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## Wolfson College
Annual Report and Financial Statements Year ended 31 July 2022
Charity Registration Number: 1141446
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## **WOLFSON COLLEGE Annual Report and Financial Statements Contents**
||Page|
|---|---|
|Governing Body, Officers and Advisers|2 - 4|
|Report of the Governing Body|5 - 13|
|Auditor’s Report|14 - 16|
|Statement of Accounting Policies|17 - 21|
|Statement of Financial Activities|22|
|Balance Sheet|23|
|Statement of Cash Flows|24|
|Notes to the Financial Statements|25 - 54|
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## **WOLFSON COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2022**
## **MEMBERS OF THE GOVERNING BODY**
The members of the Governing Body, who are the Trustees of the College, present their annual report for the year ended 31 July 2022 under the Charities Act 2011 together with the audited financial statements for the year.
Members of the Governing Body during the year to 31 July 2022, and those appointed since the year end, are listed below. The membership of the 11 main committees listed on page 3, for all or part of the year, is also shown for each member of the Governing Body.
For changes in Members of the Governing Body since 1 August 2021: **A** = Appointed; **Rs** = Resigned; **Rt** = Retired, **D** = Deceased
||Changes since
1 August 2021|1|2|3|4|5|6|7|8|9|10|11|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Abramsky, Prof Samson|**Rt**30/09/21||||||||||||
|Andersson, Prof Ruben|||||||||||||
|Aveyard, Prof Paul|||||||||||||
|Bangha, Dr Imre|||||||||||||
|Barrett, Prof Jonathan|||||||||||||
|Boehmer, Prof Elleke|||||||||||||
|Charters, Dr Erica|||||||||||||
|Cosmidis, Dr Julie|||||||||||||
|Costa, Prof Matthew|||||||||||||
|Curtis, Prof Julie|**Rt**30/09/21||||||||||||
|Dahl, Prof Jacob|||||||||||||
|David, Dr Huw|||||||||||||
|De Melo, Prof Wolfgang|||||||||||||
|Eastham, Emily|||||||||||||
|El Khachab, Dr Chihab|**A**02/09/21||||||||||||
|Fellerer, Prof Jan|||||||||||||
|Gardner, Prof Frances|||||||||||||
|George, Prof Alain|||||||||||||
|Giaccia, Prof Amato|||||||||||||
|Goodman, Prof Martin|**Rt**30/09/21||||||||||||
|Harrison, Prof Paul|||||||||||||
|Hitchens, Sir Tim|||||||||||||
|Howgego, Prof Christopher|||||||||||||
|Jarvis, Prof Paul|||||||||||||
|Johns, Prof Jeremy|||||||||||||
|Jones, Dr Geraint|||||||||||||
|Kamnitsas, Prof Konstantinos|||||||||||||
|Landau, Prof Loren|||||||||||||
|Lange, Prof Bettina|||||||||||||
|Lewis, Dr James|||||||||||||
|Lowe, Dr John|||||||||||||
|Maschek, Prof Dominik|**Rs**30/09/22||||||||||||
|Mathur, Dr Nayanika|||||||||||||
|Morin, Mr Richard|||||||||||||
|Mukherjee, Pablo|**A**01/09/22||||||||||||
|Mulcahy, Prof Linda|||||||||||||
|Nanchahal, Prof Jagdeep|||||||||||||
|Nissen-Meyer, Prof Tarje|||||||||||||
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## **WOLFSON COLLEGE**
## **Governing Body, Officers and Advisers Year ended 31 July 2022**
||Changes since
1 August 2021|1|2|3|4|5|6|7|8|9|10|11|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Pila, Prof Jonathan|||||||||||||
|Probert, Prof Philomen|||||||||||||
|Ray, Prof David|||||||||||||
|Redfield, Prof Christina|||||||||||||
|Riede, Prof Moritz|||||||||||||
|Roberts, Prof Paul|||||||||||||
|Roesler, Prof Ulrike|||||||||||||
|Rushworth, Prof Matthew|||||||||||||
|Schmid, Prof Annina|**A**01/05/22||||||||||||
|Schulting, Prof Rick|||||||||||||
|Sen, Prof Arjune|**A**01/05/22||||||||||||
|Smart, Dr Nicola|**Rs**30/09/22||||||||||||
|Stewart, Dr Peter|||||||||||||
|Sud, Prof Nikita|||||||||||||
|Taylor, Prof David|||||||||||||
|Vedral, Prof Vlatko|||||||||||||
|Ventresca, Prof Marc|||||||||||||
|Vevaina, Dr Yuhan|||||||||||||
|Wolff, Prof Jonathan|||||||||||||
|Wood, Dr Rachel|**A**13/06/22||||||||||||
|Woodruff, Prof Christopher|||||||||||||
|Yoshida, Prof Nobuko|**A**01/10/22||||||||||||
|Yurekli-Gorkay, Prof Zeynep|||||||||||||
The activities of the Governing Body were carried out through the 11 main committees listed below.
1. General Purposes Committee
2. Finance Committee
3. Investment Committee
4. Academic Committee
5. Fellowships and Membership Committee
6. Remuneration and Personnel Committee
7. Domestic and Premises Committee
8. Audit Committee
9. Nominating Committee
10. Social and Cultural Committee
11. Equality and Welfare Committee
A Conflict of Interest Committee, which consists of a Chair and two other members independent of the Governing Body, reviews the Governing Body’s minutes and decisions to ensure that any conflicts of interest are identified and handled appropriately. It also keeps under review the College’s Conflict of Interest Policy.
There are also a number of College sub-committees, the membership of which includes some Members of the Governing Body.
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## **WOLFSON COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2022**
## **COLLEGE SENIOR STAFF**
The senior staff of the College (the College Officers) to whom day-to-day management was delegated in the year was as follows:
|President|Sir Tim Hitchens|
|---|---|
|Vicegerent|Professor Nikita Sud|
|Bursar|Mr Richard Morin|
|Senior Tutor|Ms EmilyEastham|
|Development Director|Dr Huw David|
|Secretaryto GoverningBody|Professor JayLewis|
## **COLLEGE ADVISERS**
## **Investment Managers**
Sarasin & Partners LLP, Juxon House, 100 St Paul’s Churchyard, London, EC4M 8BU OU Endowment Management, King Charles House, Park End Street, Oxford, OX1 1JD Charities Property Fund, Cordea Savills, Lansdowne House, 57 Berkeley Square, London, W1J 6ER
## **Investment Property Managers**
Savills, 33 Margaret Street, London, W1G 0JD
## **Personnel and Health & Safety Advisers**
Peninsula Business Services, 2 Cheetham Hill Road, Manchester, M4 4FB
## **Auditors**
Wellers, 8 King Edward Street, Oxford, OX1 4HL
## **Bankers**
Barclays Bank PLC, Wytham Court, 11 West Way, Oxford, OX2 0JB
## **Solicitors**
Penningtons Manches LLP, 9400 Garsington Road, Oxford Business Park, Oxford, OX4 2HN
## **COLLEGE CONTACT DETAILS**
## **College address**
Wolfson College, Linton Road, Oxford, OX2 6UD.
## **Website**
www.wolfson.ox.ac.uk
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**WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2022**
The Members of the Governing Body present their Annual Report for the year ended 31 July 2022 under the Charities Act 2011 together with the audited financial statements for the year.
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
Wolfson College in the University of Oxford is a chartered charitable corporation. It was founded by decree of the Congregation of the University of Oxford on 26 July 1966.
The College registered with the Charity Commission on 14 April 2011, registered number 1141446.
The names of all Members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 4.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Documents**
The College is governed by its Royal Charter and Statutes dated 15 January 1981.
## **Governing Body**
The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, who is the High Steward of the University of Oxford. The Governing Body is self-appointing.
New members of the Governing Body are elected on the basis of academic standing, position within the University of Oxford and suitability as decided by the Governing Body.
The Governing Body determines the ongoing strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly under the chairmanship of the President and is advised by eleven main committees.
## **Recruitment and Training of Members of the Governing Body**
New Members of the Governing Body are recruited on the basis of a consideration of suitability by the Fellowships and Membership Committee, formal interview and election at a meeting of the full Governing Body. They are inducted into the workings of the College, including Governing Body policies and procedures, by means of an introductory meeting with the President and provision of the Charity Commission “Essential Trustee” guide, which makes them aware of their responsibilities as trustees. Members of the Governing Body are able to attend external trustee training and information courses to keep them informed about current issues in the sector and regulatory requirements.
## **Remuneration of Members of the Governing Body and Senior College Staff**
Members of the Governing Body, except for some College Officers, are Fellows with teaching and research employment at the University and receive a small academic stipend to support their academic work for the College. Those trustees that are also employees of the College receive remuneration for their work as employees of the College that is set based on the advice of the College’s Remuneration and Personnel Committee, members of which include Fellows independent of the Governing Body and who are not in receipt of remuneration from the College.
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## **WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2022**
## **Organisational Management**
The Governing Body convenes at least six times a year. The President or Vicegerent can call additional meetings of the Governing Body. The eleven main Committees referred to above carry out the work of developing the Governing Body’s policies and monitoring their implementation. The day-to-day running of the College is delegated to the College Officers, who attend all meetings of the Governing Body and who are members of the main Committees as indicated above. The actions of the Governing Body are monitored by a separate Conflict of Interest Committee, comprising College members who are not Governing Body Fellows or Trustees.
## **Structure and Relationships**
The College also administers a number of special trusts, as shown in the Note 17 to the financial statements. The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship.
## **OBJECTIVES AND ACTIVITIES**
## **Charitable Objects and Aims**
According to its Statutes “The College is incorporated for the furtherance of learning and education and to be a College wherein men and women may carry out advanced study or research”. To fulfil these objectives and aims, the College sets specific objectives concerning the admission of students, the number of scholarships awarded, and the educational provision it offers and supports.
The Governing Body has considered the Charity Commission’s guidance on public benefit and, in keeping with its objects, the College’s aims and activities for the public benefit are set out below.
## **Public Benefit**
The College provides, in conjunction with the University of Oxford, academic and pastoral support for approximately 850 graduate students that is recognised internationally as being of the highest standard. This support develops students academically and advances their leadership qualities and communication skills, and so prepares them to play full and effective roles in society. In particular, the College provides:
- pastoral, administrative and academic support through its advisory and graduate mentoring systems;
- social, cultural, musical, recreational and sporting facilities to enable each of its students to realise as much as possible of their academic and personal potential whilst studying at the College.
The College advances research through:
- providing Research Fellowships to outstanding academics at the early stages of their careers, 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 academic post;
- supporting research work pursued by its other Fellows through promoting interaction across disciplines, providing facilities and providing grants for national and international conferences, research trips and research materials;
- encouraging visits from outstanding academics from abroad; and
- encouraging the dissemination of research undertaken by members of the College through the publication of papers in academic journals or other suitable means and the establishment of “academic clusters” in a variety of specialist interdisciplinary areas.
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## **WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2022**
The College maintains an extensive library and art collection, mostly acquired or loaned through benefaction, including important special collections, so providing a valuable resource for: students and Fellows of the College; members of other Colleges and the University of Oxford more widely; external scholars and researchers; and the public through regular exhibitions.
## **Strategy for Achieving Aims**
The College’s strategy for achieving its aims is to: protect and grow the existing endowment; and to maximise the return from endowment to invest in supporting students and fellows in their endeavours.
The College has an Alumni Relations and Development Office, which seeks to raise funds for the College, which combined with the income generated from the endowment, provides funds to invest in its charitable aims, including the maintenance and creation of scholarships and bursaries and the funding of events and activities both to support students and fellows pastorally as well as academically.
The College seeks to maintain and develop its first-class environment and facilities, and to recruit and support the very best staff, who are committed to the College’s charitable aims.
The College assesses its success through the number of students that it is able to support, the success that they achieve in their endeavours, and the feedback that the College receives from students and researchers about the facilities and pastoral support that they receive whilst at the College. The College also measures its success in protecting and growing the endowment through its investment policies.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Admission of Students**
The College annual admission recruitment target for 2022-23 was set at 285 full time students and 30 part time students.
In October 2022, 305 full-time students and 31 part-time students joined the College. This equates to 320.5 full-time equivalent students, slightly exceeding the 300 full-time equivalent target.
Key statistics were as follows:
- 60.4% of new students were enrolled on Humanities and Social Sciences Courses _(61% in the previous year)._
- 90.7% of the students were studying full-time programmes _(88% in the previous year)._
- 31.8% of the students were enrolled onto research degrees _(39% in the previous year)._
- Wolfson has a diverse international community of scholars reading for a wide variety of degrees. The College uses statistics provided by the University of Oxford Graduate Admissions Office to compare itself to the overall University intake of graduate students. 66 different nationalities are represented amongst the 2022 new student cohort _(64 in the previous year)._
- There were slightly more new students identifying as female (58%) than male (42%) _(51% and 49% in the previous year)._
- 45% of incoming students were housed in College accommodation _(46% in the previous year)._
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## **WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2022**
## **Scholarships and Financial Provision**
45.2% of the 2022 new student cohort have received full or partial grant funding. There are 36 students on Wolfson-funded scholarships, with 12 of those being students who commenced their programmes of study in 2022/23.
