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2023-07-31-accounts

Trinity College Annual Report and Financial Statements

Year ended 31 July 2023

Registered Charity No. 1143755

Annual Report and Financial Statements Contents

TRINITY COLLEGE

Governing Body, Officers and Advisers 3 Report of the Governing Body 5 Auditor’s Report 15 Statement of Accounting Policies 19 Consolidated Statement of Financial Activities 24 Consolidated and College Balance Sheets 25 Consolidated Statement of Cash Flows 26 Notes to the Financial Statements 27

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TRINITY COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2023

MEMBERS OF THE GOVERNING BODY

The members of the Governing Body who are Professorial Fellows or who have been in post for more than one year are the College’s charity trustees under charity law. The members of the Governing Body who served during the year are detailed below. Those members who were not trustees of the College during the year are indicated by an asterisk.

year are indicated by an asterisk.
(1) (2) (3) (4) (5)
Dame Hilary Boulding (President) * * * *
Mrs Lynne Adam *
Dr Alison Andrew* Joined 01 September 2022
Professor Dame Frances Ashcroft
Dr Xavier Bach Resigned 30 September 2023
Professor Nicholas Barber
Professor Francis Barr *
Professor Geoffrey Batchen
Dr Fanny Bessard
Professor Maria del Pilar Blanco
*Revd Joshua Brockelsby Joined 01 October 2022
Appointed Trustee 11 October 2023
Mrs Felicity Susan Broers *
Professor Keith Buckler
Dr Rebecca Bullard *
Professor Christopher Butler Resigned 30 September 2023
Dr Jan Czernuszka
Professor Stefano-Maria Evangelista
Mr Christopher Ferguson * *
Professor Andrea Ferrero Resigned 01 September 2022
Professor Dame Amanda Gay Fisher Appointed 08 February 2023
Professor Stephen Fisher
Dr Kantik Ghosh
Dr Anil Gomes
*Dr Natalia Gromak Joined 01 April 2023
*Dr Gurung Gautam Joined 01 October 2022
Appointed Trustee 11 October 2023
Dr Ian Hewitt *
Professor Katherine Ibbett
Professor Alexander Korsunsky Resigned 31 December 2022
Professor Marta Kwiatkowska *
Professor Louis Mahadevan Resigned 30 September 2023 *
Professor Martin Maiden *

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TRINITY COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2023

(1) (2) (3) (4) (5)
Dr Karol Mazur Resigned 30 September 2022
Professor Peter McCulloch
Dr James McDougall
Professor Michael Moody
*Professor David Parker Joined 01 September 2022
Appointed Trustee 11 October 2023
Revd Dr Emma Percy Resigned 25 September 2022
Professor Susan Perkin *
Professor Janet Breckenridge
Pierrehumbert
Professor Peter Read Resigned 30 September 2022
Dr Luke Rostill
Dr Melanie Rupflin *
Professor Stephen Sheard
Dr Sam Vinko *
*Dr Meia Walravens Joined 01 October 2022
Appointed Trustee 11 October 2023
Professor Justin Wark *
Dr Gail West (Trimble)
Professor Charlotte Williams *
Professor Johannes Zachhuber *

The activities of the Governing Body are carried out through five main and a number of other committees. For the current academic year, Fellows’ membership of the main committees is shown above.

In addition to the Fellows, The Bursarial, the Development, Investment and Remuneration Committees have external members who are appointed on the basis of their experience and expertise in the relevant fields.

COLLEGE OFFICERS

COLLEGE OFFICERS COLLEGE OFFICERS
The Officers of the College to whom day-to-day management is delegated are:
President Dame Hilary Boulding
Estates Bursar Christopher Ferguson
Domestic Bursar Lynne Adam
Senior Tutor Dr Rebecca Bullard
Dean Dr Stephen Fisher
Chaplain Reverend Doctor Emma Percy (Resigned September 2022)
Reverend Joshua Brockelsby (Joined October 2022)
Development Director Susan Broers

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TRINITY COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2023

COLLEGE ADVISERS

Investment manager

Baillie Gifford & Co, Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET Fundsmith LLP, 33 Cavendish Square, London, W1G 0PW Lindsell Train Ltd, 5[th] Floor, 66 Buckingham Gate, London, SW1E 6AU Royal London Unit Trust Managers Limited, 55 Gracechurch Street, London, EC3V 0RL 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, 23-38 Hythe Bridge Street, Oxford OX1 2EP

Bankers

Barclays Bank plc, 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

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TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2023

The members of the Governing Body present their Annual Report for the year ended 31 July 2023 under the Charities Act 2011, together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

The College of the Holy and Undivided Trinity in the University of Oxford, which is known as Trinity College (“the College”), is an eleemosynary chartered charitable corporation. It was founded by Sir Thomas Pope under a Letters of Patent issued by Philip and Mary dated 8 March 1555, and a deed of foundation dated 25 March 1555.

The College registered with the Charity Commission on 12 September 2011 (registered number 1143755).

The names of all members of the Governing Body at the date of this report and of those in office during the year, together with details of the advisers of the College, are given on pages 2 to 4.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The College is governed by its Statutes.

Governing Body

The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, The Lord Bishop of Winchester. The Governing Body is selfappointing.

The majority of the Governing Body members are Official Fellows who are either Tutorial Fellows, jointly appointed with the University on the basis of their academic excellence and ability to meet teaching and research needs of the College, or College Officers appointed to fulfil administrative roles in the College.

New members of the Governing Body are recruited by advertisement and inducted into the workings of the College, including the College’s policies and procedures, by the President and College Officers. In accordance with College Statutes, new Fellows, other than Professorial Fellows, do not have voting rights at Governing Body meetings during their first year in office, and are therefore not trustees of the charity.

Members of the Governing Body attend trustee training and information courses to keep them informed on current issues in the sector and on regulatory requirements.

The Governing Body determines the on-going strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly under the chairmanship of the President. It is supported in its role by a number of committees, the most significant of which are listed on page 3. It delegates day-to-day management to the College Officers who are listed on the same page.

Remuneration of Members of the Governing Body

Members of the Governing Body receive no remuneration or benefits from their trusteeship of the College. Those trustees who are also employees of the College receive remuneration for their work as employees of the College based on the advice of the College’s Remuneration Committee. There are six external members of the Committee, one of whom is the Chair. At the discretion of the Chair, the President, Estates Bursar and one other trustee may be invited to attend all or part of any meeting to support the Committee. Fellows of the College may also attend meetings, at the discretion of the Chair. The President and all Fellows are excluded from any discussions or votes where a conflict of interests arises.

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TRINITY COLLEGE

Report of the Governing Body Year ended 31 July 2023

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 18 and 19 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 326 undergraduates and 153 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. All undergraduate matters are overseen by the Senior Tutor.

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, in an interim role, the Tutor for Graduates maintains oversight of the academic progress of graduates, and of their welfare and needs. This responsibility will revert to the Senior Tutor in 2023-2024.

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 Career Development Fellows and 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. Senior Research Fellows are also employed in non-teaching positions to carry out research.

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TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2023

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 non-traditional backgrounds by promoting access. There are no geographical restrictions in the College’s objectives and students and academic staff are drawn from across the UK and the wider world.

The College charges students course fees which, where applicable, are set in accordance with rates approved by Government, and for accommodation and meals at affordable rates.

Financial support is available to students in financial need to assist them with the costs of tuition fees and living costs whilst at the College. In addition to the grants and loans available to UK undergraduates from Student Finance England, other financial support is provided to those students in the lowest and lower-middle household income brackets. This support is from the University and the College in the form of the Oxford and Levine Bursaries, respectively. Under the Oxford Bursaries Programme, during the course of the academic year, 68 (2022 - 66) students received total support from the University and College in the form of travel supplements, fee reductions and bursaries amounting to £278,086 (2022 - £253,964); the cost to the College was £67,100 (2022 - £58,700). A further £41,600 (2022 - £57,300) in financial support was provided to undergraduates and graduates directly by the College.

On academic merit, the College also awarded scholarships, prizes and grants to undergraduates and graduates amounting to £639,000 (2022 – £542,000), of which £533,400 was awarded in scholarships to 55 graduate students.

ACHIEVEMENTS AND PERFORMANCE

89 Trinity undergraduates completed their degree in 2022-23: the largest cohort of finalists since 2005. An impressive 37% of them (33 students) achieved a first-class degree, compared with 26% in 2022 and 36% in 2021. Although most students achieved either a First or a 2.1, 10 were awarded a 2.2 or lower. The University and College Union marking and assessment boycott, which took place during the summer of 2023, means that six Trinity students are still waiting for their degree outcomes. These students have been Declared to have deserved Honours (DDH) – and therefore permitted to graduate – pending the release of their final results. Among Trinity’s community of postgraduates, 40 students completed their course of study, including 16 who were awarded a doctoral degree (DPhil).

Trinity’s Fellows (including Professorial Fellows, Tutorial Fellows, Research Fellows, and Career Development Fellows) continued to carry out and publish outstanding research. Several have been awarded prestigious funding, external fellowships, and prizes in their field to acknowledge the significance of their research. A report on the individual activities of the President and Fellows may be found in the Trinity College Report 2022-23, which can be obtained directly from the College.

