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2022-07-31-accounts

St Anne's College

Annual Report and Financial Statements

Year ended 31 July 2022

St Anne’s College

Annual Report and Financial Statements

Contents

Governing Body, Officers and Advisers
2 - 7
Report of the Governing Body
7 - 20
Report of the Auditor
21 – 24
Statement of Accounting Policies 25 - 30
Consolidated Statement of Financial Activities
31
Consolidated and College Balance Sheets
32
Consolidated Statement of Cash Flows
33
Notes to the Financial Statements
34 – 55

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Year ended 31 July 2022

St Anne’s College

Report of the Governing Body

MEMBERS OF THE GOVERNING BODY

The Members of the Governing Body are the College’s charity trustees under charity law. The members of the Governing Body who served in office as Governors during the year or subsequently are detailed below.

(1) (2) (3) (4)
Ms. H.M. King
Principal		 ● ● ●
Prof. D Armanios Appointed 09.03.22
Prof. J Baird ●
Mr. J Banbrook Domestic Bursar ●
Dr. D Belyaev
Dr. M Bolt
Prof. G A D Briggs Retired 31.12.21
Prof. R Chard Retired 30.09.22
Dr. H C Christian ●
Dr. S M Clegg
Prof. A Cocks Retired 30.09.22
Prof. R S Crisp
Prof. C Deane
Prof. V Deringer Appointed 04.12.19
Mr. Edwin Drummond
Prof. J Foerster Appointed 01.12.21
Mr. J E Ford Treasurer ● ● ●
Prof. P Ghosh
Dr. I Goold
Dr. S Gronlie

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(1) (2) (3) (4)
Prof. C R M Grovenor
Prof. T H Hall
Prof. B M Hambly
Prof. N Harnew Retired 30.09.22
Prof. M Harry ●
Prof. G Hazbun
Prof. J Hippisley-Cox ●
Prof. C Holmes
Prof. H Hotson
Prof. P Irwin Vice Principal ● ●
Prof. S Islam Appointed 02.02.22
Prof. K Janezic Appointed 01.12.21
Prof. P J Jeavons Retired 31.12.21
Prof. F Johnston
Dr. J Katz
Dr. A Klevan
Prof. S Khalid Appointed 01.12.21
Dr. S Khan
Prof. K Kreider Resigned 07.01.22
Prof. A Layard Appointed 01.12.21
Prof. M G L Leigh ●
Prof. T J Lyons Retired 30.09.22 ●
Prof. S N MacFarlane Retired 30.09.22
Prof. P McGuinness

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Report of the Governing Body

Year ended 31 July 2022

(1) (2) (3) (4)
Dr. S. McKellar Senior Tutor ● ●
Prof. J Middleton Appointed 01.12.21
Prof. V Murphy
Dr. G Nelson ●
Dr. S. Park
Prof. D R Porcelli
Prof. D Pyle
Prof. R Reed
Prof. M Reynolds ●
Prof. S. Robinson ●
Prof. A Rogers ●
Dr. B Rosic
Dr T Schwanen ●
Prof. F Szele
Dr. A Tzanakopoulos
Prof. P Vyas
Prof. S Waters
Prof. K Watkins
Ms. Clare White Fellow Librarian ●
Prof. P R Wilshaw Retired 30.09.22
Dr. S Wordsworth ●
Prof. Y Yadgar ●

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Report of the Governing Body

Year ended 31 July 2022

(1) (2) (3) (4)
Non trustee committee members
Dr. D. Bryan External ●
Ms. Jane Bevis External ●
Mr. P Donovan External ●
Ms. C Dryhurst External ●
Mr. Jonathan Freeman External ●
Mr. James Graham External ●
Mr. M Redman External ●
Mr. C Rodgers External ●
Ms. K Roydon External ●
Ms. S Siame External ●

During the year, the activities of the Governing Body were carried out through four main committees. The current membership of these committees is shown above for each Fellow.

The Statutes require the Investment Committee to have, as well as the members of Governing Body noted above, at least two members who are experienced and carrying on business in investment matters. These external members are supplemented by three other external members who are either elected or co-opted to the Committee.

The remuneration committee reviews and approves the remuneration of members of the Governing Body and consists of six independent members; the Principal and Treasurer are in attendance except for matters concerning their own remuneration.

COLLEGE SENIOR STAFF

The senior staff of the College to whom day-to-day management is delegated are as follows.

The Principal Ms. H M King

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The Vice-Principal Prof. P Irwin
The Treasurer Mr. J E Ford
The Senior Tutor Dr. S C McKellar
The Domestic Bursar Mr. J Banbrook
The Director of Development Mr. E Drummond

COLLEGE ADVISERS

Investment Managers

Newton Investment Management Limited - The Bank of New York Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA

Advisory Board

Although not required in the College Statutes, the Governing Body has created an Advisory Board, which comprises seven external members with relevant experience, and includes alumnae of the College; The Principal, Vice-Principal, Senior Tutor, Treasurer and Domestic Bursar attend meetings as non-voting members.

The Board can meet up to twice a year and reports to the Governing Body. It has no formal responsibility for the College’s governance and its remit is to offer independent advice to the Governing Body on a range of issues, including financial and risk management, capital project planning, administrative effectiveness, College structures and key priorities. The board did not meet in the financial year up to 31 July 2022.

Auditor

Messrs Crowe U.K. LLP - Aquis House, 49-51 Blagrave Street, Reading RG1 1PL

Bankers

Royal Bank of Scotland PLC - 32 St Giles, Oxford OX1 3ND

Solicitors

Blake Morgan LLP - Seacourt Tower, West Way, Botley, Oxford OX2 0FD

College Address

Woodstock Road

Oxford OX2 6HS

Website

www.st-annes.ox.ac.uk

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St Anne’s College

Report of the Governing Body

Year ended 31 July 2022

The Members of the Governing Body present their Annual Report for the year ended 31 July 2022 under the Charities Act 2011 together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

St Anne’s College in the University of Oxford, which is known as St Anne’s College (“the College”), is a charity incorporated by royal charter which was granted in 1952.

The College registered with the Charities Commission on 30[th] June 2011 (registered number 1142660).

St Anne’s College traces its origin to the Association for the Education of Women in Oxford which was founded in 1879. In 1898 the name was changed to the Society for Home Students which endured until 1942 when it became St Anne’s Society. Until 1921 activities were governed by a Council and the Delegacy for Women Students of the University. From 1921 the Society was governed by its own Delegacy of the University until 1952 when, with the grant of a Royal Charter, it was admitted to full College status in the University as St Anne’s College. The Statutes adopted in 1952 provided for a Council to control and oversee the organisation and in 1958 an amendment to the Statutes replaced the Council with the Governing Body which is described in this report.

Further amendments to the Statutes in 1977 allowed the appointment of men to the Governing Body and the admission of male students and the first male undergraduates arrived in 1979. St Anne’s College is now one of the largest Colleges in Oxford for both undergraduate and postgraduate students and is committed to furthering intellectual emancipation by attracting a wide range of students from different cultures and backgrounds.

The names of all Members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2-6.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The College is governed by its Charter and Statutes.

Governing Body

The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, who is the Bishop of Oxford. The Governing Body appoints the Principal, Fellows, Tutors, Lecturers, Librarian, and such administrative and other Officers as the Governing Body thinks necessary from time to time. The Governing Body appoints Committees and delegates to them such powers as it thinks fit, again subject to the Statutes.

The Governing Body has such powers as are conferred on it by its Charter and shall subject thereto and to the Statutes, have the entire direction and management of the affairs of the College. The Governing Body determines the strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly with the Principal as Chair and is advised by four main committees and a range of sub-committees.

Recruitment and training of Members of the Governing Body

Members of the Governing Body are normally recruited through a joint appointment process with the University of Oxford in the case of academics, which includes open advertisement of the posts and a professional selection and appointment process. In the case of posts funded entirely by the College,

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recruitment is also through open advertisement followed by a selection and appointment process including an external representative where appropriate.

Governing Body has discretion to elect Fellows in other categories as provided in the Statutes.

New members of Governing Body are inducted into the workings of the College, including Governing Body policy and procedures, by meetings with College officers and reference to operating manuals.

Members of the Governing Body may attend external trustee training and information courses to keep them informed on current issues in the sector and on regulatory requirements.

Remuneration of Members of the Governing Body and Senior College Staff

Members of the Governing Body, who are primarily Fellows, are teaching and research employees of the College or University and receive no remuneration or benefits from their trusteeship of the College. Those trustees that are also employees of the College receive remuneration for their work as employees of the College which is set based on the advice of the College’s Remuneration Committee, entirely comprised of independent external members. Where possible, remuneration is set in line with that awarded to the University’s academic staff.

The remuneration of senior College staff is set by the Governing Body in line with College pay policy.

Organisational management

The members of the Governing Body meet a minimum of four times a year. The work of developing their policies and monitoring the implementation of these is carried out by four main Committees:

Council reports to Governing Body and meets six times a year; it has the role of a General Purposes Committee to which the Governing Body delegates certain responsibilities of decision making and College management, consistent with the Governing Body’s own responsibilities as the College’s sovereign body as set out in the Statutes. It covers financial and fundraising matters and is responsible for keeping the financial position of the College under review and to review the Medium Term Financial and Risk Management Strategies and to recommend any action deemed to be necessary or desirable consequent upon these.

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The day-to-day running of the College is delegated to the College Senior Staff noted above.

Group structure and relationships

The College has two wholly owned non-charitable subsidiaries: St Anne’s College Services Company Limited and St Anne’s College Developments Limited. St Anne’s College Services’ trading activities primarily comprise of the letting of the College facilities when not in use by members of the College. St Anne’s College Developments undertakes certain College building works and began trading again on 8[th] March 2022 to complete work on the Bevington Road project. Both subsidiaries donate their annual profits to the College under the Gift Aid Scheme. The subsidiaries’ aims, objectives and achievements are covered in the relevant sections of this report.

The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship.

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The College’s Charitable Object as stated in the Charter is “the advancement of learning, education and research and to be a College within the University of Oxford where women and men may carry out academic study and research".

The Governing Body has considered the Charity Commission’s guidance on public benefit and in keeping with its objects, the College’s aims for the public benefit are:

The criteria that the College uses to assess success are as follows:

Students: Degree classifications, prizes awarded and feedback from students.

Research: Number of publications and external recognition including positions awarded and membership of external bodies.

Environment: ensuring full compliance with public health and safety requirements including regular inspections and fire drills; using feedback from students; peer comparisons with other Colleges; and feedback from other guests.

