2021-06-30-accounts

SIDNEY SUSSEX COLLEGE Sidney Street, Cambridge CB2 3HU ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Charity Reglstratlon Number.. 1137586

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 CONTENTS OPERATING AND FINANCIAL REVIEW................................................................................................ About Sidney Sussex......................................................................................................... RevieWofoperat￿ftS......................................................................................................... Review of financial performance ........ 14 Principal risks and uncertainlies..........................-..........................-...........-.-.-............ Plans for future periods.. .18 .22 STATEMENT OF INTERNAL CONTROL. .. .25 RESPONSIBILITIES OF THE COUNCIL................ INDEPENDENT AUDITORS, REPORT TO THE COUNCIL.................................................................27 STATEMENT OF PRINCIPAL ACCOUNTING POLICIES....................................................................31 STATEMENT OF COMPREHENSIVE INCOME AND EXPENDITURE...................... STATEMENT OF CHANGES IN RESERVES.......................................................................................39 BALANCE SHEET.................................................................................................................................40 CASH FLOWSTATEMENT..................................................................................................................41 NOTES TO THEACCOUNTS...............................................................................................................42

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 REFERENCE AND ADMINISTRATIVE DETAILS Charity Truslges Imgmbers ol the Councll) ExQffiGio Members: Master.. Vice Master.. Senior Tutor.. Bursar.. Professor R Penty Dr M Ramage (to 31 Aug 20201 I Professor G Gersue (from 1 Sep 20201 Mr M Beber Ms S Bonnett Fellows Elected by and from Members of the Governlng Body: Professor A Al-Tabbaa (to 31 Aug 20201 Professor K Armstrong Ilo 31 Aug 20201 Dr F Lusa Bordin (from 1 Sep 20211 Dr C Doran Dr L Fruk Dr B Fulda Dr R Garcia Mayoral Ifrom 1 Sep 20211 Dr T Lambert (to 31 Aug 20201 Dr C McTernan (to 31 Jan 2D21} Dr O Oner (from 1 Sep 2021} Dr C Roberts Dr J Seymour Dr R Stasch Four Ele¢tgd Sludent Members: JCR President.. MCR President.. JCR Vice-Presidentr. Student Rep.. Mr T Bryan (to 31 Dec 20201 l Mr J Lowry lfrom 1 Jan 20211 Mr A Sharma Ilo 25 Jan 2021 I l Mr V Velazahahn {from 26 Jan 20211 Mr B Karsberg (to 31 Mar 20211 l Ms M Kazani Ifrom 1 Apr 20211 Mr A Nashal Mettry {from 1 Oct 20201

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Governing Body The names of the members of the Governing Body for the year ended 30 June 2021 were as follows.. Master.. Professor R Penty Professor A Al-Tabbaa Professor K Amislrong Dr T Aubry Mr M Beber Professor E Biagini Dr S Bill Ms S Bonnett Dr F Bordin M5 P Carter {from 1 Sep 20201 Dr L Cheke Dr G Crossan {from 1 Sep 2020} Dr T Demetriou Dr C Doran DT R Duschinsky Dr M Eilslrup Sangiov8nni Dr E Eiser Dr O Elder (to 30 Sep 20201 Professor A Flewitt Dr P Flynn DF L Fruk Dr B Fulda Dr Y Galanakis Dr N Ganany (from 1 Sep 2020) Dr R Garcia-mayoral Professor G Gersde Dr B Gray Professor A Greer Dr B Groisman Dr H Groom (from 1 Sep 2020} Professor M Gurnell Dr F Hall Dr A Jackson Dr R Jack50n-Ravenscroft Professor M Lamb DrT Lamberi Dr H Leggett Dr J Longley Professor P McHugh Or C McTernan (to 31 Jan 2021) Dr N Morrison Ito 31 Aug 20201 Dr F Muschitiello Professor A Neely Dr M Noriega-sanchez Dr O Oner Professor M Pollitt Dr M Ramage Ms E Ramplon Dr R Ranasinghe (from 1 Sep 20201 Professor C Reynolds Dr C Roberts Dr C Roddie Ms H Saunders Dr C Scalliet lfrom 1 Sep 2020) Professor R Sepulchre Dr J Seymour Dr M Shirk Dr D Skinner Dr P Sliwa Dr R Stasch Dr S Slrelchuk Dr C Sumnall Dr H Thompson {10 31 Aug 20201 Dr O Weller Dr E Wilson-Lee Professor M Zernicka-Goelz Elecled studenl members of Councll are also mgmbers of the Governing Body {see Council mombership on previous pagel

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Senior officers Master.. Vice Master.. Senior Tutor.. Bursar.. Professor R Penty Dr M Ramage (10 31 Aug 20201 I Profvssor G Gerstie (from 1 Sep 20201 Mr M Beber Ms S Bonnett Principal advisoVS Auditors.. Petefs Elworthy & Moore Salisbury House Station Road CambrKJge CB12LA Bankers.. Barclays Bank p Barclays Corporate PO Box 885 Mortlock House Histon Cambridge CB24 9DE Buikjings Consultants.. Pleasance, Hookham & Nix 1 Northampton Street Cambridge CB3 OAD Property Mana9ers'. Cheffins Commercial Clifton House 1-2 Clifton Road Cambridge CB17EA Investment Managers-. BlackRock Investment Management (UK} Limited 12 Throgmorton Avenue London EC2N 2DL Legal Advisers.. Mills & Reeve Botan￿ House 100 Hills Road Cambridge CB2 1PH

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 OPERATING AND FINANCIAL REVIEW 1. About Sidney Sussex Sidney Sussex College was founded in 1596 under the will of Lady Frances Sidney, Countess of Sussex and is one of the ancient colleges of the University of Cambridge. Its purposes are the admission and education of students matriculaled in the Universty of Cambridge and the promotion of academic research by ils Fellows. It is an independent. self-governing. corporate body whose affairs are regulated by statutes approved by the Queen in Council The College was fomially registered with the Charity ComMiss￿n on 25 August 2010. The College provides accommodation and catering for its junior Members through most of the year. and for academic and other conferences during vacations. Aims and objectives of the College The College is a place of education. religion, leaming and research, and it aims to promote academic eX￿llen￿ and freedom of thought and belief. Educatlon The College provides, in conjunction with the Universty of Cambridge, an education for almost 650 undergraduate and postgraduate students, which is recognised inlemationally as being of the highest standard. This education is both academic and personal in the sense that il enhances the students, potential to become leaders and effective communicators, so preparing them to play full and effective roles in society. It is a ￿ntral aim of the College lo promote academic excellence, just as it is to guard freedom of thought and belief. for all its members and for the public good. In pursuit of these beneffts. the College-. provides extensive leaching facilities. especially including individual or small-group supervision, as well as pastoral, adminislralive and academic support through ils tutorial and graduate mentoring systems. provides social, cultural, musical, recreational and sporting facilities enabling all students to realise their academic and personal potential to the full while studying at the College. is committed to the freedom of thought and expression. maintains an extensive library, so providing a valuable r8source for students and Fellows of the College. The College is committed to.. admitting undergraduate and p05tgr?duate students who have the highest potential for benefitting from the education provided by the College and the University operating an outreach programme to raise educational aspiration, and to attract outstanding applicants who might not otherwise have considered entering Higher Education at all, so that they may be encouraged to apply to a University, lo Cambridge in general and lo Sidney Sussex College in parbcular. This programme involves an extensive round of visits to schools. sch¢)ol visits lo the College, open day$, ts51er days devoted to individual academic disciplines and admissions conferences for tea¢hers, as well as extensive guidance and information available on the College website setting out an admissions policy that ensures students are selected without regard to their gender, sexuality, social background, geographic location, religious commitment, ethn￿ origin or financial position. No student is excluded on the grounds, or as a result, of these factors charging the following fees.. Home and EU undergraduates are charged a combined University and College fee of £9,250 (£9,250 in 2019-201, of which the College's share is £4,6251£4.625 in 2019-201 Overseas undergraduates are ¢h?rged a College fee of £9,3711£8,925 in 2019-20} Postgraduates are charged a combined Universlty and College fee, which varies according to the course. The tolal fee income is then allocated across Colleges al art equal average rate per sludenl which for 2020-21 is £4,069 per poslgraduale1£3,909 in 2019-201 Ac¢ommodation and meals are charged at reasonable rates

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 assisting undergraduates with limited financial means by providing bursary support through the CambrKJge 8ursary Scheme, which is operated jointly by Colleges and Ihe University. For the academic year 2020-21. the number of awards made was 8112019-20.. 661 out of a HomelEU undergraduate population of 34012019-20.. 3271,. 4612020.. 431 of the awards were at the maximum value of £3,50012019-20.' £3,500)., and the average value of the awards was £2,79312019-20. £2.885} SUppo￿.￿g the costs of postgraduate students by providing substantial financial support. This includes studentships to fund fees and living costs and 'topup' funding lo fill funding shortfalls in students. nding packages supporting all students through a grants scheme, assisting Wlth the purchase of books and equipment. attendance al conference5, Study and research grants and travel grants operaling a hardship scheme for all students in financial need. Public bon•fit The Council has complied with ils duty regarding public benefit. showing regard to the Charity Commission's guidance. The College follows a rigorous and objective process for selecting members in partnership with the University of Cambridge. In order to fulfil its charitable purposes of advancing education, religion, learning and research, the College employs Fellows in roles which include those of Teaching officers, Directors of Studies, Tutors, and senior administrative officers. All Fellows in Classes 1, 2 and 3 are members of the College's Governing Body. The employment of the Master and Fellows is undertaken with the intention of furthering the College's aims. and their employment directly contributes lo the fulfilmenl of those aims. The private benefit accruing to the Master and Fellows Ihrough salaries, stipends and employment related benefits is objectively reasonable, measured against academic stipends generally, and reviewed by the Remuneration Committee which has al least external members. Annual pay increases normally follow national settlements applying lo the universty sector. Without the ernployment of Fellows, the College ¢oulrJ nol fulfil its charitable aims as a College in the University of Cambridge. As a not-for-profit organisalion. the College sets its charges for members only as high as is necessary lo cover costs. Bursaries and other financial support are offered lo individuals wherever possible, in an effort to ensure that no one is dissuaded from applying, taking up a place or completing their studies because of financial hardship. Religion In pursuing its objective as a Pla￿ of religion, the College carries fotward the tradition, continuous Sin￿ its foundation. of reflection upon the benefits, and moral and ethical commitments. entailed by religious belief, and upon the implications of that belief for the individual and society. It is, further. a central aim of the College to piomote freedom of thought and belief among all its members, of any faith and none. As part of this, the College: maintains, in accordance with its Statutes and the law of the land, its historic connection with the work of the Church of England, p8rticulady through tts Anglican SeNi￿S in College maintains and $upports the Chapel as a plats of religious worship and holds a variety of religious services on weekdays and al weekends during term, which are open to the general public and to visitors supports the emotional, spiritual and mental wellbeing of all members of the College community through its chaplaincy, and through the stimulus that the chapel can provide to all, regardless of whether they have a particular faith commitment or not, to reflect upon the ethical and wider dimensions of human existence and the accompanying social responsibilities enriches its services in Chapel th¥oL¢gh its outstanding choral tradition carried forward by the College's Choir. The College's religious services {in all senses of the word 'servi¢es'l are available to every member of the College, and benefit the wider public through the openness of all riles Ilwice weekly Evensong), alongside a variety of other services, to 811 members of the public, through charitable collections undertaken by members of

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 the College. and through the promotion and dissemination into society at large of value$ and practices that foster moral, spiritual and ethical well-being. Leaming and research Learning and research seek lo increase the sum of human knowledge and to be applied to the benefit of society. It is a central aim of the College to promote academic ex￿llenCe through Tesearch, and in doing so to uphold freedom of expression, thought and belief, for all rts members and for the public good. In carrying out its objective of advancing research, the College.. usually offers Research Fellowships per year tenable for a period of 3 years provides Col￿ge Teaching Officer posts, the duties of which require that a substantial proportion {al least 50Vol of time be devoted to developing the Fellow's researth. In 2020-21 there were 6.5 College Teaching Officers in post supports research work pursued by its other Fellows through promotsng interaction across disciplines, providing facilities and providing grants for national and international conferences, research trips and research materials encourages visits from other academies, from home and abroad, through its Visiting Fellowships and other similar programmes maintains a library and College Archive, including important special colle¢b"ons of great value for which the College has a duty of perpetual and inalienable care, so providing a valuable resosjrce of learning and scholarship. vmth a view to improving access to learning and research.. the academic staff of the College are recruited for their potential lo contribute to the College's aim of promoting academic excellence, regardless of their gender, sexuality, social background, religious commitment, ethnic origin or financial position the College supports and encourages the dissemination of research undertaken by members of the College to the public at large through the publication of papers in academicjournals or other suitable means, including the mass-media of radio, television, journalism, web and social media Research Fellowships, like College Teaching Fellowships, are awarded to outstanding academics at the earty stages of their careers. Research Fellowships enable them to develop and focus on their resear¢h in this fomiative period before they undertake the fiJll teaehing and administrative duties of an academic post. Teaching Fellowships combine a proportion of teaching and administrative duties with a similar opportunity lo develop and focus on research.