The College continues to encourage students to participate in University and College sporting, cultural and recreational activities by making termly payments to the student bodies’ sports clubs and specifically to individuals to reimburse some or all of their related expenses. Blues Awards are presented in recognition of an individual sportsperson’s achievement within their particular sport at the University of Oxford. The Trinity College Oxford Society fund contributes towards the blues recipients’ expenditure on Blues merchandise according to the status of their award. From Trinity College, eight students were awarded full blues across a range of sporting disciplines: rugby, sailing, lacrosse, squash, fencing, lawn tennis, hockey and field hockey. In addition, nine received half blues in various disciplines and one received 2[nd] team colours in gymnastics.

We acknowledge there is still much for us to achieve in terms of widening access. In the last five years we have made good progress and plan to continue toward our aim to become a diverse and widely representative

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TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2023

community, in which students of all backgrounds feel equally valued, supported and able to flourish. The College continues to offer places to students on Opportunity Oxford alongside our participation in the first phase of the Astrophoria Foundation Year, with five offers for 2023. Four of the five students accepted their offer to take up their place at Trinity College. Both programmes offer transformative paths to outstanding education for up to 250 state school students a year, representing 10% of Oxford’s UK undergraduate intake. This is a major step change for the University, boosting the proportion of students coming to Oxford from under-represented backgrounds from 15% of the current UK intake to 25%.

Achievements, concerns and future plans are detailed in the Head of Access Annual Admissions Statistics Report. Further information can be found on the College website.

FINANCIAL REVIEW

At £11,535,000, the College’s total income for 2022-23 was £183,000 (2%) higher than the total received in the previous year. There were notable increases in income from charitable activities, other trading income and investment income, but these were offset by a substantial reduction in donation income.

Charitable activities generated revenues of £5,887,000. This was £718,000 (14%) higher than last year (202122 - £5,169,000), and higher than pre-pandemic income of around £5,360,000. The year-on-year increase is due to a combination of higher fee income received from overseas students as apportioned by the Collegiate Funding Formula, growth in residential rental income and a return to full capacity for the Summer School programme.

A 12% (£217,000) increase in residential income was mainly due to a combination of volume and price increases. For the 2022-23 year Trinity applied an average rent increase of 5.7%, which was substantially below the prevailing rate of inflation. This meant that Trinity’s prices were especially attractive compared to surging rents in the private rental sector. A 5% increase in demand from Trinity students followed, with any spare remaining rooms then let to non-Trinity students. Trinity College aims to accommodate all its undergraduate and graduate students, to ensure that they have secure and affordable accommodation whilst relieving pressure on rental housing stock which is badly needed by other residents of the city. Shortage of accommodation is a problem for students across Oxford, especially graduates. The University is seeking to address this by investing in new buildings to significantly increase its own capacity.

Student catering income, including kitchen and bar sales, remained at the same level as last year at £238,000 (2021-22 £237,000). An increase in such income anticipated in the budget was not possible due to a delay in the completion of the renovation of the permanent Kitchen, Hall and Bar, with their temporary replacement facilities continuing to operate throughout the year.

Summer school activity returned to full capacity for the first time since the outbreak of the COVID-19 pandemic. This included the introduction of a new summer school from the University of Oklahoma, bringing the number of US summer schools back to the pre-pandemic level of four. Overall charitable conference and function income rose by 61% to £812,000 (2021-22 - £504,000).

Income from non-charitable conference activity rose 157% from £102,000 last year to £262,000 for the year ended July 2023. Although progressing in the right direction, this still falls short of historic high performances of almost £440,000. The shortfall is due largely to the impact of a Kitchen, Dining Hall and SCR renovation project, which rendered key dining facilities unavailable for the entire year.

Following a series of fundraising campaigns over recent years which were generously supported by old members and friends of the College, a reduction in donation income was anticipated in the 2022-23 year. Donation and legacy income for the year of £1,518,000 was duly 41% lower than the £2,587,000 total reported in 2021-22. As always, the College is extremely grateful for the high level of support which it received from its old members and other supporters – and indeed the donations received in 2022-23 were almost entirely unsolicited as the College’s Development Officed focussed on thanking donors for their support in the

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TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2023

recent past. Almost £398,000 of the donation income received was designated to the Kitchen, Dining Hall and SCR renovation project. with the remainder spread across a range of other initiatives including graduate scholarships and general support for current students. The College continues to invest in its alumni relations and development activities; income from donations and legacies is vital in both helping to secure the College’s long-term financial sustainability and providing financial support to current students.

Teaching, research and residential expenditure decreased by approximately 3% from £11,143,000 to £10,798,000. However, if the changes to the pensions’ provisions are isolated from these calculations (a reduction of £1,067,000 this year and an increase of £886,000 last year), then underlying teaching research and residential expenditure has in fact grown by £1,608,000. The single biggest factor in this rise was an uplift of £466,000 in depreciation charges as the Levine Building depreciation applied for the first time for the full year. Removing this non-cashflow expenditure, the underlying year on year increase in operating costs in this category was £1,142,000, driven largely by a significant rise in rates of staff pay and related pension and statutory contributions. Following an increase of £200,000 in 2021-22, the annual cost of utilities increased by a further £185,000. Premises expenditure went up by £165,000 and catering purchases by £154,000; both largely as a result of cost inflation.

Recent increases in gilt yields have led to very significant moves in the College’s liability for deficits in its defined-benefit pension schemes. The USS pensions provision decreased by £407,000. Meanwhile, the OSPS pension provision carries forward for 2023-24 a liability of less than £20,000 as the deficit recovery plan will successfully end in September 2023 rather than the previously projected date of January 2028. Because of this, the reduction in the OSPS deficit provision for the year is £660,000. The net reduction of almost £1,067,000 for this year (compared to the net increase of more £871,000 last year) once again clearly distorts the total expenditure reported in the Consolidated Statement of Financial Activities from one year to the next.

Expenditure on fundraising increased by almost 8% to £571,000 (2022 £530,000). This increase does not track the changes to donation income as it is comprised of both direct and indirect costs linked with the Alumni and Development Office, including the costs of holding alumni events to maintain relationships with old members and to thank donors for their continued support to the College.

This year total natural investment income including bank and other interest was £3,868,000 (2022 £3,478,000), a notable increase of £390,000. Following a five-yearly review by the College’s Governing Body in accordance with its Total Return Policy, a new rate of 3% net of fees was applied in 2022-23 (whereas the total return rate for the preceding five years was 2.5%). The College recognised investment income of more than £5,390,000 (2022 £4,323,000) on a total return basis. £5,179,000 of those returns are from Endowed funds only, and are allocated to Unrestricted and Restricted funds. £211,000 total returns are generated and allocated back into the unrestricted funds. The total return method provides certainty of income to allocate to expenditure. It also balances the needs and interests of current beneficiaries of the College's activities with those of the future. 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 mediumterm expenditure.

Pledges made for donations towards the costs of the Levine Building project continue to be fulfilled. In-year donations amounted to £409,200, with expenditure of £13,000. The net amount of £397,200 has reduced the loan between the endowed and unrestricted funds for the Levine Building to £14,530,000. In accordance with the Charities Act 2022 it is anticipated that this loan will be repaid over 20 years. In order to preserve adequate reserves, an additional loan for the costs of the ongoing Kitchen, Dining Hall and SCR project of £2,285,000 has been taken against the endowment fund. £397,700 of legacies have been designated towards the costs of the ongoing project which amounted to £2,682,000 in the year.

Overall investment gains for the year totalled £12,055,000 against last year’s loss of £2,288,000. For the 12 months ending the 31[st] of July 2023, liquid investments recorded a decrease in capital value of £1,317,000, an improvement on last year’s loss of £4,562,000 while the property investment portfolio grew in value by £13,372,000 (2022 - £2,275,000).

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TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2023

Responsible for more than 87% of the property gains, a new extension of the Banbury Rise development site received outline planning consent which triggered a substantial uplift in the value of land, from agricultural to development value based on an agreed sale price. Proceeds from the sales and disposals amounted to £5,919,000, largely from the final instalment payment of £3,525,000 for development of land at Drayton Lodge Farm plus the sale of 73 Banbury Rise plots throughout the year which yielded £1,817,000 (2022 £2,741,000).

To the end of July 2023, the College had sold 444 out of the total 480 units on the Banbury Rise development site and received £13,395,000. The remaining units are expected to be sold by July 2024. The College will continue to explore development opportunities across its property portfolio.

The College recorded capital growth in its liquid investment portfolio by more than 2.5% (2022 -3.8%) from £117,960,000 to £121,099,000 in the year as proceeds from property sales are re-invested. The highest inflation in decades, and higher interest rates to curb inflation, have generally adversely affected the nonproperty portfolio across global markets. The College has adjusted the mix of its investment funds and the fund managers themselves have sought to mitigate the challenges which they have faced by shifting their strategic asset allocations – for example focussing less on equities and more on fixed income. Meanwhile, in the short term the College also continues to hold cash on deposit, attracting interest rates of up to 5.0%, rather than deploy these additional funds into equities.

