2021-07-31-accounts - The College Of Saint Mary Of Winchester In Oxford, Commonly Called New College

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Annual Report and Financial Statements

Year ended 31 July 2021

Registered charity 1142701

Annual Report and Financial Statements Contents

NEW COLLEGE

	page
Governing Body, Officers, and Advisers	2 - 5
Report of the Governing Body	6 - 13
Auditor’s Report	14 - 16
Statement of Accounting Policies	17 - 22
Statement of Financial Activities	23
Balance Sheet	24
Statement of Cash Flows	25
Notes to the Financial Statements	26 - 41

NEW COLLEGE

Governing Body, Officers and Advisers

Year ended 31 July 2021

MEMBERS OF THE GOVERNING BODY

The Members of the Governing Body as the Warden & Fellows are the College’s charity trustees under charity law. The Members of the Governing Body during the year and at the date of this Report are listed below: (* indicates from 1/9/21 or 1/10/21; the year is the year of election to a Fellowship; the College appointment is listed in italics, including as a College Officer, and then any University appointment)

Warden

2016 Young, Peter Miles, MA Oxford

Fellows

1984 Ratcliffe, Richard George, MA DPhil Oxford Tutor in Biochemistry; Professor of Plant Sciences (retired 30.09.21)
1988 Palfreyman, David, OBE, FRSA, MA Oxford, LLB Oxford Brookes, MBA Aston Bursar
1989 Williams, Martin Stewart, BSc PhD Bristol, MA Oxford Professorial Fellow; Professor of Engineering Science, Pro-Vice Chancellor - Education
1990 Frazer, Elizabeth Joan, MA DPhil Oxford Tutor in Politics; University Lecturer in Politics (retired 30.09.21)
1990 Helm, Dieter, CBE, MA DPhil Oxford Tutor in Economics; Professor of Energy Policy
1992 Parrott, David Anthony, MA DPhil Oxford Tutor in History, Precentor; CUF Lecturer in History
1993 Leeder, Karen, MA DPhil Oxford Tutor in German; Professor of Modern German Literature
1995 Richard Ellmann Fellow, Tutor in English
1995 Burden, Michael John, BA MA Adelaide, MA Oxford, PhD Edinburgh Tutor in Music, Dean, Chattels and Pictures Fellow, Portraits Fellow, Professor of Opera Studies
1995 Wathen, Andrew John, MA Oxford, PhD Reading Tutor in Mathematics; Professor of Computational Mathematics
1996 Kelly, Catriona Helen Moncrieff, MA DPhil Oxford, FBA Tutor in Russian; Professor of Russian (retired 30.09.21)
1996 Whittington, Richard, MBA Aston, MA Oxford, PhD Manchester Millman Tutorial Fellow in Business Studies); Professor of Strategic Management
1998 Mulhall, Stephen James, MA DPhil Oxford, MA Toronto Tutor in Philosophy; Professor of Philosophy 2000 Williamson, Timothy, MA Dublin, MA DPhil Oxford, FBA, FRSE Professorial Fellow ; Wykeham Professor of Logic
2001 Mash, Richard Terry Bernard, MA DPhil Oxford Tutor in Economics, Sub-Warden (from 01.10.20 to 30.09.21)
2001 Kimel, Dori, BA LLB Tel Aviv, MA DPhil Oxford Tutor in Law, Sub-Warden (to 30.09.20); Reader in Legal Philosophy
2002 Gavaghan, David John, BA Durham, MA MSc DPhil Oxford Supernumerary Fellow, Sub-Warden (from 01.10.21); Professor in Computational Biology
2003 Lightfoot, Jane Lucy, MA DPhil Oxford Charlton Fellow and Tutor in Classics, Professor in Classical Languages and Literature
2003 Bañares-Alcántara, René, BSc Mexico, MA Oxford, MS PhD Carnegie Mellon Tutor in Engineering; Reader in Engineering Science
2004 Bright, Susan, BCL MA Oxford Harvey McGregor Fellow, Tang Lecturer and Tutor in Law; Professor of Land Law
2004 Halbach, Volker, MA PhD Munich, MA Oxford Tutor in Philosophy; Professor of Philosophy

NEW COLLEGE

Governing Body, Officers and Advisers

Year ended 31 July 2021

2004 Poole, William Everitt, MA DPhil Oxford John Galsworthy Fellow and Tutor in English, Fellow Librarian, Senior Tutor
2004 Zorin, Andrei, MA PhD Habil Moscow, MA Oxford Professorial Fellow; Professor of Russian
2005 Pybus, Oliver, BSc Nott, MSc York, MA DPhil Oxford Professorial Fellow; Professor of Evolution and Infectious Disease
2005 Flynn, Eugene Victor, BA Otago, MA Oxford, PhD Cambridge Tutor in Mathematics; Professor of Mathematics
2005 Timmel, Christiane Renate, Dipl Chem TU Dresden, MA DPhil Oxford Tutor in Chemistry; Professor in Inorganic Chemistry
2006 Slyz, Adrianne, BSc Harvard, MSc PhD Columbia, MA Oxford Tutor in Physics; University Lecturer in Physics
2007 Venables, Anthony James, CBE, BA Cambridge, MA DPhil Oxford, FBA Professorial Fellow; BP Professor of Economics and Director of Oxcarre (retired 31.12.20)
2007 Temple, Rosalind Ann Marie, MA MPhil Oxford, PhD Wales Supernumerary Fellow, Tutor for Graduates and Graduate Admissions (to 30.09.21); University Lecturer in French Linguistics
2007 Sako, Mari, MA Johns Hopkins, MSc PhD London, MA Oxford Professorial Fellow; Professor of Management Studies
2008 Black, Jonathan, MA MEng Cambridge, MA Oxford Professorial Fellow, IT Fellow, Tutor for Welfare; Director of the University Careers Service
2008 du Sautoy, Marcus, OBE, MA DPhil Oxford, FRS Professorial Fellow; Charles Simonyi Professor of the Public Understanding of Science, Professor of Mathematics
2009 McGrady, John Ewart, MA PhD ANU Tutor in Chemistry, Tutor for Undergraduate Admissions; Professor of Computational Inorganic Chemistry
2010 Marcus, Laura, MA PhD Kent, MA Oxford, FBA Professorial Fellow; Goldsmiths’ Professor of English Literature (retired 30.09.21)
2011 Curtis, Mark Edward, MA Oxford Director of Development 2011 Longfellow, Erica, BA Duke, DPhil Oxford Chaplain and Dean of Divinity
2012 Sullivan, Hannah, BA Cambridge, MRes London, PhD Harvard Tutor in English; University Lecturer in English
2012 Conlon, Joseph Patrick, BSc Reading, MA PhD Cambridge Tutor in Physics; Royal Society University Research Fellow
2012 Fait, Paolo, BA PhD Florence Anthony Quinton Fellow and Tutor in Classical Philosophy
2012 Husain, Masud, BM BCh MA DPhil Oxford, FRCP (London) FMedSci Professorial Fellow; Professor of Neurology and Cognitive Neuroscience Philosophy
2012 Balbus, Steven Andrew, SB MIT, PhD Berkeley, FRS Professorial Fellow; Savilian Professor of Astronomy
2013 Churchill, Grant Charles, BSA MSc Saskatchewan, MA Oxford, PhD Minnesota Tutor in Medicine, Equality & Diversity Fellow (to 30.09.21); University Lecturer in Chemical Pharmacology
2013 Griffin, Ashleigh Susannah BSc PhD Edinburgh Tutor in Biological Sciences, Tutor for Graduates and Graduate Admissions (from 01.10.21); University Lecturer in Evolutionary Biology
2014 Spackman, Giles Richard Lovell, MA Oxford, MBA Harvard Professorial Fellow; Group Finance Director OUP
2014 Quinney, Robert James Henry, MA MPhil Cambridge Tutor in Music, Organist; Associate Professor in Music
2014 Meadows, Andrew Robert, MA DPhil Oxford, AM Michigan Tutor in Ancient History; Associate Professor in Ancient History
2015 Counter, Andrew Joseph, MA MPhil PhD Cambridge Tutor in French; Associate Professor in French

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Governing Body, Officers and Advisers

Year ended 31 July 2021

2015 Stokes, Mark Geoffrey, BA, BSc Melbourne PhD Cambridge Tutor in Experimental Psychology; Associate Professor in Cognitive Neuroscience
2016 Dimelow, Stephen John, LLB Glamorgan, LLM Cambridge Career Development Fellow, Tutor in Law (resigned 30.09.21)
2017 Morrison, Alexander, MA DPhil Oxford Tutor in History; Associate Professor in History of Modern War 2017 Easton, Robert, BSc London, DPhil Oxford Professorial Fellow; Pro-Vice Chancellor – Development & External Relations (resigned 31.10.20)
2018 Kirwan, Frances, DBE, FRS, BA Cambridge, DPhil Oxford Professorial Fellow; Savilian Professor of Geometry
2018 Wells, Gerald Raymond, BSc Open University Home Bursar
2018 Luraghi, Nino, BA Venice, PhD Rome Professorial Fellow; Wykeham Professor of Ancient History
2019 Rossi, Barbara, BEng MSc MAS PhD Liege Tutor in Engineering, Equality & Diversity Fellow (from 01.10.21); Associate Professor in Engineering Science
2019 Pearson, Lindsay Ronald, MA Oxford Professorial Fellow; Director of Finance (resigned 31.03.21)
2020 Hepach, Robert, BSc Konstanz, MA Oxford, PhD Leipzig Tutor in Psychology; Associate Professor in Developmental Psychology (appointed 01.10.20)
2020 Fallanca, Vittoria Graziella, BA Cambridge, MSt DPhil Oxford Career Development Fellow, Tutor in French (appointed 01.10.20)
2021 * Carvalho, Jean Paul, BEc PhD Western Australia, MPhil DPhil Oxford Tutor in Economics; Associate Professor of Economics (appointed 01.09.21)
2021 * Morefield, Jeanne, BA Oberlin, MA PhD Cornell Tutor in Politics; Associate Professor of Political Theory (appointed 01.09.21)
2021 * Uphoff, Stephan, MSc DPhil Oxford Tutor in Biochemistry; Associate Professor of Biochemistry (appointed 01.09.21)
2021 * Ares, Natalia, Lic. Buenos Aires, PhD Grenoble Alpes Tutor in Engineering; Associate Professor of Engineering Science (appointed 01.10.21)
2021 * Sondhi, Shivaji Lal, BSc Delhi, MA Stony Brook, PhD UCLA Professorial Fellow; Wykeham Professor of Physics (appointed 01.10.21)

NEW COLLEGE

Governing Body, Officers and Advisers

Year ended 31 July 2021

COLLEGE OFFICERS

Besides the Warden, there are certain College Officers, all of whom are also Fellows: the Sub-Warden (elected and changing annually); Bursar, Dean, Development Director, Fellow Librarian, Home Bursar, Senior Tutor, Tutor for Admissions, Tutor for Graduates, Tutor for Welfare, Chaplain, and Precentor. The Fellows holding such posts are listed above.