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 2. Review of operations 11. Responding to COVID-19 The COVID-19 global pandemic which emerged in eady 2020 continued to have a significant opeiational and financial impact on the College throu9houl the 2020-21 academic year. Although the College opened successfully for the start of the Michaelmas Term 2020, the introduction of a second national lockdown on 5 November 202D, and a third national lockdown on 6 January 2020, meant that the vast majority of leaching was delivered online during 2020-21. Students had lo have a specific reason for being in residence during the Lent and some of Easter Term, which included not having an allernalive place lo live and study. Large numbers of staff continued to be put on furlough leave under the Coronavirus Job Retention Scheme, and remaining staff, including Fellow5. conlinued to work from home, with the exception of skeleton operational support staff in College including Porters and housekeeping staff. As in 2020, the Colbge ¢onlinued to benefit from very significant intercollegiate and University collaborats'on during 2021 when making decisions as to what College services and provision could be made available on a 'COVID-secure' basis over the course of the academic year. Regulations and national guidance continued to change frequently, each lime requiring plans to be revised and updated. The principal effects and challenges of the pandemic over the 2020-21 academic year were.. shuttrng down a significant proportion of residential accommodation at the start of the Lent Term and making buildings safe, including management of student belongings which had been left over the Christmas vacation., ensuring clear communication to the various constr(uenl groups wrthin the College affected ty the conlinued changes in the way thal the College was operating.. ¢onlinuing lo teach online, and provide study materials remotely., supporting the well-bein9 of students remotely., helping implement, in tems of College logistics and student support, the asymptomatic testing programme for students in residence, which was being run by the University., more complicated and restricted graduation arrangements in the Easter Temi., managing the financial consequences of the pandemic, which included.. ¢ontinued loss of student accommodation and catering income, particularfy during the Lent Term". cancellabon of the majority of conference events for 2021., significant negative impact on rent received from commercial tenants,. negative impact on dividends from funds held in equities relative to pre•Covid returns. securin9 adequate supplies for College departments including those required for infection control", undertaking risk assessments, and ensuring staff were comfortable with the arrangements for working in COVID-secure environments in the College during the periods in which restrictions were lifted., ensuring that essential maintenance, and the College's kitchen ￿fvrbishm￿nt programme could continue in a COVID-se¢ure manner. Subsequent to the year-end, and since the Govemment ITfted all national COVID-19 restrictions on 19 July 2021, Universities have been advised that there a￿ no longer restrictions on the approach to leaching and learning ir) higher education providers as a result of COVID-19. This includes no requirement for social distancing or other measures within in person teaching. In the absence of these national reslriclions, Higher Education providers are directed to continue to conduct risk assessments for their particular circumstances, and to implement sensible and proportionate control measures to reduce the risk from COVID to the lowest reasonably practical level. This includes having a contingency plan to deal with any identified positive cases of COVID-19 or Outb￿akS. Accordingly, for as long as il is required, the College will continue to carry out risk assessmenls for all its activities and ￿UlarlY review its COVID policies and protocols.

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 2.2. Stud•nt numb￿3 During the 2020-21 academic year, the College admitted 109 {2019-20'. 113} undergraduates and 9912019-20-. 1031 postgraduate students. The breakdown for each is shown in the tables below. Under raduate Admissio Sciences Overall 2020.21 2019-20 202￿21 2019-20 2020-21 21 22 29 30 501460/01 35 24 21 591540AI 53 S1 109 2019-20 52146Q/vl 61 154%) 113 Male Female Total 62 Comprising.. Home maintained school Home independent sthool Settled Status maintained sd)ool Settled Slatus independent sthool Pre-sertled St8tus Ovèrsèas {EUI Slatu$ Overseas Status Totsl 57152/01 32129/¢1 1 11¢/0 1 11%) 212%) 212%) 14113%) 109 58151èh} 24 {21V/•) 16{14Qh) 15113¢hl 113 Post raduate Admissions Sciences Overall 2020-21 2019-20 2020-21 2019.20 2020.21 32 23 23 55156°/.1 38 44144Vol 70 2019-20 Malè Female Total 35 69 46144%) 103 34 In total, 396 {2019-2020'. 3841 undergraduate and 221 12019-2020.. 2881 postgraduate stLKlent5 We￿ on the register. 2.3. Student support In order lo assist undergraduales from families with low incomes. the College provides financial support through the Cambridge Bursary Scheme which is operated jointly by Colleges and the Universty. In addition. the College provides a number of top-up bursaries. Undergraduates in the College received £335,32912019- 20.. £236,000} in bursaries. In addition, the College provided £88k12019-20'. £33k) in study awards and hardship grants to students in financial need. The College provided £151,00012019-20'. £141,000) in financial support to postgraduate students in order to assist with their costs. This is in the form of a limited number of full sludentships, tQP-UPS to extemal studentships and assistance with research expenses. To raise educational aspiration and attract outstanding applicants, who might not otherwise have considered applying, the College opefates an outreach programme. The programme includes visits to schools, visits by schools, open days and published guidance for prospective applicants. Excluding bursaries the College spent £65,00012019-20'. £101,000) on a￿$S activty in the year. 10

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 2.4. Academic achievomonts A¢ad•mi¢ results 2021 First Dogro08 No. of students Results avallable to date as ./(* of those who Sat cla$sÈd èxaminations 2021 2020 2021 356 259 2020 130 101 Undergraduates who sat classed examinations Classed results availabl8 of which.. All First including Distinctions {and Part111 Maths Merilsl 11.1 and Fourth Year Merits (other than Part111 Maths} 11 undivided 11.ii and Fourth Year Honours Passes 78% 82 47 31.7% 46.50 149 50 57.51 49.5°h 1.20 8.90 0.40/0 0.40/0 00 30 00 23 Failures to satisfy the Examiners The results in 2020 are not comparable wrth 2019 as the collegiate University moved to 'temote lea¢hing onty, in Easter tem 2020, as a consequence of COVID-19, and no in-person examinations look place. Instead students were assessed according lo Cambridge University's 'Principles and Policies for Modified Assessmenv. Summative assessments were r￿IntrOduced for most students across all years of each Tripos in the 2021 examination round (the traditional In-person three-hour papers, however, were replaced by a combinats.on of limed. 0n-lln￿pr0¢IOred examinations, essay portfolios and dissertations due in early Easter Term, and open- book examinabons held over bnger windows varying from 24 hours to several days). Poslgraduate qualificatlons College members graduating in 2020-21 achieved 16 PhDs, 14 MBChir and Vet MBS, and 58 Masters-bvel degrees12019-20.' 16, 13 and 51 respectively) btheen them1 The number of PG degrees conferred in 2019- 20 is lower than in 2018-19 partly because, due to COVID-19, a number of students have elected to wail for an in-person graduation, and others have applied for extra time. The on-going pandemic disruption continued to affect both the timing of submission of research degree5, and the choices made by postgraduate students, once they have sab"sfied all conditions for the formal award of their degree. whether lo defer conferment of the degree until they may receive it in person. 2.5. Capital expenditure and malntenance The maintenance of the College's operating assets requires a continuing financial commitment from the College. The major project that the College has been working on since 2015 is the ongoing build of a new kitchen and dining hall. This involves building a new basement underneath the Master's garden. relocation of the kitchen into the basement, expanding the Gurrenl 5ervery and developing an additional new dining space. In 2017-18 the preliminary costs of the proje¢( including archaeology and ground works, were expensed at £1.9 million. Al the end of the 2020-21 financial year, the project reached completion wrth a further £3.2 million capital expenditure incurred on the project in the course of the year. This brings the totsl capital expenditure for the Se￿nd phase of the project to £10.5 million which has been added to the College's fixed assets. Commencing in 2021-22, the equipment will be depreciated over a period of 15 years, with the remainder being depreciated over a 50 year period. In addition to the amount capitalised, there is a further £0_1 million in capitsl commitments Ifor example new fumiture for the dinin9 hall) and £0.3 million has been during the course of the project. 1 The 58 M8Ster level degree5 do nct include BAMENG. BAMSCI. or BAMMTh sludents of whi¢h there were 23.

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Following the purchase of a new hostel in PaTk Parade for poslgraduale accommodation In June 2019, the College ComMen￿d refvrbishmenl of the propety in March 2020. This project was completed in October 2020, with the project slower to complete than planned due lo site closure as a result of the COVID-19 pandemic and resulting national lockdown. The final caprtal expendilure on the project was £0.5 million in addrtion to the £1.1 million purchase costs. The College also operates a planned maintenance programme designed to maintain and improve the estale. In 2020-21 the College spent £0.1 million on thi5 programme. Due lo the financial implications of the pandemic on the fInan￿S of the College, a decision was taken to defer some of the planned major projects in the 2020-21 financial year. This work was mainly focussed on offsite student accommodation and will be carned out in the 2021-22 financial year programme of works when the budgeted spend for the year is £0.4 million. 2.6. Data handllng The College continues to monitor its data handling, reporting and Data Protection Statements in light of the UK General Data Protection Regulation IGDPRI. 2.7. Donations and fundralslng The College's fundraising efforts are primarily directed al raising mney from our alumni. Our fundraising approach ensures that we understand and respect individual alumni preferences for contscl in relation to approaches seeking support as well as more generally. Key objectives for the College include teaching. research and student support. COVlD-19 had a significant impact on fundraising and alumni relalion5 al the College during the 2020-21 financial year. All face-It>face meetings with donors, as well as 811 events, were ¢aneelled. Given the challenging circumstances. the College is immensely grateful for the £2,361,502 in donations and legacies received over the course of the year1£1,582,115 in 2019-201. Included in this amount was £625,000 from subslants.al and generous legacies. The cost of the Development and Membership Office IDMOI, a College department, for the year was £311,000 compared with £368,000 in 2019-20. The DMO cost includes fundraising as well as alumni relations aclivily, such as reunions and other events and publications. To date a total of just over £4 million has been donated specifically for the College's major building project, creating a new kitchen and dining hall, which was completed in Summer 2021. As the amount received in donations Can vary significanlty from year to year, included below is a chart with three and fve-year rolling averages of donations r￿1ved, as well as the annual Cost of the DMO. 12

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINAIICIAL STATENENTS FOR THE YER ENDED 30 JUNE 2021 Annual and rolllng average donations and cost of DMO sn 4.0 É 3.0 25 IA) os oj) 2013114 2014115 2015116 2016117 2017118 2018119 2019120 2020121 3year rolAn8 a%Ta8e yearTdMn8avera8e ￿ Donat￿￿$f0Tthe year ￿c0st of DMO I furKlraiwAng is Carri￿0Ut by th8 DMO. thich reports qUart￿ty resul& to Courtil, and al Sts Y￿rk is subject to ¢Mrsight by a d&Jlcated C￿￿e corrrrittee, thich meets three times per year. The C(A is r&Jistered the FUndrai￿￿j Regukte ar￿ ￿ rh)t thè yjbfvct of any conpLaints to that b)dy in 2021>21, r•)r did lh8 Cdbge recei￿ corykints atrKyJt its f￿r￿raiSing a¢tiMties from ary othor swrcg. Tha CdbJe Ih)es nct 8e8k support from the g8rnral publc and tskes acti￿ stsps to respect tha nwjs of any Fthnti81 supwrter vM) n be in a wlnerable cIrcUn￿taKe or require ￿titiOn1 care arKI support to Trke an irrfQm￿d decison. The CoThege is corthtte/J to the prIncip￿ and pracUc8 of equal opF￿￿nIfj9s and strivas to be an ￿Ual opporttinlles erybyer. Bulkllng UFrf)n Ihls, th8 C￿￿8 set up a Equallty, DIv8r%ty and Incknsion vKrking wp in 2tr￿21 to de a stratsgy for iMw￿lng equality, dI￿rsity arml incIL￿10￿ wilhin the C￿ge. 13

SIDNEY SUSSEX COLLEGE ANNUPL REPORT ￿lD FINANCLOL STATEl￿NTs FOR THE YEAR ENDED 30 JUNE 2021 3. Revlew of flnanclal parfomianco Thls has b8en a second Cor￿eCuti￿ finanGialty chalbryJir¥J year for the Cdbje the full impaGt of the COVID-19 pandenlc haNiro a ￿gnificant impact on tho financos. WhiLst the net assets Ihi8 year h&e increased by £10.3 nilion from £1a3 ￿lI110n to £133.6 million, InC￿r has b88n gjbslantialty bmr tr￿n rKJrrrHI in Ihis financial year du8 to mininHI conf8rence irtom8, ￿gnificanty redLKed renta Incon￿ from ConThrcial prop8rties, r￿UC￿l student renlal and cring I￿onE in part'cukr for the Lerrt term, and kxer dimdend incom frt)m th8 CoM8g8 8quity In￿$tr￿nts. Th8 financia inpact of pandenic ￿41 continu& into the 2021-22 financial year and beyond, ￿1th ￿aIn c(rference inc(ATh, and contlnued depression in incom from comnwcial rents and dimdends. The Cowe has agreed princi￿ f financial recoNery to ensure IJ￿t tha f￿uS of Ihe financial man4ement ofthe Colw is threctsd lo its core rpjses and aGlivities. ilh a ¢￿IlnUed ernph8￿s on c¢Jrfro1￿ng costs, generaong incom and rebulkllng free of tyt n￿rr￿ts in ts balance sheet are ts increase in the nwket Y￿e of Ihe shares held by the Col offset ty the th)wwrd r&O￿atien of th8 Cce'8 corrffmcial propety [￿10. The mrket of the shares has risen by £9.6 million from Jung 2020 to J￿8 2W21. The Colege'5 COrr￿rCIal prcF portfolo again revalued by the c￿￿e'S prowty wAnagers Cheffir CorM￿rcIal. In June 2021 bthich resuttgj in a decrease in the ￿lUatiOn from £17.4 nillon to £15.0 million - a rnmnwt of £2.4 nillon. This follov•ed a decrease in of £5.2 ni￿On in Ihe preNious year. The ￿a￿ati( und8rtak8n ijn lh8 basis of ￿Arket Vahje. FITh￿r, al Ihe ￿d￿ation date. Ch8ffir6 Ccmrrwcial considered thal they couhd attrxh less vEight to pm1c￿S rrthet emdence for c0rrparl￿n purFKtses lo infcwm opinions of 8. Consequenljy, ￿s$ certainty, arKI a higher degree of caulion. shjukl be attached to the ￿luatIOn Ihan w)ukl rKYmaty be the case. ()v8n Ihe unkn￿￿ fu￿re inpact that COVID-19 ffight haKe on the real estate nTrrkeL the Yahjation of Ihe prowtie5 wll be kept under frequent Temew. Durir¥J the 20￿21 financial year, the Coleg& secured a second temi debt issve by wgy of a privats pknerrwt of £10.0 million the Pensions Insuranca Corporation {a of £8.5 miL4on was secured in Ihe 201&20 financial yearl. The fvnds ￿tTe receI￿d in June 2021 vith a matrwity date of 12 W 2066. The c￿￿ge'S ctive in securing th8 debt Yfas to tske advantsge of the current tow inlerest rates and gear the babnce shèet to pnerate future unrestricted incorn for the Colege. The b)an has created a thjrt tsrm Gash resem, vkni¢h has akmated th8 risk of liquidity iswes arising from the dr881ic and pr￿￿ed reduction in income as a resuk of the COVIt>19 panderric. As a resuft of Ihe Change in mrket condtions. there a f811 in the prowisions both of the C￿￿ge, per￿On 8chens. Th8 statem￿ of CoWehen9￿ IrK(Th aTra EyndI￿re {SCCIE) shry•YS an opgrating surplu5 (before other gsins ar￿ l)sses} of £1.267 ffi1Son for tho y&ar. conyared ￿1th an OFeratirvJ surFAus of £2.283 rrillion in 201 20. As as Ihe operational inpact of COVID-19. Ihe 2019-20 figures we significanty inyacted by a re%er8al In the prowsions required ynst tha USS scherro. Otrr galns k)sses in th& year show a gain on in1estm￿ of £7.4 rrilon c(ry8red ￿1th a loss of £9.4 nwmion in 201&20. This yearfs 98in is wethminanty due to the increase of £9.6 nillion In %glu6 of the ￿Ulty ir￿S￿￿nts offset by the £2.4 rrilli¢￿ decrease in the conYrrcial prop YahJ81ion. 14

