Corpus Christi College OXFORD TABLE OF CONTENTS TABLE OF CONTENTS MEMBERS OFTHE GOVERNING BODY COLLEGE CoMMI￿EE STRUCTURE EXTERNAL cOMMI￿EE MEMBERS COLLEGE SENIOR OFFICERS COLLEGE ADVISERS ANNUAL REPORT FOR THEYEAR ENDED 31 JULY2023 REFERENCE AND ADMINISTRATIVE INFORMATION College address STRUCTURE, GOVERNANCEAND MANAGEMENT Governing documents Governing Body Recruitment and training ofmembers of the Governing Body Remuneration of Members of the Governing Body Organizational Management and Governance Gmup structure and relationships OBJECTIVES AND ACTIVITIES Charitable Objects andAims Activities and Objectives of the College Public benefit ANNUAL REVIEW OF ACHIEVEMENTSAND PERFORMANCE Presidents Perspective Academic Perforniance Outreach andAdmissions Domestic Bursar's Report Development The Spencer Building Risk Management FINANCIAL REVIEW Financial Highlights College Financial Perforniance Endowment Perf0rn7ance and Commentary AssetAllocation Environmental, Social and Governance (ESGJ Investment Outlook 10 11 li li 12 13 13 14 15 17 18 20 21 22 22 22 23 25 25 26 srATEMENT OF ACCOUNTING AND REPORTING RLSPONSIBILITIES 27 REPORT OF THE AUDITORS 28 STATEMENT OF ACCOUNTING POLICIES 33 FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 JULY 2023 39 Page-2-of58 MEMBERS OF THE GOVERNING BODY The Members of the Governing Body are the College's charity trustees under charity law. Those members of the Governing Body who served as trustees during the year or subsequently are detailed below. For continuing Members of the Governing Body. the year of their original appointment is noted. Prof Colin Akemian Prof David Amislron Prof Alastair Buchan Prof Giovanni Ca occia Prof Michael Cotterell Dr Paul Dellar Prof James D Prof Susanna Dunachie Prof Marion Durand Prof Matthew D son Prof Jas, Elsner Prof Li2 Fisher Prof Nicole Grcthrt Prof Constanze Guthenke Prof Ste hen Harrison Prof Michael Johnston Prof Hans Kraus Prof Rebekah Lee Ms Elizabeth L le Prof Michael Martin Dr Neil M¢L nn ProfJeff Mcmahan Mr Nicholas Melhuish Prof Helen Moore Prof Robin Mu Prof Peter Nellist 2008 2017 2009 2003 2023 2007 2016 2021 2019 2016 1999 1999 2012 2014 1987 2002 1996 2022 2021 2018 21))7 2014 2018 1996 2009 Prof Simon Newstead 2023 inted 1* Janua 2023 2018 2021 2017 2017 2021 Prof Judith Olszo -S¢hlan Dr Esther Osorio Whewell Prof Pier Palamara Prof Katherine Pa Prof Giuse pe Pezztni Prof Tobias Reinhardt Mr And￿W Rolfe Prof Kath Stevens Prof Pawel Swetach Prof John Watts Dr Mark Wormald Prof Mark Wratham er 2014 2020 2010 1997 21X)O 2017 Elected representatives of graduate and undergraduate student members attend Governing Body meetings. Page-3-of58 COLLEGE COMMITTEE STRUCTURE During the year, the main activities of the Governing Body were carried out through various committees supported by a nominated officer, and these are listed below: Academic (Senior Tutor}, incorporating Library (Fellow Librarian) Audit (External Chair - see below) Development (Development Director) Fellowships (President) Finance & General Purposes (Bursar) Endowment (Bursar) IT & Compliance (Bursar) Remuneration (External Chair- see below) Sustainability & Buildings (Domestic Bursar) In addition, there are several other committees, which convene for specific purposes. These include a Joint Committee with student members, representatives of which attend Governing Body, the Welfare Policy Committee which considers important matters of welfare policy and the Maintenance Support Committee which allocates College funding to those students suffering legitimate financial hardship. EXTERNAL COMMITTEE MEMBERS Audit Committee: Mr Guy Morton {2019) Ms Susan Perry (2019) Mr Paul Ralley (2019) Ms Louise Sykes (2019) Endowment Adviso Board: Mr David Bloch (2016) Mr Grady Durham (2006) Mr Richard Fitzalan-Howard {2005) Mr Jonathan Garner (2017) Mr Malcolm King (2016) Baron Nash of Ewelme (2004) Mr Christopher Wright (2006) Mr Felix Neate (2021) Mr Quintin Price {2023) Pro Adviso Board Mr Malcolm King (2016) Mr Richard Batten {2021) Mr David Bloch (2016) Mr Peter Clegg (2019) Page-4-of58 Remuneration Committee.. Mr Stuart Laing MA MPhil (2019) Prof Jane Endicott (2019) Prof Robin Osborne (2019) Prof Jaideep Pandit (2019) SENIOR COLLEGE OFFICERS The senior officers of the College who are responsible for the day to day management of the College were as follows during 202312024: Presldent Professor Helen Moore (2018) Bursar Mr Nicholas Melhuish (2018) Domestic Bursar Mr Andrew Rolfe (2014) Page-5-of58 COLLEGE ADVISERS Investment Mana ers Oxford University Endowment Management (OUEM) King Charles House Park End Street Oxford OX1 1JD Pro Mana er Bidwells Seacourt Tower West Way Oxford OX2 OJJ Auditor Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX12EP Bankers Royal Bank of Scotland Drummond House (EW) Branch Drummond House 1 Redheughs Avenue Edinburgh EH12 9JN al Advisers Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Page-6-of58 ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2024 The Members of the Governing Body present their Annual Report for the year ended 31 July 2024 under the Charities Act 2011 together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The President and Scholars of the College of Corpus Christi in the University of Oxford, which is known as Corpus Christi College, ('the College.) is an eleemosynary chartered charitable corporation aggregate that was founded by Richard Fox, Bishop of Winchester, in 1517. College address Merton Street Oxford OX14JF Website: www.ccc.ox.ac. uk The College registered with the Charities Commission on the 8th September 2011 {registration number 1143714). The names of all Members of the Governing Body at the date of this report. and of those in Offi￿ during the year, together with details of the senior stsff and advisers of the College, are given above. STRUCTURE, GOVERNANCE ANJD MANAGEMENT Governing documents The College is governed by its Charter dated 1517, its Statutes, and the associated Regulations. The College Statutes were most recently updated and approved by Her Majesty in Privy Council in February 2020. Governing Body The Governing Body is constituted and regulated in accordan￿ with the College statutes, the temis of which are enforceable ultimately by the Visitor, who is the Bishop of Winchester. The Governing Body is largely self-appointed with new members elected on their academic standing and on their frtness to hold senior office in The University of Oxford (the "University"), or in the College itself. The Governing Body determines the strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly under the chaiipersonship of the President and is advised by nine main sulF Page-7-of58 committees, which include designated college officers, and a number of other committees that meet for specific purposes. Recruitment and training of Members of the Governing Body Ad hoc advisory appointment committees, which normally comprise a minimum of three members of the Governing Body, and which report to the full Governing Body, recruit new members. Each new member is inducted into the workings of the College, including Goveming Body policy and procedures, by the President and Bursars. As Trustees, members of Governing Body are subject to periodic review in line with Charity Commission best practi￿. Members of the Goveming Body attend external trustee training and information courses to keep them informed on current issues in the sector and on regulatory requirements. Remuneration of Members of the Governing Body Members of the Goveming Body who are predominantly teaching andlor ￿Search Fellows receive no remuneration or benefits from their trusteeship of the College. Those trustees that are also employees of the College receive remuneration that is based upon the advice of the College's Remuneration Committee which is constituted with a majority of independent and external members. Members of the Remuneration Committee who are Fellows, are not in re￿Ipt of remuneration from the College. The Chair is an independent and external appointment generally of an individual possessing knowledge of the education sector and contemporary HR management practice. External members are not remunerated and act "pro bono.. Organizational Management and Governance Last year the organisation of the College's committees was reviewed. Whilst no additional committees were created, the remFt of the former Finan￿ & Budget Committee was extended to cover non-academic HR matters and it was renamed Finance & General Purposes Committee. There was also a re-phasing of committees to ensure that business flowed seamlessly for final review by the Trustees sitting as Governing Body. As anticipated this new arrangement was reviewed at the end of the Academic Year and it was agreed that the new phasing worked well although the timings of some committees were changed to avoid pinch points. It was agreed that the third Governing Body meeting of term would be retained but with the explicit purpose of being used for strategic or other matters that required greater consideration by Governing Body than routine business. For example, one Governing Body in Trinty Term was used for a comprehensive review of the Endowment. Governing Body considered that this approach enhances the College's governance processes. This year work will commence on ensuring that Governing Body, via the committee structure, is able to properly monitor and manage governance matters broadly. This may lead to the creation of a Regulatory and Governance Committee ('RaGCo°). Page-8-of58 Committees that meet on a regular schedule carry out the work of developing policies and monitoring the implementation of these. The Academlc Committee (nine times yearly) supeNises the academic activities of the College, and advises Governing Body on academic strategy. The Finance & General Purposes Committee {six times yearly) advises on all financial matters including setting the overall budget. It scrutinizes the budgets of and spending within each individual department and recommends all matters of investment and expenditure to the Governing Body. It also has responsibility for HR matters. Development Committee (three times yearly) makes recommendations on fundraising and alumni strategy for the College and reports on fundraising performan￿. It also allocates unrestricted donations made during the year. IT & Compliance Committee (three times yearly) oversees the College's IT infrastructure and reviews its compliance with multiple regulators, rules and regulations. Sustainablllty & Buildings Committee (three times yearly) advises on how the College can reduce its impact on the environment by improving the sustainability of its operations and investments, and embedding sustainability into its decisions and process. This Committee also advises on the assessment of planned and response maintenance requirements, prioritising proposals for approval. In addition, this Committee oversees major build project proposals and their delivery. The Remuneration Commlttee (annual) meets under an external independent chairperson, and makes recommendations on the emoluments of senior college staff. and on the routine alloWan￿S and stipends paid to Fellows. The Audlt Committee (annual) meets under an external independent chairperson. and provides advi￿, guidance and support to the Governing Body to enable it to discharge its duties in relation to risk management and financial govemance. Additionally, the Endowment Sub-committee (whose membership is limited to Fellows and Trustees) is advised by two Advisory Boards consisting of experts in the fields of listed and non-listed investments as well as property. Through this mechanism, Trustees discharge their duty of being properly advised with respect to the College Endowment. The Endowment Advlsory Board (four times yearty) reports to the Finan & General Purposes Committee via the Endowment Sub-committee. It is chaired by Mr David Bloch and is advised by a minimum of two external financial advisors who assist in the review of investment perf0rrnan￿ and the scrutiny of investment proposals. In conjunction with Ouem, the Advisory Board satisfy the requ irement for the Trustees to be appropriately advised on investments. The Property Advisory Board (twi￿ yearty) reports to the Finance & General Purposes Committee via the Endowment Sub-committee. It is Page-9-of58 chaired by Mr Malcolm King and is advised by a minimum of two external financial advisors who assist in the development of property strategy and the scrutiny of investmenl proposals Responsibility for the day-to-day running of the College rests with the President and Bursars, supported by nominated senior college officers. The President is ex-officio chair of all committees, though where appropriate this task may be delegated to a suitably qualified Fellow. The Remuneration Committee oversaw remuneration matters during the year under the chairmanship of Mr Stuart Laing, MA, MPhil. The Audtt Committee met to consider risk and audit related matters under the chainnanship of Mr Guy Morton. Group structure and relationships The College is part of the collegiate University of Oxford and material interdependencies arise as a consequence of this relationship. The College remains wholly committed to the goals of the wider University and routinely participates in its decision-making structures. Several members of Governing Body also hold senior management as well as academic positions in the UnNersity itsetf. The College administers a number of special funds, as delailed in Note 17 to the financial statements. These are kept under constant review and action to close or merge funds is taken as required. Page-10-of58 