## **Research Clusters, Lectures and Seminars**
As part of its goal to further education and learning, the College has a number of research clusters which promote the study of specific subjects in an interdisciplinary forum. These include:
- The Ancient World Cluster
- The Digital Research Cluster
- Oxford Centre for Life-Writing
- Quantum Foundations Research Cluster
- South Asia Research Cluster
- The Tibetan and Himalayan Studies Centre
- Wolfson Trauma Cluster
- Cross-Disciplinary Machine Learning Cluster
- Earth Emergency Cluster
- Wolfson Research Cluster for Islamic Art and Material Culture
The Research Clusters are very active in holding events, including lectures, seminars and conferences. Many also offer scholarships and research grants to Wolfson members undertaking projects in relevant areas.
The College provides funding for members who wish to hold academic events at Wolfson. To meet the requirements of the government’s PREVENT strategy, the College have agreed policies concerning free speech, in the context of lectures and other academic events, and also a monitoring process to ensure that no proposed speaker or event is associated with a proscribed terrorist organisation.
The College is an open and inclusive environment, and many of its academic events are open to the general public. Academic activities have continued to attract broad audiences from within the College, University and beyond. The College considers such high-profile events to be an important part of its outreach and community activities.
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## **WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2022**
## **Diversity**
In 2020 the College set itself new aspirations for the diversity of its Fellowship, staff and students. The following table shows the latest available data:
|shows the latest available data:||||
|---|---|---|---|
||**Fellows***|**Staff**|**Students**|
|**Gender (self-identified)**||||
|Male|60%|46%|54%|
|Female|35%|54%|46%|
|**Ethnicity (self-identified)**||||
|White|72%|88%|52%|
|Other|28%|12%|48%|
***** Governing Body, Supernumerary, Research and Junior Research Fellows were surveyed in October 2021. NB some survey respondents preferred not to say, hence not all percentages add up to 100.
## **Alumni Relations and Development**
The Alumni Relations and Development department engages with the College’s alumni and friends in seeking donations in support of scholarships, fellowships and research projects at the College. It holds events for alumni in Oxford, London, overseas and online, and communicates with alumni via emails, telephone calls, and publications, such as _Wolfson: Plans & Prospects_ magazine and the _College Record_ . In 2021/22 the College had significant success in fundraising for the college’s Wolfson: Zero Carbon project, notably with the donation of $3m from an anonymous alumnus. The department held the college’s first ever Giving Day in May 2022, building on the launch of the Wolfson 1966 Fund for regular giving the previous year. A significant sum was raised to allow the College to host a refugee Ukrainian academic for two years and for general student support.
The College was also the beneficiary of some major donations for specific subject areas in 2021/22. These included funding further scholarships on the Ancient World and in Physics and Quantum Computing; research within the Oxford Centre for Life-Writing; and bursaries and travel awards for students in various fields. The College is very grateful for the generosity of its alumni and friends.
## **Decarbonisation**
In the College’s 2020 Estate Strategy, decarbonisation was made the top priority, and an energy audit and decarbonisation plan were commissioned. Decarbonising Wolfson’s estate is a complex and costly challenge given its unique architecture: original 50-year old gas heating system and massive elevations of single glazing.
In June 2021, the College announced a ground-breaking project to cut up to 80% of carbon emissions on its main estate, supported by a £5 million grant. The College achieved a further grant of £1.2m and achieved zero carbon for its buildings and energy on its main estate in August 2022.
Work continues on its subsidiary estate and it is hoped that the College will become zero carbon for buildings and energy across both estates by September 2023. The College’s Governing Body has committed £3m from its reserves to achieving this aim.
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## **WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2022**
## **FINANCIAL REVIEW**
As shown in the Statement of Financial Activities, total incoming resources for the year amounted to £15.1 million. This amount included donations and legacies amounting to £7.3 million, and investment income amounting to £1.6 million, as well as College operating income. Of the donations and legacies, £6.6 million related to the decarbonisation project (see page 9).
Expenditure of £8.9 million was primarily in direct support of the running of the College in line with the objectives and activities outlined above, but also included fundraising costs, trading costs and investment management costs, all in relation to the generation of income to fund College activities.
A pension deficit provision of £1.6 million is included on the Balance Sheet. This figure represents the present value of the estimated future funding deficit in relation to the College’s participation in the University Superannuation Scheme (£1 million) and the Oxford Staff Pension Scheme (£0.6 million). Further details of the impact of the provision on expenditure are set out in the “Provision” and “Pension charge for the year” sections at the foot of Note 21 to the financial statements.
A net loss on investments for the year amounted to £0.3 million as a result of difficult global market conditions.
## **Reserves Policy**
The College’s reserves policy is: to maintain sufficient free reserves to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall; to allow the College to be managed efficiently; and to provide a buffer that would ensure uninterrupted services.
Total funds of the College at the year-end amounted to £101.1 million (2021: £95.2 million). This total includes endowment capital of £60.1 million and unspent restricted income funds of £4.3 million. Free reserves at the year-end amounted to £5 million, representing: retained unrestricted income reserves excluding an amount of £27.4 million for the book value of tangible fixed assets; funds designated at the year-end amounting to £5.9 million; and the pension reserve negative fund amounting to £1.6 million. The majority of free reserves are currently invested with the College’s endowment funds to earn income to support the College’s charitable aims.
Designated reserves at the year-end included £2.9 million as capital to support scholarships and £0.5 million of Common Room funds.
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## **WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2022**
## **Risk Management**
The College engages in risk assessment on an ongoing basis. When it is not able to address risk issues using internal resources, the College takes advice from external experts. The relevant College Committees review policies and procedures within the College. The Finance and Investment Committees assess financial and investment risks. Training courses and other forms of career development are available to members of staff to enhance their skills in risk-related areas.
The Governing Body, which has ultimate responsibility for managing any risks faced by the College, has given consideration to the major risks to which the College is exposed and has concluded that adequate systems are in place to manage these risks. It is recognised that systems can provide only reasonable but not absolute assurance that major risks have been managed. Principal risks and uncertainties faced by the College include the following:
|**Risk or uncertainty**|**Strategies for managing**|
|---|---|
|Possible continued financial
uncertainties of
COVID-19 pandemic|Continued close monitoring of costs and cashflow.|
|Poor investment performance
affecting income available to
spend|Regular Investment Committee review, including monitoring of
investment managers’ performance. Long-term view maintained and
drawdown rates set on rolling averages to smooth peaks and
troughs.|
|Employer pension rates and other
non-discretionary costs increase
out of line with income|Close control of budgets and other financial planning to anticipate
changes and ensure timely decision-making.|
|Fall in recruitment and retention of
top quality students and academic
fellows|Maintaining and improving financial support for students. Enhancing
academic activities and support, and ensuring they are well
publicised.|
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**WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2022**
## **Investment Policy, Objectives and Performance**
The College’s investment objectives are to balance current and future beneficiary needs by:
- maintaining at least the value of the investments 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 across a range of asset classes and geographical areas to produce an appropriate balance between risk and return. In line with this approach, the College statutes allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total return.
The Governing Body, as advised by the Investment Committee from time to time, sets the investment policy and strategy. The Investment Committee also regularly monitors performance. At the year end, the College’s long-term investments, combining the securities and property investments, totalled £70.3 million. Investment income in the year amounted to £1.6 million and investment losses amounted to £0.3 million.
It is the Governing Body’s policy to grow the College’s investments by a minimum of 4% per annum in real terms, of which it will extract as income no more than 3% plus costs of the rolling five-year value of the relevant investments. The Governing Body will keep the level of income withdrawn under review to balance the needs and interests of current and future beneficiaries of the College’s activities.
## **FUTURE PLANS**
The Governing Body has reviewed the College’s long-term strategy and plans, and will continue to do so, taking specialist advice where appropriate.
Key elements of the College’s plans include:
- Reduce carbon emissions on the College’s main estate by up to 80% by 2022, and its subsidiary estate in 2023.
- A commitment to expand the College’s already vibrant range of academic and cultural activities, including music and art.
- A focus on the College’s international and interdisciplinary credentials, and engagement in global issues.
- Consideration of increasing the number of accommodation rooms in the College in order that an even higher percentage of students can live at the College and take full advantage of the environment and the facilities.
-
- A continued increase in interdisciplinary research through cluster activities and facilities.
- Seeking ways to develop investment in the College and grow the endowment through a commitment to development and fundraising.
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## **WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2022**
## **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 to prepare financial statements for each financial year. Under that law the Governing Body has prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).
Under charity law the Governing Body must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the College and of its net income or expenditure for the period. In preparing these financial statements, the Governing Body has, as required:
- selected the most suitable accounting policies and then applied them consistently;
- made judgments and accounting estimates that are reasonable and prudent;
- stated whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
- stated whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which has been explained in the financial statements.
- prepared the financial statements on a going concern basis unless it is inappropriate to presume that the College will continue to operate.
The Governing Body is responsible for keeping proper accounting records that: are sufficient to show and explain the College’s transactions, disclose with reasonable accuracy at any time the financial position of the College and enable it to ensure that the financial statements comply with the Charities Act 2011. It is also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Governing Body on 1[st] December 2022 and signed on its behalf by:
Sir Tim Hitchens President
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## **WOLFSON COLLEGE**
## **Independent Auditor’s Report to the Members of the Governing Body of Wolfson College**
## **Opinion**
We have audited the financial statements of Wolfson College for the year ended 31 July 2022 which comprise the Statement of Accounting Policies, the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and Notes numbered 1 to 30.
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 statements:
- give a true and fair view of the state of the charity’s affairs as at 31 July 2022 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Members of the Governing Body use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The Members of the Governing Body are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
14
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## **WOLFSON COLLEGE**
## **Independent Auditor’s Report to the Members of the Governing Body of Wolfson College**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion **:**
- the information given in the Report of the Governing Body is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of the Members of the Governing Body**
As explained more fully in the Governing Body responsibilities statement set out on page 13 the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governing Body determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Governing Body are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governing Body either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were
shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Charities Act, Tax and Pensions legislation, health and safety and employment law.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
15
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## **WOLFSON COLLEGE**
## **Independent Auditor’s Report to the Members of the Governing Body of Wolfson College**
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s Governing Body in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Governing Body those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Governing Body, for our audit work, for this report, or for the opinions we have formed.
Wellers Statutory Auditor 8 King Edward Street Oxford OX1 4HL
01-12-22 Date: _____________
Wellers is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
16
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**WOLFSON COLLEGE Statement of Accounting Policies Year ended 31 July 2022**
## **1. Scope of the financial statements**
The financial statements comprise the Statement of Financial Activities (“SOFA”), the Balance Sheet, the Cash Flow Statement and Notes numbered 1 to 30.
## **2. Basis of accounting**
The College’s financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (“FRS 102”).
The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its financial statements in accordance with ‘The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (The Charities SORP (FRS 102)).
The financial statements have been prepared on the going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the SOFA. The principal accounting policies adopted are set out below and have been applied consistently throughout the year.
## **3. Accounting judgements and estimation uncertainty**
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governing Body to have most significant effect on amounts recognised in the financial statements.
The College carries investment property at fair value in the balance sheet, with changes in fair value being recognised in the income and expenditure section of the SOFA. Independent valuations are obtained periodically to determine fair value at the balance sheet date.
Key estimates and assumptions are also required in the calculation of the pension recovery plan deficit (accounting policy number 15) and rates of depreciation of fixed assets (accounting policy number 8).
In the view of the Governing Body, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
## **4. Income recognition**
All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured, as listed below:
## **a. Income from fees, HEFCE support and other charges for services**
Fees receivable, less any scholarships, bursaries or other allowances granted from the College unrestricted funds, HEFCE support and charges for services and use of the premises are recognised in the period in which the related service is provided.
## **b. Income from donations, grants and legacies**
Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the date on which the College has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met.
Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) of the deceased’s estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable.
17
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**WOLFSON COLLEGE Statement of Accounting Policies Year ended 31 July 2022**
Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds.
Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are added to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind as distinct from cash or other monetary assets, they are measured at the fair value of those assets at the date of the gift.
## **c. Investment income**
Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates.
Income from fixed interest debt securities is recognised using the effective interest rate method.
Dividend income and similar distributions are recognised on the date the share interest becomes ex-dividend or when the right to the dividend can be established.
Income from investment properties is recognised in the period to which the rental income relates.
## **5. 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 estimated.
Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are charged as an expense as the specified conditions of the grant are met.
All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the SOFA.
