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2023-07-31-accounts

St Anne's College

Annual Report and Financial Statements

Year ended 31 July 2023

St Anne’s College

Annual Report and Financial Statements

Contents

Governing Body, Officers and Advisers 3 - 7
Report of the Governing Body
8 - 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 – 56
US Department of Education Supplemental Schedule 57 – 59

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St Anne’s College Report of the Governing Body

Year ended 31 July 2023

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
Prof. J Baird
Prof Uta Balbier Appointed 01/12/21
Mr. J Banbrook Domestic Bursar ●
Prof. D Belyaev
Prof. M Bolt
Prof. H C Christian ●
Prof. S M Clegg ●
Dr. C Coester Appointed 01/02/23
Prof. R S Crisp
Prof William Davies Appointed 04/12/19
Prof. C Deane
Prof. V Deringer
Mr. Edwin Drummond
Prof. J Foerster
Mr. J E Ford Treasurer ● ● ●
Prof. P Ghosh Retired 30/09/23
Prof. I Goold ●
Dr. S Gronlie

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St Anne’s College

Report of the Governing Body

Year ended 31 July 2023

Year ended 31 July 2023
(1) (2) (3) (4)
Prof. C R M Grovenor
Prof. M Gubinelli Appointed 01/02/23
Prof. T H Hall
Prof. B M Hambly
Prof. M Harry ●
Prof. G Hazbun
Prof. J Hippisley-Cox
Prof. C Holmes
Prof. H Hotson_
Dr. M (T) Hui Appointed 30/11/22
Prof. P Irwin Vice Principal Retired from post 17/06/23 ● ●
Prof. S Islam
Prof. K Janezic
Prof. F Johnston
Dr. J Katz Retired 30/09/23
Prof. A Klevan
Prof. S Khalid
Dr. S Khan
Prof. A Layard ●
Prof. M G L Leigh
Prof. S Malde Appointed 01/02/23
Prof. P McGuinness

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St Anne’s College

Report of the Governing Body

Year ended 31 July 2023

Year ended 31 July 2023
(1) (2) (3) (4)
Dr. S. McKellar Senior Tutor ● ●
Prof. J Middleton
Prof. V Murphy
Dr. G Nelson ●
Prof. S. Park
Prof. D R Porcelli Vice Principal Appointed to post 18/06/23
Prof Steven Puttick Appointed 05/02/20
Prof. D Pyle
Prof. R Reed ●
Prof. M Reynolds ●
Prof. S. Robinson ●
Prof. A Rogers
Prof. B Rosic
Prof T Schwanen ●
Prof. S Sheppard Appointed 01/02/23
Prof. F Szele
Prof. A Tzanakopoulos
Prof. P Vyas ●
Prof. S Waters ●
Prof. K Watkins
Ms. Clare White Fellow Librarian ●
Prof. S Wordsworth ●

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St Anne’s College

Report of the Governing Body

Year ended 31 July 2023

Year ended 31 July 2023
(1) (2) (3) (4)
Prof. Y Yadgar ●
Non trustee committee members
Dr. D. Bryan External - Retired 04/10/23 ●
Ms. J Bevis External ●
Ms. C Dryhurst External ●
Mr. J Duxfield External- Appointed 04/10/23 ●
Mr. Jonathan Freeman External ●
Mr. James Graham External - Retired 14/6/23 ●
Mr. M Redman External ●
Mr. C Rodgers External ●
Ms. K Roydon External ●
Ms. S Siame External ●
Mr. A Stephens External- Appointed 04/10/23 ●

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.

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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
The Vice-Principal Prof. P Irwin, (Professor D Porcelli from 18/06/23)
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 2023.

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 2023

The Members of the Governing Body present their Annual Report for the year ended 31 July 2023 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 2022/23 the number of student support awards made was 108 out of a Home/EU undergraduate population of 385. 74 of the awards were at the maximum value and the average value of the awards was £3,775. 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

This year 47 finals students achieved Firsts or Distinctions and 71 achieved 2.1s. Two achieved Merits, which are new 4th year Masters’ Awards. One student was Declared to have deserved a Masters’ Degree. 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 2022-23 the College saw a full programme of in-person access and outreach activities. We continued to increase the numbers of schools engaged with day visits to Oxford and outbound activities held in schools and colleges in our link regions of the North East of England and Hillingdon and Southwark in London. As an example of numbers involved, 1380 school students have taken part in visits to St Anne’s over the last year, and we have worked with over 5,500 students in total. The College has continued to offer online activities and sessions alongside in-person visits, which can be helpful for maximising contact at times when an inperson visit would not have been feasible or 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, was entirely inperson this year, with the monthly workshops and academic taster sessions taking place in the region from January to April. The College was pleased to welcome this committed and cohesive group of 46 students to the in-person residential in Oxford in August 2023. We have continued to host additional 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. These visits in March and in June 2023, enabled students from the region who did not meet the eligibility criteria for Aim for Oxford to access Information, Advice and Guidance sessions and to experience college life. We held an effective and well-attended Offer Holder day in March 2023, and June saw successful in-person Open Days, with larger numbers of applicants visiting College again. In total, the College has run over 200 outreach activities this year, reaching teachers, parents and students from Years 4-13 in 132 schools across the UK. Our online parents’ sessions so far have each attracted over 100 attendees, and we plan to run more of these during the next year primarily to support our link schools. In 2023-24, we also plan to increase still further our engagement with teachers and our delivery of CPD

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sessions. Strategically, we have identified schools with high levels of deprivation in their catchment areas and low levels of engagement with Oxford, and we are targeting work to engage these, while maintaining our regular work in other, already engaged, schools. All this work, of course, aims to bring an Oxford education within the grasp of the brightest students, whatever their background and wherever their school.

Student Welfare

In addition to the well-publicised problems that emerged during the pandemic, student mental health can reflect wider financial worries that families are facing. Higher living costs have had both a direct financial impact upon students and an indirect impact through the stress on family budgets on which many young people rely. The College continues to support students across health, welfare and disability with individual support and guidance, providing direction to appropriate resources and services, and working in collaboration with the university and the local community. The support of College alumnae, in particular from the Huxter Fund, and financial assistance from the College have proven invaluable in offering practical, prompt assistance to students.

Research Achievements

Professor Maxim Bolt, Supernumerary Governing Body Fellow produced research on property rights which led to a ground-breaking court judgement in South Africa which could pave the way for reform of laws dating from the apartheid era. The case, heard in the Gauteng High Court in May 2022, concerned a dispute over the rights to ownership of a “family house”. Dr Bolt has been researching such disputes surrounding family houses and urban inheritance in South Africa since 2016, drawing on extensive ethnographic fieldwork.

