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2024-07-31-accounts

Annual Report and Financial Statements

Year ended 31 July 2024

LADY MARGARET HALL Annual Report and Financial Statements Contents

Page Number
Governing Body, Officers and Advisers 2-5
Report of the Governing Body 6-16
Auditor’s Report 17-19
Statement of Accounting Policies 20-24
Consolidated Statement of Financial Activities 25
Consolidated and College Balance Sheets 26
Consolidated Statement of Cash Flows 27
Notes to the Financial Statements 28-44

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LADY MARGARET HALL Governing Body, Officers and Advisers Year ended 31 July 2024

MEMBERS OF THE GOVERNING BODY

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

During the year, the activities of the Governing Body were carried out through ten main committees. The membership of these committees for the academic year 1 October 2023 to 30 September 2024 is also shown below for each Fellow.

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(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
Professor Stephen Blyth, Principal ● ● ● ● ● ● ●
Professor Aziz Aboobaker ●
Mr Bart Ashton ● ● ● ●
(appointed 1
Dr Roxana Banu
September 2023)
Dr Rachael Bashford-Rogers
Mrs Anna Bates ● ● ●
(appointed 1
Dr Joshua Bennett
September 2023)
Professor Philip Biggin
Professor Sanja Bogojevic ●
Dr David Campbell ●
Dr Ann Childs
(appointed 1 April
Professor Monima Chadha
2024)
Professor Francis DiTraglia ●
Professor Ana Domingos ●
Dr Hanne Eckhoff
Professor Xiaowen Dong ●
Professor Vanessa Ferreira
Dr Mike Fraser
Professor Antony Galione
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LADY MARGARET HALL Governing Body, Officers and Advisers Year ended 31 July 2024

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(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
Professor Christine Gerrard
Professor Christina Goldschmidt
●
Professor Gianluca Gregori ●
Professor Nicholas Hankins ●
Professor Robin Harding
Professor Li He
Dr Ben Higgins ● ●
Professor Todd Huffman ● ● ● ● ● ●
Professor Varun Kanade
Professor Marie-Chantal ●
Killeen
Professor Jochen
Koenigsmann
Professor Christina Kuhn ● ●
Mr Andrew Macdonald ● ● ● ● ● ● ●
Professor David Macdonald
(appointed 1
Professor Shelley McKeown-Jones February 2024)
Professor Michael Monoyios
Dr Anne Mullen ● ● ● ●
Professor Jill O’Reilly
Professor Gascia Ouzounian
Dr Yujia Qing
Dr Natalie Quinn ● ●
Professor Sophie Ratcliffe ●
(retired 31 December
Dr Fiona Spensley 2023) ● ●
(appointed 1
Professor Michail Stamatakis
September 2023)
Professor Robert Stevens ●
Dr James Studd ●
Dr Grant Tapsell ● ● ●
Professor Adrian Thomas
Professor Marion Turner
Professor Denise van der Kamp
Professor Jan Westerhoff
(appointed 1
Dr Guy Westwood
September 2023)
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LADY MARGARET HALL Governing Body, Officers and Advisers Year ended 31 July 2024

Investment Committee, Development Committee, Strategy Committee, Buildings Committee and Garden Committee have appropriately qualified external members. The Remuneration Committee consists of six individuals, only one of whom can be a Fellow who does not receive pecuniary emolument from the College, and at least five external members who receive no remuneration of any kind from the College.

COLLEGE SENIOR STAFF

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

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A Prof Stephen Blyth Principal
B Prof Todd Huffman Vice-Principal
C Mr Andrew Macdonald Treasurer
D Dr Anne Mullen Senior Tutor
E Dr Ben Higgins Tutor for Graduates
F Dr David Campbell Dean
G Mr Bartholomew Ashton Domestic Bursar
H Mrs Anna Bates Development Director
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LADY MARGARET HALL Report of the Governing Body Year ended 31 July 2024

COLLEGE ADVISERS

Auditor

Critchleys Audit LLP First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD

Bankers

Barclays Bank plc Level 4 Apex Plaza Forbury Road Reading RG1 1AX

Solicitors

Mills & Reeve LLP Botanic House 98-100 Hills Road Cambridge CB2 1PH

Surveyors

Carter Jonas Anchor House 269 Banbury Road Oxford OX2 7LL

College address

Norham Gardens Oxford OX2 6QA

Website

www.lmh.ox.ac.uk

Registered Charity No.1142759

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LADY MARGARET HALL Report of the Governing Body Year ended 31 July 2024

The Members of the Governing Body present their Annual Report for the year ended 31 July 2024 under the Charities Act 2011 together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

The Principal and Fellows of the College of the Lady Margaret in the University of Oxford, which is known as Lady Margaret Hall, (“the College”) is an eleemosynary chartered charitable corporation aggregate. It was founded as Lady Margaret Hall Oxford in 1878 by a group led by the Reverend Edward Talbot. It was incorporated in 1913 under the Companies Acts and later, in response to a petition dated 17 March 1926 from Cyril Bailey and Lynda Grier, under a Royal Charter of His Majesty King George V.

The College registered with the Charities Commission on 6 July 2011 (registered number 1142759). The names of all Members of the Governing Body and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2-5.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The College is governed by its Charter of 17 March 1926 and Supplemental Charters of 31 December 1953, 23 December 1960, 1 June 1978 and 7 June 2012 and Statutes of 22 May 2024.

Governing Body

The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, who is the Chancellor of the University of Oxford. The Governing Body is self-appointing.

The Governing Body determines the ongoing strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly under the chairmanship of the Principal and is advised by ten main committees.

Recruitment and training of Members of the Governing Body

New Members of the Governing Body, apart from the Principal, Treasurer, Development Director, Senior Tutor, Domus Fellows and Tutor for Graduates, are elected on the basis of the association of a College Fellowship with a post in the Collegiate University. They are inducted into the workings of the College, including Governing Body policy and procedures, by the Principal, Senior Tutor and Treasurer.

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

Remuneration of Members of the Governing Body and Senior College Staff

Members of the Governing Body, who are primarily Fellows, are teaching and research employees of the College (and University, in some cases) and receive no remuneration or benefits from their trusteeship of the College. Those trustees who are also employees of the College receive remuneration for their work as employees of the College, which is set based on the advice of the College’s Remuneration Committee, members of which are independent or Fellows not in receipt of remuneration from the College. Where possible, remuneration is set in line with that awarded to the University’s academic staff, and other criteria include: other colleges’ policies on remuneration; principles of equality and fairness; and trends in remuneration in other academic institutions in the UK and internationally and in the relevant levels of the UK public and private sectors.

The remuneration of senior College staff is proposed by the College’s Salaries Committee, taking account, as far as possible, of remuneration levels in other Oxford colleges, reviewed by the Remuneration Committee and then approved by Governing Body.

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LADY MARGARET HALL Report of the Governing Body Year ended 31 July 2024

Organisational management

The members of the Governing Body meet at least 6 and up to 9 times a year. The work of developing their policies and monitoring the implementation of these is carried out by ten main Committees:

Finance Committee - is responsible for the financial administration of the College.

Investment Committee - considers all business relating to the College's investments (including those of trust funds).

Academic Policy Committee - advises on:

Development Committee - is responsible for implementing, monitoring, and reviewing the College's fund-raising objectives and alumni engagement objectives. It provides guidance to the Development Office on priorities in achieving these objectives, and keeps under review the resources necessary, including staff and finances, to achieve them.

Remuneration Committee - acts as an independent body to review and make recommendations to Governing Body on proposed changes to the level of remuneration and direct and indirect benefits for the Principal and Fellows of the College.

Strategy Committee - advises on major strategic issues, especially those which do not fall within the remit of any one other main committee.

Equality Committee - is responsible for the development, implementation, monitoring, prioritisation and review of policies, procedures and practice to support the College's Equality Policy in relation to staff, students, visitors, and others closely associated with the College.

Garden Committee - advises on all matters concerning the College gardens.

Buildings Committee - advises on all matters concerning new buildings.

Statutes and Governance Committee - advises on all matters concerning the College Charter, Statutes and Governance

The day-to-day running of the College is delegated to the Principal, supported by College senior staff. The Principal attends all meetings of the Governing Body’s main committees, apart from Remuneration Committee.

Group structure and relationships

The College also administers many special trusts, as detailed in Notes 18 and 19 to the financial statements.

The College also has three wholly owned non-charitable subsidiaries: LMH Hospitality Services Limited, Lady Margaret Hall Properties Limited and Lady Margaret Hall Trading Limited. LMH Hospitality Services Limited is the vehicle for the trading activities of the College, Lady Margaret Hall Trading Limited is the vehicle for managing very large capital building projects (none underway during the year), and Lady Margaret Hall Properties Limited was the vehicle for managing the letting of rooms in the College's properties but has been dormant since 1 August 2010. The subsidiaries’ aims, objectives and achievements are covered in the relevant sections of this report.

