2022-07-31-accounts - The King's Hall And College Of Brasenose In Oxford

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Brasenose College Annual Report and Financial Statements

Trustee Report and Accounts

For the year ended 31 July 2022

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

Brasenose College Governing Body, Officers and Advisers Year ended 31 July 2022

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 KC

Fellows:

Prof Konstantin Ardakov Prof Perla Maiolino Rev Julia Baldwin Prof Christopher McKenna Prof Geoff Bird Dr Elizabeth Miller (Resigned July 2022) Prof Jayne Birkby Dr Llewelyn Morgan Dr Ed Bispham Dr Sonali Nag Dr Harvey Burd Prof Simon Palfrey Prof Anne Davies Mr Philip Parker Dr Anne Edwards Prof Adam Perry Dr Sos Eltis Prof Nicholas Purcell Prof Sergio de Ferra Prof Ferdinand Rauch (Resigned July 2022) Prof Eamonn Gaffney Prof Jeremy Robertson Prof Abigail Green Prof Andrea Ruggeri Prof David Groiser Prof Simon Shogry Prof Birke Häcker Dr Simon Smith Prof William James Dr Alan Strathern Prof Jonathan Jones Prof William Swadling Prof Ian Kiaer Prof Eric Thun Prof Thomas Krebs Prof Christopher Timpson Prof Sneha Krishnan Prof Giles Wiggs Prof Owen Lewis Prof Mark Wilson Prof Samira Lakhal-Littleton (from Oct 2021) Prof Fitnat Banu Demir (from Oct 2022) Dr Katrian Lythgoe (from October 2022) Prof Michael Dustin (from Oct 2022)

Brasenose College Governing Body, Officers and Advisers Year ended 31 July 2022

The activities of the Governing Body are carried out through a number of committees. The major committees are listed below. Membership is for the 2021/22 academic year, and committee members are also members of Governing Body unless otherwise indicated by #.

Academic Committee

Investment Advisory Committee

Principal Vice-Principal Bursar Senior Tutor Tutor for Graduates Fellow Librarian Convenor of Research Committee Assessor (Professor Jayne Birkby) Professor Andrea Ruggeri

Principal Bursar Professor Jonathan Jones Professor Christopher McKenna Mr Charles Scott # (Matriculated 1976) Mr Gerald Smith # (Matriculated 1985) Mr Nigel Wightman # (Matriculated 1971) Mr Mark Boulton # (Matriculated 1984) (from May 2022)

Human Resources Committee

Development Committee

Principal Director of Development Bursar

Vice-Principal Editor of the Brazen Nose Dr Carole Bourne Taylor (Curator of the Common Room) # Professor David Groiser Professor Birke Häcker Professor Jeremy Robertson President of Brasenose Society (Amanda Pullinger) #

Principal Bursar Senior Tutor Domestic Bursar # HR Manager # Diversity & Equality Officer Professor Geoff Bird Professor William Swadling

Estates and Finance Committee

Principal Vice-Principal Bursar Senior Tutor Assessor (Professor Sergio de Ferra)

Professor Jonathan Jones Professor Giles Wiggs Professor Ferdinand Rauch Professor Paul Goldberg # (Senior Kurti Fellow)

Remuneration Committee

Mrs Liz Padmore # (Matriculated 1974) Dr Masooda Bano # (Senior Kurti Fellow) Professor Nicholas Purcell

Professor Eduardo Posada-Carbo # (Senior Golding Fellow)

Dame Julie Mellor # (from January 2022)

Brasenose College Governing Body, College Officers and Advisers Year ended 31 July 2022

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

Principal	John Bowers KC
Vice-Principal	Dr Ed Bispham
Bursar:	Philip Parker
Senior Tutor:	Dr Simon Smith
Tutor for Graduates:	Prof Eamon Gaffney
Chaplain:	Revd Julia Baldwin
Dean:	Prof Ian Kiaer
Director of Development & Alumni Relations	Dr Elizabeth Miller (to 31 July 2022)
Domestic Bursar:	Matthew Hill
College Accountant:	Gillian Chandler
HR Manager:	Julia Dewar
IT Director:	John Kinsey

Brasenose College Governing Body, Officers and Advisers Year ended 31 July 2022

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

Brasenose College Report of the Governing Body Year ended 31 July 2022

The Members of the Governing Body present their Annual Report for the year ended 31 July 2022 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

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.

Brasenose College Report of the Governing Body Year ended 31 July 2022

Group structure and relationships

The College administers many special trusts, as detailed in Notes 28 to 45 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 significant building works and its trading activities, including the sale of merchandise and commercial events and conferences. The subsidiary’s aims, objectives and achievements are covered in the relevant sections of this report. The main activity of the trading subsidiary in the year was the start of construction of a new building to provide 30 new student bedrooms in the College’s Annex on New Inn Hall Street.

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 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 2021, Brasenose had 130 postgraduate research students, 105 postgraduate taught students, 375 undergraduate students, and no recognised visiting students, making a total of 605 students of all types. On the same date, the College had 35 Tutorial Fellows with contractual obligations to teach and to undertake research, 2 Official Fellows (the Bursar and Senior Tutor), 4 Professorial Fellows, 14 Supernumerary Fellows, 21 Research Fellows, and 52 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.

Brasenose College Report of the Governing Body Year ended 31 July 2022

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 and 2021). 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 2021/22 academic year 70 students (over 18 % of the College’s UK undergraduates) received a total of £197,320 under this bursary scheme (2020/21 73 students received £200,624). 3 of these students received £5,000, the maximum award. In addition, in 2021/22 the College awarded a total of £236,799 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. (2020/21 £322,181). Financial support in the year includes grants to students who 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 2021/22,145 students received a total of £357,889 from College funds for these studentships (in 2020/21, 147 students received £338,858).

The College also awarded £22,165 in academic prizes to undergraduates and graduates in the year (2020/21 £20,920). Prizes are awarded based on academic excellence and serve to encourage academic endeavour at the College.

