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← The New College Development Fund

2024-07-31-accounts

NEW COLLEGE DEVELOPMENT FUND

Report of the Trustees and Financial Statements

For the year ended 31 July 2024

Registered Charity Number 900202

NEW COLLEGE DEVELOPMENT FUND

Annual Report of the Trustees for the Year Ended 31 July 2024

The Trustees present their report together with the audited financial statements of the Charity for the year ended 31 July 2024. The financial statements have been prepared in accordance with the Statement of Accounting Policies set out on page 6 and comply with the Charity’s Trust Deed, the Charities Act 2011, and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019).

The report of the auditors is given on page 5.

Reference and Administrative Details of the Charity, its Trustees and Advisers

New College Development Fund (“the Development Fund”) was constituted by deed of trust on 12 September 1989 and is registered as a charity by the Charity Commission under the Charities Act 1993 (charity registration number 900202). On 31 July 1997, the administration of the Development Fund and of the 1979 New College Appeal and General Fund (“the 1979 Fund”) was unified with the approval of the Charity Commission.

The contact details for the Charity are: Development Office, New College, Oxford OX1 3BN Telephone: 01865 279509; Email: oldmembers@new.ox.ac.uk

Trustees:

The Trustees serving were:

Delia Coggan Jane French New College

Independent examiner / Auditor:

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

Banker:

National Westminster Bank 43 Cornmarket Street Oxford OX1 3ES

Legal Advisor:

Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

Structure, Governance and Management

The Charity is incorporated as a Trust. The governance of the Charity is the responsibility of the Trustees. Under the terms of the Trust Deed, as amended by a resolution of the Trustees dated 13 June 2016, the Trustee body shall consist of New College and two individuals appointed by New College from time to time. Their term of service is for an initial five years, with the possibility of seeking election for a second five year term. The Trustees of the Charity receive no formal training, although new Trustees are provided with an induction pack containing information both about the charity and their duties as a charity trustee; some of them are trustees of several charities besides this.

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The Trustees meet formally once a year to approve the Trustees Report and Financial Statements, but maintain regular contact throughout the year. The nature of the Charity’s objects is such that the Trustees are required to be and always are fully-informed about the College’s needs. No decisions about charitable expenditure are devolved to anyone or any body.

The Trustees’ responsibilities

The Trustees prepare for each year financial statements which give a true and fair view of the state of affairs of the Charity and of the results for the year. In preparing the financial statements the Trustees have:

The Trustees are responsible for ensuring that appropriate systems of control, both financial and other, exist. They are responsible for keeping proper accounting records that accurately disclose the financial position of the Charity at all times, and enable the Trustees to ensure that the financial statements comply with accounting standards and requirements. The Trustees are responsible for safeguarding the assets of the Charity and therefore for taking all reasonable steps to prevent or detect fraud or other irregularities, and for assuring themselves that:

The systems of internal control, including risk assessment and management, are designed to provide as much reassurance as possible against material misstatement or loss.

Risk management

The Trustees have approved a risk management policy to assess business risk and implement best practice in risk management, and have concluded that adequate systems are in place to manage these risks. When it is not possible to address risk issues internally, the Trustees take advice from experts external to the Development Fund. Investment risks are monitored by the Investment SubCommittee; all other risks are monitored by the Board of Trustees.

Processes to manage risks include:

The risk register is reviewed and approved annually by the Trustees. Since the transfer of assets to New College at 1 August 2016, the previous risk of a fall in investment values has been removed. The principal risks facing the Development Fund are:

Risk Measures
Information security; loss of donor data Staff training both by College and University of
Oxford database team, New College firewall,
monitored by New College’s IT Sub-Committee
Misallocation of donations and legacies Monitoring by Development Director and
Accountant; review by Board of Trustees

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Objects and Activities

The Development Fund exists in the first instance to support the activities of New College, Oxford, and beyond that to support such wider activities in the sphere of higher education and research as the Trustees may decide. The Development Fund is connected to, but independent of, the College and under all conditions has a majority of Trustees who are not employees of the College.

New College is an educational charity established in 1379 for the promotion of religion and learning, and with the intention that most of its graduates would enter the service of church and state. Today, its Objects are the advancement of education, learning and research, and the advancement of religion, in that the College is a choral college in accordance with the Founder’s intentions and hence it sustains a Choir and a Choir School.

Achievements and Performance

In previous years, the Development Fund achieved these aims through a wide programme of fundraising activities. The responsibility for these activities now lies with New College and so the Development Fund now achieves its aims through accepting donations and legacies from Old Members and friends of the College.

Public Benefit

The Trustees believe that by putting £213,514 (2023: £25,842) into supporting students from financially disadvantaged backgrounds, the promotion of research and teaching and the preservation and enhancement of both tangible and intangible "heritage assets”, the Charity provides a substantial public benefit. In the absence of such support, fewer students and academic posts would be funded, the long-term viability of New College’s historic estate would be put at risk, and our educational and cultural richness would be reduced. The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission.

