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2023-07-31-accounts

Contents
Foreword from the Warden
and Chair ofthe Governing		 Body.
Governing
Body report..
Financial
Review. .		 .12
Governance ..... .15
Statement ofAccounting and Reporting Responsibilities. .20
Independent
Auditors'
Report to the Trustees ofSt Antony's		 College.. ,21
Accounting
Policies..		 .25
Statement of Financial Activities. . .31
Consolidated
and College		 Balance Sheet. .32
Consolidated
Statement		 ofCashflows. .33
Notes to the Financial Statements. ,34

Name rustee for Whole
unless stated		 Period Member of MET 2022/23
Dr Maryam
Alemzadah		 From 1"September 2022
Professor Roy Allison
Professor Walter Armbrust
Dr Tanya Baldwin (Bursar)
Professor Paul Betts Y(from 1st October 2022)
Dr Lenka Bustikova From 1"September 2022
Professor Paul Chaisty Y (to 30th September 2022)
Dr Eric Chancy Y (from 1stOctober 2022)
Dr Simukai Chigudu
Dr Cathryn Costello
Professor Faisal Devji
Professor Timothy
Garton Ash
Professor Chris Gerry Until 31"August 2022 Y(to 30th September 2022)
Professor Douglas
Gollin
Professor Roger Goodman (Warden)
Professor Nandini
Gooptu
Dr Irem Guceri
Dr Thomas Hale
Professor Daniel Healey until 31"August 2022
Dr David Johnson
Professor Dominic Johnson
Professor Takehiko
Kariya
Dr Neil Ketchley
Dr Sho Konishi
Professor Miles Larmer
Professor Laurent
Mignon
Professor Rachel Murphy Y(from 1st October 2022)
Professor Kalypso Nicolaidis until 31*' December 2022
Professor Leigh Ann Payne
Professor Timothy Power
Professor David Pratten Y(from 1st October 2022)
Dr Simon Quinn
Professor Eugene Rogan
Professor Diego Sanchez-Ancochea Y(to 30th September 2022)
Professor Ramon Sarro
Professor Kate Sullivan
de Estrada
Professor Miles Tendi
Dr Timothee Vlandas
Professor Hugh Whittaker
Dr Michael Willis Y(to 30th September 2022)
Dr Zbigniew
Wojnowski		 From 1"September 2022

The senior staff ofthe College to
follows:		 whom day to day manage
College Registrar Mrs F McNamara
College Accountant Mr W Garnett
Development
Director		 Mr Wte Kloeze
Domestic Bursar Mr M Morgan
HR Manager Ms A Marshall
ITManager Mr F Harley
Librarian Mrs A Burlakova

Unrestricted Restricted Endowed 2023 2022
Funds Funds Funds Total Total
Notes E'000 E000 E000 6'000 F000
INCOME AND ENDOWMENTS FROM:
Charitable
activities:
Teaching, research and residenti'al 4,470 3 4,473 4,195
Other Trading
Income		 405 405 132
Donations
and legacies		 3,117 1,305 172 4,594 2,388
Investments
Investment
ihco
me		 4 371 1,929 2,300 1,943
Total return allocated to ihcome 15 1,112 848 (1,960)
Other income 5 387
Total income 9,475 2,166 141 11,772 9,045
EXPENDITURE ON:
Charitable
activities:
Teaching, research
and		 residential 5,558 2,408 7,966 7,672
Generating
funds:
Fundraising 369 369 276
Trading expenditure 306 306 94
Investment
management		 costs 1 1 195
Total Expenditure 6,234 2,408 8,642 8,237
Net Income/(Expenditure) before gains 3,24'I (252) 141 3,130 808
Net gains/(losses)
on investments		 12, 13 (2,419) (2,419) 1,725
Net Incomei(Expenditure) 3,241 (252) (2,278) 711 2,533
Transfers
between funds		 20 (863) (212) 1,075
Net movement
in funds for		 the year 2,378 (464) (1,203) 711 2,533
Fund balances
brought
forward		 20 17,280 12,700 57,744 87,724 85,191
Funds carried forward at 31 July 19,658 12,236 56,541 88,435 87,724

