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← The Principal And Fellows Of Mansfield College In The University Of Oxford

2024-07-31-accounts

Annual Report and Financial Statements

Year ended 31 July 2024

Registered charity 1143860

MANSFIELD COLLEGE

Annual Report and Financial Statements Year Ended 31 July 2024 Contents

Table of Contents

Governing Body, Officers and Advisers ..................................................................................................................... 2 Report of the Governing Body ....................................................................................................................................... 5 Auditor’s Report .................................................................................................................................................................. 18 Statement of Accounting Policies ............................................................................................................................. 22 Consolidated Statement of Financial Activities ................................................................................................. 28 Consolidated and College Balance Sheets .......................................................................................................... 29 Consolidated Statement of Cash Flows ................................................................................................................ 30 Notes to the Financial Statements ............................................................................................................................. 31

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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 Resigned January 2024 
Professor Ros Ballaster  
Professor Jocelyn Bell Burnell
Professor Vanessa Berenguer-Rico  
Appointed 16 October
Professor Sara Bernardini 2024 
Dr Andrea Bernini 
Professor Steve Biller 
Professor Stephen Blundell 
Mr Clem Brohier  
Professor Jon Chapman
Mr James Colman
Professor Matt Cook 
Ms Elizabeth Drummond 
Professor Carl Frey 
Professor Marina Galano 
Professor Andy Gosler 
Professor Vicente Grau Colomer 
Professor Ian 
Griffiths
Professor Andrew Higgins 
Appointed 16 October
Dr Lyndsey Jenkins 2024 
Professor Peter Keevash 
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 
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Professor Catherine O’Regan
Appointed 16 October
Professor Thomas Rainforth 2024  
Resigned 30 September
Professor Joel Rasmussen 2024  
Resigned 30 September
Ms Lucinda Rumsey 2024 
Professor Alison Salvesen 
Dr Christopher Salamone 
Professor Jason Smith  
Professor Jennifer Strawbridge 
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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
Professor Ros Ballaster Vice 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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COLLEGE ADVISERS

Investment manager

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

Auditor

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

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

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

REFERENCE AND ADMINISTRATIVE INFORMATION

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.

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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:

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.

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:

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aims as above.

Public beneft

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.

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.

In total during the year, the College made bursary and hardship awards totalling £61k (2023: £70k), including £46k (2023: £56k) under the Oxford Bursary scheme. Some of those students in the Oxford Bursary scheme also received fee waivers amounting to £36k (2023: £23k).

The College gave scholarships, prizes and other grants during the year totalling £486k (2023: £263k).

Among the numerous scholarships awarded by the College, many in partnership with University initiatives and programmes, Mansfield welcomes a dedicated Sanctuary Scholar, for a student whose education has been disrupted by forced migration. Thanks to generous support from alumni and the Council of Lutheran Churches we have welcomed multiple Sanctuary Scholars to Mansfield since 2021. Mansfield was also a participating college in the University of Oxford’s Graduate Scheme for Ukraine Refugees, which was developed in record time in response to the invasion .

University’s programme to offer UK Black and Mixed Black students financial support to pursue graduate study at Oxford. This is one of a series of scholarship programmes to address under-representation and help improve equality, diversity and inclusion in Oxford’s graduate student body.

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the Weidenfeld-Hoffmann graduate programme. These scholarships have been named for the former Secretary-General of the United Nations and Nobel Peace Prize winner, Kofi Annan (1938-2018), who opened the Bonavero Institute of Human Rights at Mansfield in June 2018. The Weidenfeld-Hoffmann Scholarships and Leadership Programme within Oxford University aims to provide outstanding university graduates and professionals from developing and emerging economies with the opportunity to pursue study at Oxford. In addition to their studies, the graduates participate in a tailor-made leadership programme to give them additional practical skills and opportunities. The Kofi Annan Scholarships at Mansfield have been made possible thanks to the generosity of a Mansfield alumnus.

The College also awarded a Reach Scholarship for 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.

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.

Additional Public Beneft Activities and Initiatives

of weekly ‘Public Talks’ every Friday at the College during Oxford termtimes, given by leading figures from a variety of fields. These talks are advertised widely across Oxford and are free to attend, regularly attracting audiences of well over 100 people. Recordings of past Mansfield Public Talks are published on Mansfield's YouTube channel.

