Keble College Annual Report and Financial Statements Year ended 31 July 2024
KEBLE COLLEGE Annual Report and Flnancial Statements Contents Pages Governing Body, Officers and Advisers Report of the Goveming Body 4-16 Auditorfs Report 17-19 Statement of Accounting Policies 20-23 Consolidated Statement of Financial Activities 24 Consolidated and College Balance Sheets 25 Consolidated Statement of Cash Flows 26 Noles lo the Financial Statements 27-45
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2024 MEMBERS OF THE GOVERNING BODY The Members of the Governing Body are the College's charity trustees under charfty law. The Governing Body delemiines the ongoing strategic direction of the College and regulates its administration and the management of its finances and assets. It is served by five principal commlltees.. 11) 12) {3) {4) (5) Finance Committee Investment Advisory Committee Academic Committee Developmenl & Communications Committee Remuneration Committee The members of the Governing Body who served in office as Governors during the 2023-24 year or Subsequently, and the membership of the five principal committees, are detailed below. In addition, the Goveming Body. the Finance Committee and the Academic Committee have non-voling student representatives. (1) (21 {31 {41 15) Sir Michael Jacobs Mr SA Cooke Dr AP Rogers Ms J Tudge Prof HL Anderson Dr IW Archer Dr LM Bendall Prof M Bevis Prof M Bockmuehl Prof A Bogaard Prof C Bountra Prof A Bueno-orovio DrSButt Prof H Byrne Prof F Caron Prof G-Q Chen Prof M Clarke Prof U Coope Prof B Cuen¢a-Grau ProfA Daley Dr F Dimirouli Prof D Downs Prof S Faulkner DrJFix Prof S Fletcher Prof N Gardini Prof C Gosden Dr J Goudk8mp Dr B Greenhough Dr U Gruneberg Prof ERF Harcourt Dr MN Hawcroft Prof TJ Jenkin50n Prof A Juhasz Prof SE Kearsey Prof R Klose Dr S Knowles Fr Max Kramer Dr F Leach Prof A Lvovsky Warden Bursar Senior Tutor Director of Development Professorial Fellow Fellow & Tutor in Modern History Fellow & Tutor in Archaeology and Anthropology Fellow & Tutor in En lish Professorial Fellow Professorial Fellow Professorial Fellow Fellow & Tutor in Computer Science Fellow & Tutor in Neurophysiolog Professorial Fellow Fellow & Tutor in Statistics Professorial Fellow Fellow & Tutor in Social Anthro Professorial Fellow Fellow & Tutor in Computer Science Fellow & Tutor in Physics Research Fellow in English and Access Fellow Fellow & Tutor in Theology Fellow & Tutor in Inorganic Chernistry Fellow & Tutor in Philosophy Fellow & Tutor in Chemis Fellow & Tutor in Italian Professorial Fellow Fellow & Tutor in Law Fellow & Tulor in Geography Fellow & Tutor in Exp. Pathology Fellow b S ecial Election Fellow & Tutor in French Professorial Fellow Fellow & Tutor in Mathematics Fellow & Tutor in Biology Professorial Fellow Fellow & Tutor in Zoology Chaplain Fellow & Tutor in Engineering Science Fellow & Tutor in Physics
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2024 Dr K Macfarlane Dr S Martin Prof V Mayer-schonbe Dr D McDemiolt Prof A-MS Misra Prof P Newman Prof WE Peel Prof C Proctor Prof D Purkiss Prof G Reinert Prof K Sheppard Prof H Smith Dr K Soonawalla Prof J Tomlinson Prof R Washington Prof Dame S Whatmore Fellow & Tutor in Theology Fellow by Special Election Professorial Fellow Fellow & Tutor in Politics Fellow & Tutor in Modern Histo Professorial Fellow Fellow & Tutor in Jurisprudence Fellow & Tutor in Engineering Fellow & Tulor in English Langua Professorial Fellow Fellow & Tutor in Economics Fellow & Tutor in Economics Fellow & Tutor in Management Professorial Fellow Fellow & Tutor in Geography Professorial Fellow er e & Literature Non-Trustee Comrnittee Members Mr P Alsop Exlemal Ms R Azib External Ms B Boneva Communications Manager Mr M Chambers External Ms F Laffan External Dr H Jones Fellow by Special Election Mr M Jones External Ms J Newbury External Mr G Robinson Exlemal Mr A Shilston External Ms F Wilson Librarian Ms N Winlle External {1) (21 131 14} {5) COLLEGE SENIOR STAFF The senior staff of the College to whom day to day management is delegated are as follows. The Warden.. Sir Michael Jacobs The Senior Tutor.. DrAP Rogers The Bursar.. Mr SA Cooke {resigned 31 October 20241 The Development Director.. Ms J Tudge AUDITOR Critchleys Audit LLP 23-38 Hythe Bridge Street Oxford OX12EP INVESTMENT MANAGER Oxford University Endowment Management King Chades House Park End Street Oxford OX1 1JD COLLEGE ADDRESS Keble College Parks Road Oxford OX13PG BANKERS Handelsbanken Seacourt Tower West Way Oxford OX2 OJJ SOLICITORS Mills & Reeve LLP Botanic House 100 Hills Road Cambridge CB2 1PH WEBSITE www.keble.ox.ac.uk The Members of the Goveming Body present their Annual Report for the year ended 31 July 2024 under the Charities Act 2011 together with the audited financial statements for the year.
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2024 REFERENCE AND ADMINISTRATIVE INFORMATION The Warden, Fellows and Scholars of Keble College in the University of Oxford, known as Keble College I'the College.). is an eleemosynary chartered charitable corporation aggregate. It was founded by public subscrtption in 1870 in memory of the Reverend John Keble, on land in the parish of St Giles purchased from Sl John's College. with the object of providing University education for young men in a College conducted in accordance with the principles of the Church of England. The College is registered with the Charity Commission (registered number 1143997)- The names of all Members of the Goveming Body at the date of this report and of those in office during Ihe year, together with details of the senior staff and advisers of the College, are given on pages 2 to 3. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng do¢umonts The College was incorporated by Roy81 Charter dated 6 June 1870. The Charter of Incorporatlon was modified by a Supplemental 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 Cambridge Acl, 1923. The Charter of Incorporation and Ihe Statutes of 1925 were further amended in 1952 and further modified by subsequent amendments. The current statutes were approved by Her Majesty in Council on 10th February 2016. Review of College Governance In October 2023 Goveming Body formed a Governance Committee to review and, if relevant, recommend changes to current College governance arrangements. The review included an open consultation with all trustees and reached a recommendation that was subsequendy approved by Governing Body that the current Goveming Body model ofgovernance should be retained. rather than moving to a new model. The review also recommended that the College should continue a process of incremental improvements to ensu best possible governance within the Governing Body model. Goveming Body subsequently approved the formation of a new Risk. Remuneration Audit and Govemance Committee during 2024125. Governlng Body The Governing Body is constituted and regulated in accordance with the College Statutes. the temis of which are enforceable ultimately by the Visitor, who is the Archbishop of Canterbury. The Goveming Body has such powers as are conferred on it by its Charter and Statutes. and has responsibility for the entire direction and management of the affairs of the College. The Governing Body appoints the Warden, Fellows. Tutors. Lecturers and such administrative and other officers as the Governing Body thinks necessaryfrom time to time. Itdetemiines the ongoing strategic d1ClI0n of the College and regulates its administration and the management of its finances and assets. It appoints committees and delegates to them such powers as it thinks fil. The committees charged with overseeing the conduct of College business are listed below in the section headed Yhe management of the College.. Re¢rultment and training of Members of the Governlng Body New Members of the Goveming Body are, in the case of academics. normally recruited through a joint appointment process with the University of Oxford which includes open advertisement of the posts and a professional selection and appointment process. In the case of posts fvnded solely by the College, recruitment is also usually through open advertisement of the post followed by a professional selection and appointment process including extemal representatives as appropriate. New members of the Goveming Body are inducted into the workings of the College, including Governing Body policy and procedures, through meetings with the Warden, the Senior Tutor and the Bursar and the provision of a ¢omprehensive set of reference documents. Members of the Governing Body attend truslee training and information courses as appropriate to keep them inforned on Crnt issues In Ihe sector and on regulatory requirements. General trustee training for all trustees lakes place immediately before the first Governing Body meeting of each academic year.
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2024 Rgrnuneratlon of Members of the Govgrning Body and Senior College Staff Members of the Goveming Body receive no remuneration or benefits from their role as College trustees. Those trustees who are also employees of the College receive remuneration for their work as employees of the College which is set based on the advi of the College's Remuneration Committee. The Cornmittee when complete consists of five individuals, none of whom may be either trustees or employees of Ihe College. Remuneration for trustees who are teaching or research fellows is set in line with that awarded to the University's academic staff. Remuneration for Irustees who are full-time administrators is set at an appropriate point on the College's salary scale based on a full job evaluation and reference to comparable posls elsewhere. The remuneration of senior college staff is sel by the College's Pay and Benefits Committee at an appropriate px)int on the College's salary scale based on a full job evaluation and reference to comparable posts elsewhere. The management of the College The Governing Body meets 9 times a year. The work of developing College policy and monitoring implementation is carried out by 14 standing committees. 2 technical advisory committees, 1 ad-hoc committee and any temporary working groups the Governing Body deems it expedient to create. The standing committees are.. Academic Committee Oversees planning in academic matters and the level and quality of academic provision and library services to junior members. Monitors the appropriateness of the existing establishment of Tutors and Lectur$ in relation to the academic needs of the College. Buildings and Gardens Committee Oversees the maintenance and development of the College's buildings and grounds. Reviews the use of College space and authorises non-ordinary usage. Oversees the management and care of the College's chattels. Chapel, Advowsons & Music Committee Oversees the life of the College's chapel and Chaplaincy, as well as the musical life of the College. Administers the College's patronage of 69 Church of England parishes throughout the UK and makes recommendations on the application of restricted income for ecclesiastical and musical purposes. Development and Communications Committee Oversees the fundraising and alumni relations aclÈvilies and the internal and external communications of the College. Domestic Committee Oversees the provision of housing and catering services to College members. Acts as a point of liaison for Junior members to discuss concerns about domestic issues. Fellowships Committ88 Advises on nominations to honorary and emeritus fellowships and fellowships by special election. Finance Gommittee Oversees all matters of financial policy and practice. and in particular the financial implicalions of any proposals under consideration. Reviews and makes recommendations conceming annual statements of accounts for the preceding year, budgels and management accounts, College charges. trading activities. insurance matters, IT strategy, salary policy and investment recommendalions from the Investment Advisory Committee. Health and Safety Committ88 Monitors the College's health and safety record, commissions and reviews an annual independent health and safety audit. and makes policy recommendalions. Human Resources and Equality Committee Oversees all aspgcts of HR and Equality policy and implementstion. Pay and Benefits Gommittee Conducts an annual review of pay and benefits of employees, within a financial framework set by Finan Committee. Makes recommendations on policy to Finance Committee.
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2024 Remuneration Committee The Remuneration Committee is responsible for reviewing and approving the pay and benefits of members of the Governing Body. Its members are all external, with the Warden and Bursar in attendance (except for items relating to their remuneration).11 considers any recommendations on the pay and benefits of trustees put forward by the Goveming Body. These il may either approve or refer back to Governing Body with a recommendation that the proposed pay and benefits b8 reconsidered with a view to their being reduced. Research Committee Monitors and co-ordinates research activtties within the College and makes recommendations on the distribution of College research funds, support for visiting academics, encourages and considers joint activity with olher institutions. student Welfare Con7mittee Oversees the work of College Officers With studentwelfare responsibilities, promotion of student wellbeing and supports the Junior and Middle Common Room Welfa representative5. Sustainabilily Committee Provides recommendations to Governing Body on improvements to the College's overall sustainability. implications lor sustainability from other committee recommendations and how the College can increase its inffuence on sustainability, both intemally and externally. The technical advisory committees are.. Data Protection and Infomation Security Committe8 Monitors and makes recommendations on the development, implementation and management of data protection and information security policies, procedures and risks. Investment Advisory Gommittee Provides advice to Goveming Body. through Finance Committee, on the investrnents ofthe College and the appropriate level of income drawdown. The ad-hoc committee is.. Governance Committee Governance Committee was formed in October 2023 as an ad-hoc committee of Governing Body with the specific purpose of reviewing current College govemance arrangements. The day-lo-day running of the College is delegated by Goveming Body to the Warden. Ihe Bursar and the Senior Tutor, with the Development Director having delegated responsibility for the College's fundraising activities. Group structure and relationships As noted above, the College, through an Advowsons Committee. appoints to the livings of 69 Church of England parishes and, among other aclivities. administers trusts whose objects. extemal to those of the College, ar8 the support of parishes and Church of England activities. The College also has tsvo wholly owned non•¢haritable subsidiary companies. Conference Keble Limited arranges conference5 and other residential and non-residential events which generate trading revenue from the use of the College's facilities when they are not required for its primary purpose. The annual profits of Conference Keble are donated to Ihe College under the Gift Aid S¢heme. Keble Properties Limited from time to time undertakes major design and build works under contract lo the College. The College is part of the collegiate University of Oxford. Material interdependencies beeen the University and the College arise as a Consequen of this relationship.
