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← The College Of The Holy And Undivided Trinity In The University Of Oxford Of The Foundation Of Sir Thomas Pope

2024-07-31-accounts

Trinity College Annual Report and Financial Statements

Year ended 31 July 2024

Registered Charity No. 1143755

TRINITY COLLEGE

Annual Report and Financial Statements Contents

Governing Body, Officers and Advisers 3 Report of the Governing Body 6 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 2024

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 Appointed Trustee 11 October 2023
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 Brocklesby 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 Dame Amanda Gay Fisher
Professor Stephen Fisher
Dr Kantik Ghosh
Dr Anil Gomes
Dr Natalia Gromak Appointed Trustee 24 April 2024
Dr Gurung Gautam Appointed Trustee 11 October 2023
Dr Ian Hewitt *
Professor Katherine Ibbett
Professor Marta Kwiatkowska *
*Dr Dong Liu Joined 01 January 2024
Professor Louis Mahadevan Resigned 30 September 2023
Professor Martin Maiden
Professor Peter McCulloch
Dr James McDougall

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TRINITY COLLEGE

Governing Body, Officers and Advisers Year ended 31 July 2024

(1) (2) (3) (4) (5)
*Dr Meera Mehta Joined 08 January 2024
Professor Michael Moody Resigned 10 May 2024
Professor David Parker Appointed Trustee 11 October 2023
Professor Susan Perkin *
Professor Janet Breckenridge
Pierrehumbert		 Resigned 30 September 2024
Dr Luke Rostill
Dr Melanie Rupflin *
Professor Stephen Sheard
Dr Sam Vinko *
Dr Meia Walravens Appointed Trustee 11 October 2023
Professor Justin Wark *
*Dr Tobias Warnecke Joined 01 October 2023
Dr Gail West (Trimble)
Professor Charlotte Williams Resigned 30 September 2024 *
*Dr William Alasdair Winning Joined 01 October 2023
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

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 Dean Sheppard Chaplain Reverend Joshua Brocklesby Development Director Susan Broers

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Governing Body, Officers and Advisers Year ended 31 July 2024

TRINITY COLLEGE

COLLEGE ADVISERS

Investment Managers

Baillie Gifford & Co, Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN CCLA Investment Management Ltd, One Angel Lane, London, EC4R 3AB 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 Vanguard Asset Management Ltd, 4[th] Floor, The Walbrook Building, 25 Walbrook, London, EC4N 8AF

Land Agent

Laws & Fiennes, Warren Lodge, Broughton, Banbury, Oxfordshire OX15 5EF

Auditor

Critchleys Audit LLP, First Floor, Park Central, 40-41 Park End Street, Oxford OX1 1JD

Bankers

Barclays Bank plc, Ground Floor, Apex Plaza, Forbury Road, Reading RG1 1AX

Solicitors

Freeths LLP, Spires House, 5700 Oxford Business Park South, Oxford OX4 2RW 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 2024

The members of the Governing Body present their Annual Report for the year ended 31 July 2024 under the Charities Act 2011, together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

The 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 3 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 4. 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 five 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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Report of the Governing Body Year ended 31 July 2024

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 334 undergraduates and 175 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 2024-2025.

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 2024

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 from both the University and College. Under the Oxford Bursaries Programme, during the course of the academic year, 58 (2023 - 68) students received total support from the University and College in the form of travel supplements, fee reductions and bursaries amounting to £275,240 (2023 - £278,086); the cost to the College was £56,800 (2023 - £67,100).

A further £85,200 (2023 - £78,900) in financial support was provided to undergraduates and graduates directly by the College in the form of bursaries, vacation rent and writing up grants.

On academic merit, the College also awarded scholarships, prizes and grants to undergraduates and graduates amounting to £661,000 (2023 – £639,000), of which £539,500 was awarded in scholarships to 57 graduate students.

ACHIEVEMENTS AND PERFORMANCE

The Final Honour School cohort in 2024 was the largest ever at Trinity: 91 students in total completed their undergraduate degree last academic year. An impressive 36% of them achieved a First or Distinction (compared with 40% in 2023, and 26% in 2022). First Public Examination results at Trinity were also very strong, with 26 out of 84 candidates, or 30%, achieving a Distinction or First -- a significant increase on recent years (18% in 2023, 22% in 2024). Three students on the Astrophoria Foundation Year completed their studies on this programme and are as a result able to progress to an undergraduate degree at Trinity. Across the undergraduate body, ten students received University prizes recognising their exceptional performance in public examinations.

Trinity's graduate students also produced excellent academic results over the course of the year. Of the 23 Trinity students who completed a taught Masters degree in 2024, 9 achieved a distinction. Some 25 students completed their DPhil degrees during the year and were granted Leave to Supplicate.

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 2023-24, which can be obtained directly from the College.

The College has formed a Sports and Societies Working Group to promote sport, the arts and societies within Trinity College, with a focus on participation and supporting the wellbeing of our students. Termly payments continue to be made to the student bodies’ sports clubs; and also specifically to individuals to reimburse some of the expense of participating in University and College sporting, cultural and recreational activities.

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TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2024

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. In the year eleven awards were made in eleven different disciplines. Eight were full blues.

