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





## 

## 

|||||||(2)|(&)|(W)|(s)|(6)|(y)|(8)|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Dean:|||||||||||||
|The Very Reverend<br>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<br>ar|||||||||||||
|The Reverend Canon Professor|S.R.I.||||||||||||
|Foot|||||||||||||
|The Reverend Canon Professor|G.D.||||||||||||
|Ward|||||||||||||
|The Reverend<br>Canon E.J.Newe||(resi|ned r9 Jul|2o2o)|||||||||
|The Reverend R. Peers||(appointed<br>oi September<br>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<br>eport ofthe Governing<br>Body<br>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<br>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<br>da|y to day management<br>is|delegated<br>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|)||||



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|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<br>procedures,|||student|satisfaction<br>and|||
||standards|||||||||exam results|||||||
|4.|IT network|and data security||||||||IT managed|jointly with|Pembroke<br>College. Investment||||in|
|||||||||||eo le and|hardware/software||||||
||Disaster|||||||||Recovery planning<br>procedures|||reviewed|regularly,|liaison||
|||||||||||with emer|enc<br>services||||||
|6.|Decline|in|purchasing|||power||of|the|Diversified|portfolio and|close|oversight|from the|Investment||
||endowment|||||||||Grou|||||||



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|annual<br>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|



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## 



## 

||||||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<br>activities:||||||||||
|Teaching,<br>research and residential|||||8,564|||8,564|10&563|
|Cathedral<br>School|||||»374|||z&374|z,z16|
|Cathedral|||||99|229|IO|338|4o6|
|Other trading income|||||1,075|||I)075|936|
|Donations<br>and legacies|||||110|377|2,&030|2,&5I7|3&058|
|Investments:||||||||||
|Investment<br>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<br>activities:||||||||||
|Teaching,<br>research and residential|||||18,888|4»47||2,3&I35|25 903|
|Other charitable<br>activities||||||||798|590|
|Cathedral<br>School|||||z,796||||2,&469|
|Cathedral|||||1,837|167||2,&004|2,043|
|Generating<br>funds:||||||||||
|Fundraising||||||||626|906|
|Trading expenditure|||||865|||865|652|
|Endowment<br>management|costs||||151||z,84z|»993|4 393|
|Interest<br>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)<br>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<br>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<br>gains/losses||||||||||
|Gains/(losses)<br>on revaluation|offixed||assets||||||595|
|Net movement<br>in funds for the year|||||(*,37I)|(88)|Io&2,53|8&794|23 755|
|Fund balances brought<br>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<br>assets||||10|17,481|'7 476|17&471|17,464|
|Property<br>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<br>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<br>funds|||||587,82I|S77,S68|587,821|S77.S68|
|Restricted funds|||||II,oo8|II&096|II)OOS|II)096|
|Unrestricted<br>funds|||||||||
|Designated<br>funds|||||733|6oo|733|6oo|
|General funds|||||3,966|5&036|8,489|9 529|
|Revaluation<br>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<br>by (used in) operating||activities|||||(I5&743)|(r3,ot8)|
|Cash flows &om investing<br>activities|||||||||
|Dividends,<br>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<br>management<br>costs|||||||(»993)|(4,393)|
|Proceeds from the sale ofproperty,|plant||and equipment||||||
|Purchase ofproperty,<br>plant and equipment|||||||(9I2)|(3,687)|
|Proceeds from sale ofinvestments|||||||II&498|7»044|
|Purchase ofinvestments|||||||(28,69o)|(72,327)|
|Net cash provided<br>by (used in) investing||activities|||||I2,738|7 597|
|Cash flows kom financing<br>activities|||||||||
|Repayments<br>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<br>at the beginning|||ofthe reporting||period||I5,300|r8,268|
|Cash and cash equivalents<br>at the end|of|the|reporting|period||2,9|I4&325|15&300|