Financial Review

The financial year saw a net nil result as income and expenditure were matched (2023: net nil). The charity has held no investment assets since the 1 August 2016 transfer of its net assets to New College; consequently, it no longer has any investment gains or losses to report.

Total funds of the Charity stand at £15,000 (2023: £15,000) as general reserves, as set out in Note 9; this represents £5,000 for the Development Fund and £5,000 for each of the other two charities.

Income

The Charity’s income during the year was £213,514 (2023: £25,842), arising from one restricted and seven unrestricted legacies.

Expenditure

Total expenditure in the year was £213,514 (2023: £25,842), being the donation to New College of the legacies received during the year.

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Investment Policy and Performance

Following the transfer of assets to New College in 2016 the Development Fund no longer holds any fixed asset investments. Any monies received are held on bank deposit, and interest, where applicable, is applied to them.

During the year the market value of the Charity’s investments remained at £0.

Reserves policy

The Statement of Financial Activities and the Balance Sheet, together with Notes (pp 11-12 to the Accounts), show the various funds and reserves by type and also summarise for each of them the year’s movement and the assets and liabilities attributable to them.

At the year-end, income funds freely available for the Charity’s general purposes amounted to £15,000 (2023: £15,000). These reserves are held to support future administrative costs.

Plans for the Future

The Development Fund will continue to receive donations through standing orders and direct debits, and, where they are intended for the benefit of New College, transfer them periodically to New College. Other donations and legacies will continue to be received by the charity and applied according to any restrictions set by donors or, where no such restriction exists, as the trustees see fit.

Signed on behalf of the Trustees

Trustee

Date: 16 April 2025

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF NEW COLLEGE DEVELOPMENT FUND

I report to the trustees on my examination of the accounts of New College Development Fund for the year ended 31[st] July 2024 which are set out on pages 8 to 12.

Responsibilities and basis of report

As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’).

I report in respect of my examination of the Trustees’ accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Name of examiner: Robert Kirtland

Name of firm: Gravita Audit Oxford LLP

Relevant professional body: Institute of Chartered Accountants in England and Wales Address: First Floor, Park Central, 40-41 Park End Street, Oxford OX1 1JD

Date:

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NEW COLLEGE DEVELOPMENT FUND STATEMENT OF ACCOUNTING POLICIES Year ended 31 July 2024

Accounting conventions

The Financial Statements present the Statement of Financial Activities (SOFA), the Balance Sheet, and the Statement of Cash Flows of the Charity, and have been prepared in accordance with the Charities Act 2011, FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (‘FRS 102’), and the Charities SORP ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)’ (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. Given that the Charity will only make awards from legacies it receives, Trustees are satisfied there are no circumstances to prevent the Charity’s ongoing operation for at least another twelve months from the date of approval of these financial statements.

The principal accounting policies adopted are set out below and have been applied consistently throughout the year.

Accounting judgements and estimation uncertainty

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

With respect to the next financial year, the most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets.

Income recognition

All income is recognised once the Charity has entitlement to the income, the economic benefit is probable, and the amount can be reliably measured.

Donations, legacies, and other forms of voluntary incoming resources are accounted for when received by the Charity. Grants given for specific projects are dealt with in accordance with the terms of the grant.

Investment income: Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates. Income from fixed interest debt securities is recognised using the effective interest rate method. Dividend income and similar distributions are recognised on the date the share interest becomes ex-dividend or when the right to the dividend can be established.

Other income is accounted for on an accruals basis as far as it is prudent to do so. Income includes income tax recoverable thereon.

Expenditure

Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the Charity to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated.

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Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met.

All expenditure, including support costs and governance costs, are allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA). These costs are all charged to the general fund.

Support costs, which include governance costs (costs of complying with constitutional and statutory requirements) and any other indirect costs, are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate.

Investment management costs are allocated to specific funds in proportion to their relative size.

Classification of funds

Certain funds donated for the objects of the Charity are subject to specific trusts declared either by the donor or by the terms of a public appeal. Of such funds, those which have been given subject to the condition that the capital cannot be applied as income for the purposes for which the funds were given are classified as permanent endowment funds. The rest of such funds are classified as restricted income funds.

The other funds are classified as unrestricted income funds. Included within unrestricted funds are those designated for a particular purpose, but which are not subject to a legally binding restriction.

Taxation

As a registered charity, the Charity is generally exempt from income tax, but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.

Foreign currency

Transactions and balances denominated in foreign currencies are translated into Sterling at the exchange rates prevailing at the accounting year end.

Investments

Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs.

Other unquoted investments are valued using primary valuation techniques such as earnings multiples, recent transactions and net assets where reliable estimates can be made – otherwise at cost less any impairment.