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Finance: the College operates a number of key performance indicators including an operating surplus target. It ensures compliance with financial covenants to maintain debt serviceability. The aims set for the College’s subsidiaries are to help finance the achievement of the College’s aims as above.

Activities and objectives of the College

The College’s activities are focused on furthering its stated objects and aims for the public benefit.

Following an extensive consultation with students, staff, alumnae, donors and other supporters the College drafted its “Purpose on a Page” In 2017 This was ratified by Governing Body at the end of Hilary Term 2018.

The Purpose on a Page outlines the aspiration of the College, as well as its ambition, beliefs, values, and approach in order to guide future decision making, to ensure a shared and consistent ethos and direction of travel. Its aspiration was agreed to be “to understand the world and change it for the better and its ambition “to be a diverse and inclusive community contributing to the University’s vision to lead the world in education and research, and securing the College’s legacy and future.” Its values were reinforced as “forward looking and outward facing; diverse and multidisciplinary; ambitious and down-to-earth; independent and collaborative; and rigorous and supportive.”

Its beliefs were outlined “as a community:

As trustees, we

The College’s approach in achieving all of this echoes its Latin motto being “Purposefully and boldly.”

Financial Support for Students

The College charges the following fees:

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In order to assist undergraduates entitled to student support, the College provides, through a scheme operated in common with the University and other Colleges, bursary support for those of limited financial means. For the academic year 2021/22 the number of student support awards made was 115 out of a Home/EU undergraduate population of 396. 64 of the awards were at the maximum value and the average value of the awards was £2,987. The scheme is approved by the Office of Fair Access and provides benefits at a substantially higher level than the minimum OFFA requirement. The College also provides access to book awards, free vacation residence and travel grants to undergraduates .

To support the costs of graduate students, the College provides financial support including a number of scholarships each year to fund fees and living costs, and access to support and travel grants to meet costs involved in research, fieldwork and presenting papers at conferences. The College also offers Graduate Development Scholarships to doctoral students who, under guidance of Tutorial Fellows, take responsibility for some undergraduate teaching.

In addition to its other programmes, the College operates several hardship funds for which all students incurring unexpected financial hardship are eligible.

ACHIEVEMENTS AND PERFORMANCE

Academic results

In undergraduate finals examinations, of those who have currently been assessed, 33% of students achieved a first or distinction, down from 42% in 2021. The number of 2.1s increased to 67% from 53% in 2021. 18 University prizes were awarded to 14 St Anne’s students for their performance in finals and other end of year examinations. One of the modern languages finalists achieved the highest result in the university. The College remains determined to ensure that all students achieve their potential and continues to seek to balance actively supporting students, and encouraging responsibility for their academic performance.

Outreach and Access

In 2021-22 The College saw a steady return to in-person access and outreach activities, with many schools keen to re-engage with day visits and outbound activities at schools and colleges in its link regions of the North East of England and in Hillingdon and Southwark in London. The College continued to offer optional online activities and sessions alongside in-person visits. This has provided greater flexibility to work remotely with schools (particularly at times when an in-person visit would not have been feasible) and when working with schools who have a small group of Oxbridge applicants. The sustained contact programme for the North East of England, Aim for Oxford, also had a similar hybrid approach this year, with the first workshops and academic taster sessions taking place online in January and February and returning to in-person activities in the region in March and April. The College is looking forward to welcoming this group to attend an in-person residential in Oxford in August 2022, having run this online for the past two years with previous cohorts. An initial 58 students were selected from over 200 applicants for this programme. The return to in-person activities also resulted in additional hosted residential visits for other students from the North East of England, in collaboration with partner colleges in the North East consortium, Trinity and Christ Church. This year also saw the return of in-person Open Days. In total, the College has run over 200 activities this year, reaching an estimated 9,000 teachers, parents and young people across the UK.

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In 2022-23, the Outreach and Access team looks forward to continuing this hybrid approach so that it can stay flexible for schools and colleges, as well as creating new opportunities for collaboration.

Student Welfare

Restrictions of the last eighteen months had a significant impact on students in a multitude of ways, the after-effects of which will persist for some time. The pandemic exacerbated pre-existing vulnerabilities and disadvantages. There was a divergence of students’ experiences of the pandemic depending on their social and economic context. Students who entered the pandemic from positions of disadvantage had a higher risk of experiencing poor mental health, educational outcomes and wellbeing than those from more advantaged positions. A multidisciplinary approach continues to be imperative to coordinate the support around those students dealing with a combination of problems to meet their health, mental health and academic needs. The welfare team has continued to support students in a holistic manner and serve as a ‘team around the student.’ The team continued to work collaboratively with academic staff and other colleagues from health, accommodation, treasury, and the wider university and community services where necessary, to offer joined up support.

Research Achievements

Professor Robert Chard, Tutorial Fellow in Oriental Studies, has published Creating Confucian Authority: The Field of Ritual Learning in Early China to 200 CE (Leiden: Brill, 2021).

Professor Roger Crisp, Uehiro Fellow and Tutor in Philosophy, gave a keynote lecture at the Hume Society Conference in Prague in July. He has been appointed to serve as Director of the Oxford Uehiro Centre of Practical Ethics for an initial three-year term from August.

Professor Charlotte Deane , St Anne’s Fellow in Statistics, has been appointed a Member of the Most Excellent Order of the British Empire (MBE) for Services to COVID-19 research.

Professor Volker Deringer , Tutorial Fellow in Chemistry , has been awarded the prestigious HarrisonMendola Memorial Prize 2022 by the Royal Society of Chemistry.

Professor Imogen Goold, Tutorial Fellow in Law , has been reappointed as Visiting Professor of Medical Law at Gresham College for 2022/23. In connection with her Visiting Professorship.

Professor Saiful Islam, Professor of Materials Science and Professorial Fellow , was awarded his American Chemical Society H.H. Storch Award in Energy Chemistry in August 2021

Dr Harry Johnstone , the College's first Tutorial Fellow in Music (1980-2000) and now Emeritus Fellow , has been presented with a volume of scholarly essays published in his honour by a group of former colleagues and research students.

Professor Richard Katz, Professor of Geodynamics, has published The Dynamics of Partially Molten Rock (Princeton University Press, 2022)

Professor Jennie Middleton, Tutorial Fellow in Geography, has published The Walkable City: Dimensions of Walking and Overlapping Walks of Life (Routledge, 2022).

Professor Sally Shuttleworth, Senior Research Fellow, was awarded the 2021 Lifetime Achievement Award by the Society for Literature, Science and the Arts, which is based in the USA.

Professor Kathryn Sutherland, Senior Research Fellow , has a new book publication entitled Why Modern Manuscripts Matter (OUP, March 2022).

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Professor Ed Tarleton, St Anne’s Supernumerary Fellow in Maths for Materials , has been awarded a Senior Research Fellowship of the Royal Academy of Engineering.

Professor Kate Watkins, Fellow and Tutor in Psychology, has been elected Fellow of the Association for Psychological Science. The Association commented: “This honour reflects your sustained outstanding contributions to the advancement of psychological science”.

The Centre for Personalised Medicine

The Centre for Personalised Medicine is a partnership between the University of Oxford's Wellcome Centre for Human Genetics and St Anne's College, Oxford. It is a communication, engagement and research vehicle for students, academics, clinicians, the public and policy makers to explore the benefits and challenges of personalised medicine. The Centre's principal aim is to explore personalised medicine from a range of perspectives. To this end, it coordinates a wide range of events (both online and in-person) and activities including seminars, conferences, public lectures, blog posts, vlogs and podcasts. Highlights of the past year include:

Anne’s Online lectures;

The CPM acknowledges with grateful thanks the financial support of the Dr Stanley Ho Medical Development Foundation and the Wellcome Trust.

The Oxford Comparative Criticism and Translation Research Centre (OCCT)

OCCT is a collaboration between St Anne’s and TORCH (The Oxford Research Centre in the Humanities) which began in 2013. It brings together academics and postgraduates from English, Modern Languages, Oriental Studies, Classics, Music and Fine Art to research how literature and other artworks move between languages; it projects a vision of the literary humanities with diversity and the trans-cultural at its core; and it gives an institutional identity to the disciplines of Comparative Literature and Translation Studies at Oxford. OCCT has created a populous and energetic interdisciplinary community, one that is particularly successful in nurturing the work of postgraduates and early-career academics. It has produced a series of high-profile publications and developed a substantial international reputation. The new MSt in Comparative Literature and Critical Translation, which began in October 2019, embodies OCCT’s research and is anchored in St Anne’s, with students clustered here in the Tim Gardam Library & Academic Centre. This MSt has quickly established itself as one of the leading Masters courses in its field in the world: it attracts more than a hundred high-quality applicants each year, from a very diverse range of locations.

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Conference results

Following the closure of College premises at the outset of the Covid 19 pandemic in 2020, and the subsequent severe revenue declines, the College was able to host conferences again in this financial year. Despite an outbreak of the Omicron variant in December 2021, which affected Christmas and Easter bookings, the business bounced back well in the summer, resulting in revenues of £1M. Although this remains a fraction of the pre-pandemic financial results, bookings remain strong and the outlook is much improved.

Fundraising

Fundraising at St Anne’s has helped support various aspects of College life. Donations have been made in many ways, face-to-face, email, telephone, post and online, gifts in wills, gifts in kind and at events. St Anne’s is registered with the Fundraising Regulator.

The College sometimes use third-party suppliers to help us raise funds particularly where it does not have the expertise in-house – for example, the annual Giving Day platform. The College's fourth Giving Day took place in March 2022. The College puts safeguards in place when working with suppliers so that we protect our supporters and the reputation of St Anne’s. The College aims to ensure those third parties we employ also observe the highest standards in terms of fundraising practice and seek references and recommendations from other organisations. It encourages the fundraising service providers we engage with to be signed up to and aware of the Fundraising Code where possible.

Fundraising is undertaken by professionals employed by the College as well as on occasion by alumnae themselves who act as champions and ambassadors and are actively supported by members of the Development Office – for example the Development Board or the St Anne’s Society (SAS). The College recognises the excellent the work of the SAS but do not monitor its activities. The Development Team are involved in many ways with the Institute of Fundraising and other Higher Education fundraising groups. The team undertakes training and attends sector related forums, groups, and meetings to ensure it is up to date with the latest fundraising and GDPR policies and procedures.

