## Linacre College
Annual Report and Financial Statements Year ended 31 July 2023
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## **LINACRE COLLEGE**
## **Annual Report and Financial Statements Contents**
||**Page**|
|---|---|
|Governing Body, Officers and Advisers|3|
|Principal’s Review and Report of the Governing Body|7|
|Auditor’s Report|18|
|Statement of Accounting Policies|21|
|Statement of Financial Activities|25|
|Balance Sheet|26|
|Statement of Cash Flows|27|
|Notes to the Financial Statements|28|
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**LINACRE COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2023**
## **MEMBERS OF THE GOVERNING BODY (1/8/22 to 31/7/23)**
The Members of the Governing Body are the College’s charity trustees under charity law. The members of the Governing Body who served in office as Trustees during the year or subsequently are detailed below:
|||1|2|3|4|5|6|
|---|---|---|---|---|---|---|---|
|Ackermann, Dr Silke||||||||
|Alexander, Prof Jocelyn||||||||
|Allen, Prof Myles||||||||
|Assender, Dr Hazel||||||||
|Barker, Mr. Simon||●|||●|●||
|Leimu-Brown, Dr Nick|Note name change|●|●|●|●|●|●|
|Buczacki, Prof Simon||||||||
|Burton, Dr Rebecca|Mat Leave 2022/23|||||||
|Caplin, Prof Richard|Sabbatical 2022/23|||||||
|Castell, Prof Martin||||●||||
|Chirikure, Prof Shadreck|WEF 01/09/2022|||||||
|Dudarev, Dr Sergei||||||||
|Ewart, Dr Elizabeth|Sabbatical MT22||HT/
TT
only
●|||||
|Gibney, Prof Matthew|Sabbatical 2022/23|||||||
|Hall, Prof Jim||||||||
|Hector, Prof Andrew||||||||
|Hill, Dr Jennifer|WEF 01/01/2023|||||●|●|
|Hoverd, Dr Jane||●|●||●|●|●|
|Illiffe, Prof Robert||||||||
|Ingram, Dr Jenni||||●||||
|Kan, Dr Man Yee|Sabbatical 2022/23|||||||
|Khatiwala Prof Samar|||●|||||
|Kirkland, Prof Angus||||||||
|Kleanthous, Prof Colin||||||||
|Kringelbach, Prof Morten||||||||
|La Thangue, Prof Nick||||||||
|MacKay, Prof John||||||||
|Mandeville, Mr. Pete|||||●||●|
**LINACRE COLLEGE**
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**Governing Body, Officers and Advisers Year ended 31 July 2023**
|Marginson, Dr Simon|||||||||
|---|---|---|---|---|---|---|---|---|
|Mills, Dr Ian||||●|||||
|Morton, Dr Christopher||||●|||||
|Mustafa, Dr Asma|||||||||
|Obersteiner, Dr Michael|||||||||
||||||||||
|Pollard,Prof Mark|Retired 30/09/2022|●|●||●||||
|Preston, Dr Gail|||||||||
|Rival, Dr Laura|||||||||
|Rose, Dr Heath|Vice-Principal WEF 01/10/2022|●|●||||||
|Seale, Mr. David||●|●||●|●|●|●|
|Stein, Prof Alan|||||||||
|Travis, Prof Simon|||||||||
|Van Broekhoven, Dr Laura|||||||||
|Wetzer, Mr. Thom|||||||||
|Whiteley, Dr Jonathan|Sabbatical 2022/23||||||||
|Ye, Dr Hua Cathy|||||||||
One Fellow Trustee is not disclosed for professional reasons.
Key:
- 1 – Finance and Investments Committee
- 2 – Academic Committee
- 3 – Remuneration Committee
- 4 – Domestic Committee
- 5 – Governance Audit and Risk Committee
- 6 – Welfare and Equality Committee
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## **LINACRE COLLEGE**
## **Governing Body, Officers and Advisers Year ended 31 July 2023**
|||1|2|3|4|5|6||
|---|---|---|---|---|---|---|---|---|
|Common Room President:
Jacob Brandler|From April 2022|●|||●|●|||
|Junior Research Fellow:
Katarzyna Kapitan|May 2022 to Sept 23||||||||
|Common Room Treasurer:
Carlo Alfano
Stephen Ellis
Jacob Brandler
(Temporary position)|April 2021 to March 2023 April
2023 to July 2023 August
2023 to October 2023|●|||●||||
|Common Room Secretary:
Rhiannon Ogden-Jones
Alexander Hussain
(Temporary position)|April 2022 to March 2023
From April 2023|||||●|||
During the year the activities of the Governing Body were carried out through six main committees. The current membership of these committees is shown above for each Trustee.
In addition to Fellows, including JRFs, and Student members, key staff serve on relevant committees and there are nominated external independent members of the Governance Audit and Risk Committee and Remuneration Committee.
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## **LINACRE COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2023**
## **COLLEGE SENIOR STAFF**
The senior staff of the College to whom day-to-day management is delegated are as follows.
|Leimu-Brown, Dr Nick|Principal|
|---|---|
|Rose, Dr Heath|Vice Principal|
|Seale, Mr. David|Bursar|
|Hoverd, Dr Jane|Senior Tutor|
|Barker, Mr. Simon|Director of Estates|
## **COLLEGE ADVISERS**
## **Investment managers**
Oxford University Endowment Management, King Charles House, Park End Street, Oxford OX1 1JD JP Morgan, 60 Victoria Embankment, London, EC4Y 0JP
## **Auditor**
Critchleys Audit LLP, Beaver House, 23 - 38 Hythe Bridge Street, Oxford, OX1 2EP
## **Principal Bankers**
Barclays Corporate, Wytham Court, 11 West Way, Oxford, OX2 0JB
## **Solicitors**
Blake Morgan, Apex Plaza, Forbury Road, Reading, RG1 1AX
Mills & Reeve, Botanic House, 100 Hills Road, Cambridge, CB2 1PH
## **Employment Advisors**
Peninsula Business Services, The Peninsula, Victoria Place, Manchester M4 4FB
## **Health and Safety Consultants**
Peninsula Business Services, The Peninsula, Victoria Place, Manchester M4 4FB
## **College address**
Linacre College, St. Cross Road, Oxford OX1 3JA
## **Website**
www.linacre.ox.ac.uk
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**LINACRE COLLEGE Report of the Governing Body Year ended 31 July 2023**
## **PRINCIPAL’S REVIEW**
Whilst the immediate concerns for our community caused by the pandemic have now receded, I continue to worry about the long-term sustainability of the UK Higher Education Sector and post-graduate education in particular. Immigration constraints on international students, sharp fee-rises for European students and rising costs for all have made the UK much less attractive as a destination of choice for post-graduates. There is also a growing unevenness in the source countries of the students choosing to come to the UK, with three countries dominating our student intake. Although we admitted students from 54 countries in October 2022, more than a quarter of them came from just two overseas countries, making the College vulnerable to volatile geopolitics. Post-graduate scholarships remain fundamental to our strategy for diversifying admissions, including improving access for those from socially and economically disadvantaged backgrounds, and for maintaining the very high standards required at a world-leading university. We have sustained a sharp focus on fund-raising for this purpose throughout the year, with some significant success. There has been a noticeable increase in need for hardship funding for our on-course students during the year, both as a consequence of COVID-related delays to their studies but also due to rapidly rising costs of living. We continue to work hard to increase the size of our hardship fund in order to support those who are struggling.
In June 2023 the College completed the process of rewriting its statutes. An update was long overdue, with the existing statutes unchanged since the College gained its charter 37 years ago. However, the most important change was the creation of a new board, comprising seven Governing Body Fellows, a Junior Research Fellow, the President of the Common Room and three externals who will become our charity trustees. Our purpose in making this change was to reduce the trustee board to a size more appropriate for effective decision-making and to avoid conspicuous conflicts of interest that were inherent in our previous governance structure. The Principal and other members of the senior management team will no longer be charity trustees but will report to the new trustee board, which will begin operating from the start of 2024. The Governing Body will have the power to appoint senior officers of the college, trustee board members, and Fellows of the College.
The College has made several important new appointments to the Fellowship during the year. Ms. Malala Yousafzai was made an Honorary Fellow in recognition of her outstanding work promoting female education and her support of the Oxford Pakistan Programme. Dr Edward Hardy was appointed as an Associate Professor of Astro-Particle Physics and an Official Fellow of the College. Professor Shadrek Chirikure became the Edward Hall Professor of Archaeology and Fine Art and a Professorial Fellow. Dr Anne Makena, co-Director of the Africa Oxford Initiative was appointed as an Adjunct Fellow. Dr Nadiya Ivanenko, a Ukrainian scholar, joined the Department of Education as a CARA Fellow and was appointed to a Visiting Fellowship at Linacre. The College team continued to negotiate the terms and conditions of a very large gift with an overseas donor. It became apparent during the year that the original proposal was unworkable. We therefore decided to reshape the Memorandum of Understanding with the donor to a long-term collaboration and are in the process of adjusting the agreement accordingly. We intend to give priority to education and research in Vietnam, thus ensuring substantial benefits to the Vietnamese people. We hope to award more fully-funded scholarships and fellowships to Vietnamese residents next academic year, and we are also working with representatives of the Oxford University Centre for Clinical Research in Ho Chi Minh City to grow their facilities for world-leading medical research in Vietnam.
The College was very pleased to receive a grant of £824k from the Phase 3c Public Sector Decarbonisation Scheme, Salix funding, for a project to decarbonise heating in several of our accommodation blocks on the main college site. This is the first important step that the College has taken in reducing its carbon emissions in order to achieve net zero. There remain many opportunities for further reductions provided that we can find the funds to invest in these.
Dr Nick Leimu-Brown, 29th November 2023
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**LINACRE COLLEGE Report of the Governing Body Year ended 31 July 2023**
The Members of the Governing Body present their Annual Report for the year ended 31 July 2023 under the Charities Act 2011, together with the audited financial statements for the year.
