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2023-07-31-accounts

MANSFIELD COLLEGE

Annual Report and Financial Statements

Year ended 31 July 2023 Registered charity 1143860

MANSFIELD COLLEGE

Annual Report and Financial Statements

Contents

Table of Contents
Page
Governing Body, Officers and Advisers ................................................................................................. 2
Report of the Governing Body ............................................................................................................... 5
Auditor’s Report .................................................................................................................................. 13
Statement of Accounting Policies ........................................................................................................ 16
Consolidated Statement of Financial Activities ................................................................................... 21
Consolidated and College Balance Sheets .......................................................................................... 22
Consolidated Statement of Cash Flows ............................................................................................... 23
Notes to the Financial Statements....................................................................................................... 24

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Governing Body, Officers and Advisers Year Ended 31 July 2023

MANSFIELD COLLEGE

MEMBERS OF THE GOVERNING BODY

The members of the Governing Body are the College’s trustees under charity law. The members of the Governing Body who served in office during the year or subsequently are detailed below.

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Committees
Changes in year FRC APC
Professor Sinan Acikgoz  
Professor Freya Baetens Appointed 12 October 2022 
Professor Ros Ballaster  
Professor Jocelyn Bell Burnell
Professor Vanessa Berenguer-Rico  
Dr Andrea Bernini 
Professor Steve Biller 
Professor Stephen Blundell 
Mr Clem Brohier  
Professor Jon Chapman
Mr James Colman
Professor Matt Cook 
Ms Elizabeth Drummond Appointed 08 February 2023 
Professor Pavlos Eleftheriadis Resigned 31 August 2023 
Professor Carl Frey Appointed 07 June 2023 
Professor Marina Galano 
Professor Kathryn Gleadle Retired 31 August 2023 
Dr Andy Gosler 
Professor Vicente Grau Colomer 
Professor Ian Griffiths 
Professor Andrew Higgins 
Professor Peter Keevash 
Professor Tarunabh Khaitan Resigned 31 July 2023 
Dr Helen Lacey  
Professor David Leopold 
Professor Paul Lodge 
Professor Helen Margetts
Professor James Marrow
Professor Chris Martin
Professor Derek McCormack 
Ms Tess McCormick 
Professor Michèle Mendelssohn  
Dr Katherine Morris 
Ms Helen Mountfield, KC  
Dr Amber Murrey-Ndewa 
Professor Catherine O’Regan
Professor Joel Rasmussen  
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MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2023

Changes inyear Committees
FRC
APC		 Committees
FRC
APC
Ms Lucinda Rumsey
Professor Alison Salvesen
Dr Christopher Salamone
Professor Dino Sejdinovic Resigned 21 October 2022
Professor Jason Smith
Professor Jennifer Strawbridge

During the year certain activities of the Governing Body were delegated to two committees. The current membership of those committees is shown above for each trustee.

In addition, the College has a Remuneration Committee, comprising entirely independent members, which is responsible for overseeing the remuneration and benefits of trustees who, in their distinct capacity as employees, are remunerated by the College. Various ad hoc committees and working groups are convened to address specific issues.

COLLEGE SENIOR STAFF

The senior staff of the College to whom day to day management was delegated during the year or subsequently are detailed below.

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Ms Helen Mountfield, KC Principal
Mr Clem Brohier Bursar
Ms Lucinda Rumsey Senior Tutor
Professor Andrew Higgins Dean
Dr Christopher Salamone Tutor for Graduates
Ms Lynne Quiggin Domestic Bursar
Ms Tess McCormick Development Director
Ms Samantha Cuss College Accountant
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Governing Body, Officers and Advisers

MANSFIELD COLLEGE

Year Ended 31 July 2023

COLLEGE ADVISERS

Investment manager

Oxford University Endowment Management, King Charles House, Park End St, Oxford OX1 1JD

Auditor

Critchleys Audit LLP, Beaver House, 23-38 Hythe Bridge Street, Oxford OX1 2EP

Banker

HSBC UK Bank Plc, Hanborough House, Wallbrook Court, North Hinksey Lane, Oxford, OX2 0QS

Solicitor

Hewitsons LLP, Shakespeare House, 42 Newmarket Road, Cambridge, CB5 8EP

College address and website

Mansfield College, Mansfield Rd, Oxford OX1 3TF www.mansfield.ox.ac.uk

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Governing Body, Officers and Advisers Year Ended 31 July 2023

MANSFIELD COLLEGE

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

REFERENCE AND ADMINISTRATIVE INFORMATION

The Principal and Fellows of Mansfield College in the University of Oxford, which is known as Mansfield College (“the College”), is an eleemosynary chartered charitable corporation aggregate. It was founded in 1886 as a theological non-conformist training college and received its Royal Charter in 1995.

The College registered with the Charities Commission on 20 September 2011 (registered number 1143860).

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 senior staff and advisers of the College, are set out on pages 2-3.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The College is governed by its Charter and Statutes dated 11 April 1995.

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 Chancellor of the University of Oxford. The Governing Body is self-appointing. New members are elected on the basis of Statutes I and IV which define the categories of Fellows. The Governing Body is ultimately responsible for the strategic direction of the College, and for the management and administration of its finances and assets. It meets regularly under the chairmanship of the Principal and is advised by two main committees.

Recruitment and training of members of the Governing Body

New members of the Governing Body are recruited either as joint appointments with the University, as College-only appointments or as Professorial Fellows. They are inducted into the workings of the College, including Governing Body policy and procedures, through comprehensive briefings from senior staff.

Remuneration of members of the Governing Body and senior College Staff

Members of the Governing Body are primarily Fellows who are also teaching and research employees of the College and/or the University of Oxford and receive no remuneration or benefits in their capacity as trustees of the College. Those trustees who are also employees of the College receive remuneration for their work as employees of the College, which is set based on the advice of the Remuneration Committee. Where applicable, remuneration is set in line with that awarded to the University’s academic staff.

The remuneration of other senior staff is set in line with benchmarked salaries in other colleges of the University of Oxford and the University Pay Scale.

Organisational Management

The Governing Body meets three times per term unless additional exceptional meetings are required. Certain activities of the Governing Body are delegated to two committees as follows:

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Other committees and working groups are convened as required to address specific issues.

