2024-07-31-accounts

Annual Report and Financial Statements Year ended 31 July 2024 Jesus College OXFORD

JESUS COLLEGE Annual Report and Flnanclal Stat8monts Contents Governlng Body, Officers, and Advisers R8porl of the Governlng Body 6-15 statement of Accounting and Reportlng Responsibilities 16 Auditor's Report 17.19 statement of Accounting Policies 20-23 Consolidated Statement of Financlal Actlvlt5es 24 Consolldated and College Balance Sheets 25 Consolidat8d Statom8nt of Cash Flows 26 Notes to the Financial Statements 2743

JESUS COLLEGE Governlng Body. Offlcers, and Advlsers Year ended 31 July 2024 MEMBERS OFTHE GOVERNING BODY Members of Governing Body are Ihe Colleg8's charity trustees under charlty law, ThDS8 who served in office during the year, togelher with detalls of the committees where they ar8 memb8rs, are below. (1) (2) 13) (4) {5) (6) (7) (8) (9) (10) Professor Sir N. Shadboll S8bbatisal Professor K.M. Kohl Acting PrirKip HT24 Professor P.0. Daley SabbatlGal TT24 Sabbatlcal MTfd- TT24 Professor M. Brouard Professor A.S. Dancfrr A¢lng Vlce- P￿rK1paI Trrr24 Dr S,G. White Professor A,J. D'Angour Prof8880r P. Kewes Speclal leove 23- Tf24 Professor S. S￿nIvas R&89arch Laav8 pKr23- Tf24 SabbattrAI HT24 & Tf24 Professor J. Tilley Professor C. Wamian Dr S. Aspden SabbaUc81 Tf23.Tt24 Dr J. Magorrlan Sabbatkal HT24 Dr J. Olivor Dr A. Lumbers Dr P. Eso Professor E. knderson S8bbalical MT23 & HT24 Dr R. Grenyer Professor G. Hollander Dr A. Gajda Dr S. Douglas Professor P. Riley Profe&80r Y. Chen R8lir8d 30109124 Mr P. Goffin Mr R. Baumann Loft 12107￿4 Professor R. Evans Professor S. Morrt8

JESUS COLLEGE Governlng Body, Offlcers. and Advlsers Year ended 31 July 2024 Dr M. John Profgssor K. Vlncent Mr D. Slevonson Re￿r9d 31103124 s4)bal￿OI MT23 & HT24 Profg8sor L. Enriques Professor T. Coulson status ch8ng8d le DonQB 01110124 Professor R. Plerrehumbert Professor S. Dercon Dr B. Wllllams status change to non-GB Professor J. Rous88au 01110124 Special Lèave Mf23. Tt24 Dr M. Jackson Professor s. 2ivny Dr B. Wellner James Left011￿124 Dr S. Comay Profes8Dr D. Van Hull6 Cir B. Verd Professor D. Willis Dr D. Allshuler Dr M. Phillips-Brown LeftQS109K23 Dr F. Grabenhorst SabbaUGal Dr S. Flaxman Rg8g8rch Leavo HT24 & TT24 Dr J. Baccelli Professor G. Wrfght tamity leavo Mf23 & HT24 Profes60r B. Gclda¢re Mrs F. Willlams Dr R. Ro¢ha Dr M. Kèrry Ms C. Winter Dr l. Hideg Professor J. Naismith Appdnted t GB 011D1f24 Ap￿nted 18ID3124 Mr D, Mason Dr Rachel Burns Aponled 0110912024

JESUS COLLEGE Governing Body, Offlcèrs. and Advisers Year ended 31 July 2024 Dr Sergll Slrelchuk Appointod 0110912024 Squadron LeadarAngala Unsworth Appointed 1411012024 Olh8r Non-Governing B¢xly members .. Alhough not 8 M￿nbar of th8 Commilteg. the Member normally attbnds Its me6llng8 Th8 CDmmiltee8 and their non-Governing Body members are as follows: AGcommodation, Catarlng and Conferences Committee- Mr William Saunders Estates Committee- Mr John Dowty, Mr Harry Seekings and Ms Mona Shah Property and Environment Committee- Professor Susan Doran, and Ms Caroline Slanford Human Resources Committee Academic Committ88 Development Committee- Ms Rachel Angell, Mr Paul Bostock and Mr Michael Cavers-Davles Remuneration Committee - Ms Alison Beardsley, Mrs Kirsten Gillingham, Professor Yvonne Jones (Chair), Ms Ann Means and Mr Nick Syke8 Risk and Audlt Commlttee- Ms Sharon Maidment, Mr Tom Saul (left 311071241 and Mr Richard Whltelam Equality. Diversity and Inclusion Commiltee Professor Renée Adams, Dr Chrls Dingwall- Jones (left 12107124}, Dr Lowrl Jones (appointed 01110123), Professor Vlll Lehdonvirta and Dr Rachel Taylor (left on 31108124) 110) statU8s. Governance. and Nominations Committee - Mr George Levvy (appolnted 01110123), Ms Sharon Maidment15erved in MT23), Mr Tom Saul (seNed In HT241 and Mr Richard Whitelam (served in TT24) 121 13) 141 151 161 171 181 191 COLLEGE SENIOR STAFF The senlor staff of the College responsible for daY.t￿daY man8g6m8nt are as follow5- Prof Sir N. Shadbolt Prlnclpal Prof M. Brouard Vlce-Prlnclpal from 1 October 2024 Prof K. Kohl Vlce-Prlnclpal to 30 September 2024 Professor A. Dancer Actin Vice-Princlpal HT24 Mr R. Baumann DirectDr of Accommodation, Caterin Dr A. Lumbers Academic Director Mr D. Mason Property Director {from 18 March 2024) Mr D. Stevenson Property Director {retlred 31 March 2024} Dlrector of Accommodation, Catering and Conferences {from 14 October 2024 Development Director Human Resource Dlr8Ctor Estates Bursar and Aclin Princl 81 HT24 and Conferences to 12Jul 24 Squadron Leader A. Unsworth Dr B. Wellner Jame8 Mrs F. Williams Ms C, Wlnter

JESUS COLLEGE Governing Body, Offlcers, and Advisers Year ended 31 July 2024 COLLEGE ADVISERS Invgstment manager8 Carnbridg& Assoclates Limited 62 Buckingham Gate London SW1E 8AJ Auditor Crowe U.K. LLP R+ Building 2 Blagrave Street Readlng Berkshire, RG11AZ Bankers Barclays Commercial Bank 4th Floor Apex Plaza Forbury Road Reading, RG11AX Sollcltors Knights Prof8ssional S8rvic8S Midland House Wesl Way Oxford, OX2 OPH Valuars Savllls 33 Margaret Street London, W1G OJD Deloitte LLP 1 New Street Square London. EC4A 3HQ College address Jesus College Turl Street Oxford, OX13DW Webslte ww.jesus.ox.ac. uk

JESUS COLLEGE Report of the Governing Body Year ended 31 July 2024 The Members of th& Governing 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 th8n ended. REFERENCE AND ADMINISTRATIVE INFORMATION Jesus Coll898, Wlthin the City and Univ8rsty of Oxford, of Queen Elizabeth's Foundalion, was established by Letters Patent by Queen Elizabeth l in 1571. It is a registered charity Ir8gistration number 1137435}. Th8 names of all Members ofthe Gov8rning Body and of those In office during the year, tog6ther with details of the senior staff and advisers of the Colleg8, ara givan on pages 2 to 5. STRUCTURE, GOVERNANCE AND MANAGEMENT Govarning Body The Governlng Body consists of the Principal, the College's Tutorial F8llows, some of ils Profe550rial Fellows, and the full-time and part-time College Officers. At 31 July 2024, it compris8d fifly-five members, forty male and fifteen female. Members of tha Governing Body are the Charills trustees. Tutorial Fellows are employées of the College, recruited and appoint8d in conjunction with the ralavant Universlly department. A Tutorial Fellow's responsibilities for the provision of undergraduat8 t8aching ar8 set out in the Coll8g8's Statutes. Professorlal Fellows are Univ8rsity officers or distlngulshed academics who hold poslllons In the University. Prospéctiva Professorial Fellows ar8 818Cted by the Governing Body after it has consldered a roport of an appolntmenl commlltee. The College's gov8rning docum8nt. its Statutes, is 8nforceable ultlmately by the Visitr>r, the Rlght Honourable the Earl of Pembroke. The Statutes are made from tirne to tim8 by order of His Maj@sty in Council in accordance wlth th8 Royal Chartar of 1571 and the Universities of Oxford and Cambridge Act 1923. The Governing Body delerrnines the ongoing strategic dir8Ction of the Co118go. and regulates its admlnistration and the management of Its flnances and assets, It meets regularly, chaired by the Principal. and is advised primarily by ten committe88. Recrultment and tralnlng of Members of tho Governlng Body Naw members are appolnted on the recommendatlon of a committee constituted specifically for that appointrnent. The committee ensur8S thg necessary expertise is available lo advlse the Governing Body, and that It has due regard to equality and div8rsily requirements. Th8 Gov9rning Body receives a report from the commitlee and, if satisfied, proceeds to elect the individual to a Fellowship. New Governing Body rnembers receive induction in th@ir role as trustees. Membership of committees, ￿th the exception ofthe HR, Academic, and Equality. Diversily 8nd Inclusion Committaes, includes people external to the College. Remuneratlon of Members of the Goveming Body Mambers of the Governlng Body who are Tutorial Fellows receive a salary in part from tho College, and in part from Ihè University, for carrying out thair teaching and research duties. Professorial Fellows are rernunerated through their University departments and receive no r8mun@ration from the Gollege. College Officers, who are employees of the College, recelve remuneration for thelr work as employees of the College, which is sat in Ilne Wtth that awarded to the Univgrsity's academlc staff. Dotails of Members, remuneratlon are dl8closed in Note 20 to these accounts. Recognislng the potential for confllcls of interest, the College has a Remuneralion Committee, members of which are either not in rec81Pt of remuneration from th& College or are Independent of the College. The Commlttee recommends the levels of salar5es and oth&r ben8fits provided to members of the Goveming Body, having rggard for the approprlate, and estsblished Unlverslly salary levels and other relevant data. Organisational manag8ment Members of the Governing Body nomially meet ten lim8s a year. The work of developlng the College's policies, and monitoring the implementation of these, is carried out by a number of committees, the composltion, and functions of which are specified in the College's Bylaws, These include.. Academic Committee (Bylaw 10.10) Accommodation, Catering and Conferences Commlttee (Bylaw 10.8) Development Committee (Bylaw 10.16} Equallty, Dlverslty and Inclusion Committe8 {Yy18w 10.35)

JESUS COLLEGE Report of the Govemlng Body Year ended 31 July 2024 Estates Committee (Bylaw 10.6) Human R8sourc8s Committee (Bylaw 10.121 Properly and Environment Commilt6e110.7) Remunerallon Committee (Bylaw 10.15) Rlsk and Audit Committee (Bylaw 1 D.9) statutes, Govemance, and Nominations Committee (Bylaw 10.11) In addition to these committees, spècific working groups are formed lo address requlremenls of partlcular projecls or Issues. For example, there Is currently a Sustainabllity Working Group. Group Structure and relalionshlps Th8 Co118ge administers many special trusts, as detalled In Notes 17 and 18 to the financial statements. The Colleg8 has two wholly owned non-charitable subsidiari88, Jesus Accommodation Limtted ('JAL') and Jesus Co118g& Developments (Oxford) Limited ('JCD'). JAL accounts for the College's non-a¢ademlc conference and events acti￿tIeS. JCD Is the developer for the Northgatg Project whlch substantially ￿MPl￿t@d last year. Tha subsSdlaries' aims, objectives and r8suIt8 are disclosed in the relevant sections of this r8POrt. They donate their annual profits to th8 Co118ge under the Gift Aid Scheme. The College Is part of the ￿llegIate Univ8rsity of Oxford. Material int9rdependenci8s b8tween the University and the Collegg arise as a consequence of this relationshlp. OBJECTIVES AND ACTIVITIES Charltablè object8 and aims Obiectives The College's principal object Is to further study, learning, education, and research, and to be a Collage within the University of Oxford wherein membars of the Colleg8 may carry out advanced study or r8search. The College also ha5 as a charltable object the provision of public worship. To thls end, the College provides a chapel and employs a Chaplaln. The aims of the College's subsldlarles are to support the College In the achlevement of Its objectives. Public beneflt The Governing Body confirms that it has complied with the duty in Section 17151 of the Charfties Act 2011, to have due regard to the guidance Issued by the Charity Commission on public benefit. The College remains commFLted to its aim of providing publlc benefit in accordance with its founding principles. Accordingly, its activltles focus on furthering ts stated objects and aims, gxarllples ofwhich are described below. The College provides public benefit by offering higher education to Its undergraduates and postgraduates. Undergraduate places are off@r@d purely on academic meril. Financial support is available to undergraduates to assist them wtth tuition fees and living costs whilst at the College. This is in additlon to that available from the University through the Oxford Bursaries scheme, in which the College also participates. Tho College is aware of the difficullles faced by those aspiring to graduate studies in obtaining financi81 support, and has therefore incraased its efforts lo coll8boral8 with Ihe University to provide scholarships. The College contlnues to support students irF their studies through grants to cover, inter alia, th8 purchase of books, Iravel, and research expenses. Due largely to natural fluctuation8 In demand, and fit against eligibility crit@rla, spending on these dècreased to a total of £1,045k {2022123: £1,149kl, comprising £192k {2022123: £209k} In bursaries and hardship funding. and £853k12022123: £940k) in scholarshlps, prlzes, and grants. A key element of the education of the College's undergraduates is tha tutorial system, which provldes for undergraduates to meet with thelr tulor, physically or on-line, on a ragular basis. Th8 tutor is responsible for Iheir stud8nls' acad8mic progress and pastoral care. The College also provides the College Libraryfor students, use, a5 well as computlng, accommodation, catering and other facllltles. The College providgs SUPPOrt to 118 postgraduate student members by the provision of a Fellow as College Advisor, d8dicated lo supporting and monltoring their progress, as well as dealing with any pastoral issues. As ncled above, the College also advances the 8ducalion of its gradLtate student5 by providing research grants to meet costs involved In undertaking research and presenting papers at conferences. Thls year these totalled £126k12022123: £88kl. College members undertake rgs&arch that the College supports in several ways. Junior Research Fellows and

JESUS COLLEGE Report of the Governlng Body Y8ar ended 31 July 2024 Career Development Fellows are fixed-term appolntmenls Intended to enab18 8arly-care8r scholars to develop their research. The Colleg8 supports the research of its Fellows by offering research grants and, where appropriate, sabbatical18av8 and olher research leave. The Colkge also provides public benefit by p8rmitllng acce5S to Its Ilbrary collectlons. Unlque material in Its Celtic and Fellows, Libraries is accessible lo any researcher on application. Th8 College's 140 medieval manuscripls are on deposit at the Bodleian Library wh8re interested research8rs can consult them. The College's archiv@s are also made available to all 8nquir6rs. The College employs an Archivist to assistwlth such requests for information, including arranging for researchers to visit the archives whera appropriate. Flnally, the College has a policy of lending Its materlal to Museums on raqu6st from exhibition curators. Access and Outreach The College is committed to supporting and growing its Access and Outreach programme. Jesu5 was one of the first Oxford coll8g8s to build a structured access programme led by an academic. Last y8ar the Acc8SS Fellow and A￿e$S Assistant engaged wlth just over 17,000 pupils in more than 230 8V8nis. This was in addition to engaging wlth visitors on our Open Days. There wer8 four fr88-to-altend access Summer Schools, catering to 300 young people. Th8 Coll8ge has also developed programmes to help British Bangladeshi and Pakistani students, a5 well as women In sclences. The College Access YouTuba channel provides fre8ly accessibla admissions content, and has altracled 3m viaws and 23,000 subscrib&rs. The College's acces5 Strategy focusses on socioeconomlc and BAME div@rsity. as w811 as gender balance across subjects. Dlverslty Is worthwhile. but it also drives up ac8demic standards by allowing academlcs to recruit frcffti the wldest poc>ls of talent. Creatlng cultural change wlthln Jesus Collegg, and among underrepr8sent8d communilies, means a sustained shift in perceptions and behaviour. Acc8ss provision within the College is becoming one of the day-to-day activities of its membershlp. In partlcular, it has been working on "in-reach,. a programme to provide paid work experfences to Jesus College students from disadvantaged backgrounds. They are supported with labour market experiences and, in doing so, support th6 College's outreach actlvities, Thirty Jesus undergraduate students and fift8en postgraduate students participated in such work thls year. This includad three indivrduals taking up pald summer intemships for flve weeks. The impact of the College's work on widening participation in education is difficult to measur8. However, applications to the College have grown at a faster rate than have appllcations to the Unlversily. From 2015- 2023, Jesus College appllcalions grew by on8 third, whilst the University saw growth of one fifth. Also, the offer rate for Welsh students applylng to Oxford is around 13Q/o. By comparison, Welsh students who att8nd8d th8 Collage's residential summ8r schooSs from 2021-2023 were more than twice as likely to be accapted to th&ir chosen course at Oxford, wlth an acceptance ral& of 27Yo. The College is Investlng in access programm8s in collaboration with w811-8Stablished third partSes.1ts £15,000 investmenl in the Newrx)rt Parent Power chapter of The Brilliant Club will help it to tackl8 misconceptions amongst marginalised commLJnities over the long term. Added to whlch, an investment of £5,000 into Thinking Black will efficiently and effectively tackle unde￿epresentatIOn of Black British students at Oxford. Related to which is the College's £12,000 co-funding of three postgraduate scholarships for British Muslim students with the Aziz Foundation. ACHIEVEMENTS AND PERFORMANCE Actlvltles and achi8vem6nts during 2023.24 Th8 College's academic staff continue to receive many prestigious honours, awards, grants, and prizas in rocognition of their achi6vements. Professor Jim Naismith was awarded the Mlcros¢opy Today Innovation Award, was mad8 Wice President of the Aoad8my of Medical Science. and was appointed Head of the Universty's MPLS Division. Professor Tim Palmer was awarded Ihe World Meleorological Organisation IMO M8dal. Professor Kathy Sylva was awarded Michael Rutter Medal for lifetim@ contribution lo Child mental health by tha Association for Child and M6ntal Health; she was also elected to a Fellowshlp In the Academy of Europ& and awarded an Honorary Doctcbrate from the University of Juvaskyla. Professor Sylva along with two other College fellows, Professor Iram Siraj and Professor Pamela Sammons, was aw8rd8d Ihe Public Engagement and Impact award by the Brilish Educational Research Association for transforming early education policy and practice. Honorary Fellow Tom Ilube was made Chair of the Prince's Trust Board of UK Trustees. Dr Amy

