2023-07-31-accounts - Green Templeton College

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				Page
Governing Body, Officers		and Advisers		2-4
Report ofthe Governing		Body		5-12
Auditor's Report				13-15
Accounting	Policies			16-20
Consolidated	Statement	of Financial	Activities	21
Consolidated	and College Balance		Sheets	22
Consolidated	Statement	ofCash Flows		23
Notes to the	Financial Statements			24-37

		1	2	3	5	6	7
Sir Michael Dixon	Principal	x	x	x	x	x	x
Professor Sonia Antoranz	Joined January 2023
Contera
Professor Shoumo	Retired January 2023
Bhattacharya
Ms Caroline Butler	Barclay Fellow, Joined
	March 2023
Dr Radhika Chadha	Senior Doll Fellow
Dr Tim Clayden	Bursar					x	x
Dr Richard Cuthbertson	Secretary to the
	Governing Body
Professor Mary Daly
Professor Harry Daniels	Retired July 2023
Professor Sarah Darby
Professor Giuseppe de	Joined October 2023
Giacomo
Professor Simon de Lusignan	Joined January 2023
Professor Sue Dopson
Professor Gary Ford
Professor Peter Friend
Professor Xiaolan Fu
Professor Richard Gibbons
Professor Patricia Greenhalgh	Joined January 2023
Professor Mark Harrison
Professor Elisabeth Hsu
Professor Susan James Relly	Retired December 2022
Professor Stephen Kennedy
Professor Paul Klenerman
Dr Laurence Leaver
Professor Belinda Lennox	Joined October 2023

Professor	Sarah Lewington	Joined January 2023
Dr Sheila	Lumley	Senior Doll Fellow
Professor	Richard McManus
Professor	Rasmus Nielsen	Joined January 2023
Mrs Elizabeth Padmore		Barclay Fellow		X	X
Professor	Stavros Petrou	Joined January 2023
Professor	Rafael Ramirez
Professor	Felix Reed-Tsochas	Academic Tutor until
		February 2023
Dr Jonathan Reynolds
Professor	Jack Satsangi
Professor	Alan Silman	Joined January 2023
Dr Alison	Stenton	Senior Tutor
Dr Rebecca Surender		Vice Principal
Dr Mare Thompson		Tutor for Admissions	until
		February 2023
Professor	Stephen Tucker	Dean of Discipline
Professor	Martin Turner
Mr John Webster		Barclay Fellow
Professor	Susan Ziebland	Dean ofWelfare

				Unrestricted	Restricted	Endowed	2023	2022
				Funds	Funds	Funds	Total	Total
			Notes	F'000	f'000	f'000	E'000	f'000
INCOME AND ENDOWMENTS		FROM:
Charitable activities:
Teaching, research and residential Other Trading Income Donations and legacies				4,427 199 11	572		4,427 199 583	3,987 110 572
Investments
Investment income				2,108	105		2213	1,680
Other income				136			136	3
Total income				6,881	677		7,558	6,352
EXPENDITURE ON:			5-8
Charitable activities:
Teaching, research	and	residential		6,636	456		7,092	8,743
Generating funds: Fundraising Trading expenditure Investment management Total Expenditure		costs		326 113 87 7,162	456		326 113 87 7,618	181 31 1 8,956
Net Income/(Expenditure)	before gains			(281)	221		(60)	(2,604)
Net (losses)/gains on	investments		10,11	(4,643)		(6)	(4,649)	1,264
Net Income/(Expenditure)				(4,924)	221	(6)	(4,709)	(1,340)
Transfers between funds			15	3,185	(3,185)
Net movement in funds	for the year			(1,739)	(2,964)	(6)	(4,709)	(1,340)
Fund balances brought forward			15	96,721	6,210	1,309	104,240	105,580
Funds carried forward at 31		July	15	94,982	3,246	1,303	99531	104240

