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 Resour￿5 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 appa￿nt 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 iMp￿Mentation 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 be￿een the University and the College arise as a Consequen￿ of this relationship. The relationship be￿een 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 cOl￿gIate 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 adVan￿d 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 S￿la1 policy. These disciplines 511 aside core values that prornote enlightened decision-making and enterprising sccial impact. The COll￿e 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 sponSo￿d 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 p￿sent 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 be￿een 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 cu￿ent 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 eX￿llence 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: - 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; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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: - the information given in the financial statements is inconsistent in any material respect with the trustees' report; or - 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 noneorY*R•sloloYts. rD 3,41E 2148 247 SAai$¢wMtyty)s p•ll￿¢0*&.. benell 2.873 TLILvn4nd 17 Sup 12 Trknl CUF Lec￿rarI Mh8r Toill kn£35.9MI2020. Enll £eo.i¥J1.EID,QCQ £7QOOI-to0,001 teo.w1.EW),QUI £90,001Q1W,001 £IQD.OD1-E110.LYJ1 75 •n Temploton Col*• l*)té& to tho finaneitil atate￿nts Forth* ygor ondgd 31 Juty 2022 TA1￿￿ FLXEDASSETS Frgèrthj dthj thi 4ding$ aqU4Thnt Tutsl rooD CogVV41uab ofwar ,142 751 Di¥p05pI Atthdafy•*r IT,n$ Jlgrtcfw th￿[￿r￿•yO0r 4.139 J3T DeptÉt* W¢￿6P0￿$ AtgTrJ tyfJ*r SA74 t4vttswk￿ Atgnd•fwi 1¥2 072 ortofye 63.005 719 IhBLgnd and *t•. oper4L￿n01 pr¢p&trs, othirts*nfjo1 Gro•n Temp￿On Coll890 NDtsJ to tho finan¢i•l $tsternents F¢*r thè y•ar•hd•d 31 Juty 2022 PROPERTYItr4VEsfK*NTS Grwp 8Col*• ZQ22 ToL•l 2021 To 28.470 24070 27J)) 2,1>) 1130 col•p*¢M*rn•r¢&l¢tts•¥ty•eknt￿V￿P•￿l￿nQCha￿￿1 FhyMivM$pMpatedtySa¥l* as4t31 2021 woperty**$(e¥*uedkn tt7.5m WJ£28.9m. j￿YZ02l rfuaèthosewith WLf4Jrtai*. OTMERIN¥ESThIENT5 2422 13.434 P.7781 2.163 H•¥ IW2 H￿d In UK IhgUK th*UK UK rooo TrAal EqultyiThvqsbTMn ID.185 1Q.18S Pw6atyfunds FLYod Inle￿1 3SS 1.68D 1279 T¢A41ortyJp th16bMn Gro8n T•nylgton Coll•9• Fortha y•ar •nd•d 31 Juty 2022 13 P•REfff ANDSlJ85ifw¢YvTrJDERTAWS 1(￿01￿• *4l•¢•tal In numLwO%LW9551 and GTC Deaiw & Bu￿1 LJThMbJlrw*8tqd ￿￿￿￿r118191721. &￿MpanYproV￿￿q attr•V¢rrfJW￿ GTC DB*na Sp￿￿*5 ro 7231 18Mn •ShoOt 108,015 1),8221 Totsllrtil NvlfvndB¥itsondofhwr 2022 ¢01 Gf¢UP C￿E9? untsfalliwthJE*Ithkn LYVJy•4r'. 19 175 4nwnts(rt*J tyCobpm¢mbors 17S 1￿47 CRED￿c￿ls.. fallhw du•￿th￿ cwy•v Qup )12 its T&ia1ion andIou￿ COUag8COrtd￿rt 137 136 823 240 Otsicr•d 1,83J .detEThvJ tyÈ13*knm£4B2klDÉ343i £449kwa$t¥ewo ahJrthwEJ1C*deknJ in ￿Erm￿til0 renLI1 in Grngn T•mp*ton ¢oll•u• P*)t•8 to the fln•ncTal $tstem•nt8 Fortho yearand•d 31 Juty 2022 f• •11￿7>Y0F￿￿￿p￿EIITS ON FUND# GJ Ilr*S8•51 Ai31 Juty E'OOD 1.127 Colqy 7$ 107 24 1132) 11 tysubgths Toiol EfvjOThimtsttF￿O&.