Brasenose College Report of the Governing Body Year ended 31 July 2022

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. 103 undergraduates completed Final Honours School examinations, of whom 101 were awarded degrees and two have results outstanding. The 101 degrees comprised 42 Firsts, 55 Upper-Seconds, 3 Lower-Seconds, and 1 Third. For the tenth successive year, no student graduated with an unclassified status. A total of 103 students sat the First Public Examination, of whom 31 obtained a Distinction, partial Distinction, or (where the result was classified) a First, while 72 achieved a pass or an Upper-Second.

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

Oyasinda Bello (Economics & Management): Examiners’ Prize for highest mark in General Management paper

William Bezodis (Biology): Ian Moore Prize in Cell and Developmental Biology

Martin Dixon (History & Modern Languages): Gibbs Prize for best performance in Joint Schools with Modern Languages; Gibbs Prize for best performance in Modern Languages in a Medieval Paper; James Naughton Prize for best performance in Czech (with Slovak)

Nathaniel Downham (Ancient & Modern History): Craven Scholarship for the best performance in either CAAH Prelims or the Classics papers in AMH Prelims

Katherine Edgeley (Jurisprudence): Falcon Chambers Prize for Land Law, Law Faculty Prize for Copyright, Trade Marks and Allied Rights, and The Prize for Trusts

Harrison France (Medicine): Wronker Research Project Prize

Ursula Gerhard (English & Modern Language): Claude Massart Prize for best performance in French literature

Rose Grossel (Literae Humaniores): 1st De Paravicini Prize 2022 for performance in Latin papers in the FHS of Literae Humaniores, Classics & English, Classics & Modern Languages and Classics & Oriental Studies

Rebecca Hopper (Modern Languages): LIDL Prize for best performance by a non-German sole candidate (considering only German Papers)

Maisie Johnson (Physics): Johnson Memorial Prize for MPhys Project in Astrophysics

Ewan Murphy (Physics): Commendation for practical work in Part B

Eliza Owen (Fine Art): Mansfield-Ruddock Prize and Vivien Leigh Prize for a two-dimensional work of art on paper, not exceeding 55 by 40 centimetres, by an undergraduate member of the University

Jorda Penn (Mathematical & Theoretical Physics): Physics Prize for practical work in Part B

Helen Scantlebury (Economics & Management): Said Foundation Prize for best performance in Global Business History paper in Finals

Lucas Seier (Physics): Physics Prize for practical work in Part A

Jui Zaveri (Classics & English): Craven Scholarship for the best performance in Classics papers in either Classics & English or Modern Languages Prelims

Brasenose College Report of the Governing Body Year ended 31 July 2022

On the graduate side, academic results were also encouraging, from 1 October 2020 to 25 September 2021, the College’s taught masters students achieved 26 distinctions, 21 merits and 36 passes.14 students suspended studies for ore one more terms. During the same period, 7 students completed the PGCE, and 19 Brasenose graduates completed DPhils successfully. During the period 26 Graduate students were awarded distinction as reported in the College magazine the Brazen Nose.

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 & 7 applications for every place available. The exceptional quality of candidates is reflected in the fact that the direct applicants’ success rate was 17.7% versus 15.3% 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 .

Brasenose College Report of the Governing Body Year ended 31 July 2022

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 £3,127,439 (2021: £1,907,157). 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 £0.492m (2021: £0.519m), 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 £1.249m (2021: £0.554m). Other gifts, including legacies, totaled £1.385m (2021: £0.835m).

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

Brasenose College Report of the Governing Body Year ended 31 July 2022

FINANCIAL REVIEW

The College’s consolidated total funds increased by £14.5m in the year, standing at £221.5m at 31 July 2021 (£207.0m at 31 July 2021). The endowment funds increased by £12.5m to £190.4m, the restricted funds increased by £1.1m to £5.4m and the College’s unrestricted funds increased by £0.9m ending the year at £25.7m.

The College’s incoming resources were £20.4m in the year, compared with £17.5m in 2021. Tuition and Research income stayed the same at £2.9m (2021 £2.9m), with residential income increasing to £3.1m (2021 £2.4m). 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 £11.9m, before the attribution of investment gains on land and property of £2.4m and gains on the investment portfolio of £4.8m (2021 £22.1m gain). The College drew down £5.9m in accordance with its total return policy to support its teaching and research, and so the closing value of the endowment was £190.4m (2021 £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 £0.9m ending the year at £25.7m, 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 March 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 2022 the College’s net debt stood at 6.7% (2021, 6.3%) 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 £5.7m (2021 £4.3m), representing 4.8 months (2021 3.9 months) of expected expenditure.

Recovery from the coronavirus pandemic

The College enjoyed a year closer to normal as income from Conference and Events recovered. 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.

Brasenose College Report of the Governing Body Year ended 31 July 2022

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:

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;
The financial impact of inflation in energy and other costs could adversely impact the College’s finances, and the impact of inflation on the College’s employees could potentially affect the operational activities of the college. The College is monitoring the impact of inflation and in particular considering measures to reduce energy consumption as much as possible. The College also continues to consider its remuneration packages carefully, with particular emphasis on supporting those at the lower end of the pay scales.
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.

Brasenose College Report of the Governing Body Year ended 31 July 2022

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 £192.8m (2021 £186.4m). Long term performance is monitored against benchmarks on the basis of calendar quarters. At 31[st] July the annualised return on the endowment was 10.0% ( 2021 9.0%) p.a over the last three years and 9.4 % (2021 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 +1.0% (2021 3%) p.a. over three years and +1.2 (2021 3.9%) over five years, although returns in the shorter term have not matched the sharp rises in inflation.

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% (3.85% 2021) (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 agreed to increase the spend rate to 3.85% in the 2021 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 ensuite 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.

Brasenose College Report of the Governing Body

Year ended 31 July 2022

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 9th November 2022 and signed on its behalf by:

John Bowers KC Principal

Brasenose College Report of the Auditor Year ended 31 July 2022

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 2022 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.

Brasenose College Report of the Auditor Year ended 31 July 2022

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 item

Brasenose College Report of the Auditor Year ended 31 July 2022

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

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.

Brasenose College Statement of Accounting Policies Year ended 31 July 2022

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.

