Green Templeton College Annual Report and Financial Statements Year ended 31 July 2022
GREEN TEMPLETON COLLEGE Annual Report and Flnancial Statsm•nts Contents Page Governing Body, Officers and Advisers ReFQrt of the Goveming Body 5-12 Auditorfs Report 13-15 AGGounting Policies 16-20 Consolidated Statement of Financial ActNib'es 21 ConsolKJated and College Balance Sheets 22 Consolidated Statement of Cash Flows 23 Notes to Ihe Financial Statements 24-44
GREEN TEMPLETON COLLEGE Governing Bodyy Offlcers and Advlsors Year ended 31 July 2022 MEMBERS OF THE GOVERNING BODY The Members of the Governing Body are the College's charity trustees under charity law. The members of the Goveming Body who seNed in office as Governors dunng the year or subsequently are detailed below. Sir Michael Dixon Principal Professor Shoumo Bhattacharya Dr Radhika Chadha Senior Doll Fellow Dr Tim Clayden Bursar Dr Richard Culhbertson Secretary lo the Governing Body Professor Mary Daly Professor Hary Daniels Professor Sarah Darby Professor Marella de Bruijn Professor Sue Dopson Professor Gary Ford Professor Peter Friend Professor Xiaolan Fu Professor Richard Gibbons Professor Mark Harrtson Professor Elisabeth Hsu Professor David Hunter Professor Susan James Relly Professor Stephen Kennedy Professor Paul Klenerrnan Or Laurence Leaver Senior Doll Fellow until 31 August 2022 Dr Sheila Lumley Senior Doll Fellow Professor Richard Mcmanus Mrs Elizabeth Padmore Barclay Fellow Professor Rafael Rarnirez Professor Felix Reed-Tsocha5 Academic Tutor
GREEN TEMPLETON COLLEGE Govemlng Body, Offit•rs and Advlsors Year ended 31 Juty 2022 Dr Jonathan Reynokls Professor Jack Salsangi Professor Michael Smets Dr Alison Stenton Senior Tutor Dr Rebecca Surender WI Princip81 Dr Marc Thompson Tutor for Admissions Professor Stephen Tucker Dean of Discipline Barclay Fellow Mr John Webster Or Andrew While Professor James Worrell Professor Susan Ziebland During the year the activities of the Goveming Body were carried out through eight committees listed below. The current membership of these committees is Shown above for each fellow. i. Investment and Finance Committee 2. Academic Committee 3. Risk and Scrutiny Committee 4. Remuneration Committee S. Fellowship Committee 6. Building5 Committee 7. Human Resour5 Committee 'The Medical Teaching Subcommittee and Student Welfare Committee r8POrted into Academic Commtttee.
GREEN TEMPLETON COLLEGE Governlng Body¥ Officgrs and Advlsors Year ended 31 July 2022 COLLEGE SENIOR STAFF The senior staff of the College, to whom day to day management is delegated. are the Principal, the Bursar and the Senior Tutor, all of whom are identified in the table above. COLLEGE ADVISERS Investment property managers Savill$ Wytham Court 11 West Way Oxford OX2 OQL and VSL & Partners 22 Bankside lQdlin9ton OX5 1JE Auditor Crowe U.K. LLP 49-51 Blagrave Street Reading Berkshire RG1 1PL Bankers Barclays Bank Oxford Corporate Group Oxford, OX13DD Solicitors Penningtons 9400 Oxford Business Park Cowley Garsinglon Oxford OX42HN Colleg• address Green Templelon College 43 Woodstock Road Oxford, OX2 6HG Website www.gtc.OX.8c.uk The Members of the Governing Bi)dy present their Annual Report for the year ended 31 July 2022 under the Charities Act 2011 together with the audited financial statements ft)r the year.
GREEN TEMPLETON COLLEGE Report of the Governing Body Year ended 31 July 2022 REFERENCE AND ADMINISTRATIVE INFORMATION Green Templeton College in the University of Oxford I'the College l is a Ghartered charitsble corporation ag9regale. It was incorporated under a Royal Charter granled on 11 April 1995 5ubj8cl to amendments in Council.. dated g July 2008 and 8 June 2011. The College is registered with the Charity Commission under number 1142297. INTRODUCTION Green Templeton College emerged from the CDvid-19 pandemic in relatively good foTm. Our student intske actually increased by over 10%, suggesting that dernand for, and interest in studying at Oxford University persists. In short, up lo December 2021 oollege operations were dominated by the process of re-organisalion and groUp1n9 at the end of the Covid-19 pandemic. Our investments were performing well and the void at our key investment propety was filled, fully restoring income from that source. We benefitted from a substantial grant from the College Contribution Fund. The underlying operating environment and finances slabilised along pre-pandemic lines. However, in early 2022 the indications that inflation levels were going to rise began lo emerge- though the extsnl was unclear. The Russian invasion of Ukraine on 24th February firmly changed the financial environment for the worse for the UK and, of course. for Green Templeton College. As the months progressed towards July 2022 it became appant that headline inflation was going lo rise and for an extended period. Further il was clear that within the headline inflation rate there were asymmetric rises in costs in energy, food and building work- all areas central lo the running of Green Templeton College. Thus while the manner in which Green Templeton operated had not changed dramatically, the costs supporting our charitable activities had. In this we are, of course. no different to any other Gollege within the Oxford University community- or indeed any other educational establishment in the UK. As inf ationary costs made their way into college functions, so the operational budget suffered. The nel result is that the operating deficit 1$ slightly higher than forecast at £750k, or 13°k of turn-over- an increase of 3% over forecast. The key driver for that increase is the impact of grwng inflation. The asset base of the college remains in place with none having been disposed. meaning that as previously Green Templeton College is asset rich, but with a weak cash-ffow. The oulook for 2022123 is not encouraging in terms of operational finance. The relentless pressure of increasing inflation against largely fixed income streams does, and will, result in a higher operational deficit. This will be offset by the increased value in college assets lalmosl all in propety). However, the continuous review of running costs. allied with improved ffntal turnS from capitsl investment in a key residential property coupled with an increased commercial income will help futher offset the increased costs. The development of the college strategy due to be fully completed and under iMpMentation by July 2023 will also support the work of the development team. Though the returns on development work are long in the making, and difficult to predict we are confident that it will result in real rnatenal benefit to Green Templeton College.