JESUS COLLEGE Roport of the Governing Body Year ended 31 July 2024 Lidster was elected as a Fellow of the Royal HSslorical Society, Dr RDbin Darwall-smith was elected as a member of the Intematlonal Commisslon for the Hlstory of Unlverslty. Professor Shankar Srlnlvas was awarded a £2.9 million Discovery Award from the Wellcome Trusl to fund research into how 6mbryos are shaped In developm8nt. Professor Sassy Molyneux was awarded th& NIHR Global Health Research Professorship, securing £2 milllon to Investigate minlmising and managlng moral distress among frontline research staff In Inlernatlonal programmes of research. Professor f<oxana Radu was announced as a laureatg of Ihe Henrlk Enderlein Prize for Social S¢ience8, awarded to European researchers under forty who have made an outstsnding contributlon to thelr field, and to public policy- she received the honourable mentlon for her work on intarnet govemanc8. Professor Vili Lehrdonvirta was awarded a Europ&an Rasearch Council Advanced Grant for a project on the geopolitics of cloud computing. Professor Katrin Kohl was awarded, as joint Co-lnvestigator, an AHRC grant for the r&s&arch project Kalka's Transformative Communtii8s. Dr Sam Lipworth won two grant5 from UKHSA to explore antibiotic resistance trends during COVID, using national datasets, The following published works.. Professor Nlgel Shadbolt co-authored As if Human.. Ethics and Artificlal Intelllgence. (Yales University Press): Professor Palrlcla Daley co-authored Lgarning Disobgdlence., Decolonlzlng Development Studles, (Pluto Press) wlth a former Jesus College student, Amber Murrey. Professor David D'Avray published The Powerof Protocol.. Diplomaéics and the Dynamics of Papal Govemment. G. 400- c.16LIO, (CUP 2023). Professor Isabelle Ferreras, Democratizing the CO￿oratiOn.. The Bicameral Fim7 and Beyond, {Verso, 2023}. Professor Tim Coulson, The Universal Hlstory of Us, (Penguin 2024). Professor Nadine Akkerman co-authored Spycraft.. Trlcks and Tools of the Dangerous Trade from Elizabgth I to th8 Restoration. (Yal8s Universlty Prgss. 2024). Professor Susan Doran, From Tudor to StU8rt.. Th8 R89im8 Change from Elizab&th I to Jamgsl, (OUP, 2024). Dr Amy Lidster. Wartime Shakespeare.. Pgrforming Nan7tives of Confiict, {CUPl. Dr Robin Darwall-smith was appolnted as Eclltor of History of Universiti'es, The College's academlc staff have been Involved In some excltlng projects and medla events. Professor Dlrk Van Hulle curated the Bodleian Exhibition, Write Cut Rewrite, on Ihe creative importance of editing in literatur6, and also wrote the accompanying book. Professor Katrin Kohl Cowcurated the Kaffta Making of an Icon exhibition {also at the Bodleian}, marking the centenary of Franz Kafka's death in 2024. She also co-authDred the exhibition book. Professor Tim Coulson was also involved in events which launched the exhibltlon. Dr Amy Lidster co-curat8d Shakesp&ar8 8nd War al lh6 National Amiy Mus&um. Professor James Ti118y pr8senl8d a BBC Radlo 4 series. The lQds Are Alt Right? on the relationship between age and vote choice. Through the Cheng Kar Shun Digital Hub events programme, the College also hostod a number of events wlth distinguished guests: The Institute for Ethics in Al's annual lecture was delivered by Professor Alondra Nelson, Harold F. Linder Professor at the Institute for Advanced Study, and a distinguished senior fellow at th8 Centre for American Progress: Professor Ben Goldacre delivered the Inaugural Cheng Kar Shun Digital Hub Lecture From Bad Science to Better Data ,' Professor Katrin Kohl hosted GreatiV9 Multsllngualis￿'S Summar Showcase Language Diversty In the DigitalAge' PLA Y.. Musi¢ for Game Controllets with the House of Bedlam, was co- organised by, and featured, Dr Rob Laidlow, Career Development Fellow in Music; Dr Samantha-Kaye Johnston organised Ethics in rh8 Mefaverse through the eyes ofJ8m81can youth- Projecl Amplify. a collaboration between Youth Can Do l.T. (YCDI) in Kingston, Jamaica and Jesus Collaga., a talk on Democracy on Trial.. January 6 & the 2024 Presid8ntial E16¢fion was given by alumnus James Goldston., Digital Hub BootG8mp - Good COP, Bad COP.. Can wp solve climat& change? wes hosted by alumnus David Pree￿. InGlusive G8mlng Conference was co-convened by the Hub CDF and the Oxford Intemet Inslitule., and Entr8preneurship In th8 Dlgltal Ag8 X Hult Prize Startup competition was held in collaboration with several Oxford stsjdents. College sludents received recognition in a nurnber of fields. Thirty-six students, or 380A, were awarded a First Class degree for 2023124. and 16 were awarded prizes for top P8rformanc& in University 8X8minations. The College also cglgbratod the SUCGess of 19 postgraduat& students who achigvad Distinctions in thelr examinations FUNDRAISING The Development Team leads the College's fundraislng, alumni, and donor engagement actlvlties. The team includes two major gift fundrais@rs who aim to m8et up to 200 individuals each per year to solicit donations In the UK and overseas. and are support9d by an additional mid-range fundrais8r, who solicits lower-level giving

JESUS COLLEGE Report of the Govornlng Body Year ended 31 July 2024 regionally In the UK and US. Th6 fundraisers supplement theirwork by a direct mail appeal for the Annual Fund twice a year. including an annual Telethon. For th8 Telethon, the College has a contract with an exlemal company, Shared Vision, to help deliver this project. The Annual Fund typically raises around £350k, primarily through face-to-face, and mailed, fundraising appeals. The College is registered with the Fundraislng Regulator as parl of supporting the standards for fundraising set out in the Code of Fundraising Practico. The College takes seriously its obligation to protect any vulnerable people. It designs fundraising appeals so that. whenever possible, they appear at regular and expected intervals each year. The Dev&lopment Team employs Its databas8 to avoid sending excessive fundraising requ8sts or dupllcated appeals, It makes sure all potontlal donors are glven notice of the annual Telethon and onllne app&als, and can 'opl-out' of all forms of solicitation and fundralsing communications. Finally. th6 Development Team tailors its mallings to potential donors to th& besl of Its knowledge, based on the donorfs personal preferences. The Team has a practice not to solicit alumnlldonors who hav8 given to College within a six-month period. The Development Team is also responsible for all alumni norfrfundraising communications as well as social nelworks, and dellvers between 5D-60 alumni and donor 8vents per year in Oxford, Wales and London. In the year ended 31 July 2024, the team had success raising over £2.8m in restricted, unrestrfcted and endowment donation5, primarily for student support and academic objectiV8s. New bursaries and graduate stud8ntships were created, as well as an appeal specrfically for College sKx)rts grounds and a new gym. Legacies also played a key part in the fundraising success of th8 previous financlal year, wlth over £0.7m of In￿Me received from gifts in wills. Fundraising remains a central form of support for th8 Colleg&'s activities, and provides vital support towards prfority proj8cts. FINANCIAL REVIEW The Statement of Financial Activiti88 shows a nel surplus of £20.7m12022123'. net surplus £5.2m). Thls flgure includ8s legacles and donatlons for r8Stricted and endowed funds of £2,1m (2022123.. £0.7m) and a ngt galn on investments of £20.6m (2022123,. net galn £4.1m). Furth6r details of both ar& provided below. Income Charltabje and tradlng Income Charitable income, £8.6m {2022123.' £7.8m). comprises tultlon fees from UK, EU and ovorseas students, support from Office for the Student, other acad8mic incomg, and related resldentlal income. This incr8as8d in the year, partly du8 to an increase in fees from overseas students but predomlnantly the growth was attributable to College residential income. This reflects some increased occupancy and rents from the College's student population but also the increased use of College spaces for charitable (i.e. academic related) COnferen￿S and functions. Trading income, £0.4m {2022123.' £0.4m), ]nthich comprlses non-academic conference and funcllon income, wa8 largely static. Donatlons and legacles Donation and legacy income, £2.8m (2022123: £6.5m), Included £0.7m of legaci8s. The College remalns ev8r grateful to its donors for their ongoing support. These funds are a vktal support to a number of its ongoing Inlliatives across access, learning, innovation and Ihe arts. Investments The College invests in a variaty of asset cl8sses, including listed equity funds, ¢ommercial and agrlcultural proparty, government and commercial bonds, and private equity, The Estat@s Committee ovorsees the managament of the College's investments. Th& Collage delegates the management of its equity porttollo to an external manag8r. Cambridge Assoclate8' the commercial and agrlcultural property Is managed In-hous@ with support from appropriate external advisors. Investment income was £2.9m (2022123.. £2.5mJ. This increas8 r&flects Ihe College's success in sacuring tenants to occupy commercial premises wlthin the Cheng Yu Tung Building. Whila cash Income is Important. the College operates a Total R8turn Policy that tskes account of market gains and loss8s. The Investment performanc8 on this basls was as ft)Ilows.' 10

JESUS COLLEGE Report of the Governlng Body Year ended 31 July 2024 Value at IAu8 2023 Nèt additlons/ Idlsposals Change in ¥alue Value at 31Jul 2024 Income In vear Total return Z023124 2022123 £OOOs 11.1061 Agricultural holdln Commerclal & resldential Equitles, bonds & cash 60,741 59,616 578 10.9%) 12.1%) 30,304 393 £528 32,225 1,815 11.0% 13.4%) 166,731 15,2071 20,206 181,730 508 116% 4,1% 257,776 14,8331 20,628 273,571 1901 9.2'A Total return {C+E) l {A+Bf2). The results are approxlrnate and do not take account of dlrect fees and other rglated cDstS. Commercial prvperty additions comprlse the transfer from assets under construction at the year-end, Consist8nt with the Total Return Policy, the Inveslm8nl mandate does nol distinguish belween Income and capital galns, The target return for our securitles porifolio is a rninimum of 3.5'A plus CPI after fees. which in tum allows the College to draw 3.1 % of the value of relevant Investments to support its annual exp8nditure while protecting the real value of the underlylng portfolio. To avoid undue fluctuations, the College calculates the total return draw of 3.1 /0 by ref8ranc8 to the average inv88tment values for the past five years, Indexed for inflation. The Estst8s Committè8 k88PS the level of draw under close revlew to ensure that the interests, and n88ds. of both current and future College members are balanced. Agrlcultural property had a slight drop in its valuation as future cashflows associated with land designat8d for development were pushed sllghlly fijrther out. Commercial properly comprises retail outlets in central Oxford. The retail valuations ar8 still under pr8ssure but the Co118ge is making progress in securing high quality tanants for the new Cheng Yu Tung Building, and thls is reflected in the increased valuation. The College's securities portfollo returned 12,60/r> overall. This r8tum exceeded our target of CPI plus 3.50k. The College drew £5m from its securitias portfolio in the yaar {2022123.. £4mJ. This was still less than the total return to Income figure because it had c8sh inflows from property rents and donatlons. The College Is conscious of the importance of good governance. and adherence to appropriate ethical and sustainability objectives when making investments. The College has now agroed a new Ethical Investment Policy. This is Summariged below. Ethical Investment Policy The College's Investment portFolio is Intended to sustain and support the rnls3lon of the College In perpetuity. To do so It needs to generate an inv8Stmenl return sufficient to supporl an agreed level of spending whlle also maintalnlng or growing the real (i.e. net of inflation) value of the portfolio over the long t8mi. The College directly manages a number of property holdings inGluding retail, agricultural and some residenliaS properties. In addition it has a securities portfollo that is managed on a discretionary basis by Cambrldge Associates. The securities portfolio Is managed on a fund-of-funds basis, wlthln an agreed allocation across different types of assets (e.g, publlc equlty, prlvate equity, debt etc). The College 8xpects all companles In which it invests, whelh9r dirgctly or vla these inv6stment funds. to abide by the relevant law of the place where it has its headquarters and the law of the places where it carfes out Its operations. Wher& a portfolio company, to the College's knowledge, takes action whlch, whether lawful or not, creat8s a slgnificanl risk of severe reputallonal loss lo the College. the College will not se8k to maintain its investment if, after appropriate engagement, there is no reasonable prospect of a change In the company's behaviour. The Colleg@ recognises the Importance and relevance of gnvironmental, social, and corporate governance {'ESG') factors in Ihe selectlon and management of inv8Stments within its portfolio. It believes that good governance, as so defined. supports th8 College's overriding concem for the good economlc and financial perfomiance of its portfolio ov6r the longer term. Responsible approaches to environmenial and social impact 11

JESUS COLLEGE Roport of tha Governing Body Y6ar ended 31 July 2024 are crltical for future generations. As a historic educational institution, the Collegg believes that W8 all shar8 In a responsibility lo crgate a sustainable future. As the College Invests in funds, rather than making direct Investments, it expects ils fund managers lo have an ESG policy in place, and to integrate ESG factors into their inv8Stm8nt proc8ss. Fund Managers ar8 also expected to be signatories of the UN Principles of Responslble Inveslment {UN-PRI) and, if UK based, to comply with the UK St&wardshlp Code. Where cholces exist, the College believes that it is more construdivg and effective for its fund managers to engage with investee companies thoughtfully and consist@ntly as part of their investment decisions rather than opting automatically for divestment. The College revlews complSance against these expectatlon annually and alternative assurance is sought if any of these pre-requisites ar& not met, If assurance cannot be providad. the College will again favour engagemant but may oonsid&r div6Stm8nt w&ra managers positions are intransient. As part of its annual review process. the College monitors a rang& of other potential indicators of effactiva ESG practices, including revenues from controversial weapons, civilian fireamis and tobacco. The College's expectation is that revenues from Ihese sources wlll be as close to zero as is practically possible. When a choice can be made betw8en funds with aquival8nt risklreward profi18s but wh8r8 one has stronger ESG credentials, lh8 lallar will b8 pr8f8rr8d. Th& College is committed to holding a nat zero aligned portfolio by 2030. Net Z6ro alignment means th& following. It reports on the carbon footprint of our portfollo It divests frorn fossil fuels It incorporates wsitlV8 impact inv8Stm@nt funds within its portfolio. Th8se ar8 funds which have specific objectlves to supporl envlronmental or soclal goals such as the energy transition It expecl5 its fund managers to integrate cllmate conslderatlons Into thelr approach Wh8r8 re18vant, it expects Its fund managers to be engaging around net zero wilh the companies they invest 'fhe College's inveslm8nts in compani88 involved in the extraction of fossil fuels for energy application will be as close to zero by the 31 July 2027 as Ss practically posslble, This is subject to there being no significant impact upon flnanclal rlsks and relurns used to support academic activities. From this point onwards. the Collega will continue to monitor investmenls. with the exp8Ctalion that thes8 will r8main as clos8 lo zero as is practically possible for the overall portfollo In perpetulty. The College r8c(yJnis88 th8 role of institutional inv8Stor8 in broad8r convarsations around the financing of a more equitsble and sustainable future but Is mlndful of the resources requlred to partlclpate fully In these debates. Either through its inveslment managers, or dlr&¢tly where capaGily allows, the College will tak& opportunities to engage with fund manag8rs and oth@r investors to 8ncourag@ th@ low-carbon transition of economic sectors in lin8 With sciencg, and under consideratlon of associat8d social impacts, Further detalls on Investments are Included in Not&s 4, 1 D and 11 to tme financial statem8nts. Expenditure Total expenditure, £14.8m, compares to £16.1m In 2022123, Comparlson between the years Is distorted primarily by movem9nts In th8 P8nsion provislon. Thls year saw a credlt of £2.7m agalnst a credll of £1.5m In the prior year. Wilhout these mov8m8nts, exp8ndiiure would have been domm by Just £0.3m (2%) on the prior year. This Wds driven by non4taff costs. staff costs, 6xcludlng movements on the pension deficit provislon. were £7.Om (2022123: £6.5m). The increas& in staff costs reflects the inflationary increase applied to salaries, salary scale increments with some modest Increase in staff numbers as we try tr) reduce reliance on agency staff. The College maintains its practice of paying all staff at a rate that is at least equivalent to the Real Living Wage. Non-staff costs were £10.3m (2022123.. £11.1m). The prlor year had seen slgnlflcanl non-capital project expenditure, whereas thls year our more substantive prolects have been capltal works. College capilal and investm8nt projects this year have included Ihe conslruclion of a new Gym and renovations to 22 Cornmarkel, both of which will complete in 2024-25. Fixed Asset additions for the year were £1 ,566k (2022123.. £667k). 12

