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**Brasenose College Report of the Auditor Year ended 31 July 2024** 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation, Health and Safety and Taxation legislation. 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, sample testing of income transactions to supporting documentation and reading minutes of meetings of those charged with governance. 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non­ compliance and cannot be expected to detect non-compliance with all laws and regulations. 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


**Crowe U.K. LLP** Statutory Auditor 

## **Reading** 

20 November 2024 

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



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## 

## 

|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|



## 

## 



## 

## 

## 

## 

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## 

## 



## 

## 



## 

|||Unrestricted|Restricted|Endowed|2024|2023|
|---|---|---|---|---|---|---|
|||Funds|Funds|Funds|Total|Total|
||Notes|£'000|£'000|£'000|£•000|£'000|
|INCOME AND ENDOWMENTS FROM:|||||||
|Charitable activities:|||||||
|Teaching, research and residential|1|7,846|||7,846|6,667|
|Other Trading Income|3|436|||436|39|
|Donations and legacies|2|676|730|656|2,062|1,679|
|Investments|||||||
|Investment income|4|50|70|7,125|7,245|9,212|
|Total return allocated to income|14|6,036|(59)|(5,977)|||
|Other income|5|554|||554|681|
|Total income||15,598|741|1,804|18,143|18,278|
|EXPENDITURE ON:|||||||
|Charitable activities:|||||||
|Teaching, research and residential||11,757|1,256||13,013|14,273|
|Generating funds:|||||||
|Fundraising||387|||387|614|
|Trading expenditure||108|||108|189|
|Investment management costs|||12|1,160|1,172|890|
|Total Expenditure||12,252|1,268|T,160-|14,680|15,966|
|Net Income (Expenditure) before gains||3,346|(527)|644|3,463|2,312|
|Net gains on investments|11,12,19|71|100|10,195|10,366|(9,868)|
|Net Income/fExpenditure)||3,417|(427)|10,839|13,829|(7,556)|
|Transfers between funds|19|(532)|532||||
|Net movement In funds for the year||2,885|105|10,839|13,829|(7,556)|
|Fund balances brought forward 1st August 2023|19|26,029|4,219|183,690|213,938|221,494|
|Funds carried forward at 31 July2024||28,914|4,324|194,529|227,767|213,938|





## 

|||2024|2023|2024|2023|
|---|---|---|---|---|---|
|||Group|Group|College|College|
||Notes|£•000|£'000|£•000|£'000|
|FIXED ASSETS||||||
|Tangible assets|10|39,904|40,226|39,904|40,226|
|Property investments|11|55,090|53,160|55,090|53,160|
|Other Investments|12|146,900|141,768|146,900|141,768|
|Total Fixed Assets||241,894|235,154|241,894|235,154|
|CURRENT ASSETS||||||
|Stocks||335|329|335|329|
|Debtors|15|4,608|4,768|4,485|4,544|
|Cash at bank and in hand||13,350|9,659|13,163|9,023|
|Total Current Assets||18,293|14,756|17,983|13,896|
|LIABILITIES||||||
|Creditors: Amounts falling due within one year|16|3,420|4,641|3,253|4,103|
|NET CURRENT ASSETS||14,873|10,115|14,730|9,793|
|TOTAL ASSETS LESS CURRENT LIABILITIES||256,767|245,269|256,624|244,947|
|CREDITORS: falling due after more than one year|17|29,000|29,000|29,000|29,000|
|NET ASSETS BEFORE PENSION ASSET OR LIABILITl'||227,767|216,269|227,624|215,947|
|Defined benefit pension scheme liability|23||2,331||2,331|
|TOTAL NET ASSETS||227,767|213,938|227,624|213,616|
|FUNDS OF THE COLLEGE|19|||||
|Endowment funds||194,529|183,690|194,529|183,690|
|Restricted funds||4,324|4,219|4,324|4,219|
|Unrestricted funds||||||
|Designated funds||5,350|3,611|5,350|3,611|
|General funds||23,564|24,749|23,421|24,427|
|Pension reserve|23||(2,331)||(2,331)|
||21|227,767|213,938|227,624|213,616|






## 

|||2024|2023|
|---|---|---|---|
||Notes|£'000|£'000|
|Net cash used in operating activities|26|(6,478)|(3,850)|
|Cash flows from investing activities||||
|Dividends, interest and rents from investments||7,245|9,212|
|Finance costs paid||(4)|(2)|
|Proceeds from the sale of property, plant and equipment|||22|
|Purchase of property, plant and equipment||(1,031)|(6,507)|
|Capital receipts in relation to Investment Land & Property||125||
|Purchase of investment Land & Property|||(313)|
|Proceeds from sale of investments||11,242|8,303|
|Purchase of investments||(8,064)|(11,899)|
|Net cash used in investing activities||9,513|(1,184)|
|Cash flows from financing activities||||
|Repayments of borrowing||||
|Cash Inflows from new borrowing||||
|Receipt of endowment||656 557||
|Net cash provided by financing activities 656 557||||
|Change in cash and cash equivalents In the reporting period 3,691|||(4,477)|
|Cash and cash equivalents at the beginning of the reporting period 9,659 14,136||||
|Change In cash and cash equivalents due to exchange rate movements||||
|Cash and cash equivalents at the end of the reporting period 27 13,350 9,659||||





## 

## 

|E FROM CHARITABLE ACTIVITIES|||
|---|---|---|
||2024|2023|
|Teaching, Research and Residential|£•000|£•000|
|Unrestricted funds|||
|Tuition fees - UK and ED students|1,616|1.653|
|Tuition fees - Overseas students|1,297|1,160|
|Other fees|95|79|
|Other HEFCE support|158|169|
|Other academic income|179|194|
|College residential income|4,501|3.412|
|Total income from charitable activities|7,846|6,667|



## 

## 

|ATIONS AND LEGACIES|||
|---|---|---|
||2024|2023|
||£'000|£•000|
|Donations and Legacies|||
|Unrestricted funds|676|767|
|Restricted funds|730|355|
|Endowed funds|656|557|
||2,062|1,679|
|INCOME FROM OTHER TRADING ACTIVITIES|||
||2024|2023|
||£'000|£'000|
|Subsidiary company trading income|453|6,303|
|Other trading income|(17)|(6,264)|
||436|39|
|INVESTMENT INCOME|||
||2024|2023|
||£'000|£•000|
|Unrestricted funds|||
|Agricultural rent|1||
|Commercial rent|13|5|
|Other property income|1||
|Equity dividends|9|5|
|Income from fixed interest stocks|||
|Interest on fixed term deposits and cash|||
|Other investment income|24||
|Bank interest|2||
|Other interest||10|
||~50|20|
|Restricted funds|||
|Agricultural rent|2|2|
|Commercial rent|18|21|
|Other property income||1|
|Equity dividends|13|24|
|Income from fixed interest stocks|||
|Interest on fixed term deposits and cash|||
|Other investment income|33|42|
|Bank Interest|3|0|
|Other interest|1||
||7o|'90|
|Endowed funds|||
|Agricultural rent|171|152|
|Commercia! rent|1,858|2,124|
|Other property income|83|105|
|Equity dividends|1,330|2,401|
|Income from fixed interest stocks|||
|Interest on fixed term deposits and cash||28|
|Other investment income|3,356|4,292|
|Bank interest|310||
|Other interest|19||
||7,125|9.102|
|Total Investment income|7,246|9,212|
|Other Income|2024|2023|
||£'000|£•000|
|Other Income|554|681|
||"ssf|681|





|ANALYSIS OF EXPENDITURE|||
|---|---|---|
||2024|2023|
||£'000|£'000|
|Charitable expenditure|||
|Direct staff costs allocated to:|||
|Teaching, research and residential|||
|Other direct costs allocated to;|||
|Teaching, research and residential||4,954|
|Support and governance costs allocated to:|||
|Teaching, research and residential|||
|Total charitable expenditure|||
||2024|2023|
|Expenditure on generating funds|£'000|£'000|
|Direct staff costs allocated to:|||
|FundraisEng|||
|Trading expenditure|||
|Investment management costs|||
|Other direct costs allocated to:|||
|Fundraising|160|190|
|Trading expenditure|192|179|
|Investment management costs|1,160|881|
|Support and governance costs allocated to:|||
|Fundraising|67|59|
|Trading expenditure|(37)|10|
|Investment management costs|12|9|
|Total expenditure on raising funds|1,667|1,693|
|Total expenditure|14,680|15,966|





