**Brasenose College Annual Report and Financial Statements** 

Trustee Report and Accounts 

For the year ended 31 July 2023 



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Registered Charity<br>1143447<br>**----- End of picture text -----**<br>




## **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: 

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

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

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

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

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

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

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

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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: 

- maintaining (at least) the value of the investments in real terms over the medium to long term; 

- producing a consistent and sustainable amount to support expenditure; 

- Delivering these objectives within acceptable levels of risk; and 

- Considering the sustainability of returns and the impact on returns of Environmental, Social and Governance factors and in particular climate change. 

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; 

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

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

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

Approved by the Governing Body on 8th November 2023 and signed on its behalf by: 

John Bowers KC Principal 

16 



**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: 

- give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31 July 2023 and of the group’s income and receipt of endowments and expenditure, for the year then ended; 

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

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

## **Basis for opinion** 

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

## **Conclusions relating to going concern** 

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

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

## **Other information** 

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

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

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

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

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

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

## **Responsibilities of trustees** 

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

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

## **Auditor’s responsibilities for the audit of the financial statements** 

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

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

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

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

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

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

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

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. 

- I. Discount rate. Where the long-term liabilities, assets, or other financial instruments are required to be discounted to net present value under FRS102, an appropriate discount rate is used. The discount rates used for the pension provision calculation for USS and OSPS are within the range 3.19% to 5.52% which is based on the yield on high quality corporate bonds. 

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

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

20 



**Brasenose College Statement of Accounting Policies Year ended 31 July 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**<br>**INCOME AND ENDOWMENTS FROM:**<br>**Charitable activities:**<br>Teaching, research and residential<br>1<br>**Other Trading Income**<br>3<br>**Donations and legacies**<br>2<br>**Investments**<br>Investment income<br>4<br>Total return allocated to income<br>14<br>Other income<br>5<br>**Total income**<br>**EXPENDITURE ON:**<br>**Charitable activities:**<br>Teaching, research and residential<br>**Generating funds:**<br>Fundraising<br>Trading expenditure<br>Investment management costs<br>**Total Expenditure**<br>6<br>**Net Income (Expenditure) before gains**<br>Net (losses)/gains on investments<br>11,12,19<br>**Net Income/(Expenditure)**<br>**Transfers between funds**<br>19<br>**Net movement in funds for the year**<br>Fund balances brought forward<br>19<br>**Funds carried forward at 31 July**|Unrestricted<br>Funds<br>£'000<br>6,667<br>39<br>767<br>20<br>4,948<br>681|Restricted<br>Funds<br>£'000<br>-<br>-<br>355<br>90<br>795<br>-|Endowed<br>Funds<br>£'000<br>-<br>-<br>557<br>9,102<br>(5,743)<br>-|2023<br>**Total**<br>**£'000**<br>**6,667**<br>**39**<br>**1,679**<br>**9,212**<br>**-**<br>**681**|2022<br>Total<br>£'000<br>6,046<br>307<br>3,127<br>10,814<br>-<br>118|
|---|---|---|---|---|---|
||**13,122**<br>12,972<br>614<br>189<br>2|**1,240**<br>1,301<br>-<br>-<br>9|**3,916**<br>-<br>-<br>-<br>879|**18,278**<br>**14,273**<br>**614**<br>189<br>**890**|20,412<br>12,847<br>605<br>(972)<br>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<br>**25,732**|(1,139)<br>**5,358**|(6,714)<br>**190,404**|(7,556)<br>**221,494**|14,496<br>**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**<br>Tangible assets<br>Property investments<br>Other Investments<br>**Total Fixed Assets**<br>**CURRENT ASSETS**<br>Stocks<br>Debtors<br>Cash at bank and in hand<br>**Total Current Assets**<br>**LIABILITIES**<br>Creditors: Amounts falling due within one year<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**CREDITORS: falling due after more than one year**<br>**NET ASSETS BEFORE PENSION ASSET OR LIABILITY**<br>**Defined benefit pension scheme liability**<br>**TOTAL NET ASSETS**<br>**FUNDS OF THE COLLEGE**<br>**Endowment funds**<br>**Restricted funds**<br>**Unrestricted funds**<br>Designated funds<br>General funds<br>Pension reserve<br>**Notes**<br>10<br>11<br>12<br>15<br>16<br>17<br>23<br>19<br>23<br>21||2023<br>**Group**<br>**£'000**<br>**40,226**<br>**53,160**<br>**141,768**<br>**235,154**<br>**329**<br>**4,768**<br>**9,659**<br>**14,756**<br>**4,641**<br>**10,115**<br>**245,269**<br>**29,000**<br>**216,269**<br>**2,331**<br>**213,938**<br>**183,690**<br>**4,219**<br>**3,611**<br>**24,749**<br>**(2,331)**<br>**213,938**|2022<br>Group<br>£'000<br>34,682<br>56,267<br>144,620|2023<br>**College**<br>£'000<br>**40,226**<br>**53,160**<br>**141,768**<br>**235,154**<br>**329**<br>**4,544**<br>**9,023**<br>**13,896**<br>**4,103**<br>**9,793**<br>**244,947**<br>**29,000**<br>**215,947**<br>**2,331**<br>**213,616**<br>**183,690**<br>**4,219**<br>**3,611**<br>**24,427**<br>**(2,331)**<br>**213,616**<br>2022<br>College<br>£'000<br>34,682<br>56,267<br>144,620<br>235,569<br>319<br>7,590<br>12,966<br>20,875<br>4,207<br>16,668<br>252,237<br>29,000<br>223,237<br>2,013<br>221,224<br>190,404<br>5,358<br>5,915<br>21,560<br>(2,013)<br>221,224|
|---|---|---|---|---|
||||235,569<br>319<br>6,354<br>14,136||
||||20,809<br>3,871||
||||16,938<br>252,507<br>29,000<br>223,507<br>2,013||
||||221,494<br>190,404<br>5,358<br>5,915<br>21,830<br>(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**<br>**Net cash used in operating activities**<br>26<br>**Cash flows from investing activities**<br>Dividends, interest and rents from investments<br>Finance costs paid<br>Proceeds from the sale of property, plant and equipment<br>Purchase of property, plant and equipment<br>Purchase of investment Land & Property<br>Proceeds from sale of investments<br>Purchase of investments<br>**Net cash used in investing activities**<br>**Cash flows from financing activities**<br>Receipt of endowment<br>**Net cash provided by financing activities**<br>**Change in cash and cash equivalents in the reporting period**<br>27<br>**Cash and cash equivalents at the beginning of the reporting period**<br>**Cash and cash equivalents at the end of the reporting period**|2023<br>**£'000**<br>**(3,850)**|2022<br>**£'000**<br>**(975)**|
|---|---|---|
||9,212<br>(2)<br>22<br>(6,507)<br>(313)<br>8,303<br>(11,899)|10,814<br>(636)<br>13<br>(5,553)<br>(228)<br>8,721<br>(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**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>**Teaching, Research and Residential**<br>Unrestricted funds<br>Tuition fees - UK and EU students<br>Tuition fees - Overseas students<br>Other fees<br>Other HEFCE support<br>Other academic income<br>College residential income<br>**Total income from charitable activities**<br>The above analysis includes £2891k received from Oxford University from publicly accountable funds under the CFF Scheme (2022: £2754k).<br>From the 21/22 academic year onwards new students from the EU will be charged Overseas fees.<br>**2**<br>**DONATIONS AND LEGACIES**<br>**Donations and Legacies**<br>Unrestricted funds<br>Restricted funds<br>Endowed funds<br>**3**<br>**INCOME FROM OTHER TRADING ACTIVITIES**<br>Subsidiary company trading income<br>Other trading income<br>**4**<br>**INVESTMENT INCOME**<br>_Unrestricted funds_<br>Commercial rent<br>Equity dividends<br>Other interest<br>_Restricted funds_<br>Agricultural rent<br>Commercial rent<br>Other property income<br>Equity dividends<br>Other investment income<br>_Endowed funds_<br>Agricultural rent<br>Commercial rent<br>Other property income<br>Equity dividends<br>Interest on fixed term deposits and cash<br>Other investment income<br>**Total Investment income**<br>**5**<br>**Other Income**<br>Other Income|**2023**<br>**£'000**<br>1,653<br>1,160<br>79<br>169<br>194<br>3,412<br>**6,667**<br>**2023**<br>**£'000**<br>767<br>355<br>557<br>**1,679**<br>**2023**<br>**£'000**<br>6,303<br>(6,264)<br>**39**<br>**2023**<br>**£'000**<br>5<br>5<br>10<br>20<br>2<br>21<br>1<br>24<br>42<br>90<br>152<br>2,124<br>105<br>2,401<br>28<br>4,292<br>9,102<br>**9,212**<br>**2023**<br>**£'000**<br>681<br>**681**|**2022**<br>**£'000**<br>1,680<br>886<br>51<br>188<br>106<br>3,135|
|---|---|---|
|||**6,046**|
|||**2022**<br>**£'000**<br>709<br>1,169<br>1,249|
|||**3,127**|
|||**2022**<br>**£'000**<br>5,044<br>(4,737)|
|||**307**|
|||**2022**<br>**£'000**<br>-<br>-<br>22|
|||22|
|||2<br>18<br>3<br>21<br>62|
|||106|
|||154<br>1,682<br>340<br>1,991<br>-<br>6,519|
|||10,686|
||||
|||**10,814**|
|||**2022**<br>**£'000**<br>118|
|||**118**|