The College continues to operate two pension schemes, the Universities Superannuation Scheme and the Oxford Staff Pension Scheme. From 1[st] October 2017, the benefits for all new entrants to the Oxford Staff Pension Scheme accrue on a defined contribution basis. The deficit recovery plan for the existing OSPS defined benefit scheme for staff enrolled before October, 2017 will finish in September 2023. The end date for the deficit recovery for the Universities Superannuation Scheme, is still predicted to be at the end of March 2028 according to the September 30[th] , 2021 valuation. The College’s liability for its share of the total deficit funding contributions in both schemes at 31[st] July 2023 was £1,472,000 (2022: £2,539,000). Further information about the pension schemes can be found in Note 22 to the financial statements.

Reserves policy

The College’s reserves policy is to maintain sufficient free reserves to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall, to allow the College to be managed efficiently and to provide a buffer that would ensure uninterrupted services.

Total funds of the College and its subsidiaries at the year-end amounted to £224,661,000 (2022: £212,967,000). This includes endowment capital of £191,771,000 and unspent restricted income funds totalling £2,417,000. Free reserves at the year-end amounted to £6,691,000 (2022: £6,756,000), representing retained unrestricted income reserves excluding an amount of £25,163,000 (2022: £25,242,000) for the book value of tangible fixed assets less internal loans of £16,814,000 to finance building projects, other designated funds amounting to £70,000 (2022: £70,000) and holdings by subsidiaries of £20,000 (2022: £23,000).

The value of the free reserves of the College represents more than 5 months expenditure, and therefore is considered by the Trustees to be an appropriate sum. The College has outstanding property improvements which may, in due course, place additional demands on its free reserves. The funding requirements and options will be considered as part of any project assessment prior to commencement.

Risk management

The College has on-going processes for identifying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidiaries. When it is not able to address risk issues using internal resources, the College takes advice from experts external to the College with specialist knowledge. Policies and procedures within the College are reviewed by the relevant College Committee. Financial risks are assessed by the Bursarial Committee and investment risks are monitored by the Investment Committee. The Domestic Bursar and domestic staff heads of department meet regularly to review health and safety issues. Training courses and other forms of career development are available to members of staff to enhance their skills in risk-related areas.

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TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2023

The Governing Body, who have ultimate responsibility for managing any risks faced by the College, have reviewed the processes in place for managing risk and the principal identified risks to which the College and its subsidiaries are exposed and have concluded that adequate systems are in place to manage these risks.

In 2020 the unprecedented outbreak of COVID-19 presented a new and very significant risk to the College. With the help of many outside agencies and in line with Government advice, the risks were successfully managed by employing a balanced programme of mitigating measures. Whilst the risk posed by COVID-19 mercifully appears to have subsided, the trustees remain wary and vigilant.

As stated above, income from donations and legacies continues to make an important contribution to the College’s financial sustainability, both in the short and longer term. Given the voluntary nature of this support, 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.

Sustainability

A drive towards improving environmental sustainability is incorporated in the College’s operational and investment activities. A Sustainability Committee reviews progress on such items as energy use, food waste and recycling. In 2021/22 the College received a “Gold Level” Green Impact Award from the University for this work. In its equity investment portfolio, the College divested entirely from fossil fuel production in 2019 and encourages its investment managers to actively engage with investee companies on issues of environmental or social concern. On its agricultural estate the College continues to engage with its tenant farmers to promote environmental improvements, including the introduction of its land into Countryside Stewardship Schemes and a switch from ploughing to direct drilling as the preferred cultivation method.

In 2023/24 the College will publish its baseline carbon footprint report and its proposed remediation and mitigation strategy. Meanwhile, a Salix-funded study is underway to plan the future decarbonisation of the College’s buildings.

Investment policy and objectives

The College’s investment objectives are to balance the needs of current and future beneficiaries by:

At the year end, the College’s long-term investments, combining property and other investments, totalled £179,880,000 (2022 - £165,654,000), an overall 8.6% increase. A further £4,858,000 is held in cash, awaiting redeployment to new investments.

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

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TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2023

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.

FUTURE PLANS

The College will continue to recruit and retain world class academics to undertake both teaching and research, and the most academically able students from the widest possible background, with a particular focus on encouraging applicants from communities that are under-represented at Oxford University. The College will continue to provide academic teaching and guidance to its students so they can achieve to the best of their abilities, and to provide the facilities and environment required for the development and enjoyment of students outside their academic studies.

Following the completion of construction of The Levine Building in December 2021 the College immediately began work to refurbish its Grade 1 listed Hall, Kitchen and SCR range of buildings. Following a delay caused by a requirement for underpinning works, this major and challenging project is now expected to finish in the summer of 2024. Among its many benefits it will provide disabled access to previously inaccessible areas of the College.

Immediately following the completion of the Hall, Kitchen and SCR refurbishment, the College will undertake the installation of ground source heat pumps to heat the Jackson Building on its Broad Street site. Replacing the aged existing fossil fuel heating and hot water system in this major accommodation block is part of the long-term plan to decarbonise the College’s operations. Once the boreholes and trenching for the heat pumps have been installed, the College’s gardens will be re-landscaped and restored.

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.

13

TRINITY COLLEGE Rèport of thè Gov•mlng Body Year •nd8d 31 July 2023 Charity law require5 the Govemin9 Bcxly to prepare flnanclal statements for each financlal year. Und8r th8t law the Governing Body have prepared th$ finan¢ial 5tatement5 in accordan¢e wllh United Kingdom Generally Accèpt8d Accounting Practice (United ￿"ngdoM Accounting Standards and applicable lawl, including Financial Reporting Stsndard 102: The Financial R&portSng Standard Applicablè in the UK and Republic of Ireland IFRS 1021. ur￿8T charity law the Gov&ming Body musl not approv& the finandal statements unless they ar$ satisfied that th8y give a true and fair view of thè stat8 of 8ff8ir8 of the College and of its n8t income or expendltur8 for that period. In preparing these financial Statèments, the Governing Body18 req￿lTed to-. select the most suitabl8 aceounting policies and then apply thom con818t8n￿y'. make judgments and accounting estimates that aro rgasonable and prudenl.. st8t8 whether applicable accounting stand8rds, in¢luding FRS 102, have been followod, subject to any material departLtres disclosed an(J explalned in the finanaal st8temoDts". stsle wheth&r a Statement of Recornmended Practice ISORPI applies and has been followed, subject lo any material departures which are explained in the financial statemènts. prepa￿ the financial statement5 on the going ¢oncem basis unless il Is inappropriate lo presumo that the College will conts'nue to operate. The Governing Body 1$ responsible for keeping propèr accounting record5 that aro sufficient to show and explain the College's transactions and disclose with reasonable 8c¢urdcy al any lime the fin8nci81 positK)n of Ihe College and enable th8m to 8nsuTe that the financial statements comply with the Ch8ritl8s Act 2011. They are also responsibl8 for safeguardlng the assets of the College and ensuring their proper application under charity law and honre for taking reasonablo steps for the preventlon and (leleclion of fraud and other irregularStses. Approved by the Governing B¢Jdy on 22rf Nov8mber 2023 and signed on ils behalf by: Dam• Hllary Bouldlng DBE Pr•8ld•nt 14

TRINITY COLLEGE Auditor’s Report Year ended 31 July 2023

Independent auditor’s report to the Trustees of Trinity College

Opinion

We have audited the financial statements of Trinity College (the “Charity”) for the year ended 31 July 2023 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:

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

In auditing the financial statements, we have concluded that the Trustees 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 Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. 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

15

TRINITY COLLEGE Auditor’s Report Year ended 31 July 2023

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:

Responsibilities of the Trustees

As explained more fully in the Statement of Accounting and Reporting Responsibilities set out on pages 12, the Members of the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as 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 Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 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 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:

16

TRINITY COLLEGE Auditor’s Report Year ended 31 July 2023

Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation;

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

17

TRINITY COLLEGE Auditor's Report Year ended 31 July 2023 Use of our report This report is made solely to the College's Trustees, in accordance with section 144 of the Charit185 Act 2011 and the regulatlons made under section 154 of that Act. Our audit work has been undertaken so that we might stale to th8 Trust8es those matters we are required to state to them in an auditor's report and lor no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the College's Trustees, for our audit work. for thi5 report, or for the opinions w8 have formed. Critchleys Audit LL Statutory Auditor Beav6r House 23-38 Hythe Bridge Street Oxford OX12EP Date.. Iflii ILS Critchleys Audit LLP is eligible to 8cI as an audittsr in terms of sections 1212 of the Companle3 AGt 2006. 18

TRINITY COLLEGE Statement of Accounting Policies Year ended 31 July 2023

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 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 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 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 22).

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 a) the performance of investment markets in volatile economic and geopolitical circumstances, and b) opportunities for development of the College’s landed estate.

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.

19

TRINITY COLLEGE Statement of Accounting Policies Year ended 31 July 2023

b. Income from donations 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 executors of the deceased’s estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable.

Donations and legacies accruing for the general purposes of the College are credited to unrestricted funds.

Donations 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.

c. Investment income

Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates.

Income from fixed interest debt securities is recognised using the effective interest rate method.