Consolidated
and Co
As at 31July 2023		 lle ge Balan ce Sheets
2023 2022 2023 2022
Group Group College College
Notes B000 B000 B000 B000
FIXEDASSETS
Tangible assets 10 32,809 30,686 32,809 30,686
Heritage assets 11
Property
investments		 12 110 3,010 110 3,010
Other Investments 13 57,190 58,404 57,190 58,404
Tots
I Fixed Assets		 90,109 92,100 90,109 92,100
CURRENT ASSETS
Stocks 21 22 22 22
Debtors 16 767 721 629 827
Investments
Cash al bank and
in		 hand 1,627 4,200 1,545 4,054
Tote I Current Assets 2,415 4,943 2,196 4,903
LIABILITIES
Creditors.
Amounts		 falling due within one year 17 3,343 8,201 3,124 8,161
NET CURRENT ASSETS/(LIABILITIES) (928) (3,258) (928) (3,258]
TOTAL ASSETS LESS CURRENT LIABILITIES 89,181 88,842 89,181 88,842
CREDITORS: falling
due		 after more than one year 18
Provisions for liabil/8'as and charges 19
NET ASSETS/(LIABILITIES) BEFORE PENSION
ASSET OR LIABILITY 89,181 88,842 89,181 88,842
Defined benefit pension scheme liability 24 746 1,118 746 1,118
TOTAL NET ASSETS/(LIABILITIES) 88,435 87,724 88,435 87,724
FUNDS OF THE COLLEGE
Endowment
funds		 20 56,541 57,744 56,541 57,744
Restricted funds 20 12,236 12,700 12,236 12,700
Unrestricted
funds
Designated
funds		 20 19,991 13,768 19,991 13,768
General
funds		 20 413 4,631 413 4,631
Pension
Fund Liabhity		 20 (746) (1,119) (746) (1,119)
88,435 87,724 88,435 87,724

2023 2022
Notes E'000 f."000
Net cash provided
by (used in) operating		 activities 27 1,430 1,482
Cash flows from investing
activities
Dividends,
interest and rents from investments		 2,300 1,943
Purchase
of property,
plant and equipment		 (270) (306)
Proceeds
from sale of investments		 751 999
Purchase
of investments		 (1,956) (1,128)
Net cash provided
by (used in) investing		 activities 825 1,508
Cash flows from financing
activities
Repayments
of borrowing		 (5,000) (3,518)
Receipt ofendowment 172 293
Net cash provided
by (ussd in) financing		 activities (4,828) (3,225)
Change
in cash and cash equivalents		 in the reporting perlr (2,573) (235)
Cash and cash equivalents
at the beginning		 ofthe
reporting
period		 4,200 4,435
Change
in cash and cash equivalents
due		 to exchange
rate movements
Cash and cash equivalents
at the end		 of the
reporting
period		 28 1,627 4,200
INCOME FROM CHARITABLE ACTIVITIES
2023 2022
Teaching, Research and Residential 5'000 f.'000
Unrestricted
funds
Tuition fees - UK and EU students 329 370
Tuition fees —overseas students 1,375 1,232
Support from Office for Students 53 58
Other academic income 141 128
College residential
income		 2,572 2,405
4,470 4,193
Restricted
funds
Other academic income
Total Teaching, Research and Residential 4,473 4,195

Donations and Legacies
Unrestricted funds
Restricted funds
Endowed funds

Unrestricied
funds
Other property income
Other investment income
Bank interest
2023 2022
f.'000 5'000
405 132
2023 2022
f.'000 f.'000
3,117 219
1,305 1,876
172 293
4,594 2,388
2023 2022
6'000 f'000
263 138
47
61 5
371 143
26
1,929 1,774
1,929 1,800
2,300 1,943

ANALYSIS OF EXPEND IT UR E
2023 2022
6'000 2'000
Charitable
expenditure		 - teaching, research and residential
Direct staff costs 2,153 2,799
Other direct costs 3,576 2,762
Support
&governance		 costs 2,237 2,111
Total charitable
expenditure		 7,966 7,672
All Charitable
expenditure		 relates to teaching, research and residential activities
2023 2022
Expenditure
on generating		 funds f000 E000
Direct staff costs allocated to:
Fundraising 269 216
Trading expenditure 163 36
Other direct costs allocated to:
Fundraising 64 31
Trading expenditure 139 54
Support and governance costs allocated to:
Fundraising 36 29
Trading expenditure 4 4
Investment
management		 costs 1 195
Total expenditure
on raising		 funds 676 565
Total expenditure 8,642 8,237

ANALYSIS OF SUPPO RT AN D GO VE RNAN CE CO STS
Teaching Teaching
Generating
Funds		 and
Research		 2023
Total		 Generating
Funds		 and
Research		 2022
Total
E'000 E'000 E000 F'000 E'000 F'000
IT 24 250 274 19 210 229
Human
resources		 84 84 82 82
Financial
administration		 243 254 215 224
Domestic administration 372 372 383 383
Investment
Management		 194 194
Governance
costs		 21 27 6 18 24
Bank interest payable
Other finance charges		 156
67		 156
67		 93
25		 93
25
Depreciation 1,044 1,044 1,085 1,085
41 2,237 2,278 228 2,111 2,339
Financial and domestic administration, IT, governance and human resources costs are attributed according to the estimated staff time spent on
each activity.
Depreciation		 costs and profit or loss an disposal offixed assets are attributed according to the use made ofthe underlying
assets.
Interest and other financing charges are attributed according to the purpose ofthe related financing.
2023 2022
Governance casts comprise: E'000 E'000
Auditor's
remuneration		 —audit services 24 22
Auditor's
remuneration		 -other services 3 2
27 24
No amount
has been included		 in governance costs for the direct employment costs or reimbursed expenses ofthe College Fellows on the basis
that these payments
relate		 to the Fellows involvement in the College's charitable activities. Details of the remuneration of the Fellows and their
reimbursed
expenses are		 included as a separate note within these financial statements.
GRANTS AND AWARDS 2023 2022
F'000 E'000
During the year the College funded research awards and bursaries to students were as follows:
Unrestricted
funds - Grants		 to Individuals
Grants to individuals:
Scholarships,
prizes		 and grants
Total unrestricted
Restricted funds - Grants to Individuals
Grants to individuals:
Scholarships,
prizes and grants
Bursaries and hardship
awards
Total restricted		 326
34
360		 330
11
341
Total grants and awards 361 341

