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2023-07-31-accounts

Brasenose College Annual Report and Financial Statements

Trustee Report and Accounts

For the year ended 31 July 2023

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Registered Charity
1143447
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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 2023

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: Fellows:

Prof Konstantin Ardakov Rev Julia Baldwin (resigned Jan 2023) Dr Julia Diamantis (from Nov 2022) Prof Geoff Bird (resigned Jan 2023) Prof Jayne Birkby Dr Ed Bispham Dr Harvey Burd Prof Anne Davies Prof Fitnat Banu Demir (from Oct 2022) Prof Dejan Draschkow (from Oct 2023) Prof Michael Dustin (from Oct 2022) Dr Anne Edwards Dr Sos Eltis Prof Sergio de Ferra Prof Eamonn Gaffney Prof Abigail Green Prof David Groiser Prof William James Prof Birke Hacker (resigned Jan 2023) Prof Jonathan Jones Prof Ian Kiaer Prof Thomas Krebs Prof Sneha Krishnan Prof Owen Lewis Prof Samira Lakhal-Littleton Dr Katrina Lythgoe (from Oct 2022) Prof Perla Maiolino

Mr John Bowers KC

Prof Christopher McKenna Dr Llewelyn Morgan Dr Sonali Nag Prof Simon Palfrey Mr Philip Parker Prof Adam Perry Prof Nicholas Purcell (retired Sept 2023) Prof Jeremy Robertson Prof Andrea Ruggeri Rev David Sheen (from Feb 2023) Prof Simon Shogry Dr Simon Smith Dr Alan Strathern Prof William Swadling Prof Eric Thun Prof Katerina Tertytchnaya (from Oct 2023) Prof Giles Wiggs Prof Mark Wilson Dr Christopher Timpson

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Brasenose College Governing Body, Officers and Advisers Year ended 31 July 2023

The activities of the Governing Body are carried out through a number of committees. The major committees are listed below. Membership is for the 2022/23 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) Prof Sonali Nag

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)

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) # Prof David Groiser Prof Sneha Krishnan (from 1[st] October 2023) Prof Jeremy Robertson President of Brasenose Society (Narmada Thiranagama) #

Principal Bursar Senior Tutor Domestic Bursar # HR Manager # Diversity & Equality Officer Professor Ian Kiaer Professor William Swaddling Professor Andrea Ruggeri

Estates and Finance Committee

Principal Vice-Principal Bursar Senior Tutor Assessor (Professor Sergio de Ferra) Prof Jonathan Jones Prof William James Prof Llewelyn Morgan Prof Paul Goldberg # Prof Daniella Bortoletto

Remuneration Committee

Mrs Liz Padmore # (Matriculated 1974) Professor Nicholas Purcell

Dame Julie Mellor # Duncan Greenland # (from Jan 2023) Prof Fraydoon Rastinejad # (from Jan 2023)

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Brasenose College Governing Body, College Officers and Advisers Year ended 31 July 2023

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 (to Jan 2023)
Revd David Sheen (from Jan 2023)
Dean: Prof Iain Kaier (to Aug 2022)
Prof Adam Perry (from Sept 2022 to August 2023)
Prof Simon Shogry (from Sept 2023)
Director of Development & Alumni Relations Dr Julia Diamantis
Domestic Bursar: Matthew Hill (resigned Sept 2023)
Kris Sadler (Interim, from Sept 2023)
Finance Director Gillian Chandler
HR Director: Julia Dewar
IT Director: John Kinsey

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Brasenose College Governing Body, Officers and Advisers Year ended 31 July 2023

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 2023

The Members of the Governing Body present their Annual Report for the year ended 31 July 2023 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 1511The 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 2023

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 2022, Brasenose had 145 postgraduate research students, 105 postgraduate taught students, 380 undergraduate students, and no recognised visiting students, making a total of 630 students of all types.[1] On the same date, the College had 34 Tutorial Fellows with contractual obligations to teach and to undertake research, 2 Official Fellows (the Bursar and Senior Tutor), 4 Professorial Fellows, 16 Supernumerary Fellows, 19 Research Fellows, and 55 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 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

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Brasenose College Report of the Governing Body Year ended 31 July 2023

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 2022/23 academic year 81 students (over 21 % of the College’s UK undergraduates) received a total of £197,320 under this bursary scheme (2021/22 70 students received £197,320, 18% of undergraduates). 11 of these students received £5,500, the maximum award. In addition, in 2022/23 the College awarded a total of £224,007 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. (2021/22 £197,320).

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 2022/23, 113 students received a total of £459,388 from College funds for these studentships (in 2021/22, 117 students received £357,889). The College also awarded £15,448 in academic prizes to undergraduates and graduates in the year (2021/22 £22,165). 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 2023

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 at Finals. 107 undergraduates completed Final Honours School examinations, of whom 99 have been awarded classified degrees leaving 8 students with results still outstanding due to the marking and assessment boycott organised by the University and Colleges Union. The 99 classified degrees comprised 45 Firsts, 52 Upper-Seconds, and 2 Lower-Seconds. For the eleventh successive year, no student graduated with an unclassified status. A total of 108 students sat the First Public Examination. Of the 108, 16 obtained a Distinction, partial Distinction, or (where the result was classified) a First, while 85 achieved a Pass or an Upper-Second, 4 Partial Pass, and 3 students with incomplete marks due to illness. Again, some marks are missing due to the boycott, so it is likely that some of the Pass marks will be upgraded to Distinction. The Partial Passes must re-sit in order to progress further in their degrees, and two other students will sit examinations as a first attempt in September due to illness.

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

James Bishop (Law): Slaughter and May Prize in Contract Law

Daniel Bostic (Physics): Gibbs Prize (shared) for Group Project Presentation

Ben Brennan (Economics & Management): Saïd Foundation Prize for Best Performance in Strategic Management

Tsing Grace Cheng (Jurisprudence): Law Faculty Prize in Criminology & Criminal Justice

Caroline Conder (Chemistry): proxime accessit for Inorganic Chemistry Part II Prize

Benedict Griffin (Literae Humaniores): Congratulatory First and Gibbs Prize for the best performance in Philosophy in Greats

Jung Eun Huh (Mathematics & Statistics): Gibbs Statistics Prize for FHS Mathematics and Statistics Part C

Mario Marcos Losada (Mathematics): Gibbs Prize for performance in Part B exams

Felix Mountford (Physics): Practical Prize

Jessica Tedd (Physics): Scott Prize for the best performance in the MPhys

Luca Williams (Jurisprudence): 3 Verulam Buildings Prize in Commercial Law

Rachel Zerdin (Modern Languages): Congratulatory First and LIDL Prize for best performance in German by a non-German sole students

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Brasenose College Report of the Governing Body Year ended 31 July 2023

On the graduate side, academic results were also encouraging, from 1 October 2021 to 25 September 2022, the College’s taught masters students achieved 25 distinctions, 22 merits and 34 passes.32 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 25 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 8-9 applications for every place available. The exceptional quality of candidates is reflected in the fact that the direct applicants’ success rate was 17% versus 16% for the rest of the University.