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 3.1. Income The College had total income of £9.639 million in the year, a decrease of £1.201 million111%1 from the £10.840 million for 2019-20. 2020-21 £m Student fees 2.762 Accommodation and catering charges to members 1.872 Conference and hospilalily 0.037 Investment income 2.177 Donations and Endowments 2.362 Other 0.429 Total 9.639 2019-20 £m 2.706 1.823 1.201 3.143 1.582 0.385 11.184 Varianco £m 0.056 0.049 {1.1641 10.9661 0780 0044 11.201 Income from academic fees and charges increased by £0.056 million120/.l as a result of higher undergraduate student numbers in 2020-21 than in 2019-20. Postgraduate fee income has dropped despite a slight increase in the per Capita fee, due to lower student numbers. Income from residences, cateftng and Confe￿nceS decreased by a total of £1.115 million1370A} in the year. This is a direct consequence of the pandemic, with almost no Conferen￿ and hospitality business in the year The accommodation and catering charges for members is similar to 2019-20 levels, with both years having effectively lost most of one term of residen￿. Overall there was a £0.966 million131Vol decrease in investment and endowment income, comprising a de¢￿ase in equity and interest income across the year of £0.335 million, and a decreased in income of £0.631 million in commercial rental income. due to 8 significant number of rent reductions ané ￿nt waivers provided. Although the College has recognised all the ￿mmercIal rental inrome that invoiced lo the tenants, there is still a significant doubtful debt provision as a number have indicated that there continue lo be financial difficulties as businesses deal with the impacts of the pandemic. On a positive note, Donations and Endowments have increased by £0.780 million149.kl to £2.362 million. The College is extremely grateful for the donations and benefactions il receives as they enable the College to continue to provide high quality personalised leaching and do things it could not otherwise do to deliver ils charitable purpose, particularly in such financially challenging limes. Other income has increased by £0.044 million from £0.385 million last year to £0.429 million this year. This includes the re￿Ipl of the funds from HMRC of £0.339 million for those staff that were furloughed during the financial year. This has helped to mitsgale part of the effect of the loss in income from rent and catering during this period. Academic fees cover only 65tsk of the cost of providing education, and this year the College ran a deficit of £1.5 million on education. The College is reliarsl on income from conferences, commercial propety and dNidends from investments, as well as donabons, to fund the education deficil. As such, the reduction in income from conferences, Commercial rent and dividend income due to the COVID-19 pandemic means that the College is even more exposed lo the deficit on educats'on. The trustees remain committed to continue with the work stsrted at the end of 2019-20 to reduce the short and medium term impacts on the College finances. 3.2. Expendhuro In 2020-21 expenditure decreased from the previous year by £0.240 million130AI to £8.317 million. However, the 2019-20 expenditure included a credit adjustment of £1.046 million due to the USS PTovision being redu¢ed. Excluding this, underlying costs have the￿fore decreased by £1.286 million. The reductions in Costs have come from a variety of areas and ar8, in part, as a result of reduced Q￿uPan¢Y of Ihe College during Ihe year, both students in residence and also minimal conference aGtivity. Imth the 15

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 significanUy lower oe¢upancy and catering activity in College, there has been a focus on effictency and the cost reductions reflect lower staffing, food and drink and maintenance costs. 3.3. Invostmont perfomiance The value of the investments increased by £7.357 million to £84. 154 million and generated £2.177 million income during the year., 8 combination of equity retums and rent from commercial properties. This movement in the value ot investments includes the additional investment in the last quarter of £4.618 million of fvnds lo be invested for fijlure College income. These funds came from the debt issue raised in 2019-20. Of the quoted securities the greater part were held in Index Tracker Funds with BlackRock Investmenl Management IUKI Ltd. Cash not required for immediate investment or to cover expenditure is placed on short term deposit with a number of banks at various rates of interesL Gross Perforniance 1 year BlackRock Portfollo Com 30 June 2021 21 17ty 30 June 2020 -6.44¥. 30 June 2019 3.790 30 June2018 30 June2017 30 June2016 ite Benchmark 8.630/. 20.42°10 4.90 10 5.52% The College adheres to Charity Commission guidance on ethical investments. ￿en investments are made in index tracker fvnds. the Investment Committee ￿nSiderS th9 Environmental, Social and Governance IESG) credentials of the company that manages these funds. The Investment Committee believes that it is more fruitful to engage with companies rather than adopt policies which force divestment according lo inflexible criteria. The Investment Cornmittee en¢ourages all index fund managers who are appointed by the College to adopt the highest governance and ￿rpOrate engagement stsndards when they invest the Col*e's assets. 3.4 ReseNos The College Reserves Policy ensures that the College has sufficient financial resources to continue, but also constrains the extent to which reserves are built up from operating surpluses lo help maintsin inler-generalional equity, and balance the needs of Current and future students. The College's tsrget for tree reserves is set out below.. Reserve Target Free Reserves Rabonal Strategic initsative reserve Continget Income and Ex enditure Total £2.5 million To lurKI strategic initiabves such as inveslrnenl in propety and facilitiès for members of College- equlva￿nt lo 50/0 of fixed assets. £2.5 million Contingerty to cover extremelunexperAed expenditure or cover shortfall in income- equwalent lo 25V/o of tuinover. £5.0 millbon Available free reserves represent unrestricted general funds of the College. The calculation involves analysis of the Composition of the total reserves shown in the Balance Sheet. In line with the Charities Commission definition, the College excludes the folk)wing categories in its calculation of free reserves." restricted reserves leomprising special trust funds. reslricled capital grants and pern￿nent reslricled endowmentl.. illiquid investments {which includes the College's commercial renlal properties since they are integrated with student accommodation blocks), and fixed and heritage assets. AddilDnally the College excludes designated funds from the tree resetves calculation as Ihese are funds for which Gounryl has designated a particular purpose which is generally driven by prefe￿nCeS exp￿Ssed by donors and hence nol available for general expenditu￿. 16

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Set out below is a table showing the hlslorical trend in free reserves". £ million June 2017 June 2018 June 2019 June 2020 June 2021 Totsl 125.8 133.3 131.7 123.3 133.6 Less.. Restricted reserves 143.5) 146.1 129.2 134.11 149.6} {34.51 {53.01 128.9} (31.9) {57.0) {21.41 132.1) 160.1) {18.9) Le88'. Fi¥erth¢ritago 8s$0ts Less.. Illiquid investments. 130.2) Sub-total: Fr•0 Reserv•s including DeBignated FundB Less.. Designated funds Avallable Free Reserves 19.4 1S.3 13.0 22.5 11.41 {14.41 115.1) 117.51 14.51 121.21 'Note that Illiquid investments have been re-stated to include the value of Dafwin Green "Assets held forsale" in the balance sheet, nob.ng that once the sale is realised, the pr￿edS are trnnslerred lo thg Sidney Sussex Pennanent Fund whAGh is a fund desttgnated by Council. As at 30 June 2021. the College's free reserves were £1.3 million compared vthh target reseNes of £5.0 million. The increase from June 2020 to June 2021 reflects the increase in investment values. alongside the decrease in the pension provisions. The College is focusing on maximising income and donations, reducing costs, effective use of restricted income from Special Trust Funds and Designated Funds, and investing in the Sidney Sussex Permanent Fund in order to recover from the impact of the kitchen project and COVID-19, and rebuild its free reserves to the target level of £5 million. This is one of the key principles for financial recovery as approved by Council. 3.5 Pension funds The College participates in ￿ pension schemes. the Sidney Sussex 1975 Pension Scheme and Ihe Universrties Superannualion Scheme IUSSI. The College Pension kheme has been closed to new rnember5 since 2004 and al the June 2021 year-end has only five active members accruing benefits. All other College members on the payroll are auto-enrolled in the USS Scheme (subject to meeting the eligibility ¢riteria} unless they chwse to opt out. The Sidney Sussex 1975 Pension Scheme deficit decreased during the year from £4.321 millv)n to £2.642 million following changes in market conditions underlying the present value of plan liabilitses The USS deficit funding provision decreased from £1.364 million to £1.284 million. with payment made towards the deficit in the year and a small change in salary assumptions. Both pensh)n funds were due a triennial valuation in 2020. A valuation establishes whether, at a certain date, the seheme trustees ￿lIeVe the pension s¢heme will have enough nx)ney to be able to pay the pensions that the scheme's members are expecting, now and long into the future. The July 2020 valuation for the SKlney Sussex 1975 Pension Scheme was completed in March 2021. The deficit Tedudion contributions were maintained at the existing level of £294,000 per annum whilst the period of the def￿1t recovery plan was redU￿d to seven years. The 'snapshof date for USS 2020 valuation is 31 March 2020. Given the timing of the glob81 COVID-19 pandem￿, both valuations. particuLgrly USS, will be impacted by the financial uncertainty in the markels at the valuation dale. Further increases in employer and employee contributions will come into effect from 1 October 2021 for the USS scheme. 17

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Principal risks and uncertainties Members of the Council as trustees of the College have ultimate responsibility for ensuring risk is managed satisfactorily within College. The Council ￿vieWed the arrangements for managing risk in 2018-19 and revised the process, with implementation in 2019-20, and further embedding of the process in 2020-21. The prin¢lpal risks the College must continuously address are the bng-term ability to mairrtain and develop its educational and research activities, to attract the best staff and students, and to maintain and renftw rts phy$i¢al facilities. The￿ a￿ always uncertainties regarding the future external environment within which the College wll operale, most notably ￿gardIng higher education poly and funding. Afi of the College's principal risks were heightened by the emergence of COVID-19 in 2020. However, although COVID-19 has contsnued to have impact in 2021, the residual scores for the majority of the College's risks have been either lowered or maintained at the same level, as the Pandem￿ is managed nationally and intemationally. Summary tabltt of Sidney Sussex College rfsks In 2021 Rlsk Raw risk score 2021 Residual risk score 2021 Resldual score movement from 2020 Financial Management 20 16 Student welfare 20 12 Student academic and personal development 20 12 Academic staff 16 12 Student admissions 16 12 Health and Safety 16 12 Communications 15 12 Donation and legacy income 12 Estates and facilities 12 Assistant staff 15 Information Technology 15 Governance 12 University and inter-collegiate relations 18

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 The prlnclpal risk in 2021 As indicated in the table above, the principal risk and uncertainty that the College faces, and the only risk assessed lo have an overall residual red rating in 2021, is that related to financial perfomiance. The description of this risk and key miligaling actions agreed to manage it in 2020-21, are summarised below.. Financial PerfoThance Description and crystallisalion of risk.. This risk encompasses risks to income, expenditure or investment performance as a result of external factors 8ndlor ineffective financial managemenl. Although both the raw and sidual risk have been assessed as lower than they were in 2019-20, both ratings have an ongoing red assessment in 2020-21. and the risk has continued to ¢ry$lallise in the following areas.. Due to the continued impact of COVID-19 there were a significant number of tenants reporting financial difficulties resulb'ng in delays lo settlement of rents andlor requesting reductions and write off of amounts due, as well as a significant loss of income from student accommdationlcatering charges and conferencing. Mitigating action in 2020-21.. In addition lo the key controls in place to manage financial risk, the College agreed the following additional actions this year.. to secure a further debt issue which has eased liquidity and provided an opportunity to leverage the balance sheet for future growth in unrestricted funds available to College," lo review the strategic asset allocation for the College's index tracker funds held with Blackrock Investment Management IUKI Limited-, to revw the College and Trading Subsidiary Conferencing and Events income and profrtability forecast and plans.. to work closely with propety agents and commercial tenants", and, to change the investment manager and strategic allocation for Sidney Sussex 1975 Pension Scheme as part of the plan for pension s¢heme deficit reduction. Othèr key rlsks In addition to the printipal risk described above. the table above shows that the College identified eight additsonal risks which in 2021 were also assessed as havin9 a red 'raw' risk rating, bul which have been ranked amber, and hence lower than the financial risk, in terms of 'residual' risk. This is largely due lo the anticipated and cumulative elfects of the miligalion being applied. These eight risks are summarised in the table below in order of residual risk score (highest to lowest). Risk Risk do$¢ription and incidences of c stallisation This risk constitutes potential failures of student welfare and l or pastoral support leading to mental health, safeguarding or pecuniary issues for students. Mitigating action in 2020-21 Student Welfare Specific additional actions taken in 2020- 21 to mitigate this risk have included the reV￿W of college iules and processes which deal with harassment and sexual misconduct, and other breaches of discipline, to ensure consistency with and ease of access to improved university processes," and the appointment of a Head of Student Wellbeing who will join the College in September 20218nd will develop a new strategy of mental health and well-being support for students. 19