Sanctuary scheme, in March 2021 as a result of its ongoing commitment to nurture a culture of inclusivity and awareness for those seeking sanctuary.

a benefactor, to draw together the migrant and refugee communities of Oxford city, together with the students and colleges of Oxford University, through the practice of writing, reading, and publishing poetry. This project is organised and facilitated by Kate Clanchy MBE, member of the University of Oxford English Faculty and Writer in Residence at Mansfield College, former City Poet of Oxford, long-time teacher in Oxford’s state schools, currently working as Poet in Residence for Asylum Welcome, Oxford’s well-established refugee charity and in EMBS, Oxford’s Community College.

Industrial Mathematics and Janet Dyson Fellow in Maths at Mansfield, Professor Ian Griffiths, along with colleagues from the Mathematical Institute in Oxford. This group has delivered a series of workshops for mathematically qualified and maths-literate refugees and asylum

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seekers. The workshop series aims to support refugees and asylum seekers to overcome personal and intellectual limbo by linking Oxford mathematicians and mathematicians from refugee backgrounds. They also offer support in pursuing maths-based careers in the UK, including data sciences and statistics, different industry sectors, education and teaching. The initiative first began as a pilot scheme of informal workshops delivered during lockdown last year in partnership with Oxford Charity, Asylum Welcome. The feedback received from these sessions was very positive and the project is now expanding across the UK.

Access and Outreach

The College continues to be active in carrying out access work with schools and colleges in its link regions and attracts students from diverse backgrounds. Significant time and resources are devoted to outreach activities to encourage applicants from underrepresented groups and non-traditional backgrounds. The post of McBain Access Officer at the College has been fully endowed thanks to a donation from an alumnus in 2021/22. 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 its UK undergraduate admissions. This continues to be considerably higher than the University of Oxford average.

Activities and Objectives of the College

During the year, 514 undergraduates, graduates and visiting students from all parts of the UK and throughout the world benefitted from the educational opportunities provided by the College.

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.

Strategic Objectives

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;

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  1. 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;

  2. 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;

  3. 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;

  4. 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;

  5. 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.

The College monitors progress and makes any necessary adjustments to realise these objectives.

ACHIEVEMENTS AND PERFORMANCE

Student numbers in 2023-24 comprised 255 undergraduates, 217 postgraduates and 42 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 ongoing commitment to nurture a culture of inclusivity and awareness for those seeking sanctuary.

the wider academic community with their research, publications and teaching. More information about Fellows’ academic activity can be found in the annual Mansfield Magazine.

FUNDRAISING

running an engaging annual programme of activities, communications and events for Mansfield’s 5,500-strong alumni community. It is also responsible for external communications.

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This has been a landmark year in Development and Alumni Relations, with the launch of the most significant fundraising campaign in Mansfield’s history alongside the announcement of a cornerstone donation in support of all areas of the College’s work.

The campaign was launched in early March 2024, at a special event held at the London Stock Exchange (venue provided thanks to alumnus James Pearson (PPE, 1993). We also launched the campaign in New York in May 2024 generously hosted by alumnus Josh Weisenbeck (VSP, 2002) and his wife Janine.

The campaign is the most ambitious and furthest-reaching in the College’s history – aiming to endow the College’s core teaching, research, and operational posts (“People”), raise the capital required for a transformational redevelopment of the college site (“Place”), and both secure and enhance our access and student support provision (“Culture”).

Announcements on social media and our website happened concurrently to the launch. The College magazine, which this year was a bumper ‘Campaign Edition’ was also circulated the same month.

The public launch of the campaign followed an extensive and successful “quiet phase” which culminated in a landmark donation of £25 million from Chris Foster (Maths, 1997). With his gift – the largest in Mansfield’s history – Chris sought to support all three pillars of the campaign, ensuring that Mansfield becomes fully-equipped to find and support generations of students to come.

response from alumni and well beyond – receiving significant positive attention on social media, and resulting in the Principal being interviewed in the national press and national and international broadcast media. Key media pieces included the Guardian, the Times, an interview on Sky News, and featuring in a documentary on ARD German Television.