			2023	2022	2023	2022
			Group	Group	College	College
		Notes	F'000	f'000	K'000	F'000
FIXEDASSETS
Tangible assets		9	61,992	62,857	61,992	62,864
Property investments		10	26,400	31,000	26,400	31,000
Other Investments		11	11,518	11,039	11,518	11,039
Total Fixed Assets			99,910	104,896	99,910	104,903
CURRENT ASSETS
Stocks			88	87	88	87
Debtors		13	622	1,054	622	1,047
Cash at bank and in	hand		1,917	1,988	1,912	1,982
Total Current Assets			2,627	3,129	2,622	3,116
LIABILITIES
Creditors: Amounts	falling due within one year	14	1,826	1,838	1,830	1,833
NET CURRENT ASSETS/(LIABILITIES)			801	1,291	792	1,283
TOTAL ASSETS LESSCURRENT LIABILITIES			100,711	106,187	100,702	106,186
NET ASSETS/(LIABILITIES) BEFORE PENSION LIABILITY			100,711	106,187	100,702	106,186
Defined benefit pension scheme liability		19	1,180	1,947	1,179	1,917
TOTAL NET ASSETS/(LIABILITIES)		17	99,531	104,240	99,523	104,269
FUNDS OF THE COLLEGE		15
Endowment funds			1,303	1,309	1,303	1,309
Restricted funds			3,246	6,210	3,246	6,210
Unrestricted funds
Designated funds			50,138	46,121	50,138	46,121
General funds			5,751	3,030	5,742	3,029
Revaluation reserve			40,273	49,517	40,273	49,517
Pension reserve		19	(1,180)	(1,947)	(1,179)	(1,917)
		17	99,531	104,240	99,523	104,269

					2023	2022
				Notes	E'000	f'000
Net cash provided by (used in) operating	activities			21	(963)	473
Cash flows from investing activities
Dividends, interest and rents from investments					2213	1,680
Purchase of property, plant and equipment Proceeds from sale ofinvestments					(793)	(754) 914
Purchase ofinvestments					(528)
Net cash (used in)/provided by investing	activities				892	1,840
Change in cash and cash equivalents in	the	reporting	period		(71)	2313
Cash and cash equivalents at the beginning		ofthe
reporting period					1,988	1,988
Cash and cash equivalents at the end of	the	reporting
period				23	1,917	1,988

INCOME FROM C	H	ARI	TABL	E ACTIVITIES
													2023	2022
Teaching, Research		and Residential											E'000	f'000
Unrestricted funds
Tuition fees													2,187	2,089
Other academic	income												25	24
College residential		income											2,215	1,874
Total Teaching, Research and Residential													4,427	3,987
The above analysis		includes		f2,139kreceived from	the University			ofOxford from publicly		accountable		funds under the CFFScheme	(2022:f2,062k).
To support the strategic			priority to fund more graduate			scholars and to enable outstanding				students to		take up their places regardless	oftheir financial position, for
graduate students	with overseas fee status funded				through		the Clarendon		or UKRI scholarship		funding	schemes, the College share	ofthe fees waived amounted	to
619k.These are not		included		in the fee income reported above,
DONATIONS AND	LEGACIES
													2023	2022
													E'000	F'000
Donations and Legacies
Unrestricted funds													11	34
Restricted funds													572	538
													583	572
The College also received f300k in the year (2022:					5400k)		from	University	ofOxford CCF	funding.
INCOME FROM OTHER TRADING ACTIVITIES
													2023	2022
													E'000	6'000
Other trading income													199	110
													199	110
INVESTMENT INCOME
													2023	2022
													E'000	6'000
Unrestricted funds
Commercial rent													1,785	1,498
Equity dividends													306	48
Bank interest														(113)
Other interest													17
													2,108	1,433
Restricted funds
Equity dividends														202
Other interest													105
													105	202
Endowed funds
Equity dividends														45 45
Total Investment	income												2,213	1,680