JESUS COLLEGE Report of thg Governlng Body Year ended 31 July 2024 Cheng Yu Tung Bullding, Dlgital Hub and esports The Cheng Yu Tung Bulldlng opened fully in September 2022. Thi5 has doubled av8llable teachlng and research space, added 68 student rooms and faclllties for postgraduates and four for F&llows, establlshed a dlgltal hub and College Cafe, and improved the accessibility of the College, both physically and virtually, while retaining it8 existing commercial footage on Cornmarket and Market street. This year the College ha5 been pleased to continue the integratlon of this buildlng into its operatlons. Demand for events in the Digital Hub continues to be strong. The College has also launched a new esporis suite which hosts the University esporls society but is also a resource for the Jesu5 College community. Su8talnablllty The College recognise8 the urgent need to addre88 the climate crisis and is committed to reducing its impact on the environment. The 2023-27 Strategic Plan Includes a clear commitsnent to achieve net zero forthe College by 2035. Last summ8r it completed a multl-y8ar proj8ct to upgrad8 insulation In student residentlal buildings at Stev8ns Close in North Oxford, which is already all-electric. Ther8 are solar panels at stevens Close, the Ship Street Centre, College's squash courts, and in the new Cheng Yu Tung Bullding. The Cheng Yu Tung BuildSng is heated by ground-source h&at pumps, and th8 Coll&g8 hosts a solar farm at its 8stat8 in Glamorgan. As part of its commitments, the College has established a new Environm8ntal Suslainability Working Group (ESWGI- The ESWG is working on an ambitious action plan to progress towards the College's sustainability goals, This year it completed its first carbon inventory for th8 Colleg@, launchecl a series of Sustainability Forum events, and commission6d feasibility sludi8s looking at th8 decarbonisation of Ihe r&sid8ntl81 properties at H8rb8rt's Close. R8seN8s policy The College's policy is to maintain sufficient reserves and facilities to meet its short-term financial obligations in the event of an unexpected revenue shortfall so that the College can manage Its operations efficiently, and provide unlnterrupted services. Forworking capltal purposes, the College has a £5m overdraftfacility and a £5m unsecured three-year revolvlng credit facility., neither of whlch were drawn on during the year. It also has tem) facilities In the form of a £2.6m un8ecured, ten-year term, fixed rat8 loan- a £9.1m fixed rale loan that amorlises to 2028,. and a long-term fixed rate £25m prlvate placement. Most of these facllltles have taken advantage of hlstorlcally low Interest rates. They are In addltion to tha signlficant Ilquldlly available to tha College through its substantial securitles investments. In revlewlng compllance wlth the reserve pollcy, the Estates Committee deflnes short-term financlal needs by rofer8nc8 to a multip18 of the College's und8rlying operating expenditure. after allowing for its assessment of r&asonabl8 sensitivities. These include.. the risk of slgnificant changes in the value of the College's investment and property portfollo. the need to commit to specific projects, both capital and non-capital, which further the College's charitable objgctives., and the potential restrictions imposed on the College's spending by glther the terms of its Total Return policy or its bank and oth8r loan covenants. The College's total funds at the year-end amounted to £283m (2022123: £262m}. Wlthln this, 'frea reserves, were £17.3m (2022123: £17.6m). The modest reduction in fre8 reserves was du8 simply to incr8ased designations within the College's unreserved funds offsetting the net gainsllosses allocated to unrestricted funds. Free reseNes are calculated as unrestricted funds excluding the pension provislon, whlch thls year was £nil (2022123: £2.6m) and also excluding a number of designated funds. The College's fixed asset designated fund r8n8cts the net book value of its fixed assets less the carrying value of the private placemenl debt it took on to cornplote the Cheng Yu Tung Bulldlng, The Development Asset Fund reflects the value of Its land in Lincoln, including th& hopé walue associated with futur8 developments. As this asset is re81ised funds will transfer to College free reserves but, as they are currently in the form of land, the decision has been made to hold this value within a deslgnated fund. This deslgnatlon increased in value this year mainly because C>f the inclusion of the underlying agricultural value of th@ land as well as the additional 'hopg value, of th8 d8vglopm8nl. The Slratggic Projects & Posts Fund is moni8S that th8 Govgrning Body has s8t asid& to support the ambitions of Jesus, strategic plan. Each yearthe College fundralses for its Annual Fund. this has some restricted elements {e,g. for access) but also has an unrestrioled 'grealest need, pool whlch it fundralses for. A portion of this fund is kept to support short term initiatives, wilh the resl being Iransferred to general funds to support operating costs. As an endowed institution, as well as its free r8serv8S, the Collegg also has the capacity to draw upon the 'unapplied total r8tum' sitting within its gNdowm8nt valuation. On its P8rmanent endowm8llt. the Collegg ended 13

JESUS COLLEGE Report of thè Governing Body Year ended 31 July 2024 the year wlth unapplied total r8turn of £81m (2022123: £69ml. The Trustees are mindful thal £48m (2022123: £45m) of this would be needed to Counter the cumulative Impact of inflation, but equally cognlsant of the fact that the perlod of high inflation that we have recenlly experlenced - which has boosted this figure in recent years is now receding. The principl& behind the unapplied total relurn approach is that College could draw on this under the terms of its total retum policy, albeit in doing so, it would have to have regard for the tgrrns of thè individual underlying funds as well as the balance between future and present needs of the College. The Estates Committee keep6 the level of flnancial reserves under review with reference to the financial and other risks faced by the College and the gearing covenants that apply to the College's borrowings. In vi8w of this level of re8erve8 and the considorabl@ liquidity available to the College from Its Investments and the bank facilities in place, the Commlttee has concluded that the level of reserves Is appropriat&. Rlsk management The Coll898 has on-going governance procass8S that op8rat8 throughout the financlal year for identifying, evalualing. and managing the principal rlsks and uncertalntles faced by the College and its subsldlari88 in undertaklng thelr actlvitles. The Governing Body has a rlsk management policy, and in aGcordance wilh this. the relevant College committ88s, chaired by the Principal or Vice-Principal, review rlsks and mltlgaling procedur9s. Financial and investment risks are a55essed by the Estates Committee,. the Dlrector of Accommodation, Catering and Conferences and departrnent heads meet regularly lo review health and safely issues., and academiG matters ar& addr8ssed by the Academic Ci)mmitte8. The Governlng Body has ultlmale responsibilityfor managlng any rlsks faced by the Coll8ge. The Risk and Audit Committee supports this by monitoring th8 major risks lo which the College is exposed. A risk register exists, and responsibility for the managem6nt of the key risks resides with the College Offi￿rS and their relevant committees, with the Risk and Audit Committee receiving periodic reports on the eff8Ctiven8ss of this. The Governing Body recognises, however, that systems can provide only reasonable and not absolute assurance over tho management of major risks. The prlnclpal risks and uncertainties faced by the College, and its subsidiaries, are as follows.. Cyber securlty. Th8 risk 8mbracgs IT systems failure, data s8curity and vulnerability to cyber-attack. Dual auth8ntication procedures apply- appropriate back-up facllltles are available., and Insurance cover exlsts. The College passed the management of Its IT operatlons to the Sharad Oxford Colleg8s IT Consortium {SOCITI In July 2023. This is designed lo ensure long-t8rm resilience of its IT provision. Welfare. The wellbelng of, and support for, stud9nts in all forms is a priority for th8 College. An established welfare n8twork and medical support team is available within College, in addltlon to the communications 8Nd seNices that exist in the wider University. The College's welfare provision includes a dedicalgd Welfare OffI￿r and an experienced studenl Counsellor who provides on-site support. Management of Investments. The College is reliant on the Investment retum from its 8ndowm8nts to support its charitable activities. The risk of volatility linked to a variety of factors remains.. Responsibility for monitoring the College's Investment performanc8 Slts wilh the Estates Committee, which has appolnled 8XP6rienced investment managers to act on Sts behalf. Completion of the pending land sal8 would s8cure a substantial cash inflow for th& College. Inflation. Hlgh inflation over the past 18-24 months has had an impact on energy and food costs. As regards energy, the College Is a member of the University & Collegiate Energy Consortium which seeks to hedge prices, thereby providing more stability 8nd mitigating the most significant increases. Academlc Sustainability. Attracting the best tulors and sludents is essential to the College's overall purposa. Over recent years, the College has taken steps tr) including the permanent endowmgnt of mora tulorial posts; bursaries for both undergraduates and PDStgraduates; and a significant oxpansion of funding for, and work in support of, access to the College and University. The College is aware of ongoing concerns from Academics about pay. particularly in the context of the recent Surge in inflation. Retsil Rents and Inoome. Tha Collega continu8S to navigate a period where retail rents are under prassur8. We have had some recent success In securlng tsnants for our new space but we are aware of ongolng challenges faced by exlstlng tenants. 14

JESUS COLLEGE Report of the Governlng Body Year ended 31 July 2024 FUTURE PLANS The College is working towards the goals set out in its Strategic Plan 2023-27.This s8ts out the Colleg8's vision as a fOn￿ard.thinklng community where f8llows flourish in thelr research 8ndeavours, students fulfll thelr academlc potential, alumni prosper, and staff thrive in a supportive, inclusive, and creative environment. In the coming year. the College has a number of developments planned: The appolntment of an Equality, Ejiversity and Inclusion Data and Insights Officer to h81p the Collage progress ils plans in Ihis strategically-important area. Th6 new Nelson J Carr Career Dev&lopm&nt Fellow for Academic Skills Support joined the College communlty In September. They wlll be offering tailored support to students to ensure they can gxcel in their chosen fields of study. The College will welcome Its first cadre of RasearGh Associates to College. Thls Initiative is a major goal of the Academ ic Stralegy, to provide a College base for a cohort of early eareer researchers, 2024-25 is the 50th Anniversary of women Jolning the College. This milestone will be marked In a number of ways. includlng the commlsslon ofa portrait ofone ofJesus' long servlng female fellows- Professor Patrlcla Da18y- and a photographic exhibition to cel8brat8 past and currènt wom8n of J8SUS. A new College Gym will open within the Cheng Yu Tung Building, which has been supported by a generous legacy from alumnus Mr VictorW(x)d. The College wlll be progressing renovatlons on Its Boalhouse and Tennis Court. The College hopes to complete redevelopment works on 22 Cornmarket, Includlng the creatlon of an additional 13 student bedrooms. 15

JESUS COLLEGE Report of the Governing Body Year endod 31 July 2024 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governlng Body (%he Trustees.) is resptsnslble for preparing the Report of the Governlng Body and the financial statements in accordance with applicabl@ law and regulations, Charfty law requires the Governing Body to prepare financial statem8nts for each financlal year in accordance with United Kingdom Generally Accepled Accounting Practice {United Kingdom Accounting Standards) and applicable law, including Financial Reporllng Stsndard 102: The Financial Reporting Standard applicabl6 in Ihe UK and Ireland {FRS 102). Under charity law, th& Governing Body must not approve the financial statements unless they are satlsfied Ihat they glve a true and fair view of lh8 Stale of affairs of the College and of its net incoming or outgoing resources for thal perlod. In preparSng these financial stat&ments, the Govemlng Body is required lo: se18Ct the m08t suitable accounting policies and Ih6n apply th8m Gonsistently. make judgments and accounting estimates that are reasonable and prudent,, state whether applicable accounting standards, includlng FRS 102. have been followed, subject to any material departures dlsclosed and explained in th8 financlal statements. slate wh8th8r a Statement of Recommend8d PractiGe ISORP} applles and has been followed, subject to any material departures which are explained In the financlal statements. and prepare the financial stal&rnents on th8 going concern basls unless it is in8ppropriate tD presume that the College wlll continue to operate. Th8 Goveming Body is responsible for keeping prop8r accounting records that are sufficient to show and explain tho College's transactions and disclose wlth reasonable accuracy at anylim8 the finanGial positlon of the College and onable them lo ensure that the financial stat8ments comply wllh the Charities Act 2011. They are also responsible for saf8guarding the assets of the Colleg8 and ensuring Ihelr proper appllcation under charily law and hen￿ for taking r88sonable steps for the prevention and deleclion of fraud and other Irregularities, Approved by the Governing Body on 4 D8c8mber 2024 and signed on its behalf by: Prof Sir N. Shadbolt Principal 16

JESUS COLLEGE Report of the Governing Body Year ended 31 July 2024 Independent Auditor's Report to the Trustees of Jesus College Opinion We have 8udit8d the financial statements of Jesus College (the 'Charfly') and its subsidiaries (the 'Group') for th8 year end8d 31 July 2024 whSch comprise the Consolldated Stat8m8nt of Financial Activities, Consolldated and College Balanc& Sheet, Consolidated Cash Flow Sl8t8m8nt, and notes toth& financial statements. including slgnlficanl accounting policles. The financial reporting framework that has been applied in their preparation is applicable law and Unlted Kingdom Accounting Standards, including Financial Reporiing Standard 102. Th8 Flnancial R8POrting Standard applicable in th8 UK and Ireland (United Klngdom Generally Acc8Pt8d Accounting Practice). In our opinion the financial stalements: glve a true and falr view Df th8 state of the Group's and the Parent Charfty's affalrs as at 31 July 2024 and of the Group's income and receipts of endowments and expendlture. for thg year then ended., have been properfy prepared in accordance wilh United Kingdom Generally Accepted Accounting Practicè,, and have be8n prapared in accordance with the requlrements of the Charlties Act 011. Basis for opinion We conduded our audit in accordance with International Standards on Auditing {UKI <ISAs (UK)) and applicable law. Our responsibllities under those standards are further d8scribed in the Auditor's reswnsiblllties for thg audit of the flnanclal statsm8nt8 seclian of c)ur r8POrt. We are Independent of the Group in accordance wwth the 8thical requir8m@nts thal are relevant to ¢)ur audlt of the Ilnancial statements in th8 UK, including the FRC'S Ethical standard, and we have fulfilled our oth8r ethical r8sponsibilities in accordance wrth these requlrements. W& b8li8V8 that the audit evid8nce we have obtain8d is sufficient and appropriate to provlde a basis for our opinion. Conclusions relating to going concern In auditing the flnanoial statements. we hav8 concluded that the Trustees, use of the going concern basls of accounling in the preparation of the financial statements is approprSate. Based on the work we have perfomied. w8 have not idgntifi8d any material uncertalnties relatlng to eV8nts or condttlons that, individually or coll&ctively, may cast 5ignlficant doubt on the Charity or the Group's ability to continue as a going concem for a perfod of at least Iwelvo months from when the financial statements are authorised for Issue, Our responsibilities and the responslbllitles of the Trustees with respeGt to going concern are described in the relevant sections of thls report. Other Informatlon The Trustees are responsible for the other information contained ￿thIn th& annual report. The other information comprises the informatlon included in the annual report, other than the financial statements and our auditor's report thereon. Our oplnlon on tha financial slalements does not cover the other informatlon and. excapt to tha extent olhwisa explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responslbility is to read the other information and, In doing so, conslder whethgr the other information is materially inconsistenl with the f inancial statements or our knowledge obtained in the audit or otherwise appears to be materially misslated. If we identrfy suGh material inconsistencies or apparent material misstatements, we are requlred to determin8 whether this giv8s rise lo a material misstatement in the financial statements Ihemsalvés. If, based on th8 work we have performed, we conclude that th8r8 Is a matarial misstatement of this othar information, we are required to report that facl. We have nothing to report in this r8gard.

