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2021-07-31-accounts

Corpus Christi College OXFORD Report Financial Statements Year Ended 31 July 2021 Charity Registration Number. 1143714

TABLEOF CONTENTS
MEMBERS OFTHE GOVERNING BODY 3
COLLEGE COMMITTEE STRUCTURE 4
EXTERNAL COMMITTEE MEMBERS
COLLEGE SENIOR STAFF 5
COLLEGE ADVISERS
ANNUAL REPORT FORTHE YEAR ENDED 31JULY2021 7
REFERENCE AND ADMINISTRATIVE INFORMATION 7
College address 7
STRUCTURE, GOVERNANCE AND MANAGEMENT 7
Governing
documents		 7
Governing
Body		 7
Recruitment
and training		 ofMembers ofthe Governing Body 8
Remuneration
ofMembers		 ofthe Governing Body 8
Organizational
management		 8
Governance 9
Group structure
and relationships		 9
OBJECTIVESAND ACTIVITIES 11
Charitable
Objects and Aims		 11
Activities and Objectives ofthe College 11
Public benefit 12
ANNUAL REVIEW OFACHIEVEMENTS AND PERFORMANCE 13
President's
Perspective		 13
Academic Performance 14
Outreach and Admissions 15
Domestic Bursar's Report 17
Development 18
Risk Management 18
FINANCIAL REVIEW 20
Endowment
Performance		 Context 20
Investment
Performance
Review 2020/2021		 20
Portfolio Initiatives 21
Environmental,
Social and		 Governance
(ESG)		 22
Outlook 23
STATEMENT OFACCOUNTING AND REPORTING RESPONSIBILITIES 24
REPORT OFTHE AUDITORS 25
STATEMENT OFACCOUNTING POLICIES 28
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY2021 34
Prof Colin Akerman 2008
Prof David Armstrong 2017
Prof Alastair Buchan 2009
Prof Giovanni
Capoccia		 2003
Dr Paul Dellar 2007
Prof James Duff 2016
Prof Marion Durand 2019
Dr Matthew
Dyson		 2016
Prof Jas' Elsner 2000
Prof Liz Fisher 2000
Prof Andrew
Fowler		 1985
Prof Nicole Grobert 2012
Prof Constanze
Guthenke		 2014
Prof Stephen
Harrison		 1987
Prof Peter Hore 1983
Prof Marek Jankowiak 2018
Prof Michael Johnston 2002
Prof Hans Kraus 1996
MsLizL
le		 January 2021
Revd Canon Dr Judith Maltb 1993
Prof Michael
Martin		 2018
Dr Neil McLynn 2007
Prof Jeff McMahan 2014
Mr Nicholas
Melhuish		 2018
Dr Helen Moore 1996
Prof Robin Murphy 2009
Prof Peter Nellist 2006
Prof Judith Olszowy-Schlanger 2018
Prof Pier Palamara 2017
Prof Katherine
Paugh		 2017
Prof Tobias Reinhardt 2008
Mr Andrew
Rolfe		 2014
Prof David Russell 2015
Prof Mark Sansom 2011
Prof Kathryn Stevens September 2020
Prof Pawel Swietach 2010
Prof John Watts 1997
Dr Mark Wormald' 2000
Prof Mark Wrathall 2017

Investment Investment Nlana Nlana ers Oxford University Oxford University Oxford University Endowment Management
(OUem)
King Charles House
Park End Street
Oxford
OX1 1JD
Pro ert Mana er Bidwells
Seacourt Tower
West Way
Oxford
OX2 OJJ
Auditor Critchleys
Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Bankers Royal Bank ofScotland
Drummond House (EW) Branch
Drummond House
1 Redheughs Avenue
Edinburgh
EH12 9JN
Le al Advisers Farrer &Co
66 Lincoln's Inn Fields
London
WC2A 3LH

Asset Class Asset Class Target Exposure Max Range Min Range
to 30/6/202/'
Equities 60'/o 64'/a 65'/o 45'/o
Public 40'/o 42'/o 50o/a 20'/o
Private 20a/o 22 /a 30o/o 0'/o
Absolute Return &Credit 15o/a 8o/a 25o/o 15o/o
Property 35'/o 33'/o 40'/o 30'/o
Cash (net ofborrowings) 15o/o 15o/o 0'/o 10o/
Total 100'/o 100'/o n/a n/a

