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## 

|||||Page|
|---|---|---|---|---|
|Governing<br>Body, Officers||and Advisers|||
|Report ofthe|Governing|Body|||
|Auditor's<br>Report||||14|
|Statement<br>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|4|5||
|---|---|---|---|---|---|
|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|ofthe Governing|Body to whom day-to-day<br>management|is delegated|are as follows;|
|---|---|---|---|---|
|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|in particular|by the following|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||



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## 

|||||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<br>activities:|||||||||
|Teaching,<br>research<br>and|residential|||5,934|||5,934|5,704|
|Other trading<br>income||||812|||812|451|
|Donations<br>and legacies||||||1,755|2,389|2,319|
|Investments|||||||||
|Investment<br>income|||4|649|129|3,956|4,734|6,119|
|Total return<br>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<br>activities:|||||||||
|Teaching,<br>research and|residential|||10,845|1,745|286|12,878|14,142|
|Generating<br>funds:|||||||||
|Fund-raising||||223|||223|179|
|Trading<br>expenditure||||457|||457|394|
|Investment<br>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<br>between funds|||19||||||
|Net movement<br>in funds for|the year|||10,113|1,794|15,334|27,241|6,532|
|Fund balances<br>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<br>funds|||19|343,123|327,789|343,123|327,789|
|Restricted funds|||19|14,464|12,670|14,464|12,670|
|Unrestricted<br>funds|||19|||||
|Designated<br>funds||||81,171|75,089|81,171|75,089|
|General<br>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<br>activities||||26||(|.0|
|Cash flows from investing<br>activities||||||||
|Dividends,<br>interest and rents from investments|||||5,488||6,453|
|Proceeds from the sale of property,|plant and equipment|||||||
|Purchase of property,<br>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<br>by investing<br>activities||||||||
|Cash flows from financing<br>activities||||||||
|Interest payable<br>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<br>by financing<br>activities|||||7,091||1,330|
|Change<br>in cash and cash equivalents|in the|reporting|period||(2,070)|(16,666)||
|Cash and cash equivalents<br>at the beginning||ofthe||||||
|reporting<br>period|||||5,285|21,971||
|Cash and cash equivalents<br>atthe end ofthe||reporting||||||
|period||||28|3,215||5,285|





## 

## 

## 

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



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





## 

|ANALYSIS OF EXPENDITURE|ANALYSIS OF EXPENDITURE|ANALYSIS OF EXPENDITURE|||||
|---|---|---|---|---|---|---|
||||||2023|2022|
||||||E'000|2000|
|Charitable<br>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<br>and governance|costs allocated|||lo.|||
|Teaching, research and||resdential|||1,965|1,730|
|Total charitable<br>expenditure|||||12,87'tl|14,142|
|Expenditure<br>on generating||funds|||||
|Direct staff costs allocated||to:|||||
|Fund-raising|||||171|140|
|Trading<br>expenditure|||||110|99|
|Other direct costs allocated||to:|||||
|Fund-raising|||||52|39|
|Trading expenditure|||||305|255|
|Investment<br>management||costs|||518|133|
|Support snd governance|costs allocated|||to|||
|Trading expenditure|||||42|40|
|Investment<br>management||costs|||1,803|1,189|
|Total expenditure<br>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<br>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<br>administration||388|507|995|
|Human<br>resources||I|55|56|
|IT||8|224|232|
|Depredation|||786|786|
|Loan interest|payabls|832||832|
|Otherfinance|charges||36|36|
|Governance|costs||22|22|





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





## 

|8|STAFF COSTS|||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||||||||2023|||2022|
||The aggregate<br>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<br>deficit recovery|plan adjustments<br>(Note|||||23)|||||||||||(908)|||1,752|
||Other benefits||||||||||||||||||158||190|
|||||||||||||||||||6,854|||8,757|
||The average number ofemployees|||ofthe||College|exduding|||trustees,||||||||||||
||on e hsadcount<br>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<br>Protessor —TF|Universily|||and non-TF||||||||||||||20||20|
||Associate Professor —TF|Cofiege|||||||||||||||||10||9|
||Othertesching<br>and research||||||||||||||||||1||I|
||Other||||||||||||||||||2||2|
||Total||||||||||||||||||||32|
||The following<br>information|relates lo||Ihs employees|||of the College excluding||||||the College trustees.|Details ofthe remuneration|||and reimbursed||expenses|ofthe||
||Cogege trustees is included<br>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<br>the following<br>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<br>benefits schemes||||||||||||||||||4||4|





