NEW COLLEGE DEVELOPMENT FUND
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2009
The Trustees present their report together with the audited financial statements of the Charity for the year ended 31
July 2009. The financial statements have been prepared in accordance with the revised Statement of Recommended
Practice issued in 2005 (SORP 2005) and comply with the Charity’s trust deed. The report of the auditors is given on
page 5 and the principal accounting policies adopted by the Charity are set out on page 8.
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 address of the Charity is: Ms S. Ashcroft-Jones, Development Officer, Development Office, New College, Oxford
OX1 3BN (01865-279509)
Trustees:
The Trustees serving were:
Sir David Davies (Chairman)
Mr Justice Barling, QC
Alexandra Jones
Russell Julius
Caroline Kay
Stewart Millman
Philip Wallace, F.C.A.
David Palfreyman (Bursar of New College)
Alan Ryan (Warden of New College – Sir Curtis Price appointed as Warden from 1st September 2009)
Auditors:
Critchleys
Paradise Square
Oxford OX1 1BE
Bankers:
National Westminster Bank
121 High Street
Oxford OX1 4DD
Investment Managers:
Newton Investment Management Limited
Mellon Financial Centre
160 Queen Victoria Street
London EC4V 4LA
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, there shall be at least five and no more than nine Trustees, of whom two are ex officio, the
Bursar and Warden of New College for the time being. The remaining Trustees are to be selected by the existing
Trustees from among the Old Members of the College. Their term of service is five years, renewable, unless they are
appointed for a shorter period in the first instance. The Trustees of the Charity receive no formal training; they are
generally trustees of several charities besides this.
1
The Trustees meet formally twice a year to consider requests for assistance, but maintain regular contact throughout
the year. An investment sub-committee meets regularly with the Charity’s investment managers, generally on a
quarterly basis. The nature of the Charity’s objects is such that the Trustees are always fully-informed about the
College’s needs, and receive properly costed requests; the establishment of priorities for assistance is a matter for the
Trustees’ decision within the limits of discretion permitted by the trusts that established many of the specific funds
within the Development Fund. 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:
• selected suitable accounting policies and applied them consistently;
• made judgments and estimates that are reasonable and prudent;
• followed applicable accounting standards without material departures; and
• prepared the financial statements on the going-concern basis.
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 organisation is operating efficiently and effectively;
• its assets are safeguarded against unauthorised use or disposal;
• proper records are maintained;
• financial information used internally or for publication is reliable; and
• relevant laws and regulations are complied with.
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.
This includes:
• identifying the risks in each activity and attributing responsibility
• prioritising risks according to their likelihood and impact
• determining acceptable levels of risk
• adopting appropriate measures to reduce risk to a minimum; and
• monitoring the management of risk.
The risk register is reviewed and approved annually by the Trustees on the occasion of their meeting to approve the
Annual Report. There are no risks peculiar to this Charity, whether from the side of investment policy, which is intended
to maintain the real value of the Charity’s assets and its ability to pursue its objects in perpetuity, or from the side of its
primary beneficiary, which is itself an educational charity.
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 promotion of
education and research, the cultural and spiritual development of its students, the care and maintenance of buildings
dating from 1379 to 2001, and the maintenance of a choral foundation. Its buildings and their stained glass are widely
recognised as part of the national heritage.
New College as a choral foundation sees its role in caring for the less tangible aspects of the national heritage by
supporting one of Oxford's three world-class choirs as important to everyone who cares for the College and to
everyone in the wider world who cares for choral music. Indeed, the present Choirmaster is a member of the French
Légion d’Honneur in recognition of the work that he and the Choir have done to revive choral music in France. The
Chapel and Choir cost the College some £250,000 a year that is not underpinned by any public funding. The Trustees
agreed two years ago to underwrite the expenditure of some £3 million on the Chapel Nave stained glass over the next
twenty years; it is expected that most of the cost will be met from grants from charitable trusts and from fund-raising
activities. The first tranche of the work has begun, and the Fund has supported this first stage of the work – but
progress has been halted in 2008/09 and for 2009/10 while both the financial positions of the Fund and the College
itself are reviewed in the context of the credit-crunch/recession.
