**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
16
**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.
20
**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.
21
**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.
22
**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.
23
**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|CPI**c**|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