Support costs, which include governance costs i.e. costs of complying with constitutional and statutory requirements, and other indirect costs, are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.
## **6. Leases**
Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease term and the assets’ useful lives. Assets are assessed for impairment at each reporting date.The corresponding capital obligations under these leases are shown as liabilities and recognised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as to achieve a constant rate of interest on the remaining balance of the liability.
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a straight line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight line basis.
18
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## **WOLFSON COLLEGE Statement of Accounting Policies Year ended 31 July 2022**
## **7. Tangible fixed assets**
Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.
Land and buildings expenditure over £25,000 is capitalised as follows:
- Costs of acquisition or enhancement of land
- Costs of acquisition, construction and enhancement of buildings which are directly attributable to bringing the assets to their working conditions for intended uses.
Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised and charged as an expense in the SOFA.
Equipment costing more than £5,000, and which is deemed to have a significant useful economic life, is also capitalised. Other expenditure on equipment incurred in the normal day-to-day running of the College is charged to the SOFA as incurred.
## **8. Depreciation**
Depreciation is provided to charge as an expense the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows:
Freehold properties, including major extensions 50 years Building improvements 10 - 30 years Equipment 4 - 20 years
Freehold land is not depreciated. The cost of maintenance is charged 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 changes in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.
## **9. Investments**
Investment properties are initially recognised at their cost and subsequently measured at their market value at each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts.
Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs _._
Investments such as hedge funds and private equity funds which have no readily identifiable market value are initially measured at their cost and subsequently measured at their fair value at each reporting date without deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respective fund managers.
Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as ‘gains or losses on investments’ and are allocated to the fund holding or disposing of the relevant investment.
19
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**WOLFSON COLLEGE Statement of Accounting Policies Year ended 31 July 2022**
## **10. Other Financial Instruments**
## **a. Cash and cash equivalents**
Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less.
## **b. Debtors and creditors**
Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipt or payment discounted at a market rate of interest.
## **11. Stocks**
Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.
## **12. Foreign currencies**
The functional and presentation currency of the College is the pound sterling.
Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date.
## **13. Total Return investment accounting**
The College statutes authorise the College to adopt a ‘total return’ basis for the investment of its permanent endowments. The College can invest its permanent endowments without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment, known as the unapplied total return, which can be either retained for investment or released to income at the discretion of the Governing Body.
## **14. Fund accounting**
The total funds of the College are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or set by the terms of an appeal. Endowment funds are further sub-divided into permanent and expendable.
Unrestricted funds 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 decision will be accounted for by transfers to appropriate designated funds.
Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required or permitted 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 capital for the permanent benefit of the College. Any part of the total return arising from the capital that is allocated to income will be accounted for as unrestricted funds unless the donor has placed restrictions on the use of that income, in which case it will be accounted for as a restricted fund.
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**WOLFSON COLLEGE Statement of Accounting Policies Year ended 31 July 2022**
Expendable endowment funds are similar to permanent endowments in that they have been given, or the College has determined based on the circumstances that it has been given, for the long term benefit of the College. However, the Governing Body may at its discretion determine to spend all or part of the capital.
## **15. Pension costs**
The College participates in the Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme. These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of each scheme are held in a separate trusteeadministered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual employers and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other employers’ employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the SOFA represents the contributions payable to each scheme. Since the College has entered into agreements (the “Recovery Plans”) that determine how each employer within the schemes will fund the overall deficit, the College recognises a liability for the contributions payable that arise from the agreements (to the extent that they relate to the deficit) with related expenses being recognised through the SOFA.
## **Critical accounting judgement**
FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control, typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents an industry-wide scheme such as the Universities Superannuation Scheme or one for employers in the same locality such as the University of Oxford Staff Pension Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement to the extent that they relate to the deficit and the resulting expense in the SOFA in accordance with Section 28 of FRS 102. The Trustees are satisfied that the Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme both meet the definition of a multi-employer scheme and have therefore recognised the discounted fair value of the contractual contributions under the recovery plans in existence at the date of approving the financial statements.
## **Key sources of estimation uncertainty**
The pension deficits recorded are dependent on estimates of future employment patterns and interest rates. The effects of changes to these assumptions are shown in note 21.
21
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Statement of Financial Activities**
## **For the year ended 31 July 2022**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
**Charitable activities**
Teaching, research and residential
1
**Other trading income**
3
**Donations and legacies**
2
**Investments**
Investment income
5
Total return allocated to income
*17
**Other income**
4
**Total income**
**EXPENDITURE ON:**
**Charitable activities**
6
Teaching, research and residential
**Generating funds**
6
Fundraising
Trading expenditure
Investment management costs
**Total expenditure**
**Net income/(expenditure) before gains**
Net gains/(losses) on investments
11,12
**Net income/(expenditure)**
**Transfers between funds**
*17
**Other recognised gains/losses**
Actuarial gains/(losses) on defined benefit pension schemes
**Net movement in funds for the year**
Fund balances brought forward
17
**Funds carried forward at 31 July**
17|Unrestricted
Funds
£'000
5,844
324
125
277
1,255
56|Restricted
Funds
£'000
-
-
7,028
-
297
-|Endowed
Funds
£'000
-
-
113
1,311
(1,552)
-|**2022**
**Total**
**£'000**
**5,844**
**324**
**7,266**
**1,588**
**-**
**56**|2021
Total
£'000
5,222
124
3,391
1,421
-
328|
|---|---|---|---|---|---|
||**7,881**|**7,325**|**(128)**|**15,078**|10,486|
||7,303
281
299
33|768
-
-
-|-
-
-
178|**8,071**
**281**
**299**
**211**|6,912
218
148
140|
||**7,916**|**768**|**178**|**8,862**|7,418|
||(35)
(38)|6,557
-|(306)
(232)|**6,216**
**(270)**|3,068
10,485|
||(73)|6,557|(538)|**5,946**|13,553|
||5,556
-|(5,839)
-|283
-|**-**
**-**|-
-|
||5,483
31,177|718
3,615|(255)
60,395|**5,946**
**95,187**|13,553
81,634|
||36,660|4,333|60,140|**101,133**|95,187|
The comparative Statement of Financial Activities for the prior year is shown in Note 29(a).
22
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## **Wolfson College**
## **Balance Sheet**
## **For the year ended 31 July 2022**
|**Notes**
**FIXED ASSETS**
Tangible assets
10
Property investments
11
Other investments
12
**Total fixed assets**
**CURRENT ASSETS**
Stocks
Debtors
15
Cash at bank and in hand
**Total current assets**
**LIABILITIES**
Creditors: Amounts falling due within one year
16
**NET CURRENT ASSETS/(LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**Provisions for liabilities and charges**
**NET ASSETS/(LIABILITIES) BEFORE PENSION ASSET OR LIABILITY**
**Defined benefit pension scheme liability**
21
**TOTAL NET ASSETS/(LIABILITIES)**
**FUNDS OF THE COLLEGE**
17
**Endowment funds**
**Restricted funds**
**Unrestricted funds**
Designated funds
General funds
Pension reserve|**2022**
**£'000**
**27,364**
**9,530**
**60,804**
**97,698**
**183**
**557**
**6,733**
**7,473**
**2,457**
**5,016**
**102,714**
**-**
**102,714**
**1,581**
**101,133**
**60,140**
**4,333**
**33,274**
**4,967**
**(1,581)**
**101,133**|2021
£'000
18,812
9,530
61,232|
|---|---|---|
|||89,574|
|||179
1,449
7,061|
|||8,689
2,111|
|||6,578|
|||96,152
-|
|||96,152
965|
|||95,187|
|||60,395
3,615
25,198
6,944
(965)|
|||95,187|
The financial statements were approved and authorised for issue by the Governing Body of Wolfson College on 1 December 2022
Sir Tim Hitchens President
Mr Richard Morin Bursar
23
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Cash Flow Statement**
## **For the year ended 31 July 2022**
|**Notes**
**Net cash provided by/(used in) operating activities**
24
**Cash flows from investing activities**
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds from sales of investments
Purchase of investments
**Net cash provided by/(used in) investing activities**
**Cash flows from financing activities**
Receipt of endowment
Finance costs paid
**Net cash provided by/(used in) financing activities**
**Change in cash and cash equivalents in the reporting period**
25
**Cash and cash equivalents at the beginning of the**
**reporting period**
**Change in cash and cash equivalents due to exchange**
**rate movements**
**Cash and cash equivalents at the end of the reporting**
**period**|**2022**
**£'000**
**7,228**|2021
£'000
1,118|
|---|---|---|
||**1,588**
**(9,407)**
**195**
**(37)**|1,421
(813)
188
(83)|
||**(7,661)**|713|
||**113**
**(8)**|1,018
(12)|
||**105**|1,006|
||||
||**(328)**|2,837|
||**7,061**
**-**|4,224
-|
||**6,733**|7,061|
24
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Notes to the financial statements**
## **For the year ended 31 July 2022**
|**1**
**INCOME FROM CHARITABLE ACTIVITIES**
**Teaching, research and residential**
_Unrestricted funds_
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other Office for Students support
Other academic income
College residential income|**2022**
2021
**Total**
Total
**£'000**
£'000
**766**
828
**1,499**
1,314
**113**
128
**385**
350
**3,081**
2,602
**5,844**
5,222|
|---|---|
The above analysis includes £2379k received from the University of Oxford from publicly accountable funds under the College Funding Formula (2021: £2270k).
|**2**
**DONATIONS AND LEGACIES**
**Donations and legacies**
_Unrestricted funds_
_Restricted funds_
_Endowed funds_
**3**
**INCOME FROM OTHER TRADING ACTIVITIES**
_Unrestricted funds_
Other trading income
**4**
**OTHER INCOME**
_Unrestricted funds_
Coronavirus Job Retention Scheme grant income
Income from property covenant
Other income
**5**
**INVESTMENT INCOME**
**Total investment income:**
Agricultural rent
Commercial rent
Other property income
Equity dividends
Interest on fixed term deposits and cash
Other investment income
Bank interest
**Total investment income was allocated to funds as follows:**
_Endowed funds_
_Unrestricted funds_|**2022**
**£'000**
**125**
**7,028**
**113**|2021
£'000
137
2,236
1,018|
|---|---|---|
||**7,266**|3,391|
||**2022**
**£'000**
**324**|2021
£'000
124|
||**2022**
**£'000**
**5**
**30**
**21**|2021
£'000
319
-
9|
||**56**|328|
||**2022**
**Total**
**£'000**
**54**
**-**
**119**
**415**
**-**
**950**
**50**|2021
Total
£'000
78
-
99
383
-
859
2|
||**1,588**|1,421|
||**1,311**
**277**|1,193
228|
||**1,588**|1,421|
25
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## **Wolfson College**
## **Notes to the financial statements**
## **For the year ended 31 July 2022**
- **6 ANALYSIS OF EXPENDITURE**
|**ANALYSIS OF EXPENDITURE**|||
|---|---|---|
|**Charitable expenditure - Teaching, research and residential**
Direct staff costs
Other direct costs
Support and governance costs
**Total charitable expenditure**
**Expenditure on raising funds**
Direct staff costs allocated to:
Fundraising
Trading expenditure
Other direct costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Support and governance costs allocated to:
Fundraising
Trading expenditure
Investment management costs
**Total expenditure on raising funds**
**Total expenditure**|**2022**
**£'000**
**3,403**
**2,896**
**1,772**|2021
£'000
2,612
2,495
1,805|
||**8,071**|6,912|
||**215**
**189**
**49**
**80**
**208**
**17**
**30**
**3**|178
88
24
28
137
16
32
3|
||**791**|**506**|
||||
||**8,862**|**7,418**|
26
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College Notes to the financial statements**
**For the year ended 31 July 2022**
## **7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS**
|**2022**
Financial administration
Domestic administration
Human resources
IT
Depreciation
Fixed assets - gain on disposal
Other finance charges
Governance costs
**2021**
Financial administration
Domestic administration
Human resources
IT
Depreciation
Fixed assets - gain on disposal
Other finance charges
Governance costs|Generating
Funds
£'000
31
7
-
12
-
-
-
-
50
Generating
Funds
£'000
30
7
-
14
-
-
-
-
51|Teaching,
Research &
Residential
£'000
315
221
123
229
855
-
8
21|**2022**
**Total**
**£'000**
**346**
**228**
**123**
**241**
**855**
**-**
**8**
**21**|
|---|---|---|---|
|||1,772|**1,822**|
|||Teaching,
Research &
Residential
£'000
285
212
113
272
891
-
12
20|**2021**
**Total**
**£'000**
**315**
**219**
**113**
**286**
**891**
**-**
**12**
**20**|
|||1,805|**1,856**|
Finance and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on each activity. Depreciation costs and fixed asset impairment are attributed in full to the College's charitable activities, since it is for the support of those activities that the buildings, plant and equipment being depreciated are held. Interest and other finance charges are attributed according to the purpose of the related financing. Governance costs are allocated to the core charitable activity of research.
|**Governance costs comprise:**
Auditor's remuneration - audit services|**2022**
**£'000**
**21**|2021
£'000
20|
|---|---|---|
||**21**|20|
No amount has been included in Governance Costs for the direct employment costs or reimbursed expenses of the 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 in Note 20 within these financial statements.