ANALYSIS OF EXPENDITURE
	2023	2022
	E'000	f'000
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential	2,829	2,529
Other direct costs allocated to:
Teaching, research and residential	2,665	2,735
Support and governance costs allocated to:
Teaching, research and residential	1,598	3,479
Total charitable expenditure	7,092	8,743
Expenditure on raising funds
Direct staff costs allocated to:
Fundraising	247	151
Trading expenditure	55	0
Other direct costs allocated to:
Fundraising	31	0
Trading expenditure	58	31
Investment management costs	86	0
Support and governance costs allocated to: Fundraising	48	30
Investment management costs	1	1
Total expenditure on raising funds	526	213
Total expenditure	7,618	8,956

ANALYSIS O	F SUPPORT AND	GOVERNANCE COSTS
				Teaching
			Generating	and	2023
			Funds	Research	Total
			5'000	f'000	E'000
Financial administration			14	264	278
Human resources				98	98
IT			33	299	332
Depreciation				1,658	1,658
Other finance Governance	charges - pension costs	deficit movements		(766) 45	(766) 47
			49	1,598	1,647
				Teaching
			Generating	and	2022
			Funds	Research	Total
			f'000	F'000	F'000
Financial administration				179	187
Human resources				132	132
IT			21	191	212
Depreciation Other finance Governance	charges - pension costs	deficit movements		1,675 1,280 23	1,675 1,280 25

Depreciation costs and profit or loss on disposal offixed assets are attributed according to the use Interest and other finance charges are attributed according tothe purpose ofthe related financing.	made ofthe underlying assets.
	2023	2022
	K'000	F'000
Governance costs comprise: Auditor's remuneration -audit services	23	25
Auditor's remuneration —prior year underprovision	24
	47	25
GRANTS AND AWARDS	2023	2022
	F'000	E'000
During the year the College funded research awards and
bursaries to students from its restricted and
unrestricted fund as follows:
Unrestricted funds
Grants to individuals:
Scholarships, prizes and grants Bursaries and hardship awards Tota I unrestricted	25 10 35	60 178 238
Restricted funds
Grants to individuals:
Scholarships, prizes and grants Bursaries and hardship awards Total restricted	341 10 351
Total grants and awards	386	238

STAFF COSTS
					2023	2022
The aggregate staff costs for the		year were as follows.			f.'000	f'000
Salaries and wages Social security costs					2,851 280	2,401 260
Pension costs:
Defined benefit schemes					392	330
Defined contribution	schemes				84	69
Pension provision	movement-	staff costs			(789)	1,015
Other benefits
					2,818	4,075
The average number was as follows.	ofemployees		ofthe College,	excluding Trustees,	2023	2022
Tuition and research					20	17
College residential Fundraising Support					63 5 13	55 3 12
Total					101	87
The average number	ofemployed		College Trustees	during the year was as follows.

TANGIBLE FIXEDASSETS
Group &College	Leasehold	Freehold	Fixtures,
	land and	land and	fittings and
	buildings	buildings	equipment	Total
	F'000	f.'000	5'000	6'000
Cost/Valuation
At start ofyear Additions	101	67,706 721	3,030 72	70,837 793
Dieposals			(4)	(4)
At end ofyear	101	68,427	3,098	71,626
Depreciation and impairment At start ofyear Depreciation charge for the year	48 2	5,474 1,350	2,458 306	7,980 1,658
Depreciation on disposals			(4)	(4)
At end ofyear	50	6,824	2,760	9,634
Net book value
At end ofyear	51	61,603	338	61,992
At start ofyear	53	62,232	572	62,857

Group 8 College			2023	2022
		Commercial	Total	Total
		6'000	6'000	5'000
Valuation at start ofyear Revaluation gains/(losses)	in the year	31,000 (4,600)	31,000 (4,600)	28,870 2,130
Valuation at end ofyear		26,400	26,400	31,000

