Trinity College Annual Report and Financial Statements ## Year ended 31 July 2020 Registered Charity No. 1143755 TRINITY COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2020 ## MEMBERS OF THE GOVERNING BODY |The members ofthe Governing Bodywho are Professorial Fellows orwho have been in post formorethan| |---| |one year are the College’s charity trustees under charity law. The members ofthe Governing Bodywho| |served during the yearare detailed below.
Those memberswho were not trustees ofthe College during the| |year are indicated by an asterisk.| |Po
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enee| |2| ## a ## TRINITY COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2020 ## COLLEGE ADVISERS ## Investment manager CCLA, Senator House, 85 Queeen Victoria Street, London, EC4V 4ET Baillie Gifford & Co, Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN Lindsell Train Ltd, 5" Floor, 66 Buckingham Gate, London, SW1E 6AU Fundsmith LLP, 33 Cavendish Square, London, W1G OPW Royal London Unit Trust Managers Limited, 55 Gracechurch Sireet, London, EC3V ORL Savills Investment Management, 33 Margaret Street, London, W1G 0JD Land Agent Laws & Fiennes, Warren Lodge, Broughton, Banbury, Oxfordshire OX15 5EF Auditor Critchleys Audit LLP, Beaver House, 23-28 Hythe Bridge Street, Oxford OX1 2EP Bankers Barclays Bank pic, Ground Floor, Apex Plaza, Forbury Road, Reading RG1 1AX Solicitors Freeths LLP, 5000 Oxford Business Park South, Oxford OX4 2BH Farrer & Co LLP, 66 Lincoln’s Inn Fields, London WC2A 3LH ## COLLEGE ADDRESS Broad Street, Oxford, OX1 3BH Website www.trinity.ox.ac.uk ## SESE 4 TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2020 ## a ## Group structure and relationships The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship. The College has two wholly owned non-charitable subsidiaries: Trinity College Oxford Limited, whose trading activities primarily comprise letting the College's facilities when not in use for their charitable objects, and Trinity College Developments Limited, which undertakes major building works to the College’s buildings. The annual profits of the subsidiaries are donated to the College under the Gift Aid Scheme. The College administers many trusts, as detailed in Notes 19 and 20 to the financial statements. ## OBJECTIVES AND ACTIVITIES ## Charitable Object and Aims Object The object of the College is to advance education, learning and research through the provision, maintenance, support and conduct of a college within the University of Oxford. The aims set for the College's subsidiaries are to help finance the achievement of the College's object. Public benefit The trustees are mindful of their duty to ensure that the College provides a public benefit, and are satisfied that it fulfils this duty. The College advances public learning by providing higher education for undergraduate and postgraduate students within Oxford University, and by supporting the pursuit of publicly disseminated research. During the year the student membership of the College averaged 297 undergraduates and 143 postgraduates. The academic Fellows have contractual obligations to teach and to undertake research. The College provides public benefit by offering higher education to its undergraduates, much of it through the tutorial system which provides the opportunity to meet with a tutor on a weekly basis during term time. In addition, the College provides classes, seminars and other forms of teaching as appropriate, in conjunction with the University’s departments. Graduates at the College form an important part of the academic community. While they are taught and undertake research in Faculties and Departments of the University, every graduate student is assigned a College Graduate Adviser who is a Fellow of the College and who provides academic and pastoral support. In addition, the Senior Tutor maintains oversight of the academic progress of graduates, and of their welfare and needs. To support student learning, the College provides the use of its library, IT network, chapel, buildings and accommodation. It actively promotes the wider cultural, moral and social development of its students through the provision of facilities for drama, music, sports, welfare support and careers advice, as well as religious worship. The College employs Senior Research Fellows as well as Junior Research Fellows who, at an early career stage, have already shown outstanding promise in their chosen field of research, to enable them to concentrate on their research topic and to develop their career. Recruitment and support for students The College offers undergraduate places on the basis of academic merit. The College aims to attract students who are most able to benefit from an Oxford education regardless of sex, gender, income, ethnic origin, religion, disability or previous educational opportunity, and actively works to recruit students from ## Itr 6 TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2020 mrpeS both helping to secure the College’s long-term financial sustainability and to support current students. The Governing Body is grateful to all donors who have supported the College over the past year, and previously. Expenditure did not decrease at the same rate as income mainly because staff continued to receive their full pay throughout the year and capital and maintenance projects continued as planned. The College did receive £352,000 from the Government’s Coronavirus Job Retention Scheme. Around 70 members of non-academic staff were furloughed and were on full pre-furloughed salary whilst furloughed. There were also savings on purchases from the catering departments and on utilities charges when the College was closed. Compared with the prior year, total expenditure decreased by £596,000 from £9,916,000 to £9,320,000. However the 2019 figure was inflated by a substantial increase in the College's pension provisions. Total expenditure on teaching, research and residential costs amounted to £8,425,000, compared to an expenditure of £8,688,000 in 2019. However, the apparent decrease of £263,000 is explained by movements in pension provisions in both years and the underlying position is in fact a year-on-year increase in expenditure of £709,000 (9%). Expenditure on raising funds decreased by £333,000 to £895,000 (27%). This reduction was mainly the result of reduced trading activity, caused by COVID-19. The depreciation charge decreased to £751,000 (2019 - £764,000). Depreciation of the Levine Building will only commence once the construction of the building is complete. The College continues, for the third year, to invest on a total return basis in order to balance the needs and interests of current beneficiaries of the College's activities with those of future beneficiaries. The College total return rate is whereby notional income is calculated as 2.5% of the closing capital values of funds, averaged over the most recent five years, net of all fees. The intentions of this policy are, firstly, to achieve overall higher levels of investment returns by removing the constraint of being required to produce natural income rather than capital growth; and, secondly, to smooth income between years, allowing the College to plan more effectively for medium-term expenditure. In the year ending July 2020, the total return gains allocated to income for the year amounted to £3,812,000 (2019 £3,588,000). Excluding total returns generated from unrestricted funds, total returns specifically from the endowed funds of £3,613,000 (2019 £3,397,000) were allocated to income in the restricted and unrestricted funds. In 2020, total natural investment income was £3,441,000 (2019 £3,385,000). An investment in the Lansdowne Developed Markets Long Only Fund continued to underperform and was fully divested in September. Ex-Lansdowne funds were reinvested in Royal London Asset Management cash funds to facilitate cash-flow requirements for the College, including the Levine Building. Donations received specifically for the Levine Building were expended to fund construction costs during the year, with the remaining balance at the year end held ring-fenced in a cash account. International equity markets recovered sharply from the initial nosedive response to the impact of the outbreak of the COVID-19 to finish on a high in the final quarter of our financial year. However, with Brexit remaining a concern, UK equity markets failed to recover in the same way. Within markets, sector by sector performance has been remarkably uneven. Traditional stocks, such as fossil fuel energy producers, saw dramatic price decreases whist others, such as technology stocks, saw equally dramatic rises. Overall, the performance of the College’s equity portfolio was very strong. The College’s strategic decisions to a) diversify its investments away from the UK, and b) apply an Environmental, Social and Governance (ESG) policy to its investment choices, have been rewarded. The total value of the College’s liquid investments (including those reclassified as current assets) grew by £1,779,000 (1.55%), to £116,208,000. The increase included net investment capital gains of £4,199,000 (3.7%). Sales and disposals in year amounted to £8,720,000 (which included the disinvestment of Lansdowne funds). £6,300,000 of the disinvested Lansdowne funds were invested in the RLAM. Following the scheduled 5-year formal valuation of the agricultural and commercial properties carried out by Carter Jonas LLP, the value of the property portfolio recorded gains of £5,398,000. Land and property additions totalled £593,000 with proceeds of land disposals totalling £1,584,000. The property investment portfolio closed the year with a total value of £58,979,000 (2019: £54,573,000). Overall investment gains for the year totalled £9,597,000, compared with a gain of £18,286,000 in the prior year. 8 ## TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2020 the College continues to be aware of the risk of losing the goodwill of its Old Members and other friends. The Governing Body will continue to closely monitor the College’s alumni relations and fund-raising activities to ensure that they comply with the evolving regulatory environment. Investment policy, objectives and performance The College’s investment objectives are to balance the needs of current and future beneficiaries by: - e increasing the value of the investments in real terms over time; - e producing a consistent and sustainable return to support expenditure; - e observing the restrictions applied by the College’s Socially Responsible Investment Policy; and - e delivering these objectives within acceptable levels of risk. - At the year end, the College’s long term investments, combining property and other investments, totalled £172,248,000 (2019 - £161,221,000), an overall increase of 6.84%. ## Fundraising through donations Trinity College is committed to implementing best practice in its fundraising activities in line with the guidance provided by the Fundraising Regulator and the Institute of Fundraising. The College’s fundraising policy, which is displayed on the website, is in line with the code of practice provided by the Institute of Fundraising. It is followed by all members of the fundraising team. The College employs five, professional, full-time members of staff in the Alumni & Development Office; their roles cover both fundraising and alumni relations, which are closely connected. From time to time assistance is sought from external consultants, notably in the case of telephone fundraising. On such occasions, the College enters into a formal written agreement with these consultants and monitors their work. The Development Committee discusses fundraising and, along with the Governing Body to whom it reports, monitors the work of the fundraising team. The College’s fundraising policy is brought to the Development Committee each year for review and, when agreed, it is endorsed by the trustees and an updated version displayed on the College website. Fundraising is not directed at the general public. Instead, gifts are solicited only from individuals with whom the College has an active relationship — Old Members (alumni) and Friends — or those individuals or organisations that have been carefully identified as having a potential interest in supporting a specific activity or initiative. The College has always subscribed to the view that all gifts should be made without coercion, as an informed decision, with full transparency and agreement regarding the use of the gift. Individuals are not subject to constant requests for donations. They are not approached directly with a solicitation more than once in any financial year. The College employs a range of direct solicitation methods, which include telethons and letters, as well as face-to-face approaches. Members of the fundraising team do not intrude on the privacy of potential donors, nor adopt persistent or aggressive behaviour. If any individual or organisation asks to be excluded from fundraising approaches, this is recorded on the database and acted upon immediately so that they are excluded from all forms of solicitation, or those forms from which they have asked to be excluded. Potential donors are not put under undue pressure to make a donation. In telethons, the student callers are trained carefully to ensure that they do not adopt an aggressive approach and while the callers ask for donations, this is only one element of the call. Meetings are conducted sensitively and when a meeting is requested, it is made clear that it has a fundraising purpose. When the College is aware that someone is vulnerable, such a person is not approached for a donation. Should a donation be made at a time when the donor was not able to make an informed decision, but this was not clear to the fundraiser at the time, such a donation would be returned. Trinity has not received any complaints about its fundraising activities. The college’s policy for the handling of complaints is displayed on the website and follows Institute of Fundraising best practice. ## pg 10 Year ended 31 July 2020 ## TRINITY COLLEGE ## Auditor’s Report ## Oe ## Independent auditor’s report to the Members of the Governing Body of Trinity College ## Opinion We have audited the financial statements of Trinity College (the “Charity”) for the year ended 31 July 2020 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable under 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: - e give a true and fair view of the state of the group and charity's affairs as at 31 July 2020 and of the group’s income and expenditure for the year then ended; - e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; e 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - e the Members of the Governing Body's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - e the Members of the Governing Body have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other information The Members of 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. 