Keble College Annual Report and Financial Statements Year ended 31 July 2022 KEBLE COLLEGE Annual Report and Flnan¢ial Staternents Contents Pages Governing Body, Officèrs 8nd Advisers 2-3 Report ofthe Govemlng Body 4-15 ALtdlto¢s Report 16-18 Statement of Accounting Pol￿488 1￿22 Consolldated Statement of Financial Actiwties 23 Con501id8t8d and College 8aL3nc& Sheets 24 Consolidated Staternent of Cash Fbws 25 Notes to the F￿ancIal Statements 26-44 KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2022 MEIABERS OF THE GOVERNING BODY The Members of the Governing Body are th8 College's charlty trust88s under charfty law. Thè Governing Boty detemiines the orKJoing strategic dire¢th)n of the College and regulates its administration and the managernent of its finances and asset5. It is served by five principal committees.. 111 Finance Committee 121 131 141 151 Investment Advisory Committee Acade[￿￿ Committee Developrnent Committee Remuneralon Committee The tn8mb8rs of the Governing Body who served in office as Gov8rnors dudThJ the 2021-22 year or subsequently. and the memb8r5hip of the five principal committees. are detailed below. In addition, the Governing B￿ly, the Finance Committee and the Academic Cornrnittee have non-voting student r8presentatlves. 121 141 Sir Jonathan Philllps Mr SA Cooke DrAPRo ers MsJTud e Prof HL Anderson Dr IW Archer Dr LM Bgndall Prof M Qevis Prof M Bockmuehl Prol C Bountra Prof A Bueno-orowo Dr S Butt ProfHB rne Prof F Caron Prof G-Q Chen Prof M Clark8 Prof U Coope Prof B Cu8nca-Grau Prof D Downs Revd N Everett Prof S Faulkner DrJ Fix Prof S Fletcher Prof N Gardini Prof C G05den Dr J Goudkarnp Dr B Greenhou Dr U Gruneberg Prof ERF Harcourt Dr MN Hawcroft Prof D Jaksch Prof TJ Jenkinson Prof A Juhasz Prof SE Kearse Prof R Klose Dr S Knowles Dr F Leach Prof A Lvovsk Dr K M8cf8rlane Dr S Martin Warden (until 30 September 20221 Bursar Senior Tutor Dlrector of Devebpment Professorial Fellow Fellow & Tutor in Modem History Fellow & Tutor in Archaeolo y and Anthropolo Fellow & Tutor in E Professorial Fellow Professorial Fellow Fellow & Tutor in Computer Science Fellow & Tutor in Neuroph Professorial Fellow Fellow & Tutor in stali81ics Professorial Fellow Fellow & Tutor in Social Anthro Professorial Fellow Fellow and Tutor in Computer Science Fellow and Tutor in Theol Chaplain until 26 March 20221 Fellow & Tutor in Inoryanic Chemist Fellow and Tutor in Philoso Fellow & Tutor in Chemis Fellow & Tutor in Italian Professori81 Fellow Fellow & Tutor in Law Fellow & Tutor in Geo raphy Fellow & Tutor in Exp. Pathol Fellow & Tutor in Philosoph Fellow & Tutor in French F811ow & Tutor in Ph ics Professorial Felk)w Felh)w & Tutor in Math8fflatics Fellow & Tutor in Biology Professorkal Fellow Fellow and Tutoi in Zoology Fellow & Tutor in Engineerin Fellow & Tutor in Physics Fellow and Tutor in Theology Fellow by Special Election until 1 October 20211 Scienee KEBLE COLLEGE Report of th& Governing Body For the year ended 31 July 2022 Profv Mayer-Schonb8ryer Dr D McDertnott Prof A-MS Misra Prof P Newrnan Prof WE Peel Prof D Purkiss Prof G Reinert Prof K Sheppard Prof H Smith Dr K Soonawalla Prol J Tornlin50n Prof R Washington Prof Dame S Whalmore Sir Michael Jacobs Professorial Fellow Fellow & Tutor in Politics Fellow & Tutor in Modem Histo Professorial Fellow Fellow & Tutor in Jurisprudence Fellow & Tutor in En lish Lan ua Professorial Fellow Fellow & Tutor in Economics Fellow & Tutor in Econornics Felbw & Tutor in Mana emenl Professorial Fellow Fellow & Tutor in Geography Professorial Fellow Warden (from 1 October 20221 e & Literature Non-TTUStee Commltlee Member5 Mr J Church External Mr M Chambers External Mr A Dalki External Mi R Jolliffe External Dr H Jones Fellow by Special Election Mr M Jones External Mr G Kerr Fellow by Spe¢ial Election Mr J Nooonè External Ms J Newbu Extemal Mr G Robinson External Mr A Shilslorl External Ms F Wilson Librarian 121 141 COLLEGE SENIOR STAFF The senior staff of the College to whom day to day rn8nagement is dèlEgat8d are as follows. The Warden: Sir Jonathan Phillips luntil 30.09.221 Sir Michael Jacobs Ifrom 01.10.221 The Senh)r Tutor. Dr AP Rogers Th8 Bursar.. Mr SA Cooke The Development D1￿Ctor. Ms J Tudge AUDITOR Critchley5 Audit LLP 23-38 Hythe Bridge Street Oxford OX12EP INVESTMENT MANAGER Oxford University Endovmient Manag8rn8nt King Charles House P8rk End Street Oxford OX1 1JD COLLEGE ADDRESS Keble College Parks Road Oxtord OX1 3PG BANKERS HandeL%banken Seacourt rower West Way Oxford OX2 OJJ SOLICITORS Mills & Reeve LLP Botanic Housè 100 Hills Road Cambridge C821PH WEBSITE www.keble.ox.ac.uk The Metnbers of the Governlng Body present their Annu81 Report for the year ended 31 July 2022 under the Charit18s Act 2011 together wth the audited financial statements for the year. KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2022 REFERENCE AND ADMINISTIiATIVE INFORMATION The Warden, Fellows aThJ Scholars of Keble College in the Unwersity of Oxford, known a5 Kebl8 College Iyhe College'l. is an eleemosynary chartered charitable corporation aggregate. It was fountjed by public subscrlpllon In 1870 in memory of the Reverend John Keble. on land ill the parish of St Giles purchased frorn St John's College, wth the object of providing a University edu¢alion for young men in 8 College conducted in accordanr* with the principlès of thè chU￿h ol England. The College 15 registered wilh the Charty Cornmission I￿giStered nufflb8r 11439971. The names ol all M8mb8rs of the (knverning Body at the date of thi5 r8POrt ol those in office during the year. together with detai15 of the senior staff and 8dvisers ol the College, are given on pages 2 to 3. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College was incorpora18d by Royal Charter dated 6 June 1870. The Chartèr of Incorporation was modified by a Supplemental Charter dated 7 April 1902, and subsequently by Statutes made by the University ol Oxford Commissioner5 on 14 July 1925, under the provisions ol the Universities of Oxford and Cambridge ACL 1923. The Charter of Incorporation and the Ststutes of 1925 were further amended in 1952 and further Modified by subsequent amendrnents. The current Statutes We￿ approved by Her Majesty in Counc¥l on 10th February 2016. Governlng Body The Goveming Body is eon5tituted and regulated Inaccor¢Janc8With the College Statutes. theterm¥ ofwhi¢h are enforceable ultimately by the Visitor. who is the Archbishop of Canterbury. The Governing Body is self-appoinUn9, has such powers as are Conferr￿ on it by ils Charter and Statutes, and has the entire dlrection and tnanagemenl of the affairs of the College. The Goveming Body appoints the Warden, Fellows, Tutors, L8Cturer¥ and such admlnistrativa and other officers as the Governing Bodythinks necess8ryfrom time totime. It determines the ongoing strategic direction of the College and regulates its administration and managernentollts finances and assets. It appoints o)mmittees and d8legat8S to them such powers as It thlnks fit. The committees charged wth overse8ing the conduct of College business are listed below in the section headed-Th8 management ol the College.. Recruitment and training of Members of the Goveming Body New Members of the Governing Body are. in the case of academics. normally recruited through a i)int appolnlment process th th& University of Oxford which includes open adveitisement of the posts and a professional selection and appointrnent proc85s. In the case of posts funded solèly by the College. recruittnent 15 also usually thrtyjgh tspen advertisement of the post followed by a professional selectKJn and appointment process including extemal representatives as appropriate. New members of th8 Governing Body are inducted into th8 workings of the College, including Governing Body policy and procedures. through meetings with the Warden. th8 Senior Tutor and the Bursar and the provislon ol a comprehen&v8 58t ol ref8rellce documents. Members ol the Goveming Body atLend twstee training and inforrnation courses as 8ppropTh8t8 to keep them Infomied on CLtrrent Issues in th8 sector and on regulatory requirem8nts. Remunoratlon of MeM￿r$ of the Govemlng Body and Senior College Staff Members of the Governing Body re￿1ve no ￿MUn￿ratIOn or benefits from their role as College IrL6tees. Those trustees who are also employees of the College receive remuneration for Iheirwork as ernployees of thg College whlch is set based on the advic8 of the College's Remuneration Committee. The Committe8 when complete consists of five individua15. none of whom may be either truste8$ or grnployees ol the College. Remuneration for trustees who are teaching or research fellows is set in line with that awarded to the University's acadernic staff. Remuneration for trustees who a￿ full-time administiatots 15 Set at an appropriate gK)int on the College's salary scale based on a full job evaluation and reference to Cornp8r8￿e posts elsewhere. The ￿muneration of senior College staff is set by the Co118ge'5 Pay and Benefits Committee at an appropriate polnt on tho College's salary Scale based on a full job evaluation and reference to Comparable posts elsewhere. KEBLE COLLEGE Report ofthe Govemlng Body For the year ended 31 July 2022 The management of the College The Governing Body meets 9 tirnes 8 year. The work of devekjping Cdlege policy and monitoriry irnplernentalk)n is carrfed out by 15 standlng cotnmittaès and any temporary working groups the GovemirKJ Body deems it expedient to ¢￿ate. The 15 standlng committees are.. Academic Committee Oversees planning in academic matters and th8 19vel and quality of acadernic provision and library seN¢es to junior members. Monitor8 the appropriateness of the &￿sting pstabli5hment of Tutors and Lecturers in relat￿n to th8 academic needs of the College. Considers and makes recomtnendations on ad￿ce troffl the Research Committee concernlng the use of funds available for the purpose of research. Advowsons Committee Oversees the College's patronage of 69 Church ol England par￿h8$ throughout the UK and makes ￿¢0MMendat￿)n$ on the application of income from the Harfow TrusL P¢y)r Parishes Trust, and Ordinands. Fund. Buildings 8nd Gardens Cornmiltee Oversees the maintenan(x and development ol the College's buildings and grc¥Jnds. Data ProtectK)n 8nd Infom7atlon Security Committe Oversges development and implementation of data protection and information security policiès and procedures. Development Committe Ovèr5e8s th8 activities of the devoloprnent office, which is respornslble for 81umni relations and fundraising. Domest￿ Committe6 Oversees the provision of board and lodging to Cd18ge members. Fellowships Committee Advises on nornlnations to ￿)norary and emeritus fellowships and felkjwships by special election. Flnanca Comfftitt68 Oversees all matter5 of financial wlicy and practice, and in particular the financial irnplTc8tKins ol any proposals under con5id8ration. Reviews and makes r￿QmMendationS concerning annual ststements of accounts for the preceding ye8r. budgets and management accounts. College charges, trading activities, IT prowsion, salary polw and inv8strn8nt recommendations from th8 Investment Advisory Committe8. Health and Safety C¢ynmlttee Monitors the College's health and safety rewrd, ¢omrnissions and revp8ws an annual independent haalth and s8fety aL¥Jit, and makes policy recommendation5. Human Resourc8S 8nLI Equallty Commlttee Overse8s al aspects of HR and Equality policy and irnplementation. InvestmentAdvisory Ct)mmiteg Provides atjvice to Goveming Body. through Financè Cornmiitee, on the investments ofthe College and the appropriate level of incom8 drawdown. Payand Benefrts Committee Conducts an annual r8view of pay and benefits ol employe85, ￿thin a finandal framèwork $9t by Finance Commfftee. Makes iecotnrnendations on policy to Finarte COMrn￿ttee. R0mtJn•rgt￿￿ Commlttee The Remuneration Committee is ￿spOnSIble for reviewiry and approving the pay and benefits of members ol the Governing Body. Its rn8mbers are all external, with the Warden and Bursar in attendance lexcept for items relating to their rernuneralionl. Itconsiders any recornmendations on the pay and benefits of trusiees putforward by the Goveming Body. These it may either approv8 or refer back to Govemiw Body wth a r8cornmendatM)n Ihatthe prop088d pay and benefits be reconsidered with a view to their being reduced. Research Comnwtt8e Monitors and cmrdinates resèarch 8¢tivibes within the Colle9e and makes reC￿MendationS on Ihe distribution of College research funds and the appoinlrnent of research wsitors and associates. KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2022 Studenf Support Committ88 Makes recommendatlons conceming the overall level of student SUPPOrt. Considers and makes awards in r85pons8 to individual applications for support. The day-to-day running of the College is delegated by Goveming Body to thè Ward8n. the Bursar and the Seni)rTulor, wth thè D8vel¢)pment 05￿¢tor hamng dgleg8¢ed responsiblllty forthe Colleg8'5 fuThYraising activities. Group structure and relationshlps As noted above, the College, through an Advowsons Committee. appoints to the lfvings of 69 Church of Eroland parishgs and, among other 8ctivilies, administers two trusts whose objects, external to those of the College. are Ihe support ol parishes and Church ol EnglaThJ actiMt18S. The C(41ege also has two tholly owned non-chaiitab18 subsidiary ¢ompanles. Conference Keble knrnil￿ arranges conference5 and other residentlal an¢J non-residential ev8nls which generate trading revenue from the use ol the College's facilities when they are not required for ils primary purpose. Tha annual profits of Conference Keble are donated to the Coll￿8 under the Gift Aid Sch8me. Keble Propertles Llmlted fr￿n time to tirne undertakes major design and build works under contract to the College. The College is part ofthe collegiate Universityof Oxford. Material interdependencies behveen the Univarsity and thè Co118g8 8ri5e as a Consequence of this r81ationship. OBJECTIVES AND ACTIVITIES Charltable Object5 and Alms Th8 College's Objects a￿.. 