STAFF COSTS
2023 2022
The aggregate
staff costs for the year were as follows.		 E'000 E'000
Salaries and wages 2,923 2,616
Social security costs 208 181
Pension costs:
Defined benefit schemes (130) 674
Defined contribution schemes 125 77
Other benefits 39 26
3,165 3,574
The average number
was as follows.		 ofemployees ofthe College, excluding Trustees, 2023 2022
Tuition and research 26 32
College residential
Fundraising
Support		 49
5
31		 41
3
28
Total 104
The average
number		 ofemployed College Trustees during the year was as follows:
University
Lecturers		 37 37
CUF Lecturers
Other teaching
and research
Other
Total 38 38

All investments
are held		 All investments
are held		 at fair value.
2023 2022
8'000 2'000
Group investments
Valuation
at start ofyear		 58,404 55,650
New money invested 1,956 1,128
Amounts
withdrawn		 (755) (1,809)
Reinvested
income		 17 1,829
Investment
management		 fees (12) (54)
(Decrease)/increase in value of investments (2,420) 1,660
Group investments at end ofyear 57,190 58,404
Investment
in subsidiaries
College investments at end ofyear 57,190 58,404
Group Investments comprise: Held outside Held in 2023 Held outside Held
in		 2022
the UK the UK Total the UK the UK Total
2'000 P000 8'000 2'000 2'000 E'000
Equity investments 7,124 63 7,18? 7,578 47 7,625
Global multi-asset
funds		 73 49,044 49,117 81 49,608 49,689
Property funds 148 148 182 182
Alternative
and other		 investments 738 738 908 908
Total group investments 7,935 49,255 57,190 8,567 49,837 58,404

The results and their asse ts an d liabilities oft he parent and subsidiar he parent and subsidiar ies
at the year		 end were as fol end were as fol end were as fol lows.
StAntony's StAntony's StAntony's StAntony's St Antony's StAntony's
College Trading
Ltd		 Estates Ltd College Trading Ltd Estates Ltd
2023 2023 2023 2022 2022 2022
2'000 2'000 E000 E'000 2'000 F'000
Income 11,772 395 8 8,914 131
Expenditure (8,642) (368) (2) (8,143) (92) (2)
Revaluation Gain / (Loss) (2,419) 1,725
Donation
to		 College under gift aid 33 (27) (6) 39 (39)
Result for the year 744 2,535 (2)
Total assets 92,524 476 10 97,003 167 90
Total liabilities (4,089) (476) (10) (9,279) (167) (90)
Net funds at the end ofyear 88,435 87,724
The College owns a 1/4 share in North Oxford Shared College Services Limited, a company jointly owned by St Antony's College, St Hugh's
College, Wolfson College and Lady Margaret Hall in order to share ITsupport costs. The company had a turnover in 2022/23 ofF639,476 and
operates as a cost-sharing group so there were no profits. Since the end ofthe financial year Green Templeton
College		 has also joined the
company
with an equal share.

together
with all subsequent
endowments
 valued at date ofgift.
Permanent Endowment Expendable Total
Unapplied Endowment Endowments
Trust for Total
Investment Return Total
At 1stAugust 2022
Gift component
ofthe permanent
endowment
Unapplied
total return
Expendable
endowment
Total Endowments		 E'000
7,229
7,229		 6,665
6,665
6'000		 E000
7,229
6,665
13,894		 E000
43,850
43,850		 6'000
7,229
6,665
43,850
57,744
Movements
in the reporting
period:
Gift ofendowment
funds		 97 75 172
Investment
return: total investment
income		 464 464 1,465 1,929
Investment
return: realised and unrealised
Other transfers		 gains and losses (569) (569)
(43)		 (1,850)
1,118		 (2,419)
1,075
Total 54 (105) (51) 808 757
Unapplied
total return allocated to income
in the reporting
Expendable
endowments
transferred
to income		 period (349) (349) (499)
(1,112)
(1,611)		 (848)
(1,112)
(1,960)
Net movements
in reporting
period		 54 (454) (400) (803) (1,203)
At 31stJuly 2023
Gift component
ofthe permanent
endowment
Unapplied
total return
Expendable
endowment
Total Endowments		 7,283
7,283		 6,211
6,211		 7,283
6,211
13,494		 43,047
43,047		 7,283
6,211
43,047
56,541
DEBTORS
2023 2022 2023 2022
Group Group College College
8'000 E000 6'000 2'000
Amounts
falling due within one year:
Trade debtors		 289 147 105 117
Amounts
owed by College members
Amounts
owed by Group undertakings
Loans repayable
within
one year
Prepayments
and accrued income
Other debtors		 96
206
174		 43
8
166
357		 97
44
209
174		 43
136
8
166
357
767 721 629 827

