2021-07-31-accounts

Brasenose College Annual Report and Financial Statements

~~nose College~~

Trustee Report and Accounts

For the year ended 31 July 2021

Registered Charity 1143447

Brasenose College Annual Report and Financial Statements Contents

Governing Body, Officers and Advisers	Page 2
Report of the Governing Body	Page 6
Report of the Auditor	Page 17
Statement of Accounting Policies	Page 20
Consolidated Statement of Financial Activities	Page 26
Consolidated and College Balance Sheets	Page 27
Consolidated Statement of Cash Flows	Page 28
Notes to the Financial Statements	Page 29

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Brasenose College Governing Body, Officers and Advisers Year ended 31 July 2021

MEMBERS OF THE GOVERNING BODY

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

Principal: Mr John Bowers QC

Fellows:

Prof Konstantin Ardakov Rev Julia Baldwin Prof Geoff Bird Prof Jayne Birkby (from July 2020) Dr Ed Bispham Dr Harvey Burd Prof Anne Davies Dr Anne Edwards Dr Sos Eltis Prof Sergio de Ferra (from Sept 2020) Prof Eamonn Gaffney Prof Elspeth Garman (Resigned 31 Dec 2020) Prof Abigail Green Prof David Groiser Prof Birke Häcker Prof Guy Houlsby (Resigned 31 Dec 2020) Prof William James Prof Jonathan Jones Prof Ian Kiaer Prof Thomas Krebs Prof Sneha Krishnan Prof Owen Lewis

Prof Perla Maiolino Prof Christopher McKenna Dr Elizabeth Miller Dr Llewelyn Morgan Dr Sonali Nag Prof Simon Palfrey Mr Philip Parker Prof Adam Perry Prof Nicholas Purcell Prof Ferdinand Rauch Prof Jeremy Robertson Prof Andrea Ruggeri Prof Simon Shogry Dr Simon Smith Dr Alan Strathern Prof William Swadling Prof Eric Thun Prof Christopher Timpson Prof Giles Wiggs Prof Mark Wilson

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Brasenose College Governing Body, Officers and Advisers Year ended 31 July 2021

The activities of the Governing Body are carried out through a number of committees. The major committees are listed below. Membership is for the 2020/21 academic year, and committee members are also members of Governing Body unless otherwise indicated by #.

Academic Committee

Principal Vice-Principal Bursar Senior Tutor Tutor for Graduates Fellow Librarian Professor Anne Davies (Convenor of Research Committee 2021 to 2023) Professor Bird Professor Ruggeri Professor Krishnan

Investment Advisory Committee

Principal

Bursar

Professor Thomas Krebs Professor Jeremy Robertson Mr Charles Scott (# Matriculated 1976) Mr Gerald Smith (# Matriculated 1985) Mr Nigel Wightman (# Matriculated 1971)

Mr Mark Boulton (# Matriculated 1984)

Human Resources Committee

Development Committee

Principal Director of Development

Bursar

Vice-Principal Curator of Common Room Dr Carole Bourne Taylor # Professor Russell Foster # Editor of Brazen Nose Dr Llewelyn Morgan Professor Chris McKenna Professor William Swadling President of Brasenose Society (Amanda Pullinger)

Principal Bursar Senior Tutor Domestic Bursar # Prof Birke Häcker Dr Strathern Dr Bispham HR Manager Diversity & Equality Officer

Estates and Finance Committee

Principal Vice-Principal

Bursar

Senior Tutor Professor Goldberg # (Senior Kurti Fellow)

Remuneration Committee

Prof Christopher Kennard # (Senior Kurti Fellow) Professor Purcell Mrs Liz Padmore (# Matriculated 1974) Prof Eduardo Posada-Carbó # (Senior Golding Fellow)”

Professor Krebs Professor Wiggs Professor Rauch Professor Maiolino Professor Jonathan Jones

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Brasenose College Governing Body, College Officers and Advisers Year ended 31 July 2021

The principal officers and senior staff of the College to whom day-to-day management is delegated were:

Principal	John Bowers QC
Vice-Principal :	Dr Llewelyn Morgan
Bursar:	Philip Parker
Senior Tutor:	Dr Simon Smith
Tutors for Graduates:	Prof Owen Lewis and Prof Eamon Gaffney (from
	January 2021)
Chaplain:	Revd Julia Baldwin
Dean:	Prof Mark Wilson
Director of Development & Alumni Relations	Dr Elizabeth Miller
Domestic Bursar:	Matthew Hill
College Accountant:	Gillian Chandler
HR Manager:	Julia Dewar
IT Director:	John Kinsey

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Brasenose College Governing Body, Officers and Advisers Year ended 31 July 2021

COLLEGE ADVISERS

Auditor

Crowe U.K. LLP Aquis House, 49-51 Blagrave Street, Reading, RG1 1PL

Bankers

Barclays Commercial Bank plc Southern Team Apex Plaza 4[th] Floor Forbury Rd Reading RG1 1AX

Solicitors (Property)

Knights Midland House West Way Botley Oxford OX2 0PH

Solicitors (General)

Blake Morgan LLP Seacourt Tower West Way Oxford OX2 0FB

Land Agent

Bidwells LLP Seacourt Tower, West Way, Oxford OX2 0JJ

COLLEGE ADDRESS

Brasenose College Radcliffe Square Oxford OX1 4AJ

www.bnc.ox.ac.uk

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Brasenose College Report of the Governing Body Year ended 31 July 2021

The Members of the Governing Body present their Annual Report for the year ended 31 July 2021 under the Charities Act 2011 together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

The King’s Hall and College of Brasenose in Oxford, which is known as Brasenose College, (“the College”) is an eleemosynary chartered charitable corporation aggregate. It was founded by William Smyth, Bishop of Lincoln, and Sir Richard Sutton, a lawyer, in 1509, and received its royal charter from Henry VIII in 1511.

The object of the College is to advance education, learning, religion and research, for the public benefit, through the provision, support and conduct of a perpetual College in the University of Oxford. The College registered with the Charity Commission on 18 August 2011 (registered number 1143447).

The names of all members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 5.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The College is governed by its Statutes dated 28 April 1954, as amended in December 1999, May 2013 and most recently May 2016, which were approved by Her Majesty in Council on 15 February 2017.

Governing Body

The Governing Body is constituted and regulated in accordance with the College statutes, the terms of which are enforceable ultimately by the Visitor, who is the Bishop of Lincoln. The Governing Body is self-appointing. The Governing Body determines the ongoing strategic direction of the College and regulates its administration and the management of its finances and assets. It meets at least eleven times per year under the leadership of the Principal. It delegates many of its governance functions to governance and advisory committees, of which those with the widest remit are listed on page 3, and it delegates day-to-day management of the College to the Officers and senior members of staff, listed on page 4.

The majority of the Governing Body consists of Tutorial Fellows who are jointly appointed with the University because of their academic excellence and suitability to meet teaching and research needs of the College. The Governing Body also includes Professorial Fellows, who are employed by the University, Official Fellows, who are College Officers appointed to fulfil specific administrative or managerial roles in the College and some Supernumerary Fellows. New members of the Governing Body are usually recruited by advertisement and inducted into the workings of the College, including Governing Body policy and procedures, by the Principal and Officers.

Remuneration of Members of the Governing Body and Senior College Staff

The Remuneration Committee was chaired by Emeritus Fellow Peter Sinclair, until his unexpected death in March 2020. Peter was a long standing and much loved member of our community and will be greatly missed

No Fellows receive remuneration or benefits from their trusteeship of the College. Those trustees that are also employees of the College receive remuneration for their work as employees of the College, which is set based on the advice of the College’s Remuneration Committee, members of which are not in receipt of remuneration from the College. Where possible, remuneration is set in line with that awarded to the University’s academic staff.The remuneration of all other senior College staff is set in accordance with policies agreed by the Human Resources Committee, usually in line with relevant University of Oxford grades.

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Brasenose College Report of the Governing Body Year ended 31 July 2021

Group structure and relationships

The College administers many special trusts, as detailed in Notes 19 to 20 to the financial statements.

The College also has a wholly owned non-charitable subsidiary, Brasenose Limited, whose annual profits are donated to the College under the gift aid scheme. This subsidiary undertakes the College’s trading activities, including the sale of merchandise and commercial events and conferences. It has also undertaken significant building works in the past. The subsidiary’s aims, objectives and achievements are covered in the relevant sections of this report.

The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise because of this relationship. Where applicable, and particularly on matters relating to the recruitment and teaching of students and academic staff, the College liaises closely with the University and the other Colleges.

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The object of the College is to advance education, learning, religion and research, for the public benefit, through the provision, support and conduct of a perpetual College in the University of Oxford.

The Governing Body has considered the Charity Commission’s guidance on public benefit and, in keeping with its objects, the College provides public benefit by offering, in conjunction with the University of Oxford’s departments and faculties, higher education to graduates and undergraduates, and by supporting the pursuit of publicly disseminated research.

The objective of the College’s subsidiary is to help finance the achievement of the College’s aims as above.

Activities and objectives of the College

Brasenose College advances learning, for the benefit of the public, by providing higher education for undergraduate and postgraduate students within Oxford University, and by supporting the pursuit of publicly disseminated research.

On the census date 1 December 2020, Brasenose had 139 postgraduate research students, 100 postgraduate taught students, 375 undergraduate students, and no recognised visiting students, making a total of 614 students of all types. On the same date, the College had 32 Tutorial Fellows with contractual obligations to teach and to undertake research, 2 Official Fellows (the Bursar and Senior Tutor), 3 Professorial Fellows, 14 Supernumerary Fellows, 21 Research Fellows, and 50 College Lecturers.

In Brasenose, as in all of the collegiate University of Oxford, the tutorial system underpins undergraduate teaching, providing students with the opportunity to receive personal or small group tuition from a Fellow or Lecturer on at least a weekly basis during term time. In addition, the College provides classes, seminars and other forms of teaching as appropriate. Pastoral and administrative support is provided to students through the undergraduate advisory system, at the hub of which is the College’s welfare network and Senior Tutor, who exercises general oversight over undergraduate academic progress. Graduates at the College form an integral part of the academic community. While they are taught or supervised at their University faculty, every graduate student is assigned a College Graduate Adviser who provides academic and pastoral support. The College also appoints a Tutor for Graduates to have general oversight of the academic progress of graduates and their welfare needs.

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Brasenose College Report of the Governing Body Year ended 31 July 2021

To enable students to realise their academic potential and develop other personal qualities while at university, the College maintains high-quality facilities, including three libraries, a Chapel, teaching and multi-purpose rooms, and student accommodation. The wider cultural, religious and social development of its students are promoted actively through music and other arts, sports, welfare support, careers advice and other facilities. Non-academic staff provide medical, catering residential and support services to a very high standard to ensure that students are able to make the most of their membership of the College.

The College also advances research for the public benefit across a range of disciplines by employing tutors and lecturers and supporting research fellows. Tutorial Fellows have a contractual and statutory obligation to prosecute research, and are provided with support services and assistance that include the provision of sabbatical leave, research grants, library and computer facilities, office accommodation and meals. The high levels of research activity by College Fellows have been audited by the national Research Assessment Exercise (2008) and by the Research Excellence Framework (2014). Research findings are disseminated through a wide range of media including published papers, books, broadcasts, websites, and lectures. The College provides research grants to research fellows and lecturers including a research fund to extend further support across the College academic community. The College also offers studentships to some graduate researchers who, at the beginning of their careers, have demonstrated outstanding early promise in their chosen field of research for a period of up to three or four years to enable them to concentrate on their topic of research.

Recruitment and support for students

Brasenose College’s aim is to admit students who have the greatest potential to benefit from the education offered by the College and the University regardless of family income, previous educational opportunity, or protected characteristics such as ethnic origin, religious observance, gender, or disability. Fellows, lecturers, the Senior Tutor (who is also the Tutor for Admissions), and the Schools Liaison Officer are pro-active in encouraging qualified students from non-traditional backgrounds to apply, particularly those drawn from groups currently under-represented at Oxford. There are no geographical restrictions in the College’s objectives; both students and academic staff are drawn from across the UK and other countries.

