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2023-07-31-accounts

Annual Report and Financial Statements

Year ended 31 July 2023

Registered charity 1142701

NEW COLLEGE

Annual Report and Financial Statements Contents

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 - 44

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NEW COLLEGE Governing Body, Officers and Advisers

Year ended 31 July 2023

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 1/9/23 or 1/10/23; 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
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 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_
1995 Griffth, Mark Stephen, MA DPhil Oxford_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 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_
2001 Kimel, Dori, BA LLB Tel Aviv, MA DPhil Oxford_Tutor in Law; Reader in Legal Philosophy_
2002 Gavaghan, David John, BA Durham, MA MSc DPhil Oxford_Supernumerary Fellow, Sub-Warden (to_
30.09.22); Professor in Computational Biology
2003 Lightfoot, Jane Lucy, MA DPhil Oxford_Charlton Fellow and Tutor in Classics, Sub-Warden (from_
01.10.22 to 30.09.23); Professor in Classical Languages and Literature
2003 Bañares-Alcántara, René, BSc Mexico, MA Oxford, MS PhD Carnegie Mellon_Tutor in Engineering,_
Sub-Warden (from 01.10.23); 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_
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

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NEW COLLEGE

Governing Body, Officers and Advisers

Year ended 31 July 2023

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NEW COLLEGE

Governing Body, Officers and Advisers Year ended 31 July 2023

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NEW COLLEGE

Governing Body, Officers and Advisers

Year ended 31 July 2023

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

BLACKROCK: 12 Throgmorton Avenue, London EC2N 2DL OXFORD UNIVERSITY ENDOWMENT MANAGEMENT LIMITED: King Charles House, Park End Street, Oxford, OX1 1JD 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

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NEW COLLEGE Report of the Governing Body Year ended 31 July 2023

The Members of the Governing Body present their Annual Report for the year ended 31 July 2023 under the Charities Act 2011, together with the audited Financial Statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

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.

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NEW COLLEGE Report of the Governing Body Year ended 31 July 2023

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:

ACHIEVEMENTS AND PERFORMANCE

The College continued its programme of careful fiscal recovery following on from the impact of the pandemic, which had restricted revenues from tourism and conferences. A strict control was kept on expenses, necessary at a time of high fuel costs, general inflationary effects and the continuing inability to raise more revenue from the provision of teaching. A programme of targeted savings was applied department by department. Meanwhile, the College’s equity and investment portfolio was consolidated into two main

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NEW COLLEGE Report of the Governing Body Year ended 31 July 2023

providers, the OUEM and Black Rock, a process guided by our Responsible Investment Policy. The College’s portfolio in land continued to be monitored for development opportunities via sales, albeit with an agreed policy for reinvesting proceeds in agricultural land up to a certain level.

College life was vibrant and lively, in culture, sport and a range of extra-curricular activities. Academic societies were thriving – from law, to classics, to music to English – and joined by a recently formed History Society. Women in STEM lunches are convened by the Warden, and the Essay Society has had regular meetings with guest speakers. The musical programme remained as full as ever. On a more particular note this year was the Choir’s full resumption of touring abroad, with a sell-out and highly praised tour of the United States followed by a very successful visit to Malta, performing in the Co-Cathedral of St. John.

Academically we increased our number of First-Class degrees from 47 to 52 though with a drop relatively in the Norrington Table..

The College continues to focus on three important strategies:

The Colleges’ sustainability strategy continues to be overseen by the Sustainability Working Party. Chief amongst its initiatives in the year has been the analysis of energy waste in the College’s buildings, by innovative monitoring processes which will result in a phased programme of improvements to the environmental impact of our heating.

The Welsh Outreach Programme was geared up during the year and is now fully operational, both receiving school visits and sending our officers to the target schools, many of whom have had no previous contact with Oxford University. Meanwhile, the Step-Up Programme has continued to show traction. In addition, the College was the first in Oxford to enter into a pairing relationship with a primary school (Wood Green) in the City, and that relationship continues to deepen.

This year the decision to offer Arabic as a subject was implemented by the recruitment of Dr Christian Sahner for the 2023-24 academic year. In addition, we appointed five new Fellows representing an exceptional range of talent and diversity:

  1. Dr Meera Sabaratnam in Politics

  2. Dr Polly Waite in Psychology

  3. Professor Bernhard Malkmus in German

  4. Professor Peter Boxall, the new Goldsmith’s Professor of English

  5. Dr Margarita Vaysman, in Russian

Two long-term Fellows, Professors Elizabeth Fraser and Karen Leeder, left the College, in the former case as retirement, in the latter to move to a new University post.

Our attention in the year has been principally on the completion of the College’s building programme on its adjacent site in Mansfield Road. The Gradel Quadrangles, a major capital project of £70 million value, was mainly completed. Budget control has been strong, but timing slipped behind schedule for the main Quadrangles due to a variety of factors, most especially the new requirements in terms of fire safety promulgated by the Government and the shortage of electrical trades in the summer.

However, the New College School part of the complex was finished on time with the formal opening and move-in taking place in September. The new provisions have met with acclaim from pupils, parents and staff alike, and represent a significant competitive advantage. The hiring of a school bus has helped to diminish traffic issues in the catchment area of the School. The School entered into the new academic year with its largest ever roll.

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NEW COLLEGE Report of the Governing Body Year ended 31 July 2023

Meanwhile, a highlight of the year was the launch of the Gradel Institute of Charity funded by a very generous donation in the form of an endowment from old member, Chris Gradel. This will be the first dedicated research centre into the nature and role of charities, so vital in underpinning the Third Sector. An Academic Director, Professor Peter Frumkin, from the University of Pennsylvania, was appointed, and the Executive Director is Sir Stephen Bubb.

Fundraising Activity

Fundraising for the College is carried out by the Development Office, a department of the College, and supported by volunteers who provide advice to the Office. The Development Committee meets termly and provides advice on and oversight of fundraising and Old Member engagement. Priorities for fundraising in the past year have been raising funds for the Gradel Quadrangles and to allow for increased Access and Outreach activity.

New College does not fundraise from member of the general public; its activities are focussed on building relationships with Old Members (former students), existing donors and other friends of the College. The College continues to work to maintain the integrity of its data and to ensure that all evidence of consent, whenever it is required, is recorded. The College’s compliance with General Data Protection Regulations is central to the governance of its development activity.

The College is registered with the Fundraising Regulator and follows their guidance and best practice. This includes having particular consideration when working with vulnerable people and the College has a clear policy on fundraising with and responding to people in vulnerable circumstances which is posted on the College website. The College also publishes on its website a fundraising complaints procedure. During the year there were no fundraising complaints brought to the College’s attention.