CREDITORS: falling due within one year
2023 2022 2023 2022
Group Group College College
8'000 F'000 8'000 8'000
Bank overdrafts
Bankloans 2,000 7,000 2,000 7,000
Obligations
under finance leases
Trade creditors		 638 426 422 384
Amounts
owed to College Members
Amounts
owed to Group undertakings		 421 370 420 370
95
Taxation
and social security		 42 42 8
College contribution
Accruals
and deferred		 income 242 395 240 304
Other creditors 1
3,343 8,201 3,124 8,161

20 ANALYSIS OF MOVEMENTS ON FUNDS ANALYSIS OF MOVEMENTS ON FUNDS
1 Aug 2022
E000		 Income
F000		 Expenditure
E000		 Transfers
F'000		 Gain/(Lass)
E000		 31July 2023
E000
Endowment
Funds - Permanent
fa) Fellowships 8,923 294 (230) (366) 8,621
lb)
fc)
fd)		 Support to Students
Libraries &Archives
Centre Costs		 2,475
2,239
257		 179
72
9		 (30)
(124)		 (103)
(90)
(11)		 2,521
2,097
255
Total Endowment
Funds - Permanent		 13,894 554 (384)
Endowment
Funds - Expendable
ea)
eb)
ec)
ed)
ee)
ef)		 Fellowships
Support to Students
General Endowment
Centre Costs
Research
Other		 4,908
4,748
27,728
4,532
1,539
397		 147
159
955
225
49
12		 (155)
(41)
183
(258)
(168)		 (211)
(197)
(1,179)
(187)
(61)
(14)		 4,687
4,669
27,687
4,312
1,359
333
Total Endowment
Funds - Expendable		 43,850 1,547 (501 (1,849) 43„047
Endowment
funds
held by subsidiaries
Total Endowment
Funds - Group		 57,744 2,101 6, 41
Restricted Funds
ra) Fellowships 189 319 (465) 347 390
rb)
rc)		 Support to Students
Libraries
&Archives		 208
15		 219
3		 (332)
(106)		 146
102		 241
14
rd)
re)		 Centre costs
Research		 65
228		 2
202		 (288)
(400)		 277
151		 56
181
rf) Capital
Hilda Bassa		 521 (521)
rg)
rh)
ri)		 Capital Investcorp
Conferences
&Seminars
Other		 11,400
520
75		 2
40		 (281)
(501)		 151
(9)		 11,270
12
72
Total Restricted
Funds		 - College 636 12,236
Restricted
funds held by		 subsidiaries
Total Restricted
Funds		 - Group 12,700 1,308 (2,408) 636 12,236
Unrestricted
Funds
ua)
ub)
uc)		 General reserves
DAC Scholarship
Fixed asset designated		 fund 4,631
13,373		 5,061 (4,997)
(764)		 (4,282)
53
6,911		 413
53
19,520
ud) Libraries
&Archives		 11 5 (12) (3) 1
ue) Centre Costs 337 142 (85) (27) 367
uf)
ug)
uh)		 Hilda Bassa Building
Fund
Wardens
House Fund
Pension Fund Liability		 47
(1,119)		 3,100
55		 (323)
(53)		 (2,777)
1
373		 50
(746)
Total Unrestricted
Funds - College		 249 19,658
Unrestricted
funds held		 by subsidiaries
Total Unrestricted
Funds - Group		 17,280 249 19,658
Total Funds 87,724 11,772 (8,642) (2,419) 88,435