KEBLE COLLEGE R8POrt of the Governing Body For the year ended 31 July 2024 OBJECTIVES AND ACTIVITIES Charitable Objects and Alms The College's Objects are: {1) The provision of a University education in a College in the University of Oxford lo be called Keble College conducted in accordance with Ihe principles of the Church of England (21 The advancement of education and leaming and the promotion of research The Governing Body has consided the Charity Commission's guidance on publlc beneflt and. in keeping with its objects. the College's primary aim for public benefit is as follows. The College provides, in conjunction with the University of Oxford. an education for some 465 undergraduate and 550 graduate students which is recognised internationally as being of the highest standard. This education develops students academically and enables them to develop their leadership qualities and interpersonal skills, and so prepares them to play full and effective roles in society. Further public benefits are included within the description of the College's provision that follows. In support of its objects, the College provides.. teaching facilities. individual or sMallrOUp supeNision, as well as pastoral, administrative and academic support through its tutorial and graduate mentoring systems: welfare seNi¢es. including the availability of the Chaplain to assist every member of the College of every religious belief and none, and medical support including a College nurse and doctor- student grants for study purposes and for cases of financial need, partly provided through the continuing support of the Keble Association of alumni of the College-, IT and other administrative support- specialist choral musical education for its choral students. who are members of the College's nOwned choir-, specialist organ musical education for its organ students; social, cultural, musical, ¢ational and sporting facilities to enable each of its students lo alIse as much as possible of th8ir academic and personal potential whilst studying at the College- The College advan¢es research through.. providing Research Fellowships. Career Development Fellowships, and Research Associateships to outstanding academias at the early stages of their careers. which enable them to develop and focus on their research in this formative period before Ihey undertake the full teaching and administrative duties of an academic post., supporting research work pursued by ils Fellows and others through promoting interaction within and across disciplines. granting sabbatical leave lo enable them lo concentrate on research work, enabling the exchange and dissemination of research ideas, and providing facilities and grants for national and international conferences. research trips and res8arch materials.. encouraging visits from outstanding academics from abroad: and encouraging members of the College to disseminate the results of their research to other academics and the general public through the publication of papers in academicjournals and books. through presentations al conferences. through Media appearances and press articles and other suitable means. The College maintains an extensive Library {including important special collections). so providing a valuable resource for students and Fellows of the College. On a discretionary basis. Ihe College makes its library available to members of other Colleges and the University of Oxford more wdely. extemal scholars and researchers. The College supports a Chapel with a programme of religious services open to all. Through its outreach and schools liaison activities, the College fosters Ihe general educational and university aspirations of students from a wide range of social backgrounds.
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2024 The College does not consider that there is any detriment or harm that arises from carrying out the College's aims and is not aware of views among others that such detriment or hami might arise. The members of the College, both students and academic staff, are the primary beneficiaries and are directly engaged in education, learning 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 institutions and visiting schoolchildren and alumni ofthe College who have an opportunity to attend educational events al the College and use its academic facilities. The general public are also able to attend various educational activities in the College such as lectures, seminars, and conferences, and benefit also from being admitted without charge to the College's grounds and able to view its historical and artistic heritage and holdings. The College admits as students those who have the highest potential for benefiting from the education provided by the College and the University and recruits as academic staff those who are able to contribute most to the academic excellence of the College. gardlesS of their financial, social, religious or ethnic background: there are no geographical reslriclions in the College's objects and studenls and academic staff of the College are drawn from across the UK and intemationally- there are no age restrictions in the College's objects but students of the College are predominantly beeen 18 and 24 years old- and there are not considered to be any religious striCtl0nS in the College's objects and members of the College have a wide variety of faith traditions or none. The focus of the College is strongly ademiC and students need to satisfy high academic entry requirements. The College charges the following fees- a} Tuition fees, at externally regulated rates, to undergraduates entitled to Student Support and to graduate students., and a fee determined by the University of Oxford annually lo Overseas undergraduates and any Home undergraduates not enlilled to Student Support. The College's share of these fees is determined by an integrated payment mechanism with the University of Oxford: and b) Accommodation and meal charges at reasonable rates. In order to assist undergraduates entitled to Sludent Support, there is a comprehensive bursary scheme in place to support sludents from lower income backgrounds. which is funded by both the University and College. Awards include the Oxford Bursary. Crankslart. Santander and Reuben Bursaries The following is a summary of awards made to HomelEU undergraduates during the year-. October 2019 start8rs.' 1 award out of a HomelEU population of 5.. 1 award at Ihe maximum of £4.370. October 2020 starters.. 9 awards out of a HomelEU population of 64- 4 awards at the maximum of £5,720: the average value of the awards was £4,643. October 2021 starters.. 18 awards oul of a home population of 118: 3 awards at the maximum of £5,720,. the average value of the awards was £3,823. October 2022 starters." 22 awards out of a home population of 114.. 5 awards at the maximum of £5,720: the average value of the awards was £4.337. October 2023 starters.. 19 awards out of a home population of 114.. 4 awards at the maximum of £5.800', the average value ofthe awards was £4,616. 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 costs and 'lop-up' assistance to fill shortfalls in students, funding. The College also supports students through grant schemes to assist with the purchase of books and equipment. attendanc8 at conferences and travel grants.
KEBLE COLLEGE Report of the Governlng Body For the year ended 31 July 2024 The College also makes awards for academic development and has vaTiOUS scholarships and prizes available to reward academic excellence. In addition lo ils other programmes, the College operates a scheme for students in need of financial assistance and provides access to similar schemes operated by the University- To raise educational aspiration and attract outstanding applicants who might not otheTwise have considered applying to Keble. the College operates an extensive outreach programme as part of University-wide initiatives to widen access. This programme is underthe responsibility of the SeniorTutor and is managed by a specially-appointed Access Fellow. It includes an extensive programme of visits by schools lo the College, open days, admissions symposia for teachers, as well as visits to schools and guidance and infomation on the College website for prospective applicants. In agreement with the other Oxford colleges, the College has particular links with prospective applicants from Bimiingham and surrounding areas. In order to fulfil its charitsble purpose, the College employs a Warden. who seNes as head of the College, and, as Goveming Body Fellows. senior academic staff. many of whom supervise and tutor students. the College Chaplain. and senior administrative officers. These all serve as charity Ifustees thiough being members of the College's Governing Body. The employment of the Warden and Fellows is undertaken wlh the intention of furthering the College's aims and their employment directly conlribules to the fulfilmenl of those aims. The private benefit accnjing to the Warden and Fellows Ihrough salaries, stipends and employment related benefits is objectively reasonable, measured against academic stipends generally, and is subject to the oversight of a Remuneration Committee. Without the employment of the Warden, academic fellows, Chaplain and senior adminislralive officers the College could not fulfil its charitable aims as a College in the University of Oxford. Many of the trustees also receive benefits (for example research. conference and book grants) which are provided with the intention of furthering the College's aims, including thal of advancing research. The amounts of Ihe benefits provided are objectively reasonable. measured against the academic benefits made available to other beneficiaries of the College and within the sector. Sustainability Initiatives Keble is committed to carrying out its charitable objects and associated activities in an environmentally and socially responsible manner. The College formed a Sustainability Committee as a standing committee of Governing Body in 2022123. The Committee was formed to advise Governing Body on initiatives lo improve the college's overall sustainability, implications for sustainability recommendations from other committees and how the College Can increase its influen¢e on sustainability both internally and externally. The responsibilities of the commtttee include sustainability practice and influence and citizenship. Sustainability practice covers energy consumption and production. food supply and consumption. water consumption and waste, procurement. travel of staff and students, waste. and biodiversity- Influence and citizenship is concerned with how best to leverage the College's position as a leading higher education institution to have a positive, wide ranging and longer term influence on sustainability both intemally and externally. Sustainabilty project undertaken during 2023124 include installation of building management system upgrades for College boilers. energy consumption and heating control instructions in all College rooms, ceasing use of open fires in College, installation of a green roof as part of the bar roof repair project, introduction of community sign-in for all meals, improved monitoring and reporting of food waste, implementation of a flight levy and launch of a programme to allow and encourage international undergraduate students to remain in College during the vacations. The College was awarded a Silver Green Impact Award by the University of Oxford. ACHIEVEMENTS AND PERFORMANCE The College's aim is that every undergraduate should leave with a good degree, i.e. a first class or upper second. In 2023- 24, 93 /u of Ihe 142 students sitting theirfinal examinations achieved this goal. Of those, 59 were awarded first class degrees. All Oxford undergraduates also take a qualifying examination {usuallyl in their first year.. 39 of the 120 students who sat the First Public Examination in 2023124 were awarded Distinctions. Excellence in the First Public Examination and sustained excellence in course work is recognised by the award of an undergraduate scholarship. Out of a total of 465 K8ble undergraduates, 121 studenls hold academic scholarships. In recognition of the fact that many of our incoming undergraduates experienced considerable disruption to their teaching and assessment at school, we appointed trained Study Skills tutors to support their transition from school to University and help ensure Ihat every student reallses their academlc ambitions.
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2024 Keble has approximately 550 students taking graduate-level courses. Among graduates a small rnajority153%1 are on tsught courses leading to masters qualifications. A relatively high proportion of graduate students are on part-time ¢ourses, enabling them lo combine leaming with professional careers. In 2023-24, 170 students were on part-time courses. There were 1,205 applications for undergraduate courses in 2023-24, of whom 43Yo were shoruisted for interview. One hundred and foty offers were made for 2024 entry and one for 2025 entry. 69Yo of the offers made lo applicants from the UK We to applicants from slate schools. Ten offers were made to applicants identified as a priority for the University's Opportunity Oxford programme (see htt s.'Ilwww.ox.ac.ukladmissionslunder radualelincreasin ~accesslo ortuni oxford). A further seven offers were made to applicants who were identified as eligible for places on the Opportunity Oxford programme, but not as a priority. The College also participates in the new Astrophoria Foundation Year programme and made fwe offers for enlry in 2024. Comprehensive statistical data on admission is published by the University as a separate report., selective data is also published in the College's annual equality report. Atl admissions procedures and outcomes are routinely monitored for equality objectives. There is also an annual report on our Access and Admissions activity available from the College website. FINANCIAL REVIEW Operations, capital expenditure and fundlng The charitable activities of the College consist of teaching and research. together with the provision of board and lodging to College members in buildings owned by the College, most of which are Grade 1 or Grade 2. listed. The income generated by Charitable Activities in 2023124 amounted to £10.91 m. an increase of £0.4m {3.7 % I cornpared to 2022123. Revenues from conferences increased against 2022123 by £0.2m {5.6Y.l. The modest increase in revenue reflects relatively high 2022123 occupancy levels and masks a significant change in mix of business the College has been targeting. most notably through the incorporation of intemational summer schools. The College is continuing to 8ssess opportunities to improve the profitability of this business given occupancy Constrainls due to the business being restricted to the vacation periods. Total income from Charitable Activities and Other trading income {including Ihe conference business) was £13.43m in 2023124 which was £0.7m {5.1 % ) higher than 2022123. The cost of undertaking charitable activities in 2023124 amounted to £14.22m. This amount was reduced by the impact of a £2.2m movement on provisions for defined benefit pension schemes (which is a non-cash costl- The cosl of undertaking charitable activities in the previous year. 2022123 was £14.82m including a £1.3m non-cash decrease in pension provisions. Adjusting for these non-cash provision movements. costs increased by £0.2m (1.2 % ) to £16.4m. The increase in operating costs is substantially below the increase in revenue, which reflects the efforts to improve profitabilty of the Conference Business and reduce operational costs where possible. Capital expenditure was £0.4m in 2023124 and was lower than forecasted due to the deferral of some Capital expenditure projects to 2024125 due to slippage of certain project timelines. Completion of a major mulli-year programme of investrnent in its buildings, plant and machinery. in 2019 allowed the College to limit spending on capital expenditure without risk lo the estate during the period of recovery from the pandemic. However, the College anticipates increasing capital expenditure in the coming years in order to rnaintain not only the VictOTian estat8 but also the HB Allen Centre together and to begin to reduce the College's carbon emissions and improve biodiversity. Donations received by the College in 2023124 totalled £7.5m12023124 £5.7ml. The composition of Ihls total was as follows- £QOO$ Unreslricled income gifts Restrtcted income gifts Gifts for capital projects Endowment gifts 5,042 731 22 1.745 7,540 Unrestricted income gifts in 2023124 included a single £4m legacy receipt and Governing Body wll be deciding whether to use these monies lo improve the College's general funds position or to allocate to them for some other purpose such as debt repayment or investrnent in certain projects. 10
KEBLE COLLEGE Report of the Governlng Body For the year ended 31 July 2024 The College invests its endowment for total return. 93% of the endowment is invested in the Oxford Endowment Fund ("OEF"), managed by Oxford University Endowment Management. The College usually applies a spending rule permitting a maximum transfer of 3.5¥0 of the average closing value of the endowment value over the previous five years. In 2023124 the 3.50/0 spending rule was applied and transfers under the spending rule for the year amounted to a distribution of £1.70m, including £61 k for external purposes (the support of Keble parishesl- Investmont policy. objectives and performan¢e The College's investment objectives are to balance current and future beneficlary needs by.. maintaining {al least) the value of the investments in real teTms', producing a consistent and sustainable amount to support expenditure,- and delivering these objectives within acceptable levels of risk. To meet these objectives, the College's investments as a whole are managed on a total return basis, maintalning diversification across a range of asset classes in order to produce an appropriate balance beeen risk and retum. In line with this approach. the College statutes allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total relum. The investment strategy, policy and performance are monitored by the Finance Committee. In 2013 Goveming Body decided Ihat all of the College's discretionary funds would be invested in the Oxford Endowment Fund IOEF) managed by Oxford University Management. Investment strategy and performance are monitored by the Finance Committee and Investment Advisory Committee. The College does not have ils own investment policy in relation lo social, environmental and ethical considerations and the OEF sustainability and ESG risk management policies are disclosed on ils website https:1lw.0UeM.co.Uklesg-rlsk-rnanagernenV. At the year end, the College's endowment tolalled £66.3m12023: £61.4rnl. The aggregate investment return for the year was 7.87Vo {2023: .0.920/y). The value of the Oxford Endowment Fund was £58.7m {2023.' £53.Om) after payment of the 3.5¥0 distribution. The total OEF investment retum was 8.73 /0 {2023= _1.23 % The carrying value of the preserved pemanent capital and the amount of any unapplied total return available for expenditure was taken as the open market values of these funds as at 1 August 2004 togelherwith the original gift value of all subsequent endowment received. Almost all of the College's discretionary fijnds. apart from its private equity holdings and joint-equity interests in Fellows, housing, are held in the Oxford Endowment Fund managed by OUEM (Oxford University Endowment Management}- Over the past 10 years the OEF has achieved an annualised net return of 8.6D/o nominal and 5.40A real. The Governing Body keeps the Spending Rule and the level of income withdrawn under review to balance the needs and interests of currenl and future beneficiaries of the College's aclivilies. Debt and Llquldlty In December 2021, the College borrowed £4m on a new 7-year fixed rate basis with capital repayments beginning from December 2023. This loan amount reflects the total cost of the impacl of Ihe pandemic on the College and was taken out to reduce short term liquidity pressure. During Ihe year the College repaid 0.4m of this capital. As at 31 July 2023, the College had a liquid cash balance of £2.5m. fixed temi bank deposits11-6 month maluritiesl of £4m. an undrawn overdraft facility of £6m, £3.6m remaining of the 7-year term loan and £40m of long-term debt associated with the HB Allen Centre developmenl. During the year the College designated £0.5m of funds on fixed term deposit for the repayment of the long-term d8bt. The £4m of fixed lerm bank deposits included £1.5m from a legacy received during the year. In August 2024, after the year- end, the College received a fijrther £2.5m cash receipt from the legacy. The £2.5m was included as accrued incom8 on the balance sheet at 3151 July 2024 and the full £4m Irom the legacy was included in unrestricted gift income in the Consolidated Statement of Financial Activities. The year-end cash balance of£6.5m included £3.Om owing to the endowment as a result of endowment gifts ceiVed during the year and liquidation of certain assets during the year ahead of re-investment in the OEF. The underlying cash position excluding the amounls due to the endowment and fijnds held for long-tem debt paYrnent was therefore £3.0m.