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 ## aeTet 12 TRINITY COLLEGE Statement of Accounting Policies Year ended 31 July 2020 ## STATEMENT OF ACCOUNTING POLICIES 4. 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 comprising the consolidation of the College and with its wholly owned subsidiaries, Trinity College Oxford Limited and Trinity College Developments Limited. The subsidiaries have been consolidated from the date of their formation being the date from which the College has exercised control through voting rights in the subsidiaries. No separate SOFA has been presented for the College alone as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary of the results and financial position of the charity and each of its material subsidiaries for the reporting year are in note 13. 2. Basis of accounting The College’s individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102). The College is a public benefit entity for the purposes of FRS 102 anda 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 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. The following judgements and estimates are considered by the Governing Body to have most significant effect on amounts recognised in the financial statements. The College carries its property investments at open market value on the balance sheet, with changes in valuation being recognised in the income and expenditure section of the SOFA. Independent valuations are obtained periodically, as required, to determine fair value at the balance sheet date. Internal valuations are undertaken in the intervening years. The College participates in two multi-employer defined benefit pension schemes. In the judgement of the Governing Body, there is insufficient information about the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets in the financial statements and therefore the plans are accounted for as defined contribution plans (see note 23). With respect to the next financial year, the most significant areas of uncertainty that affect the carrying value of assets held by the College are the level of investment return and the performance of investment markets. 4. Income recognition All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured. a. Income from fees, Office for Students support and other charges for services Fees receivable, Office for Students support and charges for services and use of the premises are recognised in the period in which the related service is provided. er ee ee 14 ## TRINITY COLLEGE Statement of Accounting Policies Year ended 31 July 2020 6. 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 £1,000 together with expenditure on equipment costing more than £1,000 is capitalised. 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. 7. Depreciation Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows: Freehold properties, including major extensions 50 years Leasehold properties 50 years or period of lease if shorter Building improvements 10 - 20 years Equipment 2 -10 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. 8. Heritage Assets The College has chosen to hold heritage assets at cost. The College has a number of assets, including works of art, ancient books and manuscripts and silver that meet the definition of heritage assets under the SORP. 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. 9. 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. 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. 16 pie rR ane ema nc eects npg gE TRINITY COLLEGE Statement of Accounting Policies Year ended 31 July 2020 basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to each scheme. Since the College has entered into agreements (the Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, the college recognisesa liability for the contributions payable that arise from the agreements (to the extent that they relate to the deficit) and therefore an expense is recognised. Critical accounting judgements USS notes: FRS 102 requires that accounting judgements which are considered to be critical by those charged with governance are explained in more detail as to why the judgement has been applied. The disclosure below may be useful where the treatment of the scheme as a multi-employer scheme and adopting defined contribution accounting is deemed to be critical. ERS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multiemployer scheme is a scheme for entities not under common control and represents an industry-wide scheme such as Universities Superannuation Scheme or one for employers in the same locality such as the University of Oxford Staff Pension Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The Trustees of the College are satisfied that Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme both meet the definition of a multi-employer scheme and have therefore recognised the discounted fair value of the contractual contributions under the recovery plans in existence at the date of approving the financial statements. ## te ER i 18 20 ## Trinity College Consolidated and College Balance Sheets ## As at 31 July 2020 |Trinity College
Consolidated and College Balance Sheets
As at 3131 July 2020|Trinity College
Consolidated and College Balance Sheets
As at 3131 July 2020|Trinity College
Consolidated and College Balance Sheets
As at 3131 July 2020|Trinity College
Consolidated and College Balance Sheets
As at 3131 July 2020|Trinity College
Consolidated and College Balance Sheets
As at 3131 July 2020|Trinity College
Consolidated and College Balance Sheets
As at 3131 July 2020| |---|---|---|---|---|---| |a|||||| |||2020|2019|2020|2019| ||Notes|Group
£'000|Group
£'000|College
£'000|College
£'000| |FIXED ASSETS
Tangible assets
Property investments
Other Investments|9
11
12|20,232
58,979
113,269|13,845
54,573
106,648|20,232
58,979
113,269|13,847
54,573
106,648| |Total FixedAssets||192,480|175,066|192,480|175,068| |CURRENTASSETS|||||| |Stocks
Debtors
Investments -cash deposit
Cash at bank and in hand|15
26|78
1,091
2,939
692|75
884
7,779
2,418|78
2,589
2,939
462|75
1,324
7,779
1,970| |Total CurrentAssets||4,800|11,156|6,068|11,148| |LIABILITIES
Creditors:Amounts fallingduewithinoneyeat|16|1,576|1,337|2,866|1,352| |NETCURRENTASSETS||3,224|9,819|3,202|9,796| |TOTALASSETS LESSCURRENT LIABILITIES||195,704|184,885|195,682|184,864| |CREDITORS: fallingdue aftermore than oneyear|17|-|-|-|-| |Provisions forliabilitiesand charges|18|59|59|59|59| |NETASSETSBEFOREPENSION LIABILITY||195,645|184,826|195,623|184,805| |Definedbenefitpensionscheme liability|23|1,961|2,068|1,961|2,068| |TOTALNETASSETS||193,684|182,758|193,662|182,737| |FUNDS OF THE COLLEGE|||||| |Endowmentfunds|19|164,267|154,801|164,267|154,801| |Restrictedfunds||4,696|9,482|4,696|9,482| |Unrestricted funds|||||| |General funds
Designated funds
Pension reserve|23|6,358
20,325
(1,961)|6,605
13,938
(2,068)|6,358
20,303
(1,961)|6,605
13,917
(2,068)| |||193,684|182,758|193,662|182,737| **----- Start of picture text -----**
The financial statements were approved and authorised for issue by the Governing Body of Trinity College on the 25th of November, 2020
President : saris
Estates Bursar of \.