The total raised in the year from donations and legacies was £5.3m (£4.1m in the previous year).

FINANCIAL REVIEW

Covid pandemic

Day-to-day activity had returned to normal or near-normal operational levels during the year, largely matching or exceeding budget expectation. A full conferences programme in September 2022 and, in July 2023, the return of two of the College’s regular summer school programmes as well as a new summer school resulted in income exceeding these budgets by £0.4m.

The financial year saw income from charitable and trading activities recovering to £11.8m (2022: £10.1m) and the College’s consolidated funds increase by £14.5m to £377.8m (2022: £363.3m). This increase is made up of a £9.5m increase in endowment funds, a £1.5m increase in restricted funds, and a £3.5m increase in unrestricted funds.

Income during the year was £22.1m (2022: £20.2m):

2023 2022
• Tuition fees and other academic income £4.05m £3.87m
• Residential income £4.69m £3.54m
• Donations and legacies £5.31m £4.10m
• Choir School fees and public worship £2.73m £2.50m
• Admission charges and facilities fees £0.35m £0.18m
• Investment income £4.93m £5.93m
• Other income £0.01m £0.04m

Donations in the year included £2.4m for the Gradel Quadrangles project (2022: £2.6m), £1.1m to support a professorship in Environmental Economics, and £0.5m for the establishment of the new Gradel Institute of Charity (this being the first of four such annual donations, and ahead of £8m pledged endowment donations over the next three years to provide ongoing funding), and £0.2m for student support and scholarships (2022: £0.4m). Endowment donations increase slightly to £0.3m (2022: £0.15m).

Expenditure fell slightly by £0.1m to £21.2m (2022: £21.3m). The impact of sharply-rising inflation on operating expenditure early in the year was countered by a decrease in the USS and OSPS pension scheme deficits.

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NEW COLLEGE

Report of the Governing Body Year ended 31 July 2023

2023 2022
• Teaching and residential activity £17.19m £17.80m
• Choir School and public worship £2.99m £2.66m
• Fundraising, trading, and investment fees £1.01m £0.88m
The major changes in spend in the year were:
• -£3.11m USS & OSPS pension scheme deficits and related interest -£0.94m £2.17m
• +£1.14m Gross pay costs £12.49m £11.35m
• +£0.22m Catering supplies £0.96m £0.74m
• +£0.58m Gas and electricity £1.25m £0.67m

The scheme deficit recovery plans for Universities Superannuation Scheme (USS) and Oxford Staff Pension Scheme (OSPS) both improved considerably, seeing a £0.9m reduction in their combined deficits from £4.3m to £3.4m (2022: a £2.2m combined worsening) to £3.4m (2022. This was primarily a consequence of muchimproved interest rates over the course of the year. Notes 22 and 30 to the following Financial Statements details more about the two Schemes’ deficit and recovery plans.

Gains on investments during the year were £13.6m (2022: £16.8m).

College’s unrestricted funds showed a £3.5m increase for the year (2022: £1.4m).

The School recorded a surplus for the year of £0.08m (2022: £0.09m).

Fixed asset additions in the year were £30.5m (2022: £17.3m). In-year expenditure on the Gradel Quadrangles development as it neared completion amounted to £30.49m (2022: £17.2m), with total spend to year-end of £66.8m.

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 £377.8m (2022: £363.3m), comprised of:

£m £m
• Endowment funds
o General purpose 274.8
o Restricted purpose 38.0 312.8
• Restricted funds
o Unspent endowment income 1.7
o Other 4.1 5.8
• Unrestricted funds
o General free reserves 1.6
o Designated reserves 61.0
o Pension deficit reserves -3.4 59.2

Designated reserves include the £57.8m land/building depreciation reserves (to fund the book value of tangible fixed assets, less associated funding arrangements).

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

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NEW COLLEGE Report of the Governing Body Year ended 31 July 2023

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 review throughout the year. The principal risks and uncertainties faced by the College that have been identified are categorised as follows:

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:

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 £277.3m (2022: £296.3m). Valuation gains during the year of £13.6m (2022: £16.8m) come from £10.6m gains on the College’s estate property (notably, its Fenchurch Street property in London) and £3m from managed funds. During the year £26.7m (2022: £8.7m) was transferred from Endowment to contribute to the funding of the Gradel Quadrangles project. The overall investment total return was +6.0% (2022: +7.8%) over the year.

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NEW COLLEGE Report of the Governing Body Year ended 31 July 2023

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 had 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, had examined how an effective policy might be implemented. In light of its broad charitable objects, the conclusion had 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 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 had 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 future planning is agreed and monitored by the Governing Body, on the advice of various committees and sub-committees.

A five-year financial plan has been drafted by the Scrutiny Committee, which will be subject to ratification by Governing Body. The Academic and Strategy Committee will continue to review the “size and shape” of the College, though our capacity to introduce new subjects and to expand the student roll is strictly limited in terms of available accommodation. To this end a review of accommodation and how it relates to academic revision is being undertaken. This includes the potential to develop new student rooms, especially on our Weston complex. A feasibility study is about to be commissioned in this respect. Associated with this will be a review of the capital expenditure requirements of the College, particularly in relation to the maintenance of the Chapel, and the project to extend the library. An architectural firm was commissioned to undertake a detailed review of the latter, and this work is in progress.

Most importantly, the College launched a thorough review of its governance procedures, stimulated by a letter from our Regulator, the Charity Commission. The College was pleased to participate in the inter-collegiate Governance Forum, and to be one of the Colleges to commission, through the Governance Consortium, a comprehensive legal view on governance issues. The College sees the opportunity to improve its governance in a variety of ways and revived a Statutes and By-Laws Committee to oversee the process. A great deal of work has been done, and a draft set of new By-Laws already drafted. These will involve some significant changes to the way in which the College scrutinises decisions and ensures the fulfilment of individual trusteeship responsibilities. The College is encouraged by the dialogue with the Charity Commission, and is grateful for the opportunity to work with the Regulator with the aim of matching its aspirations in a way that suits our particular charity.

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).

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NEW COLLEGE Report of the Governing Body Year ended 31 July 2023

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:

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 and signed by the Warden and Bursar on behalf of the Governing Body on 17 January 2024.

Peter Miles Young Warden/ Trustee

David Palfreyman Bursar/ Trustee

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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 2023 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:

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.