In the last five years the College has made good progress towards its aim to become a more diverse and widely representative community, in which students of all backgrounds feel equally valued, supported and able to flourish. However, as the figures in the College’s Annual Admissions Statistics Report highlight, we acknowledge that further progress on widening access is still needed. For example, the proportion of undergraduate students admitted to Trinity from state secondary schools rose from 54.2% in 2019 to 59.7% in 2023, but this remains below the average of 67.6% state school students admitted across the University. Meanwhile, the proportion of Trinity students identifying as Black and Minority Ethnic grew from 21.4% in 2019 to 27.9% in 2023. 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.

During the course of the 2023-24 year the College made good progress in the renovation of its Grade 1 listed Hall, Kitchen and SCR range of buildings. This complex project has taken 2½ years, at a cost of £9.5m. The resulting facilities will include an entirely new kitchen, upgraded and extended staff welfare facilities, a lift providing disabled access to five levels, a new servery, and, more generally, a full refurbishment of the core of the College’s historic estate. The completion of this project will mark the end of a ten-year programme which has seen the refurbishment of all the main public areas of the College (Chapel, Library, Hall, SCR, Beer Cellar, Kitchen & Servery), and the construction of the new Levine Building. We are extremely grateful to our donor community for their kind support, and to everyone involved in this long and comprehensive programme of works.

During the year the College reviewed its governance arrangements to identify how these can best serve the College in the long term. It was a positive process, with a high level of discussion and debate, widespread consultation and much sharing of practice between Trinity and other colleges. Amongst a range of changes to be introduced over the coming year, the size of the Governing Body will reduce by around 25% and a new, externally-populated Risk, Audit and Governance Committee will enhance independent scrutiny of the College.

FINANCIAL REVIEW

For the year 2023-24, College income increased by £939,000 from £11,535,000 to £12,474,000. Income from charitable activities, other trading income, and investments income increased by a total of 14.2% on last year. However, donation income reduced significantly, so the overall result was an increase of 8% in total income for the year.

Charitable activities generated revenues of £6,565,000. This figure is £678,000 higher than last year’s (202223 - £5,887,000). Despite an ongoing freeze on UK undergraduate tuition fees, tuition and research income accounted for £310,000 of the increase. Meanwhile, residential income increased by £368,000, partly due to increased prices and partly due to higher occupancy rates.

For those home students within fee liability, postgraduate numbers remained the same as last year and there were 12 fewer undergraduate home students. There were however increases in both the overseas postgraduate and undergraduate student numbers of 12% and 21% respectively which, together with teaching buy-out charges, drove the increase in tuition and research income.

In the year 2023-24, a total of 375 students resided in College-owned property, compared to the previous year’s 338 students. For the 2023-24 year Trinity applied an average rent increase of 8.7%, which was in line with the prevailing rate of inflation at the time of setting the budget. Trinity’s prices continue to be attractive compared the private rental sector as verified by the increase in uptake by students. As always, Trinity College aims to accommodate all its undergraduate and graduate students, to ensure that they have secure

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TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2024

and affordable accommodation. As more students occupied college rooms, there were fewer rooms available for non-student lets so income from this category was reduced.

Student catering income, including kitchen and bar sales, at £318,000 was £80,000 more than last year (2022-23 £238,000) but still notably less than expectations. The newly renovated Kitchen, Hall and Bar reopened early in the 2024-25 financial year which was a term later than anticipated.

Charitable conference and function income, which is predominantly the result of Summer School activities rose by £73,000 to £885,000 (2022-23 - £812,000).

In the subsidiary Trinity College Oxford Limited, there was a 45% increase in income from non-charitable conference activity to £380,000 (2022-23 £262,000) for the year ended July 2024. Notably, in recent years there has been an increase in other non-conference activities (such as Access and Outreach and programmed events in the new de Jager auditorium) which do not generate significant commercial income. Priority for the use of college facilities and resources is given to academic related activities in line with the main objective of the College.

As always, the College is extremely grateful for the level of support which it receives from its old members and other donors. In 2023-24 no designated fundraising campaign took place. Events organised by the College’s Development Office largely focussed on thanking donors for their recent support; especially for their contributions towards the funding of the new Levine Building. Following the trend of the previous two years, the total donations received declined in value. Donations fell to slightly over £1m.

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 remained almost unchanged year-on-year at £10,737,000 (2023-24 £10,798,000). However, in both years the progressive release of pension provisions has masked the true extent of underlying cost increases. In 2022-23 this provision release contributed a benefit of £1,067,000 to the accounts. In the 2023-24 year this benefit increased to £1,472,000. Following their 2023 valuations there is no current shortfall identified in the funding of either of the College’s defined benefit pension schemes, so the previously-held provisions in each case have now been fully released.

As explained above, the College’s direct staff costs recognised some savings due to the changes in the pension provisions for defined benefit pension schemes. Depreciation costs have risen marginally to £1,890,000. Excluding depreciation and the changes to pensions provisions, underlying expenditure rose by £286,000; of which £141,000 was attributable to an increase in direct staff costs. The value of grants and awards to students increased by £18,000 to £803,000 (2023: £785,000). Support for student clubs and societies also increased by £44,000, but this was largely due to the one-off purchase of a new women’s rowing VIII which was kindly funded by a generous donation from an Old Member. Non-staff costs across all departments rose by less than 3%.

