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$ 1￿22 Consolidated St8t8ment of Financial Activities 23 Consolidated and College Balance Sheets 24 C￿5011d8ted 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 pr5nclp￿S 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 SuPp￿rne￿tal 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 cUr￿nt statutes were approved by Her Majesty in Council on 10th February 2016. Goveming Body The Governing Body is constituted and regulated in aCcOrdan￿WIth 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 Offi￿rS as the Governing Body thinks necessaryfrom tirne to bme. It determinesthe ongoing strategie d1￿ctIOn 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 appointrne￿t proce55 including external representatives as app￿prIate. 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 col￿ge,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 Con￿rning 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 impl￿atiOnS of any proposals under consideration. Reviews and makes recommendations concerning annual statements of accounts for the p￿Ce￿Ing 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 CO￿rdInat&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, im￿l¢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 confe￿nce 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 be￿en 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 adVan￿rnent 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, ca￿er 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 eXCel￿nCe 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 Comp￿h8n31ve 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 Ma￿MuM 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 col￿ge 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 aPpI￿antS from Birmingham and surrounding a￿88. More detail is provkled below. In orderto fulfil ils charitable purposè, thè col￿ge 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 Offi￿r$ 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 Coll￿e'S aims, including that ol advancing r8s&arch. The amounts of the benefits provided are objectively re8sonab18, rneasu￿d 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 s￿0Thd. 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. Ke￿e 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 ShO￿lsted 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 p￿ViouS 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 COll￿e 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°% distribut￿n. The total OEF investment retum wa5-1.23%12022.. 2.14%). The carrying value of the p￿served 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 p￿r 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 re￿1Ve￿ 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 fa￿d 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 Col￿ge 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 ￿n￿rtaIntIeS 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 pfft￿Trj 15 being tnaximisad. Cumulalwe impact of high innation 15 that the 23124 bud el shows a Casmowdar￿rt. 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 deVelO￿rIg 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 Ca￿on emissions. thgnge.. ropulalional dama98. txjildings. Climate More eificienl boi18r5 and betterinsulaiion ofbuildin98. Reslriclions on car parkwig. Inffation. Adverse impacl of high innalion on COll￿e finances. Financial loss Apply inflationary incre85e5 to inGom8 lines where po55ible. Careful cost rnana9omenl bul nol yel im￿ementIng a cost r*Ju¢ivJn pro9ramme. FU￿ing. Inability to repay $hort tèrm and ng-larm debt Vdhen due. Liquidity. Ne￿sSitY for either rnfinancing or transformatic￿e1 gifts. Long tem 110 yearl forecasting intr(Kluced to wovEd? early waming. Flnanci41 manag*nent. Overspendlng. Ok*rating losse5. Budgets and managernenl accO￿ls. Key personnel. Lack of Management bandwdlh to tathle and solve Keble's financial challenges. The advetstr Impacts of the various funding r￿kS in Ilus risk matrix malerialise. Enwgy. Exceplionalty high increases In energy c051s combined with the difficulty of reducing energy u8age In old, Isled College bulhaings. Increased costs gnd exGe5sive trarbon foolprlnl Energy usage 11ack￿l Ihrou9h SustainabllSty Cornmitlee. Energy re(luclion inI￿atiVeS discussed and 8greed s SLtstainability Commlttee. KEBLE COLLEGE Report of the Goveming Body For the year ended 31 July 2023 Aetlvlty, ri$k and potential damAg• Rkk manHggmont m￿sUr•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 corn￿819. 