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
The Principal and Fellows of Linacre College in the University of Oxford, which is known as Linacre College, (“the College”) is an eleemosynary chartered charitable corporation aggregate. It was established by the University of Oxford in 1962 as a Society for men and women graduates reading for advanced degrees and diplomas of the University and granted a Royal Charter of Incorporation on 5 June 1986.
The College is registered with the Charities Commission (registered number 1142130).
The names of all Members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 5.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing documents:**
The College is governed by its statutes dated 5 April 1986.
## **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, with new members elected on the basis of academic distinction, their capacity to advise the College and its students on practices in the range of academic disciplines in the University and (Common Room members) their capacity to represent the interests of junior members of the College.
The Governing Body determines the on-going 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 Principal and is advised by its subsidiary committees.
## **Recruitment and training of Members of the Governing Body:**
The Principal and the President of the Common Room are _ex officio_ members of the Governing Body. New Official, Professorial and Senior Research Fellows are elected by a majority decision of the official members of the Governing Body. Four members of the Common Room (including one Junior Research Fellow) are elected to the Governing Body by the members of the Common Room (excluding those who are already members of the Governing Body). New Members of the Governing Body are inducted into the workings of the College, including Governing Body policy and procedures, by the Principal and other senior staff members. Revised Statutes establishing a separate Trustee Board come into effect 1 January 2024 and preparations are underway to embed this change, including the preparation of new College Regulations.
New members of the Governing Body receive information and guidance on the role and requirements of charity trustees prepared by the Charity Commission and are kept informed of regulatory requirements.
## **Remuneration of Members of the Governing Body and Senior College Staff:**
Members of the Governing Body who are primarily Fellows are teaching and research employees of the University and receive no remuneration or benefits from their trusteeship of the College. Those trustees who are also employees of the College receive remuneration for their work as employees of the College which is set based on the advice of the College’s Remuneration Committee, members of which include external members and Fellows who are not in receipt of remuneration from the College. Remuneration is set in line with that awarded to the University’s academic staff.
The remuneration of college staff who are not Trustees is set by a separate HR Committee.
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**LINACRE COLLEGE Report of the Governing Body Year ended 31 July 2023**
## **Organisational management**
The members of the Governing Body usually meet nine times a year. The work of developing their policies and monitoring the implementation of these is carried out by six main committees:
- The Governance Audit and Risk Management Committee, chaired by an external member, provides oversight of the College Risk Register and reviews College processes and practices to provide detailed scrutiny on behalf of the Governing Body.
- The Finance and Investment Committee provides financial oversight of the College. It is responsible for budgeting and financial planning, investments and financial reporting. It monitors the cost, efficiency and effectiveness of operations, reliability of financial reporting, and compliance with laws and regulations. It makes decisions on investments taking account of risk, financial objectives, legal and ethical requirements. This committee is also responsible for supervising the work of the Development Office.
- The Academic Committee co-ordinates academic activities in the College. It makes recommendations for the election of new Fellows, academic visitors and introduced and continuing members of the Common Room. It awards scholarships to students and small academic grants to Fellows. It sets student admissions targets and reviews admissions policies.
- The Remuneration Committee, comprising principally external members and with an external chair, determines the salaries and stipends paid to the Principal and Fellows of the College to ensure that they are set and maintained at an appropriate level.
- The Domestic Committee oversees the operation and maintenance of all College buildings and estate. It monitors the provision of security, catering and cleaning. In addition, it is responsible for ensuring regulatory compliance with all health and safety legislation, for setting emergency procedures, for monitoring and updating risk assessments, for reviewing reports and statistics on accidents and ill health, and for health and safety training.
- The Welfare and Equality Committee reviews policies and practice to ensure that they do not result in unintended discrimination, monitors the effectiveness of equal opportunity programmes in the College, ensures regulatory compliance with equality legislation and advises Governing Body on matters that may affect equal opportunities. The committee monitors welfare provision and effectiveness within College.
The day-to-day running of the College is delegated to a senior management team comprised of the Principal, the Vice-Principal, the Bursar, the Senior Tutor and the Director of Estates. The Principal and/or Vice- Principal attend all meetings of the Governing Body’s Committees.
## **Group structure and relationships**
The College also administers many special funds as detailed in Notes 15 to 16 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. Two subsidiary trading companies were incorporated 20[th] July 2023 but did not trade in the year to 31 July 2023 and consolidated accounts are not therefore produced.
## **AIMS, OBJECTIVES AND ACTIVITIES**
## **Charitable Aims and Objectives**
The College’s aim is to benefit society by the advancement of knowledge and understanding through excellence in education and research as a College of the University of Oxford.
The Governing Body has considered the Charity Commission’s guidance on public benefit and in keeping with this purpose, it has set the College’s principal objectives to be:
- to provide academic, pastoral, administrative, and financial support for the post-graduate education, at Oxford University, of students who have the highest potential to benefit, regardless of their financial, social, religious or ethnic background;
- to facilitate and support research and teaching at Oxford University, by a community of advanced scholars in order to increase public learning and knowledge in specific areas of study that are of academic merit and value.
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**LINACRE COLLEGE**
**Report of the Governing Body**
**Year ended 31 July 2023**
## **Activities and Achievements of the College**
The College’s activities are focused on achieving its objectives and thereby its aim of advancing knowledge and understanding for public benefit. Performance during the reporting year against each of these activities is described.
## **1. Recruitment of academically outstanding students and Fellows from across the world**
The College admitted 239 new students in October 2022 which took the total number of registered students at Linacre in October 2022 to 653.
Reflecting the international and inclusive ethos of Linacre, 82 nationalities were represented within the student body with only 30% of the College community registered as UK students, compared to a University graduate average of 35%. In comparison to the University-wide graduate student average of 41% of black and minority students, 48% of Linacre students identified as black or minority ethnic. In October 2022, 46% of registered students at College were female; slightly under the University average of 49%.
The high cost of study at Oxford University remains a barrier to many students. College continues to prioritise the establishment of new scholarships to ensure that those offered a place at Linacre are able to access the University, regardless of financial circumstance. The College awarded a total of 42 scholarships during 2022/23 and Linacre continues to play a central role in UNIQ+, the University Graduate Access Programme, and also in the establishment of access scholarships through the development of the Academic Futures scholarship programme.
In July 2023, the Linacre community included 23 Official Fellows, 11 Professorial Fellows, 7 Senior Research Fellows and 46 Junior Research Fellows.
A full breakdown of admission statistics can be viewed below:
|**Admissions**|**2022**|**2022**|**2021**|**2021**|
|---|---|---|---|---|
|Applications received|406||405||
|Places offered|388|96%|376|93%|
|Withdrawn/Deferred|149|38%|155|41%|
|Students admitted|239|62%|221|59%|
|UK students|65|27%|68|31%|
|EU students|24|10%|24|11%|
|Overseas students|150|63%|129|58%|
|Male students|103|43%|99|45%|
|Female students|136|57%|122|55%|
|Taught students|168|70%|132|60%|
|Research students|71|30%|89|40%|
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**LINACRE COLLEGE Report of the Governing Body Year ended 31 July 2023**
## **2. Promoting academic activity, including hosting high profile public lectures on the themes of ‘Human values’ and ‘The environment’ and regular research seminars by Linacre members. Hosting academic meetings and workshops and fostering peer support of members through subject related groupings**
The Linacre Seminar Series continued to flourish in the academic year 2022/23. Students and early career researchers presented on a broad range of topics including automation in robotics, geological CO2 storage, changing curatorial practices, colour revolution and teacher training in England. The series attracted a wide audience of students, fellows and alumni and were followed with vibrant academic discussions over dinner.
The Centre for Eudaimonia and Human Flourishing hosts interdisciplinary research into human flourishing, eudaimonia and the life well-lived with a special focus on the underlying human brain dynamics. In the academic year 2022/2023 the centre members published over 25 new papers in high-impact journals on topics ranging from the joy of infants, food, music, meditation and psychedelics. This was made possible by significant advances in whole-brain modelling and in particular the use of advanced methods from the fields of thermodynamics and turbulence. The hybrid talks at Tuesdays at 2pm in Term are free for anyone to attend and were truly exciting. The talks featured leading experts covering many topics in human flourishing and are available on the Centre's website. Highlights include author Mark Haddon describing his work as a listening volunteer for the Samaritans and Professor Anil Seth speaking of beast machines, dream machines and consciousness
In May 2023, Linacre offered the prestigious Tanner Lecture on Human Values titled 'Human Values and Foreign Policy', which explored the role of the Rules Based International System during an era of disruptive and violent geopolitical change. Sir Laurie Bristow KCMG, President of Hughes Hall Cambridge and three-time Ambassador for the United Kingdom, discussed the major war of aggression underway at the heart of Europe, the evacuation of Kabul in August 2021 and the end of the twenty-year project of liberal interventionism. Following the lecture, Sir Laurie Bristow met Linacre students and fellows to further explore the themes discussed.
Linacre played a key role in organising the UNIQ+ Research Internship Programme and supporting welfare provision for the more than 130 participants. A Linacre Fellow chaired the UNIQ+ Management Group throughout the year. In July and August, the College provided a space for the UNIQ+ interns from across the University to socialise and share ideas and experiences, as well as organising a programme dinner.
## **3. Monitoring the academic progress of graduate students and the provision of independent advice and guidance to those who are facing problems in their study in order to help them gain maximum benefit from their studies at Oxford University**
The Senior Tutor, Principal and Vice-Principal offered individual review meetings with each Linacre student throughout the year. All students were allocated a College advisor who is a senior member of staff, University researcher or lecturer, often in a cognate discipline. Advisors were responsible for monitoring progress reports on their individual advisees as well as meeting advisees socially to promote wellbeing and provide support where required.
Throughout the year, the Senior Tutor was available to support Linacre students on a daily basis, offering advice and practical support in a significant number of academic, welfare and domestic cases. The Academic Registrar and the Academic Office team also provided daily advice to students facing personal or academic issues. These services were supported by the Junior Dean team and CR Welfare and Equality representatives. College also trained and funded a Peer Supporter Network.