Expenditure on alumni relations and fundraising activity increased by 1.6% from £571,000 to £580,000. This sum includes 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 increased by £630,000 to £4,498,000 (2023 £3,868,000). The College recognised investment income of more than £5,522,000 (2023 £5,390,000) on a total return basis at a rate of 3%. £5,321,000 of those returns are allocated to Unrestricted and Restricted funds and £201,000 total returns are generated and allocated back into the Endowment fund. 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 medium-term expenditure.

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TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2024

Pledges made for donations towards the costs of the Levine Building project continue to be fulfilled. In-year donations amounted to £98,000, with expenditure of £1,000. The net amount of £97,000 as well as the reduction in the provision for the pension deficit of £1,472,000 has reduced the loan between the endowed and unrestricted funds for the Levine Building to £12,961,000. In accordance with the Charities Act 2022 it is anticipated that this loan will be repaid over 20 years. 2023-24 costs of the ongoing Kitchen, Dining Hall and SCR project of £4,497,000 less £369,000 donations (including designated legacies) received in the year have increased the loan for that project to £6,413,000.

Investments gains for the year of £9,619,000 (2023: £12,055,000) comprised of £1,348,000 gains in land and property (£13,372,000 in the previous year) and £8,271,000 gains in liquid investments.

Property gains were largely in the agricultural portfolio where planning consents for 3 barn conversions have been granted resulting in an appreciation in the revaluations. Proceeds from sales and disposals of land amounted to £3,479,000 (2023: £5,919,000). An instalment payment of £2,351,000 for the Banbury Rise II development site was received and £1,129,000 (2023: £1,817,000) was received in the year for the 23 units sold on the original Banbury Rise site, bringing the total received for this development to £14,524,000. To the end of July 2024, the College had sold 467 out of the total 480 units on the Banbury Rise development site. The remaining 13 units are expected to be sold by July 2025. The College will continue to explore development opportunities across its property portfolio.

Despite the withdrawal of £1,022,000 from the fund to finance building works, the College recorded capital growth of £7,249,000 - almost 6% - in its liquid investment portfolio (2023: a reduction of 2.5%), from £121,099,000 to £128,348,000 in the year. The rate of inflation fell during the year and global stockmarkets responded quite positively. The rally in equity prices was led by the seven largest US companies. Since most active managers are underweight on these stocks in their portfolios, their funds tended to underperform the MSCI World Index. The College responded to this trend by divesting entirely from its investment in the Lindsell Train Global Equity Fund and switching the £10m proceeds to an ESG-screened tracker fund (the Vanguard ESG Developed World All Cap Equity Index Fund). 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.

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.

The total funds of the College and its subsidiaries at the year-end amounted to £234,934,000 (2023: £224,661,000). This includes endowment capital of £199,611,000 and unspent restricted income funds totalling £2,775,000. The Unrestricted account includes an amount of £26,240,000 (2023: £25,254,000) in designated funds. The vast majority of this sum reflects the net book value of the College’s tangible assets (£45,480,000), partly offset by a loan of £19,374,000 from the Endowment fund to finance major building projects.

Free reserves at the year-end amounted to £6,297,000 (2023: £6,691,000). The value of the free reserves of the College represents more than 6 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

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TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2024

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.

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.

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 routinely monitors 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 2023-24 the University upgraded Trinity College to “Beyond Gold” level in its Green Impact Awards. 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 undertook two investigations to establish its baseline carbon footprint. The findings of the reports will include recommendations for remediation and mitigation, helping the College to establish its pathway to carbon neutrality. Meanwhile, with the help of grant funding from Salix, in 2024-25 the College will complete two major projects to decarbonise the heating of its buildings. These improvements will reduce the College’s carbon footprint by more than 100 tonnes CO2e per year.

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 £184,923,000 (2023: £179,801,000), an overall 2.8% increase. A further £5,072,000 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. On such occasions, the College enters into a formal written agreement with these consultants and monitors their work.

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TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2024

The Development Committee discusses fundraising and, along with the Governing Body to whom it reports, monitors the work of the fundraising team. The College’s fundraising policy is brought to the Development Committee each year for review and, when agreed, it is endorsed by the trustees and an updated version displayed on the College website.

Fundraising is not directed at the general public. Instead, gifts are solicited only from individuals with whom the College has an active relationship – Old Members (alumni) and Friends – or those individuals or organisations that have been carefully identified as having a potential interest in supporting a specific activity or initiative. The College has always subscribed to the view that all gifts should be made without coercion, as an informed decision, with full transparency and agreement regarding the use of the gift.

Individuals are not subject to constant requests for donations. They are not approached directly with a solicitation more than once in any financial year. The College employs a range of direct solicitation methods, which include written appeals, 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. Meetings are conducted sensitively and when a meeting is requested, it is made clear if 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.

In September 2025 Dame Hilary Boulding will complete her very successful eight-year tenure as President of the Trinity College. The College is pleased to report that her successor in this important role will be Sir Robert Chote.

Following the year end the College completed the refurbishment of its Grade 1 listed Hall, Kitchen and SCR range of buildings in August 2024. Among its many benefits, this scheme provides disabled access to previously inaccessible areas of the College. Its return to use has been welcomed by the entire College community.

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. This project will be part-funded by a grant of £624,000 awarded by Salix.