The College takes its relationships with all its donors very seriously and has policies in place to protect individuals and their privacy. All its fundraising is with those with whom it has a pre-existing relationship or who have a legitimate interest in St Anne’s, and it continues to work to improve its data and to ensure that all evidence of consent is recorded (where required). The Development Team ensure communication preferences are adhered to and is always compliant with GDPR, working closely with the Data Protection Officer and the University of Oxford to review and implement policies and procedures to ensure best practice. The College has not received any serious complaints about its fundraising activities during the period covered by this report. A link is included to our privacy notice in all communications as well as the option to update communication preferences.

Endowment performance

From 1st August 2021, the Trustees approved a move from an Income to a Total Return investment policy. This was combined with excluding several industry sectors from its investment guidelines, adding to the longstanding exclusion of tobacco; newly excluded sectors included fossil fuel producers, mining companies and weapon manufacturers. This action was as a direct result of the 2020 investment review consultation. Continuing the aims of the consultation, in 2021 the Trustees adopted a Responsible Investment Policy, covering areas of concern in relation to the environment, social impact, and corporate governance; setting out a process for working with third-party investment managers and engagement with the companies in

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which they invest; and outlining how the college will report on its activities to its members and look to involve them more in the investment process.

There have been no further changes to asset allocation following the move to Total Return in 2021. The endowment remains invested for capital growth; the result being that income generated remains at reduced levels compared to 2020 and the years prior to the policy change. Total Return allocated to income was £1,811k (2021 £1,769k, representing a Governing Body approved drawdown of 4.51% (2021 4.58%) of an averaged valuation of endowment assets, and a yield of 3.9% (2021 4.4%) on the value of the fund on 1[st] August 2021. The Endowment fund produced a total return of 1.7% (2021 19.3%).

FINANCIAL REVIEW

Total income of £11,482k (2021 £10,000k) represented an increase of 15% on the prior year, reflecting a gradual recovery from the effects of the Covid 19 pandemic on income streams, although still lagging some 12% behind 2019 pre-pandemic levels (2019 £13,072k). Expenditure increased to £13,976k (2021 £10,738k), most notably caused by an increase in pension provision for deficit funding of £1,787k (2021 £-186k), as anticipated in the prior year post balance sheet note 33. Combined with relatively reduced income levels, the change in pension defect provision resulted in a College consolidated operating loss before investment gains/losses, of £-2,494 (2021 £-738k.)

Income from charitable activities increased to £8,249k (2021 £5,734k), recovering £2,515k, on the prior year. Fee income showed modest increases on oversees tuition fees, and although total residential income recovered to £3,3718k (2021 £1,869k), thanks to resumed levels of student residential income, the charitable trading element of this line continued to be affected by the drag of the pandemic. This drag was also felt in other fee income, from visiting students, £574k (2021 £226k). Gradual recovery was continued in subsidiary company trading income £378k (2021 £11k). Taken together, the bounce in the summer conference season caused income from charitable and non charitable conference businesses to rise to £1,028k (2021 £44k).

Donation income, boosted in the prior year by grants from the College Contributions Scheme of £1,000k and the Pandemic Appeal, continued to benefit from charitable gifts to endowed, restricted and unrestricted funds. The College continued to benefit from generous legacies, totalling £246k in the year. Total donations received were £1,479 (2021 £2,262k).

Investment income of £1,262k (2021 £1,107k) continued as anticipated, following the adoption of the Total Return Accounting policy in 2021. In other income the College benefitted from final months of government grant funding via the Coronavirus Job Retention Scheme, totalling £29k (2021 £471k), supporting furloughed staff costs impacted by Covid 19 in the early part of the year.

Excluding the movements on the pension provisions referred to above, total expenditure increased 12%, £1,309k, on the prior year (2021 reduction £758k; -6%)

Again, before provisions, staff costs increased by 10%, £610k on the prior year, as vacant fellowship, junior research, teaching and administrative posts were filled, and the use of casual labour returned to prepandemic levels in support of both the summer Conference business resumption, and recruitment gaps for permanent posts.

Non staff expenditure, before provisions, also increased by 14%, £698k, on the prior year. Catering and direct conference costs increased by £486k reflecting increased domestic activity across student services and conference businesses, also affecting utility costs although pricing was the most significant cause of the £222k increase there. Expenditure on grants and awards increased slightly by £17k; other cost increases

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included maintenance and research centre activity. Interest costs increased by £159k, due to the planned drawdown of the final £15,000k of bond funding in March 2022.

The financial statements record a loss on investment of £-295k (2021 gain £6,749), reflecting the effect of the war in Ukraine and other global headwinds on investment markets.

Total fixed assets decreased by 2% to £74,813k mostly due to the combined total return drawdown and the small valuation loss on endowment investments. Fixed asset additions totalled £949k, set to rise significantly in 2023 as the Bevington Road renovation breaks ground.

The headline working capital increase of £15,424k in the year (2021 £-223k), to a great extent is caused by the £15,000k held in cash from the second bond tranche. That aside, working capital decreased by £-365k; the increase in debtor balances including +£572k from summer conference business, was offset by increases in trade creditors (+161k), and accruals and deferred income (+£412k).

Long term liabilities, increased by the same £15,000 final bond instalment, in support of the programme to enhance student accommodation provision. The defined benefit long term liability in respect of the pension schemes stands at £3,188k (2021 1,401k). The OSPS provision increased by £264k and the USS provision increased by £1,523k, continuing to reflect College’s share of both schemes’ potential deficit support.

The College consolidated cash position increased by £15,724k to £24,251k, including a £319k outflow from operating activities, offset by £943k increase from investing activities, and £100k receipt of endowment donations.

The College will continue to look to rebuild its income streams, in particular increasing the size of its endowment and continue to exercise strict control on expenditure.

Reserves policy

The College’s policy is to seek to generate a surplus of income over expenditure that enables it to continue its programme of refurbishment and development whilst securing its long-term viability.

Total funds of the College and its subsidiaries at the year-end amounted to £70,185k (2021 £72,974k). This is made up of endowment capital of 45,436k, of which £30,492k is held for restricted purposes, and restricted funds of £1,354k. Donations received for building works continue to be released to unrestricted reserves, to the extent that the works are complete. The College holds general unrestricted funds of £26,583k, which after pension provision, are a net £23,395k (2021 £25,069).

After deducting the carrying value of tangible fixed assets, held for the Charity’s own use, adjusted for borrowing there were no free reserves, as defined by the Charity Commissioners. Despite the absence of free reserves, the Governing Body is of the opinion that the College has sufficient cash and reserves to run efficiently with day-to-day working capital being met by careful management of short-term liquid resources. Given the high level of functional fixed assets that the College owns this is not an uncommon situation.

The College conducts an annual review of its reserves’ policy. There are two areas of requirement:

17

St Anne’s College

Report of the Governing Body

Year ended 31 July 2022

The most recent review following two years of the pandemic was based on the actual cash flow impact over this period adjusted for non-recurring items. An amount of £2.8M is invested in liquid assets. This policy is to be reviewed further at the end of the financial year 2022/23.

Risk management

The College has on-going processes, which operated throughout the financial year for identifying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidiaries in undertaking its activities. When it is not able to address risks using internal resources, the College takes advice from experts external to the College with specialist knowledge. Policies and procedures within the College are reviewed by the relevant College Committee, chaired by the Principal or one of the College officers. Any new policies or changes to existing policies need to be approved by Governing Body. Financial risks are assessed by Council and investment risks are monitored by the Investment Committee. In addition, the Domestic Bursar and domestic staff heads meet regularly to review health and safety concerns. The Health and Safety committee convenes every term. Training courses and other forms of career development are available to members of staff to enhance their skills in risk-related areas.

The Governing Body, who have ultimate responsibility for managing any risks faced by the College, have reviewed the processes in place for managing risk and the principal identified risks to which the College and its subsidiaries are exposed and have concluded that robust systems are in place to manage these risks. The principal risks and uncertainties faced by the College and its subsidiaries that have been identified are categorised as follows:

Investment policy, objectives and performance

The College’s investment objectives are to balance current and future beneficiary needs by:

The College’s investments are still managed to maintain diversification across a range of asset classes in order to produce an appropriate balance between risk and return, as well as being sensitive to the principles - - of responsible investment, as outlined in the current policy https://www.st annes.ox.ac.uk/wp content/uploads/2021/07/STA_Responsible-Investment-Policy-June-2021.pdf

FUTURE PLANS

The College’s future plans are as follows:

18

St Anne’s College

Report of the Governing Body

Year ended 31 July 2022

CLIMATE RELATED MATTERS

The College supports the university’s ambitions for net carbon zero by 2035. It has constituted a new committee to develop initiatives there, including student representation. It commissioned a decarbonisation plan in the summer of 2022 to be undertaken by a firm of design engineers, which will assist in the setting of priorities. The financial impact of these initiatives is at this stage uncertain but will be funded out of existing capex budgets, government and inter collegiate grants, and fund raising. The Bevington Road renovation will use both air source heat pumps and mechanical ventilation heat recovery (MVHR), removing the existing gas boilers in those buildings. The College has also commissioned a pilot of a new heat and energy monitoring system for offices and accommodation developed by Churchill College, Cambridge.

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 requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).

Under charity law the Governing Body must not approve the financial statements 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 period. In preparing these financial statements, the Governing Body is required to:

The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College’s transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure 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.

19

St Anne's College Report of the Governing Body Year ended 31 July 2022 Approved by the Governing Body on 30, November 2022 and signed on its behalf by.. len King Principal 20

St Anne’s College

Independent Auditor Report to the Members of St Anne’s College

Opinion

We have audited the financial statements of St Anne’s College (‘the charity’) and its subsidiary (‘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:

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

21

St Anne’s College

Independent Auditor Report to the Members of St Anne’s College

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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed

22

St Anne’s College

Independent Auditor Report to the Members of St Anne’s College

audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation, Health and Safety and Taxation legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, sample testing of income transactions to supporting documentation and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

23

St Anne’s College

Independent Auditor Report to the Members of St Anne’s College

Crowe U.K. LLP Statutory Auditor

Reading

Date: 2 December 2022

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

24

St Anne’s College Statement of Accounting Policies Year ended 31 July 2022

1. Scope of the financial statements

The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiaries St Anne’s College Services Company Limited and St Anne’s College Developments Limited. No separate SOFA has been presented for the College alone as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary of the results and financial position of the charity and each of its material subsidiaries for the reporting year are set out in note 13.

2. Basis of accounting

The College’s individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102).

The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated financial statements in accordance with ‘The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (The Charities SORP (FRS 102)).

The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year.