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

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LADY MARGARET HALL Report of the Governing Body Year ended 31 July 2024

Fund-raising

The College has a professional alumni engagement team which has fund-raising within its remit. The team’s purpose is to connect and engage alumni in the work of the College and to generate funds to support the College’s long-term strategy and in-year activities.

The College subscribes to and has adhered to the Fundraising Regulator’s Code of Fundraising Practice during the financial year.

The alumni engagement team is overseen by the Development Director who reports to the Principal. The College Development Committee meets three times a year. The minutes of these meetings are reported to and discussed by the Governing Body of the College. The College did not receive any complaints relating to fundraising during the year.

The College has an approved and published Policy on fundraising with and responding to people in vulnerable circumstances which accords to the Fundraising Regulator’s Code of Fund-raising practice. Under the policy, incidents are reported to the College’s Development Committee and noted by Governing Body.

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The College’s Object is: “To advance education and research, in particular by providing for members of the University of Oxford a college conducted according to the principles of the Church of England, but with full provision for the liberty of those who are not members of that Church.”

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

The College remains committed to providing public benefit, with the members of the College, both students and academic staff, who are directly engaged in education and/or research, being the primary beneficiaries.

Beneficiaries include: students and academic staff from other colleges in Oxford and the University of Oxford more widely, visiting academics from other higher education institutions and visiting schoolchildren and alumni of the College who have an opportunity to attend educational events at the College and use its facilities. The general public are also able to attend various educational activities in the College, such as exhibitions in the library or Conversations with the Principal, and benefit from the general research output from members of the College, including in Medicine, Science, Public Policy, Arts and Culture.

The College admits as students those who have the highest potential for benefiting from the education provided by the College and the University; and recruits as academic staff those who are able to contribute most to the academic excellence of the College, regardless of their financial, social, religious or ethnic background:

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LADY MARGARET HALL Report of the Governing Body Year ended 31 July 2024

The focus of the College is strongly academic and students need to satisfy high academic entry requirements, in line with the University and other colleges in the University of Oxford.

The College uses a range of measures to monitor its success, including:

Students’ fees, grants and outreach

The College charges the following fees:

a) Tuition fees to undergraduates entitled to student finance at externally regulated rates (with those undergraduate fees being paid by grant funding through arrangements approved by the Government), and to graduate students; and

b) Accommodation and meal charges at reasonable rates.

In order to assist undergraduates entitled to student support, the College provides, through a scheme operated in common with the University and other colleges, bursary support for those of limited financial means. For the academic year 2023-24, the number of awards made was 92, out of a Home/EU undergraduate population of 333, with a total value of £383,000, of which £89,000 was provided by the College. The scheme is approved by the Office for Students (OfS) and provides benefits at a substantially higher level than the minimum OfS requirement. The College also has various scholarships and prizes available to reward undergraduate academic excellence and provided £50,000 for this purpose in 2023-24. To support the costs of graduate students, the College provides substantial financial assistance. This includes scholarships of £370,000 in the academic year 2023-24. The College also makes awards for academic development and provided £45,000 in academic development grants, covering both graduates and undergraduates, in 2023-24.

In addition to its other programmes, the College operates a hardship scheme for all students in financial hardship and provided £90,000 of support in 2023-24. The College also provides access to hardship schemes operated by the University.

Activities and Objectives of the College

The College’s overarching objective is to provide a collegiate educational experience that is the best of its kind in the world. The objectives set for the College’s subsidiaries are to help finance the achievement of the College’s aims as above. The College’s principal activity is the advancement of education and research.

The College provides, in conjunction with the University of Oxford, an education for approximately 400 undergraduate and 350 graduate students, which is recognised internationally as being of the highest standard. This education develops students academically and advances their communication and interpersonal skills, and so prepares them to play full and effective roles in society.

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LADY MARGARET HALL Report of the Governing Body Year ended 31 July 2024

In particular, the College provides:

The College advances research through:

The College maintains an extensive Library (including important special collections), so providing a valuable resource for students and Fellows of the College. On a discretionary basis, the College makes its library and archives available to members of other colleges and the University of Oxford more widely, external scholars and researchers.

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LADY MARGARET HALL Report of the Governing Body Year ended 31 July 2024

ACHIEVEMENTS AND PERFORMANCE

The College’s key achievements in 2023-24 were:

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Key Goals Achievements
Academic distinction:  Continued to promote high academic performance from students
undergraduate through the provision of targeted support and ongoing consultation.
 Final Honours School success rate: 85% of undergraduate students
achieving at least an upper second class degree.
 Recruited 126 very able undergraduates plus 3 students on the
University Astrophoria Foundation Year.
 Recruited two new Tutorial Fellows: Fine Art and Spanish.
 Continued to improve and refresh systems for feedback between
students and tutors.
 Continued to develop the reach and stretch of the Study Skills
support.
 Recruited 45 FTE Visiting Students.
Academic distinction:  Recruited 127 postgraduate students and maintained the growth of
postgraduate overall numbers.
 Continued to improve our postgraduate offering and scholarships to
attract and support well-qualified graduate students.
 Developed University links to explore joint scholarship provision.
 Continued to monitor numbers of postgraduate students selecting
LMH as their first-choice college.
 Continued to provide practical support for postgraduate students who
are not offered accommodation in College.
 Monitored completion rates and investigated support initiatives to
improve timely completion of research degrees.
Academic development  Completed the restructuring of the Academic Office to support
Fellows and other academic staff in their primary missions of teaching
and research.
 Continued to develop a more active research strategy, to provide
academic and intellectual subject coherence as well as enriching
teaching provision and career development opportunities.
 Appointed three funded JRFs: Applied Artificial Intelligence, German
and Peace Studies.
 Recruited two Career Development Fellows: American History and
Old English.
 LMH is the host college for the Professorial Fellow in Abrahamic
Religions.
 Continued to increase visibility of academic publications and
achievements on the website and in other ways.
Health, Wellbeing and Welfare  Maintained 1.1FTE Head of Wellbeing cover for the whole academic
year. The joint Heads of Wellbeing have had over 400 1-to-1
meetings with students during the academic year.
 Continued to build on “Wellbeing weeks”, expanding these to
“wellbeing fortnights” and developed the provision of wellbeing-related
activities throughout the term, offering a mindfulness course for LMH
students in Trinity Term.
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LADY MARGARET HALL Report of the Governing Body Year ended 31 July 2024


Continued to develop access to safeguarding training for all staff. HR
provides access to online safeguarding training, which has been
undertaken by key members of staff.

Implemented a rehabilitation of ex-offenders policy to ensure the
correct members of staff are subject to DBS checks.

Continued to increase proactive outreach to specific student groups,
including under 18s, who all met individually with the Heads of
Wellbeing at the start of their degree.

Continued to increase the provision of information and events about
wellbeing at each stage of a student’s journey including providing
wellbeing information in the offer holder newsletter, a letter
introducing the wellbeing team to all freshers before they arrive and
participation in the freshers’ registration event.

Continued to work together with academic staff to ensure a consistent
approach to wellbeing that enables students to thrive in their
academic work.

Implemented a new information storage system (CPOMS), which has
significantly improved and streamlined the storage of notes and
sharing of information within the Wellbeing Team.

Continued support of Study Skills provision, who have worked to
develop specific support from LMH, whilst also developing key
relationships with the Center for Teaching and Learning (CTL) and
making use of the resources and best practice sharing offered.
A Diverse/Inclusive College
Continued to support the “Head of Access and Admissions Support”
to improve and consolidate access and recruitment activities.

Recruited a Digital Communications and Content Officer, and
embarked on a research-led programme to devise and implement
evaluation of our access and outreach activities.

Working together with the University to improve contextual candidate
data for admissions rounds and evaluation; and used the data to
support admissions decisions consistently in real time.

Continued to further engage students in outreach and University
participation activities.

Ensured that the College remains an inclusive environment for
everyone in the LMH community.
Strengthening the LMH
Community
Worked to promote LMH as a first-choice Oxford college for
academics and staff, as well as students.

Continued to improve internal and external communications by
organising profile-raising events and developing the College’s digital
presence.

Increased publicity for academic, cultural, musical, intellectual and
sporting endeavour.

Developed training for students and staff on issues of race and
diversity.

Responded proactively to the financial and hardship challenges
experienced by students and staff during the recent period of high
inflation.

