St Catherine's College Annual Report and Financial Statements Year ended 31 July 2022 St Catherillels College Annual Report And FiDan¢i41 Statements Contents Governing Body, Officers and Advisers Report of the Governing Body 6-16 Auditorfs Report 17-19 Statement of Accounting Policies 20-24 Consolidated Statement of Financial Activities 25 Consolidated and College Balance Sheets 26 statement of Cash Flows 27 Notes to the Financial Statements 2844 St Cgtherine's College Report of the Governing Body of St Catherine's College 31 July 2022 MEMBERS OF THE GOVERNING BODY The Members of the Governing Body are the College's charity trustees under charty law. The members of the Governing Body who Se￿ed in office as Governors during the year or subsequently are detailed below. (1) (2) (3) (4) {5) Professor K E Borjars Professor A G Rosser Professor J S Foord Dr R A Leese Professor L L FaW￿tt de Posada Professor P A Handford Professor R l Todd Professor M Lackenby Professor M E Mulholland Professor G Lowe Professor R M Berry Professor A l Handa Professor D J Womersley Ms C E Chappell Professor D R H Gillespie Professor P S Grant Professor J N Pila Professor B B van Es Professor T Pizzari Professor B W Byme Professor R M Bailey Professor G s￿rrf Professor C Reisinger Professor K E Shepherd- Barr St Cgtherine'5 College Report of the Governlllg Body of St Catherine's College 31 Juty2022 Dr J E Thomson Professor A J Bunker Professor A L Smith Professor A Muench Professor U C T Oppemiann Professor A Goriely Dr D A Robertson Professor P T Ireland Professor P Hamalainen Professor B A F Bollig Professor E P J Stride Professor H de Wet Professor P E Koralus Professor A J Dickinson Professor I P J Shipsey Dr F R Mcconnell Professor L Tunbridge Professor A C de O Nobre Dr A L Power Dr J M Goodman Dr A Teytelboym DrSJPWolfe Dr T C Adams Dr O Adamidis Dr C Haase Mr l N Wright Dr Ludmilla Steier During the year the activities of the Governing Body were carried out through five principal committees. The current membership of Ihese committees is shown above for each Fellow. St Catherine's College Report ofthe Governing Body ofst C*therille?s College 31 July 2022 (1) Finance Committee (2) Investment Subcommittee (reports to Finance) (3) Academic Policy Committee (4) student Liaison Committee (5) Benefits Committee The Benefits Committee includes, in addition to the Fellows indicated above, three members external to the Governing Body, Ms S Haywood Price (Chair), Ms S Ghosh and Mr G Keating. The Investment Subcommrttee also includes two members who are not on the Governing Body. Mr A Henfrey and Mr K Sternberg. St Ca¢beriDe's College Report of the Governing Body of si Catherille's College 31 July 2022 COLLEGE SENIOR STAFF The senior staff of the College to whom day to day management is delegated are as follo)Ns. Master Senior Tutor Dean Finance Bursar Home Bursar Professor K E BOrjar6 Professor M E Mulholland Professor R M Bailey Professor B WByme Mr l N Wright COLLEGE ADVISORS Broker and Custodlan Hargreaves Lansdown One College Square South Anchor Road Bristol BS15HL Auditor Critchleys Audit LLP Beaver House 23 - 38 Hyihe Bridge Street Oxford OX12EP Bankers Lloyds Bank plc The Atrium Davidson House Forbury Square Reading RG13EU College address St Catherine's College Manor Rd Oxford OX13UJ Website .ox.ac.uk St C*therille'8 College Report of the Governing Body of St Catherille's College 31 July 2022 The Members of the Governing Body present their Annual Report for the year ended 31 July 2022 under the Chartties Act 2011 together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION St Catherine's College in the University of Oxford, which is known as St Catherine's College, ('Ihe College") is an eteemosynary chartered charitable corporation aggregate. It was founded under a royal charter granted on 1 October 1963. The College registered with the Charities Commission on 15 September 2011 (registered number 1143817). The names of all Members of the Goveming Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 5. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College is govemed by its Charter dated 1 October 1963 and Statutes last amended June 2004. Govorning Body The Governing Body is consttiuted and regulaled in accordance with the College Statutes, the terms of which are enfor￿able ultimately by the Visitor, who was, until his death on the 9th of April 2021, HRH Prince Philip, Duke of Edinburgh. The College is currently seeking a new Visitor. and in the meantime, the University's Chan￿lIOr tskes on the role. The Governing Body is self-appointing and consists of The Master, Bursars. Academic Registrar, Official Tutorial Fellows {Class A), Professorial Fellows and some other Fellows. New members of the Governing Body are elected on the basis of a recommendation to Goveming Body of the Fellowships Committee. The Governing Body determines the continuing 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 Master and is advised by five principal committees. Recruitment and tralnlng of Members of the Goveming Body New Fellows, including those who are ex officio members of the Goveming Body, are recruited in open competition following established conventions for advertisement. They are inducted into the workings and procedures of the College, including Goveming Body policy, by the Master and College OffI￿r$. New members of the Governing Body are required to attend the training for new twstees provided through the University, so that they are briefed on good practi￿ for trustees and made aware of current issues and regulatory requirements in the sector. The members of the Governing Body are reminded annually of their main duties as Trustees as identified by the Charity Commission. A skills audit is also carried out annually. St Catherine's College Report of tbe Governing Body of St Catherine's College 31 July 2022 Junior Members Representatives of junior members are present at meetings of the Governing Body and of certain College Committees. Remuneration of Members of the Goveming Body and Senlor College Staff Members of the Governing Body who are Fellows are primarily teaching and research employees of the College andlor University and receive no ￿MUneratIon or benefits from their trusteeship of the College. Those trustee5 who are also employees of the College receive remuneration for their work as employees of the College which is based on the advice of the College's Benefits Committee, the voting members of which are external to the Governing Body. Remuneration is set in line with that awarded lo the University's academic staff or wrth the median prevailing rates for similar posts in Oxford. Organisatlonal management The members of the Governing Body meet 10 times a year. The work of developing policies and monitoring the implementstion of these is carried out by five principal Committees.. The Finance Committee has oversight over all matters of financial strategy including the generation and expenditure of Gapital and income, the inveslment of the endowment and the monitoring of risk. The Inve5trnent Subcommittee assists the Finance Committee in formulating investrnent policy and is responsible for its implementation. The Academic Policy Committee has oversight over all aspects of the academic strategy and educational activity of the College. The Student Liaison Committee has oversight over all matters affecting students directly, ranging from academic matters through to the domestic arrangements of the College. The Benefits Committee is responsible for recommending to the Governing Body on levels of remuneration and benefits for all members of the Governing Body, for keeping them under review, and for ensuring that any conflicts of interest that may arise are acknowledged and appropriately addressed. The day-to-day running of the College is delegated to the Master and senior College Officers. The Master chairs all meetings of the principal committees with the exception of the Benefits Committee. Group structure and relatlonships The College administers a number of special trusts, as detailed in Notes 18 and 19 to the financial statements. The College has two wholly owned non-charitable subsidiaries: st Catherine's College Management Ltd and St Catherine's College Development Ltd whose annual profrts are donated to the College under the Gift Aid Scheme. The subsidiaries, aims, objectives and achievements are covered in the relevant section5 of this report. St CalheriD¢'s College Report of tbe Governing Body of St Catherine'y College 31 Juty 2022 The College is part of the collegiate structure of the University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship. OBJECTIVES AND ACTIVITIES Charitable Objects and Aims The College's Charitable Objects are to advance leaming, education and research in the arts and sCien￿S and to provide for men and women who shall be members of the University a College wherein they may work for degrees in the University or may carry out postgraduate or other special studies. The Governing Body has considered the Charity Commission's guidan￿ on public benefit and in keeping with its objects, the College's aims for the public benefrt are.. to advance learning, education and research in the arts and sciences to provide for men and women who shall be members of the University a College wherein they may work for degrees in the Universty or may carry out postgraduate or other special studies The aims of the College's subsidiaries are to help finan￿ the achievement