Outreach activity and schools liaison seek to encourage gifted students from under-represented backgrounds capable of excelling on course to consider applying to the University of Oxford, as well as maintaining links with those schools which have a tradition of Oxford applications, including all schools in the College’s designated link regions (North Yorkshire and East Berkshire). The College is an extremely active participant in outreach and is developing a new recruitment initiative in Northern Ireland to improve this region’s representation at Oxford .

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 juniormembers. 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 2023

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.

The College is very grateful to approximately one thousand and twenty six alumni who gave to College, the majority of whom supported the Annual Fund, with gifts totaling £0.581m (2022: £0.492m), and also to the donors who were able to make a permanent contribution to the financial well-being of the College with gifts to the endowment totaling in this year £0.557m (2022: £1.249m). Other gifts, including legacies, totaled £1,122m (2022: £1.385m).

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 to 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 2023

FINANCIAL REVIEW

The College’s consolidated total funds decreased by £7.6m in the year, standing at £213.9m at 31 July 2023 (£221.5m at 31 July 2022). The endowment funds decreased by £6.7m to £183.7, the restricted funds decreased by £1.1m to £4.2m and the College’s unrestricted funds increased by £0.3 ending the year at £26.0m.

The College’s incoming resources were £18.3m in the year, compared with £20.4m in 2022. Tuition and Research income increased to £3.2m (2022: £2.9m), with residential income increasing to £3.4m (2022: £3.1m). 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.

Total expenditure was £15.8m, an increase of £2.5M (+19%) compared to 2022, when the expenditure was £13.2m. The increases were primarily associated with energy costs and staff costs.

The endowment funds saw a net inflow of £9.7m, before the attribution of investment loss on land and property of £4.8m and losses on the investment portfolio of £4.3m. The College drew down £5.7m in accordance with its total return policy to support its teaching and research, and so the closing value of the endowment was £183.7m (2022: £190.4m). 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 restricted funds fell by £1.1m in the year, to £4.2m (2022: +£1.1m), as funds received in earlier years were used to support activity across the College including bursaries, access and outreach, Fellowships and the new organ.

The unrestricted funds increased by £0.3m ending the year at £26.0m, 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 have been used to finance the new student accommodation primarily in the Frewin site, with the balance invested alongside the endowment. The College also has a £9m loan repayable in 2048. At 31 July 2023 the College’s net debt stood at 8.9% (2022: 6.7%) 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 £1.2m (2022: £5.7m), representing 0.9 months (2022: 4.8 months) of expected expenditure. This is below the level set by the policy, and the College plans to rebuild its free reserves over the next few years, while continuing to deliver on its operational need and commitments.

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Brasenose College Report of the Governing Body Year ended 31 July 2023

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, which has 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:

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Brasenose College Report of the Governing Body Year ended 31 July 2023

Investment policy, objectives and performance

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

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.

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. Most of these investments are in endowed funds, although some are held as restricted or unrestricted funds. At the yearend, these investments totaled £186.8m (2022 £192.8m). At 31[st] July the annualised return on the endowment was 8.6% (2022: 10.0%) p.a over the last three years and 6.4 % (2022: 9.4%) over the last five years. The College’s benchmark target is to exceed RPI by 3.5%, and the returns have varied from this target, by -3.8% (2022: +1.0%) p.a. over three years and -2.9% (2022: +1.2%) over five years.

The carrying value of the preserved permanent capital (the trust for investment) and the amount of any unapplied total return available for expenditure was taken as the open market values (fair value) of these funds as at 1 August 2003 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% (3.5% 2022) (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.

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 continues to progress these aims, and Governing Body monitors progress.

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.

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Brasenose College Report of the Governing Body Year ended 31 July 2023

The College completed a new stand alone building in the Frewin Annex for 30 new ensuite student rooms in time for occupation at the start of Michaelmas Term 2023. We will continue to enhance the facilities at the Frewin Annex with a sustainable refurbishment of Frewin Hall, and also are investigating opportunities for increasing the number of rooms we can offer our postgraduates.

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 Auditor Year ended 31 July 2023

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;

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 8th November 2023 and signed on its behalf by:

John Bowers KC Principal

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Brasenose College Report of the Auditor Year ended 31 July 2023

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 2023 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:

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 factWe have nothing to report in this regard.

17

Brasenose College Report of the Auditor Year ended 31 July 2023

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:

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

18

Brasenose College Report of the Auditor Year ended 31 July 2023

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 noncompliance 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

20 November 2023

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

19

Brasenose College Statement of Accounting Policies Year ended 31 July 2023

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.

20

Brasenose College Statement of Accounting Policies Year ended 31 July 2023

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

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

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

4. Income recognition

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

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

(b) Income from donations, grants and legacies

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

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

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

21

Brasenose College Statement of Accounting Policies Year ended 31 July 2023

(c) Investment income

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

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

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

5. Expenditure

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

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

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

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

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

6. Leases

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

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

22

Brasenose College Statement of Accounting Policies Year ended 31 July 2023

7. Tangible fixed assets

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

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

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

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

8. Depreciation

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

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

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

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

9. Heritage Assets

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

10. Investments

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

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

23

Brasenose College Statement of Accounting Policies Year ended 31 July 2023

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

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

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

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

11. Other Financial Instruments

a. Derivatives

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

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

c. Debtors and creditors

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

12. Stocks

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

13. Foreign currencies

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

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

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

14. Total Return investment accounting

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

24

Brasenose College Statement of Accounting Policies Year ended 31 July 2023

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

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

15. Fund accounting

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

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

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

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

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

16. Pension costs

The costs of retirement benefits provided to employees of the College through two multi-employer defined benefit pension schemes are accounted for as if these were defined contribution schemes in accordance with the requirements of FRS 102. The College's contributions to these schemes are recognised as a liability and an expense in the period in which the salaries to which the contributions relate are payable.

In addition, a liability is recognised at the balance sheet date for the discounted value of the expected future contribution payments under the agreements with these multi-employer schemes to fund the past service deficits.