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LADY MARGARET HALL Report of the Governing Body Year ended 31 July 2024

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Alumni engagement  Raised almost £3.0m in new funds pledged, with a particular focus on
raising endowment funds.
 Continued the focus on developing broader alumni engagement,
particularly from young alumni, producing a varied series of events
and publications.
 Reviewed and expanded upon volunteering opportunities for alumni
and friends through launching the Alumni Volunteer Network.
 Commenced planning the events and fundraising campaign to mark
the College’s 150 [th] anniversary in 2028/29.
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Alumni engagement

Raised almost £3.0m in new funds pledged, with a particular focus on
raising endowment funds.

Continued the focus on developing broader alumni engagement,
particularly from young alumni, producing a varied series of events
and publications.

Reviewed and expanded upon volunteering opportunities for alumni
and friends through launching the Alumni Volunteer Network.

Commenced planning the events and fundraising campaign to mark
the College’s 150thanniversary in 2028/29.		 Alumni engagement

Raised almost £3.0m in new funds pledged, with a particular focus on
raising endowment funds.

Continued the focus on developing broader alumni engagement,
particularly from young alumni, producing a varied series of events
and publications.

Reviewed and expanded upon volunteering opportunities for alumni
and friends through launching the Alumni Volunteer Network.

Commenced planning the events and fundraising campaign to mark
the College’s 150thanniversary in 2028/29.
Conferences and other
Commercial Developments
Delivered Conference turnover of £2.39m and net income of £1.17m.

Grew the Short Academic Programmes business, with a turnover of
£0.60m and net income of £268k.
Finances, Endowment, Estate,
Gardens, IT and Governance
Completed a Governance Review, comparing governance processes
in College to the latest Charity Governance Code. The College kept
the Charities Commission abreast of these organisational
developments.

Operated efficiently so that the College, after a period of disruption
caused by the pandemic, broke even again in terms of income and
expenditure.

Met all loan repayments and continued to restore College free
reserves.

Set up new Treasury management systems in the College to earn
interest on the current account balances.

Updated the College Statutes in November 2023, which received
Privy Council approval in May 2024.

Maintained data protection, data security and compliance under
GDPR regulations.

Funded an enhanced maintenance and refurbishment programme,
covering all short-term requirements, in conjunction with funds from
the Colleges Contribution Scheme.

Continued to encourage Near Miss reporting following incidents and
minimised the risks of and occurrence of any accidents.

FINANCIAL REVIEW

The financial results for 2023-24 show a net movement in funds of £11.311m, increasing the Funds of the College to £85.662m.

Total Incoming Resources were £18.128m (£17.291m in 2022-23) including donations of £4.788m and investment income of £1.208m. Incoming resources excluding these two items came to £12.132m, an increase of 15% on the previous year. Academic income and residential income from members was up 12% year-on-year, largely due to the increase in Conference income.

The resources expended in achieving this income of £12.132m were £12.137m, being Total Resources Expended of £12.270m, less investment management expenses of £0.133m. These resources expended were 7% lower than the previous year’s equivalent figure and include a £2.735m decrease in the pension provision.

Scholarships, prizes and grants awarded to students increased to £0.466m, up 21%, while bursaries and hardship awards increased to £0.090m, down 15%. There was an increase in the number of hardship cases in 2022-23 as a result of inflation in the cost of living. The College received £0.214m of support for buildings maintenance from the College Contributions Scheme during the year.

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LADY MARGARET HALL Report of the Governing Body Year ended 31 July 2024

The incoming resources of £12.132m, less the resources expended of £12.137m, gives an “operating deficit” of £0.005m. The College covers this deficit in three ways: (1) using donations to Unrestricted Funds of £0.58m; (2) drawing on Endowment Funds and designated capital funds within Unrestricted Funds under a sustainable spending rule for £2.079m; and (3) drawing on Restricted Funds, where both income and capital are available for spending, for £0.961m.

After these drawdowns and donations, the “operating surplus” was £3.615m. The surplus was calculated after a depreciation charge of £1.317m and a pension provision decrease of £2.735m. Adding back these non-cash items gives an “operating cash inflow” of £2.197m. The College repaid £0.600m of its outstanding debt during the year.

The “total return” on investments was £6.528m, net of investment expenses of £0.133m, and the amount withdrawn from the investment portfolio under a sustainable drawdown formula was £1.951m.

The net movement in funds of £11.311m comprises: the surplus of £3.615m; the “total return” on investments of £6.528m; new donations received for Endowment Funds of £2.242m and for Restricted Funds of £1.966m; less amounts withdrawn from Endowments of £2.079m and from Restricted funds of £0.961m.

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.

Total funds of the College and its subsidiaries at the year-end amounted to £85.662m (2023: £74.351m). This includes endowment capital of £49.222m and unspent restricted income funds totaling £6.484m. Unrestricted reserves at the year-end were £29.956m (2023: £25.765m), of which £20.124m is designated to cover the £28.554m net book value of fixed assets net of their associated funding arrangements. A further £8.890m is designated as capital funds and a reserve of £0m reflects the reduced provision for future payments to fund the pension scheme deficits.

At the year-end, general Unrestricted Funds were £0.950m with a cash balance of £2.016m, making a net overall positive position of £2.966m. The College’s strategy is to restore its general Unrestricted Funds through accumulating positive surpluses after servicing loan repayments.

In the event of a serious downturn, the College has the option to remove the “capital funds” designation from part of its Unrestricted Funds, thereby freeing such funds to cover the expected shortfall.

Risk management

The College has on-going processes which operated throughout the financial year for identifying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidiaries in undertaking their activities.

When it is not able to address risk issues using internal resources, the College takes advice from experts external to the College with specialist knowledge. Policies and procedures within the College are reviewed by the relevant College Committees, chaired by the Principal, the Treasurer or the Domestic Bursar. Financial risks are assessed by the Finance Committee and investment risks are monitored by the Investment Committee. In addition, the Domestic Bursar and domestic staff heads meet regularly to review health and safety issues. Training courses and other forms of career development are available, when requested, to members of staff to enhance their skills in risk-related areas. Data protection issues are overseen by an external Data Protection Officer, the head of the shared IT services company supporting the College and three other colleges in North Oxford.

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

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LADY MARGARET HALL Report of the Governing Body Year ended 31 July 2024

The principal risks and uncertainties faced by the College and its subsidiaries that have been identified are categorised as follows:

Strategies for managing the risks identified by the College as described above include, for example:

Investment policy, objectives and performance

The College’s investment objectives are to balance current and future beneficiaries’ 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 Investment Committee from time to time, and performance is regularly monitored by the Investment Committee.

At the year end, the College’s long-term securities investments totaled £58.942m (£51.305m at 31 July 2023). The total securities investment return was 12.6% in the year to 31 July 2024. This compared to 13.0% for the relevant benchmark return and 7.1% for the target total return in the year to 31 July 2024.

On the total return basis of investing, it is the Governing Body’s policy to extract as income up to 4% (plus costs) of the value of the relevant investments. However, a formula is applied to smooth and moderate the amounts withdrawn.

The equivalent of 3.8% of the opening value of the securities and property investments, plus costs, was extracted as income on the total return basis in the year. 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.

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LADY MARGARET HALL Report of the Governing Body Year ended 31 July 2024

FUTURE PLANS

The College’s objectives for 2024-25 are as follows:

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations.

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

Under charity law, the Governing Body must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the College and of its net incoming or outgoing resources for that period. In preparing these financial statements, the Governing Body is required to:

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

Approved by the Governing Body on 4 December 2024 and signed on its behalf by:

Professor Stephen Blyth Principal

16

LADY MARGARET HALL Report of the Auditor to the Members of the Governing Body of Lady Margaret Hall

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE GOVERNING BODY OF LADY MARGARET HALL

Opinion

We have audited the financial statements of Lady Margaret Hall (the “Charity”) for the year ended 31 July 2024 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 the related notes numbered 1 to 34. 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 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.

17

LADY MARGARET HALL Report of the Auditor to the Members of the Governing Body of Lady Margaret Hall

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 Governing Body

As explained more fully in the Governing Body responsibilities statement set out on page 16, the Governing Body is 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 Governing Body is 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 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:

18

LADY MARGARET HALL

Report of the Auditor to the Members of the Governing Body of Lady Margaret Hall

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 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 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 and its Governing Body, for our audit work, for this report, or for the opinions we have formed.

Critchleys Audit LLP (Statutory Auditor) First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD

Date:

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

19

LADY MARGARET HALL Statement of Accounting Policies Year ended 31 July 2024

1. Scope of the financial statements

The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiaries LMH Hospitality Services Limited and Lady Margaret Hall Trading Limited. The subsidiaries have been consolidated from the date of their formation being the date from which the College has exercised control through voting rights in the subsidiaries. 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 12.

2. Basis of accounting

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

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

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

3. Accounting judgements and estimation uncertainty

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions 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.