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2024 Reserves The College's policy is to maintain sufficient free reserves (general funds) to enable It to meet its short-temi financial obligations in the event of an unexpected revenue shortfall and lo allow the College to be managed efficiently and lo provide a buffer that would ensure uninterrupted services. Goveming Body agreed that the larget amount for general ftjnds should be the equivalent of three months. expenditure on charitable objects (currenuy £4.1ml. The College entered the pandemic with significantly less buffer than this due to issues relating to the funding and completion of the HB Allen centre and the financial impact of the pandemic subsequently caused general fvnds to deteriorate to -£9.Om (negative) at 31 July 2020. Since then, the general funds position has shown continual improvement. Over the last 12 months general funds have increased by £S.Om from -£5.3m (negative) at 31 July 2022 to -£0.3m (negativel at 31 July 2023. This has been caused through the combination of improved profitability and unrestricted donations. £4m of this improvement is due to the receipt of a major legacy as noted earfier in this report. Total funds of the College and its subsidiaries at the year-end amounted to £150m12023= £137ml. This includes endowment capital of £66.3m12023'. £61.4m) and unspent restricted income funds totalling £1.2m {2023.' £1.5ml. Flnanclal Rlsk Factors Factors that could adversely affect the College's financial position in the future include.. Inflationary pressures, in particular growth in income from academic activities not keeping pace with cost inflation increased capital expenditvre requirements after a period of relatively low-cost levels poor investmenl performance deterioration in the profitability of commercial activities decline in philanthropic support The Governing Body and its constituent committees are well aware of these risks, monitor them regularly and ensure that appropriate rneasures are taken to reduce or miligate them. The Risk. Remuneration, Audit and Governance Committee will have oversight of all risks. Fundraising The College has an Alumni & Development Office whose role is to nurtu strong relations between Keble and its alumni and, through those relations, to raise funds for its charitable aclivilies. The Office consists of a Director and seven staff. The College has a neOrk of alumni volunteers Year Group Representatives - who assist in communicating information regarding College news. events, and fvndraising projects to their peers. All communication via Year Group Representatives is directed in terms of content an¢J liming by the Alumni & Development Office staff. Th8 College is registered with the Fundraising Regulator and voluntarily subscribes to its Code of Fundraising Practice as adapted, by agreement with the Regulator. to meet the particular circumstances of colleges in the University of Oxford. The a¢tivities of the Year Group Representatives adhere to the Code of Fundraising Praclice as adapted. The College is not aware of any failure on its part to comply with the Code and has not received any complaints in 2023-24 about ils fundraising activity, nor the activity of the Year Group Representatives. The College does not solicit funds from members of the public.. its fvndraising activities are principally focused on its alumni and on third parties inlroduced to the College by alumni. The College communicates regularly with ils alumni using a variety of media. If an individual expresses a wish not to be approached for donations or not to be communicated with. that is recorded and respected. The College has a policy on fundraising with and responding to people in vulnerable ¢ircumslances. 1 Alumni & Development Office staff and Year Group Representatives are aware of the policy and are instructed to review the content annually. Atl fundraising policies are published online at httpS..IA.kebIe.ox.aC.UkIgoveTnanc8-and-po1ICieSl 12
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2024 Rlsk management Keble has on-going processes for identifying. evaluating and managing the principal risks and UnrtaIntieS faced by Ihe College and ils subsidiaries in undertaking their activities. When it is not able to address risk issues using internal resources, the College lakes advice from extemal experts. All the College committees monilor risk on an ongoing basis and conduct an annual review of the major risks to which the College is exposed in their areas of responsibility. Their findings are aggregated into a report on major risks which is considered by the Governing Body each year. Health and Safety risks are monitod by a committee of heads of department, chaired by the Bursar and subject to annual external audit. The Governing Body. which has ultimae responsibility for managing any risks faced by the College. has reviewed the major risks to which the College and its subsidiaries are exposed and has concluded that adequate systems are in place lo manage these risks. It is recognised that systems can provide only reasonable but not absolute assurance Ihat major risks have been managed. The Risk. Remuneration, Audit and Governance Committee will have oversight of all risks. The principal risks and uncertainties faced by the College and its subsidiaries that have been Identified are calegorised as follows- Actlvlty. rlsk and potential damage Risk managem8nt m8asuras adoptod Progres$ report for 2023-24 and further measures to be eonsldèrad durlng 2024-25 New Building Management System installation complete. Heating is now timed and Can be tumed off and on at the desired intervals and boiler output temperatures correlated to external tem erature. 2024125 budget cashflow negative after £0.8m short temi debt repayment but better than 2022 long term projections. As * 31 July 2023, £0.5m designated towards paying off long-lerm debt. Owning and operating buildings. Excessive carbon emissions causing Climate Change. Climate change. increased energy costs. reputational dama Funding. Inability lo repay £3.6m short term and £40m long-terrn debt when due. Necessity for either refinancing or transfom)ati¢nal gifts. More efficient boilers, BMS upgrades and better insulation of buildings. Restrictions on car parking. Long term 110 yearl forecasting introduced lo provide early waming. Financial managernent. Ovèrspending. Operating losses. Budgets and management accounts. The College is in a position of making operating losses due lo the combined irnpacts of cost of COVID and high infiation. Operating10ssgs have reduced during 2023124. Bètter management information lo be developed for use by budget holders. The College must devèlop a strategi¢ plan in order to help allocate scarce management resource against agreed priorities. Pursuing the academic mission of the College is the fiTsI priority, but mibgaling the various financial risks identified mijst also bè a hTgh priority. Significant management resource 15 being invested in a Governance review. Output from ktry ¢ommitte85 Still needs lo be gathered so that woJk lo consolidate into a single plan can begin. Key personnel. Lack of Management bandwidth lo tackle and solve Keble's financial challenges. The adverse impacts of the various funding risks in this risk matrix materialise. Financial Planning. A College Strategic Plan is required. Lack of direction, inability to prioritise and tackle major issues and opportuni118S. strategic planning process committed lo by GB in Michaelmas T¥rm 2023 and has started. Energy. Excèptionally high increases in energy costs combined with the difficulty of reduang energy usage in old, listed Colleg9 buildings. Increased costs and excessive carbon footprint Energy usage is tracked through Sustainability Committeg. Energy redu¢tion inilialives discussed and agreed at Sustainability Committe8. En&rgy cost inflation is 8xpe¢t8d to be negative in 2024125 bul lolal College energy costs will still b8 nearly 3.5 tirnes 2020121 costs. Investment in now BMS to allow boiler5 to be lumed on and off on daily basis. Boilers off ovgrnighl Since October 2023. 2023 Salix Funding application unsuccessful. Monitoring of worldvide Snfe¢tious disease outbreaks. Board and lodging. Panilgmics. Illness. death. loss of busin888. damage to reputation Owning and operating buildings. Structural def9cls. Danger lo residents, darnage to buildings. Ic6s of facilities. Prepare and update pandernic plan. Rolling programme of capital renovations. Employment of structural engineers to advis9 on any building alterations. The bar roof has been comprehensively repalred, including 20-year warranty. Kitchen refurbishment and floor by floor ARCO refurbishment both approved. Boathouse roof repair, agreed with Christ Church and the works are ready to proceed. Kitchen refurbi8hrnent prolect approved. College Contribution Scheme funding secured for condition Survey of the Colle e eslale. 13
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2024 Activity. rlsk and pot•ntlal damago Risk management measures adopted Progress report for 202344 and further m¥a$ure$ to be considered during 2024-25 Inflation. Adverse irnpacl of high inflation on College finances. Financial loss. Apply inflationary Increases lo income lines where possible. Careful cost management but not yet implemfyntlng a cost reduction programme. The rate of inflation is now reduang and in the case of energy prices expected to be negate in 24125. However, the impact of very high inflation is now baked into the College operating finances. College annual net cashflow Is nègative in the 24125 bud et afterdebl re ment commitments. No change in undedying risk or numbers. Even at lower levels of inflation. College fin8n¢es remain under pressure as 11 Domestic undergraduate fee income flat since 2017 21 College domestic operation is loss making, so even if inflationary cost increases are passed on to students. the size of the loss rows with infiation. The 24125 Budget includes Capex al £1.1 rn. The updated 5 year capex plan shows that Capex wlll noed lo increase lo c£2m over the period Funding. Changes in College feel extgrnal funding.. impaet on Collèges of likely deficit In University funding. Financial lossl fijnding shortfall. Work through Conference of Colleges and Estates BuTsaTS Committee FundSng. Capital oxpenditure on the estate has been significanuy constrained sincè Covid. Th8 estats will require significant investment over the mediurn lemi. Damage to the fabric of th6 èstate resulting in significantty higher costs in the lon run. General Funds. Inadequate gèner81 funds loth8nlse known as free reserves) makes the College vulnerable lo unexpected additional costs or drop in income. Temporary cash flow problem which might only be resolved by disruptive st onement of other s endin Recreation and sports. Accidents. Injury. 5.year capital expenditure plan prep8red in May 2023 and reviewed annually. Donor funding being sought for specific large projects e.g. Chapel windows and bar roof repair. Issue considered by Finance Comrnittee. Agreed that we should aim to build reserves to thè èquivalent of three months. charitable expenditure. Underlying improvement of £1m In 2023124. Thtr College still has negatNe general funds and needs to create a reserve of positive funds. One- off donations received in the year are unlikely lo be Tepeated. Requirement lo cornmil to a realistic HBAC debt repayment I refinancing strategy and to fund increased ca ital ex enditur8. Risk assessment review discussed with University's Head of Sport with view to H&S advisors carying out 3 full rtsk 8$5essmenl on all major Keble Sports - planned for latter haw of 2024. Plan to implement schedul& of modular training, combined with performance management. Follow University polS¢y and guidelines and take measures to raise awareness of risk. Employinglretaining staff. Lack of managernent resilience in response to external pressures. Inability to iespond to challenges. communicate difficult messages to teams, absence of effective dialo ue across o anisation. Employinglretainlng stsff. Inability to recruit for key vacancies at all leveIs. Inability to provide key Collegg services Caterin9, accommodation. Management training review. Review Colleges employment benefitslrewards. Move to Oxford Living Wage 2022. Operational resilien¢o now buill-into the largest operational teams by managers. Lowest paid staff received 12.OYo pay rise in summer 2024. An elemènt of hybrid working is 8uggesled in most ossible ob vacancies. Compathent suNoy of Parks Road sile ha5 been completed. Recommended works now need to bè instigated. Rolling programme has bg8n allocated budget. Owning and OP*Tating buildings. Failure of uliSilies services. Fire (failure of electrical systems)., danger to residents fiom water- bome bacleTia,' water damage. Renewal of electrical arcuits and plumbing seNices throughout the College. Well estsblished regimes for flushing water systems and PAT tpsting eledrical appliances. Liability insurance 1£10mn limit an one occuirence . Publiase rules. Information and IT provision. Data Protection fallure. Exposu to legal action. All retention schedules completed and subject to rolling rev16w. ROPA mapping ongoing in one dgpartmtsnl. Breach and SAR prOdureS are working well. GDPR documentation lo be reviewed on an annu81 basis. Inhouse training is being rolled out lo non-academic staff to improve their awareness of GDPR. The Oxford Living Wage increase by 10% in April 2024. 2024-25 Budget Includgs a response lo the University Remuneration Review. This results in an overall cgVD annual increase In non-academic salarfes. Employment costs. Sudden and un8xpe¢tgd Sncrgases. Financial strain, threats lo core activity presented by possible remedial measures. Estates Bursars, Committge actively engaged in working parties dealing wth pensions (both USS and OSPSI 14
