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2025-07-31-accounts

Annual Report and Financial Statements Year ended 31 July 2025

JESUS COLLEGE

Annual Report and Financial Statements

Contents

Governing Body, Officers, and Advisers 2-5
Report of the Governing Body 6-15
Statement of Accounting and Reporting Responsibilities 16
Auditor’s Report 17-19
Statement of Accounting Policies 20-23
Consolidated Statement of Financial Activities 24
Consolidated and College Balance Sheets 25
Consolidated Statement of Cash Flows 26
Notes to the Financial Statements 27-44

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JESUS COLLEGE Governing Body, Officers, and Advisers Year ended 31 July 2025

MEMBERS OF THE GOVERNING BODY

Members of Governing Body are the College’s charity trustees under charity law. Those who served in office during the year, together with details of the committees where they are members, are below.

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
Professor Sir N. Shadbolt ● ● ● ●* ●* ●
Professor K.M. Kohl Sabbatical
MT24 and
Special Leave
HT25 & TT25
Professor P.O. Daley Sabbatical
MT24 & HT25
Professor M. Brouard ● ● ● ● ●
Professor A.S. Dancer ●
Dr S.G. White ● ●
Professor A.J. D'Angour ●
Professor P. Kewes ●
Professor S. Srinivas ● ●
Professor J. Tilley Sabbatical
MT24 - TT25
Professor C. Warman
Dr S. Aspden ●
Dr J. Magorrian
Dr J. Oliver Sabbatical
HT25		 ●
Dr A. Lumbers ● ● ● ● ● ● ●
Dr P. Esö Sabbatical
MT24 - TT25
Professor E. Anderson ●
Dr R. Grenyer
Professor G. Holländer ●
Dr A. Gajda ●
Dr S. Douglas ● ●
Professor P. Riley
Professor Y. Chen ●
Mr P. Goffin Retired
30/09/24
Status changed
to non-GB
(Emeritus
Fellow)
01/10/24
Professor R. Evans ●
Professor S. Morris ● ●
Dr M. John ● ●
Professor K. Vincent ●
Professor L. Enriques Left 31/01/25 ●

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JESUS COLLEGE

Governing Body, Officers, and Advisers Year ended 31 July 2025

Professor T. Coulson ●
Professor R. Pierrehumbert Status changed
to non-GB
01/10/24
Professor S. Dercon
Dr B. Williams Sabbatical
MT24 - TT25
Professor J. Rousseau Status changed
to non-GB
01/10/24
Left 31/03/25
Dr M. Jackson Special Leave
MT24
Sabbatical
HT25 &TT25
Professor S. Živný Left 01/09/24
Dr B. Wellner James ● ●
Dr S. Conway ● ●
Professor D. Van Hulle Sabbatical
HT25 & TT25
Status changed
to non-GB
01/10/25		 ●
Dr B. Verd ●
Professor D. Willis ●
Professor D. Altshuler ●
Dr F. Grabenhorst
Dr S. Flaxman Parental Leave
HT25
Dr J. Baccelli ●
Professor G. Wright ●
Professor B. Goldacre
Mrs F. Williams ● ● ●* ●
Dr R. Rocha ●
Dr M. Kerry ●
Ms C. Winter ● ● ● ● ● ● ●* ●* ●
Dr I. Hideg ●
Professor J. Naismith ●
Mr D. Mason ● ● ●
Dr Rachel Burns Appointed
01/09/2024
Dr Sergii Strelchuk Appointed
01/09/2024
Angela Unsworth MBE Appointed
14/10/2024		 ● ● ● ● ●
Mr Trevor Payne Appointed
23/01/2025
Dr Raphaël Millière Appointed
01/10/2025
Other Non-Governing Body
members		 1 3 3 0 0 3 6 3 6 3

*: Although not a member of the Committee, the Member normally attends its meetings

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JESUS COLLEGE Governing Body, Officers, and Advisers Year ended 31 July 2025

The Committees and their non-Governing Body members are as follows:

COLLEGE SENIOR STAFF

The senior staff of the College responsible for day-to-day management are as follows:

Prof Sir N. Shadbolt Principal
Prof M. Brouard Vice-Principal (from 1 October 2024)
Prof K. Kohl Vice-Principal (to 30 September 2024)
Dr A. Lumbers Academic Director
Mr D. Mason PropertyDirector
Squadron Leader A. Unsworth MBE Director of Accommodation, Catering and Conferences
(from 14 October 2024)
Dr B. Wellner James Development Director
Mrs F. Williams Human Resource Director
Ms C. Winter Estates Bursar

In accordance with the Statutes, Prof Sir Nigel Shadbolt will step down as Principal on the 31 July 2026 after 11 years in the role. On the 15 October 2025, the fellows elected Ms Lindsey Skoll CMG to assume the position of Principal from the 1 August 2026.

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JESUS COLLEGE

Governing Body, Officers, and Advisers Year ended 31 July 2025

COLLEGE ADVISERS

Investment managers

Cambridge Associates Limited 62 Buckingham Gate London SW1E 6AJ

Auditor

Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

Bankers

Barclays Commercial Bank 4th Floor Apex Plaza Forbury Road Reading, RG1 1AX

Solicitors

Knights Professional Services Midland House West Way Oxford, OX2 0PH

Valuers

Savills Deloitte LLP 33 Margaret Street 1 New Street Square London, W1G 0JD London, EC4A 3HQ

College address

Jesus College Turl Street Oxford, OX1 3DW

Website

www.jesus.ox.ac.uk

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

The Members of the Governing Body present their Annual Report for the year ended 31 July 2025 under the Charities Act 2011, together with the audited financial statements for the year then ended.

REFERENCE AND ADMINISTRATIVE INFORMATION

Jesus College, within the City and University of Oxford, of Queen Elizabeth's Foundation, was established by Letters Patent by Queen Elizabeth I in 1571. It is a registered charity (registration number 1137435).

The names of all Members of the Governing Body and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 5.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Body

The Governing Body consists of the Principal, the College’s Tutorial Fellows, some of its Professorial Fellows, and the full-time and part-time College Officers. At 31 July 2025, it comprised fifty-three members, thirty-seven male and sixteen female. Members of the Governing Body are the Charity’s trustees. Tutorial Fellows are employees of the College, recruited and appointed in conjunction with the relevant University department. A Tutorial Fellow’s responsibilities for the provision of undergraduate teaching are set out in the College’s Statutes. Professorial Fellows are University officers or distinguished academics who hold positions in the University. Prospective Professorial Fellows are elected by the Governing Body after it has considered a report of an appointment committee.

The College’s governing document, its Statutes, is enforceable ultimately by the Visitor, the Right Honourable the Earl of Pembroke. The Statutes are made from time to time by order of His Majesty in Council in accordance with the Royal Charter of 1571, and the Universities of Oxford and Cambridge Act 1923.

The Governing Body determines the ongoing strategic direction of the College, and regulates its administration and the management of its finances and assets. It meets regularly, chaired by the Principal, and is advised primarily by ten committees.

Recruitment and training of Members of the Governing Body

New members are appointed on the recommendation of a committee constituted specifically for that appointment. The committee ensures the necessary expertise is available to advise the Governing Body, and that it has due regard to equality and diversity requirements. The Governing Body receives a report from the committee and, if satisfied, proceeds to elect the individual to a Fellowship. New Governing Body members receive induction in their role as trustees. Membership of all Major Committees, with the exception of the Academic Committee, includes people external to the College.

Remuneration of Members of the Governing Body

Members of the Governing Body who are Tutorial Fellows receive a salary in part from the College, and in part from the University, for carrying out their teaching and research duties. Professorial Fellows are remunerated through their University departments and receive no remuneration from the College. College Officers, who are employees of the College, receive remuneration for their work as employees of the College, which is set in line with that awarded to the University’s academic staff. Details of Members’ remuneration are disclosed in Note 20 to these accounts.

Recognising the potential for conflicts of interest, the College has a Remuneration Committee, members of which are either not in receipt of remuneration from the College or are independent of the College. The Committee recommends the levels of salaries and other benefits provided to members of the Governing Body, having regard for the appropriate, and established University salary levels and other relevant data.

Organisational management

Members of the Governing Body normally meet ten times a year. The work of developing the College’s policies, and monitoring the implementation of these, is carried out by a number of committees, the composition, and functions of which are specified in the College’s Bylaws. These include:

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

In addition to these committees, specific working groups are formed to address requirements of particular projects or issues. For example, there is currently a Staff Liaison Committee, Environmental Sustainability Working Group, Interfaith Working Group, and a Health and Safety at Work Committee.

Group structure and relationships

The College administers many special trusts, as detailed in Notes 17 and 18 of the financial statements.

The College has two wholly owned non-charitable subsidiaries, Jesus Accommodation Limited (‘JAL’) and Jesus College Developments (Oxford) Limited (‘JCD’). JAL accounts for the College’s non-academic conference and events activities; JCD is the developer for the Northgate Project which substantially in 2022. The subsidiaries’ aims, objectives and results are disclosed in the relevant sections of this report. They donate their annual profits to the College under the Gift Aid Scheme.

The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship.

OBJECTIVES AND ACTIVITIES

Charitable objects and aims

Objectives

The College’s principal object is to further study, learning, education, and research, and to be a College within the University of Oxford wherein members of the College may carry out advanced study or research.

The College also has as a charitable object the provision of public worship. To this end, the College provides a chapel and employs a Chaplain & Interfaith Coordinator.

The aims of the College’s subsidiaries are to support the College in the achievement of its objectives.

Public benefit

The Governing Body confirms that it has complied with the duty in Section 17(5) of the Charities Act 2011, to have due regard to the guidance issued by the Charity Commission on public benefit. The College remains committed to its aim of providing public benefit in accordance with its founding principles. Accordingly, its activities focus on furthering its stated objects and aims, examples of which are described below.

The College provides public benefit by offering higher education to its undergraduates and postgraduates. Undergraduate places are offered purely on academic merit. Financial support is available to undergraduates to assist them with tuition fees and living costs whilst at the College. This is in addition to that available from the University through the Oxford Bursaries scheme, in which the College also participates. The College is aware of the difficulties faced by those aspiring to graduate studies in obtaining financial support, and has therefore increased its efforts to collaborate with the University to provide scholarships. The College continues to support students in their studies through grants to cover, inter alia, the purchase of books, travel, and research expenses. Due largely to natural fluctuations in demand, and fit against eligibility criteria, spending on these increased to a total of £1,232k (2023/24: £1,045k), comprising £196k (2023/24: £192k) in bursaries and hardship funding, and £1036k (2023/24: £853k) in scholarships, prizes, and grants.

A key element of the education of the College’s undergraduates is the tutorial system, which provides for undergraduates to meet with their tutor, physically or on-line, on a regular basis. The tutor is responsible for their students’ academic progress and pastoral care. The College also provides the College Library for students’ use, as well as computing, accommodation, catering and other facilities. The College provides support to its postgraduate student members by the provision of a Fellow as College Advisor, dedicated to supporting and monitoring their progress, as well as dealing with any pastoral issues. As noted above, the College also advances the education of its graduate students by providing research grants to meet costs involved in undertaking research and presenting papers at conferences. This year these totalled £126k (2023/24: £126k).