27
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College Notes to the financial statements**
## **For the year ended 31 July 2022**
- **8 GRANTS AND AWARDS**
|**GRANTS AND AWARDS**|||
|---|---|---|
|During the year the College funded research awards and bursaries to students
from its restricted and unrestricted funds as follows:
**Unrestricted funds**
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
**Restricted funds**
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
**Total grants and awards**|**2022**
**Total**
**£'000**
**182**
**9**|2021
Total
£'000
141
1|
||**191**|142|
||**211**
**46**|139
86|
||**257**|225|
||||
||**448**|367|
The above costs are included within the charitable expenditure on Teaching and Research.
28
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Notes to the financial statements**
## **For the year ended 31 July 2022**
|**9**
**STAFF COSTS**
The aggregate staff costs for the year were as follows.
Salaries and wages
Social security costs
Pension costs:
Defined benefit schemes - contributions in year
Defined benefit schemes - staff costs element of pension provision movement
Defined contribution schemes
Other benefits
The average number of employees of the College, excluding Trustees, was as follows:
Tuition and research
College residential
Fundraising
Support
Total
The average number of employed Trustees of the College during the year was as follows.
Teaching and research
Other
Total|**2022**
**£'000**
**3,041**
**272**
**358**
**608**
**107**
**5**|2021
£'000
2,888
249
348
(157)
116
3|
|---|---|---|
||**4,391**|3,447|
||**2022**
**28**
**88**
**2**
**10**|2021
34
100
2
11|
||**128**|147|
||**2022**
**51**
**4**|2021
53
2|
||**55**|55|
The following information relates to the employees of the College excluding the Trustees of the College. Details of the remuneration of employees who are also Trustees are included in Note 20.
The number of employees (excluding the Trustees of the College) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fell within the following bands was:
|£60,001 - £70,000
The number of the above employees with retirement benefits accruing was as follows:
In defined benefits schemes
In defined contribution schemes|**2022**
**-**|2021
2|
|---|---|---|
||**2022**
**-**
**-**|2021
2
-|
29
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Notes to the financial statements**
## **For the year ended 31 July 2022**
## **10 TANGIBLE FIXED ASSETS**
|Leasehold
land and
buildings
£'000
**Cost**
At start of year
Additions
Disposals
**At end of year**
**Depreciation**
At start of year
Charge for the year
Eliminated on disposals
**At end of year**
**Net book value**
**At end of year**
At start of year|Freehold
land and
buildings
£'000
29,542
9,326
-|Fixtures,
Fixtures,
fittings and
Fittings and
equipment
Equipment
£'000
£'000
658
81
(16)
**723**
419
81
(16)
**484**
**239**
239|**Total**
**£'000**
**30,200**
**9,407**
**(16)**|
|---|---|---|---|
||**38,868**||**39,591**|
||10,969
774
-||**11,388**
**855**
**(16)**|
||**11,743**||**12,227**|
||**27,125**||**27,364**|
||18,573||18,812|
30
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Notes to the financial statements**
## **For the year ended 31 July 2022**
## **11 PROPERTY INVESTMENTS**
|**2022**
Valuation at start of year
Additions and improvements at cost
Disposals net proceeds
Revaluation gains/(losses) in the year
**Valuation at end of year**|Agricultural
£'000
2,881
-
-
-|Commercial
£'000
-
-
-
-|Other
£'000
6,649
-
-
-|**2022**
**Total**
**£'000**
**9,530**
**-**
**-**
**-**|
|---|---|---|---|---|
||2,881|-|6,649|**9,530**|
Valuations for properties were as follows:
- Agricultural properties: valuation prepared by TW Gaze LLP in October 2018.
- Main property within other category: valuation prepared by Savills in August 2019.
The Trustees consider that the values at 31 July 2022 are not expected to have changed materially since the valuation dates above, and therefore it was not necessary to procure new valuation reports.
|**2021**
Valuation at start of year
Additions and improvements at cost
Disposals net proceeds
Revaluation gains/(losses) in the year
**Valuation at end of year**|Agricultural
£'000
2,881
-
-
-|Commercial
£'000
-
-
-
-|Other
£'000
6,649
-
-
-|**2021**
**Total**
**£'000**
**9,530**
**-**
**-**
**-**|
|---|---|---|---|---|
||2,881|-|6,649|**9,530**|
## **Valuation at end of year**
31
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Notes to the financial statements**
## **For the year ended 31 July 2022**
## **12 OTHER INVESTMENTS**
All investments are held at fair value.
|**Investments**
Valuation at start of year
New money invested
Amounts withdrawn
Reinvested income
Investment management fees
Increase/(decrease) in value of investments
**Investments at end of year**
**Investments comprise:**
Equity investments
Global multi-asset funds
Property funds
Fixed interest stocks
Alternative and other investments
Fixed term deposits and cash
**Total investments**|Held outside
the UK
£'000
27,755
-
-
2,104
1,418
2,860|Held in
the UK
£'000
-
22,233
4,434
-
-
-|**2022**
**Total**
**£'000**
**27,755**
**22,233**
**4,434**
**2,104**
**1,418**
**2,860**|Held outside
the UK
£'000
32,070
-
-
2,567
968
410|**2022**
**£'000**
**61,232**
**37**
**(81)**
**-**
**(114)**
**(270)**|2021
£'000
50,852
83
(86)
-
(102)
10,485|
|---|---|---|---|---|---|---|
||||||**60,804**|61,232|
||||||Held in
the UK
£'000
-
21,474
3,743
-
-
-|2021
Total
£'000
32,070
21,474
3,743
2,567
968
410|
||34,137|26,667|**60,804**|36,015|25,217|61,232|
## **13 PARENT AND SUBSIDIARY UNDERTAKINGS**
There were no subsidiary companies in the year ended 31 July 2022.
## **Associated Undertakings**
From September 2020, the College has owned a 25% share in North Oxford Shared College Services Limited, a company providing IT and administrative services to its affiliated entities. The turnover for this company for the year was £811k and the profit was £nil.
32
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Notes to the financial statements**
**For the year ended 31 July 2022**
## **14 STATEMENT OF INVESTMENT TOTAL RETURN**
With effect from February 2014, the Governing Body has adopted a duly authorised policy of total return accounting for the College investment returns. The investment return to be applied as income is calculated as up to 3% of the average of the year-end values of the relevant investments of the last five years. The preserved (frozen) value of the invested endowment capital represents its open market value at 31 July 2015 together with all subsequent endowments valued at date of gift.
|**At the beginning of the year:**
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
**Total Endowments**
**Movements in the reporting period:**
Gift of endowment funds
Recoupment of trust for investment
Allocation from trust for investment
Investment return: dividends and interest
Investment return: realised and unrealised
gains and losses
Less: Investment management costs
Other transfers
**Total**
Expendable endowments transferred to income
**Net movements in reporting period**
**At end of the reporting period:**
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
**Total Endowments**
Unapplied total return allocated to income in the reporting
period|Permanent Endowment|Permanent Endowment|Permanent Endowment|Expendable
Endowment
£'000
-
-
29,584|**Total**
**Endowment**
**£'000**
22,123
8,688
29,584|
|---|---|---|---|---|---|
||Trust for
Investment
£'000
22,123
-
-|Unapplied
Total
Return
£'000
-
8,688
-|Total
£'000
22,123
8,688
-|||
||**22,123**
13
-
-
-
-
-
-|**8,688**
-
-
-
668
(120)
(91)
285|**30,811**
13
-
-
668
(120)
(91)
285|**29,584**
100
-
-
643
(112)
(87)
(1)|**60,395**
113
-
-
1,311
(232)
(178)
284|
||13
-
-|742
(791)
-|755
(791)
-|543
(762)
-|1,298
(1,553)
-|
||-|(791)|(791)|(762)|(1,553)|
||**13**
22,136
-
-|**(49)**
-
8,639
-|**(36)**
22,136
8,639
-|**(219)**
-
-
29,365|**(255)**
22,136
8,639
29,365|
||**22,136**|**8,639**|**30,775**|**29,365**|**60,140**|
The comparative statement of investment total return for the prior year is shown in Note 29(b).
## **15 DEBTORS**
|**2022**
2021
**£'000**
£'000
**Amounts falling due within one year:**
Trade debtors
**304**
164
Amounts owed by College members
**8**
286
Loans repayable within one year
**2**
4
Prepayments and accrued income
**124**
169
Other debtors
**119**
-
**557**
623|**2022**
**£'000**
**304**
**8**
**2**
**124**
**119**|2021
£'000
69
6
3
1,227
144|
|---|---|---|
||**557**|1,449|
There were no capital projects costs included in prepayments for the year (£2021: £1,126k).
33
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Notes to the financial statements**
## **For the year ended 31 July 2022**
## **16 CREDITORS: falling due within one year**
|**CREDITORS: falling due within one year**|||
|---|---|---|
|**2022**
2021
**£'000**
£'000
Trade creditors
**1,340**
540
Amounts owed to College Members
**371**
-
Taxation and social security
**76**
70
Accruals and deferred income
**617**
668
Other creditors
**53**
36
**2,457**
1,314|**2022**
**£'000**
**1,340**
**371**
**76**
**617**
**53**|2021
£'000
1,051
402
56
550
52|
||**2,457**|2,111|
Amounts owed to College Members includes receipts in advance for rent, fees and other items. Trade creditors includes £449k (2021: £548) relating to capital projects ongoing at the year end.