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2024 Activity, rlsk and pot•ntial damage Rlsk management measures adoptad Progress report for 2023-24 and further measures to b• eon$idered durin 202&2S High volurne recruitment continues. Professional departmental reviews of actual required staff numbers lin largest departmenlsl is reaplng efficiencies. Lowest pay point salaries may be a partial cause of high lumover. Cited reasons for staff leaving include poor line managèment as well as increased promotlon prospects elsewhere. As line rnanagemenl abilities improvè, this should improve staff experience al work and Teduce loss of key staff. Loss of key staff. Loss of crllical business continuity. Review reward and retention strategy and Implgment contingency planning. FUTURE PLANS The strategic challenge is to consider how to invest in developing the academic activities of the College and in improving the College's sustainability metrics while continuing lo improve the financial position, including delivery of a long temi debt repayment plan. Whilst inflation has subsided there is an ongoing risk of above inflation pay increases in the labour market and the College must maintain its position as a desirable employer. The College will continue to monitor the impact of inflation on operating costs and on retention and recruitment of staff. Keble is also committed lo monitoring the cost of living for our students, and will provide support wherever possible. The confence business performance has continued improve and is now delivering slightly higher revenue than pr pandemic in nominal terms and approximately the same in real terms. The impact of high inflation is now baked into the cost base and profitability is still lower in real terms than pre-pandemic. However. the introduction of significant inlemational summer school business and a move away from short term bed and breakfast bookings has resulted in increased profitability in the current year which is anticipated to continue into the 24125 financial year. The College will review the impact of these business model changes and consider further changes lo maximise the return from the ConfenCe business. All non-essential capital projects were put on hold whilsl the College recovered from the pandemic. The College is now managing capital expenditure against a 5-year rolling capital expenditure plan that highlights several areas where significant expenditure is required, including kitchen operations and a new rolling programrne of student room refurbishment in certain ollege buildings. The College is also assessing cost-effective ways lo improve its carbon footprint, and a proportion of thè capital expenditure plan is allocated for investment in initiatives in this critical area. Sustainability is also being considered as part of each capital project. 15
KEBLE COLLEGE Report of the Governing Body For the year ended 31 July 2024 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body is responsible for preparing the Report of the Governing Body and Ihe financial slatemenls in accordance with applicable law and regulations. Charity law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body has prepared the financial statements in accordance United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law}, including Financial Reporting Slandard 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 102). Under charity law the Governing Body must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the College and of ils net income or expenditure for thal period. In preparing these financial statements. the Governing Body is required to.. select the most suitable accounting policies and then apply them consislently., make judgments and accounting estimates that are reasonable and prudent., state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements., state whether a Statement of Recommended Practice ISORP) applies and has been followed, subject lo any material departures which are explained in the financial statements.. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the College will continue to operate. The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College's transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with the Charities Act 2011. It is also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Governing Body on 6 November 2024 and signed on its behalf by= Sir Michael Jacobs Warden 16
KEBLE COLLEGE Independent Auditorfs report to the Members of the Governing Body of Keble College For the year ended 31 July 2024 Opinion We have audited the financial statements of Keble College (the "Charity") for the year ended 31 July 2024 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities. the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statemenl and notes to the financial statements. The financi81 reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pracllce). In our opinion. the financial statements give a true and fair view of the slate of the group and charity's affairs as at 31 July 2024 and of the group's income and expenditure for the year Ihen ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: have been prepared in accordance with the requirements of the Charities Acl 2011. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those slandards are further described in the Audilor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant tr) our audit of the financial slalements in the UK, including Ihe FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng ¢on¢em In auditing the financial statements. we have concluded that the Members of Ihe Goveming Body's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least 12 monlhs from when the ff nancial statements are authorised for issue. Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in Ihe relevant sections of this report. Other information The Members of the Goveming Body are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report theOn. Our opinion on the financial slatements does not cover the other infomiation and. except to the 8xtent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomiation and. in doing so, consider whether the other information is materially inconsistent with the financial statemenls or our knoedge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. If, based on the workwe have perfomied. we conclude that there is a malerial misstatement of Ihis other infomation. we are required to report that fact. We have nothing to report in this regard. 17
KEBLE COLLEGE Independent Auditor's report to the Members of the Governing Body of Keble College For the year ended 31 July 2024 Matters on which we are requlred to report by ex¢eptlon We have nolhing to port in respect of the following matters in relation to which the Charities Ad 2011 requires us to report to you if. in our opinion.. sufficient accounting records have not been kept: the financial statements are not in agreement with the accounting records and returns- or we have not obtained all the information and explanations necessary for the purposes of our audit. Responslbllltles of the Membors of the Governing Body As explained more fully in the Statement of Accounting and Reporting Responsibilities [set out on page 151, the Members of the Goveming Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as they determine is necessary to enable the preparation of financial statemenls Ihat are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the Members of the Goveming Body are responsible for assessing the ChaTity's ability to continue as a going concem. disclosing. as applicable, matters related to going concem and using the going concern basis of accounting unless the Members of Ihe Governing Br)dy either intend to liquidate the Charity or to cease operations, or have no realistic allernalive but to do so. Auditorfs responsibilities for the audlt of the flnancial statements We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error. and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. Our approach to identifying and ass&ssing the risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, was as follows- the engagement partner ensured that the engagemenl team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations: we idenlified the laws and regulations applicable to the charity through discussions with Members of the Governing Body and other management. and from our knowledge and experrence of the client's sector., we focused on specffic laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and Safety legislalion., we assessed the exlent of compliance with the laws and regulations identified above through making enquiries of management and, where relevant, inspectSng legal cOrresponden- and identified laws and regulations were Communicaled within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur. by.. making enquiries of Members of Goveming Body and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal conlrols in place to mitigale risks of fraud and non-compliance with laws and regulations., 18
KEBLE COLLEGE Independent Auditor's report to the Members of the Governlng Body of Keble College For the year ended 31 July 2024 To addsS the risk of fraud through manag8ment bias and override of controls, we.. perfomed analytical procedures to identify any unusual or unexpected relationships- tested journal entries to identify unusual transactions., assessed whelherjudgements and assumptions made in determining the accounting estimates were indicative of potential bias.. and investigated the rationale behind significant or unusual transactions-, In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures lo underlying supporting documentation- reading the minutes of meetings of Ihose charged with govemance- enquiring of management as lo actual and potential litigation and claims- if considered necessary, reviewing correspondence with relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Members of Governing Body and other management and the inspection of regulatory and legal correspondence. if any. Material misslatements that arise due to fraud can be harder to detect than those that arise from error as they may involv6 deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Finan¢ial Reporting Council's website at: www.frc.or .uklauditorsres onsibililies. This description fonns part of our auditor's pOrt. Use of our report This report is made solely to the College's Governing Body. as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might stale to the Members of the Governing Body Ihose matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the College's Goveming Body as a body, for our audit work. for this report. or for the opinions we have formed. Critchleys Audil LLP Statutory Auditor Oxford 15 November 2024 CritchlBys Audit LLP is eligible to act as an auditor in terms of sections 1212 of the Cornpanies Act 2006. 19
KEBLE COLLEGE statement of Accounting Policies For the year ended 31 July 2024 Scopo of the financial statements The financial statements present the Consolidated Statemenl of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiaries, Conference Keble Limited and Keble Properties Limited. No separate SOFA has been presented for the College alone, as Currenlly permitted by the Charity Commission on a concessionary basis. A summary of the results and financial position of the charity and each of ils material subsidiaries for the reporting year are in note13. Basls of a¢Gounting The College's individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular'FRS 102-. The Financial Reporting Standard applicable in the UK and Republic of Ireland. (FRS 102). The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared ils individual and consolidated financial statements in accordance with'The Statement of Recommended Practice applicable lo charities preparlng their financial statements in accordance with FRS 102. {The Charities SORP (FRS 102)). The financial statements have been prepared on a going concern basis and on the historical cost basi$. except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within Ihe Statement of Financial Activities {SOFA)- The principal accounting policies adopted a set out below and have been applied consistently throughout the year. Aceountlng Judgements and estimatlon uncertainty In the view of the Governing Body. in applying the accounting policies adopted no judgements were required that have a significant effect on the amounts recognised in the financial statements. 4. Income recognltlon All income 15 recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured. Income from fees. Ofs support and other charges forserwces Fees receivable. Ofs support and charges for services and ts$e of the premises are recognised in the period in which the related service is provided. b. Income from donations, grants and18gaci8S Donations and grants that do not impose future performance-related or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance- related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met. Legacies are recognised following granl of probate and once the College has ceiVed sufficient information from the executorlsl of the deceased's estate to be satisfied that the gift can be reliably meaSud and that the economic benefit lo the College is probable. Donations. grants and legacies accruing for the general purposes of the College are credited to unreslricled funds. Donations, grants and legacies which are subject lo condilions as to their use imposed by the donor or sel by the terms of an appeal are credited to the relevant restricted fijnd or. where the donation, grant or legacy is required lo be held as capital, to the endowment funds. Where donations are received in kind las distinct from cash or other monetary a55els). they are measured at the fair value of those assets at the date of the gift. Investn7ent income Interest on bank balances is accounted for on an accrual basis with interest cOgniSed in the period to which the interest relates. Income from fixed interest (Jebt securitie5 15 recognised using the effective interest rate method. Dividend income and similar dislributions are recognised on the date the share interest becomes ex-dividend or when the right to the dividend can be established. Income from investrnent properties is recognised in the period to which the rental income relates. 20