of the College's aims as above. The College is one of the constituent colleges of the University of Oxford chiefly admitting undergraduate and postgraduate students. Such students must be members of a college in order to study for degrees at the University of Oxford, and many Faculty Posts in the University are joint appointments between a college and the University. The College therefore carries out its education and research activities jointly with the University. The College supplements the education provision provided jointly with the University with further tutorial teaching provided by college-only appointed teachers. its own library and IT facilities, and welfare, domestic. social, cultural and recreational facilities to enable each of its students to realise their academic and personal potential to its fullest extent. The College also supplements the research activities tt promotes jointly with the University through joinl appointments, by providing College Research Fellowships, providing funding in support of research, providing facilities for visiting researchers and for national and intemational conferences, and a social environment for interaction between researchers. Additionally, the College supports outreach activities designed to promote aspiration among United Kingdom school-leavers to engage in University study. The College provides various fonns of financial assistance to both undergraduate and postgraduate students through prizes, scholarships and grants, and to alleviate cases of hardship. The College admits undergraduates," postgraduates are admitted jointly with the University. The College admits undergraduate students from the UK and elsewhere without any restriction except the satisfaction of stated academic criteria. Tuition fees for Home students are regulated and financed on a national basis, and for other students in St Catherine's College Report of the GoverniDg Body of St Catherine's College 31 July 2022 confomiity to University-wide agreements. The College charges its students for accommodation and food- students are eligible for Student Loans under the national scheme, and for Oxford Bursaries and Crankstart Scholarships on a means-tested basis to cover these and related core maintenance costs. Non-UK undergraduates and postgraduates need also to satisfy the College in advance of being enrolled on a course that they have sufficient funding to cover the University and College fees for Year 1 of their course, and declare their wllingness to meet all University and College fees and living costs for the duration of their course. The private benefit accruing to the Master, Fellows and other employees of the College by means of salaries and employment-related benefrts is objectively reasonable. Where the recipients of benefits are members of the Goveming Body, and therefore are trustees, the Governing Body has directed that all forms of benefit and remuneration are detemined by a Benefits Committee, with suilably qualified members and a Chair external to the Governing Body. The College does not consider that any detriment or hann arises from carrying out the College's aims. Thè College remains committed to the aim of providing public benefit in accordance with its founding principles. The principal committees monitor and report to Governing Body on the achievement of the college's aims and its academic, financial. pastoral, and cultural perfomiance. Activities and objectlves of the College The College's activities are focused on furthering its stated objects and aims for the public benefit by fulfilling its educational purposes with respect to bolh teaching and research having regard to both the obligations and rights that ensue from its incorporation within the Collegiate University and its status as a registered charty. ACHIEVEMENTS AND PERFORMANCE Junior Membgrs: Aead•mlc In the Final Honours School examinations of 2022 there were 58 candidates awarded a first, 67 a11(i), 3 a11(ii) and 1 a111. Subjects with at least a third of candidates gaining a first in the Final Honour School in the year were Biochemistry, Biology, Biomedical Sciences, Engineering, Geography, History (with Joint Schools), Human Sciences, Management, Mathematics (with Joint Schools), Medical Sciences, Modern Languages & Linguistics (Joint School), Music, Philosophy and Modern Languages (Joint School), Physics, PPE and Psychology. In the First Public examinations of 2022 there were 36 students of the College awarded distinctions. During the academic year 40 graduates from 27 different faculties and departments were granted leave to supplicate for the DPhil. A further 108 graduates have been successful in other graduate examinations; 30 graduates were awarded distinctions and 37 were awarded merits. St Catherine's College Report of the Governing Body of St Catherine's College 31 July 2022 Selected achievements by individual students include.. Zahra Hannigan- Francis Taylor Building Prize in Environmental Law Joseph Daws.. Gibbs Trust Prize for Best Performance in Part IB examination for Chemistry Xin (Amanda) Zhang.. The Hoare Prize for the best overall perfomance in Computer Science Part B Finals. Liam Sawyer.. The Department of Computer scien￿ Group Project Prize. Tom Aston: The G-Research Group Project Prrze in Computer Science During the year 143 new undergraduates and 215 new graduates were admitted. Undergraduate applications numbered 999 in December 2021, compared with 1054 in 2020. For the academic year 2020-21, the College placed 61h in the Norrington Table, another impressive achievement by the College's students and those who teach them. During the past year, with the lifting of restrictions relating to the pandemic, in person teaching returned with occasional disruption. Examinations in some subjects moved back to in person, closed book fomiat, but other subjects retained an online, open book model. In line with University policy, admissions interviews will take place online again this year. and the College expects this to be helpful in ensuring social diversity and diversty in intellectual background and, thereby, overall quality. Junior Members: Other Achlevements Grace Olusola, one of our undergraduate members, was elected wi￿ President of Welfare and Equal Opportunities of the Oxford University Students Union. One of our graduate students, Leo Geyer, was commissioned by the Waterperry Opera Festival to provide a new arrangement of the Marriage of Ftgaro reducing the ensemble from 30 players to 12 thereby enabling smaller companies to perform the opera. Another of our graduate students, Angus Groom. rowed in the boat that won the Boat Race this year, and Iwo of the College boats were awarded blades during Surnmer Eights. Three of our students played for the women's rugby team in the Varsity. Our football teams shone in that the women's team and the men's second teams won their respective cuppers and the men's first and thirds won their leagues. St Catherine's College fielded a team of 96 runners in the Town and Gown 10K. Senior Members: Academlc Awards, and Achievements Professor Alain Goriely and Professor lan Shipsey were elected Fellows of the Royal Society. Professor Eleanor Stride was appointed as a Commissioner of the Royal Commission for the Exhibition of 1851. Professor Fiona Mcconnell was awarded the Back Award by the Royal Geographical Society, and Professor Kia Nobre was awarded the CL de Carvalho-Heineken Prize for Cognitive Science. OBITUARIES The College is sad to report the death in October 2021 of Emeritus Fellow Professor Peter Dickson, in November 2021, of Emeritus Fellow, and fomier Cameron Mackintosh io St Calherine's College Report of the Governing Body of St Catherine's College 31 July 2022 Visiting Professor Stephen Sondheim, and in January this year of Emeritus Fellow and the College's longest serving Tutorial Fellow, Professor Richard Parish. ADMISSIONS. ACCESS AND OUTREACH The 202112022 academic year marked a return to in person outreach events. The College participated in various widening participation programmes including its flagship initiative, Catalyst. The third and fourth Catalyst 'hubs' have now been established in South Wales and Teeside. This programme was awarded a grant of £20,000 from the Department for Education, which provides strong evKlence of its success. Applications in the December 2021 admissions round decreased by 5.30kn relative to the previous year. 139 candidates elected to take up offers for October 2022 vthile 2 candidates deferred entry till October 2023. DEVELOPMENT AND FUND RAISING The College continued to focus its fundraising activities in 2021122 on securing funds for Tutorial Fellowships, Student Support (including hardship), Access and Outreach and Buildings and Grounds. In-person donor meetings resumed with much attention focused on restarting the events schedule post-covid, including the 2020 Leavers event, the postponed 2020 Gaudy, the London Party and a concert to celebrate the College's 80th anniversary. The Office also undertook two successful telethon campaigns. in December 2021 and in June 2022. Donations and legacies for the year amounted to £878k (2020121-. 