The day-to-day running of the College is delegated to the senior staff of the College.

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 one wholly owned non-charitable subsidiary, Mansfield College Developments Limited (MCDL), which undertakes capital projects on behalf of the College. The directors of MCDL have indicated that they intend to make donations each year to the College of an amount equal to the taxable profits of the company.

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The College’s objects are to:

The aims set for the College’s subsidiary are to help finance the achievement of the College’s aims as above.

Public benefit

The Governing Body has considered and given due regard to the Charity Commission’s guidance on public benefit. The College provides public benefit by offering higher education to its undergraduates and postgraduates purely based on academic merit. The education of undergraduates is enhanced by the tutorial system, which provides for undergraduates to meet with their tutor on a regular basis. The tutor is responsible for their students’ academic progress and pastoral care. Postgraduate student members are supported by a College Fellow who acts as their College Adviser, dedicated to monitoring and developing their progress, as well as dealing with any pastoral issues. For undergraduates and graduates, tutors and Advisers are supported by the College’s welfare team. The College also provides the College Library and Reading Rooms for students’ use, as well as computing facilities, accommodation, food and other resources, often at subsidised rates.

To assist students experiencing financial difficulties with tuition fees and living costs whilst at the College, financial support is made available from the College’s own hardship funds and from grants awarded by the University. In addition, the College supports students in their studies through grants to cover, inter alia, the purchase of books, travel and research expenses. This support is in addition to that available from the University of Oxford through the Oxford Bursary scheme, in which the College also participates.

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Governing Body, Officers and Advisers Year Ended 31 July 2023

MANSFIELD COLLEGE

In total during the year, the College made bursary and hardship awards totalling £70k (2022: £56k), including £56k (2022: £52k) under the Oxford Bursary scheme. Some of those students in the Oxford Bursary scheme also received fee waivers amounting to £23k (2022: £51k).

The College gave scholarships, prizes and other grants during the year totalling £263k (2022: £275k).

The College also supported the recruitment of a Reach Scholar – an undergraduate from a low-income country who would not be able to attend the University without significant financial support. The College, together with individual members of the senior, middle and junior common rooms, contributed to the Reach Scholar’s full tuition fees and living costs.

The College’s academics carry out original research which is of public benefit and the alumni of the College go on to work in many spheres, often having a beneficial impact on the wider community. More information about this research is available in the annual Mansfield Magazine.

Access and Outreach

The College continues to be active in carrying out access work with schools and colleges in the maintained sector and attracts students from diverse backgrounds. Significant time and resources are devoted to outreach activities to encourage applicants from under-represented groups and non-traditional backgrounds. Bursaries and grants are often made in support of widening access.

The College’s success in this respect is demonstrated by the proportion of its UK undergraduates who are educated in the maintained sector. In recent years, including the year under review, this has been between 90% and 95% of admissions. This continues to be considerably higher than the University of Oxford average.

Activities and Objectives of the College

The College’s activities are focused on furthering its objective and aims for the public benefit. During the year, 537 undergraduates, graduates and visiting students from all parts of the UK and throughout the world benefitted from the educational opportunities provided by the College.

The College fulfils its Christian objective through the funding of a Chaplain and the provision of a regular Christian service, together with other services of a Christian nature such as the annual Christmas carol service. The Chaplain also supports the College’s welfare provision.

ACHIEVEMENTS AND PERFORMANCE

Student numbers in 2022-23 comprised 272 undergraduates, 225 postgraduates and 40 visiting students. The last are primarily students from colleges in the USA who study at Oxford for one academic year.

Students performed well academically during the year and results continue to be strong, both by comparison with prior years and with other Oxford colleges.

The College was recognised as a College of Sanctuary in March 2021 as a result of its on-going commitment to nurture a culture of inclusivity and awareness for those seeking sanctuary.

The Fellows of the College made significant contributions to their academic disciplines and to the wider academic community with their research, publications and teaching. More information about Fellows’ academic activity can be found in the annual Mansfield Magazine.

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Governing Body, Officers and Advisers Year Ended 31 July 2023

MANSFIELD COLLEGE

FUND-RAISING

The Development Office at Mansfield leads the College’s fundraising activities, as well as overseeing alumni relations. It is also responsible for external communications.

In July 2023, Mansfield received a significant donation from a benefactor, to underpin all three pillars of a new campaign for the College: People (endowing Fellowships and other key College posts), Place (the redevelopment of the site), and Culture (other College priorities that support students).

Amounts raised this year from the fund-raising activities of the Principal and the Development Office increased by £21.8m to £29.7m. Reflecting the renewed focus on fundraising activity, pledges of another £2.49m towards realising various of the College’s objectives were also secured during the year. These included sums for new and continuing support for the College’s outreach and access work; funds for student support, scholarships and sports; and the fifth tranche of a major five-year gift from one donor of £250k per annum in support of initiatives to promote access to Mansfield and to benefit and support current students.

The College could not be more grateful to all those alumni and others who continue to support it.

The College is registered with the Fundraising Regulator and employs full and part-time professional staff in the Development Office to act on its behalf in this area 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.

During the year, the College did not receive any complaints relating to its fundraising activities.

FINANCIAL REVIEW

Consolidated Statement of Financial Activities

The College set a prudent budget for the year anticipating a period of higher inflation than previous years largely driven by escalating prices of energy. Energy inflation impacted almost every commodity of expenditure.

The Consolidated Statement of Financial Activities shows net incoming resources after investment losses of £27.3m (2021-22: net income £5.7m).

Income

Income from charitable activities of £5.3m (2022: £5.3m) comprises tuition fees from UK, EU and overseas students, support from the Office for Students and other academic income, and College residential income.

Other trading income of £1.2m up from £751k in 21/22 marked an improvement in activity against budget.

Total donations and legacies of £29.7m, were considerably higher than the £7.9m received in 2021-22, thanks to our generous benefactors. Of this total, £25m related to a donation which occurred at the end of the financial year.

Investment income of £1.1m is £360k higher than last year due to increased endowed investments.

The College recorded other income of £100k (2022: £130k), which includes the lease and service charge from the BIHR and income from summer schools.

Expenditure

The College’s total expenditure in the year was £8.4m (2022: £8.5m). Whilst higher inflation impacted, it was offset to an extent by savings on expenditure arising from staff vacancies that were difficult to recruit to in a restrained job market. Further details on the College’s expenditure are disclosed in Note 6 to the financial statements.