Professor Roger Crisp, Uehiro Fellow and Tutor in Philosophy , gave the 2022 Parcells Lecture at the University of Connecticut, and a paperback edition of his book Sacrifice Regained: Morality and Self-interest in British Moral Philosophy from Hobbes to Bentham (2019) will be published by OUP later this year.’

Professor Bent Flyvbjerg, Senior Research Fellow , has recently published a new book, How Big Things Get Done (Penguin, 2022). More information can be found here: https://sites.prh.com/how-big-things-get-donebook

Professor Imogen Goold, Tutorial Fellow in Law , has been appointed to the Medical Ethics Committee of the British Medical Association.

Professor Geraldine Hazbun, Ferreras Willetts Fellow and Tutor in Spanish , has been awarded a 2023 Leverhulme Trust Research Fellowship to work on her forthcoming book, "The Form of Risk in Medieval Spanish Epic".

Professor Saiful Islam, Professor of Materials Science and Professorial Fellow , was made an Honorary Fellow of the British Science Association and was also awarded the 2022 Hughes Medal of the Royal Society for his “outstanding contributions to the deeper understanding of atomistic processes in new materials for use in energy applications, especially those related to lithium batteries and perovskite solar cells”.

Prof. Harry Johnstone (Emeritus Fellow in Music) ’s edition of the Complete Harpsichord Music of Maurice Greene (200 pp.) has been published as volume 106 in the series (Musica Britannica) in May 2022. He has also published articles in the Handel Institute Newsletter, the Research Chronicle of the Royal Musical Association, and The Musical Times, plus a chapter in a festschrift for the great Handel scholar, Donald Burrows.

Professor Matthew Leigh, Fellow and Tutor in Classics , has been elected to a Fellowship of the Institute of Advanced Study in Princeton for the Fall Semester of 2023. He will use this time to continue his work on the Controversiae of Seneca the Elder.

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Dr Jennie Middleton, Fellow and Tutor in Geography , is the Principal Investigator of a major project which has been awarded a grant from the Economic and Social Research Council. The project will conduct innovative research into active travel and the everyday mobilities of children with non-visible disabilities.

Professor Steven Puttick, Non-Tutorial Fellow , has published a book: The Geography Teaching Adventure: reclaiming exploration to inspire curriculum and pedagogy (Routledge)

Professor Paresh Vyas, Professorial Fellow in Medical Sciences , has been elected a Fellow of the Academy of Medical Sciences.

The Centre for Personalised Medicine

The Centre for Personalised Medicine is a partnership between St Anne’s College and the University of Oxford's Wellcome Centre for Human Genetics (part of the Nuffield Department of Medicine). 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 and activities including seminars, conferences, public lectures, blog posts, vlogs and podcasts.

Highlights of the past year include:

The CPM acknowledges with grateful thanks the financial support of the Dr Stanley Ho Medical Development Foundation, who have agreed to continue their support, with increased funding agreed until 2030.

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 MSt in Comparative Literature and

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Critical Translation, which was inaugurated in 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 highquality applicants each year, from a very diverse range of locations. The OCCT Junior Research Fellowship in African and Comparative Literature, which began in 2021, generates institutional change by putting African literature at the centre of comparative literary research

Conference results

Following the opening up of the College last year conference revenues have continued to build and momentum in bookings looks strong. Revenues this year were over £1.8M, still behind the pre-pandemic totals but over 80% up on the previous year.

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 fifth Giving Day took place in March 2023. 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 Team – for example the Development Board or the St Anne’s Society (SAS). The College recognises the excellent the work of the SAS but does 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,

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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 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. On July 31[st] 2023 the College invested £1M in a newly established fossil fuel free global equity tracker fund managed by LGIM. This had been preceded by a tender process the previous summer to identify a suitable fund in order to invest annual amounts by way of a “sinking fund” to repay the bond capital in 2059.

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 £1,584k (2022 £1,811k, representing a Governing Body approved drawdown of 3.77% (2022 4.51%) of an averaged valuation of endowment assets, and a yield of 3.5% (2022 3.9%) on the value of the fund on 1[st] August 2022. The Endowment fund produced a total return of 2.7% (2022 1.7%).

FINANCIAL REVIEW

Total income of £15,160k (2022 £11,482k) represented an increase of 32% on the prior year, superseding pre-pandemic levels (2019 £13,072k). Expenditure reduced to £13,360k (2022 £13,976k), due to pension provision movements of -£695k (2022 £1,787k). The College therefore achieved a consolidated operating profit before investment gains, of £1,800k (2022 loss -£2,494k.)

Income from charitable activities increased to £9,978k (2022 £8,249k). Tuition fee income increased by 6% (£224k), reflecting overseas’ tuition fee rises, as well as an unplanned swing in the mix between home and overseas fee status undergraduates. Other fees, from visiting students, saw a continued rise of 66% (£378k) although still not achieving pre-pandemic levels. College residential income was significantly improved by charitable trading income, up by 104% (£677k); student accommodation and dining income, as well as the college nursery formed the balancing £423k of the total £1,100k increase. Recovery was continued in subsidiary company trading income £553k (2022 £378k). Taken together, the conference business was responsible for income of £1,880k (2022 £1,028k).

Donation income continued to benefit from charitable gifts to endowed, restricted and unrestricted funds. The £1,230k donated for unrestricted purposes includes generous legacies totalling £648k. Restricted donations include the first of several pledges towards the Bevington Road Regeneration Project, £385k, and £275k from the College Contributions Scheme. Donations continue to be received for the College’s research centres: the Centre for Personalised Medicine, £176k; and the Oxford Centre for Comparative Criticism and Translation, £106k. Other restricted donations help to fund student support and outreach activity.

Investment income of £1,941k (2022 £1,262k) made up of endowment returns £1,115k, and supplemented by income earned on cash deposits, benefitting from the increase in interest rates, £826k.

This year expenditure incurred was reduced by decreases in pension fund provisions. The OSPS, following the March 2022 revaluation, is now in surplus; the recovery plan dating from the previous valuation ceases in September 2023, so the provision held at 31[st] July 2022 has been almost completely released, causing a £599k credit to expenditure reported. The provision held in respect of the USS benefitted by the increased discount rate, generating a credit to expenditure of £96k. Excluding the effect of pension provisions, total expenditure saw an increase of 14% (£1,763k) on the prior year (2022 £1,309k; 12%)

Staff costs, excluding aforementioned provisions, increased by 8% (£566k) on the prior year. Accounting for most of the increase, higher cost of living pay rises than in recent years supported staff and encouraged retention in a difficult employment market. This included payments to the lower paid staff at the

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recommended rate of the Oxford Living Wage, with resultant differentials also maintained. The use of casual workers to operate vacant posts where recruitment was difficult and to facilitate delivery of the recovering conference trade also saw an increase.