OBJECTIVES AND ACTIVITIES Charitable Objects and Aims The objects of the College are, for the benefit of the public, to advance education, learning, research and religion, in particular by providing a college in the University of Oxford called Corpus Christi College. The Governing Body has considered the Charity Commission's guidance on public benefit and in keeping with its objects, the College's aims for the public benefit are to: Deliver world-class undergraduate education, regardless of financial background, through rigorous academic selection, using personal and small group tuition within the College together with personal pastoral support; Provide an academically diverse environment in which graduate students may mature towards independence in study and research; Promote research of the highest quality by Fellows and students for the benefit of wider understanding; Make facilities available to other educational bodies to provide educational events and courses; Maintain good stewardship of the College's historic buildings and collections which are a part of the nation's herttage; and Maintain and enhan￿ the endowments and benefactions for the benefft of future generations while supporting current activities. Activities and Objectives of the College The College's activities are focused on furthering its stated objects and aims for the public benefrt. As set down in the founding charter, these are the promotion of study and research principally by providing a close-knit academic community where student members interact at a personal level wrth senior teachers who themselves are active in research. During the year to July 2024, the senior members of the College engaged in primary research in the following disciplines: Medicine. Experimental Psychology. Mathematics, Physics, Biochemistry, Chemistry, Materials Science, Law. Politics. Economics, Latin, Greek, Ancient History, Classical Archaeology. Philosophy, History and English. A full list of members, research publications is available from the College. Specialists in each of these subjects took the primary responsibility for the teaching and academic welfare of circa 250 undergraduates in the College, through tutorials, classes and lectuies. They also acted as advisors and supervisors to the College's postgraduate students, who numbered circa 100. The overall performance of Page-11-of58 students across the range of subjects was of a very high standard. A list of the overall examination results is available from the College. The College is a contributor to the Oxford Bursary Scheme, and it also actively manages and delivers internal financial assistance awards that seek to help students facing unforeseen challenges. The scheme is administered by a Maintenance Support Committee. In addition, the College continues to award a number of generous scholarships with awards based upon academic ability. Public benefit The College remains committed to the aim of providing public benefit in accordance with its founding principles. The resident members of the College, both students and academic stsff, are Ihe primary beneficiaries and are directly engaged in education, learning and research. Recruitment of staff and students is conducted without regard for financial, social, religious or ethnic background. In addition to teaching and research, the College continues to provide public benefrt by opening its facilities to educational conferences and public literary events, giving external readers access to its archives and rare printed books, offering short-term scholarships and fellowships to visitors from home and abroad, investing substantially in the repair of its historic buildings, and allowing the public access at fixed times to view its buildings, grounds, religious services, treasures and artefacts. The College remains committed to ensuring that its worfd class undergraduate education is accessible to suitably qualified students of all backgrounds. Corpus aspires to be an institution with a highly diverse student body. To this end, the College continues to increase substantially the funds available to aid in the recruitment of suitsbly talented and high potential students who come from diverse and economically disadvantaged backgrounds. This is an ongoing strategic priority for the College. Recruitment to the College is conducted purely upon merit and potential, with students and staff recruited from across the UK and internationally. There are no age restrictions on students although students are predominantly in the age range 18 to 24 years. There are no religious restrictions, and members of the College are drawn from a wide range of faith traditions or indeed none. Page-12-of58 ANNUAL REVIEW OF ACHIEVEMENTS AND PERFORMANCE President's Perspective At the time of writing, construction of the Spencer Building is nearing completion and the process of moving books is under way. This longstanding project will transform our facilities for the storage of and access to our special collections, as well as providing welcome new reader spa￿S for students. We are particularly pleased that it will also provide disabled access (via a new lift) to the old library for the first time as this has been a long-held ambition. Planning has begun on the 'regained spaces, that will be liberated by this new building. these will address the ongoing need for bookable teaching and meeting spa￿S by providing three new rooms on the ground floor of the south range in Front Quad. The Spencer Building could not have been achieved without the practical and financial support of our old members, friends and supporters, and the efforts of the Development offi￿ and others in college. We are very grateful to all those who have supported the College this year, through time given, funds raised and legacies received. Such support truly reflects the breadth and affection of the wider Corpus community. Elsewhere on our site, we have taken a step forward in making our buildings more sustainable. A suc￿Ssful bid to the Low Carbon Skills Fund from Salix has enabled us to develop a comprehensive heat decarbonisation plan for thirteen of the College's buildings that will aim over the long term to replace gas boilers with renewable altematives and improve insulation in a targeted and optimised way. The results of this report will inform our strategic plan and schedule of works going forwards over the next decade. The second of our student-alumni mentoring schemes, this one designed for those who are the first in their family to attend university, was launched successfully. There are now 24 students and 30 mentors participating in this and the original Black and Minority Ethnic student scheme. Our efforts in fundraising for graduate scholarships continued apace, and 26 graduate students were partially or fully funded by the College in 202&24. Amongst staff appointments this year was the new post of Student Support Officer. This proved to be a welcome addition to our existing provision in support of student wellbeing. The new post of Estates Manager was also created to take account of the increasingly complex and Multi-fa￿ted work of maintaining and developing our built environment. As the effects of the pandemic recede, we are also looking to enhan our events and conference provision with a new emphasis on 'front of house, delNery in matters such as AV provision. On the governan￿ front, we trialled a new committee timetable with the aim of improving the flow of regular business; one beneficial outcome has been the opportunity to devote several Governing Body meetings a year to the considerats'on of strategy, endowment management and longer-term planning. Page-13-of58 Academic Performance Whilst the academic year returned to normal post pandemic we are still noticing the impact of the disruption to education of many students. Most noticeably for many of this year's finalists their Finals examinations were the first formal examinations they had sat since their GCSES having had their A-levels and Prelims cancelled. There were, as always, a significant number of problems with exams and whilst the majority did sit their exams and successfully passed (with varying amounts of success) there were a number who had difficulties andlor were required to sit their exams in College. The marking and assessment boycott also impacted some students. first years have been allowed to progress to the second year if they have papers that have not been marked and some Finalists have been awarded Declared Deserving Honours (DDH). Papers will be marked when the boycott ends (currently the end of September) and Finalists awarded DDH will be awarded a classification in due course. Our performance at FHS this year has dropped with less than a quarter of finalists achieving a 1 $t class degree", however, several students ranked first or within the top 10 % of students in the University. Year FHS results DistlMeritlPass DDH 3(D), 1 (M), 1(P) 1 (D), 3(M), 2{P) 2023 17 38 2022 25 40 2021 2020 2019 2018 2017 2016 2015 2014 31 33 24 24 22 23 23 20 28 35 43 40 43 40 36 Special mention this year should again go to the first-year historians (and their tutors) who achieved 4 Distinctions (out of 8) in History & Joint Schools Prelims and first year mathematicians who achieved 4 Distinctions (out of 6) University prizes: Inorganic Chemistry Part11 prize, Practical Chemistry 3rd year Prize. Experimental Psychology (FHS) Gibbs Prize, Martin Wronker Prize for Best Overall Performance in Jurisprudence, Roman Law (Delict) Prize, Francis Taylor Building Prize in Environmental Law, Materials Annourers and Brasiers, CompanylRolls Royce Prize for outstanding overall performance in Materials Prelims and two further Materials prizes shared by Corpus students as part of Team projects, Medicine {First BM) Gibbs Prize proxime accessit. Just under a fifth (14 out of 71) of those sitting the FPE obtsined a distinctionlfirst. There was a small drop in the number of students requiring support in their examinations", however, there were still well over 100 requests for support including". Page-14-of58 7 students sitting their exams in College resulting in 23 sittings {with some sittings including at least 3 students); 35 requiring alternative arrangements; 33 requesting an extension., 32 'other' requests including late submissions and carrying forward work. 25 Mitigating Circumstances Notifications were submitted to examiners for consideration (a significant drop from 47 in 2022). The College continues to encourage academic excellence and to support those students who find it difficult to cope with the peculiar pressures of the Oxford system. We have recently appointed a Student Support Officer who will take up their posttion at the start of the next academic year and will provide specific non-academic welfare support (in all its guises) to students. The number of students who suspended this year remained constant with 19 studenls requesting a suspension on medical grounds. Outreach and Admissions: achievements, challenges and notable initiatives The College aims to widen participation in Higher Education and broaden access to the University of Oxford. In 2024 the Outreach Team at Corpus have continued to develop our online provisions and integrate this offering with in-person visits. Our efforts were focussed on state schools from our geographical link area Greater Manchester. This past academic year has seen over 40 inbound school vistts to the College from state schools, 13 online sessions delivered, and more than 25 outbound school visits. The Outreach Team also attended UCAS fairs based in Manchestei, where over 16,000 students attended. Our social media content has grown with more interactions and followers on platforms such as Instagram and Twitter (now X). Highlights have showcased the variety of outreach initiatives, information about applying to Oxford, general information about Oxford, and the advantsges of choosing Corpus. These media offerings provide our link areas and the whole world an opportunity to glimpse student life around the College {8.g. showing facilities such as the library, the Lodge, and the gardens). The College welcomed more than 2.000 visitors in June 2024 for the University- wide Open Days. This is an increase of over 30 % from 2022. Our College subject ambassadors offered tours to visitors throughout the day, as well as a sandwich buffet lunch, which was followed by two mock interviews (one in science, one in humanities). There was also an opportunity for prospective students to meet the tutors in the garden and discuss the content of the prospectus which was available. This year. Corpus Christi's involvement In the 'Derby Scholars, project came to a close in July. The project. which was a collaboration between the College and the University of Derby, offering academic events in sciences and humanities to those in Years 9 and 12. Due to the changes with the College's geographical link region, it was decided that St Edmund Hall (who inherited Derbyshire in 2020) would take on the programme. This year's Derby Scholars included an online launch, series of homework clubs, academic skills sessions, online subject discussions, and in-person visits to Corpus Christi College. After working wth Derby for four years, we wish both the Universty and St Edmund Hall the best for the next steps with the programme. Page-15-of58 The North West Science Network's programme expanded to include another hub college. The Network welcomed Blackburn College as a new collaborator. Alongside Blackburn, the Network is made up of Xaverian College based in Manchester, and Cheshire College South and West (CCSW), based in Crewe. The Network started