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2024-07-31-accounts

Annual Report

&

Financial Statements

For the year ended 31 July 2024

Registered Charity 1143166

St Peter’s College

Annual Report and Financial Statements

Contents

Governing Body, Senior Staff and Advisers 2-5
Report of the Governing Body 6-19
Independent Auditor’s Report 20-22
Statement of Principal Accounting Policies 24-29
Consolidated Statement of Financial Activities 30
Consolidated and College Balance Sheets 31
Consolidated Statement of Cash Flows 32
Notes to the Financial Statements 33-59

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St Peter’s College Governing Body, Senior Staff 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 who served in office during the reporting year, or currently in office are detailed below.

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(1) (2) (3) (4) (5) (6) (7) (8) (9)
Prof Judith Buchanan
● ● ● ● ● ●
(Master)
Resigned 30
Prof Mark Moloney
September 2023
Prof Christopher Foot ●
Dr Huw Dorkins ● ● ●
Prof Lionel Mason ●
Prof Nicholas Lakin ● ●
Prof Abigail Williams ●
Dr Tim Mawson ● ● ●
Dr Hartmut Mayer ●
Dr Massimo Antonini ● ● ● ●
Resigned 30
Prof Mike Bonsall ●
September 2024
Dr Peter Kail ● ●
Dr Geoff Nicholls ● ●
Prof Cyrus Cooper
Prof Ricardo Soares de
●
Oliveira
Dr Claire Williams ●
Prof Peter Taylor
Prof Sondra Hausner ●
Prof Thomas Adcock
Prof Danny Dorling ●
Prof Daron Burrows ●
Prof Philip Rothwell
Dr Ines Moreno de Barreda ● ●
Prof Stephen Baxter ● ● ●
Prof Marina MacKay ● ● ●
Resigned 31
Prof Marc Macias-Fauria
December 2023
Dr Stephen Tuffnell ●
Dr Dorota Leczykiewicz ●
Prof Charles Monroe ●
Dr Joanna Neilly ●
Prof Christl Donnelly
Dr David Alonso ●
Prof Lavanya Rajamani ● ●
Prof Robert Burrell ●
Dr Sarah Hill
Prof Robert Hilton ●
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St Peter’s College

Governing Body, Senior Staff and Advisers Year ended 31 July 2024

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(1) (2) (3) (4) (5) (6) (7) (8) (9)
Dr Cora Gilroy-Ware
Prof Randy Bruno ●
Prof Adam Kirrander ●
Ms Catherine Whalley ● ● ● ● ●
From 1 October
Dr Maria Iakerson 2023 until 30
September 2024
From 1 February
Prof Nynke Dekker
2024
From 1 March
Dr Violetta Splitter
2024
Mr Simon Jones From 1 April 2024 ● ● ● ● ● ●
From 1
Prof Matthew Fuchter
September 2024
From 1
Dr Hashem Abushama
September 2024
From 1 October
Dr Bridget Penman
2024
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During the year the policies and activities approved by the Governing Body were carried out through a range of committees. The membership of the main committees (as at the end of 2023-24 academic year) is shown above.

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St Peter’s College Governing Body, Senior Staff and Advisers Year ended 31 July 2024

There are also a number of other committees and project-specific working groups on which members of Governing Body serve, which are not listed above.

External committee members

(1) Audit, Risk & Remuneration Committee – three external members:

Ms Clare Jarvis (Interim Chair, from 12 August 2024) Mr Peter Zakierski (Chair, resigned 12 August 2024) Ms Joanne Shaw

(5) Investment Committee – two external members:

Mr Charles Ind

Mrs Tamsin Newington-Bridges

(7) Development Committee – two external members for alumni-related business:

Mr Jeremy Taylor Ms Jo Zonnewald

COLLEGE SENIOR STAFF

The senior staff of the College to whom day-to-day management is delegated are as follows. They attend regular operations-based meetings relating to their respective areas of responsibility.

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Master Prof Judith Buchanan
Bursar Dr Sarah Wilson (Interim Bursar resigned 31 January 2024)
Mr Simon Jones (from 1 April 2024)
Senior Tutor Dr Huw Dorkins
College Registrar Ms Catherine Whalley
Director of Development & Alumni Relations Ms Brett de Gaynesford (maternity leave until 2 October 2023)
Mr Tim Pottle (Interim Director of Development until 20
October 2023)
College Accountant Mrs Kathryn Marshall
Domestic Bursar Mr Kevin Melbourne
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COLLEGE ADVISERS

Auditor

Moore Kingston Smith, 9 Appold Street, London, EC2A 2AP

Bankers

HSBC UK Bank Plc, Hanborough House, Wallbrook Court, North Hinksey Lane, Botley, Oxford, OX2 0QS

Solicitors

Pennington Manches LLP, 9400 Garsington Road, Oxford Business Park, Oxford, OX4 2HN Maier Blackburn, Prama House, 267 Banbury Road, Oxford, OX2 7HT

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St Peter’s College Governing Body, Senior Staff and Advisers

Year ended 31 July 2024

Knights Professional Services Limited, Midland House, West Way, Botley, Oxford, OX2 0PH Sandstone Law, Front Building, 81 St Clements Street, Oxford, OX4 1AW

Surveyors

Grey Baynes & Shew LLP, St Thomas House, 6 Beckett Street, Oxford, OX1 1PP

College address

New Inn Hall Street, Oxford, OX1 2DL

Website

www.spc.ox.ac.uk

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St Peter’s College 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 College of St Peter Le Bailey University of Oxford, which is known as St Peter’s College (“the College”), is an eleemosynary chartered charitable corporation aggregate. It was founded by Rt Revd Francis James Chavasse as St Peter’s Hall in 1929. In October 1947 St Peter’s Hall was admitted to the privileges of a New Foundation and in November 1961 it became a full College. The University Statute of 7 February 1961 conferring this status took effect on 22 November 1961, when a Royal Charter of incorporation was granted.

The College registered with the Charity Commission on 29 July 2011 (registered charity number 1143166).

The names of all members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 4 .

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The College is governed by its Statutes dated 26 July 1995.

Governing Body

The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the College Visitor. The role of College Visitor is held by the Bishop of Derby. The members of Governing Body are elected in accordance with the provisions of the Statutes.

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, chaired by the Master, and is advised by a broad range of committees.

Eleven standing committees, plus a number of working groups with fixed-term projects, meet regularly throughout the year and report to Governing Body. Governing Body and its standing committees work to formal agendas, the timely distribution of papers, formal minuting for subsequent chair’s review and committee approval, and well-maintained action logs, the progress on which is checked at each meeting. Trustee attendance at all meetings is formally registered. All meetings of Governing Body, Finance Committee, Buildings and Household Committee, Development Committee and ARRCo begin with a call for the declaration of conflicts of interest. If there is a conflict of interest for an individual Trustee, that Trustee leaves the room for the relevant item. If multiple Trustees are conflicted, wherever possible the matter is referred to the Audit Risk and Remuneration Committee whose majority-external membership and external chair help to manage conflicts for the College.

Recruitment and training of Members of the Governing Body

New members of the Governing Body are elected on the basis of holding an Official or Professorial Fellowship. The Governing Body has discretion to elect Fellows in other categories as provided for in the Statutes, but only Official or Professorial Fellows become members of the Governing Body (and thereby charity trustees).

New members of the Governing Body are inducted into the workings of the College, including Governing Body policy and procedures, by senior staff of the College and other College Officers. Members of the Governing Body are provided with guidance material from the Charity Commission and other sources to keep them informed on current issues in the sector and on regulatory requirements. New members of the Governing Body are required to attend trustee training, run by Charity Lawyers. Other members of the Governing Body attend trustee training intermittently. The majority of members of Governing Body last attended such a session in September 2022, though the Governance Review that has been in progress throughout academic year 2023-

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

24 has enabled members of Governing Body to revisit and consider many aspects of the responsibilities of trusteeship.

Remuneration of Members of the Governing Body and Senior College Staff

Members of the Governing Body are primarily Fellows who are academic employees of the College and/or University. They receive no remuneration or benefits from their trusteeship of the College. Where possible, remuneration for work on behalf of the College is set in line with that awarded to the University’s academic staff, and uprated in line with nationally agreed percentages. Some Fellows are elected by the Governing Body to undertake major College Officerships (including Vice-Master, Senior Tutor, Tutor for Undergraduates, Tutor for Admissions, Tutor for Graduates, Dean) alongside their academic duties, on a part-time basis and for agreed limited periods, for which they receive honoraria set by the Audit, Risk & Remuneration Committee whose composition is majority external and which is externally chaired.

The Audit, Risk & Remuneration Committee sets the parameters annually for salaries and benefits of the Master and Bursar and for other senior graded non-academic staff when so tasked by the Remunerations Review Group. The Audit, Risk and Remuneration Committee makes formal proposals in Trinity Term each year to the Governing Body concerning their salary increases.

The majority of members of the Audit, Risk & Remuneration Committee (one Professorial Fellow, who is employed solely by the University, and three external members, one of whom is the Chair) are not in receipt of remuneration from the College.

Organisational management

The Governing Body meets nine times a year, with provision for additional meetings should the need arise. The work of developing its policies and monitoring the implementation of these is carried out by a range of Committees, the main ones of which are as follows:

The day-to-day running of the College is delegated to the senior staff listed on page 4 above.

Group Structure and relationships

The College also administers many special trusts, as detailed in Notes 18 and 34 to the financial statements.

The College has two wholly owned non-charitable subsidiaries:

(1) St Peter’s College Design and Build Limited, the principal activity of which is the development of building projects. The Company’s sole contract during the year was the Castle Bailey Quad project. Construction work on the new development commenced in October 2021 and reached practical completion in March 2024.

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

(2) St Peter’s College Conference and Events Limited was incorporated in February 2023 and commenced trading on 1 August 2023. The company’s principal activity is that of the provision of conference and event facilities at St Peter’s College.

Both companies Gift Aid their annual profits to St Peter’s College.

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

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The College’s Objects are defined as follows in the Royal Charter of 1961:

(ii) To train, cherish and encourage candidates for Holy Orders in the Church of England or any students or other persons intending to labour for Foreign Missions with which the Ministry of the late Bishop James Hannington was particularly identified.

(iii) To diffuse sound information and teaching of and in Christian principles and doctrine in conformity with Holy Scripture and particularly the Protestant and reformed teaching of the Church of England as set forth in the Book of Common Prayer annexed to the Act of Uniformity of 1662 and the 39 Articles of Religion and Ordinal as now ordinarily bound up with such Book and so that the teaching of the Hall and the conduct of the services in the Chapel thereof shall be in all respects in accordance with such principles.

(b) To provide for members of the University of Oxford a college wherein they may participate in the educational facilities offered by, and study for Degrees in, the University of Oxford.

The College is in the process of reviewing its governance documents with the aim of ensuring they best reflect the range of activities that it currently carries out.

Public benefit

The Governing Body has considered the Charity Commission’s guidance on public benefit and the College remains committed to the aim of providing public benefit in accordance with its founding principles and aims.