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

25

Brasenose College

Consolidated Statement of Financial Activities For the period ended 31 July 2023

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)
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
6,667
39
767
20
4,948
681		 Restricted
Funds
£'000
-
-
355
90
795
-		 Endowed
Funds
£'000
-
-
557
9,102
(5,743)
-		 2023
Total
£'000
6,667
39
1,679
9,212
-
681		 2022
Total
£'000
6,046
307
3,127
10,814
-
118
13,122
12,972
614
189
2		 1,240
1,301
-
-
9		 3,916
-
-
-
879		 18,278
14,273
614
189
890		 20,412
12,847
605
(972)
753
13,777 1,310 879 15,966 13,233
(655) (70) 3,037 2,312 7,179
(21) (96) (9,751) (9,868) 7,317
(676) (166) (6,714) (7,556) 14,496
973 (973) - -
297
25,732		 (1,139)
5,358		 (6,714)
190,404		 (7,556)
221,494		 14,496
206,998
26,029 4,219 183,690 213,938 221,494

26

Brasenose College Consolidated and College Balance Sheets As at 31 July 2023

FIXED ASSETS
Tangible assets
Property investments
Other Investments
Total Fixed Assets
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in hand
Total Current Assets
LIABILITIES
Creditors: Amounts falling due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: falling due after more than one year
NET ASSETS BEFORE PENSION ASSET OR LIABILITY
Defined benefit pension scheme liability
TOTAL NET ASSETS
FUNDS OF THE COLLEGE
Endowment funds
Restricted funds
Unrestricted funds
Designated funds
General funds
Pension reserve
Notes
10
11
12
15
16
17
23
19
23
21		 2023
Group
£'000
40,226
53,160
141,768
235,154
329
4,768
9,659
14,756
4,641
10,115
245,269
29,000
216,269
2,331
213,938
183,690
4,219
3,611
24,749
(2,331)
213,938		 2022
Group
£'000
34,682
56,267
144,620		 2023
College
£'000
40,226
53,160
141,768
235,154
329
4,544
9,023
13,896
4,103
9,793
244,947
29,000
215,947
2,331
213,616
183,690
4,219
3,611
24,427
(2,331)
213,616
2022
College
£'000
34,682
56,267
144,620
235,569
319
7,590
12,966
20,875
4,207
16,668
252,237
29,000
223,237
2,013
221,224
190,404
5,358
5,915
21,560
(2,013)
221,224
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

The financial statements were approved and authorised for issue by the Governing Body of Brasenose College on 8th November 2023

Philip Parker John Bowers KC

Trustee:

27

Brasenose College Consolidated Statement of Cash Flows For the period ended 31 July 2023

Notes
Net cash used in 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
Purchase of investment Land & Property
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
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
Cash and cash equivalents at the end of the reporting period		 2023
£'000
(3,850)		 2022
£'000
(975)
9,212
(2)
22
(6,507)
(313)
8,303
(11,899)		 10,814
(636)
13
(5,553)
(228)
8,721
(15,038)
(1,184) (1,907)
557 1,249
557 1,249
(4,477) (1,633)
14,136 15,769
9,659 14,136

28

Brasenose College Notes to the financial statements For the period ended 31 July 2023

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
The above analysis includes £2891k received from Oxford University from publicly accountable funds under the CFF Scheme (2022: £2754k).
From the 21/22 academic year onwards new students from the EU will be charged Overseas fees.
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
Commercial rent
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
Interest on fixed term deposits and cash
Other investment income
Total Investment income
5
Other Income
Other Income		 2023
£'000
1,653
1,160
79
169
194
3,412
6,667
2023
£'000
767
355
557
1,679
2023
£'000
6,303
(6,264)
39
2023
£'000
5
5
10
20
2
21
1
24
42
90
152
2,124
105
2,401
28
4,292
9,102
9,212
2023
£'000
681
681		 2022
£'000
1,680
886
51
188
106
3,135
6,046
2022
£'000
709
1,169
1,249
3,127
2022
£'000
5,044
(4,737)
307
2022
£'000
-
-
22
22
2
18
3
21
62
106
154
1,682
340
1,991
-
6,519
10,686
10,814
2022
£'000
118
118

29

6 ANALYSIS OF EXPENDITURE

ANALYSIS OF EXPENDITURE
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential
Other direct costs allocated to:
Teaching, research and residential
Support and governance costs allocated to:
Teaching, research and residential
Total charitable expenditure
Expenditure on generating funds
Direct staff costs allocated to:
Fundraising
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		 2023
£'000
5,339
4,954
3,980
14,273
2023
£'000
365
190
179
881
59
10
9
1,693
15,966		 2022
£'000
4,886
4,066
3,895
12,847
2022
£'000
435
125
(992)
746
45
20
7
386
13,233

The 2023 resources expended of £15,966k represented £13,777k from unrestricted funds, £1,310k from restricted funds and £879k 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. 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 £151k (2022 - £0k).

30

7
ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
2023
Financial administration
Domestic administration
Investment Management
Human resources
IT
Depreciation
Bank interest payable
Governance costs
2022
Financial administration
Domestic administration
Investment Management
Human resources
IT
Depreciation
Bank interest payable
Governance costs
Financial and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on e
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
150
13
16
6
50
-
-
3
238
Generating
Funds
£'000
242
15
9
5
35
-
-
4
310
ach activity.		 Teaching
and
Research
£'000
680
423
-
475
410
963
622
31
3,604
Teaching
and
Research
£'000
815
453
-
518
369
939
636
32
3,762
2023
£'000
34
-
34		 2023
Total
£'000
830
436
16
481
460
963
622
34
3,842
2022
Total
£'000
1,057
468
9
523
404
939
636
36
4,072
2022
£'000
36
-
36

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

31

GRANTS AND AWARDS
During the year the College funded research awards and bursaries to students from its restricted and unrestricted fund as follows:
Unrestricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Graduate Studentships
Grants to other institutions
Total unrestricted
Restricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Graduate Studentships
Grants to other institutions
Total restricted
Total grants and awards		 2023
£'000
205
120
216
-
541
54
6
244
-
304
845		 2022
£'000
235
129
157
-
521
56
14
202
-
272
793

8 GRANTS AND AWARDS

The figure included above represents the cost to the College of the Oxford Bursary scheme. Students of this college received £306k (2022: £353k). 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		 2023
£'000
5,439
435
924
279
-
7,077
2023
63
66
9
21
5
29
33
35
261
23
15
1
6
45		 2022
£'000
5,248
416
1,074
136
-
6,874
2022
35
26
76
29
6
2
35
3
212
22
11
1
5
39

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 £8k (£24k 2022).

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 Finance Director, the HR Director and the IT Director. The total remuneraton paid to key management was £1,013k (2022, £960k)

32

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

following bands was:
£60,001-£70,000
£70,001-£80,000
The number of the above employees with retirement benefits accruing was as follows:
In defined benefits schemes
In defined contribution schemes
The College contributions to defined contribution pension schemes totalled		 2023
2
2
4
-
£'000
54		 2022
1
2
3
-
£'000
45
10
TANGIBLE FIXED ASSETS
Group
Cost
At start of year
Asset Brought into use
Additions
Disposals
Asset Brought into use
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
41,391
4,873
4,702
0
50,966
12,698
787
-
-
13,485
37,481
28,693
Freehold
land and
buildings
£'000
41,391
9,575
-
50,966
12,698		 Assets
under
Construction
£'000
4,873
(4,873)
0
-
-
-
-
-
-
-
-
4,873
Assets
under
Construction
£'000
4,873
(4,873)
-
-		 Plant and
machinery
£'000
1,652
1,238
(22)
2,868
800
86
(22)
-
864
2,004
852
Plant and
machinery
£'000
1,652
1,238
(22)
2,868
800
86
(22)
864
2,004
852		 Fixtures,
fittings and
equipment
£'000
1,526
567
-
2,093
1,262
90
-
-
1,352
741
264
Fixtures,
fittings and
equipment
£'000
1,526
567
-
2,093
1,262		 Total
£'000
49,442
6,507
(22)
55,927
14,760
963
(22)
-
15,701
40,226
34,682
Total
£'000
49,442
6,507
(22)
55,927
14,760
787
13,485
37,481
28,693		 -
-
4,873		 90 963
(22)
1,352 15,701
741 40,226
264 34,682

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

33

11 PROPERTY INVESTMENTS

Group and College
Valuation at start of year
Additions and improvements at cost / capital expenditure
Disposals net proceeds / capital receipts
Revaluation gains / (losses) in the year
Valuation at end of year		 Agricultural
£'000
18,228
315
-
390
18,933		 Commercial
£'000
35,340
-
-
(3,678)
31,662		 Other
£'000
2,699
(2)
-
(132)
2,565		 2023
Total
£'000
56,267
313
-
(3,420)
53,160		 2022
Total
£'000
53,554
228
-
2,485
56,267

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).