COLLEGE SENIOR STAFF

There are certain College Senior Staff: Headmaster of New College School, Accountant, Catering Manager, Clerk of Works, IT Services Director, Librarian, Academic Registrar, HR Manager.

COLLEGE ADVISERS:

Investment managers

HERONBRIDGE: Heronbridge Investment Management LLP, 24 Gay Street, Bath, BA1 2DP LANSDOWNE: Lansdowne Partners Limited, 15 Davies Street, London, W1K 3AG OXFORD UNIVERSITY ENDOWMENT MANAGEMENT LIMITED: King Charles House, Park End Street, Oxford, OX1 1JD TROY: Troy Asset Management Limited, Brookfield House, 44 Davies Street, London, W1K 5JA VANGUARD: Vanguard Asset Management Limited, 4th Floor, The Walbrook Building, 25 Walbrook, London, EC4N 8AF WILLIS TOWERS WATSON: Towers Watson Investment Management Limited, 51 Lime Street, London, EC3M 7DQ

Investment property managers COLLIERS : Colliers International, Central London Division, 9 Marylebone Lane, London, W1U 1HL

Auditor

CRITCHLEYS : Critchleys Audit LLP, Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP

Bankers NATIONAL WESTMINSTER : National Westminster Bank plc, 43 Cornmarket Street, Oxford, OX1 3ES Solicitors STEPHENSON HARWOOD : Stephenson Harwood LLP, 1 Finsbury Circus, London, EC2M 7SH

COLLEGE ADDRESS & WEBSITE

New College, Holywell Street, OXFORD, OX1 3BN, UK (01865 279500 Lodge) www.new.ox.ac.uk

NEW COLLEGE Report of the Governing Body Year ended 31 July 2021

The Members of the Governing Body present their Annual Report for the year ended 31 July 2021 under the Charities Act 2011, together with the audited Financial Statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

The College of St Mary of Winchester in Oxford, commonly called New College, is a constituent college within the University of Oxford, and is known as New College, Oxford. It is an eleemosynary lay chartered charitable corporation aggregate. It was founded by William of Wykeham, Bishop of Winchester, under a Royal Charter of Richard the Second (dated 30[th] June 1379) and a Deed of Foundation (dated 26[th] November 1379). The corporation comprises the Warden and Fellows as the Members of the Governing Body; and the foundation comprises the Warden, Fellows, and Scholars. New College is a Registered Charity (Number 1142701). The trade-name ‘New College Oxford’ is registered (No. 2588652). The names of all Members of the Governing Body at the date of this Report and of those who were Fellows during the year - together with list of the College Officers, of its Senior Staff, and of its Advisers - are given above.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The College is governed by its Charter & Statutes, and the terms of the latter are ultimately enforceable by the Visitor, the Lord Bishop of Winchester. The College Statutes are as made from time to time by Order of Her Majesty in Council in accordance with the Royal Charter of 1379 and the Universities of Oxford and Cambridge Act 1923. The Statutes were extensively revised in 2005-6, and the revisions approved by the Privy Council in July 2006.

Governing Body

The Governing Body is constituted and regulated in accordance with the College Statutes, and comprises the Warden & Fellows who are a self-appointing corporate body. The Governing Body determines the ongoing strategic direction of the College and regulates its administration, and also the management of its finances and assets. It meets regularly under the chairmanship of the Warden and is advised by Committees, whose remit and membership it determines from time to time.

Recruitment and training of Members of the Governing Body

New Members of the Governing Body are elected and duly inducted into the workings of the College, including Governing Body policy and procedures. Members of the Governing Body are kept informed on current issues in the charities sector and on its regulatory requirements, as well as on the university sector, by the College Officers/Committees.

Remuneration of Members of the Governing Body and Senior College Staff

Members of the Governing Body are primarily Fellows who also are teaching and research employees of the College 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 based on the advice of the College’s Remuneration Committee, members of which are not trustees and are not in receipt of remuneration from the College. Where possible, remuneration is set in line with that awarded to the University’s academic staff, which in turn links to national pay awards for university employees.

The remuneration of Senior Staff is set by Governing Body.

Organisational management

The Members of the Governing Body meet termly. The work of developing its policies and monitoring the implementation of these is carried out mainly by certain key Committees: Academic Strategy, Admissions, Buildings, Development, Endowment, Equality & Diversity, Finance & General Purposes, IT, Library, Remuneration, Tuition, Research & Graduates, Warden & Tutors. The Endowment Committee benefits from the presence of alumni as non-voting members; and the Remuneration Committee comprises Honorary Fellows and external members, none of whom are Members of the Governing Body.

The day-to-day running of the College is delegated to the College Officers as supported by the Senior Staff and as advised by the College Advisers, all as listed above.

NEW COLLEGE Report of the Governing Body Year ended 31 July 2021

Group structure and relationships

The College administers a number of special trusts, as detailed in the Notes to the Financial Statements.

The College has two wholly-owned non-charitable subsidiaries, Longwall Limited and Longwall II Limited, both of which were active during the year.

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.

The College is supported financially by the New College Development Fund (Registered Charity No. 900202), which is managed by three trustees (two alumni and the College as a corporate trustee).

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The College’s charitable objectives as registered with the Charity Commission are: the advancement of education, learning and research (as discussed below); and the advancement of religion (in that the College is a choral college in accordance with the Founder’s intentions and hence it sustains a Choir and a Choir School).

The College provides, in conjunction with the University of Oxford, an education for over 700 undergraduate and graduate students. This education develops students academically and advances their leadership qualities and interpersonal skills, and so prepares them to play full and effective roles in society and within the economy. In particular, the College provides: teaching facilities and individual or small-group supervision, as well as pastoral, administrative and academic support through its tutorial and graduate mentoring systems; specialist choral musical education for its choral students, who with the New College School choristers make-up the College’s Choir; and social, cultural, musical, recreational and sporting facilities – all so as to enable as far as possible its students to fulfil their academic and personal potential whilst studying at the College.

In addition, the College advances research by: providing Junior Research Fellowships to outstanding academics at the early stages of their careers, which enable them to develop and focus on their research in this formative period before they undertake the full teaching and administrative duties of an academic post; supporting research work pursued by its other Fellows through promoting interaction across disciplines, providing facilities, and providing grants for national and international conferences, research trips and research materials; encouraging visits from outstanding academics from abroad; and encouraging the dissemination of research undertaken by members of the College through the publication of papers in academic journals or other suitable means.

The College maintains an extensive Library (including important special collections), so providing a valuable resource for students and Fellows of the College, and the University of Oxford more widely, as well as external scholars and researchers.

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

the advancement of education and learning by providing education to undergraduate and postgraduate students, the students being selected on academic merit;
the provision of research and scholarship;
the provision of bursaries to those students in need of financial support, and, more widely, of scholarships to support students in financial difficulty, so that all students should be able to attend the College, regardless of household income; and
the maintenance of the English choral tradition, with the Chapel being open as a place of public worship.

ACHIEVEMENTS AND PERFORMANCE

There was much relief to be starting the 2020/21 academic year on a near-normal footing with the resumption of teaching in-person, and the opening up of College life more generally. This was, however, short-lived, with a return to remote learning for all of Hilary Term, before students were able to return fully to College and inperson tuition in Trinity Term. Whilst potentially disruptive, the switches between in-person and online tutorials, lectures and classes were executed seamlessly, and the College’s students’ educational experiences

NEW COLLEGE Report of the Governing Body Year ended 31 July 2021

were little affected, as reflected in another year of stellar academic results at examination. The College’s Bronze Group continued to meet most weeks throughout the year, chaired by the Warden. It again provided an effective vehicle for operational decision making, and it has been a remarkably smooth year for the College in the circumstances.

Academically, the college performed extremely well at Final Honours Schools again. The Norrington Table results for last academic year were announced very late, but New College, as might have been predicted from last year’s report, topped the table. This year’s results were similarly high, with 52 firsts or distinctions out of a cohort of 111 at Finals. The ceremony for the Admission of Scholars was moved to the Chapel for COVID reasons, but proved so memorable that we shall make this a permanent change. Other academic achievements of the college included further issues of the MCR’s journal, The New College Collection, as well as of the Library’s journal, New College Notes. The college continued to publicise notable academic achievements and news through its Facebook and Twitter accounts. New governing body fellows in Psychology and French were welcomed to the college.

In light of the challenges and pressures of this disruption, the College continued is commitment to containing costs for the year, setting a further target of savings of £500,000 for 2021-22, in addition to the £500,000 savings that had been set for 2020-21 and which were successfully achieved.

In April, after resumption of construction of the Gradel Quadrangles, the main works contract for the project was signed by New College and Sir Robert McAlpine. Completion of the new buildings, providing student accommodation, school classrooms, assembly hall and play areas, and a Recital Hall, remains on target for the summer of 2023.

The College was again severely restricted in terms of events to engage with alumni and relied instead on a series of online talks and panel discussions, along with regular electronic communications and social media feeds. That said, in the final month of the year, alumni were able to return to College for a performance of in the Warden’s Garden by New Chamber Opera and for an Old Members’ buffet lunch in the Cloisters. The Careers Forum, which gives students the invaluable opportunity to speak to alumni about their varied career paths, was successfully changed from an in-person event in Hall to a virtual one whereby students and Old Members engaged over Teams and Zoom from around the globe.

