Keble College Annual Report and Financial Statements Year ended 31 July 2023
KEBLE COLLEGE Annual Report and Financial Statements Contents Pages Goveming Bchty, Officers and Advisers Report of th8 Goveming Body 4-15 Auditor's Report 16-18 Statement olAccounting Polici6$ 122 Consolidated St8t8ment of Financial Activities 23 Consolidated and College Balance Sheets 24 C5011d8ted Staternenl of Cash Flows 25 Notes to the Financial Statements 26-44
KEBLE COLLEGE Report of thg Governlng Body For the year ended 31 July 2023 MEMBERS OFTHE GOVERNING BODY The Member5 of the Governing Body are the College's charty trustees under charty law. The Governing Body determines the ongoing slrateglc direction of the College and regul8t8S its administration and the management of its finances and assets. It IS Served by five principal comrnittees." Finance Cornmittee Investment Advisory Commlttee Academlc Committe8 Development Committee Rernun8ration Committee 121 13) The mernbers ol the Governing Body who served in office as Governors during the 2022-23 year or 5ubs8quently, and the mernbership of the five principal commitiees, are detailed below. In addition, the Governing Body. the Finance Committee and the Academic Comrnittee have non-voting student representatives. 151 Sir MKhael Jacobs Mr SA Cooke Dr AP Rogers Ms J Tudg8 Prof HL Ander50n DI IW Archer Dr LM Bendall Prol M Bevis Prof M 8ockmuehl Prof C Bountra Prof A Bueno-orovio DrSButt Prof H Byrne Prof F Caron Prol G-Q Chen Prof M Clarke Prof U Coope Prof B Cuenca-Grau Prol D Downs Prof S Faulkner DrJFix Prof S Fletcher Prof N Gardini Prof C Gosden Dr J Goudkamp Dr B Greenhou Dr U Gruneber Prof ERF Harcourt Dr MN Hawcroft Prol TJ Jenkinson Prof A Juhasz Prof SE Kearse Prol R Kluse Dr S KnoknAes Dr F Leach Prol A Lvovsky Dr K Macfarfane Dr S Martin Prof V Mayer-S¢honbergei Dr D McDermort Warden Bursar Senior Tutor Director ol Development Professorial Fellow Fellow & Tutor in Modern Histo F811ow & Tutor in Archaeology and Anthropdogy Fellow & Tutor in En Professori81 Fellow Professorial Fellow Fellow & Tutor In Computer Sciencè Fellow & Tutor in Neurophysiology Professorial Fellow Fellow & Tutor in SlatBtics Professorial Fellow Fellow & Tutor in Social Anthro Professorial Fellow Fellow & Tutor in Computer Scien Fellow & Tutor in Theology Fellow & Tutor in Inorganic Chemistry Fellow & Tutor in Philosophy Fellow & Tutor in Chemistry Fellow & Tutor in Italian Professorial Fellow Fellow & TuloT in Law Fellow & Tutor in Ge raph Fellow & Tutor in Exp. Pathol Fellow & Tutor in Philosophy Fellow & Tutor in French Professorial Fellow Fellow & Tutor in Mathefflatics Fellow & Tutor In Biolog Professorial Fellow Fellow & Tutor in Z(M)lo Fellow & Tutor in En ine8ring Scien Fellow & Tutor in Physics Fellow & Tutor in Theology F811ow by S ecial Election Professorial Fellow Fellow & Tutor in Politics
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2023 Prof A-MS Misra Prof P Newman Prof WE Peel Piof D Purkiss Prof G Rein8rt Prof K Sheppard Prof H STnith Dr K Soonawallx Prof J Tomlinson Prol R Washington Prol Darne S Whatmore Sir Jonathan Phillips Fellow & Tutor in Modern Histo Professorial Fellow Fellow & Tutor in Jurispwdence Fellow & Tutor In English Language & Literature Professorial Fellow Fellow & Tutor in Economics Fellow & Tutor in Economic5 Fellow & Tutor in Management Profe5surial Fellow Fellow & Tutor in Geography Professorial Fellow Warden lunlil 30 Septernber 20221 Non-Trustee Commlttee Member5 Mr J Church External Mr M Chambers External Mr A Dalkin External Mr R Jolliffe External Dr H Jones Fellow by Special Election Mr M Jones External Mr J Moone External Ms J Newbury External Mr G Robinson Extemal Mr A Shi15ton Exlernal Ms F Wilson Librarian 12 13 COLLEGE SENIOR STAFF Th8 senior staff ol the College lo whom day to day Tnangg8rnent is delegated are as follows. Thè Wardèn.. Sir Michael Jacobs (from 01.10.221 Sir Jonathan Phillips lunlil 30.09.221 The Senior Tutor.. Dr AP Rogers The Bursar.. Mr SA Cooke The Developrnènt Director Ms J Tudge AUDITOR Critchleys Audit LLP 23-38 Hylhe Bridge Street Oxford OX1 2EP INVESTMENT MANAGER Oxford University Endowment Management King Charfe5 House Park End Street Oxford OX1 1JD COLLEGE ADDRESS K8ble Colleg8 Parks Road Oxford OX1 3PG BANKERS Hande15b8nken Seacourt Tower West Way Oxford OJJ SOLICITORS Mills & Reeve LLP Botanic Hous8 100 Hills Road Cambridge C82 1PH WEBSITE www.keble.ox.ac.uk The Members of the Governing Body present their Annual Report fLY the year 8nded 31 July 2023 under the Charities Act 2011 together wllh the audited financial 5taternents for the ye8r.
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2023 REFERENCE AND ADMINISTRATIVE INFORMATION The Warden, Fellow5 and Scholars of Keble College in th8 Univ8rsty of Oxford, known as Keble Cdlege I"Ihe College I, is 8n eleem05ynary chart8r8d ¢haritable corwration 8ggregate. It was founded by public Subscripti in 1870 in rnernory of the Reverend John Keble. on land in the parish of Sl Giles purchased from St John's College. with the object of providing University educallon for young men In a College conducted In accordan w&th the pr5nclpS of the Church of England. The Collgge is r8gi5tered with the Charity Comrni5sion (registered numb?r 11439971. The Trames of all Members ol the Governing Body at the date of this report and of those in office during the year, together with detai15 of the Senior staft and adviser5 of the Co118ge, are gNen on pag85 2 10 3. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng documents The College was incorporated by Royal Charter dated 6 June 1870. The Charter ol Incorporation was modified by a SuPprnetal Charter dated 7 April 1902, and subsequently by Statutes made by the University of Oxford Commissioners on 14 July 1925, under the provisions of the Universities of Oxford and Carnbridge Act, 1923. The Charter of Ineorporatio d tt)è Statute5 of 1925 were lurther amended in 1952 and further modified by subsequent amendments. The cUrnt statutes were approved by Her Majesty in Council on 10th February 2016. Goveming Body The Governing Body is constituted and regulated in aCcOrdanWIth the College Slatules. the terrns ofwhich are enforceable ultirnately by the Visitoi, who is the Archbi%hop of Canterbury. The Governing Body is self-appoinling. has such powers as are conferred on it by its Charter and Statutes. and has responsibility for the entire direction and management ol the affairs ol the Colle99. Tha Govèming Body appoints thè Ward8n, Fellows, Tutors, Lècturèrs and such administrative and other OffirS as the Governing Body thinks necessaryfrom tirne to bme. It determinesthe ongoing strategie d1ctIOn ofthe College and regulates s administration and the managementof its finances and assets. Itappoints committees anddelegates to them such powers 8S It thinks fit. The corntnittees ch8rg8d with ovèrseeing the conduct of College business are listed below in the section headed'The management of the College.. Re¢ruitmen¢ and training of Members of the Governing Body New Member5 of the Guveming Body are. in th8 case of academics. normally recruited through a joint appointment process with the University of Oxford which includes open advertisement ol the p051s and a proles5ional selection and appointrnent process. In the case ol posts lunded solely by the College. recruitment is also usually through open 8dverti8ernent of the post followed by a prof855ional 58lection and appointrnet proce55 including external representatives as appprIate. New Members of the Governing Body are inducted into the workings of the Co118ge, including Govèrning Body policy and procedures, thrrAJgh meetings with the Warden, the Sentor Tutor and the Bursar and the provision of a compreh8nsive Set of ference dwuments. Membèrs of the Gov8rning Body attend trust88 training 8nd infomiation cojrses as appropriate to keep them informed on current 155ues in the sector and on regulatory requirernent5. Remuneratlon of Members of the Governlng Body and Senlor College Staff M8mber5 01 the Gov8rning Body rec8ive no remuneration or benefits from thèir rol8 as College tiustees. Those trustees who are also employees of the College receive muneratIon for their work 8$ employees of the College which is set based on thè advicè of thè Co118g8's Rèmun8ration Committ6è. The Committee when complete consists of five individuals. none of whom may be either twstees or employees of the College. Remuneration for trustees vrfho are teaching or research fellows is set in line with that awarded to the University's academic staff. Rernuneration for Iruslees who ar8 full-time adrnini5trators is set at an appropriate point on th8 colge,5 salary Scale based on a full job evaluation and referen to comparable posts elsewhere. The rernuneration of senior ccAlege staff is set by the College's Pay and Benefits Committee at an appropriat8 w)int on Ihe College's salary strèle based on a full job evaluation and referen to comparable posts elsewhe.
KEBLE COLLEGE Report of the Governlng Body For the year ended 31 July 2023 The managemenl of the College The Goveming Body meets 9 limes a year. The work of developing College policy and monltorlng Smplemenlalion is carried out by 16 standing cornrnitte85 and any temporary working groups th8 Governing Body deems it 8xpÈdient to create. The 16 st2nding committees are". Ac8demic Commille8 Oversees planning in academK matteB and the level and quality of academr provision and library seNices to junior members. Moftitors the appropriateness of the existing eslablishmenl of Tutors and Lecturers in relèlion to the academic needs ol the College. Considers and rn8kes recommendations on advice from the Research Committea Conrning the use of lunds availab18 for the purpose of research. Advowsons Committee Oversees the Collegè's patronage 0169 Church ol England parishes throughout th6 UK and makès r*commandatlOnS on the appiication ol income from the Harlow Trust. Poor Parishes Trust. and Ordin8nds' Fund. 8uildings and Gardens Committee Oversees the mainlenanc8 and d8V81opment of the College's buildings and grounds. D8t& Protection and Inlomlalion Security Commitlee Oversees development and implementation of data protection and intrmation security PDli¢ies procedures. Dewelopmenl Committ8e Oversees the activities of the develownent offi, whlch is responsible for alumni relatlons and fundraising. Domestic Gommittee Oversees the provisi( of board 8nd lodgir@ to Collage rnember5. F8llowships Committee Advises on nominations to honorary and emeritus fellowships and fellowships by special election. Fin8nce Committee Oversees all matter5 of finanaal policy and practice, and in particular thè financial implatiOnS of any proposals under consideration. Reviews and makes recommendations concerning annual statements of accounts for the pCeIng year, budgets and manag8menl accounts, Cdlege charges, trading activities. IT provision. salary policy inveslrnenl recomrnendations from the Investment Advisory Committee. Heallh and Safety Committee Monitors the College's health and safety record, commissions and vIewS an annual independent health and safety audit, and rnake5 poIIcy Tecommendations. Human Resources ènd Equality Committee Oversees all aspects of HR and Equality policy arKI implernentation. Inv8StrnènfAdvisory Committee Provides advice to Governing Body, through Finance Committee, on the nvestrnents ofthe College and the appropriate level of income drawdown. Pay and Benefils Commitlee Conduct5 an annual VIeW of pay and benefits of employees. within a financial framework set by Finance Committee. Makes recommendations on policy lo Finance Committee. Remuneratrf)n Committe8 The Rernuneration Committee is responsible for reviewng ancl approving the pay and benefits of rnembers of the Governiry Body. Ils members are all external, with the Warden and Bursar in allendawe (except lor Items relating to their remuner8tionl. It Considers any recomrnendalion5 on the pay and benefits of trustees put forward bythe Governing Body. These it may either approve or refer back lo Governing Body with a recomrnendalion that the proposed pay and benefits be reconsldered with a view to their being reduced. Res88rch Comrnittee Monitors and COrdInat&S research activiti8S Wlthin the College and rnake5 recotnrnendatlOn5 on the distributK)n of College research lund5 and the appointment of ie5eaich visitors and associates.
KEBLE COLLEGE Report of the Governlng Body For the year ended 31 July 2023 Slud8nl Support Commillee Makes recommendations concerning the over811 levgl of student supporL Considèrs and makes awards in response to individual applicab.ons for support. Sustain8bilily Committee A new committee established during the 2022123 financial year to advis8 Governing Body on iniiiatives lo improve the Cdlege's overall sustainability, iml¢allonS for sustainabilty ol recommendations from other ¢ornmitt885, and how College can Increase its infiu8nce on suslainability l)oth intèmally and externally. The day-to-day running of the College is d818gated by Goveming Body lo the Warden. the Bursar and the Senior Tutor. th the Oeveloprnent Director having delegated responsibility for the Colleg8'5 fundraising activities. Group structure and relationships As notèd above, the College. through an Advowsons Cornmittee, appoints to the livings of 69 Church ol Engl8nd parishes and. among other activities, administers trusts whose objects. external to those of the College, are the support of parishes and Church of England acuwties. The College also has two wholly owned non-charitsble subsidiary companies. Conference Keble Limited arranges conferences and other $entIaL and non-residential events which generate trading revenue frorn the use of the Colleg8's facilities when they are not required for it5 prifflary purpose. The annual profits of confence Keble are donated to the College under the Gift Aid Scheme. Keble Properties Lifflited from time to time undertakes major design and build works under contract to the CoSle9e. The College 15 Part ol the collegiate Universityof Oxford. Material inierdependencies been the University gnd the College 8ri5e as a cnnseqven¢e of this relationship. OBJECTIVES AND ACTIVITIES Charltabl8 Objects and Aims The College's Objects are.. 111 The provision ola Unlversity education in 8 College in tke Universityof Oxford to be called Kgbla College conducted in accordance urith the principles ol the Church of England 121 Thè adVanrnent ol edu¢atK)n and learniw and the prornotion ot research The Governing Body has considered the Charity Cornrnission's guidance on publi¢ b•n•flt and, in keeping vAth ils objects, thg College's primary aim for publio benefit is as follows.The Coll8g8 provides, in conjunction with the University of Oxford, an education for some 450 undergraduate and 600 graduate students which is recognised internatlQn8lly as belng ol the highest standard. This educabon d8velops students a¢ademic8lly and enables them to develop their leadership qualities and interpersonal skills. and so prepares them to play lull and effective ro18s in society. Further public benefits are inelud8d within the description of the College's provision that follows. In support of its obj8c&, th8 College provides.. tèachlng facilities. individual or 5mall-group supeNision, a5 well as pastoral. administrative and acad&mic support through its tutorial and graduate mentoring systems,. Welfa services, including the availability ol the Gh8plain to assist every merrber ol tho College of every rèligious belief arKI none, and medical support including a College nurse and doctor,. student grants for study purposes and for¢ases of flnancial need, partty provlded through the cwtinuing support of the Keble Association of alufflni of the College., IT and other administrativè SLtPPOrt', specialist choral musLcal education for its choral students, who are rnembèts of the College's renowned choir.. speclalist organ musical edu(stion for its organ students.,
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2023 social. cultural. musical. recrealiond and sporting facilitiès to enablè èach tsl its slud8nt$ tts rgalise as rnuch 85 possitrle of their acAdemic and person81 potential whilst studying at the College-, The College advences research through.. providing Research Fellowships, caer Developrnent Fe11ow5hips, and Research A850Clateships to outstanding academics at the early stages ol their careers, whlch enablè thèm to develop and focus on their rèsèarch in this formative period before they undertake the ftjll leaching and administrative duties of an academic post., supporting research work pursued by ils Fellows and others through prornoting Interaction wthin and acros5 di5cipline5, granting sabbatic81 leave to enable them to concentrate on searCh work. enabling the exchange and dissemination of search ideas, and providing facilitie5 and grants for national and in18rnational conferences. res88rch trips and research material5". encouraging visits from outstsnding academics from abroad,. and encouraging rnefflbers of the Q)Ilege lo disseminate the resulls of their research to other acadernu and the general public through the publication of paper5 in acadetnic journals and book5, through presentations at conferenc8S, through rnédia appearances and press artides and other suitable means. The College mainlalns an extensive Library (including important special colleclionsl, 50 providing a valu8b18 resource for student5 and Fellows of the College. On a discretionary basis, the College makes its library available to members ol other Colleges and the University of Oxford mole widely, external SLholaTS and rese8rch8rs. as w811 as local children from maintained and other schools as part ol education31 vi51t5. The Collègè supports a Chapel wilh a prograrnme of religious senrices open to all. Through its outreach anrJ schools liaison actiwliès, thè Collège fostèrs the generdl gducational and university aspiratiow ol students frorn a wide range of social backgrounds. The College doès not consider that there is any detriment or harm that arises from r2rryin9 Out the College's aims and is not awa of wews arnong others that such detrifflent or harrn might arise. The members of the College, both students and acadetnic staff, aT8 th8 primary ben8fi(iari85 and are directly engaged in education. leaming andlor research. However, beneficiaries also include.. students and academic staff from other colleges in Oxford and the University of Oxford more widely, visiting academics from other higher education instiluth)ns and visiting schoolchildren and alumni olthe College wtrK) have an opportunity to attend educational events al the College and use its a¢ademic facilities The general public are also able to attend variou5 educ?bonal a¢tivilies in the College such as lectures. seminars. and conferences. and benefit also from belng admitted without charge to the College's grounds and able to view its historical and arti5tr'c heril8g8 and holdings. The College admits as students those who have the highesl potential for benefiting from the education provided by th College and the University and iecruits as ac8dernic staff those who are ab18 to contribut8 rnost to th8 academie eXCelnCe of the College, regardless of th&ir financial. social, religious or ethnic background.. there are no geographical $triCt10n$ in the College's objects and students and academic staff olthe College ar8 dra froffl across th8 UK 8nd inl8mationally., thèra 8rè no ago rè$triebons in tha Coll6g8'$ objbcis bul Studants of tha Coll6oÈ are prèdominantly betW8en 18 and 24 years old- and there are not Considered to be any religiou5 restriction5 in the College'5 object5 and tnetnber5 of the College have wide variety of faith traditions or nonè. The focus of the Cdl8g8 Is strongly academic and students need to satisfy high academic entry r8quir8m8nts.