111 The provision of a University 8ducalion in a College In the Univ8rsityof Oxfordto be called Keble Co11è￿e0￿￿uCt In accordancè with the principles of the Church of EnglarKI 121 The advancernent ol educati￿ and learning 8nd the promotKJn of ￿SearC The Governlng Body has considered the Charity Commisslon's guidance on public benefft aThJ, in keeprYJ wth its obl￿tS, the College's airns lor the public benefit are set out below. Public benefft The College provide5, in conjunction with the University of Oxford, an education forsome 4 und8rgradu8te and $3 graduate students which is rewgnised internationally as being of the higheststandard. Thiseducation develops students a¢ademicalty and enable5 thern to developtheirleader5hip qualrties and interpersonal skills. and so prepares Ihern to playful and effedve roles in society. In particular. the College provides- teaching facilities. individual or small-gr¢yJp supervision. as well as pastoral, administrative and academi support through its tLrtorial and graduate mentoring system5.' Welfa￿ seNces. including the availabilityof the Chaplain to as5iSt8very m8mbgrof the College of 0￿ry rèligK)us b81￿r none, and medical support indudlng a College nufsè and doctor.. stLrdent grdnls for study purposes and for cases of financial need, partly pro￿ded through th8 continuing support of the K8ble Association of alumni of the College-, IT and other admlnistrativè support.. speoali5t choral rnuskal education for its chtsr819tudents. who are Members ol the College's renowied choir spedalist organ tnusical edu¢ation for its organ students., social, eultural. musical. rec￿atIOnal and 5PKlrting facilities lo enable each of ts 5tudent5 to realis8 as much as possible of their ￿ad￿mIC and personal potential whilst studying al the College. KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2022 The College advances research through.. prov￿Ing Research Fellowships, Career D8veloprnent Felbwships, and R88earch Associateship5 to outstanding academics at the eady stages of their careers, which enable them to develop and f(￿uS on their research In thls fortnative period before Ihèy und8rtake the full teaching and administrabve dutles of an acad8mi¢ post.. supportitYJ re58arch work pursued by its Felknws and others tt)rough promoting inteoction wthin and acro55 disciplines, granting sabbatical leave to enable them lo COn￿ntrate on r8sear¢h work, enabling th8 8Kchange and dissemination of research ideas. and providing facilities and giant5 for national and international conferen￿. research trips and research materials.. encouraging vi8its from outstanding academics from abroad: and enCoura￿ng Members of the Colleg& to diss8minate the results ol their research to other acad8tnic5 8nd th8 general public through the publicatitsn of papers in acaderniclouma15 and books. through presentatk?ns at Confe￿ nces, through Media appearances and press articles and other suitable means. The College maintsins an extensi￿ Library (including important spe￿￿1 collections), so providi￿ a valuable resource stud8nts and Fellows ol the College. On a disc￿￿onary basi5, the College makes Its library available lo members ol other Colleg8s and the University of Oxford MO￿ widely, external scholars and ￿SearChers, as well as local chIld￿n from maintsined and other sthools as part ol educational visits. The College supports a Chapel with a programme ol religityjs services open io all. Through its 0[rt￿a¢h and schools liaison activitie5, the College fosters the gen6ral educabonal and university as•ratKJns of students from a wdè rarvJ8 of sodal backgrounds. The CollEg8 does not considèi Ihat ther8 is any dethment or hartn that 8ri88s from ￿rry1r￿￿ out the College's airns and is not aware of views among others that such detriment or harrn might arise. The members of the Cdlege. both sbjdents and academic staff, are the primary benefioaries and are direcuy 8ngaged in education, leaming 8ndlor research. However, beneficiaries also include.. students and academic staff from other cdleges in Oxford and the University of Oxford rnorewidely, Msiting acadernics from other highereducation in$tiiufyons and wsiting schoolchildren and alumni ofthe College who have an opportunity to attend educational event5 at the College and use its academic facilities. The general public ar8 also able to attend various edu￿tIOnal acti¥Ati8s in the College such as lecbjres, serninars. and confèrence5, and benefil also frorn being admitted wthout charge to th8 College's grounds and able to view its historical and arb5tic heritage and holdings. The College adrnits 8$ students those hvho have th8 highest potential for benefiting from the education provided by the College and the Universily and recruits as academic stsff those who are ab18 to (x)ntribute most to the academic excellence of the College. ￿gardleSS of their financial. social. rtligious or ethnic ba¢kground'. there are no geographical restrictions in the Ccllege's obje¢ts and students and academic staff of the Cdleg6 are drawn from a¢r05S the UK and intemadonally., there are no age restrictions in the College's objects bLtt students of the Cc41ege a￿ predominandy beNveen 18 24 years old,. aThJ thert are not considered to be any relKJious restrictions in the Colleg8's objects and members of th8 College have wid8 variety of faith tr8dits'on$ or none. The focus ol tho Cdleg8 15 strongly academic and 5tud8nts ￿ed to sausfy high a(xd8mi¢ entry requlrements. Th8 Colle9e Charges the following fees.. al Tuition fee5, at externally regulated rates. to undergraduates entitled to Student Support and to graduate students- and a fee detemilned by tt)e Universty of Oxford annually to Overseas undergraduates and any HomelEU undergradwtes not entitled to Student Support. The Coll8ge'5 share of these fees is deterrningd by an intsgrated payment mechanism with the University of Oxford., and bl AccomrnD*ation and meal charges at reasonable raies. KEBLE COLLEGE Report ofthe Governing Body For tho year ended 31 July 2022 In order to a5SlSt undergraduates entitled to Studènt Support. there is a comprehen51V8 bursary scherne in place to support students from lower incorne backgrounds, which is funded by both the Unwersity and College. Awards include the Oxford Bursary, Crankstart, Santander and Reuben Bursarie5 Th8 following is a summary of awards rn8de to HomelEU undergraduates during the year.. OGlober2018 stsrteo 3 awards out ofa HornelEU populatlon of44.. 3 awards at the rna￿rnuM of£3,700. O¢tober2Q19 slart8rs.' 13 awards out of a Hotn8lEU population of 113: 13 Aw8rds atthg maxirnum of £3,700. Octob8r 2020 Slarte￿." 24 awards out of a HomelEU popuLation of 126.. 6 awards at the maximum of £3,71XI the average value of the aw8rd5 was £3.479 October 2021Q starters.. 17 awards out of 8 home populati￿ of 127.. 4 awards at the maximum of£5,000 the average value of Ihe awards was £4.388 To as51sI graduate students th8 College provides substantial financial support through seheme5 operated in conjunction Mrith the University. These include Scholarship packages to fvnd fee5 and living costs arnd'lop-up. assistance lo fill shortfalls In studants, funding. The College also supports students through grant schen￿$ to assi*wth the purchase ol books and equiprnent. attendance at o)nferences. childcare support and travd grants. The Cts118ge also rnakes awards tor acaderni¢ development and has variou5 stholarships and prizes available to reward 8C8demK eX￿llence. In addition to its other programmes, the College operates a hardship scheme forstud8nts in financial hardship and provides access to hardship schernes operated by the University. To rais8 educational aspiration and attrdct outstsnding applicants who might not otherwise have considered applying to Keble, the College operates an extensive outreach programrne a5 part of University-wde initiative5 to widen access. This programme is under th8 re5pon$ibility ol the Senior Tutor and includes an exlensive programrne of visits by schools to the College, op8n day$, adrnissions symposia for teach8rs, as well as visits to schools and guidan￿ and infortnalion on the College website for prospective applicant5. In 2017. the College appointed an Outreach and Career Deveh)pment Fellowto strengthen ils activities in this area. In agreement with the other Oxford colleges as an OU￿aCh initiative. the College has p8rb¢ular links with prospective applicants from BirmiNJhar an¢J Surrounding areas. MO￿ detail is provided b&kJw. In ordertOfu￿I its ch8rit8ble purpose. the Col￿ge employs 8 Warden, who serves as head of th8 College. and. as Goveming Body Fellows, senior academic Staff, tnany of whom supe￿1$e and tutor student5, the College Chaplain, and senior adrninistralive officers. These all $8rv8 as charity trustees through being rnember5 of the College's Governir¥J Body. The employment of the Warden and Fellows is undertaken with the intention ol furthering the Co118ge's wms and their employment direcly corElribules to the fulfilment of those aims. The private benefit accruing to the Warden and Fellows through sa18ries. stipends and employment related benefits is objectively reasonable, rneasured against academic stipends generally, and is subject lo the ov8rsight of a Remuneration Committee. Without th8 employment ol the Warden, academic fellows, Chaplain and Senior 8dministrative Offi￿r$ the Cdlege could not ftjlfil its charitable airns 85 a College in the University of Oxford. Many of the tru$tees also ￿Ceive b8r*fits Ifor 8xarnpl& research, conference and book grants) which are prowded vAth thè intention of furthering the Colleg8'S aims, including that of advancing research. The amounts of the benefit5 provided are objectively reasonable. measured against the academic bellefit5 made available to Olher benefio3riBs of the Cdlege. ACHIEVEMENTS AND PERFORMANCE The College's airn is thal every undergraduate should leav8 wth a good degree. i.e. a ffist class or upp8r 8econd. In 2021- 22, 104 of tha 113 finalists achieved thk% goal. 92Yo of those Sitting their final examinations. Of those, 48 were awarded fitst dass degrees. The College ￿tInueS to work hard io ensurethat everystudent r8alises their academic ambitions. All Oxford undergraduates also take a qualifying examination in thelr first year, 42 of the 139 students who sat the First Pubkc Examination in 2021122 were awarded Distinctions. Twelve undergrdduates failed one or more pap8rs but. of those. ten wefit on to pass in the Schedul￿ Septemb6r re-sits. Excellen¢8 in the First Public ExaminatK)n and sustsined excellence in course w(xk B recognised by the award of an undergraduate scholarship. 