## 

|9|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<br>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<br>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<br>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<br>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|



|12|OTNERINVESTMENTS|OTNERINVESTMENTS|||
|---|---|---|---|---|
||All investmenls<br>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<br>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<br>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<br>ofthe|year:|||||||||||||||||
|Gift component ofthe permanent|||||endowment|||||||92,146|||92,146||92,146|
|Unapplied<br>total return||||||||||||||210,089|210,089||210,089|
|Expendable<br>endowment||||||||||||||||25554|25,554|
|Total endowments||||||||||||92,146||210,089|302,235|25,554|327,789|
|Movements<br>in the reporting||period:||||||||||||||||
|GiR ofendowment<br>funds||||||||||||1,315|||1,315|440|1,755|
|Investment<br>return: total investment||||||income||||||||3,647|3,647|309|3,956|
|Investment<br>return: realised and||||unrealised|||||gains and|losses||||22,590|22,590|1,627|24,517|
|Less: investment<br>management<br>Other transfers||||costs|||||||||(1.785)<br>(1,785)<br>~I02 ~702|||(151)<br> ~187|(1,936)<br> ~289|
|Total||||||||||||1,315||24,350|25,665|2,338|28,003|
|Unapplied<br>total return allocated||||to||income|||in the reporting||period|||(11,765)|(11,765)|(904)|(12,669)|
|Expendable<br>endowments<br>transferred|||||||to|income||||||||||
|||||||||||||||(11,765)|(11,765)|(904)|(12,669)|
|Net movements<br>in reporting||period||||||||||1,315||12,585|I3,900|1,434|15,334|
|At end ofthe reporting|period:|||||||||||||||||
|Gilt component<br>ofthe permanent|||||endowment|||||||93,461|||93,461||93,461|
|Unapplied<br>total return||||||||||||||222,674|222,674||222,674|
|Expendable<br>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<br>ofthe|year:|||||||||||||||||
|Giff component<br>ofthe permanent||||endowment||||||||91,075|||91,075||91,075|
|Unapplied<br>Iota( return||||||||||||||209,848|209,848||209,848|
|Expendable<br>endowment||||||||||||||||24,600|24,600|
|Total endowments||||||||||||91,075||209,848|300,923|24,600|325,523|
|Movements<br>in the reporting||period:||||||||||||||||
|Gift of endowment<br>funds||||||||||||1,071|||1,071|1,035|2,106|
|Investment<br>return: total investment|||||mcome|||||||||4,786|4,786|396|5 182|
|Investment<br>return: realised<br>and|||unrealised|||||gains snd losses||||||6,488|6,488|538|7,026|
|Less: investment<br>management|||costs|||||||||||(1,034)|(1,034)|(86)|(1,120)|
|Other Iransfers||||||||||||||||||
|Total||||||||||||1,071||10,144|11,215|1,697|12,912|
|Unapplied<br>total return<br>allocated|||to|income in the reporting||||||period||||(9,903)|(9,903)|(743)|(10,646)|
|Expendable<br>endowments|transferred|||||to|income|||||||||||
|||||||||||||||(9,903)|(9,903)|(743)|(10,646)|
|Nst movemerite<br>in reporlin9||period||||||||||1,071||241|1,312|954|2,266|
|At end ofthe reporting|period:|||||||||||||||||
|Gift component<br>ofthe permanenl||||endowment||||||||92,146|||92,146||92,146|
|Unapplied<br>total return||||||||||||||210,089|210,089||210,069|
|Expendable<br>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<br>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<br>funds|- permanent|||||||
|Corpus permanent|endowment|206,312|2,485|(1,217)|($,110)|15,370|214,032|
|Endowment<br>funds||34,17$|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<br>funds|- expendable|||||||
|Corpus expendable|endowment|15,354|185|(190)|(499)|1.145|15,989|
|Donations<br>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<br>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<br>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<br>funds||||||||
|Gsneralfunds||10,517|6,830|(9,678)|6,050||14,511|
|Fixed assets reserve||31,786||(766)|1,922||32,942|
|Building<br>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<br>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<br>funds - permanent|||||||
|Corpus permanenlendowment|206,158|3,271|(707)|(6 645)|4,435|206,312|
|Endowment<br>funds|33,065|1,607|(149)|(I 071)|726|34,178|
|Trusts withm<br>College objects|61.439|975|(272)|(1,979)|1.322|61,485|
|Trusts outside College objects|261|3|(1)|(9)|6|260|
|Endowment<br>funds - expendable|||||||
|Corpus expendable<br>endowment|15,343|243|(123)|(439)|330|15,354|
|Donations<br>fund|4,920|1,119|(24)|(270)|114|5,859|
|Pension<br>(und|4.337|70|(126)|(33)|93|4,341|
|Total endowment<br>funds|325,523|7,288|~1,402|~)0,646|7,026|327,789|
|Total Endowment<br>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<br>Total restricted funds<br>Total Restricted Funds - Group|2,587<br>11857<br>11857|362 <br>362|~1,196<br> ~tt 96)|1,788 <br>I 788|(342)<br> ~141<br> ~141|2,245<br>12670<br>12,670|
|Unrestricted<br>funds|||||||
|General funds|10,542|5,889|(10,902)|4,765|223|10,543|
|Fixed assets reserve|32,426||(786)|146||31,786|
|Building<br>fund|39,353|624|(1,468)|3,947||43,303|
|Tolal urirsslricted<br>funds|82,321|6,513|~13,156|S.S58|1,070||
|Unrestiicted<br>funds<br>held by subsidiaries|17|451|(283)|||185|
|Total unrestricted<br>funds - group<br>Total funds|82338<br>419,718|6g64 <br>14,614|~(t3439<br> ~16,037)||1,070<br>7,955|85,791<br>426.250|