## 

|||Teaching||
|---|---|---|---|
||Generating|and|2024|
||Funds|Research|Total|
|2024|£'000|£'000|£•000|
|Financial administration|(345)|1,357|1,012|
|Pension Provision|(93)|(2,238)|(2,331)|
|Domestic administration|11|410|421|
|Investment Management|17||17|
|Human resources|5|458|463|
|IT|45|561|606|
|Depreciation||1,353|1,353|
|Bank interest payable||626|826|
|Other finance charges||||
|Governance costs||67|75|
||~(352)~|2,594|2,242|
|||Teaching||
||Generating|and|2023|
||Funds|Research|Total|
|2023|E'OOO|E'OOO|£'000|
|Financjaf administration|150|680|830|
|Domestic administration|13|423|436|
|Investment Management|16||16|
|Human resources|6|475|481|
|IT|50|410|460|
|Depreciation||963|963|
|Bank Interest payable||622|622|
|Governance costs|3|31|34|
||'238'|3,604|-3,842-|
|Financial and domestic administration, FT and human resources costs are attributed according to the estimated staff time spent on each||activity.||
|Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made of the underlying assets.||||
|Interest and other finance charges are attributed according to the purpose of the related financing.||||
|Governance costs are allocated according to the estimated audit workload.||||
|Financial administration costs include a write back of pension provision of £2.3M In the year (see Note 23)||2024|2023|
|||£'000|£'000|
|Governance costs comprise:||||
|Auditor's remuneration - audit sen/ices||65||
|Auditor's remuneration - assurance services other than audit||2||
|Auditor's remuneration - tax advisory services||||
|Auditor's remuneration - other services||||
|Legal and other fees on constilutional matters||||
|Other governance costs||||
|||76|34|





||£'000|£'000|
|---|---|---|
|During the year the College funded research awards and bursaries to students from Its restricted and unrestricted fund as follows;|||
|Unrestricted funds|||
|Grants to individuals:|||
|Scholarships, prizes and grants|137|205|
|Bursaries and hardship awards|29|120|
|Graduate SEudentships|178|216|
|Total unrestricted|344|641|
|Restricted funds|||
|Grants to Individuals:|||
|Scholarships, prizes and grants|191|54|
|Bursaries and hardship awards|71|6|
|Graduate Studentships|332|244|
|Total restricted|594|304|
|Total grants and awards|938|846|



## 

|STAFF COSTS|||
|---|---|---|
||2024|2023|
|The aggregate staff costs for the year were as follows.|£'000|£'000|
|Salaries and wages|6,010|5.439|
|Sociaf security costs|509|435|
|Pension costs;|||
|Defined benefit schemes|653|924|
|Defined contribution schemes|194|279|
|Other benefits|||
|Pension deficit liability movement|(2,331)||
||6,035|7,077|
|The average number of employess of the College, Including casual staff, excluding Trustees,|||
|was as foliows.|||
|Tuition and research (ex Trustees)|67|63|
|Tuition and research (ex Trustees) - Casual|14|66|
|College residentia!|24|9|
|College residential - casual|29|21|
|Fundraising|6|5|
|Fundraising - casual|3|29|
|Support|92|33|
|Support - casual|23|35|
|Total|258|261|
|The average number of employed College Trustees during the year was as follows. 2024|||
|APTF-U|24|23|
|APTF-C|10|15|
|Other|5|4|
|Tolal|39|42|





|within the following bands was:|||||
|---|---|---|---|---|
||||2024|2023|
|£60,001-£70.000||||2|
|£70.001-£80.000|||4|2|
|The number of the above employees with retirement benefits accruing was as follows:|||||
|tn defined benefits schemes|||||
|In defined contribution schemes|||||
||||£'000|£'000|
|The College contributions to defined contribution pension schemes totalled|||58|54|
|TANGIBLE FIXED ASSETS|||||
|Group|Freehold|Plant and Fixtures,|||
||fand and|machinery fittings and|||
||buildings||equipment|Total|
||£'000|£'000|£'000|£•000|
|Cost|||||
|Al start of year|50,966|2,868|2.093|65,927|
|Asset Brought into use|||||
|Additions|1,027||4|1,031|
|Disposals|0||||
|Assets Held for Sale|||||
|At end of year|61,993|2,868|2,097|66,958|
|Depreciation and Impairment|||||
|At start of year|13.485|864|1,352|16,701|
|Depreciation charge for the year|976|150|227|1,363|
|Depreciation on disposals|||||
|Impairment|||||
|At end of year|14,461|1,014|1,579|17,054|
|Net book value|||||
|At end of year|37,532|1,854|518|39,904|
|At start of year|37,481|2,004|741|40,226|
|College|Freehold|Plant and|Fixtures,||
||land and|machinery|fittings and||
||buildings||equipment|Total|
||£•000|£•000|£•000|£'000|
|Cost|||||
|At start of year|50.966||2.093|65,927|
|Additions|1,027||4|1,031|
|Disposals|||||
|At end of year|51,993|2,868|2,097|56,958|
|Depreciation and Impairment|||||
|At start of year|13,485||1,352|15,701|
|Charge for Ihe year|-976~|^50~|~227~|1.353|
|On disposals|||||
|Impairment|||||
|At end of year|14,46-T|W14|1.579|17,064|
|Net book value|||||
|At end of year|37,632|1.864|618|39.904|
|At start of year|37,481|2,004|741|40,226|





## 

## 

|Group and College|||||||
|---|---|---|---|---|---|---|
||||Commercial||||
||||(held for||||
||AgricuituraJ|Commercial|Sale)|Other|Total|Total|
||£'000|£'000|£'000|£'000|£•000|£'000|
|Valuation at start of year|18,933|31,662||2.565|53,160|56,287|
|Additions and improvements at cost / capital ex||||||313|
|Disposals net proceeds / capita! receipts|(125)||||(125)||
|Revaluation gains / (losses) In the year|1.783|343||(71)|2,056|(3,420)|
|Held for Sale||(4,240)|4,240||||
|Valuation at end of year|20,591|27,765|4.240|2.494|66,090|53,160|



## 

|AH investments are he!d at fair value.|||||2024|2023|
|---|---|---|---|---|---|---|
||||||£'000|£'000|
|Group investments|||||||
|Valuation at start of year|||||141,768|144,620|
|New money invested|||||8,064|11,899|
|Amounts withdrawn|||||(11,242)|(8,303)|
|Reinvested income|||||||
|Investment management fees|||||||
|Increase/ (Decrease) in value of investments|||||8,310|(6,448)|
|Group investments at end of year|||||146.900|141,768|
|Group Investments comprise:|Held outside|Held In|2023|Held outside|Held in|2024|
||the UK|the UK|Total|the UK|the UK|Total|
||£'000|£'000|£'000|E'OOO|E'OOO|£'000|
|Equity investments|50,382|39,923|90,305|36,889|55.423|92,312|
|Gtoba! multi-asset funds|5,083|24.697|29.780|11,107|24,057|35,164|
|Property funds||6.889|6,889||6.309|6.309|
|Fixed interest stocks|||||||
|Alternative and other investments||14,794|14,794||||
|Fixed term deposits and cash|||||||
|Total group investments||86,303|141.768|||146,900|



