2024-06-30-accounts

GIRTON COLLEGE UNIVERSITY OF CAMBRIDGE Annual Report and Accounts For the year ended 30 June 2024 Registered Charity No. 1137541

Girton College - Year Ended 30 June 2024 Contents I. CORPORATE GOVERNANCE........ 11. WHAT WE DO....... 111. OUR ACHIEVEMENTS AND PERFORMANCE IN 2023124. IV. FINANCIAL REVIEW............................. . .13 .27 Starement of Principal Accounting Policies........... Financial Statements - Recommended Cambridge College Accounts............. .48 ..58

Girton College - Year Ended 30 June 2024 REPORT OFTHE COUNCIL I. CORPORATE GOVERNANCE The members of the Augmented Councll during the year 2023/24 were as follows.. Elisabeth Clara Kendall MA DPH5L PHD Harriet Dorothy Allen MA PHD MSC Matthew James Allen MA VETMB PHD James Spencer Anderson MA Davld Arvidsson-shukur BSC MPHYS PHD Maria Reyes Baztan BA MA PHD Charlesjohn McKinnon Bell MA PHD MB BSCHIRe Jenny Kaye Blackhurst MA Collin Mervin Constantine BCS MSC PHD Fiona Justine Cooke MA BM BCH MSC PHD FRCP Nik Cunniffe MA MSC MPHIL PHD Jacob Maren Rutledge Currle BA MPHIL PHD Stuart Davis MA BA MPHIL PHD Michael Jason Degani BA MA PHD Amy Rosamund Donovan BA MPHIL MSCI PHD Judith Ann Drinkwater MA Martln William Ennis MA PHD Simon Nicholas Fairclough MA Sebastian Leonard Dundas Falk BA PHD PGCE Shaun Davld Fitzgerald MA PHD FRENG OBE Chrlstopher John Bristow Ford MA PHD Abigail Lesley Fowden MA PHD Alexandra Mary Fulton BSC PHD Diana Fusco BPHYS MPHYS PHD Marta Gentilucci MMUS MA MA PUK PHD Benjarnln John Grlffin MA PHD Maureen Jane Hackett BA MA Thomas Charles Hawker-Dawson MA MPHIL PHD Lena Sophie Holzer BA MA PHD Aaron Hornkohl BA MA PHD Morag Ann Hunter BA PHD Andrew Irvine BSC PHD Liliana Janlk MPHIL PHD Tor KreverAB MPHILJD LLM PGCE PHD Henril( Latter BA PHD Arik Kershenbaum MA PHD SCD Cllve Lawson MA PHD Ross lan Lawther MA PHD Marla-Dorothea Roca Lizarazu BA MA PHD Alexander Liu MA MEARTHSC DPHIL Santa-Phani Gopal Madabhushi PHD Simone Maghenzanl BA MA PHD Hllary Frances Marlow BA MA PHD Matthew Richard James Neal MA PHD stephanSe Palmer SJD LLM Brynmor Caradog Pickering MA MENG MRES PHD Sally Louise Ricketts BSC PHD Roland James Edward Riley BA MA PHD Angela Charlotte Roberts PHD Jochen Runde MPHIL PHD Lucio Sarno MA BECON MSC PHD Stuart Ashley Scott MA PHD Sophia Marie Irmgard Shellard-von Weikersthal BSC PHD Hugh Rlchard Shercliff MA PHD Shona Wilson Stark LLB LLM PHD Stéphanie Marianne Swarbreck BCS MCS PHD John Alphonse Tadross BSC PHD MBBS FRCPATH Stelios Tofaris MA PHD Helen Anne Van Noorden BA MPHIL PHD James Wade BA MA PHD Emma Jane Louise Weisblatt BA MB BCH PHD MRCP MRCPSYCH Claire Emma White BA PHD Gail Antoinette Williams BA PHD Samantha Katherlne Williams BA MSC PHD

Girton College- Year Ended 30 June 2024 Professional Advisors Auditors Investment Managers Peters Elworthy & Moore Salisbury House Station Road Cambridge CBI 2LA Amundi Asset Management 77 Coleman Street London EC2R 5BJ Partners Capltal LLP 5 Young Street London W8 5EH Bankeys Barclays Bank plc 9- 11 Salnt Andrews Street Cambrldge CB2 3AA Savllls Investment Management (UK) 33 Margaret Street London WIG OJD Lloyd5 Bank plc 3 Sidney Street Cambridge CB2 3HQ Soliators Mishcon de Reya Merlin Place Milton Road Cambrldge CB4 ODP

Girton College - Year Ended 30 June 2024 Governing documents and charitable status The College Is a "Body Politic and Corporate" established by a Royal Charterdated 1924 and Supplementsl Charter and Statutes dated 1954. The foundation bearsthe name and style of "The M15tress Fellows and Scholars of Girton College" and is also known bythe short name and style of "Girton College" The College is governed by its Statutes and Ordinances, which position it as a self-governlng communlty of scholars. The College is a registered charity Ireglstered number 1137541) and subject to regulation bythe Charlty Commission for England and Wales, Its prlncipal Offi￿ is at Girton College, Huntingdon Road, Cambridge CB3 OJG. The members of the College Council are the charity twstees and are responsible for ensuring compliance with charity law. Constltution and how trustees are recrulted The charitytrustee5 ofthe College arethe members of College Counal, compri5in& in acCOrdan￿WIth the College Statutes, four members who serve ex offlcio, nine Fellows who are elected in accordance with the Statutes by the Governing Body of the College, and five students who serve ex officio In accordan￿ with the Statutes and Ordlnances of the College. Names of trustees and prlnclpal officers during the flnancial year The members of the Council during the financial year 2023124 were: Dr E C Kendall (Mistress) Dr E Weisblatt (to 30.9.23) Dr H F Marlow (Vice Mistress) Mr l Hill (JCR Presldent) (to 3.4.24) Mr J Anderson (Bursar) Professor G A Williams (Senior Tutor} Ms Tabita Bobs (JCR Presldent) (from 4.4.24) Professor H D Allen Mr H Lone IJCR Vice-President) (to 30.11.23} Revd Dr C J M Bell (from l.10.23) Ms Luisa Armitage (JCR Vice-Presldent) (from 4.4,24) Mr J Seabrook-wafer IJCR Treasurer) Mrs J K Blackhurst Mr J Walsh {MCR President) Ms J Drinkwater (from l.10.23) Mr S N Fairclough Ms Antonia Vogt {MCR Vice-President} Dr S Fitzgerald (to 30.9.23) Professor A Fowden Dr B Griffin Dr S Maghenzani Dr S Shellard von Weikersthal (to 30.9.23) Dr H Van Noorden (from l.10.23) The princlpal officers are the Mlstres5, the Vice Mistress, the Bursar and the Senlor Tutor. An induction and training session is held for all new members. This includes in particular the pollcy of the College on the management of conflicts of interest. There is a Register of Interests of members of Council. Declarations of interest are made systematically at meetings.

Girton College- Year Ended 30 June 2024 Organisatlon and governan￿ structure The College Council is both the Board of Trustees and the Executive Body of the College. It meets 12 times annually, and It is augmented byother members of the Fellowship forthe purposes of certain business, as provided for in the College Ststutes. Girton's Governing Body also has ￿rtain powers as set out in the Charter and the Statutes. The Council is supported by a professional Secretaryto Council and a committee structure coveringall College activities and involving Fellows, students and staff at all levels. The Enain Commtitees advising the Council in its duties and meeting in 2023/24 were.. Investments Cornmittee Financial Planning Committee Buildings and Estates Strategy Committee Human Resources Commlttee Academic Pollcy Committee Education Board Health and Safety Consultative Committee Developrnent Strategy Committee Comrnercial Strate8y Committee Audit and Scrutiny Committee It is the duty of the Audit and Scrutiny Committee, which has a majority of external members, to keep under review the effectiveness of the College's financial, governance and risk management structures and provide assurance to the College and its various stakeholders that appropriate arrangements are In place to ensure the efficiency and effectiveness of the College in achieving its objectlves. The Committee meets once a year with the auditors to discuss the annual report and accounts and report on these to Augmented Councll, and to take soundlngs from key officers of the College as to relevant matters of operation5 and governance. In November 2023 the Committee met for the first tlme under it5 new terms of reference and made elght recommendations which it will review in the autumn of 2024. The Council oversees a devolved budgeting system under which individual budget holders are responsible for managing income and expenditure within their own areas of operation, and for bringing forward budget proposals through an annual bud8eting process. Students, Fellows and members of staff are encouraged to participate in the process through their membership of the College's various committees. The College Council considers the budget proposal In detail before it 15 approved, to ensure that it is consiskent with the College's strategic aims and objectives. In the year 2023124 a People Planning exercise was introduced as a distinct part of the budgeting process. This was done in orderto enable more dlrect scrutiny of staffing decisions, and to ensure that the College's resources are being deployed where they are most effective, given the proportion of College expenditure accounted for by salaries and related costs. It is intended that the People Planning exerclse will be continued, and further enhanced, in the current financial year and beyond.

Girton College- Year Ended 30 June 2024 The proper use of finances and resources, in a manner which not only sat151ies the requirements of intemal control expected of a college, but also fulfils any legal or financial obligations as laid down by the Statutes and Ordinances, HMRC, the University of Cambrld8e, the Charity Commission and other authoritles, is ensured bythe College'5 Financial Regulations. The College Council reviews and approvesthese annually on the advice of the Bursar. An exercise was initiated In the year 2023124 to bring in external scrutinyof the financial regulatlons, in orderto ensure thatthey are clear and In accordance with best practice, The College aims to operate as a model of good governance when measured agalnst benchmar*s wlth5n the charitsble and higher education sectors, and to be open to best practice in other sectors, includingthe corporate sector, as appropriate, To that end, there is an annual review of governance, led by the Secretaryto Council, following which key recommendations are Implemented. Statement of Internal Control The Council is responsible for maintainlng a sound System of intsrnal control that supports the achievement of policy, alms and objectives while safeguardingthe public and otherfunds and assets for whlch the Councll is responsible, In accordance with the College's Ststutes, The 5yStem of internal control Is designed to identify, evaluate and manage ratherthan elimlnate the ris1< of failure to achieve policies, alms and objettives; it therefore provides reasonable but not absolute assurance of effectiveness. This process was in Pla￿ forthe year ended 30June 2024 and up to the date of approval of the financial ststements. The Council is responslble for reviewing the effettiveness of the system of Intemal control, The following processes have been established.. The Councll receives an annual report from the Audit and S(TUtiny Commlttee. The Augmented Council re￿iVeS the annual Audit Matters documentfrom the external auditors and refe￿ any matters of concem to Council; The Council undertakes an annual review of the College's Financial Regulations. The Councll's review of the effectiveness of the system of internal control is informed by the worf< of the various Committees, Bursar, and College officers, who have responsibiltyforthe development and maintenance of the internal control f￿mewOrK and by comments made bythe external auditors in their management letter and other reports. Responsibilitles of the Augmented Council The Augmented Council is responsible for, among otherthings, preparingthe Annual Report and financial statements in accordance with applicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The College's Statutes and the Ststutes and Ordinances of the University of Cambridge require the Augmented Council to prepare financlal statements for each financial year which give a true and fair

Girton College- Year Ended 30 June 2024 view of the state of affairs of the College and of the surplus or deficit of the College forthat period. In p￿ paring these financial statements, the Augmented Council are required to: Select suitable accounting policies and then apply them consistently; Makejudgernents and estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and Prepare the flnancial statements on the going concern basis unless it is inappropriate to presume that the College will continue in operation. The Augmented Counal is responsible for keeplng accounting records which disclose with reasonable accuracy at any tirnethe financial position of the College and enable them to ensure that the financial staterments comply with the Statutes of the University of Cambridge. It is also responsible for safe8uardingthe assets of the College and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities. The Augmented Council is responsible for the maintenance and Integrity of the corporate and financial Information included on the College's website. Leglslation in the United Klngdom governlng the preparation and dissemination of financial statements may differfrom legislation in other jurisdictions, Remuneration pollcy and process The College is guided bythe remuneration policies and pay scales of the collegiate University of Cambridge and the HE sectors generdlly. Councll normally approves the application of the sector pay award to College pay scales. An Internal committee is in pla￿ to deal with matter5 not system*ically covered bythe established scales. Individual members of this committee would be expected to declare an interest and withdrawfrom the meeting during any dscussion relating to their own pay. In additlon, the College has an independent Remunerations Committee with external membets, wlth a remitto provide an impartial view of the remuneration of certain trustees, In partiajlarthe Mistress, Fellows and Officers, and to demonstrate that deasions are tsken transparently and in the best Interests of the College's charitsble purposes.

Girton College- Year Ended 30 June 2024 Impact of membership of wider network Although It is a legally and financially separnte Institution governed by its own constltutlon, the College is part of the collegiate Universty of Cambridge and 15 subject to the StstLrtes of the University. The University and the Colleges make complementsry provision for the education of matriculated students, who are admitted bytheir Colleges and presented by them for examlnation bythe University. In the interests of enhancing quality and value for money, the Colleges contrlbLrte directly to the cost of shared services provided on behalf of the Colleges collectlvely, and also to Joint ventures with the University. 11. WHAT WE DO Our purpose The objects of the College are the advan￿ment of educatlon, religion, learning and research and in particult7r the prepc7ration of personsfvr taking examinations and proceeding to the degree5 of the Unlversity of Cambridge. The College Councll's four main strategic priorities are: Outstanding Education; A World-class Fellowship. Green Glrton; and Enrlchment and Opportunity Supporting these are a further five strategic enablers: Developing our estate,. Achieving financlal susta inability; Enhancing information and communications,, Relnforclng our governance. and Supporting our people Our activltles The College has two major streams of operating activitv: Education The College provides a research-infused learnlng envlronment for undergraduate and post graduate students earlycareer researchers and established academics, supportingteaching, research, pastoral care, library and information services, social activities, sports, music and the arts, and all-round personal development.

Girton College- Year Ended 30 June 2024 Resldences, Catering and Conferences The College provldes living accommodation and catering services for College members from two sites in Cambridge, the main College site on Huntingdon Road, close to Girton village, and Swides Court on Pheasant Drive in the new urban district of Eddington. The College also carries on, as ancillary actNities, a conference and events business, and a cotmrnercial business Girton Global Programmes, provlding summer schools for international students of University age. The College is also responsible as trustee forthe management of the permanent endowment capltal of the 135 {2023: 128) active restricted and unrestricted trust funds, whlch comprise itsAmalgamated Trust Funds (ATFI scheme. These funds have been accumulated over the life of the College from the glfts of generous donors and benefactots and they enable the College to provlde financial support for individuals and a rznge of other purposes, whith would not otherwise be possible. The College actively solidtsfurther donatlons to thesefundsto enhance the scope of this support. Our fundlng The College's charitable actNities arefunded in part bythe fees and charges paid by College members and other users, and In part by donations, bequests and the restricted and unrestricted income generated bythe investment of permanent endowment capital and general reserves. The College'5 endowment assets and investments are professlonally managed by external investment managers under the guidance of the Investments Committee. Funds are invested in a diverse range of assets on a total return basis with a view to securing a consistent funding stream to support the College's activities in PU￿ult of its charitsble objectives. Fees and charges students payfortuition asfollows: Undergraduates., Undergraduates entitled to Student Support {typically Home/EU students) are charged at e￿ernallY regulated rate5 and are funded by such grant or loan funding arrangements as are from time to time approved by the Government. Tuition fee income paid by these students is shared with the University; Overseas undergraduates and any Home/EU undergraduates not entitled to Student Support are charged at a rate determined bythe College. University fees are charged in addition; Postgraduates., the College receives a share of the overall fee income paid by graduate students in the Unlversity. Students are charged for their accommodation and meals at rates intended to cover the cost of provision, but notto make any surplus for the College. 10

Girton College- Year Ended 30 June 2024 The College malntains an active and well-resourced alumnl relattons and development office with a view to securing a growing number and value of philanthropic glfts to the College for Its own charitable pu￿Ose5, and to support indlvldual members of the College in their pursuit of learnlng and research. Grants from the endowment The permanent capital of the restricted funds in ATF {Amalgamated Trust Funds) is set out in Note 15 of the accounts, analysed by category of pury)ose. ATF funds enable the College to: Fund outreach activity In schools. Partiapate in the Cambridge Bursary Scheme (which has recently been enhanced) for Home undergraduate bursaries, Award Scholarships and PriTrs to academically successful students. Give other bursaries and student support grants to students in financial need; Provide travel grants and sports awards to encourage extra-curricular activlty; Award Music, Or83n and Choral Scholarships and Exhibitions to talented students; Appoint fullyfunded Research Fellows and Postgraduate Studentships in Arts and Sciences; Host Visiting Fellows in Art5 and Sciences and a Visiting Fellow Commoner in the arts or professions; Employteachingfellows, Including a core of six College-based careerteaching officer posts. Employ a Chaplain and a Director of Music. Publlc benefit The Councll have complied with thelr duty regardlng public benefrt having regard to the Charity Commission's guidan￿. Founded In 1869 by Emily Davies and others, in particular, Barbara Bodichon, Girton is distinctive as Britain's first residential institution for the hi8her education of women and has subsequently aspired to set the pace on matters of equality and inclusion. Girton was the first of the women's colleges in Oxbridge to admit men and is now open to anyone with a passion for learning and the ability and incllnation to pursue it. The College follows a rigorous and objective recrultment process, as part of the University of Cambridge, for selecting the best candidates for admlssion. A5 a not-for-profrtorganisation, the College sets its char8esfor members only as high as is necessaryto cover costs, Bursaryand other financial support Is offered to Indivlduals, wherever possible, in an effort to ensure that no one isdissuadedfrom applying, taking up a place or(x)mpletingtheirstudies beouse of financial difficultv,

Girton College- Year Ended 30 June 2024 Safeguarding The Safeguarding leads in College are the Senior Tutor and the HR Manager, vtho, together with the Admissions Tutors, Senior Officers and Heads of Departments, oversee the implementstion of policy throughout the organisation. Children and vulnerable adults are present in Q)Ilege from time to time as prospective students, employees, casual workers, students, external trainees on work placements, event delegates, sthool visitors and when attending social events wlth members and alurnni. In addition, the College has an attive schools liaison programme Involving staff worl<ing off site in schools. The College alms to adopt the highest possible standard5 and tske all reasonable steps in relation to protecting the safety and welfare of any children and vulnerable adults who come onto College premises or into contact with College staff {whether working in a paid or unpaid capacity). The College implements a number of policies and processes designed to Iieep children and vulnerable adults safe from hami, primarily the Child & Vulnerable Adult Protection Policy (last updated May 20181 whith outlines proCe￿S for risk assessment, reuuitment and selection, supervision, training and support, corrfldentiality and responding to concems. The Policy describes likely levels of staff contact, and required checks. In addition, the College, as the owner of licensed premises, has a duty of care to risk assess all events with regard to avoiding harm to children and vulnerable adults. As part of its Prevent duty, the College trains all staff to recognise indicators of vulnerabllity to radicalisation in colleagues and student members. The College's Dignity at Work poliLy protects children and vulnerable adults at work and there are prescribed, specific health and safety risk assessmentsforthe employment of children and vulnerable adults.