Where appropriate, students were referred to the University Counselling Service, Disability Advisory Service, University Hardship Fund and NHS services. Wherever required the Senior Tutor took up their case with the department, Proctors or University central administration.
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**LINACRE COLLEGE Report of the Governing Body Year ended 31 July 2023**
## **4. Provision of affordable, comfortable, secure and well-equipped accommodation for graduate students in close proximity to their places of study**
Linacre College aims to provide accommodation to new students for at least their first year in Oxford. College accommodation currently consists of 252 study bedrooms, including 15 double rooms, 81 ensuite rooms and 2 self-contained family flats.
College has invested in an expanded and skilled maintenance team to improve the condition of student accommodation at a reasonable cost. During 2023, Linacre continued to refurbish study bedrooms, undertaking decoration and renovation work as rooms were vacated.
## **5. Provision of a Common Room and Dining Hall where students and Fellows can meet and interact in ways which support and enhance their academic study. Provision of social events and recreational facilities for students and Fellows that enhance their enjoyment of Oxford University and help them maintain an appropriate work-life balance.**
The past year was a challenging one, not least because of the lack of volunteers in key committee roles. But even short-staffed, the Common Room worked hard to provide a space for the wellbeing and growth of all members. In terms of big social events, the Common Room entertained with pizza parties, cinema trips and BBQs, and BOPs, including Linacre’s hallmark ‘Sexy Sub FuscTM.’ The Common Room is not just a social club, and we were proud over the past year to have watched the magnificent reawakening of our artistic magazine, Linacre Lines. Communication with members also improved with our new weekly Common Room newsletter, The Particular. We celebrated our women members, including some great speakers, at our Women’s Day Dinner and our athletes at our Sports Day Dinner. And working with our new Fellows Rep, we’ve helped to build up our junior research fellow community. And our welfare team has done a wonderful job supporting the pastoral needs of members, not only with welfare teas and welfare boxes, including supplying sanitary products among others, but by their very presence as friendly faces. Finally, but perhaps most importantly, the Common Room continued to play a fundamental part in the governance and structure of the College.
The Dining Hall operated throughout the year, with regular guest nights and functions fully reinstated following the pandemic. Numbers eating in the dining hall at all events were up on all previous, including pre pandemic, years.
## **6. Provision of a library, quiet study spaces, high quality IT facilities and technical support in order to assist Fellows and students in their academic study**
The refurbished Linacre Library opened to members on 28th November 2022. The new and expanded space is being well used by students and is an uplifting and welcoming environment for their study.
A Linacre Library policy has been put in place to help the library team run efficiently and to take the library into the future. The policy has a focus on access, collections, donations and the Gilbert Ryle Special Collection.
As we go forward, the library team will purchase a wide range of material consistent with the ethos of the college, its academic disciplines and the research and information needs of members. We want to focus on environmental and sustainability themes and to strengthen the connection between the events and lectures taking place in the college and the publications stocked in the library.
This academic year we have purchased over 150 new titles for the Linacre Library. We are looking for ways to increase student and staff engagement and interaction with the library.
The library team have put together a wellbeing wall and information hub, this includes information on mental health services, welfare support, grant opportunities, career information and internal Linacre facilities.
A display looking at anxiety to promote Mental Health Week, 15-21 May, was suggested by the Linacre CR Welfare and Equality Officer. This was a great opportunity to make links with students and we put together an exhibit outside the library. It had an interactive element to leave notes and ideas and was well received.
We have purchased some zines (small self-published works) made by oxford students and other
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**LINACRE COLLEGE Report of the Governing Body Year ended 31 July 2023**
interesting and diverse creators. These are now on display so that the students have some appealing material to browse and interact with.
The Gilbert Ryle Special Collection has moved into its own purpose-built special collections room, which is extremely valuable to us. It now has a central storage place, in the main library, in controlled secure conditions. We also have some additional space that we can allocate to fragile or rare books that could be moved from the main collection.
The Library Team are committed to making the Ryle collection as accessible as possible. We welcomed our first academic visitor in May and introduced some new procedures. Next steps are to look at ways to promote the collection.
Working closely with other areas of College, the IT team have been involved with the deployment of an online leave management system, a large-scale rollout of electronic door access control, and an online ticketing system for the Maintenance department among other projects.
## **The provision of prizes and scholarships to support and reward those students who are deemed to have the highest academic potential**
During the academic year 2022-2023 the College awarded a total of 36 scholarships, of which 25 provided full tuition fee and stipend funding, in line with the UKRI rate. This has been achieved through donor contributions to the College, as well as through matched funding with departments and central funding bodies such as GEMS and the EPA Cephalosporin Fund.
The scholarships offered by the College have provided opportunities for students from a wide variety of departments and divisions, with representation across the humanities, sciences, and arts. These are not only awarded to scholars on the basis of academic merit, but the College also proudly supported 15 Academic Futures Scholarships throughout the academic year. These scholarships aim to give opportunities to underrepresented groups from disadvantaged socio-economic backgrounds studying with the DTP, furthering the College’s commitment to afford opportunities to those who otherwise would not have access to further education at Oxford.
In September, Linacre hosted the annual competition for four Domus Research Prizes each worth £500 with £50 awarded to runners up - the Keene Domus Prize (for any research area), the Busuttil Prize (for the areas of Business, Criminology, Government, International Relations, Law or Politics) and the Dobson Prize (for a student in the MPLS division). Five Thomas Linacre Studentships, totalling £2500, were also awarded in recognition of outstanding contributions to College life.
## **7. Provision of support, bursaries and interest-free loans to students facing financial hardship**
Throughout the year, the College administered 50 hardship grants from students facing unexpected financial difficulties A total of £22,878 was granted from this fund. During this period the ‘Writing-up Grant’ was merged into the Hardship Fund, and as such these figures also reflect those students who may have applied for aid in their final term of thesis writing
## **8. Provision of Junior Research Fellowships to early-career academics to help them establish their professional networks and integrate them more closely into the University academic community**
There were 46 Junior Research Fellows at Linacre during the year, working across all divisions of the University. 15 new Junior Research Fellowships were awarded for commencement in October 2022 with the new Fellows conducting research in astrophysics; economics; orthopaedics, rheumatology and musculoskeletal sciences; Asian and middle eastern studies; integrative neuroimaging; history, biochemistry; computer science; physics; politics and international relations; pharmacology; chemistry; museum conservation; earth sciences and materials.
## **9. Provision of small grants to students and Fellows for travel in pursuance of their research**
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**LINACRE COLLEGE Report of the Governing Body Year ended 31 July 2023**
The College awarded 46 grants worth £10,855 to enable Linacre students to present their research at conferences and engage with approved academic activities to inspire their work.
Nine grants totalling £2,832.47 were awarded to Fellows and 19 grants totalling £8,392.69 were given to Junior Research Fellows to enable travel and facilitate research support.
## **10. On-going and dedicated promotion of the College to its Alumni, Friends and Supporters, and fundraising from these constituencies**
The College had a less successful overall fundraising year compared to the previous two years, with voluntary income from over 170 donors amounting to £559K. The biggest donations in the financial year 22-23 were for new graduate scholarships for Vietnamese residents and an £80K gift for the Endowment Fund. The College has also initiated a partnership with the Africa Oxford Initiative (AfOx) to help them increase the number of students at the University from Africa. Initially, Linacre has had enough donations to support nine scholars for entry in autumn 2023.
Alumni and donor events have continued at a high level with activity in the UK, Germany, Ireland and the US. The programme of events is set to remain at this level with a slight increase with the return of the professional networks post-pandemic. The Development Office has also continued to engage the alumni community with regular e-newsletter updates and the publication of the annual alumni magazine.
The College has not received any complaints about fundraising activity during the 2022-23 financial year.
.
## **11. Representing the interests of Fellows and graduate students in the wider University and contributing to the development of University policies and practices in order to assist in their learning, teaching and research**
Linacre College representatives have contributed to major University and Conference of Colleges committees throughout the year. In addition, all senior officers of the College attended and participated in Conference of Colleges working groups.
The Principal of Linacre chaired the ‘University Buildings and Estates Committee’ and the ‘Development Panel’ and also fulfilled the role of Deputy Chair for the ‘Planning and Resource Allocation Committee’.
The College Senior Tutor undertook the roles of Deputy Chair for the Conference of Colleges Graduate Committee and Standing Committee of the Graduate Committee whilst also contributing as a member of the University Hardship Committee, Research Degrees Panel, Taught Degrees Panel, UNIQ+ Management Group, High Risk Sponsors Working Group and Graduate Admissions Summer Steering Group.
The Bursar was a member of both the University Services Sub-Committee and the Sports Strategic subcommittee, as well as joining the Standing Committee of Bursars.
## **FUTURE PLANS**
The College published its first strategic plan and will be reporting annually on its progress against this, with the first report due in July 2024. This strategy is closely tied to the objectives of the College and focusses on improving the student experience at Linacre, the accessibility of courses and developing our people.
14
**LINACRE COLLEGE Report of the Governing Body Year ended 31 July 2023**
## **Accommodation and Facilities**
Having acquired and refurbished 3 substantial properties in the last 3 years, the College has no immediate plans for substantial new residential buildings, though is exploring options for refurbishment that may include some additional en-suite facilities being created. Works on the main site to refurbish the Bamborough building, creating en-suite rooms and adding five additional new rooms were planned and commenced in August 2023.
## **FINANCIAL REVIEW**
Total Incoming resources (excluding voluntary income) increased by 14% to £7,003k. This reflects continued growth in dividend income from the Oxford University Endowment Fund and continued healthy levels of student recruitment with some increase in conference and rental income.
The principal funding sources are student fees and residential rents. The impact of recent expansion in room numbers is now being felt, with an improved margin through increasingly efficient housekeeping and maintenance operations.
Resources expended decreased by 5% to £6,033k. This decrease is largely caused by a spike in refurbishment expenditure in the prior year and a prior year pension valuation charge that partially reversed in the current year. The College’s basic operating cost base remains highly efficient for an organisation of its size, though there is a continual pressure on costs, in particular utilities, and to increase headcount.