The College charges students fees, which, where applicable, are set in accordance with rates, approved by Government, and charges for accommodation, meals and other services at reasonable, subsidised rates. Financial support is available to students to assist them with the costs of tuition fees and living costs whilst at Oxford. In addition to student loans provided by the Student Loans Company, which remain available to undergraduates from within the EU, other financial support such as bursaries is available to UK undergraduates who are from households where income is below a certain level. In the 2020/21 academic year 73 students (over 19% of the College’s UK undergraduates) received a total of £200,624 under this bursary scheme (2019/20 60 students received £147,000). 3 of these students received £5,000, the maximum award. In addition, in 2020/21 the College awarded a total of £322,181 to undergraduate students in the form of hardship grants, bursaries, travel grants and vacation residence grants for the support of both academic and extra-curricular activities, funded by the College’s ‘Greatest Need’ and Student Support Annual Funds. (2019/20 £181,681). Financial support in the year includes grants to students who needed faced unexpected financial difficulties due to the ongoing global pandemic.

Graduate funding is available predominantly in the form of government loans, Research Council awards or scholarship funds administered and awarded by the College and University divisions jointly. In 2020/21, 147 students received a total of £338,858 from College funds for these studentships (in 2019/20, 48 students received £258,412).

The College also awarded £20,920 in academic prizes to undergraduates and graduates in the year (2019/20 £16,785). Prizes are awarded based on academic excellence and serve to encourage academic endeavour at the College.

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Brasenose College Report of the Governing Body Year ended 31 July 2021

CORONAVIRUS SARS-CoV-2 PANDEMIC

The covid-19 pandemic continued throughout the year. In Michaelmas Term 2020, students were welcomed back to College, and most tutorials were held face-to-face, but we successfully adjusted the way we operated to reduce transmission rates. In Hilary term, there was national lock-down so only student on some courses or with particular needs were able to return to College, and most teaching was on-line. In Trinity Term, the College was able to operate more normally. Throughout the year we continued to run the college with appropriate safeguards in place, to ensure that the students’ domestic and welfare needs were met, without undue risk to staff,

The College was not able to run a full conference and events programme over the Easter and summer vacations, resulting in a significant shortfall of income. This was partially offset by use of the government’s Job Retention Scheme, with up to 74 staff being furloughed, resulting in claims from the Scheme of £0.3m (2020: £0.3m). The College was able to keep paying full salaries for all furloughed staff.

An insurance claim has been instigated to claim for the financial losses caused by the pandemic.

ACHIEVEMENTS AND PERFORMANCE

Over the past 12 months, Brasenose’s reputation for excellence in learning and research has been reflected in the achievements of its students and academics. 94 undergraduates completed Final Honours School examinations and graduated in June. There were 47 Firsts, 43 Upper-Seconds and 4 Lower-Seconds, or the equivalent . For the ninth successive year, no student graduated with an unclassified status. A total of 116 students sat the First Public Examination, of whom 29 obtained a distinction, partial distinction, or (where the result was classified) a First, while 83 achieved a pass or an Upper-Second

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Brasenose College Report of the Governing Body Year ended 31 July 2021

The following undergraduates were awarded prizes in recognition of their performances in University examinations:

William Bezodis (Biology): Gibbs Prize for Meritorious Work

Jonas Black (Law): Book Prize

Eleanor Cousins Brown (English): Gibbs Prize for Distinguished Performance

Charles Coverman (History & Politics): proxime accessit for Gibbs Prize (Written Paper)

Joshua Form (Physics): Rolls-Royce Prize for Innovation in an MPhys Project

James Hoddell (Economics & Management): Gibbs Prize for best overall performance in Management

Petra Kone (Philosophy & Modern Languages): LIDL Prize for the best performance in German for best submitted work in FHS Paper XII and Paper XIV and proxime accessit for Gibbs Prize for best performance in Final Honour School Examination for best submitted work in Special Subject Paper XII

Andrew Lee (Literae Humaniores): Congratulatory First

Georgina Miles (Medicine): Gibbs Prize and Wronker Grant

Quinn Obbink (Economics & Management): Gibbs Prize for the highest mark in the Introductory Economics paper and Examiners’ Prize for the highest overall mark across all papers

Jordan Penn (Physics): Physics Prize for practical work in Part A

Jessica Tedd (Physics): Commendation for practical work in Part A

Rachel Zerdin (Modern Languages): Mrs Claude Beddington Modern Languages Prize for the best performance in German and LIDL Prize for the best performance in German papers on the post-A-level course

On the graduate side, academic results were also encouraging, from 1 October 2019 to 25 September 2020, the College’s taught masters students achieved 24 distinctions, 8 merits and 13 passes. 1 student requested a submission extension rolling forward into the next academic year, and 20 students suspended studies for one or more terms. During the same period, 4 graduates completed the PGCE, and 35 Brasenose graduates completed DPhils successfully. During the period 32 Graduate students were awarded distinction as reported in the College magazine the Brazen nose.

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Brasenose College Report of the Governing Body Year ended 31 July 2021

Undergraduate Admissions and Outreach

Brasenose aims to admit as undergraduates those individuals demonstrating the greatest potential for benefitting from the educational opportunities offered by the College and University. The strength of recruitment is evidenced by the fact that the College received approximately 6 applications for every place available. The exceptional quality of candidates is reflected in the fact that the direct applicants’ success rate was 18.1% versus 14.5% for the rest of the University.

Outreach activity and schools liaison seek to encourage gifted students from under-represented backgrounds to consider applying to the University of Oxford, as well as maintaining links with those schools which have a tradition of Oxford applications. The College is an extremely active participant in outreach and schools liaison, having pivoted to online activities during the pandemic.

While the pursuit of academic excellence remains Brasenose’s primary aim, the College provides a rich social and cultural space for students and academics to enjoy, acknowledging the contribution that sport, music, and the arts make to the community. The initiative for the majority of activities taking place during term time springs from junior-members. Particularly noteworthy events and achievements are reported in the news section of the College’s website https://www.bnc.ox.ac.uk/about-brasenose/news and in the College magazine, the Brazen Nose

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Brasenose College Report of the Governing Body Year ended 31 July 2021

Fundraising

The College benefits from significant financial and voluntary support from alumni, Fellows, staff, and friends. Many alumni give generously of their time to provide mentoring and career advice to the current students. We are particularly grateful to the alumni who give their time and expertise to the Brasenose Society Committee, the College’s Investment Advisory Committee, and in a number of other voluntary capacities.

Philanthropic support for the College is essential to the maintenance of high standards in teaching, research, and student support and the excellence of the facilities. Total income in the year from donations and legacies was £1,907,157 (2020: £3,230,954). The College is grateful to all supporters who contributed financially in this and previous years.

The College is very grateful to approximately one thousand alumni who gave to College, the majority of whom supported the Annual Fund, with gifts totaling £0.519m (2020: £0.525m), and also to the donors who were able to make a permanent contribution to the financial well-being of the College with gifts to the endowment totaling in this year £0.554m (2020: £0.558m). Other gifts, including legacies, totalled £0.835m (2020: £2.149m).

Brasenose College Development & Alumni Relations Office is committed to the highest standards in fundraising practice. We aim to be open and honest in all our communications and fundraising. We recognise that there may be occasions when someone in receipt of our fundraising communications wants to register a complaint and have a clear process in place. We take complaints seriously and seek to address them quickly and appropriately. We adhere to the Fundraising Regulator's Code of Fundraising Practice and are committed to the Fundraising Promise. We have received no complaints this year.

The College’s approach to fundraising is in accordance with its charitable objectives.

The College directly employs staff to build and deepen relationships with our alumni and friends and subsequently solicit donations. A professional fundraising company is used to support College staff during annual telephone fundraising events where resources are not available within the College. All contracts with professional fundraisers are monitored and there have been no failures in compliance with the College’s own standards or those of voluntary regulatory fundraising schemes with which we are registered.

The College actively manages and reviews all contractual relationships including those relating to fundraising activities and no complaints have been received about fundraising for the charity.

Through regular staff training, including with student callers who participate in telephone campaigns, the College continues to ensure it protects vulnerable people and others from unreasonable intrusion into a person’s privacy, unreasonably persistent approaches, or undue pressure to give, in the course of or in connection with fundraising for the charity

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Brasenose College Report of the Governing Body Year ended 31 July 2021

FINANCIAL REVIEW

The College’s consolidated total funds increased by £27.2m in the year, standing at £207.0m at 31 July 2021 (£179.8m at 31 July 2020). The endowment funds increased by £26.6m to £177.9m, the restricted funds increased by £0.2m to £4.3m and the College’s unrestricted funds increased by £0.4m ending the year at £24.8m.

The College’s incoming resources were £17.5m in the year, compared with £17.2m in 2020. Tuition and Research income increased slightly to £2.9m (2020 £2.6m), with residential income decreasing to £2.3m (2020 £2.5m) due to the continuing impact of the Covid 19 global pandemic. It is College policy to subsidise residential provision to students. This supports the charitable objective of the advancement of education for the public benefit and to support access to the most academically gifted regardless of financial background.

The endowment funds saw a net inflow of £4.5m, before the attribution of investment gains on land and property of £1.5m and gains on the investment portfolio of £20.6m (2020 £1.8m gain and £3.8m losses respectively), which brought the closing value of the endowment to £177.9m. The College’s investment policy ensures a diversified asset allocation that helps mitigate shocks in parts of the market, such as seen as a result of the pandemic, and which, together with the investment return spending policy, is designed with a view to ensuring financial sustainability.

The unrestricted funds increased by £0.4m , ending the year at £24.8m, representing general and designated funds which are consistent with the reserves policy. There are no funds, restricted or unrestricted, that were in deficit at the balance sheet date.

Loan

In April 2017 the College issued £20m of unsecured loan notes, repayable in 2057, with a fixed interest rate of 2.62%. The proceeds will be used to finance the proposed new student accommodation primarily in the Frewin annex, with the balance invested alongside the endowment. The College also has a £9m loan repayable in 2048. At 31 July 2021 the College’s net debt stood at 6.3% (2020, 7.9%) of net assets.

Reserves policy

The College’s reserves policy is to maintain free reserves of between 3 and 6 months of expected expenditure at the end of each financial year. These reserves are required in order to provide both working capital to finance the College operations, despite the uneven pattern of receipts which are weighted to the start of the academic year, and some reserves to enable it to meet its short-term financial obligations without interruption to services in the event of an unexpected revenue shortfall or increase in financial liabilities.

Free reserves are net current assets that are not restricted or designated and exclude loan proceeds allocated for operational purposes (student accommodation). The College’s free reserves at the year-end amounted to £4.3m (2020 £1.7m), representing 3.9 months (2020 1.6 months) of expected expenditure.

Impact of the coronavirus pandemic

The College faced another challenging year as income from Conference and events remained subdued. The College has diverse income streams and a strong balance sheet, with plenty of liquid assets and good visibility of predictable cashflows and no pressure on its loan covenants, even in more negative scenarios.

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Brasenose College Report of the Governing Body Year ended 31 July 2021

Risk management

The College has on-going processes, which operated throughout the financial year, for identifying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidiary in undertaking their activities. When it is not able to address risk issues using internal resources, the College takes advice from experts external to the College with specialist knowledge. The relevant College committee, chaired by the Principal or other relevant officer, reviews policies and procedures within the College. The Estates and Finance Committee, which receives advice on investment risks from the Investment Advisory Committee, assess financial risks. The Health and Safety Committee meets regularly to review health and safety issues and reports at least once a year on health and safety matters to Governing Body. Training courses and other forms of career development are available, when requested, to members of staff to enhance their skills in risk-related areas.

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

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

• Coronavirus pandemic: the pandemic could result in further “lockdowns” with the college reverting to on line teaching, with some or all students not resident in college. While confident that teaching quality can be maintained remotely, the College community is likely to be weakened by further closure, and the financial impact on college could be detrimental

• Failure to attract, admit and retain sufficiently high quality students from diverse backgrounds. This is mitigated by active outreach programmes and intensive admissions processes, by financial support for both Undergraduates and Postgraduates, and by the provision of on course, intensive feedback and welfare support;

• Failure to attract and retain leading academics. Remuneration is monitored by an independent committee, the College is committed to preserving academic reputation, and supports academics in their research activities;

• Failure to protect the real value of the endowment. This is monitored by a committee containing experts in investment management, and mitigated through a diversified investment strategy and a prudent spending rule;

• Fraud is a risk in any complex organisation, and is mitigated in the College by robust purchasing controls, financial procedures and strong budgetary management;

• Risk of shortfalls in income generation from donations or commercial and conference business are managed by close monitoring and management, and by diversity of income streams;

• Other risks relating to the operational activities of the College such as employment of staff and use of IT are managed through the implementation and monitoring of clear procedures, and where appropriate, technology.