3. Accounting judgements and estimation uncertainty

In preparing financial statements, it is necessary to make certain judgements, estimates and assumptions which affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governing Body to have most significant effect on amounts recognised in the financial statements.

The College participates in two multi-employer defined benefit pension plans, the Universities Superannuation Scheme (“USS”) & the Oxford Staff Pension Scheme (“OSPS”). In the judgement of the Governing Body there is insufficient information about the plans’ assets and liabilities to be able to reliably account for its shares of the defined benefit obligations and the plans’ assets in the financial statements and therefore the plans are accounted for as defined contribution schemes (see note 20). The College does however recognize its share of the deficit plans currently in place on both schemes (see note 22).

The College carries an investment property at fair value in the balance sheet, with changes in fair value being recognised in the income and expenditure section of the SOFA. Independent valuations are obtained to determine fair value at the balance sheet date.

Before legacies are recognised in the financial statements, the Governing Body has to exercise judgement as to what constitutes sufficient evidence of entitlement to the bequest. Sufficient entitlement exists once notification of payment has been received from the executor(s) of the estate or estate accounts are available which indicate there are sufficient funds in the estate after meeting liabilities for the bequest to be paid.

FRS 102 explicitly requires accrued compensated absences to be accounted for. An accrual in respect of accrued holiday pay for non-academic staff has been assessed and recognised in the financial statements.

25

St Anne’s College Statement of Accounting Policies Year ended 31 July 2022

4. Income recognition

All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured.

a) Income from fees, OfS support and other charges for services

Fees receivable, less any scholarships, bursaries or other allowances granted from the College unrestricted funds, OfS support and charges for services and use of the premises are recognised in the period in which the related service is provided.

b) Income from donations, grants and legacies

Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met.

Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) of the deceased’s estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable.

Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds, forming part of either general reserves.

Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the date of the gift.

c) Investment income

Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates.

Dividend income and similar distributions are recognised on the date the share interest becomes exdividend or when the right to the dividend can be established

Income from investment properties is recognised in the period to which the rental income relates.

5. Government Grants Policy

Payments under the Government’s furlough scheme are recognised when receivable and classified as other income in the SOFA.

26

St Anne’s College Statement of Accounting Policies Year ended 31 July 2022

6. Expenditure

Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated.

Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met.

All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA).

Support costs which includes governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure in the consolidated financial statements.

7. Leases

Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease term and the assets’ useful lives. Assets are assessed for impairment at each reporting date. The corresponding capital obligations under these leases are shown as liabilities and recognised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as to achieve a constant rate of interest on the remaining balance of the liability

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a straight line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight line basis.

8. Tangible fixed assets

Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings which is directly attributable to bringing the asset to its working condition for its intended use and amounting to more than £5,000 together with expenditure on equipment costing more than £5,000 is capitalised.

Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised and expensed in the SOFA.

Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the SOFA as incurred.

27

St Anne’s College Statement of Accounting Policies Year ended 31 July 2022

9. Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows:

Freehold properties, including major extensions 50 years Leasehold properties 50 years or period of lease if shorter Building improvements 5 - 20 years Equipment 3 - 25 years

Freehold land is not depreciated. The cost of maintenance is charged in the SOFA in the period in which it is incurred.

At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.

10. Investments

Investment properties are initially recognised at their cost and subsequently measured at their fair value (market value) at each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts.

Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs.

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as ‘gains or losses on investments’ and are allocated to the fund holding or disposing of the relevant investment.

11. Financial instruments other than investments

Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less.

Debtors and creditors receivable or payable within one year of the reporting date are carried at their at transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

12. Stocks

Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.

13. Foreign currencies

The functional and presentation currency of the College and its subsidiaries is the pound sterling.

28

St Anne’s College Statement of Accounting Policies Year ended 31 July 2022

Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.

14. Total Return Investment Accounting

As authorised by the College’s statutes, the College has adopted a ‘Total Return’ basis for the investment of its endowment. The carrying value of the preserved permanent capital, the trust for investment, and the amount of any unapplied total return available for expenditure were taken as the fair value of these funds as at 1 August 2010 together with the original gift value of all subsequent endowment additions received. In choosing this date, the Governing Body sought to achieve an appropriate balance between the availability of relevant, historical information on changes in the College’s permanent endowment funds, bearing in mind changes in classifications, which have taken place over the years, and the need for accurate analysis.

It invests these funds without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return that can be either retained for investment or released to income at the discretion of the Governing Body.

15. Fund accounting

The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the the terms set by the donors or set by the terms of an appeal. Endowment funds are further sub-divided into permanent and expendable.

Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds.

Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required or permitted the capital to be maintained and with the intention that the income will be used for specific purposes within the College’s objects.

Permanent endowment funds arise where donors specify that the funds are to be retained as capital for the permanent benefit of the College. Any part of the income earned will be accounted for as unrestricted funds unless the donor has placed restrictions on the use of that income, in which case it will be accounted for as a restricted fund.

Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long term benefit of the College. However, the Governing Body may at their discretion determine to spend all or part of the capital.

29

St Anne’s College Statement of Accounting Policies Year ended 31 July 2022

16. Pension accounting policy

The College participates in Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme. These schemes are hybrid pension schemes, providing defined benefits based on salaries as well as benefits based on contributions.

The assets of the schemes are each held in a separate trustee-administered fund. Because of the mutual nature of the schemes, the assets applicable to the defined benefit membership are not attributed to individual Colleges and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other Universities’ and Colleges’ employees and is unable to identify its share of the underlying assets and liabilities of the defined benefit scheme on a consistent and reasonable basis.

As required by Section 28 of FRS 102 “Employee benefits”, the College accounts for the schemes as if they were wholly defined contribution schemes and contributions to these schemes are recognised as a liability and an expense in the period in which the salaries to which the contributions relate are payable.

The College has entered into agreements for both schemes (the Recovery Plans) that determine how each employer within the schemes will fund the overall scheme deficits. A liability is recognised at each balance sheet date for the discounted value of the expected future contribution payments under these past service deficit funding agreements, with changes to these liabilities being recognised as an expense in the periods in which the changes occur.

30

St Anne's College Consolidated Statement of Financial Activities

For the year ended 31 July 2022

Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1
Other Trading Income
3
Donations and legacies
2
Investments
Investment income
4
Total return allocated to income
14,18
Other income
5
Total income
EXPENDITURE ON:
6
Charitable activities:
Teaching, research and residential
Generating funds:
Fundraising
Trading expenditure
Investment management costs
Total Expenditure
Net Income/(Expenditure) before gains
Net (losses)/gains on investments
11, 12
Net Income/(Expenditure)
Transfers between funds
18
Net movement in funds for the year
Fund balances brought forward
18
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
8,249
396
780
200
598
96		 Restricted
Funds
£'000
-
-
599
-
1,213
-		 Endowed
Funds
£'000
-
-
100
1,062
(1,811)
-		 2022
Total
£'000
8,249
396
1,479
1,262
-
96		 2021
Total
£'000
5,734
11
2,622
1,107
-
526
10,319
10,860
774
372
19		 1,812
1,748
-
-
-		 (649)
-
-
-
203		 11,482
12,608
774
372
222		 10,000
9,644
824
46
224
12,025 1,748 203 13,976 10,738
(1,706) 64 (852) (2,494) (738)
(20) - (275) (295) 7,078
(1,726) 64 (1,127) (2,789) 6,340
52 (52) - - -
(1,674)
25,069		 12
1,342		 (1,127)
46,563		 (2,789)
72,974		 6,340
66,634
23,395 1,354 45,436 70,185 72,974

The prior year comparative for the Consolidated Statement of Financial Activities is located at Note 33-a

31

St Anne's College ConsolFdated and CollÈ8e Balante Sheet$ As at 31 July 2022 2022 Group E'ooo 2021 Group £'ooo 2022 College £'ooo 2021 Colleg £'ooo Notes FIXED ASSETS Tan8ible assets Property invÈstments oiher Invesiments io 27,Z61 746 46,806 27,559 730 47,950 27.348 746 46.806 27.649 730 47.950 12 Total Fixed Assets 74I13 76,239 74.9￿) 76.329 CURRENT ASSETS Srocks Debtors Cash at bank and in hand 123 1.311 24.251 113 956 8.527 123 1,478 24.115 112 1.217 8.507 15 Total Current Assèts 25.685 9.596 25.716 9.836 LIABILITIES Creditor5-. Amounts falling dve within one year 16 2,125 1,460 2.156 1,671 NETCURRENT ASSETSIILIABILITIESI 23.560 8.136 23.560 8.165 TOTAL ASS￿5 LESS CURRENT LIABILITIES 98.373 84.375 98.460 84.494 CREDITORS.. falling due after more than one year 17 25,DJO 10,000 25,000 10,000 NET ASSETSIILIABIUTIESI BEFORE PENSION ASSET OR IIABILITY 73.373 74,375 73.460 74,494 Defined benefit pension scheme liability 22 3.188 1,401 3.188 1.401 TOTAL NET ASSETS/ILIABILITIE51 70.185 72,974 70,272 73,093 FUNDS OF THE COLLEGE Endowment lunds 4S,436 46,563 45.J136 46.563 RestrScted funds 1.354 1,342 1.354 1.342 Unrestricted funds General funds Pension resÈrvé 26.583 13,1881 26.470 11,4011 26.670 13.1881 26.589 11.4011 22 70.185 72.974 70,272 73.093 The financial statements were approved and auihofised for issue by the Governing Body of St Anne'5 College on 30th November 2022 Truste rus 32

St Anne's College

Consolidated Statement of Cash Flows

For the year ended 31 July 2022

Notes
Net cash (used in) provided by operating activities
25
Cash flows from investing activities
Dividends, interest and rents from investments
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash (used in) provided by investing activities
Cash flows from financing activities
Repayments of borrowing
Cash inflows from new borrowing
Receipt of endowment
Net cash (used in) provided by financing activities
Change in cash and cash equivalents in the reporting period
27
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
period		 2022
£'000
(319)		 2021
£'000
(822)
1,262
-
(949)
749
(119)		 1,107
147
(564)
803
(190)
943 1,303
-
15,000
100		 -
-
119
15,100 119
15,724 600
8,527 7,927
24,251 8,527

33

St Anne's College Notes to the financial statements For the year ended 31 July 2022

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, Research and Residential
Unrestricted funds
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other fees
Other OFS support
Other academic income
College residential income
Restricted funds
Total Teaching, Research and Residential
Total income from charitable activities		 2022
£'000
1,996
1,531
574
227
203
3,718
8,249
8,249
8,249		 2021
£'000
2,229
1,013
226
259
138
1,869
5,734
5,734
5,734

From the 21/22 academic year onwards new students from the EU will be charged Overseas fees.