the year with a launch at CCSW, where speakers from O)rford and the Universtty of Bangor delivered talks about their research and their routes into higher education. Included in the launch was a science fair, where other higher education providers attended as well as the Materials Department with a live demonstration. Following the launch, each hub hosted a least one Twilight Talk. A Maths workshop took place in April, and the Summer School returned once again in June. 28 attendees arrived at Corpus for a week-long residential, where they experienced a range of lectures across a variety of science inlerests, tutorials, and workshops. They visited Culham Centre for Fusion Energy, had a practical chemistry session, a visit to the Materials Departm8nt, and a Formal Dinner. The week ended with attendees presenting their poster research project to each other and members of the SCR. Feedback from the residential was very positive, with all attendees stating that they enjoyed the experience. Followlng the end of the 'Being Human. programme last year, there have been many discussions about the college's Classic outreach endeavours. Being Human was a Classics based outreach programme delivering specific experience in Latin, reading of anclent texts and other academic skills that often fall outside the stsndard school curriculum. The Outreach team and the Classics Tutors are working together to implement an improved version of this new programme in the coming year. The North West Consortia of Corpus Christi, St Peterfs, Pembroke, and the Queen's College organised a North West Freshers, event, which was held at St Peter's, as well as onllne offer holders session, and webinars for prospective students from the North WesL These webinars consisted of infomiation about admissions, student lrfe and fffting in, and finance. The Law Residential took place in March, followed by the Peter Cane Law Prize day. Running Sin￿ 2017, the Law Residential was very popular, with 278 applications for 30 SPa￿s. The 30 attendees who were invited to Corpus, had a day of Law workshops delNered by the Law Tutors and the Outreach team. After an ovemight stsy, the attendees went to the Law Faculty to take part in the Faculty Open Day. At the same time, the Peter Cane Legal Reasoning Prize was running. There were 116 submissions for the Prize. Of these submissions, 38 were commended, 14 were highly commended, 2 were runners-up. and there was 1 winner. The winner, runners-up, and the highly commended were all invited to Corpus Christi the day after the residential for an aftemoon of Law workshops. The feedback from both Law Outreach activities Was very positive, with attendees stating that they wish the iesidential could be longer. In the 2023124 admissions cycle, we received 291 direct applications to Corpus. We made a total of 81 offers, with no deferred offers, 5 Open offers, and 9 Opportunity Oxford offers (one candidate requested a deferred offer after offers were given, which Page-16-of58 was granted). This year's Annual Admissions Statistical Report1 released by the University demonstrated that Corpus, applicant figures were robust in successfully attracting and admitting students in relation to applicant disadvantage, school type, gender, ethnicity and domicile. Once again, we have admitted students from significantly higher than university-average proportion of students from postcodes indicating socio*conomic disadvantage (ACORN flagged applicants), and students from postcodes indicating areas of low progression to university (POLAR flagged applicants), which we have the fifth and sixth highest share amongst all the colleges, respectively. However, we recognise that there is still considerable work to be done, and so access and outreach going forward is a major strategic priority for the College. For those interested in reading further, the College's 2024 Outreach Report will shortly be available on the College website. Domestic Bursar's Report This has been a challenging year in tenns of staffing and recruitment- the College has seen a significant upturn in staff turnover which has been unusual in the le￿nt past. A significant part of this has been the result of a long-term stable workforce now coming to natural retirement points as well as a couple of significant medical retirements coming together to give a higher than usual recruitment task. Recruitment has been strong overall with one post attracting 56 applicants. There have been occasional failed recruitments but these have usually been resolved on a second round. Chef and catering recruitment remains very difficult although College has recruited significantly in this area very recently. Overall College has very few current vacancies and is in a strong position to take forward into the new academic year. College has a number of plans for enhancing the College experience for students, primarily, but this will also reflect to enhancing Fellows and staff experien￿ going forward. Several of these should come to fruition over the next 12 months. There is never a "standstill. moment in what the college provides and the perpetual evolution of our offering and facilities keep us all busy and driving the College forward. Conferences Conferencing revenue in 2023124 represents a further improvement on 2022123 and has now exceeded the pre-covid era for the first time. Furthermore College has for the first time exceeded £1 M of Conferen￿ income for which congratulations must go to the conferen￿ Manager and her team. We have increased the number of summer school bookings as well as numbers on the existing summer schools. There remains further demand for expansion within one or 2 of our existing clients and competition for use of our facilities remains high. College already has a very full programme of events for the start of FY 24125. Disappointingly academic dinners in term seem to be in decline but this has only a marginal effect on revenue. Our January Conferen￿. which left us last year, has now returned for 2025 and this gives us a modest but significant addition to revenue. With admissions now being 1 Annual Admissions Statistical Report can be found here Page-17-of58 confirmed as being online for the foreseeable future we have a further 2 weeks in December as a sales opportunity. We have enquiries under consideration and these, if successful, could lead to further revenue increases. Buildings The Spencer Building has continued to dominate activity within the buildings element of College work. At the time of writing this is now within 3 weeks of completion and work has started on the follow-on project of the regained spaces which will take roughly a year to complete. The Library staff are now moving books into the Spencer Building to enable the Regained Spaces Project to push ahead and the move should be complete in time for the anticipated opening to students of the Spencer Building on 1 October 2024. We have re-ComMen￿d the programme of work on student room refurbishment and will complete the Main Site rooms in summer 24 before moving to the outside properties in summer 2025. A number of other minor projects have been commenced following the arrival of our new Estates Manager and recruitment is complete to replace the recently retired Maintenance Manager. Given this turbulence in the Maintenance team leadership we look forward to a return to stability and the completion and of further projects and improved maintenance planning including an automated maintenance ticketing system. The review of our buildings, thermal efficiency and carbon footprint is completed and has produced a de-carbonisation plan which is being assessed - sadly the costs of de-carbonisation are massive and we are planning to undertake renovations to the first building in summer 2025 but funding availability will condition how fast we can push ahead with this programme. Development Report Corpus continues to benefit immensely from the support and generosity of our Old Members and friends who gave £2.3m in the last year towards our ongoing strategic priorities. Our key priorities fall into two complementary categories: (1) Giving exceptional graduate students the opportunity to take up a pla￿ at Corpus regardless of their background or economic means through the provision of scholarships; and {2) Providing all students with an environment which promotes eX￿llence. Welcoming the brightest graduate students to Corpus At Corpus, our graduate students have a remarkable record of delivering innovation, becoming leaders, and driving research forward. Regrettably, a significant challenge that potential students encounter is a shortage of funding, which can lead to individuals with extraordinary potential tuming down offers to study with us. Therefore, Corpus remains committed lo giving eX￿ptIOnal graduate students the opportunity to tske up a place at Corpus regardless of their background or economic means through the provision of scholarships. In October 2023, Corpus had 116 Page-18-of58 graduate students; of these, 42 were on scholarships, 26 of which were fully funded or partially funded by Corpus, thanks to our generous community of Old Members and friends. In 202312024, £603,260 was raised in support of graduate scholarship at Corpus, a 20 per ￿nt increase on 202212023. This has enabled exceptional students to study at the College, including those participating in university wide programmes such as Black Academic Futures and the Clarendon Stholarships. Creating an environment in which our students excel The College is also slriving to provide students with an environment which promotes excellence, through the development of our main College site and buildings. A transformation has been taking place at Corpus over the past few years with the construction of the Spencer Building, which will be opening its doors to our students in October 2024. It has been inspiring to see our Corpus community bring this project to fruition and raise the £10.2 million secured to date, of the total £17 million. As reported last year, a signrficant legacy of £5m from an alumnus who came to Corpus in 1943 was received by the College, and £4.5m was directed to College's reserves to be utilised for the Spencer Building. Therefore, we are just £2.3m away from the building being fully philanthropically funded. In 23124 Corpus alumni and friends generously gave £960,362 towards this ambitious and transformational project. There is more detail in a dedicated section to the Spen￿r Building in this report on page 20 Building our community of Alumni and friends Alumni Relations is also a critical part of the raison d'étre of the Development Offi￿, and we continued to engage with our alumni and friends, both in person and increasingly online. Over the last year, the College has hosted a wide range of excellent academic seminars in our MBI Al Jaber Auditorium. Of note, in January 2024, Corpus hosted a day of panel discussions to mark the 75th anniversary of Alessandro Passerin D'Entrèves' inaugural lecture as se￿na Professor of Italian at the Universty of Oxford. The event, courtesy of Corpus alumnus. w1n￿nzO Morelli (PPE, 1972) in memory of his father Renato Morelli, brought together experts from across the world to reflect on Italy's past, present and future against a backdrop of Brexit, the global pandemic and war in Eastern Europe. We also welcomed at the end of April 2024 Professor Daron Acemoglu. Elizabeth and James Kilian Professor of Economics at MIT, to give a talk on 'Culture. Instrtutions and Social Equilibria,. Few Oxford Colleges have an auditorium of this size. and Sin￿ the Auditorium opened its doors 15 years ago this summer, this flexible space continues to enable our academic programme of events to flourish and provides a venue for a wide Page-19-of58 range of student extra-curricular activities. We remain grateful to the MBI Al Jaber Foundation for this well-used and much-loved space. In addition to our usual programme of alumni focused events, in 23124 we held an Alumni Reunion in New York and Edinburgh, and on 3 June, Associate Editor and Chief Economics Commentator of the Financial Times, Martin Wolf CBE (1965, ClassicslPPE), delivered the 2024 Ging Wong MCR Seminar. Martin talked about his career at the World Bank frorn 1971 to 1981, at the Trade Policy Research Centre, London, from 1981 to 1987, and at the Financial Times from 1987 to today. Ging Wong (1972, Economic History) generously sponsors the Seminar. We also hosted the Frost Society online this year, for members of our legacy society. Corpus Professor Jas Elsner gave a fascinating talk, delving deep into the spectacular art and religious signrficance of ancient Indian Buddhism. Our small community remains affectionate and vibrant, for which we remain grateful. The Spencer Building The Spen￿r Building is the most ambitious capital project to take place on the College site for three centuries. This exceptional building will provide new library facilities to our students and will become the permanent, secure and accessible home for the library, archives and special collections., it will have a significant positive impact on research, teaching, and scholarship for our students. The Spen￿r Building will serve as a dynarnic hub for the College and will transform the way our students study, creating a place of exploration and learning. The building will seNe two primary functions: 1. Provide eX￿ptIOnal new library facilities for our students with a variety of reading rooms and study spaces; and 2. Establish a new home for the treasures of Corpus, special and historic collections. Furthermore, one of the key elements of the building that we are particularly proud of