13

TRINITY COLLEGE Report of the Governing Body Year ended 31 July 2024 In December 2024 the Collega will also begin a second, smaller decarbonisation project. replacing ageing boilers at 20-44 Rawlinson Rd with air source heal pumps. This project will also be part-funded by a Salix grant. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations. Charity law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl, including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 102). Under charily law the Governing Body must not approve the financial statemenls unless they are satisfied thal they give a true and fair view of the state of affairs of the Gollege and of its net income or expenditure for that period. In preparing these financial statemenls, the Governing Body is required to.. select the most suitable accounting policies and then apply them consistently., make judgments and accounting estimates that are reasonable and prudent., state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements- state whether 2 Statement of Recommended Practice {SORP) applies and has been followed, subject to any material departures which are explained in the financial statements. prepare the financial slalements on the going concern basis unless il is inappropriate to presume that the College will continue to operate. The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College's transactions and disclose with reasonable accuracy at any lime Ihe financial position of the College and Ènable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Governing Body on 27lh November 2024 and signed on its behalf by-. Dame Hilary Boulding DBE President 14

Auditor’s Report Year ended 31 July 2024

TRINITY COLLEGE

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 2024 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 2024

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 1314, 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

Auditor’s Report Year ended 31 July 2024

TRINITY COLLEGE

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 2024 Use of our report This report is made solely lo the College's Trustees, in accordance wilh section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so Ihat we might state to the Trustees those matiers we are required to stale lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College's Trugtees, for our audit work, for this report, or for the opinions we have form@d. Crit¢hleys Audit LL First FSoor, Park Central 40-41 Park End Street Oxford OX1 1JD Date: 27+K N/avevwb&/ 202* Critchleys Audil LLP is eligible to act as an auditor in terms of sections 1212 of the Companies Act 2006. 18

TRINITY COLLEGE Statement of Accounting Policies Year ended 31 July 2024

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 2024

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 2024

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 2024

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 2024

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 income and expenditure account represents the contributions payable to each scheme and any deficit recovery contributions payable under a scheme Recovery Plan.

Where a scheme valuation determines that the scheme is in deficit on a technical provisions basis (as was the case following the 2020 USS valuation), the trustee of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit. The College recognises a liability for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the income statement. Further disclosures relating to the deficit recovery liability can be found in note 22.

The College is aware of the Virgin Media v NTL Pension Trustees II Limited Court of Appeal judgement which may give rise to adjustments to the schemes. At present the legal process is incomplete and therefore we are unable to quantify any potential liabilities

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 multiemployer 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 College is satisfied that USS and OSPS meet the definition of a multi-employer scheme.

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. As at the 31[st] of July 2024, the College does not require a deficit recovery plan.

Further disclosures relating to the deficit recovery liability can be found in note 22.

23

Trinity College Consolidated Statement of Financial Activities For the year ended 31 July 2024

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
6,565
380
231
217
4,075
-		 Restricted
Funds
£'000
-
-
746
-
1,246
-		 Endowed
Funds
£'000
-
-
54
4,283
(5,321)
-		 2024
Total
£'000
6,565
380
1,031
4,500
-
-		 2023
Total
£'000
5,887
262
1,518
3,868
-
-
11,468
9,546
580
174
1		 1,992
1,193
-
-
-		 (984)
-
-
-
338		 12,476
10,739
580
174
339		 11,535
10,798
571
146
381
10,301 1,193 338 11,832 11,896
1,167 799 (1,322) 644 (361)
455 - 9,164 9,619 12,055
1,622 799 7,842 10,263 11,694
441
2,063
30,473		 (441)
358
2,417		 -
7,842
191,771		 -
10,263
224,661		 -
11,694
212,967
32,536 2,775 199,613 234,924 224,661

24

Trinity College Consolldated and Gollege Balance Sheets As at 31 July 2024 2024 Grtsup £'ooo 2023 Group £'ooo 2024 College £'ooo 2023 Coll&g8 £'ooo Notes FIXED ASSErs Tangible assets Property iDveslments other Investments 45,480 56,676 126,348 41,974 58,701 121.099 4S,480 66,S76 128,348 41,974 58.701 121.099 Total Flxed Assets 230,403 221,774 230,403 221.774 CURRENT ASSETS sto¢kg DébtDrg Investments- Cash deposit Cash al bank and in hand 47 1.374 53 1,068 47 1,738 53 1,308 15 25 5,072 4,858 4,597 4,545 Totsl Current Assets 6.493 5,979 6,382 5,906 LIABILITIES Creditors.. Amounts fallino du8 within one year 1,925 1,577 1,834 1,524 NET CURRENT ASSETS 4.668 4,402 4,648 4.382 TOTAL ASSETS LESS CURRENT LIABILIMES 234,971 226.176 234,951 226,156 Provisions for Siabllltles and charyes 47 43 47 42 Ntrt IncomollExpenditurel before gain8 1110s50s1 234,924 226,133 234,904 226,114 Defined benefit pen$lon scheme liabTlity 22 1,472 1.472 TOTAL NET ASSETS 234,924 224.661 234,904 224,642 FUNDS OF THE COLLEGE Endowment funds 199,613 191,771 199,613 191,77 RestriGted fund8 2,775 2,417 2,f75 2.417 Unrestricted funds General funds D&$ignated funds Pension resetve 6,296 26,240 6,691 25.254 11.4721 6,296 26.220 6,691 25.235 11,4721 22 234,924 2?4,661 234,904 224.642 The financial statements were approved and authori5ed for issufj by the Goveming Body of Trinity College on the 27th of November. 2024 President Estates Butsar