|I|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<br>funds||||||
||Tuition<br>fees - UK|and EU|students||1,859|r,S74|
||Tuition<br>fees<br>—Overseas students||||928|745|
||Other fees||||53|30|
||Other Office for Smdents||support||343|317|
||Other academic income||||89|126|
||College residential<br>Charitable<br>visitor|income<br> income|||3 533<br>i 759<br>6,364|4 4i9<br>~63|
||Total Teaching,<br>Research and|||Residential|8,564|10,563|
||Unrestricted<br>funds<br>Cathedral<br>School <br>Carhedral<br>income|income|||2 374<br>2,2i6<br>~99~66||
||||||2&473|2 372|
||Restricted<br>funds||||||
||Cadiedral<br>income||||2?.9|243|
||||||2,2,9||
||Endowed<br>funds||||||
||Cathedral<br>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<br>rent|||66|8o|
|Bank interest|||36|76|
|Other interest|||I|I,|
||||123|I38|
|Restricted<br>fss&sds|||||
|Odser interest|||23|31|
||||23|3I|
|Endo ruedfunk|||||
|Agricultural<br>rent|||7O3|6I2|
|Commercial<br>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|





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





## 


|ANALYSIS|OF SU|PPO|RT AND GO|VERNAN|CE<br>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<br>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<br>administration|||||||||215|||||235|||450|
|Domesric administration|||||||||72|||||695||||
|Human<br>resources||||||||||||||27|||2.7|
|IT|||||||||13|||||327|||340|
|Depreciacion<br>Loan interest payable<br>Ocher finance charges<br>Governance<br>costs||||||||1,027<br>11|||||413<br>498<br>39<br>47||53<br>0||467<br>1,52,5<br>50<br>~4|
|||||||||1&339||||2|281||53|0|3,673|
|Financial<br>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<br>remuneration|||- audit services|||||||||||||43|46|
|Audicor's<br>remuneracion|||- other services|||||||||||||||
|Other governance||costs||||||||||||||||
|||||||||||||||||50|47|