GREEN TEMPLETON COLLEGE Report of the Governing Body Year ended 31 July 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng documents The College is govemed by its Charter, Statutes and Regulations. Governing Body The Governing Body is constituted and regulated in accordance with the College Charter. Statutes and Regulations. The Governing Body detem)ines the ongoing strategic direction of the College and Tegulales its administrab'on and the management of its finances and assets. 11 meets regularly lat least once a teml under the chaimanship of the Principal and is advised by a number of committees. The Governing 8ody is self-appointing. for a seven-year period subject to a re-appointment process or until retiremen( whichever is sooner. In the main Governing Body members hold academic posts in the University and frequently they are in posts for which the College has bid for an association. Barclay Fellows are, or have been, acb.ve in the fields of business, government, education, the professions or public affairs. Their appointments are at the discretion of the Governing Body and are for a fNe-year period, normally renewable for a further five-year period, but not renewab thereafter. All the members of the Governing Body in office at any time during the year are listed on pages 2 and 3. The senior stxff of the College are identified in this list. RecTuitrnent and Iraining of Members of the Governlng Body New members of the Governing Body are inducted into the workings of the College, including Goveming Body policy and procedu, by the College officers. The responsibilities of the Trustees are discussed at Governing Body meetings and the topic of conflicts of interest is raised in every meeting. There is also an annual record of declaratlolls of interest for all Governing Body members. Members of the Goveming Body are encouraged to attend extemal trustee training and information courses, some of which are organised by the Oxford Conference of Colleges, to keep them informed on current issues in the sector and on regulatory quIrements. Remuneration of Members of the Governing Body and Senior College Staff With a few exceptions Ithe Principal. Bursar, Senior Tutor and Senior Doll Fellow) Goveming Body Fellows receive no remunerab'on and minimal benefits (chiefly a nominal honoraria) from their trusteeship of the College. Most, but not all, of them are ernployees of the Universrty. The remuneration of senior College staff is decided by the Remuneration Committee in line with University of Oxford pay policy, and in accordance with the procedures advised by the Charity Commissioners. Organlsatlonal managemont The Governing Body met six bmes last year. The Governing Body is advised in its work by the followin9 committees". The Investment and Finance Committee". makes reGommendalions to the Governing Body on the financial circumstances, management and governance of the College including the investrnent strategy. They monitor the performance of the College'5 investments, and propose changes as they see f51. The Academic Committee.. advises on the academic profile and priorities. They solicit and consider proposals for College-based academic activities and oversee the academic programme. The Risk and Scrutiny Committee.. Kjentifies the risks facing the College, and reviews their management, commenting on the effectiveness of the financial and other internal control systems of the College. It also has responsibility for the annual financial audrt process of the College. The Fellowship Committee.. makes recommendations to Governing Body of people for possible eleth'on to the various categories of Fellowship and Common Room membership, and recommends which University positions the College might bid for affiliation. They review the categories of fellowship together with the benefits offered to Fellows. Human Resources Committee.. formulates and updates College policy with respect to the employment and conditions of service for all stslf, has overall responsibility for the implementation of this policy and to consider any disciplinary issues.
GREEN TEMPLETON COLLEGE Report of the Govemlng 8ody Year ended 31 July 2022 Buildings Committee.. makes recommendations on the development of the College estate including both new buildings and for maintaining the existing estate. Remuneration Committee.. advises the Governing Body on the remuneration and temis and conditions for the Principal and senior college officers as determined by the Governing Body. There are sub committees which report to Governing Body through one of the above committees. The day-to-day running of th8 College delegat&l to the Principal, supported by the Bursar and the Senior Tutor. One or more of these three College officers attend every meeting of the Goveming Body'5 committees. Group structure and relationships The College has tsvo wholly owned non-¢haritable subsidiaries.. Green Templelon Services Limited and Green Templelon Design & Build Limited. whose annual profits are donated lo the College under the Gift Aid Scheme. These subsidiaries provide maintenance and building design and build services to the College. The College is part of the collegiate University of Oxford. Material interdependencies beeen the University and the College arise as a Consequen of this relationship. The relationship beeen the College and the University is strong and the Principal, already a member of the Conference of Colleges by right of his position. played some key roles in the cOlgIate University. The Bursar and Senior Tutor also played an active role in the respective committees of college bursars and senior tutors. OBJECTIVES AND ACTIVITIES Charitable Objects and Alms The College's Objects are to further study, leaming, education and research within the University and to be a College wherein individuals may carry out adVand study or research particularly in rnanagement studies, medical and life sciences, social s¢iences and a range of other subject areas as approved by Goveming Body. The Governing Body takes seriously its role in achieving public benefit and ha5 considered the Charity Commission's guidan on the matter. In this gard it5 aims a.. To advance educats'on by providing a sUPPQrtive and creative environment for post graduate students within Oxford University, to enable Ihem to achieve their full potential a5 scholars, and to assist them in cases of difficulty., To foster cross-college academic and interdisciplinary inib'atives benefiting both students and fellows.. To create a Strong cultural, sporting and sccial environment to allow students, fellows and staff to flourish., To offer extra-curricular training, for example", medical training for clinral students, statistical support, coaching programmes,. and lo support research undertaken by fellows and students, through grants for search, fieldwork. conferences eic.; To build a netsvork of alumni across the world in order for them lo contribute to the life of the College through a dynamic community (online and in person} and in order to use their expertise and contacts to help one another as well as future and current students. The aims for the College's subsidiaries a to help finance the achievement of the College's aims as above. The College In Outllne The College comprises more than 650 graduate students, half of whom are from overseas {outside the European Union) from about 75 countries. S80 of the students are women. Promoting equality and lebrating diversity are therefore key to the College, and the College seek5 to increase ways in which we can support the range of people and identities within our whole community. The College's E&D Forum meets iwice term and oversees a number of strands of activity", these are ¢8Ptured annually in our published Public Sector E ualil Dul re ort. The College has a dislinclive academic profile, specialising in subjects relating to human welfare and social, econornic and environmental well-being in the 21 century. including medical sciences, management, and a
GREEN TEMPLETON COLLEGE Report of the Govemlng Body Yearended 31 July 2022 broad range of S(la1 sciences, including education, environmental sciences and Sla1 policy. These disciplines 511 aside core values that prornote enlightened decision-making and enterprising sccial impact. The COlle seeks lo act as a friendly and infomial environment for its diverse and international College community lo interact socially and academically. It organises a number of academic, personal and professional development activities for students, including one-to-one coaching and ils annual student led Human Welfare Conference which. this year. was on Arts and human welfare.. creative action in medicine. sociopolilics 8nd tho environfftent. The Management in IAedicine Programme- now in rts 12th year, and the second since it achieved accreditation from the Faculty of Medical Leadership and Management in August 2020 - goes from strength lo strength, with excellent attendance at seminars and workshops throughout 2021-22 and strong engagemenl with Green Templeton students. This year. the Green Templelon Lecture5, th8 college's flagship academic initiats've, were on the topic of Science and the Media and w8r8 held in partnership with the Reuters Institute for the Study of Joumalism ancl sponSod by Oxford PharmaGenesis, an independent. award-winning Health Science communications consultancy. Many of the students are in Oxford with partners and some with children. Families are welcomed into the College and an increasing number of activities are designed lo include them. A number of partners and families events continued throughout 2021-22. The work of the musician and artist in residence has continued. These together with the choirs, a big band, and the termly musical performances are creating a vibrant cultural environment which is even more special given that very few of the students are arts scholars. The infraslru¢lure and resources of College do govern our ability to house all of our students. In this year the numbers of students living in residence cont'nued to be high despite pandemic-related travel restrictions. Our strategy to develop our estate is progressing with the outcome of a planning application expected in late 2022. Once built. the new buildings will improve access and facilities for disabled students, fellows, staff and visitors, as well as increasing our student accommodation. Academic and welfare Support All Green Templelon students have an allocated College Adviser, who is a member of the College. This adviser is separate from the departmental supervisor lor course director} and is not responsible for directing academic work. Instead, College Advi5ers'. Provide general pastoral support, for example on personal or coping issues, andlor direct the student to appropriate persons for assistance", Monitor the student's prog$$, by discussing University supervision portS and by being available for consultab'on., Discuss any problems or difficuKies the student may be experiencing in their Department or Faculty. andlor with their supervisor., Offer guidance on sources of support available within the College and University. In particular Green Templeton provides outstsnding support for medical students. The Doll Fellowship leaching programme provides medical students with the opportunity to meet with and be taught by a range of healthcare professionals on 8 weekly basis during the course of their studies. Every medical student has a College Advisor who is clinically qualified and has access to a medical library. College medical teaching has continued and was delivered both remotely and in-person throughout the year. The amount of lime taken to support students with mental heamh and broader stress issues has risen yet again this year This experien is common to all Oxford Colleges but of course older and graduate students psent with different problems which can be quite complex lo resolve. COVID-relaled issues - such as delays to fieldwork or lab work- continue to impact on student progression, and the college has seen a very sleep rise1140Yol in students seeking exlensions to deadlines or other programme-related adjustments.