## 

|Ths fotovsng isa summary|Ths fotovsng isa summary|Ths fotovsng isa summary|Ths fotovsng isa summary|ofthe ongins and purposes|ofeach of the funds||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Endowment<br>funds:|||||||||||
|Permanent|||||||||||
|Corpus permanent||endowment|||A consolidation<br>of giRs and donations<br>where income, but not capital, can be used for the general||||||
||||||purposes ofthe College||||||
|Endowment<br>funds|||||A consolidation<br>of gilts and donations<br>whose donor has specified that|income||but not capital may only be|||
||||||used for partwular<br>purposes<br>within<br>Ihe College oblects||||||
|Trusts within|Cofiege objects||||Capital element of gifts and donations<br>hald in formal trusts where income||but nol capital may be used for||||
||||||particular<br>purposes<br>within the Cofiege obiects.||||||
|Trusts outside|Cotsge obiecls||||Capital element of gifts and donations<br>held in formal trusts where income||but nol capital may be used for||||
||||||particular<br>purposes<br>feting outside College objects||||||
|Expendable|||||||||||
|Corpus expendable|||endowment||A consolidation<br>of giRs and donations<br>where either income, or income and capital, can||||be used for|the|
||||||general<br>purposes<br>of the College, but mt normaty<br>be held for Ihe long|tenn|||||
|Donations<br>fund|||||A consolidation<br>of gilts and donations<br>where either income, or income and capital, can||||be used for|the|
||||||general<br>purposes<br>ofthe College<br>but vnt normally<br>be held for Ihe long|term|||||
|Pension<br>fund|||||A fund held for the payment ofcertain pensions<br>where income snd capital||can be used||for the purpose||
||||||but will normally<br>be held for the long term||||||
|Restricted funds:|||||||||||
|Trusts within|College||objects||Accumulated<br>mcome fram giffs and donations<br>held in formal trusts which||may|be used|for particular||
||||||purposes<br>vnthin<br>the Colsge oblects||||||
|Trusts outside|College obiects||||Accumulated<br>income from gifts and donations<br>held in formal lrusls which||may|be used|for particular||
||||||purposes<br>outside the college objects||||||
|Endowment<br>funds|||||Accumulated<br>income from gifts and donskons<br>whose donor has specified||that|mcome bul not capital|||
||||||may only be used for particular<br>purposes<br>within<br>Ihe College objects||||||
|Specific funds|||||A consolidation<br>of gifts and donations<br>where the donor has specified|they|may only be||used for particular||
||||||purposes<br>vethin ths College objects||||||
|Speofic balances|||||A consolidation<br>of giRs and donations<br>where ihe donor has specified|they|may only be||used for particular||
||||||purposes<br>within the College objects and where the investment<br>is held|in particular assets speofled||||by ths|
||||||donor||||||
|Unrestricted<br>funds:|||||||||||
|General funds|||||General<br>unrestncted<br>funds represent<br>accumulated<br>income from the Cotege's|||activities|and other sources||
||||||that are available for the general purposes<br>of Ihe College||||||
|Fixed assets|reserve||||||||||
||||||An asocabon from general funds<br>to represent<br>the accumulated<br>net book value|||of the College fixed||assets|
|Designated<br>funds|||||||||||
|euilding<br>fund|||||Unrestncled<br>funds allocated<br>by the Fellows for the future costs ofmaintenance|||and refurbishment<br>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<br>or dsfiots which ense at future valuations||||||may|impeu on the|company's|||future|contnbution<br>commitment.|||||The sensitivities||regarding||ths principa|
|assumpbons<br>used to measure||Ihe|scheme||liabilities|are set out below||||||||||||||||
|Assumption|||||||Uss|||||Impact||on USS liabilities||||||||
|||||||Change<br>in assumption||||||||||||||||
|Initial discount rate|||||||increase by 0.25'/.||||||decrease||by 51.3bn|||||||
|Post-retirement<br>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<br>the|annual|mortality|||||||||||||
||||||||improvements|long-term|||rates|by||||||||||
||||||||0.2%)|||||||||||||||
|Assumption|||||||OSPS|||||Impact||on OSPS||habihties||||||
|||||||Change in assumption||||||||||||||||
|Valuation<br>rale of interest|||||||decrease by 0.25%||||||increase||by|2% ofpensionable||salarie||||
|RPI|||||||increase<br>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<br>used<br>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<br>in|discount||rate||||||||96k|||1elf|||121k|||||
|Effect of1%change n staff growth||||||||||171k||||9k|||28k|||||