29 



**6 ANALYSIS OF EXPENDITURE** 

|**ANALYSIS OF EXPENDITURE**|||
|---|---|---|
|**Charitable expenditure**<br>Direct staff costs allocated to:<br>Teaching, research and residential<br>Other direct costs allocated to:<br>Teaching, research and residential<br>Support and governance costs allocated to:<br>Teaching, research and residential<br>**Total charitable expenditure**<br>**Expenditure on generating funds**<br>Direct staff costs allocated to:<br>Fundraising<br>Other direct costs allocated to:<br>Fundraising<br>Trading expenditure<br>Investment management costs<br>Support and governance costs allocated to:<br>Fundraising<br>Trading expenditure<br>Investment management costs<br>**Total expenditure on raising funds**<br>**Total expenditure**|**2023**<br>**£'000**<br>5,339<br>4,954<br>3,980<br>14,273<br>**2023**<br>**£'000**<br>365<br>190<br>179<br>881<br>59<br>10<br>9<br>1,693<br>**15,966**|**2022**<br>**£'000**<br>4,886<br>4,066<br>3,895|
|||12,847|
|||**2022**<br>**£'000**<br>435<br>125<br>(992)<br>746<br>45<br>20<br>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**<br>**ANALYSIS OF SUPPORT AND GOVERNANCE COSTS**<br>**2023**<br>Financial administration<br>Domestic administration<br>Investment Management<br>Human resources<br>IT<br>Depreciation<br>Bank interest payable<br>Governance costs<br>**2022**<br>Financial administration<br>Domestic administration<br>Investment Management<br>Human resources<br>IT<br>Depreciation<br>Bank interest payable<br>Governance costs<br>Financial and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on e<br>Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made of the underlying assets.<br>Interest and other finance charges are attributed according to the purpose of the related financing.<br>Governance costs are allocated according to the estimated audit workload.<br>**Governance costs comprise:**<br>Auditor's remuneration - audit services<br>Other governance costs|Generating<br>Funds<br>£'000<br>150<br>13<br>16<br>6<br>50<br>-<br>-<br>3<br>**238**<br>Generating<br>Funds<br>£'000<br>242<br>15<br>9<br>5<br>35<br>-<br>-<br>4<br>**310**<br>ach activity.|Teaching<br>and<br>Research<br>£'000<br>680<br>423<br>-<br>475<br>410<br>963<br>622<br>31<br>**3,604**<br>Teaching<br>and<br>Research<br>£'000<br>815<br>453<br>-<br>518<br>369<br>939<br>636<br>32<br>**3,762**<br>**2023**<br>**£'000**<br>34<br>**-**<br>**34**|**2023**<br>**Total**<br>**£'000**<br>**830**<br>**436**<br>**16**<br>**481**<br>**460**<br>**963**<br>**622**<br>**34**|
|---|---|---|---|
||||**3,842**|
||||**2022**<br>**Total**<br>**£'000**<br>**1,057**<br>**468**<br>**9**<br>**523**<br>**404**<br>**939**<br>**636**<br>**36**|
||||**4,072**|
||||**2022**<br>**£'000**<br>36<br>-|
||||**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**<br>During the year the College funded research awards and bursaries to students from its restricted and unrestricted fund as follows:<br>**Unrestricted funds**<br>Grants to individuals:<br>Scholarships, prizes and grants<br>Bursaries and hardship awards<br>Graduate Studentships<br>Grants to other institutions<br>**Total unrestricted**<br>**Restricted funds**<br>Grants to individuals:<br>Scholarships, prizes and grants<br>Bursaries and hardship awards<br>Graduate Studentships<br>Grants to other institutions<br>**Total restricted**<br>**Total grants and awards**|**2023**<br>**£'000**<br>205<br>120<br>216<br>-<br>**541**<br>54<br>6<br>244<br>-<br>**304**<br>**845**|**2022**<br>**£'000**<br>235<br>129<br>157<br>-|
|---|---|---|
|||**521**|
|||56<br>14<br>202<br>-|
|||**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.<br>Salaries and wages<br>Social security costs<br>Pension costs:<br>Defined benefit schemes<br>Defined contribution schemes<br>Other benefits<br>The average number of employees of the College, including casual staff, excluding Trustees,<br>was as follows.<br>Tuition and research  (ex Trustees)<br>Tuition and research  (ex Trustees) - Casual<br>College residential<br>College residential - casual<br>Fundraising<br>Fundraising - casual<br>Support<br>Support - casual<br>Total<br>The average number of employed College Trustees during the year was as follows.<br>University Lecturers<br>CUF Lecturers<br>Other teaching and research<br>Other<br>Total|**2023**<br>**£'000**<br>5,439<br>435<br>924<br>279<br>-<br>**7,077**<br>**2023**<br>63<br>66<br>9<br>21<br>5<br>29<br>33<br>35<br>**261**<br>23<br>15<br>1<br>6<br>**45**|**2022**<br>**£'000**<br>5,248<br>416<br>1,074<br>136<br>-|
|---|---|---|
|||**6,874**|
|||**2022**<br>35<br>26<br>76<br>29<br>6<br>2<br>35<br>3|
|||**212**|
|||22<br>11<br>1<br>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<br>£70,001-£80,000<br>The number of  the above employees with retirement benefits accruing was as follows:<br>In defined benefits schemes<br>In defined contribution schemes<br>The  College contributions to defined contribution pension schemes totalled|**2023**<br>**2**<br>**2**<br>**4**<br>**-**<br>**£'000**<br>54|**2022**<br>**1**<br>**2**<br>**3**<br>**-**|
|||**£'000**<br>45|



|**10**<br>**TANGIBLE FIXED ASSETS**<br>**Group**<br>**Cost**<br>At start of year<br>Asset Brought into use<br>Additions<br>Disposals<br>Asset Brought into use<br>**At end of year**<br>**Depreciation and impairment**<br>At start of year<br>Depreciation charge for the year<br>Depreciation on disposals<br>Impairment<br>**At end of year**<br>**Net book value**<br>**At end of year**<br>At start of year<br>**College**<br>**Cost**<br>At start of year<br>Additions<br>Disposals<br>**At end of year**<br>**Depreciation and impairment**<br>At start of year<br>Charge for the year<br>On disposals<br>**At end of year**<br>**Net book value**<br>**At end of year**<br>At start of year|Freehold<br>land and<br>buildings<br>£'000<br>41,391<br>4,873<br>4,702<br>0<br>**50,966**<br>12,698<br>787<br>-<br>-<br>**13,485**<br>**37,481**<br>**28,693**<br>Freehold<br>land and<br>buildings<br>£'000<br>41,391<br>9,575<br>-<br>**50,966**<br>**12,698**|Assets<br>under<br>Construction<br>£'000<br>4,873<br>(4,873)<br>0<br>-<br>**-**<br>-<br>-<br>-<br>-<br>**-**<br>**-**<br>**4,873**<br>Assets<br>under<br>Construction<br>£'000<br>4,873<br>(4,873)<br>**-**<br>**-**|Plant and<br>machinery<br>£'000<br>1,652<br>1,238<br>(22)<br>**2,868**<br>800<br>86<br>(22)<br>-<br>**864**<br>**2,004**<br>**852**<br>Plant and<br>machinery<br>£'000<br>1,652<br>1,238<br>(22)<br>**2,868**<br>**800**<br>86<br>(22)<br>**864**<br>**2,004**<br>**852**|Fixtures,<br>fittings and<br>equipment<br>£'000<br>1,526<br>567<br>-<br>**2,093**<br>1,262<br>90<br>-<br>-<br>**1,352**<br>**741**<br>**264**<br>Fixtures,<br>fittings and<br>equipment<br>£'000<br>1,526<br>567<br>-<br>**2,093**<br>**1,262**|**Total**<br>**£'000**<br>**49,442**<br>**6,507**<br>**(22)**|
|---|---|---|---|---|---|
||||||**55,927**|
||||||**14,760**<br>**963**<br>**(22)**<br>**-**|
||||||**15,701**|
||||||**40,226**|
||||||**34,682**|
||||||**Total**<br>**£'000**<br>**49,442**<br>**6,507**<br>**(22)**|
||||||**55,927**|
|||||||
||||||**14,760**|
||787<br>**13,485**<br>**37,481**<br>**28,693**|**-**<br>**-**<br>**4,873**||90|**963**<br>**(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**<br>Valuation at start of year<br>Additions and improvements at cost / capital expenditure<br>Disposals net proceeds / capital receipts<br>Revaluation gains / (losses) in the year<br>**Valuation at end of year**|Agricultural<br>£'000<br>18,228<br>315<br>-<br>390<br>18,933|Commercial<br>£'000<br>35,340<br>-<br>-<br>(3,678)<br>31,662|Other<br>£'000<br>2,699<br>(2)<br>-<br>(132)<br>2,565|**2023**<br>**Total**<br>**£'000**<br>**56,267**<br>**313**<br>**-**<br>**(3,420)**<br>**53,160**|**2022**<br>**Total**<br>**£'000**<br>53,554<br>228<br>-<br>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). 