The above analysis includes £3754k received from Oxford University from publicly accountable funds under the CFF Scheme (2021: £3501k).

2 DONATIONS AND LEGACIES

Donations and Legacies
Unrestricted funds
Restricted funds
Endowed funds
INCOME FROM OTHER TRADING ACTIVITIES
Subsidiary company trading income
Other trading income
INVESTMENT INCOME
Unrestricted funds
Bank interest
Other interest
Endowed funds
Other property income
Equity dividends
Income from fixed interest stocks
Other investment income
Total Investment income		 2022
£'000
780
599
100
1,479
2022
£'000
378
18
396
2022
£'000
11
189
200
7
830
174
51
1,062
1,262		 2021
£'000
871
1,632
119
2,622
2021
£'000
11
-
11
2021
£'000
1
60
61
10
765
149
122
1,046
1,107

3 INCOME FROM OTHER TRADING ACTIVITIES

4

34

St Anne's College Notes to the financial statements For the year ended 31 July 2022

5 OTHER INCOME

OTHER INCOME
Miscellaneous Income
Coronavirus Job Retention Scheme Grants		 2022
£'000
67
29
96		 2021
£'000
55
471
526

Having benefitted from the government Coronavirus Job Retention Scheme during the previous two years, St Anne's College continued to claim grant funding until the scheme closed in September 2021. During this period 29 permanent non academic staff were furloughed under flexible furlough arrangements, receiving 100% of their salary.

6 ANALYSIS OF EXPENDITURE

Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential
Other direct costs allocated to:
Teaching, research and residential
Support and governance costs allocated to:
Teaching, research and residential
Total charitable expenditure
Expenditure on raising funds
Direct staff costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Other direct costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Support and governance costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Total expenditure on raising funds
Total expenditure		 2022
£'000
5,214
3,094
4,300
12,608
401
168
9
96
79
5
277
125
208
1,368
13,976		 2021
£'000
4,861
2,634
2,149
9,644
395
10
-
118
-
6
311
36
218
1,094
10,738

The 2021 resources expended of £10738k represented £8052k from unrestricted funds, £2485k from restricted funds and £201k from endowed funds.

The College is liable to be assessed for Contribution under the provisions of a new replacement for Statute XV of the University of Oxford. The scheme has been approved by the Council of the University, Congregation and Her Majesty in Council . The papers agreed by Council clearly set out that the charge due for a year is payable in that year so therefore; no liability in respect of 2020-21 exists. No provision has therefore been made in these accounts. The Contribution Fund is used to make grants and loans to colleges on the basis of need.

The teaching and research costs include College Contribution payable of £0k (2021 - £0k).

35

St Anne's College Notes to the financial statements For the year ended 31 July 2022

7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Financial administration
Domestic administration
Human resources
Investment Management
IT
Depreciation
Loss/(profit) on fixed assets
Bank interest payable
Other finance charges
Governance costs
Financial administration
Domestic administration
Human resources
Investment Management
IT
Depreciation
Loss/(profit) on fixed assets
Bank interest payable
Other finance charges
Governance costs		 Generating
Funds
£'000
171
17
53
203
77
45
-
2
17
25		 HIDE if poss
Teaching
and
Public
Research
Worship
Heritage
£'000
£'000
£'000
363
-
-
193
-
-
104
-
-
-
-
-
160
-
-
1,202
-
-
-
-
-
430
-
-
1,802
-
-
46
-
-
4,300
-
-
HIDE if poss
Teaching
and
Public
Research
Worship
Heritage
£'000
£'000
£'000
328
-
-
156
-
-
81
-
-
-
-
-
140
-
-
1,313
-
-
(1)
-
-
272
-
-
(178)
-
-
38
-
-
2,149
-
-		 2022
Total
£'000
534
210
157
203
237
1,247
-
432
1,819
71
610 4,910
Generating
Funds
£'000
148
17
40
211
69
37
-
1
18
24		 2021
Total
£'000
476
173
121
211
209
1,350
(1)
273
(160)
62
565 2,714

Financial and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on each activity. Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made of the underlying assets. Interest and other finance charges are attributed according to the purpose of the related financing. Governance costs are allocated according to purpose of costs incurred.

Governance costs comprise:
Auditor's remuneration - audit services
Auditor's remuneration - tax advisory services
Other governance costs		 2022
£'000
32
3
36
71		 2021
£'000
24
1
37
62

Auditor's remuneration for audit services is shown including irrecoverable VAT and disbursements. No amount has been included in governance costs for the direct employment costs or reimbursed expenses of the College Fellows on the basis that these payments relate to the Fellows involvement in the College's charitable activities. Details of the remuneration of the Fellows and their reimbursed expenses are included as a separate note within these financial statements.

36

St Anne's College Notes to the financial statements For the year ended 31 July 2022

GRANTS AND AWARDS
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
Total unrestricted
Restricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Total restricted
Total grants and awards		 2022 2021
£'000
106
35
£'000
81
16
97
388
98
486
583
141
319
106
425
566

8 GRANTS AND AWARDS

The figure included above represents the cost to the College of the Oxford Bursary scheme. Students of this college received £344k (2021: £311k).Some of those students also received fee waivers amounting to £58k (2021: £62k).

The Oxford Bursary costs are included within the charitable expenditure on Teaching and Research.

37

St Anne's College Notes to the financial statements For the year ended 31 July 2022

9
STAFF COSTS
The aggregate staff costs for the year were as follows.
Salaries and wages
Social security costs
Pension costs:
Defined benefit schemes
Defined contribution schemes
The average number of employees of the College, excluding Trustees,
on a full time equivalent basis was as follows.
Tuition and research
College residential
Fundraising
Support
Total
The average number of employed College Trustees during the year was as follows.
University Lecturers
CUF Lecturers
Other teaching and research
Other
Total		 2022
£'000
7,020
458
755
120
8,353
2022
16
66
5
24
111
28
9
3
6
46		 2021
£'000
4,579
410
727
95
5,811
2021
11
67
6
23
107
27
8
3
6
44

The nature of the payment was salary and associated benefts in respect of tuition.

The following information relates to the employees of the College excluding the College Trustees. Details of the remuneration and reimbursed expenses of the College Trustees is included as a separate note in these financial statements.

The number of employees (excluding the College Trustees) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fell within the following bands was:

£60,001-£70,000
The number of the above employees with retirement benefits accruing was as follows:
In defined benefits schemes		 2022
1
2022
1		 2021
1
2021
1

38

St Anne's College Notes to the financial statements For the year ended 31 July 2022

10 TANGIBLE FIXED ASSETS

Group
Leasehold
land and
buildings
£'000
Cost
At start of year
-
Additions
-
Disposals
-
At end of year
-
Depreciation
At start of year
-
Depreciation charge for the year
-
Depreciation on disposals
-
At end of year
-
Net book value
At end of year
-
At start of year
-
The above includes:
£0k (2021:£0k) of plant and machinery held under finance leases.
£0k (2021:£0k) of fixures, fittings and equipment held under finance leases.
College
Leasehold
land and
buildings
£'000
Cost
At start of year
-
Additions
-
Disposals
-
At end of year
-
Depreciation and impairment
At start of year
-
Charge for the year
-
On disposals
-
At end of year
-
Net book value
At end of year
-
At start of year
-		 Leasehold
land and
buildings
£'000
-
-
-		 Freehold
land and
buildings
£'000
41,180
739
-
41,919
16,155
950
-
17,105
24,814
25,025
Freehold
land and
buildings
£'000
41,309
739
-
42,048
16,200
953
-
17,153
24,895
25,109		 Plant and
machinery
£'000
-
-
-
-
-
-
-
-
-
-
Plant and
machinery
£'000
-
-
-
-
-
-
-
-
-
-		 Fixtures,
fittings and
equipment
£'000
5,851
210
-
6,061
3,317
297
-
3,614
2,447
2,534
Fixtures,
fittings and
equipment
£'000
5,857
210
-
6,067
3,317
297
-
3,614
2,453
2,540		 Total
£'000
47,031
949
-
- 47,980
-
-
-		 19,472
1,247
-
- 20,719
- 27,261
- 27,559
Total
£'000
47,166
949
-
- 48,115
-
-
-		 19,517
1,250
-
- 20,767
- 27,348
- 27,649

The above includes: £0k (2021:£0k) of plant and machinery held under finance leases.

£0k (2021:£0k) of fixures and fittings held under finance leases.

The College has substantial long-held historic assets all of which are used in the course of the College’s teaching and research activities. These comprise listed buildings on the College site, together with their contents comprising works of art, ancient books and other treasured artefacts. Because of their age and, in many cases, unique nature, reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. However, in the opinion of the Trustees the depreciated historical cost of these assets is now immaterial.

39

St Anne's College Notes to the financial statements For the year ended 31 July 2022

12 OTHER INVESTMENTS

11 PROPERTY INVESTMENTS

Group
Valuation at start of year
Additions and improvements at cost
Disposals
Revaluation gains/(losses) in the year
Valuation at end of year
College
Valuation at start of year
Additions and improvements at cost
Disposals
Revaluation gains/(losses) in the year
Valuation at end of year		 Agricultural
£'000
-
-
-
-		 Commercial
£'000
-
-
-
-
-
Commercial
£'000
-
-
-
-
-		 Other
£'000
730
-
-
16
746
Other
£'000
730
-
-
16
746		 2022
Total
£'000
730
-
-
16
746
2022
Total
£'000
730
-
-
16
746		 2021
Total
£'000
857
-
(145)
18
- 730
Agricultural
£'000
-
-
-
-		 2021
Total
£'000
857
-
(145)
18
- 730

The formal valuation of the investment property and the shared equity property were prepared by Mark Charter MRICS of Carter Jonas as at 31 July 2021, in accordance with Governing Body policy to formally revalue all properties every 5 years. In interim years their market values are reviewed.

The prior year comparative for Property Investments is located at Note 33-b

All investments are held at fair value.