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Risk Risk doscrlption and in¢idgn¢o$ of t Ilisation This risk con5b'tutes potential failure by the College to enable students lo flourish academically and personally. The risk was heightened with the emergence of COVID-19 and the need for remote learning for significant periods and aspects of the leaming experience throughovl 2020 and 2021. Crystallisation of the risk has been seen in the increased number of Student allowances and inlemiissions this year. Mitigating 8Ctlon In 2020-21 student Academic and Personal Devek)pment In addition lo the key controls in pla¢e to manage this risk, the following additional actions have been pursued.. the advance budgeling of extra and co-curricular student support,. working with the JCRIMCR and the COVID-19 Operations Working Group to secure maximum scope for college facilities and student events., the implementation of a COVID supervisions policy to enable supervisions to take place face lo face safely when it has tsen possible to offer this. Academic Staff This risk constitutes Dolential failure to attract and retsin high quality academic staff to deliver the College's teaching needs and to eonlribute lo good college 90vernance through engaged membership with Council, Governing body and their committees,. as well as the College's ability to provide an attractive interdisciplinary scholarly community- In addition to some of the key Controls to mitigate this risk, including regular review of teaching needs and UTO s¢heme oprrt)rtunilies, clear expectations and monitoring of contributionglslint of both CTOS and UTO Fellows, and flexibility in appointment terms, specific additional action in 2020-21 has included discussion al Council as to ways in which collegiality could be sustained under COVID reslriclions, with regular Zoom meetings for Fellows and resumption of Formals during the per￿S when this has been possible. student admissions This risk conslilutes potential deviations of actual admissions trom tsrget numbers, failure to identify candidates with best potential, failure lo widen participation, failure to fvlfil the University's Access Parb'cipalion Plan obli9alions, and failure to comply with due pr￿88. Sidney Sussex met three of the five widening participation tsrgels for undergr?duate admissions in 2021. In addition lo the key controls in place to manage this risk which includes a transparent admissions process, University Irained inleNiewers, and an outreach programme, the following additional actions were pursued in 2020-21.. The development of additional plans for outreach content on the website and YouTube', and the implementation of an online admissions interviews pro¢e55 within the context of the continuing COVID- 19 situation. The Admissions Director will highlight the Importan￿ of the University targets lo Directors of Studies in the 2022 admissions rocess. In addition to the key controls in place to manage this risk, in 2020-21, the COVID task force via the Operation working group, has continued to be a forum for the actTve monitoring of the COVID situation in College and the regular review of a range of College COVID protocols and risk assessments. Health & Safety This risk constitutes potential failure to maintain a safe environment for college members, staff and visitors., it has been exa￿rbaled in 2020-21 by COVID-19 and the relum to work by most stsff at the start. and for a riod, of Michaelmas Term 2020. 20

SIDNEY SUSSEX COLLEGE ANNU￿ REPORT AthID FINANCLOL STATEhENTS FOR THE ENDED 30 JUNE 2021 Risk P•ltlgatlng actlon inckl&ncos of c alllsatkn This risk constitrrtes the potential the Cdkge's comrwnications 8ctliiti8s to W to darwirwJ blclty, LY the pro%ison of inad4uate or Inaecurate Infcffmation thich impacts the ColegeS reputation. In 202(k21, the Cc4b3e has cOntin￿d to eYperle￿e irKreawJ xrutiny from Ihe press, rrointy S￿dent press. in reLilion tr) ￿TrI$S10￿S pdicy and COVID-19 Convnunicalion In addilion ID the wistirKJ controL¥ in pLace to nHnage thls rlsk, bthich br￿ludeS a conmjnicalions officerto day to day corrnwnicabons and a coThYwni¢ations steering gr￿p to Mithv conmJnic8tions dats and to a(hise c polcy deci￿on9. it decided that in 202(k21. a C(￿Yehensi￿ remew ofthe g￿rnance and accounlabillty for conywnicalions acr(￿ the Colsege thDukJ be initiated. This wil b8 ¢Jwng during the 2021-22 acadeffic ye8r, to culrrfinaie in c￿r lires of respc￿1b1￿ty and a t￿d coniTrJnicaions tAan for the Col￿e. inc(YF()r8tsro I￿NIp￿ target 8￿J1￿￿e5 comrrnjnicabon chann. In additi￿ ts) ex)sling ccMtr0￿ ¥thlch include the regular rwew of FR polci65 and prc£e&sos ty Financ8 & Needs ConTrMttee which rewxb to Council , and ongoing liaison wth (yJtside wJrc8s $L￿h as the wder LkniwNty. profe&gional bJal athsers, and intsr-Cd￿j1ats HR Forum. the fopthiing a¢tirms ha￿ twi initia￿1 in 202¢N21: the induction of a new fUl￿￿TrE HR manager" the Iderffication of training wds l training SfJOons, and the de￿JPrr￿t of a system f nb)nibringltracknng trainirrfJ. Assigant stsff This risk COr￿til)jt¢s the pokntial failure of the Col to atract aThJ retsin appropriatety skil and capable staff needed to net the ongoing requirenEnts of tr col￿ge. failure to 8￿Ute the cC￿traC￿al otrAigations as an enwbyer, andlor failure kn folk)w best FR practice or promde 8 Safe arKI fair V•Dthng en￿rOM￿nt. Tre risk is likety to be an increasing one in Ihe year ahead du8 to Ihe incr￿ng diffi¢uty in re¢ruilng staff as a res￿￿ of bolh Br9>it and Ihe reopeniw of the eccnonry after C(ND thkdDhrts. covitk19 has Continu￿ to increase chaI￿r￿je of rronaJing assistant skff in 202{￿21 bLrt thè nEasures to he¥) nifjgats CCNID-19 sibJathon ha￿ continuod to ertjed successfuty. Includir￿ reguL4r o￿lne team e8tcF￿Ups and creation of an orAine Y+ith inFormation regardir#J rfic COVIt>19 polcies and CLThnunications. Inforrntion TechrK)Ic¥Jy This risk constittrtes the Fotsnti81 k)ss or corrupDon of dats, or k7ss of access lo IT senfices; with th8 risk hamng been increased b%ithin the of C¢NID by staff needing lo th rgnKrtety. In additirm to the raroe of key contrcls for managing this risK athjitional actions in 2021 h&e inclu(knY: upjating of policie5 and &￿c(edl￿es to ensure best security practice. arKI carrying OLrt a remew of knjre da retention Fdi¢ies in order to irrpbment best ractice. 21

SIDNEY SUSSEX COLLEGE ANNUAL REPORT FINANCIAL STATEhEi¥rs FOR THE YEAR ENDED 30 JUNE 2021 Plans for future perlods: Th8 Col is a Ferryon￿t irlilYtir￿ 8nd an inw&nt constituent of Ihe colegiate Ithi￿r51ty of Can-bridge. Th8 Charitab￿ is that the Ccl¥Je Is a place of education, religion, ￿rnIng and research, and it airr6 to pronbjte academic exell8nce and freedom of tFwht arKI belef. pkn8 for the SW and mgjium tom inc￿￿0. ensuring that the Colkngo is, and renyains. a COVID-19 secure enigronnMt for staff and studerts, thr￿ regular remew of lh8 Cdbja Pisk Assessnvts and orwJoir¥J impkrrEntation and ffK)niknring CA agreed mib'gatiro ac1C￿ in ts li9hi of e%Th%qng Departrrnnt for Education and Public ErKJk8Th thce ¢￿tin￿r￿a to dthek)p proFwk for imFfo%pThnts in FfjSt(Kd care, fdkming reLeipt ofd(xKf fL￿dIng for this purpM)se, V•Drknng vllh the recrLited Coleg8 Hg•J of s￿dent Welbeing vkno corrrrErths vth for the Col in Septemter 2021 continued remew ofts Cdbp's a(knisslorts strategy In the Ight ofthe Lhiwrslty's Acces8 and Participation Plan IAPPI, the wider Ad￿lSsionS Remew initiated by thè Unisw%ty rerthed in 2021, the gOvernn￿nt consuAation on P05t ￿a1￿CatiOn A8sessmnt, and weparicffl for imo￿Thnt in the Lhiw8Ity-￿1da foundation year prograrr￿. th8 first intake of vthich in 2022-Y3 ongoing ￿teW and I￿￿￿En￿tioft ofthe strucknre and renwneration oftoochirg prwsion ￿lIhin Ihe capltaNslrwJ ￿ the cw)rbJnibes that1he compkti(n in SumnEr 2021 of Ihe proJ￿t to bLllkJ a new baserrent kntchen and create a n8w semry and diniThJ hall, aff￿dS the Cde in temB of enhanc8d $kn￿nt dining. conferar￿a and aknrni 84pnts ongoing inwemntslion of pL9n to r￿0vaT from COVID-19 financial bsses by 2023-24., that is to retyrn t break-even on SUrp￿￿defI¢lt before nwjcw tht)rks and donations, and take appropriate nwyjres to re￿Ik1 free reser￿8 kn meet the tar￿t knel of£5 million bJSkling ukN)n the Garried out by the e8tsbllsh￿ Equaty, DibErsity and Incluson Y￿r￿r￿j up lo de a stralegy for imFfoMr¥J wlty, disersity and InckJ81￿ wthin Ihg ng iffpknMting an enNironffBntal suslainability strakn and Flan for ts Cc4b38 de￿I0￿r￿j a stratsgic framwrk for Ihè Cd8g8 ththich wll be based on a review of thg chalkgThJes aTh achiwments of the Cd, ¢(w￿liaOr￿ ￿•th key 8laketrKAd8rs successlon pLqnning for ts ￿lAstership, 7rtithin Ihe pr￿eSSeS set out in th8 Statutès, for th8 current fr10stsrfs tsrm ends in 2023 continucMJ8 inWro￿n￿￿ lo gcvornanGe arrang¢ftpnts, Inchjdlng an on￿r￿￿ r￿aW of Colbge F￿¢18S and PrO￿oL￿ Ap￿0￿1 at thg rrwtiTr3 of the Councll on 10 Pknent*r 2021 Professor R Porty Master

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 CORPORATE GOVERNANCE In February 2018 a revised sel of Statutes for the College were approved by the Privy Council. The College is govemed, under these Statutes, by tsvo prinapal bodies.. The Governin Bod Comprises the Master, all Fellows in Class 1 Ileachingl, Class 2 Iresearchl or Class 3 ladministr8tivel, and four elected students representing the junior members of the College. The Governing Body meets 6 to 8 times a year. 11 elects the College Council and supervises its work. In addition, it has the 8Uthority to make or amend the slatLrtes and ordinances of the College and to solve issues conceming their interpretstion., to authorise any substantial alterations or additions to the College buildings or grounds,. to hold the annual Audit Meeting,. to ele¢t and de¢ide on the remuneration of the Master (subject lo the Remuneration and Benefits Committee).. and to elect the Vice-master. Thg Colle Council". compftses the Master, three Fellows ex officio (the viCe￿aster, Bursar and Senior Tutor), nine lo Fellows elected for three-year temis by the Annual Meeting of the Governing Body, and fourjunior members. three of whom are elected ex officio and one directly. The Council usually meets 9 times a year, and deals with all matters of College administration not reserved to the Governing Body. The members of the College COU￿11 are the charity trustees of the College. The Governin9 Body and the College Council are served by sUb-￿MMIttee$ of which the principal ones as set out in the Statutes and Ordinances are.. Audit Committee, Education and Pastoral Care Committee, Finance and Needs Committee, Investment Committee, Remuneration and Benefits Committee and Ststules and Ordinances Committee. The Audit, Irsvestment and Remuneration and Benefits Committees contain members vtho are external to the College. The Finance and Needs Commlttee is a standing committee of the Council, appointed annually, nomially at the Annual Council Meetin9. The Committee has the responsibility for the financial affairs of the College, including in the long-term, and frjr all aspects of financial poli¢y, which in¢ludes." priorities and resources for teaching needs identified by the Education and Pastoral Care Committee, financial strategy and policy, financial planning and resource management, including human resources, College accounts and suitable procedures for financial and other control. The Committee shall act as a remuneration and benefits committee for assistant staff. setting annual policy and pay bands. The Audil Commlttee is a standing committee of the Governing Body, appointed annually, normally at the Annual Meetsng. The Committee has the authority lo seek out concerning informab.on and investigate any matter within ils remit. Any memter of the Committee, and any aulhorised agent of the Committee, rnay inspect the financial records of the College. The Committee will scrutinise accounting policy and piactice, alongside the internal systems of financial and other control set by the Finan￿ and Need5 Committee. It will also set policy and oversee procedures for risk assessment alld risk managemenl. It is its duty lo manage the annual external audit of the College a¢Goun15 and it has general oversight of the effectiveness of College governance, with authority lo raise any matter of concem with the Governing Body. The InvoStm&nt Commlttee is a standing committee of the Council, also appointed annually. Wlhin the terms of policies *t by Ihe Council and subject to any specific direcb'ons from the Council, the Committee manages ash, including the investment or realisab.on of operational cash, stocks and shares and other financial instruments, investment funds and land or any interests in land held for investment purposes. The Remuneratlon and Beneffts Commlttee is a standing committee ofthe Governing Body. The Committee acts as an independent advisory body with power to set limits on the level of remuneration and olher direct and indirect benefits (including the receipt of any salary, stipend, allowance, fund or facility, or any other benefit of measurable value) of the Master, Fellows and Officers of the College, including the Trustees. The Education and Pastoral Car¢ Committee is a standing committee of the Council. The Committee h8S general superintendence of educational policy and provision in the Colle9e, keeping all aspects under review. In particular it mnitors relevant Universty policies and general public policies on educational matters, consideis proposals and makes recommendations on undergraduate and graduate admissions policy and practice, makes annual assessments of teaching needs and resources and identifies any appropriate changes to teaching provision or admissions practice, induding the addition or loss of teaching slaff. The Committee 23

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 takes sleps to maintain the quality of College teaching and its costeffe¢tiveness. and for that purpose lake due account of feedback from gtudenls, both through fomial general consultation and in dialogue with students, representatives. It reports annually to the Council on the academic perf0mlan￿ of undergraduate and postyraduale student5 and proposes measures which may help sustain and improve that performance including, through the appropriate channels lin particular the Graduate Tutors, Committee and Education Sub- Committee of the Senior Tutors, Committee) any aspects of the collegiate University's educational provision for postgraduates which gives rise lo concern. The Statutes and Ordlnances Comrnlttee is a standing Committee of the Governing Body. The Committee provides advice on legal matters which arise, whether within the College or from advi￿ or consultations initiated by bodies in the collegiate University or beyond. It keeps the Statutes and Ordinances of the College under review in the light of University policy and practice, the law of the land and best practice. and makes recommendations for changes to the instruments of govemance. providing appropriate draft instruments to give effect lo such recommendab'ons. 24