Dividend income and similar distributions are recognised on the date the share interest becomes exdividend 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.

d. Total return accounting for investments

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1st August, 2017. Effective from 2022-23 the investment return to be applied as income is calculated as 3% (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. In line with the policy, the rate of return will be reviewed by the Governing Body in 2027 after an interval of five years with any changes to be effective 2027-2028.

5. Expenditure

Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated.

Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met.

All expenditure, including support costs and governance costs, is allocated or apportioned to the applicable expenditure categories in the SOFA.

Support costs, including governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs, are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

20

TRINITY COLLEGE Statement of Accounting Policies Year ended 31 July 2023

Intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure in the consolidated financial statements .

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.

21

TRINITY COLLEGE Statement of Accounting Policies Year ended 31 July 2023

Other financial instruments

a. 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.

b. Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their at 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.

10. 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.

11. Foreign currencies

The functional and presentation currency of the College and its subsidiaries is the pound sterling.

Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.

12. 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.

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.

13. Pension costs

Significant accounting policies

The College participates in the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of each scheme are held in a separate trustee-administered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual employers and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other employers’ employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by

22

TRINITY COLLEGE Statement of Accounting Policies Year ended 31 July 2023

Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to each scheme. Since the College has entered into agreements (the Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, the College recognises a liability for the contributions payable that arise from the agreements (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

Critical accounting judgements

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control such as the Universities Superannuation Scheme and OSPS. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The Trustees are satisfied that USS and OSPS meet the definition of a multi-employer scheme and the College has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.

Key sources of estimation uncertainty (if the deficit recovery scheme deficits or charges are material to the college a note should be made). The pension deficits recorded are dependent on estimates of future employment patterns and interest rates. The effects of changes to these assumptions are shown in note 22.

23

Trinity College

Consolidated Statement of Financial Activities For the year ended 31 July 2023

Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1
Other Trading Income
3
Donations and legacies
2
Investments
Investment income
4
Total return allocated to income
14
Other income- CJRS
Total income
EXPENDITURE ON:
5
Charitable activities:
Teaching, research and residential
Generating funds:
Fundraising through donations
Trading expenditure
Investment management costs
Total Expenditure
Net Income/(Expenditure) before gains /(losses)
Net gains/(losses) on investments
11, 12
Net Income/(Expenditure)
Transfers between funds
18
Net movement in funds for the year
Fund balances brought forward
18
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
5,887
262
517
197
4,003
-		 Restricted
Funds
£'000
-
-
715
-
1,176
-		 Endowed
Funds
£'000
-
-
286
3,671
(5,179)
-		 2023
Total
£'000
5,887
262
1,518
3,868
-
-		 2022
Total
£'000
5,169
102
2,587
3,478
-
16
10,866
9,546
571
146
1		 1,891
1,252
-
-
-		 (1,222)
-
-
-
380		 11,535
10,798
571
146
381		 11,352
11,143
530
75
257
10,264 1,252 380 11,896 12,005
602 639 (1,602) (361) (653)
(76) - 12,131 12,055 (2,288)
526 639 10,529 11,694 (2,941)
397
922
29,551		 (397)
243
2,174		 -
10,529
181,242		 -
11,694
212,967		 -
(2,941)
215,908
30,473 2,417 191,771 224,661 212,967

24

Trlnlty CoSl¢g8 Con$olid8ted and Coll•g• Balance Sheets As at 31 July 2023 2023 Group £'ooo 2022 Group £￿00 2023 Collogo £000 2022 C(Al £000 14ote8 FIXED ASSETS Taryible assots Propaty Investments Olher Inve¥tmoMS 47,974 58,701 121,099 40,165 47,694 117,960 41,974 58,701 121.099 40.165 47,694 117.98 Total Flxod A¥¥gts 221774 205,819 221,774 205.819 CURRENT ASSETS Stock5 Debtors Inv•slmonts- caBh deposit Cash at bank ond in haNI 53 1,068 53 1,308 66 t,990 15 25 1,590 4858 10,000 4545 9,356 Totsl Currèmt AsMt8 5.978 5.906 11,412 LIABILITIES CrodilorE'. Amountg falllng du• wthln one yegr 18 l.S77 1.914 1.$24 NEf CIJRRENT ASSErs 9,742 4.382 9.718 TOTAL ASSETS LE98 CURRENT LIABIUTIES 22&176 215,561 228,156 215.537 Provlslons fot Ilabllltlo8 and ¢harg•¥ 55 55 Not In¢om8llExpgndltsrel bèforogalni 11108881 226,133 215.506 226,1t4 215.482 Deflned ponslon gGhem¢114blllty 1,4Y2 2,S39 1,472 2,539 TOTAL NET ASSETS 224,661 212,9fj7 224,fj42 212,943 FUNDS OF THE COLLEQE Endowm8ntfiJnds 191,771 181,242 191,771 181,242 R88tFlctodfurKI 2N17 2.174 2,417 2,174 Llnre•trld•d Jnd$ Gèneral fund$ Deswnate¢ funds Penslon ￿$&r¥0 6,691 25.254 11.4721 6.756 25,334 12.5391 6,691 25,235 11,4721 6.756 25,310 12.5391 2x661 212.967 2Z4,642 212.943 The financigl SIB1è￿￿ls we¥8 approved and outhorised for i%su? by th8 GovBming Body OfTrinityC￿Ie9￿ Qn tho 22nd of November. 2023 P￿SIdent Estates Bursar 25

Trinity College

Consolidated Statement of Cash Flows For the year ended 31 July 2023

Notes
Net cash provided by (used in) operating activities
24
Cash flows from investing activities
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Cash flows from financing activities
Receipt of endowment
Net cash provided by financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
25		 2023
£'000
(3,538)		 2022
£'000
(2,528)
3,868
(3,667)
6,025
(8,116)		 3,478
(5,966)
13,867
(598)
(1,890) 10,781
286 137
286 137
(5,142) 8,390
10,000 1,610
4,858 10,000

26

Trinity College Notes to the financial statements

For the year ended 31 July 2023

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, Research and Residential
Unrestricted funds
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other Office for Students support
Other academic income
College residential income
Net IncTotal Teaching, Research and Residential
Total income from charitable activities		 2023
£'000
1,280
1,093
224
66
3,224
5,887
5,887		 2022
£'000
Note 31a
1,249
918
198
131
2,673
5,169
5,169

The above analysis includes £2,596k received from Oxford University from publicly accountable funds under the CFF Scheme (2022: £2,365k).

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 (2022: £0k). These are not included in the fee income reported above.

Donations and Legacies
Unrestricted funds
Restricted funds
Endowed funds
INCOME FROM OTHER TRADING ACTIVITIES
Subsidiary company trading income		 2023
£'000
517
715
286
1,518
2023
£'000		 2022
£'000
Note 31a
613
1,837
137
2,587
2022
£'000
Note 31a
262 102
262 102

Subsidiary company trading income

27

Trinity College Notes to the financial statements For the year ended 31 July 2023

Unrestricted funds
Agricultural rent
Commercial rent
Other property income
Equity dividends
Income from fixed interest stocks
Interest on fixed term deposits and cash
Other investment income
Bank interest
Restricted funds
Agricultural rent
Commercial rent
Other property income
Equity dividends
Income from fixed interest stocks
Interest on fixed term deposits and cash
Other investment income
Bank interest
Endowed funds
Agricultural rent
Commercial rent
Other property income
Equity dividends
Income from fixed interest stocks
Interest on fixed term deposits and cash
Other investment income
Bank interest
Other interest
Total Investment income		 2023
£'000
-
-
-
153
-
7
-
37
197
-
-
-
-
-
-
-
-
-
769
287
-
2,506
-
109
-
-
-
3,671
3,868		 2022
£'000
Note 31a
-
-
-
139
-
-
-
5
144
-
-
-
-
-
-
-
-
-
652
287
45
2,349
-
-
1
-
-
3,334
3,478

28

Trinity College Notes to the financial statements For the year ended 31 July 2023

ANALYSIS OF EXPENDITURE
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential
Other direct costs allocated to:
Teaching, research and residential
Support and governance costs allocated to:
Teaching, research and residential
Total charitable expenditure
Expenditure on raising funds
Direct staff costs allocated to:
Fundraising through donations
Trading expenditure
Other direct costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Support and governance costs allocated to:
Fundraising
Total expenditure on raising funds
Total expenditure		 2023
£'000
4,588
3,765
2,445
10,798
447
34
79
112
381
45
1,098
11,896		 2022
£'000
Note 31a
6,170
3,167
1,806
11,143
369
15
127
60
257
34
862
12,005

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.

29

Trinity College Notes to the financial statements For the year ended 31 July 2023

6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Public
Worship
Heritage
£'000
£'000
Financial administration
-
-
Domestic administration
-
-
IT
-
-
Depreciation
-
-
Loss/(profit) on fixed assets
-
-
Other finance charges
-
-
Governance costs
-
-
-
-
Public
Worship
Heritage
£'000
£'000
Financial administration
-
-
Domestic administration
-
-
IT
-
-
Depreciation
-
-
Loss/(profit) on fixed assets
-
-
Other finance charges
-
-
Governance costs
-
-
-
-		 Generating
Funds
£'000
24
-
19
-
-
-
2
45
Generating
Funds
£'000
13
-
19
-
-
-
2
34		 Teaching
and
Research
£'000
277
51
173
1,858
-
57
29
2,445
Teaching
and
Research
£'000
154
52
168
1,391
-
15
26
1,806		 2023
Total
£'000
301
51
192
1,858
-
57
31
2,490
2022
Total
£'000
167
52
187
1,391
-
15
28
1,840

Financial and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on each activity. Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made of the underlying assets. Governance costs are allocated by reference to the volume of activity across the College.

