2023-07-31-accounts

¢tAMAMVEL THE MASTER, FELLOWS AND SCHOLARS OF EMDIIANUEL COLLEGE IN THE UNIVERSITY OF CAMBRIDGE (Known as Emmanuel College) ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 Registered Charity Number 1137456

EMMANUEL COLLEGE Index to the accounts for the Year Ended 31 July 2023 Contents Adminislralive Details The Master & Fellows 10 Annual Report 11-13 Report of the Auditors 14-19 Statement of Principal Accounting Policies 20 Consolidated Income and Expenditure Account 21 ststement of Changes in Reserves 22 Balance Sheet 23 Cash Flow Slalemenl 24-41 Notes to the Accounts

EMMANUEL COLLEGE Administrative details Name The Master, Fellows ¥nd Scholars Of Emmanuel College In The University Of Cambridge (known as Emmanuel College) Add￿sS St Andrews Street Cambridge CB2 3AP Charity RegislralFon number 1137456 Charity Trustees- College Counal Elected Dr A S Bendall Dr K E Spen¢e Dr Russell Professor Peak Professor L Bentley Professor Howell Professor Oakley Revd J L Caddick Ex-officio Master Vice Master Senior Tutor Bursar Mr Doug Chalmers Professor S Rankin Professor R Henderson Ms Catherine Webb Principal advisers: Auditors Chaler Allan LLP 7, Quy Court, Colliers L8ne StOW-cum-Quy, CB25 gAU Bankers Barclays Bank PLC Corporate Banking Serwces Abacus House, Castle Park, Ca511e Hill Cambridge, CB3 OAN Property Managers Bidwells Bidwell House Trumpinglon Road Cambridge CB2 9LD Legal Advisers Mills & Reeve Francis House 112 Hills Road Cambridge. CB2 1PH Investment Managers Sarasin & P8rtners LLP Juxon House,100 St Paul's Churchyard London EC4M 8BU RCM IUKI Ltd 155 Bishopsgate London EC2M 3AD Bla¢kRock 33 King William Street London EC4R gAS BlackRock AdvisorslUKI Ltd Murray House, 1 Royal Mint Court London EC3N 4HH

EMMANUEL COLLEGE The Master and Fellows Master CHALMERS Douglas McKenae CB DSO OBE MA MPHIL." Fellows as of 1st October 2022 RANKIN Susan Kathleen MA PHD MMUS ILONDI FBA Vice Ma51er"" WILSON OF DINTON Lord GCB MA LLM LIFE FELLOW REYNOLDS Dame Fiona DBE MA MPHIL LIFE FELLOW THRUSH Brian Arthur MA SCD FRS LIFE FELLOW STONE Anthony John MA PHD CCHEM LIFE FELLOW CUPITT The Revd Don MA HON DLITT (BRIST} LIFE FELLOW SLEATH John Francis Adam.s MA PHD LIFE FELLOW BAKER Alan Reginald Harold MA PHD ILONDI FBA DLIT ILONDI LIFE FELLOW HARVEY John Robert MA LirrD LIFE FELLOW WATSON Stephen Roger MA PHD LIFE FELLOW WEBBER Bryan Ronald MA IOXON & CANTABI PHD ICALIFI FRS LIFE FELLOW O'DONALD Peter MA SCD LIFE FELLOW LIVESEY David Anthony MA PHD BSCIENGI ILONDI ACGI LIFE FELLOW BARNES Richard James MA PHD MB BCHIR PRINGLE Jame< Edward MA PHD WINDEATT Bary Alexander MA LirrD BURKE Ulick Peter MA IOXON & CANTABI HON PHD ILUNDI FBA FRHISTS LIFE FELLOW LEEPER Finian Janies PHD ' BOLDY Steven Ruwland MA PHD . RICHARDS Keith Sheldon PHD YOUNG Stephen Jchn MA PHD. BURtsOYNE Christopher John MA P14D ILONDI MICF FISTRUCTE SPIVEY Nigel Jonathan I'11A PHD . GRANT John William MA MD IABLRDEENI CHB {ABERDEENI FRCPATH GROSS Michael Johri MA PHD. PEAKE bligtrl MA PHD ' HENDERSON Robert Michael MA BSC (LOND} PHD ILONDI. OAKLEY Stephen Phelps MA PHD FBA," 8ENDALL Alison Sarah PHD MA IOXON & SHEFFI FSA IthCLIP'" CADDICK The Revd Je￿mY Lloyd MA ICANTAB OXON & LONDI" GALES Mark John Francis MA PHD. PICKSTOCK C8lherine Jane Crozier fvIA PHD ' VAN HOUTS Elisabeth Maria Cornelia MA L5TTD PF4D IfJROININGENI FRHISTS. ALDRED Jonathan Simon MA PHD ' UDREA Florin PHD MSC IWARWICKI. HIBBERD Julian Michael BSC (WALES) PHD IWALES). HOWELL Philip Mark Rust MA PHD. THOMSON Mark Andrew BA IOXONI DPHIL IOXONI VVHITE Nicholas James MA PHD. RUSSELL Corinna MA PHD" MACFARLANE Robert MA PHD MPHIL IOXONI, RAE Catherine BA IOXONI DPHIL (OXONI" BENTLY Lionel Alexander Fiennes BA,

EMMANUEL COLLEGE The Master and Fellows BROADHURST Richard William MA IOXONI DPHIL {OXONI' MACLENNAN John MA PHD" JIGGINS Francis Michael MA PHD ' ODUDU Okeoghene MA ICANTAB & KEELE} DPHIL IOXONI. BARRIE Patrick John MA PHD . CURTIS Devon Elizabeth Anne BA IMCGILLI MA IMCGILLI PHD ILONDI. WHIThON Christopher Lyall MA PHD FRCO ' KABLAAexandre Joseph PHD MA {ENS LYON). SIMONS Jonathan Sam PHD BSC IABERDEENI" BARRAU Julie Sylvie Marie Pierre MA {PARIS SORBONNE) BA (PARIS SORBONNEI" AGARW AL Anurag BTECH IBOMBAY) PHD IPENN STATE)" MAXWELL David BA IMANCHESTERI DPHIL IOXONI, SOUSI Perla BSC IPATRASI. JEFFREY Aexander Sam MA IDURHAM & EDIN} PHD IDURHAMI. MORETTI Laura IVENICEI PHD IVENICEI" ZARAKOL Ayse MA (WISCONSIN) PHD IWISCONSIN}' MITOV Alexander MSC (Sofia) MA IROCHESTERI PHD IROCHESTERI ' HUNTER Christopher Alexander MA PHD HON DSC IULSTERI FRS FRSC . ARCHIBALD AlexanderThomas BSC18RISTI PHD18RISTI' WILSON Ross BA MA{UCLI PHD SPENCE Katherine Emma MA PHD". LAUGA Dominique Olie BS IECOLE POLYTECHNIQUE) MA IECOLE NATIONALE DES PONTS ET CHAUSSEESI MA {PARISI PHD IMITI" WALSHAM Alexandra PHD BA IMELBOURNEI MA IMELBOURNEI CBE FBA. SAUERWALD Thomas PHD IPADERBORNI ' VARWIG Bettina Gisela ILONDI PHD IHARVARDI . MACKINNON Emrna Stone BA IHARVARDI MA(CHICAGO}" JACK Robert Logan MA PHD IIMPERIALI" LAW Stacey Wing Chee MA" ORBEN Amy MA DPHIL. ATAKPA Peace PHD BSC ILIVERPOOLI" DOMENICUCCI Jacopo PHD BA ISORBONNE} IVARSEN Ingrid BA IOslo} MLITT (St Andrews) PHD ISI Andrews) WILKINSON PAUL Oliver MA MB BCHIR MD MRCPYSCH CHRISTOPHER Peter Jeffrey MENG IBRISTOLI MSC {OPEN UNIVI GLOVER Timothy Luke BA DPHIL MST IOXONI LA HAUSSE DE LALOUVIERE Joseph Philippe Tou5sainl BA MA IHARVARDI PHD {HARVARDI SEAH Khuan Te¢k Matthew MSC IEDINI MBCHIB {EDINI BMEDSCI {EDIN) MFSTED MRCSED RUSSELL Jennifer MA LLM NEEDHAM Elise Johanna BSC {SYDNEYI PHD (SYDNEY) AMERY Fiona BA {EXETERI LINARES MATAS Gonzalo Jose BA IOXONI MST {OXON} MELA-FYFE loanna PHD MENG IATHENSI MSC {NOTTINGHAMI ROBERTS Syamala Ann MA MPHIL LU Saite PHD BSC (ULSTER) MPHIL IOXON} * Member of the Governing Body Member of the Governin8 Body and Member of the College Council

EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2023 Bursarfs Revlew & Introductlon I succeeded Dr Mike Gross as BLJrsar of Emmanuel College at the start of Easter Tem 2023, with my transition into the role facililaled by a thorough handover during Lent Term. l joined Emmanuel College from the civil service where I had worked for 23 years, most recently as th& Director of Operations foT HM Treasury. My retum lo Emmanuel, where I studied economics from 1997-2000, has been particularly enjoyable gwen my strong connection lo the College. I'm grateful lo Dr Gross for his guidance and the strong foundations he has laid. which will undoubtedly contribute to Emmanuel's Continued success. The foreword to the 2021-22 annual report highlighted the continuing impact of the global pandemic on College life. l am pleased to report that College activities have now relumed lo nomalcy. The Clubs, so¢i&lies, and events that ¢onslilule the fabric of our community are now up and running in the same way as prior to COVID. In terms of its finances. the College has weathered substantial cosl pressures in the pasl year. Notably, staffing costs exceeded projections due lo subslanlial cost-of-liwng wage increases and the use of agency staff to cover vacancies. The College also experienced significant food price inflation., however, up untll recently, we have been protected from the full impact of energy price increases through a fonNard-lixed price agreement. And the rising cost of living has led to an increase in the support we give lo students, for example via reduced rents or other sources of support. There has been an increase since 2021-22 in the income the College has earned from external bookings. as these activities have normalis&d post Covid. However, th& nature of events has changed, and income from external events has not yet recovered to pre Covid levels. Next summer we are fully boDked for summer schools. but we have not been able lo replace the large and long-standing summer school that until Covid had made a significant contribution lo the College's finances. Since this booking made extensive use of standard College rooms and cafeteri8 meals In July 8nd the first haif of August each year. this has not been fully replaced through the allemalive bookings. Wider economic conditions have impacted on the capital value of the College's commercial property portfolio, although income has improved as a result ol lease renewals and new lellings in the commercial portFolio, particularly following an extensive refurbishment of the biggest asset in the College's ¢omTnercial property portfolio. The College's global equity investments also staged a steady recovery in late 2022 after sharp declines seen aeross world equity markets throughout most of the year. This positive momentum continued in early 2023, leaving the College's equity portfolio up by 1.20/0 over the full financial year. The war in Ukraine had a significant impact on equity markets in 2022, with the spike in oil and gas prices benefilling energy Companies, lo which the portfolio has no exposure. However, a fall in energy prices later in the year. combined with news Df the removal of zero-covid restrictions in China, saw a strong recovery for the portfolio's European indusliials holdings. Within College, the major event in 2022-23 was the opening of Young's Court and the new social spac&s. This Created 48 additional undergraduate rooms on the main College site as well as additional seminar and teaching roDms. and a new bar and enl¢rtainmenl space. Students were able lo movtr into th& new rooms al the start ol Easter Term, and we have received very positive feedback on the new facililies. However there remain several areas, such as the operab'on of Ihe Ground Source Heat Pump, that we are working wth the contractors to re501ve. The refurbishment of the South Court staircases which Mras due to begin in summer 2023 has been slightly delayed. bul we are still anlicipaling having completed the first staircase by the end of this academic year. The work will then continue over several years to avoid the loss of a significant number of sludenl rooms for 8 prdonged period. To sum up, this annual report highlights a year where Emmanuel College demonslraled resilience, adaptability, and growth. I'm grateful to the Fellows, staff and both current and former students al Emmanuel College for Iheii contributions lo our ongoing success and for the wami welcome they have extended to me.

EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2023 Scope of the Financial Statements These financial slalements have been prepared in accordan￿ with the Statement of Recommended Practice ISORPI.. Accounting for Further and Hightsr Education 2019 and in accordance wilh Financial Reporting Standards FRS102. The financial statements are prepared in accordan￿ wilh the historical cost convenlion. The College Stslules require that financial statements for each financial year be prepared which give a true and fair Mew of the slate of affairs of the College and of the surplus or deficit of the College for that period. In prep8ring those financial statements the College Council is required lo= Select suitable accounting policies and apply them consislenlly.. Make jtjdgements and estimates that are reasonable and prudent., Slate whether applicable accounting standards have been followed, subject lo any malerlal departures disclosed and explained in Ihe financial statements.. and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue in operaiion. The College Council is responsible for keeping proper accounting records which disclose wth reasonable accuracy al any lime (he financial position of the College and lo enable them lo ensure that the financial statements comply with the Stslul&s of the University of Cambridge. They are also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The College Coun¢il is responsible for the maintenan¢e and integrity of the corporate and financial information included on the College's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdiclions. Aims and Objectives of the College Emmanuel College is one of the 31 autonomous, self-governing Colleges within the University of Cambridge. The College was founded in 1584. The College's Charter established Emmanuel ss a perpetual College of Sacred Theology, Science. Philosophy and good arts in the University of Cambridge. While the College has Changed greatly over the intervening period this remains a statement of its purpose. The College encourages study and research into all subjects taught in the University. The College promdes, in conjunction with the University of Cambridge, an education for some 750 undergraduate and graduate students which is recognised inlernalionally as being of the highest standard. This education develops students academically and adVan￿S their leadership qualities and interpersonal skills. so prepares them to play full and effective roles in society. The College provides leaching facilities and individu81 or small-group supervision. as well as pasloral. aclministrative and academic support through its tutorial and graduate mentoring systems. It also provides social, cultural. musical, recreational and sporting facilities to enable each of ils students lo realise as much as possible of their academic and persona1 potential whilst studying at the College. In a¢cordance with Charitie5 A¢1 2011 the College Council has considered the guidance published by the Charity Commission ¥Arith respect lo Public Benefit. The College aims to maintain the excellence of ils educational provision ir> perpetuity.

EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2023 The College advances academic ￿Search partiGul8dy through the pro*ision of Research Fe11owships to outstanding a¢ademi¢s al the early stages of their careers, enabling them lo develop and focus on their research in this formalNe period before they undertake the full teaching and adminislralive duties of an academic post.11 also supports the research work pursued by its other Fellows, encouraging interaction across disciplines and providing facilities and grants for national and international conferences, research trips and research materials. The College seeks to admit students with the greatest academic potential. It seeks to attract the best applicants from a wde range of schools and colleges. To this end the College is active in outreach and access initiatives committing significant reSoU￿S lo raising awa￿neSS of the College. Cambridge University and higher education more generally amongst groups who otherwse might not have considered these opportunities. The College hosts open days and school visits and Fellows and Junior Mernbers visit schools and allend access and admissions conferences and events. Through the College website. the Admissions Prospectus and the Allernalive Admissions Prospectus the College seeks to promote as widely as possible the opportunities that il can offer. Corporate Governance Al 1st October 2022 the Fellowship consisted of the Master and 87 Fellows. Of these 38 held their primary positions with the University, 14 held full-lime teaching and research appointments al the College, and 5 were Research Fellows al the College. In addition to leaching duties al Emmanuel many of the Fellows held additsonal College offices, for example as Tutors Dr Directors of Studies The College Charter dales from 1584. The College s￿lutes. made in 1925 and variously amended from time to lime, sel out the arrang&menls for the governance of the College. Since 2006 a College Council has been in operation. By Slaluie the Goveming Body has the power to establish a College Council and lo delegate the majority of its statutory PDwers and duties lo the Council. However. the Goveming Body retains the power to appoint the Master and Fellows and oversight of the College's Eslimales and Accounts. The Governing Body also has the power lo lermin81e the Council. Whilst 8 Council is in operation all day-to-day matlers to do with the g0Veman￿ and management of the College fall to the Council. The Council meets three limes a temi wlh a further meeting in the long vacation. The Charity Trustees of the College are the 12 members of the College Council as listed on page 1. The Master, as ¢h8irman, the Vice-master, the Senior Tutor and the Bursar are ex-officio members of the Council. A further 8 Fellows are elected to the Council by the members of the Goveming Body. The Charity Trustees are provided ￿th copies of the College Slalules and their attention is drawn lo the policy for the management of conflicts of interest and the provisions of the Charity Commission leaflet 'The Essential Trustee.. an introduction.. The Governing Body, con5151ing of Fellows who are under the age of 70 who have held their Fellowship for more than 12 months, continues lo meet al least once a term. There are various 5ub-¢ommittees of the Goveming Body which Consider particular areas of the College's business and report with recommendations to the College Council. External members sf( on the Investment Advisory Forum, the Developtnenl Advisory Forum and the Work and Stipends Committee. All Fellows are required to ad with integrity, act in the College's interests without regard lo their own private interests, and to manage the affairs of the College prudently. The College has a Conflict of Inleresl Policy which applies to all Fellows and a Register of Inleresls. The College was registered with the Charity Cornmission on 12th August 2010 (Registered Charity Number 11374561. The Carnbridge Colleges are classed as a special case for purposes ol accounting and are required lo publish accounts in accordance with the form of accounts stipulated by Statute Glll 211) of Cambridge University. The Recommended Cambridge College Accounts IRCCAI is based upon the Financial Reporting Standard FRS 102 and is compliant with the statement of Recommended Practice.. Accounting for Further and Higher Education 2015. The Intercollegiate Colleges Accounts Committee advises on inlerprelalion.

EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2023 The College Councll Is responslble for ensuring that there is an effective system of internal control and that accounting records are properfy maintained in order that audited financial stslements as detailed above may be presented. The College is an autonomous body bul il exists as a consliluenl part of Cambridge University. Mallers of concern to all colleges and to the University are discussed and acted on through University wide commillees. Representatives frorn the College sil on many of these committees and, whilst decisions taken there cannot be binding upon the College, consensus is often built and the basis for cooperative action established. ststement of Intemal Control The Goveming Body is responsible for maintaining a sound system of internal control that supports the achievement of policy, aims and objectives while safeguarding the public and other funds and assets for which the Governing Body is responsible, in accordance with the College's StatLJtes. The system of internal control is designed lo manage rather than eliminate the risk of failure lo achieve policies, aims and objectives., it therefore provides reasonable bul not absolute assurance of effectiver>ess. The systems of Internal control is designed to identify the principal risks lo the achievement of policies. aims and objectives, to ev8lu8le the nature and exlenl of those risks and to manage them efficiently, effectively and economicalty. The prcKess was in place for the year ended 31 st July 2023 and up lo the date of approval of the finan¢i81 slatetnenls. The Governing Body review of effectiveness of the systems of internal control is informed by the work of the various College committees. Bursar and College officers, who have responsibility for the development and maintenance of the inlemal Control framework, and by comments made by the external auditors in their management letter. Achievements & Performance In October 2022, 471 undergraduate students (including 3 exchange studenlsl and 309 postgraduate 51uLlenls were regislered at the College. The largest Ljndergraduale subj¢¢ls al the College were Pre-¢lini¢al Medicine and Veterinary Medicine155)', Engineering1641', Natural Sciences11001,' Mathemalics1411'. Hislory1181,' English1201- Geography122}; Modern and Medieval Languages {211', Human. Social & Political Sciences117}.' Economics 119)., and Law1171. In 2022 Emmanuel College received 861 undergraduate applications in total and ac￿pIed 136 in total. Science application numbers remain high and non-assessment social sciences Saw a slight increase in numbers. The interviews took place on4ine. Admission to the College remains extremely competitive and the assessment process is rigorou5. In the Tripos examinations taken in May and June 2023 the undergraduates at the College perfomied slrongly. Amongst the Tripos results in summer 2023 were many exceptional individual perfOrman￿S. Many of the 2023 examination results were publishe(S with a considerable delay due to the nalionwde M8rking and Assessment Boycott. The College carries forward the Iradilion, continuous slnce its foundation, of being a place of spiritual and ethical reflection on the Chrisb'an faith and its implications for the individLJal and society- In parti¢ul8r, the College maintains and supports the Chapel as a pla￿ of religious worship and holds a variety of religious services on weekdays and at weekends during term, which are open lo the general publi¢ and visitors. Through the Dean the College 5UPPOrts the ernolional, rllental and spiritual well*eing of all members of the College communily whatever their faith tradition, or none. The College also maintains its historic connection wlh the work of the Church of England, particularly through its involvement wth number of parishes.

EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2023 Financial Review Maintenance of Buildings The College has a rolling maintenance plan which is reiiewed annually. The cost of routine maintenance is charged to the con501idaled income and expenditure account. The College sets aside sums on a regular basis to meet major maintenance ¢osls which occur on an irregular basis. Capltsl Expondlture Capital expenditure Incurred by the College on an annual basis Is capllalised and dep￿ciated over the economic life of the asset. Collage Funding The College receivgs fee incom8 in respect of tho und&rgradual& and graduate students that il admits. The most significant element of fee income is payable on behalf of undergraduate students by the University- this fee is intended lo provide the leaching and educational facilities for publicly funded students along with the tutorial support and social and recreatioiial facilities that they require. This fee income is however inadequate to meet the full cost of this provision and a subsidy out of the College's endowment income is required. The College also receives inconi.e from rents and charges paid by resident College menibers., charges paid by conference5 and other external hirers., doiialions., and the income generated by the College's elldowmenl inveslmenls. The College's endowment is invèsted Primarily in Commercial property, agriCu￿Ural land and equities. An agent is retained lo mandge the inK.eslmenl property porttolio and the eqJi ily investments are divided between a number of rnanagers wlh both acbve arid passive managemenl slralegies being employed. Tlie College seeks to manage its endomimenl inilestments prudently SD as to preserve real capital value in the longer term and ensure a stable level of income which wll rise over lime. The College seeks lo maintain ils reserves al an 8ppropii8le level $0 85 to protect the College from variations in fee income, conference income, and investment income, and to guard againsl unanticipated expenditure. The level of reserves is routinely reviewed by ihe Finance and Investments Committee and the College Council particularly at the lime Oi Ihe annual audit. The Colleg& Council and various sub-committees of the Govorning Body roLJtinely consider the major risks lo which the College is exposed and the syslems and procedures that are in place in order lo manage Ih05e risks. The College maintains a Risk register which will be periodically reiqewed by the CoSlege Council. mmanuel College is a ¢onlribulor to the Colleges Fund- a system of inler¢ollegiate support providing annual grants to the colleges with smaller endowments Co116ge's Fundraising Activities The College benefits from charitable donations and legacies, which are mostly from members of the College, their families and friends. The Development Office produces a range of malerisl to update College members on ￿cent activities and describing current inilialives. Fundraising activity is managed by the College's Developfflent Office staff, who are salaried and do not receive any compensation linked lo donations. We also receive some support from charitsble foundations. We may make approaches to such foundalions and other'corporate, donors.