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 a￿1 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 s*nario ￿aDrIn9 event arran ed fer Oct 23. Implementing regular rewews of r￿EWall 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 c￿Cerning financK81 inequality across the colleges is gaining some momÈTrlutn. Infotmation and ￿ pro￿$10n. MallcSws attack and largeled hacking. Infomalpon and IT provis￿n. 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 $hortf811. Workltmugh Conference ofColleg8s and Eslales Bursar5 Comrnitt8e Funding. caPi￿rexpendIkn}re0n t￿eState has been signifi¢an15y Constrained since Covid. The eslaie will require significant invesimenl over the rnediu lettn. Damage lo the fabric ol lh8 eslal8 resuAing in signif1¢8nity highei costs in the lon run. General Funds Inadequalegeneral lunds lolherMse known asfreÈ reseivesl makes the College wlnerable to unexpecled additional costs Dr drop in income. Temwrary cash flow problem which might Only b8 r8solv6d by di$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 Col￿ge 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 n￿e$S*ry annual expendllwe is 5ikely to be G£2m Issue consid￿ed by Finance Committee. Agreed that we should aitn lo buikl res¢￿S lo th$ &qU￿alent of three months, chariiable eXper￿lI￿re. 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 re*ieH. Pl8n lo implement ￿￿edUle of modular training, combinèd with performanctr man8gemenl. Review C￿￿ge'S emplo￿￿ent 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 ineou￿11y. 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 w*ier- borne b￿leria". 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, subl￿t 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 Saf￿Uardlng the asset5 of the College and ensuring their proper application und8r charity law and hence for taking reasonable steps for the p￿ventIOn 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 AC￿pted Ac￿untIng 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 reSp￿sIbIlitieS 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 B￿ly'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 Sect￿n5 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 relat￿On to which the Charities Ad 2011 ￿quir•S us to rèport lo you if, in our opinion.. su￿￿1•￿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 p￿parats.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 re￿vant wulalions made or having effect thereunder. Our objectives a￿ to obtaln ￿asOna￿9 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 nonr the year ended 31 July 2022 10. Inv85tment5 Investment properties a￿ initially recognised al their cost and subseouentty MeasU￿d 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 re￿Ipts 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 80￿Y 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 FL￿S £wo Restr￿ted Funds Endowed Funds £000 2023 2022 Totsl OD Not4s £000 INCOME AND ENDOVIMENTS FROM: Charitable activit￿3 TeKhing. researth residenlkql O¢hertiadln9 Income Donallons amd le9acles Investments InVeS￿eThi 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 acti￿li•s Teath￿￿, r•$ear¢h and 13.021 1.797 14.818 16.949 GBnerating fundJ 19 8Z8 1,S3Z 622 1.496 Trsditu 8xpendilurè InvtrSt￿nt m¥n3gBmenl costs 1,532 2.341 2.360 TorAIè¥p#nthtyre 15.362 1,816 19,067 Netlnc0mÈllexpendit￿reI belore gain$ 3.432 4.293 Nel ￿1n￿(￿sSeS1L￿ iDveBlments Flxed asseiimpalrmeTrtchar9e 12 12.7311 13871 Not incom•ll¢xpgndllur¢l 701 I,S62 Tran¥fvr• bIl￿nfundS 19 16 Other r•wJn15ed galfflsMos$4$ GaIr￿l(loSseSj on revalUal￿Tr of ffxed a55e15 A￿traf1￿1 g8inylllosseslon deTinEd bEne[ilpÈn5￿n $¢hem¢s Netrnov•rn•ntlThlunds torth• y•ar Fund balances broughl foNard 203 701 1,562 11,754) 19 73,632 1200 60.729 135.5$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$ETS s￿d[s DeblOF5 cur￿￿1 assel invesknents Cash and cash equNalents 75 1.689 75 1417 2.784 500 3.W76 1,727 500 3,716 2.465 1.324 Totsl currehta9SEts 7.2Z4 4,229 6,tlO7 3,816 LL4BILmE8 Cr￿s1Or5.. am01￿1$ 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 Pravk*iOn9 for llab1ll￿QG 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￿￿$ Ge￿ra1 fund ReValu*￿n 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 Inanc￿l $ia*menl$ were approvedand au￿riSed 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* D￿￿Ends. ￿tereSt￿n& 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 bOT￿WIr 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 andve. 