Non staff expenditure, before provisions, increased by 21% (£1,197k) on the prior year. The energy crisis was reflected in the costs of heat and light increasing 75%, (up £384k); catering and direct conference costs increased by £275k reflecting both increased food costs and more conferences delivered. Expenditure on grants and awards increased again by £33k; interest costs increased by £277k, a full year’s fixed cost of servicing the entirety of the £25,000k note payable.

The financial statements record a small gain on investment of £30k (2022 loss -£295k).

Total fixed assets increased by £802k to £75,615k, the gain in investment assets of £1,013k offset by a reduction in tangible fixed asset net book values of £216k. Fixed asset additions totalled £918k, set to rise significantly in 2024-5, and 2025/26 as the Bevington Road renovation breaks ground .

The College consolidated cash position increased by £913k to £25,164k, recording a £1,038k inflow from operating activities. Working capital decreased by -£581k; the increase in debtor balances +£867k included billing of 2023-24 visiting student fees, offset by an increase in creditors of £1,457, made up of a small increase in trade creditors, and including a large increase in deferred income, +£1,484k. The total return on investments consists of a combination of investment income of £1,941k, supplemented by capital withdrawal of £474k. New cash invested totalled £1,663k, including £1,000k invested in a fossil fuel free global equity tracker fund managed by LGIM, from which to repay the bond.

Long term creditors, being the note payable £25,000k, remain static. The defined benefit pension scheme liability reduced to £2,493k (2022 3,188k). The USS provision decreased to £2,471k, continuing to reflect College’s share of the USS potential deficit support; the OSPS provision decreased to £21k, the balance will be nil by 30[th] September 2023.

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 £72,015k (2022 £70,185k). This is made up of endowment capital of £44,922k, of which £30,150k is held for restricted purposes, and restricted funds of £1,836k (2022 £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 £27,750k, which after pension provision, are a net £25,257k (2022 £23,395).

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 continues to review its reserves’ policy. There are two areas of requirement:

17

St Anne’s College Report of the Governing Body

Year ended 31 July 2023

An amount of £2.8M is invested in liquid assets in respect of operational reserves. For the loan reserve an amount of £1.5M was invested with OUem in 2018/19; a further £1M was invested in a fossil fuel free global equity tracker fund managed by LGIM this year. Annual additions will be made to this fund to generate sufficient capital to repay the bond in 2059.

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:

18

St Anne’s College

Report of the Governing Body

Year ended 31 July 2023

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:

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. A decarbonisation plan was commissioned in 2022 by a firm of design engineers, which has assisted in evaluating the current impact and making recommendations. The financial impact of these initiatives is high and will need to be funded out of existing capex budgets, government and inter collegiate grants, and fund raising. More work needs to be done on prioritisation notwithstanding the Bevington Road renovation which began in July 2023. This project will use both air source heat pumps and mechanical ventilation heat recovery (MVHR), removing the existing gas boilers in those buildings, and will make a significant difference to the College’s carbon impact.

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:

19

St Anne's College Report of the Governing Body Year ended 31 July 2023 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue to operate. The Governlng Body is responsible for keeping proper atcounting 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 takinB reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Governing Body on 29, November 2023 and signed on its behalf by.. Ms Hélen King Prlnclpal 20 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 College (‘the Charity’) and its subsidiary (‘the group’) for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, Consolidated and College Balance Sheet, 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 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

21

St Anne’s College

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

materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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 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.

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St Anne’s College

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

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. We then designed and performed 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 parent 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 taxation legislation, 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 parent 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 parent charity and the group for fraud. The other laws and regulations we considered in this context for the group were General Data Protection Regulations and 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 risk of income recognition included selecting a sample of income during the year, agreeing back to the relevant documentation and ensuring it has been recognised correctly. Our audit procedures to respond to the risk of management override 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, reviewing regulatory correspondence with the Charity Commission 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 non-compliance 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 non-compliance 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

23

St Anne’s College

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

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.

CROWE U.K. LLP Statutory Auditor

Aquis House 49-51 Blagrave Street Reading RG1 1PL

Date: 30 November 2023

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 2023

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 22). The College does however recognise 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 2023

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 2023

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 £10,000 together with expenditure on equipment costing more than £10,000 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 2023

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 2023

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 2023

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 2023

Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1
Public worship
Heritage
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
9,978
-
-
580
1,230
826
1,584
59		 Restricted
Funds
£'000
-
-
-
-
1,331
-
-
-		 Endowed
Funds
£'000
-
-
-
-
41
1,115
(1,584)
-		 2023
Total
£'000
9,978
-
-
580
2,602
1,941
-
59		 2022
Total
£'000
8,249
-
-
396
1,479
1,262
-
96
14,257
9,862
885
478
26		 1,331
1,910
-
-
-		 (428)
-
-
-
199		 15,160
11,772
885
478
225		 11,482
12,608
774
372
222
11,251 1,910 199 13,360 13,976
3,006 (579) (627) 1,800 (2,494)
(83) - 113 30 (295)
2,923 (579) (514) 1,830 (2,789)
(1,061) 1,061 - - -
1,862
23,395		 482
1,354		 (514)
45,436		 1,830
70,185		 (2,789)
72,974
25,257 1,836 44,922 72,015 70,185