## 



## 

## 

|26|RECONCILIATION<br>OF NET INCOMING RESOURCES TO|RECONCILIATION<br>OF NET INCOMING RESOURCES TO|RECONCILIATION<br>OF NET INCOMING RESOURCES TO|RECONCILIATION<br>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<br>of non-operating<br>cash|flows|||||||
||Investmenl<br>income||||||(4,734)|(6,119)|
||(Gains) ILosses<br>in investments||||||(29,251)|(7,955)|
||Interest payable||||||1,394|032|
||Endowment<br>donations<br>received||||||(1,755)|(2,106)|
||Depreciation||||||766|786|
||(Surplus) on sale of fixed assets||||||||
||(Decrease)in stock||||||(4)|(I)|
||(Increase)<br>in debtors||||||43|(330)|
||(Decrease) IIncmase<br>in creditors||||||01|549|
||Increase<br>I (Decrease) in pension scheme<br>Net cash «eed in operating actlvlues||liability||||(798)<br>~7,017)|1,766<br>(6,046)|
|27|ANALYSIS OF CHANGES<br>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)<br>~29,Mfi|~9,070|(0)<br>(6)|(19,879)<br> ~(38,664|
|28|ANALYSIS OF CASH ANO CASH EQUIVALENTS||||||||
||||||||2023|2022|
||||||||0'000|f.'000|
||Cash at bank and<br>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<br>within<br>one year||||||||
||expiring between<br>two and five years||||||423|430|
||||||||423||





## 

## 

## 

|The follo|wi|ng trustees|had loans outstanding<br>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<br>FROSD||||||||
|||Charitable<br>activities:||||||||
|||Teachmg<br>research and residential||||5,704|||5,704|
|||Other trading<br>income||||451|||451|
|||Donations<br>end legacies|||||213|2,106|2,319|
|||Investments||||||||
|||Investment<br>income||||788|140|5,102|6,119|
|||Total return efocated to mcome||||8,858|1,708|(10,646)||
|||Other Income<br>Coronavirus|Job Retention|Scheme||21|||21|
|||Tetal income||||15,822|2,150|(3,350)|14,614|
|||EXPENDITURE ON:||||||||
|||Charitable<br>activiTies:||||||||
|||Teaching, reseamh<br>and residential||||12,696|I 164|202|14,142|
|||Generating<br>funds:||||||||
|||Fund-raising||||179|||179|
|||Trading expendiWre||||394|||394|
|||Investmsnt<br>management<br>coals||||170|32|I 120|1,322|
|||Total Expenditure<br>Net income I(expenditure)|before (losses)|||13,439<br>2303|1,196<br>954|1,402<br> ~4,760|16,037<br> ~1423|
|||Net gains/(losses)<br>on investments||||1,070|(141)|7,026|7,955|
|||Net income I(expenditure)|||||813|2266|6532|
|||Transfers between funds||||||||
|||Net movement<br>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<br>forward<br>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<br>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<br>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||