GREEN TEMPLETON COLLEGE Report ofthe Goveming Body Yearended 31 July 2022 Funding availablllty The College awards sGholarships. bursaries and hardship funds to students on the basis of academic merit and need5. The College awarded scholarships totalling £354k. Additionally, a number of academic grants were available to studen15 in the College. All students were eligible for learning grants1£220 per student per yearl and for additional Conference and Fieldwork Funding, awarded compèts'tively. From both schemes. £24k was awarded in academic-relaled grants to students by the College in 2021-22. Additionally, the College introduced new Writing Up Bursaries, funded by college donors Professor Catherine Peters lin memory of Dr Anthony Storrl, Dr Christian Visdomini, and various donors who have contributed to the college's Principal's Fund in recent years. Three DPhil students were made awards to be disbursed in Michaelmas 2022. The qUIreMent to secure further funding to 5UPPOrt students is a key issue for college and its Development team. The support is both for those studen15 who find themselves in financial hardship, as well as support for academic work. Charitable outrea¢h Green Templeton College students continue tc demonstrate 8 strong social conscienee. Many of them volunteer in shelters or soup kitchens for the homeless and in food banks. Others offer pm borpo help associated with their experbse. The College staff ty to support the charitsble aims of the students as far as we are able given the resour constraints. Environmental sustalnablllty The importance of embedding sustainability goals into the operations of College has been enlhusiaslically adopted by Goveming Body. Fellows, staff and students. The college objective is to achieve carbon neutrality by 2035 in line with the University of Oxford target_ The principles of the strategy leading to a Cafbon neutral college adopted by our Goveming Body in Michaelmas temi 2020 now forms a key assumption in all aspects of the developing overarching strategy for Green Templelon College. As part of that the Sustainability Working Group that was established in 2019 is now formally embedded within the college committee structure. Our progress and commitment to the sustainability agenda is demonstrated by the wining (the second in a rowl of a Gold Green Impact award. Tho Collego as Employer The College has a strong ethical approach to the employment of staff guided by an HR committee, chaired by a fellow, which closely monitors staff turnover and sickness and carries out exil interviews. Last year the College introduced a new Perfomance Development Review for staff. Green Templelon is an Oxford living wage employer and the gender pay gap is monitored. Staff training across the College takes platt on unconscious bias, on diversity, and on bullying and harassment in the workplace. College is also closely engaged on the Prevent issue and again successfully passed the annual review of ils actsvities by the offi for Students. FINANCIAL REVIEW The Colleg8 is a result of a merger beeen Green Coltege, a Society of the University, and Templeton College, that was effective on 1 OGtober 2Q08. Discussions leading to the transfer to the College of rtaI assets held by the University on behalf of Green College were concluded during the year ended 31 July 2011. giving rise to a substantial cash and asset inflow to the College in that year. The principal funding sources of the College are student fees, rtsidential rents, the College Contribution Fund and income from an Investment property. Income frorn teaching, research and residenbal activities of £3.9 m in the current year is £0.6m higher than prior year, whilst investment income of £1.7m is in line wrth prior year. The increase in expenditure on leaching, research and residential activities to £8.7m12021. £7.2 rnl is largely due lo the increased employer pension provision and additional expenditure as a result of inflationary ¢osl pressures.
GREEN TEMPLETON COLLEGE Report of the Governing B¢)dy Year ended 31 July 2022 In line with almost all Oxford colleges, Green Templeton makes an operating loss on its charitable activities. The loss has lo be supplemented by income from investments. Green Templelon College was established with an investment portrolio well below the average size of Oxford colleges as a whole. There are no unexpected variations in the financial circumstances of the College behveen 2021 and 2022 except for changes in the pension liability, which has increased from £0.9 m in 2021 to £1.9 m in 2022. R•sgrves policy The College's reserves PDlicy is to maintain sufficient free reserves to enable rt to meet the short-term financial obligations in the event of an unexpected revenue shortfall, lo allow the College to be managed efficiently and lo provide a buffer that would ensufft uninterrupted service5. This 15 not easy to achieve when the annual income is barely enough to cover the College's oulgoings. To this end significant additional resour¢e5 have been expended on fundraising as indicated below. The College also has an insurance policy which covers Ihe105s of income for a period of 24 months. Totsl funds of the College and its subsidiaries at the year*nd amounted to £104.2 m {2021." £105.6 ml. This consists of endowment funds of £1.3 m12021'. 1.4 ml and unspent restricted income funds totalling £6.2 m 12021.. £6.6 ml. The restricted funds are principally allo¢ated for future bursary, scholarship and academic researGh activities across several years. General reserves at the year-end amounted to £3 m12021." £5.0 ml. Fundrai$ing During 2021r22 fundraising activities for the College were conducted by the Development and Alumni Relations team, led by the Principal. and supported by The Pnncipal's Circle. The last year has proved operats'onally challenging. Despite this there has been contsnued success in increasing the level of engagement from our alumni, and the college is launching a Medical Alumni Nehvork lo support current students. Work is ongoing lo develop a more significant proposition for alumni, to further enhance engagement and to increase the financial and non-finanrial support from alumnl. Pledges of note for the 2021122 are £168,000 for a DPhil studentship, staring in the 2022123 academic year, and $50,000 to support the GTC medical leaching programme. Major gift5 ceiVed included £15,000 for Student support, including hardship and writing up bursanes, and £25,000 to facilitate the feasibility study for a new academic centre. £1,000 was also donated lo facilitate the first student exchange visit with Green Templelon's sister college at Cambridge, St Edmund'5. The college was pleased lo be able to join a collaboration with the central University Development Office and three other college's to appointment Legacies Officer. This fractional post1.2ftel will work with the Head of Development and Alumni Relations to develop and implement a Legacy Giving programme for the college. The Development and Alumni Relations team works closely with the central Oxford University Development team most especially on policy issues, such as ethical issues linked to fundraising, and protocol relating to contscts with potential donors. Work Continues lo understand and analyse the data we hold on the central university donor daiabase, to ensure better and more tsrgeled contact with alumni, prospects and donors. In the short-lenn the objective Df the Development and Aumni Relations team is to raise funds in support of the academic related activities of the College and its community of scholars and students. Medium -lemi when the College strategy is agreed, and a College Case for Support is published, this will be extended to include contributions lo capital projects and financial reserves. The have been no complaints about the College's fundraising aclivilies. 10