2
Graduate education continues to become an increasingly prominent aspect of the Charity's activities, particularly in the
humanities, where students find it extremely difficult to secure timely support from funding councils. Indeed, in the
present financial year, over £250,000 has been distributed to graduates. The provision of funding for Junior Research
Fellowships also remains a cornerstone of the Fund’s support to the College, such posts being of even greater value
when academic jobs become scarce at a time of financial retrenchment in the UK HE sector (these JRFs bridge the
gap between being awarded a PhD and getting a first, formal post: they are crucial in terms of keeping young people in
academic life and in enlivening the College academic community). In addition, in 2008/09 approximately £35,000 has
been made available to install a pod-casting system within the Chapel, so that its service and choral music can be
heard world-wide over the internet. This sum was provided by the American Friends of New College, and the Trustees
are grateful for the continuing strong support to College from US alumni routed through the American Friends directly to
College or via the Fund.
During the year we made awards to some 90 of the 550 New College students, totalling £15,000.These awards
covered a wide range of activities from attending the World University Debating Championships to participating in
Women’s Lightweight Rowing. The Trustees are grateful for the letters of thanks, in many cases handwritten, that have
been received.
Achievements and Performance
The Charity keeps its activities under constant review, but is conscious of the difficulties of quantifying its success. The
public benefit provided by the intelligent and energetic young people who gain Junior Research Fellowships comes
over a life-time of activity. Student financial support encourages students from non-traditional backgrounds to apply to
New College. The Charity’s activities also forge bonds of friendship and gratitude between present and former
members of the College and sustain a climate in which philanthropy can flourish. Indirect benefits such as these are
almost impossible to quantify but fatal to ignore.
The fund-raising activities of the Charity are scrutinised with equal care. The annual Telethon has become well-liked by
Old Members who enjoy talking to the students who make the calls. There will be another in January 2010. The Legacy
Campaign that was launched in 2004 is also beginning to bear fruit; it is impossible to put firm numbers on what may
eventually be received, but it will certainly be more than £10 million over a period of years. Last year, the Trustees
reported that the College was expanding its fund-raising activities. It is too early to know how large a difference this
expansion will make to the funds available to the Charity, but first signs are encouraging.
Public Benefit
The Trustees believe that by putting well over £500,000 a year into the promotion of research and teaching, student
aid, 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, less good work would be done, and it would be done in a
deteriorating environment by less happy people, or public funding would have to fill the gap in ways it has never been
able to do.
Financial Review
The incoming resources and resources expended are detailed in the Statement of Financial Activities and notes to the
accounts.
The investment policies of the Charity are conventional. It seeks to maximise resources over time, with an appropriate
balance between caution and the search for capital growth. The performance of the Charity’s investment manager is
constantly kept under review and hence there was an interview process with the incumbent manager and potential
other managers, covering both segregated and pooled funds. For 2009/10 there will be investment in two further tax-
free pooled funds, by redeploying capital from the funds managed by Newton: the amount once entirely managed by
Newton Investment Management will now be invested 60% in an equities fund managed by Troy Asset Management
Ltd, 30% in a Newton equities fund, and 10% in an M & G fixed-interest fund. The Charity also holds a small amount of
its funds in a Property Unit Trust held separately from the three main endowment managers.
The market value of investments during a turbulent year declined from £10.539m to £9.434m (see Note 4), but it is
material that by end-December 2009 the funds had recovered to c£10.5m and that, during this time of considerable
volatility in capital values over some eighteen months or longer, the income-stream from the endowments (whether
permanent, restricted or designated) had been sustained and hence the Fund has been able to maintain its financial
commitments.
3
Ethical Investment Policy
The Trustees have debated the issues involved in underpinning their investment policy with a specifically ethical
stance. In light of the broad charitable objects of the Charity, they concluded it would be difficult to isolate any
particular sector or company whose activities were demonstrably at odds with the objectives of the Charity, without
excluding many companies whose activities, taken in the round, are broadly positive for the community. They are,
however, mindful of the reputational risks of investment in companies whose activities are too blatantly at odds with the
educational, cultural, heritage and research goals of New College. Their policy on ethical investment is therefore to
avoid limiting the return to the Charity by excluding any particular area of investment but periodically to review the
Charity's portfolio and if they decide that any specific investment should be excluded on ethical grounds to instruct the
fund managers accordingly.