Unrestricted
Funds:
These funds represent
all income which has been received
by the College where
no restriction
has been placed on it's use. Unrestricted
funds
listed
in table 20 in a number ofdifferent categories, some ofwhich have been designated
by the Governing
Body for particular
purposes,
which		 Unrestricted
Funds:
These funds represent
all income which has been received
by the College where
no restriction
has been placed on it's use. Unrestricted
funds
listed
in table 20 in a number ofdifferent categories, some ofwhich have been designated
by the Governing
Body for particular
purposes,
which		 Unrestricted
Funds:
These funds represent
all income which has been received
by the College where
no restriction
has been placed on it's use. Unrestricted
funds
listed
in table 20 in a number ofdifferent categories, some ofwhich have been designated
by the Governing
Body for particular
purposes,
which		 Unrestricted
Funds:
These funds represent
all income which has been received
by the College where
no restriction
has been placed on it's use. Unrestricted
funds
listed
in table 20 in a number ofdifferent categories, some ofwhich have been designated
by the Governing
Body for particular
purposes,
which		 are
are
outlined
below:
General Reserves
DAC Scholarship		 This represents
the general
financial reserves ofthe college.
Sums set aside by Trustees to fund scholarships
for students
whose first degree was
undertaken
in a country
idenffied
by the Development
Assistance
Committee
as eligible to
receive official development
assistance.
These countries consist of low and middle earning
countries (based upon gross national
income per capita) as published
by the World Bank.
Fixed Asset Designated Fund Unrestricted
Funds which are represented
by the fixed assets ofthe College and therefore
available
for expenditure
on the College's general purposes.		 not
Libraries
&Archives		 This is a consolidation
of unrestricted
funds raised by the College's
Libraries,
which the
Governing
Body has therefore set aside to be spent for the benefit ofthose Libraries.
Centre Costs This is a consolidation
of unrestricted
funds raised by the College's Academic Centres, which
the Governing
Body has therefore set aside to be spent for the benefit ofthose Centres.
It
includes
a separate designated
fund for the purpose of running
and maintaining
the Nissan
Building.
Hilda Besse Building Fund Trustees
have designated
a fund to provide for the costs ofmaintenance
and refurbishment		 of
the Hilda Bassa Building.
Pension
Fund Liabikty		 Funds designated
to highlight
the potential
liability ofdefined benefit pension schemes ofwhich
the college is a member.
Warden's
House Fund		 Trustees have designated
net income from the private
rental ofa property
in Church walk,
formerly used as a residence
for the College Warden to support students
and student
related
activities.
Analysis ofTransfers Analysis ofTransfers Between Funds: Between Funds:
Permanent Expendable Restricted General Fixed Asset Other
Endowments Endowments Funds Funds Fund Designated
Funds
B000 P000 F'000 E'000 E'000 F.'000
Total Return Allocated to Income (349) (1,611) 848 1,112
Repayment
of Hilda		 Besse Loan (589) 589
Unrestricted
Donation		 added to General Endowment 1,340 (1,340)
General
Endowment		 Income to DAC Scholarship (45) 45
Hilda Bassa designated and gifted income 2,802 (2,802)
Hilda Sesse Restricted gifted income (521) 521
Reclassification
of Canterbury		 Rd Property (2,900) 2,900
New CapitalAssets in year (210) 210
Reclassification
of Softbridge		 capital equipment 121 (121)
Middle East Centre cost reallocation (1) (143) 147 (3)
Other Transfers (34) (42) 41 18 10 7
(384) (501) 636 (3,909) 6,911 (2,753)
22 ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restricted Endowment 2023
Funds Funds Funds Total
F'000 E'000 F.'000 B000
Tangible fixed assets 21,539 11,270 32,809
Property
investments		 110 110
Other investments 649 56,541 57,190
Net current assets (1,894) 966 (928)
Long term liabilities (746) (746)
19,658 12,236 56,541 88,435
Unrestricted Restricted Endowment 2022
Funds Funds Funds Total
E'000 B000 F'000 5'000
Tangible
fixed assets		 19,286 11,400 30,686
Property
investments		 3,010 3,010
Other investments 660 57,744 58,404
Net current assets (4,558) 1,300 (3,258)
Long term liabilities (1,118) (1,118)
17,280 12,700 57,744 87,724

Schemes accounted for under FRS 102as defined Schemes accounted for under FRS 102as defined Schemes accounted for under FRS 102as defined contribution schemes schemes
Actuarial
valuations
Qualified
actuaries
periodically
value the USS and OSPS schemes
using the 'projected
unit
resulting
levels ofcontribution
take account of actuarial
surpluses
or deficits
in each scheme.
conditions
prevailing
at the valuation
date. The results ofthe latest actuarial
valuations
and		 method',
embracing
a market
The financial assumptions
the assumptions
which have		 value approach. The
were derived from market
the most significant
effect
on the results were as follows:
USS OSPS
Date ofvaluation: 31/03/2020 31/03/2022
Date valuation
results
published:
Value of liabilities:
Value ofassets:		 30/09/2021
580.6bn
566.5bn		 27/06/2023
F914m
f961m
Funding
surplus
/ (deficit):		 (F14.1bn) 547m
Principal assumptions:
Discount rate Fixed
curve		 interest gilts yield
plus 1'/o - 2.75'/o		 Gilts+0, 5/o- 2.25/o (b)
Rate of increase
in salaries		 n/a RPI
Rate of increase
in pensions		 CPI +0.05/o (c) Average
RPI/CPI (d)
Assumed
life expectancies
on retirement		 at age 65:
Males currently
aged 65
Females currently
aged 65
Males currently
aged 45
Females currently
aged 45		 24.0yrs
25.6yrs
26.0yrs
27.4 yl'5
Funding
Ratios:
Technical provisions
basis		 83o/o 105o/o
Statutory
Pension
Protection
'Buy-out' basis		 Fund basis 64o/o
51o/o		 98o/o
62'/o
Employer
contribution
rate (as '/o of
salaries):		 pensionable 214%increasing
to 21.5%from 1st
April 2022		 15%down to 155%for Oe
members
trom October 2025
Effective date of next valuation: 31/03/2023 31/03/2025