Governance costs comprise:
Auditor's remuneration - audit services
Auditor's remuneration - other services
Other governance costs		 2023
£'000
26
3
2
31		 2022
£'000
26
2
1
28

No amount has been included in governance costs for the direct employment costs or reimbursed expenses of the College Fellows on the basis that these payments relate to the Fellows involvement in the College's charitable activities. Details of the remuneration of the Fellows and their reimbursed expenses are included as a separate note within these financial statements.

30

Trinity College Notes to the financial statements For the year ended 31 July 2023

GRANTS AND AWARDS
During the year the College funded awards and
bursaries to students from its restricted and
unrestricted fund as follows:
Unrestricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Grants to other institutions
Total unrestricted
Restricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Grants to other institutions
Total restricted
Total grants and awards		 2023
£'000
46
19
-
65
593
127
-
720
785		 2022
£'000
23
4
-
27
519
112
-
631
658

7 GRANTS AND AWARDS

The figure above includes the cost to the College of the Oxford Bursary Scheme. Students of this college received £67k (2022: £59k). Some of those students also received fee waivers amounting to £37.5k (2022: £18k).

The above costs are included within the charitable expenditure on Teaching and Research. Other institutions comprise local charities.

8 STAFF COSTS

The aggregate staff costs for the year were as follows.
Salaries and wages
Social security costs
Pension costs: (see note 22)
Defined benefit schemes
Defined contribution schemes
Other benefits
The average number of employees of the College, excluding Trustees,
on a full time equivalent basis was as follows.
Tuition and research
College residential
Fundraising
Support
Total
The average number of employed College Trustees during the year was as follows.
University Lecturers
CUF Lecturers
Other teaching and research
Other
Total		 2023
£'000
4,965
463
(388)
189
169
5,399
2023
13
66
4
20
103
16
8
4
5
33		 2022
£'000
4,548
424
1,554
149
98
6,773
2022
13
62
4
20
99
19
7
3
6
35

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.

3 employees received gross pay and benefits (excluding NI and pension contributions) during the year within the £60,001 to £70,000 band (2022 - 3).

31

Trinity College Notes to the financial statements For the year ended 31 July 2023

9 TANGIBLE FIXED ASSETS

Group and College
Cost
At start of year
Additions
At end of year
Depreciation and impairment
At start of year
Depreciation charge for the year
At end of year
Net book value
At end of year
At start of year
College
Cost
At start of year
Additions
At end of year
Depreciation and impairment
At start of year
Charge for the year
At end of year
Net book value
At end of year
At start of year		 Freehold
land and
buildings
£'000
49,041
3,552
52,593
10,437
1,573
12,010
40,583
38,604
Freehold
land and
buildings
£'000
49,041
3,552
52,593
10,437
1,573
12,010
40,583
38,604		 Fixtures,
fittings and
equipment
£'000
4,153
115
4,268
2,592
285
2,877
1,391
1,561
Fixtures,
fittings and
equipment
£'000
4,153
115
4,268
2,592
285
2,877
1,391
1,561		 Total
£'000
53,194
3,667
56,861
13,029
1,858
14,887
41,974
40,165
Total
£'000
53,194
3,667
56,861
13,029
1,858
14,887
41,974
40,165

The College has substantial long-held historic assets all of which are used in the course of the College’s teaching and research activities. These comprise listed buildings on the College site, together with their contents comprising works of art, ancient books and manuscripts and other treasured artefacts. Because of their age and, in many cases, unique nature, reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. However, in the opinion of the Trustees the depreciated historical cost of these assets is now immaterial.

10 HERITAGE ASSETS

The College has collections of works of art, ancient books and manuscripts and silver which are held and maintained for their contribution to knowledge and culture. Because of their age, reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. However, in the opinion of the Trustees, the depreciated historical cost of these assets is now immaterial.

All heritage assets are maintained securely and conservation works are undertaken as and when advised by specialists to be necessary. Public access is possible by arrangement with the College.

There were no material acquisitions or disposals of heritage assets in recent years.

32

Trinity College Notes to the financial statements For the year ended 31 July 2023

11 PROPERTY INVESTMENTS

Group and College
Valuation at start of year
Transfers between categories
Additions and improvements at cost
Disposals
Revaluation gains/(losses) in the year
Valuation at end of year		 Agricultural
£'000
36,744
(336)
3,554
(252)
1,258
40,968		 Commercial
£'000
3,300
-
-
-
-
3,300		 Dev't and Other
£'000
7,650
336
-
(5,666)
12,113
14,433		 2023
Total
£'000
47,694
-
3,554
(5,918)
13,371
58,701		 2022
Total
£'000
Notes 31a, 31b
58,602
-
371
(13,554)
2,275
47,694

Valuation at end of year

A formal valuation of the agricultural and commercial properties was prepared by Carter Jonas LLP as at 31 July 2020. This valuation was updated to 31 July 2023 based on information supplied by the College's Land Agent.

A valuation of development properties was prepared internally based on sales values and discounted at 5%.

12 OTHER INVESTMENTS

All investments are held at fair value.
Group investments
Valuation at start of year
Amounts from property investments
Value of purchases
Amounts withdrawn
Value of sales
Reinvested income
Investment management fees
(Decrease)/increase in value of investments
Group investments at end of year
College investments at end of year		 2023
£'000
117,960
4,204
358
-
(106)
-
-
(1,317)
121,099
121,099		 2022
£'000
122,609
-
227
-
(314)
-
-
(4,562)
117,960
117,960
Group investments comprise:
Equity investments
Global multi-asset funds
Property funds
Fixed interest stocks
Alternative and other investments
Fixed term deposits and cash
Total group investments		 Held outside
the UK
£'000
76,872
-
-
689
4,108
3,498
85,166		 Held in
the UK
£'000
9,492
-
7,046
5,735
5,215
8,444
35,932		 2023
Total
£'000
86,364
-
7,046
6,424
9,323
11,942
121,099		 Held outside
the UK
£'000
74,590
-
-
1,595
242
447
76,874		 Held in
the UK
£'000
11,187
-
9,211
2,352
10,219
8,117
41,086		 2022
Total
£'000
85,776
-
9,211
3,947
10,461
8,564
117,960

33

Trinity College Notes to the financial statements For the year ended 31 July 2023

13 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:

Income
Expenditure
Donation to College under gift aid
Gains/(Losses)
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 £'000
11,272
(11,800)
130
12,055
11,657
227,680
(3,038)
224,642
Trinity
College		 £'000
263
(146)
(117)
-
300
(300)
-
TCOL		 £'000
29
(19)
(13)
TCDL
(3)
54
(33)
20

For prior year comparatives refer to note 31c

34

Trinity College Notes to the financial statements For the year ended 31 July 2023

14 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1st August, 2017. from the 1st of August 2022, investment return to be applied as income is calculated as 3% (plus costs) of the average of the year-end values of the relevant investments in each of the last 5 years net of the amounts loaned to the College. 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.

At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Recoupment of trust for investment
Allocation from trust for investment
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the reporting period
Expendable endowments transferred to income
Net movements in reporting period
At end of the reporting period:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments		 Trust for
Investment
£'000
42,021
-
-
42,021
14
-
-
-
-
-
-
14
-
-
-
14
42,035
-
-
42,035
P		 Unapplied
Total
Return
£'000
-
117,802
-
117,802
-
-
-
3,179
12,365
(376)
-
15,167
(4,561)
(4,561)
10,606
-
128,407
-
128,407
ermanent Endowm		 Total
£'000
42,021
117,802
-
159,823
14
-
-
3,179
12,365
(376)
-
15,181
(4,561)
-
(4,561)
10,620
42,035
128,407
-
170,442
ent		 Expendable
Endowment
£'000
-
-
21,420
21,420
272
-
-
492
(233)
(4)
-
527
-
(618)
(618)
(91)
-
-
21,328
21,328		 Total
Endowments
£'000
42,021
117,802
21,420
181,242
286
-
-
3,671
12,131
(380)
-
15,708
(4,561)
(618)
(5,179)
10,529
42,035
128,407
21,328
191,771

For prior year comparatives refer to note 31e

35

Trinity College

Notes to the financial statements For the year ended 31 July 2023

15 DEBTORS

Amounts falling due within one year:
Trade debtors
Amounts owed by College members
Amounts owed by Group undertakings
Loans repayable within one year
Prepayments and accrued income
Other debtors
16
CREDITORS: falling due within one year
Trade creditors
Amounts owed to College Members
Taxation and social security
College contribution
Accruals and deferred income
Other creditors
17
PROVISIONS FOR LIABILITIES AND CHARGES
At start of year
Charged in the Statement of Financial Activities
Settled in the year
At end of year		 2023
Group
£'000
52
65
-
-
707
244
1,068
2023
Group
£'000
832
-
155
-
590
-
1,577
2023
Group
£'000
43
-
-
43		 2022
Group
£'000
277
-
-
-
686
627
1,590
2022
Group
£'000
789
41
170
-
914
-
1,914
2022
Group
£'000
58
(3)
-
55		 2023
College
£'000
167
65
130
-
706
240
1,308
2023
College
£'000
825
-
132
-
567
-
1,524
2023
College
£'000
42
-
-
42		 2022
College
£'000
257
-
429
-
685
619
1,990
2022
College
£'000
902
41
136
-
615
-
1,694
2022
College
£'000
58
(3)
-
55

The above provision relates to the College's liability with regard to a non-contributory retirement benefit scheme for certain employees.