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 ACmVIT*S 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* Inves1￿￿1 inpyy* 2,177 1.852 Total hiv4¥ln*nt 2.SB2 26 Keblg CojlAy• Noi99 tt*th* fin4nEial ¥tatsrnerAs FDrth&y•arended 31 July 2023 ANALYSIS OFEXPENoifuRE 2023 2022 ChJrltab1eexpeThl￿￿1È-T+aChIng, r•waKh4nd resldenllal Direct Btgttcosis herthreci costs Suppcrftand govern8ftheosls Supportand govein3nce.mov9Thpnton prov&w fordefir*d benefilpth¥l￿X￿PrnPS 4.817 5,301 11.3341 5.096 2,623 rotal charltablfr¢xpgndltL¥• 14818 16.949 EApBnditur• on r4151ng luTrds DitBctsLaff co6ts allocated to.. Fundrais￿9 TRdlng exwidliLY• 487 957 394 776 hwdirEctcosts ￿tha[e￿ lo.. 277 173 Ttadlng gxpenditure SuFPDrtand gMmanc• tOgLsau(u￿d kn.. FundrÈi$N Tradlng exp￿11￿• 8eenth6 nul• 6 55 69 Totsl oxpendllur¢ ￿ tslslng lund* 2.360 2.118 Ta¢01 ixpendilure Teathhg. research and reldèntial ￿￿￿111￿re1￿￿UdP$'conlllb￿￿￿': Thec￿lege is Ikib￿tOt* assg359rf ltycont￿bYIknTr uThYerIh&rythds￿nS olstalutè XVolthB Unwr¥tyofOxlord. Thè Coniibutson Fund 1$ us8d lorn*e gronts d loans tothllegpson th8basi4olneed. Conlrlbuiion iscaleJJL•iBd annuaNyin acc￿￿anc*￿1h r•gulatnn$ mad• bythk Counril oflho University of Oxfotd. A114LYSIS OF$UPPORTM4D 130VERNANCE COSTS G￿eratIty Funds Resear¢h & R￿denti to(h) Tolal 2023 2023 £000 £￿0 Fin2ntiEI admini5tr&tion Domostic ￿minIS1ra￿an Hurnan resou￿5 83 265 167 Z78 2,623 1,474 47 231 2,823 1.474 Dgpreciauon Bank in18￿51 payeble 0￿￿r[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&Te*pa￿tle 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 fI￿d assot ImpalrmèniAie al￿buted in full to College's chariiable a￿1vI￿E5. Sin¢e il Is 1orlhev￿rt Df Ihose *ivftie51hal th$buIld￿0$. plani and équipmfnl dePr￿1a￿d 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 èxcepiic￿l rircumgtarthadu•>)COVILk19 2O2J 2022 iTh¢ltsde'. Audliorfs reMuneF81￿Tr-￿￿rt serykes udiiorfs remunelaiiuD-a55Utanc&sèr￿CEs otherlhan wdil Audjto¢¥ remuneiAlhin-lèx adviSQrySePIKq Lepiartd tsthgl 1ÈgS W cOn5tilul￿nal malt*tS 25 Noamtht has beèn IrKluded kn G(hV91nan￿ CosL% lorthedltect emp￿Ym￿Nl cDstsor rehnbuiEed gyn$es otthecoifege Fell0v￿ Dn the bas￿ Ihallhe¥e rel* to tho Fdknw5' Invol¥gmgnt in ihB c￿lége's(hail1ab19¥CtIV1tI8s. D•tal$ ofthg tsf FèUcw5a￿ltrQ1rr￿￿￿1$ed expenses are provwjed n nOtE 22 below. GRANTS ANDAWAROS 23 Èooo 2022 £th)o Unf8Stri¢iedfunds Gtantstolndlv￿ua1s'. ￿￿&￿￿duate scholarsbip5. prEe$ *dgrant6 BulSarieS and bard$hip awards Graduaie stholatships. prizes andsThi Gran￿100th•r Insti￿￿￿3 49 15 Reslilcted G￿LS lo kid￿ry&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£ I￿￿ded￿￿￿In1h9ch8￿1Ib1kèXpeTr¢HiUre onTe*thiNJ •d Research. tsranls tQDthwir¢tiiU￿OnS M￿￿Y￿0￿￿$•¥￿atds to Kewè P8d$hé3 trom th8 Hal￿wTf￿5t Ihe PoNPari*hèa F￿r￿s. srAFFCOSTS 2023 2022 £000 6h41 6,D14 Social sKyrity¢OSt$ PensSoncosts Dfrfi￿ b9[￿rrt gehèm•s-$mployerfs ￿n1￿b￿lI0￿$ Defined coni1lbuii￿ 8chpme¥- empbyèts Contrib￿10￿¥ 9JpplemanWion pa>thènts Defingd be￿￿lS￿ome$- Nb)vemonion pfovislon £52 zv IiA241 1.998 9.957 $Upptsrtknr￿rn?ofth￿￿SL% ￿d•T Ih¢Go￿m￿tlvI￿UOh sEheme. Indu￿￿ In blh91 InwmÈ'cam•to- SA• akn nole32. (31 In￿L￿￿o￿thIn SalarfBs and ￿￿9￿$ tetminaikm paymenis amounbw ID£ril12022'. £68kl. whth wwpfulIypBidvAl￿ThIh0Year. 28 Keblecollege Ndos lo th¢ flnanelal Forlhg ytBr ¥nd*d J1 Juty2023 STAFFCOM Icantlnuodj Th&avgragg Dumbeiofom￿0￿￿olth￿c￿l1é￿. gxcludlng TIu6*e5. on e full bme Mkniv$￿￿tb8sl￿￿o5 as folows.. 