Unrestricted Restricted Endowed 2021 2020
Funds Funds Funds Total Total
Notes 2'000 2'000 2'000 6'000 2'000
INCOME AND ENDOWMENTS FROM:
Charitable
activities:
Teaching, research and residential 3,411 3,411 3,522
Donations and legacies
Investments		 301 441 1,127 5,848
Investment
income		 3 1,745 1,745 1,782
Total return
allocated to income		 13 5,129 (5,129)
Other income 4 285 285 346
Total income 9,126 385 (2&943) 6,568 11,298
EXPENDITURE ON:
Charitable
activities:
Teaching, research and residential 7,771 86 7,857 8,421
Generating
funds:
Fundraising 218 218 341
Trading expenditure
Investment
management		 costs 1,335 1,335 1,349
Total Expenditure 7,989 86 1,335 9,410 10,111
Net Income/(Expenditure)
before gains		 1,137 299 (4,278) (2,842) 1,187
Net gains/(losses)
on investments		 11,12 212 32,375 32,587 2,098
Net Income/(Expenditure) 1,349 299 28,097 29,745 3,2&5
Transfers between funds 17
Other recognised gains/losses
Gains/posses)
on revaluation		 offixed assets
Actuarial gains/(losses)
on defined benefit pension schemes
Net movement
In funds forthe		 year 1,349 299 28,097 29,745 3,285
Fund balances
brought
forward		 17 18,151 6,547 166,841 19'I,539 188,254
Funds carried forward at 31July 19,500 194,938 221,284 191,539

2021 2020
Notes 6'000 5'000
FIXEDASSETS
Tangible assets 9 171177 16,142
Heritage assets 10
Property investments 11 60,888 57,757
Other Investments 12 174,956 143,817
Total Fixed Assets 253,021 217,716
CURRENT ASSETS
Stocks 204 200
Debtors 14 318 877
Investments
Cash at bank and in hand 1,655 5,773
Total Current Assets 2I177 6,850
LIABILITIES
Creditors: Amounts falling due within one year 15 1,759 1,378
NET CURRENT ASSETSI(LIABILITIES) 418 5,472
TOTAL ASSETSLESS CURRENT LIABILITIES 253,439 223,188
CREDITORS: falling due after more than one year 16 31,000 30,000
Provisions for liabilities and charges
NET ASSETSl(LIABILITIES) BEFOREPENSION ASSETOR LIABILITY 222,439 193,188
Defined benefit pension scheme liability 21 1,155 1,649
TOTAL NET ASSETSI(LIABILITIES) 221,284 191,539
FUNDS OFTHE COLLEGE
Endowment
funds		 17 194,938 166,841
Restricted funds 'l7 6,846 6,547
Unrestricted
funds
Designated
funds		 17 19,435 18,400
General funds 17 1,220 1,400
Pension reserve 21 (1,155) (1,649)
221,284 191,539

2021 2020
Notes 6'000 F'000
Net cash provided
by (used in) operating		 activities 24 (3,159) (916)
Cash flows from investing
activities
Dividends,
interest and rents from investments		 1,745 1,782
Purchase ofproperty,
plant and equipment		 (2,052) (1,975)
Proceeds from sale ofinvestments
Purchase ofinvestments
Net cash provided
by (used In) investing		 activities 20,764
(22,447)
~(4,990		 20,788
~17.403)
3,102
Cash flows from financing
activities
Receipt ofendowment 278
Net cash provided
by (used in) financing		 activities 276
Change
in cash and cash equivalents
in the		 reporting period (4,708) 2,462
Cash and cash equivalents
atthe beginning		 ofthe
reporting
period		 5,773 3,749
Change
in cash and cash equivalents
due to		 exchange
rate movements
Cash and cash equivalents
at the end ofthe		 reporting
period 25 1,655 8,211

