2024-06-30-accounts

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES AND FINAIYCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2024

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 June 2024 CONTENTS Page Trustees and Principal Advisers Trustees, Report for the year ended 30 June 2024 3-10 Statement of Trustees, responsibilities for the year ended 30 June 2024 Independent Auditors, Reporl 12-14 Consolidated Statement of Financial Activities for the year ended 30 June 2024 15 Consolidated Balance Sheet as at 30 June 2024 16 College Balance Sheet as at 30 June 2024 17 Consolidated Cash Flow Statement for the year ended 30 June 2024 18 Lyotes to the Financial Statements for the year ended 30 June 2024 19-39 Consolidated Statement of Financial Activities for the year ended 30 June 2023 40

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEES AND PRINCIPAL ADVISERS Trustees, Members of College Council Professor Dame Sally Davie%. Master Profe4%or Loui%e Merrell. Vice-Ma%ter Profes%or Catherine Barnard, Senior Tutor Mr Richard Tun)ill. Senior Bursar Ms Emma Davies, Junior BU￿ar Profe%sor Samila Sen (until 3 February 20241 Dr Benjamin Spagnolo (until 3 Febrnary 2024) Professor Caterina Ducati (until 3 February 2024) Professor John Hinch Professor Ntchola% Thomas Profes%or Cameron Petrie Profes%or Andrew Crawford Dr Anne Toner Professor David Tong Profe4.%or Hugh Hunt (from 3 February 2024) Dr Susan Daruvala (froni 3 February 2024) Profe.$50r Michael Squire (from 3 February 20241 Secretary of the College Council Dr Paul WingFfield Bankers Barclays Bank pl Barclays Commercial Bank PO Box 885 Mortlock House Hi.%ton. Cambridgye CB24 9DE Custodians J. P. Morgyan Chase Bank, N.A. Chase.%ide Bournemouth Dorset BH7 7DA Property Advisers Bidwells LLP Bidwell House Trumpinglon Road Cambridge CB2 9LD Solicitors Mills & Reeve Botanic Hou%e 100 Hill4 Road Cambridge CB2 1 PH Savills IUK) Lid Olympic House Doddinglon Road Lincoln LN6 3SE ndependent Auditor Crowe U.K. LLP 55 Ludgale Hill London. EC4M 7JW Registered Address Trinily College Trinity Sireet Cambridge CB2 1 TQ Historic name according to the Royal Charter dated 19 December 1546: COLLEGE OF THE HOLY AND UNDIVIDED TRINITY WITHIN THE TOWN AND UNIVERSITY OF CAMBRIDGE OF KING HENRY THE EIGHTH'S FOUNDATION Registered Charity Number: 1137604

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 The memben% of the College Council, who are charity trustees I"Irustees'}, pre%enl their stalulory report and audited con%olidated financial statenienls for the year ended 30 June 20?4. Struclure, Governance and Management Trinity College. CambridgFe, was founded in 1546 by King Henry Vlll. In October 2023. the Collegye had 190 Fellows (academic staff involved in teaching, research and admini.%lration) and 938 junior members in residence 1708 undergyraduates, 230 po%lgraduale%l. The current Staiute% of the Collegye were niade under the Univerqilies of Oxford and Cainbridge Act 1923 by an Order in Council dated 30 April 1926. Subsequent alieralion% have been made on variou4 dates by the procedure sel out in the Sialules and in accordance with Section 7 ()f the 1923 Act. The College ha% l O fully owned %ubsidiarie4 which are consolidated into Ihe4e accounl.s. Tliey are all e4labli%lied for investment pury)oses. Govern4nee n accordance with the Sialule.%, the College is administered by the Colle&Je Council which norn]ally meets once a week during Full Tenn and on occa%ion in the vacation%. Meniber.% of the Council are charily Iruslees under the Charities Act 201 l. The Master, plu% thirteen Fellow%. four ex officio. serve a% member% of the CollegFe Council. The charily truqlees receive no paymenl for their role a% trustee.%. Th¢ Council ha% Standing orde￿ gFoverningF Ils meetings, and an Ordinance on conflict.% of interest. The Council sets down rule%, re¥ulalions and procedures govemingF mo%t aspect% of College life, principally through enactingy or amending where appropriate College Ordinances. The Council is Iwiih limited exception%) %ubject lo review by a College Meeting, namely a meelingy of the Ma%ler and Fellows. There are al least two College Meeting4 each year, Ihe Accounts Meeting following the audit and the Annual College Meeiingi at which Inernbers of the Couiicil are eleLted Iihree each year, lo serve for three years). Special College Meetin¥.% may be summoned by a procedure specified in the Sialute%. The principal officer.% of the College include the Master (who is appointed followingy a proce4% where Ihe College recommend% a name lo the Prime Mini.sler, who makes a recomniendation 10 Ihe sovereigFn). Ihe Vice-master {who is elecled by the Fellow%). the Senior Tutor, and the Senior and Junior BuThaTh (all three appointed by ihe Council) Ihese are all member% of the Council ex officio. Other officer% of the Collegye include the other Tutors. the Deans of CollegFe and Chapel. the Librarian. the Lecturers, the Steward and the Chaplains. Newly elected Ineinbers of the Council, who will as Fellows already be fainiliar wilh the Colle&ie's Statutes and Ordinance%. receive a briefing on the duties of Tru4lee% from current College Officer% and the Secretary of the College Council. Mernbe￿ of Council receive trainingTr and infonnalion lo keep Ihem infonned on sector is.%ue and regulalory requireinents froin the College's soliciiors and auditor%. All meiiiber% of Council are required to register any interests under the College's conflicts of interest policy. The Collegye Council have considered care￿I]Y the principle% set out in the Charitie% Governance Code and are satisfied Ihal in all material respects the governance arrangements for the ColleLFe are in liiie with tho* principle.%. Committee& There are a number of comniitlee% in the College. %ome standingi, %ome appoinled by the Council for a particular purpose. Members of coniniitlees are appointed by the Council, and membership of standing commilleeq is reviewed annually. The cominillees niake recommendations 10 the Council. and deci.4ions are taken by the Council. Financial and operdtional risk% are the respon%ibility of the Senior and Junior Bursarq respectively and are reviewed by relevant College Conimiltees who report lo the College Council. Among Ihe%e are the Investment Conimittee. the Expenditure Comniittee, the House Conimillee and the Audit Committee which between them review all aspects of operational and fiiiancial perfonnance. financial governance and ri%k. The Buildin¥s Committee ovepiee% the day-lo-day maintenance work and manage% the proLFramme of major renewal4 and renovations across the College.

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 (continued) Structure, Covernance and Management (continued) The College s Stipends Comin ittee and SiatT Committee recommend Ihe pay and remuneralion of Fellows and Staff reqpecltvely for the approval of the CollegFe Council. The operation of the Stipends Commiltee 1% governed by a College Ordinance, which provide.% that .%lipends of rnajor officeTh are reviewed by a special .4ub-commiltee with no members who are themselves major officers. The Educalion Cominitlee makes recomn)endations lo the Council re¥arding teaching staff, subjects and the organisation of .studies. There ]% a Liaison Coniniitlee, including several repre￿ntatIveS elected by the junior menibers of the College and some Fellow% appoinled by the Council. whose remit 1% lo di.scuss and make recominendalions about rnatte￿ of concern to junior membeTq. The Liaison Comm ittee's Ininutes are received by the Council. The Staff Con5uliation Cominittee. chaired by the Master. is where elected representatives of the College's non- academic staff meet wilh the Junior BUr￿r and Human Resource.$ Director lo discuss matters of interest lo staff collectively. li reports a4 appropriate lo the Council and other College bodies. Objectives and Activities The object of Triiiily CollegFe 14 advancemenl for ihe public benefit of education. religion. learning and research, primarily by the maintenance and development ot a College in ihe Univer%ily and City of Cambridge. The College provide%, in conjunction with the University of Cambridge of which il 1% part, education for undergyraduate and Eraduate student% which i% recognised internalionally as beingi of the highe.st .standard. Bur.%arte% and studentships are provided. whev] needed, to both undergraduate and gyraduate member% of the College of limited means, including some .%upport for underg?raduates through a bursary scheme operated in conimon with the Untversity aiid the other Colle¥e%. The CollegFe admits a.% nieniber% those %tudenl% and academics who have the Iiighest potential io benetil from the educational and re%earch facilitie.% that the Collegye provides a.% a con¥lilueni collegye in Cambrid¥e unive￿ilY and who Iherefore mu%1 salisfy hig,1) academic requirenient% t.or entry. The CollegJe ha% no geographical or religFiOUS barriers lo entry - member% come from a very wide ranLye of backgrounds - and there are no age re%lriction%. save that the CollegFe doe% not nornially adinil 4ludent% under the age of18 al entry. Dependent on the succes5 of the Univer%ity for the College's objeci io be achieved, the College makes donations to other colleges, Tru%ls ai)d in%litulions in the University with objecls similar lo its own. In particular. the Collegye makes donation% lo the Cambridgye Tnxst and Ihe Isaac Newion Trusi. The l%aac Newton Trn%t was e.%tablished by the College in 1988 and il %upport4 departn)ents, bodie% and individual% in the wider Univer%ity. The Trust is an independenl charity which may shore some common tru%iees wilh ihe CollegFe. The CollegFe also under il.s Sialute XL Vl from lime to linie make.4 donations lo charitte% in and around the City of CanibridLye. and to appropriaie bodies in areas where il owns property. The ¥reat majority of the acadeniic staff are Fellows of the College, elected in the variou% ways pre.￿ribed by ihe College s Stalutes. As well as TeachiniJ Siaff, Ihe Fellowship also includes Research Fellows (Junior and Senior). certain %enior administrative ofticer%. sonie Profe.%sors in the Universily. and persons who have retired after long %ervice in one or more of these roles. The Council ha% given due regard lo the bFuidance on public benetil publi%hed by the Charity Commi55ion. and to ils two key principle%, that there musl be identifiable benefit and Ihal the benefit musi be to the public or a %eciioii of Ilie public. The Council 1% %ali.%fied that the object and activities of the College fully meet the public benefit requirements during the year under reiwiew, as demon%traled by its increa%ed focu% on outreach and wideningy the opponunilies lo acces8 to Cambridge Univer%ily educalion and by ils provision of educalion and research as outlined in more detail below.