Activities and objectives of the College

The College’s principal activity is to provide, in conjunction with the University of Oxford, an education for some 375 undergraduate, 260 graduate students and up to 30 Visiting Students, in line with its stated objects and aims for the public benefit.

In particular the College:

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

The students are all supported by a welfare system, which aims to ensure that no student feels isolated. The welfare arrangements are coordinated by a professional Dean for Welfare under the oversight of a member of the Governing Body. Advice and support is always available on a range of issues during term time and throughout most of the vacations. Students also have full access to the extensive health, welfare and disability advice network of the University of Oxford, including the University Counselling Service and the Disability Advisory Service.

A great many of the Fellows are engaged in research – some of it with the potential to help address medical, scientific, social and/or economic challenges. Other research is aimed at expanding our understanding of cultural, anthropological, historical or literary matters.

ACHIEVEMENTS AND PERFORMANCE

Student outcomes

The following table summarises the degrees awarded to members of the College during the year:

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Degrees awarded 2023-24 2022-23
Undergraduate 95 109
Of which 1 [st] /2.1 96% 94%
Postgraduate Taught 61 66
Postgraduate Research 31 32
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*figure as recorded on the University of Oxford student system as at 11 October 2024; some outcomes still awaited.

Financial Support for Students

In order to assist undergraduates entitled to public support, the College and the University jointly provided bursaries to help those of limited financial means. In 2023-24 a total of £229k was awarded through such bursaries to 58 students of the College (in 2022-23 £226k was comparably awarded to 61 students of the College).

The College operates a hardship fund to support students who need further help. Awards totalling £13k were made during the year (£26k was awarded for this purpose in 2022-23).

The amount of support awarded to the College’s students through scholarships, prizes and travel & research grants in 2023-24 was £202k (£236k awarded in 2022-23).

Undergraduate admissions and outreach activities

Undergraduate numbers at the College have remained largely static, primarily due to the fixed amount of 1[st] year accommodation available and the College’s ongoing aim to increase the number of 2[nd] year undergraduates who can be housed in College accommodation rather than increasing overall undergraduate numbers. Due to a higher than expected number of candidates failing to meet their conditional offer, the number of students admitted in October 2023, was slightly below target (103 places not including Graduate Entry Medicine students, against a target of 108). In the 2022-23 admissions round (for entry in October 2023) the number of applicants in Band A of the University’s composite measure of deprivation to whom offers were made and who were subsequently admitted were similar to previous years; the number of those admitted from the most disadvantaged two quintiles of the ACORN measure of disadvantage was slightly higher than in previous years. The percentage of admitted students from the most disadvantaged two quintiles of the POLAR measure of disadvantage was slightly lower than in recent years, while the percentage of admitted students that were eligible for free school meals was higher .

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

Outreach in 2023-2024 targeted high-attaining students from underrepresented backgrounds in our link regions of Merseyside, the Isle of Man, Waltham Forest and Enfield. Our aims this year were to: 1. Reach a range of schools, sustain pre-existing relationships and establish new links; 2. Equip students and staff with information on the application process; 3. Expose prospective applicants to the reality and advantages of studying at Oxford and St Peter’s; and 4. Teach applicants useful skills for applying to, and studying at, competitive universities. We hosted over 15 in-bound school visits to St Peter’s, offering academic sessions, admissions advice and undergraduate-led Q&As, in addition to 4 multi-school out-bound workshops, reaching over 350 students. We led online workshops for over 200 students and attended two week-long outbounds in Merseyside and the Isle of Man, reaching over 20 different schools and over 300 students. Over Easter we ran our annual residentials, the Engineering Subject Residential and the Aspire Liverpool Residential. The Aspire Liverpool residential runs in partnership with the registered charity Aspire Liverpool who assist talented students from state schools across Liverpool with applying to competitive universities. We offered students a taster of academic and social aspects of Oxford, equipping them with skills and knowledge for making applications to Oxford, and, importantly, enhancing their confidence to do so. Students on the Engineering residential applied against a competitive entry criterion, gaining places from underrepresented backgrounds in our link regions. They enjoyed a series of tutorials and lectures by our Engineering specialists. 71 students attended the Aspire Residential with 7 members of staff, while 28 students attended the Engineering Residential. These programmes have translated into applications to St Peter’s College and other Oxford colleges, offers being made and places being taken up.

Membership of the Governing Body and Academic staff activities

Professor Mark Moloney, Tutorial Fellow in Chemistry, retired in September 2023 after 30 years’ service to the College. New Fellows joining the Governing during the period covered by this report were: Dr Maria Iakerson, Tutorial Fellow in Pure Mathematics (1 October 2023 to 30 September 2024), Prof Nynke Dekker, Professor of Biophysics (from 1 February 2024), Dr Violetta Splitter, Tutorial Fellow in Management (from 1 March 2024) and Mr Simon Jones, Bursar (from 1 April 2024). Prof Marc Macias Fauria, Tutorial Fellow in Physical Geography, left the College in December 2023 to take up a professorship in Cambridge.

Fellows of the College make a strong contribution to academic life both within Oxford University and beyond. They publish peer-reviewed articles and books and some disseminate the results of their research to wider audiences through radio, television and public lectures. Further details of Fellows’ achievements and activities can be found on the College website and in the College Record (published annually).

Governance Review

The Governing Body of the College has undertaken a detailed Governance Review during the year 2023-24. In an open and exploratory process, it has considered a set of questions about governance structures and processes. Drawing on the detailed work driven by the Statutes Review Group (carrying Governing Bodydelegated oversight for managing the Governance Review), detailed discussions about structures and processes have taken place in progressive, planned and informed ways. Without foreclosing on ongoing questions about governance assurance for the future, as a result of the process of governance-related research, scrutiny, consultation and debate undertaken across the course of the past year, the College’s governance will be better assured.

In summary, the changes to be introduced following the Governance Review are: a reduction in the overall size of the Governing Body; a strengthening of the commitment to appropriate induction and training for Trustees; an extension of the College’s formalised use of expert externals; a clarification of the formal Terms of Reference for sub-committees and scheme of delegations for Officers of the College; the creation of a new sub-committee to oversee governance; the introduction of formal College guidelines for the submission of Serious Incident Reports (SIRs); and a commitment on the part of the College to report to ARRCo not only on submitted SIRs but also on near-miss cases considered in this respect to demonstrate how such discriminations are being made year on year.

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

College Events and Occasions

In 2023-2024, the College ran a busy events programme both for students and for alumni of the College. The internal College calendar has been populated by celebrations, commemorative events, dinners, receptions, sporting fixtures, concerts, dramatic performances and visiting speaker events. The College’s externally-facing events calendar has included gaudies, subject dinners, Benefactor’s Day, other reunions, and concerts. Event highlights of the year included a ‘Shakespeare@Peter’s Day’ to mark 400 years since the publication of the Shakespeare First Folio, which included guest lectures and performances by Royal Shakespeare Company actors and others, a lively Burns Night dinner, the Boat Club breaking a world record for the longest continuous row, a ‘Blues and Blades Dinner’ at which sporting triumphs from across the year were celebrated, a performance of Haydn’s “Harmoniemesse” by the College choir and orchestra which includes students, academics and members of College staff, and the student-run College Ball.

The most ambitious event of the year was a day of festivities to mark the opening of a new quad for College, Castle Bailey Quad. Castle Bailey Quad comprises two new student accommodation buildings and a new courtyard. It is built on land acquired by the College in 2018 directly adjacent to the rest of the main College site and the new build has been delivered to exacting Passivhaus environmental credentials. In June 2024, donors to the project were invited to come and celebrate its completion and opening. In one of his final acts before demitting office, the Chancellor of the University, Lord Chris Patten of Barnes, cut the ribbon to open the new quad. Also present were the former Master of the College, Mr Mark Damazer, and the oldest living alumnus of the College, Mr Michael Tibbs (102 years old) to help mark this significant moment for the College. The new student accommodation makes a decisive difference to what the College can offer current and future students of the College in safe, clean and convenient accommodation on-site.

Visitors to College through the year included distinguished figures from the worlds of science, medicine, the law, politics and the arts. Student creative energies found outlet in in theatre productions and in musical gigs and concerts. The summer theatre production was from an original piece of new writing by a current student of the College and the choir recorded a CD of music composed by Piers Connor Kennedy, himself an alumnus of the College.

Alumni events further afield included communal dinners in Hong Kong, New York City, Washington DC and Boston.

Development and Alumni Relations

The Development Office seeks to engage and deepen connections across St Peter’s largest stakeholder group, our global community of more than 8,000 alumni, friends, and supporters. We organise and support events ranging from special dinners and gaudies that fill the dining hall to high-profile visitors who lecture on topical issues, to garden parties and themed celebrations, as well as a broad range of musical performances and a number of regional reunions around the globe. This year we also celebrated a milestone in the College history with the ceremonial opening of the new Castle Bailey Quad in June.

We update alumni through a range of print and digital communications and a variety of media, ensuring all who wish to hear about the College have an opportunity to do so wherever they are in the world. Additionally, we provide a point of contact for alumni, regularly responding to correspondence, queries and other forms of engagement with the College.

We also seek and encourage the vital philanthropic support that enables the College to continue to deliver the high standards in teaching and research that Oxford is known for, in addition to student support and enrichment, and maintaining and improving our estate and facilities. Total income in the year from donations and legacies was £3.6m. Our alumni continue to provide the bulk of our fundraising income, and we are deeply grateful to all members, friends, trusts and foundations who have included St Peter's amongst their philanthropic priorities.

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

The fundraising and alumni relations operations are run by a dedicated Development Office led by the Director of Development and Alumni Relations, one of the senior staff members of the College. The work of the team is overseen by the Development Committee, chaired by the Master. The team operates in line with the requirements of the Charity Commission, Fundraising Regulator and GDPR regulations and guidelines. Our complaints policy is published on the College Policies and Documents section of our website. Should anyone in receipt of our fundraising communications wish to register a complaint, our commitment is to address it quickly and appropriately. No complaints have been received this year.

Equality, Diversity and Inclusion

The College established an Equality, Diversity & Inclusion (EDI) Forum in 2017 that meets twice a term. Chaired by our EDI Lead, the Forum’s remit is to monitor and consider issues of diversity, equality and inclusion from two perspectives: i. compliance with the regulations of the Public Sector Equality Duty; and ii. promotion of EDI initiatives within the College. The Forum’s membership includes Fellows, members of the student body and members of non-academic staff. The Forum’s role involves the review of College policies and the College website to ensure that both reflect the changing landscape of EDI policy and legislation. Forum members also participate in discussion groups within the Conference of the Colleges and the wider University so as to engage with the myriad of EDI activities taking place across the Collegiate university and to stay abreast of best practice. A highlight from this year’s EDI activities was the level of student engagement and leadership in EDI Forum. The meetings provided a space for constructive exchange and discussion of ideas, which culminated in a series of outputs and activities. Of particular note were a series of student-led book displays (Black History Month, Queer History Month, and Holocaust Remembrance Day) and dinners (Queer Formal, BAME Formal). This also included a live performance from John Pfumojena at the BAME Formal and a series of reflective interventions (live music and film recorded oral testimonies) to mark Holocaust Memorial Day.