48,840
- **17 FUNDS OF THE COLLEGE MOVEMENTS**
|**Endowment Funds - Permanent**
General purposes
Jeremy Black Fund
Isaiah Berlin Academic Fund
Assyriology Scholarship Fund
Marcel & Tessa Hornik Trust Fund
Guy Newton Fund
Norman Hargreaves-Mawdsley Fund
Godfrey Lienhardt Fund
Sir Ronald Syme Memorial Fund
Ghazarian Fund
Anthony Aris Lecture Fund
Geoffrey Garton Fund
Isaiah Berlin Lecture Fund
Student Support Endowment Fund
Assyriology JRF Fund
Assyriology Research Fund
Jon Stallworthy Poetry Prize Fund
Rachel Conrad Fund
**Endowment Funds - Expendable**
General purposes
Charter Fund
Ullendorff Semitic Philology Endowment
OCLW Endowment Fund
Fay & Roger Booker Travel Grant Fund
**Total Endowment Funds**|At 1 August
2021
£'000
20,725
1,083
1,010
936
506
499
341
310
92
32
47
1,315
193
218
1,972
584
86
862
28,115
509
608
333
19|Incoming
resources
£'000
450
23
22
20
11
11
7
6
2
-
1
29
4
5
43
13
2
32
611
11
13
107
1|Resources
expended
£'000
(61)
(3)
(3)
(3)
(2)
(1)
(1)
(1)
-
-
-
(4)
(1)
(1)
(5)
(2)
-
(3)
(82)
(2)
(2)
(1)
-|Transfers
£'000
(532)
(28)
258
(23)
(13)
(13)
(8)
(8)
(2)
(1)
(4)
(33)
(5)
(5)
(51)
(15)
(2)
(21)
(724)
(13)
(16)
(9)
(1)|Gains/
(losses)
£'000
(79)
(4)
(4)
(4)
(2)
(2)
(1)
(1)
(1)
-
-
(5)
(1)
(1)
(8)
(3)
(1)
(3)
(107)
(2)
(2)
(1)
-|**At 31 July**
**2022**
**£'000**
**20,503**
**1,071**
**1,283**
**926**
**500**
**494**
**338**
**306**
**91**
**31**
**44**
**1,302**
**190**
**216**
**1,951**
**577**
**85**
**867**
**27,813**
**503**
**601**
**429**
**19**|
|---|---|---|---|---|---|---|
||60,395|1,424|(178)|(1,269)|(232)|**60,140**|
34
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College Notes to the financial statements For the year ended 31 July 2022**
## **17 FUNDS OF THE COLLEGE MOVEMENTS (continued)**
||At 1 August|Incoming|Resources||Gains/|**At 31 July**|
|---|---|---|---|---|---|---|
||2021|resources|expended|Transfers|(losses)|**2022**|
||£'000|£'000|£'000|£'000|£'000|**£'000**|
|**Restricted Funds**|||||||
|**_Revenue funds of endowments:_**|||||||
|Jeremy Black Fund|29|-|(15)|28|-|**42**|
|Isaiah Berlin Academic Fund|323|-|-|(257)|-|**66**|
|Assyriology Scholarship|33|-|(17)|24|-|**40**|
|Marcel & Tessa Hornik Trust Fund|49|-|(1)|(3)|-|**45**|
|Guy Newton Fund|97|-|(16)|6|-|**87**|
|Norman Hargreaves-Mawdsley Fund|72|-|-|9|-|**81**|
|Godfrey Lienhardt Fund|82|-|-|8|-|**90**|
|Sir Ronald Syme Memorial Fund|9|-|(2)|2|-|**9**|
|Ghazarian Fund|6|-|-|-|-|**6**|
|Anthony Aris Lecture Fund|3|1|-|2|-|**6**|
|Geoffrey Garton Fund|3|-|-|14|-|**17**|
|Isaiah Berlin Lecture Fund|15|-|(1)|5|-|**19**|
|Charter Fund|43|-|(31)|13|-|**25**|
|Ullendorff Semitic Philology Scholarship|48|-|(26)|16|-|**38**|
|OCLW Endowment Fund|8|-|-|9|-|**17**|
|Assyriology JRF Fund|11|-|(48)|50|-|**13**|
|Assyriology Research Fund|14|-|(28)|15|-|**1**|
|Student Support Fund|1|-|(3)|5|-|**3**|
|Jon Stallworthy Poetry Prize Fund|-|-|-|2|-|**2**|
|Fay & Roger Booker Travel Grant Fund|-|-|-|1|-|**1**|
|Rachel Conrad Fund|-|-|-|22|-|**22**|
|**_Other restricted income funds:_**|||||||
|Oxford Centre for Life Writing (OCLW)|376|31|(90)|-|-|**317**|
|OCLW Scholarship Fund|14|14|(14)|-|-|**14**|
|Beazley Archive Trust|23|-|-|-|-|**23**|
|Isaiah Berlin Legacy Project|106|18|(32)|-|-|**92**|
|Ancient World Fund|131|56|(55)|-|-|**132**|
|Egyptology Scholarship Fund|2|-|-|-|-|**2**|
|Mougins Ashmolean Fellowship Fund|7|-|-|-|-|**7**|
|Ti-Se Foundation Fund|13|-|(6)|-|-|**7**|
|Law Justice & Society Fellowship Fund|1|-|-|-|-|**1**|
|Harrison Scholarship Fund|144|55|(35)|-|-|**164**|
|Ancient History Scholarship Fund|1|-|-|-|-|**1**|
|Ancient Documents Scholarship Fund|10|-|(1)|-|-|**9**|
|I C Gandy Fund|15|-|-|-|-|**15**|
|Assyriology Research Fund|69|41|(34)|-|-|**76**|
|Coulson Visiting Fellowship Fund|3|1|-|-|-|**4**|
|Littman Vermes Scholarship Fund|-|-|-|-|-|**-**|
|Pakistan Lecture Series|11|-|(3)|-|-|**8**|
|Law Justice & Society Cluster|2|-|-|-|-|**2**|
|Korean Studies|1|-|-|-|-|**1**|
|Innovation Network Fund|27|-|-|-|-|**27**|
|Grants & Awards Fund|10|-|-|-|-|**10**|
|Gardens Fund|7|2|-|-|-|**9**|
|Stallworthy Poetry Fund|-|-|-|-|-|**-**|
|Berggruen Fellowship Fund|17|-|-|-|-|**17**|
|Quantum Research Cluster (incl. CT/SV)|50|2|(4)|-|-|**48**|
|COVID-19 Hardship Fund|173|-|(46)|-|-|**127**|
|EJKS Fund|1|13|(10)|-|-|**4**|
|Tibetan & Himalayan Cluster|2|9|(2)|2|-|**11**|
|Lacey Philosophy Fund|9|-|-|-|-|**9**|
|Sciama Memorial Fund|10|-|-|-|-|**10**|
|Academics at Risk Fund|129|40|(34)|-|-|**135**|
|GYA Science Leadership Fund|90|-|(9)|-|-|**81**|
|South Asia Academic Staff Fund|20|-|(9)|-|-|**11**|
|Africans at Oxford Fund|1|-|-|-|-|**1**|
|Library Fund|9|-|-|-|-|**9**|
|||||||**continued**|
35
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College Notes to the financial statements**
## **For the year ended 31 July 2022**
## **17 FUNDS OF THE COLLEGE MOVEMENTS (continued)**
|**_Other restricted income funds (continued):_**
Thyssen Imperial History Scholarship Fund
Macau Scholarship Fund
Bob Sim Uruguay Biochemistry Fund
Gym Design Fund
LCSF2 decarbonisation planning grant
PSDS2 decarbonisation grant
PSDS3 decarbonisation grant
Zero carbon project donations
Eutopia Foundation Research
Tregidgo Atomic & Laser Scholarship Fund
Andrew Prentice Physics Scholarship Fund
**Total Restricted Funds**
**Unrestricted Funds**
General reserves
Marriott Scholarship Fund - capital
Marriott Scholarship Fund - revenue
Common Room Fund
Sundry designated reserves
Fixed asset designated funds
Decarbonisation project designated funds
Pension reserve
**Total Unrestricted Funds - College**
Unrestricted funds held by subsidiaries
**Total Unrestricted Funds**
**Total Funds**|At 1 August
2021
£'000
139
286
11
30
-
739
-
-
-
75
5|Incoming
resources
£'000
-
-
2
-
138
3,847
400
2,174
184
-
-|Resources
expended
£'000
-
-
(4)
(25)
(138)
-
-
-
-
(24)
(5)|Transfers
£'000
-
-
-
-
-
(4,586)
(400)
(529)
-
-
-|Gains/
(losses)
£'000
-
-
-
-
-
-
-
-
-
-
-|**At 31 July**
**2022**
**£'000**
**139**
**286**
**9**
**5**
**-**
**-**
**-**
**1,645**
**184**
**51**
**-**|
|---|---|---|---|---|---|---|
||3,615|7,028|(768)|(5,542)|-|**4,333**|
||At 1 August
2021
£'000
6,944
2,791
47
480
68
18,812
3,000
(965)|Incoming
resources
£'000
6,244
-
-
378
4
-
-
-|Resources
expended
£'000
(6,867)
-
(117)
(316)
-
-
-
(616)|Transfers
£'000
(1,316)
-
135
-
(4)
8,552
(556)
-|Gains/
(losses)
£'000
(38)
-
-
-
-
-
-
-|**At 31 July**
**2022**
**£'000**
**4,967**
**2,791**
**65**
**542**
**68**
**27,364**
**2,444**
**(1,581)**|
||31,177
-|6,626
-|(7,916)
-|6,811
-|(38)
-|**36,660**
**-**|
||31,177|6,626|(7,916)|6,811|(38)|**36,660**|
||**95,187**|**15,078**|**(8,862)**|**-**|**(270)**|**101,133**|
The comparative analysis of movements on funds for the prior year is shown in Note 29(c).
## **18 FUNDS OF THE COLLEGE DETAILS**
The following is a summary of the origins and purposes of each of the Funds:
**Endowment Funds - Permanent:** General purposes
Jeremy Black Fund
A consolidation of gifts and donations where income, but not capital, can be used for the general purposes of the charity.
Fund established by a bequest from Dr Jeremy Allen Black and supplemented by further funds donated at the time of his death. Original funds are required to be preserved. Income of the fund is for a scholarship supporting Sumarian and Akkadian research.
Isaiah Berlin Academic Fund
Assyriology Scholarship Fund Marcel & Tessa Hornik Trust Fund
Guy Newton Fund
Norman Hargreaves-Mawdsley Fund
Fund established in 1989 to commemorate the College's founding President's 80th birthday. The funds were raised to support Isaiah Berlin research. Subsequent funds raised for this purpose have been added to the original funds.
Fund established to endow a scholarship for the study of Assyriology.
Fund established from the Lincombe Lodge Research Library Trust and includes the Hornik Library collection. Income from the fund may be spent in a variety of areas including expenses of the library, and supporting research in a number of subjects.
Fund endowed in 1975 from the EPA Cephalosporia Fund. The deed limits expenditure on subjects to be studied to chemical, biological and medical research and states that the endowment should be preserved.
Fund established by a bequest from Mrs Josefina Hargreaves-Mawdsley in memory of her son. Income is to be used to finance research in specific arts subject areas.
36
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College Notes to the financial statements**
## **For the year ended 31 July 2022**
## **18 FUNDS OF THE COLLEGE DETAILS (continued)**
|Godfrey Lienhardt Fund|Fund established in 1994 from a legacy and subscription on the death of Godfrey Lienhardt.|
|---|---|
||Capital is to be preserved and income is to be used for scholarships in social anthropology and|
||Sub-Saharan Africa.|
|Sir Ronald Syme Memorial Fund|Fund established in memory of Sir Ronald Syme to support research into the classics.|
|Ghazarian Fund|Fund established in 2006 by a donation from Professor Ghazarian to secure in perpetuity an|
||annual grant in support of research in the history and culture of Christianity in the|
||Mediterranean basin, 400-1500 A.D.|
|Anthony Aris Lecture Fund|Fund established as an endowment to fund an annual lecture in Tibetan and Himalayan|
||Studies.|
|Geoffrey Garton Fund|Fund established in 2017 by a legacy from Dr Geoffrey Garton. Income from the fund is to be|
||used to support College activities including arts, music concerts and gardens.|
|Isaiah Berlin Lecture Fund|Fund established in 2017 from a specific gift to create the endowment. Income from the fund is|
||to be used to support the annual Isaiah Berlin lecture.|
|Student Support Fund|Fund established in 2020 from a series of gifts of the same nature to create the endowment.|
||Income from the fund is to be used to support students in hardship through bursaries, both|
||named and un-named.|
|Assyriology JRF Fund|Fund established in 2019 from a specific gift to create the endowment. Income from the fund is|
||to be used to support a JRF post in Assyriology.|
|Assyriology Research Fund|Fund established in 2019 from a specific gift to create the endowment. Income from the fund is|
||to be used to support research in Assyriology.|
|Jon Stallworthy Poetry Prize Fund|Fund established in 2020 to enable the Jon Stallworthy Poetry Prize to continue as a|
||permanent tribute to Professor Stallworthy.|
|Rachel Conrad Fund|Fund established in 2020 by a legacy from Mr Reuben Conrad CBE towards scholarship and|
||research in the field of clinical depression.|
|**Endowment Funds - Expendable:**||
|General purposes|A consolidation of gifts and donations where either income, or income and capital, can be used|
||for the general purposes of the charity.|
|Charter Fund|Fund established in 1981, the income of which supports various stipendary research|
||fellowships.|
|Ullendorff Semitic Philology Endowment|Fund established by Mrs Dina Ullendorff towards endowing expenditure in the study of Semitic|
||Philology.|
|OCLW Endowment|Fund established in 2019. Income from the endowment is to be used to support the research,|
||scholarship, conferences, lectures seminars, performance and other public events of the|
||Oxford Centre for Life-Writing (OCLW) at Wolfson College.|
|Fay & Roger Booker Travel Grant Fund|Fund established in 2021 by a legacy from Fay Booker to create the endowment. Income from|
||the fund is to be used to support travel for students of the Materials department.|
|**Restricted Funds:**||
|Restricted funds of endowments|Income generated from specific purpose endowments not spent and available for future costs|
||of specified purposes.|
|Other restricted income funds|Gifts and donations that must be applied in support of other specified College activities.|
|**Designated Funds**||
|Fixed asset designated fund|Unrestricted funds which are represented by the fixed assets of the College and therefore not|
||available for expenditure on the College's general purposes.|
|Oxford Marriott Scholarship Fund|Allocation of funds to generate an income to be used towards match-funded scholarships in|
||conjunction with the University of Oxford.|
|Common Room Fund|Unrestricted funds allocated by the College for the costs of providing social, sporting and|
||cultural activities for College members.|
|Pension reserve|Unrestricted funds which are represented by the College's pension fund liabilities.|
The General Unrestricted Funds represent accumulated surpluses from the College's activities and other sources that are available for the general purposes of the College.
37
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Notes to the financial statements**
## **For the year ended 31 July 2022**
## **19 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**ANALYSIS OF NET ASSETS BETWEEN FUNDS**|||||
|---|---|---|---|---|
|**2022**
Tangible fixed assets
Property investments
Other investments
Net current assets/(liabilities)
Pension fund liability
**2021**
Tangible fixed assets
Property investments
Other investments
Net current assets/(liabilities)
Pension fund liability|Unrestricted
Funds
£'000
27,364
1,429
8,135
1,313
(1,581)|Restricted
Funds
£'000
-
-
630
3,703
-|Endowment
Funds
£'000
-
8,101
52,039
-
-|**2022**
**Total**
**£'000**
**27,364**
**9,530**
**60,804**
**5,016**
**(1,581)**|
||36,660|4,333|60,140|**101,133**|
||Unrestricted
Funds
£'000
18,812
1,429
8,092
3,809
(965)|Restricted
Funds
£'000
-
-
846
2,769
-|Endowment
Funds
£'000
-
8,101
52,294
-
-|**2021**
**Total**
**£'000**
**18,812**
**9,530**
**61,232**
**6,578**
**(965)**|
||31,177|3,615|60,395|**95,187**|
38
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
**For the year ended 31 July 2022**
## **Wolfson College Notes to the financial statements**
## **20 TRUSTEES' REMUNERATION**
The Trustees of the College comprise the Governing Body Fellows, many of whom are research and teaching employees of the University of Oxford and who sit on Governing Body by virtue of their University and College duties.
No Trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the College receive salaries for their work as employees. Governing Body Fellows receive a stipend for their support of the academic functions of the College. All salaries are subject to review by the College's Remuneration and Personnel Committee. The composition of the Remuneration and Personnel Committee is: the President; the Bursar; the Secretary to Governing Body; the Chair of the Conflict of Interest Committee; two other Governing Body Fellows; and two Emeritus Fellows.
There are also six Trustees (President, Vicegerent, Bursar, Senior Tutor, Development Director, Secretary to Governing Body) who work full or part time on management and fundraising.
Some Trustees receive allowances for additonal work carried out as part-time college officers (Fellows for Library and Archives; Deans of Degrees). These amounts are included within the remuneration figures below.
## **Remuneration paid to Trustees**
|**Remuneration paid to Trustees**|||||
|---|---|---|---|---|
|Range
£1 - £999
£1,000 - £2,999
£3,000 - £3,999
£4,000 - £4,999
£7,000 - £7,999
£8,000 - £8,999
£70,000 - £73,999
£74,000 - £74,999
£75,000 - £79,999
£80,000 - £94,999
£103,000 - £103,999
£104,000 - £104,999
£109,000 - £109,999
£110,000 - £110,999
£111,000 - £115,999
£116,000 - £123,999
Total|2022||2021||
||£
1
788
36
98,303
9
28,310
3
13,156
0
0
2
17,136
1
70,276
0
0
1
78,964
0
0
0
0
0
0
0
0
0
0
1
113,606
1
121,280
55
541,819
Number of
Trustees
Gross remuneration, taxable
benefits and pension
contributions||£
1
893
19
50,768
28
90,538
1
4,186
2
15,650
0
0
0
0
1
74,592
0
0
1
94,061
0
0
1
104,061
0
0
1
110,581
0
0
0
0
55
545,330
Number of
Trustees
Gross remuneration, taxable
benefits and pension
contributions||
|||541,819||545,330|
All Trustees may eat at common table, as can other employees who are entitled to meals while working.
## **Other transactions with trustees**
No Trustee claimed expenses in connection with any work performed in discharge of duties as a trustee. Note 27 provides further information on related party transactions.
## **Key management remuneration**
The total remuneration paid to key management was £407k (2021: £400k).
Key management are considered to be the President, the Vicegerent, the Bursar, the Senior Tutor, the Development Director and the Secretary to Governing Body.
39
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
**For the year ended 31 July 2022**
## **Wolfson College Notes to the financial statements**
## **21 PENSION SCHEMES**
The College participates in two principal pension schemes for its staff – the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). The assets of each scheme are held in separate trustee-administered funds. USS and OSPS are contributory mixed benefit schemes (i.e. they provide benefits on a defined benefit basis – based on length of service and pensionable salary – and on a defined contribution basis – based on contributions into the scheme). Both are multi-employer schemes and the College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, the College accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period.
In the event of the withdrawal of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.
The College has also made available the National Employment Savings Trust for employees who are eligible under automatic enrolment regulations to pension benefits but not eligible for either USS or OSPS.
## **Schemes accounted for under FRS 102 as defined contribution schemes**
## **Actuarial valuations**
Qualified actuaries periodically value USS and OSPS defined benefits using the ‘projected unit method’, embracing a market value approach. The resulting levels of contribution take account of actuarial surpluses or deficits in each scheme. The financial assumptions are derived from market conditions prevailing at the valuation date. The results of the latest actuarial valuations and the assumptions which have the most significant effect on the results were:
|significant effect on the results were:|||
|---|---|---|
||**USS**|**OSPS**|
|Date of valuation:
Date valuation results published:
Value of liabilities:
Value of assets:
Funding surplus / (deficit):|£80.6bn
£66.5bn
(£14.1bn)
31/03/2020
16/09/2021|£848m
£735m
(£113m)
31/03/2019
19/06/2020|
|Principal assumptions:
· Discount rate
· Rate of increase in salaries
· Rate of increase inpensions|Fixed interest gilt yield curve
plus 1%-2.75%
n/a
CPI +0.05%c|Gilts + 0.5%-2.25%b
RPI
Average RPI/CPId|
|· Males currently aged 45
· Females currently aged45
Assumed life expectancies on retirement at age 65:
· Males currently aged 65
· Females currently aged 65|25.9 yrs
27.3 yrs
23.9 yrs
25.5 yrs|23.0 yrs
25.8 yrs
21.7 yrs
24.4 yrs|
|Funding Ratios:
· Technical provisions basis
· ‘Buy-out’basis
· Statutory Pension Protection Fund basis|83%
64%
51%|87%
74%
60%|
|Employer’s contribution rate (as % of pensionable salaries):|21.1% to 21.4% on 01/10/21|19%|
|Effective date of next valuation:|31/03/2023|31/03/2022|
- a. The discount rate (forward rates) for the USS valuation was: Fixed interest gilt yield curve plus: Pre-retirement 2.75%, post-retirement 1.00%
b. The discount rate (forward rates) for the OSPS valuation was: Pre-retirement Post-retirement
Equal to the UK nominal gilt curve at the valuation date plus 2.25% p.a. at each term. Equal to the UK nominal gilt curve at the valuation date plus 0.5% p.a. at each term.
- c. Pensions increases (CPI) for the USS valuation were: Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a. to 2030 reducing linearly to 0.1% p.a to a long difference of 0.1% p.a from 2040
40
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College Notes to the financial statements**
## **For the year ended 31 July 2022**
## **21 PENSION SCHEMES (continued)**
- d. Increases to pensions in payment for the OSPS valuation were:
RPI inflation is derived from the geometric difference between the UK nominal gilt curve and the UK index-linked curve at the valuation date, less 0.3% p.a. at each term. CPI inflation is derived from the RPI inflation assumption, less the Scheme Actuary’s best estimate of the longterm difference between RPI and CPI inflation as applies from time to time (1.0% p.a. as at 31 March 2019).
For pension increases linked to inflation, a pension increase curve is constructed based on either the RPI, CPI or the average of the RPI and CPI inflation curves described above, adjusted to allow for the different maximum and minimum annual increases that apply, and the Scheme Actuary’s best estimate of inflation volatility as applies from time to time.
- e. The USS and OSPS employer contribution rates include provisions for the cost of future accrual of defined benefits, deficit contributions, administrative expenses and defined contributions.
## **Sensitivity of actuarial valuation assumptions**
Surpluses or deficits which arise at future valuations may impact on the College’s future contribution commitment. The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set out below:
## **USS**
|**USS**|||
|---|---|---|
|_Assumption_|_Change in assumption_|_Impact on USS liabilities_|
|Initial pre-retirement discount rate|increase by 0.25%|decrease by £1.3bn|
|Post retirement discount rate|decrease by 0.25%|increase by £2.8bn|
|CPI|decrease by 0.1%|decrease by £1.5bn|
|Life expectancy|more prudent assumption (reduce the
adjustment to the base mortality table by 5%)|increase by £1.2bn|
|Rate of mortality|more prudent assumption (increase the
annual mortality improvement long-term
rates by 0.2%)|increase by £0.6bn|
|**OSPS**|**OSPS**|**OSPS**|
|---|---|---|
|_Assumption_|_Change in assumption_|_Impact on OSPS technical provisions_|
|Valuation rate of interest|decrease by 0.25%|increase by £45m|
|RPI|increase by 0.25%|increase by £40m|
41
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College Notes to the financial statements**
**For the year ended 31 July 2022**
## **21 PENSION SCHEMES (continued)**
## **Deficit recovery plans**
In line with FRS 102 paragraph 28.11A, the College has recognised a liability for the contributions payable for the agreed deficit funding plan. The principal assumptions used in these calculations are tabled below:
||**2022**|**2022**|**2021**|**2021**|
|---|---|---|---|---|
||_OSPS_|_USS_|_OSPS_|_USS_|
|Finish Date for Deficit RecoveryPlan|30/01/2028|31/03/2028|30/01/2028|31/03/2028|
|Average staff number increase|0.3%|0.1%|0.4%|0.4%|
|Average staff salaryincrease|2.0%|2.0%|2.0%|2.0%|
|Average discount rate overperiod|2.00%|2.12%|0.82%|1.25%|
|Effect of 0.5% change in discount rate|£12k|£38k|£11k|£8k|
|Effect of 1% change in staffgrowth|£6k|£10k|£20k|£8k|
## **Provision**
A provision of £1,581k has been made at 31 July 2022 (2021: £965k) for the present value of the estimated future deficit funding element of the contributions payable under these agreements, using the assumptions shown. The provision reduces as the deficit is paid off according to the pension recovery scheme.
## **Pension charge for the year**
The pension charge recorded by the College in the SOFA during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows:
|**Scheme/type**|**2022**|**2021**|
|---|---|---|
|`|£'000|£'000|
|**Universities Superannuation Scheme:**|||
|Contributionspaid|240|216|
|Staff costs element ofpensionprovision movement|558|(9)|
||||
|**University of Oxford Staff Pension Scheme:**|||
|Contributionspaid|224|248|
|Staff costs element ofpensionprovision movement|50|(148)|
||||
|**Total**|**1,072**|**307**|
These amounts include £107k (2021: £116k) contributions payable to defined contribution schemes at rates specified in the rules of those plans.
Included in other creditors and accruals are pension contributions payable of £nil (2021: £nil).
42
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Notes to the financial statements**
## **For the year ended 31 July 2022**
## **22 TAXATION**
The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes. Accordingly no provision for taxation has been included in the financial statements.
|**23**
**FINANCIAL INSTRUMENTS**
**Note**
**Financial assets**
**_Measured at fair value_**
Other investments
12
**_Measured at undiscounted amount receivable_**
Trade debtors and amounts owed by College members
15
Cash at bank
25
**Financial liabilities**
**_Measured at undiscounted amount payable_**
Trade creditors and amounts owed to College members
16|**2022**
**£'000**
60,804|2021
£'000
61,232|
|---|---|---|
||312
6,733|75
7,061|
||1,711|1,453|
## **24 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS**
|**Net income/(expenditure)**
**Elimination of non-operating cash flows:**
Investment income
(Gains)/losses in investments
Endowment donations
Financing costs
Depreciation
(Profit)/loss on sale of fixed assets
Decrease/(Increase) in stock
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
(Decrease)/Increase in pension scheme liability
**Net cash provided by/(used in) operating activities**
**25**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash at bank and in hand
**Total cash and cash equivalents**|**2022**
**£'000**
5,946
(1,588)
270
(113)
8
855
-
(4)
892
346
616|2021
£'000
13,553
(1,421)
(10,485)
(1,018)
12
891
9
(3)
(1,314)
1,039
(145)|
|---|---|---|
||**7,228**|1,118|
||**2022**
**£'000**
**6,733**|2021
£'000
7,061|
||**6,733**|7,061|
43
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
**For the year ended 31 July 2022**
## **Wolfson College Notes to the financial statements**
## **26 CAPITAL COMMITMENTS**
The College had contracted commitments at 31 July 2022 of £600k (2021: £4,787k) for ongoing capital projects.
## **27 RELATED PARTY TRANSACTIONS**
The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship. For reporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS 102.
Members of the Governing Body, who are the Trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College. Details of these payments and reimbursed expenses as trustees are disclosed separately in Note 20.
The College has properties with the following net book values owned jointly with Trustees under joint equity ownership agreements between the Trustee and the College.
|Total net book value of properties owned jointly with Trustees (two properties)|**2022**
2021
**£'000**
£'000
**149**
149
**149**
149|
|---|---|
All joint equity properties are subject to sale on the departure of the Trustee from the College. The Trustees pay an annual payment to the College on the College owned share at the assessed market rate.
## **28 POST BALANCE SHEET EVENTS**
There are no post balance sheet events which require disclosure.
