Linacre College Annual Report and Group Financial Statements Year ended 31 July 2024 Conlents Page Governing Body, Trustees, Officers and Advisers Principal's Review and Report of the Truslees Auditor's Report 17 Statement of Accounting Policies 21 Statement of Financial Activities 25 Balan￿ Sheet 26 S￿tement of Cash Flows 27 Note5 to the Financial Statements 28 LINACRE COLLEGE Governing Body, Trustees. OffKers and Advisers Year ended 31 July 2024 MEMBERS OF THE GOVERNING BODY {118123 to 31/121231 The Members of the Goveming Body are the College's charty trustees under charity law. The members ol the Governing Body who served in off￿e as Trustees duriThJ the period to 31￿ December 2023 are detsiled below.. Key: 1- Finance and Investments Committee 2- Academic Committee 3- Remuneration Committee 4- Domestlc Committee 5-Governance Audit and Risk Committee 6 - Welfare and Equality Committee Ackermann, Dr Silke Alexander, Prof Jocelyn Allen, Prof Myles Assender, Dr Hazel Barker, Mr. Simon Basu, Prof Paul Buczacki, Prof Simon Burton, Dr Rebecca Caplin, Prof R￿hard Caslell, Prof Martin Chirikure, Prof Shadreck Dudarev, Dr Sergei Ewart. Dr Elizabeth Gibney, Prof Matthew Hall, Prof Jim Hardy, Dr Edward Hector, Prof Andrew Hill, Dr Jennifer Hoveid, Dr Jane Illiffe. Prof Robert Ingram, Dr Jenni Kan, Dr Man Yee Khatiwala Prof Samar EF 01110123 ave 2022f23 Kirkland, Prof Angus Kleanlhous, Prof Colin Kringelbach, Prof Morten La Thangue, Prof Nick Leimu-Brown, Dr Nick LINACRE COLLEGE Governing Body. Trustees. Officers and Advisers Year ended 31 July 2024 MacKay, Prof John Mandeville, Mr. Pete Marginson, Dr Simon Mi11s, Dr lan Morton, Dr Christopher Muslafa, Dr Asma Obersleiner. Dr Michael Preston, Dr Call Rival, Di Laura Rose. Dr Heath Seale, Mr. David Stein, Prof Alan Travis, Prof Simon Van Broekhoven, Dr Laura Wetzer, Mr. Thom Whileley. Dr Jonathan Ye, Dr Hua Cathy eli iCe-Princip21 oilior2o22-3(￿￿[24 ciire iica One Fellow Trustee is not disclosed for professional reasons. Common Room President". Jacob Brandler rom April 2022 - Dec 2023 Junior Research Fell¢)w- Katsrzyna Kapilan May 2022 to March 2024 Common Room Treasurer.. Kenneth Lim Common Room Secretary.. Tom Underwood F November 2023 F November 2023 LINACRE COLLEGE Governing Body, Trustees. Officers and Advisers Year ended 31 July 2024 TRUSTEES FROM OII0112024 Name Type External Trustee External Trustee External Trustee Start End Mr Femi Macaulay (Chairl 0110112024 3111212026 Dr David Hagan 01/01/2024 3111212026 Ms Sarah Scott 0110112024 3111212026 Prof lan Mills GB Trustee 0110112024 0110112024 0110112024 0110112024 0110112024 0110112024 0110112024 3111212026 3111212026 3111212026 3111212026 3111212026 3111212026 3111212026 teim of office 1410312024 term of office Prof Man Yee Kan Prof Simon Travi5 GB Trustee GB Trustee Mr Pete Mandeville Dr Elizabeth Ewart (Vice-chairl Prof Rob Iliffe GB Trustee GB Trustee GB Trustee Dr Asma Mu5taf3 GB Trustee Mr Jatk Flower CR President 0110112024 Dr Katarzyna Kapitan JRF Trustee 01101/2024 Dr Tarick El-Baba JRF Trustee 1510312024 During the period the actNrties of the Trustees were carried oul 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 seNe on ￿levant commiitees and there are nominated extemal independent members of the Govemance Audit and Risk Committee and Remuneration Committee. COLLEGE SENIOR STAFF The senior staff of the College to whwi day-ttrday management is delegale(l are as follows. Leimu-Brown, Dr Nick Priricipal Rose, Dr Heath Principal Seale, Mr. David Bursar Hoverd, Dr Jane Barkef, Mr. Simon Senior Tutor Director of Eslales LINACRE COLLEGE Governlng Body. Trustees, Officers and Advisers Year ended 31 July 2024 COLLEGE ADVISERS Investment managers Oxford University Endovmient Management. King Chartes House, Park End Street. Oxford OX1 1JD JP Morgan, 60 Vicloiia Embankment. London. EC4Y OJP Audltor Crilchleys Audit LLP. First Floor, Pawk Central. 4041 Park End Street, Oxford. OX1 1JD Principal Bankers Barclays Coiporate, Wytham Court, 11 Wesl Way. Oxford, OX2 OJB National Weslminsler Bank PLC, 250 Bishopsgate. London EC2M 4AA Solicito Blake Morgan, Apex Plaza, Forbury Road. Reading. RG1 1AX Employment Advisors Peninsula Business Services, The Peninsula, Vicloria Place, Manchester M4 4FB Health and Safety Consultsnts Peninsula Business Services, The Peninsula. w￿lo￿a Pl&e. Manchester M4 4FB College address Linaere College, St. Cross Road, Oxford OX1 3JA Website vdww.linacre.ox.ac.uk LINACRE COLLEGE Report of the Trustee Board Year ended 31 July 2024 PRINCIPAL'S REVIEW Linacre College was founded for the furtherance of leamiNJ and educalM)n and lo be a college wherein men and women may carry out advanced study or research. Our strategy for meeting this challtable purpose is to focus on four strateg￿ Priorities.. A. Student Experience.. ensure that Ihe College has effective admini51ralive, We￿are. s(tial and domestic capacity lo support our sludenl members. B. Accessibility and Diversity.. improve access lo scholarships and increase outreach efforts lo allract students from underrepresented backgrounds. C. People." build stipport for and engagement with our Fellowship 8n¢J impfove the working environment for our staff. D. Environmental Sustainability: set an achievable Net Zero Carbon strategy and a plan for biodiversity nel gain. The following significant 8chievemenlslactivti￿s have been carried out during the year lo meet ils purposes.. Student Experience The College increased its capacity to provide timely and s￿l811$e￿ welfare support for our students and staff through the iecruilment of a full-lime Wew8￿ Lead. A major refurbishment of the Bamborough Building has been ¢C￿p1eted. increasing the number of study- bedro(￿$, adding expanded communal kitchen facilities and a mobilily-impaired accessible room, adding en suite bathroom facilities in all r￿ms. improving themBI efficEncy and replacing gas healing with aIr-sou￿ heal pumps. The first Linacre Fellows, Lecluie Series'uncovering Women'5 History. toc* place in early Summer 2024. The College held its first Boat Club reunion dinner to raise funds for the Boat Club. It also acquired a new Carbon-fibre. Stampfli rowing Vlll. Accessibility and Diversity Linacre has launched 11 new Afox scholarships and has secured a major donation to endow"Pioneerf postgraduate Scholarships_ People The College appointed a part-lime HR Off￿er. in partnership with Harris Manchester College. The College's new govemance arrangements came into effect from January 2024. The TIL*slee Board has met (Trn three occasions so far and has completed trustee training. Two new Junior Research Fellows were appointed to Posttions funded by the Committee for Children. The College received funding for three JRFS in Sustsinable A¥￿tIOn and has begun the recruitment process. Environment The College secured two grants from Salix Finance, under the PSDS scheme. Our first grant of £824.528 has been spent on the main site and is described bekml. Our second grant, for 7 of OUT 12 Off- sile sludenl accommodation properties of £563,179, is currenlly in the design phase and will begin in 2025. In addition to the replacement of gas boilers with air-source heal pumps. we have also carried out extensive window upgrales, sorrE associale(I buikjing fabric inwrovemenls and associated electricity supply upgrades. Durin9 the year. the Trustee Board and the Senior Management Team have taken the Charity Commission's public benefit guidance into account when making all decisions. Dr Nick Lelmu-Brown. 29 November 2024 LINACRE COLLEGE Report of the Trustee Board Year ended 31 July 2024 The Members of the Trustee Board present thelr Annual Report for the year ended 31 July 2024 under the Charities Act 2011. together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The Principal and Fellows of Lina¢re College in the University of Oxford. wh￿h is known 8$ Linacre College, I'lhe College'l is an eleemosynary charteTed charitable corporation aggregate. It was established by the University of Oxford in 1962 as a S(tiely for men and wThnen 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 Trustees al the date of this report and of those in Offi￿ during the year. together with details ofthe senior staff and advisers of the College. are given on pages 2 10 5. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing documents: The College is governed by ils stslules dated 14th June 2023. Governing Body.. The Governing 8ody is conslituled and regulated in accordance wth the College Slalutes, the terms of which are enfor￿able ultimately by the Visitor. who is the High Steward of The Universrty of Oxford. The Governing Body is self-appoinling. with new members elecled on the basis of academic dislinclion, their capacity lo advise the College and ils students on praciices in the range of academic disciplines in the University and (Common Room members) their capacity lo represent the interests ofjunior members of the College. The Governing Body detemines the on-wing strategK directKJn of the Col￿ge and discharges the hjnctions reseNed lo il by the Slalules. It meets lermty under the chaimanship of the Principal. Recruitment and training of Members of the Governlng Body: The Principal and the President of the Common Room are LY oifii70 membeis of the Governing Body. New Official, Professorial and Senior Research Fellows are elected by a majorty decisK)n of the official members ol the Governing Body. Four members of the ComnKJn Room {including one Junior Research Fellow) are eleded to the Governing Body by the members of the Common Room (excluding those who are alreaty membeis of the Governing Body). New Members of the Goveming Body are inducted into the worf(ings of the College, including Goveming Body policy and pr￿dures. by the Pnncipal and other senior staff members. Revised Statutes establishing a separate T¥uslee Board (ame inlo effect 1 January 2024.The Academic Appointrnents Panel is a subsidkory commrttee of Goveming B(xly. Trustee Board Effeclve 1 January 2024 a 12-member Board of Trustees tc*)k fesponsibility for the direction of the College. The Trustees are elected by the Governin9 B(Nty, save for Ihe President of the Common Room is a Trustee by virtue of that office and the Junior Research Fellow represenlalive who is elecled by their peer5. There are 7 Governing B(Mly fellows on the Trustee Board and 3 external members. The Chair is extemal. The Senior Management Team of the College are not Iruslees and report to the Trustee Board. The Trustee Board has a number of subsidrary commtttees. including Govemance Audit and Risk Committee, AcademK Committee and Finance and Investment committee. Remuneratlon of Members of the Goveming Body. Tfustee Board and Senior College Staff: Members of the Governing Body who are primarity Fellows are leaching and research employees ol the University and receive no remuneration or benefits from the College. No Trustee is paid for their work as a Trustee by the College. The remuneration of senior staff is sel by the Trustee Board, Llnder advice from the Remuneration Committee. LINACRE COLLEGE Report of the Trustee Board Year ended 31 July 2024 Oryanlsatlonal management The members of the Trustee Board usualty meet seven limes a year. The work of developing their policies and nM)niloring the impler￿n18t10n of these is carried out by seven main committees.. The Governance Audit and Risk Management Committee, chaired by an extemal member, provides oversight of the College Risk Reoislef and reviews College processes and practices lo provide detailed scrutiny on behalf of the Trustee Board. The Finan￿ and Inveslrnent committ￿ provhdes delailwj financial scrutiny if required by the Trustee Board financial oversight of the College. This commrtiee 55 also responsible for supeivBing the work of the Development Off￿e. The cperalh)n of this Commrttee is under rewew following the establishment of a Trustee Board. The Academic Committee co-ordinates academic activities in the College.. 11 awards scholarships lo student5 and small academic grants to Fellows. 115els student admissions targets and reviews admissions policies. The Remuneration Commrttee, comprising principalty extemal members and with an external chair. determines the salaries and stipends paid lo the Principal and Fellow5 of the College lo ensure that they are sel and maintained al an appropriate level. The Domestic Committee oversees the operation arKI maintenance of all College buildings and eslale.11 monitors the provision of security, catering and cleaning. In addition. rt is responsible for ensuring regulatory compliance with all heakh and safety legislation. for setting emergency piocedures, for monitoring and updating risk assessments, for reviewing reports and slatistics on accidents and ill health, and for heaf(h and safety training. The Welfare and Equalty Commrtiee reviews policies and practice lo ensure that they do not result in uninlended discrimination. monitors the effeclNeness of equal opp(¥tunty pr(grammes in the College. ensures regulatory compliance with equality legislation and advises Trustee Board on matters that may affect equal opportunities. The commtttee monitors weware provis*)n and effectiveness wlhin College. The HR Committee considers the details of polries and procedures. as well as remuneration, for staff. The day-lo-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. Group structure and relationships The College also administers many special funds as detailed in Notes 15 10 16 to the financial slalemenls. The College is part of the collegiate University of Oxford. Material interdependencies befv￿en the Unsversily and the College afise as a consequence of this relationship. Two subsidiary Ifading companies were incorporated 20th July 2023 bul did not trade in the year to 31 July 2023 and consolidated accounts are therefore produced for this year for the first time. AIMS, OBJECTIVES AND ACTIVITIES Charitable Aims and Oblectives The College's aim is lo benefit scKiety by Ihe advancement of knlyw￿dge arKI understanding through excellence in education and research as a College of the University of Oxfor(5. The Goveming Body has considered the Charity Commission's gu¥Jance on publ￿ benefit and in keeping with this purpose, il has sel the College's principal obJ'e¢iives to be: to provide academic, pastoral, administrative. and financial supp(¥t for the post-graduate education, at Oxford University, of Students who have the highest potential to benefit, regardless of their nancial, social, religious or ethnic background- to facilitate and support research and teaching at Oxford Universty. by a communily of advanced holars in order to increase public ￿arnIng and knThvledge in S￿lfIC areas of stLFdy that are of ademic merit and value. LINACRE COLLEGE Report of the Trustee Board Year ended 31 July 2024 Activities and Achlevements of the College The College's aclivi(ies are focused on achieving its objeclives and thereby 115 sim of advancing knowledge and understanding for publ￿ benefit_ Perfomiance during the reporting year against each of these activities is described. Recruitment of academicalty outsta￿lIng st￿lents and Fellows from across the world The College admitted 255 new students in October 2023 wh￿h look the lolal number of registered students at Linacre in October 2023 to 710. Reflecting the inlemalional and inclusive ethos of LIn￿re. 84 natKJnalilies were represented wlhin the student bthly ¥Mth onty 31.kn of Ihe College communty regislered as UK students, compaied lo a Unwersty graduate average of 35°kn. In O¢ithJer 2023, 9Yh of registered students at College were female," Slight￿ under the Universty average of So.￿. The high cost of study at Oxford University remains a barrier to many students. College continues lo priorilise the eslablishmenl of new scholarships to ensure that Ihose offered a place al Linacre are able lo access the University, regardless of financial circumstance. The College awarded a total of 48 scholarships during 2023r24 and Linacie continues lo play a central role in UNIQ+ the Universrty Graduate Access Programme, and also in the eslablishmenl of ac￿$ ￿holarshipS through the development of the Academic Futures and Afox scholatship prLYJfan¥nes. In July 2024, the Linacre communtty included 25 Official Fellthvs, 11 Professorial Fellows. 