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Governing Body, Officers and Advisers Year Ended 31 July 2023

MANSFIELD COLLEGE

Gains/losses on investments

The College‘s investments are managed by Oxford University Endowment Management Limited and CCLA. As disclosed in Note 11 to the financial statements, the value of the investments increased by a net £1.2m, or 5%, to £24.6m in 2022-23.

Consolidated Balance Sheet

Net assets at 31 July 2023 were £68.1m (2022: £40.8m). This includes the £25m donation at the end of the year (£20m cash, £5m debtors).

In addition to its investments, the College had restricted funds of £28.9m (2022: £2.7m) and unrestricted funds of £18.4m (2022: £18.9m).

The defined benefit pension scheme liability reduced to £1.3m (2022: £2.3m) as a result of the recent triennial valuation. This reflects the movement on investment market valuations and the actuarial estimates of future liabilities.

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 College continued not to have any free reserves at the year end, although sufficient working capital was available from headroom in the College’s £6m revolving credit facility. The College repaid the £1m balance from the previous year and did not draw down against the facility in 22/23 and therefore the balance at the year-end was zero.

Negative general funds increased from £1.9m in 21/22 to £2.5m at the 22/23 year end.

Restricted funds at the year end increased to £28.9m compared to £2.7m in 21/22. This includes the £25m donation for our newly launched Campaign for Mansfield.

Unrestricted funds that have been designated by Trustees for specific purposes decreased from £18.9m to £18.4m as funds were utilised during the year.

Reserves the College holds at the year end making allowance for restricted and designated funds is £24.6m

The trustees recognise that the absence of free reserves needs to be addressed in the coming years to achieve the College’s reserves policy. The aim is to do this by generating unrestricted surpluses. The Governing Body is working through a potential development project feasibility proposal that aims to achieve a sustainable financial growth plan that will enable the College to re-set its financial operating model.

Investment Policy, Objectives and Performance

The College’s investment objectives are to balance current and future beneficiary needs by:

To meet these objectives, the College’s investments are managed to maintain diversification across a range of asset classes in order to produce an appropriate balance between risk and return.

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Governing Body, Officers and Advisers Year Ended 31 July 2023

MANSFIELD COLLEGE

The investment policy and strategy has been set by the Governing Body and performance monitoring and other aspects of the College’s investments are included in the terms of reference of the Finance & Resources Committee.

Risk Management

The College has over the last 6 months embarked on a review of its risk management arrangements. The aim being to develop and strengthen the approach to the management of risk across the College in the following ways:

In doing so the College has identified 12 strategic risks which, if not effectively managed, could impact on the achievement of the College objectives. The 12 strategic risks are identified at headline level below.

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1. Major cyber security failure (Cyber and system security)
2. Major safeguarding failure (Safeguarding)
3. Major health, safety and well – being failure (Health, safety and well-being)
4. Maintaining service continuity and resilience (Resilience and continuity)
5. Building on quality of provision (Quality)
6. Maintaining and building staffing capacity and capability (Capacity and capability)
7. Maintaining financial resilience (Finance)
8. Achieving leverage from the “green agenda” (Sustainability)
9. Utilising and maximising use of technology (Technology)
10. Gaining suitable leverage from collaboration and partnerships (Partnerships)
11. Managing the College brand, profile and image (Marketing)
12. Ability to develop the College estate (Estate)
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The College understands that these 12 strategic risks have in some cases negative implications were they to arise, however, they also present opportunities. As such the College will seek to ensure that these risks will continue to be managed including:

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Governing Body, Officers and Advisers Year Ended 31 July 2023

MANSFIELD COLLEGE

The key control environment consists of the following main components:

All underpinned by behaviour, stakeholder engagement, systems & process and information & evidence.

The above has been consolidated in the revised College Risk Management Framework. This will be overseen by the Finance and Resources Committee which will actively review and monitor the management of the College strategic risks.

FUTURE PLANS

In June 2020, the Governing Body agreed a new Strategic Plan covering the period through to 2040. This summarises the College’s culture and core values, the strategic objectives which flow from them and identifies priority actions over the next 5 years to achieve the strategic objectives.

The strategic objectives are:

  1. Academic excellence: to continue, secure and enhance the development and sharing of knowledge, ideas and expertise so as to strengthen the teaching and research which are our core functions;

  2. Broadening participation in academic life: to continue, secure and enhance our work on broadening participation in academically elite higher education, so as to give a wider pool of people voices in shaping academic and social discourse and decision-making;

  3. Strong community, inclusion and well-being: to ensure that Mansfield is a good place to work, to study, and for our students to learn and develop as citizens;

  4. Robust governance, operational effectiveness and environmental sustainability: to ensure that Mansfield is run efficiently, sustainably and effectively, to maximise use of resources and to support Fellows better in their research and to enable people to contribute well to the community without unnecessary stress;

  5. Reputation and intellectual leadership: to ensure that Mansfield is well regarded and known for its academic and social mobility work in the University, among alumni and supporters, and in the wider world, and provides an exemplar of good practice;

  6. Financial sustainability: to ensure that Mansfield has sufficient financial security to continue its activities as a sustainable going concern, and to allow for further projects and initiatives.

  7. The College is in the process of developing operational plans to realise these objectives.

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MANSFIELD COLLEGE

Governing Body, Officers and Advisers Year Ended 31 July 2023

FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS

G B Caird Memorial Trust is a registered charity (number 328327) with the charitable object of promoting biblical studies at Mansfield College. The College invests funds on behalf of the Trust, in order to maximise returns and reduce investment management costs. As at 31 July 2023, the value of the funds invested by the College on behalf of the Trust was £276k (2022: £297k).

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 has prepared the Financial Statements in accordance United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).

Under charity law the Governing Body must not approve the financial statements unless it is 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:

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 it to ensure that the financial statements comply with the Charities Act 2011. It is 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 22[nd] November 2023 and signed on its behalf by:

Helen Mountfield KC Principal

Clem Brohier Bursar and Fellow

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MANSFIELD COLLEGE

Independent Auditor’s Report to the Trustees of Mansfield College

Year Ended 31 July 2023

Opinion

We have audited the financial statements of Mansfield College (the “Charity”) for the year ended 31 July 2023 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable 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 Members of the Governing Body’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in the relevant sections of this report.

