2020-07-31-accounts - The Dean And Chapter Of The Cathedral Church Of Christ In Oxford Of The Foundation Of King Henry Viii

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		Pages
Governing Body, Officers and Advisers		2-4
Report ofthe	Governing Body	5-I3
Independent	Auditor's Report	14-15
Statement ofAccounting Policies		r6-zo
Consolidated	Statement ofFinancial Activities	2,1
Consolidated	and House Balance Sheets
Consolidated	Statement ofCash Flows
Notes to the	Financial Statements	24-48


Dean:
The Very Reverend Professor M.W.
Per
Canons:
The Venerable M.A. Gorick		(resi	ned 2y January		2o2o)
The Venerable J.P.M. Chaffrey		(a	ointed oi Ma		2o2o)
The Reverend Canon Professor	N.J.
Bi ar
The Reverend Canon Professor	S.R.I.
Foot
The Reverend Canon Professor	G.D.
Ward
The Reverend Canon E.J.Newe		(resi	ned r9 Jul	2o2o)
The Reverend R. Peers		(appointed oi September 2020)
Canon Professor C.Harrison
Students:
Professor R.B.Rutherford
Professor R.L.Judson
Professor I.M.C.Watson
Professor E.J.F.Sim son
Professor S.D.Howison
Professor M.J.Edwards
Professor M.D. McCulloch
Professor D. Obbink
Professor S.L. Rowland-Jones
Dr B.E.Jack
Professor D.P. McDonald
Professor S.Neubauer
Professor B.Parkinson
Professor E.M.C.Tandello-Coo	er
Dr D.P.Moran
Professor G.Wilkinson
Professor R.L. Davies
Professor SirJ.I.Bell
Professor G.A. Johnson
Professor J.G.E.Cross
Dr A.J.Clark
Dr B.W. Youn
Professor J.J.Davis
Professor M.C.A Bose
Professor J.Yee
Professor A. Kuhn
Mr J.C.F.S.I.awrie
Professor D.Aarts
Professor S.J.Cra
Professor R.Wade-Martins
Professor J.K. Schear
Professor E.G.W. Keene
Professor S.C.Mortimer
Professor K.McGer

hrist Church eport ofthe Governing Body ear ended 3tJuly zozo
Ms P.A. I,inieres-Hartle
Mr K. Sternber
Ms I,. Elder
Professor S.Dadson
Professor S.I.. Newstead
Professor K.C. Kin
Professor R. Barker
Professor J.Joosten	(ceased o3July zozo)
Professor S.Hiscock
Professor G. Hutchinson
Dr K. Lebow
Professor A. Kuo
Professor M. van der Schaar
Professor SirT.Berners-Lee
Professor A. Vasudevan
Professor P. Sedlacek
Mr M. Coote
Dr H. Hoo er	(resi ned 3o Se tember zor9)	~
Professor Y. Gal
Dr JAllison
Dr S Duncan
Professor S Grahl
Professor M Holwe
Professor C Kennefick
Professor YNakatsukasa
Dr I.Brassart
Dr E Smith

he senior staff	to whom da	y to day management is	delegated are as follows.
A The Dean			The Very Reverend Martyn	Pere
B The Senior	Censor		Pro error Geraldine johnson
C The Junior	Censor		Pro essor Dirk Aarts
D The Treasurer			MrJames Lawrie
E The Steward			Ms Pauline Linieres-Hartle
F The Censor	Theologiae	(in place ofthe Dean,	Professor lan Watson
when necessa	)

Risk										Measures
	Pandemic									Effective implementation		ofgovernment		policies;	support	for
										research into effective treatment			and vaccination.		Insurance.
	Recruitment		of	stafF	(academic			and	non-	Terms and	conditions of	service reviewed		regularly
	academic)
	Reputational		risk	From		lapses	in	academic		Monitor admissions procedures,			student	satisfaction and
	standards									exam results
4.	IT network	and data security								IT managed	jointly with	Pembroke College. Investment				in
										eo le and	hardware/software
	Disaster									Recovery planning procedures			reviewed	regularly,	liaison
										with emer	enc services
6.	Decline	in	purchasing			power		of	the	Diversified	portfolio and	close	oversight	from the	Investment
	endowment									Grou

annual i	nstalments	over their	expect	ed useful economic	lives as follows:
Freehold	properties,	including	major	extensions	go years
Leasehold	properties				~o years or period oflease ifshorter
Building	improvements				io —go years
Equipment					~ -io years
Books					2,%pa reducing	balance

					Unrestricted	Restricted	Endowed	2,02,0	2019
					Funds	Funds	Funds	Total	Total
				Notes	f.'ooo	X'ooo	f.'ooo	f,'000	f.'ooo
INCOME AND ENDOWMENTS		FROM:
Charitable activities:
Teaching, research and residential					8,564			8,564	10&563
Cathedral School					»374			z&374	z,z16
Cathedral					99	229	IO	338	4o6
Other trading income					1,075			I)075	936
Donations and legacies					110	377	2,&030	2,&5I7	3&058
Investments:
Investment incoine				4	12,3	23	19933	2,0)079	16,987
Total return allocated to income				15	Io,zo6	6,zzz	(16,4z8)
Other income				5	I)091	16		I&I07	126
Total income					23,642	6,867	5&545	36&054	34»92
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential					18,888	4»47		2,3&I35	25 903
Other charitable activities								798	590
Cathedral School					z,796				2,&469
Cathedral					1,837	167		2,&004	2,043
Generating funds:
Fundraising								626	906
Trading expenditure					865			865	652
Endowment management	costs				151		z,84z	»993	4 393
Interest payable on loan notes								I)2,44	1,02,7
Total expenditure					2,5)163	5)2,I2,	4,o86	34&46I	37,983
Net Income/(Expenditure) before gains					(I,szr)	I)655	I&459	I&593	(3,6»)
Net gains on investments				Iz, & 13			8,4ss	8&455	2.8&095
(Ix)sses)/Gains on complex	financial		instruments	26	(1,254)			(I254)	(1,244)
Net Income					(277S)	I)655	9&9I4	8&794	2,3,160
Transfers between funds				20	1,404	(1,743)	339
Other recognised gains/losses
Gains/(losses) on revaluation	offixed		assets						595
Net movement in funds for the year					(*,37I)	(88)	Io&2,53	8&794	23 755
Fund balances brought forward				20	(736)	II&096	S77 S68	587,928	564 173
Funds carried forward at 3IJuly					(z,to7)	II,oo8	587,82I	596,722	587,9z8