- **12 OTHER INVESTMENTS** 

|All investments are held at fair value.<br>**Group investments**<br>Valuation at start of year<br>New money invested<br>Amounts withdrawn<br>Increase/ (Decrease) in value of investments<br>**Group investments at end of year**<br>**Group investments comprise:**<br> <br>Equity investments<br>Global multi-asset funds<br>Property funds<br>Fixed interest stocks<br>Alternative and other investments<br>**Total group investments**|Held outside<br>Held in<br>the UK<br>the UK<br>£'000<br>£'000<br>42,846<br>49,226<br>3,420<br>22,907<br>10,849<br>15,372<br>46,266<br>98,354|**2022**<br>H<br>**Total**<br>**£'000**<br>**92,072**<br>**26,327**<br>**10,849**<br>**-**<br>**15,372**<br>**144,620**|eld outside<br>the UK<br>£'000<br>50,382<br>5,083<br>55,465|**2023**<br>**£'000**<br>**144,620**<br>**11,899**<br>**(8,303)**<br>**(6,448)**<br>**141,768**<br>Held in<br>the UK<br>£'000<br>39,923<br>24,697<br>6,889<br>14,794<br>86,303|**2022**<br>**£'000**<br>133,471<br>15,038<br>(8,721)<br>4,832|
|---|---|---|---|---|---|
||||||**144,620**<br>**2023**<br>**Total**<br>**£'000**<br>90,305<br>29,780<br>6,889<br>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<br>Expenditure<br>Donation to College under gift aid<br>Result for the year<br>Total assets<br>Total liabilities<br>Net funds at the end of year|**£'000**<br>18,242<br>(15,832)<br>(448)<br>1,962<br>244,947<br>(31,331)<br>**213,616**<br>**Brasenos**<br>**e College**|**£'000**<br>6,303<br>(5,722)<br>(451)<br>**Brasenose**<br>**Limited**|
|---|---|---|
|||130|
|||1,253<br>(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:**<br>Gift component of the permanent endowment<br>Unapplied total return<br>Expendable endowment<br>**Total Endowments**<br>**Movements in the reporting period:**<br>Gift of endowment funds<br>Recoupment of trust for investment<br>Investment return: total investment income<br>Investment return: realised and unrealised gains and losses<br>Less: Investment management costs<br>Other transfers<br>**Total**<br>Unapplied total return allocated to income in the reporting period<br>Transfers between funds<br>**Total Transfer between funds**<br>**Net movements in reporting period**<br>**At end of the reporting period:**<br>Unapplied total return<br>Expendable endowment<br>**Total Endowments**<br>**15**<br>**DEBTORS**<br>**Amounts falling due within one year:**<br>Trade debtors<br>Amounts owed by College members<br>Amounts owed by Group undertakings<br>Loans repayable within one year<br>Prepayments and accrued income<br>Other debtors<br>Amounts owed by College members<br>**16**<br>**CREDITORS: falling due within one year**<br>Trade creditors<br>Amounts owed to College Members<br>Taxation and social security<br>College contribution<br>Accruals and deferred income<br>Other creditors<br>**17**<br>**CREDITORS: falling due after more than one year**<br>Bank loans<br>Gift component of the permanent endowment|Trust for<br>Investment<br>£'000<br>54,350<br>-<br>-<br>**54,350**<br>557<br>-<br>-<br>-<br>Perm|Unapplied<br>Total<br>Return<br>£'000<br>-<br>107,169<br>-<br>**107,169**<br>-<br>7,196<br>(8,295)<br>(745)<br>anent Endowme|Total<br>£'000<br>54,350<br>107,169<br>-<br>**161,519**<br>557<br>7,196<br>(8,295)<br>(745)<br>nt|Expendable<br>Endowment<br>£'000<br>-<br>-<br>28,885<br>**28,885**<br>-<br>1,906<br>(1,456)<br>(134)|**Total**<br>**Endowments**<br>**£'000**<br>54,350<br>107,169<br>28,885|
|---|---|---|---|---|---|
||||||**190,404**<br>557<br>9,102<br>(9,751)<br>(879)|
||557<br>-<br>-|(1,844)<br>(5,146)<br>-|(1,287)<br>(5,146)<br>-|316<br>(597)<br>-|(971)<br>(5,743)<br>-|
||-|(5,146)|(5,146)|(597)|(5,743)|
||**557**|**(6,990)**|**(6,433)**|**(281)**|**(6,714)**|
||54,907<br>-<br>-|-<br>100,179<br>-|54,907<br>100,179<br>-|-<br>-<br>28,604|54,907<br>100,179<br>28,604|
||**54,907**|**100,179**|**155,086**|**28,604**|**183,690**|
|||**2023**<br>**Group**<br>**£'000**<br>497<br>736<br>-<br>12<br>1,382<br>283<br>1,858<br>**4,768**<br>**2023**<br>**Group**<br>**£'000**<br>871<br>489<br>167<br>151<br>2,216<br>747<br>**4,641**<br>**2023**<br>**Group**<br>**£'000**<br>29,000<br>**29,000**|**2022**<br>**Group**<br>**£'000**<br>151<br>1,029<br>45<br>9<br>1,074<br>2,468<br>1,578<br>**6,354**<br>**2022**<br>**Group**<br>**£'000**<br>1,483<br>509<br>133<br>-<br>1,194<br>552<br>**3,871**<br>**2022**<br>**Group**<br>**£'000**<br>29,000<br>**29,000**|**2023**<br>**College**<br>**£'000**<br>426<br>736<br>-<br>12<br>1,199<br>313<br>1,858<br>**4,544**<br>**2023**<br>**College**<br>**£'000**<br>1,178<br>489<br>155<br>151<br>1,383<br>747<br>**4,103**<br>**2023**<br>**College**<br>**£'000**<br>29,000<br>**29,000**|**2022**<br>**College**<br>**£'000**<br>151<br>1,029<br>1,458<br>9<br>898<br>2,467<br>1,578|
||||||**7,590**|
||||||**2022**<br>**College**<br>**£'000**<br>1,845<br>509<br>197<br>-<br>1,104<br>552|
||||||**4,207**|
||||||**2022**<br>**College**<br>**£'000**<br>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**<br>**ANALYSIS OF MOVEMENTS ON FUNDS**<br>As at<br>**Endowment Funds - Permanent**<br>Permanent Endowment Fund<br>Brasenose Income Capital Fund<br>Hulme Capital Fund<br>Tutorial/Classics Fellowship Capital Fund<br>Germaine Capital Fund<br>Undergraduate Bursary Capital Fund<br>Lucas Bequest Capital Fund<br>Kwai Cheong Graduate Studentship Fund<br>Gordon Orr Bursary<br>Sir Christopher Wates Honour Bursary<br>Jeffery Bequest (Mod Hist) Capital Fund<br>Mark Veit Honour Bursary<br>The George Walker Honour Bursary<br>Profumo Capital Fund<br>Mosse Honour Bursary<br>Peter Sinclair Honour Bursary<br>David Watts Honour Bursary<br>Peter Sands Honour Bursary<br>The Turner Family Honour Bursary<br>The Dermot (1951) & Gerard (1954) Dunphy<br>The Folkman Honour Bursary<br>1974 Bursaries (CO-ED)<br>The Michael May Honour Bursary<br>The KCM Honour Bursary<br>Rector of Didcot Capital Fund<br>Bride Mayor Honour Bursary<br>Poor of Didcot Capital Fund<br>Reynolds Prize Capital Fund<br>Cox Trust Capital Fund (1518)<br>Morley Trust Capital Fund (1515)<br>Total Permanent Endowment<br>**Endowment Funds - Expendable**<br>Brasenose Income Capital Fund<br>Economics Fellowship Capital Fund<br>Garrick Law Fellowship Capital Fund<br>Jeffrey Cheah Fund-Capital  Fund - Fellowsship<br>Politics Fellowship Capital Fund<br>Hector Pilling Capital Fund<br>Fiddian Capital Fund<br>Roger Thomas Bequest Cap Fund<br>Bedford Capital Fund<br>Kyprianou Grad Stud Capital Fund<br>Curran Capital Fund<br>Jeffrey Cheah Fund-Capital  Fund - Graduate Scholarship<br>John Davies Endowment Fund<br>Cashmore Capital Fund<br>Biochemistry<br>Access & Outreach Capital Fund<br>Expendable Endowment  Fund<br>The Ward Jones Bursaries<br>Stafford Bequest Capital Fund<br>Barry Nicholas Capital Fund<br>The Guy Scholarship<br>The Heffernan Sinclair Scholarship Fund<br>BNC Australia Scholarship Capital Fund<br>Benefactions Capital Fund<br>Holroyd Collieu Noel Hall Capital Fund<br>Thomas & Jones Capital Fund<br>Taha Brown Scholarship<br>Total Expendable Endowment Funds<br>**Total Endowment Funds - Group**|31 July 2022<br>£'000<br>131,712<br>12,384<br>8,650<br>2,355<br>1,422<br>968<br>733<br>522<br>450<br>261<br>222<br>163<br>163<br>156<br>142<br>132<br>131<br>130<br>130<br>130<br>124<br>122<br>104<br>78<br>52<br>32<br>18<br>17<br>9<br>6<br>**161,518**<br>At 31 July<br>2022<br>£'000<br>5,805<br>2,424<br>2,306<br>2,165<br>1,962<br>1,936<br>1,770<br>1,611<br>1,403<br>1,007<br>943<br>834<br>737<br>583<br>597<br>259<br>232<br>269<br>210<br>192<br>305<br>715<br>115<br>113<br>80<br>31<br>281<br>**28,885**<br>**190,404**|Incoming<br>resources<br>£'000<br>6,314<br>606<br>414<br>115<br>68<br>47<br>35<br>25<br>20<br>12<br>11<br>8<br>8<br>7<br>7<br>6<br>6<br>6<br>6<br>6<br>6<br>6<br>5<br>4<br>2<br>2<br>1<br>1<br>-<br>-|Resources<br>expended<br>£'000<br>(609)<br>(56)<br>(41)<br>(10)<br>(6)<br>(4)<br>(3)<br>(2)<br>(2)<br>(1)<br>(2)<br>(1)<br>(1)<br>-<br>(1)<br>-<br>-<br>(1)<br>(1)<br>(1)<br>(1)<br>-<br>(1)<br>(1)<br>1<br>-<br>1<br>-<br>(1)<br>(1)|Transfers<br>£'000<br>(3,567)<br>(928)<br>(261)<br>(71)<br>(43)<br>(63)<br>(23)<br>(16)<br>(45)<br>(16)<br>(7)<br>(10)<br>(10)<br>(5)<br>(9)<br>(8)<br>(8)<br>(8)<br>(8)<br>(8)<br>(8)<br>(8)<br>(6)<br>(4)<br>(2)<br>(2)<br>(1)<br>(1)<br>-<br>-<br>-|**As a**<br>Gains<br>£'000<br>(6,764)<br>(645)<br>(443)<br>(121)<br>(73)<br>(48)<br>(38)<br>(27)<br>(21)<br>(13)<br>(11)<br>(8)<br>(8)<br>(8)<br>(7)<br>(7)<br>(7)<br>(6)<br>(6)<br>(6)<br>(6)<br>(6)<br>(5)<br>(4)<br>(3)<br>(2)<br>(1)<br>(1)<br>-<br>-|**t 31 July 2023**<br>**£'000**<br>127,086<br>11,361<br>8,319<br>2,268<br>1,368<br>900<br>704<br>502<br>402<br>243<br>213<br>152<br>152<br>150<br>132<br>123<br>122<br>121<br>121<br>121<br>115<br>114<br>97<br>73<br>50<br>30<br>18<br>16<br>8<br>5<br>-|
|---|---|---|---|---|---|---|
|||**7,754**|**(745)**|**(5,146)**|**(8,295)**|**155,086**|
|||Incoming<br>resources<br>£'000<br>327<br>116<br>111<br>102<br>94<br>93<br>85<br>77<br>68<br>54<br>45<br>22<br>35<br>28<br>191<br>18<br>11<br>45<br>10<br>9<br>14<br>34<br>6<br>5<br>4<br>1<br>300<br>**1,905**<br>**9,659**|Resources<br>expended<br>£'000<br>(29)<br>(12)<br>(11)<br>(9)<br>(10)<br>(10)<br>(8)<br>(7)<br>(7)<br>(5)<br>(4)<br>(2)<br>(3)<br>(2)<br>(2)<br>-<br>(1)<br>(1)<br>(1)<br>-<br>(1)<br>(5)<br>(1)<br>(1)<br>(1)<br>1<br>(2)<br>**(134)**<br>**(879)**|Transfers<br>£'000<br>370<br>(73)<br>(71)<br>(132)<br>(61)<br>(60)<br>(54)<br>(50)<br>4<br>88<br>(29)<br>(388)<br>(24)<br>(20)<br>(17)<br>(9)<br>(8)<br>(8)<br>(6)<br>(6)<br>(9)<br>(19)<br>(3)<br>(1)<br>(2)<br>(1)<br>(8)<br>**(597)**<br>**(5,743)**|Gains/<br>(losses)<br>£'000<br>(287)<br>(124)<br>(118)<br>(110)<br>(100)<br>(99)<br>(91)<br>(83)<br>(73)<br>(58)<br>(48)<br>(24)<br>(38)<br>(30)<br>(30)<br>(13)<br>(12)<br>(13)<br>(11)<br>(10)<br>(15)<br>(37)<br>(6)<br>(6)<br>(4)<br>(2)<br>(14)|At 31 July<br>2023<br>£'000<br>6,186<br>2,331<br>2,217<br>2,016<br>1,885<br>1,860<br>1,702<br>1,548<br>1,395<br>1,086<br>907<br>442<br>707<br>559<br>739<br>255<br>224<br>292<br>202<br>185<br>294<br>688<br>111<br>110<br>77<br>29<br>557|
||||||**(1,456)**|**28,604**|
||||||**(9,751)**||
|||||||**183,690**|