USS
Assumption Change
in assumption		 Impact on USS liabilities
Initial pre-retirement discount rate increase by 0.25% decrease by 61.3bn
Post-retirement asset values decrease
by 0.25%		 increase by 62.8bn
CPI intlation increase
by 0.1%		 decrease byf1.5bn
Life Expectancy more prudent
assumption
(reduce
the adiustmertt
o the based mortalrty		 increase by 51.2bn
table by 5%)
Rate of mortality more prudent
assumption
(Increase
Ihe annual
mortality
improvements		 increase by P0.6bn
long lerm rates by 02%)

OSPS
Assumption Change
in		 assumption Impact on OSPS technical
provisions
Valuation rate of interest decrease by 0.25% increase
by 2%of
pensionable
salaries
Rate of pension increases increase by 0.25% increase
by 1.5% of
pensionable
salaries

The College has the following financial financial instruments: instruments: 2023 2022
Group Group
F'000 2'000
Financial assets measured at fair value through profit or loss
Investments 57,300 61,414
Financial
liabilities
measured		 at fair value through profit or loss
Financial assets measured at amortised cost
Cash and cash equivalents 1,627 4,200
Trade Debtors 8Amounts
owed by College		 Members 385 190
2,012 4,390
Financial
liabilities
measured		 at amortised cost
Bank Loans 2,000 0
Trade Creditors, Tax Creditors and amounts owed to College Members 1,101 805
3,101 805
RECONCILIATION
OF NET		 INCOMING RESOURCES TO
NET CASH FLOW FROM OPERATIONS 2023 2022
Group Group
6'000 5'000
Net income/(expenditure) 711 2,533
Elimination
of non-operating		 cash flows:
Investment
income		 (2,300) (1,943)
(Gains)/losses
in investments		 2,419 (1,725)
Endowment
donations		 (172) (293)
Depreciation 1,047 1,084
(Surplus)/loss
on sale of fixed		 assets
Decrease/(Increase)
in stock		 1 6
Decrease/(Increase)
in debtors		 (46) 1,649
(Decrease)/Increase
in creditors		 142 (228)
(Decrease)/Increase
in provisions
(Decrease)/Increase
in pension		 scheme liability (372) 399
Net cash provided
by (used		 in) operating activities 1,430 1,482
ANALYSIS OF CASH AND CASH EQUIVALENTS
2023 2022
6'000 E'000
Cash at bank and
in hand		 1,607 2,185
Notice deposits (less than 3months) 20 2,015
Total cash and cash equivalents 1,627 4,200

ANALYSIS OF CHANGES
IN NET DEBT
Balance at Cash Flows Non-Cash Balance at
Start ofYear Changes End ofYear
F.'000 F'000 2'000
Cash 2,185 (578) 1,607
Cash Equivalents 2,015 (1,995) 20
Loans Falling due within one year (7,000) 5,000 (2,000)
TOTAL (2,800) 2,427 (373)

2023 2022
2'000 E'000
Other
payable within one year 23 31
payable between bvo and five years 57 113
80 144
2023 2022
f.'000 E'000
M Willis 55 55
DSanchez 55 55
Total net book value ofproperties owned jointly with trustees 110 110

Septembe r 23,2019/ Rules and Regulations.
Refeience to financial 2023 2023 2022 2022
statements s Notes
8'000 Ln000 E'000 E'000
Modified Net Assets
Statement of Financial Position - Total Assets 20 19,658 17,280
Note ofthe Financial Statements -Statement of Financial 20
Position - Lease right-of-use
asset pre-implementation		 68,777 70,444
Statement of Financial Position —Goodwill
Statement of Financial Position - Lease right-of-use asset liability
pre-implementation
Statement of Financial Position - Related
party receivable		 and
Related party note disclosure
Modified Assets
Statement of Financial Position - Total Assets aal Sheet - Total Fixed
a Cunent Assets
92,524 97,043
Note ofthe Financial Statements —Statement of
Financial Position - Lease right-of-use
asset pre-
implementation
Statement of Financial Position - Lease right-of-
use asset liability pre-implementation
Statement ofFinancial Position —Goodwill
Statement of Financial Position —Related parly
receivable and Related party note disclosure
Statement ofFinancial Position - Related parly
receivable and Related party note disclosure
Net Income Ratio
Statement ofActivities
—Change
in		 Net Assets Vyithout Donor SOFA - Net movement
Restrictions in Funds 2,378 806
Statement ofActivilies
—(Net assets released
from		 restriction), Total 10+ 12
Operating
(losses)		 Revenue
and Other Additions
and Sale of Fixed		 Assets, gains 9,472 7,102