Girton College- Year Ended 30 June 2024 111. OUR ACHIEVEMENTS AND PERFORMANCE IN 2023/24 The year 2023/24 was outstanding for the College in every respect, as it delivered across every area of its strategic plan whilst further strengthening its financlal position. Our work on student recruitment and Wldenlng Participation ha5 made strong progress with the recruitment of a new schools liaison officer and broadening the range of events we offer including, for example, masterclass days in certain subjects. We also continued to develop our pathways programme targeting school pupils from year seven onwards. We were pleased to see our second cohort of Foundation Year students complete the programme in 2023-24, and five new Foundation Year students {one more than in previous years) will joln the College in October 2024. We have taken significant stepsto furtherthe practical and financial support given to students, Includingthe development of the Girton Skills programme whlch covers a wide range of areas, from academic performance to wellbeingto the career skillsthat will enable Girton students to make the greatest impact in the outside world. Alongside thi5 we have tsken steps, Including a rent freeze, to further address the financial pressures our students face in studying here during a prolonged cost of living crlsis. The range of enrichment activities in which Girton students are able to participate continues to multiply, offering a broad spectrum of possibilities for personal growth and achievement. These include both traditional and more informal sporting events- from rowingto lacrosse to table tennis-all the wayto attivities centred on wellbein& such as yoga and pllates. The extraordinary musical tradition forwhich Girton isJustly famous has continued to expand: the Chapel Choir continued its programme of touring (in Portugal In 20241 and addingto its landmark recordings of Ingegnerl's choral repertoire. There have also been numerous high-quality perfomiances by the Girton College Music Society, induding a spectacular in-the-round perfomance of Bath's St John Passion in the Great Hall. Additionallyi a new programme, "Girton Jazg, has been developed in conjunctlon with the College chaplain, a professional Jazz musician, whlch will provide students with the chance to particlpate In worl(shops and masterclasses with world-leading jazz performers. We have strengthened our Communlcations function so as to ensure that Girton's pioneering tradition, achievements and world-changing research obtain a greater profile across traditional and new medla. We have professionalised and improved all aspects of our publications, induding significantly richer video content on social media-these not only profile actlvFties taking pla￿ in the College but also provide an enhanced platform for our Fellows to multiplythe Impact of their research, both within the academic world and more broadly. Our more visible public profile has helped us continue to attract world-class scholars to Glrton. We were delighted to welcome Luclo Sarno as our new Professorial Fellow in Management Studies and to admit new Official Fellows in Law, Modern and Medieval Languages and Engineerin& as well as an outstandlng group of Research Fellows and Bye- Fellows. We were also delighted to admit an inspirational group of Honorary Fellows

Girton College- Year Ended 30 June 2024 including Ms Julia Gillard AC, Professor Dame Lesley Regan, Sir Stephen Hough and Ms Errollyn Wallen CBE. The College estate continued to improve, most visibly in Cloister Court, where the car park has given way to gravel pathways, an enlarged lawn, a large and popular terrace outside the Social Hub, and the first phase of a new planting scheme which 15 replacing the former dense shrubbery with vibrant, colourful borders. Elsewhere the wildflower meadow was expanded and bees introduced, deliverlng our first harvest of Girton Honey. The College was pleased to receive a Platinum Green Impact award in acknowledgement of the numerous initiatives carried out under our"Green Girton" banner. Financially, the year set new records on virtually every metric. We achieved a record unrestricted cash surplus of £1.2m and raised over £4rn in development income thanks to the generosityof alumni and other supporters. This, in combination with the commercial business now operating profitably at full strength, and a strongly positive return from the Investment portfolio, led to an increase in the College's net assets of c. £15m to £188m, an all-time high. The College's free reserves also ended the year at a record high of £34m, or £28m of realisable free reserve5, excluding heritage assets. It should be noted that on a reasonable definition of underlylng perforrnance, i.e. {a) assuming our long-run steady state 3.5'A investments transfer; (b} stripping out the £1.4m legacies recelved this year, the cash result would have shown a deficit of £0.3m, This indicates that operating expenses are reasonably well-controlled versus regular income, though further work remains to drive efficiencies, including making better use of technolobry. In addition, it hlghlights the continuing Im portance of unrestricted legacies to the College. From this position of academlc and cultural achievement, with a vibrant and growing Fellowship, and wlth a flnanclal position which is the strongest it has ever been, the College is now firmly focused on the future. We are deterrm ined to advance further Girton's founding mission of Inclusive excellence, with a global view: thls means attracting more first-choice appllc3nts from the widest range of bacl<grounds. We are also looking at how we mlght reach out to international scholars including women currently working in conflict zones or under conditions of oppression, for whom Girton can become an academic homejust as it did for ourfounding ploneers. We are proud of our large, beautiful campus, rlch in biodiversity, and c105e to the growing academic centres of West Cambridge. Glrton offers an environment and communlty which is unique in the Universityi and we are developing bold and ambitious building plans which will further enhancethe experlence of living and learning here for all members of that community. Our large site also gives us an opportunity, at a scale unmatched in collegiate Cambridge, to become leaders in environmental sustainability, including potential self- sufficiency in energy generation and heating. We expect to be able to report considerable further progress on these plans in the next annual report,

Girton College- Year Ended 30 June 2024 Slze and Shape As at 1st October 2023 the College had 53 Official Fellows, I Senior Research Fellow, 7 Research Fellows, 8 Professorial Fellows, 6 Supernumerary Fellows, 4 Non-stlpendiary Fellows, 37 Life Fellows, 20 Bye-Fellows, l Enterprise Fellow, 30 Honorary Fellows and 9 Barbara Bodichon Fellows. additionally 536 undergraduate and 362 postgraduates and research students. Of these, 8 Official Fellows, 4 Research Fellows, l Bye-Fellow, 2 staff members, 456 undergraduates, and 184 postgraduate and research students were living in College-owned accommodation and 2 Vislting Fellows in College rented accommodation at Turing Locke. For each undergraduate, the College provlded a Director of Studies and small-group teaching (known as supervision) to complement the teaching provided by the University. The College employed 49 College Lecturers in all the main subjects offered bythe University to underEraduates, of whom 29 were also employed by or affiliated to the unive￿Ity or other institutions and 11 were employed as College Teaching Offi￿r5 solely by the College or under a share arrangement with another College. Outstanding educatlon Widening participutlon Outreach work continues to be coordinated by Student Services, planned and delivered by the Schools Liaison Officer and Admissions Tutors. This year we continued to utlllse a blend of in- person and virtual events, maximi5ing opportunitles for schools and pupils to visit Girton. We offered 15 in-person events and 6 online events for prospective appllcants in line with the Widenlng Partlcipation aims of the College and Univer51ty. Our capacitywas limited bythe fact that the post of Schools Llaison Officer was vacant forthe second hawof the year,. accordingly, we prioritised those events that we judged would have the greatest impact on students. With a new Schools Liaison Officer in post since the end of July, we are pursuing an ambitious strategy for growth, targeting hlgh-achieving students from our LinkAreas in the first instance and offering opportunities for focused engagement at Girton, such as Masterclass days involving our world-class Fellowshlp. Other events are specifically focused on subject areas where there is an identified shortage of high-quality applicants to the College. they aim not onlyto increase appllcant numbers, but to gulde School pupils, A-level subject choices and help them shape their universlty aspirations. Events are focused in particular weeks of intense activity, and we are using a relaunched schools, newsletterto publicise these. We are also in the process of relaunching our website content and soclal media. These wlll include opportunities for all members of the College community to tske part in promoting Girton and raising the aspirations of potential students. We continued to promote the relaunched Pathways Initiative (supported bythe Isaac Newton Trust), as a long-term outreach programme for students from Year 7 until they leave secondary school. This programme of sustained engagement allows us to collaborate with schools In our West Midlands and Cambrldge Link Areas to raise academlc aspiration5, inform and guide students about the impact of their choices at keytransition periods and to support students at the point of

Girton College- Year Ended 30 June 2024 applying to HE. The Girton College Pathways to HE scheme is in line with government priorities as there is a growing body of evidence that emphasises the importance of a long-term strategyfor widening participation to HE, particularlyto the most selective institutions. The three4ay residential visit forthe STEM SMART programme saw nineteen students visiting Glrton, embarking on a busy intercollegiate programme and a collegiate dlnner too. Our second cohort of Foundation Year student5 completed the programme in 2023-24, and five new Foundation Year students (one more than in previous years) will join the College in October 2024. As suc￿Ssful Foundation Year students make their way through the Tripos, this is building a supportive community of students who have accessed the University via this important route. The Cambridge Bursary Scheme underpinned by permanent endowment and other restricted fijnds from the College, supported 150 undergraduate students in 2023/24 Enhanced awards for care leavers continue to be available, includingthose accessing the Educational Premium (an extrd £lk per year for those eligible for free school meals from their local authority}, Thanks to generou5 donor fundlngthe College has now made pennanent its Residence Bursary scheme which offers additional support of £760 per year towards residence fees automatically for all students who qualify for the Cambridge Bursary Scheme. The College also voted to freeze its residence charges at the 2023 level forthe 2024 cohort, a further important step in ensuring Girton students are able to afford to benefit from the full Girton and Cambridge experience. Increaslng the value added to students The 2023-24 academic year has focused on enhancing the student experience. The roles appointed in the previous academic year (Deputy Senior Tutor for Teaching and Learnin& Head of Welfare and Wellbeing, Fellow for Postgraduate Affairs, and a Student Programmes Administrator) worked with existing college colleagues in establishing our Girton Slcills Programme. As this team solidified throughout the year, they engaged with the prior work and recommendations of working groups almed at ensuring that all students can reach their full potential in a supportive and enriching academic environment. Recognising the growing Importance of addressing the transition from school or college to university, all new undergraduate students IFreshersJ in 2023 were invited to arrive at Girton three days earller than In previous years. This earller arrival allowed them to participate in a carefully designed programme of talks and events aimed at easlng their transition Into university life. The JCR complemented this academic schedule with a variety of social activities. Student Services and the Skills Programme team continue to offer a serles of pre- arrival webinars for both under8raduate and postgraduate students, covering a range of essential topics and introducing key members of the College community. As well as supporting academic skills development and supporting transitional moments as st'udents progress through their degrees, welfare and wellbeing support at Girton continues to evolve and improve. The Skills Programme has built In several welfare focused events that include group sessions and one to one support. 16

Girton College- Year Ended 30 June 2024 Maintaining a world class Fellowship As at l October 2023, the College had a notional teachlng establishment of 46 against a quota of 44 12022.. 43 against 45), covering nearly all of the subjects offered bythe University. The Fellowship as a whole byjune 2024 numbered 140 (2023: 131) including Llfe Fellows. Together with 34 Honorary and 9 Barbara Bodichon Fellows, the total community was 182 (2023: 173). During 2023/24, the College admitted: Honorary Fellows Ms Julla Gillard AC, Professor Dame Lesley Regan, Sir Stephen Hough and Ms Errollyn Wallen CBE. Professorial Fellow Lucio Sarno (Management Studies) Official Fellows Dr Tor Krever {Lawl, Dr Lena Holzer {Law), Dr Maria Reyes Baztan (Modern and Medieval Languages- Spanish), Dr Maria Roca Lizarazu Imodern and Medleval LanBuages- German) and Dr Bryn Picl(ering (Engineering) Non-stipendiary Fellow Alastair Flett (Deputy University Librarlan) Research Fellows Dr Jasmine Cooper (French), Dr Hannah Banks {Physicsl, Dr Antonis Ragl(ousi5 (Economics), and Dr Stephanie Lahey {University Library). Bye-Fellows Dr Matt Bothwell (Universlty Public Astronomer) and Dr Judith Farman {Engineering). Professor Stephan De Bièvre as Brenda Ryman Vlsltlng Fellow in Science, and Ssempijja Robert as Cavendish Arts-sclence Visiting Fellow Commoner. Enrichment and opportunlty The Girton Skills Programme is designed not only to offer added value to educational development, through academic skills development and welfare and wellbeing support, but also to support students in thelr broader aspirations during their time at the College and afterwards. Through close collaboration with the Universlty Careers Service, Girton student5 received Information talks and drop-in sessions: measured engagement with the Careers Service onllne platform increased several times over. Following a generous donation from a donor, we were able to offer 6 STEM academic internships to undergraduate students, each working with a different Fellow of the College. The donation supported a full 8 week salary for the Intern, as well as related costs for materials and admlnistratlve support. Students who demonstrated sustained engagement with the Girton Skills Programme were eligible to apply for a £300 Personal Development Grant. Twenty four students did so, with the grants supporting a wide range of activities including: travel, conference attendance, language courses and equipment for skilled hobbles such as perfume making and 3-D printlng. 17

Girton College - Year Ended 30 June 2024 Green Glrton and the College Estate The College was fully compliant with its recently revised Responsible Investment Policy, committing it to an entirely fossil fuel-free investment strategy, and holding managers and its bankers to account for their progress on sustainability. The College continues to advance planning on larger-scale decarbonlsation, and has commissioned a team of structural engineers, architects and cost consultants to produce a report forming the basis of a detailed programme- includin& as far as possible, retroftting and alternative energy sources- which will enable the College to achieve its net zero target. As the College plans a substantial potential new build on the main site, we are ambltious to accelerate our overall sustainability and, if possible, accelerate the reduction In our carbon footprint. Following an engagement launch event for Heads of Departments In November 2023 the College Green impact team, comprising students, Fellows and staff members from all departments, received a Platinum Green Impact award in respect of positive sustalnability actions to mitigate the Icey impacts of energy consumption, waste management, biodiversity and water use at College. More than one hundred actions were recorded ranging from the Green society's hugely successful competitive Bridgemas food bank drive, upcycllng glass jars and developlng more plant based and seasonal menus in the kitchens, composting green waste in the newly constructed compost enclosure, and installing more efficient low energy external lights at Swlrles Court. Girton also won a Community Action award for working with the Girton village community to transform an out-of-use telephone box at Girton corner into a community library. Alumnus Harry Goolnik was nominated for a natlonal Student Leadership awa rd for his indefatigable campalgn whist JCR Vice President to finally get the electric UBUS up to Girton, benefitting both the College and the village. In the gardens, the team eagerly began planting up the new garden spaces in Clolster Court Including the long border which was spectacular even in its first season. Having developed a new cut-flower garden in May in the nursery, Girton gardeners now provide all the floral decorations for College functlons. Since July 2023 all green waste is composted on site including kitchen vegetable peelings. After tearn construction of a new beekeeping shed, the honey bees arrived {by post) in Spring 2024, settled comfortably Into their hives in the handsome hazel hurdle enclosure woven on site by local craftsman Mick Thwaites, and rewarded us with an impressive honey harvest this summer. The Head Gardener conducted a number of Open Cambridge tours in September 2023, as well as our annual spring and autumn garden walks and a Medicinal garden walk in April 2024, with Honorary Fellow Dr Suzy Lishman as part of the Annual Medical Veterinary Symposium. 18