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
42,846
49,226
3,420
22,907
10,849
15,372
46,266
98,354		 2022
H
Total
£'000
92,072
26,327
10,849
-
15,372
144,620		 eld outside
the UK
£'000
50,382
5,083
55,465		 2023
£'000
144,620
11,899
(8,303)
(6,448)
141,768
Held in
the UK
£'000
39,923
24,697
6,889
14,794
86,303		 2022
£'000
133,471
15,038
(8,721)
4,832
144,620
2023
Total
£'000
90,305
29,780
6,889
14,794
141,768

Group investments include £91,511,028 ( 2022 £91,039,661) of unlisted investments. Unlisted investments can be illiquid and may be valued as at 30th June 2023. The June valuation is considered by the Trustees to provide an adequate estimate of value as at 31 July 2023.

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
18,242
(15,832)
(448)
1,962
244,947
(31,331)
213,616
Brasenos
e College		 £'000
6,303
(5,722)
(451)
Brasenose
Limited
130
1,253
(661)
592

34

14 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1/8/02. The investment return to be applied as income is calculated as 3.5% (2022 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 3.5% 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
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 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
54,350
-
-
54,350
557
-
-
-
Perm		 Unapplied
Total
Return
£'000
-
107,169
-
107,169
-
7,196
(8,295)
(745)
anent Endowme		 Total
£'000
54,350
107,169
-
161,519
557
7,196
(8,295)
(745)
nt		 Expendable
Endowment
£'000
-
-
28,885
28,885
-
1,906
(1,456)
(134)		 Total
Endowments
£'000
54,350
107,169
28,885
190,404
557
9,102
(9,751)
(879)
557
-
-		 (1,844)
(5,146)
-		 (1,287)
(5,146)
-		 316
(597)
-		 (971)
(5,743)
-
- (5,146) (5,146) (597) (5,743)
557 (6,990) (6,433) (281) (6,714)
54,907
-
-		 -
100,179
-		 54,907
100,179
-		 -
-
28,604		 54,907
100,179
28,604
54,907 100,179 155,086 28,604 183,690
2023
Group
£'000
497
736
-
12
1,382
283
1,858
4,768
2023
Group
£'000
871
489
167
151
2,216
747
4,641
2023
Group
£'000
29,000
29,000		 2022
Group
£'000
151
1,029
45
9
1,074
2,468
1,578
6,354
2022
Group
£'000
1,483
509
133
-
1,194
552
3,871
2022
Group
£'000
29,000
29,000		 2023
College
£'000
426
736
-
12
1,199
313
1,858
4,544
2023
College
£'000
1,178
489
155
151
1,383
747
4,103
2023
College
£'000
29,000
29,000		 2022
College
£'000
151
1,029
1,458
9
898
2,467
1,578
7,590
2022
College
£'000
1,845
509
197
-
1,104
552
4,207
2022
College
£'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 £23,811 (2022 £147,064) for overdue commercial and student debtors.

35

19
ANALYSIS OF MOVEMENTS ON FUNDS
As at
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)
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		 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
161,518
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
28,885
190,404		 Incoming
resources
£'000
6,314
606
414
115
68
47
35
25
20
12
11
8
8
7
7
6
6
6
6
6
6
6
5
4
2
2
1
1
-
-		 Resources
expended
£'000
(609)
(56)
(41)
(10)
(6)
(4)
(3)
(2)
(2)
(1)
(2)
(1)
(1)
-
(1)
-
-
(1)
(1)
(1)
(1)
-
(1)
(1)
1
-
1
-
(1)
(1)		 Transfers
£'000
(3,567)
(928)
(261)
(71)
(43)
(63)
(23)
(16)
(45)
(16)
(7)
(10)
(10)
(5)
(9)
(8)
(8)
(8)
(8)
(8)
(8)
(8)
(6)
(4)
(2)
(2)
(1)
(1)
-
-
-		 As a
Gains
£'000
(6,764)
(645)
(443)
(121)
(73)
(48)
(38)
(27)
(21)
(13)
(11)
(8)
(8)
(8)
(7)
(7)
(7)
(6)
(6)
(6)
(6)
(6)
(5)
(4)
(3)
(2)
(1)
(1)
-
-		 t 31 July 2023
£'000
127,086
11,361
8,319
2,268
1,368
900
704
502
402
243
213
152
152
150
132
123
122
121
121
121
115
114
97
73
50
30
18
16
8
5
-
7,754 (745) (5,146) (8,295) 155,086
Incoming
resources
£'000
327
116
111
102
94
93
85
77
68
54
45
22
35
28
191
18
11
45
10
9
14
34
6
5
4
1
300
1,905
9,659		 Resources
expended
£'000
(29)
(12)
(11)
(9)
(10)
(10)
(8)
(7)
(7)
(5)
(4)
(2)
(3)
(2)
(2)
-
(1)
(1)
(1)
-
(1)
(5)
(1)
(1)
(1)
1
(2)
(134)
(879)		 Transfers
£'000
370
(73)
(71)
(132)
(61)
(60)
(54)
(50)
4
88
(29)
(388)
(24)
(20)
(17)
(9)
(8)
(8)
(6)
(6)
(9)
(19)
(3)
(1)
(2)
(1)
(8)
(597)
(5,743)		 Gains/
(losses)
£'000
(287)
(124)
(118)
(110)
(100)
(99)
(91)
(83)
(73)
(58)
(48)
(24)
(38)
(30)
(30)
(13)
(12)
(13)
(11)
(10)
(15)
(37)
(6)
(6)
(4)
(2)
(14)		 At 31 July
2023
£'000
6,186
2,331
2,217
2,016
1,885
1,860
1,702
1,548
1,395
1,086
907
442
707
559
739
255
224
292
202
185
294
688
111
110
77
29
557
(1,456) 28,604
(9,751)
183,690