Reference Reference Reference to finencret 2023 2023 2022 2022
stelsments SNotes
8'000 E'000 2'000 f.'000
ssi
N
A
Statement
of Financial		 Position - Net assets without donor SOFA - Unrestncted
restrictions Funds C/F 19,658 17,280
Statement
of Financial		 Position —Net assets with donor SOFA Restdcted+
restrictions Endowed Funds C/F 68,777 70,444
Statement
of Financial		 Position - Related party receivable and
Related party note disclosure
Statement
of Financial		 Position - Related party receivable and
Related party note disclosure
Statement
of Financial
net		 Position - Property,
Plant and		 equipment, 10 + 12 32,919 33,696
Note ofthe Financial Statements - Statement
of Financial		 10+12
Position - Property,
plant and equipment
-pre-implementation		 22,357 23,046
Note ofthe Financial Statements - Statement
of Financial		 10 + 12
Position
—Property,
plant and equipment
-post-implementation
with outstanding
debt		 for original purchase 1,793 6,557
Note ofthe Financial Statements —Statement
of Financial		 10 + 12
Position - Property,
plant and equipment
-post-implementation
without
outstanding
debt for original purchase		 8,769 4,093
Note ofthe Financial Statements —Statement
of Financial
Position
—Construction		 in progress
Statement
of Financial		 Position - Lease right-of-use assets, net
Note ofthe Financial Statements -Statement
of Financial
Position - Lease right-of-use
asset pre-implementation
Note of the Financial Statements —Statement
of Financial
Position - Lease right-of-use
asset post-implementation
Statement ofFinancial Position - Goodwill
Statement ofFinancial Position -Other intangible
assets
Statement ofFinancial Position —Post-employment and pension Zg - row (ug)
liabilities 746 1,118
Statement ofFinancial Position - Note Payable and Line ofCredit 18
for long-term
purposes		 (both current and long term) and Line of
Credit for Construction in process 2,000 7,000
Statement ofFinancial Position - Note Payable and Line ofCredit 18
for lang-term
purposes		 (both current and long term) and Line of
Credit for Construction in process 2,000 7,000
Statement
ofFinancial		 Position - Note Payable and Line ofCredit 10 + 12
for long-term
purposes		 (both current and long term) and Line of
Credit for Construction in process
Statement
of Financial		 Position - Note Payable and Line ofCredit
for long-term
purposes		 (both current and long term) and Line of
Credit for Construction in process
Statement ofFinancial Position —Lease right-of-use asset liability
Statement ofFinancial Position - Lease right-of-use asset liability
pre-implementation
Statement
of Financial		 Position - Lease right-of-use asset liability
post-implementation
Statement
of Financial		 Position - Annuities
Statement
of Financial		 Position - Term endowments
Statement
of Financial		 Position - Life Income Funds
Statement
of Financial		 Position —Perpetual
Funds		 20 Endowment
Fllnds - Permanent		 13,494 13,894

Reference to financial 2023 2023 2022 2022
statements eNotes
5'000 2'000 L'000 E000
Total Ex enses and Losses
Statement
ofActivities - Total Operating
Expenses (Total		 from SOFA - Total
Statement
ofActivities
prior to adjustments)		 Expenditure 8,642 8,237
Statement
ofActivities - Non-Operating
(Investment
return		 SOFA - Total
appropriated
for spending),
Investments,
net ofannual
spending		 Return + Net
gain (loss), Other components
of net periodic pension costs,		 gains on
Pension-related
changes other than net periodic pension,		 investments
changes other than net periodic pension,
Change
in value of split-
interest agreements
and Other gains (loss) - (Total from
Statement
ofActivities
prior to adjustments)		 119 (3,666)
Statement
ofActivities - (Investment
return
appropriated
spending)
and Investments,
net ofannual
spending,
gain		 for
(loss)		 SOFA - Total Return +
Nst gains on
investments		 119 (3,668)
Statement
ofActivities
- Pension related changes
other than periodic pension

Consolidated
Statement
of		 Financial Activities Financial Activities for the Year ended 31 Jul 2022
Unrestricted Restricted Endowed 2022
Funds Funds Funds Total
INCOME AND ENDOWNIENTS FROM: 2'000 2'000 E'000 6'000
Charitable
activities:
Teaching,
research		 and residential 4,193 4,195
Other Trading Income 132 132
Donations
and legacies		 219 1,876 293 2,388
Investments
Investment
income		 143 1,800 1,943
Total return allocated to income 909 596 (1,505)
Other Income 385 2 387
Total income 5,981 2,476 588 9,045
EXPENDITURE ON:
Charitable
activities:
Teaching, research and residential 5,740 1,932 7,672
Generating
funds:
Fundraising 276 276
Trading expenditure 94 94
Investment
management		 costs 1 194 195
Total Expenditure 6,111 1,932 194 8,237
Net Income/(Expenditure) before gains (130) 544 394 808
Net gainsf(losses)
on		 investments 1,725 1,725
Net Income/(Expenditure) (130) 544 2,119 2,533
Transfers
between funds		 936 (1,413) 477
Net movement
In funds for the year		 806 (869) 2,596 2,533
Fund balances
brought
forward		 16,474 13,569 55,148 85,191
Funds carried forward
at		 31July 17,280 12,700 57,744 87,724