EMMANUEL COLLEGE Annual Report for the Year Ended 31 July 2023 Solicitation methods include faCe-tO-fa￿ meetings. telephone ¢alls, em8ils and Tellers from Development Office staff.. an annual giving day,. and telephone campaigns during which selected College members are conlacled by current students al the College and appropriately supervised. Mernbers are given an opportunity lo opt out from receiving calls before they are made. The College engages consultants lo work with the Development Office to deliver the telephone campaign and giwng day. The fundraising strategy and activity a￿ agreed and monitored in several ways. Regular reports are made to the Development Committee. and by it to the College Council and Goveming Body, and the College monitors the effectiveness of activity. The College's fundraising activity confomis to recognised standards of pracli¢e. The College is registered with the Fundraising Regulator and adheres to ils code of fundraising practice, subjecl lo the terms and conditions agreed by the colleges of the Universily of Cambridge and the Regulator. as sel out in the letter from the Chief Executive of the Fundraising Regulator, Stephen Dunmore, dated 20 July 2017. The College's praCtI￿S protect College members and the general public, including vulnerable people. from frequent or pressured requests lo make donations. Individuals, preferences in relation lo all College communications are recorded and respe¢l&d. No complaints about fundraising matter5 were received during the year. The College is a member of the Cambridge Colleges, CRC Consortium through which the Colleges work together lo meet their obligations under the Government's CRC Energy Efficiency scheme. Staffing costs and pension schemes The College makes pension-fund contributions on behalf of ils employees to three defined-benefit funds, the Cambridge Colleges Federated Pension Scheme. the Emmanuel College Se￿ce Staff Pension Scheme and the Universities Superannuation Scheme. Summary of financial outcomè During the year, the College's lolal assets increased in value by £3.1m Isee page 22) refiecting an increase in tangible fixed assets. Endowmenl assets increased by £6.58m. The income and expenditure account reports 8 nel surplus of £587k. Depreciation lotslled £1.77m Ecsucation costs were £7.4m Catherine Webb Bursar

EMMANUEL COLLEGE Independent Auditors. Report to the College Council of Emmanuel College for the Year Ended 31st July 2023 Opinion We have audited the financial statements of Emmanuel College and ils subsidiary for the year ended 31 July 2023 which comprise the consolidated income and expenditure account, the consolidated statement of lolal recognised gain5 and losses, the consolidated balance sheet, the consolidated cash flow slalemenl and related notes. The financ4al reporting framework Ihat has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalemenls.. give 8 true and fair view of the slate of the College and the Group's affairs as at 31 July 2023 and of ihe surplus of the College and the Group for the year then ended., and have been properly prepared in accordance ￿th the requirements of the Charities Act 2011. College's Slalules and the Statutes of the University of Cambridge the contribution due from the College to the University has been correctly computed as adwsed in the provisignal assessment by the Universty of Cambridge and in ac¢ord8n¢e with the provisions of Statute G, 11 of the University of Cambridge. Basis for opinion We condu¢ted our audit in accordance Intemational Standards on Auditing IUKI (ISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audil0rf5 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the elhi¢al requirements that are relevant lo our audit of the Iinancial slalemenls 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 hav& obiained is sufficient and appropriate lo provide 8 basis for our oplnion. Conclusions rolatlng 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 ol the fip.anrial st2lements is appropriate. Based on the work we have performed. we have not idenlified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the College's ability to continue as a going concern for a period of al least twelve months from when the financial st8lemenls are aulhorised for issue. Our ￿SponSibl1115es and the responsibilities of the Trustees with respacl lo going concern are des¢ribod in the relevant sections of this report. Other information The College Council is reoponsible for thè other information. The other information comprises tl)e information included in the annual report , other than the financial slalemenls and our audilorfs report thereDn. Our opinion on the finar.ci21 statements does not cover the other information and, except to the extent otherwise explicitly slated in our report. we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements. our responsibility is lo read the other information and. in doing so. consider whether the other information is materially inconsislent with the financial slalements or our knowledge obtained in the audit or otherwise appears lo be m8teTially misstsled. If we identify such malarial inconsislen¢ies or apparent material misstatements, we are required to determine whether there is a material misslalemenl in the financial slalemenls or a material misslalemenl of the other information. If, based on the work we have performed, we conclude that there is a material misslalemenl of Ihis other informalion. we are required lo report thai fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Statutes of the University of Cambridge In our opinion based on the work undertaken in the course of the audit.. The contribution due from the College lo the University has been computed as adwsed in the provisional assessment by the University of Cambridge and in accordan¢¢ with the provisions of Stalule G.11. of the Universily of Cambridge. 10

EMMANUEL COLLEGE Independent Auditors, Report to the College Council of Emmanuel College for the Year Ended 31st July 2023 Matters on which we are required to report by exception In the lighl of our knowledge and undersianding of the College and Group and its enwronment obtained in the course of the audit. we have not identified rnaterial rnisslatements in the annual report. We have nothing to report in respect of the followng matters in relation to which the Charilles (Accounts and Reports) Regulations 2008 requir& us to report lo you if, in our opinion.. the irrformalion given in the College Council'5 Annual Report 15 inconsistent in any material respect with the finan¢ial ststemenls., or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and relums., or we have not received all the infomalion and explanations we require for our audit. Responsibilitie5 of the College Council As explained more fully in il's Annual Report. the College Council is responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such inlemal control as the College Council determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the College Council is responsible for assessing the College and the Group's ability to continue as a going concern, disclosing, as applicable, malters related lo going concern and using the going concem basis of accounting unless the College Council either intends lo liquidate the College or the Group or to cease operations, or have no realistic allemalive but lo do so. Auditor's responslbillties for thg audit of the financial statements We have been appointed as auditors under section 151 of the Charities Act 20118nd report in accordance wth the Acts and relevant regulations made or having effe¢l Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from . ¥ material misslalemenl, whether due to fraud or error, and to issue an auditor's report th21 includes our opinion. Reasonable assuran￿ is a high level of assuran￿. bul is not a guarantee Ihal an audit conducted in accordance wlh ISAS IUKI will 81w8ys detect 8 materi81 misslalemenl when il exists. Misstslements can aiise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are insiances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularilies, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit pro¢edures responsive lo those risks. including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the le9al and regulatory frameworks Mqthin which the charity and group operates. focusing on those laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures in the financial slalements. The laws and regulations we considered in this context were the Charities Act together with the Stalemenl of Recommended Practice for Further and Higher Education {SORP} 2019, Recommended Cambridge College A￿O￿n(S IRCCA} disclosu￿$, tsxation legislation and general data prote¢lion legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial slalernenl items. In addition, we considered provisions of other laws and regulalions that do not have a direct effe¢l on the financial slalemenls bul eompliance with which might be fundamental lo the charity s and group's Sbilily lo operate or lo avoid a material penalty. We a150 considered the opportunities and incentives that may exist wlhin the charTty and the group for fraud. Auditing stsndards limit the required auéit procedu￿$ to identify non-compliance with these laws and regulations lo enquiry of the Iwslees and other management and inspection of regulatory and legal correspondence, if any.

EMMANUEL COLLEGE Independent Auditors, Report to the College Council of Emmanuel College for the Year Ended 31st July 2023 We idenlrfied the greatest risk of m81erial impact on the financi81 statements from irregularities, including fraud, lo be wlhin the liming surrounding recognition of income and the override of controls by management. Our audit procedures to respond to these risks induded enquiries of management and the Audit Committee about their idenbfication and assessment of the risks of irregularities, sample testing on the posting of journals. reviewing accounting eslimales for biases and reading minutes of meetings of those charged ¥Mlh govemance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material mi5slalemenls in the financial statements, even though we have properly planned and perfomied our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregulariliesl is from the events and transactions reflected in the financial stalemenis, 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-deleclion of irregularities. as Ihese may involve collusion. forgery. intentional omissions, MIsrep￿SenlaI1On8, or the override of internal controls. We are not responsible for preventing non-cornpliance and cannot be expected to delecl non-cornpliance with all laws and regulations. A turther description of our responsibilities lor the audit of the financial ststemenls is located on the Financial Reporting Council's website al.. hllps.'IA￿.frC.Org.uklour-WorklAUdiuAudit-and-asSurance1SlandardS-and-guidanCelStandafdS-and- guidan¢e-for-audilorslAudilors-responsibililies-for-audiVDescriplion-of-audilors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. Use of our report This report is made Solely lo the College's Governing Body as a body, in a¢¢ordan¢e with College's slalules, the StalLJles of the University of Cambridge and ihe Charities Act 2011. Our work has been undertaken so thal we might slate lo the Governing Body those mallers we are required lo stale lo them in an Audiiors, Report and for no othèr purpose. To the fullest extenl permitted by law. we do not accept or assume responsibility to anyone other than the College and the College's Governing Body as a body, for our audit work. for this report, or for the opinions we have fomied. CHATER ALLAN LLP R￿lStered Auditors 7 Quy Court Colliers Lane Slow-cum-Quy C825 gAU December 2023 Chaler Allan LLP is eligible lo act an as auditor in lerffls of section 1212 of the Companies Act 21K)6 12

EMMANUEL COLLEGE ACCOUNTING POLICIES General information Emmanuel College, Cambridge I'the College'l and ils subsidiary Ilogether'lhe Group,) whose object is the advancement for the public benefit of education. religion, leaming and research, primarily by the maintenar7ce and development of a College in the University and City of Cambridge. Basls of preparatlon The financial statements have been prepared in accordance wlh the provisions of the Statutes of the College and of the University of Cambridge, using the Recommended Cambridge College Accounts IRCCA) Fomial", and applicaNg United Kingdom AccDunting Standards, including Financial Reporting Standard 102 IFRS 1021 and the Statement of RecomJnended Practice ISORPI.. Accounting for Further 8nd Higher Education issued in 2019. The Statement of Comprehensive Iricome and Expenditure includes activity analysis in order to demonslrale that all fee In￿Me is spent for educational purposes. The analysis required by the SORP is set out in note 88. The College is a public benefit entity and therefore has applied the relevant public benefit requirement of the applicable UK laws and accounting standards. Basis of accounting The financial statements have been prepared under the historical cost convention, a5 modified by th& revaluation of investment assets. Basis of consolidation The consolidated financial slalemenls consolidate the financial slalemenls of the College and ils subsidiary undertaking (Blue Lion Limiledl for the year ended 31st July 2023. The results of the subsidiary undertakings acquired or disposed of during the period are included in the consolidated income and expenditure account from the date of the acquisition or up to the dale of disposal. Results of affiliated clubs and societies are not consolidated as the College does not govem the financial and operating policies of these undertakings with a view to gaining economic benefits from their activities. Grants made lo clubs and societies are charged in the Slalemenl of Financial Activities as expenditure for ¢haritable purposes. Income Re¢ognltlon Othèr income Income received from a range of 8¢1ivilies including residences. catering conferences and oiher services rendered is ¢redited lo the consolidated income and expenditure account. Cambridge Bursary Scheme In 2022123, payment of the Cambridge Bursaries to eligible students were made directly by the Student Loans Company ISLCI. As a consequence the College reimbursed the SLC for the full amount paid lo their eligible students and the College subsequently received a contrinution from the University of Cambridge towards this payment. The nel payment of £112.370 is shown within the Consolidated Statement of Comprehensive Income and Expenditure as follows.. Income Expenditure £199.37g £311,749 Academic fees Academic fees are recognised in the period to which they relate and includes all fees chargeable lo students or their sponsors. Funds the College receives and disburses as paying agent on behalf of a funding body are excluded from the consolidated income and expenditure account of the College. 13