As of September 2024, £46 million has been given or pledged in support of the campaign (since 2019/20) - exclusive of gifts pledged in supporters’ wills. The College is deeply grateful to all of the alumni and others who continue to support it.

professional staff in the Development team 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 team staff to ensure that they are aware of and follow the Code.

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

FINANCIAL REVIEW

Financial result

The College set a prudent budget for the year taking into account pay settlements and general inflation. The Consolidated Statement of Financial Activities shows net incoming after investment gains of £2.99m (2022/23: net income £27.3.m).

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Income

Income from charitable activities of £5.5m (2022/23: £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 £1.3m up slightly from £1.2m in 22/23 marked a continued improvement in activity against budget. Total donations and legacies of £1.8m made a valued contribution to the new fund-raising campaign, ‘For Mansfield, For Ever’ thanks to our generous benefactors. Investment income of £2.4m (£1.1m in 2022/23) reflected the significant increase in endowment at the end of the previous year. The College recorded other income of £80k (2022/23: £100k), which included the lease and service charge from the BIHR and income from summer schools.

Expenditure

impacted, it was offset to an extent by savings on expenditure arising from better procurement and savings arising from staff vacancies that were difficult to recruit to in a continued restricted job market. In addition, the liability for the defined benefit pension scheme that we had been holding on the balance sheet in previous years was released as advised by the scheme administrators at the year end.

Within the year the College extended a feasibility study and completed an estate strategy to transform its Mansfield Road site. These costs have been capitalised under assets under construction at Note 10 to the accounts. At the end of the year, the Governing Body confirmed progression to RIBA stage 2, the concept design phase which will conclude at the end of the 2024 calendar year.

statements.

Gains/Losses on Investments

The College ‘s investments are managed by Oxford University Endowment Management Limited, CCLA and HSBC Private Bank. As disclosed in Note 11 to the financial statements, the value of the investments increased by a net £19.8m from £24.6m in 2022/23.

Consolidated Balance Sheet

Net assets as at 31st July 2024 were £71.1m (2023: £68.1m). The College held restricted funds of £28.6m (2023: £28.9m) and designated funds of £18.8m (2023: £18.4m). The defined benefit pension scheme liability of £1.3m was released in the year reflecting the latest actuarial assessment of the value of investment assets measured against the estimated future liabilities of the College’s share of the scheme.

Reserves Policy

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. Although the financial position improved in 23/24, the College continued not to have any free reserves at the year end. However, sufficient working capital was available from the

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College’s £6m revolving credit facility arranged with its bank, HSBC should it be required. The College did not have to use the facility during the year.

The negative general funds position at the year-end improved from £2.5m in 2022/23 to £1.6m at the end of 2023/24.

Restricted funds at the year end fell marginally from £28.9m to £28.6m.

from £18.4m in 22/23 to £18.8m at the end of the year 2023/24.

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

across a range of asset classes in order to produce an appropriate balance between risk and return.

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 12 months continued to develop its risk management arrangements building on the work carried out in the previous year. The aim has been to further develop and strengthen the approach to the management of risk across the College in the following ways:

impact on the achievement of the College objectives. The 13 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)
13. Ineffective systems of governance (Governance)
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The College understands that these 13 strategic risks have in some cases negative implications were they to arise. However, some of the risks also present opportunities for the College. In the coming months the College will seek to ensure that these risks will continue to be managed including:

That the key control environment is effective – the key controls exist, are consistently applied and that they achieve the desired outcome.

That actions being pursued to improve the management of the risk are suitably progressed and they achieve the desired outcome.

The key control environment consists of the following main components:

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

The above has been consolidated in the revised College Risk Management Framework. The College is in the process of setting up an Audit and Risk Committee which will actively review and monitor the management of the College strategic risks.

register covering the major building scheme.

Planned next steps to further develop and improve risk management include:

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 2024, the value of the funds invested by the College on behalf of the Trust was £276k (2023: £276k).

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 with 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:

Select the most suitable accounting policies and then apply them consistently.

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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.