2021 2020
Teaching, Research and Residential E'000 E'000
Unrestricted
funds
Tuition fees - UK and EU studenls 1,788 1,705
Tuifion fees - Overseas students
Other fees 15 54
Other HEFCE support 129 152
Other academic income 84 68
College residential
income
Total Teaching, Research and Restdential		 1,395
3,411		 1,543
3,522
Total Income from charitable
activities		 3,411 3,522

2021 2020
E'000 E'000
Donagons and Legacies
Unrestricted
funds		 301 1
Restricted funds 385 5,371
Endowed
funds		 441 276
1127 5,648
INVESTMENT INCOME
2021 2020
E'000 E'000
Unresfricfed
funds
Bank interest
Other interest
17
Endowed funds
Agricultural
rent		 563 616
Commercial
rent		 829 756
Other property income 349 339
Equitydividends 4 54
Income from lixed interest stocks
Interest on fixed term deposils and cash
Other investment income
Bank interest
Other interest
1,745 1,765
Total Investment income 1,745 1,782
OTHER INCOME
2021 2020
E'000 E'000
HMRC CJRS income 285

5 ANALYSIS OF EXPENDITURE ANALYSIS OF EXPENDITURE
2021 2020
r.'000 5'000
Charitable
expenditure
Direct staff costs allocated to:
Teaching, research and residential 4,224 4,265
Other direct costs allocated to:
Teaching, research and residential 2,835 3,142
Support and governance
costs allocated		 to:
Teaching, research and residential 798 1,014
Total charitable
expenditure		 7,857 8,42'I
Expenditure
on raising funds
Direct staff costs allocated to:
Fundraising 170 252
Trading expenditure
Investment
management		 costs
Other direct costs allocated to;
Fundraising 61 80
Trading expenditure
Investment
management		 costs 536
Private placement fees and interest 798
Support and governance
costs allocated		 trx
Fundraising
Trading eigmnditure		 (13)
Investment
management		 costs 1
Total expenditure
on raising funds		 1,553 1,690
Totalexpenditure 9,410 10,111
2021 2020
Total Total
Induded within the resources expended above are: 5'000 ET)00
Stock recognised as an expense in the year (4)

Teaching
Generating and 2021
Funds Research Total
E'000 E'000 E'000
Financial administration 10 483 493
Domestic administration 32 32
Human resources 17 17
IT 254 254
Deprectafion 427 427
Loss/(profit) on fixed assets
Other finance charges
Governance
costs		 (24)
2		 (470)
55		 (494)
57
(12) 798 786
Teaching
Generating snd 2020
Funds Research Total
E'000 E"000 F'000
Financial administration 10 491 601
Domesfic administrafion 31 31
Human resources 17 17
IT 249 249
Depreciation 209 209
Loss/(profit)
on fixed assets
Other finance charges
Governance
costs		 (3)
4		 (52)
69		 (65)
73
4
Financial and domestic administration, ITand human resources costs sre attributed according to the estimated staff time spent on each activity.
Depreciation costs and profit orloss on disposal offixed assets sre attributed according to the use made of the underlying assets.
Interest and other finance charges are attributed according tothe purpose of the related financing.
Governance costs are allocated to the core charitable acbvity oftuition.
2021 2020
E'000 E'000
Governance costs comprise:
Auditor's
remunerafion		 -audit services 18 19
Auditor's
remuneration		 -other services
Other governance
costs		 39 54
No amount has been included in governance costs for the direct employment costs orreimbursed expenses of the College Fellows on the basis that these
payments
relate to the Fefiows involvement
in the
induded asa separate note within these financia		 Cofiege's charitable
statements.		 activities. Details ofthe remuneration of the Fellows and their reimbursed
expenses		 sre

GRANTS AND AWARDS 2021 2020
E1I00 E1IOO
During the year the College funded research awards snd
bursaries to students
from		 its restricted and
unrestricted
fund as follows:
Unrestricted
funds
Grants to individuals:
Scholarships,
prizes and grants		 189 188
Bursaries and hardship awards 189 112
Total unrestricted 378 300
Total grants and awards 378 300

