2024-07-31-accounts

MERTON COLLEGE OXFORD Annual Report and Financial Statements Year ended 31 July 2024

MERTON COLLEGE Year ended 31 July 2024 TABLE OF CONTENTS Governing Body, Officers and Advisers Page Report of the Governing Body Page Auditor's Report Page 30 Statement of Accounting Policies Page 35 Consolidated Statement of Financial Activities Page 43 Consolidated and College Balance Sheets Page 44 Consolidated Statement of Cash Flows Page 45 Notes to the Financial Statements Page 46

MERTON COLLEGE Year ended 31 July 2024 MEMBERS F THE GOVERNING BODY I Au ust 202 24 The members of the Governing Body, who are Fellows of the College, are the College's charity trustees. The members of the Governing Body who served in office during the year or at the date of this Report are detailed below. Mr Charle5 Alexander Dr Jennifer Altehenger Professor Rhiannon Ash Dr Lindsay Baker Professor Alan Barr Dr Kathryn Blackmon Dr Alice Brooke Dr Lucy Brookes Dr Gwen Burnyeat Professior Mindy Chen-wishart Mr Mark Coote (appointed 01.09.2023} (appointed 01.10.2023} (resigned 01.01.20241 (resigned 30.09.20231 io li 12 Dr Helen Craske Dr Chloe Deambrogio Dr Daniela Dover 13 14 Is Frater John Eidinow 16 Professor Artur Ekert 17 Professor Radek Erban Dr Hadleigh Frost Professor John Geddes 18 19 20 Mrjohn Gloag Drjane Gover Professor Daniel Grimley Dr Matthew Grimley Professor Timothy Guilford Professor Steven Gunn 21 22 23 24 25 26 Professor Matthew Higgins Professor Peter Holland Professor Simon Hooker Professor Ehud Hrushovski Professor Lorna Hutson 27 28 29 30 31 Dr Nicholas Irwin (resigned 31.12.2023) (resigned 14.10.2023} 32 Dr Xiangyu (Michael) Jie Revd Canon Dr Simon Jones Dr Vat5al Khandelwal Professor Julian Knight Professor Madhavi Krishnan 33 34 35 36 21 P<l

MERTON COLLEGE Year ended 31 July 2024 37 Professor Nathaniel Lane Professor Irene Lemos Mr Timothy Lightfoot Dr Alexander Lipp Mr Andrew Mackie Professor13n Maclachla n Professor Richard Mccabe Professor Alan Morrison Dr David Nadlinger Professor James Newton Professor Béla Novak Professor David Paterson Professor Jennifer Payne Professor Jonathan Prag Dr Krishnan Ram-Prasad Professor Thomas Richards Dr Martina Astrid Rodda Professor Alexander Schekochihin Professor Alexander Scott Professor Helen Small Or Bassel Tarbush Professor Patricia Thornton Professor Naomi Waltham-smith Drjulia Walworth Professor Hugh Watkins Prof Michael Whitworth Professor Sir Andrew Wiles 38 39 40 (appointed 01.10.2023) 41 42 43 44 45 lappointed 01.10.20231 46 47 48 49 {Warden from 30.09.20231 so 51 lappointed 01.10.2023} 52 53 {appointed 01.10.2023) 54 55 56 57 58 59 (appointed 01.09.2023} 60 61 62 63 The following Fellows were appointed as Tutors from I September 2024 and members of Governing Body on 9 October 2024: Professor Samuel Fletcher Dr Rory Gregson Professor Stanislav Zivny (from 2 September 2024) Dr Ted Tregear

MERTON COLLEGE Year ended 31 July 2024 During the year, the major activities of the Governing Body were carried out through four main committees (further details on these committees are provided in the Report of the Governing Body below). The membership of these committees is shown above for each Fellow. l. Finance Committee 2. Warden & Tutors, Committee 3. Development & Alumni Relations Committee 4. Remuneration Committee Early in the year, the College abolished the Graduate Committee. The responsibilities of the Graduate Committee were transferred to the Warden & Tutors, Committee. COLLEGE SENIOR STAFF The senior staff of the College were as follows for the year ended 31 July 2024: Acting Warden until 29 September 2023, Warden from 30 Se tember 2023 Sub-warden Finance Bursar Domestic Bursar Estates Bursar & Land A ent Cha lain returned from leave on 6 Janua Dean & Kee er of the Statutes Senior Tutor Develo ment Director Librarian Professor Jennifer Pa ne Professor Alan Morrison Mr Charles Alexander Mr Timoth Li htfoot Mr John Gloa Revd Canon Dr Simon Jones Fra, John Eidinow Dr Jane Gover Mr Mark Coote Dr Julia Walworth 2024

MERTON COLLEGE Year ended 31 July 2024 COLLEGE ADVISERS Inve na ers Legal & General, One Coleman Street, London EC2R SAA Schroder & Co. Limited, 31 Gresham Street, London EC2V IQA Cerno Capital Partners LLP, 34 Sackville Street, London WIS 3ED Audi Critchleys Audit LLP, First Floor, Park Central, 40-41 Park End Street, Oxford OXI IJD Bankers Barclays Bank plc, Oxford City, 54 Cornmarket Street, Oxford OXI 3HB Solici HCR Hewitsons, Elgin House, Billing Road, Northampton NNI SAB Mills & Reeve, 112 Hills Road, Cambridge CB2 IPH Penningtons Manches, 9400 Garsington Road, Oxford Business Park, Oxford, OX4 2HN Farrer & Co, 66 Lincoln's Inn Fields, London, WC2A 3LH Wilsons LLP, Alexandra House, St Johns Street, Salisbury SPI 2SB and, Lincoln's Inn Fields, London WC2A 3AA Surve or Savills, Wytham Court, 11 Westway, Oxford OX2 OQL Gerald Eve LLP, 72 Welbeck Street, London WIG OAY Other Peninsula Business Services, 2 Cheetham Hill Road, Manchester M4 4FB College address Merton College, Merton Street, Oxford OXI 4JD Website www.merton.ox.ac.uk

MERTON COLLEGE Year ended 31 July 2024 REPORT OF THE GOVERNING BODY Under the Charities Act 2011, the Governing Body presents its Annual Report for the year ended 3 1 July 2024, together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION Merton College is a charitable corporation founded as a self-governing community of scholars first in Malden, Surreyi and then in Oxford, by Walter of Merton, Lord Chancellor of England and Bishop of Rochester, with royal consent under statutes dated 1264 and 1274. The College's current statutes were approved by The Queen-in-council under the Universities of Oxford and Cambridge Act 1923 on 15 July 2015. The full legal name of the College is'The Warden and Scholars of the House or College of Scholars of Merton in the University of Oxford,. The term 'Fellows' latterly replaced 'Scholars', and the Fellows elected under Statute 4.2(a) of the College Statutes, together with the Warden, who is the head of the College, comprise the Governing Body of the College. The College registered with the Charities Commission on 15 November 2010 (registered number 1139022). Prior to that date the College was an exempt charity under section 3(5a) of the Charities Act 1993, as listed in Schedule 2(b) to that Act. The names of all members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 5. During the year 2022-23, the Governing Body undertook a process to identify and select a Warden to replace Professor Irene Tracey, selecting Professor Jennifer Payne as its new Warden at a meeting in Trinity Term 2023. Professor Payne was installed as the Warden on 30 September 2023.

MERTON COLLEGE Year ended 31 July 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College is governed by its Statutes approved in 2015 by The Queen-in-council under the Universities of Oxford and Cambridge Act 1923. Governing Body The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, who is the Archbishop of Canterbury. The Governing Body is self-appointing, and membership is subject to review and renewal every seven years and ceases with retirement from office. The Governing Body determines the ongoing strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly under the chairmanship of the Warden and is advised by four main committees and thirty other ancillary or subsidiary committees, forums and panels (including standing appointment panels for research posts and panels which meet ad hoc to deal with disciplinary and other matters). Recruitment and training of members of the Governlng Body New Fellows are elected to the Governing Body on the basis of their knowledge of and contribution to education, learning and research within the College and the University of Oxford, or on the basis of their possession of professional and administrative qualifications and skills that will enable them to advise and assist other members of the Governing Body. Recommendations concerning appointments to posts qualifying the holders for Fellowships are made to the Governing Body by committees convened specifically for the purpose and chaired by the Warden. Appointment committees include expert members recruited from outside the College, and academic appointments may be made by joint process with a faculty or department of the University of Oxford. New members of the Governing Body are inducted into the workings of the College, including their role as trustees and Governing Body policies and procedures by the senior staff of the College, are provided with written reference material explaining their roles, and may attend external trustee training and information courses to keep them informed on current Issues in the sector and on regulatory requirements. All members of the Governing Body are briefed annually on the duties of trusteeship and provided

MERTON COLLEGE Year ended 31 July 2024 with other relevant regulatory briefings. Remuneration of Members of the Governing Body and Senior College Staff Members of the Governing Body receive no remuneration or benefits from their trusteeship of the College other than as provided for by the Statutes of the College. Those trustees that are also employees of the College receive remuneration for their work as employees of the College which is set based on the advice of the College's Remuneration Committee, members of which are Fellows not employed by the College and external members. Where practical, remuneration is set in line with that awarded to the University's academic staff. The remuneration of senior College staff is set by the Governing Body on the advice of the Remuneration Committee in line with market norms. Organlsatlonal management The Governing Body meets at least nine times a year. The work of developing and monitoring the implementation of its policies is mostly carried out by four committees, described below. Finance Committee The Committee is responsible for advising the Governing Body on all matters concerning finance, financial administration, investment, accounting and risk management. The Committee is also responsible for the administration of the terms and conditions of employment of non-academic staff and academic staff who are not members of Governing Body (the Remuneration Committee is responsible for members of Governing Body, and employment issues may also be considered by the Equality Forum). The Committee is chaired by the Warden and has up to fourteen members, including up to three members with relevant skills who are not members of the Governing Body and include the College Accountant. It meets at least six times each year. There is an Investment Sub-committee consisting of four members of the Governing Body, including the Warden and up to five members who have relevant professional skills and experience and who are not members of the Governing Body. Academic Committee ('Warden & Tutors, Committee,) The Warden and Tutors, Committee has delegated authority to make and enforce regulations on all matters concerning junior members, including their academic work, welfare, recreational use of College facilities, and disciplinary matters. The Committee reports to the Governing Body its decisions on all matters of principle on these topics and makes recommendations to the Governing Body on other relevant matters, including