KEBLE COLLEGE statement of Accounting Policies For the year ended 31 July 2024 Exponditure Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the College to expenditure that will probably qUIre settlement, the amount of which can be reliably measured or eslimaled. Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligalion for their payment arises. Grants subjecl to perfomiance-related condilions are expensed as the specified conditions of the grant are met. All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditltre categories in the Statement of Financial Activities (the SOFA). Support costs. which include governance costs (Costs of complying with constitutional and statutory requirements) and other Indi¢t costs, are apportioned lo expenditure categories in the SOFA based on the estimated amount attributable lo that activity in the year, either by reference to staff time or the use made of the underlying assets. as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relales. Intra-group sales and charges beeen the College and its subsidiaries are excluded from trading income and expenditure in the consolidated financial statements. Leases Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included within fixed assels and depreciation is charged over the shorter of the lease term and the assets, useful lives. Assets are assessed for impaimenl at each reporting date. The corresponding capital obligations under these leases are shown as liabilities and cogniSed at the lower of the fair value of the leased assets and the present value of the minimum leas8 payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as to achieve a constant rate of interest on the remaining balance of the liability. Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a straight line basis over the relevant lease terms. Any lease incentives are recognised over the lease lerm on a straight-line basis. Tangible fixed assets Land is stated at cost. Buildings and equipment are staled at cost less accumulated depreciation and any accumulated impairment losses. Expenditure on the acquisition or enhancemenl of land and on the acquisition. construction and enhancement of buildings which is directly attributable to bringing the asset lo its working condition for its intended use and amounting to more than £20,000 together wsth expenditure on equipment costing more than £20.000 is capitalised. Where a part of a building or equipment is replaced and the costs capilalised. the Carrying value of those parts replaced is derecognised and exp8nsed in the SOFA. Other expenditure on equipment incued in the normal day-to-day wnning of the College and its subsidiaries is charged to the SOFA as incurred. Depreciation Depreciation is provided to write t)ff the cost of all relevant tangible fixed assets. less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows.. Freehold properties, including major extensions Leasehold properbes Building improvements Equipment 40 years 40 years or period of lease if shorter 40 ygars 5 years Freehold land is not depreciated. The cost of maintenance is charged in the SOFA in the period in which it is incurred. At the end of each reporting period. the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carying values of tangible fixed assets ar8 reviewed for impairment. 9. Horitage Assets The College has chosen to hold heritage assets at fair value. The College has a number of asset5. including items of art and historic texts that meet the definition of heritage assets under the SORP. Heritage assets purchased are initially recognised and subsequenuy measured at fair value. Items donated to the College are recognised at fair value. 21
KEBLE COLLEGE Statement of Accounting Policies For the year ended 31 July 2024 10. Investments Investment properties are initially recognised at their cost and subsequently measured at their fair value (market value) at each reporting date. Purchases and sales of inveslment properties are recognised on exchange of contracts. Listed investments are initially measured at their cost and subsequenlly measured at their fair value at each reporting date. Fair value is based on their quoted prtce at the balance sheet date without deduction oflhe estimated future selling costs. Investments such as hedge funds and private equity fiJnds which have no readily identifiable market value are initially meaSUd at their costs and subsequently measured al their fair value at each reporting date without deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respecttve fund managers. Changes in fair value and gains and losses arising on Ihe disposal of investments are credited or charged to the income orexpenditure section of the SOFA as'gains or losses on investments. and are allocated to the fund holding or disposing of the relevant investment. 11. Otherfinancial instruments Cash and c8sh equivalents Cash and cash equivalents include cash al banks and in hand and short-term deposits with a maturity date of three months or less. Current asset investments Current asset investsnents include short term deposits with have fixed ten maturities of less than one year but greater than three months. Debtors and ¢dItorS Debtors and creditors receivable or payable within one year of the reporbng date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rale of interest are measured al the present value of the expected future receipts or payment discounted al a market rate of interest. 12. Stocks Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in. first out basis. 13. Foreign curreneles The functional and presentation currency of the College and ils subsidiaries is the pound sterfing. Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates al the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign CUTrencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA. 14. Total Roturn investment accountlng The College statutes authorise the College to adopt a 'lotsl return. basis for the investment of ils permanent gndowment. The College can invest its pemanent endowments without regard to the capitaifincom8 distinctions of stsndard trust law and with discretion to apply any part of Ihe accumulated total return on the investment as income for spending each year. Until this power is exercised. the total relurn Is accurnulatgd as a component of the endowrnent 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. 22
KEBLE COLLEGE statement of Accounting Policies For the year ended 31 July 2024 15. Fund a¢¢ounting The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the terms sel by the donors orset by the temis of an appeal. Endowmentfunds are furthersub-divided into permanent and expendable. Unrestricted funds can be used in fvrtherance of the objects of the College at the discretion of Ihe Goveming Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds. Reslricled fvnds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of eifher gifts where the donor has specified that both the capital and any income arising must be used forthe purposes given orthe income on gifts where the donor has required or permitted the capital to be maintained and with the intention that the income will be used for specifi¢ purposes within the College's objects. Pemianenl endowment fiJnds arise where donors specify that the funds are to be retained as capital for the permanent benefit of the College. Any part of the total return arising from Ihe capital that is allocated to income will be accounted for as unrestricted funds unless the donor has placed restrictions on the use of that income, in which case it will be accounted for as a restrtcled fund. Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given. for the long term benefit of the College. However, the Governing Body may at their discretion detemiine to Spend all or part of the capital. 16. Penslon costs The costs of retirement benefits provided lo employees of the College through mulli-employer defined pension schemes, the Universities Superannuation Scheme I'USS'I & the Oxford Staff Pension Scheme ('OSPS'I. are accounted for os if these were defined contribution schemes as information is not available lo use defined benefit accounting in accordance with the qUirements of FRS 102. The College's contributions to these schemes are recognised as a liability and an expense in the period in which the salaries to which the contributions relate are payable. Where deficit recovery plans have been in place in past years. the College has recognised its share of the deficit plans place on both schemes. 23
Keble College Con8olldated Statement of Financlal Actlvltles For the year ended 31 July 2024 Unreslricled Restricted Endowed 2024 Tolal £000 2023 Total £000 Fund5 £000 Funds £000 Note8 £000 INCOME AND ENDQWMENTS FROM.. Charltable actlvitles Teaching, research and rt5idential Other tradlng Income Donations and legacl88 Investment5 Investment in¢ome Total return allocated lo income Other income 10,907 10.907 2,522 7,540 10,517 2.249 5.742 5,042 753 1.745 959 718 50 2,405 11,6961 3,364 2,930 19 33 978 33 Total Income 21.471 EXPENDITURE ON.. Charitable actlvltles Teaching, research and residential 12,245 1.971 14.216 14.818 Generatlng funds Fundraising Traijing expenditure Investment management C05ts 829 1,629 21 50 1.629 828 1,532 2.458 21 2.360 Total 8xpendltur¢ 17.178 Net Incom8llexpendlturel before galns 5,495 12611 2,454 T,68B 4.293 Net gainslllo$$e$l on Investments Fixed a55et impainnent charge 12 2.525 2,419 12,7311 Net Incomelltxpendlturel 8,020 12811 4,873 12,632 1,562 Transfers baeen fund$ 19 39 1391 Other recognlsed galnsnos$Ès Gainslllossesl on revaluation of fixed a55els Actuarial gainslllessesl on defined benefit pension schemes Net movement In lunds for the year Fund balance5 brought ferward 8.059 13001 4.873 12,632 1,562 19 74,200 1,493 61.430 137,123 135.561 Funds c8rrled forward at 31 Juty 19 82.259 66.303 149 755 137.123 24
Keble College Consolldated and College Balance Sheets For the year ended 31 July 2024 2024 Group £000 2023 Group £000 2024 College £000 2023 College £000 Note5 FIXED ASSErs Tangible assets Heritage assets Property investments Investments 82.312 27.108 12,600 63,245 84.538 27,108 10,075 57.681 82,312 27,108 12,600 63.245 84,538 27.108 10.075 57.681 12 Total flxed a$$ets 18S,265 179,402 185 26S 179,402 CURRENf ASSETS Stocks Debtors Current asset investments Ca8h and cash equivalents 45 4.928 2,784 500 3.876 4,535 511 S.676 1.727 500 3.71f 16 26 6,042 Total current a$$¢ts 11,524 7,224 ,007 LIABIUTIES CritOrs.. amounts falllng due wilhin one year 17 4.234 3,700 4,373 3,102 NET CURRENT ASSETSI ILIABILITIESI 7.290 3.524 6.394 2.905 TOTAL ASSETS LESS CURRENT LIABILITIES 192.555 182.926 191,659 182,307 CRÉDtTORS: lalllng due after more than one year Provlsltsns fc*r Ilabilitie5 and charges 42.800 43,600 42,800 43.600 NET ASSETS BEFORE PENSION ASSET OR LIABILITY 149,755 139,326 148.859 138.707 Deflned beneflt penslon s¢hem¢ liabllity 2,203 2.203 TOTAL NET ASSETS 149 755 137 123 148 859 FUNDS OF THE COLLEGE 19 End0vont funds 66,303 61,430 68.303 61,430 Restrlctsd funds 1,193 1.493 1,193 1,493 Unrestrlcted funds Designated fund$ Gen8ral funds Revaluation resetve Pension reserve 55,446 12951 27,108 54,615 15,3201 27.108 12,2031 74,200 55,446 11,1911 27,108 54,615 15,9381 27,108 12,2031 73,582 82,259 81.363 TOTAL FLINDS 137 123 148 659 The fin8ncial statements were approvwj and authDrised for i55ue by the Governing Body of Kee Cgllege on S November 2024. Sir Michael Jacobs Warden F LeaGh Deputy Bursar 25
Keble College Consolidated Ca8h Flow Statement For the year ended 31 July 2024 2024 Group £000 2023 Group £000 Note$ Net cash Iu8ed Iny provlded by operating activities 25 2.446 1.474 Cash flows from Investing activlti88 Dividends. interest and rents from investments Purchase ol property, plant and equipment Proceeds from sales of investments Purchase of Investtnents Net cash provldÈd by Ilused rnl investing actlvltles Cash flows from flnancing activitles Repayments of borrowng Cash inflows from new borrowing Receipt of endowment Finance costs paid Net cash provlded by Ilu$¢d Inl Itnanclng activit188 3.384 13651 56S 2,930 16711 98 13.7111 11571 13,6001 11,2431 14001 1,746 11,4681 11231 2,654 11,4741 1,180 Change In ¢ash and cash equlvalents In the r8POrtlng perlod 2,166 1.411 Cosh and cash equlval8nts at the beglnnlng of the reportlng perlod 3.876 2,465 Change in cash and cash equlval*nts due to exchange rate movements Cosh and Cash equlval8nts atthe end of the reportlng peilod 26 6,042 3,876 Charity law quireS separate administration ofthe ca$hflows of endowed and other r881ricled bjnds of the College. This ¢onslraint has not adversely affected group cashflows as staled above. 26
Kebl8 College Note8 to the fflnan¢ial statement8 For the year ended 31 July 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 £OOD £000 Teachingi research and re$ldential Unrestrict8d funds Tuition fees- UK and EU studen15 Tuition fees- Overseas student5 Other fees Other Office for Students SUPPDrt Other academic income College residential in¢orne 2,317 2,010 409 92 2.365 1.800 438 130 177 5.902 10,907 5.678 10.517 Amounts received from the Unwer5ity of Oxford from publicty acceuntable funds under the College Funding Ferrnula induded in the above.. 4.416 4,259 To support the strategic priority to fund more graduate scholars and to enable out8tanding students to take up their places regardless of their financial Position. for graduate students with overseas fee status funded through the Clarendon or UKRI scholarship funding schemes. the ¢ollege share af Ihe fees waived amounted to £61k12023'. £29kl. These are not Includ in the fee income reported above. DONATIONS AND LEGACIES 2024 2023 £000 Èooo Unrestricted funds Restricted fund$ Endowed fund$ S.042 753 1.eeo 1,428 2.654 5,742 1.745 7,540 INCOME FROM OTHÉR TRADING ACTIVITIES 2024 £000 2023 £000 Unrestricted funds Subsidiary company trading in¢ome other trading income 2.459 63 2,176 73 2,249 INVESTMENT INCOME 2024 £000 2023 £000 Uni88trlctsd funds Commercial rent Bank interest 789 749 170 969 753 Endowed funds Investment Income 2,40S 2.177 Totsl Investmlnt In¢ome 3,364 2.930 Investment income is stated net of investment management fee5 where il is not practicable lo idenlitythesE ¢0$15 seperate. 27