KEBLE COLLEGE Report of th• Governlng Body For the year ended 31 July 2023 The College charg8S the fcllowng fees.. al Tuition fees, at extemally regulated rates. lo undergraduates entided to Student Support and to graduat8 Stud8nts., and a fee detemiined by the University of Oxford annually to Oversea5 undergraduates and any HornelEU undergraduates not entitled to Student Suprorl. The Cdlege's share of these lees is determined by an integrated payment mechanisrn with the University ol Oxford.. and bl Accommodation and meal charg88 at reasonable rates. In order to a5S15t undergraduates entitled to Student Support, there is a Comph8n31ve bursary scheme in place to support students from lower incotne backgiounds. which is funded by both the University and College. Awards include the Oxford Bursary, Crankstart, Santander and Reuben Bursaries The folbwing ts a summary of awards m8d¢ to HomelEU undergraduate5 during the year.. October2018 starters.. 2 awards out of a HomelEU population 0144.. 1 award at the MaMuM of £4,200. October2019 starters.. 10 awards out ol a HomeEU populatK)n of 54.. 5 awards at the maxirnurn of £4.200. OGtobgr 2020 start8rs.' 30 awards out ol a Hom8lEU populatvjn 01126.. 6 awards at the maxirnurn of £5,500," the average value of the awards was £3.479. OGlober2021 $18rtsrs.' 27 awards of a home Fx)pulation of 136.. 5 awards at the maxirnurn of £5,5¢XI-, the average value ofthe awards wa5 £4,388. Oclober 2022 starters.. 30 awards wt of a home population of 131= 5 awards at the maxirnurn of £5,500- the average value ofthe awards was £3.973. To assist graduate students the College provides substantial financial support through Schemes operated in conjunction with the University. These include scholarship packages to fund fees and living cost5 and'lop-up, assistance lo fi115hortfalls in student5. funding. The College 8150 supports students through grant s¢hernes to assist wth the purchase of books And equipment, attendance at wnferences. Childcare support and travel grants. The Collego also makes awards for academic devèlopmènt and has various s¢holar5hips and prizes available to reward ademic excellence. In addition to its other programmes. the colge oparates a scherne for students in need olfinancial assistance 8nd provKles ess to Sinilar scheme5 operated by the University. To rais8 educational aspiration and attract outstanding applicants who rnight not othenthse have considered applylng to Keble. the College op6rates an extensive outreach progratnrne as part of University-wide initiatives to widen access. Thi5 programme is underthe responsibiltyofthe Senior Tutor and is managed bya specially-appointed Acces5 F8llow. It includes 8n ext8nsive programme of visits by s¢hoo15 to the College, open days, admissions symposia lor teachers. as well a5 Vi51ts to s¢hoo15 and guidance and informatB)n on the College website for prospective applicants. In agreement with the oth8r O)rford colleges, th8 College has parfcular links th prosp8Ctive aPpIantS from Birmingham and surrounding a88. More detail is provkled below. In orderto fulfil ils charitable purposè, thè colge employs a Warden, who serves as head olthe Co118g8, and, as Governing Body Fellows, senior academic staff, many of whorn supervise and tutor students, the Colleg8 Ch8plain, and senB)r administrative officers. These all serve as charily Irus18es Ihrouoh being member5 of the College's Governing Body. The ernployment ol the Warden and Fellows is undertaken with the intention of furthering the College's aims and their ernployment direcly contributes to the fulfilrnent of those aims. The private b8nefit acciuing to the Wardèn and Fellows through salaries, stipends and employment related benefits is objectively reasonable, measured against academic stipends generally. and is subject to th8 Oversight of a Remuneration Committee. Without the employment of the Warden, academ fellows, Chaplain and senior administratNe Offir$ the College could not fulfil ils charitable airns as a College in the University ol Oxford. Many of the trustees also receive benefits (for example research, Conferen and book grants) which a promded th th intention ol furthering the Colle'S aims, including that ol advancing r8s&arch. The amounts of the benefits provided are objectively re8sonab18, rneasud against the academic benefits made available to other beneficiaries of the College snd thin the sedoT.
KEBLE COLLEGE Report of the Governing Body For the year end&d 31 July 2023 ACHIEVEMENTS AND PERFORMANCE The College's aim 15 that every undergraduate should leave with a good degree. i.e. a first class or upper s0Thd. In 2022- 23, 96tsA of the 119 students sitting their final exarninations for whom classifications a available at the time of reporting (following the impa¢l of industrial action on the examination process), achieved this goal. Of thos8, 48 have so far been awarded first class degrees. All Oxford und8rgraduat8s also tak8 a qualifying examinatson in their first year 19 of the 84 students who sat the First Public Examination in 2022123 and whose results a known were awarded Dlslinclions. Excellenc8 in th6 First Public Examination and sustained excellence in course work is cOgnised by the 8ward of an undergraduate scholaiship. Out ol a total 01450 Keble und8rgr8duates. 107 students hold academic scholarships. In recognition of Ihe fact that many of our incoming undergraduate5 experienc8d con5iderab18 disrupiion io their leachlng and assessment al school, we appointed two trained Study Ski115 tutors lo support their transition from school to University help ensure that every 5tud8nl re81ises their academic ambitions. Kee has approximately 600 students taking graduate-level course5 cornpared to 450 taking undergraduate ¢ourses. Among gradu81es a small majority154%1 are on laught courses leading lo ma5ter5 qualifications. A relatively high proportion of graduate students are on part-time courses. enabling them to combine learning with professional careets. In 2022-23, 201 students were on pzrt-lime courses. The number of apjranls for undergraduate course5 rose in 2022-23. There wer8 1,214 applications. of whom 38% wer6 ShOlsted for intervièw. One hundred and thirty four offers were mad8 ft)r 2023 entry and a further two for 2024 entry. Two- thirds olthe offers rnad8 to applic8nls from the UKwere to applicants from stale schools. Nine offer5 were fflade lo applicants identified as priority th9 University's Opportunity Oxford prograrnme (see htt s'.Ilhvww.ox.ac.ukladrnis5ionslunde r8duatelincreasin -accesslo ortunil .oxfordl. A further eight offers wer8 made to applicants were identified as eligible for places on the Opportunity Oxford programme. but not as a priority. In a separate exercise, the College rnade four offers under the new Aslmphoria Foundation Year programme for entry in 2023. Comprehensive stalislical data on admission 15 published by the Univer51ty 85 a Separate report-. selective data is also published in the College's annual eguality report. All admissions prctedure5 and outCOFn8s ar8 routinely monitored for equality objectives. There is 8180 an annual report on our Access and Admissions activity available Irorn th8 College website. FINANCIAL REVIEW Operatlons, capltal èxpenditur8 and funding The charitable activities of the Co41ege consist ol teaching and research. together with the provislon of btsard and lodging to College members in buildings owned by the College, rn05t of which are Grade 1 or Grad8 2. listed. The incon7e generaterj by Chaiitable Activit18s in 2022123 amounted lo £10 52m. an increase of £0.6rn16.3%1. In comparison, CPI inflation for the 12 months lo July 2023 was 6.8%. demonslralirKJ that College incotne from fflernbers reduced in real terms, parti¢ularfy because student fees a subject to in¢ase$ well below the rate of inflation. Conf8r8nce business activity levels retumed to pre-pandemic levels and, in nominal terms, revenue exceeded prè-pand8mic leve. The mix of business has been changing compared to before the pandemic, most notably through the addition ol day conference revenues fiom the HB A118n Centre and th8 incorporation of international surnrner schools. The College is continuing to explore options to maxirnise the profitability ol this business given that most commercial activity is constrained to the vacation period5. Total incorne from Charitable Acts'vities and Other trading income lincluding the conference business) was £12.77m in 2022123 which wa5 £1.7Tn115%1 higher than 2021122. Th8 cosl of undertaking charitable activities in 2022123 arnounled to £14.82m_ This amount was recluced by the impact of £1.2m movement on provisions for defined benefit pension s¢hernes (which is a non-cash costl The cost of undertaking charitsble adivities in the pViouS year. 2021122 was £16.95m including a £2.6m non-ca5h increa58 in pension provisions. Adjusts'ng for these non-cash provision movèments, costs incré8$6d by £1.9m113%1 to £16.2rn. The increase in operats'ng cost over 2021122 primarily reflects the imp8Ct of high inflation together with further in¢ase$ in activity levels p05t- pandernK. The College completed a major multi-year progratnme of investment in it5 buildings, plant and machinery, prDr to the pandemic including a £17m refurbishment ol the Victorian eslale as well as necessary expenditu on the MO recent buildings on the Park3 Road sile This has allowed the College to continLJe to limit spending on capital expenditurfr without risk to the estate during the period of recovery from the pandemic.
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2023 Capitsl expenditur8 WdS £0.6m in 2022123 and is forecast lo be higher than this during 2023124. The College anticipates increased spending on capital expenditure in the corning y88rs in order to maintain th8 College's estate and to begin to reduce the College's carbon em15s1(S and irnprove biodiversity. Donations rec8ived by the Cdlege in 2022123 totalled £5.7m12021122 £4.1ml. The comw&tion of this totsl was 8$ follows.. £OOOs Unrestrictsd income grfts Reslrict8d income gift5 Gifts for capital projects Endowment gift5 5.742 1.660 1.390 38 2,654 The COlle invests its endowTnenl for lotsl return. 86% 01 the endowment is invested in the Oxford Endowment Fund I'OEF'I, managed by Oxford University Endowment Management. In normal years. the College ha5 applied a spending rule permitting a maximum transfer of 3.5Yo of the average ck)sing value of thè endowment value over th8 pr8vious five years. Transfers under the spending rule for the year arnounted to £1.40rn, including £46k for extemal purposes (the supwrt of Keble parishes). Investment poll¢y. obiactivts and performance The Collegè's Investment objectNe5 arp to balance curwl and future beneficiary needs by= maintaining lat least) tIK8 value of the Investments in real terms.. producing a consisienl and sustainable amount to support expenditure,. and deliv8ring these objectives within acceptable levels of risk. To meet these objectives. the College'5 investments as a whole are managed on a total return basis. maintaining diversific8tion across a range of ass81 cla5S8s in order to produce an appropriate balance between risk and retum. In line with this approach. the College statutes alk)w the College to invest pem)anent endowmenis lo maximise the related tota5 retum and to mak8 available for expendilure each year an appropriate proportion of the unapplied totsl return. The investment strategy, policy and performance are rnonitored by the Finance Committee. At th8 year end. Ihe Colleg8'S endobvment lotslled £61.4m12022.. £60.7ml. The aggreg8te inve51rnent retum for the yearw85 -0.92QA12022.' 2.48%). The value of th8 Oxford Endowment Fund was £53.Om 12022-. £52.7ml after payment of the 3.5°% distributn. The total OEF investment retum wa5-1.23%12022.. 2.14%). The carrying value of the pserved permanent capitsl and the amount olany unappliéd total retum available f(Kexp8ndknre was taken as the open rnarketvalues ofthese funds as at 1 August 2004 tog8therwith the original gift value of all subsequent 8ndowfflent received. Almost all of the College's discretionary funds, apart from ks private equity holding5 and joint-equity interests in Fdlows, housing, are h8ld in the Oxford Endowment Fund managed by OUEM Ioxford University Endowtnent Management). Ovèr the past 10 years the OEF has 8¢hi8vad an annuallsed net return of 8.4% norninal and 5.4Yo real. The Governing Body keeps the Spending Rule and the lavel ol income wthdrawn under Tamew to balance the n8ed5 and inlerests of current and future beneficiaries ol the College's actiwties. Debt and Liquidity In December 2021, the College borrowed £4m on a new 7-year fixed rate basis with capitsl repayments beginning troTn Dècèmber 2023. This loan arnount r8flects the total cDst of the impact of th9 pandèmlc on the College and wa5 taken out to reduce 5htsrt term liquidity pressure. As at 31 July 2023, the College had a liquid cash balance of £2.4m. fixed term bank deposits13-6 month maturities) of £2m, an undrawn overdraft facility of £6m, the £4m 7-year tem loan 8nd É40m ol long-term debt associated with the H8 Allen Centre development. Th8 year.end cash balance of £4.4m Included £3.4m owng to the erKlowmènt as a SUtt of endowmenlgifts rèceived during the year and liquidation of certain assets during the year ahead of r&investment in Ih8 OEF. The un¢Jedwng cash positx)n was therefore £1.0m. 10