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

College members undertake research that the College supports in several ways. Junior Research Fellows and Career Development Fellows are fixed-term appointments intended to enable early-career scholars to develop their research. The College supports the research of its Fellows by offering research grants and, where appropriate, sabbatical leave and other research leave.

The College also provides public benefit by permitting access to its library collections. Unique material in its Celtic and Fellows’ Libraries is accessible to any researcher on application. The College’s 140 medieval manuscripts are on deposit at the Bodleian Library, where interested researchers can consult them. The College’s archives are also made available to all enquirers. The College employs an Archivist to assist with such requests for information, including arranging for researchers to visit the archives where appropriate. Finally, the College has a policy of lending its material to Museums on request from exhibition curators.

Access and Outreach

The College is committed to supporting and growing its Access and Outreach programmes. Jesus was one of the first Oxford colleges to build a structured access programme led by an academic. Last year the Access Fellow and Access Officer engaged with just over 20,000 state-educated school learners across 286 events. In addition to which, the College welcomed record numbers of 7,000 visitors to its open days. There were four free-to-attend access Summer Schools, catering to 300 young people. The College has also enhanced its programmes to help British Bangladeshi and Pakistani students, as well as women in sciences. The College Access YouTube channel provides freely accessible admissions content, and has attracted 4.2m views and 30,000 subscribers. In this past year, the College has added access-specific Instagram and TikTok accounts, as well as producing a new podcast series.

The College’s access strategy focusses on widening participation and widening access. For the former, the College works with children in key stages 2 to 4, aiming to help raise their attainment and aspirations. Most of this work is done in partnership with providers such as The Brilliant Club; The Elephant Group; Lambeth Made; IntoUniversity; React Engineering; and Seren. The College’s widening access work focuses on key stages 4 and 5, with aims to diversify Oxford’s and Jesus College’s applicant pools.

Creating cultural change within Jesus College, and among underrepresented communities, means a sustained shift in perceptions and behaviour. Access provision within the College is becoming one of the day-to-day activities of its membership. In particular, it has been working on “in-reach,” a programme to provide paid work experiences to Jesus College students. They are supported with labour market experiences and, in doing so, support the College’s outreach activities. Fifty Jesus students participated in such work this year. This included three individuals taking up paid summer internships.

The College is investing in access programmes in collaboration with well-established third parties. Its £15,000 investment in the Newport Parent Power chapter of The Brilliant Club started this year, and brought 117 families together from the poorest parts of Newport to give them accurate information on higher education. This investment will continue for the next two years. Added to which, an investment of £5,000 into Thinking Black will continue into 2026, so as to tackle underrepresentation of Black British students at Oxford. Related to which is the College’s commitment of up to £12,000 of co-funding for postgraduate Aziz Foundation scholarships.

The impact of the College’s work on widening participation and widening access is difficult to measure. However, evaluation of its programmes is crucial to ensure impact and value for money. Where the College collaborates with partners, they lead on evaluation. For its own events, the College sets out theories of change and takes evidence of shifts in attitudes and behaviour that can likely be attributed to its access interventions. The flagship Jesus College Seren Summer School, for instance, is affecting both the number of applications to Oxford, and the likelihood of applicants obtaining an offer. The average offer rate for an attendee was 25% in the past three years as compared to the 16% rate experienced on average by Welsh applicants to Oxford.

ACHIEVEMENTS AND PERFORMANCE

Activities and achievements during 2024-25

The College’s academic staff continue to receive many prestigious honours, awards, grants, and prizes in recognition of their achievements. Professor Sir Nigel Shadbolt was appointed to the Council for Science and Technology, which advises the Prime Minister and the Cabinet on strategic science and technology policy issues that cut across the responsibilities of individual government departments. Professor Ray Pierrehumbert was awarded the Cassini Medal of the European Geosciences Union. Professor Roxana Radu was named as a laureate of the Henrik Enderlein Prize for Social Sciences, awarded to European researchers under forty who

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Report of the Governing Body Year ended 31 July 2025

JESUS COLLEGE

have made an outstanding contribution to their field, and to public policy. Roxana received the honourable mention for her work on internet governance in June in Berlin. The prize is awarded jointly by the French Ministry for Europe and Foreign Affairs, the German Federal Foreign Office, the Hertie School of Governance in Berlin and Sciences Po in Paris. Professor Iram Siraj was admitted as a Fellow of the Learned Society of Wales. Professor Kathy Sylva was elected a fellow of the Academy of Europe (Academiae Europaeae). Dr Jehan Karim was nominated for the "Young Investigator of the Year 2024" award by the International Society of Ultrasound in Obstetrics and Gynaecology. Professor Yvonne Jones was awarded the Mabel Fitzgerald Prize lecture by the Department of Physiology, Anatomy and Genetics. Professor Stefan Dercon was elected as a Fellow of the British Academy. Professor Katrin Kohl was presented with a German-British Friendship Award in recognition of her contribution to strengthening bonds of friendship between Germany and the UK. A collaboration led by Professor Kylie Vincent was awarded a Royal Society of Chemistry Horizon Prize for developing a cheaper and more sustainable method to manufacture important amine compounds. Professor Philip Burrows received a University award for outstanding research supervision.

Many of our academics secured prestigious research grants. Professor Yvonne Jones was awarded a Wellcome Trust Discovery Award for "Mechanisms of symmetry breaking at molecular and cellular scales in planar polarity. Professor Phil Burrows received a grant from the Science and Technology Facilities Council for the John Adams Institute for Accelerator Science. Professor Verta Verd was awarded an ERC Starting Grant to explore how developmental processes have evolved to generate diversity in the number of vertebrae. Dr Justin Wormald was awarded a National Institute for Health and Care Research (NIHR) grant for a clinical trial in hand trauma surgery while Professor John Powell was also awarded a NIHR grant for research on virtual hospice care. Dr Ruby Dawes secured a Investigator Grant funded by the National Health and Medical Research Council in Australia. Dr Kevin Olsen received a grant from the UK Space Agency's Centre for Earth Instrumentation and Observation to raise the technological readiness level of an instrument Kevin is proposing for the next ESA missions to Mars. Dr Andrew Dunning was awarded three grants (National Heritage Memorial Fund; Art Fund Acquisition Grant; Friends of the National Libraries).

The following academics published works: Professor Sue Doran, From Tudor to Stuart: The Regime Change from Elizabeth I to James I, (OUP, 2024). Professor Armand D’Angour, How to Talk about Love , (Princeton University Press). Professor John Caldwell, Early Tudor Organ Music , a substantial edition in two volumes. Professor Colin Clarke, Racist Regimes, Forced Labour and Death: British Slavery in the Caribbean and the Holocaust in Germany and Occupied Europe , (Palgrave Macmillan, 2024). Professor David D’Avray, The Medieval Church as an Economic Firm , (Public Choice 201 2024).

The College’s academic staff have been involved in some exciting projects and media events. Professor Alexandra Gajda featured in an episode of the BBC Two series Lucy Worsley Investigates centred on the Gunpowder Plot, discussing the conspirator Robert Catesby's role in Essex's Rebellion. Professor Tim Coulson was the guest on Radio 4’s The Life Scientific, and also launched his own podcast series, Science of the Times . Meanwhile, the College’s Access Team led by Access Fellow Dr Matt Williams launched a podcast series to engage, encourage and support young people to consider applying to top universities like Oxford by sharing information and advice on a range of topics, from admissions tests to choosing a subject. It also aims to recreate the Oxford tutorial experience for listeners, and debunk common misconceptions about life and learning at Oxford. Professor Armand D’Angour also launched a podcast, It’s All Greek (and Latin) to Me on Spotify. Professor Alexandra Wilson featured on Radio 3 discussing Puccini’s Turandot .

Through the Cheng Kar Shun Digital Hub events programme, the College also hosted a number of events with distinguished guests: Jessica Riskin, Frances and Charles Field Professor of History & Director of Graduate Teaching, Stanford University, delivered the Institute for Ethics in AI Annual Lecture on “The Onion Axiom: A History of the Outside-In Approach to Artificial (and Natural) Intelligence”. Dr Oiwi Parker Jones delivered the Digital Hub Annual Lecture on “Promises and Challenges of Brain Computer Interfaces”. Professor Sir Nigel Shadbolt hosted 'As If Human: Ethics and Artificial Intelligence' in conversation with Professor Charles Godfray from the James Martin Institute. The Digital Hub programme continued to host a variety of digital-related activities and events such as: Hacking the Body: How virtual reality is revolutionising our understanding of human vision and shape; Hacking History: Digital Scholarship Hackathon; Are we recording? Podcasting Digital Hub Bootcamp; The Future of AI in Entrepreneurship - Oxford Innovation Ecosystem 2024 Mixer; Relax in Virtual

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

Reality: Wellbeing and new Technology; Wales and the Metaverse - St David’s Day @ Digital Hub; Digital Dimensions of Nature Recovery; and Singularity Sounds: AI and the Internet in Musical Performance.

College students received recognition in a number of fields. 52 students, or 43%, were awarded a First Class degree for 2024/25, and 15 were awarded prizes for top performance in University examinations and assessments. The College also celebrated the success of 20 postgraduate students who achieved Distinctions in their examinations.

FUNDRAISING

The Development Team leads the College’s fundraising, alumni, and donor engagement activities. The team includes two major gift fundraisers who work through a portfolio of around 100 donors, each which is updated month-by-month. The fundraising team meets with individuals each year to solicit donations in the UK and overseas, and are supported by an additional mid-range fundraiser, who solicits lower-level giving regionally in the UK and US. The fundraisers supplement their work by online solicitation for fundraising campaigns, including two appeals for the Annual Fund each year, and an annual Telethon. For the Telethon, the College has a contract with an external company, Buffalo Consultants, to help deliver this project. The Annual Fund typically raises around £350k per annum.

The College is registered with the Fundraising Regulator, and supports the standards for fundraising set out in the Code of Fundraising Practice. 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 Development Team employs its database to avoid sending excessive fundraising requests or duplicated appeals. It makes sure all potential donors are given notice of the annual Telethon and online appeals, and can ‘opt-out’ of all forms of solicitation and fundraising communications. Finally, the Development Team tailors its mailings to potential donors to the best of its knowledge, based on the donor’s personal preferences. The Team has a practice not to solicit alumni/donors who have given to the College within a sixmonth period. The Development Team is also responsible for all alumni non-fundraising communications as well as social networks, and delivers between 50-60 alumni and donor events per year in Oxford, Wales and London.