|GRANTS AND AWARD|S||||||||
|---|---|---|---|---|---|---|---|---|
||||||||2020|2019|
|During<br>the year the House|funded|academic awards and bursaries|to students|from its rescricred|and unrestricted|funds|f'ooo|f'000|
|as follows:|||||||||
|Unrestricted<br>funds|||||||||
|Granrs to individuals:|||||||||
|Scholarships,<br>prizes and|grants||||||97||
|Bursaries and financial|assistance|awards|||||33||
|Total unrestricted|||||||130|88|
|Restricted funds|||||||||
|Grants to individuals:|||||||||
|Scholarships,<br>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,|on a full time equivalent|basis was as follows:|?.020|2019|
|---|---|---|---|---|---|---|
|Tuition and research|||||65|62|
|College residential|||||123|117|
|Trading<br>and visitor|||||?.0|12,|
|Carhedral|||||17|1,1|
|Cathedral<br>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<br>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<br>At end ofyear||(5,758)<br>0|417|s,7s8<br>15,838|3.3 6|~3|
|Depreciation<br>and impairment|||||||
|At start ofyear||||3,5z8|2,655|6,r83|
|Depreciation<br>charge for the year||||6oo|307|9cl7|
|Depreciation<br>on disposals<br>At end ofyear|||||0<br>,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<br>At end ofyear||(s 7s8)<br>0|47|s 7s8<br> ~R3|3|0<br> ~4|
|Depreciation|and impairment||||||
|At start ofyear<br>Charge for the <br>At end ofyear|year|||3 531<br>599<br>4, 3|z,6oo<br>3o6<br>~6|61131<br>905<br>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<br>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<br>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<br>are held at fair value.|All invesunenrs<br>are held at fair value.|2020|2019|
|---|---|---|---|
|||f'ooo|Eooo|
|Group investments||||
|Valuation<br>at snrt ofyear||405,62,3|433 573|
|New money invested||2,829|16,843|
|Amounts<br>withdrawn||(7&911)|(57,232)|
|(Decrease)/<br>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<br>at sort ofyear||||||405&623|433 573|
|New money invested||||||2,829|r6,843|
|Amounts<br>withdrawn||||||(7&911)|(57,232)|
|(Decrease)/<br>increase<br>in cash held||||||(1,624)|(5 593)|
|Increase in value ofinvesuuents||||||(2,921)|18,032|
|||||||395,996|405,623|
|Invesrmenr<br>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<br>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<br>funds|||308,158|308,158||3r6,728|316,728|
|Property<br>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<br>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<br>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<br>to be applied|as income|||is calculated||||as|3.25% (zo19:|3.25%) (plus costs)||ofthe average|ofthe year-end<br>values ofthe relevant||||||investmenrs|in each|ofthe||
||preceding<br>five years.|The preserved||||||(frozen)|value ofthe invested|||endowment|capital represems||its open|market||value in zooz together with all subsequent||||||
||endowments<br>valued|at date||of|gift.|||||||||||||||||||
||||||||||||||Permanent<br>Endowment|||||||Expendable||Total||
||||||||||||||||Unapplied|||||Endowment||Endowments||
||||||||||||||Trust for||Total|||||||||
||||||||||||||Investment||Return||||Total|||||
||||||||||||||3'ooo|||f.'000|||Eooo||5'000|5'000||
||At the beginning<br>ofthe yean|||||||||||||||||||||||
||Gift component ofthe permanent|||||endowment|||||||13,656||||||13,656|||13,656||
||Unapplied<br>total return||||||||||||||9,948||||9 948|||9,948||
||Expendable<br>endowmenr|||||||||||||||||||553,964||553,964||
||Total Endowments||||||||||||r3,656||9,948||||23&604|$53,964||577,568||
||Movements<br>in the|reporting|||period:|||||||||||||||||||
||Gift ofendowment|funds|||||||||||193||||||'93||1,837|2,030||
||Invesunent<br>return:|total investment||||||income|||||||||819||819|19,124||19943||
||Investnzent<br>return:|realised||2nd unrealised|||||gains and losses||||||||||346||8,109||8,455|
||less: Investment<br>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<br>total return<br>allocated<br>to <br>Expendable<br>endowments<br>transferred|||||||income in the reporting<br>to income|||period||||||(6z8)<br>(628)||(6z8)<br>0<br>(6 &(|(r5,80o)<br>~b.r<br>(||(16,4z8)<br>0<br>(6.&*6(||
||Net movements<br>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<br>total return||||||||||||||10,367||||10,367|||10,367||
||Expendable<br>endowment<br>Total Endowments||||||||||||r3,849||Io&367||||24&2,16|563,605<br>563&605||563,605<br>587,82I||
|r6|DEBTORS|||||||||||||||||||||||
||||||||||||||||||2,020||2019||2020||2,019|
||||||||||||||||Group||||Group|The|House|The House||