Brasenose College Statement of Accounting Policies Year ended 31 July 2022

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.

Brasenose College Statement of Accounting Policies Year ended 31 July 2022

(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.

Brasenose College Statement of Accounting Policies Year ended 31 July 2022

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.

Brasenose College Statement of Accounting Policies Year ended 31 July 2022

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

Brasenose College Statement of Accounting Policies Year ended 31 July 2022

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.

Brasenose College

Consolidated Statement of Financial Activities For the period ended 31 July 2022

Unrestricted Funds £'000 6,046 307 709 22 5,103 118	Restricted Funds £'000 - - 1,169 106 814 -	Endowed Funds £'000 - - 1,249 10,686 (5,917) -	2022 Total £'000 6,046 307 3,127 10,814 - 118	2021 Total £'000 5,251 52 1,908 9,957 - 319
12,305 11,781 605 (972) -	2,089 1,066 - - 7	6,018 - - - 746	20,412 12,847 605 (972) 753	17,487 11,476 438 22 663
11,414	1,073	746	13,233	12,599
891	1,016	5,272	7,179	4,888
18	72	7,227	7,317	22,283
909	1,088	12,499	14,496	27,171

909 24,823	1,088 4,270	12,499 177,905	14,496 206,998	27,171 179,827
25,732	5,358	190,404	221,494	206,998

Brasenose College Consolidated and College Balance Sheets As at 31 July 2022

2021 Group £'000 30,081 53,554 133,471	2022 College £'000 35,463 56,267 144,620	2021 College £'000 30,081 53,554 133,471
217,106	236,350	217,106
327 6,737 15,769	319 7,590 12,966	327 6,723 15,726
22,833 2,383	20,875 4,207	22,776 2,357
20,450 237,556 29,000 208,556 1,558	16,668 253,018 29,000 224,018 2,013	20,419 237,525 29,000 208,525 1,558
206,998	222,005	206,967
177,905 4,270 10,150 16,231 (1,558)	190,404 5,358 5,915 22,341 (2,013)	177,905 4,270 10,150 16,200 (1,558)
206,998	222,005	206,967

The financial statements were approved and authorised for issue by the Governing Body of Brasenose College on 9th November 2022

Trustee:

Brasenose College Consolidated Statement of Cash Flows For the period ended 31 July 2022

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	2022 £'000 (975)	2021 £'000 (1,523)
	10,814 (636) 13 (5,553) - (228) 8,721 (15,038)	9,957 (618) - (501) - (323) 16,445 (23,014)
	(1,907)	1,946
	- - 1,249	- - 554
	1,249	554

	(1,633)	977
	15,769	14,792
	14,136	15,769

Brasenose College Notes to the financial statements For the period ended 31 July 2022

1 INCOME FROM CHARITABLE ACTIVITIES Teaching, Research and Residential Unrestricted funds Tuition fees - UK and EU students Tuition fees - Overseas students Other fees Other HEFCE support Other academic income College residential income Total income from charitable activities	2022 £'000 1,680 886 51 188 106 3,135	2021 £'000 1,691 765 - 216 196 2,383
	6,046	5,251

The above analysis includes £2,754k received from Oxford University from publicly accountable funds under the CFF Scheme (2021: £2,672k).

From the 21/22 academic year onwards new students from the EU will be charged Overseas fees.

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 waived amounted to £0k (2021: £0k). These are not included in the fee income reported above.

2 DONATIONS AND LEGACIES Donations and Legacies Unrestricted funds Restricted funds Endowed funds 3 INCOME FROM OTHER TRADING ACTIVITIES Subsidiary company trading income Other trading income 4 INVESTMENT INCOME Unrestricted funds Agricultural rent Commercial rent Other property income Equity dividends Other interest Restricted funds Agricultural rent Commercial rent Other property income Equity dividends Other investment income Endowed funds Agricultural rent Commercial rent Other property income Equity dividends Other investment income Total Investment income 5 Other Income Income received from the Coronovirus Job Retention Scheme Other Income	2022 £'000 709 1,169 1,249	2021 £'000 1,019 335 554
	3,127	1,908
	2022 £'000 5,044 (4,737)	2021 £'000 45 7
	307	52
	2022 £'000 - - - - 22	2021 £'000 - 187 - 15 -
	22	202
	2 18 3 21 62	2 23 4 14 53
	106	96
	154 1,682 340 1,991 6,519	145 2,325 376 1,446 5,367
	10,686	9,659

	10,814	9,957
	2022 £'000 - 118	2021 £'000 280 39
	118	319

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	2022 £'000 4,886 4,066 3,895	2021 £'000 4,373 3,872 3,231
	12,847	11,476
	2022 £'000 435 - 125 (992) 746 45 20 7	2021 £'000 324 - 81 13 656 33 9 7
	386	1,123

	13,233	12,599

The 2022 resources expended of £13,233k represented £11,414k from unrestricted funds, £1,073k from restricted funds and £746k 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 2021-22 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 (2021 - £0k).

7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS 2022 Financial administration Domestic administration Investment Management Human resources IT Depreciation Bank interest payable Other finance charges Governance costs 2021 Financial administration Domestic administration Investment Management Human resources IT Depreciation Bank interest payable Other finance charges Governance costs 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. Governance costs comprise: Auditor's remuneration - audit services Other governance costs	Generating Funds £'000 242 15 9 5 35 - - - 4 310 Generating Funds £'000 318 3 2 4 36 - - - 2 365	Teaching and Research £'000 815 453 - 518 369 939 636 - 32	2022 Total £'000 1,057 468 9 523 404 939 636 - 36
		3,762	4,072
		Teaching and Research £'000 297 208 - 439 360 888 618 - 19	2021 Total £'000 615 211 2 443 396 888 618 - 21
		2,829	3,194
		2022 £'000 36 -	2021 £'000 21 -
		36	21

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.

8 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	2022 £'000 235 129 157 -	2021 £'000 162 681 121 -
	521	964
	56 14 202 -	52 76 183 -
	272	311

	793	1,275

The figure included above represents the cost to the College of the Oxford Bursary scheme. Students of this college received £353k (2021: £201k).