In the year ended 31 July 2025, the team was successful in raising over £1.4m in restricted, unrestricted and endowment donations, primarily for student support and academic objectives. New bursaries and graduate studentships were created, as well as an appeal specifically for College Chapel refurbishment. Legacies counted for around £180k of income received from gifts in the past year. Fundraising remains a central form of support for the College’s activities, and provides vital support towards priority projects

FINANCIAL REVIEW

The Statement of Financial Activities shows a net surplus of £15.3m (2023/24: net surplus £20.7m). This figure includes legacies and donations for restricted and endowed funds of £1.4m (2023/24: £2.8m) and a net gain on investments of £19.7m (2023/24: net gain £20.6m). Further details of both are provided below.

Income

Charitable and trading income

Charitable income, £9.2m (2023/24: £8.6m), comprises tuition fees from UK, EU and overseas students, support from Office for the Student, other academic income, and related residential income. The increase this year was largely attributable to increased fee income. The College also had continued increase in residential income. Trading income, £0.4m (2022/23: £0.4m), reflects the income generated by the Jesus College Accommodation trading subsidiary in delivering non-academic conference and functions. The College’s wider conference activities, for academic purposes, generates income that is reported under charitable income.

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

Donations and legacies

Donation and legacy income, £1.4m (2023/24: £2.8m), included £0.2m of legacies (2023/24: £0.7m). The College remains ever grateful to its donors for their ongoing support. These funds are a vital support to a number of its ongoing initiatives across access, learning, innovation and the arts.

Investments

The College invests in a variety of asset classes, including listed equity funds, commercial and agricultural property, government and commercial bonds, and private equity. The Estates Committee oversees the management of the College’s investments. The College delegates the management of its equity portfolio to an external manager, Cambridge Associates; the commercial and agricultural property is managed in-house with support from appropriate external advisors.

Investment income was £3.0m (2023/24: £2.9m). While cash income is important, the College operates a Total Return Policy that takes account of market gains and losses. The investment performance on this basis was as follows:

----- Start of picture text -----
Value at Net Change in Value at Income in
additions/ value (incl. gain Total return
1 Aug 2024 31 Jul 2025 year
(disposals) on disposal)
A B C D E 2024/25 2023/24
£000s £000s £000s £000s £000s % %
Agricultural 59,616 (19,274) 8,422 48,764 593 18.0% (0.9%)
holdings
Commercial & 32,225 2,150 (2,437) 31,938 1,967 (1.4%) 11.0%
residential
Equities, bonds & 181,730 (6,016) 13,723 189,437 428 7.9% 12.6%
cash
273,571 (23,140) 19,708 270,139 2,988 8.7% 9.2%
----- End of picture text -----

Total return = (C+E) / (A+B/2). The results are approximate and do not take account of direct fees and other related costs. Commercial property additions comprise the transfer from assets under construction at the year-end.

Consistent with the Total Return Policy, the investment mandate does not distinguish between income and capital gains. The target return for our securities portfolio is a minimum of 3.5% plus CPI after fees, which in turn allows the College to draw 3.1% of the value of relevant investments to support its annual expenditure while protecting the real value of the underlying portfolio. To avoid undue fluctuations, the College calculates the total return draw of 3.1% by reference to the average investment values for the past five years, indexed for inflation. The Estates Committee keeps the level of draw under close review to ensure that the interests, and needs, of both current and future College members are balanced.

During the year, the College completed a sale of agricultural land for development. The £20m proceeds will be received over four years. The year end balance sheet includes a debtor of £17.5m, which reflects the net present value of outstanding cashflows.

Commercial property comprises retail outlets in central Oxford. The College has now secured tenants for all of the retail space in the Cheng Yu Tung Building, and for the recently renovated 24 Cornmarket. The intended terms for the final two tenants were known at the time of the valuation, although the leases completed after the year end.

The College’s securities portfolio returned 7.9% overall. This return exceeded our target of CPI plus 3.5%. The College drew £6m from its securities portfolio in the year (2023/24: £5m). This was still less than the budgeted total return ‘spend to income’ figure because of cash inflows from property rents and donations. It was higher than last year due to the cash requirement of the building renovation in 24 Cornmarket.

The College is conscious of the importance of good governance, and adherence to appropriate ethical and sustainability objectives when making investments. The College’s Ethical Investment Policy is summarised below.

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

Ethical Investment Policy

The College’s investment portfolio is intended to sustain and support the mission of the College in perpetuity. To do so it needs to generate an investment return sufficient to support an agreed level of spending while also maintaining or growing the real (i.e. net of inflation) value of the portfolio over the long term. The College directly manages a number of property holdings – including retail, agricultural and some residential properties. In addition, it has a securities portfolio that is managed on a discretionary basis by Cambridge Associates.

The securities portfolio is managed on a fund-of-funds basis, within an agreed allocation across different types of assets (e.g. public equity, private equity, debt etc).

The College expects all companies in which it invests, whether directly or via these investment funds, to abide by the relevant law of the place where it has its headquarters, and the law of the places where it carries out its operations. Where a portfolio company, to the College’s knowledge, takes action which, whether lawful or not, creates a significant risk of severe reputational loss to the College, the College will not seek to maintain its investment if, after appropriate engagement, there is no reasonable prospect of a change in the company’s behaviour.

The College recognises the importance and relevance of environmental, social, and corporate governance (‘ESG’) factors in the selection and management of investments within its portfolio. It believes that good governance, as so defined, supports the College’s overriding concern for the good economic and financial performance of its portfolio over the longer term. Responsible approaches to environmental and social impact are critical for future generations. As a historic educational institution, the College believes that we all share in a responsibility to create a sustainable future.

As the College invests in funds, rather than making direct investments, it expects its fund managers to have an ESG policy in place, and to integrate ESG factors into their investment process. Fund Managers are also expected to be signatories of the UN Principles of Responsible Investment (UN-PRI) and, if UK-based, to comply with the UK Stewardship Code. Where choices exist, the College believes that it is more constructive and effective for its fund managers to engage with investee companies thoughtfully and consistently as part of their investment decisions rather than opting automatically for divestment. The College reviews compliance against these expectations annually and alternative assurance is sought if any of these pre-requisites are not met. If assurance cannot be provided, the College will again favour engagement but may consider divestment where managers positions are intransient.

As part of its annual review process, the College monitors a range of other potential indicators of effective ESG practices, including revenues from controversial weapons, civilian firearms and tobacco. The College’s expectation is that revenues from these sources will be as close to zero as is practically possible. When a choice can be made between funds with equivalent risk/reward profiles but where one has stronger ESG credentials, the latter will be preferred.

The College is committed to holding a net zero aligned portfolio by 2030. Net zero alignment means the following;

The College’s investments in companies involved in the extraction of fossil fuels for energy application will be as close to zero by the 31 July 2027 as is practically possible. This is subject to there being no significant impact upon financial risks and returns used to support academic activities. From this point onwards, the College will continue to monitor investments, with the expectation that these will remain as close to zero as is practically possible for the overall portfolio in perpetuity.

The College recognises the role of institutional investors in broader conversations around the financing of a more equitable and sustainable future but is mindful of the resources required to participate fully in these debates. Either through its investment managers, or directly where capacity allows, the College will take opportunities to engage with fund managers and other investors to encourage the low-carbon transition of economic sectors in line with science, and under consideration of associated social impacts.

Further details on investments are included in Notes 4, 10 and 11 to the financial statements.

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

Expenditure

Total expenditure, £18.4m, compares to £14.6m in 2023/24. Comparison between the years is distorted primarily by movements in the pension provision: In the prior year their was a credit related to the pension provision of £2.7m but this year no such adjustment was needed – our pension liabilities sit at nil. If we adjust for this pension credit then our unrestricted expenditure is effectively up around 1% (£0.3m) on the prior year and our restricted expenditure up 55% (£0.8m). This movement on restricted expenditure reflects increases in funded scholarship, fellowships and infrastructure works.

Staff costs, excluding movements on the pension deficit provision, were £7.6m (2023/24: £7.0m). The increase in staff costs reflects the impact of a major pay and conditions review which concluded in Michaelmas Term 2024 as well as inflationary increase applied to salaries and salary scale increments. The College pays all staff at a rate that is at least equivalent to the Oxford Living Wage.

Non-staff costs were £10.8m (2023/24: £10.3m). Fixed Asset additions for the year were £2.4m (2023/24: £1.6m). The major works related to the completion of the renovations at 24 Cornmarket.

Cheng Yu Tung Building, Digital Hub and eSports

The Cheng Yu Tung Building opened fully in September 2022. This doubled available teaching and research space in College, added 68 student rooms and facilities for postgraduates and four for Fellows, established a digital hub and College Cafe, and improved the accessibility of the College, both physically and virtually, while retaining its existing commercial footage on Cornmarket and Market Street. Demand for events in the Digital Hub continues to be strong, and the eSports suite has been fully operational: hosting the University eSports & Gaming Society as well as providing a resource for the Jesus College community. This year we were pleased to open a new Gym within the building – available to students, staff and fellows of the College.

Sustainability

The College recognises the urgent need to address the climate crisis, and is committed to reducing its impact on the environment. The 2023-27 Strategic Plan includes a clear commitment to achieve net zero for the College by 2035. There are solar panels at Stevens Close, the Ship Street Centre, College’s squash courts, and in the new Cheng Yu Tung Building. The Cheng Yu Tung Building is heated by ground-source heat pumps, and the College hosts a solar farm at its estate in Glamorgan. The College’s Environmental Sustainability Working Group (ESWG) has agreed an action plan to progress towards the College’s sustainability goals. Its Strategy includes a commitment to divest from fossil fuels within our investment portfolio by 2027, and strong progress has been made in this area: the percentage of the portfolio invested in this sector reducing from 5.4% in 2022 to 1.3% in August 2025.

Reserves 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 uninterrupted services.

For working capital purposes, the College has a £5m overdraft facility and a £5m unsecured three-year revolving credit facility; neither of which were drawn on during the year. It also has term facilities in the form of a £2.2m unsecured, ten-year term, fixed rate loan; a £7.9m fixed rate loan that amortises to 2028; and a long-term fixed rate £25m private placement. Most of these facilities have taken advantage of historically low interest rates. They are in addition to the significant liquidity available to the College through its substantial securities investments.

In reviewing compliance with the reserve policy, the Estates Committee defines short-term financial needs by reference to a multiple of the College’s underlying operating expenditure, after allowing for its assessment of reasonable sensitivities. These include: the risk of significant changes in the value of the College’s investment and property portfolio; the need to commit to specific projects, both capital and non-capital, which further the College’s charitable objectives; and the potential restrictions imposed on the College’s spending by either the terms of its Total Return policy or its bank and other loan covenants.