Girton College- Year Ended 30 June 2024 Thls year the Garden team hosted and partlcipated in intercollegiate budding/ graftlng courses to help generally with on-site propagation, especially valuable in stewardship of the Orchard, and have also undertaken training in wood chipplngj chainsaw and mobile elevated platform work. Wherever possible, and including Woodlands Court as an experiment this year, the team fosters areas of wild grass and flowers intersected by mown paths to encourage increased biodiverslty, The Sensory garden continues to delight and the wild flower meadow wa5 extended this year. Members of the maintenance team completed the Pergola, and constructed a bench seat near the camomile lawn, crafted from recycled Wolfson Court roof tlles. They then added upcycled old iron gates and a water pump found languishing in the undergrowth at Girton Gate. Stewardship of Glrton's woodland and perimeter tree belt Is an increasingly important and sensitive operation in the face of sometimes catastrophic pressure on trees, related to climate change. Replacement planting with more resllient species and preservation of original plantings for as long as possible absorbs a very large percentage of annual garden resource. This is only a small snapshot of Garden actlvities, which are now documented by the Deputy Head Gardener on the team's Instagram feed which now has over l(X)O followers. Enhancing Communlcations In 2023-24, communications activity has increased significantly. We have maintained the previous focus of creating and sharing content focused on achievements and news from our community, historic features and anniversaries, marking Important days such as International Women's Dayj and covering College events. Content has featured on our website, soclal media, and in alumni newsletters, and in new internal communications projects. The team has continued to look at the data on social media platforms and Google Analytics to identify the top hltting pieces of content and shape their strategy accordingly. In addition, in January 2024, the team took on a Communications Consultant to asslst with strategic communicatlons. Since then, the College has taken a more active role in promoting Fellows, research. The team has produced a number of additional Fellows, Research videos on YouTube and promoted new articles and chapters and full research publlcations through videos, articles on the Girton website, and on social medla. The team Is now also supporting the Development Office asthey update and rethink several of their flagship publlcations, such as The Girtonian and the Impact Report, as well as providing copy and deslgn support for a range of materials for appeals, such as the Telethon Campalgn and Giving Day. Addltionally, for a fundraising and alumni relatlons trip in April 2024, the team worked with colleagues on the Development Strategy Committee to write, design and print 10 different cases for support for various fundraising priorities. 19

Girton College- Year Ended 30 June 2024 Working wlth Student Services and the Deputy Senior Tutor, the team has made progress and further plans to support both student recrultment and on-cour5e student engagement. The team has supported the planning and implementation of new schemes to provide volunteering, mentoring and internship opportunities through the Girton Skills Programme. They have also supported with capturing video and photographic content at graduations, promoting Open Days, and supporting Fellows, to optimise their course pages on the Girton website. Communlcations strategy overvlew In June 2024, a new Communications Strategy was approved by the College's Councll, which will help to shape the work of College communications going forward. Golng forward, the communlcations team at Girton will continue to report to the Mistress and work closely with the Development Office and College Office to promote and celebrate Glrton College as a place of exceptlonal educatlon and research that make5 an Impact globally. With this overarchin8 message in mind, the team will focus on engaging our current audiences and raisi ng Girton's profile with new audiences, guided by 4 key objectives,. Elevate Girton College's global reputation, drawing on the expertise and activities of our community of Fellows, students and alumni. Develop carnpaign materials, regular publications and impact stories in support of fundraising priorities and donor stewardship. Showcase what makes Girton College a unique place to live and learn In support of student recruitment goals, Foster an informed and engaged Girton community. Ensure that Important news, policies, key messages and opportunities are communicated regularly and effectively to allwho are Ilving, learning and working In the College. Through a range of Strategic initiatlves executed across channels Including social media, internal and external newsletters, video, web, traditional media, development publications, campaign materials, and a new podcast, the communications team will strive to bulld the College's brand and reputation externally and engage our internal communlty. Tradltlonal medla In the past year, Girton has featured extensively in international media. In early 2024, the Mistress provided expert commentary in over 40 interviews on the evolving conflict in the Middle East to global medla organisations including the BBC, CNN, France24, N BC, The Wall Street Journal, CBS Canada, DW News Germany, and media in India, Turkey and the Middle East. 20

Girton College- Year Ended 30 June 2024 Fellows, books, includlng Why Animals Talk by Arik Kershenbaum and Well Beings by James Rlley were covered in outlets such as the Telegraph and BBC Culture, and a number of Fellows were invited on radio broadcasts and podcasts. Other research, includlng Shaun Fitzgerald's work on engineering and climate change, has been covered extensively in the media. Video Research Slnce the launch of our'Girton Fellows, video series in July 2023, we have produced six videos on a range of topics includlng: Perslan & Arabic literary communities, crop science, climate repair, using movement to redefine how we see ourselves, our community, and our world, cultural production in the contemporary German language context, and how the law constructs the gender binary as well as how sports federations define who can compete as a woman or a man. Our Fellows are undertaking ground-breaking research and through this series we hope to contlnue to Inspire students, bulld our global reputation, and attract support. Investment performance Investment pollcy & objectives The College'5 investment portfolio comprises both endowment and general Investment assets. The purpose of the Colle8e's endowment is to support the long-term operating needs of the College in perpetuity. The investment assets represent accumulated expendable capital, surpluses and reserves, which may be employed to support the operating and capital needs of the College, as required. To this end, the overall Investment portfolio is managed to maxlmlze the long-term total return of the portfolio, subject to maintalning a reasonable level of risk of loss. The portfolio supports the operating and capital needs of Girton College through an annual spending rule, which is reviewed as necessary to ensure that it Is Sustainable over the long term. The College recently amended its long-term spendlng rule, to permit the transfer for each financial year of 3.8% of the average value of the investment assets as of 1st January of the current fiscal year and two preceding fiscal year5. This will be tapering back down to its prior level of 3,5% over the next two years, and will be held at that level at least in the medlum term. If the Investment portfolio is to fulfil its purpose, its purchasing power must be at least preserved and, if possible, enhanced, This implies thatthe investment assets must target a time-welghted total return of an estimated 6.50A p.a, after all costs, comprlsing the 3.5% annual spending rate plus a long-run allowance for 3Yo annual inflation. The recent perlod of high inflation, coupled wlth low available investment returns, represented a significant challenge to asset preservation in real terms, although this year saw a very meaningful 21

Girton College- Year Ended 30 June 2024 improvement, with inflation falling to more normal levels and a strong market performance as Investors began to price in reductions in central bank interest rates. The College takes a long-term view on investment strategy, and the Strategic Asset Allocatlon ("SAA"l is designed to reflect the optimal long-term asset allocation for the College given the risk/return objectives outlined herein. The Strategic Asset Allocation was altered significantly as a result of the 2021 portfollo review, and is set out on page 29. It is formally reviewed on an annual basis by the Investments Committee and may be modified as needed in light of experience and changing circumstances, based on research and discussion involving Investments Committee members and outside experts. Such discussion focuse5 on the College's liquidity needs and perceived risk tolerance, as well as the projected behaviour of asset classes and strategies deemed worthy of consideration for the College's potential use. Re-balancing will normally be undertaken at least on an annual ba51s to re-align asset allocations with the Strategic Asset Allocation. Where funds are required for operational purposes or differences in performance between asset classes are large, re-balancing may be implemented on a more frequent basis. At the year end the portfolio was fully compliant with the Strategic Asset Allocation. Responsible Investment policy During the year the College remained in full compliance with the policy set out in it5 Statement of Responsible Investment revised in 2022. In this we commlt to upholding our responsibllities as stewards of charitable funds whllst acting as Universal Owners, Investing according to principles which advance our ethical priorities, including tacklin8 the challenges of climate change. Our securities portfolio now includes no known exposure to any businesses related to fossil f'uels. We also nonitor closely the voting records and financing activities of our portfolio managers and bankers, and will only do business with institutions which demonstrably share our ethical and clirnate commitments. The College remains in active dialogue with Barclays Bank regarding its progress on reducing its exposure to fossll fuel industries and keeps that relationship under review. Wlth regard to its equity investments, the College's policy is to invest in publicly listed equities via an index tracker fund replicating the performance of the MSCI ACWI index, whilst excludlng several sectors, notably fossil fuels, With regard to i nvestment grade debt, the College's policy Is to invest in investment grade corporate debt via index tracker funds whlch replicate the Bloomberg Barclays MSCI SRI Indices, and which adhere to policies conslstent with Girton's ethical commltments. The College may also have exposure to funds Invested in UK government securlties. 22

Girton College- Year Ended 30 June 2024 Investment fees and costs A key element of our approach is to keep to a minimum the fees paid out to external fund managers, on the basis that the compounded effect of such fee leakage is very significant over the necessarily very long-term investment horizon of a College endowment. This year the total fees paid to fund managers amounted to £125k, or 0.09'A of the year-end value of the portfolio. Investment returns Over the long term Girton's investment portfolio has outperformed relative to its target annual return of 6.5'A. It has delivered a compound annual growth lon a total returns basis and stripping out net additions to the portfolio) of 7.3/0 overthe last five years and 7.5% over the last ten years. Thus, £100 invested in the Girton portfolio at the start of the financial year 2013/14 would currently be worth £224- comfortably ahead of inflation, with CPI up 260h over the period. Jutt• Jo 2¢24 Glo￿1 Equrties Prrte Equlty Fund(i} AM￿lJi G￿￿41 ESG Tracktr Legxy Partntrs c•pl￿ FJnds V31u• % •f p•rtS)li• 6Y% 55% 8ebthmrk Differrt* 6WX 15-IW 20.0% ).2% 7.1% 41.2% -5.1% -0.1% 1% 20.4 13.0 105 0.4% 53% 05% 4% Ye%m￿GrndeCr¢th IDdexUS at)d Eur CtypSAI lftffawi Unw Bonds Vawafd UK lYdl•witsrthd 5.1% nla TOTAL 133 13.0% 14.1% The portfolio returned 130A overthe financial year, slightly underperforming the blended custom benchmark by I,IOA. The portfolio closed the year fully in compliance with the Strategic Asset Allocation: this was a function of two strategic rebalances over the course of the year in which the equity weighting came close to exceeding its target range and was reallocated to real estate and to investment grade credit. The major contributor to positive performance in 2023/24 was Global Equities (the Amundi ESG Global Tracker Fund) which delivered a return of 20.0%, albeit that this underperformed its benchmark {the MSCI ACWI Index) by 0.2%. Over the longterm it is to be expected that the various exclusions of sectors and stocks due to the ESG compliance of the fund will marginally depress performance relative to the overall market. Private equity proved a drag on performance for a second year in succession, underperforming its benchmark by over 5%. The prolonged higher interest rate environment continues to limit deal activity, including exits from investee companies. It is also the case that certain of the private equity vehicles Within our portfolio are relatively mature. The investments committee is actively reviewing the case for recommitting to private equity, on the basis that the potential for the supernormal returns generated by the industry over previous decades may be more limited in the future. After the significant asset markdowns of the previous year, the real estate sector remained in the doldrums over the course of the financial year, pending greater visibility on central bank interest rate cuts, The College's investment exposure to the sector is exclusively by means of the Charitie5 Property Fund which is ungeared land therefore lower risk) and 23

Girton College- Year Ended 30 June 2024 which does not have material holdings in the premium office sector. The rebalancing transactions undertaken this previous year have increased our exposure from c. £IOm to c. £13m and thus we should be well-placed for a recovery in the sector as and when this occurs. Inflation-linked bonds as an asset class underperformed Ul< government bonds this year, with our holding in the Vanguard ILB fund trading down 0.8% overthe period. The value of Sterling fluctuated against the US Dollar over the year, though with in a broad range of usSI.26-1.31. The portfolio is sensitive to this exchange rate prlmarily due to exposure to the US in our public and private equity holdings. The investments committee regularly reviews the potential for hedging products but for the time being remains content that the cost of entering into such a product, and the difficulty of achieving a sufficlently exact hedge, limits their usefulness to us. Overall, our flnancial year 2023124 saw a generally very positive performance from markets, with equity rnarket investors pricing in a "soft landing" scenario for developed economies - that is, a scenario of expected falls in interest rates coupled with growth. US markets in particular benefited from this, with both the Dow and the S&P500 reaching all-time highs towards the end of the period. Investors have remained bullish notwithstanding the ongoing conflict5 in Ukralne and the Middle East, though it remains to be seen whether a material escalation In the latter conflict will lead to a severe reduction in risk appetite. At the time of preparation (November 20241 the value of the portfolio Is very slightly up on the year-end position, at just over £133m. Public equities have resumed their upward trajectory after a period of conslderable volatility over the summer. Against this, we have seen a c £2m decrease in the residual private equity portfolio - a combination of a dlscount to sell two tail-end positions and some market value reductions on others. Data on growth, jobs and inflation continues to present a tmixed picture on the environment for interest rates, with both the UK budget and the re-election of Donald Trump to the US Presidency sending government bond yields higher. Fundraising Report Fundraising during the Financial Year 2023124 saw a shlft in focus (compared to 2022123) towards supporting student activities, includlng academlc internships and boosting the Girton Skills Programme, via the unrestricted Annual Fund. In 2023124, funds raised (including pledges) totalled £3.48m, with income received through the same period totalling £3.25m. Significant donations were received during the year to support Internships, our Fellowshlp and the refurbishment of Cloister Court. Income from our mass-fundraising appeals and our regular donors was slightly up on the previous year (thanks to a successful Giving Day in October 2023 and to our annual Telethonl. Cash recelved from legacles (totalling £1.4m of the income received durlng the financial year) was lower than in 2022123. Over the course of 24

Girton College- Year Ended 30 June 2024 the year, 1,589 alumnl and supporter5 donated to the College. We remain very grateful to all those who support the College philanthropically. More than 62% of funds raised from donations (as opposed to legacies) have been directed towards our student SUPPOrt inltiatives, wlth almost a thlrd of this directed to the unrestricted Annual Fund. The remaining two thlrds have supported a new internship programme, undergraduate financlal support lin the form of bursaries and other financial awards) and our postgraduate scholarships. More than £380k was raised to support our buildings and collections, the vast majority of which supported the refurbishment of Clolster Court. Donations have a150 made a significant contribution to creating new Fellowship funds. At 30 June 2024 future legacy pledges stood at £20.4m where amounts are known. We continue to be grateful to the 409 members of the 1869 Society who have Informed us that they will be leavlng a gift to Girton in their will. The legacies we received in 2023124 have been transformational, endowing undergraduate bursaries, resldence bursaries, and postgraduate scholarships, and providing a significant boost to both the Unrestricted Permanent Capital and the unrestricted Annual Fund and supporting the Jane Martin Poetry Prize. Thirty-seven events took place over the course of year, with more than 1,500 alumnl, supporters and guests attending. These events included our alumnl year and subjee( reunions, the Roll of Alumni weekend, the MA dlnner, the London-based Law and Finance reception, the Jane Martin Poetry Prize and the Foundation Dlnner and Commemoration of Benefactors. More than 91 one-to-one meetings took place with alumni, potential legators and supporters lincludlng a trip by the Mistress and the Development Mana8er to the USA). 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. Approach to fundraising The College Is registered with the Fundraislng Regulator and is compliant with the requirements of the Code of Fundraising Practice, the Data Protection Act 2019 and EU General Data Protection Regulation (GDPR), the Privacy and Electronic Communications (EC Directive) Regulations 2￿3 and the ICO Direct Marketlng guidelines 2016 in the collection, retention and use of alumni data. Some members of the Development Office team are also personal members of the Instltute of Fundraising, The team attends training courses on Fundralslng Regulation from the University of Cambridge, Institute of Fundralslng, CASE and other recognised providers. An appropriate Alumnl and Supporters Data Protection statement is on all digital and hard copy correspondence and on the College's websites. 25