GREEN TEMPLETON COLLEGE Report of the Govemlng Body Year ended 31 July 2022 Risk managgmgnt The Risk and Scrutiny Committee is respoftsible for ensuring that fisks lo College are being identified, ass85sed and managed by the respective teams responsible for the various areas of College work. It is mandated to meet at least once a year, but in pra¢li¢e it meets termly. When appropriate, the College tskes advice from experts exlemal lo the College with 5peGialist knowledge. The enduring key risk to ¢ollege remains the state of its finances. The Risk and Scrutiny Committee reports directly to Governing Body, lo whom it presents and annual report outlining the risks managed in the previou5 year, and the risk5 identified in the coming year. The Governing Body can call on the Risk and Scrutiny Committee and additionally, in the case of financial matters, the Investment and Finance Committee for expert assistance and guidance. The execub.ve staff of the College are skilled in the idenlificalion and management of risks to the operations and finaneial stsbility of College. Appropriate training is provided to manage the requirements of Health and Safety legislation. All operational risks can be escalated either immediately through the management chain, or through the weekly operations board and then to the appropriate committee overseeing the affected are8 of work. The committees in tum advise the Goveming Body on the measures taken to mib'gale risks. Invoslment policy, objectives and performance The College's investment policy has been fully reviewed and agreed by Goveming Body on 24 November 2022. The policy seeks to balance cuent and future needs by.. Seeking lo maintain the value of investments in real tems, and to increase their value in al terms over the long term. Producing a consislenl and sustainable amount lo support expenditure", Delivering these objectives within acceptable levels of risk. It also embeds the principles of sustainability in current and future investment decisions. The College's investment strategy, policy and perfom72nce is monitored by the Investment and Finance Committee. Al year end, the College's long-lerm investments, combining securities. property and other investments, totalled £42.0 m {2021. £41.7 ml. Futurg Plans The main objective for College plans for 2021-22 is to fonmulate and agree a short, medium and long- term strategy for College which will encompass the following five strategic imperatives.. 1. To research and develop the opportunities required to establish up to Ihree centers of academic eXllence within the College. 2. To create and begin to implement 2 40-year plan for the management and development of the College's property assets. 3. To adopt a business model that hIeVeS the long-lerm financial viability of the College whilst starting to build a new endowment. 4. To cultivate and develop strong relationships with members of the College, including alumni, that makes best use of the time, talent and treasure they are prepared to commit to the benefit of the College. 5. To review. refom and implement the best governance and management structures and processes to successfully deliver this strategic plan and ensure the long-term viabilty of the College. Developing the college strategy has been a significant focus in 2020-21 for the Governing Body and other committees with Academic Committee developing the principles that underpin the academic mission of the College. In March 2020-1, The full fellowship and student body was surveyed to gather their input into the developing strategy. The strategy has also been a significant part of the senior management team with the broader staff input sought through termly briefi'ngs online. Work on implementation plans will continue in 2021- 22.
GREEN TEMPLETON COLLEGE Report of thé Governing Body Year ended 31 July 2022 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations. Charity law qUIreS the Governing Body to prepare financial statements for each financial year. Under that law the Goveming Body has prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Stsndards and applicable lawl, including Financial Reporting Standard 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 1021. Under charity law the Governing Body must not approve the financial stslemenls unless they are 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 Feriod. In preparing these financial slalemenls, the Governing Body is required lo.. Select the most Suitable accounting policie5 and then apply them consistently., Make judgments and accounting esb"mates that are reasonab and prudent., State whether applicable accounting standards, including FRS 102. have been followed, subject to any rnaterial departures disclosed and explained in the financial slatement5', State whether a Statement of Recommended Practice ISORPI applies and has been followed, subject lo any material departure$ which are explained in the financial statements., Prepare the financi815talements on the going concem basis unless it is inappropriate to presume that the College will continue to operate. The Governing Body is responsible for keeping proper accounting re¢ords that are sufficient to show and explain the College's transactions and disclose with reasonable ac¢ura¢y at any time the financial positson of the College and enable them to ensu that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under Charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the VernIng Body on 141h December 2022 and signed on its behalf by. Sir Michael Oixon Principal Green Templeion College 12
GREEN TEMPLETON COLLEGE Independent Auditor's Report to the Members of Green Templeton College
Opinion
We have audited the financial statements of Green Templeton College ('the charity') and its subsidiaries ('the group') for the year ended 31 July 2022 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. 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:
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give a true and fair view of the state of the group's and the parent charity's affairs as at 31 July 2022 and of the group's income and receipt of endowments and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 group 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 trustee'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 or the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information contained within the annual report. 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.
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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient and proper accounting records have not been kept by the parent charity; or
13
GREEN TEMPLETON COLLEGE Independent Auditor's Report to the Members ol Green Templeton College the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responslbilities of trustees As explained more fully in the trustees, r85ponsibilities statement set out on page 12. the trustees are responsible for the prepamtion of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees 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 trustees are responsible for assessing the group and the parent charity's ability to continue as a going concem, disc105ing, as applicable, matters related to going concern and using the going concern basis of accounting unles5 the trustees either intend lo liquidate the charity or to cease operations, or have no realistic allemalive but to do so. Auditor's re8ponsibllltle8 for the audit of the flnanclal staternents We have been appointed as auditor under section 151 of the Charities Act 2011. and rewrt in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are lo obtsin reasonable assurance about whether the financial statements as a vthole are free from material misstatemenL whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable 8ssur8nce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstatement when it exists Misstatements can anse from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users tsken on the basis of these financial statements. Details of the extent to which the audit was considered capable of delecling irregularities, including fraud and non<ompliance with laws and regulations are set out bebw. A further description of our responsibilities for the audit of the financial statements is loeated on the Financial Reporting Council's websrte at". www.frc.o .uklaudilorsres onsibililies. This description fomis part of our auditorfs report. Extent to whlch the audlt was ¢on$ldered capable of d¢te¢ting irregularitios. including fraud Irregularities, including fraud, are instances of non-compliance w¢lh laws and regulations. We identsfied and assessed the risks of material misstslement of the financial ststements from irregul8ribes, whether due to fraud or error. and discussed these beNveen our audit team members. We then designed and performed audit procedure5 responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the detemiination of material amount5 and disclosures in the financial statements. The laws and regulations we considered in this context were the Charitie5 Act 2011 together with the Charities SORP IFRS 1 D21. We assessed the required Gompliance with these laws and regulations as part of our audit procedures on the related financial statement iterns. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which might be fundamentsl to the charity's and the group's ability lo operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we Considered in this context for the UK operations were General Dats Protection Regulation, Health and Safety and Taxation legislation. Audits'ng standards limit the required audit procedures to identify non•compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of gUlatOry and legal correspondence, if any. We identified the greatest risk of material impact on the financial sL2tements from irregularities, including traud, to be within the recognition of incorne and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, sample testing of income transactions to supporting documentslion and reading minutes of meetings of those charged with governance_ 14