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multiemployer scheme is a scheme for entities not under common control and represents an industry-wide scheme such as Universities Superannuation Scheme or one for employers in the same locality such as the University of Oxford Staff Pension Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the 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 trustees are satisfied that Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme both meet the definition of a multi-employer scheme and have therefore recognised the discounted fair value of the contractual contributions under the recovery plans in existence at the date of approving the financial statements.

Key sources of estimation uncertainty. 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.

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

20

LADY MARGARET HALL Statement of Accounting Policies Year ended 31 July 2024

In the view of the Governing Body, no assumptions concerning the future or estimation uncertainly affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

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, Office for Students support and other charges for services

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

b. Income from donations, grants and legacies

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

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

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

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

c. Investment income

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

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

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.

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

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

Support costs which includes governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs are 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

21

LADY MARGARET HALL Statement of Accounting Policies Year ended 31 July 2024

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. Tangible fixed assets

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

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

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

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

7. 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 40 years Building improvements 10 - 40 years Equipment 3 - 10 years

Freehold land is not depreciated. The costs of maintenance are 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.

8. 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.

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.

22

LADY MARGARET HALL Statement of Accounting Policies Year ended 31 July 2024

9. Other financial instruments

a. 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.

b. Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their 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.

10. 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.

11. Foreign currencies

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

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

12. 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.

13. Fund accounting

The total funds of the College and its subsidiaries 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. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required or permitted the capital to be maintained and with the intention that the income will be used for specific purposes within the College’s objects.

Permanent endowment funds arise where donors specify that the funds 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

23

LADY MARGARET HALL Statement of Accounting Policies Year ended 31 July 2024

benefit of the College. However, the Governing Body may at their discretion determine to spend all or part of the capital.

14. Pension costs

The College participates in the Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme. These schemes are hybrid pension schemes, providing defined benefits (for members), as well as defined contribution benefits. The assets of the schemes are each held in a separate trustee-administered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual colleges and schemewide contribution rates are set. The College is therefore exposed to actuarial risks associated with other Universities’ and colleges’ employees and is unable to identify its share of the underlying assets and liabilities of the 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 profit and loss account 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 being recognised through the profit and loss account. The College is aware of the Virgin Media v NTL Pension Trustees II Limited Court of Appeal judgement which may give rise to adjustments to the schemes. At present the legal process is incomplete and therefore we are unable to quantify any potential liabilities.

The College also operates a defined contribution pension scheme. Contributions to these arrangements are charged to the SOFA in the period in which they are payable.

24

LADY MARGARET HALL Consolidated Statement of Financial Activities For the year ended 31 July 2024

----- Start of picture text -----
Unrestricted Restricted Endowed 2024 2023
Funds Funds Funds Total Total
Notes £'000 £'000 £'000 £'000 £'000
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential 1 10,525 - - 10,525 9,412
Other Trading Income 3 1,092 - - 1,092 831
Donations and legacies 2 580 1,966 2,242 4,788 5,757
Investments
Investment income 4 216 - 992 1,208 1,010
Total return allocated to income 13 1,522 - (1,522) - -
Other income 33 515 - - 515 281
Total income 14,450 1,966 1,712 18,128 17,291
EXPENDITURE ON: 5
Charitable activities:
Teaching, research and residential 9,782 961 - 10,743 11,719
Generating funds:
Fundraising 561 - - 561 653
Trading expenditure 833 - - 833 748
Investment management costs 24 - 109 133 125
Total Expenditure 11,200 961 109 12,270 13,245
Net Income/(Expenditure) before gains 3,250 1,005 1,603 5,858 4,046
Net gains/(losses) on investments 10, 11 1,040 - 4,413 5,453 279
Net Income/(Expenditure) 4,290 1,005 6,016 11,311 4,325
Transfers between funds 18 (99) 102 (3) - -
Other recognised gains/losses
Gains/(losses) on revaluation of fixed assets - - - - -
Actuarial gains/(losses) on defined benefit pension schemes - - - - -
Net movement in funds for the year 4,191 1,107 6,013 11,311 4,325
Fund balances brought forward 18 25,765 5,377 43,209 74,351 70,026
Funds carried forward at 31 July 29,956 6,484 49,222 85,662 74,351
----- End of picture text -----

25

LADY MARGARET HALL Consolidated and College Balance Sheets As at 31 July 2024

----- Start of picture text -----
2024 2023 2024 2023
Group Group College College
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 9 28,554 29,135 28,554 29,135
Property investments 10 - 493 - 493
Other Investments 11 58,930 51,293 58,942 51,305
Total Fixed Assets 87,484 80,921 87,496 80,933
CURRENT ASSETS
Stocks 151 155 151 155
Debtors 14 1,867 1,113 2,307 920
Investments 4,617 1,354 4,617 1,354
Cash at bank and in hand 2,016 4,496 1,271 4,496
Total Current Assets 8,651 7,118 8,346 6,925
LIABILITIES
Creditors: Amounts falling due within one year 15 5,748 2,628 5,447 2,450
NET CURRENT ASSETS/(LIABILITIES) 2,903 4,490 2,899 4,475
TOTAL ASSETS LESS CURRENT LIABILITIES 90,387 85,411 90,395 85,408
CREDITORS: falling due after more than one year 16 4,725 8,325 4,725 8,325
Provisions for liabilities and charges 17 - - - -
NET ASSETS/(LIABILITIES) BEFORE PENSION LIABILITY 85,662 77,086 85,670 77,083
Defined benefit pension scheme liability 22 - 2,735 - 2,735
TOTAL NET ASSETS/(LIABILITIES) 85,662 74,351 85,670 74,348
FUNDS OF THE COLLEGE
Endowment funds 49,222 43,209 49,222 43,209
Restricted funds 6,484 5,377 6,484 5,377
Unrestricted funds
General funds 950 186 950 186
Designated funds 29,006 28,314 29,014 28,311
Revaluation reserve - - - -
Pension reserve 22 - (2,735) - (2,735)
85,662 74,351 85,670 74,348
----- End of picture text -----

The financial statements were approved and authorised for issue by the Governing Body of Lady Margaret Hall on 4th December 2024

Trustee: Signed by: Professor Stephen Blyth, Principal

Trustee: Signed by: Andrew Macdonald, Treasurer

26

LADY MARGARET HALL

Consolidated Statement of Cash Flows For the year ended 31 July 2024

----- Start of picture text -----
2024 2023
Notes £'000 £'000
Net cash provided by (used in) operating activities 25 360 2,853
Cash flows from investing activities
Dividends, interest and rents from investments 1,208 1,010
Proceeds from the sale of property, plant and equipment - -
Purchase of property, plant and equipment (736) (1,389)
Decrease/(Increase) in current asset investments (3,263) 1,587
Proceeds from sale of investments 5,013 13,581
Purchase of investments (6,704) (15,320)
Net cash provided by (used in) investing activities (4,482) (531)
Cash flows from financing activities
Repayments of borrowing (600) (600)
Cash inflows from new borrowing - -
Receipt of endowment 2,242 1,393
Net cash provided by (used in) financing activities 1,642 793
Change in cash and cash equivalents in the reporting period (2,480) 3,115
Cash and cash equivalents at the beginning of the
reporting period 4,496 1,381
Change in cash and cash equivalents due to exchange rate
movements - -
Cash and cash equivalents at the end of the reporting
period 26 2,016 4,496
----- End of picture text -----

27

LADY MARGARET HALL Notes to the financial statements For the year ended 31 July 2024

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, Research and Residential
Unrestricted funds
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other fees
Other HEFCE support
Other academic income
College residential income
Total Teaching, Research and Residential
Total income from charitable activities		 2024
£'000
1,721
1,946
819
204
280
5,555
10,525
10,525
10,525		 2023
£'000
1,791
1,573
622
221
268
4,937
9,412
9,412
9,412

The above analysis includes £3,871k received from Oxford University from publicly accountable funds under the CFF Scheme. (2023: £3,585k)

Under the terms of the undergraduate student support package offered by Oxford University to students from lower income households, the college share of the fees waived amounted to £29k (2023: £nil). These are not included in the fee income reported above.