The value of the investment portfolio decreased to £35,948k. This included investment losses of £1,622k. In the 2021 year, investment gains were £5,139k demonstrating considerable uncertainty and fluctuation impacting College’s endowment investments. An increasingly unstable world, even as the COVID pandemic recedes into memory and the threat of economic pressure on a worldwide scale is going to make recovering these losses challenging in the short term, though the OUEM portfolio is proving relatively robust in Q1 2023/24.
## **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 and to allow the College to be managed efficiently and to provide a buffer that would ensure uninterrupted services.
Total funds of the College totalled £43,830k (2022: £43,288k). This includes endowment capital of £26,891k (2022: £27,854k) and unspent restricted income funds totalling £2,075k (2022: £1,961k). Unrestricted reserves at the year-end totalled £3,056k (2022: £1,229k) and funds designated at the year-end amounting to £11,808k (2022: £12,244k). Designated reserves at the year-end include funds set aside for future expenditure on maintenance and refurbishment of buildings.
## **Risk management**
The College is engaged in risk assessment on an on-going basis. When it is not able to address risk issues using internal resources, the College takes advice from experts external to the College with specialist knowledge. Policies and procedures within the College are reviewed by the relevant College Committee, chaired by the Principal. Financial and investment risks are assessed and monitored by the Finance and Investment Committee. In addition, regular meetings between the Domestic Operations Manager, Bursar, Director of Estates and domestic departmental managers consider health and safety issues. The Director of Estates has lead responsibility for Health and Safety across the College. Training courses and other forms of career development are available, when requested, to members of staff to enhance their skills in risk-related areas.
15
**LINACRE COLLEGE Report of the Governing Body Year ended 31 July 2023**
The Governing Body, who has ultimate responsibility for managing any risks faced by the College, has reviewed the processes in place for managing risk and the principle identified risks to which the College and its subsidiaries are exposed and have concluded that adequate systems are in place to manage these risks. To support the Governing Body in this work, an externally chaired Governance, Audit and Risk Committee (GARC) has been established. The Governing Body reviews every term the risks escalated by the GARC.
## **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.
Most of the College’s endowment funds are managed by Oxford University Endowment Management in the Oxford Endowment Fund (OEF).
The endowment funds have been subject to unusual volatility over the past three years, loosing value in 2019/20 (£389k), 2021/22 (£711k) and 2022/23 (£1,622k) but gaining in 2020/21 (£5,139k). The OEF continues to report an annualised ten-year growth of 9.1% and the College endowment is permanent capital meaning that short term volatility will not impact on College’s ability to deliver its objectives. The College remains confident that the endowment being held in the OEF (with one property held separately) is the best way to safely generate the greatest long-term return for College
Since dividends on OEF holdings are based on units held at the end of December, the accounts for 2022-23 include a large accrual for 7 months for the dividend on the holding from 1 January 2023. The accrual has been estimated using the best available information. The dividend for the 7 months to 31 July 2023 will be declared in Spring 2024.
The dividend receivable from the Oxford Endowment Fund is based on a 4.25% return on a rolling average of capital values over 5 years.
The investment strategy, policy and performance are monitored by the Finance Committee. At the year end, the College’s long-term investments totalled £35,948k (2022 £36,133k), though this of course includes £9,000k of debt funding.
The College has two investment properties, one in Oxford and one in Durham, which have been revalued this year at a total gain of £635k, bringing their total market value to £2.5m.
## **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 that period. In preparing these financial statements, the Governing Body is required to:
- select the most suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
- state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
16
## **LINACRE COLLEGE Report of the Governing Body Year ended 31 July 2023**
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 and 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 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 November 2023 and signed on its behalf by:
Dr Nick Brown, Principal
17
## **LINACRE COLLEGE**
## **Report of the Auditor to the Members of the Governing Body of Linacre College For the year ended 31 July 2023**
## **Opinion**
We have audited the financial statements of Linacre College (the “Charity”) for the year ended 31 July 2023 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. 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 group and charity’s affairs as at 31 July 2023 and of the group’s income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with 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’s 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 12 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 Members of the Governing Body are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
18
## **LINACRE COLLEGE**
## **Independent auditor’s report to the Members of the Governing Body of Linacre College Year ended 31 July 2023**
## **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 Act 2011 requires us to report to you if, in our opinion:
- sufficient accounting records have not been kept;
- the financial statements are not in agreement with the accounting records and returns; or
- we have not obtained all the information and explanations necessary for the purposes of our
- audit. **Responsibilities of the Members of the Governing Body**
As explained more fully in the Statement of Accounting and Reporting Responsibilities [set out on page 14], the Members of 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 they 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 Members of 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 Members of 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:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charity through discussions with Members of the Governing Body and other management, and from our knowledge and experience of the client’s sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and, where relevant, inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
19
## **LINACRE COLLEGE**
## **Independent auditor’s report to the Members of the Governing Body of Linacre College Year ended 31 July 2023**
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of Members of Governing Body and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; To
address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions;
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- if considered necessary, reviewing correspondence with relevant regulators and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Members of Governing Body and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the College’s Governing Body, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the 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 College’s Governing Body as a body, for our audit work, for this report, or for the opinions we have formed.
## **Critchleys Audit LLP**
Statutory Auditor Oxford
Date:
Critchleys Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
20
**LINACRE COLLEGE Statement of Accounting Policies Year ended 31 July 2023**
## **Scope of the financial statements**
The financial statements present the Statement of Financial Activities (SOFA), the Balance Sheet and the Statement of Cash Flows.
## **1. Basis of accounting**
The financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102).
The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its financial statements in accordance with ‘The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (The Charities SORP (FRS 102)).
The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year.
## **2. 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 participates in a multi-employer defined benefit pension plan. In the judgement of the Governing Body there is insufficient information about the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets in the financial statements and therefore the plan is accounted for as a defined contribution scheme (see note 17).
Before legacies are recognised in the financial statements, the Governing Body has to exercise judgement as to what constitutes sufficient evidence of entitlement to the bequest. Sufficient entitlement exists once notification of payment has been received from the executor(s) of the estate or estate accounts are available which indicate there are sufficient funds in the estate after meeting liabilities for the bequest to be paid.
In the view of the Governing Body, no assumptions concerning the future or estimation uncertainly 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.
## **3. Income recognition**
All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured.
## **a. Income from fees, HEFCE support and other charges for services**
Fees receivable, 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 charity 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.
21
**LINACRE COLLEGE Statement of Accounting Policies Year ended 31 July 2023**
Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds.
Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the date of the gift.
## **c. Investment income**
Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates, to the extent that College has an entitlement to the income at year end.
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.
## **4. 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 expensed as the specified conditions of the grant are met.
All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA).
Support costs which include governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.
## **5. 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 recognized 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.
## **6. Tangible fixed assets**
Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.
Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings which is directly attributable to bringing the asset to its working condition for its intended use and amounting to more than £10,000 together with expenditure on equipment costing more than £10,000 is capitalised.
Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised and expensed in the SOFA.
Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the SOFA as incurred.
22
**LINACRE COLLEGE Statement of Accounting Policies Year ended 31 July 2023**
## **7. Depreciation**
Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows:
Freehold properties, including major extensions 50 years Leasehold properties 50 years or period of lease if shorter Furniture and Equipment 4 - 10 years Computer Equipment 3 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 change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.
## **8. Investments**
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 costs 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.
Investment properties are held at valuation and are valued on a regular basis using an appropriate external expert.
## **9. Other financial instruments**
## **a. Derivatives**
The college does not deal in derivatives.
## **b. 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.
## **c. 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 receipts or payment discounted at a market rate of interest.
## **10. 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.
## **11. Foreign currencies**
The functional and presentation currency of the College and its subsidiaries 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.
23
## **LINACRE COLLEGE**
## **Statement of Accounting Policies Year ended 31 July 2023**
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.
## **12. 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 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.
Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long-term benefit of the College. However, the Governing Body may at their discretion determine to spend all or part of the capital.
## **13. Pension costs**
The costs of retirement benefits provided to employees of the College through two multi-employer defined pension schemes are accounted for as if these were defined contribution schemes as information is not available to use defined benefit accounting in accordance with the requirements of FRS 102. The College's contributions to these schemes are recognised as a liability and an expense in the period in which the salaries to which the contributions relate are payable.
In addition, a liability is recognised at the balance sheet date for the discounted value of the expected future contribution payments under the agreements with these multi-employer schemes to fund the past service deficits.