2023 2022 Tuillon rÈse&ich Cc41ty¥résNI@n￿1 Fundt8iwng Sur4)ort Total 23 130 22 ThB evernJ&nurniei ofempw CollEg8 Trustaesdurin9lhe ywas 2s folkn*s.' 2023 2022 K%¥au?IfrProlessora￿ Tutotial Fell(w- Univw3rfw SUCi&t8 Profe¥301 and TVtQI￿al FellthV-C(￿￿9@ OthErioaching and rese7Ach OthBr Tobl 25 41 The [c4kni￿Tr9 inform¥it4n r9181es io the ern￿OYeeS 01 thè Coll•9•*xdudit¥J c￿1￿9 Tiusl£es. DgtaHsolthe rèmuneraiN>n olthÈ F@Ilw and thwrrwmbw5ed expensesareprovi(kd in noteY2 bglow. Thè numbgrof trnploJ¢e5{exdudlng ￿ ColkgE Twsteeslduriry th&Year￿Se 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 retsremeniber*fiL% accwing I￿￿￿￿S.. In defir*d coniithbw 5thBmes 21 14 £wo £000 The Col￿ge wnthbui￿nSto dèfir￿Cl￿*rtklrtlQn schernes lor Ihege emplo>*És 2Q9 29 K&b￿ Ctsll•g• Noiegtothg finwc1al6tateme￿ls Forlthèyearen*Jed 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 l9￿fj$ 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 rt￿y&ar 85.9 530 B&49Q In addl1￿Tr w its h￿l￿gea5&e￿1lfjfj fw>ie 101.lhe Colege has 5utslailial hiytts1￿aSSÈis ￿￿O[wh￿h ￿ U$$d il Ihg thtSO Dfthe ￿le￿￿'st9¥￿￿j and researth aclivitres. ThE¥ecoM￿Se li51ed bUi￿l￿g$ on ihe College lourfhÈr￿1th thèlrcontent5. 8ecav69 oltheiragè and, in maTryca56%. uniqup nstui4, reliable hislDtical c05l I￿￿1[￿a￿ON is not avaiable lorlhe59 aSs81¥ and cwld not beobtalnedexGepl alrjwporfdthatè èxpense. Hovdwer. aplThion of tho TrusteesthedEpreciated hIst￿cAl cosiolthgse 13 nDW Immaierta1. HERITAGE A88ETS Painlings Al valuat￿ £wo lanuscrfpt5 Alv￿￿3t￿n tsroupand Coll•g• AiV*u8tiDn Total At 5tartanderyJ ofyegr 12.S50 12.840 27,108 The Colleg8 ¢uffenllyhold& thr8$dassÈs olèssels lorhernage pu￿$S$.- plJuts$, manuscrlp153nd Inculla￿la. TtsroarèN¥Dpi￿Ures Inlhe colleclion-. Th8WI W￿& byHolrn• Hunt. and The L￿r￿*nI￿￿ort ONC￿[St trom workshopof wii*m Key. Thè Cc41ege has 87 manusctipts, all ormth￿h are irKludgd in the caialffjue ollheo)IIBaion bymakolm B. P¥tk*S. ThèmÈthevalmanu$cnpts of Kpbtg Oxford {19791. There arg 10Q i18m8 Inthè cOI*ciion of earfy prinleo books. Wl Ihgse heri￿9￿ asEgts w9i&donaidd io College In its oarlyygars. Pitiuies 2rèondlsplaySn the Ghawl and may bÉ viewed bymerteiS Otth8 publicat nochargewh8n thè CdlÉgè L% open. Tha man￿Cr￿S and In¢Una￿la9ré hpjd kn Iho Cole99 Llbraryand aièavailabk kn schc4ais on reque31. A digi14 mage has bgBn oftha mosi lamous manuscript wil¢￿1￿- Wertsburg Lectknnary. Wllhrg8 ciassègalasseis were valued as a131 July2014. 30 K•bl•¢oll•o• Natrs lo the fin￿Gla1 51alern¢nts Forlhoyearended 3f July2023 PROPERTY INVE3TMENTS Gruup•nd Cdl•g• 2Q23 T¢>tal £woo 22 Toi ommgrual rooo ¢0 £￿00 Valuilion atstart andend olwaf 10.075 10.075 CoMmert￿l prop•rtièa r8prgsgnt Ihg olthoH BAllen Cenire dTrd an busi1￿￿5￿￿￿ ￿ rented to commercial ieThÈnts. A fonnal ¥aua11on oflhe cem￿r¢I31 propeM*swas prep*r8d byCart8rJona$ 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$haVe rem&in8d broadty conslstenisineethatvaknabtyi¥rwJ PrOp￿ty￿s3Oe rem$N*dthosamF. Iher8fore th&vaval￿n 81 the slan of the yearspprowmatesils vaual￿n 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•in￿51$d Inwmé ItFVestfflen1ffl￿￿￿rne￿t le (DErr￿￿￿OI1 n￿rease 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[hveyt￿￿t4n 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 Eq￿lYin4¢St￿Pntg 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 uNDERT￿IN03 h￿dS 100% of thè Issu￿ shaw capital kn Conlgren¢oKebl8 ￿mIl0d. a comp*wprovId￿ confetgDce oih*fèvènisèJ¥iCèS on Ibe co1￿8 ptamls&s. ènd 1W% olthe Issued shar¢rapit￿ in Kgbpa Piop8rtiègLimikd. 3 (￿PAThYp￿¢sDg dFsignand bu1ldcon$￿Ueti￿ $4tvlcestO lh8¢￿1￿5? The r05uliS ollh&parBnt and subsidiai*s. andtr*kaasds and liaiillugs at thgyfjJ8nd, Y￿[￿all￿￿¥&I'. ￿eb￿ CollèJ$ Iparenti Kgbl• PropwUe5 thlÈrtncè K4biè £tsoo £000 TurnDvèr Expenditure DOnal￿n tothlle9e undei glft akl knteresi rèceivable IL055e5yg8inS on ievaluaiion Re$ullforthey8ar 19,292 {15,431 2,176 11.6321 P51 15) 519 Tolal assgts 185.409 148.90 1,3fj0 C1421 i¥ Nellu￿5 aiihgend ptyear s￿ addlionalPynot?33bfDr p￿rY9￿c￿lp8rnl¥E9. 