In October 2020, as our new students were arriving in College, we ran our first ever Giving Day, encouraging alumni, staff and students to engage in promoting and contributing to our student support fund and access and outreach initiatives. The thirty-six hours of activity inspired four hundred donors to give some £150,000. We were also able to run our annual telephone programme, having had to cancel in 2020, by making use of technology that allowed students to work remotely. The response from alumni who were called was incredibly positive and over 60% agreed to make a donation, securing in excess of £270,000 over the two weeks. A total of just over £7m was raised during the year from donation and legacies, for which the College is most grateful.

The Chapel and choir provided a vital focus for the college during the Hilary term lockdown, with twice weekly services livestreamed from the chapel, which were particularly important when there were losses in the community. The chapel and choir began to resume normal service gradually from April, with a triumphant return to a full programme in the autumn, including standout performances of Bach’s cantata BWV 138 and Fauré’s Requiem and innovative carol services. Student numbers in chapel remain high and the public profile of the choir is growing, both online and in person. The choristers have shown remarkable resilience after four terms of disruption, and the choir was pleased to welcome its first woman Academical clerk, and is preparing for a return to public concerts and touring.

New College School has been quick to adapt to changing circumstances, and strong leadership and a warm community ethos have led to high compliance with shifting covid restrictions and very few infected pupils. The school’s reputation is buoyant and pupil numbers remain strong, with those who depart quickly replaced and a very high level of parent satisfaction.

NEW COLLEGE Report of the Governing Body Year ended 31 July 2021

FINANCIAL REVIEW

Covid pandemic

The ongoing pandemic continued to impact the College’s expected financial results throughout the year, particularly following the arrival of the Delta variant in late-2020. Operating activity had been expected to return to something close to normal by Easter; this would have provided a sizeable increase in income against the previous year. but income from charitable and trading activities fell slightly to just over £8m (2020: £8.1m; 2019: £9.6m). The primary areas of lost income against this year’s budget were:

Student residential income


•	Student residential income	-£570k
•	Summer schools and conferences	-£560k
•	School fees and charges	-£60k
•	Associate student fees	-£50k
•	Visitor admissions and accommodation	-£420k

However, the extended the government’s extended coronavirus job retention scheme provided £0.7m of grant income (2020: £0.65m), some £0.4m more than originally budgeted.

The College had budgeted to save approaching £0.5m of non-pay spend to help protect the College’s finance during the year. In the final event spend was an additional £1.4m lower than expected, of which nearly £1m was a direct consequence of the reduced operating activities caused by the continued pandemic lockdowns when travel restrictions were in place and a significant proportion of our students were not able to return to the College. Those direct savings included catering/cellar supplies (£580k) and fuel/water supplies (£120k), as well as access/outreach programmes (£60k) and academic research projects/conference attendance (£60k) which were halted during the year. Additionally, premises maintenance was slowed (£60k) to help counter the lost income from the extended lockdown.

The financial year saw the College’s consolidated funds increase by £57.5m to £347.7m (2020: £290.2m). This increase is made up of a £50.2m increase in endowment funds, a £1.2m increase in restricted funds, and a £5.4m increase in unrestricted funds.

Income during the year was £19.0m (2020: £17.0m):

		2021	2020
•	Tuition fees and other academic income	£3.45m	£3.37m
•	Residential income	£2.21m	£2.35m
•	Donations and legacies	£7.16m	£3.90m
•	Choir School fees and public worship	£2.36m	£2.25m
•	Admission charges and facilities fees	£0.01m	£0.11m
•	Investment income	£3.10m	£4.32m
•	Other income	£0.69m	£0.67m

Endowment donations during the year increased to £1.2m (2020: £1m) following the receipt of a £1m gift to support scholarships in humanities subjects and diversity in our visiting fellowships programmes. Other donations in the year included £2.4m for the Gradel Quadrangles project (£2020: £1.6m). Other income reflects Covid-related government grant.

Expenditure during the year rose slightly by £0.3m to £16.9m (2020: £16.6m).

			2021	2020
•	Teaching	and residential activity	£13.72m	£13.29m
•	Choir School and public worship		£2.45m	£2.52m
•	Fundraising, trading, and investment fees		£0.75m	£0.81m
The major changes in spend in the year were:
•	+£1.3m	USS pension scheme deficit	£0.01m	-£1.3m
•	-£0.6m	OSP pension scheme deficit	-£0.4m	£0.6m
•	+£0.2m	Gross pay costs	£10.8m	£10.6m
•	-£0.2m	Catering supplies	£0.3m	£0.5m

NEW COLLEGE Report of the Governing Body Year ended 31 July 2021

The Universities Superannuation Scheme (USS) scheme deficit recovery plan saw a small charge (£10k) in the year; this compares to the -£1.3m deficit adjustment in the previous year that had arisen from the substantially improved 2019 actuarial revaluation, reducing the deficit from £2.9m in 2019 to £1.7m last year. Notes 22 and 30 to the following Financial Statements details more about the USS deficit and recovery plan.

By contrast, the Oxford Staff Pension Scheme deficit recovery plan has seen a substantial £0.4m reduction in its deficit this year.

Gains on investments during the year were £55,403k (2020: £15,489k loss).

College’s unrestricted funds showed a net surplus of £5,390k for the year (2020: £2,693k).

The School recorded a surplus for the year of £124k (2020: £80k deficit).

Fixed asset additions in the year were £4.2m (2020: £5.3m). In-year expenditure on the Gradel Quadrangles development as it moved through the enabling works stage amounted to £4.2m (2020: £5m).

The Governing Body continues to exercise firm control over costs and to seek additional income via existing and new income-generating activities, ranging from the conference trade to alumni-giving.

Reserves policy

The College’s reserves policy is to maintain sufficient free reserves to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall and to allow the College to be managed efficiently and to provide a buffer that would ensure uninterrupted services. The Warden & Fellows are satisfied that the overall level of the Reserves of the College as a charity are appropriate in relation to the present levels of activity and the perceived levels of risk identified as part of the risk assessment and risk management process.

Total funds of the College at the year-end amounted to £347.7m (2020: £290.2m), comprised of:

			£m	£m
•	Endowment funds
	`o`	General purpose	251.1
	`o`	Restricted purpose	38.1	289.2
•	Restricted funds
	`o`	Unspent endowment income	1.3
	`o`	Other	2.8	4.1
•	Unrestricted funds
	`o`	General free reserves	1.3
	`o`	Designated reserves	55.3
	`o`	Pension deficit reserves	-2.2	54.4

Designated reserves include the £50.6m land/building depreciation reserves (to fund the book value of tangible fixed assets, less associated funding arrangements) and the £3.7m Major Maintenance Reserve.

Risk management

The College has processes which operated through-out the financial year for identifying, evaluating, and managing the principal risks and uncertainties faced by the College in undertaking its activities. When it is not able to address risk issues 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. Financial risks are assessed by the Finance Committee and investment risks are monitored by the Endowment Committee. In addition, the Home Bursar and domestic staff heads meet regularly to review health and safety issues. 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, which has ultimate responsibility for managing any risks faced by the College, has reviewed the processes in place for managing risk and the principal identified risks to which the College and its subsidiaries are exposed, and has concluded that adequate systems are in place to manage these risks. Risk assessment systems provide reasonable, rather than absolute, certainty that all major risks are managed. The impact of Covid on the College remained under close review throughout the year. The principal risks and uncertainties faced by the College that have been identified are categorised as follows:

NEW COLLEGE

Report of the Governing Body Year ended 31 July 2021

Risk	Measures
Fall in endowment asset value	Monitoring by Endowment Committee (see below)
Increase in USS pension liability	Monitoring by Finance & General Purposes Committee
Breaches in IT security	Monitoring by IT Sub-Committee, IT Fellow and IT Director
Weakness in teaching	Monitoring by Tuition, Research & Graduates Committee and Senior Tutor
Failures in pastoral care	Monitoring by Welfare Committee
Fire and loss of buildings	Monitoring by Buildings Committee
Pandemic	Monitoring by FGPC and the H&S Committee

Investment policy, objectives, and performance

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

maintaining (at least) the value of the investments in real terms;
producing a consistent and sustainable amount to support expenditure; and
delivering these objectives within acceptable levels of risk.

To meet these objectives the College’s investments as a whole are managed on a total return basis, maintaining diversification across a range of asset classes in order to produce an appropriate balance between risk and return. In line with this approach, the College statutes allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total return.

The investment policy and strategy are set by the Governing Body as advised by the Endowment Committee, and performance is regularly monitored by the Endowment Committee. Appropriate benchmarks are set for the fund-managers and their performance measured against them.

At year-end the College’s long-term investments, combining the securities and property investments, totalled £290.7m (2020: £239.5m). Valuation gains during the year of £55.1m (2020: £15.5m loss) reflect a bounceback in managed funds following the market falls triggered by the Covid pandemic in the previous year and revaluation of parts of the College’s rural estate at Banbury and Upper Heyford. The overall investment total return was +24.3% (2020: -4.5%) over the year.

The carrying value of the preserved permanent capital and the amount of any unapplied total return available for expenditure was taken as the open market values of these funds as at 1 August 2002 together with the original gift value of all subsequent endowment received.

Under the total return accounting basis it is the Governing Body’s policy to extract as income 3.25% of the value of the relevant investments, smoothed by taking the year-end values for the current year (before in-year withdrawal) and for the previous four years. The Governing Body will keep the level of income withdrawn under review to balance the needs and interests of current and future beneficiaries of the College’s activities.

Policy on ethical investment

The College has reconsidered the issues involved in underpinning its investment policy with a specifically ethical and sustainability stance and, in consultation with the Junior and Middle Common Rooms, has examined how an effective policy might be implemented. In light of its broad charitable objects, the conclusion has previously been that it would be difficult to isolate any particular sector or company whose activities were specifically antithetical to those of the College without excluding many companies whose activities, taken in the round, are broadly positive for the College’s charitable objectives. It was also concluded that any such

NEW COLLEGE Report of the Governing Body Year ended 31 July 2021

policy on ethical investment would risk limiting the overall investment return to the College by excluding particular areas of investment but without necessarily advancing the College’s charitable objectives. The review as noted has amended our thinking on the balancing of excluding certain areas of economic activity (such as fossil-fuels industries) with the ability to meet the fiduciary duty imposed upon the Fellows as charity trustees to maximise the value of the College’s Endowment assets. The College has now adopted a Statement on Ethical, Social, and Governance Principles impacting on our Investment policy.