KEBLE COLLEGE Report of the Governing Body For thg ygar gnded 31 July 2023 Reserves The College's pollcy is to maintain sufficient free reserves (general lundsl to enable it to meet Ils shorl-lerm financlal obligations in the event of an unexpected VenUe shortfall and lo allow the College to be managed effioently and to provide a buffer that would ensure ur)interrupled s8rvic8s. Governing Body agreed that the largel atnount for general funds should be the 8quiva18nt of three months. expenditure on charitable objects (currently £4.Oml. The College enlered the pandernic with significantly les5 buffer than this due lo issues relating to the funding and COTnplelion of the HB Allen Cent and Ihe rinancial impact ol the pandem subsequently caused general lund$ lo deterior8te to -£9.Om Inegativel at 31 July 2020. Sinc8 then, th8 general funds p051tion h85 shown gradual irnprovement. Over th8 185t 12 rnontlts g8n8ral fund$ have increased by £1.3tn frorn -£6.6rn Inegalivel at 31 July 2022 to-£5.3m Inegativel at 31 July 2023. Total funds of the College and ils subsidiaries atthe year.end arnounted lo £137m12022.. £135ml. This indudes endowment capital of £61.4m12022= £60.7ml and unspent $tricted irtome funds lotalling £1.493k12022= £1,20(YAI. Flnanclal Rlsk Factors Factors that could adversely affect the Cdlege's financial position in the future include.. Inflationary pressures funding for academic activities not keepIr pace with costs increased capitsl expenditure requirern8nt$ aftera period ol relativaly Iow-COSt velS pr investment p8rformanc8 decline in philanthropic support The Goveming Body and ils constituent committees are well aware ol these risks, rnonitor them regularly and ensure that appropriate m8asures are tak8n to reduc8 or rniliga18 them. Fundraising The College has an Alumni & Development Office whose role is lo nurture strong relations between Keble and its alumni and. through those relations. to raise funds for its charitsble aclivilies. The Office ¢onslsts ol a Director and six staff_ The College h85 a network of alumni volunteers Year Group Representatives who assist in cornmunicating information regarding Co118ge news. events, and fundiaisifig projects lo Iheii peers. All communication Year Group Representatives is directed in terms ol content and timing by the Alumni & Development Office staff. The Colleg8 is registered with the Fundraising Regulator and voluntarily Subscribes to its Code of Fundraising Practi as adapted, by agreernent with the Regu18tor, to meet the particular circumstances of coll8985 in the Univ8rsity ol Oxford. Th8 activities of the Year Group Represenlalives adhe to the Code of Fundraising Practice as adapted. The Gollege is not aware of any failure on its part to cofflply wth the Cod8 and has not re1Ve arny complaints in 2022-23 about its fundraising activity. nor the a¢tiwty of the Year Group Representatives. The College does not solicit funds from members of the public.. ils fvndraising actNities are principally focused on its alumni and on third partie5 introduced lo the College by alumni. The College communicsles regularly with its alumni using a variety of rnedia. If an sndividual expresse5 a wsh not to be approached for donations or not to be cornmunica18d with, that 15 r8cord8d and respected. The College has a policy on fundralslng with and responding to people in vulner8bl8 orcLThslances. All UMn1 & Development Offi'ce staff and Year Group Representatives a aware of the policy and are instructed to review the ¢onlent annually. All fundraising policies are published online at https.Ilwww.keble.ox.a¢.uklgovernance-and-poli¢iesl 11
KEBLE COLLEGE Report of the Governing Body For the year •nded 31 July 2023 Risk management Keble has on-going pro¢es585 for identifying, evaluating and managing the prlncipal risks and uncertainties fad by the College and it5 5ubsidiariÈs in undertaking their activities. When il 1$ not ableto address risk issues using internal resour$, the College takes advice from 8Xt8mal experts. All the College comrnitt88s monitor risk on an ongoing basi5 and conduct an annual review of the major risks to which the Colge is exposed in their ar885 of responsibility. Their findings are aggregated into a r8POrt on major risks which is considered by the Governing Body each year. Health and Safety risks a rnonitored by a cornrnittee of heads ol department, ¢h8ir8d by the Bursar and subject to annual extemal audit. The Governlng Body. which has ultimate responsibility for managing any risks faced by the Colle9e, has reviewed the major risks to which the College and its Subsidiaries are exposed and has concluded that adequate systems are in pl8ce to rnanage these risks. It is r8(x)gni5ed that systems can provide only r8asonable but not absolute assuranc8 that tnajor [kS have been anaged. The principal risk5 and nrtaIntIeS laced by the College and its subsldiaries that have been identified are categorised 85 follows-. Actlvltyi r15k ar0 pot•ntial damage Rlsk managemfynt measure5 adopted Progress report for 2022.23 and further mea5ure5 lo be considered during 2023.24 Warden's bdging boiler5 replaced. Windows secondaryglazed and relurbishedto include draft 8x¢lusion. Installation of BMS undenvay to improve healing controls. Parks Road siitren8rgy survey underway Programrne 10 &rKourage responsible 8ner9y usage HB Allefi Cenlre I"HBA¢'I BMS alleraiions lo irnprove r8COTd kee ofene usa In 23124 Academ10 fee income will only increas8 by 3.1¢k Student rents wll increase by 13%. Confeience pfftTrj 15 being tnaximisad. Cumulalwe impact of high innation 15 that the 23124 bud el shows a Casmowdarrt. Tre 23124 budgel include5 £400k of short-temi debl iÈpaymenl and lh8 budget cashflow negative as a result of this. The 23124 bu¢gel k£ In 1Sne Wlh the 10-year projEcbCnS pr8pared a year eailier. Debt repaytn8nt requir&meni incrÈasÈs to £eOOk in 2024r25. The College 15 in a position ol making yraling losses due to the cembined impacts of w51 olthe pandemic and high innalion. Improved management informalioll to b2dtvtrbped for use by budget holders lo enable improved financi81 responsibility and delwety ol effiGienGy rovemenls. The Cdle9& mu51 develop a strategic plan in order to help allocate scarce rnanagement resour againsl agreed prioriiies. Puisuing Ihe academi¢ mission of the College is the first pr[ity, bul millg81ing the v8riou5 financial risks idenlifped musl also be a hi nori Combined energy costs budgeted to Increase in 23r24 to £1.1m. This 15 ¢8% of tolal Coll8ye cost base. New su51ainability Commiitee has been forffled and Is deVelOrIg a sustainability improvernenl an including energy New boilers nslalled in Warden'5 L(MJyings. Unsuccessful bids for Salix fundlng for 8 Decatbonisalion Fdan in both 2022 an¢ 2023. Owning and operatirvj Excesslve Caon emissions. thgnge.. ropulalional dama98. txjildings. Climate More eificienl boi18r5 and betterinsulaiion ofbuildin98. Reslriclions on car parkwig. Inffation. Adverse impacl of high innalion on COlle finances. Financial loss Apply inflationary incre85e5 to inGom8 lines where po55ible. Careful cost rnana9omenl bul nol yel imementIng a cost rJu¢ivJn pro9ramme. FUing. Inability to repay $hort tèrm and ng-larm debt Vdhen due. Liquidity. NesSitY for either rnfinancing or transformatice1 gifts. Long tem 110 yearl forecasting intr(Kluced to wovEd? early waming. Flnanci41 managnent. Overspendlng. Ok*rating losse5. Budgets and managernenl accOls. Key personnel. Lack of Management bandwdlh to tathle and solve Keble's financial challenges. The advetstr Impacts of the various funding rkS in Ilus risk matrix malerialise. Enwgy. Exceplionalty high increases In energy c051s combined with the difficulty of reducing energy u8age In old, Isled College bulhaings. Increased costs gnd exGe5sive trarbon foolprlnl Energy usage 11ackl Ihrou9h SustainabllSty Cornmitlee. Energy re(luclion inIatiVeS discussed and 8greed s SLtstainability Commlttee.
KEBLE COLLEGE Report of the Goveming Body For the year ended 31 July 2023 Aetlvlty, ri$k and potential damAg• Rkk manHggmont msUr•S adoptsd Progr•s$ rèport for 2022-23 and further measures to btr ¢on8idèred during 2023-24 (X¥ning and operating buldings. Slrnclural defects. Danger lo resident5, Rolling prtrJrame ofcapilal renovaiians. Emplobwent of slruclural ervJineers to advis6 on any buildiny alleraiions. Resloialion of library windows corn819. Wardens Lodging5 external refurbishment including 51onework r8pairs". MOVal of damaged 51we and inslallalion of new sections. Two new Griffins caNad and fixed. Ward&n5 basement ccoverted lo accommodale the IT department, all under the guidance of slruclural engineer a1 archilecl. Chapel ndOW repalr Scheduled lor summer2024. Bar Roof 10 bè repaired afterwa[ leaks HBAC water ingress issues found in 2022 12023 beh addr8ss8d. Implem&nling regular r8vlews ol firew811 polKies and planning lo Imrlerneni firew811ing spethfic to each setver and setViG8 lo prevent unaulhori5ed access. Cybw-allack snario aDrIn9 event arran ed fer Oct 23. Implementing regular rewews of rEWall polici25 and planning lo implernenl firewalling specific lo each $eNer and 10 prevent unauthorised ac¢Èss. No change lo underfyin9 risk or numbets. A iscussion cCerning financK81 inequality across the colleges is gaining some momÈTrlutn. Infotmation and pro$10n. MallcSws attack and largeled hacking. Infomalpon and IT provisn. Viruses, maicious software and non-iargeled had(ing Viws screening sQtIwdie - eduGation or junior mgmbers Funding. Changes in Colkge le818xlarnal tunding., impaGI on colleges of likely deficit in Universrty funding. Fin8nCk81 10s81 funding $hortf811. Workltmugh Conference ofColleg8s and Eslales Bursar5 Comrnitt8e Funding. caPirexpendIkn}re0n teState has been signifi¢an15y Constrained since Covid. The eslaie will require significant invesimenl over the rnediu lettn. Damage lo the fabric ol lh8 eslal8 resuAing in signif1¢8nity highei costs in the lon run. General Funds Inadequalegeneral lunds lolherMse known asfreÈ reseivesl makes the College wlnerable to unexpecled additional costs Dr drop in income. Temwrary cash flow problem which might Only b8 r8solv6d by di$tUPliva osl onemènl ofother s endin Employinglietaining staff Lack of managem8nl resilitnc8 in re4)Dnse lo extemal pressures Inability lo respond lo Challenges. communule messages lo le¥ns, absence of effeclwe U8 across or anisalion. Employinglrelaining staff. InatAlily lo recruit key vacancies al all Vels. Inability to provide key Colge services Cateiing. accommodation 5-year caplal expenditure plan prepared in May 2023. Donor funding being largeled lor specific large proiecls 89 Chapel wrKlows and bar roof repar. The 23-24 budget m¥inlains Cap9¥ al a similar level lo 22-23 < £1in. A S year Capex plan has been prepared identifying areas where slgnificanl fulure investment will need lo be rnade. This shovds thai ne$Sry annual expendllwe is 5ikely to be G£2m Issue consided by Finance Committee. Agreed that we should aitn lo buikl res¢S lo th$ &qUalent of three months, chariiable eXperlIre. No change. The College requires c£10m lo pay off -£5 3ffl Inegativel general lund5 and create a appropriate reserv& of positive Funds. This is in addition iolhe requiremenl lo commillo a realisbc HBAC dèbt repaymènt I refinancing strategy and to fund increastrd capit21 txpendilurè. Management IrairyDg reieH. Pl8n lo implement edUle of modular training, combinèd with performanctr man8gemenl. Review Cge'S emploent beneisislrewards. Move lo Oxford Lmng Wage 2022 Continued malching Oxford Livingwagein 2023. Increasln9 emphasls on rele oblgclives. Slnc6 ckdown re51riciions lifted. 26 applicairons lor xib18 workinglwothing Irom home r8ceived. Ml have been cepied eilher or pan. Possiblè rei&niion issues wilh hi9hÈr Pa stafF where inflation has outpa pay increases. There Is increaslng pay ineou11y. kadernfc8nd national pay awards losing ground lo prfvaie sector Wardens refijrbishmtnl compwed including inslall8lion of bcmlers. upgrade ol fire deleclion and full dectncal Inspeclion. Rolling programm6 of file detection upgrade underway. Sloane Robinson Complete 23 Banbury Road alami system lo be inlegraled wilh HUAC Icurrenlly Stand alone). Cornparimenl 5Utvey lo start June 2023. Sloana Robinson heat pump io ba la¢8d. Owning and operating buiklings Failureof Renewal of electrical circuits and plumbing sewces throughout Uiecollege. Well established regimes for flushin9 water sy5tern5 and PAT lesling electrical appliancès. Liatslily insuranTr 1£1(hmn limit any or occur¢81 syslemsl." dar¥Jer 10 residents from wier- borne bleria". vrdler damage. 13
KEBLE COLLEGE Report ofthe Govern5ng Body For the year ended 31 July 2023 Actlvlty, rfsk and potential damagè Rl8k management measures adoptsd Progr•$s report for 2022-23 and further measures to bè consldered durin 2023-24 22 out of 24 retention schedule5 are now complete. and 20 schedules hsve been'mapped to ROPA. ROPA rnapping Is ongoing In four deparhr&nl8. 8reaGh and SAR procedures are working well. GDPR docum8nlalion reviewed on an annu basis. Inhouse training planned lornon-academiG staff 10 ITn rove GOPR aw8rene55 Drall 23124 budget indudfrs 5% general cost of Ilwng award. Lower paid slaff makh Ihe Oxford Llvlng wag8 and their cumuklivtr IKreas6s have oulpaced inflalion since 202Q. Informalion and IT provision. Data Protection failure. Exposure lo gaI acbon. Putlityse AeS Employment wsts. unexpected inuease5 threats lo cue activity presented by possible remedial measures. Sudd&n and E51ates Bursars, Commiiiae 8cli¥ely engaged in working partips de81ing wnh pènsbns Ibjlh USS and OSPSI Less of key staff. Loss of critical sIneSS conlinuty. Rewew rev18rd and retention stralegyand imtAement contingency planning. Recruitment generalty remairts problematsc fvmer applications per vacancy. 2022 Summer conference business U88d rnwnly agenGy workars. 2023 reuuiled own students and casuals. FUTURE PLANS Thè College has now retumed to provision ol a norrnal a student experien following the vèry significant disruption exp8rienced during the pandemic. The ¢hallery8 now IS to consider how io develop and enhan the audemic activities of the College balanced againstthe requiffrnenl to improvè ourfinanclal position. At the same lime Ihe College must maintain its position as a desirable 8rnployei in challenging labour rnarket and in an environment where some slroro inflalion8ry pressures persist. The Colleg8 will continue to monitor the irnpact of inflation on operating cost5 and on ietention and recruitmentofstaff. Keb5e isalso committed to monitoring the cost ol living forour 5tLKlent5. an¢Jwill provide supportwherever possible. Thè Conferen and bed & breakfast business has now recovered to deliver venue higher than pre-pandernic levels in nominal term5 and approximately the same in real terrns. However, the impact of inflation has resulted in k)wer profitablllty I the business in both norninal and real terms compared to pr8-pandemi¢. A highly competitive market and ongoing pressures in the labour market due to irnpacts from inflation and Brexit continue to challenge this ar8a of the College's QP8rations. Th6 College will Continue to inv8St resour$ and make change5 10 it5 operating model in orderto maximise the retum from the conference business. I nonessential eapitRI projects had been put on hold whilst the College reGovered from the pandernic. The College has now written a 5-y8arcapilal expenditure plan that addresses a number olareas where significant expenditure Mll bè réquired including kitchen operations, staff facilities and a new rolling programme ol student room refurbishtnent in certain college buildings. The Cdlege is also assessing the environmental impact of the College and costeffectiV8 way5 to improve its cart>on footprint, and a proportion of the capital expenditur8 plan is alk)¢ated for inv8strnent in initiatives in this critical area. 14