EMMANUEL COLLEGE ACCOUNTING POLICIES Investment Income Investment income and appreciation of endowments is recorded in in¢ome in the year in which il arises and as either restricted or unrestricled income according to the terms other restriclion applied lo the individual endowment fund. Capital Grants Government capital grants are recognised in income over the expected useful life of an asset. Other capital grants are recognised in income when the College is enlilled to the funds subject lo any performan¢e related conditions are met. Donations & Endowments Non exchange transactions without performance relaled CDndilions are donalions and endowments. Donations and endowments with donor irnposed reslriclions are recognised in income when the College is enlilled lo the funds. Income is retained within the restricled rpserve until such lime that il is utilised in line with such restrictions. Donations with no restrictions are recognised in the income when the College is enlilled lo the funds. Donations & Endowments IContinu*%dl There are four main types of donations and endowments idents'fied wthin reserves-. 1. Reslricled Donations- the donor has specified that the donation musl be used for a particular objective. 2. Unreslricled Pemianenl Endowments- the donor has specified that the fund is to be pemanently invested lo generate an income streams for the general benefit of the College. 3. Restricted Expendable Endowments - the donor has specified a particular objective other than the purchase or construction of tangible fixed assets and the College has the power to use the capital. 4. Restricted Permanent EndowTnents - the donor has specified that the fund is permanently invested lo generate an income stream lo a applied to a particular objective. Total Retiirn In¢orne from the Gener81 Investment Fund, which foms part of the Endowment, is taken to the consolidated income and expenditure 8¢counl on a total ￿luM basis. This is calculated at a 40/0 rate of a smor)Ihed valuation of investment assets. Pension schemes The College operates three defined benefit schemes the Universities Superannuation Scheme IUSSI, the Cambridge College Federated Pension Scheme ICCFPSI and the Emmanuel College Service Staff Pension Scheme119681. Thè institution parb¢ipates in the Universities Superannuation Scheme Ilhe s¢hemel. Throughout the ¢urr¢nl and proceeding periods, the scheme was a defined benefit only pension scheme until 31 March 2016 which was contracted out of the Slate Second Pension IS2PI. These assets of the scheme are held in a separate truslee-adminislered fund. Because of the rp.ulual nature of the spheme. the scheme's assets are not hypolhecaled to individual inslilulions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated ￿th other instilullons, employees and Is unable lo identify ils share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and tlierefore, as required by Section 28 of FRS 102 "Employee benefits" accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the income and expenditure accounts ￿presents the contributions payable Its the scheme in respect of the accounting period. Since the inslilulion has entered into an agreement (the Recovery Plan that delemiines how each employer wlhin the scheme will fund the overall deficit), the institution recognises a liability for the contributions payable that arise from the ag￿ement to the exlenl that they relate lo the deficit and the resulting expense in the income and expenditure account. The Cambridge Colleges Federated Pension Scheme ICCFPSI and the Emmanuel College Service Staff Pension Scheme119681 are defined benefit plans. All ol these are defined benefit schemes which are exlemally funded and contracted oul of the State Second Pension IS2PI. The funds are valued every three years by a professionally qualified independent actuary using the projected unil method, the rale5 of contribution payable b&ing determined by the trustees on the advice of the actuary. In intervening years. the acluary reviews the progress of the scheme. Pension costs are assessed in accordance wlh the advice of the actuary, based on the latest actuarial valuation of the scheme, and are accounted for on the basis of charging the cost of providing pensions over the period during which the institution benefits 14

EMMANUEL COLLEGE ACCOUNTING POLICIES Tangible fixed assets Land and buildings Land and buildings are stated al replacement cost. Freehold buildings are depreciated on a straight line basis over their expected useful economic life of 50 years. Freehold land is not depreciated. The central sile, defined as the land and buildings owned by the College and enclosed by Sl Andrews Street. Park Terrace, Parker Street and Emmanuel Street. along ￿nth North Court, has not been inclLKled as in the College's opinion the cost of obtaining a valuation, if indeed a reliable valuation could be obtained, oubNeighs the benefit to the users of the 8c¢oun15. The insured value of the central site not included is shown in Note 10. Subsequent additions and irnprovements to the College buildings are 8¢¢ounled for al cost. Where land and buildings are acquired with the alé of specific bequest or donations they are capitalised and depreciated as above. Fin8nce costs which are directly atlribLttable lo the construction of buildings are not ¢8Pitalised as part of those assets. A review for impairment of a fixed 8sset is carried out if events or changes in circumsiances indicate that the Carr￿ng amount of the fixed asset may not be recoverable. Buildings under construction are valued al cost, based on the value of archilecls ¢e￿fIcateS and other direct costs incurred to 31st July. They are not depreclaled until they are brought into use. Maintenance of premises The College has a rolling m8inlen8nce plan which is reviewed on an annual basis. The cost of routine maintenance is charged to the Consolidated Income and Expenditure Account as il is incurred or capilalised and depreciated over the useful economic life of the asset concerned. The College also seis aside sums on a regular basis to meet major maintenance costs which occur on an irregular basis. Oparatlonal furniture, fitting5 and equipment Operational fumilure, fittings and equipment costing less than £2.500 is written off in the year of 8cquisilion. All other assets are capitalised and depreciated on a slraighl line basis over their expected useful lrfe as follows.. Operational furniture and fittings 10¥0 per annum Motor vehicles 20Q/o per annum Plant and equiprnent 10V/o 20 Q/0 per annum Computer equipment 330/0 per annurn Where equipment is acquired with the aid of specific bequests or donations il is ¢api181ised and depreciated a5 above. Haritag• a$sets In accordance wth FRS 102 (Heritage Asselsl,works of art, books and other valuable artefacts acquired by the College since 1 August 2007 and valued at over £20k are capitalised and recognised in the balance sh&el al the cost or value of the a￿Ul$ll10n, where such a cost or valuation is reasonably obtainable. In accordance wth FRS102, Heritsge Assets acquired before 1 Augusl 2007 have not been ¢8pilalised since reliable estimates of cost or value are not available on a cosl-benefil basis. Heritage assets are not depreciated since their loro economic life and high residual value mean that any depreciation would not be material. Leased assets Fixed assels held under finance leases and the related lease obligations are recorded in the Balance Sheet at the fair value of the leased assets al the inception of the lease. The excesses of lease payments over recorded lease obligations are Irealed as finance charges which are amortised over each lease term lo give a constant rate of change on the remeining balance of the obligations. Rentsl costs under operating leases are charged to expenditure in equal

EMMANUEL COLLEGE ACCOUNTING POLICIES Investments Investments are included in the balance sheet at fair value, except for inve51rnenls in subsidiary undertakings which are slated in the College's balance sheet at cost less accumulated impairment. and eliminated on consolidaliDn. Properties are valued annually by the Truslees based on eslimaled market values on a continuing use basis after tsking advice from third party V81uers. The SOFA includes realised gains and losses on investment sold in the year and unrealised gains and losses on revaluation of investments. Fixed asset investments are Subject lo review for impairment when there is an indication of a reduction in their carrying value. Any impairment is recognised in the year in which it occurs in the SOFA. Stock5 Stocks are valued al the lower of cost and nel realisable value. Provisions Provisions are recognised when the College has a present legal or constructive obligation as a result of a past event,11 is probable that a transfer of economic benefit wll be required lo selle the obligation and a reliable estimate can be made of the amount of the obligation. Financial Instruments The College has elected lo adopt Se¢lion$ 11 and 12 of FRS 102 in respect of the recognition. measurement and disclosure of financial instruments. Financial assets and liabilities are recognised when the College becomes party lo the contractual provision of the instrument and they afe classified according lo the substance of the contractual arrangement entered into. A financial asset and a financial liability 8re offset when there is a legally enforceable right lo set off the recognised amounts and an intention either to setile on a net basis. or to realise and settle the liability simultaneously. Financial Assets Ba%ic financial assets include trade and other receivables, cash and cash equivalents. These assets are initially recognised 81 Ir8nsa¢lion price unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value ol the future receipt discounted at the market rate of inte￿st. Such assets are subsequently carried at amortised cost using the effective interest rale method. Financial assets are assessed for indicators of impairment and an impairment loss is recognised in the Siatemenl of Comprehensive Income. Other financial assets, including inveslrllents in equity instruments which are not SLJbsidiaries are initially measured al fair value which is typically the Iransa¢lion price. Invesimenis in propety or other physical assets do not Constitute a fiancial inslrurnenl and ale not included. Financial assets are de-recognised when the contractual rights to the cash flows from the asset explre or are settled or subsequently all of the risks and rewards of ownership a￿ transferred 10 8nolher party. Flnancial Llabilities Basic finanaal liabilities include trade and other payables and bank loans. These liabilities are initially ￿CogniSed at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument Is measured al the present value of the future payments discounted at a market rale of interest. Debt instruments are subsequently ¢arri¢d al amorttsed ¢osl using the effective interest Tale method. Tiade payables are obligations lo pay for goods or 5eNices that have been acguired in the ordinary course of business from suppliers. Accounts payable are ¢lassified as current liabilities if payment is due wlhin one year or less. If not, they are presenled as non-currenl liabilits"es. Trade payables are recognised al Iransa¢lion price. Financial liabilities are de-recognised when the liability is discharged. cancelled or expires. 16