## 

||Brasenose|Brasenose|
|---|---|---|
||College|Limited|
||£'000|£'000|
|Income|18,317|448|
|Expenditure|(14,510)|(259)|
|Donation to College under gift aid|385|(385)|
|Result for the year|4,192|(186)|
|Total assets|2S6.624|377|
|Total ttabilities|(29,000)|(170)|
|Net funds at the end of year|227,624|~2W7~|





## 

||||Permanent Endowment||Expendable|Total|
|---|---|---|---|---|---|---|
||||Unapplied||Endowment|Endowments|
|||Trust for|Total||||
|||Investment|Return|Total|||
|||£•000|£'000|£'000|£'000|£'000|
||At the beginning of the year:||||||
||Gift component of the permanent endowment|||54.907||54,907|
||Unapplied total return|||100,179||100,179|
||Expendable endowment||||28.604|28,604|
||Total Endowments|54,907|100,179|155.086|28,604|183,690|
||Movements In the reporting period:||||||
||Gift of endowment funds||||651||
||Investment return: totai investment income||6,008|6,008|1,117|7,125|
||Investment return: realised and unrealised gains and losses||8.627|8,627|1.568|10,195|
||less: Investment management costs||(978)|(978)|(182)|(1,160)|
||Total|^|13,657|^i3,662~|3.154|16.816|
||Unapplied total return allocated to income in the reporting period||||||
||Transfers between funds||(5,058)|(5,058)|(919)|(5,977)|
||Total Transfer between funds||(5,058)|(5,058)|(919)|~(sWn|
||Net movements in reporting period|5|8,599|8,604|~2,235~|10.839|
||At end of the reporting period:||||||
||Gift component of the permanent endowment|54,912||54.912||54.912|
||Unapplled total return||108,778|108,778||108.778|
||Expendable endowment||||30,839|30,839|
||Total Endowments|64.912|108,778|163,690|30,839|194,629|
|15|DEBTORS||2024|2023|2024|2023|
||||Group|Group|College|College|
||||£•000|£'000|£'000|£•000|
||Amounts falling due within one year:||||||
||Trade debtors||423|497|334|426|
||Amounts owed by College members||695|736|695|736|
||Amounts owed by Group undertakings||||||
||Loans repayabie within one year||13|12|13|12|
||Prepayments and accmed income||895|1,382|860|1,199|
||Other debtors||305|283|306|313|
||Amounts falling due after more than one year:||||||
||Amounts owed by College members||2,277|1,858|2,277||
||||4.608|4.768|4,485|4.S44|
||CREDITORS: falling due within one year||2024|2023|2024|2023|
||||Group|Group|College|College|
||||£'000|£•000|£•000|£'000|
||Bank overdrafts||||||
||Bank loans||||||
||Obligations under finance leases||||||
||Trade creditors||305|871|293|1.178|
||Amounts owed to Coitege Members||127|489|127|489|
||Amounts owed to Group undertakings||||||
||Taxation and social security||296|167|235|155|
||College contribution||161|151|161|151|
||Accruais and deferred income||1,591|2,216|1.497|1.383|
||Other creditors||940|747|940|747|
||||3,420|-4,64T~|3,263|4,103|
||CREDITORS: falling due after more than one year||2024|2023|2024|2023|
||||Group|Group|College|College|
||||£'000|£•000|£'000|£'000|
||Bank loans||||||
||Obligations under finance leases||||||
||Other creditors||||||
||||29,000|29.000|29,000|29,000|



## 



||As at 31|||||As at 31st|
|---|---|---|---|---|---|---|
||July 2023|Incoming|Resources|||July 2024|
|||resources|expended|Transfers|Gains||
|Endowment - Permanent|£'000|£'000|£'000|£'000|£'000|£'000|
|Permanent Endowment Fund|127,086|4,906|(792)|(4,133)|7.053|134.120|
|Brasenose income Capita) Fund (Perm)|11.361|442|(73)|(371)|633|11,992|
|Hu!me Capita! Fund|8.319|323|(54)|(271)|462|8,779|
|Tutorial/Classics Fellowship Capital Fund|2,268|90|(15)|(74)|126|2.395|
|Germalne Capital Fund|1,368|53|(9)|(45)|76|1.443|
|Undergraduate Bursary Capita) Fund|900|37|(6)|(29)|50|952|
|Lucas Bequest Capital Fund|704|27|(5)|(23)|39|742|
|Kwai Cheong Graduate Studentship Fund|502|19|(3)|(16)|28|530|
|Gordon On- Bursary|402|16|(3)|(13)|22|424|
|Sir Christopher Wates Honour Bursary|243|9|(2)|(8)|13|255|
|Jeffery Bequest (Mod Hist) Capita) Fund|213|11|(2)|(9)|15|228|
|The George Walker Honour Bursary|152|6|(1)|(5)|8|160|
|Mark Veit Honour Bursary|152|6|(D|(5)|8|160|
|Profumo Capiial Fund|150|6|(1)|(S)|8|158|
|Mosse Honour Bursary|132|6|(1)|(4)|7|140|
|Peter Sinclair Honour Bursary|123|5|(1)|(4)|7|130|
|David Watts Honour Bursary|122|5|(1)|w|7|129|
|Peter Sands Honour Bursary|121|5|(1)|(4)|7|128|
|The Dennot (1951) & Gerard (1954) Dunphy|121|5|(1)|(4)|7|128|
|The Turner Famiiy Honour Bursary|121|5|(D|(4)|7|128|
|The Folkman Honour Bursary|115|4|(1)|w|6|120|
|1974Bursaries(CO-ED)|114|4|(1)|(4)|6|119|
|The Michae! May Honour Bursary|97|4|(D|(3)|5|102|
|The KCM Honour Bursary|73|3||(2)|4|78|
|Rector of Didcot Capilal Fund|50|2||(2)|3|53|
|Reynolds Prize Capital Fund|16|12|(2)|(10)|17|33|
|Bride Mayor Honour Bursary|30|1||(1)|2|32|
|Poor of Dldcot Capital Fund|18|1||(1)|1|19|
|Cox Trust Capital Fund (1518)|g|||||g|
|Mortey Trust Capital Fund (1515)|5|||||5|
|Grand Total|155,086|6,013|TsTsy|(6,058)|8,627|163.690|