36

Trinity College Notes to the financial statements For the year ended 31 July 2023

18
ANALYSIS OF MOVEMENTS ON FUNDS
Endowment Funds - Permanent
Permanent Endowment Fund
Funds for student prizes and awards
Frank Chadwick Fund
Dr Blakiston's Fund
Funds to support Fellowships
Ford Fund
Professor John Mitchell Fund
Funds for student support
Whitehead Travelling Fund
Mrs J H McKeown Fund
Stephen Christie-Miller Fund
Blakiston Fund
Millard Fund
Bursaries Fund
War Memorial Fund
W P Haskett-Smith Fund
Jeffrey Abbott Fund
Dr W Hunt Fund
Other funds - Permanent Endowments
Endowment Funds - Expendable
Funds to support Fellowships
Funds for student support
Brown Fellowship Fund
War Memorial Fund
Hunt-Grubbe Fellowship Fund
Sir Roger Fry Fund (was King's Group Fund)
Henry Birkhead Fund
Other funds - Expendable Endowments
Total Endowment Funds - College
Endowment funds held by subsidiaries
Total Endowment Funds - Group
Restricted Funds
New Building Fund
Funds for student support
Bursaries Income Fund
Funds to support Fellowships
Dr Blakiston's Income Fund
Professor John Mitchell Income Fund
Mrs J H McKeown Income Fund
Dr W Hunt Income Fund
Other funds - Restricted Funds
Total Restricted Funds - College
Restricted funds held by subsidiaries
Total Restricted Funds - Group
Unrestricted Funds
General
Fixed asset designated Fund
Pension reserve
Funds for student support
Total Unrestricted Funds - College
Unrestricted funds held by subsidiaries
Total Unrestricted Funds - Group
Total Funds
For analysis of prior year comparatives refer to note 31e		 At 1 August
2022
£'000
130,531
4,349
4,215
2,313
1,759
1,757
1,505
1,404
1,355
1,347
1,278
1,203
1,200
1,058
844
740
685
657
1,623
8,628
5,140
2,306
1,873
1,012
870
767
824
181,242
-
181,242
0
1,295
174
159
120
71
29
0
324
2,174
-
2,174
6,756
25,242
(2,539)
70
29,530
23
29,551
212,967		 Income
£'000
2,515
109
96
53
40
40
34
32
31
31
29
27
27
24
19
17
16
15
37
198
132
69
43
23
20
17
262
3,957
-
3,957
409
103
-
15
-
-
-
-
189
715
-
715
6,863
-
-
-
-
6,863
-
6,863
11,535		 Expenditure
£'000
(372)
(1)
(1)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(1)
(1)
(0)
(0)
(0)
(0)
(0)
(0)
(380)
-
(380)
(13)
(463)
(64)
(371)
(8)
(52)
(7)
(19)
(256)
(1,252)
-
(1,252)
(9,473)
(1,858)
1,067
(10,261)
(3)
(10,264)
(11,896)		 Transfers
£'000
(3,712)
(127)
(122)
(67)
(51)
(51)
(44)
(41)
(39)
(39)
(37)
(35)
(35)
(31)
(24)
(21)
(20)
(19)
(47)
(249)
(145)
(66)
(54)
(29)
(25)
(22)
(28)
(5,179)
-
(5,179)
(396)
470
64
394
35
44
39
19
112
780
-
780
2,621
1,778
4,399
-
4,399
0		 Gains/
(losses)
£'000
12,682
(47)
(46)
(25)
(19)
(19)
(16)
(15)
(15)
(15)
(14)
(13)
(13)
(11)
(9)
(8)
(7)
(7)
(18)
(93)
(56)
(25)
(20)
(11)
(9)
(8)
(10)
12,131
-
12,131
-
-
-
-
-
-
-
-
-
-
-
-
(76)
(76)
-
(76)
12,055		 At 31 July
2023
£'000
141,643
4,283
4,143
2,273
1,729
1,727
1,480
1,380
1,332
1,324
1,256
1,183
1,179
1,040
830
727
673
646
1,595
8,483
5,070
2,284
1,841
995
855
754
1,047
191,771
-
191,771
0
1,404
174
197
147
64
62
(0)
368
2,417
-
2,417
6,691
25,163
(1,472)
70
30,455
20
30,473
224,661

37

Trinity College Notes to the financial statements For the year ended 31 July 2023

19 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 fund a 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. Sir Roger Fry Fund (was King's Group Fund) Scholarship Fund.

Restricted Funds: New Building fund Funds amounting to £12,347m donated towards Levine Building. Expenditure of £6,395m in 2019-20, plus £4,295m in 2020-21 and £1,657m in 2021-22 transferred out of the restricted fund to the fixed asset designated fund. 2022-23 £13k plus donations of £396k to reduce the loan from Endowment Kitchen, Dining Hall, SCR Project Funds donated towards the kitchen project. £397.7k legacies designated to fund project

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 18 arise from resolutions approved by the Charity Commission or reclassifications better to reflect the purpose of donors.

The General Unrestricted Funds represent accumulated income from the College's activities and other sources that are available for the general purposes of the College.

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Property investments
Other investments
Pensions Provisions
Provisions for liabilities and charges
Net current assets
Interfund Loans
Tangible fixed assets
Property investments
Other investments
Pensions Provisions
Provisions for liabilities and charges
Net current assets
Interfund Loans		 Unrestricted
Funds
£'000
41,974
-
2,427
(1,472)
(43)
4,402
(16,814)		 Restricted
Funds
£'000
-
-
2,417
-
2,417
Restricted
Funds
£'000
-
-
2,174
-
2,174		 Endowment
Funds
£'000
-
58,701
116,255
0
16,814
191,771
Endowment
Funds
£'000
-
47,694
115,786
2,836
14,926
181,242		 2023
Total
£'000
41,974
58,701
121,099
(1,472)
(43)
4,402
-
30,473 224,661
Unrestricted
Funds
£'000
40,165
-
-
(2,539)
(55)
6,906
(14,926)
29,551		 2022
Total
£'000
40,165
47,694
117,960
(2,539)
(55)
9,742
-
212,967

38

Trinity College Notes to the financial statements For the year ended 31 July 2023

21 TRUSTEES' REMUNERATION

The Fellows who are the Trustees of the College for the purposes of charity law receive no remuneration for acting as charity trustees but are paid by either or both of the University and the College for the academic and other services they provide to the College.

Trustees of the College fall into the following categories:

The President

Professorial Fellows

Tutorial Fellows Official Fellows Fellows by Special Election

Junior Research Fellows

No trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the College receive salaries for their work as employees. These salaries are paid on external academic and academic-related scales and often are joint arrangements with the University of Oxford.

Tutorial, Official and Junior Research Research Fellows are eligible for a Housing Allowance, which is disclosed within the salary figures below. Seven trustees live in property owned by the College.

The College has a Remuneration Committee which makes recommendations to the Governing Body on pay and benefits which are outside of external scales. The composition of the Remuneration Committee is set out on page 5 of the Annual Report.

39

Trinity College

Notes to the financial statements

For the year ended 31 July 2023

Remuneration paid to trustees
Range
£0,000- £2,999
£3,000- £3,999
£4,000- £4,999
£5,000- £5,999
£6,000- £6,999
£8,000-£8,999
£9,000-£9,999
£12,000-£12,999
£13,000-£13,999
£14,000-£14,999
£15,000-£15,999
£16,000-£16,999
£20,000-£20,999
£21,000-£21,999
£23,000- £23,999
£25,000-£25,999
£29,000- £29,999
£30,000- £30,999
£31,000- £31,999
£32,000- £32,999
£33,000- £33,999
£34,000- £34,999
£35,000- £35,999
£36,000- £36,999
£38,000- £38,999
£39,000- £39,999
£43,000- £43,999
£44,000- £44,999
£48,000- £48,999
£51,000- £51,999
£53,000- £53,999
£57,000- £57,999
£58,000- £58,999
£61,000- £61,999
£66,000- £66,999
£67,000- £67,999
£69,000- £69,999
£70,000- £70,999
£71,000- £71,999
£72,000- £72,999
£73,000- £73,999
£99,000- £99,999
£101,000- £101,999
£102,000- £102,999
£104,000- £104,999
£108,000- £108,999
£119,000- £119,999
£125,000- £125,999
£156,000- £156,999
£166,000- £166,999
Total		 2
1
1
0
1
0
1
0
1
0
1
0
0
1
0
1
0
1
1
0
3
5
1
1
0
1
0
1
0
0
1
1
0
0
1
0
0
1
0
1
1
0
1
0
1
1
0
1
0
1
35
Number of
Trustees/Fellows		 3,300
6,600
166,200
-
-
108,800
-
66,400
-
101,700
53,400
-
171,900
44,700
57,400
-
-
-
-
9,200
-
30,200
-
-
101,000
31,300
-
21,100
25,300
13,500
15,400
-
-
1,593,700
-
-
£
-
4,900
-
Gross remuneration, taxable
benefits and pension
contributions
4,400
2023
-
125,300
104,400
35,000
39,600
36,000
73,900
72,600
-
70,200
-		 1
0
1
1
0
1
1
1
0
1
0
2
1
0
1
0
1
0
1
6
4
2
0
0
1
0
1
0
1
1
0
0
1
1
0
1
1
1
1
0
0
1
0
1
0
0
1
0
1
0
39
Number of
Trustees/Fellows		 -
-
-
-
119,700
58,400
61,200
51,300
-
8,600
32,900
-
20,800
-
5,600
29,400
14,800
69,500
-
99,600
-
71,100
102,100
-
12,800
-
23,300
£
2022
Gross remuneration, taxable benefits and
pension contributions
2,200
4,600
9,000
156,900
-
-
134,200
31,600
-
68,000
-
-
43,000
194,400
-
-
38,100
67,100
-
48,800
-
70,300
-
1,649,300