Reserves policy
The Statement of Financial Activities and the Balance Sheet, together with Notes (pp 9-13 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 £511k (see Note 9 on p
13, The General Fund). These reserves are held to support future fundraising and administrative costs, and to enable
expenditure on smaller charitable projects to be incurred as soon as the need is approved.
Plans for the Future
Higher education and the institutions associated with it work to very long time-frames, but their financial situation can
change with alarming speed. Young people will not abandon research, New College will not stop teaching the subjects
in which provision is currently supported, students will not be immune from financial problems, and buildings will
deteriorate, if slowly. But the ways in which public funding is provided may change as rapidly in future as they have in
the past two decades: it is now widely assumed that, from 2010/11, universities will face substantial cuts in public
funding over a couple of years, and New College, as part of the University of Oxford, will take its share of such
economies. The Charity, therefore, is unlikely to wish to alter its main objective: that of supporting New College and in
turn its four key objects (as set out above) whereby the Fund especially supports the Choir and College music
generally, contributes to the maintenance of the buildings and of the fabric, and offers financial support for
undergraduate and particularly for graduate students (and also especially for Junior Research Fellowships). Its
resources will for the most part continue to be devoted to keeping up with the rising cost of fulfilling these objects,
which, in turn, will be of increasing importance to New College at a time of financial stringency in relation to
Government funding of higher education.
Finally, the Trustees note the contribution of Warden Ryan to the success of the Fund over many years, and welcome
his successor, Warden Price.
Signed on behalf of the Trustees
Chairman Warden
18 January 2010
4
NEW COLLEGE DEVELOPMENT FUND
AUDITORS REPORT
We have audited the financial statements of the New College Development Fund for the year ended 31 July 2009
which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. These financial
statements have been prepared in accordance with the accounting policies set out therein.
This report is made solely to the Trustees, as a body, in accordance with the Charities Act 1993. Our audit work has
been undertaken so that we might state to the Trustees those matters we are required to state to them in an
auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Fund and the Fund's Trustees as a body, for our audit work, for this report, or
for the opinions we have formed.
Respective responsibilities of Trustees and Auditors
As described in the Report of the Trustees, the Trustees are responsible for the preparation of the Trustees' Annual
Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice).
We have been appointed as auditors under section 43 of the Charities Act 1993 and report in accordance with
regulations made under that Act. Our responsibility is to audit the financial statements in accordance with relevant
legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are properly
prepared in accordance with the Charities Act 1993. We also report to you if, in our opinion, the Report of the
Trustees is not consistent with the financial statements, if the charity has not kept proper accounting records or if we
have not received all the information and explanations we require for our audit.
We read the Report of the Trustees and consider the implications for our report if we become aware of any apparent
misstatements within it.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the
Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements
made by the Trustees in the preparation of the financial statements, and of whether the accounting policies are
appropriate to the charity's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we
also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements:
● give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the
state of the charity's affairs as at 31 July 2009 and of its incoming resources and application of resources for
the year then ended; and
● have been properly prepared in accordance with the Charities Act 1993.
Critchleys
Chartered Accountants and
Registered Auditors
Paradise Square
Oxford
OX1 1BE
18 January 2010
5
NEW COLLEGE DEVELOPMENT FUND
STATEMENT OF FINANCIAL ACTIVITIES
Year ended 31 July 2009
Permanent Restricted Unrestricted Total funds Total funds
endowment income income 2009 2008
funds funds funds
Notes £ £ £ £ £
Incoming resources
Incoming resources from generated funds:
Voluntary income 2,840 13,966 638,469 655,275 2,675,858
Activities for generating funds - - 3,933 3,933 7,049
Investment income 320,023 112,464 432,487 507,230
Total incoming resources 2,840 333,989 754,866 1,091,695 3,190,137
Resources expended
Costs of generating funds:
Costs of generating voluntary income 2 - - 181,181 181,181 124,834
Investment management costs 21,252 7,469 28,721 36,577
- 21,252 188,650 209,902 161,411
Charitable activities 1 312,028 722,639 1,034,667 1,597,676
Governance costs 2 8,307 8,307 8,026
Total resources expended - 333,280 919,596 1,252,876 1,767,113
Net incoming resources 2,840 709 (164,730) (161,181) 1,423,024
Other recognised gains and losses
Losses on investment assets 3 (573,164) (561,136) (399,714) (1,534,014) (1,275,819)
Net movement in funds (570,324) (560,427) (564,444) (1,695,195) 147,205
Reconciliation of funds
Total funds brought forward 4,253,314 4,168,474 2,645,950 11,067,738 10,920,533
Transfers between funds - - -
Total funds carried forward 3,682,990 3,608,047 2,081,506 9,372,543 11,067,738
The notes on pages 9 to 13 form part of these financial statements.