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	2022 £'000 5,248 416 1,074 136 -	2021 £'000 4,540 350 758 21 -
	6,874	5,669
	2022 35 26 76 29 6 2 35 3	2021 35 30 79 23 6 5 34 4
	212	216
	22 11 1 5	21 11 1 3
	39	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 £24k (£0k 2021).

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 £960k (2021, £951k)

10 TANGIBLE FIXED ASSETS

£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 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 follo	2022 1 2 3 - wing bands was:	2021 2 1 2 -
	£'000 45	£'000 26

Group 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 Impairment At end of year Net book value At end of year At start of year College 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 40,907 484 - 41,391 11,917 781 - - 12,698 28,693 28,990 Freehold land and buildings £'000 40,907 484 - 41,391 11,917 - - 11,917 29,474 28,990	Assets under Construction £'000 - 4,873 - 4,873 - - - - - 4,873 - Assets under Construction £'000 - 4,873 - 4,873 - - - - 4,873 -	Plant and machinery £'000 1,646 6 - 1,652 715 85 - - 800 852 931 Plant and machinery £'000 1,646 6 - 1,652 715 85 - 800 852 931	Fixtures, fittings and equipment £'000 1,349 190 (13)	Total £'000 43,902 5,553 (13)
				1,526	49,442
				1,189 73 - -	13,821 939 - -
				1,262	14,760
				264	34,682
				160	30,081
				Fixtures, fittings and equipment £'000 1,349 190 (13)	Total £'000 43,902 5,553 (13)
				1,526	49,442
				1,189 73 -	13,821 158 -
				1,262	13,979
				264	35,463
				160	30,081

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.

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 17,646 39 - 543 18,228	Commercial £'000 33,211 188 - 1,941 35,340	Other £'000 2,697 1 - 1 2,699	2022 Total £'000 53,554 228 - 2,485	2021 Total £'000 51,737 323 - 1,494
				56,267	53,554

A formal valuation of the Colleges property was undertaken in 2022 by Bidwells. Bidwells assessed the fair value of the colleges portfolio as at 31 July 2022 in accordance with UKVPGA 1.2 of the RICS Valuation Global Standards UK(July 2017).

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 42,846 3,420 - - - 46,266	2022 £'000 133,471 15,038 (8,721) 4,832	2021 £'000 106,113 23,014 (16,445) 20,789
				144,620 Held in the UK £'000 49,226 22,907 10,849 - 15,372	133,471 2022 Total £'000 92,072 26,327 10,849 0 15,372
				98,354	144,620

Group investments include £91,039,661 ( 2021 £81,621,617) of unlisted investments. Unlisted investments can be illiquid and may be valued as at 30th June 2022. The June valuation is considered by the Trustees to provide an adequate estimate of value as at 31 July 2022.

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 15,368 (8,622) - 6,746 256,271 (35,220) 221,051 Brasenose College	£'000 5,044 (4,592) (24) Brasenose Limited
		428
		960 (501)
		459

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% (2021 3.5%) (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.

Trust for Investment £'000 53,101 - - 53,101 1,249 - - -	Unapplied Total Return £'000 - 98,793 - 98,793 - 7,909 6,182 (637) Permanent Endow	Total £'000 53,101 98,793 - 151,894 1,249 7,909 6,182 (637) ment	Expendable Endowment £'000 - - 26,011	Total Endowments £'000 53,101 98,793 26,011
			26,011 - 2,777 1,045 (109)	177,905 1,249 10,686 7,227 (746)
1,249 - -	13,454 (5,078) -	14,703 (5,078) -	3,713 (839) -	18,416 (5,917) -
-	(5,078)	(5,078)	(839)	(5,917)
1,249	8,376	9,625	2,874	12,499
54,350 - -	- 107,169 -	54,350 107,169 -	- - 28,885	54,350 107,169 28,885
54,350	107,169	161,519	28,885	190,404
	2021 Group £'000 151 1,029 45 9 1,074 2,468 1,578 6,354 2021 Group £'000 1,483 509 133 - 1,194 552 3,871 2021 Group £'000 29,000 29,000	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	2022 College £'000 151 1,029 1,458 9 898 2,467 1,578	2021 College £'000 505 90 27 7 762 4,354 978
			7,590	6,723
			2021 College £'000 1,845 509 197 - 1,104 552	2021 College £'000 600 418 124 - 904 311
			4,207	2,357
			2022 College £'000 29,000	2021 College £'000 29,000
			29,000	29,000

In 2008 the College took out an unsecured bank loan of £9m 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 March 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.

PROVISIONS FOR LIABILITIES AND CHARGES

Financial administration costs include a provision charge of £147,064 (2021 £231,000) for overdue commercial and student debtors.

Incoming resources £'000 7,461 699 489 136 80 53 41 29 42 14 13 9 9 9 8 7 7 7 7 7 7 7 6 4 3 2 1 1 - -	Resources expended £'000 (521) (49) (34) (9) (6) (4) (3) (2) (2) (1) (1) (1) (1) (1) (1) (1) - - - - - - - - - - - - - -	Transfers £'000 (4,133) (388) (271) (76) (43) 40 (22) (15) 16 9 (6) 6 6 (5) 3 5 3 3 3 (14) 3 (16) (18) (37) (3) - (2) (2) 1 - (125)	As a Gains £'000 5,048 473 331 90 54 35 28 20 16 10 8 6 6 6 5 5 5 5 5 5 5 4 4 3 2 1 1 1 - -	t 31 July 2022 £'000 131,712 12,384 8,650 2,355 1,422 968 733 522 450 261 222 163 163 156 142 132 131 130 130 130 124 122 104 78 52 32 18 17 9 6 -
9,158	(637)	(5,078)	6,182	161,518
Incoming resources £'000 329 137 130 121 111 110 100 91 80 64 53 27 59 33 187 20 13 62 12 11 141 585 7 6 5 2 281 2,777 11,935	Resources expended £'000 (23) (10) (9) (8) (8) (8) (7) (6) (6) (4) (4) (2) (3) (2) (2) (1) (1) (1) (1) (1) (1) (1) - - - - - (109) (746)	Transfers £'000 (183) (76) (72) (66) (62) (61) (56) (51) (46) (31) (30) (14) (22) (18) (7) (8) (7) - (7) (6) - (4) (4) (4) (3) (1) - (839) (5,917)	Gains/ (losses) £'000 223 93 88 84 75 74 68 62 54 43 36 16 27 22 16 9 9 8 8 7 6 5 4 4 3 1 -	At 31 July 2022 £'000 5,805 2,424 2,306 2,165 1,962 1,936 1,770 1,611 1,403 1,007 943 834 737 583 597 259 232 269 210 192 305 715 115 113 80 31 281
			1,045	28,885