8 STAFF COSTS
2021 2020
The aggregate
staff costs for the		 year were as follows. E'000 E'000
Salaries and wages
Social security costs		 3,613
329		 4,204
362
Pension costs:
Detined benefit schemes - contributions
in year
Defined benefit schemes - movement
in provision		 1,078
(494)		 663
(55)
4,626 5,174
The average number of employees ofthe College, excluding Trustees,
on a full time equivalent basis was as follows. 2021 2020
Tuition and research 4 4
College residential 57 56
Fund raising 1
Support 12 12
Total 74 73
The average number of employed College Trustees during the year was as follows.
University
Lecturers		 16 15
CUF Lecturers 8 7
Other teaching and research 3 5
Other 6 5
Total 32 32

DEBTORS
2021 2020
E'000 E'000
Amounts
faIling due within one year:
Trade debtors 157 274
Amounts
owed by College members		 32 4
Amounts
owed by Group undertakings
Loans repayable
within one year		 9 4
Prepayments and accrued income 48 450
Other debtors 59 128
Amounts
falling due after more than one year:
Loans 13 17
318
CREDITORS: faIling due within one year
2021 2020
E'000 E'000
Trade creditors 673 319
Amounts
owed		 toCollege Members
Amounts
owed		 to Group undertakings 64 69
Taxa5on and social security 125 90
College contribu5on 112
Accruals and deferred income 741 690
Other creditors 156 98
1,759 1,378
CREDITORS: falling due after more than one year
2021 2020
E'000 E'000
Bank krans 1,000
Other creditors 30,000 30,000
31,000 30,000

ANALYSIS OF laOVE5IIENTS ON FUNDS ANALYSIS OF laOVE5IIENTS ON FUNDS
At 1 August
2020		 Incoming
resources		 Resources
expended		 Transfers Gains/
(losses)		 At31July
2021
r.'000 6'000 5'000 6'000 L'000 2'000
Endowment
Funds
~Permanent
General purpose funds 117,837 1,395 (1,165) (3,756) 23,083 137,394
Fellowship
funds
Junior Research Fellowship
funds
Fabric and building
funds
Student support funds
Other teaching
funds
Library funds
Other purpose
funds		 5,482
1,526
5,208
3,617
410
56
118		 88 (166)
(43)
(215)
(90)
(1?)
(2)		 1,263
104
1,264
765
99
'l4
23		 6,667
1,589
6,257
4,292
492
68
14?
Clubs funds
Pate fund		 247
14,094		 (170) (8)
(179)		 60
1,656		 299
15,750
Endowment
Funds - Expendable
General purpose
funds
Fellowship
&JRFfunds
Student supportfunds
Other teaching
funds		 11,731
2,385
3,379
193		 1
231
1'l6		 (381)
(119)
(122)
(6)		 2,859
484
521
46		 14,210
2,981
3,894
231
Library funds 526 (22) 128 632
Other purpose funds
Total Endowment
Funds		 - College 30
166,841		 2,186 ~7,335 (1)
~5,129		 6
32,375		 35
183838
Restricted Funds
Transfers
from specific purpose endowments		 for
spending
Special Collections Centre fund
Teaching end research funds		 6,128
166		 200
81		 (?)
(41)		 6,321
206
Student supportfunds 253 73 (37) 289
Other purpose funds
Total Restricted Funds -		 College 6,547 31
385		 (1)
~86		 30
8,846
Unrestricted
Funds
General
Special Collections Centre		 fund 1,400
2,258		 3,997 (8,483) 4,094 212 1,220
2,258
Designated
properly project funds
Fixed asset designated
fund		 16,142 1,035 17,177
Pension resenre
Total Unrestricted
Funds		 ~College (1,649)
18,151		 3.997 494
~7,989		 5,129 212 (1,155)
19,500
Total Funds 191,539 6,568 (9,410) 32,587 221,284