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Approved by the Governing Body on 27[th] November 2024 and signed on its behalf by:

pte Mudie Helen Mountfield KC Principal

Clem Brohier

Bursar and Fellow

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Opinion

We have audited the financial statements of Mansfield College (the “Charity”) for the year ended 31 July 2024 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable 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).

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

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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.

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:

Responsibilities of the Members of the Governing Body

As explained more fully in the Statement of Accounting and Reporting Responsibilities set out on page 15, 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.

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 fnancial 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

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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:

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

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Year Ended 31 July 2024

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.

Critenogs Holi LLP Critchleys Audit LLP Statutory Auditor

Oxford

Date: 10/12/24

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

21

MANSFIELD COLLEGE

Statement of Accoun�ng Policies Year Ended 31 July 2024

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).

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)).

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.

  1. 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

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.

MANSFIELD COLLEGE Statement of Accoun�ng Policies Year Ended 31 July 2024

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.

b. Income from donations, grants and legacies

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.

rate method.

Dividend income and similar distributions are recognised on the date the share interest becomes ex-dividend 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.

  1. 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.

23

MANSFIELD COLLEGE Statement of Accoun�ng Policies Year Ended 31 July 2024

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.

  1. 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.

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.

  1. Tangible fxed 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.

24

MANSFIELD COLLEGE Statement of Accoun�ng Policies Year Ended 31 July 2024

8. Depreciation

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.

  1. 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.

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 fnancial instruments

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.

25

MANSFIELD COLLEGE Statement of Accoun�ng Policies Year Ended 31 July 2024

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.

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

26

MANSFIELD COLLEGE Statement of Accoun�ng Policies Year Ended 31 July 2024

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.

27

Mansfield College

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

----- Start of picture text -----
Unrestricted Restricted Endowed 2024 2023
Funds Funds Funds Total Total
Notes £'000 £'000 £'000 £'000 £'000
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential 1 5,512 - - 5,512 5,260
Other Trading Income 2 1,253 - - 1,253 1,205
Donations and legacies 3 280 943 550 1,773 29,720
Investments
Investment income 4 1,801 609 - 2,410 1,110
Other income 5 80 - - 80 100
Total income 8,926 1,552 550 11,028 37,395
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential 6,162 1,282 5 7,449 7,436
Raising funds:
Fundraising 734 - - 734 674
Trading expenditure 250 - - 250 279
Investment management costs 9 - - 9 7
Total Expenditure 6 7,155 1,282 5 8,442 8,396
Net Income/(Expenditure) before gains 1,771 270 545 2,586 28,999
Net gains/(losses) on investments 11 - 315 93 408 (1,699)
Net Income/(Expenditure) 1,771 585 638 2,994 27,300
Transfers between funds 16 912 (912) - - -
Net movement in funds for the year 2,683 (327) 638 2,994 27,300
Fund balances brought forward 16 14,602 28,932 24,605 68,139 40,839
Funds carried forward at 31 July 17,285 28,605 25,243 71,133 68,139
----- End of picture text -----

28

Mansfield College Consolidated and College Balance Sheets As at 31 July 2024

Notes
FIXED ASSETS
Tangible assets
10
Heritage assets
11
Property investments
12
Other Investments
11		 2024
2023
2024
2023
Group
Group
College
College
£'000
£'000
£'000
£'000
19,853
19,427
19,853
19,427
-
-
-
-
-
-
-
-
44,434
24,609
44,434
24,609
Total Fixed Assets 64,287
44,036
64,287
44,036
CURRENT ASSETS
Stocks
Debtors
13
Deposits and other short term investments
Cash at bank and in hand		 132
90
132
90
1,864
6,331
1,864
6,331
6,924
20,211
6,924
20,211
-
-
-
-
Total Current Assets
LIABILITIES
Creditors: Amounts falling due within one year
14		 8,920
26,632
8,920
26,632
1,804
1,212
1,806
1,214
NET CURRENT ASSETS/(LIABILITIES) 7,116
25,420
7,114
25,418
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: falling due after more than one year
15		 71,403
69,456
71,401
69,454
270
23
270
23
Defined benefit pension scheme liability
20
NET ASSETS BEFORE PENSION LIABILITY		 71,133
69,433
71,131
69,431
-
(1,294)
-
(1,294)
TOTAL NET ASSETS 71,133
68,139
71,131
68,137
FUNDS OF THE COLLEGE
Endowment funds
Restricted funds
Unrestricted funds
Designated funds
General funds
Pension reserve
20		 25,243
24,605
25,243
24,605
28,605
28,932
28,605
28,932
18,842
18,405
18,842
18,405
(1,557)
(2,509)
(1,559)
(2,511)
-
(1,294)
-
(1,294)
71,133
68,139
71,131
68,137

The financial statements were approved and authorised for issue by the Governing Body of Mansfield College on 27th November 2024.