36

Restricted Funds
Fairburn Legacy
Fairburn Legacy - Income fund
Chapel Organ
Fiddian Income Fund
Deferred Capital Fund
The Ward Jones & The Guy Scholarship (income fund)
The Crole Legacy
The Crole Legacy - Income fund
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
TaHa Brown Graduate Studentship to support an Economics DPhil
Stafford Bequest Income Fund
Poor of Didcot Income Fund
John Davies End 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 - George Walker Bursary Fund
Academic Excellence Annual Fund
Archive Fund
Barton Economics Fellowship Inc Fund
The Chaplains Fund
Clubs and Societies
Curran 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
Ukranian Student
Niall Robinson - Ukranian Students displaced by war
Travel Grants - care Leavers
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
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
-
-
-
5,358
5,358		 Incoming
resources
£'000
82
-
-
-
-
-
7
-
-
-
-
-
-
-
-
-
-
1
-
-
-
-
-
26
15
-
-
-
-
-
-
-
-
-
-
4
-
-
1
-
-
7
-
-
4
2
-
78
-
-
-
-
3
20
-
20
44
8
6
6
-
111
-
-
445
445		 Resources
expended
£'000
(8)
(35)
(267)
-
(7)
-
(1)
-
-
-
(72)
(2)
(13)
(5)
-
(47)
(70)
-
-
(18)
(9)
(22)
-
(26)
(15)
-
(22)
-
-
-
-
-
(15)
(3)
(4)
(6)
(7)
-
-
-
-
(15)
-
(73)
-
(78)
(29)
-
(38)
-
(32)
-
(3)
-
(16)
(4)
(13)
(8)
(6)
(6)
-
(58)
(71)
(186)
(1,310)
(1,310)		 Transfers
£'000
(52)
52
-
53
-
17
(5)
5
(113)
-
58
22
-
7
(39)
59
70
-
-
34
-
5
2
-
-
-
43
-
-
8
6
1
22
2
5
-
6
-
-
-
-
8
113
73
-
76
29
(141)
38
(55)
32
(814)
-
-
-
-
-
-
-
-
-
(62)
71
186
(178)
(178)		 Gains
£'000
(88)
-
-
-
-
-
(8)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(96)
(96)		 At 31 July
2023
£'000
1,691
17
799
513
231
17
149
5
-
95
47
49
39
49
1
56
-
28
18
37
1
1
16
-
-
-
57
6
8
8
19
7
18
6
7
-
1
3
6
2
1
1
113
-
8
-
-
-
-
-
-
-
-
20
24
16
33
-
-
-
5
(9)
-
-
4,219
4,219

37

Designated Funds
£8M Loand Repayment Fund (+£105k, repay2044)
£9M Loan Repayment Fund. (+£56k, repay 2048)
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
Revaluation reserve
Transfers
General Funds - Group
Total Unrestricted Funds - Group
Total Funds - Group		 1,578
3,328
695
1
2
7
-
201
-
(1)
13
16
10
-
65
-
5,915
(2,013)
21,367
463
-
21,830
25,732
221,494		 -
-
-
-
-
-
-
-
103
-
-
353
-
-
-
-
5
79
539
-
1,332
6,303
7,635
8,174
18,278		 -
-
-
-
-
-
-
-
(11)
-
(1)
(224)
-
-
-
(5)
(10)
-
(250)
-
(7,544)
(5,722)
(123)
(13,389)
(13,639)
(15,828)		 105
775
(20)
(2,514)
(694)
1
1
3
(92)
-
1
(84)
-
-
-
5
(1)
(79)
(2,593)
(318)
9,022
(451)
123
8,694
5,783
(138)		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(21)
-
(21)
(21)
(9,868)		 105
775
1,558
814
1
2
3
10
-
201
-
44
13
16
10
-
60
-
3,611
(2,331)
24,156
592
-
-
24,748
26,028
213,938

38

20 FUNDS OF THE COLLEGE DETAILS

The following is a summary of the origins and purposes of each of the Funds

Endowment Funds

Permanent Endowment Fund

A consolidation of gifts and donations which comprise the historic endowment of the College, and which the Governing Body considers to be permanent endowment