Donations and Legacies
Unrestricted funds
Restricted funds
Endowed funds
3
INCOME FROM OTHER TRADING ACTIVITIES
Unrestricted funds
Subsidiary company trading income
Other trading income
4
INVESTMENT INCOME
Unrestricted funds
Agricultural rent
Commercial rent
Other property income
Equity dividends
Income from fixed interest stocks
Interest on fixed term deposits and cash
Other investment income
Bank interest
Other interest
Endowed funds
Agricultural rent
Commercial rent
Other property income
Equity dividends
Income from fixed interest stocks
Interest on fixed term deposits and cash
Other investment income
Bank interest
Other interest
Total Investment income		 2024
£'000
580
1,966
2,242
4,788
2024
£'000
1,092
-
1,092
2024
£'000
-
-
-
-
-
-
216
-
-
216
-
-
-
992
-
-
-
-
-
992
1,208		 2023
£'000
1,746
2,618
1,393
5,757
2023
£'000
831
-
831
2023
£'000
-
-
-
-
-
-
166
-
-
166
-
-
-
844
-
-
-
-
-
844
1,010

28

LADY MARGARET HALL Notes to the financial statements For the year ended 31 July 2024

5 ANALYSIS OF EXPENDITURE

Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential
Public worship
Heritage
Other direct costs allocated to:
Teaching, research and residential
Public worship
Heritage
Support and governance costs allocated to:
Teaching, research and residential
Public worship
Heritage
Total charitable expenditure
Expenditure on raising funds
Direct staff costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Other direct costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Support and governance costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Total expenditure on raising funds
Total expenditure		 2024
£'000
7,013
-
-
4,034
-
-
(304)
-
-
10,743
437
-
-
117
479
133
7
354
-
1,527
12,270		 2023
£'000
6,536
-
-
4,033
-
-
1,150
-
-
11,719
514
-
-
134
402
125
5
346
-
1,526
13,245

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 in accordance with regulations made by the Council of the University of Oxford.

The teaching and research costs include College Contribution payable of £nil (2023: £nil).

6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Financial administration
Domestic administration
Human resources
IT
Depreciation
Loss/(profit) on fixed assets
Bank interest payable
Other finance charges
Governance costs		 Generating
Funds
£'000
125
53
-
-
171
-
7
-
5
361		 Teaching
and
Research
£'000
374
159
243
209
1,146
-
272
(2,735)
28
(304)		 2024
Total
£'000
499
212
243
209
1,317
-
279
(2,735)
33
57

29

LADY MARGARET HALL Notes to the financial statements For the year ended 31 July 2024

Financial administration
Domestic administration
Human resources
IT
Depreciation
Loss/(profit) on fixed assets
Bank interest payable
Other finance charges
Governance costs		 Generating
Funds
£'000
132
49
-
-
165
-
5
-
-
351		 Teaching
and
Research
£'000
398
145
240
151
1,098
(1)
300
(1,203)
22
1,150		 2023
Total
£'000
530
194
240
151
1,263
(1)
305
(1,203)
22
1,501

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

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.

Governance costs comprise:
Auditor's remuneration - audit services
Auditor's remuneration - assurance services other than audit
Auditor's remuneration - tax advisory services
Auditor's remuneration - other services
Legal and other fees on constitutional matters
Other governance costs		 2024
£'000
29
-
-
-
-
-
33		 2023
£'000
28
-
-
-
-
-
28

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
Grants to other institutions
Total unrestricted
Endowment and Restricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Grants to other institutions
Total restricted
Total grants and awards		 2024
£'000
-
87
-
87
466
90
-
556
643		 2023
£'000
-
92
-
92
385
106
-
491
583

The figure included above represents the cost to the College of the Oxford Bursary scheme. Students of this college received £87k (2023: £92k).

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

30

LADY MARGARET HALL Notes to the financial statements For the year ended 31 July 2024

8 STAFF COSTS

The aggregate staff costs for the year were as follows.
Salaries and wages
Social security costs
Pension costs:
Defined benefit schemes
Defined contribution schemes
Staff costs related to pension liability
The average number of employees of the College, excluding Trustees,
on a full time equivalent basis was as follows.
Tuition and research
College residential
Public worship
Heritage
Fundraising
Support
Total
The average number of employed College Trustees during the year was as follows.
University Lecturers
CUF Lecturers
Other teaching and research
Other
Total		 2024
£'000
6,820
519
721
183
(2,735)
5,508
2024
39
79
1
-
6
40
165
23
6
11
6
46		 2023
£'000
6,385
469
753
246
(1,203)
6,650
2023
32
88
1
-
5
38
164
22
6
13
8
49

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

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

£60,001-£70,000 2 3 £70,001-£80,001 - -

The number of the above employees with retirement benefits accruing was as follows:

In defined benefits schemes 2 3

31

LADY MARGARET HALL

Notes to the financial statements For the year ended 31 July 2024

9 TANGIBLE FIXED ASSETS

Group and College
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
Impairment
At end of year
Net book value
At end of year
At start of year		 Freehold
land and
buildings
£'000
39,248
184
-
39,432
12,445
1,056
-
-
13,501
25,931
26,803		 Plant and
machinery
£'000
689
23
-
712
601
18
-
-
619
93
88		 Fixtures,
fittings and
equipment
£'000
4,512
529
(10)
5,031
2,268
243
(10)
-
2,501
2,530
2,244		 Total
£'000
44,449
736
(10)
45,175
15,314
1,317
(10)
-
16,621
28,554
29,135

No fixed assets are held under finance leases (2023: nil)

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.

10 PROPERTY INVESTMENTS

(See note 34 b) for comparatives)

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
-
-
-
-
-		 Commercial
£'000
-
-
-
-
-		 Other
£'000
493
-
(575)
82
-		 2024
Total
£'000
493
-
(575)
82
-		 2023
Total
£'000
-
292
-
201
493

The College sold its two investment properties during the year for £575k. These properties were valued at £493k as at 31 July 2023.

11 OTHER INVESTMENTS

All investments are held at fair value.

Group investments
Valuation at start of year
New money invested
Amounts withdrawn
Reinvested income
Investment management fees
(Decrease) / increase in value of investments
Group investments at end of year
Investment in subsidiaries
College investments at end of year		 2024
£'000
51,293
3,142
(1,951)
1,208
(133)
5,371
58,930
12
58,942		 2023
£'000
49,475
2,724
(1,869)
1,010
(125)
78
51,293
12
51,305

32

LADY MARGARET HALL

Notes to the financial statements For the year ended 31 July 2024

Group investments comprise:
Equity investments
Global multi-asset funds
Property funds
Fixed interest stocks
Alternative and other investments
Fixed term deposits and cash
Total group investments		 2024
Held outside the
UK
£'000
16,712
-
-
-
6,358
-
23,070		 2024
Held in the UK
£'000
11,571
-
4,738
-
9,792
9,759
35,860		 2024
Total
£'000
28,283
-
4,738
-
16,150
9,759
58,930		 2023
Held outside
the UK
£'000
14,104
-
-
-
5,893
-
19,997		 2023
Held in the UK
£'000
11,729
-
5,010
-
5,946
8,611
31,296		 2023
Total
£'000
25,833
-
5,010
-
11,839
8,611
51,293

12 PARENT AND SUBSIDIARY UNDERTAKINGS

(See note 34 c) for comparatives)

The College holds 100% of the issued share capital in LMH Hospitality Services Limited, a company providing conference and other event services on the College premises, and 100% of the issued share capital in Lady Margaret Hall Trading Limited, a company providing design and build construction services to the College.

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

Income
Expenditure
Donation to College under gift aid
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 £'000
1,092
(386)
(706)
-
1,068
(1,068)
-
LMH
Hospitality
Services Ltd		 £'000
-
-
-
-
-
(8)
(8)
LMH Trading Ltd

Associate undertaking

The College holds 25% of the share capital in North Oxford Colleges Shared Services Limited (2023: 25%), a company providing IT and administrative services to its affiliated entities. The turnover for this company was £675k (2023: £639k) with £nil profit (2023: £nil).

13 STATEMENT OF INVESTMENT TOTAL RETURN

(See note 34 d) for comparatives)

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1st August 2005. The investment return to be applied as income is calculated according to the sustainable spending rule, as follows:

(a) Income on funds held for general purposes

This currently permits the transfer in each year of up to: (70% of the previous financial year’s transfer + 3%) + (30% of 4% of the value of the endowments as at close of business on 31 July in the previous year).

(b) Income on funds held for specific purposes

This currently permits the transfer in each year of up to: (70% of the previous financial year’s transfer + 3%) + (30% of 4% of the value of the endowments as at close of business on 31 July in the previous year), only to the extent expended for that purpose in the period.

The preserved (frozen) value of the invested endowment capital represents its open market value in July 2003 together with all subsequent endowments valued at date of gift.