Other information

The Members of the Governing Body are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a 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:

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MANSFIELD COLLEGE

Independent Auditor’s Report to the Trustees of Mansfield College

Year Ended 31 July 2023

Responsibilities of the Members of the Governing Body

As explained more fully in the Statement of Accounting and Reporting Responsibilities set out on page 12, 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.

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:

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

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MANSFIELD COLLEGE

Independent Auditor’s Report to the Trustees of Mansfield College

Year Ended 31 July 2023

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 Members of Governing Body 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.

Use of our 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.

Critenrhegs Hudlit LLP

Critchleys Audit LLP Statutory Auditor Oxford

Date: 30/11/23

Critchleys Audit LLP is eligible to act as an auditor in terms of sections 1212 of the Companies Act 2006

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MANSFIELD COLLEGE Statement of Accounting Policies Year ended 31 July 2023

1. Scope of the Financial Statements

The Financial Statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiary Mansfield College Developments Limited. The subsidiary has been consolidated from the date of its formation being the date from which the College has exercised control through voting rights in the subsidiary. 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 the assets and liabilities of the subsidiary for the reporting year are in Note 12.

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 Statement of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year.

There are no material uncertainties about going concern.

3. Accounting 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 two 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 Governing Body, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

4. Income recognition

All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured.

a. Income from fees, Office for Students support and other charges for services

Fees receivable, less any scholarships, bursaries or other allowances granted from the College’s unrestricted funds, 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.

16

MANSFIELD COLLEGE Statement of Accounting Policies Year ended 31 July 2023

b. Income from donations, grants and legacies

Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the date on which the Charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met.

Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) of the deceased’s estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable.

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

Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the permanent 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.

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 are allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA).

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

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

17

MANSFIELD COLLEGE Statement of Accounting Policies Year ended 31 July 2023

6. Leases

Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease term and the assets’ useful lives. Assets are assessed for impairment at each reporting date. The corresponding capital obligations under these leases are shown as liabilities and are recognised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as to achieve a constant rate of interest on the remaining balance of the liability.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a straight-line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight-line basis.

7. Tangible fixed assets

Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

Expenditure on the acquisition, construction and enhancement of buildings which is directly attributable to bringing the asset to its working condition for its intended use, and expenditure on equipment, amounting to more than £1,500 is capitalised.

Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is de-recognised and expensed in the SOFA.

Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the SOFA as incurred.

8. Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows:

Freehold properties, including major extensions 50 years Leasehold properties Period of lease Building improvements 10 years Equipment 3 years

At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.

9. Heritage Assets

The College does not have any heritage assets.

10. Investments

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.

18

MANSFIELD COLLEGE Statement of Accounting Policies Year ended 31 July 2023

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as ‘gains or losses on investments’ and are allocated to the fund holding or disposing of the relevant investment.

11. Other financial instruments

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 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 payments discounted at a market rate of interest.

12. Stocks

Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.

13. Foreign currencies

The functional and presentation currency of the College 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.

14. Fund accounting

The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or set by the terms of an appeal. Endowment funds are further sub-divided into permanent and expendable.

Unrestricted funds can be used in furtherance of the Objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds.

Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required or permitted the capital to be maintained and with the intention that the income will be used for specific purposes within the College’s objects.

Permanent endowment funds arise where donors specify that the funds are to be retained as capital for the permanent benefit of the College. Any part of the total return arising from the capital that is allocated to income will be accounted for as unrestricted funds unless the donor has placed restrictions on the use of that income, in which case it will be accounted for as a restricted fund.

Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long-term benefit of the College. However, the Governing Body may at their discretion determine to spend all or part of the capital.

19

MANSFIELD COLLEGE Statement of Accounting Policies Year ended 31 July 2023

15. Pension costs

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

16. Agency arrangements

The college acts as agent in investing monies for the G B Caird Memorial Trust. Income and expenditure relating to this investment is excluded from the statement of financial activities as the College does not have control over the charitable application of the funds. The funds received and paid, and any balances held, are disclosed in note 28.

20

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

Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1
Other Trading Income
2
Donations and legacies
3
Investments
Investment income
4
Other income
5
Total income
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential
Raising funds:
Fundraising
Trading expenditure
Investment management costs
Total Expenditure
6
Net Income/(Expenditure) before gains
Net gains/(losses) on investments
11
Net Income/(Expenditure)
Transfers between funds
16
Net movement in funds for the year
Fund balances brought forward
16
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
5,260
1,205
274
575
100		 Restricted
Funds
£'000
-
-
26,814
535
-		 Endowed
Funds
£'000
-
-
2,632
-
-		 2023
Total
£'000
5,260
1,205
29,720
1,110
100		 2022
Total
£'000
5,279
751
7,943
746
130
7,414 27,349 2,632 37,395 14,849
6,615
674
279
7		 817
-
-
-		 4
-
-
-		 7,436
674
279
7		 7,643
631
173
7
7,575 817 4 8,396 8,454
(161)
-		 26,532
-		 2,628
(1,699)		 28,999
(1,699)		 6,395
(725)
(161)
6		 26,532
(261)		 929
255		 27,300
-		 5,670
-
(155)
14,757		 26,271
2,661		 1,184
23,421		 27,300
40,839		 5,670
35,169
14,602 28,932 24,605 68,139 40,839