FUTURE PLANS

The College’s forward planning is agreed and monitored by the Governing Body, on the advice of a series of committees and sub-committees. During the pandemic, it has taken particular care to assess our ability to deliver against our objectives on our main strategic priorities.

The overriding priority is that of providing a high-quality education to undergraduates and graduates, at very high levels of academic excellence. This is constantly monitored, and the evidence is that the objective has not been thwarted in any way by the external environment. As the pandemic subsides, the Academic Strategy Committee will take the opportunity to examine afresh the ‘size and shape’ of the College, in order to appraise the subject mix, and to view whether there is potential for any new subjects to be introduced into the curriculum.

The College continues to invest in its Access and Outreach activity, though this has been mainly done remotely. Future planning will focus on developing tailor-made programmes in Wales, creating links with the Welsh Government, targeting schools which meet the Widening Participation agenda, and also preparing for the resumption of travel once the Welsh border and other restrictions are lifted. As a part of this investment the College established a new Outreach Officer role from September 2021 to support the Outreach Director in the delivery of these programmes. More generally, future plans are geared towards meeting and exceeding the Polar and Acorn targets defined within the University Access plan.

So far as physical plant is concerned, the College’s main objective is to complete the Gradel Quadrangles project. Approved in principle, and with substantial groundwork already accomplished, the main building programme will now start in 2021; following the year-end a contract was signed between Longwall II Limited the 100%-owned College subsidiary) and Sir Robert McAlpine Limited for the construction of the Gradel Quadrangles. Although this is funded in large part by one major and many minor donations, a fundraising campaign will continue through the life of the project to help find as much as possible of the remaining balance, with a particular focus on the assembly space. While there are other longer-term enhancements which will be required to the College estate (e.g. renovating the Chapel roof, making the Song Room fit for purpose and extending the library) the College has taken the strategic decision to focus all its efforts on the Gradel Quadrangles for now, unless significant donations materialise directed to any one of these individual projects.

The present context of the pandemic does not fundamentally alter any of these three strategic objectives, though it does affect timing in some cases, and also the methods of delivery.

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 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:

select the most suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;

NEW COLLEGE Report of the Governing Body Year ended 31 July 2021

state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements and
prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the College will continue to operate.

The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College’s transactions and disclose with reasonable accuracy at any time the financial position of the College, and enable it to ensure that the Financial Statements comply with the Charities Act 2011. The Governing Body is also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Governing Body on 15 December 2021 and signed on its behalf by:

David Gavaghan Sub-Warden/ Trustee

David Palfreyman Bursar/ Trustee

NEW COLLEGE

Independent Auditor’s Report to the Members of the Governing Body of New College

Opinion

We have audited the financial statements of New College (the “Charity”) for the year ended 31 July 2021 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. 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:

give a true and fair view of the state of the group and charity’s affairs as at 31 July 2021 and of the group’s income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Charities Act 2011.

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 Charity 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 Members of the Governing Body’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in the relevant sections of this report.

Other information

The Members of the Governing Body are responsible for the other information. 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

NEW COLLEGE

Independent Auditor’s Report to the Members of the Governing Body of New College

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 Act 2011 requires us to report to you if, in our opinion:

sufficient accounting records have not been kept;
the financial statements are not in agreement with the accounting records and returns; or
we have not obtained all the information and explanations necessary for the purposes of our audit.

Responsibilities of the Members of the Governing Body

As explained more fully in the Statement of Accounting and Reporting Responsibilities [set out on page 12], the Members of the Governing Body 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 they 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 Members of the Governing Body are responsible for assessing the 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 Members of the Governing Body 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 144 of the Charities Act 2011 and report in accordance with the Act 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the charity through discussions with Members of the Governing Body and other management, and from our knowledge and experience of the client’s sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and, where relevant, inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

NEW COLLEGE

Independent Auditor’s Report to the Members of the Governing Body of New College

making enquiries of Members of Governing Body and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
if considered necessary, reviewing correspondence with relevant regulators and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Members of Governing Body and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Use of our report

This report is made solely to the College’s Governing Body, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the Governing Body 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 College’s Governing Body as a body, for our audit work, for this report, or for the opinions we have formed.

Critchleys Audit LLP

Statutory Auditor Oxford

Date: 17 December 2021

Critchleys Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

NEW COLLEGE Statement of Accounting Policies Year ended 31 July 2021

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 of the College and its wholly owned subsidiaries, Longwall II Limited and Longwall Limited. Longwall II Limited has been consolidated from the date of its formation by the College, which owns 100% of the share capital. College also owns 100% of the share capital in Longwall Limited, which is consolidated from 1 August 2019 when it resumed trading, having been dormant for a number of years previously. 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 in note 14.

2. Basis of accounting

The College’s 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 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 Members of the Governing Body have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the College to continue as a going concern, including the impact of the current COVID-19 emergency. The College has prepared cash flow and other forecasts, taking into account the potential pressures on income, which confirm the College will have sufficient liquidity to operate for at least the next twelve months from the date of approval of these financial statements. The College therefore continues to adopt the going concern basis in preparing its financial statements.

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 that 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.

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.
The College and its subsidiaries carry 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.
FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents an industry-wide scheme such as Universities Superannuation Scheme and Oxford Staff Pension Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the

NEW COLLEGE Statement of Accounting Policies Year ended 31 July 2021

recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The Governing Body is satisfied that Universities Superannuation Scheme and Oxford Staff Pension Scheme both meet the definition of a multi-employer scheme and the College has therefore recognised the discounted fair value of the contractual contributions under the recovery plans in existence at the date of approving the financial statements. The pension deficits recorded are dependent on estimates of future employment patterns and interest rates. The effects of changes to these assumptions are shown in note 22.

With respect to the next financial year, the most significant areas of uncertainty that affect the carrying value of assets held by the College are the level of investment return and the performance of investment markets.

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 purpose of the College are credited to unrestricted funds.

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.

Income from fixed interest debt securities is recognised using the effective interest rate method. 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. 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.

NEW COLLEGE

Statement of Accounting Policies Year ended 31 July 2021

Grants awarded that are not performance-related are charged as an expense as soon 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 is 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.

6. 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.

7. 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, construction, 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, together with expenditure on equipment, is capitalised, subject to a minimum cost as follows:

Land and building acquisition no minimum cost New building construction and improvements £50,000 Plant & machinery £20,000 Other fixtures, fittings, and equipment £10,000

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 is charged to the SOFA as incurred.

NEW COLLEGE

Statement of Accounting Policies Year ended 31 July 2021

8. 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 (up to 100 years for new buildings)
Building improvements	30 years
Plant and machinery	10 years
Other equipment	4 - 10 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.

9. Heritage Assets

The College has chosen to hold heritage assets at cost. The college has a number of assets, including items of art and historic texts that meet the definition of heritage assets under the SORP. The depreciated historic cost of the majority of these items is nil. Items purchased are recognised at cost and items donated to the College are recognised at fair value. The college has taken advantage of the exemption within FRS 102 not to disclose transactions before 1 January 2015 as obtaining fair values for these assets would be impracticable and the cost of obtaining such valuations would outweigh the benefits to the users of these financial statements.

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. Investments such as hedge funds and private equity funds which have no readily identifiable market value are initially measured at their costs and subsequently measured at their fair value at each reporting date without deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respective fund managers.

Other unquoted investments are valued using primary valuation techniques such as earnings multiples, recent transactions and net assets where reliable estimates can be made – otherwise at cost less any impairment.

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. Other financial instruments

a. Derivatives

Derivative financial instruments are initially measured at fair value on the date the contract is entered into and are subsequently measured at fair value. Changes in fair value are credited or charged to the income or expenditure section of the SOFA. Hedge accounting is not currently applied to derivatives.

b. Cash and cash equivalents

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

NEW COLLEGE Statement of Accounting Policies Year ended 31 July 2021

c. Debtors and creditors

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

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 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

The College statutes authorise the College to adopt a ‘total return’ basis for the investment of its permanent endowment. The College can invest its permanent endowments 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 be retained for investment or release to income at the discretion of the Governing Body.

15. Fund accounting

The total funds of the College are allocated to unrestricted, restricted or endowment funds based on 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 that the capital be maintained and the income used for specific purposes within the College’s objects.

Permanent endowment funds arise where donors specify that the funds should be retained as capital for the permanent benefit of the College. Any part of the total return arising from the capital that is allocated to income 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 its discretion, determine to spend all or part of the capital.

NEW COLLEGE Statement of Accounting Policies Year ended 31 July 2021

16. Pension costs

The College participates in Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme. These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of both schemes are each held in a separate trusteeadministered fund. Because of the mutual nature of the schemes the assets are not attributed to individual employers and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other employers’ employees and is unable to identify its share of the underlying assets and liabilities of either scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the SOFA represents the contributions payable to each scheme. Since the College has entered into agreements (the Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, the college recognises a liability for the contributions payable that arise from the agreements (to the extent that they relate to the deficit) with related expenses recognised through the SOFA.

The costs of retirement benefits provided to employees of the College through the multi-employer defined Teachers’ Pension Scheme is accounted for as if it was a defined contribution scheme as information is not available to use defined benefit accounting in accordance with the requirements of FRS 102. The College's contributions to this scheme is recognised as a liability and an expense in the period in which the salaries to which the contributions relate are payable.