Permanent Endowment Fund A consolidation of gifts and donations which comprise the historic endowment of the College, and
which the Governing Body considers to be permanent endowment
Capital balance of past donations from the Hulme (Educational) Trust in Manchester, which are given
Hulme Capital Fund for the general purposes of the College
Tutorial/Classics Fellowship Capital Fund A 2009/10 fund in support of Tutorial Fellowships & Classics.
Germaine Capital Fund 1972 Will Trust Fund to support scholarships for Home/EU graduates
Undergraduate Bursary Capital Fund Undergraduate Bursaries within the College
Lucas Bequest Capital Fund To support a Junior Research Fellow/research activities
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 Gordon Orr Bursary
Undergraduate Bursary Capital Fund Sir Christopher Wates Honour Bursary
Jeffery Bequest (Mod Hist) Capital Fund 1975 to support the publication of learned works, and/or an exhibition in History
Undergraduate Bursary Capital Fund The Mark Veit Honour Bursary
Undergraduate Bursary Capital Fund The George Walker Bursary
Profumo Capital Fund 1940 to suport extra-curricular activities of undergraduates of educational benefit
Undergraduate Bursary Capital Fund The Mosse Honour Bursary (MHB)
Undergraduate Bursary Capital Fund The Peter Sinclair Honour Bursary
Undergraduate Bursary Capital Fund The David Watts Honour Bursary
Undergraduate Bursary Capital Fund The Peter Sands Honour Bursary
Undergraduate Bursary Capital Fund The Turner Family Honour Bursary (TFHB)
Undergraduate Bursary Capital Fund The Dermot (1951) & Gerard (1954) Dunphy Honour Bursary.
Undergraduate Bursary Capital Fund The Folkman Honour Bursary (FHB)
Undergraduate Bursary Capital Fund 1974 (Co-Ed) Bursary
Undergraduate Bursary Capital Fund The Michael May Bursary
Undergraduate Bursary Capital Fund KCM Honour Bursary
Rector of Didcot Capital Fund Rector of Didcot Capital fund
Undergraduate Bursary Capital Fund Bride Mayer Honour Bursary
Poor of Didcot Fund Poor of Didcot Income Fund
Reynolds Prize Capital Fund To support prizes
Cox Trust Income Fund Cox Trust Income fund
Morley Trust Income Fund Morely Trust Income Fund
Brasenose Income Capital Fund For general purposes
Economics Fellowship Capital Fund For the endowment of a Fellowship in economics
The Garrick Law Fellowship Capital Fund For the endowment of a Fellowship in law
Oxford-Jeffrey Cheah Graduate Scholarship Fund-Capital Fund Endowment to support the Jeffrey Cheah Fellowships and graduate studentship programmes
Politics Fellowship Capital Fund For the endowment of a Fellowship in politics
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
Roger Thomas Bequest Cap Fund For the furtherance of education
Bedford Capital Fund (Invested in TP) 1996 bequest for general purposes
Curran Capital Fund 1965 supports the Curran Tutor in Physiology
John Davies Endowment Fund For the support of teaching and research in law (formally the Ellesmere Law Endowment Capital fund)
Cashmore Capital Fund Valedictory fund in name of former Principal for bursaries
Teaching of Biochemistry Brasenose Academic Teaching Post funded jointly by William Dunn school of Pharmachology amd
Access & Outreach To support access and outreach activity.
Expendable Endowment (inc legacies) Fund Expendable Endowed Legacies
The Ward Jones bursaries To provide bursaries for undergraduates of the College in perpetuity
Stafford Bequest Capital Fund Supporting College funded mini-bursaries
Barry Nicholas Capital Fund Anonymous donation in memory of former Principal to support a graduate law scholar intending to
To endow a scholarship in environmental studies or such other field as may seem of major importance
The Guy Scholarship to the Principal and Fellows
The Heffernan Sinclair Scholarship Fund To support the study of Economics.
BNC Australia Scholarship Capital Fund Australian scholarship fund
Benefactions Capital Fund Fund to support students in financial need
Holroyd Collieu Noel Hall Capital Fund Mid 20th C benefaction. Income is restricted for use for travel grants.
Thomas & Jones Inc Fund Unrestricted
The Taha Brown Fund To establish an endowment, the income from which should go towards funding a Graduate
The Robert and Soulla Kyprianou Grad Scholarship Capital Fund Donated funds to support a graduate studentship.
Restricted Funds
Fairburn Legacy - Engineering 2019 Legacy received from Charles Fairburn to provide assistance such as a bursary or scholarship
Chapel Organ Donation to provide funds to replace the College Chapel Organ by Gerald Smith
Fiddian Income Fund For the support of undergraduate/graduate students from Monmouth/Haberdashers Schools
Deferred Capital Fund This fund is amortised over the life time of the relevant capital asset
Crole Legacy - Students in need 2018 Legacy from Mr Colin A Crole for the provision of bursaries for the benefit of students in financial
Chapel Ceiling A donation to fund work on the Chapel ceiling
Major Gifts Restricted Krainer Restricted Gifts - Naming Principals conversations
Hector Pilling Income Fund 1988 to support graduate scholarships/studentships preferably RAF/Commonwealth
Lucas Bequest Income Fund To support a Junior Research Fellow/research activities
Jewish Country Houses project (Gross) To fund academic research
Jeffery Bequest (Modern History) income Fund 1975 to support the publication of learned works, and/or an exhibition in History
Major Gifts Restricted Saven Restricted Gifts - To provide better, thicker, higher quality matresses
Politics Fellowship Income Fund For the endowment of a Fellowship in politics
Garrick Law Income Fund For the endowment of a Fellowship in law
Chapel and Choir Restricted Annual Fund - Choir & Chapel
Major Gifts Restricted Akers Jones Restricted Gifts - Archaelogical digs
The Robert and Soulla Kyprianou Grad Scholarship Capital Fund Donated funds to support a graduate studentship.
The Wine Reserve Fund To fund the principals wine cellar
Cashmore Income Fund Valedictory fund in name of former Principal for bursaries
Rector of Didcot Income Fund Rector of Didcot Income fund
Access Restricted Restricted Fund - Acess
Charles Skey Charitable Trust Restricted Fund - Access
The Boat Club Restricted Fund - Boat Club
Germaine Income Fund 1972 Will Trust Fund to support scholarships for Home/EU graduates
Modern Linguistics Fund To fund modern languages
Fergus Miller Memorial Fund In memory of Fergus Miller
Stafford Bequest Income Fund Supporting College funded mini-bursaries
Poor of Didcot Income Fund Poor of Didcot Income Fund
Profumo Income Fund 1940 to suport extra-curricular activities of undergraduates of educational benefit
Restricted Annual Fund - Other Restricted Annual Fund
Barry Nicholas Income Fund Anonymous donation in memory of former Principal to support a graduate law scholar intending to
Cox Trust Income Fund Cox Trust Income fund
Major Gifts Restricted Cheetham Restricted Gifts - Chemistry

39

Morley Trust Income Fund Restricted Annual Fund - George Walker Bursary Fund Academic Excellence Annual Fund Archive Fund Barton Economics Fellowship Inc Fund The Chaplains Fund Clubs & Soc Annual Fund Curran Income Fund Frewin New Student Accomodation Building Jeffrey Cheah Fund-Income Fund Major Gifts Restricted Cheah donation Kwai Cheong Lena Liu (Laou) (KCLLL) Graduate Studentship Fund Leanne Wells for Environmental Programs Library and Archives Annual Fund Ukranian Student Ukranian Students displaced by war Travel Grants - Care Leavers Peter Moores Chinese Bus Stud Fund Restricted Annual Fund - Naming Restricted Annual Fund - Harold Parr Restricted Annual Fund - North Yorkshire Outreach Student Support Annual Fund Tutorial/Classics Fellowship Income Fund Undergraduate Bursary Income Fund John Davies Income Fund Major Gifts Restricted Lord Windlesham

Morely Trust Income Fund Restricted Fund - The George Walker Bursary Fund Restricted Annual Fund - Academic excellence Restricted Fund - Archive To support an Academic post Chapel collections to be spent as the direction of the Chaplain Restricted Annual Fund - Clubs and Arts To support a Academic post Planned new student accomodation building Endowment to support the Jeffrey Cheah Fellowships and graduate studentship programmes Endowment to support the Jeffrey Cheah Fellowships and graduate studentship programmes 2009/10 to fund a Dphil studentship for a student preferably from China For Environmental Programmes Restricted Annual Fund - Library & Archives To fund a student from Ukrain To fund students displaced by war To support travel costs for care experienced students An income fund which supports the post of the Tutor in Chinese Management Studies. The underlying Restricted Annual Fund - Name a chair, bookcases and desks Restricted Annual Fund - the Harold Parr Trust Restricted Annual Fund -Outreach Regular giving by alumni in support of grant funding to individual students A 2009/10 fund in support of Tutorial Fellowships. A 2010/11 to support undergraduate bursaries For the support of teaching and research in law Restricted Gifts - Principals discretion for extra curricular

Unrestricted Funds

General Reserve Unrestricted General Reserve Pension Reserve Pension Reserve Roger Thomas Bequest Income Fund For Futherance of Education Reynolds Prize Inc Fund Prizes Benefactions Income Fund Unresticted gifts Hulme Income Fund Hulme Scholars Bedford Income Fund 1996 bequest for general purposes Delafield Fund Funding for Archivist The Clifford Press Donation The Clifford Press Donation (designated to be confirmed) Global History of Capitalism Academic research 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.

21 ANALYSIS OF NET ASSETS BETWEEN FUNDS

2023
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities and pension liabilities
2022
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities and pension liabilities		 Unrestricted
Funds
£'000
40,226
681
986
3,549
(19,413)
26,029
Unrestricted
Funds
£'000
34,682
-
694
13,240
(22,884)
25,732		 Restricted
Funds
£'000
-
520
1,398
2,421
(120)
4,219
Restricted
Funds
£'000
-
927
2,372
2,257
(198)
5,358		 Endowment
Funds
£'000
-
51,959
139,383
4,146
(11,798)
183,690
Endowment
Funds
£'000
-
55,340
141,554
5,312
(11,802)
190,404		 2023
Total
£'000
40,226
53,160
141,767
10,116
(31,331)
213,938
2022
Total
£'000
34,682
56,267
144,620
20,809
(34,884)
221,494

40

22 TRUSTEES' REMUNERATION

Trustees of the college fall into the following categories:

The Principal

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

Professorial Fellows

Those Supernumerary Fellows who have been elected to Governing Body.

