2023-06-30-accounts

GIRTON COLLEGE CAMBRIDGE Annual Report and Accounts For the year ended 30 June 2023 Registered Charity No. 1137541

Contents I. CORPORATE GOVERNANCE......................................................... 11. WHAT WE DO.............................................................................. 111. OUR ACHIEVEMENTS AND PERFORMANCE IN 2022123........................... .13 IV. FINANCIAL REVIEW........................................................................................ .26 Independent Auditors. ReFQrt to the A￿￿ented Council of GIr￿n College............ Statement of PrinaFal Accounting Poliaes................................................................. .. .... .38 .43

I PORT OF THE COIJNCIL I. CORPORATE GOVERNANCE The members of the Augmented Councll during the year 2022123 were as follows: Ellsabeth Clara Kendall MA DPHIL PHD Andrew Irvlne BSC PHD Harriet Dorothy Allen MA PHD MSC MorngAnn Hunter BA PHD Matthew James ￿len MAy￿m￿ PHD Uliana Janik MPHIL PHD Carolina Cristina Alve$ BSC MSC PHD Henrik Latter BA PHD lame5 Spencer Anderson MA Arik Kershenbaum MA PHD SCD Davld Arvldkon-shukur BSC MPHYS PHD Cliye Lawson MA PHD CharlesJohn McKinnon Bell MA PHD MB Ross lan Lawther MA PHD BSCHIKe Alexander Liu MA MESC PHIL lenny K Blackhurst MA Sants-Phani Gopal Madabhushi PHD Edward John Briscoe BA MPHIL PHD Slrnone Maghenzani BA MA PHD Collln Mervin Constantine BCS MSC PHD Hllary Frances Marlow BA MA PHD Fiona lustine Cooke MA BM BCH MSC PHD Matthew Richard James Neal MA PHD FRCP Strphanie Palmer SJD LLM Nik Cunniffe MA MSC MPHIL PHD s￿lY Louise Ricketts BSC PHD jacob Maren Rutledge Currie BA MPHIL PHD Roland James EdY*ard Riley BA MA PHD Stuart Dav15 MA BA MPHIL PHD Angela Chadotte Roberts PHD Mlehael Jason Deganl BA MA PHD Jochen Runde MPHIL PHD Amy Rosamund Donovan BA MPHIL MSCI Luclo Sarno MA BECON MSC PHD PHD Stuart Ashley Scott MA PHD judith Ann Drlnkwatsr MA Sophia Marie Irmgard Shellard-von Weikerthal BSC Debornh Ea51ick BA PHD Martln William Ennis MA PHD Hugh Rlchard Shercliff MA PHD Slmon Nicholas Falrclough MA Shona Wi150n Stark LLB LLM PHD Seb2$tian Leonard Dundas BA PHD PGCE Stéphanie Marianne Syrdrbreck BCS MCS PHD Shaun Dayld Fltzgerald MA PHD FRENG OBE John Alphonse Tadross BSC PHD MBBS FRCPATH Chris¢opherJohn Bristow Ford MA PHD Scelios Tofaris MA PHD Abigail Lesley Fowden MA PHD Helen Anne Van Noorden BA MPHIL PHD Alexandra Mary Fulton BSC PHD Jame5 Wade BA MA PHD Diana Fu5co BPHYS MPHYS PHD Emma Jane Louise Weisblatt BA PHD Marta Gentilucci MMUS MA MA PUK PHD Claire Emma White BA PHD 8enFam1n john Griffin MA PHD Gail Antoinette Williams BA PHD Maureen Jane Hackett BA MA Samantha Katherine William5 BA MSC PHD Thomas Charles Hawker-Daw50n MA MPHIL Aaron Hornkohl BA MA PHD

Professional Advisors Auditors Investment Managers Petsrs Elworthy & Moore Salisbury House Station Road Cambridge CBI 2LA Amundi Asset Management 77 Coleman Street London EC2R 5BJ Parthers Capital LLP 5 Young Street London W8 5EH Banke Barclays Bank plc 9 - 1 I Saint Andrevrt Street Cambrldge CB2 3AA Savills Investrnent Management (UK) 33 Margaret Street London WIG OJD Lloyd5 Bank plc 3 Sidney Street Cambrldge CB2 3HQ Sollcltors Mishcon de Fieya Merlin Place Milton Road Cambridge CB4 ODP

Governing documents and charltable status The Cdlege Is a'knty Polltk and Corwate" e$￿￿[shed by a Rordl Charter datrd 1924 and a Supplements] CEMrter and dated 1954.The f￿tIon bears the name and swe of"The Mistress F￿1¢￿ and Sthoth of Girton Cdlege" and is also knovm by the short name and s￿e of "Girton College" The College i5 gover￿ ty Its Statytes 2nd Orrfirwices.vthTrth positlon It as a setf%oveming community of scholars. The College ts a registered charity (regiSte￿d number1137541) and subiett co regulation by the Charity Commission for England and￿5]e& Its ￿naPa1 office is at Glrton Coll%e, Huntingdon tloa4 Cambridge CB3 OJG.The members of the College cou￿1 are the charity tr￿teeS and are respc*isible for ensurfryd Comp1[an￿ with dHrity I￿. Constltution and how tnistees are recruited The chartty trustEes of the College are the m￿MberS of College CoLnciI. comprisin& In accordance with the Cdlege statu￿ f￿r memEws tho serve ex officio, nine Fellows who are elected in accordance ￿ the Stattrtes ty the Governing of the Coll• and five sts￿nts v4ho serye ex offlclo In accordance the Ststtrtes and Ordinance5 d the Cc41eg Names of trustees and prlncipal offjcers during the financial year The members of the Councll during the financial year 2022123 were: Dr E C Kendall (Mlstress from l.10.22) Mr S N Fairclough (from l.10.22) Professor S J Smith (Mistress to DrBJ Grrffin (from l.10,22) 30.9.22) Dr E Weisblatt (from l.10.22) Dr H F Marlow (Vice Mistress) Ms J Bla¢khur5t (from l.10.22) Mr J Anderson {Bursar) Dr H D Allen (from l.1.23) Professor G A Williarns (Senlor Tutor Mr J Pxe UCR President) to 15.3.23 from l.10.23) Ms l Hill (ICR President) from 16.3.23 Dr A M Fulton {Senlor Tutor to Mr H Goolnik IICR Vice-Presldent) to 30.11.22 30,9.22) Mr H Lone (ICR Vice-President) from 1.12.22 Professor C Durkan (to 1.9.22) Mr R Misra IICR Treasurer) to 30.11.22 Dr F Cooke (to 30.9.22) Mr J Seabrook-wafer UCR Treasurer) from 1.1122 Dr J Wade (to 30.9.22) Ms E Richardson (MCR President) Dr C C Alves (to 30.9.22) Mr U-U-R Zia (MCR Vice-President) Dr S Fitzgerald Dr S Shellard von Welker5thal Professor A Fowden Dr S Maghenzani The prlncipal officers are the Mistress, the Vice Mlstress. the Bursar and the Senlor Tutor.

An induction 2nd training session is held anrxffil￿ for afi new and continuing rneMbe￿ of the Council. This inckKles in particular the policy of the College c) the nw)agement of C¢xllicts of intsresL There is a Registsr of Interests of membws of CourKiL Dedarniions of irterest are made systematically at meetings. Organisation and governance structure The Cdlege Council is both the Board orrrustees the Ex￿1￿1¥e Body of the College. It meets12 times ann￿ty, and tt Is augmented by other members CA the Fellowship for the purFoses of certln business, as provided for In the College StarU￿s. Girtons Gowning W a&0 has certwn powers as set ouc n the Ch2rter and the SottJtÈs. The Council is SUFPOrted by a fftssIon￿ Secretary to Council and a Commit￿ strwcture covering all College actiwtyes and involving Fello￿ swdents and staffatall levds. The main Committees a¢fvi5ing the COl￿al in its duties and meetiiE in 202Y23 wet Investments Committee Flnancial Planning Committee Buildings and Estates Strategy Committee Human R&sources Committee Academic Policy Committee Education Board Health and Safety Consultative Committee Development Strategy Committee Audit and Scrutiny Committee Itls ckty ofthe Audit and scrU￿nY G￿lMty ￿ld) Ims a maiorlty of exeemal member5, to keep under review the effectiveness of the College's Intern￿ systems offironcial and other control& to advise the C￿nCil on the app(xntrnert of extern￿ auditAYS" to consider rePc￿ts sikntttsd by the audthrs; to monlcor the Implemg)tation of rec¢jm￿￿fions nllde by the auditors; and to make an annual report to the CoUr￿lL During 2022n3, the tern￿ of refer￿ce of the CommitLee were under review and its membetshlp fdc3nL as a result no meellrw took plac& In the current financial year the new Committee has been Conv￿ has met and has prepared a report for Counal. The Council oversees a devofved budgeting sysm und¥ whkh indfvi¢knl budget holders are responsible for man2ging income and eXP￿dItiJ￿ wrthin their own areas of operntion, and fi)r bring'ng fowdrd budget proposals through an arn￿ Lwdgeting Frncess.StsJdents, Fellows members of staff a￿ enC￿J[?ged to wticF)ate in the through their menersh¥) of the Colleges various committees.The Col Cc¥Jncil C￿lderS the bjdget proposal in detail before It is approved,to ensure that tt Is con51sttht vrfld) the Cdlege¥ sts7teglc alms and oblths. The proper use of finances and reSoU￿es, in a manr)er vthich rK>t On￿ sattsfies ￿ wuiremenrs of Internal control ex￿cted of a college, but also fuffiLs any legal or fimKlal oblEations as laid down by the Stattrtes and Ordinances, HMRQthe ofCan*JricÈ4 the C￿￿1ty Commission and

other authoritEs, is ensured by the College& Financnt Regulatlons.The ￿lege Council and approves these ann￿1￿ on the athKe cl the The College alm5 to opwate as a n￿dd ofgwd govmnce measured ag￿n$t benchmadfs within the charrcdble and hlgher e(k￿at1￿ sectorsand to be to best prnctice In other sectr*rs, Including the corporate sector, as approprlak. To that eT¥I Ls an annual r￿eW of goveman led by the Secretary to C¢xmal,follLWlUE whith key ￿0mm￿liOrl8 are implemeJrted. Statement of Internal Control The Council is resp)nsible for [￿n￿nIng a sound Sys￿ cl internal contsd that SUPForts the achievement of policy. aims arKI obiecihe5 while Safe￿rdIrE the public and other funds and assets for whbch the Counol is responsitk in acconIan￿ wlth the ColSege's str￿te5. The system of internal contrd ts deslgrled to identify,0￿￿ and manage rather than elh)Inate the risk offailure to achleve pollcies aims and oty'thyes: it therdore pruvides ￿asOnable but not absolute assurance of effectiveT￿.ThiS pr￿￿ was In place for the >Ear ended 30 June 2023 and up to the dath of approval of the firpncol statements. The Council is responslble for reAe1￿ng the effectivrn of the s￿tern of IntErrAI control. The followng processes have been ￿tabliShed. The Council an reFrfXt from theA￿rt and Scrutiny Commltte TheAugmented ￿n￿l the anN￿lAudI¢ Mattws document from the extern3J audit￿ and refer3 any niatters of crxKem to CoLmdl; The Councll undert3kes an annLMI review clthe College's RrAncial Regulation5. The Counal's revi￿ dthe kn ofthe systwn of Intern￿ contrd ￿ infcrnied by the of the various Committees, bjrsar, arKI College officer&tho ha%E responsibility for the devebpment and malntenwce of the Int￿nal control framthand by cc¥nments made by the extern￿ audito in their ManageM￿t letter and other rwo Responsibillties of the Augmented Councll TheAugmented Council Is responslble fOr,aM￿ 0￿r thins pwing theAnnU￿ Report and financial 5tstsments In accordance with applicable and Unw KingdomAccounring Standards (United Kingdom GeneraEtyAcceptedAccounting Prattice). The College's Ststtrtes and the Ststtts and ordinan￿ of the unp￿sity of Cambridge require the Augmenced Council to Prepa￿ firmnaal statements for each firAnaal year whlch give a true and fair vlew of the state of affai￿ of the College and of the surplus or defictt ofthe College for thit pericxj. In preparing these financd Statem￿￿theA￿￿￿ted C(yJncil are rquI￿1 to: Solert suitable accountlng policies and then apply them consistently; Make judgements and estimates that are reasonable and prudent; State whether applicable accounting standard5 have been followed, sublect to any material departures disclosed and explalned in the financial statements. and

Prepare the financial ststements on the going concem basis unless it is inapproprlate to presume that the College will continue in operntion. The Augmented Council is responsible for k￿PIng accounting records thich disclose with reasonable accuracy at ary iirrE the ftroncpl position ofthe ColSege and enable them to ensure that the financial staterw)ts comply with the Stsllrtes of the University of Cambridge. ￿ Is ais0 responsible for 5afyuarding the assets of the COll￿e and he￿￿ taking reasonable steps for the prew)uon and deteLton offraud arKI other irre8Utar71itt. TheAL￿M￿d G)uncil is responsible forthe malnten2nce arKI inteJity of ￿ ￿rPO￿￿ and financi￿ 1nfonrnl￿ tncluded ¢)n the CCAWS websi. L￿]SIation in the United Kingdorn goyeming the preparation 2nd di&8enNnaric￿ of finanaal 5tstements m¥ differ frcth legi%latK)n in other jurisdictions. Remuneration policy and process The College is guided by the rerwnÉrn1ion policies and pay sdes of the collegote Unmity of Canknidge and the HE sectors 8en￿￿.C￿ncJ1 approves the application of the sector rAy award to College Fay scales.An internal committee is in place to deal with Matt￿ not systeniatKalty covered by the established sc31es. IndI￿dU￿ members of thi8 committee would be expected to dedare an interest and withdraw fr(Th the ￿￿eting durll￿ ary discussion rekting to their ¢M pay. In addition, the College an indeFendert ReMUne￿i0nS Committee with extenHI membcn,with a to provide an impartial wew ofthe ￿uneratiOn of cerrin truste4 in the M Fellows and OffI￿rs.and to demIMStra￿ dlltdects￿ are t2ken ts?nspa￿ntty and in the best interests of the College¥ duritable purposes. Impact of mernbership of wider network Although it is a legalty and finanoalty separdte inStityti￿ goNEmed by Its own c¢￿1tu￿n, the College is wt cl the colle8Rte Unive￿ty of Cambridge and is Su￿ect to the S¢atutes of the University, The UnwEity and the Cdleges m3ke corn￿en￿ PrOv￿10n for the edUCatiC￿ of matriculated s￿￿ents,whO are admmtsd by thelr Colleges arKI wnted try them for examination by the Unive￿Ity, In the Interests of enhancing qualty aryl ￿ue for the Colleges contribute diredy to the cost of shared seNces provided on bdTrlf of the Col Cdlecti￿,and also to joint Ventu￿ with the Unive￿ity.

1. WHAT WE DO Our purpose The objects of the College are the adyoncement rf ed¢Kaooo relgion, leaming and ￿earch ond in urticular the PrWroth)n ofpetsons fvrtokng examin(th t7ThJprc(eedwg to the degree5 ofthe University of cambr￿￿￿ The College Council's four maln Strategic priorities are.. Outstanding Education" A World-class Fellowship; Green Girton" and Enrichment and Opportynity Supporting these are a further five strate&c enablers: Developing our estate Achieving financlal sustainability; Enhancing Infornution and communlcations; Relnforcing our governance. and Supportlng our people Our activities The College ha5 ￿0 major streams of opernting activlty: Education The College Pr￿id￿ a research-infiJsed learning en￿￿nrnent for under8fdduao and post 8Trthate students, eaty career ￿se￿cherS and established academics, supwrting teachin& research, pastcral care, Ilbrnry and Informati￿ s￿￿ceS, SOCI￿ ac0vit1￿,spOr￿ nxtsic and the art8 and all personai devdopment Residence5, Catering dnd Confvrences The College p￿￿deS INing accommodation and cateTtng seNces for College m￿nber$ from sltss in Cambrfdge,the man Collcge site on H￿t[ngdon Floa4 close to Girton village. and Swlrfes on Pheasant Drwe In the new urban dLstrkt of E¢￿InSt0n.The College aLso carrie5 on,a5 anclllary aCrI￿tIeS a conference and events bu5ines4 and a comm￿1 bu51ness Girton Summer Programrne5, providing summer schools for Internthal of Unive￿￿ age. The College is also ￿SponSible as tntstee for the rr￿na￿t of the permanent endowment ￿PItal of the 128 (2022.131 } atti¥e restricted arvj unre5thcted fiJnds.which comprise itsAnBI￿mated Trust Funds (ATF) scheme. These funds haye been accumu12ted the lrfe of the College from the gifts of g￿￿rcxJS dor￿￿ and benefacth and thw enable the College to p￿￿de fir￿da1 sUPPOrt for indivlduaLs and a range of ots wrpose5,vthich would not Otherwi￿ be possible.