104 Keble students hold academic scholarships. KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2022 In recognition of the fact that many of our incoming undergraduate5 8xpedenced consid8rable disruption to their t8aching and asse5sm8nt at school, we appoinied Iralned Study Skills tutors to support their translic￿ from school lo University. There are more student5 taking graduate-18vel courses15351 than und8rgr8duate courses14601 at Keble. Among graduates small rnajority154%1 a￿ on tau9ht courses leading to rnasters qualification5. A relatively high proporlion of graduate student5 are on part-time courses, enabling Ihetn to cornbine learning with professional careers. In 2021-22 160 students were on part-time courses of one kind or another. Thè number ol people applying tor undergraduate courses fell slightly in 2021-22, in line MAth a drop in Universty numbers. There were 1037 applicat1￿5, of whom 43V/o W8re ShO￿lsted for interview. One hUnd￿d and Ihirty two Offe￿ were made for 2022 entry and a further four for 2023 entry. Three-quarters of the offers made to applicants from th8 UK ware to applicants from stste Scho￿5. Five offers were tnade under the University's Opportunity Oxford ￿heMe, which was in fa¢t below the target we set ourselves. Ten offe[5 were made io applicants with an Opportunity Oxford flag and 18 to applicants flagged as Opporbjnty Oxford eligible. Six offers were made to applicants wth Free School rn6als and one with a Ca￿ flag. Comprehgnsive statistical data on admisson is publi5h8d by the University as 8 separate ￿port.. sè18Ctive data is also published in the Cdlege's annual equality r8POrt. Al admissions proc8dures and outcomes are routinely monitued for equality objectives. The 2021122 application and interview PrO￿$S wa5 condu¢ted online becau58 of Covid-19. Tha ongoing pandemie hampered our ￿￿$$ and OLrtreach activits'es. Even so, a new partnership was launched b8fvveen Keble. the Access Project and W8￿r18Y Sehool. Blrmingham. This b9¢ame the second sehool in the oty Y¢ith which the College is associated in this way. The Afflbassador Platform enabled us to communicate online wth prospective applicants. leading to 20 offers across the University. In addition, over 800 students attended our virtual Open Days and over 260 Students attended virtual school seS￿ons. To advance ourdlgital outreath we added a YouTube Access channel. FINANCIAL REVIEW Operatlons, capmal expenditure and fundlng The Charitable activit￿8 of the College consist of teaching and research. together ￿th the provision of board and lodging to College mernbers in buildings owned by the College, rnost ol which ar8 Gr2d8 1 or Grade 2" listed. The income generated by these activitie5 in 2021122 amountod to £9.90m. an increase of £1.7m over 2020121 reflecting a slrory recovery Iro Covid-19. Student numbets and room occupancy levels were unaffected by Covid-19 during the year thouoh eatering rav8nu8 did not fully recov8ry partly due to the impact of th8 Omicron vanant around th8 end of Michaelma5 and beginning of Hilary terms. The confe￿nCe business recovered lo around more than iwo thirds of p￿-Cov1￿ ￿venu8 levds. The cost of undertaking these Charitab￿ 8¢tivibes amounted to £17.35m. Adjusting for th8 irnpact of the movement on provisions for defined ben8fit pension schemes Iwhich is a non-cash costi. the underlyng increase in operating costs compared to the p￿VIouS y8arwas £2.3m. The increase in operating cost reflects over 2020121 reflects the incrèased levels of a¢tivities but was higher than the corresponding incr8ase in revenue becau58 of the impact of high inflation and the challerKJes of operating in an ext￿melY tight18bour Market. A signifieant proportion ol the College's acadernic fee income does not increase wth inflatth on a per capits basis vthile thè c05t bas8 is not slmllarfy eon5trained. The College has ￿$tarted the ¢onference and bed & breakfast business since Augl￿t 2021 and actlvity kvels increased during the vacatlon P8riods as the year progr8SS8d. The mix of business has been changing compared to before Covid. most notably through the addition of day conference ￿VenUeS from the HB Allen Centre and the successful trial of an international summei school in July 2022. The College is continuing to invest in a numbarof initiatives to supportfull rernvery of th8 business. and further growth of this ￿venue strearn. The College comp18ted a Major multi-year prograrnme ol investment in its buildings. plant and tnachinery. prior b) the pandernic including a £17m refurbishment of the VKtorian 8stat8 as well as neossary expenditure on the more racènt buildings on Ihg Parf(s Road sit8. This has allowed the Colleg8 to ￿ntinUe to Ilmit spending on ca￿tal expenditure without risk to the estate during the period of ￿¢0very frorn Covid-19 and in ￿SponsO to the new challengo of rapidly increasing ¢ost inflation. Capital expenditu￿ was £0.5rn in 2021122 and is forecast to b8 slightly hsgher than this during 2022123. This includes numberol ¢rilical projects including essential works to the Warden's Lodgings over summer peri¢xl covering windows repair and replacement. repair arKI cleaniro of external stone and brickwwk and boiler replacernent. KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2022 DOnati￿S I￿￿Ved by the col￿ge in 2021122 totalled £4,Im12020121 £2.7ml. The composthon ofthi5 total vrds 8s folbws= £OOOs Unrestricted income glfts Restricted income gifts Gifts for Capital proj8cts Endowrnent gifts 4.053 1.149 40 1,963 The Collegé invests its en¢knvment for total retum. 87% of the endowfflent invested in the Oxford Endowrn8nt Fund roEF'I, managed by Oxford Univarsity EndoNvment Management. In normal years. the College has applied a spendlng rule permitting a maxirnum transfer 013.5% of the average closing value of the endowment value over the previous five years. Transfer5 under spending rule for the year amounted to £1.45m. I￿ruding £70k for external purpos8s (the sUPPCrt of Keble parishes). Investment pollcy, oblectlves and perforrnance The College's inveslrnent objectives are to balance currenl and future benefioary ne8ds by.- maintaining lat leasll the value ol thè inveslrnents in real temis., producing a consistent and 5UStain8ble amount to support expenditur8'. and delivering these obj8Ctives wilhin a￿ptable levels tsf risk. To meet thesè objectives the College's investments as a whole a￿ managed on a totsl retum basis. fflaintaining diversifieatK)n across a range of asset clas5e5 in order to produce an appropriate balance between risk and return. In line with this approa¢h. the Coll8ge statutes allow the Colbge to invest Permanenl endowments to m8ximise the related total reiurn and to make available for expenditure each year an appropriate prowrtion of the unapplied totsl return. The nvestment strategy. policy and perf0mlan￿ are rnonitored by the F￿anCe Committee. At the year end. the College's endowment totalled £60.6m12021.- £58.8ml. Th8 aggregate investment rebjrn forthe yearwas 2.48%12021.. 21.43%). The value of the Oxford Endowment Fund was £52.7m12021.' £50.Oml after payment of the 3.5°k distribution. The total OEF inve5trn8nt r8ttJn was 2.14%. The carrying value of th8 preserved permanent capital and the amountolany unapplied total return availableforexpenditure was taken asthè op8n maTketvalues of these funds as at 1 August2004 togetherwith the originalgift value olall Subsequent endowment received. Almost all of the College's discretionary funds, apart Iroffl its private equity holdings and joint-equity interests in Fellows, housing, a￿ held in the Oxford Endowment Fund managed by OUEM (Oxford University Endowment ManagemeThtl. Over the past 10 ￿ar$ the OEF has achieved an annualised nel return 0110.1% norninal and 7.6% wl. Thg Governing Body keep5 the Spending Rule and the level ol incorn8 Wthdrawn under review to balancg thg needs and inlerests of Current and future beneficlaries of the College's 8cti¥AtIgS. Debt and Llquldlty In August2020 the College borrowed £3m ￿ a 3-ye8rf￿8d-rdt8 basB Sn orderto ￿du￿ 5hortterm liquiditypressure eaused by the impact of Covid-19 o)inciding with 5etUefflent of the final awount for the HB Allen Centre. The College ￿fInanc8d this loan in December 2021 with a new 7-year fixed rate loan of £4m with capit81 repayments beginning from December 2023. This loan amoJnt reflects the totsl cost of the impact of co￿1d-19 on the College. As at 31 Juty 2022 the College had a cash balance of£2.4rn. an undrawn overdraft facility of£6m, the £4m 7.yearterrn loan and £40rn of long-terrn debt a550ciated with the HB Allen cen￿ development. The yearend cash balance of £2.4m included £3.2rn owng lo the endowmentas a result of endowmentgifts received during the year and liquidation of certain assets during the year ahe8d of re-investment in the OEF. The underlying eash position was the￿f0￿ a drawn overdraft ol £0.8m. 10 KEBLE COLLEGE Report of the Governlng Body For the year endgd 31 July 2022 Rosèrves The Co118ge's policy is to maintain sufficient free reserves (general funds) to enab18 it to meet its short-temi financial obligation5 in the event ol an un8xpected ￿venue 5hortrall and to allow the Colleg8 to be managed effic*ntly and lo provide a buffer that would ensure uninterrupted services. Governing Body agreed that the tsrgel amount for general funds should be the equivalent of three months, expenditure on charitable objects Icurrenuy £4.3ml. The College entered the Covld-19 crisis with significanuy less buff8r than this due to Issues relating to the funding and cornpletion ol the HB Alen centr8 and the financial impact of Covid-19 subsequently. and ong)ing hlgh Snflalion hav8 compounded the probletn. During 2022123 the general funds positon slightly improved from-£7.4rn Inegativel at 31 July 2021 to-£8.6m Inegatwel at 31 July 2022. Total funds of th8 College and ks subsidiaries atthe year-end amounted to£135m12021.. £137ml. This includes endowment capital of £56.6m12021.' £58.8ml and unspent restricted income funds totslling £1,278k12021.. £956kl. Finaneial Risk Factors Factors that could adversely affect the Co118g8's fina￿181 po$￿C￿ in tha lubjre include- rise in energy costs and oth8r infl8tK)nary p￿ssU fall￿re of the College conference business to fully recover, having been unable to operate during thè pandamic fundlng for academic acbvilies not keeping pace with costs poor investsn8nt perfcrnance decline in philanthroplc support The Governing Body and its (x)nstituent committees are well aware of these ri5k5, rnonitor thern regularly and ensure that appropriate measure5 are taken to reducè or rnitigate thern. Fundraising Thè College has an Alurnni & Development OffiTr whose rol8 is to nurture strong r81alions behveen Keble and its alurnni and. through those re12tions, to ralse fijnds for ils charitable aCtI￿￿e$. Thè Offic8 consists of a D1￿ctOr and six st8ff The College has a network of alumni volunteers Year Group Representatives - who assist in comrnunicaling Infomiatlon garding College news, events. and fundraising projects to their peers. AJI (x>mmunicalion via Year Group Representatives Is directed in terins ol content and timing by the Alumni & Development offi￿ staff. The College Is regi5ter8d with the Fundraising Regulator and vduntarily subscribes to its Code ol Fundraising Prac￿￿ as adapted. by agreernent with the Regulator, to meet the particular orcuThstanc8s of ¢olleges in the Universty of Oxford. The activities of th8 Year Group Representatives adhe￿ to the Code of Fundraising Practi￿ a5 adapt8d. The College is not awar8 of any failure on its partto cornply wth tho Code and h88 not received any comp18ints in 2021-22 about its fundraising a¢tivity. nor the activity of the Year Group Representatives. The College doe5 not soltcit funds from members of the public.. its fundraising actiwlies are principally focused on its alumnl and on third parties introduced to the C￿lege by alumni. The Colleg8 communicates ￿guladY wth its alumni using a variety of media. If an individual expre5s85 wish not to be aPprO￿hed for donations or not to be comrnunicated wlth, that 15 recorded and respected. The College has a policy on fundffji5ing with and responding to people in vulnerable circwnst8nces. All Alumnl & Developtnent Office staff and Year Group Representatives are aware of the policy and are instructed to review the contellt annually. All fundralsing px)Iici8s are pU￿1$hed online at https'.Ilwww.keble.ox.ac.uklgoveman¢g.and.polidesl 11 KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2022 Rlsk management Keble has on-going processes for identifying. evaluating and managing the prin¢ipal risks and uncertaintie5 faced by the College and ils subsidiaries in undertaking theiractivilie5. When it is not ableto add￿sS risk issu8s using intemal resources, the College lakes advice from external experts. ￿1 th8 Colleg8 cornmittees monitor risk on an ongoing basis and conduct an annual review of the major ri5k5 to which the College 15 exp058d in their areas ol responsibility. Th8ir findings are aggregated into a report on tnajor risks which is considered by the Gov8ming Body each year. Health and Safety risks are rnonitored by a committee ol heads of department. chaired by the Bursar and subjecl to 8nnual external audit. Th8 Governing Body. which ha5 ultimate resKX)nsitylity lor rnanaging any risks faced by the College, has given consideration to the major risks to which the College and its subsidiaries are exposed and has Concluded that 3d8qLlate systems a￿ in place to manag8 these risks. It is recognised that systems can provide on5y reasonab￿ but not absolute aSSJran￿ that major risks have been managed. The principal risks and uncertaintEs faced by Ihe Co118ge and its stjbsidiaries that hava ￿8￿ identified are (ategorised as follows: A¢tl¥ltyi rl8k at)d potential danag9 Rlsk management meosur$$ adoptsd ProgrÈss report for 2021-22 and further mea$ures to be considered during 2022.23 All Cti￿d precautionary measures h8ve been lifted. It should be noted that PPE. s8nili5er. household signageelc are still in storage and