MERTON COLLEGE Year ended 31 July 2024 material changes to the range and focus of educational activities. The Committee is chaired by the Warden and its more than thirty members include the Senior Tutor, the subject Tutors, the Finance and Domestic Bursars, the Dean & Keeper of Statutes, the Librarian, the Chaplain and the Academic Registrar. The Committee meets at least twelve times each year. Undergraduate and graduate representatives are entitled to attend the Committee's meetings during the unreserved agenda. Subsidiary committees are responsible for considering student discipline, teaching needs, and student support. Development and Alumni Relatlons Committee The Committee is responsible for the oversight and co-ordination of fundraising and alumni relations activities undertaken by the College, for the recommendation of policy on fundraising and alumni relations, and for the consideration of matters concerning the external relations of the College. It also has responsibilityi delegated from Governing Body, for the acceptance of gifts below a £500,000 threshold, with gifts above this amount accepted by Governing Body. The Committee is chaired by the Warden and has fourteen members, including the Development Director, two student representatives and three other members with relevant skills and experience who are not members of the Governing Body. It meets at least three times each year. Remuneration Committee ('Committee on Stipends and Allowances,) The Committee is responsible for making recommendations to the Governing Body concerning the remuneration and benefits of any member of the Governing Body who is employed by the College, or any College Officer who is not a member of the Governing Body. There are seven members of the Committee, no member of the Committee may be an employee of the College, and the chair and three other members may not be members of the Governing Body. The Committee usually meets once annually or otherwise as required. The Governing Body agreed to create a new Audit Committee at its meeting in Trinity Term 2023. The new committee will be made up of three external members, one of which will chair the committee, and two members of Governing Body. The first meeting of the new committee will be in Michaelmas Term 2024.

MERTON COLLEGE Year ended 31 July 2024 Other Committees Apart from the main committees, there are committees devoted to specific areas of College life including Chapel and Patronage, Garden and Grounds, Library, and Sports. The Domestic Committee oversees all the domestic arrangements of the College. There are student representative members on most of these committees. The Research Committee and the Buildings Committee were abolished during the year and their functions transferred to other College Committees as appropriate. The Statutes & Bylaws Committee is tasked with reviewing the statutes, bylaws, regulations and policies of the College and usually meets three times a term. The Fellowship & Appointments Committee is tasked with making recommendations to Governing Body concerning election of Fellows and other appointments. It meets at least once a term. The Warden has responsibility under the College Statutes for supervising the day-to-day running of the College, supported by the Sub-warden, Senior Tutor, Tutors, Bursars, Chaplain, Dean & Keeper of the Statutes, Librarian and Development Director. The Warden attends meetings of nearly all the Governing Body's Committees. During the course of the year, the College engaged with the Charity Commission in reflecting on the College's processes of governance, as did other Oxford colleges. This process is ongoing. 101 Pll IT C

MERTON COLLEGE Year ended 31 July 2024 Group structure and relationships The College administers many special funds as detailed in the notes to the financial statements. The College has a wholly owned non-charitable subsidiary, Merton Enterprises Limited, whose annual profits are donated to the College under the Gift Aid Scheme. The trading activities of Merton Enterprises Limited comprise letting of the College facilities and merchandise sales. The College has a wholly owned non-charitable subsidiary, Merton College No. I Limited, whose annual profits are donated to the College under the Gift Aid Scheme. The trading activities of Merton College No. l Limited comprise the purchase, development and sale of land and property. The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship.

MERTON COLLEGE Year ended 31 July 2024 OBJECTIVES AND ACTIVITIES Charltable Objects and Alms The College's Objects for the public benefit are: to advance education, learning, research, and religion through the provision of a college in Oxford or elsewhere. The College's Aims for the public benefit are to achieve the highest outcomes in education, learning and research at national and international level. and to maintain the College Chapel as a place of public worship pursuing the highest standards of liturgical, homiletical, and musical excellence. The Aims for the College's subsidiaries are to help finance the achievement of the College's Objects. Activities of the College The College's principal activity is the advancement of education and learning, through provision of teaching and educational support, to approximately 600 resident undergraduate and graduate students who have been admitted as members of the College and who are engaged on a course of studies leading to the award of a degree in the University of Oxford, through the appointment or employment of Fellows and academic staff who are actively engaged in research, through the pmvision of accommodation and support facilities and through the provision of research grants to Fellows and students. Public beneflt The Governing Body intends that the benefits of education and learning provided by the College should be available to the widest possible range of suitably qualified candidates, irrespective of background, and takes careful note of the guidance provided by the Charity Commission on public benefit, the advancement of education and fee-charging. To this end, the College participates with the University of Oxford and other colleges and institutions in Oxford in an access bursary scheme to provide financial assistance to eligible home undergraduate students. See htt www.ox.ac.uk student es-f Scheme. for details of the Oxford Bursary In order to encourage applications from excellent students who might not otherwise consider applying for admission to the College, the College employs a Schools Liaison and Access Officer and operates an outreach programme, including schools, visits, visits to the College, open days and provision of information, to establish and maintain contact with schools, school teachers and students.

MERTON COLLEGE Year ended 31 July 2024 The College retains a team of welfare and medical advisers, who provide support and confidential counselling to students and staff who are distressed or who have special needs, and who may authorise grants and funding for referrals for specialist professional treatment or advice. Students are provided with opportunities to contribute to College policies and practices, through participation in College comrnittees, through formal and informal interaction with College Officers and Fellows, and through voluntary surveys and assessment processes. The College operates student support funds which may be used to make grants to any student in financial hardship, including grants to supplement funding shortfalls and grants for special academic needs. The College provides scholarship funds to graduates and makes grants to all students for books and equipment and travel and other research related activities. The College provides residential accommodation for approximately 300 undergraduates and 170 graduates. The Equality Forum comprises seven members drawn from the Governing Body, four student members, seven staff members (a College Lecturer, the HR Manager, the Academic Registrar, the Schools Liaison & Access Officer, the Student Support Administrator, and two non-academic employees of the College who are not members of GB) and one external member. The Forum considers and makes recommendations concerning equality in all aspects of College life, including admission of students and student provision and progress, as well as employment issues. The Governing Body appoints one of its members as Equality Adviser. The College is normally open to the public during visiting hours throughout most of the year. Chapel services are open to members of the public.

MERTON COLLEGE Year ended 31 July 2024 ACHIEVEMENTS AND PERFORMANCE Undergraduate students 322 students were enrolled for undergraduate degree courses at the University of Oxford during the year. Of these, 265 were home (UK) students and 57 We￿ overseas (including in the EU). 185 were studying humanities and social sciences subjects and 137 were studying mathematics, medicine and physical sciences. 109 undergraduates held College scholarships or exhibitions during the year. 91 undergraduates took Final Honour Schools examinations at the University of Oxford in 2023. Of the 91 finalists, three took degrees classified by pass/distinction outcomes on the Msc-level year, with all three obtaining distinctions. Of the 88 students classified for first-class, 2.1, or 2.2 degrees, 44 (50 % ) achieved firsts (up from 41.9 % in 2023), 43 % (48.90/0) achieved 2.ls (down from 54.19/0) and one (I. 10/0) achieved a 2.2 degree (down from 4.1 % in 2023). No students obtained a third. Graduate students 190 graduate students were enrolled for research study leading to the DPhil degree at the University of Oxford during the year, of whom 52 were studying humanities, 74 were studying mathematics and physical sciences, 26 were studying social sciences, and 37 were studying medical sciences. 84 students were enrolled for other graduate degrees at the University of Oxford, including the EMBA/MBA, BCL/MJur, MSC, Mst, MPhil, BPhil, Diploma, and 2nd BM. 39 graduates were awarded DPhil degrees and 50 graduates were awarded other graduate degrees during the year. 31 new graduates were elected to College scholarships during the 2023-24 academic year.

MERTON COLLEGE Year ended 31 July 2024 Scholarships, bursariesi grants and prizes Expenditure during the year was as follows: Undergraduates Oxford Bursaries £60,434 £31,807 £67,039 Prizes Scholarships Other grants Graduates £164,538 Scholarships £1,022,555 Research and other grants £20,835 All students Student support and book grants £172,967 Welfare and dlsability SUPPOrt The annual cost of staff time (Chaplain, Senior Tutor, Academic Registrar, College Nurse, Doctor and Junior Deans for Welfare) and other cost of welfare provision (including a contribution to the University Counselling Services) is of the order of £84K. 23.50/0 (140) of the total student population in 2023-24 (89 undergraduates and 51 graduates) had known disabilities or long term health conditions. Schools Liaison and Access Activities The College engaged in over 40 in-person and online schools liaison activities during the 2023-24 academic year reaching thousands of students, particularly in the south west of England (Merton's main regional link area). These were either Merton-only events or were held in conjunction with the University of Oxford or other Oxford or Cambridge colleges. Work continued with the South West Consortium (Merton College, Exeter College and Lady Margaret Hall) and this is expected to develop further in the coming years. Schools liaison activities included visits to schools and colleges, attending Higher Education Fairs, delivering workshops on different aspects of applications, offering taster lectures, and developing pupils, thinking and wider academic skills. Sessions were intended to raise educational aspirations, inform course choices, highlight the benefits of higher education (including studying at Oxford and Merton), and clarify Oxford application's processes. Three in-person open days were held (one in September and two in June), attracting over 4,000 visitors.