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## Trinity College Notes to the financial statements For the year ended 31 July 2020 **----- Start of picture text -----**
|||||| |---|---|---|---|---| |I| |4INCOME|FROM|CHARITABLE|ACTIVITIES| |2020|2019| |Teaching, Research and Residential|£'000|Note£00032a| |UnrestrictedTuition feesfunds - UK and EU students|4,225|1,246| |Tuition fees - Overseas students|716|645| |Other Office for Students support|190|185| |Other academic income|164|165| |College|residential|income|1,874|3.120| |Total Teaching, Research and Residential|4,169|5,367| |Total income from charitable|activities|4,169|5,361| **----- End of picture text -----**
The above analysis includes £2,131k received from Oxford University from publicly accountable funds under the CFF Scheme (2019: £4 ,454k). Under the terms of the undergraduate student support package offered by Oxford University to students from lower income households, the College had no share of the fees waived (2019: £57k). These are not included in the fee income reported above. - 2 DONATIONS AND LEGACIES AND LEGACIES LEGACIES **----- Start of picture text -----**
||||| |---|---|---|---| |DONATIONS AND LEGACIES AND LEGACIES LEGACIES|2020|2019| |£°000|£'000| |Note|32a| |Donations|and|Legacies| |Unrestricted funds|91|130| |Restricted|funds|1,582|1,006| |Endowed funds|767|281| |2,440|1417| |INCOME FROM OTHER TRADING ACTIVITIES FROM OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES TRADING ACTIVITIES ACTIVITIES|2020|2019| |£°000|£'000| |Note|32a| |Subsidiary company trading income|247|439| |-|(1)| |Other trading|income| |ENE.|SERMON<7| **----- End of picture text -----**
## 3 INCOME FROM OTHER TRADING ACTIVITIES FROM OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES TRADING ACTIVITIES ACTIVITIES 22 ## Trinity College Notes to the financial statements For the year ended 31 July 2020 ## cS |5|ANALYSISOFEXPENDITURE|2020|2019| |---|---|---|---| |||£'000|£000| ||||Note 32a| ||Charitable expenditure||| ||Direct staffcosts allocated to:
Teaching,researchand residential|4,847|5,049| ||Other direct costs allocated te:
Teaching, researchand residential|2,336|2,478| ||Supportand governancecostsallocated to:
Teaching, researchand residential|1,242|1,160| ||Total charitableexpenditure|8,425|8,688| ||Expenditure on raising funds||| ||Directstaffcostsallocatedto:||| ||Fundraising thoughdonations
Trading expenditure|356
123|379
275| ||Other direct costs allocated to:
Fundraising
Tradingexpenditure
Investmentmanagement costs|137
37
167|129
89
288| ||Support and governance costs allocated to:
Fundraising
Investmentmanagement costs|75|67
1| ||Totalexpenditureon raisingfunds|895|41,228| ||Totalexpenditure|9320
ES|9,976| The 2019 resources expended of £9,916k represented £8,890k from Unrestricted funds, £748k from Restricted funds and £279k from Endowed funds. The College is liable to be assessed for Contribution under the provisions of Statute XV of the University of Oxford. The Contribution Fund is used to make grants and loans to colleges on the basis of need. Contributions are calculated annually in accordance with regulations made by the Council of the University of Oxford. 24 ## Trinity College Notes to the financial statements For the year ended 31 July 2020 |Trinity College
Notes to thethe financial statements
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Notes to thethe financial statements
For the year endedthe year endedyear endedended 31 July 20202020|Trinity College
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For the year endedthe year endedyear endedended 31 July 20202020| |---|---|---|---|---| |A||||| |7
GRANTSANDAWARDS
2020
2019
£'000
£°000||||| ||Duringthe yearthe Collegefunded awards and|||| ||bursaries to students from its restricted and|||| ||unrestricted fund as follows:|||| ||Unrestricted funds|||| ||Grants to individuals:
Scholarships, prizesandgrants
Bursariesand hardshipawards
Totalunrestricted|19
16
11
16
aiapagige esee||| ||Restricted funds|||| ||Grants to individuals:
Scholarships, prizesandgrants
Bursaries and hardshipawards