The College 3ttNety soliats further don3ti0rts to the AJnd5 tt) enhance the scope clthis supp)rL Our funding The College& charitable athities fLThled in p2rt by the fees 2nd charges pald by College rnembers and other user& and In part by donation& beq￿ts and the restritted and unrestricted income genernted by the investsnentof end0￿m￿ and ￿e￿al reswves. The College's d)d¢)wment assets and inveStsM￿ are pn)fessionalty managed by external investment managers under the guidance of the IrNestsn￿ Committee. Funds are invested in a diverse Mge of assets on a cotal retum basis wsth a viLw to securirE a ccnsi5tent fundirE stream to SUFPOrt the College's activities in PU￿Ult of ￿ d)arTtsIAe obiecllv Fees und thoryes su￿nts pay for wition 3$ follow% Undergraduates.. Unde￿rad￿te$ entitled to Stydent Support (typic21￿ HomeEU students) are charged at exC￿nal￿ regulat&l ratts and are funded ty such grant or loan funding arrangements as are frcrn time to time approved by the GovernmenL Tuition fee income paid by these students is shared with the Universty; (￿er$eaS undergrnduaces any HomelEU undergraduatrs not enutled to Student Support are Cha￿ed at a rate detrmilned by the Cdle8& University fees are charged In addldon; Postgroduates." the College reThves a share of the owall fee Income by grnduate students In the Universlty. Students 2re tharged for their acco￿￿￿￿￿On and meak at rntes intended to cover the cost of PmV15ion. ixrt n(x to make ary surplu5 for tr￿ College. The College maintyThs an active and ￿uMn1 relations and de￿0￿ office a view to securing a growing number and Yalue of phi&nthropic yfts to the College for Its own charitable purpos4and to support individual rnernb￿ of the College in their pursuit of leaming and research. The pemtsrrt opEtxl of the r&trltted fiK)ds inATF is set wt in Notr 15 of the ￿count43na￿WI by 12tegory of pUrF￿e. 10

ATF ￿ndS enalAe the Col to., Fund oucreath attivity in schods; Participate In the Cambridge PAtrsary 5th￿e (which has recently been enhanced) for Home und¥grnduate burvrie4 Award Scholarships and Prize5 to academir31ty sUC￿$ful swdents" Gfve other bursaries and swdent SUPFQrt grants to students in financial need. Provide trnyel grants and sports awards to enc¢)urage extrn-currtcular activity,. Awdrd Music, Organ and chor￿ Scholarships and EXhIb￿onS to ￿ented stsjden Appoint ful￿ ￿nded Research Fell0y￿ and Poswaduate S￿dentships inArts and Sciences. Host VlsStirÉ Fellows In Arts and sc1￿Ces and a W￿￿ng Fellow Commoner in the arts or professions; Employ te2chlng fellows. indudlng a core of srx Collepbased career teaching officer posts. Employ a Chaplain and a Director of Muslo Public benefit The Coundl have complied wth thelr duty Wirg public brt ha￿ng W to the Chartty Commisslon's guida￿e. Foun&d in 1869 by Emity Davle5 and others, in parocular, Barbw2 BorI1c￿n, GIrtC￿ is distinctive as Brltsin's first residential 5r￿1￿Jti0n for the hlgh¥ education of women and has Slbsequ￿Y aspired to set the pace rrAtters of eqLRIity arKI inclusion, Girton was the first of the VK)m￿S colleges In QKbridge to admlt men and is now q)en to aryone with a p￿[(￿ for leamirg and the abilty and IndIna￿On to pursue IL The College follows a riProL￿ and obith recvuthert procw, as wt of the UniYer5ty of Cambrid&for selectirg the best ￿ndidateS for admiss1￿). A5 a not-for-profit organisati￿, the College sets its dnrges for membets onty as high as 15 necessary to cover costs. &jr5￿ and other firranciai support offered to Individu￿5, wherever possible, in an effort to ￿SUre tIMt no one is dissuaded from ap￿n& tslang up a ￿a¢e or ctjmpleting thelr 5tsJdies beouse of financial difficulty. Safeguarding The Safeguarding leads in College the S&)br Tutor and the HR Managcr, vthq t(Igether with the Athiissiorts Tutors, Senior Officers and Heads ￿ Dgxftrnent& oversee the implemenfation of policy thKJughout the organlsadon. Chlldren and vulnernble adults are Frewt in College from time to time as proSP￿e swdents, employe￿ Casu￿ worker& stUd￿ty extemal ti7inees on WO￿ placements, event delegates, school visitors and when attending sociai events Y￿th membeT5 and alumni. In addition, the College has an acth schools liaison programme irwofving staff wcing off si In schools.

The College arns to adopt the highest possible stan¢knls and tske all reasormble Skps In reLition to protecting the safety and welfare of ary thildren and vulnerable adults come ￿t0 College premises or into contattwth College staff (thether wothing in a paid or unpaid capacity). The College implements a numbtr d ￿1cleS and ￿￿oCeSSeS designed to keep chIld￿n and wulnernble adults safe fron hann, Primari￿ the Child &Vulner7bleAdult Protection Policy Oast updatrd May 2018) ich outlines processes for risk assessmen( recruitn￿nt and Sel￿tIOn, supervision, training arKi supporL confidentiality resPondr￿ tn tC￿cerns.The Policy describes likely levels of staff conts¢ and required theck& In addition. the College, as the ovmer d [￿enSed F*emises has a duty of rare to risk assess all ev￿rtS with rewd to avovjing harm to child￿1 and vdnerabie adults. As part of its duty, the College trains all staff to recognlse Indkatots of vulnerablSty to radicall￿0¢￿} in colleagues and $ll￿nt m￿nb￿S. The Colleges Dismity a¢ Work policy protscrs chlldren and wIr￿ra￿e adults at work and there atE prescribel specrfic heakh and safety risk assessments for the employment of children 2nd vulnerable aduks. 12

1. OUR ACHIEVEMENTS AND PERFORMANCE IN 2022123 The year 2022123 5zw College Irfe fijlty Eock to norn)al after the pandeml<wlth Fellows,students and staff undertsking the full r7nge of researth, teathin& culwrnl. sporting and ¢ther extr2cutricular actI￿tieS whith characterise the rfchness dthe Girton experien The year also saw some very s18ntfl￿rt transityon&wth the arrbY￿ of the new Mlstress. Dr. Elisabeth Kend￿1 to begin her terni of office following the ￿tirern￿t of Professor Susan Smith. PrthssorTonlWilliams also joined the College as SenlorTutor and has overseen the completion of the transltaon to a greatly ￿hanc￿ aCad￿1C dNts1o￿Wlth more dedi(3ted support both for students and for Fellows. The one fin8J lingering fina￿la1 imFQCt of the COViD yeavs was seen in the summer of 2021as students from A%a were unable to arrarEe travel in time to Fkrocipatr in Glrton Summer Progrnmmes,vknith as a result saw a rela1￿￿trY muod financral perforTrrance. This notwithstanding the College was able to re£ord a modertr surplus prE-depreciation, and saw a further Stren￿lIng In Its OV￿￿1 financiai positlon.The prO￿sS the College has made over recent years in"ba]ancing the books" and in IAJildirE Its ba&nce sheet- thank5 In no small part to the gerwoslty of its atumndae and other swrters - puts us in a strong position to plan further improvements for the comlng years. both in our built en￿rOnment and in impromng the experlence of both stL&nts and Fellows. l. Size and Shape As at I st October 2022 the College ￿ 51 Official Fellows, I SenÉor Research Fellow, 5 Research Fellows 7 Professorial Fellows 5 Supernumerary Fellov*S l NoTrstipendiary Fellow. 38 Life Fellows, 22 Bye-Fellow5. 1 Ent￿prISe Fdlow, 30 Horry Fdlows and l O Barbara Bodlchon Fellows; addition￿lY 536 Undergrad￿ and 383 posrgraduates and research stL)dent& Of thes4 6 Offictal Fellow4 4 Research Fellows, l ByepFelk)w. I Cavendish Arts Science Fellow, 2 stsff membet7. 469 undergrddua¢4 and I￿ posrgraduate and researth S￿dents were living In College-owned accommodation arKI 2 V15itirE Fellows in Cdlege rented accommodation at Turing Lock For each undergraduate, the G￿lege Fjrovided a Direttor of Strdies and srro11-group teachlng (known as supervision) to complement the teaching provlded by the University. The College employed 47 College Lecturers in all the main Subjects offered by the Unlverslty to undergraduates, of whom 29 were also employed by or affilia￿ to the Universiry or other instiwdon5 and 8 were employed a5 CdlegeTeaching OffKers solety by the College or under a share a￿ngement wTrth another Cotle 13

2. Outstanding education Widening Participrtlon I￿treaCh work continues to be ot%anised by Sutht Servi￿, with most sessions delNered by our Schools Liaison Officer and Admissions Tuto￿. This year we condnued to utilise the bl￿ded aPPr￿Ch to fit into school timetables and offer some of our key events co more than one school atatim We have offered 24 lnwpersC￿ events and. vthitst pursuing a blended apprrJacN offered 12 onllne events for prospective applicants in line wsth thew1d￿lng Partiapation of the Colkge UnNersity. Following a review of strdtegy and an Issac GranL y￿ relaunched our Pathvnys inifiati This is a Icng-term OLtreath programme that WO￿ wrth swdents from year 7 until they leave secondary school. With this programme of sustained eng¥emen( we collaborate wlth schools in our West Midlands and Cambridge knnk Areas to rnise academic aspirations inform and gulde students about the imp2Ct of their cholces at key transition periods and to support students at the point of applylng to HE The Girtnn College Pathways to HE scheme ￿ in line wlth government priorioes as there is a growing boty of eviderte that empFHsises the import2nce of a long-term stratw for wdening participaiion to Ha FWticuLady to the mosc S￿￿tIVe insdtution The thr￿daY r￿dential visit for the Th SMART Fxogramme saw seventeen S￿dents visiting GirtoN emlnrklng on a busy intrrcollegHte pmgramme and a collegiate dinner too. Our Foundation Year sbjdents arrived in octo￿ 2021 and followsng a successful year, will be continuing to their first year of tripos in October 2023. They I￿11 att as mentors for our four new Ftyjndation Year stLKlents arrfving for the new academlc year. Across the collegiate Un￿e￿ity. this Widening Participation-inspired programme has been hugely successful in its ffirst year. The Cambridge ￿rSary sch￿ undwwnned by perMan￿t ￿d0VKnent and other restricted fijnds from the College, supported 140 Under%r3d￿te 5uJderrt5 in 2022123. Enhanced a￿drdS for care leaver5 continue to be ardilable, induding those accessirE the Educational Premium (an extra £ 1000 per year for those eli&ble for free school meals from their Io(31 authority). Thanks to generous donor fvnding the College has now made pwwranent its Residence Bursary scheme which offers additts)nal support of £760 per year towards res]kn￿ fees aLrtomatidly for ￿1 sttjdents who qualfy for the CambrSdge Buw Sthem Increoslng the value odded to students This academic year has seen the introduction of Seve￿ posts and roles in College that will work to enhance the student experien￿. Deputy Senior Tutor for Teaching and Learni￿ Head of We￿are and Wellbeing Fdlow for POStgr￿￿tr Affwrs and a s￿dent Programmes adminlstrator. As this tsam has fomied during the year, they have engaged with the prevlous work and reeommendadons ofworking groups fornied to ensure that all our S￿d￿ts are able to fvtfii thelr potential as students in a positive and supportive academlc environmert 14

In response to the growing need to address the transltjon experience from school or college to unwerslry, ail Fresher students were asked in 2023 to arrNe at GIr￿n three days eadler than previously, to attend and Fordclpate in a Care￿1￿ curated timetthe of talks and events. the JCR condnutss also to s￿Plement these wtth a range of soclai activities. Since 2022 we Inve also continued to run a serles of pre-arrw webinars for both undergrnduates and postgraduatss, covering a range of topics and introducing new SttKlents to the key members of the College. The wehre and wellbeing serviw at Girton continue to improve the support available to Its swdents. In 2023. we welcomed our Head of Wellbeing and Wekn and completod the renoyddon of the Welfare Centre. In 2024, we sed( to expand the nursing provis1¢￿ in College and link these services with the Girton Sknlls Programme (providing key weif2re events throughout the year). 4. Maintaining a world class Fellowshlp As at l otto￿ 2021 the College Imd a notional teaching establishment of 43 ag￿nst a quota of 45 (2021.45 Wnst 42), co￿ng near￿ of the subjects offwed by the UnIv￿￿lLY. The Fellowship as a whole numbered 131 (2021.128) including ￿fe Fellows.Together with 29 Honorary and 13 Barbw? Bodich¢)n FellowA the totsl comnwnlty was 173. During 2022123, the College admltted.. Its 20° Mlstress, Dr Ellsabeth Kendall. A new Senlor Tutor and Officlal Fellow. Professor Toni Williams. Further Offlclal Fellows Dr Marta Gentilucci (Music Composition), Dr Jacob Currie (Classics) and Dr Michael Deganl. Juliet Campbell Fellow (Social Anthropology). Drjames Whlte, Oschinsky Research Fellow, in partnershlp with the Universlty Library, and Dr Evelina Gambino as Margaret Tyler Research Fellow in Geography. Bye Fellows, Dr Hazel Mills (Legacies of Enslavement and College History), Dr Hugo LePage (Natural Sclences), and Dr Stephen Oppong Peprnh, Cambridge in Africa Bye- Fellow (Classlcs). Dr Sabesan Sithamparanathan as its first Enterprise Fellow. Professor Sasha Tsenkoya as Helen Cam Visiting Fellow, and Ain Balley as CavendSsh Arts-science Visiting Fellow Commoner. 5. Enrichment and opportunity Under the leadership of the new role of Deputy Senlor Tutor for Teaching and Learnlng, working alongslde the ￿s0 new Fellow for Postdoctoral Affairs, the College "Thrlve" progrnrnme continued to offer educatlon related activities throughout the year. These actlyities ranged from bespoke academic skills support for individual students and group5 within a discipline, to talks and events open to all. with the aim of supporting development of transferable sk1115 for student Ilfe and for fucure careers. With the arrival In January 2023 of the p05tholder in the new role of Head of Welfare and Wellbein& this team of three, working with the Head of Student Servlces and a newly appointed Student Programmes Adtnlnlstracor, have reviewed and revised the "Thrive" programme. in consultation a 15

wide body of tho Girton community. The programme has launched as the"Girton Skills Programme" to our undergraduates 2nd postgraduates with an exciung new identity and enhanced programme in September 2023. In addition, the following are also highlighted: The Rose Awards (for full bursary students who demonstrdce the intention to beneflt society and serve the community in a prnctical vfty) saw a jump in applications, In 2022123, 12 awards have been made rnnging from £250 to £ 1,000 in value. The Girton Pioneer Award was shared this year be￿een two students who had contributed to College life through participation in student societies. forums or welfare Initiatives: Glrton's Sports Awards continue to be popular, blrt in addttion to those ellte sportspcrsons, grnss roots and entry level sport are also being encouraged through our welfare work. We held our Inaugural Sports Avrdrds Holders, and College Sports Captains, Reception in July 2023. Travel Awards that cover both academic related trips and volunteerlng opporbjnities (and everything in between) svpporL Students during the long vacation period: Additional academic costs can be covered by the Academic Fund, with undergraduate students belng invited to apply three times a year: The Stwjent L￿Ing Costs WcAang Group continu&% to work together with colleglate and local members to support $tyd￿ts arnidst the Cost of Living crisis; GADS had an exciting year w5th their wonde￿1 'Girtonian Nights, pantomime in Michaelmas terni, and Macbeth in Easter tsmi taking full advantsge of the natu￿ SW in the Fellows, Garden. Girton welcom&l Ain P￿IeY in MId￿elMa5 2022 as the Cavendish Arts Scientr Fellow, Mwlc remains an iTrtegrat F4rt of Girt0￿ and the College vrns delighted to welcomejames Pea￿on (Artistic Director at Ronnie Scotts Ja2z Club) as MusKian in Residence from I April 2023; The ChaFtI Choir rdeased a new albjm In May 2023; 'Marc'Antonlo Ingegneri. Volume Three: Missa &Js3Me un Jourf and toured northem in summer 2023, playing to large audlences at a wtde range of beauliful and hi8ts)ric venues. 16

6, Green Glrton and the College Estate The College was compliant with ￿ndY r￿l$ed Responsible Itwestrnent Policy. ccfflmitting It to an entirdy fossil fuel-free inVeSt￿t strategy.and holding managers and its bankws to account for their Progr￿ ¢)n sustalnability. In￿5￿Ment cash was rr￿Ved out of Barcw Bank to Lloyd8 Bank due to long-standing concern over Barc*5' lending to the fossll fijel industy.. Ba￿layS are on notlce tlmt the College's operat1¢)n￿ banking a￿angements are under revlew. The College continues to advan￿ pknnlng knrger-scale decarboni5ation. and it is expected that in the course of the current par it will commis51on a whKh forn)s the basis of a dettiled programme- I￿ludIng. as far as possible, ￿r0ffttIn8 and ajtrrnatfve energy sources- vthich enables the college to aChI￿e its Net Zem tsrgets. Followlng a launch event in November 2022 for $r￿dents staff, and fellows showcaslng the varlou5 avenues for particlpation, the College received a Green Impact gold award this year, with one of our students hlghly commended in the category for student leadership in respett of her work to reduce the carbon footprlnt of the annual College ball. In the gardens, the major hard landscaping and firrt planting phase of the sensory garden was completed so that final year undergraduates were able to gather In the garden prlor to the College feast to dedlcate their 2020 cohort tree. After a year of wgorou5 propagation the gardens tearn sold surplus plants at the JCR garden party to ralse funds for charlty. Three Members of the Fellowship undertook beekeeping t￿TrIng in preparndon for the arrival of the College hives In early Sprlng 2024. Work has also now commenced on the restordtion of Clolstrr Cour¢ whlch wlll be permanently closed to car parking (other than three blue badge spaces), In order to become a beautiful and vibrant external living space for the College. The lawn will be extended, a new terrace will be constructed Outside the Social Hub. and a fresh new planting scheme will be introduced. A new lightlng scheme will enhance the appearance of che Court in the eyenings, and a new path will be laid between the Mare's Run car park and the Lodge, to provide a more fitting approach than the Old Kitchens Door for visitors arriving by car. 7. Enhancing Communlcatlons This yearfs focus was to push content out online, whether thls was a social media posl news articles, collated photograph ￿bumS or vldeos. This Is to encourage our followers to engage, to educate new audiences about what Girton College is doing and promote our key messages or initiatives. To achleve this, we set up weekly events communications meetings, where the main stakeholders are the drlvlng force to ensure content is generated and me55ages are communlcated regularly to all our different audiences. Areas of content for communications focus are.. Historic features and anniversaries Profiles of students, staff, Fell0v￿, and alumni 17