Investment policy, objectives and performance

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

• maintaining (at least) the value of the investments in real terms;

• producing a consistent and sustainable amount to support expenditure; and

• Delivering these objectives within acceptable levels of risk.

To meet the objectives the College’s investments as a whole are managed on a total return basis, maintaining diversification across a range of asset classes in order to produce an appropriate balance between risk and return. In line with this approach, the College statutes allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total return.

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Brasenose College Report of the Governing Body Year ended 31 July 2021

The Governing Body, as advised by the Investment Advisory Committee from time to time sets the investment policy and strategy. The Investment Advisory Committee regularly monitors performance and advises the college on all the securities and property investments that are held as permanent income-generating capital. At the yearend, the College’s property and other investments held in Endowment and Restricted funds, totalled £186.4m (2020 £153.8m). Long term performance is monitored against benchmarks on the basis of calendar quarters. At 30th June, the annualised return on the endowment was 9.0% p.a over the last three years and 10.3% over the last five years. The College’s benchmark target is to exceed RPI by 3.5%, and the returns have been significantly above this target, by+ 3% p.a. over three years and 3.9% over five years.

The carrying value of the preserved permanent capital (the trust for investment) and the amount of any unapplied total return available for expenditure was taken as the open market values (fair value) of these funds as at 1 August 2002 together with the original gift value of all subsequent endowment received.

On the total return basis of investing, it is the Governing Body’s policy to extract as income 3.5% (3.3% 2020) (after costs) of the value of the relevant investments. However, to smooth and moderate the amounts withdrawn this percentage is calculated on the average of the year-end values in each of the last five years. The Governing Body keeps the level of income withdrawn under review to balance the needs and interests of current and future beneficiaries of the College’s activities, and has agreed to increase the spend rate to 3.85% in the 2021-22 financial year, returning to 3.5% in subsequent years, in the light of very strong recent rises in the stock markets and the increased possibility of lower returns in future because of economic uncertainty.

Plans

In 2019 year the College completed a Strategic Review. This included a review of our Values and identified 21 aims for the College across its activities from teaching and research to the development of our people and the college buildings.

The report is available on the website at https://www.bnc.ox.ac.uk/about-brasenose/official-information

The College will continue to recruit the best possible students from the widest possible backgrounds, with particular energy directed to encouraging applicants from schools that do not traditionally send students to Oxford. Brasenose will share with the University the costs of supporting those students from families with lower incomes through Oxford’s package of fee waivers and bursaries, which is the most generous universal package offered by any English University.

The college has commenced a new stand alone building in the Frewin Annex for 30 new en suite student rooms

The College will continue to recruit and retain excellent academics to carry out research, and to provide academic teaching and guidance to its students so they can achieve to the best of their abilities, and to provide the facilities and environment required for the development and enjoyment of students outside their academic studies.

The College will seek financial support for the development of all its activities and particularly for the support of students, the endowment of Fellowships, and for the development of its facilities, both through donations and where appropriate by accessing capital markets.

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Brasenose College Report of the Governing Body Year ended 31 July 2021

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

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

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

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

• select the most suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

• State whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures, which are explained in the financial statements;

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue to operate.

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

Approved by the Governing Body on 10th November 2021 and signed on its behalf by:

John Bowers QC Principal

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Brasenose College Report of the Auditor Year ended 31 July 2021

Independent Auditor’s Report to the Members of Brasenose College

Opinion

We have audited the financial statements of Brasenose College (‘the charity’) and its subsidiary (‘the group’) for the year ended 31 July 2021 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31 July 2021 and of the group’s income and receipt of endowments and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

17

Brasenose College Report of the Auditor Year ended 31 July 2021

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient and proper accounting records have not been kept by the parent charity; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 17, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

18

Brasenose College Report of the Auditor Year ended 31 July 2021

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation, Health and Safety and Taxation legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, sample testing of income transactions to supporting documentation and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor

Reading

24 November 2021

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

19

Brasenose College Statement of Accounting Policies Year ended 31 July 2021

1. Scope of the financial statements

The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiary Brasenose Limited. No separate SOFA has been presented for the College alone as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary of the results and financial position of the charity and the subsidiary for the reporting year are disclosed in note 13.

2. Basis of accounting

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

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

The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The College has cash resources and has no further requirement for external funding in excess of current facilities. The Trustees have a high expectation that the College has adequate resources to continue in operational existence for the foreseeable future. In making their assessment the Trustees have considered the impact on the business of COVID-19 including the ability of the College to continue to operate as a College of the University of Oxford. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

The principal accounting policies adopted are set out below and have been applied consistently throughout the year.

3. Accounting judgements and estimation uncertainty

In preparing financial statements, it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governing Body to have the most significant effect on amounts recognised in the financial statements.

• I. Discount rate. Where the long-term liabilities, assets, or other financial instruments are required to be discounted to net present value under FRS102, an appropriate discount rate is used. The discount rates used for the pension provision calculation for USS and OSPS are within the range 0.68% to 0.94% which is based on the yield on high quality corporate bonds.

• II. Investment properties are held at fair value, based on an estimated open market value on an existing use basis. There is inherent uncertainty in such valuation, but potential uplift for, for example, development opportunities is not reflected, thus ensuring that the valuation is not overstated.

• III. Pledged or legacy income that is recognised when probable, rather than certain, could potentially fail to be fulfilled. Any major donation that is recognised before having been received in full will be identified in the notes to the accounts.

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Brasenose College Statement of Accounting Policies Year ended 31 July 2021

Brasenose College participates in the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of each scheme are held in a separate trusteeadministered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual employers and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other employers’ employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to each scheme. Since the College has entered into agreements (the Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, the College recognises a liability for the contributions payable that arise from the agreements (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control such as Universities Superannuation Scheme and OSPS. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The Trustees are satisfied that USS and OSPS meet the definition of a multi-employer scheme and the College has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.

The pension deficits recorded are dependent on estimates of future employment patterns and interest rates. The effects of changes to these assumptions are shown in note 23

4. Income recognition

All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured

(a) Income from fees, HEFCE support and other charges for services

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

(b) Income from donations, grants and legacies

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

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

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

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Brasenose College Statement of Accounting Policies Year ended 31 July 2021

(c) Investment income

Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates. Income from fixed interest debt securities is recognised using the effective interest rate method. Interest on bank balances and fixed interest securities is accounted for in the period to which the interest relates.

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

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

5. Expenditure

Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated.

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

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

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

Intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure in the consolidated financial statements.

6. Leases

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

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

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Brasenose College Statement of Accounting Policies Year ended 31 July 2021

7. Tangible fixed assets

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

Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings, which is directly attributable to bringing the asset to its working condition for its intended use and amounting to more than £10,000 together with expenditure on equipment costing more than £10,000, is capitalised.

Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is no longer recognised as an asset and is taken as an expense in the SOFA.

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

8. Depreciation

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

Freehold properties, including major extensions	50 years
Leasehold properties	50 years or period of lease if shorter
Building improvements	50 years or period of lease if shorter
Plant and Machinery	20 years
Computer Systems and Equipment	4 years

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

At the end of each reporting period, the residual values and useful economic lives of assets are reviewed and adjusted if necessary. In addition, if events or changes in circumstances indicated that the carrying value may not be recoverable, the carrying values of tangible fixed assets are reviewed for impairment.

9. Heritage Assets

The College does not have any assets that it considers should be treated as heritage assets under FRS102, as all such assets are used for operational purposes, to meet the College’s charitable objects of education, learning, religion and research.

10. Investments

As allowable under FRS102 the College has adopted the option to apply the recognition, measurement and disclosure requirements of sections 11 & 12 of FRS102.

Investment properties are initially recognised at their cost and subsequently measured at their fair value at each reporting date, as assessed annually by the Trustees based on estimated open market values on an existing use basis, after taking advice from the College Property Advisers. A formal valuation is undertaken every 5 years. Purchases and sales of investment properties are recognised on exchange of contracts.

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Brasenose College Statement of Accounting Policies Year ended 31 July 2021

Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs.

Investments such as hedge funds and private equity funds which have no readily identifiable market value are initially measured at their costs and subsequently measured at their fair value at each reporting date without deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respective fund managers.

Other unquoted investments are valued using primary valuation techniques such as earnings multiples, recent transactions and net assets where reliable estimates can be made – otherwise at cost less any impairment.

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as ‘gains or losses on investments’ and are allocated to the fund holding or disposing of the relevant investment.

11. Other Financial Instruments

a. Derivatives

The College does not currently invest in derivatives. These include forward foreign currency contracts which are used to reduce exposure to foreign exchange rates, and interest rate swaps that are used to adjust interest rate exposures. Derivative financial instruments are initially measured at fair value on the date the contract is entered into and are subsequently measured at fair value. Changes in fair value are credited or charged to the income or expenditure section of the SOFA. Hedge accounting is not currently applied to derivatives.

b. Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short term deposits with an initial maturity date of three months or less.

c. Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

12. Stocks

Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.

13. Foreign currencies

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

Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.

14. Total Return investment accounting

The College statutes authorise the College to adopt a ‘total return’ basis for the investment of its permanent endowment. The College can invest its permanent endowments without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the

24

Brasenose College Statement of Accounting Policies Year ended 31 July 2021

investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return that can be retained for investment or released to income at the discretion of the Governing Body.

The Governing Body has decided that it is in the best interests of the College to account for its invested expendable endowment capital in the same way, though there is no legal restriction on the power to spend such capital.For the carrying value of the preserved permanent capital, the Trustees have taken its open market value as at 1 August 2002, together with the original gift value of all subsequent endowments received.

15. Fund accounting

The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the origins of the funds and the terms set by the donors. Endowment funds are further subdivided into permanent and expendable.

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

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

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

Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long-term benefit of the College. However, the Governing Body may at their discretion determine to spend all or part of the capital.

16. Pension costs

The costs of retirement benefits provided to employees of the College through two multi-employer defined benefit pension schemes are accounted for as if these were defined contribution schemes in accordance with the requirements of FRS 102. The College's contributions to these schemes are recognised as a liability and an expense in the period in which the salaries to which the contributions relate are payable. In addition, a liability is recognised at the balance sheet date for the discounted value of the expected future contribution payments under the agreements with these multi-employer schemes to fund the past service deficits.

The costs of retirement benefits provided to employees of the College through defined contribution arrangements are recognised as a liability and an expense in the period in which the salaries to which the contributions relate are payable.