NEW COLLEGE

Consolidated Statement of Financial Activities

For the year ended 31 July 2021

Unrestricted Funds £'000 5,665 2,364 2,592 9 2 7,343 694	Restricted Funds £'000 - - 3,371 - 7 1,082 -	Endowed Funds £'000 - - 1,196 - 3,092 (8,425) -	2021 Total £'000 5,665 2,364 7,159 9 3,101 - 694	2020 Total £'000 5,725 2,254 3,896 110 4,319 - 660
18,669 12,521 2,403 493 20 34	4,460 1,195 49 - - 1	(4,137) - - - - 210	18,992 13,716 2,452 493 20 245	16,964 13,287 2,519 509 36 262
15,471	1,245	210	16,926	16,613
3,198	3,215	(4,347)	2,066	351
-	353	55,050	55,403	(15,489)
3,198	3,568	50,703	57,469	(15,138)
2,192	(2,406)	214	-	-
5,390 48,997	1,162 2,896	50,917 238,306	57,469 290,199	(15,138) 305,337
54,387	4,058	289,223	347,668	290,199

NEW COLLEGE

Consolidated and College Balance Sheets As at 31 July 2021

2021 Group £'000 53,786 71,697 218,956	2020 Group £'000 51,197 56,512 182,967	2021 College £'000 53,786 71,697 218,960	2020 College £'000 51,197 56,512 182,967
344,439	290,676	344,443	290,676
472 2,773 1,133 4,858	447 3,047 178 998	472 2,182 1,133 4,757	447 3,047 178 631
9,236 3,832	4,670 2,600	8,544 3,141	4,303 2,239
5,404 349,843 2,175	2,070 292,746 2,547	5,403 349,846 2,175	2,064 292,740 2,547
347,668	290,199	347,671	290,193
289,223 4,058 55,266 1,296 (2,175)	238,306 2,896 50,268 1,276 (2,547)	289,223 4,058 55,266 1,299 (2,175)	238,306 2,896 50,268 1,270 (2,547)
347,668	290,199	347,671	290,193

The financial statements were approved and authorised for issue by the Governing Body of New College on 15 December 2021.

Sub-Warden/ Trustee:

Bursar/ Trustee:

NEW COLLEGE

Consolidated Statement of Cash Flows

For the year ended 31 July 2021

Notes Net cash used in operating activities 24 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 provided by investing activities Cash flows from financing activities Receipt of endowment Net cash provided by (used in) financing activities Change in cash and cash equivalents in the reporting period 25 Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	2021 £'000 846	2020 £'000 (5,145)
	3,101 16 (4,220) 45,972 (42,096)	4,319 - (5,281) 44,093 (41,549)
	2,773	1,582
	1,196	970
	1,196	970

	4,815 1,176	(2,593) 3,769
	5,991	1,176

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, Research and Residential Unrestricted funds Tuition fees - UK and EU students Tuition fees - Overseas students Other fees Other academic support/grants Other academic income College residential income Total Teaching, Research and Residential Public worship, Choir and Choir School Unrestricted funds Choir school fees Other Total public worship, Choir and Choir School Total income from charitable activities	2021 £'000 1,995 794 219 376 68 2,213 5,665 5,665 2,358 6 2,364 2,364 8,029	2020 £'000 1,889 730 278 406 71 2,351
		5,725

		5,725
		2,230 24
		2,254

		2,254

		7,979

The above analysis includes £3,177k received from Oxford University from publicly accountable funds under the CFF Scheme (2020: £2,948k).

2 DONATIONS AND LEGACIES

Donations and Legacies Unrestricted funds Restricted funds Endowed funds	2021 £'000 2,592 3,371 1,196 7,159	2020 £'000 740 2,186 970
		3,896

3 INCOME FROM OTHER TRADING ACTIVITIES

Entrance and facility fees Other trading income	2021 £'000 7 2 9	2020 £'000 106 4
		110

4 INVESTMENT INCOME

Unrestricted funds Bank interest Other interest Restricted funds Equity dividends Bank interest Endowed funds Agricultural rent Commercial rent Other property income Equity dividends Income from fixed interest stocks Interest on fixed term deposits and cash Total Investment income	2021 £'000 1 1 2 7 - 7 615 494 168 1,709 - 106 3,092 3,101	2020 £'000 10 -
		10
		- 5
		5
		617 311 165 3,044 - 167
		4,304

		4,319

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

5 OTHER INCOME

OTHER INCOME
Government grant	2021 £'000 694 694	2020 £'000 660
		660

As a consequence of COVID the College furloughed 178 staff in the year. Under the government's Coronavirus Job Retention Scheme, £694k was claimed for this period.

6 ANALYSIS OF EXPENDITURE

Charitable expenditure Direct staff costs allocated to: Teaching, research and residential Public worship & Choir School Other direct costs allocated to: Teaching, research and residential Public worship & Choir School Support and governance costs allocated to: Teaching, research and residential Public worship & Choir School Total charitable expenditure Expenditure on raising funds Direct staff costs allocated to: Fundraising Trading expenditure 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 generating funds Total expenditure	2021 £'000 7,487 1,623 3,864 452 2,365 377 16,168 364 14 98 3 125 31 3 120 758 16,926	2020 £'000 7,335 1,635 4,217 507 1,735 377
		15,806
		357 26 133 5 120 19 5 142
		807

		16,613

The 2020 resources expended of £16,163k represented £15,186k from unrestricted funds, £1,186k from restricted funds and £241k from endowed funds - see note 31a.

The College is liable to be assessed for Contribution under the provisions of Statute XV of the University of Oxford. The Contribution Fund is used to make grants and loans to colleges on the basis of need. Contributions are calculated annually under the current Scheme, introduced in 2018-19, in accordance with regulations made by the Council of the University of Oxford.

The teaching and research costs include College Contribution payable of £225k (2020: £212k).

	2021	2020
	Total	Total
Included within the resources expended above are:	£'000	£'000
Stock recognised as an expense in the year	303	829
Operating lease payments	19	22

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS 2021 Financial administration Domestic administration Investment management Human resources IT Depreciation Loss/(surplus) on fixed assets Other finance charges Governance costs 2020 Financial administration Domestic administration Investment management Human resources IT Depreciation Loss/(surplus) on fixed assets Other finance charges Governance costs	Generating Funds £'000 64 - 78 - - 6 - - 6 154 Generating Funds £'000 67 - 113 - - 6 - (26) 6 166	Teaching & Research £'000 687 239 - 9 318 1,455 1 (372) 28 2,365 Teaching & Research £'000 713 221 - 10 328 1,462 11 (1,030) 20 1,735	Public Worship and Choir School Heritage £'000 £'000 223 - - - - - - - - - 153 - - - - - 1 - 377 - Public Worship and Choir School Heritage £'000 £'000 214 - - - - 162 - - 1 377 -	2021 Total £'000 974 239 78 9 318 1,614 1 (372) 35
				2,896
				2020 Total £'000 994 221 113 10 328 1,630 11 (1,056) 27
				2,278

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.

Governance costs comprise: Auditor's remuneration - audit services	2021 £'000 35 35	2020 £'000 27
		27

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.

8 GRANTS AND AWARDS

GRANTS AND AWARDS During the year the College funded research awards and bursaries to students from its funds 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	2021 £'000 241 42 283 339 121 460 743	2020 £'000 253 82
		335
		266 70
		336

		671

The Bursaries and hardship awards above include the cost to the College of the Oxford Bursary scheme. Students of this college received £200k (2020: £168k).

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

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

9 STAFF COSTS

FF COSTS
aggregate staff costs for the year were as follows. Salaries and wages Social security costs Pension costs: Defined benefit schemes Pension deficit recovery plan adjustments (note 22) ion costs are stated to exclude deficit-related finance costs. number of employees of the College, including temporary/occasional staff and excluding Trustees, was as follows: Tuition and research College residential Public worship and Choir School Fundraising Support Total number of employed College Trustees during the year was as follows. University Lecturers CUF Lecturers Other teaching and research Other Total	2021 £'000 8,582 745 1,458 (391) 10,394 2021 230 168 83 27 13 521 17 19 14 9 59	2020 £'000 8,506 729 1,400 (1,111)
		9,524
		2020 118 189 62 4 20
		393
		18 17 18 7
		60

The aggregate staff costs for the year were as follows.

Pension costs are stated to exclude deficit-related finance costs.

The number of employees of the College, including temporary/occasional staff and excluding Trustees, was as follows:

The number of employed College Trustees during the year was as follows.

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 £70,001-£80,001 £80,001-£90,001 £90,001-£100,001 The number of the above employees with retirement benefits accruing wa In defined benefits schemes In defined contribution schemes The College contributions to pension schemes were: to defined benefit schemes TANGIBLE FIXED ASSETS Group & College Leasehold land and buildings £'000 Cost At start of year - Additions - Disposals - At end of year - Depreciation and impairment 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 -	s as follows: Assets under construction £'000 15,114 4,216 - 19,330 - - - - 19,330 15,114	Freehold land and buildings £'000 50,633 (78) (20) 50,535 15,251 1,467 (12) 16,706 33,829 35,382	Plant and machinery £'000 355 30 (28) 357 327 9 (17) 319 38 28	4 1 1 - 6 - £86,793 Fixtures, fittings and equipment £'000 1,472 52 1 1,525 799 138 (1) 936 589 673	4 1 - 1 6 -
					£85,235
					Total £'000 67,574 4,220 (47)
					71,747
					16,377 1,614 (30)
					17,961
					53,786
					51,197

10 TANGIBLE FIXED ASSETS

No assets are held under finance leases (2020: none).

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 manuscripts 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.

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

11 HERITAGE ASSETS

The College's collection of medieval manuscript volumes and early printed books, as well as chattels and works of art was, started by William of Wykeham at its foundation in 1379. This collection has been supplemented by a steady (and continuing) stream of donated assets over the centuries, and by acquisition, with approximately 400 manuscript volumes and over 30,000 antiquarian books available to view by appointment, and a number of works of art on display around the College. These donated assets were given on the understanding that the College would preserve them and make them accessible to scholars and, where not constraining scholars' access to them, to the public. These heritage assets are held at cost, which in the Trustees' opinion is now immaterial. The Trustees consider the cost to obtain a valuation of these assets would not be commensurate with the benefit to the readers of the financial statements. Many of the works of art are on display in Hall, Chapel, and Ante-Chapel, which are normally open to members of the public on most days; however, the College was closed to the public throughout the year as a consequence of the Covid-19 pandemic . Ancient manuscripts and books may be viewed by appointment.

12 PROPERTY INVESTMENTS

2021 Group & College Valuation at start of year Additions and improvements at cost Disposals Revaluation gains/(losses) in the year Valuation at end of year 2020 Group & 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 47,183 35 (45) 14,962 62,135 Agricultural £'000 45,958 1,646 (273) (148) 47,183	Commercial £'000 6,002 - - - 6,002 Commercial £'000 6,002 - - - 6,002	Other £'000 3,327 185 (264) 312 3,560 Other £'000 3,274 - - 53 3,327	2020 Total £'000 56,512 220 (309) 15,274 71,697 Total £'000 55,234 1,646 (273) (95) 56,512

Agricultural properties includes residential and commercial properties in the College's rural estates. Valuation of the agricultural properties was prepared by Savills (UK) Ltd as at 31 July 2021. Commercial property includes a central London site, which was valued at £6m in 2008 by Colliers International. Other property includes College houses, which are revalued annually by reference to the Nationwide Building Society house price index (Outer S-East UK region).