||||||||||||||||||fooo||f.'000||f.'000||Zoon|
||Amounts<br>falling due within||||one|||year:||||||||||||||||
||Trade debtors|||||||||||||||r,6o5|||1,635||r,562||1,461|
||Amounts<br>owed by|House||members|||||||||||||65||4'5||65||415|
||Amounts<br>owed by|Group||undertakings|||||||||||||||0||I&2.15||790|
||Taxation and social security||||||||||||||||26||3||I7||2|
||Prepayments<br>and accrued|||income|||||||||||||I&251||1,783||I&2,51||1,782|
||Other debtors||||||||||||||||r85||IS||140||IS|
||Amounts<br>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<br>owed to House Members||||||||382|234||382||234|
|Amounts<br>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<br>in arrears.|||||The|
|loan is repayable<br>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<br>into an inceresc rate swap with Barclays Bank <br>interest of4.783%.The notional<br>amount ofrhe swap isftom, the swap<br>is settled quanerly||||||pic, under <br>in arrears||which it receives 3-month I.IBOR and pays a fixed rate of<br> and expires on I February zo38.The fair value ofthe iruerest||||||
|rate swap as at 31July zozo has been provided<br>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<br>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<br>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<br>z069. Interest<br>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<br>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<br>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<br>Funds - Fxpendable||||||||
|Heyman-Moritz<br>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<br>Funds||5 397|186|(38)|(154)|79|5&470|
|Gardens<br>8cGrounds<br>Funds||51$|18|(4)|(IS)|8|52,2|
|Spons Clubs Funds||27||0|(I)||27|
|I,ibrary Funds||3 07'|109|(zz)|(87)|45|3&116|
|Picture Gallery Funds||432|15|(3)|(12)|6|438|
|Academic Posts Funds||28,399|I,o86|(zor)|(733)|416|28,967|
|Student Support Funds||zz,831|1,100|(163)|(6o4)|338|23&502,|
|Cathedral<br>gc Chociscer|Support Funds|11 33$|78z|(79)|(290)|169|II&917|
|Benefices Funds||zo,to8|700|(143)|($84)|297|20 578|
|Ocher Funds<br>General Endowment<br>Funds||8,852<br>344 049|329<br>12,905|(63)<br>(2,436)|(49)<br>(9,871)|130<br>~))&&|9&199<br>349,685|
|Total Endowment<br>Funds||577,568|21 973|(4,o86)|(16,o89)|8,4ss|587,821|
|Restricted Income Funds - Permanent||||||||
|Smdenc Support Funds<br>I.ibrary Funds<br>Academic Posts Funds||16r<br>8<br>~R||(134)<br>132,<br>(I)<br>(I)<br>)6)~3|||170<br>6<br>358|
|Sub-total Restricted income (Permanent)||4$3||(39s)|46s||534|
|Restricted Income Funds - Expendable||||||||
|Heyman-Moritz<br>Benefaction||||(1,426)|r,483||104|
|DI Souci (3/5ths)||I,541|19|(794)|942||1,708|
|Ice Benefaction||21$||(314)|351||252,|
|Mercury Fund (5/7chs)||||(363)|321||69|
|Buildings||16||I|5||2.2,|
|Gardens<br>Br Grounds<br>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<br>/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<br>Funds||44'9|91|(s4)|(131)||4&325|
|Gardens<br>8r Grounds<br>Funds||6||(u)|0|||
|Sports Funds||15|5|0|||20|
|I,ibrary Funds||111|$$|(25)|(4)||137|
|Piccure Gallery Funds<br>Student Suppon Funds<br>Cathedral<br>dc Choriscer Support Funds<br>Ocher Funds<br>Sub-total Restricted income funds||56<br>187<br>1,081<br>6,18z|8<br>63<br>231<br>~)<br>515|(Iz)<br>(58)<br>(149)<br>(8o)<br>(389)|0<br>(s)<br>(7sz)<br>20<br>(872)||52,<br>187<br>411<br>302,<br>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<br>5'000|||f.'ooo|f.'ooo|f.'000|
|Unrestricted<br>Funds||||||||||
|Designated<br>funds|||6oo|89|(z56)||300||733|
|General<br>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<br>funds -|subsidiaries||||0|||||
|General<br>f'unds - subsidiaries|||50|3Sz<br>(4o6)||||||
|Revaluation<br>reserve|- subsidiaries||||0|||||
|Total Unrestricted|Funds -|subsidiaries|50|38z|(4o6)|||||
|Total Unrestricted|Funds -|Group|(736)|13,436|(z5,I63)||ii,6io|iu*ni~i*,||
|Total Funds|||587,9z8|36,054|(34,46t)|||7,20I|596&722|
|FUNDS OFTHE|HOUSE|DETAILS||||||||
|The following<br>is a summary||ofthe origins and purposes ofeach ofthe Funds||||||||
|Endowment<br>Funds|- Permanenti|||||||||
|Grouped<br>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<br>Funds|- Expendablei|||||||||
|t. Heyman-Moritz<br>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<br>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<br>assets||5 927|6,874|0|12,8ot|
|Long term liabilities<br>Pension<br>fund and loan swap provisions||(to,ooo)<br>(11,026)||(4o,ooo)<br>0|(5o,ooo)<br>(11,026)|
|||(736)|11,096|577,568|587,928|