25

Brasenose College Consolidated Statement of Financial Activities For the period ended 31 July 2021

Notes INCOME AND ENDOWMENTS FROM: Charitable activities: Teaching, research and residential 1 Other Trading Income 3 Donations and legacies 2 Investments Investment income 4 Total return allocated to income 14 Other income 5 Total income EXPENDITURE ON: Charitable activities: Teaching, research and residential Generating funds: Fundraising Trading expenditure Investment management costs Total Expenditure 6 Net Income before gains Net (losses)/gains on investments 11, 12 Net Income/(Expenditure) Transfers between funds 19 Net movement in funds for the year Fund balances brought forward 19 Funds carried forward at 31 July	Unrestricted Funds £'000 5,251 52 1,019 202 4,181 319	Restricted Funds £'000 - - 335 96 828 -	Endowed Funds £'000 - - 554 9,659 (5,009) -	2021 Total £'000 5,251 52 1,908 9,957 - 319	2020 Total £'000 5,370 245 3,232 7,973 - 361
	11,024 10,202 438 22 -	1,259 1,274 - - 7	5,204 - - - 656	17,487 11,476 438 22 663	17,181 11,329 510 49 540
	10,662	1,281	656	12,599	12,428
	362	(22)	4,548	4,888	4,753
	-	219	22,064	22,283	(9,206)
	362	197	26,612	27,171	(4,453)
	-		(0)	(0)	-
	362 24,461	197 4,073	26,612 151,293	27,171 179,827	(4,453) 184,280
	24,823	4,270	177,905	206,998	179,827

26

Brasenose College Consolidated and College Balance Sheets As at 31 July 2021

Notes FIXED ASSETS Tangible assets 10 Property investments 11 Other Investments 12 Total Fixed Assets CURRENT ASSETS Stocks Debtors 15 Cash at bank and in hand Total Current Assets LIABILITIES Creditors: Amounts falling due within one year 16 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: falling due after more than one year 17 Defined benefit pension scheme liability 22 TOTAL NET ASSETS FUNDS OF THE COLLEGE 19 Endowment funds Restricted funds Unrestricted funds Designated funds General funds Pension reserve 22 NET ASSETS BEFORE PENSION ASSET OR LIABILITY	2021 Group £'000 30,081 53,554 133,471 217,106 327 6,737 15,769 22,833 2,383 20,450 237,556 29,000 208,556 1,558 206,998 177,905 4,270 10,150 16,231 (1,558) 206,998	2020 Group £'000 30,468 51,737 106,113	2021 College £'000 30,081 53,554 133,471	2020 College £'000 30,468 51,737 106,113
		188,318	217,106	188,318
		323 8,810 14,792	327 6,723 15,726	321 8,817 14,570
		23,925 1,826	22,776 2,357	23,708 1,800
		22,099 210,417 29,000 181,417 1,590	20,419 237,525 29,000 208,525 1,558	21,908 210,226 29,000 181,226 1,590
		179,827	206,967	179,636
		151,293 4,073 9,558 16,493 (1,590)	177,905 4,270 10,150 16,200 (1,558)	151,293 4,073 9,558 16,302 (1,590)
		179,827	206,967	179,636

The financial statements were approved and authorised for issue by the Governing Body of Brasenose College on

10th November 2021

27

Brasenose College Consolidated Statement of Cash Flows For the period ended 31 July 2021

Notes Net cash (used in) provided by operating activities 26 Cash flows from investing activities Dividends, interest and rents from investments Finance costs paid Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment Capital receipts in relation to Investment Land & Property Purchase of investment Land & Property Proceeds from sale of investments Purchase of investments Net cash provided by/(used in) investing activities Cash flows from financing activities Repayments of borrowing Cash inflows from new borrowing Receipt of endowment Net cash provided by financing activities Change in cash and cash equivalents in the reporting period 27 Cash and cash equivalents at the beginning of the reporting period Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at the end of the reporting period	2021 £'000 (1,523)	2020 £'000 (3,103)
	9,957 (618) - (501) - (323) 16,445 (23,014)	7,973 (654) - (499) 2,066 - 14,480 (17,594)
	1,946	5,772
	- - 554	- - 558
	554	558
	977	3,227
	14,792	11,565
	15,769	14,792

28

Brasenose College Notes to the financial statements For the period ended 31 July 2021

1 INCOME FROM CHARITABLE ACTIVITIES 2021 Teaching, Research and Residential £'000 Unrestricted funds Tuition fees - UK and EU students 1,691 Tuition fees - Overseas students 765 Other fees - Other HEFCE support 216 Other academic income 196 College residential income 2,383 Total income from charitable activities 5,251 The above analysis includes £2672k received from Oxford University from publicly accountable funds under the CFF Scheme (2020: £2390k). 2 DONATIONS AND LEGACIES 2021 £'000 Donations and Legacies Unrestricted funds 1,019 Restricted funds 335 Endowed funds 554 1,908 3 INCOME FROM OTHER TRADING ACTIVITIES 2021 £'000 Subsidiary company trading income 45 Other trading income 7 52 4 INVESTMENT INCOME 2021 £'000 Unrestricted funds Agricultural rent - Commercial rent 187 Equity dividends 15 202 Restricted funds Agricultural rent 2 Commercial rent 23 Other property income 4 Equity dividends 14 Other investment income 53 96 Endowed funds Agricultural rent 145 Commercial rent 2,325 Other property income 376 Equity dividends 1,446 Other investment income 5,367 9,659 Total Investment income 9,957 5 Other Income 2021 £'000 Income received from the Coronovirus Job Retention Scheme 280 Other Income 39 319 Under the terms of the undergraduate student support package offered by Oxford University to students from lower income households, the college share of the fees amounted to £0k (2020: £1k). These are not included in the fee income reported above.	2020 £'000 1,606 602 47 182 175 2,758
	5,370
	2020 £'000 588 2,086 558 waived
	3,232
	2020 £'000 227 18
	245
	2020 £'000 - 187 19
	206
	1 15 3 20 30
	69
	159 1,619 281 2,265 3,374
	7,698
	7,973
	2020 £'000 326 35
	361

29

6 ANALYSIS OF EXPENDITURE

ANALYSIS OF EXPENDITURE
Charitable expenditure Direct staff costs allocated to: Teaching, research and residential Other direct costs allocated to: Teaching, research and residential Support and governance costs allocated to: Teaching, research and residential Total charitable expenditure Expenditure on generating funds Direct staff costs allocated to: Fundraising Trading expenditure Other direct costs allocated to: Fundraising Trading expenditure Investment management costs Support and governance costs allocated to: Fundraising Trading expenditure Investment management costs Total expenditure on raising funds Total expenditure	2021 £'000 4,373 3,872 3,231 11,476 2021 £'000 324 - 81 13 656 33 9 7 1,123 12,599	2020 £'000 4,549 3,778 3,002
		11,329
		2020 £'000 344 - 126 49 535 40 - 5
		1,099
		12,428

The 2020 resources expended of £12428k represented £10867k from unrestricted funds, £1026k from restricted funds and £535k from endowed funds.

The College is liable to be assessed for Contribution under the provisions of a new replacement for Statute XV of the University of Oxford. The scheme has been approved by the Council of the University, Congregation and Her Majesty in Council . The papers agreed by Council clearly set out that the charge due for a year is payable in that year so therefore; no liability in respect of 2020-21 exists. No provision has therefore been made in these accounts. The Contribution Fund is used to make grants and loans to colleges on the basis of need.

The teaching and research costs include College Contribution payable of £0k (2020 - £0k).

30

7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
Generating Funds 2021 £'000 Financial administration 318 Domestic administration 3 Investment Management 2 Human resources 4 IT 36 Depreciation - Bank interest payable - Other finance charges - Governance costs 2 365 Generating Funds 2020 £'000 Financial administration 48 Domestic administration 6 Investment Management 3 Human resources 6 IT 34 Depreciation - Bank interest payable - Other finance charges - Governance costs 1 98 Financial and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on each activity. Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made of the underlying assets. Interest and other finance charges are attributed according to the purpose of the related financing. Governance costs are allocated according to the estimated audit workload.	Teaching and Research £'000 297 208 - 439 360 888 618 - 19 2,829 Teaching and Research £'000 21 285 - 467 344 927 654 - 19 2,717	2021 Total £'000 615 211 2 443 396 888 618 - 21
		3,194
		2020 Total £'000 69 291 3 473 378 927 654 - 20
		2,815
Governance costs comprise: Auditor's remuneration - audit services Other governance costs	2021 £'000 21 - 21	2020 £'000 14 6
		20

Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use Interest and other finance charges are attributed according to the purpose of the related financing. Governance costs are allocated according to the estimated audit workload.	made of the underlying assets.
	2021	2020
	£'000	£'000
Governance costs comprise:
Auditor's remuneration - audit services	21	14
Other governance costs	-	6
	21	20

No amount has been included in governance costs for the direct employment costs or reimbursed expenses of the College Fellows on the basis that these payments relate to the Fellows involvement in the College's charitable activities. Details of the remuneration of the Fellows and their reimbursed expenses are included as a separate note within these financial statements.

31

GRANTS AND AWARDS During the year the College funded research awards and bursaries to students from its restricted and unrestricted fund as follows: Unrestricted funds Grants to individuals: Scholarships, prizes and grants Bursaries and hardship awards Graduate Studentships Grants to other institutions Total unrestricted Restricted funds Grants to individuals: Scholarships, prizes and grants Bursaries and hardship awards Graduate Studentships Grants to other institutions Total restricted Total grants and awards	2021 £'000 162 681 121 - 964 52 76 183 - 311 1,275	2020 £'000 127 828 41 -
		996
		28 221 185 -
		434
		1,430

8 GRANTS AND AWARDS

The figure included above represents the cost to the College of the Oxford Bursary scheme. Students of this college received £201k (2020: £150k).

The above costs are included within the charitable expenditure on Teaching and Research. Grants to other institutions comprise an increase in the provision set aside for the sharing of unspent income funds with a common beneficiary.

9

STAFF COSTS

The aggregate staff costs for the year were as follows. Salaries and wages Social security costs Pension costs: Defined benefit schemes Defined contribution schemes Other benefits The average number of employees of the College, including casual staff, excluding Trustees, was as follows. Tuition and research (ex Trustees) Tuition and research (ex Trustees) - Casual College residential College residential - casual Fundraising Fundraising - casual Support Support - casual Total The average number of employed College Trustees during the year was as follows. University Lecturers CUF Lecturers Other teaching and research Other Total	2021 £'000 4,540 350 758 21 - 5,669 2021 35 30 79 23 6 5 34 4 216 21 11 1 3 36	2020 £'000 4,412 344 789 17 -
		5,562
		2020 61 7 80 30 6 1 36 19
		240
		20 10 1 5
		36

Redundancy payments are accounted for in the period in which the employee were informed of the decision. Where redundancy costs are uncertain, the figure in the accounts represents a best estimate. These costs are met through unrestricted funds. Payments were made in the year totaling £0k (£5k 2020).

Key Management Remuneration

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

Key Management are considered to be The Principal, The Vice Principal, The Bursar, The Senior Tutor, The Tutor for Graduates, the Chaplain, The Dean, The Director of Development & Alumni Relations, The Domestic Bursar, The College Accountant, the HR Manager and the IT Director.

The total remuneraton paid to key management was £951k (2021, £946k)

32

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

bands was:
£60,001-£70,000 £70,001-£80,000 The number of the above employees with retirement benefits accruing was as follows: In defined benefits schemes In defined contribution schemes The College contributions to defined contribution pension schemes totalled	2021 2 1 2 - £'000 26	2020 3 2 -
		£'000 17

10 TANGIBLE FIXED ASSETS

Group Leasehold land and buildings £'000 Cost At start of year - Additions - Disposals - At end of year - Depreciation and impairment At start of year - Depreciation charge for the year - Depreciation on disposals - At end of year - Net book value At end of year - At start of year - College Leasehold land and buildings £'000 Cost At start of year - Additions - Disposals - At end of year - Depreciation and impairment At start of year - Charge for the year - On disposals - At end of year - Net book value At end of year - At start of year -	Freehold land and buildings £'000 40,635 272 - 40,907 11,142 775 - 11,917 28,990 29,493 Freehold land and buildings £'000 40,635 272 - 40,907 11,142 775 - 11,917 28,990 29,493	Plant and machinery £'000 1,577 69 - 1,646 633 82 - 715 931 944 Plant and machinery £'000 1,577 69 - 1,646 633 82 - 715 931 944	Fixtures, fittings and equipment £'000 1,189 160 - 1,349 1,158 31 - 1,189 160 31 Fixtures, fittings and equipment £'000 1,189 160 - 1,349 1,158 31 - 1,189 160 31	Total £'000 43,401 501 -
				43,902
				12,933 888 -
				13,821
				30,081
				30,468
				Total £'000 43,401 501 -
				43,902
				12,933 888 -
				13,821
				30,081
				30,468

The College has substantial long-held historic assets all of which are used in the course of the College’s teaching and research activities. These comprise listed buildings on the College site, together with their contents comprising works of art, ancient books and manuscripts and other treasured artefacts. Because of their age and, in many cases, unique nature, reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. However, in the opinion of the Trustees the depreciated historical cost of these assets is now immaterial.

33

11 PROPERTY INVESTMENTS

Group and College Valuation at start of year Additions and improvements at cost / capital expenditure Disposals net proceeds / capital receipts Revaluation gains / (losses) in the year Valuation at end of year	Agricultural £'000 16,389 - - 1,257 17,646	Commercial £'000 32,741 323 - 147 33,211	Other £'000 2,607 - - 90 2,697	2021 Total £'000 51,737 323 - 1,494 53,554	2020 Total £'000 58,327 (8,416) 1,826
					51,737

A formal valuation of the Colleges property was undertaken in 2021 by Bidwells. Bidwells assessed the fair value of the colleges portfolio as at 31 July 2021 in accordance with UKVPGA 1.2 of the RICS Valuation Global Standards UK(July 2017). Investments held in property funds at 31 July 2021 include those with valuations reported on the basis of a material valuation uncertainty.