Group investments
Valuation at start of year
New money invested
Amounts withdrawn
Investment management fees
(Decrease)/increase in value of investments
College investments at end of year		 2022
£'000
47,950
119
(749)
(203)
(311)
46,806		 2021
£'000
41,705
190
(803)
(201)
7,059
47,950
Group investments comprise:
Equity investments
Property funds
Fixed interest stocks
Fixed term deposits and cash
Total group investments		 Held outside
the UK
£'000
22,155
127
4,136
350
26,768		 Held in
the UK
£'000
14,722
18
2,455
2,843		 2022
Total
£'000
36,877
145
6,591
3,193
46,806		 Held outside
the UK
£'000
24,241
129
3,506
299
28,175		 Held in
the UK
£'000
13,467
25
3,602
2,681
19,775		 2021
Total
£'000
37,708
154
7,108
2,980
20,038 47,950

40

St Anne's College Notes to the financial statements For the year ended 31 July 2022

13 PARENT AND SUBSIDIARY UNDERTAKINGS

The College holds 100% of the issued share capital in St Anne's College Services Company Limited, (Co No. 4338617, registered address: St Anne's College, Woodstock Road, Oxford, Oxfordshire, OX2 6HS ) a company providing conference and other event services on the College premises, and 100% of the issued share capital in St Anne's College Developments Limited (Co No. 4941553, registered office address: St Anne's College, Woodstock Road, Oxford, Oxfordshire, OX2 6HS), a company providing design and build construction services to the College.

The results and the assets and liabilities of the parent and subsidiaries at the year end were as follows.

Income
Expenditure
Donation to College under gift aid
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 £'000
11,104
(13,899)
-
St Anne's
College		 £'000
378
(372)
-
6
242
(265)
(23)
St Anne's
College
Services Ltd		 £'000
958
(934)
-
St Anne's
Development
Company Ltd
(2,795) 24
100,616
(30,344)		 278
(254)
70,272 24

The prior year comparative for Parent and Subsidiary Undertakings is located at Note 33-c

41

St Anne's College Notes to the financial statements For the year ended 31 July 2022

14 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1st August 2020. The investment return to be applied as income is calculated as 4.51% (2021: 4.58%) of the average of the year-end values of the relevant investments in each of the last 5 years. The preserved (frozen) value of the invested endowment capital represents its open market value in 2010 together with all subsequent endowments valued at date of gift.

At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the reporting period
Expendable endowments transferred to income
Net movements in reporting period
At end of the reporting period:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments		 Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
19,808
19,808
9,043
9,043
19,808
9,043
28,851
12
12
683
683
(177)
(177)
(127)
(127)
-
12
379
391
(1,115)
(1,115)
-
-
(1,115)
(1,115)
12
(736)
(724)
-
19,820
-
19,820
8,307
8,307
19,820
8,307
28,127
Permanent Endowment		 Expendable
Endowment
£'000
17,712
17,712
88
379
(98)
(76)
293
(696)
(696)
(403)
17,309
17,309		 Total
Endowments
£'000
19,808
9,043
17,712
19,808
12		 46,563
100
1,062
(275)
(203)
-
12 684
(1,115)
(696)
- (1,811)
12
19,820		 (1,127)
19,820
8,307
17,309
19,820 45,436

The prior year comparative of the Statement of Investment Total Return is located at Note 33-d

42

St Anne's College Notes to the financial statements For the year ended 31 July 2022

15 DEBTORS

DEBTORS
Amounts falling due within one year:
Trade debtors
Amounts owed by College members
Amounts owed by Group undertakings
Prepayments and accrued income
Other debtors		 2022
Group
£'000
650
84
-
321
256
1,311		 2021
Group
£'000
78
87
-
552
239
956		 2022
College
£'000
458
84
359
321
256
1,478		 2021
College
£'000
74
87
265
552
239
1,217

Other debtors includes £168k (2021: £162K) deferred arrangement costs for the private placement of the long term note (see note 16). This balance will be amortised over the term of the note, 40 years, and is represented as a £5k short term debtor and a £163k long term debtor.

16 CREDITORS: falling due within one year

Trade creditors
Amounts owed to College Members
Amounts owed to Group undertakings
Taxation and social security
Accruals and deferred income
Other creditors		 2022
Group
£'000
291
159
-
196
1,252
227
2,125		 2021
Group
£'000
157
187
-
113
789
214
1,460		 2022
College
£'000
218
159
-
278
1,274
227
2,156		 2021
College
£'000
157
187
235
113
765
214
1,671

At the year end, total deferred income was £641k (2020: £324k). Deferred income comprises fees and rent received in advance relating to the next financial year and deposits for conferences to occur in 2022/23. £5,108k was deferred in year and £4,792k was released to income or other creditors.

17

CREDITORS: falling due after more than one year

Note Payable 2022
Group
£'000
25,000
25,000		 2021
Group
£'000
10,000
10,000		 2022
College
£'000
25,000
25,000		 2021
College
£'000
10,000
10,000

In 2019 the College entered into the private placement of an unsecured long term note, drawn down in two tranches: on 20th March 2019 £10M over 40 years fixed at 2.69%; the initially deferred £15M fixed at 2.87% was drawn down on 21st March 2022. Interest is payable on 20th September and March each year. Both tranches, totalling £25M, are repayable on 20th March 2059.

43

St Anne's College Notes to the financial statements For the year ended 31 July 2022

18 ANALYSIS OF MOVEMENTS ON FUNDS

ANALYSIS OF MOVEMENTS ON FUNDS
Endowment Funds - Permanent
Tutorial & Research Fellowships
Bursaries
Scholarships
Prizes
Student support
General purposes
Endowment Funds - Expendable
Tutorial & Research Fellowships
Bursaries
Scholarships
Prizes
Library
Student support
Other purposes
Total Endowment Funds - College
Total Endowment Funds - Group
Restricted Funds
Tutorial & Research Fellowships
Bursaries
Scholarships
Prizes
Library
Student support
Other purposes
Building funds
Total Restricted Funds - College
Total Restricted Funds - Group
Unrestricted Funds
Fixed asset designated Fund
General funds
Loan swap reserve
Pension reserve
Total Unrestricted Funds - College
Unrestricted funds held by subsidiaries
Total Unrestricted Funds - Group
Total Funds		 At 1 August
2021
£'000
13946
735
467
557
96
13050
11,285
3,370
1,114
720
276
777
170
46,563
46,563
245
(79)
65
52
141
52
691
175		 Incoming
resources
£'000
343
15
11
14
2
310
262
48
104
17
6
26
4		 Resources
expended
£'000
(60)
(3)
(2)
(3)
-
(60)
(53)
(9)
(4)
(3)
(1)
(4)
(1)
(203)
(203)
(1,001)
(158)
(145)
(34)
(13)
(61)
(336)
-
(1,748)
(1,748)
-
(10,244)
-
(1,787)		 Transfers
£'000
(541)
(22)
(18)
(22)
(4)
(508)
(440)
(137)
(43)
(28)
(11)
(30)
(7)
(1,811)
(1,811)
927
268
50
32
(126)
56
3
(49)		 Gains/
(losses)
£'000
(89)
(3)
(3)
(3)
(1)
(78)
(67)
(12)
(7)
(4)
(2)
(5)
(1)
(275)
(275)
-
-
-
-
-
-
-
-		 At 31 July
2022
£'000
13,599
722
455
543
93
12,714
10,987
3,260
1,164
702
268
764
165
1,162 45,436
1,162 45,436
34
-
90
-
-
21
343
111		 205
31
60
50
2
68
701
237
1,342 599 1,161 - 1,354
1,342 599 1,161 - 1,354
-
26,590
-
(1,401)		 -
9,721
-
-		 650
-
-		 -
(20)
-		 -
26,697
-
(3,188)
25,189 9,721 (12,031) 650 (20) 23,509
(120) - 6 - - (114)
25,069 9,721 (12,025) 650 (20) 23,395
72,974 11,482 (13,976) - (295) 70,185

The prior year comparative of the Analysis Of Movements On Funds is located at Note 33-e

44

St Anne's College Notes to the financial statements For the year ended 31 July 2022

19 FUNDS OF THE COLLEGE DETAILS

The following is a summary of the origins and purposes of each of the Funds

Endowment Funds - Permanent:
Tutorial & Research Fellowships A consolidation of gifts and donations where income, but not capital, can be
Bursaries used for the purposes of the charity shown here.
Scholarships
Prizes
Student support
General purposes
Endowment Funds - Expendable:
Tutorial & Research Fellowships
Bursaries
Scholarships		 A consolidation of gifts and donations where either income, or income and capital, can be used for the
purposes of the charity shown here.
Prizes
Library
Student support
Other purposes
Restricted Funds:
Tutorial & Research Fellowships A consolidation of gifts and donations, and unspent income from permanent
Bursaries or expendable endowment funds, where income & capital can be used for the
Scholarships restricted purposes shown here. Unspent income is carried forward for use in
Prizes future years.
Library
Student support
Other purposes
Building funds These funds represent donations received for building works. Each year funds donated are
transferred to unrestricted reserves to the extent that the building works are complete.
General Unrestricted Funds: The General Unrestricted Funds represent accumulated income from the College's activities and other
sources that are available for the general purposes of the College. They have benefitted from the in
year transfer from Restricted Buiding Funds. The specific effect of the FRS102 dictated Pension Deficit
reserves on general unretricted funds are shown for clarity.

45

St Anne's College Notes to the financial statements For the year ended 31 July 2022

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities		 Unrestricted
Funds
£'000
27,261
525
-
23,796
(28,187)
23,395
Unrestricted
Funds
£'000
27,559
525
-
8,387
(11,402)
25,069		 Restricted
Funds
£'000
237
-
-
1,117
-
1,354
Restricted
Funds
£'000
175
-
-
1,167
-
1,342		 Endowment
Funds
£'000
-
221
46,806
(1,591)
-
45,436
Endowment
Funds
£'000
-
205
47,950
(1,592)
-
46,563		 2022
Total
£'000
27,498
746
46,806
23,322
(28,187)
70,185
2021
Total
£'000
27,734
730
47,950
7,962
(11,402)
72,974

21 TRUSTEES' REMUNERATION

The Fellows who are the Trustees of the College for the purposes of charity law receive no remuneration for acting as charity trustees but are paid by either or both of the University and the College for the academic services they provide to the College.

Trustees of the college fall into the following categories: Principal Professorial Fellow Official Fellow Fellow by Special Election Research Fellow

There are also 5 trustees (Senior Tutor, Librarian, Treasurer, Domestic Bursar, Director of Development) who work full time on management and administration.

No trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the college receive salaries for their work as employees. They may also claim employment related expenses. No expenses are reimbursed in respect of trustee activity. Salaries are paid on external academic and academic-related scales and often are joint arrangements with the University of Oxford.

Some trustees receive additional allowances for additional work carried out as part time college officers. These are the Vice-Principal and the Dean. These amounts are included within the remuneration figures below.