Can roll￿1 out if the need arises in tho lulure. Board and bdging. Failure to observe qtsaranbne or $elf-is(Aation order. Spread 01 Ihe virus. Am8n¢kn8nls lo the Colkge Handbook lo Set out rules and conventions social distsncing. Remance on peer pressure Unde￿nned by disciplinary sanctions. Board and lthjglng. Falluro to observe S(￿al dslancing. Spregd of the virus. Amendments lo thè College Handbook to sel out rules and ￿nVentionS for soual dista￿Ing. Rel1￿ce en peer pr8$$ure underpinned by dISti￿1nary 5anclK)ns. All Covid precaulK)nary mea5ure5 have been lifted. It should be notsd Ihal PPE. saniliser, househokl signage elc 8r8 still in storage arLd can be rolled out illhtr need aFi5es in the fulure. Ownin 8nd operating Excessive carbon *ni%SK)n$. ¢hange'. reputatlonal dam89e. ore efficient boilers and baiterirtsulalK)n of buildings. Restrictions on Gar parkng. Warden's Lodgings Snc5udes btiler upgrade and window refutbishment induding draught exclusio). De¢arbonisalion assessmenls and moniloring lo be inlrthYuc8d wkth a view to pr(xlucing8 decarbonisalion programme. Colleyo uiies com rehensiva Sustainabilil Stra 10-y8ar projections and assoualed sensilivitse8 demonstrate thgt the currenl operating model wll result in an Incra8st in debl. Agreement Ihal slrnleglc planning process commiited lo for 2022￿3 must address this issue. College cannot influence 8¢ademic fee inflation. Zero Infla￿Ondry increase dotTresl undergraduate lees. Sludenl rents increased by 9% for 22123. College fth)d prfces lo incr&ase by 9% for 22123. conference rates fees will be increased by ai lèasi 9% in 22r23. High inllalion Ihreaiens the viability of lh8 C¥)Ilege operating modèl. Key challenge for the 2022tt3 Strategic rocess. College energy Costs for gas and ekctricily ar8 expected to increase by£700klo£950k btrtween 2021 and 2023 assuming consianl volumes. College Sustaina￿litY Strategy VAII be vrrillen 2022123 Secondary glaang im￿*Mented in some aregs. Relaliwely new, efficienl, gas b(xlers across most of tha esiale. Inthalives beiw sidrted lo chan user behavK)ur5. Libr8ry chimney repairs completed. Lower wall cleaned to remove damaytr ¢ausÉd by pLgnts. R8palr8orLibraryvrifNI￿SCornp1eted In Summer 2022. Warden5 Lodging5 proJ8ca underwwKthich 11 indude slon8work rèpairs and basement reconngur81ion. Guidan￿ by slnjclural engineer been sou9htforany builderswcrt in the lodgmgs. Climate Funding. Ina￿lItY lo ￿PaY short lerm and lOng-￿rn debt when due. Liquidity, Neces5ty for dlhe¥ refinancing or Iran$formaUona gifts. Long lem 110 yearl foreo85tsng int￿<11Ced to provide eadywarnlng. Inflation. Adverse wnpacl of hlgh Inflatkjn on Collego financ8s. Financial Itss Ap￿Y inflationary increases lo income lines ￿there posslble. Carefijl cost m8nagement bul nol yel imtAemenling a cosl redUct￿n programme as Ihe Colleg8 priorilise5 continued recovery posi Coyid. Energy. Exc8pih)nally high increases in enèrgy Costs combined with Ihe dlfficulty reduun9 en8rgy usage in old, listed c￿le98 bu(Idin9s. Increased costs and excessivtr car￿n footprint Energy usag& Is tra(knl Ihrwgh Sustainatslily Committee. En6r9y reduction initsatsves discussed and agtsed as Sustainability Cotnmittee. OwniNJ and operating bthldin9S. Slru¢Aural defects. Danger lo residents, dam89?le buildings,105s af facililles. Rollin9 progtafflme of c3piial rerrf)¥aUons. EmployThenl of sIrl￿ra1 en9Mie&rs to advise on any building alterations. 12 KEBLE COLLEGE Report oflhe Governing Body For the year ended 31 July 2022 Adivlty, risk and potential damage Rfjsk management mea¥ures adopted Proyress report for 2021-22 and further measures to be ¢on5idered durtng 202243 FU￿Ing. Changes in Colleg8 feele￿eMaI funding.. irnpacl on colleges of Iikelydefiol UniVe￿IlY funding. Financkql lossl nding shortfall. Wryklhrough cOnferer￿ (rfco1￿ges and Estate8 Bursars Cofflmittee Academic fees still wderpinned by slrong sludent number5 inchJdiw hith numbers or inlemalional sludent5 in the short term. Immediate r￿ncernS are rnore Iocu5ed on Ihe adverse impacl ol hhjh inflat￿n on the Colle9 operatin9 m¢￿￿1 given zero fee u￿l￿f0rd0meSIic und& raduales Exhauslionlleaving after havlny taken additional responsibilities post redund8nue5 fewer slaff carrwng load - diffithtties in r￿ding new stsff. RtcAuilment remains pmblamab"c in candidate- led jobs matktl. Threat lo servicing lerm-lime and conference events. Impacl of Brexit keenly fell in ￿0ViSIon of casual wotkers for our conference period work. August W22 pay review lo malch Oxford Livin Pro￿dIng mifjhmum conpetitivtr lèvels of remumralion Is critical in a v£ry light bbour market. Move lo matching Oxford LI￿ng Waoa rate in 2022. Considerable fjjrt￿r worf¢ required on n￿-reMUn8ra1￿n elemenls in 2022r23. Especiallyin rdation lo obiectives.appr8￿a1$ and development planning. Qualily of line manag￿llen1. Quality of communication lo stsff. Staff surve . Tramin f¢Y man ers. Warden's Ludgings new brilers being installed July 2022. Electrical leslin9 will be carried out svhilsl buildin9 Is empty and a fire alarm upgrade wlll be included. Rollin9 prograrnme ol fire aL4mi upgrades to start. Actlons from fir& risk asse55menl lo aciionÈd inGludirvJ compartm8nt8llsation survey. Electri(xl lestsrvJ continuès wilh unsalisfaclory reporis being Loss of key $18ff. Loss of crilul business R@vi8w ￿￿3rd and relenlion strat89y and impl8menl co1￿￿je￿GY plannifig. EmplowThJlretaining Staff. In8bilily to reuuil for kéy vacancies al all ltrvtrls. Inability lo provide key Cdleye SerV￿e$- Calering. accTrnmodalN)n RevieY4 College's eM￿0Ym￿I beneliislrewards. Mov8 to Oxford Living Wa98 2022 ONning and operallng buNdlng6. Failure of utilities servlces. 8lectrThl sysiÈmsl'. darlger lo resid8nts frcm water-borne bactsria,. walÉrdamage. Renewal of el8Ctritr31 circuit5 and plumbingserwceslhrough)utlheCo1189e. Well e51abbshed re9imes for flushing water syslems and PAT testing e￿CtriCal appliances. Liabilily insurance 1£10mn limit any ore 0¢￿rrenCe) Employmenl ts)sts. Sudden and uneX￿Cted increases. Fhancial strain, Ihieats to core aclivity Prtsent￿l by FX)5sible rernedlal maasures. Estttss Bursars, Comffjltee acllvely engaged in working partla8 dealx)g wilh penslons Ib)Ih USS and OSPSI College (perabng in extremely tight labour market since August 2021. Labrjur costs Increasing. Infiation incre8sirvJ. 3% general cost of I￿1￿9 award, and spJnificènUy increasing the salaries of lowest p81d staff. Lon9 tem proipction5 and thaft 2022123 bud981 demonslrale that il will be exlremoly dSfficull lo replenish general funds and reductr debt. Realisllc opllons are major gTri s. significant increase in profit from commer081 revenue Slreams or a major chan9tr 10 the College operatiro model (for examve reducing or removin loss ma￿n 22 out of 24 relenlion $ch￿UleS are now complete. and 20 schedules have been'mapped, lo the ROPA. ROPA mapping is ongoing in four dep8rtmenls.work needsto¢￿tInUe inlhis 8raa, induding en¢wraging departments to aGI in accu¢8nca lo their retenliDn schedule5. The DARS and Accurate Solulions LIA5 S￿11 outstsnding. Breach and SAR wocedures are working w811. GOPR dDcumentatiw fflusl be rewewed on an annual basis. Inhouse Irainlng Is beSn9 planned for nOn-aCad￿lc stafF lo improve their awareness ol GDPR. The University of OxFord's Edu•tion Commillee has madtconcrete proposals onlhe Inilial PeriLvJ of Office bul not yel on the w(dei issue Df thejoinl opptynlment. Gèneral F￿d$ Inadequate 98neral funds lot￿r￿lse known asfrefr rÉservesl makes the Colkgg8 vulnèrable lo unexpected addltional cost or drop in IrKcmt. Issue o)nsSdered by FC. Agreed that we sh)uld aim lo build re5eNes lo the eqU￿alent of Ihree months. charilable expenditure. Informollon and ￿ prowslan. Prolecuon f*knra. Exwsure lo legal PUbl￿se NEes siafF Quality. Failure to atlracl and reta high qulily acadamic siaff. Lose suppcrt as centre of excallantte. College housing allowance and h(xJsiny scheme. Colltytr aCcomn￿d8ts￿ for sin918 Felths. Private health insurance scheme. Engagement ¥￿th fauAlies 10 support Nuesls for buy-outs, andspeual leave. Acibvtr engagemenl wih university-v￿de iecruiiment 13 KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2022 Activity, rt5k and potentlal damage Rl$k manag8m&ntmeasures adopted Progress rtrport for 2021.22 and further measures ¢0 be consldered durin 2022.23 These risks wll be as$es5ed a5 part of the On90ing Size and Shape Revlew. Teachlr¥J. Poorqualty, poororg80isalion.. knplemenlalion of academlc Strategy.. University & exlemal prtssure on Fellows. Posslble litigation.. dam8ge lo reputa14on'. in*)ilily io 8ttiacl hvJh qualily student5. FeedbaGk queslionnalras". slwciure or lulorial or98ni$al￿￿ reviewed.. infomal 8ppr8isals of Felbw5 by Warden bafore confimabon and re-deGtion and appropriate reviews al olhw lim8s'. luiuon re¢ords." College lempkqle on OJlbs of tulorial fellows R?￿allOn and sputs. Exc&ssive drinking and olher b8hawoural woblems. In¢onveni&nce, offensive beh8wour, damage to reputat￿. CrAlege Regulations and laled beh8vioural codes. decanal 51nJcfure, ofessional bar S￿1[ The GroLmds manager ¢￿￿n￿eS lo lake bod updatè pemiis5ions. data improvè qualityfinlegrity. Fundrai5ng L055 or breach of persDnal dala. Loss of potential donations. kns5 of supwrtfrom donors. Negabve publicKy. Slaff aware of Data ProteciiDn issues & management of risk. Remote access to DARS now Whnically p05sSble for all A&D staff. FUndraI￿ng. Inad8qUat8 reCI￿d$?￿d lad of fundraising and marketing penrissiuns. Failure to wllh Fundraising Regulalions l GDPR1 from May 2018 and updated PECR. from May 2018. Syslems land related infra5truclurel do nol suppc*t extemal legal and re9ulalory Compliance. Loss of polanlial donalions, bs5 of suppcrt from donors. In exireme circutnslances lon￿ ne by Fundraising RegJL810r. Constant updating of database, regular conlacl wilh alumni. Staff adh8rir*J lo us& of aoreed 8lumni praf8ren¢es. FUTURE PLANS The College has sought to rèturn to as normal a student experience as possible for the 2021r22 academic year and is seeking lo conts.nue this progress in 2022123. Thi5 will includ8 increase fa¢llitalion of student18d rgcrealional activllies such as the Keble B811. In order to manage this th8 Co118g8 needs to malntaln Its posits'on 85 8 desirable employer in the midst of labour market disruption. The College wll ￿ntinUe io monitor the itnpact of infialion on its own operations, both co$ts and Staffing impacts, but also the kn(￿k-On tmpact upon Its students, and ￿1[ provide support whe￿wer p05sble. The conference and b8d & breakfast bL*siness has shown strong signs of reo)very Sin￿ restarting in August2021. However, the broa¢J8r hospitslity market still faces considerable uncertainty due to changes in consumer habits cau58d by the pandemic. possible further Covi¢J-19 disruption. and Changes to the competitive landscape. Ongoing pressures in th8 latrKJur market due to Impacts frorn the pandemic. inflation and Brexit, eontinu8 to ¢hallenge this area of th& College's operations. The College will continue to invest resoUr￿S to support the conb'nued rebuilding ol the conferenc8 business_ All non*ssenti81 capital projects have been put on kjld t￿t the College retnain5 committ8d io cornplebng Phase 2 of Its kitchen project-the remorlelling ofth8 main kntchen ltself-bvhen fund5 ar8 available. This wll generate rnajorimprovements in productivity and eff￿lenCy as well as significantly improving the working environment of key Staff. The COll￿e is also assessing th8 environrnental Impact of the Co118g8 and cost-effectlvg ways to improve its carbon f￿￿rint, and this will feature as a signfficant part of any futu￿ capital project. The College has begun tha pr0ts85 of reviewing Its medium-term strategic ￿an$ against the backdrcp of the recent cornplekn'on of the HB Allen Centre, recovery frorn the adverse irnpa¢ts ol Covid-19 and Ihe change of Warden In Octobèr 2022. This will also include a focus on the long-t8rm financial sustsinabillly ot the Cdleg¢. and its ability to pay off its long- t8rrn debt. 14 KEBLE COLLEGE Report of the Governing Body Forthe year ended 31 July 2022 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBIUTIES The Govemirig Body is responsible for preparirKJ the Report of the Goveming Body and the financial statemènts in accordance v￿h applicable law and regulations. Charity law requires the Goveming Body to prepare finandal statements for each financial year. Under that law th8 Goveming Body has prepared the financial stalemÈnls in accordance United Kingdom Generally Accepted Accounting Pra¢li¢e Iunited Kingdom A¢￿￿ntIng Standards and applicable lawl. including Fin8ncial Reporting Standard 102.. The Financi81 Reporting Standard Applicable in the UK and Republic of Ireland IFRS 1021. Under charity law the Govèming Body must not approve the financial statements unless rt is satisfied that they give a true and fair wew of the state of offairs of the Colle96 and of its net income or &xp8ndilure