MERTON COLLEGE Year ended 31 July 2024 The College continued to develop its work with the Social Mobility Foundation, a UK-wide charity aiming to improve the social mobility of young people. In addition to online events, a 3-day residential visit to the College was held for a group of 31 year 12 students. Library The College Library provides support for teaching, learning, and ￿Search by members of the College and visiting researchers through resources, professional assistance, and through maintaining spaces conducive to productive study. The Library also contributes to the effective running of the College administration through management of records, archives, and provision of information. The Library and Archives Committee, which reports to Governing Body, has representation from Fellows, undergraduates, and postgraduates. Decisions about library services are informed by regular user experience surveys, and by informal communications. The College supports staff membership in professional organizations, and staff maintain awareness of best practice through participation in University and professional groups. The College is a member of the Oxford Conservation Consortium to provide professional care and advice in relation to heritage collections. Timely access to printed books continues to be highlighted on the annual undergraduate survey as an 'essential' service, along with study space, and access to electmnic resources. Library study spaces are used intensively and are supplemented with other rooms in College during the exam term. A total of 811 print books were acquired in 2023- 2024 of which 88 were gifts. The library also participates in an initiative to co-ordinate the purchase of e-publications across the collegiate University. There were 11 accessions to the archives this year: Five gifts, five internal transfers, and one purchase. The Library aims to care for special collections, archives, and heritage material to professional standards, to make them known to researchers and the public, and to make them physically accessible for research and for teaching. This year the Library received 96 research visits to consult heritage items. Staff responded to 361 written enquiries (of which 172 were research-related). The staffed information desk dealt with some 646 in- person enquiries this year. Daily summer tours of the College were paused this year due to the closure of the historic library and the Chapel for refurbishment projects. Two special library exhibitions were held: 'Tolkien at Merton: Fellowship and Friendship, to mark the 50th anniversary of J R R Tolkien's death in September 2023. and 'Sandy Irvine: Everest 1924, to mark the iooth anniversary of the British Everest Expedition of 1924. The latter was viewed by 640 visitors. An international symposium 'Everest 1924: A Century in Review, was attended by c90 people on 27 April 2024. A digital copy of Irvine's Everest diary and a timeline of the 1924 expedition with images of items and artefacts from the Merton Sandy Irvine Archive will remain freely available on the internet as a resource for the future. 161 P<igo

MERTON COLLEGE Year ended 31 July 2024 Fellows Employment costs were, in respect of Teaching Fellows, £1,423K for the year; in respect of other teaching staff £546K for the year and in respect of Research Fellows and other Fellows (including stipends paid to part-time College Officers) £622K for the year. Research grants of £214K were made to Fellows during the year. The 51 academic Fellows on the College's Governing Body included 17 Mathematical, Physical and Life Scientists, 18 scholars in the Humanities, 9 in the Social Sciences and 7 in the Medical Sciences. The research interests of Fellows are described further at http://www.merton.ox.ac.uklfellowsandresearch/fellows.shtml Chapel The Chaplain was on secondment as Interim Dean of Lincoln until the end of December 2023. Daily public services were held in the College Chapel throughout the academic year. The main service of the week was on Sunday evening, and it attracted an average in-person attendance of 125. Choral services were also livestreamed. Thirty-three junior members from the College participated in the running of the Chapel. In the Chaplain's absence, the Revd Canon Dr Victoria Johnson was Acting Chaplain. The Associate Chaplain assisted her, and the Chaplain on his return in January 2024. Three baptisms, six confirmations and four weddings took place in the Chapel. Most Chapel collections were donated to charitable causes, and in the year 2023-2024 Asylum Welcome, Charlie Waller Memorial Trust, Oxford Parent Infant Project, Emmaus Oxford, Oxford Winter Night Shelter, Wolvercote Young People's Club, and Christian Aid were the recipients of these. In relation to the building, work to install a new porch in the south transept began in july 2024 and is expected to finish in Michaelmas term 2024. Choral Foundatlon A full complement of 26 choral scholars, 5 graduate choral scholars, I choral bursary holder, and two organ scholars have contributed to the services in Chapel on Sundays, Tuesdays and Thursdays. On Mondays and Wednesdays, the services are sung by 24 girl choristers, who are drawn from ten different schools across Oxford. All choral services during the academic year were livestreamed through the College Choir's YouTube account.

MERTON COLLEGE Yeor ended 31 July 2024 The College Choirfs concert schedule for the year began with a concert in the Copenhagen Baroque Festival, which was broadcast on Danish Radio. Further performances included Monteverdi's Vespers of 1610 and Arvo Part's Passio in the College Chapel, and the world premiere of Gabriel Jackson's The Christmas Story at St John's Smith Square, London. The Choir joined The Cardinall's Musick to perform Tallis's Spem in alium as part of the Passiontide at Merton festival. In June, the Choir sang at the Ceremony at which the Empress of Japan received an Honorary Degree. The Girl Choristers visited Exeter and Truro Cathedrals and Buckfast Abbey to sing concerts and services, and they joined the College Choir to record Gabriel Jackson's The Christmas Story. The College Choir also recorded an anthology of Edmund Rubbra's choral works, and works for choir and orchestra by Wesley, Elgar, Stanford, Ireland and Walton. Capital projects There were no major capital projects undertaken in 2023-24. Within routine property expenditure, four Tutors, houses have been refurbished at 4, 6 & 10 Manor Road and 97 Holywell Street, along with 100 Holywell Street that was let to a tenant. A major programme of external decoration was completed in Fellows, Quad and the food servery counters in Hall and SCR were replaced. As part of the ongoing programme to reduce energy consumption, double-glazing was installed in 15 student properties in Manor Place. The refurbishment of the Warden's Lodgings and garden at 19 Merton Street has commenced as has the refurbishment of student accommodation in Rose Lane 4 and Mure staircase, including the renewa5 of a copper roof. A major programme of stone repair work has commenced in Patey's Quad and the south elevation of Fellows, Quad. Repairs to a section of the city wall are ongoing. Fundralslng The financial year 2023-24 brought sustained momentum within fundraising, alumni engagement and events, with, once again, an encouraging percentage of donor participation. The installation of a new Warden and a busy schedule of activities and visits resulting from that, and organised by the Development & Alumni Relations Office, brought many alumni together throughout the academic year. A number of appeals were completed, in some part due to collective giving through alumni syndicates. The campaign to preserve the Upper Library's medieval stained-glass windows was successfully concluded in the autumn of 2023, and this was followed in 2024 by the Sandy Irvine Centenary Exhibition (fully funded) and a 10th anniversary appeal in

MERTON COLLEGE Year ended 31 July 2024 support of the Dobson Organ (fully funded). Donations to fund Graduate scholarships continued to attract strong support, with the completion of a full D. Phil scholarship for a Ukrainian refugee student and a new D. Phil scholarship in Law. The College launched the Weston Earth Scholarships, enabled through grant funding from the Hilary & Galen Weston Foundation, to provide opportunities for students to undertake research on sustainability and the environment across a range of academic disciplines, with the first two Weston Earth Scholars starting at Merton in Michaelmas term 2024. A Buckee Graduate Scholarship in Physics was fully endowed, qualifying for matched funding from the University, and the College's third Reach Scholarship, for undergraduates from low-income countries, was fully funded by an alumnus. The Merton Choir continued to receive significant funding from a Us-based Foundation. A two-week Telethon campaign in March 2024 raised almost £200,000 in new gifts and pledges, a result consistent with previous years, and there was significant support from both MCR newcomers and JCR leavers who contributed by the magnitude of 970/0 uptake - towards a Posterity Gift and Leavers, Gift respectively. Both gifts received matched funding from two alumni. During the year, the College received £4.945 million in donations and legacies. Of the overall cash donated, £0.380 million was received in respect of Fellowships (teaching and research), £2.051 million towards Graduate Scholarships, £0.150 million in respect of Student Support and the Student Experience, £1. 183 million for buildings projects, and £0.583 million for other purposes. £0.598 million was received in unrestricted donations. A total of £3.335 million was pledged in new funds whilst an additional £494,000 was credited by the University's Graduate Endowment Matched Funding Scheme (GEMS). The College is registered with the Fundraising Regulator and employs full-time professional staff in the Development Office to act on its behalf in this area and to ensure that it is compliant with the Code of Fundraising Practice. The College, once again, did not receive any complaints relating to its fundraising activities

MERTON COLLEGE Year ended 31 July 2024 FINANCIAL REVIEW Total income for the year, £21.16 million, was £4.59 million higher than the preceding year, which resulted from increases in donations and legacies (£3.01 million), charitable activities income (teaching, research and residential) (£0.36 million), trading income (£0.202 million) and investment income (£1.01 million). Total expenditure was £21.86 million, an increase of £2.81 million. Following the latest valuation of the University Superannuation Scheme (USS) the scheme was in surplus on a technical provision bases, resulting in the College no longer being required to make deficit recovery contributions and releasing the outstanding provision £1.85 million (2023 £0.39 million). The Oxford Staff Pension Scheme, following its valuation of March 2022, returned to surplus bringing an end to the deficit recovery contributions resulting in a release of the remaining associated pension liability to £0.04 million (2023: £0.83 million). These savings were offset by increases in maintenance costs (£1.58 million) as the College enters a programme of maintenance works throughout the College estate, including works on the City wall, repairs to stonework around the College estate, including quads, and student accommodation. Legal and professional fees increased £0.60 million in part because of the legal costs associated with the College's development plans in Yarnton and review of the proposed College involvement in the Botley West Solar Farm. Farming expenditure increased to £0.33 million and the College made grants to the University of Oxford of £0.27 million relating to the endowment of the Regius Pmfessorship of Mathematics (which is attached to the College). Expenditure on IT projects increased £0.16 million, including upgrades to the fibre network. Net income showed a deficit of £0.70 million, compared with a deficit of £2.47 million in the preceding year. Net gains on investments were £50.18 million compared to losses of £2.96 million in 2022-23. Total funds and net assets increased to £407.55 million from £358.06 million. Reserves policy The College's reserves policy is to maintain sufficient free reserves to enable it to meet its financial obligations in the event of an unexpected revenue shortfall and to provide a buffer that would ensure uninterrupted services. Free reserves at the year-end amounted to £7.80 million (2023: £8.43 million), representing net current assets less creditors falling due after more than one year and designated reserve. The College's target is to maintain free reserves of at least two to four months of expected expenditure. Year-end free reserrfes represented over five months of 201 P Eig e

MERTON COLLEGE Year ended 31 July 2024 expected expenditure. Total funds of the College and its subsidiaries at the year-end amounted to £407.5 million (2023.. £358.06 million). This figure includes endowment funds of £375.73 million and unspent restricted funds totalling £7.29 million. Designated reserves at the year-end comprised of the book value of tangible fixed assets of £16.49 million to be spent over their useful economic lives and £0.24 million representing an unrestricted donation received and designated by the trustees for a graduate scholarship to be spent over the next ten to twenty years. Going concern The Governing Body has considered whether to adopt the going concern basis in preparing these financial statements. In support of this, it has received several briefings on the College's finances from the Finance Bursar. The College has a healthy cash position, owns substantial endowed resources, enjoys healthy levels of demand from prospective students, and is ready and able to constrain expenditure growth if necessary. The Governing Body is therefore confident that the College has more than adequate resources to continue its activities for the foreseeable future and considers that there are no uncertainties concerning the College's viability. Risk management The College has on-going processes which operated throughout the financial year for identifying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidiaries in undertaking their activities. When it is not able to address risk issues using internal resources, the College takes advice from experts external to the College with specialist knowledge. Policies and procedures within the College are reviewed by the relevant College committee. Financial risks are assessed by the Finance Committee and investment risks are monitored by the Investment Sub-committee. In addition, the Domestic Bursar and domestic staff heads meet regularly to review health and safety issues. Training courses and other forms of career development are available, when requested, to members of staff to enhance their skills in risk-related areas. The Governing Body, who have ultimate responsibility for managing any risks faced by the College, have reviewed the processes in place for managing risk and the principal identified risks to which the College and its subsidiaries are exposed and have concluded that robust systems are in place to manage these risks. During the year, the College undertook an in-depth review of the risks it faces, and the controls and mitigations in place to manage these risks. The principal risks and uncertainties faced by the College and its subsidiaries that have been identified are listed below:

MERTON COLLEGE Year ended 31 July 2024 Principal risks related to: Cyber-attack and shared IT infrastructure Welfare roles and responsibilities Buildings and maintenance Data protection data breaches Recruitment and retention challenges non-academic staff Recruitment and retention challenges - academic staff Loss of College sense of community and shared endeavour Insufficient/inappropriate space within the operational estate Emerging risks related to: Increasing student demand for College-funded welfare and disability support Imbalance between research and teaching time and increased use of non-permanent academic staff Governing Body and students, disparity of views on social and educational norms Effectiveness of decision-making structures Evolving fund-raising environment with potential for reduced donation income Climate change impact on property development Sustainability subsidy opportunity Opportunity for improved College facilities and use of space Strategies for managing the risks identified by the College as described above include, for example: Establishing the appropriate committees responsible for formulating recommendations to Governing Body. Providing appropriate training to all members of staff and at the induction of new fellows; Ensuring accountability of College Officers to the appropriate committee and for the committees in turn to be accountable to the Governing Body. Developing and implementing key policies across the main areas of activity of the College, including, for example, admissions policy, health & safety policy, and data & information security policies. and Ensuring the appropriate insurance policies are in p5ace and reviewed regularly. Cllmate Change The College recognises the risks posed by climate change and is taking action across its operations, its estates and its investments to reduce its carbon footprint. During the year, the College's Sustainability Working Group met each term to discuss how to

MERTON COLLEGE Year ended 31 July 2024 assist in the development and implementation of the College's sustainability strategy. The Governing Body has accepted the working group's recommendation to adopt the University's target of net zero carbon and biodiversity net gain by 2035. The College has taken a number of steps to enhance sustainability and biodiversity across its activities, including measuring its current impacts, making its buildings more energy efficient, reducing consumption, achieving greater recycling and reducing waste, particularly food waste, and increasing sustainable sourcing. On the College's estates, the College has completed a natural capital and biodiversity audit and is reviewing alternative land use strategies and government schemes to reduce carbon output from farming and develop carbon sequestration where possible. The College took vacant possession of one farm near Oxford and has implemented a number of government-supported schemes to enhance the biodiversity and carbon sequestration on the farm. In 2020, the College moved the entirety of its developed market listed equity portfolio to an ESG tilted tracker, thereby reducing the carbon emissions intensity of the portfolio by over 400/0. In the year, the College adopted a similar approach to its emerging markets equity holdings, transferring the portfolio to a similarly tilted ESG tracker. The Sustainability Working Group, alongside the Investment Sub-committee, considered further enhancements to the College's investment policy to help achieve the College's sustainability goals. More details of all these initiatives can be found on the College's website. As part of its goal to achieve net zero carbon by 2035, the College has begun reporting its carbon emissions. The College plans to develop the reporting of its emissions eventually to include emissions from its land estates and other investments as well as its operational estates across scopes 1, 2 and 3. At this time, the College is able to report on its scope l and 2 emissions for its operational estate as set out below for the year 2023-24: Carbon Emissions 2023-24 Scope l emissions 242.05 Scope I removals (l) N/A Scope 2 emissions 788.45 Scope 2 offset (2) (788.45)

MERTON COLLEGE Year ended 31 July 2024 l) The College owns woodland, grassland and cropland that removes emissions from the atmosphere. The College aims to quantify this positive impact in future periods. 2) Scope 2 emissions are calculated based on the electricity the College uses (via actual or estimated meter readings) and conversion factors provided by the UK government. The College purchases all its electricity via a zero-carbon tariff; the table shows the calculated emissions and the offset separately. Investment policyi objectives and performance The College's investment objectives are to balance current and future needs by: achieving a nominal return on investment sufficient to maintain or increase the real value of the investments and meet the spending objectives of the College. and delivering this objective within acceptable levels of risk. To meet these objectives the College's investments as a whole are managed on a total return basis, maintaining diversification across a range of asset classes in order to produce an appropriate balance between risk and return. The College does not use a fixed formal benchmark but compares performance with a wide range of investment indices and investor performance data. The College has made a number of direct and indirect investments that have explicit or implicit socially responsible objectives; its Investment Policy, available on the College's website, includes the College's policy in relation to Socially Responsible Investment. Investment strategy, policy and performance are monitored by the Finance Committee and its Investment Sub-committee. At the year end, the College's aggregate long term investments totalled £383.0 million, of which £342.4 million was general endowment and the composition of which is shown in the notes to the financial statements. The overall total investment return on the general endowment before external expenses was as follows: Ann alised total net return in GBP Merton College Global Equities UK Equities US Equities UK Gilts UK Index-Linked Gilts 17.8Q/o 22.20/0 5.8% 2.0% 241 P L2&Fe

MERTON COLLEGE Year ended 31 July 2024 The returns on the general endowment reflect the College's asset allocation. Returns on its property investments, particularly its agricultural ho5dings, were strong in the period at 26.0 % driven by the achievement of an outline planning permission for a development at Begbroke. The carrying value of the preserved permanent capital (the trust for investment) and the amount of any unapplied total return available for expenditure was taken as the fair value of these funds as at l August 2002 (£88.956 million) together with the original gift value of all subsequent endowment received. The Governing Body annually reviews the level and appropriateness of the unapplied total return allocated to income including a review of prospective investment returns, inflation and market risks. Any surplus arising during the year is reinvested in the College's general endowment. On the total return basis of investing, it is the Governing Body's policy to extract as income 3.50/0 of the value of the relevant investments. However, to smooth and moderate the amounts withdrawn, this 3.5 % is calculated on the average of the year- end values in each of the last five years. The Governing Body will keep the level of income withdrawn under review to balance the needs and interests of current and future beneficiaries of the College's activities. 251P

MERTON COLLEGE Year ended 31 July 2024 FUTURE PLANS The Governing Body continues to consider how it can achieve the highest outcomes in education, learning and research at national and international level, and continues to review the size and shape of the College and encompassing matters of academic policy, governance and administration. College staff and students continue to contribute to the planning. The College decided in 2021-22 to proceed with a new library, and has continued to plan for the new library through the course of 2023-24. The College is also undertaking a broader strategic review of its space needs, including student accommodation, teaching space, office space and other needs, which it expects to complete in 2024-25. The College commissioned a survey to review the condition of all of its operational buildings and the results of this survey were received in 2023. The survey will inform a rolling ten-year maintenance plan to be agreed as part of the budget-setting process over the next several years. The College continues to consider setting-up a pre-school nursery and plans for the nursery will form part of the strategic space review. Admissions Undergraduate applicants to Oxford are selected by the individual colleges working within a common framework to ensure that the same standards and practices apply consistently across subjects - see further: htt www.ox.ac.uk admissions under raduate oxford decisions common-framework Overall application numbers across the University in 2023-24 were 23,111, a small decrease from the previous year (23,819). Merton College received 712 applications, an increase from the previous year's figure of 663 applications in 2022-23. 108 offers were made, of which 8 were open offers. No deferred offers for a 2025 start were rnade. For information on admissions at Merton compared with other colleges, see: ublic.tableau.com rofile niv 261 P iige

MERTON COLLEGE Year ended 31 July 2024 Data on ethnicity is not available to the College through the UCAS. Analysis is undertaken by the University Admissions Office retrospectively on behalf of all colleges, and can be found at: https://www.ox,ac.uk/about/facts-and-figures/admissions-statistics/undergraduate- students/current/ethnicity 109 applicants to Merton declared a disability in their application, of whom 17 received an offer. Postgraduate applicants are assessed by the relevant department or faculty and all those admitted are guaranteed a college place. Merton continues to attract substantially more applicants than it has places available. Attracting the best students from the widest possible range of backgrounds requires more than financial support. Therefore, in the UK, the College continues to develop its schools liaison programme through a full-time staff member, and aims to appeal to all constituencies by improving and enhancing web-based and electronic media and communications. The College continues to develop its recruitment of graduate scholars collaboratively with the academic faculties and departments of the University of Oxford. Choral Foundatlon In the coming year, the College Choir will perform Mozart's Requiem in Merton College Chapel as part of the Oxford International Song Festival. Further concerts will take place in the Sheldonian Theatre, The Temple Church, London and the University Church in Oxford. In 2025, the Britten Sinfonia will begin a residency at Merton College which will see the Choir and the Britten Sinfonia broadcast live on BBC Radio 3 from the College Chapel in February 2025. Capltal projects Two projects are in progress, with completion expected in 2024-25. Work on the boat house extension was delayed by the need for further ground investigations, and completion is expected by the start of 2025. The work to replace the porch at the south entrance to the Chapel was also started in the year, to be finished during Michaelmas Term 2024. 271 P

MERTON COLLEGE Year ended 31 July 2024 Trading income The T S Eliot Lecture Theatre provides the College with first class facilities that are attractive to third party users. Merton Enterprises Ltd has been able to broaden its customer base following a restructuring of the conference office and proactive marketing of these facilities.

MERTON COLLEGE Year ended 31 July 2024 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations. Charity law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102). Under charity law the Governing Body must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the College and of its net incoming or outgoing resources for that period. In preparing these financial statements, the Governing Body is required to: select the most suitable accounting policies and then apply them consistentlyi make judgments and accounting estimates that are reasonable and prudent; state whether applicable accounting standards including FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements. state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departure which are explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue to operate. The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College's transactions and disc105e with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Governing Body on 6 November 2024 and signed on its behalf by: Warden 291P

MERTON COLLEGE Year ended 31 July 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE GOVERNING BODY OF MERTON COLLEGE Opinion We have audited the financial statements of Merton College (the "Charity") for the year ended 31 July 2024 which comprise the Statement of accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable 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 and charity's affairs as at 31 July 2024 and of the group's income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

MERTON COLLEGE Year ended 31 July 2024 Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the Members of the Governing Body's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in the relevant sections of this report. Other information The Members of the Governing Body are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are quired to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: sufficient accounting records have not been kept. the financial statements are not in agreement with the accounting records and returns; or we have not obtained all the information and explanations necessary for the purposes of our audit.