44
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College Notes to the financial statements**
## **For the year ended 31 July 2022**
## **29 ADDITIONAL PRIOR YEAR COMPARATIVES**
## **(a) Statement of Financial Activities ("SOFA")**
The SOFA for the year ended 31 July 2022 is presented on page 22. The comparative SOFA for the year ended 31 July 2021 is presented below:
|**INCOME AND ENDOWMENTS FROM:**
**Charitable activities**
Teaching, research and residential
**Other trading income**
**Donations and legacies**
**Investments**
Investment income
Total return allocated to income
**Other income**
**Total income**
**EXPENDITURE ON:**
**Charitable activities**
Teaching, research and residential
**Generating funds**
Fundraising
Trading expenditure
Investment management costs
**Total expenditure**
**Net income/(expenditure) before gains**
Net gains/(losses) on investments
**Net income/(expenditure)**
**Transfers between funds**
**Other recognised gains/losses**
Actuarial gains/(losses) on defined benefit pension schemes
**Net movement in funds for the year**
Fund balances brought forward
**Funds carried forward at 31 July**|Unrestricted
Funds
£'000
5,222
124
137
228
1,153
328|Restricted
Funds
£'000
-
-
2,236
-
248
-|Endowed
Funds
£'000
-
-
1,018
1,193
(1,401)
-|**2021**
**Total**
**£'000**
**5,222**
**124**
**3,391**
**1,421**
**-**
**328**|
|---|---|---|---|---|
||**7,192**|**2,484**|**810**|**10,486**|
||6,150
218
148
26|762
-
-
-|-
-
-
114|**6,912**
**218**
**148**
**140**|
||**6,542**|**762**|**114**|**7,418**|
||650
1,667|1,722
-|696
8,818|**3,068**
**10,485**|
||2,317|1,722|9,514|**13,553**|
||465
-|(627)
-|162
-|**-**
**-**|
||2,782
28,395|1,095
2,520|9,676
50,719|**13,553**
**81,634**|
||31,177|3,615|60,395|**95,187**|
45
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
**For the year ended 31 July 2022**
## **Wolfson College Notes to the financial statements**
## **29 ADDITIONAL PRIOR YEAR COMPARATIVES (continued)**
## **(b) Statement of investment total return**
The statement of investment total return for the year ended 31 July 2022 is presented in Note 14. The comparative for the year ended 31 July 2021 is presented below:
|**At the beginning of the year:**
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
**Total Endowments**
**Movements in the reporting period:**
Gift of endowment funds
Recoupment of trust for investment
Allocation from trust for investment
Investment return: dividends and interest
Less: Investment management costs
Other transfers
**Total**
Expendable endowments transferred to income
**Net movements in reporting period**
**At end of the reporting period:**
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
**Total Endowments**
Investment return: realised and unrealised gains and losses
Unapplied total return allocated to income in the reporting|Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
21,243
-
21,243
-
4,253
4,253
-
-
-
**21,243**
**4,253**
**25,496**
880
-
880
-
-
-
-
-
-
-
600
600
-
4,438
4,438
-
(58)
(58)
-
162
162
880
5,142
6,022
-
(707)
(707)
-
-
-
-
(707)
(707)
**880**
**4,435**
**5,315**
22,123
-
22,123
-
8,688
8,688
-
-
-
**22,123**
**8,688**
**30,811**
Permanent Endowment|Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
21,243
-
21,243
-
4,253
4,253
-
-
-
**21,243**
**4,253**
**25,496**
880
-
880
-
-
-
-
-
-
-
600
600
-
4,438
4,438
-
(58)
(58)
-
162
162
880
5,142
6,022
-
(707)
(707)
-
-
-
-
(707)
(707)
**880**
**4,435**
**5,315**
22,123
-
22,123
-
8,688
8,688
-
-
-
**22,123**
**8,688**
**30,811**
Permanent Endowment|Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
21,243
-
21,243
-
4,253
4,253
-
-
-
**21,243**
**4,253**
**25,496**
880
-
880
-
-
-
-
-
-
-
600
600
-
4,438
4,438
-
(58)
(58)
-
162
162
880
5,142
6,022
-
(707)
(707)
-
-
-
-
(707)
(707)
**880**
**4,435**
**5,315**
22,123
-
22,123
-
8,688
8,688
-
-
-
**22,123**
**8,688**
**30,811**
Permanent Endowment|Expendable
Endowment
£'000
-
-
25,223|**Total**
**Endowments**
**£'000**
21,243
4,253
25,223|
|---|---|---|---|---|---|
||**21,243**
880
-
-
-
-
-
-|**4,253**
-
-
-
600
4,438
(58)
162|**25,496**
880
-
-
600
4,438
(58)
162|**25,223**
138
-
-
593
4,380
(56)
-|**50,719**
1,018
-
-
1,193
8,818
(114)
162|
||880
-
-|5,142
(707)
-|6,022
(707)
-|5,055
(694)
-|11,077
(1,401)
-|
||-|(707)|(707)|(694)|(1,401)|
||**880**
22,123
-
-|**4,435**
-
8,688
-|**5,315**
22,123
8,688
-|**4,361**
-
-
29,584|**9,676**
22,123
8,688
29,584|
||**22,123**|**8,688**|**30,811**|**29,584**|**60,395**|
46
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College Notes to the financial statements For the year ended 31 July 2022**
## **29 ADDITIONAL PRIOR YEAR COMPARATIVES (continued)**
## **(c) Funds of the College movements**
The analysis of movements on funds for the year ended 31 July 2022 is presented in Note 17. The comparative for the year ended 31 July 2021 is presented below:
||At 1 August|Incoming|Resources||Gains/|**At 31 July**|
|---|---|---|---|---|---|---|
||2020|resources|expended|Transfers|(losses)|**2021**|
||£'000|£'000|£'000|£'000|£'000|**£'000**|
|**Endowment Funds - Permanent**|||||||
|General purposes|17,755|417|(40)|(490)|3,083|**20,725**|
|Jeremy Black Fund|928|22|(2)|(26)|161|**1,083**|
|Isaiah Berlin Academic Fund|866|20|(2)|(24)|150|**1,010**|
|Assyriology Scholarship Fund|802|19|(2)|(22)|139|**936**|
|Marcel & Tessa Hornik Trust Fund|434|10|(1)|(12)|75|**506**|
|Guy Newton Fund|428|10|(1)|(12)|74|**499**|
|Norman Hargreaves-Mawdsley Fund|292|7|(1)|(8)|51|**341**|
|Godfrey Lienhardt Fund|266|6|(1)|(7)|46|**310**|
|Sir Ronald Syme Memorial Fund|78|2|-|(2)|14|**92**|
|Ghazarian Fund|27|1|-|(1)|5|**32**|
|Anthony Aris Lecture Fund|40|1|-|(1)|7|**47**|
|Geoffrey Garton Fund|1,127|26|(3)|(31)|196|**1,315**|
|Isaiah Berlin Lecture Fund|165|4|-|(5)|29|**193**|
|Student Support Endowment Fund|98|6|-|97|17|**218**|
|Assyriology JRF Fund|1,690|40|(4)|(47)|293|**1,972**|
|Assyriology Research Fund|500|12|(1)|(14)|87|**584**|
|Jon Stallworthy Poetry Prize Fund|-|15|-|60|11|**86**|
|Rachel Conrad Fund|-|862|-|-|-|**862**|
|**Endowment Funds - Expendable**|||||||
|General purposes|24,085|566|(54)|(663)|4,181|**28,115**|
|Charter Fund|436|10|(1)|(12)|76|**509**|
|Ullendorff Semitic Philology Endowment|504|31|(1)|(14)|88|**608**|
|OCLW Endowment Fund|198|105|-|(5)|35|**333**|
|Fay & Roger Booker Travel Grant Fund|-|19|-|-|-|**19**|
**Total Endowment Funds**
50,719 2,211 (114) (1,239) 8,818 **60,395**
47
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College Notes to the financial statements For the year ended 31 July 2022**
## **29 FUNDS OF THE COLLEGE MOVEMENTS (continued)**
||At 1 August|Incoming|Resources||Gains/|**At 31 July**|
|---|---|---|---|---|---|---|
||2020|resources|expended|Transfers|(losses)|**2021**|
||£'000|£'000|£'000|£'000|£'000|**£'000**|
|**Restricted Funds**|||||||
|**_Revenue funds of endowments:_**|||||||
|Jeremy Black Fund|31|-|(28)|26|-|**29**|
|Isaiah Berlin Academic Fund|299|-|-|24|-|**323**|
|Assyriology Scholarship|24|-|(13)|22|-|**33**|
|Marcel & Tessa Hornik Trust Fund|63|-|(2)|(12)|-|**49**|
|Guy Newton Fund|121|-|(15)|(9)|-|**97**|
|Norman Hargreaves-Mawdsley Fund|76|-|(12)|8|-|**72**|
|Godfrey Lienhardt Fund|75|-|-|7|-|**82**|
|Sir Ronald Syme Memorial Fund|7|-|-|2|-|**9**|
|Ghazarian Fund|5|-|-|1|-|**6**|
|Anthony Aris Lecture Fund|2|-|-|1|-|**3**|
|Geoffrey Garton Fund|7|-|(5)|1|-|**3**|
|Isaiah Berlin Lecture Fund|10|-|-|5|-|**15**|
|Charter Fund|97|1|(77)|22|-|**43**|
|Ullendorff Semitic Philology Scholarship|34|-|-|14|-|**48**|
|OCLW Endowment Fund|3|-|-|5|-|**8**|
|Assyriology JRF Fund|-|-|(36)|47|-|**11**|
|Assyriology Research Fund|11|-|(11)|14|-|**14**|
|Student Support Fund|-|-|(2)|3|-|**1**|
|Jon Stallworthy Poetry Prize Fund|-|-|(2)|2|-|**-**|
|Fay & Roger Booker Travel Grant Fund|-|-|-|-|-|**-**|
|Rachel Conrad Fund|-|-|-|-|-|**-**|
|**_Other restricted income funds:_**|||||||
|Oxford Centre for Life Writing (OCLW)|446|21|(91)|-|-|**376**|
|OCLW Scholarship Fund|14|14|(14)|-|-|**14**|
|Beazley Archive Trust|23|-|-|-|-|**23**|
|Isaiah Berlin Legacy Project|88|41|(27)|4|-|**106**|
|Ancient World Fund|120|55|(44)|-|-|**131**|
|Egyptology Scholarship Fund|2|-|-|-|-|**2**|
|Mougins Ashmolean Fellowship Fund|7|-|-|-|-|**7**|
|Ti-Se Foundation Fund|17|-|(4)|-|-|**13**|
|Law Justice & Society Fellowship Fund|1|-|-|-|-|**1**|
|Harrison Scholarship Fund|122|56|(34)|-|-|**144**|
|Ancient History Scholarship Fund|1|-|-|-|-|**1**|
|Ancient Documents Scholarship Fund|12|-|(2)|-|-|**10**|
|I C Gandy Fund|15|-|-|-|-|**15**|
|Assyriology Research Fund|-|74|(5)|-|-|**69**|
|Coulson Visiting Fellowship Fund|3|-|-|-|-|**3**|
|Littman Vermes Scholarship Fund|-|-|-|-|-|**-**|
|Pakistan Lecture Series|12|-|(1)|-|-|**11**|
|Law Justice & Society Cluster|3|-|(1)|-|-|**2**|
|Korean Studies|1|-|-|-|-|**1**|
|Innovation Network Fund|27|-|-|-|-|**27**|
|Grants & Awards Fund|10|-|-|-|-|**10**|
|Gardens Fund|2|5|-|-|-|**7**|
|Stallworthy Poetry Fund|62|-|-|(62)|-|**-**|
|Berggruen Fellowship Fund|17|-|-|-|-|**17**|
|Quantum Research Cluster (incl. CT/SV)|84|1|(35)|-|-|**50**|
|COVID-19 Hardship Fund|247|92|(70)|(96)|-|**173**|
|EJKS Fund|5|12|(16)|-|-|**1**|
|Tibetan & Himalayan Cluster|1|1|-|-|-|**2**|
|Lacey Philosophy Fund|9|-|-|-|-|**9**|
|Sciama Memorial Fund|10|-|-|-|-|**10**|
|Academics at Risk Fund|165|1|(37)|-|-|**129**|
|GYA Science Leadership Fund|90|-|-|-|-|**90**|
|South Asia Academic Staff Fund|31|-|(17)|6|-|**20**|
|Africans at Oxford Fund|1|-|-|-|-|**1**|
|Library Fund|7|2|-|-|-|**9**|
48
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Notes to the financial statements**
## **For the year ended 31 July 2022**
## **29 FUNDS OF THE COLLEGE MOVEMENTS (continued)**
|**_Other restricted income funds (continued):_**
Thyssen Imperial History Scholarship Fund
Macau Scholarship Fund
Bob Sim Uruguay Biochemistry Fund
Gym Design Fund
LCSF1 decarbonisation planning grant
PSDS2 decarbonisation grant
Tregidgo Atomic & Laser Scholarship Fund
Andrew Prentice Physics Scholarship Fund
**Total Restricted Funds**
**Unrestricted Funds**
General reserves
Marriott Scholarship Fund - capital
Marriott Scholarship Fund - revenue
Common Room Fund
Sundry designated reserves
Fixed asset designated funds
Decarbonisation project designated funds
Pension reserve
**Total Unrestricted Funds**
**Total Funds**|At 1 August
2020
£'000
-
-
-
-
-
-
-|Incoming
resources
£'000
139
286
11
56
135
1,153
75
5|Resources
expended
£'000
-
-
-
(26)
(135)
-
-
-|Transfers
£'000
-
-
-
-
-
(414)
-
-|Gains/
(losses)
£'000
-
-
-
-
-
-
-
-|**At 31 July**
**2021**
**£'000**
**139**
**286**
**11**
**30**
**-**
**739**
**75**
**5**|
|---|---|---|---|---|---|---|
||2,520|2,236|(762)|(379)|-|**3,615**|
||At 1 August
2020
£'000
7,352
2,791
20
425
18
18,899
-
(1,110)|Incoming
resources
£'000
5,753
-
-
236
50
-
-
-|Resources
expended
£'000
(6,371)
-
(130)
(186)
-
-
-
145|Transfers
£'000
(1,457)
-
157
5
-
(87)
3,000
-|Gains/
(losses)
£'000
1,667
-
-
-
-
-
-
-|**At 31 July**
**2021**
**£'000**
**6,944**
**2,791**
**47**
**480**
**68**
**18,812**
**3,000**
**(965)**|
||28,395|6,039|(6,542)|1,618|1,667|**31,177**|
||**81,634**|**10,486**|**(7,418)**|**-**|**10,485**|**95,187**|
49
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
**Notes to the financial statements For the year ended 31 July 2022**
## **Wolfson College**
## **30 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE**
In satisfaction of its obligations to facilitate students’ access to US federal financial aid, the College is required, by the US Department of Education, to present, the following Supplemental Schedules in a prescribed format.