			7,227	190,404

Restricted Funds Fairburn Legacy Chapel Organ Fiddian Income Fund Deferred Capital Fund The Crole Legacy Chapel Ceiling The Principals Conversations Hector Pilling Income Fund Lucas Bequest Income Fund Donation for Jewish Country House Project (Gross) Jeffery Bequest (Modern History) income Fund The Saven Gift Politics Fellowship Income Fund Garrick Law Income Fund Chapel and Choir Akers Jones Gift Kyprianou Grad Stud Income Fund The Wine Reserve Fund (Del favero) Cashmore Income Fund Rector of Didcot Income Fund Access Programme Charles Skey The Boat club Germaine Income Fund Modern Linguists Fund The Fergus Miller Memorial Fund The History of St Mary's Fund (Del Favero) Stafford Bequest Income Fund Poor of Didcot Income Fund John Davies Endowment Fund H.C.L. Noel Hall Income Fund Profumo Income Fund Restricted Annual Fund Barry Nicholas Income Fund Cox Trust Income Fund Major Gifts Restricted Cheetham Morley Trust Income Fund Restricted Annual Fund - Biochemistry books Restricted Annual Fund - George Walker Bursary Fund Academic Excellence Annual Fund Barton Economics Fellowship Inc Fund The Chaplains Fund Clubs and Societies Curran Income Fund Fairburn Legacy - Income Fund Frewin Annex Developmet Jeffrey Cheah Fund- Graduate Scholarship Jeffrey Cheah Fund-Income Fund Kwai Cheong Grad Studentship Income Fund Leanne Wells for Environmental Programs Library and Archives Annual Fund Covid 19 Hardship fund Niall Robinson - Ukranian Students displaced by war Peter Moores Chinese Bus Stud Fund Restricted Annual Fund - Chairs Restricted Annual Fund - Harold Parr Restricted Annual Fund - Kurt Beyer Restricted Annual Fund - North Yorkshire Outreach Student Support Annual Fund Tutorial/Classics Fellowship Income Fund Undergraduate Bursary Income Fund Total Restricted Funds - College & Group Total Restricted Funds - Group	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 3 4 3 3 4 2 1 1 1 - - - - - - - - - - - - - 2 - - - - - - - 4,270 4,270	Incoming resources £'000 96 38 - - 9 - - - - - - - - - 9 - - - - - 9 15 - - - - - - - - - - 4 - - 1 - - - 9 - 4 2 - - 63 - - - 814 5 10 40 43 7 4 - 5 88 - - 1,275 1,275	Resources expended £'000 (7) - (7) (7) (1) - - (67) (55) - (5) (4) (56) (104) (6) (6) (32) (12) (18) - (20) (26) (48) (18) (2) - (7) - - (15) - (2) - (7) - - - (1) - (9) (76) - (2) (30) (34) - (25) - (32) - (5) (10) - (43) - (4) (6) - (88) (74) (102) (1,073) (1,073)	Transfers £'000 (23) (38) 56 - (5) - - 61 23 - 7 - 62 72 - - 31 - 18 2 - - 38 45 - - - 7 1 22 3 5 (6) 6 - - - - - - 76 - - 30 34 - 25 55 32 - - - - - (7) - 6 - - 74 102 814 814	Gains £'000 66 - - - 6 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	At 31 July 2022 £'000 1,757 1,066 460 238 156 113 95 61 29 52 47 40 44 - 27 18 21 10 18 14 - - - 36 6 8 - 13 6 11 7 6 2 2 3 5 2 - 1 1 - 4 - - - 63 - 55 - 814 - - 40 2 - - - 5 - - -
					72	5,358

					72	5,358

Designated Funds Housing Loan Fund Frewin New Build Accomodation Loan Repayment Fund Reynolds Prize Inc Fund Thomas & Jones Inc Fund Benefactions Income Fund Hulme Income Fund Clifford Press Donation FY 22 Michael Woods Income Fund Unrestricted/Greatest Need Annual Fund JCR Dilapidation Fund HCR Dilapidation Fund Boat Club Capital Fund BNC Australia Scholarship Income Fund Global History of Capitalism 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	1,278 8,201 528 - 1 3 - - - 8 12 14 10 1 94 - 10,150 (1,558) 16,200 31 16,231 24,823 206,998	- - - - - - 51 201 - 335 - - - - 50 41 678 - 1,480 5,044 6,524 7,202 20,412	300 - - - - - (9) - (6) (206) - - - (3) (79) (41) (44) (455) (6,303) (4,612) (10,915) (11,414) (13,233)	- (4,873) 167 1 1 4 (42) - 6 (138) 1 2 - 2 - - (4,869) - 9,972 - 9,972 5,103 -	- - - - - - - - - - - - - - - -	1,578 3,328 695 1 2 7 - 201 - (1) 13 16 10 - 65 -
					-	5,915
					-	(2,013)
					18 -	21,367 463
					18	21,830

					18	25,732

					7,317	221,494

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 considers
	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 the
	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
	John Davies Endowment Fund	For the support of teaching and research in law (formally the Ellesmere Law Endowment Capital fund)
	The Robert and Soulla Kyprianou Grad Scholarship Capital Fund	Donated funds to support a graduate studentship.
	Oxford-Jeffrey Cheah Graduate Scholarship Fund-Capital Fund	Endowment 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
	The Taha Brown Fund	To establish an endowment, the income from which should go towards funding a Graduate Studentship to support an Economics
	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. Permanently invested
	Fairburn Legacy - Engineering	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 invested
	Crole Legacy - Students in need	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.
	Kwai Cheong Lena Liu (Laou) (KCLLL) Graduate 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
	The Robert and Soulla Kyprianou Grad 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 held by
	Peter Moores Chinese Bus Stud Fund	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
	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
	Restricted Annual Fund - George Walker Bursary 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
	Leanne Wells for Environmental Programs	For Environmental Programmes
	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