The College’s total funds at the year-end amounted to £298m (2023/24: £283m). Within this, ‘free reserves’ were £32.2m (2023/24: £17.3m). The increase in free reserves largely reflects a transfer from the designated fund related to the Lincoln development land into free reserves to recognise the realisation of this sale. Free reserves are calculated as unrestricted funds excluding the pension provision, which this year was £nil (2023/24:

13

Report of the Governing Body Year ended 31 July 2025

JESUS COLLEGE

£nil) and also excluding a number of designated funds. The College’s fixed asset designated fund reflects the net book value of its fixed assets less the carrying value of the private placement debt it took on to complete the Cheng Yu Tung Building. The Development Asset Fund reflects the value of its land in Lincoln, including the hope value associated with future developments. As more of this is realised, 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 designated fund. The Strategic Projects & Posts Fund is monies that the Governing Body has set aside to support the ambitions of Jesus’ strategic plan. Each year the College fundraises for its Annual Fund; this has some restricted elements (e.g. for access) but also has an unrestricted ‘greatest need’ pool. A portion of this ‘greatest need’ fund is kept to support short term initiatives, with the rest being transferred to general funds to support operating budgets.

As an endowed institution, as well as its free reserves, the College also has the capacity to draw upon the ‘unapplied total return’ sitting within its endowment valuation. On its permanent endowment, the College ended the year with unapplied total return of £88m (2023/24: £81m). The Trustees are mindful that £53m (2023/24: £48m) of this would be needed to counter the cumulative impact of inflation, but equally cognisant of the fact that the period of high inflation that has been recently experienced – which has boosted this figure in recent years – is now receding. The principle behind the unapplied total return approach is that the College could draw on this under the terms of its total return policy, albeit in doing so, it would have to have regard for the terms of the individual underlying funds as well as the balance between future and present needs of the College.

The Estates Committee keeps the level of financial 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 view of this level of reserves and the considerable liquidity available to the College from its investments and the bank facilities in place, the Committee has concluded that the level of reserves is appropriate.

Risk management

The College has on-going governance processes that operate throughout the financial year for identifying, evaluating, and managing the principal risks and uncertainties faced by the College and its subsidiaries in undertaking their activities. The Governing Body has a risk management policy, and in accordance with this, the relevant College committees, chaired by the Principal or Vice-Principal, review risks and mitigating procedures. Financial and investment risks are assessed by the Estates Committee; the Director of Accommodation, Catering and Conferences, and department heads meet regularly to review health and safety issues; and academic matters are addressed by the Academic Committee.

The Governing Body has ultimate responsibility for managing any risks faced by the College. The Risk and Audit Committee supports this by monitoring the major risks to which the College is exposed. A risk register exists, and responsibility for the management of the key risks resides with the College Officers and their relevant committees, with the Risk and Audit Committee receiving periodic reports on the effectiveness of this. The Governing Body recognises, however, that systems can provide only reasonable and not absolute assurance over the management of major risks.

The principal risks and uncertainties faced by the College, and its subsidiaries, are as follows:

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

FUTURE PLANS

The College is working towards the goals set out in its Strategic Plan 2023-27. This sets out the College’s vision as a forward-thinking community where Fellows flourish in their research endeavours, students fulfil their academic 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:

15

JESUS COLLEGE

Report of the Governing Body Year ended 31 July 2025

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governing Body (“the Trustees”) is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations.

Charity law requires the Governing Body to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Ireland (FRS 102).

Under charity law, the Governing Body must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the College, and of its net incoming or outgoing resources for that period. In preparing these financial statements, the Governing Body is required to:

The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College’s transactions, and disclose with reasonable accuracy at any time the financial position of the College, and enable it to ensure that the financial statements comply with the Charities Act 2011. The Governing Body is also responsible for safeguarding the assets of the College and ensuring their proper application under charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Governing Body on 3 December 2025 and signed on its behalf by:

Prof Sir N. Shadbolt Principal

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

Independent Auditor’s Report to the Trustees of Jesus College

Opinion

We have audited the financial statements of Jesus College (the ‘Charity’) and its subsidiaries (the ‘Group’) for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated and College Balance Sheet, Consolidated Cash Flow Statement, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity or the Group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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 to 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 accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to 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 effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set 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.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including 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 (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures 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 but 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 audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2024

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to the risk of management override included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor

55 Ludgate Hill London EC4M 7JW

Date: 4 December 2025

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

1. Scope of the financial statements

The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows comprising the consolidation of the College and its wholly owned subsidiaries, Jesus Accommodation Limited and Jesus College Developments (Oxford) Limited. A separate SOFA has not been presented for the College as permitted by Charity Commission.

A summary of the results and financial position of the College and its subsidiaries is disclosed in Note 12.

2. Basis of accounting

The College’s individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102).

The College is a public benefit entity for the purposes of FRS 102 and a registered charity. Therefore, the College has also prepared its individual and consolidated financial statements in accordance with ‘The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (The Charities SORP, FRS 102).

The financial statements have been prepared on the going concern and historical cost bases, except for the measurement of investment properties and other investments, with movements in value reported within the Statement of Financial Activities (SOFA). The Trustees, having regard for the high proportion of the College’s assets that are in liquid or near liquid funds and the bank facilities available, are satisfied that it has adequate resources to continue in operational existence for the foreseeable future. In making their assessment, the Trustees have considered the ability of the College to continue operating as a College of the University of Oxford and meet its resulting obligations. Accordingly, they continue to believe that the going concern basis of accounting is appropriate in preparing the annual financial statements.

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

3. Accounting judgements and estimation of uncertainty

In preparing financial statements, it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates have the most significant effect on amounts recognised in the financial statements.

With respect to the next financial year, the most significant areas of uncertainty that are expected to affect the carrying value of assets and liabilities held by the College are:

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

4. Consolidation

The subsidiaries have been consolidated from the date of their formation, being the date from which the College exercised control through voting rights. Intra-group sales and charges between the College and its subsidiaries are excluded from consolidated trading income and expenditure. Balances between the College and its subsidiaries are eliminated on consolidation.

5. Income recognition

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

• Income from fees, OFS support and other charges for services

Fees receivable, less any scholarships, bursaries or other allowances granted from the College’s unrestricted funds, OFS support, and charges for services and use of the premises are recognised in the period in which the related service is provided.

• Income from donations and legacies

Donations that do not impose specific future performance-related or other specific conditions are recognised on the date on which the College has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations subject to performancerelated conditions are recognised as and when those conditions are met. Donations subject to other specific conditions are recognised as those conditions are met or their fulfilment is within the control of the College and it is probable that the specified conditions will be met.

Legacies are recognised once notification of payment has been received from the executor(s) of the estate or estate accounts are available that indicate sufficient funds are in the estate after meeting liabilities for the bequest to be paid.

Voluntary income received for the general purpose of the College is credited directly to a designated fund and is subject to review 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 fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received otherwise than in cash, they are valued at the market value of the underlying assets received at the date of receipt.

6. Investment income

Interest on bank balances and fixed interest securities is accounted for on an accruals basis in the period to which the interest relates.

Dividend income and similar distributions 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 investment accounting

As authorised by the College’s Statutes, the College has adopted a ‘Total Return’ basis for the investment of its endowment. The carrying value of the preserved permanent capital, the trust for investment, and the amount of any unapplied total return available for expenditure were taken as the fair value of these funds as at 1 August 2009 together with the original gift value of all subsequent endowment additions received. In choosing this date, the Governing Body sought to achieve an appropriate balance between the availability of relevant, historical information on changes in the College’s permanent endowment funds, bearing in mind changes in classifications which have taken place over the years, and the need for accurate analysis.

It invests these funds without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return that can either be retained for investment or released to income at the discretion of the Governing Body.

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

8. Expenditure

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

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

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

9. Tangible fixed assets

Land is stated at cost or deemed cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

Expenditure on the acquisition, construction or enhancement of land and buildings together with plant and machinery, and fixtures, fittings and equipment, which is directly attributable to bringing the asset to its working condition for its intended use, is reviewed on a case by case basis, in conjunction with independent advisers where appropriate, to determine whether it is appropriate to be capitalised and, if so, to ascertain the correct period over which to depreciate the asset.

Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the SOFA as incurred.

10. Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows:

Freehold properties, including major extensions 15 - 50 years Leasehold properties, including land 25 - 50 years or period of lease if lower Building improvements 10 - 25 years Equipment 5 - 15 years Plant and machinery 10 - 20 years

Freehold land and assets during construction are not depreciated. The cost of maintenance, including noncapital repairs and refurbishment, is charged in the Statement of Financial Activities in the period in which it is incurred. Works of art and other valuable artefacts regarded as inalienable are not included in the financial statements.

11. Investments

Investment properties are recognised initially at their cost of acquisition and measured subsequently, after taking advice from independent valuers, at their fair value at each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts.

Listed investments are recognised initially at their cost and measured subsequently at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs. Fair value for investments, such as hedge funds and private equity funds which have no readily identifiable market value, is based on the most recent valuations available from their respective fund managers.

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

12. Financial instruments

Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less. Current asset investments comprise endowment funds awaiting investment.

Financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 25 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to fixed asset

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JESUS COLLEGE Report of the Governing Body Year ended 31 July 2025

investments and debtor balances excluding prepayments, and financial liabilities referring to creditor balances excluding deferred income and tax and social security.

13. Leases

Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finance leases. The cost of the assets held under finance leases is included within fixed assets and depreciation is charged over the shorter of the lease term and the assets’ useful lives. The corresponding capital obligations under these leases are shown as liabilities and recognised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA to achieve a constant rate of interest on the remaining balance of the liability.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a straight-line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight-line basis.

14. Fund accounting

The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or the terms of an appeal. Endowment funds are further subdivided into permanent and expendable.

Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds.

Restricted funds comprise gifts, legacies, and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required 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 permanent benefit of the College. Any part of the total return from the capital that is allocated to income will be accounted for as unrestricted funds unless the donor has placed restrictions on the use of that income, in which case it will be accounted for as a restricted fund.

Expendable endowment funds are like permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long-term benefit of the College. However, the Governing Body may at their discretion determine to spend all or part of the capital.

15. Pension costs

The costs of retirement benefits provided to employees of the College through multi-employer defined benefit pension schemes are accounted for as if these were defined contribution schemes as information is not available to use defined benefit accounting in accordance with 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 are payable.

In addition, the College recognises a liability at the balance sheet date for the discounted value of the expected future contributions under the agreements with these multi-employer schemes to fund the past service deficits.

16. Foreign currencies

The functional and presentation currency of the College and its subsidiaries is the pound sterling. Transactions denominated in foreign currencies are translated at the spot rates of exchange at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates applying at the reporting date. Foreign exchange gains and losses from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.