36 



|**Restricted Funds**<br>Fairburn Legacy<br>Fairburn Legacy - Income fund<br>Chapel Organ<br>Fiddian Income Fund<br>Deferred Capital Fund<br>The Ward Jones & The Guy Scholarship (income fund)<br>The Crole Legacy<br>The Crole Legacy - Income fund<br>Chapel Ceiling<br>The Principals Conversations<br>Hector Pilling Income Fund<br>Lucas Bequest Income Fund<br>Donation for Jewish Country House Project (Gross)<br>Jeffery Bequest (Modern History) income Fund<br>The Saven Gift<br>Politics Fellowship Income Fund<br>Garrick Law Income Fund<br>Chapel and Choir<br>Akers Jones Gift<br>Kyprianou Grad Stud Income Fund<br>The Wine Reserve Fund (Del favero)<br>Cashmore Income Fund<br>Rector of Didcot Income Fund<br>Access Programme<br>Charles Skey<br>The Boat club<br>Germaine Income Fund<br>Modern Linguists Fund<br>The Fergus Miller Memorial Fund<br>TaHa Brown Graduate Studentship to support an Economics DPhil<br>Stafford Bequest Income Fund<br>Poor of Didcot Income Fund<br>John Davies End Fund<br>H.C.L. Noel Hall Income Fund<br>Profumo Income Fund<br>Restricted Annual Fund<br>Barry Nicholas Income Fund<br>Cox Trust Income Fund<br>Major Gifts Restricted Cheetham<br>Morley Trust Income Fund<br>Restricted Annual Fund - George Walker Bursary Fund<br>Academic Excellence Annual Fund<br>Archive Fund<br>Barton Economics Fellowship Inc Fund<br>The Chaplains Fund<br>Clubs and Societies<br>Curran Income Fund<br>Frewin Annex Developmet<br>Jeffrey Cheah Fund- Graduate Scholarship<br>Jeffrey Cheah Fund-Income Fund<br>Kwai Cheong Grad Studentship Income Fund<br>Leanne Wells for Environmental Programs<br>Library and Archives Annual Fund<br>Ukranian Student<br>Niall Robinson - Ukranian Students displaced by war<br>Travel Grants - care Leavers<br>Peter Moores Chinese Bus Stud Fund<br>Restricted Annual Fund - Chairs<br>Restricted Annual Fund - Harold Parr<br>Restricted Annual Fund - Kurt Beyer<br>Restricted Annual Fund - North Yorkshire Outreach<br>Student Support Annual Fund<br>Tutorial/Classics Fellowship Income Fund<br>Undergraduate Bursary Income Fund<br>**Total Restricted Funds - College & Group**<br>**Total Restricted Funds - Group**|At 31 July<br>2022<br>£'000<br>1,757<br>1,066<br>460<br>238<br>156<br>113<br>95<br>61<br>29<br>52<br>47<br>40<br>44<br>-<br>27<br>18<br>21<br>10<br>18<br>14<br>-<br>-<br>-<br>36<br>6<br>8<br>-<br>13<br>6<br>11<br>7<br>6<br>2<br>2<br>3<br>5<br>2<br>1<br>1<br>-<br>-<br>4<br>-<br>-<br>63<br>-<br>55<br>-<br>814<br>-<br>-<br>40<br>2<br>-<br>-<br>-<br>5<br>-<br>-<br>-<br>5,358<br>5,358|Incoming<br>resources<br>£'000<br>82<br>-<br>-<br>-<br>-<br>-<br>7<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>1<br>-<br>-<br>-<br>-<br>-<br>26<br>15<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>4<br>-<br>-<br>1<br>-<br>-<br>7<br>-<br>-<br>4<br>2<br>-<br>78<br>-<br>-<br>-<br>-<br>3<br>20<br>-<br>20<br>44<br>8<br>6<br>6<br>-<br>111<br>-<br>-<br>445<br>445|Resources<br>expended<br>£'000<br>(8)<br>(35)<br>(267)<br>-<br>(7)<br>-<br>(1)<br>-<br>-<br>-<br>(72)<br>(2)<br>(13)<br>(5)<br>-<br>(47)<br>(70)<br>-<br>-<br>(18)<br>(9)<br>(22)<br>-<br>(26)<br>(15)<br>-<br>(22)<br>-<br>-<br>-<br>-<br>-<br>(15)<br>(3)<br>(4)<br>(6)<br>(7)<br>-<br>-<br>-<br>-<br>(15)<br>-<br>(73)<br>-<br>(78)<br>(29)<br>-<br>(38)<br>-<br>(32)<br>-<br>(3)<br>-<br>(16)<br>(4)<br>(13)<br>(8)<br>(6)<br>(6)<br>-<br>(58)<br>(71)<br>(186)<br>(1,310)<br>(1,310)|Transfers<br>£'000<br>(52)<br>52<br>-<br>53<br>-<br>17<br>(5)<br>5<br>(113)<br>-<br>58<br>22<br>-<br>7<br>(39)<br>59<br>70<br>-<br>-<br>34<br>-<br>5<br>2<br>-<br>-<br>-<br>43<br>-<br>-<br>8<br>6<br>1<br>22<br>2<br>5<br>-<br>6<br>-<br>-<br>-<br>-<br>8<br>113<br>73<br>-<br>76<br>29<br>(141)<br>38<br>(55)<br>32<br>(814)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(62)<br>71<br>186<br>(178)<br>(178)|Gains<br>£'000<br>(88)<br>-<br>-<br>-<br>-<br>-<br>(8)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(96)<br>(96)|At 31 July<br>2023<br>£'000<br>1,691<br>17<br>799<br>513<br>231<br>17<br>149<br>5<br>-<br>95<br>47<br>49<br>39<br>49<br>1<br>56<br>-<br>28<br>18<br>37<br>1<br>1<br>16<br>-<br>-<br>-<br>57<br>6<br>8<br>8<br>19<br>7<br>18<br>6<br>7<br>-<br>1<br>3<br>6<br>2<br>1<br>1<br>113<br>-<br>8<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>20<br>24<br>16<br>33<br>-<br>-<br>-<br>5<br>(9)<br>-<br>-|
|---|---|---|---|---|---|---|
|||||||4,219|
||||||||
|||||||4,219|



37 



|**Designated Funds**<br>£8M Loand Repayment Fund (+£105k, repay2044)<br>£9M Loan Repayment Fund. (+£56k, repay 2048)<br>Housing Loan Fund<br>Frewin New Build Accomodation<br>Loan Repayment Fund<br>Reynolds Prize Inc Fund<br>Thomas & Jones Inc Fund<br>Benefactions Income Fund<br>Hulme Income Fund<br>Clifford Press Donation FY 22<br>Michael Woods Income Fund<br>Unrestricted/Greatest Need Annual Fund<br>JCR Dilapidation Fund<br>HCR Dilapidation Fund<br>Boat Club Capital Fund<br>BNC Australia Scholarship Income Fund<br>Global History of Capitalism<br>Delafield Fund<br>**Total designated funds - College & Group**<br>Pension Reserve<br>General Reserve (Consolidated)<br>Unrestricted funds held by subsidiaries<br>Revaluation reserve<br>Transfers<br>**General Funds - Group**<br>**Total Unrestricted Funds -  Group**<br>**Total Funds - Group**|1,578<br>3,328<br>695<br>1<br>2<br>7<br>-<br>201<br>-<br>(1)<br>13<br>16<br>10<br>-<br>65<br>-<br>**5,915**<br>(2,013)<br>21,367<br>463<br>-<br>**21,830**<br>25,732<br>**221,494**|-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>103<br>-<br>-<br>353<br>-<br>-<br>-<br>-<br>5<br>79<br>**539**<br>-<br>1,332<br>6,303<br>**7,635**<br>8,174<br>**18,278**|-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(11)<br>-<br>(1)<br>(224)<br>-<br>-<br>-<br>(5)<br>(10)<br>-<br>**(250)**<br>-<br>(7,544)<br>(5,722)<br>(123)<br>**(13,389)**<br>(13,639)<br>**(15,828)**|105<br>775<br>(20)<br>(2,514)<br>(694)<br>1<br>1<br>3<br>(92)<br>-<br>1<br>(84)<br>-<br>-<br>-<br>5<br>(1)<br>(79)<br>**(2,593)**<br>(318)<br>9,022<br>(451)<br>123<br>**8,694**<br>5,783<br>**(138)**|-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**-**<br>-<br>(21)<br>-<br>**(21)**<br>(21)<br>**(9,868)**|105<br>775<br>1,558<br>814<br>1<br>2<br>3<br>10<br>-<br>201<br>-<br>44<br>13<br>16<br>10<br>-<br>60<br>-|