GREEN TEMPLETON COLLEGE Independent Auditor's Report to the Members of Green Templeton College
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP Statutory Auditor
Reading
14 December 2022
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
15
GREEN TEMPLETON COLLEGE ststoment of Accounting Policies Year ended 31 July 2022 1. Scope of thg financial statements The financial statement5 present the Consolidated Slalemenl of Financial Activitses ISOFAI, the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiary Green Templeton Services Limited. The subsidiary has been consolidated from the date of its formation being the date from which the College has exercised control through voting rights in the subsidiary. No separate SOFA has been presented for the College alone as currently pemiitted by the Charity Commission on a concessionary basi$ for the filing of consolidated financial statements. A summary ol the results and financial position of the Gharity and its subsidiary for the reporb'ng year are in note 13. 2. Basis of accounting The Colle9e's individual and consolidated financial statements have been ppared in accordan with United Kingdom Accounting Stsndards, in particular FRS 102. The College 15 a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also ppared its individual and consolidated financial 5talemenls in accordance with The Statement of Recommended Practice applicable lo charities preparing their financial statements in acwrdance with FRS 102. The financial statements have been prepared on a going concern basis and on the historical cost basis. except for the Measu ment of investments and certain financial assets and liabilities at fair value with movefflen15 in value reported within the Statement of Financial Activities ISOFAI. The principal accounting policies adopted are set out below and have been applied consistenlly throughout the year. The College has cash SOurceS and has no further requirement for external funding in excess of current facilities. The Trustees have a high expectstion that the College has adequate resources to continue in operational existence for the foreseeable future. In making their assessment the Trustees have considered the impact on the business of Covid-19 including the ability of the College to continue to operate as a College of the University of Oxford. They conts'nue lo believe the going concern basis of accounting appropriate In preparfng the annual financial statements. 3. Ac¢ounting judgements and estlmatlon uncertainty In preparing financial statements it is necessary to make certain judgements, estimates and 2ssumption5 that affect the amounts recognised in the financial Statements. The following judgements and estimates are considered by the Goveming Body to have most 51gnificant effect on amounts recognised in the financial slatemenls. The College and its subsidiary participate in a multi-employer defined benefit pensron plan. In the judgement of the Governing Body there is insufficient infomiation about the plan assets and liabilities io be able to reliably account for its share of the defined benefit obligation and plan assets in the financial statements and therefo the plan is accounted for as a defined contribution scheme (see note 2a). The College carries investment propety at fair value in the balance sheet, wlh changes in fair value being recognised in the income and expenéilure sects.on of the SOFA. Independent valuations are obtsined every the years to determine fair value at the balan sheet date. There any no key assumptions conceming the future, and other key sources of estimation uncertainty at the reporting dale that have a significant risk of causing a material adjuslmenl to the carrying amounts of assets and liabilities within the next financi81 year. 4. Income recognition All income is recognised once the College has enlitlernent to the income. the economic benefit is probable and the amount can be reliably measured. Incorne from fees. Office for Students support and other Charges for servl¢es Fees receivable (less any scholarships, bursaries or other allowances grantsd from the College unrestricted funds), offi for Students support and charges for servr¢es and use of the premises are recognised in the period in which the related service is provided. 16
GREEN TEMPLETON COLLEGE Statement of Accounting Pollcleg Yeai ended 31 July 2022 Income from donations. grants and legacle8 Donations and grants that do not impose specific future perfomiance-related or other specific conditions are recognised on the dale on which the charity has entsllement lo the resource, the amount can be reliably measurèd and the economic benefit lo the College of the donation or grant is probable. Donations and grants subject lo performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to Other specific conditions are recognised as those condrtions are met or their fullilment is wholly within the control of the College and it is probable that the specffied condrtions will be met. LegaCS are recognised following grant of probate and once the College has weived suffiGient information from the ex8CUtorlsl of the deceased's estate to be sa115fied that the gift can be reliably measured and that the economic benefit to the College 15 probable. Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds. Doftations. grants and legacies-which are subject to conditions as to their use imposed by the donor or sel by the terms of an appeal a credited to the relevant reslricled fund or, where the donation, grant or legacy is required to be held as capital, lo the endowment funds. Where donatsons are received in kind las disb'nct from cash or other monetary assets). they are measured at the fair value of tho* assets at the date of the gift. ¢. Investment income Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates. Income from fixed interest debt securities is recognised using the effective interest rate method. Dividend income and similar distributions are re¢ognised on the dale the share interest becomes ex4ividend or when the right to the dividend can be established. Income from investment properties is recognised in the period to which the ntaI income relates. d. Governrnent grants Payments under the Governmenvs furlough herne are recTrJnised when re1vable and classffied as other income in the SOFA. 5. Expenditur• Expenditure is accounted for on an accruals basis. A liability and related expenditure is re¢ognised 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 a charged as an expense as soon as a legal or constructive obligation for their payment arises. All expenditure including support costs and governance costs is allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activib'e5 Ilhe SOFA). Support costs which includes governan costs (costs of complying WTth constitutional and statutory requirements) and other indit costs are apportioned to expenditure categories in the SOFA based on the eslimaled 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. Intra-group sales and charges beeen the College and its subsidiary are excluded from trading income and expenditure in the consolidated financial statements. 6. Leas8s Leases of assets that transfer substantially all the risks and rewards of ownership are dassifie as finance leases The costs of the assets held under finance leases are included within fixed a55ets and depreciation is charged over the shorter of the lease term and the assets, useful lives Assets are assessed for impairment at each pOrting date. The corresponding capital obligations under these leases are shown as liabilities and reeognised al the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are 17