618 14 STATEMENTOFINVESTMENTTOTALRETURN ThèTrust0è5 haveadopied a thJtyaUty￿ri*d polityrltftsl return accounllw lor Inve5trnenl r8lum5 ￿1h£[le￿ Inm 2003. Th8 relLvn lo be applI￿j as income for th&yearended 31 Juty23 31 July20Y2 v*seaknlatedas 3.5% olihe avemueoltbe yger-end v￿L￿5 olthe le￿vant iTrveslmeDls in uch411hè la# Swrs. The p￿seryed Ifrozenl valu8 of Ihvin￿l$￿wd￿MenlCap5taI iepreSthi￿ Itsopen mark8tv4luE on 31 JUlY2C￿ i￿01he1￿th all subwueniendtr￿ents valu ai da*ofg1t. PerMa￿e￿IE[￿%f￿8Th1 UnapFl*d T￿al Return Expendat￿& Total Enckn¥¥menl Enrfvm Inveylmeni DO Totsl Èooo £000 Atthg b•glnTrlng otlhw >wr'. Glft COmPQD8nt ollh9 ￿r￿n¢￿t￿oWrnefftt 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 endome￿1 lund5 Invèsimeni rgiurn.. divid@ndg and in￿r*st 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 Una￿l￿d 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 COM￿ne￿I011hy ￿lmanErtt ￿d0￿Mert iliapplBd totsl reiwi Expendsble end￿en1 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 addl￿nallY 3k Iw P￿rYear¢￿alP￿ves. 32 KebJB Co¥Bge Notes lo the fiThan¢lalstaternents For tho yoar¢nd•d 31 July2023 19 OEBTORS 2023 Group £000 2022 G￿up £000 2023 CollègA Éooo 2022 Aldue ¥Yilhln one year. T￿￿e dabl￿s Amountsowed bythllegèmÈmt*t knDunls byGrovp uDdertakSws Loan$ ￿paY￿bjE 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 FiX￿terM ￿kderm)Sit¥ 500 500 500 17 CREOITORS-. lalllng due w￿￿1n 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 G￿p undèftakiAgS TaxalKn and Socid seC￿ty Acc*L￿r5 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 P￿remeDI Bank Loan 40,ty)0 40.000 40,fjllO 3,600 40.000 43.600 44.0 Tho col￿ge issued£30m In bng-tsrni not¢$ ￿ par￿ D￿￿bÉr2D1S8￿d a lurth8rE&n ata pr8mium In Jun9 2018. T￿￿$￿ not8s bgar afixed Interest rate of 3.3fj6% pa. The Collgie i55ued a (ffther£5m of long-tern notes 21 pAr In MAy2019 ai a fixed inter£siratè 012.98% PA. Thè teNn¥ è gam@foF all thr99 Iranthgs. rgpaymgnibolng dug Inten eqJalaMJal ffjsialmen&commèncing in O¢c*mbèr2046. The ptDc88d8 have b8Bn appled iolhe constrL¥lbJti orth• HB Aièn C•ntr•on t￿At11Th￿ Silk. Deten*Èr2021. college T8financ8d an axisbNg loan and borrow￿ £4m at a rate of 7.59% p.a. wllh Inwigsipardbloquarterfyin arr•ats. T￿l￿an is Ic*a per￿d 017 s¢ars inwhich IhÈ fitsi iwo do tsquiI8 I￿aymEntal the rapital cumpoTrgnt. this payabfé 9U*értyU￿rIhe ￿m£s￿47g Sy&ars. Tho orlginal loan was taken Ouidue 10 the impact ollk pandemicand the sett￿ment0[b￿lILiffj ￿￿ks. 33 Kgbl• ¢olhg Notes lo IhefinllnriJl yt•t•mènts Fow Ihg 51 July2Q23 19 FVND5 OFTHE COLLEGE MOVEMENTS Ai 1 Augus1 2022 Èo Inrxmfir Resourcgs pended £UOD At31Ju 202J £000 resourCÈS £000 £fy)o EOOD Endo%wnenl Fund$. 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 Fu￿4- ExFwnd*b 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 herre5lr1￿0d Inwm8 Ill￿￿9 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 ¥d￿t￿n￿ty￿ts 33d fortthrsYdrcoryaralThFs. K•bl•Colle99 Notss lo the financial $latemen Forihèw8¢ 31 July2023 20 FLINDS OF THE COLLEGE DETAILS The folbwng Is a 5ummaryol Ih? wigin5 aid p￿￿￿e$ ofeatholihe FuThJ5. Funds-P4nnanBnL. G8n@ral put￿585 A ¢onsdidaiion oloifts hnddO￿l￿￿$ not ￿￿d forthe g?neial PLYposesollhe Exkmèl puwosea Capital balance of p351 donations*hÈre reLèied itome. bUl￿t￿E0116¥[I41¢0I￿lw1. canbv used*r¥￿fied obie£tS emal lolhe ctsDty. Capital ol pÈstdonabons wh*è¢èiatad it￿0￿0. cgwuql. can te Lwd loi bJrsarfès ￿$up￿rt Studwts of the College. apllal bala￿￿Of pasidDnalio￿ vtheTQrelAt￿ Irts)mè. not theor*ina capit41, u58d forthlatshlps awardad to sludBntsolth8 Collggg. CJpilal baiirKeolpasl donalonswhere I￿aled lncome.but not lheo1￿1Tr81 ca￿tal.¢8￿ ￿ usqd lunding Dt Schc4Aiships Fel￿Sh￿S Music Gifts madewhew rdaied Sncomo. buinDI Ihe NFJinal t&￿id1. can be used forthe luntht¥Jofchu4 5thdar8hip5 and supwrtother rn￿C a¢1￿1118s￿lEhlTr iheCollè3e. Endo*yneN Funds- Expendable.. General purpos£$ Aconsolida¥on ofgltsand donAUonswhwè re￿￿d Income. or fftomè and captt￿. can b8 u$gd ggngrdl putt￿& ofthg chanty. Capi141 baLgncèulpa$i donationgwhora incam@.orincam&and ￿p1￿. beuEed loi bursarf*s tOYJpport siudenis o(theC￿￿e. capit￿ balanceo1pasid0nabons*he￿ reLaied 1ncome.or Irthme and wiLg1. w b¥ usgj lor%￿larsh*S awarded lo studenis olthe Colle9e. capital balance of paStdor￿￿￿V￿erfr rebted lThxme. Orlncomea￿ w*AI. edn be used [￿th¢funding0r Coll8g f￿rOW$hIp$. Capital tyalancg of pa$ithnal¥)nshtsierelthd inccrfr*. orin¢tsMè8nd capital. can bè us￿f￿rihèlu￿iry ololk $PaCIfi￿ CollEg8 activitips SchokL%hips Fdkwjships specil14d purptsseB tiicted Funds.. Flxed asseiproieds fund Gifts aré awied to speL¥fjcfixgd a55el pr￿e¢t5.Thetran$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¥pen￿liU￿￿1at1w to thE vis￿)￿ 2020 cgmpavjn. Gifts d(￿S￿r￿5th￿t be hi ¥upprrtolothwspecifiad ¢dlg9a ￿t￿lI￿$. (Xtr¢rMslrided 1nwrne￿lldIry Ap￿￿￿d t4ta re￿￿ from rèStiiC*d purpts$8*n¢&x¥mÈrt lund$ Applied ￿tal 9enertted tromreatrittsd