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 Ti*llllJnrButrI¢￿ Fwth.CL 97,659 8.4611 96761 FwvJ¥.G 97.119 18.455 96.721 TwaiFW 6.352 18.9561 1M24Q FortsoJiyr4fveanaW8¢fthe2020 Mts¥eMe￿￿FUrth set ￿)t*2$(dI Grg•n Tqrnpkton Collggg 110ts8 to thp ftnanclal slatemvtTrts Fortho yoar oThJed 31 July 2022 17 FLf4D5 OFTHE cOLLEGEDEr￿Ls 1$ g Funa8 E￿j￿￿T￿o￿LFU￿J￿.P•r￿nIThf.. Olgffts*hJdor￿￿￿s￿lTh• b*U￿ i)94Port¢iswN8￿4 G￿￿ Tnrt Errfkn•ni . MSdèi¢nY￿l?OoQy¢d tyith¢dr¢umeww6 that th4yhavpl￿ ￿¥£n. forth91￿ tenni￿01th0 C￿kn￿e. Hf*¥gW.th Gov0m￿9 BOdYmay￿ dptfiThninplD¥p** *iorpartOftr*Wit81. S*JJertSLW¢rttuTh pporto[$￿dgft1 SLW)rtofac4deThi¢ifvliaiYe5 Urth*W¥rribNni*G•mrnlputPD￿5QIlhpCa￿1e Othprfund O•*nthFunts Pur￿S￿￿h￿e reprezertedbythd Èis•tsoflM Cclhlle•nd OtsrdÈWthdfunds tylh8 Go4Ymlny den14nd Thbswd oiÈoem al￿Or￿d. ofThC(I TOM￿lI0n Coll•g• Not05 to th• flnanc￿l sLil•rnBnts For th• yoarended 31 Juty 2022 l•LY￿S C*IIET*A8ETS B2TrIEeN FUNE Fu F￿r Tolal T￿br￿*d￿l 62,85T 31,[ 11,031 1,291 6.210 1,291 2011 To111 roo) F￿th E'WO Fund FunJ T￿901￿[￿jaI 7T7 579 Grqen Tèmpl&ton CDIJ•g• Mote¥ to the finan¢lJl $taternBnts For th• ygar •ndgd 31 Juty 2022 4oyeK. Gro￿￿￿￿114tiOn. taWe b￿￿*￿par￿0nC0n￿lbthS w*on¢4nirtbulvJ £J),(o).oo, £27W).£29,Y99 ,W).£34.tyJ É71,LWE87.999 £100.LW-£109.9 £110,LU-£119.9Bg £120.￿-£l30.w) 2D.675 20.651 I￿,195 lo4,￿2 129.045 Taknl 349.361 orts39trustqK ￿￿￿•S￿y￿Pthpg1, Eurw. IMs*es•e rtsIn￿￿or￿*hhIrUst• toi*iiÈmunertbOn p&￿tokeymwèMÈntl%￿l£3I9￿W2l".£3￿1. 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 scn*mes, prO￿dIng dèfined bonafits b&5èd an l*lams as w811 as benpfrts b8sÈd on ¢(￿￿bUt￿9. The ass•ts of the sc*ème$ art ea¢h in a $èPkl¥tq tru$tetr*Jmini*tWld B*c*u*B ofthe mukn￿ nAtureol the schemes. tho ¥8ts appli￿b￿ io Lhe defined benefrt membetshlp ale not a￿ibuted io indiv￿ual Colleges >¢hem￿￿je conknbj￿n rateJ are aal Th8 ¢rll898 i& iherefwe exposed to aouarial rb5k5assccL4ted ¥¥rth omer Uni¥ersities' end Comeges, ernployees and is unabl& to ￿ent￿Y 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• 9￿￿ri•S to hKh thè contribJbDni payub C￿1￿• h41 èntstÈd into asr8pmants lorbDth RqcoyBry Plans}thatd8tBnnin8 howaach Èmpkny•rwithin the gcheme5 11 fund the overall YchEme A lia￿lIty re￿￿nised 8t Jhe&t d8ta torthe d1￿cOuntr￿ vÈluÈ of the exp&i&l fu￿re t*nlributon un¢grtro$9 ￿$t w￿lCO defhXlurOirg *Jre•fflonts. wth btheE•i¥ibilitsws ￿n9 Tètcgnw 4* An exprnye n Ihp tr• thang•s occur PENSION SCHEMES Thec part￿lP￿le1 in th• Unib*t*rf*A Su￿r￿nnUafi￿ Sthèmp{VSS'I artdth• Ljn￿*rnty tsfch1￿d Stsff p￿S￿n Scherne IfjSPS') on baha t5f￿h)WS Ana ètAIP NEST Asexplainth in theacct)untinfj thJklts in*uffKi•nt Inlonh4tiDn availatrl* thè C￿e9t to usedefined benerrt Countsno forthe USS and OSPS. in ￿rdaNce %ittl prOW$*ns ￿ FRS IOZ $¢P¢m*J•rè èct4)untrd fora$ Klhèy *￿ra defined ntribution sth8mfts Boih schemes have putin ￿￿¢t ftsr1ddi￿n#l cth)tributitsn$tsfund thèir