33

LADY MARGARET HALL

Notes to the financial statements For the year ended 31 July 2024

At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Recoupment of trust for investment
Allocation from trust for investment
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the 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
14
DEBTORS
Amounts falling due within one year:
Trade debtors
Amounts owed by College members
Amounts owed by Group undertakings
Prepayments and accrued income
Other debtors
15
CREDITORS: falling due within one year
Bank loans
Obligations under finance leases
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
£'000
9,930
-
-
9,930
925
-
-
-
-
-
925
-
-
-
925
10,855
-
-
10,855
Pe		 Unapplied
Total
Return
£'000
-
7,979
-
7,979
-
-
-
412
1,835
(46)
1
2,202
(638)
-
(638)
1,564
-
9,543
-
9,543
2024
Group
£'000
402
24
-
1,355
86
1,867
2024
Group
£'000
3,600
-
501
72
-
257
853
465
5,748
rmanent Endowm		 Total
£'000
9,930
7,979
-
17,909
925
-
-
412
1,835
(46)
1
3,127
(638)
-
(638)
2,489
10,855
9,543
-
20,398
2023
Group
£'000
371
68
-
636
38
1,113
2023
Group
£'000
600
-
416
169
-
214
525
704
2,628
ent		 Expendable
Endowment
£'000
-
-
25,300
25,300
1,317
-
-
580
2,578
(63)
(4)
4,408
(775)
(109)
(884)
3,524
-
-
28,824
28,824
2024
College
£'000
217
24
706
1,274
86
2,307
2024
College
£'000
3,600
-
501
72
56
254
499
465
5,447		 Total
Endowments
£'000
9,930
7,979
25,300
43,209
2,242
-
-
992
4,413
(109)
(3)
7,535
(1,413)
(109)
(1,522)
6,013
10,855
9,543
28,824
49,222
2023
College
£'000
248
68
-
571
33
920
2023
College
£'000
600
-
416
169
-
214
347
704
2,450

34

LADY MARGARET HALL Notes to the financial statements For the year ended 31 July 2024

16 CREDITORS: falling due after more than one year

Bank loans
Obligations under finance leases
Other creditors		 2024
Group
£'000
4,725
-
-
4,725		 2023
Group
£'000
8,325
-
-
8,325		 2024
College
£'000
4,725
-
-
4,725		 2023
College
£'000
8,325
-
-
8,325

Bank loans

(a) An unsecured new buildings bank loan originally for £6m is repayable at £300,000 per annum over 20 years from February 2010. The balance outstanding at the yearend is £1.725m of which £0.730m incurs interest at a fixed-rate of 3.7% per annum for the remainder of the loan term and £1.295m incurs interest at a fixed rate of 2.58% per annum above bank base rate.

(b) A further unsecured new buildings bank loan facility of £6m was agreed in June 2014 which was fully drawn down in the year ended at 31 July 2016. This is a term loan for a maximum of 10 years. £3m is repayable by final maturity in July 2026, the balance being repayable in 40 quarterly instalments with a balance outstanding at the year end of £3.6m. The interest has been fixed at 1.66% above base rate.

(c) A third unsecured loan of £3m was drawn down by July 2016. £1m of the loan was to repay the £1m bullet loan due for repayment in June 2016. The additional £2m covers the cost of the kitchen refurbishment project. This is a bullet loan where the entire capital balance was originally due in June 2021. This loan was refinanced in December 2019 and the capital balance now falls due in December 2024 and so is disclosed within creditors as falling due within one year. The interest is fixed at 1.915%.

17 PROVISIONS FOR LIABILITIES AND CHARGES

At 31 July 2024 there were no provisions for liabilities and charges.

18 ANALYSIS OF MOVEMENTS ON FUNDS

(See note 34 e) for comparatives)
Endowment Funds - Permanent
General purpose funds
Tutorial and research fellowship funds
Student support funds
Other purpose funds
Endowment Funds - Expendable
General purpose funds
Tutorial and research fellowship funds
Student support funds
Other purpose funds
Total Endowment Funds - College
Endowment funds held by subsidiaries
Total Endowment Funds - Group
Restricted Funds
Buildings funds
Tutorial and research fellowship funds
Student support funds
Other restricted funds
Transfers from specific purpose endowments:
Applied total return
Other transfers
Total Restricted Funds - College
Restricted funds held by subsidiaries
Total Restricted Funds - Group
Unrestricted Funds
General funds
Fixed Asset Designated funds
Designated capital funds
Designated other funds
Revaluation reserve
Pension reserve
Total Unrestricted Funds - College
Unrestricted funds held by subsidiaries
Total Unrestricted Funds - Group
Total Funds		 At 1 August
2023
£'000
6,783
8,037
2,753
340
7,154
7,279
8,788
2,075
43,209
-
43,209
-
1,217
1,325
2,835
-
-
5,377
-
5,377
186
20,105
8,209
-
-
(2,735)
25,765
25,765
74,351		 Incoming
resources
£'000
156
1,110
63
8
165
410
980
342
3,234
-
3,234
53
331
531
1,051
-
-
1,966
-
1,966
12,732
-
196
-
-
-
12,928
-
12,928
18,128		 Resources
expended
£'000
(17)
(21)
(7)
(1)
(18)
(18)
(22)
(5)
(109)
-
(109)
(4)
(56)
(368)
(533)
-
-
(961)
-
(961)
(12,588)
(1,317)
(22)
-
-
2,735
(11,192)
(8)
(11,200)
(12,270)		 Transfers
£'000
(282)
(281)
(61)
(17)
(276)
(393)
(175)
(40)
(1,525)
-
(1,525)
-
5
142
(45)
-
-
102
-
102
538
1,336
(451)
-
-
-
1,423
-
1,423
-		 Gains/
(losses)
£'000
694
824
282
35
732
746
899
201
4,413
-
4,413
-
-
-
-
-
-
-
-
-
82
-
958
-
-
-
1,040
-
1,040
5,453		 At 31 July
2024
£'000
7,334
9,669
3,030
365
7,757
8,024
10,470
2,573
49,222
-
49,222
49
1,497
1,630
3,308
-
-
6,484
-
6,484
950
20,124
8,890
-
-
-
29,964
(8)
29,956
85,662

35

LADY MARGARET HALL Notes to the financial statements For the year ended 31 July 2024

19 FUNDS OF THE COLLEGE DETAILS

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

Endowment Funds - Permanent: General purpose funds A consolidation of gifts and donations where income, but not capital, can be used for the general purposes of the charity Tutorial and research fellowship funds, student Capital balance of past donations where related income, but not the original capital, support funds and other purpose funds can be used for named specific purposes of the charity Endowment Funds - Expendable: General purpose funds A consolidation of gifts and donations where either income, or income and capital, can be used for the general purposes of the charity Tutorial and research fellowship funds, student Capital balance of past donations where related income, or income and capital, support funds and other purpose funds can be used for named specific purposes of the charity Restricted Funds: Tutorial and research fellowship funds, student A consolidation of gifts and donations where both income and capital can be support funds and other purpose funds used for named restricted purposes Designated Funds Fixed asset designated Unrestricted Funds which are represented by the fixed assets of the College and therefore not available for expenditure on the College's general purposes Designated capital funds Unrestricted Funds allocated by the Trustees for the purpose of preserving the capital and maintaining a long-term income stream in support of the College's activities Other designated funds Unrestricted Funds allocated by the Trustees for other purposes

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

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Property investments
Other investments
Net current assets
Pension deficit liability
Long term liabilities
Tangible fixed assets
Property investments
Other investments
Net current assets
Pension deficit liability
Long term liabilities		 Unrestricted
Funds
£'000
28,554
-
9,708
(3,581)
-
(4,725)
29,956
Unrestricted
Funds
£'000
29,135
-
8,589
(899)
(2,735)
(8,325)
25,765		 Restricted
Funds
£'000
-
-
-
6,484
-
-
6,484
Restricted
Funds
£'000
-
-
-
5,377
-
-
5,377		 Endowment
Funds
£'000
-
-
49,222
-
-
-
49,222
Endowment
Funds
£'000
-
493
42,716
-
-
-
43,209		 2024
Total
£'000
28,554
-
58,930
2,903
-
(4,725)
85,662
2023
Total
£'000
29,135
493
51,305
4,478
(2,735)
(8,325)
74,351

21 TRUSTEES' REMUNERATION

The trustees of the college comprise the governing body, primarily fellows who are teaching and research employees of the college and who sit on governing body by virtue of their employment.

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. Where possible, these salaries are paid on external scales and often are joint arrangements with the University of Oxford.

The College has a Remuneration Committee. The role of the Committee is to act as an independent body to review and make recommendations to Governing Body on proposed changes to the level of remuneration and direct and indirect benefits for the Principal and Fellows of the College. The Committee consists of three individuals, only one of whom can be a Professorial Fellow, Supernumerary Fellow or other Fellow who does not receive pecuniary emolument from the College and at least two external members of the College whom the College's Governing Body believes would be suitable members of the Committee and who receive no remuneration of any kind from the College.

36

LADY MARGARET HALL Notes to the financial statements For the year ended 31 July 2024

Trustees of the college fall into the following categories: Principal Official Fellows Professorial Fellows Supernumary Fellows Domus Fellows

There are five trustees (Principal, Treasurer, Development Director, Senior Tutor and Domestic Bursar) who work full time on management and fundraising.