1.004k), including £31 k from legacies, with the ratio of funds raised to fund-raising costs being 2-1. This is lower than in previous years as Development activities and staffing numbers are returning to pre-pandemic levels, but major gifts and legacy donations have yet to retum to those levels (cultivation of major gift prospects remains a priorty). The College is registered with the Fundraising Regulator and employs full-time professional staff in the Development Office to act on its behalf and to ensure that it is compliant with the Code of Fundraising Practice. Training is given to Development Office staff to ensure that they are aware of the Code. The College did not receive any complaints relating to its fundraising activities. FABRIC The College undertook several projects relating to the fabric this year, many of which were completed over the long vacation. The Wolfson Library saw phase two of the fixed wire remedial work; lighting improvement and refurbishment of existing student and staff loilets. Re-wiring of the lighting and small power took place at ground floor level, required due to the decay of existing cabling, and included an upgrade of the emergency lighting. A third phase of Library works is envisaged for Summer 2023, involving replacing the distribution board, along with further light improvement works to upstairs seminar rooms. A full refurbishment of Staircase 17 ensuite bathrooms took place over the Summer to update the current facilities and address water damaged wall panels. Fence replacement works were also undertaken at St Catherine's House. to improve the St Catherine's College Report of the Governing Body of St Catherinejs College 31 Juty 2022 security of the building. Finally work continued with the upgrade of external lighting around the College main site, with LED solutions being adopted. FINANCIAL REVIEW The accounts are presented in the fomat prescribed by Statute XV of the University in confomiity with UK Charity Statement of Recommended Practice. The operating results for the year were improved on the two years impacted by COVID-19, with a full year of student residence, and an improvement in conference income, particularly at Easter and in the Summer. There was a continued focus on rnaintaining a tight control on expenditure. Payments totalling £42k (2021- £462k) through the government furlough funding scheme were obtained during the late summer 2021. Overall income was up 46% on 2021, with expenditure up 310/0, on 2020, leading to a net income before gains, for the year, of £2,039k (2021: £201 k). Expenditure for the year accounted for provision of £1,437k relating to an increase in the defined benefit pension scheme liability, following the finali5ation of the March 2020 valuation of USS. Investment gains of £5,949k (2021: £10,613k) led to net income on the SOFA increasing to £7,988k (2021: £10.814). In assessing the results for the year the Governing Body differentiates between core recurring operations which are predictable, including the transfer of total return from capital funds at a sustainable annual level, and those likely to evidence a significant degree of volatility year on year, such as donations and legacies, investment income (as the College is a total return investor) and the movement on the pension reserve. If the sustainable spending transfer from the endowment is substituted for the investment incorne on the SOFA, and donations, costs associated with income from restricted funds and the movement on the pension reserve are excluded, then the net operating position had returned to surplus of £423k, following two years of deficit (2021.. deficit £377k)- 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 shorttall and to allow the College to be managed efficiently, providing a buffer that would ensure uninterrupted seNices. Total funds of the College and its subsidiaries at the year-end amounted to £142.1m (2021.. £134.1m). This includes endowment capital of £104.3m and unspent restricted income funds totalling £588k. Free reserves at the year-end amounted to £8.2m (2021: £6.2m), representing retained unrestricted income reserves excluding an amount of £25.gm (2021.. £27.2m) for the book value of tangible fixed assets less associated funding arrangements. The future level of free reserves will depend on the pace at which the conference business Gan return to pre-COVID levels, combined with the level of required capital investment in the fabric of the buildings. Risk Management The College has on-going processes which operated through-out the financial year for identrfying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidiaries in undertaking their activities. When it is not able to address risk issues using internal resourGes, the College takes advice from experts external to 12 St Catherine'8 College Repor¢ of tbe Governing Body of St Catherine's College 31 July 2022 the College with specialist knowledge. Policies and procedures within the College are reviewed by the relevant College Committee, chaired by the Master or one of the Bursars. Financial risks are assessed by the Finance Committee and investment Tisks are monitored by the Investment Committee. In addition. the Home Bursar and domestic staff heads meet regularly to review health and safety issues. Training courses and other forms of career development are available, when appropriate, to members of staff to enhance their skills in risk-related areas. The Governing Body, which has ultimate responsibility for managing any risks faced by the College, has reviewed the processes in place for identifying the principal risks to which the College and its subsidiaries are exposed and has concluded that adequately robust systems are in place to manage these risks. The principal risks and uncertainties faced by the College and its subsidiaries that have been identified are categorised as follows: Governance risks e.g. inappropriate organisational structure, difficulties recruiting trustees with relevant skills, conflicts of interest., Operational risks - e.g. service quality and development., contract pricing- employment issues., health and safety issues,. public health issues., fraud and misappropriation- construction risk attached to a major building projects. Financial risks - e.g. accuracy and timeliness of financial information, adequacy of reserves and cash flow, diversity of income sources, investment management; risks arising from the leverage taken on via the placement of £25m in debt, uncertainty surrounding the future level of tuition fees for Home students and other fomis of HE funding; uncertainty in relation to the business model of the collegiate universty post-covid; External risks- e.g. public per￿ptIOn and adverse publicity, demographic changes, government policy. Compliance wrth law and regulation - e.g. breach of trust law, employment and data protection law, and the regulatory requirements of particular activities such as fund-raising. Strategies for managing the risks identified by the College as described above include, for example: Establishing the appropriate committees responsible for formulating recommendations to Governing Body,, Providing appropriate training to all members of staff and an induction of new Fellows. Ensuring accountability of College Officers to the appropriate committee and for the committees in tum to be accountable to the Governing Body" Developing and implementing key policies across the main areas of activity of the College, including, for example, admissions policy, health and safety policy, and information security policy. Ensuring that appropriate Insuran￿ policies are in place and reviewed regularly. 13 St Catherine's College Report of ihe Governing Body ofst Catberioe's College 31 July 2022 The College identifies the risks it faces, the potential impact of each risk, the likelihood of recurrence, the severity of impact, and the steps taken to mitigate each particular risk in its Risk Register, which is regularly reviewed by the Finan￿ Commitiee and approved by the Governing Body. To manage the College response during the COVID-19 period the Governing Body established a COVID-19 Steering Group as a temporary, non-standing committee of the College. The membership comprised College Officers, along with relevant senior College staff, and chaired by the Master. The Group had responsibility for assessing and determining the College's reaction to changes in the internal or external environment in relation to the pandemic. The Group's work was completed by Hilary Term 2021, as activities across the Collegiate University retumed to nomial. Investment policy. objectlves and perfomiance The College's investment objectives are to balance the needs of current and future beneficiaries by: maintaining (at least) the value of the endowment in real terns. producing a consistent and sustainable amount to support expenditure,. and delivering these objectives within acceptable levels of risk. To meet these objectives, the College's investments as a whole are managed on a total return basis to a benchmark of UK CPl+40/o, maintaining diversification across a range of asset classes in order to produce an appropriate balance between risk and return. In line with this approach, the College statutes allow the College to invest permanent endowments to maximise Ihe related total return and to make available for expenditure each year an appropriate proportion of the unapplied total return. The investment policy and strategy are set by the Goveming Body as advised by the Investment Subcommittee from time to time and perfonnance is regularly monitored by the Investment Subcommittee and reported to Finance Committee and Governing Body. At the year end, the College's long term endowment investments, combining securities and property investments, totalled £104.3m. The College rneasures investment perfomianGe in calendar quarters., the total investment return for 12 months to 30 June was 4.70/0 which compared to the benchmark (UK CPl+40/0) return of 13.4%,. MSCI ACWI of 4.2 %' FTSE All Share TR of 1.60A" FTSE Actuaries UK CGT-15.3 %,' 70% MSCI ACW11300/0 FTSE Actuaries UK CGT of -7.50A. The carrying value of the preserved pemianent capital and the amount of any unapplied total return available for expenditure was taken as the open market values of these funds as at 1 August 2002 together with the original gift value of all subsequent endowment received. On the totsl return basis of investing. it is the Governing Body's policy to extract as income 3% of the value of General Endowment. However, to smooth and moderate the amounts withdrawn, this 30￿ is calculated on the average of the year end values in each of the last three years. Due to increasing investment values over the previous Ihree years, the effective amounts withdrawn are currentEy less than the nominal 30￿ stated in this policy. Transfers from other expendable endowment funds and from pennanent 14 St Catherine's College Report of the Governing Body of St C4therille's College 31 July 2022 endowment funds match expenditure from the relevant funds according to their remits. The equivalent of 2.30/9 of the opening endowment value was extracted as income on the total return basis during the year. The Governing Body keeps the level of income withdrawn under review to balance the needs and interests of current and future benefsciaries of the College's activities. Future Plans The College's future plans as agreed by the Governing Body are.. To continue to strive by all possible means for excellence in teaching, learning and research within the framewotk of an Oxford college. To meet and address the challenges presented by returning operations to normal following a global pandemic, taking account of Ihe subsequent global macro-economic environment that has developed, including high inflation, low economic growth, all of which may endure for the medium term. Wrthin those limitations, to provide up to date and best in class facilities for staff, students and conference delegates. To raise further endowment to secure a sufficient degree of College autonomy against a background of considerable financial Un￿rtainlY in higher education. The College will continue to raise money for its core purposes.. student support, teaching, the development of its facilities, and the general endowment to sustain its activities. To ensure that risks are clarified in order to minimise the impact of unexpected or undesirable consequences so that the College continues to enhance its abilty to provide a firstryclass education. Statement of accounting and reporting responsibilities The Goveming 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 United Kingdom Generally A¢￿pted Accounting Practice (United Kingdom Accounting Stsndards and applicable law), including Financial Reporting Standard 102- The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102). Under charity law the Goveming Body must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the College and of its net income or expenditure for that period. In preparing these financial statements, the Governing Body is required to.. select the most suitable accounting policies and then apply them consistently., make 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., 15 St CatberiDe'8 College Report of the Governing Body of St Catherine's College 31 Jllly 2022 state whether a 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 statements on the going concem basis unless it is inappropriate to presume that the College will continue to operate. The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College's transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Governing Body on 2 November 2022 and signed on its behalf by.. Kersti Borjars Master 16 **St Catherine's College Report of the Auditor to the Members of the Governing Body of St Catherine’s College** ## **Opinion** We have audited the financial statements of St Catherine’s College (the “Charity”) for the year ended 31 July 2022 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 law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the group and charity’s affairs as at 31 July 2022 and of the group’s income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit 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 Members of the Governing Body’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Member of the Governing Body with respect to going concern are described in the relevant sections of this report. ## **Other information** The Members of the Governing Body are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial 17 **St Catherine's College** **Report of the Auditor to the Members of the Governing Body of St Catherine’s College** 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 material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: - sufficient accounting records have not been kept; - the financial statements are not in agreement with the accounting records and returns; or - we have not obtained all the information and explanations necessary for the purposes of our audit. ## **Responsibilities of the Members of the Governing Body** As explained more fully in the Statement of Accounting and Reporting Responsibilities set out on pages 15-16, the Members of the Governing Body 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 Members of the Governing Body 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 Members of the Governing Body either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the 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. 18 **St Catherine's College** **Report of the Auditor to the Members of the Governing Body of St Catherine’s College** 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise noncompliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; - reviewing relevant correspondence. 19 **St Catherine's College** **Report of the Auditor to the Members of the Governing Body of St Catherine’s College** 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 directors 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/apb/scope/private.cfm. This description forms part of our auditor’s report. ## **Use of this report** This report is made solely to the College’s Governing Body, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the Governing Body those matters we are required to state to 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 Governing Body as a body, for our audit work, for this report, or for the opinions we have formed. Critchleys Audit LLP Statutory Auditor Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP Date: 30 November 2022 Critchleys Audit LLP is eligible to act as an auditor in terms of sections 1212 of the Companies Act 2006. 20 ST CATHIRINE'S COLLEGE Statement of Accounting Policies Year ended 31 July 2022 1. Scope of the financial ststements The financial statements present the Consolidated Statement of Financial Activities {SOFA), the Consolidated and College Balance Sheets and the Consolidated Cash Flow Statement comprising the consolidation of the College and with its wholly owned subsidiaries, St Catherine's College Management Ltd and Sl Catherine's College Development Ltd. No separate SOFA has been presented for the College alone as permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. The results of the subsidiaries as included in the consolidated income, expenditure and results of the College are disclosed in note 13. 2. Basis of accountlng The College's indivKlual 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 basts and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year. 3. Income ￿COgnItIOn All income is recognised once the College has enlitlement to the income, the economic benefit is probable and the amount can be reliably measured. Incoming resources from fee incom•, HEFCE support and other charges for s•rvlces Fees receivable, HEFCE support and charges for services and use of the premises, including contributions received from restricted funds, are accounted for in the period in which the related service is provided. b. Income from donations• grants and legacies Donations and grants that do not impose specffic 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 subjecl to perf0mlance-￿Iated conditions a￿ 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 fuifilment is wholly 20 ST cATHEIi￿E?s COLLEGE Statement of AecouDtiDg Policies Year ended 31 July 2022 3. Income recognition (continued) b. Income from donations, grants and legaeios (contlnued) within the control of the College and it is probable that the specified conditions will be met. Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) of the deceased's estate to be satisfied that the gift Can be reliably measured and that the economic benefit to the College is probable. Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds. Donations, grants and legacies which are subject to conditions as lo their use imposed by the donor or set by the temis 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 monelary assets), they a￿ measured at the fair value of those assets at the date of the gift. 4. Investment income Interest on bank balances and fixed interest securities is accounted for in the period to which the interest relates. DivKlend income and similar distributions are accounted for in the period in which they become receivable. Income from investment properties is accounted for in the period to which the rental income relates. 