6
NEW COLLEGE DEVELOPMENT FUND
BALANCE SHEET
At 31 July 2009
2009 2008
Notes £ £ £ £
Fixed assets
Investments 4 9,433,776 10,538,653
Current assets
Income tax recoverable 57,155 15,540
Prepayments and accrued income 156,585 80,284
Cash at bank 23,309 502,043
237,049 597,867
Creditors: amounts falling due within one year
Due to New College 293,422 59,407
Accrued expenses 4,860 9,375
298,282 68,782
Net current assets/(liabilities) (61,233) 529,085
Total net assets 10 9,372,543 11,067,738
The funds of the charity:
Endowment funds 7 3,682,990 4,253,314
Restricted income funds 8 3,608,047 4,168,474
Unrestricted income funds 9 2,081,506 2,645,950
10 9,372,543 11,067,738
The notes on pages 9 to 13 form part of these financial statements.
Approved by the Board of Trustees on 18 January 2010 and signed on its behalf by
Sir David Davies
Chairman of Trustees
7
NEW COLLEGE DEVELOPMENT FUND
STATEMENT OF ACCOUNTING POLICIES
Year ended 31 July 2009
The financial statements have been prepared under the historical cost convention except for fixed asset
investments which have been included at market value. The statements are in accordance with applicable
accounting standards and the Statement of Recommended Practice, "Accounting and Reporting by Charities",
issued in 2005.
Specific policies adopted are described below.
Incoming resources
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 is accounted for on an accruals basis.
Other income is accounted for on an accruals basis as far as it is prudent to do so. Income includes income tax
recoverable thereon.
Resources expended
Costs classified as charitable activities include only direct costs associated with those activities. In the main
these costs comprise funds donated to New College.
Investment management costs are allocated to specific funds in proportion to their relative size.
All other administrative and overhead costs incurred by the charity which are not directly attributable either to
fund generation or governance are allocated on the basis of staff involvement in those areas. These costs are all
charged to the general fund.
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. Those of such funds 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
by the Trustees 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
Investments are stated at market value at the Balance Sheet date and the Statement of Financial Activities shows
net investment gains and losses arising from revaluation of the investment portfolio and disposals throughout the
year.
Pensions
Contributions to the pension schemes provided for employees of the Charity are included in operating costs on the
basis of the contribution rates payable for the year, as determined by the scheme actuaries. (See also note 2 to
the financial statements).
8
NEW COLLEGE DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS
year ended 31 July 2009
2009 2008
£ £
1 Charitable activities
To New College:
Fellowships 397,770 368,285
Academic research 14,678 31,330
Refurbishment and maintenance of buildings 230,130 1,060,750
Student support 285,759 84,581
Music and choir 44,461 3,000
Library 13,068 19,829
Other 8,309 100
994,175 1,567,875
Other charitable donations:
Academic research 10,159 5,146
Student scholarships 30,333 22,818
Other - 1,837
40,492 29,801
Total 1,034,667 1,597,676
£ £
2 Other expenditure
Staff costs:
Wages and salaries 76,862 54,113
Social security costs 5,900 4,024
Pension costs 14,230 8,409
96,992 66,546
Telethon, including consultancy fees 31,369 22,623
Communications 22,593 11,371
Fundraising events 9,316 4,458
Travel 1,768 5,093
Magazine ("New College News") 6,886 6,031
Audit fee 2,518 2,350
Database management - 4,845
Office expenses 16,999 8,870
Miscellaneous 1,047 673
189,488 132,860
Analysed as to:
Costs of generating voluntary income 181,181 124,834
Governance costs 8,307 8,026
The Charity funded the employment of two full time equivalent persons during the year, primarily for publicity and
fundraising. No Trustee was in receipt of payment for services rendered to the Charity during the financial year, nor
were any expenses reimbursed.
The pension scheme operated for employees is the University of Oxford Staff Pension Scheme (OSPS).