Keble College Notes to the flnanclal Statements For the year ended 31 July 2024 ANALYSIS OF EXPENDITURE 2024 £000 2023 £000 Charltable expendlture. Teachlngj research and re8ldentlal Direct staff costs Other direct costs Support and governance cost5 see note 6 Support and governance- movernent on prevision for defined benefit p&n$ion $¢hetne$ 6.14B 5,063 5,206 12,2011 6,034 4,817 5.301 11,3341 Total charltable expendlture 14,216 14,818 Expenditure on raising fund8 Direct Staff c051s allocated to.. Fundraising Trading expenditure 551 936 487 957 Other dI¢t costs allocated lo.. Fundraising Trading expendrture 232 615 277 497 Support and governanee costs allocated to.. Fundraising Trading expenditure see note 6 see note 6 6T 78 78 Total eXndItuTe on ralslng funds 2A79 2.3eo Totsl expendltur8 16.695 17.178 Teaching, research and residential exndItu In¢lude5'Contribution': The College 15 liable to be assessed forcontribution under the provislons af Statute XV of the University of Oxford. The contributs.on Fund is used to make grant5 and loans to colleges on the ba$1$ of need. Contribution is calculated annually in accordance with regulations made by the Ceuncil of Ihe Unwersity of Oxford. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Teaching, Research & Residential Generating Funds Total 2024 2024 £DOO £000 £000 Finan¢lal administration 73 373 218 Dome$tiG administration Human ie50urces 223 215 303 2.591 1.468 221 364 2,591 1,468 61 Depre¢ialion Bank interest payable otherfinance charge5 Govemance costs 38 38 145 5.206 5.351 2023 Total 2023 Financial administration 83 40S 259 Dornestic administratien Human re50urce5 265 161 231 2,623 1,474 167 278 2.623 1A74 47 Depreciation Bank interest payable Other finance charges Govemance costs 34 142 5,188 5.330 28
Keble College Note$ to the financial statements For th? year ended 31 July 2024 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Icontl Finance and domestl¢ administration, IT and human raseurce8 Costs are attributed attording lo the estimated staff lirne spent on each activity. Depreciation costs and fixed asset impairment are attribuied in full lo the College'5 charitable aclivilies, since it is for the support of those activities that the buildings, plant and equipment being depreciated are held. Inler88t and other finance chargès are attributed acGording to the purpose of the related finanang. Governance costs are allocated lo the core charitable a¢lIvY of tulOn. 2024 £000 2023 £000 Governance co$ts In¢lude: Auditovs remuneration- audit services Auditors remuneration- tax advi50ry seNces Legal an¢J other fees en constilulional matters 3J 28 39 No amount has been included in Governance Costs for the tlired employtnent cost5 or reimbursed expenses of the College Fellows on the basis that these payments relate lo the Fellows, inv¢lvement in the College'5 charitable aclivilies. Details of the remuneralicn of the Fellows and their reimbursèd expen$es are prowded in note 22 belcw. GRANTS AND AWARDS 2024 £000 2023 £000 Unre$trfGted funds Gffjnls to individuals". Undergraduate scholarships, prizes and grants 8ursarie$ and hardship awards Graduate s¢holar5hips. prizes and grant5 Grants to other institutions 68 70 104 115 15 18 200 Restrlctsd funds Grants lo individuals.. Undergraduate scholarships. prizes and grant$ Bursalles and hardship awards Graduate scholarships, prizes and grant$ Grants to other institutions 74 291 413 67 186 60 46 648 838 Total grants and awards 1,018 848 The above c051s are included within the charitable eXpenrtU on Teaching and Research. Gran15 to other institution5 mainly comprise awards lo Keble parishes from the Harlow Trust and the Poor Pari5he5 Fund5. STAFF COSTS 2024 £000 2023 £Doo Salaries and wage5 Social Security costs Pen5i0n cest5 Defined b&nefil 5chernes- employerts contributions Defined contribution scheme8- employers ¢ontributions Supplementation payments D8fined benefit scheme8- movement on penslon provlslon 7,141 570 6,841 550 573 652 287 238 12.2461 6.276 11.3341 6.998 Includ wilhln Salaries and wages were lerminalion payments amounting to £8k12023.. £nill, which We fully paid thIn Ihe year. 29
Keble Coll8g8 Note8 to the flnanclal Statements For the year ended 31 July 2024 STAFF COSTS Icontlnuedl The average number of employee5 of the College, excluding Trustees. on a full time equlvalent basis was a5 follows.. 2024 No. 2023 Tuition and SearCh College residential Fundraising Support Total 15 97 13 87 23 142 23 130 The average number of employed College Trusteas during the yearwas as folli)ws'. 2024 2023 No. Associate Professor and Tutorial Fellow- University Associate Profe$sor and Tuiorial Fellow- College Other leaching and research Other Total 26 40 41 The following information relate$ to the ernployee5 of the College excluding the College TrtJ$tees. Details of the remuneration of the Fellows and their reimburse(l exwnses are provided in note 22 low. The number of ernployees lexduding the College Trustee$l during the year whose gross pay and benefits (excluding employer Nl and pension ¢ontributionsl fell within the following bands was.. 2024 2023 No. £60.000- £70.000 £70,000- £80.000 The number of the above employees with rel1ment benefi15 accruing was as follows.. In defined ¢ontribulion sGhemes £000 tooo The Gollege ¢onlributions to dofined contribution pension scheme$ forthese employees tctalled 23 30
Keble College Notes to the finan¢lal statsments For the year ended 31 July 2024 TANGIBLE FIXED ASSETS Freehold land and Equipment Group and College Tt)tal £000 £000 £000 Co8t At stsrt of year Additions Disposals 106,182 343 2.905 22 109,087 365 At end ef year 106,525 2.927 109,452 Depreclatlon Al stsrt of year Charge for the year On disposals 22,069 2,529 2.480 62 24,549 2,591 At end ef year 24,598 2,542 27,140 Net book value At end of year 81.927 385 82.312 At start of year 84.113 425 B4.538 In addition lo ils heritage assets Is&& nole 101. the College has substantial long-held hisloric a$s&ts all of which are used in the course of th8 College'8 leaching and $earth aclivilies. These comprise listed buildings on the College sile togetherwilh their contents. Because of their age and. in many ca$es. unique natur8, reliable historic81 cost information is not available for these assets and could not be obtained except at disproporfonate expense. However. in the opinion of the Trustees the depreciated historical cost of these assets is now immaterial. 10 HERITAGE ASSETS Paintings Al Valuation £000 Manuscripts At Valuation £OOD In¢unabula Al Valuation £000 Group and Colleg¢ T¢)ial At start and end of year 12,550 12,840 1.718 27.108 The College ¢urrently holds three dasses of assets for heritage purposes." piGlures. manuscripts and incunabula. There are pictures in the ¢¢llection.' The Lwhl of the Wortd by Holman Hunt. anij The Lamenfation of Christ from the workshop of Willem Key. The College ha$ 87 rnanu5crip15, all of which are included in the ¢atalogue of the collection by Malcolm B. Parkes.. The m&dieval manusGnpls olKeblg Collegg Oxford119791 There are 100 items in the rollection of early printed books. All these heritage assets Nver& donated to the College in ils earfy years. The pictures a on display in the Chapel and rnay be viewed by members of the publiG al no charge when the College is open. The manuscripts in¢unabula are held in the College Library and are available lo sGholars on reque51. A digital image ha$ been rnade of the tnost larnous manuscript in the collection- the Regensbury Le¢tiDnary. Ml three ¢lasses of assets were valued as at 31 July 2014. 31
Keble College Notes to the flnanclal statements For the year ended 31 July 2024 PROPERTY INVESTMENTS Group and College 2024 Totsl £'ooo 2023 Total £'ooo Agricumural £'ooo 0mmela1 £'ooo Other Valuation al start of year Revaluation gainslllos8esl in the year 10.075 2.525 10.075 2.525 10.075 Valuation at end of year 12.600 12.600 10.075 Commercial propertles represent the Portion ef the H g Allen Centre and an adjoining business which are ranted lo commercial tenants. A formal valuation of the ¢ornmercial proreS was prepared by Carter Jonas as al 5th August 2024 for Ihe year ènded 31 July 2024. The valuation wa5 conducted ln accordance wth the investment method of valuation. Subsequent assesment of valuations are based on readily available market infomiation. 12 INVESTMENTS All investments are held at fair value. 2024 2023 £000 £000 Group Investments Valuation at start of year New money inve51ed Investments gifted Amounts withdrawn Reinve$led income Investment managetnent fee5 IDecrea5ey In¢aSe in value of investrnents 57,661 3,200 57,410 3,100 1551 1981 2,419 12,7311 Group Investments at end of year 63.245 57,681 Investment in subsidlaries College Investrnents al *nd of year 63.245 57.681 Group Investments ¢omprfse: Held outside the UK £000 leld in the UK 2024 Total Held outside the UK Held In Ihp UK 2023 Total £000 £000 £000 £000 £000 Equity investment$ Global multi455et funds Joint Equity investments Fixed inter8St stocks 58,701 1,761 S8.701 1,761 52.973 1,764 52.973 1.764 Atternativa and other inveslmenls 2,775 2,782 237 2.7C6 2.943 Total group Invesknents 83.238 237 57,444 57.681 32
Keble Colleg8 Notes to the flnanclal Statements For the year ended 31 July 2024 13 PARENT AND SUBSIDIARY UNDERTAKINGS The College htyld$ 100% of the issued Share capital in Conference Keble a ¢ompany providing conference and other event servic88 on the College preTni5e5, and 1000A of the issued share ¢apital in Keble Propertie5 Limited, a company providing design and build constru10n serwi¢es to the College. Both subsidiaries have thelr iegi51ered office at Keble College. Parks Road. O*ford. The re$ulls of the parent and subsidiaries, and their assets and liabilities at the year end. were as follcw5'. Keble College Iparenll Keble Propertie5 Conference Keble £000 £000 £00 Tumover Expenditure Donation to College under gift aid Interest receivable (Lossesllgains on revaluation Re$ult for the year 21.S55 117.8231 51 1501 2,459 11,6371 15441 170 4,945 9.391 278 Totsl assets 196.032 147.1731 1,428 15321 Net fund$ at Ihe end of year Se? addtionally note 34b for prior year comparatives. 148.859 896 14 STATEMENT OF INVESTMENT TOTAL RETURN The Trustee5 have adopt a duly authorised policy of total tUrn accounling for investrnent returns with effect from 2003. The return to be applied as in¢orne for the year ended 31 July 2024 and 31 July 2023 was calculated as 3.5% of the average ofthe year-end values of the relevant inve51Tnenls in each of the last 5 yea. The preseryed Ifrozenl value of the invested endowment capital presents its open market value on 31 July 2004 togetherwith all subsequent endowments valued at dale of gift Permanent Endowment Unapplied Total Retum £000 xpendable Endowrnenl Total Endowments Trust for Investment £000 Total eooo £000 £000 At the beginnlng of th& year-. Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments 28,915 28.915 21.523 28,915 21,523 10,992 61,430 21.523 10.992 10,992 28.915 21,523 50,438 Movements In the reportlng p8rlod: Gift of endowment funds Investment retum.. dividends and interest Investment retum.. realised and unrealised gains and losses Les5'. Investment management costs Other transfers Total 1,676 1,676 1,971 1.9e6 69 434 1.745 2,405 2.419 1.971 1.986 433 1.676 3,957 5,633 936 6,569 Unapplied totsl return alloialed to income Expendable endowmen15 transferred to income 11,4061 11,4061 11,4061 12901 11,6961 12901 12901 11.4081 11,4061 Net movements In reportln9 perlod 1.676 2,551 4.227 646 4,873 At end of the reportln9 perfod.. Gift component of the pemianent endowmEnt Unapplled total return Expendable endowment Total Endowments 30,591 30,591 24.074 30,591 24.074 11,638 66.303 24,074 11.638 11.638 30,591 24.074 54.£65 See addtionalty note 34cfor prior year cornparalives. 33
Keble Collego Notes to the finan¢ial statements For the year ended 31 July 2024 15 DEBTORS 2024 Group £000 2023 Group £000 2024 College £000 2023 College £000 All due withln one year. Trade debters Amounts owed by College members Amounts owed by Group undertakings Loans repayable within one year Prepayments and accruèd income Other debtors 641 359 1.173 374 233 359 17 365 374 17 21 17 21 3.302 607 1,014 202 3,302 607 756 202 16 Current asset Investments 2024 2023 Group £000 2024 2023 College £000 Group £000 IlegÈ £000 Flxed term bank dep05115 500 500 511 511 500 17 CREDITORS.. lalllng due wfjthln one year 2024 Group £000 2023 Group £000 2024 College £000 2023 College £000 Bank overdrafts Bank loans Isee note 181 Obligations under finance leases Trade creditors 800 400 800 400 1,412 345 1.613 322 875 322 143 Amounts owed to College Mernbers Amounts owed to Group undertakings Taxation and social security College contribution Accruals Deferred incomè Other creditcrs 345 671 382 314 383 314 429 327 545 50 424 327 542 50 539 456 539 456 4.234 3.700 4.373 3.102 Oeferred income represents services relating to the provislon Of $pa¢e to Mmmer¢ial tenants. Nfence 5eryiGe5 or student accommodation which ha5 been invoiced prior to the year end but perforrned after the year end. All services are perfornied in the fellowng financial year and the full amount included at the Balance sheet dale is released in the sub$equent rinan¢ial year. 18 REDOR5.. lalling due after more than one year 2024 2023 2024 2023 Group £000 Group £000 Colleg8 £000 College £000 Private plaGement Bank Loan 40.000 2.800 40,000 3,600 40,000 2.800 40,000 3,600 42.800 43,600 42.800 43,600 Th8 College issued £30m in long-lerm note8 at par in December 2015 and a further£5m at a premlum in June 2018. These notes bear a fixed interest rate of 3.366% p.a. The College i55ued a further £5rn of Icng-lerm note5 al par in May 2019 al a fixed intere51 rate of 2.98% p.a. The ternis and conditions are otherwise the sarne for all three Iranches, repayment being due in len equal annual instalments commencing in DeceTnber2046. The proGeeds have been applied to the construction cf the HB Allen Centre on th8 Acland 5ii8. In December 2021. the College refinanced an 8stIng loan and borrowed £4m al a rate of 2.59% p.a. with interest payable quarterly in arrear$. The loan is for a period of 7 years In whl¢h the IWD year5 do not require payrnent of the capital component, with thi5 being payable quarterty overthe remaining 5 years. Th8 original loan was taken out due to the impact of the pandemic and the settlement of building work$.