Total restricted||360
130
490|302
115
a7| ||Total grantsand awards||520|449| ||The figureaboveincludesthecosttotheCollege oftheOxford BursaryScheme. Studentsofthiscollegereceived£72k (2019: £73k).Some ofthose studentsalsoreceivedfee|||| ||waivers amounting to £57k (2019: £53k).|||| ||Theabove costsare included within the charitable expenditure onTeaching and Research. Otherinstitutions comprise local charities.|||| |8|STAFF COSTS||2020|2019| ||Theaggregate staffcosts fortheyearwereasfollows.||£'000|£'000| ||Salariesandwages
Social securitycosts||4,475
405|4,058
365| ||Pension costs: (see note 23)
Defined benefitschemes||563|1,455| ||Defined contributionschemes||107|62| ||Otherbenefits||123|82| |||SE|5,672|6,020| ||The average numberofemployees ofthe College, excluding Trustees,
ona fulltime equivalent basiswasas follows.||2020|2019| ||Tuition and research
College residential
Fundraising
Support||11
58
5
18|11
58
5
18| ||Total||92|92| ||The averagenumberofemployed College Trustees during the yearwasas follows.|||| ||University Lecturers
CUF Lecturers||19
7|19
rs| ||Otherteaching andresearch
Other||4
5|4
5| ||Total|35
35
nl||| The following information relates to the employees of the College excluding the College Trustees. Details of the remuneration and reimbursed expenses of the College Trustees is included as a separate note in these financial statements. Four employees received gross pay and benefits (excluding NI and pension contributions) during the year within the £60,001 to £70,000 band (2019 - two). ## es 26 ## Trinity College Notes to the financial statements For the year ended 31 July 2020 ## Tn **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |11|PROPERTY INVESTMENTS| |Group and College|2020|2019| |Agricultural|Commercial|Dev't and Other|Total|Total| |£°000|£°000|£'000|£'000|£°000| |Notes|32a,|32b| |Valuation|at start|of year|31,379|2,915|20,279|54,573|50,280| |Transfers between|categories|=|5|es|7| |Additions and improvements|at cost|593|-|-|593|1,744| |Disposals|(30)|-|(1,555)|(1,585)|(8,335)| |Revaluation gains/(losses) in the year|2,959|385|2,054|5,398|10,884| |Valuation|at end of year|34,901|3,300|20,778|58,979|54573| **----- End of picture text -----**
A formal valuation of the agricultural and commercial properties was prepared by Carter Jonas LLP as at 31 July 2020. A valuation of development properties was prepared internally based on sales values and discounted at 5%. **----- Start of picture text -----**
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |12.|OTHER|INVESTMENTS| |All|investments are held|at fair value.|2020|2019| |£'000|£'000| |ValuationGroup|investments at start of year|106,648|99,336| |New money invested|4,840|9,125| |Value of purchases|6,300|83,437| |Amounts|withdrawn|-|-| |Value of sales|(8,720)|(92,651)| |Reinvested|income|“i|“| |investment|management|fees|-|-| |(Decrease)/increase|in value|of investments|4,200|7,401| |Group|investments|at end|of year|113,269|106,648| |College investments|at end of year|113,269|106,648| |Group investments comprise:|Held|outside|Held|in|2020|Held|outside|Held|in|2019| |the UK|the UK|Total|the UK|the UK|Total| |£'000|£'000|£'000|£000|£'000|£'000| |Equity investments|63,079|11,969|75,048|59,538|8,841|68,378| |Global|multi-asset funds|-|-|-|-|6,796|6,796| |Property funds|-|7,890|7,890|-|8,673|8,673| |Fixed|interest stocks|5,157|7,042|12,199|-|14,358|14,358| |Alternative and other investments|204|9,197|9,401|232|6,756|6,987| |Fixed term deposits and cash|3,801|4,930|8,731|-|1,456|1,456| |Total group investments|TraSSOTS|~*~|770 |——S—C~SG BO 706,648SY| **----- End of picture text -----**
28 ## Trinity Coliege Notes to the financial statements For the year ended 31 July 2020 NeaCCCae ooo 15 DEBTORS **----- Start of picture text -----**