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as ‘gains or losses on investments’ and are allocated to the funds holding or disposing of the relevant investment.

Other financial instruments

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.

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NEW COLLEGE DEVELOPMENT FUND

STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 July 2024

==> picture [457 x 358] intentionally omitted <==

----- Start of picture text -----
Restricted Unrestricted Total Total
income income 2024 2023
funds funds
Notes £ £ £ £
Income and endowments from:
Donations and legacies 3 153,002 60,512 213,514 25,842
Total income 153,002 60,512 213,514 25,842
Expenditure on:
Charitable activities 4 153,002 60,512 213,514 25,842
Total expenditure 153,002 60,512 213,514 25,842
Net Income/(Expenditure) - - - -
Fund balances brought forward - 15,000 15,000 15,000
Funds carried forward at 31 July - 15,000 15,000 15,000
----- End of picture text -----

The notes on pages 11 and 12 form part of these financial statements.

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NEW COLLEGE DEVELOPMENT FUND

BALANCE SHEET

As at 31 July 2024

==> picture [455 x 308] intentionally omitted <==

----- Start of picture text -----
2024 2023
Notes £ £ £ £
Current assets
Deposit accounts 5,378 5,124
Cash at bank 10,000 10,000
Total current assets 15,378 15,124
Creditors: amounts falling due within one year
Due to New College 378 124
378 124
Net current assets 15,000 15,000
Total net assets 9 15,000 15,000
Funds of the charity:
Unrestricted funds 15,000 15,000
Total Funds 9 15,000 15,000
----- End of picture text -----

The notes on pages 11 and 12 form part of these financial statements.

Approved by the Board of Trustees on 16 April 2025 and signed on its behalf by

Mark Curtis

Trustee of New College

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NEW COLLEGE DEVELOPMENT FUND

STATEMENT OF CASH FLOWS

Year ended 31 July 2024

==> picture [455 x 201] intentionally omitted <==

----- Start of picture text -----
2024 2023
Notes £ £
Net cash used in operating activities 11 254 113
Net cash provided by investing activities - -
Net cash provided by financing activities - -
Change in cash and cash equivalents in the reporting period 254 113
Cash and cash equivalents at the beginning of the reporting period 15,124 15,011
Cash and cash equivalents at the end of the reporting period 12 15,378 15,124
----- End of picture text -----

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NEW COLLEGE DEVELOPMENT FUND

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2024

During the year the Charity received no income and incurred no costs for its own purposes. The Charity was the beneficiary of eight legacies during the year (2023: four), and which were received for the purpose of supporting New College; these was donated by the Charity to New College during the year (see note 4).

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Donations & Legacies
see note 2
Restricted funds
Unrestricted funds
4
Analysis of expenditure
Charitable expenditure
see note 2
Direct costs allocated to:
Donations to support activities of New College:
Student support
Other
Total charitable expenditure		 2024
£
153,002
60,512
213,514
2024
£
153,002
60,512
213,514		 2023
£
10,768
15,074
25,842
2023
£
10,768
15,074
25,842

There were no endowed funds expended in the year (2023: none).

No Trustee was in receipt of payment for services rendered to the Charity during the financial year, nor were any expenses reimbursed.

Following the transfer of its assets and liabilities to New College in 2017, the Charity holds no investment assets.

7 Connected charity

New College, University of Oxford, is a "connected charity" having common objects and a shared administrative base. During the year, the Charity donated £213,514 to New College, being eight legacies received in the year to support the College.

Other than for legacies naming the Charity explicitly, donations received for the College's purposes are deemed to be the College's income, and are passed on to the College at regular intervals. These are therefore not accounted as the Charity's income, and are held as a current liability until passed to the College.

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NEW COLLEGE DEVELOPMENT FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Year ended 31 July 2024

There were no capital commitments at 31 July 2024 and there were no post-Balance Sheet events.

Fund balances at 31 July are represented by:

Current assets
Current liabilities
Total net assets
Current assets
Current liabilities
Total net assets		 Endowment
Restricted
Unrestricted
Total
funds
funds
funds
2024
£
£
£
£
-
-
15,378
15,378
-
-
(378)
(378)
-
-
15,000
15,000
Endowment
Restricted
Unrestricted
Total
funds
funds
funds
2023
£
£
£
£
-
-
15,124
15,124
-
-
(124)
(124)
-
-
15,000
15,000

Unrestricted reserves are held for the general purposes of the Charity.

10 Taxation

The Fund is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes. Accordingly no provision for taxation has been included in the financial statements.

Net income/(expenditure)
Elimination of non-operating cash flows:
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash (used in) / provided by operating activities
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Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 2024
2023
£
£
-
-
-
106
254
7
254
113
2024
2023
£
£
15,378
15,124
15,378
15,124

13 Related party transactions

Other than those described at note 7 regarding New College (a connected charity), there were no transactions with related parties during the year.

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