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 STATEMENT OF INTERNAL CONTROL The Counal is responsible for maintaining a sound System of internal control that supports the achievement of policy, aims and objectives while safeguarding the public and other funds and assets for which the Council is responsible, in accordance with the College's Statutes. The system of internal control 1$ risk based, so is designed to manage and mitigate, rather than eliminate. the risk of failure to achieve policies. aims and objectives. The system of internal control is designed to identify the principal risks to the achievement of the College's policies, aims and objectives, lo evaluate the nature and extent of those risks and to manage them eff￿lently, effecb.vely and economically. The Council has responsibility for agreeing the fisk assessment. Risk Managen￿nt is delegated to individual Committees and is ovefseen by the Audit Committee. The Audit Committee's and Council's review of the effectiveness of the System of internal control is informed by the work of the various Committees, the Bursar, and College officers, who have responsibility for the development and maintenance of the internal control framework, and ty commenis made by the external auditors in their management letter and other reports. The Audit Committee meets without officers being present and can carry out independent investigations of complaints and is a point ot independent contact for the Auditors. 25

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 RESPONSIBILITIES OF THE COUNCIL The Counul is responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Pract￿). The College's Statutes, and the Statutes and Ordinances of the UnNersity of Cambridge, require the Governing Body to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the College and of the surplus or deficit of the College for that period. In preparing these financial statements, the Council is required to.. select suitable accounting policies and then appty them consistently make judgements and estimales that are reasonable and prudent stste whether appli¢able accounting standards have been followed, subject to any material depa￿reS disclosed and explained in the financial statements prepare the financial statemenlg on the going Concern basis unless it is inappropriate to presume that the College will continue in operation. The Council is responsible for keeping a¢wunting records which disclose with reasonable a¢curaey at any time the financial position of the Coll￿e and enable it lo ensure that the financial statemen15 comply with the Statutes of the University of Cambridge. 11 is also responsible for safeguarding the assets of the College and hence for taking r8asonable steps for the prevention and detection of fraud and other irregularities. The Council is responsible for the maintenance and integrity of the corporate and financial information included on the College's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements rnay differ from legislatson in other jurisdictions. 26

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 INDEPENDENT AUDITORS, REPORT TO THE COUNCIL Opinion We have audited the financial statements of S￿neY Sussex College Ilhe 'College} for the year ended 30 June 2021 which comprise the Statement of Comprehensive Income and Expenditure, the Statement of Changes in ReseTves, the Balance Sheet, the Cash Flow Statement and notes to the financial stslements, including a summary of significant accounting policies_ The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial ststements.. give a true and fair view of the state of the College's affairs as at 30 June 2021 and of ils incoming resources and application of resources for the year then ended., have been prop8rly prepared in accordance with Unrted Kingdom Generally Accepted Accounting Pracb'ce., and have been prepared in accordance with the requirements of the Charities A¢t 20118nd the Statutes of the University of Cambridge. 8a818 for oplnlon We Conducted our audit in accordance with International Standards on Auditing IUKI (ISAS IUKII and applicable law. Our responsibilities under those standards are further described in Ihe Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the College in accordanTr with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Rep)rting Council's Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufticient and appropriate to provi(Je a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have conduded that the Trustees. use of the going concern basis of accounting in the preparation of the financial ststemenls is appropriate. Based on the work we have performed, we have not idents'fied any material uncertainties relating to events or conditions that, individually or collectively, may cast Significant doubt on the College's ability to continue as a going concern for a period of at least fv4elve months from when the financial statements ale authorised foi issue. Our responsibilities and the responsibilities of the Tru$lees with respect to going concem are described in the relevant sections of this report. othgr Inft>rmation The Council are responsible for the other information. The other information ¢omprises the infomiation included in the Annual Report other than the financial statements and our auditors, report thereon. Our opinion on the financial slalemenls does not cover the other information and. except to the extent ott)erwise explicitly stated in our report, we do not expr•¥s any fonn of assuran￿ conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomation and. in doing so, consider whether the other information is Tnaterially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. Ifwe identify such material inconsisten¢ie$ or apparent material misstatements. we are required lo determine whether there is a mat8rial misstatement in the financial ststements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is 8 material misstatement of this other information, we are ￿quired to report that fact. We have nothing to report in this regard. 27

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Opinion on other matt•rs pre8¢ribed by the Statutes of the University of Cambridgo In our opinion based on the work undertaken in the course of the audit.. The contribution due from the College to the University has been computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Statute G,11, of the University of Cambridge. Matters on whlch we are required lo rpport by exceptlon the light of the knowledge and understanding of the College and its environment oblained in the course of the audit, we have not identified material misststements in the Operating and Financial Review. We have nothing to report in respect of the foll¢)wing matiers in relation to which the Charitses (Accounts and Reports) Regulatsons 2008 require us to report to you rf, in OLsr opinion.. sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records,. or we have not received all the infomialion and explanations we require for our audit. Responsibilities of the Councll As explained more fvlly in the responsibilities of the Council statement set out on page 26, the Council are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Council are responsible for assessing the College's abilty to continue as a going concern, disclosing, as applicable, matters ￿lated lo going concem and using the going concern basis of accounts'ng unless the Trustees either intend lo liquidate the College or lo cease operations, or have no realists'c altemalive but lo do so. Audltors, responsibilities for the audit of tho financlal statsments Our objeGtives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due lo fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audrt conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be expected to Influen￿ the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design protsdures in line with our Tesponsibililies, outlined above. to detect material misststemenls in respect of Irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Our approach lo identifying and assessing the risks of material misslalement in respect of irregularities, including fraud and non-compliance with laws and regulalK>ns, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognise non-eompliance with applicable Laws and regulations., we Kienlified the laws and regulations applicable lo the College through discussions wrth Trustees and other management, and from our knowledge and experience of the education sector., we obtained an understsnding of the legal and regulatory framework applicable to the College and how the College is comptying with that tramework., 28

SIDNEY SUSSEX COLLEGE ANNUAL REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 we identified which laws and regulations were significant in the context of the College. The Laws and regulations we considered in this eontext were Charities Act 2011, the Statutes of the Unwersity of Cambridge 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 addib'on, we considered provisions of other law5 and regulations that do not have a direct effect on the ffinancial statements but compliance with which might be fundamental to the College's and the Group's ability to operate or lo avoid material penalty.. and identified laws and regulations were ¢ommuniGated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the College's financial statements to material rnisstatemenc including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud. their knowledge of actual, suspected and alleged fraud,. and considering the inlemal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls. we., tested journal entries to identify unusual transactions.. assessed whether judgements and assumptions made in detemiining the accounting estimates set out in the accounting policy were indicative ot potential bias,. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and nonvcompliance wrth laws and regulations, we designed procedures which included, but were not limited lo.. agreeing financial statement disclosures to underlying supporting documentation., reviewing minules of meetings of those charged with governance., enquiring of management as to actual and potential litigation and claims," and reviewing correspondence with relevant regulators and the College's legal advisors. There are inherent limitslions in our audit procedures descfibed above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and olher management and the inspecbon of regulatory and legal correspondence, if any. Material mi5Statements that arise due to fraud can be harder to detecl than those that arise from error as they rnay irbvolve deliberate concealment or collusion. A ftjrther descriptson of our responsibilities for the audit of the financial statements 1$ located on the Financial Reporting Council's website at." wvM.frc.org.ukJauditorsresponsibilties. This descriptson forms part of our auditors. report. 29

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Use of our report This report is made solely to the College's Council as a body. in accordan￿ with College's statutes, the Statutes of the University of Cambridge and the Charities Act 2011. Our work has been undertaken so thal we might stale to the Council those matters we are required to state to them in an Auditors, Report and for no olher purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the College and the College's Gouncil as a body, for our audit work, for this Teport. or for the opinions we have formed. IA• qcye PETERS ELWORTHY & MOORE Chartered Accountants and Slatulory Audrtors Salisbury House Station Road CambrKlge CB12LA Date.. 16 November 2021 Peters Elworthy & Moore is eligible to act as an auditor in temis of section 1212 of the Companies Act 2006. 30

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 STATEMENT OF PRINCIPAL ACCOUNTING POLICIES Basis of preparatlon The financial statements have been prepared in accordance with the provisions of the Ststutes of the College and of the University of Cambridge, using the Recommended Cambridge College Accounts IRCCAI form8t', and applicable United Kingdom Accounting Standards, including Financial Reporting Standard 102 IFRS 1021 and the Statement of RecomnEnded Practice ISORP).. Accounting ft)r Further and Higher Education issued in 2019. The Statement of Comprehenswe Income and Expenditure includes activty 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 a¢¢ounllng The financial ststements have tEen prepared under the historical Gost convention, modffied in respect of the treatment of investments and certain operational properties whioh are in¢luded at valuation. Golng Concern In light of the global pandemic that commen¢ed in earfy 2020, the Twstees have specifically considered the impact of the COVID-19 Icoronavirusl pandemie, including the extent to which the College has experienced disruption in ils activilEs in the year. Mthilsl students relumed in October 2020. the second bckdown in January 2021 caused further disruption which irnpacled on the Coll￿e'S ability to generate sufficient income from luilion fees, accommodation and caterin9 and investment activities to meet ils ongoing expenditure obli9alions. After the year end, following government announcements, some confefence and Summer school activities were able to take pla¢e. The College has undertaken additional budgeting, forecasting and cash flow planning which is reviewed and monitored by the Financ8 and Needs Committee and Council. Forecasts have been prepared for the period to 2026 which have been stress tested based on a number of scenarios and have considered the impact upon the College and ils cash resources and unrestficted reserves. The College has reviewed its cost base in order to Combat the reduct￿In in fftvenues and to extend financial headroom. The College has made use of the Government Job Retention Scheme. The College also has significant investments which could be realised if required. Based upon their review the Trustees believe that the College will have sufficient resources to meet its liabilities as they fall due for the foreseeable ftjtU￿ and therefore have ¢ontinued to adopt the going concern basis in preparing the financial statements. Consolidation of subsidiaries Sidney Sussex College has two wholly owned subsidiaries, SKJney Sussex Limited and Sidney Sussex Hospitality Company. Sidney Sussex Limited is a dormant company and Sidney Sussex Hospitality Company Ltd has not been consolidated on the basi5 of materiality but has produced accounts that are available at Compantes House. Rocognition of Incomo Acad6mic fees Academic fees are wognised in the period to which they relate and include all fees chargeable to students or their sponsors. Grant income Grants received from non*ovemment sources lin¢luding research grants from non-govgrnment sour¢gsl are recognised within the Statement of Comprehensive Income and Expenditu￿ when the College is entitled to the income and perfom)ance related conditions have been mel. 31

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Income received in advance of performance related conditions is deferred on the balan¢e sheet and ￿leaSed to the Statement of Comprehensive Income and Expenditure in line with sud) conditions being mel. Donat￿n$ and endowments Non exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor imposed restrictions are recognised within the Statement of Comprehensive Income and Expenditure when the College is entitled to the income. InGome is retained within restricted resetves until such time that it is utilised in line with such restrictions at which point the income is released to general reserves through a reseNe transfer. Donations and endowments with restrictions are classified as restricted reserves with additional disclosure provided within the notes to the accounts. Restricted capital grants are released to general reserves upon completion of the capital projecl to whtch they relate. Special Trust Funds are restricted funds that the College holds in Irusl. The College is not free tr) change the terms on which these funds were established, though, as a result of the new Statutes approved in February 2018, it does have ￿latiVelY broaé powers to use surplus income. There are four main types of donations and endowments with reslriclions". Reslricled donatsons- the donor has specified that the don*ion must be used for a particular objective. 2. Unrestricted permanent endowments- the donor has specified thal the fund is to be pempnenlly invested lo generate an income stream for the general benefit of the College. 3. Restricted expendable endowments- the donor has specified a particular objective and the College can convert the donated sum into income. 4. Restricted permanent enéowments - the donor has specified Ihal the fund is to be pemianently invested to geneiate an income stream to be applied to a particular objective. Designated Funds are funds that have been given without restriction, which the Council has decided to designate for a specific purpose. Often this ￿flects the preferences of the donor. The Council is free to make and amend the regulations for these funds. Donations with no restrictions are recorded wrthin the Statement of Comprehensive In¢ome and Expenditure when the College is entitled lo the income. Investment income and change in value of investm8nt assets Investment income and change in value of investment assets is recorded in income in the year in which it arises and as either reslricled or unrestricted income according to the terms or other restrictN)ns applied to the individual endowment fund. All investrnenl income is credited lo the Statement of Comprehensive Income and Expendilure in the peric#J in which il is eamed. It is then transferred to an Accumulated Income Account, from which the Council declares an annual dividend. This dividend forms the income for the Trust Funds for the year. The scheme is desigrsed to smooth out fluclualions in Trust Fund income. Other incom8 Income is received from a range of activities including accommodation. catering conferences and other serviees rendered. Cambridge Bursary Scheme In 2020-21, the Cambridge Bursarie5 given by the College lo eligible students were made directly by the Student Loans Company ISLCI. The College reimbursed the SLC for the full amount paid lo their eligible students, and the College subsequently received a contribution from the University of Cambridge towards this payment. The College has shown the gross payment made to eligible Students and a contribution from the University as Income 4Jnder"Academic Fees and Charges.. 32