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

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

Some trustees receive additional allowances for additional work carried out as part time college officers (such as the Dean, Tutor for Graduates, Vice Principal, Fellow Librarian). These amounts are included within the remuneration disclosed below. The total remuneration and taxable benefits as shown below is £1,970k (2022 £1,692k).

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
Rev David Sheen
Dr Owen Lewis
Dr Thomas Krebs
Dr Harvey Burd
Dr Eamonn Gaffney
Dr Christopher McKenna
Prof Andrea Ruggeri
Prof Konstantin Ardakov
Prof Jonathan Jones
Prof William James
Dr Jeremy Robertson
Dr Eric Thun
Dr Ian Kiaer
Dr Julia Diamantis
Prof S Krishnan
Prof P Maiolino
Prof S Shogry
Dr Katrina Lythgoe
Dr Jayne Birkby
Dr Sergio de Ferra
Prof Samira Lakhal-Littleton
Prof Anne Davies
Prof Michael Dustin
Dr Anne Edwards
Dr Sonali Nag
Prof Giles Wiggs
Prof Fitnat Banu Demir
Dr Dejan Draschkow
Total		 Salary
Pension
Benefits
120,735
26,079
10,041
106,064
22,910
1,959
88,983
19,220
1,469
59,995
12,959
3,488
55,895
12,074
2,448
40,700
8,791
19,381
55,896
12,074
3,670
58,132
12,074
3,448
58,132
12,074
2,448
58,132
12,074
2,448
58,132
12,074
2,448
26,090
5,635
3,612
58,132
12,074
2,448
64,194
13,866
-
12,799
-
-
15,617
-
2,448
26,090
5,635
3,552
26,090
5,635
3,623
28,139
5,635
2,448
35,023
5,635
2,834
26,090
5,635
2,448
10,894
2,351
15,233
26,090
5,635
1,187
26,090
5,635
1,959
-
-
-
27,384
1,725
1,959
26,090
5,635
1,959
26,090
5,635
3,979
27,191
5,697
2,448
73,584
13,924
1,469
12,519
2,640
15,233
9,184
1,919
15,233
24,646
5,259
3,000
22,060
466
2,448
26,090
5,635
0
26,090
5,635
2,448
26,090
5,635
2,448
-
-
-
-
-
-
-
-
-
-
-
-
26,090
5,635
2,448
23,925
-
-
-
-
-
1,519,167
301,214
150,112		 2023 Total
Trustee Name
156,855
Mr John Bowers
130,932
Mr Philip Parker
109,672
Dr Simon Smith
76,442
Dr Simon Palfrey
70,417
Dr Llewelyn Morgan
68,873
Dr David Groiser
71,639
Dr Christopher Timpson
73,653
Mr William Swadling
72,654
Dr Ed Bispham
72,654
Dr Abigail Green
72,654
Dr Alan Strathern
35,337
Dr Mark Wilson
72,654
Prof Adam Perry
78,060
Dr Sos Eltis
12,799
Rev Julia Baldwin
18,066
35,278
Dr Owen Lewis
35,348
Dr Thomas Krebs
36,223
Dr Harvey Burd
43,493
Dr Eamonn Gaffney
34,173
Dr Christopher McKenna
28,478
Prof Andrea Ruggeri
32,912
Prof Konstantin Ardakov
33,684
Prof Jonathan Jones
-
Dr Giles Wiggs
31,068
Prof William James
33,684
Dr Jeremy Robertson
35,704
Dr Eric Thun
35,336
Dr Ian Kiaer
Prof Geoff Bird
88,977
Prof S Krishnan
30,393
Prof P Maiolino
26,336
Prof S Shogry
32,905
24,974
31,725
Dr Jayne Birkby
34,173
Dr Sergio de Ferra
34,173
Prof Samira Lakhal-Littleton
-
Prof Anne Davies
-
Prof Michael Dustin
-
Dr Anne Edwards
-
Dr Sonali Nag
34,173
Prof Giles Wiggs
23,925
Prof Fitnat Banu Demir
-
1,970,496
Total		 2022 Total
153,373
121,093
103,631
66,411
65,494
64,359
66,409
66,186
65,187
65,187
65,187
32,078
63,139
51,064
28,339
30,918
30,989
29,814
36,895
30,616
19,310
28,953
29,404
29,814
25,784
29,404
29,910
39,885
29,404
32,885
22,642
30,074
27,703
29,751
25,502
-
-
-
-
25,502
-
1,692,296

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

41

23 Pension Schemes

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

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

Schemes accounted for under FRS 102 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:

USS OSPS
Date of valuation: 31/03/2020 31/03/2022
Date valuation results published: 30/09/2021 27/06/2023
Value of liabilities: £80.6bn £914m
Value of assets: £66.5bn £961m
Funding surplus / (deficit): (£14.1bn) £47m
Principal assumptions:
Fixed Interest
 Discount rate gilt yield curve
plus 1% -		 Gilts +0.5%-
2.25%b
2.75%
n/a
CPI+0.05%c RPI
 Ratte of increase in salaries Average
RPI/CPI d
 Rate of increase in pensions
Assumed life expectancies on retirement at age 65:
 Males currently aged 65 24.0 yrs
 Females currently aged 65 25.6 yrs
 Males currently aged 45 26.0 yrs
 Females currently aged 45 27.4 yrs
Funding Ratios:
 Technical provisions basis 83% 105%
 Statutory Pension Protection Fund basis 64% 98%
 ‘Buy-out’ basis 51% 62%
19% down to
Employer contribution rate (as % of pensionable salaries): 21.4%- 21.6%
from 1 April 22		 16.5% for DB
members
from 1 Oct 23
Effective date of next valuation: 31/03/2023 31/03/2025
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.

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 pre-2030 and 1.0% p.a post-2030. 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. pre-2030 and 0.1% p.a. post-2030) .

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.