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

31

5tAnne's College Consolidated and Collese Balance Sheets As at 31 July 2023 2023 Group 2022 Group 2023 Colleze £'ooo 2022 College £'ooo Notes £'ooo FIXED ASSETS Tan8ible assets Herita8e asset5 Properry investments Other Investments io 27.045 27,261 27,130 27,348 li li 12 751 47J19 746 46,806 751 47.819 746 46,806 Totsl Foxed Assets 75.61$ 74,813 75,700 74,900 CURRENT ASSErs Stock5 Debtor5 Cash at bank and in hand 133 2,136 25,164 123 1.311 24.251 133 2,017 25,107 123 L,478 24,115 15 Ttst#l Current Assets 27,433 25.685 Z7,257 25,716 LIABILITIES Creditors.. Amounts falling due within one year 16 2.125 3,421 2,156 NETCURRENT ASSETSIILIABIiITIESI 23,893 23.560 23,836 23,560 TOTALASSETS LESS CIJRRENT LIABILITIES 99,508 98,373 99,536 98,460 CREDITORS.. éallin8 due after more than one year 17 2S,000 25,C()O 25,th1 25,OL NET ASSETSIIUABILrriesi BEFORE PENSION A55ET OR LIA8ILrrY 74,508 73.373 74.536 73.460 D¢ftned benefit pen5ioD scheme Ilablllty 22 2,493 3.188 2N93 3.188 TOTAL AssErsllUA8ILITIESI 72,015 70,185 72,043 70.272 FVP40S OF THE COLLEGE end¢)wment lunds 44.922 45.436 44.922 45.436 Restrlrted funds 1036 1.354 li36 1,354 Unrestrlcted funds General funds Pension reserve 27,7SO 12,4931 26,583 13,1881 27,778 12,4931 26,670 13,1881 22 72,015 70,185 72,043 70,272 The financial staternent5 were approved and aurhorised for issue bythe Governing Bodyof St Anne's College on 29th November 2023 Tru5tee'. 32 32

St Anne's College

Consolidated Statement of Cash Flows

For the year ended 31 July 2023

Notes
Net cash provided by (used in) 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
Change in cash and cash equivalents due to exchange
rate movements		 2023
£'000
1,038		 2022
£'000
(319)
1,941
-
(918)
474
(1,663)		 1,262
-
(949)
749
(119)
(166) 943
-
-
41		 -
15,000
100
41 15,100
913 15,724
24,251
-		 8,527
-
25,164 24,251

33

St Anne's College Notes to the financial statements For the year ended 31 July 2023

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
Total Teaching, Research and Residential
Total income from charitable activities		 2023
£'000
2,019
1,732
952
233
224
4,818
9,978
9,978
9,978		 2022
£'000
1,996
1,531
574
227
203
3,718
8,249
8,249
8,249

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

The above analysis includes £3,984k received from Oxford University from publicly accountable funds under the CFF Scheme (2022: £3,754k).

To support the strategic priority to fund more graduate scholars and to enable outstanding students to take up their places regardless of their financial position, for graduate students with overseas fee status funded through the Clarendon or UKRI scholarship funding schemes, the college share of the fees waived amounted to £10k (2022: £nil).These are not included in the fee income reported above.

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
Equity dividends
Income from fixed interest stocks
Interest on fixed term deposits and cash
Other investment income
Bank interest
Other interest
Endowed funds
Other property income
Equity dividends
Income from fixed interest stocks
Other investment income
Total Investment income		 2023
£'000
1,230
1,331
41
2,602
2023
£'000
553
27
580
2023
£'000
11
3
527
65
220
-
826
7
888
167
53
1,115
1,941		 2022
£'000
780
599
100
1,479
2022
£'000
378
18
396
2022
£'000
-
-
126
63
11
-
200
7
830
174
51
1,062
1,262

34

St Anne's College Notes to the financial statements For the year ended 31 July 2023

5
OTHER INCOME
Miscellaneous Income
Coronavirus Job Retention Scheme Grants
The Coronavirus Job Retention Scheme closed in September 2021.
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		 2023
£'000
59
-
59
2023
£'000
5,645
3,925
2,202
11,772
421
189
9
149
118
5
315
171
211
1,588
13,360		 2022
£'000
67
29
96
2022
£'000
5,214
3,094
4,300
12,608
401
168
9
96
79
5
277
125
208
1,368
13,976

The 2022 resources expended of £13,976k represented £12,025k from unrestricted funds, £1,748k from restricted funds and £203k 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 2022-3 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.

35

St Anne's College Notes to the financial statements For the year ended 31 July 2023

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
189
39
65
202
83
54
-
2
7
24		 HIDE if poss
Teaching
and
Public
Research
Worship
Heritage
£'000
£'000
£'000
453
-
-
297
-
-
135
-
-
-
-
-
186
-
-
1,078
-
-
2
-
-
707
-
-
(777)
-
-
50
-
-
2,131
-
-
HIDE if poss
Teaching
and
Public
Research
Worship
Heritage
£'000
£'000
£'000
363
-
-
193
-
-
104
-
-
-
-
-
160
-
-
1,202
-
-
-
-
-
430
-
-
1,802
-
-
46
-
-
4,300
-
-		 2023
Total
£'000
642
336
200
202
269
1,132
2
709
(770)
74
665 2,796
Generating
Funds
£'000
171
17
53
203
77
45
-
2
17
25		 2022
Total
£'000
534
210
157
203
237
1,247
-
432
1,819
71
610 4,910

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		 2023
£'000
34
3
37
74		 2022
£'000
32
3
36
71

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 2023

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		 2023 2022
£'000
81
16
£'000
95
35
130
387
99
486
616
97
388
98
486
583

8 GRANTS AND AWARDS

The figure included above represents the cost to the College of the Oxford Bursary scheme. Students of this college received £408k (2022: £344k). Some of those students also received fee waivers amounting to £18k (2022: £58k).

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 2023

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		 2023
£'000
5,006
498
757
198
6,459
2023
14
69
5
24
112
29
9
1
6
45		 2022
£'000
7,020
458
755
120
8,353
2022
16
66
5
24
111
28
9
3
6
46

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		 2023
2
2023
2		 2022
1
2022
1

The total value of all redundancies and settlement agreements during the period amounted to £13k in excess of contractual entitlements. (2022 £0). This cost was met from unrestricted funds.

38

St Anne's College Notes to the financial statements For the year ended 31 July 2023

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 (2022:£0k) of plant and machinery held under finance leases.
£0k (2022:£0k) of fixures, fittings and equipment held under finance leases.		 Leasehold
land and
buildings
£'000
-
-
-		 Freehold
land and
buildings
£'000
41,919
549
(455)
42,013
17,105
895
(452)
17,548
24,465
24,814		 Plant and
machinery
£'000
-
-
-
-
-
-
-
-
-
-		 Fixtures,
fittings and
equipment
£'000
6,061
369
(453)
5,977
3,614
237
(454)
3,397
2,580
2,447		 Total
£'000
47,980
918
(908)
- 47,990
-
-
-		 20,719
1,132
(906)
- 20,945
- 27,045
- 27,261
College
Cost
At start of year
Additions
Disposals
At end of year
Depreciation and impairment
At start of year
Charge for the year
On disposals
Impairment
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
42,048
549
(455)
42,142
17,153
896
(452)
-
17,597
24,545
24,895		 Plant and
machinery
£'000
-
-
-
-
-
-
-
-
-
-
-		 Fixtures,
fittings and
equipment
£'000
6,067
369
(454)
5,982
3,614
237
(454)
-
3,397
2,585
2,453		 Total
£'000
48,115
918
(909)
- 48,124
-
-
-
-		 20,767
1,133
(906)
-
- 20,994
- 27,130
- 27,348

The above includes: £0k (2022:£0k) of plant and machinery held under finance leases.