23

Jesus College Consolidated Statement of Financial Activities For the year ended 31 July 2025

Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
1
Teaching, research and residential
Public worship
Other trading income
3
Donations and legacies
2
Investments
Investment income
4
Total return allocated to income
13
Total income
EXPENDITURE ON:
Charitable activities:
5
Teaching, research and residential:
College
Pension provision charge
8
Public worship
Generating funds:
5
Fundraising
Pension provision charge
8
Trading expenditure
Investment management costs
Total expenditure
5
Net (deficit)/income before investment gains
Net gains/(losses) on investments:
10, 11
Property and other investments
Net income/(deficit)
Transfers between funds
17
Net movement in funds for the year
Fund balances brought forward
17
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
9,210
-
363
511
408
4,893		 Restricted
Funds
£'000
-
-
-
484
-
1,441		 Endowed
Funds
£'000
-
-
-
384
2,580
(6,334)
(3,370)
-
-
-
-
-
-
598
598
(3,968)
9,783
9,783
5,815
2,656
8,471
200,199
208,670		 2024/25
Total
£'000
9,210
-
363
1,379
2,988
-
13,940
15,135
-
58
754
-
305
2,109
18,361
(4,421)
19,708
19,708
15,287
-
15,287
282,747
298,034		 2023/24
Total
£'000
8,612
1
395
2,831
2,901
-
15,385
12,823
-
58
754
-
305
1,511		 1,925
2,312
-
-
-
-
-
-		 14,740
13,944
(2,342)
89
715
(319)
330
2,228
15,451 2,312 14,645
(66) (387) 96
9,925 - 20,627
9,925 - 20,627
9,859 (387) 20,722
(70) (2,586) -
9,789
71,442		 (2,973)
11,106		 20,722
262,025
81,231 8,133 282,747

Comparatives for the movements on funds are provided in Note 31a

24

Jesus College Consolidated and College Balance Sheets As at 31 July 2025

Notes
FIXED ASSETS
Tangible assets
9
Property investments
10
Other investments
11
Total fixed assets
CURRENT ASSETS
Stocks
Debtors: Amounts falling due after more than one year
14
Debtors: Amounts falling due within one year
14
Investments
24
Cash at bank and in hand
24
Total current assets
LIABILITIES
Creditors: Amounts falling due within one year
15
NET CURRENT ASSETS (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: falling due after more than one year
16
Defined benefit pension scheme liability
21
NET ASSETS
FUNDS OF THE COLLEGE
Endowment funds
17
Restricted funds
17
Unrestricted funds
Designated funds
17
General funds
17
Pension reserve
21
NET ASSETS BEFORE PENSION LIABILITY		 2024/25
Group
£'000
45,037
80,700
189,438		 2023/24
Group
£'000
46,004
91,840
181,730		 2024/25
College
£'000
45,037
80,700
189,438		 2023/24
College
£'000
46,004
91,840
181,730
315,175 319,574 315,175 319,574
222
13,212
6,220
35
592		 200
1,628
-
34
1,398		 222
13,212
6,532
35
545		 200
1,696
-
34
1,379
20,281
4,087		 3,260
5,032		 20,546
4,342		 3,309
5,073
16,194
331,369
33,335		 (1,772)
317,802
35,055		 16,204
331,379
33,335		 (1,764)
317,810
35,055
298,034
-		 282,747
-		 298,044
-		 282,755
-
298,034 282,747 298,044 282,755
208,670
8,133
49,001
32,230
-		 200,199
11,106
54,167
17,275
-		 208,670
8,133
49,001
32,240
-		 200,199
11,106
54,167
17,283
-
298,034 282,747 298,044 282,755

The financial statements were approved and authorised for issue by the Governing Body of Jesus College on 3th December 2025

Prof Sir N. Shadbolt Principal

Ms C. Winter

Estates Bursar

25

Jesus College Consolidated Statement of Cash Flows For the year ended 31 July 2025

Notes
Net cash (used in) / generated from operating activities
23
Cash flows from investing activities
Dividends, interest and rents from investments
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net withdrawals from current asset investments
Net cash provided by investing activities
Cash flows from financing activities
Repayments of borrowing
Finance costs paid
Receipt of endowment donations
Net cash (used in) / provided by financing activities
24
Repayment of borrowings
Change in unamortised debt issue costs
Net withdrawals from current asset investments
Change in cash and cash equivalents
Net debt at the end of the reporting year
Change in cash and cash equivalents in the reporting year
Cash and cash equivalents at the beginning of the reporting year
Cash and cash equivalents at the end of the reporting year
Movement on net debt
Net debt at the beginning of the reporting year		 2024/25
£'000
(23,894)		 2023/24
£'000
(3,232)
2,988
-
(2,378)
29,196
(4,233)
(1)		 2,901
-
(1,566)
9,489
(4,655)
(2)
25,572 6,167
(1,642)
(1,227)
384		 (1,565)
(1,425)
145
(2,485) (2,845)
(807)
1,398		 90
1,308
592 1,398
2024/25
£'000
(35,265)
1,642
(4)
1
(807)		 2023/24
£'000
(36,918)
1,565
(4)
2
90
(34,433) (35,265)

Net debt comprises: gross borrowings, see Note 16, plus the current element of the bank loan, see Note 15, less cash and cash equivalents and current asset investments, see Note 24.

26

Jesus College

Notes to the Financial Statements For the year ended 31 July 2025

1
INCOME FROM CHARITABLE ACTIVITIES
Teaching, research and residential
Unrestricted funds
Tuition fees - UK and EU students
Tuition fees - Overseas students
Other support - Office for Students
Other academic income
College residential income
Total teaching, research and residential
Total public worship
Total income from charitable activities		 2024/25
£'000
1,621
1,981
216
287
5,105
9,210
-
9,210		 2023/24
£'000
1,580
1,639
219
217
4,957
8,612
1
8,613

The above includes £3,818k (2023/24: £3,438k) from Oxford University under the CFF Scheme.

2 DONATIONS AND LEGACIES

Donations and legacies
Unrestricted funds
Restricted funds
Endowed funds
INCOME FROM OTHER TRADING ACTIVITIES
Subsidiary companies' trading income
Other trading income
Unrestricted funds in 2024/25 include £180k of legacy donations (2023/24: £716k).		 2024/25
£'000
511
484
384
1,379
2024/25
£'000
361
2
363		 2023/24
£'000
764
1,922
145
2,831
2023/24
£'000
385
10
395

Jesus Accommodation Limited accounted for £363k (2023/24: £391k) of the College's non-charitable trading income.

Unrestricted funds
Agricultural rent
Other property income
Equity dividends
Interest on fixed term deposits and cash
Bank interest
Restricted funds
Interest on fixed term deposits and cash
Endowed funds
Agricultural rent
Commercial rent
Other property income
Equity dividends
Total Investment income		 2024/25
£'000
147
13
38
2
208
408
-
-
446
1,891
63
180
2,580
2,988		 2023/24
£'000
132
15
64
2
205
418
-
-
446
1,595
205
237
2,483
2,901

Under the College's investment management mandate, the return focuses on growth by capital gain as well as dividend return.

27

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

5 ANALYSIS OF EXPENDITURE

Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential
Movement in pension deficit liability
Public worship
Other direct costs allocated to:
Other teaching, research and residential
Public worship
Support and governance costs allocated to:
Teaching, research and residential
Movement in pension deficit liability
Total charitable expenditure
Expenditure on raising funds
Direct staff costs allocated to:
Fundraising
Movement in pension deficit liability
Trading expenditure
Investment management costs
Other direct costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Support and governance costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Total expenditure on raising funds
Total expenditure		 2024/25
£'000
6,102
-
38
5,824
20
3,209
-
15,193
448
-
-
146
211
295
731
95
10
1,232
3,168
18,361		 2023/24
£'000
5,384
(2,022)
66
5,443
23
3,115
(319)
11,690
423
(319)
-
107
197
322
754
96
8
1,367
2,955
14,645

The College is liable to be assessed for contribution under the provisions of Statute XV of the University of Oxford. The Contribution Fund is used to make grants and loans to colleges on the basis of need. Contributions are calculated annually in accordance with regulations made by the Council of the University of Oxford. Teaching, research and residential costs include a charge of £205k (2023/24:£185k) for the College Contribution charge.

6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Financial administration
Domestic administration
Human resources
IT
Depreciation
(Profit)/loss on fixed assets
Bank interest payable
Other finance charges
Movement in pension deficit liability
Governance costs		 Generating
Funds
£'000
60
9
35
29
-
-
542
650
-
12
1,337		 Teaching
and
Research
£'000
372
278
394
560
1,523
-
1
38
-
44
3,210		 Public
Worship
£'000
-
-
-
-
-
-
-
-
-
-
-		 2024/25
Total
£'000
432
287
429
589
1,523
-
543
688
-
56
4,547

28

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

Financial administration
Domestic administration
Human resources
IT
Depreciation
(Profit)/loss on fixed assets
Bank interest payable
Other finance charges
Movement in pension deficit liability
Governance costs		 Generating
Funds
£'000
57
10
35
31
-
-
615
715
-
8
1,471		 Teaching
and
Research
£'000
337
263
367
460
1,573
-
-
95
(319)
20
2,796		 Public
Worship
£'000
-
-
-
-
-
-
-
-
-
-
-		 2023/24
Total
£'000
394
273
402
491
1,573
-
615
810
(319)
28
4,267

Finance, administration and human resources costs are allocated according to the estimated staff time spent on each activity. Depreciation is allocated according to the use made of the underlying assets. IT and Governance costs are allocated according to activity. Interest and other finance charges are allocated according to the purpose of the related financing. Other finance charges include £663k (2023/24: £663k) of interest payable for the private placement loan of £25m.

Governance costs comprise:
Auditor's remuneration - audit services
Auditor's remuneration - other services
Other governance costs		 2024/25
£'000
49
3
4
56		 2023/24
£'000
38
10
1
49

No amount has been included in governance costs for the direct employment costs or reimbursed expenses of the College Fellows on the basis that these payments relate to the Fellows' involvement in the College's charitable activities. Details of the remuneration of the Fellows and their reimbursed expenses are included in Note 20.

7 GRANTS AND AWARDS

During the year, the College funded research awards and bursaries to students from its restricted and unrestricted funds as follows:

Unrestricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Total unrestricted
Restricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Total restricted
Total grants and awards		 2024/25
£'000
324
97
421
712
99
811
1,232		 2023/24
£'000
323
108
431
530
84
614
1,045

29

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

8 STAFF COSTS

The aggregate staff costs for the year were as follows:
Salaries and wages
Social security costs
Pension costs
Defined benefit and defined contribution schemes
Subtotal
Movement in pension deficit liability - see Note 5
Included in the amounts above are redundancy payments paid to an employee totalling £3k (2023/24: £19k)
The average number of employees of the College, excluding Trustees,
on a full time equivalent basis was as follows:
Tuition and research
College residential
Public worship
Fundraising
Support
Total
The average number of College Trustees employed during the year was as follows:
Tutorial Fellows
Other teaching and research
College Officers and others
Total		 2024/25
£'000
6,303
576
765
7,644
-
7,644
2024/25
31
61
1
5
22
120
34
10
6
50		 2023/24
£'000
5,757
469
796
7,022
(2,660)
4,362
2023/24
27
59
1
5
29
121
34
12
9
55

The aggregate payroll costs for the year before the movement in the pension liability were £7.6m (2023/24: £7.0m), of which £6.9m (2023/24: £6.4m) related to income-generating functions and £0.7m (2023/24: £0.6m) to support functions. The College also benefits from temporary staff, and agency workers who are not on the College payroll. The related costs were £231k (2023/24: £187k). Details of remuneration and reimbursed expenses of the College Trustees are included in Note 20 of these financial statements.