is that the design adopts Passivhaus principles of high levels of insulation. airtightness and efficient heat recovery. With the final air test having taken pla￿ over the summer, and now awaiting accreditation, we are on target to become the first Passivhaus building of its type connected to a Grade I listed historic building in Oxford, and possibly the UK. We remain optimistic of the outcome. The Spencer Building campaign is now in the closing stages, seeking to raise a further £2.3m from individuals and foundations who share the College's passion for the preservation of our historic collection. We have been working hard to build a network of people and organisations, outside our direct community, who understand the importance of the Spencer Building as a new home to our precious Special Collections. particularly those with an interested in Corpus's long history of Jewish and Hebrew scholarship in Oxford. Wtth £10.2m committed to date from alumni, friends and through foundation grants, alongside the remarkable legacy gift of £4.5m Page-20-of58 directed towards the build, this 'once in a generation, project, is so very close to fruition. Risk Management The College routinely evaluates and actively manages the principal risks and uncertainties it fa￿s. When we are unable to assess risks using internal reSoUr￿s, we seek specialist advi￿.. all policies and procedures used within the College are regularly reviewed by the relevant Committees with financial risks are assessed by the Finance & General Purposes Committee and investment risks are monitored by the Endowment Sub-committee. In addition, the Domestic Bursar and Heads of Department meet regularly to review health and safety issues. The College employs a Health & Safety Officer to ensure compliance with health and safety legislation and to ensure that College remains a safe place of work and study. Training courses and other forms of career development are available and personal development reporting continues to enhance staff skills particularly in risk-related areas. The principal means to collate, monitor and mitigate risks is via the Risk Regisler. As we wrote last year the College Risk Register has been both enhanced and refined over the past two years adopting a new process to collate risks and a new taxonomy. This has become embedded over the current year and we are now beginning to link risks to the College's fvlfilment of strategy and objectives as well as looking in more detail at sUc￿Ssion planning and how that might impact the overall risk profile of the College. The IT & Compliance Committee oversees compliance with multiple regulatory bodies, rules and regulations. We were pleased this year to put in place the Information Securty Policy which involved signfficant work by several members of staff but particularly our Head of IT who had to step outside the narrow world of IT and into other areas of information security to delNer this complex suite of policies and procedures. The College thanks all involved for their efforts in this area which has been a principal Sour￿ of risk Sin￿ l joined the College; these policies will finally begin to mitigate those risks. Our COn￿rted efforts to upgrade our infrastructure and a greater focus on training for staff and Fellows has led to an ongoing reduction in the risk rating attached to cyber related risk, though of course, it is still possible that systems may be maliciously breached. The largest risk in this area remains human behaviour and we are committed to ongoing training in this area. The Audit Committee performs a valuable function scrutinising risk and will contribute further to the risk aware culture what already exists within the College. The Goveming Body. who have ultimate responsibilty for managing risk, have reviewed the pro￿sseS in pla￿ and have ￿ncluded that there are adequate systems and where appropriate mitigation measures in pla￿. Consideration was given over the year to enhancing the role of the IT & Compliance Committee and moving it to being a Risk, Regulations and Governance Committee which would Page-21-of58 have oversight over all of the regulatory and operational risks of the College as well as monitoring College governance and ensuring thal it always meets best practice. This will be a priority over the 202415 financial year. Page-22-of58 FINANCIAL REVIEW Financial Highlights In the financial year ending 31 July 2024, the incoming resources for the year totalled £11.8m (2023, £14.8m), comprising: £5.4m from core charitable activities (2023, £4.9m) Direct income from the endowment of £3.9m (2023, £3.2m) In year, charitable donations of £2.4m (2023, £6.7m) Total operating costs for the year amounted to £12.8m (2023, £11.5m), comprising: £9.9m of direct expenditure on core charitable activities (2023, £9.1 m). Fundraising (Development) costs amounted to £399k (2022, £407k). Investment Management costs were £2.4m (2023, £2.Om). However, this sum includes £1,599k of interest payments (2023, £1.576k) in respect of the Private Pla￿Ment. College Financial Performance The College's operating finances remain somewhat stretched post the dislocation created by the pandemic and recent high levels of inflation. On an operating basis, the College delivered a modest deficit over the year with pressures being felt principally due to increases in headcount and staff costs. The College is committed to paying slightly above the °Oxford Living Wage" (a policy adopted in 2022) and this has led to ongoing staff cost pressures. On the flipside, we have benefitted from being part of the University energy purchasing consortium and over the past two years energy prO￿sS have tended to end up somewhat lower than we budgeted due both to wholesale price declines and hedging by the consortium. Other significant areas of expenditure include the Spencer Building, which will requiie some spend down of the Expendable Endowmerlt desprte the outstsnding fundraising efforts by the Development Office and the generosity of Old Members and other contributors. This will have to be °paid back" over time to ensure that the Endowment is able to deliver Tts objective fully for future generations. We have also been lucky to attract government funding via Salix to fully investigate the cost of decarbonising our operational estate. In today's money this is estimated to be some £12m and it will be an ongoing drain on our resources over the coming decade as we will undertake these worf(s as part of our commitment to cart)on net neutralty. Increasingly, Higher Education providers like Corpus are caught in a financial vi(x". we face greater regulatory pressure from both the Charities Commission. the government and the OFS. all of which comes at a financial cost but the Govemment will not address the fundamental issue of fees and funding which means revenue is regulated and all but stagnant. The slack must be picked up, in our case, by our Endowment which is required to work harder every year to make up the difference Page-23-of58 between revenue and expenditure and permits Corpus to continue its unique and teaching intensive educational mission. Students have required more financial aid from the College over the past year as their maintenance loans have not kept pace with inflation and we note that those students from middle income families are feeling the greatest pinch - family incomes are not moving up fast enough and the access to bursaries and so forth is limited for those students above the bursary family income threshold, leading to a need 'cliff'. We have added funding to our Maintenance and Support fund to enable us to help where we can but some fundamental rethinking is clearly required and we awatt the new government's thoughts and policies on this critical topic. Fortunately for us and for our students and other community members, the Endowment has performed satisfactorily over the year and the College's funds continue to grow in real terms. Whilst we cannot take this for granted as we are to some degree at the mercy of global financial markets, in 202312024 the Endowment's real retum has been a welcome offset to the daily challenges we face balancing revenues and expenses. Endowment Performance and Commentary The Endowment had a satisfactory year in 202312024 increasing by £19.6m before the effect of Sterling strength and financing costs. Benchmarks were hard to beat but the real return was substantially in the black and the CPI + 4.50/0 target was comfortably exceeded. The performance of the different asset classes is detailed in the table below.. Performance b Asset Class 12 months to 311712024 Asset Class Return GBP 19.6m to 311712023 ' Overall Portfolio Ouem Public E Private E uit Absolute ReturnlHed Fixed Income Pro 4.30/0 Public equity was the best perforrning asset dass although the portfolio underperformed the MSCI ACWI by 1.80￿. It was a very challenging year for active managers with much of the index performan￿ attributable to a small cohort of US based technology stocks. Allocations to the Low Carbon tracker fund we sponsored with Clare College Cambridge in 2021 helped the portfolio and US based growth managers with exposure to technology stocks perfonned well, returning over 200/0 for the year. Another notable contribulor was our actNiSt European small cap fund which 2 Mi perfOn￿an￿ data sourced from PaMlaConnect: may not match other discbsures due to rounding. not audited. Page-24-of58 returned 18 % . Detractors included our value tilted UK equity manager and our Japanese activist manager. Our Asia Pacific manager also performed well, beating the local benchmark although Asian stocks were relatively lacklustre over the year, particularly in comparison to US growth stocks. Absolute return strategies delivered very much within our expected range of return outcomes and with lower volatility, delivering a little over 100/0 for the year. The spread of returns in this asset class was quite wide with a US special situations and value tilted manager and our longlshort healthcare specialist delivering quite disappointing returns for differing reasons. More broadly focused longlshort managers performed well. Weaker areas of performance include prtvate equity which delivered a mid-single digit retum as the challenges facing private equity investors continued over the year. Managers are struggling with a lack of profitable exits and in some cases with valuations which have left little room for disappointment. The underlying businesses in our portfolios at least, have in fact continued to perform well despite the economic challenges they have faced. The College was certainly helped by its lack of direct exposure to venture capital funds which have struggled since 2022. Generally speaking, our private equity General Partners have performed well in a difficult environment and we are optimistic that they wrll continue to deliver competitive returns over the coming years. It is notable that, adjusting for very young funds in their investment period, most of our investments have exceeded the Public Market Equivalent benchmark by 3 /0 or more since inception delivering the premium they were selected to deliver and with lower volatility than public equities. The College continues to allocate to this area though at a slower rate. Propety also faced challenges this year with very limited caprtal appreciation and agricultural yields remain very low. Adjustments to the portfolio are ongoing and we expect this part of the portfolio to perfomi much better as the UK economy picks up, and interest rates begin to adjust downwards. The past two years have delivered a perfect storm for propety and ultimately this has impacted our own portfolio. There are some concems that agricultural land prices are in for a more difficult period going foThvard in contrast to the last twenty years where prices have been buoyant albeit in a very thin market. Nevertheless, the weakness in the property market has also presented the College with some opportuntties as it seeks to rebalance away from our traditional agricultural holdings towards a more balanced mix of commercial and strategic agricultural property. To that end we have invested in two commercial properties, both transactions closing slightly after the end of our financial year and not reflected in these financial statements. This will bolster the endowment's income and add some necessary diversification to the property portfolio. Other notable events in the property portfolio were the ongoing restructuring of the Pate Charity portfolio in Cheltenham, the exit from all non-protected tenancy property in Temple GuitiThJ Gloucestershire (residuals from the sale of the Estate in 2008) and the partnership we have entered into with a tenant to combine land holdings and promote a large strategic housing site with Vistry PLC in South Oxfordshire. This will be a long-term project but rf successful will be transformational for the local community as well as delivering a substantial financial return for the College. Limited progress was made Page-25-of58 over the year with the promotion of the Salt Cross Garden Village in West Oxfordshire, in which the College is a 10 % shareholder, although we are hopeful this will begin to progress in the coming financial year. Currency was a small headwind in 202312024 and this is a risk for the coming year. Outside property, much of our investment portfolio is outside the UK and it will be impacted negatively if Sterling continues to strengthen as it has over the past year. The College is not in a position to hedge its portfolio. Asset Allocation Asset allocation was broadly unchanged over the year continuing to show a strong equity bias. We continued