All College events (Including OFficelDepartmentlstudent-run) Celebration of any achievements by College members (awards, prizes, rèsearch ecc.) Fundraising 2ctlvlties (such as Giving Days and Telethon) The Mlstress's Office has also recruited a pald College Student Communlcation Intern, who will help with collecting and generating content from College events (typically Outside of normal office working hours) and other exciting in-house projects, led by the Communications Officer or the College Office Events and Digital Medla OfFicer. Social media During l October 2022 - 30 September 2023, Girton College social media accounts saw a steady growth in the number of followers, subscriber5 and page likes. with a posltive increase in impressions, interactions, and engagemen4 relative to the push in online ccntent. Infiedii.- &803 Follr)wers 320.2k 5,91 I Page Likes 5,468 Followers 86,587 Reach 4.919 Followers . 20,$65 . 1043 324 Subscribers 34,292 views . 57 wdeos 3.8k Views 221.978 Follower5 . 3,483 Page Views 1663 Reattions views 1.239 photos Impresslons vldeos aPtyreforl￿kdn tr￿ 23 Ot￿bÈr 20ll- 311 Sq5trtltr2D23 In July 2023, Meta launched a new social media account called Threads and the College Immediately created an accounL As this is a very new concepL wlth Ilmited business nctionality and restrictions, it is linked to our Instsgram account and has no analytlcs fiJnction. We currently have 494 followers and will continue to monltor this channel to see how effective and useful it is. It is also worth noting that we will be consciously monitoring TwltterlK due to the change in focus and ambitions for this channel. Website Our College website analycics show data from 111012022 to 3010912023, the site ha5 seen an increase in us4e with 161621 users and 572,489 page views. The top 5 most visited pages (not Includlng the homepage): l. Humanities Writlng Competition - 16,350 views 2. Work at Girton - 14,797 views 3. About Girton - 11,035 wews 4. News- l 0,042 views 5. Our People - 9,810 vlev Top 5 news articles: 1. 7 October 2021. Installation of the Mistress - Dr Elisabeth Kendall - 1,046 page views link 2. 26 January 2023,. Remembering Giulio Regeni (198&2016) - 889 page views t 18

1. 3 January 2023: Glrtonian recognlsed In 2023 New Year's Honours List- 683 page
2. 23 January 2023., 10,000 GlrtonSans - Help us celebrate this milestone by sending a selfie - 620 page vlews Dlnk]
3. 15 February 2023: 2023 Winners of the Mountford Humanities and Arts Communications Prize - 454 page views tth] College identity and branding We have been encoura&ng staff and Fellows to Use a consiscent College brandirvd and In Easter term 2023, a new Girton College communications Resource slte was created as a reference tool. Thls site contalns all the latest College log05, branded templates and file5, wlth the longer-terni goal for the slte to Include further resources, such a5 College identlty guidelines, medla toolkits, writlng guldellne5 and other usthl information. Some de518n work can now be produced In-house for staff and Fellows by request. Thi5 includes items such as branded office templates new design materials and sub brandlng logos. Fellows are encouraged to credit the College externally as 'Girton College, Univer51ty of Cambridge.. Visual Content Since March 2023, we have actively increased the production of online vlsual content to promote Girton's incluslve research-lnfused learning environment worldwide: to showcase the achlevements of Fellow5, Students. and alumni,. and to inspire current students and attract fuwre students. We have seen a signthcant boosr In engagement with our social media channel5. Vldeo On social medi4 many users prefer to V￿tch a video rnther than read text For this reason, we have Inyestsd In producing in-house videos to provlde engaglngtr relevanL and inspiring content. The video toplcs we have chosen to support our strategic goals for widening participation. showcasing our Fellows, ground-breaking research and dedICa￿0n to teachlng excellence. 'Girton Fellows, Is our firsr vldeo 5erie5. It highlights the research of our world-class Fellowship whose experrise spans a vast rnnge of 5ubletts. We hope the series wll enhance Glrton'5 International reputation, resonate with teaching and research professionals, inspire students and, of course. attrnct supporL Another new series, 'The Study Serierf. focuses on a subject-specltlc student learning experlence, provldlng inspiring information for students looking to attend a hlgher educatlon Inscitutlon. Our starter episode on 'Engineering at Girton. was well received by students. Fellows, alumnl and the wlder audience on our social media platforms. 19

This year we also produced visual content for 2 few internationally recognised day5 which relate to Girton's ethos of diversity, inclusivity, and equality. We celebrated International Women's Day. International Day of Women Judges, World Book Day. International Women in Engineering Day, and we produced student-led eXPl￿nerS on Ramadan and Eid. Additionally, we c2Ptured the thoughts of our final-year students as they celebrated the end of their studies in June. These videos became Some of our most-viewed contenL reflecting how much our audience resonated wtth IL Over the summer, work was carried ouc WTth Girton Summer Programmes to produce series of short promotional videos, with the aim of enhanclng the onllne profile of the Programmes and to encourage applications. The videos focus on the student perspective on the course, their experience at Glrton College, and why others should apply. Golng forward, Student Services and our Admissions team are looklng into ways they can further engage wlth prospective students and boost applications by providing useful, informative, and inspiring videos for our YouTube channel and social media accounts. There are also plans co create a Global Girton, video serie5 which wlll capture the fascinatlng stories of our ever-growing ￿UMn1 community on life after Girton and the impact College had on their careen. In addition, we plan to have a series on 'Our Donots.. Trcnsforming Llyes at Girton, {working utle), to empha5i5e the impact financial support has on Girton students past and present. 8. Investment performance Invertment pollcy & objertives The College's investment portfolio comprises both endowment and genernl investrnent assets.The purpose of the Colleges endowment is to SuP￿r¢ the lorE-tern) operdting needs of the College In perpettiiry. The investment assets represert accumulated expendable ¢2pitaL surpluses and reserve5, which may be employed to support operating and capital needs of the College, as required.To thls end, the overall Investment portfolio is managed to maximtze the long-temi total rewm of the p)rtfolia subject to maintwning a reaso￿le le￿ of risk of loss.The portfolio supporcs the operating and Capi￿ need5 of Girton College through an annu￿ spending rule,which is Mewed as necessary tn ensure that it is susr21nab]e over the terni. The Ccllege recent￿# amended tts long-tetTn Sp￿ing rul4which permits the ts7nsfer for each Inancial year of 3.5% of the average Ydlue of the I￿￿tmert assets as of I stjanuary of the current fiscal year and ￿ prnceding fisc21 year&ThSs In &rt hdd the spending at the leRI it had reached as a result of a taper down from 4.￿A under the previous policy. Ef the investment por(follo15 tt> fulfil Its purpx its puthing power must be at least preserved and, if possible. enhanced.This implies that the investment assets rrwst wet a time-weightrd total return ofan e51imated 6.5% Ba. after ￿1 costs, comprislng the 35% annual spending rats plus a longHrun aIlowance for 3Yo annual lnladc￿, Clearty the current emordinary of Inflado coutled with low ￿￿lable Investm￿rt rewm& rep￿nt a signfficant challenge to assec preservation in real terms. 20

The College tskes a long-term view on 1rNestM￿ strategy, and the StrateOcAssetAllocation SAA,) is designed to reflect the optimal long-terni asset ailocaoon for the College gNen the risWrebJm object￿￿ outlined hereirn The StrategicA55etAlocation wa5 altered signnlcantly ￿ a result of the 2021 portfdio review, and is set out on page 29 bdow. It is fomnlly reviewed on an annual basis by the Investments Commtttee and nny be modified as needed In light of experience and changing arcumstances. based on tEsearch and discussion involvlng In￿Stments Committee members and Outside experts. SLKh dixu$51on focuses on the College's liquidity need5 and perce￿ed risk tolernnce, u VRII as the proiected behaviour of asset cknses and strategies deemed wortFy of cornsideratlon for the College& pc)tentlal use. Re-balancing will norinally be undertaken at least on an annual basls to re-alEn asset alk>catlons with the Stra￿¢ AssetAlocation, funds are requlred for opet7tloTbal purposes or difference5 in perfornBnce between asset classes are *. re-batancing may be implern￿ed on a more fwuent basls.At the year end the porrfolio vffts sllghty undernveight In its alkxatl¢)n to Real Estste through the Charities Property Fund whith has addressed subsequenty by alloc3tion from equitle&and at the dme of writlng the prfollo15 fully in cc¥npliarKe, Responsible Investment Pollcy During the year the College remained in full compliance wlth the pollcy set out In Its Statement of Responslble Investment revised in 2022. In thi5 we commit to upholdlng our responsibillties ￿ stewards of charitable funds whllst acdng as Unlyersal Owners, Invesclng according to prfnclples which advance our ethlcal priorltle5, including tackling the chillenges of cllmate change. Our securities portfollo now includes no known exposure to any bu5in&sses related to f055iS fuels. We a150 monitor Close￿ the votin8 records and financing activlties of our portfolS0 managers and bankers, and wlll only do buslnes5 with institutions which demonstrably share our ethical and climate commitments. To this end, the College during the year moved Its Invesunent cash out of Barclays Bank and may In future take further action with regard to operatlonal cash if Barclays does not make material further progress in reducing its exposure to the fossll fuels industy. Wlth regard to Its equity investments, the College's policy Is to Invest in publicly listed equitles via an Index trdcker fvnd repllcatlng the perforniance of the MSCI ACWI inde whllst excluding several settors, notably fossil ￿els. Wlth regard to investment grnde deb4 the College'5 policy15 to invest In investment grade corporate debt index tracker funds which replicate the Bloomberg Barclays MSCI SRI Indices, and whlch adhere to policies conslstsnt with Glrton's ethical commitments. The College may also have exposure to fund5 Invested in UK government securitie5. 21

Investment fees and costs It should be notsd that the movement of the portfolio to a low-cost model based on index tracker funds hu resulted in a considernble saving of toplevel manager fees, underlying Manager performance fees. and transaction costs, wrth a reduttion of £795k between the financial year 2021122 and 2022123. Investment retums June 30 2023 Global Equiti£% Pri￿tr EqU￿Y A￿1 Estat0 % ol portwlo Stra4ic Allocatic 60ts5% Perknw)ce b￿ChMark Dlffwce 9A% 11.3% .i.s% 4>.7% -1.9% .13.2% 2ts% -19.4% 77.3 20.4 15.18% 4.8% -16.8% .1.6% -17.0% 10.3 lox 3.6% 4.1% Inyestsment Grndo Crwjlt 74% Infladon Unked Bonds 2-3% -2.4% Cash 1-2% TOTAL 119.8 100.0% 4.8% 4% 0.4% The overall portfollo returned 4.8Yo over the financial year, outperforming the blended strategic benchmark by 0.4%. The portfolio closed the year largely in compllance wtth the Strategic A55et Allocation, albeit with a slight underweighting to real estate. This has since been addressed by a modest rebalancing post the period end. Over the long tenn the portfolio has outperformed relative to its targe¢ looking purely at investment returns (i,e. strlpping out new donations and endowments, new borrowings, properry sales etc): On a five-year bas15 the compound annual growth in Investments been 8.9% On a ten-year basis the compound annual growth in investments has been 9.6% The major contrlbutor to posittve performance in 2022123 wa5 Global Equities (the Amundl ESG Global Tracker Fund) which delivered a return of 9.8%, albeit that thls underperformed its benchmark (the MSCI ACWI Index) by 1.5%. This underperformance can be attributed to the excluslon of a number of stocks in the energy and basic resources sectors which added to the overnll non-ESG benchmxrk index perfornwice. Private equity proved a drng on performance thls year, wth Some mark downs in certain of the Partners CapltAI funds which were not fully compensated by value-creatlon events elsewhere, Our private equity por60llo underperfomied Its benchmark by I.￿. The high and febrile Interest rate environment led to significant mark-downs in the UK real estate sector, down 16.8% overy411, but with the Chariues Property Fund (our sole exposure to this) outperforming by 3.6%. Our small allocauon to inflation-llnked bonds reflerted the turmoil in bond markets (see below) and underperformed government bonds in general by 2.4%.

The year 2022123 presented market condltlons which were In some ways more benign than 2021122 (Sn which the portfolio returned -1.5%) wlth hlgh Inflation to some extent "priced In". The war In Ukraine represented 2n ongolng concern globally. albelt that in financlal terms mar4<ets had ￿readY prlced in the initial shock 2021121 wlth alternative sources of oll and gas Identlfled by European Countri￿,. thus Its impact on market V21uattons was rnore around the Potenti￿ timescale for the conflict and longer-cerm con5equence5. US market5 In particular saw a significant recovery led by technology Shares, wtth the S&P500 up I and the technology-focused Nasdaq index up 24% over the period. In other areas, however. markets continued to present investors wlth slgnlflcant challen8e5. most notably around interest rates and bond yields. There was major volatlliry caused by the short-llved premiership of Lli Truss and chancellorshlp of Kwasi Kwarteng in autumn 2022: thelr abortive "mini-budget" promising large unfunded tax cuts and ￿chewing advlce from the Office of Budget Responsibility prompted a njn on bond markets, wlth the need for the Bank of England to intervene as a buyer. This led to a major fall In Sterling amid fears for the UK'S credit quality. and consequent further upward pressure on interest rates, with markets In the latter half of our financial year dominated by intlation data and oscillating between rallles on hopes that inflation was coolin& and then falls as fresh UK RPI data remained high and US jobs data came in stronger than expected. At the time ofwriting (mid-November 2023) the portfolio is flat on where it closed the year In lune 2023, wlth a late-summer rally having been ernsed by the shock of malor renewed conflict In the Middle East. The outlook remains uncertain, clouded by mixed signals on the prospects for interest rates, and wtth the potential knock<in global impacts of the conflict between Israel and Hamas currently unknown. 9. Development performance Fundralslng during the Flnanclal Year 2022123 continued to focus on endowing various aspects of student support and on growing the College's Unrestricted Permanent Endowment. In 2022123. funds raised (Including pledges) totalled £6.8m, wlth Income recelved through the same perfod totalling £6.5m. This exceptlonal year was the result of the receipt of several generous and sizeable legacle5 (totalling £5.2m of the income received during the financial year), A number of significant donations were also received durlng the year, and income from the Annual Fund remained broadly compar2ble to previous years (thanks Co a 5ucce5sful Giving Day in October 2022 and to our annual Telethon). Over the course of the year 1561 alumni and supporters donated to the College. We remain very grateful to all those who support the College philanthroplcally. Over 63% of funds rnised from donations (as opposed to legacies) have been directed towards our student support initiatives, Including the endowment of a further 6 full undergraduate bursaries and 20 additional student support grants (for undergraduate and postgraduate swdents who find themselve5 in unexpected financial or other difficultle5). Over £92k was raised to support Postgraduate scholarships, and funds raised this year have also contlnued to help support the College's involvement in the tri211ing of ploneerlng access 23

initiatives. Donations have also made a significant contribution to creiting new Fellowshlp funds and to the Legacies of Enslavemenc ProjecL A¢ 301612023 fijture legacy pledges stood at £15.3m vA)ere amounts are known. We continue to be grateful to the 408 members of the 1869 Society who have informed us that they will be leaving a gift to Girton in their Will. The legacles we recelved in 2022123 have been transformational, endowing undergraduate buwies, providing a significant boost of our student support initiatives. enhancing the life of the College {includlng enabling the purchasing of new grand piano for Stanley knbrary) and underplnning our Fellowship fijnding. Thlrty-three events took place over the course of year, with over I,(X)O alumni, supporters and guests attendlng. These events included our alumni year and subject reunions, the roll of alumni weekend (held in person for the first time since the COVID-19 restrlctions were lifted), the MA dinner, the 14 London-based Law and Finance reception, a People's Portralts reception in the Mall Galleries, thejarne Martin Poetry Prize and the Foundauon Dinner and Comrnemoration of Benefactors. Over 60 one-tO￿ne meetings took place with alumni, potential legators and supporters (including trips by the Development Dlrector and the Misrress to the East Coast of the USA 2nd to Singapore It has been wonderful to meet so many alumni, supporters, and their guests at these events. The College remains grateful to all the alumni who have helped us in hosting or speaking at events, and of course to all our very generous donors. Appmach to fundraising The College is regstered with the Fundralsing Regulator and is compliant wlth the requirements of the Code of Fundraising Practice. the Data Protectlon Act 2019 2nd EU General Data Protecuon Regulauon (GDPR). the Privacy and Electronic Communications (EC Directive) Regulations 2003 and the ICO Direct Marketing guidellnes 2016 In the collection, retention and use of alumni dat& CDmmeraal IM7itrfiotots or fvndroi5￿5 Girton has employed commerci￿ Participat0￿ or Fundrnisers as callers in our telephone campaigns, alchough these are our current students who are calllng former students to update them and ask for donations. We include an appropriate disclosure statement in the telephone scripts which are read out by the callers. Confvrming to recognised standards Glrton Is registered wlth the Fundralsing Regu&tor and conforms to thelr voluntary code of practice. Some members of the Development Office team are also Person￿ members of the Instltute of FundralsSng. The team attends training courses on Fundraising Regulation from the University of Cambridge, Institute of Fundr2isln& CASE and other recognised provider5. An appropriate Alumni and Supporters Data Pro*ction statement is on all digitsl and hard copy correspondence and on the College's websites. 24

Monltoring The College monitors fundraising complaints and completes the Annual Complalnts Return, WSth regard to data cleanin& the College provides 'Update your Details, forms or Ilnks In Its three main publications, The Year. the Development Newsletter and the e-new51etter. A5 well as regular requests for data cleanslng by alumni. the College has prevlously pald for professional data cleansing on occaslon: most recently in 2015. Any returned p05t is logged and addresses as well as requests to change preferences are all changed promptly, within a week Fiindralslng comploints No fundraising complalnts were received in 2022123. Protectron of the public The College removes those deemed vulnerable from its mailing lists as 500n as the College knows about their condition (but keeps their data unles5 specifically requested as this helps ensure they are not accldentally re-added) except where certain arrangements have been requested e.g. famlly members ask to keep sending them the ATrnu￿ Report. The College removes alumni and supporters from tts malllng lists If they request it In compllance wlth Its Dats Protection StatemenL In its telephone campalgns, the College sends pre-call letters to all alumni enabling them to opt-out in advance of telephone communicatlon5. The College does not call anyone aged between 75 to 85 after 8.30pm and does not call anyone over the age of 85 years. In five years. the College has onty had one complalnt about the timing of the call. The College may Include those aged 85 and older in dlrect mailings. event invitations, newsletters etc. If appropriate e.g. they are a regular donor or they request to be Included. The College asks alumni and supporters about the type of contact they wish to have wlth the College and record thelr contact preferences on its database. Thls is done via the regular alumni and supporter5 questionnaires and during the annual telethons.