Girton College - Year Ended 30 June 2024 Commercial participators or fundraisers Girton has employed Commercial Partlcipators or Fundraisers as callers in our telephone carnpaigns, although these are our current students who are calling former students to update them and ask for donations, Full training was provided by the organisation in collaboration with the College. We include an appropriate disclosure statement in the telephone scripts whlch are read out by the callers. Monitoring The College monitors fundraising complaints and completes the Annual Complaints Return. With regard to data cleaning, the College provides 'Update your Details, forms or links in its three main publications, The Year, the Development Newsletter and the e-newsletter. As well as regular requests for data cleansing by alumni, the College occasionally commissions professlonal data cleansing. Any returned post Is logged and addresses as well as requests to change preferences are all changed promptlyi Wlthin a week of receipt. No f'undraising complaints were received in 2023/24. Protectlon of the public The College removes those deemed vulnerable from its malllng lists as soon as the College knows about their condition (but keeps their data unless specifically requested as this helps ensure they are not accidentally re-addedl except where certain arrangements have been requested e.g. farnily members ask to l(eep receiving the Annual Report. The College removes alumni and supporters from Its mailing lists if they request it in compliance with its Data Protectlon Statement. In Its telephone campaigns, the College sends pre-call letters to all alumni enablingthem to opt-out in advance of telephone communications. 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 the last five years, the College has only had one complaint about the timing of the call. The College rnay include those aged 85 and older in direct malllngs, 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 with the College and record their contact preferences on its database. This is done vla the regular alumni and supporters questionnaires and during the annual telethons. 26

Girton College- Year Ended 30 June 2024 IV. FINANCIAL REVIEW Review of financlal position at year end Balance sheet Over the year 2023/24 the balance sheet continued to strengthen, due to a combination of strong investment returns, another excellent year of development fundraising, and a full recovery In our commercial business. At year end the balance sheet stood at record levels on virtually all metrics. Total net assets The College's total net assets as at 30June 2024 were £187.6m, £14.8m or 8.6% hlgher than that recorded in the prevlous year. Thls represents a new high, and over the last decade the College's net assets have Increased by 58'A, Investments The Investments portfolio stood at £132.8m as at 30 June 2024, a 10.90A Increase over the prevlous year (net of additions and drawings), a record high, achleved through a combination of strong investment growth and new investment from donations and legacy cash recelved. Operational fixed assets Operational fixed assets as at 30 June 2024 were £67.Im, lower than the previou5 year (£67.6m). This reflects capital expenditure of £1.4m compared with a depreclation charge forthe year of £1,9m. The main areas of capital expenditure in 2023/24 were: the refurb15hment of the Top Boots rooms and associated facilities (£0.4m}' the first phase of Cloister Court renovations {£0.3m)' smaller maintenance projects (£0.2m); and investments in IT infrastructure and equipment I£O.Im). Cash, borrowlng and gearlng Cash on the balance sheet decreased from £1.7m to £0.7m. This represents the operational cash balance, with a further £2,5m held within the investment portfolio and invested on tranched basis so as to maximise the interest generated, The balance of outstanding loan capital stands at £16.Om. As set out in Note 13, the majority of this borrowing is very long term and was intended to provide the liquidity needed for the College to maintain continuity of improvement and enhance the sustainability of Its operational estate over a number of years. Penslon provlsions The pension provisions are substantially reduced, from £4.5m to £2.4m due prlnclpally to the elimination of the USS provislon l£1.7m) following a change in underlying assumptions 27

Girton College- Year Ended 30 June 2024 {see notes 14 and 23 to the accountsl. Thus the residual provision of £2.4m relates almost entirely to the College's section of the Cambridge Colleges Federated Pensions Scheme {CCFPS) for non-academic staff. The Girton section of this scheme, in common with that of a number of other Colleges, has been closed to new members for some years, but existing member5 Still in College employment are able to accrue benefits from future service, The College continues to enrol academlc members of staff in the Universities Superannuatlon Scheme (USS). New mernbers of non-academic staff are enrolled in a Defined Contribution scheme with NOW: Pensions. Restricted and unrestrlcted permanent endowment capital After completing the College's most recent fundraising campaign, the College continues to grow the endowment, primarily through legacies, but is moving towards a campaign with greater emphasis on annual giving which can be put directly to use to fund the College's purposes as part of its unrestricted spending. This will create a more balanced overall fundraising profile when combined with a significant number of legacy pledges whlch are largely focused on the College's endowment. The restricted permanent Capital funds of the College are invested as an ATF in the College's investment portfolio. As at 30 June 2024, the value of restricted and endowment funds was £86.3m, a 120 Increase from £77.Im the previous year and a new record. The growth was due to a combination of new capital added as a result of donatlons and benefactions and an increase in the value of the College's investments. The ATF at 30 June 2024 comprises 13512023: 128) active funds, for a variety of purposes, as summarised in Note 15 of the accounts. The capital value increased in the year to 30 June 2024 with the unit value going up from £18.02 to £19.61. Over the last ten years since 30 June 2014 the unit value has increased by 39% from £14.14 per unit to £19,61 per unit. Donations and benefactions are gratefully accepted for a wide range of purposes, and the College Is ever mindful of the generoslty of Its supporters In allowing it to continue in its mission. Although we are increaslng our focus on annual givln& the Colle8e continues to solicit and accept gifts for the unrestricted permanent endowment capital (UPEC), because of the flexibility It offers to meet future needs as they arise. The total value of UPEC at the end of June 2024 (£24.2m) was up by 9.50/0 on the previous year {£22.Im) due largely to the Increase in investment values. The value has more than tripled overthe last decade since June 2014 lup from £8.Om to £24.2m}. 28

Girton College- Year Ended 30 June 2024 Financlal effect of significant events In 2023124 Capital items In the Statement Of Comprehenslve Income I'SOCI") The net comprehensive income for the year of £14.7m has Increased the College's net assets by 8.5¥0 from £172.8m to £187.6m. Benefartions and donations In SOCI The College wa5 again grateful to receive substantial donation Income during the year. A total of £1.6m was accrued for the permanent endowment, reflecting the continulng strengthening of this bedrock of the College'5 financial security, primarlly through legacies. Unrestricted donations were £1,7m, in part reflecting our more balanced approach to raising income through the Annual Fund which can be spent on our ongoing projects, in addition to growing the endowment. In addition £0.5m was received into the restricted reserves and donations totalling £0.4m towards the refurbishment of Clolster Court. Thus a total of £4.2m was accrued for the year. This represents a further outstanding year of donations and legacies and we owe a very great debt of gratitude to our supporters. Investment gains and losses Net investment gains of £14.4m (2023: £3.2m) in 2023/24 represent an excellent performance, with the maln driver being a sustained rally in listed equities, which represent c. 63% of the College's investments portfolio. Galns and losses on dlsposal of fixed assets There were no significant dlsposals of fixed asset5 in 2023124. Revaluation of fixed assets There have been no operational fixed asset revaluatlons during the year. Actuarial gains and losses The actuarial gain of £0.3m (2023.. gain of £0.3m) relates to the College's share of the Cambridge Colleges Federated Pensions Scheme (CCFPS) for non-academic staff, The Girton section of this scheme, in common with that of a number of other Colleges, has been closed to new members for some years, but exlsting members stlll in College employment are able to accrue benefits from future service. Prlnclpal sources of funding 2023124 A. Endowment and investment income As grant-giving and operational charities, Cambridge Colleges typically rely on a combination of restricted and unrestrlcted income from their endowments and investments to offset their activity deficlt lon which see below). The College's policy of smoothlng capital values over three years reduces the volatility of funds available for expenditure. During Easter Term 2023, the College declded to increase its 29

Girton College - Year Ended 30 June 2024 spending rule to a 3.80Ay drawdown of 3 3-year weighted average endowment value overall (based on 30 June values). This will reduce back down to 3.5% over the next two years. The annual transfer to Accumulated Trust Funds remains at 3.50A of the fund value each year. In 2023/24, the amount of total return from investments transferred to unrestricted and restricted funds in the SOCI under the College's spending rule was £4,5m {2022: £4.Oml The total retu rn recognised in the SOCI {5ee Note 3 to the accounts) includes Investment management costs of £161< (2023: £24kl. The low level of these costs reflects the deliberate policy of the College to invest so as to minimise fee leakage from the portfolio. B. Activity accounts The income and expenditure in the SOCI is classified by reference to the College's two major activities,11) Education and (2) Accommodation, Catering and Conferences. Income, direct and indirect costs, and overheads are allocated between these two activities by a consistent process approved by the auditors. The overall net activity result is a deficit, which reflects the extent to whlch unrestricted Income is needed from investment transfer under the spending rule, and donations, to enhance the scope and quality of academic provision to College member5, particularly students. In the management accounts the College recorded an unrestricted cash surplus for 2023124 of £1.2m. This is the best financial result the College has ever achieved, and the second successive year in whlch the College has recorded an unrestricted cash surplus. Indeed, a surplus has been achieved in three of the last four years. This yearfs result represents an increase of £746k on the cash surplus in 2022123 of £494k. Under the Recommended Cambridge College Accounts {"RCCA") standard, the College recorded an unrestricted surplus before Investment galns of £l.Im versus a £3.6m deflcit In 2022/23. Those numbers are calculated differently from the management accounts, and a reconclliatlon is set out in the table below. It should be noted in particular that there have been some very material adjustments in the USS pension deficlt, and also that last year the College caught up with an additional year's depreclation. 30

Girton College - Year Ended 30 June 2024 2023124 2022123 £ooo' £000 1,240 494 (1,917) (1,948) (1 ,822) (677) (3,276) 1,674 Management accounts unrestrlcted cash surplus Less: depreciation Less: additional depreciation Management accounts unrestricted surplusl(deficit) inc depreciation USS adjustment Annual fund gift transfers (see statement of changes in reserves) Grft of heritage asset {paintin8) Movem￿t5 in unrestricted trust funds RCCA recorded unrestricted surplus 223 40 20 (600) 1,057 (3,648) To assist In improving the financial transparency of the College's flnanclal actlvitles, work has continued over the course of the financial year in simplifying and clarifying budget setting and management, providing accurate monthly management data to budget holders, ensurlng restricted funds are both well-understood and publiclzed, and in applying additlonal rigour to People Planning. C. Education activity (notes l and 4) Student fee income of £4.2m was £49k lower than in the previous year12022123: £4.3m). Postgraduate fees, though up £84k on the prior year, were below expectations, with a number of potential students withdrawing at a late stage. A rise in intermissions was a further factor, with regulated undergraduate fee income down £891< and unregulated undergraduate fee income down £44k on the prior year. The rate of recovery of Education expenditure through tuition fees and educational income fell from the 65% level In 2023 to 56% in 2024. However, this is in part due to a reallocation of fixed costs from Accommodation to Educatlon so as to be more In line wlth the intercolleglate average. On a lil(e-for-like basis the recovery rate would have been 61°h. The decline is due to some additional expenditure, plus the ongoing impact of frozen tuition fees. Education expenditure was up by 19.2Yo at £8.7m (2022123.. £7.3ml. Of this, £0.8m Is the result of reallocating fixed costs from Accommodation. On an underlying basls the major drivers of Increased expenditure from £7.3m to £7.9m were: direct academic salaries £0.3m, dlrect educational expenditure £0,3m and little change in indirect overheads. D, Accommodation, caterlng ond conference octivity (notes 2 ond 5) Notes 2 and 5 show details of the activity whlch Includes Girton Global Programmes: Accommodation for College Members: net cost £2.8m12022123: £3.4m). Income increased by £O.Im, less than budgeted on the basls of lower postgraduate numbers and higher intermlssions. Expenditure decreased by £0.5m, of which £0.8m relates to

Girton College- Year Ended 30 June 2024 the reallocation of fixed costs from Accommodation to Education. These costs include maintenance, domestic/cleaning charges, general running costs and also rent of Swirles Court from the University. Following a year of significant increase in utilities costs due to the delayed impact of price rises as a result of intercollegiate forward purchasln81 these started to reduce in 2023/24, down £134k on the prior year. Catering for College Members: net cost £1.2m (2022123: £1.Im) saw a 5.5Yo increase in Income but an 8.5'h increase in expenditure, with food cost inflation a feature of the year. The College is implementing new procedures and controls to improve buying and minirnise waste, not only as a means of controlling costs but as part of the College's green objerttves. Conference activity: breakeven (2022123: net cost £O.Im) after attrlbution of College overheads, the actlvity appears not to generate a surplus but, before indirect costs, the net surplus is £0.2m Girton Global Prograrnmes net surplus £0.9m12022123: £0.3m). This positive result reflects the fact that the business is now back to full strength, following three years impacted by the pandemlc and where attivity was primarily online. A full complement of in-person activities also took place in the summer of 2024, whlch will be reflected in the 2024125 year-end result. Buildings-related overhead and depreciation expenditure Is allocated to Education where it relates to spaces with academic use. The expenditure balance is allocated to Accomrnodation, Caterlng and Conferences. Notwithstanding the apparent breakeven on Conference activity in these accounts, the departrnental management accounts show positive contribution from conference activity to fixed costs. Taking into account the totality of income from college members, conferencing and Girton Global Programrnes, the recovery rate on the College's expenditure on Accommodation, Catering and Conferences was 73¥0 in 2023124 (2022123: 62°A). This is the highest recovery rate ever achieved, due largely to Girton Global Programmes delivering on the promise of its business plan. The recently convened Commercial Strategy Committee is focused on further refinements to improve the profitability achieved by both the conferencing and the Global Programmes businesses, as well as exploring further future commercial business opportunities. The recovery rate in Accommodation (total Income in note 2 divided by total costs in note 5}, was 650A (2023: 600A). This has historically been at or around the 70% mark so Is currently lower, mainly due to the higher inflation borne by the College not being matched by income. This is also affected by the attributlon of costs, which is reviewed periodically. The increase in 2023124 was partly as a result of the reallocation of expenditure from accommodatlon to education. Catering saw a recovery rate of 53% {2023: 52%) whlch was a gradual improvement over the previous year. The College continues to aim to increase use of the catering provlsion by Girton students, maximising use whilst keeping prices at affordable levels. New senior staff 32

Girton College- Year Ended 30 June 2024 in the Catering and Conference area have been appointed and will aim to continue this improvement into 2024/25. E. SpendL7ble donotion income Unrestricted donation income in the Statement of Comprehenslve Income (SOCI) is £1.7m (2022/23.. £8k). The significant increase was driven by the comblnatlon of two large legacies totalling £l,Im and growth In unrestricted income ralsed through the annual fund, with record performances achieved in both the Giving Day and the Telethon. Review of reserves A. Reserves policy (11 The College is a permanent institution and holds substantial charitable funds on trust for a variety of purposes. The Councll monitors the College's "free reserves" calculated as total unrestricted funds less fixed assets, since It does not regard the operational estate as available for such a purpose. Nevertheless, there are functional assets within the operatlonal property portfolio whlch might at some stage be sold or otherwise removed from the operational estate. (2) The College requires free reserves: to underwrite the continuity of Its operations; to maintain equity between generation5 of members; to fund capital expenditure; to be able to respond to any urgent need for unplanned expenditure; to fund any future Increases in pension reserves. and to provide for winding up costs In the event of a cessatlon of business. (3) The Council aims to fund the College's capltal expenditure requirements over the next five years (currently budgeted at £8.3m) from a combination of free reserves, donations and long term loans. Of these sources, loan capital will be used to fund capital expenditure capable of generating a return above that which may be delivered from the College's investment portfolio. (4) The Council has adopted a reserves policy for the College whereby sufficient is held to: underwrite the continuity of its operation5 in the event of a major and unexpected shortfall In revenue; fund exceptional remedial capital expenditure. 15) The policy takes into account the risk profile of the College's income streams, the fixed nature of many of the College's costs, the contribution of restricted funds to committed annual expenditure and the amount of development fundraising expected to be delivered each year. Based on this analysis, the College's target for mlnimum free reserves is as follows: Reserve Target Rationale Revenue contlngen £5.5m Contingency to cover extreme/unexpected shortfall in revenue, assuming worst case pandemic scenario affecting student rents, 33

Girton College- Year Ended 30 June 2024 catering, conferencing commerclal activities and other Remedial capex contingency £2.5rn Contlngency to cover unplanned remedial capex {i.e. a major estate repair), equivalent to c. 5Yo of buildings value Total £8.Om (6) These contingencies are reviewed annually by Council, including adjustment for Inflation. (7) The Council further monitors: the relationship between free reserves and the unrestricted funds net deficit before investment gains and losses In the Staternent of Comprehensive Income. the ratlo of free reserves to the net deficit before depreciation and donations, whlch it regards as a prudent measure of cash absorbed by operatlons. B. Amount of reserves As at 30 June 2024 the College's free reserves {defined as unrestricted reserves less fixed assets) were £34.2m12022123: £28.Im}. As a matter of prudence the College deducts herstage assets from thi5 in order to obtain a rneasure of immediately realisable free reserves. In 2023/24 herltage assets were £6.2m12022123: £6.Im). Thus the College's measure of realisable free reserves is £28.Om (2022/23: £21.9m). This represents a record level of free reserves at year-end. Durlng the year 2023/24 annual unrestricted expenditure before depreciation was £16.3m (2022123: £16.Om}. Therefore the ratio of realisable free reserves to unrestricted expenditure was 1.7 (2022123: 1.4). Given that the College ran a cash surplus, the ratio of realisable free reserves to deficit 15 not meaningful this year. C. Comparison with reserves policy The College's free reserves remain compliant with the Councll's reserves policy, which was most recently reviewed in July 2024. D. Longer term trends (5 years) The five-year budgeting exercise undertaken this year mapped out an expectation of the College at least breaking even in cash terms. The yearly eroslon of fee income in real terms, along wlth a continuing tight labour market, requires us to remain vigilant in respect of our cost base if we are to continue to provide the variety of facilities and events which underpin our world-class residential education. With staff costs accounting for around half of our expenditure, our People Planning approach is a key element to ensuring our resources are allocated appropriately, 34