14

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:

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:

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

15

NEW COLLEGE

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

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

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

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

Beaver House, 23-38 Hythe Bridge Street, Oxford. OX1 2EP

Date: 22 January 2024

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

16

NEW COLLEGE

Statement of Accounting Policies Year ended 31 July 2023

1. Scope of the Financial Statements

The Financial Statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows 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.

17

NEW COLLEGE Statement of Accounting Policies Year ended 31 July 2023

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.

18

NEW COLLEGE

Statement of Accounting Policies Year ended 31 July 2023

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.

19

NEW COLLEGE

Statement of Accounting Policies Year ended 31 July 2023

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.

20

NEW COLLEGE Statement of Accounting Policies Year ended 31 July 2023

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.

21

NEW COLLEGE Statement of Accounting Policies Year ended 31 July 2023

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.

22

NEW COLLEGE

Consolidated Statement of Financial Activities For the year ended 31 July 2023

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
15
Other income
5
Total income
EXPENDITURE ON:
6 to 9
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
12, 13
Net Income/(Expenditure)
Transfers between funds
18
Net movement in funds for the year
Fund balances brought forward
18
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
8,744
2,730
497
345
62
7,984
10		 Restricted
Funds
£'000
-
-
4,494
-
34
1,177
-		 Endowed
Funds
£'000
-
-
318
-
4,832
(9,161)
-		 2023
Total
£'000
8,744
2,730
5,309
345
4,928
-
10		 2022
Total
£'000
7,415
2,496
4,107
180
5,927
-
42
20,372
15,570
2,903
566
41
30		 5,705
1,617
82
-
-
-		 (4,011)
-
-
-
-
376		 22,066
17,187
2,985
566
41
406		 20,167
17,801
2,661
516
43
317
19,110 1,699 376 21,185 21,338
1,262 4,006 (4,387) 881 (1,171)
17 (71) 13,623 13,569 16,806
1,279 3,935 9,236 14,450 15,635
2,181 (2,395) 214 - -
3,460
55,764		 1,540
4,215		 9,450
303,324		 14,450
363,303		 15,635
347,668
59,224 5,755 312,774 377,753 363,303

23

NEW COLLEGE

Consolidated and College Balance Sheets As at 31 July 2023

Notes
FIXED ASSETS
Tangible assets
10
Property investments
12
Other investments
13
Total Fixed Assets
CURRENT ASSETS
Stocks
Debtors
16
Investments
13
Cash at bank and in hand
Total Current Assets
LIABILITIES
Creditors: Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
Defined benefit pension scheme liability
22
TOTAL NET ASSETS
FUNDS OF THE COLLEGE
18, 19
Endowment funds
Restricted funds
Unrestricted funds
Designated funds
General funds
Pension reserve
22		 2023
Group
£'000
98,358
99,992
177,359		 2022
Group
£'000
69,449
89,067
207,191		 2023
College
£'000
98,358
99,992
177,363		 2022
College
£'000
69,449
89,067
207,199
375,709 365,707 375,713 365,715
470
5,499
1,758
2,888		 466
4,392
1,137
923		 470
4,647
1,758
2,823		 466
3,792
1,137
917
10,615
5,172		 6,918
4,979		 9,698
4,424		 6,312
4,377
5,443
381,152
3,399		 1,939
367,646
4,343		 5,274
380,987
3,399		 1,935
367,650
4,343
377,753 363,303 377,588 363,307
312,774
5,755
60,993
1,630
(3,399)		 303,324
4,215
58,716
1,391
(4,343)		 312,774
5,755
60,993
1,465
(3,399)		 303,324
4,215
58,716
1,395
(4,343)
377,753 363,303 377,588 363,307

The financial statements were approved and authorised for issue by the Warden and Bursar on behalf of Governing Body of New College on 17 January 2024.

Warden/ Trustee:

Bursar/ Trustee:

24

NEW COLLEGE

Consolidated Statement of Cash Flows For the year ended 31 July 2023

Notes
Net cash used in operating activities
24
Cash flows from investing activities
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Rounding adjustment
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		 2023
£'000
(4,661)		 2022
£'000
(4,030)
4,928
(30,528)
61,169
(28,639)
(1)		 5,927
(17,278)
90,343
(79,039)
-
6,929 (47)
318 146
318 146
2,586
2,060		 (3,931)
5,991
4,646 2,060

25

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, Research and Residential
Unrestricted funds
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other fees
Other 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		 2023
£'000
1,979
1,055
554
301
164
4,691
8,744
8,744
2,645
85
2,730
2,730
11,474		 2022
£'000
1,939
913
541
329
150
3,543
7,415
7,415
2,474
22
2,496
2,496
9,911

The above analysis includes £3,340k received from Oxford University from publicly accountable funds under the CFF Scheme (2022: £3,192k).

2 DONATIONS AND LEGACIES

Donations and Legacies
Unrestricted funds
Restricted funds
Endowed funds
INCOME FROM OTHER TRADING ACTIVITIES
Entrance and facility fees
Other trading income
INVESTMENT INCOME
Unrestricted funds
Equity dividends
Bank interest
Restricted funds
Equity dividends
Bank interest
Endowed funds
Agricultural rent
Commercial rent
Other property income
Equity dividends
Interest on fixed term deposits and cash
Total Investment income		 2023
£'000
497
4,494
318
5,309
2023
£'000
330
15
345
2023
£'000
6
56
62
30
4
34
691
569
157
3,299
116
4,832
4,928		 2022
£'000
735
3,226
146
4,107
2022
£'000
170
10
180
2022
£'000
-
4
4
13
-
13
691
340
148
4,624
107
5,910
5,927

3 INCOME FROM OTHER TRADING ACTIVITIES

26

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

5 OTHER INCOME

Government grants: Welsh Assembly grant and Coronavirus Job Retention Scheme
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		 2023
£'000
10
10
2023
£'000
8,780
1,839
6,294
768
2,113
378
20,172
404
30
136
7
260
26
4
146
1,013
21,185		 2022
£'000
42
42
2022
£'000
7,910
1,712
4,892
589
4,999
360
20,462
360
24
104
14
163
52
5
154
876
21,338

The 2022 resources expended of £21,338k represented £19,496k from unrestricted funds, £1,580k from restricted funds and £262k 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 £286k (2022: £264k).