5 Senior Research Fellows and 47 Junior Research Fellows. A full breakdown of admission stalislt&s can t* vEwed belw.. Admissions Application5 received 2023 2022 419 406 Places offered 405 98% 388 96% WithdrawnlDeferred 150 37% 149 38% Students admitted 255 63% 239 62% UK students 86 34% 65 27 EU students NIA EU now OVS 24 iOV/o Overseas students 169 150 63% Male students 126 49% 103 43 Female students 129 51% 136 57% Taught students 181 71% 168 70 Research students 74 29% 71 30% LINACRE COLLEGE Report of the Trustee Board Year ended 31 July 2024 Promoting academic activty. includlng hosting high profile wblic lectures on the themes of'Human values. and 'The environment, and regular research Semina￿ by Linacre membets. Hosting academic meeti[￿S and workshops and fostering peer support of membets through subject ￿lated groupings The Lina¢re Seminar Series continued lo flourish in the academic year 2023124. Students and earty career researchers presented on a broad range of topics including the first stars in the early universe. identifying brain activity related to pain in new-bom babies to diversrfying public commemorations in Cape Town and Copenhagen. The series attracled a wide audience of students, fellows and alumni and each seminar was followed wilh vibrant academic discussions over dinner. The Centre for Eudaimonia and Human Flourishing hosls inteidisciplinary research into human flourishing, eudaimonia and the life well-live(I with a special focus on the underfying human brain dynamics. In the a¢ademic year 202312024 the ￿ntre members published over 35 new papers in high- impact joumals on topics ranging from movie-walching, cuteness, Mus￿. meditation and psy¢hedeli¢s. This was made possible by significant advances in whole-brain m(Klelling and in particular the use of advanced methods from the fields of thermodynamics and lutbulence. The hybrid talks on Tuesdays al 2pm in temi are free for anyone lo attend and were truly exciling. The talks featured leading experts covering many topics in human flourishing and are available on the Cenlre's website. Hohlighls included composer and professor of jazz guitar Milton Mermikides speaking on "Deep flourishing.. Ecstasy and agony in music" writer Liz Jensen on her book 'Your wild and precious life" and Prof Leor Roseman talking about the'The Varieties of Psychedelic Breakthroughs" In June 2024, Linacre College welcomed Professor Jean-marie Guéhenno. Director of the Kent Global Leadership Program on Conflict Resolution and Professor of Practice at Columbia University's School of Intemational and Public Affairs. A distinguished fomier French diplomat and United Nations Under- Secrelary-General for Peacekeeping Operations (2000-20081, Professor Guéhenno delivered this year's Tanner Leclu(e lo a full audience at Rhodes House. His Ihoughl-provoking address examined how societal shifts. globalisalion, technol(¥Jul advancements, and evolving power dynamics are transforming the nalure of conflict and peace. Following Ihe leclure. Professot Guéhenno engaged with Linacre students and fellows in a seminar led by Linacre Feltow, Professor Richard Caplan, where they delved deeper into the crilical issues raised during his talk. Linacre played a key role in organising the UNIQ+ ReSea￿h Intemship Pr(¥Jramme and supporting welfare provision for the more than 130 participants. Linacre Fellows chaired and sal on the UNIQ+ Management Group throughout the year_ In July and August, the College provided a space for the UNIQ + interns from across the University lo socialise and share ideas and experiences, as well as organising a programme dinner. Monitoring the academic progress ofgraduate students and the provision of independent advke and guidance to those who are facing prdAems In thgirsludy in orderto help them gain maximum ljenefrt from their studies at Oxford Univer The Senior Tutor, Principal and Vice-Principal offered individual review meetings Wlth each Linacre sludenl 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 ￿11 as meeting advisees socialty lo promote wellbeing and provide support Whe￿ required. Throu9houl the year, the Senior Tutor was availab￿ to support Linacre students on a daily basis. offering advice and piaclieal support in a significant number of acadernic. weffare and domestic cases. The Academic Registrar and the Academic Office team also provided daity advice lo students facing personal or academic issues. These services were supported by the Junior Dean team and CR Welfare and Equality represenlalives. College also trained and funded a Peer SuptKtrrter Ne￿Ork. Al Ihe end of the academic year, the college appoinled a Welfare Lead to work with the Academic Office and Senior Tutor, with the responsibilty for supporting student wellbeiThJ. Where appropriate, students were refer￿ to Ihe Universty Counselling SerV￿e. Disability Advisory Service, Universily Hardship Fund and NHS Servi￿$. Wherever required the Senior Tutor lo)k up their case with the department, Proctors or Univetsty. io LINACRE COLLEGE Report of the Trustee Board Year ended 31 July 2024 Provlslon of affordable, comfortable. secure and welloquipped accommodation for graduate students in close proximity to their places of study Linacre College aims lo provide accommodation lo 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 self4ontained family flats. College has invesle(J in an expanded and skilled maintenance team to improve the condition of sludenl aCcoMrll￿￿aIi0n al a reasonable cost. During 2024, Linacre continued lo refurbish study bedrooms, undertaking decoraliorl and renovation work as rwms were vacaled. In addition, College has ftjlly refurbished the Bamborough building providing now 24 en suite bedrooms on the main sile. significantly reduced the dependence of the main sile on gas for healing, Cooking and hot water and undertaken sig￿rf￿an1 improvements to buikling fabric on the main sile to improve insulab.on and Ihemial efficiency Provlsion of a Common Room and Dining Hall where students and Fellows can meet and interact in ways which support and enhance thelr academi¢ 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-lrfe balance. As the Linacre College Common Room ICR} Committ& for 2023-2024. our aim was to improve the overall atmosphere of the CR, strengthen relationships wrth key college staff and make College life more enjoyable for all members. Below are some of our key achievements this year. Enhancin the Student Ex rlence Free Coffee Machine in the CR.. After listening lo student feedback, using CR budget we made the CR coffee machine flee which was highly appreciated. We also reduced the use of plastic cups. aligning with Linacre's commrtmenl to sustainability. Welfare Events and Soclals.. We organised several welfare and social-focused aclivilies, including regular welfare teas, wine and cheese socials and BOPS. all of which were well-received by the Lina¢re communrty. Summer Ball. We supported the Ball Committee in organising a highty successful summer ball - the fifsl in five years, following COVIO-19 disruptions. Im rovin Communicatlon CR Newslgtter: The Linacre Particular. Our newsletter ￿ntInued to advertise key CR events. fostering wmmunicalion between the committee and Linacre members. Meeting Minutes.. We ensured that minutes were provided for every general and committee meeting. enhancing transparency and communication with both college staff and the sludenl body. orts and Societies Organising Linacre Sports and Societies.. We compiled an updated list of active sports teams and societies, including contact infomalion to streamline the pro￿sS lor freshers joining. Sports Dinner.. Despite the absence of a de(Jicaled sports officer. seveial committee members successlully organised a well4ttended sports dinner celebrating the &hievemenls of