KEBLE COLLEGE Report of the Governlng Body For the year ended 31 July 2023 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILMES The Governing Body is rèsponsible for preparing the Report of the Governing Body and the financial statements in accordance with applicabl8 law and regulations. Charity law requires the Governing Body to prepare financial Statements for each financial year. Under that law the Gov8ming Body has prepared the financial stslements in accordance United Kingdom Generally Accepted AccountirKJ Practice (United Kingdorn Accounting Standards and applicable lawl, including Financial Reporting Standard 102.. The Financial R8PQrting Standard Applicable in the UK and Republic of Ireland IFRS 1021. Undèr charity law th8 Gov8rning BLWJY rnust not approve the finan¢ial statements unless il is satisfied that they give a true and fair view ol the stale of affairs ol the College and of its net income or expenditure for that period. In preparing these rinancial slatem8nts, the Gov8ming Body is requir8d to.. select the most surtable ac(x)unting policies and then apply thern con51Stently.' m8k8 judgm8nls and accounting estimates that are reason8ble and prudent., stal• whether applicabl8 accounting standard5, including FRS 102, hav8 b8en folk)w8d, sublt lo any material departures disclosed and explained in the financial statements", state whether a Slat&ment of Recommended Practice ISORPI applies and has been followed. subject to any material departures which are explained in the financial stalernenls.. prepare Ihe financial statements on the going concèrn basis unless il is inappropriatè to presumè that th8 Colleg& will continue to operate. The Goveming Body is responsible for keeping proper 8ocounting cordS that are sufficient to show and explain the Coilege's transactions and dis¢lose with reasonable ac¢ura¢y al any time the financial position of the College and enable thern lo ensur8 that the financial slalements cornply with th8 Charit18s Act 2011. 11 is also rgsponsible for SafUardlng the asset5 of the College and ensuring their proper application und8r charity law and hence for taking reasonable steps for the pventIOn and detection of fraud and other irregularitles. Approved by the Governing Body on 1 November 2023 and signed on its behalf by= JOLLS Sir Michael Jacobs Warden 15
KEBLE COLLEGE Report of the Auditor to the Mombgrs of the Governing Body of Keble Collegè For the year endod 31 July 2023 Opinlon We have audiled the financial statements of Keble College Ithe'charrt.l for the year 8nded 31 July 2023 which cornprise the Statement of Accounting Policies, the Consolidated Statement ol Financial Activities, the Consolidated and College Balance Sheets. the Con501idated Cash Flow Statement and notes to the financial slat8rnents. The financi81 reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stand8rds, including Financial Reporting Standard 102.. The Financial Reporhng Standard applicable in tho UK and Republic of Ireland (United Kingdom Ganerally Accepted Accounting Practice). In our opinion, the finantial statements give a true and lair view of the slate ol the group and chariws affairs as at 31 July 2023 and of the group's incoma and expenditure for the year then ended.. h8ve been properfy prepaied in ar£Ordan with Unlted Kingdom Generally ACpted AcuntIng Practice.. have been prepared in accordance with the rwuirements of the Charities Act 2011. Basls for oplnion We conducted our audit in accordance with Intèrnational Stand8rd5 on Auditing IUKI IISAS IUKII and applicable law. Our reSpsIbIlitieS under those standards are further described In the Auditor's responsibilities for the audit ol the financial statements secth)n ol our report. We are independent of th8 Charty in accordance with the ethical requirements that ale levant to our audit of the financial statements In the UK, including the FRC s Ethical Slan(lard, and we have fulfilled our other 8thical responsibilities in accordance with these requirernents. We believe that the audSt evidence we have obtained is suffici8nl and appropriate to provide 8 basis for our oplnion. Concluslons relating to going concern In auditing the financial statements. we havè concluded that the Membèrs of the Goveming Bly'S use ol the going concern basis of accounting in the preparation of the financwl statements is appropriate. Based on the work we have performed. we have not entIfied any material uncertainties relaliro to events or conditions that. Indlvldually or collectively, may cast significant doubt on the charity's ability to continue as a g(xng concem for a period of at least 12 months from wh8n the financial statements ale authorised for issu8. Our responsibilitie5 and the rèsponslbllities ol the Membets of the Governtng Body wth respect to goiro concem are described in the relevant Sectn5 of this report. Other Inforniation Tho Members of the Govèming Body are responsible for the other information. The other inlomation cornpri5es the inforfflation included in the annual report other than the financial statements and our auditorfs report th8r8on. Our opinion on the financial ststements does not cover the other information and, excepl to th8 extent otherwse explicitly stated in our port, W8 do not exp$ any fomi of assuran condusion Ihereon. In connection with our &udit of the financial statement5. our SpOnsIbl11ty is to ad the other information and. in doing so, consider whether the other information is materially inconsi5tenl with the financial statements or our knowledge obtained in the audit or othewse appears to be rnaterially misststed. If we identify such rnaterial inconsistencies or apparent material misststements, we are required to d8termine whether there 15 a Tnaterial misstslernent in the financial statèments or a material misstatement of the other infomiation. If, based on the work we have performed. we conclude thatthere is a rnaterial misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. 16
KEBLE COLLEGE Report ot the Auditor to the Members of the Governing Body of Keble Collgge For the year ended 31 July 2023 Matters on which we are required to report by exception We have nothing to report in respect of the following rnatters in relatOn to which the Charities Ad 2011 quir•S us to rèport lo you if, in our opinion.. su1•t accounting records have not been kept., the financial statements are not in agreement with the accounting records and r8turns', or we have not obtained all the inforrnalion and ex Janations necessary forthe purpo8e$ of our audit. Responsibilities of the Mernbers of the Governing Body As explained more fully in the Statement of Accounting and Reporting Responsibilities Iset out on page 151, the Members of the Goveming Body are r85ponsible lor the pparats.0n ol the financial 5ta18rn8nts and for being satisfied that they give true 2nd fair vlew. and for such intemal control as they detemine is necessary to enable the preparation of financial 5ta18menls that are free from material misslatemenl, whether due to fraud or error. In preparing the financial statements. the Mètnber5 of the Governing Body are responsible for assessing tho Charity'5 abililv to continue as a going coneern, disdosirvJ, as applicable, matters related to going concem and using the goiw concern basis ol accounting unless th8 Members Df the Governing Body either intend to liquidalo the Charity or lo ase operations, or have no realistic alt8rnativ8 but to do so. Audltor's responslbllltles for the audit of the financlal statements We have en sppointed as auditor under Section 144 01 the Charities Act 2011 and [M)rt in accordan wth thè Act and revant wulalions made or having effect thereunder. Our objectives a to obtaln asOna9 assur*c8 about whether the finanual statements as a wholè are free from material misstaternent, whetherdue tofraud or error. and to issue an auditorfs report that includes ouropinion. Reasonable assurance is a high level of assurart. but is not a guarantè8 that an audit conducted in accordance with ISAS IUKI will albvays detect a material misstatement when it exists. Misslatemenls can arise from fraud or error and a conside mat8rial if, individually or in the aggregate, they could asonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non<omplian¢e with law5 and regulation5. We design procedures in line with our responsibilit$, outlined above. lo detect material misstaiemenis in respect of irregularities. Including traud. The extent to which our procedures are capable ol delecling irregularrtie5, induding fraud is detailed below Our approach lo identifying and assessing th8 risks of material misslalement in respect of irregul8riti88, including fraud and ry)n-complian with law5 and regulations, was as follows.. the 8ngag8menl partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognis8 non-wmpliance with applicable laws and regulations- W8 id8ntif18d th8 18WS and regulations applicable to the charity through di5cussion8 Wlth Members olthe Governing 8ody and other rnanag8fflent, and from our knowledge and experien ol the c1nt'S $e¢tor', we focused on specific laws and regulations whi¢h we ¢onsidered may have a direct material effect on the financial slaternents or the operations ol the charity. including Charities Act 2011, Office lor Students and Oxford University requirements, taxatK)n legislation, data protection, efflployment and pensions. pnnIng and health and safety legislation- we assessed the extent ol compliance with the laws and wulations identified above through making enquirie5 of rnanageffl8nt and, wher8 relevant, inspecting legal corresponden,. and identified laws and regulations We communicated wthin the audit tearn regularly and the team maIned alert to instances of n-cOmpli8n¢e throughout the audit. We assessed the susceptibility of the chaiitys financial statements to material misslalement, induding obtaining an understanding of how fraud Might oc£ur, by.. making enquiries of Members of Governing 8ody and other rnanagernent as to where they considered there was $usptibIlity to fraud, their knowledge of actual, su5¥Cted and alleged fraud., and considering the internal controls in Pla to rniligate risks of fraud and n-comlance with law5 and regulations.. 17
KEBLE COLLEGE Report of the Auditor to the Members of the Goveming Body of Keble College For the year ended 31 July 2023 To address the risk of Iraud through managernent bias and override of controls, we.. pèrformed anaytical ProdureS lo identify any unusual or unexpected relationships., ted journal entries to identify unusual transactions., assessed whetherjudgernents and assumptions rnade in determining the accounting estimates were indicative ol potential bias.. and lmiest8ted the rationale behlnd significant 01 unusual Iran5actions', In response to the risk of irregularities and norrccynpliance wth law8 8nd regulatSons. we designed procedur85 bvhich included, but were not lirnited to.. agreeing financial statement disck)sures to uThJerlying supporllng docurnentation.. reading the Minutes of meetings ol those charged wth governance.. enquiring of management 85 to actual and potential litigation and claims.. il considered necessary, reviewng ¢orre5pondence with relevant regulators and the cornpany's18gal advisors. The are inherent limitatlons in our audit procedures described above. The more removed that laws and regulations are from financial tran58clions, the less likely it is that we would become awa of non-complian. Auditing Standards also lirnit the audit procedures required to identlfy non-compliance with laws and regulations lo enquiry ol the Members of Governing Body and other management and the inspection of reguKetory and legal correspondence, if any. Material misststernents that arise due to fraud ean be harder to detect than those that arise frorn error as they may invofve deliber8te concealment or collusion. A further description of our responsibilities for the audit ol the fin8noal ststernents is located on the Finandal Retk)rting Council's website al.. www.frc.or .uklauditorsr Thls description forms part ol our auditor's ieport. Usè of our report This report is madg srA81y to the College's &)v8rning Body, as a boty, in accordance wth sectk)n 144 of the Charitie5 Act 2011 and the regulations made under section 154 of that Act. audit work ha5 been undertaken so that W8 rnight state to the Mernbers of the Governing Body those matters we are required to state to them in an auditor's report and lor no other purpose. To the fullest extent pemitted by law. we do not accept or assume responsibility to anyone otherthan the College's Goveming Body as a body, for our eudit work. for this report, or lor opinions we have lgrmed. Critchleys Audit LLP Statutory Auditor Oxford 22 November 2023 Critchleys Audit LLP is ellgible to ad as an auditor in terms of sèctions 1212 of th8 Companies Ad 2006. 18
KEBLE COLLEGE statement of A¢¢ounting Policles For the year ended 31 July 2022 Scope of the finan¢lal Statements The financial statements present the Consolidated Staternenl of Financial Actiwties ISOFAI. the Consolidated and College Balan Sheets and the Consolidated Statement of Cash Flo¥vs lor the College and it5 wholly owned subsidiaries, Conference Keble Lifflited and Keble Properties Litnited. No Separate SOFA has been presented lor the College alon$, as currently permitted by the Charfty Commission on a concessionary basis. A summary ol the r8suIts and financial position of the charity and each ol its matari81 subsidiaries lor the repoiting year a in note13. Basis of accountlng The College'5 Individual and consolidated financial statements hava been prepared in accordance with United Kingdom Accounting St8ndards. in particular 'FRS 102.. Financkql Reporting Standard applKable In the UK and Republicor Iland, IFRS 1021. The Cdlege is 8 public benefit entity for the purposes of FRS 102 and a registered charity. The Collage ha5 therefore also prepad its individual and consolid8t8d financial statements in accordance with'The Statement of Re¢chnmended Practice applicable to charities preparing Iheif financial statements in accordance with FRS 102, (The Charitie5 SORP IFRS 10211. The financial slalements have been prepared on a going concern basis and on the historical cost basis, except for the MeasuMent ol inveslments and cert8in financial assets and liabilitie5 al fair value wlh fflovernents in value Ported thin th& Statement ol Financial Activities ISOFAI. Th8 prin¢ipal accounting policies adopted are set out below and have been applied consisienlly throughout the year. 3. Accounting judgements and estimation uncertainty In the view of the Goveming Body, in applying the accounting policies adopted no judgemerils were required that have a significant effscl on the arnounls recognised in the financial sta18rnents. In¢om8 recognitlon Al income i8 CognISed 0e thè College has enliuemenl to the income, the eeon0rn benefit 18 probable and the amount ean be reliably rneasu. 8. Income fffjm fees, Ofs support 8nd other chalyes forseNKes Fees reIv3b1e, Ofs support and charoes for services ar¥S use ol the pr8mise5 ar8 recognised in the period in which th8 related Se1 is provided. b. Income from donations, gr8nts and 18gaci8S Donations an¢J grants that do not iTnpose future performance-relaled or other specific conditrons 8re recognised on the date on which the Charity has entitlernent to the resource, the arnount can be reliably measured and th8 economic benefit to the College of the donation or grant is probabl8. Donation5 and grants subject 10 performancé- related conditions are recognised as and when those conditions are met. Oonations and grants subject tri other 5P8ofic conditions are recognised as those condition5 are met or their fuifilment is wholly within the control of the College and it is probable that the specified condition5 will be met. Legaoes are recogni58d followng grant of probate and once the College has received sufficient inlormation from the executorlsl of the d8ce8sed's estate to be satisfied that the gift can be rdiably measured and Ihat the econornlc benefit to the College is probable. Donations, grants and legaci8s accruing lor tFE general purposes ol the College aw credited to unr8Stri¢ted funds. Donation5, grants and legacies whKh are subject lo conditions as to their use imposed by the donor or sel by the terms of an appeal are credited to the levarnt restricted fund or, where the donation, grant or legacy Is required to be held as capital. lo the endowment funds. Where donations are received in kind las distinct from cash or other monetary as5et51. they are m&asured al the fair value of those assets at the date of the gilt. Inveslrnenl incom8 Interest on bank balances is accounted for on an accrual basls wllh interest recognised in the perk)d lo which the inter8St relate5. In¢Drne from fixed Inte$t debt securities is recognised using the effectiv8 interest rate meth)d. Dividend income and sitnilar distribution5 are recognised on the date the share interest becomes ex4ividend or when the right to the divid8nd can be estalshed. Income from investment properties is cOgniSed in the period to whi¢h the rentsl income relates. 19