||||||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2020|2019|2020|2019| |Group|Group|College|College| |£'000|£'000|£'000|£'000| |Amounts|falling|due|within|one|year:| |Trade|debtors|50|95|42|81| |Amounts|owed|by|College|members|-|-|-|-| |Amounts owed|by Group|undertakings|-|-|1,555|454| |Loans|repayable|within|one|year|-|=|-|=| |Prepayments and|accrued|income|595|612|580|612| |Other debtors|446|177|412|177| |16|CREDITORS:|falling|due|within|one|year| |2020|2019|2020|2019| |Group|Group|College|College| |£'000|£'000|£'000|£000| |Trade|creditors|360|683|2.347|719| |Amounts owed|to|College|Members|32|27|31|27| |Taxation|and|social|security|181|91|122|107| |College|contribution|-|90|-|90| |Accruals|and|deferred|income|869|218|232|184| |Other creditors|134|228|134|228| |1,576|1,337|2,866|KE| |17|CREDITORS: falling due after more than one year|2020|2019|2020|2019| |Group|Group|College|College| |£'000|£'000|.|£°000|£'000| |Other creditors|=|sé|ie|-| |weemmmeetieersiciiciees|sbcvclaubidailiaiiieeeet’|‘imation|eanininsaSiaesasaseee| |Unsecured|loan|from|an|old|member|to|be|held|and|used|for|the|exclusively|charitable|purpose and|in the|manner|set out|in the|Deed|of|Gift|between|the|College| |and|the|donor.|The|full|amount of the|loan|is|to|be|repaid|no|later|than|24th April,|2020.|The|loan|shall|not|bear|interest.| |18|PROVISIONS|FOR|LIABILITIES|AND|CHARGES| |2020|2019|2020|2019| |Group|Group|College|College| |£'000|£'000|£'000|£'000| |At start of year|59|55|59|55| |Charged|in|the|Statement|of Financial|Activities|-|4|-|4| |Settled|in|the|year|-|w|“|é| |At end|of year|59|59|59|59| |The|above|provision|relates|to the|College's|liability|with|regard|to|a|non-contributory|retirement|benefit|scheme|for certain|employees.| **----- End of picture text -----**
30 **----- Start of picture text -----**
||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Trinity College| |Notes|to the|financial|statements| |For the year ended|31|July 2020| |enEEE| |20|FUNDS OF THE COLLEGE|DETAILS| |The|following|is|a summary of the|origins|and|purposes|of each of the|major Funds| |Endowment Funds|- Permanent:| |Permanent Endowment|Fund|A consolidation|of|gifts and|donations|which|comprise|the|historic endowment|of the| |College,|which|the|Governing|Body considers|to|be|permanent endowment.| |Frank Chadwick|Fund|For general|purposes.| |Ford|Fund|For general|purposes.| |Millard|Fund|For|general|purposes.| |Blakiston|Fund|For general|purposes.| |Dr Blakiston's|Fund|To fund|improvements|to|the|fabric|of the|College.| |Dr W|Hunt|Fund|To fund|extraordinary|repairs|to|the|fabric of the|College.| |Mrs|J|H|McKeown|Fund|Scholarship|fund.| |Professor|John|Mitchell|Fund|To fund|awards|for outstanding|3rd|and|4th year undergraduates.| |Bursaries|Fund|Fund|created|in|1870's|to|pool|earlier|smaller funds;|student|support.| |W P|Haskett-Smith|Fund|Student|support.| |Whitehead|Travelling|Fund|To funda|travel|award;|balance|for general|purposes.| |Jeffrey Abbott|Fund|Scholarship|fund.| |Stephen|Christie-Miller|Fund|Student|support.| |War Memorial|Fund|To|fund|library|expenditure.| |Endowment Funds|-|Expendable:| |War Memorial|Fund|Student|support.| |Brown|Fellowship|Fund|To fund|the|Fellowship|in|Classics.| |Hunt-Grubbe|Fellowship|Fund|To fund|the|Fellowship|in|Engineering|Sciences.| |Henry|Birkhead|Fund|To fund|study,|education|or research|in|history,|literature|or arts.| |King's|Group|Fund|Scholarship|Fund.| |Restricted|Funds:| |New|Building|fund|Funds|donated|towards|Levine|Building.|Expenditure|of £6,395m|in 2019-20|transferred|out| |of the|restricted|fund|to|the|fixed|asset designated|fund| |Designated|Funds| |Fixed|asset designated|Unrestricted|Funds which|are|represented|by the fixed|assets|of the|College| |and|therefore|not|available|for expenditure|on|the|College's|general|purposes| |Pension|Reserve|The|pension|reserve|represents|the|amounts|included|in|the|balance|sheet| |as|a|provision|for|future|deficit|reduction|contributions| |The|transfers|between funds|reflected|in|Note|19|arise from|resolutions|approved|by the|Charity Commission|or|reclassifications|better|to|reflect|the| |purpose|of donors.| **----- End of picture text -----**
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The General Unresiricted Funds represent accumulated income from the College's activities and other sources that are available for the general
purposes of the College.
