2023-07-31-accounts - The Queen's College, Oxford

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				Page
Governing Body, Officers		and Advisers
Report ofthe	Governing	Body
Auditor's Report				14
Statement of	Accounting	Policies		17
Consolidated	Statement	of Financial	Activities	22
Consolidated	and College Balance		Sheets	23
Consolidated	Statement	ofCash Flaws		24
Notes to the	Financial Statements			25

		3
Dr C H Craig CBE	Provost		~*
Prof P A Robbins
Dr R BNickerson
Prof R A Taylor		~A
Prof J A Langdale
Prof EJC Mellor
Dr N J Owen
Prof 0 LRees
Mr N C Bamforth
Dr KA0 O'Reilly
Prof C B Louth
Prof CJ Norbury
Prof J P K Doye
Prof M J Buckley
Prof SAldridge			~*s
Dr A Timms
Dr P Papazoglou		~A
Dr L R Lonsdale
Prof R L Beasley
Dr C V Crowther
Prof C A O'Callaghan
Prof L L A Phalippou
Dr D Mayer
Prof A M Gardner
Dr P Tammaro
Dr L A Turnbull
Dr J L Guest
Prof R BParkinson

Dr C M SMetcalf			~ x
Prof SA Whidden
Dr D Prout
Prof J P Keating
Prof C EJ Abell
Prof RSWeatherup
Dr S B Kelly
Prof J A Carillo de la Plata
Dr C P O' Brien
Prof SJ Leedham
Dr M POno-George			~A
Prof P Griffin	Elected 10/11/2021; resigned	30/09/2022
Prof K Leader	Elected 19/10/2022
Dr D Egger	Elected 19/10/2022
Prof BSchulman	Elected 19/10/2022; resigned	30/09/2023
Prof E Slack	Elected 30/11/2022
Prof E Hudson	Elected 18/10/2023
Prof EVaron	Elected 18/10/2023

The members	Body to whom day-to-day management	is delegated
Provost	Dr C H Craig
Bursar	Dr A Timms
Senior Tutor	Prof SA Whidden
Dean	Dr R BNickerson
Tutor for Undergraduates	Prof C B Louth
Tutor for Graduates	Prof R L Beasley
Tutor for Admissions	Prof R A Taylor (from	01/10/2023) (DrJ L Guest to
	30/09/2023)

They are supported	senior staff:
Domestic Bursar	Ms M L Bracey
Coilege Accountant	Mrs KA Daniels
Academic Administrator	Ms C Otl (from 01/09/2023) (DrSMcHugh	to 30/07/2023)
Director of Development	Dr J BJacobs
Chaplain	The Revd A Watson
I ibrarian	Dr M Shaw

				Unrestricted	Restricted	Endowed	2023	2022
				funds	funds	funds	Total	Total
			Notes	E000	r.'000	r.'000	6'000	6'000
INCOME AND ENDOWMENTS		FROM:
Charitable activities:
Teaching, research and	residential			5,934			5,934	5,704
Other trading income				812			812	451
Donations and legacies						1,755	2,389	2,319
Investments
Investment income			4	649	129	3,956	4,734	6,119
Total return allocated tc income			14	10,552	2,117	(12,669)
Other Income: Coronavirus		Job Retention Scheme						21
Total income				17,947	2,880	(6,958)	13,869	14,614
EXPENDITURE ON:
Charitable activities:
Teaching, research and	residential			10,845	1,745	286	12,878	14,142
Generating funds:
Fund-raising				223			223	179
Trading expenditure				457			457	394
Investment management		costs		321	63	1,937	2,321	1,322
Total Expenditure				11,846	1,808	2,225	15,879	16,037
Net income I(expenditure)	before gains I(losses)
Net gains I (losses) on investments			11,12	4,012	722	24,517	29,251	7,955
Net income I(expenditure)				10,113	1,794	15,334	27,241	6,532
Transfers between funds			19
Net movement in funds for	the year			10,113	1,794	15,334	27,241	6,532
Fund balances broughtforwsrd			19	85,791	12,670	327,789	426,250	419,718
Funds carried forward at 31July				95,904	14,464	343,123	453,491	426,250