IV. FINANCIAL REVIEW l. Revtew of financial position at year end Balance sheet OverJl, 2022123 Nvds another year of stsbility as the imFOrt of the pandemic moved furthw to the past and the pedod of recowy conlinuedwe expett this to continue into 2023124, when summer prograNw rewrn in full. The fall in the value cl the balance sheet by £l.Ckn was driven primarl because of the decision to tske an additionai year of depre£iation (£1.8m) in order to bring the College into line with its policy of depreciating assets when bmught into use (rather than the year after).The main change seen Y￿5 an increase of £5.4m in inVestM￿ts, most of which was from accrued legacies in the prior year and cash held. Credit￿3 rose in no small part to the summer progrdmme income recei¥Ed in advance of the 2023 programmes (which took place post4)3Jance sheet). Total net assets The College's totsl net assets as at 30June 2023 ￿tre {1718￿ £l.Om lower than that recorded In the previous year {28ain, the impart of the dwtciation described ab￿). Over the last decade the College's net assets haNE increased by c 50 Investmer The inves￿ents FQrtfdl￿2S a whole,stood at £119.8m as at 30 ￿ne 2023,a 4.8% increase ¢Thr the previous ye2r,a coMbIn￿¢￿ of new 1rNes(m￿ fr¢￿ legacy c35h recewed and solid investment OPer(ltionol fixed 0s5ets Operntionat fixed a&8ets as at 30June 2023 £67.6m, lower than the pMtxJs year1£69.4m). Thls refiects capital expenditure of £2m compared a dep￿cIatIOn tharge for the year £3.8m (of which £1.8m rd2tes to the addition￿ pri<Y year cF￿￿e and £2m for 2022r23). The main areas of (apital expenditure in 202V23 CIHpetWing £ l. I m. boiler works £0.2m', Newwing £0. I m; leasehold property costs £0.2￿. equipment £0.3m. Cash, bormwing and gearing Cash on the balance sheet d¥reased from 13.1 m to £1.7￿ in part as cash V4QS investsd. Cash holdlngs will Increase again In 2023r24,a$ 2% of the *)dowmert ￿11 be invested in cash as well as holding operntional cash. The balance of outscandlng loan capital stsnds at £16.1 ￿ As set out in Note 13, the mjortty of this borrwng is very long tem and was intended to provtde the liquidity needed for the College to m￿ntain continuity of improvement and enhance the sustainabllity of its operational estatr over number of years. 26

Pension Pmvisions (>er 60Y. of the £4.5m penslon provision (2021. £4.9m) relates to the College's sectyon of the Cambrldge Colleges Federnted Pensions Stheme (CCFPS) for non-academic staff. The Glrton section of thls scheme, in ccrtnmon wlth that of a wmber of other Colleges, has been closed to new members for some Yea￿ but exisdng members still in College employment are able tt) accrue benefits from fuwre service.The decrease in provisicffl is due tt> updated assumptions as set ouc in Notr 23 ofthe accoun The College continues to enrc4 a12demic of staff in the Universities Superdnnuation Scheme (USS). The accounts this year ￿fiect the deficit reco%Ery plan following the completion of the 2020 actuarlal valuation. New members of non-academlc staff are ￿rOlled in a Defined Contribu(ion scheme NOW: Pensions. Restricted ond unrertricted pem10nent endowTnent copital After completing the Colleges most recent fimdrrising campalgn. the College continues to grow the endoYmien¢ prlmarily through legacies, ￿lt[S moving towards a campaign wth a grEater emphas15 on annual givlng whlch can be put dirpcdy to Co fund the College's purposes as part of its unrestricted spending.This will crEate a more baknced overall fijndrnising profile when combined a Si￿lfI￿ant number d legaq pledges which are largety focused on the College¥ endowment The restrlcted permanent C4)ital funds of the College are invested as anArna￿latsd Trust Funds scheme (ATry in the Colleges Inves0￿ pothlla As at 30 June 2023, the Yalue of restricted and endMien¢ fijnds vns C77.1 m. a 3.8% increase from £74.3m the prevlou5 year.The growth due to a combination of new capTtsI added a5 a result of dOna￿On$ and benefacoons and an IncrEase in the value of the College& investments. TheATF at 30 June 2023 comprise5 12812021.131) actfve fvnd5. for a Wdriety of purposes. as summarfsed in Note 15 of the account*The capital Ydlue fell In the year to 30June 2023 with the unlt value going down from £18.12 to £18.01 Thls come5 on the back of a number of years of sustained growth wrth the unic having inoEasd from £11.47 per untt to £19.￿ per unit betsyeen 2C#)9 and 2020. Donations and benefactions are iccepted for a ￿de range of purposes. and the College Is ever mindful of the generosity of its supporter5 In allowing tc to continue in its misslon. Although we are increaslng our focus on anwal givi￿ the College continues to accept gifts for the unrestrictsd permanent endowment (UPEC), beczuse of the flexibllity it offers to meec future needs as they arfse.The total ￿alue of UPEC at the end of June 2023 {£22.1 m) was broadty the same as at the end of the previous year with new donadon5 matched by the fall in inyesljnent Yalues. The value had more than quadrupled during the decade from 201 I to 2021 (up from £4.6m to £22.Om). 27

1. Financial effect of significant events in 202￿3 Copital lten￿ in the Stotement Of Comprehensiye IKome rsoa") The net CoMprehen￿ve deficfc for the yEar of £ l.om has dec￿ed the College's net assets by 0.6% from £173.8 to £1718m. Benefactions ond donations in soa The College was again grnteful to receive very subsrantHI donation income during the year. A total of £3.6m was accrued for the pemanent endowmth( reflecting the continuing strengthening of thls bedr￿k of the College's financial secuiity primariW through legaaes. Unrestricted donations were £8k In addttion £0.3m was r￿￿ed intD the rescri￿d reserbES. Thu5 a totJ of £3.9m was accrued for the yÈar. This is another outstanding result and we owe a very great debt ofgratithde to our supporters. Investment gains ond losses Net investment g￿Th$ of £3.2m (2022.105ses a4m) in 2022123 represent a retyrn to g￿nS aft the strllar year in 2020-21, and the perfOrnun￿ was sdid despitr contyrwed maAot ttjrmil and pressures felt in Secto￿ including rd estate and prn*e equiry. Gains and losses on disposal of r￿ed ossets There were no di5POsals of £xed assets in 202Y23. Revoluation of fixed a&sets There have been no operntJ0n￿ flxed a55et revaluations (￿ring the year. Actuarial gains ond losses The actuarial galn of £0.3m Q021'8ain d £3.2m) rdatss to the College's sharE of the Cambridge Colleges Federated Pensions Stheme (ccF￿ for non-academic staff. The Girton section of this scheme, in common with that of a number of other College4 has been dosed to new members for some years, but ￿$￿n£ membws still in Colkge emplo/M￿t are able to accrue beneftts from futhre service.
2. Principal sources of funding 2022123 A. Endowment and Investment income As grant-giving and operational charities, Cambvidge Cclleges typically re￿ on a combination of restrictrd and unrestritted income from their ￿doWrnents and investrnents to offset their acdmty defictt (on which see bek)w). The College's pollcy of smoothing capitsl Ydlues over tFThe years reduw the volatillty of fijnds aV￿lable for expenditure. During EastsrTemi 2023, the College decided to Increase its spending rule to a 3.8% drnwdown of a 3->tar weEhted average endowment Ydlue overdll (based on 30j￿e values).This pdlcy wtll be relehEd annLdty,with a vie+Y to reducing IMd( down to 3.5% In the next 3 years. The amual transfer toAccumulatedTrust Funds rernaIr￿ at 35% of the fund Yalue each

In 2022123,the amount of total rettjm from inveStr￿ts transfenEd to unrestricted and restricted funds In the SOCI under the Collegel spending rule was £4.Om (2021. £3.9m) The totsl reojrn rEco8nlsoJ in the SOCI (see Note 3 to the acC￿nts) includes a decrease In Investment management costs of £148k to £24k (2022: £1 ll<).Thls reflects the move to a new, lower-cost confi8uratlon. B. Activity (Kcounts The income and eXpendi￿re in the SOCI Is dassffied by ref￿￿ce to the Colleges major actfvidas, (l) Eduotion and (2>AccommodatiO￿ Catering 2nd Conferences. Incom4 direct and Indlrect costs,and overtieads are allocated beNEen these VVO attivlties by a consistent proces5 approved by the audktors.The overall net acti￿￿ result is a deficlLwhich rdects the extent to whlch unrestricted income is needed to enhance the scope and qU￿lty of academic provision to College members, Particular￿ swdents. In recent year3, the College¥ actNiry net deflclt h5 been onty Parti￿ty offset by endowment and Investment incom& leadlng to an overall un￿tricted net deficSt bdore Inyestment gainsllosse Last year Saw a considerable imprO￿t from posldorn recording a net unrestricted deficit of £455k (£3,022k excludirE deprecHflcn £1,607k arrfj also exduding an excepti(￿al non-cash provision of £960k relating to the USS P￿$10￿ scheme}.Thus on an undertying b2sls the deficlt grew by c.£1.3m. This year saw a 51i8ht improNEment from that FM)sition. recordlng a net un￿strICted 5urplw of £2k (£3,648k excludlng depreclatlon £3,T70k and U&S upward adjustment £120k). Thus on an undedylng basls the deficit narr￿ by c. £0.45 The differentr berAeen the Recommended Cambridge CollegeAccounts (FICCA) net unrestricted surplus (as adjustEd aLM)ve) and the marmgement accounts su￿uS is.. Management accounts surplus £494k Less.. USS adjustment £12Crf( Add: Ann￿1 fund gtft tTinsfers £223k (see statement of changes in reserYe5) Less,. Movements In unrestrlrted trust funds £595k RCCA net unrestrltted surplus £2k To asslst In improving the financlal transparency of the College's financial actlvitles, considerable work has been undertaken to make improvements from budget management to underscandlng College finances more widely, Includlng reviewing and rationalising its funds. This will enable improvements In allocating resources and in decision-maklng. C Educa(ion octi¥ity (notes l and 4) Student fee income was £438k hlgher than in the pr￿louS y. A rlse In P05tgt7duate fees the main driver here (up £270k), as the College continued with its long-standing su7tegy ofgrowlng r 29

posty2du2te wpulitic4). Fees for home swdents were up £54K wth fees for internatlonal sthdents rising by £114k The rate of recovery of Ed￿atiOn expendIW￿ tuition fees and ￿U0110nal income rose from the 65% level in 2022 to 66% In 2023. Despite the fee cap continuing to erode the v￿ue of fees in real ternis, thert was an increase in rA)stgrnduate and overseas undergradLll￿ fee income in the year which more than offset the iKrease in expenditure. Education exwditure was up by 8.& at £7.3m P022: £6.7m). UndethirE this ntsior dr￿e￿ were sd)olanhips and aNwds (up by £0.3m) and educational facility costs up by £0. I m. D. Accommodation, catering ond conftrence (notes 2 and 5) The above notes show d￿1$ of the activlty which indLbJes Internatiorhal Summer Programmes: Accommodation for College membe￿ net cost £3.4m (2022: £2.7m) alth¢)ugh income increased by £O.&n, expenditure increased by £1.3m vthich includes maintenance, domeso¢Jcleaning charges, generdl njnnlng costs and also tEnt of Swides Court from the Unfversity.These costs Increased significanty too in respect of inflationary aspects sKh as increased energy charges. Catering for College memb￿%. net cost £ l. Im (2022: £ I m) has seen a steady increase in costs due to the effett clfood Inflati[￿ but also in staff costs. Conference athity: net cost £0. I m (2022: £0.2m) after attribution of COl￿e overheads, the actyvity appears not to 8enerdte a sur￿uS but befo￿ indirect costs, the net surplus is £0.2m Girton Summer Programmes net surplus £0.3m (2022: £0.2m) gen&2tes a net Surp1￿ after overhead attribution, due to the added value nature of the activity. It should be noted that the rusult in 2022r23 acovity which lacked the regular in-person Summer programmes.These returned in fijll durirg 5unTrr 2023 and thus will benefit the result in the financial year 2023124.The activity in 202V23 was on4ine programmes which provided a useful source d income vthlLst inyrson programrnes ￿re waused during the pandemic. Buildings-rdated overhead and depreciation eXp￿iDjre is allocated to EducailJ), where It relates to spaces with 2cademic use.The expendi￿tE ball￿e is allocated tr>Accommodation, Cawing and Conferen¢¢g. Not￿thStanding the aFparart1055 on CCffiferen￿ actsvity in these accounts, the depamnend management accounts show a FJSiti¥e C￿tribution from conference activity to fixed costs, The recovery rntr in Accommodarion (totsl uicome in note 2 divided by total c<>sts in notr 5),was 60%12021. 63%).This has historldty been at or ar0￿d the 70% mark 50 i% currenty lower, rnain due to the higher inflaoon borne by the College not Eerng mar£hed by inc(xne,This is also affected by the attribution of costs, thich i% periodicalty. Catering saw a recovery rnte of 52% (21J21.47%) thlch vrns a grndual Improvement over the previous year.The College continues to aim to increase use of the catering provision by Girton srudents. nNximising use whilst keeping prices at affordable levels. New senlor staff in the Caterlng and ConfeTrnce area have been appointed and wll aim to condnue this improvement into 2023124. 30

E Spendoble donorion irKome Unrestrltted donation IncM)e In the SOCI 15 £8k F. Other costs Other costs in the year relats to a one-off prlor year dep￿cl￿On charge of £1,822k (2021. NIL) and USS net contributions over Servlce costs of £(12(*) P02Z' net cosrs £96Cl<).The depreciation charge wa5 made to bring the College into line with its accounting policy. in that assets should be depreciated for the first time in the financial year they are first brought into Use and over their usefvl IlYes.Thls is a on&year atch up exe￿ISe and will not be repeated. 4. Review of reserves Reserves Pdicy ( l } The College is a pennanent Institution and holds substantial charitable funds on trust for a variety of purposes. The Council monltors the College's "free reserves" calculated as total unrestritted funds le&$ fixed assets. since it does not regard the operdtional estate as available for such a purpose. Nevertheless. there are funrtional assets withln the operational property porrfolio which might at some stage be sold or otherwise removed from the operational estate. (2) The College requires free reserrfes: { l ) to underwrite the continuity of irs operdtions. (2) to maintain equity betrween generations of members; (3) to fund capital expendlture" {4) ¢0 be able to respond to any urgent need for unplanned expenditure,, {5) to fund any future increases In penslon reseryes; and (6> to provide for wlndlng up costs in the event of a cessatlon of business. (3) The Councll regards accumulated free reserves whlch ar05e from., { l ) unrestricted spendable donatlons Sn the qulet perlod of A Grecrt Campaign and certaln subsequent major donacions (£3.5m); and (2) the proceed5 of sales of property (£23.4m) as quasi-unrestricted permanent endowmen( invested alongslde other permanent funds to provide an income for the College. Such free reserves designated as quasl- unrestricted permanent endowment {quasl-UPEC) will be used only Sparingly and If absolutely necessary to maintain continuity of operations and equity be￿een gener4tions. but they are regarded as avallable for capital purposes such as further Investment In the College's operatlonal estat (4) The Council aims to fund the College's capltal expenditure requirements over the next five years (currently budgeted at £8.1 m) from a comblnatlon of free reserves 31