2023 2022
Total Total
Included within the resources expended above are: £'000 £'000
Stock recognised as an expense in the year 1,022 777
Operating lease payments 3 20

27

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

2023
Financial administration
Domestic administration
Investment management
Human resources
IT
Depreciation
Loss/(surplus) on fixed assets
Pension deficit liability charges
Other finance charges
Governance costs
2022
Financial administration
Domestic administration
Investment management
Human resources
IT
Depreciation
Loss/(surplus) on fixed assets
Pension deficit liability charges
Other finance charges
Governance costs		 Generating
Funds
£'000
64
-
108
-
-
6
-
47
(57)
8
176
Generating
Funds
£'000
63
-
90
-
-
6
-
44
-
8
211		 Teaching &
Research
£'000
698
372
-
53
433
1,456
3
(1,140)
205
33
2,113
Teaching &
Research
£'000
689
330
-
16
360
1,456
-
2,105
19
24
4,999		 Public
Worship and
Choir School
Heritage
£'000
£'000
221
-
-
-
-
-
-
-
-
-
155
-
-
-
-
-
-
2
-
378
-
Public
Worship and
Choir School
Heritage
£'000
£'000
206
-
-
-
-
153
-
-
-
1
360
-		 2023
Total
£'000
983
372
108
53
433
1,617
3
(1,093)
148
43
2,667
2022
Total
£'000
958
330
90
16
360
1,615
-
2,149
19
33
5,570

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		 2023
£'000
43
43		 2022
£'000
33
33

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.

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		 2023
£'000
101
32
133
409
173
582
715		 2022
£'000
141
2
143
356
160
516
659

8 GRANTS AND AWARDS

The Bursaries and hardship awards above include the cost to the College of the Oxford Bursary scheme. Students of this college received £217k (2022: £229k).

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

28

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

The 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)
Pension costs are stated to exclude deficit-related finance costs (see note 8).
The 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
The number of employed College Trustees during the year was as follows.
University Lecturers
CUF Lecturers
Other teaching and research
Other
Total		 2023
£'000
9,919
886
1,685
(1,093)
11,397
2023
338
189
125
15
21
688
18
18
14
7
57		 2022
£'000
8,984
806
1,558
2,149
13,497
2022
243
184
97
16
16
556
22
19
14
7
62

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 are 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
The number of the above employees with retirement benefits accruing w
In defined benefits schemes
In defined contribution schemes
The College contributions to pension schemes were:
to defined benefit schemes
to defined contribution schemes
10
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
-
No assets are held under finance leases (2022: none).		 as as follows:
Assets
under
construction
£'000
36,518
30,505
-
67,023
-
-
-
-
67,023
36,518		 Freehold
land and
buildings
£'000
50,522
(7)
(43)
50,472
18,176
1,471
(41)
19,606
30,866
32,346		 Plant and
machinery
£'000
295
1
-
296
267
10
-
277
19
28		 7
2
8
-
£127,143
-
Fixtures,
fittings and
equipment
£'000
1,605
29
-
1,634
1,048
136
-
1,184
450
557		 4
2
6
-
£89,606
-
Total
£'000
88,940
30,528
(43)
119,425
19,491
1,617
(41)
21,067
98,358
69,449

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.

29

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

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. Ancient manuscripts and books may be viewed by appointment.

12 PROPERTY INVESTMENTS

2023
Group & College
Valuation at start of year
Additions and improvements at cost
Disposals
Revaluation gains/(losses) in the year
Valuation at end of year
2022
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
80,064
409
(147)
6,224
86,550
Agricultural
£'000
62,135
21
-
17,908
80,064		 Commercial
£'000
6,002
-
-
4,450
10,452
Commercial
£'000
6,002
-
-
-
6,002		 Other
£'000
3,001
96
-
(107)
2,990
Other
£'000
3,560
255
(1,550)
736
3,001		 2022
Total
£'000
89,067
505
(147)
10,567
99,992
Total
£'000
71,697
276
(1,550)
18,644
89,067

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 2023. Commercial property includes a central London site, which was revalued at £10.45m early in the year (2022: £6m) 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 and interfund loan advanced
Investment management fees
Increase/(decrease) 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		 ETB check
Group
238,330
206,960,340
28,133,809
-61,010,248
-464
-143,914
3,185,101
177,362,954
-3,954
Held outside
the UK
£'000
-
-
-
-
-		 ETB check
College
207,198,670
28,133,809
-61,010,248
3,600
-143,914
3,185,101
177,367,018
Held in the
UK
£'000
99,384
75,370
1,046
1,559
177,359		 2023
Group
£'000
207,191
28,134
(61,010)
4
(16)
3,056
177,359
-
177,359
2023
Total
£'000
99,384
75,370
1,046
1,559
177,359		 2022
Group
£'000
218,956
78,763
(88,649)
-
(144)
(1,735)
207,191
-
207,191
Held outside
the UK
£'000
-
-
-
-
-		 2023
College
£'000
207,199
28,134
(61,010)
(16)
3,056
177,363
-
177,363
Held in the
UK
£'000
101,901
79,395
1,460
24,435
207,191		 2022
College
£'000
218,960
78,763
(88,649)
4
(144)
(1,735)
207,199
-
207,199
2022
Total
£'000
101,901
79,395
1,460
24,435
207,191

30

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

13b: Current Asset Investments
Group & College
Valuation at start of year
New money invested
Amounts withdrawn
Increase/(decrease) in value of investments
Investments at end of year		 2023
£'000
1,137
1,167
(492)
(54)
1,758		 2022
£'000
1,133
107
-
(103)
1,137

14 PARENT AND SUBSIDIARY UNDERTAKINGS

The College holds 100% of the issued share capital (£2) in Longwall Limited and 100% (£100) of the issued share capital in Longwall II Limited, which was incorporated on 16 October 2018. Longwall Limited's principal activity is the letting and operating of agricultural real estate; Longwall II Limited's principal activity is the design and build of the College's new Gradel quadrangles. The registered address of both subsidiaries is New College, Holywell Street, Oxford, OX1 3BN.

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

Income
Expenditure
Donation to College under gift aid
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 2023
£'000
36,999
(21,375)
6
15,630
385,411
(7,823)
377,588
New College		 £'000
28,781
(28,606)
(6)
169
2,810
(2,640)
170
Longwall II

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.