JESUS COLLEGE Report of the Governing Body Year ended 31 July 2024 Matters on which we are required to report by exception We have nothing to report in respeGt of the following mattèrs in relation lo which the Charities {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the financial slatements is inconsislent in any material respect with the Trustees, Report. or sufficient and proper accounting records have not been kept by Ihe Parent Charity. or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees 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 the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group and the Parent Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accoLJnling unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having èffect thereunder. Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misstatement, whether due to fraud or error, and to issue an aLtditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit Gonducted in accordance wilh ISAS {UKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expectod to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularilies, including fraud and non-compliance with laws and regulations are sel out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or -uklauditorsres onsibilities. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting Irregularities, includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team. We then designed and performed audit procedures responsive to those risks. including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the Parent Charity and Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were taxation legislation, together with the Charities SORP IFRS 102). We assessed the required compliance with these laws and regulations as part of our audit proGedure5 on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which might be fundamental to the Parent Charity s and the Group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Parent Charity and the Group for fraud. The other laws and regulations we considered in this context for the Group were General Data Protection Regulations and Health and Safety. Auditing standards limit the required audil procedures to identify non-cornpliance with these laws and regulations to enquiry ofthe Trustees and other management and inspection of regulatory and legal correspondence, if any. 18

JESUS COLLEGE Report of thè Governing Body Year ended 31 July 2024 We identified th8 greatest rlsk of material impact on the financial statements from I￿egularItieS, including fraud, to be within the recognition of in￿me, and the override of controls by management. Our audit procedures to respond to rlsk of incom8 recognition included selecting a sample of income during the year, agreging back to the relevant documentation, and ensuring it has been recognlsed correctly. Our audit procedures to respond to the risk of managemenl override included gnquiries of management about their own identificalion and assassment of the risks of irregularitias, sample testing on the postlng of journals, reviewlng acceuntlng estimat8s for biasgs, revlewlng regulatory correspondence wlth th& Charity Commlsslon, and r&ading minutas of meetings of those chargad wlth govgrnanc8. Owing to the inherent lirnitallons of an audit, there Is an unavoidable risk that wo may not have detected some mateiial misstatements in the financial stslam8ntS, 8ven though wa have properly planned and performed our audit in accordance with audiling slandards. For example, the further removed non-compliance wlth laws and r8gulation8 {irregularlties) Is from the events and Iransactlons reflected in the financial stat8ments, thg less likgly the inherently limlted procedures required by auditing standards would id8ntify it. In addition, as with any audit, there remained a high8r risk of non-detection of irr8gulariti8s, as these may Involve colluslon, forgery, intentional omissions. misrepresentations, or the override of internal controls. We are not reswnsible for preventing non- compliance and cannot be expected to detect non-complianc8 with all laws and regulalions. Use of our report This reFX)rt is made solely to the Charity's Trustees, as a body, in accordance wlth Part 4 of the Charities (accounts and Reports) Regulations 2008. Our audSt work has bean undertaken so that w8 might state to the Charity's Trustees those Matte￿ we are required lo stat8 to th@m in 8n audilor's reF¥)rt and for no other purpose. To the fullest 8xt8nt P8rmitted by law, we do not accept or assume responslblllty to anyone oth8r than th8 Chaiity and th8 Charlty's Trusleos as a ￿dy, for our audtt work, for this raport, or for the opinions we have formed. Crowe U.K. LLP statutory Auditor R+ Building 2 Blagrave Street Reading Crow8 U.K. LLP Is ellglble for appolntmenl As guditor of the charty by vlrtU8 of Its ellglbllily for appointment as audllw of a oornpany under sactlon 1212 of tha Companles Act 2006. 19

JESUS COLLEGE Report of the Governlng Body Year endèd 31 July 2024 1. Scope of the flnanclal statements The financial stat&m8nts pr8s8nt the Consolidated Statement of Financial Aclivltles (SOFA), the Consolldated and College Balance Sheets and the Consolidated Statement of Cash Flows comprlslng the consolidatlon of the College and its wholly owned subsidiaries. J&sus Accommodation Limited and Jesus College Developrnenls (Oxford) Limited. A separate SOFA has not been presented for the College a5 permitled by Charity Commis510n. A summary of the results and financial posltion of the College and Ils subsidiaries is disclosed In Note 12. 2. Basls of accountlng Th8 College's individual and Gonsolidated financlal statemenls have been prepared in acoordance with Unlted Kingdom Accounting Standards, In part5cular'FRS 102: The Flnancial Reporting Standard applicable In the UK and Rgpublic of Ir8land' (FRS 102). The College is a public benefit entity for the purpose5 of FRS 102 and a ragistgrad charity, Th8r8for8, th8 College has al80 prepared its individual and consolidat8d flnancial statements in 8ccordance with 'The statement of R8comm8nd8d Practic8 applicable to charities preparing thelr financlal statements In accordance wlth FRS 102, {The Charltles SORP, FRS 102). The financial statgments h8v8 b88n prepar8d Dn th8 going concern and historical c05t bases. except forthe measurement of Investment propertles and other investments, with mevements In value reported withln the statement of Flnancial Acttvities {SOFA}. The Trust88s, having regard for the high proporlion of the Co118ge's assets that are in liquid or n8ar liquid funds and the bank facilities available, are satisfled that It has adequate resources to contlnue In operatlonal existence for the foreseeable future. In maklng thelr assessment, the Trustees have considered the ability of the College to continue operaling as a College of th8 University of Oxford and meet its resulting obligations. Accordingly, they continue to believe that the going concem basis of accounting is appropriate in preparing the annual flnancial statements. The prlncipal accounting policies adopted are set out b8low and h8ve b88n applied consislentlythroughout th8 y8ar. 3. Ac¢ountlng Judgements and estimation of uncertalnty In preparing financial statements, It Is necessary to make certaln judgements, estimates and assumpfjons that affect the arnounts recognised in the financial statements. The following judgements and 8Stimates have the most significant effect on amounts recognised in the financial statements. The Colleg8 parlicipat8s in thr68 multi-6mployer defined benefit pension plans. In the judgement of the Governing Body, there is insufficlent Infomatlon about the plans, assets and liabilities to account rellably for their share of the defined beneflt obllgatlons and assets In the financial statem8nts and therefore th9y account for th8 plans as defined contribution schernes (see Nol& 21)- The College carries investmant property at fair value in the balance she8t, with changes In falr value recognised in th8 income and 8xpenditure s8Ction of the SOFA. Independent valuatlons are obtalned to delermlne falr value at the balance sheet date. The majority of the uplift in valu8 of agrlcultural land has been detemiined by reference to prospects for realising value from a holding in development land. Before recognising legacies in the financial statements, the Governlng Body exerclses judgement as to whal constitutes sufficient 8vidance of entiti@m8nt to the bequest. Sufficient evidenc8 exists once notification of payment has been received from the executor{s) of the estate or estale accounts are available which indicate sufficlent funds are In the estate afler meeting liabiliti8s for the bequest to be pald, With respect to the next financial year, the Most significant areas of uncertainty that are expected to affect the carrying value of assets and Ilablllties held by the College are: The level of inv&stm8nt rétum and the performance of Investment mark8ts for both the Coll8ge's commercial property and other investments. The p8nsion deficits record8d that ar8 d8pendenl on certain k8y8stimate8, including future employment pattems and th8 dlscount rate which is applied when determining the College's share of the past service deflclts on the pension schemes to which it contributes. 20

JESUS COLLEGE Report of the Governing Body Year ended 31 July 2024 4. Consolidation The subsidiaries have been consolldated from the date of their formatlon, being the date from whlch the College exerci88d control through voting rights. Intra-group sal&s and charges between the Co118ge and its subsidlarfes are excluded from consolldated tradlng Income and expendlture. Balances between the College and its subsidiarigs ar8 eliminated on consolidatlon. 5. Income recognition All income is r8cognis8d onc8 tha Collag8 has entitlement to th8 Income, the economlc beneflt Is probable, and th& amount can be measured reliably. Income from fees, OFS support and other charges for servlces Fees receivable, l&ss any scholarships. bursaries or other allowanc88 granted from the College's unrestricted funds, OFS support, and charges for services and use of the premlses are recognised in the perlod In whlch the related service is provided. Income from donatlons and legacles Donations that do not impose specific fu￿re perfomiance-related or other speclfic condltlons are recognlsed on th8 dat8 on which th8 Colleg8 has @ntitlementto the r8sourc8, th8 amount can be rgliably measured and th8 8conomic b8nefit to the College ofthe donallon or grant is probable. Donations subject to performance- related conditions are recognised as and when those condltions are mot, Donatlons sublectto other spec(fic conditions aro recognised as Ihos8 condltions ar8 met or th8lr fulfilm8nt is within th8 control of th8 Colleg8 and it is probabl8 that the specified conditions will be met. Legacigs are recognised oncg notification Df payment has been receiv8d from the ex8CUtor(s) of the eslat8 or &slat8 accounts are available that indicate sufficient funds are in the estate after meeting liabilities for the bequest to be paid. Voluntary incotn8 r8CaiV8d for the g@naral purpose of th& Collegé is cr8dited dir@clly to a d8signat8d fund and Is subject to revlew and planned distribution by the Disbursement Committee each October In the following year. Voluntary Income which Is subject to specific wishes of the donor Is credited to the relevant restricted fijnd or. where the donation. grant or legacy is required to be held as Gapital, to the endowment funds. Wh8re donations are received oth8rwise than in cash. they are valu8d at the market value of the underlying assets recelved at the date of recelpt. 6. Investment Income Interest on bank balances and fixed interest securltles is accounted for on an accruals basis In the perlod to which the interest relates. Dividend income and similar dlstributions are recognised in the period in which they become receivable. Income from investment properties is recognised in the period to which the rental income relates. 7. Total return Investm8nt accounting As authorised by the College's Statutes, the Colleg8 has adopted a 'Total Return, basls for th8 inv8Stmant of its endowment. The carrying value of the pres8lV8d permanent capital. the trusl for investment, and the amount of any unapplied total return available for expenditure were taken as the fair value of Ihese funds as at 1 August 2009 together with the original gift value of all subsequent endowment additions received. In choosing this dato, the Governing Body sought to achieve an appropriate balance between the availability of relevant, hlstorical Information on changes in the College's permanent endowment funds, bearing in mind changes In classlficatlons whlch have taken place over the years, and the n&ed for accurate analysis, It invests these funds without regard to the capitallincome dlstinctions of standard trust law and with discretion tD apply any part of the accumulated total retum on the Investment as Income for spending each year. Until this power is axgrcised, th& total return 18 accumulated as a compon&nt of the endowrnent known as th8 unappli8d total return that can @ither b6 retained for inv88tment or released to income at the discretion of the Govemlng Body. 21

JESUS COLLEGE Roport of the Govgrnlng Body Year ended 31 July 2024 8. Expendituro Expenditure is accounted for on an accruals basis, A Ilablllty and relatgd axp8ndltur8 is recognised when a legal or constructive obllgatlon commlts th8 Co118ge to expenditure that will probably require settlement, the amount of which can be reliably measured or 8Stimated. Grants award&d that ar8 noi p8rformance-ralat0d are charged as an expense as soon es a legal or constructive obligation for thelr payment arlses. Grants subject to perfomian¢e-relat8d conditlon8 are 8xpensed as the speclfied condltlons of the grant arg met. Support cosls, whlch include governanc8 Costs {costs of comply1ng wlth constitutional and statutory requirements) and other indirect costs, ar& apportioned to 9x￿ndItUre categories in th8 SOFA based on the estlmat&d amount attrlbutabl8 to that activity in the year, either by reference to stsff lime or the use mada or the underlying assets. Irrecoverable VAT Is Included with the related Item of expenditure. 9. Tangible fixed assets Land is stated at cost or d8em8d cost. Buildings and equlpment are stated at cost less accumulated d8pr8ciation and any accumulated Impairment losses. Expenditure on the acquisilion, construction or enhancement of land and buildings together wllh plant and machin8ry, and fixtures, frttlngs and equipment, which Is dlrectly attributablg to bringing the a8S8t lo its worklng condition for Its Intended use. is reviewed on a case by cas8 basis, in conjunction wlth Independent advisers wher8 appropriate, to d&termin8 whether it is approprlate to be capltalised and, If so, to ascertaln th8 corr8Ct period over whlch to depreclate the asset. Other expanditure on equipm8nt incLJrr8d in the normal day-t(>day running of the College and its subsidiari8s is charged to the SOFA as Incurred. 10. Depreclatlon Depreciation is provided to write off the cost of all relevant tangible r￿e￿ assets, less their 8stimated residual value, in equal annual instalments over thelr expacled usaful 8conomic live8 88 follows.. Freehold properties, including major extenslons 15-SOyears Leasehold propertles, including land 25- 50 year8 or p8riod of laase if lower Building Improvements 10-25years Equlpment 5- 15years Plant and machlnery 10-20y8ars Freehold land and assets dLJring construction are not depreciated, The cost of malntenance, including non- capital rapairs and refurblshment, is charged in the Statement of Financial Activities in the period in which it Is Incurred. Works of art and other valuable artefacts r8garded as inalienabl8 ar8 not included In the flnanclal stat&ments. 11. Investments Investment properties ara rgcognis8d initially at their co8t of acquisilion and measured subsequently, aftor laking advic8 from independent valu6rs, at their fair value at each reporting date. Purchases and sales of invéstmènt properties are recognlsed on exchange of contracts. Listed investments are recognised initially at their cost and measured subsequendy at their fair value at each reporling dat8. Fair value is based on their quoted price at the balance shget date without deduction of the estlmated future selling costs. Falr value for investments, such as hedge funds and private equity funds which have no readily Identiflabla market value, is based on the most recent valuatlons avallablo from thair respectiv6 fund managers. Ch8nggs in fair value and gains and108ses arising on the disposal of investments are credited or charged to the Income or axpandltur8 s6ction of the SOFA as 'gains or losses on Investments, and are alloca18d to th8 appropriate fund holdlng or disposing of the relevant Inv8Stment. 12. Flnanclal Instruments Cash and cash equivalents include cash at banks and in hand and shorl-lerm d8posits with a maturity dal8 of three months or less. Current asset Investments compris9 8ndowment funds awaiting inveslment. Financial instruments include debtors and creditors. Debtors and creditors are initlally recognised at transaction value and subsequently measured at amortised cost. Note 25 provides more information on flnanclal Instrurnents where ftjture cash flows ara anticipated. wilh financial 8SS8ts referring to fixed asset

JESUS COLLEGE Report of the Governlng Body Year ended 31 July 2024 investments and debtor balanc8s excluding prepaym8nts, and flnancial Ilabililies referring to credltor balanc@S 8xcluding deferred income and tax and social security. 13. Leases L8ases of assets that transfer substantially all the risks and rewards of ownershlp are classified as tjnance leases. The Cost of th8 assets held under financ8 leases is included within fixed assets and depreciation is harged over the shorterof the lease term and the assets, useful lives. The corresponding capital obligatlons under these leas8s are shown as liabilities and recognlsed at the lower ofthe falr value of the leased assets and the pr6senl valu8 of th@ minimum leasa payments. Loase payments are apportioned between capital repayment and finance charges in the SOFA to achieve a constant rale of interest on the remaining balance of the liability, Leases that do not transfer all the risks and rewards ofownership are classified as operatlng leases. Rentals payab18 und8r op8rating leasgs are charged in thg SOFA on a straight-llne basls over the relevant lease terms. Any lease inc8nliv8s ar8 recognis&d over tha18ase tertn on 8 Str8ighl-line basis. 14, Fund accountlng Th8 total funds of the College and its subsidiaries are allocated to unrestrlcted, restricted or endowmenl funds based on the terms set by the donors or the terms of an appeal. Endowment funds are further suk divlded Into permanent and expendable. Unrestrlcted funds can be used in furtherance ofthe objects of the College atthe discretion of the Goveming Body. The Governlng Body may decide that part of the unrestricted funds shall be used in fvture for a specific purpose and this will be accounted for by transfers to appropriate designated funds. Restrlcted ftjnds comprlse gtFts, legacles, and grants where the donors have specrfied that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified Ihat both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has requlred that the capital be maintained and the income used for specific purposes. Permanent endowment funds arise where donors specify that the funds should be retained as capital for the pemianent benefit of the College. Any parl of the total relurn from the capital that is allocated to income will be accounted for as unrestrlcted funds unless the donor has placed restrictions on the us8 of that income, in which case il will be accounted for as a restricted fund. Expendable endowment funds ar& like permanent endowm8nl in that thgy hav8 been giv&n, or th8 Collage has determined based on the circumstances that they have been given, for th8 long-temi benefrt of the College. However, the Governing Body may at their discretion determine to spend all or part of Ihe capital. 15. Pension costs The costs of retlremenl benefits provided to employees of the College through multl-employer defined benefit pension schemes are accounted for as if these were deflned contrlbutlon schemes as informallon Is nol 8V8i18ble to Ljse defined benefit accounting in accordance wilh the requirements 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 aro payable. In addition, the College recognises a liability at the balance sheet date for Ihe discounted value of the expected futura contributions under the agreements wtth these multi-employer schemes lo fund the pasl sorvice d&flcits. 16. Forelgn currencies The functional and presentation Gurr8ncy of the College and its subsidiaries is th8 pound sterling Transactions denominaled in foreign curr8nci8s are translat8d at th8 Spot rat8s of &xchang6 at th@ dates of the transaction8. Monetary assets and liabilities denomlnated in foreign currencies are translated into sterling at rates applying at the reporting date. Foreign exchange gains and losse8 from the seltlement of transaclions and from th8 translation of monetary ass8ts and liabilities denominated in foreign currencies al the exchange rates althe reporting date are recognised in the incorne and expendilure section ofthe SOFA. 23

Jesus Collega Consolidated Statement of Financial Actlvltles For the year ended 31 July 2024 Unreslrictsd Restricted Fund8 Funds £'ooo £'ooo Endowed Funds £'ooo 2023124 Total £'ooD 2022123 Total £'ooo NotOS INCOME AND ENDOWMENTS FROM: Charltable actfvffilies: Tea¢hlng, rasearch and residential Public wotBhlp Oth&r tradlng In¢ome Donatlons and legacles Inv8Stmont8 Investmant Income Total rgturn allocated to income 8,612 8,612 7,794 395 764 395 2,831 434 6.525 1,922 145 418 4,411 2,483 {5,715) 2,901 2,530 13 1,305 Total Income 14,601 3,227 (3.087} 14,740 17,286 EXPENDtruRE ON: Charftable actrvfties.. Taachlng, research and resid8nlial: College Pension provlsion charg Public worshlp 12,454 (2,342) 89 1,490 13,944 12,342) 89 14.070 (1,357} 80 Generatlng funds: Fundraislng Pension provision charg8 Trading expenditure Investment managem8nt costs Total expenditure 715 (319) 330 1,680 12.607 715 {319) 330 2,228 14,645 625 (1851 452 2,454 16,139 548 548 Net Incomel(deficitl beft)r6 Investment galns 1,994 1,737 13,6351 96 1,147 Net gainsl(loss&sl on investments: Property and other investments 10, 11 2,559 2.559 18,088 18,068 20,627 20,627 4,080 4.080 Net incomel(deficit} 4,553 1,737 14,433 20,722 5,227 Transfgrs between ftinds 17 (3,905} 2.698 1,209 Nat movement In funds for tha year 4,433 15,642 20,722 5,227 Fund balances brought forward 17 70,795 6,673 184,557 262,025 256,798 Funds carrled forward at 31 July 71.443 11,106 200,199 282,747 262.025 Comparallvas for the movements on funds arg provlded in Note 31a 24