5. Expenditure Expenditure is accounted for on an accruals basis. Indirect expenditure is apportioned to expenditure categories 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. Grants awarded are expensed as soon as they become legal or operational commitments. Governance costs comprise the costs of complying with constitutional and statutory requirements. Intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure. 21 ST CATHERINE'S COUIGE Sialemellt of Accoullting Policies Year ended 31 July 2022 6. Tangible fixed assets The cost of major renovation projects which increase the service potential of buildings is capitalised and depreciated over applicable periods. Expenditure on equipment costing more than £1 K is capitalised and carried in the balance sheet at historical cost. Other expenditure on equipment incurred in the nomial day-to-day running of the College and its subsidiaries is charged to the Statement of Financial Activities as incurred. 7. Depreclatlon 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 extension5 30 years Building improvements 20- 30 years Equipment 4- 10years Freehold land is not depreciated. The cost of maintenance is charged in the Statement of Financial Activities in the period in which it is incurred. 8. Investments Investment properties are valued as individual investments at their market values as at the balance sheet date. Purchases and sales of investment properties are recognised on exchange of contracts. Listed investments are valued at their mid-market values as at the balance sheet date. Investments such as hedge funds and private equity funds which have no readily identifiable market value are included at the most recent valuations from their respective managers. Gains and losses arising on the investments are credited or charged to the statement of Financial Activities and are allocated to the appropriate Fund according to the 'ownership' of the underlying assets. 9. 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. 10. Forelgn currencles Transactions denominated in foreign currencies during the year are translated at prevailing rates of exchange at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates applying at the Balance Sheet date or, where there are related forward foreign exchange contracts, at the contract rates. The resulting exchange differences are taken to the Statement of Financial Activities. 22 ST CATHERiNE'S COLLEGE Statement of A¢¢ouDIiDg Policies Year ended 31 July 2022 11. Total Return investment accountlng The College statutes authorise the College to adopt a 'total retum, basis for the investment of its permanent endowment. The College can invest its permanent endowments without regard to the capitallincome distinctions of trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total retum is accumulated as a capital supplement to the preserved ('frozen') value of the permanent endowment. The Governing Body has decided that it is in the best interests of the College to account for its invested expendable endowment capital in the same way, though there is no legal restriction on the power to spend such capital. For the carrying value of the preserved ('frozen') pemianent capital, the Governors have taken its open market value as at 2003-04, together with the original gift value of all subsequent endowments received. 12. Fund accounting The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the origins of the funds and the terms set by the donors. 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 Goveming 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 earmarked funds for specific purposes. They consist of either gifts where the donor has spectfied that both the capital and any income arising must be used for the purposes given orthe income on gifts where the donor has required that the capital be maintained and the income used for specific purposes. Pemianent endowment funds arise where donors specify that the funds should be retained as capital for the permanent benefit of the College. Any income arising from the capital will be accounted for as unrestricted funds unless the donor has placed restricted the use of that income, in which case it will be accounted for as a restricted fund. Expendable endowment funds are similar to pennanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long temi benefit of the College. However, the Governing Body may at its discretion determine to spend all or part of the capital. 23 ST CATHERINE'S COLLEGE Statement of Accounting Policies Ye&r ended 31 July 2022 13. Pension costs The costs of retirement benefits provided to employees of the College through two multi-employer defined pension schemes are accounted for as rf these were defined contribution schemes in accordance with the requirements of FRS 102. The College's contribution5 to these schemes are charged in the period in which the salaries to which the contributions relate are payable. 14. Accountlng Judgements and estimation uncertainty The College has used the methodologies provided by the Universities Superannuation Scheme and the Oxford Staff Pension Scheme to calculate its share of the deficits of these schemes. This calculation therefore embodies major judgements made by the trustees of the schemes as to the actions required to eliminate their overall deficits and the rate at which this can be achieved. In the view of the Goveming Body, no assumptions coneeming the future or estimation uncertainly affecting assets and liabilities at the balano sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 24 St Catherlnè's College Consolidated Ststement of Flnanclal Actlvltie8 For the year gnded 31 July 2022 U￿$trthd Funds £'ooo Restrlc Funds £WD En(h￿d Funds EX)00 2021 Total £'ooo Tci*l Nota8 INCOME AND EMDOWMeNTS FROM.. Charftable actNib#: Teathir*J, research and resKkntial OthgrTr4dlng In¢omo DonJ¢ioh• ind lttvestrnents Investr*nt Snccffle Tclal relum allcr4ted to in(%)m8 Other incAJffle Total 9.622 674 9,622 6T4 7,194 139 739 2,745 2,297 65 1WJ 2.540 12,297) 428 2.519 14 485 11.300 139 16,S24 EXPENDrruRE ON.. ¢hartsble octThfttio'. Tè&thlno. r88ear¢h and rethenual 12.557 712 13,2 10.094 Gongrallng lund5: Fundralsing Trading &Xp￿d[lurO Invaslmenl manageThnteL)sts Total Expendknre 419 252 597 661 136 14A85 59 13,696 77 712 11.099 Nrt InGorngllExpgndltuMI b•lore galr* 573 905 201 N8toainsllbss851 C￿ inv05trnentS 1.266 4.663 10.613 14ot InCoM￿{ExpendIts￿} 2,993 15731 5.568 7.986 10,814 TrJn¥fer• between fundts 18 15861 588 Oth•r re¢ogDtsed gain•llosa•ts GalTr8llkwesl ￿ dLswsal offfix8d asset N•t m¢)v•m•tht In funds forthe ye•r 2,405 5.568 10,814 Fund baLlr￿ brought forward 18 346J1 373 134.141 123,327 Funds cavvipd forward at31 Juty 37.236 104,306 14 134,141 25 PA Catherine's Coll•ge Consolldated and College Balance Sheets As at 31 July 2022 2022 Group rooo 2021 Group £'ooD 2022 Collegg rooo 2021 Collgg8 £'ooo FIXED ASSETS Tangib￿ assets Prop8ty invèstments Other Inv88lments 10 11 12 25,879 14,796 108,534 27.162 14,872 98,2e5 25.879 14,796 108.534 27,182 14,872 98,265 To¢al Flxgd As 149,209 140.299 149,209 140,299 CURRENT ASSErs Stocks Debtor6 Invèstments cash at bank and in hand 242 1.928 3.324 18,685 210 970 6.723 15,865 210 775 6.723 15,674 3.324 18.395 Total Curr•nt Ass¢ts 24.179 23.768 24.021 23,382 LIABILITIES Cr￿JItOrS.. Amounts fallng du8 within OM yoar 2.105 2,010 1.947 1,823 CURRENT ASSEWUABILITIES 22,074 21,758 22.074 21,758 TOTAL ￿SETs LESS CURRENT LIABILITIES 171,283 162,057 171,283 182,057 CREDITORS.. fall1￿ due aftw more than one year 17 26WO 26,500 26,3(K+ 26,5 Provlslon¥ lry IlabSlltl•s and ¢h•r9•S NET ASSETSIILIABILinesi 8EFORE PENSION ASSET OR UABILITY 144983 135,557 144.983 135,557 Dofinod bonefft penBlon tschemg liability 2.854 1,416 2.864 1,416 TOTAL NET ASSETSIILIABIUTIESI 142.129 134,141 142.129 134,141 FUNOS OF THE COLLEGE Endovmwrt fundo 104.305 98,737 104.30S 98,737 R8Strlcted funds 573 573 Unrestrlcte¢ funils Designated furKJs General ftJnds Pens￿ reserva 31,B98 8,192 12.8541 31,898 8,192 12,8541 6.165 11,4161 6,18S 11.4161 142.129 134,141 142.129 134.141 Th• ffnanoal $tateff*nts ￿*re S￿rOYed and authorlsed for K88U8 by thè Governlng Body ol St Catherfn88 Colkge on 2 Nov*mbef 2022 TNstee.' Twstse.. 