## 



## 

## 

|Remuneration<br>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<br>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||





## 

## 



## 

## 

## 

|||||Notes|USS||OSPS||
|---|---|---|---|---|---|---|---|---|
|Date ofvaluation;|||||31/03/18||31/03/19||
|Date valuation<br>resulrs published:|||||16/09/19||19/06/20||
|Value ofliabilities:|||||E67.3bn||E848m||
|Value ofassets:|||||E63.7bn||F73)m||
|Funding<br>surplus<br>/ (deficit):|||||(E3.6bn')||(EI1)m)||
|Principal<br>assumprions:|||||||||
|~<br>Discount rate|||||CPI —0.73% to||Grits +0 5 7a|to|
||||||CPI + 2.)?%pa||||
|~<br>Rate ofincrease in salaries|||||n/a||RPI||
|~<br>Rate ofincrease in pensions|||||CPI pa||Ave RPI/CPI|pa|
|Mortality<br>assumptions;|||||||||
|~<br>Males currently<br>aged 65|(males)||||24.4)'II||21.7 )'IS||
|~<br>Females currenrly<br>aged|65 (males)||||?,5.9 yrs||24 4 yrs||
|~<br>Males currently<br>aged 45|(males)||||?.6.3 )'Is||23.0 vrs||
|~<br>Females curremly<br>aged|45 (males)||||27.7)'Is||25.8oyrs||
|Funding<br>Ratios:|||||||||
|~<br>Technical<br>provisions<br>basis|||||95%||87%||
|~<br>Statutory Pension Protection||Fund|basis||76%||||
|~<br>'Buy-out'<br>basis|||||56%||6o%||
|Recommended<br>employer's|contribution||rate||2r.1%||||
|(as %ofpensionable<br>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<br>in|Change<br>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<br>a further|||ear|||
|OSPS Assum|tions:|OSPS Chan<br>e||inAssum||tions|||Im act on OSPS technical|rovisions|
|Valuation<br>rate|ofinterest||decrease|b|o.z3%||||increase b f<br>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<br>increase|t.oo%|r.oo%|
|verage staff salary increase|z.oo%|z.oo%|
|verage discount<br>rate over the period|o.y3%|o,y4%|
|EfFecr ofo.5% change in discount rate|836k|f4ok|
|Effect oft% chan<br>e in staff<br>rowth|Xy6k|fr4ok|