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 The nel payment of £107,250 is shown within the Statement of ComprehensNe Income and Expenditure as follows.. Income (see note 11 Expenditure £119,000 £226,250 Foreign currency trnnslation Transactions denominated in foreign currencies are recorded al the rate of exchange ruling al the dale of the transactions. Monetary assets and liabilities denominaled in foreign currencies are Iranslaled into sterling at year end rates or, where there are forward foreign exchange contract, al contract rale5. The resulting exchange differences are dealt with in the detemiination of the comprehensive income and expenditure for the financial year. Fixed a88ets Land and buildings Fixed assets are staled at deemed cost less accumulated depreciation and accumulated impairment losses. Wnere parts of a fixed asset have different useftjl lives, they are accounted for as separate items of fixed asset5. Costs incurred in relabon lo land and buildings after initial purchase or conslruclion, and prior to valualKin. are capitalised to the exienl that they increase the expected future benefits to the College. Fix8d assets Freehold land is not depreciated as it is considered to have an indefinite useful life. Freehold buildings and Long Leasehold Buildings are depreciated on a 1Yo reducing balance basis. Short Leasehold Buildings are depreGiated over the life of the lease up to a maximum of 50 years. Assets under construction are valued at CO5( based on the value of architects, certificates and other direct osts incurred and are wognised on a cash basis. They are not depreciated until they are brought into use. Land held specifically for development, investment and subsequent sale is included in curf8nl assets at the lower of cost and net realisable value. The cost of additions to operational property shown in the balan¢e sheet includes the Cost of land. Furniture, fittings and equipment costing less than £5,000 per individual item is written off in the year of acquisition unless the aggregate value of related items exceeds £25,000. All other assets are Capitaliserj and depreciated over their expected useful lrfe as follows.. Furniture and fith'ngs Motor vehicles Plant and equipment 2_25Qkn reducing balancelstravJht line 20•lo Straight line 15-25Vo reducing balan¢el$traight line Leased assets Leases in which the College assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Leased assets acquired by way of finance leases are stated at an amount equal to the lower of their fair value and the present value of th6 minimum lease payments at inception of the lease, less accumulated depreciation and less accumulated impairment losses. Lease payments are accounted for as described below. Minimum lease payments are apportioned betsveen the finance charge and the reduction of the outstanding liability. The finance ¢haige is allo¢aled lo each period during the lease term so as to produ￿ a constant periodic rale of interest on the remaining balance of the liability. Costs in respect of operakn'ng leases are charged on a slraight-line basis over the lease term. Any lease premiums or in￿n￿'veS are spiead over the minimum lease term. 33

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Heritage assets The College holds and conserves a number of collects'ons, exhibits. artefacts and other assets of hislorfical, artistic or scientific importance. Heritsge assets acquired before 1 July 2000 have not been capilalised since reliable eslimales of cost or value are not 2vailable on a cost-benefil basis. Acquisrtions since 1 July 2000 have been capilalised at cost or, in the case of donated assets, at expert valuats'on on receipt. Heritsge assets are not depreciated since their long economic life and high residual value mean that any depreciation would not be matenal. Investments Securities are induded in the balance sheet at fair value on 30 June each year, except for investments in subsidiary undertakings which are stated in the College's balance sheet at cost. Investment properties are ineluded at fair valuab'on and the aggregate surplus or deficit in transferred to Unrestricted Reserves. A ft)rmal valuation of the commercial propety holdings was ￿rried out by Cheffins, Chartered Surveyors, as a130 June 2020. Stocks Stocks are staled at the lower of cost and net realisable value after ￿￿akIng provision for slow moving and obsolete items. Provisions Provisions are recognised when the College has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Contlngont Ilabilitigs and assgts A contingent liability arises from a past event that gives the College a possible obligalK>n whose existen￿ will only be confirmed by the occurren¢e or othenNise of uncertain future events, not wholly within the control of the College. Contingent liabilitses also arise in ¢ircumslances where a provision would othe￿iSe be made but either it is not probable that an ouffiow of ￿SOUrceS 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 existen￿ will only be confirmed by the occurrence or othetwise of uncertain future events not wholly within the eontrol of the College. Contingent assets and liabilities are not recognised in the balance sheet but a￿ disclosed in the notes. Flnancial instruments The College has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognibon, measurement and disclosure of financial instruments. Financial assets and liabilities are recognised when the College becomes paty to the conlraclual provision of the instrument and they are classified according to the substance of the contractual arTangements entered into. A financial asset and a financial liability are offset only when there is a legally enforceable right to sel off the recognised amounts and an inlenlion either to settle on a net basis, or to realise the asset and setue the liability Simultaneously. Financial asgets Basie financial assets include trade and other receivables, cash and cash equwalents and investments in commercial paper li.e. deposits and bonds). These assets are inrtially recognised al transaction price unless the arrangement constitLrtes a financing transaction, where the transaction is measured at the present value of the future reeeipts discounted at a market rate of interest. Such assets are subsequently carr￿1 at amortised

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 cost using the effective interest rate method. Financial assets are assessed for indulors of impairment at each porting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets carried at amortised cost the impairment Ios5 is the drfference be￿een the carrying amount of the asset and the present value of the estimated fvture cash flows, discounted at the asset's original effective interest rate. Other financial assets, including investrnents in equity instruments. which are not subsidiaries or joint ventures, are initially measured al fair value which is typically the tonsaction price. These assets are subsequently carried at fair value and changes in fair value at the reporting dale are recognised in the Ststement 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 propety or other physical assets do not constitute a finanaal instrument and are not included. Financial assets are de-recognised when the contractual rights to the cash flows from the asset expire or are settled 01 substantially all of the risks and rewards of ownership are transferred to another party. Flnanclal Ilabililies Basic financial liabilities in¢lude trade and other payables, bank loans and intergroup loans. These liabilities are initially reeognised at transaction price unless the arrangement constitutes a financing Iransaclion, where the debt instrument is measured at the present value of the future payments discounted at a market rale of interest. Debl instruments are subsequendy carried at aM0￿sed cost using the effective interest rate method. Fees paid on the eslablishmenl of loan facilities are recognised as transaction 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 ordinary course of business from suppliers. Accounts payable a￿ classified as current liabilities if payment is due within one year or less. If not, they are presented as nonvcurrent liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. Derivatives, including forward foreign exchange contracts, are not basic financial inslrumgnts. D8rivatiV8s are initially recognised al fair value on the dale the derivative contract is entered into and are subsequently re- MeaSu￿d at their fair value at the reporting date. Changes in the fair value of derivatives are recognised in the Statement of 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 is reviewed at that dale. The initial fair value is measured as the transaction price on the dale of inception of the conlracls. 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 resped of forward foreign exchange ¢onlracts held to manage cash flow exposures of forecast transactions denominated in foreign currencies. Financial liabilities are de-recognised when the liability is discharged, cancelled, or expires. Taxatlon The College is a registered charity (number 11375861 and also a charity within the meaning of Section 467 of the Corporation Tax Act 2010. kcordingly, the College 15 exempt from taxation in respect of income or capital gains received within the categories Covered by s￿li0n$ 478 to 488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chaigeable Gains kt 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The College receNes no similar exemplK)n in respect of Value Added Tax. 35

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Contribution under Statute G, 11 The College is liable to be assessed for Contribution under the provisions of Stslule G.11 of the University of Cambridge. Contribution is used lo fund grants to wlleges from the Colleges Fund. The liability for the year is as advised to the College by the University based on an assessable amount derwed from the value of Ihe College's assets as at the end of the previovs financral year. Pension costs Retirement benefits for employees, who started afier 2 January 2004, and for the majority of Fellows a provided by the Universities Superannuation Scheme {USSI. Benefits for participating employees who started before l January 2004 are provided by the College's own scheme, Sidney Sussex 1975 Pension Scheme, bul this is now closed to new entrants. Universilies sup6r8nnUat￿n Sch8m8 The College participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate tnjstee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institul¢ons and a scheme-wide contribution rale is set. The College is therefore exposed to actU8rial risks associated with other inslilutions, employees and is unable to idents.fy its share of the undedying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Secb'on 28 of FRS 102°Employee benefits., the inslitulion therefore accounts for the scheme as rf il were a defined contributson stheme. As a result, the amount charged to the profit arid loss account represents the contributions payable to the scherne. Since the institution has ente￿d into an agreemenl (the Recovery Plan) that determines how each employer within the scheme will fund the overall deh'cit, the institution recognises liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related 8xp8nsgs being recognised through the profit and loss account. S￿neY Suss8x Coll8g8 1975 PensDn Scheme This 1$ a defined benefit scheme which is externally funded and contracted out of the State Second Pension Scheme up to 31 March 2016. The funds are valued every three years by a professionally qualified independent actuary using the projected unit method, the rates of contribut￿n payable being delemined by the Iruslees on the advice of the actuary. In the inteNening years, the actuary reviews the progress of the scheme. Pension costs are assessed in ac¢ordance with the advice of the actuary, based on the lalesl actuarial valuation of the scheme and is accounted for on the basis of ¢har9ing the cost of providing pensions over the period during which the College benefits from the employees, and Fellows. services. Employment beneffts Short term employment benefits such as s81aries and compensated absences 8re reccgnised as an expense in the year in which the employees render setvice to the College. Any unused benefits are accrued and measured as the addrf(ional amount the College expects to pay as a result of the unused entiuement. Reserves Reserves are allocated be￿een restricted and unrestricted reserves. Endowment reserves include balances which, in respect of endowment to the College. are held as permanent funds, which the College must hold in perpetuity. Restricted reserv85 include balances in respect of which the donor has designated a specific purpose and therefore the College is restricted in the use of these funds. CritiGal acGounting estimatss and judgements The preparation of the College's accounts requires College offi￿rg to make judgements, estimates and assumpts'ons that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. These judgements, eslimales and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 the circumstances. The resulting accounting estimates will, by definition, seldom equal the ￿lated actual results. College Offi￿r5 consider the areas set out below to be those where critical accountlng judgements have been applied and the resulting estimates and assumptions may lead to adjustments to Ihe future Carrying amounts of assets and liabilities. 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 determining the appropriate recognition liming for donations. ￿qUeStS and legacies. In general, the later are recognised when al the probate stage. Usefvl lives of property, vehick. equipment and fumiture- Property, vehicle, equipment and fijrniture represent a significant proportDn of the College's total asset5. 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 appropriateness. The lives are based on historical experiences with similar assets. professional advice and anticipation of future events. Details of the carrying values of propety, plant and equipment are shown in note 8. Recoverability of debtors- The provision for doublfvl 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 economic knowledge. The provision is based on the current situation of the customef, the age profile of the debt and the nature of the amount due. Investment propety- Properties were revalued lo their fair value al the reporting date by Cheffins Commercial. The valuation is based on the assumptions and judgements which are impacted by a variety of factors including market and other economic conditions. The revised valuation at 30 June 2021 was reduced ftom £17.4 million 10 £15.0 million. Given the unknown fufvre impa¢t that COVID-19 might have on the real estate markel, thg valuation of the properties will be kept under frequent review. Investments in Chaiities Property Fund- the College holds an investment in the Charits'es Property Fund Income Units which at the year*nd was valued at £2.5 million. Retirement benerrt obligatr'ons- The cost of defined benefit pension plans land other posl-employmenl benefitsl are determined using acbJarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increase5, mortalrty rates and future pension in¢rea5e$. Due to the ¢omplexity of the valuation, the undedying assumptions and the long term nature of these plans, such estimates are subje to significant uncertainty. College Officers are satisf￿d that Universities Superannuation Scheme meets the definits'on of a multi-employer scheme and has therefore recognised the discounted fair value of the ¢onlraclual Contributions under the recovery plan in existence al the date of approving these financial ststements. Further details are given in note 26. As the College is contractually bound to make deficit recovery payments to USS, this is recognised as a liability on the balance sheet. The provisitin is currently based on the USS deficit recovery plan agreed after the 2018 actuarial valuation, which defines the deficit payment required as a percentsge of future salaries until 2036. These contributions will be reassessed within each triennial valuation of the scheme. The provision is based on College Offi¢ers' eskn.mate of expected future salary inflation, changes in staff numbers and the prevailing rate of discount. Further details a￿ set out in note 26. 37

¢DfffJO 00 ¢o¢o (omm ¢O<LL nzo LkfLU<OU

SIDNEY SUSSEX COLLEGE ANNUAL REPORT FINANC14L STATEPIENTS FOR THE VER ENDED 30 JUNE 2021 BAL￿CE SHEEr 2021 £wo Not• Non4urr•nt As8•ts Fwl assets 59,831 234 84.154 144,219 $6,780 234 76,797 13&791 I)voStM￿ls Curr•nta66•to 10 11 12 Trade 8ThJ cthr receivables Cash arnl cash equiv8 Total curTent 17.040 20.233 11,538 Credltors: wrnunts falling ￿th1Th on• par 13 110581 11,4441 N•t¢urr•nt ￿•ts 18,175 10.094 Total AM•ts 1•56 ¢urr•nt IlablllUg• 162,394 Cr•dI¢￿' an>)unts falllng dug aft•rTrTh￿ th•n •Jno Jfjar 14 {24,JO) 14,gJO) Provl•lon¥ Pertsth p￿S1OnS 15 13.9261 15,6851 Total n•t •08•t8 133,568 123JOO Repres•nt•d ty. R•strlctsdr•seNg8 and expeTrJfture reservg- endowrnent reserve ome and expeTrJiture re8erve- rethcted 16 17 30,166 25,664 31,988 31,695 Unr•strlGtsd Rg8er¥o• In¢rme and eywdilurn reserve- urwestrrted 55.233 101.580 91.605 Total R•8•rv•s 133.568 123.300 Th& finan¢lal stakmnts v￿e apPrO￿d by ts Master arttl Fekn￿ on 10 ￿￿Mb9r 2021 ￿ Sis￿ed cn its behalf by: essor R Perty S 8{￿rtett Bursar The not95 on pa9ts 42 to 56 fomi part of these

SIONEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 CASH FLOW STATEMENT 2021 £000 2020 Not Nèt eagh Inflow trom operatlng acllvltle6 18 12.6141 12,8281 Ca$h flow# from Investlng actIvI￿e8 19 13.2821 11,4531 Cash flows from flnanclng activltSes 20 9.526 8,143 Incrnasel{decTeasel in cash and cash equivalents in the year Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year 14.231 17.861 10.369 14.231 9&12 The notes on pages 42 to 56 fom) part of these accounts 41