EMMANUEL COLLEGE ACCOUNTING POLICIES Foreign currencies Transa¢lions denominated in foreign currencies are recorded al the rale of exchange ruling al the dales of tho transactions. Monetary assets and liabilities denominated in foreign currencies a￿ translated into sterling at year end rates or, Whe￿ there are related forward foreign exchange contracts, al contract rates. The ￿suIt1ng exchange differences are dealt with in the detemiination of income and expenditure for the financial year. Employment benÈfit$ Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which employees render service lo the College. Any unused benefits are accrued and measured as the additional amount of the College expects lo pay as a result of the unused entitlement Taxation The College is a registered charity (number 11374561 and also a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the College is exempt from taxation in respect of income or capitsl gains received within the categories covered by Section 478 10 488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable The College re￿iVeS no similar exemption in respect of Value Added Tax. Contribution under Statute G.11 The College is liable to be assessed for Contribution under the provisions of StatLJle G,11 ol the University of Cambridge. Conlribulion is used lo fund grants lo Colleges from the Colleges Fund. The College may from lime lo lime be eligible for such grants. The liability for the year is as advised to the College by the University based on an assessable amount derived from the value of the College's assets as al the end of the prewous financial year. Rasgrv&s Reserves are allocated between reslricled and unreslricled reserves. Endowment reserves include balances which. in respect of endowment to the College, are held as permanent funds, which the College musl hold lo perpetuity. Restricted reserves include balan¢es in respect of which the donor has designated a specific purpose and therefore the College is restrcited in the use of these funds. Critical Accounting Estimates and Judgements The preparation of the College's accounts requires management of make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimates and asso¢ialed assumptions are based on hislori¢al experien¢e and other fa¢lors, including expectations ol future events that are believed to be reasonable under the circumstances. The resulting accounbng estimates will. by definition, seldom equal the related aclual results. Management consider the areas sel out below lo be those where critical accounting judgements have been applied and the resulting estimates and 8ssumplions may lead lo adjustsnents lo the future carrying amounts of assets and liabilities. Income recognition - Judgement is applied in determining the value and liming of certain income items lo be recognised in the accounts. This includes delemining when performance related conditions have been mel and delemiining the appropriate recognition li￿1ng for donations. bequests and legacie5. 17

EMMANUEL COLLEGE ACCOUNTING POLICIES Critical A¢countlng Estlmates and Judgements {contlnued) Useful lives of property, plant and equiprnenl- Property. plant and equipment represent a significant proporation of the College's lolal assets. Therefore the eslimaled useful lives can have a significant impact on the depreci8tion charg and the College's reported perfomiance. Useful lives are determined al the time the assets is acquired and reviewed regularly for appropriateness. The lives are based on historical experiences with similar assets. professional advice and anticipation of future events. Details of the carrying values of property, plant and equipment are shown in note 10. Recoverability of debtors- The provision for doubtful debts is based on the College's estimate of the expected recoverability of those debts. Assumptions are made based upon 5 /0 of lolal debts oulslanding at the reporting dale. Investment Property- Properties are revalued to their fair value al the reporting dale by Bidwells. The valuation is based on Iho assumptions and judgements which are impacted by a variety of factors including market and other economic conditions. Retirement Benefit Obligations- The cost of defined benefit pension plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due lo the complexity of the valuation. the undedwng assumptions and the long term nature of these plans. such eslimales are subject lo significant uncertainty. Further details a￿ given in note 25. Management are satisfied that Universities Superannuation Scheme meets the definition of a muli-employer scheme and has therefore recognlsed the discounted fair value of the conlraclual contribution under the funding plan existence al the date of approving the accounts. As the College is conlraclually bound lo make defcil recovery payments to USS, this is recognised as a liability on the balance sheet. The provision is Currently based upon the USS defi¢il recovery plan agreed after the 2018 actuarial valuation, which defines the deficit payment required as a percentage ol future salaries until 2028. These contributions will be reassessed with each Iriennial valuation of the scheme. The provision is based on managment's estimate of expected future salary inflation, chnages in staff numbers and the prevailing rale of discount. Further detsils are sel out Going concarn The trustees have a reasonable expectation that the College has adequate resources lo continue in operational existence for the foTeseeable future. In the opinion of the twslees there wll be no material adverse effect on the College's ability to trade. The trustees believe the College is well placed to manage its business risks successfully despite the current uncertain economic outlook. Accordingly, they continue lo adopt the going concern basis in preparing the annual report and accounts. Related party trans8Ctlons The Group discloses Iransa¢lions with related parties which are not wholly owned ¥Mlhin the same Group. Where appropriate, Iransa¢lions of a similar natu￿ are aggregated unless, in the opinion of the Trustees. separate disclosure is necessary to undersiand the effect of the transactions on the Group financial statements. 18

EMMANUEL COLLEGE Consolidated Income and Expenditure Account for the Year Ended 31st July 2023 Note 2023 2023 2023 Unrestricted Restricted Endowment 2023 Total 2022 Total INCOME A¢8derniG Fees and Charges Accommodation, Cataring and Conferences Investmenl Income Endowment return transfer other Incorne 3,393,837 4,996,798 4,910,856 2,009,504 2,$54,752 1,132,328 161,54S 3,393.837 4,996,798 7,641,330 4.305,784 161,S45 3.360,984 4,415,066 7,366,121 3,533,937 125,844 720,970 818,704 Totsl incom¢ before donations and endowments 16,017,788 3,141,832 1,339,674 20,499,294 18.801,952 Donations 753,247 4,412,371 20,456 5,186,074 8.008.469 Total In¢ome 16,771,035 7,554,203 1,360,130 25,685,368 26,810.421 EXPENDITURE Education A¢commodalion, Catering and Conferences Other expenditure Contributlon Under Slalulo G.11 6,014,957 7.350,846 3.039,498 738,746 899.695 37,731 892,307 34,492 478.970 806,762 308,794 26,762 7,393.622 8,195,339 4.240,599 200,000 5,808,28Q 6,630,208 4.053.755 199,000 8c Total Expenditure 16.544,047 1.864,225 1,621,288 20,029,560 16.691.243 Surplus before other gains and losses 226,988 5,689,978 {261,1581 5,655,808 10,119,178 Transfers 15,862,501) 1711,2011 6,573,702 Gainlllossl on disposal of fixed assets Gains on investments 16,709.0561 1.374,761 265,979 {5,068,316} 1358,1721 Surplus for the year {12,344,5691 6,353,538 6,578,523 587,492 9,761,006 Other comprehensive income Actuarial gainllloss} in respe¢l of pension schemes 2,511,622 2,511.622 4,845,374 Total comprehenslve income for the year 9,832.947 6.353,$38 6,S78,523 3.099,114 14.606,380 19

EMMANUEL COLLEGE Statement of Changes in Reserves for the Year Ended 31st July 2023 In¢ome and e¥penditure reserve Unr8strict8d Rastrictèd Endowmgnt Rèvaluation reserve Total Balance at 1 August 2022 46,765,598 120,177.870 137,031,542 44,476,744 348,451,754 SurpluSllDef￿ItI from income and expenditure slalemenl 13,123,891) 6.353,538 6,578,523 16,709,056) 3,099,114 Transfers between revaluation and income and expenditure reserve Balance al 31 July 2023 43.641.707 126,531,408 143,610,065 37.767.688 351,550,868 Balance al 1 August 2021 51,589,939 113,121,448 126,977,605 42,156,382 333,845,374 Prior year adjustfflenl SurplusllDe!Icitl from income and expenditure statement 14,824,341) 7,056,422 10,053.937 2,320,362 14.606.380 Transfers between revaluation ar.d income and expendiluie re5ervc Baldnce al 31 July 2022 46,765,598 120,177,870 137,031,542 44,476,744 348,451,754 20

EMMANUEL COLLEGE Consolidated and College Balance Sheet As at 31st July 2023 2023 Consolidated 2023 College 2022 2022 Consolidated College Note Non-current Assets Tangible Assets Investments Total Non-current Asset5 10 70,827,230 70,827,230 64,019.075 64.019.075 310.520,521 310,520.523 312,781.650 312,781,652 381,347,751 381,347,753 376,800,725 376,800,727 Current Assets Stock and work in progress Trade and other re￿1VableS Cash and cash equivalents Totsl Current As$et$ 564,313 2,860,384 3,389,954 6,814.651 564,313 2.908.448 3.333,695 6,806,456 519,187 519,187 2.937.478 2,173,044 8,778,673 8,695,915 12.235.338 11,388.146 12 13 Creditor$: Amounts Falling Due Within One Year 14 14,247.953} 14,239.760) 15,598.6541 14,751.4641 Net Current Assets 2,586,698 2,566,696 6,636,684 6,636,682 Total Assets less current liabilities 383.914.449 383,914,449 383,437,409 383,437,409 Creditors.. Amounts Falling Due After More Than One Year 15 131,027,507) 131.027,5071 {31,085,564} {31,085,5641 Provisions Pension promsions 16 11,336,074) 11,336,074) {3,900,0911 (3,900,091) Total nèt assets 351,550,868 351,550.868 348,451,754 348.451.754 Restricted reserves Income and expenditure reserve - endowment reserve 17 Income and expenditure reserve- restricted Teserve 18 33,949,905 33.949,905 33,477,910 33,477,910 126,531,408 126.531,408 120.177,870 120.177.870 Unrestricted reserves Income and expenditure reserve - endowment reserve 17 Income and expenditure reserve - unrestri¢ted reservE 19 Revaluation reserve 109,660,160 109,660,160 103,553,632 103.553,632 43,641,707 43,641.707 46,765,598 46,765,598 37.767,688 37.767,688 44,476,744 44,476,744 Total reserv•s 351,550,868 351,550,868 348,451,754 348,451,754 The financial statements were approved by the Governing body on 27th November 2023 and signed on ils behalf by. Catherine Webb Bursar Doug Chalmers CB DSO OBE Master The notes on pages 23 to 39 form part of these accounts 21

EMMANUEL COLLEGE Consolidated Cash Flow Statement for the Year Ended 31st July 2023 2023 2022 Note Net cash oufflow from operating activities 21 (4,981.1761 1.535.276 Cash flows from investing a¢livities 22 6.678.733 6.407,420 Cash flows from financing aclivilies 17,086,276) 113,922,371) In¢reaselldecreasel in cash and cash equivalents in the year 5,388,719 5,979 675 Cash and cash equivalents sl beginning of year 8,778,673 14,758.348 Cash and cash equivalents at end of year 23 3,389,954 8,778,673 The notes on pages 23 to 39 form part of these accounts 22

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 1. ACADEMIC FEES AND CHARGES 2023 2022 College fees.. Fee income receSved at the Publlcly-funded Undergraduate rale Fee income received al the Privately-funded Undergraduate rale Fee income received at the Graduate fee rale Other income 1.392,297 609,406 1,392,134 1.559,910 494,040 1,307,034 Total 3,393,837 3,360,984 2. INCOME FROM ACCOMMODATION, CATERING & CONFERENCES 2023 2022 Accommodation College Members Conferences College Members Conferences 2,902,947 250,699 1,518,847 324.305 2,721.671 128,868 1,321,069 243.458 Catering Total 4.996,798 4.415.066 3. ENDOWMENT AND INVESTMENT INCOME 2023 2022 38 Analysis of Endowment Income Income from= Freehold Land and Buildings Quoted & other Se¢urilies Cash 3,563,736 8.170,778 212,600 3.8g7,906 6,968,031 34.121 11,947,114 10,900.058 3b Summary of Total Return 2023 2022 Income from.. Land & Building5 Quoted and other sewrilies 8nd cash Gainslllossesl on EndowTnenl Assets.. Land & Buildings Quoted and other securities and cash Investment management costs re quoted securities - equitses 3,563,736 4,077,594 3.897,906 3,468.215 17,197.0711 6,434,539 {324.5711 4,453,707 11,277,941) 1344,6431 Totsl Relum for year Total Relurn recognised in Income & Expenditure Account 6,554.227 10,197.244 111,947,114) {10,900,058) Unapplied Total Relum recognised in Statement of Comprehensive Income and Expenditure 5,392,887 702,814 4. OTHER INCOME 2023 2022 Other income 161,545 125,844 161,545 125,844 23