|---|---|---|---|---|---|---|
|||||||**3,611**|
|||||||(2,331)|
|||||||24,156<br>592<br>**-**<br>**-**|
||||||||
|||||||**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<br>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**<br>Tangible fixed assets<br>Property investments<br>Other investments<br>Net current assets<br>Long term liabilities and pension liabilities<br>**2022**<br>Tangible fixed assets<br>Property investments<br>Other investments<br>Net current assets<br>Long term liabilities and pension liabilities|Unrestricted<br>Funds<br>£'000<br>40,226<br>681<br>986<br>3,549<br>(19,413)<br>26,029<br>Unrestricted<br>Funds<br>£'000<br>34,682<br>-<br>694<br>13,240<br>(22,884)<br>25,732|Restricted<br>Funds<br>£'000<br>-<br>520<br>1,398<br>2,421<br>(120)<br>4,219<br>Restricted<br>Funds<br>£'000<br>-<br>927<br>2,372<br>2,257<br>(198)<br>5,358|Endowment<br>Funds<br>£'000<br>-<br>51,959<br>139,383<br>4,146<br>(11,798)<br>183,690<br>Endowment<br>Funds<br>£'000<br>-<br>55,340<br>141,554<br>5,312<br>(11,802)<br>190,404|2023<br>**Total**<br>**£'000**<br>**40,226**<br>**53,160**<br>**141,767**<br>**10,116**<br>**(31,331)**|
|---|---|---|---|---|
|||||**213,938**|
|||||**2022**<br>**Total**<br>**£'000**<br>**34,682**<br>**56,267**<br>**144,620**<br>**20,809**<br>**(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**<br>Mr John Bowers<br>Mr Philip Parker<br>Dr Simon Smith<br>Dr Simon Palfrey<br>Dr Llewelyn Morgan<br>Dr David Groiser<br>Dr Christopher Timpson<br>Mr William Swadling<br>Dr Ed Bispham<br>Dr Abigail Green<br>Dr Alan Strathern<br>Dr Mark Wilson<br>Prof Adam Perry<br>Dr Sos Eltis<br>Rev Julia Baldwin<br>Rev David Sheen<br>Dr Owen Lewis<br>Dr Thomas Krebs<br>Dr Harvey Burd<br>Dr Eamonn Gaffney<br>Dr Christopher McKenna<br>Prof Andrea Ruggeri<br>Prof Konstantin Ardakov<br>Prof Jonathan Jones<br>Prof William James<br>Dr Jeremy Robertson<br>Dr Eric Thun<br>Dr Ian Kiaer<br>Dr Julia Diamantis<br>Prof S Krishnan<br>Prof P Maiolino<br>Prof S Shogry<br>Dr Katrina Lythgoe<br>Dr Jayne Birkby<br>Dr Sergio de Ferra<br>Prof Samira Lakhal-Littleton<br>Prof Anne Davies<br>Prof Michael Dustin<br>Dr Anne Edwards<br>Dr Sonali Nag<br>Prof Giles Wiggs<br>Prof Fitnat Banu Demir<br>Dr Dejan Draschkow<br>**Total**|**Salary**<br>**Pension**<br>**Benefits**<br>120,735<br>26,079<br>10,041<br>106,064<br>22,910<br>1,959<br>88,983<br>19,220<br>1,469<br>59,995<br>12,959<br>3,488<br>55,895<br>12,074<br>2,448<br>40,700<br>8,791<br>19,381<br>55,896<br>12,074<br>3,670<br>58,132<br>12,074<br>3,448<br>58,132<br>12,074<br>2,448<br>58,132<br>12,074<br>2,448<br>58,132<br>12,074<br>2,448<br>26,090<br>5,635<br>3,612<br>58,132<br>12,074<br>2,448<br>64,194<br>13,866<br>-<br>12,799<br>-<br>-<br>15,617<br>-<br>2,448<br>26,090<br>5,635<br>3,552<br>26,090<br>5,635<br>3,623<br>28,139<br>5,635<br>2,448<br>35,023<br>5,635<br>2,834<br>26,090<br>5,635<br>2,448<br>10,894<br>2,351<br>15,233<br>26,090<br>5,635<br>1,187<br>26,090<br>5,635<br>1,959<br>-<br>-<br>-<br>27,384<br>1,725<br>1,959<br>26,090<br>5,635<br>1,959<br>26,090<br>5,635<br>3,979<br>27,191<br>5,697<br>2,448<br>73,584<br>13,924<br>1,469<br>12,519<br>2,640<br>15,233<br>9,184<br>1,919<br>15,233<br>24,646<br>5,259<br>3,000<br>22,060<br>466<br>2,448<br>26,090<br>5,635<br>0<br>26,090<br>5,635<br>2,448<br>26,090<br>5,635<br>2,448<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>26,090<br>5,635<br>2,448<br>23,925<br>-<br>-<br>-<br>-<br>-<br>**1,519,167**<br>**301,214**<br>**150,112**|**2023   Total**<br>**Trustee Name**<br>156,855<br>Mr John Bowers<br>130,932<br>Mr Philip Parker<br>109,672<br>Dr Simon Smith<br>76,442<br>Dr Simon Palfrey<br>70,417<br>Dr Llewelyn Morgan<br>68,873<br>Dr David Groiser<br>71,639<br>Dr Christopher Timpson<br>73,653<br>Mr William Swadling<br>72,654<br>Dr Ed Bispham<br>72,654<br>Dr Abigail Green<br>72,654<br>Dr Alan Strathern<br>35,337<br>Dr Mark Wilson<br>72,654<br>Prof Adam Perry<br>78,060<br>Dr Sos Eltis<br>12,799<br>Rev Julia Baldwin<br>18,066<br>35,278<br>Dr Owen Lewis<br>35,348<br>Dr Thomas Krebs<br>36,223<br>Dr Harvey Burd<br>43,493<br>Dr Eamonn Gaffney<br>34,173<br>Dr Christopher McKenna<br>28,478<br>Prof Andrea Ruggeri<br>32,912<br>Prof Konstantin Ardakov<br>33,684<br>Prof Jonathan Jones<br>-<br>Dr Giles Wiggs<br>31,068<br>Prof William James<br>33,684<br>Dr Jeremy Robertson<br>35,704<br>Dr Eric Thun<br>35,336<br>Dr Ian Kiaer<br>Prof Geoff Bird<br>88,977<br>Prof S Krishnan<br>30,393<br>Prof P Maiolino<br>26,336<br>Prof S Shogry<br>32,905<br>24,974<br>31,725<br>Dr Jayne Birkby<br>34,173<br>Dr Sergio de Ferra<br>34,173<br>Prof Samira Lakhal-Littleton<br>-<br>Prof Anne Davies<br>-<br>Prof Michael Dustin<br>-<br>Dr Anne Edwards<br>-<br>Dr Sonali Nag<br>34,173<br>Prof Giles Wiggs<br>23,925<br>Prof Fitnat Banu Demir<br>-<br>**1,970,496**<br>**Total**|**2022   Total**<br>153,373<br>121,093<br>103,631<br>66,411<br>65,494<br>64,359<br>66,409<br>66,186<br>65,187<br>65,187<br>65,187<br>32,078<br>63,139<br>51,064<br>28,339<br>30,918<br>30,989<br>29,814<br>36,895<br>30,616<br>19,310<br>28,953<br>29,404<br>29,814<br>25,784<br>29,404<br>29,910<br>39,885<br>29,404<br>32,885<br>22,642<br>30,074<br>27,703<br>29,751<br>25,502<br>-<br>-<br>-<br>-<br>25,502<br>-|
|---|---|---|---|
||||**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<br>plus 1% -||Gilts +0.5%-<br>2.25%**b**||
||2.75%||||
||n/a||||
||CPI**+0.05%c**||RPI||
| Ratte of increase in salaries|||Average<br>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%<br>from 1 April 22||16.5% for DB<br>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.|