Governing Body trustees are eligible for a Housing Allowance, which is disclosed within the salary figures below. One trustee lives in rooms owned by the college. Governing Body trustees are eligible for college housing schemes. One trustee lives in a property owned jointly with the College.

The College has a Remuneration Committee which makes recommendations to Governing Body on pay and benefits which are outside of external scales. The composition of the Remuneration Committee is set out on page four of the section, Governing Body, Officers and Advisers. The total remuneration and taxable benefits as shown below is £1,881 (2021 £1,765k). The total of pension contributions is £282k (2021 £264k).

46

St Anne's College Notes to the financial statements For the year ended 31 July 2022

Remuneration paid to trustees

Range
£2,000-£2,999
£10,000-£10,999
£11,000-£11,999
£12,000-£12,999
£13,000-£13,999
£14,000-£14,999
£15,000-£15,999
£16,000 - £16,999
£20,000-£20,999
£21,000-£21,999
£22,000-£22,999
£23,000-£23,999
£24,000-£24,999
£25,000-£25,999
£26,000-£26,999
£27,000-£27,999
£29,000-£29,999
£31,000-£31,999
£46,000-£46,999
£50,000-£50,999
£52,000-£52,999
£54,000-£54,999
£57,000-£57,999
£58,000-£58,999
£59,000-£59,999
£60,000-£60,999
£61,000-£61,999
£89,000-£89,999
£90,000-£90,999
£91,000-£91,999
£92,000-£92,999
£99,000-£99,999
£100,000-£100,999
£101,000-£101,999
£104,000-£104,999
£123,000-£123,2999
£125,000-£125,2999
Total		 1
1
1
-
1
1
1
1
2
3
2
1
1
10
4
1
-
2
1
1
-
1
-
1
-
4
3
-
-
1
1
-
-
1
1
-
1
49
Number of
Trustees/Fellows		 £
44,409
-
-
54,776
105,201
27,373
63,181
50,610
91,143
-
58,328
46,502
92,205
-
241,661
-
-
104,495
13,265
15,116
2022
-
14,027
11,711
23,050
10,994
64,198
41,433
16,459
1,880,684
-
125,178
-
Gross remuneration, taxable
benefits and pension
contributions
253,722
2,044
-
101,061
24,392
184,150		 1
1
-
-
2
1
1
-
1
2
1
2
2
8
5
1
1
3
-
1
1
1
-
1
-
4
2
-
1
1
-
-
1
1
-
-
1
-
47
Number of
Trustees/Fellows		 £
-
45,358
123,310
26,341
50,690
90,340
-
44,274
52,673
-
-
89,782
99,552
-
237,430
121,045
1,764,722
2,044
-
25,033
47,513
2021
-
-
88,862
21,736
Gross remuneration, taxable
benefits and pension
contributions
-
16,600
1,187
13,770
14,491
41,105
198,220
128,192
-
100,672
-
27,045
-
57,457

14 trustees are not employees of the college and do not receive remuneration.

All trustees may eat at common table, as can all other employees who are entitled to meals while working.

Other transactions with trustees

No fellow claimed any expenses for work as a trustee. During the ordinary course of their employment as fellows some of the trustees enter into normal trading activities with the College. These transactions are not material to either party and are on terms offered to other fellows of the College. As such no further disclosure of these transactions is deemed necessary.

See also note 31 Related Party Transactions.

Key management remuneration

The total remuneration paid to key management was £646k (2021: £632k).

Key management are considered to be those with executive influence to direct and control the activities of the College; their names are listed on page six of the Trustees' Report.

47

St Anne's College Notes to the financial statements For the year ended 31 July 2022

22 PENSION SCHEMES

The College participates in the Universities Superannuation Scheme ('USS') and the University of Oxford Staff Pension Scheme ('OSPS') on behalf its fellows and staff. St Anne’s College has made available the National Employment Savings Trust for workers who are eligible under automatic enrolment regulations to pension benefits.

As explained in the accounting policies, due to insufficient information being available to enable the College to use defined benefit accounting for for the USS and OSPS, in accordance with the provisions of FRS 102 both employee schemes are accounted for as if they were defined contribution schemes.

Both schemes have put in place agreements for additional contributions to fund their past service deficits and the College has recognised a liability for the present value of the future contributions that it estimates will be payable as a result of these deficit funding agreements as explained below. In the event of the withdrawal of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.

Universities Superannuation Scheme

The USS comprises two parts, USS Retirement Income Builder which is a defined benefit arrangement and USS Investment Builder which is a defined contribution arrangement. However, as explained above, both parts are accounted for as if they were defined contribution arrangements.

The pension charge for the year in the Statement of Financial Activities includes £2,127k charge (2021 £749k) in relation to the USS. This represents normal contributions of £604k (2021 £545k) payable to the USS together with the change in the deficit funding liability between the opening and closing balance sheet dates of £1,523k (2021 £204k).

The latest triennial actuarial valuation of the USS defined benefit liabilities was prepared as at 31 March 2020 and the related actuarial report and contribution determination were shared with the USS’s Joint Negotiating Committee (JNC) (which represents employers and scheme members) in March 2021.

Following the completion of the 2020 actuarial valuation , a new dual rate schedule of contributions was agreed with an effective date of 1 October 2021; a total contribution rate of 31.2% - split 21.4% Employer and 9.8% Employee respectively.

The College has used a financial modeller to estimate the expected future deficit funding contributions payable and the present value of this amount is recognised as a liability in the balance sheet. Changes in the estimated amount of this deficit funding liability each year are shown on the Statement of Financial Activities. For the year ended 31 July 2022 the College’s provision for the USS deficit funding liability was £2,568k (2021 £1,045k).

Further details on the Actuarial Valuations of the USS can be found on the USS website. [https://www.uss.co.uk/actuarial-valuation ]

Oxford Staff Pension Scheme

The pension charge for the year includes a charge of £533k (2021 £114k credit) in relation to the OSPS. This represents contributions of £269k (2021 £276k) payable to the OSPS as adjusted by the change in the deficit funding liability between the opening and closing balance sheet dates of £263k (2021 £390k credit).

The latest formal actuarial valuation of OSPS was carried out as at 31 March 2019 and was published in June 2020. This valuation showed the scheme assets as £735.3m, sufficient to cover 87% of its liabilities of £848.1m on a technical provisions basis with an overall shortfall of £112.8m. The subsequent annual actuarial report prepared as at 31 March 2020 indicates that the deficit had increased to £166.6m with a funding level of 81%.

Based on this valuation the trustee and University have agreed a recovery plan under which the employers will continue to pay contributions to the OSPS of 19% of pensionable salaries of both defined benefits members and defined contributions members who join on or after 1 October 2017. Part of the contributions for defined contribution members is paid to the defined benefit section to cover the deficit recovery plan, the provision of ill-health and death-in service benefits and the expenses of administering the defined contribution section. In addition, the employers will continue to reimburse the scheme in respect of Pension Protection Fund (PPF) and other levies collected by the Pensions Regulator. These contributions, together with an allowance for the Scheme's assets to return 2.5% per annum above gilt yields, are expected to eliminate the technical provision deficit by 31 January 2028.

A provision of £620k has been included in the financial statements as at 31 July 2022 (2021 £356k) for the present value of the estimated future deficit funding element of the contributions payable under this recovery plan agreement. In determining the level of this provision it has been assumed that the College will continue to have a constant level of employee participation in this scheme and that the relevant earnings of these employees will increase in line with the actuary’s projected long-term salary rate increases.

A copy of the full actuarial valuation report and other further details on the scheme are available on the University of Oxford website. [https://finance.admin.ox.ac.uk/osps-documents]

Other scheme

The pension charge for the year includes £639 (2021 - £207) in relation to the National Employment Savings Trust

Included in other creditors are pension contributions payable of £0k (2021: £0k).

48

St Anne's College Notes to the financial statements For the year ended 31 July 2022

23 TAXATION

The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiary companies because the directors of these companies have indicated that they intend to make donations each year to the College equal to the taxable profits of the company under the Gift Aid scheme. Accordingly no provision for taxation has been included in the financial statements.

24 FINANCIAL INSTRUMENTS

The financial statements include the following in respect of financial instruments:

The financial statements include the following in respect of financial instruments:
2022 2021
Group Group
£'000 £'000
Financial assets measured at fair value 46,806 47,950
Financial liabilities measured at fair value (3,188) (1,401)
Financial assets measured at amortised cost 25,408 9,297
Financial liabilities measured at amortised cost (26,190) (10,878)

The consolidated College's income, expenditure, gains and losses, measured through the SOFA, in respect of financial instruments are:

2022 2021
Gains / Gains /
Income Expense (losses) Income Expense (losses)
£'000 £'000 £'000 £'000 £'000 £'000
Financial assets at fair value - - (295) - - 7,078
Financial liabilities at fair value - (1,787) - - 186 -
Financial assets measured at amortised cost - 1 - - (14) -
Financial liabilities measured at amortised cost - 432 - - 273 -

Financial assets measured at fair value comprise investment securities held by the College (note 12).

Financial liabilities measured at fair value comprise the long term liabilities of the USS and OSPS pension schemes (note 22). Financial assets measured at amortised cost comprise cash and cash equivalents, and debtors excluding prepayments. Financial liabilities measured at amortised cost comprise long and short term creditors, excluding deferred income.

25 RECONCILIATION OF NET INCOMING RESOURCES TO

NET CASH FLOW FROM OPERATIONS
Net income/(expenditure)
Elimination of non-operating cash flows:
Investment income
(Gains)/losses in investments
Endowment donations
Depreciation
(Surplus)/loss on sale of fixed assets
Decrease/(Increase) in stock
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
(Decrease)/Increase in pension scheme liability
Net cash provided by (used in) operating activities		 2022
Group
£'000
(2,789)
(1,262)
498
(100)
1,247
-
(10)
(355)
665
1,787
(319)		 2021
Group
£'000
6,340
(1,107)
(6,876)
(119)
1,350
(1)
1
(224)
-
(186)
(822)

49

St Anne's College Notes to the financial statements For the year ended 31 July 2022

26 ANALYSIS OF CHANGES IN NET DEBT

Cash
Cash Equivalents
Loans Falling due within one year
Loans falling due after more than one year
Total
The prior year comparative of the Analysis Changes in Net Debt is located atNote 33-f
27
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents
28
FINANCIAL COMMITMENTS
At 31 July the College had annual commitments under non-cancellable operating leases as follows:
Other
expiring within one year
expiring between two and five years		 At start of year
1,927
6,600
-
(10,000)
(1,473)		 Cash flows
156
568
-
(15,000)
(14,276)
2022
£'000
2,083
22,168
24,251
2022
£'000
2
-
2		 At end of Year
2,083
7,168
-
(25,000)
(15,749)
2021
£'000
1,927
6,600
8,527
2021
£'000
22
5
27

29 COMMITMENTS UNDER OPERATING LEASES

expiring within one year
expiring between two and five years
expiring in over five years
At 31st July the College had contracted with tenants to receive the following future minumum lease payments:
St Anne's College earns rental income by letting its property to assured shorthold tenants under non cancellable
operating leases. Leases in which substantialy all risks and rewards of ownership are retained by another party, the
lessor, are classified as operating leases. Payments, including prepayments, made under operating leases are charged to
income on a straight line basis over the period of the lease.		 2022
£'000
16
-
-
16		 2021
£'000
18
16
-
34

30 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July for future capital projects totalling £692k (2021 £313k).