					2,02,0	2019	2,02,0	2019
					Group	Group	The House	The House
				Notes	5'ooo	f'000	5'ooo	f,'000
FIXEDASSETS
Tangible assets				10	17,481	'7 476	17&471	17,464
Property invesrinents				12.	2,48)32,9	2,13&055	zzz,I67	187,zo6
Other investments				13	395,996	405&623	4zo,8o7	430 434
Total Fixed Assets					66I,So6	636&154	660&445	635&I04
CU~ ASSETS
Stocks					824	718	768	718
Debtors				16	3&I32,	3&851	4&979	5 175
Cash at bank and in	hand				I4&325	15,300	13)676	14,28o
Total Current Assets					I8,28I	19,869	I9&423	20&173
LIABILITIES
Creditors: amounts	falling due within		one year	17	6,939	7)069	6,746	6.379
NET CURRENT ASSETS					II)342	12,8oo	Iz,677	13794
TOTAL ASSETSLESSCURRENT LIABILITIES					673,148	648 954	673,122	648,898
CREDITORS: falling due after more than one year				18	72,&9I6	56,66z	72,)9I6	56,66z
Provisions for liabilities		and charges		19	7I	105	7I	105
NET ASSETSBEFORE		PENSION LIABILITY			6oo,I6I	59z,187	6OO,I35	592,131
Defined benefit pension		scheme liability		24	3)439	4 259	3&439	4&259
TOTAL NET ASSETS					596)72,2,	587,928	596,696	587,87z
FUNDS OFTHE COLLEGE				20
Endowment funds					587,82I	S77,S68	587,821	S77.S68
Restricted funds					II,oo8	II&096	II)OOS	II)096
Unrestricted funds
Designated funds					733	6oo	733	6oo
General funds					3,966	5&036	8,489	9 529
Revaluation reserve					4)549	4 549
Pension and loan swap reserve				20& 24	(II&355)	(I0)921)	(»)355)	(10&921)
					596&722	587,928	596&696	587,87z

							2,02,0	20I9
						Notes	oooo	f,'ooo
Net cash provided by (used in) operating		activities					(I5&743)	(r3,ot8)
Cash flows &om investing activities
Dividends, interest and rents from	investments						2,0&079	r6,987
Cash inflows from new borrowing							I5,000
Interest payable on loan notes							(I244)	(r,o27)
Investment management costs							(»993)	(4,393)
Proceeds from the sale ofproperty,	plant		and equipment
Purchase ofproperty, plant and equipment							(9I2)	(3,687)
Proceeds from sale ofinvestments							II&498	7»044
Purchase ofinvestments							(28,69o)	(72,327)
Net cash provided by (used in) investing		activities					I2,738	7 597
Cash flows kom financing activities
Repayments ofborrowing
Receipt ofendowment							2,&030	2 453
Net cash provided by (used in) financing		activities					2,&030	"-453
Change in cash and cash equivalents	in	the	reporting	period			(975)	(2,968)
Cash and cash equivalents at the beginning			ofthe reporting		period		I5,300	r8,268
Cash and cash equivalents at the end	of	the	reporting	period		2,9	I4&325	15&300

INCOME FROM CHARITABLE ACTIVITIES	INCOME FROM CHARITABLE ACTIVITIES	INCOME FROM CHARITABLE ACTIVITIES	INCOME FROM CHARITABLE ACTIVITIES
				2.02,0	2019
Teaching, Research	and Residential			fooo	f'ooo
Unrestricted funds
Tuition fees - UK	and EU	students		1,859	r,S74
Tuition fees —Overseas students				928	745
Other fees				53	30
Other Office for Smdents		support		343	317
Other academic income				89	126
College residential Charitable visitor	income income			3 533 i 759 6,364	4 4i9 ~63
Total Teaching, Research and			Residential	8,564	10,563
Unrestricted funds Cathedral School Carhedral income	income			2 374 2,2i6 ~99~66
				2&473	2 372
Restricted funds
Cadiedral income				2?.9	243
				2,2,9
Endowed funds
Cathedral income				10
				Io
				2)712	2,622
Totalincome I'rom	charitab	e	activities	II276	13,185

DONATIONS	DONATIONS	DONATIONS	AND LEGACIES	AND LEGACIES	AND LEGACIES
						2020	2,019
						f'ooo	f'000
Donations		and	Legacies
Unrestricred		funds				IIO	130
Restricted	funds					377	475
Endowed	funds					2,o3o	2 453
						2&517	3,058
INCOME		FROM OTHER			TRADING ACTIVITIES
						202,0	2,019
						f'ooo	Eooo
Unreir??'ered		fi6nni
Subsidiary		company		trading	income
						1,075	936

INVESTMENT IN	C	OME
			2020	20I9
			5'ooo	Eooo
Unrestricted funds
Agricultural rent			66	8o
Bank interest			36	76
Other interest			I	I,
			123	I38
Restricted fss&sds
Odser interest			23	31
			23	3I
Endo ruedfunk
Agricultural rent			7O3	6I2
Commercial rent			4,8o4	4 O93
Other property	income		a,o46	' 477
Equity dividends			387	725
Orher investntent		income	II 793	9,89I
			I9 933	I6,798
Total Investment	income		20&079	I6&987
OTHER INCOME
			2020	I.QI9
			f,'ooo	Eooo
Unrestricted fu nds
Other nuscellaneous		income	I,09I	I09
			I&09I	IO9
Restri etedfu nds
Other miscellaneous		income
			I6	17

ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE	ANALYSIS OF EXPENDITURE
					2020	2019
					I,'000	f'OO0
Charitable expenditure
Direct staff costs allocated	ro:
Teaching, research 2nd	residential				7,890	9 991
Other direct cosrs allocated		to:
Teaching, research and	residemial				12,623	13,631
Other charirable activines						590
Cathedral school					2,730	z,4r6
Cathedral					2,004	2,043
Support and governance costs allocared				ro:
Teaching, research and	residential				2,6zz	z,z8r
Cathedral school					66	53
Total charitable expenditure						31,005
Expenditure on generating	funds
Direct sralf costs allocated	to:
Fundraising					393	569
Trading expenditure					350	372
Orher direct costs allocated		to:
Fundraising					'54	262
Trading expenditure					433	r86
Investment management		costs			2 727	4,250
Interest payable on notes					1,244	1,02.7
Support and governance costs allocated				to:
Fundraising					79	75
Trading expenditure					Sz	94
Investment management		costs			z66	143
Total expenditure on generating			funds		5,7z8	6,978
Total expenditure					34,461	37,983