£0k (2022:£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 2023

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
746
-
-
5
751
Other
£'000
746
-
-
5
751		 2023
Total
£'000
746
-
-
5
751
2023
Total
£'000
746
-
-
5
751		 2022
Total
£'000
730
-
-
16
- 746
Agricultural
£'000
-
-
-
-		 2022
Total
£'000
730
-
-
16
- 746

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

12 OTHER INVESTMENTS

All investments are held at fair value.

Group investments
Valuation at start of year
New money invested
Amounts withdrawn
Reinvested income
Investment management fees
(Decrease)/increase in value of investments
Securities investments at end of year
Investment in subsidiaries
College investments at end of year
Group investments comprise:
Equity investments
Global multi-asset funds
Property funds
Fixed interest stocks
Alternative and other investments
Fixed term deposits and cash
Total group investments		 Held outside
the UK
£'000
23,168
-
146
4,020
-
237
27,571		 Held in
the UK
£'000
12,912
-
26
2,974
-
4,336		 2023
Total
£'000
36,080
-
172
6,994
-
4,573
47,819		 Held outside
the UK
£'000
22,155
-
127
4,136
-
350
26,768		 2023
£'000
46,806
1,663
(474)
-
(201)
25
47,819
-
47,819
Held in
the UK
£'000
14,722
-
18
2,455
-
2,843
20,038		 2022
£'000
47,950
119
(749)
-
(203)
(311)
46,806
-
46,806
2022
Total
£'000
36,877
-
145
6,591
-
3,193
20,248 46,806

40

St Anne's College Notes to the financial statements For the year ended 31 July 2023

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
14,607
(12,850)
-
St Anne's
College		 £'000
553
(478)
-
75
133
(82)
52
St Anne's
College
Services Ltd		 £'000
571
(565)
(24)
St Anne's
Development
Company Ltd
1,757 (18)
102,957
(30,914)		 112
(107)
72,043 6

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 2023

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 applied as income is calculated as 3.77% (2022: 4.51%) 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
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
Total
£'000
£'000
£'000
19,820
-
19,820
-
8,307
8,307
-
-
-
19,820
8,307
28,127
9
-
9
-
-
-
-
-
-
-
715
715
-
26
26
-
(125)
(125)
-
-
-
9
616
625
-
(971)
(971)
-
-
-
-
(971)
(971)
9
(355)
(346)
-
19,829
-
19,829
-
7,952
7,952
-
-
-
19,829
7,952
27,781
Permanent Endowment		 Expendable
Endowment
£'000
-
-
17,309
17,309
32
-
-
400
87
(74)
-
445
-
(613)
(613)
(168)
-
-
17,141
17,141		 Total
Endowments
£'000
19,820
8,307
17,309
45,436
41
-
-
1,115
113
(199)
-
1,070
(971)
(613)
(1,584)
(514)
19,829
7,952
17,141
44,922

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 2023

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		 2023
Group
£'000
1,319
45
-
540
232
2,136		 2022
Group
£'000
650
84
-
321
256
1,311		 2023
College
£'000
1,186
45
41
513
232
2,017		 2022
College
£'000
458
84
359
321
256
1,478

Other debtors includes £163k (2022: £168K) 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 £158k 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
College contribution
Accruals and deferred income
Other creditors		 2023
Group
£'000
311
154
-
171
-
2,694
210
3,540		 2022
Group
£'000
291
159
-
196
-
1,252
227
2,125		 2023
College
£'000
279
154
-
147
-
2,633
208
3,421		 2022
College
£'000
218
159
-
278
-
1,274
227
2,156

At the year end, total deferred income was £2,016k (2022: £641k). Deferred income comprises fees and rent received in advance relating to the next financial year and deposits for conferences to occur in 2023/24. £7,384k was deferred in year and £6,009k was released to income or other creditors.

17 CREDITORS: falling due after more than one year

Note Payable 2023
Group
£'000
25,000
25,000		 2022
Group
£'000
25,000
25,000		 2023
College
£'000
25,000
25,000		 2022
College
£'000
25,000
25,000

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 2023

18 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
General purposes
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
2022
£'000
13599
722
455
543
93
12714
-
-
10,987
3,260
1,164
702
268
764
165
45,436
45,436
205
31
60
50
2
68
-
701
237		 Incoming
resources
£'000
359
17
11
15
2
320
-
-
274
50
43
27
7
27
4		 Resources
expended
£'000
(58)
(3)
(2)
(3)
-
(59)
-
-
(51)
(9)
(5)
(3)
(1)
(4)
(1)
(199)
(199)
(837)
(137)
(129)
(36)
(18)
(94)
-
(659)
-
(1,910)
(1,910)
-
(12,018)
-
695		 Transfers
£'000
(475)
(19)
(16)
(19)
(3)
(440)
-
-
(380)
(127)
(41)
(24)
(9)
(26)
(5)
(1,584)
(1,584)
806
138
47
28
16
27
-
6
(7)		 Gains/
(losses)
£'000
(16)
7
1
2
-
31
-
-
36
46
-
2
1
2
1
113
113
-
-
-
-
-
-
-
-
-		 At 31 July
2023
£'000
13,407
725
450
539
92
12,567
-
-
10,866
3,218
1,161
703
265
765
164
1,156 44,922
1,156 44,922
36
0
94
0
0
65
-
751
385		 210
33
72
42
1
64
-
799
615
1,354 1,331 1,061 - 1,836
1,354 1,331 1,061 - 1,836
-
26,697
-
(3,188)		 -
12,673
-
-		 523
-
-		 -
(83)
-		 -
27,792
-
(2,493)
23,509 12,673 (11,323) 523 (83) 25,299
(114) - 72 - - (42)
23,395 12,673 (11,251) 523 (83) 25,257
70,185 15,160 (13,360) - 30 72,015

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 2023

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 A consolidation of gifts and donations where either income, or income and capital, can be used for Bursaries the purposes of the charity shown here. Scholarships 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 2023

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
27,045
524
-
25,180
(27,492)
25,257
Unrestricted
Funds
£'000
27,261
525
-
23,796
(28,187)
23,395		 Restricted
Funds
£'000
615
-
-
1,221
-
1,836
Restricted
Funds
£'000
237
-
-
1,117
-
1,354		 Endowment
Funds
£'000
-
227
47,819
(3,124)
-
44,922
Endowment
Funds
£'000
-
221
46,806
(1,591)
-
45,436		 2023
Total
£'000
27,660
751
47,819
23,277
(27,492)
72,015
2022
Total
£'000
27,498
746
46,806
23,322
(28,187)
70,185

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. Governing Body trustees are eligible for college housing schemes.