Girton College- Year Ended 30 June 2024 Our plan nonetheless shows that the College should be capable of achlevlng a cumulative surplus over the next flve years, albelt with some variation from year to year, including with 2024/25 budgeted for a c. £500k deficit. Sustainable financing of thls nature is a key enabler for our agreed strategic plan and provides an important reassurance of sound financial stewardship for current and potential supporters of the College through donations and legacies. Student numbers for 2024125 are slightly ahead of the previous year, with a small increase in our number of postgraduate students, Our objective for the short to medium term is to hold postgraduate numbers at the current level, with a strategic focus on increasing the proportion of PhDs and thus creating a more coherent MCR with an improved experlence of community. Room occupancy, always slightly vulnerable to student intermissions, is c. 100% and we are making Significantly better use of Swlrles Court, including during the summer months when it is used by students on Girton Global Programmes. There Is a shortage of postgraduate accommodatlon throughout the University and consequently, given its improving flnancial performance, it may be prudent to maintaln the lease on Swirles Court notwithstanding our plans to build more student rooms on the main slte. Thls decision will be finallsed over the course of the next year. We contlnue to see pleasing growth in the contributlon made by the College's investment portfollo under the spending rule, albeit that growth from financial markets remalns subject to considerable uncertainties resulting from geopolitics. The performance in the current year will be affected by the degree to which the US demonstrates an economlc "soft landing" with posltive economlc growth and falling inflation and interest rates. The outcome of the November presidential election is also likely to be an important determinant as to the perceived risk outlook. The Council has budgeted for capltal expenditure totalling £8.3m over the next five years, including the completion of the Clolster Court restoration and associated projects {includin8 a pathway from Mare's Run to the Porters, Lodge}; the completlon of the restoration of Tower Wing. and the determlnatlon of a plan for decarbonisation, with the potential commencement of associated works, 5. Golng con￿rn A. Explanation of operating deficit/surplus The College's overall financial sustainability has been transformed over recent years by the growth in the permanent endowment and some estate restructuring, helped as well by a decade of strong investment returns. The latest financlal year saw a continuation of that trend, and the College is consequently in its strongest ever flnancial position In terms of net assets, endowment and free reserves. 35

Girton College- Year Ended 30 June 2024 For the 2023124 financial year the deficlt stood at £0.7m after depreclation. On a cash basis {i.e. before depreciation) the surplus was £1,2m, which is declared as the management accounts result. It is the goal of the College to remain at or around breal(even in cash terms and on an unrestricted basis. Thls means that we are not relying on a diminishing pool of czsh reserves to subsidi5e our day-to-day operations, instead deploying our capital strategically on investments which will over time be accretive to the value of the College and improve the experience of its community. Whilst we have seen inflation reducing Substantially from the hlgh levels seen In the prior year, it remains a feature of certain areas of our operations (including food ingredients). We should also expect a degree of wage inflation, with the University of Cambridge, whose salary splne the College now tracl<s, in the midst of a review of pay and benefits. The rising cost of student welfare, notably around mental health provision, is a further issue affecting the University of Cambridge and will continue to be a feature over the coming years. Thus we will need to continue to exercise considerable vigilance in managing our operation so as to control our cost base, especially around staffin& where costs have increased over recent years due both to wage inflation and also our need to strengthen certain departments. We have achieved some success in making certain improvements fundamental to our abllity to deliver a sustainable operating cash surplus: We have irnproved the performance of Swirles Court through a combination of incentives for Postgraduate students to take up longer tenancies, and use of the building to house GGP students in the summer. Further, we are now closeto finalising an agreement with the University of Cambrldge {who own the freehold) around compensation for prior defects addressed by the College, and responsibility for further defects as and when they arise; Commercial operations are now deliverlng their highest ever contributlon and we are adopting a more analytical approach in orderto improve profitablllty under the scrutiny of the new Commercial Strategy Committee, Including metrics such as Net Contribution Per Avallable Room Night; Early results have been promising in our strategy of achieving a better balance of Development income between in-year spendable donations and those targel'ed for the endowment. However, there is conslderable further work to be done; 36

Girton College- Year Ended 30 June 2024 The College needs to make further steps to professionalising its operations, including making best use of technology in order to reduce staff tlme spent on tasks which should be automated. A change currently underway In the provision of events and conferences should free up valuable resource in several departments (College Office, Development, Student Services etc), However this needs to be backed up by a more effective use of technology in implementing routine tasks and improving co-ordlnatlon; The People Planning element in our budgeting will be further developed in the comlng years as we ensure that our resources are best deployed, This includes oversight on departmental staffing andp Potentlally, further refinements to the Personal Development Review process to ensure that goals and targets are belng met. We are focused on taking steps to further reduce waste In our Catering operatlon, which Should have a positive impact on the College's environmental sustainability as well as on the bottom line. B. Cash Flow Stutement We monitor cash flows regularly throughout the year in order to ensure the College has sufficient liquid funds at all times in order to meet its needs. At 30 June 2024 the College's cash balance stood at £0.7m, around £lm below the £1.7m recorded at the end of the 2022123 financial year. At the time of writing (November 2024) the cash balance exceeds £0.7m. C. Anyfund or subsidiary in deficit None of the constltuent funds of the ATF were in deficit at the year end. 6. Plans for future periods A. Council's future plans The College Is a permanent institution and an important constituent of the collegiate University of Cambridge. The Council's plans for the next five years include: Continulng to implement its Strategic Plan, which was formed as a result of a wide- ranging consultation with internal and external stakeholders, and whlch is based around four key pillars: Outstanding Education World Class Fellowship Green Girton Enrlchment and Opportunity Taking further steps towards the goal of "inclusive excellence" by a renewed focus on diversity across a range of metrics; and providing students with the support and tools to achieve the best possible educational outcomes, measured in terms of academlc success 37

Girton College- Year Ended 30 June 2024 and personal growth. This includes strengthening our admissions team and taking concrete steps to address the awarding gap between students of different backgrounds; Building the financlal support offered to students, including:11) continuing to ralse funds to offer bursary support to undergraduates and postEraduates; (li) focused fundraising for PhD students so as to be able to increase the proportion of our postgraduates who are PhDs; {iii) as far as possible within the overall budget minimising the bLArden on students from residence charges and other costs while deliverlng excellent facilities; Improving the offer to Fellows (both CT05 and UTOs} in order to attract and retain world-class scholar5 at Girton: pay, working condition5 and benefits,. Further fostering the wellbeing of all members of the College as an essentlal basis for achieving their full potential, within the resldential higher education setting that 15 a hallmark of the collegiate Universityj Equipping students with the slcills they need not only to fufil their potential at Girton but to enter the world of work with confidence; Improving the built environment through both large and small-scale renovations and redecorations, and developing and implementing a decarbonisation plan that enables the College to achieve Net Zero. (See Decarbonisation, below); Taking significant further steps in estates planningi including advancing plans to build potential new courts on the College's main site which will enable the more rapid advancement of several aspects of the Strategic Plan. (See "new courts project. below); Working to achleve improvements to the operatin8 performance of the College, including making more effective use of Informatlon Technology in order to Increase efficiency and, over time, deliver permanent improvements to the cost base; Further rnaximising the College's commercial revenue by taking a profit-focused and co- ordinated approach to growing Girton Global Programmes and the conferencing business. Continuous improvements to governance arrangements, including a review and reformation of the Statutes. Decarbonisatlon The College intends to undertal<e thoroughgoing heat decarbonisation work5 over the coming years in order to meet its objectives to achleve Net Zero. These will be determined on the basis of a plan which has been commissioned by the College and which Is being prepared by a sustainability engineer, an architect and a cost consultant. Once Council has evaluated and approved the adoption of the recommendations from thls report, due to be completed in spring 2025, the capex plan will be updated. At present the plan includes placeholder sums for inltial decarbonisatlon works and wing refurbishments (which are related given the likely retrofitting requiredl amounting to £2.2m over the forecast period from 2025126-2028/29. The final total, which will be signiflcantly higher, will be determined once the decarbonlsation plan is completed in 2025. The College intends to incorporate the decarbonisatlon plan into its fundraising programme over the coming years, as well as applyingfor available government grants, 38

Girton College- Year Ended 30 June 2024 The new courts project The College has appointed archltects and related professional advisers in respect of a major planned project to build two new courts, to be undertaken over the next five years, with the proposed move-in date by the initial cohort of residents scheduled on a prellmlnary basis to be, at the latest, October 2030, The project would be transformational in the College's ability to dellver on its strategic plan, and to develop further its mlssion of incluslve excellence in education on a global level. The proposed development would provide: (11 160 student rooms for Undergraduate and Postgraduate students with kltchens and related study spaces; 12) New offices and accommodation for Fellows; 13) A suite of new public rooms arranged around an iconic auditorium,. 14) A new MCR space to form a focus for our Postgraduate student community; {5) A new state-of-the-art Fitness Centre. It is currently envlsaged that the project will cost approximately £70m, to be funded as follows: (1} £30m to be raised from a new Development campaign, including major anchor donations; {2} £25m of new long-term borrowings. {3} £8m through appllcation of existing unapplied long-term borrowlngs; (4} £7m from the College's free reserves. Fundraising is currently underway in order to secure a signlficant proportion of the philanthroplc support required. On the basis that this is successful then the project wlll be green-lit, with the costs (includlng financing) and expected performance of New Court to be incorporated into projections. B. Five year rolllng budget The Councll has adopted a five year rolling budget for 2023124 to 2028129. The revenue budget includes operating income and expenditure, the proportion of total return allowed by the ColleEe's long-term spending rule, depreclation, interest and targeted donations, with a prudent estimate of legacies, It does not include investment gains/losses retained as unapplied total return (see Note 17 to the Accounts), gains/losses on disposal of fixed assets, gains/losses on revaluation of fixed assets, nor actuarial gains/losses in respect of pension schemes. C. Capital expenditure programme - major projects 2024125 Refurblshment of half of Tower Wing Completion of Cloister Court restoratlon 39

Girton College- Year Ended 30 June 2024 Decarbonisation plan commissioned Library air handling unit Re￿rbIshment of other half of Tower Wing (largely Fellows, rooms) Decarbonisatlon works commence Inltlal kltchen alteration5 Further l<itchen alteratlons Decarbonlsatlon works ¢ontlnue Potentlal further wlng refurbishment Decarbonisatlon works continue Decarbonisatlon works continue 2025126 2Ci26127 2027128 2028129 It should be noted that these budgeted works for the outer years are provisional at this point and will require further internal review and sign-off - includin8 With reference to prevailing financial conditions- before proceeding. The capex budget currently includes placeholder surns for decarbonisation and, as yet, does not incorporate plans forthe new courts project. Both of these major projects are discussed above. D. Impoct onfree reserves Both the net {deficit}/surplus before depreciation and exceptional income and any capltal expenditure will ultimately be funded by a combination of free reserves and long-term loans available for capital expenditure. The impact over five years of the 2024 revenue and CapEx budgets is as set out below. £OWs 2023124 Actual 20241 Budget 202V26e 2026J27e 7128e 2028129e TOTAL5y plan L455 14326 1fi8n 2024 I&E Bud et 2024 Ca ex Bud et att on free reserve5 IDI 545 905 I1,￿0 6711 {1117) 1.875 1.3 341 It should be noted that the above numbers reflect only the absorption of reserves and make no allowance for the targeted growth in the College's investment portfolio over time. Rlsk management A. Acknowledgement of trustee responsibility Members of the College Council as trustees have ultlmate responsibillty for ensuring that rlsk Is managed satisfactorily wlthin the College. B. Overview of risk identlficotion, assessment and monitoring process Risks are Identified in the Corporate Risk Register, focussing on risks to delivering the College's Strategic Academic Plan, while the major committees of the College are responslble for complllng and malntaining operational risk registers, feeding upwards to Councll and the Corporate Risk Register as required. Capital projects undertaken within College are subject to detalled local risk registers by individual project managers. 40

Girton College- Year Ended 30 June 2024 C. Review and ossessment of mt7jor risks and confjrmation of controls Council consldered the major risks to which the College is exposed in 2023124 and satisfied itself then that systems were In place in order to manage those risks. The main categorles of operational risk for the College are: Admisslons b) Compliance Employment d) Flnancial and accounting Fire Funding and higher education pollcy Governance h) Health & Safety Investment Property maintenance and management Reputatlon Student experience f) k) A major project has commenced this year In order to bring external scrutiny to the College's risk register, with a vlew to refining it such that it benchmarks appropriately with best in class practice. The results of thls project wlll be incorporated into next year's Annual Report. D. Identlfied risks and uncertainties outside the College's control The College's ability to pass on higher costs to students by way of increased pricing for accommodation and catering is highly constrained, despite the recently announced Increase in regulated fees. The increase only partially contributes to the announced increase in Employers National Insurance. The College depends forthe malntaining the value of its investment portfollo In real terms on a reasonable performance from global flnanclal markets, These currently represent a further risk glven the signiflcant geopolitical and economic uncertalntles. At the time of writing, US equity markets are experiencing a period of volatllity amid mixed signals as to the prospects for growth as the US economy emerges from a period of sustained high inflation. A further potentlal determining factorfor the market pricing of risk will be the outcome of the US presidential election in November. Girton Global Programmes, which was the main source of profitable commercial business In 2023/24, generates the majority of its revenue from visitors from a single country. Should any of those participants be prevented from attendin& for example due to political or health developments preventing travel, then the negative Impact on the current business mix

Girton College- Year Ended 30 June 2024 would be very significant. Efforts are currently being undertaken to diversify the range and nature of business within the College's commercial activities. Trustees, review Council reviewed the arrangements for managing risk in 2024125 during consideration of its annual governance report. On behalf of the Council Dr Elisabeth Kendall The Mistress 3 December 2024 42

Girton College - Year Ended 30 June 2024 Independent Audltors. Report to the Augmented Council of Glrton College Year Ended 30 June 2024 Oplnlon We have audited the financial statements of Girton College Ithe College) for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income and Expenditure, the Statement of Changes in Reserves, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policles. The financial reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accountlng Standards, includlng Financlal Reporting Standard 102 The Financial Reporting Standard appllcable in the UK and Republic of Ireland Iunited l<ingdom Generally Accepted Accounting Practice). In our opinlon, the financial statements: glve a true and fair view of the state of the College's affairs as at 30 June 2024 and of it5 Incoming resources and application of resource5 for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charitie5 Act 2011 and the Statutes of the Universlty of Cambridge. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibllities under those standards are further described in the Auditors, responsibilltles for the aLAdlt of the financial statements section of our report. We are independent of the College in accordance with the ethical requirements that are relevantto our audit of the financial statements in the United Kingdom, includingthe Financial Reporting Council's Ethical Standard, and we have fulfllled our other ethlcal responsibilities in accordance with these requirements. We believe that the audlt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the flnancial statements, we have concluded that the Trustees, use of the going concern basis of accountin8 in the preparatlon of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertalnties relatlng to events or conditions that, Individually or collectively, may cast significant doubt on the College's ability to continue as a going concern for a period of at least twelve months from when the financlal statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of thls report. 43