21

Mansfield College Consolidated and College Balance Sheets As at 31 July 2023

2023 2022 2023 2022
Group Group College College
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 10 19,427 19,996 19,427 19,996
Other Investments 11 24,609 23,421 24,609 23,421
Total Fixed Assets 44,036 43,417 44,036 43,417
CURRENT ASSETS
Stocks 90 89 90 89
Debtors 13 6,331 1,410 6,331 1,410
Deposits and other short term investments 20,211 272 20,211 272
Cash at bank and in hand - 1 - 1
Total Current Assets 26,632 1,772 26,632 1,772
LIABILITIES
Creditors: Amounts falling due within one year 14 1,212 1,989 1,214 1,989
NET CURRENT ASSETS/(LIABILITIES) 25,420 (217) 25,418 (217)
TOTAL ASSETS LESS CURRENT LIABILITIES 69,456 43,200 69,454 43,200
CREDITORS: falling due after more than one year 15 23 23 23 23
NET ASSETS BEFORE PENSION LIABILITY 69,433 43,177 69,431 43,177
Defined benefit pension scheme liability 20 (1,294) (2,338) (1,294) (2,338)
TOTAL NET ASSETS 68,139 40,839 68,137 40,839
FUNDS OF THE COLLEGE
Endowment funds 24,605 23,421 24,605 23,421
Restricted funds 28,932 2,661 28,932 2,661
Unrestricted funds
Designated funds 18,405 18,963 18,405 18,963
General funds (2,509) (1,868) (2,511) (1,868)
Pension reserve 20 (1,294) (2,338) (1,294) (2,338)
68,139
40,839
68,137
~~———~~		 40,839

The financial statements were approved and authorised for issue by the Governing Body of Mansfield College on

Helen Mountfield KC

Clem Brohier

22 November 2023

22

Mansfield College

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

Notes
Net cash provided by (used in) operating activities
22
Cash flows from investing activities
Dividends, interest and rents from investments
Proceeds from the sale of property, plant and equipment
Purchase of fixed assets (including adjustment)
Proceeds from sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of borrowing
Cash inflows from new borrowing
Receipt of endowment
Net cash provided by (used in) financing activities
Change in cash and cash equivalents in the reporting period
23
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
period
Change in cash and cash equivalents due to exchange
rate movements		 2023
£'000
20,168		 2022
£'000
411
1,110
-
(85)
-
(2,887)		 746
-
(35)
-
(6,800)
(1,862) (6,089)
(1,000)
-
2,632		 (1,400)
-
6,781
1,632 5,381
19,938
273
-		 (297)
570
-
20,211 273

23

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

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, Research and Residential
Unrestricted funds
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other fees
Other Office for Students support
Other academic income
College residential income
Total income from charitable activities		 2023
£'000
1,213
1,007
924
43
90
1,983		 2022
£'000
1,257
896
837
111
223
1,955
5,260 5,279

The above analysis includes £1256k received from University of Oxford from publicly accountable funds under the CFF Scheme (2022: £1368k).

Under the terms of the undergraduate student support package offered by University of Oxford to students from lower income households, the college share of the fees waived amounted to £0k (2022: £0k). These are not included in the fee income reported above.

2 INCOME FROM OTHER TRADING ACTIVITES

Non-charitable trading income
Other trading income
3
DONATIONS AND LEGACIES
Donations and Legacies
Unrestricted funds
Restricted funds
Endowed funds
4
INVESTMENT INCOME
Unrestricted funds
Equity dividends
Bank interest
Restricted funds
Equity dividends
Total Investment income
5
OTHER INCOME
Coronavirus Job Retention Scheme
Other income		 2023
£'000
1,199
6		 2022
£'000
747
4
1,205 751
2023
£'000
274
26,814
2,632		 2022
£'000
276
886
6,781
29,720 7,943
2023
£'000
516
59		 2022
£'000
470
3
575 473
535 273
535 273
1,110 746
2023
£'000
-
100		 2022
£'000
47
83
100 130

24

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

6
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
Trading expenditure
Other direct costs allocated to:
Fundraising
Trading expenditure
Support and governance costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Total expenditure on raising funds
Total expenditure		 2023
£'000
3,232
3,505
699		 2022
£'000
3,711
2,383
1,549
7,436 7,643
463
86
149
174
62
19
7		 505
76
81
91
45
6
7
960 811
8,396 8,454

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.

25

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

7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

2023
Financial administration
Domestic administration
Human resources
IT
Depreciation
Other finance charges
Governance costs
2022
Financial administration
Domestic administration
Human resources
IT
Depreciation
Other finance charges
Governance costs		 Generating
Funds
£'000
34
-
-
28
-
19
-		 Teaching
and
Research
£'000
412
107
181
354
654
(1,027)
18
699
Teaching
and
Research
£'000
372
148
43
270
667
31
18
1,549		 Public
Worship
£'000
-
-
-
-
-
-
-		 Heritage
£'000
-
-
-
-
-
-
-		 2023
Total
£'000
446
107
181
382
654
(1,008)
18
81 - - 780
Generating
Funds
£'000
37
-
-
8
-
6
-		 Public
Worship
£'000
-
-
-
-
-
-
-		 Heritage
£'000
-
-
-
-
-
-
-		 2022
Total
£'000
409
148
43
278
667
37
18
51 - - 1,600

Financial administration, domestic administration and IT costs are attributed according to the estimated staff time spent on each activity. Depreciation costs and are attributed according to the use made of the underlying assets. Other finance charges are attributed according to the purpose of the related financing. Governance costs are allocated to the core charitable activity of tuition.

Governance costs comprise:
Auditor's remuneration - audit services
Auditor's remuneration - other services		 2023
£'000
16
2		 2022
£'000
15
3
18 18

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.

GRANTS AND AWARDS
During the year the College funded research awards and bursaries to students from its restricted and unrestricted funds as follows:
Unrestricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Total unrestricted
Restricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Total restricted
Total grants and awards		 2023
£'000
29
56		 2022
£'000
46
52
85 98
263
14		 275
4
277 279
362 377

The figures above include the cost to the College of the Oxford Bursary scheme. Students of the College received £56k (2022: £52k).and some of those students also received fee waivers amounting to £23k (2022: £51k).

The above costs are included within the charitable expenditure on Teaching and Research.

26

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

STAFF COSTS
The aggregate staff costs for the year were as follows.
Salaries and wages
Social security costs
Pension costs:
Defined benefit schemes
Pension deficit recovery plan adjustments (note 20)
The average number of employees of the College, excluding Trustees,
on a full time equivalent basis was as follows.
Tuition and research
College residential
Fundraising
Support
Total
The average number of employed College Trustees during the year was as follows.
University Lecturers
CUF Lecturers
Other teaching and research
Other
Total		 2023
£'000
3,654
297
563
(1,121)		 2022
£'000
3,086
254
514
1,193
3,393 5,047
2023
9
47
6
13		 2022
10
36
5
12
75 63
17
1
19
1		 19
2
18
2
38 41

There were no employees (excluding college trustees) during the year whose gross pay and pay benefits (excluding employer NI and pension contributions) exceeded £60,000 (2022: No employees).