50

St Anne's College Notes to the financial statements For the year ended 31 July 2022

31 RELATED PARTY TRANSACTIONS

The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship. For reporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS 102

Members of the Governing Body, who are the trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College. Details of these payments and reimbursed expenses as trustees are disclosed separately in these financial statements (note 21).

During the year the trustees of the College donated £2k (2021: £3k) to the annual fund with no conditions attached.

The College has a property with the following net book value owned jointly with a trustee under a joint equity ownership agreement between the trustee and the College.

2022 2021
£'000 £'000
Prof. F Szele 221 205

All joint equity properties are subject to sale on the departure of the trustee from the College. The trustee forgoes housing allowance on the College owned share of the property at the assessed current market rate.

During the year the 2 trustees took interest free loans from the College under a new staff housing loan policy. The amount outstanding at the year end was £12k (2021: £0).

was £12k (2021: £0).
2022 2021
£'000 £'000
Prof. T Hall 7 0
Prof. J Middleton 5 0

32 CONTINGENT LIABILITIES

There are no contingent liabilites as at 31st July 2022.

51

St Anne's College Notes to the financial statements For the year ended 31 July 2022

33 ADDITIONAL PRIOR YEAR COMPARATIVES

33-a PRIOR YEAR COMPARATIVE - Consolidated Statement Of Financial Activites For the year ended 31 July 2021

INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
Other Trading Income
Donations and legacies
Investments
Investment income
Total return allocated to income
Other income
Total income
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential
Generating funds:
Fundraising
Trading expenditure
Investment management costs
Total Expenditure
Net Income/(Expenditure) before gains
Net gains/(losses) on investments
Net Income/(Expenditure)
Transfers between funds
Net movement in funds for the year
Fund balances brought forward
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
5,734
11
871
61
575
526		 Restricted
Funds
£'000
-
-
1,632
-
1,194
-
2,826
2,485
-
-
-
2,485
341
-
341
(11,043)
(10,702)
12,044
1,342		 Endowed
Funds
£'000
-
-
119
1,046
(1,769)
-
(604)
-
-
-
201
201
(805)
6,794
5,989
-
5,989
40,574
46,563		 2021
Total
£'000
5,734
11
2,622
1,107
-
526
7,778
7,159
824
46
23		 10,000
9,644
824
46
224
8,052 10,738
(274) (738)
284 7,078
10 6,340
11,043 -
11,053
14,016		 6,340
66,634
25,069 72,974

52

St Anne's College Notes to the financial statements For the year ended 31 July 2022

33-b PRIOR YEAR COMPARATIVE - Property Investments
(Current year Note 11)
Group
Valuation at start of year
Additions and improvements at cost
Disposals
Revaluation gains/(losses) in the year
Valuation at end of year
College
Valuation at start of year
Additions and improvements at cost
Disposals
Revaluation gains/(losses) in the year
Valuation at end of year		 Agricultural
£'000
-
-
-
-		 Commercial
£'000
-
-
-
-
-
Commercial
£'000
-
-
-
-
-		 Other
£'000
857
-
(145)
18		 2021
Total
£'000
857
-
(145)
18
- 730 730
Agricultural
£'000
-
-
-
-		 Other
£'000
857
-
(145)
18		 2021
Total
£'000
857
-
(145)
18
- 730 730

The formal valuation of the investment property was prepared by Mark Chater MRICS of Carter Jonas as at 31 July 2016. The shared equity properties were formally valued at 31 July 2017, by George Densham MRICS of Carter Jonas. Where apropriate the property values have been reviewed at 31st July 2020 with reference to local market price change, and values have been adjusted in accordance with Governing Body policy to continue to review their market values on a regular basis, with all properties being formally revalued every 5 years.

33-c PRIOR YEAR COMPARATIVE - Parent And Subsidiary Undertakings

(Current year note 13)

The College holds 100% of the issued share capital in St Anne's College Services Company Limited, (Co No. 4338617, registered address: St Anne's College, Woodstock Road, Oxford, Oxfordshire, OX2 6HS ) a company providing conference and other event services on the College premises, and 100% of the issued share capital in St Anne's College Developments Limited (Co No. 4941553, registered office address: St Anne's College, Woodstock Road, Oxford, Oxfordshire, OX2 6HS), a company set up to provide design and build construction services to the College. St Anne's College Developments Limited claims exemption from the requirements to prepare individual accounts under section 394a of the Companies Act 2006. As the parent company St Anne's College guarantees exemption from preparing acccounts under section 394c of the Companies Act 2006.

The results and the assets and liabilities of the parent and subsidiaries at the year end were as follows.

Income
Expenditure
Donation to College under gift aid
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 £'000
9,989
(3,614)
40
St Anne's
College		 £'000
11
(46)
(40)
(75)
23
(53)
(30)
St Anne's
College
Services Ltd		 £'000
-
-
-
St Anne's
Development
Company Ltd
6,415 -
86,165
(13,072)		 -
-
73,093 -

53

St Anne's College Notes to the financial statements For the year ended 31 July 2022

33-d STATEMENT OF INVESTMENT TOTAL RETURN - PRIOR YEAR COMPARATIVE (Current year Note 14)

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1st August 2020. The investment return to be applied as income is calculated as 4.58% (2019: NA) of the average of the year-end values of the relevant investments in each of the last 5 years. The preserved (frozen) value of the invested endowment capital represents its open market value in 2010 together with all subsequent endowments valued at date of gift. Comparatives are not provided in this initial year of policy implementation.

At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Recoupment of trust for investment
Allocation from trust for investment
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the reporting period
Expendable endowments transferred to income
Net movements in reporting period
At end of the reporting period:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments		 Unapplied
Trust for
Total
Investment
Return
£'000
£'000
19,796
-
-
5,261
19,796
5,261
22
-
-
-
-
671
-
4,338
-
(126)
(10)
12
4,883
-
(1,101)
-
(1,101)
12
3,782
19,808
-
9,043
19,808
9,043
Permanent Endowment		 Total
£'000
19,796
5,261
25,057
22
-
-
671
4,338
(126)
(10)
4,895
(1,101)
-
(1,101)
3,794
-
19,808
9,043
28,851		 Expendable
Endowment
£'000
-
-
15,517
15,517
97
-
-
375
2,456
(75)
10
2,863
-
(668)
(668)
2,195
17,712
17,712		 Total
Endowments
£'000
19,796
5,261
15,517
19,796
22
-
-
-
-
(10)		 40,574
119
-
-
1,046
(275)
201
-
12
-		 8,160
(1,101)
(668)
- (1,769)
12
19,808		 6,391
19,808
9,043
17,712
19,808 46,563

54

St Anne's College Notes to the financial statements For the year ended 31 July 2022

33-e PRIOR YEAR COMPARATIVE - Analysis Of Movements On Funds (Current year Note 18)

Endowment Funds - Permanent
Tutorial & Research Fellowships
Bursaries
Scholarships
Prizes
Student support
General purposes
Endowment Funds - Expendable
Tutorial & Research Fellowships
Bursaries
Scholarships
Prizes
Library
Student support
Other purposes
Total Endowment Funds - College
Total Endowment Funds - Group
Restricted Funds
Tutorial & Research Fellowships
Bursaries
Scholarships
Prizes
Library
Student support
Other purposes
Building funds
Total Restricted Funds - College
Total Restricted Funds - Group
Unrestricted Funds
General funds
Pension reserve
Total Unrestricted Funds - College
Unrestricted funds held by subsidiaries
Total Unrestricted Funds - Group
Total Funds		 At 1 August
2020
£'000
12103
667
407
482
84
11314
9,786
3,163
949
626
237
669
87
40,574
40,574
200
24
69
45
6
55
443
11,202		 Incoming
resources
£'000
338
18
11
13
2
315
258
47
52
16
6
23
65		 Resources
expended
£'000
(59)
(3)
(2)
(3)
-
(59)
(52)
(9)
(5)
(3)
(1)
(4)
-
(201)
(201)
(902)
(132)
(125)
(29)
(12)
(44)
(1,240)
-
(2,485)
(2,485)
(8,164)
186		 Transfers
£'000
(554)
(24)
(20)
(19)
(5)
(493)
(414)
(131)
(47)
(28)
(8)
(28)
2
(1,769)
(1,769)
912
29
46
31
147
4
21
(11,039)		 Gains/
(losses)
£'000
2,118
77
71
84
14
1,973
1,707
300
165
109
42
117
16
6,794
6,794
-
-
-
-
-
-
-
-		 At 31 July
2021
£'000
13,946
735
467
557
95
13,050
11,285
3,370
1,114
720
276
777
170
1,165 46,563
1,165 46,563
35
-
75
5
-
37
1,467
12		 245
(79)
65
52
141
52
691
175
12,044 1,632 (9,849) - 1,342
12,044 1,632 (9,849) - 1,342
15,650
(1,587)		 7,203
-		 11,618
-		 284
-		 26,590
(1,401)
14,063 7,203 (7,979) 11,618 284 25,189
(47) 0 (73) - - (120)
14,016 7,203 (8,052) 11,618 284 25,069
66,634 10,000 (10,738) - 7,078 72,974

33-f PRIOR YEAR COMPARATIVE - Analysis of Changes in Net Debt (Current year Note 26)

Cash
Cash Equivalents
Loans Falling due within one year
Loans falling due after more than one year
Total		 At start of year
1,384
6,543
-
(10,000)
(2,073)		 Cash flows
543
57
-
-
600		 At end of Year
1,927
6,600
-
(10,000)
(1,473)

55