ANALYSIS	OF SU	PPO	RT AND GO	VERNAN	CE COS	TS
											Teaching			Public
								Generating			and			Worship,	Choir		2,020
								Funds			Research			IScChoir	School	Heritage	Total
								f'000				f,'ooo			f'ooo	f'000	f'ooo
Financial administration									227			zo8					435
Domestic administration									59				579				638
Human resources																	44
IT									12					3S1
Endowment	management								115								115
Depreciation														839			9117
Loan interest	payable							1»44					502				I&746
Other finance charges									12					49			61
Governance	costs													50			50
								I	671			2,622			66	0	4&359
											Teaching			Public
								Generating			and			Worship,	Choir		2019
								Funds			Research			gc Choir	School	Heritage	Total
								f'ooo				f'000			f'000	f'000	f'000
Financial administration									215					235			450
Domesric administration									72					695
Human resources														27			2.7
IT									13					327			340
Depreciacion Loan interest payable Ocher finance charges Governance costs								1,027 11					413 498 39 47		53 0		467 1,52,5 50 ~4
								1&339				2	281		53	0	3,673
Financial and domestic			adminiscrarion	and IT costs are amibuted			according	ro che estimated		staff time		spent on each activity.
Depreciarion	cosrs	2nd profit or loss on		disposal	offixed assets are		arrributed	according	to the	use	made	ofthe underlying			assets.
Inreresr and	other	finance charges are anributed			according	ro che	purpose of	the related	financing.
																2020	2019
																f,'ooo	f'ooo
Govetnance	costs	comprise;
Auditor's remuneration			- audit services													43	46
Audicor's remuneracion			- other services
Other governance		costs
																50	47

GRANTS AND AWARD	S
							2020	2019
During the year the House	funded	academic awards and bursaries	to students	from its rescricred	and unrestricted	funds	f'ooo	f'000
as follows:
Unrestricted funds
Granrs to individuals:
Scholarships, prizes and	grants						97
Bursaries and financial	assistance	awards					33
Total unrestricted							130	88
Restricted funds
Grants to individuals:
Scholarships, prizes and	grants						294	327
Bursaries and financial	assistance	awards					628	7z6
Total restricted							922	1,053
Total grants and awards							I&052	1,141

STAFF COST	S
			2020	1019
The aggregate	staff costs for the year	were as follows.	f'ooo	f,'ooo
Salaries and wages			7,983	7,62r
Social security	costs		732	718
Pension costs:
Defined benefit schemes			1,466	I,?.95
Pension deficit liability movement		(note 24)	(994)	1,909
Other benefits			825	754
			Io&012	12,197

The average number ofemployees	ofthe House, excluding Trustees,	ofthe House, excluding Trustees,	?.020	2019
Tuition and research			65	62
College residential			123	117
Trading and visitor			?.0	12,
Carhedral			17	1,1
Cathedral School			68	67
Fundraising			4	5
Support			83	85
Total			3&o	379
The average number ofemployed	Trustees during	the year was as follows:
University Ixcmrers			?.2,	21
CUF Iccturers			16	r6
Faculty lecturers
Other teaching and research
Other				12
Toral			56	55

Group		Assets in rhe	Leasehold	Freehold
		course of	land and	land and	Plam and
		construction	buildings	buildings	machinery	Total
		f.'ooo	f'ooo	f'ooo	f.'ooo	f'000
Cost
At stan ofyear		5,401	417	10,221	7,6zo	23,659
Additions		357		50	696	I&103
Disposals		0		(191)	0	(191)
Transfer At end ofyear		(5,758) 0	417	s,7s8 15,838	3.3 6	~3
Depreciation and impairment
At start ofyear				3,5z8	2,655	6,r83
Depreciation charge for the year				6oo	307	9cl7
Depreciation on disposals At end ofyear					0 ,96	~9
Net book Mue
At end ofyear		0	417	11,710	5&354	17,481
At scarc ofyear		5,40I	417	6,693	4,965	17,476
The House		Assets ln che	l,easehold	Freehold
		course of	land and	land and	Plant and
		consnucuon	buildings	buildings	machinery	Total
		f'000	f'000	f'000	Eooo	f'ooo
Cost
At start ofyear		5,401	417	10,2,22	7 555	233595
Addirions		357		50	696	I 103
Disposals		0		(191)	0	(191)
Transfers At end ofyear		(s 7s8) 0	47	s 7s8 ~R3	3	0 ~4
Depreciation	and impairment
At start ofyear Charge for the At end ofyear	year			3 531 599 4, 3	z,6oo 3o6 ~6	61131 905 7,o36
Net book value
At end ofyear		0	417	Il&709	5 345	17&471
At start ofyear		5 40'	417	6,69t	4 955	17,464

Group						Residential	2.020	2019
				Agricultural	Commercial	and Other	Total	Toral
				f'ooo	f'ooo	Eooo	f'ooo	Eooo
Valuation	at start ofyear			90 324	91,164	3' 567	2,13,055	t56,727
Additions	and improvements		at cost	340	25 473	48	25,861	55,483
Disposals				(8993)	30	0	(1,963)	(9»19)
Revaluation gains/(losses)		in	rhe year	10,323	744	309	II&376	ro,o64
Valuation	at end ofyear			98,994	117,411	31924	248&329	213,055
The House						Residenrial		2019
				Agriculniral	Commercial	and Other	Total	Tonl
				f'ooo	f'000	f.'ooo	f'ooo	f'000
Valuation	at start ofyear				91,167	31 567	187&ao6	151,829
Additions	and improvemems		at cost	27	25 473	48	25,548	34 533
Disposals				(I 993)	30	0	(I&963)	(9»19)
Revaluation gains/(losses)		in	the year	10,323	744	309	II&376	10,063
Valuation	at end ofyear			72,829	117,414	3' 924	222,167	r87,2o6

All invesunenrs are held at fair value.	All invesunenrs are held at fair value.	2020	2019
		f'ooo	Eooo
Group investments
Valuation at snrt ofyear		405,62,3	433 573
New money invested		2,829	16,843
Amounts withdrawn		(7&911)	(57,232)
(Decrease)/ increase	in cash held	(1,624)	(5 593)
Increase in value of	investments	(2&921)	18,032
Group investments	at end ofyear	395,996	405,623

OTHER INVESTMENTS CONTINUED	OTHER INVESTMENTS CONTINUED					2020	2019
						f'ooo	f'ooo
The House investments
Valuation at sort ofyear						405&623	433 573
New money invested						2,829	r6,843
Amounts withdrawn						(7&911)	(57,232)
(Decrease)/ increase in cash held						(1,624)	(5 593)
Increase in value ofinvesuuents						(2,921)	18,032
						395,996	405,623
Invesrmenr in subsidiaries						24,&II	24,811
The House investments	at end ofyear					420&807	430 434
		Held outside	Held in	2,02,0	Held outside	Held in	2019
Group investments comprise&		rhe UK	rhe UK	Total	rhe UK	the UK	Total
		f.'ooo	f'ooo	f'ooo	f'000	f'000	f'000
Equity investments			247	247		247	247
Global multi-asser funds			308,158	308,158		3r6,728	316,728
Property funds			56,214	56&214		50 247	50 247
Deferred consideration			10,800	IO,BOO		r.6,2oo	16,200
Fixed term deposits and	cash		20 577	20&577		22,201	22,201
Total group investments		0	395,996	395&996	0	405 623	4o5,623