EMMANUEL COLLEGE 5. DONATIONS 2023 2022 Unreslri¢led donations Reslri¢led donations 753.247 4.432.827 1.025.824 6,982,645 5.186.074 8,008,469 6. EDUCATION EXPENDITURE 2023 2022 Teaching Tutorial Admissions Research Scholarships and Awards Oiher Educational Facilities 2,272,433 1,711.790 804,522 973,g56 1,014,977 615,944 1,515,970 1.384,216 757,724 885,792 798,810 465,768 Total 7,393,622 5,808,280 7. ACCOMMODATION. CATERING AND CONFERENCES EXPENDrruRE 2023 2022 Accommodation College Members Conferences College Members Conferences 4.761,177 411,175 2.491,088 531,899 4.087,196 193,524 1.983,881 365.6L17 Catering Total 8.195,339 6,630,208 8a. ANALYSIS OF 2022123 EXPENDITURE BY ACTIVITY Staff Costs {Note 91 Other Operating Expenses Dèprèciation Total Education (Note 6} A¢¢ommodalion, Catering and Conferen¢es {Note 71 Other {Note 8cl 3,264,831 3,005.789 983,795 511,590 1,257.470 3,582 3,617,201 3.932,080 3,253,222 7.393,622 8.195,339 4,240,599 7.254,415 1,772,642 10.802,503 19,829,560 Other expenditure Includes fundraising costs £637,03312022 £695,447). This expenditure includes the cost of alumni relations. 8b. ANALYSIS OF 2021122 EXPENDITURE BY ACTIVITY Staff Costs (Note 9) Depreciation Other Operating Expenses Total Education (Nole 61 Accommodation, Catering and C¢)nferences (Note 71 Other 2.547,300 2,935,256 995,500 259,641 759,655 2.180 3.001,339 2.935,297 3.056.075 5,808,280 6,630,208 4.053.755 6,478,056 1.021,476 8,992,717 16,492,243 24

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 8c. ANALYSIS OF OTHER EXPENSES 2023 2022 Herchel Smith Scholarships to Harvard Herchel Smith Scholarship in Intellectual Properly Interest on loans Donations Other expenditure 277,886 222,332 958,701 5,546 2,776.134 318.772 202.25D 958,701 11.468 2.562.564 4,24D.599 4,053.755 8d. AUDITORS, REMUNEPATION 2023 2022 Other operating expenses include.. Audit fees paid lo the College's external auditors Other fees payable to the College's extemal auditors 19.200 9.360 19,200 8.160 28,560 27.360 The above amounts include related irrecoverable VAT 9. STAFF Academic Fellow5 2023 Non- academic 2023 Total 2023 Total 2022 Staff Costs Salaries National Insurance Pension Costs 1,415,865 4,214,322 112.119 367,060 275.367 869.683 5.630.187 479.179 1.145,050 5.072,099 420,927 985,030 1,803,351 5,451,065 7,254,416 6.478,056 Average Staff Number 2023 Average Staff Number 2022 No. of Fellows No. of Fellows FTE FTE Academic Non-Academic 68 72 130 130 127 127 68 72 The Governing Body comprises 87 Fellows, of which the 68 disclosed #bove ar& slipendiary. One offi￿r received emoluments al over £100,000. Total 2023 Total 2022 £100,000 10 £109,999 £140.000 to £149.999 Kèy Managoment Personnel Key management personnel are those persons having authority and responsibility for planning, dire¢ling and controlling the actiwties of the College. This includes aggregated emoluments paid to key management personnel. Total 2023 £'ooo 328 Total 2022 £'ooo 236 Key Management Personnel The key management personnel are the Master, Bursar and the Senior Tutor. The TTuslees received no emoluments in their ¢apa¢ily as Truslees of the Charity. 25

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 10.TANGIBLE FIXED ASSETS (CONSOLIDATED & COLLEGE} Land Buildings Fumiture & Equipment Heritage assets Total COSTNALUATION Al 1st August 2022 Additions Re¢lassificalion 10.080.000 61.591,308 6,868,490 890,000 4,848,588 1.026.683 265,700 76,785,594 7.895,173 690.000 CostlV8Iu81ion as at 31st July 2023 10,080,000 69,149,796 5,868,737 265,700 85,364,233 DEPRECIATION At 1st August 2022 Promded for the year 9,244,383 1,323,789 3.522.136 448,851 12,766,519 1,772,640 Depreciation a131sl July 2023 10,568,172 3,968,831 14,537,003 Al 31st July 2023 10,080.000 58,581,624 1,899,906 265,700 70,827,230 At 31st July 2022 10.080,000 52.346,923 1,326.452 265,70D 64,019,075 The Insijred Value of Freehold Land and Buildings as al 31st July 2023 was £224.198,706 This figure includes an Insured Value of £200,372,123in ￿Spect of central sile Land & Buildings not included above. Heritage assets The ¢ollego holds and conserves ¢ertain ¢olleclions, artefacts and other assets of historical, artisti¢ or scientific importan￿. As stated in the slalement of principal accounting policies, heritage assets acquired Sin￿ 2007 have been capitslised. However. the majority of assets held in the College's collections were acquired prior to this date. As reliab5e estimates of cost are not available for these on a cost-benefil basis, they have not been capilalised. As a result the lotal inc.luded in the Balance Sheet is partial. Amounts for the current and previous four years were as follows.. 2023 2022 2014 2013 2012 Acquisitions purchased with specific donations College Funds Total cost of acquisitions purchased Value of acquisitions by donation Total acquisitions capitalised

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 11. INVESTMENTS Group 2023 College 2023 Group 2022 Collègg 2022 Balance at beginning of year 312,781,650 312,781,652 308.623.592 308,623.594 Additions Disposals Transfer to Tangible Assets ApprecialionllDepreci81ionl 3,072,223 13,880,820) 1690,000} 1762,532} 3,072,223 13,880,820} 1690,000} 1762.5321 1,645.707 1663,4151 1.645.707 1663,4151 3,175,766 3.175.766 Balance at end of year 310.520.521 310.520.523 312,781,650 312.781.652 Represented by.. Property Equities Investment in Subsidiary Undertaking Other investments 64,372,750 169,496,874 64.372,750 169,496.874 71,489,041 169,806,468 71,489,041 169.806.468 76,650,897 76,650,897 71,486,141 71.486.141 310,520,521 310,520,523 312,781,650 312.781,652 12. TRADE AND OTHER RECEIVABLES Group 2023 College 2023 Group 2022 College 2022 Due wlhin one year.. Members of the College Amounts due from subsidiary undertakings Olher Debtors Prepayments and accrued income 1,129,880 1,129,880 420.365 220,120 1.138.083 2.￿8.448 994,890 994.8gLI 592,421 1,138,083 2.860.384 936,927 1,005,661 2.937,478 171,289 1,006.865 2.173,044 Due after more than one year Other Debtors 2.860,384 2,908,448 2,937,478 2,173,044 13. CASH AND CASH EQUIVALENTS Group 2023 College 2023 Group 2022 College 2022 Current and Deposit Accounts Cash in Hand 3.389,326 628 3,333.067 628 8,777,015 1,658 8.694,257 1,658 3,389,954 3,333,695 8,778,673 8,695.915 27

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS Group 2023 College 2023 Group 2022 College 2022 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Members of the College Amounts due lo subsidiary undertakings Contribution to Colleges Fund Other creditors Accruals and deferred income Pension éefi¢il provision 989,548 1.035,098 984,855 1.035,098 2,471,413 973.397 1.215,474 973,397 412,249 199,000 481,013 1,430,659 39.672 200.000 383,056 1.497.742 142,509 200,000 383,056 1,494,242 142,509 199.000 481,013 1.434,159 39,672 4.247,953 4,239,760 5,598,654 4,751,464 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Pension deficit provision Loan Finance 1.027,507 30,000,000 1,027,507 30.000.000 1,085,564 30.000,000 1,085,564 30,000,000 31,027,507 31,027.507 31,085.564 31,085.564 £10,000,000 Loan Facility repayable 40 y8ars from August 2008. The rale of interest is fixed at 4.590/0 plus minor variable acSjustmenls. £20,000,000 enior Notes were aulhorised and issued for sale in September 2017 wilh an interest rate of 2.43Vo, repayable in 40 years. Pension deficit provision Provision al the beginning of the year Deficit contributions paid Change in expected Coil tributions Interest payable 1,701,151 125.0801 1,1 S5,304 4.138 1.701.151 125,0801 1.155.304 4,138 566,789 {25,080} 1,155,304 4.138 566,789 125,0801 1,155,304 4,138 Provision al the end of the year 2,835,513 2,835,513 1,701,151 1,701,151 Payable within 1 year Payable after 1 year 142,509 1,027,507 35,012 1.666,139 35,012 1,666,139 35,012 1.666.139 1,170.016 1,701,151 1.701.151 1,701,151 16. PENSION PROVISIONS Balance al beginning of year 3,900,091 3.900,091 8,258,305 8.258,305 Movement in year Current seNice costs including life assurance Contributions Other financelin¢omey¢ost Actuarial lossllgainl recognised in statement of iotsl realised gains and losses 744,211 1955,7761 159,170 744,211 1955,7761 159,170 1,223,779 {888.6461 152,027 1.223.779 1888,646} 152,027 12,511,6221 12.511.622) 14.845,3741 14.845,3741 Balance al end of year 1,336,074 1,336.074 3,900,091 3,900,091 28

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 17. ENDOWMENT FUNDS (CONSOLIDATED & COLLEGE) Restricted nel assets relating to endowTnents are as follows.. Unrestricted Restricted Permanent Permanent Endowments Endowments 2023 Total 2022 Total Balance at bèginning of year: Capital Unspent income 83,556,229 19,997,403 30,359,792 113,916,021 116,412,901 3,118,118 23.115,521 10,564.704 New endowments received 20,456 20,456 21,755 Investment income Other income Expenditure Transfers 233,955 1,105,719 1,339,674 1,127,226 11,245,067) 6,962,138 {376,2211 11,621,288) 11,011.021} {388,4361 6,573,702 12.434.612 Increaselldecreasel in market value of investments 155,502 110.477 265.979 {2,518,6351 Balance at end of year 109,660,160 33,949,905 143.610.065 137.031,542 Comprising: Capikl Unspent income 83.711,731 25,948,429 30,490,725 114,202,456 113,916,021 3,459,180 29,407,609 23,115,521 Balance at end of year 109,860,160 33,949,905 143.610,065 137,031,542 Representing: Fellowship Funds Scholarship Funds Prizes Funds Hardship Funds Other Funds General endowments 5.969.978 5.969.978 5.834.419 11,154,073 11.225,428 11,083.624 455,990 455,990 447,654 5.150,469 5.1 S).469 5,049,758 11,219,395 11,545,649 11.447,880 109.262,551 103,168,207 71.355 326,254 109,262,551 Total 109,660,160 33,949,905 143,610,065 137,031,542 29