				2023	2022	2023	2022
				Group	Group	College	College
			Notes	6'000	EOOO	6'000	EOOO
FIXEDASSETS
Tangible assets			9	32,942	31,786	32,942	31.786
Heritage assets			10
Property investments			11	108,873	96,919	108,873	96,919
Other investments			12	353,798	332,213	353,798	332,213
Total fixed assets				495,613	460,918	495,613	460,918
CURRENTASSETS
Stocks				443	439	443	440
Debtors			15	2,072	2,527	2,467	2,885
Cash at bank and in hand				3,215	5,285	2,525	4,629
Total current assets				5,730	8,251	5,435	7,954
LIABILITIES
Creditors. amounts	falling due within one year		16	3,374	12,649	3,301	12,537
NET CURRENT ASSETS				2,356	(4,398)	2,134	(4,583)
TOTAL ASSETS LESSCURRENT		LIABILITIES		497,969	456,520	497,747	456,335
CREDITORS: falling due after more than one year			17	41,879	26,873	41,879	26,873
NET ASSETS BEFORE PENSION		LIABILITY		456,090	429,647	455,868	429,462
Defined benefit pension scheme		liability	23	2,599	3,397	2,599	3,397
TOTAL NET ASSETS				453,491	426,250	453,269	426,065
FUNDS OF THE COLLEGE
Endowment funds			19	343,123	327,789	343,123	327,789
Restricted funds			19	14,464	12,670	14,464	12,670
Unrestricted funds			19
Designated funds				81,171	75,089	81,171	75,089
General funds				14,733	10,702	14,511	10,517
				453,491	426,250	453,269	426,065

					2023		2022
				Notes	6'000		6'OOO
Net cash used in operating activities				26		(	.0
Cash flows from investing activities
Dividends, interest and rents from investments					5,488		6,453
Proceeds from the sale of property,	plant and equipment
Purchase of property, plant and equipment				9	(1,881)		(146)
Proceeds from sale of investments				11,12	2,289		1,495
Purchase of investments				11	(8,040)	(19,772}
Net cash provided by investing activities
Cash flows from financing activities
Interest payable on bank loans and	senior notes				(1,353)		(799)
Cash inflowe from new borrowing					7,000
Receipt ofendowment					1,444		2,129
Net cash provided by financing activities					7,091		1,330
Change in cash and cash equivalents	in the	reporting	period		(2,070)	(16,666)
Cash and cash equivalents at the beginning		ofthe
reporting period					5,285	21,971
Cash and cash equivalents atthe end ofthe		reporting
period				28	3,215		5,285

	2023	2022
Teaching, research and residential	E'000	2'000
Unrestrmted funds
Tuition fees - UK and EU students	1,435	1,422
Tuition fees - overseas students	1,360	1,193
Other Office for Students support	230	260
Other academic income	128	139
College residential mcome	2,781	2,690
Total teaching, research and residential	5.934	5,704
Total income from charitable activities	5,934	5,704

2	DONATIONS AND	LEGAC	IES
				2023	2022
				f000	E000
	Donations and legacies
	Restdicted funds			834	213
	Endowed funds			1,755	2,106
				2,389	2,319
3	INCOME FROM OTHER TRADING ACTIVITIES
				2023	2022
				f000	E'000
	Subsidiary rmmpany	trading	income	812	451
				812	451
4	INVESTMENT INCOME
				2023	2022
				E'000	f'000
	Urtmsfretsd furlds
	Agricultural rent			97	83
	Commercial rent			347	343
	Other property income			3
	Equity dividends			196	362
	Bank Inlamst			8
				649	788
	Restncled funds
	Agricultural rent			19	16
	Commercial rent			69	05
	Other property income			I
	Equity dividends			39	68
	Bank interest			I
				129	149
	Endomuf funds
	Agricultural rent			592	545
	Commemal rent			2,119	2,255
	Other property income			18
	Equity dividends			1,193	2,300
	Bank internet			34 ~3956	2 5 182
	Total Investment	Iricome			6,119

ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE
					2023	2022
					E'000	2000
Charitable expenditure
Direct staff costs agocaled		to
Teaching, research and		residential			5,467	7,504
Other direct costs allocated		to:
Teaching, research and		residential			5,446	4,908
Support and governance	costs allocated			lo.
Teaching, research and		resdential			1,965	1,730
Total charitable expenditure					12,87'tl	14,142
Expenditure on generating		funds
Direct staff costs allocated		to:
Fund-raising					171	140
Trading expenditure					110	99
Other direct costs allocated		to:
Fund-raising					52	39
Trading expenditure					305	255
Investment management		costs			518	133
Support snd governance	costs allocated			to
Trading expenditure					42	40
Investment management		costs			1,803	1,189
Total expenditure on generating			funds		3,001	I 895
Total expenditure					15,879	16,037

			Teachmg
		Generatmg	and	2023
		Funds	Research	Total
		E'000	E'000	E'OOD
Financial administration		442	676	1,116
Human resources		I	66	6'7
IT		8	299	307
Depreciation			766	766
Loan interest	payable	1,394		1,394
Otherfinance	charges		134	134
Governance	costs		24	24
		1,845	1,965	3,810
			Teaching
		Generating	and	2D22
		Funds	Research	Total
		E'000	2'000	CDOO
Financial administration		388	507	995
Human resources		I	55	56
IT		8	224	232
Depredation			786	786
Loan interest	payabls	832		832
Otherfinance	charges		36	36
Governance	costs		22	22

GRANTS AND AWARDS						2023	2022
						5'000	6'000
Durin the year the College		funded research awards	and bursaries	to students	from
ils restncted and unrestncted		funds as follows:
Unrestricted funds
Grants to individuals.
Scholarships, pnzss and grants						88	68
Bursaries and hardship	awards					88	92
Graduate sludenlships						62	141
Grants to other institutions
Total unrestricted						238	301
Restricted funds
Grants to individuals
Scholarships pnzes and grants						57	67
Bursaries and hardship	awards					7	1
Graduate sludenlships						529	298
Total restricted						593	366
Total grants and awards						831	667

STAFF COSTS
																	2023			2022
The aggregate staff costs	for the year were ss fofiows.																6'000			E000
Satanas and wages																	6,095			5,409
Social sscunty costs																	526			500
Pension costs:
Defined benefit schemes																	983			906
Pension deficit recovery	plan adjustments (Note					23)											(908)			1,752
Other benefits																		158		190
																	6,854			8,757
The average number ofemployees			ofthe		College	exduding			trustees,
on e hsadcount basis was	ss follows.																2023			2022
Tuition and research																		40I		36
College residential																		71		71
Fundreising																		6		5
Support																		38		39
Total																		155		151
The average number ofemployed		Cogsge			trustees	dunng		the year was			as fogows.
Assonate Protessor —TF	Universily			and non-TF														20		20
Associate Professor —TF	Cofiege																	10		9
Othertesching and research																		1		I
Other																		2		2
Total																				32
The following information	relates lo		Ihs employees			of the College excluding						the College trustees.	Details ofthe remuneration			and reimbursed		expenses	ofthe
Cogege trustees is included as s separate					note in	these finanoal statements.
The number of employees	(exduding			the	College	trustees)			dunng	ths year		whose gross pay and	benefits	(excluding	employer		Nl and pension	contributions)		fell
within the following bands	wast
E60,001-670,000
570,001-E80,000
The number of ths above	employees			mth	retirement		bsnsfits accruing				was	as follows:
In defined benefits schemes																		4		4

TANGIBLE FIXEDASSETS	TANGIBLE FIXEDASSETS
Group		Freehold	Frxturss,
		land and	fittings and
		buildings	equipment	Total
		E000	2'000	5'000
Cost
At alert ofyear		41,617	158	41,775
Additions		1,922		1,922
At end ofyear		43,539	158	43,697
Depreciation	and impairment
At start ofyear		9,835	154	9,559
Depredation charge for the year		762	4	766
At end ofyear		10,597	158	10,755
Net bosk value
At end ofyear		32,942		32,942
At start of year		31,782	4	31,786
College		Freehold	Fixtures,
		land and	fittings and
		buildings	equipment	Total
		2'000	P000	E000
Cost
At start ofyear		41,617	158	41,775
Additlohs		1,922		1,922
Dispossls
At end ofyear		43539	158	43 697
Depreciation and impairment
At start ofyear		9,835	154	9,989
Charge for the	year	762	4	'T86
At end ofyear		10,597	158	10,'T55
Nst book value
At end ofyear		32,942		32,942
At start ofyear		31,782	4	31,786