		The House	Christ Church	Christ Church	Thomas
			(Eveshant)	(Daventry)	Wolsey
			I,imited	Limited	Property
		f.'o0o	f'000	f'000	f'ooo
Income				76	33
Expenditure		(33,331)	(I)	(71)	(4)
Donation	to the House under gift aid	55	0	0	0
Result for	rhe year	I 557
Tora( assets		679,868	102	411	4,912
Total liabilities		(83,172)	(2o)	(192)	(283)
Net funds	at dte end ofyear	596,696	82	2.19	4,629

4	PARENT AND SU	BSIDI	A	R	Y U	N		DERTA	K	INGS CONT	INU	ED
														Wick Farming				Christ Church		Christ Church
															I.imi ted			Developments		Oxford
																			I,imited	Trading
															I'000				f.'000	f.'000
	Income																30			1,080
	Expenditure																(29)			(I,0z5)
	Donarion to the House under				gil't	aid											0				(SS)
	Result for rhe year
	Total assets														3		305		r6
	Total liabilities														(1,031)						(634)
	Net funds at the end ofyear														»274				16
	For prior year comparauves			see note				34c,
	STATEMENT OF	INVESTMENT						TOTAL		RETURN
	The Trustees have adopted			a duly		authorised				policy oftotal	return accounting		for the House's		investment		returns		with effect from	t August zoot. The		investment
	return to be applied	as income			is calculated				as	3.25% (zo19:	3.25%) (plus costs)		ofthe average	ofthe year-end values ofthe relevant						investmenrs	in each	ofthe
	preceding five years.	The preserved						(frozen)	value ofthe invested			endowment	capital represems		its open	market		value in zooz together with all subsequent
	endowments valued	at date		of	gift.
													Permanent Endowment							Expendable		Total
															Unapplied					Endowment		Endowments
													Trust for		Total
													Investment		Return				Total
													3'ooo			f.'000			Eooo		5'000	5'000
	At the beginning ofthe yean
	Gift component ofthe permanent					endowment							13,656						13,656			13,656
	Unapplied total return														9,948				9 948			9,948
	Expendable endowmenr																			553,964		553,964
	Total Endowments												r3,656		9,948				23&604	$53,964		577,568
	Movements in the	reporting			period:
	Gift ofendowment	funds											193						'93		1,837	2,030
	Invesunent return:	total investment						income									819		819	19,124		19943
	Investnzent return:	realised		2nd unrealised					gains and losses										346		8,109		8,455
	less: Investment management				cosrs												(r69)		(«9)		(3,917)	(4,o86)
	Other transfers																51		SI		288		339
	Totd												193			1,047			1,240		25 441	z6,681
	Unapplied total return allocated to Expendable endowments transferred							income in the reporting to income			period						(6z8) (628)		(6z8) 0 (6 &(	(r5,80o) ~b.r (		(16,4z8) 0 (6.&*6(
	Net movements in	reporting			period								193				419		612		9&641	Io&2,53
	At end ofthe reporting		period;
	Gif't component ofthe permanent						endowment						13849						'3 849			13849
	Unapplied total return														10,367				10,367			10,367
	Expendable endowment Total Endowments												r3,849		Io&367				24&2,16	563,605 563&605		563,605 587,82I
r6	DEBTORS
																	2,020		2019		2020		2,019
															Group				Group	The	House	The House
																	fooo		f.'000		f.'000		Zoon
	Amounts falling due within				one			year:
	Trade debtors															r,6o5			1,635		r,562		1,461
	Amounts owed by	House		members													65		4'5		65		415
	Amounts owed by	Group		undertakings															0		I&2.15		790
	Taxation and social security																26		3		I7		2
	Prepayments and accrued			income													I&251		1,783		I&2,51		1,782
	Other debtors																r85		IS		140		IS
	Amounts falling due after more						than one			year:
	Ix6ans																				729		710
																	3&I32		3,851		4&979		5,175

CREDITORS: falling due within	one year	one year	one year
								2020	2019		2020		2019
								Group	Group		The House	The	House
								f'ooo	f'ooo		f'ooo		Eooo
Trade creditors								2,692	2 993		2 597		2 597
Amounts owed to House Members								382	234		382		234
Amounts owed m Group undertakings								0	0		16		r8
Taxation and social security								192,	542		192		452
College Concriburion								0	374				374
Accruals and deferred income									2,926		3 559		2,704
								6&939	7,069		6,746		6,379
CREDITORS: falling due after more than one year
								202,0	2019		2020		2019
								Group	Group		The House	The	House
								f'ooo	Eooo		f,'ooo		f'ooo
Nores payable								55&000	40,000		55&000	40,000
Bank loans								10&000	10,000		Io&000	10,000
Loan swap fair value								7&916	6,66z		7,916		6,662
								72,916	56,66z		72&916		56,66z
On r February zoo8 the House borrowed		ftom from Barclays Bank pic at a Boating rare				of3-month		LIBOR plus o.z%; imerest is payable quarterly in arrears.					The
loan is repayable on I February zo38. The House is invesring				a sum each year in a designated			f'und to	contribure	ro rhe repaytnent	ofthis loan in zo38, rhe fund			value
ac 3t July zozo was f93zk.
On I February zoo8 the House also enrered into an inceresc rate swap with Barclays Bank interest of4.783%.The notional amount ofrhe swap isftom, the swap is settled quanerly						pic, under in arrears		which it receives 3-month I.IBOR and pays a fixed rate of and expires on I February zo38.The fair value ofthe iruerest
rate swap as at 31July zozo has been provided acf7,916k (zo18-zo19:f6,66zk).
On 15Sepcember zo16 the House entered		into an agreement		with	the Pension Insurance	Corporation		for rhe issue of(i) fzom z.567%			Series A Notes repayable		on
14September zo63 and (ii) fzom z.567% Series BNotes repayable					on 15September zo64 ("the notes). Interest				is payable on 15 March and r5 September			each year,
On o8 November zo19 the House encered into an agreement				with	the Aviva Life Ice Pensions		UK Ltd for the issue offrim z.or%			Senior Notes repayable		on ot
November z069. Interest is payable	on 12May and tz November				each year.
PROVISIONS FORLIABILITIESAND			CHARGES
								2020	2019		2020		2019
								Group	Group		The House	The	House
								f'ooo	f'000		f000		f.'ooo
At start ofyear								105			105
Charged in the Smtement ofFinancial Activities								(zo)	8		(zo)		8
Seuled in the year								(14)	(14)		(14)		(14)
At end ofyear								71	105				105