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCtAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 NOTES TO THE ACCOUNTS Academic fee¥ and ¢harge$ 2021 £000 2020 £000 Colleges fees.. Fee income receNed 81 the Regulated Undergraduate ral¢ Fee income received at the Unr•gulat•d Undergraduate rale Fee in¢tsme ￿ceiVed al the Giaduate rate 1,528 1,474 456 673 601 Other income Carnbridge Bursatie5 Income 119 103 Tolal 2.762 2,706 Income frorn accommodation, catering and eonf•r•ne•s 2021 £000 2020 £000 Aceommod8tion College members Conferences College members Conferences 1,670 1,514 Catering 202 309 Totsl 1.909 3,024 Endowment and investment ineom• 2021 £000 2020 Inv•slm•nts Income frorn.. Land and buildirrfJs Quoted Securities Othèr intèrèst receNable 750 1,385 42 1,381 1.672 90 Total 2.177 3,143 R•pr•s•nt•d by: 2021 £000 2020 £00 Unrestricted Income Restr￿ed Income Endowment income- Unrestricted Pemianent End0wm￿t income- Restricted Pemianent 2,129 48 334 632 33 261 415 Tot81 2,177 3.143 3b Donations and Endo*ryn•nts 2021 £000 2020 £000 Unrestricted General Donations UnrestrKted Designated Donations Rèstrietèd Donatitins NÈW Endowments Other ¢apilal grants for assets 352 1,217 155 440 919 13 636 210 Total 2.362 1,582 42

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Education ¢xpgnditu 2021 £000 2020 £000 Teaching Tu1￿1a1 Admis&ons Research Scholarships and awards Other educational fa¢ilitie$ 1,869 630 1,893 457 405 487 510 257 589 447 Total 4,238 4.416 Accommodation. catering and conferences expenditure 2021 £000 2020 £000 Accomrnodation Cdlege members Conferences College Mom￿r$ Conferences 2,074 607 670 237 2,390 682 782 538 Catering Total 3,588 4,392 6a Analysi8 of 2020.21 expenditure by activity staff costs lnoie 71 £000 Other oporatlng expenses Depreciation Totsl £000 £000 £000 Educalion AccOmrnoda￿n. c8lerirKJ and eonferen¢ès Investment management costs Olher USS Provision Adiusbnenl 2.182 2.071 1,909 1,165 108 187 147 352 4.238 3,588 108 383 179 17 Totals 4,432 516 8.317 Expenditure indudes fundraising costs of £224k. fjb Analysis of 2019-20 expenditure by acbvity Slaff o¥t¥ Inote 71 £000 Other operatlng expenses £000 Depreciatlon £000 Totsl £000 Education A¢¢ommodalion, catering and Confe￿nCeS Investment management costs Other USS Provision Adjustment 2,395 2.395 1,887 1,677 134 320 4,416 4.392 373 215 373 422 11,0461 191 11,046) 16 TotaLs 3,935 4,152 470 8,557 Expenditu￿ includes fundraising costs of £236k. 43

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 6c Auditor8. r•mungr•tlon 2021 £000 2020 £000 Other operating expenses Include.. Audit fees payable lo the College's extemal auditors other fees payable to the College's extemal audrtors 21 22 Total 24 24 Staff Costs College Fellows £000 Other academi¢ £000 N+)n- a¢8demlc £000 2021 Total £000 2020 Total £000 Consolldated staff costs: Salaries National Insufan Pension costs Sub-total 1,015 33 3.434 3,791 325 865 4,981 194 491 207 1,322 702 4.432 41 USS Pro￿510n Adjustment 1,046 Total 1.322 41 3,069 4.432 3,935 Av•rng• staff numbers Average staff numbers 2021 Full-time equlv￿ents Average $taff numbers 2020 Full-iime equivalents Number of Follows 61 Number of Fellows 65 Academic Non-a¢ademlc 91 100 Total 70 91 74 100 The number of officers and ¢mployaas ofthe College, induding Head of House, who received remuneration in the followng ranges was.. 2021 Totsl £000 2020 Total £oofr £100.001 - £110.000 £110.001 - È120.000 Remuneration includes salary. empToyeT'S n8tion81 insurance contribubons, employels pension contributions plus any taxable benefits èither paid, payable or provided, gross of any salary sacrifice arrangements. Kèy manag•m•nt personnel Key management personnel are those persons having aulhority and reswnsibilrty for p18nning, dirgdtng and Controlling the activities of the College. This indudes aggregated ernduments paid to kèy management personnel. Kèy management personnel for the College include the Master, WI￿ Master, Bursar, Senior Tulor and Development Director. AgJregaled wnolumenls ¢on$isl of salary and t8xaNe benefits bul exdude any employerfs pension contribution. 2021 Totsl £000 2020 Totsl £000 Key management personnel 356 346 The Trustees ￿ceiVed no emoluments in their caparyty as Tru$tees ofthe Charity. 44

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Fixed assets Freehold L•as•hold Vehlcle. Assets in Land and Land and Equlpm•nt constructlon bulldln building5 •nd Furnltur¢ 2021 Total 2020 Totsl £000 £000 £000 £000 £000 £000 Cost or valuation At beginning of year Additions Tran5f8ts Disposals Tr¥nsfer to SOCIE 49,795 1.201 1,341 7,425 3,543 110,968) 59.762 3,587 55,300 4,462 9,085 1,883 1106} 11(61 At end of year 58.880 1.201 3.162 63,243 59,762 Oeproclatlon At beginning of year Charge for the year Eliminated on disposals 12,2921 13791 1186} 28) 15241 1731 13,002) 1480) 69 {2.5341 14681 Al end of year 2,671 214 528 3,413 ,002 N•t book valuè At end ofyear S6,209 987 2,634 59.830 56,760 At beginning ol year 47,503 1.015 817 7,425 56,760 52.767 The insuled value of land an¢J building$ as al 30 June 2021 was £153m12020'. £14Cwl. Heritage assets The College hokls and conserves cert8ln collectk)ns, artefacts and othgr assets of hisiorical, artistic or scientffie importan¢e. As stated in the Slalement of KSn¢ipal accout)ts"ng polies, herita9e assets acquired sI￿e 1 July 20C() have been capitalised. Howevei, thg majority gf as$8ts held in th• Coll•g8'9 collections were acquired prior to this date. As reliable esb'males of cost or valuation are not available for these on a cost-beneffit basis. they have r￿1 been captslised. As a result the total indud8d in ihe ba￿nce sheet is parbal. AnK)unts for the current and previous four years were as follows.. 2021 £000 2020 £000 2019 £000 2018 £000 2017 £000 Acquisititins purchased wilh speafic donations Awuisitions puiGh¥sed with College fvnds Total cost of awuisitions purchased Value of awuisitions by donation Total acqulsStions capltallsed 234 234 234 234 234 45

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Investments 2021 £000 2020 £000 Balance at b8ginning of year A(SditK)ns Disposals Depreciation Transfers out Gainlllossl Increaselldecreasel in eAsh balances held at lund managers 76.797 7,872 13,254) 83,540 6,219 (3,6211 131 7,227 14.4651 {9.51n 132 Balance al end of year 84.154 76,797 Repres•ntsd by: Property Propérty Hèld for Sale Quoted seCUr￿e$- equiti8S Fixed interest securities Unquoted securilie$- equitie$ Cash on Short Temi Deposit Cash in hand and at investmenl managwB Other investments 15,021 17,4(N) 67,762 51,611 1.934 450 821 103 76.797 84,154 The College has Iwo whtslty owned subwdiaries. Sidney Sussex Limited, a domiant company and Sidney Sussex Hospitality Company. a eonferen¢e business. All proffts generated through Sidney Sussex Hospitality Company are covenanted badt lo the college. 10 Stocks and work in progress 2021 £000 2020 £000 Goods for resale Other stocks 143 47 134 29 Total 190 163 11 Trade and oth•r r•celvables 2021 £000 2020 £000 Members oflhe College Other re￿1Vable$ Prepayments and accrued income Provision for bad debts el Assets Held for Sale (Due less than 1 yearl Assets Held for Sale (Due greater than l yearl 83 359 351 (2311 381 1,507 637 12511 872 895 Total 2,450 12 Cash and cash equivalents 2021 £000 2020 Èooo Short-temi money market investments Current accounts 10,686 6,354 7,695 1,230 Totsl 17,040 8,925

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 13 Cr¢dltors: amounts falling due within one year 2021 2020 £000 Payments on accnunt Trade c￿dI1018 Taxation and Social Security University fees Contribution to Colleyès Fund Other creditors Accruals and deferred income 131 237 83 316 87 12 321 1,2SS 24 310 $32 Totsl 1.444 14 Cr•ditorn: amounts falllng duè aft•r mor• than on• y•ar 2021 £000 2020 £000 College Bond130 yearl 4.41Y/o interest rate• Ma￿ring October 2043 College 8ond130 yearl 4.45°kn interest rat& maturing January 2044 College Bond140 yearl 4.40% interest rate- maturing O¢tober 2053 Pensions Insurance Corporation Private Placement 2.26Vo interest rate- maturing December 2063 Pensions Insurance Corporation Private Placernent 2.24Yts interest rate- maturing May 2066 2,900 1,200 2.300 2,￿0 1,200 2.300 8.500 10,0 Total 24,9(K) 14,90D During 201&14, Ihè t￿llege b0rrtsw￿ from institulitinal investors, collèctively wth other COl￿eS, the College's Sha￿ being £6.4 rnillion. The loans are unsecured and repayable during the period 2043-2053, and are al fixed inteiest lates of 4proximately 4.490. The Col￿ge has agreed a financial covgnant of Ihe ratio of Borrowings to net Assets, and has been in Complian￿ with the covenant at all times since itxurring the debt. In March 2020, the college secured a new long term loan for £8.5 million wth the Pensions Insurance Corporation IPICI with a maturity dale of 12 December 2063 at a ffixed intere$t rale of 2.260￿. In June 2021, the ¢ollege se¢uied a further long lem) kjan foT £10 million with the Pensions Insurance Corporation {PIC) wrth a maturity date of 12 May 2C66 at a fixed interest rate o12.24¥ts. 15 Pgnslon provl$l¢n$ Sidney Sussex College 1975 P*￿10rt Sehèmè uss 2021 2020 Total £000 Total £000 £000 £000 Balance at beginning of year 4,321 5,685 5.732 Movement in year.. Curretrt setvice cost includiThJ life assurance Contribution5 Other ffinan￿ lincornelleost Aduarial lossllgain} r•cognised in Stalement of Comprehenswe Income and Expendilure 132 500 632 132n 14161 15goi 10 {1.4￿6) 75 114601 11,0871 143 1.224 11,4601 BalarKe at erKJ of year 2,642 1,284 3,926 5.685 See note 26 for hjrther analys1$ 47

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 16 Endohyment fvnds Restticted nel assets relating to endowments are as f(Alows-. Re$tri¢tèd Unrostrlcted pennanent pèrmanènt endowments ondowments £000 £000 2021 Total 2020 Total £000 Balance at btyinning of year Capital 15,678 9,988 25.664 27,960 New donats'ons an¢J endowments Increaselldecrea$¢} in rna￿ value of invèstments TransleTS to I from Reserves 2,697 1,703 4.400 12,3981 100 102 8al4nce at ènd of year 18,475 11.691 30,166 25,664 Analysls by type of purpos• Fellowship Funds Scholarship Funds Prize Funds Hardship Funds Bursary Funds Travel Grant Funds Other Fvnds Gene[81 endowments 9.434 3,459 183 272 238 233 4.656 9,434 3,459 183 272 238 233 4,656 11,691 8,077 2,881 157 232 202 3,930 9,986 11,691 Total 18,475 11,691 30,166 25.fj64 Analysis by asset Property Investments C8$h 18,476 11.688 30,164 25,664 Total 18,475 11,691 30,166 25.664 48

SIDNEY SUSSEX COLLEGE ANNUAL REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 17 Restricted Re8eTveB Reserves wtth restrf¢tions are as follows: Permanent un9￿nt and other rostrictod income £000 Capltal grants unspent £000 Restricted 9x￿ndable endowment £000 2021 Total £000 2020 Total £000 Balance at b•glnnlng of year Capltal Accumulated income 773 141 914 773 5,258 6,031 890 4,126 4,126 991 991 5,953 Pr￿r Year Adjustment.. Change of Fund Classiffication New grants New donations 636 210 13 155 155 Other investment income Increasel{decreasel in market value of investments 14 414 19 116 447 116 587 1681 Expervjiture Capital grants utilised Transfers to I from Rese￿e$ {91 {4,891} 124 14391 11051 {5531 14,8911 {1201 1480} {10) {1731 11141 11301 Balance at end of year 852 969 1,821 8,031 Comprlslng ofr. Capital Accumulated income 844 125 773 5,258 6,031 852 852 978 1,822 Fellowship Funds Scholarship Funds Prize Funds Hardship Funds Bursary Funds Travel Grant Funds Other Funds 320 224 320 224 295 41 51 32 177 43 745 123 359 47 671 91 182 Totsl 852 6,031 Analysis by assot Property Investments Cash 1.003 1331 1,003 820 725 5,306 852 Total 852 1,822 6,031 49

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 18 Reconciliation of ¥urplu8 for the year to ngt ¢a8h inflow from operatlng actlvltyes 2021 £000 2020 £000 Surplus {deficitl for the year 8.808 17,1411 Adju¥trnent for non4agh items Depreaalion 516 468 Lossllgainl on disposal of fixed assets Lossllgainl on investments Decrease/(Increasel in stocks Decreasellincre8sel in trade and other re￿Wa￿eS Inc¥easelldecreasel in Creditors P8nsion costs less contributions payable 17,4871 127 1675 614 12991 9,424 276 1276} (1,271) Adjustment for Investlng orflnanclng activStle¥ Investment income Interest payab Donalbons and Legacies Donations for Capital Grants {2.17D 474 {1.7261 18361 13,1431 357 11,3721 {210} Net cash inflowlloufflowl from operating activiti 2,615 2,828 Ca$h flows from Investlng actlvltl 2021 £000 2020 £000 Current investment dispos81 Non-currenl investment disposal Inveslmenl incom8 Withdrawal of dep￿t Paymenls made lo acquire non-cufrent fixed 8$sets Payments made to acquire ncffi-current Investment assets Donations and Legacies Donations for Capital Grants 381 926 1441 3,143 3,621 (4,4621 {6.2191 1,372 210 2.177 3.254 13.5871 17.8721 1.726 636 Total cash flows from investing activltles 3.2821 1,453 20 Cash Il¢>ws from flnanclng actlvltks 2021 £000 2020 £ooD Interest paid New secured loans Repaymènts of amounts borrowed 14741 10,0(X) {35T) 8,500 Total cash flows from financing activiti•• 9,526 8,143 21 Analy818 of eash and ¢a$h •qul¥•lent8 At beginning of year £000 At ènd of year Cash flows £000 £000 C8sh at bank and in hand Cash held 8t Fund Managers 14,231 3,630 17,861 Net Funds 14,231 3,630 50