Helen Mountfield KC

Clem Brohier

29

Mansfield College Consolidated Statement of Cash Flows For the year ended 31 July 2024

----- Start of picture text -----
2024 2023
Notes £'000 £'000
Net cash provided by (used in) operating activities 22 4,308 20,168
Cash flows from investing activities
Dividends, interest and rents from investments 2,410 1,110
Proceeds from the sale of property, plant and equipment - -
Purchase of fixed assets (including adjustment) (1,138) (85)
Proceeds from sale of investments - -
Purchase of investments (19,417) (2,887)
Net cash provided by (used in) investing activities (18,145) (1,862)
Cash flows from financing activities
Repayments of borrowing - (1,000)
Cash inflows from new borrowing - -
Receipt of endowment 550 2,632
Net cash provided by (used in) financing activities 550 1,632
Change in cash and cash equivalents in the reporting period (13,287) 19,938
Cash and cash equivalents at the beginning of the
reporting period 20,211 273
Change in cash and cash equivalents due to exchange
rate movements - -
Cash and cash equivalents at the end of the reporting
period 23 6,924 20,211
----- End of picture text -----

30

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

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, Research and Residential
Unrestricted funds
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other fees
Other Office for Students support
Other academic income
College residential income
Total income from charitable activities		 2024
£'000
1,073
1,277
735
41
23
2,363
5,512		 2023
£'000
1,213
1,007
924
43
90
1,983
5,260

The above analysis includes £1114k received from University of Oxford from publicly accountable funds under the CFF Scheme (2023: £1256k).

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 £36k (2023: £12k). 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
Income from fixed interest stocks
Bank interest
Restricted funds
Equity dividends
Total Investment income
5
OTHER INCOME
Coronavirus Job Retention Scheme
Other income		 2024
£'000
1,249
4
1,253
2024
£'000
280
943
550
1,773
2024
£'000
515
338
948
1,801
609
609
2,410
2024
£'000
-
80
80		 2023
£'000
1,199
6
1,205
2023
£'000
274
26,814
2,632
29,720
2023
£'000
516
-
59
575
535
535
1,110
2023
£'000
-
100
100

31

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

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		 2024
£'000
3,536
3,475
438
7,449
492
89
180
154
62
7
9
993
8,442		 2023
£'000
3,232
3,506
699
7,437
463
86
149
174
62
19
7
960
8,397

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.

32

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

8 GRANTS AND AWARDS

2024
Financial administration
Domestic administration
Human resources
IT
Depreciation
Loss/(profit) on fixed assets
Bank interest payable
Investment Management
Other finance charges
Governance costs		 Generating
Funds
£'000
41
-
-
19
-
-
-
7
2
69		 Teaching
and
Research
£'000
499
118
176
169
712
-
-
24
(1,283)
23
438		 Public
Worship
£'000
-
-
-
-
-
-
-
-
-
-		 Heritage
£'000
-
-
-
-
-
-
-
-
-
-		 2024
Total
£'000
540
118
176
188
712
-
-
24
(1,276)
25
507
2023
Financial administration
Domestic administration
Human resources
IT
Depreciation
Other finance charges
Governance costs		 Generating
Funds
£'000
34
-
-
28
-
19
-
81		 Teaching
and
Research
£'000
412
107
181
354
654
(1,027)
18
699		 Public
Worship
£'000
-
-
-
-
-
-
-
-		 Heritage
£'000
-
-
-
-
-
-
-
-		 2023
Total
£'000
446
107
181
382
654
(1,008)
18
780

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		 2024
£'000
23
2
25		 2023
£'000
16
2
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		 2024
£'000
21
46
67
486
15
501
568		 2023
£'000
29
56
85
263
14
277
362

The figures above include the cost to the College of the Oxford Bursary scheme. Students of the College received £46k (2023: £56k).and some of those students also received fee waivers amounting to £37k (2023: £23k).