21 ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restricted Endowment 2020
Funds Funds Funds Total
£'000 £'000 £'000 £'000
Tangible fixed assets 20,231 - - 20,231
Property investments - - 58,979 58,979
Other investments 6,224 1,757 105,288 113,269
Pensions Provisions (1,961) (1,961}
Provisions for liabilities and charges (59) (59)
Net current assets 287 2,939 - 3,226
Long term liabilities - - -
LE24,722 F696 A164,267 193,685
Unrestricted Restricted Endowment 2019
Funds Funds Funds Total
£'000 £'000 £'000 £'000
Tangible fixed assets 13,845 - - 13,845
Property investments & - 54,573 54,573
Other investments 4,717 1,703 100,228 106,648
Pensions Provisions (2,068) (2,068)
Provisions for liabilities and charges (59) {59)
Net current assets 2,040 7,779 - 9,819
Long term liabilities " . -
18,475 9,482 754,801 182,756
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## geoe 32 Trinity College Notes to the financial statements For the year ended 31 July 2020 23 PENSION SCHEMES Trinity College participates in two principal pension schemes for its staff — the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). The assets of each scheme are held in separate trustee-administered funds. USS and OSPS are contributory mixed benefit schemes (i.e. they provide benefits on a defined benefit basis — based on length of service and pensionable salary — and on a defined contribution basis — based on contributions into the scheme). Both are multi-employer schemes and Trinity College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, Trinity College accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period. In the event of the withdrawal of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme. Trinity College has also made available the National Employment Savings Trust for employees who are eligible under automatic enrolment regulations to pension benefits but not eligible for either USS or OSPS. ## Schemes accounted for under FRS 102 paragraph 28.11 as defined contribution schemes |Actuarialvaluations Qualified actuaries periodicallyvalue theUSS andOSPS schemes using the ‘projected unit|Actuarialvaluations Qualified actuaries periodicallyvalue theUSS andOSPS schemes using the ‘projected unit|Actuarialvaluations Qualified actuaries periodicallyvalue theUSS andOSPS schemes using the ‘projected unit|Actuarialvaluations Qualified actuaries periodicallyvalue theUSS andOSPS schemes using the ‘projected unit|| |---|---|---|---|---| |method’, embracing a marketvalue|approach. The resulting levels of contribution take account ofactuarial surpluses or|||| |deficits ineach scheme. The financial assumptions were derived from marketconditions prevailing atthe valuation||||| |date. The results ofthe latest actuarial valuationsand the assumptions which have the|||most significant effecton the|| |results.||||| |Date ofvaluation:|iii|oe
31/03/2018||“31/03/2019| |Date valuation results published:|||16/09/2019|19/06/2020| |Value of liabilities:|||£67.3bn|£848m| |Value ofassets:|||£63.7bn|£735m| |Funding surplus / (deficit):|||(£3.6bn)|(£113m)| |Principal assumptions:||||-| |4
Discount rate|||CPI - 0.73% to|Gilts +0.5%- 2.25% b| |:
Rate of increase in salaries|||CPI +2.52% a|RPI| |i
Rate of increase in pensions|||n/a|Average RPI/CPI d| ||||CPlc|| |Assumed life expectancies on retirement atage 65:||||| |:
Males currently aged 65
:
Females currently aged 65
2
Males currently aged 45
Females currently aged45
iFundingRatios:|||24.4 yrs
25.9 yrs
26.3yrs
27,7 yrs|21.7 yrs
24.4 yrs
23.0 yrs
25.8 yrs| |.
Technical provisions basis|||95%|87%| |‘
Statutory Pension Protection Fund basis|||76%|74%| |.
‘Buy-out' basis|||56%|60%| |Recommended employer's contribution rate (as% ofpensionable salaries):|||21.10%|19%| ||||increasing to|| ||||23.7% on|| ||||01/10/2021|| |Effectivedateofnextvaluation:|||31/03/2020|31/03/2022| ## eee 34. ## Trinity College Notes to the financial statements For the year ended 31 July 2020 Sensitivity of actuarial valuation assumptions **----- Start of picture text -----**
|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Surpluses|or deficits|which|arise|at|future|valuations|may|impact|on|the|College’s|future|contribution|commitment.| |The|sensitivities|regarding|the|principal|assumptions|used|to|measure|the|scheme|liabilities|are|set out|below:| |Assumption|——|:|ar|USS|:|as|ee|ae| |eee|ea|gee|_.|Change in assumption|Impact on USS liabilities| |Initial|discount|rate|increase|by|0.1%|decrease|by £1.2bn| |Asset|values|reduce|by|10%|increase|by|£6.4bn| |RPI|inflation|increase|by|0.1%|decrease|by £0.7bn| |Rate|i|more|prudent assumption|(mortality rated|“| |of mortality|down|by a further year)|increase by £1.6bn| |ASSUMptON:|6|se|_|Changein|assumption|—|provisions(from|80% funded| |aluation|rate|of|interest|decrease|by 0.25%|increase|by £45m| |Rate|of|pension|increases|increase|by 0.25%|Increase|by £40m| **----- End of picture text -----**
## Deficit Recovery Plans **----- Start of picture text -----**
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |In|line with|FRS|102|paragraph|28.11A,|the|College has|recognised|a|liability for the contributions payable|for the agreed| |deficit funding|plan.|The|principle|assumptions|used|in|these|calculations|are|tabled|below:| |Finish|Date for|Deficit|Recovery|Plan|30/06/2028|31/03/2028| |Average|staff number|increase|2|2| |Average|staff salary|increase|1.50%|1.50%| |Average|discount|rate over|period|0.63%|0.74%| **----- End of picture text -----**
A provision of £1.961m has been made at 31 July 2020 (2019 - £2.068m) for the present value of the estimated future deficit funding element of the contributions payable under these agreements, using the assumptions shown. The provision reduces as the deficit is paid off according to the pension recovery scheme. ## Pension charge for the year The pension charge recorded by the College during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows: **----- Start of picture text -----**
Ree a) Eee)
[Universities Superannuation Sche e me: a| _£000's
[ContinuingS266 charges CT
Pensionprovisionchange |122
[EETUniversity [asians] of Oxford StaffPension Scheme:ia noel|] CINSSLRNSA i || ae
[Pension200 provisionchange
eeeOther RE
[Total [691816]] schemes — contributions |
These amounts include £106,600 (2019: £61,500) contributions payable to defined contribution schemes at rates specified in
the rules of those plans.