13 OTHER INVESTMENTS

All investments are held at fair value.

13a: Fixed Asset investments Investments Valuation at start of year New money invested Amounts withdrawn Reinvested income Investment management fees (Decrease)/increase in value of investments Group investments at end of year Investment in subsidiaries Investments at end of year Investments comprise: Equity investments Global multi-asset funds Alternative and other investments Fixed term deposits and cash Total investments	Held outside the UK £'000 - 33,359 - - 33,359	Held in the UK £'000 116,325 32,685 1,769 34,818 185,597	2021 Group £'000 182,967 41,876 (45,548) 6 (121) 39,776 218,956 - 218,956 2021 Total £'000 116,325 66,044 1,769 34,818 218,956	2020 Group £'000 202,278 39,903 (38,610) (5,113) (97) (15,394) 182,967 - 182,967 Held outside the UK £'000 - 53,482 245 - 53,727	2021 College £'000 182,967 41,876 (45,548) 10 (121) 39,776 218,960 - 218,960 Held in the UK £'000 89,504 - 3,478 36,258 129,240	2020 College £'000 202,278 39,903 (38,610) (5,113) (97) (15,394)
						182,967 -
						182,967
						2020 Total £'000 89,504 53,482 3,723 36,258
						182,967

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

13b: Current Asset Investments Group & College Valuation at start of year New money invested Amounts withdrawn Increase in value of investments Investments at end of year	2021 £'000 178 656 (54) 353 1,133	2020 £'000 85 93 - -
		178

14 PARENT AND SUBSIDIARY UNDERTAKINGS

The College holds 100% of the issued share capital (£2) in Longwall Limited, which was dormant during the year, and 100% (£100) of the issued share capital in Longwall II Limited, which was incorporated on 16 October 2018. Longwall II's principal activity is the design and build of the College's new Gradel quadrangles.

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

	2021			2020
£'000 72,002 (14,697) 7 57,312 352,987 (5,316) 347,671 New College	£'000 4,386 (4,384) (7) (5) 1,424 (1,422) 2 Longwall II	£'000 2 (5) - (3) 1,402 (6) 1,396 Longwall	£'000 16,993 (32,137) 35 (15,109) 294,980 (4,786) 290,194 New College	£'000 4,496 (4,489) (35) (28) 586 (579) 7 Longwall II	£'000 2 (3) - Longwall
					(1)
					1,404 (5)
					1,399

15 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1 August 2002. The investment return to be applied as income is calculated as in a range from 3% to 4% 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 2002 together with all subsequent endowments valued at date of gift.

2021 At the beginning of the year: Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments Movements in the reporting period: Gift of endowment funds Investment return: total investment income Investment return: realised and unrealised gains and losses Less: Investment management costs Other transfers Total Unapplied total return allocated to income in the reporting period Net movements in reporting period At end of the reporting period: Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments	Trust for investment Unapplied total return Total £'000 £'000 £'000 77,636 77,636 146,792 146,792 77,636 146,792 224,428 191 - 191 - 2,953 2,953 - 52,012 52,012 - (210) (210) - 214 214 191 54,969 55,160 - (7,923) (7,923) 191 47,046 47,237 77,827 - 77,827 - 193,838 193,838 - - - 77,827 193,838 271,665 Permanent Endowment	Expendable Endowment £'000 13,878 13,878 1,005 139 3,038 - - 4,182 (502) 3,680 - - 17,558 17,558	£'000 77,636 146,792 13,878 Total Endowments
			238,306 1,196 3,092 55,050 (210) 214
			59,342 (8,425)
			50,917 77,827 193,838 17,558
			289,223

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

15 STATEMENT OF INVESTMENT TOTAL RETURN (continued)

2020 At the beginning of the year: Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments Movements in the reporting period: Gift of endowment funds Investment return: total investment income Investment return: realised and unrealised gains and losses Less: Investment management costs Other transfers Total Unapplied total return allocated to income in the reporting period Net movements in reporting period At end of the reporting period: Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments 16 DEBTORS Amounts falling due within one year: Trade debtors Amounts owed by College members Amounts owed by Group undertakings Taxation and social security Loans repayable within one year Prepayments and accrued income Other debtors Amounts falling due after more than one year: Loans 17 CREDITORS: falling due within one year Trade creditors Amounts owed to College Members Amounts owed to Group undertakings Taxation and social security Accruals and deferred income Other creditors	Trust for investment Unapplied total return Total £'000 £'000 £'000 76,673 76,673 164,476 164,476 76,673 164,476 241,149 963 - 963 - 4,046 4,046 - (14,254) (14,254) - (240) (240) - 214 214 963 (10,234) (9,271) - (7,450) (7,450) 963 (17,684) (16,721) 77,636 - 77,636 - 146,792 146,792 - - - 77,636 146,792 224,428 2021 2020 Group Group £'000 £'000 488 748 176 113 - - 593 - 13 14 1,349 1,825 143 339 11 8 2,773 3,047 2021 2020 Group Group £'000 £'000 2,104 206 1 - - - - 130 744 1,267 983 997 3,832 2,600 Permanent Endowment	Expendable Endowment £'000 15,375 15,375 7 258 (1,235) (1) - (971) (526) (1,497) - - 13,878 13,878 2021 College £'000 488 176 2 - 13 1,349 143 11 2,182 2021 College £'000 805 1 233 497 622 983 3,141	£'000 76,673 164,476 15,375 Total Endowments
			256,524 970 4,304 (15,489) (241) 214
			(10,242) (7,976)
			(18,218) 77,636 146,792 13,878
			238,306
			2020 College £'000 748 113 - - 14 1,825 339 8
			3,047
			2020 College £'000 126 - 79 224 813 997
			2,239

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

18 ANALYSIS OF MOVEMENTS ON FUNDS - see note 31 for prior year comparatives

Movements in major funds are detailed below. Movements in smaller funds are aggregated by purpose or as 'Other' in each section.

At 1 August 2020 £'000 Endowment Funds - Permanent General purpose: Founder's Endowment 197,495 Other unrestricted named endowments 898 Restricted purpose: Bolney Brown Benefaction 959 Ella Stevens Greek Studies Fund 1,159 Student scholarship & prize funds 4,669 Philosophy Fellowship 1,600 Other restricted named endowments 1,119 Classical Philosophy Fellowship Fund 1,183 Engineering Fellowship Fund 1,066 Graduate Scholarships Fund 1,370 Ancient History Fellowship Fund 1,350 McGregor Law Fellowship Fund 1,001 Millman Management Studies Fellowship Fund 1,635 Millman Management Studies Graduate Studentship 885 Herbert Nicholas Fund 1,048 Student Bursaries Fund 1,421 Other: ex-New College Development Fund 5,570 Endowment Funds - Expendable General purpose: College Endowment 5,564 Other unrestricted named endowments 1,074 Other: ex-New College Development Fund 2,376 Restricted purpose: Schwarzman Fund - Other restricted named endowments 607 Other: ex-New College Development Fund 4,257 Total Endowment Funds - College and Group 238,306 238,306 Restricted Funds Restricted purpose endowments - unspent income 1,077 Music Practice Rooms - New Quadrangles - Other restricted funds 352 ex-New College Development Fund 1,467 Easton Fund - Total Restricted Funds - College and Group 2,896 2,896	Incoming resources £'000 2,684 9 10 12 55 16 11 12 10 14 18 11 16 9 11 178 68 56 11 24 1,000 6 47 4,288 4,288 - 2 2,404 77 332 563 3,378 3,378	Resources expended £'000 (210) - - - - - - - - - - - - - - - - - - - - - - (210) (210) (847) - - (36) (302) (60) (1,245) (1,245)	Transfers £'000 (6,772) (32) (34) (42) (154) (48) (41) (43) (39) (49) (49) (36) (59) (32) (37) (45) (197) (201) (39) (86) - (23) (153) (8,211) (8,211) 1,082 (2) (2,404) - - (1,324) (1,324)	Gains/ (losses) £'000 46,116 196 209 254 1,023 350 246 258 232 300 295 219 358 195 230 311 1,220 1,218 234 522 - 133 931 55,050 55,050 - - - - - 353 353 353	At 31 July 2021 £'000 239,313 1,071 1,144 1,383 5,593 1,918 1,335 1,410 1,269 1,635 1,614 1,195 1,950 1,057 1,252 1,865 6,661 6,637 1,280 2,836 1,000 723 5,082
					289,223
					289,223 1,312 - - 393 1,497 856
					4,058
					4,058

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

18 ANALYSIS OF MOVEMENTS ON FUNDS (continued)

Unrestricted Funds Designated funds: fixed assets - donated Designated funds: fixed assets - general Designated funds: major maintenance reserve Other designated funds General Fund ex-New College Development Fund - designated funds ex-New College Development Fund - General Fund Pension reserve (deficit) Total Unrestricted Funds - College Unrestricted funds held by subsidiaries Total Unrestricted Funds - Group Total Funds	At 1 August 2020 £'000 18,712 29,168 1,373 40 1,173 975 97 (2,547) 48,991 48,991 6 48,997 290,199	Incoming resources £'000 - - - - 10,896 32 429 - 11,357 11,357 (31) 11,326 18,992	Resources expended £'000 - - - - (15,866) - - 372 (15,494) (15,494) 23 (15,471) (16,926)	Transfers £'000 2,205 561 2,280 (7) 5,095 (73) (526) - 9,535 9,535 - 9,535 -	Gains/ (losses) £'000 - - - - - - - - - - - - 55,403	At 31 July 2021 £'000 20,917 29,729 3,653 33 1,298 934 - (2,175)
						54,389
						54,389 (2)
						54,387
						347,668

Under the provisions of s30 University and College Estates Act 1925 (amended 1964), and in accordance with the policy of the Charity Commission under s26(4) Charities Act 2011, College has 'borrowed' some £22.4m from its permanent endowment capital for the repair, improvement and modernisation of its functional buildings. That sum is being repaid via a sinking or redemption fund at 3.5% over 40 years in accordance with s32 of the 1925 (1964) Act.