OTHER INVESTMENTS	OTHER INVESTMENTS
All investments are held at fair value.
						2023	2022
						E'000	L'000
Group investments Valuation at start ofyear						11,039	12,819
New money invested						528
Amounts withdrawn							(914)
(Decrease)/increase	in value of investments					(49)	(866)
Group investments	at end ofyear					11,518	11,039
Investment in subsidiaries
College investments	at end ofyear					11,518	11,039
Group investments	comprise:	Held outside	Held in	2023	Held outside	Held in	2022
		the UK	the UK	Total	the UK	the UK	Total
		E'000	F'000	F'000	F.'000	F'000	5'000
Equity investments Property funds			9,338 423	9,338 423		9,023 336	9,023 336
Alternative and other	investments		680	680
Fixed term deposits	and cash		1,077	1,077		1,680	1,680
Total group investments			11,518	11,518		11,039	11,039

CREDITORS: falling	due within one year
		2023	2022	2023	2022
		Group f'000	Group f'000	College f'000	College F'000
Trade creditors		539	312	539	311
Amounts owed to Group undertakings				8
Taxation and social security		213	192	213	194
Accruals and deferred	income	850	996	846	990
Other creditors		224	338	224	338
		1,826	1,838	1,830	1,833

		At 1 August	Incoming	Resources		Gains/	At 31July
		2022 f'000	resources F.'000	expended F'000	Transfers F'000	(losses) F'000	2023 F'000
Endowment Funds - Permanent
Student and academic support		1,127			180	(6)	1,301
Endowment Funds - Expendable
Student and academic support		182			(180)
Total Endowment Funds - College and Group		1,309				(6)	1,303
Restricted Funds
Student and academic support		4,007	377	(456)	(842)		3,086
Other funds		2,203	300		(2,343)		160
Total Restricted Funds - College and Group		6,210	677	(456)	(3,185)		3,246
Unrestricted Funds
Revaluation reserve		49,517			(9,244)		40,273
Designated fixed asset fund					21,719		21,719
Designated investment property Other designated reserves	fund			(201)	31,000 2,209	(4,600)	26,400 2,019
Designated funds, including GC	and other	46,121			(46,121)
Pension reserve		(1,917)		737			(1,180)
General funds		3,030	6,870	(7,736)	3,622	(43)	5,743
Total Unrestricted Funds - College		96,751	6,881	(7,200)	3,185	(4,643)	94,974
Pension Reserve held by subsidiaries		(30)		30
General funds held by subsidiaries				8
Total Unrestricted Funds - Group		96,721	6,881	(7,162)	3,185	(4,643)	94,982
Total Funds		104,240	7,558	(7,618)		(4,649)	99,531

The following	is a summary	is a summary	ofeach of the Funds
Endowment	Funds -	Permanent:
Student and	academic	support	A consolidation ofgifts and donations	to the College, where the income but not the
			capital must be used in support of students and academic activities within		College.
Endowment	Funds -	Expendable:
Student and	academic	support	A consolidation of gifts and donations	to the College, similar to permanent	endowment
			in that they were given, or the College	has determined based on the circumstances
			that they have been given, for the long	term benefit ofthe College. However, the
			Governing Body may at their discretion	determine to spend all or part ofthe capital.
Restricted Funds:
Student and	academic	support	A consolidation ofgifts and donations	where both income and capital can	be used	in
			support ofstudent scholarship and bursary provision, and other academic		initiatives.
Other funds			A consolidation ofgifts and donations	where both income and capital can	be used	in
			support ofCollege building projects.
Designated	Funds
Fixed asset	designated	funds	Unrestricted Funds which are represented by fixed assets ofthe College		and
			which are therefore not available for expenditure on the College's general		purposes.
Other designated reserves			Unrestricted funds currently allocated	by the Governing Body for future costs of
			student and academic support.
Revaluation	reserve		Created by the revaluation ofproperty	investments
Pension reserve			Representing the liability for future pension contributions under defined benefit schemes