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 (continued) Achievements and performance Educuticpn The College admitted 191 undergraduate %ludents in October 2023 tor regular study from all backgrounds acros Ihe wide range of subject.% Studied in the Univer¥ily. A further Ihree %ludenl% were adn]itted for one year on variou% exchange OT Vi.Sltor programnie.s. As u.sual, many %ludenl% (291 returned after graduation for ￿rther %ludy. and the Collegie admitted a further 72 graduates froin other Universities to read for Master s degrees and/or doctorate% in various subjecls. 20 students continued to a PhD after col￿pIe{ing a Master's degree. During the year, junior m￿nber% achieved l 00 Master s degrees and 67 PhDs. Our .%ludenl body is international, with 79 nalionaliltes represented. In 2023-24. 15 Trinity students canie lop of their individual Tripo%e.s. %ame as in 2022-23. Overall, Trinity %ludents scored higher in 2023-24 than in previou.s year%. Although the overall picture is a positive one. d¢lailed analysis suggyesls di%crepancie% amon￿1 variou% groups {e.g., widening parlicipalion, LJender. eihnieity), which will require further work. The Academic. Profes%ional and Personal Progyramme aims lo offer support and address existing gaps and the team are working with other colleges to explore opporlunilies for largeted.%upporl. The College also came lop of the Tomkin.s table. The College ha% extended the Trinity Maintenance Grant pilot scheme for one further year. for applicants applying for entry in 2025-26, and remain.s conimitted lo ihe ambition for all Trinity students lo be able lo ¢oinpleie and enjoy their degrees withoul financial concerns. The College recognise% that many 4ludent.s are from backgrounds which are under pres.%ure financially. particularly in the wake of increa%e.4 in the co%1 of livinbF and aim% to give 4tudents the %ecurily to be able to benefil froiii the rich cultural. social and sportingy life Cambridge ha% to offer. Religi()n The Stalules of the College state thai the Council shall Tnake provision for Ihe celebration of Divine Service in the Collegie Chapel. a tradition which has continued lo flouri%h during, the year under review. Tlie regular services duringtr Full Tenn of ihree Choral Even.songs. logeiher with service% of Compline and Eu¢hari%l. continued to be well altended by inember¥ of the CollegFe coinmunily and visitor4. The Colleg?e supports its chordl tradition through the College Choir, which 1% central lo Ilie provision of Divine Service in the Chapel and reache% out lo a worldwide community through the webca%1 of all choral .%ervices froin the Chapel. In addition lo the regyular .services. weddingys. baptisms and niemorial service.s are often conducted for member% of Ihe Collegye community. The Dean and Chaplains are a central part of the College's welfare provision and see all Ineinbers of College on mailer% of pe￿o￿al concern. whatever Iheir faith. The Chapel 1% al.40 a place of spiritual and ethical reflection, and through ils leaching and through a host of aclivilie.% engaLFes studenls, Fellows and staff in consideration of the implications of reltgious belief tor individual% and 40¢iely. The College continues lo support the 31 parishes around the couniry for which it 1% Patron. Learning We are now back to pre-pandeniic levels of reader% in the Wren Library witli appoinlmenl.s fully booked acro%5 mucli of the summer of 20?3 and numbepi remained hig,h acro%5 the year with reader% calling up ileni% from all parts of the Library and Archive holdingF.%. Reader% have al.%0 been keen to see several uncatalogiued parts of our holdingy% wliich reaffirn)s the need lo en%ure all of our collections have adequate descriplions and findingy aids to enable re%earch to take place. Several Major events have taken place in the Library thi% year including the celebration of the Byron bicentenary in April which culminated in a wreath-laying cereniony with di%lingut4hed guests including the Greek Anibas.%ador and Arclibi%hops visiting, along￿ with Ihe Mayor of Missolonghi lo pay tribute. Thi% wa.¥ closely followed by Ihe repalriation of four Gweaglal fisliingi %pear% owned by the Collegye to the La Perou%e community in Au%lralia. Thi% was Ilie re.%uli of niany yeapi of work on behalf of the College and the Museum of Archaeology and Anthropology where the spears had been on deposit since1914. The world's media descended on the Library wtih the story picking up over 3000 inlernaiional repon.%. demonstrating the %igFnificance of the event.

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 (continued) Learnin¥ (c'i)nlinued) The Wren LibTary reopened lo the public in Seplember 2023 and immediately participaled in the Open Cambridge fe¥lival where we exhibited items relalingi lo nuclear fission in line wilh the cineniatic release of Oppc?nlieimi?i'. Promolion on local new% broadca%ts and Cambridge radio drew over 4000 visitors duringy the course of the week, demonslraling the keen inleresi froin the ¥eneral public in .4eeing Ihe Library. By the end of June 2024 we had received over 25.000 visitor% duringF our public hour%, and couniles4 .%pecial inlere4t gyroups had visited, and many clas4e% usingy the ¢olle¢lions have been held. The College Library has remained bu%y as ever. Stock improvenient work continues with many outdated works removed from the shelve.s and replaced with 311 O new title% selecled from undergyraduate reading, lists. We have also received several larLye and very generous donation.% of modern books from both within and external lo the College that will enhance our collection% greatly. We were able to in]plemenl %everal improvements to the .%pace a4 a re%uli of the annual student survey includin¥ new ergFononiic chair%, standing desks, sofi seating, adjustable lighting. freestanding nion1t0￿, plants and pictUTe% to try to make the be%1 of the 4pace until 4uch time.4 a4 a new building is possible. Thi4 ha% opened a real dialogue with our 4ludents and acr055 the course of the year we have been able to iniplement lols of smaller changes thank4 lo comments POSted on our new feedback board, demonstrating that the College Library runs a.s a re.%pon.4iv¢ 4ervice to our comillunily. Work ha% conlinued apace in the College Archive. Di¥itl.%alion of the audio-visual collection% 14 almost complete. Member% of the College have been mo.%1 generou% in helping us fill gaps in our holding.% particularly of photographs and May Ball ephemera which w¢ are proactively displaying during reunion events. Most excitingly, we received pennis%ion late in the year to recrnil for a new position of Graduate Trainee Ar¢hivisl. A Trainee Librarian has been in in the Librdry's Staffingi coiiiplement for Inany year?. bul archival training po%itions are scarce in the profession. We are deligFhied lo be able lo offer tliis essential development and training opportunity and the facl we received 104 applications for thi% po.%1 demonslrales the clear need for such positions. and align with the College's aiins for excel lence in education in all fonns. Re.ieur('h Research 1% a Core charitable purpose. and the Collegye %pend% over £10.6m a year directly supporting research acliviiie%. Of the Collebye's research students. 41 receive a toial of £),732k in scholarships across all acadeinic disciplines. A further 15 re.search student% from other colleg¢% ar¢ funded at £1.763k by Trinity throug,h the Canibridge Trust. At the po%l-docloral level, the College %upport4 32 Junior Re￿arch Fellows at the co%1 of £934k over a wide rangFe of subjects. The eight starting in October 2024 are researching the 'sunflower problein. in mathematical set theory, experimental femtosecond optic4, the propertie.% of randoni 8ymmelric matrices, the Middle Engli%h .spiritual text Tlic, Cloiitl, the influence of the law and markets on American literaiure. the evolving perception of the fo%%il ammonile%, the influence of the 4eleclion of papepi by the India o￿tCe on our interpretation of history. and the role of pho%phoru5 on the evolulion of the Earth. Alumni have also funded three separate post-doc at the college al a co.41 of £231k. The College employs 12 College TeachTng Fellow% who devote half their time to research, half their total .salary cost beingr £527k. In addition. the College contribute% £1,314k through the Isaac Newlon Trust towards %upporting the researcli of 74 Leverhulme Early Career Fellows. At the Professorial level, the College fully %upport%, at a co%1 of £469k. three Senior Research Fellows working on Italian literature and culture, on Ru4.%ian culture and history, and on po%l-colontal %ocial politic%. The substantial majority of re%earch output of the collegye is however contributed by the 145 other Fellows. employed by the university or retired. In addition lo supporting people, the College supports the research travel and other research cost% of Fellows at £203k. plus al%0 £118k on academic visitors to the college, and further 4upports general research in the university IhTough the Issac Newton Trust al a cost of £1,363k.

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 30 JUNE 2024 TRUSTEES, REPORT FOR THE YEAR E]NDED 30 June 2024 (continued) Ré.search (conlinued) This year Iwo Fellows were elected Fellows of the Royal Society, one for research in early detection and prevention of cancer, and one for the role of viscous flows in living systems. Another Fellow was elected to the Academy of Medical Sciences, for research on neuron circuitry. A Fellow received a Wolf Prize for research in cosmology, and another a Copley Medal of the Royal Society for engineering therapeulic antibodies. Three fonner JRFS received Prizes at the European Congress in Mathematics. Future Plans Trinity 2046 Looking fonvard to the 500th anniversary of its founding in 2046. the College commissioned an estate plan to provide a comprehensive aT]d innovative vision for how Trinity's buildings and green spaces could be developed over the next 30 years and beyond. Of the wide range of estate development opportunilies included in the Trinity 2046 plan, theTe will be three major projects that will addr¢&s the most pressing needs identified in ihe consultation and be transformational for the College: Transforn]ing and expanding the College Library A study and social hub al the Brewhouse site Supporting spon and wellbeing through th¢ redevelopment of Old Field The next phase will be to identify architects to make more detailed proposals to the College and to seek philanihropic support lo enable these projecis io take place. Education provision The College is to launch a new, five year funding Scheme to support PhD studentships, collaborating with the University, the Schools and the Isaac Newton Trust to deliver between 35-40 sludentshtps each year a¢ross the University. In 2024-25. the Trinity Enirepr¢neurship Progrdmrne will pilot with the first group of students, in collaboration with King's College's E-Lab Programme. Tolal Relurn The College has decided, after careful consideration, lo move to a Total Relurn method for calculating income available for general funds. To be able to implement this move, the College 15 in a process to update ils Sialutes which it exp¢cts to be complete in the year to 30 June 2025. This approach would see the College moving to a total return forn]ula. such that 3 % of the value of the endowment over a 5-year moving average lagged one year is distributed. The College's approach to distribution of the Endowment will be subject to regular review in the future. Financial Review The College's net assets increased by £221 m to £2.413bn (2023.. £2.192bn). primarily as a result of an increase in the valuation of the investments of £201m. The College's Statement of Financial Activities (SOFA) is presented in the fonnat required by the Charity SORP, which divides the College's income between various funds. The Endowment Funds represenls pennanent capital split between the College's Corporate Capital, which has ihe features of, and has been treated as, a Pennanent Unrestricted Endowment fund, and Other Endowments where the College has received specific donalions and legacies that are to be held in peTpetuity. The income from the Other Endowments are further split between Restricted where the original receipt also restricts the College in ihe use of income arising from the capital and Unrestricted where the College can spend the income on any aclivity of the College. Restricted Fund5, and the income arising, can only be used for the purpose5 for which they were originally given. The College's Designated Funds represent resources set aside for specific purposes. Therefore, in any given year Ihe key indicator of the College's financial health is the Net Income/Expenditure after trdnsfers in the College's unreslricled General and Designated Funds which were £6.2m in surplus in 2024 (2023.. £5.8m surplus). This reflects healthy increases in investn]ent ineome. Income from charitable activities (education) ¢onlinued to grow in the year, the main contributor to the increase was from residence and catering, increasing lo £7.9m (2023: £7.5m) due to an inflationary increases in charges. Income from investment rents was down in the year due lo some properti¢s being emply while being refurbished.

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 (continued) Financial Review {continued) Dividend% income conltnued to be increase significantly. Income from equity dividends increased by £2.7m. bank interest by £4.3m but property incom¢ wa% down by £ l.Om. In addition lo fundiiig 115 own activitie% and making its Unive￿IlY Contribulion ot- £3.9m 12023..£3.3nil to the University s Colleges Fund. the Col lege Inade substantial donation4 lotalling £8.3m 12023- £5.5m), mainly lo support wider collegiate Cambridge. and has increa4ed spending on scholar5hip.4 and awards to £8.8m 12023: £8.Om). The overall costs of charitable activities (i.e. expenditure) were increased froni £53.2Jn 10 £55.9. Included in 11105e costs, expenditure on Re4earch remain% constqlent with previous years al around £5m Inol includingy additional funding for research throug,h Scholar%hips and Awards and through Donations}. The Inainlenance of the College's fabric and infrastructure is a constant draw on Ihe College s resource, but often with significant varialions frorn year lo year. Maintenanee. repairs and improvement8 decreased to £6.2ni {2023: £8.6m). The main expenditure in Ihe previou.s yearbeing the completion of the re￿rbi￿hMenI of North West Greai Court. In year.% of low expenditure. the College makes Iran%fer4 to the Renewals and Renovations Fund whiclj pan of Designated Fund%. Thi% Fund is used in yeapl of higher than averagye renovation expenditure. The pension %chenie. now ITJ surplu%. is funded by the Collegye ba%ed on advice fron) the scheme actuary and i not considered lo b¢ a financial risk to the College's activities or assets. Reserves Policy Toial fund% within the group were £2.41bn al 30 June 2024. This comprises Corporale Endowment of £2.02bn. Other Endownient% of £197m. Re%lricted Fund% of £72m. Designaied Funds of £77m and General Funds of £44m. In order io provide a cushion again%1 downturn%. the College seek.% to maintain re%erve4 in Ihe Con40lidated Unre%lricled General Fund% wiihin a range of six to eighteen month% worth of Ihe annual co%1 of il% General Funds charitable activilie.%12024.. £?3.6m to £70.8ml, will) a largyel of an average holding ot twelve month.% worth120?4.. £47.2m). The ¥eneral fund% are Iherefore comfortably within the required ranbJe. Collegye 1% aware that the implemenlation of the Trinity 2046 capital progTrramme and Renewal% and Renovations projects will have a %ignificanl iinpact on reserve% over the next few years. and therefore in the year under review the Council de%iginaled an amount of £25ni out of General Funds into a Capital Projecl.s Fund. For re.4erves held a% ca4h, the College maintains a model whi¢li calculaies a reserve level ba.4ed on a %en%ilivily aDalysis ot operational income and expenditure. the CollegFe risk register and cash flow projection% for n)ajor building% work and investment property developments. The ca%h reserve held to be sufficieDI for any downturns and to ensure sufti¢ient liquidity to fund ongoing operational aclivity and major capital expenditure without the need lo sell investment% in the %hort teTm. Any exce%s 1% generally invested in the College's global index equity portfolio. The College % reserves and cash postlion are deemed to be 4ufficient agFainst the targets outlined in this policy. Investment Poliev and Performance The purpose of the college s investment% is to support the College in achieving il.% aim= the advancement of education, religion, learningF and research. The inv¢4lment% of the College have two objectives.. Trinity College aini% to maximi4e ri%k-adju%ied relum% and 10 acliieve a lon¥-ruD lotal return of ai lea41 CPI +50/0 on it% inveslmenls. Trinity College aims lo have a po%itive environmental. qocial and gyovemance iinpact through il% inve%tnieni%. Trinily comniil% to achieving a carbon nel zero portt.olio before 2050. To Ihat end. the investments have two intermediate 4cien¢e-ba%ed largets.. a 21 /0 reduction in emission froni the 2019 baseline by 2024. which ha% been acliieved. and a 46.20/0 reduclion by 2030.