Eight trustees are not employees of the College and do not receive remuneration. All trustees may eat at common table, as can all other employees who are entitled to meals while working.

Other transactions with trustees

No trustee claimed expenses for any work performed in discharge of duties as a trustee. No termination and supplementary payments were made to trustees. See also note 28 Related Party Transactions

Key management remuneration

The total remuneration (including employers national insurance) paid to key management, including the Trustees of the College, was £1,923,600 (2022: £1,795,100).

40

Trinity College Notes to the financial statements For the year ended 31 July 2023

22 PENSION SCHEMES

The College participates in two principal pension schemes for its staff – the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). The assets of each scheme are held in separate trusteeadministered funds. USS and OSPS are contributory mixed benefit schemes (i.e. they provide benefits on a defined benefit basis – based on length of service and pensionable salary – and on a defined contribution basis – based on contributions into the scheme). Both are multi-employer schemes and the College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis.

Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, the College accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period. In the event of the withdrawal of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.

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.

41

Trinity College Notes to the financial statements For the year ended 31 July 2023

Schemes accounted for under FRS 102 as defined contribution schemes

Actuarial valuations

Qualified actuaries periodically value the USS and OSPS schemes using the ‘projected unit method', embracing a market value approach. The resulting levels of contribution take account of actuarial surpluses or deficits in each scheme. The financial assumptions were derived from market conditions prevailing at the valuation date. The results of the latest actuarial valuations and the assumptions which have the most significant effect on the results were:

USS OSPS
Date of valuation: 31/03/2020 31/03/2022
Date valuation results published: 30/09/2021 27/06/2023
Value of liabilities: £80.6bn £914m
Value of assets: £66.5bn £961m
Funding surplus / (deficit): (£14.1bn) (£47m)
Principal assumptions: -
ꞏ Discount rate Fixed interest Gilts +0.5%- 2.25%
gilt yield curve b
plus1% - 2.75%
ꞏ Rate of increase in salaries n/a RPI
ꞏ Rate of increase in pensions CPI +0.05%c Average RPI/CPI d
Assumed life expectancies on retirement at age 65:
ꞏ Males currently aged 65 24.0 yrs
ꞏ Females currently aged 65 25.6 yrs
ꞏ Males currently aged 45 26.0 yrs
ꞏ Females currently aged 45 27.4 yrs
Funding Ratios:
ꞏ Technical provisions basis 83% 105%
ꞏ Statutory Pension Protection Fund basis 64% 98%
ꞏ ‘Buy-out’ basis 51% 62%
Recommended employer’s contribution rate (as % of pensionable salaries): 21.4% to 21.6% 19% down to 16.5%
from for DB members from
01/04/2022 01/10/2023
Effective date of next valuation: 31/03/2023 31/03/2025

a. The discount rate (forward rates) for the USS valuation was:

Fixed interest gilt yield curve plus: Pre-retirement 2.75%, post-retirement 1.00%

b. The discount rate for the OSPS valuation was:

Pre-retirement: Equal to the UK nominal gilt curve at the valuation date plus 2.25% p.a. at each term. Post-retirement: Equal to the UK nominal gilt curve at the valuation date plus 0.5% p.a. at each term.

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

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

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

RPI inflation is derived from the geometric difference between the UK nominal gilt curve and the UK index-linked curve at the valuation date, less 0.3% p.a. at each term pre-2030 and 1.0% p.a post-2030. CPI inflation is derived from the RPI inflation assumption, less the Scheme Actuary’s best estimate of the long-term difference between RPI and CPI inflation as applies from time to time (1.0% p.a. pre-2030 and 0.1% p.a. post-2030) .

For pension increases linked to inflation, a pension increase curve is constructed based on either the RPI, CPI or the average of the RPI and CPI inflation curves described above, adjusted to allow for the different maximum and minimum annual increases that apply, and the Scheme Actuary’s best estimate of inflation volatility as applies from time to time.

e. The USS and OSPS employer contribution rates include provisions for the cost of future accrual of defined benefits, deficit contributions, administrative expenses and defined contributions.

42

Trinity College Notes to the financial statements For the year ended 31 July 2023

Sensitivity of actuarial valuation assumptions

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 USS
Change in assumption Impact on USS liabilities
Initial pre-retirement discount rate increase by 0.25% decrease by £1.3bn
Post-retirement discount rate decrease by 0.25% Increase by £2.8bn
CPI decrease by 0.1% decrease by £1.5bn
Life expectancy more prudent assumption (reduce the increase by £1.2bn
adjustment to the base mortality table by 5%)
more prudent assumption (increase the
Rate of mortality annual mortality improvements long-term
rates by 0.2%)		 increase by £0.6bn
OSPS Impact on OSPS
Assumption Change in assumption technical provisions
Valuation rate of interest decrease by 0.25% increase by 2% of pensionable salaries
RPI increase by 0.25% increase by 1.5% of pensionable salaries

Deficit Recovery Plans

In line with FRS 102 paragraph 28.11A, the College has recognised a liability for the contributions payable for the agreed deficit funding plan. The principle assumptions used in these calculations are tabled below:

2022/2023 2022/2023 2021/2022 2021/2022
OSPS USS OSPS USS
Finish Date for Deficit Recovery Plan 30/09/2023 31/03/2038 30/01/2028 31/03/2028
Average staff number increase - 2 2 2
Average staff salary increase - 2.00% 1.50% 1.80%
Average discount rate over period 3.19% 5.92% 3.19% 3.06%

A provision of £1.472m has been made at 31 July 2023 (2022 - £2.539m) 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:

Scheme 2022/2023 2021/2022
£000's £000's
Universities Superannuation Scheme:
Continuingcharges 395 378
Pensionprovision change -407 1006
University of Oxford Staff Pension Scheme:
Continuingcharges 462 426
Pensionprovision change -660 -120
Other schemes – contributions 11 13
Total -199 1703

These amounts include £194,090 (2022: £148,948) contributions payable to defined contribution schemes at rates specified in the rules of those plans.

43

Trinity College Notes to the financial statements For the year ended 31 July 2023

Included in creditors are pension contributions payable of £42,500 (2022: £55,450).

44

Trinity College Notes to the financial statements For the year ended 31 July 2023

23 TAXATION

The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiary company(ies) because the directors of this/these company(ies) have indicated that they intend to make donations each year to the College equal to the taxable profits of the company under the Gift Aid scheme. Accordingly no provision for taxation has been included in the financial statements.

24
RECONCILIATION OF NET INCOMING RESOURCES TO
NET CASH FLOW FROM OPERATIONS
Net income/(expenditure)
Elimination of non-operating cash flows:
Investment income
(Gains)/losses in investments
Endowment donations
Depreciation
(Surplus)/loss on sale of fixed assets
Decrease/(Increase) in stock
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
(Decrease)/Increase in provisions
(Decrease)/Increase in pension scheme liability
Net cash provided by (used in) operating activities
25
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Total cash and cash equivalents		 2023
Group
£'000
11,694
(3,868)
(12,055)
(286)
1,858
-
13
522
(337)
(12)
(1,067)
(3,538)
2023
£'000
4,858
4,858		 2022
Group
£'000
(2,941)
(3,478)
2,288
(137)
1,391
-
7
(417)
(124)
(3)
886
(2,528)
2022
£'000
10,000
10,000

45

Trinity College Notes to the financial statements For the year ended 31 July 2023

26 FINANCIAL COMMITMENTS

At 31 July 2023 the College had no annual commitments non-cancellable operating leases (2022- nil).

27 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July 2023 for future capital projects totalling £4,266,000 (2022 - £5,160,000)

28 RELATED PARTY TRANSACTIONS

The College is part of the collegiate University of Oxford. Material interdependencies between the University and of the College arise as a consequence of this relationship. For reporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS 102

Members of the Governing Body, who are the trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College. Details of these payments and reimbursed expenses as trustees are disclosed separately in Note 22.