The number of employees (excluding the College Trustees) during the year whose gross pay and benefits (excluding pension contributions) exceeded £60k are as follows:

Salary band (£)

Salary band (£)
2024/25 2023/24
£60-001-£70,000 3 2
£70,001-£80,000 1 -
Group and College
Cost
At start of year
Additions
Disposals
Reclassifications
At end of year
Depreciation
At start of year
Depreciation charge for the year
Depreciation on disposals
At end of year
Net book value
At end of year
At start of year		 Assets
under
Construction
1,170
2,172
-
(3,342)
-
-
-
-
-
-
1,170		 Freehold
land and
buildings
£'000
49,308
80
-
1,520
50,908
13,777
904
14,681
36,227
35,531		 Leasehold
land and
buildings
£'000
6,418
-
-
-
6,418
3,043
168
3,211
3,207
3,376		 Plant and
machinery
£'000
8,241
14
-
-
8,255
3,050
374
3,424
4,831
5,190		 Fixtures,
fittings and
equipment
£'000
1,408
112
-
-
1,520
671
77
748
772
737		 Total
£'000
66,545
2,378
-
(1,822)
67,101
20,541
1,523
-
22,064
45,037
46,004

The College has substantial long-held historic assets, which are used in the course of the College’s teaching and research activities. These comprise listed buildings on the College site, together with their contents comprising works of art, ancient books, manuscripts and other treasured artefacts. Because of their age and, in many cases, unique nature, reliable historical cost information is not available for these assets and this could not be obtained except at disproportionate expense. In the opinion of the Trustees the depreciated historical cost of these assets is immaterial now.

30

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

10 PROPERTY INVESTMENTS

Group and College

Group and College
Valuation at start of year
Additions and improvements at cost
Disposals
Revaluation gains/(losses) in the year
Realised gain on disposal
Transfer from assets under construction
Valuation at end of year
Group and College
Valuation at start of year
Additions and improvements at cost
Disposals
Revaluation (losses)/gains in the year:
Transfer to fixed assets
Valuation at end of year		 Agricultural
£'000
59,615
77
(19,351)
4,792
3,631
-
48,764
Agricultural
£'000
60,741
5
(25)
(1,106)
-
59,615		 Commercial
£'000
31,417
325
(2,442)
1,822
31,122
Commercial
£'000
29,524
393
-
1,500
-
31,417		 Other
£'000
808
240
(239)
5
-
814
Other
£'000
780
-
-
28
-
808		 2025
Total
£'000
91,840
642
(19,590)
2,355
3,631
1,822
80,700
2024
Total
£'000
91,045
398
(25)
422
-
91,840

A formal valuation of the agricultural properties was prepared by Savills Ltd as at 31 July 2025. A formal valuation of the commercial and other properties was prepared by Carter Jonas Ltd as at 31 July 2025.

The reduction in agricultural property value reflects the disposals in the year with the revaluation gains driven largely the subsequent impact of these disposals on the valuations of related landholdings. The decrease in value of commercial property reflects the ongoing challenging environment facing retailers. During the year the College sold two of its investment properties, realising a net gain of £3,631K. The College sold its share (25%) in one joint equity scheme property and purchased (50%) share in another.

11 OTHER INVESTMENTS

All investments are held at fair value.

Group and College investments
Valuation at start of year
New money invested
Amounts withdrawn
Increase/ (Decrease) in value of investments
Group and College investments at end of year		 2025
£'000
181,730
3,591
(9,607)
13,724
189,438		 2024
£'000
166,731
4,257
(9,464)
20,206
181,730

In addition to the above, the College realised a gain on currency exchange on cash balances of £1.4k (2023/24: £2.5k gain).

Group and College investments comprise:

Equity investments
Property funds
Alternative and other investments
Fixed term deposits and cash
Total group and College investments		 Held outside
the UK
£'000
146,625
-
21,129
-
167,754		 Held in
the UK
£'000
5,893
1,207
-
14,584
21,684		 2025
Total
£'000
152,518
1,207
21,129
14,584
189,438		 Held outside
the UK
£'000
152,343
-
17,775
-
170,118		 Held in
the UK
£'000
5,713
1,179
-
4,720
11,612		 2024
Total
£'000
158,056
1,179
17,775
4,720
181,730

Alternative and other investments include certain unlisted investments valued as at earlier quarter dates because valuations at 31 July 2025 were not readily available.

31

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

12 PARENT AND SUBSIDIARY UNDERTAKINGS

The financial statements consolidate the accounts of Jesus College and the following companies:

Jesus Accommodation Limited:

Wholly owned trading subsidiary providing conference and other event services on the College premises.

Jesus College Developments (Oxford) Limited: Wholly owned trading subsidiary, which was incorporated to provide design and build services to Jesus College.

The results and the assets and liabilities of the parent and subsidiaries at the year end were as follows:

Income
Expenditure
Donation to College under gift aid
Net income/ (loss) before investment gains
Total assets
Total liabilities
Net funds at the end of year		 £'000
13,940
(18,418)
57
(4,421)
335,456
(37,422)
298,034
Parent
College		 £'000
363
(306)
(57)
-
113
(113)
-
Jesus
Accommod-
ation Ltd
2024/25		 £'000
-
(2)
-
(2)
830
(840)
(10)
JC Develop-
ments
(Oxford) Ltd		 £'000
14,740
(14,705)
61
96
322,834
(40,087)
282,747
Parent
College		 £'000
391
(330)
(61)
-
116
(116)
-
Jesus
Accommod-
ation Ltd
2023/24		 £'000
-
-
-
JC Develop-
ments
(Oxford) Ltd
-
833
(841)
(8)

13 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1 August 2015. The investment return to be applied as income is calculated as 3.1% (2023/24: 3.1%) of the average of the inflation-adjusted year-end values of the relevant investments for the last five years. The preserved value of the invested endowment capital represents its fair value at August 2009 plus all subsequent endowments valued at the date of the gift.

Comparatives are provided in Note 31b.

At the beginning of the year:
Trust for Investment
Unapplied total return
Expendable endowment
Total endowments
Movements in the reporting period:
Gift of endowment funds
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the period
Net movements in reporting period
At end of the reporting period:
Trust for Investment
Unapplied total return
Expendable endowment
Total endowments		 Trust for
Unapplied
Investment
Total Return
Total
£'000
£'000
£'000
88,013
-
88,013
-
80,670
80,670
-
-
-
88,013
80,670
168,683
6
-
6
-
2,190
2,190
-
8,293
8,293
-
(507)
(507)
-
-
-
6
9,976
9,982
-
(5,336)
(5,336)
6
4,640
4,646
88,019
-
88,019
-
85,310
85,310
-
-
-
88,019
85,310
173,329
Permanent Endowment		 Expendable
Endowment
£'000
-
-
31,516
31,516
378
390
1,490
(91)
2,656
4,823
(998)
3,825
-
-
35,341
35,341		 Total
£'000
88,013
80,670
31,516
200,199
384
2,580
9,783
(598)
2,656
14,805
(6,334)
8,471
88,019
85,310
35,341
208,670

32

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

14 DEBTORS

DEBTORS
Amounts falling due within one year:
Trade debtors
Amounts owed by College members
Amounts owed by Group undertakings
Prepayments
Accrued income
Other debtors
Land sale debtor
Amounts falling due after more than one year:
Land sale debtor		 2025
Group
£'000
592
185
-
669
469
15
4,290
13,212
19,432		 2024
Group
£'000
511
89
-
647
368
13
-
-
1,628		 2025
College
£'000
551
185
380
669
442
15
4,290
13,212
19,744		 2024
College
£'000
446
89
166
647
335
13
-
-
1,696

Prepayments include £444k (2023/24: £412k) due after one year.

The College completed a land sale for £20m in the year but the cash will be paid over four years. The first £2m was received in the year, with the remaining balance due in eight six monthly installments of £2.25m each. The net present value of the remaining net debtor at year end was £17,502k and is reflected as the Land Sale Debtor.

15 CREDITORS: falling due within one year

Bank loans
Trade creditors
Amounts owed to College members
Amounts owed to Group undertakings
Taxation and social security
College contribution
Expenditure accruals
Deferred income
Other creditors		 2025
Group
£'000
1,724
204
235
-
121
-
1,067
588
148
4,087		 2024
Group
£'000
1,642
502
238
-
357
-
1,389
646
258
5,032		 2025
College
£'000
1,724
187
235
108
131
-
1,221
588
148
4,342		 2024
College
£'000
1,642
485
238
108
291
-
1,407
646
256
5,073

At the year end, total deferred income was £588k (2024: £646k). Deferred income comprises rent received in advance relating to the next financial year and deposits for conferences occurring in 2025/26. £588k was deferred in the year and £646k was released to income.

16 CREDITORS: falling due after more than one year

Bank loans - unsecured
Other loan - unsecured		 2025
Group
£'000
8,417
24,918
33,335		 2024
Group
£'000
10,141
24,914
35,055		 2025
College
£'000
8,417
24,918
33,335		 2024
College
£'000
10,141
24,914
35,055

The bank loans comprise:

In January 2017, the College raised £25m via a private placement primarily to fund the Northgate Project. The loan comprises £10m repayable in May 2037 at a fixed interest rate of 2.67% and £15m repayable in May 2058 at a fixed interest rate of 2.64%.

In addition to the above loans, the College has an overdraft facility of up to £5m and a revolving credit facility of £5m. At year end both facilites were undrawn.