to add to our private equity portfolio over the year and the Advisory Board was busy reviewing a number of new General Partners and managers. There were no manager terminations in the year. We redU￿d our holdings at Oxford University Endowment Management over the year as part of a review of manager exposure; whilst OUEM is our principal manager, it was felt that the holding was too large relatNe to other external managers & as a result the holding has been reduced. OUEM continues to do an excellent job for the College and generated competitive returns over the year in review. Cash holdings were elevated at the end of the financial year but this was due to expected investment in new commercial properties to bring this allocation to target. As discussed earlier these transactions were complete shortly after the end of the financial year. Asset Allocation as at 31 2024 Including OUEbP, Asset cla55 Allocation. % Limit. % ststus Target. * Vari3nce. /) Net Allocation, ' Public Equity 31.8% 23.6% 15.5% 24.9% 4.2% i 00.o-/, 20%.40% 15%-31 10%-20% 23%-33% 1.5%-15% 34.0 % 20.0 % 13.0% 30.0 % 3.0% iooo-:i_ -2.2% 42.4% 315% 20.6% 337 -27.8% Absollrte P*tLFm & Crerfit 15% Cash & Reserve5 Totsl Excluding OUEM Asset cla55 Allocatian, % Llmi( % ststus Target % Variance, %' Net Allocation, °A Pubtic Equity Prw*e EqL*ty 303% 192% 20%.4(r 75%-30% 10%.2V 23%-33% 1.5%-15% 44.5% -03% I3￿ 25ffj% 442% -416% 100.0% 30.1% Cash & Reserves Total -0.1% 100.0Y.. 100.0 ESG {Environmen( Social and Governance) The College continues to take its ESG responsibilities seriously and we have on( again engaged with all of our managers over their ESG policies. Stan￿ and affiliations. We have been very pleased with the Amundi Low Carbon Fund which we seeded with Clare College Cambridge in 2022 having conceived it in 2019. This fund is now widely used in Cambridge University and to a lesser extent here in Oxford. Page-26-of58 We have worked with Cambridge University over the year on ESG compliant Gash deposit accounts and we continue to take our stewardship role very seriously. Investment Outlook After a difficult couple of years, returns over the past year have been closer to the expected range. Whilst this gives us some ground to catch up and we lag benchmarks over the short term the portfolio is well positioned for a world where rates are gradually declining and inflation is back under control. Of course there are many risks to consider, not least geopolitics, the Middle East, Russia, China and the upcoming US election but despite these elevated and much discussed risks, there is much to be positive about. Lower rates should help markets to broaden and our equity bias will benefit us as this begins to take place. Lower interest rates in the UK and stabilising inflation will support both domestic equities and our property portfolio. Overall, we face the year with some confidence that portfolios should continue on a path of modest recovery. Historical Footnote Over the last few months, the Bursary has been reconstructing the longer-term performance of the Endowment portfolio, going back fifty years to 1974. This was a year of turmoil with two General Elections and Ted Heath asking the electorate, "Who governs.? Since then there have been many periods of geopolitical, economic and domestic stress, so It is interesting to note that the College Endowment (only £4m in 1974) has almost achieved its target of CPl+4.5 % over this period despite political, market and economic volatility. This long-term return of c. 90/0 has allowed the endowment to increase some 68x over the period; merely matching inflation would have generated an 8x return. Albert Einstein's declaration that compounding 'is the eighth wonder of the world. He who understands it earns it... he who doesn't pays it" is starkly illustrated by the College's own 50-year experience. The ability to invest for the very long term and in the interests of future generations is a key strategic advantage for the College and underlines the enabling nature of both the endowment and its allocations. Once again, the College records its gratitude to the members of the Advisory Boards who give their time for free and have been responsible for the ongoing competitive performance of the College's Endowment, supporting our educational and charitable mission. Page-27-of58 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 and 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 disclosed and 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 the 30th October 2024 and signed on its behalf by: Professor Helen Moore MA DPhil President Page-28-of58 REPORT OF THE AUDITORS Independent auditor's report to the Governing Body of Corpus Christi College Opinion We have audited the financial statements of Corpus Christi College (the "Charity") for the year ended 31 July 2024 which comprise the Statement of Accounting Policies, the Statement of Financial Activities, the Balan￿ Sheet, the Cash Flow Statement and the related notes numbered 1 to 29. 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 Charity's affairs as at 31 July 2023 and of its income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Charity 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 eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the Members of the Governing Body'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 ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in the relevant sections of this report. Other information The Governing Body are responsible for the other information. 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. Page-29-of58 In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 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 Act 2011 requires us to report to you if, in our opinion.. sufficient accounting records have not been kept. the financial statements are not in agreement with the accounting records and returns- or we have not obtained all the information and explanations necessary for the purposes of our audit. Responsibilities of the Governing Body As explained more fully in the Governing Body responsibilities statement Iset out on page 28], the Governing Body is 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 they 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 Governing Body is responsible for assessing the Charity's ability to continue as a going concern. disclosing, as applicable, matters related to going con￿rn and using the going concern basis of accounting unless the Governing Body 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 financlal statements We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material Page-30-of58 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below-. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non- compliance with applicable laws and regulations., we identified the laws and regulations applicable to the charity through discussions with Members of the Governing Body and other management, and from our knowledge and experience of the client's sector,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and, where relevant, inspecting legal correspondence. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to inStan￿S of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of Members of Governing Body and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non- Complian￿ with laws and regulations., To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions; assessed whether judgernents and assumptions made in determining the accounting estimates were indicative of potential bias. and investigated the rationale behind significant or unusual transactions- In response to the risk of irregularities and non-complian￿ with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation., reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims- if considered necessary, reviewing Corresponden￿ with relevant regulators and the company's legal advisors. Page-31-of58 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. Use of our Report This report is made solely to the College’s Governing Body in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit STATEMENT OF ACCOUNTING POLICIES 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. 2. Basis of accounting The College's individual and consolidated financial statements have been prepared in accordance with United Kingdorn 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 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. In the view of the Governing Body, in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements. In the view of the Governing Body, no assumptions concerning the future or estimation uncertainly affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 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. Income from fees, Office for Students (OFS) support and other charges for services Fees receivable, less any scholarships, bursaries or other alloWan￿S granted from the College unrestricted funds, OFS support and charges for services and use of the premises are recognised in the period in which the related service is provided. Page-33-of58 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, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds. Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal 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. 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. 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 in the period to which the rental income relates. 5. Expenditure Expenditure is accounted for on an accrual's 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. Page-34-of58 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 +s 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 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 finan 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. 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 £75,000 together with expenditure on equipment costing more than £25,000 is capitalised. Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised and expensed 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. Page-35-of58 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 yrs Leasehold properties 50 yrs or period of lease if shorter Building improvements 25 years Equipment 5 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 lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment. 9. Heritage Assets The College has chosen to hold heritage assets at cost. The college has a number of assets, including items of art and historic texts that meet the definition of heritage assets under the SORP. The depreciated historic cost of the majority of these items is nil. Items purchased are recognised at cost and items donated to the College are recognised at fair value. The college has taken advantage of the exemption within FRS 102 not to disclose transactions before 1 January 2015 as obtaining fair values for these assets would be impracticable and the cost of obtaining such valuations would outweigh the benefits to the users of these financial statements. 10. Investments Investment properties are initially recognised at their cost and subsequently measured at their fair value (market value) at each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts. 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. Page-36-of58 Other unquoted investments are valued using primary valuation techniques such as earnings multiples, recent transactions and net assets where reliable estimates can be made - other¥vise 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 Derivatives Hedge accounting is not currently applied to derivatives. Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less. 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 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 except when deferred and initially credited or charged in 'other recognised gains and losses, as qualifying cash flow hedges. 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 capitallincome distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Page-37-of58 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 either be retained for investment or release to income at the discretion of the Governing Body. 15. Fund accounting The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or set by the terms of an appeal. Endowment funds are further sub-divided 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 a specific purpose and this will be accounted for by transfers to appropriate designated funds. 