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 18. RESTRICTED RESERVES Other Restrl¢ted Funds 2023 Total 2022 Total Balance at beginning of year 120,177.870 120.177.870 113.121,448 Investment income Reslricled donations Expenditure Transfers 3,141,832 3.141,832 2.530.619 4,412,371 4,412,371 6,960,890 11.864,2251 11.864,2251 11,593.978} 1711,2011 1711.2011 1681,210) Increasellde¢reasel in market value of investments 1,374,761 1,374,761 1159,899} Balance at end of year 126,531,408 126,531,408 12Q,177,870 Representlng.. Fellowship Funds Scholarship Fund5 ' Prizes Funds Hardship Funds Travel Grant Funds Other Funds 10,935,574 10.935.574 77,659.138 77,659,138 522,632 522,632 2,646,295 2,646,295 332,117 332,117 34,435,651 34,435,651 10.812.625 76,440,317 512.972 2,116,401 321,229 29,974.326 Totsl 126,531,407 126,531,407 120,177,870 Induded in Restricted Scholarship Funds are the following Non-collegiale Funds: 2023 2022 Herchel Smith Scholarships lo Harvard Herchel Smith Scholarship in Intellectual Propety Brewer Hall Poetry Sandcroft Educational AE Tomlinson 36,899,676 5,987.806 54,673 256.965 114.55e 43,313,676 40.964,257 5,883,994 52,707 247,025 110,814 47,258.797 The funds originated from various donations from Dr Herchel Smith and were set up to provide scholarships to students attending inslilulions outside of Emmanuel College 19. RESERVES Fixed asset investment revaluation resèrvè Group & College General rese￿•S 2023 Total 2022 Total Balance at the beginning of year 46.765,598 44.476.744 91.242.342 93,746.321 Surplus retaSned for the year Transfers Actuarial gainlllossl In¢reasellde¢reasel in rnarkel value of investments Transfers between revaluation and income and expenditure reserve Balance at the end of year 226,988 {5,862,5011 2,S11,622 226,988 2.083,687 15.862,5011 111,753,402) 2,511,622 4,845,374 16.709.056) {6,709.0561 2.320,362 43,641,707 30 37,767,688 81,409,395 91,242,342

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 20. Memorandum of Unapplied Total Return Induded within reserves the followng amounts represent the Unapplied Total Return of the College.. 2023 2022 Unapplied Totsl Relum at 1 sl August 2022 Unapplied Totsl Relum for year {see note 3b) 157.201.941 15,392,887) 157.904.755 (702.8141 Unapplied Totsl Relum at 31 st July 2023 151,809,054 157,201,941 21. Reconciliation of consolidated operating Surplus to net Cash Inflow from operatlng actlvltles 2023 2022 Supluslldeficill from ¢onlinuing opera￿on$ before donations of H&itage assets Depreciation of Tangible Fixed Assets {Profilllloss on disposal of Tangible Fixed Assets Investment income Interest payable Pension costs less contributions payable (Increaselldecrease in stocks {Increaselldecrease in debtors Increaselldecrease) in creditors 5,655,808 10,119,178 1,772,640 1,021.476 4,078 {7,500} {11,947,1141 110,900,058) 962,597 958,701 152,395} 487,160 {45,126) 15,854 77,094 1358.0391 {1.408,758} 198.504 Net ¢ash inflow from operating activities 4,981,176 1,535,276 22. Cash flows 2023 2022 Returns on investments and servicing of finance Endowment and investment income received Inleresl paid 7,641,330 1962.5971 7,366,121 1958.7011 Net cash inflow from returns on income and servicing of finance 6.678,733 6,407,420 Capital expenditure and financial investment Purchase of iangible Fixed Assets Proceeds of disposal of Tangible Fixed Assets Net saleJlpurchase} of long-term investments 17,895,173} 112,947,579) 30D 7,500 808.597 1982,2921 Nel cash outnow from capital expenditure and financial investment 7,086,276 13.922.371 23. Analysis ol cash and bank balances At beginning of year At end of year Cash flow$ Cash at bank and in hand 8,778,673 15.388.719) 3.389.954 Nel Funds 8,778.673 5.388.719 3.389,954 24. Reconciliation & Analysis of Net Debt 2023 2022 Cash & Cash Equivalents as 811sl August 2022 Borrowing Greater Than 1 Year 8.778,673 14,758,348 130,000,000) {30.000.0001 Cash & Cash Equivalents as al 31$1 July 2023 21.221,327 15,241,652 31

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES The College operates three defined benefit pension schemes, the Universities Superannuation Scheme IUSSI, the Cambridge Colleges Federated Pension Scheme ICCFPS} and the Emmanuel College setwi￿ Staff Pen%on Scheme {19681. The lotsl pension cost for the period was £1.145,05012022.. £985,031) Universities Superannuation Scheme Limited Pgnslon Costs The lolal cost charged to the profil and loss account is £440.13912022-. £460.6721. Deficit recovery contribution due within one year for the institution are £30,352 {2022.' £142,509) The latest available complete actuarial valuation of the Scheme is al 3151 March 2020 {Ihe valuatson dale), and was carried out using the projected unit nTrethod. Since the institution cannot identify its share of the USS Retirement Income Builder (defined benefill assets and liabilities. the followng disclosurers reflecl thosg relevant for those assets and liabilities 8$ 8 whole. The 2020 valuation was the sixth valuation for the scheme under the scheme-specific funding regime introduced by the Pension Act 2004. which requires s¢hemes to have sufficient and 8ppropri81& assets lo Cover technical provisions. At the valuation dale, the value of the assets of the scheme was £66.5 billion and the value of the scheme's technical prnvisions was £80.6 billion indicating a shortfall of £74.1 billion and a funding ratio of 8390. The key assumptions used in the 2020 valuation a￿ des¢ribed below. More detail is sel out in the Slalemenl of Funding Principles. Pension Increase ICPII -rerm dependent rale in line wlh the difference between the Fixed Interest and Index Linked yield curves, less 1.10/0 p.a. to 2030, reducing lineady by 0.1 O/oP.a. lo a long term difference of 0.10/0 p.a. from 2040. Pension increases {subjecl to a floor of O'/tsl- CPI assumption plus Discount Rale (forward ratel Fixed interest gill yield Curve plus.. Pre-retirement 2.75 /0 p.a Posl-reliremenl 1.000/0 P.8 The main demoor8phi¢ assumption used relates lo the mortality assumptions. These assumptions are based on analysis of the scheme's experience carried out as part of the 2020 actuarial valuation. The mortality assumptions used in these figures are 85 follows-. 2020 Valuation Mortality base table 1010/0 of S2PMA"lighl' for males and 950k of S3PFA fro females Future improvements to mortality CMI 2019 wth a smoothing par8meter of 7.5, an initial addition of 0.50/0 and a long term improvement rale of 1.8Qlo pa for males and 1.60/0 pa for females. 32

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES IContinu8dl The cur￿n1 life expectancies on retirement at age 65 are 2023 Valuation 24.0 25.6 26.0 27.4 2022 Valuation 23.9 25.5 25.9 27.3 Males currently aged 65 lyearsl Females currently aged 65 (years) Males currently aged 45 (years) Females Currently aged 45 lyearsl A new deficit recovery plan was put in place as part of the 2020 valuation. which requires payment of 6.20/0 of salaries over the 1 April 2022 until 31 March 2024 al which Point the rale will increase lo 6.30A. The 2023 deficit recovery liability reflects the plan. The liability figures have been produced using the following assumption.. 2023 5.52, nla 3.OODh 2022 3.31¥0 nla 2.00% Discount Rate Pensionable Salary Growth Pension Increase ICPI} The Cambridge Colleges Federated Pension Scheme About the Scheme The College operates a defined benefrt pension plan for the College's employees of the Cambridge Colleges, Federated Pension Scheme. The liabilities of the pl8n have been cal¢ulaled, al 30 June 2023, for the purposes of FRS 102 using a valuation system designed for the Management Committee, acting as Trntstee of the Cambridge Colleges, Federated Pension Scheme, bul allowing for the different assumptions required under FRS 102 and taking fully into consider8tion changes in the plan benefrt structure and membership sin¢9 that dale. al actuarial assum tions al the balance sheet dale ￿re as follows.. June 2023 pa June 2022 pa Discount rate Increase in salaries Retail Prices Index {RPII assumption Consumer Prices Index ICPII assumption Pension increases In Payments IRPI Max 50/D p.a) Pension increases in Payments (CPI Max 2.50/0 p.al 5.200/0 3.30 /0 3.80V 3.25Yo 2.759/0 3.300/0 3.3001. 2.050 For 1 year only, we have assumed th81 RPI wll be g¥0 and CPI will be 70/0. The caps under the Rules are applied lo assumed pension increases. The underfyng mortality assumption is based upon the standard table known as S3PA on a year of birth usage Mrith CMI 2022 future improvement fa¢tDrs and a long-lerm rate of future improvement o11.25'/o p.a. a standard smoothing factor17.01 and no allowance for additional improvemenls.12022.. S3PA with on a year of birth usage knrilh CMI_2021 future improvement f8clors and a long temi improvement rate of 1.250/0 p.a. a standard smoothing factor 17.01 an no allowance for additional improvemenlsl. This results in the follDwng life expectancies.. Male age 65 now has a lrfe expectancy of 21.4 years Ipreviously 21.9 years) Female age 65 now has a life expectancy of 23.9 years (previously 24.3 years) Male age 45 now and retiring in 20 years would have a life expectancy of 22.6 years (previously 23.2 years) Female age 45 now and retiring in 20 years would have a life expectancy of 25.3 years (previously 25.7 years) 33

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES {Continuedl The Cambridge Colleges Federated Pension Scheme Iconlinuedl Members are assumed lo retire al their normal relirernenl age1651 apart from in the follolfving indicated cases.. Malg Famala 64 64 63 62 Active Members- Option 1 Benefits Deferred Metnbers- Option 1 Benefits Allowan￿ has been made at retirement for non-retired members to commute part of their pension for a lump surn on the basis of the cur￿n1 wmmulalion f8¢lors in these cal¢ulalions. The amounis reco nised in the balance sheel 2re as follows June 2023 June 2022 Present value of Scheme liabilities Market value of Scheme assets SurplusllDeficill in Scheme as at 30 June Related defer￿d tsx asset Net pension assev Iliabilityl as at 30 June Increase in Scheme asse15 as a result of lump sum paid by College in June 2009 Nat pension assetl {liability) as shown in Collagè Balance Sheat at 31 July 114,047,650) 115,624.8311 11,520.576 13,029,740 12,527,074) 12.595,0911 12.527,0741 12.595.091) 2,527,074 2 595,091 The amounts reco nised in rofil or105s are as follows.. June 2023 June 2022 Current service c051 Interest Cost IG2inllLoss on Plan Changes Total 562,211 100,122 26.048 688,381 924,779 110,027 1.034.806 Award of discretionary pension increase Chan es in the resenl value of the Scheme liablities are as follows.. June 2023 June 2022 Present value of Scheme liabilities al beginning of period SeTri¢e cost lincluding employee's ¢onlribulionsl Benefits paid Interest cost {GainllLoss on Plan Changes Acluarial105seslgainsl Prèsènt value of Schème liabilitiès at ènd of ￿rIOd 15,624.831 604.041 1578.5221 594,884 26,048 2,223,632 14,047,650 21.044,599 g63,393 1495,711} 382,884 8,270,334 15 624,831 Chan es in Ihe fair value of Ihe Scheme assets are as follow June 2023 June 2022 Market value of Scheme assets al beginning of period Interest on Plan Assets Return on assets, less interest included in I&E Contributions by College Employee contributions Benefits paid Markat valug of Schame assèts at and of perlod 13,029,740 14,971.294 494.762 272.857 {2,200,4611 12,446,432} 729,776 685,646 41,830 38.614 575,071 492,239 11520576 13 029 740 Actual Return on Plan Assèts 11,705,699) {2,173,575) 34