TRINITY COLLEGE, CAMBRIDGE ANIYUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 (continued) Investment Policy and Performance (continued) Over the last 1. 5 and 10-years, the financial returns on our investments have exceeded Trinity's iT]vestmenl objective of CPl+50/o. This performance has been a result of the College's asset allocation, strong perforniance from global public equity markets, and high asset specific returns over recent years within the College's property investments. This has resulted in the value of our investments rising in real ternis (above illflalion) after dislributions to the College and substantial donations to the collegiale university. Regarding perfonnance on environmental goals, the endowment has exceeded ils high_level largel lo reduce emissions by 21 /0 from its baseline in 2019. This was achieved mostly as a result of divestment from fossil fuels in 2021. Carbon intensity has a150 reduced by an average of over 10 % year on year since 2019. There has been a strong improvement in the quality of data from the propety portfolio, with over 60 % of our property data now coming from a primary source. The College invests in properties, public equities. private securilies and cash. Exposure should be well diversified across asset classe.s and geography. Portfolios should ak)maintain enough in liquid assets (public equities and cash) lo meet short tenn financial needs.The College's investments in public equity and propeity Slt towards the upper end of our target ranges of 30-600/0 and 20-50°/o respectively. Our public equity investments are largely held in a global index account with environmental, social and governance exclusions. Our property holdings are either direct holdings or held within subsidiaries of Ihe College. Boih private equity and leverage sit below the lower end of the largel ranges (10.20 %) and plans are in place to increase both over lime. Indeed, in 2023, the College set up the Trinity PE Limited Partnership, which allows it lo invest In unlisted equilies through a programme agreed by College Council. The limited partnership is managed by Adams Street Capital Partners, who support the College in allocaling to underlying managers, mostly in global. early-sthge and primary funds. The first tranche of the progrdmme has been successfully allocated, and a second ttzn¢he for next year was agreed by Council. On the property side, over the last year we sold our investment in strategic land ai Worsham Fann, Bexhill-on- Sea, after planning was granted. The proceeds were reinvested in our global public equity index account. Regarding sustainability. the focus in 2023-24 has been on executing on our sustainability strategy of Decarbonisation, Positive Investment and Influence. Nolable progress was made on the Cambridge Science Park on degasification, waste management, optimisation of energy use across our buildings. Trinity is also delivering on several opportunities for 501ar, and on a tree and hedge planting programme. In our Private Equity portfolio, we committed to investing in climate impact funds over time, with a first commitment already made after year end. We continue lo engage with our managers, tenants and investee companies. After year-end, the College raised a further £100m in debt for efficient portfolio management purposes. Risk is defined as the potential of not achieving the endowment's long terni objectives as a result of permanent loss of capital and income. The key risks idenlified are concentration risk around our property holdings. people risk. relationship concentration risk. and health & safety risk. Actions are in place io mitigale all of these risks. Going Concern The Council has considered carefully the financial position of ihe College and ils ability lo rernain a going concern for the foreseeable future. li considered the volalilily in the UK together with the risks to the world economy arising from various international conflicls and other external faclors which could impact on the financial position of Ihe College in the short lo medium tern]. This included cash flow forecasting with a five year forward view. The Council is cognisanl of the fact that the operational income of Ihe College is not sufficient to fund the operational activities of the College and it is therefore dependent on the endowment to fimd ils operations. The cash position and the College's liquidity for the foreseeable future as described in the Reserves Policy section of this report are de8igned to ensure the College has suffjcient cash io manage ils op¢ralions and major expenditure requirements without the need to Sell investment assets. The global equity portfolio is distributed across a large number of publicly available exchanges and could be liquidated into cash at short notice if required. At the lime of approval of this Report. although the risks around the economy remain, the College's financial position is strong. The Council is satisfied that the College will remain a gotng Concern for ihe foreseeable future.

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 (continued) Statement on fundraising Trinity College fundraising 1.% carried out by CollegFe employee% in the Aluinni Relations and Development Office IARDO) and involve% engaLFing with 13.300 contactable alumni and other .%elected persons or entitie% with an interest in the work of the College. The activily is overseen by the CollegJe s Aluinni Relations and Developinenl Comiiiillee. Fundraising method% include face-to-face meeting%, direct mail, social media and email and telephone ¢alls undertaken by 5ludenl% employed by the College. ARDO coniinunicalions refer to our dala protection tatement and all bulk email communication% include an option to un4ub8cribe. In 20?3-24, 2169 alumni. foundation% and friend.% gave or committed to give £10. Ini via ARDO. Tlie College received £9.8in in donation income. The Collegye is regi.4lered with the Fundraising Regulator and its IogFO appear4 on all alumni and development publicalions. The College abides by the FundraisinL' Code of Practice in ils activities and there are no known in%tances of non-compliance with the Code. There were no complaints received in the year about fundrai%ing. ARDO %tatTare required lo indicate if they are concerned that someone they have contacied might be con%idered to be vulnerable. If there are any concerns that %omeone lacks capacity lo make a deci%ion to donale, then fundraising approaches are stopped. ARDO 4taff receive training in the workplace and exiemally to en4ure they keep up with be%1 practice. Risk Management The College ha% a process for identifying, evaluatiiigy and managingi the key ri%ks in undertaking ils activitie4 and achieving its objective%. The College mainiains a Risk Register which seeks to identify all of the %lralegic ri%ks faced by the College as well as the operational risk% identified by individual department%. The College s Audit Conimittee reviews ihe Risk Register once per year and the .4trategic risks are considered annually by the Colleg¢ Council. The principal risk% faced by the CollegFe are.. Princi )al ri%k Failure in duty of care to .%tudent%, laff or Fellows How risk is mana Jed Trnining and communication to all member% of the college Health and Sately %upport IhrouLJh dedicated depannient SafegFuarding policies and processes Organi%alional structure and goiiernance through ¢ommittee% Whi%ile blowing, policy Significant reductions on valuation of inve%tment% {e¥ stock markel cra.sh) Investment policy Diverse portfolio Investment Committee Infectiou.4 disease pandemic Disaster recovery plans Emergency procedures for council and heads of department Technology ¥olution.4 lo nianage operationq remotely Fire or other catastrophic damage to hi%iori¢ building.4 Regyular inspections and condition review% Dedicaled works department Preveniaiive niaintenance progFramme Fund4 %el aside in de%ignaled fund Insurance Peniianent loss of a major income stream Inve%lmenl portfolio 14 diver%ified between property and equity Maintatning, General reserve% level4 Longi lern] ca%h flow forecaslingy willi buffer4 for economic risk 10

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Annual Report and ihe financial stateinents in accordance with applicable law and United Kingdom A¢couniinu Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England and Wales requires the Tru%lee4 lo prepare financial %talenient% for each financial year which give a true and fair view ot the slate of affairs of the College and the group and of the incoming resource% and application of resources of the College and tlie group for that period. In preparingy these financial statement%, the Trustee% are required to: select suitable accounting policies and then apply them consistently. ob.%erve the method.% and principle% in the Charities SORP. make judgments and estiniates that are rea%onable and prudent- tale whether applicable accounting Standards, comprising FRS 102, have been followed, subject to any material departure% disclosed and explained in the financial %tatements' and prepare the financial statement% on the gioing concern basis unles% it 14 inappropriate to pre%ume that the charity will conlinue in business. The Trustees are re%ponsible for keeping proper accounting records that disclose with rea%onable accuracy at any tinie the financial po.%ition of Ihe charity and enable Ihem lo en%ure that the financial statements comply with the Charitie% Act 201 I, the Charity (Account% and Reports) Regulalions 2008 and the provisions of the Sialules. They are also respon%ible for safegFuardingJ the a%¥el.% of the College and the group and hence for taking¥ reasonable steps for Ilie preveniion and detection of fraud and other iffegularitie.4. The Tru%lees are re%pon%ible for the maintenance and integrity of the charity and financial infonnation included on the College's website. Legyi%lalion in the United Kingdom govemingy the preparation and disseniination of financial .%lalenienls may differ from legislalion in other juri.sdictions. Approved by the Collegye Council on 25 November 2024 Professor Dame Sally Davtes. Master Mr Richard Turnill, Senior Bursar

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 INDEPENDENT AUDITORS, REPORT TO THE GOVERNING BODY OF TRINITY COLLEGE, CAMBRIDGE We have audited the financial stateinents of the Trinity College, Cainbridge I'ihe charity,) and its subsidiaries ('the group.) for the year ended 30 June 20?4 wliich comprise Ihe Consolidated Sialemenls of Financial Aclivilies, the Coii%olidated and College Balance Sheets, the Consolidated Cash Flow Sialement and Note% lo Ihe financial statements. includingy significant accounting policie%. The financial reporting, framework Ihal ha% been applied in their preparation 1% applicable law and United KinL,dom A¢¢ounting, Standard%. including Financial Reporting Standard 102 The Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the group.s and the charity's affairs as at 30 June 2024 and of the group's incoin ingy resources and application of resources. includingi its incoine and expenditure. for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: nd have been prepared in accordance with the requirements ot.the Charitie.% Act 2011. In our opinion the Contribution due from the College lo the University in relation to the provision% of Statute Gll has been recogni%ed as advised in the provisional as.%es%menl by the University of Cambridge Basis for opinion We conducted our audit in accordance with Inlernational Standards on Auditing (UK) (ISA% (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor s responsibilities for ihe audit of the financial statement% section of our report. We are independent of the gyroup in accordance with Ihe ethical requ irenients that are relevant to our audit of the financial stateinenls in the UK. including the FRC'S Ethical Siandard. and we have fulfilled our other ethical respon.%ibililies in accordance with Ihe%e requir¢nients. We believe Ihat the audit evidence we have obtained is suffIcient and appropriate to provide a ba¥1% for our opinion. Conclusions relating to going concern In auditing the financial stateiments, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statement% is appropriate. Based oil the work we have perfornied, we have not identified any niaterial uncertainlie% relating io eveni4 or conditions that. individually or collectively. may cast significant doubt on the charity's or the group's ability 10 contiiiue as a goingF concern for a period of at lea%1 twelve month4 from when Ihe financial statement% are auihorised for issue. Our respon%ibililie.% and the re%ponsibililies of Ihe Iru%tee5 wilh respect to going concem are described in the relevant sections of thi.s report. Other information The trustees are respon%ible for the other inforn)alion contained within the annual report. The other inforn)ation coiiiprises the intonnation included in ihe annual report. other than the financial Statements and our auditor s report ihereon. Our opinion on Ihe financial %lalen)enl% does not cover the other inforn]alion and. except to tlie extent oihenvi4e expliciily 4taled in our report. we do not expre.%.s any fonn of assurdnce or conclusion Ihereon. Our re%ponsibility is to read Ihe other infomialion and. in doing so, consider whether the other intorniation is materially ineon%i%tent with Ihe financial statements or our Icnowledge obtained in the audit or othenvise appear to be materially nii%.%tated. If we identify %uch material incon4i.%lencies or apparent niaterial mi%%lalemenl%. we are required to delennine whether this gFive% ri%e to a material mi4slatemenl in the financial statenienl% Ihemselves. If. ba%ed on the work we have performed, we conclude Ihat there is a material missialement of this other inforniation, we are required lo report that fa¢l. We have nothing to report in thi4 regard. 12