19 FUNDS OF THE COLLEGE DETAILS

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

Endowment Funds - Permanent:

Founder's Endowment

Other unrestricted named endowments

Restricted purpose endowments

Bolney Brown Benefaction
Ella Stevens Greek Studies Fund
Named scholarship funds - Other named funds

Endowment Funds - Expendable: College Endowment

Other unrestricted named funds

Restricted purpose named funds

Restricted Funds: Restricted purpose endowments - income

Morris Garages refurbishment

Music Practice Rooms

New Quad

ex-New College Development Fund

William of Wykeham endowment to establish New College in Oxford, where income can be used for the general purposes of the charity

A consolidation of gifts and donations where income, but not capital, can be used for the general purposes of the charity

Capital balance of past donations where related income, but not the original capital, can be used for the following purposes of the charity:

Chapel support
Ancient Greek studies and scholarships
student scholarships and prizes
a variety of funds providing support for student bursaries/hardship, Library, Choir and choristerships, tutorial fellowships, junior research fellowships, and grants to parishes

The expendable balance of endowment where either income, or income and capital, can be used for the general purposes of the charity

Capital balance of past donations where related income, or income and capital, can be used for College's general purposes

A consolidation of gifts and donations where either income, or income and capital, can be used to support tutorial fellowships, junior research fellowships, student bursaries/hardship, student prizes, and Library

Income generated from restricted purpose endowments not spent and available for future scholarships, tutorial fellowships, junior research fellowships, Choir, chorister, Library, and parish support

For the redevelopment of Morris Garages/18-20 Longwall

For the construction of music rooms for student practice

For the construction of a new quad at Savile Road

Donations to support College expenditure on student scholarships/bursaries and prizes, student outreach, research fellowships, choir, and equipment/chattels

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

19 FUNDS OF THE COLLEGE DETAILS (continued)

Designated Funds

Fixed asset designated funds

Major maintenance & projects

ex-New College Development Fund designated funds

General Fund

ex-New College Development Fund - General Fund

Unrestricted funds which are represented by the fixed assets of the College and therefore not available for expenditure on the College's general purposes

Unrestricted funds allocated by the Fellows for future spend on the College's buildings

Donations received where the College intends to observe wishes expressed by the donors

The accumulated income from the College's activities and other sources that are available for the general purposes of the College

The accumulated unrestricted and undesignated donations received, available for the College's general purposes

Pension reserve (deficit) Unrestricted funds, in accordance with FRS 102, representing defined benefit pension scheme deficits

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

2021 Tangible fixed assets Property investments Other investments Net current assets Pension scheme liability 2020 Tangible fixed assets Property investments Other investments Net current assets Pension scheme liability	Unrestricted Funds £'000 53,786 - 122 2,654 (2,175) 54,387 Unrestricted Funds £'000 51,197 - 249 98 (2,547) 48,997	Restricted Funds £'000 - - 1,312 2,746 - 4,058 Restricted Funds £'000 - - 1,077 1,819 - 2,896	Endowment Funds £'000 - 71,697 217,522 4 - 289,223 Endowment Funds £'000 - 56,512 181,641 153 - 238,306	2021 Total £'000 53,786 71,697 218,956 5,404 (2,175)
				347,668
				2020 Total £'000 51,197 56,512 182,967 2,070 (2,547)
				290,199

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

21 TRUSTEES' REMUNERATION

Those 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 College and the University for the academic services they provide to the College.

Most trustees of the College fall into the following categories:

Warden
Tutorial Fellow
Professorial Fellow
Supernumerary Fellow
Career Development Fellow

There are four other trustees, three of whom (Bursar, Director of Development, and Home Bursar) work full-time on management and fund-raising; the fourth is the College's Chaplain.

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. These salaries are paid on external academic and academic-related scales and often are joint arrangements with the University of Oxford.

Some trustees are eligible for College housing schemes. One trustee lives in a house owned by the College and has a deduction from salary as 'rent'. Others may be eligible for a housing allowance which is disclosed within the following salary figures. During the year, eight trustees lived in houses owned jointly with the College (2020: seven). One house was bought in the year (2020: none) and one was sold (2020: none).

Some trustees receive allowances for additional work carried out as part-time college officers (eg, Senior Tutor, Dean, Precentor, Sub-Warden). These amounts are included within the remuneration figures in the following table. The total remuneration and taxable benefits as shown below is £2,851k (2020: £2,751k). The total of pension contributions is £423k (2020: £404k).

The College Governing Body refers to a Remuneration Committee all aspects of the pay and allowances for the Warden and Fellows - this Remuneration Committee has a membership that is completely external to that of the Governing Body.

Remuneration paid to trustees

Range £1-£4,999 £5,000-£9,999 £10,000-£14,999 £15,000-£19,999 £20,000-£24,999 £25,000-£29,999 £30,000-£34,999 £35,000-£39,999 £40,000-£44,999 £45,000-£49,999 £50,000-£54,999 £55,000-£59,999 £60,000-£64,999 £65,000-£69,999 £70,000-£74,999 £75,000-£79,999 £80,000-£84,999 £85,000-£89,999 £90,000-£94,999 £105,000-£109,999 £110,000-£114,999 £115,000-£119,999 £120,000-£124,999 £125,000-£129,999 £130,000-£135,999 £140,000-£145,999 Total		2021
	Number of Trustees/ Fellows 15 1 - 1 - 1 1 3 9 4 - 2 2 1 4 5 4 - 1 - 1 1 1 - 1 1 59

All trustees are employees of the college and receive remuneration.

All trustees, together with other senior employees, are eligible for private health insurance as part of their remuneration package. All trustees may eat at common table, as can all other employees who are entitled to meals while working.

Other transactions with trustees

No trustee claimed expenses for any work performed in discharge of duties as a trustee. See also note 27 - Related Party Transactions.

Key management remuneration

The total remuneration paid for the key management of College was £627k (2020: £582k). Key management is considered to be delivered by the Warden, Bursar, Dean, Head of New College School, Home Bursar, and Senior Tutor.

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

22 PENSION SCHEMES

The College participates in the Universities Superannuation Scheme ("the USS"), the University of Oxford Staff Pension Scheme ("the OSPS"), and the Teachers' Pension Scheme (the "TPS") on behalf its staff. The assets of each scheme are held in separate trustee-administered funds. USS and OSPS schemes are contributory mixed benefit schemes (i.e. they provide benefits on a defined benefit basis - based on length of service and pensionable salary - and on a defined contribution basis – based on contributions into the scheme). TPS is a contributory defined benefit scheme (i.e. it provides benefits based on length of service and pensionable salary).

Each scheme is a multi-employer scheme and the College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, the College accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the Statement of Financial Activities represents the contributions payable to the schemes in respect of the accounting period.

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.

Schemes accounted for under FRS 102 paragraph 28.11 as defined contribution schemes

Actuarial valuations

Qualified actuaries periodically value USS and OSPS defined benefits using the ‘projected unit method’, embracing a market value approach. The resulting levels of contribution take account of actuarial surpluses or deficits in each scheme. The financial assumptions were derived from market conditions prevailing at the valuation date. The results of the latest actuarial valuations and the assumptions which have the most significant effect on the results were:

USS
OSPS
Date of valuation:
31/03/18
31/03/19
Date valuation results published:
16/09/19
19/06/20
Value of liabilities:
£67.3bn
£848m
Value of assets:
£63.7bn
£735m
Funding surplus / (deficit):
(£3.6bn)
(£113m)
Principal assumptions:
• Discount rate
CPI - 0.73% to +2.52% (a)
Gilts +0.5% - 2.25% (b)
• Rate of increase in salaries
n/a
RPI
• Rate of increase in pensions
CPI (c)
Average RPI/CPI (d)
Assumed life expectancies on retirement at age 65:
• Males currently aged 65
24.6 yrs
21.7 yrs
• Females currently aged 65
26.1 yrs
24.4 yrs
• Males currently aged 45
26.6 yrs
23.0 yrs
• Females currently aged 45
27.9 yrs
25.8 yrs
Funding Ratios:
• Technical provisions basis
95%
87%
• Statutory Pension Protection Fund basis
76%
74%
• 'Buy-out' basis
56%
60%
21.1%, increasing to
19%
23.7% on 1/10/21
Effective date of next valuation:
31/03/20
31/03/22
Employer contribution rate (as % of pensionable salaries):

a. The discount rate (forward rates) for the USS valuation was: Years 1-10: CPI + 0.14% reducing linearly to CPI – 0.73% Years 11-20: CPI + 2.52% reducing linearly to CPI + 1.55% by year 21 Years 21 +: CPI + 1.55%

b. The discount rate for the OSPS valuation was: Pre-retirement: Equal to the UK nominal gilt curve at the valuation date plus 2.25% p.a. at each term. Post-retirement: Equal to the UK nominal gilt curve at the valuation date plus 0.5% p.a. at each term.

c. Pensions increases (CPI) for the USS valuation were:

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.3% p.a.

d. Increases to pensions in payment for the OSPS valuation were:

RPI inflation is derived from the geometric difference between the UK nominal gilt curve and the UK index-linked curve at the valuation date, less 0.3% p.a. at each term. CPI inflation is derived from the RPI inflation assumption, less the Scheme Actuary’s best estimate of the long-term difference between RPI and CPI inflation as applies from time to time (1.0% p.a. as at 31 March 2019).

For pension increases linked to inflation, a pension increase curve is constructed based on either the RPI, CPI or the average of the RPI and CPI inflation curves described above, adjusted to allow for the different maximum and minimum annual increases that apply, and the Scheme Actuary’s best estimate of inflation volatility as applies from time to time.

e. The USS and OSPS employer contribution rates include provisions for the cost of future accrual of defined benefits, deficit contributions, administrative expenses and defined contributions.

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

22 PENSION SCHEMES (continued)

Teachers' Pension Scheme

Members of the Teachers' Pensions Scheme contribute on a 'pay as you go' basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set following scheme valuations undertaken by the Government Actuary Department, and was set at 16.4% following the 2012 scheme valuation. The latest valuation report in respect of the Scheme was prepared at 31 March 2016 and was published in 2019. This report determined the employer contribution rate of 23.68% from 1 September 2019 which will be payable until the next valuation as at 31 March 2020.