33

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

17
ANALYSIS OF MOVEMENTS ON FUNDS
At 1 August
2024
£'000
ENDOWMENT FUNDS - PERMANENT
168,683
Bursary and hardship funds
1,738
Cultural sporting and travel funds:
-
P.W. Dodd Fund
955
Other cultural sporting and travel
917
General purposes:
-
Old Estate inc. Leoline Jenkins
121,728
Meyricke Endowment
19,957
Other general purposes
2,799
Building & infrastructure (A E Stevens)
4,579
Other specific endowments
180
Scholarships, prizes & awards funds
4,353
Teaching & research funds:
-
Zeitlyn
6,147
Other teaching & research funds
5,330
ENDOWMENT FUNDS - EXPENDABLE
31,516
Northgate House
7,899
College Pension Fund
1,952
John Walsh History Fellowship
1,874
W & M Elton Davies Fund
1,753
H Morag English Fellowship
1,564
Hoffmann Medical Grad. Scholarships
2,055
J Bounden Endowment Fund
2,281
Shreder Student Support Fund
1,355
Welsh Access & Outreach Fund
1,097
Other teaching & research funds
-
Fellowships
6,453
Scholarships
2,005
Bursaries
1,228
Other teaching & research funds
-
Total endowment funds
200,199
RESTRICTED FUNDS
Bursary and hardship funds
1,518
Cultural sporting and travel funds
163
Building & Infrastructure:
-
Cheng/Knight Dragon
-
Other building & infrastructure
37
Other specific funds
714
Scholarships, prizes & awards funds
2,261
Teaching & research funds
6,413
Total restricted funds
11,106
UNRESTRICTED FUNDS
General unrestricted funds
17,275
Designated: Fixed asset
21,090
Designated: Development Asset
31,242
Designated: Annual fund
365
Designated: Fabric fund
98
Chapel
4
Strategic Projects (Designated Fund -V Wood Money
1,369
Designated: Debt repayment A
-
Designated: Debt repayment B
-
Total unrestricted funds
71,443
Total funds
282,747		 Incoming
resources
£'000
2,196
27
-
12
11
-
1,584
259
36
59
2
56
-
80
70
768
87
25
27
23
20
27
30
18
14
-
84
385
28
-
2,964
87
-
-
-
7
293
(46)
143
484
9,982
-
-
510
-
-
-
-
-
10,492
13,940		 Resources
expended
£'000
(507)
(5)
-
(3)
(1)
-
(368)
(60)
(8)
(14)
(1)
(13)
-
(18)
(16)
(91)
(20)
(6)
(6)
(5)
(5)
(6)
(7)
(4)
(3)
-
(19)
(6)
(4)
-
(598)
(458)
(63)
-
-
(151)
(247)
(402)
(991)
(2,312)
(13,644)
(1,523)
-
(74)
-
-
(211)
-
-
(15,452)
(18,361)		 Transfers
£'000
(5,336)
(55)
-
(30)
(29)
-
(3,850)
(631)
(89)
(145)
(6)
(138)
-
(194)
(169)
1,658
(252)
(62)
(59)
(55)
900
(65)
(72)
(43)
(35)
-
1,181
259
(39)
-
(3,678)
145
59
-
-
145
23
249
(1,766)
(1,145)
16,200
556
(19,166)
(329)
-
-
(931)
547
7,946
4,823
0		 Gains/
(losses)
£'000
8,293
85
-
47
45
-
5,985
981
138
225
9
214
-
302
262
1,490
329
96
92
86
77
101
112
67
54
-
317
99
60
-
9,783
-
-
-
-
-
-
-
-
-
2,416
-
7,509
-
-
-
-
-
-
9,925
19,708		 At 31 July
2025
£'000
173,329
1,790
-
981
943
-
125,079
20,506
2,876
4,704
184
4,472
-
6,317
5,477
35,341
8,043
2,005
1,928
1,802
2,556
2,112
2,344
1,393
1,127
-
8,016
2,742
1,273
-
208,670
1,292
159
-
-
38
783
2,062
3,799
8,133
32,229
20,123
19,585
472
98
4
227
547
7,946
81,231
298,034

Incoming resources for endowed funds comprise donations in the year and realised returns on related investments. Transfers include £5,336k and £997k released from permanent and expendable endowment to restricted and unrestricted funds respectively in accordance with the College's total return policy,

Comparative funds movements are provided in Note 31c.

34

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

18 FUNDS OF THE COLLEGE DETAILS

The following is a summary of the origins and purposes of the more significant Funds.

Endowment funds - Permanent:

Bursary and hardship funds

Bursary and hardship funds A consolidation of gifts, donations and bequests where income, but not capital, can be used for student support, hardship or bursaries. Cultural sporting and travel funds: Capital consisting of the residue of the estate of P.W. Dodd (decd. 1931), where related P.W. Dodd Fund income, but not the original capital, can be used to assist undergraduates to travel abroad for "general broadening of the mind" rather than formal study. Other cultural sporting and travel A consolidation of gifts, donations and bequests where income, but not capital, can be used for cultural, sporting and travel purposes. General purposes: A consolidation of donations, gifts and bequests forming the original endowment together with Old Estate inc. Leoline Jenkins monies left in the will of Sir Leoline Jenkins dated 12 June 1685, former Principal, which brought together his estate and monies given or bequeathed to him by Francis Mansell, former Principal, and Doctor William Basset, which together are collectively referred to as the Old Estate. The income only can be used for the general purposes of the College. Meyricke Endowment A bequest made by Edmund Meyricke, a former Fellow, in 1713 under which the income, but not the capital, can be used for the general purposes of the College. Other general purposes A consolidation of gifts, donations and bequests where income, but not capital, can be used for the general purposes of the College. Building & infrastructure (A E Stevens) A gift to the College under a Deed of Appointment dated 25 June 1975 under which income, but not capital, shall be applied to improve and extend the functional buildings of the College. Scholarships, prizes & award funds A consolidation of gifts, donations and bequests where income, but not capital, can be used for the provision of scholarships, prizes and awards. Teaching & research funds: The College was the residuary beneficiary of the will of Myrtle Henriette Zeitlyn (24 July 1997). Zeitlyn Income but not the capital can be used to support three Fellowships in perpetuity: Law, French and Medicine. On 16 April 2010 it was agreed that one of the Fellowships endowed be changed from Law to Modern History. Other teaching & research funds A consolidation of gifts, donations and bequests where income, but not capital, can be used for teaching and research purposes. Endowment funds - Expendable: Northgate House In 2001 the College purchased 13-21 Cornmarket St (Northgate House) funded by the proceeds from a compulsory purchase and a mortgage funded out of income from the property and endowment. Capital repayments of the mortgage are added to the endowment. Income and capital arising from the property is to be used for the general purposes of the College. W & M Elton Davies Fund A bequest made by WM & M Elton Davies for the establishment of a fund to support bursaries for undergraduates. John Walsh History Fellowship Part of the legacy from David Jones, an alumnus, allocated to support the History Fellowship. H Morag English Fellowship English Fellowship supported by Victor Wood, named in memory of his wife. Hoffmann Medical Graduate Studentship A donation from Andre Hoffmann which attracted matched funding from the Oxford Graduate Scholarships Matched Fund. They cover tuition fees and living costs for medical students. J Bounden Endowment Fund Legacy from John Bounden available for the general purposes of the College. Shreder Endowment Fund Legacy from PGS Shreder available for the general purposes of the College. Welsh Access & Outreach Fund Gift to fund the College's Access and Outreach activities. Other specific funds: A series of gifts, donations and bequests, where income from the capital can be used to Fellowships support College fellowships. Scholarships A series of gifts, donations and bequests, where income from the capital can be used to support undergraduate or graduate scholarships. Bursaries A series of gifts, donations and bequests, where income from the capital can be used to support provide bursaries to undergraduates and graduates. Restricted funds: Cheng/Knight Dragon A gift of £15m from Dr Cheng through his company, Knight Dragon, for the re-development of Northgate House. Following completion of the project, the balance has been transferred to the Designated: Fixed Asset Fund Designated funds: Designated: Fixed Asset Unrestricted funds represented by fixed assets and therefore not available for expenditure on the College's general purposes. Designated: Annual Fund Unrestricted donations to the Development Fund allocated by the Fellows for disbursement in the year following donation for both new projects and existing areas of expenditure. Designated: Strategic Projects & Posts Unrestricted funds allocated by the Fellows for the purpose of advancing specific strategic priorities including, but not limited to, academic priorities, building projects, sustainability, equality, diversity and inclusion. Designated: Development Asset Unrestricted funds represented by development assets not available in liquid form and therefore not yet available for expenditure on the College's general purposes. Designated: Debt repayment The College has established a designated fund towards the repayment of its £25m Private Placement debt. It also has a fund setting aside the outstanding repayment of the Northgate Mortgage. Designated: Other Unrestricted funds allocated by the Fellows for academic purposes, art and heritage, the running of Chapel and for the upkeep and maintenance of College properties.

The general unrestricted funds represent accumulated income from the College's activities and other sources that are available for the general purposes of the College.

35

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

19 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Property investments
Securities and other investments
Net current (liabilities)/assets
Defined benefit pension scheme liability
Creditors falling due after one year
Tangible fixed assets
Property investments
Securities and other investments
Net current (liabilities)/assets
Defined benefit pension scheme liability
Long term liabilities		 Unrestricted
Funds
£'000
45,037
19,588
25,329
16,194
-
(24,918)
81,230
Unrestricted
Funds
£'000
46,004
31,246
20,879
(1,772)
-
(24,914)
71,443		 Restricted
Funds
£'000
-
-
8,133
-
-
-
8,133
Restricted
Funds
£'000
-
-
11,106
-
-
-
11,106		 Endowment
Funds
£'000
-
61,112
155,976
-
-
(8,417)
208,670
Endowment
Funds
£'000
-
60,594
149,745
-
-
(10,141)
200,198		 2025
Total
£'000
45,037
80,700
189,438
16,194
-
(33,335)
298,034
2024
Total
£'000
46,004
91,840
181,730
(1,772)
-
(35,055)
282,747

20 TRUSTEES' REMUNERATION

The Trustees of the College comprise the Governing Body, primarily Fellows who are teaching and research employees of the College and who sit on Governing Body by virtue of their employment.

No Trustee receives any remuneration for acting as a trustee. However, those Trustees who are also employees of the College receive salaries for their work as employees. These salaries are based on external scales and often are joint arrangements with the University of Oxford, although they may be supplemented by specific College allowances, as explained below.

In order to avoid conflicts of interest, recommendations concerning remuneration, both of individual Fellows and in general, are made by an independent Remuneration Committee, the membership of which is agreed by the Governing Body. It includes a non-remunerated Fellow, a retired Estates Bursar from another College, two Old Members of the College and one related to an old member.

Trustees of the College fall into the following categories:

During the year seven Trustees, being the Principal, Academic Director, Estates Bursar, Development Director, Director of Accommodation Catering and Conferences, Human Resources Director and Property Director, worked on management and fundraising. All were full time with the exception of the Estates Bursar and Property Director, who work on a 90% and 80% presence, respectively. These Trustees comprise the key management personnel and their cost for the year, including employer's pension and National Insurance, was £845k (2023/24: £788k).

Some Trustees, particularly Tutorial Fellows, are eligible to participate in the College's joint equity scheme - see Note 28.

Trustees receive additional allowances where they perform specific roles within College. These amounts are included in the remuneration figures below. The total remuneration and taxable benefits as shown below is £2,359k (2023/24: £2,130k), which includes employer pension contributions of £286k (2023/24: £297k).

All Trustees, together with other senior employees, are eligible for private health insurance as part of their remuneration package. All Trustees may eat at common table, as can all other employees who are entitled to meals while working.

Trustee expenses

Fellows also receive reimbursement of personal expenses necessarily incurred in connection with their services to the College as Trustees. During the year a total of £3k (2023/24:£1k) was reimbursed to 5 (2023/24: 4) of the Trustees in relation to oversight of College investments or for attending other College business or conferences.

