninimum annual increases that apply, and the Scheme Actuary's be8t È8ts'mate ol inllBtion volalilily as applies frorn tiffle lo lim6. el The USS and OSPS employer conliibulion rates include provisions for the cost ol futur8 accru81 of defined benefits, delicit contributions. adrninistralive expanses and defined contribuiions. S•n$ltlvity of aetuarlal valuatlon assumptlons Surpluses or defi¢ils whlch arise at future valuations may impact on St Anton¢s College's fulure contribution ¢ommitment. The strnsilvities regarding the principal assumptions used to measure the scheme liabilities are sel out below.. uss Assumption Changé in assumption Impact on USS liabilities Initial discount rate iThciease by 0.1% decrease by £1.2bn Asset Values redu￿ by 10% increase by £6 4bn RPI inflation increase by 0.1% decrease by £0.7bn MO￿ prudent a5surnpbon (mortality rnted by a lurther yearl Rale of rnortalily in¢rease by £1.6bn osps AssLJmption Change in assumption Impact on QSPS tschnical provisions valuab.on rate ol interest decrease by 0.25% increase £45m Rale of pension Increases increase by 0.25% increase by £40m 37 St Antony's College Notes to the Ilnanclal statements For the year ended 31 July 2020 Deflclt Recovery Plan8 In line wilh FRS 102 paragraph 28.11A, Sl Antony's College ha8 roeognlsed a liability for thè contributions payable for the agreed delicil funding plan. Tho pilneiple assumption8 used in these calculati(>ns are tabled below.. osps uss Finish Dale lor Delicil Recovery Plan Average stall number Increèse Average staff salary in¢rease Average discount rate over period Eftect of 0.5% change in discount rate Effect of 1Yo change in s13ff growth 3010112028 31103r2028 2.00% 0.74° 5,015 9,874 2.00% 0.63% 7,437 £ 14.274 A provision of £541k has been fflade 8t 31 July 202012019". £1.252kl for tre present vaSue ol the eth"mated future dÈfiat funding element ol the contsibutions payable under these agreements, using the assumptions shown. Pènslon chanqe for the y&ar The pension charge recorded by St Antonys College duiing the accouniir)g persod lexduding pension finance costs) was equal to the contributions payable after allow8n¢e for the deficit ieoovèry plan as foSlows'. Scheme 2020 £'ooo -270 -244 2019 £'(x)o 275 497 Universities Superannuation Scherne University ol Oxford Stall Pension Scheme -514 772 These amounts include £25k12019.' £37kl contributions payable to definèd contribution schemes at rate5 8pe¢ili8d in the rules ol those plan5. The￿ were no oulslanding pension contributions unpaid al 31st July 202012019.. nlll. A copy of the full actuarial valualK)n report and other further details on the scheme are avai18ble on the relevant website.. www.uss.co.uk, ww.nhsbsa nhs.uklPensions, www.adrnin.ox.ac.uklfr'nan¢elepplpensionslschemeslosps, www.5aul.org.uk 25 TAXATION The Q)Ilege is able to take 8dvantage ol the tax exèmptions available lo charities from t8xats.on in respect of income and capital gains re￿1Ve￿ lo the exlenl that such income and g8ins are applied to exclusively charitable purposes. No liability lo corporation lax arises in the College's subsidiary companyliesl because the directors of Ihlslthese companyli¢sl have indicated that they intend to make donations each year to the College equal to the taxable profits ol the cornpany tjnder the Gift Aid scheme. Accordingty no provision lor taxation has been included in the finanaal stalernenls. St Antony's College Notes to the flnanclal statements For the year endeit 31 July 2020 26 FINANCIAL INSTRUMENTS The College ha5 ￿rtain financial assets and liabilities of a kind that qLJalify as basic finanaal instruments, Basic financial in5trumenl8 are initially reeognised al transactions value and subsequently measured at amorb.sed cosL Certain other instrumenis are held at fair value, wrth gains and108S8s being recognised wthin income and expenditure. The College has the following financial Inslrumenls.. 