2023
At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the reporting period
Expendable endowments transferred to income
Net movements in reporting period
At end of the reporting period:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments		 Trust for
investment
Unapplied
total return
Total
£'000
£'000
£'000
77,827
77,827
208,227
208,227
77,827
208,227
286,054
313
-
313
-
4,539
4,539
-
13,359
13,359
-
(376)
(376)
-
214
214
313
17,736
18,049
-
(8,616)
(8,616)
-
-
-
-
(8,616)
(8,616)
313
9,120
9,433
78,140
-
78,140
-
217,347
217,347
-
-
-
78,140
217,347
295,487
Permanent Endowment		 Expendable
Endowment
£'000
17,270
17,270
5
293
264
-
-
562
(545)
-
(545)
17
-
-
17,287
17,287		 £'000
77,827
208,227
17,270
Total
Endowments
303,324
318
4,832
13,623
(376)
214
18,611
(9,161)
-
(9,161)
9,450
78,140
217,347
17,287
312,774

31

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

15 STATEMENT OF INVESTMENT TOTAL RETURN (continued)

2022
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
77,827
77,827
193,838
193,838
77,827
193,838
271,665
-
-
-
-
5,658
5,658
-
17,055
17,055
-
(262)
(262)
-
214
214
-
22,665
22,665
-
(8,276)
(8,276)
-
14,389
14,389
77,827
-
77,827
-
208,227
208,227
-
-
-
77,827
208,227
286,054
2023
2022
Group
Group
£'000
£'000
635
533
211
221
-
-
852
599
10
16
3,577
2,739
212
280
2
4
5,499
4,392
2023
2022
Group
Group
£'000
£'000
2,828
3,002
1
1
-
-
243
228
1,050
700
1,050
1,048
5,172
4,979
Permanent Endowment		 Expendable
Endowment
£'000
17,558
17,558
146
252
(146)
-
-
252
(540)
(288)
-
-
17,270
17,270
2023
College
£'000
635
211
-
-
10
3,577
212
2
4,647
2023
College
£'000
303
1
1,724
381
965
1,050
4,424		 £'000
77,827
193,838
17,558
Total
Endowments
289,223
146
5,910
16,909
(262)
214
22,917
(8,816)
14,101
77,827
208,227
17,270
303,324
2022
College
£'000
533
221
-
-
16
2,738
280
4
3,792
2022
College
£'000
421
1
1,863
346
698
1,048
4,377

32

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

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
2022
£'000
Endowment Funds - Permanent
General purpose:
Founder's Endowment
254,087
Other unrestricted named endowments
1,053
Bolney Brown Benefaction
1,125
Ella Stevens Greek Studies Fund
1,360
Student scholarship & prize funds
5,502
Philosophy Fellowship
1,887
Other restricted named endowments
1,313
Classical Philosophy Fellowship Fund
1,386
Engineering Fellowship Fund
1,248
Graduate Scholarships Fund
1,608
Ancient History Fellowship Fund
1,590
McGregor Law Fellowship Fund
1,177
Millman Management Studies Fellowship Fund
1,917
Millman Management Studies Graduate Studentship
1,040
Herbert Nicholas Fund
1,231
Student Bursaries Fund
1,968
Other: ex-New College Development Fund
6,562
Endowment Funds - Expendable
General purpose:
College Endowment
6,527
Other unrestricted named endowments
1,259
Other: ex-New College Development Fund
2,790
Restricted purpose:
Schwarzman Fund
982
Other restricted named endowments
710
Other: ex-New College Development Fund
5,002
Total Endowment Funds - College and Group
303,324
303,324
Restricted Funds
Restricted purpose endowments - unspent income
1,458
New Quadrangles
-
ex-New College Development Fund
1,640
Battcock Fund for Environmental Economics
-
Easton Fund
790
Gradel Institute of Charity Fund
-
Other restricted funds
327
Total Restricted Funds - College and Group
4,215
4,215		 Incoming
resources
£'000
3,993
18
19
23
185
35
40
24
21
27
30
22
33
18
21
134
209
111
21
48
17
12
89
5,150
5,150
-
2,395
490
1,106
16
500
21
4,528
4,528		 Resources
expended
£'000
(376)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(376)
(376)
(972)
-
(349)
(3)
(84)
(197)
(94)
(1,699)
(1,699)		 Transfers
£'000
(7,403)
(33)
(35)
(43)
(171)
(60)
(43)
(43)
(39)
(51)
(50)
(38)
(60)
(33)
(39)
(56)
(205)
(206)
(40)
(88)
(33)
(22)
(156)
(8,947)
(8,947)
1,177
(2,395)
-
-
(1,218)
(1,218)		 Gains/
(losses)
£'000
12,871
16
17
21
83
29
21
21
19
25
24
18
29
16
19
30
100
100
20
43
15
11
75
13,623
13,623
-
-
27
14
(112)
-
(71)
(71)		 At 31 July
2023
£'000
263,172
1,054
1,126
1,361
5,599
1,891
1,331
1,388
1,249
1,609
1,594
1,179
1,919
1,041
1,232
2,076
6,666
6,532
1,260
2,793
981
711
5,010
312,774
312,774
1,663
-
1,808
1,117
610
303
254
5,755
5,755

33

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

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
2022
£'000
23,249
34,508
-
7
1,401
952
-
(4,343)
55,774
55,774
(10)
55,764
363,303		 Incoming
resources
£'000
-
-
-
9
11,971
31
418
-
12,429
12,429
(41)
12,388
22,066		 Resources
expended
£'000
-
-
-
-
(20,271)
-
-
944
(19,327)
(19,327)
217
(19,110)
(21,185)		 Transfers
£'000
2,164
169
-
(5)
8,363
(108)
(418)
-
10,165
10,165
-
10,165
-		 Gains/
(losses)
£'000
-
-
-
-
-
17
-
-
17
17
-
17
13,569		 At 31 July
2023
£'000
25,413
34,677
-
11
1,464
892
-
(3,399)
59,058
59,058
166
59,224
377,753

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.

Endowment Fund transfers of £9.2m to Restricted and Unrestricted funds represents the total return from endowment assets. £2.4m is transferred from Restricted Funds to Unrestricted Funds (designated fixed assets), being donations used in the year to finance the Gradel Quadrangles development. £0.2m is transferred from Unrestricted General Fund to Endowment Funds, being the yearly repayment of borrowing from Endowment.