- c.     Pensions increases (CPI) for the USS valuation were: 

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long term difference of 0.1% p.a. from 2040. 

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

RPI inflation is derived from the geometric difference between the UK nominal gilt curve and the UK index-linked curve at the valuation date, less 0.3% p.a. at each term 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<br>assumption|Impact on<br>USS<br>liabilities|
|Initial pre-retirement discount rate||increase by<br>0.25%|decrease by<br>£1.3bn|
|Post-retirement discount rate||Decrease by<br>0.25%|Increase by<br>£2.8bn|
|CPI||decrease by<br>0.1%|decrease by<br>£1.5bn|
|||more prudent||
|||assumption||
|Life expectancy||(reduce the<br>adjustment to<br>the base|increase by<br>£1.2bn|
|||mortality table||
|||by 5%)||
|||more prudent||
|||assumption||
|Rate of mortality||(increase the<br>annual mortality<br>improvements|<br>increase by<br>£0.6bn|
|||long-term  rates||
|||by 0.2%||
|||||
|||OSPS||
||||Impact on|
||Assumption|Change in<br>assumption|OSPS<br>technical|
||||provisions|
||||increase by|
|Valuation rate of interest||decrease by<br>0.25%|2% of<br>pensionable|
||||salaries|
||||Increase|
|RPI||increase  by<br>0.25%|by 1.5% of<br>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<br>Universities Superannuation Scheme<br>University of Oxford Staff Pension Scheme<br>Other schemes – contributions<br>**Total**|**2023**<br>**2022**<br>**£'000**<br>**£'000**<br>834<br>862<br>356<br>325<br>13<br>23|
|---|---|
||1,203<br>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**<br>**FINANCIAL INSTRUMENTS**<br>Financial assets at fair value through Statement of Financial Activities :<br>Fixed asset investments<br>Financial instruments that are debt instruments measured at settlement value :<br>Trade Debtors<br>Amounts owed by College members<br>Other Debtors and accrued income<br>Trade Creditors<br>Amounts owed to Group<br>Amounts owed to College members<br>College contribution<br>Other Creditors<br>Accruals<br>Bond notes<br>**26**<br>**RECONCILIATION OF NET INCOMING RESOURCES TO**<br>**NET CASH FLOW FROM OPERATIONS**<br>**Net income**<br>Elimination of non-operating cash flows:<br>Investment income<br>Gains/(Losses) in investments<br>Endowment donations<br>Financing costs<br>Depreciation<br>Profit on sale of fixed assets<br>(Increase)/Decrease in stock<br>(Increase)/decrease in debtors<br>(Decrease)/Increase in creditors<br>Decrease in provisions<br>(Decrease)/Increase in pension scheme liability<br>**Net cash (used in)/provided by operating activities**<br>Financial Liabilities measured at settlement value :<br>Financial liabilities measured at amortised cost :|**2023**<br>**Group**<br>**£'000**<br>141,768<br>497<br>1,858<br>2,413<br>(871)<br>(489)<br>(151)<br>(914)<br>(2,216)<br>(29,000)<br>**112,895**<br>**2023**<br>**Group**<br>**£'000**<br>(7,556)<br>(9,212)<br>9,868<br>(557)<br>2<br>963<br>(22)<br>(12)<br>1,586<br>770<br>-<br>320<br>**(3,850)**|**2022**<br>**Group**<br>**£'000**<br>144,620<br>151<br>1,578<br>4,625<br>(1,483)<br>(509)<br>-<br>(685)<br>(1,194)<br>(29,000)|
|---|---|---|
|||**118,103**|
|||**2022**<br>**Group**<br>**£'000**<br>14,496<br>(10,814)<br>(7,317)<br>(1,249)<br>636<br>939<br>-<br>8<br>383<br>1,488<br>-<br>455|
|||**(975)**|