ANALYSIS OF NET ASSETS BETWEEN FUNDS
	Unrestricted	Restricted	Endowment	2023
	Funds	Funds	Funds	Total
	f'000	f.'000	6'000	f'000
Tangible fixed assets Property investments Other investments	61,992 26,400 6,969	3,246	1,303	61,992 26,400 11,518
Net current assets	801			801
Long term liabilities	(1,180)			(1,180)
	94,982	3,246	1,303	99,531
	Unrestricted	Restricted	Endowment	2022
	Funds	Funds	Funds	Total
	F'000	F'000	F'000	6'000
Tangible fixed assets Property investments Other investments	62,857 31,000 3,520	6,210	1,309	62,857 31,000 11,039
Net current assets	1,291			1,291
Long term liabilities	(1,947)			(1,947)
	96,721	6,210	1,309	104,240

Remuneration paid totrustees
			2023				2022
			Gross remuneration,	taxable			Gross remuneration,	taxable
	Number	of	benefits and pension				benefits and pension
Range	Trustees		contributions f		Number	ofTrustees	contributions f
f1 - F9,999 f30,000 - F39,999 f80,000-F89,999			2,392 86,810				30,782 83,303
f100,000 - F109,999							106,195
f110,000 - f119,999			110,641
f120,000 - f130,999							129,045
f130,000 - f139,999			137,860
Total		4	337,703			4	349,325

Sensitivity ofactuar	Sensitivity ofactuar	ial valuation assumptions
Surpluses or deficits		which arise at future valuations	may	impact on the College's			future contribution		commitment.		The sensitivities regarding		the	principal		assumptions
used to measure	the	scheme liabilities are set out below:
							USS
Assum tion					Chan e	in assum		tion				Im act on USS liabilities
Initial pre-retirement		discount rate		increase	by 0.25%						decrease	by 81.3bn
Post-retirement	discount rate			decrease	by 0.25%						increase	by f2.8bn
DPI				decrease	by 0.1%						decrease	byf1.5bn
Life expectancy				more prudent assumption			(reduce	the adjustment		to	increase	byf1.2bn
				the base	mortality table	by 5%)
Rate ofmortality				more prudent assumption			(increase the annula				increase	by 80.6bn
				mortality	improvements		long-term	rates by	0.2%)
						OSPS
Assumption					Change	in assumption					Impact on OSPS technical				provisions
Valuation rate ofinterest				decrease	by 0.25%						Increase	by 2%ofpensionable		salaries
RPI				increase	by 0.25%						Increase	by 1.5%ofpensionable		salaries

assumptions used in t not materially sensitive	hese calculations for the USS provis to the assumptions used):	ion for 2022/23 are tabled bel
		2022/23
		USS
Finish Date for Deficit	Recovery Plan	31/03/2028
Average staff number	increase	P PP%
Average staff salary increase		300%
Average discount rate Effect of0.5%change	over period in discount rate	4 6P% f44k
Effect of1%change in	staff growth	K90k

21	RECONCILIATION	OF NET	INCOMING	RESOURCES	RESOURCES	RESOURCES	RESOURCES	TO
	NET CASH FLOW	FROM OPERATIONS										2023	2022
												Group	Group
												E'000	E'000
	Net movement in funds for		the year									(4,709)	(1,340)
	Elimination of non-operating		cash flows:
	Investment income											(2,213)	(1,680)
	Losses/(Gains) in investments											4,649	(1,264)
	Depreciation											1,658	1,674
	Decrease/(Increase)	in stock										(1)	4
	Decrease/(Increase)	in debtors										432	(481)
	Increase/(Decrease)	in creditors										(12)	523
	(Decrease)/Increase	in pension scheme		liability								(767)	1,015
	Net cash provided	by operating activities										(963)	473
22	ANALYSIS OF CHANGES IN NET DEBT
										At start		At end
										ofthe		ofthe
										year	Cashflows	year
										E'000	E'000	E'000
	Cash									1,988	(71)	1,917
	Deposits and other	short term investments								1,680	(603)	1,077
	Total									3,668	(674)	2,994
23	ANALYSIS OF CASH AND CASH EQUIVALENTS
												2023	2022
												E'000	E'000
	Cash at bank and in hand											1,917	1,988
	Total cash and cash equivalents											1,917	1,988
24	FINANCIAL INSTRUMENTS
	The financial statements include the following					in	respect	ofitems held at fair value:
										2023	2022	2023	2022
										Group	Group	College	College
										E'000	E'000	E'000	E'000
	Financial instruments that are debt instruments						measured	at settlement	value:
	Trade debtors									426	463	426	463
	Amounts owed by Group undertakings												(8)
	Other debtors									136	525	136	525
	Financial liabilities measured		at settlement		value:
	Trade creditors									(539)	(312)	(539)	(311)
	Amounts owed to Group undertakings											(8)
	Other creditors									(224)	(338)	(224)	(338)
										(201)	338	(209)	331