Keble College Note8 to the financial statements For the year ended 31 July 2024 19 FUNDS OF THE COLLEGE MOVEMENTS At 1 August 2023 £000 Incorning resources Resources expended £000 Gainsl Ilossesl £000 At 31 July 2024 £000 Transfers £ooD £000 Endowment Funds . Permanent G&neral purposes External purposes Bursaries 17.770 2.104 2.329 7.741 20.196 295 696 82 15751 700 83 18.591 2.208 2.509 8.198 22.848 311 143 1551 11641 15451 Isi Scholarship$ Fellowships Music 316 305 795 2,402 Endowment Fund$- Expendable General purpose$ Bursaries Scholarships Fellowships Other sp8cified purposes 4,374 1,470 857 171 80 36 138 75 172 4.574 1.$65 917 1431 58 34 3,529 765 1691 12$) 139 30 3.737 84$ Totsl Endowment Fund$ 61,430 4,150 I1.6) 2,419 66.303 Restrlcted Funds Fixed asset projects funding Development office funding Olher restricled income funding Applied total retum from restrieled purpose endowment funds Totsl R¢¥trlcted Funds 117 22 1391 100 12 1.081 33 698 1,376 19931 19781 978 1.493 753 11.9921 939 1.193 UnrÈ$tri¢t¢d Funds GÈneral Fixed asset designated lund Other rlesignated fvnds Revaluation reseNe Pension reseNe Total Unre8tr1cted Fund¥ . College Unrestriclecl funds held by subsidiaries Total Unrestrlcterl Fund$- Group 15.9381 54,615 16,851 170 114,7251 96 2.525 139 522 54.924 522 27.1D8 2.203 73,582 618 74,200 27.108 2.203 112,5221 17.021 2.459 19,480 757 2.525 81.363 896 82,259 114,7031 757 2.525 Total Funds 137,123 24.383 16.695 149.75S See addlionally note 34d for prior year comparatives. 35
Keble College Notss to the flnanclal statements For the year ended 31 July 2024 20 FUNtJS QF THE COLLEGE DETAILS The following 1$ a $ummary of the origins and purposes of each ef the Funds. Endtswment Funds- Permanent.. General purpose5 A consolidation of gllt$ and donation5 where income, but not capital, can be used for the general pUose$ of the charity. Capital balan¢e of past donations Whe related income. but not the original caprtal, can be used for specrfied objects external to Ihe charity. Capital balance of past donations where related incorne, but not tha original capital. can be used for bursaries lo support students of the College. Capital balance ot past éonalion5 where related income, bul net the original capital, can be used forscholarships awarded to students of the College. Capital balanee of past donations where related income, but not the original capital, can be used for the fundlng of College fellowships. Gifts made where related Income. but not the original capital, can be used for the funding of ¢horal scholarship$ and support other music activities within the College. Eeral pum05e5 Bursaries S¢holarshlps Fellowships Mvsi¢ Endowment Funds- Expendable.. Gèneral purposes A consolidation of gifts and donations where related income, cr incorne and capital, can be used forthe general purposes of the charity. Caprtal balance of past donation$ Whe lated in¢ome, or income and capital. can be used for bursarie$ lo support students of the College. Capital balance of past donations where related in¢ome. or income and capital, can be used for scholarships awarded lo students of the College. Capital balance of past donations where related Income. or inGoTne and capital, can be used forth8 fijnding of College fellowships. Capital balance of past donations where related income, or Sn¢ome and Capital. can be used forlh? funding of ether specified College a¢livilies. 8ursarie$ Scholarships Fellowship8 Other specified purposes Restrlcted Funds.. Fixed asset projects hjnding Gifts and donation5 that mu51 be applied lo specific fixed asset projects. The transferfrcm these funds represents the capital expenditure that rela¢es to these funds. Development office funding Grft5 and donations that must be appli in support of the Development effice expenditure relating to the Ifision 2020 campaign. Other restricted income fun4iny Gilts and donations that must be applied in support of other $pecified College actNi1185. Applied tetal reiurn from restrict purpo$e endowment funds Applied total retum generated from restricted purp058 permanent and expendable endobvment funds which must be applied forthe specified restricted purpose. D*$lgnated Fund$ Fixed asset designated Unrestricted Fund5 which ar8 represented by the fixed assets of the College and therefore not available for expenditure on the College's general putposes. Unre51ricled Funds which have been designated by the trustees for a sepcific PU058 and ther8fore not available for expendrture on the College'5 general purposes. Unrestricted Funds which are represented by the ValuaU¢n of heritage as5et5. Unrestricted Fund5 which ar8 represented by the College'$ penslon fund Ilabililies. Other designated funds Revalvation reserve Pension reserve The General Unr8slricted Funds represent the balanGe arisin5 frorn the Cclleges activities and other source8 that a available forthe general purp058s of the College. 36
Keble Collego Notes to the fflnanclal Statements Forthe year ended 31 July 2024 21 ANALYSIS OF ASSETS BETWEEN FUNDS Unrestrlcted Funds Reslricled Fund5 £000 Endowment Fund5 £000 2024 Total £000 2024 Tangible fixed assets Herilage assets Property investments Inve51rnents Net current assetsllliabilitiasl Long terrn liabilities Pension fund liability 82,312 27,108 12,600 82.312 27,108 12,600 63,245 7,290 142,6001 63,242 3.061 3,036 142,8001 1,193 82,259 1,193 66.303 149 755 2023 Total £000 2023 £000 £000 £000 Tangible fix assets Heritage assets Prcpety investments Investments 84,538 27,108 10,075 84.538 27.108 10,075 57.681 3,524 143.6001 12.2031 137.123 57.680 3.750 Net current a5selsllliabililiesl Long term liabilities Pension fund liability 11,7191 143,6001 12,2031 74,200 1,493 1.493 61.430 22 TRUSTEES. REMUNEFiATION The Fellows who are the Trustee5 of the College for the purposes of charity law receive no remuneration for a¢ting as charity tru$lee5 but are paid by either or both of the Unwer5ity and the College for the academic services they provide lo the College las employees). The salaries of academic employees are paid on extemal academic and academi¢-relaled scales and often involve joint arrangements with the University of Oxford. The salaries of non-a¢ademiG employees are paid on the College'5 own Scale. All Iru51ees may eat at common table, a$ ¢an other employees who 8re entitled lo mea15 while working. Trustee5 of the college fall into the following calegorie$'. Head of House Prole550rial Fellow Official Fellow Fellow by Special Election Research Fellow Offi¢ial and Resear¢h Fellows are eligible for a Housing Allowance. which is included within the $alary figu$ below. 2024 2023 Tru51ees who live in accornrnodation owned by the College. for whl¢h they are Charged a market rent." Tru5te85 who are net employees ef the College and dg not ceIve remunerdtion.. 15 15 The College has a Remuneration Committee which makes reGotnmendation5 to Governing Body on pay and benefits which are outside of external s¢ales. The otnposition of the Remuneration Committee is set out in the Report of the Governing Body in the sectlon. Governing Body. orricer5 and Advisers. Key mana9ement remuneration 2024 2023 eooo $31 £000 Warden. Bursar, Senior Tutor and Development Director 475 37
Keble College Notes to the financial statements For the year 8nded 31 July 2024 22 TRUSTEES. REMUNEFiATION Icontlnuedl Remuneratlon pald to trustees 2024 2023 Gross remuneration. taxable Number of trustees benefi15 and pension contributions Number of Iruslee5 Gross remuneration, laxable benefits and pension contNbution$ Range £10.001 £11,000 £13.001 £14,000 £22.001 - £23.000 £23.001 - £24.000 £25.001 - £26,000 £26.001 . £27,000 £27.001 - £28,000 £28.001 - £29,000 £29.001 - £30,000 £30.001 - £31.000 £32.001 - £33.000 £34,001 - £35.000 £36,001 - £37.000 £42.001 - £43.QOO £55.001 - £56.000 £63.001 - £64.000 £64.001 - £65,000 £65.001 - È66,000 £66,001 - £67.000 £74,001 - £75.000 £95,001 - £9S.DDO £97,001 - £98.000 £107.001 - £108,000 £108.001 - £109,000 £109,001 - £110,000 £134,001- £135,000 £135,001 £136,000 Total 10,917 13,317 22,788 4T,119 25.245 180,269 302,483 84,897 87,937 30,573 134,599 306,997 141,446 29.154 30.174 32.985 11 34,677 36,120 85,007 55.655 126.821 193.063 196,646 266.718 e6.477 74.499 96,396 97,267 107,764 108,857 109,356 134.519 270,964 1,801,216 41 1,718,491 Other tran8actJon$ wlth tru$t¢es No trustee claimed exp8nses for anywork performed in discharge #f duts.es a$ a trustee. Note 29 provides further infvrrnats'on on related patytransaction5. 38
Kebl8 Colleg• Nott$ to the flnanclal statements Forthe year ended 31 July2024 PENSION SCHEMES The College participaies in hvo prfndpal pension 5chernes for its staff - the Unlversltiè5 Sup8Tannuation Scheme IUSSI and the Unlversity of Oxford Staff Pension Scheme IOSPSI. The assets of each scheme are held In separate trustee-administered funds. USS and OSPS a contributory mixed benefit schernes li.e. they provlde benefits on a defined benefil basis- based on length of Service and pensionable salary- and on a defin8d contribution basis- based on contributlons Into the 5chernel. Bolh are rnultl.employeT schemes and th8 College is unable to Identify Its share of th8 underIng 8SSets and liabilities relating to defined b8n8fits of each scheme on a consistent and reasonable basis. Therefore, In accordance vAth the accounting standard FRS 102 paragraph 28.11. the Colleg8 accounts for the schemes as If they w8r8 d8fIned contribution schemes. As a result, tha amount Charged to th8 Income and Expendlture Account represents the contributions payable tts the schemes in re$pg¢t of the accountlng pertod. In the event of the wilhdrawdl of any of the partldpatlng employers in USS or OSPS, the amount of any pension funding shortfall lthich cannot be Othelse recovered) in re5P8Ct of that employer 11 be spread 8cro8S the remaining partlclpatlng employer5 and r8flected in the nexl actuarfal valuation of the scheme. The College has a150 made available the National Employment Savings Trust for employees tho a ellglblè under autornatic enrolment regulations to pension benefits but not eligible for either USS or OSPS. Th8 College is aware of the Virgin Media v WL Pension Trustees 11 Limita¢J Court of Appeal judgement whlch may glvè risa to adjustments to the schemes. At present the legal process is incomplete and therefore we are unabla to quantify any potential liabl1les. Schomes accountsd for under FRS 102 a$ deflned contdbutlon schem•$ Unlver51ty Superannuatlon Sch8m• A deficit recovery plan. for USS wa5 Put In place as partof the 2020 valuolion, which required paymentof 6.2% of salariés overthe period 1 April 2022 until 31 March 2024, at whlch polnt thè rale would increasa to 6.3èA. No defltit re¢overy plan wa5 required under the 2023 valuatlon bocause the scheme was in surplus on a technical provlslons basis. Tho College was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly Teleased the outstanding provislon to the intome and expenditure account. Th8 latèstavailable Gornplele actuarial valuation of th& R&Ur&mÈnl Income Builder 15 as at 31 March 2023 Ith8 valuallon datel. whl¢h wa$ carried out using Iha projected unlt m&thod. At 31 Ju5y 2023, the Colleg8's balance sheet included a liability of £2.176k for future contribution5. following Iha 2020 valuallon when the schBTne wa5 in defic No deficit recovery plan was r8qulred from the 2023 valuation, becaus8 the schem8 was in surplus. Change5 to contribution ral8s wère Implemented from 1 January 2024 and frorn that dale Ihe Collegtr wa5 Do longer required to make defidt r8covery Gontribulion5. The remaining liabillty of was rèleased to the income and expendilure 8ceount in 2024.. The 2023 valuatlon was the seventh valuation forthe schtrmé under the SCheme-sperIC funding regime Introduced bythe Pen510n5 Act 2004, which requlres schemes to have suffi¢ient and approprpale assets to COV8r thelrte¢hntGal provision5 (the slalutory fundlng obl8ctiv&l. Atthe valuation date, the valu8 of the assets of the scheme w8$ £73.1 billion and the value of the schem&'s le¢hnical prcvi5ion5 was £65.7 blllion Indicating a surplu5 of £7.4 billion and a fundlng rat of111%. The key finandal assurnptions used In the 2023 valuation are described below.. CPI aSsUrnptn Term d8pend¢nt rates in line with the d5fference be88n th8 Fixed Inlere5tand Indox Linked elrf cunf&S19$$'. 1.0% p.a. to 2030. reducing linearfy by 0.1% p.a. from 2030. Benefits with no cap." CPI as$urnption plu5 3bps 88n8fits sublect to a.soft ¢ap" of 5% Iproviding inflalonary Increases up to 5%. and half of any eXCS inflaon over 5% vp to a maximum of 10%1'. CPI assumpuon mlnu$ 3bps. Fixed interest gill yield curve plu$.' Pre-tireMent.. 2.5% p. Post-retirement.. 0.9% p. Pension increases Isubjectto a fioor olQVhl Dlscount ratg Iforbvard rale51 The maln demogophi¢ assumptions used relate 10 Iha mortalty assumptions. Thes8 a55umpfjons are b2sed on anaty$is of Ihe 5cherne'5 experience carrted Olrt as part of the 2020 a¢luarial valuation. The mortalltyassumpllons used in these figures are as follows.. Mortality base tsble 101% of S2PMA"Ilght' for mal¥s and 95% of S3PFA for females. Futuo improvements lo mortallty CMI 2021 with a smoothing parameter of 7.5. an initial addition of 0.4% p.a. and a long-term improvement rate of 1.8% pa for rnalos and 1.6% pa forfemales. The curr8nt1rf8 expect8nci8s on rement at age 65 are.. 2024 23.7 25.6 25.4 27.2 2023 24 25.6 26 Males curr8ntty aged 65 lyearsl Females curr8ndy aged 65 (years) Males currently aged 45 lyearsl Femal85 currentty aged 45 lyearsl 27.4 Unlver51ty of Oxford Staff Pen8lon Scheme The Unlversty of Oxford Staff Pension Scheme IOSPSI Is a mulv-employer hybrid scheme set up und8rtrust and $ponsored by the Universltyof Oxford. N8W memb8rslolnlng the scheme build up benefits on a dafined contrIbuOn basi5. Member5 whoioined b8for8 1st October2017 build up bBnefrts en a car88r average rovalued eaming5 ba51S. 39