2020 Group £'coo 2019 Group £'ooo Flnanclal assets mèasured at falr value through prollt or10¥8 Investments 49.346 49.742 Flnanclal Ilabi1Stles moasur&d at falr value through proflt or loss Financial assets measured at amortlsed cost C8sh and cash equivalents Debtors and accrued income 7,000 356 4,739 304 7,366 5,043 FinancÈal liabllltles measured at amortlsed cost Bank Loans Accrua15 deferred income Other creditois 10.518 781 573 3.547 375 11,872 4.577 27 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS 2020 Group £'ooo 2019 Group £'ooo N•l Incomellexpendituro) 11,7421 1,5e4 Elimination of non-operallng cash flows. Investment incorne IG8inslllosses in investments Endowmenl donations Dep￿ciatIon Isurplusllloss on 3ale ol Ilxed assets Decreaselllncreasel iri slo¢k D￿reasellInCreaseI in debtors IDecreaselllnc￿a$e in creditors (Decreaselllnc￿ase in provisions (Decrogsèlllncrease in pension scheme liabilty 11.6231 2.301 15471 747 18701 {2.8041 16261 760 15 261 102 1521 382 14981 460 Nèt cash provlded by Iu8ed Inl operatlng a¢tlvltles 11,0301 11,1181 39 St Antony's College Notes to the financial statements For Ihe year ended 31 July 2020 28 ANALYSIS OF CASH AND CASH EQUIVALENTS 2020 £'ooo 2019 £'O(M) Cash at bank and in h&nd 6,989 3.738 Notice deposits (less than 3 months) 1.001 Total cash and ca¥h aqulvalents 7,000 4,739 29 ANALYSIS OF CHANGES IN NET DEBT Balan￿ al Start of Balance at Y8ar Cash Flows End ol Year £'ooo £'ooo £'ooo Cash Cash Equivalen18 Loans Falling due within one year Loans falling due after MO￿ than one year 3,738 1,001 -114 -3,547 3,251 -990 57 -6,971 6,g89 11 -57 -10,518 TOTAL 1,078 14,6531 13,5751 30 FINANCIAL COMMITMENYS At 31 July the College h8d total commilrnenls under non-cancel18b￿ operating leases as shown below.. 2020 £'ooo 2019 £'o(N) othar payable within one year payable between and fNe years 256 81 27 108 337 135 31 CAPITAL COMMITMENTS The college has Contractual comrnilrnents of £4.33 million 8131st July 2020 in r81ats.on to the continuing ￿n0VatIOn work on the Hilda Besse Building12019.' nill. 32 RELATED PARTY TRANSACTIONS The College is part of the collegiate University of Oxltsrd. Material Interdependencies between the University and ol the College arise as a consequence of this ielationship. For reporting purp08es, the University and the other Colleges are not treated as related parties as defined in FRS 102. Mernbers ol thè Governing Body, who arè the trustees of the College and related parties as definod by FRS 102, recèive remuneration and facilities as employees of the College. Details of these payment8 and reimbursed expenses as trustees are disclosed separ8tely in these financial statements The College has properties wth the lollowngs net book values owned jointly with IIu5te6s underjoinl 8quty ownership agreements be￿een the tIU5tee and the College 2020 2019 £'ooo £'ooo M Willis P Chaisty D Sanchez Total nel book value of properties owned jointly with trustees 55 65 55 175 55 65 55 175 l joint equity properties are subjèct to sale on the departure of the trustee from the College. 40 St Antony's College Notes to the Itnanclal statements For the year ended 31 July 2020 33 CONTINGENT ASSETS & LIABILITIES The College is awaiting a de¢islon on an insurance daim related to loss ol incotne during the COVID pandernic. Thi$ Insuran￿ claim relates to the period from 23rd March 2020 and runs beyond the 31st July 2020 into the 2020121 financial year. However, both the 8u¢¢ès$ ol Iho elaim and the value ol the daim are subject Iri a number of unresolved issues. There are no conlingenl Iiabililias 34 POST BALANCE SHEET EVENTS There We￿ no post balance sheet evonts. 