24
## **Linacre College Statement of Financial Activities**
## **For the year ended 31 July 2023**
|**INCOME AND ENDOWMENTS FROM:**
**Charitable activities:**
**Notes**
Teaching, research and residential
1
**Other Trading Income**
**Donations and legacies**
2
**Investments**
Investment income
3
Other income
4
**Total income**
**EXPENDITURE ON:**
5
**Charitable activities:**
Teaching, research and residential
**Generating funds:**
Fundraising
Investment management costs
**Total Expenditure**
**Net Income/(Expenditure) before gains**
Net gains/(losses) on investments
15
**Net Income/(Expenditure)**
**Transfers between funds**
15
**Net movement in funds for the year**
Fund balances brought forward
15
**Funds carried forward at 31 July**|Unrestricted
Funds
£'000
Restricted
Funds
£'000
Endowed
Funds
£'000
**2023**
**Total**
**£'000**
2022
Total
£'000
4,656
68
-
**4,724**
4,423
12
-
-
**12**
-
688
333
173
**1,194**
3,272
1,779
479
-
**2,258**
1,588
9
-
-
**9**
120|
|---|---|
||**7,144**
**880**
**173**
**8,197**
9,403
4,987
766
-
**5,753**
6,096
269
-
-
**269**
220
11
-
-
**11**
14|
||**5,267**
**766**
**-**
**6,033**
6,330|
||**1,877**
**114**
**173**
**2,164**
**3,073**|
||(486)
-
(1,136)
(1,622)
(711)|
||1,391
114
(963)
**542**
2,362|
||-
-
-
**-**
-|
||1,391
114
(963)
542
2,362
**13,473**
**1,961**
**27,854**
**43,288**
40,926|
||14,864
2,075
26,891
**43,830**
43,288|
25
## **Linacre College Balance Sheet As at 31 July 2023**
|**FIXED ASSETS**
**Notes**
Tangible assets
9
Property investments
10
Other Investments
11
**CURRENT ASSETS**
Stocks
Debtors
12
Investments
Cash at bank and in hand
**Total Current Assets**
**LIABILITIES**
Creditors: Amounts falling due within one year
13
**NET CURRENT ASSETS/(LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS: falling due after more than one year**
14
**NET ASSETS/(LIABILITIES) BEFORE PENSION ASSET OR LIABILITY**
**Defined benefit pension scheme liability**
19
**TOTAL NET ASSETS/(LIABILITIES)**
**FUNDS OF THE COLLEGE**
**Endowment funds**
**Restricted funds**
**Unrestricted funds**
Designated funds
General funds
Pension reserve
19|**2023**
**£'000**
2022
£'000
**18,361**
17,197
**2,500**
1,865
**35,948**
36,133
**18**
22
**1,408**
1,128
**3,900**
2,250
**3,342**
7,702|
|---|---|
||**8,668**
11,102
**996**
1,206|
||**7,672**
**9,896**
**64,481**
**65,091**
**20,038**
**20,963**
**44,443**
**44,128**
**613**
840|
||**43,830**
**43,288**|
||**26,891**
27,854
**2,075**
1,961
**11,808**
12,244
**3,669**
2,069
**(613)**
(840)|
||**43,830**
43,288|
The financial statements were approved and authorised for issue by the Governing Body of Linacre College on:
Date of signing accounts:
Trustee:
Trustee:
26
## **Linacre College Statement of Cash Flows For the year ended 31 July 2023**
|**Notes**
**Net cash provided by (used in) operating activities**
21
**Cash flows from investing activities**
Dividends, interest and rents from investments
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
(Additions to)/withdrawals from cash deposits
**Net cash provided by (used in) investing activities**
**Cash flows from financing activities**
Repayments of borrowing
Cash inflows from new borrowing
Receipt of endowment
**Net cash provided by (used in) financing activities**
**Change in cash and cash equivalents in the reporting period**
**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**
23|**2023**
**£'000**
2022
£'000
**(855)**
226|
|---|---|
||**2,258**
1,588
**-**
**(1,621)**
(1,287)
**8**
**(1,680)**
(3,615)
**(1,650)**
2,250|
||**(2,685)**
**(1,064)**|
||**(995)**
(84)
**-**
5,000
**175**
2,042|
||**(820)**
**6,958**|
|||
||**(4,360)**
**6,120**|
||**7,702**
1,582
**-**|
||**3,342**
**7,702**|
27
**Linacre College Notes to the financial statements For the year ended 31 July 2023**
|**1**
**INCOME FROM CHARITABLE ACTIVITIES**
**Teaching, Research and Residential**
Unrestricted funds
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other fees
Other HEFCE support
Other academic income
College residential income
Restricted funds
Tuition fees - UK and EU students
Other academic income
College residential income
**Total Teaching, Research and Residential**
**Total income from charitable activities**|**2023**
2022
**£'000**
£'000
626
646
1,189
1,194
-
-
-
-
99
96
2,742
2,414|
|---|---|
||**4,656**
4,350|
||-
68
73
-|
||**68**
73|
|||
||**4,724**
4,423|
|||
||**4,724**
4,423|
To support the strategic priority to fund more graduate scholars and to enable outstanding students to take up their places regardless of their financial position, for graduate students with overseas fee status funded through the Clarendon or UKRI scholarship funding schemes, the college share of the fees waived amounted to £19k (2022: £0k). These are not included in the fee income reported above
|**2**
**DONATIONS AND LEGACIES**
**Donations and Legacies**
Unrestricted funds
Restricted funds
Endowed funds
**INVESTMENT INCOME**
_Unrestricted funds_
Commercial rent
Interest on fixed term deposits and cash
Other investment income
_Restricted funds_
Other investment income
**Total Investment income**
**4**
**OTHER INCOME**
Other unrestricted income
HMRC CJRS income
Other restricted income|
**2**|**20**
**£'0**
6
3
1|**23**
2022
**00**
£'000
88
407
33
825
73
2,040|
|---|---|---|---|
|||**1,1**|**94**
3,272|
|||
**20**
**£'0**
2
1,4|
**23**
2022
**00**
£'000
45
0
81
49
53
1,075|
|||**1,7**|**79**
1,124|
|||
479|
464
464
**1,588**
**23**
2022
**00**
£'000
9
118
0
2
0
0|
|||**479**||
|||**,258**||
||
|||
||||**9**120|
## **5 ANALYSIS OF EXPENDITURE**
**Charitable expenditure** Direct staff costs allocated to: Teaching, research and residential Other direct costs allocated to: Teaching, research and residential Support and governance costs allocated to: Teaching, research and residential **Total charitable expenditure**
||**2023**|2022|
|---|---|---|
||**£'000**|£'000|
||1,761|1,676|
||2,476|2,732|
||1,516|1,688|
||**5,753**|6,096|
28
**Linacre College Notes to the financial statements For the year ended 31 July 2023**
|**5**
**ANALYSIS OF EXPENDITURE (continued)**
**Expenditure on raising funds**
Direct staff costs allocated to:
Fundraising
Other direct costs allocated to:
Fundraising
Investment management costs
Support and governance costs allocated to:
Fundraising
Investment management costs
**Total expenditure on raising funds**
**Total expenditure**|**2023**
**£'000**
2022
£'000
179
162
71
35
-
-
19
23
11
14|
|---|---|
||**280**
234|
|||
||**6,033**
6,330|
The 2022 resources expended of £6330k represented £5744k from unrestricted funds and £586k from restricted funds.
The College is liable to be assessed for Contribution under the provisions of Statute XV of the University of Oxford. The Contribution Fund is used to make grants and loans to colleges on the basis of need. Contributions are calculated annually in accordance with regulations made by the Council of the University of Oxford.
The teaching and research costs include College Contribution payable of £0k (2022 - £0k).
|Included within the resources expended above are:
Operating lease payments
**ANALYSIS OF SUPPORT AND GOVERNANCE COSTS**
Financial administration
Domestic administration
Investment Management
Human resources
IT
Depreciation
Loss/(profit) on fixed assets
Bank interest payable
Other finance charges
Governance costs
Financial administration
Domestic administration
Investment Management
Human resources
IT
Depreciation
Loss/(profit) on fixed assets
Bank interest payable
Other finance charges
Governance costs|Generating
Funds
£'000
22
-
-
-
8
-
-
-
-
-|**2023**
**Total**
**£'000**
56
Teaching
and
Research
£'000
342
158
-
11
264
453
4
476
(227)
35|2022
Total
£'000
56|
|---|---|---|---|
||||**2023**
**Total**
**£'000**
**364**
**158**
**-**
**11**
**272**
**453**
**4**
**476**
**(227)**
**35**|
||30|1,516|**1,546**|
||Generating
Funds
£'000
28
-
-
-
9
-
-
-
-
-|Teaching
and
Research
£'000
296
178
-
1
295
426
-
459
-
33|2022
Total
£'000
324
178
-
1
304
426
-
459
-
33|
||37|1,688|1,725|
## **6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS**
Financial and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on each activity. Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made of the underlying assets. Interest and other finance charges are attributed according to the purpose of the related financing.
|**Governance costs comprise:**
Auditor's remuneration - audit services
Auditor's remuneration - tax advisory services
Auditor's remuneration - other services
Other governance costs|**2023**
**£'000**
2022
£'000
16
15
0
0
7
7
12
11|
|---|---|
||**35**
33|
8No 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 as a separate note within these financial statements.
29
**Linacre College Notes to the financial statements For the year ended 31 July 2023**
- **7 GRANTS AND AWARDS**
|**GRANTS AND AWARDS**
**2**
**£**
During the year the College funded research awards and
bursaries to students from its restricted and
unrestricted fund as follows:
**Unrestricted funds**
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
**Total unrestricted**
**Restricted funds**
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Graduate Studentships
**Total restricted**
**Total grants and awards**|**023**
2022
**'000**
£'000
16
5
0
1
**16**
6
342
233
29
14
**-**
-
371
247
**387**
253|
|---|---|
The figure included above represents the cost to the College of the Oxford Bursary scheme. Students of this college received £0k (2022: £0k).Some of those students also received fee waivers amounting to £0k (2022: £0k).
The above costs are included within the charitable expenditure on Teaching and Research.
- **8 STAFF COSTS**
|**STAFF COSTS**||
|---|---|
|**2**
The aggregate staff costs for the year were as follows.
**£**
Salaries and wages
2
Social security costs
Pension contributions
Movement in Pension Reserve
**-**
**2,**
The average number of employees of the College, excluding Trustees,
on a full time equivalent basis was as follows.
**2**
College residential
Fundraising
Support
Total
The average number of employed College Trustees during the year was as follows.
**2**
Other teaching and research
Other
Total|**023**
2022
**'000**
£'000
,204
1,831
160
123
224
216
227
339
**361**
2,509
**023**
2022
27
29
1
1
22
18
**50**
48|
||**023**
2022
1
1
3
3
4
4|
The college also benefits from temporary staff and agency workers who are not on the College payroll. There was one employee, other than trustees, whose gross pay and benefits (excluding employer NI and pension contributions) exceeded £60,000.