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 five of the section, Governing Body, Officers and Advisers.

The total remuneration and taxable benefits as shown below is £1,984k (2022 £1,881k). The total of pension contributions is £300k (2022 £282k).

46

St Anne's College Notes to the financial statements For the year ended 31 July 2023

Remuneration paid to trustees

Range
£2,000-£2,999
£5,000-£5,999
£10,000-£10,999
£11,000-£11,999
£13,000-£13,999
£14,000-£14,999
£15,000-£15,999
£16,000 - £16,999
£17,000-£17,999
£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
£28,000-£28,999
£30,000-£30,999
£31,000-£31,999
£46,000-£46,999
£49,000-£49,999
£50,000-£50,999
£54,000-£54,999
£58,000-£58,999
£59,000-£59,999
£60,000-£60,999
£61,000-£61,999
£62,000-£62,999
£63,000-£63,999
£64,000-£64,999
£91,000-£91,999
£92,000-£92,999
£95,000-£95,999
£101,000-£101,999
£104,000-£104,999
£105,000-£105,999
£125,000-£125,2999
£130,000-£130,2999
Total		 2
1
-
-
2
-
-
-
1
1
2
-
3
-
9
5
5
1
2
-
-
1
-
-
1
-
1
-
5
2
1
-
-
2
1
-
1
-
1
50
Number of
Trustees/Fellows		 £
126,722
28,605
-
-
60,829
314,061

130,034

-
-
-
17,827
2023
-
5,270
-
58,381
49,057
-
64,285
-
-
138,012
-
Gross remuneration, taxable
benefits and pension
contributions
233,765
-
-
4,826
60,851
26,360
1,983,963
-
132,514
70,315
43,352
20,741
101,817
-
105,216
191,123
-
-		 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		 £
-
-
-
104,495
125,178
-
-
-
2,044
2022
11,711
10,994
Gross remuneration, taxable
benefits and pension
contributions
-
54,776
58,328
-
46,502
105,201
16,459
15,116
13,265
14,027
-
44,409

41,433
23,050
-
64,198
24,392
253,722
92,205
184,150
27,373
63,181
50,610
-
241,661
-
91,143
101,061
1,880,684

18 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 £595k (2022: £579k).

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 2023

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 £530k charge (2022 £2,127k) in relation to the USS. This represents normal contributions of £626k (2022 £604k) payable to the USS together with the change in the deficit funding liability between the opening and closing balance sheet dates of -£96k (2022 £1,523k).

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 2023 the College’s provision for the USS deficit funding liability was £2,472k (2022 £2,568k).

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

48

St Anne's College Notes to the financial statements For the year ended 31 July 2023

Oxford Staff Pension Scheme

The pension charge for the year includes a credit of £271k (2022 £533k charge) in relation to the OSPS. This represents contributions of £327k (2022 £269k) payable to the OSPS as adjusted by the change in the deficit funding liability between the opening and closing balance sheet dates of £598k (2022 £263 credit).

The latest formal actuarial valuation of OSPS was carried out as at 31 March 2022 and was published in June 2023. This valuation showed the scheme assets as £961m, sufficient to cover 105% of its liabilities of £914m on a technical provisions basis with an overall surplus of £47m.

The significant improvement in the funding position, together with the strength of the covenant supporting the Scheme, has allowed the agreement of a package of contribution rate and benefit improvements that are to the benefit of both DB and DC members. Based on this valuation the Trustee and University have agreed that the employers will continue to pay contributions to the OSPS of 19% of pensionable salaries of both defined benefits members and defined contributions members until 30th September 2023, after which reduced contributions are payable until 30th June 2026 when a revised schedule will be agreed. With effect from 1st October 2023 it has been agreed that the Employers will pay : in respect of DB members, 16.5% of Pensionable Salaries for the future accrual of benefits; and in respect of DC members, 10%/12%/14% of Pensionable Salaries into Retirement Accounts in relation to 4%/6%/8% Cost Plan. Furthermore from 1st October 2023 no proportion of contributions from the Defined Contribution section will be paid to the Defined Benefit section as the latter is no longer in deficit. The provision of ill-health and death-in service benefits and the expenses of administering the scheme will be met from the Scheme's assets.

A provision of £21k has been included in the financial statements as at 31 July 2023 (2022 £620k) 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 £1,878 (2022 - £639) in relation to the National Employment Savings Trust

Included in other creditors are pension contributions payable of £0k (2022: £0k).

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.

49

St Anne's College Notes to the financial statements For the year ended 31 July 2023

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:
2023 2022
Group Group
£'000 £'000
Financial assets measured at fair value 47,819 46,806
Financial liabilities measured at fair value (2,493) (3,188)
Financial assets measured at amortised cost 27,017 25,408
Financial liabilities measured at amortised cost (26,396) (26,190)

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

2023 2022
Gains / Gains /
Income Expense (losses) Income Expense (losses)
£'000 £'000 £'000 £'000 £'000 £'000
Financial assets at fair value - - 30 - - (295)
Financial liabilities at fair value - 695 - - (1,787) -
Financial assets measured at amortised cost - 10 - - 1 -
Financial liabilities measured at amortised cost - 709 - - 432 -

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.

50

St Anne's College Notes to the financial statements

For the year ended 31 July 2023

25 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS

NET CASH FLOW FROM OPERATIONS
Net income/(expenditure)
Elimination of non-operating cash flows:
Investment income
Losses/(Gains) in investments
Endowment donations
Depreciation
Loss/(Surplus) on sale of fixed assets
(Increase)/Decrease in stock
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
(Decrease)/Increase in pension scheme liability
Net cash provided by (used in) operating activities		 2023
Group
£'000
1,830
(1,941)
170
(41)
1,132
2
(9)
(825)
1,415
(695)
1,038		 2022
Group
£'000
(2,789)
(1,262)
498
(100)
1,247
-
(10)
(355)
665
1,787
(319)

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		 At start of year
2,083
22,168
-
(25,000)
(749)		 Cash flows
(367)
1,280
-
-
913		 At end of Year
1,716
23,448
-
(25,000)
164

The prior year comparative of the Analysis Changes in Net Debt is located at Note 33-f

27 ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash at bank and in hand
Notice deposits (less than 3 months)
Bank overdrafts
Total cash and cash equivalents
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		 2023
£'000
1,716
23,448
-
25,164
2023
£'000
16
24
40		 2022
£'000
2,083
22,168
-
24,251
2022
£'000
2
-
2

28 FINANCIAL COMMITMENTS

51

St Anne's College Notes to the financial statements For the year ended 31 July 2023

29 COMMITMENTS UNDER OPERATING LEASES

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.

expiring within one year
At 31st July the College had contracted with tenants to receive the following future minumum lease payments:		 2023
£'000
1
1		 2022
£'000
16
16

30 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July for future capital projects totalling £13,289k (2022 £692k).