Girton College- Year Ended 30 June 2024 Other Information The Augmented Council are responsible for the other information. The other information comprises the information included in the Annual Report other than the financial statements and our auditors, report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other Information and, in dolng so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material Inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material mlsstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requlred to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Statutes of the Unlversity of Cambridge In our opinion based on the work undertal<en in the course of the audit: The contrlbution due from the College to the Unlversity has been computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Statute G,11, of the University of Cambridge. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the College and its environment obtained in the course of the audit, we have not identified materlal misstatements in the Report of the Council. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports} Regulations 2008 require us to report to you if, in our opinion: sufficient accounting records have not been kept; or the financial statements are not In agreement with the accounting record5,' or we have not received all the informatlon and explanations we require for our audit. Responsibilltles of the Augmented Councll As explained more fully in the responsibllities of the Augmented Council statement set out on page 7, the Augmented Council is responsible for the preparatlon of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Augmented Councll determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Girton College - Year Ended 30 June 2024 In preparing the financial statements, the Augmented Councll is responsible for assessing the College's ability to continue as a going concern, dlsclosing, as appllcable, matters related to golng concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the College or to cease operatlons, or have no realistic alternative but to do so. Audltors, responslbllltles for the audit of the financial statements Our objectlves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, Individually or in the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are Instances of non-compliance with laws and regulations. We design procedures In line with our responsibilities, outlined above, to detect material misstatements in respect of Irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assesslng the risks of material misstatement in respect of irregularities, including fraud and non-compllance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non- compliance wlth applicable laws and regulations. we identified the laws and regulations applicable to the College through discussions with Trustees and other management, and from our knowledge and experience of the education sector; we obtained an understanding of the legal and regulatory framework applicable to the College and how the College is complying with that framework; we obtained an understandingof the College's policies and procedures on compliance with laws and regulations, includlng documentation of any instances of non- compliance,. we Identified which laws and regulations were significant Sn the context of the College. The laws and regulations we considered in this context were Charities Act 2011, the Statutes of the University of Cambrldge and taxation legislation, We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items; in addition, we consldered provislons of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the College's ability to operate or to avoid material penalty; and identified laws and regulations were communlcated within the audit team regularly and the team remalned alert to instances of non-compliance throughout the audit. 45

Gircon College - Year Ended 30 June 2024 We assessed the susceptlbillty of the College's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquirles O'F management as to where they considered there was susceptiblllty to fraud, their knowledge of actual, suspected and alleged fraud; and consideringthe internal controls in placeto mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management blas and override of controls, we. tested journal entries to identify unusual transactions. assessed whether judgements and assumptlons made in determlning the accounting estimates set out in the accounting pollcy were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. In response to the risk of Irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement dlsclosures to underlylng supporting documentation; reviewing minutes of meetings of those charged with governance. enquiring of management as to actual and potential litigatlon and claims. and reviewing correspondence with relevant regulators and the College's legal advisors. There are Inherent limitations in our audit procedures descrlbed above. l-he more removed that laws and regulations are from financial transactlons, the less likely It is that we would become aware of non-compliance. Auditing standards also limlt the audit procedures required to Identlfy non-compliance wlth laws and regulations to enquiry of the directors and other management and the Inspection of regulatory and legal correspondence, if any. Material misstatemellts that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibllltles for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uVauditorsresponsibilties, This description forms part of our auditors, report. 46

Girton College- Year Ended 30 June 2024 Use of our report This report is made solely to the College's Augmented Councll as a body, in accordance with College's statutes, the Statutes of the University of Cambridge and the Charities 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 Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College and the College's Augmented Councll 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 Statlon Road Cambridge CBI 2LA Date: 5 December 2024 Peters Elworthy & Moore is eligible to act as an audltor in terms of section 1212 of the Companie5 Act 2006. 47

Girton College- Year Ended 30 June 2024 statement of Principal Accounting Pollcles Basis of preparatlon The financial statements have been prepared in accordance with the provisions of the Statutes of the College and of the University of Cambridge, using the Recommended Cambridge College Accounts {RCCA} format; and applicable United Kingdom Accounting Standards, including Financlal Repartlng Standard 102 {FRS 102) and the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education issued in 2019. The Staternent of Comprehensive Income and Expenditure includes activity analysis 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 has applied the relevant public benefit requirement of the applicable UK laws and accounting standards. Basis of accounting The financial staternents have been prepared under the historical cost convention, modified in respect of the treatment of investments, which are included at valuatlon. Going concern The Trustees have prepared forecasts for the period to 2029 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 unrestrlcted reserves. The new Reserves Policyi agreed by Council, sets minlmum reserves levels at £8m, to allow for emergencies. The College manages its cost base prudently, including a measured approach to maintenance, capex and reserves, in order to combat the reductlon in revenues and to extend financial headroom. The College also has significant investments which could be realised if requlred. Based upon their revlew the Trustees believe that the College will have sufficient resources to meet Its liabilities as they fall due for a period of at least twelve months from the date of approval of these accounts and therefore have continued to adopt the going concern basis in preparing the financial statements. 48

Girton College- Year Ended 30 June 2024 Recognition of income Academicfees Academic fees are recognised in the period to which they relate and include all fees chargeable to students or their sponsors. The costs of any fees waived or written off by the College are included as expenditure. GrL7nt income Grdnts re￿IVed fiDm non-government sources (including ￿searCh grants from non-govemment sourres) are recognised within the Statement of Comprehensive Income and Expenditure when the College is entitled to the income and perfomiance related conditions have been met. Income received in advan￿ of perforniance relatsd conditions is defer￿d on the balan￿ sheet and released to the Statement of Comprehenslve Income and Expenditure in line with suth condltlons being met. Donations and endowments Non exchangetransactions without pethrmance related conditions are donations and endowments. Donatlons and endowments with donor-imposed restrictions are recognlsed within the Ststement of Comprehensive Income and Expenditure then the College is entitled to the income. Income is retalned within restricted reserves until such time that it is utilised In line with such restrictions at which polntthe income Is released to general reservesthrouth a reserve transfer. Donations and endowments with restrictlons are cla&sified as restricted reserves with additional disclosure pro￿lded within the notes tothe accounts. 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 permanently invested to generate an income stream for the general benefit of the College. 3. Restricted expendable endowment5 - the donor has specified a particular objective and the College can convert the donated sum into income. 4. Restricted permanent endowments - the donor has speclfied that the fund is to be permanently invested to generate an income stream to be applied to a particular objective. Donations with no restrictions are recorded within the Statement of Comprehensive Income and Expendlture when the College is entitled to the income. Investment income and change in value of investment assets Investment income and change in value of investment assets is recorded In income in the year in which it arises and as either restrlcted or unrestricted income according to the terms or other restrictions applied to the individual endowment fund. 49

Girton College- Year Ended 30 June 2024 Total return The College invests its endowment portfolio and allo(ated the related earnings for expenditure in accordan￿ with the total return concept. The spendlng policy is specifically designed to stabillse annual spending levels and to preserve the real value of the endowment portfolio overtime. The College spending rule permits the transfer for the academic year of no more than 3.8°A of the > year rolling weighted average of the balance of the fund as at 30 June {to decrease to 3.5¥0 over a period starting in 2025/26). The College operates a unitised Amalgamated Trust Fund {ATFI scheme for the collective investment of endowment funds, under whlch the transfer permitted by the spending rule is converted into a prtrrats distribution of the fijnds, Other income Income is received from a range of activities including Accommodation, Caterlng Conferences {including Sumrner Programmes} and other services rendered, Cambridge Bursary Scheme In 2023/24, payment of the Cambridge Bursaries to eligible Students was made directly by the student Loans Company {SLC). As a consequence, the College reimbursed the SLC for the full amount paid to their eliglble students and the College subsequently received a contribution from the University of Cambridge towards this payment. The net payment of £234k Is shown within the SOCI as follows: 2023124 £'o(x) 281 515 2022123 Income {see note i) Expenditure 206 421 Forelgn ajrrency translation Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year end rates or, where there Is a forward foreign exchange contract, at contract rates. The resulting exchange differences are dealt with in the determination of the comprehensive income and expenditure for the financial year. Fixed assets Land and buildings Fixed asset5 are stated at cost less accumulated depreciation and accurnulated impairment losses, Operational property assets that had been revalued to falr value on 30 June 2014, the date of transition to SORP, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation. Where parts of a fixed asset have different Useful lives, they are accounted for as separato items of fixed assets. 50

Girton College- Year Ended 30 June 2024 Costs Incurred in relation to land and buildings after Inltlal purchase or construction, and prior to valuation, are capitalised to the extent that they increase the expected future benefits to the College. Freehold land is not depreciated as it is considered to have an indefinite useful life. Freehold buildings are depreciated on a straight-line basis over their expected useful lives as follows: Buildings Sports Facilities Outbuildings/workshops 63-99 years 67-99 years 10-46 year5 Fit-outs M&E services 5-34 years 10-40 years Leasehold land is depreciated over the Ilfe of the lease up to a maxlmum of 50 years. Buildings under constructlon are valued at cost, based on the value of architects, certificates and other direct costs incurred, They are not depreclated until they are brought into use. The cost of additions to operational property shown in the balance sheet includes the c05t of land. Furnlture, fittings and equipment costlng less than £5k per indlvidual Item or group of related items Is written off in the year of acquisition. All other assets are capitalised and depreciated over their expected useful Ilfe as follows: Furnlture and fittings Equlpment 20% per annum 200/0 per annum Leased ussets Leases in which the College assumes substantially all the risks and rewards Of ownership of the leased asset are classified as flnance leases. Leased assets acquired by way of finance leases are stated at an amount equal to the lower of thelr fairvalue and the present value of the mlnlmum lease payments at inception of the lease, less accumulated depreciation and less accumulated impalrment losses. Lease payments are accounted for as described below. Mlnimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge 15 allocated to each period during the lease term so as to produce a constant periodic rate of Interest on the remaining balance of the liability. Costs in respert of operatlng leases are charged on a straight-line basis over the lease term. Any lease premiums or incentlves are spread over the mlnimum lease term. Heritage assets Rare books, silver, works of art and other assets not related to education are valued at the insured value. Assets deemed to be inalienable are not included In the balance sheet, Items of antique furniture and silver have been valued by external valuers.

Girton College - Year Ended 30 June 2024 Investrnents Fixed asset investments are induded in the balan￿ sheet at fair value, except for investments in subsidiary undertakings which are stated in the College's balance sheet at cost and eliminated on consolidation. Investments that are not listed on a recognised stock exchange are ￿rrIed at historical cost less any provision for impairment in their value/market value. stocks Stocks are stated at the lower of cost and net realisable value after makin8 provision for slow moving and obsolete items, Provisions Provisions are recognised when the College has a present legal or constructive obllgation as a result of a past event, it is probable that a transfer of economic benefit5 wi51 be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Contlngent liabilitles and assets A contingent liability arises from a past event that gives the College a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events, not wholly within the control of the College. Contingent liabilities also arise in circtjmstances where a provision would otherwise be made but either it Is not probable that an outflow of resou rces will be required, or the amount of the obligation cannot be measured reliably. A contingent asset arises where an event has taken place that gives the College a possible asset whose existence will only be confirmed bythe occurrence or otherwise of uncertain future events not wholly withln the control of the College. Contingent assets and Ilablllties are not recognlsed in the balance Sheet but are dlsclosed in the notes, Financial instruments The College has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognition, measurement and disclosure of financlal instruments. Financial assets and liabilitles are recognised when the College becomes party to the contractual provislon of the instrument, and they are classified accordlng to the substance of the contractual arrangements entered Into. A financial asset and a financial liabillty are offset only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously, Financial assets Basic financia l asset5 include trade and other receivables, cash and cash equivalents and Investments in commerclal paper {i.e. deposits and bonds). These assets are initially 52

Girton College- Year Ended 30 June 2024 recogni5ed at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future recelpts discounted at a market rate of interest, Such asset5 are subsequently carried at amortised cost using the effective interest rate method. Flnancial assets are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss Is recognlsed in the Statement of Comprehensive Income. For financial assets carried at amortised cost the impairment loss is the difference between the carrying amount of the asset and the present value of the estlmated future cash flows, discounted at the asset's original effectlve interest rate. Other financlal assets, includlng investments in equity Instruments, which are not subsidiaries orjoint ventures, are initially measured at fair value which Is typlcally the transaction price, These assets are subsequently carried at fair value and changes in fair value at the reporting date are recognised in the Statement of Comprehensive Income. Where the investment in equity instruments is not publicly traded and where the fair value cannot be reliably measured, the assets are measured at cost less impairment. Investments In property or other physical assets do not constitute a flnancial instrument and are not Included. Financial assets are de-recognised when the contractual rlghts to the cash flows from the asset expire or are settled or substantlally all of the risk5 and rewards of ownership are transferred to another party. Financial Llabllltles Basic financial liabilities include trade and ather payables, bank loans and intergroup loans. These Ilabilltle5 are initially recognised at transaction price unless the arrangement constltutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest rate method. Fees paid on the establlshment of loan facilities are recognlsed as transactlon costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. Trade payables are obligations to pay for goods or Services that have been acquired In the ordlnary course of business from suppliers. Accounts payable are classified as current liabillties If payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effectlve interest rate method. Derivatives, including forward foreign exchange contracts, are not basic financlal instruments. Derlvatives are Inltlally recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at thelr fair value at the reportlng date. Changes in the fair value of derivatives are recognlsed in the Statement of 53

Girton College- Year Ended 30 June 2024 Comprehensive Income in finance costs or finance income as appropriate, unless they are included in a hedging arrangement. To the extent that the College enters into forward foreign exchange contracts which remain unsettled at the reporting date the fair value of the contracts 15 reviewed at that date. The initial fair value is measured as the transaction price on the date of inception of the contracts. Subsequent valuations are considered on the basis of the forward rates for those unsettled contracts at the reporting date. The College does not apply any hedge accounting In respect of forward foreign exchange contracts held to manage cash flow exposures of forecast transactions denominated in foreign currencies. Fi nancial liabil ities are de-recogn ised when the l iabll ity is d ischarged, cancelled, or expi res. Taxation The College is a.registered tharity (number 11375411 and also a charity within the meaning of Section 467 of the Coryx)ratlon Tax Act 2010. Accordingly, the College is exempt from taxation in respect of income or capital &ains received within the categories covered by Sections 478 to 488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The College receives no similar exemption in respect of Value Added Tax. Contrlbution under Statute G.11 The College is liable to be assessed for Contribution under the provisions of Statute G.11 of the University of Cambrldge. Contribution is used to fund grants to colleges from the Colleges Fund. The Ilability for the year is as advised to the College by the Universlty based on an assessable amount derived from the value of the College's assets as at the end of the previous financial year. Penslon costs The College participates in Universities Superannuatlon Scheme. With effect from l October 2016, the scheme changed from a deflned benefit only pension scheme to a hybrld pension scherne, providing defined benefits (for all members}, as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The Instltution is therefore exposed to actuarlal risks associated with other institutions, employees and is unable to identify its share of the underlying assets and liabilitles of the scherne on a consistent and reasonable basls. As required by Sectlon 28 of FRS 102 "Employee benefits" the institution therefore accounts for the scheme as If it were a wholly defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the Institution has entered into an agreement (the Recovery Plan) that determines how each employer withln the scheme will fund the overall deficlt, the Institution recognises a liability for the contributions payable that arlse from the agreement 54

Girton College - Year Ended 30 June 2024 (to the extent that they relate to the deficit) and therefore an expense Is recognised. The College also participates in the Cambridge Colleges Federated Pension Scheme {CCFPS), a defined benefit scheme which is externally funded and contracted out of the State Second Pension152P). The asset5 of the Scheme are held in a separate trustee administered fund. The funds are valued every three years by a professionally qualified independent actuary using the projected unit method, the rates of contribution payable being determined by the trustees on the advlce of the actuary. In the intervening years, the actuary reviews the progress of the schemes. Pension costs are assessed in accordance wlth the advice of the actuary, based on the latest actuarial valuation of the Scheme, and are accounted for on the basis of charging the cost of providing pensions over the period during whlch the institution beneflts from the employees, services. The College also offers membership of NOW: Pensions, a defined contribution pension scheme, for non-academic staff and the pension charge represents the amounts payable by the College to the scheme in respect of the employee￿ service during the year. Ernployment benefits Short term employment benefits such as salaries and compensated absences are recognised as an expense In the year In which the employee5 render service to the College. Any unused benefits are accrued and measured as the addltlonal amount the College expects to pay as a result of the unused entitlement. Reserves Reserves are allocated between restricted and unrestricted reserves. Endowment reserves include balances whlch, In respect of endowment to the College, are held as permanent funds, which the College must hold to perpetuity. Restrlcted reserves include balance5 in respect of which the donor has designated a specific purpose and therefore the College Is restricted in the use of these funds. The full free reserves policy Is described in the Report to Council. Free reserves are calculated as total unrestricted funds less fixed assets. A minimum level of free reserves is set as follows: Reser4e Target Rationale Revenue contingency £5.5m Contingency to cover extreme/unexpected shortfall In revenue, assuming worst case pandemic scenarlo affecting student rents, caterlng, conferencing and other commercial activities 55