The following
is a		 summary summary ofthe origins and purposes and purposes ofeach ofthe Funds
EndowmentFunds -Permanent:
General purpose funds A consolidation
ofgitts and donations		 where income, but not capital, can be used for the general
purposes ofthe charity.
Fellowship,
Junior Research Fellowship,
building,
Student support,
Other leaching,		 Fabric and
Librar)r, Clubs		 Capital balance ofpast donations
where related income, but not the original capital, can be used for
named specific purposes.
and Other purpose funds
Pate l'und Capital balance ofthe Pate Charity, a fund that was previously
an exempt		 charity, snd is now in the
process ofbeing registered
with the Charity Commission asa constituent		 charity with the College. 75%
otthe net total return
drawdown
arising from the fund is payable to Pate's		 Grammar
School Foundabon.
The remaining
25%ofthe net total return
drawdown
is avafisble for the general purposes ofthe College
and hence is allocated to unrestricted funds.
EndowmentFunds -Expendable:
Generalpurposefunds A consolidsfion
ofgifts snd donations		 where either income, or income and capital, can be used for the
general purposes ofthe charity.
Fellowship.
Student support,
Other purpose funds		 Other teaching, Library and Capitai balance ofpast donafions when. related income, or income and capital, can be used for named
specific purposes.
Restricted Funds:
Special Collections Centre I'und Funds that must be applied tospedfic fixed asset projects.
Teaching and research, student support and
purpose funds		 other Funds where both income and capital can be used for named restricted purposes.
Designated
Funds
Special'Collections Cenlre fund Unrestricted
Funds allocated
by the Trustees for the 2017building
fund.
Fixed asset designated
fund		 Unrestricted
Funds which are represented
by the fixed assets ofthe Cofiege snd therefore not available
for expenditure
on the College's general purposes.
The General Unrestricted
 Funds represent accumulated income from the College's acfivities and other soutces that are avafiable for the general purposes ofthe

Deficit Recovery Plans
In line with FRS102paragraph
28.11A,
assumptions
used in these calculations		 the College has recognised a liability for the contributions
are tabled below:		 payable forthe agreed deficit funding plan. The principal
OSPS USS
Finish Date for Defidt Recovery Plan 30/01/28 3'I/03/28
Average Sta/f Number Increase 0-3,0% 0-2.0%
Average staff salary increase 2.00% 2.00%
Average discount rate over period 0.74% 0.63%
Effect of0.5%change
in discount rate		 821k 85k
Effect of1%chan e in staff
rowth		 623k 628k

2021 2020
6'000 6'000
13 17

a) Consolidated
Statement		 ofFinancial Activities ofFinancial Activities
Year ended 31July 2020 Unrestricted Restricted Endowed 2020 2019
Funds Funds Funds Total Total
6'000 6'000 5'000 6'000 6'000
INCOME AND ENDOWMENTS FROM:
Charitable
activities:
Teaching, research and residential 3,522 3,522 4,366
Donations
and legacies		 1 5,371 276 5,648 952
Invesbnents
Investment
income		 17 1,765 1,782 1,761
Total return
allocated to		 income 4,049 1,097 (5,146)
Other income 346 346
Total income 7,936 6,468 (3,106) 11,298 7,079
EXPENDITURE ON:
Charitable
activiues:
Teaching, research and residential 7,182 1,239 8,421 9,590
Generating
funds:
Fundraising 341 392
Investment
management		 costs 1,347 1,349 1,198
'Total Expenditure
Net Income/(Expenditure)		 before gains 7,525
410		 1,239
5,229		 1,347
~4,452		 10,111
1.151		 11,180
~4454
Net gains/(losses)
on investments		 2,098 2,098 13,528
Net Income/(Expenditure) 410 5,229 (2,354) 3,285 9,427
Transfers
between funds		 725 (725)
Net movement
in funds for the year		 1,135 4,504 (2,354) 3,285 9,427
Fund balances brought
forward		 17,016 2,043 169,195 188,254 178,827
Funds carried forward at 31July 18,151 6,547 166,841 191,639 188,254
) Property Investments
This note provides the comparative figures for Note 10. 2020 2019
Agricultural Commercial Other Total Total
5'000 5'000 6'000 6'000 6'000
Valuation at slart ofyear 34,039 15,250 S,S60 54,849 53,375
Additions
and improvements		 atcost 2,553
Disposals (2,553)
Revaluation
gains/(losses)		 in the year 2,908 2,908 1,474
Valuation at end ofyear 36,947 15,250 5,560 57,757 54,849