## The schedules have been:
- prepared under the historical cost convention, subject to the revaluation of certain fixed assets;
- prepared using United Kingdom generally accepted accounting practice, in accordance with Financial Reporting Standard 102
- (FRS 102) and the Statement of Recommended Practice: Accounting for Further and Higher Education (2019 edition);
- presented in pounds sterling.
||||**2022**|**2022**|**2021**|**2021**|
|---|---|---|---|---|---|---|
|||**Line Ref.**|**£'000**|**£'000**|**£'000**|**£'000**|
|**Expendable Net Assets**|||||||
|Balance Sheet - Net assets
without donor restrictions|Net assets without donor
restrictions|17,18,19||36,660||31,177|
|Balance Sheet - Net assets with
donor restrictions|Net assets with donor
restrictions|15, 16||64,473||64,010|
|Balance Sheet - Related party
receivable|Secured and Unsecured
relatedpartyreceivable|N/A|-||-||
|Balance Sheet - Related party
receivable)|Unsecured related party
receivable|N/A||-||-|
|Balance Sheet - Property, Plant
and equipment, net|Property, plant and
equipment, net (includes
Construction in progress)|Note 10, c9 &
Note 11, d5|
36,894||28,342||
|Notes to the Financial
Statements - Balance Sheet -
Property, plant and equipment -
pre-implementation|Property, plant and
equipment - pre-
implementation|Note 10, c9,
less Note 10,
c2, add Note
11, d5||27,487||27,529|
|Notes to the Financial
Statements - Balance Sheet -
Property, plant and equipment -
post-implementation with
outstanding debt for original
purchase|Property, plant and
equipment - post-
implementation with
outstanding debt for original
purchase|N/A||-||-|
|Notes to the Financial
Statements - Balance Sheet -
Property, plant and equipment -
post-implementation without
outstanding debt for original
purchase|Property, plant and
equipment - post-
implementation without
outstanding debt for original
purchase|Note 10, c2||9,407||813|
|Notes to the Financial
Statements - Balance Sheet -
Construction in progress|Construction in progress|N/A||-||-|
|Balance Sheet - Lease right-of-
use assets, net|Lease right-of-use asset, net|N/A|-||-||
|Notes to the Financial
Statements - Balance Sheet -
Lease right-of-use asset pre-
implementation|Lease right-of-use asset pre-
implementation|N/A||-||-|
|Notes to the Financial
Statements - Balance Sheet -
Lease right-of-use asset post-
implementation|Lease right-of-use asset post-
implementation|N/A
||-||-|
|Balance Sheet - Goodwill|Intangible assets|N/A||-||-|
|Balance Sheet - Other intangible
assets|Intangible assets|N/A||-||-|
|Balance Sheet - Post-
employment and pension
liabilities|Post-employment and
pension liabilities|13||1,581||965|
50
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
## **Wolfson College**
## **Notes to the financial statements For the year ended 31 July 2022**
## **30 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)**
||||**2022**|**2022**|**2021**|**2021**|
|---|---|---|---|---|---|---|
|||**Line Ref.**|**£'000**|**£'000**|**£'000**|**£'000**|
|**Expendable Net Assets continued**|||||||
|Balance Sheet - Note Payable
and Line of Credit for long-term
purposes (both current and long
term) and Line of Credit for
Construction in process|Long-term debt - for long
term purposes|N/A|-||-||
|Balance Sheet - Note Payable
and Line of Credit for long-term
purposes (both current and long
term) and Line of Credit for
Construction in process|Long-term debt - for long
term purposes pre-
implementation|N/A||-||-|
|Balance Sheet - Note Payable
and Line of Credit for long-term
purposes (both current and long
term) and Line of Credit for
Construction in process|Line of Credit for
Construction post
implementation|N/A||-||-|
|Balance Sheet - Note Payable
and Line of Credit for long-term
purposes (both current and long
term) and Line of Credit for
Construction in process|Line of Credit for
Construction in process|N/A||-||-|
|Balance Sheet - Lease right-of-
use asset liability|Lease right-of-use asset
liability|N/A|-||-||
|Balance Sheet - Lease right-of-
use asset liability pre-
implementation|Pre-implementation right-of-
use leases|N/A||-||-|
|Balance Sheet - Lease right-of-
use asset liability post-
implementation|Post-implementation right-of-
use leases|N/A||-||-|
|Balance Sheet - Annuities|Annuities with donor
restrictions|N/A||-||-|
|Balance Sheet - Term
endowments|Term endowments with donor
restrictions|N/A
||-||-|
|Balance Sheet - Life Income
Funds|Life income funds with donor
restrictions|N/A||-||-|
|Balance Sheet - Perpetual Funds|Net assets with donor
restrictions: restricted in
perpetuity|15||60,140||60,395|
51
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
**Notes to the financial statements For the year ended 31 July 2022**
## **Wolfson College**
## **30 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)**
||||**2022**|**2022**|**2021**|**2021**|
|---|---|---|---|---|---|---|
|||**Line Ref.**|**£'000**|**£'000**|**£'000**|**£'000**|
|**Total Expenses and Losses**|||||||
|Statement of Financial Activities -
Total Unrestricted Operating
Expenses (Total from Statement
of Financial Activities prior to
adjustments)|Total expenses without donor
restrictions - taken directly
from Statement of Financial
Activities|a12, Note
29a a12
||7,916||6,542|
|Statement of Financial Activities -
Non-Operating (Investment
return appropriated for
spending), Investments, net of
annual spending gain (loss),
Other components of net
periodic pension costs, Pension-
related changes other than net
periodic pension, changes other
than net periodic pension,
Change in value of split-interest
agreements and Other gains
(loss) - (Total from Statement of
Financial Activities prior to
adjustments)|Non-Operating and Net
Investment gain(loss)|4, 14||1,318||11,906|
|Statement of Financial Activities -
(Investment return appropriated
for spending) and Investments,
net of annual spending, gain
(loss)|Net investment
gains/(losses)|4, 14||1,318||11,906|
|Statement of Financial Activities -
Pension related changes other
than periodic pension|Pension-related changes
other than net periodic costs|N/A||-||-|
||||||||
||||**2022**||**2021**||
|||**Line Ref.**|**£'000**|**£'000**|**£'000**|**£'000**|
|**Modified Net Assets**|||||||
|Balance Sheet - Net assets
without donor restrictions|Net assets without donor
restrictions|17,18,19||36,660||31,177|
|Balance Sheet - Net assets with
donor restrictions|Net assets with donor
restrictions|15, 16||64,473||64,010|
|Balance Sheet - Goodwill|Intangible assets|N/A||-||-|
|Balance Sheet - Related party
receivable|Secured and Unsecured
relatedpartyreceivable|N/A|-||-||
|Balance Sheet - Related party
receivable|Unsecured related party
receivable|N/A||-||-|
52
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
**Notes to the financial statements For the year ended 31 July 2022**
## **Wolfson College**
## **30 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)**
||||**2022**|**2022**|**2021**|**2021**|
|---|---|---|---|---|---|---|
|||**Line Ref.**|**£'000**|**£'000**|**£'000**|**£'000**|
|**Modified Assets**|||||||
|Balance Sheet - Total Assets|Total Assets|4,8||105,171||98,263|
|Notes to the Financial
Statements - Balance Sheet -
Lease right-of-use asset pre-
implementation|Lease right-of-use asset pre-
implementation|N/A||-||-|
|Balance Sheet - Goodwill|Intangible assets|N/A||-||-|
|Balance Sheet - Related party
receivable (note 15) and Related
party note disclosure (note 27)|Secured and Unsecured
related party receivable|N/A|-||-||
|Balance Sheet - Related party
receivable (note 15) and Related
party note disclosure (note 27)|Unsecured related party
receivable|N/A||-||-|
||||||||
||||**2022**||**2021**||
|||**Line Ref.**|**£'000**|**£'000**|**£'000**|**£'000**|
|**Net Income Ratio**|||||||
|Statement of Financial Activities -
Change in Net Assets Without
Donor Restrictions|Change in Net Assets
Without Donor Restrictions|a18||5,483||2,782|
|Statement of Financial Activities -
(Net assets released from
restriction), Total Operating
Revenue and Other Additions
and Sale of Fixed Assets, gains
(losses)- Total income less
investment income|Total Revenue and Gains|c7 less c4||9,065||9,065|
|**Expendable Net Assets**
Net Assets without donor restrictions
Net Assets with donor restrictions
Restricted in perpetuity
Annuities
Term endowments
Life income funds
Goodwill
Other intangible assets
Property, Plant and Equipment
Lease right-of-use assets
Remove pre-implementation lease right-of-use asset
Post employment pension liability
Line of credit - short term for CIP
Notes payable
Line of credit for long term purposes
Modify for post implementation debt not related to purchase of assets
Lease right-of-use asset liability
Remove pre-implementation lease right-of-use asset liability
Related party receivable
**Expendable Net Assets**|||**Lines**
17,18,19
15, 16
15
Note 10, c9 & Note 11, d5
13||**2022**
**£'000**
36,660
64,473
(60,140)
-
-
-
-
-
(36,894)
-
-
1,581
-
-
-
-
-
-
-
**5,680**|2021
£'000
31,177
64,010
(60,395)
-
-
-
-
-
(28,342)
-
-
965
-
-
-
-
-
-
-
7,415|
53
DocuSign Envelope ID: 9F8EDEE4-5333-4E68-8BAE-0AF993F2420A
**Notes to the financial statements For the year ended 31 July 2022**
## **Wolfson College**
## **30 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)**
|**Lines**
**Total Expenses and Losses Without Donor Restrictions**
Total Operating Expenses
a12, Note 29a a12
Other components of net periodic pension costs
Change in value of split-interest agreements
Other gains (losses) - change in FV of hedging instrument
**Total Expenses and Losses Without Donor Restrictions**
**Modified Net Assets**
Net assets without donor restrictions
17,18,19
Remove pre-implementation lease right-of-use asset
Remove pre-implementation lease right-of-use asset liability
Total Net Assets with Donor Restrictions
15, 16
Goodwill
Related party receiveable
N/A
**Modified Net Assets**
**Modified Assets**
Total assets
4, 8
Remove pre-implementation lease right-of-use asset
Goodwill
Related party receivable
N/A
**Modified Assets**
**Change in Net Assets Without Donor Restrictions**
Change in Net Assets Without Donor Restrictions
a18
**Change in Net Assets Without Donor Restrictions**
**Total Revenues and Gains Without Donor Restrictions**
Total Operating Revenue and Other Additions
7, Note 29a a7
Investment return appropriated for spending
4,5, Note 29a 4,5
Sale of fixed assets, gains (losses)
**Total Revenues and Gains Without Donor Restrictions**|**2022**
**£'000**
7,916
-
-
-|2021
£'000
6,542
-
-
-|
|---|---|---|
||**7,916**|6,542|
||36,660
-
-
64,473
-
-|31,177
-
-
64,010
-
-|
||**101,133**|95,187|
||105,171
-
-
-|98,263
-
-
-|
||**105,171**|98,263|
||5,483|2,782|
||**5,483**|2,782|
||7,881
(1,532)
-|7,192
(1,381)
-|
||**6,349**|5,811|
54