GREEN TEMPLETON COLLEGE ststoment of Accounting Policies Ygar ended 31 July 2022 apportioned bete&n capital paYrnent and financ8 charges in the SOFA so as to achieve a constant rate of interest on the remaining balance of the liability. Leases that do not tnsfer 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. 7. Tanglbla flxed assets Land is slated at cost. Buildings and equipment are stated at Cost less accumulated depwiatK)n and any accumulated impaimenl losses. Freehold properties are held at valuation. The valuation was undertaken by Savills, an independent fimi of Chartered Surveyors, as at 31 July 2020 on the basis of open market value on existing use. The College's properties are reviewed for impaiment when events or changes in ircurnstance5 indicate that the carrying amount of the fixed asset may not be recoverable. If any such indication exists. the assevs recoverable 8mount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds ils recoverable amount. Impairment losses are recognised in the Stslement of Financial Activtties. Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings which is direcfy attributsble to bringing the 8ssel to Its working ndilion for ils intended use and amounting to more than £1,000 together with expenditure on equipment costing more than £1.000 is capf(alised. Where a part of a buikling or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised and expensed in the SOFA. Other expendrture on equipment incurred in the normal day-to-day running of the College and its subsidiarie5 is charged lo the SOFA as incurred. 8. Depreclatlon Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalmenls over their expected useful economic lives as follows.. Freehold properties, including major extensions 50 years Leasehold properbes 50 years or period of lease if shorter Building improvements 10-30 years Equipment 4 -10 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 arying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impaimient. 9. Heritage Assets The College hokls no heritage assets. 10. Investments Investment properb.es are initially recognised at their cost and subsequently measured at their fair value Imarket value) al each reporting dale. Purchases and sales of investment properties are recognised on exchange of contracts. Listed investments are initially measured at their c05t and 5ubsequentiy measured at their fair value al each reporting date. Fair value is based on their quoted priGe at the balance sheet date without deduGtion of the estimated future Selling cost5. Investments such as hedge funds and private equity funds which have no readily identffiable market value are initially rnea5ured at their costs and subsequently measured at their fair value at 18
GREEN TEMPLETON COLLEGE Statement of Accounting Policles Year ended 31 July 2022 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 a allocated to the fund holding or disposing of the relevant investment. 11. Other financial Instruments Derivatlves The College does not deal in derivatives. Cash and cash equNalents Cash and cash equivalents include cash at banks and in hand and short-terrn deposits with maturity dale of three months or less. b. Debtors and credltors Debtors and creditors receivable or payable within one year of the reporting date are carried at their Iransacb'on price. Debtors and creditors that are ceIvable or payable in more than one year and not subject to a market rate of Inte5t are measured at the present value of the expected future receipts or payment discounted at a market rate of interest. 12. Stocks Stocks are valued at the lower of cost and net realisable value, cost being the purchase Pri on a first in, first out b8SIS. 13. Foreign currencies The functional and presentation eurrency of the College and tts subsidiaries is the pound sterfing. 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and lbIlitIeS denominated in foreign currencies at the exchange rates at Ihe reporting dale are recognised in the income and expenditure Section of the SOFA. 14. Fund accounting The total funds of the College and ils subsidiary are allocated to unreslricled, restricted or endowment funds based on the terms set by the donors or set by the lemis of an appeal. Endowment fvnds are further sub41ivided into permanent and expendable. Unrestricted funds can be used in furtherance of the objects of the College al 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 fvnds 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 qUired or permilled the caprtal 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 specfy that the funds are to be retained as capital for the pemanent benefft of the College. Any part of the total tUrn arising from the capital that is allocated to income will be accounted for as unrestn'cted 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 delemined based on the eircumstances that they have been given, for the long term benefit of the College. However, the Goveming Body may at their discretion determine to spend all or part of the capital. 19
GREEN TEMPLETON COLLEGE ststement of Accounting Pollcles Yearended 31 July 2022 Is. Pension costs The costs of retirement benefits provided to employees of the College through multi-employer defined benefit pension schemes are accounted for as if these were defined contribution schemes in accordance with the requirement5 of FRS 102. The College's ¢onlributions to these schemes are recognised as a liability and an expense in the p8ri0d 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-ernployer schemes to fund the past service deficits. The costs of retirement benefits provided to employees of the College through defined contribub'on arrangements are cOgnised as a liability and an expense in the period in which the Salaries to which the contribub'ons relate are payable. 20
Gregn Templeton Call•g• Consolidated Stat•m•nt of Flnaneial Activities For the year onded 31 July 2022 Unr8stricW Restricted FL¥)ds Fun £wo Endd Fund5 £000 2021 T¢)ial £.0 Total rooo IN¢OMEAND ENtM)I•AIENTS FROM.. TeachlrMJ, reseath and derf81 Other Trndlng In¢omÈ DOniU0 and Wcl•6 InVtr1 Investrnenl incc¢n? Other ir Totsl I0• 110 512 536 1.433 202 45 1.674 139 .618 ExPENDVRE ON.. Charftsbk•¢t6¥6tfj•¥: Teathing, researrth aTr1 red9n18l 8.242 8.743 7.190 lunds: Fundraing Tradlw &xptndrture Invesmeni ManagementrSts Tot41 Exp•n1uTh 181 31 149 40 31 6 Th 7,380 In¢ww4Expondur01 beforo galn& Net1108S8sygalns on In¥esim*rts 1,990 15941 3,533 Ngt Inc¢JThllExpendthr• Notmovern•nt In lund8 forth•y•ar FyThJ lj4rn broughtforward 18 97,819 1J02 102.806 Fundg Gathed lorrd •131 J¥ty 21
Green Templeton College Consolidated and College 8alance Sheets As at 31 July 2022 2022 Group £00 2021 Group £'(M]o 2022 ¢011gg• rooo 2021 College £0 Notes FIXED ASSET8 Tangible a$s8ts Property in¥estrnents Other Inveslmenis 10 62,857 31,OOD 11.039 62.864 31.000 11,039 63.718 28,870 12,819 28,870 12.819 12 Total Flxed Assets 104.896 105.466 104,903 105.465 CURRENT ASSETS Stocks D8bto Cash at bank and in hand BT 1,054 91 572 1.897 87 1.047 1.982 91 567 1,881 14 Total ¢urrnntAss•ts 3.129 2,360 3,116 2,339 LIABILITIES critOrs." Amounts falliTrJ du• ithin on• yoar 15 1,838 1,315 1,833 NCURRENT ASSEfsiiLIABILITIES} 1,045 1,283 1,028 TOTALASSETS LESS CURRENT LIABIUTIES 106.187 1C6,511 106,186 106.493 NET ASSETSIIUA81LmESI 8EFORE PENSION UABILrrY 106,187 106.511 11X.186 106,403 Dollned benefit P8nBlon 8chemo Ilablllty 20 1,947 1,917 TOTAL NET ASSETSIILIABIUTIESI FUNDS OF THE COLLEGE 17 Endowm8nt funds 1.309 1,402 1,402 Resblcted fundg 6.210 6,559 6,210 e,559 Unr88trfct8d fvnds Designated funds Gen Colge Otrr Ggneral fvnds R8valuation ns•rv8 Penson reserye 20.518 24.8tKI 803 3.030 49.517 11.9471 20,518 24,800 803 5,042 47,287 19321 20.S18 24,800 803 3.029 49.S17 11,9171 20,518 24,800 803 5,024 47,387 18961 20 18 104.240 105,579 104,269 105,597 The finanri81 statemen15 were approved and auth¢)ris8d for Issue by Ihe Goveming Body of Green Templeton Col*e on 14 Oeeèmber2021 Trustee.. Sir Michael Dtxon Trusts8'. Tirnothy Clayden J.IF- 22
Grfren Templeton College Consolidated Statsment of Cash Flow5 For tho year ended 31 July 2022 2022 £'ooo 2021 £'oc¥) Not88 Nèt ¢•¥h PTovided by Iu9ed Inl opernting aetivitios 11,S49) 15.4301 Cash flows from Investlng a¢tlvltles thvidends, intergst and rents from investments PrOed$ from the sale of propety. plant and equipment PUhaSe of property, plant and eqUIpt Proc88ds from sale of investments Purchase of investrnents Net cash lused Invprovlded by in511 aclivitl8s 1,880 1,674 17541 914 16421 2.778 3,810 Change In e4sh and cash equivalents In the reporting peiiod 291 11,6201 Ca¥h and cosh equivalents at the begrnning of the reportlng perlod 1,697 3.317 Cash 8nd rash ¢qutvaleThts at the end of the reportlng perlod 24 1.988 1.897 23
Qmon Témploton Colleg• 14Dts% to the fin•nclnl staternBnts Forthp ynr•ndgd 31 July 2022 INCOME FRoM¢kITABLeAc7ME5 2021 E'aoo Unr•wfiJ 2.089 1,¥3t T0141 TH¢hlng. R••••r¢h •nd RM10KlI eFFsOIl..Élth). TrCdlryp•tyjrKeh•d4WlIYy•wfromOYounfvWcCFfvnd1rWJ DONATIONSANDLeGAcies £uo UnresMwJfund¥ 572 Cdbpthnad£gkfcf noctydhkns•d. IKOMEFRQAI QnER TRaDI415ACmlfillE8 IncL¥ll 110 110
Green TorThJlotsD co1• Not• to th• finantial 8tatém•nt• Forthg ygargnd•d 31 Juty 202Z IIIVESThIENTINCOME Inm¢m(JIrtsIttol Inwost¢niXqdtsrmdFpDts BankirteI Obllrinknst rir4 Equtydtrld8nd& 140 3fr erlyd Lgm¢ws16 01nOSt TatsllnvDBtrffltlncconq 1.174
Green T•mFdoton Col Notes to the fina[41 Ststements Forth• ygar•nd•d 31 Juty 2D22 OTMERW¢OIIE 2021 139 In2022 1C(l cl1[12021. E120N Ind&4en SwMcudvAndÉnll2071. É19kl AIALY8ts0pexpeNDITURe 2021 £No Tell. resparth andr•¥hnl 2x9 2.441 Oth•rdr•ct¢Xi&lÉalorath.. r••th9. arvJieJpn¥•l 2.735 r¥Xtsdl¢¢dtO-. T&nIng. •ThJrn6Trtsn¥41 J.475 2.45T Totrl rJmrft4N••XpdJrn 8.743 7,190 Ewdknon r4kknofvn05 1¥J Fmdrn FundrdN TrHd1ngeWttwa Tth4I•Wdilur•on TAI•ApEnd1rn Th•2021 %u¥xc1È7kr1•nLdÉWTknwMthdfvrth.el$offl TheCDlbJe unJertspr0biGW¥c4SWJts Lrul0t(ll Funo OfvJrertf&siud8 CcigtCtsibth (2021. EW.