|||As at 31|||||As at 31st|
|---|---|---|---|---|---|---|---|
|||July 2023|Incoming|Resources|||July 2024|
||||resources|expended|Transfers|Gains||
|Endowment - Exendable||£'000|£'000|£'000|£'000|£'000|£'000|
|Brasenose Income Capital Fund (Expendable)||6,186|239|(39)|(199)|343|6,530|
|Barton Economics Fellowship Capital Fund||2.331|91|(15)|(76)|130|2,461|
|Garrick Law Fellowship Capital Fund||2,217|86|(14)|(72)|123|2,340|
|Jeffrey Cheah Fund-Capitai Fund - Feilowsshif<br>I||2,016|80|(13)|(67)|114|2,130|
|Politics Fellowship Capital Fund||1,885|73|(12)|(61)|105|1,990|
|Hector Filling Capital Fund||1.860|72|(12)|(61)|104|1,963|
|Flddlan Capital Fund||1,702|66|(11)|(55)|95|1,797|
|Roger Thomas Bequest Cap Fund||1,548|60|(10)|(50)|86|1,634|
|Bedford Capital Fund||1,395|53|(9)|(45)|76|1.470|
|Kyprianou Grad Stud Capital Fund||1.086|42|(7)|(35)|60|1.146|
|Curran Capital Fund||907|35|(6)|(30)|50|956|
|Biochemistry||739|191|(5)|(24)|40|941|
|The Heffernan Sinclair Scholarship Fund||688|164|(4)|(22)|38|864|
|Taha Brown Scholarship||557|286|(2)|(9)|15|847|
|John Davies Endowment Fund||707|27|(S)|(23)|39|745|
|Cashmore CapHai Fund||559|22|(4)|(18)|31|590|
|Jeffrey Cheah Fund-Capital Fund - Graduate|:|442|18|(3)|(15)|25|467|
|The Guy Scholarship||294|11|(2)|(9)|16|310|
|The Ward Jones Bursaries||292|10|(2)|(8)|14|306|
|Access & Outreach Capital Fund||255|15|(2)|(8)|13|273|
|Expendable Endowment Fund||224|29|(1)|f)|12|257|
|Stafford Bequest Capital Fund||202|8|(D|(7)|11|213|
|Barry Nicholas Capital Fund||185|7|(1)|(6)|10|185|
|BNC Australia Scholarship Capital Fund||111|5|(1)|(4)|6|117|
|Benefactions Capita! Fund||110|4|(1)|(4)|6|115|
|Holroyd Collieu Noel Hall Capital Fund||77|3||(3)|4|81|
|FC Ruffett|||70||||70|
|Thomas & Jones Capital Fund||29|1||m|2|31|
|Grand Total||28,604|1,768|(182)|(919)|1,588|30,839|
|Total Endowment Funds - Group||183,690|7,781|(1,160)|(6,977)|10,195|194,529|





||At 31 July|(ncoming|Resources||Gains|At 31 July|
|---|---|---|---|---|---|---|
||2023|resources|expended|Transfers||2024|
||£'000|£'000|£'000|£'000|£'000|£'000|
|Restricted Funds|||||||
|Fairbum Legacy|1,691|63|(6)|(54)|92|1.786|
|Fiddian Income Fund|510||(3)|||507|
|The Hutme Trust New FY24||455||7||462|
|Chapel Organ|799||(451)|||348|
|Deferred Capital Fund|231|||||231|
|The Crole Legacy|150|6|(D|(5)|8|158|
|Archive Fund|113|||||113|
|The Prindpats Conversations|95|||||95|
|Peter Moores Chinese Bus Stud Fund|31|46||||77|
|Politics Fellowship Income Fund|57||(58)|61||60|
|Lucas Bequest Income Fund|48|||||48|
|Jeffery Bequest (Modem History) income Fund|48||(6)|||42|
|Frewin Annex Developmet||38||||38|
|Fairbum Legacy - tncome Fund|17||(36)|54||35|
|Chapel and Choir|29|1||||30|
|Donation for Jewish Country House Project|39||(9)|||30|
|Germalne Income Fund|57||(33)|||24|
|John Davies End Fund|19|||||19|
|Stafford Bequest Income Fund|19|||||19|
|Akers Jones Gift|18|||||18|
|The Ward Jones & The Guy Scholarship|17|||||17|
|Travel Grants - care leavers|17|||||17|
|Rector of Dldcot Income Fund|16|||||16|
|Charles Skey||15||||15|
|Kyprianou Grad Stud Income Fund|37||(26)|||11|
|Robinson - Ukranlan Students displaced by WE|24||(11)|||13|
|Ukranian Student|20|5|(15)|||10|
|The Croie Legacy - tncome fund|5|||5||10|
|The Fergus Miller Memorial Fund||1||||9|
|TaHa Brown Graduate Studentship to support i||||||g|
|Academic Excellence Annual Fund||7||||7|
|Profumo Income Fund|||(1)|||6|
|The Chaplains Fund||||||7|
|Access Programme||8|(2)|||6|
|Poor of Didcot Income Fund||||||6|
|Major Gifts Restricted Cheetham||1||||5|
|North Yorkshire Outreach|||(1)|||4|
|Cox Trust Income Fund||||||4|
|H.C.L. Noel Hall Income Fund|||(4)|3||6|
|Library and Archives Annual Fund||4||||4|
|Modem Linguists Fund|||('I)|||3|
|Mortey Trust Income Fund||||||2|
|George WalRer Bursary Fund||||||1|
|Barry Nicholas Income Fund|||(4)|2||(1)|
|Barton Economics Fellowship Inc Fund|||(76)||||
|Oubs and Societies|||(1)||||
|Curran Income Fund|||(30)|30|||
|GarricR law Income Fund|||(72)|72|||
|Hector Piliing tncome Fund|||(77)|30||(D|
|Heffeman Sindair Income Fund|||(29)|29|||
|Jeffrey Cheah Fund- Graduate Scholarship|||(28)|28|||
|Kwai Cheong Grad Studentship tncome Fund|||(32)|32|||
|Restricted Annual Fund - Chairs||||(5)|||
|Restricted Annua) Fund - Harold Parr|||(8)||||





|Restricted Annual Fund - Kurt Beyer|||||||
|---|---|---|---|---|---|---|
|Student Support Annual Fund||135|(169)|34|||
|The Boat club||1|(1)||||
|Tutorial/Classics Fellowship Income Fund|||(74)|74|||
|Total Restricted Funds College & Group|4.219|800|(1,268)|||4,324|
||At 31 July|incoming|Resources||Gains|At 31 July|
||2023|resources|expended|Transfers||2024|
||£'000|£'000|£'000|£'000|£•000|£'000|
|Designated Funds|||||||
|Housing Loan Fund|1,558|||1,641||3,199|
|Frewln Undercroft and Refurbishment|814|||79||893|
|£9M Loan Repayment Fund. (repay 2048)|775|30|(5)|31|43|874|
|£8M Loand Repayment Fund (repay20-44)|105|4||102|6|216|
|Global History of Capitalism|60|13|(2)|||71|
|Delafietd Fund||92|(49)|||43|
|HCR Dilapidation Fund|16|||||17|
|JCR Dllapldation Fund|13|||||13|
|Boat Club Capital Fund|10|||||10|
|John Davles Fund Desginated Income fund|||(15)|||8|
|Thomas & Jones Inc Fund|3|||||3|
|Reynolds Prize (nc Fund|1|||||1|
|Unrestricted/Greatest Need Annual Fund|45||(366)|(2)||2|
|Benefactions Income Fund|10|||(10)|||
|BNC Australia Scholarship Income Fund|||(3)|3|||
|Clifford Press Donation FY 22||||(201)|||
|Designated Legacies Fund|||||||
|Hufme Income Fund||||(134)|||
|Michael Woods Income Fund|||J2L|3|||
|Grand Total|3,611||(444)|1.536|49|5,350|
|Pension Reserve|||2,311||||
|General Reserve (Consolidated)|24,156||(13,860)|4,549|22|22.779|
|Unrestricted funds held by subsidiaries|||(259)|(581)||785|
|Transfers|||||||
|General Funds - Group|24,748|8,964|(14,119)|3,968|22|23,564|
|Total Unrestricted Funds - Group|26,028||(12,252)|5,504|71|28,914|
|Total Funds - Group|213,938|18,143|(14,880)||10.366|227,767|