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 INDEPENDENT AUDITORS, REPORT TO THE GOVERNING BODY OF TRIIYITY COLLEGE, CAMBRIDGE Matters on whi¢h we are required to report by exception We have nothing to report in respecl of the following matters in relation to which the Charities {A¢counls and Reports) R¢gulations 2008 requires us to report to you if, in our opinion.. the infonnation given in the financial stateinents is inconsistent in any material respect with the trustees. report. or sufficient and proper accounting records have not been kept by the parent charity. or the financial statements are not in agreement with the accounting records and returns; or we have not received all ihe infonnalion and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement. the trustees are responsible for the preparation of the financtal statements and for being satisfied that they give a true and fair view, and for such internal control as the trnste¢s deterniine is necessary to enable the prepardtion of financial statements that are free from material misstatement, whether due to fraud or e￿Or. In preparing the financial statements, the trnstees are responsible for assessing ihe group and the parent charity's ability to conlinue as a going concern. disclosing, as applicable, matters related to going concern and using ihe going concern basis of accounting unless the trnslees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance wilh the Acts and relevant regulations made OT having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurdnce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of ihe extent to which the audit was considered Capable of detecting iTTegularities, including fraud and non-compliance with laws and regulations are sel out below. A ￿rther description of our responsibilities for the audit of ihe financial statements is located on the Financial Reporting Council's website al: www.frc.or -uklauditorsres onsibilil&e%. This description fom)s part of ow auditor's report. Extent to which the audit IVVdS considered capable of detecting irregularities, including fraud Iryegularities, including fraud, are insLqnces of non-compliance with laws and regulalions. We tdenlified and assessed the risks of material misstatement of the financial statements from iffegularitie8, wheiher due to fraud or error, and discussed these between our audit leam members. We then designed and perforn)ed audTI procedures responsive to those risk5, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity and group operdtes, focusing on those laws and regulations that have a direct effect on the detemiination of material amounts and disclosures in the financial staten]enls. The laws and regulations we considered in this context were the Charities Act together with the Statement of Recommended Practice for Charilies (SORP) 2019, taxation legislation and general data protection legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement ilems. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but coinpliance with which mighi be fundamental to the charity's and group's ability lo operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist wiihin the charity and ihe group for fraud. 13

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 INDEPENDENT AUDITORS, REPORT TO THE GOVERNING BODY OF TRINITY COLLEGE, CAMBRIDGE Audilingy standards limit the required audit procedures to ideniify non-coiiipliance with these laws and re¥ulalions lo enquiry of the trustee.% and other management and inspection of regulatory and legal corre.spondence. if any. We identified the greatest risk of material impacl on Ihe financial slalemenls from irre¥ularilies, iTJcluding fraud, lo be within the liming %urrounding recogynjlion of income and the override of control% by nianagement. Our audit procedures lo re%pond lo these risk.% included enquiries of management and the Audit Committee about their own identification and asse%%menl of the risk% of irregularities. .saniple testing on the po%linLJ of journals, reviewing accounting estimates for biases and reading minutes of meeltngs of tho4e charged wilh governance. Owing 10 the inherent limilalions of an audit. there 1% an unavoidable ri.%k thal we niay not have detected some nialerial mi.%%lalenienis in the financial slalemenls. even though we have properly planned and perforn]ed our audit in accordance will) audilingT 4landard.s. For exaniple. the turther rernoved non-compliance with law% and regulations (irregyularities) 1% from the events and Iransaelions reflected in the financial Statements, the less likely Ihe inherently limited procedures required by auditing standards would ideDlify il. In addition, a% with any audit, Ihere remained 8 higher ri4k of non_delection of irregyularitie%. as these may involve collusion. forgery. intentional omi%4ion.s, mi%repre%enlation%. or ihe override of inlernal conlrols. We are not respon%ible for preventing non- compliance and cannot be expecied to detect non-conipliance wilh all laws and regulation4. Use of our report This report is made solely to the chariiy'"s Inembers. as a body. in accordance with Part 4 of the Charities (Accounts and Reportsl Regyulations ?008. Our audit work has been undertaken so that we Inigyht slate to the charity's members those Inatters we are required lo stale to them in an auditor's report and for no other purpose. To the fulle41 extent perniilled by law. we do not a¢cepi or assume responsibility to anyone other than the charity and the charity's members as a body. for our audit work. for this report. or for the opinions we have formed. Crowe U.K. LLP Sialulory Auditor London Date.. 18 December 2024 Crowe U.K. LLP i.s eligible for appointment a.% auditor of the cliarity by virtue of its eligtbilily tor appoinlnient a5 auditor ot a company under section 1212 of ihe Companie4 A¢1 2006. 14

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 Gtaeril FtA•ds 151iarted) £QOO's DtsiKxted F••ds Restrlcle Fvnds 2024 Tot•1 2023 Tot•1 £OOO's £OOO's Inccwe from dOtwi￿ iegie$ IDcome from charitable #ctiiitieb 998 269 5.270 3.217 9.754 14.334 219 83.234 12,017 13.175 218 13,838 190 496 29 t￿¥1￿entIne¢)rne 70.203 13 5,914 77,153 TOTAL V4COIIE 85229 11,680 9.121 lQ7,541 102.562 R4isiBB f Lo4D interest E8¢te$trMJ iThJimenliMIBl8Wtcos¢s 1,549 4,322 21.948 1,549 4.322 21,985 1,393 4.322 20.050 37 27019 37 27056 25,7116 47,:13 S.908 SS,869 53,ESQ OtherEAprnd1i￿r￿ 3,553 274 3.87l 3.2S8 TOTAL WLNT)rfLIIE 78.44 1792 6219 02.174 TTLNCOMW(Fm)SE) 4644 (1281) 9,121 20J89 Net 8Ws(b)53e5)LMLknutmeutAssets 3.41Q 8.336 139.156 2W.902 181.735 EfL%(X).ME BEFORETrLI3FERS 6,fj44 2,129 J3.797 198277 220,147 202.123 133,514) 30,893 2,621 TTD4CO)IEIIZXPLNTtyJTiTrE)AFTER TR￿}￿FER$ {26.870) 33,022 1fj,418 198277 220047 202,123 kn. i¢cogtyisÉdgthlps & losJe5.' G4i$on tsfiI￿dbe￿￿flt￿iO 4.225 TIIOITMLN7S L% FLThJS Q6,870) 33.022 198 777 220047 206J48 44 456 55.410 2,0Tr0.781 191.766 1,985,418 TOTAL CARRIED FORM"ARD 4,249 77.478 2.219.08 2,412,613 2.191,766 There ￿ no recov￿ged or Josw ¢xh¢r than thost di¥cS)s¢d akn'e. AU of th¢ abol'¢ d¢tii'¢ frthj) ¢otktUWth8 Opthtrons. Thue li Jo wtCEial &ffereJJce th¢ r¢sowt¢s for the y¢srn $tsRd •kn'¢ ¢ost 4￿[￿￿k￿lI. 15

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2024 (ts24 T•tsl £OOD's 2,232,890 9,6ip2 JJ42.492 £OOO'$ 14609 9,1 2,469.580 Ini'eslmentS (4)erntioYd Asstts 10.1 Stock Debtors: dllt tlw ￿?. ytr Debtw& thiemth Cash at bank" and ni 11 2241 968 35.944 21,0 60J43 22 834 26.612 34,fft4 64J14 CIIEDtroRS: AUOLryTS FALUNC Dl￿ OYE YL4R TOTAL ASSETS LESS CblU￿1￿ LIABILITES ij 7,210 2,502,613 25.( 2J81.~66 CIlED￿oRs. kUOIryTS' FALLLNG DI￿ AFTER 310RE O)T YEAR 14 (9),(th) IS¥),(*O) IYET ASSETSLiCLLry)L%G PLYSIOTrI SCHEME LL4BIU 2,412,613 2,191.",66 15 2,412,613 2,191,166 Repr￿onIedth,. EndoThtrent fund R¢stncted fjJDd Designatedfillid Gtnualfund 2,219.058 71.828 1020,781 55.410 44.456 44.249 2,412,613 J.191,/66 Th¢ financial statements on pages 15 to 40 were approved by the College Council on 25 November 2024 and have been signed on their behalf by the Master and Senior Bursar. Dame Sally C Davies. Master Mr Richard Turnill, Senior Bursar 16

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 COLLEGE BALANCE SHEET AS AT 30 JUNE 2024 •0?4 Totsl Totsl 10.1 io. 2,267.880 9,1 2Jl~,,070 2,076.495 9,602 2,086051-, Stock 1954 21.￿5 1.896 23.775 30.159 16.485 72AI 5 Debtors." y Debtors due Mitkn Dnt yeat Cash ai b￿)k tthditi haod 4YID JQ.l.iJ8 CIIIDITOLS: kllOUNTS FALLf*G' DIT MryTHLY 0￿￿1￿1< TOTAL￿$SETs LESS CURRLNT IIIBIL 13 19,184 2J63,624 2J29.095 CREDifoKs: AM0[￿2 S FALLLIG DLT, AFrni MORE O.YE ITAR 14 190.C4K)) 190.C(Q) ET AS'SETSLXCLLIDL)G PLwsiof4 scllE￿￿ LIABI 2J73.624 2.039,095 PLNSIOY S(￿￿ LUBllJTY Is IU ASSETS Ip4CLLT)1h￿ S'CHEIIE LL4BILfTY ?Ji3,624 2.b&9,495 Reprwsetyr6d￿.. Endowmtnt fimd Restiicledf￿la Destgtsatedfund Generalhthd 2.067.169 71,828 77.478 57.149 2,27&.624 1,857,7?0 55,410 44.456 81.508 2,039,094 The College recorded a surplus for ihe financial year of £234,530K (2023: £171,414K) and other comprehensive gains £0 (2023: £4.225k gain). The flnancial slalemenls on pages 15 to 40 were approved by the College Council on 25 November 2024 and have been signed on their behalf by the Master and Senior Bursar. Dame Sally C Davies. Master Mr Richard Turnill. Senior Bursar 17

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR EIYDED 30 JUNE 2024 2024 2023 £'ooo ET CASH Flnw FROM OPERATING AcrIiTriES Net re80urc¢s aft¢r tran8feT8 (as per the Statell)ent of FRtsati¢ial 220047 202,123 AdjustmepJr3foJ" InNestment iticome Net 88tU8 OA (83.234) (200.902) 413 (77,153) (181,734) 413 1993 (1,1138) 4022 (5J12) Total pellsioll9 losses reCo￿LSed tn SOFA ¢x¢luding actUafial1088 Pell81￿ contiibutions by the Colle8¢ Loan interest (1.050) 4J22 (3,217) W(rtknng capitsl D]oiallents - DcCr¢ase1￿l￿rea$e) in stock8 Yea8e in debto . Illcreu&(Demse) io ￿EditOrS (107) (4.879) 2.023 (9.465) 2.170 Net cath u8¢d ill opttatill8 #Ctisrytie8 (69,043) {59A49) CASH FLOM, FROM INVESTING ACTIIryTIES Purchase of fixed ¥L8set inNf8tments Proceeds from d&xpos81 of fixed 4$8¢t In%'￿t￿￿t$ t￿￿¢st￿l¢ll iucon (83317) 30J68 83234 (1&019) 17JOI 77.153 N¢t ¢a8h I￿￿ted from irkTreBtin8 actiiities 29,785 77.035 CASH FLOW FROM llNANCllYG AcmryTIES Ejdowiiellts ￿cel￿ed Interest ￿ld 3217 (V22) 5012 (4J22) Net Ca8h used in fuJJu¢in8 aCtiFryti¢s (1.1￿) ET INCREASEJ(DECREASE) IN CASH Al￿ CASH EQUTh'ALENTS (40063) 18.676 Cash and cash equÉNale41ts at the st&t of tlxe year 87,042 CASH AND CASH EQUII'ALENTS AT THE END OF THE YEAR 47,279 87.642 Csh Ind ertsb eqmfvijents tollststs o. Cash at bank in halld 21,090 2&189 34.604 53,038 Cash and esh eqnlv*lellts 47279 87,642 18