pEtTr¥ll9ntgnd Wend8b￿ en¢&y4menl lundswhth mustbe pp1h￿f¢rtr￿ speLifi$d ￿$t￿¢1£￿ PWXÈ. Do51gDaled Funds Fixed as￿elde￿￿ated UnM$li￿￿ Fund5wthKh rep￿$eni￿ byihefjx￿ A￿et$01the CoilÈoe snd Iherdlllr@nutavaibbb lor expBndllu on the ¢oNe98's pnwal purposes. Un￿￿tricted Funds whith 8re tsWEsenlEd bythe ievaluation of herilogFo5¥91$. Rgvalu¥tipn ￿3£[￿£ P4ftsion r•*•r4* Unre51fiCted Fund5 whkhare represented bythe Coifeg*'s ￿5￿)n lund liabiliti•l. The Genwal ur￿trIc￿￿ Funds ￿PrOSe￿ ￿￿1￿9 frllrn Conty2'3Jctivitipsgn¢ th8laTrgv?l*kn for Ileg￿eral pu1w￿$ ofthe 35 Not•* toth• fl￿nCIlI stAt•m•nt5 F•1 th¢ ￿•r •nd8d 31 Juty2Q23 21 ANALYSISOF NET ASSEfs BETW￿EN FUNDS VniE51rir*e Funds £000 A￿ll￿ted Fund5 EODO Endownth Fund$ £000 Totsl Éoo 202J Tan91blèf￿ad ass8 Heritage asse operty investmenis vestrnents Nel pjrrtnl 8¥3¢t￿(habillties1 Lory ierm liab￿ti95 PenG￿n 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 I￿￿litieS P•nI￿)n fund 18blllty 144.OWI 73.632 60.729 135.561 7RUSTEES' REMUNERATION The F￿1￿$whO81•t￿T1U$￿ÉS ortho CfA*e torlhe purposesol¢hailyL9wwwve nQrernw￿r3tiOn forathing as ¢haAtytruS￿ ere paid byeithtrrorboth otlhfyunwq151lyat￿ lh8 Colltye loy Ihe 2cal&mK Se￿IceS I￿Y PTovNJ¥ lo Ihe Colle9e las emp1oyeesl. Tr9 sabnes01orathmicempknw5aw paid fjxlfjin atad4miC and academlc-relakd scale5and often Invo￿101￿1 arTrryernents￿lh the UnNer5ilyolOxfwd. Th8 s￿￿lES 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 frAIu4*fnpcatewtss'. HiadolHous& Profes￿1￿1 Felow off￿81 Felknw F911ovJ bySp8ual EknEtion Fèlbw JI and Res￿￿[ch F91W8￿811&qt4è￿ra Houslrfj Alowance.whth ry Ir￿u&￿ withinthe $8￿ry￿9￿reS b2knw. 2023 Ilo. 2022 Tru$ieeswho live ina￿0mMdaIVJnOYffi8￿ bylh9 ColtyÈ, foiwhkh theyare chaw a rnErket t9llt.. Tr￿S￿O$￿4h00rQnDt¢rn￿Ow98ol1Ie CoiFys anddDnDt r•cd¥• r¢murorallon'. 13 Tre C￿￿g* tr*$8 R•rnLNr8t￿n CrAnrn￿ee whlch rnake5 to Govpmlng Ectyon payand benvfii5th￿h$r&QuI￿de0tfrxt8rn￿ 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 D9V01OKNnèThlDI￿￿r 475 453 36 Kèble Colegè Note5 tr*thelSTranGlal 51a*rnents For year•ndgd 31 July2023 22 TRUSTEES, REMUNERAnON (to￿tInUqdJ R#munèTatlan pakltotruslge5 2023 2022 Gmss ￿r￿neral￿n, taxable NWnberoItr￿steeS ber*frtsand GynliityJbut￿ Nwrh8r Df Iruslees rBmun¥rab)n. Wable￿ngfrts 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 £36￿01 - 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.$19 1,718,491 41 40 1.SgO,483 Othortr4nsactlons wSth truBto85 Notrustee e13imed expansès foraThywork ￿rfCIMÈd In thAtharyèoldubÈ* a* a tth 29 pioyid85 (urtherintormaI￿ll on fekiled partytran5adbns. 37 Kets￿ c•l￿ge Nolestothe flnancklst41omenls FDrth•yè¥wdèd 31 Juty2023 23 PENSION SCHEMES The Col￿ge parbCipa￿S Intwo principal pBnsion Schemes lor Its staw-the Univer5I1ies Supeornuaiion Schème IUSSI and th? Univer$ityoI Okford st811 Pen&on Scherne IOSPSI. The ￿*1$ of e8th schemè are hdd in 5eparalt tru¥tta-admlnls*ied 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 lia￿lI11e5 rela￿rng ID defined benefits oleach scheffle cn a consiSt￿t and re8gonable basis. Thereforg. in ¥Kcord8n¢8 ￿1hthe accLwJnbng ¥t8ndard FRS 102 paragraph 28.11. Ihe College accounts lorlhE sthemes as If Iheywere definvd c￿￿nbut￿n xhemes. As a resutt. the atnouni char9ed to ihe InC￿ne and ExpeDditurè Acc￿nt 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 fu￿ing 5horifall Iwhjth cannol beoihernise recovered) in re$pe¢t of Ihal empbYer￿qll be spread across the remaining particlpallng ernployer5 and re￿cle￿ in thè nÈxi8ciuar￿l va￿allOn olthe schetne. The Colkge ha5 a150 mwje avalablB Ihe Nglionpl Employment Sa%ryng5 Tiu5t foremplDyees VJho are el*ible unthr ￿tomatiC enr(Imeni regu￿￿On5 to PBnsion bewflt$ but Mt Élvj￿le fDr either USS or OSPS. lor llnd•r FRS IQ2 es dgfingdconlrSbutlw$chim** Acluari•lv•luation¥ Oualrfied aduatrss pEriodi¢8llyvalue USS and OSPS defined Lwnglhe'prolec*edunitmethod', eMb￿Ing 8 M*kniV81￿ approach.ThF rgsulling1oVO orc9￿nbu￿t1It3ke ￿t￿nI ofaciuaiialsurplu5es ordefi¢its In Each Sithme. Thefmanthal assumptioDswergd8riv4d lirjm m￿ket C￿￿[tIOns￿9¥all1￿g attr v$luablln date. The resulls of Ihe late51 tKtuaDal valuation$ *d the aswmpttons hav&thp most glgnrftsniefi￿QTh Ihe iesulls W9rg' US8 3110W020 osps 3110312022 2710fj12D23 £914m £981m £47 Date of valuabon.. Dale valuation resvlts pthl¥hed-. £80.8bn £66.5bn vAl￿e 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 olinc￿8$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 % orpen￿￿8b1e 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 d31901￿￿1 vsluèbon. 