MERTON COLLEGE Year ended 31 July 2024 Responsibilities of the Members of the Governlng Body As explained more fully in the Statement of Accounting and Reporting Responsibilities, the Members of the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Members of the Governing Body are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of the Governing Body either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilitles for the audlt of the financial statements We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Mis-statements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material rnisstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

MERTON COLLEGE Year ended 31 July 2024 we identified the laws and regulations applicable to the charity through discussions with Members of the Governing Body and other management, and from our knowledge and experience of the client's sector. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and, where relevant, inspecting legal correspondence. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material mis- statement, including obtaining an understanding of how fraud might occur, by: making enquiries of Members of Governing Body and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions. assessed whether judgments and assumptions made in determining the accounting estimates were indicative of potential bias. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation. reading the minutes of meetings of those charged with governance.

MERTON COLLEGE Year ended 31 July 2024 enquiring of management as to actual and potential litigation and claims. if considered necessary, reviewing correspondence with relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Members of Governing Body and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of Our Report This report is made solely to the Co15ege's Governing Body, as a body, in accordance with sertion 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the Governing Body those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College's Governing Body as a body, for our audit work, for this report, or for the opinions we have formed. Critchleys Audit LLP statutory Auditor First Floor, Park Central, 40-41 Park End Street, Oxford OXI IJD Date: Critchleys Audit LLP is eligible to act as an auditor in terms of sections 1212 of the Companies Act 2006. 341 P

MERTON COLLEGE Year ended 31 July 2024 STATEMENT OF ACCOUNTING POLICIES l. Scope of the financlal statements The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College with its wholly owned subsidiaries Merton Enterprises Limited and Merton College Nol Limited. The subsidiaries have been consolidated from the date of their formation being the date from which the College has exercised control through voting rights in the subsidiaries. No separate SOFA has been presented for the College alone as permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary of the results and financial position of the charity and its material subsidiaries for the reporting year are in note 13. 2. Basis of accounting The College's individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular FRS 102: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102). The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated financial statements in accordance with 'The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102, (The Charities SORP (FRS 102)). The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year. 3. Accounting judgments and estimation of uncertainty In preparing financial statements it is necessary to make certain judgments, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Governing Body, in applying the accounting policies adopted, no judgments were required that have a significant effect on the amounts recognised in the financial statements.

MERTON COLLEGE Year ended 31 July 2024 In the view of the Governing Body, no assumptions concerning the future or estimation of uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 4. Income recognition All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured. a. Income fmm fees office for student su ort and other char for services Fees receivable are recognised in the period in which the related service is provided and are stated net of any scholarships, bursaries or other allowances granted from the College's unrestricted funds, Office for Students support and charges for services and use of the premises. b. Income from donations rants and le acie Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met. Legacies are recognized following grant of probate and, once the College has received sufficient information from the executor(s) of the deceased's estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable. Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds. Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the date of the gift. 361Page

MERTON COLLEGE Year ended 31 July 2024 c. Investment income Interest on bank balances is accounted for on an accruals basis with interest recognised in the period to which the interest relates. Income from fixed interest debt securities is recognised using the effective interest rate method. Dividend income and similar distributions are recognised on the date the share interest becomes ex-dividend or when the right to the dividend can be established. Income from investment properties is recognised in the period to which the rental income relates. 5. Expenditure Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognized when a legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated. Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met. All expenditure, including support costs and governance costs are allocated or apportioned to the application expenditure categories in the Statement of financial Activities (SOFA). Support costs which include governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates. Intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure in the consolidated financial statements.

MERTON COLLEGE Year ended 31 July 2024 6. Tangible fixed assets Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings which is directly attributable to bringing the asset to its working condition for its intended use and amounting to more than £5,000 together with expenditure on equipment costing more that £5,000 is capitalised. other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the SOFA as incurred. 7. Depreclatlon Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows: Freehold properties, including major extensions Building improvements Equipment 50 years 20 years 5 to 10 years Freehold land is not depreciated. The cost of maintenance is charged in the SOFA in the period in which it is incurred. At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment. 8. Heritage Assets The College has a number of assets, including items of art and historic texts that meet the definition of heritage assets under the SORP. The College retains information concerning the cost or value on donation only for some of its heritage assets, but disclosure of this information would not give a fair picture of the total value of heritage assets held. The cost of obtaining fair values for the remaining heritage assets would not be commensurate with the benefits to users of the financial statements. Therefore, no cost or value is reflected in the financial statements for heritage assets.

MERTON COLLEGE Year ended 31 July 2024 9. Investments Investment properties are initially recognised at their cost and subsequently measured at their fair value (market value) at each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts. Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs. Investments such as hedge funds and private equity funds which have no readily identifiable market value are initially measured at their costs and subsequently measured at their fair value at each reporting date without deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respective fund managers. Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as 'gains or losses on investments, and are allocated to the fund holding or disposing of the relevant investment. 10. Other financial instruments Derivatives The College has not entered into any derivative contracts. Cash and cash e uivalents Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less. Debtors and creditors Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest. 12. Stocks Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.

MERTON COLLEGE Year ended 31 July 2024 13. Foreign currencles The functional and presentational currency of the College and its subsidiaries is the pound sterling. Transactions denominated in fO￿Ign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA. 14. Total Return Investment accounting The College statutes authorise the College to adopt a 'total return, basis for the investment of its general endowment. The College can invest its general endowrnent without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return that can be either retained for investment or released to income at the discretion of the Governing Body. Other endowments are invested with Schroder & Co Ltd and Cerno Capital Partners LLP, which distribute on a total return basis. 15. Fund accounting The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or set by the terms of an appeal. Endowment funds are further sub-divided into permanent and expendable. Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds. Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. 4011,

MERTON COLLEGE Year ended 31 July 2024 They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required or permitted the capital be maintained and with the intention that the income will be used for specific purposes within the College's objects. Permanent endowment funds arise where donors specify that the funds should be tained as capital for the permanent benefit of the College. Any part of the total return arising from the capital that is allocated to income will be accounted for as unrestricted funds unless the donor has placed restrictions on the use of that income, in which case it will be accounted for as a restritted fund. Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long-term benefit of the College. However, the Governing Body may at their discretion determine to spend all or part of the capital. 16. Pension Costs The College participates in the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of each scheme are held in a separate trustee- administered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual employers and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other employers. employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As ￿qUI￿d by Section 28 of FRS 102"Employee benefits" the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the income and expenditure account represents the contributions payable to each scheme and any deficit recovery contributions payable under a scheme Recovery Plan. Where a scheme valuation determines that the scheme is in deficit on a technical provisions basis (as was the case following the 2020 USS valuation), the trustee of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit. The College recognises a liability for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the income statement. Further disclosures relating to the deficit recovery liability can be found in note 22.

MERTON COLLEGE Year ended 31 July 2024 FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control such as the Universities Superannuation Scheme and OSPS. The accounting for a multi-employer scheme, where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit, results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The College is satisfied that USS and OSPS meet the definition of a multi-employer scheme.

Merton College Consolidated Statement of Flnanclal Artivities For the year ended 31 July 2024 Unrestrirted Funds E'ODO Restricted Fynd5 £'ooo Endowed Funds £'ooo 2024 Total 'ooo 2023 Total £'ooo Not•s INCOME AND ENDOWMENTS FROM: Charitable actlvltles: Teaching. research and residentlal Other Trading Income Donations and legacles Investments Investment income Total return allocated to income Other income Total Income 7,013 695 598 7,021 695 4.945 6,658 493 1,934 2,710 1,637 22 9,677 1.413 7,060 (9,6771 8,495 7,481 14 18.009 4.131 (980) 21,160 16,574 EXPENDITURE ON: Charlt•ble actlvlties: Teaching, research and residential 16,001 1,783 274 18.058 16.165 Generatlng fund5: Fundraising Trading expenditure Investment management costs Total Expendlture 562 553 562 553 565 467 17.116 1.783 2,956 21,855 19,047 Net In¢ome/{ExpendlturÈ) before galns 893 695 Net gains/(losses} on investrnents 11, 12 73 50,110 50, 183 (2,9611 N•t Income/(Expendlture) 893 49488 Transfers between fund$ 18 137 (96) (411 Ilet movÉment in funds for th¢ year 1.030 2.325 46.133 49,488 (5.4341 Fund balances brought forward 18 23,500 4.969 329,592 358.061 363,495 Fund5 carrled forward at 31 July 375 725 407 549 358 061 43

Merton College Consolidated and College Balance Sheets As at 31 July 2024 2024 Group £'ooo 2023 Group £'ooo 2024 College £'ooo 2023 College £'ooo Notes FIXED ASSETS Tangible assets Property investments other Investments 16,493 186,904 196,116 16,519 152,272 182,289 16,493 177,410 205,640 16,519 142,777 191,792 li 12 Totsl Fixed Assets 399 513 351 080 399 543 351 088 CURRENT ASSETS Stocks Debtors Cash at bank and In hand 417 1,852 8,197 515 1,898 8,059 415 1,675 7,845 393 2,158 7,594 15 Total Current As$ets 10,466 10,472 9,935 10,145 LIABILITIES Creditors.. Amounts fallln9 due wlthin one year 16 2,419 1,602 2,162 1,419 NET CURRENT ASSETS 8,047 8,870 7,773 8,726 TOTAL ASSETS LESS CURRENT LIABILrrIES 407,560 359.950 407,316 359,814 CREDITORS: falling due after more than one year 17 li li NET ASSETS BEFORE PENSION ASSET OR LIABILITY 407,549 359,950 407,305 359.814 Defined ben¢fit penslon scheme Ilablllty 22 1,888 1,888 TOTAL NET ASSETS 407 549 358 061 407 305 357 926 FUNDS OF THE COLLEGE Endowment funds 18 375,725 329.592 375.674 329,525 Restricted funds 7.294 4,969 7,294 4,969 Unrestrlcted funds General funds Fixed Asset fund Graduate Scholarship Fund Pension reserve 7,796 16.493 241 8.425 16,519 444 (1,886) 7.603 16,493 241 8,357 16.519 444 (I,B88) 22 407,549 358,061 407,305 357,926 The financial statements were approved and authorised for issue by the Governing Body of Merton College on 6th of Novernber 2024 Trustee.. Trustee:

Merton College Consolidated Statement of Cash Flows For the year ended 31 July 2024 2024 £'ooo 2023 £'ooo Notes Net cash provided by (used In) 0￿ratIng activitles 24 10,614 11.569 Cash flow5 from investlng actlvlties Dividènds. interest and rents from investments Proceeds from the sale of property. plant and equipment Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investmènts Net cash provided by lusad In) Investlng actlvltiès 8.494 7.481 30 11.0401 9.307 1,7661 14.012 {1,103) 13,923 10.850 10,464 Cash flows from financing actlvitles Receipt of endowment Net cash provid8d by {used In} ftnanclng activiti05 1,637 1,637 316 316 Change In cash and cash equlvalents In the reporting perlod included In Creditors due to Universlty Cash and cash oquivalents at the beginning of the reporting perlod 1,487 2.759 33.485 30,723 Cash and ¢a$h oqulvalents at the end of reportlng Pgriod 25 34.972 33.485 45

rtOn eoll•#• Not•s to th•fftMncl•l Forthe y•ar •nd•d 31 Juty 2024 It4COME FROM CHARTrABLE ACTIVITIE$ 1024 £'ooo 2023 'ooo T•Khln9• R•March ind R•xld•ntl•l Unrestrfcted Tuibon fees- UK and EU Students Tuibon feÈ$- tr4Èr5ea5 Students Other Offict for Students Supptsrt Other aoéemic Inwme Colleoe redentièl Income 1,431 I,L5D 249 125 1,417 I,D72 263 168 Restncted funds c￿lege reSIden￿8[ income Tot•1 T•achlnfv •Drf R••ld•ntl•l ThE abgv6 analysis Indude# E2,630k received Irom Oxford Univer51ty r(om publldy accountJble funds under thq CFF 5cheme12023.. £2,751kl. To Supprlrt th@ strategic pnDrty to fund rnorE gTaduate scholars and to enabk Outstanding students to take up their places regardless of their flnana•l ptssrtion, forgraduates students with Overseas fee status hJfflded through the Claren¢on or UKRI schOla￿hIp fundino Schemes, the c4lleoe shares ofthe fae5 walvod amounted to E57k 12023.. É28k). These a￿ not Induded In the lee Income reported Jbove. DONATIQMS AND LEfjACIES 2024 E'OOO 2023 É'ooo Dtsnatlunz ahd L•14cI•A unrestrftted funds Restritted funds Endowed funds 598 2.710 37 45 334 1,284 114COME PROII OTHER TPADIIIfj ACTivrrIES 2024 'ooo 2023 É'ooo Subsidiary company trading Income Subsidiaty Company farming inmrne 467 2•4 695 493 INVESTItENT INCOME 2024 'ooo 2D23 É'ooo Un￿$t￿￿ed funds 8ank Interest 22 12 Aesttytted fvnds Eoulty dI￿dEndS Int4rBst yn fix8¢ term deposits ènd tèsh 1.346 67 1,265 10 Endowed AgnOJi￿ra[ rent c4mMe￿ial rent Other property incorne 1.209 2,038 682 L,40L 309 1,405 1,198 1,920 657 1,419 IL9 823 20 Income from fixed Intere5r St￿kS In*rest on flxed terrn depO￿ts and Other Invwtment Incyffle Bank Interest

M•rtOh Coll•g• 14at•s tr the fl￿1￿•1 sl•t•m•nts lor th•y••r•nd•d 31 july 2024 ANALYSIS OF EXPt1401TLIAE 2024 'ooo 2023 É'ooo cha￿tabl￿ •xp•ndlt¥rn Olrect stalf costs allocal•Y to.. Teachingi research and residential 6,053 6.294 other direct Costs allocated to.. Teachino, research affld r@sldentlal 9,409 7.349 Support and govemance costs 4lhxated to.. Te￿hIng, resEarch resldertial 2,596 2.$22 TOtsI ch•flt•ble 1X￿ndIt￿rn txp•ThdltUTe on rnlilni fvnd Direct staff costs allocat￿ to.. FundraisJn9 Investment rnana9ement Costs 342 279 362 328 Otherdirect costs al￿tated to.. Fundra￿ll9 Tradlng expendycure Investment rnan49emenr costs 159 $50 Z.365 155 467 1,496 Support and 9overnarw costs all(￿at￿ th.. 46 2S Invesbxenl rnanJ9efflent Costs 39 Totsl 0xpend￿r• ryn rnlilng 797 Totsl •xp•ndllllP• The 2023 resourcttl expen¢e¢ ¢f £19,047k respr$•h￿d É15,586k trom unrertcted funds, £L,601k fvom restrirted £l,860k trcrn endowed funds. ThB College is IlJble to be assessed fLY Contrtbukion under the provtsions of Staiute XV rfthe Unlver51ty off Oxford. The Contribution Fuhd IS used to make 9Tants and lo colleges on the ba$ ol nwd. Contribu￿￿15 Jre ul<ulated annually In att4rdancè re9ul•llons mode by the Counfji of the UDiveT51ty ol Oxford. The teachlng atbd rnsearch costs Include c￿lege CDntributlon pgy4bl¢ of E347k (2023- É328kl. A14ALYsfs OF SVPPQRT AP4D GOVtANANce cosrs Ttrèthing nd Re5eatth É'ooo Teathing Gererating Funds £'ooo 2034 Totsl 'ooo Genera￿n¢ Fvnds £'oco 2013 Tot•1 Aesearth E'ooo 13 234 L36 3Z3 672 I,L29 247 144 3$0 711 1,12* 13 231 122 398 458 L,L67 Oome5tlc adrnlnistratlon Human rEstsurces 129 422 484 1,167 {io) 17 39 26 Deprecia￿oN Los51(prontl on fixed 95S8t5 Other finante charses fjovernJn￿ costs 65 37 66 122 34 123 34 Flnèn¢ial and domestic adrnlnlsrratlgn, ￿ and human rpsourcls costs are attrtbuted aCCOrdsng to the e5tlmated 5t•tFtlme spent on each a￿¥ty. Dtwety¥llon wsts ènd proftt Or1455 on ¢lsposJl of nxed assets are attributed aCEordlng to the use made ol fbe undedylno Jssets. Interest and other finan<e charye5 are ￿tt￿but@￿ acwrdlng to the purpose of the related Governan￿ costs Jre attfibuted ac(urdlng to the esUfflated st4ff time spent on path attivity. 2024 £'ooo 2023 £'DDo v•tnanc• costs rJJmprfM: Audltorfs remunerJiion udlt seryitrs Auditorf$ remunerJiion tix adv150ry services other governan￿ o)5ts 27 43 34 No 4mount has been Induded In govemjnce cost5 for the dfftt employmtnt C45ts or relmburO expenses of the College Fdlow5 ￿ the basis that these payments relare t¢ the Felltsw5 in¥￿Ve[￿ent in the Cdlege's tharttab￿ act￿[ueS. Details of thfj reffiunerat￿n of the Fell¢ws and thElr relrnbursed expense5 are Included as a separate nato wychln these financ￿1 statemerts. 47

•rtrn Colleg• Note ￿ th• Iln•n¢l•l •t•t•m•n Forth• yur and￿ Ji July 2024 GRANT5 AI40 AWARDS 2024 'ooo 2D23 E'OOO DunrKJ the yearthe College funded research awards and bursarbes to st￿ents from Irs re5rncted uTrTestnLted lund as follows.. VDrnstrlrtod funds Grants to IndividuJls'. Scholarships. prtzes and grnnls 8tsrsJries Jnd hBrdshlp award5 Grènts th other Insritutlorhs Tvtsl unr•strkl•d 679 557 io fj44 567 R•ltrIct￿ fund Grants to Indlviduals.. 5cholarshlp5, pnze5 and grants butsaries and hèrdshlp avéards Grnnts to other Institutions Toial rutrict•d 579 277 706 236 856 942 endowed lund$ Grants to other Instytuticns 7ot•l rMtyi¢t•d 274 374 Totsa gr•nt• and •WaTd• STAFF cosr5 2024 £'ooo 2023 £'ooo The a4gr4gat staff costs ior the year were as follows. Salanes and wages Social securfty Costs Pen$lon wst$'. Coniintsatlon charyps Penslon Prov￿10￿ Chinge (see nvta 111 oth•r benefits 7,299 746 $.8S9 714 965 (1.919) 373 1.144 291 The averaye number of employees of the Col￿ge. exdudlng Tru5the5, on a full time egUlva1ert basis was as follows. 2024 2023 Tuirkiffl and rese4rch 42 90 91 Fundraislng SuppDrt 13 14 Total 155 153 The avetape numberof empwd Colhge Trustees durtng the ye4r wJ45 ￿ fD11tyS. Ufflivergty LertuTrrs CVF Lecturers other teBchlng and rèSarth other 18 20 15 io io 53 Redundènty payments are a￿ufftted for in the peiod In which rhe ernployee was Informed of dBctslOn. Wher rlldundanty ttssts ar uncertain. the flgure In the Iccwnts rep￿ernts a b85t estlmat@. costs wlll be thrtsugh unrestritted funds. The followin9 Information relates to the employees of the College exduding the Tru5teg5. Detai￿ of the remurterat￿ and reimbursed expen5e5 of the CollEg8 TrusteBS LS Induded è5 a 5epatate note In these finanoal statements. The number of empkyee5 (exdu¢lng the Cvllege Trustees) during th ￿ar whose gross pay and benents (exc1udln9 employer Nl and penslon tontnbutlons) fell within the followin¢ bands was.. É60,001-É70,000 E70,001-£SQ,QOO The number of the above empknyee5 wlth reJrernent bongfits •Luuin9 Was is fts11ow'. In deflned benefirs schernes In defined cont￿bUDD￿ sthwne5 The Co￿ege roDtrtbvtlonS to denned contributlon penslDn ￿heM*S t4talled 48