ANALYSIS OF MOVEMENT ANALYSIS OF MOVEMENT ANALYSIS OF MOVEMENT ANALYSIS OF MOVEMENT ANALYSIS OF MOVEMENT ANALYSIS OF MOVEMENT IN FUNDS 2022
1 Aug 2021 Income Expenditure Transfers Gain 31 July 2022
5'000 6'000 E000 E'000 8'000 8'000
Endowment
Funds		 - Permanent
fa) Fellowships 8,487 369 (27) (197) 291 8,923
fb) Support to Students 2,377 84 (8) (48) 70 2,475
fc) Libraries
&Archives		 2,187 70 (8) (73) 63 2,239
fd) Centre Costs 237 14 (f) 7 257
Total Endowment Funds - Permanent 13,288 537 (44) (318) 431 13,894
Endowment
Funds		 - Expendable
ea) Fellowships 4,727 140 (15) (108) 162 4,906
eb) Support to Students 4,570 151 (16) (94) 137 4,748
ec) General
Endowment		 26,979 936 (9g) (908) 820 27,728
ed) Centre Costs 3,727 268 (14) 431 120 4,532
ee) Research 1,475 49 (5) (24) 44 1,539
ef) Other 382 12 (1) (7) 11 397
Total Endowment Funds - Expendable 41,860 1,556 (150) (710) 1,294 43,850
Total Endowment Funds - Group 55,148 2,093 (194)
Restricted
Funds
ra) Fellowships 189 102 (365) 263 189
rb)
rc)		 Support to Students
Libraries &Archives		 193
21		 180
3		 (342)
(81)		 177
72		 208
15
rd) Centre costs 581 4 (138) (382) 65
re) Research 271 208 (259) 8 228
rf) Capital
Hilda Bassa		 81 1,035 (190) (926)
rg) Capital Investcorp 11,681 (281) 11,400
rh) Capital Gateway 11 (11)
ri) Conferences
&Seminars		 462 323 (248) (17) 520
rj) Other 79 25 (28) (1) 75
Total Restricted Funds - College 13,569 1,880 (1,932) 817) 12,700
Total Restricted Funds - Group 13,569 1,880 (1,932) 817) 12,700
Unrestricted
Funds
ua) General reserves 7,562 4,856 (4,704) (3,083) 4,631
ub) Fixed asset designated fund 9,205 19 (802) 4,951 13,373
uc) Libraries
&Archives		 57 3 (4) (45) 11
ud) Centre Costs 323 126 (85) (27) 337
ue) Hilda Besse Building Fund (65) 65
uf) Capital Loan Repayment Fund 16 (16)
ug)
uh)		 Pension Fund Liability
Designated
—Wardens		 House Fund (719)
30		 68 (400)
(51)		 (1,119)
47
Total Unrestricted Funds - College 16,474 5,072 (6,111) 1,845 17,280
Total Funds 85,191 9,045 (8,237) 1,725 87,724

STATEMENT OF TOTAL RETURN RETURN RETURN RETURN 2022 Permanent Permanent Endowment Endowment Expendable Total
Unapplied Endowment Endowments
Trustfor Total
Investmen
t		 Return Total
At 1stAugust
2021		 F'00
0		 8'000 E'000 8'000 6'000
Gift component
ofthe permanent		 endowment 7,182 7,182 7,182
Unapplied
total return		 6, 106 6,106 6,106
Expendable
endowment		 41,860 41,860
Total Endowments 7,182 6,106 13,288 41,860 55,148
Movements
in the reporting		 period:
Gift ofendowment
funds		 106 106 187 293
Investment
return: total investment		 income 429 429 1,371 1,800
Investment
return: realised		 and unrealised gains and losses 453 453 1,272 1,725
Less; Investment
management		 costs (44) (44) (149) (193)
Other transfers (15) (15) 491 476
Total 47 882 929 3,172 4,101
Unapplied
total return
allocated		 to income in the reporting period (323) (323) (273) (596)
Expendable
endowments		 transferred to income (909) (909)
323 (1,505)
Net movements
in reporting		 period 47 559 606 1,990 2,596
At 31stJuly 2022
Gift component
ofthe permanent		 endowment 7,229 7,229 7,229
Unapplied
total return		 6,665 6,665 6,665
Expendable
endowment		 43,850 43,850
Total Endowments 7,229 13,894 43,850 57,744