In addition to student engagement, both academic and non-academic staff also played key roles in updating and improving internal processes (e.g., EDI event planning and communications, access and outreach, induction week programming, and data monitoring/gathering). A hand-over period will also be trialled between EDI chairs to improve continuity and institutional memory.

FINANCIAL REVIEW

The College continues to operate in challenging financial conditions, with tuition fee levels frozen since 2017, whilst all costs have risen considerably in the corresponding period. The situation is exacerbated by poor investment returns since the advent of the global pandemic, although the latter has shown signs of improvement in the last year. Tight budgetary controls ensure an ongoing broadly breakeven financial performance each year, with fluctuations in investment returns and philanthropic income requiring careful balancing with spending commitments. During the 2023-24 financial year the College continued with its policies of maximising the income from its estate through hosting conferences and events, alongside the tight control of expenditure in all areas.

Total operating income for the year amounted to £12.4m (2023 : £11.5m) whilst total operating costs were £11.6m (2023 : £10.8m), resulting in an operational surplus of c£0.8m (2023 : £0.7m). When combined with investment gains of £4.5m (2023: £0.6m loss) plus a pension deficit reduction of £1.7m, the College’s consolidated funds grew from £89m to £96m, a £7m improvement, albeit not reflected directly in cashflows.

Income growth was derived partly from the student rent/catering increases needed to absorb some of the cost inflation incurred, and partly from increased conference and events activity. Wage, energy and building costs all added to the costs base, whilst the additional income received for conferencing and events was serviced through some additional expenditure. St. Peter’s remains in the group of colleges receiving support from the College Contributions Scheme (CCS), with income this year from the CCS amounting to £214k (2023: £300k) towards maintenance and minor capital works costs. Exceptional costs during the year were driven by the delayed occupation of Castle Bailey Quad, costing college c£405k in lost income and the necessary provision of temporary accommodation.

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

One of the primary strategic objectives for college is to increase the total endowment. The year ending July 2024 saw a return to strong investment returns, including unrealised capital growth, resulting in the significant valuation improvement. The total return of 10.9% (2023: 2.2%) provides a strong base from which to facilitate endowment growth, with an impending centenary celebration, and accompanying campaign, providing additional opportunities for the development team.

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, to allow the College to be managed efficiently, and to provide a buffer to ensure uninterrupted services in the face of surprises. The College maintains a level of liquidity that ensures there is sufficient cash to cover next year’s drawdown as well as 3 to 5 months of expenditure without having to liquidate investments. The closing cash balance for the year was £9.7m (2023 – £12.0m), the equivalent of a full year’s operating expenditure, which exceeds the minimum prescribed cover.

Total funds of the College and its subsidiaries at year-end amounted to £96m (2023: £89m). This includes endowment capital of £56m and unspent restricted income funds of £22m. The endowment consists of £8.4m Original Trust for Investment, £4.6m Unapplied Total Return on Permanent Endowment and £43m Expendable Endowments. Free reserves at the year-end amounted to negative £7m (2023: negative £8m), representing retained unrestricted income reserves excluding an amount of £21m for the book value of fixed assets less associated funding arrangements.

Free reserves are stated after the release of a provision of £1.7m for defined benefit pensions following the 2023 surplus valuations for both the USS and OSPS pension schemes. The strategic decision taken in 2020 to restructure the College’s long-term financing means that College has net current assets of £8.5m. In practice, if needed, the College’s expendable endowments are available to support unexpected fluctuations in income and expenditure.

RISK MANAGEMENT

College’s processes for identifying, evaluating and managing the principal risks and uncertainties faced by the College in undertaking its activities operate throughout the financial year and percolate all areas of College operations. When the informed assessment of a specific risk, or the framing of a course of action for mitigating a risk, cannot be appropriately met from internal resources, the College takes advice from external experts with specialist knowledge. Risk management is embedded into the College’s governance and operations, and is an acculturated part of all planning. Policies and procedures within the College are reviewed by the relevant College Committees, chaired by the Master or a delegated member of the Governing Body. Financial risks are assessed by the Finance Committee and by the Audit, Risk & Remuneration Committee. Investment risks are monitored by the Investment Committee. Reputational risks are overseen by the Master and assessed by Governing Body with advice and input from the Audit, Risk and Remuneration Committee. Where relevant, a delegated subgroup of trustees is convened by Governing Body to consider and oversee a particular issue.

In addition, the Bursar and department heads meet regularly to review health and safety issues. The fairly recently created role of Domestic Bursar has added significant resource in this and other spheres. Training courses and other forms of career development are available to members of staff to enhance their skills in riskrelated areas. Risk is managed through a combination of policy, reporting, review, training and contingency planning.

Risks to College are grouped under the headings of Governance; Environmental/External; Operational – Students and Welfare, Academic, Conduct and Behaviour, Security, Facilities and Projects, Compliance, Financial and Development. Led by the Bursar, the entire Risk Register underwent a complete review and refresh in 2022, risk holders looking afresh at certain risks and identifying others. Some existing risks had

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

evolved and could be merged with others. Control measures were better described, where relevant, severity and likelihoods of impacts re-evaluated and some adjustments were made in the assignment of risk-holding. The framing and use of the risk register remains under review.

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

The Audit Risk and Remuneration Committee agrees the form of the Risk Register and the relevant extract from it is reviewed intermittently by each respective College Committee. Major building programmes have their own risk registers. College maintains a summary of the risks considered to have high impact and probability, of which the following are the principal:

Global Pandemic

The ongoing effects of the impact of COVID-19 continued to be felt in College life in 2023/24, in particular in identifying the uneven gaps in students’ secondary education resulting from loss of teaching during the pandemic. Global Pandemic remains a high-impact risk, whose affects would be felt in every area of the life and work of the College, as they were as a result of COVD-19. However, the College has a much higher degree of preparedness now in place should it need to respond to a set of circumstances that are equally disturbing of system, practice and resourcing again, and a higher degree of confidence in its versatility and capacity to put in place appropriate measures to respond to a new set of disturbing circumstances should they arise.

Economic and financial market environment (falling returns, rising inflation and interest rates, reduced conference trade).

In line with all Oxford colleges, the highly prized tutorial system to which St Peter’s is committed is an expensive teaching model and, as a result, the College does not expect to cover its core costs through its core income: income from teaching, research and residential activities is below that of expenditure on the same items year on year. In a usual year, the viability of the College is instead achieved through supplementary income from investments, conference income, donations and legacies.

It is clear that elevated inflation will introduce risks in to the system and College is already responding to higher energy and food costs, and seeking to pass these on where possible. The risk of continuing to see fee income from home students diminish year on year needs to be off-set by seeing other sources of income rise, including College’s summer conference trade. The risk of reduced returns from our conference trade has been mitigated by College entering into long-term agreements with both of its major summer school partners.

Major welfare / reputational incident ( academics, students and staff).

College is the term-time home for many at a critical juncture in their lives. The ability of College to support its students is vital. Offering insufficient support to students, academics and staff could result in damage to the health of individuals. Reputational damage and/or financial losses to College could also result. We seek to mitigate this through investment in our welfare provision, attention to our policies, and through providing training to students in, for example, issues of sexual consent. Wider reputational issues continue to be a risk.

GDPR / Employment Law / Public Sector Equality Duty; breach or non-compliance

The College stores and handles the personal data of its employees, students and alumni and therefore has an obligation to manage the data held securely and responsibly. The mismanagement of data would breach our obligations, and could result in financial or reputational damage. We mitigate this risk through our policies and procedures governing the handling of data, through the clear induction of new members of staff in data handling and through the use of an external Data Protection Officer. College adopted a revised Information Security Policy in 2022 to reflect the evolving risks and colleagues are regularly reminded of their responsibilities in protecting data.

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

Major operational disaster (fire, flood, IT failure, illness )

IT. The College is operationally dependent upon the availability of well-functioning IT systems and the provision of good wi-fi. Without these things, the operational efficiency of staff and students would be very significantly compromised. Belonging to a cross-college IT consortium gives the College some enhanced level of assurance in this respect in terms of depth of cover, breadth of oversight, range of expertise and the provision of intermittent stress-testing.

Fire. Some College buildings might be prone to fire risk. The first concern in relation to fire risk is always the safety of those in the building. Beyond the health and safety of the community, a next-round concern is that a building falling out of commission for reason of fire damage (or for any other reason) would then the living and working conditions for many members of College and, thereby, the efficiency of many aspects of the College operation. We mitigate the risk of fire through regular external fire and health and safety audits. The proven ability of many of our teaching and administrative functions to move online, if absolutely required to do so, provides a level of baseline assurance for some aspects of this in extremis .

Illness . Being a relatively small operation with a relatively modest staff line, the College remains vulnerable to loss of knowledge and expertise in the event of illness. In relation to the roles of Master and Bursar, this is mitigated to some degree by a weekly meeting with key senior colleagues to ensure that broad knowledge of day-to-day activities is shared with a run of other senior office-holders. The Vice-Master stands ready to act for the Master on a temporary basis. Should the need arise, the Domestic Bursar and College Accountant would be jointly able to act for the Bursar on a temporary basis.

A dip in fundraising performance

Donations and legacies are a crucial part of College’s income and the financial viability of the College partly depends on philanthropy. Less successful fundraising years would diminish College’s ability to meet its academic objectives. We mitigate this risk by investing energy and resource, through the work of the Master and the Development Office, in establishing and building relationships and in working to sustain the affection and engagement of the wider community. This helps to support and build the culture of giving amongst our friends and supporters.

A failure in our governance arrangements (responsibilities, powers, skillset, culture)

The ability of College to make appropriate, timely and well-informed decisions is dependent on the effective operation of College’s governance processes. We recognise the significance of this need and seek to support it by ensuring clarity in our structures and processes, clear induction, ongoing training where required and ongoing communication channels – informal and formal – that seek to be open and constructive. This year, we have reviewed our governance arrangements and are introducing a series of adjustments in the year to come to tighten and assure governance processes and procedures.

Potential conflicts of interest are managed by outsourcing key decisions relating to pay and benefits to our Audit, Risk and Remuneration Committee, which is externally chaired and with majority external membership.

INVESTMENT POLICY, OBJECTIVES AND PERFORMANCE

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

To meet these objectives the College’s investments are together managed on a total return basis, maintaining diversification across a range of asset classes to produce an appropriate balance between risk and return. In

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

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. Investment performance is regularly monitored by the Investment Committee and the Ethical Investment Policy is intermittently reviewed by the Investment Committee which then advises the Governing Body.

At the year end, the College’s longer-term investments, combining the securities and property investments, totalled £62.2m (2023: £58.2m). The overall total investment return was 9.3% (2023: 1%) over the year. The College’s target investment return is set at RPI + 3%, which was 12% for the year to 31 July 2024.