Trinity College Consolidated Statement of Cash Flows

For the year ended 31 July 2024

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		 2024
£'000
(3,440)		 2023
£'000
(3,538)
4,500
(5,397)
16,759
(12,263)		 3,868
(3,667)
6,025
(8,116)
3,600 (1,890)
54 286
54 286
214 (5,142)
4,858 10,000
5,072 4,858

26

Trinity College Notes to the financial statements For the year ended 31 July 2024

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		 2024
£'000
1,284
1,338
211
140
3,592
6,565
6,565		 2023
£'000
Note 31a
1,280
1,093
224
66
3,224
5,887
5,887

The above analysis includes £2,833k received from Oxford University from publicly accountable funds under the CFF Scheme (2023: £2,596k).

Under the terms of the undergraduate student support package offered by Oxford University to students from lower income households, the College share of the fees waived was £26k (2023: £0k). These are not included in the fee income reported above.

2 DONATIONS AND LEGACIES

Donations and Legacies
Unrestricted funds
Restricted funds
Endowed funds
INCOME FROM OTHER TRADING ACTIVITIES
Subsidiary company trading income		 2024
£'000
231
746
54
1,031
2024
£'000		 2023
£'000
Note 31a
517
715
286
1,518
2023
£'000
Note 31a
380 262
380 262

27

Trinity College Notes to the financial statements For the year ended 31 July 2024

4
INVESTMENT INCOME
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		 2024
£'000
-
-
-
184
-
4
-
29
217
-
-
-
-
-
-
-
-
-
742
285
41
2,683
-
528
4
-
-
4,283
4,500		 2023
£'000
Note 31a
-
-
-
153
-
7
-
37
197
-
-
-
-
-
-
-
-
-
769
287
-
2,506
-
109
-
-
-
3,671
3,868

28

Trinity College Notes to the financial statements For the year ended 31 July 2024

5
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		 2024
£'000
4,303
3,944
2,492
10,739
437
86
95
88
339
48
1,093
11,832		 2023
£'000
Note 31a
4,588
3,765
2,445
10,798
447
34
79
112
381
45
1,098
11,896

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 2024

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
26
-
20
-
-
-
2
48
Generating
Funds
£'000
24
-
19
-
-
-
2
45		 Teaching
and
Research
£'000
286
79
171
1,890
-
36
30
2,492
Teaching
and
Research
£'000
277
51
173
1,858
-
57
29
2,445		 2024
Total
£'000
312
79
191
1,890
-
36
32
2,540
2023
Total
£'000
301
51
192
1,858
-
57
31
2,490

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		 2024
£'000
27
4
1
32		 2023
£'000
26
3
2
31

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 2024

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		 2024
£'000
29
29
-
58
632
113
-
745
803		 2023
£'000
46
19
-
65
593
127
-
720
785

7 GRANTS AND AWARDS

The figure above includes the cost to the College of the Oxford Bursary Scheme. Students of this college received £57k (2023: £67k). Some of those students also received fee waivers amounting to £3k (2023: £37.5k).

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

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		 2024
£'000
5,187
482
(884)
135
273
5,194
2024
16
61
4
21
102
13
9
4
6
32		 2023
£'000
4,965
463
(388)
189
169
5,399
2023
13
66
4
20
103
16
8
4
5
33

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 exceeding £60,000 (2023 - 3) :

1 within the £60,001 to £70,000 band (2023 - 3) and 2 within the £70,001 to £80,000 band (2023 - 1)

31

Trinity College Notes to the financial statements For the year ended 31 July 2024

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
52,593
5,153
57,746
12,010
1,612
13,622
44,124
40,583
Freehold
land and
buildings
£'000
52,593
5,153
57,746
12,010
1,612
13,622
44,124
40,583		 Fixtures,
fittings and
equipment
£'000
4,268
243
4,511
2,877
278
3,155
1,356
1,391
Fixtures,
fittings and
equipment
£'000
4,268
243
4,511
2,877
278
3,155
1,356
1,391		 Total
£'000
56,861
5,396
62,257
14,887
1,890
16,777
45,480
41,974
Total
£'000
56,861
5,396
62,257
14,887
1,890
16,777
45,480
41,974

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 2024

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
40,969
-
152
(148)
1,139
42,112		 Commercial
£'000
3,300
-
-
-
-
3,300		 Dev't and Other
£'000
14,432
-
-
(3,479)
210
11,163		 2024
Total
£'000
58,701
-
152
(3,627)
1,349
56,575		 2023
Total
£'000
Notes 31a, 31b
47,694
-
3,554
(5,918)
13,371
58,701

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 2024 based on information confirmed 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
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
85,407
-
2,072
2,743
11,237
1,997
103,456		 Held in
the UK
£'000
7,161
-
5,931
4,960
190
6,650
24,893		 2024
Total
£'000
92,569
-
8,003
7,703
11,427
8,647
128,348		 Held outside
the UK
£'000
76,872
-
-
689
4,108
3,498
85,166		 2024
£'000
121,099
12,111
-
(13,132)
-
-
8,271
128,348
128,348
Held in
the UK
£'000
9,492
-
7,046
5,735
5,215
8,444
35,932		 2023
£'000
117,960
4,204
358
-
(106)
-
-
(1,317)
121,099
121,099
2023
Total
£'000
86,364
-
7,046
6,424
9,323
11,942
121,099