Pl•rton coll•9• Natq• to th• flnaficll st•t•m•nts Porth• y•&r •nd•d 31 July 2014 TA14GIBLE FIXED ASS¢TS Coll•g• hd 6roup Freehold land Jnd Flxture5, flttln9s and equlpment £'ooo Tot•1 £'ollo Cwt At Start of ￿ar Addmons Dlspisals 33,416 81x1 3,424 303 38,140 I,ioJ At and oly•Dr D•pr•clatlon •nd IM￿lTMan At stsrt OF year DepreciJtroo charge ftsrthe yejr Depretiatlon on dIspO￿ Impairrneni 17,765 901 2.556 228 20.321 t,129 Al •nd Df yar Nt btskvaly• Atend uly•ar 943 At start ofye4r 668 The abové Includes.. £Ok (2023..IDkl of plant and mathinÈry hel¢J under finan￿ leases. £17k 12023..EOk) of fixts￿5. flttings and egulprnent hold underflnance lea￿. Durfng the year. the Colleye Introduced è salary sacriAce Ekctrlc Vehlclg [EV} scherne for It5 empltyees. The Collego reLvgnI￿d ¥ dsh￿01-u5e sset and tQrrspundlng lease Ikiblllty for th v1h￿￿ leased Js pjrt olthe scheme. The ri¢ht-of-us •5SIt Is dprocl¥led over the lease tem of 36 monthg. The College has Substanbal l•ng-held hlsthrfc assets 311 of svhich ire ysed In the Wurse olthe College's teachlh# and acU¥ltles. These comprls& itsted bulldlngs OD the Colkgq 51te, tO9&thér wllh thelrcontents comprfssng w4rks of art. anclent braoks 4n¢ manuscripts and other treasured artèhcts. ecguse of thÈirègÈ and, Fn rn Jny cases, vnlquÈ naturt, rÈlpèble histortcal cost Information Is not èvallablE for thE5E assefs 4nd tould not be obtained except at disproportlonate expense. However, In the oplnlon of the Trustees the depreciattd historlcal cost of assets IS POW imrnaterfal. 10 HtAITAGE ASS￿$ The herlt¥ge assets held by thE (￿lege Lompdse medieval manuscnpt book$ 1327}' rnedieval and earty rnodern rKords d the wllege and ifs est4tes da￿￿9 from the twetrth century lcio.ooo P￿1600 items Including deeds, surwty5. Court rolls, maps, and various Othw record5).' rare pdnted books 115th-1gth cenwrles.. ¢14,UOQ-, 20th-21st Trntury. 3.500 rao editsons and sperial cupie5)' Collectio￿ of person81 papers {21 mixed-media Colloch￿s1,. tarty astrtyiomlcal InStruTnents <51., 18th century 9lobes {21, palntln45, print5, and drnwlngs 13591-, Sculptu￿ 123),. h￿OrIC t1ty￿ and chapel lvqr 116}. Mi￿ell￿￿eDuS hlstorfc fumtshings le.$. chests, clorks Etcl. Most new acqu15itions a￿ by gift Or bequest. CrSterfJ Forde£￿iDN$ On whether to Jcqulre herltJ9e Items include ￿mpleMentarity with exlsring collertlons, the Intellec￿al approprfatenBss of the college as ￿PosIt0ryl Ind the ablllty of the c4llegÈ tts hDuse the crAleEtlon Jppropfiately and makE tt avallable tu rP¥earthe￿. The colk9e does not dlSPOSe of hertuge Jssets. Herftage a55et5 Ire min?ged by the Fellow Li7Jrari&n gnd the Oomesric 8uf5ar under the OverS5iht ofthe Llbrary 4nd Archlves Cornmittee and the Sub- Commlttee on Pictu￿5 and H15torfc Chattels. There Jre th￿¢ lull-time pfofe5S￿n￿l Ilbrarians and ? proles5ional ar¢hivtst IS employed threE days per week. The college Is a memb¥ ol the Oxford Con5ervatlon Cansortium ¥Yhlch employs four accredited COllSETrators and four working tO4vards accreditauon, who Pfovlde preservatiDn expertise an¢ treltmefflt ( irdivldual iierTr5. spetialist advio Is 5wght when ne•Jed. Herir)ge items are housed in a nurnber of I0[at￿Tr5 throughout the ¢ollegÈ with special 5Ecunty, flre detectlon Jnd fire SUpP￿S1On in the main storage area5. envlrofflments of storage a￿OS gn4 rooms hou51ng $lonth￿￿t assets are monitofvj and ¥Danaged under the guideline5 In P4S 198.'2012 Specfftcation for managlng envlronmental wndltions cufrurnl colloDs. Records OF heri￿ge Jssets are h￿d ITr a corntyinjrion of electronlc ard hard-copy furmAts. Thse Bre freely Jv?Iloble for research consultsuon either onllffle Or Qn Site. The college m4lntJlns J prtyrdmme of Exhlbltlons onsit8 loons Itern5 for display in the Cuntext of publlc exhibltions In the UK antt abroad. vadous herftsge Js5ets have been acquired durlng the last fve years IndudlDg purthases amouThting to ENSI k In the ￿j￿ent year 12023." £25.Ikl. Surnrn4ry ol h•rfl•O4 *sMt ir•nurtlyD• 20Z4 E'ooo 2023 £'ooo 2022 £'ooo 2021 É'ooo 2020 E'OOO Mènuscrfpts & Bwks 13.1 Oonatlons Manuscrlpts and boDk5 7ot•l addluon 25.4

M•rton Coll4g• Not io th• nnanclal Jt•t•m•nts For th• Vr •￿d￿ 31 July 2024 PROPERTY KfivESTMtNTS Group 2024 2023 Toial É'ooo Agncukvrnl £'ooo Commercial £'ooo Other E'QOO £'ooo Valuatlon at stort oFye4r AddlbQllS and Improvements at c4St D15posals Revaluation galns1ll0s5￿I in the year 88,677 1,022 {1,566} 35.274 44,400 30 19,195 349 (477) 15l271 1,401 12.043) 35,274 153.076 713 1826} V•luatlan •t•nd DI y•r 123 407 186 904 152 272 Collg4 1014 Tot41 £'ooo 2023 Total É'ooo AgrtculLural É'ooo CDfhmet¢ia1 Other £'ooo £'ooo valuati4n at stsrt cf year Additions ènd irnprovernents ar cwt 88.67? 1.022 34,905 30 19.19S 349 {477) 141777 1.401 12.D41) 35.274 143,583 713 18281 Revaluation gain51(loy￿I In the year 35.274 V•lyatlgn •t•n¢ ply••r 123 408 177 L42 777 Estates land and property v•lu4tyons Js Jt the 31 July hve been mad¢ by iwo Independeni fims of Chjrtered Surveyors with the b￿s ofttrk valUa￿Dn being markÈt valuation. In a small number of cases the ¥alu¥tions hjve beEn solBly by the Land Age￿ the basls of valuaUon being m¥rket 12 OTHER IIIVESTMENTS All Investments Jre hold at fair valutt. 2024 'ooo Z033 'ooo Group Inv•Jlm•nts Valuation at stsrt of year NEWI money Invested Amounts wlthdrnw InuÈ4sellDecreJsel In vilue of invB5trnents 1•2.2Q9 17.107 IIB.189J 14.9Dg 188,180 14,978 {l8,598} Group Inwth•nts • •nd blyur 190.116 182.289 Invwtment In Sub51diarieS plus.. cash rÈSfjrveS within Sub%dianes Included In group flguresJbove 9.914 9,514 tollege Inve￿ments at end pf ye4r 205 640 191 792 Gr<wp Inv•th•nts c&mwI•: Held ourslde rhe UK E'OOO 2024 Held Outsitte the UK £'ooo 2023 TODI the UK £'ooo the UK £'ooo 'ooo Equity Investments GIDbal multi-asset funds Fiyed Intest stocks Altemative and other inve5rmenrs FLKed term deposit5 Jntt cash Proceed5 lue from rflspgsal of propirty 93,986 13,ID2 8,gL9 LO,635 L2,539 93.980 33.102 8,919 33,334 26,1?5 80.994 31.013 8,710 12,067 15,746 31.013 8,710 2.699 14,236 24,079 9,£79 25,42S Tot•1 GrvFJp In¥••tm•n 1$9 L81 196 116 148 530

M•rton Coll•ge 14otM to th•llnhEl•i rtat•m•n P th• yur •ndod JI ju￿ 2024 13 PARENT AND SUQSIDIARY UNDERTAKINGS ThB College holds loo% of the Issued share capltJl iffl Merton Enterprises ￿MItsd, b compJny provkiiffl9 conference and othEf Event sorvlces cn the CoJk9e premises. and 100% of the Issued 5harB capttal In Merton College No. i Limited, an InvÈStrneDt property cornpany. The resuks and thèir assots and Ilablllties of the Parunt and sUbs￿l•￿e5 Jt the yearend were as fdknws. 1024 P4￿nt CoileyÈ 2024 MertoTr EntErprise5 tsrnited E'DOO 2024 2023 Parent C￿lege 202J MertoD Enterprtses mited £'ooo 2023 Merton NO. I rnlt8d É'ooo No.1 mited E'ooo E'uoo £'ooo lfflcome Exp8ndltJre Donatlon to Coilege undtrglft ald 20,284 688 {45S} (67) L6,037 472 (67} (68} (43} 135 Re5V￿ for the yeJr 811 t7 67 68 Totjl 45sets 409,612 547 {2381 9,572 (82} 361,233 9,S98 Nqt fvnd5 Jr rhe end of year 407 301 3D9 3S7 926 143 14 srATEMET4T OF INVESTMep4T TOTAL REfvRri Thry Trusteu hove adopted a pol￿¥ of lor41 return jccwn￿n9 lor the Ctslleoe 4qn¥ral endowment Inve5trnent retums with from l Augu5r 2013. The Investment retum to bE applled as income IS calculata a5 3.5￿ ofthe avera9e closlng value of the Investment% in each of the |Jst years. 4rnOunt applied as Incorne forspendlng Is Induded wlthin the Income section ofthe SOFA on the basis that thi gfves 4 dep￿r understanding of the financial Positlon Of the Colle9e. The preserved valuE of the Invesred endowrnent capital ￿p￿Sents its Dpen market value in 2002 wether with all 5ub5equent endowments valued at th¢ date of the gift. Gèneral Endowmenr Un?ppiied Total Aestrkte¢ FndDwrnents 701•1 Endowments Trust for InvestmEnt £'ooo Total £'ooo T4tai E'OOD E'OOO £'ooo At th b•glnnlw ol ihe y•ar. Gift cornponont of the germaneni enthwrnent Unapplied total returffl RÈ$trictEd endo¥vrnent funds Total Endowm•nts 88.957 88,957 210.Z83 88,957 210,283 210,283 80.957 210,283 299.24Q 30,JS2 329.592 In th• r•poTrtlTrg perlod: Glll of endowment funds Investmertt feturn.. total Investment In¢4me Inve5rment retum. rEèltsed and unre411sed galns and laSSe5 Less". Investment man4yemenr costs Other ttansfets Totsl 1,637 1,637 7,060 7,060 7,060 46.464 {2.682) 48,4fj4 (2,652) 1,646 50,LI {2,956} 52,842 $2,842 1,96 5S,8LO ufflappiied total return •llo¢Jthd to Income In the 19,677} 19,677) Exoendable endowments van5femd io Inwme 19,6771 19.6771 19.677) 19,677) 14•t Mo￿￿0n￿ Ih rportlng p•rlod 43.165 43,165 2.964 46,133 Ar•nd •lthe t*Jartlng p•rlod'. Gift tomoonent af the oerrnanenr endowfflont Unapplied l¢tèl rtturn EApendable endowfflent Tot•1 End•wM•hb 88,957 88.957 253,44b 88.957 2$3.448 253.448 9S7 253 448 34