Jesus College Consolldated and College Balance Sh88ts As at 31 July 2024 2023124 Group £'ooo 2022123 Group £'ooo 2023124 College £'ooo 2022123 Colleg& £'ooo Notes FIXED ASSETS Tangible assets Propety investments Other invostments 46.004 91,840 181,730 46,010 91,045 166,731 46,004 91,840 181,730 46,010 91,045 166,731 11 Total fixed a8SetS 319,574 303,786 319,574 303,786 CURRENT ASs￿s Stocks Debtors Inv8slments Cash at bank and in hand 200 1,628 34 1,398 201 1,182 32 1,308 200 1,696 34 1,379 201 1,441 32 1,227 14 24 24 Total current assets 3,260 2,703 3,309 2,901 LIABILITIES Creditors: Amounts falling due within one year 15 5,032 5,170 5,073 5,361 NET CURRENT LIABILITIES (1,772) (2,46T) (1,764) (2,460) TOTAL ASSETS LESS CURRENT LIABILITIES 317,802 301,319 317,810 301,326 CREDITORS: falling due after more than one year 16 35,055 36,692 35,055 36,692 NET ASSETS BEFORE PENSION LIABILITY 282,747 264.627 282,755 264,634 Dofin8d benefil pension scheme Ilability 21 2,602 2,602 NET ASSETS 282,747 262.025 282,755 262,032 FUNDS OF THE COLLEGE Endowment funds Restrlcled funds Unrestrlcted funds Designated funds General funds Pension resèrve 17 17 200,199 11.106 184,557 6,673 200.199 11.106 184,557 6,673 17 17 21 54,167 17,275 53,307 20,090 (2,602) 54,167 17,283 53,307 20,097 12,602) 282,747 262.025 282,755 262,032 The financial statemenl5 were approved and authorised for Issue by the Goveming Body of Jesus Collage on 4th December 2024 Prof Sir N. Shadbolt Ms C. Winter Prlncipal Estates Bursar 25

Jesus College Consolidated Statement of Cash Flows For the year ended 31 July 2024 2023124 £'ooo 2022123 £'ooo Notes Net cash (used In) I generated from operating actlvltles 23 (3,232 1,554 Cash flc•WS from Inve$tlng activitias Dividends, Interest and rénts trom Investments Proceeds from the sale of propety, plant and aquipment PurGhase of property, plant and equipment Prooe8ds from sale of inv8stments Purchase of Investments Net withdrawals from current asset Inv8Stments 2,901 2,530 {1,566) 9,489 {4,655) {2) 82 5,996 {1,142) {1) Net cash provided by Invasting activities 6,167 7,465 Cash flows from financlng aotlvitie5 Repayrllents of bo￿oWIng Finance costs paid Receipt of endowment donations (1,585) (1,425) 145 (4,488> (1.583) 102 Net cash (used in) I provided by financlng actlvltles Change In cash and cash 8quiva18nts in the reporting year 2.845) 5,969) 90 (581 Cash arid cash equivalents at the beglnnlng of tho reportlng year Cash and cash equivalents at the end of the reporting year 1,308 1,366 24 1,398 1,308 Movement on net debt 2023124 £'ooo 2022123 £'ooo Net debt at the beglnnlng of the reporting yoar (36,918} (41,345) Repaymènt of borrowings Chango in unamortised debt Issue costs Net wllhdrawals from current assat Investments 1,565 4,488 (4) (4) Change In cash and cash equlvalents Net debt at tha ond of the reporting year (58} 36,918 Not debt comprlses,. gross borrowlngs, see Note 16, plus the current element of the bank loan, see Note 15, less cash and cash 8quivalents and currenl asset investments, see Note 24. 26

Jg¥u$ Co119ge Note8 to the Flnanclal Statements For the ar 8nded 31 Ju 2024 INCOME FROM CHARITABLE ACTlVttES 23124 t'oo 2022123 £￿00 Tea¢hlng. r¢$*ar¢h and rt$ldentlal Unrestrfcled lunds Tuloon laBS- UK and EU studÈnts Tuition fe8s- Overs885 studen15 other 8UPPOFt- Ofllce lor Students other acadernlc Incom College ￿$￿entIal Income 1,580 1,639 219 217 4,957 1,656 1,415 237 221 4,265 Total toaGhlngD re88arGh Hnd r051denll•l 8,612 7,794 Total publlc worshlp Totttl In¢ome frtsm ¢hrtrltable a¢tlvlUe8 8,613 7,797 The a￿)ve Indt4de$ 23,43Ék12wr23: E3.308klfrom Oxford Unfverslly und8r the CFF Scheme. DONATIONS AND LEGACIES 2023124 É'ooo 202?123 £￿0￿ Donation5 and 1ooa¢i•s u￿r￿triCted Re￿r￿le￿ funds En¢h)wd funds 5,805 618 102 6,525 1,922 149 2,831 Unrestrlcted funds In 2Q23124 include £7e4k of legacy dO[￿l0n8(2022/22.. £5,410kl, INCOME FROM OTHER TK4DING ACnVITIES 2Q23rk4 £'OOD 2022Q3 £'ooD b&ldlary companlss. tradlng In￿me other Iradillg It￿OMe 385 10 432 434 Jesus AccotnrnodaUDn Litntted acEOUntad lor£391 kI2￿?123.. £434kl of lh8 Colbg8'5 norFch8ritHble trading kn(x)rne INVESTMENT INCOME 2023R4 £'ooo 2022123 £'ooD Llnrnstrlthdfunds A9￿cUltUral rEr othÈr propèrty Income Equity dividand8 Interest on fix8d t8rm daposlts and cash Bank Intgrgst 132 597 18 2TrS 418 638 Rostrlcl8dfvnds Inler85t on fix8d terrn dEp05it5 and cash Agrfculttjral rant Commerdal renl Other properfy InrxJm8 Ewlty dfvld8nd8 1,596 205 237 2,483 1,499 56 338 1,692 Totsl IrhV08tMant Incomo 2,901 2,530 Undor th8 Collgge's Invgstmenl managgNI￿nt maNJate, Ihe return foGU5e5 on grDwlh by capltal galn as well a5 dlvklend r&tuEn. 27

Jesus CollÉgè Notes to thè FSnanclal Statwneni8 For thg year èndod 31 Ju 2024 ANALY818 OF EXPENDITURE 2023r24 £'DOO 2Q22123 £'ooo Charltablg 0X￿Nd1bj DIr￿1 staff costs 8￿cated io.. Te8chlw, ffjse8rch ar¥J re6idenlial hA0veme￿t in pen$lon d&llell Ilabllfty Publlc worshlp 6,384 12,0221 4,936 11.1721 other dlreBt co$ts a￿)¢aled lo.. Olh8r 18achlng. rese&r¢h and res￿entIal Pub￿¢ w0￿h1P ,443 23 6,165 23 Support 8nd g0vorna￿a ¢05ts allwat8d to.. Teathlng, and r8sld8nUal Mov8m8nt In wnslorb defloll labllity 3,115 13191 2,969 118SI Total ch8rltable expend1￿re 11,690 12.793 Expendltur• on raising furK16 Oir8Gt stafl costs allo¢ated to.. Fundralslng MweThnt in pen&lon defkll lablllty Twding expendbture InVe$In￿nt manayemenl w$ts 423 15191 406 11851 135 gs 107 Oiherélrect CA)St8 8llocat8d to- FLmdr8ising Tradlw expgndllure Inv931￿Nt managemenl costs 197 322 754 265 175 897 Support 8rnd govemHnw altocatod to.. Fundraising TradirYJ 0XP8nditWO Inv85tmonl manag8m8nt cosls 96 88 1,367 1,462 Tolal oxpondturè on ralslng fund9 2,9$0 3,346 Totol experKlture 14,@45 1B,139 The College 58118thle io be assessed for LX)Dlribubtsn under th8 pfovESK)ns of Staluie XV ol th6 Unlvèrslty ol Oxfor(l. The Contribytion FurLd 15 us8d lo n*ke grants and kjans to ¢￿￿geS on tha b28k8 of n88d. ConLrlbulon8 Ere calculatsd annually In 8c(xJrdanc8 thth regulation5 rn8do by lh8 CounrAI or the University of Oxlord. ToaGhirvJ, r&sbarch and resldgnual eogts Include a of £185k 12022123.. £18Okl for th8 Coll8g8 Conlribution Ghargo. FollovAng ¢omp18Uon of Ihe OSPS Mard) 2022 vahJ81ion that recognisod a surplus, th8 Coll8g8 has rocorded 8 Credft lo rebalance the dlsolosured tot8J pen$lon Ilablllty. In&udlng tha rnovement on USS dgfidt prowlsion, th8 lotal crodit for th&yg8r 18 £2,660k12022123: £1.542kl. 888 Note 8. ANALYSIS OF SUPPORT AND QOVERNANCE CO8T8 Teaching and R88earch Generatsng Fu￿$ £'ooo Publlc Worshlp £￿D0 2023124 Total £'ooo £'ooo Financlal admink%tratlon DomesU¢ admlnistralh)n Human resources 57 10 337 894 273 402 491 1,573 IT Dgprerjallon (Profitllloss on fixed assets Bank Intprest payable Other nnance ¢haryé$ Movement In pension delkltlablllty Governance (¥Jsts 31 1,573 615 715 815 810 ($191 28 95 13191 20 1.471 2,7g6 4,267 28

Jgtsus ¢011guo Not•$ lo th• Flnan¢lal Ststemgnts For the year ended 31 Jul 2024 Teaching and R&saarch Generallng Funds £'ooo bllc Worsh £￿00 2022123 Total £000 Eooo FIN￿￿￿1 adn)knlstraUon Domestk admlnlslralon Hurnan r860urc8s 53 339 251 343 365 1.482 3S2 25& 37f 393 1182 28 08pr6cL8Uon IProfity1055 on fixed a55ets Bank Interest payabl8 0￿3rfinanCE charws Movement In pgnsk)n d611clt11gblllty Govtrman¢e cost$ 758 668 758 829 11851 SLI 161 11851 40 10 1,558 2,784 4342 Flnance, admlnlstration and human r8source8 CO8t8 are alloc8lad xwrding k> Ihe 8sllrnat8d 8t8ff b'm8 BF4nl on each aclDiity. Depr8G18tion Is allocaled accordlng lo Ihg made ol the underlylng ass815. ￿ and Governan￿ c¢Jst5 am allocaigd arGordlng to athlty. Intor&sl and other fknanco ¢hargEs ar¥ allocatsd a¢¢ording to the purpose ol tho relalad linanch)g, Oth$r Inan¢e charges In¢lude £663k(2￿2l23.' £6e3kl )f interest payobla forth8 prfvale placement IDan of £25m, 2023124 £'o 2022128 £￿00 Gov6man¢• ¢0818 ¢onykn&'. Audltor'8 rsmuMratlon- audlt servlees Audllor's remuneratlon- other ¥erwke3 Oth8r govern8nc8 LX)sIs 38 10 34 49 No amount has been includgd In govamance costB for the directeTnpkiynent wsts 01 reirnbursed expgnses of Ihg CtJlleg8 Falltws on basiB that thè5& paymonts r&l8tÉ lo IhB Fellows, InV￿QMant In tha CDllag&'s t￿rItabL etstfvitltss. Details of the renwnargtlon of tha Follows and I￿1r r8imbur88d •xp@rts88 are induded in Not8 20. GRANT8AND AWARD8 uring theyeqr, IhB CollBge fundgd rBsgarth awards and burEarlg5 10 51udgntsfrorn its r8slrlcted and UDrgstr￿Ied fijnds as fDIIows= 2023124 £'oNJ 2022123 2￿00 Unr&81rl¢ttyd fund$ Gran18 lo Inthlduals.. S¢hokrshtyi$, prizes and grants Bur88Fks and hordship awaids Total unrestricted 323 108 431 332 g1 423 R85triGt8d funds Grants to Indlvldu81$: Sc￿￿r$hIp$. pdzo8 8nd grsnts Bursari69 and hardshlp 8wArd8 Total res¢Ylded 530 84 814 609 728 Total gran1$ and award$ 1,149 20

J8sus Collogo Notes to the Flnanclal Statemen18 For th& ar ended 31 July 2024 8TAFF COSTS 2023124 £'ooo 2022123 £'OOD The awrggat8 staff costs forth8 yearwwa as follow$'. Sthrlgs 8nd wagas Swlal se￿ritY GD5ts p￿sk)n cost& Definod b8nefll and d8llned con￿bUll0n schemes Subtotal Movgmenl In penslon deflcll Ikbllliy- see Notè 5 S,757 5.192 441 8T6 6,SOg 1.642 4.987 7,022 2,860 4,362 Included In the amountg above are ex gratL8 payrnent8 P8ld to employ888 under88ttlement 8greemeThts totalling £1 gk12022r23,' £nlll The av8rag8 number of emloye8E of Ihe ColleuB. exclLKllng Trustees, on a full tlm8 oqthalent ba$ES was as follw8'. 2023124 2022r23 Tultk)n research Co118ge r6Slderrtl￿j Public worship Fundralslng Support Total 27 57 118 Tho 8vorag8 number of Cdleug Tr￿te￿ employed durfng Ihgyeor was as follows.. Tutorial Fellows other teachlng re$eArch G¢llege Oftker8 and others Total 34 55 55 The 9ggr6gate payroll costs for the year befote the tllDV8rnent in the pBnsl)n Ilablllty w8re £7.Om I202WTd.. £6.5ml. of whlGh £6.4rn 12022128= £5.9ml rthted to Inc0￿￿ne￿allng funcYon& and EQ.6m12022123.. £0.6ml to 8UPPOrt funGtions. Cthge also benellts from lenworary staff, and augncy work8rs nol on th8 College payroll. The related costs wer0 £1&7k (2022f23'. £412kl. D￿ng the y8ar &x gratla pay￿nI was mad& to iwoforffleremployges. Detslls ol remL￿eratIon and relmbursod gxp6n8a8 oflh£ Collega Tru$te&s art Included In Noie 20 01 Ihege flnanclal 8tstements. There was 1 empW6818xcludlng tho Collegè Trustees) durfng the year Nvho$e gross pay and ben$llts18xludlng wn8lon contributi￿8) eKceeded £60k TANGIBLE FIXED A83Ef8 Group and Collogo A688b under Construclion Fra8￿? land and bulldings £'ooo Leasehold land and builditvJ8 £'ooo Plant and mgthln8ry Flxtures, Iltungs and equiprtwt rooo Tol41 £￿0D Yooo ¢9gt Atstart of year Addiutsns Di8POsals R8da5sificallon$ 49.062 246 6,418 8,189 102 1.38Q 48 e4.979 1,565 1,170 Al end of yDar 1.17 49JO8 6A18 8241 08 545 Depreclatl Al start of year Depr9clallon thargo for the year Depracialion on disp05a15 12.865 912 2.87S 167 2,63D 421 600 71 18.97C> 1,571 At end of yg•r 13.771 3,042 &051 871 20,541 t book value At of y￿r 1.17L> 3,376 &190 T37 46,004 Al start of ye8r 3￿197 3,544 46,010 The Colleue h88 Substan￿87 longthold his1c￿e a8set$. whl¢h aff used In tth course of th8 ColBg&'s leaching and research activilies. Th95& compr7￿ I8ied buildings on the CDllegp sl18, tog8t￿r wlth Ihalr content8 conwrising works ol arl, anrAenl books, rnBnuscrlpl$ and olhgr Ireasurod artefacts. Becau6F of t￿1r 898 athl. In many cases, unique nalur8, rel￿bla hi61oriGal G051 inforMa￿n Is n0tava1￿b￿ for Ihese a8S8ts and this oould not b8 obtain8d 8xceptat disproporlion8t& 8Xp8r￿9. In Ihe opinlon of thè Truslees Iho dgpre¢kgtgd hLstoriGal cost of ass6t9 k8 Immaterfal now.