KEBLE COLLEGE Statement of Accountlng PollcSes For the year ended 31 July 2022 Expendlture Expenditure 15 accounted lor on an accruals basis. A liability and related expenditure 15 recognised when a legal 01 conslrwtiV8 obligation commiis the College to exp8ndibJre that will probably require settlement, the amount of which can be reliably measured or estimated. Grants awarded that are not P8rfortnance-related are charged as an expense as soon as a legal or corTrstruclive obligation lor their payment ari5e5. Grants subject to perfonnance-reled conditions a expensed as the speufied conditions of the grant are mel. All expendiiure including SUPPOrt costs and governanc8 C051s are allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA). Support costs, which in¢lude governance costs (cost5 of eomplying wth conslitulional and stalulory requiremenlsl and other indirect costs, are apportioned lo expenditure ¢ategoriÈg in the SOFA based on the estimated amount attributable to that activity in the year, èither by releren¢e to staff time or the use rnade of the undeilying assets, as appropriate. Irrecoverable VAT is included wth the Item of eXpendItu to whlch it relatss. Intra-group sales and charges bètween the College and its subsidiariès are excluded from trading income and expenditure in the consolidated financial sta18rnents. Leases L88585 01 assets that transfer substsntially all the risks and rewards of ownership arè classified as finance ba8e5. Thg costs of the assets h8ld under finance leases are includgd within fixed assets and depreciation is charged over the Shorter of the lease term and the assets, U5eful1wes. Assets are assessed for impaim)ent at each reporbng date. The corresponding capltal obligations under these leases are shown as liabilities and recognised at the lower of the fair Value of the leased assets and the present value of the minimum lease payments. Leas8 Payments a apportioned between capital r8paytnenl and finan charges in the SOFA so a5 to achieve a constsnt rate of interest on the rernaining balance of the liability. Le88e5 that do not transfer all the risks and rewards of ownershlp a ¢lassified as Operating leases. Rentals payable under operating leases a charged in the SOFA on a straight line basis over thg relevant lease terms. Any lease incentives are recognised over th8 lease term on a straight line ba51S. 7. Tanglble fixed assets Land is staled at cost. Buildings and equlpmenl are slated al cosl18ss auMUlated depreciation and any 8ccumulated impairment losses. Expenditure on the acqUisOn or enhanTrment of land and on the acquisition. ¢onstruction and enhancernent of ildings which is dirgdly attributable to bringing the asset lo its working condits.on for ils intended us8 and aTnounling to more than £20.000 together with expenditure on equipment C05ting more than £20,000 is capilalised. Where a part of a building or equipment is replaced and tha costs capitalised. the carrying value of those parts plaCed 15 dereco9nised and expensed in the SOFA. Other expenditure on equipment incurred in the noma day-tspday running ofthe College and its 5ubsidi8ries is charged to the SOFA as in¢urred. Dtpreclation Depreciation is provided to writ8 off the cost ol all levaTht tangible fixe(J assets, less their estimated residual value. in equal annual instalments over their expected useful èconomic lives as follows.. Freehold properties, indudiry Major extensic5 Leasehold properties Building irnprovements Equiptnent 40 years 40 years or perk)d of lease if 5hort8r 40 years S years Freehold land is not deprecied. The cost of maintenance is charged in thè SOFA in the period in which it is incurred. At the end of each reporting period, the residu81 value5 and useful lives ol assets are reviewed and adjusted if necessary. In addition, if 8venis or ehange in circumstances indicate that the carrying value may nol be recoverable th8n the carrying values of tangible fixed a5set5 are vieWed for irnpairment. 9. Herltage Asset5 The College has chosen to hold heritage assets at fair value. The (xillege has a number ol assets, including Items of art and historic tèxts that meet the definition of heritage assets under the SORP. Herits9e a5set5 purchas are initially recognised and subsequenlly measured at fair value. Items donated to the College are r8cogni5ed at fair value. 20
KEBLE COLLEGE Statement of Accounting Policie5 FL>r the year ended 31 July 2022 10. Inv85tment5 Investment properties a initially recognised al their cost and subseouentty MeasUd al their lair value (market value) at each reporting date. Purchases and sales ol investment properties a recognised on exchange ol contra¢ls. Listed investments are initially measured at their c05t and sub5equenlly tne8sured at their lair value at each reporting date. Fair value is b8sed on théir quotéd pricè at thè balancè sheet d818 without dèduction of the 8Stimatgd future selling Investments such as hedge funds and private equity funds which have no readily identsliable market value are initially tneasured at their cost5 and subsequently Measured al their fair value at ezch reporting date wlhout deduction of the $tifflaled future selling costs. Fair value is based on the rnost recent valuats'ons available from their SpeCtive fund managers. Changes in f8irvalue and gain5 and losses arising on the disposal of investments are credited or ch8rged io the income orexpenditure section oflhe SOFAas'gainsorlosses on inve5trnenls' and are allocated tothe fund holding ordisposing ol the relevant investment. 11. Oth¢r financlal Instruments Cash and ct7sh equivalents Cash and cash equivalents include cash al banks and in hand and short temi deposits with a mAturity date of three months or less. Currenl asset inveslm&nts Current asset investments include short lemi deposits with have fLyed term rnaturities of less than one year but grèater than three months. Debtors credrfors Debtor5 and creditor8 r8C8ivable or pAy8ble wlhin year of the reporting date are carried at their tr8ns8ction price. Debtors and creditors that are receivable or payable in rnore than one year and not subject to a rnarkel rate of interest are measured at the present value of the expected future reIpts or payment discounted at a market rate of interest. 12. Stock5 Stocks are valued al the lower of cost and net realisable value, cost being th8 purthase price on a first in. ffrstoul basis. 13. Forsign currencles The fundional and Presentati currency of the College and its subsidiaries is the pound sterling. Transactions d8norninated in foreign currencies during th8 y88r arè translated into pounds sterling using thè spot exchange r8t85 at the dates of the transactions. Monetary assets and liabilities denorninated in foreign currencies are tran8laled into pounds sterfing at the rates applying at the reporting date. Foreign exchange gains and losses resulting from the Settlement of transactions and from the Iranslalion of monetary assets and liabilities denominated in foreign currencies al the exchange rates al the porting dale are recognised in the ncome and expgnditure section of the SOFA. 14. Totsl Return investment accounting The College statutes aulhorise the College to adopt a'tolal r8turn' basis forth8 inveslmentof ils permanent endowrnent. The College can invest its pennanenl endowments wthout regard lo the capitallincorne distinction5 of standard trust law and with discretion tts apply any part of the accumulated total relum on the investment as income for spending each year. Until thi5 power 15 exercised, the total return is accumulated as a component ol the endowment known as the unapplied total return that can be either be retained for investment or released to income at the discretion of the Governing Body. 21
KEBLE COLLEGE ststement of Accounting Policie$ For the year ended 31 July 2022 15. Fund accountin9 The total funds of the College and its subsidiari8s arè 8llocaled to unrestricted. restrided or endowment funds based on the tems set by the donors or set by the terms of an appeal. Endowmentlunds are furthersub-divided inlo perman8nt 8nd expendable. Unrestricted funds c3n bè used in furtherance of the obj8Ct5 of the College al the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted (unds shall be used in future for a specific purpose and this wlll be account8d for by transfers to appropriat8 designated funds. Restricted funds comprise gift5, legacies and grants where the donors have specified that the funds are to be us9d for particular purposes of the College. They eonsisl of eilher gifts where the donor has specified that both the capitsl and any income aiising must be used forthe purposes given orlhe income on gifts where the donor h85 required or permitted the ¢8Pital to be maintaintd and with the in18ntiL that the iwome will be used for Specif purposes within Ihe College's obj'ects. Pemianent endowment funds arise where donors specify that the funds are to be retained as capital for tt)e permanent benefit of the College. Any part of the total return arising frorn the capital that is allocated to incorne will be a¢wunted for as unrestricted funds unless the donor has placed restrictions the use ol that incom8, in which case it will be a¢count8d for 85 a restricted fund. Expendable endowrnent fund5 are similar to permanent endowment in that they have been given, or the College has deterrnln based on Ihe circurn5tancps that they have b98n giv8n, for the long term benefit of th8 College. However. the Governing 80Y may at their discrethjn deterrnine to spend all or part of the chpital. 16. Penslon costs The costs of retirernent benefits prowded to employees of the College through two multi-employer defingd pension schemes are accounted for as il these were defined contribution schernes as inforrnation is not available to Use defined benefit account'ng in accordance with the requirements of FRS 102. The College's contributions to these schemes are recognised 8s a liability and an expense in the period in which the salaries to which the contributions relate are payable. In additDn. a liability is r8cognised at the balance Sheet dale forthe discounted value of the expected future contribution p8yments under the agre8rnents wth these mulli-employer scheme5 to fund the past service deficit5. 22
Keble Co*eyE Consolldat•d Stat8rnent of FinanElalActlwtlBs Fortho year ended 31 Juiv 2023 Unr£stfiCtsd FLS £wo Restrted Funds Endowed Funds £000 2023 2022 Totsl OD Not4s £000 INCOME AND ENDOVIMENTS FROM: Charitable activit3 TeKhing. researth residenlkql O¢hertiadln9 Income Donallons amd le9acles Investments InVeSeThi incorhe Toi81 tUrn alkncated to ints) Other income 10.517 2,249 5,742 2.249 1.6eo 1.428 2.654 4.ts3 753 702 33 2,177 11.3991 2,930 2.582 19 32 33 24 Total Income 15.914 125 3.432 21,471 17.7[ EXPENorruRE ON: Ch4rlt¥blo actili•s Teath, r•$ear¢h and 13.021 1.797 14.818 16.949 GBnerating fundJ 19 8Z8 1,S3Z 622 1.496 Trsditu 8xpendilurè InvtrStnt m¥n3gBmenl costs 1,532 2.341 2.360 TorAIè¥p#nthtyre 15.362 1,816 19,067 Netlnc0mÈllexpenditreI belore gain$ 3.432 4.293 Nel 1n(sSeS1L iDveBlments Flxed asseiimpalrmeTrtchar9e 12 12.7311 13871 Not incom•ll¢xpgndllur¢l 701 I,S62 Tran¥fvr• bIlnfundS 19 16 Other r•wJn15ed galfflsMos$4$ GaIrl(loSseSj on revalUalTr of ffxed a55e15 Atraf11 g8inylllosseslon deTinEd bEne[ilpÈn5n $¢hem¢s Netrnov•rn•ntlThlunds torth• y•ar Fund balances broughl foNard 203 701 1,562 11,754) 19 73,632 1200 60.729 135.5$f 137.319 Funds carrled forward at31 July 19 74.2DO 1.493 61,430 137,123 135.561 23
Kebfe College Consolldated and College Balance Sheets Forthe y•ar¢nded 31 2023 Z023 Group 2022 Group £oN 20a Colle ÈDDO 2022 C(Akge £wo Notes FIXED ASSETS Tanglblg a5set5 Heriiage asseis Piopety InvÈslThnl Investmen15 $4,536 27,106 10,Q7S 57,681 86.490 27.108 10.075 57.410 84,538 27,108 10,lJ75 57,181 86.490 27.108 10.075 57.410 10 12 Total fixed a$uts 179,402 181,083 17YM02 181,OB3 CURRENT AS$ETS sd[s DeblOF5 cur1 assel invesknents Cash and cash equNalents 75 1.689 75 1417 2.784 500 3.W76 1,727 500 3,716 2.465 1.324 Totsl currehta9SEts 7.2Z4 4,229 6,tlO7 3,816 LL4BILmE8 Crs1Or5.. am011$ falling dv8 rylhkn (8 year 3,700 2.327 3,102 2,018 NEfcuRRFNT ASSETSIILIABILITIESI 3.524 1,902 2.Y05 TOTAL ASSETS LESS CURRENTLWILMES 182,926 182.985 102,307 182.881 CREDITORS.. lalling due after rnQTe than PravkiOn9 for llab1llQG and charg•s 43,600 44.QQD 43.800 44,WD NET ASSETS BEFORE PEP4SION A53ETC LIABILITY 139J 138.985 138,707 138,881 t)•ffinèd kenèfftpenslon schemè Ilablllty Z20) 3.424 1203 3.424 TOYAL NÉTthSSErs 137 123 135.581 136 504 FUNDS OF THE COLLEGE 19 EndoYrnntfund¥ 61N30 60,729 61,43fy 60.729 R¢strlcted frJnd5 1.200 1.493 Unr•¥tr¢cled fvnds Designalgd I$ Gera1 fund ReValun Pen¥ion SerVe 54,61S 56.$$7 54.61$ 15.938] 27,108 SS,567 16.723} 27,108 13.4241 73.528 27,108 12,2031 74,200 27.1 13,424} 73.632 73,582 TOTAL FUNDS 137 123 135 5S1 136 505 135.457 Tr6 Inancl $iamenl$ were approvedand auriSed fe(15sue by Ih?GovemlrvJeotyol Keb1eColleoe on 1 November2023. JALL &rMKhael Jacobs Walden S Cooke Bwsar 24