The carrying value of the preserved permanent capital (the trust for investment) and the amount of any unapplied total return available for expenditure was taken as the open market values of these funds as at 31 July 2010 together with the original gift value of all subsequent endowment received. It is the Governing Body’s policy to extract as income 3.7% (previous financial year 3.8%) of the average value of the relevant endowment investments over the previous three years. 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. Despite reducing our drawdown percentage, it remains one of highest amongst Oxford colleges. Governing Body continues to aspire to reduce the percentage further in future years, while recognising the College’s circumscribed room for manoeuvre in this respect given that the current size of the College endowment is low compared with the endowments of most Oxford colleges.

Environmental, Social and Governance

St Peter’s seeks to be aware of its impact upon the environment and deploys a range of strategies to minimise it. Power consumption is evenly split between natural gas and electricity. All electricity is sourced from renewable sources for which we pay a premium. Heaters in students’ rooms are being progressively upgraded to avoid heating empty rooms and we now better understand the thermal properties of many rooms and the thermal behaviour of the students in them. Future building refurbishments are mindful of energy savings that might be achieved. We have been rebalancing our menus, with plant-based options assuming a more prominent role in our catering provision. Those living in College are asked to separate recyclables from their waste. For our newbuild development, at design stage College made the commitment to work to environmentally demanding PassivHaus standards for thermal performance, and has held to that commitment throughout the construction phases.

RESPONSIBLE INVESTING

St Peter’s has placed restrictions on sectors in which it will not hold investments on ethical grounds as follows:

The College is directly aligned in these respects with the University’s policies on sustainable and responsible investing. The College, in alignment with the University, is committed to ensuring that its endowment is managed sustainably and with integrity, to benefit both current beneficiaries and future generations. The College manages its capital in two differentiated ways according to the time horizon needed, associated risk tolerance and liquidity requirements, separating perpetuity capital from that which has a requirement to be drawn down more regularly:

  1. The College invests most of its investible assets (c.70%), constituting its perpetuity capital, in The Oxford Endowment Fund (OEF), managed by Oxford University Endowment Management (OUem). The

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

importance of managing charitable assets in a sustainable manner is deeply ingrained in OUem’s company culture and investment philosophy. Incorporating environmental, social and governance (ESG) factors into the investment process is a key risk management tool, rather than a separate activity. The OUem itself subscribes to the University’s investment standards and principles as articulated in the Oxford Martin Principles for Climate-Conscious Investment. The OEF is prohibited from investing directly in companies manufacturing arms that are illegal under UK law, as well as investment in pooled vehicles which invest primarily in such companies. The list of prohibited investments in this area is derived from information provided by an independent ethical investment research organisation Sustainalytics. On a quarterly basis, they provide information to OUem about companies globally, which are involved in the production of weapons illegal under UK law. OUem monitors holdings held by third party managers to enable reporting of any indirect exposure to prohibited investments. OUem confirms compliance with this prohibition. Additionally, OUem confirms that there is no indirect exposure through third party managers to these companies. Using the latest information from Sustainalytics OUem confirms that no companies in which they invest are involved in the production of controversial weapons, as defined by United Nation’s Convention on Certain Conventional Weapons.

  1. College invests its far smaller amount of expendable capital (c.30%) in:

  2. (i) The Veritas Global Focus Fund which is committed to the Net Zero Asset Managers Initiative. All companies in which the Veritas Global Focus Fund invests are monitored both pre- and post-investment using an ESG screen provided by MSCI to assess business involvement with controversial weapons. None of the companies listed are flagged for having ties to controversial weapons, which include cluster munitions, landmines, biological/chemical weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, or non-detectable fragments. This information is reported to the ESG, Compliance, and Investment teams monthly.

  3. (ii) BlackRock Global Unconstrained Equity Fund which undertakes its own EMEA baseline screening, whose focus is Information Technology and Healthcare and which has never had exposure to fossil fuel intensive industries. The Global Unconstrained Equity Fund applies the BlackRock EMEA Baseline Screens, which seek to limit and/or exclude direct investment in corporate issuers which have exposure to, or ties with, certain sectors (in some cases subject to specific revenue thresholds) including but not limited to controversial weapons, fire arms or small arms ammunition for civilian use, fossil fuels or tobacco or companies that are non-compliant with the UN Global Compact Principles.

Going Concern

The Members of the Governing Body have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the College to continue as a going concern, including the outworking of the impact of the COVID-19 pandemic (or an unanticipated disruption on a comparable scale), and the current inflationary environment. The College has prepared cash flow and other forecasts, taking into account the potential pressure on income, which confirm the College will have sufficient liquidity to operate for at least the next twelve months from the date of approval of these financial statements.

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

FUTURE PLANS

The core elements of the College’s current strategic plan are to:

The College continues to keep under review the size of its undergraduate body and of its postgraduate body, with a mind to available resources and always balancing costs and benefits.

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St Peter’s College Report of the Governing Body

Year ended 31 July 2024

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 has 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 it is satisfied that they give a true and fair view of the state of affairs of the College and of its net income and expenditure for that period. In preparing these financial statements, the Governing Body is required to:

The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College’s transactions, and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statement complies with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper applications 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 6 November 2024 and signed on its behalf by:

Judith Buchanan Master

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St Peter’s College Independent Auditor’s Report to the trustees of St Peter’s College Year ended 31 July 2024

Opinion

We have audited the financial statements of St Peter’s College (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 July 2024 which comprise Group Statement of Financial Activities, the Group and Parent Charity Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the 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 trustees’ 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 group’s and parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained in the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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St Peter’s College Independent Auditor’s Report to the trustees of St Peter’s College Year ended 31 July 2024

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Governing Body’s annual report. We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 16, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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St Peter’s College

Independent Auditor’s Report to the trustees of St Peter’s College Year ended 31 July 2024

date of our auditor’s report. However, future events or conditions may cause the group or parent charity to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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St Peter’s College

Independent Auditor’s Report to the trustees of St Peter’s College Year ended 31 July 2024

Use of our report

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's members those matters which 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 any party other than the charity and charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Moore Kingston Smith LLP, Statutory Auditor

9 Appold Street London EC2A 2AP

Date: 19 November 2024 EC2A 2AP Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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St Peter’s College Statement of principal accounting policies Year ended 31 July 2024

1. Scope of the financial statements

The financial statements present the 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 subsidiary St Peter’s College Design and Build Limited. The subsidiary has been consolidated from the date of its formation being the date from which the College has exercised control through voting rights in the subsidiary. 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 its material subsidiary for the reporting year are in note 13.

2. Basis of Accounting

The College’s individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The currency used is GBP and the accounts are rounded to the nearest £1,000.

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

The financial statements are prepared 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.

The College participates in 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 trusteeadministered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual Colleges and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other Universities and Colleges employees and is unable to identify its share of the underlying assets and liabilities of the 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

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St Peter’s College Statement of principal accounting policies

Year ended 31 July 2024

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

In the view of the Governing Body, no assumptions concerning the future or estimation uncertainty 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, OfS support and other charges for services

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

b. Income from donations, grants and legacies

Donations and grants that do not impose specific future performance related or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donations 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 form the executor(s) of the deceased’s estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable.

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

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

c. Investment income

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

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

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

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

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St Peter’s College Statement of principal accounting policies

Year ended 31 July 2024

d. Government Grants

Income from government grants is accounted for under the accruals model and is recognised on a systematic basis over the periods in which the related costs for which the grant is intended to compensate are recognised.

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 legal or constructive obligations for their payment arise. Grants subject to performance–related conditions are expensed as the specified conditions of the grant are met.

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

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

6. Leases

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

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

7.

Tangible fixed assets

Land is stated at cost, buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment costs.

Under FRS 102, the College has elected to use the fair value of certain freehold and leasehold properties as a ‘deemed cost’. The valuation was undertaken by Carter Jonas at market value as at the transition date. The buildings will be subject to annual depreciation and no further revaluations will be necessary.

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 amounts 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.

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St Peter’s College Statement of principal accounting policies Year ended 31 July 2024

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

8. Depreciation

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

Freehold land and buildings, including major extensions 50 years Leasehold land and buildings 50 years or period of lease if shorter Freehold building improvements 10 - 25 years Fixtures & Fittings and Equipment 3-10 years Plant & machinery 3-10 years

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

At the end of each reporting period, the residual values and useful lives of assets are reviewed for impairment and adjusted if necessary.

9. 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 cost.

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.

10. Financial instruments other than investments

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

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St Peter’s College Statement of principal accounting policies

Year ended 31 July 2024

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.

c. Other

Other financial instruments are initially measured at fair value on the date the contract is entered into and are subsequently measured at fair value. Changes in fair value are credited or charged to the income or expenditure section of the SOFA.

d. 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 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 retained for investment or released to income at the discretion of the Governing Body.

13. Fund accounting

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

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

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

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

Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long-term benefit

28

St Peter’s College Statement of principal accounting policies Year ended 31 July 2024

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

14. Pension costs

The costs of retirement benefits provided to employees of the College through two multi-employer defined pension schemes are accounted for as if these were defined contribution schemes as information is not available to use defined benefit accounting in accordance with the requirements of FRS 102. The College's contributions to these schemes are recognised as a liability and an expense in the period in which the salaries to which the contributions relate are payable.

In addition, a liability is recognised at the balance sheet date for the discounted value of the expected future contribution payments under the agreements with these multi-employer schemes to fund the past service deficits.

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.

15. Government grants

Both revenue and capital government grants are accounted for under the Performance Model. For OfS funding grants relating to a single academic year, income is recognised in full in the period to which the grant relates. Grants relating to more than a single year are recognised pro-rata across the term of the grant.

16. Critical accounting judgements

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control such as Universities Superannuation Scheme and OSPS. The accounting for a multi-employer scheme whether 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 FRS102. The Trustees are satisfied that USS and OSPS meet the definition of a multi-employer scheme and the College has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these 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.