Girton College- Year Ended 30 June 2024 Remedial capex contingency £2.5m Contingency to cover unplanned remedial capex (i.e. major estate repair), equivalent to c. 5% of buildings value Tota I £8.Om Critical Accounting Estimates and Judgements The preparation of the College's accounts requires management to make judgements, estlmates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, Income and expenses. These judgements, estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. Management consider the areas set out below to be those where critical accounting jud8ements have been applied and the resulting estimates and assumptions may lead to adjustments to the future carrying amounts of assets and liabllities. Income recognition-judgement is applied In determining the value and timing of certain income items to be recognised In the accounts. This includes determining when performance related conditions have been met and determlning the approprlate recognition timing for donations, bequests and legacies. In general, the latter are recognised when at the probate stage. Useful lives of property, plant and equlpment- Property, plant and equipment represent a significant proportion of the College's total assets. Therefore, the estimated useful lives can have a significant impact on the depreciation charged and the College's reported performance. Useful lives are determined at the time the asset Is acquired and reviewed regularly for approprlateness. The lives are based on historical experiences with similar assets, professional advice and antlcipation of future events. Details of the carrying values of property, plant and equipment are shown in note 8. Recoverability of debtors- The provision for doubtful debts is based on the College's estimate of the expected recoverability of those debts. Assumptions are made based on the level of debtors which have defaulted historically, coupled with current economlc knowledge. The provision Is based on the current 5ituatlon of the customer, the age profile of the debt and the nature of the amount due. Retlrement benefit obligations- The cost of defined beneflt pension plans, and other post- employment benefits are determined using actuarial valuations. The actuarial valuation involves tnal(ing assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptlons and the long-term nature of these plans, such estlmates are subject to significant uncertainty. Further detai15 are given in note 23. 56

Girton College - Year Ended 30 June 2024 Management are satisfled that Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contrlbutlons under the funding plan in existence at the date of approving the accounts. As the College is contractually bound to make deflclt recovery payments to US5, thls Is recognised as a liablllty on the balance sheet. With the completlon of the 2023 valuation the scheme was found to be in surplus and deficit recovery payments were reduced to nil with effect from January 2024. The accountlng consequence of thi5 15 that the whole of the provision from the prlor year was released. Further details are set out in note 23. 57

ozo L4J -￿ (Th bj W O

Girton College- Year Ended 30 June 2024 Statement of Changes in Reserves Year Ended 30th June 2024 2024 Unrestrirted Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Total Funds Reconciliation of funds: Balance at Istjuly 2023 Surplus from Income & Expenditure statement Release of restricted capital funds Transfer between reserves Adjustment to prioryear net assets 95,722 5,097 375 72 34 4,174 1,449 1375} 128} 72,920 8,189 172,816 14,735 (441 Total funds carried forward 101,300 5,220 81,065 187.584 Statement of Changes in Reserves Year Ended 30th June 2023 2023 Unrestrirted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total Funds Reconciliation of funds: Balance at Istjuly 2022 IDeficitllSurplus from Income & Expenditure statement Re lease of restricted capital funds Transfer between reseNes Adjustment to prior year net assets 99,546 13,5971 4,553 15271 69,727 3,118 173,826 11,0061 (2231 141 148 75 14) Total funds carried forward 95,722 4,174 72.920 171816 The notes on Pages 62 to 81 form Part ofthese occounts 59

Girron College- Year Ended 30 June 2024 Balance sheet Year Ended 30th June 2024 Note 2024 2023 Non Current Assets Fixed assets Heritage A55ets Investments 8a 8b 67.112 6,220 132,805 67,643 6, 144 119,759 Total Non Current A55ets 206,137 193,546 C￿r￿nt Assets: stocks Trade & Other receivables Cash & Cash equival ent 88 5,117 709 63 3,456 1,7(L7 io li Totalcurrentossets 5.914 5,219 Llabllltles: Credltors: amounts falli ng due within one year 12 15,1341 14.350) Net current ossets 869 Totol Assets le55 Current l￿bIlItIeS 206,917 194,415 Creditor5'. amounts f all i ng due after more than one year- Loan5 CredKtors: amount5 f alli ng due after more than one year- Others 13 13 115.8181 11,1091 115.973) 11. 1751 Totol Long Term Liabilitites 116,9271 117. 1481 Ivet ussets excludiTng penslon Ilablllty 189.990 177.267 Provisions Pension Provisions 14 (2,4051 {4,4511 Totol net ossets 187,585 172.816 The fundsofthÈ charlty: RestrlrtedReserves Income & Expenditure ReservÈs - Endowment Income & Expenditure Reserves - Restricted 15 81,065 5,220 72.920 4.174 16 Total Re5trittedfunds 86.285 77.094 Unrestricted Reserve5 I ncome & Expenditure Reserves - Unrestricted 101,3 95.722 Totol Unrestrictedfunds 101,3CK) 95,722 Total Reserves 187,585 172.816 'fjrLI c¥:￿H￿er aoaL¥ The fi nancial statement5 were approved by the Augmented Council on and signed on its behalf by: Dr El isabeth Kendall - Mistress, Gi rton Col lege James Anderson - Bursar, Girton Col lege The notes on Pages 62 to 81 form Part of these occounts 60

Girton College - Year Ended 30 June 2024 Cash flow statement Year Ended 30th June 2024 2024 2023 Note Net Cash {Outflowl/lnflow from Operating Activities Cash Fl ows f rom I nvesting activities Cash Flows from Capital Transactions Cash Flows from Financing Activities 18 11,646) 809 (51 {149} 2,951 31 14,224} (143) 19 19 20 (Decreose) in cash and cash equivalent in the year (991) (1,385) Cash and cash equivalent at the beginning of the year 1,700 3,085 Cash and cash equivalent atthe end of the year li 709 1,700 Reconciliation of net cash flow to movement in net liquid assets (Decrease) in Cash in the Year Movement in Long Term Loans Netchange in Cash 19911 149 1842} (1, 3851 143 11,242} Net Cash/Borrowing broughtforward (14,422) (13 180) Net cash/borrowing carried fonmard 24 {15,2651 114.4221 The notes on Pages 62 to 81 form Part of these accounts 61

Girton College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 l. Academic Fees and Charges 2024 £'ooo 2023 £'o(K) College Fees Fee Income re￿iVed at the regulated undergraduate rate Fee Income re￿iVed at the unregulated undergraduate rate Fee Income re￿iVed at the postgraduate rate 2,C60 611 2,149 655 Total Fees 4,235 Cambridge Bursaries income Foundation Bursarles and similar income Otheracademic incorne 74 253 54 246 Totsl 4842 4790 2. Accommodation, Catering & Conference Income 2024 £000 2023 Accommodation College members cOnferen￿S 4,894 314 5,208 4,755 270 5,025 Caterin8 College members Conferences 1,022 355 968 306 1,274 International Summer Programmes 1,012 Total 8,527 7,311 62

Girton College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 3. Endowment and Investment Income 2024 2023 £'ooo 3.a Analysis Total return recognised in Income & Expenditure account (3bl 3,956 3.b Summary of Total Return Incomefrom.. Quoted securities and cash Totallncomefrom Investments 1, 122 1, 122 385 385 Gains/(lossesJ from endowment assets Quotes securities & cash Loan interest payable Investment management costs (see note 3c) 14,428 (3881 {16) 3,231 13921 {24) Total return for the year 15,146 3,200 Total return transferred to Income & Expenditure account (see note 3a) 14,4601 13,9561 Unapplied total return forthe year included within Income & expenditure 10,686 1756} 3.c Investment management costs Quoted securities & cash 16 24 Totsl Investment management costs 16 24 4. Education Expenditure 2024 2023 Teaching Tutorial Admission5 Research Scholarships & Awards Othereducational Facilities 3,690 1,218 893 1,087 1,256 516 3,037 1,034 759 1,017 515 Total 8,660 7,267 63

Girton College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 5. Accommodation. Catering & Conferences Expenditure 2024 2023 Accornmodatlon College members Conferences 7,653 322 8.126 317 7.975 8.443 Caterlng College members Conf erences 2.268 346 2.091 377 2,614 2.468 International Summer Programmes 1,083 743 Total 11.672 11.654 6. Analys15 of Expenditure by Actlvlty Anèlysis of 21Y24 E>tpendlture other OperJtlnE Expenses Depreclatlon staH Costs {Note 7) Total Education (Note 41 Accomrntsdatlon CaterTrng & Co¥nferen¢es INotÈ 5) InwÈstrnÈnt management t05t5 Net change USS deficSt re¢oVÈry provlslon INote 14} P•nslon annual valuatlon (USSI Othr c05tS Contrfbutlon under Statute G. 11 4,238 3,797 3,980 442 1.475 8.660 11,672 404 Inve5trnertt Fnanagemnt C05tS Net chèrtEe In USS defSclt rocovery provislan INotÈ 141 Penslon annual Valuatlon (U5S) AddltlDnal deprtsclatlon for prjoryears Other costs Contributlon under StatLrte G. 11 3.691 3.7SI 3.245 6,286 416 331 1.617 7.267 iJ.ÉS4 416 13) 12171 L822 (341 27 1.822 1341 27 Totsl

770 ExperTrdlture funtlralsln8 tosts of £357k 12023 E49Sk). Thls ￿xpendIture excludes the cost af Alurnnl ralatlons &c Audltors Yemun•ratlon Induded Irb Other Oper•tln¥ Expen#è 2024 AL¢dlt fees payable to tho C<>lleEe's External Audltors- Current year Other Fèes payabl8 to thE College'5 External Audltors 32 35 6.d Othrexpendlture P￿￿rYear depretlatlDn USS pertsltsn I￿t￿rest charge Othèr ¥EnÈral and admlnlstrDtlve 1.822 (iiyi Total 1.67 64

Girton College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 7. lal Staff costs College College Non A£ademit A£ademlc 2024 2024 Totsl 2024 TDtal 2023 Salèrfes National Insuran 157 5,898 435 618 OtherPen51Dn C05t5 (Note 231 Net(hange USS defiotrecovery provision (Noto 141 5ub-tOl61 uf pension iosts (Note 7. Icll 316 Y17 11,67AI 175 954 IL6741 11,oni 316 951 Tot 1656 3.705 361 7,439 Based on the 2020valuaiion of the Unl¥er51ties Superannuatlon Scheme IUSSI, the impatt of the net thange In the US5 defidt recovery provision is a treditlcharge of £1,674k 12023.. £4kl. This comprises a non-cash credit resultingfrom the change In assumptions, indudingthe discountrate, of £45k12023.. £56kl and cash contrIbu￿On$ rnède to reduce the defiiit in the year of £66k12023.. £116kl. 7. Ibl Staff Numbers AveroEe Number2024 Numberof Fellows Average Number20ZI Number of Fellows FTE StoNNumber Acadetnic Non Academl¢lFTEI 76 69 124 113 Total 124 72 113 The nurnbeiol tsffi£er5 and employees of the college, indudin8 Head of House, who received etnoluments in the followlng range was.. 24 (K>,(K)i. £iiorxx) iO,(K)i. £llCkL £120,(01- £130,CK £130,(L)1. £140,CYII 40,Cf)i. £￿c0] E￿,￿)1-E￿O.C1 60,(X)i. U70.[ Totsl 2024 Total 2023 Duringthe year. remuneration pa1d to Trusiees In thelrcap40ty ￿ College Offlcer5 were.. 670 Key managernent personnel are those persons havingauthority and responsibility fur pl?nnin& dIre￿nE3nd controlling the attivitie5 of the College. These are dÈemed to be Resenfed Counul members. The note above indude5 aggregated remuneratlon paid to key rnanè%ement per50nnel. At the balance Sheet date, there were 66mÈmbers oltheAuEmented Councll. Durlngthe year, the aveiagE numberreceivlng a remuneratlon wa5 6 Icl Pension costs The total pension costincluded in stsff costs fortheye3r1see note 7a1 was.. Employer contrlbutlons 2024 Provlslor*s (nots 141 2024 Employer Totsl ¢ontribution$ 2024 202a Prov15ions Inote 141 2023 Total 2023 uss CCFPS Other Salary exchange for pen5ion5 420 490 IL6741 11,2541 329 232 477 176 lll)41' 3n 176 1641 Totsl 1,078 1,835 757 1,058 951 65

Girton College - Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 8a. Fixed Assets Longleasehold Lwd& Bulldlng £'OLKJ Furnltu FlttlnBs & Equlpment AssEtsln ConstNction Freehold Land Freehold Ildlng SO1￿￿￿ Totsl 2024 Totrl 2023 0rt9lnolCosts As at Iluly 20 Additions Tran51èrs Dlsposals 57,ts0 536 I,C68 201 58 81274 81,343 2,010 19 12481 13191 1791 As at301une 2024 031 536 188 84,341 83,274 Accum￿l&tedL￿edQ1lO Asat lJuly 1023 Charge forthè yezr 5P¢5al in year 146 1731 84 li 761 146 1248) L47 IL94Q 3,77Q 1791 1,917 13191 Ini As at 301une 2024 IVFA) 95 659 17,229 ,631 PdetBookVdlue As at301une 2024 As at301une 2023 24,400 24,40D 4￿n 41421 441 452 67,112 67,643 6F,645 69,403 19 307 Freehold land and Buildin85 were ￿valued by Gerald Eve A550ciatesa5 01 ￿lune2014. The propertles are valuedatdepreclatèd iepl8cementcost. The insured value of the freehold buildings at30June ￿24￿a5£I26.6rn12￿23E123.[￿1. 8b. Herit4e Assets 2024 2023 Balan￿ as atlluly AddiJons Appredallonon revaluation 6,144 14 27 36 Balance as ataojune AmoUntsfvrtheC￿rre￿tc￿￿pleV￿u51O￿rYetsrs wereasfollows,. 23. 2021. 2L)' £'o £'(oo AcquisltlDnspurchased with 5pedftc doThatlons, Acquisitionspurchased with College furnds 14 Totsl w5tolKqu151tion5 14 Value of acqulsltlons by donation5 80 Tol81 66

Girton College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 9. Investment5 2024 2023 Balance at the beginninE of the year Additions Disposals Appreciation on revaluation Increase/(Decreasel in cash balance held by Fund Managers 119,759 821 {5.2811 14.428 3,078 114,328 14.466 19,8971 3,231 {2,3691 Balance at the end of the year 132,805 119,759 Represented by Quoted Securities- Equities Othershares Alternative investments Cash held for reinvestment 43 14 128.813 3,978 14 118,787 915 Balance at the end of the year 132,805 119,759 The College Is also the joint beneficiary with anotherorganisatlon of a trustwhich owns a numberof properties in Ealing. West London. Rental income le55 expenses Is divided equally between the beneficiaries. When tenants vacate the properties, they are sold. and the proceeds of the sales (less expenses) are divided equally between the beneficiaries. At 30June 2024, the College's share in the remaining property Is estimated to be about £350k Igrossl- this amount is not included withln Investment assets. 10. Trade and other receivables 2024 2023 Members of the College Other debtor5 Accrued Donations Prepayment & Accrued Income 146 161 360 2.543 392 961 3.495 515 Total 5.117 3,456 Prepayments include £40k in respect of costs Incurred in respett of the New Court project. These costs will be directed through Girton College Developments ￿mIted. the wholly owned subsidiary of Girton College. once the company commences trading. 11. Cash and cash equlvalent 2024 2023 Bank Deposlts CurrentAccount Cash in hand 887 27 811 Totsl 709 1.700 67

Girton College - Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 12. Creditors: amounts falling due within one year 2024 2023 Longterm Loans Student prepayments Othercreditors 155 ILK) 4,879 149 4, 101 Total 5,134 4,350 13. Credltors: amounts falling due after more than one year Other loan5 8ank LDans Student p￿payMentS io,tXA) 5,818 L109 io,( 5,973 1,175 Total 16.927 17,149 One of the bank103ns is due for repayment in 20493t a fixed interest rate of S.54%. The other b3nk loans are repayable over a pertod of 11 to 12years at fixed interest rares of between 5.20% and s.4￿. During 2013-14, the College borrowed £IOm Irorn Instltutional investors in a private placement done collettively with othercclle8es, although the College's loan is 5epafate from those of the others. The loans are unsecured and repayable during rhe period 2043-2(￿3 and are atfixed interest rntes of apprDxirn3tely 4.4c￿. The table below ￿veSfurtherdetal45 on how the loans contraLted bythe College We￿ accounted for= Interests 2￿24(In fLixJJ Investment Portfollo Palan¢e as at ￿ Balance a5 at 06-24 0&23 Inte￿$1 rate % Repayment datè OperatiOll5 2￿9 Loan Other bank loans Bond 5.54% 5.XfA.5.40% 4.40%.4.45% 2049 20292030 204>2053 278 973 io,cD) 1,122 io,rm 32 356 88 Total 15,9n 16,IZ2 14. Pension Provislon CCFPS uss CEFPS Totsl 2024 Total 2023 Balance ai beglnnlngof year 1817 L630 4,451 Movements in yeor Current servlce costs Includlng Life insuran Contributions Other Ilnanc2 Costs ActU3rial Ios511gainl recognised in the SOCIE Net change in underlying assumption515ee note n.. change in underlying assumptions USS deficit contribution5 payable 165 14731 395 17031 193 11561 $28 18711 179 12711 12301 11,fQJl 1661 11,6D91 1661 Balance * end ol year 1401 2805 4451 68