ANALYSIS OF MOVE	MENTS ON FUNDS
		Ac IAugust				Gains/	At 3rJuly
		2019	hlcon1e	Expenditure	Transfers	(losses)	2020
		f.'000	ZOOO	f'000	f.'ooo	ZOOO	S'000
Endowment Funds - Permanent
Student Support Funds		8,576	323	(61)	(232)	I?.5	8,731
Acadenuc Posts Funds		14,961	687	(Ioy)	(344)	221	15,418
Library Funds		67	2	(r)	(2)		67
Endowment Funds - Fxpendable
Heyman-Moritz Benefaction		$2,100	' 79$	(368)	(I 497)	76r	52&791
Dr South (3/schs)		33,z56	1,130	(232)	(942)	479	33,691
Ice Benefaction		12,2,31	421	(86)	(351)	'79	1»394
Mercury Fund (5/7ths)		11,161	384	(79)	(321)	163	11,308
Buildings Funds		5 397	186	(38)	(154)	79	5&470
Gardens 8cGrounds Funds		51$	18	(4)	(IS)	8	52,2
Spons Clubs Funds		27		0	(I)		27
I,ibrary Funds		3 07'	109	(zz)	(87)	45	3&116
Picture Gallery Funds		432	15	(3)	(12)	6	438
Academic Posts Funds		28,399	I,o86	(zor)	(733)	416	28,967
Student Support Funds		zz,831	1,100	(163)	(6o4)	338	23&502,
Cathedral gc Chociscer	Support Funds	11 33$	78z	(79)	(290)	169	II&917
Benefices Funds		zo,to8	700	(143)	($84)	297	20 578
Ocher Funds General Endowment Funds		8,852 344 049	329 12,905	(63) (2,436)	(49) (9,871)	130 ~))&&	9&199 349,685
Total Endowment Funds		577,568	21 973	(4,o86)	(16,o89)	8,4ss	587,821
Restricted Income Funds - Permanent
Smdenc Support Funds I.ibrary Funds Academic Posts Funds		16r 8 ~R		(134) 132, (I) (I) )6)~3			170 6 358
Sub-total Restricted income (Permanent)		4$3		(39s)	46s		534
Restricted Income Funds - Expendable
Heyman-Moritz Benefaction				(1,426)	r,483		104
DI Souci (3/5ths)		I,541	19	(794)	942		1,708
Ice Benefaction		21$		(314)	351		252,
Mercury Fund (5/7chs)				(363)	321		69
Buildings		16		I	5		2.2,
Gardens Br Grounds Funds				(2)
Sports Clubs Funds				0	I
Library Funds		34		(74)	85		45
Picture Gallery Funds				(I)	5		r6
Academic Posn Funds		974	34	(571)	64s		I,osz
Student Support Funds		1,204	61	(s13)	S76		r,328
Cathedral /51 Chorister	Support Funds	27		(292)	z89		29
Beneiices Funds		90		(4)	22		ro8
Other Funds					'59		274
Sub-total Restricted income (Expendable)		4,461	119	(4,428)	4,886		s,o38
Buildings Funds		44'9	91	(s4)	(131)		4&325
Gardens 8r Grounds Funds		6		(u)	0
Sports Funds		15	5	0			20
I,ibrary Funds		111	$$	(25)	(4)		137
Piccure Gallery Funds Student Suppon Funds Cathedral dc Choriscer Support Funds Ocher Funds Sub-total Restricted income funds		56 187 1,081 6,18z	8 63 231 ~) 515	(Iz) (58) (149) (8o) (389)	0 (s) (7sz) 20 (872)		52, 187 411 302, 5 436
Total Restricted Funds		11,096	64s			0	n,oo8

ANALYSIS OF MO	VEMEN	TS ON FUNDS C	ONTINUED
			Ac r August					Gains/	At 3IJuly
			I,,0I9	lncoine	Expenditure		Transfers	(losses)	2020
			5'000	8000 5'000			f.'ooo	f.'ooo	f.'000
Unrestricted Funds
Designated funds			6oo	89	(z56)		300		733
General funds			9 535	12,965	(25 3zi)		II,3IO		6,469
Defined benefit pension scheme reserve			(4 259)		Szo			0	(3,439)
Loan swap fair value	reserve		(6,66z)					(I,254)	(7,9I6)
Total Unrestricted	Funds -	The House	(786)	'3 054	(24 757)		I1,6I0	(i,z54)	(z,i33)
Designated funds -	subsidiaries				0
General f'unds - subsidiaries			50	3Sz (4o6)
Revaluation reserve	- subsidiaries				0
Total Unrestricted	Funds -	subsidiaries	50	38z	(4o6)
Total Unrestricted	Funds -	Group	(736)	13,436	(z5,I63)		ii,6io	iuni~i,
Total Funds			587,9z8	36,054	(34,46t)			7,20I	596&722
FUNDS OFTHE	HOUSE	DETAILS
The following is a summary		ofthe origins and purposes ofeach ofthe Funds
Endowment Funds	- Permanenti
Grouped funds for	restricted	purposes	A consolidation	ofcapital balances	ofpasc donacions	where	related income,	but noc the original capinl, can
			be used for the restricced purposes		ofthe charity as indicated		in che grouped	headings.
Endowment Funds	- Expendablei
t. Heyman-Moritz Benefaction			Capitalbalance	ofpascdonations	whererelacedinco	eor	incomeandcapi	talcanbeusedF	orthe

		Unrestricted	Restricted	Endowment	2020
		Funds	Funds	Funds	Total
		8000	Zoon	t'ooo	6'000
Tangible	fixed assets	13 355	4,126	0	17,481
Property	investments	0		148,329	248&329
Other investments		1,504		394492	395,996
Net current assers		4,460	6,882	0	II&342
Long term liabgities		(ro,ooo)		(55,ooo)	(65,ooo)
Pension	fund and loan swap provisions	(n,426)		0	(II&426)
		(x,io7)	tt,oo8	587,821	596&722
		Unrestncted	Restricted	Endowmem	20I9
		Funds	Funds	Funds	Total
		t'000	.f.'000	I'ooo	f,'000
Tangible	fixed assets	'3»54	4,222		17&476
Property	investments	0	0	213,054	»3&054
Other investmems		1,109	0	404 514	405&623
Net current assets		5 927	6,874	0	12,8ot
Long term liabilities Pension fund and loan swap provisions		(to,ooo) (11,026)		(4o,ooo) 0	(5o,ooo) (11,026)
		(736)	11,096	577,568	587,928

Remuneration paid to trustees
		2019-20						2018-19
		Gross remuneration,		taxable
	Number of	benefits	and pension		Number	oF		Gross remuneration,		taxable
Range	Trustees/Fellows	contributions			Trustees/Fellows			benefits and	ension contributions f
f'-f4 999			2,278						7,683
f5,000-f9,999			15 595						15,825
fro,ooo-f14,999			27 232						38,3o9
f15,000-f19,999			I08,242						126,340
f20,000-f24,999			85,838						109,108
f25,000-f29,999			86,903						79,o66
f30,000-f34,999	Io		33»558						267,012
f35 Ooo-f39999			339,882				Io		37r,066
f40,000-f44,999									124,390
f45 000 f49 999			144 300						46,i58
f50,000-f54,999			105 425
f55 000 f59 999			118,202						r76,198
f60,ooo-f64999			60,984						64,529
f65,ooo-f69,999			338,i6o						268,183
fyo,ooo-f /4 999			144,654						70 177
f75,ooo-f79 999			77,376						150,168
fino,ooo-fr04 999									104,234
froS,ooo-fio9,999			214,287						214475
fno,ooo-fn4,999			110,109						111,695
fuS,ooo-fu9 999			235,r86						115,172
Total	59		2,547,211				63		2 4S9,788