## **ANALYSIS OF CHANGES IN NET DEBT** 

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



- **27 ANALYSIS OF CASH AND CASH EQUIVALENTS** 

- **28 FINANCIAL COMMITMENTS** 

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<br>Later than 1 year and not later than 5 years<br>Later than 5 years<br>Not later than 1 year<br>The group earns rental income by leasing its properties to tenants under non-cancellable operating leases. Leases in which substantially all<br>risks and rewards of ownership are retained by another party, the lessor, are classified as operating leases. Payments, including prepayments,<br>made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over<br>At the balance sheet date, the group had contracted with tenants to receive the following future minimum lease payments|**2023**<br>2022<br>**£'000**<br>£'000<br>1,821<br>1,832<br>5,445<br>6,028<br>11,200<br>11,618|
|---|---|
||**18,466**<br>**19,478**|



45 



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

|**Notes**<br>**INCOME AND ENDOWMENTS FROM:**<br>Charitable activities:<br>Teaching, research and residential<br>1<br>Public worship<br>Heritage<br>Other Trading Income<br>3<br>Donations and legacies<br>2<br>Investments<br>Investment income<br>4<br>Total return allocated to income<br>14<br>Other income<br>5<br>**Total income**<br>**EXPENDITURE ON:**<br>Charitable activities:<br>Teaching, research and residential<br>Generating funds:<br>Fundraising<br>Trading expenditure<br>Investment management costs<br>**Total Expenditure**<br>6<br>**Net Income before gains**<br>Net (losses)/gains on investments<br>11,12,19<br>**Net Income/(Expenditure)**<br>**Transfers between funds**<br>19<br>**Net movement in funds for the year**<br>Fund balances brought forward<br>19<br>**Funds carried forward at 31 July**|Unrestricted<br>Funds<br>£'000<br>6,046<br>-<br>-<br>307<br>709<br>22<br>5,103<br>118<br>**12,305**<br>11,781<br>605<br>(972)<br>-<br>**11,414**<br>891<br>18<br>909<br>909<br>**24,823**<br>25,732<br>-|Restricted<br>Funds<br>£'000<br>-<br>-<br>-<br>-<br>1,169<br>106<br>814<br>-<br>-<br>**2,089**<br>1,066<br>-<br>-<br>7<br>**1,073**<br>1,016<br>72<br>1,088<br>1,088<br>**4,270**<br> <br>5,358<br>-|Endowed<br>Funds<br>£'000<br>-<br>-<br>-<br>-<br>1,249<br>10,686<br> <br>(5,917)<br>-<br>**6,018**<br>-<br>-<br>-<br>746<br>**746**<br>5,272<br>7,227<br>12,499<br>12,499<br>**177,905**<br> <br>190,404<br>-|**2022**<br>**Total**<br>**£'000**<br>**6,046**<br>**-**<br>**-**<br>**307**<br>**3,127**<br>**10,814**<br>**-**<br>**118**<br>**20,412**<br>**12,847**<br>**605**<br>**(972)**<br>**753**<br>**13,233**<br>7,179<br>7,317<br>**14,496**<br>-<br>**14,496**<br>**206,998**<br> <br>221,494|2021<br>Total<br>£'000<br>5,251<br>-<br>-<br>52<br>1,908<br>9,957<br>-<br>319|
|---|---|---|---|---|---|
||||||17,487<br>11,476<br>438<br>22<br>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**<br>Permanent Endowment Fund<br>Brasenose Income Capital Fund<br>Hulme Capital Fund<br>Tutorial/Classics Fellowship Capital Fund<br>Germaine Capital Fund<br>Undergraduate Bursary Capital Fund<br>Lucas Bequest Capital Fund<br>Kwai Cheong Graduate Studentship Fund<br>Gordon Orr Bursary<br>Sir Christopher Wates Honour Bursary<br>Jeffery Bequest (Mod Hist) Capital Fund<br>Mark Veit Honour Bursary<br>The George Walker Honour Bursary<br>Kyprianou Graduate Scholarship Fund<br>Total Permanent Endowment<br>**Endowment Funds - Expendable**<br>Brasenose Income Capital Fund<br>Economics Fellowship Capital Fund<br>Garrick Law Fellowship Capital Fund<br>Jeffrey Cheah Fund-Capital  Fund - Fellowsship<br>Politics Fellowship Capital Fund<br>Hector Pilling Capital Fund<br>Fiddian Capital Fund<br>Roger Thomas Bequest Cap Fund<br>Bedford Capital Fund<br>Kyprianou Grad Stud Capital Fund<br>Curran Capital Fund<br>Jeffrey Cheah Fund-Capital  Fund - Graduate Scholarship<br>John Davies Endowment Fund<br>Cashmore Capital Fund<br>Biochemistry<br>Access & Outreach Capital Fund<br>Expendable Endowment  Fund<br>The Ward Jones Bursaries<br>Stafford Bequest Capital Fund<br>Barry Nicholas Capital Fund<br>The Guy Scholarship<br>The Heffernan Sinclair Scholarship Fund<br>BNC Australia Scholarship Capital Fund<br>Benefactions Capital Fund<br>Holroyd Collieu Noel Hall Capital Fund<br>Thomas & Jones Capital Fund<br>Taha Brown Scholarship<br>Total Expendable Endowment Funds|At 31 July<br>2021<br>£'000<br>123,857<br>11,649<br>8,135<br>2,214<br>1,337<br>844<br>689<br>490<br>378<br>229<br>208<br>143<br>143<br>125<br>**151,893**<br>At 31 July<br>2021<br>£'000<br>5,459<br>2,280<br>2,169<br>2,034<br>1,846<br>1,821<br>1,665<br>1,515<br>1,321<br>935<br>888<br>807<br>676<br>548<br>403<br>239<br>218<br>200<br>198<br>181<br>159<br>130<br>108<br>107<br>75<br>29<br>**26,011**<br>**177,905**<br>At 31 July<br>2021<br>£'000<br>1,625<br>1,066<br>411<br>245<br>147<br>113<br>95<br>67<br>61<br>52<br>45<br>44<br>38<br>32<br>24<br>24<br>22<br>22<br>18<br>12<br>11<br>11<br>10<br>9<br>8<br>8<br>7<br>6<br>5<br>4<br>4<br>3<br>4|Incoming<br>resources<br>£'000<br>7,461<br>699<br>489<br>136<br>80<br>53<br>41<br>29<br>42<br>14<br>13<br>9<br>9|Resources<br>expended<br>£'000<br>(521)<br>(49)<br>(34)<br>(9)<br>(6)<br>(4)<br>(3)<br>(2)<br>(2)<br>(1)<br>(1)<br>(1)<br>(1)|Transfers<br>£'000<br>(4,133)<br>(388)<br>(271)<br>(76)<br>(43)<br>40<br>(22)<br>(15)<br>16<br>9<br>(6)<br>6<br>6<br>(125)|**As a**<br>Gains<br>£'000<br>5,048<br>473<br>331<br>90<br>54<br>35<br>28<br>20<br>16<br>10<br>8<br>6<br>6|**t 31 July 2022**<br>**£'000**<br>131,712<br>12,384<br>8,650<br>2,355<br>1,422<br>968<br>733<br>522<br>450<br>261<br>222<br>163<br>163<br>-|
|---|---|---|---|---|---|---|
|||**9,158**|**(637)**|**(5,078)**|**6,182**|**161,518**|
|||Incoming<br>resources<br>£'000<br>329<br>137<br>130<br>121<br>111<br>110<br>100<br>91<br>80<br>64<br>53<br>27<br>59<br>33<br>187<br>20<br>13<br>62<br>12<br>11<br>141<br>585<br>7<br>6<br>5<br>2<br>281<br>**2,777**<br>**11,935**<br>Incoming<br>resources<br>£'000<br>96<br>38<br>-<br>-<br>9<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>9<br>-<br>-<br>-<br>-<br>-<br>9<br>15<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>4|Resources<br>expended<br>£'000<br>(23)<br>(10)<br>(9)<br>(8)<br>(8)<br>(8)<br>(7)<br>(6)<br>(6)<br>(4)<br>(4)<br>(2)<br>(3)<br>(2)<br>(2)<br>(1)<br>(1)<br>(1)<br>(1)<br>(1)<br>(1)<br>(1)<br>-<br>-<br>-<br>-<br>-<br>**(109)**<br>**(746)**<br>Resources<br>expended<br>£'000<br>(7)<br>-<br>(7)<br>(7)<br>(1)<br>-<br>-<br>(67)<br>(55)<br>-<br>(5)<br>(4)<br>(56)<br>(104)<br>(6)<br>(6)<br>(32)<br>(12)<br>(18)<br>-<br>(20)<br>(26)<br>(48)<br>(18)<br>(2)<br>-<br>(7)<br>-<br>-<br>(15)<br>-<br>(2)<br>-|Transfers<br>£'000<br>(183)<br>(76)<br>(72)<br>(66)<br>(62)<br>(61)<br>(56)<br>(51)<br>(46)<br>(31)<br>(30)<br>(14)<br>(22)<br>(18)<br>(7)<br>(8)<br>(7)<br>-<br>(7)<br>(6)<br>-<br>(4)<br>(4)<br>(4)<br>(3)<br>(1)<br>-<br>**(839)**<br>**(5,917)**<br>Transfers<br>£'000<br>(23)<br>(38)<br>56<br>-<br>(5)<br>-<br>-<br>61<br>23<br>-<br>7<br>-<br>62<br>72<br>-<br>-<br>31<br>-<br>18<br>2<br>-<br>-<br>38<br>45<br>-<br>-<br>-<br>7<br>1<br>22<br>3<br>5<br>(6)|Gains/<br>(losses)<br>£'000<br>223<br>93<br>88<br>84<br>75<br>74<br>68<br>62<br>54<br>43<br>36<br>16<br>27<br>22<br>16<br>9<br>9<br>8<br>8<br>7<br>6<br>5<br>4<br>4<br>3<br>1<br>-|At 31 July<br>2022<br>£'000<br>5,805<br>2,424<br>2,306<br>2,165<br>1,962<br>1,936<br>1,770<br>1,611<br>1,403<br>1,007<br>943<br>834<br>737<br>583<br>597<br>259<br>232<br>269<br>210<br>192<br>305<br>715<br>115<br>113<br>80<br>31<br>281|
||||||**1,045**|**28,885**|
||||||**7,227**<br>Gains<br>£'000<br>66<br>-<br>-<br>-<br>6<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-||
|Total Endowment Funds - College & Group|||||||
|**Total Endowment Funds - Group**<br>**Restricted Funds**<br>Fairburn Legacy<br>Chapel Organ<br>Fiddian Income Fund<br>Deferred Capital Fund<br>The Crole Legacy<br>Chapel Ceiling<br>The Principals Conversations<br>Hector Pilling Income Fund<br>Lucas Bequest Income Fund<br>Donation for Jewish Country House Project (Gross)<br>Jeffery Bequest (Modern History) income Fund<br>The Saven Gift<br>Politics Fellowship Income Fund<br>Garrick Law Income Fund<br>Chapel and Choir<br>Akers Jones Gift<br>Kyprianou Grad Stud Income Fund<br>The Wine Reserve Fund (Del favero)<br>Cashmore Income Fund<br>Rector of Didcot Income Fund<br>Access Programme<br>Charles Skey<br>The Boat club<br>Germaine Income Fund<br>Modern Linguists Fund<br>The Fergus Miller Memorial Fund<br>The History of  St Mary's Fund (Del Favero)<br>Stafford Bequest Income Fund<br>Poor of Didcot Income Fund<br>John Davies Endowment Fund<br>H.C.L. Noel Hall Income Fund<br>Profumo Income Fund<br>Restricted Annual Fund||||||**190,404**|
|||||||At 31 July<br>2022<br>£'000<br>1,757<br>1,066<br>460<br>238<br>156<br>113<br>95<br>61<br>29<br>52<br>47<br>40<br>44<br>-<br>27<br>18<br>21<br>10<br>18<br>14<br>-<br>-<br>-<br>36<br>6<br>8<br>-<br>13<br>6<br>11<br>7<br>6<br>2|