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES {Continuedl The Cambridge Colleges Federated Pènsion Scheme Icontinuedl The ma he or cate ories of lan assets as a er￿n18 ar endin 30th June 2023 are as follows.. e of total lan assets Percentagg of total Scheme Assets June 2023 Parcentage of total Scheme Assets June 2022 Equities and Hedge Funds Bonds & Cash Property Total 490 380/0 13ts 100Y. 520/0 100Y The plan has no investments in propety 0￿Upied by. assets used by or financial instruments issued by the College. Analysis of the remeasuremenl of the nel defined benefit liability recognised in other comprehensive income IOCII for the year ending 30 June 2023 Juna 2023 June 2022 Actual Relum less Expected Return on Plan Assets Experience gains and Losses Axising on Plan Liabilities Change in Assumptions Underjying the Present Value of Plan Liabilities Actuarial gainlllossl Recognised in OCI 12,200.4611 12.446,4321 11,780,252) 1734,115) 4.007,335 7.007,921 26,622 3,827,374 Movement in sur lusl deficit durin the ar endin 30th June 2020 June 2023 June 2022 SurplusllDeficitl in Plan at Beginning of Year Recognised in Profil & Loss Contributions Paid by College Actuarial gainlllossl Recognised in OCI Actuarial GainllLossl in Plan at the End of the Year 12,595.0911 16.073,3051 1688.3811 11.034.806) 729,776 685,648 26,622 3.827,374 2,527,074 2.595,091 Funding Poli¢y Actuarial valuations are Carried out every three years on behalf of the Management Commitiee. acting as the Trustee of the Scheme, by a qualified independent actuary. The actuarial assumptions underlying the actuarial valuation are different to those adopted under FRS 102. The last such valuation was as al 31st March 2020. This showed th81 the plan's assets were insufficient to cover the liabilities on the funding basis. A Recovery Plan has been agreed with the College, which commits the College to paying contributions to fund the shortfall. These deficit reduclion contributions are incorporated into the plan's Schedule of Contributions dated 21$1 hAay 2021 and are as follows.. Annual contributions of not less than £70.759 p.a. payable for the period 3Dlh November 2033 These payments are subject lo remew followng the next funding valuation, due al at 31st March 2023. 35

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES (Continued) Th8 Emmanuel College S•rvice Staff Ponsion Scheme {19681 The College operates a final salary defined benefit pension scheme in Ihe UK, The Emmanuel College Service Staff Pension Scheme119681. A comprehensive actuarial valualion of the Scheme was carried out as al 31 March 2021. which has been updated lo 31 March 2023 by a qualified independent actuary. Princi al actuarial assum lions al the balance sheet date ex ssed as wei hted aver8 Asat 31 March 2023 4.700/0 nla Asat 31 March 2022 2.60/ nla 2.OO/c+ 2.9Q/ 3.40/0 O.OO/o Financial assumptions Discount rate Expecled return on plan asseis Future salary increases Pension revaluation in deferment {CPI, maximum 2.50AI Pension increase in payment IRPI, maximum 50/0) Proportion of employees opting for early retirement Inflat￿n assumption O.OO/o 3.40¥ Demographic a$$umptions Assumed life expectancy in years, on relirement at 65 Retiring today Males Females Males Females 22.9 25.6 21.6 24.2 22.8 25.4 21.5 24.0 Retiring in 20 years ee benefit obli alions- amounts rec nise£t in the balance sheet Asat 31 March 2023 4.544,000 5,735,000 1,191,000 Asat 31 March 2022 6.780,000 5.475,000 11,305,000} Present value of funrled obligations Fair value of plan assets SurplusllDefi¢itl in the scheme Related deferred lax asseulliabilityl Nel pension assetllliabililyl 1.191.000 1,305,000 The amounis reco nised in rofit or loss are as follows.. For year to 31 March 2023 For year to 31 March 2022 Current serwce cost. Interest expense Interest Income Admin expenses Gains and losses on settlements or curtailments Total eost 182,000 179,000 1746,0001 299,000 143,OCK) 1101,0001 ** 215,000 341,000 Actual returnlloss) on plan asseis 11.000 296,000 36

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES (Continued) The Emmanuel College Serylce Staff Pgnslon Sch&me119681 {continuedl Chan es in the resent value of the defined benefit obli alion are as follows For year to 31 March 2023 For year to 31 March 2022 Opening defined benefit obligation Current service costs Past Servi￿ cost Member contributions Interest cost Acluarial losses Igainsl Benelils paid Closing defined benefil obligation 6,780.000 182,000 7.156.000 299,000 72.000 179,000 12.620,0001 49,000 4,544,000 65,000 143.000 1823,000} 60,000 6.78D,DOO The projected unit valuation method has been used lo arrive al the above service cost. The Ljse of this method is prescribed in FRS 102. To produce a stable future ctsnlribulion rale this valuation method assumes that ihe average age of the Scheme membership wll remain broadly constant in future due to a flow ol new entrants lo the Scheme. If a scheme is closed to new members this will not be the case and the costs of benefits accruing, as a percentage of pensionable salaries. will be expected to increase over lime. Chan es in the fair value of lan assets are as follows For year to 31 March 2023 For year to 31 March 2022 Opening fair value of plan assets Return on assets, less interest included in I&E Interest income, nel of adminislralion fee Contributions paid by the employer Member contributions Bentrfils paid Closing fair value of plan asse15 5.475,000 1135,000) 146,000 226,000 72,000 49,000 5,735,000 4,971,000 195.000 101.000 203.000 65,000 60.000 5,475,000 The College expects to conlribule 29.120/0 of Total Pensionable Salaries lo The Emmanuel College Service Staff 1968 pension Scheme in the next accounting year. The Emmanuel College Service Staff Pension Scheme (19681 l¢ontlnuedl The ma or cale ories of lan asse15 as a ercenla e of total 18n asset and ex As at 2023 /0 total plan Expècted assets return ected retum are as follows-. As at 2022 Yo total plan Expected assets return Unitised with profits policy Cash 98.5Vo 1.5'/0 99.00/, 1.00 nla nla nla 37

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 25. PENSION SCHEMES (Continued) GMP E ualisation Following the High Court ruling on 26 October 2018, regarding the equalis8lion of Guaranteed Minimum Pension {GMP} bttnefit wlhin the Lloyds pension scheme, the Scheme is ￿qUI￿d to adjust benefits lo remove the inequalities be￿een the GMP benefiis awarded lo males and females. On 20 November 2020 the High Court issued a supplementsry rLtling in the Lloyd5 ban GMP equalisalion case with respect to members that have transferred out of their s¢heme prior lo the ruling. The ruling obliged Trustees to make lop-up payments in respect of historic transfers Ihal were not paid on an eoualised basis. No allowan￿ for GMP equalisation was made by the College in last year's disclosures. 26. CONTINGENT LIA8ILir The College is a participating employer in the Cambridge Colleges Federated Pension Scheme ICCFPSI and Emmanuel College Service Staff Pension Scheme119881 Ilhe"Schemes°l The Tru51ees of the Schemes have recently completed a triennial valuation of the Schemes and it has agreed that as part of ils legal commitment lo pay conlribulions lo the Schemes in a¢¢ordan¢e with the Pensions A¢1 2004. the College provide security over property in favour of the Trustees. The College has assigned 19 and 20 Warkworth Street for this purpose wlh a value of £2.1m 8131sty July 2020. 27. SUBSIDARY COMPANY The College's investments include the following subsidiary, which have been included in the Consolidated financial slalemenls.. Country of registration and operation Class of share Proportion held Nature of business Blue Lion Limited England Ordinary 100°ID Propety development The subsidiary comp8ny has 8 31 Juty year end The Trustees believe that the carrying value of the investments is supported by their underlwng nel assets. 28. RELATED PARTY TRANSACTIONS Owing lo the nature of the College's operations and the cornposilion of its Governing Bo(Jy il is inevitable that transactions will take place wlh organi5alions in whiGh a member of the Goveming body may have an interesl. All transactions involving organisations in which a member of the GDveming Body may have an interest are conducted al arm's length and in accordance with the College's nomial procedures. In addition the College has provided housing loans tolalling £222,00012022: £222,000) to its Fellows for personal use. This amount has been included in debtors.

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 29. Flnanclal Instruments 2023 2022 Finan¢ial Assets Financial assets at fair value through Statement of Comprehensive Income Listed Equity Investsnent 169,496.874 169.806,468 Finanaal assets that are equity instruments measured at cost less impairment Other Equity Investments 76.650.897 71.486.141 Financial as5e15 that are debt instruments measured at amortised cost Cash & Cash equivalents Other Debtors 3.389.954 592,421 8,778,673 936,927 Flnanclal Llabllltles Financial li8bilities measured at smor￿Sed cost Loans Trade Creditors 30,000,000 989.548 30,000,000 2,471.413 39

EMMANUEL COLLEGE NOTES TO THE ACCOUNTS 30. PRIOR YEAR INCOME AND EXPENDITURE ACCOUNT Note 2022 2022 2022 Unrestricted Restricted Endowment 2022 Total INCOME Academic Fees and Charges Residences. Catering and cOnferen￿S Investment Income Endowment relum transfer Other Income 3,360,984 4,415,066 4.894,196 1,710,160 2,348,017 820,459 125.844 3.360.984 4,415,066 7.366,121 3.533,937 125.844 7e1,765 365,461 Totsl income before donations and endowments 15.144,107 2,530,619 1.127.226 18,801,952 Donalions 1.025,824 6,960,890 21,755 8,008,469 Totsl Income 16.169,931 9,491,509 1.148,981 26.810,421 EXPENDITURE Education Residences, Catering 8nd Conferences Other expenditLJre Contribution Under Stalulp G.11 4,859,459 6,256,323 2,832,857 137,605 654,427 6.791 897,919 34,841 294,394 5.808,280 367.094 6,630.208 322,979 4,053,755 26,554 199.000 8c Total Expenditure 14,086.244 1.593,978 1.011,021 16,691,243 SurpluslldefiCItI before otlier gains and losses 2,083,687 7.897,531 137.960 10,119,178 Transf¢rs 111,753,402) 1681.210) 12,434.612 Gainl{lossl on investmen15 2,320,362 {159,899} 12,518.6351 (358,1721 urpluslldef1¢1t} for the year 17.349.353) 7,056.422 10,053,937 9.761.006 Otlier ¢omprehensive in¢ome Actuarial Ilossl in respect of pension schemes 4,845,374 4,845,374 Total comprehensive income for the year 2,503,979 7,056,422 10,053,937 14,606,380