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

Endowment Funds - Expendable: College Endowment

Other unrestricted named funds

Restricted purpose named funds

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:

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

Restricted Funds:

Restricted purpose endowments - income

New Quad

Battcock Fund

Other restricted purpose funds

ex-New College Development Fund

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 construction of a new quad at Savile Road, and transferred to unrestricted funds once spent

To provide 5-year funding for the Professor of Environmental Economics

Donations to support student scholarships/bursaries and the establishment of a centre for research into charity

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

34

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

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

Pension reserve (deficit)

Unrestricted funds which are represented by the bulk of the College's fixed assets and are 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

Unrestricted funds, in accordance with FRS 102, representing defined benefit pension scheme deficits

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
2023
Tangible fixed assets
Property investments
Other investments
Inter-fund loan
Net current assets
Pension scheme liability		 Unrestricted
Funds
£'000
98,358
-
-
(35,419)
(316)
(3,399)
59,224		 Restricted
Funds
£'000
-
-
-
-
5,755
-
5,755		 Endowment
Funds
£'000
-
99,992
177,359
35,419
4
-
312,774		 2023
Total
£'000
98,358
99,992
177,359
-
5,443
(3,399)
377,753

Endowment Funds and Unrestricted Funds include a £35,419k inter-fund loan from Endowment Funds to Unrestricted Funds for the Gradel Quadrangles development. This is to be repaid as funds allow after completion of the development in 2023-24 over the following 25 to 30 years.

2022
Tangible fixed assets
Property investments
Other investments
Inter-fund loan
Net current assets
Pension scheme liability		 Unrestricted
Funds
£'000
69,449
-
122
(8,659)
(805)
(4,343)
55,764		 Restricted
Funds
£'000
-
-
1,458
-
2,757
-
4,215		 Endowment
Funds
£'000
-
89,067
205,611
8,659
(13)
-
303,324		 2022
Total
£'000
69,449
89,067
207,191
-
1,939
(4,343)
363,303

35

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

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:

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. Seven trustees lived in College-owned property and had a deduction from salary as 'rent'. Other trustees may be eligible for a housing allowance which is disclosed within the following salary figures. During the year, six trustees lived in houses owned jointly with the College (2022: nine); no jointly-owned houses were bought (2022: one) or sold (2022: two).

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 £3,024k (2022: £2,996k). The total of pension contributions is £470k (2022: £449k).

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
£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
£95,000-£99,999
£100,000-£104,999
£105,000-£109,999
£115,000-£119,999
£120,000-£124,999
£130,000-£135,999
£135,000-£139,999
Total		 2023
Number of
Trustees/
Fellows
11
3
1
1
1
2
1
2
8
3
1
1
2
2
-
7
3
1
1
-
1
-
2
1
2
57

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 28 - Related Party Transactions.

Key management remuneration

The total remuneration paid for the key management of College was £739k (2022: £689k). Key management is considered to be delivered by the Warden, Bursar, Dean, Head of New College School, Home Bursar, and Senior Tutor.

36

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

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.

The College has also made available the National Employment Savings Trust for employees who are eligible under automatic enrolment regulations to pension benefits but not eligible for USS, OSPS, or TPS.

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:
31/03/20
31/03/22
Date valuation results published:
16/09/21
27/06/23
Value of liabilities:
£80.6bn
£914m
Value of assets:
£66.5bn
£961m
Funding surplus / (deficit):
(£14.1bn)
£47m
Principal assumptions:
• Discount rate
Gilts +0.5% - 2.25% (b)
• Rate of increase in salaries
n/a
RPI
• Rate of increase in pensions
CPI + 0.05% (c)
Average RPI/CPI (d)
Assumed life expectancies on retirement at age 65:
• Males currently aged 65
24.0 yrs
21.7 yrs
• Females currently aged 65
25.6 yrs
24.4 yrs
• Males currently aged 45
26.0 yrs
23.0 yrs
• Females currently aged 45
27.4 yrs
25.8 yrs
Funding Ratios:
• Technical provisions basis
83%
105%
• Statutory Pension Protection Fund basis
64%
98%
• 'Buy-out' basis
51%
62%
21.4% to 21.6%
19% down to 16.5%
from 1 April 22
for DB members from 1 Oct 23
Effective date of next valuation:
31/03/23
31/03/25
Employer contribution rate (as % of pensionable salaries):
Fixed Interest gilt yield curve
plus 1% - 2.75%

Pre-retirement:

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.

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long term difference of 0.1% p.a. from 2040.

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 pre-2030 and 1.0% p.a post-2030. 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. pre-2030 and 0.1% p.a. post-2030). 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.

37

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

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 pre-retirement discount rate increase by 0.25% decrease by £1.3bn
Post-retirement discount rate decrease by 0.25% increase by £2.8bn
CPI decrease by 0.1% decrease by £1.5bn
Life expectancy more prudent assumption (reduce the increase by £1.2bn
adjustment to the base mortality table by 5%)
Rate of mortality more prudent assumption (increase the increase by £0.6bn
annual mortality improvements' long-term
rates by0.2%)
Assumption OSPS change in assumption Impact on OSPS technical provisions
Valuation rate of interest decrease by 0.25% increase by 2% of pensionable salaries
RPI increase by 0.25% increase by 1.5% of pensionable salaries

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% changeperyear in staffgrowth		 USS
OSPS
31/03/38
30/09/23
0.00%
0.00%
3.00%
3.00%
5.52%
5.52%
£116k
£nil
£263k
£nil
2022-23		 2021-22
USS
OSPS
30/01/38
31/03/28
0.00%
0.47%
2.50%
2.97%
3.44%
3.19%
£149k
£7k
£333k
£2k

A provision of 3,399k has been made at 31 July 2023 (2022: £4,343k) 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
National Employment Savings Trust
Total		 2023
£000
342
22
221
7		 2022
£000
3,075
416
216
-
3,707
592

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.

38

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

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

Net income/(expenditure)
Elimination of non-operating cash flows:
Investment income
Gains in investments
Endowment donations
Depreciation
Loss on sale of fixed assets
(Increase)/decrease in stock
Increase in debtors
Increase in creditors
(Decrease)/increase in pension scheme liability
Net cash provided by/(used in) operating activities
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 2023
£'000
14,450
(4,928)
(13,623)
(318)
1,617
3
(4)
(1,107)
193
(944)
(4,661)
2023
£'000
2,888
1,758
4,646		 2022
£'000
15,635
(5,927)
(16,909)
(146)
1,615
-
6
(1,619)
1,147
2,168
(4,030)
2022
£'000
923
1,137
2,060

25 ANALYSIS OF CASH AND CASH EQUIVALENTS

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 £5,200 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 (2022: none).

27 CAPITAL COMMITMENTS

Contracted commitments at 31 July totalled £5,197k (2022: £32,572k). There were no non-cancellable operating leases during the year (2022: none).

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.

One trustee had a loan from the College during the year (three trustees had loans in 2022). The outstanding balances at 31 July were £2,241 (2022: £4,979). 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.

Trustees are entitled to a 50% reduction in school fees at the College's school. During the year one trustee had children in the school (2022: two).