Group and College
Cost
At start of year
Additions
At end of year
Depreciation
At start of year
Depreciation charge for the year
At end of year
Net book value
At end of year
At start of year		 Leasehold
land and
buildings
£'000
75
-		 Freehold
land and
buildings
£'000
25,304
-
25,304
5,398
604
6,002
19,302
19,906		 Plant and
machinery
£'000
-
-		 Fixtures,
fittings and
equipment
£'000
609
85		 Total
£'000
25,988
85
75 - 694 26,073
10
-		 -
-		 584
50		 5,992
654
10 - 634 6,646
65 - 60 19,427
65 - 25 19,996

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.

27

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

11 OTHER INVESTMENTS

Group and College

All investments are held at fair value.

Investments
Valuation at start of year
New money invested
Amounts withdrawn
Reinvested income
Investment management fees
(Decrease)/increase in value of investments
Group investments at end of year
Investment in subsidiaries
Investments at end of year		 2023
£'000
23,421
2,887
-
-
-
(1,699)
24,609
-		 2022
£'000
17,346
6,800
-
-
-
(725)
23,421
-
24,609 23,421
Investments comprise:
Equity investments
Alternative and other investments
Fixed term deposits and cash
Total investments		 Held outside
the UK
£'000
-
-
-		 Held in
the UK
£'000
21,918
2,424
267		 2023
Total
£'000
21,918
2,424
267
24,609		 Held outside
the UK
£'000
-
-
-		 Held in
the UK
£'000
20,630
2,503
288		 2022
Total
£'000
20,630
2,503
288
- 24,609 - 23,421 23,421

12 PARENT AND SUBSIDIARY UNDERTAKINGS

The College holds 100% of the issued share capital in Mansfield College Developments Limited, a company providing building services to the College.

The results and the assets and liabilities of the subsidiary at the year end are as follows.

Income
Expenditure
Result for the year
Total assets
Total liabilities
Net funds at the end of year
13
DEBTORS
Amounts falling due within one year:
Trade debtors
Amounts owed by College members
Prepayments and accrued income
Other debtors
14
CREDITORS: falling due within one year
Bank loans
Obligations under finance leases
Trade creditors
Amounts owed to College Members
Amounts owed to Group undertakings
Taxation and social security
College contribution
Accruals and deferred income
Other creditors		 2023
Group
£'000
462
161
35
5,673
6,331
2023
Group
£'000
-
-
402
53
-
115
-
462
180
1,212		 2022
Group
£'000
260
136
41
973		 2023
£'000
-
2		 2022
£'000
-
(2)
2 (2)
2
-		 3
(2)
2 1
2023
College
£'000
462
161
35
5,673		 2022
College
£'000
260
136
41
973
1,410 6,331 1,410
2022
Group
£'000
1,000
-
51
156
-
120
-
515
147		 2023
College
£'000
-
-
402
53
2
115
-
462
180		 2022
College
£'000
1,000
-
51
156
-
120
-
515
147
1,989 1,214 1,989

Bank loans totalling £0 at 31 July 2023 (2022: £1,000k) are unsecured.

28

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

Mansfield College

15
CREDITORS: falling due after more than one year
Other loans
16
ANALYSIS OF MOVEMENTS ON FUNDS
Group and College
Endowment Funds - Permanent
General endowment
Fellowships
Scholarships/Prizes/Bursaries
Chapel and related purposes
Other
Endowment Funds - Expendable
General endowment
Fellowships
Scholarships/Prizes/Bursaries
Other
Total Endowment Funds
Restricted Funds
Fellowships
Scholarships/Prizes/Bursaries
Chapel and related purposes
Buildings - capital
Buildings - lease
Other
Total Restricted Funds
Unrestricted Funds
Fixed asset designated fund
General funds
Other designated funds
Pension reserve
Total Unrestricted Funds - College
Unrestricted funds held by subsidiaries
Total Unrestricted Funds
Total Funds		 At 1 August
2022
£'000
9,958
6,636
2,288
1,588
46
2,448
288
121
48		 Incoming
resources
£'000
-
2,628
4
-
-
-
-
-
-		 2023
Group
£'000
23
23
Resources
expended
£'000
-
-
-
-
-
-
-
(4)
-
(4)
(53)
(501)
(37)
(50)
-
(176)
(817)
(654)
(7,967)
1,044
(7,577)
2
(7,575)
(8,396)		 2022
Group
£'000
23		 2023
College
£'000
23		 2022
College
£'000
23
23 23 23
Transfers
£'000
-
220
34
-
-
-
-
-
1		 Gains/
(losses)
£'000
(727)
(456)
(187)
(115)
(3)
(179)
(21)
(7)
(4)		 At 31 July
2023
£'000
9,231
9,028
2,139
1,473
43
2,269
267
110
45
23,421 2,632 255 (1,699) 24,605
204
959
7
-
1,033
458		 10,342
938
41
10,360
-
5,668		 (219)
(25)
-
-
(11)
(6)		 -
-
-
-
-
-		 10,274
1,371
11
10,310
1,022
5,944
2,661 27,349 (261) - 28,932
18,963
(1,868)
(2,338)		 -
7,414
-		 96
(90)
-		 -
-
-		 18,405
(2,511)
(1,294)
14,757 7,414 6 - 14,600
- - - 2
14,757 7,414 6 - 14,602
40,839 37,395 - (1,699) 68,139

