**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|
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**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)
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## **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)
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## **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|
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## **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
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**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.
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**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 object of the College is to advance education, learning, religion and research, for the public benefit, through the provision, support and conduct of a perpetual College in the University of Oxford.
The Governing Body has considered the Charity Commission’s guidance on public benefit and, in keeping with its objects, the College provides public benefit by offering, in conjunction with the University of Oxford’s departments and faculties, higher education to graduates and undergraduates, and by supporting the pursuit of publicly disseminated research.
The objective of the College’s subsidiary is to help finance the achievement of the College’s aims as above.
## **Activities and objectives of the College**
Brasenose College advances learning, for the benefit of the public, by providing higher education for undergraduate and postgraduate students within Oxford University, and by supporting the pursuit of publicly disseminated research.
On the census date 1 December 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.
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**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.
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**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
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**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 .
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**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
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**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.
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**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.
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**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.
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**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
15
**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.
16
**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
17
**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.
18
**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.
19
**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.
20
**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.
21
**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.
22
**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
23
**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.
24
## **Brasenose College**
## **Consolidated Statement of Financial Activities For the period ended 31 July 2022**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
**Charitable activities:**
Teaching, research and residential
1
**Other Trading Income**
3
**Donations and legacies**
2
**Investments**
Investment income
4
Total return allocated to income
14
Other income
5
**Total income**
**EXPENDITURE ON:**
**Charitable activities:**
Teaching, research and residential
**Generating funds:**
Fundraising
Trading expenditure
Investment management costs
**Total Expenditure**
6
**Net Income (Expenditure) before gains**
Net (losses)/gains on investments
11,12,19
**Net Income/(Expenditure)**
**Net movement in funds for the year**
Fund balances brought forward
19
**Funds carried forward at 31 July**|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**|
25
## **Brasenose College Consolidated and College Balance Sheets As at 31 July 2022**
|**Notes**
**FIXED ASSETS**
Tangible assets
10
Property investments
11
Other Investments
12
**Total Fixed Assets**
**CURRENT ASSETS**
Stocks
Debtors
15
Cash at bank and in hand
**Total Current Assets**
**LIABILITIES**
Creditors: Amounts falling due within one year
16
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS: falling due after more than one year**
17
**Defined benefit pension scheme liability**
23
**TOTAL NET ASSETS**
**FUNDS OF THE COLLEGE**
19
**Endowment funds**
**Restricted funds**
**Unrestricted funds**
Designated funds
General funds
Pension reserve
23
21
**NET ASSETS BEFORE PENSION ASSET OR LIABILITY**|2022
**Group**
**£'000**
**34,682**
**56,267**
**144,620**
**235,569**
**319**
**6,354**
**14,136**
**20,809**
**3,871**
**16,938**
**252,507**
**29,000**
**223,507**
**2,013**
**221,494**
**190,404**
**5,358**
**5,915**
**21,830**
**(2,013)**
**221,494**|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:
Trustee:
26
## **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**|
27
**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**|
28
**6**
|**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).
29
|**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.
30
|**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)
31
**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.
32
## **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**|
33
**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.
|**At the beginning of the year:**
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
**Total Endowments**
**Movements in the reporting period:**
Gift of endowment funds
Recoupment of trust for investment
ocat o
o
t ust o
est
e t
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
**Total**
Unapplied total return allocated to income in the reporting period
Transfers between funds
**Total Transfer between funds**
**Net movements in reporting period**
**At end of the reporting period:**
Unapplied total return
Expendable endowment
**Total Endowments**
**15**
**DEBTORS**
**Amounts falling due within one year:**
Trade debtors
Amounts owed by College members
Amounts owed by Group undertakings
Loans repayable within one year
Prepayments and accrued income
Other debtors
**Amounts falling due after more than one year:**
Amounts owed by College members
**16**
**CREDITORS: falling due within one year**
Trade creditors
Amounts owed to College Members
Taxation and social security
College contribution
Accruals and deferred income
Other creditors
**17**
**CREDITORS: falling due after more than one year**
Bank loans
Gift component of the permanent endowment|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.
**18**
## **PROVISIONS FOR LIABILITIES AND CHARGES**
Financial administration costs include a provision charge of £147,064 (2021 £231,000) for overdue commercial and student debtors.
34
|**19**
**ANALYSIS 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
Mark Veit Honour Bursary
The George Walker Honour Bursary
Profumo Capital Fund
Mosse Honour Bursary
Peter 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)
Kyprianou 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
John Davies Endowment Fund
Cashmore Capital Fund
Biochemistry
Access & Outreach Capital Fund
Expendable Endowment Fund
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
Taha Brown Scholarship
Total Expendable Endowment Funds
**Total Endowment Funds - Group**|At 31 July
2021
£'000
123,857
11,649
8,135
2,214
1,337
844
689
490
378
229
208
143
143
147
127
116
116
115
115
132
109
127
112
108
50
29
18
17
8
6
125
**151,893**
At 31 July
2021
£'000
5,459
2,280
2,169
2,034
1,846
1,821
1,665
1,515
1,321
935
888
807
676
548
403
239
218
200
198
181
159
130
108
107
75
29
**26,011**
**177,905**|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**|
35
|**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|
36
|**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**|
37
|**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||
38
**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**|
39
**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
40
## **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**
41
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|
42
## **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|
43
## **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.
**33**
## **COMMITMENTS UNDER OPERATING LEASES**
|Group and Company - Lessor
Later than 1 year and not later than 5 years
Later than 5 years
Not later than 1 year
The group earns rental income by leasing its properties to tenants under non-cancellable operating leases. Leases in which substantially all risks and rewards of ownership
are retained by another party, the lessor, are classified as operating leases. Payments, including prepayments, made under operating leases (net of any incentives received
from the lessor) are charged to the income statement on a straight-line basis over the period of the lease.
At the balance sheet date, the group had contracted with tenants to receive the following future minimum lease payments|**2022**
2021
**£'000**
£'000
1,832
1,711
6,028
5,849
11,618
9,710|
|---|---|
||**19,478**
**17,270**|
44
|**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|
45
|**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**|
46
|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**|
47