for that perkjd. In preparing these financial statements, the Governing Body is required lo.. select the most sultable accounting policies and then apply them consist8ntty,' make judgments and accounts'ng estimates that are reasonable and prudgnL slate whether applicable accounting standards. including FRS 102. have boen followed, subject to any material departures dlsclo$ed and explained in the financial statements., stste whether a Staternent of Recommended Practice ISORPI applies and has been followed. sublecl to any material departures vthich are explained in the financial slatemenls; prepare the financlal slalements on the going eoneem basis unless it is inappropriats to presume that the Collego Mll continue to operata. The Goveming Body is ￿sponsible for keeping proper accounting records that are sufficient lo show and explain th& College's transactions and disclose wlh reasonable accuracy at any lime the finanaal position of the College and enabl& them to ansure that the financlal stslemenls comply vAth 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 laknng reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Govèming Body on 2 November2022 and signed on Its behalf by.. h Gtw J￿(OLs Sir Mioh8el Jacobs Wardgn 15 KEBLE COLLEGE Report of the Auditor to the Members of thg Governlng Body of Keble Colleg& For the year ended 31 July 2022 Opinion We have audited the financial statement5 of Keble College (the Charity") for the year ended 31 J￿lY 2022 which cornprise the Statement of Ac¢ounling Polities. th8 Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets. the Consolidated Cash Fbw Statement and notes to the financial stalements, The finanoal resK)rting frarnework that has been applied in their p￿Paration is applKable law and United Kingdom Accounting Standards, including Flnancial Reporting Standard 102.. The Financial Reporbng Standard applicable in the UK and Republio of Ireland (United Kingdom Generally Accepted Accounting Practi￿1. In our opinion, the financial statements give a true and fair view of the state of the gr0￿p and chartws affairs as at 31 July 2022 and of the group's iKome and expenditure for the year th8n anded,. have been woperty prepared in a(x￿dance wlh United Kingdom Generally A¢￿pted Accounting Practice- have been prepared in aC￿rdan￿ with th8 raquirements of the Charities Act 2011. Basls for opinlon We wnducled our audit in ac(x)rdance wth International Stsndards on Auditing ILJKI IISAS IUKII and applicable law. Our responsibllitles under those standards are further described in the Auditor's responsibilthes for the audit of the finaftual statetnents 58clion of our report. We are independent ol the Charity in a¢o)rdance ￿th the ethical requirements that are elevant 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 accordan￿ wth those requirements. We believe that th8 audit eviden￿ we ￿ve obtained Is sufficient and appropriate to provide a basi5 for our opinion. Conelu5ions relatlng to going concern In auditing the financial 5tat8ments, we have coneluded thatthe Members ofth6 Govèming Body's use of the going con¢em basis ol accounting in thg preparation ol the finanThal stslements is approwiate. Based th8 work we have performèd. we have not identified any rnat8rial uncertainties relating to events or conditb)ns that, individually orcollectively, may cast sKJnificant doubt on th8 charity's abllity to continuè &8 8 going concem for a pericr the MeaSU￿m0nt ol investments and certain financial assets and liabilithes at fair value with rnovements in value reported v￿thin the Statement ol Financial Activities ISOFAI. The principal ac(xJunting policies adoptèd are set ¢)ut below and have been applied consist8nUy throughout the year. 3. A¢¢ounlln9 ludgernents and estlmatlon un¢•rtalnty In th8 view of Ihe Governing Body, in applying the accounting FK)liryes adopted no judgements required that have significant effect on the amounts ￿cOgnIsed in the financial statements. 4. Income recognition All incorne is rewgni58d once the College has entitlement lo the income, the economic ￿nefIt is sxobable the arnount can be reliably Measured. a. Income frofft f8es, HEFCE support and oth8rGh8rg8s for88￿￿$ Fees receivable, HEFCE SUPPDrt and tharges for seNc88 and use of the premlses ar8 re(x)gnised in the perk)d In whlch the ielated $ervic* is provided. b. Inc0ffl8 from donations. grants and legacies Donatlons and grdnls that do not Impose future pérforrnan￿-re1at￿I or otherspecific conditions are ￿cOgnised on the date on which the charity has entitlement to the resource, the amount ran be ￿liablY measured and the economic benefit to the College ofthe donation or grant is probable. Donation5 8nd grants subjeetto performance- related conditiQll5 are recognised as and when those conditions are met. Donation5 and grants subject to other sperific condition5 are recognised as those conditions are Met or their fulfilment Ls who15y within Ihe control of the College And it is probable that the speeifÈd conditiorss will be met. Lggacies are recognised following grant of probate and once th8 Colege has ￿￿1Ved 5uffici8nt infomiatw from the executorlsl of the dec&ased's estate to be sat15fied thatthe giftcan be ￿lIablY measured and thatthe economlc benefit to the Colleg8 1$ probable. DonatDns, grants and leoaci8S 8ccruing for the general purposès of the College are C￿dited to unrestri¢ied fvnds. Donations. grants arvj legaci85 which are subject to conditions as to their use imFX)sed by the donor or set by the temis ol an appeal are cr8ditsd to the ￿levant restricted fund or. Whe￿ the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donatDns a￿ re￿iVed in kind las distinct from cash or oth8r rnonetary assets), they are rn8asured 8t thg fair value of those 85S8ts atthe date ol the glft. c. Inveslmenl Income Inter&st on bank balances is accounted lor on an accrual basis with interest re¢ognised In the peri(xJ to which the int8r8st relates. Income frorn fixed interest debt securits.es is recogni5ed using the effective interest rate methocl. Dividend income and similar distributions a￿ recognis8d on the date the Sha￿ intetyst ￿comeS eX.d[￿den￿ or when thè right to the dividend can be establi5h8d. Incorne from Snvestrnent properties ￿ recognised in the period to bvhich the rental income relateg. 19 KEBLE COLLEGE stalement of Accounting Poli¢les For the year ended 31 July 2022 S. Expenditure Expenditure is accounted for on an accruals basis. A liability and ￿lated expendrtur8 is recognised when a legal or con5tructiV8 obligation commits the College to expenditsjre that will probably require settbment. the amount of which Can be reliably rneasu￿d or estimated. Grants 8w8rded that a￿ not perfomance-rdaled are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to perfOr￿anC8-reIated ¢onditions are expensed as the sp8¢ffied conditlons of the giant ar8 met. All expenditure includSng support ¢05ts and governanceeosls are allcc8ted OraPp￿￿Oned tothe applicableexpenditure rategories in the Statement of Financial Activities Ithe SOFA). Support msts. whKh indude governance costs Icosis of complwng with constitutional and statutory requirements) and other Indlrect costs, are apportion8d lo expendilu categories in Ihe SOFA based on the estimated amount attrybutable to that activity in the year. either by ￿ference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT Ls lrtluded with the item of expenditu￿ to which it relates. Intra-group sale5 and charges L*tween the College and its subsidiarie5 ar8 excluded frorn trading irK(me and expenditure in the consolidated financial staiements. 6. Leases Leases of assets thattran5fer substantially all the risks and rèwards of ownership a￿ dassified as financ8 leas85. Th8 costs of the assets h91d under finan￿ leases are ineluded ￿thin fixed assets and depreciation is charged over the shorter of the lease term and the assets, useful lives. Assets are assessed for irnpairment at 8a¢h ￿pOrt￿rtg date. The corresponding capital obligati)ns under these leases are shown as liabilities and recognised at the lower of the fair value of the leased assets &nd the present value of the minimurn lease payments. Lease payments ara apportioned befvjeen capital ￿paYMent and finance charges in the SOFA so as to achieve a constsnt rate of Irtte￿$t on th8 remaining balance of the liability. Leases Ihat do not transfer all risks and reward5 of own8r5hip are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a 5trarght line basis over the ralevant lease tems. Any lease ￿n￿ntiV&S are recconised over the lease term on 8 Straight line basis. 7. Tangible fixed assets Land is 5t8t8d al cost. BuSldlngs ond aqLMPrn8nt are ststed at cost less accumulated depre¢i8tion and any accumulated irnpairment losses. Expenditu￿ on the acquisition or enhan￿ment of land and on th8 acquisition, constructlon and enhancement of buildings which is dir9¢tly attributable to bringing th8 asset to its working condition for its intend8d use and amounting to more than £20.000 together with expenditure on equipment costing mort than £20.000 is capitalised. Where a part of a building or equipment 15 replaced and the wsts capitalised, the carrying value ol those parts replaced is dere(xJgnised and expensed in thè SOFA. Other expenditur8 on equipment incurred In the normal day-to-day funn￿9 of the College aryj it5 5ubsidi8ri9s is charoed to the SOFA as incurred. Depreclatlc*n Depreciation is provided to off the cost of all relevant tsngible fixed assets.185S their estirnated residual value, in 8qual annual Snstalments over thèir exp8Cted uselul economic Ilves as follows= Freehold prop8rties, including major eXtensIc￿$ L&as8hold properbes Building improvernents Equipment 40 years 40 years or period ol lease if shorter 40 years 5 years Freehold land 15 not dep￿cIated. The cost of maintenance is charged in the SOFA in the periowJ in which it 15 in¢urred. At the end of each reporling period. the residual values and useful lives of a5set5 are reviewed and adjusted if necessary. In addition. if events or change in circumstances iTrdieat8 that th8 carrying value may not be ￿e0Very￿1￿e then the cairying values of tangibl8 fixed assets are rev￿Wed lor irnpairment. Heritage Assets The College has chosen to hold heritsge assets at fairvalue. The college ha5 a numter of assets, includ￿g items of art and hlstoric texts that meet the definition of heritage assets under the SORP. Heritage assets purchased are nitially recognis8d and subsequendy measured at fair value. Items donated to the College are recognised at fair value. 20 KEBLE COLLEGE Statement of Accounting Policie5 For the year ended 31 July 2022 10. Investments Inve5tfflent properties a￿ initially recognised at their cost and subseouenly measured at their fair value Imarket valual at each reporting date. Purchas8s and sales of investrnent properties are recogni58d on excharoe of contiaets. sted Investment5 ar8 initially rneasu￿d at their cost and subsequently rn88SLtred al their frdir value at each reporbng date. Fair Wdlue is bas& on theirquoted price atthe balaT)ce she8t dale withoutdeductton ofth8 estimated future selllng Jsts. Inve5ttnents Such as hedge funds and privale equity funds which havg no readily Identifiable market value a￿ initially measured at their costs and subsequently rneasured at their fair value al each reporting date without deductiorn of th& estimated future selling cost5. Fair value is based on the most ￿cent valu8tions availatAe frorn their ￿speCtiVe fund managers. Chang8s in fair value and gain5 and losses arising ￿ th8 disp08al ol investmellt5 are credited oreharged to the incom8 orexpenditure section of the SOFAas'gains or losseson investments. and ar8 allocated to the fund holding ordisposing of the relavant inv8Stment. 11. Other flnanclal Instruments Cash 8nd¢ash equivalents Cash and ¢8$h equivalents include cash at banks and in hand short temi deposits with a maturity date of thre8 rnonths or less. D8blors and ￿dItOrS Debtors and credStors receivable or payable h￿thIn one year of the ￿pOl￿n9 date are carried at their transaction price. Debtors and ¢￿ditOrS that are receivable or payable in MO￿ than one year and not subject lo a market rate of interest ar8 measured at the present valu8 of the expected future ￿ceIPts or payment disccMJnted at a market rate of interest. 12. Stocks Stocks are valued atthe lowèr of cost and net realisable value. Cost being the purchase price on a first in, firstout basis. 