36

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

20 TRUSTEES' RENUMERATION (Continued)

Range 2024/25 2023/24
Gross remuneration, taxable
benefits and pension
contributions
Number of
Trustees/ Fellows		 Number of Trustees/
Fellows
Gross remuneration, taxable
benefits and pension contributions
0
£1 - £999
£1000-£1999
£2000 - £2999
£3000 - £3999
£15000 - £15999
£28000 - £28999
£29000 - £29999
£30000 - £30999
£31000 - £31999
£32000 - £32999
£33000 - £33999
£34000 - £34999
£35000 - £35999
£36000 - £36999
£36000 - £37000
£37000 - £37999
£38000- £38999
£38000- £39000
£38000- £39001
£38000- £39002
£39000- £39999
£41000- £41999
£44000- £44999
£53000- £53999
£58000 - £58999
£59000 - £59999
£60000 - £60999
£63000 - £63999
£64000 - £64999
£65000 - £65999
£66000 - £66999
£67000 - £67999
£68000 - £68999
£70000 - £70999
£71000 - £71999
£73000- £73999
£73000- £74000
£74000- £74999
£75000- £75999
£77000- £77999
£85000- £85999
£87000 - £87999
£87000 - £87999
£88000 - £88999
£89000 - £89999
£90000 - £90999
£90000 - £91000
£90000 - £91001
£90000 - £91002
£90000 - £91003
£90000 - £91004
£91000 - £91999
£94000 - £94999
£97000 - £97999
£101000- £101999
£103000 - £103999
£103000 - £104000
£104000 - £104999
£105000 - £105999
£107000 - £107999
£156000- £156999
£159000-£159999		 £
1
-
1
30
1
1,206
6
14,249
1
3,159
1
28,615
1
34,782
3
106,325
13
475,339
3
112,360
2
76,598
1
39,291
1
41,100
1
44,325
1
53,314
1
63,711
2
132,630
1
73,657
2
149,667
1
75,648
1
77,940
1
85,945
1
94,120
1
97,653
1
104,466
1
105,740
1
107,733
1
159,769		 £
1
12
9,174
2
4,542
1
15,809
1
30,938
1
31,839
4
129,059
13
400,502
4
170,710
2
70,484
1
36,957
1
38,241
-
-
-
-
1
58,510
-
-
1
60,903
3
211,490
2
142,858
1
73,611
1
90,325
-
-
-
-
-
-
1
91,345
2
203,003
1
103,375
-
-
1
156,624
Total 52
2,359,372		 57
2,130,299

37

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

21 PENSION SCHEMES

38

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

39

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

40

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

22 TAXATION

The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiary companies because the directors of these companies have indicated that they intend to make donations each year to the College equal to the taxable profits of the company under the Gift Aid scheme. Accordingly, no provision for taxation has been included in the financial statements.

23
RECONCILIATION OF NET INCOMING RESOURCES TO
NET CASH FLOW FROM OPERATIONS
Net income
Reversal of non-operating cash flows:
Investment income
Unrealised gains on investments
Gain on property disposals
Endowment donations
Depreciation
Financing costs
Decrease in stock
Increase in debtors
Decrease in creditors
Decrease in pension scheme liability
Net cash (used in) / generated from operating activities		 2024/25
Group
£'000
15,287
(2,988)
(16,077)
(3,631)
(384)
1,523
1,231
(22)
(17,804)
(1,029)
-
(23,894)		 2023/24
Group
£'000
20,722
(2,901)
(20,627)
-
(145)
1,571
1,425
1
(466)
(210)
(2,602)
(3,232)

41

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash and cash equivalents
Deposits and other short term investments
Total cash and current asset investments		 2024/25
£'000
592
35
627		 2023/24
£'000
1,398
34
1,432

24 ANALYSIS OF CASH AND CASH EQUIVALENTS

Deposits and short-term investments relate to funds raised from the private placement and invested in a third party cash management fund which has 48 hour access.

The College has an unsecured overdraft of £5m and an unsecured revolving credit facility for £5m. Neither of which were drawn at year end. In November 2025, the College reduced its available overdraft facility to £1m.

25 FINANCIAL INSTRUMENTS

The College and Group’s value of financial instruments are summarised below:

Group and College Group College
2025 2024 2025 2024
£'000 £'000 £'000 £'000
Financial assets measured at fair value through profit or loss 189,473 181,764 189,473 181,764
Financial liabilities measured at fair value through profit or loss - - - -
Financial assets measured at amortised cost 19,355 2,379 19,620 2,428
Financial liabilities measured at amortised cost 36,714 39,084 36,959 39,191

The College's and Group’s income, expenses, gains and losses in respect of financial instruments are summarised below:

Interest income and expense: Group College
2025 2024 2025 2024
£'000 £'000 £'000 £'000
Total interest income for financial assets held at amortised cost 208 205 208 205
Total interest expense for financial liabilities held at amortised cost 1,231 1,425 1,231 1,425

Financial assets measured at amortised cost comprise cash and cash equivalents, deposits, fees receivable, trade debtors, amounts owed by group undertakings and other debtors excluding prepayments. Financial assets measured at fair value relate to listed investments, and short-term investments valued by reference to market prices.

Financial liabilities measured at amortised cost comprise bank loans and overdraft, other loans, trade creditors, other creditors, and accruals excluding deferred income. Financial liabilities measured at fair value relate to the pension liability.

26 FINANCIAL COMMITMENTS

At 31 July the College and Group had future minimum lease payments made under non-cancellable leases as follows:

Non-cancellable operating lease commitments
Less than one year
After one year and less than five years
After five years
Non-cancellable operating lease rentals receivable
Less than one year
After one year and less than five years
After five years		 2025
£'000
254
1,016
2,944
4,214
1,190
5,711
13,083
19,984		 2024
£'000
254
1,016
3,197
4,467
1,442
4,959
13,052
19,453

Non-cancellable lease commitments consist of leases that the College holds with Oxford City Council which expire in 2041 and 2043, the rent for which is reviewed every five years.

Non-cancellable lease rentals receivable relate to rent income receivable from the College's investment properties. The amounts receivable are limited to the next rent review date for agricultural properties or the earlier of the lease end date or break clause date for other properties.

27 OTHER COMMITMENTS

The College had contracted commitments for projects of £Nil at 31 July 2025 (2024: £1,176).

42

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

28 RELATED PARTY TRANSACTIONS

The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship. For reporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS 102.

Members of the Governing Body, who are the Trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College. Details of these payments and reimbursed expenses as trustees are disclosed in Note 20 in these financial statements.

The College has properties which are owned jointly with trustees under joint equity ownership agreements between the trustee and the College. The carrying value of the College's share was as follows:

Prof P. Kewes
Dr J. Oliver
Dr G Wright
Dr D Altshuler
Dr R Rocha
Total net book value of properties owned jointly with trustees		 2025
£'000
85
-
244
244
240
813		 2024
£'000
85
239
242
242
-
808

All joint equity properties are subject to sale on the departure of the Trustee from the College.

29 CONTINGENT LIABILITIES

There are no material contingent liabilities at the balance sheet date (2024: £nil).

30 POST BALANCE SHEET EVENTS

There are no post balance sheet events that require disclosure.

31 ADDITIONAL PRIOR YEAR COMPARATIVES

a) Consolidated Statement of Financial Activities

ADDITIONAL PRIOR YEAR COMPARATIVES
Consolidated Statement of Financial Activities
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
Public worship
Other trading income
Donations and legacies
Investments
Investment income
Total return allocated to income
Other income- Furlough scheme
Total income
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential:
College
Pension provision charge
Public worship
Generating funds:
Fundraising
Pension provision charge
Trading expenditure
Investment management costs
Total expenditure
Net income/(deficit) before investment gains
Net gains on investments:
,
Other investments
Net income
Transfers between funds
Net movement in funds for the year
Fund balances brought forward
Funds carried forward at 31 July		 Unrestricted
Funds
£'000
8,612
1
395
764
418
4,411
-
14,601
12,454
(2,342)
89
715
(319)
330
1,680
12,607
1,994
2,559
2,559
4,553
(3,905)		 Restricted
Funds
£'000
-
-
-
1,922
-
1,305
-
3,227
1,490
-
-
-
-
-
-
1,490
1,737
-
-
1,737
2,696
4,433
6,673
11,106		 Endowed
Funds
£'000
-
-
-
145
2,483
(5,715)
-
(3,087)
-
-
-
-
-
-
548
548
(3,635)
18,068
18,068
14,433
1,209
15,642
184,557
200,199		 2023/24
Total
£'000
8,612
1
395
2,831
2,901
-
-
14,740
13,944
(2,342)
89
715
(319)
330
2,228
14,645
96
20,627
20,627
20,723
-
648
70,795
71,443		 20,723
262,025
282,748

43

Jesus College Notes to the Financial Statements For the year ended 31 July 2025

b) STATEMENT OF INVESTMENT TOTAL RETURN

b)
STATEMENT OF INVESTMENT TOTAL RETURN
At the beginning of the year:
Trust for Investment
Unapplied total return
Expendable endowment
Total endowments
Movements in the reporting period:
Gift of endowment funds
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the period
Net movements in reporting period
At end of the reporting period:
Trust for Investment
Unapplied total return
Expendable endowment
Total endowments
c)
ANALYSIS OF MOVEMENTS ON FUNDS
At 1 August
2023
£'000
Endowment funds - Permanent
156,553
Endowment funds - Expendable
28,004
Total endowment funds
184,557
Total restricted funds
6,673
Unrestricted funds
General unrestricted funds
20,090
Designated: Fixed asset
21,099
Designated: Development Asset
25,205
Designated: Annual fund
1,586
Designated: Strategic Projects & Posts
5,308
Designated: Other
109
General purposes fund
-
Pension reserve
(2,602)
Total unrestricted funds
70,795
Total funds
262,025		 Trust for
Unapplied
Investment
Total Return
Total
£'000
£'000
£'000
88,002
-
88,002
-
68,551
68,551
-
-
-
88,002
68,551
156,553
11
-
11
-
2,105
2,105
-
15,326
15,326
-
(465)
(465)
-
-
-
11
16,966
16,977
-
(4,848)
(4,848)
11
12,118
12,129
88,013
-
88,013
-
80,670
80,670
-
-
-
88,013
80,670
168,683
Incoming
Resources
Transfers
resources
expended
£'000
£'000
£'000
2,116
(465)
(4,848)
512
(83)
342
2,628
(548)
(4,506)
1,922
(1,490)
4,001
10,142
(13,445)
(3,808)
-
(1,571)
1,562
7,778
48
(80)
(1,194)
-
(113)
(3,826)
-
-
(7)
-
-
-
-
2,602
-
10,190
(12,607)
505
14,740
(14,645)
-
Permanent Endowment		 Expendable
Endowment
£'000
-
-
28,004
28,004
134
378
2,742
(83)
1,209
4,380
(868)
3,512
-
-
31,516
31,516
Gains/
(losses)
£'000
15,327
2,741
18,068
-
4,296
-
(1,737)
-
-
-
2,559
20,627		 Total
£'000
88,002
68,551
28,004
184,557
145
2,483
18,068
(548)
1,209
21,358
(5,715)
15,643
88,013
80,670
31,516
200,199
At 31 July
2024
£'000
168,683
31,516
200,199
11,106
17,275
21,090
32,983
(1,377)
1,369
102
-
-
71,442
282,747

44