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

33

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

9 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		 2024
£'000
3,993
320
514
(1,319)
3,508
2024
8
45
8
15
76
17
1
19
1
38		 2023
£'000
3,654
297
563
(1,121)
3,393
2023
9
47
6
13
75
17
1
19
1
38

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 (2023: 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
-
75
10
1
11
64
65		 Freehold
land and
buildings
£'000
25,304
-
25,304
6,002
679
6,681
18,623
19,302		 Assets
under
construction
£'000
-
1,093
1,093
-
-
-
1,093
-		 Fixtures,
fittings and
equipment
£'000
694
45
739
634
32
666
73
60		 Total
£'000
26,073
1,138
27,211
6,646
712
7,358
19,853
19,427

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.

34

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

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		 2024
£'000
24,609
19,417
-
-
-
408
44,434
-
44,434		 2023
£'000
23,421
2,887
-
-
-
(1,699)
24,609
-
24,609
Investments comprise:
Equity investments
Alternative and other investments
Fixed term deposits and cash
Total investments		 Held outside
the UK
£'000
22,539
2,436
19,459
44,434		 Held in
the UK
£'000
-
-
-
-		 2024
Total
£'000
22,539
2,436
19,459
44,434		 Held outside
the UK
£'000
-
-
-
-		 Held in
the UK
£'000
21,918
2,424
267
24,609		 2023
Total
£'000
21,918
2,424
267
24,609

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		 2024
£'000
-
2
2
2
-
2		 2023
£'000
-
2
2
2
-
2

13 DEBTORS

Amounts falling due within one year:
Trade debtors
Amounts owed by College members
Prepayments and accrued income
Other debtors		 2024
Group
£'000
433
499
46
886
1,864		 2023
Group
£'000
462
161
35
5,673
6,331		 2024
College
£'000
433
499
46
886
1,864		 2023
College
£'000
462
161
35
5,673
6,331

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		 2024
Group
£'000
-
-
732
111
-
20
-
677
264
1,804		 2023
Group
£'000
-
-
402
53
-
115
-
462
180
1,212		 2024
College
£'000
-
-
732
111
2
20
-
677
264
1,806		 2023
College
£'000
-
-
402
53
2
115
-
462
180
1,214

35

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

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
2023
£'000
9,231
9,028
2,139
1,473
43
2,269
267
110
45
24,605
10,274
1,371
11
10,310
1,022
5,944
28,932
18,405
(2,511)
(1,294)
14,600
2
14,602
68,139		 Incoming
resources
£'000
-
550
-
-
-
-
-
-
-
550
445
564
40
2
-
501
1,552
-
8,926
-
8,926
-
8,926
11,028		 2024
Group
£'000
270
270
Resources
expended
£'000
-
-
-
-
-
-
-
(5)
-
(5)
(279)
(676)
(37)
(2)
-
(288)
(1,282)
(712)
(7,739)
1,294
(7,157)
2
(7,155)
(8,442)		 2023
Group
£'000
23
23
Transfers
£'000
-
-
-
-
-
-
-
-
-
-
-
5
-
(310)
(11)
(596)
(912)
1,149
(237)
-
912
912
-		 2024
College
£'000
270
270
Gains/
(losses)
£'000
35
24
9
7
-
13
1
4
-
93
-
-
-
-
-
315
315
-
-
-
-
-
-
408		 2023
College
£'000
23
23
At 31 July
2024
£'000
9,266
9,602
2,148
1,480
43
2,282
268
109
45
25,243
10,440
1,264
14
10,000
1,011
5,876
28,605
18,842
(1,561)
-
17,281
4
17,285
71,133

36

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

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.
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.