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 £3k (2022: £2k) to the annual fund with no conditions attached.

During the year the Rhodes Trust used conference facilites at the College paying a standard rate of £1,570. Professor C. Deane is a trustee of the Rhodes Trust.

During the year 4 close members of the trustees’ families (noted on pages 2-6) were employed on a casual basis, and were paid a total salary of £5,902 (2022: 3, £1,556). All close relatives of trustees or key management personnel who are or have been engaged by the College are engaged under standard letters of engagement, are appointed in accordance with standard procedure, and are paid at standard rates approved by the Governing Body.

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.

2023 2022
£'000 £'000
Prof. F Szele 226 221

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 held interest free loans from the College under the staff housing loan policy. The amount outstanding at the year end was £4k (2022: £12).

£4k (2022: £12).
2023 2022
£'000 £'000
Prof. T Hall 2 7
Prof. J Middleton 2 5

32 CONTINGENT LIABILITIES

There are no contingent liabilites as at 31st July 2023. (2022: £nil)

52

St Anne's College Notes to the financial statements For the year ended 31 July 2023

33 ADDITIONAL PRIOR YEAR COMPARATIVES

33-a PRIOR YEAR COMPARATIVE - Consolidated Statement Of Financial Activites For the year ended 31 July 2022

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
8,249
396
780
200
598
96		 Restricted
Funds
£'000
-
-
599
-
1,213
-
1,812
1,748
-
-
-
1,748
64
-
64
(52)
12
1,342
1,354		 Endowed
Funds
£'000
-
-
100
1,062
(1,811)
-
(649)
-
-
-
203
203
(852)
(275)
(1,127)
-
(1,127)
46,563
45,436		 2022
Total
£'000
8,249
396
1,479
1,262
-
96
10,319
10,860
774
372
19		 11,482
12,608
774
372
222
12,025 13,976
(1,706) (2,494)
(20) (295)
(1,726) (2,789)
52 -
(1,674)
25,069		 (2,789)
72,974
23,395 70,185

53

St Anne's College Notes to the financial statements For the year ended 31 July 2023

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
730
-
-
16		 2022
Total
£'000
730
-
-
16
746
2022
Total
£'000
730
-
-
16
746
- 746
Agricultural
£'000
-
-
-
-		 Other
£'000
730
-
-
16
- 746

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.

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 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

54

St Anne's College Notes to the financial statements For the year ended 31 July 2023

33-d STATEMENT OF INVESTMENT TOTAL RETURN - PRIOR YEAR COMPARATIVE

(Current year Note 14)

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
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
19,808
-
-
9,043
19,808
9,043
12
-
-
-
-
-
683
-
(177)
-
(127)
-
12
379
-
(1,115)
-
-
(1,115)
12
(736)
19,820
-
-
8,307
-
-
19,820
8,307
Permanent Endowment		 Total
£'000
19,808
9,043
28,851
12
-
-
683
(177)
(127)
-
391
(1,115)
-
(1,115)
(724)
19,820
8,307
-
28,127		 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

55

St Anne's College Notes to the financial statements For the year ended 31 July 2023

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
Fixed asset designated Fund
General funds
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

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
1,927
6,600
-
(10,000)
(1,473)		 Cash flows
156
568
-
(15,000)
(14,276)		 At end of Year
2,083
7,168
-
(25,000)
(15,749)

56

St Anne's College Supplemental Schedule to the Accounts

For the year ended 31 July 2023

US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE

In satisfaction of its obligations to facilitate students’ access to US federal financial aid, the College is required, by the US Department of Education, to present, the following Supplemental Schedules in a prescribed format.

The schedules have been:

Ref
£'000
£'000
£000
£000
Expendable Net Assets
2022
2023		 Ref
£'000
£'000
£000
£000
Expendable Net Assets
2022
2023		 Ref
£'000
£'000
£000
£000
Expendable Net Assets
2022
2023		 Ref
£'000
£'000
£000
£000
Expendable Net Assets
2022
2023		 Ref
£'000
£'000
£000
£000
Expendable Net Assets
2022
2023		 Ref
£'000
£'000
£000
£000
Expendable Net Assets
2022
2023		 Ref
£'000
£'000
£000
£000
Expendable Net Assets
2022
2023		 Ref
£'000
£'000
£000
£000
Expendable Net Assets
2022
2023		 Ref
£'000
£'000
£000
£000
Expendable Net Assets
2022
2023		 Ref
£'000
£'000
£000
£000
Expendable Net Assets
2022
2023		 Ref
£'000
£'000
£000
£000
Expendable Net Assets
2022
2023		 Ref
£'000
£'000
£000
£000
Expendable Net Assets
2022
2023
Statement of Financial Position - Net assets without
donor restrictions		 Net assets without
donor restrictions		 Balance
Sheet -
Unrestricted
funds		 - 25,257 - 23,395
Statement of Financial Position - Net assets with donor
restrictions		 Net assets with
donor restrictions		 Balance
Sheet -
Endowed and
restricted
Funds		 - 46,758 - 46,790
Statement of Financial Position - Related party
receivable and Related party note disclosure		 Secured and
Unsecured related
party receivable		 Notes 15 and
31		 4 - 12 -
Statement of Financial Position - Related party
receivable and Related party note disclosure		 Unsecured related
party receivable		 Notes 15 and
31		 - 4 - 12
Statement of Financial Position - Property, Plant and
equipment, net		 Property, plant and
equipment, net
(includes
~~Construction in~~		 Notes 10 and
11		 27,796 - 28,007 -
Note of the Financial Statements - Statement of
Financial Position - Property, plant and equipment - pre-
implementation
Property, plant and
equipment - pre-
implementation		 Notes 10 and
11		 - 26,878 - 27,058
Note of the Financial Statements - Statement of
Financial Position - Property, plant and equipment -
post-implementation with outstanding debt for original
purchase		 Property, plant and
equipment - post-
implementation with
outstanding debt for
original purchase		 NA - - - -
Note of the Financial Statements - Statement of
Financial Position - Property, plant and equipment -
post-implementation without outstanding debt for
original purchase		 Property, plant and
equipment - post-
implementation
without outstanding
debt for original
purchase		 Note 10 - 918 - 949
Note of the Financial Statements - Statement of
Financial Position - Construction in progress		 Construction in
progress		 Note 10 - - - -
Statement of Financial Position - Lease right-of-use
assets, net		 Lease right-of-use
asset, net		 NA - - - -
Note of the Financial Statements - Statement of
Financial Position - Lease right-of-use asset pre-
implementation		 Lease right-of-use
asset pre-
implementation		 NA - - - -
Note of the Financial Statements - Statement of
Financial Position - Lease right-of-use asset post-
implementation		 Lease right-of-use
asset post-
implementation		 NA - - - -
Statement of Financial Position - Goodwill Intangible assets NA - - - -