21 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Benefactions Income Fund Hulme Income Fund Bedford Income Fund Delafield Fund Frewin New Student Accomodation Building The Clifford Press Donation FY 22

1996 bequest for general purposes Funding for Archivist 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
2022 Tangible fixed assets Property investments Other investments Net current assets Long term liabilities and pension liabilities 2021 Tangible fixed assets Property investments Other investments Net current assets Long term liabilities and pension liabilities	Unrestricted Funds £'000 34,682 - 694 13,240 (22,884) 25,732 Unrestricted Funds £'000 30,081 - 630 12,670 (18,558) 24,823	Restricted Funds £'000 - 927 2,372 2,257 (198) 5,358 Restricted Funds £'000 - 644 1,598 2,172 (144) 4,270	Endowment Funds £'000 - 55,340 141,554 5,312 (11,802)	2022 Total £'000 34,682 56,267 144,620 20,809 (34,884)
			190,404	221,494
			Endowment Funds £'000 - 52,910 131,243 5,608 (11,856)	2021 Total £'000 30,081 53,554 133,471 20,450 (30,558)
			177,905	206,998

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 £1,667k (2021 £1,642k).

Remuneration paid to trustees Trustee Name Mr John Bowers Mr Philip Parker Dr Simon Smith 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 Prof Elspeth Garman Dr Jayne Birkby Dr Sergio de Ferra Prof Samira Lakhal-Littleton Total	Salary Pension Benefits £ £ £ 119,039 24,444 9,890 99,732 21,361 - 84,336 18,066 1,229 52,183 11,140 3,088 52,306 11,140 2,048 39,778 8,520 16,061 51,999 11,140 3,270 51,999 11,140 3,047 51,999 11,140 2,048 51,999 11,140 2,048 51,999 11,140 2,048 23,967 4,900 3,211 51,999 11,140 - 42,054 9,010 - 28,339 - - 22,866 4,900 3,152 22,866 4,900 3,223 22,866 4,900 2,048 29,346 4,900 2,649 23,668 4,900 2,048 10,648 2,280 6,382 22,866 4,900 1,187 22,866 4,900 1,638 22,866 4,900 2,048 24,146 - 1,638 22,866 4,900 1,638 22,866 4,900 2,144 34,985 4,900 - 22,866 4,900 1,638 20,921 4,485 7,479 8,496 1,820 12,326 15,398 3,307 11,369 - - - 22,866 4,837 - 22,866 4,837 2,048 19,305 4,149 2,048 1,292,167 259,936 114,691	2022 Total Trustee Name £ 153,373 Mr John Bowers 121,093 Mr Philip Parker 103,631 Dr Simon Smith 66,411 Dr Simon Palfrey 65,494 Dr Llewelyn Morgan 64,359 Dr David Groiser 66,409 Dr Christopher Timpson 66,186 Mr William Swadling 65,187 Dr Ed Bispham 65,187 Dr Abigail Green 65,187 Dr Alan Strathern 32,078 Dr Mark Wilson 63,139 Prof Adam Perry 51,064 Dr Sos Eltis 28,339 Rev Julia Baldwin 30,918 Dr Owen Lewis 30,989 Dr Thomas Krebs 29,814 Dr Harvey Burd 36,895 Dr Eamonn Gaffney 30,616 Dr Christopher McKenna 19,310 Prof Andrea Ruggeri 28,953 Prof Konstantin Ardakov 29,404 Prof Jonathan Jones 29,814 Dr Giles Wiggs 25,784 Prof William James 29,404 Dr Jeremy Robertson 29,910 Dr Eric Thun 39,885 Dr Ian Kiaer 29,404 Prof Geoff Bird 32,885 Prof S Krishnan 22,642 Prof P Maiolino 30,074 Prof S Shogry - Prof Elspeth Garman 27,703 29,751 25,502 Dr Liz Miller Dr Ferdinand Rauch 1,666,794 Total	2021 Total £ 137,921 119,976 99,518 66,193 66,866 59,929 63,798 63,473 61,974 61,974 61,974 45,175 58,648 48,232 37,772 37,820 29,212 29,009 28,670 27,449 25,147 27,273 27,449 27,449 28,573 27,058 26,275 25,126 27,468 23,817 22,207 22,496 3,593 97,274 25,147
			1,641,935

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

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 as defined contribution schemes

Actuarial valuations

Qualified actuaries periodically value USS and OSPS defined benefits 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 were:

effect on the results were:
	USS	OSPS
Date of valuation:	31/03/2020	31/03/2019
Date valuation results published:	30/09/1931	19/06/2020
Value of liabilities:	£80.6bn	£848m
Value of assets:	£66.5bn	£735m
Funding surplus / (deficit):	(£14.1bn)	(£113m)
Principal assumptions:
	Fixed Interest gilt
 Discount rate	yield curve plus 1% -	Gilts +0.5%- 2.25%b
	2.75%
	n/a	RPI
 Rate of increase in salaries	CPI+0.05%c	Average RPI/CPI d
 Rate of increase in pensions
Assumed life expectancies on retirement at age 65:
 Males currently aged 65	23.9 yrs	21.7 yrs
 Females currently aged 65	25.5 yrs	24.4 yrs
 Males currently aged 45	25.9 yrs	23.0 yrs
 Females currently aged 45	27.3 yrs	25.8 yrs
Funding Ratios:
 Technical provisions basis	83%	87%
 Statutory Pension Protection Fund basis	64%	74%
 ‘Buy-out’ basis	51%	60%
Employer contribution rate (as % of pensionable salaries):	21.1% to 21.4 from 1 Oct 21%	19%
Effective date of next valuation:	31/03/2023	31/03/2022

a. The discount rate (forward rates) for the USS valuation was: Fixed interest gilt yield curve plus: Pre-retirement 2.75%, post-retirement 1.00%
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 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long term difference of 0.1% p.a. from 2040.