Jesus Colloge Notes to the Financial Statemgnl¥ For the year ended 31 July 2024 10 PROPERTY INVESTMENTS Group and Coll8ge 2024 Total £'ooo Agrf¢ultur81 £￿00 Commgrclal £'ooo Qth8r £'ooo Valuallon at Start of y88r Addilbn9 and Inprovemenl$ at cost Dl8posal$ Revaluaiknn gain9111083e$l In the year Transf8r from 8SS818 undar con8trucllon 60,741 29,524 393 91,045 398 12SI 422 1251 1.500 Valuatlon at8nd olyear 59,615 31,417 91,840 13roup and Col¥g 2023 Tolal £'ooo A￿CUl￿1r￿l Comm8rclal £'DOO Othar Valuallon atstert of year AcWJltlon5 and improvem8nts ateDBI Dlsposal$ Revaluation ItOSsesyg&lng in the year. Translertffixed assets 63,224 32,224 927 96,375 23 17531 12.2851 12,3151 15621 11,9211 I4￿) 12.3151 Valuatlon at ond of yoar 60,741 29,524 91,Q45 A foNnal valuatlon of the 8grlculiur81 propertle$ w85 prepared by Savlls Ud as al 31 Juty 2024. A ft)rm81 v81u8Uon of tho commerclal and olhor prop8rtk98 wa8 prepared by Delottie LLP 8s at 31 July 2024. The re￿￿￿￿On in 8g[￿ul1Ur￿l property v&lua reffaets an utmfate lo U)& assurn¥J Umlng Df futura r&cdpis for dèv8lr4)menl prolacts. Th8 incr&as8 In valuè of crmnmerclal propety reflerAs s8cur8d tanants wthin our Ncrthgata dèvalopmènt . of158t by tho Ong￿￿9 Challenging envlronment fadng retail8r5. 11 OTHER W4VESTMENTS All Inve$tsnenl$ are held at falr volue. 2024 2023 £'No Group and Colloga Investsnonts Valuation at start of year New money knvest An￿unt8 wtthdrawn In¢￿ase1 ID¥rea$el In valu8 ol Inve$lments 180.731 4,257 19A841 20.206 164.490 1,119 15,2431 6.365 Group and Colleue Inw8tsnents at end of yèar 181,730 166,Y31 In addlllon to the above, the Colkgfr realised a gain on curr8ncyexchanw on cesh balance5 of £2.5k1202W23.. £81k g#inl. Group College Investments Gomprfse: He￿ outsldè Ihe UK £'ooo H8ld In fhe UK £'ooo 2024 Held oulskle Total the UK £,￿0 Held In th& UK £'ooo 2023 Total £'ooo Eqully investments Property fullds tgrThatw& and other Inve8trnents Fixed torm tleposots and ca$h 152,343 5.713 1,179 158,056 1,179 17,775 4,720 143,436 2,760 1,249 146,196 1.249 15,126 4.160 17,7Y5 15,128 4.720 4,160 Tot81 group and College Investments 170,118 11.e12 181,730 158,562 8.169 186,731 lernatlv? and Dther Investments Include certaln unllsled Inv&str))enl8 valued as at 30 Jun8 2024 b8cau8a valuallons at 31 July 2024 wera nol rèadily avaIl8b￿. 31

J•8us Collo90 Notes to the Flnanclal Statements Forthe year endèd 31 July 2024 12 PAREk¥fAND SUBSIDIARY UNDERTAK14GS Theflnan¢tal $ta¢emen19 ¢onsolldale Ihe 8ceounls of Jg&u& Colk8g8 8nd tha follo￿n9 companl88'. A¢commodatlon Llmlled: Wholly ownod tradlng sub81di8ry Prov￿1￿ conf8ffjnce and other evenl $8Nices on the College prerni585. Jesu$ ¢ollege Oe¥elopm8nts Ioxfordl Llmll8d: Wholly own8d Iradiw subsidiary, which w88 incorporeted to provid8 and build 6orwlcg6 iv Jesus Coll8go. Th8 r85ulb 8nd th8 85S8t5 &nd11gbilitl89 of th• parènt end sub$Sdl&rl•s gltho y*r 9nd wore as follow$'. 2023124 Parent Jesus Colteuo Ac￿mOt auon Ltd £000 21122123 JE$u8 A¢conwnoE ation Ltd £'o JC Dewg10p- m&nts (Oxford) Ltd £'ry)o Parent College JC Devo10 m$nts Ioxfordl Ltd £ri £￿00 gooo Incom8 Expenditure Donatlon to Co18g& under gKtald 14.74D 114.7051 61 391 13301 1611 17288 1162581 11T 434 280 12881 Nel Incomel1198s1 bgfore Imvesfment galng 98 1.147 Total assets Total Ilablltl&8 321834 140.Q87) 118 833 306.e87 144.65SI 156 1,081 1fj,0891 Met funds 8tthe 8nd of year 28 262 03Z 13 BTATEMENTOF INVE8ThIEpifTOTAL RETURN The Tm8te85 adopt8d a dlty authorlsgd pollGy of t¢tal rèturn aGcountlw lor the Colbg8 Inve&bneDt rgtum8 wlth affect from 1 August 201S. The Investment retum to be app1bd 83 Incom818 calculated a8 3.1%12022123.. 3.1¥01 of the average of Ihe In1￿11)n-adI￿$Ied year-end Va￿9& of the ralevant Inve51n￿￿￿ for last ffve years. The preserved valu& of Ihe Invested endowment c8pttal r8presenls Its falrvalue &lAugusl 2009 plus all Subsequent encknwment8 velued at fh8 dale ol the glft. Comparatlves 8re provi(kd in Note 31b. P6rrnanent Endowment TnJ$t for Unapplbd Invastmenl Total Retum ro £'ooo Expendablg Endtswmenl Tot•l Total ro £￿00 rooD tho beglnnlng of the year.. Tru8t for Investment Unapplied tolal rebjm Expandabk anéDwmènt 88.002 88,002 88,002 68,551 28,004 68.551 28,004 Total éndowments 88.002 158,S53 28,0041 184,557 Ill0￿MentS In the reportinu PBriod- Giftof endowvment funds Invèslmenl ralurn.. total Investm8nt Incom8 Investment r81urTh'. ￿liSed and unrgallsed gaSns and10gses Loss.. Inv&slm&nt mangg$Mgnt¢gsts Other trgn$f8fS 134 37e 2,742 1831 1,209 4,380 145 2.483 18,068 1548 2.105 15.325 14651 2,105 15,326 I￿5> 16.968 16,977 21,358 Unapplled total return allocated to Incorne in the period 14.8481 14,648 ie681 15,716 Nel movgmoDts In rgPOrtlng porjod 11 12.118 42.129 3,512 15,642 At end of thè r¢portlng peilod: Trnjsl for Investment Unapplltrd lotal ￿turn Expendable endtswment 88,013 88,013 80,670 88,013 80.870 31.516 80,e7D 31,516 Totsl ondoYnn•nts 88,013 168,683 31,516 200,199

J•sus Coll99• Notes to the Financial Slatgmgnts For th• y83r •nd8d 31 July2024 14 DEBTOR8 2024 Group £'oNJ 2023 Croup £￿00 2024 College t￿00 2023 Co18ge £￿00 Amounts falllng dugwlthln one yoar.. Trade debtors AmouTht8 OW8d by Coil6g8 mÉmb8rs Amurh18 owed by Group undertakings Prepgyment5 Accrugd Inwmo Olherd6btors 011 527 137 44 89 166 S02 137 355 304 121 22 335 141 22 335 13 13 1.628 1,162 1,696 1.441 Prapafftnts Inthd&£412k12D22123= £125kl due allorono year 15 CREDITORS.. falllnu duo YAthln one ye•r 2024 Group £'ooo 2023 Group £￿00 2024 ¢011gge eooo 2Q23 Colkge £￿00 Bank knans Trado ¢fodliors Amount8 owed to College rnen¥)ers AmDunlB owed tD Group urmlgrtaklngs Taxation and sorAal security Collegts ¢onlrfbullon Exp8rKlilur&accrual8 Deferred Income other credttor8 1,842 5Q2 236 1,566 1,642 485 23B 572 317 370 261 317 367 276 291 1.389 1,515 447 448 1,407 1,469 457 208 032 5,170 5,073 5,361 16 CREDITOR8.. falllng duo aftar mora than ona y8ar 2024 Group r¢oo 2023 Group £ooD 2024 Colleg £'oo 2023 Coll&g& R'OOD loans- unsecured other I0￿- unsecured 10,141 24,914 11,782 24,910 10,141 24,914 11,782 24,910 35,055 36,692 35,055 36,692 Th8 bank loan5 conwri5e'. A morluag& l¢an relallng to th8 0￿Inal a¢qulsldon ol Norlhgato Hous8. Interest l& payable al a Ilxed rate DI 5J6WA. Tha kjan Is repayab16 In Instalmenis over 20 year5 and mature$ In Aprll 2028,, £1,278k12022123'. £1,209kl tyf Ihe loan 1$ Pa￿ble wlthln one yew. A iemi loon ot o fixéd rRte of 1.99%. origlnally to lund tha flitIng￿￿t c4 a tsnanvs prémisès In th& Chang Yu TU￿ Bulldlng and now used for worklng caplLg1. C8pIt81 and Interestare p8y8blequ8rterty until April 2031. £384k{2￿22r23= E367klof Ihe ￿en is payable ￿1th1n yeHr. In January 2017. the College raised £25rn via 8 Privatg plawment prirnarily to fund tha Northgale PiojecL The Itb9n cornprisBs £10fft repa￿b￿ in May 2037 Bt a fixed intemsl mtts of 2.67% atKI £15m rÈpayaMè in May 2058 at a fixgd Intèrést raltr of 2.64%. In addifkin lo th8 abov8 bans, th8 Co18g8 has an ov8rdralt lacility DI up lo £Srn and a rewolving credrf facilty of £¥m. At y8arervJ both factas *ro undrown. 33

Jesus College Notes to the Flnancial Statements For the yeAr ended 31 July 2024 1Y ANALYSIS OF MOVEMENTS ON FUNDS At 1 Auyu$t 2L123 rooo Incomlng R860urc8S expendad £'o Tr8nsf8rs Gainsl Ih)ss&s £'ooo At 31 July 2024 rooD £￿00 £QOCp ENDOWMENTFUNDS. PERMANENT Burgsry and hardshlp fund$ Cuttural 8porllng travel funds,, P.W. Dodd Fund Olhw ¢LJ#ural $pothng and travgl General purpo$es'. Old E5tale In¢. L8olln8 Jenklns Meyricko Endowmènt Olhor general purposgs Bulldlng & Infra$lruclure IA E Stevem) Other swcfjfi¢ encknyments S¢holarship$, prfzes & eward$funo$ Tea¢l4ng & research lunds.. Zelllyn Other teachlng & rgsear¢h fLJn 156,553 1,606 2,116 30 4es 4,848 150 15,326 157 168,682 1,731 886 851 12 12 1271 126 87 e3 955 917 112,981 18,523 2,598 4,2SQ 167 4,040 1,520 249 35 57 13381 1541 13,4991 15741 1801 11321 15 11251 11,061 1,813 264 416 16 121,727 19,957 2,799 4,579 180 4,353 1121 54 1121 6,705 4,946 77 68 11n 1151 11771 11531 559 ,147 G,330 ENDOWMENT FUNDS- EXPENDABLE Northgate Hous8 College Penslon Fund John Walsh Hlstory FellDwship W & M Elton Davles FUNS H Morag English Fellow3hip Hoffmann med1￿1 Gr81. Scholarshfpg J B￿nden Endov+Th8nl Fulld Shr8der Stud￿1 Swporl Fund We16h AK8ss & outr￿Ch Fund Other tea¢hlng & f8$8arch funds F8lbwships Scholar8hlps Buwri8S Other teachlng & research fund3 28,C114 6,208 1,812 1,n7 1,S27 1,451 1.907 2,118 1.258 1,018 512 84 24 26 22 20 26 28 17 14 83 342 1,017 1561 1541 Iso) 1451 1591 1661 (391 (321 2,741 7,899 1,952 1,874 1,753 1,564 2,055 2,281 1,355 1,097 Isi Isi 151 141 161 161 141 131 177 170 159 142 187 207 123 100 5,986 1,751 506 171 6,453 2,005 1,228 142 26 151 141 1541 1351 Total ondowmènt funds 1B4,557 4628 15481 14,5061 18,D68 200,199 RE8TrICTED FUND3 Bursary and hardshlp fvnds Cultural ¥porting and traval fLthds Bulldlng & knfvastructure- ch0n￿Kn￿qhtDr&g other ￿lIdIng & InfrastNctsJre other 8pecifio funds SGhokir$hlps, prizes & award8 funds Teachi[￿ & research fiJnd9 w20 171 C2191 1631 132 64 1,520 163 24 624 1,646 J288 24 185 626 399 11431 11231 12531 I6￿) 132 28 242 3,413 37 714 2,261 6,411 Total restrlGted funds 8,673 1,922 11N901 4,001 11,106 UNRESTRICTED FUNDS Genor￿ unresltkied funds D6sionataEI." Fi¥&d a5591 De8lgnated.. DevelopmentAs881 DgslgDat8d.. Annual fund Deslgnat&d'. Strategk Prolgcts & Posts De5ignat8d.. Other Get￿ra1 purp05e5 [￿￿5 Pension reserve 20.0gD 21,099 2$205 1.588 SJO 109 10.142 113,4451 13.8081 1,562 7,778 11,1941 13,8261 4,296 17,275 21,090 31,246 360 1,369 102 1,7371 48 1801 12,6021 2,6￿2 Total unr¢strkted funds 7Q,796 10,190 12,eD7 sos 2,559 71.442 Tolal lum15 2￿,02 14.740 14,846 20,627 2¥l747 Incomlng rasource8 for 8ndowod funds compris& dort8tbns ￿ the year and r081isd on related Investrn￿ts. Transf8rs Include £1,305k £4,411k r8leas8d from perman6nl and expandabla 8ndc>wm&nt to rgskncled and unrestrlded lund$ ff$pe¢liveSy In accordanco wlth th& Cellage¥ total ralurrb policy, Compar8bva l￿d5 movernents are provhjed In Note 31c, 24

Josus Collago Notes to tho Flnanclal Statèmthts For th• r andod 31 July 2024 18 FUNDS OF THE COLLEGE DETAILS Thè folltrwlThJ L8 a summaryof orlgkn$ and purpo￿8 ol the more 8lwlflcanl FU￿¥. Endowmènt funds. Perman¢nt,. PAJr$ary and hard8hlp lundB A con8011datknn of g1115. donallons and b8qu88t8 where Income, but not caplt81. can b8 US8d f Student support, hyrdshlp ￿ b￿[s￿riSE. Ca￿la1 consIS￿ng of Ihe reshlu8 Df the estste ol P,W. Dodd Id8¢rl. 19311, wh8rg related Incorne, but not th8 origlnal capltal, can b& used lo &%glsl undgrgr8duatès lo trav81 abrDad fN"g&neral broadwlng of the ml)d' rather than fom)al sludy. A con8olld8tlon of gwls. donatlons and be4U88ts where In￿rna, but not capltal, can be u$ed for cultural, $portlw end tr8vèI pu￿0$&$. A consolldallon ol do￿￿0￿. glfts 8nd b8qu88ts formlng the orlginal 8nthwm8nl togalhgr with mni8B1gft in th8 wll of 51r Leoline Jgnkllls dated 12 Jung 1885, formBr Prlnrlpal, whl¢h brought togethor hls estatft 8nd monle8 glven or bequeathed to hlm by Francis Mans811, former Prlnclpal, and Doctor Wllllam Ba$$et, whlch together are collecuvety refer￿d to Old Estate. The Incom8 onty can ￿ vs8d forth8 g8n8ral purposgB of lh8 Coll8g8. A bequest made by Edmund Meyricke. a formpr Felk>w. irtr 1713 under whl¢h the Income. but not th8 tapltal, can be us&d lor tho gÈneral purwes ol Ihè Coll8g8, A consolidation of gi115, donatlon8 and boquests whero incorn8, bjl not capital, be for the general purposgs ol the Colbge. A glft to the Colleifv under b Deed of AppdntTn&nt datscf 25 June 1975 underwhlch Incom, bul r￿t6&pItal, shall be appll¥J lo Improvè and èxtend the lun¢Uonal b￿Ing9 of the Gollege. A consolldollon of gwls. donatlons and b&qu8818 Whe￿ Income, not caplial, c&n be used for the provlyiorn ol scholatghips, prizes and awardB. The CDll£g8 th8 r8slduary b&nèflclary trl Ihè wlll of H6nrl6tt8 Z8itlyn124 July l9gii. Income but not the Gawial Garb b8 used to Support ihr6& Fellowship5 in pefpetuiiy. Law, French and Madlclne. On 16 Ap￿1 2010 h was agreed that one of thg FgIknw8W8 gndow8d be changed from Lawk> Modèrn Hlstory. A ¢onsolldalh)n of glll$. donatlon$ and berwe$ts where Income, but not ¢gpltal, c&n be used for teochlng and re%arch purposes. Cullural $port(ng and trav81 fviTrJ8.' P.W. Dodd Fum Other ¢u￿ra1 8porUng and travEI Qon8ral purposg8'. Old E5t8t8 ino. Leollne Jenkln5 Mtyrlcke Endowment Other general purposes ull¢kng & Infra5tNciure IAE 8teven$l Scholarghlp8. prlze$ & award fundg Teaching & rg8&8r¢h funds.. Zaillyn other iea¢hln9 & research fund8 EndowmBnt funds. Exp&ndablo: Northg8ta Hou88 In 2001 tha Co118g8 purcas8d 13-21 CorThmark81 Sl INothg8te Hou581 fvné8d by th8 rAoc80d8 from a ¢L¥npulsory wrchase and a mortgago lunded oul of kncom& from tho properfy and ￿n￿W￿DI. Capltal r8paymBnts of the rnDrtg8g8 add8d to Ihe 8ndDWMBnt. Ineomè and caphal ar181ng from the property Is lo be u88d fN Ihe general purwses olthe College. A bequest madg by WM & M Ellon Dgvles for the tsbll8hmeTht of a fund to support Lwrs8rt88 for undergraduates. Part of tha ￿gaCY from DavKJ Jones, an aIwnn￿$. allocatad to Supportt￿ History Fell(￿￿h1p. English FellDW5hip 5UPPOrtgd bylTiCtorWo￿l. n8mgd in rn8mory of his wifg. A donalkn from Anth Hoffmann whlch attrnctod m81ched lundlng from the Oxford Gradvale Sehobrshlps Matchèd Fund. Thay eovbr tuluon fe&s and Ilvlng eostg lor medlcal Students, Lega¢y from JOM Bounden eval￿b￿ lor the general wrposgs of the Colkg&. Leg8cy from PGS Shreder avall8ble for the general purposes of Ihe College. Grfl to funol colleg&￿ Accass and Thjtreach ooti￿t￿S. A 8erlas of glfts. thnalion& and bBqU081s, whare Incom8 from th8 capltal Gan b8 ￿8d to 8uppoFI Collog8 fellowships. A serlks ¢f glltg, thnatlonB and bequests, whare Income from th4 ¢apltal can b8 u$8d to suppNt undergaduate orgr8duatg ¥chokrships. A serles ef gllt&. thnatlon& and bgquesls, whwe Income from the capltsl can be usgd to suppNt provld8 burs8rla# to undergraduates 8nd graduat&s. W & M £hon Davles Fund John Vvalsh History Fwwship H Morag Engll8h ￿81￿WSh1P Hoffmann Modlcal Qraduate Stud8ntshlp J Bourwjen Endowment Fund $￿eder Endowment Fund We19h A¢￿85 & Oulieach Fund Olher 5P8cific hJnd&'. Followships Schobrships Bur$arbs R•strl¢tèd fund8: Chen￿nIght DrAgon A glfl of £16m from Dr Chen9 Ihrough hls comp8ny. Kn￿￿t Dragon. for the re-developmenl of Norihgate House. Fdlowng cornpletion of wvjecl, the balaNca has been transférrod to the DBslgnaled'. Flxgd Assel Funcl D9¥Ignat￿ fund8: De$lgnat8d,, Fixed As881 Unrestrtcted funds represented by Ilxed a5sef$ and theref¢r& not avallabb for eXpe￿I￿ra on th8 Colkna8's gen8ral purpos85. Unre81rlct8d cknnatlons lo the Devgk>pmant Fund alk>c&ted by the Fellows lor d15bursement In Ihe year folltyrflng ¢Jonotion for both new pro1￿19 and &xlsting are8$ of exp8ndllwe. Unr88lrlcl8d lund& allocated by th& Fèllows for the purpose of athancing spaclllc 8tratgglc priorities including, but Trot kni18d to. priorities, bUi￿l￿g proj&st5, SU5ta1nabliy, quallly, dlvgr51ty and Incluslon. UNesiA¢tgd fund5 represented by develownenl assots Nt avallablg In Ilquid form aTrJ Ihgref¢ro noty81 avallable for 8xp&rKllbJre on the Colleo8's general pU￿oSe8. UNestllcted fund5 alloc￿9￿ by Ihe Fellows lor acadgml¢ purp￿9$, art and h&rftago. th9 runnlng ol Chapel and for the Ltpke8P 8nc5 maint8nan¢e of Colleg8 propgwbe8. Tha gowral unre&trfded fvndB represenl accumulat￿ lllcom? from the Colleyg'5 aC1￿lf￿S arKI other swrces that are 9vall&b￿ for the genoral purpose8 01 th6 cL4￿g Deslgnat8d,' Annual FLthd Desl9nabd,, Slratsgle Prol8cI8 & Posts Designated.. 08velopmentA5set D85ignated.. Oth8r 36