(Including quasi-UPEC), donations and long term loan5. Of these sources, loan capital will be used to fund capital expenditure capable of generating a return 2bove that which may be delivered from the College's investment portfolio. (5) The Council aims to retain a minimurn of one yearfs unrestritted expenditure before depreciation and gross of any sources of known Income as free reserves (£16.Om). (6) The Council monitors.. (l) the relationship between free reserves and the unrestricted fijnds net deficit before Investrnent gains and losses in the Statement of Comprehenslve Income. (2) the ratio of free reserves to the net deficit before depreciatlon and donatlons, which It regards 35 a prudent measure of cash absorbed by operations. Amount of reser As at 30 June 2023 the College's free reserves were £28. Im (2022.. £30.1 m) and during the year 2022r23 annual unrestritted expend1oj￿ before depreciation was £16.(hn12022.. £14.5m).The ratio of fite reserves tn unrestricted funds net deficit before investrnent gains and105ses was 7.2 (2021.10.4). C Comparison with reserves policy The College's free reserves remain compliant vitth the Council& ￿serveS policy,whTrch was most recently reviewed in July 2023. D. Longer tenn tren<ts (5 yeats) The five-year budgeting exercise undertal<en this yw nwed out a sUitab￿arISked continuation ( the recovery trend tempered by expected ￿rther lnfiatior￿ry pre55ures acr055 our acdvities. Our model, &long wid) the ￿t of Coll￿atr Cambridge, dces not offer signrficant scope to pass on increased Costs, whith therefore requlros us to be Vi￿L￿t in respect of our cost base rfwe are to continue to provtde the vthety of faclltile5 and thEnts whkh urKlerpln our world.class resldenthl education. Our plan nonetheless shows that the Cole sh￿Id be rapable of achi￿1ng at or close to b￿ak- even in cash terms over the next f￿t yws: sustainatrAe financing of this nature is a key enabler for our agreed stratsgic plan and pThides an impormit ￿a$sUran￿ ofsound financDJ stewar&hlp for current and Potenti￿ supportern of the College thrK)uth dc¥utions and legacies. Student number5 for 2023n4 are bnxdty in line with the FThiOUS year and our objectNe for the short to medium tem) is to hold P05tgrnd￿tr numb￿3 at the current levd, with a strategic focus on increasing the proportion of PhDs and thus CTEallrE a more coherent MCR wtth an Improved expedents of ccmmunity. R￿M occupancy, aw slithdy Vuln￿￿de fn sttKlent interniission& i8 high at c. 97A and it was pleasing that Swirles C￿rt was busier during the summer of 2023 than it has been in previous years, thanks to the comblnation of longer t￿w•cY Post8rdduate4 and some usage by Summer Pro&Thnmes stsjdents. 32

We continue to see pleasinggrowth in the contrlbutlon made by the College's irwestment portfolio under the spendlng Nle, albeit that growth from financial mad(ets remains subiect to considerable uncer¢alntles resulting from geopolitic5 and the drficulry of dewmining whether the Impact of high Interest rates in reduclng Snfiation will lead to a'soft landinl, or a poriod of economic downturn. The Council has budgetsd for caEAttl expenditllre totslling £B.Im over the next five years.wth as an Immediatr priority c. £79J( to be spent on the ￿tOratIon and renevral of Cloister Cour¢ Includlng the cor15tNction of a ten7ce outslde the S¢xlal hub.This sum may be reduced on the basis of attrncting a level of dI￿or supporLv+ith the n•Y terrace represendng an atts*ive rAming opportunty. At the time ofwltyng the College is consulting internally on a major buildlng project the poTrntlal construction of a new Court by 2029 proYiding150+ student bedroom5 a5 well as new Fellow5, accommodatlon, guest rooms and neN high qU￿[ty public facilities. It is expected that the advancement of these plans, If approve4 wll slgnfficandy Cl￿nge 5eveTrl elements V￿thin our planned CapeK as we think about the repurposing of Seve￿ elements of the existing estate alongside what wll be availthe in whatwe might build.INe expec¢ thac next year& report will provide 5ignificantty greater detail on these ￿an$ and their impart for CaFex. It Should be noted. however,that planned firrdncing for the new Court will be made up primarlty of existing and new debt fadlitie&and a nnior d￿elOpment caMFAlg￿ rnther than drdwing heavily on exlsdng reserves. 5. Going concern A. Explanation of operating deflcitlsurplus Thc College's overall finanaaj sustalnability has been transfomied over recent years by the growth in the permanent endowment throughA Great Campaign and some e5trte restructuri￿ helped as well by a decade of str￿g Investment retsJrn5. The latest fir)ancial year saw a continuation of that and the College remalrLS at or ar￿nd the strtylgest Ilnanc￿l posldon It has been in. For the 2022123 financial year the d￿at scood at (£3.9m>.On a cash bas15 (l.e. before depreciatlon and unrestricted fund transactlons) the surplus was £0Sm,which ￿ declared as the management accounts resulL Et Is the goal of the College to remain at or around breakeyen in cash terms and on an unrertricted basis.This me2ns thatwe are not relying on a diminishing pool of osh roserves to subsldise our day-to-day operations, instead doployln8 our capital strateg￿al￿ on inyesljnents thich will over tlme be accretlve to the Yalue of the College and Improve the experience of its communlty. The CU￿ent economlc en￿ronment remains challewng wlth condnulng hlgh levels of Inllation and risks to investment retums, 2nd the College rem￿n$ viglant in marHging its operations in this light. We are makj'ng progress Y￿th regard to some malor str￿tur31 areas which have contyibuted to prior deficits: 33

Occupancy levels at Swrles Court are impromns Fwticuwy in the summer months whith in previous years have had slgnifit2nt numbers of voids.we continue to negotiate with the unNersty as to liabillty attribution for the several major and costly dèficits whid) we have addressed (and continue to address) rElated to the bulkli Commercial operations are n(w badc up to full strength, though are ti￿ng some imp)rtant steps in the strntegic planning and rrArogement of tho%e, supportÈd by the recruitment of experienced professi￿alS within the Conferencing and Catering and the Girtcn Sumrner Progrdmmes departsnent& In p3rticu&r we will be reviewing the structsjre of event delNery In order to ensure this is constttent and prows-drNer4 and wtth a ￿eW to freeing up resOU￿e in other dep3rtrnents is CU￿endY ovety occupied wtth eNtnt managemenLWe will also be revIe￿Ing cost allootion b&￿en different types of commeKial activty in order better to plan for mthmising the bottom-line contrlbudon to college finanw; We are impromng the ts2nsparency of people planning as part of the annual budget cycle In order to ensure that recruitment of at*Jrrional heads and promotlons. are fully aligned to thé Colleges Strdtwc priorioe% includw)g the erkblirE priority of financral sustainthlity; Our adjustsnent of our develownent foc￿$ should have the effert of Increasing the level of contribution to annual spendin&whi15t ￿]11 striknng a balan￿ bthe￿ this and continuing to strengthen the endowment Cosh Flow Statement We mix)itor cash flows regularly thmughout the year in order to ensure the College has sufficient liquid funds at all times in onler to meet its need At 30 Njne 2023 the College's cash stood at £1,7m, lower than the £3.1 m recorded at the end of the 2021122 financlal year. C. Any fvnd or 5ubsNdiory in deficit None of the (¢￿￿j¢￿ ￿ndS oftheATF were in defiat at the w end. 6. Plans for future periods A Counul'5 future tyans The Cdlege is a permanent instiwoon and an importsnt con51itMent of the tollegiaTr UnNersity ¢f Cambridge.The Councll's pkns for the fve years includ Continulng to implement tts new strategic pkn. vthich vfas fOrn￿d as a result of a ￿d￿ra￿ng consultation intemal and eXt￿t￿ stakeholth. Talang ￿rther steps towards the g031 of"inclusivE excellence" by a renewed focus on dryerslty across a rnnge of metrics; and prowding srudents with the support and tools to achiele the best possible educational outcom4 measured in tern￿ of acadanlc success and personal Jilding the financkal support cfftred to studen¢ Indudlng. (i) continuing to raise fijnds to offer I￿rsary supwrt to Under8rndLM￿ and portgndLMW (11) focused fundrnislng for PhD students so as to be able to incrnse the pwortion of our postgraduates who are PhDs' (ill) as far as possible WFthin the over￿1 kndget minimising the burden on stsjdents from rosId￿Ce charges and other costs whlle delivering excellent f2ciIiti4 Improvlng the offer to Fellows (Eoth cfos and Lrros) In order to atttart and retain world- class scholars at Girtori pay,1v￿ing condidons and benefits.. 34

Jrther fofftrlng the wellbwng of all members of the College as an essentlaf basis for achieving their full potential,wlthln the rE5identtal hither educatlon setdng that is a hallma￿ of the Ilegrdts Universiv, Improving the built environment thr￿h both large and $m￿l-scale ren¢)Yatlons and redecoration& and d￿elOPIng and implementirE a decarbonisatlon plan that enables the College to achleve Net Zero; Taknng slgnificant further steps in estates Planni￿ including adyancing plans to bulld a potential new Court on the College's main Site, containing a MtXW￿ of swdent room5, Fellow5. offices and accomrnodation, and public are4 induding poontially an audr(orium. At the same ￿me revIe￿nE alternative models for Swrtes Court in the fijthre accommodatlon provislon of the Colleg Wor4ong ¢0 achleve improvements to the opernong performance of the College, includlng maMng more effective use of InforniationTechnology in order to increase efficiency and, over tlme, deliver pern)anent improvements to the cost b Jrther maximising the Cdlege's commercial reveNe by taking a f(L￿Sed and Coryordinated approath to g￿￿n8 Girton Summer PrDgTrmrnes ar￿ the conferencing buslnos¥ Continuous ImproVem￿ts to govemarKe avraymenty induding a revlew and ref¢Thiation of the Siatutes: B. Five year mlling budget The Council has adopted a five year rolling budget for 202V23 to 2027r28. The revenue budget includes operatyng Income and eXpendi￿r& the proportion of tota5 retum dl¢)wed by the College's lontrrm spendlng rule, depreciation. Interest 2nd donation5. It does not indude Investment 83lnsllosses retalned as Unapp1￿ tofal re￿rn (see Note 17 to the Accounts}, 8ainsllosses on disposal of frxed assefy gaI￿O55e5 on rev￿uatiOn of fixed assets, nor acwarSal gainsllosses In respect of pension schem C Capitol expendIW￿ Programme 2023124 Clolster Court renoyatlon Ineludlng 0 terrace outside the Social Hub, laying a thway from Mare's Run to the Lodge and improved I￿tIng Completion of redecordtjon of Old Han Proposed new Ilghting scheme In Chapel Rene￿￿ble ene enerntion rBview teration5 within the KStchen and Servery Redecorndon of Tower Wlng {though unlikely tA) be full refurbishmcnt) PotentSal Im rovements to Stanl Ubrn Tower Plant Room strlp and refit Decarbonisation works Further wlng refutishmeTrt (to be confflrmed) Decarbonisation works Decarbonisatlon works 2024125 2025126 2026127 2027128 It should be noted that th&se budgeted works for the ouQr years are provislonal at thls point and 11 require further internal review and stgn-off - including wth reference to pr￿ling financbal condrtlons- before proceeding. 35

The Capex plan does not yet include any costs associated with the design and constructi¢Jn of a new Court. On the basis that the College proceed5 with thi5 ￿ further informaljon will be included In the next Annual Report and ACC￿nts D. In*att on free reserves Both the net {deficit)Isurplus bdore deprecktion and exceptional income and any Otal expenditure will ultimatdy be fvnded by a coMbin￿jOn of free reserves and long-temi loans available for CaF4tal expendI￿re. The impart over fve year3 of the 2023 revenue and CapEx budgets is as set out below. OOO'S 2023124 2024fL5 2025126 2026127 2027128 S year total 2023 final CapEx budget 2023 flnal I&E budget (2,159) (264) 11.885) {1.155) 1144} (1,96S) 55 (9551 83 (8,-119) (244) Impact on free {I423) .11029) (1.129) (1.910) _ (872) (8.363) 7. Risk management Acknowledgement of tn￿tee responsibility Members of the College Council as trustees haye ultlmate responsibility for ensuring that risk is rnanaged satisfactorily within the College. Overview of risk identification. ossessment and monitoring prrKess Risks are identifled in the College Risk R￿ster which is a detailed document produced some years ago. During 2017118, the College Council agreed to take a different approach to Identifying rlsk. It was agreed that a new Corporate Risk Regster would be devised, focusslng on risks to delivering the College's Strat￿C Academic Plan. while the major committees of the College would be responsible for compiling and maintaining operational rfsk reglsters, feeding upwards to Council and the Corporate lknsk Regtster as required. Capltal projects undertaken withln College are sublert to detalled local risk registers by Individual project managers. C. Review ond assessment of moior iisks ond confirmation ofcontrols Council considered the major risks to whKh the College is exposed in 2022123 and satisfied itself then that systems were in ￿ace in order to rnanage those risks.The main categories of operational sk for the College are: a) Admissions b) Compliance c) Employment d) Flnancial and accountlng e) Fire Fundlng and higher education policy 36

g) Governance h) Health & Safety Investment Properry maintenance and management k) Reputation Student experience As set out above, a Corporate Risk Register is under developmen( which will link risk to the College's Strategic Academic Plan. D. Identified risks and uncertointies outside the College's control The persistent high level of inflation remains a risk to cost budgeting across salaries. procuremenL utilities etc. though ic is to be hoped that the recent reducing trend may continue. The College's ability to pass on higher costs to students by way of increased pricing for accommodation and catering is highly constrained, and there is no prospect of an increase in fee income. Indeed. the risk to fees appears to be firn)ly on the downside. The College depends for the maintaining the value of its portfolio in real terms on a reasonable performince from global financial markets. These currently represent a further risk given the significant geopolitical uncertainues and in particular the risk of a widening of the conflict which has started between Israel and Hama5. added to the ongoing war between Russia and Ukraine (amongst other issues). It also remains to be seen whether efforts to manage inflation through high interest rates will lead to a 'soft landinl. or will cause a recession across developed economie5. Whilst the College's commercial activiry ha5 bounded back strongly, it remains highly exposed to Girton Summer Progrnmme business generated from visltor5 from a single country. Should any those participanrs be prevented from attending, for example due ¢0 political or health developments preventing travel, then the negative impact on the current business mix would be very significanL Efforts are currently being undertaken to diversÉfy the range and nature of busines5 within the College5 commercial acllviues. Trustees. review Council reviewed the arrangements for managing risk in 2023124 during consideration of its annual governance report. On behalf of the Council Dr Elisabeth Kendall The Mistress 30 November 2023 37

Independent Audltors, Report to the Augmented Council of Girton College Year Ended 30 June 2023 Opinion We have iudlted the financlal statements of Girton College (the 'College) for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income and Expendlture, the Statement of Changes in Reserves. the Balance SheeE the Cash Flow Statement and notes to the fininclal 5tatemenc5, including a summary of signrficant accounting policies, The financial reporting framework that has been applied Sn their preparation 15 applicable law and United Kingdorn Accounting Standards, including Financial Reporting Standard 102 The Financlal Reportlng Standard appllcable in the UK and Republic of Ireland (Unitsd Kingdom Generally Accepted Accouncing Practyce). In our opinlon, the financial statrments: give a true and fair view of the state of the College's affalrs as at 30 June 2023 and of its Incoming resources and application of resources for the year then ended; have been properly prepared in accordance United Kingdom Genernlly Accepted Accounting Practice; and have been prepared in accordance wlth the requlrements of the Charit]e5 Act 201 l and the Statutes of the Universlty of Cambridge. Basis for opinion We conducted our audit in accordance with InTrrnaoonal Standards on Audltin8 {UK) (ISAS (UK)) and appllcable law, Our responslbllities under those Stsndards are further described in the Auditors. responslbilities for the audlt of the financial statements section of our reporL We are independent of the College in accordance with the ethical requirements that are releyant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fuffilled our other ethlcal responsibiSitles in accordance with these requlrements. We believe that the audit evidence we have obttlned is sufficient and appropriate to provide a basis for our opinion. Conclus•ons relatlng to going concern In auditing the financial statements, we have concluded that the Trustee5' use of the golng concern basis Qf accounting in the preparation of the financial statements is approprlate. Based on the work we have performed. we have not identrfied any material uncertainties relating to events or conditions tha4 individually or collective￿, may cast significant doubt on the College'5 ability to continue as a golng concem for a period of at least ￿e1Ve months from when the financial Statements are authorfsed for Issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant secdons of this reporL 38

Other information The Augmented Councll are responsible for the other inforniatlon. The other informavon comprises the Informatlon included In the Annual Report other than the financial statements and our audl¢ors' report thereon. Our opinion on the financlal statements d(xs not cover the other Information and, except to the extent otherwise explicitly stsced In our reporL we do not express any forni of a55urnnce concluslon thereon. In connettlon with our audit of the financlal statements, our responsibillty is to read the other InformatJon and. in doing so, conslderwhether the other information is materlally Inconslstent wlth the financial statements or our knowledge obtsined In the course of the audiL or otherwlse appears to be materially misstated. If we Identify such materlal inconsirtencies or apparent materlal mis5tstements, we are required to detsrmine whether there is a rnacerlal misstatement in the financial statements or a materlal mlsstatement of the other Information. If, based on the work we have perfornied, we conclude that there is a materlal mlsstatement of thls other infonnarlon, we are requlred to report that fa We have nothing to report in thls regard. Opinion on other matters prescribed by the Statutes of the University of Cambridge In our opinlon based on the work undertaken in the course of the audit: The contribution due from the College to the University has been computed as advised in the provisional assessment by the Unryersity of Cambridge and in accordance with the proYlslon5 of Statute G.11. of the University of Cambridge. Matters on which we are required to report by exception In the light of the knowledge and understanding of the College and Its environment obtalned In the course of the audiL we have not identlfied material misstatements in the Report of the Council. We haye nothing to report in respect of the following matters In relation to which the Charities (Accounts and Reports) Regulalions 2008 require us to report to you If, In our opinion: sufficlent accounting records have not been kepL or the financial statements are not in agreement with the accounting records: or we have not received all the information and explanations we require for our audlt. Responslbilities of the Augmented Councll As explalned more fully in the responslbilides of the Augmented Councll statement set out on page 7, the Augmentsd Council and are responsible for the preparatlon of the financial statements and for belng satisfied that they give a true and falr view. and for such Internal 39

control as the Augmented Council determine is necessary to enable the prepiration of financial statements that are free from material mlsstatemenE whether due to fraud or error. In preparing the financial statements, the Augmented Council are responsible for assessing the College's abili(y to continue as a going concern. disclosing, a5 applicable, matters related to going concern and using the going concern basis of accounting unless the Truscees eithcr intend to liquldate the College or to cease operations, or have no re￿istiC alternative bLrt to do so. Auditors, responsibilities for the audit of the financial statements Our objectiyes are to obtsin reasonable assurance about whether the financial statements as 3 whole are free from material misstatemen¢ whether due co fraud or error, and to issue an Auditors, report that Includes our opinion. Reasonable assurance is a high level of assurnnce. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Missotements can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to Inffluence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities, outiined abov@ to detect material misstatements In respect of irregularities, includlng fraud. The extent to which our procedurÈs are capable of deterting irregularities, including fraud is detailed belovr. Our approach to Identifying and assessing the risks of material misstatement in respecc of irregularities, Includlng fraud and non-compliance with laws and regulations, as follows: the engagement partner ensured that the engagement team collecuvely had the appropriate competence, capabili¢ies and skills to identify or recognise non-compliance with applicable laws and regulations; we Identifled the laws and regulatlons applicable to the College through discussions with Trustees and other managemen¢ and from our knowledge and experience of the educatlon sector; we obtained an understanding of the legal and regulatory framework applicable to the College and how the College15 complying wlth that framework., we obtained an understanding of the College's policies and procedures on compliance with laws and regulations. including documentation of any instances of non-compliance; we idendfled whith lavts and regulatlons were slgnlficant In the context of the College, The Laws and regulations we considered in this context were Charities Act 201 I, the Statutes of the Universiry of Cambridge and taxaoon legislation. We ￿seSSed the required compliance with these laws and rwilations as part of our audit procedures on the related financlal statement items; in addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which mlght be fundamental to the College's and the Group's ability to opernte or to avoid materlal penatty; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audiL