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 £1,608k.

Trustee:
Mulhall
Kimel
Timmel
Churchill
Rossi
Meadows
Total net book value		 2023
£'000
278
344
294
136
321
235
1,608		 2022
£'000
289
357
303
141
233
244
1,567

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 2023.

30 POST BALANCE SHEET EVENTS

There are no post-Balance Sheet events requiring disclosure at 31 July 2023.

39

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

31 ADDITIONAL PRIOR YEAR COMPARATIVES

1
ADDITIONAL PRIOR YEAR COMPARATIVES
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
15
Other income
5
Total income
EXPENDITURE ON:
6 to 9
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
12, 13
Net Income/(Expenditure)
Transfers between funds
18
Net movement in funds for the year
Fund balances brought forward
18
Funds carried forward at 31 July		 Unrestricted
Restricted
Endowed
2022
Funds
Funds
Funds
Total
£'000
£'000
£'000
£'000
7,415
-
-
7,415
2,496
-
-
2,496
735
3,226
146
4,107
180
-
-
180
4
13
5,910
5,927
7,652
1,164
(8,816)
-
42
-
-
42		 2021
Total
£'000
5,665
2,364
7,159
9
3,101
-
694
18,524
4,403
(2,760)
20,167
16,285
1,516
-
17,801
2,597
64
-
2,661
516
-
-
516
43
-
-
43
55
-
262
317		 18,992
13,716
2,452
493
20
245
19,496
1,580
262
21,338
(972)
2,823
(3,022)
(1,171)
-
(103)
16,909
16,806		 16,926
2,066
55,403
(972)
2,720
13,887
15,635		 57,469
2,349
(2,563)
214
-		 -
1,377
157
14,101
15,635
54,387
4,058
289,223
347,668		 57,469
290,199
55,764
4,215
303,324
363,303		 347,668

40

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

31 ADDITIONAL PRIOR YEAR COMPARATIVES

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.

At 1 August
2021
£'000
Endowment Funds - Permanent
General purpose:
Founder's Endowment
239,313
Other unrestricted named endowments
1,071
Restricted purpose:
Bolney Brown Benefaction
1,144
Ella Stevens Greek Studies Fund
1,383
Student scholarship & prize funds
5,593
Philosophy Fellowship
1,918
Other restricted named endowments
1,335
ex-New College Development Fund:
Classical Philosophy Fellowship Fund
1,410
Engineering Fellowship Fund
1,269
Graduate Scholarships Fund
1,635
Ancient History Fellowship Fund
1,614
McGregor Law Fellowship Fund
1,195
Millman Management Studies Fellowship Fund
1,950
Millman Management Studies Graduate Studentsh
1,057
Herbert Nicholas Fund
1,252
Student Bursaries Fund
1,865
Other: ex-New College Development Fund
6,661
Endowment Funds - Expendable
General purpose:
College Endowment
6,637
Other unrestricted named endowments
1,280
Other: ex-New College Development Fund
2,836
Restricted purpose:
Schwarzman Fund
1,000
Other restricted named endowments
723
Other: ex-New College Development Fund
5,082
Total Endowment Funds - College and Group
289,223
Restricted Funds
Restricted purpose endowments - unspent income
1,312
New Quadrangles
-
Other restricted funds
393
ex-New College Development Fund
1,497
Easton Fund
856
Total Restricted Funds - College and Group
4,058
Unrestricted Funds
Designated funds: fixed assets - donated
20,917
Designated funds: fixed assets - general
29,729
Designated funds: major maintenance reserve
3,653
Other designated funds
33
General Fund
1,298
ex-New College Development Fund - designated funds
934
ex-New College Development Fund - General Fund
-
Pension reserve (deficit)
(2,175)
Total Unrestricted Funds - College
54,389
54,389
Unrestricted funds held by subsidiaries
(2)
Total Unrestricted Funds - Group
54,387
Total Funds
347,668		 Incoming
resources
£'000
4,792
24
26
31
125
43
30
32
28
37
39
28
44
24
28
169
158
149
29
64
22
16
118
6,056
-
2,563
8
550
118
3,239
-
-
-
6
10,477
31
389
-
10,903
10,903
(31)
10,872
20,167		 Resources
expended
£'000
(262)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(262)
(1,018)
-
(74)
(407)
(81)
(1,580)
-
-
-
-
(17,351)
-
-
(2,168)
(19,519)
(19,519)
23
(19,496)
(21,338)		 Transfers
£'000
(7,075)
(33)
(36)
(43)
(170)
(58)
(42)
(44)
(39)
(51)
(50)
(36)
(61)
(32)
(39)
(51)
(202)
(204)
(39)
(87)
(32)
(23)
(155)
(8,602)
1,164
(2,563)
-
-
(1,399)
2,332
4,779
(3,653)
(32)
6,977
(13)
(389)
-
10,001
10,001
-
10,001
-		 Gains/
(losses)
£'000
17,319
(9)
(9)
(11)
(46)
(16)
(10)
(12)
(10)
(13)
(13)
(10)
(16)
(9)
(10)
(15)
(55)
(55)
(11)
(23)
(8)
(6)
(43)
16,909
-
-
-
-
(103)
(103)
-
-
-
-
-
-
-
-
-
-
-
-
16,806		 At 31 July
2022
£'000
254,087
1,053
1,125
1,360
5,502
1,887
1,313
1,386
1,248
1,608
1,590
1,177
1,917
1,040
1,231
1,968
6,562
6,527
1,259
2,790
982
710
5,002
303,324
1,458
-
327
1,640
790
4,215
23,249
34,508
-
7
1,401
952
-
(4,343)
55,774
55,774
(10)
55,764
363,303

41

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

32 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE

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

The schedules have been:

Fin Stats ref
£'000
£'000
Net assets without donor
restrictions
Bal Sheet -
Funds:
Unrestricted
funds
59,224
Net assets with donor
restrictions
Bal Sheet -
Funds:
Endowment and
Restricted funds
318,529
Secured and Unsecured
related party receivable
Note 28 - loans to
Trustees
2
Unsecured related party
receivable
Note 28 - loans to
Trustees
2
Property, plant and
equipment, net (includes
Construction in progress)
Bal Sheet -
Tangible assets
98,358
Property, plant and
equipment - pre-
implementation
Note 10 - working
papers
46,332
Property, plant and
equipment - post-
implementation with
outstanding debt for
original purchase
0
Property, plant and
equipment - post-
implementation without
outstanding debt for
original purchase
Note 10 -
additions in yr,
excluding assets
under
construction
117
Construction in progress
Note 10 - assets
under
construction
51,909
Lease right-of-use asset,
net
0
Lease right-of-use asset
pre-implementation
0
Lease right-of-use asset
post-implementation
0
Intangible assets
0
Intangible assets
0
Post-employment and
pension liabilities
Bal Sheet -
Defined benefit
pension liability
3,399
Long-term debt - for long
term purposes
0
Long-term debt - for long
term purposes pre-
implementation
0
Expendable Net Assets
Balance Sheet - Net assets without
donor restrictions
Balance Sheet - Net assets with donor
restrictions
Balance Sheet - Related party receivable
and Related party note disclosure
Balance Sheet - Related party receivable
and Related party note disclosure
Notes to the Financial Statements -
Balance Sheet - Property, plant and
equipment - pre-implementation
Notes to the Financial Statements -
Balance Sheet - Property, plant and
equipment - post-implementation with
outstanding debt for original purchase
Notes to the Financial Statements -
Balance Sheet - Property, plant and
equipment - post-implementation without
outstanding debt for original purchase
2023
Balance Sheet - Property, Plant and
equipment, net
Note of the Financial Statements -
Balance Sheet - Construction in
progress
Balance Sheet - Lease right-of-use
assets, net
Note of the Financial Statements -
Balance Sheet - Lease right-of-use asset
pre-implementation
Note of the Financial Statements -
Balance Sheet - Lease right-of-use asset
post-implementation
Balance Sheet - Goodwill
Balance Sheet -Other intangible assets
Balance Sheet - Post-employment and
pension liabilities
Balance Sheet - Note Payable and Line
of Credit for long-term purposes (both
current and long term) and Line of Credit
for Construction in process
Balance Sheet - Note Payable and Line
of Credit for long-term purposes (both
current and long term) and Line of Credit
for Construction in process		 2022
£000
£000
64,423
307,539
5
5
69,449
47,951
0
94
21,404
0
0
0
0
0
4,343
0
0

42

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

32 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)

US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)
Fin Stats ref
£'000
£'000
Long-term debt - for long
term purposes post-
implementation
0
Line of Credit for
Construction in process
0
Lease right-of-use asset
liability
0
Pre-implementation right-of-
use leases
0
Post-implementation right-
of-use leases
0
Annuities with donor
restrictions
0
Term endowments with
donor restrictions
0
Life income funds with
donor restrictions
0
Net assets with donor
restrictions: restricted in
perpetuity
Note 18 -
Endowment
Funds -
permanent
295,487
Total expenses without
donor restrictions - taken
directly from Statement of
Financial Activities
SoFA - Total
expenditure,
Unrestricted
Funds
19,110
Non-Operating and Net
Investment gains / (losses)
SoFA -
Investment
income plus Net
gains/(losses) on
investments
18,497
Net investment gains /
(losses)
SoFA -
Investment
income plus Net
gains/(losses) on
investments
18,497
Pension-related changes
other than net periodic
costs
0
Net assets without donor
restrictions
Bal Sheet & Note
20: Unrestricted
funds
59,224
Net assets with donor
restrictions
Bal Sheet & Note
20: Endowment &
Restricted funds
318,529
Intangible assets
0
Secured and Unsecured
related party receivable
Note 28 - loans to
Trustees
2
Unsecured related party
receivable
Note 28 - loans to
Trustees
2
Balance Sheet - Note Payable and Line
of Credit for long-term purposes (both
current and long term) and Line of Credit
for Construction in process
Balance Sheet - Note Payable and Line
of Credit for long-term purposes (both
current and long term) and Line of Credit
for Construction in process
Balance Sheet - Lease right-of-use asset
liability
Balance Sheet - Lease right-of-use asset
liability pre-implementation
Balance Sheet - Lease right-of-use asset
liability post-implementation
Balance Sheet - Annuities
Balance Sheet - Term endowments
Balance Sheet - Life Income Funds
Balance Sheet - Perpetual Funds
Balance Sheet - Related party receivable
and Related party note disclosure
Total Expenses and Losses
Statement of Financial Activities - Total
Operating Expenses (Total from
Statement of Financial Activities prior to
adjustments)
Statement of Financial Activities - Non-
Operating (Investment return
appropriated for spending), Investments,
net of annual spending gain (loss), Other
components of net periodic pension
costs, Pension-related changes other
than net periodic pension, changes other
than net periodic pension, Change in
value of split-interest agreements and
Other gains (loss) - (Total from
Statement of Financial Activities prior to
adjustments)
Statement of Financial Activities -
(Investment return appropriated for
spending) and Investments, net of
annual spending, gain (loss)
Statement of Financial Activities -
Pension related changes other than
periodic pension
Modified Net Assets
Expendable Net Assets (continued)
Balance Sheet - Net assets without
donor restrictions
Balance Sheet - total Net assets with
donor restrictions
Balance Sheet - Goodwill
Balance Sheet - Related party receivable
and Related party note disclosure
2023		 2022
£000
£000
0
0
0
0
0
0
0
0
286,054
19,496
22,733
22,733
0
55,764
307,539
0
5
5

43

NEW COLLEGE Notes to the financial statements For the year ended 31 July 2023

32 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)

Fin Stats ref
Total Assets
Bal Sheet - Fixed
Assets & Current
Assets
Lease right-of-use asset
pre-implementation
Pre-implementation right-of-
use leases
Intangible assets
Secured and Unsecured
related party receivable
Note 28 - loans to
Trustees
Unsecured related party
receivable
Note 28 - loans to
Trustees
Change in Net Assets
Without Donor Restrictions
SoFA - Net
movement in
funds:
Unrestricted
Total Revenue and Gains
SoFA - Total
income less
Investment
income
Modified Assets
Balance Sheet - Lease right-of-use asset
liability pre-implementation
Balance Sheet - Goodwill
Balance Sheet - Total Assets
Note of the Financial Statements -
Balance Sheet - Lease right-of-use asset
pre-implementation
Statement of Financial Activities - (Net
assets released from restriction), Total
Operating Revenue and Other Additions
and Sale of Fixed Assets, gains (losses) -
Total income less investment income
Balance Sheet - Related party receivable
and Related party note disclosure
Balance Sheet - Related party receivable
and Related party note disclosure
Net Income Ratio
Statement of Financial Activities -
Change in Net Assets Without Donor
Restrictions		 £'000
£'000


386,324
0
0
0

2

2
3,460
17,138
2023		 2022
£000
£000
372,625
0
0
0
5
5
1,377
14,240

44