## 

|FUNDS OF THE COLLEGE DETAILS|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|
|Hutme Capital Fund|Capita) balance of past donations from the Hulme (Educational) Trust in Manchester, which are given for the general|
|Tutorial/Classics Feliowship Capital Fund|A 2009/10 fund In support of Tutorial Fellowships S Classics.|
|Germalne Capital Fund|1972 Wili Trust Fund to support schotarships for Home/EU graduates|
|Undergraduate Bursary Capital Fund|Undergraduate Bursaries within the College|
|Lucas Bequest Capita) Fund|To support a Junior Research Fellow/research activities|
|Kwal Cheong Lena Llu (Laou) (KCLLL)||
|Graduate Studentship Fund|2009/10 to fund a Dphll studentshlp for a student preferably from China|
|Undergraduate Bursary Capital Fund|Gordon Orr Bursary|
|Undergraduate Bursary Capita! 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 Capita! Fund|The Mark Veil Honour Bursary|
|Undergraduate Bursary Capital Fund|The George Walker Bursary|
|Profumo Capita) 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|Ths 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 Bursafy (TFHB)|
|Undergraduate Bursary Capita) Fund|The Dermol (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 Dldcot Capital Fund|Rector of Dldcot Capital fund|
|Undergraduate Bursary Capital Fund|Bride Mayer Honour Bursary|
|Poor of Didcot Fund|Poor of Dldcot Income Fund|
|Reynolds Prize Capital Fund|To support prizes|
|Cox Trust Income Fund|Cox Trust Income fund|
|Morley Trust Income Fund|Merely Trust Income Fund|
|Brasenose Income Capital Fund|For genera! 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 schotarships/studentships preferably RAF/Commonweaith|
|FJddian Capita} 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 EHesmere Law Endowment Capital fund)|
|Cashmore Capital Fund|Valedictory fund in name of former Principal for bursaries|
|Teaching of Blochemlstry|Brasenose Academic Teaching Post funded jointly by William Dunn school of Pharmachology amd University|
|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 Capita! Fund|Supporting College funded mini-bursaries|
|Barry Nichotas Capital Fund|Anonymous donation in memory of former Principal to support a graduate \aw scholar intending to practise at the bar of|
|The Guy Scholarship|To endow a scholarship in environmenta! studies or such other field as may seem of major importance to the Principa!|
|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 Studentship to support an|
|The Robert and Soulla Kyprianou Grad||
|Scholarship Capital Fund|Donated funds to support a graduate studentshjp,|
|FC Ruffet|in memory ofFC Ruffet|





## 

## 

|ANALYSIS OF NET ASSETS BETWEEN FUNDS|||||
|---|---|---|---|---|
||Unrestricted|Restricted|Endowment|2024|
||Funds|Funds|Funds|Total|
|2024|£'000|£'000|£•000|£'000|
|Tangible fixed assets|39,904|||39,904|
|Property Investments|441|562|5<1,087|65,090|
|Other investments|1,175|1.498|144,226|146,899|
|Net current assets|4.490|2.386|7.998|14,874|
|Long term liabilities and pension liabilities|(17,096)|(122)|(11,782)|(29,000)|
||28,914|4.324|194,529|227,767|
||Unrestricted|Restricted|Endowment|2023|
||Funds|Funds|Funds|Total|
||£'000|£'000|£•000|£•000|
|2023|40.226|0|0|40,226|
|Tangible fixed assets|681|520|51.959|83,160|
|Property investments|986|1.398|139,383|141,767|
|Other Investments|3,549|2,421|4,146|10.116|
|Net current assets|(19,413)|(120)|(11,798)|(31,331)|
|Long term liabilities and pension fiabilities|26,029|4.219|183.690|213,938|





## 

||Idltional work carried out •|Idltional work carried out •|as part time college<br>• officers (such as the|as part time college<br>• officers (such as the|i Dean, Tutor for Graduates, Vice|Principal, Fellow|
|---|---|---|---|---|---|---|
|Trustee Name|Salary Pt<br>Pension||Benefits|2024 Total|Trustee Name|2023 Total|
|Mr John Bowers|126.773|22.132|11,349|160.254|Mr John Bowers|156.855|
|Mr Philip Parter|111,367|19,443|2,448|133,258|Mr Philip Parter|130.932|
|Dr Simon Smith|95,332|16,643|2.448|114.424|Dr Simon SmElh|109.872|
|Dr Simon Palfrey|65,186|11,380|3,7<18|80,314|Dr Simon Palfrey|76,442|
|Dr Uewelyn Morgan|60,591|10,578||71,169|Dr Llewelyn Morgan|70,417|
|Or David Groiser|45,358|7,919|20,752|74,029|Dr David Groiser|68,873|
|Or Christopher Timpson|60,591|10,578|1,526|72.695|Or Christopher TJmpson|71,639|
|Mr William Swadllng|60,591|10.578|1,249|72,418|Mr William Swadling|73.653|
|Or Ed Bispham|67,483|11,781||79,264|DrEd Bispham|72,654|
|DrAbigail Green|60.591|10,578||71,169|DrAbigail Green|72.654|
|Dr Alan Strathem|60,591|10,578|3,612|74,781|Dr Alan Strathern|72,654|
|Dr Mark Wllson|29,295|10.578|3,612|43.485|Dr Mark Wllson|35.337|
|Prof Adam Perry|65,965|12,074||78,038|Prof Adam Perry|72,654|
|Or Sos Eltls|60,591|10,578||71.169|Dr Sos Ellis|78,060|
|Rev David Sheen|29,980|||29.980|Rev David Sheen|18,066|
|Or Owen Lewis|29,295|S,114|1,380|35,790|Or Owen Lewis|35,278|
|Dr Thomas Krebs|29,295|5,114|3,917|38,327|Or Thomas Krebs|35,348|
|Dr Haney Burd|31,592|5,635|979|38,207|Dr Harvey Burd|36.223|
|Or Eamonn Gaffney|38,485|6,114|1.889|4S.488|Or Eamonn Gaffney|43,493|
|Or Christopher McKenna|29,295|5,114|2,448|36,858|Dr Christopher McKenna|34,173|
|Prof Andrea Ruggeri (resigned April 2024)|10,546|2,455|18,147|29.149|Prof Andrea Ruggeri|28,478|
|Prof Konstantin Ardakov|29,295|5.114|1,484|35.893|Prof Konstantin Ardakov|32,912|
|Prof Jonathan Jones|29,295|5,114|1.959|36,368|Prof Jonathan Jones|33,684|
|Prof William James (resigned Sept 2024)|30,590|964|2,938|34,491|ProfWitiiam James|31,068|
|Or Jeremy Robertson|29.295|5,114|2,448|36,858|Or Jeremy Robertson|33.684|
|Or Eric Thun|29,295|5,114|5.219|39.628|Or Eric Thun|35,704|
|Dr tan Klaer|29.295|5,114|1,959|36,368|Dr tan Kiaer|35,336|
|Dr Julia Diamantis|78,779|13,077|1.959|93.815|Or Julia Diamantis|88.977|
|Prof S Krishnan|13,555|2.286|17,771|33.613|Prof S Krishnan|30.393|
|Prof P Maiolino|12,208|2,131|19.240|33,579|Prof P Malollno|26,338|
|Prof S Shogry|34,482|4,841|5,709|45.031|Prof S Shogry|32,905|
|Or Kalrina Lythgoe|29,295|5,114||34,409|Or Katrina Lythgoe|24,974|
|DrJayne Birkby|29,295|5,114||34,409|DrJayneBirKby|31,725|
|Or Serglo de Ferra|29.295|5,114|6,378|40,787|Dr Sergio de Ferra|34,173|
|Prof Samlra Lakhat-Llttleton|29,295|5,114||34,409|Prof Samira Lakhai-Littleton|34.173|
|Prof Fitnat Banu Demir|15,332|0||15.332|ProfFltnalBanuDemir|23,925|
|Prof Anns Davies|||||ProfAnne Davies||
|Prof Michael Duslln|||||Prof Michael Duslln||
|Or Anns Edwards|||||Dr Anne Edwards||
|DrSonali Nag|||||Dr Sonali Nag||
|Prof Giles Wlggs|29.295|6,328|2,448|38,071|Prof Giles Wiggs|34,173|
|Or Dejan Draschkow (from Oct 2023)|24,899|4.093||28.992|Rev Julia Baldwin|12,799|
|Prof Katerina Tertytchnaya (from October 23)|13.138|1,003|9,709|23,850|||
|Prof Faraz Mardakheh (from September 2024)|||||||
|Prof Lionel Smith (from September 2024)|||||||
|Dr Valentla Arena (from September 2024)|||||||
|Total|1,684,726|284,719|158,724|2,126,169 Total||1,970,496|