30
**Linacre College Notes to the financial statements For the year ended 31 July 2023**
## **9 TANGIBLE FIXED ASSETS**
|**Cost**
At start of year
Additions
Disposals
**At end of year**
**Depreciation and impairment**
At start of year
Charge for the year
On disposals
**At end of year**
**Net book value**
**At end of year**
At start of year
**PROPERTY INVESTMENTS**
Valuation at start of year
Additions and improvements at cost
Disposals
Revaluation gains/(losses) in the year
**Valuation at end of year**|Leasehold
land and
buildings
£'000
302
-
-|Freehold
land and
buildings
£'000
21,417
1,236
-|Plant and
Fixtures,
machinery
fittings and
equipment
£'000
£'000
-
937
-
25
-
(22)
**-**
**940**
-
762
-
40
-
(18)
**-**
**784**
**-**
**156**
-
175
Commercial
Other
£'000
£'000
1,865
-
-
-
-
-
635
-
2,500
-|Plant and
Fixtures,
machinery
fittings and
equipment
£'000
£'000
-
937
-
25
-
(22)
**-**
**940**
-
762
-
40
-
(18)
**-**
**784**
**-**
**156**
-
175
Commercial
Other
£'000
£'000
1,865
-
-
-
-
-
635
-
2,500
-|Assets
Under
Construction
£'000
-
360
-
**360**
-
**360**
-
**2023**
**Total**
**£'000**
**1,865**
**-**
**-**
**635**
**2,500**|**Total**
**£'000**
**22,656**
**1,621**
**(22)**|
|---|---|---|---|---|---|---|
||**302**|**22,653**|**-**|**940**||**24,255**|
||40
10
-|4,657
403
-|-
-
-|762
40
(18)||**5,459**
**453**
**(18)**|
||**50**|**5,060**|**-**
**-**
-
Commercial
£'000
1,865
-
-
635|
**784**
**156**||**5,894**
**18,361**|
||**252**|**17,593**|||||
||262|16,760||175
Other
£'000
-
-
-
-||**17,197**
2022
Total
£'000
1,865
-|
|||Agricultural
£'000
-
-
-
-|||||
|||-|2,500|-||1,865|
- **10 PROPERTY INVESTMENTS**
- **11 SECURITIES AND OTHER INVESTMENTS**
All investments are held at fair value.
|Valuation at start of year
New money invested
Amounts withdrawn
(Decrease)/increase in value of investments
**Investments at end of year**
**Investments comprise:**
Equity investments
Global multi-asset funds
Fixed term deposits and cash
**Total investments**
**12**
**DEBTORS**
**Amounts falling due within one year:**
Trade debtors
Amounts owed by College members
Amounts owed by Group undertakings
Loans repayable within one year
Prepayments and accrued income
Other debtors
**Amounts falling due after more than one year:**
Loans
**13**
**CREDITORS: falling due within one year**
Bank overdrafts
Bank loans
Trade creditors
Amounts owed to College Members
Taxation and social security
Accruals and deferred income
Other creditors|Held outside
the UK
£'000
-
-
-
-|Held in
the UK
£'000
91
35,857
-|**2023**
**Total**
**£'000**
**91**
**35,857**
**-**|Held outside
the UK
£'000
-
-
-|**2023**
**£'000**
2022
£'000
36,133
33,228
1,713
3,615
(8)
(1,890)
(711)|
|---|---|---|---|---|---|
||||||**35,948**
36,133|
||||||Held in
2022
the UK
.
£'000
£'000
99
99
36,034
36,034
-|
|||35,948|**35,948**|-|36,133
36,133|
||||||**2023**
2022
**£'000**
£'000
105
29
115
74
-
-
18
15
1,170
1,010
-
-
**-**
-|
||||||**1,408**
1,128|
||||||**2023**
**£'000**
**-**
2022
£'000
-
10
80
545
480
96
98
65
42
280
506
**-**|
||||||**996**
1,206|
31
**Linacre College Notes to the financial statements For the year ended 31 July 2023**
## **14 CREDITORS: falling due after more than one year**
|Bank loans
Other creditors|**2023**
2022
**£'000**
£'000
-
914
20,038
20,049|
|---|---|
||**20,038**
20,963|
## The bank loans relate to:
(i) a 25 year unsecured loan of £500k arranged in 2008 to facilitate the purchase of a functional property. Interest is charged at a margin of
0.3% above bank base rate. All three loans were repaid during 2023.
(ii) two 5 year unsecured loans of £500k each arranged in 2017 to facilitate the purchase of a functional property. Interest on one of the loans is charged at the fixed rate of 2.05%. Interest on the other is charged at 1% above bank base rate.
## Other creditors relate to:
(i) a loan over 10 years of £99k from the College Contributions Fund for refurbishment of student accommodation.
(ii) a bond for £15m repayable in January 2055 and £5m repayable in September 2051
Both bonds are unsecured, with Legal and General Investment Management and carry a fixed rate of 2.47% and 2.07% respectively A shelf facility for a further £5m of unsecured borrowing, with no obligation to subscribe, is in place.
Functional properties are not revalued for accounts purposes, but the first property is considered to have a market value considerably in excess of the purchase price
- **15 ANALYSIS OF MOVEMENTS ON FUNDS**
|**Endowment Funds - Permanent**
General Endowment Scholarships
and grants
Student Hardship
Fellows Support
**Total Endowment Funds**
Endowment funds held by subsidiaries
**Total Endowment Funds - Group**
**Restricted Funds**
Scholarships and grants
Student Hardship
Fellows Research
Facilities
Lectures
**Total Restricted Funds**
Restricted funds held by subsidiaries
**Total Restricted Funds - Group**
**Unrestricted Funds**
Fixed Asset Designated Fund
Other Designated funds
General funds
Pension reserve
**Total Unrestricted Funds**
Unrestricted funds held by subsidiaries
**Total Unrestricted Funds - Group**
**Total Funds**|At 1 August
2022
£'000
Incoming
resources
£'000
Resources
expended
£'000
Transfers
£'000
Gains/
(losses)
£'000
**At 31 July**
**2023**
**£'000**
16,526
91
-
(796)
**15,821**
9,385
52
-
(249)
**9,188**
777
26
-
(35)
**768**
1,166
4
-
-
(56)
**1,114**|
|---|---|
||27,854
173
-
-
(1,136)
**26,891**|
||-
-
-
-
**-**|
||27,854
173
-
-
(1,136)
**26,891**|
||1,571
758
(684)
**1,645**
61
22
(4)
**79**
199
51
(33)
30
**247**
29
5
-
(30)
**4**
101
44
(45)
**100**|
||1,961
880
(766)
-
-
**2,075**|
||-
-
-
-
-
**-**|
||1,961
880
(766)
-
-
**2,075**|
||-
-
**-**
12,244
78
(67)
39
(486)
**11,808**
1,229
7,066
(5,200)
(39)
**3,056**
-
**-**|
||13,473
7,144
(5,267)
-
(486)
**14,864**|
||-
-
-
-
-
**-**|
||13,473
7,144
(5,267)
-
(486)
**14,864**|
||43,288
8,197
(6,033)
-
(1,622)
**43,830**|
- **16 FUNDS OF THE COLLEGE DETAILS**
The following is a summary of the origins and purposes of each of the Funds
**Endowment Funds - Permanent:** General Endowment
Student Scholarships and grants
Student Hardship
Fellows support
**Restricted Funds:** Scholarship and grants Income
Hardship Income Fellows Research Income
Facilities Funds Lectures Funds
A consolidation of gifts and donations where income, but not capital, can be used for the general purposes of the charity
Capital balance of past donations where related income, but not the original capital, can be used for student scholarships and grants
Capital balance of past donations where related income, but not the original capital, can be used for hardship grants for students Capital balance of past donations where related income, but not the original capital, to support Fellows' research.
A consolidation of gifts and donations for student support together with accumulated income of the Scholarships Endowment Funds
A consolidation of gifts and donations for student hardship together with accumulated income of the Hardship Endowment Funds
A consolidation of gifts and donations for Fellows' support together with accumulated income of the Fellows Endowment Funds
A consolidation of gifts and donations for provision of facilities for college members A consolidation of gifts and donations to support the Linacre Lectures and Tanner Lectures
32
**Linacre College Notes to the financial statements For the year ended 31 July 2023**
## **16 FUNDS OF THE COLLEGE DETAILS continued**
**Designated Funds** Fixed Asset designated Fund
Other Designated Funds
Unrestricted Funds which are represented by the fixed assets of the College and therefore not available for expenditure on the College's general purposes Unrestricted Funds allocated by the Fellows for future costs for various purposes. Includes £401k Designated Capital funds which are Unrestricted funds allocated by the Trustees for the purpose of preserving the capital and maintaining a longterm income stream in support of the College's activities
The General Unrestricted Funds represent accumulated income from the College's activities and other sources that are available for the general purposes of the College
## **17 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities|Unrestricted
Funds
Restricted
Funds
Endowment
Funds
**2023**
**Total**
£'000
£'000
£'000
**£'000**
18,361
-
-
**18,361**
2,000
-
500
**2,500**
7,482
2,075
26,391
**35,948**
7,672
-
-
**7,672**
(20,651)
-
-
**(20,651)**|
|---|---|
||14,864
2,075
26,891
**43,830**|
||Unrestricted
Funds
Restricted
Funds
Endowment
Funds
2022
Total
£'000
£'000
£'000
£'000
17,197
-
-
17,197
1,600
-
265
1,865
9,222
1,961
27,854
39,037
6,992
-
-
6,992
(21,803)
-
-
(21,803)|
||13,473
1,961
27,854
43,288|
## **18 TRUSTEES' REMUNERATION**
The Fellows who are the Trustees of the College for the purposes of charity law receive no remuneration for acting as charity trustees but are paid by either or both of the University and the College for the academic services they provide to the College.
Trustees of the college fall into the following categories:
Head of House Professorial Fellows Fellows by Election Senior Research Fellows President of the Common Room
5 Common Room representatives including 1 Junior Research Fellow.
There are 4 trustees (Principal, Senior Tutor, Bursar and Director of Estates) who work full time on management and fundraising.
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. These salaries are paid on external academic and academic-related scales and often are joint arrangements with the University of Oxford.
The College has a Remuneration Committee which makes recommendations to Governing Body on pay and benefits which are outside of external scales. The composition of the Remuneration Committee is set out in pages 2 to 4 of the section, Governing Body, Officers and Advisers.