3110312023 Notes.. * ThèdiSCOiilLrato IIcNward raies}lorlhB USS V¥luat￿n Wd$." - Fix•d inle￿1 gIrt￿￿d cwv9 plu& P[￿r811r￿M0nl 2.75%, Po￿4e￿Iernent 1.00% The d16CD￿l rate forlhg OSPS valuat￿￿ was". Pre-reisrg￿￿nl..E9￿al to Ulè UK nomlhal gltt curv4 aiihe voluath)n dalep￿s2.2s% PA.aièach tarm. - P051-r8tirgmBnt. E¢ualttsth• UK nominal giii¢ufbFaiihg WdlualK)n dat8 rAu* 0.5% p.a. Ai teim. c. Pen$ions in¢iaaSes ICPllforth• USS valuatlon were.. -T9nh dawndèni ratès In IlnèYAth the dlNerence belwg9Tr Int*￿Sl￿d 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 Pa￿ne￿IlarIhe9SPS vylu*ion Wèrè." RPI inflation Is de￿Ve0 Irom th¢9eomÈtrlc dlllerenee betsve￿ Ihe UK nDrniDalgi1twthand Ihe UK ind8x4inkBdcutVè * th# v*ual￿fft 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 ksi6s￿aie 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$K)n increaseslinked to irllèlion. J pensiun Increase C￿￿els wnstrdeied b35ed on e11h8r￿ RPI. ¢pI ttthÈAveiw olihe RPI CPI Inlatlon CuNg5 ¢kstribed 2￿Ve, adjusted toallow lorlheditrerenl mwmum mTriinum ainual fKrfaseslh8t¥ppty, tyndlhè SchernèActuatys bgst estima￿￿1 Inflai￿n e. Th&USS and OSPS 8Mployerrty)trlbu￿0n ro￿5 IncludB WthisDn5knihFc051￿b￿J￿4c￿I01dofin￿d banetts, dervjlconirf￿￿oTr1 adminlstratlve expenses and defined K•bl*CoiBB Noies ksth&finanrial st3ternentS Forthoyearènded 31 July2Q23 PENSION SCHEMES Icontlnugdl senS￿￿1W of aÈtuatialv4lu4tlpn 4¥6urnpVr*n$ sjip￿Se$ ty defKitssyhich arise at lulurevaknBlonsmayimpadon Ihec¢lk4F'$ rulureojrtribu￿(￿ ryJmmibThenl. The Sen￿￿1￿eS regardlng the pr1￿￿81 aKUMpI￿n$ used ID mea$ulE the 5ch8m@ liatMl1ti￿ are bdow.. uss Iinpaci Dn USSli8k*libe& dxrease by 11.3bh Inci*a$è by£2 BL¥1 decrease byE1.Sbn Init￿5diS(xXWIl1*te Asxèt RPI- ¢Pliw•ad intre85e byO.25% red￿@ byo 25% dÈCI4ASè byO.I% mtstsprudentassumpllon I￿￿ce adPJstmeni to the trase mort&lilytabl& by5%1 pruthnlassuMpi￿n lin¢reèse the annual mprtolily Improvernents low-term r8iesbyO.2% Lil• èxp*tsncy Incrfyase ty£1 2bn Rak olmortality Inueaso byEO.eèn osps Assvmpfron Inwcton OSPStsclynrcJlww¢ V*vaiion rate of inkregt decreaseoyO.2S% illUe889 byD.25% by 2%ofWs￿nabl¢SoI3￿ÈS In¢r&qse by 1.s%dpens￿nthÈ¥$L4riv8 D•ficlt R*¢o¥tyPlan$ line￿7th FRS 102 paragraph 2&1IA. thec01￿ge hayrecooniseda l￿bIty10￿ Ihe contribul￿nI Payab￿ foi agreed def￿11 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 $0 5.04% e125 £349 Fintsh Date for Dèfiat Rewry Plan". v•fdo•slatfnurn￿r Incrgase". A¥erageslalls8lary inrfea5e' Avew&dk%couni tsto Oval Pèriod.. Effect ofQ.5% changè in ¢kstOuntfatè". EffeGt of 1% thange instaff grrA¥th.' A plov1*￿ of£2,201k has been made Ét 31 July202312022- t3.424klforthe we5enivalue OT1￿ esumaied T4JiuredefKill￿nd1Tr9 lllthB ￿￿tilbu￿n5 pay*e uThJertr*se agreerhÈntS. USlll9 the 3ssumptionsshcbwn. Thg Wovision redu￿5 * Ihedeficit oTfaccLYdingto ihEPEnwon rocov¢ry¥th9me. C￿rgO lorth•y•ar The perffjionchBige ie¢orded by Ihe wlle9&during lexcludhg pen51on finaKe coslslwa5 equal io tho cMirknubfJna paysNÈ alt•r allwdnc9 forihe delcil re¢DvepJ rlan as 2022 £000 S¢herne UnIver¥ii￿S SupeiaMuatknDSchemo Unw8lsilyolOxlord StarfP0n￿On Schtsyne OtherschemE5- folltnbuliuns SupplementaiKn payN*nts To￿1 £000 333 Tr*gè £mounts includ8 t287k12W22'E195klfXJnlt￿iKI0Tr5 paydble iodgflnedconmbjiion sch•m•% airdt•S s￿CIfi$d in th+￿1•* otthDso Wan& kni¢￿￿ In othere￿ditors&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¢d￿g9 to laktyat5vani*¢ofthè Lgx èX•m￿￿nS a¥alLqbifrto chadues Irom taxatKn In respgdolincryn8 capitalgains receivedto Ihe exlenl Ihal wch in￿M&and 9￿n58￿ app￿*d ￿ 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 wov*knnfoi ￿¥alL00 has b99n ￿ClUded In finan￿￿ 5L4tEmEn&. 1•23 2022 £000 £000 Onlho otherhand. C(41ggo sUbstant￿lIa￿ as U￿r￿ver$bRO inpul VATan PU￿h&S•S Incuired hi Fryiding rt5exernpl gducalion¥ supplig¥'. 431 REcONc￿￿TION OF NETINCOMING RESOURCES TO NETCA8H FLOWFROM OPERAmOt+s 2023 £000 Il•t IwDndllur•V Incom• 11.7581 EliminBtion ￿￿t￿￿peratIng cash flowo.. Inv951m9nllncome Los6eson Invgstmgnts Endowment donation¥ FinaThelNJ cosis Dèprecia1￿Tr DeGlgasedin¢ieas91 In DFcrga$g in dEbtss 12.9301 17Jl 12.6541 1,174 1123 I2.