||Term dependent rates In line with the difference between the Fixed|
|---|---|
|CPt assumption|interest and Index Linked yield curves fess: 1.0% p.a. to 2030,|
||reducing lineariy by 0.1% p.a. from 2030.|
||Senefils with no cap: CPI assumption plus 3bps Benefits subject to|
|Pension increases (subject to a floor of 0%)|a "soft cap" of 5% (providing tnflationary Increases up to 5%, and<br>laif of any excess inflation over 5% up to a maximum of 10%); CPI|
||assumption minus 3bps|
||Fixed interest giit yield curve plus:|
|Discount rate (forward rates)|Pre-retirement: 2.5% p.a.|
||Post-retErement: 0.9% p.a. /|
|The main demographic assumptions used reiate to the mortality assumptions. These assumptions are based on anal||
|part of the 2020 actuarial valuation. The mortality assumptions used in these figures are as follows:||
|Mortality base table|101% of S2PMA -llghr for males and 95% of S3PFA for<br>females|
||CMf 2021 with a smoothing parameter of 7.5, an initiai|
|Future improvements to mortality|addition of 0.4% p.a. and a long-term Improvement rate|
||of 1.8% pa for mates and 1.6% pa for females|
|The current life expectancies on retirement at age 65 are:||
||2024<br>2023|
|Males currently aged 65 (years)|23.7<br>24|
|Females currently aged 65 (years)|25.6<br>25.6|
|Mates currently aged 45 (years)|26.4<br>26|
|Females currently aged 45 (years)|27.2<br>27.4|





|The principal assumptions used by the actuary|were;|
|---|---|
|Rate of interest (periods up to retirement)|Gilts' +2.25%|
|Rate of Interest (periods after rellremenl)|Gilts' +0.5%|
||Break-even RPI curve|
|RPI|less 0.5% pa pre-2030|
||and1,0%papost-2030|
||RP! inflation assumption|
|CPI|tess 1 % pa pre-2030 and|
||0,1% pa post-2030|
|Pensjonable Salary increases|RPI+pa|
|Funding Ratios:|I|
|Technical provisions basis:|105%|
|'Buy-out* basis:|62%|
|Non-dnanelal assumptions:||
||INon-Pensioners: 105% of|
||Islandanl S3PxA medium|
||Itables for both males and|
||females|
|Post-retirement mortaiity - base table||
||Pensioners: 105% of|
||standard S3PxA medium|
||tables for both mates and|
||females|
||INon-Penstoners: 105% of|
||istandard SSPxA medium|
|Post-retiremenE mortality -|I tables for both males and|
||I females|
||Pensioners: 105% of|
||standard S3PxA medium|
|improvements|tables for both males and|
||females|
||16.5% 08 for members|
||from 01/10/2023|
|iRecommended employer's contribution rate|110% ,12% ,14% DC|
|l(as % of penslonable salaries):|Imembers in relation to 4%|
||1/6% ,8% cost plan - from|
||101/10/2023|
|Effective date of next valuation;|31/03/20251|



|Scheme|2024|2023|
|---|---|---|
||£'000|£'000|
|Universities Superannuation Scheme|566|834|
|University of Oxford Staff Pension Scheme|263|356|
|Other schemes - contributions|18|13|
|Total|847|1,203|





## 

|NCIAL INSTRUMENTS|2024|2023|
|---|---|---|
||Group|Group|
||£'000|£'000|
|Financial assets at fair value through Statement of Financial Activities:|||
|Fixed asset investments|146,900|141,768|
|Financiaf instruments that are debt instruments measured at settlement value :|||
|Trade Debtors|423|497|
|Amounts owed by College members|2,277|1,858|
|Amounts owed by Group undertakings|||
|Other Debtors and accrued income|1,908|2,413|
|Financial Liabilities measured at settlement value:|||
|Trade Creditors|(305)|(871)|
|Amounts owed to Group|||
|Amounts owed to College members|(127)|(489)|
|College contribution|(161)|(151)|
|Other Creditors|(1,236)|(914)|
|Accruais|(1,591)|(2,216)|
|Financial liabilities measured at amortised cost:|||
|Bond notes|(29,000)|(29,000)|
||119,088|112,895|
|RECONCILIATION OF NET INCOMING RESOURCES TO|||
|NET CASH FLOW FROM OPERATIONS|2024|2023|
||Group|Group|
||£'000|£•000|
|Net Income|13,829|(7,556)|
|Elimination of non-operating cash flows:|||
|Investment income|(7,245)|(9,212)|
|(Gains)/Losses in investments|(10,366)|9.868|
|Endowment donations|(656)|(557)|
|Financing costs|5|2|
|Depreciation|1,353|963|
|Profit on safe of fixed assets||(22)|
|(Increase) in stock|(6)|(12)|
|Decrease In debtors|160|1,586|
|Decrease in creditors|(1,221)|770|
|(Decrease)/lncrease In pension scheme liability|(2,331)|320|
|Net cash (used in)/provided by operating activities|(6,478)|(3,850)|



## 

## 

||ANALYSIS OF CHANGES IN NET DEBT||||||
|---|---|---|---|---|---|---|
|||||Foreign|||
|||At start of||exchange|Fair value|At end of|
|||year|Cashftows|movements|movements|year|
|||£'000|£'000|£'000|£'000|£•000|
||Cash|9.659|3.516|175||13,350|
||Deposits and other short term investments||||||
||Loans failing due after more than one year|(29,000)||||(29,pqp)|
||Total|(19,341)|3,516|178||(i6,esq^|
|27|ANALYSIS OF CASH AND CASH EQUIVALENTS||||||
||||||2024|2023|
||||||£'000|£'000|
||Cash at bank and In hand||||13,350|9,659|
||Notice deposits (less than 3 months)||||||
||Bank overdrafts||||||
||Total cash and cash equivalents||||13,360|9,659|
|28|FINANCIAL COMMITMENTS||||||
||At 31 July the College had annual commitments under non-cancellabfe operating leases as follows:||||2024|2023|
||||||£'000|£'000|
||Land and buildings||||||
||expiring within one year||||7|4|
||expiring between two and five years||||~T|3|
||Other||||||
||expiring within one year||||2|4|
||expiring between one and five years|||||3|
||||||2|7|





## 

## 

|The number of loans outstanding at 31 July with the balances in the following bands were as follows:|||
|---|---|---|
||2024|2023|
||£'000|E'OOO|
|£34,000 - £35,000|1|1|
|£68,000 - £78,000|||
|£77.000 - £78,000|||
|£99,000 - £99,999 1|||
|£100,000-£100,999 1|||
|£103,000-£103,999|||
|£104,000 - £104,999|||
|£107,000-£107.999|||
|£110,000 - £110,999|1|1|
|£116.000-£116,999|1|1|
|£117,000-£117,999||1|
|£118,000-£118,999|1|1|
|£121,000-£121,999|2|2|
|£123,000-£123,999|||
|£200,000- £200,999|1||
|£300.000 - £399.000|4|3|
|Total Number of Loans|13|12|