33

Trinity College Notes to the financial statements For the year ended 31 July 2024

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
12,091
(11,582)
221
9,619
10,350
236,785
(1,881)
234,904
Trinity
College		 £'000
385
(174)
(211)
-
469
(469)
-
TCOL		 £'000
87
(76)
(11)
TCDL
-
34
(14)
20

For prior year comparatives refer to note 31c

34

Trinity College Notes to the financial statements For the year ended 31 July 2024

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
42,035
-
-
42,035
19
-
-
-
-
-
-
19
-
-
-
19
42,054
-
-
42,054
P		 Unapplied
Total
Return
£'000
-
128,407
-
128,407
-
-
-
3,692
7,729
(336)
-
11,086
(4,666)
(4,666)
6,420
-
134,827
-
134,827
ermanent Endowm		 Total
£'000
42,035
128,407
-
170,442
19
-
-
3,692
7,729
(336)
-
11,105
(4,666)
-
(4,666)
6,439
42,054
134,827
-
176,881
ent		 Expendable
Endowment
£'000
-
-
21,328
21,328
35
-
-
590
1,435
(2)
-
2,057
-
(655)
(655)
1,402
-
-
22,731
22,731		 Total
Endowments
£'000
42,035
128,407
21,328
191,771
54
-
-
4,283
9,164
(338)
-
13,163
(4,666)
(655)
(5,321)
7,842
42,054
134,827
22,731
199,612

For prior year comparatives refer to note 31d

35

Trinity College Notes to the financial statements For the year ended 31 July 2024

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		 2024
Group
£'000
149
135
-
-
786
304
1,374
2024
Group
£'000
614
-
168
-
1,143
-
1,925
2024
Group
£'000
43
4
-
47		 2023
Group
£'000
52
65
-
-
707
244
1,068
2023
Group
£'000
832
-
155
-
590
-
1,577
2023
Group
£'000
43
-
-
43		 2024
College
£'000
300
135
223
-
786
294
1,738
2024
College
£'000
609
-
137
-
1,088
-
1,834
2024
College
£'000
43
4
-
47		 2023
College
£'000
167
65
130
-
706
240
1,308
2023
College
£'000
825
-
132
-
567
-
1,524
2023
College
£'000
42
-
-
42

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 2024

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
Kitchen Project designated Fund
General designated
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
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		 Income
£'000
2,913
121
115
63
48
48
41
38
37
37
35
33
33
29
23
20
19
18
44
236
153
85
51
27
24
21
29
4,337
-
4,337
98
370
4
70
-
-
-
-
204
746
-
746
7,328
-
25
-
40
7,393
-
7,393
12,476		 Expenditure
£'000
(331)
(1)
(1)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(1)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(338)
-
(338)
(1)
(516)
(54)
(391)
(9)
(39)
(3)
(20)
(160)
(1,193)
-
(1,193)
(9,883)
(1,890)
-
1,472
(10,301)
-
(10,301)
(11,832)		 Transfers
£'000
(3,774)
(145)
(126)
(69)
(53)
(53)
(45)
(42)
(41)
(40)
(38)
(36)
(36)
(32)
(25)
(22)
(21)
(20)
(49)
(258)
(153)
(69)
(56)
(30)
(26)
(23)
(40)
(5,321)
-
(5,321)
(97)
502
66
410
(138)
45
40
20
(43)
805
-
805
1,705
2,836
(25)
0
-
4,516
-
4,516
(0)		 Gains/
(losses)
£'000
5,794
288
279
153
116
116
99
93
90
89
84
79
79
70
56
49
45
43
107
570
341
154
124
67
57
51
70
9,164
-
9,164
-
-
-
-
-
-
-
-
-
-
-
-
455
455
-
455
9,619		 At 31 July
2024
£'000
146,245
4,546
4,409
2,419
1,840
1,837
1,575
1,469
1,418
1,409
1,337
1,259
1,255
1,107
883
774
716
687
1,698
9,029
5,412
2,453
1,959
1,059
910
802
1,107
199,613
-
199,613
0
1,760
190
286
(0)
70
99
0
369
2,775
-
2,775
6,296
26,109
(0)
(0)
110
32,516
20
32,536
234,924

37

Trinity College Notes to the financial statements For the year ended 31 July 2024

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 The new building loan of £14,530m was reduced by £1,569m to £12,961m. The reduction was from
in-year donations amounting to £97k plus the reduction in the pensions provision of £1,472m
Kitchen, Dining Hall, SCR Project The refurbushment project loan increased to £6,413m by £4,129m (£4,497m less £369k donations).
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
45,480
-
3,389
-
(47)
3,088
(19,374)		 Restricted
Funds
£'000
-
-
2,775
-
2,775
Restricted
Funds
£'000
-
-
2,417
-
2,417		 Endowment
Funds
£'000
-
56,575
122,184
1,480
19,374
199,613
Endowment
Funds
£'000
-
58,701
116,255
0
16,814
191,771		 2024
Total
£'000
45,480
56,575
128,348
(0)
(47)
4,568
-
32,536 234,924
Unrestricted
Funds
£'000
41,974
-
2,427
(1,472)
(43)
4,402
(16,814)
30,473		 2023
Total
£'000
41,974
58,701
121,099
(1,472)
(43)
4,402
-
224,661