We assessed the 5usceptlblllty of the College's financial ststements to materlal mlsstatemen( Including obtaining an understanding of how fraud might occur, by: maklng enquiries of management as to where they considered there was susceptlbllity to fraud. their knowledge of actual, suspetted and alleged fraud; and consldering the internal controls in place to midgate risks of fraud and non-compllance wlth laws and regulation5. To address the rlsk of frdud through management bias and override of controls. we: testrd journal entries to Identify unusual transattton5' assessed whether judgements and assumptions made In deterniining the accounting esomates set out In the accounting policy were indicative of potential bias. and Investigated the rationale behind significant or unusual trnnsactions. In response to the r15k of irregularitles and non<ompllance wlth law5 and regulations. we deslgned procedures which included, but Y￿re not limited to: agreelng financlal statement disclosures to undertying supporUng documentatlon; reviewing minutes of meetings of those charged with governance; enqulrlng of management as to actual and potential litigation and claim5; and reviewlng correspondence with relevant regulators and the College's legal advisors. There are Inherent Ilmltations in our audlt procedures described above. The more removed that laws and regulatlon5 are from financi￿ transactions. the less Ilkely It 15 that we would become aware of non-compliance. Audldng standards also limit the audit procedures requlred to identify non-compliance with laws and regulauons to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, If any. Material misstatements that arlse due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A fijrther description of our responsibllitjes for the audir of the financlal statements Is located on the Financial Reporting Council's website aL vhvw.frc.org.uklauditorsresponsibilties, Thls descrlptlon forms part of our auditors, reporL Use of our report Thls report is made solely to the College's Augmented Councll as a body, in accordance with College's statutes. the Sotutes of the University of Cambridge and the Charltles Act 2011 , Our work has been undertaken so that we might state to the Augmented Council those matters we are required to state to them in an Audltors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College and the College's Augmented Council as a body, for our audit work, for this report or for the opinions we have formed.

PETERS ELWORTHY & MOORE Chartered Accountants and Statutory Auditors Salisbury House Station Road Cambridge CBI 2LA Date.. 7 December 2023 Peters Elworthy & Moore is eligible to act as an auditor in terms of sectlon 1212 of the Companies Act 2006. 42

Statement of Principal Accounting Pollcles Basis of preparation The financial statements have been prepared in accordance with the provislons of the Statutes of the College and of the University of Cambridge, uslng the Recommended Cambridge College Accounts (RCCA) forniar and applicable United Klngdom Accounting Standards, includlng Flnancial Reporting Standard 102 (FRS 102) and the Statement of Recommended Prnttlce (SORP): Accountlng for Further and Higher Educatlon issued in 2019. The Statement of Comprehensive Income and Expendiwre Includes activlty analy515 in order to demonstrate that all fee Income is spent for educational purposes. The analysis required by the SORP is set out In note 6. The College is a public benefit entity and therefore ha5 applied the relevant public benefrt requirement of the applicable UK la￿￿ and accounting standards. Basis of accounting The financial statements have been prepared under the hlstorical cost convention, modified in respect of the treairnent of investments, whlch are included at vdluatlon. Golng concern The Trus¢ees have prepared forecasts for the period to 2027 which have been stress tested based on a "worst case" outcome in several respects and have considered the impact upon the College and Its cash resources and unrestrictsd reserves. The College manages its cost base prudently, including a measured approach co maintenance, capex and re5erYes, In order to combat the reduction in revenues and to extend financi2J headroom. The College also ha5 slgnificant inyestynents'which could be reallsed ff required. Based upon their review the Trustees believe that the College will have Sufficient resources to meet its Ilablllties as they Fall due for the foreseeable future and therefore have contSnued to adopt the golng concern basis in preparing the financial statements. 43

Girton College - Year Ended 30 June 2023 Recognition of income Academic fees Acidemic fees are recognised In the period to which they relate and include all fe chargeable to students or their sponsors. The costs of any fees Yttived or wrltten off by the College are included as expenditure. Gmnt IrKome sources) are recognised within Statunent OfC￿enS￿e ]r￿Ome 2nd Exwdrure the Col+ is entidej to the inc<xne and rdatsd condhijns been IncLxne in a(fva￿e of pthiMKe ￿lated coThJityons ig ddentd on the balan￿ sheet and rdeased to the Statement of COMPrd￿$1ve Inccme aTrJ Exp￿￿lti1￿ h line with such condrtions being met Donations ond endowments Non excFHnge transactions y￿thoUt perfornwKe reiated conditions are donations and endowment Donatiorts and endowments with &)nor•inpL%ed restrtcdons are recO￿lsed ￿￿thin the StateMe￿t of Comprehensive IrKome and &FEThJjtU￿ the Cdlege is entided to the income. Income is retained within ￿ti7Cted wrves until suth time tlut it is udltstyj In line Ylth suth ￿iCtionS at which polnt the income Is released to generdl reseThE5 throLEh a reserve tTrnS￿r. Donadons and endowments with restrictices are clas5rfTred as rE5tiicted additional disclosure wided thin the rb)tes to the accouni There are four main types of donations and endowments with restrictions: l. Restricted donations the donor has specified that the donation must be used for a particular objective. 2. Unrestricted permanent endowments- the donor has specified that the fund is to be permanendy invested to generate an income stream for the general benefit of the College. 3. Restricted expendable endowments- the donor has specified a particular objecove and the College can convert the donated sum into income. 4. Restricted pernianent endowments- the donor has specified that the fund is to be permanendy invested to generate an income stream to be applied to a particular objective. Donadons wlth no rthttions are recorded within the Statement cl Comprehensive Income and Expenditure when the College is ￿titjed to the Income.,

Glrton College- Year Ended 30 June 2023 Investment Income and chunge in volue of investment assets Investment income and change in Ydlue of investment assets is recorded in income in the year in which it arises and as elther re5tr1tted or unrestricted income according to the terms or other restrictions applied to the indivldual endowment fund. Totol retum The College IrNe5ts1ts endowmert pothllo and allocated the related eamlngs for expenditure in accordance with the totsl retum concepLThe spending policy is specifically designed to srablllse annual spending I￿e15 and to preserve the real value of the endown￿t por60llo over tlme.The College spending rule perniits the transfer for the academic year of no more than 3.5% of the 3- year rolling welghted average of the balance of the fund as at 30 June (to increase to 3.8% from 2023124). The College operates a unitisedAmalgamatedTrust Fund (ATF) scheme for the collectyye Investment of endowment funds, under whith the trdnsfer ts perniitted by the spending rule Is converted Into a provrnta dSstribution of the fijn Other income Income Is receNed from a range of actNioes IncludlngAccommocFatiO￿ Catering C<)nferences (includlng Summer Programmes) and other s¥￿ceS ￿ndered. Combridge Scheme In 2022123, payment of the caM￿ldge &Jrsaries to eli&Lle stsjdencs was made di• by the Student Loans Company (SLq. As a consequen¥ the College ￿1MbUrSed the SLC for the fijll amount paid to their eligible Sttjdents and the College subsequently ￿1ved a contslbutlon finm the Universtty of Cambridge tO￿7rd$ thls payment The net payment of £215k is shown wthin the SOCI as follo 2022123 £'ooo 206 421 2021r22 Income (see note l) Expenditure 366 Foreign currency translation Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transactlons. Monetary assets and liabilities denominated in foreign currencies are trnnslated into sterllng at year end rate5 or, where there is forward forelgn exchange contrac( at contract rntes. The resulting exchange dlfferences are dealt wlth in the determinatlon of the comprehen5Ne income and expenditure for the flnanclal year. Fixed assets Lond and buildings Fixed assets are staTrd at cost less accumulated depreciation and accumulated impairment losses. Operatlonal property a55ets that had been revalued to fair value on 30 June 2014, the date of transltion to SORP, are measured on the basis of deemed cost, being the revalued amount at the date of that revaltraiion. 45

Glrton College- Year Ended 30 June 2023 Where parts of a flxed asset have different useful lives, they are accounted for as separate Items of fixed assets. Costs incurred in relation to land and buildlngs after initial purchase or con5trUCtion, and prior to valuation, are capitalised to the extent that they increase the expected future benefits to the College. Freehold12nd is not depreciated as it is consldered to have an Indefinite useful life. Freehold buildings are depreciatsd on a straight-line basis over their eXPeC￿d useful lives as follows,. Buildlngs Sports Facilities Outbuildingslworkshops 63-99 years 67-99 years I IH6 years Fit-outs M&E services 5-34 years 10-40 years Leasehold land is depreciated over the Ilfe of the lease up to a maximum of 50 years. Bulldings under construction are valued at COSL based on the value of archttects, certificates and other direct costs incurred. They are not depreciated until they are brought into use. Land held speclfically for development investment and subsequenc sale is included in current assets at the lower of cost and net realisable value. The cost of additions to operatlonai property shown in the balance sheet includes the cost of land. Furniture, fittings and equipment cosong less than £5k per individual item or group of related I￿rn$ is written off in the year of acquisition. All other assets are capitalised and depreCia￿d over their expected useful lrfe as follows: Furniture and fittings Equipment 20% per annum 20% per annum Leased assets Leases in which the College assumes substantially all the rlsks and reV￿rdS of ownershlp of che leased asset are classified as finance leases. Leased assets acquired by way of finance leases are stated at an amount equal to the lower of their fair value and the present value of the mlnimurn lease payments at inception of the lease. less accumulated depreciation and less accumulated impairment losses. Lease payments are accounted for as described below. Minlmum lease payments are apporrioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each perlod durlng the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Costs in respect of operating leases are charged on a 5traight-line basis over the lease temi. Any lease premlums or incentives are spread over the Minimum lease terni.

Girton College- Year Ended 30 June 2023 Heritage assets Rare books, silver, works of art and other assets not related to educatlon are valued at the insured value. Assets deemed to be inalienable are not Included In the balance sheet. Items of antlque furnlture and Silver have been valued by Che)Tins. Auctioneers and Valuers. Investments xed asset investments are Included in the balance sheet at fair Value, except for Ir)vestments in subsidlary undertskings which are stated in the College's b31ance sheet at cost and eliminated on cork%olidation. Investments tFut are not listed on a ￿o￿lSed stock exchange are carried at hlstnrical cost less ary provision for impalrment in their ￿ue1n￿rket value. Stocks Stock5 are stated ac the lower of cost and net realisable Yalue after Ma￿ng provlslon for slow movlng and obsolete Items. Provisions Prowsions are recognlsed vthen the Col￿ge has a pres¥rt legal or constNctNe obligation as a resu￿ of a pase even¢ it Is probable that a transfer of economic beneffits wll be required to settle the obli8ation and a rellable estimate can be made of the amwnt of the obligarion. Conilngent liabllltles and assets A contingent Ilability arises from a past event that gives the College a p055ible obligatlon whose existence wlll only be confirmed by the occurrence or otherwise of uncertain future events. not wholly wlthin the control of the Colleg& Contingent liabilities also arlse In circumstances where a provlsion would otherwse be made but either it Is not probable that an outhow of resources wlll be required, or the amount of the obligation cannot be measured reliably. A cOntin￿t asset arises vknere an taken place that glves the Colw a posslble asset whose existence will On￿ be confirnied by the occurraKe or otherwise of uncertain fijture eV￿ts not wholly ￿thin the cortrol of the Cotleg Contingent assets and liabilities are not recogni5ed in the balance sheet but are dlsclosed In the notes. Financlal Instruments The College has elected to adopt Secoons I l and 12 of FRS 102 In respect of the recognitlon, measurement and disclosure of financial instruments. Financial assets and liabilitles are recognlsed when the College becomes parry to the contractual prov151on of the Instrumen¢ and they are classified according to the substance of the contractual arrangements entered into. A financlal asset and a financlal liabilty are offset only when there Is a legally enforceable right to set off the recogni5ed amounts and an Intention either to settle on a net basis, or to realise the asset and settle the Ilablllty simultaneously. 47

Girton College - Year Ended 30 lune 2023 Financial assets Basic financial assets Include trade and other receivables, Cash and cash equivalents and investrnents in commercial paper (l.e. deposits and bonds). These assets are initially recognised at trarffjaction price unless the arrangement con5titute5 a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a rnarket rate of Interest. Such assets are subsequentty c2rried at amortised cost using the effettive interest ra￿ method. Flnancial assets are a$5essed for indicators of impairment at each reporring da￿. If there is objective evidence of ImpairmenL an Impairment loss is recognised in the Statement of Comprehensive Income. For financial assets carried at amortised cost the impairment1055 is the dlfference between the carrying amount of the asset and the present value of the estimated future cash flows, discounted at the asset's original effective interest rat Other financial L8sets, including investments in equity instruments, which are not subsidiaries or joint ventures, are inidally measured at fair value which is typically the transattion price. Those assets are subsequendy carried at fair value 2nd changes in falr value 2t tho reportlng date are recognL%ed in the Ststement of Comprehensive Income. Where the investment in equity instrumenrs is not publicly traded and where the falr value cannot be reliably measured, the assets are measured at cost les5 impalrmenL Inve5tmenrs In property or ocher physical assets do not constitute a financial instrument and are not included. Financial assets are de-recognised when the contractual rights to the cash flows from the asset expire or are setded or 5ubstsntially all of the r15k5 and rewards of ownershlp are transferred to another party. Financial Liabilities Basic financi￿ liabilities include trade and other payables, bank loans and intergroup loans. These liabiliti￿ are initially recognised at transaction price unless the arrangement constitutes a financing transactlon, where the debt instrument is measured at the present value of the future payments discounted at a rnad(et nte of intere5L Debt Instruments are subsequendy carried at amortised cost using the effective incerest rate method. Fees paid on the establishment of loan facilitles are recognised as tr2nsaction costs of the loan to the extent that it is probable that some or all of the facllity wlll be drawn down. Trade payables are obllgatlons to pay for goods or services that have been acquired In the ordinary course of business from suppliers. Accounts payable are classified as current liabllltles If payment is due wlthin one year or less. If nol they are presented as non-current liabilities. Trdde payables are recognised initlalty at transaction price and subsequently measured at amortised cost using the effettive interest t7te method. Derivatives, including foThvard foreign exchange contracts, are not basic financial instruments. Derivative5 are Initi￿lY recognised at f￿r value on the dats the deriyative contract is entered into and are subsequendy re4neasured at their fair value at the reportlng date. Changes in the *air value of derivatives are recogni5ed In the Statement of

Girton College-year Ended 30June 2023 Comprehenslye Income in flnance costs or flnance income as appropriate. unless they are Included In a hedglng arrangemenL To the extent that the College enters into forward foreign exchange contracts which remaln unsettled at the reportlng date the fair Ydlue of the contrncts is reviewed ar thac date. The Inicial falr value is measured as the transaction price on the date of Inceptlon of the contracts. Subsequent valuatlons are considered on the basis of the for%Yard rates for those unsettled contraccs at the reporting date. The College does not apply any hedge accountlng In respect of forward foreign exchange contrncts held to manage cash flow exposure5 of forecast tran5action$ denomlnated in foreign currencies. Financial liablllties are de-rec0￿15ed when the liability is dlscharged, cancelled, or expires. Taxatlon The College is a reglstered tharity {number 1137541) and a150 a charrty wthin the meanlng of SectJon 467 of the CorporationTaxAct 2010.Accordingty, the College is exempt from tr￿tIOn in respect of Income or capical galns re￿Ned wthin the categories covered by 5edon5 478 to 488 of the CorporddonTaxArt 2010 or Section 256 of theTaxation of Chargeable Gains Act1992 to the extent that such income or g￿n$ are aFplled to eXcluSfve￿ dmritable purposes. The College recelves no slmllar exemption in respect ofWueAddedTaK Contribution under Statute G.11 The College Is liable to be assessed for Contribution under the prov151ons of Statute G.11 of the University of Cambridge. Contribution is used to fund grants to colleges from the Colleges Fund. The liabllity for the year Is as advised to the College by the Universiry b35ed on an assessable amount derived from the value of the College's assets as at the end of the prevlou5 financial year. Penslon costs The College parclclpates in Unlver5ttles Superannuxtlon Scheme. Wlth effect from I October 2016. the scheme changed from a defined benefl¢ only penslon scheme to a hybrid penslon scheme, providing defined beneflts (for all members). a5 well as defined contribution benefits. The assets of the scheme are held in a separnre trustee-admlnistered fund. Because of the mutual nature of the scheme, the assets are not attrlbuted to indlvidual institutions and a scheme-wide contrlbution rate is set The insdtiJtion is therefore exposed to actuarial risks associated with other institudon5' employees and is unable to identify its share of the underlying assets and Ilablllties of the scheme on a con5iStent and reasonable basis. As requlred by Section 28 of FRS 102 "Employee benefits", the institutlon therefore accounts for the scheme as If It were a wholly defined contrlbution scheme. As a resul¢ the amount charged to thc profit and loss account represents the contrlbutlons payable to the scheme. Since the Institudon has entered into an agreement (the Recovery Plan) that determines how each employer withln the scheme wlll fund the overall defici¢ the Institution recognlses a Ilability for the contributions payable that arise from the agreement (to the extent that they relate to the deficlt) and therefore an expense is recognised. 49