29

St Peter's College

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: 1
Teaching, research and residential 7,790 1 - 7,791 7,107
Other Trading Income 3 387 - - 387 148
Donations and legacies 2 929 766 25 1,720 1,897
Investments
Investment income 5 757 62 1,711 2,530 2,364
Total return allocated to income 14 1,167 - (1,167) - -
Other income 4 - - - -
Total income 11,030 829 569 12,428 11,516
EXPENDITURE ON: 6
Charitable activities:
Teaching, research and residential 6,966 1,058 826 8,850 8,737
Generating funds:
Fundraising 535 13 - 548 569
Trading expenditure 147 - - 147 148
Investment management costs 48 - 371 419 447
Total Expenditure 7,696 1,071 1,197 9,964 9,901
Net Income/(Expenditure) before gains 3,334 (242) (628) 2,464 1,615
Net gains/(losses) on investments 11, 12 394 - 3,847 4,241 (568)
Net Income/(Expenditure) 3,728 (242) 3,219 6,705 1,047
Transfers between funds 18 42 (56) 15 1 -
Net movement in funds for the year 3,770 (298) 3,234 6,706 1,047
Fund balances brought forward 18 14,206 21,984 52,814 89,004 87,957
Funds carried forward at 31 July 17,976 21,686 56,048 95,710 89,004
----- End of picture text -----

The notes on pages 33 to 59 form part of these financial statements Refer to note 34(a) for 2022 comparatives

30

St Peter's College Consolidated and College Balance Sheets As at 31 July 2024

Notes
FIXED ASSETS
Tangible assets
10
Property investments
11
Other Investments
12
Total Fixed Assets
CURRENT ASSETS
Stocks
Debtors
15
Investments
Cash at bank and in hand
Total Current Assets
LIABILITIES
Creditors: Amounts falling due within one year
16
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: falling due after more than one year
17
Defined benefit pension scheme liability
22
TOTAL NET ASSETS/(LIABILITIES)
FUNDS OF THE COLLEGE
Endowment funds
Restricted funds
Unrestricted funds
General funds
NET ASSETS/(LIABILITIES) BEFORE PENSION ASSET
OR LIABILITY		 2024
Group
£'000
45,493
5,505
56,682		 2023
Group
£'000
42,615
5,458
52,787		 2024
College
£'000
45,692
5,505
56,682		 2023
College
£'000
42,784
5,458
52,787
107,680 100,860 107,879 101,029
81
1,709
-
9,657		 75
1,275
-
11,999		 81
1,685
-
9,294		 75
1,265
-
11,996
11,447
2,908		 13,349
2,603		 11,060
2,607		 13,336
2,587
8,539
116,219
20,509		 10,746
111,606
20,889		 8,453
116,332
20,509		 10,749
111,778
20,889
95,710
-		 90,717
1,713		 95,823
-		 90,889
1,713
95,710 89,004 95,823 89,176
56,048
21,686
17,976		 52,814
21,984
14,206		 56,048
21,686
18,089		 52,814
21,984
14,378
95,710 89,004 95,823 89,176

The financial statements were approved and authorised for issue by the Governing Body of St Peter's College on 6 November 2024.

Trustee:

Trustee:

The notes on pages 33 to 59 form part of these financial statements

31

St Peter's College

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 (146) (72)
Cash flows from investing activities
Dividends, interest and rents from investments 2,530 2,364
Purchase of property, plant and equipment (4,371) (8,910)
Proceeds from sale of investments - -
Purchase of investments - (239)
Net cash provided by (used in) investing activities (1,841) (6,785)
Cash flows from financing activities
Repayments of borrowing (380) (381)
Cash inflows from new borrowing - -
Receipt of endowment 25 25
Net cash provided by (used in) financing activities (355) (356)
Change in cash and cash equivalents in the reporting period (2,342) (7,213)
Cash and cash equivalents at the beginning of the reporting
period 11,999 11,999
Cash and cash equivalents at the end of the reporting period 27 9,657 11,999
----- End of picture text -----

32

St Peter's College 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 OFS support
Other academic income
College residential income
Restricted funds
Other academic income
College residential income
Total Teaching, Research and Residential		 2024
£'000
1,492
1,691
408
146
169
3,884
7,790
-
1
1
7,791		 2023
£'000
1,585
1,463
373
152
159
3,375
7,107
-
-
-
7,107

The above analysis includes £3,329k received from Oxford University from publicly accountable funds under the CFF Scheme (2023: £3,199k).

To support the strategic priority to fund more graduate scholars and to enable outstanding students to take up their places regardless of their financial position, for graduate students with overseas fee status funded through the Clarendon or UKRI scholarship funding schemes, the college share of the fees waived amounted to £10k (2023: £9k). These are not included in the fee income reported above.

2 DONATIONS AND LEGACIES

Donations and Legacies
Unrestricted funds
Restricted funds
Endowed funds
INCOME FROM OTHER TRADING ACTIVITIES
Trading income
OTHER INCOME		 2024
£'000
929
766
25
1,720
2024
£'000
387
387
2024
£'000
-		 2023
£'000
920
952
25
1,897
2023
£'000
148
148
2023
£'000
-

3 INCOME FROM OTHER TRADING ACTIVITIES

33

St Peter's College Notes to the financial statements For the year ended 31 July 2024

5 INVESTMENT INCOME

Unrestricted funds
Other property income
Equity dividends
Bank interest
Restricted funds
Bank interest
Endowed funds
Other property income
Equity dividends
Interest on fixed term deposits and cash
Total Investment income
6
ANALYSIS OF EXPENDITURE
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential
Other direct costs allocated to:
Teaching, research and residential
Support and governance costs allocated to:
Teaching, research and residential
Total charitable expenditure
Expenditure on raising funds
Direct staff costs allocated to:
Fundraising
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
36
139
581
757
62
62
350
1,358
3
1,711
2,530
2024
£'000
4,519
3,091
1,240
8,850
326
99
19
409
123
21
10
1,114
9,964		 2023
£'000
38
127
252
417
215
215
405
1,327
-
1,732
2,364
2023
£'000
4,239
2,986
1,512
8,737
349
99
17
435
121
24
12
1,164
9,901

The 2024 resources expended of £9,964k represented £7,696k from unrestricted funds, £1,071k from restricted funds and £1,197k from endowed funds.

The 2023 resources expended of £9,902k represented £7,887k from unrestricted funds, £846k from restricted funds and £1,169k from endowed funds.

34

St Peter's College Notes to the financial statements For the year ended 31 July 2024

7 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
Financial administration
Domestic administration
Human resources
IT
Depreciation
Loss/(profit) on fixed assets
Bank interest payable
Other finance charges
Governance costs		 Generating
Funds
£'000
63
7
9
73
-
-
-
-
2
154
Generating
Funds
£'000
76
7
11
61
-
-
-
-
2
157		 Teaching
and
Research
£'000
318
299
82
271
1,489
-
437
(1,691)
35
1,240
Teaching
and
Research
£'000
393
81
97
268
1,176
-
422
(1,040)
26
1,423		 Public
Worship
£'000
-
-
-
-
-
-
-
-
-
-
Public
Worship
£'000
-
-
-
-
-
-
-
-
-
-		 Heritage
£'000
-
-
-
-
-
-
-
-
-
-
Heritage
£'000
-
-
-
-
-
-
-
-
-		 2024
Total
£'000
381
306
91
344
1,489
-
437
(1,691)
37
1,394
2023
Total
£'000
469
88
108
329
1,176
-
422
(1,040)
28
1,580

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

Governance costs comprise:
Auditor's remuneration - audit services
Auditor's remuneration - tax advisory services		 2024
£'000
34
3
37		 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.

35

St Peter's College Notes to the financial statements For the year ended 31 July 2024

GRANTS AND AWARDS
During the year the College funded research awards and bursaries to students
from its restricted and unrestricted fund as follows:
Unrestricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Total unrestricted
Restricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Total restricted
Endowed funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Total endowed
Total grants and awards		 2024
£'000
20
2
22
95
60
155
87
34
121
298		 2023
£'000
16
-
16
159
73
232
62
33
95
343

8 GRANTS AND AWARDS

The figure included above represents the cost to the College of the Oxford Bursary scheme. Students of this college received £226k (2023: £226k).Some of those students also received fee waivers amounting to £9 (2023:£9).

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

36

St Peter's College Notes to the financial statements For the year ended 31 July 2024

9 STAFF COSTS

The aggregate staff costs for the year were as follows.
Salaries and wages
Social security costs
Pension costs:
Defined benefit schemes
Defined contribution schemes
Other staff costs
Movement in pension deficit liability
Total
The average number of employees of the College, excluding Trustees,
was as follows.
Tuition and research
College residential
Public worship
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
4,423
356
464
124
139
(1,752)
3,754
2024
51
73
1
5
8
138
25
5
4
1
35		 2023
£'000
4,076
360
541
142
255
(1,064)
4,310
2023
43
63
1
6
7
120
24
6
4
2
36

The College also benefits from temporary staff, agency workers and those part-time external tutors who are not on the College payroll.

Redundancy payments are accounted for in the period in which the employee was informed of the decision. Where redundancy costs are uncertain, the figure in the accounts represents a best estimate. These costs will be met through unrestricted funds. Termination payments made during the year totalled £4k (2023: £83k)

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

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

£60,001-£70,000
The number of the above employees with retirement benefits accruing was as follows:
In defined benefits schemes
In defined contribution schemes
The College contributions to defined contribution pension schemes totalled		 4
95
38
£'000
124		 3
94
38
£'000
142

37

St Peter's College Notes to the financial statements For the year ended 31 July 2024

10 TANGIBLE FIXED ASSETS
Group
Cost
At start of year
Additions
Disposals
Transfer
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
College
Cost
At start of year
Additions
Disposals
Transfer
At end of year
Depreciation and impairment
At start of year
Charge for the year
On disposals
Impairment
At end of year
Net book value
At end of year
At start of year		 Leasehold
land and
buildings
£'000
100
-
-
100
15
1
-
-
16
84
85
Leasehold
land and
buildings
£'000
100
-
-
-
100
15
1
-
16
84
85		 Freehold
land and
buildings
£'000
40,544
3,834
(298)
13,134
57,214
12,318
1,310
(294)
-
13,334
43,880
28,226
Freehold
land and
buildings
£'000
40,583
3,864
(298)
13,264
57,413
12,318
1,310
(294)
-
13,334
44,079
28,265		 Work in
Progress
£'000
13,254
243
-
(13,159)
338
-
-
-
-
-
338
13,254
Work in
Progress
£'000
13,384
243
-
(13,289)
338
-
-
-
-
-
338
13,384		 Fixtures,
fittings and
equipment
£'000
2,462
294
(307)
25
2,474
1,412
177
(306)
-
1,283
1,191
1,050
Fixtures,
fittings and
equipment
£'000
2,462
294
(307)
25
2,474
1,412
177
(306)
-
1,283
1,191
1,050		 Total
£'000
56,360
4,371
(605)
-
60,126
13,745
1,488
(600)
-
14,633
45,493
42,615
Total
£'000
56,529
4,401
(605)
-
60,325
13,745
1,488
(600)
-
14,633
45,692
42,784

Included within fixed assets above are intangible assets of £156k cost and £116k depreciation. 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.

38

St Peter's College Notes to the financial statements For the year ended 31 July 2024

11 PROPERTY INVESTMENTS

Group
Agricultural
Commercial
£'000
£'000
Valuation at start of year
-
-
Additions and improvements at cost
-
-
Disposals
-
-
Revaluation gains/(losses) in the year
-
-
Valuation at end of year
-
-
College
Agricultural
Commercial
£'000
£'000
Valuation at start of year
-
-
Additions and improvements at cost
-
-
Disposals
-
-
Revaluation gains/(losses) in the year
-
-
Valuation at end of year
-
-		 Other
£'000
5,458
-
-
47
5,505
Other
£'000
5,458
-
-
47
5,505		 2024
Total
£'000
5,458
-
-
47
5,505
2024
Total
£'000
5,458
-
-
47
5,505		 2023
Total
£'000
5,174
239
-
45
5,458
2023
Total
£'000
5,174
239
-
45
5,458

Formal valuations at open market value of a proportion of the properties was prepared by Aitchison Raffety Limited and Cluttons, independent firms of surveyors regulated by RICS as at 31st July 2024. The college policy is to obtain an external professional valuation on a rolling three year basis. The trustees do not believe the current market value is materially different to the above stated value.