The scheme is contributory, contracted out from the State Second Pension (S2P), and provides benefits based
on length of service and final pensionable salary.
Employer contributions for OSPS are currently 21.5%, and the most recent actuarial valuation in 2007 showed a
funding ratio of 89% on a FRS17 basis.
OSPS is a multi-employer scheme where the share of assets and liabilities applicable to the employer is not
identified. The Charity will therefore account for its pension costs on a defined contribution basis as permitted by
FRS17.
9
NEW COLLEGE DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
Year ended 31 July 2009
2009 2008
£ £
3 Losses on investment assets
Realised (losses)/gains on disposal of investments (570,381) 217,450
Unrealised losses in the market value of investments (963,633) (1,493,269)
(1,534,014) (1,275,819)
4 Fixed assets investments
Investments listed on a recognised stock exchange or valued by
reference to such investments:
Market value at beginning of year 10,538,653 10,999,422
Additions at cost 1,750,666 3,077,906
Disposals at market value (1,479,258) (2,407,425)
Net revaluation (losses)/gains arising during the year (1,534,014) (1,275,819)
Movement in cash held by fund managers 157,729 144,569
Market value at end of year 9,433,776 10,538,653
Historical cost at end of year 9,172,162 9,313,405
The market value of investments comprises -
Public equities 7,123,249 8,608,358
Debt instruments 1,355,836 1,024,422
Property unit trusts 200,999 309,910
Cash deposits 753,692 595,963
9,433,776 10,538,653
5 Connected charity
New College, University of Oxford, is a "connected charity" having common objects and a shared
administrative base. During the year New College was in receipt of donations from the Charity amounting
to £994,175 (2008 £1,567,875), as detailed in note 1.
6 Capital commitments
There were no capital commitments at 31 July 2009
10
NEW COLLEGE DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
Year ended 31 July 2009
7 Endowment funds
Related income funds
(included in Restricted Income Funds summary on page 12)
Opening Additional Investment Closing Opening Net Investment Direct Closing
balance donations losses balance balance investment losses expenditure balance
income
£ £ £ £ £ £ £ £ £
Permanent endowments
Andrews Fund 5,801 (781) 5,020 865 236 (117) 984
Astor Junior Research Fellowship 405,747 (54,659) 351,088 - 14,358 - (14,358) -
Baring Bursaries 17,760 (2,392) 15,368 - 628 - - 628
11
Carmichael Fund 17,026 (2,294) 14,732 774 630 (104) (402) 898
Hardy Junior Research Fellowship 256,074 (34,496) 221,578 7,841 9,339 (1,056) - 16,124
Hedley-Broadfield Fund 312,749 (42,131) 270,618 - 11,067 - (10,395) 672
McGregor Law Fellowship 407,304 2,840 (55,060) 355,084 3,256 14,578 (439) (17,000) 395
Millman Business Studies Fellowship 252,412 (34,003) 218,409 22,444 9,726 (3,023) (7,956) 21,191
Nicholas Fund 839,898 (113,145) 726,753 11,414 30,124 (1,538) (32,000) 8,000
Nicoll Bursaries 6,768 (912) 5,856 158 245 (21) (75) 307
Reynolds Fund 559,966 (75,434) 484,532 43,477 21,353 (5,857) (16,159) 42,814
Roche International Law Fellowship 130,530 (17,584) 112,946 14,909 5,146 (2,008) (1,114) 16,933
Tang Lectureship 411,108 (55,381) 355,727 4,940 14,722 (665) (16,000) 2,997
Weston Junior Research Fellowship 630,171 (84,892) 545,279 28,345 23,302 (3,818) (22,516) 25,313
4,253,314 2,840 (573,164) 3,682,990 138,423 155,454 (18,646) (137,975) 137,256
NEW COLLEGE DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
Year ended 31 July 2009
8 Restricted income funds
Opening Additional Net Investment Direct Other Internal Closing
balance donations investment losses expenditure expenditure transfers balance
income*