13. Forelgn Currencies The functional and pras6nt8tion currency of the Colleg8 and its subsidiaries is the PK)und sterfing. Transaction5 denominated in foreign currencies durirKJ the year are translated Into pound5 5t8rling using the swt exd)ange rat8S 8t the dates of th8 transactions. Monetary a85ets and liabilities denominated in foreign ¢urrencTes are translated into pounds sterfing at the rates applying at the ￿porting date. Foreign e￿hange galns and k)s5es resulting from the settlernent of transactions and from the translation of monètary 8s$ets and liabilities denominated in foreign currencies al the exchange rate5 at th8 reporting date are recognised in the income and expendiiure section of the SOFA. 14. Total Return investment a¢¢ounting The College ststutes auth0ri5ethe College to adopta'total return, basis for the investmentof it5 P8rrnanentendowmont. The College can invest its pemianent endowments without regard to the capitallincome distinctions of Standard trust law and with discretion to apply any part of the accumulated total ￿turn on the investment as income for spending each year. Until this power is exercised, the toial return is accumulated as a component ol the endowment known as the unapplied total return that can ba eith9r bg retsined for investrnent or rdeased to income at th8 discretion ol the Governing Body. 15. Fund accountlng The total funds of the College and its subsidiari8s ar8 allocated to Un￿strIcted, r8Strict8d or endowrnent funds b8sed on the temis set by the dwors or set by the temis ofan appeal. Endowmentfunds arefijrthersub-divided into PErmanent and exp8ndable. Unrestricted fun¢Js can be used in furtherawe of the objects of the College atthe di5cr8tion of the Goveming Body. The Goveming Body may decide that part of the unrestrtcted funds shall be used in fubjre ft)r 8 specific purrose and this will be accounted for by transfers to appropriate designated fund5. Restricied funds comprisè gifts, legacies and grants where th8 donors have speofied thatthe funds a￿ to be used for parhcular purposes of the College. They consist of eilhgrgrts Whe￿ the donor has specif18d that both the capital and 21 KEBLE COLLEGE Statement of Accounting Policles For the year ended 31 July 2022 any incomearising rnustbe used forlhe pttrpos8sgiven orthe illc0rn8 on gifts Whe￿ the donor has required orpermitted the capltal to bè maintained and with the intention thatthe i￿Orne wll be used forspecific purposes ￿th1fi the Co118g8'S object5. Permanent endowment funds arise where donors specify that the funds are to be retain8d as Capital for the permanant benefit of th8 College. Any part of the total return arising from the capital Ihat 15 allocated to income will be accounted for 8s unrestricted funds unless the donor has pla￿ ￿$t￿l¢tiOnS on the use of that ineom8, in which ￿se it will be accounted for a5 a restricted fund. Expendable endowment fund5 are sirnilar to P8rrnanent endowment in that thgy have been given. or th8 College has determined based on the circumstances that they have been giv8n, for the long tem bEnefrt of Ihe Cdlege. Howover, the Goveming Body may at their discretion d8termine to spènd all or part ol the capital. 16. Penslon costs The costs of retirement benefits provided to eM￿Oyse$ of th8 College through two multi-8rnployer defined pensron schemes a￿ accounted for88 if these were defined contribution schemes as infomiatiori is not available to use defined b8nefit acwuntiw in accordan¢e with the requirements of FRS 102. The College's contribLrtiOll5 to these schemes are recognls6d as a liability and an eX￿n88 in Ihe perio6 In whtch the salaries to which the contributions ￿late a￿ payable. In addibon, a liability is recognised atthe balanc8 sheetdate forthe discount8d value of the expected future contribution payrnents underthe agreements wth these rnulti-employer scherne5 to fund the past semce deficits. 22 Ketsle College ¢t￿$011all#d Ststemerrt of FlTranclal AdithliE¥ Forthe Y¢arend￿ 31 Juty2022 Unre￿itte Fur￿5 £wo Restrkted 2022 Total £000 2021 Tolal £0 Funth £0 Note5 IN¢OMEAND ENDOWMENTS FROhl.. ChJnlableacti￿1Ies Teachlrs. research I0$￿8￿tIal Oth¢rtradlng IncotnB OonJ110Tr5 and kg*ci*A I￿￿￿tMentS Invest￿nt inriNne Total relurn allocated Ixhgr Incorne 9.687 9m7 7.105 1.149 1.983 4￿53 Z.fj93 730 1.8S2 11.444} 2,582 2,W7 7&) 31 24 24 1.269 Tot41 in¢orn• 13,644 1,691 2,371 17,706 13.6Y EKPENDITURE ON.. ¢harltabl• actlvttles Toathlng. reythwch ar￿ 15.SM 11.949 12,040 OEneratlng funds FunOr&skn9 Trwjlng expendliure Inveslrnenlmanagement¢osts 620 1.4 514 922 1A96 1.436 Total4xp•ndiiuf• 1.407 19,D67 13.476 Ilet In¢tsM•l(•Mpenditur•lbolore gBln$ 2J71 178 NglgalnFllkn559slon Investrn8nL8 Fixed ￿sef1mp￿￿￿nlCh￿r9 12 13971 139n NettrttomÈll•yndlurnl 14.016) 1.974 11,7581 9.741 Tr•n•f•rs bets¥e8n funds 18 140} errKogn55ed galnslloss•* Gainsl(bssesl on revaIts8t￿)￿ oifryed a￿e1$ A¢bJarfd 9aln9KIoa84$1 on defined beNefilpenBknnscF*m88 t¢wt movement In fvndsfortheyear FuThJ balances brought lorwa 13,9761 08 244 1,974 8.741 18 58.755 137,319 126.57 Fund*￿1￿ed￿rW￿rdIIjl July 73,632 12 60.729 135,561 Keble Collèg1 CoTr¥o4dated and Coll•g• BalahE• $hw¢s Forthe y•4r 51 J￿ty2022 2022 Group £ooD 2021 Group £ODO 2022 Colkge Elloo 2021 crA￿98 £ODO Not• FIKEDASSÉT8 Tawlblèassgts HeriLgyè ¥$sets Propetyirhveslments InYE¥lmEDIs 86,490 27,1•8 10,075 S7N10 88.640 27.108 10.075 55.272 8E,490 27.IV8 10,07S 57,410 88,040 27.108 10.075 55.272 10 12 Totsl ftxed a5s9ts 181.095 181.IXS CURRENT ASSETS 75 1,699 2A65 61 591 696 T5 2.417 1.324 61 534 653 Dèbtts Cashat b￿karf 1Trha￿ 15 TotsI¢w￿•ntaJ•ets 4329 1.348 3I16 1.248 LIA8ILmES Credhtots.. amwntsfalllngdue￿th1Th￿e 16 2.327 1231 2￿18 1.>]$ NETCURRENT ASSETSIILWILir*si TOTALASSETS LESS¢lIRRENTLw￿rnE$ 1.798 57 162Wi 181.038 CREDITORS.. lalllng duellftar more than oneyear Provlslons forlLibIlltl•s and charyes 44,fjQO 44,C¥)D 41CthI NEYASSETS BEFORE PENSION A&8EfoR u￿lUTy 13B.985 138.112 138,861 138.038 DEfiTrryd bInDfit￿n81Oll sehemèlLgblllty 2￿24 793 24 793 TOTALNET ASSErs 137 19 135 457 137.245 FUIJDS OF THECOLLE¢E 18 End0V￿￿Ont fvnd5 60,729 68.755 5&755 ReSt￿¢t•d ftsnds 1200 956 Unrestilctedfunds DEsyTr3teLI hjnds GBDeral tund5 RevEluallon resetvÈ Pe￿ICAl ￿seNe 56,567 51567 16,7231 27.108 l?.4241 73,520 68.715 17.4961 27,108 17931 17,533 17.4221 27.1r 1793} 77.606 27,fOa 13,4241 73.632 TOTAL FUNDS 127.319 13$ 13T244 Thefinanddl 9tatam8nisw¥9 *provedand 8ulh)rf&erfforwuB bytheGweinlw BthlyofKEbl¢￿l18Y? on 2 November 2022. rmlthael Walden Scoo Butsar 24 K•lTrlg College ¢oD¥olidut¢d Flowstatement Forthoyear 01￿0 31 Juty2022 2022 Gryw Group Net cAsh lu$¢d provthd byopewatlng activitlES 24 6B3 {2.9921 ¢a5h flo￿troM In¥*stlng *oti¥4O Divldends. Inleresland rentJfn)m InvFsknnts Pt¢xeEds from lhe3a￿ ol property. plantand equlpmnt Purchg$E of piopNty. plaDland equlpment Proceeds from salesol knvostm8nts Purchase of In￿31￿￿ThL* Nel c4sh prn￿ded by1{￿Sed inl ￿tIvIt￿$ Ca¥h flo%￿trOM flnanclng ac15vitie9 Repaym9ntsot borrowing Cèsh Ir￿0￿￿ from n&wburroW Re¢e*iolendowment FirAncecosls Paid 14t¢aBh provld¢d tyllused Inlfln•n¢lng ac¢Mlie8 2￿0T 14701 945 11921 1A76 {*oi 3.681 1424 (3￿00} 4.QOO 1,963 {1,4541 1,509 3.wo In Ga¥h and cash equ￿&￿￿ty in th• r•pvrtlng perfod 1.769 17B6 C*#h4nd equlvalents al the beglntting of tF• reportlng pthod 1109)) Change Incash andcashfjqu￿lBrtfj du• toex¢hAng4 Cash andcxh49ll￿￿an￿atthV0lldol Ihe rèportlmg 25 2M6S Charity W rfjyuires Separal&ad￿￿StraUDTh of of e￿l￿eda￿d rAheriestrt¢W funds ollhe Cole9e.Thlsco￿rA1nt hès ntst8dver3dy¥ffethd groupcashnow$ as above. 25 Keb￿C￿l￿o• Nolgs toth•flnanc5al $tatgrnents ForihE y•ar rynded31 July2O22 INCOME FROM CHARrrABLE ACTivmES £000 £000 Teachlng. research and rèsldèDl*l lJnt8skn￿ed fvnds Tuit￿n fees-UKarKJ EU githnts TUit￿n fees-Overs&% SbJdè￿S ¢)therleas OiherHEFCE Suppo Other2cadBmiC Incom• Colle98 teSKlènbg1 2.34S 1.435 21 210 5.193 7.105 knwTrtsr￿￿dfrorn thÈ Un￿e￿ty￿r0Af￿￿frQm w￿[c￿￿e￿￿￿￿t￿e fund¥ ￿￿erthec￿l0ge Fundlw FcnN inlheatA)ve'. 4,204 3.920 LK)NATIONS AJID LEGA￿Es 2022 2021 Ur￿str￿ed fthid9 RgstrictedfL*id$ EThlowed funds 1.149 941 1.46 525 INCOME FROM OTHER TRAOINGACTMn 2022 £000 Urtr•stswX&Y furth SUbs￿l￿ry￿panyl￿L1ry Income 1,1115 OtherlFaL¥ng WKome INVESTMENTINCOMÉ £000 VDreslrieted funds Commèrcial lènt Bank knteregt no 730 EndMd fundo hives￿entIne0tn 1,152 1.782 Totsl 26 KeN• Con•y Not•S io finan¢lalBtalomgnls Farth• yqareni*d 31 Juty2022 ANALY$15 oFEXPEND￿uRE 2022 £000 2021 Charftable •xp•nditlJr•-T•￿hIry￿ resear¢hAnd rvid•n￿&1 Dirtrt 5tsff co¥t¥ Oth•rdlr8dcosts sUp￿rt3￿j govern•rA cosiE see nokn6 Supr¢Atand wtnm-rnOverneni￿ w0vla1￿lOrd0ffTrpd b￿￿fil￿n$￿n %338 4.762 2.858 4.918 {4S81 TOts1th&￿ts￿• •Xp0￿d￿￿V* 12.040 Expènditurèon rnlslng *j￿d5 Dire￿ sfsff ￿￿tS alloolgJ io.. Fundrai¥iry Trading 776 633 (AherL4re&c05ts8Nocat£d I FuThlraI￿ng TraLlng expenLliure fn 61 r61 Sup￿¥￿￿ gDvemarKeco51s io.. gee no￿ Tr8dingÈxppndrfurg see no￿ Totsl Q￿p￿￿KUre0n r&￿Ill9￿￿dS 111B 1.438 Total •xpwdMur4 13.47e Teathrfj. r•gè4th *KJ ￿den￿*eXpen￿liL￿ knclud** Th¥¢￿￿ge * Ilabloio b0a98e8B*dfDrC￿thbth￿￿ underlhe ptovts1t*￿ ofSWtLrfeXVoflhe un￿eNty010tht￿. Fund Is used w maka grydnLg andloans to cdlWJ¢SO4 bas5s0fne￿. conth￿On isc3lcLlated anNBllyi1acth￿Ce reyulalon5rnadebytheCtMmrylvfthe Unfvw*tyotOASJrd. IALYSIS OFSUPPORT AND GOVERtIANCECOSTS TÈathing, Re$8aich & Re4denUAI Gon8rathYd FL￿d¥ Total 2Q22 2022 £000 FIna￿A￿L administiab Dornesuc adNiniallab Humen ￿$rA)ree8 70 342 412 154 160 247 43 OepTedqUon B￿k inierestp2ydb10 ¢Jthgrfinaice chBr99S G￿rnar￿¢0$ 2,820 124 2021 Total 2Qll FlnBrKiAI Bdmlnisliati Do￿11¢ 2dmInts￿atlort 3n 436 154 107 231 41 19) 2.642 Depteclatlon ank intsrost paykn thhwflnanc&ch2oey <￿vernar￿¢ costs 2.612 10 1ty 31 4,91 27 K¢blè Catt•y Ilot•S lo thu finan¢klsta¢omgnt6 FOrth•y￿r•n￿ed JI July2022 ANALYSIS OFsLfppoRT AND GOVER￿JA}ICE COSTSIMTrl} Fin￿￿9 dDmeslKadrnln151Rbw rr human résour￿5 aNrftArt8dgcCo￿lVj tolhg 85tknated staff IhTr&sperrtoTreath de￿¥1Y. DÉprknt4n costs d fixedgs391 impairnenlare attrfbuied in lull 10 In6 Co11898'$ ¢harItsb￿ advllles. it LgfDrt￿ wpwrt oflhoBe a￿1¥1￿?5 ihaithe buildirt95. plantand UiptTrert beingdeprecvaled we held. Inkresi and othaifin￿￿ charges are al￿bUted according itsthFputPQ59 oflhe rela￿d￿nanCIng. GoverrFanee cogts arè ¥1tt4ied lOthei*te ch8ril8bl&actlvtyof iuluon. So•alsonrts 31 Y•ilh 196PBdto ihg eKcoptb)IAI dr¢um9tsJl¢O¥ dufrto Com￿19. 2021 £000 fjgvgrnancg ¢o$ts Includ•'. Audlto¢s Audiiorfs ro￿￿èrat￿￿-￿S%uF￿nC9 5erwlees ￿her￿a￿aLl1 25 Legèl otherfFeson cons111ut￿na1 mallers N0amD￿l has bgen IrKluded InGov•inancq Ctstsforthedirect gmpbymenttOSL8 Cf relmbur48d8ypens05 of the CcAlege Falthon thtyW$thatttw9 P8￿M￿ls rej*9 to Fgifows'lnvolvemert kn thè CollÉya'5 Charttab￿ acUvbUe5. Dstalsoflhe ￿mur*abo￿oIthÈ FèlrxY& andth￿rr￿m￿Ur$BdfrX￿nSo9ar&pMvk1s0 In rth21 beknw. NTS AND AW*RD$ 21 £000 Unro51rfct¢d lunds Grants to1￿￿1dVa￿%'. U￿8rgraduate scholarshlps, grants 8ur￿￿e5 and haTdshipAwètds tsraduaig GchcAar5hlps, p[P￿s andgrants Grams ￿ ctherln615tuUons 40 110 164 R#strfet•dfunth undèrgradua￿ wlzeBandgronts Bur9arfe$ trwrd¥h￿ awards GIBthJate schrAatship¥. granLs GrArtstoothèr Insd1thkn5 100 406 70 5B5 43 551 TotJl grantsand 7S1 705 The *oYècr¢tS8ie inc￿ded th*rkn[k4tAeg¥pBnd￿jre0￿ Teachln9and Rèsèaftth. Gr4nts to ther1￿jIuuOnSffi￿n1Y￿Mpth•8walds to Kév4gpan$kg5 H¥doWT￿$taTrdt￿È PoorParfshes Funds. STAFF COSTS 2DZZ Salartes andwages So&al secL*Ityc05t5 Penslon ¢￿t$ Defined ben￿l$CheMes-eMpIDyei,5tontrIb￿lon￿ sth•m•s-•mpW¢gcontributsons SupplemBntalvJn payrnents De￿￿9￿ benefllschemes- r(Awemerton pÉnSI￿ Wovtslthi 1,014 5.178 449 742 139 195 2,623 9,957 14*1 8.014 SLWOrtknrSomeofU**¢o>tsuD¢er￿8 G0vemM￿1furf0ulh scherne. induoknl in c8met¢- So•d90th31. Irdud8d SaLyrfe5andw￿es￿E ierrninatitsn roymBntsJrnruibng lo £68k12021.' £rill ￿*[thY￿At￿lty wr. 28 Kebl•CDII• Not44 10t￿ ￿n￿¢101statem9n10 Forth?y•wen¢hJ 31 July20J STAFF COSTS IEanUnuodJ Tr9avw4a numbÉrolèmplOy99Soft￿cC￿wè, exeludiYJ Tr￿, ona full ÈqUwo19ntbiwswas a5 fdl 22 No. TuftlrAI end règè8 r8$￿￿￿￿al FundrdK8ity Supwrt T&AI Thè8vfjr¥p wmberOfWn￿￿eO CC1￿￿eT￿￿¥dvringthe pa1wasas￿￿oII%.' 2021 No. 26 Asaoc**pi<)f95soraThY TutorLal Fell(rA- AsaocW¥ Prole¥sorandTutorkil Fellth¥-¢dlgu9 o￿￿r1earth￿g and ￿69¥¢h 25 TrAal 42 Thefdknv￿Trg IrknmAbon reLqiÉs to ￿￿￿oyeeSof the CcAle9eexduthnglhè CLIIrygTtusl995. Detalls oflhè mmurtéra￿TrO1IhQ Fglow5 andthèlrrdn*uts*dwen69sar•provld•l Inncts 21 Th&nurnbarol •mpw* IheCdl•JeTNthey}thrirtg th¥y9¥r%hJ3e gr05spayand benefiLY (trxd￿fjry •rnpiwrNland peT￿nCr￿7￿￿u￿Qn5}Iel thIn1h9￿10￿rn9 bznas way,. 2022 2021 Nts 13 £40.(￿-£s0,o .ty)o-£fo.ooo £80.(m-£90.000 £I￿,￿O-£l40,o 11 Thg ryL4Tb8rof the •mpknyèB*wRh reurqmonlb9￿ff1S￿wwa$￿f0I(th&". In dèfwd corlributlon schemès 14 15 ThoCc4lwcOnthw￿)n¥ kndofmd ¢ontr*uUon wis￿rt schEmes forthe89 to￿1 144 127 29 K•bl•¢olleg¢ No¢es toth¢ ￿nanCL￿rAt#1lrn￿nts Forth¢￿8Tè￿I•d 3t Juty¥22 TANGIBLE FIXED AS$ETS Freghold dand EqLlwn•it Grwahd ¢oll•g• TDtal C09t *artpfyear Ath11tlon* 105.0 470 3.462 lo8￿18 15721 15721 At8nd of 105.$26 2.8 109.416 D•prB¢lallon At atsrtolygar CKgrgefor Ihe year Ckn L15p￿al$ I7￿77 2,￿1 19.171 15721 15721 19. 21x6 N•1 book valuè Alrt0f￿ar 85.* 49ts At startof ￿ar 661 In addikn tort* hortsgeasB9ts1409 101, hss knry-hdd hbsi&lcas8eis Bll otwhich ala t￿(￿Ume0fth8 Col*e'steAching and researchactivit*g. Thè*a cDmpris9 I1$￿ tyJWdlngSOTrtheCol1egè*￿tVYBthBrWth ￿e1r0)ntents. BeGaus&of thÈi189e and. in rn¥ryG>As. uniguenalur&. rej￿￿9 hIstorf￿1 Cosilnlorniknn 1$ not avwLWblgfr￿theSe a5setsandcoufd noibB obL4inèd pxcgptaldi5yowrt￿￿at?