Kebk College ¢on501idaled Cash Flow Statement Forlhe yearended 31 Juty 2023 2023 Group £000 2022 Group (o Notes N•1 cash (used tnll provlded by op•rntlng Act1•% 1,474 Cash flDws fr4)m Im¥+stlng activitie DEnds. tereStn& renls from nveslmenLT PurÈhage ol ptoperty. pl$nl Equiptnent Proceeds from sales olinvÈsthiÉnis 2,930 2.$82 98 945 Purchase olinve5tments 118001 13.48DI 14231 Nel cash provlded byl{used Sn) investlng aeii¥llles Cash ffow5 from lthanclng a¢t1¢S Repaymen1501 borroMryrwJ Cash inffowslrorn new bOTWIr 13.0001 Recelptofendowfflenl Financecosts paid Nel cash provlded byllu#ed Inl finèneiny etiW1$ 2.654 17.4741 1.180 1.963 1.509 Change In cash and<a5h equlvalents In the reporiit)9 perfod 1,769 Cash ca5h•quW•nts 4tth• b•glnnkng ofth r•portlng 2A65 696 Chang• in ¢asb and cJ$h •qwfvaienls due to ¢xchange rats movements Cosh and cÈ#h e4Ui¥alEnl#tthE endof thE reporting pEriad 3,876 2.465 Ch£ritylBw requires sep8ra* athTrini4if211on of Ihe cashnows olendrk¥thl Bnd olrI&S1Cted lunt& al the Coleg¢. ThK4¢oh$trainl ha5 no18dversdyatfecled group ca5hflovA as Stated above. 25
Kgblo Nob¥ tothè fittAn¢lÈl Stslernents FOrthfyarqnd¢d 31 July2023 INCOMEFROM CHARITABLBACTNItTIES 2023 £000 2022 £OOD Tga¢hlngi r88q¢h and r•SIdw41 Unrg3tiicLed lunds rulb( 18ÈS- UK and EU slu¢gnl¥ Tuitith leBs- Overseas slud8nts OlhgrfeEX Qlhgrofficèfor students support otherocadem u8 iesidenuallnco 2.28e 1.792 402 1,8Qfj 130 5,071 5.193 9.B97 rocvedfrom ihe Uriverstyof Oxfryd Imm pulAyaGCntab1o ld5 underlhe Coll8ya Fr[n9 Formu IndudBd in thèab)ve'. 4.254 To supportthèstregkprlorfly lo lund rn¢r$ graduaiè sChat5 ar¥J lognabb w1st3g SILrt¥ lake up their p¢ rega1$$$ of theirfiTran¢i81 prtslllcll. for gTaduaig Studèntswlh overseas le9 stsiusfund8d Ihrough ihe clarendon DrUKRI sthlarship tundityj schEtnes. Ihe ¢ge ¥h5reofthefee5VWed èmuJntodto £29k (2022.. £nlll. TheEgar9 not inc5udèd In Ihe lee Incorng Ffjpd aLK>ve. DONAnONS LEGACIES 2U¥2 £000 £000 Unieslrktsy lundg Restricigd fundF Endo I,0 1,428 2,654 1.149 1.963 4.OS3 INCOME FROM OTHER TIiADWG ACmVITS 2023 £000 2022 UrnslrithwSfuxIs SuWdiarywmwylrALI incfyThe othortradiny inco 2,176 73 1.los 45 2.249 1.150 WIVESTMEMTINCOME 2023 2022 Unr•strirtqdlunds Commeriial tent 6ank iTrlpr98t 730 753 730 Endowedfund Inves11 inpyy 2,177 1.852 Total hiv4¥ln*nt 2.SB2 26
Keblg CojlAy• Noi99 ttth fin4nEial ¥tatsrnerAs FDrth&y•arended 31 July 2023 ANALYSIS OFEXPENoifuRE 2023 2022 ChJrltab1eexpeThl1È-T+aChIng, r•waKh4nd resldenllal Direct Btgttcosis herthreci costs Suppcrftand govern8ftheosls Supportand govein3nce.mov9Thpnton prov&w fordefird benefilpth¥lXPrnPS 4.817 5,301 11.3341 5.096 2,623 rotal charltablfr¢xpgndltL¥• 14818 16.949 EApBnditur• on r4151ng luTrds DitBctsLaff co6ts allocated to.. Fundrais9 TRdlng exwidliLY• 487 957 394 776 hwdirEctcosts tha[e lo.. 277 173 Ttadlng gxpenditure SuFPDrtand gMmanc• tOgLsau(ud kn.. FundrÈi$N Tradlng exp11• 8eenth6 nul• 6 55 69 Totsl oxpendllur¢ tslslng lund 2.360 2.118 Ta¢01 ixpendilure Teathhg. research and reldèntial 111re1UdP$'conlllb': Theclege is IkibtOt assg359rf ltycontbYIknTr uThYerIh&rythdsnS olstalutè XVolthB Unwr¥tyofOxlord. Thè Coniibutson Fund 1$ us8d lorne gronts d loans tothllegpson th8basi4olneed. Conlrlbuiion iscaleJJL•iBd annuaNyin accanc1h r•gulatnn$ mad• bythk Counril oflho University of Oxfotd. A114LYSIS OF$UPPORTM4D 130VERNANCE COSTS GeratIty Funds Resear¢h & Rdenti to(h) Tolal 2023 2023 £000 £0 Fin2ntiEI admini5tr&tion Domostic minIS1raan Hurnan resou5 83 265 167 Z78 2,623 1,474 47 231 2,823 1.474 Dgpreciauon Bank in1851 payeble 0r[Inall ¢harggs (knerrAnc&c05ts 142 5,188 2422 rotsl 2022 Finarrel adniifiÈtratson Domtttl¢ Bdministraiion Hvmai resources 70 Y2 293 412 180 247 1620 1A46 43 204 2,620 1.446 Depreciaiion Bank inl&Tepatle OiherfinarKe ch$ Gtr*mancÈts)YL4 29 5.098 124 5.220 27
Ctslhg• NotestothefinancSBI st4tsrn•nl Forth+T ended 31 Juty2023 ANALYSIS OF giIPPORT AND GOVERNANCE cosrs Iccni) FknArKe and domsticadrnintstFabon. IT r4aourc4s Costs areaitributsd3wotdiw tothe e511mated staff litne 4)Bnton èach xtivty. Depredatic c05Ls fId assot ImpalrmèniAie albuted in full to College's chariiable a1vIE5. Sin¢e il Is 1orlhevrt Df Ihose ivftie51hal th$buIld0$. plani and équipmfnl dePr1ad ar&hdd. IntsrÈsi endotherfinan¢e thargES art altiibuted accoiding tt>lhp pu$8 of rdatadfiThancing. Go¥gmanc8cU8lS ar• alloc4ied Ihecotg chaiiiabl8aClivityof iuIIIm. Seeakn note 32 vith ie$pèrt iolhe èxcepiicl rircumgtarthadu•>)COVILk19 2O2J 2022 iTh¢ltsde'. Audliorfs reMuneF81Tr-rt serykes udiiorfs remunelaiiuD-a55Utanc&sèrCEs otherlhan wdil Audjto¢¥ remuneiAlhin-lèx adviSQrySePIKq Lepiartd tsthgl 1ÈgS W cOn5tilulnal malttS 25 Noamtht has beèn IrKluded kn G(hV91nan CosL% lorthedltect empYmNl cDstsor rehnbuiEed gyn$es otthecoifege Fell0v Dn the bas Ihallhe¥e rel to tho Fdknw5' Invol¥gmgnt in ihB clége's(hail1ab19¥CtIV1tI8s. D•tal$ ofthg tsf FèUcw5altrQ1rr1$ed expenses are provwjed n nOtE 22 below. GRANTS ANDAWAROS 23 Èooo 2022 £th)o Unf8Stri¢iedfunds Gtantstolndlvua1s'. &duate scholarsbip5. prEe$ dgrant6 BulSarieS and bard$hip awards Graduaie stholatships. prizes andsThi Gran100th•r Insti3 49 15 Reslilcted GLS lo kidry&laI5'. UndergFathJat9 ¥ch¢l¥sNp4 priz05an4 grants Bursarig5 and haidship Bwar GrddLHtpxholatshl)s, Ze6 ond grJDts Grants to uth¢rinsbwtions 46 565 Tothl wants and awards 751 The abOV6th)$t$gr£ IdedIn1h9ch81Ib1kèXpeTr¢HiUre onTethiNJ •d Research. tsranls tQDthwir¢tiiUOnS MY0$•¥atds to Kewè P8d$hé3 trom th8 HalwTf5t Ihe PoNParihèa Frs. srAFFCOSTS 2023 2022 £000 6h41 6,D14 Social sKyrity¢OSt$ PensSoncosts Dfrfi b9[rrt gehèm•s-$mployerfs n1blI0$ Defined coni1lbuii 8chpme¥- empbyèts Contrib10¥ 9JpplemanWion pa>thènts Defingd belSome$- Nb)vemonion pfovislon £52 zv IiA241 1.998 9.957 $Upptsrtknrrn?ofthSL% d•T Ih¢GomtlvIUOh sEheme. Indu In blh91 InwmÈ'cam•to- SA• akn nole32. (31 InLothIn SalarfBs and 9$ tetminaikm paymenis amounbw ID£ril12022'. £68kl. whth wwpfulIypBidvAlThIh0Year. 28
Keblecollege Ndos lo th¢ flnanelal Forlhg ytBr ¥ndd J1 Juty2023 STAFFCOM Icantlnuodj Th&avgragg Dumbeiofom0olthcl1é. gxcludlng TIu6e5. on e full bme Mkniv$tb8slo5 as folows.. 2023 2022 Tuillon rÈse&ich Cc41ty¥résNI@n1 Fundt8iwng Sur4)ort Total 23 130 22 ThB evernJ&nurniei ofempw CollEg8 Trustaesdurin9lhe ywas 2s folkns.' 2023 2022 K%¥au?IfrProlessora Tutotial Fell(w- Univw3rfw SUCi&t8 Profe¥301 and TVtQIal FellthV-C(9@ OthErioaching and rese7Ach OthBr Tobl 25 41 The [c4kniTr9 inform¥it4n r9181es io the ernOYeeS 01 thè Coll•9•xdudit¥J c19 Tiusl£es. DgtaHsolthe rèmuneraiN>n olthÈ F@Ilw and thwrrwmbw5ed expensesareprovi(kd in noteY2 bglow. Thè numbgrof trnploJ¢e5{exdudlng ColkgE Twsteeslduriry th&YearSe wosspAyand bendls {éx¢luding¥mployerNI pension conlibudons)fèll thln the followity b&Was.. 2ts23 2ll22 No. E40,000-£.O0o £50.000-£9).QOO £70.000-£aO,000 t130,o-£I40.000 le The numbèrol thè8bwe wnpknyee5wrth retsremeniberfiL% accwing IS.. In defird coniithbw 5thBmes 21 14 £wo £000 The Colge wnthbuinSto dèfirClrtklrtlQn schernes lor Ihege emplo>És 2Q9 29
K&b Ctsll•g• Noiegtothg finwc1al6tatemels ForlthèyearenJed 31 July2023 TANGIBLE FIXED ASSETS Freehold n¢ and Equymenl Groupand C¢llegè Total toth) Cost At 51artofyÈ Ad&ibtsns Disp$ 10S,526 656 2.89Q 108,416 671 Al •id of yEar 108,182 109. Dèpreclaifjon Al siartolyear Chargo lorthe year OndisFo5als l9fj$ 2,5 2,360 120 21,926 z,fjzJ olwar 23.069 2,480 24.$4Y N•t bookvalu• Al end al)ear 425 84,5)1 rty&ar 85.9 530 B&49Q In addl1Tr w its hlgea5&e1lfjfj fw>ie 101.lhe Colege has 5utslailial hiytts1aSSÈis O[whh U$$d il Ihg thtSO Dfthe le'st9¥j and researth aclivitres. ThE¥ecoMSe li51ed bUilg$ on ihe College lourfhÈr1th thèlrcontent5. 8ecav69 oltheiragè and, in maTryca56%. uniqup nstui4, reliable hislDtical c05l I1[aON is not avaiable lorlhe59 aSs81¥ and cwld not beobtalnedexGepl alrjwporfdthatè èxpense. Hovdwer. aplThion of tho TrusteesthedEpreciated hIstcAl cosiolthgse 13 nDW Immaierta1. HERITAGE A88ETS Painlings Al valuat £wo lanuscrfpt5 Alv3tn tsroupand Coll•g• AiVu8tiDn Total At 5tartanderyJ ofyegr 12.S50 12.840 27,108 The Colleg8 ¢uffenllyhold& thr8$dassÈs olèssels lorhernage pu$S$.- plJuts$, manuscrlp153nd Incullala. TtsroarèN¥DpiUres Inlhe colleclion-. Th8WI W& byHolrn• Hunt. and The LrnIort ONC[St trom workshopof wiim Key. Thè Cc41ege has 87 manusctipts, all ormthh are irKludgd in the caialffjue ollheo)IIBaion bymakolm B. P¥tkS. ThèmÈthevalmanu$cnpts of Kpbtg Oxford {19791. There arg 10Q i18m8 Inthè cOIciion of earfy prinleo books. Wl Ihgse heri9 asEgts w9i&donaidd io College In its oarlyygars. Pitiuies 2rèondlsplaySn the Ghawl and may bÉ viewed bymerteiS Otth8 publicat nochargewh8n thè CdlÉgè L% open. Tha manCrS and In¢Unala9ré hpjd kn Iho Cole99 Llbraryand aièavailabk kn schc4ais on reque31. A digi14 mage has bgBn oftha mosi lamous manuscript wil¢1- Wertsburg Lectknnary. Wllhrg8 ciassègalasseis were valued as a131 July2014. 30
K•bl•¢oll•o• Natrs lo the finGla1 51alern¢nts Forlhoyearended 3f July2023 PROPERTY INVE3TMENTS Gruup•nd Cdl•g• 2Q23 T¢>tal £woo 22 Toi ommgrual rooo ¢0 £00 Valuilion atstart andend olwaf 10.075 10.075 CoMmertl prop•rtièa r8prgsgnt Ihg olthoH BAllen Cenire dTrd an busi15 rented to commercial ieThÈnts. A fonnal ¥aua11on oflhe cemr¢I31 propeMswas prepr8d byCart8rJona$ a% ai 111h Sep1eMber2020 IOT yeareTrd¢d 31 Juty2020. The valuaiiODW25 ¢MduGted In accDrdanc8 V+l the Investrneni methodolvèluabon. Subs8qu8nta5S98m9niofvalualions baSe on readityavalsble maikelinlorM81iDn. Otrice reni81 ue$haVe rem&in8d broadty conslstenisineethatvaknabtyi¥rwJ PrOptys3Oe rem$NdthosamF. Iher8fore th&vavaln 81 the slan of the yearspprowmatesils vaualn ai th• of lh9 ygar. 12 INVESTMENTS l invÈsbMeni¥ 3rehBld 81 fairvalue. 2023 2022 Eofy) r3ri>w>inveslmenls Valuauon aistart ol y•4r New moneyinveststt Arncwis wdlhdra¥vn R•in51$d Inwmé ItFVestfflen1fflrnet le (DErrOI1 nrease In value of In¥esimen $78111 3,100 ¢981 5&272 3,480 19451 1397} l>oup In¥¢slrnen¢s alendolyear 57,681 57.410 I[hveytt4n sub3idkgTies Ce4h9 ityw¥trn•Dts at•nd of yoar 57,681 Group Inv05trnwts¢ornpilso.' Hgld kn the UK £000 2023 T¢A&l Èooo HèldiXILSid the UK £0 Held i the UK £000 2022 Totsl Ih&VK £000 Equty inveytmen Gknb mulli-assei Ivnds Joini EqlYin4¢StPntg xed Inte$1 siocks rnatfvg andoih¢rlnv•strn4nL* 52.973 52.973 52.738 1.837 52.n8 1.837 237 2,7C6 243 2,$91 2.834 Total group In¥esthMn19 237 57.444 243 57.167 57.41D 31
Dte$ ta thefinAnual stottments F¢xthB ¥r 31 Juty2023 13 PARENTMD SUBSIDIARY uNDERTIN03 hdS 100% of thè Issu shaw capital kn Conlgren¢oKebl8 mIl0d. a compwprovId confetgDce oihfèvènisèJ¥iCèS on Ibe co18 ptamls&s. ènd 1W% olthe Issued shar¢rapit in Kgbpa Piop8rtiègLimikd. 3 (PAThYp¢sDg dFsignand bu1ldcon$Ueti $4tvlcestO lh8¢15? The r05uliS ollh&parBnt and subsidiais. andtrkaasds and liaiillugs at thgyfjJ8nd, Y[all¥&I'. eb CollèJ$ Iparenti Kgbl• PropwUe5 thlÈrtncè K4biè £tsoo £000 TurnDvèr Expenditure DOnaln tothlle9e undei glft akl knteresi rèceivable IL055e5yg8inS on ievaluaiion Re$ullforthey8ar 19,292 {15,431 2,176 11.6321 P51 15) 519 Tolal assgts 185.409 148.90 1,3fj0 C1421 i¥ Nellu5 aiihgend ptyear s addlionalPynot?33bfDr prY9clp8rnl¥E9. 618 14 STATEMENTOFINVESTMENTTOTALRETURN ThèTrust0è5 haveadopied a thJtyaUtyrid polityrltftsl return accounllw lor Inve5trnenl r8lum5 1h£[le Inm 2003. Th8 relLvn lo be applIj as income for th&yearended 31 Juty23 31 July20Y2 vseaknlatedas 3.5% olihe avemueoltbe yger-end vL5 olthe levant iTrveslmeDls in uch411hè la# Swrs. The pseryed Ifrozenl valu8 of Ihvinl$wdMenlCap5taI iepreSthi Itsopen mark8tv4luE on 31 JUlY2C i01he1th all subwueniendtrents valu ai daofg1t. PerMaeIE[%f8Th1 UnapFld Tal Return Expendat& Total Enckn¥¥menl Enrfvm Inveylmeni DO Totsl Èooo £000 Atthg b•glnTrlng otlhw >wr'. Glft COmPQD8nt ollh9 rn¢toWrnefftt Uthatpligd al rèlum Exp8nd3blÈ TDtsI Endowments 2e,381 26.Y1 23.089 26.J81 23,088 11,259 60.729 23.089 11.259 11.2 26.381 23.OB9 49.470 lovom•nts in lh• r•pDrfr¥ rI0. Gift DI endome1 lund5 Invèsimeni rgiurn.. divid@ndg and inrst InY8gim•nLrdum.' reallsed and unreolls•Y gains It$$$ TDtal 2.5Y 1.772 12,222 2,654 2.177 1.772 12,2221 4501 405 15091 2.534 2.100 Unald wal 4locat•d to In¢om• E%pendableendNrnerts io incrme (2831 P831 11*9) Net mw•mBntsln rqporllng pwlod 11,5661 P671 701 At•nd Df the reportth9 perlod. Gin COMneI011hy lmanErtt d0Mert iliapplBd totsl reiwi Expendsble enden1 Total 2Q91S 2&91S 21.523 28,91S 21,S23 IlJ.992 61.430 21.523 1Q.992 10.992 21.523 50.438 See addlnallY 3k Iw PrYear¢alPves. 32
KebJB Co¥Bge Notes lo the fiThan¢lalstaternents For tho yoar¢nd•d 31 July2023 19 OEBTORS 2023 Group £000 2022 Gup £000 2023 CollègA Éooo 2022 Aldue ¥Yilhln one year. Te dabls Amountsowed bythllegèmÈmtt knDunls byGrovp uDdertakSws Loan$ paYbjE within0 wr 3fj5 374 275 296 374 21 I,Of4 202 21 75$ 302 1,T27 688 OU10r¢ebl(hrs 1,689 2,417 18 Current a55etlnwJsim•hts 2023 Group 2022 Group £wo 2023 Ctslleue £001 2022 &Jll FiXterM kderm)Sit¥ 500 500 500 17 CREOITORS-. lalllng due w1n ong yèBr 2023 Group £000 2022 23 2022 Coiiè9k Group Coll Èooo ank103ns (see no 181 Trade CF¢diiors ArnounisrN¢ed toCdWÈMemk Amounts rrt¥gd 10 Gp undèftakiAgS TaxalKn and Socid seCty AccLr5 anddèfèffèd inct%Mè Olh8rerèdrtus 400 1,613 322 400 875 322 143 314 S92 314 193 427 469 176 42S 456 2.327 18 CREDITORS. falling duèafter rn¢xe than one yeor 2023 Group uoo 2022 Gr tots) 2023 2022 Coll•9 £000 ge Privat9 PremeDI Bank Loan 40,ty)0 40.000 40,fjllO 3,600 40.000 43.600 44.0 Tho colge issued£30m In bng-tsrni not¢$ par DbÉr2D1S8d a lurth8rE&n ata pr8mium In Jun9 2018. T$ not8s bgar afixed Interest rate of 3.3fj6% pa. The Collgie i55ued a (ffther£5m of long-tern notes 21 pAr In MAy2019 ai a fixed inter£siratè 012.98% PA. Thè teNn¥ è gam@foF all thr99 Iranthgs. rgpaymgnibolng dug Inten eqJalaMJal ffjsialmen&commèncing in O¢cmbèr2046. The ptDc88d8 have b8Bn appled iolhe constrL¥lbJti orth• HB Aièn C•ntr•on tAt11Th Silk. DetenÈr2021. college T8financ8d an axisbNg loan and borrow £4m at a rate of 7.59% p.a. wllh Inwigsipardbloquarterfyin arr•ats. Tlan is Ica perd 017 s¢ars inwhich IhÈ fitsi iwo do tsquiI8 IaymEntal the rapital cumpoTrgnt. this payabfé 9UértyUrIhe m£s47g Sy&ars. Tho orlginal loan was taken Ouidue 10 the impact ollk pandemicand the settment0[blILiffj ks. 33
Kgbl• ¢olhg Notes lo IhefinllnriJl yt•t•mènts Fow Ihg 51 July2Q23 19 FVND5 OFTHE COLLEGE MOVEMENTS Ai 1 Augus1 2022 Èo Inrxmfir Resourcgs pended £UOD At31Ju 202J £000 resourCÈS £000 £fy)o EOOD Endo%wnenl Fund$. P8vrn4n&nt General puiw5es Exiemal PLwses rsarfes S¢hokrships Fellowsh Mu6 1&505 2,171 2,332 7,365 18,851 242 71 15651 18411 17.770 2.104 Z,329 7,741 20,195 295 1321 B21 13x1 IB421 67 [31 Fndowrnont Fu4- ExFwndb Gonyol putP05ey 4,566 1.505 823 3,628 748 165 [2071 16ei (371 4,374 1A70 S¢ho4rship Fellwhips othgrsppGlfig0 61 3,S19 765 7) T¢>ial Endo*ngnt Funds 60,729 4,631 1.3991 12,7311 61h30 RBStiletsd Funds Fixed Asseiprolectsfunding D8vdopmentoffice (undlng herre5lr10d Inwm8 Ill9 4)plled ioial rewrn Irom restrNA9d purpD69 eDd(virypnlfund$ Tt)ial Re6trlcled 10 11.1001 1,376 1.428 1.493 Unrestrlcleil Fund5 Generdl Ixedasseldgsiwaledfund Rgvaluath)n r8g8rv8 Pensknn [gr4 Yotsl Uyr8glrict•d Fund9- Colkg• Unrestficted lunds held bysubsidlwie5 Total Unr•strf¢t•d Funds- Group 10.7231 56.567 27.108 3.424 73.528 12.e82 2.824 I2,1) 15,9381 54.615 27.10B 2,203 73,$82 610 74.200 1.221 113.7001 11.6621 115,362 13,0 2.176 71B 73,832 718 Totsl Fund6 135.1 21.471 17.178 2.731 137.123 $98 ¥dtntyts 33d fortthrsYdrcoryaralThFs.