Linacre's athlete5. CR Facilities and O anisation CR Store Clean-up. For the first time. the CR store was cleaned and organised, with an updated live spreadsheet created to keep track of items. Budget Management". We improved financial management by hamng each committee member budget for the year. Strengthening Commlttee and Coll e Relatlons New Fellows Rep.. We improved the relalionship be￿een the CR and the Junior Research Felh)ws IJRFI community through a newty appointed Fellows Representative. Involvement in College Governance.. The CR eonlinues lo play a crucial role in college governan￿, with the CR President sefving as a full Linacre Iruslee. a posrtion of signfftanl responsibility that doesnl exist in other colleges. LINACRE COLLEGE Report of the Trustee Board Year ended 31 July 2024 Relationships with College Slaff.. These have been vastly improved and we strive to be honest, open and transparent lo ensure smooth runnin9 of the CR and ils activities Enhanclng Committee Oryanisatlon and Secur_ity Re-established a Microsoft Teams Group." To enhance security and file managemenl, we re- established a Microsoft Teams group for the CR committee. making it easier lo manage membership and key documents. Promoting Committee Roles.. We collaborated closely with Linacre¥ communications officer lo increase the visibility of commi(lee members and inform students about our roles. Challen es and Looking Ahead The end of the year posed challenges. part￿UlaTty due to a shortage of volunleers for key committee roles. The Prestdenl took Ihe lea(J in organising and running much of the freshers, ￿hedule. which was still a Suc￿sS despite the difficulties. We hope that a keen and enthu5iaslic new committee will take over soon to build on the successes of this year and continue enhancing the Linacre experience. Provlslon of a library. quiet study spaces. high quallty IT facililies and technical support In order to assist Fellows and students in their academic study The library has been very produetNe thts academic year and Linacre members continue to make good use of the renewed spa￿. Updating the library collections has been a major focus with 250 trtles being purchased for the main collection. These have been influenced by student book suggestions and readin9 lists. We have also reviewed our current hoktings and removed dated texts to make space for newer books. A new web-based library software called Alma has been introdLTrced unwerstty wide, this gives new scope lo our work. We have organised and reviewed our collections. Fragile and older publications have been moved into the Ryle Room lo create a new reference collection. protecting these item5 foi the future. The Collins New Naturalist Collection is now a complete set as the missing titles have been purchased. The Ryle Room, housing the Gilbert Ryle Collection, has been opened up lo all Linacre members. Comfortable sealing has been purchased and a relaxed infomal reading space created helping lo ulilise the current library space. The RY￿ collection has been re-examined by our student library assistant and they have started valuable research that we want lo continue into the next academic year. We continue lo focus on engagement by supporting the Ruben Colkge Feminist Book Club by bwing a subsidised copy of their text each term for a Linacre student. The Oxford FemTech Society has funded the purchase of books relating to Women's Health. a fantastic addrtK)n lo the Sibrary. We have prOdU￿d displays, on the themes of music. water etc_ lo engage students. Over the year, the IT team have been focusing on automation of internal processes lo reduce manual data entry, such as College members being aulomalicalty created in the door access control system. There has also been a strong focus on infomalion security which has included planning a pioject to replace Linacre's firewalls with a more sophisticated and robust system run by the University Managed Networks Team and streamlining the processes for staff to undertake regU￿r security related training. The provislon of prizes and scholarshlps to support and reward those students who are deemed to have the highest academic potential During the academic year 2023-2024 the College awarded a total of 48 scholarships. of which 36 provided full tuition fee and stipend funding, in line wilh the UKRI rate. This has been achieved through donor contributions lo the College, as well as thiough matched funding wf(h departments and ￿ntral funding bodies such as Afox. GEMS and the EPA Cephalosporin Fund. 12 LINACRE COLLEGE Report of the Trustee Board Year ended 31 July 2024 The scholarships offered by the College have provided opportunilies for students from a wide variety of departments and divisions, with representation across the humanitts, sciences, and arts. These are not only awarded to scholars on the basis of academic merit. bul the Cdlege also proudly supported 15 Academic Futures Scholarships throughout the academic year. These scholarships aim to give opportunities lo underrepresented groups from disadvantaged sccioeconomic backgrounds studying with the DTP, furthering the College's commilmenl to afford opportunrtie5 to those who othenhrise would not have access to further education al Oxtord. In September, Linacre hosted the annL￿1 eompelition fof four t)omus Research Pr￿eS each worth £500 with £50 awarded lo runners up- the Keene Domus Pfize (for any reseaich area), the Busuttil Prvie (for the areas of Business, Criminology, Govemmenl, Inlemational Relations, Law or Politics) and the Dobson Prize (for a sludenl in the MPLS division). Four Thomas Linacre Sludenlships. lolalling £2,000, were also awarded in recognition of oulslanding ￿ntributionS to CrAlege life. 8. Provision of support. bursaries and interest-free loans to students faclng financial hardship Throughout the year, the College administered 41 hardship grants from Students facing unexpected financial difficulties. A tolal of £32,472 was granted from this fund. 9. Provision of Junior Research Fellowships to earlyrtunities have been idenlffied for doing so, though opportunities for marginal increases in room availability are being sought. College's facilities continue lo be maintained to a high standard and a s￿nif￿nI improvement in building comfort has been a side benefit of thermal efficiency works. An estae condityon survey is being develcyd lo better pL4n cyclical maintenance needs over the next 5 years. FINANCIAL REVIEW Total Incoming resources (excluding voluntary income) increased by 210k lo £8,503k. 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. Conference income for the year reached £250k, a material increase on prevK)us years. The principal funding sources remain student fees and residential rents. The impact of recent expansion in room numbers is now being fell, with an improved margin through increasingty efficient housekeeping and maintenance operations and some redudion in ulility pressures. Resources expended increased by 7.70￿ lo £6,497k. This increase is largety caused by cost inflation particularty on ulililies and an increase in headcount, partially offset by the release of It￿ remaining pension deficit provision. The College's basK operating cost base remains h￿hty eff￿lent for an org8nisalion of tts size. Key new appointments such as a Welfare OffI￿r increase costs bLrt significantly improve the student support offering. The value of the investment portfolio increased to £37.707k. This included investment gains of £1,634k. compared to losses of £1,622k last year. The endowment managers al OUEM continue to perform well, though the geopolitical environment is uncertain and reliance shoukl not be pLaced on investment gains. Reserves policy The College's reserves policy is lo maintain sUffic￿nI free ￿serveS to enab￿ il lo meet i(s short-tem financial obligations in the event of an unexpected revenue shortfall and to alk)w the College lo be managed efficienlty and to prowde a buffer that woukl ensure uninterrupted services. 