PROPERTY INVESTINENTS	PROPERTY INVESTINENTS	PROPERTY INVESTINENTS
Group							2023	2022
				Agncutural	Commercial	Other	Total	Total
				C000	2'000	F000	5'000	6'000
Vsluauon	at start ofyear			64,643	32,209		06,919	03,919
Additions	and improvements		at cost		1,577		1,577	771
Disposals				Ogg)	(13)		(212)	(1,279)
Revaluation gainer(losses)		in	the year	11,709	(1,120)		10,509	13,508
Valuation	at end ofyear			76,153	32,653	67	100.sr3	96910
Cogage							2023	2022
				Agricultuntl	Commeroel	Other	Total	Total
				f.'000	2'000	2'000	2'000	2'000
Valuation	al start ofyear				32,209	67	96,919	03,919
Additions	and improvements		st cost		I 577		1,577	771
Disposals				(199)	(f3)		(212)	(1,279)
Revaluation gains/(losses)		in	the year	11,709	(1,120)		10,509	13,508
Valuation	at end ofyear			76,153	32,653	67	108,873	96,919

OTNERINVESTMENTS	OTNERINVESTMENTS
All investmenls are held at tair value.
		2023	2022
		6'000	6'000
Group investmenis
Valuation at start ofyear		332,213	316,902
New money invested		5,000	21,000
Amounls withdrawn		(2,077)	(216)
Increaser (decrease)	in value of mvestments	18,662	(5,553)
Group investments	at end ofyear	353,790	332,213
College investmente	at end ofyear	353,798	332,213
Group invesbnents	comprise:	2023	2022
		Total	Total
		5'000	k'000
Equity inveslmenis		322,690	299,667
Alternative and other	investments	31,100	32,546
Total group investmanls		353,798	332,213

		Parent College	QCOTL	QCODL
		5'000	5'000	5'000
Income		13,057	812
Expenditure		(15,290)	(589)
Donation to	College under gift aid	186	(186)
Investment	gains	29,251
Net income	forthe year	27,204	3T
Total ssssls		501,048	890
Total liabilities		(47,779)	(668)
Net funds elthe end of year		453,269	222

2023												Perm	anent	endowment		Expendable	2023 Total
													Unapplied			endowment	endowments
												Trust for		total
												investment		return	Total
												R000		5'000	5'000	6'000	5'000
At the beginning ofthe	year:
Gift component ofthe permanent					endowment							92,146			92,146		92,146
Unapplied total return														210,089	210,089		210,089
Expendable endowment																25554	25,554
Total endowments												92,146		210,089	302,235	25,554	327,789
Movements in the reporting		period:
GiR ofendowment funds												1,315			1,315	440	1,755
Investment return: total investment						income								3,647	3,647	309	3,956
Investment return: realised and				unrealised					gains and	losses				22,590	22,590	1,627	24,517
Less: investment management Other transfers				costs									(1.785) (1,785) ~I02 ~702			(151) ~187	(1,936) ~289
Total												1,315		24,350	25,665	2,338	28,003
Unapplied total return allocated				to		income			in the reporting		period			(11,765)	(11,765)	(904)	(12,669)
Expendable endowments transferred							to	income
														(11,765)	(11,765)	(904)	(12,669)
Net movements in reporting		period										1,315		12,585	I3,900	1,434	15,334
At end ofthe reporting	period:
Gilt component ofthe permanent					endowment							93,461			93,461		93,461
Unapplied total return														222,674	222,674		222,674
Expendable endowment																	26988
Total endowments												93461		222 674	316135	26 988	343123
2022												Permanent		endowment		Expendable	2022 Total
														Unapplied		endowment	endowments
												Trust for		total
												investment		return	Total
												5'000		0000	0000	r.000	5'000
At the beginning ofthe	year:
Giff component ofthe permanent				endowment								91,075			91,075		91,075
Unapplied Iota( return														209,848	209,848		209,848
Expendable endowment																24,600	24,600
Total endowments												91,075		209,848	300,923	24,600	325,523
Movements in the reporting		period:
Gift of endowment funds												1,071			1,071	1,035	2,106
Investment return: total investment					mcome									4,786	4,786	396	5 182
Investment return: realised and			unrealised					gains snd losses						6,488	6,488	538	7,026
Less: investment management			costs											(1,034)	(1,034)	(86)	(1,120)
Other Iransfers
Total												1,071		10,144	11,215	1,697	12,912
Unapplied total return allocated			to	income in the reporting						period				(9,903)	(9,903)	(743)	(10,646)
Expendable endowments	transferred					to	income
														(9,903)	(9,903)	(743)	(10,646)
Nst movemerite in reporlin9		period										1,071		241	1,312	954	2,266
At end ofthe reporting	period:
Gift component ofthe permanenl				endowment								92,146			92,146		92,146
Unapplied total return														210,089	210,089		210,069
Expendable endowment																25,554	25,554
Total endowments												92 146		210089	302235	25554	327789