K•bl•Colle99 Notss lo the financial $latemen Forihèw8¢ 31 July2023 20 FLINDS OF THE COLLEGE DETAILS The folbwng Is a 5ummaryol Ih? wigin5 aid pe$ ofeatholihe FuThJ5. Funds-P4nnanBnL. G8n@ral put585 A ¢onsdidaiion oloifts hnddOl$ not d forthe g?neial PLYposesollhe Exkmèl puwosea Capital balance of p351 donationshÈre reLèied itome. bUltE0116¥[I41¢0Ilw1. canbv usedr¥fied obie£tS emal lolhe ctsDty. Capital ol pÈstdonabons whè¢èiatad it00. cgwuql. can te Lwd loi bJrsarfès $uprt Studwts of the College. apllal balaOf pasidDnalio vtheTQrelAt Irts)mè. not theorina capit41, u58d forthlatshlps awardad to sludBntsolth8 Collggg. CJpilal baiirKeolpasl donalonswhere Ialed lncome.but not lheo11Tr81 catal.¢8 usqd lunding Dt Schc4Aiships FelShS Music Gifts madewhew rdaied Sncomo. buinDI Ihe NFJinal t&id1. can be used forthe luntht¥Jofchu4 5thdar8hip5 and supwrtother rnC a¢11118slEhlTr iheCollè3e. EndoyneN Funds- Expendable.. General purpos£$ Aconsolida¥on ofgltsand donAUonswhwè red Income. or fftomè and captt. can b8 u$gd ggngrdl putt& ofthg chanty. Capi141 baLgncèulpa$i donationgwhora incam@.orincam&and p1. beuEed loi bursarfs tOYJpport siudenis o(theCe. capit balanceo1pasid0nabonshe reLaied 1ncome.or Irthme and wiLg1. w b¥ usgj lor%larshS awarded lo studenis olthe Colle9e. capital balance of paStdorVerfr rebted lThxme. Orlncomea wAI. edn be used [th¢funding0r Coll8g frOW$hIp$. Capital tyalancg of pa$ithnal¥)nshtsierelthd inccrfr. orin¢tsMè8nd capital. can bè usfrihèluiry ololk $PaCIfi CollEg8 activitips SchokL%hips Fdkwjships specil14d purptsseB tiicted Funds.. Flxed asseiproieds fund Gifts aré awied to speL¥fjcfixgd a55el pre¢t5.Thetran$rer Iiom Ih•>4 lunds r•prèsénts U eapiLg1 expElldltu thal relatES lo thése lunds. Deveknprnenl oKice lundlng Giftsand ¢oDaliwslhal musl be applied thi supportollho OwKlopmenioffice e¥penliU1at1w to thE vis) 2020 cgmpavjn. Gifts d(Sr5tht be hi ¥upprrtolothwspecifiad ¢dlg9a tlI$. (Xtr¢rMslrided 1nwrnelldIry Apd t4ta re from rèStiiCd purpts$8n¢&x¥mÈrt lund$ Applied tal 9enertted tromreatrittsd pEtTr¥ll9ntgnd Wend8b en¢&y4menl lundswhth mustbe pp1hf¢rtr speLifi$d $t¢1£ PWXÈ. Do51gDaled Funds Fixed aseldeated UnM$li Fund5wthKh rep$eni byihefjx Aet$01the CoilÈoe snd Iherdlllr@nutavaibbb lor expBndllu on the ¢oNe98's pnwal purposes. Untricted Funds whith 8re tsWEsenlEd bythe ievaluation of herilogFo5¥91$. Rgvalu¥tipn 3£[£ P4ftsion r••r4 Unre51fiCted Fund5 whkhare represented bythe Coifeg's 5)n lund liabiliti•l. The Genwal urtrIc Funds PrOSe 19 frllrn Conty2'3Jctivitipsgn¢ th8laTrgv?lkn for Ilegeral pu1w$ ofthe 35
Not• toth• flnCIlI stAt•m•nt5 F•1 th¢ •r •nd8d 31 Juty2Q23 21 ANALYSISOF NET ASSEfs BETWEN FUNDS VniE51rire Funds £000 Allted Fund5 EODO Endownth Fund$ £000 Totsl Éoo 202J Tan91blèfad ass8 Heritage asse operty investmenis vestrnents Nel pjrrtnl 8¥3¢t(habillties1 Lory ierm liabti95 PenGn fund £bilIty 4,538 27.108 10,075 57,fj81 J,S24 143.60ni P,2031 137 123 27,108 10,075 57.69J 3.79) 1.493 143.6COI 12.2031 1.493 2022 Tol 2022 £000 £000 £ODD 86.490 27.IOB 10.075 86,4 27.108 10.075 S7.410 1.W2 144,0001 Heritage 8ss&ts Prtyeny Investments IDvestmgnts 57.410 3.319 1.2QO LW tèrm IlitieS P•nI)n fund 18blllty 144.OWI 73.632 60.729 135.561 7RUSTEES' REMUNERATION The F1$whO81•tT1U$ÉS ortho CfAe torlhe purposesol¢hailyL9wwwve nQrernwr3tiOn forathing as ¢haAtytruS ere paid byeithtrrorboth otlhfyunwq151lyat lh8 Colltye loy Ihe 2cal&mK SeIceS IY PTovNJ¥ lo Ihe Colle9e las emp1oyeesl. Tr9 sabnes01orathmicempknw5aw paid fjxlfjin atad4miC and academlc-relakd scale5and often Invo1011 arTrryernentslh the UnNer5ilyolOxfwd. Th8 slES of non-ÈcademKemplDy885 gr9 ld onlhè Co1fegésown scare. All Iru51ees mayeal tarie,ès con emknes YthDar9 enthl¢d io workhj. Trustee¥ olthe colkgÈ lèl into ihe frAIu4fnpcatewtss'. HiadolHous& Profes11 Felow off81 Felknw F911ovJ bySp8ual EknEtion Fèlbw JI and Res[ch F91W8811&qt4èra Houslrfj Alowance.whth ry Iru& withinthe $8ry9reS b2knw. 2023 Ilo. 2022 Tru$ieeswho live ina0mMdaIVJnOYffi8 bylh9 ColtyÈ, foiwhkh theyare chaw a rnErket t9llt.. TrSO$4h00rQnDt¢rnOw98ol1Ie CoiFys anddDnDt r•cd¥• r¢murorallon'. 13 Tre Cg tr$8 R•rnLNr8tn CrAnrnee whlch rnake5 to Govpmlng Ectyon payand benvfii5thh$r&QuIde0tfrxt8rn 8rale8.Tho comws11 olth&Rqmth•Tatlon CrAmmttiee L¥Jl in Ih8Rewrt oflhe Govtminy Body Inthe sect10 eody. Olfficersand AdviS915. KryM*negemenl rernunerntlon 2023 £000 2022 W$rd•n. Bursar. SenknrTthDrand D9V01OKNnèThlDIr 475 453 36
Kèble Colegè Note5 trthelSTranGlal 51arnents For year•ndgd 31 July2023 22 TRUSTEES, REMUNERAnON (totInUqdJ R#munèTatlan pakltotruslge5 2023 2022 Gmss rneraln, taxable NWnberoItrsteeS berfrtsand GynliityJbut Nwrh8r Df Iruslees rBmun¥rab)n. Wablengfrts and pens1ts7 coniribthron9 R8Age t7W1 £4,1 -£9,ULN) É10.001 -E11.( t12,ODI -£13.DQO E13,001 -£14,000 E21.001 -£22,000 £22.001 -£23.r £28,001 -E26.Wll £28,001 -E27.0fy) £27,WI -E28.OLN) .Wl -£29,0 £29,W1 -£30,OLN) £30.1 -£31,000 £33.001 - £34,000 £34.001 - £35.000 £3601 - E37.000 £38,001 - E39.0 £60.1 -£61.0 161.wl -£62.orA) £62.W1 -£83.000 £6).)1 -£U.000 tE4.rk)1 -£65,000 tE6.D01 -£67,WO - t72.000 t74.001 -£75.QOD £92.W1 -E93.0 £97.Wl -£98.000 £103,l- £104.0 £107.W1- £108.Qih) £108.ih)1- £109.000 £127.001 £128.000 £128.001 £129.000 £134.001-E13S.000 Total 7.816 8.572 IIJ,91T 12.910 13.317 43.329 22.78B 25,245 160369 302,4B3 84M97 87.937 30.S73 205.467 264.W6 82.ws 28.543 29.443 10 34,677 36,120 39.712 60.887 123.27S 62.257 126.821 193,063 66,47T 71,e57 74N99 91977 97,2fj7 103.69D 107,764 1Q8.857 127.1 128.8¥J 134.$19 1,718,491 41 40 1.SgO,483 Othortr4nsactlons wSth truBto85 Notrustee e13imed expansès foraThywork rfCIMÈd In thAtharyèoldubÈ a* a tth 29 pioyid85 (urtherintormaIll on fekiled partytran5adbns. 37
Kets c•lge Nolestothe flnancklst41omenls FDrth•yè¥wdèd 31 Juty2023 23 PENSION SCHEMES The Colge parbCipaS Intwo principal pBnsion Schemes lor Its staw-the Univer5I1ies Supeornuaiion Schème IUSSI and th? Univer$ityoI Okford st811 Pen&on Scherne IOSPSI. The 1$ of e8th schemè are hdd in 5eparalt tru¥tta-admlnlsied funds. USS and OSPS ara contiibulory bEnefil 5cheme9 11 e. Ihey piovide benefrts on a defined benefil basl$- based on lewlh of swvlc and n$iongble salary- and a defintrd ¢wtrlbJllon bas19- based on contribthK)ns inlo 5themel Both 8re rnulli-empk)yer scheTne8 and Ihtr College is unable to klenlityilB share Dflh8 lÉrty1fig aS5els and lialI11e5 relarng ID defined benefits oleach scheffle cn a consiStt and re8gonable basis. Thereforg. in ¥Kcord8n¢8 1hthe accLwJnbng ¥t8ndard FRS 102 paragraph 28.11. Ihe College accounts lorlhE sthemes as If Iheywere definvd cnbutn xhemes. As a resutt. the atnouni char9ed to ihe InCne and ExpeDditurè Accnt rèpresent5 the ccntribulions payable ID 3thttmps in re¥eclof the accounting pEriod. In the evenlof Ihe wtmrawal olanyof Iht p¥b¢ipaiiw èmployers In USS or OSPS. the ¥mtsJniof any pension fuing 5horifall Iwhjth cannol beoihernise recovered) in re$pe¢t of Ihal empbYerqll be spread across the remaining particlpallng ernployer5 and recle in thè nÈxi8ciuarl vaallOn olthe schetne. The Colkge ha5 a150 mwje avalablB Ihe Nglionpl Employment Sa%ryng5 Tiu5t foremplDyees VJho are elible unthr tomatiC enr(Imeni reguOn5 to PBnsion bewflt$ but Mt Élvjle fDr either USS or OSPS. lor llnd•r FRS IQ2 es dgfingdconlrSbutlw$chim Acluari•lv•luation¥ Oualrfied aduatrss pEriodi¢8llyvalue USS and OSPS defined Lwnglhe'prolecedunitmethod', eMbIng 8 MkniV81 approach.ThF rgsulling1oVO orc9nbut1It3ke tnI ofaciuaiialsurplu5es ordefi¢its In Each Sithme. Thefmanthal assumptioDswergd8riv4d lirjm mket C[tIOns9¥all1g attr v$luablln date. The resulls of Ihe late51 tKtuaDal valuation$ d the aswmpttons hav&thp most glgnrftsniefiQTh Ihe iesulls W9rg' US8 3110W020 osps 3110312022 2710fj12D23 £914m £981m £47 Date of valuabon.. Dale valuation resvlts pthl¥hed-. £80.8bn £66.5bn vAle olassets.. Funding swplvsl Ideficitl". assufflption5". DISrDunirate Flykd Ini•r•Stgllt[d cuNe 1%- 2.75% rla CPI +0.05% &tt5+9.S% 10 2.2S% Flatè ollrthase lft sakarles Rhte olinc8$e In pensions Asswrtd Ile expectafK4eson retirement al a98 65.. Mates currenllyag9d 65 Fefflale¥ cutrentlyag8d $5 okg8CUtréniiyag8d 45 Fornal¢s currenti gd45 RPI o RPVCPI 23.9 w5 25.5 yts 25.8 yrs 273yrJ Furéing RgtiD5'. Technlcal wmNsh?nsbasi5 StaiutoryPoD51on Protg¢kn ba$ 'Buwul' basis Ernpws raiÈlès % orpen8b1e saLiilo51.' 10S% 98% 62% 19% dovm 10 16. loi D8 mwbBra Irom I Clc123 3110312025 64% 51% 21.4% to 21.6 Irom l Aprfl 22 d319011 vsluèbon. 3110312023 Notes.. * ThèdiSCOiilLrato IIcNward raies}lorlhB USS V¥luatn Wd$." - Fix•d inle1 gIrtd cwv9 plu& P[r811rM0nl 2.75%, Po4eIernent 1.00% The d16CDl rate forlhg OSPS valuat was". Pre-reisrgnl..E9al to Ulè UK nomlhal gltt curv4 aiihe voluath)n daleps2.2s% PA.aièach tarm. - P051-r8tirgmBnt. E¢ualttsth• UK nominal giii¢ufbFaiihg WdlualK)n dat8 rAu 0.5% p.a. Ai teim. c. Pen$ions in¢iaaSes ICPllforth• USS valuatlon were.. -T9nh dawndèni ratès In IlnèYAth the dlNerence belwg9Tr IntSld kndex Linked uJNes. le55 1.1% p.a. t¥2030. redu¢iw linèa1y by0.1% p.a. to& knng rrn dS11greD¢g 010.1% p.a. IroTll 204U. d. Incr•as0s pgnslons in PaneIlarIhe9SPS vyluion Wèrè." RPI inflation Is deVe0 Irom th¢9eomÈtrlc dlllerenee betsve Ihe UK nDrniDalgi1twthand Ihe UK ind8x4inkBdcutVè * th# vualfft dAtè. bs5 0.3% p.a. at ch ieNn prfr2030 1.0% p.8 POSt-2030. CPI Inflation Is denved Ircwn thgRPI inflation assumptlon. less Sch9rn•A¢luarls ksi6saie of ihelLwg-IFnn Ilerence bd5ve RPI ènd CPI Inffaiknn 85 BppIRsfrom um9 lolNne11.0% p a. wtr2030And 0.1% p.a. p05t-20301. For Pth$K)n increaseslinked to irllèlion. J pensiun Increase Cels wnstrdeied b35ed on e11h8r RPI. ¢pI ttthÈAveiw olihe RPI CPI Inlatlon CuNg5 ¢kstribed 2Ve, adjusted toallow lorlheditrerenl mwmum mTriinum ainual fKrfaseslh8t¥ppty, tyndlhè SchernèActuatys bgst estima1 Inflain e. Th&USS and OSPS 8Mployerrty)trlbu0n ro5 IncludB WthisDn5knihFc051bJ4cI01dofind banetts, dervjlconirfoTr1 adminlstratlve expenses and defined