12

OTHER INVESTMENTS

OTHER INVESTMENTS
All investments are held at fair value. Group investments Valuation at start of year New money invested Amounts withdrawn Increase/ (Decrease) in value of investments Group investments at end of year Group investments comprise: Equity investments Global multi-asset funds Property funds Fixed interest stocks Alternative and other investments Total group investments	Held outside Held in the UK the UK £'000 £'000 38,779 46,022 2,961 24,818 7,868 - 13,023 41,740 91,731	2021 Total £'000 84,801 27,779 7,868 - 13,023 133,471	Held outside the UK £'000 35,936 2,969 - - - 38,905	2021 £'000 106,113 23,014 (16,445) 20,789 133,471 Held in the UK £'000 36,691 17,135 7,639 - 5,743 67,208	2020 £'000 114,031 17,594 (14,480) (11,032)
					106,113 2020 Total £'000 72,627 20,104 7,639 0 5,743
					106,113

Group investments include £81,621,617 ( 2020 £69,223,339) of unlisted investments. Unlisted investments can be illiquid and may be valued as at 30th June 2021. The June valuation is considered by the Trustees to provide an adequate estimate of value as at 31 July 2021.

13 PARENT AND SUBSIDIARY UNDERTAKINGS

The College holds 100% of the issued share capital in Brasenose Limited (Company number 02904934), a company providing conference and other event services on the College premises, and which is also authorised to provide design and build construction services to the College.

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

Income Expenditure Donation to College under gift aid Result for the year Total assets Total liabilities Net funds at the end of year	£'000 17,442 (12,578) - 4,864 239,882 (32,915) 206,967 Brasenose College	£'000 45 (21) (184) Brasenose Limited
		(160)
		71 (40)
		31

34

14 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1/8/02. The investment return to be applied as income is calculated as 3.5% (2020 3.3%) (plus costs) of the average of the year-end values of the relevant investments in each of the last five years. For donations to the endowment received within this five year period, income is calculated as 3.3% of the amount received. The amount applied as income for spending is included within the income section of the SOFA on the basis that this gives a clearer understanding of the financial position of the college. The preserved (frozen) value of the invested endowment capital represents its open market value in 2002 together with all subsequent endowments valued at the date of the gift.

15

16

17

At the beginning of the year: Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments Movements in the reporting period: Gift of endowment funds Recoupment of trust for investment Investment return: total investment income Investment return: realised and unrealised gains and losses Less: Investment management costs Other transfers Total Unapplied total return allocated to income in the reporting period Transfers between funds Total Transfer between funds Net movements in reporting period At end of the reporting period: Unapplied total return Expendable endowment Total Endowments DEBTORS Amounts falling due within one year: Trade debtors Amounts owed by College members Amounts owed by Group undertakings Loans repayable within one year Prepayments and accrued income Other debtors Amounts falling due after more than one year: Amounts owed by College members CREDITORS: falling due within one year Trade creditors Amounts owed to College Members Taxation and social security College contribution Accruals and deferred income Other creditors CREDITORS: falling due after more than one year Bank loans Gift component of the permanent endowment	Trust for Investment £'000 52,547 - - 52,547 554 - - - P	Unapplied Total Return £'000 - 77,420 - 77,420 - 7,741 18,506 (565) ermanent Endow	Total £'000 52,547 77,420 - 129,967 554 7,741 18,506 (565) ment	Expendable Endowment £'000 - - 21,326 21,326 - 1,918 3,558 (91)	Total Endowments £'000 52,547 77,420 21,326
					151,293 554 9,659 22,064 (656)
	554 - -	25,682 (4,309) -	26,236 (4,309) -	5,385 (700) -	31,621 (5,009) -
	-	(4,309)	(4,309)	(700)	(5,009)
	554	21,373	21,927	4,685	26,612
	53,101 - -	- 98,793 -	53,101 98,793 -	- - 26,011	53,101 98,793 26,011
	53,101	98,793	151,894	26,011	177,905
		2021 Group £'000 520 90 26 7 762 4,354 978 6,737 2021 Group £'000 631 418 125 - 898 311 2,383 2021 Group £'000 29,000 29,000	2020 Group £'000 491 103 - 4 566 6,530 1,116 8,810 2020 Group £'000 349 50 123 - 1,008 296 1,826 2020 Group £'000 29,000 29,000	2021 College £'000 505 90 27 7 762 4,354 978 6,723 2021 College £'000 600 418 124 - 904 311 2,357 2021 College £'000 29,000 29,000	2020 College £'000 490 103 8 4 566 6,530 1,116
					8,817
					2020 College £'000 345 50 123 - 986 296
					1,800
					2020 College £'000 29,000
					29,000

In 2008 the College took out an unsecured bank loan at 4.575% fixed rate repayable in 2049. The College is investing each year in a designated fund to contribute to repayment of this loan in 2048.

In February 2017 the College issued £20m of fixed rate loan notes by private placement, at a fixed interest rate of 2.62%, repayable in 2057. The Governing Body has designated £8,000,000 from general funds to finance new student accommodation and £12,000,000 to the endowment.

18

PROVISIONS FOR LIABILITIES AND CHARGES

Financial administration costs include a provision charge of £231,000 for overdue commercial and student debtors.

35

19 ANALYSIS OF MOVEMENTS ON FUNDS At 31 July 2020 £'000 Endowment Funds - Permanent Permanent Endowment Fund 106,065 Brasenose Income Capital Fund 9,934 Hulme Capital Fund 6,939 Tutorial/Classics Fellowship Capital Fund 1,887 Germaine Capital Fund 1,140 Undergraduate Bursary Capital Fund 707 Lucas Bequest Capital Fund 588 Kwai Cheong Graduate Studentship Fund 418 Gordon Orr Bursary 317 Sir Christopher Wates Honour Bursary 191 Jeffery Bequest (Mod Hist) Capital Fund 178 The George Walker Honour Bursary 120 Mark Veit Honour Bursary 120 Profumo Capital Fund 126 Mosse Honour Bursary 106 P Sinclair Honour Bursary 97 David Watts Honour Bursary 97 Peter Sands Honour Bursary 96 The Turner Family Honour Bursary 96 The Dermot (1951) & Gerard (1954) Dunphy 113 The Folkman Honour Bursary 91 1974 Bursaries (CO-ED) 110 The Michael May Honour Bursary 97 The KCM Honour Bursary 97 Rector of Didcot Capital Fund 42 Bride Mayor Honour Bursary 24 Poor of Didcot Capital Fund 15 Reynolds Prize Capital Fund 14 Cox Trust Capital Fund (1518) 7 Morley Trust Capital Fund (1515) 5 Kyrpianou Graduate Scholarship fund 125 Total Permanent Endowment 129,963 At 31 July 2020 £'000 Endowment Funds - Expendable Brasenose Income Capital Fund 4,659 Economics Fellowship Capital Fund 1,945 Garrick Law Fellowship Capital Fund 1,851 Jeffrey Cheah Fund-Capital Fund - Fellowsship 1,674 Politics Fellowship Capital Fund 1,575 Hector Pilling Capital Fund 1,554 Fiddian Capital Fund 1,420 Roger Thomas Bequest Cap Fund 1,292 Bedford Capital Fund 1,124 Kyprianou Grad Stud Capital Fund 798 Curran Capital Fund 757 Jeffrey Cheah Fund-Capital Fund - Graduate Scho 368 Ellesmere Law Endowment Capital Fund 575 Cashmore Capital Fund 468 Biochemistry 178 Access & Outreach Capital Fund 199 Expendable Endowments 186 The Ward Jones Bursaries 0 Stafford Bequest Capital Fund 169 Barry Nicholas Capital Fund 154 The Guy Scholarship 0 The Heffernan Sinclair Scholarship Fund 113 BNC Australia Scholarship Capital Fund 92 Benefactions Capital Fund 91 Holroyd Collieu Noel Hall Capital Fund 64 Thomas & Jones Capital Fund 24 Total Expendable Endowment Funds 21,330 Total Endowment Funds - Group 151,293	Incoming resources £'000 6,761 636 444 123 73 51 38 27 23 14 11 9 9 8 7 7 7 7 7 7 7 6 6 4 3 2 1 1 0 0 8,299 Incoming resources £'000 297 124 118 134 100 99 91 83 73 51 48 0 38 30 200 15 12 200 11 10 159 3 6 6 4 2 1,914 10,213	Resources expended £'000 (464) (43) (30) (8) (5) (3) (3) (2) (2) (1) (1) (1) (1) (1) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (565) Resources expended £'000 (20) (8) (8) (9) (7) (7) (6) (6) (5) (3) (3) 0 (2) (2) (1) (1) (1) 0 (1) (1) 0 0 0 0 0 0 (91) (656)	Transfers £'000 (3,521) (332) (231) (63) (38) (24) (20) (14) (11) (6) (6) (4) (4) (4) (3) (3) (3) (3) (3) (3) (3) (3) (3) (2) (1) (1) 0 0 0 0 (4,309) Transfers £'000 (153) (65) (62) (70) (52) (52) (47) (43) (38) (27) (25) 0 (19) (16) 0 (3) (6) 0 (6) (5) 0 (2) (3) (3) (2) (1) (700) (5,009)	As a Gains £'000 15,016 1,454 1,013 275 167 113 86 61 51 31 26 19 19 18 17 15 15 15 15 15 14 14 12 9 6 4 2 2 1 1 18,506 Gains/ (losses) £'000 676 284 270 305 230 227 207 189 167 116 111 439 84 68 26 29 27 0 25 23 0 16 13 13 9 4 3,558 22,064	t 31 July 2021 £'000 123,857 11,649 8,135 2,214 1,337 844 689 490 378 229 208 143 143 147 127 116 116 115 115 132 109 127 112 108 50 29 18 17 8 6 125
					151,893
					At 31 July 2021 £'000 5,459 2,280 2,169 2,034 1,846 1,821 1,665 1,515 1,321 935 888 807 676 548 403 239 218 200 198 181 159 130 108 107 75 29
					26,011
					177,905

36

At 31 July 2020 £'000 Restricted Funds Fairburn Legacy 1,417 Chapel Organ 1,076 Fiddian Income Fund 366 Deferred Capital Fund 238 The Crole Legacy 126 Chapel Ceiling 113 The Principals Conversation 95 Hector Pilling Income Fund 57 Lucas Bequest Income Fund 105 Major Gifts Restricted Gross - Jewish country house - Jeffery Bequest (Modern History) income Fund 39 The Saven Gift 74 Politics Fellowship Income Fund 16 Garrick Law Income Fund - Chapel and Choir 16 Akers Jones Gift 24 Kyprianou Grad Stud Income Fund 9 Restricted Annual Fund - Restricted Wine Reserve - Cashmore Income Fund 8 Rector of Didcot Income Fund 11 Charles Skey - Access Programme - The Boat club - Germaine Income Fund - Modern Linguists Fund 9 The Fergus Miller Memorial Fund 7 Restricted Annual Fund - St Mary's History - Stafford Bequest Income Fund - H.C.L. Noel Hall Income Fund 3 Poor of Didcot Income Fund 4 Ellesmere Law Fellowship Income Fund - Major Gifts Restricted Cheetham 3 Restricted Annual Fund 8 Profumo Income Fund 1 Cox Trust Income Fund 3 Barry Nicholas Income Fund 5 Morley Trust Income Fund 2 Restricted Annual Fund - George Walker Bursary F 1 Restricted Annual Fund - Bio chem books - Academic Excellence Annual Fund - Baldock Restricted legacy. Insects, Bees and Wasp - Grubb Restricted legacy - Library and Books - Moss Restricted legacy - Chapel & Library - Curran Income Fund - Barton Economics Fellowship Inc Fund - Tutorial/Classics Fellowship Income Fund - Kwai Cheong Grad Studentship Income Fund - Undergraduate Bursary Income Fund - Jeffrey Cheah Fund - Income Fund 30 Jeffrey Cheah Fund-Capital Fund - Graduate Scho - Peter Moores Chinese Bus Stud Fund 112 Covid 19 Hardship fund - Clubs and Societies - Library and Archives Annual Fund - Student Support Annual Fund 95 Restricted Annual Fund - Chairs - Restricted Annual Fund - Harold Parr - Restricted Annual Fund - Kurt Beyer - Total Restricted Funds - College & Group 4,073 Total Restricted Funds - Group 4,073	Incoming resources £'000 88 - - - 8 - - - - 52 - - - - 8 - - 22 - - - 11 - - - 1 7 - - - - 1 - - - - - - 1 7 5 5 10 - - - - - - - 40 33 2 6 104 10 3 7 431 431	Resources expended £'000 (39) (10) (2) - (1) - - (42) (64) - - (30) (30) (30) - - (14) - (6) - - - - (29) (1) - - - - - (15) - (4) (2) - (7) - - - (6) - - - (74) (171) (178) (29) (79) - (24) (150) (33) (2) - (199) - (3) (7) (1,281) (1,281)	Transfers £'000 (42) - 47 7 (4) - - 52 20 - 6 - 52 62 - - 27 - 16 1 11 - 10 38 - - - 6 2 - 19 - - 4 - 5 - - - - (5) (5) (10) 74 171 178 29 79 (30) 24 - - - (6) - (10) - - 828 828	Gains £'000 201 - - - 18 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 219 219	At 31 July 2021 £'000 1,625 1,066 411 245 147 113 95 67 61 52 45 44 38 32 24 24 22 22 18 12 11 11 10 9 8 8 7 6 5 4 4 4 4 3 3 3 2 1 1 1 - - - - - - - - - - 2 - - - - - - - -
					4,270
					4,270