Some trustees are eligible for college housing schemes. Eight trustees lived in college accommodation in the year. Others may be eligible for a housing allowance which is disclosed within the salary figures below. Details of trustees who live in houses owned jointly with the college are provided in note 30.

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

The total remuneration and benefits shown below is £1,682k (2023: £1,677k). The total of pension contributions is £248k (2023: £307k).

Remuneration paid to trustees

Range
£0 - £999
£1,000 - £1,999
£2,000 - £2,999
£3,000 - £3,999
£5,000 - £5,999
£6,000 - £6,999
£7,000 - £7,999
£8,000 - £8,999
£10,000 - £10,999
£12,000 - £12,999
£13,000 - £13,999
£15,000 - £15,999
£18,000 - £18,999
£19,000 - £19,999
£20,000 - £20,999
£21,000 - £21,999
£22,000 - £22,999
£23,000 - £23,999
£24,000 - £24,999
£25,000 - £25,999
£26,000 - £26,999
£27,000 - £27,999
£28,000 - £28,999
£37,000 - £37,999
£38,000 - £38,999
£46,000 - £46,999
£51,000 - £51,999
£52,000 - £52,999
£62,000 - £62,999
£63,000 - £63,999
£64,000 - £64,999
£65,000 - £65,999
£66,000 - £66,999
£70,000 - £70,999
£73,000 - £73,999
£76,000 - £76,999
£86,000 - £86,999
£99,000 - £99,999
£101,000 - £101,999
£102,000 - £102,999
£106,000 - £106,999
£107,000 - £107,999
£109,000 - £109,999
£110,000 - £110,999
Total		 7
0
1
1
1
0
0
2
0
0
1
1
1
2
0
0
0
1
1
1
13
2
2
0
1
0
0
0
0
3
1
1
0
1
0
0
1
2
1
0
0
1
1
0
50
Number of
Trustees/Fellows		 70,378
65,152
86,878
107,116
109,044
0
0
23,759
0
0
0
0
Gross remuneration, taxable
benefits and pension
contributions
0
0
24,752
0
2,306
3,279
17,015
0
2024
£
0
38,314
18,508
64,677
190,603
0
0
2,501
56,669
39,354
15,244
25,113
0
0
0
5,637
0
346,164
0
0
13,214
55,141
101,945
1,682,202
199,439		 9
0
1
1
0
1
1
2
1
1
0
1
1
2
1
2
1
1
0
0
14
0
1
1
0
1
1
1
1
1
1
0
1
0
1
0
0
0
2
1
1
0
0
1
55
Number of
Trustees/Fellows		 0
0
0
0
106,081
202,178
0
46,218
66,662
0
51,434
62,621
37,628
0
102,923
0
0
2,363
Gross remuneration, taxable
benefits and pension contributions
2,990
£
2023
0
73,431
63,871
10,046
15,083
52,907
3,292
22,815
23,792
16,487
12,085
0
28,166
7,084
6,413
18,160
38,650
20,823
42,728
364,934
0
0
0
1,676,921
64,814
110,242

37

LADY MARGARET HALL Notes to the financial statements For the year ended 31 July 2024

Other transactions with trustees

Fellows also receive reimbursement of personal expenses necessarily incurred in connection with their services to the College as Trustees. During the year a total of £nil (2023: £nil) was reimbursed to zero (2023: zero) of the Trustees.

See also note 30 Related Party Transactions

Key management remuneration

The total remuneration, including pension contributions, paid to key management was £485k (2023: £535k )

Key management are considered to be the College Officers: Principal Vice Principal Treasurer Development Director Senior Tutor Tutor for Graduates (resigned 31 December 2023, appointed 1st October 2023) Domestic Bursar

22 PENSION SCHEMES

The College participates in two principal pension schemes for its staff – the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). The assets of each scheme are held in separate trustee-administered funds. USS and OSPS are contributory mixed schemes (i.e. they provide 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). Both are multi -employer schemes 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 Income and Expenditure Account 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 either USS or OSPS.

Schemes accounted for under FRS 102 as defined contribution schemes

Deficit Recovery Plans

USS

For USS, a deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit rceovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The College was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the income and expenditure account. The latest available complete actuarial valuation of the Retirement Income Builder is at 31 March 2023 (the valuation date), which was carried out using the projected unit method. Since the College cannot identify its share of the USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures refelect those relevant for those assets and liabilities as a whole.

At 31 July 2023 the College's balance sheet included a liability of £2,709k for future contributions, following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date the College was no longer required to make deficit recovery contributions. The remaining liability of £2,709k was released to the income and expenditure account.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which reuqires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1billion and the value of the scheme's technical provisions was £65.7billion indicating a surplus of £7.4billion and a funding ration of 111%.

The key financial assumptions used in the 2023 valuation are described below.

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves CPI assumption less: 1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030. Pension increases (subject to a floor of 0%) Benefits with no cap: CPI assumption plus 3bps Benefits subject to a "soft cap" of 5% (providing inflationary increases up to 5% and half of any excess inflation over 5% up to a maximum of 10%): CPI assumption minus 3bps Discount rate (forward rates) Fixed interest gilt yield curve plus: Pre-retirement: 2.5% p.a. Post-retirement: 0.9% p.a.

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme's experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

Mortality base table 101% of S2PMA "light" for males and 95% of S3PFA for females. Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a. and a long-term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females.

38

LADY MARGARET HALL Notes to the financial statements For the year ended 31 July 2024

The current life expectancies on retirement at age 65

2024 2023
Males currently aged 65 (years) 23.7 24.0
Females currently aged 65 (years) 25.6 25.6
Males currently aged 45 (years) 25.4 26.0
Females currently aged 45 (years) 27.2 27.4

University of Oxford Staff Pension Scheme

The University of Oxford Staff Pension Scheme (OSPS) is a multi-employer hybrid scheme set up under trust and sponsored by the University. It is the pension shcme for support staff at the University, participating colleges and other related employers. New members joining the scheme build up benefits on a defined contribution basis. Members who joined before 1st October 2017 build up benefits on a career average revalued earnings basis.

The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from a deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan agreed at the last valuation is no longer required and the deficit contribution ended on the 30th September 2023. A provision of £26k was made as at 31 July 2023 to account for the deficit recovery payments up to 30th September 2023. That remaining liability of £26k was released to the income and expenditure account in 2024.

The Trustee and the University have agreed a new contribution schedule which took effect from 1 October 2023 and takes account of the benefit improvements and changes to member contributions since the last valuation date. It was agreed that the scheme will meet its own running costs from the scheme's assets, including expenses relating to both the defined benefit and defined contribution sections and the cost of pension protection fund/other statutory levies.

The table below summaries the key actuarial assumptions. Further details of the assumptions are set out in the statement of funding principles dated 27 June 2023 and can be found at https://finance.admin.ox.ac.uk/osps-documents

Date of valuation 31 March 2022
Value of liabilities £914m
Value of assets £961m
Funding surplus/ (deficit) £47m
The principal assumptions used by the actuary were:
Rate of interest (periods up to retirement) Gilts' +2.25%
Rate of interest (periods after retirement) Gilts' +0.5%
RPI Break-even RPI curve less 0.5% p.a. pre-2030 and 1.0% p.a. post-2030
CPI RPI inflation assumption less 1.0% p.a. pre-2030 and 0.1% p.a. post 2030
Pensionable Salary increases RPI + p.a.
Funding Ratios:
Technical provisions basis: 105%
Buy-out' basis: 62%
Non-Financial Assumptions:
Non-Pensioners: 105% of standard S3PxA medium tables for both males and females
Pensioners: 105% of standard S3PxA medium tables for both males and females
Post-retirement mortality - base table
Non-Pensioners: 105% of standard S3PxA medium tables for both males and females
Pensioners: 105% of standard S3PxA medium tables for both males and females
Post-retirement mortality - improvements
16.5% Defined Benefit for members from 1 October 2023
Recommended employer's contribution rate
10%/12%/14% Defined Contribution members in relation to 4%/6%/8% cost plan from 1
(as % of pensionable salaries): October 2023
Effective date of next valuation 31 March 2025

39

LADY MARGARET HALL Notes to the financial statements For the year ended 31 July 2024

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:

----- Start of picture text -----
Scheme 2024 2023
£000's £000's
Universities Superannuation Scheme 537 583
University of Oxford Staff Pension Scheme 336 402
Other schemes – contributions 14 14
Total Employer Contributions 887 999
----- End of picture text -----

These amounts include £183k (2023: £231k) contributions payable to defined contribution schemes at rates specified in the rules of those plans. Included in other creditors and accruals are pension contributions payable of £106k (2023: £130k).

23 TAXATION

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

24 FINANCIAL INSTRUMENTS

There are no items held at fair value within the financial statements other than investments.