14 LINACRE COLLEGE Report of the Trustee Board Year ended 31 July 2024 Total funds of the College and ils Subsidk4ry Companies totalled £49,886k12023. £43.830kl. This includes endowment capital of £30,305k12023." £26.891kl and unspent restricted income funds lolalling £2,257k 12023.. £2.075kl. Unreslricled reserves al the year*nd totslled £5,041 k12023". £3,047kl and funds designated at the year-end arllounted to £12,213k12023". £11.817kl. The iryyact of capital grants ieceived and spent in cash lerms, but added lo reserves against future asset depreciation is seen in part wFth the increase in general reserves. Designated reserves at Ihe year-end include funds sel aside for future expenditure on maintenance and refurbishment of buiklings. Risk management The College is engaged in llsk assessment on an ffvgoing basis. When li s not able to address fisk issues using internal resources, the College lakes advice from experts external lo the College with specialist knowledge. Financial and investment risks are assessed and nK)nilored by the Finan￿ and Investment Committee. In addrtion, regular meetings belween the t)OmeSt￿ Operations Manager, Bursar. Director of Eslales and domestic departmental managefs consider Hea￿h and Safety issues. The Director of Estates has lead responsibility for Health and Safely across the College. Training courses and other fomis of career development are available, when requested, lo members of staff to enhance their skills in [￿-[elat￿j areas. The Trustee Board, who has uttimale responsibilty for managing any risks f￿ed by the College. has reviewed the processes in place for managing risk 8nd the pr¢nciple identified risks lo wh￿h Ihe College and ils subsidiaries are exposed and have concluded that adequate systems are in place to manage these risks. To support the Trustee Board in this work, an external￿ chaired Governance, Audil and Risk Committee IGARCI is in pFace. The Trustee Board reviews every term the risks escalated by the GARC. The GARC also reviews particular areas of risk in detail as well a5 Complian￿ with exteinal regulatory stsndards. such as on accommodation management. Investment policyi objectives and pgrforniance The College's investment objectives are lo baLan￿ euffent and future beneficiary needs by.. • maintaining lat 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. osl of the College's endowment funds are managed by Oxford UnNersty Endowment Management in the Oxford Endowment Fund IOEFI. The endowment funds have been subject to unusual volalilty over the past four yeaTS, losing value in 20191201£389kl. 2021r22 {£711 kl and 2022r231£1,622kl but gaining ir) 2020121 £5,13Sk and 2023124 £1,634k. The OEF continues to report an annu81ised len-year growth of 9.1 Ok and the College endowment is permanent capital meaning that short temi volatility wll not impact on College's abiltty lo delivef Ils objectives. The College remains confident that the endowmenl being held in the OEF {wilh one property held separalelyl is the best way to safety generate the greatest long-lerm return for College Since dividends on OEF holdings are based on units held at the end of D￿eMber, the accounts for 2023-24 include a large accrual for 7 months for the dividend on the holding fr(￿ 1 January 2024. The accrual has been estimated using the ￿$1 available infotmation_ The divhdend forthe 7 months lo 31 July 2024 will be declared in Spring 2025. The dividend receivable from the Oxford End0wm￿t Fund is based on a 4.250/0 fetum on a rolling average of capital values over 5 years. The investment strategy. policy and perfomiance are moniiored by the Finance Committee. Al the year end, the College's long-term investments lotalled £37,707k (2023 £35.9481, though this of course includes £9.OOOk of debt funding. The College has investment properties. one in Oxford and one in Durham. which were revalued last year at a total gain of £635k, bringing their totsl market value lo £2.5m. 15 LINACRE COLLEGE Report of the Trustee Board Year ended 31 July 2024 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body is responsible for preparing the Report of the Goveming Body and the financial slalements in accordance wth applicable law and regulations. Charity law requires the Governing Body to prepare financial statements for each financial yeaf. Under that law the Governing Body has prepared the financial slalemenls in accordance with Unrted Kingdom Generally Accepted Accountin9 Practice (United Kingdom Accounting Standards and applicable lawl, including Financi81 Reporting Standard 102. The Financial Reporting Standard Applicable in the UK and Republic of Ireland {FRS 102}. Under charity law the Governing Body must not approve the financial slalements unless il is satisfied that they give a true and fair view of the slate of affairs of the College and of ils nel income or expenditure for that period. In preparing these financial statements. the Goveming Body is require(I to-. select the most suitable accounting wlicies and then apply them consistently., make judgments and accounting estimates that are reasonable and prudent. stale whether applicable accounting standards. including FRS 102, have been followed. subject lo any material departures disclosed and explained in the financial slalemenls- stale whether a Statement of Recommended Practice {SORPI applies and has been followed, subject lo any material departures which are explained in the financial statements-, prepare the financial statemenls on the going cortcern basis unless il is inappropriate to presume that the College will continue lo operate. The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the COl￿ge'S transactions and disclose wlh reasonable accuracy at any time the financial position of the College and enable il to ensure that the financial statements compfy with the Charrties Acl 2011. It is also for safeguarding the assets of the College and ensuring Iheir proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on 25th November 2024 and signed on its behalf by: Femi Macaulay Chair of Trustees 25th November 2024 16 LINACRE COLLEGE Statement of Accounting Pollcles Year ended 31 July 2024 Opinlon We have audited the financial slalemenls of Linacre College (the"Chari￿) for the year ended 31 July 2024 which cornplise the Statement of Accounting Policies. the Consolidated Staternenl of Financial Aclivities, the Consolidated and College Balance Sheets. Ihe Consolidated Cash Flow Slalement and noles to the financial slalemenls. The financial reporting framework that has been applie(J in Iheir preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102.. The Financial Reporting Slandaid applicable in the UK and Republic of Iieland (Unrted Kingdom Generally Accepted Accountin9 Pradicel. In our opinion, the financial statements.. give a Irue and fair view of the stale of the group and charity's affairs as al 31 Juty 2024 and of the group's income and expenditure for the year then ended. have been propeily prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿. have been prepared in accordance with the requirements of the Charitie5 Aet 2012. Basis for opinion We conducted our audit in accordance wth Internation81 Standards on Avdtting IUKI IISAS IUKII and applicable law. Our responsibililEs under those standards are further described in the Audilorfs responsibilrties for the audit of the financial statements seclion of our report. We afe independent of the Charity in accordance wrth the ethical iequiremenls that are re￿vant lo our audit of the fina￿131 siatemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we have obtained is Suff￿￿nt and appropriate to provide a basis foi our opinion. Conclusions relating to golng concern In auditing the financial statements, we have corKluded that Ihe Trustees. use ol the going cO￿[n basis of accounting in Ihe preparation of the financial ststements is appropriate. Based on the work we have performed. we have not identified any material uncertainlies relating to events or conditions that, individually or collectively, may cast signifunt doubl on