39

St Peter's College Notes to the financial statements For the year ended 31 July 2024

12 OTHER INVESTMENTS

All investments are held at fair value.

Group investments
Valuation at start of year
New money invested
Amounts withdrawn
Reinvested income
Investment management fees
(Decrease)/increase in value of investments
Group investments at end of year
Investment in subsidiaries
College investments at end of year
Group investments comprise:
Held outside
the UK
£'000
Equity investments
13,304
Global multi-asset funds
-
Fixed term deposits and cash
-
Total group investments
13,304		 Held in
the UK
£'000
-
43,378
-
43,378		 2024
Total
£'000
13,304
43,378
-
56,682		 Held outside
the UK
£'000
11,744
-
-
11,744		 2024
£'000
52,787
-
-
-
(299)
4,194
56,682
-
56,682
Held in
the UK
£'000
-
41,043
-
41,043		 2023
£'000
53,678
-
-
-
(278)
(613)
52,787
-
52,787
2023
Total
£'000
11,744
41,043
-
52,787

13 PARENT AND SUBSIDIARY UNDERTAKINGS ( see note 34(b) for 2023 comparatives)

The College holds 100% of the issued share capital in St Peter's College Design & Build Limited, a company providing design and build construction services to the College, and, St Peter's College Conference and Events Limited a company providing conference and events services to third parties .

Income
Expenditure
Donation to College under gift aid
Gains on investments
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 2024
£'000
12,089
(9,700)
22
4,241
6,652
118,617
(111,965)
6,652
Parent
College		 2024
£'000
341
(256)
-
85
353
(268)
85
St Peter's
College
Conference &
Events		 2024
£'000
3,043
(3,021)
(22)
-
599
(599)
-
St Peter's
College
Design &
Build Limited

40

St Peter's College Notes to the financial statements For the year ended 31 July 2024

14 STATEMENT OF INVESTMENT TOTAL RETURN ( see note 34(c) for 2023 comparatives)

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns. The investment return to be applied as income is calculated as 3.7% (2023: 3.8%) (plus costs) of the average of the year-end values of the relevant investments over the previous 3 years. The preserved (frozen) value of the invested endowment capital represents its open market value on 31st July 2010 together with all subsequent endowments valued at date of gift.

Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
At the beginning of the year:
Gift component of the permanent
endowment
8,386
-
8,386
Unapplied total return
-
3,767
3,767
Expendable endowment
-
-
-
Total Endowments
8,386
3,767
12,153
Movements in the reporting period:
Gift of endowment funds
-
-
Investment return: total investment income
-
394
394
Investment return: realised and unrealised gains and losses
886
886
Less: Investment management costs
-
(85)
(85)
Other transfers
15
15
Total
-
1,210
1,210
Unapplied total return allocated to income in the reporting period
(288)
(288)
Expendable endowments transferred to income
-
-
-
Expenditure applied directly to endowment
(177)
(177)
-
(465)
(465)
Net movements in reporting period
-
745
745
At end of the reporting period:
8,386
-
8,386
Unapplied total return
-
4,512
4,512
Expendable endowment
-
-
-
Total Endowments
8,386
4,512
12,898
Gift component of the permanent endowment
Permanent Endowment		 Expendable
Endowment
£'000
-
-
40,661
40,661
25
1,317
2,961
(286)
4,017
(879)
(649)
(1,528)
2,489
-
-
43,150
43,150		 Total
Endowments
£'000
8,386
3,767
40,661
52,814
25
1,711
3,847
(371)
15
5,227
(288)
(879)
(826)
(1,993)
3,234
8,386
4,512
43,150
56,048

41

St Peter's College Notes to the financial statements For the year ended 31 July 2024

15 DEBTORS

Amounts falling due within one year:
Trade debtors
Amounts owed by College members
Prepayments and accrued income
Other debtors
CREDITORS: falling due within one year
Bank overdrafts
Bank loans
Trade creditors
Amounts owed to Group undertakings
Taxation and social security
College contribution
Accruals and deferred income
Other creditors
CREDITORS: falling due after more than one year
Fixed rate debt due 2060 and bank loans		 2024
Group
£'000
885
130
694
-
1,709
2024
Group
£'000
-
381
299
-
150
-
1,790
288
2,908
2024
Group
£'000
20,509
20,509		 2023
Group
£'000
667
36
571
1
1,275
2023
Group
£'000
-
381
687
-
111
-
1,138
286
2,603
2023
Group
£'000
20,889
20,889		 2024
College
£'000
861
130
694
-
1,685
2024
College
£'000
-
381
292
311
183
-
1,152
288
2,607
2024
College
£'000
20,509
20,509		 2023
College
£'000
667
36
561
1
1,265
2023
College
£'000
-
381
286
635
179
-
820
286
2,587
2023
College
£'000
20,889
20,889

16 CREDITORS: falling due within one year

17 CREDITORS: falling due after more than one year

The NatWest Loan due after more than a year of £889k (2022: £1,270k) is secured on College assets. The loan is made up of two tranches, Tranche A (£410k) and Tranche B (£479k). Interest on the tranches are charged at 0.25% and 0.35% above base rate respectively. This loan is repayable over 20 years ending 2027. The private placement with Canada Life of £20,000k is a 40 year facility expiring in 2060 with interest payable at 1.81% per annum.

42

St Peter's College Notes to the financial statements For the year ended 31 July 2024

18 ANALYSIS OF MOVEMENTS ON FUNDS (see note 34(d) for 2023 comparatives)
At 1 August
Incoming
Resources
2023
resources
expended
£'000
£'000
£'000
Endowment Funds - Permanent
E P Abraham & Cephalosporin
Fellowships
1,861
60
(72)
Vanderveil Foundation
527
17
(34)
284
9
(13)
The Carrie Perrodo Fellowship in
Physics
1,178
38
(36)
Gustav Born Fund
258
8
(14)
General Permanent endowment
6,883
223
(48)
1,156
55
(45)
Endowment Funds - Expendable
Herd Endowment
621
20
(54)
Rank Biochemistry Fellowship
446
14
(20)
Sir G White Fellowship
792
26
(36)
The Alexander Mosley Fellowship
in Engineering Fund
1,426
46
(58)
Edgar Jones Fund
10,041
325
(355)
Laura Ashley Holdings Oxford
Bursary Fund
395
13
(16)
Barron History Teaching Fellowship
1,642
53
(74)
Earth Sciences Teaching Fellowship
Fund
882
29
(31)
The Simpson Fund
1,373
44
(61)
Latner Fund
263
9
(16)
Chingiz Gutseriev Research Fellow
in Archaeology & Anthropology
730
24
(28)
General expendable endowment
20,835
674
(147)
1,221
49
(39)
Total Endowment Funds - College
52,814
1,736
(1,197)
Endowment funds held by
subsidiaries
-
-
Total Endowment Funds - Group
52,814
1,736
(1,197)
Other Specific Expendable
Endowment funds with balances
under £250K
Yamani Fellowship in Public &
International Law
Other Specific Permanent
Endowment funds with balances
under £250K		 18 ANALYSIS OF MOVEMENTS ON FUNDS (see note 34(d) for 2023 comparatives)
At 1 August
Incoming
Resources
2023
resources
expended
£'000
£'000
£'000
Endowment Funds - Permanent
E P Abraham & Cephalosporin
Fellowships
1,861
60
(72)
Vanderveil Foundation
527
17
(34)
284
9
(13)
The Carrie Perrodo Fellowship in
Physics
1,178
38
(36)
Gustav Born Fund
258
8
(14)
General Permanent endowment
6,883
223
(48)
1,156
55
(45)
Endowment Funds - Expendable
Herd Endowment
621
20
(54)
Rank Biochemistry Fellowship
446
14
(20)
Sir G White Fellowship
792
26
(36)
The Alexander Mosley Fellowship
in Engineering Fund
1,426
46
(58)
Edgar Jones Fund
10,041
325
(355)
Laura Ashley Holdings Oxford
Bursary Fund
395
13
(16)
Barron History Teaching Fellowship
1,642
53
(74)
Earth Sciences Teaching Fellowship
Fund
882
29
(31)
The Simpson Fund
1,373
44
(61)
Latner Fund
263
9
(16)
Chingiz Gutseriev Research Fellow
in Archaeology & Anthropology
730
24
(28)
General expendable endowment
20,835
674
(147)
1,221
49
(39)
Total Endowment Funds - College
52,814
1,736
(1,197)
Endowment funds held by
subsidiaries
-
-
Total Endowment Funds - Group
52,814
1,736
(1,197)
Other Specific Expendable
Endowment funds with balances
under £250K
Yamani Fellowship in Public &
International Law
Other Specific Permanent
Endowment funds with balances
under £250K		 Transfers
£'000
(22)
(11)
-
(11)
-
(260)
16
(11)
(97)
-
-
(11)
-
-
-
(745)
-
(1,152)
-
(1,152)		 Gains/
(losses)
£'000
135
38
21
86
17
501
88
45
33
58
104
730
29
120
64
100
19
53
1,517
89
3,847
-
3,847		 At 31 July
2024
£'000
1,962
537
301
1,255
269
7,299
1,270
632
473
840
1,507
10,644
421
1,741
933
1,456
275
779
22,134
1,320
56,048
-
56,048
Endowment funds held by
subsidiaries
Total Endowment Funds - Group 52,814

43

St Peter's College Notes to the financial statements For the year ended 31 July 2024

Restricted Funds
Student Hardship Fund
Student Support fund
Deferred Capital
Crowther Student Support Fund
College Maintenance - CCC
Castle Hill House Project
Total Restricted Funds - College
Restricted funds held by
subsidiaries
Total Restricted Funds - Group
Unrestricted Funds
Designated funds
General funds
Total Unrestricted Funds - College
Consolidation adj on construction
contract with sub
Total Unrestricted Funds - Group
Total Funds
Other restricted funds with
balances under £75K		 127
97
7,731
257
180
12,981
611
21,984
-
21,984
14,374		 9
34
214
77
495
829
-
829
9,863
9,863
9,863
12,428		 (13)
(15)
(606)
(18)
-
(1)
(419)
(1,071)
-
(1,071)
(7,666)
(7,666)
(30)
(7,696)
(9,964)		 13,389
(243)
(13,057)
(145)
(56)
-
(56)
1,209
1,209
1,209
1		 -
-
-
-
-
-
-
-
-
-
394
394
394
4,241		 123
116
20,514
239
151
-
542
21,686
-
21,686
-
18,174
18,174
(198)
17,976
95,710
14,374
(168)
14,206
89,004

The total transfers from endowment funds of £1,204k relate to the total return transfer, which is shown in the income section of the SOFA.