2024
Tangible fixed assets
Other investments
Net current assets/(liabilities)
Long term liabilities
Provisions
2023
Tangible fixed assets
Other investments
Net current assets/(liabilities)
Long term liabilities
Provisions		 Unrestricted
Funds
£'000
18,842
-
(1,287)
(270)
-
17,285
Unrestricted
Funds
£'000
18,405
4
(2,490)
(23)
(1,294)
14,602		 Restricted
Funds
£'000
1,011
19,191
8,403
-
-
28,605
Restricted
Funds
£'000
1,022
-
27,910
-
-
28,932		 Endowment
Funds
£'000
-
25,243
-
-
-
25,243
Endowment
Funds
£'000
-
24,605
-
-
-
24,605		 2024
Total
£'000
19,853
44,434
7,116
(270)
-
71,133
2023
Total
£'000
19,427
24,609
25,420
(23)
(1,294)
68,139

37

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

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.

The College has a Remuneration Committee which makes recommendations to Governing Body on pay and benefits which are outside of external scales. The Remuneration Committee has a membership that is completely external to that of Governing Body.

Remuneration paid to trustees

Range
£1 - £10,000
£10,001 - £20,000
£20,001 - £30,000
£30,001 - £40,000
£40,001 - £50,000
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£150,001 - £160,000
£160,001 - £170,000
£170,001 - £180,000
Total		 1
2
17
1
1
1
1
1
1
1
0
1
28
Number of Trustees/Fellows		 2024

Gross remuneration, taxable
benefits and pension contributions
426,372
33,602
44,654
£
500
29,598
88,409
99,492
63,133
71,699
158,175
-
171,989
1,187,623		 1
2
17
2
0
1
1
1
1
2
0
0
28
Number of
Trustees/Fellows		 2023
Gross remuneration, taxable
benefits and pension contributions
418,797
74,270
-
£
500
29,798
88,502
97,219
62,868
76,851
305,008
1,153,813

10 (2023: 10) 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 £605k (2023: £563k).

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.

38

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

20 PENSION SCHEMES

Schemes accounted for under FRS 102 as defined contribution schemes Deficit Recovery Plans

For USS , a deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The College was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the income and expenditure account. The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

At 31 July 2023, the College’s balance sheet included a liability of £1,294k for future contributions ~~,~~ following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date the College was no longer required to make deficit recovery contributions. The remaining liability of £1,294k was released to the income and expenditure account.

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

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

----- Start of picture text -----
Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves less: 1.0%
CPI assumption
p.a. to 2030, reducing linearly by 0.1% p.a. from 2030.
Benefits with no cap: CPI assumption plus 3bps Benefits subject to a “soft cap” of 5% (providing inflationary increases
Pension increases (subject to a floor of 0%) up to 5%, and half of any excess inflation over 5% up to a maximum of 10%): CPI assumption minus 3bps
Fixed interest gilt yield curve plus:
Discount rate (forward rates) Pre-retirement: 2.5% p.a.
Post-retirement: 0.9% p.a.
The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the
2023 actuarial valuation. The mortality assumptions used in these figures are as follows:
Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females
CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a. and a long-term
improvement rate of 1.8% pa for males and 1.6% pa for females
Future improvements to mortality
The current life expectancies on retirement at age 65 are:
2024 2023
Males currently aged 65 (years) 23.7 24
Females currently aged 65 (years) 25.6 25.6
Males currently aged 45 (years) 25.4 26
Females currently aged 45 (years) 27.2 27.4
University of Oxford Staff Pension Scheme
----- End of picture text -----

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

The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan agreed at the last valuation is no longer required and the deficit contribution ended on 30th September 2023. A provision of £1.2m was made at 31 July 2023 (2022: £2.3m) to account for deficit recovery payments up to 30th September 2023. That remaining liability of £1.2m was released to the income and expenditure account in 2024.