Sensitivity of actuarial valuation assumptions

Surpluses or deficits which arise at future valuations may impact on the College’s future contribution commitment. The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set out below.

Assumption	USS change in assumption	Impact on USS liabilities
Initial discount rate	increase by 0.1%	decrease by £1.2bn
Asset values	reduce by 10%	increase by £6.4n
RPI - CPI spread	increase by 0.1%	decrease by £0.7bn
Rate of mortality	more prudent assumption	increase by £1.6bn
	(mortality rated down by a further year)

Assumption	OSPS change in assumption	Impact on OSPS technical provisions
Valuation rate of interest	decrease by 0.25%	increase by £45m
RPI	increase by 0.25%	increase by £40m

Deficit recovery plans

In line with FRS 102 paragraph 28.11A, the College has recognised a liability for the contributions payable for the agreed deficit funding plans for USS and OSPS. The principal assumptions used in these calculations are tabled below:

Finish Date for Deficit Recovery Plan Average staff number increase Average staff salary increase Average discount rate over period Effect of 0.5% change in discount rate Effect of 1% change per year in staff growth	USS OSPS 30/01/28 31/03/28 0.00% 1.07% 2.25% 2.39% 0.89% 0.89% £34k £9k £68k £30k 2020-21	2019-20
		USS OSPS 30/01/28 31/03/28 0.00% 0.90% 1.45% 2.10% 0.63% 0.74% £39k £20k £81k £67k

A provision of £2,175k has been made at 31 July 2021 (2020: £2,547k) for the present value of the estimated future deficit funding element of the contributions payable under these agreements, using the assumptions shown.

Pension charge for the year

The pension charge recorded by the College during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows:

Scheme Universities Superannuation Scheme University of Oxford Staff Pension Scheme Teachers' Pension Scheme Total	2021 £000 865 1 202 1,068	2020 £000 (484) 564 209
		289

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 as 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.

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

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

Net income/(expenditure) Elimination of non-operating cash flows: Investment income (Gains)/losses in investments Endowment donations Depreciation Loss on sale of fixed assets Increase in stock (Increase)/decrease in debtors (Decrease)/increase in creditors Decrease in pension scheme liability Net cash provided by/(used in) operating activities 25 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand Notice deposits (less than 3 months) Total cash and cash equivalents	2021 £'000 57,469 (3,101) (55,050) (1,196) 1,614 1 (25) 274 1,232 (372) 846 2021 £'000 4,858 1,133 5,991	2020 £'000 (15,138) (4,319) 15,489 (970) 1,630 11 (2) (728) (62) (1,056)
		(5,145)
		2020 £'000 998 178
		1,176

26 FINANCIAL COMMITMENTS

The College has an annual pensions commitment to a number of retired employees whose service predated the introduction of the main occupational schemes (see note 5). These payments, which are subject to annual inflationary increases, currently total £5,000 per annum, and the net present value of future payments is estimated to be of the order of £50,000.

The College had no non-cancellable operating leases during the year (2020: none).

27 CAPITAL COMMITMENTS

The College had no contracted commitments at 31 July for ongoing capital projects (2020: nil).

28 RELATED PARTY TRANSACTIONS

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.

Three trustees had loans from the College during the year (two trustees had loans in 2020). The outstanding balances at 31 July were £6,313 (2020: £1,460). Interest is charged on the loans at HMRC's prevailing Official Rate of Interest, and the upper limit for such loans is £5,000. All loans are repayable within five years or on the departure of the trustee from the College, if earlier.

The College has properties owned jointly with trustees under joint equity ownership agreements between the trustee and the College. College's equity is valued at £1,818k.

Trustee: Wathen Mulhall Leeder Kimel Timmel Halbach Churchill Rossi Total net book value	2021 £'000 418 260 - 322 278 220 127 193 1,818	2020 £'000 380 234 239 289 256 198 114 -
		1,710

All joint equity properties are subject to sale on the departure of the trustee from the College. The College-owned share is declared as a taxable benefit in kind for each trustee to HMRC each year.

29 CONTINGENT LIABILITIES

There were no contingent liabilities at 31 July 2021.

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

30 POST BALANCE SHEET EVENTS

Since the year end, following the completion of the 2020 actuarial valuation, a new dual rate schedule of contributions has been agreed with an effective date of 1 October 2021. Recalculating the USS provision on the basis of these contributions would result in an increased obligation to fund the deficit of £4,718k, an increase of £3,031k.

A further change to deficit recovery contributions will become applicable under the 2020 valuation if the Joint Negotiating Committee recommended deed on benefit changes has not been executed by 28 February 2022. In this scenario, higher deficit recovery contributions will commence from 1 October 2022 at 3% and then increase every 6 months until they reach 20% at 1 October 2025. They remain at this level until 31 July 2032. Negotiations continue and an increase to this level is considered remote.

If the Schedule of Contributions remains unchanged, the University's Financial Statements for the year ended 31 July 2022 will reflect these changes to the provision, subject to any other changes in financial and operational assumptions.

31 ADDITIONAL PRIOR YEAR COMPARTIVES

1 ADDITIONAL PRIOR YEAR COMPARTIVES
a CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Notes INCOME AND ENDOWMENTS FROM: Charitable activities: 1 Teaching, research and residential Public worship and Choir School Donations and legacies 2 Other Trading Income 3 Investments Investment income 4 Total return allocated to income 14 Other income Total income EXPENDITURE ON: 5 to 8 Charitable activities: Teaching, research and residential Public worship and Choir School Generating funds: Fundraising Trading expenditure Investment management costs Total Expenditure Net Income/(Expenditure) before gains Net gains/(losses) on investments 11, 12 Net Income/(Expenditure) Transfers between funds 17 Net movement in funds for the year Fund balances brought forward 17 Funds carried forward at 31 July	Unrestricted Restricted Endowed 2020 Funds Funds Funds Total £'000 £'000 £'000 £'000 5,725 - - 5,725 2,254 - - 2,254 740 2,186 970 3,896 110 - - 110 10 5 4,304 4,319 6,953 1,023 (7,976) - 660 - - 660	2019 Total £'000 7,027 2,337 3,516 214 4,306 - -
	16,452 3,214 (2,702) 16,964 12,145 1,142 - 13,287 2,475 44 - 2,519 509 - - 509 36 - - 36 21 - 241 262	17,400 16,305 2,582 550 24 666
	15,186 1,186 241 16,613 1,266 2,028 (2,943) 351 - - (15,489) (15,489)	20,127
		(2,727) 258
	1,266 2,028 (18,432) (15,138)	(2,469)
	1,427 (1,641) 214 -	-
	2,693 387 (18,218) (15,138) 46,304 2,509 256,524 305,337	(2,469) 307,806
	48,997 2,896 238,306 290,199	305,337

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2021

31 ADDITIONAL PRIOR YEAR COMPARITIVES

b ANALYSIS OF MOVEMENTS ON FUNDS - see note 18

Movements in major funds are detailed below. Movements in smaller funds are aggregated by purpose or as 'Other' in each section.

Endowment Funds - Permanent General purpose: Founder's Endowment Other unrestricted named endowments Restricted purpose: Bolney Brown Benefaction Ella Stevens Greek Studies Fund Student scholarship & prize funds Philosophy Fellowship Other restricted named endowments ex-New College Development Fund: Classical Philo+B970sophy Fellowship Fund Engineering Fellowship Fund Graduate Scholarships Fund Ancient History Fellowship Fund McGregor Law Fellowship Fund Millman Management Studies Fellowship Fund Millman Management Studies Graduate Herbert Nicholas Fund Student Bursaries Fund Other: ex-New College Development Fund Endowment Funds - Expendable General purpose: College Endowment Other unrestricted named endowments Other: ex-New College Development Fund Restricted purpose: Other restricted named endowments Other: ex-New College Development Fund Total Endowment Funds - College and Group Restricted Funds Restricted purpose endowments - unspent income Music Practice Rooms New Quadrangles Other restricted funds ex-New College Development Fund Total Restricted Funds - College and Group Unrestricted Funds Designated funds: fixed assets - donated Designated funds: fixed assets - general Designated funds: major maintenance reserve Other designated funds General Fund ex-New College Development Fund - designated funds ex-New College Development Fund - General Fund Pension reserve (deficit) Total Unrestricted Funds - College Unrestricted funds held by subsidiaries Total Unrestricted Funds - Group Total Funds	At 1 August 2019 £'000 212,470 992 1,060 1,281 4,446 1,749 1,236 1,307 1,177 1,515 1,486 1,102 1,807 979 1,159 1,296 6,087 6,149 1,187 2,624 716 4,699 256,524 913 - - 318 1,278 2,509 17,288 26,776 3,337 39 1,274 902 256 (3,603) 46,269 46,269 1 46,270 305,303	Incoming resources £'000 3,565 17 18 21 722 30 21 22 20 25 30 22 30 16 19 268 163 103 20 46 12 84 5,272 - - 1,651 76 464 2,191 - - - - 8,756 149 619 - 9,524 9,524 42 9,566 17,029	Resources expended £'000 (237) - - - (1) - - - - - - - - - - - (2) (1) - - - - (241) (859) - - (42) (285) (1,186) - - - - (16,206) - - 1,056 (15,150) (15,150) (71) (15,221) (16,648)	Transfers £'000 (6,353) (31) (34) (40) (141) (39) (38) (41) (37) (48) (47) (35) (57) (31) (37) (39) (188) (194) (37) (83) (63) (149) (7,762) 1,023 - (1,651) - 10 (618) 1,424 2,392 (1,964) 1 7,381 (76) (778) - 8,380 8,380 - 8,380 -	Gains/ (losses) £'000 (11,950) (80) (85) (103) (357) (140) (100) (105) (94) (122) (119) (88) (145) (79) (93) (104) (490) (493) (96) (211) (58) (377) (15,489) - - - - - - - - - - - - - - - - - - (15,489)	At 31 July 2020 £'000 197,495 898 959 1,159 4,669 1,600 1,119 1,183 1,066 1,370 1,350 1,001 1,635 885 1,048 1,421 5,570 5,564 1,074 2,376 607 4,257
						238,304
						1,077 - - 352 1,467
						2,896
						18,712 29,168 1,373 40 1,205 975 97 (2,547)
						49,023
						49,023 (28)
						48,995
						290,195