57

St Anne's College Supplemental Schedule to the Accounts

For the year ended 31 July 2023

US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)

US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)
Ref
£'000
£'000
£000
£000
2023
2022
Expendable Net Assets(continued)
Statement of Financial Position -Other intangible assets Intangible assets NA - - - -
Statement of Financial Position - Post-employment and
pension liabilities		 Post-employment
and pension
liabilities		 Notes 18 and
22		 - 2,493 - 3,188
Statement of Financial Position - Note Payable and Line
of Credit for long-term purposes (both current and long
term) and Line of Credit for Construction in process		 Long-term debt - for
long term purposes		 NA - - - -
Statement of Financial Position - Note Payable and Line
of Credit for long-term purposes (both current and long
term) and Line of Credit for Construction in process		 Long-term debt - for
long term purposes
pre-implementation		 NA - - - -
Statement of Financial Position - Note Payable and Line
of Credit for long-term purposes (both current and long
term) and Line of Credit for Construction in process		 Long-term debt - for
long term purposes
post-implementation		 NA - - - -
Statement of Financial Position - Note Payable and Line
of Credit for long-term purposes (both current and long
term) and Line of Credit for Construction in process		 Line of Credit for
Construction in
process		 NA - - - -
Statement of Financial Position - Lease right-of-use
asset liability		 Lease right-of-use
asset liability		 NA - - - -
Statement of Financial Position - Lease right-of-use
asset liability pre-implementation		 Pre-implementation
right-of-use leases		 NA - - - -
Statement of Financial Position - Lease right-of-use
asset liability post-implementation		 Post-implementation
right-of-use leases		 NA - - - -
Statement of Financial Position - Annuities Annuities with donor
restrictions		 NA - - - -
Statement of Financial Position - Term endowments Term endowments
with donor
restrictions		 NA - - - -
Statement of Financial Position - Life Income Funds Life income funds
with donor
restrictions		 NA - - - -
Statement of Financial Position - Perpetual Funds Net assets with
donor restrictions:
restricted in
perpetuity		 Note 18
Permanent
endowment
funds		 - 27,780 - 28,126
Total Expenses and Losses
Statement of Activites - Total Operating Expenses (Total
from Statement of Activities prior to adjustments)		 Total expenses
without donor
restrictions - taken
directly from
Statement of
Activities		 Statement of
Financial
Activities -
total
operating
expenses
prior to
pension
related
provision
changes		 - 14,055 - 12,189
Statement of Activites - Non-Operating (Investment
return appropriated for spending), Investments, net of
annual spending gain (loss), Other components of net
periodic pension costs, Pension-related changes other
than net periodic pension, changes other than net
periodic pension, Change in value of split-interest
agreements and Other gains (loss) - (Total from
Statement of Activities prior to adjustments)		 Non-Operating and
Net Investment
(loss)		 Statement of
Financial
Activities
(investment
returns net of
gains and
losses and
pension
related
provision
changes)		 - (2,446) - 831

58

St Anne's College Supplemental Schedule to the Accounts For the year ended 31 July 2023

US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)

US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued) US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)
Ref
£'000
£'000
£000
£000
2023
2022
Total Expenses and Losses(continued)
Statement of Activites - (Investment return
appropriated for spending) and Investments, net of
annual spending, gain (loss)		 Net investment
losses		 Note 4 - (1,746) - (940)
Statement of Activities - Pension related changes other
than periodic pension		 Pension-related
changes other than
netperiodic costs		 NA - - - -
Modified Net Assets
Statement of Financial Position - Net assets without
donor restrictions		 Net assets without
donor restrictions		 Balance sheet
- unrestricted
funds		 - 25,257 - 23,395
Statement of Financial Position - total Net assets with
donor restrictions		 Net assets with
donor restrictions		 Balance sheet
- restricted
and endowed
funds		 - 46,758 - 46,790
Statement of Financial Position - Goodwill Intangible assets NA - - - -
Statement of Financial Position - Related party
receivable and Related party note disclosure		 Secured and
Unsecured related
party receivable		 Note 31 4 - 12 -
Statement of Financial Position - Related party
receivable and Related party note disclosure		 Unsecured related
party receivable		 Note 31 - 4 - 12
Modified Assets
Statement of Financial Position - Total Assets Total Assets Balance sheet
-Total fixed
assets and
Total current
assets		 - 103,048 - 100,498
Note of the Financial Statements - Statement of
Financial Position - Lease right-of-use asset pre-
implementation		 Lease right-of-use
asset pre-
implementation		 NA - - - -
Statement of Financial Position - Lease right-of-use
asset liability pre-implementation		 Pre-implementation
right-of-use leases		 NA - - - -
Statement of Financial Position - Goodwill Intangible assets NA - - - -
Statement of Financial Position - Related party
receivable and Related party note disclosure		 Secured and
Unsecured related
party receivable		 Note 31 4 - 12 -
Statement of Financial Position - Related party
receivable and Related party note disclosure		 Unsecured related
party receivable		 Note 31 - 4 - 12
Net Income Ratio
Statement of Activities - Change in Net Assets Without
Donor Restrictions		 Change in Net Assets
Without Donor
Restrictions		 Statement of
Financial
Activities -
Unrestricted
funds		 - 1,862 - (1,674)
Statement of Activities - (Net assets released from
restriction), Total Operating Revenue and Other
Additions and Sale of Fixed Assets, gains (losses)		 Total Revenue and
Gains		 Statement of
Financial
Activities -
Total income
before
Investment
income, Note
4		 - 13,439 - 10,231

59