## 

## 

|COMMITMENTS UNDER OPERATING LEASES|||
|---|---|---|
|Group and Company - Lessor|2024 2023||
||E'OOO £'000||
|The group earns rental income by leasing its properties to tenants under non-canceitable operating leases. Leases in which|||
|Al Ihe balance sheet date, the group had contracted with tenants to receive the following future minimum lease payments|||
|Not iater than 1 year|1,766|1,821|
|Later than 1 year and not tater than 5 years|4.569|5,445|
|Later than 5 years|10.484|11.200|
||16,819 18,468||





|||Unrestricted|Restricted|Endowed|2023|2022|
|---|---|---|---|---|---|---|
|||Funds|Funds|Funds|Total|Total|
||Notes|£'000|£'000|£'000|£'000|£•000|
|INCOME AND ENDOWMENTS FROM:|||||||
|Charitable activities:|||||||
|Teaching, research and residential|1|6.667|||6.667|6,046|
|Public worship|||||||
|Heritage|||||||
|Other Trading Income|3|39|||39|307|
|Donations and legacies|2|767|355|557|1,679|3.127|
|Investments|||||||
|Investment income|4|20|90|9,102|9,212|10,814|
|Total return allocated to income|14|4,948|795 -|(5,743)|||
|Other income|5|681|||681|118|
|Total income||13,122|1,240|3,916|18,278|20.412|
|EXPENDITURE ON:|||||||
|Charitable activities:|||||||
|Teaching, research and residential||12,972|1,301||14,273|12,847|
|Public worship|||||||
|Heritage|||||||
|Generating funds:|||||||
|Fundraising||614|||614|605|
|Trading expenditure||189|||189|(972)|
|Investment management costs||2|9|879|890|753|
|Total Expenditure|6|13,777|1,310|879|15.966|13,233|
|Net Income (Expenditure) before gains||"(655V|JM|'sflsT|2,312|7,179|
|Net (losses)/gains on investments|11,12,19|(21)|(96)|(9,751)|(9,868)|7,317|
|Net Income/(Expenditure)||(676)|TieeT|~WW}|(7,556)|14.496|
|Transfers between funds|19||(973)||||
|Other recognised gains/fosses|||||||
|Gains/(losses) on revaluation of fixed assets|||||||
|Actuarial gains/(fosses) on defined benefit pension schemes|||||||
|Net movement In funds for the year||~2ST|(1,139)|TeJW|(7,566)|14,496|
|Fund balances brought forward|19|25,732|5,368 -|190,404|221,494|206,998|
|Funds carried forward at 31 July||26,029|4,219 -|183,690 -|213,938|221,494|





|Comparative Information- Analysis of Movements on Funds|Comparative Information- Analysis of Movements on Funds|Comparative Information- Analysis of Movements on Funds||||||
|---|---|---|---|---|---|---|---|
||As at 31 July 2022||Incoming|Resources||As at 31 July 2023||
||||resources|expended|Transfers|Gains||
|||£'000|£'000|£'000|£'000|£'000 £'000||
|Endowment Funds - Permanent||||||||
|Permanent Endowment Fund||131,712|6.314|(609)|(3,567)|(6,764)|127,086|
|Brasenose income Capital Fund||12,384|606|(56)|(928)|(645)|11.361|
|Hulme Capital Fund||8,650|414|(41)|(261)|(443)|8.319|
|Tutoriat/Classics Fellowship Capitai Fund||2.355|116|(10)|(71)|(121)|2,268|
|Germaine Capital Fund||1,422|68|(6)|(43)|(73)|1,368|
|Undergraduate Bursary Capital Fund||968|47|(4)|(83)|(48)|900|
|Lucas Bequest Capital Fund||733|35|(3)|(23)|(38)|704|
|Kwai Cheong Graduate Studentship Fund||522|25|(2)|(16)|(27)|502|
|Gordon On- Bursary||450|20|(2)|(45)|(21)|402|
|Sir Christopher Wates Honour Bursary||261|12|(D|(16)|(13)|243|
|Jeffery Bequest (Mod Hist) Capital Fund||222|11|(2)|(7)|(11)|213|
|Mark Veil Honour Bursary||163||(D|(10)|(8)|152|
|The George Walker Honour Bursary||163||(1)|(10)|(B)|152|
|Profumo Capital Fund||156|||(5)|(8)|150|
|Mosse Honour Bursary||142||(1)|(9)|(7)|132|
|Peter Sinclair Honour Bursary||132|||(8)|(7)|123|
|David Watts Honour Bursary||131|||(8)|(7)|122|
|Peter Sands Honour Bursary||130||(1)|(8)|(6)|121|
|The Turner Family Honour Bursary||130||(1)|(8)|(8)|121|
|The Dermol (1951) S Gerard (1954)Dunphy||130||(1)|(8)|(8)|121|
|The Fotkman Honour Bursary||124||(1)|(8)|(6)|115|
|1974Bursaries(CO-ED)||122|||(8)|(6)|114|
|The Michael May Honour Bursary||104||(D|(6)|(5)|97|
|The KCM Honour Bursary||78||(1)|(4)|(4)|73|
|Rector of Didcot Capital Fund||52||1|(2)|(3)|so|
|Bride Mayor Honour Bursary||32|||(2)|(2)|30|
|Poor of Didcot Capital Fund||18||1|(1)|(1)|18|
|Reynolds Prize Capital Fund||17|||(1)|(D|16|
|Cox Trust Capital Fund (1518)||9||(1)|||8|
|Mortey Trust Capital Fund(1515)||6||(D|||5|
|Total Permanent Endowment||161,618|7,754|-JN5l.|(6,146)|(8;295)|155,086|
|||At 31 July|Incoming|Resources||Gains/|At 31 July|
|||2022|resources|expended|Transfers|(losses)|2023|
|||E'OOO|E'OOO|£'000|£'000|£'000|£'000|
|Endowment Funds - Expendable||||||||
|Brasenose Income Capita! Fund||5.805|327|(29)|370|(287)|6.186|
|Economics Fellowship Capital Fund||2.424|116|(12)|(73)|(124)|2,331|
|Garrick Law Fellowship Capital Fund||2,306|111|(11)|(71)|(118)|2,217|
|Jeffrey Cheah Fund-Capital Fund - FellowsshJf||2,165|102|(9)|(132)|(110)|2.016|
|Politics Fellowship Capital Fund||1,962|94|(10)|(61)|(100)|1,885|
|Hector Pilling Capital Fund||1,936|93|(10)|(60)|(99)|1,860|
|Fiddian Capita) Fund||1,770|85|(8)|(54)|(91)|1,702|
|Roger Thomas Bequest Cap Fund||1,611|77|(7)|(50)|(83)|1,648|
|Bedford Capital Fund||1,403|68|(7)|4|(73)|1.395|
|Kyprianou Grad Stud Capital Fund||1,007|54|(5)|88|(58)|1,086|
|Curran Capital Fund||943|46|(4)|(29)|(48)|907|
|Jeffrey Cheah Fund-Capital Fund - Graduate £||834|22|(2)|(388)|(24)|442|
|John Davies Endowment Fund||737|35|(3)|(24)|(38)|707|
|Cashmore Capital Fund||583|28|(2)|(20)|(30)|559|
|Biochemistry||597|191|(2)|(17)|(30)|739|
|Access & Outreach Capita! Fund||259|18||(9)|(13)|255|
|Expendable Endowment Fund||232|11|(D|(8)|(12)|224|
|The Ward Jones Bursaries||269|45|(1)|(8)|(13)|292|
|Stafford Bequest Capital Fund||210|10|(1)|(6)|(11)|202|
|Barry Nicholas Capital Fund||192|9||(8)|(10)|185|
|The Guy Scholarship||305|14|(1)|(9)|(15)|294|
|The Heffernan Sinclair Scholarship Fund||715|34|(5)|(19)|(37)|688|
|BNC Australia Scholarship Capital Fund||116|6|(D|(3)|(6)|111|
|Benefactions Capital Fund||113|5|w|(1)|(6)|110|
|Holroyd Cotlleu Noel Halt Capllal Fund||80|4|(1)|(2)|(4)|77|
|Thomas & Jones Capita! Fund||31|1|1|(1)|(2)|29|
|Taha Brown Scholarship||281|300|(2)|(8)|(14)|557|
|Total Expendable Endowment Funds 28,885|||1,905|-(134T|(697>|(1,456)|28,604|
|Total Endowment Funds . Group||190,404|9,669|(879)|(5,743)|~W6i)|183,690|
|||At 31 July|Incoming|Resources||Gains|At 31 July|
|||2022|resources|expended|Transfers||2023|
|||E'OOO|£'000|£'000|£'000|£'000|£'000|
|Restricted Funds||||||||
|Falrburn Legacy 1,757|||82|(8)|(52)|(88)|1.691|
|Fairburn Legacy - Income fund||||(35)|52||17|
|Chapel Organ|1,066|||(267)|||799|
|Fiddjan Income Fund 460|||||53||513|
|Deferred Capital Fund 238||||(7)|||231|
|The Ward Jones & The Guy Scholarship (Income fund)|||||17||17|
|The Crote Legacy 156||||(D|(S)|(8)|149|
|The Croje legacy - income fund|||||s||5|
|Chapel Celling||113|||(113)|||
|The Principals Conversations 95|||||||95|
|Hector Filling Income Fund 61|||||58||47|