47 



|Barry Nicholas Income Fund<br>Cox Trust Income Fund<br>Major Gifts Restricted Cheetham<br>Morley Trust Income Fund<br>Restricted Annual Fund -  Biochemistry books<br>Restricted Annual Fund - George Walker Bursary Fund<br>Academic Excellence Annual Fund<br>Archive Fund<br>Barton Economics Fellowship Inc Fund<br>The Chaplains Fund<br>Clubs and Societies<br>Curran Income Fund<br>Designated Funds<br>Fairburn Legacy - Income Fund<br>Frewin Annex Developmet<br>Jeffrey Cheah Fund- Graduate Scholarship<br>Jeffrey Cheah Fund-Income Fund<br>Kwai Cheong Grad Studentship Income Fund<br>Leanne Wells for Environmental Programs<br>Library and Archives Annual Fund<br>Covid 19 Hardship fund<br>Niall Robinson - Ukranian Students displaced by war<br>Peter Moores Chinese Bus Stud Fund<br>Restricted Annual Fund - Chairs<br>Restricted Annual Fund - Harold Parr<br>Restricted Annual Fund - Kurt Beyer<br>Restricted Annual Fund - North Yorkshire Outreach<br>Student Support Annual Fund<br>Tutorial/Classics Fellowship Income Fund<br>Undergraduate Bursary Income Fund<br>**Total Restricted Funds - College & Group**<br>**Total Restricted Funds - Group**<br>**Designated Funds**<br>Housing Loan Fund<br>Frewin New Build Accomodation<br>Lecture Room XI<br>Loan Repayment Fund<br>Reynolds Prize Inc Fund<br>Thomas & Jones Inc Fund<br>Benefactions Income Fund<br>Hulme Income Fund<br>Clifford Press Donation FY 22<br>Michael Woods Income Fund<br>Unrestricted/Greatest Need Annual Fund<br>JCR Dilapidation Fund<br>HCR Dilapidation Fund<br>Boat Club Capital Fund<br>BNC Australia Scholarship Income Fund<br>Global History of Capitalism<br>Delafield Fund<br>**Total designated funds - College & Group**<br>Pension Reserve<br>General Reserve (Consolidated)<br>Unrestricted funds held by subsidiaries<br>**General Funds - Group**<br>**Total Unrestricted Funds -  Group**<br>**Total Funds - Group**|3<br>3<br>4<br>2<br>1<br>1<br>1<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>2<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>4,270<br>4,270<br>1,278<br>8,201<br>-<br>528<br>-<br>1<br>3<br>-<br>-<br>-<br>8<br>12<br>14<br>10<br>1<br>94<br>-<br>**10,150**<br>(1,558)<br>16,200<br>31<br>**16,231**<br>24,823<br>**206,998**|-<br>-<br>1<br>-<br>-<br>-<br>9<br>-<br>-<br>4<br>2<br>-<br>-<br>-<br>63<br>-<br>-<br>-<br>814<br>5<br>10<br>40<br>43<br>7<br>4<br>-<br>5<br>88<br>-<br>-<br>1,275<br>1,275<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>51<br>201<br>-<br>335<br>-<br>-<br>-<br>-<br>50<br>41<br>**678**<br>-<br>1,480<br>5,044<br>**6,524**<br>7,202<br>**20,412**|(7)<br>-<br>-<br>-<br>(1)<br>-<br>(9)<br>-<br>(76)<br>-<br>(2)<br>(30)<br>-<br>(34)<br>-<br>(25)<br>-<br>(32)<br>-<br>(5)<br>(10)<br>-<br>(43)<br>-<br>(4)<br>(6)<br>-<br>(88)<br>(74)<br>(102)<br>(1,073)<br>(1,073)<br>300<br>-<br>-<br>-<br>-<br>-<br>-<br>(9)<br>-<br>(6)<br>(206)<br>-<br>-<br>-<br>(3)<br>(79)<br>(41)<br>**(44)**<br>(455)<br>(6,303)<br>(4,612)<br>**(10,915)**<br>(11,414)<br>**(13,233)**|6<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>76<br>-<br>-<br>30<br>-<br>34<br>-<br>25<br>55<br>32<br>-<br>-<br>-<br>-<br>-<br>(7)<br>-<br>6<br>-<br>-<br>74<br>102<br>814<br>814<br>-<br>(4,873)<br>-<br>167<br>1<br>1<br>4<br>(42)<br>-<br>6<br>(138)<br>1<br>2<br>-<br>2<br>-<br>-<br>**(4,869)**<br>-<br>9,972<br>-<br>**9,972**<br>5,103<br>**-**|-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>72<br>72<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>**-**<br>-<br>18<br>-<br>**18**<br>18<br>**7,317**|2<br>3<br>5<br>2<br>-<br>1<br>1<br>-<br>-<br>4<br>-<br>-<br>-<br>-<br>63<br>-<br>55<br>-<br>814<br>-<br>-<br>40<br>2<br>-<br>-<br>-<br>5<br>-<br>-<br>-|
|---|---|---|---|---|---|---|
|||||||5,358|
||||||||
|||||||5,358|
|||||||1,578<br>3,328<br>-<br>695<br>1<br>2<br>7<br>-<br>201<br>-<br>(1)<br>13<br>16<br>10<br>-<br>65<br>-|
|||||||**5,915**|
|||||||(2,013)|
|||||||21,367<br>463|
||||||||
|||||||**21,830**|
||||||||
|||||||25,732|
||||||||
|||||||**221,494**|



48