				Unrestricted	Restricted	Endowed	2022	2021
				Funds	Funds	Funds	Total	Total
				f'000	5'000	5'000	E'000	E'000
INCOME AND ENDOWMENTS			FROM:
Charitable activities:
Teaching, research and		residential		3,987			3,987	3,309
Public worship
Donations and legacies				34	538		572	1,398
Investments
Investment income				1,433	202	45	1,680	1,674
Total return allocated to		income
Total income				5,567	740	45	6,352	6,618
EXPENDITURE ON:
Charitable activities:
Teaching, research and		residential		8,242	495		8,743	7,190
Generating funds:
Fundraising				181			181	149
Trading expenditure				31			31	40
Investment management		costs		1			1	1
Total Expenditure				8,455	495		8,956	7,380
Net income/(Expenditure)		before gains		(2,888)	245	39	(2,604)	(762)
Net (losses)/gains on investments				1,990	(594)	(132)	1,264	3,533
Net Income/(Expenditure)				(898)	(349)	(93)	(1,340)	2,771
Net movement in funds	for the		year	(898)	(349)	(93)	(1,340)	2,771
Fund balances brought	forward			97,619	6,559	1,402	105,580	102,808
Funds carried forward at		31July		96,721	6,210	1,309	104,240	105,579

Income and expenditure	Income and expenditure	for parent and subsidiary	for parent and subsidiary	undertakings	in the year	ended 31 July 2022	was as follows:
						Parent College	Green	GTC Design &
							Templeton	Build
							Services
						5'000	F'000	E'000
SOFA
Income						7,231	224	34
Expenditure						(8,567)	(228)	(34)
Result for the year						(1,336)	(4)
PRIOR YEAR ANALYSIS OF MOVEMENTS			ON	FUNDS
				At	1 August	Incoming	Resources		Gains/	At 31July
					2021	resources	expended	Transfers	(losses)	2022
					E'000	5'000	6'000	E'000	5'000	f,'000
Endowment Funds	- Permanent
Student and academic support					1,132		(5)			1,127
Endowment Funds	- Expendable
Green College					30	45				75
Other					240				(132)	107
Total Endowment	Funds - College				1,402	45	(6)		(132)	1,309
Endowment funds held by subsidiaries
Total Endowment	Funds - Group				1,402	45	(6)		(132)	1,309
Restricted Funds
Student Support Funds					1,315	148	(99)			1,364
Other Academic Support					2,548	287	(192)			2,643
Other Funds					2,696	305	(204)		(594)	2,203
Total Restricted Funds		- College			6,559	740	(495)		(594)	6,210
Restricted funds held by		subsidiaries
Total Restricted Funds		- Group			6,559	740	(495)		(594)	6,210
Unrestricted Funds
Designated funds					20,518					20,518
Green College					24,800					24,800
Other					803					803
General funds					5,043	5,567	(7,440)		(140)	3,030
Revaluation reserve					47,387				2,130	49,517
Pension reserve					-896		(1,021)			(1,917)
Total Unrestricted	Funds - College				97,655	5,567	(8,461)		1,990	96,751
Pension Reserve held by		subsidiaries			(36)					(30)
Total Unrestricted	Funds - Group				97,619	5,567	(8,455)		1,990	96,721
Total Funds					105,580	6,352	(8,956)		1,264	104,240