				2023	2022	2023	2022
				Group	Group	College	College
				5'000	5'000	E000	E000
Amounts	falling due		within one year:
Trade dsbtom				596	1,164	396	1.022
Amounts	owed by College members			112	197	112	197
Amounts	owed by group undertakings					595	501
Loans repayable within one year				71	72	71	71
Prepayments		and accrued income		376	202	376	202
Taxation	and	social secunty		95		95
Amounts	falling due		after more than one year:
Loans				022	892	822	892
				2072	2 527	2,467	2 885
CREDITORS: falling			due within one year
				2023	2022	2023	2022
				Group	Group	College	Collage
				dogs	C000	3"000	C000
Bank loans fnote 17)					8,000		8,000
Trade creditors				1,384	602	1,304	602
Taxation	and	social security		172	241	150	227
Accruals	and defened		income	1,378	3.386	1,321	3,288
Other creditors				440	420	440	420
				3,374	12,649	3,301	12,537
CREDITORS:		falling	due after more than one year
				2023	2022	2023	2022
				Group	Group	Collage	Co5sge
				Pgeg	5'000	5'000	5'000
Bank loans				22,000	7,000	22,000	7,000
Senior notes				19,079	19,873	19,879	19,873
				41,$79	26,873	41,079	26,0'f3

ANALYSIS OF MOVEMENTS ON FUNDS	ANALYSIS OF MOVEMENTS ON FUNDS
		At 1August					At 31July
		2022	Income	Expenditure	Transfers	Gains	2023
		G000	5'000	8'000	5'000	5'000	Pssg
Endowment funds	- permanent
Corpus permanent	endowment	206,312	2,485	(1,217)	($,110)	15,370	214,032
Endowment funds		34,17$	1,733	(242)	(1,316)	2,617	36,970
Irusts within College oblscts		61,405	'741	(426)	(2,321)	4,583	64,062
Trusts outside College objects		260	3	(2)	(10)	19	270
Endowment funds	- expendable
Corpus expendable	endowment	15,354	185	(190)	(499)	1.145	15,989
Donations fund		5,859	512	(41)	(310)	460	6,400
Pension fund		4,341	52	(101)	(95)	323	4,520
Total endowment	funds					24,517	343,123
Tatal Endowment	Funds - Group	327,799	5,711	~(2,225	~NON	24,517	343,123
Restricted funds
Trusts within Cogege oblects		6,015	73	(474)	779	445	6,838
Trusts outside College objects		209	3	(I)	10	16	237
Endowment funds		2,241	102	(1,072)	1,328	172	2,771
Specacfunds		1,960	585	(261)		ITf	2,461
Specific balances		2,245				(00)	2,157
Total restricted funds		12,670	763	~INM	2,117	722	14,464
Total Restricted Funds - Group		12,670	763	~I,SOS	2,117	722	14,464
Unrestricted funds
Gsneralfunds		10,517	6,830	(9,678)	6,050		14,511
Fixed assets reserve		31,786		(766)	1,922		32,942
Building furid		43,303	522	(1,402)	2,500	3,228
Total unrestricted	funds	05,606	7,358	~tt, 846	10,552	4,012	~65052
Unreslncled funds	held by subsidieries	185	37				222
Total uilrestrlcled	funds - group	85791	7395	~tt 840	10,552	4,012	06,904
Total funds		426,250	13,869	(15,679)		29,251	453,491