## **Remuneration paid to trustees**
|Range
£0-£1,000
£1,001-£2,000
£2,001-5,000
£67,001-£68,000
£68,001-£69,000
£70,001-£82,000
£82,001-£83,000
£90,001-£91,000
£91,001-£104,000
£104,001-£105,000
£109,001-£110,000
£110,001-£120,000
Total|Number of
Trustees/Fellows
2023
Gross remuneration, taxable
benefits and pension
contributions
£
Number of
Trustees/Fellows
2022
Gross remuneration, taxable
benefits and pension contributions
£
0
-
0
-
0
-
1
1,990
1
4,507
0
-
0
-
0
0
-
0
1
77,482
2
142,238
1
82,762
0
0
-
1
90,178
1
100,796
0
-
0
-
0
-
0
-
1
109,104
1
117,688
0
-|
|---|---|
||5
383,235
5
343,510|
33
**Linacre College Notes to the financial statements For the year ended 31 July 2023**
## **18 TRUSTEES' REMUNERATION continued**
39 trustees are not employees of the college and do not receive remuneration.
All trustees may eat at common table, as can all other employees who are entitled to meals while working.
## **Other transactions with trustees**
Fellows also receive reimbursement of personal expenses necessarily incurred in connection with their services to the College as Trustees. During the year a total of £0 (2022 - £0) was reimbursed to 0 (2022 - 0) of the Trustees.
See also note 25 Related Party Transactions.
## **Key management remuneration**
The total remuneration paid to key management was £418k (2022: £372k).
Key management are considered to be The Principal, Vice Principal, Bursar, Director of Estates, and Senior Tutor.
- **19 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 the schemes are each held in separate trustee-administered funds. USS and OSPS schemes 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 its 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 were derived from market conditions prevailing at the valuation date. The results of the latest actuarial valuations and the assumptions which have the most significant effect on the results were:
|**USS**
**OSPS**|**USS**
**OSPS**|**USS**
**OSPS**|**USS**
**OSPS**|
|---|---|---|---|
|Date of valuation:
Date valuation results published:
Value of liabilities:
Value of assets:
Fundingsurplus /(deficit):|31/03/20
30/09/21
£80.6bn
£66.5bn
(£14.1bn)|31/03/22
27/06/23
£914m
£961m
£47m||
|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
AverageRPI/CPI**d**||
|Assumed life expectancies on retirement at age 65:
Males currently aged 65
Females currently aged 65
Males currently aged 45
Females currentlyaged 45|24 yrs
25.6 yrs
26 yrs
27.4yrs|24 yrs
25.6 yrs
26 yrs
27.4yrs||
|Funding Ratios:
Technical provisions basis
Statutory Pension Protection Fund basis
‘Buy-out’ basis|83%
64%
51%|105%
98%
62%||
|Employer contribution rate (as % of pensionable salaries):|21.4% increasing to 21.6% on
01/04/22|19% down to 16.5% for DB
members from 1 Oct 23||
|Effective date of next valuation:|31/03/2023|31/03/2025||
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%
34
**Linacre College Notes to the financial statements For the year ended 31 July 2023**
## **19 PENSION SCHEMES (continued)**
b. The discount rate 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:
d. Increases to pensions in payment for the OSPS valuation were:
Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long term difference of 0.1% p.a from 2040
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 pre-2030 and 1.0% p.a. post2030. CPI inflation is derived from the RPI inflation assumption, less the Scheme Actuary's best estimate of the long-term difference between RPI and CPI inflation as applies from time to time (1% p.a. pre-2030 and 0.1% post-2030).
For pension increases linked to inflation, a pension curve is constructed based on either the RPI, CPI
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**|**USS**|
|---|---|---|
|Assumption|Change in assumption|Impact on USS liabilities|
|Initial pre-retirement discount rate
Post-retirement discount rate
CPI
Life Expectancy
Rate of mortality|increase by 0.25%
decrease by 0.25%
decrease by 0.1%
more prudent assumption (reduce the adjustment
to the base mortality table by 5%)
more prudent assumption (increase the annual
mortality improvements long-term rates by 0.2%)|decrease by £1.3bn
increase by £2.8bn
decrease by £1.5bn
increase by £1.2bn
increase by £0.6bn|
|**OSPS**|||
|Assumption|Change in assumption|Impact on OSPS technical provisions|
|Valuation rate of interest
RPI|decrease by 0.25%
increase by0.25%|increase by 2% of pensionable salaries
increase by1.5% ofpensionable salaries|
## **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
|||**2022/23**||**2021/22**|
|---|---|---|---|---|
||**OSPS**|**USS**|**OSPS**|**USS**|
|Finish Date for Deficit Recovery Plan|30/09/23|31/03/38|30/01/28|31/03/28|
|Average Staff Number Increase|3%|0%|3%|0%|
|Average staff salary increase|1.69%|1.69%|1.69%|1.69%|
|Average discount rate over period|3.19%|3.34%|3.19%|3.34%|
|Effect of 0.5% change in discount rate|£5k|£20k|£5k|£20k|
|Effect of 1% change in staffgrowth|£4k|£5k|£4k|£5k|
A provision of £613k has been made at 31 July 2023 (2022 - £840k) 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 during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows:
|**Scheme**
Universities Superannuation Scheme
University of Oxford Staff Pension Scheme
Other schemes - contributions
Total|**2023**
2022
**£'000**
£'000
111
109
111
107
2|
|---|---|
||**224**
216|
Included in other creditors are pensions contributions payable of £nil (2020: £nil).
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.
**20 TAXATION**
35
**Linacre College Notes to the financial statements For the year ended 31 July 2023**
## **21 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
Depreciation
(Surplus)/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**
**22**
**ANALYSIS OF CHANGES IN NET DEBT**|**2023**
**£'000**
2022
£'000
542
2,362
(2,258)
(1,588)
1,222
711
(173)
(2,040)
453
426
4
-
4
1
(280)
(44)
(142)
59
(227)
339|
|---|---|
||**(855)**
226|
|||
|**23**
**24**|Cash
Loans falling due after one year
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash at bank and in hand
**Total cash and cash equivalents**
**FINANCIAL COMMITMENTS**
At 31 July the College had annual commitments under non-cancellable operating leases as
Land and buildings
Other
Land and buildings
**(13,261)**|7,702
(20,963)
At start of year
£'00|
0|Cash flows
£'000
(4,360)
925|Cash flows
£'000
(4,360)
925|Non-Cash
Changes
At end of year
**2023**
2022
**£'000**
£'000
**3,342**
7,702
**3,342**
7,702
**2023**
> 5 years
**Total**
£'000
**£'000**
1,699
**1,972**
-
**10**
**1,699**
**1,982**
> 5 years
£'000
2022
Total
£'000
1,057
1,316
**-**
14
1,057
1,330
£'000
£'000
-
3,342
-
(20,038)
**-**
**(16,696)**|Non-Cash
Changes
At end of year
**2023**
2022
**£'000**
£'000
**3,342**
7,702
**3,342**
7,702
**2023**
> 5 years
**Total**
£'000
**£'000**
1,699
**1,972**
-
**10**
**1,699**
**1,982**
> 5 years
£'000
2022
Total
£'000
1,057
1,316
**-**
14
1,057
1,330
£'000
£'000
-
3,342
-
(20,038)
**-**
**(16,696)**|
|---|---|---|---|---|---|---|---|
|||follows:
< 1 ye
£'00
52
4||**(3,435**|**)**|**2023**
**£'000**
**3,342**
7,70
**3,342**
7,70
**202**
> 5 years
**Tota**
£'000
**£'00**
1,699
**1,972**
-
**10**
**-**
**(16,696**||
||||ar
0
|2-5 yea
£'00
221
6|rs
0
||2022
£'000
2
2
**3**
**l**
**0**
2
l
0
6
4
0|
|||**56**||**227**||**1,699**
**1,982**||
|||<
1 y
£'|ea
000
49
6|r
2-5 year
£'00
21
|s
0
0
8|> 5 years
£'000
202
Tota
£'00
1,057
1,31
**-**
1||
|||Ot|he|r
21|8|1,057
1,33||
- **24 FINANCIAL COMMITMENTS** At 31 July the College had annual commitments under non-cancellable operating leases as follows:
## **25 CAPITAL COMMITMENTS**
The College had contracted commitments at 31 July for future capital projects totalling £3,878k (2022 - £744k).
## **26 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, who receive remuneration and facilities, do so as employees of the College. Details of these payments and reimbursed expenses as trustees are disclosed separately in these financial statements.
During the year Members of the Governing Body donated a total of £1,200 (2022: £13,056) to the College without conditions.
There were no other related party transactions.
## **27 CONTINGENT LIABILITIES**
There were no contingent liabilities at 31 July 2023.