## 



## 

## 

## 

## 

||||||2.020||||2OIg||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Scheme||||Contributions|Movement<br>iiabiii|in|Total|Contributions|Movement|in|Total||
|||||f,'ooo|f'ooo||f,'ooo|f'ooo|Eooo||f'ooo||
|Universities|Superannuation<br>Scheme|||3I|-9IO||-I79|593|I,546||I.,I39||
|University|ofOxFord||StafFPension Scheme|So|-84||23||||||
|Church<br>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<br>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<br>value and subsequendy||||measured|||at|amorrised|cosr. Cermin|other financial||instruments|are held ar|fair value, with|gains|and|losses being|recognised|
||within<br>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<br>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<br>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<br>owed by House|members||||||||||||65|4'5|||6s|415|
||Amounts<br>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<br>—including<br>more||than i year|||||||||||10,000|10,000|||10,000|10,000|
||Trade creditors|||||||||||||2,692|»993|||2 597|2 597|
||Amounts<br>owed to House|Members||||||||||||382|234|||382|234|
||College contribution|||||||||||||0|374||||374|
||Accruals and deferred<br>income|||||||||||||3,673|2,926|||3 559|»704|
|||||||||||||||71&747|S6.S27|||71&538|55 909|
||Financial liabilities<br>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<br>OFNET INCOMING|||||||RESOURCES TO NET|||CASH|FLOW|FROM OPERATIONS|||||||
|||||||||||||||||||202,0|2019|
|||||||||||||||||||Group|Group|
|||||||||||||||||||fooo|f,'000|
||Net income|||||||||||||||||8,794|23,160|
||Himination<br>ofnon-operating|||cash flows:||||||||||||||||
||Invesuuem<br>income|||||||||||||||||(20,079)|('6 987)|
||Gains in investments|||||||||||||||||(8,455)|(28 095)|
||Endowment<br>donations|||||||||||||||||(2,030)|(2,4S3)|
||Interest payable on notes|||||||||||||||||I»44|1,027|
||Investment<br>management|costs||||||||||||||||2 993|4 393|
||Depreciation|||||||||||||||||907|467|
||Increase in stock|||||||||||||||||(i06)|(97)|
||Decrease in debtors|||||||||||||||||719|1,727|
||(Increase)/Decrease<br>in creditors|||||||||||||||||(130)|643|
||Decrease in provisions|||||||||||||||||(34)|(6)|
||(Decrease)/Increase<br>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<br>(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<br>fooo||2019<br>Eooo|
||Land and buildings|||||||||||||||||||
||payable within one year||||||||||||||||904||881|
||payable beoveen<br>two and|five years|||||||||||||||3,6i8||3 525|
||payable<br>in over five years||||||||||||||||28,943||29,080|
||||||||||||||||||33,465||33,486|
||Total expenditure<br>in the year on land and|||building||operating|leases|wasf905k (Ioi8-19:f793k).||||||||||||
||Other|||||||||||||||||||
||payable within<br>one year||||||||||||||||||13|
||payable between<br>nvo and|five years|||||||||||||||31||22|
||payable<br>in over five years|||||||||||||||||||
||||||||||||||||||31||35|
||Total expenditure<br>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<br>is part ofrhe collegiate University ofOxford. Marerial|||||||interdependencies||between||the|University||and ofthe College arise||as a consequence|ofthis||
||relationship.<br>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<br>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<br>activities:|||||||||||
|Teaching,<br>research and||residential|||||I0,563|||10&563|
|Cathedral<br>School|||||||2,2r6|||2,2I6|
|Cathedral|||||||r56|243||4o6|
|Other trading<br>income|||||||936)||||
|Donations<br>and legacies|||||||130|475|2 453|3,058|
|Investments:|||||||||||
|Investment<br>income||||||4|r58|31|16,798|16,987|
|Total rerum<br>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<br>activities:|||||||||||
|Teaching,<br>research|and residential||||||Ir,823|4,o8o||25&903|
|Other charitable<br>acrivities||||||||590||590|
|Cathedral<br>School|||||||2,469|||2.,469|
|Cathedral|||||||u793|250||2)043|
|Generating<br>fundsi|||||||||||
|Fundraising|||||||9o6|||906|
|Trading<br>expenditure|||||||652|||652|
|Endowment<br>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<br>on complex financial<br>Net Income|||||instruments|26|(t»44)<br>(5,367|I)552|2.6,975|(*,244)<br>23,I60|
|Transfers<br>between<br>funds||||||34e|330|(659)|329||
|Other recognised<br>gains/losses|||||||||||
|Gains/(losses)<br>on revaluation|||offixed||assets||595|||595|
|Net movement<br>in funds for||the year|||||(4,442)|893|27&304|23&755|