Girton College- Year Ended 30 June 2023 The College also partlcipates in the Cambridge Colleges Federated Pension Scheme (CCFPS), a defined benefit scheme which is externally funded and contrarted out of the State Second Pension (S2P). The assets of the Scheme are held in a separate trustee administered fund. The funds are valued every three years by a professionally qualified Independent actU2ry using the projected unit method, the rates of contribution payable being determined by the trustees on the advice of the actuary. In the intervening years. the acruary reviews the progress of the schemes. Pension costs are assessed in accordance with the advice of the actuary, based on the latest actuarial Valuation of the Scheme, and are accountsd for on the basis of charging the cost of providing pensiorns over the period during whlch the institution benefits from the employees, services. The College also offers MeMbe￿hIP of NOW: Pernsions, a defined contribution pension scheme, for non-academic staff and the pension charge rePreS￿ts the amounts payable by the College to the scheme in respett ofthe ern￿oyeeS, during the year. Employment benefits Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render service to the College. Any unused benefits are accrued and measured as the additional amount the College expects to pay as a result of the unused entitlemenL Reserves Reserves are allocated be￿een restricted and unrestricted reserves. Endowment reserves include balances which, in respect of endovfflient to the College, are held as permanent funds. whlch the College must hold to perpetuity. Restritted reserves include balances in respecc of which the donor has designated a specific purpose and therefore the College is restricted in the use of these funds. Critical Accountlng Estimates and Judgements The preparation of the College's accounts requires management to make judgements, estimates and aSsump￿0nS that affect the application of accounting policies and reported amounts of assets and liabllities, income and expenses. These judgements, estimates and associated assumptions are based on historlcd experience and other fictors, Including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the relatsd actual rosults. Management consider the areas set out below to be those where critical accounting judgements have been applied and the resulting estimates and assumpdons may lead to adjustments to che future carrying amounts of assets and liabllities. Income recognicion - Judgemert is applied in determining the value and timing of cercain income items to be recognised in the accounts. Thls includes determining when performance related conditlons have been met and determining the appropriate recognltlon timlng for donations, bequests and legacies. In general, the later are reco8nised when at the probate stsge. 50

Glrton College- Year Ended 30 June 2023 Useful Ilyes of property. plant and equipment- Property. plant and equipment represent a slgniflcant proportion of the College's total assets. Therefore. the estimated useful lives can have a slgnificant impact on the depreciation charged and the College's reported performance. Useful Ilves are determined a¢ the time the asset Is acqulred and revlewed regularly for approprlateness. The lives are based on historical experiences with similar assets, professional advice and antlclpation of future events. Details of the carrying values of property, plant and equlpment are shown in note 8. Recoverability of debtors - The provision for doubtfijl debts is based on the College's estimate of the expected recoverability of those debts. Assumptions are made based on the level of debtors whlch have defaulted historicalty, coupled with current economic knowledge. The proYi5ion 15 based on the current situatlon of the customer, the age proflle of the debt and the nature of the amount due. Retlrement benefit obligation5 - The cost of defined benefit pension plans, and other post- employment benefits are deterniined using actuarial valuauons. The actuarial valuatlon Involves making assumptions about discount rates, fijture salary Increases. mortallty rates and future penslon Increases. Due to the complexlty of the valuation. the underlying assumptions and the long-term nature of these plans. such estimates are subject to slgnlficant uncertalnty. Further detslls are wven in note 23. Management are satisfied that Universities Superannuatton Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan In ex15tence at the date of approvlng the accounts. A5 the College Is contracrually bound to make deficit recovery payments to USS. this is recognised a5 a liability on the balance sheeL The provision is currently based on the USS deficlt recovery plan agreed after the 2020 artuarlal valuation. which defines the deficit payment required as a percentage of future salaries until 2023. These contribution5 wlll be reassessed within each triennial valuation of the scheme. The provlsion is based on management's esdmate of expected future salary inflation. changes in staff numbers and the prevalling rate of discounL Further details are set out in note 23. 51

29.{k .1 11 11

Glrton Q)Ilege-Year Ended 30June 2023 Statement of thanges in Reserves Year Ended 30th June 2023 2023 RestrlctÈd Funds 2023 Endowment Funds Unrestrlrted Funds Total Funds Reconclllatlon of funds: Balance at tstjuly 2022 (Def icitl/Surplus f rom Income & Expendlture statement Release of restricted capitsl funds Transfer between reserves Adjustment to prior year net assets 4553 1527) 69,727 3,118 IT3,826 13.597) {223T 14T 75 {01 {41 Total fvnds canled forward 4,174 172,816 Statement of Changes in Reserves Year Ended 30th June 2022 2022 Endowment Funds 2022 Total Funds Unrestrlcted Funds Re5trfrted Funds Reconallation of lund5: Balance at tstjuly 2021 Su rpluslldeficitl from Income & Expenditure ststement Release of restricted capltal funds Trdn5fer between reseryes 1234 116891 3,971 6,741 172,946 11 {231 Totsl funds carrled forward 4553 173,826 The notes on Poges 56 to 74 fon77 Part of these accounts 53

Girton College- Year Ended 30 June 2023 Balance sheet Year Ended 30th June 2023 2023 2022 Non Curnent Assets Flxed assets HeritaÈe Assets Investments 67,643 6.144 119.759 69,403 6,103 114,328 Totol Non Current Assets 189,834 Current A5$et5- Storks Trade & Other recelvables C3sh & Cash equivalent io li 3.456 L7CO 6.171 3.085 Tot£Tlcurrentossets 5.219 Uabllltle5: Creditors.. amounts falling due wlthin one year 14.3501 13.23n Netcurrentossets TotslA55ets le55 currentliabdith￿s CrpdTtors.' amounts falling due after rnore than one year- Loan5 Credltors.. amounts falling due after more than one yÈaf - Other5 115.9731 11,1751 116,1221 11.C621 TotsiLong ferm Liubittite 17,184 Netassets excludlng penslon liublllty 177.267 178.715 Prov151ons Pensiofi Provi510ris 14 14.4511 14,8891 Totoi netossets 17Z816 The fund$ ofthe ¢harity- Restrlcted RESen￿S Incoffle & Expenditurp Reserve5- Endowment Income & Expenolture Reserves- RestrÉtted 71920 4.174 69,727 4,553 16 TotalRestrKtedfvnds 74.280 UnrestrfrtedResewves Income & Expendlture ReseNe5- Unrestritte 95,722 Totul UnrestrKtedfunds Total Reserves 171816 173.8Z6 The financial 5taternents were approved by the Au8mented Coundl on 28th November 2023 and signed on its behalf bv.. Dr Ellsabeth Kendall Mlstress. Glrton College James AndeTson- Bursar. Girton College The notes on Poges 56 to 74 form part of these accounts 54

Glrton College- Year Ended 30 June 2023 Cash flow statement Year Ended 30th June 2023 2023 2022 Net Cash Inflow from Operating Actlvlties Cash Flows from Investing activitles Cash Flows from Capital Transattlons Cash Flows from Financing Attlvities 18 19 19 20 2,951 1392} 13,801) 1143) 1,263 14101 13881 11381 fDecreose)/lncret75e in cash ondcosh equfvalent in the yeor 327 Cash and cash equlvalent at the beglnnlng of the year G2sh and cash equlvalentatthe end of the year Reconcillatlon of net cash flow to movement In net liquid assets IDecrea5e)/lncrease i n Cash i n the Year Movement in LongTerm Loans Net change in Cash 11,3851 143 1,242 327 138 465 Net Cash/Borrowlng broughtforword (13,1￿1) (13.645} Net cash/borrowlng canied forward 24 114,4221 13.1801 The not￿ on pages 56 to 74 form Part of these accourts 55

Girton College- Year Ended 30June 2023 Notes to the Accounts For the year ended 30 June 2023 l. Academic Fees and Charges 2023 2022 College Fees Fee Income received at the regulated undergraduate rate Fee Income re￿iVed at the unregulated undergraduate rate Fee Income received at the postgraduate rate 2,149 655 2,095 541 1,210 Total Fees Cambridge Bursaries income Foundation Bursarles income Otheracademic income 177 54 246 Total 4790 4331 2. Accommodation, Catering & Conference Income 2023 2022 Accommodailon College members Conferen￿5 4,755 270 4,196 295 4,491 5,025 Cateiing College members Conferences 3C6 221 International Summèrprogrammes L012 535 Totsl 7,311 056 56

Glrton College-year Ended 30June 2023 Notes to the Accounts For the year ended 30 June 2023 3. Endowment and Investment Income 2023 3.a Analysls Total retum recogni5ed i n Income & Expenditure account {3bl 3,956 3,882 3.b Summary of Total Return IncomeAmm.' Quoted securlties and (3sh Total Incomefrom Investments 385 Guin5/1105sesJfrom endowmentussets Quotes securities & cash Loan interest payable Investment management costs (see note 3cl 3,231 {3921 1241 12,3801 1410) (in) Total return forthe year 3,2(Xl 1078) Total return transferred to Income & Expenditure account (see note 3a) 13,956} 13,882 Unappl led total return for the year included wlthin Income & expenditure 17561 3.c Investment management costs Quoted & othersecurities &osh 24 172 Total Investment management costs 24 172 4. Educatlon Expendlture 2023 2022 Teachlng Tutorial Admlsslons Research Scholarships & Awards Other educatlonal Facllltles 3,037 2,954 759 710 859 1,017 515 765 370 Totsl 7,267 6,678 57

Girton College~Year Ended 30June 2023 Notes to the Accounts For the year ended 30 June 2023 5. Accommodation, Catering & Conferences Expenditure 2023 2022 Accommodation Col lege me mbers Conferences 8,126 317 6,888 7,174 Catering College members Conferences 2,¢￿1 377 1,783 393 2,182 International Summer Programmes 743 359 Totsl 9,715 6. Analysls of Expenditure by Actlvlty 6.8 Analysls 012023 Expendlture Staff Cosis INote Operatlng E¥penses Depretlatlon Total Edu¢atlon INote 41 Attommodatlon Cate￿n￿& cOnferen￿S (Note 51 Investment mana8ernentCosts Pension annual valuatlDn IUSSI Addltlollal doprecIaUo￿ for prtor years other costs Contributlon under Statute G. 11 3,691 3.751 3.24S 331 1,617 7,267 11,654 416 11201 4822 1341 27 416 1341 Total &bAnalyslsof 2022 Expendlture Other Staff Costs Operatlng (Noten Expenses Depredlon Totsl Edutatlon (Note 41 Accommodatlon Caterlng & Conferen￿$ (Note 51 Investment management Costs Penslon nul Valuatlon (US51 Contrlt)utlon under Statuie G. 11 3,474 1931 S074 273 6,678 9.715 582 27 27 Total 781 S74 E)rpendlture Includes fundra151nE costs of £4912(122£4th1- Thls expendlture exdude5 the cost of Alumnl relatlons 58

Girton College-year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 6.¢Audltors omuneratlon Included In Otheroperailng Expenses 2022 Audlt fees payable to the College's External Auditors- Current year Other Fees payable to the College's Extemal Auditors 29 25 7. Staff costs College Co]leee Non Atademl At•themlc Total 1123 Totsl 21¥2 Salarfes Natlonal Insurar OtherPenslon costs Isee note 231 4011 422 5,245 505 l(K32 954 Totsl 78Z . Ibl Staff Numbers AvEf7<e Nth￿eT Nubthrof Fellow5 AverdKe NLunber2022 Nwnberof Fellows FTE 5tttllNumber Ac8demlc Non A￿demIC1FTE) 65 iii Tolal In The Trumberof offleers and employee50f the c¢lle8e. Indudlj8He&1￿H0uSe. who reolved em￿Urnents1n the followln8range was.. 2022 £￿v(￿l- £iiQ(KK) fllqCVI- U2QLNX) ￿12q￿l. £IWL fJqfJli. £14Q,(YJ) o,(K)1- £150,tK Total 2013 Total 2022 Dudn8theyear, rernuneratlon pd toTrustee$ In 1helrca￿jtY as College Offi￿tswe￿.. 671 Key m2na8emenl persDnnel are those personshavlngauthortty and responslbllity for pl￿01￿& dlrtdngand controllin8the xtlv5tles of the CollÈ8e. These are deemed to ￿ Reserved Coundl members. The note above Indudes ag8reged vemuneratlon pald to key rnaoagement personnel. At the balar￿sheet date. there were $9membÈrs ￿the Auynentedcoundl. Durtngthe year, the ¥vÈrdge numbeireolvlnga remuneratlon w155 59

Girton College-year Ended 30lune 2023 Notes to the Accounts For the year ended 30 June 2023 8a, Flxed Assets I￿Lee￿Id Fun¥bJre Fittiry& 4LUPftnt Freek4d Iljl Consirudkn dlThg Softwam Tota1121 Totsl bJZ2 Orfglnolcosts As8tIluly￿2 201 B934 Tianslers as3t￿June2Tr23 201 at lJuly2022 Ch8r8e lortheye¥ tlsposal inyÈar 17 218 1731 LflJ7 atYJJune2Ots 751 157 NetBQokVo￿¢ at￿JunÈ2D￿9 As ot30June2022 24,4X) 241 246 403 FrEehLddI￿d￿d ￿lId1￿￿4￿ereredUedbYGe[dd£¥eknJ4$ osol￿J￿e JMTheprowUe5¥e ¥aluedat&preJedre￿d¢ement(OsL The in￿red yalueolthelreeho1dbu¥dkn8Sat￿1yne 2D23w￿£l2It￿ I￿22£1(￿￿1. 8b, Herlt4e Assets Baano asatlluly 14 Appredlbononrevoluthn BalEKe a58t>JJuNe 144 ArnouTrtslortheCurrtntundwVfjusfviyeotswÈwtrsfvkn.. A(qulsltionspurthasEdvAtI 5PELif¥cdonationi Arquisitlons wrtha5edwthC&lege funds Totsl ¢ostofawulltlon$ Vaue of acqL15itionsbydonatlc Totsl 60

Glrcon Qillege- Year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 9. Investments 23 2022 Balance at the beginnlng of the year Addltlons Dlsposals Appreclatlon/lDepre¢latlonl on revaluatlon IDeerèa5elllnuea5e In cash balance held by Fund Managers 114,328 14.466 19.8971 3,231 12.3691 117,988 105,584 Ill4.￿7) 1,669 Balance at the end of the year U9.759 114.328 Represented by Quoted Securltles- Equltles other 5hare5 Alternatlve Investments Cash held for relnvestment 43 14 118,787 915 14 110,988 3,284 Balance atthe end ofthÈ year 119.759 114,328 The College Is also the lolnt beneficiary wlth another organi5ation of a trust which owns a number of propertie5 in Ealin8, West London. Rèntal income less expenses is divided equally between the beneflciarles. When tenants vacate the propertles, they are 501d. and the proceeds of the 5ale5 Iless expenses) are divided equally between the benefiaaries. At 30June 2023, the Colle8e'5 share i n the remalnlng propÈrty Is estimated to be about £3￿ {gros5): this amount Ss not Included wlthln Investrnent assets. 10. Trade and other recelvables 2023 Members ofthe College Other debtors Accrued Donatlons Prepayment &Accrued Income 161 360 2.543 392 113 114 5,162 Total 3,456 6,171 11. Cash and cash equlvalent 2022 Bank Deposlts Current Account Cash in hand 543 811 T￿al 700 61

Girron College- Year Ended 30June 2023 Notes to the Accounts For the year ended 30 June 2023 12. Creditors: amounts falling due within one year Long term Loans Student prepayments Othe r Creditors 149 i(x) 4.101 143 i(KJ 2,994 Totsl 1237 13. Credltor5: arnounl$ falllng due after more than one year oiher loans Baftk Lo3n Studentprepayments 973 L175 122 L062 Total 17,141 17J94 One oftho bank I￿siS dueftsrrepaTrThrtln 2(m9ataA¥edITrre￿traIQ of&54kTheQtrrbarJkl￿S3rE rep￿able O%trap2￿od oflllo 12yearsat f1xedlnterestrd￿s0f ￿tWee￿&z￿￿¢j5.40 Durlng201>14, the Cdle8e barMWed£lcthf￿rn Institutlonal lThvestDrslTraprfvate r4¥¢mentdonel￿IethVeI¥￿lt￿. othercolle6e5. athoughthe Colley's loan i55ep3rwefrc¥n those ofthe otherThe lo￿ are unseoJredar.drepayedunn8the rfTh1l￿3-Il538thyare atfix2dlnie,"est rdlesar approx1matsly4.￿. The table belcwlvesfurtherdetsllson hwthe loansc¢ntra#edtythÈC¢lleÈéwerÈarc4Junled for. InterutsZOI&I¥{lne￿j [￿E5￿￿ent Portfoll B&lanre as￿>> (fy22 In￿r￿tr￿e % kp•inEntdate Oparatlons 2Q)J Loan Otherbarik loans Bond $4% 1265 XA¥ Totsl 14. Penslon Provlslon USS ovementsh yfor Currentsorylcet05ts1ndudlNgUfelnsuran Confrlbut￿Ofi$ OtherflnHnce costs Aciuarial1055llgainl 1755 18711 179 123 12ni B•lon¢Y •téndofy•w 62