37

Designated Funds Frewin New Build Accomodation Housing Loan Fund Loan Repayment Fund Global History of Capitalism HCR Dilapidation Fund JCR Dilapidation Fund Boat Club Capital Fund Unrestricted/Greatest Need Annual Fund Benefactions Income Fund Thomas & Jones Inc Fund BNC Australia Scholarship Income Fund Hulme Income Fund Bedford Income Fund Unrestricted Donation Chew Delafield Fund Total designated funds - College & Group Pension reserve General Reserve (Consolidated) Unrestricted funds held by subsidiaries General Funds - Group Total Unrestricted Funds - Group Total Funds - Group	7,550 1,117 472 100 16 11 10 - - - - - 282 - - 9,558 (1,590) 16,302 191 16,493 24,461 179,827	- - - 85 - - - 332 - - - 96 - 47 62 622 - 6,176 45 6,221 6,843 17,487	- (1) 56 (92) (5) - (13) (133) - - (2) (70) - - (61) (321) 32 (10,168) (205) (10,373) (10,662) (12,599)	651 162 - - 2 1 13 (190) 3 1 3 (26) (282) (47) - 291 - 3,890 - 3,890 4,181 -	- - - - - - - - - - - - - -	8,201 1,278 528 93 13 12 10 9 3 1 1 - - - 1
					-	10,150
					- - -	(1,558) 16,200 31
						16,231
					-	24,823
					22,283
						206,998

38

20 FUNDS OF THE COLLEGE DETAILS

The following is a summary of the origins and purposes of each of the Funds Endowment Funds Permanent Endowment Fund A consolidation of gifts and donations which comprise the historic endowment of the College, and which the Governing Body Expendable Endowment (inc legacies) Fund Expendable Endowed Legacies Holroyd Collieu Noel Hall Capital Fund Mid 20th C benefaction. Income is restricted for use for travel grants. Hector Pilling Capital Fund 1988 to support graduate scholarships/studentships preferably RAF/Commonwealth Fiddian Capital Fund For the support of undergraduate/graduate students from Monmouth/Haberdashers Schools Germaine Capital Fund 1972 Will Trust Fund to support scholarships for Home/EU graduates Roger Thomas Bequest Cap Fund For the furtherance of education Profumo Capital Fund 1940 to suport extra-curricular activities of undergraduates of educational benefit The Heffernan Sinclair Scholarship Fund To support the study of Economics. Benefactions Capital Fund Fund to support students in financial need Jeffery Bequest (Mod Hist) Capital Fund 1975 to support the publication of learned works, and/or an exhibition in History Rector of Didcot Capital Fund Rector of Didcot Capital fund Curran Capital Fund 1965 supports the Curran Tutor in Physiology Lucas Bequest Capital Fund To support a Junior Research Fellow/research activities Hulme Capital Fund Capital balance of past donations from the Hulme (Educational) Trust in Manchester, which are given for the general purposes of Economics Fellowship Capital Fund For the endowment of a Fellowship in economics Tutorial/Classics Fellowship Capital Fund A 2009/10 fund in support of Tutorial Fellowships & Classics. Kwai Cheong Lena Liu (Laou) (KCLLL) Graduate Studentship Fund 2009/10 to fund a Dphil studentship for a student preferably from China Undergraduate Bursary Capital Fund A 2010/11 to support undergraduate bursaries Undergraduate Bursary Capital Fund The Watts Honour Bursary Undergraduate Bursary Capital Fund Undergraduate Bursaries within the College Undergraduate Bursary Capital Fund The George Walker Bursary Undergraduate Bursary Capital Fund The Mark Veit Honour Bursary Undergraduate Bursary Capital Fund The Mosse Honour Bursary (MHB) Undergraduate Bursary Capital Fund The Peter Sands Honour Bursary Undergraduate Bursary Capital Fund The Folkman Honour Bursary (FHB) Undergraduate Bursary Capital Fund Sir Christopher Wates Honour Bursary Undergraduate Bursary Capital Fund The Michael May Bursary Undergraduate Bursary Capital Fund The Dermot (1951) & Gerard (1954) Dunphy Honour Bursary. Undergraduate Bursary Capital Fund The Turner Family Honour Bursary (TFHB) Undergraduate Bursary Capital Fund The Peter Sinclair Honour Bursary Undergraduate Bursary Capital Fund 1974 Bursary Undergraduate Bursary Capital Fund Gordon Orr Bursary Undergraduate Bursary Capital Fund KCM Honour Bursary Undergraduate Bursary Capital Fund The Robert and Soulla Kyprianou Honour Bursary Stafford Bequest Capital Fund Supporting College funded mini-bursaries Cashmore Capital Fund Valedictory fund in name of former Principal for bursaries The Garrick Law Fellowship Capital Fund For the endowment of a Fellowship in law Politics Fellowship Capital Fund For the endowment of a Fellowship in politics Ellesmere Law Endowment Capital Fund For the support of teaching and research in law The Robert and Soulla Kyprianou Grad ScholarshipDonated funds to support a graduate studentship. Oxford-Jeffrey Cheah Graduate Scholarship FundEndowment to support the Jeffrey Cheah Fellowships and graduate studentship programmes Access & Outreach Bedford Capital Fund (Invested in TP) 1996 bequest for general purposes Scholarship Fund Anonymous donation to Fund a graduate economics scholarship. Anonymous donation in memory of former Principal to support a graduate law scholar intending to practise at the bar of England Barry Nicholas Capital Fund & Wales BNC Australia Scholarship Capital Fund Australian scholarship fund Brasenose Income Capital Fund For general purposes Restricted Funds 2019 Legacy received from Charles Fairburn to provide assistance such as a bursary or scholarship in the name of his father, Charles Edward Fairburn and to assist undergraduate members of the College to take Degrees in Engineering science. Fairburn Legacy - Engineering Permanently invested return-generating capital (PIRGC) 2018 Legacy from Mr Colin A Crole for the provision of bursaries for the benefit of students in financial need. Permanently Crole Legacy - Students in need invested return-generating capital (PIRGC) Chapel Organ Donation to provide funds to replace the College Chapel Organ by Gerald Smith Deferred Capital Fund This fund is amortised over the life time of the relevant capital asset Hector Pilling Income Fund 1988 to support graduate scholarships/studentships preferably RAF/Commonwealth Fiddian Income Fund For the support of undergraduate/graduate students from Monmouth/Haberdashers Schools Germaine Income Fund 1972 Will Trust Fund to support scholarships for Home/EU graduates Poor of Didcot Income Fund Poor of Didcot Income Fund Profumo Income Fund 1940 to suport extra-curricular activities of undergraduates of educational benefit Jeffery Bequest (Modern History) income Fund 1975 to support the publication of learned works, and/or an exhibition in History Rector of Didcot Income Fund Rector of Didcot Income fund Curran Income Fund To support a Academic post Lucas Bequest Income Fund To support a Junior Research Fellow/research activities Cox Trust Income Fund Cox Trust Income fund Morley Trust Income Fund Morely Trust Income Fund Barton Economics Fellowship Inc Fund To support an Academic post Tutorial/Classics Fellowship Income Fund A 2009/10 fund in support of Tutorial Fellowships. Studentship Fund 2009/10 to fund a Dphil studentship for a student preferably from China Undergraduate Bursary Income Fund A 2010/11 to support undergraduate bursaries Stafford Bequest Income Fund Supporting College funded mini-bursaries Cashmore Income Fund Valedictory fund in name of former Principal for bursaries Garrick Law Income Fund For the endowment of a Fellowship in law Politics Fellowship Income Fund For the endowment of a Fellowship in politics Ellesmere Law Fellowship Income Fund For the support of teaching and research in law Scholarship Capital Fund Donated funds to support a graduate studentship. Jeffrey Cheah Fund-Income Fund Endowment to support the Jeffrey Cheah Fellowships and graduate studentship programmes Old Cloisters Library Project Funds raised to support the Old Cloisters library development project. Completed in 2018 Anonymous donation in memory of former Principal to support a graduate law scholar intending to practise at the bar of England Barry Nicholas Income Fund & Wales An income fund which supports the post of the Tutor in Chinese Management Studies. The underlying endowment funds are Peter Moores Chinese Bus Stud Fund held by the University Major Gifts Restricted Campaign Fund A consolidation of recent donations for restricted purposes Major Gifts Restricted - Tony Hill Restricted Funds Major Gifts Restricted Restricted Funds Major Gifts Restricted Cheetham Restricted Gifts - Chemistry Major Gifts Restricted Lord Windlesham Restricted Gifts - Principals discretion for extra curricular

39

21

Major Gifts Restricted Akers Jones Restricted Gifts - Archaelogical digs Major Gifts Restricted Cheah donation Endowment to support the Jeffrey Cheah Fellowships and graduate studentship programmes Major Gifts Restricted Saven Restricted Gifts - To provide better, thicker, higher quality matresses Major Gifts Restricted Krainer Restricted Gifts - Naming Principals conversations Clubs & Soc Annual Fund Restricted Annual Fund - Clubs and Arts Library and Archives Annual Fund Restricted Annual Fund - Library & Archives Student Support Annual Fund Regular giving by alumni in support of grant funding to individual students Restricted Annual Fund - Other Restricted Annual Fund Restricted Annual Fund - Naming Restricted Annual Fund - Name a chair, bookcases and desks Fund Restricted Fund - The George Walker Bursary Fund Academic Excellence Annual Fund Restricted Annual Fund - Academic excellence Chapel and Choir Restricted Annual Fund - Choir & Chapel Charles Skey Charitable Trust Restricted Fund - Access The Boat Club Restricted Fund - Boat Club Access Restricted Restricted Fund - Acess Archive Fund Restricted Fund - Archive Unrestricted Funds General Reserve Unrestricted General Reserve Pension Reserve Pension Reserve Roger Thomas Bequest Income Fund For Futherance of Education Reynolds Prize Inc Fund Thomas & Jones Inc Fund Benefactions Income Fund Hulme Income Fund Bedford Income Fund 1996 bequest for general purposes Delafield Fund Funding for Archivist Frewin New Student Accomodation Building Planned new student accomodation building

The General Unrestricted Funds represent accumulated income from the College's activities and other sources that are available for the general purposes of the College. The College policy is to disclose only the most significant funds individually.