èxpe￿se. Htrfftr, in thèoWni￿01th T[USt8￿thPdfj￿ai￿ ￿$￿￿CHIC0st0f thèyè ag*Étsi$ 10 HERITAGE ASSÉYS PJinting¥ AtvalUa￿ £fN)O Group and Cdlegè Alvaluatlon £000 AlV￿￿ètiOn Totsl £000 AtStartaid endal54Ar 12. 12.840 1,718 2T.fO Th9¢￿Iegfr curTenllY￿k1s thrè4 da*g8saf35%9L%frybgrtage pu￿$¢5.. ￿clU￿$, M￿￿%￿Pta*Ad Iwnaiwla. Thgreare in thp¢411￿vn.. The tight Ilr• Wortd by Hc4man H￿fftt, Off(j￿51 Irorn the wts*shopofWlllèm Kèy. Thfj Cdlgg8 has87 mnLwrfpts. 211olt4tu¢harè ind￿J¥d inth9 atalogue ollhe ¢dlectlon bymalctsjm B. Patk8s.' Thpm9dlgv*maTruscrtptsofKebk Cd*98 OxloTd 119791. There are IN i*rnS In the of e3dypintsd k$. Ajllhese heiiiage assets￿$r•d￿S￿ to CdlEg8 in iLs 0￿Y￿ar$. TtrBpkiUr￿Ar£ ¢m thsplayln thp¢hawl ￿ maybe￿*￿d￿￿offtbets oftn¢ blicalno ¢harg&4%tsnlhec￿￿ge * open. Them8nu$¢fiptsand Inwnabula IntheCc4legeLltsrary￿ arèavaiiwekn ￿h￿ar$(￿ ￿u051. A Imrfe has been madg t*thg famous Manu$￿ptJn Ihecolle(Jion-th•RBgan5burg Ledlonary. ￿11hree cla9$9s of aSSÈL%%¥èi9 Ywlugdas a131 July2014. KgbIeC￿leg* lo Iheltnanclalstaiqmfjnls FOrtheY•ar•n￿d 31 Juty2Q22 PROPERTY INVESThlEt4T Group*nd ¢rJlry• t[￿ll￿w￿l £Tr)D Cornmercw £'wo oih £YpJo Toial rooo V*luaiion ￿3￿rtand ev￿oI￿Ar 10,075 1l1175 10.075 ComrMKlai prowtigs r8pFesert po￿(￿ ¢rflh¢ H S Nlen Centreandan B¢l'oining b￿￿¢￿1 aFe rented toccrfnmerda ￿rtants. Afonnal valua￿￿ oflhe commercial propèitièaY<4$ pr9par•y by carter￿n￿5￿￿ at 11th September20W fOr1￿5￿1emdÈd3l July2Q20. Th?valuaionMgs Conduc￿ i)gccatdatLcev invesiment method olv4uabDtL subseque￿ ass&sment vfv4lu3liw ale based on ￿adIlY avEilèbk m3tk81 in￿r￿￿tiOn. orn￿ renia ¥8￿$ hav£ pr4rMrily Iqmaingd broadlY￿mI￿raCro3s 2020Q022 and therefote the valuation at ￿ st•rtof the yearèpwDAirnate$ 18vglv3bDll al ih&end of year. 12 INVESTMENTS All Investrn•nL% hddatt¥Vv￿U￿. 2022 Valuètlon at ￿art0f yasr NÈvé rnneyinvested Amountswllhdtswn Rwnvesied Inveslment man8￿￿*￿tfO0$ creasoy Inci•AS* in Valu9 of Invostrffjntg 55,272 48.Q75 210 115761 8A63 Oroup InveGtsMMs at•tsdOf￿ar 57.41 .272 cal￿9￿ lThv••tments at end ol￿r Group I￿￿￿nts ¢￿pr￿•.. Hèid¢uW¢9 Ih8UK ÈODO Held hi theUK £0 202Z Talal ouisld& I￿UK £0 HBhYin BUK uoo £000 EI￿ty￿¥￿￿￿￿nts Gbbal mulll-assetfunds ntE4uitylnvestm9nts 51738 1.WJ7 nB 49,966 1.￿4 1,904 Alternat￿ 8ndi*hÈrlnveslmwts 243 2.591 2.4 1401 Tot*1 iroup In￿*¢M•nts 243 5T.167 54.381 55.272 31 K•ble¢ollèll Noto5 lo th ￿n￿CLAr$t#l4rn4nIs Fortheygar•ttd•d 31 July2022 15 PARENT ANDSLfBSIDIARY UNDERTAKINGS Thè ¢dbge tr01d5 100% of th8 igsuÈdshare capltal In C￿[gr•A¢a K$wg Limilgd. acompanyprovk1h9 conf8r8nce oth¢reventser¥KKs gnthe Cdlege emi98¥, 100% 011he Issued shat8caFMlal in Propgth*s Llmited. a (wpanYpr0￿I￿ffl9 d￿9Th3nd bu1￿ (￿Struc110n $￿CeS to ￿couB9e. ThEfesulis of th&paient and s￿￿￿1￿$. thelras$4t9 d1&4ti1ths •t ￿arthid, VIe￿a81rA￿yJs'. ¢¢Alegg (pamli Keble Properl1￿ ConfereKe Kthe £000 16.600 117,9701 Exp•ndiurg DonaiitsnttTrthllege under&lftawJ lètèat r8cglvable ILos8èsyyain¥ ￿ revalua￿ Re$uH torlheyear PT6) 11,oaoi 1397) 24 Totsi 4$58L8 T¢ts1117bll￿FS 184,899 149,4421 1,533 Nptfunds allheend ofyear Sèè ￿dtI(￿lIlynot￿32bforprtQ￿y￿etrntvr￿tive5. 135 253 14 STATEME￿ OF INVESTMEirrTOTAL AETURN rrwte4s have •Jtyted È dulY&u￿On$8d polyof b)tal ￿l￿rn ècts)undr¥J Iwlnvwtrnenl re1urns￿th •ffarttrom 2(N)3. Thorgturn to be￿*d aa Intthhu l¥ 9uèlly¢4oAatgd as3.5% of the è¥erègeoltheyear*nd v*Lwolthe￿leVLnI invBSlments in eaol of the las15￿3￿. FtsrthDfiTraNdal ￿1•￿￿9￿ 31 JLly21. th• rewm 2Kvlled io ifthmgwasJn exceptional 7% due lolhefThiroal challerws Ofcov￿-l9. The r8tuffl has reverttothg Usual cakUlat￿n forth9 yeareDded31 July2022.The wesènAd IfttEenlvalue of Ihe invesied upital repRsents its open mèthel v¥lueon 31 July 2N4 togèthér￿￿811subS8qv9￿l •mdWn￿ts Yaluedald31e ofgrfL PermaneniETrJo*Tn•rrt Unappll Total Rsturn Ewndatrlè TtusifoF Impslment Total 00 £0 £000 At the bpglnnlng orth* ￿r. GrfL1￿￿p￿eotoflh9 PWMa￿Tht ￿d￿¥Ment u￿PplIEdtUtal return Expendat4e ondowmènt 7otal Endowments 24,￿2 23.073 Z3.073 23,073 11.1 11.1 24W 23.073 47.575 58,7S6 Mov•mqnts In thg roportlng ￿rtOd.. Grfiof endowmentfunds Inve5tm2nl return.'dkndènd$ and Inlerg$1 Invwtrnilr9turn.' roAliged snd thréoli¥ed gains4ndbsseg TDlal 1,879 1.9fj3 1.8S2 352 (T81 360 1321} 1,179 1,879 3,058 J,418 Und￿￿ed r¢wmAIIoc*tsdto ItK>)me Exp8ndatlÈond04￿ntstrOrth￿ to {1.1￿) 11.1631 11,1631 1.1631 11,1831 IfA441 Nètmovernehts kn rrypwtlng perlod 1,879 1.895 1,974 At•nd olthD r•pwtlTrg porlud.. Grft(x)mptsnentof the Permanenter￿rA¥menI UnappI￿d tOLg1 r•￿r*I Expendable ￿￿0V￿è￿l Tatsl Efflthrynls 28.381 26,381 23.089 26,381 23.089 11,259 S¥93dY￿￿ItynDtQ 32ckrwitrsw¢(ry&rati¥e5. K*bh CON• t4tst￿ to th•fiMantlal ¥¢*em•nts Fwthv year•nded 31 J￿lY?022 DEBTOR8 2W22 Group £oDts 2022 Colle £000 2021 eolege G￿uP Tl duo one y•ar. Traye de￿ Amunt5 owèl byColle9emèmbBts AmourtS04¥dd byG￿p￿dortallrys LOansrepaya￿P￿1thI￿ 5Yar Prepa5Tnents8nd a¢cruÉd Intsx orhèrdebtfAg 14 14 474 474 26 $34 Amounts duefrKFthwh ¢Lryim8 pJid afterihe yearond Indudedgbm.. 16 CREDITORS.. fall1￿#d￿e￿I¢hln 2022 Orwp £oDo 2021 Group 2022 Coll49• ÉooD 2021 £(XID Ti*k C￿ditorS AJ￿￿￿tIlwod io College M9mbgrs A￿Unty¢W￿ t¢ Gi¢Jup undertakngs Taxatsth and $ecurlly ruals aid d•f•ttèd Inttyho 950 477 21 374 21 21 176 193 427 401 29) 1,3C 17 CREDITORS.. fawngdue oknrrtstsr•th*non•ygJr 2022 2021 2Q22 2021 £000 £000 Éoao Privat¥ Bank 40.OOD 4,QQ 40,000 Ao,ooo 4,tyJO 40,0 3,0 43,WO 43.orx) Thè Collty•1sSuÈd E30m in ￿ng-te[P￿ notes al parln December 201Sand afLI1￿r£s￿ ptsmium in ￿￿￿2078. Thes&m￿S beara flxEd In￿reSt 2.36Vk p.a. Thè Colw ISSuÈd al￿￿hÉrt5￿ ofjong-t9￿ par In May2019aLafixed ThltetÈst rèts vl 2.98% p.a. Thg aThycondl￿On5areQtheTh*19¢ th9 samoforall Ihroe tranch•s. r•ptyh•ni￿intrdUfj in 19n W4ual hsta1m9n￿ wmmanchig In D8¢embèr2046. hawb￿n4￿￿1led iothe OfU￿ HB Wlen Cenfr ontheAcland slts. hi Au9USI2020. In rèsponsè ￿th@ knpaltofthg Pandern￿On genernlfunds £nd the Settlèmènlot￿l1diry work tost$. Cdlgge borrowd £3mSlllon on a 3-yew xed basls. Inle￿51 Is payatrAaqua￿YIn8￿￿8[5 at? rat9 of 1.8%. wlih Fepawrrtniolihe Inlllal diall￿OI￿n ai thé *MI of 3years. ThgCo¥eg9 rgpald th* In D8comb8r2021 as pan of a iefin2nclng.Thè Collv ￿rrOwEd E4m at a r*e ot2 59% p.a. Vj￿h inlwest payat4oquarterly Inatr*ats. Th8 itsnis ftsr¥ PWN>d of 7 yg?r¥inwhiGh th8fifS1 two years do not ￿qU￿e repayn*ntollhècapital Compon8nl, wrth ￿15 t￿Ing payable quartgityoverth• ￿maIn1rt9 Syèais. 33 Kèbk Cc4kny 14ot•s toth•fkn4n¢lal GIat￿•￿t5 Fe1rt￿ yoJr•nded 31 J￿lY2022 FUND8 ¢* THE COLLEGE FAOVgMENT3 At 1 August 2021 £000 Incomhig Rewutw¥ At31 July 2022 TRnslors £000 Endovm7enl Funds-P*rrnarnnt Generdl puiws#$ Extemal puttWfj$ euisarfes Scholarships Fd104￿h1ps 83D IS591 1691 (1251 18,505 2,171 2,332 7,363 18.8$4 2.186 2.275 7.231 17.1 1S9 231 2.1 (3451 1116] 87 Endo*YTrDnl Funds-Expndabl• General pu￿ 8un9aripS S¢hola5hl FelknwsFMPS Otr*rywcifkgd purpoEe5 4.581 1.47S 81S 3￿61 741 144 80 28 4,556 I,SOS 123 3,628 7A8 161 1651 TDtal Endowrn•nt Fur 58.755 3,815 1,4fj41 139n GO.729 Rèstriet•d Funds Fixed asselpr0ffttsfu￿tr Owelopm6ntoffthfun¢iDg Ijhvrestr￿ts￿ Income fvnolng *IWlgd I￿al rewmfnm I45￿￿j IptwendLwrnent runts Tothl Rqthcled F￿ndS 94 10 95 1.CQfj 175]) (1.407 71Q U*r•I￿Ctsd F￿Trd Gerterèl Flx£d aSg8ldB$lgN¥teOfu RevaI￿tion Pension re$8rye T¢ial Unr•stri&*￿ FundB-¢rAknge VnresirbX￿ furKk hÈid by$ubsidianBs To¢al Unr•strirtqdFunds- tsr¢sJp IT.4￿) 5&715 27.108 793 1119511 {4n31 151 (2.2991 27.lQ8 ,424 73.528 104 73,632 2.631 11.845 1.1 12. 74 117,660 734 rotal Funds 137.319 19.067 397 8eèadthE0n*lyMk32dforprior￿rCQ￿ar3t￿s. Keble College Not4s tothp nnAn¢L91$t4t•m•rttÈ F¢rlhe ￿Ar ￿d￿lI)I July2•22 19 FUNDS OFTHE COLLEOE D￿Alls Th0*Jiovlng Is asummary0fthè0ri9t￿3￿￿ pu￿￿$88 Ofe8th￿thE Fund&. Enth)wmènt Funds- P4ml¥*•rtt Ganeral PUryK)gèa AcfyisoNdabon ¢f9ft84nddwtion5%vhue ￿oMe. knit not ca￿14. UsedfurI￿ general purpDsesof I ¢ap#* baknceolp8SI don*iOn¥Yth•ie re￿ted inwme. bUin￿th&On￿n￿l ¢¥plg1, r4n be used [orspec￿ed(1iett9 èxiernal loihg chartty. capital balan¢&olp3St dona￿AS￿h@r9 r9101ed IDwm2. nocthe caphal,can bg to wppjrt ud£ntsolth9 College. ¢￿tta1 balanGe Qfpa￿d0na￿n$￿thsfé rèlat4dlrKm. ￿ not Nlgknalc4pW. awarded Ill stu¢enls ollhe College. Èph41 balwu ofpas1thna￿ns KthÈtÈtd¥tgd incTrTre. bL* nottheorlgknAlc4pttAI. can ￿ u¥wdtoi Ih8fun¢ln9of c￿le0&ll110￿11P￿. fts mada whÈre rglated Irmme. bJinoLthè on91n￿￿￿tItI. can be usedfcf the fundlTrJ Of¢*￿1 supportthrmuX¢a#iYrties wihh tho Colw. Burnarfe5 S￿0￿r&h￿s FdlDWShps Endo￿￿•￿tFundI-EX￿ndIbl9'. Genèrtl purpty A corts¢lidation of gffls w (bnatbns IncrAm•. orlrthmèand wtsl. b?￿d lorthe 9enaral wrposes of the ¢haiiy. Capital ￿aTre8 of rel*ed IrKome.orlnr£*meandeawL41, can u¥edforLwr&iriBs to wpwt stud9nts of th&C￿lage. Cspit¥l of pastdonAUons ￿ar#￿￿&t￿￿lncrffl￿orinojrntran￿ cap5ts1. fAnbeusedtr¥c￿lar¥hysaW•rded tosiud&nts rrfthè C￿1899. Capiièl bala￿&￿fp3st￿￿a1￿￿S wthero rdotodlncomi OrInts￿ otal.can be us•1 forthafundh9 of c￿1￿ fellow5hSps. Cardi31 b3larte4lpaslth)natbns￿tsW rdaied Incornfr. orinCL¥Nsr￿ c¥W. bB Lwd ftythafvndlrvj oloth*r speGified CO1￿92 3¢bVrfiÈS. Bursarfes Sthothhlps (Mltr$pKiW purp(ws Re8trf¢tsd Funds.. Flxed a5￿p￿￿ectsfL1ld Gfft$¥nd thnatknns 1troirnustb8 to ¥p9)￿rLYed 8sEot ￿￿e¢l$. Thetr8nSterfrom thg¥efwth r8presert5the ¢ApILAI èxpl￿#ll￿ thatrelaeslothe5efu￿S. Giftg and dWat1(￿S￿al musl be ap￿*d In 9UPPthtofu* D•¥*liwgntoff*eeypendttureroladngiOthèffi$ioTh 2020 c4mp2&n. Glfts and d￿althythat must bg appr￿ In 6UPPOrtofothgrsp8tilW ¢Jlrye*1w￿es. ApF4￿dl￿al reiLYnftom twendwrngntfundy )plwJ total return generatertfrom restriclgd pwwse pwmanent expen￿a￿￿ondONkn￿rt1u￿¢5wh￿h mustbe èA)IiBdfwlts ¥•Gffjed Rstrfcied pwF¥>se. O•¥lgDat•d Funds Fi18da8setdesignated ithie$itithd are r￿￿sen1edtyffta fix￿ ag*otsofts co11gg9￿ therthr•notthdlabl•knoWd rfft ihE Colly's 98n8r31 purpo5e5. Unigsltthd Funds ate rep￿Senied bythg rev¥lualk)D of assei% UnresiilctÈd Fund$ rgw95onied bythe Co1￿90.￿ p8n4￿l￿1d Iwbilibes. ReVEj￿tsan re￿Ne Ponslon rèsètwè 7heGeneral Ur*tsbitW FUtwJs￿￿rasent ihe ba￿r￿aTr$Inll fromiheth*9'5J¢lMb85 othersouKes thAiat£ aWdilat￿è1llrthw gBn9ral purp05es01th0 35 Cojkngo Nolos tothèflnBnGl*l #tat•m•nts Forlhe y•Ar4nd•d 31 July2022 ANALYSISOF NET ASSET$ BETWEEN FUNDS Un￿st￿¢￿d Futwjs Endtr￿Nnl Furd% 2072 Total Funds 2022 Eooo T￿gI￿eT￿Xed a$5ets Heri￿9a5Sel$ Propetylnvesiments Invgsiments N8tcuroni889eW(l￿bIl￿EjI Lory ierm lkqknlibes PenS￿n lund li3bllW Q6.49D 27.108 10,075 86N90 27,108 10,075 S7,410 1,902 144,OODI 13N241 57.410 3.319 12,8171 144,0(h)I 13.4241 73.632 1,20D Tcl 2fj21 £0 TangItrIefi￿ aSS8ts Herita99 355ets PrtpErtyitNe&trn9nts Invesim&nts N•L¢utrÈniag$etsUIFabilNiesl Long lem lth11￿5 Perts1￿1￿MI 1Kg￿lMY 640 27.108 lQ.075 88.640 27,108 lo￿75 $5272 17 143m)I 17931 137.319 14,4221 143.OWI 956 58,7&5 21 TRUSTEES'REMUNERAno The Felbw% whoaTriheTrusteeJofths ￿lIege*r￿￿jwQ50f ch￿ty1&￿ ratètvè Thty as caariwinistèÈ8 W arfypahy byeltherorèoth olthe Unwewtyandlhe College foi Ihe a(*dEM￿se￿ilE￿thQYWD￿ldet0thQe0ll1g•Isgorn￿oyÉ0Sl. Thg saPdrfgsola¢ademlc•mploytss ar4 pald on oxlgTMI acad&xl¢ 8t￿ ￿ernI￿￿￿ted$cdles andoften 1nvoivgj￿nta￿?n9ernen1s wllh the UnNeNiyolOxf0rd.￿ sala[￿501￿0ll-a¢ad9M￿em￿DyB￿s arÈ thg Coltye¥LWdnscd& Alltu*fjfj3 W￿Yea1a1CrITrrnQn iatrAe. ag can r*hFr9M￿QYeeSWhoar¢ ert￿44 to rMalsNvtiknwOrkinu. Tntstè4$ oftho cdlggetsll lrtothe Idlo*4ry tat*oth.. Headcl House Professcrfkl Fellow la Felknw FeNowbySpwal EloGthi R&s*a￿h Fdk JI aid Research Fellw*odiot4e*ra HO￿l￿Al￿Wanc*. **lch15 thgsalaryflgur99 bAIcw. TN5teos In ￿2￿mM￿d#11￿0￿d bylhe Cdlege.forwh*hlWgrpthrged a ma*et tent.. TnJ51ees wh)aTg ￿ èNwIo￿s0tl￿eC￿l￿04nd th Mir4C*W 14munal8￿[l The e<41egÈ has a Rernu￿r￿￿n mkes recOrnMer￿￿kn3t￿Go￿Nj 8otyon payand benalbts ¥•outs￿￿Of￿Atg￿l Tl p)sknoflhe commit￿￿&$￿￿t0ut inlhe RepDrtoflheGo¥eming B￿l￿th* s￿￿10n. ¢(hv9FDSry Bth, Otn¢•rs ar￿ Adv4*5. Ktyrnanaglnwnl r¢rnulleraOoTr 2022 2021 Warth. Bursar. SÉniorTuiOrarf De¥dopTreniDkqc 453 445 •bl* caj￿ Notsi t0th•financ￿l itatements Fwlhg year ended31 July2•22 TRUSTEES. REMiINERAnON l¢ontlnu Rèmuner*tiOn paWtotru¥¢8•5 2022 2021 Grrss r￿n￿leratiOTh, Lgxabltr N￿mbar ortr￿S￿&$ pBrGkncon￿bth￿n5 NumbÉrofknJs1985 Gr0$5 iemuneNiofL L￿b￿b￿[￿r￿ arl penslon eorthbutits t7.￿1 - È8.Q £8.W1 -£9.0 E12.W1 -£13.LWJD £21.Nl -£22.0 £25.Lh)1 -£26.0 £26.001 -£27.0th1 £Z7.001 -£28,0 £28.001 -£29,0 £29,001 - £30,0 £30,001 -£31,000 £33,001 - rJ4.000 £36,001 -£37.000 £38.001 . E39.000 t40.N1 -£41.000 £42.Nl -£43.000 E59.LYJI -£60.000 £60.Lh)1 -£81.0 £fj1.001 -£62.0 £e2.001 -£e3n £fj4.001 -£fj5,0 £70.001 -£71,000 £71,001 -£72,000 e91,001 -e92,000 e92,001 -e93,000 £103,101 È104,0 E125.001 t126.0 £127,001 È128,9 £128,001 -£129,or Total 7016 8,572 11910 4V29 201467 261908 82,005 12.748 ,683 228,312 313.242 27.123 28.143 10 36.4T2 3QTf2 40.256 42.663 179.￿2 121,256 1,64e 6a668 60,887 123.275 62.251 Y1. 