ANALYSIS OF MOVEMENTS ON FUNDS (Continued)
	Al1 August					At 31 July
	2021	Income	Expenditure	Transfers	Gains	2022
	E000	E'000	E'000	E'000	E.'000	E'000
Endowment funds - permanent
Corpus permanenlendowment	206,158	3,271	(707)	(6 645)	4,435	206,312
Endowment funds	33,065	1,607	(149)	(I 071)	726	34,178
Trusts withm College objects	61.439	975	(272)	(1,979)	1.322	61,485
Trusts outside College objects	261	3	(1)	(9)	6	260
Endowment funds - expendable
Corpus expendable endowment	15,343	243	(123)	(439)	330	15,354
Donations fund	4,920	1,119	(24)	(270)	114	5,859
Pension (und	4.337	70	(126)	(33)	93	4,341
Total endowment funds	325,523	7,288	~1,402	~)0,646	7,026	327,789
Total Endowment Funds.Group	325,523	7,288	~1402)	~(10,646	7,026	327789
Restricted funds
Trusts within Ccfiege objects	5,478	87	(360)	692	118	6,015
Trusts outside College objects	194	3	(I)	9	4	209
Endowmentfunds	1,824	29	(738)	1,087	39	2,241
Speofic funds	1,774	243	(97)		40	1,960
Speofic balances Total restricted funds Total Restricted Funds - Group	2,587 11857 11857	362 362	~1,196 ~tt 96)	1,788 I 788	(342) ~141 ~141	2,245 12670 12,670
Unrestricted funds
General funds	10,542	5,889	(10,902)	4,765	223	10,543
Fixed assets reserve	32,426		(786)	146		31,786
Building fund	39,353	624	(1,468)	3,947		43,303
Tolal urirsslricted funds	82,321	6,513	~13,156	S.S58	1,070
Unrestiicted funds held by subsidiaries	17	451	(283)			185
Total unrestricted funds - group Total funds	82338 419,718	6g64 14,614	~(t3439 ~16,037)		1,070 7,955	85,791 426.250

Ths fotovsng isa summary	Ths fotovsng isa summary	Ths fotovsng isa summary	Ths fotovsng isa summary	ofeach of the funds
Endowment funds:
Permanent
Corpus permanent		endowment		A consolidation of giRs and donations where income, but not capital, can be used for the general
				purposes ofthe College
Endowment funds				A consolidation of gilts and donations whose donor has specified that	income		but not capital may only be
				used for partwular purposes within Ihe College oblects
Trusts within	Cofiege objects			Capital element of gifts and donations hald in formal trusts where income		but nol capital may be used for
				particular purposes within the Cofiege obiects.
Trusts outside	Cotsge obiecls			Capital element of gifts and donations held in formal trusts where income		but nol capital may be used for
				particular purposes feting outside College objects
Expendable
Corpus expendable			endowment	A consolidation of giRs and donations where either income, or income and capital, can				be used for	the
				general purposes of the College, but mt normaty be held for Ihe long	tenn
Donations fund				A consolidation of gilts and donations where either income, or income and capital, can				be used for	the
				general purposes ofthe College but vnt normally be held for Ihe long	term
Pension fund				A fund held for the payment ofcertain pensions where income snd capital		can be used		for the purpose
				but will normally be held for the long term
Restricted funds:
Trusts within	College		objects	Accumulated mcome fram giffs and donations held in formal trusts which		may	be used	for particular
				purposes vnthin the Colsge oblects
Trusts outside	College obiects			Accumulated income from gifts and donations held in formal lrusls which		may	be used	for particular
				purposes outside the college objects
Endowment funds				Accumulated income from gifts and donskons whose donor has specified		that	mcome bul not capital
				may only be used for particular purposes within Ihe College objects
Specific funds				A consolidation of gifts and donations where the donor has specified	they	may only be		used for particular
				purposes vethin ths College objects
Speofic balances				A consolidation of giRs and donations where ihe donor has specified	they	may only be		used for particular
				purposes within the College objects and where the investment is held	in particular assets speofled				by ths
				donor
Unrestricted funds:
General funds				General unrestncted funds represent accumulated income from the Cotege's			activities	and other sources
				that are available for the general purposes of Ihe College
Fixed assets	reserve
				An asocabon from general funds to represent the accumulated net book value			of the College fixed		assets
Designated funds
euilding fund				Unrestncled funds allocated by the Fellows for the future costs ofmaintenance			and refurbishment of
				College buildings