£ £ £ £ £ £ £ £
1979 Appeal General Fund 29,498 1,044 (3,974) (26,568) -
Aso Group Scholarship Fund 207,318 7,336 (27,928) 186,726
Barney Scholarship Fund 226,626 8,019 (30,529) 204,116
Blackwell Boat Club Fund 103,078 3,647 (13,886) 92,839
Burden-Griffiths Award 3,186 1,000 130 (497) (372) 3,447
Chorister Bursaries 215,391 7,622 (29,016) (4,816) 189,181
Colegate Prize 13,552 480 (1,826) (750) 11,456
Cox Chalet Fund 5,000 500 5,500
Ellmann Fellowship 267,029 9,449 (35,972) (12,000) 228,506
Fairbairn Junior Research Fellowship 457,447 16,187 (61,624) (16,187) 395,823
Hamilton Memorial Fund 18,142 642 (2,444) 16,340
Harlech Trust 288,963 10,225 (38,927) (30,333) 229,928
12
Instrumental awards 3,018 107 (407) 2,718
Manning Junior Research Fellowship 147,153 5,207 (19,823) (5,207) 127,330
Matthews Junior Research Fellowship 421,812 14,926 (56,823) (14,926) 364,989
Tony Nuttall Memorial Fund 10,334 2,458 409 (1,558) 11,643
OxCHEPS 203 9,636 320 (10,159) -
Power Corporation Fund 116,261 4,114 (15,662) (8,000) 96,713
Rank Junior Research Fellowship 483,581 17,112 (65,144) (17,112) 418,437
Nick Roth Memorial Fund 4,300 152 (579) 3,873
Salvesen Junior Research Fellowship 299,726 872 10,621 (40,436) (10,621) 260,162
Simonyi Lecture Fund 3,853 136 (519) 600 4,070
Spooner Junior Research Fellowship 109,601 3,878 (14,765) (3,088) 95,626
Thomas Fund 66,945 2,369 (9,018) 60,296
Todd-Bird Junior Research Fellowship 528,034 18,685 (71,133) (14,514) 461,072
Endowment income funds:
(see page 11) 138,423 155,454 (18,646) (137,975) 137,256
4,168,474 13,966 298,771 (561,136) (312,028) - - 3,608,047
* After deducting investment management fees
NEW COLLEGE DEVELOPMENT FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
Year ended 31 July 2009
9 Unrestricted income funds
Opening Additional Net Investment Direct Other Internal Closing Future
balance donations investment losses expenditure expenditure transfers balance income
income* (note 2) pledged
£ £ £ £ £ £ £ £ £
Designated funds
Academic Research Fund 12,830 454 (1,728) (5,608) 5,948
Charlton Classics Fellowship 826,451 29,244 (111,333) (40,000) 704,362
Choir Fund 8,274 5,238 385 (1,467) (5,000) 7,430
Fellowships Fund 50,823 1,014 1,816 (6,915) 46,738
Graduate Scholarships Fund 183,785 93,814 8,163 (31,077) (148,558) 106,127
Library Fund 7,771 5,825 378 (906) (13,068) -
Millman Graduate Scholarships Fund 108,924 3,854 (14,673) (30,000) 68,105
Oxfordshire Schools Access Fund 241,432 8,543 (32,524) 217,451
Peter Campbell Politics Research Fund 314,003 11,111 (42,300) 282,814
Shawyer Hardship Fund 74,644 2,641 (10,055) 67,230
Stained Glass Restoration Fund 170,762 2,663 6,090 (23,183) (155,605) 727
Student Hardship Fund 32,075 36,342 1,778 (6,769) 63,426
The General Fund 614,176 497,506 30,538 (116,784) (324,800) (189,488) 511,148 188,000
13
2,645,950 642,402 104,995 (399,714) (722,639) (189,488) - 2,081,506 188,000
*After deducting investment management fees
10 Attribution of net assets to funds
Endowment Restricted Unrestricted Total
funds income income funds
funds funds
£ £ £ £
Fund balances at 31 July 2009 are represented by:
Fixed asset investments 3,707,051 3,631,619 2,095,106 9,433,776
Current assets 93,150 91,254 52,645 237,049
Current liabilities (117,211) (114,826) (66,245) (298,282)
Total net assets 3,682,990 3,608,047 2,081,506 9,372,543
Reconciliation of movements in unrealised gains on
investment assets included above
Unrealised gains at beginning of year 470,861 461,468 292,919 1,225,248
Adjust for disposals in year 224,134 219,573 126,674 570,381
Add net losses arising on revaluations in year (592,192) (580,330) (361,493) (1,534,015)
Unrealised gains at end of year 102,803 100,711 58,100 261,614