the charity's ability lo continue as a going concern for a period of al least 12 months from when the financial statements ale aulhorised for issue. Our responsibili(ies and the responsibilities of the Twstees with respect lo going concem are described in the relevant sections of this report. Olh&r information The Trustees are ￿spOnsible for the other infomalion. The other infomiation comprises the infom81ion included in the annual report other than the financial slalemenls and our audilorfs report thereon_ Our opinion on the financial slatemenls does not cover the other infomialion and. except to the extent otherwise explicrtly slated in our report. we do not express any form of assurance conclusion thereon_ In connection with our audit of the financial slalemenls. our responsibility is to read the other infomalion and, in doing so. consider whether the other information is malertally inconsistent wilh the financial slalemenls or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstatements. we are required lo detemine whether there is a material misstatement in the financial statements or a material misstalement of the other information. If, based on the work we have performed. we conclude that there is a material MISStste￿nI d this other information. we are required to report that fact. We have nothing to report in this regard. 17 LINACRE COLLEGE Statement of Accounting Pollcies Year ended 31 July 2024 Matters on which we are roquired to ieport by exception We have nothing lo report in respect of the folbwing matters in relatK*n to wh￿h the Charities Act 2011 requires us lo 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 Trustees As explained more fully in Ihe Slalemenl of Accounting and Reporting Responsibilities sel out on page 17, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as they determine is necessary to enable the preparation of financial slalemenls that are free from material misstatement. whether due lo fravd or error. In preparing the financial statements. the Trustees are responsible foi assessing the Charity'$ ability lo continue as a going Concern, disclosing, as applicable. maiters relaled to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Charity or to cease operations, or have no realistic allernalive bul lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under Section 144 of the Chanlies Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereun(ler_ Our objeclwes are lo obtain reasonable assurance about whether the financkql statements as a whole are free from material fflisslalement. whether due to fraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assuran￿, bul is not a guarantee that an audit conducted in accordance with ISAS {UK} will a￿VayS delect a material misststemenl 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 lo influence the econom￿ decisKJns of users tsken on the basis of these financial stslements. 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 misstalemenls in respect of irregularities, including fraud. The extent lo wh￿h our procedures are capable of detecting Irregulant￿$. including fraud is detailed below.. Our approach to identfying and assessing the risks of material misslalement in respect of irregularities. including fraud and non-compliance with laws and regulations. was as follows-. the engagement partner ensured that the engagement team collectivety had the appropriate competence, capabilities and skills to idenlrfy or recognise non-compliance with applicable laws and regulations,. we identified the laws and regulations appl+cable lo the charity through discussions wilh Trustees and other management, and ffom otjr knowledge and experience of the client's sector." we focused on specific laws and regulations which we considered may have a direct maleiial effect on the rinancial staterr￿nIS or the operations of the charity. including Charilies Act 2011. Office for Students and Oxford Universty requirements, laxatK)n legislation, data protection, employment and pensions, planning and health and safely legislation.. we assessed the extent of compliance wf(h the kws and regulations identified above through making enquiries of management and, where relevant, inspeclir)g legal correspondence," and identified laws and regulations were communicated wilhin the audit leam regularly and the team remained alert to instances of non-complian￿ Ihtoughout the audrt. We assessed the SUs￿ptIbIlity of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur. by.. making enquiries of Trustees and other management as to where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud- and consideiiThJ the inlemal conlTo15 in place to mits.gate risks of fraud and non-compliance with laws and regulations., To address the risk of fraud through management bias and ove￿Ide of controls. we.. 18 LINACRE COLLEGE Statement of Accounting Pollcies Year ended 31 July 2024 performed analytical procedure5 to idenlfy any unusual or unexpected relationships- lesled journal enlfies lo identify unusual Iransa¢tions', assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.. and investigated the rationale behind signffKanl or unusual transa¢lk)ns'. In response to the risk of irregularities and non-complian￿ with laws and regulalions, we designed procedures which included, bul were not limile(J lo.. agreeing financial statement disclosures to underfying supporting documentation.. reading the minutes of meetings of those charged with govemance-. enquiring of managemenl as to actual and polentl81 liligalion and claims., if Considered necessary. reviewing correspondence with relevant reguialors and the charity's legal advisors. There are inherent lim1tations in our audit procedures described above. The more removed that laws and regulations are from financial tran￿tIOnS. the less likety it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo idenlify non-complian￿ with laws and regulations I enquiry of the Trustees and other management and the inSpect￿n of regulatory and legal corresponden￿, if any. Material misslaternenls that arise due to fraud can be harder lo delecl than those Ihal arise from error as they may involve deliberate cOn￿alment or collusion. A further description of our resrK)nsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at". www.frc.or .uklauditorsres onsibililies. This description forms part of our audilorfs ieport. Use ofour report This report is made solely lo the charity's Trustees, as a boKJy. in accordance with Part 4 of the Charities Act 2011. Our audit work has been undertaken so that we might stale to the charity's Trustees those matters we are required lo slate lo them in an audrtor's report atKI for no other purpose. To the fullest exient permilled by law, we do not accept or assurne responsibility lo anyone other than the charity and the charity's TrLJStees as a body, for our audit work, for this report. or for the opinions we have fomied. Crilchleys Audii LLP Slalutory Auditor First Floor, Park Central. 