ANALYSI	S OF NET ASSETSBETWEEN FUNDS
		Unrestricted	Restricted	Endowment	2023
		funds	funds	funds	Total
		k'000	OOOO	BOOO	Bess
Tangible	lixed assets	32,942			32,942
Property	investments	16,437	3,201	09,235	108,873
Other investmenls		53,095	12,494	288,209	353,'790
Net current assets		2,356			2,356
Long-term	liabiliTiss	(8,926)	(1,231)	(34,321)	(44,47S)
		95,904	14,464	343,123	453,401
		Unrestncled	Restncted	Endowment	2022
		funds	funds	funds	Total
		2'000	2'000	EOOO	EOOO
Tangible	fixed assets	31,786			31,786
Property	investments	12,872	2 591	51,456	96,919
Other investmenls		43,818	11,066	277,329	332,213
Net current assets		4,278	(266)	(6,408)	(4,398)
Long-tenn	liabilities	(6,963)	(719)	(22,588)	(30,270)
		85,791	12670	327789	426 250

Sensitivity ofactuarial	valuation	valuation	assumptions	assumptions	assumptions
Surpluses or dsfiots which ense at future valuations						may	impeu on the	company's			future	contnbution commitment.					The sensitivities		regarding		ths principa
assumpbons used to measure		Ihe	scheme		liabilities	are set out below
Assumption							Uss					Impact		on USS liabilities
						Change in assumption
Initial discount rate							increase by 0.25'/.						decrease		by 51.3bn
Post-retirement discount	rate						decrease by 0.25'/						increase		by	62.8bn
DPI							decrease by 0.1'y.						decrease		by 51.5bn
Life expecmncy							more prudent	assumption			(reduce		wereass		by	51.2bn
							ths adjustment	to bess		mortality
							table by 5'7 )
Rate of mortality							more prudent	assumption					increase		by	50.6bn
							(wereass the	annual	mortality
							improvements	long-term			rates	by
							0.2%)
Assumption							OSPS					Impact		on OSPS		habihties
						Change in assumption
Valuation rale of interest							decrease by 0.25%						increase		by	2% ofpensionable		salarie
RPI							increase by 0.25%						increase		by	1.5% ofpensionable		salaries
Defici Recovery Plans
In Ine with FRS 102paragraph		28.11A,		the College		has recognised a liability for the contributions								payable	for the agreed defiif t funding					plan. The prinople
assumptions used m these calculations				are tabled below:
								2023								2022
							OSPS			USS				OSPS			USS
Fmish Date for Deficit Recovery Plan							30/01/2028		3U03/2028					30/OU2028			31/03/2028
Average staff number increase							0%				0%			0%			0%
Average staf salary increase							5'4				4%			4%			3%
Average discount rate over penod							5.49%		5.49%					3.19%			3.19/,
Effect of0.5'4 change in	discount		rate								96k			1elf			121k
Effect of1%change n staff growth										171k				9k			28k

26	RECONCILIATION OF NET INCOMING RESOURCES TO	RECONCILIATION OF NET INCOMING RESOURCES TO	RECONCILIATION OF NET INCOMING RESOURCES TO	RECONCILIATION OF NET INCOMING RESOURCES TO
	NET CASH FLOW FROM OPERATIONS						2023	2022
							Gnxup	Group
							6'006	f.'000
	Net Income (expenditure)						27,241	6,532
	Elimmation of non-operating cash	flows
	Investmenl income						(4,734)	(6,119)
	(Gains) ILosses in investments						(29,251)	(7,955)
	Interest payable						1,394	032
	Endowment donations received						(1,755)	(2,106)
	Depreciation						766	786
	(Surplus) on sale of fixed assets
	(Decrease)in stock						(4)	(I)
	(Increase) in debtors						43	(330)
	(Decrease) IIncmase in creditors						01	549
	Increase I (Decrease) in pension scheme Net cash «eed in operating actlvlues		liability				(798) ~7,017)	1,766 (6,046)
27	ANALYSIS OF CHANGES IN NET DEBT
					Ai start	Cash	Non-cash	At end
					ofysaf	flows	Changes	ofyear
	Cash				5,205	(2,070)		3,215
	Loans falling due within one year				(0,000)		8,000
	Loans falling due after more than	one year			(7,000)	(7,000)	(8,000)	(22,000)
	Senior Notes due after more than	one year			(19,873) ~29,Mfi	~9,070	(0) (6)	(19,879) ~(38,664
28	ANALYSIS OF CASH ANO CASH EQUIVALENTS
							2023	2022
							0'000	f.'000
	Cash at bank and in hand						3,215	5,205
	Total cash snd cash equivalents						3,215	5,285
20	FINANCIAL COMIaITMENTS
	At 31 July the College hsd annual	commitmsnts		under non-cancellable	operating leases as follows.		2023	2022
							6'000	L'000
	Land and bugdlngs
	expiring within one year
	expiring between two and five years						423	430
							423