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 I. STATEMENT OF ACCOUNTING POLICIES General information Trinity Collebie. Caiiibridge ("the CollegJe') and its subsidiaries (tog7ether 'the Group'l whose objeel is the advancemenl for the public benetil of educaiion. religion, learningi and research. primarily by the maintenance and deVelopm￿lt of a College in the University and City of CambridLFe. Basis of preparation The con401idaled financial stalemenl% of Trinily College. Cambridgye {a public benefit entity) have been prepared in conipliance with United Kingdom Accounting Standard%. including Financial Reporting Standard102, 'The Financial Reportin(F Siandard applicable in ihe United Kinbydoin and the Republic of Ireland" I'FRS 102"), and with the Statenienl of Reconiiiiended Practice 'Accounling and Reporting by Charities FRS 102 as revised in 2019 ("the SORP 2019,), togyether with Ihe reporttng requirements of the Charities Act 2011. The financial slatemenls have been prepared on a going concern ba%is. under the hi%lorical co%t convenlion as modified by the revaluation of investmenl.%. The functional and presenlalional currency of the College is £ Sterling. The principal accounling policies applied in the preparation of these financial statement% are set oui below. These policies have been applied lo all the years presented. unless otherwise stated. The preparation of financial .%lalement4 in conforniily with FRS 102 require% the use of certain accounting e4limates. It al40 requires the Trustee% to exercise their jud(Jeinents in the process of applying the Group's and the College's accounting policie%. The area.% iiivolvin¥ a hig?her degiree of judgyement or complexity, or areas where assumption and eslimale% are significant to the financial sialemenls are disclo4ed below. Going Concern The Council have considered carefully the financial po%ilion of the CollegFe and its ability to remain a goiiigy concern for the foreseeable future. They con.%idered the volatility in the UK and world econoniy arisingi froni the conflict in Ukraine and other external factors which could impact on the financial po%ilion of Ihe Collegye ir] the short to inedium terni. Thi% included cash flow foreca%lingy with a five year fonvard view. The cash position and the CollegFe s liquidity for the foreseeable future as described in the Reserves Policy section of thi% report are designed to ensure the CollegFe ha% sufficient cash to managie its operation% and major expenditure requirenienls without the need to .%ell investinenl a%%els. The global equity portfolio is di4lribuled acro%s a large number of publicly available ex¢hanLJes and could be liquidated into cash at Short nolice tf required. Ai the lime of approval of thi% Report. although the risks around the econoiny reinain, the College's financial position remain% strong. The Council are sali%fied that the College will remain a going concern for the foreseeable future. Basis of consolidation The account% show Ihe results and %lale of affairs for Trinity College, Cambridge and it% 4ub%idiary undertakings (detail4 of the sub.4idiary undertakingFS can be found in nole4 17 and 18). Sub%idiaries are all entities over which the Collegye ha.s control. being7 Ihe power lo gyovern the financial and operating policies ot the entity. Where a %ub%idiary has a different accounting policy from the Group. adjustinent is made to the subsidiary's financial stateinents to apply the Group's accounling policies when preparing the consolidaied financial stateinents. Acqui%Tlion% Iiiade by the Group are accounted for under the acqui%ilion niethod of accounting,. Subsidiaries are fully con%olidated from the date on which control 1% tran%ferred to the Group. They are de-con%olidated froni the date that control cease%. Inira-gyroup Iransaclion% and profils are eliniinated fully on consolidation. Result.4 of affiliated clubs and societies are noi ¢on%olidated as the College does nol giovern the financial and operatin¥ policies of iliese undertakings with a view lo gaininLY economic beiiefit% froni their aclivilie%. Grants niade lo clubs and 4ocieiies are charged in the Statemenl of Financial Aclivilie% as expenditure foT charitable purpo%es. 19

TRIINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) I. STATEMENT OF ACCOUNTING POLICIES {¢ontinued) Cash flom, slatement The Col lege prepares a consolidated cash flow statement and the Consolidated accounts. in which the CollegTe's results are included. are available to the publi¢. It ha.% Iherefore taken advaniage of the exemption ¢onferred by FRS 102 Section I not 10 prepare ils own cash flow statenienl. Incoming resources Inconie is accrued and included in the statement of finai)cial activitie% when the College 1.% legally entitled to the income, the aiiiount can be quantified with rea.%onable accuracy and is probable. Where income 1% received in advance. recognition 18 deferred and the amount included in creditors. Income is staled net of any VAT. Inconie fron) fees. residencies, catering aiid oiher operational charge4 are accounted for in the period in which the related %ervice i,$ provided. Donations are accounted for when the College 1% entitled lo the income. and the value can be reliable measured. Legacies are accounted for when probale has been granted and receipt 1% probable and measurable. Where legacie are of a re%iduary nature the recogyntlion will be at the earlier of receipl of cash, the estate accounts or oiher notice of impending distribution. Rental income from investment propertie% 1% accounted for on an accrnal.s ba%1.4 dependtng on the lem% of lease or licence lo occupy. ncoine from equity investn]ents is accounted for on a received basi%. Resourees expended ExpendTrlure is accounted for Dn an accrual% basi% and has been cla48ified under headings that ag'gregate all cost related 10 ihe category. Where cos1% cannot be directly attributed to particular headingy.s they have been allocated to a¢lii'ilies on a basi% con%i%tenl with u%e of the re4ource.%. Charitable exemption The College 1% a re¥istered charity and claims exemption froin incoine tax under Section% 478 to 488 of the Corporation Taxes Act 201 O and from capital gyains lax under Section 256 of the Taxation of Chargeable Gains Act 1992. The CollegFe's subsidiaries are subject to Corporation tax. All taxable profits in a subsidiary are donated to the College under the lerni% of a Deed of Covenant in place between the College and the subsidiary. Fund a¢¢ounting Funds held by the Colleg¢ are analysed between Endowmenl, Restricted, De%ignated and General funds Endowment funds can be split into two categories- Pennanent Endownienl.4 and Expendable Endowmenl.%. They can be further split between Reslricled where the donor has specified how the College may.spend incorne arising from ihe fund and Unreslricled where there the income may be spent on any College activity. Pennanent Endowment funds wliere the inilial income may not nornially be spent are con%idered lo be capital in nature. The College's Permanent Endown)ent Funds represent panly the College's Historie Endowmenl. which has the features of. and has been Irealed as, a Pernjanent Unrestricted Endowment fund, and Other Endowmentq where the College has received .%pecific donations and legyacies Ihal are lo be held in perpetuity. The Other Endowments are funher split between Reslricled, wheTe Ihe original receipt also re%lricls the Collegye in Ibe use of income ari%ingy from the capital. and Unre%lricled. where the College can spend Ihe income on ally actively of the CollegFe. In many cases the Collegye ha4 chosen lo designate how Ihe illcome from income arisingF may be .4penl for individual funds. General fund% - Ihese are fund.% that can be u4ed at the discretion of the College Council. 20

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) I. STATEMENT OF ACCOUNTING POLICIES (conlinued) De.%igFnated tund.%- Ihese are fund% that have been %et aside by the College Council for %pecific purposes. They are a ub-set of General Funds and the purpose.% lo which Ihey are applied may be varied al the discretion of the College Council. Re4tricted funds- these are ￿ndS that can only be u%ed for particular purposes, under a deed of trust or implied trust, lo.%upport various educational purposes of the College. including Tesearch, teaching and the sludenl bursary schemes. Pensions The College participaled in three pension schen)es during the financial year. Pen.4ion co.sts are accounted for on the ba¥1% of charging the co41 of providing pensions over the period during whicli the College benefits from the Fellow%, or employees, service. The Trinity College Pension Scheme runs two seclion%, one for staff and one for Fellow4, for defined benefit pension provi.%ion for eltgible %iaff. It also has a defined contribution scheme managed by Legal and General for contributions by Staff and Fellows. Siaff employed prior 10 31 Deceniber 2013 were eligible to join the Triniiy College Pension Scheme. Thi.£ defined benefit scheme closed to new staff meinbers in 2014. For thi.s scheme. pension co%1.% are accounted for as Ihe .%eTvice and finance ¢051 for the year. The scheme is in a surplus position and in Ilne with the requirements of FRS102, the nel as%et ha4 not been recognised in the financial slalenient4. Staff employed %ince l January 2014, and those ernployed prior to that dale who are not members of the Trinily College Pen%ion Scheme. have been placed in a defined contribution SLhen)e. The CollegFe is using, Ihi.% scherne lo meel it% employer obligations under the auto-enroliiient legi%lation, albeit on more flexible and generous ternis than the slatulory minima. The assets of the schenie are held by the %cheine provider in a master Irust. and the amount chargyed to the statenienl of financial acliviiie% is thus the conlribulions payable to the %cheme in respect of the accounling period. Operational tangible fixed assets Lcind unil huilding.i' Land and buildings are stated al their ofigFinal historical cost les% depreciation. For the College's historic buildings, due to their age. the hi4lorical cos1% are insiginificant. and the buildings would be fully depreciated and Iherefore no ainounls have been included within Ihese accounls. Buildings are depreciated over 50 year% on a straighi line basis. FiAllllI'.s..filling.s (incl cguipment Fixture%, fittingys and equipment costing le%% than £100,000 per individual item are writlen off in the year of purchatse. Hei-ilugc, A.s.%c'l.% Tl)e Collegle hold.% and con%erves a number of collections. exhibit%, artefacls and other assets of historical, literary, religiou%, arti.%tic or %cientific importance. Acqui%itions valued al over £ look are recogFni%ed at cosl and items gifted to the Colle&Fe valued over £ look are recognised at fair value. The College ha% taken advanlagye of the exeiiiplion wiihin FRS102 not to disclose transaction% before l January 2015 as obtaining fair value% for those assels would be impracticable and the cost of obtaininLF iuch valualions would outweigh the benefits lo the users of these financial lalements. Heritage a£%els are not depreciated %ince their longi economic life and high residLkal value mean that any depreciation would not be material. There have been no HeriiagFe Assets acquired or gifted lo the College ai value over £ I Ook since l January 2015. Investments Inve%tmenl.s are included in the balance sheet al fair value, except for inve%tmenl.s in subsidiary undertakings which are stated in the College s balance sheet at cost less accuinulated impainnent and eliminated on consolidation. Properties are valued annually by the Tru%tees based oil estimated niarkel values on a continuing u%e basis after taking, advice from third party valuers. The SOFA include.s realis¢d gains and losses on inve%tments sold in the year and unTealised gainA and 105ses on revaluation of inveslnienls. 21

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FIINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) I. STATEMENT OF ACCOUNTIIYC POLICIES (continued) Investments (Continued) Fixed as%et investments are subject to review for impairnient when Ihere 1% an indication of a reduction in their carrying value. Any impairnienl 1% recogni%ed in the year in which il Occu￿ in tlie SOFA. Tlie Directors of Dun%fold Airport Limited. a con%olidated %ubsidiary. continued lo carefully review the valuation of the Aijfield aiid Bu%ine8% Park during 2024. in particular ¢on%idering the remediation work and other infra.%tructure activities in progres5 lo fulfil planning￿ condition8 attached lo future development of the site. Accordingly, the valualion of the site ha% been revalued al £120.4m al year end (2023.. £108.3m). In considering the valuation of the site. Ihe directors have had regyard to the valuation provided by its advi8or%. The director% note the inherent level of uncertainty surrounding assumplion% and judgemenls included within the valualion. Noting the size of this a%set in relation to ihe size of overall inveslmenls at the College. the Trustees do not consider this lo have a material inipacl on the financial statement4. Stoeks Stock% are stated at the lower of ¢041 and net reali%able value. Foreign curreney Foreign cU￿encY transaction% are recorded at the exchange rate al the time of the transaction. Foreign currency balances are tran%lated into .slerling al the exchange rate at the balance %heel date. Re.%ulting gFains or lo%ses are included in the SOFA. Financial instruments The College has elecled to adopt Section% I l and 12 of FRS 102 in respect of ihe recognition. 11)ea%uTemenl and di.4clo4ure of financial in%lrumenl.4. Financtal as%els and liabilitie% are recog?nised when the College become.4 party to the contractual provision of the instrument and they are classified according, lo the 8ub%lance of the contractual arrangienient% eniered into. A financial a%.%el and a financial liability are off%el only when there is a legally enforceable right lo sel off the recogJni%ed amounts and an intention either lo letile on a nel ba%i.%. or lo realise the asset and settle the liability simultaneously. Ba%ic financial asset% include trade and other receivablets, cash aiid cash equivalent% and inve%lments in comniercial paper {i.e. depo%il.s and bonds). The.%e a.4.%els are initially recogFllised at transaction prlce unless the arrangement constilules a finan¢in&' transaction, where the Iran.saclion 1.% inea%ured al the present value of the fulure receipt% discounted al a inarket rate of inlere%t. Such a%%ets are %ub%equently carried al aii1orti￿d co.4t u%ing the effective iniere%t rate method. Financial a%%et% are a￿￿e4$ed for indicatorq of impairn]enl at each repofling dale. If Iliere is objective evidence of impairnient. an inipainnenl los% 1.% recognised in the Statement of Comprehen.4ive Income and Expenditure. For financial a%%et% carried al amorti%ed co%1 the impainnenl lo%s 1% the difference between the carrying ainount of the assel and the present value of the estiiiiated lutur¢ cash flows. discounted at the asset"s original effective interest rate. Other financial assets, including inveslnient% in equity instrument%. whicli are not %ubsidiaries or joini venture%. are initially mea%ured al fair value which 14 lypically the transaction price. Tliese a.%.4els are sub%equenily carried at fair value and changes in fair value at Ihe reporting dale are recognised in the Statenienl of Comprehensive Inconie and Expenditure. Where the inve.%tment in equity illslrunienl% is not publicly traded and where the fair value cannot be reliably mea.%ured, the as%et4 are nieasured al Cost les% impairnienl. Inve%ttnenl% in property or other physical a%sels do not constituie a financial instrument and are not included. 22