38

Trinity College Notes to the financial statements For the year ended 31 July 2024

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. Three 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 2024

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
£7,000- £7,999
£8,000-£8,999
£9,000-£9,999
£13,000-£13,999
£15,000-£15,999
£20,000-£20,999
£21,000-£21,999
£23,000- £23,999
£25,000-£25,999
£26,000-£26,999
£28,000- £28,999
£30,000- £30,999
£31,000- £31,999
£33,000- £33,999
£34,000- £34,999
£35,000- £35,999
£36,000- £36,999
£37,000- £37,999
£39,000- £39,999
£40,000- £40,999
£42,000- £42,999
£44,000- £44,999
£52,000- £52,999
£53,000- £53,999
£57,000- £57,999
£66,000- £66,999
£69,000- £69,999
£70,000- £70,999
£72,000- £72,999
£73,000- £73,999
£75,000- £75,999
£76,000- £76,999
£101,000- £101,999
£102,000- £102,999
£104,000- £104,999
£107,000- £107,999
£108,000- £108,999
£109,000- £109,999
£125,000- £125,999
£166,000- £166,999
£166,000- £166,999
Total		 0
0
0
1
0
1
1
0
1
0
1
0
1
0
1
1
2
1
0
1
5
3
1
0
1
1
1
1
0
0
0
2
1
0
0
1
1
0
1
0
1
0
1
1
0
1
35
Number of
Trustees/Fellows		 167,100
125,800
-
102,700
-
107,500
-
109,800
-
-
-
75,600
76,300
-
138,500
70,800
-
44,000
52,600
-
109,400
37,400
-
40,100
42,900
60,800
31,800
-
34,000
176,700
-
26,600
28,300
20,100
-
23,000
8,000
-
13,600
-
-
-
-
5,400
-
7,100
1,735,900
£
Gross remuneration, taxable
benefits and pension
contributions
2024		 2
1
1
0
1
0
0
1
1
1
0
1
0
1
0
0
1
1
3
5
1
1
0
1
0
0
1
0
1
1
1
0
1
1
1
0
0
1
0
1
0
1
0
1
1
0
35
Number of
Trustees/Fellows		 -
57,400
-
-
15,400
-
21,100
-
-
-
-
44,700
166,200
13,500
-
-
-
£
2023
Gross remuneration, taxable benefits and
pension contributions
4,400
4,900
9,200
-
3,300
6,600
-
31,300
125,300
25,300
171,900
35,000
30,200
53,400
-
36,000
101,000
-
-
39,600
73,900
66,400
70,200
108,800
101,700
-
104,400
72,600
-
1,593,700

Nine 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 £2,099,900 (2023: £1,923,600). Key management are considered to be the Trustees of the College.

40

Trinity College Notes to the financial statements For the year ended 31 July 2024

22 PENSION SCHEMES

Schemes accounted for under FRS 102 as defined contribution schemes

Deficit Recovery Plans

For USS , a deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The College was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the income and expenditure account. The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method. Since the College cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

At 31 July 2023, the College’s balance sheet included a liability of £1,453m for future contributions, following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date the College was no longer required to make deficit recovery contributions. The remaining liability of £1,453m was released to the income and expenditure account.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below.

CPI assumption Term dependent rates in line with the difference between the Fixed Interest and Index
Linked yield curves less: 1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030.
Pension increases (subject to a floor of 0% Benefits with no cap: CPI assumption plus 3bps. Benefits subject to a "soft cap" of
5%, and half of any excess inflation over 5% up to a maximum of 10%):
CPI assumption muns 3bps.
Discount rate (forward rates) Fixed interest gilt yield curve plus:
Pre-retirement: 2.5% p.a.
Post-retirrment: 0.9% p.a.

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

Mortalitybase table 101% of S2PMA "light" for males and 95% of S3PFA for females
Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a. and
a long-term improvement rate of 1.8%pa for males and 1.6%p.a.for females

The current life expectancies on retirement at 65 are:

Males currently aged 65 (years)
Females currently aged 65 (years)
Males currently aged 45 (years)
Females currentlyaged 45(years)		 2024
23.7
25.6
25.4
27.2		 2023
24.0
25.6
26.0
27.4

41

Trinity College Notes to the financial statements For the year ended 31 July 2024

University of Oxford Staff Pension Scheme

The University of Oxford Staff Pension Scheme (OSPS) is a multi-employer hybrid scheme set up under trust and sponsored by the University. It is the pension scheme for support staff at the University, participating colleges and other related employers. New members joining the scheme build up benefits on a defined contribution basis. Members who joined before 1st October 2017 build up benefits on a career average revalued earnings basis.

The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan agreed at the last valuation is no longer required and the deficit contribution ended on 30th September 2023. A provision of £19,000 was made at 31 July 2023 (2022: £0.679m) to account for deficit recovery payments up to 30th September 2023. That remaining liability of £18,000 was released to the income and expenditure account in 2024.

The Trustee and the University have agreed a new contribution schedule which took effect from 1 October 2023 and takes account of the benefit improvements and changes to member contributions since the last valuation date. It was agreed that the scheme will meet its own running costs from the scheme's assets, including expenses relating to both the DB and DC Sections and the cost of pension Protection Fund /other statutory levies.