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

RPI inflation is derived from the geometric difference between the UK nominal gilt curve and the UK index-linked curve at the valuation date, less 0.3% p.a. at each term. CPI inflation is derived from the RPI inflation assumption, less the Scheme Actuary’s best estimate of the long-term difference between RPI and CPI inflation as applies from time to time (1.0% p.a. as at 31 March 2019).

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

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.

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 pre-retirement discount rate		increase by 0.25%	decrease by £1.3bn
Post-retirement discount rate		Decrease by 0.25%	Increase by £2.8bn
CPI		decrease by 0.1%	decrease by £1.5bn
		more prudent
		assumption (reduce
Life expectancy		the adjustment to the	increase by £1.2bn
		base mortality table
		by 5%)
		more prudent
		assumption (increase
Rate of mortality		the annual mortality	increase by £0.6bn
		improvements long-
		term rates by 0.2%
		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 in these calculations are tabled below:

		2021/22		2020/21
	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	3.19	3.19	0.89	0.89
Effect of 0.5% change in discount rate	0	£22,268	£12,131	£18,707
Effect of 1% change in staff growth	£11,225	£27,687	£10,474	£47,174

A provision of £2.013m has been made at 31 July 2022 (2020: £1.558m) 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

2022	2021
£'000	£'000
862	455
325	301
23	23
1,210	779

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 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 26 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 27 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand Notice deposits (less than 3 months) Total cash and cash equivalents 28 FINANCIAL COMMITMENTS At 31 July the College had annual commitments under non-cancellable operating leases as follows: 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 year £'000 10,769 5,000 (29,000) (13,231)	Cashflows £'000 (1,633) - (1,633)	Foreign exchange movements £'000 - - - -	2022 Group £'000 144,620 151 1,578 - 4,625 (1,483) (509) - (685) (1,194) (29,000)	2021 Group £'000 160,829 520 978 - 5,239 (631) (418) - (436) (898) (29,000)
				118,103	136,183
				2022 Group £'000 14,496 (10,814) (7,317) (1,249) 636 939 - 8 383 1,488 - 455	2021 Group £'000 27,171 (9,957) (22,283) (554) 618 888 - - - - - -
				(975)	(4,117)
				Fair value movements £'000 - - -	At end of year £'000 9,136 5,000 (29,000)
				-	(14,864)
				2022 £'000 9,136 5,000	2021 £'000 10,769 5,000
				14,136	15,769
				2022 £'000 5 9 -	2021 £'000 5 9 -
				14	14

29 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July 2022 for future capital projects totalling £12.494m (2021 - £8.181m).

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.

11 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 £1,578k (2021 £1,116k).

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:
	2022	2021
	£'000	£'000
£68,000 - £78,000	1	-
£77,000 - £78,000	-	1
£99,000 - £99,999	1	1
£100,000 - £100,999	-	-
£103,000 - £103,999	1	-
£104,000 - £104,999	-	2
£107,000 - £107,999	-	-
£110,000 - £110,999	1	1
£116,000 - £116,999	1	1
£117,000 - £117,999	1	1
£118,000 - £118,999	1	1
£121,000 - £121,999	2	2
£123,000 - £123,999	-	1
£300,000 - £399,000	3	-
Total Number of Loans	12	11

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 2022

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.

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	2022 2021 £'000 £'000 1,832 1,711 6,028 5,849 11,618 9,710
	19,478 17,270

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

2022
2021
£'000
£'000
1,832
1,711
6,028
5,849
11,618
9,710

19,478
17,270

34 Comparative Information- Consolidated Statement of Financial Activities for the year ended 31 July 2021 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 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 11,024 10,202 438 22 - 10,662 362 - 362 - 362 24,461 24,823	Restricted Funds £'000 - - - - 335 96 828 - - 1,259 1,274 - - 7 1,281 (22) 219 197 197 4,073 4,270	Endowed Funds £'000 - - - - 554 9,659 (5,009) - 5,204 - - - 656 656 4,548 22,064 26,612 (0) 26,612 151,293 177,905	2021 Total £'000 5,251 - - 52 1,908 9,957 - 319	2020 Total £'000 5,370 - - 245 3,232 7,973 - 361
				17,487 11,476 438 22 663	17,181 11,329 510 49 540
				12,599	12,428
				4,888	4,753
				22,283	(9,206)
				27,171	(4,453)
				(0)	-
				27,171	(4,453)
				179,827	184,280
				206,998	179,827