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

44

St Peter's College 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:

A consolidation of gifts and donations where income, but not capital, can be used for the
General Permanent Endowment general purposes of the charity.
Specific Purpose Endowments Donations where income, but not the original capital, can be used for the following
purposes of the charity:
E P Abraham & Cephalosporin
Fellowships - To support fellowships in medical, chemical and biological sciences.
Vanderveil Foundation Fellowship - To support an Engineering fellowship.
Yamani Fellowship in Public &
International Law - To support a Law fellowship.
The Carrie Perrodo Fellowship in
Physics - To support a Physics fellowship.
Other Specific Permanent - To support a variety of purposes, student grants / prizes / bursaries / hardship, fellowships
Endowment funds with balances and other teaching costs.
under £250k
Endowment Funds - Expendable:
A consolidation of gifts and donations, which must be invested to produce income and
General Expendable Endowment where either income, or income and/or capital, can be used for the general purposes of the
charity.
Specific Purpose Endowments Donations where related income, or income and capital, can be used for the following
purposes of the charity:
Herd Endowment Fund - To support an Engineering fellowship.
Rank Biochemistry Fellowship - To support a Biochemistry fellowship.
Sir G White Fellowship - To support an English fellowship.
The Alexander Mosley Fellowship
in Engineering Fund - To support an Engineering fellowship.
Edgar Jones Fund - To support two fellowships, fund the Edgar Jones leavers dinner, fund philosophy prizes
with the residuary balance to be used for the educational benefit of undergraduate
members of the College during their course of study.

Laura Ashley Holding Oxford Bursaries Fund - To support undergraduate Oxford Bursaries. Barron History Teaching Fellowship - To support a History fellowship. Earth Sciences Teaching Fellowship Fund - To support an Earth Sciences fellowship. The Simpson Fund - To support students of The College. Other Specific Expendable - To support a variety of purposes, student grants / prizes / bursaries / hardship, chapel & Endowment funds with balances library running costs, fellowships and other teaching costs. under £200k

45

St Peter's College Notes to the financial statements For the year ended 31 July 2024

Restricted Funds:

Restricted Funds:
Donations and Gifts where both income and capital can be used for the following purposes
of the charity:
Student Hardship Fund - To support students in hardship.
Deferred Capital - To fund fixed asset projects.
Staircase II renovation - To support the Staircase II renovation project.
Crowther Student Support Fund - To support students and Oxford Bursaries.
Engineering Fund - To support the teaching of engineering.
Sports Fund - To support College sport.
History Fellowship - To support a History Fellowship.
College Maintenance - To support the College's maintenance programme.
Castle Hill House Project - To support the Castle Hill House student accommodation capital project
Other restricted funds with - To support a variety of purposes, student grants / prizes / bursaries / hardship, College
balances under £50K running costs, fellowships and other teaching costs.

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.

46

St Peter's College Notes to the financial statements For the year ended 31 July 2024

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS
Group
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities
Defined benefit pension scheme liability
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities
Defined benefit pension scheme liability
College
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities
Defined benefit pension scheme liability
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities
Defined benefit pension scheme liability		 Unrestricted
Funds
£'000
24,969
-
6,139
7,377
(20,509)
-
17,976
Unrestricted
Funds
£'000
22,036
-
5,431
10,316
(20,889)
(2,688)
14,206
Unrestricted
Funds
£'000
25,166
-
6,139
7,293
(20,509)
18,089
Unrestricted
Funds
£'000
22,205
-
5,431
10,319
(20,889)
(2,688)
14,378		 Restricted
Funds
£'000
20,526
-
1,160
-
21,686
Restricted
Funds
£'000
20,579
-
1,405
-
21,984
Restricted
Funds
£'000
20,526
-
1,160
-
21,686
Restricted
Funds
£'000
20,579
-
1,405
-
21,984		 Endowment
Funds
£'000
-
5,505
50,543
-
-
56,048
Endowment
Funds
£'000
-
5,458
47,356
-
-
52,814
Endowment
Funds
£'000
-
5,505
50,543
-
56,048
Endowment
Funds
£'000
-
5,458
47,356
-
52,814		 2024
Total
£'000
45,495
5,505
56,682
8,537
(20,509)
-
95,710
2023
Total
£'000
42,615
5,458
52,787
11,721
(20,889)
(2,688)
89,004
2024
Total
£'000
45,692
5,505
56,682
8,453
(20,509)
-
95,823
2023
Total
£'000
42,784
5,458
52,787
11,724
(20,889)
(2,688)
89,176

47

St Peter's College Notes to the financial statements For the year ended 31 July 2024

21 TRUSTEES' REMUNERATION

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

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

No trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the college receive salaries for their work as employees. These salaries are paid on external academic and academic-related scales and often are joint arrangements with the University of Oxford.

All Official Fellows are eligible for a Housing Allowance, which is disclosed within the salary figures below.

The College has a Audit, Risk & Remuneration Committee which makes recommendations to Governing Body on pay and benefits which are outside of external scales. The composition of the Remuneration Committee is set out in pp 2-4 of the section Governing Body, Officers and Advisers.

Remuneration paid to trustees

Range
£3,000-£9,000
£9,001-£20,000
£22,001-£23,000
£23,001-£24,000
£24,001-£25,000
£25,001-£26,000
£26,001-£27,000
£27,001-£28,000
£30,001-£31,000
£31,001-£32,000
£32,001-£40,000
£40,001-£50,000
£50,001-£56,000
£56,001-£60,000
£60,001-£61,000
£61,001-£62,000
£62,001-£63,000
£63,001-£70,000
£70,001-£80,000
£80,001-£100,000
£100,001-£135,000
£163,001-£162,000
Total		 1
4
1
1
15
2
-
1
-
1
1
1
1
-
2
-
2
2
1
1
37
Number of
Trustees/
Fellows		 135,473
2024
379,005
£
3,224
56,980
Gross remuneration,
taxable benefits and
pension contributions
23,658
24,014
-
1,400,072
30,533
134,297
153,764
95,075
-
37,813
53,085
-
41,367
50,992
56,848
123,944
-
-		 1
3
-
1
2
6
8
4
1
1
1
-
-
1
1
1
1
2
2
-
1
1
38
Number of
Trustees/
Fellows		 -
-
-
136,232
Gross remuneration,
taxable benefits and
pension contributions
2023
163,030
53,612
£
62,651
130,840
3,065
1,522,721
-
23,636
48,952
30,344
31,113
61,317
153,507
39,264
145,741
209,989
59,080
110,096
60,252

7 trustees are not employees of the college and do not receive remuneration. All trustees may eat at common table, as can all other employees who are entitled to meals while working.

48

St Peter's College Notes to the financial statements For the year ended 31 July 2024

Other transactions with trustees

No trustee claimed expenses for any work performed in discharge of duties as a trustee.

See also note 30 Related Party Transactions

Key management remuneration

The total remuneration paid to key management was £328k (2023: £299k).

Key management, excluding trustees of the charity, are considered to be the Director of Development and Alumni Relations, Domestic Bursar, Interim Bursar & College Accountant.

22 PENSION SCHEMES

Pension Scheme Provisions

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 each held in separate trustee-administered funds. USS and OSPS schemes are contributory mixed benefit schemes (i.e. they provide benefits on a defined benefit basis - based on length of service and pensionable salary and on a defined contribution basis – based on contributions into the scheme). 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 made available the National Employment Savings Trust for non-employees who are eligible under automatic enrolment regulations to pension benefits but not eligible for either USS or OSPS.

49

St Peter's College Notes to the financial statements For the year ended 31 July 2024

Actuarial valuations

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

USS OSPS
Date of valuation: 31/03/2023 31/03/2022
Date valuation results published: 20/12/2023 26/07/2023
Value of Liabilities: £65.7bn £914m
Value of assets: £73.1bn £961m
Funding surplus/(deficit): £7.4bn £47m
Principal assumptions:
Discount rate Fixed
interest gilt
yield curve
plus:0.9%- Gilts +0.5%-
2.5% 2.25%
Rate of increase in salaries n/a RPI
Rate of increase in pensions CPI+0.03%c RPI +pa
Assumed life expectancies on retirement at age 65:
Males currently aged 65 23.7yrs
Females current aged 65 25.6yrs
Males currently aged 45 25.4yrs
Females currently aged 45 27.2yrs
Funding ratios:
Technical provision basis 111% 105%
Employer contribution rate ( as % of pensionable salaries): 21.6% down 16.5% for DB
to 14.5% members
from 1 Jan from 1 Oct
2024 2023
Effective date of next valuation: 31/03/2026 31/03/2025

a. The discount rate (forward rates) for the USS valuation was:

Fixed interest gilt yield curve plus: Pre-retirement 2.5%, post retirement 0.9%

Pre-retirement: Equal to the UK nominal gilt curve a the valuation date plus 2.25% p.a. at each term. Post-retirement: Equal to the UK nominal gilt curve at the valuation date plus 0.5% p.a. at each term.

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

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030.

50

St Peter's College Notes to the financial statements For the year ended 31 July 2024

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

RPI inflation is derived from the geometric difference between the UK nominal gilt curve and the UK index-linked curve at the valuation date, less 0.3% p.a. at each term. CPI inflation is derived from the RPI inflation assumption, less the Scheme Actuary’s best estimate of the long-term difference between RPI and CPI inflation as applies from time to time (0.5% p.a. pre-2030 and 1% p.a. post-2030).

For pension increases linked to inflation, a pension increase curve is constructed based on either the RPI, CPI or the average of the RPI and CPI inflation curves described above, adjusted to allow for the different maximum and minimum annual increases that apply, and the Scheme Actuary’s best estimate of inflation volatility as applies from time to time. (1% pa pre-2030 and 0.1% post-2030)

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

Deficit Recovery Plans

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%. As set out above, no deficit recovery 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 of £1,701k to the income and expenditure account. In line with the 2023 valuation changes to contribution rates were implemented from 1 January 2024. The latest available completed actuarial valuation of the Retirement Income Builder is as at 31 March 2023 ( the valuation date), which was carried out using the projected unit method.

OSPS

The latest full actuarial valuation for the OSPS scheme was completed as at March 2022. No deficit recovery plan was required under the 2022 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 October 2024 and accordingly released the outstanding provision of £12k to the profit and loss account in 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:

Scheme
Universities Superannuation Scheme
University of Oxford Staff Pension Scheme
Other schemes – contributions
Total		 2024
£000's
384
204
-
588		 2023
£000's
450
533
-
983

These amounts include £124k (2023: £142k) contributions payable to defined contribution schemes at rates There are no pension contributions included in other creditors (2023 £nil).

A copy of the full actuarial valuation report and other further details on the scheme are available on the relevant website: www.uss.co.uk , w1.admin.ox.ac.uk/finance/epp/pensions/schemes/osps .

51

St Peter's College Notes to the financial statements For the year ended 31 July 2024

23 TAXATION

The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital

24 FINANCIAL INSTRUMENTS

The College has certain financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Certain other financial instruments are held at fair value, with gains and losses being recognised within income and expenditure.