K•blCoiBB Noies ksth&finanrial st3ternentS Forthoyearènded 31 July2Q23 PENSION SCHEMES Icontlnugdl senS1W of aÈtuatialv4lu4tlpn 4¥6urnpVrn$ sjipSe$ ty defKitssyhich arise at lulurevaknBlonsmayimpadon Ihec¢lk4F'$ rulureojrtribu( ryJmmibThenl. The Sen1eS regardlng the pr181 aKUMpIn$ used ID mea$ulE the 5ch8m@ liatMl1ti are bdow.. uss Iinpaci Dn USSli8klibe& dxrease by 11.3bh Incia$è by£2 BL¥1 decrease byE1.Sbn Init5diS(xXWIl1te Asxèt RPI- ¢Pliw•ad intre85e byO.25% red@ byo 25% dÈCI4ASè byO.I% mtstsprudentassumpllon Ice adPJstmeni to the trase mort&lilytabl& by5%1 pruthnlassuMpin lin¢reèse the annual mprtolily Improvernents low-term r8iesbyO.2% Lil• èxptsncy Incrfyase ty£1 2bn Rak olmortality Inueaso byEO.eèn osps Assvmpfron Inwcton OSPStsclynrcJlww¢ Vvaiion rate of inkregt decreaseoyO.2S% illUe889 byD.25% by 2%ofWsnabl¢SoI3ÈS In¢r&qse by 1.s%dpensnthÈ¥$L4riv8 D•ficlt R¢o¥tyPlan$ line7th FRS 102 paragraph 2&1IA. thec01ge hayrecooniseda lbIty10 Ihe contribulnI Payab foi agreed def11 fvnding aTr. ThewnthrA• 8&8umption$ usEd in these ¢alwlaliQnS labkd below.. uss 3110312026 0.26% 4.00% 5.04% £7B.174 £1.202 osps 3010912023 0.0 $0 5.04% e125 £349 Fintsh Date for Dèfiat Rewry Plan". v•fdo•slatfnurnr Incrgase". A¥erageslalls8lary inrfea5e' Avew&dk%couni tsto Oval Pèriod.. Effect ofQ.5% changè in ¢kstOuntfatè". EffeGt of 1% thange instaff grrA¥th.' A plov1 of£2,201k has been made Ét 31 July202312022- t3.424klforthe we5enivalue OT1 esumaied T4JiuredefKillnd1Tr9 lllthB tilbun5 paye uThJertrse agreerhÈntS. USlll9 the 3ssumptionsshcbwn. Thg Wovision redu5 * Ihedeficit oTfaccLYdingto ihEPEnwon rocov¢ry¥th9me. CrgO lorth•y•ar The perffjionchBige ie¢orded by Ihe wlle9&during lexcludhg pen51on finaKe coslslwa5 equal io tho cMirknubfJna paysNÈ alt•r allwdnc9 forihe delcil re¢DvepJ rlan as 2022 £000 S¢herne UnIver¥iiS SupeiaMuatknDSchemo Unw8lsilyolOxlord StarfP0nOn Schtsyne OtherschemE5- folltnbuliuns SupplementaiKn payNnts To1 £000 333 Trgè £mounts includ8 t287k12W22'E195klfXJnltiKI0Tr5 paydble iodgflnedconmbjiion sch•m•% airdt•S sCIfi$d in th+1• otthDso Wan& kni¢ In othereditors&re pay8tyoole114k12022.. t10&LI. 39
K•bh Coll#g• Notesto the fin¢1•1 statements Forth•y•4r•ndgd 31 Jthly 2023 21 TAXATION ThO¢dg9 to laktyat5vani¢ofthè Lgx èX•mnS a¥alLqbifrto chadues Irom taxatKn In respgdolincryn8 capitalgains receivedto Ihe exlenl Ihal wch inM&and 9n58 appd èxcluSivdycharitab1e puryose5. No Ilablltylo coTporalon iaxatEesln th8 Colege's sutsldlarycompankry (aUSe dlrÉthis olthèsècompaniès have indicated thai thèylniwd to mak&dwliOll% ga¢h )art0 th&Collryèequal iOthe12x3ble wofrt501each comwnyurthrlhE GIIIAid xh•m•. Axordln9lyM wovknnfoi ¥alL00 has b99n ClUded In finan 5L4tEmEn&. 1•23 2022 £000 £000 Onlho otherhand. C(41ggo sUbstantlIa as Urver$bRO inpul VATan PUh&S•S Incuired hi Fryiding rt5exernpl gducalion¥ supplig¥'. 431 REcONcTION OF NETINCOMING RESOURCES TO NETCA8H FLOWFROM OPERAmOt+s 2023 £000 Il•t IwDndllur•V Incom• 11.7581 EliminBtion tperatIng cash flowo.. Inv951m9nllncome Los6eson Invgstmgnts Endowment donation¥ FinaThelNJ cosis Dèprecia1Tr DeGlgasedin¢ieas91 In DFcrga$g in dEbtss 12.9301 17Jl 12.6541 1,174 1123 I2.2? 397 11.9631 1,454 2,e20 11.0981 (DSe1CaSe4ffl pensknnsthernellabll 2.631 N•tcash prOvldd byowrdilni 26 Atr4ALYSIS OFCA5H AND CASH EQUWALENTS Z023 Group £000 2022 2023 CO1 2022 Group £000 ao tooo Cash aibank in h¥f¥J Nolicedep)s1ts1kn8s ihaD 3 fflonihsl Bank overftaft8 34 J.$36 2.464 180 3,536 1.323 Toi•l Cash and cash equlvalgnts 1.324 FINANCIALCOMMITMEIIT$ A131 July1 Colleg? hadfulurefflirimurn leaEe paynBnts utwJ*rn¢n4ncdlatAè operaiinplea5es as folthys.. 2023 £000 2022 £ty)o Land and buimlings -Nl laterlhan on8 ygar 40
Keble Colg• Not•5 ¢0 Ihofinon¢l4l$ta1im Forthe yearended31 July2023 CApifALCOMMITPJJEpirs 2023 tooo £ODO capila Gornmilmerts Tor luiure(xwial 01&$ 8Sgtlhtryewj RELATED PARYYTRANSACTION3 The i¥partofth?collegiate Un1$1lY0I Oxfotd. Mpiwi¥l lpendIvEbeIween Ihe Universmyand olulè arisg a$ a co0quenc• o1114 relèith¥hip. Forryrbng purSe$. the Uni¥eNty afKI DtherCdlwJ8s are not Iredas Rkied partle5asdellnAd in FRS 102. MeThersolthe GDverning Budy. who the Irusiees olthe College and laa rtIea5 defin8d by FRS 102. rqcelvo remuneiation f4llvAsas 8mpbyggs of IheCrAlegE. Del&i1softhese pawn8nlsand lr$ed expenses as tfuSièSS Srèdi8dDsEd 8aparaldyiTrth95e TranCial siern•nts. The Cullege haSprop8rf$oWnedpITr1ty7lh trus03 Und8rlteqL1ty0lshY agreements between $t88 gnd lh9 ¢ornege The net book ¥alu•ol cdltye.5sha in &Ach propertyi8as f01b. 2023 tooo 20 £0 313 2B7 2P7 325 Profs Faukn8r Di D fvkDermoti Ptof S Prol D Dom P(olB Grau kls J STu¢tye 308 243 234 2S3 J11teIlty propert5 aresubieclto Sa on IhedEparture0llhetWs8fro th• 92. PROWSIOIIS AFID CONTf4GENTUABIUnES Thocolege's HB Allèn C•ntr• n4sonyL¥ng IS5uo rElabng bwat9r In9rgss. Tho C(lge hasenga9Èd third pty¥pepalistsloas51s1 UnderSthnrA ènd re¢bn9th&sè ollhe Ingress. Tn& in rolalion tolhi$ arod1ffll1tO esiima as Sueh p[DV19Tr has recoinised. There weienospedficeontiweni lkqknliiies è58tthp Yeard. POST8ALANCE SHEEf EVENTS On 1h Othbw2023, thè Co11epewas inloTh Ih&i rwobate had b8Engrand on J bgxyoJmpr151ng a c011ec1iol p*niiNJs and oth8r k8mE. Thwgaro canditiall4(1ed to elementsolihecolleclTrWhlch the College fflustadhare lo affld il is nrtain ai this lime ¥theihei ihes4 condilitsTrs V•ill b8 MBI. As a resutt. the valu&of IhecoledioD to Ihe Colege is ¢uiieniiyuncertain and ha5 not Indud8d In these finanoal siaiemenis. OlherlnGCrn• 2023 2022 £0 EO r8cgipts oUrdryknC0Me 33 24 41
Notss ¢0 Ihefin4ncknl $tatsm•ntS Forlhg year ended 31 July2023 ADDlnONALPRtQR YEAR¢OMPARATrVÉS Where infryrnaln i%tabulaied in the noies foi Ihe CLYrentyoar. of ctsmwatiw knfomiabonfiom Ih&wov1ousJwr pres8nlwJ(. SOFAfor Unrestrtied Funds £000 Reslri¢lgJ 2022 ToLal EO( Funds IrKoME AND ENDOWMEfhrfs FROM.. charitabltsaciivibes Tvèrhing. fe5e3rthand reSeil 091t[oi9 incixhè DonetK)n¥ aThJ Inv9Stm8nLs INYeslment in¢om9 Tc4al relum?IbGalvd io In¢ OlheilrFcom 9.897 9.897 1.150 4.053 1,149 730 694 24 1A$2 11.4441 1582 750 24 Toial Incomè 13.644 2.571 17.706 EXPENDITURE ON.. Chantabloacibvlugs Teaching, re5earth and 1&544 1,405 18.949 GèneratlrvJ lunds Fuftdiaisl Tiadlry expBnorO Inyesimwlmanagementcréts 620 1,496 1,4 1116 1118 Tolal expJnLfiute 17,660 1.407 19,0S7 Nel In0•118Pr1JrturP)b1ttrn9ft5 2,371 11.261} l$ès1On invèstments FI &Eset imphiftnerf thaige 11.758} Twsf¥ts fund$ 40 0errCOnlSod gainsAr&s8S Gain¥l(f0¥s95l¢n rèVAltI0n olfixedAGseis Actuari¥l 105son definyd benefit pension s¢hemes Neifflowjrnenl Infurds for1 244 1.758 42
KeblpCDll•g• Noms t• th•fln¢I statarnpnts Forthèye8r Ind31 July2D23 33b PAREIIT AKD SUBSIDIARY UNDERTAKINGS for prfoi year Thesi ¥gcompai3tivg figuigs r95pgdlo wie 13. KeblÈColkg Iparenii KeProplEs ConlereM Kewe 2022 £000 2022 £000 2Q22 TumtsvEr Expemiiure DDnatiOnto Collryg undBrgfta 1fj. 117.9TOI 283 1278) 11.0801 ILossBsNgah5 on revqluali 139n Rpsull lorihe wr 1,767 24 Toi assets 184.8 148.4421 1.533 11.2801 Nel lundsaithèend olygar 125.457 253 33c STATEMENTOF WVESTMENTTOTAL RETURN lor prIOrar Th amParal4ve fgures Rspect ro rn1e 14. 2.0210D Tolal ErthWrnts Peimanwt Endthbmert Unapplled Expendablè EndOwmgThl Twslfoi Invesiment RIrn to1 Tol £o(x) EOOO Al lh• b&101th0YOar.' 24.502 24. 23.073 Urbapplied toi21 iaurn Expendabl• Ttstsi ED(kJwrnento 23,073 23,073 11,180 58,755 11.1 11,1 24,502 23,073 47A75 Mownjinls iThth• reporting p•riod'. Gin tsf EtthMn8nl lunds InvèstmÈnt iaium.. thvidéndg artd intèrèi InvesbhEnt ielum." ieali5ed nalIsed gah75and SSeS Total 1.879 1.0 13211 3.8 1.963 2 (761 360 1.879 1.179 Unapplied iotal leM allocaied *icome E¥peThjAtle•ndtreTht5 trangferrad to incom6 11.1631 11,4441 Netmo¥ernentS in reportlng perlod 1.879 1.895 79 1.974 t And ollho r•portp porlod.. fyrtc0mneTrlO11he peimanenlerthb)Tr&nl (knapp1 totsl r9tsYn ExpEable8Wfrnt Total Endo¥Men 26.381 26,381 23,089 26J81 23.089 23.089 tl,259 11,259 28.381 23.08 49,470 60.729 43
K•blèColle Nolesto tho fifsanclal slat•m•n15 Forlh•y•¥ rynded31 July2D23 33d FUNDS OFT+IE COLLEGE PIOVEMENT3.wlor y*ary)mparollv49 ThesE are comwatsv9 figureswith respectlonDle 19 At 1 Avgu5t 2021 Ga&1 1knsse51 Al31 Juty 2022 reswrcos expended Translers ewo EThd0vrRni Funds-Permaneni GeftEtal purposes Extern31 wrpll$os rsaries Scholarstps 16.559 2.188 2.275 7,231 17.16S 159 630 IS591 112SI 18.505 2,332 7,365 18.854 242 2.150 13451 Endowment Fund8- ExpendaLIÈ Gener¥ PUiPOSès Bursane5 SthDLirshi1s Fall(rbIp5 Q1h8rSlrd purwse9 4.581 1.478 144 4.556 823 3.628 74 3,567 150 34 165) 22) Total Endowment Funds 58,755 3.515 11,4441 .729 ResI[t•d Fun¢6 FLxed ss¥ot projects fundir¥J DelOpM#t f£ fundNIg CAhorr•sknrtEd Irwme lundin Applied lotal reiL¥n Irn reStred PUrpDse 2nrtvhTheni lunds Total RaStrt$d Fund5 41 95 10 8S2 899 (6S51 1,0 17501 750 986 941 710 1.2 Uw95trlcted Fumg Goner FIX B5sBtdestynai lund Rwaluain fo59Ng Pslon resgrv• TO Vnrgsiricted Fundg- unle510 funds hEK bysubslL?r1eS Totsi ttrICIed Fr- Gioup 17.4961 58.715 27,108 17931 11.694 {13.954) 3,033 12,2YJI 16,7231 56.567 27.108 11.845 1,105 12,950 118.5851 734 73.528 104 74 77.e06 117,fjfd)I TO1 FLdS 137,319 17.7C 19.067 135.¥1