￿2? 397 11.9631 1,454 2,e20 11.0981 (D￿￿Se￿1￿C￿aSe4ffl pensknnsthernellabll 2.631 N•tcash prOvld*d 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 Col￿g• Not•5 ¢0 Ihofinon¢l4l$ta1im￿ Forthe yearended31 July2023 CApifALCOMMITPJJEpirs 2023 tooo £ODO capila Gornmilmerts Tor luiure(xwial ￿01&￿$ 8Sgtlhtryew￿j RELATED PARYYTRANSACTION3 The i¥partofth?collegiate Un￿￿1$1lY0I Oxfotd. Mpiwi¥l ￿l￿￿pendI￿vEbeIween Ihe Universmyand olulè arisg a$ a co0￿quenc• o111￿4 relèith¥hip. Forryrbng pur￿Se$. the Uni¥eNty afKI DtherCdlwJ8s are not Ire*das Rkied partle5asdellnAd in FRS 102. MeTh*ersolthe GDverning Budy. who the Irusiees olthe College and ￿la￿a ￿rtIe￿a5 defin8d by FRS 102. rqcelvo remuneiation f*4llvAsas 8mpbyggs of IheCrAlegE. Del&i1softhese pawn8nlsand ￿l￿￿r$ed expenses as tfuSièSS Srèdi8dDsEd 8aparaldyiTrth95e ￿TranCial s*iern•nts. The Cullege haSprop8rf￿$oWnedpITr1ty￿7lh trus￿03 Und8r￿l￿teqL1ty0￿￿lshY agreements between ￿￿$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 J11￿￿te￿Ilty propert￿5 aresubieclto Sa￿ on IhedEparture0llhetWs￿8fro￿ th• ￿￿92. PROWSIOIIS AFID CONTf4GENTUABIUnES Thocolege's HB Allèn C•ntr• n4sonyL¥ng IS5uo rElabng bwat9r In9rgss. Tho C(l￿ge hasenga9Èd third pty¥pepalistsloas51s1 UnderSthnrA￿ ènd re¢b￿n9th&￿sè ollhe Ingress. Tn& in rolalion tolhi$ arod1ffll￿1tO esiima* as Sueh ￿ p[DV￿19Tr has recoinised. There weienospedficeontiweni lkqknliiies è58tthp Year￿d. POST8ALANCE SHEEf EVENTS On 1*h Othbw2023, thè Co11epewas inloTh￿￿ Ih&i rwobate had b8Engran￿d on J bgxyoJmpr151ng a c011ec1i￿ol p*niiNJs and oth8r k8mE. Thwgaro canditi￿all4(1ed to elementsolihecollecl￿TrWhlch the College fflustadhare lo affld il is ￿n￿rtain 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 oU￿r￿￿￿dryknC0Me 33 24 41 Notss ¢0 Ihefin4ncknl $tatsm•ntS Forlhg year ended 31 July2023 ADDlnONALPRtQR YEAR¢OMPARATrVÉS Where infryrnal￿n 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 reS￿e￿il 0￿91t[￿oi￿9 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$2 11.4441 1582 750 24 Toial Incomè 13.644 2.571 17.706 EXPENDITURE ON.. Chantabloacibvlugs Teaching, re5earth and 1&544 1,405 18.949 GèneratlrvJ lunds Fuftdiaisl Tiadlry expBno￿rO Inyesimwlmanagementcréts 620 1,496 1,4 1116 1118 Tolal expJnLfiute 17,660 1.407 19,0S7 Nel In0￿•118￿P￿r1JrturP)b￿1ttrn9￿ft5 2,371 11.261} ￿l￿￿$ès1On invèstments FI￿ &Eset imphiftnerf thaige 11.758} Twsf¥ts fund$ 40 0￿err￿CO￿nlSod gainsAr&s8S Gain¥l(f0¥s95l¢n rèVAl￿￿tI0n 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 Ind￿31 July2D23 33b PAREIIT AKD SUBSIDIARY UNDERTAKINGS for prfoi year Thesi ¥gcompai3tivg figuigs r95pgdlo wie 13. KeblÈColkg Iparenii Ke￿*Prop￿lEs 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 prIOr￿ar Th￿￿ a￿￿mParal4ve fgures Rspect ro rn1e 14. 2.0210D Tolal ErthWrn￿ts Peimanwt Endthbmert Unapplled Expendablè EndOwmgThl Twslfoi Invesiment RI￿rn to￿1 Tol £o(x) EOOO Al lh• b&*￿1￿￿01th0YOar.' 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 intèrè*i InvesbhEnt ielum." ieali5ed ￿n￿alIsed gah75and ￿SSeS Total 1.879 1.￿0 13211 3.￿8 1.963 *2 (761 360 1.879 1.179 Unapplied iotal le￿M allocaied ￿ *icome E¥peThjAtle•ndtr￿eTht5 trangferrad to incom6 11.1631 11,4441 Netmo¥ernentS in reportlng perlod 1.879 1.895 79 1.974 t And ollho r•port￿p porlod.. fyrtc0m￿neTrlO11he peimanenlerthb)Tr&nl (knapp1￿￿ totsl r9tsYn ExpE￿able8￿￿W￿frnt 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 EThd0v￿rRni Funds-Permaneni GeftEtal purposes Extern31 wrpll$os rsaries Scholarst￿ps 16.559 2.188 2.275 7,231 17.16S 159 630 IS591 112SI 18.505 2,332 7,365 18.854 242 2.150 13451 Endowment Fund8- ExpendaLIÈ Gener¥ PUiPOSès Bursane5 SthDLirshi1s Fall(r￿bIp5 Q1h8rS￿lr￿d purwse9 4.581 1.478 144 4.556 823 3.628 74 3,567 150 34 165) 22) Total Endowment Funds 58,755 3.515 11,4441 .729 ResI[￿t•d Fun¢6 FLxed ss¥ot projects fundir¥J D￿elOpM#￿t ￿f￿£ fundNIg CAhorr•sknrtEd Irwme lundin Applied lotal reiL¥n I￿rn reStr￿ed PUrpDse 2nrtvhTheni lunds Total RaStrt￿$d Fund5 41 95 10 8S2 899 (6S51 1,0 17501 750 986 941 710 1.2 Uw95trlcted Fumg Goner FIX￿ B5sBtdestynai￿ lund Rwaluai￿n fo59Ng P￿slon resgrv• TO￿ Vnrgsiricted Fundg- unle51￿￿￿0 funds hEK bysubs￿lL?r1eS Totsi ￿t￿trICIed F￿r￿￿- 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￿ FL￿dS 137,319 17.7C 19.067 135.¥1