Templ•ton Colkng• P)trt to tho financlal statents Forlho y•arend¢d 31 Juty 2022 OFSUPFoRfAND IY)VERNANCE c75 FLry)d$ Resell HWie Tolal 179 132 132 212 1.670 IN75 OthBrfiwKx G0vqfflaeCQ¥ts TTh FLY¥J Toknl 180 16 f47 4nd att(XirdI ioth•utimwd W¥m•8p•nicffl d15polOffiXQd%l• ¥•*kntyd to thous•rnd•ofthe 25
Gr•¢n T0mpl•ton Coll•g• Motgs to tho flnanElal statsmAnts Fortho ye•r ended 31 July 2022 13PMT91ADA%YfvkEa 2022 Éioo blkA¥S. 176 Gr•itstO 01hwinwro TOI•1 unrosiri¢tytt Totsl grnnts and T kn4•costs•4YJuthd ¥h1n wondtr•0nTethw*rRIfCh.
Greon T•mploton Coll898 Motsw to thofinancial $tat•monts Fortha y•ar•ndad 31 Juty 2022 STAFF cosrs Tre me>eorYR•sloloYts. rD 3,41E 2148 247 SAai$¢wMtyty)s p•ll¢0&.. benell 2.873 TLILvn4nd 17 Sup 12 Trknl CUF LecrarI Mh8r Toill kn£35.9MI2020. Enll £eo.i¥J1.EID,QCQ £7QOOI-to0,001 teo.w1.EW),QUI £90,001Q1W,001 £IQD.OD1-E110.LYJ1 75
•n Temploton Col• l)té& to tho finaneitil atatents Forth ygor ondgd 31 Juty 2022 TA1 FLXEDASSETS Frgèrthj dthj thi 4ding$ aqU4Thnt Tutsl rooD CogVV41uab ofwar ,142 751 Di¥p05pI Atthdafy•r IT,n$ Jlgrtcfw th[r•yO0r 4.139 J3T DeptÉt W¢6P0$ AtgTrJ tyfJr SA74 t4vttswk Atgnd•fwi 1¥2 072 ortofye 63.005 719 IhBLgnd and t•. oper4Ln01 pr¢p&trs, othirtsnfjo1
Gro•n TempOn Coll890 NDtsJ to tho finan¢i•l $tsternents F¢r thè y•ar•hd•d 31 Juty 2022 PROPERTYItr4VEsfKNTS Grwp 8Col• ZQ22 ToL•l 2021 To 28.470 24070 27J)) 2,1>) 1130 col•p¢Mrn•r¢&l¢tts•¥ty•ekntVP•lnQCha1 FhyMivM$pMpatedtySa¥l as4t31 2021 woperty$(e¥uedkn tt7.5m WJ£28.9m. jYZ02l rfuaèthosewith WLf4Jrtai. OTMERIN¥ESThIENT5 2422 13.434 P.7781 2.163 H•¥ IW2 Hd In UK IhgUK th*UK UK rooo TrAal EqultyiThvqsbTMn ID.185 1Q.18S Pw6atyfunds FLYod Inle1 3SS 1.68D 1279 T¢A41ortyJp th16bMn
Gro8n T•nylgton Coll•9• Fortha y•ar •nd•d 31 Juty 2022 13 P•REfff ANDSlJ85ifw¢YvTrJDERTAWS 1(01• 4l•¢•tal In numLwO%LW9551 and GTC Deaiw & Bu1 LJThMbJlrw8tqd r118191721. &MpanYproVq attr•V¢rrfJW GTC DBna Sp5 ro 7231 18Mn •ShoOt 108,015 1),8221 Totsllrtil NvlfvndB¥itsondofhwr 2022 ¢01 Gf¢UP CE9? untsfalliwthJEIthkn LYVJy•4r'. 19 175 4nwnts(rtJ tyCobpm¢mbors 17S 147 CREDcls.. fallhw du•th cwy•v Qup )12 its T&ia1ion andIou COUag8COrtdrt 137 136 823 240 Otsicr•d 1,83J .detEThvJ tyÈ13knm£4B2klDÉ343i £449kwa$t¥ewo ahJrthwEJ1CdeknJ in Ermtil0 renLI1 in
Grngn T•mpton ¢oll•u• P)t•8 to the fln•ncTal $tstem•nt8 Fortho yearand•d 31 Juty 2022 f• •117>Y0FpEIITS ON FUND# GJ IlrS8•51 Ai31 Juty E'OOD 1.127 Colqy 7$ 107 24 1132) 11 tysubgths Toiol EfvjOThimtsttFO&.Group 1132) Support Fulvts 14 287 2.Y 2.696 1192) i&¥) 740 14951 15941 740 IS941 Funds 61 UD3 4020 4•,517 Rewaivahm reakni 47.317 2.13a TillllJnrButrI¢ Fwth.CL 97,659 8.4611 96761 FwvJ¥.G 97.119 18.455 96.721 TwaiFW 6.352 18.9561 1M24Q FortsoJiyr4fveanaW8¢fthe2020 Mts¥eMeFUrth set )t*2$(dI
Grg•n Tqrnpkton Collggg 110ts8 to thp ftnanclal slatemvtTrts Fortho yoar oThJed 31 July 2022 17 FLf4D5 OFTHE cOLLEGEDErLs 1$ g Funa8 EjToLFUJ.P•rnIThf.. OlgfftshJdorslTh• bU i)94Port¢iswN84 G Tnrt Errfkn•ni . MSdèi¢nYl?OoQy¢d tyith¢dr¢umeww6 that th4yhavpl ¥£n. forth91 tenni01th0 Ckne. Hf¥gW.th Gov0m9 BOdYmay dptfiThninplD¥p iorpartOftrWit81. SJJertSLW¢rttuTh pporto[$dgft1 SLW)rtofac4deThi¢ifvliaiYe5 UrthW¥rribNniG•mrnlputPD5QIlhpCa1e Othprfund O•*nthFunts PurShe reprezertedbythd Èis•tsoflM Cclhlle•nd OtsrdÈWthdfunds tylh8 Go4Ymlny den14nd Thbswd oiÈoem alOrd. ofThC(I
TOMlI0n Coll•g• Not05 to th• flnancl sLil•rnBnts For th• yoarended 31 Juty 2022 l•LYS CIIETA8ETS B2TrIEeN FUNE Fu Fr Tolal Tbr*dl 62,85T 31,[ 11,031 1,291 6.210 1,291 2011 To111 roo) Fth E'WO Fund FunJ T901[jaI 7T7 579
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Grwo Tempkn¢on Colle90 NotOS to tho fln•ncial $lat•rn?nts For th8 y•ar ond•d 31 Juty 2022 PEFAOMSCHEMES P•n•ion poll Thè College PaTticiputEs in nNerJhM Superannu8kn SchErne the Vnw4rAty oloxth PensK>n Thwe schemesare hybrld pen$Th scnmes, prOdIng dèfined bonafits b&5èd an llams as w811 as benpfrts b8sÈd on ¢(bUt9. The ass•ts of the scème$ art ea¢h in a $èPkl¥tq tru$tetrJminitWld BcuB ofthe mukn nAtureol the schemes. tho ¥8ts applib io Lhe defined benefrt membetshlp ale not aibuted io indivual Colleges >¢hemje conknbjn rateJ are aal Th8 ¢rll898 i& iherefwe exposed to aouarial rb5k5assccL4ted ¥¥rth omer Uni¥ersities' end Comeges, ernployees and is unabl& to entY Qfkne undedymbg and of the defined ber 3thomÈon a COnSffJtent