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 or permitted the capital to be maintained and with the intention that the income will be used for specific purposes within the College's objects. Permanent endowment funds arise where donors specify that the funds are to 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 restrictions on 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 College participates in two multi-employer defined benefit pension plans, the Universities Superannuation Scheme ("USS") & the Oxford Staff Pension Scheme ("OSPS"). In the judgement of the Governing Body there is insufficient information about the plans, assets and liabilities to be able to reliably account for its shares of the defined benefit obligations and the plans, assets in the financial statements and therefore the plans are accounted for as defined contribution schemes (see note 20). Where deficit recovery plans have been in place in past years, the College has recognised its share of the deficit plans in place on both schemes (see note 20). Page-38-of58 Corpus Christl College Consolldatod Statement of Flnancial Actlvlties For the year 8nd•d 31 July 2024 Unre511icl8d Funds £'ooo Restricted Funds E'OOO Endowed Funds £'ooo 2024 Total £'ooo 2023 TDtal E'ooo Motes INCOME W4D EPIDOWMENTS FROM: Charftabl• a￿l￿t￿ls= Teaching, research and resk1enlk?I DonaUon$ and l•ga¢ro8 stmonts Inve51menl income Tolal relum allocalBd to income Othorlncorne rotal incor 5.418 405 5,418 2,3Y 4.946 6,660 1.720 269 183 5,232 80 11,318 3,578 3.865 3.189 12 871 83 11,760 2.695 12.2S31 14.797 EXPENDrruRE 014: ¢hathabl• aetlvrthTrs.' Teaching. res98rch and res￿￿n￿l 8.243 1,280 418 9,941 9.129 G•n•ratlthg lund5.' Fundraising Trading expenditure Invesknenl managemgnl Costs Tolal ExpeThdJiuT• 399 399 407 2.421 2.839 2.423 12,763 1,971 11.507 1,280 Net In¢omollExpondlturol bqforo galn¥ 2.674 1,415 5.092 1.QQ3 3,290 N8tgainsllKis¥e$l on Investments 10,11 953 19,443 20,604 3,442 Not Incom•llExpendltur•l 2,882 2.368 14,351 19,601 8.732 TrnA$fern funds 16 2.366 445 Oth•r r8¢ogt)18qd galns1105se6 Gainsllbsse51 on revalUat￿n of fixed assets AcbJarial gan51(knss8sl on defined benefft pens￿￿ schemes 1.326 1,328 Ngt movem8llt lunds for the y•ar 6,576 14431 14.796 20,929 8,732 Fund balances broughtforward 16 34,484 3.947 796.156 236.507 229,853 Fund¥ ¢arrfod fonvarfl at 31 July 41.060 3.504 212.952 257,516 236,585 Page-39-of58 Corpus Christi College Consolidated and College Balance Sheets As at 31 July 2024 2024 2023 Not•s £'ooo £'ooo FIXED ASSETS Tangible assets Herltsg8 assets Propety invèstments Other Inveslrnents 32,500 25,828 10 68,020 200,146 62,215 194.004 Total Fixed Assets 300,666 282.047 CURRENT ASSETS Stocks Debtors Investments Cash at bank and In hand 237 1.468 11,147 6.5 226 586 13 18.303 Total Current Ass•ts 19.408 19,115 LIABILITIES Creditors.. Amounts falling du8 Wlthln one yèar 14 2,558 2,217 NET CURRENT ASSETSIILIABILITIESI 16.850 16,898 TOTAL ASSETS LESS CURRENT UABILITIES 317,516 298.945 CREDITORS.. falling due after more than one year 15 60,000 61,000 Provlslons for Ilabllltiès and charyés NET ASSETSIILIABILITIESI BEFORE PENSION ASSET OR LIABILITY 257,516 237,945 Dèfinèd b•nofit pension $ehgm¢ Ilabllkty 20 1.360 TOTAL NET ASSETSIILIABILITIESI 257,516 236.S85 FUNDS OF THE COLLEGE Endowment funds 16 212.952 198.156 RoStrlet•d fvnds 16 3,504 3.948 Unrestrlcted funds Designated funds General funds Pension reserve 16 16 20 33.782 7.278 27,086 8.755 11,3601 257,516 236,585 The financAal statements were approved and 8Uthori5ed for issue by the Governing Body of Corpus Christi College on 30th Octobgr 2024 Trustee.. Trust80.' Page-40-of58 Corpus Christi College Consolidated Statement of Cash Flows For the year ended 31 July 2024 2024 £'ooo 2023 £'ooo Notes Net cash provided by lused inl operating actSvltSes 23 6.634 1,485 Cash flows from investing actSv5tles Dividends, interest and rents from investments Proceeds from the sale of propety, plant and equipment Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments Net cash provided by (used in) investing actlvltles 3.865 2.656 18,4161 40.362 42,850 14.383 3,189 (3,7941 18.909 23,249 14,945 Cash flows from financlng a¢tlvltlgs Repayments of borrowing Cash inftows from new borrowng Receipt of endowrnent Net cash provided by (used In) flnanclng activiti0$ 11,0001 269 731 213 213 Changg In cash and cash 8quivalent$ in the reportlng period 111,7481 (6,2171 Cash and cash aquivalents at the beglnnlng ofthe reporting perlod 18.303 24.517 Change In cash and cash equivalents due to exchange rate movemgnts Cash and cash equivalents at the end of the reportlng perlod 24 6,556 18.303 Page-41-of58 Corpus Chrlstl College Notes to the financial statements For the year ended 31 July 2024 INCOME FROM CHARITABLE ACTIVITIÈS 2024 £'ooo 2023 £'ooo Toachlng, Ras•a¥ch and Rosldentlal Unreslricled fund5 Tuition fees- UK and EU sludenls Tuition fees- Overseas Students Olherfee5 oth8r OFS Support Olh8rat2demlc Income College resldential income Total Tqachlng. Resèarch and Rèsld•ntlal 1.045 1.002 76 140 218 2,937 5.418 1.045 907 82 143 2,619 Total Income from charttablo 4ctlvltl•s 5,418 4,948 The above 8naly5i5 inGludes £2173k recèiv8d from Oxtord Universityfrom publicly accountabl8 ftJnds under the CFF Scherne12023.. £2124kl. To support the slrateglc priority lo fund more graduate scholars and lo en8b1e oulslanding 51uden15 lo take up their plac25 regardless of Iheir financial p0511ion. for graduate 51udenls with overseas fee status funded through th8 Clarendon or UKRI scholarship funding scheme5. the college share of the fve5 waived arnounted 10 £16k12023.. £13kl. These are not included in ihè feè Incomè reported abeve. DONATIONS AND LEGACIES 2024 £'ooo 2023 £'ooo Donation5 and LegaGI•$ Unrestricted funds Restricted funds Endowed funds 405 1,no 269 2.394 5,222 1,225 213 6,660 INVESTMENT INCOME 2024 £'ooo 2023 £'o(wJ Unrsslncled Funds Interest on fixed term deposits and cash Bank inieresi Olher Snteresl 138 45 130 183 130 Restsyctod funds Interest on fixed term ¢Jeposils and cash 104 104 Endowed funds Agricultural renl Cornmercial rent other property income Equity dividends Income from fixed Inte￿5t stocks Interest on fixed term dep05115 and cash ljher inveslment inctsmB Bank interast Other inter88t 613 1,362 55 691 1.008 275 472 91 709 3.578 126 108 3,05 Total Investmertt Incomo 3.865 Y,189 Page-42-of58 Corpus Chrlstl College Not¢s to the financial statements For the year ended 31 July 2024 ANALYSIS OF EXPENDITURE 2024 £'ooo 2023 rooo Charltable •xpendlture Direct siaff costs allocated lo.. Teaching, restarch and residenllal 4.827 4.748 Other direGI costs allocaled lo.. Teaching, resea￿1 and residential 4.826 4,555 Support and gov8rnanGe w5ts allocated lo.. Teaching. rèsearch and msidÈnlial 2e8 11741 Tot•1 charltabkg 8xpendltur• 9,941 9,129 Expendlturg on ral¥lng funds Dlr8ci staff cosls 81locHted to.. Fundralsing Trading exp6ndilur8 Investment management costs 295 Other direct GQSts allwated to.. Fundralslng Trading exp8ndHur8 Inveslment man&9emenl costs Prfv8le plaGementfees and Interest 159 173 724 1,599 394 1.578 Support and governance Costs allocaitd lo". Fundraising Trading expenditure Investment management C05t5 1551 1771 100 Total expendfturo on ralslng lund8 2.822 2.378 Total expendlturo 12.763 11.507 The 2023 resources oxpend8d of£11.507k r8present8d £7,784k from unre5triGled fund5. £1.224k from reslrfcted funds and £2,499k from ¢nd¢)wed fund$, Th8 College is liablé to be assessed for Contribution under the provisions of Stalule XV of the University of Oxford. The Contribution Fund is used lo make grants and loans to colleges Dn the basis of need. Contributions are calculated annually in accordan¢tr with rÈ9ulalion5 rnade bythe Council of Ihe Univ8rsily of Oxlord. Tha 188ching and rèsearch costs include College Contribution payable of £167k12023- £156kl. 2024 Total t'DOO 2023 Toial £'Doo Included %vithln thtr resourcès 8xp2nded abDve are.. Stock recognised as 8n expens8 In tho year 1221 Page-43-of58 Corpus Chrfstl College Notes to the financial statements For the yèar ended 31 July 2024 ANALYSIS OF SUPPORT AND GOvERN￿cE COST5 Teaching and Research £'ooo Generating Funds £'OLM) 2024 Totsl É'ooo Financial admini51ralion Domestic adtninislratlon Human fesourcès 97 681 316 418 16 11.2801 74 316 416 16 11,3441 Depreciallon Bank interest Payable Olherfinance charge5 GovtrmanGe Gosts 1641 12 45 288 333 Teathlng and Research £'ooo G8n8raling Funds t'ooo 2023 Total £'ooa Financial admlnislTation Domestic administration Human resources IT Dèpr8ciaiion Bank Interest Payable Other finance charg8S Govemance costs 595 38 604 86 251 416 251 416 48 11.6881 80 1891 11.7771 Flnanclal and domesiic adminlslralion, Ir and human resources cosis are attribuled accordlng to Ihe esiimaièd staff lime spent on each activity. Depr8cialion costs and profil or loss on disposal of fixed assets are aitribuled according lo the use made of the underlying asseis. Interest and other finance charge5 are attributed according to the purpose of Ihe relaled finanGing. Govemance costs are allocated 10 Ihe Core charitable activity of luilion. 2024 e'oo 2023 £'OOD Governance ¢ost$ Comp￿8•.. Audilorfs remuneration audit seryic8S Audiloffs rernuneralion- other service5 Other governance GOSIS 28 52 56 86 No amounl has been Induded in govemance costs for the direct employTnent costs or reimbursed expenses of the Cell8g8 Fellows on the basis Ihal Ihase pa5Thenls relate to the Fellows involvement in Ihe Colle98's charitable aclivilies. Details of the remunerallon of the Fellows and their reimbufsed expenses are Included as a separate note within Ihese financial slalemenls. GIiAtr4TS AND AWARDS 2024 £'ooo 2023 £'ooo Durfng the year the Colkge funded research award5 and bursaries lo studen15 from its restricted and unre5triGled fund as follows". Unr•8trfeted funds Grants lo individuals.. SGholarships, prizes and grants Bursaries and hardship awards Grants lo olher institutions Tolal unre5trfGtsd 262 157 95 358 252 Rgstrlcted funds Grants lo individuals.. Scholarship5, prize5 and gran15 Bursaries and hardship awards Total restricted 233 263 233 282 Total gran15 and awards 591 534 The figurè Included above r8pr8senls Ihe cost lo the College of the Oxtord Bursary sch8m8. Students of Ihls colleg? rec8lv8d £241k12023." £188kl.Sotne of thos8 st￿ents also ￿ceIved fee waivers amounting lo £7k12023.' £7kl. Page-44-of58 Corpus Christi College Notes to the flnancial statements For the year ended 31 July 2024 STAFF COSTS 2024 £'ooo 2023 £'ooo The aggregate 518ff costs for Ihe year were as follows. Salarie5 and wage5 Social security cos15 Pension costs". DèflnÉd benefit schèm8S- Contributions in year Defined benefit schemes- mov8m&nt In pro￿510￿ Defined contribution schemes 4.943 428 4.677 392 457 720 11.7771 146 4,614 4,012 The avtrage nutnbèr of employees of the College, excluding Tw818es. on a full lime aqufvalent basis was as follow5. 2024 2023 Tuition and research College residential Fundraising Support 56 15 Tot81 81 The average nurnber of ernployed College Trusl8e5 during the y8ar was as follows. Univ8rsity L8Cture CUF Lecturers Other leaching and research Other 15 T¢)tal 32 32 Redundancy pasrynen15 a￿ 8ccounled for in Ihe p8riod in which the employ8È wa$ informed of Ihe decision. Where redundancy costs a￿ uncertaln, the fl9U￿ in the aGcoun15 represen15 a best eslimale. These costs will be m81 through urirestricled funds. The following informalion relates lo th8 employ8es of the College exBluding the College Trusle8s. Details of the r8mun8ralion and mimbur5ed expen5e5 of the College Trustees Is included as a separate note In Ihase financial $latÈments. The number of employees 18xcluding the Cdlege Trusietsl during the yearwhose gros5 pay and benefits lexduding employer Nl and pension conlributionsl f811 within th8 followlng bands was.. £60,001-£70.000 £70,001-£80,001 £80.001-£90.001 £90.001.£100,001 £100.001-£110.001 The number of the abov8 employees vAlh rallremenl benefits accruing wa5 a5 follows.. In defined benefits sch8me5 In dafin8d conlributlon $ch8m8s Page-45-of58 Corpus Christi College Notes to the financial statements For the year ended 31 July 2024 TANGIBLE FIXED A$s￿s Leas8hold land and buildings £'ooo Freehold land and Plant and maGhinery Fixiures. ritbngs and equipmeni £'ooo Total £'ooo £￿00 £'ooo Cost Al start of year Addilions Disposa15 1,644 27,510 8.400 11.3281 1.203 16 30,357 8,416 11,3281 At ahd of y•ar 34.582 1.219 37.445 Dopre¢latlon and Impaim•nt Al slart of year Depreciation chargè for the year Depreciaiion On dlsposals lrnpairm8ni 954 33 2.669 234 907 148 4,530 415 At ond of year 987 2,903 1,055 4,945 Net botsk valu¢ At •nd of yoar 657 31,679 164 32,500 At stsri of year 690 24.842 296 25.821 The Co118g8 has subsiantsal long-held historic assets all of which are used in the course of the College's leachiriy and research aclivilles. These compri$e listed buildings on Ihe College sile. 10gelher with their conlenls comprising works of art. ancient books and manuscripts and Other Irèa5uréd arttrfacts. Because of their age and, in many cases, uniou8 nature. reliable historical c051 inlomialion 15 not available lor these a55els and CDu5d noi be obtained èxtepl 8t disproporbonale e¥perTrse. How8v8r, in tha oplnlon of the Tfustees the depreciated historical cost cf these asset5 is now immaterial. HERITAGE ASSETS As 1$ befilling an instilulion of leaming, Ihe College holds a significant colleGlion of early printed book5 and tnanuscripis, many of %vhich werè donated by the foundor. In addition. 8n important colleclion of silver plate 15 held. reflecting our history and the generD$ity of bell￿fa￿or$ across the ¢eniurie$. All item5 were donated lo the Coll8ge on the understanding that th8ywII be adequately cared for and used sUPPOrt of Ihe Colleg8's than￿bla purpo$Ès. On the direction of th8 TnJsteÉs elements of these co18clions are routinely made available to Ihe research Gomrnunity globally and lo the public ihrough formal exhlbilions Heritag8 a$$trls ar8 held at historic cost which. in ihe opinion of the Tru51ees, 15 now immaterial as effective r8placetn8nl or sale 1$ not a realistic option. Against Ihis backgroijnd the Trusie8s consider that Ihe cost of fomal valuation can not be a justified use of charitable funds. and further thai thar8 would be no practical Lrtilily in Ihè valu8140n dala for users of the accounts. 