35 PRIOR YEAR COMPARATIVES olid8ted Stalemenl ol Finanaal Activities for the Yea UI 2019 Unrestricted Funds £'ooo Reslricled Funds £'ooo Endowed Funds £'ooo 2019 Total £'ooo INCOME AND ENDOWMENTS FROM: Charitable actlvitles.. Teaching. research and resid¢ntial Other Tradlng Income Donatlons and legacle8 Investments Investment incorne Total return allocated to income Totsl Income EXPENDITURE ON.. Charltable acilvltles: Teaching. ￿searCh and ￿SIdent￿l Gèneratlng funds: Fundraising Trading 8xpenditure Inve8ttnent m8n8gemènt costs Total Expendlture 4,014 562 13 4,027 562 2,185 1,532 626 99 794 5,476 771 1,5021 11051 870 2,253 7,624 5,702 2,326 8,028 265 539 12 6,518 265 539 12 8,844 2,326 Net IncomellExpenditurel before g8Sns 1,042 1731 11051 1,220 Net gainsl{lossesl on inveslrnents Net IncomellExpgndllur¢l 61 19811 2,743 2,638 2,804 1.584 1731 Transfers between funds Net movement In funds for the year Fund balances brought lopmard 160 18211 14,525 12411 14,237 2.646 43,789 1,584 72,651 Funds carrled forward at 31 JLtIy 13,704 13.9 4e,435 74,135 41 St Antony's College Notes to the flnanclal statements For the year ended 31 Juty 2020 ANALYSIS OF MOVEMENT IN FUNDS 2019 1 Aug2018 £'O(M) Income Expenditure £'ooo £'ooo Transfers £'ooo Gain 31 July 2019 £'o(KJ £'ooo Endowment Funds- Permanent fal Fellowships fb) Scholarshlps fcl Llbraiies fdl cert1￿ Costs 7,038 1,365 1,398 119 128 24 24 43 11581 1341 1821 359 7,367 1,435 1,420 170 Total Endowment Fund8- Pèmianeftt 9,920 219 274 527 10,392 Endowment Fund$ - Expendobl• &al General Endowment ebl Fellowship$ ecl S¢hol8rships ed) Research eel Sludenl Prizes en Sluder)l Hardship egl Centre Costs eh) Other 22,427 3,891 2,711 1,324 282 30 2,913 291 389 61 637 22 I7￿) 11171 1881 1.327 435 174 75 16 23,353 4,270 3,434 1,306 291 32 3,047 3qO 1121 58 1941 131 170 17 Total Endowmant Funds - Expendable 33,869 1,178 11.2201 2,21S 36,043 Total Endowment Funds - Group 43,789 1,397 1,494 2.743 46,435 Restrlcted Funds ral Fellowships rbl Scholarships rcl Research rdl Conferences & seminars rel Libraries rf) Student Prizes rgl Student Hardship rhl StLJdent Travel ril Student Grants & 8urs2riÈs rjl Centre costs rkl Capital Investcorp rl) Capital Gateway mil Other Totsl Restrlcted Funds College 257 301 87 399 248 14561 12351 1473} 13271 199) 112} 14} 197 136 126 1301 99 11 299 92 434 293 382 402 19 126 123 14} 1159) 12661 375 12,529 210 73 499 12,243 82 209 1,545 1821 1260 12,326 1131 13,996 14.237 540 Total Restricted Funds . Group 14.237 1.545 12,3281 540 13,996 Unrestrlcted Funds ual General reserve8 ubl Research ucl Libraries udl Centre costs uel Nissan building reserve UO Hilda Besse Building Fund ugl Capital Loan Repayment Fund uh) Fixed asset designated fund ui) Pension Fund Liability Totsl Unrestrlcted Funds - College 4.855 81 14 21 624 2C 934 8.588 1792 14.525 4.563 15.1831 982 61 5,27B 181 21 115 15201 219 171 16 9,242 11,2521 13,704 1291 19181 1,000 13461 14601 16.5181 4.682 954 61 Totsl Unrestrlcted Funds - Group 14.525 4.682 16,5181 954 61 13,704 Total Funds 72,561 7,624 8,844) 2,804 74,135 42 St Aniony's College Notes to the flnancial statements For the yèar ended 31 July 2020 TATEMEN L RETURN 2019 Permanent Endowment Unapplied Total Return £'ooo Expendable Total Endowment Endowments Trust for Investment £'ooo 6,007 Total £'ooo 6.007 3.913 At 1st August 2018 Gift component ol the perrnanenl endowment Unapplied total return Expendable endowment Total Endowments £'ooo £'ooo 6,007 3,913 33,869 43,789 3,913 33,869 33.869 6.007 3,913 9.920 Movements in the reportlng perlod.. Gift of endowment funds Inveslrnenl retum.. total investment income Inveslrnenl retum.. reali5ed and Un￿aliSed gains and losse8 Other Iranslers Total 63 63 156 529 563 815 2.214 626 771 2,743 156 529 63 685 748 3,400 4,148 Unapplied total return allocated ID illcome in the rep)rting peric Expendable endowments transferred to Income 12731 12731 14351 1794 11,2291 2,171 17081 17941 11,5021 2,646 273 412 2731 476 Nèt movements In reportlng period 63 At 31st July 2019 Gift component ol the perrnanenl endowment Unapplied totsl retum Expendable endowment Total Endowments 6.070 6.070 4.325 6,070 4,325 38.040 46,435 4,325 36,040 36,040 6,070 4,325 10.395 43