## **28 POST BALANCE SHEET EVENTS**
Two new subsidiary companies were incorporated on 20th July 2023: Linacre College Trading Limited and Linacre College Developments Limited
36
**Linacre College Notes to the financial statements For the year ended 31 July 2023**
## **29 ADDITIONAL PRIOR YEAR COMPARATIVES**
|**a)**
**Consolidated Statement of Financial Activities**
**Year ended 31 July 2022**
**INCOME AND ENDOWMENTS FROM:**
**Charitable activities:**
Teaching, research and residential
**Donations and legacies**
**Investments**
Investment income
Other income
**Total income**
**EXPENDITURE ON:**
**Charitable activities:**
Teaching, research and residential
**Generating funds:**
Fundraising
Investment management costs
**Total Expenditure**
**Net Income/(Expenditure) before gains**
Net gains/(losses) on investments
**Net Income/(Expenditure)**
**Transfers between funds**
**Net movement in funds for the year**
Fund balances brought forward
**b)**
**Funds carried forward at 31 July**
**ANALYSIS OF MOVEMENTS ON FUNDS**
**Endowment Funds - Permanent**
General Endowment
Scholarships and grants
Student Hardship
Fellows Support
**Total Endowment Funds**
**Restricted Funds**
Scholarships and grants
Student Hardship
Fellows Research
Facilities
Lectures
**Total Restricted Funds**
**Unrestricted Funds**
Fixed Asset Designated Fund
Other Designated funds
General funds
Pension reserve
**Total Unrestricted Funds**
**Total Funds**|At 1 August
2021
£'000
16,439
6,758
545
1,171|Unrestricted
Restricted
Endowed
**2022**
2021
Funds
Funds
Funds
**Total**
Total
£'000
£'000
£'000
**£'000**
£'000
4,350
73
-
**4,423**
3,230
407
825
2,040
**3,272**
3,125
1,124
464
-
**1,588**
1,307
120
-
**120**
561|
|---|---|---|
|||**6,001**
**1,362**
**2,040**
**9,403**
8,223
5,510
586
-
**6,096**
4,439
220
-
-
**220**
120
14
-
-
**14**
9|
|||**5,744**
**586**
**-**
**6,330**
4,568|
|||**257**
**776**
**2,040**
**3,073**
**3,655**|
|||(374)
(28)
(309)
(711)
5,139|
|||(117)
748
1,731
**2,362**
8,794|
|||(131)
(1,079)
1,210
**-**
-|
|||(248)
(331)
2,941
2,362
8,794
13,721
2,292
24,913
**40,926**
32,132|
|||13,473
1,961
27,854
**43,288**
40,926|
|||Incoming
Resources
Gains/
**At 31 July**
resources
expended
Transfers
(losses)
**2022**
£'000
£'000
£'000
£'000
**£'000**
4
-
292
(209)
**16,526**
2,032
-
682
(87)
**9,385**
-
-
236
(4)
**777**
4
-
-
(9)
**1,166**|
||24,913|2,040
-
1,210
(309)
**27,854**|
||1,730
37
166
159
200|1,226
(514)
(845)
(26)
**1,571**
25
(1)
-
-
**61**
61
(28)
-
-
**199**
6
-
(135)
(1)
**29**
44
(43)
(99)
(1)
**101**|
||2,292|1,362
(586)
(1,079)
(28)
**1,961**|
||7,305
5,615
1,302
(501)|-
(7,305)
-
**-**
3,000
4,003
(375)
**12,244**
3,001
(5,744)
2,670
-
**1,229**
-
-
501
-
**-**|
||13,721|6,001
(5,744)
(131)
(375)
**13,473**|
||40,926|9,403
(6,330)
0
(712)
**43,288**|
37
**Linacre College Notes to the financial statements For the year ended 31 July 2023**
## **30 US Department of Education Financial Responsibility Supplemental Schedule**
In satisfaction of its obligations to facilitate students’ access to US federal financial aid, the university 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.
- This schedule has been compiled from the Section 2 Example Financial Statements included in the Federal Register/Vol. 84, No. 184 / Monday, September 23, 2019 / Rules and Regulations
||||**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|---|
|**Expendable Net**
**Assets**||**Lines**|**£'000**|**£'000**|**£'000**|**£'000**|
|Statement of
Financial
Position - Net
assets without
donor
restrictions|Net assets
without donor
restrictions|24||14,843||13,473|
|Statement of
Financial
Position - Net
assets with
donor
restrictions|Net assets with
donor
restrictions|30||29,093||29,815|
|Statement of
Financial
Position -
Related party
receivable and
Related party
note disclosure|Secured and
Unsecured
related party
receivable|4|-||-||
|Statement of
Financial
Position -
Related party
receivable and
Related party
note disclosure|Unsecured
related party
receivable|4||-||-|
|Statement of
Financial
Position -
Property, Plant
and equipment,
net|Property, plant
and equipment,
net (includes
Construction in
progress)|8|20,861||19,062||
38
|Note of the
Financial
Statements -
Statement of
Financial
Position -
Property, plant
and equipment -
pre-
implementation|Property, plant
and equipment
- pre-
implementation|FS Note line 8A||9,575||9,770|
|---|---|---|---|---|---|---|
|Note of the
Financial
Statements -
Statement of
Financial
Position -
Property, plant
and equipment -
post-
implementation
with
outstanding
debt for original
purchase|Property, plant
and equipment
- post-
implementation
with
outstanding
debt for
original
purchase|FS Note line 8B||8,481||8,654.05|
|Note of the
Financial
Statements -
Statement of
Financial
Position -
Property, plant
and equipment -
post-
implementation
without
outstanding
debt for original
purchase|Property, plant
and equipment
- post-
implementation
without
outstanding
debt for
original
purchase|FS Note line 8D||1,810||637.80|
|Note of the
Financial
Statements -
Statement of
Financial
Position -
Construction in
progress|Construction in
progress|FS Note line 8C||360||-|
|Statement of
Financial
Position - Lease
right-of-use
assets, net|Lease right-of-
use asset, net|9|-||-||
39
|Note of the
Financial
Statements -
Statement of
Financial
Position - Lease
right-of-use
asset pre-
implementation|Lease right-of-
use asset pre-
implementation|Excluded Line 9 Note
Leases||-||-|
|---|---|---|---|---|---|---|
|Note of the
Financial
Statements -
Statement of
Financial
Position - Lease
right-of-use
asset post-
implementation|Lease right-of-
use asset post-
implementation|M9 Note Leases||-||-|
|Statement of
Financial
Position -
Goodwill|Intangible
assets|10||-||-|
|Statement of
Financial
Position -Other
intangible assets|Intangible
assets|10||-||-|
|Statement of
Financial
Position - Post-
employment
and pension
liabilities|Post-
employment
and pension
liabilities|17||613||840|
|Statement of
Financial
Position - 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|14,20,22|20,048||21,043||
40
|Statement of
Financial
Position - 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|M24,20,22, Note
Debt A||1,279||1,279|
|---|---|---|---|---|---|---|
|Statement of
Financial
Position - 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 post-
implementation|M24,20,22, Note
Debt B||18,769||########|
|Statement of
Financial
Position - 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|M24,20,22, Note
Debt C||-||-|
|Statement of
Financial
Position - Lease
right-of-use
asset liability|Lease right-of-
use asset
liability|21|-||-||
41
|Statement of
Financial
Position - Lease
right-of-use
asset liability
pre-
implementation|Pre-
implementation
right-of-use
leases|Excluded Line 21
Note Leases||-||-|
|---|---|---|---|---|---|---|
|Statement of
Financial
Position - Lease
right-of-use
asset liability
post-
implementation|Post-
implementation
right-of-use
leases|Line 21 Note Leases||-||-|
|Statement of
Financial
Position -
Annuities|Annuities with
donor
restrictions|25||-||-|
|Statement of
Financial
Position - Term
endowments|Term
endowments
with donor
restrictions|26||-||-|
|Statement of
Financial
Position - Life
Income Funds|Life income
funds with
donor
restrictions|27||-||-|
|Statement of
Financial
Position -
Perpetual Funds|Net assets with
donor
restrictions:
restricted in
perpetuity|29||26,991||27,854|
||||**2023**|**2023**|**2022**|**2022**|
|**Total Expenses**
**and Losses**||**Lines**|**£'000**|**£'000**|**£'000**|**£'000**|
|Statement of
Activites - Total
Operating
Expenses (Total
from Statement
of Activities
prior to
adjustments)|Total expenses
without donor
restrictions -
taken directly
from Statement
of Activities|43||5,419||5,744|
42
|Statement of
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 Activities
prior to
adjustments)|Non-Operating
and Net
Investment
(loss)|(35),45,46,47,48,49||713||877|
|---|---|---|---|---|---|---|
|Statement of
Activites -
(Investment
return
appropriated for
spending) and
Investments,
net of annual
spending, gain
(loss)|Net investment
losses|(35),45||713||877|
|Statement of
Activities -
Pension related
changes other
than periodic
pension|Net investment
losses|47||0||0|
||||**2023**|**2023**|**2022**|**2022**|
|**Modified Net**
**Assets**||**Lines**|**£'000**|**£'000**|**£'000**|**£'000**|
43
|Statement of
Financial
Position - Net
assets without
donor
restrictions|Net assets
without donor
restrictions|24||14,843||13,473|
|---|---|---|---|---|---|---|
|Statement of
Financial
Position - total
Net assets with
donor
restrictions|Net assets with
donor
restrictions|30||29,093||29,815|
|Statement of
Financial
Position -
Goodwill|Intangible
assets|10||-||-|
|Statement of
Financial
Position -
Related party
receivable and
Related party
note disclosure|Secured and
Unsecured
related party
receivable|4|-||-||
|Statement of
Financial
Position -
Related party
receivable and
Related party
note disclosure|Unsecured
related party
receivable|4||-||-|
||||**2023**|**2023**|**2022**|**2022**|
|**Modified Assets**||**Lines**|**£'000**|**£'000**|**£'000**|**£'000**|
|Statement of
Financial
Position - Total
Assets|Total Assets|12||65,452||58,621|
|Note of the
Financial
Statements -
Statement of
Financial
Position - Lease
right-of-use
asset pre-
implementation|Pre-
implementation
right-of-use
leases|Excluded Line 9 Note
Leases||-||-|
|Statement of
Financial
Position - Lease
right-of-use
asset liability
pre-
implementation|Pre-
implementation
right-of-use
leases|Excluded Line 21
Note Leases||-||-|
44
|Statement of
Financial
Position -
Goodwill|Intangible
assets|10||-||-|
|---|---|---|---|---|---|---|
|Statement of
Financial
Position -
Related party
receivable and
Related party
note disclosure|Secured and
Unsecured
related party
receivable|4|-||-||
|Statement of
Financial
Position -
Related party
receivable and
Related party
note disclosure|Unsecured
related party
receivable|4||-||-|
||||**2023**|**2023**|**2022**|**2022**|
|**Net Income**
**Ratio**||Lines|**£'000**|**£'000**|**£'000**|**£'000**|
|Statement of
Activities -
Change in Net
Assets Without
Donor
Restrictions|Change in Net
Assets Without
Donor
Restrictions|55||1,370||(248)|
|Statement of
Activities - (Net
assets released
from
restriction),
Total Operating
Revenue and
Other Additions
and Sale of
Fixed Assets,
gains (losses)|Total Revenue
and Gains|38, (35), 50||5,940||7,815|
45