Girton College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 15. Endowment Funds Restritted net assets relating to e ndowments are as follows: Restricied Permanent Endowment £'ocK) Unrestricted Permanent Endowment £,￿0 Total 2024 Total 2023 £'ooo Balance at beginning of year Capital Unspent Income 50,793 22,127 72,920 69,727 50,793 22,127 72,920 69,727 New donations and endowments Transfer between reserves I ncrease/l Decrease) i n market val ue of investment 1,501 191 4,594 140 1351 1,954 1,641 1441 6,548 3,607 75 14891 Balan￿ at end of year 56,879 24,186 81,065 72,920 Represented by: Fellowship Funds Scholarship Funds Prize Funds Hardship Funds Bursary Funds Travel Grant Funds Other Funds General Endowments 26,012 10,587 1,120 2,769 112 28,781 10,699 1,554 1,809 12,388 27,950 8,950 1,291 1,607 10,718 434 161 12,266 122 24 4,655 127 3,590 16,974 8,245 17,101 6,354 15,604 Total 56,879 81,065 71920 Analysis by asset Investments 56,879 24,186 81,065 72,920 69

Girron College - Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 16. Restricted reserves Reserves with restrictions are as follows: Pe￿anent unspent and other restrfcted income Restricted expendable Capital Grants endowment unspent Total 2024 Total 2023 Blilance atbeginning of yeor Capital Accumulated income 3,505 669 4,174 2,240 2,313 4,553 3,691 New grants New donations Other income Cambridge Bursaryscheme Foundation Bursaries income Endowment return transferred IncreasellDecreasel in market value of investment 376 861 iio 280 74 271 16 206 54 102 74 1,906 343 1,906 390 1,782 1201 47 Expenditure Capital grants utilised 12,1271 1461 12,1731 13751 12,8361 13751 Transfer between reseNes 1141 1141 1281 Balance at end of year Capital Accumulated income Total 4,242 14 4,242 978 5,220 3,505 669 963 %3 4,256 4,174 Represented by: Fellowship Fund5 Scholarship Funds Prize Funds Hardship Funds Bursary Funds Travel Grant Funds Other Funds General Endowments 1,811 665 152 410 857 2,155 778 172 410 857 1,816 621 20 183 327 717 73 747 28 2fAJ 28 486 420 24 Total 4,256 963 5,220 4,174 Analysis by asset Investments 4,256 963 5,220 4.174 70

Girton College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 17. Memorandum of Unapplied Total Return 2024 2023 £'ooo Unapplied total return at begi nning of year Unappliod total return in the year I note 3bl 34,142 10,686 34,898 17561 Unapplied total retum at end of year 44,828 34,142 18. Reconciliation of operating surplus for the year to net cashflow from operating activities 2024 2023 Operating Activities OperatinB Surplus/lDef icitl Adjustment to prior year Depreciation Donations i n ki nd Provisions Pension costs less contributions payable I I ncreasel in Stocks I I ncreasel/Decrease in Debtors Increase i n Creditors 15 14,S351 141 3,TlO 1,917 1401 1231 11681 1171 2.738 1,220 11,7911 1251 11,6681 712 Adju5tmentforlnvesting orFinancing Artivities Investment Income Investment Costs Interest Payable (1,2141 16 388 {4471 24 392 Net Cash {Outflowl/lnflow from Operating Actlvlties 11,646) 1951 19. Cash Flow from Investing Activities and Capital Transactions 2024 2023 Other Investment Income Investment charges Interest paid 1,214 1161 13891 447 1241 13921 Net Cash Inflow from Investing Activities 31 Cash Flowfrom Capltal Transartions Payment to acquire Tangible Fixed Assets Payrnent to acquire Heritage Assets Payment to acquire InvestmentAssets {1,3861 12,0101 1141 12,2CX)I 1,381 Net Cash (Outflow) from Capital Transactions {4,224) 71

Girton College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 20. Cash flow from financing activities 2024 2023 Long Term Loan5 repaid {1491 {1431 Net Cash {Outflow) from Financing activities 1149) (143) 21. Capital commitments 2024 2023 Commitments contracted for at 30June £507 470 22. Lease obligations 2024 2023 Commitments contrartedfor at 30June Expiring within one year Expiring between two and five years Expiring in overfive years 1,846 7,928 69,265 1,922 7,764 52,221 72

Notes to the Accounts For the year ended 30 June 2024 Glrton College- Year Ended 30 June 2024 23 Pension schemes The college participates in three defined benefit schemes and one defined contribution scheme. The defined benefit schemes are the Universlty Superannuation Scheme (USS), the Cambridge Colleges Federated Pension Scheme and the Church of ErEland Funded Pension Stheme {CEFPS). The defined contribution scheme is NOW: PerL8iOnS. The costs recognised in the Income & Expenditure account for the year were: Scheme 2024 2023 £000 £000 420 405 (1,674) (3) 329 373 232 176 uss Net change in USS deficit recovery provislon CCFPS Now Pensions Total 1693) 951 University Superannuation Scheme Defiat Recovery Liability The total cost charged to the Statement of Comprehenslve Income account 15 £420k (2023: £405k). Deficit recovery contributions due within one year for the institution are £NIL (2023: £1261c). The net change in USS deficit recovery provision reported was (£1,674k) (2023: (3k)). A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2Y• of salaries over the period l April 2022 until 31 March 2024, at which point the rate would increase to 6.31.. As set out in Note 14, no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The institution was no longer required to mal<e deficit recovery contributions from l January 2024 and accordingy released the outstanding provision to the Statement of Comprehensive Income. The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method. Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole. The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Att 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme's technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of I I l°A. 73

Girton College- Year Ended 30 Notes to the Accounts For the year ended 30 June 2024 The l<ey financial assumptions used in the 2023 valuation are described below. More detail is set out in the Ststement of Funding Principles (uss.co.uklabout-uslvaluation-and-fundinglstatement-of-funding-principles). CPI assumption Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves less: I ,OYo p.a, to 2030, reducing linearly by O. l Yo p.a. from 2030 Pension increoses (subject to a floor of O/) Benefits with no cap: CPI assumption plus 0.03Y. Benefits subject to a "soft cap" of SY (providing inflationary increases up to SY, 2nd half of any excess inflation over 5% up to a maximum of l OY): CPI assumption minus 0.03/ Discount rate (forward rates) Fixed interest gilt yield curve plus: Pre-retiremenL 2.5% p.2. Post retirement: 0.9% p.a. The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme's experience carried out as part of the 2023 2Ctuarial valuation. The mortality assumptions used in these figures are as follows: 2023 valuation Mortality base tsble I O Iyo of S2PMA "light" for males 2nd 95% of S3PFA for females Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4Y p.a. and a long-term improvement rate of 1.8% pa for males and 1 .6Y. pa for females The current life expectancies on retirement at age 65 are., 2024 2023 Males currently aged 65 (years) Females currently aged 65 (years) Males currently aged 45 (years) Females currently aged 45 (years) 23,7 25.6 25.4 27.2 24.0 25.6 26.0 27.4 74

Girton College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 Cambridge Colleges, Federated Pension Scheme The College operates a defined benefits plan for the College's employees of the Cambridge Colleges, Federated Pension Scheme. The liabilicies of the plan have been calculated, at 30 June 2024, for the purposes of FRS102 using a valuation System designed for the Management Committee, acting as Trustee of the Cambridge Colleges, Federated Pension Scheme, but allowing for the different assumptions required under FRS102 and taking fully into consideration changes in the plan benefit structure and membership since that date. The principal actuarial assumptions at the balance sheet date were as follows: Discount rate 5.10 5.20 Increase in salaries.. To 2030 2.85 3.30 From 2031 3.75 3.30 RPI assumption 3.35 3.40 CPI assumption: To 2030 2.35 2.80 From 2031 3.25 2.80 Pension increases in payment (RPI Max 5Yo p.a.) 3.15 3.30 Pension Increases in payment {CPI Max 2.5Y. .a.) 2.00 2.05 *For l year only, we have assumed that RPI will be 9Yo and CPI will be 7/ (2023: 11 /0 and 9Yo respectively). The caps under the Rules are applied to assumed pension increases. The underlying mortality assumption is based upon the standard table known as S3PA on a year of birth usage with CMI 2023 future improvement factors and a long-term rate of future improvement of 1.25/0 per annum, a standard smoothing factor (7.0) and no allowance for additional improvements (2023: S3PA with CMI_2022 future improvement factors and a long-term future improvement rate of 1.25/. per annum, a standard smoothing factor (7.0) and no allowance for additional improvements). This results in the following life expectancies: Male age 65 now has a life expectancy of 21.4 years (previously 21.4 years). Female age 65 now has a life expectancy of 23.9 years (previously 23.9 years). Male age 45 now and retiring in 20 years has a life expectancy of 22.6 years (previously 22.6 years). Female age 45 now and retiring in 20 year5 has a life expectancy of 25.3 years (previously 25.3 years). 75

Girton College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 Members are assumed to retire at their normal retirement age (65) apart from in the following indicated cases: Active Members - OpEion l Benefits Deferred Members - Option l Benefits 64 63 64 62 Allowance has 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 calculations. The amounts recognised in the Balance Sheet as at 30 June 2024 (with comparative figures as at 30 June 2023) are as follows: Present value of plan liabilities Market value of plan assets Net defined benefit assetl(liability) (14,636,667) 12,235.617 (2,401,050) (14,516,108) 11,698,718 (2,817,390) The amounts to be recognised in Profit and Loss for the year ending 30 June 2024 (With comparative figures for the year ending 30 June 2023) are as follows: Current service cost Administrative expenses Interest on net defined benefit {asset>lliability (Gain Iloss on plan changes Curtailment {gain)Iloss Totsl 134,659 30.369 147,863 209,516 30,369 122,455 312,891 362,340 Changes in the present value of the plan liabilities for the year ending 30 June 2024 (with comparative figures for the year ending 30 June 2023) are as follows: 76

GirEon College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 Present value of plan liabilities at beginning of period Current service cosi Employee contributions Benefits paid Interest on plan liabilities Actuarial (gains)Ilosses (Gain)Iloss on plan changes Curtailment (gain)Iloss Present value of plan liabilities at end of period 14,516,108 134,659 69,076 (727,545) 741,446 (97,077) 16,856,938 209,516 68,273 660,695) 633,136 2.591,060) 14,636,667 14,516,108 Changes in the fair value of the plan assets for the year ending 30 June 2024 (with comparative figures for the year ending 30 June 2023) are as follows: Market value of plan assets at beginning of period Contributions paid by the College Employee contributions Benefics paid Administrative expenses Interest on plan assets Return on asset5, less interest included in Profit & Loss Market value of plan assets at end of eriod 11,698,718 473.472 69,076 (727,545) (38,636) 593.583 166,949 12,235,617 13,664,732 466.619 68,273 (660,695 (43,392) 510,681 (2,307,500) 11,698,718 Actual return on plan assets 760,532 (1,796,819) The major categories of plan assets for the year ending 30 June 2024 (with comparative figures for the year ending 30 June 2023) are as follows: 77

Girton College- Year Ended 30 June 2024 . Notes to the Accounts For the year ended 30 June 2024 Equities Bonds & Cash Properry Total 46Y. 491. 38% 13% loo/ 12% i ooy. The plan has no investrnents in property occupied by, assets used by or financial instruments issued by the College. Analysis of the rerneasurement of the net defined benefit liability recognised in Other Comprehensive Income {OCI) for the year ending 30 June 2024 (with comparative figures for the year ending 30 June 2023) are as follows: Return on assets, less interest included in Profit & Loss ected less actual lan ex ense5 Experience gains and losses arising on lan liabilities Changes in assumptions underlying the present value of p13n liabilities Remeasurement of net defined benefit liability recognised in 166,949 (8.267 76,020 21,057 2.307,500) (13,023) (1,193,333) 3,784,393 255.759 270,537 oci Movement in net defined benefit assetl(liability) during the year ending 30 June 2024 (with comparative figures for che year ending 30 June 2023) are as follows: Net defined benefit assetl(liability) at beginning of year Recognised in Profit and Loss Contributions paid by the College Remeasurement of net defined benefit liability recognised in oci Net defined benefit assetl(liability) at end of year (2,817,390) (3,192,206) (312,891) (362,340) 473,472 466.619 255,759 270,537 (2,401,050) (2,817,390) 78

Glrton College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 Funding Policy Actuarial valuations are carried out every three years on behalf of the Management Committee, acting as the Trustee of the Scheme, by a qualified independent attuary. The actuarial assumptions underlying the actuarial valuation are drfferent to those adopted under FRS 102. The last such actuarial valuation was as at 31 March 2023. This showed that the plan's assets were insufficient to cover the liabilities on the funding basis. A Recovery Plan has been agreed with the College, which commits the College to paying contrlbutior15 to fund the shortfall. These deficit reduction contributions are Incorporated into the plan's Schedule of Contributions dated 25 June 2024 and are as follows: Annual contributions of not less than £244,458 per annum payable for the period from l July 2024 to 31 March 2030. These payments are subjett to review following the next funding valuation, due as at 31 March 2026. Defined Contribution 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 managers. The pension charge represents contribLrtions due from the College amounting to £2321< (2023: £176k), of which £27k (2023 £22k) was outstanding at the year end. 79

Girton College - Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 24. Reconciliation and analysis of net debt As at l July 2023 Non Cash As at 30June changes 2024 Cash Flow Cash and cash equivalents 1,7 19911 7Q3 Borrowings.. Amounts falling due within one year Unsecured loans 11491 149 11551 11551 Amounts falling due after more than one year Unsecured loans 115,9731 155 115,8181 Total {14,422) 1842} {15,2641 25. Financial Instruments 2024 2023 Financial assets Finonciol asset5 atfair value through Statement of Otherinvestments 128,827 118,844 Financiol t75sets that ore debt instruments measured ut amort15ed CDSt Cash and cash equivalents Otherdebtors 4,687 1, 107 2,615 521 Financlal liabilities Finonciol liabilities measured at amortised cost Loans Trade creditors Other creditors 115,9731 15421 14,3471 116.1221 1517 13,7291 80

Girton College- Year Ended 30 June 2024 Notes to the Accounts For the year ended 30 June 2024 26. Related Parties Owi ng to the nature of the College's operations and the comp05iti on of the College Counci l. it is I nevitable that transactlons will take place wlth orsani sations in wh ich a ColleÈe Councll membe r may have an I ntèrest. Al I transactions involvlng organlsatlons I n whlch a me m ber of the Col lege Council may have an Interest are conducted at arm's1ength and in accordance wlth the College's normal procedures. The College malntains a reglster of Interest5 for all College Councll members and where any member of the College Council has a materlal Interest In a College matterthey are requlred to declare that fact. Durlngthe yearno feesorexpenses were paidto Fellow5 In respect of theirduties asTrustees. The Head of Girton Global Programmes Is a Dlrector of Cambrldge Llfelong Learnlng Ltd 108436916) which is one of the Girton College summer programmes, where the Head of Glrton Global Programme5 recelves a 50% profit share. The overall sum paid by the College to the company i n the yearwas £481c. Fellows are remune rated f or teachi ng. research and other duties withi n the Col lege. Fel lows are bl I l ed for any private catering. The Trustees remuneration is overseen by the Remuneratlon Commlttee. The salarles pald to Trustees Inthe yearare summarlsed In thetable below: From To 2024Number 2023 Number £io,o £20,0 £30,0 £40,0(X) £50,CKX) EE￿.￿ £70.IXK) £￿.{K￿) £￿).1XX) £ioo,()00 £iio,000 £120.000 £￿0,000 12 £io.(xJi £20.WI £30,CM)i £40.CXJi £50.001 £60,001 £70,001 £80,001 £90,001 £iCM),CK)i £iio,coi £120,QK)I Total 21 IB The total Trustee salarles were £532k forthe year12023 £512kl The a88regate amount of other beneflt5, employer natlonal Insurance and employer penslon contributions paid or payable during the year was £165k (2023: £158kl, Thls Include5 4Trustees in recei pt of an accommodation benef it i n Iclnd. 27. Contingent LFabilities Wlth effect from 16 March 2007, the Unlverslty Superannuation Scheme IUSSI p051tionèd itsèlf as "last man standlng" scheme, so that in the event of an Insolvency of any of the partlclpatlng employers In USS, the amount of any pension fundlng shortfall {whlch cannot othe￿￿[Se be recovered) In respect of that employer wlll be spread across the remalnlng partlclpatlng employers. 28. Principal subsldiary undertakings The College has a new but dormant subsldlary undertaklng whlch Is not yet consolldated Into these accounts (Glrton College Developments Llmlted}. The subsldlary undertaklng15 IQX)% owned by the College and Isregistered and operatlng In England and Wales. 81