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 INOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) . STATEMENT OF ACCOUIYTING POLICIES (continued) Financial assel.% are de-recognised wheii Ilie contractual ri&Fhis to Ihe cash flow% froni the a.%sel expire or are .%etiled or .4ubstanlially all of the risk.4 and rewards of ownership are transfe￿ed lo anoiher party. Finiincicil Liiibilili(>s' Basic financial liabilities include Irade and other payable%. bank loans and intergroup loan%. These liabilitie% are initially recognised at trdn%aclion price unles% the arranLJem¢nt constitute.s a financing Iran%aclion, where the debt illslrumenl 1.% nieasured ai Ihe pre￿1 value of the future payment% di.%counted at a market rale of intere.%l. Debt instrumen1.4 are subsequently carried at amorti%ed co%1 u%ing the effective intere.41 rate rneihod. Fees paid on the e%labli4hmenl of loan facilities are recognised as transaction costs of the loan to the extent that il i probable thai .%ome or all of the facility will be drawn down. Trade payable% are obligation.s to pay for good% or services that have been acquired in Ihe ordinary Cour￿ of busine.s. from supplieTh. Accounts payable are cla%%ified as cu￿ent liabilities if payment is due wiihin one year or le%5. If not. they are presenied a4 non-currenl liabilitte%. Trade payables are recognised initially ai transaction price and ubsequenily mea%ured at amorti%ed cost u%ing the effeclive intere41 rale method. Derivalive%. including fonvard foreigyn exchangFe contracts. are not ba.sic financial insirument%. Derivatives are initially recogvni%ed at fair value on the date the derivative contract is entered into and are sub.%equenily re-nieasured at their fair value at the reportiiigy date. Changies in the fair value of derivatives are recognised in the Statenienl of Comprehensive Income and Expenditure in finance co%15 or finance income a% appropriate. unle%s they are included in a hedging arrangement. To the exlenl that the College enter% into fonvard foreign e.Kchange contracts whtch remain unsettled ai the reporting, dale the fair value of the conlrdcl% is reviewed at ihat dale. The initial fair value 1% niea%ured as the Iransaciion price on the date of inception of the conlracl%. Subsequent valuations are considered on the basi% of the fonvard rate% for Iho%e ui)%eiiled conlracl% al the reportinb, dale. Tl)e Colleg?e does not apply any hed¥e accouiiting in respect of fonvard foreign exchangFe conlracl% held lo niaiiagye cash flow exposures of foreca%1 Iran%action.% denominated in foreign currencie.%. Financial liabilities are de-recognised when the liability 1% dischargFed, cancelled, or expire.%. Taxation The CollegFe 1.% a regyi¥lered charity and accordingly, the College is potentially exempl froni laxalion in re%pect of income and capilal gain.s. The CollegFe receive% no %iniilar exemption in retspecl of Value Added Tax. Irrecoverable V AT on inputs is included in the costs of such inputs. Any I￿eCoVerable V AT allocated to fixed assels is included in their cost. The CollegFe's liinited company subsidiaries are liable lo Corporaiion Tak in the saine way as any other comimercial organisalion. Related party transactions The Group di.%closes transactions with related parties. Where appropriate. tran%action4 of a %imilar nature are aggregated unles5, in the opinion of the Trustees. separate disclo4ure is neces%ary to undersland the effect of the tran.%aclions on the financial statements. 23

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUIYE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) I. STATEMENT OF ACCOUNTING POLICIES (continued) Critical accounting judgements and estimation uncertainty The Group make% e%liniale4 and a%%umplions concen)ing the fulure. The resuliingi accountin¥ estimates will, by definilion, %eldoin equal the actual re.4ulis. Estiniate.s and judgement% are continually evaluated and are based on hi%lorical experience and other factor%, including expeclatioiis of future events that are believed lo be reasonable under the circum%tance4. The main area where assumption5 estimates and the exercise of .judgemenl occurs is Ihe fair value of investment properties. The College engagyes independent valuation specialists lo detemine fair value on the balaiice %heet date. The valuation is based on assumptions about market and economic eondilions as well as estimated yields and long- lem) vacancy rates. The valuation of the College s invesliment property is inherently subjective but the trnstee.s are satisfied on reviewingy the valuation tlial the a.4sumption.s u.%ed are appropriate. The College carries ils non-quoted inve%linenls at fair value based on the most recenl valuations provided by a fund nianager independent of the College with changFe% in fair value being recognised through the Statement of financial activili¢s. The cost of the Colle(ie s defined benefil pension plan is deterinined using an actuarial valuaiion. The acluarial valuation involve.4 iiiaking as%umplions about discount rates. fulure salary increase%, mortality rates and future pension increase%. Due to the complexity of the valuation. the underlyingy assumption% and the long-term nature of Ihe.%e plan.s. such eslimale¥ are %ubject to %igFnificanl uncertainly. Further deiails are gyiven in note 15. All other accounting judgemenis and estimate% are detailed under the appropriate accounting policy. 24

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUIYE 2024 (continued) ry0•4 ToThl £'ooo 5,759 75418 657 14J34 2023 Total 5.502 7,516 157 13,175 Rèlidenee tA¢tMy, COWGt Fee Income p•id on bthalf of ￿der￿adUateS at the pubhety-fundedurAdewathJ•tt Tate per capitafee £4.566 Q023- £4.612) •,141 Trii"atety-fiJndtd Uttdtwath￿It rte income, per capita fee £15,901, 4bur5ary of £7,155 (mati1¢ 2019 ot btfoTt). £6:360 (mtsi¢ 2020) or £5,565 (matiic 2021 and later) is •pphed to tachfee (2023, £14,615: a burs of £6.57,, (Ji)Atiie 2019 OTbefore). £5.g46 (tyatric 2020) or £5,115 (matiic 2021 andtsteT) is applied to eaehfee) Fee incotht ttetii'edat the gTrthMtefee fate (percapts fee £5.126 Q023: £4.7g3)) •,439 1,998 1,179 1,1ry4 3. L¥ITSTIIThT LNCDYE 2023 Toi41 Tgt £￿00 PTopety- College Propety. Sub5idiuies Eqimtses Bankinterest 41.118 19J2-, 15.934 854 77,153 40,009 18,6ry7 In¢hdedin ini'estment itieoJnefoT 2024 amoty)t$ of £12m bankiDtertst and £0.7m retst wltich shoum have been Tecogrmsed irA 2023. These amoutkt5 are not considtftd that￿la] forapxiory¢ara4bustr)ent. 4. Lyc0￿ FROM OTHER TRADINGACrnThES Total Totsl 218 S. ESTATES ThITSTMLNI ￿LiN,￿{￿￿ENT COSTS •044 2023 Total £'ooo i•,o•o 95165 Coltege costs Subsith"ses costs 10,610 9,440 25

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) Wages •Y40 2023 Totsl R8sideLe aJd¢atuing Ttac. Rest￿￿ Scholuslbps tslw•xds 9.193 4J31 1265 9.125 18Jl8 17524 17.076 3.058 8.023 1,576 1.163 1,817 2.482 8117 8J19 8,319 11,556 23_101 21205 55169 53,150 InEbJdtdinthe allocalsor$￿lthIll the first 3 aboiy categori¢s Yrt £391K Q023." £463K) of Bolemancecosts. Of1￿dD￿lI0A$ Is ofv11rntr5. Isaa¢ NeFton TDJst 1.950 CoXe8es 53J S34 cow￿ld￿t Collryts TeaclMDg Camtsid8t 167 511 19 nheuti1krerntye￿OknJ1i0ul$ ASStssedbythtUnii'usity otCaaQ4id8è itt ￿￿ord￿t *ithth¢pMysioT&S 4rfStatute Gll ottheUThvttsdy's Stthttts ond OKOU)￿CeS. The athourd payabltbytht Collt8¢ fo¢tht y¢artnded 30 June 2024is £3.871,Lth) Q023.. £3258. 8. hTT L¥CO ?023 92 59 412 413 1.038 26

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) 9. STAYF iThuflBEKS AND COSTS Tht average ouiJber vt pers¢)m5 (uKbJth¥ the Tru51ee5) emptsyed by the Colege thr year. H'a5: fj69 (2023.. 044 The Cl￿¢5 a55OCtated wthh these wloyees was: 2023 Vasts 2nd salarie$ Slicial secur&tV Costs c05ts - dehied Lothbyion en￿Oyer CD515 Pen5iOll Costs - defmed beuetit sch¢me 5ernryce c05t 15,028 1.571 983 1.817 19.399 .D3J the yeat £19k paid as pasYAents of ll.lich £iOk lieu of nthice 3Y¥l £9k ￿aS as stllttjwrti (2023.. £1?8L paid of B,hicb £1O8k. ￿'aS as selllerttents and £20k upas in lieu of tithite). TheJe were YAO atnouDts for pas)DeDt at tbe ettd of the veaT {2023'. ra). Trnstees the year no fee$ ¢1 exp¢￿SeS paxl to Fenows ￿ iespect of ¢knties 3$ Tzu5tees (2023: oont). Payments io Tntstee5 nude undtt of and ID accordance the Ststths of the Qllege. ID resped of ieacFffl& researcb and 2024 £itsoo 2023 Agstegatt ?Lry 597 73 47 044 The ujmbef of College Feloll's staff excSJthtig peri￿￿ exceeded £60,1￿ wa5 a5 folloTh& 2024 2023 £00.0￿. £69.999 £70.CW - £79999 £80.tW. £89999 £90.C￿. £99.YJ9 £i(Kt.IKK)- £109.999 £I10.IK)0- £119.999 £120.1th- £129.999 £13QLKKI- £139.939 £140.11)0- £149,999 £150.(K)0- £159,999 li ij 10 39 35 Retrement benefits are atcrury￿ to 21 (2023." 21) of & aknve urJdeE a defff￿ ber¢fr seh¢me. n total pen5i(o costs of these Fe1kn4s arAI #aff am(rfxrts 10 £261995 (2023.. £201.912). The College CODskns that the TTU5ttts of the C(lege represettt the Key MaDagetlleJ of the Collegt. Not ffjcknlDig amouxs re-Mnbw5ed for research expense& other eTpenses re-tinbwsed to 4 tn￿ {2023: 2 trustee) aIrK￿MIed to Q072 2024 (2023: £597). 27