26 St Catherlne's College Consolidated Statsment of Cash Flows For the year ended 31 July 2022 2022 2021 NoteB Net cash provid•d by lus•d In} operating acti¥iti•s 24 11,4011 Cash flows from Investlng a¢tlvltS#8 Dividends, int•rest aThJ ￿nts from inve¥tsnonts Proceeds from the $8le of property, plant and equi￿ont Purchase of property, plant and equipment Proce8ds from sale of investments Purchase of inv•stments Met cash provided by lusod Inl Investlng actlvlilg 4285 2.519 175n 7,582 111,8271 19601 9.638 18,8801 2.317 Ca$h flowg from financlng actlvttles Repayments of borrowing Cash infflows from new borrowiThJ Receipt of andobwnent Net rA$h provlded by lu*•d inl tlnanclng acllvltle8 12001 12¢JOI n9 639 615 415 Change in ¢¥$h and eash •qul¥thnts In the reportlng p•rlod 15791 4398 C08h and ¢a$h èquivaknts at the beglnnlng of tho reporUng pgrlod 22.5B8 18,19) Change In cash and ¢¥$h •qulval•nts du• to •x¢hange rats mgvgments Ca•h and cash equival•nts at the end of the reporling p•riod 22,009 22.688 27 5t G4therfne'$ Colle90 Notes to the flnanclal ststements For the year ended 31 July 2022 ICOMF FROM CHARITIALE ACTMTIES 2￿21 £￿0￿ T￿h￿￿. Rwwchind Re•tdBDtt•i Urrnstrictedfu￿ Tultknn feey- UK8nd EU It￿nts Tuit￿n fO￿- Ove￿•aS ¥lthnts Oth91 rt8¥ Othei HEFCE supwyt Otherècademic irwrne in(X￿o £YJoo 2,17 1,900 1,098 237 2.265 1.5g3 273 174 Tolal T•xhlngi ¥fyd Rwhl•nllAI 7,194 The ilx)veanBty•kn Include•t&313k r•¢0￿# trom Qxtsrd from pu￿￿￿8¢¢0￿￿*bl•fUfft￿O Y￿￿r1￿CFF S¢homD IZ021.. £4,151k Undèrthè t•nmsofthe untsgrathjate S￿dent Sup￿rt pthogeoffered byOxTord Unw?rntyto slUd￿tr from IrA¥ei ifKxyMhO￿eh0ld*. t￿ Gollog• $h818 ollho fa•$v￿￿ed armunted to£Ok12021. £Okl. Thp¥Far¢not Inthofeo incorne tepw*d $bo¥e DONATlCt48 AND LE13ACIE$ 22 £'oNJ 2021 Donatlons and L•ga¢i•J Un￿sinet￿l fvnd9 Restncted funds $15 1.W4 878 INCOME FROM OTHER TRNIXNG ACThlmES 22 2021 £wo sUb￿d￿ry¢0mF￿￿lr8di￿g (tharty￿nQ irthme 674 74 INVESTIAENT INCOME 2022 £￿00 2021 Other propety Income Egurfy &knyobal dlv•rgthed Incom? from Intsrest8t¢rk$ In*ton fixed term c4sh Other inveBlrnenl Income Bank inter￿t Other internjt 1,445 1,122 10 1,289 13 2,745 0th8r propFrty incom2 Eryty & yknbal IrKome from fixed ￿terest slocks Intsrost¢n flxed aepoyitg Ga 0￿rInVestr￿•nI incom8 B9nk intsreyt Other interest 1,882 491 1,384 Total Inve•lmentln¢r*ne 2,519 OTHER IPKOME Furtouuh inciwnp Othèr rnl9cd￿rnsLu IrKorno 42 23 23 An Bver8ge of64 stalFwere futhq￿ and tho Colewp4K*tho addttknn9120% to moke up salaryto 100%. StCatherine'8 CoUeg+ Note8 to the finon¢ial statoments Forthe year ended 31 Juty 2022 AN￿Y$l3 OF EXpEP￿1TuRE 22 20Z1 rwo ro Chllr*abl• •xp•nd DI[e￿81￿ff coyts dknated Teach￿¢. It￿￿h $nd reahlentiol 5,883 4.188 ¢Jhw direct •lbt•iedtD' T&ichkn9. ￿search 3.917 2,￿8 8upportandpDVThnCQW?ts allrtaied io.. Tèaching. rejearch rnsldsnlial 3,469 3,289 Totsi ¢hAdtsbl• wApgndlturrt 13.289 10.094 Expondknre on rnisitho frJnd* rettstsff costs to.. FU*idrn￿1ng TrJdiNJ*xs*thre In￿lMentMdnaUeffientcDS1J 313 194 i)hèrdir8ctCO8ts Alknc•ted to.. Fundraising TTrdlng a¥p￿di￿re I￿￿t￿￿t monagernentC05ts 58 SupF￿ar￿ governanc• Costs￿￿*81￿ ts.. Fur￿ra￿ln0 Trndino Èxwdltr InveBlrnent managemtrrt¢e¢ts 301 158 Total eXp￿dItu￿ on Ben•i4tiTh9 fvndB 1.21 1,OOS Tc*•l •Xp•Ndi￿ 14.4 11,099 2021 resou￿05 of£11.0OAk rnpregented£10,390k from unTBstrist9d fur￿3, £836kfrom re8trfjctsy*j￿t ￿dE73k frcrfn en¢￿￿￿d￿nd$. TheCc4*9 19 liab￿t0 be¥s8fj559d forconffibulon undBrthe prov551ons ol Stsh￿xv ofth• Unwèf8ty DfOxfoTd The CanMbJlon Fund Is used to gtan and low•to cdknges ￿ thg ba&lsofnoW. Ccnthbutioni aMc41￿Iated xccotaancèv￿th rè9LIatiO￿ made tylhe CourKil ofthe un1vw￿￿oIOXfOff> TheteBthlw and research costa irdudJ C¢lkg8 pAy•b￿0f£slk (2021- £Okl. St Cathgrina's Collago Notes to the finan¢io18tstern8nts For the ye4r•nd•d 31 Juty 2022 ANALYSIS CF SUPPORT AND OOVERNANCE COSTS T&%hi and 2022 Totsl Funds £'ooo £'OOD nor￿￿ admlnistration Domesti¢￿￿1￿￿5tra￿o Hum*n ￿ourteS 35S 240 1.73$ L0861(profrtl on assq Bank inlWI Payatle In¥e$trnentmantyomenl erfin8n¢•t*8rg6s Gow1¥￿¢ 737 136 12 12 18 442 3,911 T•B¢￿ng and Retearch £￿00 Gen8rabDU FuTh*5 £￿00 2021 Tcéal Finandal edmlnlstralknn DThsli¢ admini*ttstK HL¥ron regources 312 245 81 225 1,709 312 61 302 1011 Lo1￿(prO￿t) on fL¥ed assets Bank intstsgt paY&￿e InveS￿ent rnanagerrtht Otherfinant¢ thargej G￿eM￿Ce(osts 711 771 163 1521 153 18 FknorK481 And thJmestiB admini$MM 8nd r6gourc99 are attrfbutsd •ylm3ted staff Ime spent on each au*vity. Deweoatson ¢o&tsWO profitorI￿* on 41spoBal clfixed ass9ts ar• aMbutsdAcccrdlng tothe use fflade oflhg UThI8￿7D9#ts0ts IT enst5 ottdbuted tKcording totimo allo¢•tsd actswty Interest Other￿￿*nte chary AreAlthbuted accudiw ts IM purw>s• ortr￿ re￿ flnandng. Gtrdemance rA)sts are alk*arv* Cdkgo rese￿th buraarhg toJludentsfrDm its rff¥lrK￿ oDd urn￿t￿cted fuThJ as folkn*7." Unr•8trkt•d Gmnts to indiv￿u815". SchoLgrships. pnzos andwant• uts•Des and h2rdshlpa¥¥wds Giaduate Studentship8 Grants tOOthèi in5￿UtionS Total unr•8tr1ctsd 48 15 23 3$ 94 R•gtrlthd luNIs (¥ants to iTh*vklua8'. S¢noi*rnhF4 prize$8r￿ gron15 Bw38ries and haidjhip award$ Gra￿alE StydeAtship$ Grants to otherinslilJtons Ttstsi rèstri¢t•d 549 104 6T 712 Totsl grnn18 and award¥ 14 73 Thofi9LYe ￿c4Utted abov• rèwe$•th the costio thocollepoflhe orftsrd Bu(9ary ith*me. Stud2ntsofthis recfj￿ £97k P021'. £113k).Sorrn ofthose bjdentsaho ￿1¥￿0 f£d vAivef9 Bmountkng tr)£Ok12021." Éokl. Tho •b)v8 ¢<*ts ¥#IndUded%￿lhin tho¢hw1bbkn&￿ndHUr• on Tearhlng and RèaÉarth. 8TAFFCQSTS 2022 £￿00 2021 £￿0D Thè aggW&to gwlcojts trthe parwBro as follrhv Sa￿[1￿1 arnlvA909 SrKW 8¢rJJrttycosts PensKxl costs {¥80￿¥0 nDts21}'. C¢fined benefit gmpw¢oniribubor knefil $¢h&n•$. fr￿Ve￿Antin provi*on Defined contribthKn 6141 336 4.316 270 12 15 149 7,129 Traverag• nwDbgr DfgtnpW$ ofthe c￿￿, oxduL*ing Tntsteey, on 4 full Ime eq￿Valent bas￿￿￿3 ￿f￿1￿￿. 2022 Tullknn and resea College rg5i¢eDtsal Pu￿￿v￿￿JhIp 47 9S Fundra1B￿g SwFort Totsl 147 Travwage numb8r¢fsmFAo￿ Trustees dumg theyoarwOA as fiAkM. un￿￿[&1￿ CUF Ler*urerg 0thort*a¢hiw*d r$88arch Other Total 31 st Gatherfne'8 ¢011ogè Not¢1 to th• ffinancial Statements Forth• y•ar •ndgd 31 Juty 2022 STAFF COSTS Icontknued) ThefDI(vilty IDft)rnatiDn fdat6s io tho empknyees olthe Colbg8 8xcl￿1n9 tr*College Tru5teeJ. DotslLyof tho rernunB￿￿ arnj Trimburstsl expthi$eBof tho C¢Yty TruèWi 1$ Ind￿•d 8$ asepardte note In th85è fin8n¢ial gtsttments. Th• numberolemployees I¢x¢iudiN tn• Coii*J8 TrU9t￿9> durfry payand bonèfith (•xd￿Ir￿QMPwT Nl and pen51on roniribJbw¥l Wl wllhinthèfollowhig bgThYsI¥thts'. £eO,001Q70,WO The nurr*eroY theabO￿ rolr0rn￿tbene￿ts accru1npY￿58jIQ1(FW4". In benofits schfAThrys In d•ffnso r>)nth￿￿on 9charno• Tho Coll•*¢orntri￿￿￿S￿￿$￿￿￿ c￿￿b￿￿on porAion echom* ithi 5e6 10 TANGIBLE FIXEDASSET8 Groups CO1￿￿e Le8gehold land and buildiws Fteehokl land•nd Plentand mathlrery Fi¥lures. tbw9 and Prn8 £'ooo Totsl tooo eo(x) Co8t Al start0f￿r Addilonl Ditsposa 48,214 2478 106 767 At end olyeor 46.863 49 D4pmciatitin and Impalnnent 1&,S12 1,W6 2.016 134 21&2J Depre￿alhJn chargefort￿Yta[ DOPmthAli￿ on diÈpfJ5HI* Impaitrn9nt At•nd oly*ar 21.418 23A6U N•tW v•lu• At•nd olye•r 25,445 434 24q75 At¥t8rt ofylr 26.702 27,162 Thèabove indudeB'. £Ok (2021 eok) of ￿aThtand machinery underfinanr8 le8aes. £Ok {2021.'£Ok} Olfixwes￿d frthws hdd und¥firwnce knes. The colle￿ hag hi3toncas¥8ts all ofYA)ich gre used ￿ the courae olthe CdhB•'8tsa¢hing ￿$$ar¢￿ *￿•8. T￿80¢))m￿lIe malnty bU1￿1￿$￿n the Cr1￿98 site. topther*ith I￿1[t￿n￿￿tY Incl￿ding JorM of art In ¢a$9s reli8b19 hi¥torkal L*$t in10m￿t￿n 18 notavailable fortheseassetsand cO¢j￿ n(* be0￿r￿d eM¢•O4tOi$pFoKwwnsts ex￿716. In the ofiM9 TTu¥tO9¥ lh6 do￿ale4 h191thcBI wBtcllheBeassets n¢Jw 11 PROPERTY1l4VESTA￿rs (Ivoup &¢dle9e 2021 Comrneruol T(thl £woo £'o £'ooo r￿0 £￿00 alstsrt ofy•¥ AddftSons and irnprovgmgnts at coBt Tran#kts tsngible flx6d 38getB DIspDsals 14,872 1.122 14172 1.122 14,828 12,264 1,D67 {2.266) 15051 q*nWU0$1951 in the y ValuAur￿￿te￿I ofy•or Th¥ pro￿rt* indude nine prowNes manoged tyOLIM threg proparbSS wKhasod undorthe Cdkg09 ￿Int￿ulty5(￿erno ¥v5th staff. Th959 are ¥aluwJ annuallyby referencè to eharvJès sIr￿e the purchjso in tho Hguge Prit8 Ind&x lortr* outorsouth Ea5tcrvthereapplIcab￿ tho tsrm• Awent St C4therino'8 College Nots$ to tho flnanclal $tstsments Fortho y•ar•nded 31 Juty 2022 12 OTHER INVE3TMENT8 AL In¥eskneMsaro iii f*rv8iuo. 2022 £woo 2021 Group I￿￿•tMents VÈluabtin at start ofye NeWrnon6y￿¥o¥ts Arnounts ￿thdr&*n R*nvè81èd ￿tOma Inve6bMent M￿nIfe￿5 {D￿al0)rinCrda1• in valu•ol lTh¥estments 8.454 8.88Q <8.9631 935 psi 10.004 11028 18.704) 4I82 GrWpIn¥4gtrnA￿ at•nd ofy•ar 106 98285 Inve9bMent In 9ubsidiarieB c￿1•81 In￿￿4￿￿ 4tond Ofy••r oulyide the UK £'ooo He￿ In the UK rooo 2022 Hokl outs Total the UK t'o £'ODO Hekl In th&UK £'wo 2021 T¢tsl £'wo EqUtyIn¥￿trnoTrts GKtyI mullko$$rffu Pwrtyfundj Fixtd iniertyt$trtk& AYArnthe and other irwgslrnent• FW tem depo$hsand cash S,3eo 14.364 344 38.52a 43.8ft1 11,364 21,821 5,950 14,029 539 29.674 35,824 14.029 18.981 21.491 18.M2 7,048 10.285 11.128 17.331 5.840 7.1S7 16.635 13.oc 16.625 98,265 13 PARENT AIID SUBSIDIARY UNtERT￿N0$ The Cdkge hokya 100% Dflhe i$$ugd In StCotherine'$ Colw MllDym•nl Lirn￿. ptOvidinQ coThfe￿n￿and otherevent?eryI￿0l on thg C¢4kg9 Ptpmi89&, anJ 100% orth• knued share c4Thtal in StCath￿nF'w CoNry¢ Deydopnents Lkn￿￿, a c0mpenyprovidirod￿Qn ￿lIa t￿￿trUc10 thè Collw. The re6ll￿ I￿￿[45¥e1• liabilw parent and sub5vaa￿e al lth ye•rend a$ Idk￿. stcatz MarAg&Thnt Dov4Jkipmthtt <￿QD rwo Incom¢ 1674) 204 470 Ddnotth to underofftBkl ReBullfor1￿ wr TorAI asge {284) Net*JThg8att￿Qnd ofyear 33 st Catherlne'8 Collgg Notes to the financial 8tstsments Forth8 year endod 31 Juty 2022 14 STATEMENT OF INVESTI￿TTOTAL REfuRN Thp TTutsps hwv¢ P•JO￿ a PDlityoftOlBi retwn axountny ltyths coll￿ In¥e9tmenl roturmwth 81fv¢tfv¢m ZQQTIDE The knvoslrn￿lr9tyrn t¢ t* *pFl￿d as Incrffie is calcLlal&Y a* 314 afthe ￿erage0t tha VAlu•È olthè rele¥antinve8tsnBnts ID ￿￿e1#￿t J￿r$. The prese(v•d value ofthe Invested ca¥iiÈl rewesenls ts open math*v8lwln 200￿04 sui)w4uÈntsn&%rnents valued atdatg ofgrft EXper￿a￿e T4Jtsl Un8ppWed Totyl Rebjm Truslfor In¥egtmert Total rooo £'wo Atth• rrtlnr4ng of1h•￿*T. GIft￿MpO￿ntQfth0 potmormnt￿dQw￿nqnl um￿ledtOts1 retym E4%nd•tle er￿(￿ment Tow Endo￿￿￿ 10,825 10,e25 10.625 7.4ee 80.627 98.737 eo.627 BO,627 10,826 Mo¥•monts Inthe repryilnB pwfityj: Gift¢forthJnèntfunds R￿0upmernd truslforinvBstriwrt froTn trU￿1¢r inv8sbMent Inwtrn¢ntrètum'. InYestm8nl IrNe?trn￿Iro￿m". wl88d and unrea119ed goln8 ano th¥8$ Le$￿ Invesbxent mona1am￿l£0Bt8 othei Iransters 370 370 1,040 2B1 261 4,382 4,e63 17 970 1,321 1.691 6.174 7,eos