				USS		OSPS
Date ofvaluation;				31/03/18		31/03/19
Date valuation resulrs published:				16/09/19		19/06/20
Value ofliabilities:				E67.3bn		E848m
Value ofassets:				E63.7bn		F73)m
Funding surplus / (deficit):				(E3.6bn')		(EI1)m)
Principal assumprions:
~ Discount rate				CPI —0.73% to		Grits +0 5 7a	to
				CPI + 2.)?%pa
~ Rate ofincrease in salaries				n/a		RPI
~ Rate ofincrease in pensions				CPI pa		Ave RPI/CPI	pa
Mortality assumptions;
~ Males currently aged 65	(males)			24.4)'II		21.7 )'IS
~ Females currenrly aged	65 (males)			?,5.9 yrs		24 4 yrs
~ Males currently aged 45	(males)			?.6.3 )'Is		23.0 vrs
~ Females curremly aged	45 (males)			27.7)'Is		25.8oyrs
Funding Ratios:
~ Technical provisions basis				95%		87%
~ Statutory Pension Protection		Fund	basis	76%
~ 'Buy-out' basis				56%		6o%
Recommended employer's	contribution		rate	2r.1%
(as %ofpensionable salaries):				increasing	to
				23.7%on
				01/10/201
EIfective date ofnext va(uation:				31/03/20		)r/o3/22

USS Assumptions:	USS Assumptions:	USS	Change in	Change in	Assumptions	Assumptions			Impact on USS liabilities	Impact on USS liabilities
Initial discount	rare		increase	b	o.r%				decrease b I nzbn
set values			reduce	b	io%				increase b f6, bn
RPI - CPI s read			increase	b	o.i%				decrease b fo.ybn
Rate ofmortality		more prudent	assumption		(mortality		used at last		increase byfr.6bn
		valuation	rated down		b a further			ear
OSPS Assum	tions:	OSPS Chan e		inAssum		tions			Im act on OSPS technical	rovisions
Valuation rate	ofinterest		decrease	b	o.z3%				increase b f m
RPI			increase	b	o.z3%				increase b Qom

	USS	OSPS
Finish Dare for Deficit Recovery Plan	31/01/28	3r/o3/z8
Average smff number increase	t.oo%	r.oo%
verage staff salary increase	z.oo%	z.oo%
verage discount rate over the period	o.y3%	o,y4%
EfFecr ofo.5% change in discount rate	836k	f4ok
Effect oft% chan e in staff rowth	Xy6k	fr4ok

					2.020				2OIg
Scheme				Contributions	Movement iiabiii	in	Total	Contributions	Movement	in	Total
				f,'ooo	f'ooo		f,'ooo	f'ooo	Eooo		f'ooo
Universities	Superannuation Scheme			3I	-9IO		-I79	593	I,546		I.,I39
University	ofOxFord		StafFPension Scheme	So	-84		23
Church oFEngland		Funded Pension Scheme					36	38				38
he Teachers' Pension Scheme				I95			I 5	I35				I35
he Pensions Trust				82			I93	27				27
NEST
				r,8 2	-88						3	5o
Summary	ofdefined		benefit pension scheme liability
				USS	OSPS			Total
				f'ooo	f'ooo		f.'ooo	f'ooo
Provision	b/fwd			2,42o	r,84o			4,26o
Actuarial movement			in year	-87I	-6r			-82I
Provision	c/Fwd			i 549	' 779

	The House has certain financial	The House has certain financial	The House has certain financial	assets	and	financial	financial	financial	liabilities	ofa kind thar qualify	ofa kind thar qualify	as basic financial	as basic financial	insrrumenrs.	Basic financial	instrumenrs	instrumenrs	are initiafiy	recognised
	at transaction value and subsequendy				measured			at	amorrised	cosr. Cermin	other financial		instruments	are held ar	fair value, with	gains	and	losses being	recognised
	within income and expenditure.
	The House has the following		financial		instruments:									202,0	2019			202,0	2019
														Group	Group		The House		fhe House
														Zoon	f.'000			f,'000	6'ooo
	Financial assets measured	at fair value through							statemeut	offinancial	activities:
	Investments													395996	4o5,623			420,807	430 434
														395,996	405, 62,3			42o,so7	430 434
	Financial assets measured	at amortised				cost:
	Cash and cash equivalents													14 325	15,300			13,676	14,280
	Trade debtors													1,605	1,635			1,562	i,46i
	Amounts owed by House	members												65	4'5			6s	415
	Amounts owed by Group	undertakings												0	0			1,215	790
	Accrued income													789	1,301			789	1,301
	Orher debtors													185	15			140	IS
														16&969	18,666			17&447	18,262
	Financial liabilities that	are	debt instruments					measured		at amortised	costi
	Notes payable													55,000	40,000			55,000	40,000
	Bank loans —including more		than i year											10,000	10,000			10,000	10,000
	Trade creditors													2,692	»993			2 597	2 597
	Amounts owed to House	Members												382	234			382	234
	College contribution													0	374				374
	Accruals and deferred income													3,673	2,926			3 559	»704
														71&747	S6.S27			71&538	55 909
	Financial liabilities that	are	measured			at fair		value:
	Fair value cost ofloan swap													7,9t6	6,662			7,916	6,662
														7,9r6	6,662			7&916	6,662
	Gains and losses on the loan		swap in		the	year	are		disclosed	on rhe Face of	the SOFA.
27	RECONCILIATION OFNET INCOMING							RESOURCES TO NET			CASH	FLOW	FROM OPERATIONS
																		202,0	2019
																		Group	Group
																		fooo	f,'000
	Net income																	8,794	23,160
	Himination ofnon-operating			cash flows:
	Invesuuem income																	(20,079)	('6 987)
	Gains in investments																	(8,455)	(28 095)
	Endowment donations																	(2,030)	(2,4S3)
	Interest payable on notes																	I»44	1,027
	Investment management	costs																2 993	4 393
	Depreciation																	907	467
	Increase in stock																	(i06)	(97)
	Decrease in debtors																	719	1,727
	(Increase)/Decrease in creditors																	(130)	643
	Decrease in provisions																	(34)	(6)
	(Decrease)/Increase in pension			scheme liability														(82o)	i 959
	Increase in loan swap reserve																	1,254	1,244
	Net cash provided by (used			in) operating			activities											(is&743)	(is,oi8)