dèfithth and the hAs reo)gnwd Iwbllty forthe prtsent v4lue Clth2fu￿TE ￿￿tribUtiDn3 that ite5bmBteJwAI bE pByable a iesult the5E defio1fur￿[ng agreernerts è& eX￿oI08d bel(￿ and reported In no* 2 In th• evertl olthe WitMr&Yèl of any olthe Empbyefy ￿ USS orOSPS. the amuunl of4ny pension fundkng 6horfall l%vtrich annot be othen¥iso rocovwodl in le$￿¢t01th9t¢mÈI￿ Will ￿ 9preAo acrots thè rem￿nIng pWt￿1P*tin9 ompknyor6 and reflxted in th• next y￿￿￿tion oltr* scneme. Tbe UnNersity hos m•le tho N4ibxAI Empbyrnont SA¥inggTruSifor empknbwwho are 0￿gINe under autom4lK en￿lM￿rt r¢BuL*tiDns to wiS￿n 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 I￿￿5￿￿￿nt 8uildqr%¥hich cwtri￿￿on arrangement. Howevai. 0sexrl￿ned 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 Advit￿8 In¢lurtes £1,31e,292 12021 - £195,21ei In rdaknn kn the LJSS. Thi$ TrtrbUts￿S 01£281.67912021 - Q72.47BI payabl8 t4 Ihé LJSS lh• ChAftg* def￿￿tfUnd￿Q Iiabl batween the openlng and closin9 bAl4nc* $￿¢ datei tsf tl.036.613 12021 - {£76,9￿)1. The lalesi trlènnuql aduarial valuat￿￿ of thE USS def￿￿ bEnefrtIwbiltt￿s wa5 4$ *131 Ma￿h *nd the r&3ied arlmrf rewrtand contrltyJVon dèterminatti) w£re wrth the USS'I J¢irtNtwtstin# CrAnmrftÉ* IJNCI 1*h￿h 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 scenar￿5 required ￿erall contribut￿n rqte d42 1% wrth h￿J￿er farthe 01hers￿n•rns of 49.6% 4rtd 56.2% Th*se thfflpar@ to the current OVaTall contribukn rata rf30 7%. Tha schomo def￿1t as at March 202D #I￿ v4rieA ing on thè $¢eTrAfiolrom£14.9bn to £17 9bn lon J tschnird prov*￿￿5 ￿15). In ￿$￿Se to these cost* d prov￿1￿9 5th8mq'stU￿nt t￿nE[rts, JNC ha* Pt*L*d ftsbJ￿ benefits Are bJlM up whi¢h, rfaoreed. will pB¥e thtwayforthè i￿￿U￿n OF Any changes are sbll SU￿e￿I iD B 5t&tutory employ•r-18d cmsultalK>n wth 5ffEC￿ eMp￿s And theyf rÈpreseniativ2S •nd. tseC4U￿ or the necev6ary tym¢forth*. USS Informed The Pen¥ion5 REguLRtor that rtvias llQt pO$¥itr￿6 ty comrdetethè 2U20 vAluat￿n by the $tabAOry O¢j￿￿e of 30 JU￿2021. ThecUrrentexpeCtati￿ Is thoithe Yaluats￿ woceu%*dl not untyi kn2021 or 2Q22. Grg*n Y•mplotoh Collag• Mot98 ¢0 th• financlal statern•nls For tho year end•d 31 Juty 2022 uThy•r￿ IWrns01th• pmious 2016 ￿ll*b)n. th• total contrbufyw and mèmt4tscfth• sthrn•w•re wtta ri ID 34 7% from October 2021 - SFlil23.7% Or￿ 11% respxokn￿Y SubjKt to ubvve on th2202D valuAbon. a b)tsl ntsbi Ut￿Tr rate from Qdobgr 2021 of 31 2% propMod- sp1¢21 4% •nd 9.8% r•¥p•th*iy. In 5ufflfflary, the GU￿ta￿l proFn Ihg trusw4nd Unl¥er6ity allrewl o r8tXS¥8ry plan èmpWryJvAI conbnue ts pay ntrtbutsons lolhe 05PS d 19%rfpen8iunat4e 3*aries of tyoth 48fiDed ￿nE[ts m2rnberaat￿ defined contribJtions fflembern whoiDin on oratsr 1 ¢Jct¢ber2017 P4rtollhfj conthbu*DSfordwThthwd contribuVDn mEtnbers1s io the donned benefit seclon to¢Ner ths defiot ￿an. the pro¥¥bn of I1￿891th •n¢ ¢8¥lh-In benEtits *TrJ the expense8of administ•rinp the Mntribu1￿ll 8Ktyun. In employers will tg rnim￿rIeths ￿h£m¢ in ffjspectdPension Proixlon Fu (PPFI ond Oth￿rI￿7￿￿ Co1￿(**d by Pan6￿n￿ ReguL4tor. 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