The number of loans to trustees outstanding as at 31 July with the balances in the following bands were as follows:

Trustee's
Name
£0 - £9,999
M Blanco		 Number
0
2		 £'000
Amount
0
023		 Number
1		 £'000
Amount
2
2022

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.

The College had one property with the following net book value owned jointly with Dr A Ferrero, a trustee, under a joint equity ownership agreement. between the College and the trustee. Under the terms of the agreement, the trustee is not entitled to receive a Housing Allowance.The property was sold following the resignation of the trustee from the College.

between the College and the trustee. Under the terms of the agreement, the trustee is not entitled to
was sold following the resignation of the trustee from the College.		 receive a Housing Allowance.The property
2023 2022
£'000 £'000
Total net book value of property owned jointly with trustee - 320

29 CONTINGENT LIABILITIES

As at 31 July 2023, there were no contingent liabilities (2022 - nil).

30 POST BALANCE SHEET EVENTS

In 2016 the College entered into an arrangement with Bloor Homes to sell 480 plots at Bretch Hill near Banbury. As at the 31st of July, 2023 444 units have been sold and £13,395m income has been received by the College. The College predicts that the final 36 units will be sold in 2023-2024.

46

Trinity College Notes to the financial statements For the year ended 31 July 2023

31 ADDITIONAL PRIOR YEAR COMPARATIVES

a) SOFA as at July 2022 : movement by Fund Type

Ref Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1
Other Trading Income
3
Donations and legacies
2
Investments
Investment income
4
Total return allocated to income
14
Other income -CJRS
Total income
EXPENDITURE ON:
5
Charitable activities:
Teaching, research and residential
Generating funds:
Fundraising
Trading expenditure
Investment management costs
Total Expenditure
Net Income/(Expenditure) before gains
Net gains/(losses) on investments
11, 12
Net Income/(Expenditure)
Transfers between funds
18
Net movement in funds for the year
Fund balances brought forward
18
Funds carried forward at 31 July
b) Property Investments
PROPERTY INVESTMENTS
Group and College
Ref Note
11
Valuation at start of year
Transfers between categories
Additions and improvements at cost
Disposals
Revaluation gains/(losses) in the year
Valuation at end of year		 Unrestricted
Funds
£'000
5,169
102
613
144
3,189
16
9,233
10,211
530
75
1
10,817
(1,584)
(255)
(1,839)
1,963
124
29,427
29,551
Agricultural
£'000
35,262
(55)
243
(238)
1,532
36,744		 Restricted
Funds
£'000
0
0
1,837
0
954
0
2,791
932
0
0
0
932
1,859
1,859
(1,963)
(104)
2,278
2,174
Commercial
£'000
3,300
-
-
-
-
3,300		 Endowed
Funds
£'000
0
0
137
3,334
(4,143)
0
(672)
0
0
0
256
256
(928)
(2,033)
(2,961)
-
(2,961)
184,203
181,242
Dev't and Other
£'000
20,040
55
128
(13,316)
743
7,650		 2022
Total
£'000
5,169
102
2,587
3,478
0
16
11,352
11,143
530
75
257
12,005
(653)
(2,288)
(2,941)
-
(2,941)
215,908
212,967
2022
Total
£'000
58,602
-
371
(13,554)
2,275
47,694

47

Trinity College Notes to the financial statements For the year ended 31 July 2023

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:

Ref Note
13
Income
Expenditure
Donation to College under gift aid
Gains/(Losses)
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 £'000
11,250
(11,978)
75
(2,288)
(2,941)
217,231
(4,288)
212,943
Trinity
College		 £'000
102
(77)
(25)
-
157
(157)
-
TCOL		 £'000
4,132
(4,082)
(50)
TCDL
-
779
(756)
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 net of the amounts loaned to the College. 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.

Ref Note
14
At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Recoupment of trust for investment
Allocation from trust for investment
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the reporting period
Expendable endowments transferred to income
Net movements in reporting period
At end of the reporting period:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments		 Trust for
Investment
£'000
42,006
42,006
15
15
-
15
42,021
42,021
P		 Unapplied
Total
Return
£'000
-
120,028
120,028
-
2,879
(1,197)
(253)
-
1,429
(3,655)
(3,655)
(2,226)
-
117,802
117,802
ermanent Endowm		 Total
£'000
42,006
120,028
-
ent		 Expendable
Endowment
£'000
22,168
22,168
122
456
-836
(3)
-
(260)
(488)
(488)
(748)
21,420
21,420		 Total
Endowments
£'000
42,006
120,028
22,168
162,035
15
-
-
2,879
(1,197)
(253)
-		 184,202
137
-
-
3,334
(2,033)
(256)
-
1,444
(3,655)
-		 1,182
(3,655)
(488)
(3,655) (4,143)
(2,211)
42,021
117,802
-		 (2,961)
42,021
117,802
21,420
159,823 181,242

48

Trinity College Notes to the financial statements For the year ended 31 July 2023

e) Analysis of movement on funds
Endowment Funds - Permanent
Permanent Endowment Fund
Funds for student prizes and awards
Frank Chadwick Fund
Dr Blakiston's Fund
Funds to support Fellowships
Ford Fund
Professor John Mitchell Fund
Funds for student support
Whitehead Travelling Fund
Mrs J H McKeown Fund
Stephen Christie-Miller Fund
Blakiston Fund
Millard Fund
Bursaries Fund
War Memorial Fund
W P Haskett-Smith Fund
Jeffrey Abbott Fund
Dr W Hunt Fund
Other funds - Permanent Endowments
Endowment Funds - Expendable
Funds to support Fellowships
Funds for student support
Brown Fellowship Fund
War Memorial Fund
Hunt-Grubbe Fellowship Fund
King's Group Fund
Henry Birkhead Fund
Other funds - Expendable Endowments
Total Endowment Funds - College
Endowment funds held by subsidiaries
Total Endowment Funds - Group
Restricted Funds
New Building Fund
Levine Bursaries
Library Refurbishment
Kitchen, Dining Hall and SCR Refurbishment
Funds for student support
Bursaries Income Fund
Funds to support Fellowships
Dr Blakiston's Income Fund
Professor John Mitchell Income Fund
Mrs J H McKeown Income Fund
Dr W Hunt Income Fund
Other funds - Restricted Funds
Total Restricted Funds - College
Restricted funds held by subsidiaries
Total Restricted Funds - Group
Unrestricted Funds
General
Fixed asset designated Fund
Pension reserve
Funds for student support
Total Unrestricted Funds - College
Unrestricted funds held by subsidiaries
Total Unrestricted Funds - Group
Total Funds		 Ref Note
18
At 1 August
2020
£'000
131,526
4,538
4,389
2,408
1,831
1,829
1,567
1,462
1,411
1,403
1,331
1,253
1,249
1,102
879
770
713
684
1,690
8,979
5,240
2,383
1,950
1,054
906
798
857
184,203
-
164,267
(0)
-
102
144
1,223
149
139
93
56
25
0
347
2,278
-
2,278
6,474
24,516
(1,654)
70
29,404
23
29,427
215,908		 Income
£'000
2,258
103
90
49
38
37
32
30
29
29
27
26
26
23
18
16
15
14
35
186
213
66
40
22
19
16
18
3,471
-
4,281
1,657
-
-
-
123
27
5
-
-
-
-
25
1,837
-
1,837
6,044
-
-
-
-
6,044
-
6,044
11,352		 Expenditure
£'000
(249)
(1)
(1)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(1)
(1)
(0)
(0)
(0)
(0)
(0)
(0)
(256)
-
(198)
-
-
-
-
(403)
(53)
(299)
(1)
(20)
(27)
(15)
(115)
(932)
-
(932)
(8,540)
(1,391)
(886)
(10,817)
-
(10,817)
(12,005)		 Transfers
£'000
(2,955)
(120)
(98)
(54)
(41)
(41)
(35)
(33)
(32)
(31)
(30)
(28)
(28)
(25)
(20)
(17)
(16)
(15)
(38)
(198)
(113)
(52)
(44)
(24)
(20)
(18)
(19)
(4,143)
-
(4,089)
(1,657)
-
(102)
(144)
351
52
314
28
35
31
15
67
(1,009)
-
(1,009)
3,034
2,118
5,152
-
5,152
-		 Gains/
(losses)
£'000
(50)
(171)
(165)
(91)
(69)
(69)
(59)
(55)
(53)
(53)
(50)
(47)
(47)
(41)
(33)
(29)
(27)
(26)
(64)
(338)
(199)
(90)
(73)
(40)
(34)
(30)
(32)
(2,033)
-
19,942
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(255)
(255)
-
(255)
(2,288)		 At 31 July
2022
£'000
130,531
4,349
4,215
2,313
1,759
1,757
1,505
1,404
1,355
1,347
1,278
1,203
1,200
1,058
844
740
685
657
1,623
8,628
5,140
2,306
1,873
1,012
870
767
824
181,242
-
184,203
0
-
(0)
-
1,295
174
159
120
71
29
0
324
2,174
-
2,174
6,756
25,242
(2,539)
70
29,530
23
29,551
212,967

49