	ANALYSIS OF CHANGES IN NET DEBT	ANALYSIS OF CHANGES IN NET DEBT	ANALYSIS OF CHANGES IN NET DEBT	ANALYSIS OF CHANGES IN NET DEBT
																	Non-cash
												At start ofyear			Cash flows		change	At end	ofyear
													5'000			f,'000	f.'000		E000
													Group			Group	Group		Group
	Cash												15,300			(975)	0		14 325
	Ix&ans Falling due af'ter one	year											-56,662			(ii,ooo)	(i,254)	(72,916)
	Total												(41&362)			(i5&975)	(r,254)	(58,591)
	ANALYSIS OF CASH AND CASH		EQUIVALENTS
																	2,02,0		2019
																	5'000		F.'000
																	Group		Group
	Cash at bank and in hand																14325		15,300
	Notice deposits (less than	3 months)															0
	Bank overdrafrs
	Total cash and cash equivalents																14325		15,300
3o	FINANCIAL COMMITMENTS
	At 3r July the House has toml commitments			under		non-cancellable		operating	leases as Follows:								2,02,0 fooo		2019 Eooo
	Land and buildings
	payable within one year																904		881
	payable beoveen two and	five years															3,6i8		3 525
	payable in over five years																28,943		29,080
																	33,465		33,486
	Total expenditure in the year on land and			building		operating	leases	wasf905k (Ioi8-19:f793k).
	Other
	payable within one year																		13
	payable between nvo and	five years															31		22
	payable in over five years
																	31		35
	Total expenditure in the year on other operaring				leases was 513k(Ioi8-19:&tk).
31	CAPITAL COMMITMEAKS
	There are no capital committments		that require		disclosure.
	RELATED PARTY TRANSACTIONS
	The House is part ofrhe collegiate University ofOxford. Marerial							interdependencies		between		the	University		and ofthe College arise		as a consequence	ofthis
	relationship. For reporring	purposes,	the University			and the	other	Colleges	are not treated		as	related parties		as defined		in FRS r02,

The House may enter imo equity sharing	The House may enter imo equity sharing	arrangements	with an Official Studenr,	Officers oftbe House or orher persons employed	Officers oftbe House or orher persons employed	by rhe House under	by rhe House under	Statute
XXVII(5).The House has properties	wirh	the Following	net book values owned	joindy with nustees	under joint equity ownership	agreements	between	the rrustee
and the House.
							2.02O	2019
							5000	Eooo
Dr A Kuhn							274	274
Dr BYoung							190	190
Dr D Aarts							233	233
Dr BParkinson							310	310
Dr EKeene							311	311
Dr S Dadson							312	312
Dr JYee							300	300
Dr SNewstead								191
Dr D Obbink							434	434

34a CONSOLIDATED S	TA	TEM	EN	T	OF FINANCIAL A	CTIVITIES F	ORTHE YEARENDE	D 3t JULY2ot9
							Unresrricted	Restricted	Endowed	2.0I9
							Funds	Funds	Funds	Total
						Notes	f.'OO0	f.'OO0	F000	f,'000
INCOME AND ENDOWMENTS			FROM:
Charitable activities:
Teaching, research and		residential					I0,563			10&563
Cathedral School							2,2r6			2,2I6
Cathedral							r56	243		4o6
Other trading income							936)
Donations and legacies							130	475	2 453	3,058
Investments:
Investment income						4	r58	31	16,798	16,987
Total rerum allocated		to income				34d	9 395	5,7o6	(r5,tot)
Other income							I09	17		226
Total income							23&663	6,472	4)I57	34&292
EXPENDITURE ON:
Charitable activities:
Teaching, research	and residential						Ir,823	4,o8o		25&903
Other charitable acrivities								590		590
Cathedral School							2,469			2.,469
Cathedral							u793	250		2)043
Generating fundsi
Fundraising							9o6			906
Trading expenditure							652			652
Endowment management			costs				I43		4,250	4 393
Interest payable on	loan notes								I,027	2,027
Total expenditure							27,786	4&920	5&277	37,983
Net Income/(Expenditure)	before gains						(4»3)	I&552	(I,rao)	(369I)
Net gains on investmems						12, 13			28,095	281095
(Losses)/Gains on complex financial Net Income					instruments	26	(t»44) (5,367	I)552	2.6,975	(*,244) 23,I60
Transfers between funds						34e	330	(659)	329
Other recognised gains/losses
Gains/(losses) on revaluation			offixed		assets		595			595
Net movement in funds for		the year					(4,442)	893	27&304	23&755
Fund balances brought forward						34e	3,7o6	Io&203	55o&264	564,r73
Funds carried forward at	32	July					(736)	II&096	577,568	5S7,928
See page 2r for the Consolidated				Statemem ofFinancial		Activities for the current year to which		this note compares.

Gtoup					Agricultural	Commercial	Residential and Other	2,019 Total
					f.'ooo	f.'ooo	Eooo	f'ooo
Valuation	at start ofyear				65,238	61,161	30,328	I56 727
Additions	and improvements			at cost	21,380	34 103	0	55,483
Disposals Revaluation		gains/(losses)	in	the year	(3 544) 7, 2,50	(s,67s) ' 575	1,2,39	(9&219) Io,o64
Valuation		at end ofyear			90 324	9r,164	31,567	2,I3&055
The House							Residential	2,020
					Agricultural	Commercial	and Orher	Total
					f'000	f.'o0o	f'ooo	f.'ooo
Valuarion		at start ofyear			6o,336	61,164	30 329	151&829
Additions	and improvemems			at cost	430	34 103	0	34 533
Disposals					(3 S44)	(5,675)	0	(9&219)
Revaluarion		gains/(losses)	in	the year	7,250	' 575	1,238	Io&063
Valuation		at end ofyear			64472	91,167	31,567	187 206

				The House	Christ Church	Christ Church	Thomas
					(Evesham)	(Daventry)	Wolsey
					I.imited	Limited	Property
				oooo	f'000	.f.'ooo	f'ooo
Iilcoine				33 271				33
Expenditure				(37074)	(3)	(3)		(25)
Donation to the House under		gift aid		102	0	0		0
Resu!r For the year				(3 701)		(3)		8
Tom( assets				655,277	104	315	4	743
Torsi liabilities				(67,4os)	(22)	(ioi)		(u2)
Net funds	at the end of year			587,872	82	2.14	4,631
				Wick Farming	Christ Church	Christ Church	Christ Church
				Limited	Developments	Oxford	Library Charity
					I,imited	Trading	Limited
				f'000	f.'ooo	f'000	f'ooo
Income				45		941
Expenditure				(i6)		(839)		(23)
Donation	to the House under	gif't aid		0		(ro2)		0
Result for	the year			29		0		(23)
Total assets				3,138	s8	1,098
Total liabilities				(835)	(42)	(r,098)
Net funds	at the end ofyear			2,303	r6
See note r4 for the current year note to which			this note compares.