10 PROPERTY INVESTMENTS College 2024 Total £'ooo 2023 Total £'ooo Agrftulwral rooo Commertial £'ooo Other £'ooo Valuation ai start of year Additions and Improvements al c05t Disp058ls Revaluation gainsll105se$l In tho 33.975 21.686 6.130 6,554 62,215 6.130 11.6381 1,313 67,132 14481 1,313 13.9531 19641 Valuatlon at end of y••r 34,840 27.816 5.364 6B,020 62.215 A forrnal valuaiitsn of ihe agricultural propertios was pr8pared byA Porter Msc MRICS FMV (Registered Valuer 56369851 of Bidwells as ot 31 July 2024 A fomal valuation of the agricultural prupeFtie$ was prepared by J Procl8r MA Msc MRICS ACE Arb of Bidwells 85 al 31 July 2023. Land al Eyn5hatn was transf&rred in 2019 to Pelican Land and Property Limited a whollyowned 5ub5i¢Jiary Of the college, al ils matk81 value of £2.553k. its market Value al 31 July 2024 was £3.030k. As the land is still held for invoslment il contlnues lo be shown in property investment5. Page 46 - of 58 Corpus Christl College Notes to the financial statemants For the year ended 31 July 2024 11 OTHER INVESTMENTS l inve51menls are hdd al fair value. 2024 £'ooo 2023 £'ooo Group InvEstmÈnts Valuation at start of yaar New money Investe Amoun15 *ithdrawn IDeGrea59yincrease in value of investments 194,D04 25,573 138,7221 19,291 161.305 23.249 114.9561 4.4D6 Group inv•strn•Trt5 at end of year 200,146 194,004 Investment in sub8ldiaTies Collège Snv?stments at and of year 200,146 194,004 Group Inv•8tment8 comprls•'. Held outside the UK £'ooo Held in Ihe UK £'ooo 2024 Total £'ooo Held outside the UK E'OOO Held in the UK £￿00 2023 Total £'ooo Squlty Inve$lm&nts Global mulli-assel funds Fixed lerrn d8posIIs 8nd cash 93,553 17.611 47.418 41.564 111,164 47,418 41.564 84,073 21,182 62.643 26.106 105.255 62.643 26.106 Total group Investments 93,553 106.593 200.146 84,073 109,931 194.004 12 STATEMENT OF INVESTMENT TOTAL RETURN Thè Trustee5 adopted a duly authorised policy of iot81 return accounting for Ihe College inveslm8nl ralums for the main èndowrneni funds With effect from August 2007. With effect frorn Ihe year ended 31 July 2012. the Irustees a150 adopted a policy of total reltsin accounting for the Patt fund. With 8ffectfrom 151 August 2015 Ihe College has rev15e(l ils Spending rale10 3.5% of the irnmedi8lely past 5 y8ar rolling 8vera98 endowm8nt market value. ThÈ preserved lfrozenl value of the invested endowment capital represen15 its open m8Fkel value in July 2003 10gelher with all subsequent endowmtrnls valued at date of yfft. Y*ar ènded 31 July 2024 Permanent Endowment Unapplied Total Relurn £000 Expandable Total Endowment Endowments Trust for Investment Total £0 £'ooo E'OOO £'ooo At the boglnnlng of the year: Gift component of the permanent endowTn8nt Unapplied lolal reium Expendable tndowm&nt Total Endowm8nt8 54.212 54,212 123.558 54,212 123,558 20,386 198,156 123.558 20,386 20,386 54.212 123.S58 177.770 Movements in the reporting p¢rlod.. Glft of endowment funds Inveslrnenl return.. dividends and interest Inveslrnenl return.. reali5ed and unrealised gain5 and105se5 Less.. Inve5trnent rnanagement cos15 oth8r transfers Totsl 107 107 3.575 16.538 12,4151 418 17.387 162 269 3,575 19,443 12.4211 27 20,893 3.575 16.538 12,4151 418 17.280 2.905 445 3.512 107 Unapplied toldl return allocated to incorne in the reporting period Expendablé &ndowmEnts transferred lo income 15,4271 15,4271 15,4271 676 18.1031 676 18761 15.4271 15.4271 Net mov•ments In r•portlng porlod 107 11.853 11,960 2.836 14.790 At end ol the reportlng perlod: GifL cornponent of the pamianenl endowmant Unapplied lolal retum Expendable endowrnenl Totsl Endowment5 54,319 54,319 135,411 54,319 135,411 23,222 212.9S2 135,411 23.222 23.222 54.319 135,411 189.730 Page - 47 of 58 Corpus Chrlstl College Notes to thè financlal statements For the year ended 31 July 2024 13 DEBTORS 2024 £'ooo 2023 £'OLHJ Amounts falllng due wtthlh one yèar.. Tiade debtors Amounts owed by College members Amotsnls owed by Group undertaking5 Loans repayable within one year Prepaymen15 and accrued income Other debtors 116 22 735 295 22 25 497 143 B5 Amounts lalllng duè aft•r mora than ono yoar-. Loans 1,468 586 14 CREDITORS.. falllng du• wlthln on• y•ar 2024 £'ooo 2023 £'ooo Trade Greditor5 Taxation and social security Accrual$ and deferred incom8 Oth6r cr8dSloTS 963 151 65B 196 1.288 73 96 2,SSB 2.217 15 CREDITORS.. falllng due after more thaTr on• ￿*r 2024 £'ooo 2023 E'rx)o Bank loans Qther creditors 1,000 60.OQO 60,DOO 60,000 61.000 on 10 February 2017 th& Co118ge entered inlo 8 45 year Note Purchase Agreèment INPAI wilh coupons payable al a rale of 2.66%. In March 2022 Ihe College entered into a 40 year Note Purchase Agreeemnt INPAI with coupons payable al a rale of 2 67Y.. The proceeds of both NPAS are invested alongside thè 8ndowmenl in accord8nce wilh the principle5 agreed by the Goveming Body. Page 48 of 58 Corpus Christi College Notes to the financial statements For the year 8nded 31 July 2024 16 AP4ALYSIS OF MOVEMENTS ON FUNDS Al 1 August 2023 £'ooo Incoming resources Resource5 expended £'ooo Gainsl At 31 Juty 2024 £'ooo Trdnsler5 £Doo £'ooo rooo Endowm•nt FLTrnd$ - Pomianent General purpose funds Fellowship funds Jullior Research Fellowship fvnds Fabric and building fund5 Student support funds Olher leaching fund5 Library funds Other purpose funds Clubs funds Pate lund 140.255 6,612 1,574 6,206 4,261 2.886 12,3361 14,6381 12.810 148,977 7.333 1.746 6.884 4,728 541 T6 159 32 18.960 1521 12051 224 883 606 69 66 20 42 934 2g6 17.868 794 14971 Endowment Funds- expendable Genèral purpose fund5 Fellowship 8 JRF funds Student support funds Olher leaching funds Library fvnds Other purpose funds 14,175 3,379 1.932 228 628 42 14691 2,016 480 281 32 89 15,723 3.901 2,201 252 1.096 47 154 379 Total Endowment Fund5- College 198.156 3,845 2,833 5.658 19.442 212,952 Restrl¢ted Funds Special Co118clions Centre fvnd Teaching and research funds Sludenl supwrt funds Other purpose funds 1,083 1,064 30 680 49 12.7661 429 243 153 590 20 14211 15841 12741 219 3,282 33 2,603 101 Total R•$triGted Funds . College 3.948 1.823 1,280 1,941 954 3,504 Unrestricted Fund$ General Special Collections Cenire fund Designaled property project funds Fixed asset designated fun Rewaluaiion f8s8rve Pension reserve 8.755 2.258 7,418 110,0031 900 19761 208 7,278 1,2B2 24.828 7.575 32,500 11.3601 1,360 Total Unrestrlcted Funds Collega 34.461 7,418 8.646 7.599 208 41.06Q Total Funds 236.585 13.086 112.7591 20.604 257.516 Page 49 of 58 Corpus Chrlsti College Notes to the financial 5taternents For the year ended 31 July 2024 17 FUNDS OF THE COLLEGE DETMLS The following IS 8 summary ofthe origin5 3nd purp05e$ of eaGh ofthe Funds Endowment Funds . P•rrnanont'. Gener81pu￿D5e funds A consolidation of gifts an($ donauons whera income, but not capital. can be used for the general purposes of ihe charity. Fellowship. Junior R8s681ch Fello¥Y$hip, Fabric and Capital balance of past donations where felaled income. bul not th8 OfFglnal capitsl, can be used for bulldirjg. Sludgnt support Olh8rlBaGhing, Llbr8ry, Clubs named specific purposes. 8nd Olhgrptsrpose funds Pate fund Capital balance of the Pale Charity. a fund Ihal vrds previously an exempl charity, and is now in Ihe process of being r8gisler8d with the Chariiy Commission 85 a constiluenl charity￿￿ the CDllege. 75% trf the nei lolal relum drawdown arising from the lund is payable to Pale's Grammar Schod Foundation. The remaining 25% 01 the nai to￿1 rèium drawdown Is available for the general purpose5 Qf the College and hence 1$ allocated lo unréstricièd funds. Endowment Fund$ - Expandablo.. Gen&ralpurpose fvncls A con5dldalion of gifts and donations where either inGome, or inwme and capital, can b8 used forlhe general purposes of the charty. Ffrllowshlp. Studertl support, Olhert&8ching. Library and Capital balanc8 of past donatyons where r81aled incom8, or incom8 and capital, can be used for named Olherpumose funds specific purposes. Rostrlct8d Funds.. Special Collections Cenlre Funds thai musl be applled to Specific fixed a5sel projects. Teaching and re5e8rch. student &upport and othor purpose funds Funds 1vh8￿ both income and capiial can bè u$8d for named resirlcted purposes. De51gThated Funds Spsci81 Ctrllections Centr8 lund Unresiricl8d Funds allocated by the Trustees for the 2017 building fund. Fixedassel desipn8tecl fun Unrestricted Fund5 which are represented by the fixed assets af the College and Ihertfore nol available for expenditure on the College's general purpose5. The General Unreslricied Funds represent accumulated income from the Colleg2'5 activities and other sourc95 that are available for the general purposes of the Co118ge The Iransf8fS be￿een funds Incluoles transfers of E7.072k lo Ihe Fixgd A5$el Designated Fund from Resiricied and D8$ignaied tunds spenl in the ye8r on the conslrJction of the Spencer 8uilding. the college's new library. J4ALYSIS OF t4ET ASSETS BEnvEEN FUNDS Unrestrictèd Funds £'OOD Re$iricted Funds Endowrnanl Fund5 £'ooo 2024 Total £'DOO £000 Tangible fixed assets Property investments Other inveslmenis Net current assets Long term liablllues 31,174 3t,174 68,018 200,145 16.179 160,0001 68,018 192.321 12,813 160.0001 2.991 6.895 4,833 11.3291 41.060 3,504 212.952 257,516 Unrestricted Funds £'ooo RÈ5tricled Funds £'ooo EndovéTh&nl Funds £'ooo 2023 Tot81 £'ooo T8ngible fixed assets Property investments Other investments Net current assets Long term liabilitie5 25.828 25.828 62.215 194,007 16,895 162.3601 62.215 167.901 29,040 161.0001 26,106 122,1581 10.013 11.3601 34.481 3,948 198.156 23fj,S85 Page-50-of58 Corpus Christi College Notes to the flnan¢lal statements For the year ended 31 July 2024 19 TRUSTEES. REMUNERATION The Fellow5 who arè th8 Trustees of the College for the purpose5 of charity law receive no remuneration for acting 85 charity Irusle88 bul are paid by either or both of the University and Ihe College for the acadernic services they provide lo the College. Trustees of the collegè fall Into Ihe foll￿￿n9 tralegorfe$-. President Prof8ssorial Fallow Official Fellow S8nior Rèsearch Follow No Irusle8 receives any r8muneraiion for aciing as 8 ttustetr. However, those Iruslees who are a150 employee5 of the Gollege receive salaries for theirwork as employee5. These Salaries are paid on èx18rnal academic and academic-relaled scales and often are joint arrangements with the Univ8r5ity of Oxford. The Head of House and one other Iru5tee occupy college propetywithout paym8nt of rent for reasons connac18d with Ihelr Coniracts of Emplymenl. One trustee 12023.. ￿0) Iiv8s in a house owned bythe college and pays market rent on a monlhly basis. The College has a Remunèration Committ8e whlch makes recommendations lo Governing B¢xly on pay and benefi15 which are outside of extemal scales. The composition of the Rèmuneration Commlttee is set out m page 8 in the annuol report. Romuneratlon pald to trustees 2024 Gros$ remuneration. taxable ben8fi1S and pÈn$ion contributions 2023 Gross remunerallon, taxable benefits and pension contributions Nwrtb8r of Tru51eeslFelknws Number of TNsttèslFtll¢ws Ranoe £5.000-£5.999 E8,000-E8,999 £10000-£10,999 El1,00￿£11,g99 £18.000-£18.999 £27.00(k£27.999 £29.000-£29,999 £33.000-£33,999 £34.000-£34,999 £35.000.£35,999 £36.000-£36,999 £37.000-t37.999 £38.000-£38,999 £45.000-£45,999 £47.000-£47,999 £48.000-£48,999 £50.000-£50.999 £52,000-£52,999 £53,000-£53.999 £54.000-£54.999 £55.000-£55.999 £57,000-E57,999 £61,000-E61.999 £63,000-£63.999 £65,OOOQ65.999 £66,000-E66.999 r67,000-E67.999 £70,000470.999 £71,000-£71.999 £72.000-£72.999 £74,000-E74.999 £77,000-£77.999 £68,000-£88.999 £99.000499.999 E101.0004101.999 £102,000-£102,999 £103.0004103,999 £120.000- £120.999 £125.000-£125,999 £141,0004141,999 £144.000-£144,999 £165.000-£165.999 £173.000-£173.999 5,815 6,785 10.686 10.686 11,079 18.621 27.693 58.803 33,676 137,648 35.890 109.641 34.945 71.890 36,229 75,043 38.075 45.065 47,018 45.343 48,846 50.667 52.798 53,209 54,141 55.533 57.927 53,085 54,756 57,247 61,001 127,130 65,246 66,580 67,121 67,918 141,647 71.246 145.410 74.286 77,291 72,268 88,734 99.991 101.973 102.283 103.896 120.031 125.5 141.527 144,565 165,671 173.757 Total 32 1,879.356 32 1,926,556 Page-51-of58 Corpus Christi College Notes to the financial statements For the year ended 31 July 2024 19 TRUSTEES, REMUNEPATION Icontlnuedl 812023.. 61 trustees are not 8rnpIoy8es ol the coll8ge and do not rèceive rètnuneralion. I tnjslees may eat at wmmon table. as can all other employe88 who are anlled ta Meals while worting. Oth•r transacllons wlth tru5tws No trustee clalmed expenses fer anywork performed in discharge of dulles a5 a Iruslee. See also note 26 Related PartyTransaclions Kèy mana9oment rèmLtneratlon The lolal remuneration paid lo key management including salary. soGial 5eGurity costs and pension contributions was £403k12023.. £388kl. Key managem8nt are consid8red lo be the Pre5id8nl, the Bursar and th8 DomesliG Bursar. 20 PENSION SCHEMES S¢hemes a¢¢ounted lof und¢1 FRS 102 as d¢fin•d ¢ontrlbution schen￿5 D8lk4t Rocovery Plan5 For US5, a deficit recovery plan was put In place as part Df the 202Dvaluation. which required payment of 6.2% 01 salaries over the period l April 2022 until 31 Marrh 2024. at which point the r3te would Intrease to $.3%. No defitit rÉ£ovÈry plan wa5 required vnderthe 2023 valuation becausethe stheme was in Svrplu5 on a technical provi5ion5 ba515. The College was no longer required to make deficit recovery contribution5 from I January 2024 and accoidingly released the OutstAnding provision to the Income and expenditure recoyery plan was required from the 2023 valuation. because the scheme was In Surplus. ChangÈs 1¢ c¢htribution rate5 were Implemented from I january 2024 and from that datE the Collegewas lonzer required to make deficit recovery contributions. The remèinin8 liability tsf £1.360k wa5 released to ihe income and expenditure account. The 2D23 valuation wa5 the seventh valuation for the Scheme under the scheme-specific funding regime introduced by thE Pen510n5 Act 20D4, which requires scheme5 to have suffi¢iÈnt and appropriate a$5ets to covertheir technical prov1510n5 Ithe 5tatutoryfundin8 obiectivèl. Atthevaluation date. thtvalue of the assets of the schemewa5 £73.1 billion The key financlal assumptions used in the 1023 valuation are described below. CPI assufflption rerrn dependent rates In Ilne ¥vith the dlfference between the Nxed Interest and Index ￿nked yleld cJNes less,, 1.0% p.a. to 2030, reducing lIneb￿¥ by 0.1% p.a. from 2030. Pension increase5 (subject to a floor of 0%) 8enefits wlth Do cap.. CPI assumptlon plus 3bps Benefits subject to a.soft cap- of 5% Iprovlding inflatlDnary increase5 UP to 5%, and half of any excess inflation over 5* up to a maximum of 10*1.. CPI assurnption minus 3bps Dlscount rate Iforward rates) Fl¥ed interest gilt yield curve plus.. Pre-retlrernEnt.. 