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

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

Date of valuation: 31/03/2022 Value of liabilities: £914m Value of assets: £961m Funding surplus / (deficit): £47m

39

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

20 PENSION SCHEMES continued

----- Start of picture text -----
The principal assumptions used by the actuary were:
Rate of interest (periods up to retirement) Gilts' +2.25%
Rate of interest (periods after retirement) Gilts' +0.5%
Break-even RPI curve
RPI less 0.5% pa pre-2030
and 1.0% pa post-2030
RPI inflation assumption
CPI less 1% pa pre-2030
and 0.1% pa post-2030
Pensionable Salary increases RPI +pa
Funding Ratios:
Technical provisions basis: 105%
‘Buy-out’ basis: 62%
Non-financial assumptions:
Non-Pensioners: 105% of standard S3PxA medium tables for both males and females Pensioners:
Post-retirement mortality - base table 105% of standard S3PxA medium tables for both males and females
Post-retirement mortality - Non-Pensioners: 105% of standard S3PxA medium tables for both males and females
improvements Pensioners: 105% of standard S3PxA medium tables for both males and females
Recommended employer’s contribution rate (as % of 16.5% DB for members from 01/10/2023
pensionable salaries):
10% /12% /14% DC members in relation to 4% /6% /8% cost plan - from 01/10/2023
Effective date of next valuation: 31/03/2025
----- End of picture text -----

The College is aware of the Virgin Media v NTL Pensions Trustees II Limited Court of Appeal judgement which may give rise to adjustments to schemes. At present the legal process is incomplete and therefore we are unable to quantify any potential liabilities in 2024.

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		 2024
£'000
319
194
513		 2023
£'000
321
242
563

21

TAXATION

The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiary company 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.

40

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

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:
expiring within one year
expiring between two and five years		 2024
Group
£'000
2,994
(2,410)
(408)
(550)
712
-
(42)
4,467
839
-
(1,294)
4,308
2024
£'000
-
6,924
6,924
2024
£'000
643
1,645
2,288		 2023
Group
£'000
27,300
(1,110)
1,699
(2,632)
666
-
(3)
(527)
214
-
1,193
26,800
2023
£'000
-
20,211
20,211
2023
£'000
266
727
993

25 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July for future capital projects totalling £0k (2023 - £0k).

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 £1,619 (2023: £1,408) to Keiko Ikeuchi, the wife of Paul Lodge, a trustee, for photography services.

During the year the College made payments totalling £6,144 (2023: £2,695) to Phil Harriss, the partner of Ros Ballaster, a trustee, for editorial and proof-reading services.

During the year, 26 trustees made donations of £2,120 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 2024 the College received investment income of £12k (2023: £10k). The total balance held is £276K (2023: £276k).

41

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

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
5,260
1,205
274
575
100
7,414
6,615
-
674
279
7
7,575
(161)
-
(161)
6
(155)
14,757
14,602		 Restricted
Funds
£'000
-
-
26,814
535
-
27,349
817
-
-
-
-
817
26,532
-
26,532
(261)
26,271
2,661
28,932		 Endowed
Funds
£'000
-
-
2,632
-
-
2,632
4
-
-
-
4
2,628
(1,699)
929
255
1,184
23,421
24,605		 2023
Total
£'000
5,260
1,205
29,720
1,110
100
37,395
7,436
674
279
7
8,396
28,999
(1,699)
27,300
-
27,300
40,839
68,139

42

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

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
2022
£'000
9,958
6,636
2,288
1,588
46
2,448
288
121
48
23,421
204
959
7
-
1,033
458
2,661
-
18,963
(1,868)
-
(2,338)
14,757
-
14,757
40,839		 Incoming
resources
£'000
-
2,628
4
-
-
-
-
-
-
2,632
10,342
938
41
10,360
-
5,668
27,349
-
-
7,414
-
7,414
-
7,414
37,395		 Resources
expended
£'000
-
-
-
-
-
-
-
(4)
-
(4) -
(53)
(501)
(37)
(50)
-
(176)
(817)
-
(654)
(7,967)
1,044
(7,577)
2
(7,575)
(8,396)		 Transfers
£'000
-
220
34
-
-
-
-
-
1

255
(219)
(25)
-
-
(11)
(6)
(261)
-
96
(90)
-
6
-
6
-		 Gains/
(losses)
£'000
(727)
(456)
(187)
(115)
(3)
(179)
(21)
(7)
(4)
(1,699)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(1,699)		 At 31 July
2023
£'000
9,231
9,028
2,139
1,473
43
2,269
267
110
45
24,605
10,274
1,371
11
10,310
1,022
5,944
28,932
-
18,405
(2,511)
-
(1,294)
14,600
2
14,602
68,139

43