91.719 92,977 103,690 I￿,￿22 127,279 127,1 120,893 1.590.483 1.6eon9 ot￿rI18￿91￿(￿%WlthtrU8teB5 Nolwstegdamed4y4wtso$foranywtstk p9rfu[￿0d In415thargeof 09 atrLIAt•e. Ncie 28 woknSdesfuflherinftstmabwon p3rtytra75acthins. 37 X*bl•Cpll NOt•str>￿ financlal stalernentS Fprth•y¢￿ wrtedaf Juty2Q22 22 PÈNSION SCMEMes Thè Colltye K*rf¢ipate5 inl¥w pl￿￿paI pen￿On g¢hemes fori15 Staff -the uniVe￿ille$ superaMUat￿n Scherne IUSSI and the UTrlversityof Oxfo Staff Pen51on Scherne IOSPSI. Thtr asseisof each gtsler(e8re in Separate irustee-admI￿$fÈr￿ fund$ USS OSPS areconiributcrfyw4xed beneflt $¢hemes li.e. IW provide beneffts on a ￿rin￿d be￿rt basls- ba$ed on lenglh of setwce and pEnSiOnab￿s31ary-3nd ona deflndd ￿nInbUl basis-bgsed into the 5chemel. eoth 8rt mulli-empbyerschemes and t￿ Colleg¥ 1$ thaidelo ￿eD￿fyI15 share olthe underlwng a55ets lia￿111￿5 rel•liny to defin¢d b￿er115 of each sthema on a wnslslenland rea50nabk ba￿s. ThBrofort. In a¢￿[dance wth ib8 ac￿U￿tIng swnd3rd FRS 102 paragraph 28.11. Ihe Co￿$90 accowts forlhe5chemes a$ il theykn*re defingd conlribullon schemes. A8 a ￿$￿1, Ihe amount Ch￿Sed io th& Income ExpendilureAccount r£pr8$•nts th8 contribJlknn5 payable to the s¢htrmts$ in ro$pBdol the a￿oU￿tir0 period. In Iheeveniof Ih8wlthdrawal of any orth* parll¢ip8ting 8mplows In USS or OSPS. Ihe amount of arnypen5￿n fundiro shtytl811 IwF¥ch cannot be othe[V￿Se recovered) In ￿Spect0f Ihalemployerwll be spread acro$$ Ihe romaiNng partirAP8bry ernployerg tynd reflBcled In Ihe aciuarial VAluaiioncflhe scheme. The College al¥0 made available thè Nalknal EmploymertSavlng5 Tn￿lIOr￿ThwoYS$S eligi119 underautoMa￿¢ errdmentreguiglorts to pertslon beneffts but nDt él￿1bl6 fof eilhw USS or OSPS. S¢hgmogAttountedloruthrFR$ 102 as definèd ¢anIrh￿lvJ￿ ¥¢hem Aclu*rialvaly4tions Qualffji￿ aduètips perKwJic8llyv¥lue USS and OSPSdeffned bÈnBfrts tho'w*ried unlt mglhod., *rnLrt￿nya matk9tyal￿ Th&i95utthw cIcoDtiibJbmtske Be￿UniO1 a¢￿1￿1 order￿ts in each sch8m8. Thgfinan¢bl assump1￿$WerèdèftWd frrth m*kètcu￿kKWPrOv￿l1￿94lltr alu*￿Thda1¢. Theiesult8011he lBteSLsc￿￿r￿5IwalUaI5?nsand Ihe assUmptloThywh￿h S￿n￿¢￿il effeeion th• fvSLIts w8ro". uss 31103rL020 10912031 eBo.6bD t66.5bn osps 3110312019 1910W2020 £848m £735 1£133ml Dale valuèblln pthlished.. value011k￿li1&s'. Valuoof a5seL%'. Fund￿9 swpluslldeffdl.. Princip4 as$urnPtions'. FLKod Intereslglll54ddcur¥e Plus 1%-2.75% rtla CPI +OA)5% 540.S%to2.25% Ratè of i)cf8asè In saiari9S Rate of ¥Kre8se In pensi(I1s Um8d lrfeexpe(tsn¢k?son ieliremenlaltye65'. K4aks eutténttyaggdfj5 FemBky 6$ mabseuThentlya￿d4s Fe￿￿198￿j￿en￿ g RPWCPI 21.7yi¥ 24.4 y 23.0￿ 250 25.sy 25.9￿$ 27.3 YFS 45 FuThliio Rats T4chnical ba5 stalutoryPwF1￿ Prowl￿ FU￿ bA9 'Buy-OUi' basis Ernplo5ryrfsconirfbJtlon late lès %of peny1(Alat￿eo￿l3Iles￿ 83% 64% 51% 87% 74% 21.1% to 21.4 fmm 10¢121% Eff*ive d￿E01n￿w￿lUatlThl'. 3110312023 3110312022 Thedtswunt ra￿{f￿1¥srd iales}torthe USSvaluaUonwa5.' - ￿Xed InteRsi ￿ll￿dd￿j￿* rAu& PrMèUr8m8nt 2.7YA. w5t.Telkem•nt 1.0 b. Thodtscwni rai• forth4 OSPSvaiu3lKJnwas'. -FifrwbiemBnl'.EqL& kn Ihe UK n￿￿r*I 9lll(Athatthova1ua￿n dato plw 22S% p.a. a¢4￿1￿￿. -Post-lÈiI￿fft￿nt.. Equ* lolhe UK nomhiAlglltCur¥• atthèvalu*1t￿ *te FI￿0.5% wa. temi. o Pens￿￿8 in¢rfra5e5 ICPllforth• USS y4ua￿0fft w*rg.' -T8rm dyndant Trtes lI￿e￿$th thedltterence bets￿n ihè In￿re$land kndgxLhik¢d￿e1dOJr¥+g,I•Y¥ 1.1% p.& 102th). r•JuchJ Ilneaty by0.1% p.a. ￿n9 18rrn dKergDce LlQ.1% p.a. f￿M 2040. d. Irthèsas ￿ P*￿￿0￿8 ￿ pa￿￿￿nI forlhe OSPS v*uatlon K*ra'. RPI Inlabon 15 deThvedfn)m the oeometric dirterence beiween Ihe UK ¥￿Inal gltcufveènd UK ind8x-linked curye at valuatknn dth, ￿$8 0.3% p.a.al •¥th leThn. CPI inftai￿n ￿derIved from the RPI innabth assumptiw. ￿$¥the8clAr￿8 Actuarfs be8teslim￿èoI ￿￿￿terM dv[eren￿ bel￿en FH and rgl InnatiMAS £ppliè$from lim ￿ tsme11.0% pA. as 2131 20191. FOrper￿knn ￿e￿ageS link8d to Infvuon, J pensron Incfease Curvei5¢¢Xl$￿Wt80 ba¥ed w Other￿ RPI. CPI orlheav2r8y Of1￿ RPI ¥ré curves deKr*ed a￿¥8. adi￿S￿d kndllowfotthpdrffw8nlrnwmumar￿ mknknum annuèl NJvsJ•$ Ih&Jpply. trttSctromeAduArfs best9￿1￿1* DfNinaU WO￿till￿a￿apPlieSfTOM Iwne ￿1￿Me. e. The USS and OSPS emrlwc(rtribubvnrte8indude ffisbnsforih&(%)sioffthureorcrual of d8fiDed ben￿5. delS&lrAnIribub￿8. adm[nIs￿a￿¥0 experrfo5 at¥J d8fined contrlbthofi 38 Keblè otès ¢0 th* financkl stalgrn¢nt5 Forthey•argnded31 July2022 PENSION $¢HEMg$ l¢onllnuedJ Sen91Uvitygf •Fluarf•lv4luatlon a5$uw￿tsM4 S￿￿￿J5#Yal arfseat )JiLYo¥aluabMS Mayirya￿0Tr cornm*meni. The lep￿I￿jth8prfrK[pJl as5uryi￿nS usèd ￿ m¥sw9 scheme lthblllues ara $Et0utbe￿￿'. uss Asstsfflpb I￿1val￿150?￿nlrB1è et Values RPI-CPI spifjpd Change In assumptitsn I￿￿￿a69 byO.2S% reducè byO.25% d8U9as9 by0.1% p￿￿￿taSIL￿p￿0n (reduce totr ba3fj murt*itytableby5%1 mor•prudènta¥wMptionlincwasethèannual mWlity 1rnv￿&mèntS ￿9.tsrrn r4t85byO.2% Imp&clon LISSllatslthgs decreaye by e1,&n asèby£2S dsctsÈgè by£1.&n Lrfe expèctanty increasg by£1.2bn Rate orn￿11￿ Intr8a¥p by£Q. osps Charyoln Bsstsmprion InpWG1￿ OSPS tecMcelpThISh)nyffn￿ fiNKls(1ot 31mV2Q16J crgase by£45m Ill￿Se by£4 Valu2t1￿ rgteofjrterest RPI decrease byO.2S% * by025% D&ficlt R•v)v•ryPlans In liné with FAS 102pèragiaph 28.11A, thè Cok98 has recowls•Y alknblltyfr*th* COntsbubDns payatrAoforth8 89rned d¢fiotfuThYing ylai.ThepthicWe assumptA)nX uSÈd In ¢￿￿jIallcnsa1È￿b1qd bel¢w. uss 3110312028 0.31% 3.94% 3.34% £104.718 £233.365 osps 3010112028 0.38% 3.94% 3.1 £13.404 £34.834 Fln16h Date for Defjcl Reco¥oryPlarL' AvgrJge staff nurnber hKfè88e.' A¥era9estaff salwYv￿r8￿5fr.. Averaged*HJnirafèovérpgDrwJ'. EffectofO.5% ¢han* in di$Wuntrato'. Eff* 011%tharw in staff gro*•h'. Aprovk9￿n of£3.424k has been ffladea131 July￿22120￿￿-f792kIfc¢th*pre$ent￿&1u2 ofthe Èstwnatgd fUDJre4￿LfUnd1rfj eleM•￿01th*c0t￿bll￿￿5 3ya¥e undèrthègeègwm$nts, u8in9thea85UThViiorts Str￿.The reduce5as Ihedefictt 1$ ￿ld tyff y￿￿r￿l￿gI0lhe penBlrAI recoverysch•m•. P*n￿Onth￿+1Orthry y•4r The chgTge recorded bylhe wllegeduringthè¥w)urtknu p8dc•J lexclthlhry pansknn flnanr* ¢x*5lwds gqLHrbthectsi￿bLI￿spastytr￿a thr*l(Wdnce forlhedefi¢it recfftryplan 8sfDII(ws'. 2021 hgmo Unwr5lvdS Supeiamuatlon S¢hen Unweisityoloxford Staff PenS￿ns¢hern• Other¥¢bernw- conlnbuiknn9 SUp￿￿Ments￿￿Tr pawrnnls To 457 285 139 Thas•am0￿ThtS Indud8 e195k12021.' £12TKI contribirtknns pa)rtbtè lodg1t￿d cOntr￿￿On9¢h•mèYw[ate88pu¢1I8d Inthè NleYolthD9ètI￿. Inciudgd in olhercredftotsatspw￿ paYab￿0ft1O8k{2o2l." trdll. 39 No1•6 iothèfln•ncl•l sl•temenls For1￿ ￿&r￿nd￿¢ 31 July2022 TAXAnoN Cdle9e Is BtlètOtakè¥dv*￿goQI the lax0x￿onS avaiiywgto trom in resp8&oflncrATreandc4wL2198ins reteivedto lh¢ gxtenl Ihal $uth In￿rne and ga1nsatsathwdbexc1usfvdychadts￿&p￿rym)*s. No l￿bIlity10 coipNatlon Colleg¥55ubshllaryCompHn￿S be¢augÈthk difèeillts of ￿e59 Com￿n￿$ havè indicai8J thaiihey Inte￿ ￿ makÉ donaiion$ each ￿art¢ C￿￿lleqQj3l WTrlhe taxaWprolt501each Gompanyundet the GIftAidsthme. A¢Corthn￿Yno ptDVi5K)ntr1a¥al￿n has baen Includèd inthglnanc￿l S￿￿Ments. 2022 £voo £oJo Cknlh9 CIherhar￿. thèColEOÈ p¥>5¥￿￿]￿Dtlal taxas thvetOveNb191TrpuIVATon purthases Incunsd In ytyryding tt5extyeducth￿el supplies.. 41T RECONCILWTK)N OF IIET INCOMIMG RESOURCES TO P4ETCASH FLOWFROM OPÉRAnON3 2021 £fjo MBil•¥pendllur¢P Incomè 11,7581 8.741 Ellminallon of non4JperatkngcBshfbws.' I￿1￿￿t ineo IGalns)Loss•son Irr4èatrhOllts End￿￿Tren1 donatkns FNianung ¢Dsls 12.5821 I￿7) 1.428 Z.fj42 Dea￿¢ in 91( Devoa5e Sn debtots IDèciassey In cred*ors Incre25rfthGifj3selin xlerne1￿tImlY 11,0gBI 13.B401 2,631 N•t lu￿0 In)lpro￿dod byopkr4tlny icltvwrys NALYSIS OFCASH AND CASH EauivALENTS 2022 Group 2021 2D21 Colege Col EOOO Cashaibankand In hand NoUcedepD61tslk99 than 3 mtrth$l 8¥nk (werdt¥ft 1464 1,323 Tolalcash and¢a8h gqufvAIthts tIANC￿L C(XdMrrMENTS At 31 JuiythèC¢ibg9 lthurornlnlmum l•a$èpawh*ts uT¥JernOrrt4n¢d￿t￿e 2021 £WD L4nd•nd buildings -nDt1818rthan¢)n8 ye Kèblè¢ollo Ngtsstotho financ￿1 *tatern•nts FOrthe￿ar end4d31 July2O22 CNPITPLCOMMITMENTS 2022 £000 ContRcledcapl&l ￿￿￿1￿1￿lLSforf￿￿eQp]la pro￿ as 8ttho>par4nd.' RELATED PAJITYTRANSA¢TK)NS Th@ ¢￿￿ge ￿ partof ihe t￿le9￿9￿ UniYÈr¥tyof Orford. Maieda Lhe ihiPverstyand of thtrcoll￿ aise as aeorwuenceofthi* reL4btin3hip. Foi purposes, Ihe Un￿￿[stya￿￿ theoiherCol*•sAfq fN>itreaied as r￿ated partlasasd￿knèd ￿ FR$ 102. Membersofthè Gov8mty Bwty. whoaw tha wags ofula ¢o11ggg and rolated p2rties ss dèfined tyFRS 102. eryWe5 olihe Colle9e. OeL%ilx4tthg$8 paymentsandrelmbJts•d gXPÈn60$85 tyustsgsaro d*lLwd SI￿￿telY1￿1￿8Se￿Tr2ncjrA s&tem8nts. ThE Cdly has wcyerfies ownedDini￿YYll￿tN¥t0e8 bBMEen 1holnwtefr8￿lhè Cdbgo. Thg netbothvalue ofthe college.5$ha￿l￿ propJtyi5as Ic4kxv5'. 1021 £000 Trustho £0 DrL Bendaii DrSBu Prrrfs Faulknw Or D mcDB1￿ Pffjfs Flètdwr P￿[ D Downs Pro18 G￿j JSTud 375 287 287 263 272 214 18T 291 211 Allhlrt eoutypwrtl95ar&subJect losaleanthedepathr8vflh91rwtsefrom Cc4kp. 2¥ ¢ONnN¢JEIIT LLABILITIES POST BALWICE SHEET EVENTS The￿ are no ptsst $h08levenis lhotr￿UIre Luxl￿tq. Ji ¢WD.19 2022 £Doo 202¢ £QC•J T9Edpls Col8gÈ ¢ont[i￿V￿ EthemegiAnt 0th8rsurwJryincorne 2e2 1,WO 11 1.269 The College's actNitiesduring theyearC￿llnl￿d ID be IMpaGi￿ bythg iryaGI oflheCOV5D-19 p£￿￿M￿. Ih wrb¢ui7rthg cancell£￿n0180Mè¢onter8ncè% and ted & breakfast kninegs dutww th￿1￿￿n￿er. a5V￿lI as ihe reS￿￿on￿l Stud￿1 Sornestaff WE￿plaC8d *thlch Ih? rtt•Ngd rnmenlgranis. In the￿Arer￿d]I July2021 the Coiltye receNed B 9iantfi4mth9 C(thu¥on Fund governed undBrth8 t￿0￿4[￿￿01S￿tv1e XV ￿1 ￿n￿￿￿￿ty010¥I￿d. corthnglytrp alWUun ha5 ￿en c3rrtedL¥JtoTrthè bksi%*% 11515wrpenLln9 a d0¥Érpktyxp￿'￿crfrn￿, next ￿ar. 41 Kebkn Collgy• Notes ttsthèfinanckl statements F¢V thky•ar4nrfed 31 July2022 32 ADDrrioNAL PRIOR YEAR COMPARATIVES Wh8ia inforrnallon ￿ Lgbulatsd nows fortha cuftentwr, ofcomp*atNe irfL¥m*￿n fm theprevitrJ$yÈ8rl¥ w98enWher8. $OFAlor prf¢r wr unre8￿Cled FunLts £000 Reatrictqd 2021 ToLg1 £ots) FUTh WCOME ENDOWMENTS FRO charikbk XbYli•S Teaching. rosgarch¥nd Olhei l￿ding Don￿1￿13nd Investm￿L* T.105 7.10S 1.468 71x1 IvesimÈnt income Totsi rètumaiittsted toIn(￿ LXherlnC￿￿￿ 1.2Z5 1269 1.203 (2A281 1,269 TO￿ Irwrne 11,872 1.9Q3 13,654 EXPENDITURE CW.. Teathlffj. rèsèai¢h andre￿d￿￿oI 10.084 12,010 CeneRiing Fundralsin9 Trthling eyrtditur8 1n¥e5tsThnim*￿g￿M￿nl£os 514 922 822 1.436 1,436 Total exwndliW• 11.$20 13.476 Net knmmol{exp8ndlurèl 3¥ 153) 178 N*gainsl(EosseslthiinvèStrnenLs Fixéd ass81 ImpalThonichai9• ￿￿65 Netlrwmol1gx￿tture> 352 1531 8A42 8.741 Tron￿0r¥ ￿t6*en￿jndS 13611 GAwls111o￿Bs>0n revalvatknn of fixèd aysèL* Aciuatlai on defined benèfit wrt8ion ¥ch8mes è4•t ￿¥￿M*￿1￿ fu￿￿fOrthQ 442 42 KeblB Colpgo For the wrèndud 31 July2022 32b p￿RENT AND 8UBSIOL4RYUNDERTAKING$ for prk)ryeAr These 8r4 lgakn6on tevalu¥tiDD 41 1Q6 R95Lllforthe 54ar 8,665 To*al a5* TOW Iklt¥WtiÈS 182.343 14S,0981 N91fur￿$At%h*éfftd¢ty8 137.24S 74 32¢ STATEMENT OF INVESTMENTTOTAL RETURN lor priory•ar Those we (ompark￿v&fIgVres with respecttonoi• 14. 2,021.00 Totsl FrrfkyAThnts Permane￿ EnthY•inont Vn2pplied Totsi R￿Urn Expèndablè Enth4vmBTht TwslfLW Total £0 Atth& b&glnnlngof Ihèyear G￿lc￿￿￿￿9￿tof Ihe peimBn8ntèndoYMynl Lknatvlied totsl rebxn EN)ondablè4tLdwrngnt Totsi Endw*rn•nts 24,064 24,064 18.S89 24,064 16.589 9.eeo 50.313 1fj.589 24.084 16.589 40.6S3 PIov•M•nts lth tho repwtlng pèrfo¢t GlftolendDvmenlfvncts vesitrilnt 14ium.' ¢ivl0gnds Ini•r•st ve#mant l£l￿Th." rfaliwj and urrfeallsed odrtsand10s*s Totsl 436 1.440 6.919 8.797 $25 1.782 8.563 10.870 1,440 8,919 8.359 342 1,&14 2,on 438 UnBppl*d tOL4 tpbjm *kxatodto Snc4%me Expendablè ￿dr￿me￿I$ traisfeffedtolncom• 110751 15531 {553 15531 Not movomgnts Ih r•POr￿n9 pprjod 43B 6,484 6.522 1.520 8.442 Atendof Ihe roportlny p•rfod.. G￿￿m￿len1tsfthO Wtnai•nt endLMry￿nI Unapplled lotsl ￿l￿Th EXpenda￿￿en￿o*n￿ Total Endowments 24.YJ2 24A02 23￿73 24.5Q2 23,073 23,073 11.1 11.180 24 24073 47.575 58,755 43 Keblo¢ollege Nolestotho flnAnt￿l 4tat4rn•ntS Forthe y•Br ￿dId)I July2O22 32d FUKDS OFTHE ¢OLLEGE MOVEMENTS-ptsy•4rcornparatl¥os Thosè aiècomparatsvglguies wilh respect￿nOt￿ 18. At 1 A4rgwt 2020 ELY)0 comhig re8ourcpS Al 31 July TRnslèTS Ilog*851 £ow £000 Ewo En¢ovJment FLmds-Pem￿nÈnt G8ngral pvrwsgs E￿ernal purposes 575 es ($841 1758 315 18.559 2.186 2275 7231 17,1fj5 159 1,849 1,5e4 e.120 14.754 136 (e71 {1S31 {6241 s¢￿)Iarsh Fgllowshlps Mu5 222 S24 1.012 23 Erthmneni Fund5-Exp8ndab General wrpDg68 Buisades 3th￿atshIP5 Fellowships (Kherspeclled pj￿08$$ 4m1 1.256 12431 1701 4.581 1.476 815 3.567 214 26 119)) 1331 74 102 Tc4al EndrA¥m8NI Funds 50J13 2.307 58.755 Restricted Fur Fixtsl asset projèxs fufMJ DeVe￿￿en10￿￿ef￿￿dlTr9 OtherrestrKi& Irwmefundin9 total [&￿[￿kn￿￿ ie*r purwseendo%￿lftt fundg Toial R9strid￿ Funds 36 49 94 10 to 344 610 651 17531 11.2031 700 11,9561 958 FuTh¢s Ger*r81 xedass£tdèswJnatEdfu RevalUat￿n rèyèr¥o Pension ￿Serve Total U￿re￿￿￿ed Fund1-Cr￿*90 un￿StrIcted tund$ held by¥ubs￿VJIr￿5 TOLII Uniesbsttad Funds-Group {9.013} 10,484 142 112.041} (7.48ei 58.715 27.108 (7931 .108 11.2791 TT.619 10,606 41 10,847 74 7T.eQ8 77.617 111.5201 To￿1 Funds 13.476 8.5 137ll19