29

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

17 DETAILS OF THE FUNDS OF THE COLLEGE

The following is a summary of the origins and purposes of each of the Funds

Endowment Funds - Permanent: General endowment A consolidation of gifts and donations where income, but not capital, can be used for the general purposes of the College Fellowships Capital balance of past donations where related income, but not the original capital, can be used for supporting Teaching Fellowships Scholarships/Prizes/Bursaries Capital balance of past donations where related income, but not the original capital, can be used for the provision of scholarships, prizes and bursaries Chapel and related purposes Capital balance of past donations where related income, but not the original capital, can be used to support the Chapel and related activities Other A consolidation of gifts and donations where income, but not capital, can be used to support other specified College activities Endowment Funds - Expendable: General endowment A consolidation of gifts and donations where either income, or income and capital, can be used for the general purposes of the College Fellowships A consolidation of gifts and donations where either income, or income and capital, can be used for supporting Teaching Fellowships Scholarships/Prizes/Bursaries Capital balance of past donations where either income, or income and capital, can be used for the provision of scholarships, prizes and bursaries Other A consolidation of gifts and donations where either income, or income and capital, can be used to supporting other specified College activities. 17 FUNDS OF THE COLLEGE DETAILS continued Restricted Funds: Fellowships A consolidation of gifts and donations where both income and capital must be used for supporting Teaching Fellows Scholarships/Prizes/Bursaries A consolidation of gifts and donations where both income and capital must be used for the provision of scholarships, prizes and bursaries Chapel and related purposes A consolidation of gifts and donations where both income and capital must be used to support the Chapel and related activities Buildings A consolidation of gifts and donations where both income and capital must be used to provide new buildings or maintain existing buildings Other A consolidation of gifts and donations where both income and capital must be used to support other specified College activities Designated Funds Fixed asset designated fund This represents the net book value of the fixed assets of the College less the amount funded by the "Buildings - Lease" restricted fund. Therefore, this element of unrestricted funds are not available for expenditure on the College's general purposes. Pension reserve Representing the liability for future pension contributions under defined benefit schemes

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.

2023
Tangible fixed assets
Property investments
Other investments
Net current assets/(liabilities)
Long term liabilities
Provisions
2022
Tangible fixed assets
Other investments
Net current assets/(liabilities)
Long term liabilities
Provisions		 Unrestricted
Funds
£'000
18,974
-
4
(3,059)
(23)
(1,294)
14,602
Unrestricted
Funds
£'000
18,963
-
(1,845)
(23)
(2,338)
14,757		 Restricted
Funds
£'000
1,022
-
-
27,910
-		 Endowment
Funds
£'000
-
-
24,605
-
-		 2023
Total
£'000
19,996
-
24,609
24,851
(23)
(1,294)
28,932 24,605 68,139
Restricted
Funds
£'000
1,033
-
1,628
-		 Endowment
Funds
£'000
-
23,421
-
-		 2022
Total
£'000
19,996
23,421
(217)
(23)
(2,338)
2,661 23,421 40,839

30

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

19 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 services they provide to the College.

Trustees of the College fall into the following categories:

Head of House

Professorial Fellow Official Fellow Supernumerary Fellow

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.

Some Trustees are eligible for a Housing Allowance, which is disclosed within the salary figures below.

g g y p y

Committee has a membership that is completely external to that of Governing Body.

19 TRUSTEES' REMUNERATION continued Remuneration paid to trustees

Range
£1 - £10,000
£10,001 - £20,000
£20,001 - £30,000
£30,001 - £40,000
£50,001 - £60,000
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£120,001 - £130,000
£130,001 - £140,000
£140,001 - £150,000
£150,001 - £160,000
Total		 1
2
17
2
0
1
1
1
1
0
0
0
0
0
2
Number of Trustees/Fellows		 -
-
-
-
-

62,868
76,851
88,502
-
Gross remuneration, taxable
benefits and pension contributions
£
305,008
74,270
1,153,813
418,797
2023
97,219
500
29,798		 2
4
19
1
1
1
0
3
1
0
0
0
1
0
0
Number of
Trustees/Fellows		 135,862
-
-
-
-
Gross remuneration, taxable
benefits and pension contributions
2022
58,153
251,237
£
457,762
-
-
60,368
6,048
36,162
59,094
90,691
28 33 1,155,377

10 (2022: 9) 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.

See also note 26 Related Party Transactions

Key management remuneration

The total remuneration paid to key management was £563k (2022: £469k).

Key management is considered to be the Principal, the Bursar, the Senior Tutor, the Dean, the Tutor for Graduates, the Development Director, the Accountant, and the Domestic Bursar.

31

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

20 PENSION SCHEMES

The College participates in two principal pension schemes for its staff - the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension scheme (OSPS). The assets of each scheme are held in separate trustee-administered funds. USS and OSPS are contibutory mixed benefit schemes (i.e. they provide benefits on a defined benefits basis - based on length of service and pensionable salary - and on a defined contribution basis - based on contributions into the scheme). Both are multi-employer schemes and the College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, the College accounts for the schemes as if they were defined contribution schemes. as a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period.

In the event of the withdrawal of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.

Actuarial valuations

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

USS OSPS
Date of valuation: 31/03/2020 31/03/2022
Date valuation results published: 30/09/2021 27/06/2023
Value of liabilities: £80.6bn £914m
Value of assets: £66.5bn £961m
Funding surplus / (deficit): (£14.1bn) £47m
Principal assumptions:
Discount rate Fixed interest Gilts +0.5% - 2.25%
gilt yield curve b
Rate of increase in salaries plus 1%-2.75% RPI
Rate of increase in pensions n/a Average RPI/CPI d
CPI+0.05%c
Assumed life expectancies on retirement at age 65:
· Males currently aged 65 24.0 yrs
· Females currently aged 65 25.6 yrs
· Males currently aged 45 26.0 yrs
· Females currently aged 45 27.4 yrs
Funding ratios:
· Technical provisions basis 83% 105%
· Statutory Pension Protection Fund basis 64% 98%
· 'Buy-out' basis 51% 62%
Employer contribution rate (as % of pensionable salaries): 21.1% to 21.6% 19% down to 16.5%
from 1 Apr 22 for DB members from 1 Oct 2023
Effective date of next valuation: 31/03/2023 31/03/2025

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

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

b. The discount rate for the OSPS valuation was:

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

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

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

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

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

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

32

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

21 TAXATION

20 PENSION SCHEMES continued

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

Sensitivity of actuarial valuation assumptions

Surpluses or deficits which arise at future valuations may impact on the College's future contribution commitment. The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set out below:

USS USS USS
Assumption Change in assumption Impact on USS liabilities
Initial pre-retirement discount rate
Post-retirement discount rate
CPI
Life expectancy
Rate of mortality		 increase / reduce by 0.1%
more prudent assumption (reduce the adjustment to the base
mortality table by 5%)
increase / reduce by 0.25%
reduce by 0.25%
more prudent assumption (increase the annula mortality
improvements long-term rates by0.2%)		 decrease by £1.5bn
increase by £1.2bn
decrease / increase by £1.3bn
increase by £2.8bn
increase by £0.6bn
OSPS
Assumption Change in assumption Impact on OSPS technical provisions
Valuation rate of interest
RPI		 increase by 0.25%
decrease by 0.25%		 Increase by £45m
Increase by £40m