The Trusrees have adopted a duly	authorised	authorised	authorised	policy of total	return	return	accounring	For the House's	investment	investment	returns	wirh elfect from	r August zoot. The investment	r August zoot. The investment
return to be applied as income is calculated			as	3.2.5% (zor8:	3.z5%)		(plus costs)	ofthe avenge ofthe		year-end values ofthe relevant			investments in each ofthe
preceding five years. The preserved		(frozen)	value ofthe invested			endowment		capital represents	its open		market value in zooz together with all subsequent
endowments valued at date ofgift.
								Permanent		Endowment			Expendable	Total
										Unapplied			Endowment	Endowments
								Trust for		Total
								Invesm&ent		Remrn		Total
								f'ooo			f'ooo	f'000	.f,'ooo	f.'ooo
At the beginning ofthe yean
Gift component ofrhe permanent	endowmeru							I3,296				I3,2696		13,296
Unapplied total return											8,858	8,858		8,858
Expendable endowment														528, IIO
Total Endowments								13,296		8,858		22,I54	528&IIO	550&264
Movements in the reporting period:
Gift ofendowment funds								36o				36o	2,093	»453
Investment return: total investment		income									685	685	I6,I20	t6,8os
Investment return: realised and unrealised			gains and losses								I,I45	I,I45	26,950	2.8,095
Less: Investment management costs											(zts)	(2IS)	(S,062)	(S,277)
Other transfers												44	z85	329
Total											1,659	2,0I9	4o,386	42,&405
Unapplied total return allocated to Expendable endowments transferred		income in the reporting to income			period						(569) (569)	(s69) 0 (569)	(I4 532) 99.&& 9	(rS,Ior) 0 ~b,'"')
Net movements in reporting period								36o		I,090		I&456I	2S 8S4	2,7,304
At end ofthe reporting period:
Gift component ofthe permanent	endowment							I3,656				I3,656		I3,656
Unapplied torsi return Expendable endowment											9,948	9,948	~!9&96	9,948 553,964
Total Endowments								I3&656		9 948		23,604	553,964	577 568
See note ts for the current year note to which				this note compares.

ANALYSIS OF THE M	OVEMENT ON FUNDS	FORTHE YEAREN	DED 3xJULY zo	x9
		At I August					Gains/	At 31July
		zo18	loco»le	Expenditure	Transfers		(losses)	2019
		f.'ooo	X'000	f.'ooo	f,'ooo		f.'ooo	f.'000
Endowment Funds - Permanent
Student Support Funds		8,149	301	(78)	(zr3)		417	8,576
Academic Posts Funds		13 941	742	(136)		(3»)	72S	14,961
I.ibrary Funds		64		(r)		(r)	3	67
Endowment Funds - Expendable
Heyman-Moritz Benefaction		49 902	1,519	(477)	(1,383)		»539	5»100
Dr South (3/Sths)		3»87z	956	(300)	(870)		1,598	33 2S6
Iwe Benefaction		»,716	357	(»3)	(32S)		596	12 231
Mercury Fund (5/7ths)		10,690	325	(roz)	(z96)		544	n,r6r
Buildings Funds		5,169	'57	(49)		(143)	z63	5 397
Gardens Ltt Grounds Funds		494	15	(S)		(14)	25	515
Sports Clubs Funds		0	z6	0		0	I	27
Library Funds		2 937	92,	(28)		(8o)	150	3,071
Picture Gafiery Funds		413	13	(4)		(»)	21	432
Academic Posts Funds		z6,778	1,145	(259)	(643)		r,378	28,399
Studem Support Funds		21,519	967	(209)		(S56)	I,»0	22,83x
Cathedral )3cChorister	Support Funds	10,450	695	(too)		(26r)	551	11&335
Benefices Funds		19,452	592	(186)		(S39)	989	20&308
Other Funds General Endowment Funds		8,271 ~8447	275 11,079	(79) (3 151)	a,	(37) &8u)	4.22 16,763	8,852 ~346'
Total Endo~ment Funds		550,264	r9,258	(5z77)	(14,772)		28,095	577,568
Restricted Income Funds -Permanent
Student Support Funds		148	I	(14S)		157		r61
Library Funds Academic Posts Funds Sub-total Restricted income (Permanent)		223 378	0	0 310 ~(9)~68				8 284 ~43
Restricted Income Funds - Expendable
Heyman-Moritz Benefaction		58		(' 394)	1,383			47
Dr South (3/Sths)		1,236	21	(586)		87o		I&541
Lee Benefacrion		229		(339)		325		215
Mercury Fund (5/7ths)		157		(343)		297
Buildings		14		(r)		4		x6
Gardens gt Grounds Funds				(I)		I
Sports Clubs Funds				0		0
I.ibrary Funds				(70)		78		34
Picture Gallery Funds		13		(6)		5		12,
Academic Posts Funds		868	71	(529)		564		974
Student Supporr Funds		I,ISS	63	(542)		528		I&204
Cathedral 8cChorister Support Funds Benefices Funds Other Funds Sub-total Restricted income (Expendable)		27 73 142 &,998	40 ~9	(26o) (4) ~b& )	259 2,1 14S 4,48o			27 90 190 4,46x

	At I	Augusr				Gains/	At 31July
		2,018	loco(ac	Expendimre	Transfers	(losses)	2019
		Eooo	Eooo	f.'000	Eooo	f,'0OO	L'000
Buildings Funds		4,316		(46)	87		43419
Gardens gr Grounds Funds		38		(32)	0		6
Sports Funds		10		0	0		IS
Library Funds		105		(24)	(2)
Picture Gallery Funds		63		(7)	0		56
Academic Posts Funds		25		(25)
Student Support Funds Cathedral ge Chorister Support Funds Other Funds Sub-total Restricted income funds Total Restricted Funds		197 826 247 10,203	91 267 112 $69 766	(96) (ra) (71) (s) 0 19 (3'3)~9 ~(,9* 5 047		0	r87 r,osr 6,r82 II&096
Unrestricted Funds
Designated funds		486	Io6	(253)	261		6oo
General f'unds		11 557	14,051	(Is,s37)	9,464		9&535
Defined benefit pension scheme reserve		(2,3oo)		(I 959)	0	0	(4&259)
Ioan swap fair value reserve		(5,418)		0		(1,244)	(6,662)
Total Unrestricted Funds - The House		*I3	~4')	( 7749)		(»244)	(786)
Designated funds - subsidiaries		0		0
General Funds - subsidiaries		(619)		(37)			(s4s)
Revaluarion reserve - subsidiaries				0		595	595
Total Unrestricted Funds - subsidiaries Total Unrestricted Funds - Group		(619) 3,7o6	4, 68	(37) ~(*. 86)	~3.*3	595 (649)	50 ~(56)
Total Funds		564 173	34»92	(37,983)	0	27446	587,928
See note 21 For the currem year note ro which	this nore compares.