ANALYSIS OF NET ASSETS BETWEEN FUNDS

2021 Tangible fixed assets Property investments Other investments Net current assets Long term liabilities and pension liabilities 2020 Tangible fixed assets Property investments Other investments Net current assets Long term liabilities and pension liabilities	Unrestricted Funds £'000 30,081 - 630 12,670 (18,558) 24,823 Unrestricted Funds £'000 27,762 3,593 472 11,224 (18,590) 24,461	Restricted Funds £'000 - 644 1,598 2,172 (144) 4,270 Restricted Funds £'000 27 484 1,065 2,618 (121) 4,073	Endowment Funds £'000 - 52,910 131,243 5,608 (11,856) 177,905 Endowment Funds £'000 2,679 47,660 104,576 8,257 (11,879) 151,293	2021 Total £'000 30,081 53,554 133,471 20,450 (30,558)
				206,998
				2020 Total £'000 30,468 51,737 106,113 22,099 (30,590)
				179,827

40

22 TRUSTEES' REMUNERATION

Trustees of the college fall into the following categories:

The Principal

Tutorial and Official Fellows, who either undertake teaching and research duties under the terms of their contract of employment with the College or who are officers of the college

Professorial Fellows

Those Supernumerary Fellows who have been elected to Governing Body.

No trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the college receive salaries for their work as employees. These salaries are paid on external academic and academic-related scales and often are joint arrangements with the University of Oxford. Any salary paid by the University is not included in the table below. Remuneration is set on the basis of the advice of the College’s Remuneration Committee, members of which are Fellows not in receipt of remuneration from the College. Where possible, remuneration is set in line with that awarded to the University’s academic staff. The composition of the Remuneration Committee is set out in the section on Governing Body, Officers and Advisers.

All Tutorial and some Official Fellows are eligible for a Housing Allowance, which is disclosed within the salary figures below, unless they live in accommodation provided by the College.

Some trustees receive additional allowances for additional work carried out as part time college officers (such as the Dean, Tutor for Graduates, Vice Principal, Fellow Librarian). These amounts are included within the remuneration disclosed below. The total remuneration and taxable benefits as shown below is £1,642k (2020 £1,580k).

Remuneration paid to trustees

Trustee Name Mr John Bowers Mr Philip Parker Dr Simon Smith Dr Liz Miller Dr Simon Palfrey Dr Llewelyn Morgan Dr David Groiser Dr Christopher Timpson Mr William Swadling Dr Ed Bispham Dr Abigail Green Dr Alan Strathern Dr Mark Wilson Prof Adam Perry Dr Sos Eltis Rev Julia Baldwin Dr Owen Lewis Dr Thomas Krebs Dr Harvey Burd Dr Eamonn Gaffney Dr Christopher McKenna Prof Andrea Ruggeri Prof Konstantin Ardakov Prof Jonathan Jones Dr Giles Wiggs Prof William James Dr Jeremy Robertson Dr Eric Thun Dr Ian Kiaer Prof Geoff Bird Prof S Krishnan Prof P Maiolino Prof S Shogry Dr Ferdinand Rauch Prof Elspeth Garman Total	Salary Pension Benefits £ £ £ 111,697 23,568 2,656 99,072 20,904 - 81,209 17,135 1,174 80,325 16,949 - 51,756 10,921 3,516 53,600 11,310 1,956 43,017 9,077 7,835 49,561 10,457 3,780 49,561 10,457 3,455 49,561 10,457 1,956 49,561 10,457 1,956 49,561 10,457 1,956 34,248 7,226 3,701 48,429 10,219 - 39,828 8,404 - 27,963 9,809 - 29,863 6,301 1,656 21,051 4,442 3,719 21,051 4,442 3,516 21,051 4,442 3,177 21,051 4,442 1,956 10,421 2,199 12,527 21,051 4,442 1,780 21,051 4,442 1,956 21,051 4,442 1,956 22,302 4,706 1,565 21,051 4,442 1,565 21,051 4,442 782 20,748 4,378 - 21,051 4,442 1,975 8,731 1,842 13,244 7,993 1,687 12,527 8,232 1,737 12,527 10,421 2,199 12,527 2,967 626 - 1,251,137 267,902 122,896	2021 Total Trustee Name £ 137,921 Mr John Bowers 119,976 Mr Philip Parker 99,518 Dr Simon Smith 97,274 Dr Liz Miller 66,193 Dr Simon Palfrey 66,866 Dr Llewelyn Morgan 59,929 Dr David Groiser 63,798 Dr Christopher Timpson 63,473 Mr William Swadling 61,974 Dr Ed Bispham 61,974 Dr Abigail Green 61,974 Dr Alan Strathern 45,175 Dr Mark Wilson 58,648 Prof Adam Perry 48,232 Dr Sos Eltis 37,772 Rev Julia Baldwin 37,820 Dr Owen Lewis 29,212 Dr Thomas Krebs 29,009 Dr Harvey Burd 28,670 Dr Eamonn Gaffney 27,449 Dr Christopher McKenna 25,147 Prof Andrea Ruggeri 27,273 Prof Konstantin Ardakov 27,449 Prof Jonathan Jones 27,449 Dr Giles Wiggs 28,573 Prof William James 27,058 Dr Jeremy Robertson 26,275 Dr Eric Thun 25,126 Dr Ian Kiaer 27,468 Prof Geoff Bird 23,817 Prof S Krishnan 22,207 Prof P Maiolino 22,496 Prof S Shogry 25,147 Dr Ferdinand Rauch 3,593 Prof Elspeth Garman 1,641,935 Total	2020 Total £ 143,600 116,642 98,219 95,988 65,323 61,181 63,388 63,005 62,680 61,181 61,181 59,225 43,171 57,873 47,594 33,416 37,137 28,875 28,672 28,657 27,112 26,719 27,112 27,112 27,112 26,720 26,720 24,505 24,794 28,882 10,434 9,552 9,837 12,873 8,086
			1,574,578

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

41

23 Pension Schemes

The College participates in two principal pension schemes for its staff – the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). The assets of each scheme are held in separate trustee-administered funds. USS and OSPS are contributory mixed benefit schemes (i.e. they provide benefits on a defined benefit basis – based on length of service and pensionable salary – and on a defined contribution basis – based on contributions into the scheme). Both are multi-employer schemes and the College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, the College accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period. In the event of the withdrawal of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.

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

Schemes accounted for under FRS 102 paragraph 28.11 as defined contribution schemes

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

	USS	OSPS
Date of valuation:	31/03/2018	31/03/2019
Date valuation results published:	16/09/2019	19/06/2020
Value of liabilities:	£67.3bn	£848m
Value of assets:	£63.7bn	£735m
Funding surplus / (deficit):	(£3.6bn)	(£113m)
Principal assumptions:
 Discount rate	CPI - 0.73% to CPI +2.52%a	Gilts +0.5%- 2.25%b
	n/a	RPI
 Rate of increase in salaries	CPIc	Average RPI/CPI d
 Rate of increase in pensions
Assumed life expectancies on retirement at age 65:
 Males currently aged 65	24.6 yrs	21.7 yrs
 Females currently aged 65	26.1 yrs	24.4 yrs
 Males currently aged 45	26.6 yrs	23.0 yrs
 Females currently aged 45	27.9 yrs	25.8 yrs
Funding Ratios:
 Technical provisions basis	95%	87%
 Statutory Pension Protection Fund basis	76%	74%
 ‘Buy-out’ basis	56%	60%
	21.1% increasing
Employer contribution rate (as % of pensionable salaries):	to 23.7% on	19%
	01/10/21
Effective date of next valuation:	31/03/2020	31/03/2022
a. The discount rate (forward rates) for the USS valuation was:
Years 1-10:		CPI + 0.14% reducing linearly to CPI – 0.73%
Years 11-20:		CPI + 2.52% reducing linearly to CPI + 1.55% by year 21
Years 21 +:		CPI + 1.55%
b. The discount rate for the OSPS valuation was:
Pre-retirement:		Equal to the UK nominal gilt curve at the valuation date plus 2.25% p.a. at each term.
Post-retirement:		Equal to the UK nominal gilt curve at the valuation date plus 0.5% p.a. at each term.
c. Pensions increases (CPI) for the USS valuation were:
Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.3% p.a.

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

RPI inflation is derived from the geometric difference between the UK nominal gilt curve and the UK index-linked curve at the valuation date, less 0.3% p.a. at each term. CPI For pension increases linked to inflation, a pension increase curve is constructed based on either the RPI, CPI or the average of the RPI and CPI inflation curves described above, e. The USS and OSPS employer contribution rates include provisions for the cost of future accrual of defined benefits, deficit contributions, administrative expenses and defined contributions.

42

Sensitivity of actuarial valuation assumptions

Surpluses or deficits which arise at future valuations may impact on the company’s future contribution commitment. The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set out below:

	USS
Assumption	Change in assumption	Impact on USS liabilities
Initial discount rate	increase by 0.1%	decrease by £1.2bn
Asset values	reduce by 10%	increase by £6.4bn
RPI – CPI spread	increase by 0.1%	decrease by £0.7bn
	more prudent
	assumption
Rate of mortality	(mortality rated	increase by £1.6bn
	down by a further
	year)
	OSPS
Assumption	Change in assumption	Impact on OSPS technical provisions
Valuation rate of interest	decrease by 0.25%	increase by £45m
RPI	increase by 0.25%	Increase by £40m

Deficit Recovery Plans
In line with FRS 102 paragraph 28.11A, the College has recognised a liability for the contributions payable for the agreed deficit				funding plan. The principle assumptions used i
		2020/21		2019/20
	OSPS	USS	OSPS	USS
Finish Date for Deficit Recovery Plan	30/01/2028	31/03/2028	30/01/2028	31/03/2028
Average staff number increase	0	0	0	0
Average staff salary increase	4	4	3	3
Average discount rate over period	0.89	0.89	0.74	0.74
Effect of 0.5% change in discount rate	12,131	£18,707	£12,461	£23,517
Effect of 1% change in staff growth	£10,474	£39,061	£47,174	£49,259

In line with FRS 102 paragraph 28.11A, the College has recognised a liability for the contributions payable for the agreed deficit funding plan. The principle assumptions used in these calculations are tabled below:

A provision of £1.6m has been made at 31 July 2021 (2020: £1.6m) for the present value of the estimated future deficit funding element of the contributions payable under these agreements, using the assumptions shown. The provision reduces as the deficit is paid off according to the pension recovery scheme.

Pension charge for the year

The pension charge recorded by the University during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows:

Scheme Universities Superannuation Scheme University of Oxford Staff Pension Scheme Other schemes – contributions Total	2021 2020 £'000 £'000 455 465 301 298 23 26
	779 789

These amounts include £21k (2020: £17k) contributions payable to defined contribution schemes at rates specified in

43

24 TAXATION

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

25

26

27

28

FINANCIAL INSTRUMENTS Financial assets at fair value through Statement of Financial Activities : Fixed asset investments Financial instruments that are debt instruments measured at settlement value : Trade Debtors Amounts owed by College members Amounts owed by Group undertakings Other Debtors and accrued income Trade Creditors Amounts owed to Group Amounts owed to College members College contribution Other Creditors Accruals Bond notes RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS Net income Elimination of non-operating cash flows: Investment income Gains in investments Endowment donations Financing costs Depreciation Profit on sale of fixed assets (Increase)/Decrease in stock (Increase)/decrease in debtors (Decrease)/Increase in creditors Decrease in provisions (Decrease)/Increase in pension scheme liability Net cash (used in)/provided by operating activities ANALYSIS OF CHANGES IN NET DEBT Cash Deposits and other short term investments Loans falling due after more than one year Total ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand Notice deposits (less than 3 months) Total cash and cash equivalents FINANCIAL COMMITMENTS At 31 July the College had annual commitments under non-cancellable operating lease Other expiring within one year expiring between one and five years expiring in over five years Financial Liabilities measured at settlement value : Financial liabilities measured at amortised cost :	At start of the year £'000 9,792 5,000 (29,000) (14,208) s as follows:	Cashflows £'000 984 - 984	Foreign exchange movements £'000 (7) - - (7)	2021 Group £'000 133,471 520 978 - 5,239 (631) (418) - (436) (898) (29,000) 108,825 2021 Group £'000 27,171 (9,957) (22,283) (554) 618 888 - (4) 2,073 557 - (32) (1,523) Fair value movements £'000 - - - - 2021 £'000 10,769 5,000 15,769 2021 £'000 5 9 - 14	2020 Group £'000 106,113 491 1,116 - 7,203 (349) - (50) - (419) (1,008) (29,000)
					84,097
					2020 Group £'000 (4,453) (7,973) 9,206 (558) 654 927 - (6) 290 (827) - (363)
					(3,103)
					At end of year £'000 10,769 5,000 (29,000)
					(13,231)
					2020 £'000 9,792 5,000
					14,792
					2020 £'000 6 14 -
					20

44

29 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July 2021 for future capital projects totalling £8181k (2020 - £320k).