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 JUNE 2021 22 Capltsl ¢ommlknents 2021 £000 2020 £000 Capital commilmerts al 30 June 2021 are as lollows". Authorised and contracted Authonsed but not yet o)ntracted for 3,859 112 23 Lease obligations AI 30 June 2021 the College had commthents under non<ancellable operating leases as follows= 2021 £000 2020 £000 Land and buildings.. Expiring within one year Expiring in over 5 years Reco￿011•t1on and analysls of net debt Al 1 July 2020 Cash Flows At 30 June 2021 £000 Éooo Cash and cash equival•nts 14,231 3,630 Borrowing5: Amounts falling du¢ withln on• yo•r Secured loans Unsecured loans Bank ov•rdraft subtotal Borrowings: Amounts falllng •ft•r mow than one year Secured loaris Unsecured loans subtotal 14,900 14,9C 10,OCK) 10,0 24,9LXJ 24,9 Total 6,370 .039 51

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 25 Flnancial Instrurnents 2021 £000 2020 £000 F5nancial a$$•ts Fin8n¢ial 8sÈ&ts èt fair value Statement ofComp￿henSIVe Income Listed equrty investments Other equty investments Financi81 assets that debt instnimenls ffle8su￿d at amortis8d cost Cash and cash equ￿alentS Other debtors 67,762 450 53,545 443 17,861 2,371 14,232 2,099 Financial liobilltles Financialliabtlities measured at amortised cost Bank overdraft Loans Trade creditors Other creilrtors 24,gXI 237 14.￿ 316 Pension schem•$ The College participates in Iwo defined be￿rrt sctheme6.' Universitle¥ SUpgr•nnu8￿0n Schemo The total cost charged to the profit and k)ss account Is £511,14412019-20: £441.424 vra5 cr8diiedl. This indudes £52,08012019-20". £56,443) outstanding contributions at the balance sheet date. Deficit re￿)Very contributions due wilhin one ye¥1 for the Cdl8g8 are £156,32812019-20.. £61,940) As at the 30 June 2021, the latest avwlable complete ￿uarial valuation ol the Retirement Income Builder was at 31 March 2018 {Ihe valuation dale), which was carried out using the PTojected unit method. Since the yeaf end the valuth'on as at 31 March 2020 was signed and filed with The Pensions Regulator wrth an effective date of 1 Od<)ber 2021. As the new valuation was not in plaTr at the financial year end. any adjustment in the deficit proVis￿n will be reflected in the finanaal 8talement$ lor the year ended 30 June 2022. Since the College cannot Klentify its share of USS Rel1￿ment Income Builder (defined beneffitl assets and Ilabilities, the following disclosures r¢fflect those felevant for those assets and liabilitie5 as a whole. The 2018 valu81ion was the frfth Valua￿on for th? sehemè undèr the scheme-sperific fundin9 regime introduced by the Pensions Act 2004, which requires sehemes to adopt a statutory funding objectlve, which is to have suffirienl and approprtate assets to COV81 their technical provisions. At the valuation date, th• value ol the assels of the scheme was £63.7 billion and thè value of the scheme's techni¢al provlslons was £67.3 billion indicating 8 8hortf811 of £3.6 billion and a funding Tatio of 95.10. The key finanaal assumptions used In the 2018 valuation are described below. MO￿ detall is set oul in ihe ststement of Funding Prinriples. Pension increases (CPI) Term dependent iat9$ in lina wilh the difference betr￿een the Fixed Interest and Index Linked yield curves, less 1.3Q/o P.8. Discount rate Ifotward rates) Years 1-10.. CPI + 0.14% reducing linearfy to CPI- 0.73° Years 11-20.. CPI + 2.52% redudng linearly to CPI + 1.55% by year 21 Years 21 +: CPI + 1.55Yo 52

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Univ¢rsiti•s Supèrannuation Scheme (Continued) The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the 5chetne's experience cafried out as part of the 2018 actuarial valuation. The mortali(y assumptions used in these figsjres are as lolbws.. 2018 Valuatlon Mc￿ality base table Pre-￿lrement'. 71Q/o ol AMCOO IduiatK)n O) for maLs and 11¥A gfAFC(K) (duration 01 lor fèmales Post reliiemenl". 97.6% of SAPS S1NMA"lighf for males and 102.7Y¢ of RFVOO forfema￿S Futu￿ improvements to rnortality CMI_2016 with a smoothing pararneter of8.5 and a long temi improvement re of 1.8°h p8 for males and 1.6% pa for females. The ￿rrent life expectancies on retirement at age 65 afe.. 2021 24.6 2020 24.4 25.9 26.3 27.7 Males currently aged 65 lyearsl Females currently aged 65 lyearsl Mal&s currently aged 45 lyearsl Females currently aged 45 (years} 26.8 27.9 A new defjcat re¢xJvery plan was put in pLice as part ol the 2018 valuallon, whlch r¢qulre$ payment of 20/0 of salaries over the perth 1 Oclober 2019 to 30 September 2021 at which point the rate will increase to 6%. Thé 2021 dèficrt rtrcovery liabilty provision reflects this pLin. The liabilty figLsres have been produced using Ihe followng 85sumptions'. 2021 2020 Discount Rate Pensionable salary growth 0.87% 1.50% 0.73¢h 1.0()4h SSdney Sussex College 1975 Pension Scheme The College operates a dgfined bgneffts plan, the Sidney Sussex College 1975 Pen810n Scheme. The liath'lrties of the plan have been estimated for the purposes of FRS102 based on the results of the actuarial v4ILHtion as at 1 Juty 2020, adjusled for the different as8umpbon3 required under FRST02 and taking into consideration subsequent cash flows. The prinapal aduariBI assumptions at the balance sheet date were as follows.. 2021 %pa 1.85 2020 %pa 1.45 Discount rate Increase in salaries RPI assumption CPI assumpts'on Incrèasès lo deferrtrd pensions in excess of the GMP Increases to pensions in payment for servi¢e pre 614197 in excess of GMP Increases lo pensions in payment fof s•Thica from 614197 3.05 2.25 2.25 2.80 3.20 Members are assumed to relfire at the plan nomial retirement age. 53

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Sidnèy Sussox College 1975 Pensitsn Sehome {Continuedl The underlying mortality assurnption ts based upon 100.10 ol the rates in the 8tsnd8rd t8Ne known as S3LPA on 8 year ol birth usage with CMI_2019 future improvemènt factors and a long-temi rate of futu improvement of 1.250h p.a. and no additional improvement {A=O¥o}12020.' S2LPA. CMI_2017, 1.25Ph, A-O%1. The amounts recognised in the Balance Sheet as al 30 June 2021 Iwth comparative figures as at 30 June 20201 are as follows.. ZOZ1 2020 Present value of defined tenefit otligation Falr value of plan assets 7.829.300 {5.188,1(X)I 8,734,400 {4,413,8001 Net defined ber￿fit liability 2,641.200 4,320,600 The amounts to be recognised in Profft and Loss for the year ending 30 Jung 2021 Iwth comparative figures forthe year ending 30 June 20201 are as follows.. 2021 2020 Current service cost Interest ¢)n the nel defined benefft liability L055 on plan changes Losses lor gains) on Settlem￿1$ or curtailments 135,7 60,6CQ 184,￿0 71,4 Totsl 196,300 256,31X) Changes in the p￿sent value of the ￿an liabilities for the year ending 30 June 2021 (with comparative figures for the year ending 30 June 20201 are as follows.. 2021 2020 Present value of plan liabilities at baginning of period Current service cost Employee contributions Benefits paid and DIS premium$ Interest on plan liabilities AetU81ial {gainslllosses Gainlnoss on plan change$ Curtailrv*nt lyainlAoss Sèttlèment 8,734,400 135.700 11,100 (410,1001 124,700 1766,5001 7.770.S 184.900 17,900 162,30DI 176,400 647,(K Present value of plan liabiltss at ènd of per 7.829,300 8,734.400 54

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Sidney Sifvsex College 1975 Pension Scheme (Continued) Changes in the fair value of the plan assets for the year ending 30 June 2021 {with comparativ8 figures for the year ending 30 June 20201 are as follows.. 2021 2020 Market value of plan assets at beginniThJ of pariod Contributions paid by the College Employée ¢onlribuli￿s Benefrts paid and DIS premiums Administrativg gxpènses Interest on plan assets Retum on assets, less interesl induded in Profft & Loss Setuement 4,413.800 416,000 11,100 1410.1(N) 4.448,400 481,4)0 17,9fX) 162,3001 64,1 693.2 105,000 {577,1001 Market value of pian assets al end of period 5.188,11X) 4,413.800 Aciual ratum on plan assets 757,3C 1472.1001 The major Categories of plan assets for the year ending 30 June 2021 comparab've fwures for the year efiding 30 June 20201 are as follows.. 2021 70ts 2020 82Q 4% Equities Piopèrty Corpgrat¢ boTrJs th profit funds Cash 6° 4¥0 16% 140 Total 100% 100• The plan has no investments in property occajpied by, assets used by or ffinancial instruments issu•d by the College. Analysis of the rfrmeasufement of the net defined benefit liability recognised in Othèr Comprehensive Incorne (OCII for the year ending 30 June 2021 (with compafalive ffigures loi the year ending 30 June 20201 are as follows.. 2021 2020 Actuarial gainllloss) on plan assets AGluarial gainllloss) on plan liabilities 693,2(X) 766,S(M) (s77,1￿) I647,0￿} Re-rrEa6urement of net defined beneffit liability recognlsed in OCI 1,459.700 11,224.100) Movement in nel defined txnefil assetl Iliabilityl during the year endin9 30 June 2021 (with Comparative figures for the year ending 30 Jung 20201 are as follow8.. 2021 2020 Nèt deffined benefft assevoiabilityl at beginning of year Recognised in Profit and Loss contrib￿s0nS paid by ihe College Ré-measuiement of net defined benefft liabilty recognis8d in OCI 14,320,600) (3,322,100) 1196,3001 {256,3001 416,(J)O 481,9CX) 1.459,700 {1.224,1Q)I Net defined benofrt assèulliabilityl at gnd of ytrar ,841.200 4,320,600 55

SIDNEY SUSSEX COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Post Balance Sheet Event Since the year end. following the completion ol Ihe 21x20 a¢tU8rial v8luatlon, 8 new deficit re¢overy plan has ￿en agreed in respecl of the USS pension scheme. A new Sthedule of Contributions based on the 2020 actuarial valualion has been agreed, and become effective, post year end. This results in an increase of £2,286k in the provision for the obligation lo fund the deficTt on the USS pensK)n which would instead be £3.570k. As the Schedule of Contributions was not in place at the fjnanaal year end this adjustment will be reflected in the Financial Statements for the year ended 30 June 2022. 11 the Joint Negotiating Commrttee {JNC} recommended deed on beneffit thanges has not be8n executed by 28 Febmary 2022 t￿n 8 different schedulè ol contributions would become applicab￿. If this weie to happen then there would be an increase of £4,442k in the provision for the obligation lo furKI the dofi¢il on Ihg USS pen$i¢)n whi¢h would instead be £5.727k. 28 ContIng￿lt Llabllltle8 No contingenl liability ha8 been recogni8ed. 29 Related Party Transactions Owng lo the nature of the College's operathons and the ¢ompo¥ition of the College Council. it is inevilaNe that transaction5 will lake place with organisalions in which a College Coun￿1 member may h8ve an interest. All transactions invofving organi5ations in which a membei of the College Counc41 may have an interest are conducted at arm's length and in accDTdance with the College's nomi81 pro¢edures. The College maintains a register of interests for all College Councal members and where any member of the College Council has a material interest in a Col￿ge maiter they are required to declare that facl. During the year no fres or expenses were pald to Fellows in respeel of their duties as Trustees. Fellows are remunerated for teaching. research and other duties wthin the Collttge. Fèllows are billed for any privato ¢alg1ing. Trustees rEfflunerab"on overseèn by the Remuneration Committtr&. The salaries paid to Trustees (excluding employer's national insurance contributions and eM￿0yerfS pension contributions em lo ers in the ear are summarised in the lable below.. 2021 Number 10 2020 Number From £0 £10.W1 £20,001 £30,(N)1 £40,CM)1 £50,001 £60,001 £70.1)01 £80,001 £9Q.CK11 £10,OCN) £20.OC £30,000 £40,0(K) £50.1)00 £60,1X)O £70.(X)O £80,000 £90,000 £100,000 Totsl 16 17 The total Trustee salaries were £416k for thè èar 201￿20.. £497k The trustees were also paid other laxabb benefits (including asSOryated employer National Insurance conlribubon$ and ern lo r contributions to ensions whi¢h tot8lled £1￿k for the 2019-20.. £154k The Trustees were also paid expenses in respect ol Iheii leaching, re598rch 8nd other duties within the College which totalled £8.7k for the r. These ex nses related lo travel, Colle entert•inmenl and research ex ndrture The College has one trading and one dormant subsidiary undertakings whith are not consolidated into these accounts. All subsidkiry undertakings are IOOVO owned by the College and are registered and opeTating in EnglaThY and Wales. The College has taken advantage of the exemption wtthin 8edion 33 of FRS 102 not to disdose tr8nSaetions with wholl corn nies that are related rtps. 56