|Fund balances brought<br>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<br>and Other|2,019<br>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<br>Revaluation||gains/(losses)|in|the year|(3 544)<br>7, 2,50|(s,67s)<br>' 575|1,2,39|(9&219)<br>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<br>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<br>to be applied<br>as income is calculated|||as|3.2.5% (zor8:|3.z5%)||(plus costs)|ofthe avenge ofthe||year-end<br>values ofthe relevant|||investments<br>in each ofthe||
|preceding<br>five years. The preserved||(frozen)|value ofthe invested|||endowment||capital represents|its open||market value in zooz together with all subsequent||||
|endowments<br>valued<br>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<br>ofthe yean|||||||||||||||
|Gift component<br>ofrhe permanent|endowmeru|||||||I3,296||||I3,2696||13,296|
|Unapplied<br>total return|||||||||||8,858|8,858||8,858|
|Expendable<br>endowment||||||||||||||528, IIO|
|Total Endowments||||||||13,296||8,858||22,I54|528&IIO|550&264|
|Movements<br>in the reporting<br>period:|||||||||||||||
|Gift ofendowment<br>funds||||||||36o||||36o|2,093|»453|
|Investment<br>return: total investment||income|||||||||685|685|I6,I20|t6,8os|
|Investment<br>return:<br>realised and unrealised|||gains and losses||||||||I,I45|I,I45|26,950|2.8,095|
|Less: Investment<br>management<br>costs|||||||||||(zts)|(2IS)|(S,062)|(S,277)|
|Other transfers||||||||||||44|z85|329|
|Total|||||||||||1,659|2,0I9|4o,386|42,&405|
|Unapplied<br>total return<br>allocated to <br>Expendable<br>endowments<br>transferred||income in the reporting<br>to income|||period||||||(569)<br>(569)|(s69)<br>0<br>(569)|(I4 532)<br>99.&&<br>9|(rS,Ior)<br>0<br>~b,'"')|
|Net movements<br>in reporting<br>period||||||||36o||I,090||I&456I|2S 8S4|2,7,304|
|At end ofthe reporting<br>period:|||||||||||||||
|Gift component ofthe permanent|endowment|||||||I3,656||||I3,656||I3,656|
|Unapplied<br>torsi return<br>Expendable<br>endowment|||||||||||9,948|9,948|~!9&96|9,948<br>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<br>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<br>Funds - Expendable|||||||||
|Heyman-Moritz<br>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<br>Funds||5,169|'57|(49)||(143)|z63|5 397|
|Gardens<br>Ltt Grounds<br>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<br>)3cChorister|Support Funds|10,450|695|(too)||(26r)|551|11&335|
|Benefices Funds||19,452|592|(186)||(S39)|989|20&308|
|Other Funds<br>General Endowment<br>Funds||8,271<br>~8447|275<br>11,079|(79)<br>(3 151)|a,|(37)<br>&8u)|4.22<br>16,763|8,852<br>~346'|
|Total Endo~ment<br>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<br>Academic Posts Funds<br>Sub-total Restricted income (Permanent)||223<br>378|0|0<br>310<br>~(9)~68||||8<br>284<br>~43|
|Restricted Income Funds - Expendable|||||||||
|Heyman-Moritz<br>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<br>gt Grounds<br>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<br>8cChorister<br>Support Funds<br>Benefices Funds<br>Other Funds<br>Sub-total Restricted income (Expendable)||27<br>73<br>142<br>&,998|40<br>~9|(26o)<br>(4)<br>~b& )|259<br>2,1<br>14S<br>4,48o|||27<br>90<br>190<br>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<br>Funds||4,316||(46)|87||43419|
|Gardens<br>gr Grounds<br>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<br>Cathedral<br>ge Chorister<br>Support Funds<br>Other Funds<br>Sub-total Restricted income funds<br>Total Restricted Funds||197<br>826<br>247<br>10,203|91<br>267<br>112<br>$69<br>766|(96)<br>(ra)<br>(71)<br>(s)<br>0<br>19<br>(3'3)~9<br>~(,9*<br>5 047||0|r87<br>r,osr<br>6,r82<br>II&096|
|Unrestricted<br>Funds||||||||
|Designated<br>funds||486|Io6|(253)|261||6oo|
|General<br>f'unds||11 557|14,051|(Is,s37)|9,464||9&535|
|Defined benefit pension<br>scheme reserve||(2,3oo)||(I 959)|0|0|(4&259)|
|Ioan swap fair value reserve||(5,418)||0||(1,244)|(6,662)|
|Total Unrestricted<br>Funds - The House||*I3|~4')|( 7749)||(»244)|(786)|
|Designated<br>funds - subsidiaries||0||0||||
|General<br>Funds - subsidiaries||(619)||(37)|||(s4s)|
|Revaluarion<br>reserve - subsidiaries||||0||595|595|
|Total Unrestricted<br>Funds - subsidiaries<br>Total Unrestricted<br>Funds - Group||(619)<br>3,7o6|4, 68|(37)<br> ~(*. 86)|~3.*3|595<br>(649)|50<br>~(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.|||||||