Deficit Recovery Plans

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

2022/23 2022/23 2022/23 2021/22
OSPS
USS		 OSPS
USS
Finish Date for Deficit Recovery Plan
Average staff number increase
Average staff salary increase
Average discount rate over period
Effect of 0.5% change in discount rate
Effect of 1% change in staff growth		 30/09/2023
31/03/2028
0.00%
0.00%
4.00%
4.00%
3.90%
3.97%
£46k
£47k		 30/01/2028
31/03/2028
1.00%
1%
4.00%
4.00%
1.25%
1.60%
£15k
£66k
£29k
£142k

A provision of £1,294k has been made at 31 July 2023 (2022: £2,338k) for the present value of the estimated future deficit funding element of the contributions payable under these agreements, using the assumptions shown. The provision reduces as the deficit is paid off according to the pension recovery scheme.

Pension charge for the year

The pension charge recorded by the College during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows:

Scheme
Universities Superannuation Scheme
University of Oxford Staff Pension Scheme
Total		 2023
£'000
321
242		 2022
£'000
1,357
350
563 1,707

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 because the directors of this company 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.

33

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

22
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 (including adjustment)
(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
23
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents
24
FINANCIAL COMMITMENTS
At 31 July the College had annual commitments under non-cancellable operating leases as follows:
Land and buildings
expiring within one year
expiring between two and five years		 2023
Group
£'000
27,300
(1,110)
1,699
(2,632)
654
-
(1)
(4,921)
223
-
(1,044)		 2022
Group
£'000
5,670
(746)
725
(6,781)
666
-
(3)
(527)
214
-
1,193
20,168 411
2023
£'000
-
20,211		 2022
£'000
1
272
20,211 273
2023
£'000
266
727		 2022
£'000
552
296
993 848

25 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July for future capital projects totalling £0k (2022 - £0k).

26 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 these financial statements.

During the year the College made payments totalling £1,408 (2022: £860) to Keiko Ikeuchi, the wife of Paul Lodge, a trustee, for photography services.

During the year the College made payments totalling £2,695 (2022: £2,662) to Phil Harriss, the partner of Ros Ballaster, a trustee, for editorial and proof-reading services.

During the year, 26 trustees made donations of £1,698 in total.

27 POST BALANCE SHEET EVENTS

There were no material post balance sheet events which require disclosure in these financial statements.

28 AGENCY ARRANGEMENTS

The College is investing monies for the G B Caird Memorial Trust alongside its own investments. In the accounting period ending 31 July 2023 the College received investment income of £18k (2022: £11k). The total balance held is £276K (2022: £297k).

34

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

29 ADDITIONAL PRIOR YEAR COMPARATIVES

a Consolidated Statement of Financial Activities
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
Other Trading Income
Donations and legacies
Investments
Investment income
Other income
Total income
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential
Raising funds:
Fundraising
Trading expenditure
Investment management costs
Total Expenditure
Net Income/(Expenditure) before gains
Net gains/(losses) on investments
Net Income/(Expenditure)
Transfers between funds
Net movement in funds for the year
Fund balances brought forward
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
5,279
751
276
473
130
6,909
7,042
-
620
173
7
7,842
(933)
-
(933)
22
(911)
15,668
14,757		 Restricted
Funds
£'000
-
-
886
273
-		 Endowed
Funds
£'000
-
-
6,781
-
-		 2022
Total
£'000
5,279
751
7,943
746
130
1,159 6,781 14,849
601
-
11
-
-		 -
-
-
-		 7,643
631
173
7
612 - 8,454
547
-		 6,781
(725)		 6,395
(725)
547
(41)		 6,056
19		 5,670
-
506
2,155		 6,075
17,346		 5,670
35,169
2,661 23,421 40,839

35

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

29 ADDITIONAL PRIOR YEAR COMPARATIVES continued

b Analysis of Movements on Funds
Group and College
Endowment Funds - Permanent
General endowment
Fellowships
Scholarships/Prizes/Bursaries
Chapel and related purposes
Other
Endowment Funds - Expendable
General endowment
Fellowships
Scholarships/Prizes/Bursaries
Other
Total Endowment Funds - College
Restricted Funds
Fellowships
Scholarships/Prizes/Bursaries
Chapel and related purposes
Buildings - capital
Buildings - lease
Other
Total Restricted Funds - College
Restricted funds held by subsidiaries
Unrestricted Funds
Fixed asset designated fund
General funds
Other designated funds
Major works reserve
Pension reserve
Total Unrestricted Funds - College
Unrestricted funds held by subsidiaries
Total Unrestricted Funds
Total Funds		 At 1 August
2021
£'000
10,286
1,376
1,020
1,634
48
2,513
296
124
49		 Incoming
resources
£'000
-
5,375
1,406
-
-
-
-
-
-		 Resources
expended
£'000
-
-
-
-
-
-
-
-
-
- -
(50)
(380)
(35)
(2)
-
(145)
(612)
-
(666)
(5,982)
(1,194)
(7,842)
-
(7,842)
(8,454)		 Transfers
£'000
-
10
9
-
-
-
-
-
-		 Gains/
(losses)
£'000
(328)
(125)
(147)
(46)
(2)
(65)
(8)
(3)
(1)		 At 31 July
2022
£'000
9,958
6,636
2,288
1,588
46
2,448
288
121
48
17,346 6,781
19		 (725) 23,421
137
803
6
-
1,055
154		 127
538
36
2
-
456		 (10)
(2)
-
-
(22)
(7)		 -
-
-
-
-
-		 204
959
7
-
1,033
458
2,155 1,159 (41) - 2,661
-
20,688
(3,876)
-
(1,144)		 -
-
6,909
-		 -
(1,059)
1,081
-		 -
-
-
-		 -
18,963
(1,868)
-
(2,338)
15,668 6,909 22 - 14,757
- - - - -
15,668 6,909 22 - 14,757
35,169 14,849 - (725) 40,839

36