30 RELATED PARTY TRANSACTIONS

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

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

10 trustees had loans outstanding from the College, under the Assisted Housing Scheme, at the start and/or the end of the year, with a total value of £1,116k (2020 £1,361k).

The number of loans outstanding at 31 July with the balances in the following bands were as follows:

The number of loans outstanding at 31 July with the balances in the following bands were	as follows:
	2021	2020
	£'000	£'000
£77,000 - £78,000	1	1
£99,000 - £99,999	1	0
£100,000 - £100,999	0	1
£103,000 - £103,999	0	2
£104,000 - £104,999	2	0
£107,000 - £107,999	0	1
£110,000 - £110,999	1	1
£116,000 - £116,999	1	1
£117,000 - £117,999	1	1
£118,000 - £118,999	1	2
£121,000 - £121,999	2	0
£123,000 - £123,999	1
	11	10

Interest is charged at 4% below the official rate of interest or 1%, whichever is the higher currently 1%. All loans are repayable on retirement or on ceasing to be a Fellow of the College, and are secured on the property.

31 CONTINGENT LIABILITIES

There are no contingent liabilities as at 31 July 2021

32 POST BALANCE SHEET EVENTS

Since the year end, following the completion of the 2020 actuarial valuation, a new dual rate schedule of contributions has been agreed with an effective date of 1 October 2021. Recalculating the USS provision on the basis of these contributions would result in an increased obligation to fund the deficit of £4.53M, an increase of £3.58M

A further change to deficit recovery contributions will become applicable under the 2020 valuation if the Joint Negotiating Committee recommended deed on benefit changes has not been executed by 28 February 2022. In this scenario, higher deficit recovery contributions will commence from 1 October 2022 at 3% and then increase every 6 months until they reach 20% at 1 October 2025. They remain at this level until 31 July 2032. Negotiations continue and an increase to this level is considered remote

If the Schedule of Contributions remains unchanged, the College's Financial Statements for the year ended 31 July 2022 will reflect these changes to the provision, subject to any other changes in financial and operational assumptions.

33 COMMITMENTS UNDER OPERATING LEASES

Group and Company - Lessor Later than 1 year and not later than 5 years Later than 5 years Not later than 1 year The group earns rental income by leasing its properties to tenants under non-cancellable operating leases. Leases in which substantially all risks and rewards of ownership are retained by another party, the lessor, are classified as operating leases. Payments, including prepayments, made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease. At the balance sheet date, the group had contracted with tenants to receive the following future minimum lease payments

2021 2020 £'000 £'000 1,711 1,948 5,849 6,056 9,710 10,302

17,270 18,306

45

34 Comparative Information- Consolidated Statement of Financial Activities for the year ended 31 July 2020

Notes INCOME AND ENDOWMENTS FROM: Charitable activities: Teaching, research and residential 1 Public worship Heritage Other Trading Income 3 Donations and legacies 2 Investments Investment income 4 Total return allocated to income 14 Other income 5 Total income EXPENDITURE ON: Charitable activities: Teaching, research and residential Generating funds: Fundraising Trading expenditure Investment management costs Total Expenditure Net Income before gains Net (losses)/gains on investments 11, 12 Net Income/(Expenditure) Transfers between funds 19 Net movement in funds for the year Fund balances brought forward 19 Funds carried forward at 31 July	Unrestricted Funds £'000 5,370 - - 245 588 206 3,917 361 10,687 10,308 510 49 - 10,867 (180) - (180) 165 (15) 24,476	Restricted Funds £'000 - - - - 2,086 69 597 - 2,752 1,021 - - 5 1,026 1,726 (83) 1,643 (165) 1,478 2,595	Endowed Funds £'000 - - - - 558 7,698 (4,514) - 3,742 - - - 535 535 3,207 (9,123) (5,916) 0 (5,916) 157,209	2020 Total £'000 5,370 - - 245 3,232 7,973 - 361 17,181 11,329 510 49 540 12,428 4,753 (9,206) (4,453) 0 (4,453) 184,280	2019 Total £'000 6,128 - - 323 2,596 6,729 - 42
					15,818 12,238 718 111 428
					13,495
					2,323
					5,674
					7,997
					-
					7,997
					176,283
	24,461 -	4,073 -	151,293 -	179,827	184,280

46

35 Comparative Information - Analysis of Movement in Funds for the year ended 31 July 2020

At 31 July 2019 £'000 Endowment Funds - Permanent Permanent Endowment Fund 110,511 Brasenose Income Capital Fund 10,397 Hulme Capital Fund 7,244 Tutorial/Classics Fellowship Capital Fund 1,966 Germaine Capital Fund 1,190 Undergraduate Bursary Capital Fund 738 Lucas Bequest Capital Fund 614 Kwai Cheong Graduate Studentship Fund 437 Gordon Orr Bursary 331 Sir Christopher Wates Honour Bursary 200 Jeffery Bequest (Mod Hist) Capital Fund 186 Profumo Capital Fund 132 Kyprianu Graduate Scholarship Fund 0 Mark Veit Honour Bursary 125 Total Permanent Endowment 135,246 At 31 July 2019 £'000 Endowment Funds - Expendable Brasenose Income Capital Fund 4,837 Economics Fellowship Capital Fund 2,031 Garrick Law Fellowship Capital Fund 1,933 Jeffrey Cheah Fund-Capital Fund - Fellowsship 1,789 Politics Fellowship Capital Fund 1,645 Hector Pilling Capital Fund 1,623 Fiddian Capital Fund 1,482 Roger Thomas Bequest Cap Fund 1,349 Bedford Capital Fund 1,192 Kyprianou Grad Stud Capital Fund 833 Curran Capital Fund 791 Ellesmere Law Endowment Capital Fund 599 Cashmore Capital Fund 489 Jeffrey Cheah Fund-Capital Fund - Graduate Scho 393 Access & Outreach Capital Fund 100 Expendable Endowment 194 Biochemistry 0 Stafford Bequest Capital Fund 176 Total Expendable Endowment Funds 21,962 Total Endowment Funds - Group 157,209 At 31 July 2019 £'000 Restricted Funds Fairburn Legacy 1,287 Chapel Organ - Fiddian Income Fund 331 Deferred Capital Fund 245 The Crole Legacy 127 Chapel Ceiling - Peter Moores Chinese Bus Stud Fund 54 Lucas Bequest Income Fund 61 The Principals Conversation 98 Student Support Annual Fund 19 The Saven Gift 91 Hector Pilling Income Fund 37 Jeffery Bequest (Modern History) income Fund 35 Jeffrey Cheah Fund-Income Fund - Akers Jones Gift 25 Politics Fellowship Income Fund 21 Chapel and Choir 17 Rector of Didcot Income Fund 10 Modern Linguists Fund 9 Kyprianou Grad Stud Income Fund - Cashmore Income Fund 12 Restricted Annual Fund 21 The Fergus Millar Memorial Fund - Barry Nicholas Income Fund 4 Poor of Didcot Income Fund 4 H.C.L. Noel Hall Income Fund 1 Cox Trust Income Fund 3 The Cheetham Scholarship 2 Old Cloisters Library Project - Lecture Room X1 (s/b 961) - Morley Trust Income Fund 2 Profumo Income Fund - The George Walker Honour Bursary 1 Germaine Income Fund - Curran Income Fund 9 Major Gifts Restricted Campaign Fund - Major Gifts Restricted - Tony Hill - Major Gifts Restricted (Heff Sinc - transfer to 932) - Barton Economics Fellowship Inc Fund - Tutorial/Classics Fellowship Income Fund - Kwai Cheong Grad Studentship Income Fund - Major Gifts Restricted Cheah donation (b/F £80k) -	Incoming resources £'000 5,412 509 355 100 58 36 30 21 16 10 9 6 125 6 6,849 Incoming resources £'000 237 99 95 88 80 79 73 66 58 41 39 30 24 19 105 10 178 9 1,407 8,256 Incoming resources £'000 209 1,076 - - 7 113 38 - - 107 - - - - - - 7 - - - - 18 7 - - - - 1 - - - - - - - - - - - - - -	Resources expended £'000 (379) (35) (25) (7) (4) (3) (2) (1) (1) (1) (1) 0 0 0 (459) Resources expended £'000 (16) (7) (7) (6) (6) (6) (5) (5) (4) (3) (3) (2) (2) (1) 0 (1) 0 (1) (76) (535) Resources expended £'000 (4) - (8) - - - 20 26 (3) (92) (17) (28) (2) - (1) (52) (8) - - (15) - (37) - (4) - - - - - - - (3) - (57) (70) - - - (135) (153) (29) -	Transfers £'000 (3,176) (325) (209) (56) (34) (21) (18) (13) (10) (6) (5) (4) 0 (4) (3,915) Transfers £'000 (114) (59) (56) (47) (47) (47) (43) (39) (34) (24) (23) (17) (14) (10) 0 (6) 0 (5) (599) (4,514) Transfers £'000 - - 43 (7) - - - 18 - 61 - 48 6 30 - 47 - 1 - 24 (4) 6 - 5 - 2 - - - - - 4 - 57 61 - - - 135 153 29 -	Gains £'000 (6,303) (612) (426) (116) (70) (43) (36) (26) (19) (12) (11) (8) 0 (7) (7,759) Gains/ (losses) £'000 (285) (119) (114) (150) (97) (95) (87) (79) (88) (49) (47) (35) (29) (33) (6) (11) 0 (10) (1,364) (9,123) Gains £'000 (75) - - - (8) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	At 31 July 2020 £'000 106,065 9,934 6,939 1,887 1,140 707 588 418 317 191 178 126 125 120
					129,962
					At 31 July 2,019 £'000 4,659 1,945 1,851 1,674 1,575 1,554 1,420 1,292 1,124 798 757 575 468 368 199 186 178 169
					21,330
					151,293
					At 31 July 2020 £'000 1,417 1,076 366 238 126 113 112 105 95 95 74 57 39 30 24 16 16 11 9 9 8 8 7 5 4 3 3 3 - - 2 1 1 - - - - - - - - -

47

Undergraduate Bursary Income Fund Stafford Bequest Income Fund 1-4 High Street Lord Windlesham Name a Library Chair Academic Excellence Annual Fund Charles Skey The Boat club Access Programme Total Restricted Funds - College & Group Total Restricted Funds - Group Designated Funds Frewin New Student Accomodation Building Housing Loan Fund Loan Repayment Fund Bedford Income Fund Boat Club Capital Fund Thomas & Jones Inc Fund Benefactions Income Fund Benefits Income Fund Lecture Room XI Roger Thomas Bequest Income Fund Research Fund Unrestricted/Greatest Need Annual Fund Reynolds Prize Inc Fund BNC Australia Scholarship Income Fund Total designated funds - College & Group Pension reserve General funds - College Unrestricted funds held by subsidiaries Revaluation reserve General Funds - Group Total Unrestricted Funds - Group Total Funds - Group	- 3 - 1 31 - - - 3 2,595 2,595 - 1,760 521 248 10 - - - 175 - - 1 - 2,881 (1,953) 23,308 240 - 23,548 24,476 184,280	- - 500 - 29 9 15 - 12 2,155 2,155 - - - - - - - - - - - 321 - - 570 - 5,973 227 6,200 6,770 17,181	(95) - - (1) - (9) (15) - (15) (1,026) (1,026) - - - - - (1) (3) - - - (100) (34) (1) (3) (409) 363 (10,545) (276) (10,821) (10,867) (12,428)	95 (3) (500) - (60) - - - - 432 432 7,550 (643) (49) 34 - 1 3 - (175) - 100 (287) - 3 6,516 - (2,434) - (2,434) 4,082 -	- - - - - - - - - (83) (83)	- - - - - - - - -
						4,073
						4,073
						7,550 1,117 472 282 10 0 0 - - - - - - -
					-	9,558
					- - -	(1,590) 16,302 191 -
						16,493
					-	24,461
					(9,206)
						179,827

48