Girton College-year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 15. Endowment Funds Restricted net assets relating to endowments are as follows: Restrirted Unrestricted Pemianent Peffl)anent Endowment Endowment Totsl 2023 Total 2022 Ballln￿ atbeglnnlng oAyear Capital Unspent Income 47,531 Uts6 69,727 66,741 47,531 U196 69,727 66,741 New donations and endowments Transfer beiween reserves Increase/lDecreasel in marketvalue of investment 141 3,&J7 5,953 1279) 12101 14891 12,99)) Balano atend of year 793 4127 72,910 69,727 Represented by: Fellowship Funds Scholarship Funds Prize Funds Hardshlp Funds Bu￿arY Funds Travel Grdnt Fund5 Other Funds General Endowments ,405 8,847 2,545 103 27,950 8,950 1,291 I,￿7 10,718 27,985 8,771 1,297 L459 10,E 424 112 22 3,3LX) 15,498 7,931 447 6,271 15,915 6,354 Total 793 21127 72,920 69,727 Anatysis by asset Investments 5),793 22,127 72,920 69,727 63

Glrton Collège- Year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 16. Restricted reserves R@sèNes wlth restrictions are as follows.. PemMnent spertand other Re5trfcted re5trtcted expend*le Ca￿1 Grants In¢ome endowmert unspent Total 2023 Tota12022 Bahm￿atbe￿I￿￿l￿9Ott yeor Cipital Accumulated income 2,249 L875 4115 2,240 2,313 4,S53 422 422 16 16 3,971 New grants New donatlons Otherincome Cambridge BJrsary Stherne Foundatlon Bursarles inco Endowment retum trdnsferred IncreasellDecrea5el in m3rketvalue of Investment 2n 271 16 206 142 177 L782 ILCQI Expendlture Capitsl grants ufjlised 12,f4JU 12191 12,8361 I1,2￿) Translerbetween reseNes 145 1231 Balan￿ atend of ye Capitsl Accumulated Income Totsl 3,￿5 2,240 2,313 4,553 4,174 Represented by.. Fellowshlp Funds SchOla￿hIp Funds PriEe Funds ardship Funds 8ursary Fund$ Travel Grant Funds otherFuNd5 General Endowments L615 621 201 1,816 621 183 327 717 327 n7 258 TJ7 61 24 24 21 Total 4174 4,SSI AnJlys1s bya$5et Investments 4,174 4,553

Glrton College-year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 17. Mernorandum of Unapplied Total Return ZOZ3 2022 Unapplied total return at be8innlng of year Unapplled total return in the yearlnote 3bl 34,898 17561 40.858 15.9601 Unapplled totsl retum at end of year 34142 34.898 18. Reconci1Satlon of consolidated deficit for the year to net cashflowfrom operatlng artivlties 2023 2022 OpemtlngArtlvltles Operatln8 IDeficitllSurplus A(lJustment to prloryear Depreaatlon Provlsions Pension costs le55 contrfbutions payable In￿eaSe)1Decrea5e In Stocks DecTeaselllncre85el in Debtors Increasè/lDeuea5el in Credltors 14,5351 14Y 3,770 1237 11681 1161 2,738 l220 1,607 161 11,7621 692 Adjustmentlorlnvestlng orFlnundnqPthltl¢f Investment Income Investment Costs Interest Payable 14471 24 392 18841 172 382 Net Cash Inflowlloutllowl fmm OpefttlngAcllvltles 1951 19. Cash Flow from Investlng Artivities and CapStal Transactions 2023 202Z other Investment Income Investment ¢har8e5 Interest pald 13927 1410 Net Cash <￿tfloW111nflOwfrorn InYe5tlnB Actlvttles 1392) 14101 Cosh Flowlrom Cupltul Transacdons Payment to acquire TanBlble Flxed Assets Paymentto acqulre Heritage Assets Paymentto a¢quire Inve5tmentA55ets i(noi 1141 IL777T 12,4091 2.021 Net Cash (￿tIl0w111nf1QwfrOMc￿Itrl Tr4nsadli¥n5 {3,8011 65

Girton College-year Ended 30June 2023 Notes to the Accounts For the year ended 30 June 2023 20. Cash flow from financing activities 2022 Long Term Loans repaid 11431 11381 Net Cash (Outflowllinflow from Financing activities 1143) (￿8 21. Capital commitments 2022 Commitments contrarted for at 30 June 470 326 22. Lease obligations 2022 Commitments contmrtedforat30June Expiring wlthln one year Expiring between two and five years Expirfng in over f ive years 1,922 7,764 52,221 7,687 54,135 66

Girton College-year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 23 Pension schemes The coll￿e parricipates In three defined benefit 5themes and one defined contribudon scheme. The defined benefit schemes are the Universiry Supernnnuation Stheme (USS), the Cambrldge Colleges Federnted Pension Scheme and the Church of EngIand Funded Penslon Stheme (CEFPS>. The defiried C¢)ntribution scheme is NOW: Pensions. The costs recognlsed in the Income & Expenditure account for the year were: Scheme 2023 2022 £000 371 516 145 USS CCFPS Now Penslons 405 373 176 Total 954 1,032 Universlty Superannuation Scheme De1￿1t recovery babilty The totsl cost charged to the Statement of Comprehensrye Income account is £405k (2022: £371 k). Deficlt recovery conthbutions due within one year for the instltution are £126k (2022.. £1 l Ok). The latest avallable complete ac¢uarial valuation of the Retlrement Income Bullder is as at 31 March 2020 (the valuation date). and was car.ried out using the projetted unit method. Since the Instltutlon cannot Identkfy its share of USS Retirement Income Builder (defined benefit) assets and liabilltles, the followlng disclosures reflect those relevant for those assets and liabililles as a whol The 2020 valuation was the slxth valuation for the scheme under the scheme-specific funding regime Introduced by the Penslons Att 2004, which requires schemes to have sufficlent and approprlate assets to cover their technical proyisions, Atthe Yaluation da￿, the Ydlue ofthe assets ofthe scheme was £66.5 billion and the value of the scheme'5 technical provislons was £80.6 billion indicaong a shortfall of £14,1 billion and a funding ratio of 83%. The key flnancial assumpdons used in the 2020 Yaluatlon are described below. More derall is set out in the Statement of Funding Principles (uss.co.uklabout-uslvaluation-and-fundingJststement-of-funding-prlnclples). CPI ossumption Term dependent 17tes in line with the d￿erence between the Flxed Interest and Index Linked yield curves le5S: l. l % p.& to 2030, reduclng linearly by O. l % p.a. to a long-term dlfference of 0.1% p.& from 2040 Pensvon increases CPI a55umption plus 0.05% (subjert to o floor of 0%) 67

Girton College- Year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 Discount rate (forword rntes) Fixed interest gilt yield curve plus: Pre-retiremenL 2.75% p Post retirement 1.00% p.& The maln demographic assumptions used relate to the mortality assumptlons. These assumptions are based on analysis of the scheme's experience carried out as part of the 2020 actyjarial valuation. The mortality assumptions used in these figures are as follows: 2020 valuation Mortality base tsble 101% of S2PMA"light" for males and 95% of S3PFA for females Future improvements to mortallty CMI 2019 with a smoothing parnmeter of 7.5. an initial addition of 0.5% p,a. and a long-terni improvement rate of 1.8% pa for males and 1.6% pa for females The current life expectancies on retirement at age 65 are: 2023 24.0 2022 23.9 25.5 25.9 27.3 Males currently aged 65 (years) Females currendy aged 65 (years) Males currently aged 45 (years) Females currently aged 45 (years) 27.4 A new deficit recovery plan was put in place as tyart of the 2020 valuation, vthlch requires payment of 6.2% of salarles over the period l April 2022 until 31 March 2024, at Ythich point the rate will incre2se to 6.3%. The 2022 deficit recovery liability refiects this plan. The liability figures have been produced using the following assumptions: 2023 2022 5.52% 3.31% 3.00% 3.1))% Dlscount rate Penslonable salary growth Cambridge Colleges, Federated Penslon Scheme The College operates a defined benefits plan for the College's employees of the Cambridge Colleges, Federated Pension Schem& The liabilities of the plan have been olculated, at 30 June 2023. for the purposes of FRS102 using a valuatlon system designed for the MinLgement Committee, acting as Tru5tre of the Cambridge Colleges, 68

Girton Colle8e-Yeir Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 Federated Pension Scheme, but allowlng for the different assumptions required under FRS102 and takirvd fully Into consideratlon changes In the plan benefit structure and membership since that date. The prlncip21 actuarial as5umptlorns at the bajance sheet date were as follows: Discount rate 3.80 Increase in salaries 3,25 RPI assum tlon 3.4¢J 3.45 CPI assumptlon 2.8 2.75 Penslon Sncreases in ayment RPI Max 5% p.a.) 3.3ts 3.31> Pen51on Increases in ent CPI Max 2.5% 2.05 2.05 ¥¢For l year only, we have assumed that RPI will be I l % and CPI wlll be 7% {2022: 11 % and 9% respectively). The caps under the Rules are applled to assumed pension Increases. 5.20 The underlying mortality a55umprion Is based upon the standard table l(nown as S3PA on a year of birth usage with CMI_2022 futsjre Improvement factors and a long-term rate of future improvement of1.25Yo per annum, a standard smoothing factor (7.0) and no allowance for additlonal Improvements (2022.. S3PA with CMI 2021 ￿tUre Improvement factors and a long-term future improvement rdte of 1.25% per annum, a standard smoothing factor (7.0) and no allowance for additional improvements). This results in the following life expecrancies: Male age 65 now has a Ilfe expectancy of 21.4 year5 (previously 21.9 years). Female age 65 now a life expectancy of 23.9 years (previously 24.3 years). Male age 45 now and retiring In 20 years has a lrfe expectancy of 22.6 years (prevlously 23.2 years). Fem21e age 45 now and retiring In 20 years ha5 a life expectancy of 25.3 years (previously 25.7 years). Members are assumed to retlre at their norn)al retirement age (65) apart from In the following Indicated cases: Active Members- Option l Benefits Deferred Members- O tion l Benefits 64 63 62 Allowance ha5 been made at retirement for non-retired members to commute part of their pension for a lump sum on the basis of the current commutation factors in these calculation5. The amounts recognisod In the Balance Sheet as at 30 June 2023 {with comparntive flgurtss as at 30 June 2022) are as follows., Present value of lan liabilltles Market value of plan assets Net defined beneflt assetl(liabllity} 14,516,108 11,698,718 (2,817,390) {16,856,938 13,664,732 13,192,206) 69

Girton College - Year Ended 30 lune 2023 Notes to the Accounts For the year ended 30 June 2023 The amounts to be recognised in Profit and Loss for the year ending 30 June 2023 (with comparatlve figures for the year ending 3Q June 2022) are as follows: Current servlee cost Administrative expenses Interest on net defined benefit {Isset)IliabiliCY 209,516 30,369 121455 393.451 30,369 115,004 Curtailment Total ain loss 361340 538,824 Changes in the present value of the plan liabiliues for the year ending 30 June 2023 {with comparative figures for the year ending 30June 2022) are as follows". Present value of lan liabilities at beginning of Current service cost Employee contributlcns Benefits paid Interest on plan liabilities Actuarial ins Ilosses -(Gain>lloss on plan than Curtallment 1105S Present Yalue of lan liabillties at end of period riod 16,856,938 209,516 68,273 660,695 633,136 1591,060 22,691,866 393,451 82,311 918,050 404,476 5,797.116 14,516.108 16,856,938 Changes in the fair value of the plan assets for the year endlng 30 June 2022 (with comparative figures for the year endlng 30June 2021) are as foll0v￿.. --i.o•liJsj Marl<et Value of lan assets at beginning of period Contrlbution5 ald by the College ee contributions 13,664,732 466,619 68.273 (660,695 43,392 510,681 2,307,500 11,698,718 16,331,807 510,454 82,311 918,050 40,163 289,472 2,591,099 13,664,732 Administrative exienses Interest on plan assets Return on assets, less interest Included In Profit & Loss Market yalue of plan assets at end of period Actual return on lan assets (1,796,819 ,301,62 The major cate8orle$ of plan assets for the year ending 30 June 2023 (wtth Comparative figures for the year ending 30 June 2022) are as follows: 70

Girton College-year Ended 30June 2023 Notes to the Accounts For the year ended 30 June 2023 uities Bonds & Cash Pro Total 52% 34% 14% 1 loo% 13% loo% The plan has no investments in property occupled by, assets used by or financial instruments issued by the College. Analysis of the remeasurement of the net defined benefit liablllty recognised in Other Comprehenslve Income (OCI) for the year endlng 30 June 2023 (with comparative figures for the year endlng 30 June 2022) are as follows.. Return on assets, less interest included In Profit & Loss Ex ected less actual lan ex nses erienCe￿in$ and losses arlsing on lan liabilities Changes in assumptions underlying the present value of plan (2,307.500 13,023 1,193.333 3,784.393 . J2.591,099 9,794) 1,359,849 7,156,965 Remeasurement of net defined benefit liability recogni5ed in oci 270,537 3.196,223 Movement in net defined benefit assetl(liability) during the year ending 30 June 2023 (with comparative figures for the year ending 30 June 2022) are as follows: Net defined benefit assetl Recognised in Profit and Loss Contributions aid b the Colle Remeasurement of net defined benefit Ilability recognlsed in oci Net defined benefit assetl{liability) at end of year atbe innin ear 3,192.206 362,340) 466,619 270,537 6.360,059 538,824 510,454 3,196,223 (2.817.390) (3,192,206) Funding Pollcy Actuarlal valuations are carried out every three years on behalf of the Management Commlttee, acting as the Trustse of the Scheme, by a qualified independent actuary. The actuarial assumptions underlying the actuarial valuatlon are dlfferent to those adopted under FRS 102. The last such actuarial valuation was as at 31 March 2020. This showed that the plan's assets were insufficlent to cover the liabilities on the funding basis. A Recovery Plan has been agreed with the College, which commlts the College to paying contrlbutions to fund the shortfall. These deficlt reduction contributlons are incory)orated into the plan's Schedule of Contributions dated 21 May 2021 and are as follows.. 71

Girton College-year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 Annual contrlbutions of not less than £226,570 per annum payable for the period from l July 2021 to 31 March 2030. These payments are subject to review following the next funding valuatlon, due as at 31 March 2023. The College operates a defined benefits plan for the College's employees of the Cambrldge Colleges, Federated Penslon Scheme. Defined Contributlon Pension Scheme.. NOW: Pensions The College operates a defined contribution pension scheme in respect of certain employees, The scheme and Its assets are held by independent mawers. The pension charge represents contrlbutions due from the College amounting to £176k (2022.. £145k). of which £22k P022 £20k) was outstanding at the year end. 72

Glrton College- Year Ended 30 lune 2023 Notes to the Accounts For the year ended 30 June 2023 24. Reconciliation and analysis of net debt As at ljuly NonCa5h As at30June changes 2023 Air• Cash Flow Cash and cash equivalents IL3851 1,7 Borrowlngs.. Amounts falllng due within one year Unsecured loans 11431 143 11491 11491 Amounts falling due after more than one year Unsecured loans {16,1221 149 115,9T81 Tota IL2421 (14,4 25. Financial Instruments 2022 Flnandal assets Flnunciolo55ets atfalr vulue through Statementof Other investmen15 110,670 Frnuncialassets tht7ture debtinstniments measured at Cash and osh equivalents Other debtors 2,615 521 6,743 227 Flnandal Ilabilitles Flnanciolliobilitie5 measured otomorti5ed cort Loans Trade ueditors Other ￿edItorS 116,1221 1517) 13,7291 116,2651 12,1861 73

Girton ￿lIege- Year Ended 30 June 2023 Notes to the Accounts For the year ended 30 June 2023 26. Related Parties Owlng to the nature of the College's operatlon5 and the composition of the College Coundl, It is inevitable that transactions will tske place with organlsations In whith a College Council member may have an interest. All transactions involving organisations in which a member of the College Council mav have an Interest are conducted at arm's length and in a(rordance with the College's nom)al procedures. The College maintains a register of interests for all College Council members and where any member of the College Council has a rnaterial Interest in a College matter they are requlred to declare that fact. Durl ng the year no fees or expenses were paid to Fellows in respect of their dutles as Tnjstees. Fellows are remunerated for teachlng, research and other duties within the College. Fellows are billed for any private catering. The Trustees remunerntion is overseen by the Remunerdtion Committee. The salarles paid to Trustees in the year are summarised in the table below: Fmm 2023 Number 2022 Number £0 £iO,(K)i £20,LX)I £30,CX)I £40,(K)i £50,(X)I £60,￿1 £io,(xr) £20,(KK) E30,¢X(I £40,(XX) £50,(MX) £60,1XX) £70,QJ) 11 E70,(K)I £80,Wi £90,(K)i £icK),￿l EllO.C(JI £120,()JI £130,IX)I £80,( E90,(kX) EILX),LKX) £iio.tm £120,Ixx) £130,C( £140,(m Totsl The total Trustee salaries were £512k for the year12U22 £5(YJk) The aggregate amount of other benefits, employer national Insuran￿ and employer pension contri butlons paid or payable durlna the year was E15&12022: £162kl 27. Contingent Liabillties With effect from 16 March 2(X)7. the University Superaftnuation Stheme IUSSI positioned itself as a 'qast man standinV scheme, so that in the event of an insolvency of any of the participatlng employers In USS. the amount of any pension f unding shortfall Iwhlch (annot otherwlse be recovered) in respect of that employer will be spread aCT05S the remaining partiapating employers. 74