and rthrysonatle b•si$. As KEqUIt by Sect 28 of FRS 102'Empbyee bernfits.. Collelle accounts fLwlbg srhemgS&s f eY were wholly defin nthbubon Schgmes and contrlbuvons to those $th8mqsarB rori¥ni$8d as a Iwblty and an expons& In the ptsriad in th• 9ri•S to hKh thè contribJbDni payub C1• h41 èntstÈd into asr8pmants lorbDth RqcoyBry Plans}thatd8tBnnin8 howaach Èmpkny•rwithin the gcheme5 11 fund the overall YchEme A lialIty renised 8t Jhe&t d8ta torthe d1cOuntr vÈluÈ of the exp&i&l fure tnlributon un¢grtro$9 $t wlCO defhXlurOirg Jre•fflonts. wth btheE•i¥ibilitsws n9 Tètcgnw 4 An exprnye n Ihp tr• thang•s occur PENSION SCHEMES Thec partlPle1 in th• UnibtrfA SurnnUafi Sthèmp{VSS'I artdth• Ljnrnty tsfch1d Stsff pSn Scherne IfjSPS') on baha t5fh)WS Ana ètAIP NEST Asexplainth in theacct)untinfj thJklts inuffKi•nt Inlonh4tiDn availatrl thè Ce9t to usedefined benerrt Countsno forthe USS and OSPS. in rdaNce %ittl prOW$ns FRS IOZ $¢P¢mJ•rè èct4)untrd fora$ Klhèy ra defined ntribution sth8mfts Boih schemes have putin ¢t ftsr1ddin#l cth)tributitsn$tsfund thèir dèfithth and the hAs reo)gnwd Iwbllty forthe prtsent v4lue Clth2fuTE tribUtiDn3 that ite5bmBteJwAI bE pByable a iesult the5E defio1fur[ng agreernerts è& eXoI08d bel( and reported In no 2 In th• evertl olthe WitMr&Yèl of any olthe Empbyefy USS orOSPS. the amuunl of4ny pension fundkng 6horfall l%vtrich annot be othen¥iso rocovwodl in le$¢t01th9t¢mÈI Will 9preAo acrots thè remnIng pWt1Ptin9 ompknyor6 and reflxted in th• next ytion oltr scneme. Tbe UnNersity hos m•le tho N4ibxAI Empbyrnont SA¥inggTruSifor empknbwwho are 0gINe under autom4lK enlMrt r¢BuLtiDns to wiSn knefiis but notdbJbi l&lorelther USS orOSPS. Univ•Ll• SuwrnnTru•tSon 3cheme Thè uss cornpns85tt¥o part&, U5S IrKQme8•T whlch 16 alefined bgnDfrtarrang9menland USS I5nt 8uildqr%¥hich cwtrion arrangement. Howevai. 0sexrlned abo¥e, both parts areaxounted lor&s lthey Vd•re def•d Contri arrang8ments The Pens cha repts5enb ntsma eforthe In StOt8rn•nl of Financ481 Advit8 In¢lurtes £1,31e,292 12021 - £195,21ei In rdaknn kn the LJSS. Thi$ TrtrbUtsS 01£281.67912021 - Q72.47BI payabl8 t4 Ihé LJSS lh• ChAftg deftfUndQ Iiabl batween the openlng and closin9 bAl4nc $¢ datei tsf tl.036.613 12021 - {£76,9)1. The lalesi trlènnuql aduarial valuat of thE USS def bEnefrtIwbiltts wa5 4$ 131 Mah nd the r&3ied arlmrf rewrtand contrltyJVon dèterminatti) w£re wrth the USS'I J¢irtNtwtstin# CrAnmrftÉ IJNCI 1hh rnpregent$ emF4oyerg and heme membersl In March 2021. This rewrt Sets Inu•ose8 in pen8iOTr wntdbutknns that¥Id be nece$8Bry ts mthntsin xheme's eAMtmg benefits under three enanos. The mostfavourawg of ihesg scenar5 required erall contributn rqte d42 1% wrth hJer farthe 01hersn•rns of 49.6% 4rtd 56.2% Thse thfflpar@ to the current OVaTall contribukn rata rf30 7%. Tha schomo def1t as at March 202D #I v4rieA ing on thè $¢eTrAfiolrom£14.9bn to £17 9bn lon J tschnird prov5 15). In $Se to these cost d prov19 5th8mq'stUnt tnE[rts, JNC ha PtLd ftsbJ benefits Are bJlM up whi¢h, rfaoreed. will pB¥e thtwayforthè iUn OF Any changes are sbll SUeI iD B 5t&tutory employ•r-18d cmsultalK>n wth 5ffEC eMps And theyf rÈpreseniativ2S •nd. tseC4U or the necev6ary tym¢forth. USS Informed The Pen¥ion5 REguLRtor that rtvias llQt pO$¥itr6 ty comrdetethè 2U20 vAluatn by the $tabAOry O¢je of 30 JU2021. ThecUrrentexpeCtati Is thoithe Yaluats woceu%dl not untyi kn2021 or 2Q22.
Grgn Y•mplotoh Collag•
Mot98 ¢0 th• financlal statern•nls
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uThy•r IWrns01th• pmious 2016 llb)n. th• total contrbufyw and mèmt4tscfth• sthrn•w•re wtta ri
ID 34 7% from October 2021 - SFlil23.7% Or 11% respxoknY SubjKt to ubvve on th2202D valuAbon. a b)tsl
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Grggn T•fflplrfon Coll•g9 Not05 to tlw flnanclal stsmerts For th• year ondod 31 Juty 2022 ADDMNAL PRARCrA1pAAnfiE$ PWR YÉARSOFA FLY to T(dl To IPKOFAE AND ENDOWEPIISFROIt.. TerAchry. 3.2riJ Don&t10nJ& l•yc J7 140 1&74 Tothl bifaiTIg •JJ10 8214 expENDrrLVIE C4: &9 TeaEfInB.tE5E Publh G•n•rliry fundB.' 7.190 .591 149 TI4wthfvJ TrA•l Exn• Nlt tr(EXr•>b•for•9lI 2.199 l.l(N) 239 &aJJ 2.1 1771 &115 16 97.212 FUndBG4rrknjfoTdlt3l lY PRCVERfrf IlllESTklENTS PAREFJTSAKDSUBSItW¢Y UNOERTAK4GS GTcDeTr& Bubj 1.757 .W41 EXperrtL 11561
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