Keble College Notes to the financlal gtatements For the year ended 31 July 2024 23 PENSION SCHEMES Icontinuedl The lalesl full actuarial valuation forthe OSPS 5cherne wa8 completed 8S 8131 March 2022. The lunding position of thi5 5cherne ha5 irnproved SIgnlCantlY moving from deficit of £113m lo a 5urplu5 of £47m at the ValUatOn date. As a re5ulI, the recovery plan agreed al the last valuation is no longer QuIred and the deficit contribution ended on 30th September 2023. A provision of £27k was made at 31 July 2023 to a¢¢ount for deficit recovery payrnenls up lo 30th September 2023. That remaining liabilitywas released to the Income and expenditure account in 2024. The Trustee and the University have agreed a new contribution $¢hedule which took effect from 1 October 2023 and take5 account of the benefit improvements and changes to member contributions since the last valuation dale. 11 was agreed that Ihe scheme will meet its own running ¢osls from the scheme's assets, including expense5 relating tc bcth the D8 and DC Sections and the ¢ost of pensicn Protection Fund lother statutory levies. The table b81ow summarises the key actuarial assutnptions. Further details of the assumptions are set out in the $tstement of funding principks daled 27 June 2023 and Can be found ai http5.'Iifinance.admin.ox.ac.uklo8ps-do¢uments Dale of valuation-. Date valuation resutts published.. Value of liabilities-. Value of assets.. Funding surplu$ I Ideficill.. The Principal as$umplion5 Used by the actuary were.. Rate of Inte$t Ip&riod5 UP to tIrementI Rate of Inte$1 (pe¢d$ after retirement) 3110312022 27106r2023 £914rn £961m £47m Gills. +2.25% Gilts, +0.5% Break*ven RPI curve less 0.5% pa pre-2030 and 1.0% pa post-2030 RPI inflation assumption less 1% pa pre-2030 and 0.1% pa post-2030 RPl+pa RPI cpi Pensionable salary increases Funding RatlO5'. Technical prowsions basis 'Buy-oul' basis 105% 62% No-fin8ncial assumpts"¢ns'. Post-reliremenl mortality- base table Non-Pensioners." 105% of standard S3PxA medium tables for both males and female$ Pensioners.. 105% of standard S3PKA tnedium tables for both male5 and female5 Post-retirement mortalty- irnprovernenls Non-Pen5ioner5'. 105% of Standard S3PyA medium tables for both males and females Pensioners.. 105% of stsndard S3PxA medium tables for both rnales and females Re¢vmmended employerfs contribulion rate las % of pensionable 8alariesl'. Effective date of next valuatlon: 1fj.5% D8 for member5 from 0111012023 10% 112% 114% DC members in relation to 4% 18% cost plan- frvm 01110r2023 31103r2025 Penslon eharg¢ for the yeaT The pension charge recorded by the college durin9 the a¢counting period (excluding nSIOn finance costs) was equal lo the contribullon$ payable alter allowance for the dEfi¢il ¢0Very plan a5 follows". 2024 £000 475 331 12 2023 Scheme Unwer5iti05 Superannuation Scheme University of Oxford Staff Pension Scheme Other 5ch8rnes- contributions £000 534 402 Supplementation payments Total 820 944 These amounts in¢lude £238k12023.. £195kl contributions payable lo defined ¢ontrfbution sGhemes at rale5 Specifi in the rules of those plans. In¢luded in other creditor5 are pension contributions payable of £87k12023-. £114kl. 40
Keble College Notes to the flnanclal 5taternents For the year ended 31 July 2024 TAXATION The College is able to take advantage ef th8 lax exemption$ available te charities frorn taxation in resp8Ct of income and capitsl galns ceiVed tc the extent that such income and gains are applied to ex¢lusively charitable purposes. No liability lo corporation tax arises in the College'5 Subsidiary companies because Ihe directors of these companies have indicated that they intend to make donation5 each year lo the College equal to the taxable profits of eaGh company under the Gift Aid scheme. Accordingly no provi$lon for taxation has been included in the finantial Statements. 2024 2023 £000 £000 On the other hand, the College pays substantial tax as unrecoverable input VAT on purchases incurred in providing its exempt educational supplies.. 396 395 25 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS 2024 £000 2023 £000 Net lexpendlturell Income 12.632 1.562 Ellmlnatlon of nonperatIng ¢ah flow8- Investment incorne IGains)fLosses on inve$lmenl$ Endowment donations Donations in kind Isharesl Financin9 Costs D&precialion Fixed asset impairrnent Decreasellincreasel in stock Decrease In debtors Increase in creditors IDecreaseyln¢rea$e in prcvi5ions (Decreaseyincrease in pension scheme liability 13,3641 14.9441 11.7451 12.9301 2.731 12,6541 1,468 2.591 1,474 2.623 19 11 11.0951 973 12,1421 134 12,2031 11,2211 Net cash provlded by operdtlng al¥ltIeS 1.474 26 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 Group £000 2023 Group £000 2024 Ctsllege £ODO 2023 College £000 Cash at bank and in hand Noti¢e deposit$ Ile55 than 3 rncnthsl Bank overdrafts 1.284 4.758 340 3,536 918 180 3,536 4.758 Total ¢osh and Ga$h equivalents 3.876 3.716 27 FINANCIAL COMMITMENTS At 31 July the College had future minimum lease payments under non-caniellable operating leases as follow5.. 2024 £000 2023 £000 Land and bulldings ot later than one year 41
Keble College Notes to the Ilnancial statements For the year ended 31 July 2024 28 CAPITAL COMMITMENTS 2024 2023 £000 Contracted capital commitments forfuture capital projects as at the yearnd". 75 29 RELATED PARTY TRANSACTIONS The College is part of the collegiate Unpiersity of Oxford. Materfal Interdependencie5 btheen the Unniersity and of the College arise as a cons8quence of this relationship. For reporting purposes, the University and the ether Colleges are not tated as related parties as defined in FRS 102. Members of the Governing Body, who are the trustees of the College and related partles a$ defined by FRS 102, receive remuneration and facille$ as employees cf the College. Details of these payments and reimbursed expenses as trustees are disclosed separately in thèse finan¢ial slalement5. The College has properties owned joinuy with trustees under joint equity ownership agreements beiween the trustee and the College. Th net book value of the College's share in each property is as follows.. 2024 2023 £000 Trustee £000 Dr L Bendall Prof S Faulkner Dr D McDem)ot¢ Prof S Fletcher 302 283 329 234 215 177 221 313 287 297 234 Prof D Downs 203 Prof B Grau 191 Ms J S Tudge 238 1,763 All joint equity prep888 are $uble¢t to sale on the departure ef the trustee from the College. 30 PROVISIONS AND CONTINGENT LIABILITIES The Colleges HB Allen cent ha5 ongoing issues relating to water ingre55. The College has been working with third paty 5pecialisls to undersland and and re¢ts"fy the cause of the ingres5. The ongoing ¢osts in relation lo these rernadial works are diffi¢ult lo estimate and a5 such no prevision ha$ been recognised. There were no specific contingent liabilities a8 at the year*nd. 31 CONTINGENT ASSETS On 19th October 2023, the College was informed that probate had been granted on a legacy ¢omprising a collection of paintings and other items. There are potential reslriclions attached to element5 of the collection and the value of these a55els to the College are uncertain at this time. An a55el for these legacy items ha5 therefcre not b88n included in these finaniial staternents. 32 POST BALANCE SHEET EvEs On 6th November2024. the Coll8g8'5 Governing 8ady deslgnated a £4m legacy, which was unre8tried. for the purpose of repayrnent of the long lenn prDiate plac8rn8nt no18S. 33 OTHER INCOME 2024 £000 2023 £000 other sundry incom8 50 50 33 33 42
Keble College Notes to the financlal ststements For the year ended 31 July 2024 34 ADDITIONAL PRIOR YEAR COMPARAnvES Where information is tabulaled in Ihe notes for the current year, presentation of comparative infomiation from the previou5 year is presented here. 34a SOFA for prlor year Unre$lri¢¢ed Funtls £000 Restricled Fund5 £000 Endowed Funds £000 2023 Total £000 INCOME AND ENDOWMENTS FROM.. Charitable a¢ti¥ritles Teaching, research and residential Other trading in¢ome Donations and legacies Investments Investment in¢ome Total return allo¢aled to income Other income 10,517 2,249 1.660 10.517 2.249 5.742 1,428 2,654 753 702 2.177 11.3991 2,930 697 33 33 Total incorne 15,914 2.125 3,432 21.471 EXPENDITURE ON.. Charitable activities Teaching, research and $T(jentIal 13.021 1,797 14,818 Generating fund$ Fundraising Trading expenditure Investment management $t$ 809 19 828 1.532 1,532 2.341 2,360 Total expenditure 15,362 1.816 17,178 Net in¢omellexpenditurel before gains 552 309 3,432 4.293 Net gainslllos5e51 on investments Flxed a55el irnpairrnent charge 12,7311 12,7311 Net in¢ornellexpenditurel 552 309 701 1,562 Transfers belween funds le other recognised gainsllosses Gain5111055esl on revaluation of fixed assets Actuarial loss on defined benefit pension $rheme$ Nel movement in funds for the year 568 293 701 1.562 43
Keble College Notss to the flnanclal Statements For the year ended 31 July 2024 34b PARENT AND SUBSIDIARY UNDERTAKINGS for prior year These a comparative figurès with re$pe¢t to note 13. Keble College Iparenti Keble Propertle$ Conference Keble 2023 £000 2023 £000 2023 £000 Tumover Expenditure Donation to College under grft aid Interest recepiable IL0$5esygains on revaluation 19,292 115,4321 30 2,176 11,6321 1251 12,3711 Result forthe year 1,523 519 Total assets 185,409 148,9051 1,360 17421 Netlund5 al the end ofyear 136.504 618 34c STATEMENT OF INVESTMENT TOTAL RETURN for Prior year These are comparative figures with respect to note 14. 2.023.00 Total Endowments Pemanent Endowment Unapplied Total Retum Exp&ndable Endowrnenl Trust for Investment Total £000 £000 £000 £000 £000 At th8 beglnnlng t)f the year- Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments 26,381 26.381 23.089 26,381 23,089 11,259 60,729 23,089 11,259 11,259 26.381 23,089 49.470 Movements In the reportlng perlod- Gift of endowment funds Investment return.. dividends and interest Investment tUrn.- alled and unrealised gains and losses Totsl 2.534 2,534 1.772 12.2221 2.084 120 2,654 2,177 12,7311 2,100 1,772 12,2221 14501 405 15091 16 2.534 Unapplied total return allocated to inccme Expendable endowmen15 transferred to income 11.1161 12831 11.3991 12831 12831 Nel movements In reporting perlod 2.534 11,5661 968 12671 701 At pnd of the reportlng perlod: Gift wmponent of the p8mianent endowrnent Unapplied total retum Expendable 8ndowrn8nt Total Endowments 28,915 28.915 21.523 28.915 21.523 10,992 61,430 21.523 10,992 10,992 28.915 21.523 50,438 44
Keble College Notes to the financlal statements For the year ended 31 July 2024 34d FUNDS OF THE COLLEGE MOVEMENTS- prlor year cornparatlves These are comparatwe figur88 With respect lo note 19. Al 1 Augu51 2022 £000 Incoming resources Re$our¢e$ expended £000 Gainsl Ilossesl £000 At 31 July 2023 £000 Transfers £000 £000 Endowment Funds- Permanent General purposes Eernal purpose5 Bursaries Scholarships Fellow$hip5 Music 18,505 2,171 2,332 7,365 18,854 242 871 15651 1471 1321 11201 13511 131 17.770 2.104 2.329 7.741 20.196 295 79 1991 11041 13251 18421 133 821 2,535 67 Endowtnent Funds- Expendable General purposes Bursaries 4.556 1.505 823 165 76 81 11401 1431 12071 1681 4,374 1.470 857 Scholarships Fell¢w5hips Other specified purposes 3,628 748 130 1661 1221 3,529 765 73 1341 Total Endowrnent Fund5 60.729 4,831 11.3991 12,7311 81,430 Reslri¢led Funds Fixed asset projects funding Development offi¢e fvnding Other reslri¢ted Income lunding Appli total return from restricted purpose endowment funds Total Restri¢led Funds 95 38 10 1.380 117 1191 11,1001 1,096 1.376 16971 697 1.200 1,428 681 1,493 Unrestricted Funds General 16,7231 58.567 27,108 13,4241 73,528 12.882 154 114.9211 2,824 I2,1[) 15,9381 54.615 27,108 12.2031 73,582 618 FKKÈd asset designated fund Revaluation SerVe Pension reserve Total n$tCted Fund$- College UnrestriGted funds held by 5ub5idiari85 Total Unrestri¢led Funds- Group 1,221 113,7001 11.8821 115.3621 13.036 2.176 15.212 718 73.832 718 74,200 Total Funds 135.561 21.471 17,178 .731 137.123 45