unap￿￿d tolal ratum ￿￿>58184 lo irnthe rwbng period Tr8nifèrs into e￿da￿e ￿d(￿M￿ts 13SDI 12.2971 13601 (360} 11,93n 370 1.331 4J37 6,618 At•r•J ofth• r*￿￿n0 perlod.. Glftcomponemol tha wrmanoDtfjnatrM)W UThgpplièd toiol robjm 10.954 10.9 8,447 10.gb4 8.447 84.864 IM30S 8,447 Totsl EndowmBnt* 10.994 .447 19041 84,864 15 OEBTORS 2022 Owuup 2021 2021 CollDge cd £YJOD £'wo Amounts fanirf du•*lthln ￿r. Tr￿8 deblc Amwntalpwed tycollege rnember5 Amounts cthed by Grr)upundert4kinao L¢Jans re￿y￿￿e￿￿hin ornyear Prepaymen18 445 314 314 614 ArnOuntsta￿1nll du• •kn1•￿r¥th¥n year Lowns 16 IEfiTQRS: f•lllng du•wNknln on• 2021 Group 22 2021 Cdk9e £￿00 Group £'o Bank loBn• TradB credrt Amrjunts to College Awunts ￿ to Group undartoklws writy 2N 1.Q¥6 200 200 191 191 361 207 257 Ccl* conm￿10n A(￿UaL0 dèfortgd hxorne 47 17 932 14$ 47 17 143 1.623 StCath8rin•'8 Collège Note8 to the financial 8tstemont* ForthÈ year ended 31 July 2022 17 CREIXTORS.. falllngduTrathrmDw•￿ffi 4)n4 y•Ar 21J22 ¢>¢I￿p £'wo 20 Group £'ooo 2021 Coll•w co1￿¢ B8nk bsn$ 0￿[g￿t￿5 underfinart01086•6 Oth•r c1￿￿Or8 1,500 %.5 2$.1) 25,000 2S,O 28,300 2e.500 T￿ bank IoAn19 4 2S￿ar Un￿GUred fix9d t*p on OW0112030. othBI credttot% rewwtA a privats pIAc*rnentof4ebtwbLha ￿45>￿81S al ofixed Snteresl rate 012.mi endry on 14l10fx￿I. 18 ANALYSIS OF MOVEMENTS ON FUNDS At l Auoust 2021 £'ooo Incoming res￿r¢ £￿00 Ré8otsrca$ expended At31 July 2022 roo lkngsesl £￿00 £'ooo Endo*Th•rtFur#ts-Pgrnianert SchDlaiships & PTkes Fel￿bIPl SbJdènt8 8.$29 7.362 2,￿7 184 276 403 348 11351 1381 187 177 Qénèrydl ondowmènt Research StFK)k4tship9 & Pr袕 F￿h7w$h￿ 60.488 1.e74 2a8 177 104 11.6071 2,855 52 232 63A23 11.951 1461 Total ErnItyrn￿1rtt F*￿9-CO11elle 2,2P7 4e63 104.305 Total Ethdtswment Fwd$-Gro4> 91737 3.279 .297 4.ee3 R•8lrf¢tsd Furid6 scho￿rgh1pJ & prize* 167 175 203 19 32 76 191 170 21 (e11 Graduate Centre EXpend￿refrOrn er￿entIU￿8￿ 599 Tolal FuThd•-Coll 73 1S9 12 588 Rpsththd funds ty8ubgld￿rhl8 Tcéal ReBtrf¢t•d Fundi-Group 573 139 712 588 581 un￿&￿Icted Fund• re¥et FW Asset DesvJnated Fund e,165 27,162 10.599 50 769 8.112 25,878 17 676 12.0421 Pdyate Placemenl wopetyre59tYe PriVAt• PlaL*rft8nl eash reseNe I￿1r￿a Desvanated reseTvofund Psn$K)n rs$8No 1,026 258 11,410) 11.43n Totti UN•8tri¢tsd Fund6-¢011•g• 13.107 12.259 37,237 Unoairtbafu￿# Tol•l FundB.Group Tot•1 Fund• 13. ,51Z 141129 35 st Coth8rln•'B Coll•9• Not88 to the financlal stat•monts For the yearended 31 July 2022 FLWIDS OFTHÉ¢OLLeoE EUAi T￿l01*￿4rVj lsasummaryoflhv Lhigina and pu￿$e9 deach oflhe Fund Endovrn•nt F￿dI. P•nnan•nt. 8cMarS￿ps & pnzes ActhuoUdAtion ofglfts and dwali0n5w￿ inm, bul not¢a￿l￿1, cen u$•d lorsthokntsh1xa￿ priz•s. Fdltrdryhip$ A con901hlation ofulTts 8nd donAloni whAr•inTh, bUtn￿#plb1, can l¢r F4￿h￿. SbJdent5 A Con¥d￿8￿￿ Olg￿ts dontitb)nB wh*trinwm6. butnotC4WthI, can be uyed tr3lud8nthardshp. Buldkngs A conadid8tion of 9rfts andthnations income. butnotc&rAtal. CAn bo usdd forthe buiKlng8 Df th&Caltty8. En￿rp￿neIrt FUndts.Exwr￿Ity11: Acon50hdaIv￿ of gitr and dOnat￿rA￿h9rea1her incLKllF. orinctsmègnd caphAI, ¢¥n bA uged fortrogeMr4 Ofth& tharfty SthoLqrydhipJ & Prtzes Aconsolidalion of and don8liorfy ID¢LYno. or snd cAplthl, eAn uaed forllcmaishw ana pio8¥. AlUr￿ ¥*hDge Income and in Certai￿ ￿r¢um*3nr￿Copl￿ maybe for resowth. FeUoYMMpts A ¢OngolhJaU￿ ofgThs don&twJns incrme. or Incoma cawtal. C￿ be usgj ftsr F8llowshlpJ. R¢str*ted FuDd•.' 8chola16Mps A ¢on$d￿0ti0D ofgrfts both ir*(hY*And cap￿￿ CBn ￿￿d f0rschdar8￿pS A ￿￿￿￿at￿n0fql1b ar￿ don•bon$ both 1rK0rr*￿d c4P1￿ c4n t* u3ed i*nÈfftOfstud￿ts. R¢94atch Aconsolldalkn ofkyfty and étyiabon* Whe￿both InCorM￿d c4prfal i* Cwgn*ttyY Funds x•YA66et ￿￿9n￿ted Fthd Unn8lncbJ FU￿￿1 whk* Aro reproBOnted tythe Thxed a¥s0ts of CDIIAg and therelore notavailablefor pxwndiurè on thè ¢dkgè'5 general PU￿0&e5 Untegtncby alWAtsd ￿l￿G￿ernIng Body ford•¥watsa rwses. Prfvats WAcement Fund Unre$1rKt￿ funds 4lbt8ied ty the (lovemlng Botyin OTthrto ftmd$ to rfj￿the privats pl￿Men10fdebt ￿ Octob8r 2[￿1. The kno1￿£9 income And qans tr0rnthg tTh9tthing netofall C￿3￿ Investrnentlosso¥ rrfany>. Ptntsi4n Rdpr£90ntiw for1￿re r￿*￿)rt cdnthrAJbOM L￿derdeffined benefit Builthng De91waied re￿￿tsn￿ Unrnstrthj Fund#*k¢*w tytr*Go¥sm•9 Botyforbubsllro P￿lIcts. Gonool Untpstrth funds Rep￿ent8¢CUrnulQte4 Incr*M fnmthe Cd*'$ •¢Uvthosand othergour&rys Ihat aF&avwLyWfortr*general pu￿0$e￿ of￿¢0I18￿e. st Gatherlne's Collgg• Notes to the flnan¢i•l statements For the ye•r•ndgd 31 July 2022 A￿Ly81$ ef NET A88ET8 BEIIIEEN FUND3 Unregtr Fu￿# £'ooo Ro&tri¢M Erth¥rnent Funds Funos £￿00 rooo x*22 Totsl ruoo 25.879 14,300 4,137 22,074 12,354) P8,3001 P￿pertY1ThVèstrno￿ts Othwin¥eBbnents Net¢urrentAsaets Denned benefit penBion Il•blty Long tfjrm liabilth 496 103,809 14,796 108,534 22,074 12,8S41 {26,3001 37,236 104,205 142,128 UnreslrKted Funds £'o R*#Ir￿ Fur￿8 £'o EndLwmenl Funds £￿00 2021 Tc4al T¥Ln91￿0 nxed AYBets Propty Investsmonts Othèr Investmnts Netcurrentas88t8 Defined benefit pttn¥ion s¢heN* liBt41ty Lor*term liabl1￿&2 27.102 14.4 (5T31 21.758 27.162 472 9eR65 573 98.26$ Z1,7 (2e.5001 34.831 573 98.737 134,141 TR￿TE￿3, REMUNERATION Tho olthe wlegg cornpri58 the go¥8mlw boty, 8r8 *a¢hing and re5e4rth ￿lOYeesoft￿￿C￿￿eWdtr*￿oS on govemmg ￿YbY ￿￿Orth$h[ Èmp￿*￿¢nl. NDlrustee rKeNesany rwnunwal¢n frJr&clrg 05 9 IN8t*tr. th￿&1￿J8t*•BthO are a150eJDpWÉ@* tifthè Collage re￿1ve sakr*s theirM%*88 empkA*¢a. Whwo poswble. th•$6 98Wèg are on exteTn* I￿1￿5 ¥r￿ ar•Trsffl4rrorfjements wththg of¢￿0[d. Trugtees ofthe colle￿f￿1 into *efoMtwny ¢¥￿¢￿1.. The 14aster offic￿ Tutor￿1 FellL Offirid rnofvTUt￿1￿ Professor1￿ F4(v Readers Fdkms ty spèc&￿ Elècb stwa￿1ary L&cturers L￿￿[gr s¢metr￿teel arad¢lbkto partluate h thg ￿1nteqUity Sche￿,. othws m8y ￿ell￿1￿BI￿ra houskng al1LV￿r￿eth￿h is dw&oSqd￿I1thn thèsalaryfigures b91Dw. Three trugtsèy Ilw kn houses OYffl9d itiinttys¥ilh the Coll¥e Scm&trusteeB receive adthtimai aibwan¢¢a f¢raddltknnol (Nrt88 parttimè collffjeofficers. Foi exarnpkn, SenkrTutor, rkan. Tutorfor Admi&qions. Tuiorf¢rGrddwtes. These armunts Indudtr¢J tsrernuneraOonfpJures t￿L¥￿. Th9 total r9munttaiDn And laxa￿0 b￿errts below Is £1,181k 12020-21 £1.149kl. Theiotsiof wgion conthbutrohs 1$ £244k12020-21 £231kl. 37 St ¢ath•rlne'8 ¢ollwg Notes to thE financial ststèments For the year •nded 31 Juty 2022 TRUSTEEV REklUNERATiON {conllrMMdl 2022 2D21 Gross rernunaiation, taxab beneffits and wsion Contribut￿n8 fjr￿5 r•muneratth. t&KatAe benefits and ponsion conthbubons Nmberof TnJStee*F•low Ran £LL£999 £4,WO.£4. £7,WO47,99D £9,￿￿-£9.999 £11.00(k£11,999 Ela00￿£￿2,999 £14.00￿£l4,9￿9 £16,CQfy£16,999 £17,IW17,9Y8 £18,CM)k16,959 £20.r￿£20,9ge £21,ON21,999 £2Z.OQW22,999 £23,00fv£23,999 £24.iKIW4.999 £25,OOW5.999 £28.OOLL£26.999 £34.OOm4.9 £38.00￿58.g99 £39.00￿£s9. £43.00￿£43.899 t44.00￿£44.9l> £45,OOW5.999 t50.OOOQ50,999 £51.00￿9).9g9 £52,00￿$2,8s9 £54.00fy£54.599 £s9.00￿£S9,499 £e0.o0￿8O,988 £Q1,OOW1,E99 £83.0￿£63,￿9 £86.QOWf,999 £S7,0th>£87,999 e$8,00￿¢d8,9O? £72,OOW2,959 E73,00(￿E73,¥Bg £61,c￿£8l,998 £122.fj0￿È1?2.g9￿ £124.oO￿l24,899 7.635 9.527 9,342 11,894 25,221 14,228 18,571 25,370 17.591 36.994 20,772 21,203 21.697 22,826 23,2Bg 292.523 178,099 18 894,78S 75,806 28.139 12 38.8 89.gS3 44.037 91,248 50,3S7 SO.254 51.241 S2.337 52.387 59.4Y2 60.124 81.4JS 63.7S4 Q6,037 67.299 67.356 68.455 72,614 n.t79 81.292 122,447 124.61a 1.425.523 1.379,2• Elo¥en irustew r¥A¢mpWe5 DftheuAknge and th) notroEeiVeT•murw￿Offi JI bwstees may eatatcornmDn ta￿9. a¥ ￿ #ll Other&TrWW￿WhO ereaibl*dtorntraL*whil• *fA1¢lYJ. See also nDts 28 Relth PgrtyTtan¥a&ion$ manas￿Merrt rEmun•r•iion Thfj tr)tsl romun$rAt￿Th PAid iok6y mHnouthThenlYrds£317k [2021. £298kl. Kay mrLM90mèThia￿¢onoIdPrndtr>b0￿8 ¥toftliÈtsd on pAg04 oftre Reportofihe Govgmlno body. St ¢atherfnt'8 Gollege Notes to the financial 8tatsmtnts For the yaar ended 31 JU￿ 2022 PENSION SCHEPIE PRCMSION8 Penslon Sch￿*8 The Coll8ge partKipatss in piinc4Fel pena*)n Bolemesforits 8taff- ihe UnNers￿e$sUP?￿nWaknn (USSI endthe Un￿er$i￿ ￿0￿f0rd Sta P*n*¢n Sthem8108PSI. The asJetsofMch Xthems4re￿IP ID separatetru$te•-administered tundj. USS and OSPS ar•contributory m￿d bener￿SCh￿￿6 (1£ they prowdè Oenèfts tsn a dBfined bqnpfftb5sls- based ￿ IBngkn ofserwth Pon￿On￿￿9$51ary- on a ￿tr￿li0￿ baws- based C￿Irf￿jtsonSIn￿ the xhemel. Both are mulli4mpbyei scknemes and the College Is watqe to identfy its 9hare oltheund•rlylw888èts8nd liabiliUèsrdAiin9to defined benerts of oach ¥chgme QDa W￿￿￿18￿1aDd ￿a¥on￿b￿ba?I¥. Therefore. In acwrdance%%ilh the acuuning 51atdBrd FRS102 paragraF* 28.11. the Cd*e ￿unl9fOrtrk gChew￿5A$ rftheyY*rè d￿ned contribubon sc*èmes.As a r￿￿. ¥mount ¢harg￿ iointr In¢(yn8 Exwdrture a¢¢ount iÈpr8sents ihe mntribJtionSpayab￿I0the6￿eThe5 in res￿ ollhe accounting wiod. In the eventoftr£ Wilhdrawai ￿an¥ Df Ulè PBJtripabnoawI￿r$1n USS or OSPS, the amounlolany p8n84L￿ fundww shLWtTall {￿￿ll* ￿nn0t ￿0the￿I80 recO￿redI In respertof thalemp￿verVAII be spredd accrossthe r4mBinlnJ p8r¥typ•bnoemooyern *rtd ¢fle(*eu intr*n¢xtactuarrai s¢1￿Me. ThfyColWJg h&F mad9avaiu9i￿fj th9 Nation81 Empwmntsawngs Twstkyernpbyeostho are wderauiomatcenrolrnemwulAth2n910 P￿S￿]n benèfits ￿tnOte110itrAe1OretherUsS orOSPS_ kn•m•sx¢ourrted k*rund•r FRS IlJ2 parallrdph 28.11 as dBfiThodcontrftvJ16on sch•n A¢tuorthl v&luAtlonÈ Qual￿ a&iartegpwkndkdtywdlw USS OSPS dèfined the'prttle￿d unitrnwh¢a'. •mowlng8markoiv8iu• apkYoa(a).TDO o¥uIti le¥elsof contribulon takeac￿￿ntOlaCtUar￿p$ufplU$e5ar W￿151n each 5cherne. ThefirKAndd As$umplcniw6redèiiw6dfrtrn tn9rkèt(x￿thrn4p￿O1ling attsvgluabon dats. The re8uts of ihe latgstactwnal valuatvJn¥ and ihe a￿ur￿p￿On5￿￿ith ha¥elhe MDSI signhTcanleNe#on the resuitswere.. U55 3ln*Z02D 30OW2021 £w.