The follo	wi	ng trustees	had loans outstanding from ths College at the alert and	Ior snd ofthe year
							2023	2022
							Esse	E000
Abell C							247	261
Buckley	MJ						31	39
Doye JPK							17	22
Gardnsr	A						71	77
Louth CB								I
Mstcalf C							191	198
Mayer D							65	72
Ress Ol							60	66
Ishidden	S						210	226
No interest		is charged	on ths above loans, which are secured on the trustees'	homes. This results	in e benefit	in kind which is indudsd	within the remuneration
disclosed		m note 22.

4		ADDITIONAL PRIOR YEAR COMPARATIVES	ADDITIONAL PRIOR YEAR COMPARATIVES	ADDITIONAL PRIOR YEAR COMPARATIVES
34	a	PRIOR YEAR COMPARATIVE - Consolidated			Statement ofFinancial	Activities
		For ths year ended 31July	2022
						Unreslncled	Reslricled	Endowed	2022
						funds	funds	fuiids	Total
						r.'000	2'ODO	EODO	5'000
		INCOME ANO ENOOWMENT5 FROSD
		Charitable activities:
		Teachmg research and residential				5,704			5,704
		Other trading income				451			451
		Donations end legacies					213	2,106	2,319
		Investments
		Investment income				788	140	5,102	6,119
		Total return efocated to mcome				8,858	1,708	(10,646)
		Other Income Coronavirus	Job Retention	Scheme		21			21
		Tetal income				15,822	2,150	(3,350)	14,614
		EXPENDITURE ON:
		Charitable activiTies:
		Teaching, reseamh and residential				12,696	I 164	202	14,142
		Generating funds:
		Fund-raising				179			179
		Trading expendiWre				394			394
		Investmsnt management coals				170	32	I 120	1,322
		Total Expenditure Net income I(expenditure)	before (losses)			13,439 2303	1,196 954	1,402 ~4,760	16,037 ~1423
		Net gains/(losses) on investments				1,070	(141)	7,026	7,955
		Net income I(expenditure)					813	2266	6532
		Transfers between funds
		Net movement in funds for	the year			3,453	813	2,266	6,532
		Fund balances broughtfonvard				82,338	11,857	325,523	419,718
		Funds cerned forward at 31 July				85,791	12,670	327,709	426,250

Group									2022
						Agricultural	Commercial	Other	Total
						5'000	r.'000	COOO	6'000
Valuation	at start	ofyear				49,052	34,800	67	83,919
Additions	and improvements		at cost			511	260		771
Dispossls						(534)	(745)		(1,279)
Revaluation gains/(losses)			in the year			15,614	(2,106)		13,508
Valuation	at end	ofyear				64,643	32,209	67	96,919
College									2021
						Agncultural	Commercial	Cnr er	Total
						EOOO	2'000	2'000	6'000
Valuation	at start	ofyear				49,052	34,800	67	83,919
Addilions	and improvements		at oxst			511	260		Tr1
Disposals						(534)	(745)		(1,279)
Revaluation gains/(losses)			in the year			15,614	(2,106)		13,506
Valuation	at end	ofyear				64.643	32,209	67	96,919
A formal	valuation	ofIhe agricugural		properties	was prepared	by Seville as at 31 July 2018and	updated es at 31 July 2022.

		Parent College	QCOTL	QCODL
		2'000	r.'000	r.'000
Income		14,163	451
Expenditure		(15,772)	(265)
Donabon to	College under gift aid	15	(15)
Investmsnt	gains	7,955
Nst income	for the year	6,361	171
Total assets		468,872	798
Total liabilities		(42,807)	(613)
Net funds at ihe end ot year		426 065	185