The table below summarises the key actuarial assumptions. Further details of the assumptions are set out in the statement of funding principles dated 27 June 2023 and can be found at https://finance.admin.ox.ac.uk/osps-documents

Date of valuation:
31/03/2022
Value of liabilities:
£914m
Value of assets:
£961m
Funding suplus / (deficit):
£47m
Rate of Interest(periods upto retirement)
Rate of Interest(periods after retirement)
RPI
CPI
Pensionable Salaryincreases
FundingRatios:
Technicalprovisions basis:
Buy-out' basis:
Theprinciple assumptions used by the actuary were:
Gilts' + 2.25%
105%
62%
Break-even RPI curve less 0.5%p.a.pre-2030 and 1.0%p.a.post-2030
RPI inflation assumption less 1%p.a.pre-2030 and 0.1%p.a.post-2030
RPI +p.a.
Gilts' + 0.5%		 Date of valuation:
31/03/2022
Value of liabilities:
£914m
Value of assets:
£961m
Funding suplus / (deficit):
£47m
Rate of Interest(periods upto retirement)
Rate of Interest(periods after retirement)
RPI
CPI
Pensionable Salaryincreases
FundingRatios:
Technicalprovisions basis:
Buy-out' basis:
Theprinciple assumptions used by the actuary were:
Gilts' + 2.25%
105%
62%
Break-even RPI curve less 0.5%p.a.pre-2030 and 1.0%p.a.post-2030
RPI inflation assumption less 1%p.a.pre-2030 and 0.1%p.a.post-2030
RPI +p.a.
Gilts' + 0.5%
Non-financial assumptions:
Post-retirement mortality - base table Non-Pensioners: 105% of standard S3PxA medium tables for both males and females
Pensioners: 105% of standard S3PxA medium tables for both males and females
Post-retirement mortality - improvements Non-Pensioners: 105% of standard S3PxA medium tables for both males and females
Pensioners: 105% of standard S3PxA medium tables for both males and females
Recommended employer's contribution rate (as %
ofpensionable salaries		 16.5% DB for members from 01/10/2023 10% / 12%
/ 14% DC members in relation to 4% / 6% / 8% costplan from 01/10/2023
Effective date of next valuation 31/03/2025

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 2023/2024 2022/2023
£000's £000's
Universities Superannuation Scheme:
Continuingcharges 344 395
Pensionprovision change -1453 -407
University of Oxford Staff Pension Scheme:
Continuingcharges 370 462
Pensionprovision change -19 -660
Other schemes – contributions 10 11
Total -748 -199

These amounts include £196,960 (2023: £194,090) contributions payable to defined contribution schemes at rates specified in the rules of those plans.

Included in creditors are pension contributions payable of £46,300 (2023: £42,500).

42

Trinity College Notes to the financial statements For the year ended 31 July 2024

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		 2024
Group
£'000
10,263
(4,500)
(9,619)
(54)
1,890
-
6
(306)
348
4
(1,472)
(3,440)
2024
£'000
5,072
5,072		 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

43

Trinity College Notes to the financial statements For the year ended 31 July 2024

26 FINANCIAL COMMITMENTS

At 31 July 2024 the College had no annual commitments for non-cancellable operating leases (2023 - nil).

27 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July 2024 for future capital projects totalling £1,425,000 (2023 - £4,266,000)

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.

There are no other related party transactions to disclose

The College has no property owned jointly with a trustee, under a joint equity ownership agreement.

29 CONTINGENT LIABILITIES

As at 31 July 2024, there were no contingent liabilities (2023 - nil).

30 POST BALANCE SHEET EVENTS

There were none to disclose

44

Trinity College Notes to the financial statements For the year ended 31 July 2024

31 ADDITIONAL PRIOR YEAR COMPARATIVES

a) SOFA as at July 2023 : 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
5,887
262
517
197
4,003
0
10,866
9,546
571
146
1
10,264
602
(76)
526
397
922
29,551
30,473
Agricultural
£'000
36,744
(336)
3,554
(252)
1,258
40,968		 Restricted
Funds
£'000
0
0
715
0
1,176
0
1,891
1,252
0
0
0
1,252
639
0
639
(397)
243
2,174
2,417
Commercial
£'000
3,300
-
-
-
-
3,300		 Endowed
Funds
£'000
0
0
286
3,671
(5,179)
0
(1,222)
0
0
0
380
380
(1,602)
12,131
10,529
-
10,529
181,242
191,771
Dev't and Other
£'000
7,650
336
-
(5,666)
12,113
14,433		 2023
Total
£'000
5,887
262
1,518
3,868
0
0
11,535
10,798
571
146
381
11,896
(361)
12,055
11,694
-
11,694
212,967
224,661
2023
Total
£'000
47,694
-
3,554
(5,918)
13,371
58,701

45

Trinity College Notes to the financial statements For the year ended 31 July 2024

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
11,272
(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

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
42,021
-
-
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
-
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
159,823
14
-
-
3,179
12,365
(376)
-		 181,242
286
-
-
3,671
12,131
(380)
-
15,181
(4,561)
-		 15,708
(4,561)
(618)
(4,561) (5,179)
10,620
42,035
128,407
-		 10,529
42,035
128,407
21,328
170,442 191,771

46

Trinity College Notes to the financial statements For the year ended 31 July 2024

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
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
-
(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		 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
-
(0)
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

47