4041 Park End Street. OX1 JD Dale.. 411212024 Critchleys Audit LLP is eligible to act as an auditor in terms of sections 1212 of the Companie5 Act 2LK16 19 LINACRE COLLEGE statement of Accounting Poli¢ie$ Year ended 31 July 2024 Scope ofthe financial ststements The fin8rtial ststements present the Statement of Finwrial Acti￿leS ISOFAI. the Balan￿ Sheet aThY the St8t8ment ol Cash Flows. Basis of accounting The financial slalemenls have been prepared in ￿Ordance with United Kingdom Accounting Standards, in particular'FRS 102." The Financial Reporting Standard applicable in the UK and Republic of Ireland, IFRS 102). The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared ils financial statements in accordance with 'The Stalement of Recommended Pradice applicable to charities preparing their financial statements in accordance with FRS 102, (The Charities SORP IFRS 1021)_ The financial statements have been prepared on a going concem basis and on the hislofical cost basis, except for the measurement of investments and ￿rtain financial assets and1iabilities al fair value with movements in value reported within the Statement of Financial Adivilies ISOFAI. The principal accounting policies adopted are sel out below and have been applied con51slenlly throughout the year. 2. Accountlng Judgements and estimation uncertainty In preparing financial statements it is necessary lo make ￿rtain judgements. eslimales and assumptions that affect the amounts recognised in the financial ststemenls. The following judgements and eslimales are considered by the Governing Body lo have most significant effect on amounts recognised in the financial stalemenls. The College participales in a mulli*mployer defined benefit pension plan. In the judgement of the Governing Body there is insufficient information about the plan assets and liabilities lo be able to reliably account for ils share of the defined benefft obligation and Klan assets in the financial statements and Iheiefore the plan is accounted for as a defined contribution scheme (see note 171. Before legacies are recognised in the finanual statements, the Goveffling Body has lo exercise judgement as to what conslilules sufficient evidence of enli(lement to the bequest. Sufficient enlillemenl exists once nolificalion of payment has been received from the executorlsl of the estate or estate accounts are available which indicate there are suff￿lent funds in the eslale after rneeling liabilities for the bequest lo be paid. In the view of the Goveming Body, no assumptions conceming the future or eslimalion Un￿rtaInlY affecting assets and liabilities al the balance sheet dale are likety lo resuk in a material adjuslmenl lo their carrying amounts in the next financial year. 3. Income recognition All income is recognised once the College has enlitlemenl to the income. the economic benefit is probable and the amount can be reliably measured. a. Income from fees. HEFCE support and other charyes for ser4lces Fees receivab￿, HEFCE support and charges for seNices and use ofthe p￿MiseS are recognised in the period in which the relale(I Servi￿ is provided. b. Incorne from donations. grants and legacies Donations and grants that do not impose SpeCrf￿ future perfomance-related or other specific wndilions are recognised on the date on which the charity has entillemenl to the resource, the amount can be reliably measured and the econofflic benefrt lo the Colkge of the donation or grant is probable. Donations and grants subject lo perfomiance-relaled conditions are re¢ognised as and when those conditions are met. Donations and grants subject to other specrfic condrtions are recognised as those conditions are mel or their fulfilment is wholty wrthin Ihe control of the Coliege and il is prL)b8ble that the specified Conditions will be mel. Legacies are recognised following grant of probate and once the College has received sufficient information from the execulorls) of the deceased's estate lo be satisfied that the gift can be reliably measured and that the economic benefrt to the College is probab￿. LINACRE COLLEGE Statement of Ac¢ountlng Policies Year ended 31 July 2024 Donations. grants and legacies accruing ft)r the general purposes of the College are crediled lo unreslricled funds. Donations. grants and legacies which are subject lo conditions as lo their use imposed by the donor or set by the lems of an appeal are credited to the relevant restricted fund or. where the donation, grant or legacy is required lo be held as capital, to the endowment funds. Where donations are received in kind las dislincl fiom cash or other monelary assets). they ale measured al the fair value of those assets 81 the date of the gift. c. Investment income Interest on bank balances is accounted for on an accwal basis wlh interest recognised in the period to which the interest relates, lo the exienl that College has an enlrtlemenl lo the income at yeac end. Dividend income and similar distributions are recognised the date the share inteiest becomes ex-dividend or when the right to the dividend can be established. 4. Expenditure Expenditure is ￿Ounted for on an accruals basis. A liability and relaled expendrture is rectyJnised when a legal or constructive obligation commrts the College to expenditure Ihal will probabty require selllemenl, 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 regal 01 conslruclive obligatKJn for their payment arises. Grants subject lo performance-related conditions are expensed as the specified condilions of the grant are met. All expendrture including support cosls and governance costs are allLUted or apportioned to the applicable expendrture categories in the Statement of Financial Activities (the SOFA). Support costs which include governan￿ costs (cos15 of complying with constitutional and slalulory requirements} and other indirect costs are apportioned to expendrture categories in the SOFA based on the estimated amount attributsble to that acltwty in the year. either by reference to staff lime or the use made of the undertying assets. as appropriate. Irrecoverable VAT is included with the item ol expenditure lo which il relates_ S. Leases Leases of assets that Iransfer 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 fease temi and the assets. useful Iwes. Assets are assessed for impairment al each reporting ¢Jale. The corresponding capital obligations under these leases are shown as liabilities and recognized al 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 conslanl 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 lemi on a slraighl-line basis. 6. Tangible fixed assets Land is slated al cost. Buildings and equipment are staled al cost ￿s$ accumulaled depreciation and any accumulated impsiment losses. Expenditure on the acquisition or enhan￿ment of land and on the acquisition. construclion and enhancement of buildings which is directly attribLrtable to bringing the asset lo ils worf(ing condition for ils intended use and amounting lo more than £10.000 together wf(h expenditure on equipment costing more than £10,000 is Capitslised. Where a part of a building or equipment is repl&ed and the costs capitalised, the carrying value of those parts replaced is derecognised and expensed in the SOFA. Other eypenditure on equipment incurred in the nomial day-ItFday running of the College and its subsidiaries is eharged to the SOFA as incurred. 21 LINACRE COLLEGE Statement of Accountlng Pollctes Year ended 31 July 2024 7. Depreciation Depreciation is prov¥Jed lo wnie off the cost of all relevant tangible fixed assets. less their estimated residual value. in equal annual instalmenls over their expected useful economi¢ lives as follows-. Freehold properties. including major extensK)ns Leasehold properties Furniture and Equipment Computer EquipThnt So years 50 years or period of lease if shorter 4- 10years 3 years Freehold land is not deprecialejj. The cost of Maintenan￿ is charged in the SOFA in the period in which il is incurred. Al the end of each rewrting period, Ihe residual values and useful lives of assets are reviewed and adjusted rf necessary. In addit￿n, if events or change in circumstances indicate that the carrying value may not be recoverable then the cairying values of tangib￿ fixed assets are reviewed for impairment. 8. Investments Listed investments are inf(ially measured al their cost arHJ subsequenlly measured al their fair value al each reporting date. Fair value is based on their quoted price al the balan¢e sheet dale wilhoul deduction of the eslimaled future selling costs_ Investments such as hedge funds and private equity funds which have no readily identifiable market value are initially measured al their cosls and subsequently measured at their fair value at each reporting date wilhoul deduction of the eslimaled futu￿ selling costs. Fair Wdlue is based on the most recent valuations available from their ￿SPectIve fund managers_ Changes in fair value and gains and bsses arising on the disposal of investments are credited or charged lo the income or expenditure section of the SOFA as 'gains or losses on investments, and are allocated lo the fund holding or disposing of the relevant investment. Investment pioperties are held at valuation and are valued on a wular basis using an appropriate external expert. 