Jesus Collegg Notes to tho Financial Statements For th& ￿ar •ndod 31 July 2024 19 ANALYSIS OF NET ASSETS 8ETWEEN FUNDS Unr&strlcted Fund8 £'ooo R$91rfclbd Funds £'ooo Endtswmènl Funds £000 2024 Total £'ooo Tanilbb Ilxed asgets Propetty Investments Sacur#l6s and oth8r Inv88lwnls Netcurt8nt Iliabilitiasyas8e Denned bfrwf￿ pOn￿On scheme11oblllty Creditors fallng due sfter on8 year 46,Q04 31,246 20,879 11,7721 46.004 91040 181,730 11,7721 60.594 149.74¥ 11,106 124.9141 110.1411 I36￿55) 71,443 11,106 200,199 Unr8sMcted FuThJ$ £'OOD Rastrlcted Funds e'l￿0 En¢knwmont Funds £'o 2023 Tot81 £'ooo Tanglbb f￿ad assets Property Irwestmerbts Se¢urffles gnd Ot￿r Investrnenls Net current 1llabllltl6syas8818 Defined benefrt pension stheme Ilablllly LorvJ tèrm Itablllllos 4e,01D 25,985 28.779 12,4671 12,6021 124.9101 46.010 91.045 166,731 (28671 12,6021 136.6Y21 65,060 131,279 6,673 111.7821 70,796 6,873 184,557 262,025 2D TRUSTEES. REMUNERATION The Truslo88 of lh8 Cdle9e ¢omprlge the GovernlNJ Body, pdrnarfty Fallow8 who arg teachlng and resgar¢h smplwgs of the Cthgo and whD 51t on Goveming Body by vlrtue of Ihelr employment. ND Tru5tgè rBtdves rgrtujnergtion foracting as a trustee. However, Ihosa Trusteès who ar8 also employees of the Colege reoelve Sakrles for Ih8ir work as 8mploy88s. Th888 sakri88 aré basgd on gxt8ing1 Bcgles 9nd often are joint arrangements wlth th8 Unlverslly ol Oxford, although Ih8y may be suppbmgn14d by 5￿cEf￿ Collggo ￿lDWa￿&s, as expLginBd b8trJw. In order to avold conflkts ol IntaresL reGornrnendalion5 conc8rning rernun8ratiDn, both of indlvidual Fellows gangral, are mede by a IDdependent Remunerabun Commttt¢a, the membershlp ol whlGh Is a9rtrgd by the Goweming Body. It inclL¥Je8 a nortrr6mun8rat8d F81knw, 8 r8lir8d Estates Bur8arfrom arKitherColkg&, Iwo Old Members of CDllege and one re￿ied t) an old member. Trust898 of the College lall Into Ihe folkjwlng categorie8', Prof95Borial F911owF', - TulDrlal F811¢)ws,' and - co1￿￿ olflcers Durlng the year 8Wgn Twstew. belw the PMcApal, Acad8TrMG Diroclor, Estal88 Buw8ar, Devdopmant Diractor, Dire￿￿ of Attommodabon Catèrlng and Conloronee$, Human R8sourc98 Dtrector and Pmperiy Dlrector. ￿￿keLl on managemonl and fundraising. All w8r8 full lim8 ￿1th ex¢epUon of the E8tale$ Bursar and HR Di￿¢trIr, who *orks on a gD% prgsgnce, These Trustee3 ¢omprts0 th& key management pofsonnel and their cost forlhe year, including employ8ff8 p8nslon ond Natlonol knSuran￿. Was £788k12022123.. £776kl. SoTnB TrustÉas, parliGulydy TutQli81 Fellows, 8re eligible to pathlpala In th6 Co118ge'$loinl equity $¢heme. see Note 28. Truste88 r808iV8 8ckliUonal al￿wancè8 whèrn t￿Y wrfotrn 5peoifiG ￿leS within College. These arnounts aro 1th￿ded In tha r&mun8ratbn figu￿$ below. Th& total rerrnjnaration and taxabk b￿￿[rts as shown b8h)w is £2,130k1202W23.. £2,Ofthl, which inthdes employer pension wnlributlon$ of£297k12022123: £355kl. 30

Jo8us College NDt8B to the Flnanclal Statem•nt& For tho ar ended 31 Juty 2024 2Q TRUSTE￿ RENUMERATION Icontlnuedl 2023124 2022123 Ilumb•rpl Or¢J$s rgThungiaUon, bixabl Tru8t9981 FlID￿ hn?flf¥•nd NumbefofTIUblBBBI le￿￿¥&1￿n. taxabl&beneflls Rang• £1- £999 £2￿0- £2999 £15000-£1599 £1FKJOO-£199 £28000-£28999 £29)00-£29999 £30000- £30999 £31000-£31999 £32000- £32999 £33000. £33999 £84000- £349 £35000. £35899 £36000- £36999 £38000-£38999 £5n)00-£51999 £58000-£58999 £60000-£80999 £64000-£64999 È66000-£66g99 £680W-£66999 E690CX>-£S999 £70000-£70999 £710CX>-£71999 £720DO-£72999 £73QfY> £73999 £870W-£87999 £900N- £W999 £91UN- £91999 £1QQNO- £100999 £1Q1 NQ-£1019Y9 £1Q2LXJO. £102999 £1Q3tx)0- £103999 £1481MJO-£148999 £1561100- £156999 Total 12 9.174 4,542 15.809 12 8,664 19.737 28,842 68.935 30.132 125.769 323,745 199,764 34.390 3S,269 SD,938 31,839 129,099 40D,502 17D.710 70,484 36,967 38,241 10 13 67,132 &,510 60,903 64,780 137,DZ5 139,163 211,490 142,￿8 143,510 73.811 87,350 90,325 91,345 91.359 203,003 1Ct1A41 205,819 103.375 148.D3B 156,624 2 130299 5T 55 2,049,917 l Trusle8&, togetharwlth othgrsenlor wyloye&s. are el1g1b￿ fL¥ prlvgte health Insuranee ag Pdrt of thelr remuneradon pa¢kaoe. All Trustè6$ may eat al eommDn table, as ¢on All otheremployee$vtho ore enNtbd io rne81$ whll8 wothlrwj. Tru8to0 6xp8n¥es Fell(pN5 al80 recelve relmbum&nnt ol personal expenses neces$arlly Incurred In ¢onne¢UoTh wllh t￿1r 88rvlce8 to the College 88 Tru8t688. Durfng the year a total of £1k 121Y22123..£2kl was r61mbursed 10 4 12022122.. 21 of the Trust888 In relatlon to ov8rslght of Cl￿egS investment5 or for attandlng olher College business or¢onferen￿5. 37

Jesus Collago Note5 to the Flnanclal Statements For the year ended 31 Jul 2024 21 PENSION S¢HEMES The College parlKipate8 ￿ Ihe Universrties Superannuotbjn Scheme IUSSI and the Univer81ty ol Oxlord Staff pens1￿ Sch8m6 IOSPSI. Th6se sch&mots aro h￿r1d ￿nSIOn schtrmaÈ, providlng ¢Jefingd benefI6 a5 well b8nefitfj based on defined wnlribulions. The assets of eaoh scheme 8rg h8ld in a $8p8r&te tni8t88-sdminislered fund. Beca￿& of th& mulual n2lur8 of th8 sch8m88. th& assols ars not altrknut8d lo indlvldual empbygr6 and scheme-wkle c¢nlrlbuUon rate8 ar& SOL The Ctskg8 is ttr8loro 6xpos4d to aGluarfal risk5 a5soc18t8d with olh8remp￿Y8rs, oThpkiy8es 8nd K8 unable to Identlfy 11$ 3hare of the undertylng a$sets and Ilablliti8$ olthg s¢heme$ on a consistent and r6a$onabl& basls. As réqulrgd by Ssctlon 28 of FRS 102"Ernpltrye& B&n61rt9" Ihe Coll696 Iherolore account8 for th8 8chÉmes as If th8y were wholly def4ned wnlrtbthlw schemes. AS a re8ull, th8 8mountcharged to thè Incom8 and exp8ndllure 8ccourit represents the contrlbuttons payable lo each stheme ond anydeficbt raeovèry contrlbutkjns payab18 under a BGh8me R8COY8ry Plan. horo a scheme valuallon ￿$tOrMIn$$ ￿31 th8 sch9Th8 15 in defiGit on a techn￿￿1 prL7Vi510nS ba518 las wa8 the ca88 follcwiny the 202D USS vthab'onl, th8 tru5199 of th8 8th9rn¢ mu8t agr90 a Recovery Plan that d$termlne8 howeath en)ployor wlthln lh& scheme wlll fund an ovorall dgfl¢it, Thè Col￿g& a Ilabinty for the Contr1￿￿0￿$ payab￿ that arlse from $uch an agr88rnant Ito the 8Xt8nt that th8y re18tg lo b d?fldtl ￿th rèlated 8XP8n969 belng rocL¥n180d through th? Incorne statement. Th8 College is awar8 Df the Vwgin Madia v NTL P8nskJn Tru$l888 11 Llmil&1 Court of Appgal judg9fftnt which may gNe rise to adlustments to the s¢h8m8. At pr8$8ntlhe legal proLYss is incoryl818 and therefore we ar8 unable lo quantify any potent￿1 f￿bIli￿"68. S¢h•m•o a¢¢ourrted for FR8 102 as defknod Gontribution 5ch8mBS D•fl¢ll Raeovary Plan8 For USS. a dolklt r&¢trv&ry plan w£$ put In placè a$ partof tho 2020 vthalion, which r6qLsif8d payrn8nt of 6.2% of salari88 cvar th8 parir￿ 1 Aprti 2D22 unlil 31 March 2024. al whlch p￿nI the rate woukl kncreas&to 6.3%, No d¥llGIt re¢ov0ry plan was MgU￿9￿ under th& 2Q23 valuatlon b8c8U50 the Se￿￿e wa$ In surplus on a lechnlcal provL8lons basls. The Coll8g8 was no k>wer requlred to mak8 d8fklt recovery Contthutlons from I January 2024 end acrnrdlngly r81898ed the outslan￿g provlslon kithe Income and eXpendI￿re account. The latt avallable eompletÈ acluarfgl vduation of Ihe Reliretllent InC￿e Builder 18 as al 31 March Ilhe vuatlon datel, whlch was carrled out Uslng the pr0￿clad unll mèthod. sIn￿B IhB Colbgg tanmjt Idtrntlfy Its sharg of USS Retire￿￿llt I￿(X￿9 Build8r Ideflned benplitl ayseL8 and liabilrfies, Ihe following discI￿l￿e8 reflect th088 r818vantfor thos8 a858t8 and liabilitias as a whole. At 31 Juty 2023, th& Coll8go'8 balanc8 sheal Includ8d a Ilabllty of £2,585kfor fvture contrlLwdons, f￿￿W￿g tt)e 2020 valuatk>Thwh8n the schom& wag In defklL No deIkIt￿¢0Very p￿n was regUtr￿ Irom Ihe 2023 valuath)n, because the 5cherne was tn Surplus. Chsnges lo contr1￿l￿on rat85 were Impl8rnentsd from l January 2024 Irom that dalethe Collegewas no longer requked to make defldt recovery C[￿t￿bUt￿)n$. The remaining liabilty of£2,585kwas reknsed to the Incorne and eKpendlture account. Th8 20r8 vthallon was th8 &8v8nth ValUat￿n for tha sd)8mo und8r 8th8m8-SP8trfIGfundlw r&glma Introdutèrs by thè P&r￿IDn$ Attl 2004, hlch requlres s¢hemos b) hav& sufftlènt and appropriate assets to cover theiriechniGal provisi￿S (the stalulory lunding obj&GtN81. Al lh8 V81uatlw dalg, th?vsluo oftho 0SS018 Qlthe 8ohgrn was e73.1 bllllon and the vakng of th& scheme's tachnlcal prDvlthns was £65.7 blllk)n Indkaling a surplus of £7A bllllon and a fundlw ratlo of 111%. The key fingnci&l assumpt￿￿ u%d irn the 2023 ¥8￿811￿￿ aro descthed below. CPI Assumpuon Term depBndent ta19¥ in lillgwith drffvrenc9 belween the F￿ed Inlerest Brvj Ind8x Link8d y18hl cuN8818S8.' 1.0% p.a. to 2QSO, reduthg Ilnèarty byO.I % p.a. from 2030. Pgnsion in￿BaÉéS [sUbj￿ttts 8 flcxy of O°hl Benefits wilh no cHp'. CPI y55vrnplion plus 3bps Benefits subject to a'80ft rnp. ef 5% Iprovldkno Inflauonary Incrèases up to 5%, and half Dfany BX¢O6$ inflabo OV8r 5% up to a maximum of 10%).. CPI &88UmPtion mlnus 3bp8 l$count rate Ifornard rate81 xod interost ilt lold curve Pre￿etIrement,, 2.5Yo P0st￿￿reMent.. 0.9% Thè maln d8mcgrapkk a8sumpllons usad relala lo t￿ nb)rtalily0ssumptbns. Th8se asgumplbn8 are bo9ed on omlysl$ ol the $¢heme'g 8xperienc8 carrt8d out as part of th8 2023 acluarfal v3￿allOn. Th8 mortallty 83sumpllons u88d In th888 ngure8 are 8s follws: hlallty ￿se lable 101% 0182PMA'lighl' Iw msles and 9Slo of S3PFA f(Y lemth$ FU￿re Imprtrvemonts lo TrK>rtBIIty CIII 2021 wllh 8 srnoolhlng pardmgt9rof 7.5. Hn inltiol addltbn of 0,4% p,a. and a long4erm Improvemenl rale Df 1.8Yp pa for malès gnd 1.6% pa fN f8males The current life exp8ctsncl88 oft rgtir6rnent 8t age 65 are.. 2024 23,T 2S,& 25,4 27,2 2Q23 24.0 25.6 26,0 27,4 Males ¢wrenUy 8ged 65 lyearsl Females cur￿￿1￿09ed 65 lyearsl Males Cu￿endY aged 45 (years) Fem&le5 ¢urrer¢l ars 38