This note provides the comparative This note provides the comparative This note provides the comparative figures for Note 12. Permanent Endowment Expendable Total
Unapplied Endowment Endowments
Trust for Total
Investment Return Total
E'000 6'000 6'000 E'000 6'000
At the beginning
ofthe year:
GIR component ofthe permanent endowment 54,109 54,109 54,109
Unapplied
total return		 95,695 95,695 95,695
Expendable
endowment		 19,391 19,391
Total Endowments 54,109 95,695 149,804 19,391 169,195
Movements
in the reporgng
period:
Gift ofendowment
funds		 1 275 276
Recoupment
oftrust for investment		 1,758 1,758 7 1,765
Allocation
fram trust for investment
Investment
return: dividends
and interest
Investment
return: realised and		 unrealised
gains and losses		 2,128 2,128 -30 ¹REFI
Less: Investment
management
Other transfers
Total		 coals (528)
3,358		 (528)
3,359		 (819)
(567)		 (1,347)
¹REF!
Unapplied
total return allocated to income in the reporting
Expendable
endowments
transferred
to income		 period (4,566) (4,566) ~000 (4,566)
~000
(4,566) (4,566) (5&0) (5,146)
Net movements
in reporting
period		 (1,208) (1,2D7) (1147) ¹REFI
Atend ofthe reporting
period:
Gift component
ofthe permanent		 endowment 54,110 54,110 54,110
Unapplied
total return		 94,487 94,487 94,4&7
Expendable
endowment
Total Endowments		 540'f10 94,487 148,597 18,244
18,244		 18,244
166,&41

This note provides
the comparative		 figures for Note 17.
At 1August
2018
E'000		 Incoming
resources
E'000		 Resources
expended
E"000		 Transfers
E'000		 Gainer
(hsses)
E'000		 At 31July
2020
E'000
Endowment
Funds - Permanent
General purpose
funds
Fellowship
funds
Junior Research Fellowship
funds
Fabric and building
funds
Student support funds
Other teaching
funds
Library funds
Other purpose
funds
Clubs funds
Pate fund		 118,241
5,670
1,530
S,394
3,754
424
58
120
254
14,375		 1,420
339		 (432)
(6)
(6)
(4)
(96)		 (3,679)
(151)
(149)
(114)
(12)
(2)
(1)
(6)
(452)		 2,287
(31)
(2)
(31)
(19)
(2)
(1)
(1)
P2)		 117,837
5,482
1,628
5,208
3&617
410
56
118
247
14,094
Endowment
Funds - Expendable
Generalpurpose
funds
Fellowship
&JRFfunds
Student support funds
Other teaching
funds
Library funds
Other purpose funds
D Fund
TotalEndowment
Funds -College		 11,204
2,422
3,284
199
545
31
1,690
169,195		 7
80
195
2,541		 (2)
(2)
(1)
(798)
~1.347		 522
(103)
(86)
(5)
(15)
(t)
(892)
~5,146		 (2)
(12)
(12)
(1)
(3)
2,098		 11,731
2,385
3,379
193
526
30
166,841
Restricted Funds
Transfers
from specific purpose endowments		 for
spending
Property project funds
Teaching and research funds
Student support funds
Olher purpose funds
Total Restricted Funds - College		 1,810
122
109
2
2,043		 5,026
98
228
19
5.371		 (1,097)
(19)
(54)
(50)
(19)
~1,235		 1,097
(689)
(34)
(2)
372		 6,128
166
253
Unrestricted
Funds
General
Ubrary and Archive Centre fund
Designated
property project funds
Fixed asset designated
fund
Pension reserve
Total Unrestricted
Funds - College		 885
2,258
1,200
14,377
(1,704)
17,016		 3,&86
3.886		 (7,5&0)
55
~525		 4,209
(1,200)
1,765
4,774		 1,400
2,258
16,142
(1,649)
18,151
TotalFunds 188,254 11,298 (10,111) 2,098 191,539