|Lucas Bequest Income Fund 29||(2)|22||49|
|---|---|---|---|---|---|
|Donation for Jewish Country House Project (Gr 52||(13)|||39|
|Jeffery Bequest (Modem History) Income Fund 47||(S)|7||49|
|The Saven Gift 40|||(39)||1|
|Politics Fellowship Income Fund 44||(47)|59||56|
|Garrick Law Income Fund||(70)|70|||
|Chapel and Choir 27|||||28|
|Akers Jones Gift 18|||||18|
|Kyprianou Grad Stud Income Fund 21||(18)|34||37|
|The Wine Reserve Fund (Det favero) 10||(9)|||1|
|Cashmore Income Fund 18||(22)|5||1|
|Rector of Didcot Income Fund 14|||2||16|
|Access Programme|26|(28)||||
|Charles Skey|15|(15)||||
|The Boat club||||||
|Germaine Income Fund 36||(22)|||57|
|Modem Linguists Fund 6||||||
|The Fergus Miller Memorial Fund 8||||||
|TaHa Brown Graduate Studentship to support;||||||
|Stafford Bequest Income Fund 1 3|||||19|
|Poor of Didcot Income Fund 6|||1||7|
|John Davies End Fund 1 1||(15)|22||18|
|H.C.L. Noel Hall Income Fund 7||(3)|2|||
|Profumo income Fund 6||(4)|5|||
|Restricted Annual Fund 2||(6)||||
|Barry Nicholas Income Fund 2||(7)|6||1|
|Cox Trust Income Fund 3|||||3|
|Major Gifts Restricted Cheetham 5|||||6|
|Moriey Tmst income Fund 2|||||2|
|Restricted Annual Fund - George Walker Burss 1|||||1|
|Academic Excellence Annual Fund 1||(15)|8||1|
|Archive Fund|||113||113|
|Barton Economics Fellowship Inc Fund||(73)|73|||
|The Chapfains Fund 4||||||
|Clubs and Societies||(78)|76|||
|Curran Income Fund||(29)|29|||
|Frewin Annex Developmet 63|78||(141)|||
|Jeffrey Cheah Fund- Graduate Scholarship||(38)|38|||
|Jeffrey Cheah Fund-lncome Fund 55|||(55)|||
|Kwai Cheong Grad Studentship Income Fund||(32)|32|||
|Leanne Wells for Environmental Programs 814|||(814)|||
|Library and Archives Annual Fund|3|(3)||||
|Ukranian Student|20||||20|
|Niall Robinson - Ukraman Students displaced b 40||(16)|||24|
|Travel Grants - care Leavers|20|(4)|||16|
|Peter Moores Chinese Bus Stud Fund 2|44|(13)|||33|
|Restricted Annual Fund - Chairs||(8)||||
|Restricted Annual Fund - Harold Pan-||(8)||||
|Restricted Annual Fund - Kurt Beyer||(6)||||
|Restricted Annual Fund - North Yorkshire Oulre 5|||||5|
|Student Support Annual Fund||(58)|(62)||(9)|
|Tutorial/Classics Fellowship Income Fund||(71)|71|||
|Undergraduate Bursary Income Fund||(186)|186|||
|Total Restricted Funds - College & Group|~445~|(1,310)|TJ787||4,219|
|Restricted funds held by subsidiaries||||||
|Total Restricted Funds - Group<br>5,358|-445~|(1,310)|am|7987|4.219|
|Designated Funds||||||
|£8M Loand Repayment Fund (+E105R, repay2044)|||105||105|
|£9M Loan Repayment Fund. (+£56k, repay 2048)|||775||775|
|Housing Loan Fund 1,578|||(20)||1,558|
|Frewin New Build Accomodatlon 3.328|||(2,514)||814|
|Lecture Room Xf||||||
|Loan Repayment Fund 695|||(694)||1|
|Roger Thomas Bequest Income Fund||||||
|Designated Legacies Fund (PIRG)||||||
|Reynolds Prize Inc Fund 1|||1||2|
|Thomas & Jones Inc Fund 2|||1||3|
|Benefactions Income Fund 7|||3||10|
|Nuime Income Fund|103|(11)|(92)|||
|Bedford Income Fund||||||
|Benefits Income Fund||||||
|Junior Research Income Fund||||||
|BNC Charitable History Income Fund||||||
|BNC Charitable Law Income Fund||||||
|Clifford Press Donation FY 22 201|||||201|
|Brasenose Scholarship Income Fund||||||
|Michael Woods Income Fund||(1)|1|||
|Unrestricted/Greatest Need Annual Fund (1)|353|(224)|(84)||44|
|Unrestricted Donation Chew||||||
|JCR Dllapldation Fund 13|||||13|
|HCR Dllapidalion Fund 16|||||16|
|Boat Club Capital Fund 10|||||10|
|BNC Australia Scholarship income Fund||(5)|5|||
|Global History of Capitalism 65|5|(10)|(1)|||
|Delafield Fund|79||(79)|||
|Total designated funds - College & Group<br>-5,916-|-539-|-(250l|-(2,693T||~3,61T|
|Pension Resen/e|||(318)||(2,331)|





|General Resen/e (Consolidated)|21,367|1,332|(7,544)|9,022|(21)|24,166|
|---|---|---|---|---|---|---|
|Unrestricted funds held by subsidiaries|463|6.303|(5,722)|(451)||592|
|Revaluation resen/e|||||||
|Transfers|||(123)|123|||
|General Funds - Group|21.830|7,635|(13,389)|8,694|(21)|24,748|
|Total Unrestricted Funds " Group|25,732|~S^74'|(13.639)|'5J83'|(21)|26,028|
|Total Funds - Group|221,494|18,278|(16,828)|TIMT|(9,868)|213,938|