2.5% p. Post-retiretllEnt.' 0.9% p. The main demo8rèphlc assumptions used relatÈto the mortality a5svmptior15. These assumptions are bJ5edon analysls ofthe schemÈ's experienrt carriEd out as part of the 2020 actuarial valuation. The mortallty assumptlons ￿$*￿ in these figure5 are asfollow5.' Mtyrtality ba5E iable 101% of S2PMA'lighW for males and 95% of S3PFAfor fern8le5 Future improvement5 to mortality CMI 1021 wilh a smcothln8 ParamEtervf 7 5, an initial addition of Q.4% p.a. and a lonl-term i The current Ilfe expettahcles On rÈtirement at age 65 are.. ZOZ4 23.7 25.6 25.4 27.2 2023 24.0 24.0 24.0 24.0 Males currentlyaged 65 lyear51 FEmales Eurrently aged 65 lyear51 Males currently aged 45 lyears) Females currently aged 451 Page - 52 of 58 Corpus Christi College Notes to the flnanclal $tatement5 For the year ended 31 July 2024 PENSION SCHEMES Icontlnuodl Unfvfjrslty ol Oxlord Staff P•nsion 5ch8m• The University of Oxford Staff Pension Scheme105PSI Is a multi-employer hybrid schemesÈt UP ￿nder trustand sponsored bythè Unlver5ity. It 15 the pension scheme for support Stsff atthe University. participating colleges and other related employer5. New membersjoinlng the 5cherne build up be*efits a defined contribution ba515. Memberswho joined before 1st October 2017 build up benefitson a ¢arper average revalued earnin85 ba515. The larest full acruarlal valuatltsn forthe 0$￿ srhemewas completed as at 31 March 2022. Thefunding posltk)n of this scherne ha5 irnproved slgrnthcanity movingfrom deficrt of £113m to a surplus of £47m atthE valuatioll date. As a resuh. the retovery plan agreed at the last Valuation Is lon8er required and rhe defitiltontribufion ended on 30th September 2023. A provisioD of £Nil was made at31 July 202312D22-. £897klto account for defitit recovery payrnenis up 10 301h September 2023. That remaining liabilityof £Ok was rÈleasÈd ta the income and expenditure accounrin 2024. The Trustee and the Unlverslty have agreed a ne%Y contribution schedule which took effect from l Ocrober 2023 ènd takes account of the benefit Improvement5 and changes to member contributions Since the last valuatlDn date. It was agreed that the scheme wlll meet its own running costs from the scheme's assets, includlng expenses rela￿n0 tts both the DB and DC Settions and the cost of penslon Protection Fund /other statutory levles. The tsbb ￿￿WSUrnMarIseS the key aduArfal 8$$umpi￿n5. Futherdetals of thè as$vmpllons are seloul In the sldtemenioffurKJing principles daied 27Juna 2023 and ¢8n b¢ lo￿d ai httpsJlfinan¢¥.adtnin.ox.ac.ukfosPS-dKurnents Date of valuatyon.. 3110312022 £914m E961m £47m Value of a5sets'. Fundlng surplus / Ideflciti.. The prfnclpal assumptlons used by the aLtuary were-. Flate of Interest Iperlods up to retirement) Fiate of Interest Iperlods after retirement) Gilts. +2.25% Gilts, +0.5Vu RPI Break-even RPI curve less 0.5% pa pre-2030 and 1.0% pa post-2030 CPI FiPI inflation ?ssJmption less 1% pa pre-2030 and 0.1% pa p05t- 2030 Penslonable Salary Increases Funding Ratios.. Technlcal provisions basis.. 'Bvy-oJt' basis.. RPI +pa 105% 62¢10 Non-flnancial assumptlons.. Post-retirement mortality - base table Non-pensioners.. 105% of standard S3PxA medlum tables for both male5 and females Pensioners." 105% of standard S3PxA rnedium rables for both male5 and fem4les Post-retirement mortality- Improvements Non-Pen51oners." 105% Of standard 53PxA medlum tables for both rnales and fem3les Penslcner5.' 105% of standard S3PxA medium tables for both males and fernal£s Recommended empl¢yerf5 contribution rate las % of pe 16.5% OB for rnembers from 0111012023 10% 112% 114% DC mernbers in rela￿Oft to 4% 16% 18% cost plan from 0111012023 Effectlve date of next valuaUon'. 311D312025 Ponslon charg• for th8 y8ar The pension charge recorded by the College during the accountlw perftyj lèxduding ppn5ion finance costs) was equal lo the contribullons payabl8 after allowance for th8 deficit recov8ryplan as follows.. Schome 2024 £'ooo 11.0761 2023 £'ooo 15681 Unlversltles Sup8rannuation Scheme Universltyof Oxford Slaff Penslon Schemt 319 14891 Total 57 1,0571 These arnouTrls include £012022." £0) CDntribulion5 payable lo deflned contribution 5themes al rates sp8cifi8d in the rules of those plans. Included in other creditor5 are penslon contrfbuliDnS payable of £Ok12022.. £Okl. The College Is aware of thè Virgin Media v NTL Pension Trusle8s11 LltnNed Court of Appeal ludgomant whlch may give rise to 8dlustments to the sthernes. At present th8 l&J81 process is incomplele fjnd therefore w8 are un8ble lo quanlfy any potential liabilities Page-53-of58 Corpus Chrlstl College Notes to the financlal statements For the year ended 31 July 2024 21 ThXAnON The Collegè is able to lake 8dv8ntage of the lax exewplion5 available la charities frorn taKallDn in respect of Income and capital gains recèived lo Ihe extent that such income and gain5 are applied lo exdusively charitable purposes. 22 FINANCJAL INSTRUMENTS The College has certain financial assets and financial li8bililies of a kind Ihat qvalify as basic financial instruments. Basic financial Inslrutnenls are inrtlalty recognlsed at transaction value and SUbsequen￿Y rnea5ured al amorbsed cost. Ceriain Olhè financial instrumènts are held al falr value. with gains and losses being recognised within inGomÉ and expendilure. The College ha5 the follo¥Ying finan¢ial Inslrument8'. 2024 £'ooo 2023 £'ooo Flnanclal assets moa$ur•d at falr v￿u• through proflt or10s5 Investments 200.146 194,004 200,146 194.004 Flnanclal assets measured at amgrf$•d cost Cash and cash equlvalents D8blors and accrued Income 6.556 702 18,303 523 7.258 18,826 Flnanclal Ilabllltl85 measured at amortlsed ¢o¥t Accruals and daferred income Other creditors 1.288 60.929 61.210 62.$58 62,217 23 RECONCILIATION OF NET INCOMING RESOUR¢es TO NET CASH FLOW FROM OPERATIONS 2024 Group £'ooo 2023 Group £000 Net Ineomall8xp8ndlturo1 19.601 6.732 Elimination of non-oper8tlng cash flows.. Inv8simenl Income IGainslno$ses in inveslmentS Endowrnenl donations 13.8651 120.6041 12691 13.1891 13,4421 DepreCIa￿On Isurplusllloss on sale of fixed asset5 Decreaselllncre8sel in 51oBk Decreaselllncreasel in debtors IDecreaselllncreas8 in creditors ID8creaseylncraase in provision5 IDecrea5eylncrea5e in penson scheme Ilabillty 415 415 18821 341 194 11,7771 Not cash provldod by lus*d In) op•ratlng aEtlvlthTrts 11,485 Page-54-of58 Corpus Chrlsti College Note$ to the financial statements For the ygar ended 31 July 2024 24 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 £'ooo 2023 £'ODO Cash al bank and In hand 6.556 18,303 Totsl caih ahd cash oquivalonts 6,556 18.303 25 FINANCLAL COMMITMENTS At 31 July th8 College had no spJnTr5cant annual cornmrffflen15 under non-canc811able operating leases12023'. none). RELATED PARTY T￿sAcTIoNs The Co118ge is part of the collegiate University of Oxford. Material interdep?nd8ncies between the Univ8rsltyand of the College arise as a consèqu¥nGe of Ihi5 relallonship. For reporting purp058s. th8 Univèrsity and the other Colleges are not Irealed as related partiès as defined in FRS 102 M8mb8rs of th8 Govèmlng Body. who are th? Irusiaès of th8 College 8nd related parties 2$ defined by FRS 102, r8c8lVo tymuneralion and facllitl8s 88 employgps of the Collega. Details of these payThenls and ralmbursed &xpen5e5 a5 trusleas arè disclased separately in these financial slalements. The following tW$lee$ had Poans outslandlng from the College al th8 start and end of the yeqr. 2024 £'ooo 2023 £'ooo Prof R Murphy Prof M Wrathall 27 CONTINGENT LMIL￿lEs Thère are no contingent liabilities Ihal requiw di5d05ure. POST BALANCE SHEET EVENTS There are no post balartce Sheet events that requlra dl$c105ure. Page-55-of58 Corpus Chrlstl College Notes to the flnanclal statgments For the year end8d 31 July 2024 29 DDITIoN￿ PRIOR YUR COMPARATNES Consolldatsd Statsrngnt of Flnanclal Act¢vltleJ Yo4r•nded 31 2023 Unrestricted Funds £'ooo Re51ricled Funds £'ooo Endowed Funds £'ooo 2023 Total £'ooo 2022 Totsl £'ooo INCOME AND ENDOYIMENTS FROM.. Charltabl6 actlvltles.. Teaching. research and residential Donatlons and18gacl¢s Investment5 Invesimenl Ineome Total raium allocated to Incom8 Other income Total Incomo 4,94e 5.222 4.210 1,454 1,225 213 6,660 130 5,264 3,059 3.189 2,292 871 I5,S64 2,096 12,8631 14,797 7.955 ExpEND￿UREoN'. Charltsble aett¥lt108: Teaching. research residential 7.376 1.224 529 9,129 11.502 G¢nerating funds.. Fundraislng Investment managernenl cests Totsl expoThdlture 407 407 1,971 11.507 473 1,506 13,481 1.970 2.499 7,784 1.224 Net Incom•llExp•ndltur•l bèlor• galn8 7,780 872 5,362 3.290 5.526 Nel gainslllossesl on inveslm8nls 393 3.049 3.442 12.110 Net In￿me11£xpoTr￿ltUre} 8.173 6,732 6.584 Tr4nsfgT¥ bgtsfogn fuTrds 3,661 11.7321 11.9291 Othtrr rècognls•d galnsllo8Sa8 Gainslllossesl on rev81uation of fixe¢J a55et5 Actuarigl gainsll1055esl on defined benefil ppnsiDn $¢heme$ 1.975 N•t movement In fund8 for tho year 11.834 18601 14.2421 6,732 8.559 Fund balances brought forwÈrd 22,647 4,808 202,398 229,853 221.294 Funds ¢•Thl•d frtrward at 31 July 34,481 3,948 198,156 236,585 229,853 bl Property Inv•8tments This note provide5 the comparative figu￿$ for Nthe 10. 2023 Total £'ooo 2022 Total £'ooo Agricultural Commercial £Doo Other rooo Valuation at start of year Additians and Improvetnents at cost DispDsal$ Revaluation galnslllosse51 in the year 37,551 21,791 7,790 67.132 60.888 3,832 15.6131 8.025 12,7171 18591 11,2361 13.9531 19641 11051 Valuatlon at ond of yeaf 33.975 21.686 6.554 62,215 67.132 A fomal valuati¢)n of the agdcultural prop8rtles was prepared byJ Procter MA Msc MRICS ACE of 8ittw8lls as at 31 July 2023. A formal vHluation of the agricultural prope￿88 was prepared byJ Proct8r MA Msc MRICS ACE of Blth¥ells as al 31 July 2022. Land at Eyn5harn was transferred in 2019 to Pelican Land and Property Limited a %Yholly owned subsidiary Of the college. at its markel value of £2,$53k. Ils morkel value at 31 July 2023 was E3.030k. A5 thB land is still held for invesltnBnt it conlinues lo be shown in property inve5tm8nts. Page-56-of58 Corpus Christi College Notès to the flnan¢lal statements For the year ended 31 July 2024 Statsm&nt of Inv•8tm•nt Total Retum This nele previde8 the comparalfv8 figur88 lor Not8 12. P8fman8nl Endowment Unapplied Total Return Expendable Endowment Totsl Endowmgnts Trust for Investment £Y)00 Total £'ooo £'ooo £Doo £'ooo At tho b8glnnlng of tho yaar.. Gift compon8nl of th8 permananl tndtJwmenl Unapplied lolal return Expendable endowrnenl Total Endowrnqnt5 54.212 54.212 125,873 54.212 125.873 22,313 202.398 125,873 22,313 22.313 54.212 125,073 180,OB5 Mov•rnent8 In tho r•portlng poriod.. Grft of 8ndowmeni funds Investrnent r81um.' dividends and interest Inve51rnenl relum.. realised and unrealised gains and losses Less.. Investment managetnent Gosts Otherlransfèrs Total 213 213 3.059 3,049 11,9701 2,458 1.893 3.059 2.536 11.9701 529 3,096 3,059 2.536 11.9701 529 3,096 513 1,929 Unapplied total return allocated to Income in the reporting period Expendable endowrnent5 tran5fgrred lo income 724 17241 724 16,1351 15,4111 N¢t movements In reportlThg perlod 12,3151 12.3151 11.9271 14.2421 At artd of tho reportlng pBriod-. GM componenl oflhe permanent endowrnenl Un8pplied total return Expendable endowment Tgtsl Endowmants 54.212 $4.212 123,558 54,212 123.558 20.386 19I.1$6 123.558 20.386 20.386 54.212 123,558 177.770 Page-57-of58 Corpus Chrlstl College Notes to the financial statèmenls For the year ended 31 July 2024 d) aly51s of movement on fund8 This note provides the comparalive figures for No18 16. At 1 August 2022 Incoming resources R8source5 expended £'ooo Gainsl At 31 July 2023 É'ooo Transfers £￿00 £'ooo Endowrn•nt Funds - Ponnan•nt GeneTal purpose fvnds Fellowship funds JunSor Research Fell¢)wship funds Fabric and building funds Sludenl 5UPPOrt funds other leaching funds Library funds Other purpose fund5 Clubs fijnds Pale fund 142,417 6,762 1,636 6.256 4.388 501 1,938 11.9991 14,4061 13051 2.305 155 37 143 101 140.2SS 6.612 1.574 6,206 4,261 12281 1241 150 300 17,607 144 296 17,868 15001 12281 Endowmont Funds - Exp8ndabl• Gen8ral purpose funds Fellowship & JRF funds Student support funds Other leaching funds Libraryfunds Other puFp05e funds 14,336 3,152 3.922 231 633 39 14901 1371 12.0991 329 72 91 14,175 3.379 1.932 228 628 192 18 Totsl endowment Funds. Colleg¢ 202.398 3,272 2.499 8.064 3.D49 198,156 Rèstriclgd Funds Transfers trom specific purpose end¢)wrnenls for spending Special Collections Centre fund Teaching and r8$tarch fijnds Student support funds Othèr purpose funds 871 13,7711 4,084 199 492 33 770 1.083 161 2.603 300 12701 1801 2,081 Total RoStrl¢t8d Funds. College 4.808 1.225 1,224 861 3.948 Unr•strf¢t•d Fund$ General Library and Archlvé Centre fund Designaled propety project funds Fixed ass81 de5ign8ted fund Pension reserve 2,076 2,258 10,300 19,5611 5.547 393 8,755 2.258 21.450 13.1371 3,378 24,828 11,36Ql 1.777 Total Unrgstrfcted Fund8 - Collèy 22.647 10.300 7.784 8,925 393 34,481 Total Funds 229.852 14.797 3,442 236,585 Page-58-of58