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Included in creditors are pension contributions payable of £59,400 (2019: £59,400). ## Sc 36 **----- Start of picture text -----**
Trinity College
Notes to the financial statements
For the year ended 31 July 2020
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eee
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27 ~~ FINANCIAL COMMITMENTS
At 31 July 2020 the College had annual commitments of £62.5k under non-cancellable operating leases (2019- nil).
28 CAPITAL COMMITMENTS
The College had contracted commitments at 31 July 2020 for future capital projects totalling £18,322,000 (2019 - £1 ,§30,000).
29° RELATED PARTY TRANSACTIONS
The College is part of the collegiate University of Oxford. Material interdependencies between the University and of the College arise as a consequence of this relationship. For
Teporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS 102
Members of the Governing Body, who are the trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College.
Details of these payments and reimbursed expenses as trustees are disclosed separately in Note 22.
The number of loans to trustees outstanding as at 31 July with the balances in the following bands were as follows:
2020 2019
Trustee's Number £°000 Number £000
Name Number Amount Number Amount
£0 - £9,999 M Blanco 1 6 - -
narneemmesee tiie
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interest is charged on the above loans at the official interest rate from time to time . All loans are repayable on the departure of the trustee from the College. **----- Start of picture text -----**
The College has one property with the following net book value owned jointly with Dr A Ferrero, a trustee, under a joint equity ownership agreement
betweensubject tothe sale Collegeon the anddeparturethe trustee.of the trusteeUnder the fromterms the College.of the agreement, the trustee is not entitled to receive a Housing Allowance.The property is
2020 2019
£°000 £006
Total net book value of property owned jointly with trustee 320 326
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30 CONTINGENT LIABILITIES As at 31 July 2020, there were no contingent liabilities (2019 - nil). 31 POST BALANCE SHEET EVENTS in 2016 the College entered into an arrangement with Bloor Homes to self 480 plots at Bretch Hill near Banbury. As at the 31st of July, 2020 250 units have been sold and £6.464m income has been received by the College. Estimating sales of approximately 57 units per year the College predicts that the final units will be sold in 2023-2024. 38 ## Trinity College Notes to the financial statements For the year ended 31 July 2020 ## c) Parent and subsidiary undertakings The College holds 100% of the issued share capital in Trinity College Oxford Limited (TCOL), a company providing conference and other event services on the College premises, and 100% of the issued share capital in Trinity College Developments Limited (TCDL), a company providing design and build construction services to the College. The investments are 1 ordinary £1 share in each company. The results and their assets and liabilities of the parent and subsidiaries at the year end were as follows: **----- Start of picture text -----**
|||||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Ref Note|CollegeTrinity|TCOL|TCDL| |13|£'000|£'000|£'000| |Income|10,601|437|3,218| |Expenditure|(9,916)|(289)|(3,205)| |Donation|to|College|under|gift|aid|161|(148)|(13)| |Gains/(Losses)|18,286| |Result|for the|year|79,132|-|-| |Total|assets|186,214|201|643| |Total|liabilities|(3,479)|(201)|(620)| |Net funds|at the|end|of year|182,735|-|23| |d)|Statement|of investment|total|return| |The Trustees|have|adopted|a|duly authorised|policy of total|return|accounting|for the|College|investment|returns|with|effect from|1st August,|2017.|The|investment|return to|be| |applied|as|income|is|calculated|as|2.5%|(plus|costs)|of the|average|of the|year-end|values|of the|relevant|investments|in each|of the|last 5|years.|For new funds|less than|5|years| |old,|the|average|is|based|on|the|age|of the|fund. The|preserved|(frozen)|value|of the|invested|endowment|capital|is|either based|on actual|donation|values or represents|its open| |market|value|in|2005|together with|all|subsequent|endowments|valued|at|date|of|gift.| |Permanent Endowment|Expendable|Total| |Unapplied|Endowment|Endowments| |Ref Note|Trust|for|Totat| |investment|Return|Total| |14|£000|£'000|£'000|£'000|£000| |At the|beginning|of the|year:| |Gift component|of the|permanent endowment|40,594|40,594|40,594| |Unapplied|total|return|80,576|80,576|80,576| |Expendable endowment|-|16,807|16,807| |Total Endowments|40,594|80,576|121,170|16,807|137,977| |Movements|in|the|reporting|period:| |Gift|of endowment funds|6|6|275|281| |Recoupment|of|trust for|investment|-|-|om| |Allocation|from|trust|for|investment|:|-| |Investment|return:|total|investment|income|2,605|2,605|409|3,014| |Investment|retum:|realised|and|unrealised|gains and|losses|15,948|15,948|1,256|17,204| |Less:|Investment management|costs|(257)|(257)|(21)|(279)| |Other transfers|(3)|3|3| |Total|6|18,293|18,302|1,921|20,224| |Unapplied|total|return allocated|to income|in the reporting|period|(3,009)|(3,009)|(3,009)| |Expendable endowments transferred|to income|-|(388)|(388)| |-|(3,009)|(3,009)|(388)|(3,397)| |Net movements|in|reporting|period|6|15,285|15,293|1,533|16,827| |At end|of the|reporting|period:|s| |Gift component of the|permanent endowment|40,600|-|40,600|40,600| |Unapplied|total|return|95,861|95,861|95,861| |Expendable|endowment|-|18,340|18,340| |Total Endowments|40,600|95,867|136,460|78,340|154,80| **----- End of picture text -----**
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40