Jo8u8 Collgg9 Not¢s to the Flnanclal Ststements Forth 4r 31 Jul 2024 Unlverslty of Oxlord StallPen$lon 8eheme Th8 Unlvarsllyof Oxford 8tglFP8nsloD 8chem& IOSP81 Is g multI4m￿0Yer hybrld sth2m8 $8t up undÈr trustéNI s[K>￿or8d by the Unniersty.111s Ihe pen$k)n 8¢homgfor8UPPOrtstaff al th8 University. Parlicipaling cdleg8s and other r8Lgt8d 8mplDyers. New member5 joifbing tho schemè bulld up ben&rrtg on a dèfinèd conlribLrtitrn b&sis. Mamb&rs who joinad b&ftsra 18t Odober2017 build up bonèllb on a career average revoluad earniws bwl&. The lat8St full aclu&rla1 valu&t4an forlho OSPS scl)&m6 was complgL8d È$ al 31 March 2022. Tl lunding positlon olthk xheme ha8 Impr￿ed $IGnifieanlly movlng Ifom dollot ol £113rn to a 8urplu$ 01£47m al lh& valu8llon dale. A8 3 ro&uII, th8 rocovory p￿n agr8gd 81 Ih81381 valuation 18 longer required and Ihe deliGII conlribulion O￿led on 30th sept￿er 2023. A provision of £17K wa8 madg at 31 July 202312022." £722KI Io lunt for deficit T8GOV6ry paym0nt$ up lo 301h Soptember 2023. Tho rsmainlng IlabSlKy of £17k was reteased to the Income and expendibjre account ID 2024. The Trusleo and lh& UnlYer¥ity have ￿￿eed 8 new ¢onlribution s¢hedul& whl¢h took&ffeGt fvom l O¢trJb&r 2023 and lak88 accountof b8n8fit Improvamgnts and chawes to mBmb8r cKJnlrfoub"on8 sinca Iho la8lvalu81ion dale. Itwas agreed that the SGh8me will tn8gt it5 own runnlrwJ c0615 fvom th85Gh8mg'5 a658t5, inGludinu rthkng to bolh th6 DB DC S0Ctlons and the ¢ostol pènslon Protocllon Fund lother St8￿4t0ry levies. Thè tab18 bolow SLmmarf$e$ Ihe kay actuarial as$umplknn$. Furthor dotalls Df the g$gUMplion6 arè 8etout In the 8tatement olfunding Prkndples dated 27 June 2023 can be fwnd at hltps'.lffinance.8dmln.ox.ac.ukJo$p$-documents D8t8 ofvaluauon: 311D3r2022 Value of l￿bIlities.- £914 Valu& ofassgts.. £961m Funding surP￿s] Idgfi¢itl.' £4Tm rInc￿l ass Rate of knler68t Rale of knierest "tfons u99(f b atrtud 6rbds u to retlremenl rjods after ret1￿ment @Fe.. Gilt6' +2.25% ilts, +D.5% RPI Break-8V8n RPI curw8 kss 0.6% p8 pfFr2030 and 1.0% pa p05t-2030 cw RPlInf￿t[0n a55umpllon ￿ l Yu pa pr8-2030 and 0,1% pa p￿t.2030 RPI+ Pon¥l￿abl0s￿kn knGfe8¥8b Fundin R8ti0s'. Technlcal rOV￿lOn5 basis- ut, basls: 105% 62% NoFpVingn(lal A55u)Dptvins Non-Pgnsfoners= 105% of standard s3F￿ medium labl88 for both rnal88 f8mal85 PenBloner$'. 105% 01 standard S3PxA medlwn tsblgs for m818s ar1 fgmales Non-Pansk)ngr5= 105% of $tandafd $3PxA modlum lablgs for l￿th Males and Igmales P8nslowrs'. 1Q5% of 5tandBrd S3PyA Med1￿ tabl65 for L*)th Males aThJ females 16.5% DB for meTnbètsfrom 01110r2023 10% 112% 114% DC rnÉmb8r$ in relatIC￿ to 4% 18% 18Yg ¢951 plan 0111012023 3110312025 Pwt-retiramèrnt mortalty- basèlab PDst-r8thr8F￿Trt morts1ty- imprtsv&monls Recomrnended empk>yer5 contribution ratg18s Vo ol penslonablo salailosl,, frorn Effe¢tlve date ol next valuatlon.. Penslon Gharge for the year The pen$ion charge recorded bythe Colkqge durkng th8 gcwwting pthod18Kludlw pansion Iln8nc8 coslÈl w8s equal to th8 ￿nt￿bUtIOnS paya aft8f allowance lor the defidt recovery plan 88 follows.. 2￿23124 Total £ODO 2022r23 Tthl £(io 1210 446 10 666 Scheme Currgnl vooo 533 256 Defkll £'ooo 12,6441 Cuft9nt £000 e04 282 10 876 Dolldt £000 6141 17281 unpier6ili95 SuperannJHIfjDn Scheme Unfversltyof Oxford Staff Pension Sthom¥ other s¢hèmos- Conlrtbutlons Tolal Employèr Contrfbutlons 240 796 660 04 Ihe6e amounts In￿￿de £19)K12023', £382KI ¢onldbthlw$ payabb tg defln8d contrfbutk)n schem88 at r8tg8 8P8&fied in thè rules ofthose pl￿$. Included In oth8r ¢rerJitors arè p8nslon contrlbutiorts payabla ol £nil for USS and OSPS12023- £nlll.

Jesus Colleg• Notes to tho Financial statements For th• yaar èndèd 31 July 2024 22 TAXATION Tha Collag6 is abl& to lako advantage of thg tsx exemplion$ avalk2blg to charitlgs from taxalKn in rKp8d of Incijmg and Gapttal gains rg¢glvgd to lh8 gxtenl thatsuch In¢ome and galns arè opplièd Lo &xBlu$lvaty chartlable purpo888. No 118￿11Y&) ¢cworation tsx arises In Colkg&'5 $ubsldSary companies because the diroclors of Ih888 companles have Indicated that they Intend to mak& donations each y8or ID thg Co118ge equal to Ihe laxablg wofits of tho company uThJer th8 Gift Aid schoma. Accordingly. no prOV￿10n f￿laX•u0n ha$ been Inthded In U)e fln￿¢￿91 $talemenl$. 23 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPEKATIQNS 2023124 Group t￿00 2￿22123 Group eo N•t In¢ome 20,722 5,227 Reversal of non-operadnu Cagh fkjws.. Inveslmenl Income Unreoll%d gain8 on inve9tments Gain on prowrty dlsp08al8 Endowm8nt dDnalion8 Doprèriation F1Tr8nGing costs De¢roas& In $totrk Incr888e In debtors DeL¥ease in Greditors Decreaso in pansion schome li8biWy 12,5301 14,0681 120,6271 11451 ,S7 1,425 11021 1,482 14661 12101 12,6021 11.4291 Net ￿¥h Iu8od Inllgongrat¢d Irom op•ratlng adiviti•s 13,232) 11.5541 40

Jè#u# Collog Not08 to Ih¢ FlnAn¢lal Statamonts Forthe year ended 31 Jul 2024 24 ANALYSIS OF CASH AND CASH EQUIVALENTS 2023124 £'oDo 2022123 £￿D0 C&8h and c88h 8quIv81enls Oepwiis 8nd other 9hort t8m inv951m8ntrs 1A98 34 1.308 32 Total eA$h and currgllt a8$ef Inve$tmen18 1A32 1,340 Doptyslb and short.1￿￿ thv98tmgnts r01ale to funds r31sgd from the prfvalg ploogmenl and Inygstsd In a thlrd party cash rnanagombnt fund whlch as 48 hour ac¢8s$. The Coll￿9 has an u￿9¢￿8d overdraftof £Sm and an unsecured r8vIAvlw cre￿1 fadltyfor £5m. Nelth6rofwhkh ware otyear end. 23 FINANCIAL INSTRUMENTS Th8 CDlkgg and Grow's valu8 of flnanclal Inslrum6n& ar8 summ8rlsed bo1￿.. Oroup and Collo Group 2024 £'ooo Colleg& 21124 2023 £'ooo 2023 £'ooo FinHnGial qssets mg9surgd HI lalr vakJ9 Ihffjugh profil or1088 FitwnGig1 liabilitiaÉ m0asur￿l al faw va&Je through prolll or loss Flnandal a88818 rnea8ur8d 81 amoth8d cost Flnandal Ilabllttlès measur&J alarnort1$8d Cost 1 fy1,764 186,763 2,602 2,13S 41,139 181,764 186.763 2,602 2.364 41,335 2,379 39.084 1426 39.191 Colkge's and Group'5 In¢ome, exp9n58s, oains and103808 In resp8Ctofflnand81 Instruments aro summarised balow., Inlere$t inGome dnd ¢xpense: Group 2024 £'ooo Coll8g8 2024 £'ooo 20TJ E'O 2023 £￿00 Tolal Interèst In￿me lorflnan&al asgets hekj at &mrlised c(1 Tthl Intér68t 8XP8ns& for llnanclal118knlll￿8 hald 8t 8m0￿￿ed cost 205 1A25 22 1,587 205 1,425 22 1,587 Financial assets Jneayu￿d al Bmortis£é (x)st wmprisB cash and ca&h ￿￿￿a￿nts, dètx)Èhs. fÈ88 rècelvabk, Irade debtors, armunts Dwad by group undèrtaklngs and olh8r d8btDf8 8xduding pr6P8ym8nts. Financial asS8tS rn8asur8d at fair va￿9 rgkt6 lo li5tod Investmgnls, sMrt.t&mi inv851rnen15 wa￿Ed by reference to markot prfc&6. Flnanclal Ilabllhle$ mgasur9d at anortls8d co81 ¢owpr188 bank loan5 trverdrsft, othor loang, trade eredttors, other credlbrs. and aceiual$ udlng dèferrtd Income. Flnanoial Ilablllt￿s measured otlalr volue ￿late to the pe￿19n 18blllty, 26 FINANCIAL COMMITMEpir Al 31 Julyth8 CDllgg8 and Group had futurb minimum payments made uNJer non-can¢ellable leases as follow8: 2024 £Y)00 2023 vooo Non4anc¢lloble ¥per8llny lease ¢ommltment$ L858 than one year After ￿e year and ￿55 than fivg yea After five yrs 254 1,016 3,197 254 1,D18 3,453 4,467 4,723 Nonrfanc8llabl8 opBrntlng l••str r•ntals rg¢8lvabl8 Less than one y&ar After ono year and bss than ffve yèsrs Afterfive years 1,780 3,42S 4,959 13,052 19,453 14,253 Nofvc8nc8I￿bl81è￿￿ r￿Mm1￿Ments consi8t of18as88 that Ihe CoJkg8 holds wlh Oxford City CounGiI whiGh eypirn ￿ 2041 and 2043, the rgnt lor which 18 reviewed every fivg ygar5. N0n-GarK81￿bl8 18a58 rentsls rocgiv£W rolat8 lo rent incomo roce1vab￿ from Iho Collggo's Invgstsnent propgrlles. Th9 amounts reoelvab19 arg limit￿ lo the noxt rent revlow clate for agrf¢ullvral p¥oportlg8 orth8 earlier of th819088 end dats Drbr8ak Clauso d&tèforotherpropP￿0$. 27 OThER ¢OMMfnAENTS Th8 College hJ ctsntra¢ied comnments for proleeis of £1,176k at 31 July 202412023: £nlll. 41

Jesus College Notes to the Flnanclal Statements For tho year end8d 31 Juty 2024 28 RELATED PPJITY TRAIISA¢TrJN8 Thè Collo9& Is partol th& Cdleolale Unfvarsityof Oxford. Mai8rlg1 lntsrd8p8nde￿I￿8 ￿{Ween the Unlverslty and the College arfse A$ a cons8quance of Ihls r6lalk)nshlp. For reporting wrp09e$, the un￿ers11Yand thtr other College$ ￿ Njttrealed a$ rèlat￿ partbs as d8tln8d In FRS 102, Members ol the Governing Br>Jy. who the Trustees of the ColBg& and rglatgd pwtig5 as deflned by FRS 102, rp¢glvo r8nMJngratlon and fa￿111￿8 ￿ 8mploye￿ of Ihe Collège. D&taik% of these paymonts and relmbur8èd axpense8 as Iru8tees are d18¢1o88d in Note 20 Irj the59 flnanclal statgments. The Colleg& hg9 properile$ which are own9d h)Inllywllh tru$ie88 ¢JNlerlolnt &quity ¢Mngrshlp 8gréemnt8 bo￿60rb the truslee and th8 CDlleg8. Tha ¢grrylng va￿? ol the Co118gaB 8h8r8 wa8 a4 follows.. 2024 £'No 2023 £'ooo Prol P. Ke￿$ Dr J. Olivqr Dr G Wright Dr DAlkhular Total nat book valu0 01 propertbs ownedlolntty tru3t888 239 242 242 808 220 220 All joint aquity properli88 are 6ubjgct to salg on Ihg ￿8P￿rturO of the Tru6t89 from th& Coll996, 29 CONTINGENT LIABILITIES Thert are no malerl&l ¢oTrtlryent li8bilitig8 al bal&ne8 $h88t d&tè12023.. £nlll. 30 POST BALANCE SHE￿ EVENTS On Ihe 19 Novembgr 2024, th& Co118ge exehang8d corhtracls for thè Salè trf a pothn ef ￿rIc￿liUral knd on the outsklrts of Llncoln. Thls 1$ thg nExt pha$0 Df a ID￿-t￿M prole¢tlorfhe ￿lege. TNS Sale wll ￿alISe £20m of 8ntldpaled In¢omve overthe nextlour y8ars. 31 ADDITKJNAL PRIOR YEAJI COMPARATIVES al Con•olldatgd Statemont of Flnan¢lal AcMIg Unrestrf¢led Fu￿$ RestrlGtsd Fund6 £'ooo Endowed Funds £000 2022Q3 Total £'ooo INGOME AND ENDOWMENTS FROM.. Charltable actlvltles.. Tefichi￿, ￿earch 8Dd rgsidèntlal Publlc worship Olhortrading inGomo Donallons and19gacl&8 InvoBtm8trtS Investment income Total ralurn alk)caLed to i[￿￿8 Olherlncome- Furlough sthgm6 Totsl in¢omE 7,794 7.794 434 5,805 434 $A2$ 61LI 102 638 4,624 1092 15.977) I￿30 1,353 19,298 1 J71 13.9831 17386 EXPENDrruRE ON: Charltable ￿tIVItIeS.. Taachino, r&Èaarch and rgsldeTrtlal'. Colloge Pbnslon provlslon ¢harge Publlc worshlp Generatlng funds,. Fundraislng Pen8lon prOVi￿On charge Trading expenditurg l)vestm￿t managament costs Total oxp•Mlltur? 12.492 1,3571 80 1.578 14￿70 11a571 80 626 11851 452 1,823 13,930 625 11851 452 2.454 16,13 631 631 1,57& N&%t IMom£lldoltcltl befvre In￿3￿￿nI g￿n9 5,368 395 4,814 1,147 Not galffts On Inve$tn*nts: Otherinveslments 1.877 11,8T71 5.9S7 4.08t) Not Inoom¢ Tran8f8rs be￿89￿ fundo 1.1ri 11,1771 Nèt movement In funds ftsr the yeay 393 166 4227 Fund balall￿$ br￿ght forward e8.127 828D 184.391 25S,798 Fund¥ uffled fonvard At 31 July 70. 673 184,S67 2QI025 42

JoBuB CollBgB Notés to th• Flnanclal Statamonis For the year ¢mdod 31 July 2024 bl STATEMENT OF INVESThENTTOTAL REfuRN Permanent Emowment Trnsl for Unapplled Invastmtrnt Total Relurn £woo £￿00 Expendablè EndowThent Totsl Total £'ooD e'ooD £'ooo At tho beglnnlng ofthe year.. TnJ8tfor Inv&stm8nl Un8pplled total relum Expendoblg endwment 87,914 87.914 67,505 87.g14 87,5L15 28.972 87,505 28,972 TotY41 endowmerrt6 87,914 07,505 155,419 28,972 184,3 Mov8m8nts In mportlng perlod,. Glft of 8ndowrnent funds Inv&strnent retuin= total investment I￿Ome Inv8stsn8DI mturn= mallsed and unr6all8ed gains and108888 L888.' Inveslm8nt mnagem&nt costs Ofhertran$fers T•lal 88 88 1,594 6,021 14 298 936 11001 1.177 1291 1D2 1,892 5.957 16311 1.177 8,143 1,594 S,W21 15311 88 6,Q84 8.172 Unoppled total rgtum FAkn￿l￿d to Incom In the pefiod IS,D381 15.0381 19391 16,9771 Net mDvEmtrnlts in t&portlnD pèrlod 88 1,046 1,184 19681 At •nd of tho r¢portlng pgrfod.. Trust lor b)vestm￿l Unapplled total relur Exp8ndabb end0￿￿￿￿t 88,002 88,OD2 68.$51 88,QD2 68,551 28,Q04 68,551 28.004 Total ando4ymont¥ 88,002 56,553 ¢1 ANALYSIS OF MOVEMENTS ON FUNDS Al 1 August 2022 £￿00 In¢omlno gourceg £000 Resourc98 e)￿ended t￿00 Tr8n3fern Galnsl Ilos$e$l £'ooo At 31 July 2023 £'NJo £'ooo En￿0￿MOnt lunds. Pèrmanènt 165,419 1,682 15311 15.0381 6.QZ1 156.553 Endowmont fund$. Expendable 28,972 312 12.1161 g36 28,Q04 Total 6ndowment funds 184,391 1,Yg4 IS311 17,1541 5,957 1B4.S Totsl restricled fund5 6,280 61B If.5781 1.353 6,673 Unr•5tritted fund5 QBnerdl unre5¢rf¢tgd funds DeS￿nated.. Fixed 8868t DeskJnated.. Development A9*t tle$kJnated'. Annual fund OeslJnalecS.. Strategic Project8 & Post8 Oewnated.. Okher G8nÈral PLJfpo$88 fund Pension raseNe 23,949 44,510 8,971 Ib,8541 11,4821 12.0991 121.9291 25,2D5 11,8771 20,0 21.099 25.205 1.68e 5,308 1,590 395 139gi 109 14,6241 1,429 4.e24 14,D31 P,6021 Total unYe8trlcted 66,127 14,674 13,930 5,8Cbl 1,87T TO,795 Total funds 16,13 4,080 262,026 49