The College has the following financial instruments:

Financial assets measured at fair value through profit or loss
Investments
Financial assets measured at amortised cost
Cash and cash equivalents
Debtors and accrued income
Financial liabilities measured at amortised cost
Bank loans
Accruals and deferred income
Other creditors
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
Management fees charged to capital
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		 2024
Group
£'000
56,682
56,682
9,657
1,709
11,366
20,890
1,790
288
22,968
2024
Group
£'000
6,705
(2,530)
(4,241)
299
(25)
1,489
5
(6)
(434)
305
-
(1,713)
(146)		 2023
Group
£'000
52,787
52,787
11,999
1,275
13,274
21,270
1,138
286
22,694
2023
Group
£'000
1,047
(2,364)
568
278
(25)
1,176
-
(1)
142
82
-
(975)
(72)

52

St Peter's College Notes to the financial statements For the year ended 31 July 2024

26 ANALYSIS OF CHANGES IN DEBT
Cash
Cash equivalents
Loans falling due within one year
Loans falling due after more than one year
27 ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Notice deposits (less than 3 months)
Bank overdrafts
Total cash and cash equivalents
28 FINANCIAL COMMITMENTS RECEIVABLE
Land and buildings
expiring within one year
expiring between two and five years
expiring in over five years
At 31 July 2024 the College was due to receive the following under		 At start of
year
Cashflows
Other non
cash
changes
£'000
£'000
£'000
11,999
(2,342)
-
(381)
381
(381)
(20,890)
381
(9,272)
(1,961)
-
2024
£'000
9,657
-
-
9,657
£'000
209
330
-
539
non-cancellable operating leases.		 At end of
year
£'000
9,657
-
(381)
(20,509)
(11,233)
2023
£'000
11,999
-
-
11,999
£'000
329
543
872

29 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July for future capital projects totalling £67k (2023 - £2,795k).

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.

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:

agreements between the trustee and the College:
2024 2023
Number of Number of
£220,001 - £230,000 - 1
£230,001 - £240,000 3 3
£240,001 - £250,000 1 1
£250,001-£300,000 1 -

All joint equity properties are subject to sale on the departure of the trustee from the College. The trustees pay rent to the College on the College owned share of the properties at the assessed current market rate.

53

St Peter's College Notes to the financial statements For the year ended 31 July 2024

31 OPERATING LEASES

At 31 July 2024 the College had annual commitments under non-cancellable operating leases as follows:

Land and buildings
expiring within one year
expiring between two and five years
expiring in over five years		 2024
£'000
54
219
171
444		 2023
£'000
48
82
184
314

32 CONTINGENT LIABILITIES

There are no other adjusting or non-adjusting post balance sheet events that require disclosure at 31 July 2024 (2023:None). At the balance sheet date contract negotiations with Wilmott Dixon Construction (WDC), the main contractor on the Castle Bailey Quad redevelopment, relating to the final account for this project were ongoing. The contractor has claimed a final account valuation of £13,855k against the Quantity Surveyor approved valuation of £12,680k. The College has asked for additional information in order to assess and substantiate the additional amount claimed and, to date, has not received satisfactory documentation. Therefore, the Trustees do not believe this additional claim meets either the reasonable measurement nor the probable outflow criteria for this to be recognised as a liability at the year-end (2023:None).

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.

33 POST BALANCE SHEET EVENTS

There are no other adjusting or non-adjusting post balance events that require disclosure at 31 July 2024 (2023: none).

54

St Peter's College Notes to the financial statements For the year ended 31 July 2024

34 ADDITIONAL PRIOR YEAR COMPARATIVES

(a) Statement of Financial Activities
Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
1
Teaching, research and residential
Other Trading Income
3
Donations and legacies
2
Investments
Investment income
5
Total return allocated to income
14
Other income
4
Total income
EXPENDITURE ON:
6
Charitable activities:
Teaching, research and residential
Generating funds:
Fundraising
Trading expenditure
Investment management costs
Total Expenditure
Net gains/(losses) on investments
11, 12
Net Income/(Expenditure)
Transfers between funds
18
Net movement in funds for the year
Fund balances brought forward
18
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
7,107
148
920
417
1,212
9,804
8,577
582
45
42
9,246
(27)
531
12
543
12,824
13,367		 Restricted
Funds
£'000
-
-
952
215
-
1,167
872
-
-
-
872
-
295
(12)
283
20,778
21,061		 Endowed
Funds
£'000
-
-
25
1,732
(1,212)
545
758
-
-
383
1,141
(327)
(923)
-
(923)
54,930
54,007		 2023
Total
£'000
7,107
148
1,897
2,364
-
-
11,516
10,207
582
45
425
11,259
(354)
(97)
-
(97)
88,532
88,435		 2022
Total
£'000
6,344
85
2,738
1,871
-
0
11,038
10,207
582
45
425
11,259
(354)
-575
-
(575)
88,532
87,957

55

St Peter's College Notes to the financial statements For the year ended 31 July 2024

(b) PARENT AND SUBSIDIARY UNDERTAKINGS (refer to note 13)

The College holds 100% of the issued share capital in St Peter's College Design & Build Limited, a company providing design and build construction services to the College.

Income
Expenditure
Gains on investments
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 2023
£'000
11,040
(11,215)
(354)
(529)
114,494
(26,446)
88,048
Parent College		 2023
£'000
3,417
(3,389)
28
722
(722)
-
St Peter's
College
Design & Build
Limited

56

St Peter's College Notes to the financial statements For the year ended 31 July 2024

(c) STATEMENT OF INVESTMENT TOTAL RETURN (refer to note 14)

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns. The investment return to be applied as income is calculated as 3.9% (2023: 3.9%) (plus costs) of the year-end values of the relevant investments. The preserved (frozen) value of the invested endowment capital represents its open market value on 31st July 2010 together with all subsequent endowments valued at date of gift.

Unapplied
Trust for
Total
Investment
Return
Total
£'000
£'000
£'000
At the beginning of the year:
Gift component of the permanent
endowment
8,384
-
8,384
Unapplied total return
-
4,230
4,230
Expendable endowment
-
-
-
Total Endowments
8,384
4,230
12,614
p
g p
Gift of endowment funds
2
-
2
Investment return: total investment income
-
387
387
Investment return: realised and unrealised gains and losses
(75)
(75)
Less: Investment management costs
-
(88)
(88)
Other transfers
Total
2
224
226
Unapplied total return allocated to income in the reporting period
(291)
(291)
Expendable endowments transferred to income
-
Expenditure applied directly to endowment
-
(124)
(124)
-
(415)
(415)
Net movements in reporting period
2
(191)
(189)
At end of the reporting period:
Gift component of the permanent
endowment
8,386
-
8,386
Unapplied total return
-
4,039
4,039
Expendable endowment
-
-
-
Total Endowments
8,386
4,039
12,425
Permanent Endowment		 Expendable
Endowment
£'000
-
-
42,316
42,316
15
1,295
(252)
(295)
763
(921)
(634)
(1,555)
(792)
-
-
41,524
41,524		 Total
Endowments
2022
£'000
8,384
4,230
42,316
54,930
17
1,682
(327)
(383)
-
989
(291)
(921)
(758)
(1,970)
(981)
8,386
4,039
41,524
53,949

57

St Peter's College Notes to the financial statements For the year ended 31 July 2024

(d) ANALYSIS OF MOVEMENTS ON FUNDS (refer to note 18)
At 1 August
Incoming
2021
resources
£'000
£'000
Endowment Funds - Permanent
E P Abraham & Cephalosporin
Fellowships
1,935
59
Vanderveil Foundation
563
17
296
9
The Carrie Perrodo Fellowship in
Physics
1,209
37
General Permanent endowment
249
8
7,168
219
1,189
39
Endowment Funds - Expendable
Herd Endowment
Rank Biochemistry Fellowship
618
19
Sir G White Fellowship
465
14
The Alexander Mosley Fellowship
in Engineering Fund
826
25
Edgar Jones Fund
1,480
45
Laura Ashley Holdings Oxford
Bursary Fund
10,466
320
Barron History Teaching Fellowship
411
13
Earth Sciences Teaching Fellowship
Fund
1,710
52
The Simpson Fund
921
28
Latner Fund
1,451
44
Chingiz Gutseriev Research Fellow
in Archaeology & Anthropology
266
8
General expendable endowment
734
22
21,748
666
1,225
55
Total Endowment Funds - College
54,930
1,699
Endowment funds held by
subsidiaries
-
Total Endowment Funds - Group
54,930
1,699
Yamani Fellowship in Public &
International Law
Other Specific Permanent
Endowment funds with balances
Other Specific Expendable
Endowment funds with balances
under £250K		 Resources
expended
£'000
(58)
(13)
(13)
(34)
(2)
(50)
(42)
(7)
(20)
(36)
(55)
(392)
(18)
(65)
(32)
(83)
(11)
(15)
(150)
(45)
(1,141)
-
(1,141)		 Transfers
£'000
(14)
(9)
-
(9)
-
(259)
-
-
-
-
(9)
(72)
-
(9)
(9)
-
-
-
(822)
-
(1,212)
(1,212)		 Gains/
(losses)
£'000
(12)
(3)
(2)
(7)
(1)
(43)
(7)
(4)
(3)
(5)
(9)
(62)
(2)
(10)
(5)
(9)
(2)
(4)
(129)
(8)
(327)
-
(327)		 At 31 July
2022
£'000
1,910
555
290
1,196
254
7,035
1,179
626
456
810
1,452
10,260
404
1,678
903
1,403
261
737
21,313
1,227
53,949
-
53,949
Endowment funds held by
subsidiaries
Total Endowment Funds - Group

58

St Peter's College Notes to the financial statements For the year ended 31 July 2024

Restricted Funds
Student Hardship Fund
Student Support Fund
Deferred Capital
Crowther Student Support Fund
Engineering Fund
History Fellowship
Staircase II Building Works
College Maintenance - CCC
College Maintenance
Castle Hill House Project
Total Restricted Funds - College
Total Restricted Funds - Group
Unrestricted Funds
Designated funds
General funds
Revaluation reserve
Pension reserve
Total Unrestricted Funds - College
Unrestricted funds held by
subsidiaries
Consolidation adj on construction
contract with sub
Total Unrestricted Funds - Group
Total Funds
Other restricted funds with
balances under £75K		 134
46
6,836
313
34
76
62
259
123
12,537
358
20,778
20,778
12,883		 25
32
1,000
-
2
38
-
200
6
129
337
1,769
1,769
7,570
7,570
-
7,570
11,038		 (6)
(1)
(383)
(21)
(36)
(62)
-
-
(129)
-
(234)
(872)
(872)
(9,212)
(9,212)
-
(34)
(9,246)
(11,259)		 -
-
190
-
-
-
(62)
(128)
-
-
(12)
(12)
(12)
1,224
1,224
-
1,224
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
(27)
(27)
-
(27)
(354)		 153
77
7,643
292
-
52
331
-
12,666
449
21,663
21,663
-
12,438
-
-
12,438
-
(93)
12,345
87,957
12,883
(59)
12,824
88,532

The total transfers from endowment funds of £1,212k, relate to the total return transfer, which is shown in the income section of the SOFA.

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

59