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) 10. FIXEDASSETS 10.1 ThI'ESTMLSTS CoDsollOat 2024 cony0lid￿ed 2023 £'ooo 2,036270 32,785 (12.599) 176 434 College 2024 Colle8e 2023 Mrketth at l July 22J2090 83017 (57.219) 200 2,076,495 72.600 (93.289) 212 073 1.898,783 42,807 {10,583) 145.488 2.076.495 DÉspo¥•ls Net 8ains(Ios5es) mket￿lUe ut 30 CoD501M•¢ed 2024 Cousolithted 2023 Coll 2024 ColkBe 2023 Rerntedby.. RestderitÉalproperty Equitles Ull1É5ted equityinyestmellts 1.147W4 31976 1219,420 34980 2(190 1,136.10S 39,750 971,936 32,062 53.037 9110P65 31976 1319,420 879.781 39.750 971936 26.IXI 89929 67 53.037 stttJent¥ Én th1dlarywL￿1f&&Enls {Se2note 18) 076.495 Lisld ryuties are￿I￿lbYrerere￿e to the closiDB price at theikn 5heetdRte. Unlisted 1llve5tn￿tS informatiLYLW￿dtythe tej arewlued allnu￿1¥￿Yt￿e Tnjstets bwAI ou e5tiwAted m#Tketirylueson acontim]¥nBweb&sis ¥ftwtskingzthice from • thirdpty. Cortimitmettts to priwte equityfjthth with1nthÈu￿1stea ID¥Est￿t￿)rfo110 •[ty)￿ted to £5Ckn at the e￿1 (2023". £1&7ty). 102 OPERATIOI¥ALASSE18 CoDsolld#ted Dd con￿]￿d￿ted Colle8e Colle8e 2024 Freehold #od Freknld L4nd Buildii85 C05t At beBMairg of yarklat elldof IUT twrec.l#llott At be8iDlliD8 of year Cknge for theY￿r At endof ye4r 11.031 412 10,618 413 ,)et Book1-￿t Al endofyeAr 9602 AtiwiDDinB of ye4r li.ST(￿K CoLsoJfith¢ed 2024 £.￿0 CotrJsolid&tthl 2023 College 2024 College 2023 1.896 369 1.896 CTQPS atsd ¥eed¥ 287 28

TRINITY COLLEGE, CAMBRIDGE ANIYUAL REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) Colle8e Amount5 0￿edbY subsidiaryuDdtrtakm8s (hhef debtors 23M7 968 134 23.775 834 thiewithFn•ntst•T Rrnt5 Tecebi'abje PTepayryDtnts and aeenwd?Jxom¢ Othu debtOT5 owedty subs1th￿yUDd0rtakngs Ttsdt dtbtotS 13.368 5,987 15218 4N4 l510 17.342 4)76 2JlO 14,695 iio 15218 41.696 1371 35944 26.612 30.159 98874 53,934 to CAv.Be as •t 30Jw 2024 Q023". £2.310). 3.cItIrfTORS:AMOlTNTSFALiiNGD￿ml1HLI OYE 114R Colle8e 2023 2023 •04 Trade ue4tW5 Ltiii'trsity Cotsthknttion Othe¥ ta¥es & social 5tuJity Other Cftditors Amounts ow'td to subst¢h￿Urldtrtlkngs Acenthts attd ddetteditsetimt 4J48 3J71 1fy)3 3.020 4351 3251 2335 1791 3.171 1.574 1,571 io 1.123 3.258 1169 9>5 13.768 9,7lO 25.{￿10 g J73 1gJ84 14. CBIDIToRS:.￿IOLry[s FALLLYC AFTERMORE O.IT ITAR C(&8e •0•4 Th¢ £7rkn bHDklp8D 15 split tsarths ot. £)￿.FLIed#lterC$t￿tt 4.97(M%, £20m.FixediAtertstrte 4.9NA•A •nd£lh. FivdxrttrestTrte 5.0704% W4idw aiFe￿hted￿'￿ F￿¢d￿tI￿$tIatt rf4.rn. The loattisztpryabl 29 June 2047. The f2tkn SeJMcff f*0te$hVebt￿ issued at 4.11% andafe rwat4e 14 May2fN. 29

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) 15. PLNSION SCHE)IE LIABILITY TrAAIt)' College S¢•ff Pen51on Scheme The College operates a defmed benefit plan: the Trinit%' Colle8e Pettsion Scheme. The liabilities of the plan have been calculated for the purposes of FRS102 based on • full I￿VatIon using data extract providedbv Trinity. Colle8e The prlneipal aetu#rial as$umptions at the balance sheet date iitre as follo￿￿. 2024 2023 Discount rate Increase in salaries Retail Price Index (RPI) Consumer Priee lodex (CPI) StAff Section pension increases in pasrynent Fellow's Section pension increases in pa)Inent 5.15 5.20 3.95 3.40 2.75 3.40 2.75 2.70 Slaff section members ve as$wned to reliTe at 63 or immediatelv if thev are oNrr that a8e. Thts Section's nornul retirement age is 65 FelloMB Sectioll members are assumed to retire at a8e 65 for $eThi¢e to 30 June 2020. This Section's norn￿1 retirement 4e increases in line B'ith the State Pellsion Age from 2020. The undeTIK'ing m¢)nalih' assiimption is based upon the statthd table kn0M￿ as S3PA for the Staff Section and S3PA Li8ht fot the Fellom's Section on a sEar of birth usage w'ith CMI 203 imprthemeni factots and a long-tem) rate of fvture IMpr￿Ement of 1.25Vo ￿￿rn foT males and l.OV• per annum for females uith alld additional improvement of 0.25% per awium and the stafjdard smoothing factor (203.. Same except adopted Cmt 022). This results in the folloMin8 life expectancies: The average life expectancv in years of a pellsioner retirin8 at a8e 65 on the ballnce sheet date is as folloHs.' 2024 21.6 22.9 24.0 24.4 Male.. Staff Male.. FelloH's Female.. Siaff Female: Felloii 22.9 23.9 24.4 The average life expeetanev in l'ears of 2 pensioner retirin8 at age 65, tsiEDh' l'ears after the balance sheet date is as follo￿￿. 2024 20?3 Male". Staff Male: Fellom Female.. Staff Female.. FellO￿'S 22.9 22.9 24.1 25.0 25.5 24.1 25.1 Allovwiee hag been mAde at retirement for 750/ of all n¢n-retired members lo commute part of their pengion for a M￿lMuM total lump sum on the basig of the eurnt commutation factors ill these calculations. 30

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) AJ. PE)SIOI SCHEIIE LIABILITY (cONyDL￿D) The •mouuts I'ecognlsed ID tbe balance sheet Is at 30 June iT as folloms: 2024 2023 £000'5 £OOO's 74977 66.770 (62,878) (61.649) (12,099) (5,121) arket value of Scheme assets Present of Scheme liabilities Effect of asset eeiling wtreco8Dised sury)lus Defi¢il in the Scheme Ami1)￿15 of the amount to be i'eco8nised Ill the consolldated Statement of FlnAncll ActAI'itles". 2024 £OOO's 962 2023 £OOO's Current seThryee cost Athninistratiir expenses teresl on net defined benefil (4$8el) li8bility- 1.599 218 173 (261) 874 140 1,957 ChAD8e5 In tbt present )'lve ol ¢be scheme IlibAlltles foi. tbe ieai. ende4130 June re is follo￿-s. 2024 2023 £OOO's £000'5 68,701 1,599 541 2,605 (9,346) (2.451) Present ￿lue of scheme li4bilitie$ At be8imiing of vear CuffeDt seTriee cost Emploiee Cootributions Interest cost Actuarial (gain5) losses Benefjts paid Loss on plan changes Present i?lue of scheme liabilAties al end of ve8r 61,649 962 539 3,156 (3.436) 62,878 61.649 Cballges Ill tbe tali. ilue of scbeme issets foi. tbe )'e*i' ellded 30 Jolle Is follows: 2024 £OOO's 2023 £OOO'$ Present of scheme assets at be8iDnin8 of ve Contributions paid bv the College EmploN'ee Contributions Interest on plan assets AdminiStrati￿e expenses paid Rehmi on assets. less itsterest included in SOFA Benefits patd Present of scheme assets at end of vear 66.770 1.050 539 65.431 1.038 541 3,417 (307) 6944 (3,436) 74977 2.465 (246) (8) (2.451) 66,770 Acbjal return on plkn assets 10061 2.457 31

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 {continued) IS. PEN￿0) SCHEME LEABLfrYicoiiThiTD) The MjCf ultgtsrles ofschme s$eu Is iptrceAl8t of tstsl Sekthtassets hrthtYeireAdi 30 Jllpe'•rt x$ follows: 2023 Equities, comowth"ts'ts and alIen￿li￿.1$ Bonds ope Cash 103 162 loo The plan14s J)0 inlesthie￿5 inprop¢tTr ottupedby, asseis us¢dby or6nanridinstAwmtts issued by the Coll¢ge c￿Prehe￿Slre ltt¢owe (OCI) forthé I'traremdi￿1 30 JuAe as f•llm: 2023 £I)QO'¥ fj944 (J341 88 ReDJm on asSrts.l¢ss itherestinckndedin of FtiiwKial.4¢kn¢s E￿eCTedle$S aetttralpkn tApenses Fxpience 8ains at)dl¢sss arising onpkn habthtits ChJn8es in assumptions undeslim8 thepreS￿ ofpkn bthlties Rtheasurtment defffjedbeneth hatth%'ttco*tisedtii L5_763 2023 'ei de&i¢db¢tstfit ustt'(knabAThty) ¥ bewh8 ofyt RecLigMsedin Staiemem of F￿￿111 Actsiiiies Contiibuti￿s g•id ty the Coae8e Remuswtmerti of nrt dtfmed benefit liaE•lrtvY¢¢•gasediTh OCI

4tt deflliedbenefil •sse¢'(l•W)at end ofy (3270) 1874) 1.050 1,038 5.121 Actiw1￿ i'lkniions ￿ ¢ried out ei'u) tIKee }¢￿ ortbeh￿Or the Tnulees of theF￿ b). a drtttent to those adopted und¢rFRSIO2. The last suth actiwial I'aluation'ts Is at l Juty 2021. TTros shotsedthat the plan's as¥tls Thyre sthiet io coi.er the habthiies 4mtht fixb¢kn8 basis.No d¢fie4tredwtion conthkniti￿s Ire thv¢foTr Y•qutred ts btpiid ty th¢ Co11¢it. I'iryÉR MA1 peslon case The Collt8e is Of the I'ysin Nle<kai'ANIL Pension T￿￿tee$ Ltrth¢tdCourt of Apptaliudgethenl ￿1￿Ch￿lY ￿'e iise to alusknents io tht sc1￿Me. Af present theleylpmcess is #￿0￿￿)1¢t* andthue are￿ anywen11￿ lithltses. 32

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMEINTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) 16. RECONCILL4TION OF DEBT 2024 2023 £'ooo 30,696 At Stit of Yexi.: Cash al bank attd in hand Money matkel fimds Bank Lw$ 90W) (90.000) Net Debi (2JyJ) (21.033) Nel (deere4se) i increase sn c&sh in period Movement in nel debt (4OJ62) (40J62) 18,674 18,674 At emd of Iht )'ii': Cash al bw]k and in l￿d Money m&tket Bank Loan$ Net Debt 21,090 26,189 (90.000) (42.721) 34.604 53,037 (90.000) {2,359) 17. RELATMPARTY TAL￿NSAC￿N$ the yearfjo f•es ￿ ewse$enpaidtoFethiws itiTrsptct of thEirthdiE5 as T￿￿te¢S.PO2j.. d) Collt81. ID tE5Pe¢t of teaclM¥ •nd4&MrthSt￿l￿"e thths aMout)trdto £7¥1￿ [￿5.. £717.iKK)). £1. £IDA £IO.Wl- £201 £NL))1. £30M £6IJIW£70.( £IIO.(Ql-£120.tK4J £130.￿l_£I4o.c0) £140.th)1-£150.t The Colltgt opetates afeknslwu5wglpan srlwme. Atthtyear t￿1th￿t were ahNnmts oryto thtCth8•tl¥•th sc1Mtty2Ttt￿t￿5ll￿1j.. 3) wrtbthe totat xouMtdbo#i8£147.25D (2023.. £1￿. Tkn4¥theyt¥the Cowes￿de aé%JDatioA•f£2.5m to thÈCamEdid8e T￿￿[ iTrlttedp¥tykn to 4 COMMOD tfPJSt¢e. IknK¥theyearthe CollegeathwKedmordts to eatiinofits subsidiarits diéca%ed8(i d andthstfruth its s￿%￿10¢$. •JKAYTecwd¢d •5 2023 2023 C•ll8e to College rill¥ty(B)14ritsd TikntyC¢thgv(CSP) L•¥t¢d Tikyty(Dj￿r￿1ea r¥¥ty(F) L4#1od 6,170 1125 6201 2m8 171 4fi13 1,328 103 1•5 103 LknrfoldAllportt&i¥ted Tixty iE)l*Httd 2015 2279 24.219 33

TRIIYITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) A& SLYSMARY COMPAMLS TJDyty (B) Lxitèd Ti¥ytyColleBe (CSP) L•Aed TIiDityO)) Li#btÈd Tiwuty(F)LtiYated Fatydti IknsfoldA#pvrt￿lttd (E) i•J¥ted TiwMtyPEL4wtedPts)eKsTrdp All of tht xbo4'e coJAparrie5 lYt a yw8nd or30J￿￿. The TN5tees bekn'•that the c¥ryiti8 i•bJe oftheinve51ment5 is 455ets. TiTrMtyPE Till¥ty{C3F) D￿&foldA#pDrt Tixiity(D) Ltd lirnited 3393539 7842465 43465C LP023207 TrtatAs&•ts 27Afj9 5267 402 129.936 27.163 101773 [117 6259 95,O)5 1.573 93.432 3359 51 31752 T0tslF￿ds 36.530 214 TuvkOi"tEfotthe y E￿end1b￿ttottheYear 4,147 4.059 (7.765) 541 (257) (1225) ' Oos5es) oAin%eslTheots (115 Afterth¢ on 30July2024the Collese S•curndath1tith￿ £lthibowov4fmm witalfftathts ￿ theforn rfaX+ywpiiate Pkn￿t bottdith4 w4Jonof1.92y•Pkn£￿ ThEfilla•w%tV•*S ￿eSted¥￿the ColeB¥5 eqlatyp￿kn. 34

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) 2123 I￿5￿0s￿S) 04m1￿$s¢s) 161J3Q 27.126 18gJ56 1,336 3,410 1022323 165.79 2￿￿.7B1 3217 11, 6319 2.792 7&J15 44rt50 71 J19 77.17B 15329 iJJJi 87597 2.41•&lJ 1022 b.et￿%.85t￿ellt Tm5fws 15'09sHs1 betw¢￿A￿ts (Los%es1 B•kn30 IM$2?6 (736 16479 IW4767 44J•8 41?2B 63W5 9921 1.697 71,119 4.141 6.716 921 {1215) 4V 7JJJ9 75J74 OJ47) 4325 IJ85AI8 1•.)74 111,7S4 2J91.7 6.1&5 iijiry) 11,497) ijio 1.497 li￿) P73) 133OJ4 30 35

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) 1•23n4 NetirrestsAiot TTrDsfers 16$, 27J26 196034 7.169 ?1￿ 77.471 57.14 li 6,219 8.356 4U56 .193 (53.514} 69.1 J139P94 1•,074 h'•t￿YeStslenf FrdDsfw5 gaii>'Q0s5esl On>Tross•sl l J53J61 1SV91 1,703W: 6.736 131OJI ImiJ2 16S.7V_ Resti1￿e& 4.141 2￿)1 61171 4716 921 214) 55hiO 44NS0 IN7 71747 11.347) IJI63A55 9L?96 150.788 36

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) 22. YLThI>SANALYSED BY PRIMARY PL"IIPOSE Bl•ll¢e it 30 Jutse 2024 Bill￿¢ 1 30 J•e 2023 EndoTh)nents Restrfftcted Desigllated £'OOD £'o¢)o 62.127 EIt￿NinentS Reslricted Desi8#aled Buildi48S A￿ardS $ludeotshtps 18J60 92.656 5,298 45.448 8,956 13.784 4.994 438 5,108 1,793 196,835 36 48.377 4.235 16.350 16,292 77.778 4.420 37,988 7.48$ 11.521 4.174 30,199 4.668 3.978 37.155 3.418 12,513 1.077 297 337 287 566 9.593 99 15 476 77.478 301 242 587 7.934 35 74 Ltbrny Other etheatio Beneyoleat ArtWkdmvsic 327 206 366 4,269 1,499 165.792 157 566 449 422 367 SS.410 416 71.828 44,456 BuildinBS fimds are for the wkeep ￿￿￿elopMent of the College FYopertie$ Amwdy and Jtudelltslkip gre foT makin8 PLWpaYitt8 rnainten8nce or fiJxdin8 fees for stthts de￿ding on their CiTCUTllSt4llce$ Prizes fimd5 are for n)akiu8 prizes for academic or other $ueeesses to students Research are funds a￿ for &￿'4rdIn8 research 8r￿ts to Students or felloTh7 8enerallY ill specifie sthject 4regs Librw fwjds are for the * of the libr8r¥' athl for buvin8 books Other edueation art fimds for teaebin8 or for externalprojecrs to broadth the access to universitv Ben&vlenl ve for benevolent Purposes At the discretion of the Colle8e Council Art attd music fullds are for ￿lstiC or music•1 actisryties 8enera]Iv for sbthts inc]￿Jing for the choir Sports are for student sporti￿9 activities Oth& fullts att to fuod a wietv of otlr Colle8e ￿t￿tIeS 23. LNALYSIS OF CON¥OLIDATED &4LLNCE SHEET BY Coryornte Orher elldowiDent end￿71}e#l$ kestricted Desi8TJated £'ooo £'ooo 76,978 500 30 Jmat 2024 GeDeral TOTAL £'ooo 2,469,580 21,090 39,153 (27210) (90,000) FixedAssets C&8h at bank Other ernt aset3 CTeditOTS due within otse vear Creditors due in more than oue year Pension $¢1￿me Itabilitv 2,112.223 196.835 71.328 5¢)0 12,216 20.090 39,153 (27,210) (90.OW) 2.0?2.223 196.835 71.828 77,478 44.249 2,412.613 Cojporate end0￿￿nettt enknwineDt5 Restrieted Desiwted £'ooo £'ouo £'ooo 1,944,989 54,410 30 1•De 2023 TOTAL £OC41 £'ooo Fixed Assets Ca5hat b4nk Othercurremt assets Creditors *'ithin one v Creditors more than one year Pa)sioll seheme liabilitv 165,792 43,456 1.000 33.845 32.604 2.242,49? 34.604 29,710 (25,040) {90.000) (25.040) {90.000) 1,854.989 165,792 $5,410 44.456 71,119 2.191,766 37

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) AIDITALUI FLryTS CO.NSOLItL4IID •ilJ• n4 TTrn5ftKs 841￿,(￿)$$ts) g•m5,￿sseS) O¥J •024 B￿]d￿l￿& A￿'ar&S sttsdwt5knps 16292 77.778 4.420 37911 7,485 IlJ21 4.174 i& 91656 3J17 ¢71 43.441 8956 13.784 1.471 431 839 5.101 1.793 1.4 1rf4792 196035 Btmt¥ xtjo i55,'(kn55e$) trrttweeDlknds s￿$￿00$$t5) Jmne 24 37.155 3.418 11513 1.077 9.271 112 4.773 1711 48.377 4335 16J50 1282 327 Pjizes Resta￿￿ 1.109 47 196 02 157 422 21 39 IJ6 41 53 25 107 449 55,410 11.080 ry J9 8J36 9.6•1 71•8 Bl%nc• at JO btlwtèttfunds £•¥￿,0￿5$es) I￿ _4 3QiP) 31.161 61127 3971 1.174 zts 301 242 587 Y2 10 337 287 35 151 26 1027 41 9.593 Art 35 74 416 ioi 163 15 476 41456 1,511 3.410 30lJ13 77.478 38

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued) 24.2 DETAILED FblT)S CONSOLIDATED 2022Q3 TTarsfers between JO J4e 2022 Other Gainsi(Losses) 30 f4ins'(los$e$) 2023 £:000 Buildin8S A￿vdS attd studentships Prtzes Research 15,558 70.763 3_984 33.173 6,964 10.719 3,623 340 734 4,173 298 2.483 521 802 ssl 16.292 77,778 4,420 37988 7,485 11.521 4,174 366 4.269 1.499 2,842 138 2,332 (Xler etheation Art and music Sports 3,972 1,394 297 ios 150.491 5012 9989 165.792 B•l•Dcf •1 Net Tran$feTS Other Qains-'(Losses) Bal•wce ( 30 JuDe 2023 Bainw(losses) 2021 Resii'kttd Buildittgs Awards Al￿ sthjdelltgbips 27.437 3,123 11.389 986 8.557 138 3,117 68 5.817 168 {1.539) 57 37.IS5 3,418 12.513 1,077 297 Rese4rcFL Liknry Other ethation Bene&DleDt Art atsdmusie 1.050 158 611 617 68 166 36 53 IS 4$ 31 151 12 (i) 87 37 157 422 367 Sports 417 334 13 21 22 18 44,128 9?28 4.148 6.716 (1215) 55.410 Balance it 30 J#¥e 2022 Net TTaJ]sfers beth.ee Blll¢e It 30 Jllxe 2023 8aitisl(lo$ses) Gains'(Lossts) £'ooo D¢sl8n•ttd Buildings A*xtrds studentsbip$ 27,888 5,077 2,311 250 30.199 4,668 1.149 1.861 51 Researeb Librny Other ethcation Benevolent Art 2nd nJll&ie 317 225 680 7,259 63 27 27 301 125 288 70 587 ,934 35 72 741 299 329 47 28 74 391 17 36 416 41928 1.697 2.652 921 2A61 44.456 39

TRINITY COLLEGE, CAMBRIDGE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023 Goneral Fun(k Designated Note (iknrcstricted) Fund5 £IIIIO's Re5tricled Fund5 21123 TotAI Fun( £O¢JO's £OIIV's £Un(J'5 uiid eitdoiiiwienl&froiii D()nali()ns and l¥gaLie.s Chutilahlt aLlivilic 5115 403 5.797 5.312 13.172 177 13.175 218 (Jlier irading aLlivilies Ii)vesi1￿'nl% TOTAL INCOME 33 65.(135 78.889 4.1?3 9,Y28 6,736 12.048 77.153 1112.562 I,fiY7 E.Ypiidiliire oil Ruibing lund% Loan intere41 1.393 1.393 4,-39? 211.017 Esiatts aiid InvesliiL'ni ManogeiiK'ni L()s1% 38 211.1150 25,760 25.727 cn.fi ftfcliuriiuble &ciiiiiiis 46,f>55 2.613 3.88? 53.150 her E.rpeiidilure UIiii'Lpiily i(iiilribuli()n under Siaiull Gil TOTAL L￿P￿lDITURE 2.Y92 9*7 75,3 74 2,652 4,148 82.174 NEf INco￿lE/1£¥P￿￿sE) 3,515 {1155) 5.7&11 12.lJ48 2(1.389 NLI RLali%td ins 1)n 1iivesltrn.nl A.%SLI 3.(}X6 2.73 183 5.31x1 176.435 NLI Un￿d]Is￿d gJin.4111ii%.%t'% l 011 InvLtslirn'Jil A4sels Y21 172.783 NEf INcO￿lE/ Tr￿P￿Tr4DITuRE B Tr%ORE TRANSFFJiS 4.646 1.13) 12,496 185.014 2112.123 Trdn%lits bL'IwLL'n lund 211 11.3471 NEf INCo￿lE/ EXPENDITUREAFttR TRANSFFRS 3.299 11.281 185.ll14 2112.123 ALiuarkil &i114liL()%%e.% l (11) dLlii)trd bLneltl pL'n4ioii %¥heirn' 16 4.225 4.125 iyEr ￿K)1'EM￿]NTs IN FUP4DS 11,281 IXS,Ill4 2116.148 T()121 luiid¥ br()uglii r()nvdrd Total funds carried forwArd 63.595 411)?8 1,8.35.767 1.985,418 2,IYI,766 71.119 2,0211,781 There are no recogni%ed gains or losses other than those di4closed above. All of the above result.s derive from continuing operation.s. There is no material difference between the nel incoming resources for the financial years stated above and their hi4lorical cost equivalents 40