25 RECONCILIATION OF NET INCOMING RESOURCES TO

NET CASH FLOW FROM OPERATIONS
Net income/(expenditure)
Elimination of non-operating cash flows:
Investment income
(Gains)/losses in investments
Endowment donations
Depreciation
(Surplus)/loss on sale of fixed assets
Decrease/(Increase) in stock
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
(Decrease)/Increase in provisions
(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)
Bank overdrafts
Total cash and cash equivalents
ANALYSIS OF CHANGES IN NET DEBT
Cash
Cash Equivalents
Loans Falling due within one year
Loans falling due after more than one year
Total		 At 1 August
2023
4,496
1,354
(600)
(8,325)
(3,075)		 2024
Group
£'000
11,311
(1,208)
(5,453)
(2,242)
1,317
-
4
(754)
120
-
(2,735)
360
2024
£'000
2,016
-
-
2,016
Cash flows
(2,480)
3,686
(3,000)
3,600
1,806		 2023
Group
£'000
4,325
(1,010)
(279)
(1,393)
1,263
(1)
4
1,060
87
-
(1,203)
2,853
2023
£'000
4,496
-
-
4,496
At 31 July 2024
2,016
5,040
(3,600)
(4,725)
(1,269)

At 31 July 2024 the College had no annual commitments under non-cancellable operating leases (2023: nil).

40

LADY MARGARET HALL Notes to the financial statements

For the year ended 31 July 2024

29 CAPITAL COMMITMENTS

The College had no capital commitments at 31 July 2024.

30 RELATED PARTY TRANSACTIONS

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

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

Included within income for the year is an amount of £123k (2023: £93k) relating to services donated by Trustees who donated an element of their remuneration for the year.

The College has properties with the following net book values owned jointly with trustees under joint equity ownership agreements between the trustee and the College.

Trustee
Prof N Hankins
Prof BT Huffman
Prof R Harding
Total net book value of properties owned jointly with trustees		 2024
£'000
86
94
257
437		 2023
£'000
86
94
257
437

All joint equity properties are subject to sale on the departure of the trustee from the College.

31 CONTINGENT LIABILITIES

There are no contingent liabilities which require disclosure.

32 POST BALANCE SHEET EVENTS

There are no post balance sheet events that require disclosure.

33 OTHER INCOME

Other income relating to interest received on cash balances in the year was £457k. (2023: £238k)

41

LADY MARGARET HALL Notes to the financial statements For the year ended 31 July 2024

34 ADDITIONAL PRIOR YEAR COMPARATIVES

a) Consolidated Statement of Financial Activities For the year ended 31 July 2023 (See SOFA for current year)

Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1
Public worship
Heritage
Other Trading Income
3
Donations and legacies
2
Investments
Investment income
4
Total return allocated to income
13
Other income
33
Total income
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential
5
Public worship
Heritage
Generating funds:
Fundraising
Trading expenditure
Investment management costs
Total Expenditure
Net Income/(Expenditure) before gains
Net gains/(losses) on investments
10, 11
Net Income/(Expenditure)
Transfers between funds
18
Other recognised gains/losses
Gains/(losses) on revaluation of fixed assets
Actuarial gains/(losses) on defined benefit pension schemes
Net movement in funds for the year
Fund balances brought forward
18
Funds carried forward at 31 July
b)
Property Investments
For the year ended 31 July 2023 (See note 10 for current year)
Group & College
Valuation at start of year
Additions and improvements at cost
Disposals
Revaluation gains/(losses) in the year
Valuation at end of year		 Unrestricted
Funds
£'000
9,412
-
-
831
1,746
166
1,505
281
13,941
10,751
-
-
653
748
20
12,172
1,769
214
1,983
3
-
-
1,986
23,779
25,765
Agricultural
£'000
-
-
-
-
-		 Restricted
Funds
£'000
-
-
-
-
2,618
-
-
-
2,618
968
-
-
-
-
-
968
1,650
-
1,650
30
-
-
1,680
3,697
5,377
Commercial
£'000
-
-
-
-
-		 Endowed
Funds
£'000
-
-
-
-
1,393
844
(1,505)
-
732
-
-
-
-
-
105
105
627
65
692
(33)
-
-
659
42,550
43,209
Other
£'000
292
-
201
-
493		 2023
Total
£'000
9,412
-
-
831
5,757
1,010
-
281
17,291
11,719
-
-
653
748
125
13,245
4,046
279
4,325
-
-
-
4,325
70,026
74,351
2023
Total
£'000
292
-
201
-
493

42

LADY MARGARET HALL Notes to the financial statements For the year ended 31 July 2024

c) Parent and Subsidiary Undertakings For the year ended 31 July 2023 (See note 12 for current year)

The results and their assets and liabilities of the parent and subsidiaries at the year ended 31 July 2023 were as follows.

Income
Expenditure
Donation to College under gift aid
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 £'000
831
(303)
(528)
-
710
(182)
528
LMH
Hospitality
Services Ltd		 £'000
-
-
-
-
-
(8)
(8)
LMH Trading Ltd

d) Statement of Investment Total Return For the year ended 31 July 2023 (See note 13 for current year)

At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Recoupment of trust for investment
Allocation from trust for investment
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the 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
£'000
9,794
-
-
9,794
136
-
-
-
-
-
136
-
-
-
136
9,930
-
-
9,930
Pe		 Unapplied
Total
Return
£'000
-
8,270
-
8,270
-
-
-
360
28
(45)
(20)
323
(614)
-
(614)
(291)
-
7,979
-
7,979
rmanent Endowm		 Total
£'000
9,794
8,270
-
18,064
136
-
-
360
28
(45)
(20)
459
(614)
-
(614)
(155)
9,930
7,979
-
17,909
ent		 Expendable
Endowment
£'000
-
-
24,486
24,486
1,257
-
-
484
37
(60)
(13)
1,705
(787)
(104)
(891)
814
-
-
25,300
25,300		 Total
Endowments
£'000
9,794
8,270
24,486
42,550
1,393
-
-
844
65
(105)
(33)
2,164
(1,401)
(104)
(1,505)
659
9,930
7,979
25,300
43,209

43

LADY MARGARET HALL

Notes to the financial statements For the year ended 31 July 2024

e)
Analysis of Movements on Funds
For the year ended 31 July 2023 (See note 18 for cu
Endowment Funds - Permanent
General purpose funds
Tutorial and research fellowship funds
Student support funds
Other purpose funds
Endowment Funds - Expendable
General purpose funds
Tutorial and research fellowship funds
Student support funds
Other purpose funds
Total Endowment Funds - College
Endowment funds held by subsidiaries
Total Endowment Funds - Group
Restricted Funds
Buildings funds
Tutorial and research fellowship funds
Student support funds
Other restricted funds
Transfers from specific purpose endowments:
Applied total return
Other transfers
Total Restricted Funds - College
Restricted funds held by subsidiaries
Total Restricted Funds - Group
Unrestricted Funds
General funds
Fixed Asset Designated funds
Designated capital funds
Designated other funds
Revaluation reserve
Pension reserve
Total Unrestricted Funds - College
Unrestricted funds held by subsidiaries
Total Unrestricted Funds - Group
Total Funds		 rrent year)
At 1 August
2022
£'000
6,929
8,036
2,756
347
7,284
7,456
8,174
1,568
42,550
-
42,550
-
907
1,209
1,581
-
-
3,697
-
3,697
(336)
19,672
8,381
-
-
(3,938)
23,779
-
23,779
70,026		 Incoming
resources
£'000
138
296
55
7
145
222
831
543
2,237
-
2,237
4
498
396
1,720
-
-
2,618
-
2,618
12,270
-
166
-
-
-
12,436
-
12,436
17,291		 Resources
expended
£'000
(17)
(20)
(7)
(1)
(18)
(18)
(20)
(4)
(105)
-
(105)
-
(222)
(280)
(466)
-
-
(968)
-
(968)
(12,092)
(1,263)
(20)
-
-
1,203
(12,172)
-
(12,172)
(13,245)		 Transfers
£'000
(278)
(287)
(55)
(14)
(268)
(392)
(210)
(34)
(1,538)
-
(1,538)
(4)
34
-
-
-
30
-
30
143
1,696
(331)
-
-
-
1,508
-
1,508
-		 Gains/
(losses)
£'000
11
12
4
1
11
11
13
2
65
-
65
-
-
-
-
-
-
-
-
-
201
-
13
-
-
-
214
-
214
279		 At 31 July
2023
£'000
6,783
8,037
2,753
340
7,154
7,279
8,788
2,075
43,209
-
43,209
-
1,217
1,325
2,835
-
-
5,377
-
5,377
186
20,105
8,209
-
-
(2,735)
25,765
-
25,765
74,351

44