35 Comparative Information - Analusis of Movements on Funds Endowment Funds - Permanent Permanent Endowment Fund Brasenose Income Capital Fund Hulme Capital Fund Tutorial/Classics Fellowship Capital Fund Germaine Capital Fund Undergraduate Bursary Capital Fund Lucas Bequest Capital Fund Kwai Cheong Graduate Studentship Fund Gordon Orr Bursary Sir Christopher Wates Honour Bursary Jeffery Bequest (Mod Hist) Capital Fund The George Walker Honour Bursary Mark Veit Honour Bursary Profumo Capital Fund Mosse Honour Bursary P Sinclair Honour Bursary David Watts Honour Bursary Peter Sands Honour Bursary The Turner Family Honour Bursary The Dermot (1951) & Gerard (1954) Dunphy The Folkman Honour Bursary 1974 Bursaries (CO-ED) The Michael May Honour Bursary The KCM Honour Bursary Rector of Didcot Capital Fund Bride Mayor Honour Bursary Poor of Didcot Capital Fund Reynolds Prize Capital Fund Cox Trust Capital Fund (1518) Morley Trust Capital Fund (1515) Kyrpianou Graduate Scholarship fund Total Permanent Endowment Endowment Funds - Expendable Brasenose Income Capital Fund Economics Fellowship Capital Fund Garrick Law Fellowship Capital Fund Jeffrey Cheah Fund-Capital Fund - Fellowsship Politics Fellowship Capital Fund Hector Pilling Capital Fund Fiddian Capital Fund Roger Thomas Bequest Cap Fund Bedford Capital Fund Kyprianou Grad Stud Capital Fund Curran Capital Fund Jeffrey Cheah Fund-Capital Fund - Graduate Scholarship Ellesmere Law Endowment Capital Fund Cashmore Capital Fund Biochemistry Access & Outreach Capital Fund Expendable Endowments The Ward Jones Bursaries Stafford Bequest Capital Fund Barry Nicholas Capital Fund The Guy Scholarship The Heffernan Sinclair Scholarship Fund BNC Australia Scholarship Capital Fund Benefactions Capital Fund Holroyd Collieu Noel Hall Capital Fund Thomas & Jones Capital Fund Total Expendable Endowment Funds Total Endowment Funds - Group Restricted Funds Fairburn Legacy Chapel Organ Fiddian Income Fund Deferred Capital Fund The Crole Legacy Chapel Ceiling The Principals Conversation Hector Pilling Income Fund Lucas Bequest Income Fund Major Gifts Restricted Gross - Jewish country houses Jeffery Bequest (Modern History) income Fund The Saven Gift Politics Fellowship Income Fund Garrick Law Income Fund Chapel and Choir Akers Jones Gift Kyprianou Grad Stud Income Fund Restricted Annual Fund - Restricted Wine Reserve (Del favero) Cashmore Income Fund Rector of Didcot Income Fund Charles Skey Access Programme The Boat club Germaine Income Fund Modern Linguists Fund The Fergus Miller Memorial Fund Restricted Annual Fund - St Mary's History Stafford Bequest Income Fund H.C.L. Noel Hall Income Fund Poor of Didcot Income Fund Ellesmere Law Fellowship Income Fund Major Gifts Restricted Cheetham Restricted Annual Fund Profumo Income Fund Cox Trust Income Fund Barry Nicholas Income Fund Morley Trust Income Fund	At 31 July 2020 £'000 106,065 9,934 6,939 1,887 1,140 707 588 418 317 191 178 120 120 126 106 97 97 96 96 113 91 110 97 97 42 24 15 14 7 5 125 129,963 At 31 July 2020 £'000 4,659 1,945 1,851 1,674 1,575 1,554 1,420 1,292 1,124 798 757 368 575 468 178 199 186 0 169 154 0 113 92 91 64 24 21,330 151,293 At 31 July 2020 £'000 1,417 1,076 366 238 126 113 95 57 105 - 39 74 16 - 16 24 9 - 8 11 - - - - 9 7 - - 3 4 - 3 8 1 3 5 2	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 Incoming resources £'000 88 - - - 8 - - - - 52 - - - - 8 - - 22 - - - 11 - - - 1 7 - - - - 1 - - - - -	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) Resources expended £'000 (39) (10) (2) - (1) - - (42) (64) - - (30) (30) (30) - - (14) - (6) - - - - (29) (1) - - - - - (15) - (4) (2) - (7) -	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) Transfers £'000 (42) - 47 7 (4) - - 52 20 - 6 - 52 62 - - 27 - 16 1 11 - 10 38 - - - 6 2 - 19 - - 4 - 5 -	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	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
					18,506	151,893
					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	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
					3,558	26,011

					22,064	177,905
					Gains £'000 201 - - - 18 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	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

Restricted Annual Fund - George Walker Bursary Fund Restricted Annual Fund - Bio chem books Academic Excellence Annual Fund Baldock Restricted legacy. Insects, Bees and Wasps 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 Jeffrey Cheah Fund-Capital Fund - Graduate Scholarship Old Cloisters Library Project Lecture Room X1 (s/b 961) Peter Moores Chinese Bus Stud Fund Major Gifts Restricted Del Favero Covid 19 Hardship fund Clubs and Societies Library and Archives Annual Fund Student Support Annual Fund Restricted Annual Fund - Chairs Restricted Annual Fund - Harold Parr Restricted Annual Fund - Kurt Beyer Total Restricted Funds - College & Group Restricted funds held by subsidiaries Total Restricted Funds - Group 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 Reynolds Prize Inc Fund Research Fund (d/m not to set up D fund) Covid 19 Response Fund Lecture Room XI Roger Thomas Bequest Income Fund Designated Legacies Fund (PIRG) Hulme Income Fund Bedford Income Fund Total designated funds - College & Group Pension reserve General Reserve (Consolidated) Unrestricted funds held by subsidiaries Revaluation reserve General Funds - Group Total Unrestricted Funds - Group Total Funds - Group	1 - - - - - - - - - - 30 - - - 112 - - - - 95 - - - 4,073 - 4,073 7,550 1,117 472 100 16 11 10 - - - - - - - - - - - 282 9,558 (1,590) 16,302 191 - 16,493 24,461 179,827	- 1 7 5 5 10 - - - - - - - - - 40 - 33 2 6 104 10 3 7 431 - 431 - - - 85 - - - 332 - - - - - - - - - 96 - 622 - 6,176 45 6,221 6,843 17,487	- - (6) - - - (74) (171) (178) (29) (79) - (24) - - (150) - (33) (2) - (199) - (3) (7) (1,281) - (1,281) - (1) 56 (92) (5) - (13) (133) - - (2) - - - - - - (70) - (321) 32 (10,168) (205) (10,373) (10,662) (12,599)	- - - (5) (5) (10) 74 171 178 29 79 (30) 24 - - - - - - (6) - (10) - - 828 - 828 651 162 - - 2 1 13 (190) 3 1 3 - - - - - - (26) (282) 291 - 3,890 - 3,890 4,181 -	- - - - - - - - - - - - - - - - - - - - - - - -	1 1 1 - - - - - - - - - - - - 2 - - - - - - - - -
					219	4,270
					-	-
					219	4,270
					- - - - - - - - - - - - - - - - - - -	8,201 1,278 528 93 13 12 10 9 3 1 1 - - - - - - - -
					-	10,150
					- -	(1,558) 16,200 31 -

					-	16,231

					-	24,823

					22,283	206,998