42

Sensitivity of actuarial valuation assumptions

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

USS
Assumption Change in
assumption		 Impact on
USS
liabilities
Initial 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
Life expectancy (reduce the
adjustment to
the base		 increase by
£1.2bn
mortality table
by 5%)
more prudent
assumption
Rate of mortality (increase the
annual mortality
improvements
increase by
£0.6bn
long-term rates
by 0.2%
OSPS
Impact on
Assumption Change in
assumption		 OSPS
technical
provisions
increase by
Valuation rate of interest decrease by
0.25%		 2% of
pensionable
salaries
Increase
RPI increase by
0.25%		 by 1.5% of
pensionabl
e salaries

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:

2022/23 2022/23 2022/23
OSPS USS OSPS USS
Finish Date for Deficit Recovery Plan 30/09/2023 31/03/1938 30/09/2023 01/04/2028
Average staff number increase 1.20% 1% 0 0
Average staff salary increase 3.19% 3% 4 4
Average discount rate over period 5.52% 5.52% 3.19 3.19
Effect of 0.5% change in discount rate 0 £131,887 0 £22,268
Effect of 1% change in staffgrowth £1,000 £220,736 £11,225 £27,687

A provision of £2.33m has been made at 31 July 2023 (2020: £2.01m) 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		 2023
2022
£'000
£'000
834
862
356
325
13
23
1,203
1,210

43

24 TAXATION

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

25
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
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/(Losses) 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
Financial Liabilities measured at settlement value :
Financial liabilities measured at amortised cost :		 2023
Group
£'000
141,768
497
1,858
2,413
(871)
(489)
(151)
(914)
(2,216)
(29,000)
112,895
2023
Group
£'000
(7,556)
(9,212)
9,868
(557)
2
963
(22)
(12)
1,586
770
-
320
(3,850)		 2022
Group
£'000
144,620
151
1,578
4,625
(1,483)
(509)
-
(685)
(1,194)
(29,000)
118,103
2022
Group
£'000
14,496
(10,814)
(7,317)
(1,249)
636
939
-
8
383
1,488
-
455
(975)

ANALYSIS OF CHANGES IN NET DEBT

Cash
Deposits and other short term investments
Loans falling due after more than one year
Total
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents
FINANCIAL COMMITMENTS
At 31 July the College had annual commitments under non-cancellable operating leases as follows
Other
expiring within one year
expiring between one and five years
expiring in over five years		 At start of
year
£'000
9,136
5,000
(29,000)
(14,864)
:		 Cashflows
£'000
523
(5,000)
-
(4,477)		 Foreign
exchange
moveme
nts
£'000
154
-
-
154		 Fair value
movements
£'000
(154)
-
-
(154)
2023
£'000
9,659
-
9,659
2023
£'000
4
3
-
7		 At end of
year
£'000
9,659
-
(29,000)
(19,341)
2022
£'000
9,136
5,000
14,136
2022
£'000
5
9
-
14

44

29 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July 2023 for future capital projects totalling £0.468m (2022 - £12.494m).

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.

12 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 £1,858k (2022 £1,578k).

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:
2023 2022
£'000 £'000
£34,000 - £35,000 1 -
£68,000 - £78,000 - 1
£77,000 - £78,000 - -
£99,000 - £99,999 1 1
£100,000 - £100,999 - -
£103,000 - £103,999 - 1
£104,000 - £104,999 1 -
£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 - -
£300,000 - £399,000 3 3
Total Number of Loans 12 12

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 2023

32 POST BALANCE SHEET EVENTS

There are no post balance sheet events

33 COMMITMENTS UNDER OPERATING LEASES Group and Company - Lessor

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
At the balance sheet date, the group had contracted with tenants to receive the following future minimum lease payments		 2023
2022
£'000
£'000
1,821
1,832
5,445
6,028
11,200
11,618
18,466
19,478

45

34 Comparative Information- Consolidated Statement of Financial Activities for the year ended 31 July 2022

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
11,12,19
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
6,046
-
-
307
709
22
5,103
118
12,305
11,781
605
(972)
-
11,414
891
18
909
909
24,823
25,732
-		 Restricted
Funds
£'000
-
-
-
-
1,169
106
814
-
-
2,089
1,066
-
-
7
1,073
1,016
72
1,088
1,088
4,270

5,358
-		 Endowed
Funds
£'000
-
-
-
-
1,249
10,686

(5,917)
-
6,018
-
-
-
746
746
5,272
7,227
12,499
12,499
177,905

190,404
-		 2022
Total
£'000
6,046
-
-
307
3,127
10,814
-
118
20,412
12,847
605
(972)
753
13,233
7,179
7,317
14,496
-
14,496
206,998

221,494		 2021
Total
£'000
5,251
-
-
52
1,908
9,957
-
319
17,487
11,476
438
22
663
12,599
4,888
22,283
27,171
(0)
27,171
179,827
206,998

46

35 Comparative Information- 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
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		 At 31 July
2021
£'000
123,857
11,649
8,135
2,214
1,337
844
689
490
378
229
208
143
143
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
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		 Incoming
resources
£'000
7,461
699
489
136
80
53
41
29
42
14
13
9
9		 Resources
expended
£'000
(521)
(49)
(34)
(9)
(6)
(4)
(3)
(2)
(2)
(1)
(1)
(1)
(1)		 Transfers
£'000
(4,133)
(388)
(271)
(76)
(43)
40
(22)
(15)
16
9
(6)
6
6
(125)		 As a
Gains
£'000
5,048
473
331
90
54
35
28
20
16
10
8
6
6		 t 31 July 2022
£'000
131,712
12,384
8,650
2,355
1,422
968
733
522
450
261
222
163
163
-
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
Incoming
resources
£'000
96
38
-
-
9
-
-
-
-
-
-
-
-
-
9
-
-
-
-
-
9
15
-
-
-
-
-
-
-
-
-
-
4		 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)
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)
-		 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)
Transfers
£'000
(23)
(38)
56
-
(5)
-
-
61
23
-
7
-
62
72
-
-
31
-
18
2
-
-
38
45
-
-
-
7
1
22
3
5
(6)		 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
Gains
£'000
66
-
-
-
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Endowment Funds - College & Group
Total Endowment Funds - Group
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		 190,404
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

47

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
Archive Fund
Barton Economics Fellowship Inc Fund
The Chaplains Fund
Clubs and Societies
Curran Income Fund
Designated Funds
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
Designated Funds
Housing Loan Fund
Frewin New Build Accomodation
Lecture Room XI
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		 3
3
4
2
1
1
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
-
-
-
-
-
-
-
4,270
4,270
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		 -
-
1
-
-
-
9
-
-
4
2
-
-
-
63
-
-
-
814
5
10
40
43
7
4
-
5
88
-
-
1,275
1,275
-
-
-
-
-
-
-
51
201
-
335
-
-
-
-
50
41
678
-
1,480
5,044
6,524
7,202
20,412		 (7)
-
-
-
(1)
-
(9)
-
(76)
-
(2)
(30)
-
(34)
-
(25)
-
(32)
-
(5)
(10)
-
(43)
-
(4)
(6)
-
(88)
(74)
(102)
(1,073)
(1,073)
300
-
-
-
-
-
-
(9)
-
(6)
(206)
-
-
-
(3)
(79)
(41)
(44)
(455)
(6,303)
(4,612)
(10,915)
(11,414)
(13,233)		 6
-
-
-
-
-
-
-
76
-
-
30
-
34
-
25
55
32
-
-
-
-
-
(7)
-
6
-
-
74
102
814
814
-
(4,873)
-
167
1
1
4
(42)
-
6
(138)
1
2
-
2
-
-
(4,869)
-
9,972
-
9,972
5,103
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
72
72
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
-
18
18
7,317		 2
3
5
2
-
1
1
-
-
4
-
-
-
-
63
-
55
-
814
-
-
40
2
-
-
-
5
-
-
-
5,358
5,358
1,578
3,328
-
695
1
2
7
-
201
-
(1)
13
16
10
-
65
-
5,915
(2,013)
21,367
463
21,830
25,732
221,494

48