9. Other financial instruments Derivatives The college does not deal in derivatwes. b. Cash and Cash equlvalents Cash and cash equivalents include cash at banks and in hand aThJ short4erm deposits with a malurily dale of three months or less. c. Debtors and creditors Debtors and credrtors weivable or payable within one year of the reFK)rting date are carried at their transaction price. Debtors and creditors that are le￿1vable or payable in more than one year and not subject lo a market rale 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 al the ILv•ver of cost arKI net realisable value. cost ￿Ing t1￿ purchase Pri￿ on a first in. first out basis. 11. Foreign currencies The functional and presentation currency of the College and rts subsidiaries is the pound sterling. Transactions denominated in foreign currencies during the year are translated into pounds sterfing using the ss)ol exchange rates al the dales of the transactK)ns. Monetsry asset5 and liabilities denominated in foreign currencies are translated into pounds sterling al Ihe rates applying at the reporting dale. LINACRE COLLEGE Statement of Accounting Policies Year ended 31 July 2024 Foreign exchange gains and losses resuming from the Sett￿ment of Iransactions and from the translation of monetary assets and liabilities denominated in foreign currencies al the exchange rates al the reporting dale are r￿ognISed in the income and expendrture section of the SOFA. 12. Fund accounting The total funds of the College are allocated to unrestricted. reslrided or endowment funds based on the terms sel by the donors or set by the temis of an appeal. Endowment funds are further sub4ivided into permanent and expendable. Unrestricted funds can be used in furtherance of the obj.ects of the College al the discrelion ofthe Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future foi a spe¢rfi¢ purpose and this will be accounted for by Iranslers to appropriate deswnaled funds. Reslrided funds comprise gifts. legacies and grants where Ihe donors have specified that the funds are lo be used foi particular purposes of the ColTege. They consist of either gifts where the donor has specrfied that both the capital and any income arising must be used for Ihe purposes given or the income on gifts where the donor has required or pemif(led the caprtal lo be maintained and wf(h the intention that the income will be used for spec￿lC purposes wi(hin the College's objects. Permanent endowment funds arise where donots spectfy Ihal the funds ale lo be relained as capital for the permanent benefit of the College. Any part of the totsl relum arising from the ¢apiial that is alloc8led lo income will be accounted for as unresth.cted fLbnds unless the donor ha5 place(1 reslricb.ons on the use of that income. in which ease it will be a¢counled for as a restricted fund_ Expendable endowment funds are similar lo pemianent endowment in that they have been given, or the College has determined based on the ¢ir¢umstances that they have been given. for the long-lerm benefit of the College. However, the Governing Body may at Iheirdiscretion delermine lo spend all or part oflhe capital. 13. Pension costs The costs of retirement benefits provided lo employees of the College Ihrough two multi-employer defined pension schemes are accounted for as if these were defined contribution schemes as infomialion is not available lo use defined benefit accounting in accordance with the requirements of FRS 102. The College's contributions to these schemes a￿ r￿ognISed as a liability and an expense in the period in which the salaries to which the contributions relate are payable. l.ina¢re Colk8¢ Forlhe }'£arended 31 July2024 GROUP UDrestrrted Fund5 Re5trEicd Funds £Doo E￿dD￿rd Funds 2024 2023 Totsl £'ooo Notss £'ooo COME. AND ENmWMF.NTS FiION(. T¢a¢hin8.reseaich 8rt0 res*JeniMI Olhcr Tradin8 kncome DDnalions. Ic¥a¢iesand 8YanlS tniislmcn15 TnYe&lmenl incotnc Other ￿e0]ne Total Incorne 4.687 4.755 4.724 891 2.177 3.779 1.742 2.228 2.2$8 7.477 1265 E)PENDrruREON Tel£h￿8. ie5earch and rc5thntsl G¢Treialing fund5-. Fundra￿￿8 hveSli￿en1ma￿a@emenIrOSts 5355 1.079 6.334 5.753 269 1.079 6.497 6,033 Net kn¢omel(Expendiiurel before 8JlTrS 2.059 186 4.422 Ne¢go¥isl(hss¢s)on nvesknen 397 Nct kncomci(E¥pcndiluiel 2.4$6 186 6.056 542 TrJnsf¢r5 b¢iween fund5 16 Net movernent in fund5 ihe year 2.4 182 3.414 6.056 $42 Fynd ba￿￿￿eS brought fotM•rd 14.864 2.075 26.891 43.830 43.288 FunOs¢arr*d foTw4id at 31 July 17.324 2.257 30.305 49.886 43.830 24 Lii)acre College Statement ofcash Flows For the year ended 31 July 2024 2024 Group £'o 2023 Gioup £Y)00 2024 Colleg £'ooo 2023 CDlkge £'ooo Noi¢s Net cash PTovided by (used In) op¢iaiinB acliviliE5 22 14291 18551 16051 CBsh floiis fioJ]] inve51inB activitie5 DivKicnds, ini¢r¢si and rejjts from ￿V¢$I￿¢nts Proceed5 from the Sak of PTOP¢rty, ptanl and ¢qu¥￿ent Pur¢h8se of property. p￿nI and equymeDI Procccd5 from sak orin￿¢S¢m¢nts Purchase of lljvestments IAJJiK)JJs ioyisithdr81s9]s from cash deposis Nei cosh proiided by Iu5¢0 inl 1nycsl￿8 activities 2.228 34 (3.5801 2.258 2,228 34 13.5801 2.258 (1.6801 16001 12,0431 16001 12.0431 12.6851 Cash floii's from f￿an(￿g R¢livil￿5 Repa)"tncnts ofbot¢O¥%'in8 Receipt ofendoiiillenl Nct cash provid¢d by (used inl fJttan¢in8 a¢tivllies 19951 19951 2.179 2.179 2,179 2.179 18201 18201 Chall8¢ in cash and cash equivalenrs in ihe reporiing period 12931 14.3601 14691 14,3601 Cash attd cash equivaleDts al IILe be8innllLB of the ieporiing period 3.342 7,702 3,342 7.702 Cash and cash equivalen15 al Ihe ¢tLd of the Ttpoi1th8 peiiod 24 3.049 3,342 2.873 3.342 Lina¢r¢ Co I￿ge Balance Sheet Asai31 July2024 2•24 GTO>P I'o Z023 Gr0￿P £￿00 2023 CokBt £'ooo Colk8¢ £'ooo FLXED ASSEts 2.5th) 17.707 2.50fy 35.941 2.500 37,707 2.300 CURRENT ASSETS Debiots kn1¢5tsMen¢s 1.940 4.500 3.049 3.900 3J42 4.500 .873 3.900 Toi&l Currrni A$5¢15 9.495 B.668 9.204 8,608 L14Bn.rriES Crtdrtgts" fl￿B dyc )T4r 996 I.009 990 NET£URREYfASSETSNLiAB￿1T￿5j .265 7.672 7.072 TOTAL ASSETS LESS CURRkXT LLlB￿rrES 69.916 69.846 CREDITORS. fallth8 due ahei moie tbao one year 20,030 20,038 20.030 0.038 NET ASSE15k(LblBLJfEsi BEFORE PENSKJN A55ETOR LIAB￿lTy 49.816 44.443 20 TOTALNET ASsEnuLL4B￿fr￿s 49.886 43.830 43.830 FUN'DS OF THE COLLEGE Endownjenl 30,305 26.891 30.305 26.891 2.257 2.•75 2.257 2.075 i￿S￿nated ￿nd 3.660 3.660 PeLsM>n seseThe 20 49.886 43.830 Th¢ slalEmellts wer¢ apprDYed and authorB¢d 55TJ¢ byth¢ Wy•tiinACtt Cokts¢ 25th Voytmbrr 2024 TtuslcE. 25th￿￿rmbr￿2O24 Ttuske.. r4COk*FkOIIcHAR￿ABLEAC[l1l¥ES 2425 616 lJ63 hbtrHEFCEs￿P 4MP )fylk(iozJ Tthe*e*M )ShlONS.LEGACE5AM)GRAN¥S 2424 CO%ff FROMOSHEkTAADIKGpLrNtrEs 1923 ￿￿EsT￿E￿[￿￿c0￿f 1024 SFJ 116 479 OTHER￿0 14 AL)Sts 0F￿￿ENJ￿r￿RE J.761 474 Z.476 27 YALISSOFEXPEto)ni'RE(cMlxic•) 2J tknti*tsfcoJu 2ZO 6.497 Thp Tkt XVof*E Tht Twl AtrIALISts OFSUPPORT AN'DCthELVAbfEahST5 iOZ4 T￿7 463 463 4X ED21 P4¥¢W 364 DEP￿(￿1 4IJ 476 1014 lops Fckn bifo th•tthps¢ tht Fckn¥y *c47kn pJa¥ GRANfsANDAWA8D5 fll*d li STAFFCOSY5 102J PJ04 P¢Is￿Rr¥r￿t ¢R27J 5vppprt Tc*AI T•3J11￿} 2414 ¢mpknr¢s Ir￿1jé￿ll thr o01.K9D.￿i Th¢ FLITPASSETS i* T￿1 21MJ 3519 J.51Q tknpoba 463 Elll Colksv FKthp¥ J.$ PP51 I7￿5 PAOPERTYMESTrfFtt5 T￿• tk5PD54 6JS SEiiWtE5kYDOTHERbThE5ThfNIS iitbEH 3IlJ3 3Y.>J7 3J.941 thrLX T4ts1 F￿￿ dtp￿Ill PARENfANDSUBSIX4RYiFEQJERTAKWG$ ￿tyr 591 (ui) DEBTOkS ZJ 1424 11 CAEDtroRS.f•tsilu* 2•24 14 J20 N*vJlrr4 165 31 24 2055 Bothboth exctsyoftht YALI3LS oF￿￿ENE¥rsO￿￿4J￿LlS 2J TTh￿[￿ 7J7 315 SUP￿rf 121F I￿$ lJ43 Joo 2fv75 Oth¢rDESV4Kdh YJ7 5N7 5)9Z S.OJ9 397 JN'DSOFTHECOLLEGEDETAIS rdsbyhEO FUND50FTHECoLLEGE￿TAtrS(Vll#llryrd Ftkn5 tht TTh*lrE* Thty fjEJErnI •Ekn*ES of*E ALISLS OFYET A55Et5PEfllTENFuf* &tsuP li4U 2412J T￿ FaÈ F￿1 2J 35.wl 7￿7￿ I6￿1 1021 PpJF 7kUSTEEs.REA￿'EAAThy i Ja&i*ry 2024 HE4ddHou5< Fékniby ￿￿t￿ J2 by Wsfrkns. 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