£ 15 14.1MI 3110Y2019 Da￿valU￿[S￿￿p￿t￿heth.' vknof4&58ts FunthollsufpiuSlldBkW". £7 Gi440￿225% Ra*ofMet6eiThsg1¥ièS t4u61%.2.7 4llèPPVCPld cA+or6 23ts 25.5)¥s 259)T5 27.3y5 217ws 244Tr 230 258iYs Mi4¥tyJm*tyw4J FunthTrgRath)s' 63% 74% si% 21.1%iD￿ 4% I Ct12021 31nYth23 a. The discountrata (fomgrd r￿￿) forthe USS v4uW¢n Tato.. Fi¥od Intaresl g￿l￿e1deUr￿ rAu8.' Pre-reiiement2.75%, pOst-￿ts￿Ment 1.iYJ% b. The diicouDtrAt8 trth¢ OSPS Pr•-retrernent' Post.fetirw Equal to the UK nornlnal giNtsJrve atthe valuat￿Tr 2.25% pa ateaGh terrn. Equal ID thp UK giM￿ty8 allh8 vaiuatkin thte Flu5 0.5% pa atoach twm. . Pension5 InGrea5e5 (CIP] forthe USS valuatlon wh￿. Term dep•ndAMrAt49 In IIMwilh thé drff•ron2• lh8 Intff95t Indox Unked yw curvÈB, 1.1*A wio203Q, r•ducin9 linèarty ty 0.1%pa to a longtstmdfferenre of 0.1%patrom 2040. d. hi¢￿80# to pBnolona inpw8ntftrth• OSPSvaiu*Th vAre'. RPI Infj*on $ d8rived from the gwmelric drfferen￿ b&￿en UK nominal Curve and th8 UK Md8x4inked curve atthe v8luabDn dale. less 0.3% po ateach term. CPI Inflauon 18 derived Iromthe RPI wa¥￿TrP￿0n. Le6S the8C*emeArt￿8rl* beste¥ligmte of th9 bwerm dhyerence bkne￿ RPI and CPI inf*bon as from b.rm tollme11.0% pB B$ Èt 31 March 20191 Forpen8ion Increaw Ilnked tQ innatitsn. a p9n¥ion inweaso i¥ coMIDxted based ￿ eit￿rI￿ RPI, CH 4rtr84y8ra5eof the RPI and CPI infi8tyon d￿cribEd at4)ve, adjwl>Y lo allo4* forthedrfferenl maximum 8nd mininyjrn ￿n￿al increase5 thaiapply. And Sehèmè ActyJar¢i b￿teStiMate ofinfk4bon volatilityw5 applips bmo ￿ bD*. 39 St Catherine* College Not•$ to thè financial #tatemtnt* For the year ended 31 Juty 2022 PENSION $CHEklE PRQM*QNS l¢ontknu•dl USS and osPS￿￿o¥ercOntribLrtkn￿ rat￿ Induth for1￿ costoffuluro accural of dqfintsd bwth. def*41contribulu*)ns adnMni¥trabve e¥pÈn&Èy and defin&1 (*ntribuliwg. Sènsitrityof 4Ctuardv4luiih* atssumptioni S￿￿]Us@s ordèficrf5 atfirturtvaluabom rnay Impa￿0￿ the tC4￿ge,$f￿lUTeCon￿bUt￿?Tr cOmrr￿1rnert sen5th￿tTe￿ regwdiw Wnri￿1 a5sumptiting used b measure the scherne 11a￿1￿&2$￿e set out be￿.. In usurro Iwon uss f¢biiir ￿*￿￿￿y£l.Jbffi dxw9Ly025% d￿￿ty£1.5b￿ tWJAll¢y irKnotebrf£1 Impactm C6P5tethrntal I￿re*?￿￿￿5% I￿￿￿y£ rpYOW tyOIS% In¢FewotyE4h D￿c￿R¥c￿*ry Plon• In line With FRS 102 paragraph 26.11A, the College has recoanis￿ a Ikibfltsi fortheconttSbJlirffj8paydbletslhe agreed de[￿lf￿nding Flan The ￿1n08a51uMPI￿Jns uaed inlhe88 ¢akulatiDnsaretsbW lo￿121 FWDatsbrC*f¢iiRwAwPthTr IWJB X¥Mtt028 00 2.oriA ofy)% Awa92thsAJmi￿￿[Pjerw￿d £￿￿Of05%tharffj?in dixwnl Ewo11%*byin Staff gTryAth 319% e14k £1* 3J4% Qk £17k A p￿)¥1¥1￿ ofÉ2.854k ha8 been mad&a131 Juty 202212021.. £1,416k) forih8 wp3enlvSue ollhee81imated fvture de[￿l￿ndIn0eIeMenI0rthe effilribubDll8puyabb untterthowagreernents, uwng the a¥8urnption3shM. The promwon reducBJaskn dthtis Pabloff accc(diw tothe penskn rgrx)vFry Penslon tharBefortheyear The pan*￿Th Ch•roo r9¢xX￿1 Iry th$ Cc4kg• d￿￿0 thèx¢>)unbng (•¥d￿ing pèn*on fm8rthtr)Sltslw85 eqwlk) ir* *yaD aftèral1r*Ar￿*)rth• pkn ai fdkwts". Schame 2021122 2020tt1 £kn 453 250 univers￿&5 Superanmabon Stheme Univeisty Of Oxfvrd Staff Pgn¥ion OtherxherMs-conthbutbJn6 Tolal Isi 738 71 TtrnseanKunt5 hclude£591k12021'. £8eekl contribJbons P￿3b￿b)defined cantrknubon gchomgs atrAtO9 in thè of thoÈè pL4n$. In(aU￿ In are pen51on COntrf￿llcnS Payab￿01 £92k (2021.. £Ok). StC4th*rinè'# Colle Notes to the financial stat•ments Forthe y8ar•nded 31 JU￿ 2022 23 TAXATION Th&cdkn￿ 18 atleio tske&Jvbntsge of thetoxexeTh￿onS th&rili•s trom taxaton in reJF*ct of Inc4rno and ￿pItal recgrthato th0o¥tontthai auckn income gains are ryF4ied to exduJi¥ety ch8ntablg puw¥•s No IiaDiiity io¢wrationtsx artSo$ Inthe Coiio9w$ #uD$idi•rywmpsnlèè bec4usethe ofttii8kn￿ comwios h•v¢ inok4t8d thaithw iwd to ￿ko th)n*honi &qch ￿artothfr Cdkge to the taMAb￿ profhts oftha cornpanyuTh*r th8 GfftAhJ 8¢h8ms. A¢wroing￿ no p￿I$l￿n forwxsbon hAB bBen incltsa￿ In the finan￿￿1 MatsmeM9. RE¢01K￿lAI￿)N OF NeT INCOMING RESOURCESTO NET CASH FLryNFRQM QPERAnONS 20za 2021 Gmup £'uoo 7.888 10.814 EISMIr￿￿Qn ofrbon.openlnq c45h Ihyhs.. Inveltmènt in(x 15.285) (GainBlnoB8eB in Invesknents 15,94¥ In91 2,D42 2.011) ISuWusiiio$$ on tsaie of a¥$8 tlecreasol(IrKrne801 In •to¢k DBcre89el{ln¢reÈ￿I In dèbtar8 (DX￿a￿1llnt¥ea￿eIn creditor 1￿￿9e￿InUe0le in provlsKJng (Oecrnasejryncrease in ponsicffi echeme (956) 95 2.402 1,437 152) IIBt Ca8h by Iu8ed In) actlvRIo AJ4ALY815 OF AND¢ASH EQUIV￿ENT8 2Q22 2021 Ca9h atbankand l• hand Noti¢*4•pooltts IléS$ Ih8n 3 mtthl Bank owrdrats 18.605 1$,￿5 8,723 Totsi •nd ¢•sh •4ufv•hnis FIUNCIAL comm￿mENts Al 31 Jutythe Colege h•J an￿￿1 ojrrffjftrn￿ts unthr Mn.cancdlable OFqratiTrJ leues a5 foll 2022 £'ooo 2021 £￿00 Land and bull(MngB ewrhg *lthln 5wr exk¥rkng ts6t￿￿n fl¥e •xpirr@ in wrfve yoard hÈr gxpiringwithin ono 5wr explrfno betr*en h¥oand flveyears èxrxrfng in Ovèrfivè yèslg 109 CAWTAL¢OMMITIWS There fymno¢spitai ¢¢nmithments that di$￿0$u￿. 41 St Cathedne'8 college Nol¥s to tht financial stst8m•nts Fort￿ year ended 31 July 2022 RELATED PARTY TRANSACmOI45 Tho Col*e is partoftrncdkgiats U￿￿J￿ity Dfoxknd. Mthai lntsrtewd￿¢18¥ bthwn tho unl¥*￿￿4r￿￿0fthO Co1¢90￿¥¥0•*¢￿uenCo oIIN¥ rW¥bW¥hip Fvrroporting purw¥se¥. the unN*r$ty 8nath6 0th6rCollw4s Are nottreat£d ai relBbJ pgrUe8 AS dofined kn FRS 102 o*the Gmnino Body. ¥*fftO8r&th&tr￿tr•#oftha Colg90 8nd ￿•thd PArtb$ a• FRS 102. teceNe romunergtion ond faoliUe5 a ￿￿￿$•0fthO Cow￿. 06ts119 payments &nd T4rnbJrg•d ekperAetaB biJBteeB ared*c405ed Byatety kn thwfrfinonci￿ s*at&Thnts. Therew*￿ no kxn$ ¢utstanding al 31 July. Cd*• hgi prop9rkswlththofoll￿*Ing n•tbwkv4lu•s ovfflediohoywnh trustee5 U￿er￿￿tegUty ownersh*a9reement5 bet**enthptrustsO and thè Coll•p. 2021 DrRB•i Dr L Twbr DrA P￿tr 80 44 212 J1￿￿1 ￿u￿￿y0pe￿￿a[eJl￿eGltON￿e onthe deparbjre ofthstrustee frorn th8 coiinNGE14T LI￿UTES No￿. DMNAL P￿R YEAR COMPARATrvÉs a.8OFA bre*down Unrn51rthd Fwds t￿00 Endowed Fund• 2021 Tf*AI Funds rooo INCOME AIID ENDU•VMEPln FROM: ¢h•rbts￿e actfvlt￿.. T•aching. r•séarch oth•rTr￿1￿g lThcrffie Dotb•Uon8 and 7.194 389 815 I￿¥￿tment In￿me Totsi r•tym •11¢¢*od 1¢ Inwm• 0trorinwm• Totsl kncom• 2,619 2.133 P.1331 11,300 EXPEFaJrruREON: Ch•rl•ty• I￿110$.. Teachiw, research ond re8ldènlial 1l094 GeneralIn91￿d1. FLbidr&i41n9 TTadiwfxpendifvJe 262 83 10.390 73 73 Totsl Expend￿￿0 NetwlnWo&ge81 ¢n Invethients 10.013 10.613 N•tknCoM￿(ExPO￿￿IIMj 10,814 192 Other recogn559d gaIn￿l0$￿ G￿n￿(kiSS￿lI on di$ptsao1 olfth1 Asgat Nqtmov4rnont kn fundb lorth•yoAr 1,064 9.8Q5 1r*,814 Fwd bwlanreB brO￿lI0￿rd 33,7B7 84932 Fund#¢awrlBd for*ird at31 July 34.83 6n .737 134141 Propovty InveBknBrta{ncts 111 42 St Cathetlne's Colle0• Notes to thè financial statsmeni• Forthe year ended 31 Juty 2022 Jo *DClnONAL PRIOR YEAR COMPARATIVE8 IMniihu•dl Gr￿P & Cdlqgv 2021 Tot*1 £￿00 AwcuhurAI £'ooo Commorcl Othér rooo Valuation at8tsrtofy•ar Additv2n* an¢ irnprovem￿ts * wst 14,828 1U28 DispDSQ 15fj51 e09 {66• 609 gain￿1￿￿$*$) in th•)*ar V•lu•Won 410nrtof y•w 14,e72 14.872 . Parnrrt&subEldl•ry undertakFThJslDots 131 Sl Catz Management 2020121 fOOD Stca De¥￿0￿1 2020121 Income E4>ondthre DrAi¥lonto Colkge wd¥orft aid 337 ResuMfort￿ y T¢xai assets li&t¥li14# 134 11601 NBtfund5 altheqnd olstar d. Stst•m•ntof VDbJrn Inth 141 Perrnanenl Endu*mLenl U￿pPli Total Relum Expend&ble T(Aal Ttustfor Invesbmant £'wo 2021 ToiAI £'OOD tooo Atts bsginnww ￿th&Y￿ar. Grftcomwnent ofthe Unapplied totsl r•tum ExpèndAbl&endDwrnent T+Jtal Endo¥m*ntB 10,268 10.3ee 5,7eg 10,366 5,789 72,777 .932 5,789 72.7TT 72,7T7 10,366 5.789 1$.155 Plovwn•rfs Inth• ry*)rtlw wrfod.. GfftofendmThenl fundj Re(thptrtntof trugif¢rinV￿tsnenI Ajkncatson from trust lorinvestmem Invests￿ftt ￿turn. lotsl invpslmwl incor Investment tetum. ￿l$ed unrealigedyifffjAnd los$ss 259 259 S1S 251 1.819 1,133 8,194 (T31 1,819 10,D13 IT31 OthertMslers Totst 107D 9.610 17.939 unap￿￿4 ratumalltKat8d lo in thè 1OWthg penod YTrnsfgrs into 0￿0￿ments 137¥ 13731 {3731 N•tmovemonts In r¢pc4Oro 1,6 7,010 At￿0 olth• rwwUTra perfod.. Ghl(%MhponÈnt tsfthÈ p8rffon￿tOrth￿Ornt Un8ppl¢d total re￿r￿ ExpendatrAe endo¥mént Tot•1 Etyl(ywrTrBDts 10.e25 10.e25 7.480 1D,825 7.486 BO.627 BO,627 80.627 98,737 st Gatherlne's ¢011gg8 Notes to the finonclal 8tat8m8nts For the year ended 31 Juty 2022 ao AfaTIONALPRIOR YEARCOMPARATNES leominu•dl e. knily¥is rrfmoyernenton I￿Ots 181 At1 Aullu¥t Z020 £0 Ir￿M￿0 R88ource$ gXP2nd*J £ow Gain •131Ju 2121 £￿00 £'ODO EndowmèTht FundB. P4￿anerrt 7.628 6.613 1.76B 147 238 127 659 745 199 16 F￿h￿shIPB studw BuihJingB 11231 7,362 2.057 164 EthdMnentFundJ.ExpenthN• General endos*TD¢ni Res&Areh scho￿1¥hIps & Prize¥ Fèllrrt¥*h S4,828 S,807 4,360 3,e81 (731 6.173 205 7$ 401 414 4,903 Endo%inofftt F¥nd$-Cdl 2.134 Erds%¥mentfvnd6 he￿ bysub¥Klari•è Total EndoYfftrtFund•.Grwp BB,￿2 2134 S￿￿￿1p¥ & ptiZeS SbJden RÈÈèar GrathJats Ctsntro Bulklkng Works ExpAndiwre from eThI0￿￿ng￿l funds on $ps¢th purpos 184 180 213 51 176 51 1441 522 1522) Totsi R•*trktwl FundB.Collog• 628 389 83 573 RwtrthJfuthJ$ ndd by èubskllarf05 Totsl Rosb1¢￿ Furtd$.Group 626 389 637 573 Unrntskt￿ Fundv GÉnèr81 roserve FKed AssetDg5ignatèd Fu Otheraeadernk r95er¥e Pr￿ats P*efflg Buihliry Del￿na￿d resgrvefvrK1 sion r8$er¥? s.o 28.213 15 1.965 7.724 .619} I,￿7 959 6,165 27,162 16 1904 1541 11,469) Tté•l unr••th¢￿ Fund•-ColkryoD 33,7fj7 6681 10.37 1.942 UnreBlnGted fund? $thdiqrbJ6 T¢yal unre*5￿ F￿d5.6T0uP 8.6B1 819 34.831 T¢&1 Pu￿ts 123,327 10,832 134,141