75 725

M•rton Coll•g• Notes to th• flnin¢l•l stat•Th•Trts rth• V•ar •nd•d JI July 2024 Is Dt•TORS 20211 6nWP 'DOO 2023 Group £'ooo 3024 Colt•g• £'ooo 2023 E'OOO Amoynts f•lllng dts• wllhln yur.. Tr¥de debtors Arnotsnts OW￿ by Collgge rnefflber5 ArnlluTrts owed by Group undErtakings Loans repayable within one year Prgpayrnents and a￿rUed income other debtor5 430 S54 269 468 59 14 1.091 374 13 1.292 io 14 1,160 13 L.3ZO io AmOlINt l•lllng du• •ft•r more1￿n on•y••r'. Other debtots 132 132 16 CREDITOAS.. l•lllng v4lthln on• y•ar 2024 Group 2023 Gr¢up £'OOD 2024 ¢oll•g• É'ooo 2023 £'ooo Obligauons under nnanttr leases Trtde ItEditotS Amtsunts vwed to College Members AmQunts Dwed to Group undertakings Taxation and SOC￿?1 secvnty Accruals and deferred Income Other Creditors 906 23 243 77 098 22 202 77 47 1.247 1>0 81 1,027 174 43 927 170 1,046 17 CREDrroRS: f•lllny du• aft•r than on• y•ar 2024 Group 'ooo 2023 Group £'oDo 2034 Colle9e É'ooo 2023 £'ooo Obligations underflnJnce lea$e5 li The CgNese recognis1S a rf•ht-¢f-uSè èSMt artd corrEsponding lease Iiablllty for vehwes I￿Sed ￿ p?rt Df a salary 5acrifico &ettriC vehide IÈVI Stheme. The lease Iiabllity represepts the present value of future leose pJymefflts dedwted frDm Frnphy•qs' salade#. Interest Is accrned on rhe le15e Ilabllitv t a dL%COunt rttÈ Qr 3.61%. I• A14ALYSlS 01 fiovEMEpTfs ON FUNPS At l August 2023 £'ooo Incoming resour Resourtts xpende £'ooD Gainsi 11055e%l É'ooo t 31 July 2024 É'ooo Tr4nslers £'ooo £'ooo Ehdowrnvnt FuMd$- Perm•neni GEneTal Endowment Fellowshlp and tut•rthlp Funth.. eaker Tu￿n•1 Support Peter Braam Fiese4rch Fellow Chemistry Turor EnglLfh Tutor L¥sy Tutor Philvsyyhy Tuttsr 299,175 7,009 {2.6151 19,677) 46,4S5 342.337 907 1.340 878 1.302 590 1,137 1,004 48 52 75 4J 71 30 62 l.l)Q7 1.416 20 1.375 027 1,199 1.059 Jewcp R&w5on Modèm Allan Nist4ry Tutor Reglu5 PrufiSSOTship M6rk RèyDDlds History Trtor Gr•du•t• Sch•lar*hlp Fund•'. Pjppkwood Japanese Schol Peier Braam Scholar John Barton 8CL Scholar Chd5wpher Ou9gJn Scholjr Roger Highlield Stholar Charte5 Manby Schol4r ￿￿oun$ Rhodes sch￿•r orher stud•nt Suppart Fundm.. Tgylor Fgrnlly Founda￿0￿ Reed Rubln Dir•ttors of rnuslc othor 55 274 (2741 L.812 loo 1,912 601 401 35 22 636 149 584 570 li 33 26 46 462 821 96 867 ioi 620 723 65 35 4Q 655 763 yo 313,23S 7,350 (2,9¥9) 19.6771 d9.2X4 357,243 62

M•rt•n Coll•w¢ to th•llhahd•l st•t•m•nts For th• y••t 31 2024 Endowrn•nt Funrfg- expendabl• Tutotshlp Funds.. Oominlc Welsh MJihematics futtsr Douglas Algar Humanitles Tutor Ecooomir5 Tutor Dav￿ Hay Medlcal Tutor Christine Blackwell Cl3ssicsTutor Llbrèry Fdltsw5hip Graduat Schalir4hlp and $tud¢rt Ptlz• Pund¥'. James Jack5un Natural Sclences Scholar David Stevens InternatlDnal Development S Mert4n Lawyets BCUMjur Scholar Merton-oxford stholar Mofflic• earnett Law Scholar lohn MOuSSOunS Mathtmatlcs S<hDlir 5trfnger Scholar 8uckee S¢holarshlP Hirry eush Sthdarship other d•nt S¥pport FuMd: ffleral Stjdent Support Noward Strtnger Underyraduate Supptsrt Underyradua student Supptsrt Juhn Aoberts Thoma5 Bowfflan GeTald David Cljyton ATuna & Arillt Chekraverty 8ursarfLs 1.160 838 974 386 1,727 loo 65 47 53 22 91 1.225 1.027 40Q I,Bl• 106 772 436 368 535 157 627 S12 48 24 20 16 46 561 166 662 541 1,129 2S 144 35 19 1.129 25 L28 2,284 l.L88 832 $56 305 772 20 900 33fj 142 255 29 126 $5 46 31 20 43 3,439 1.233 918 588 325 Q15 so 40 49 19 962 355 151 250 Compè5510nate Fund Fltzhenry Biomedicgl riese4rcb Fund Other Funds 16,290 1,296 86 18,431 Totsl Endowm•rtht Fuhd- toif•o• 329 525 674 EndDwment lunds held bv subsid1arf￿s 67 51 si Totsi Endowm•nt ￿nd$- Group 329 S92 375 725 ReErlct•d Funds SvildiTrg Pmjects Fellowshlp and Tytorshlp fund5 1,177 641 1.212 669 48 2.431 622 1692) (468) Graduate 5th￿r$h1p and student funds Siudent$ Support fufflds 1,5$3 853 324 421 1,229 1.314 312 498 211 41 (641 21 880 529 51• IZZ9} 144} other funds T•tsl K•xtAtt•d Funds. Coll•oe 96 73 Restncted fund$ held bv subsidiarfe5 T•il Restyi¢ted Fund•- Group 96 Unr•itrlcted Fund$ General funds Fixed Asset fvffld Aida￿ Jpnkln5 graduate scholarship fund Pension re5eNe 8,358 16,SL9 444 7,644 8.155 7.603 16.493 1,89 Tot•1 Unr••trlrt•d F¥nth- Colleg Unrestrftt+d funds held b¥ subsldlèrte5 67 193 Tot•1 unr•trlct•d Funth- Grwp Tot•1 Pund* 358 061

M•rton Coll•g• Noi• to th•fflaandol •t•t•m•nr• Forth• ¥•4T •ndlld 31 July 2014 At I Au9usr 20ZZ £'ooo Inromln9 resources £'DDD RosllurcBS expondBd É'ooo Gainsl Ilossesl £'ooo At 31 Juty 2023 £'ooo Transfe £'ooo EhdowM•nt FvndJ- P•rniJn•nt General Endofflent F•llow•hlp anrf ivtornhlp fund•: baker Tutorial Support Peter Bragm ReseirEh Fellow Cheffl￿ry Tutor Engl￿￿ Tur4r L•w Tutor Phifosophy Tut4r 315,311 6,118 IL,806) (9,229) 299.175 $D 1,417 925 1,370 614 1,199 73 907 1,340 (771 {47} (701 <27) 1,302 1,137 ]èSCA Rawson Modem •Sian Mstorv Tutor Regiu5 Professorship Mark Reynolds ￿￿tOry Tutor Gr4duate Scholar$hlp Funds: pplewood Japanese Scholar Peter Braam Scholar hn BJrton BCL SchDlJr Chdstopher OJ99an sth￿ar Roger Hlghfigld Scholar Chartes Manby Scholar Mou￿oUrfs Rhodes SthDl4r other stud•Tht Suppart Fuhd.' Taylor Farnily Foundation Reed Rubits Direttots of Mu￿¢ OthÈr 1.060 1.004 io 1,914 1.812 637 425 149 639 {36) {23) 402 {69) S70 589 462 821 90 488 867 6S5 764 69 •20 713 65 320.095 6.213 19.2291 (z,oz8) 313,23S Endov4m•nt F￿r￿￿- Exp•ndbl Tutsrshlp Fur￿1.. Domlnlc Welsh Mathematirs Tutor Douglas Algar Humanitrts Tutor EtonOmlC%Tutor David Hay Medical fuior Chrfstsne ub¢kw￿l aasslu Tutor Ubrary Fellowship Grnduaie Scholarshlp •nd Sturfent Prlx• Fvnrfi.. Jjrnes Ja¢k$Dffl Natural SciencE5 Stholèr Davld steVer￿ IntemBtlllnal DevEloprnht S MÈrron Ljwyers BCLIMjur Stholar Merton-oxford Scholar Monica Barnett Law $th￿ar Jtshn MouSS¢urfS Mathematics Sthlar Stfinger Stholar Ottrr student Support Fvnd$: GenerJl Student Suppart Howard Strln9er Underyraduate Supptsrt Undergraduate 51udÈnt Support John Raberts Thomas Buwtnan Getal6 tyavid ¢￿vt¢￿ Aruna & Anlit Chakrnverty Bursanes Choral Foundati¢n Cornpa$51one Fund Fltzhenry 81ornedlcal Re5e4rcb Fund Other Funds 1.226 685 1,027 408 1.819 1,18 83• 974 306 1.727 100 loa 821 461 369 571 166 663 541 128 (491 Y72 436 368 535 157 627 511 12¢ 2.392 1.234 807 586 325 816 17 l284 1,16• 832 556 305 773 941 356 151 302 (491 9QQ 338 142 255 17,015 22Q 16,290 Tplal Enduwm•nt Fuhd•- Coll•g• 329 525 Endowfflellt funds held by Subsidiines 45 (441 67 Toithl EndowM•nt Punds- Gvoup 337 Y19 592

•rttsn CDll•g• Not•• to lh• Ilnahtll st•l•m•nts For th• •nd•d 31 Juty 2024 A•strtctsd Fund vilding Projects Fellowship and Tutorshlp funrts 800 49S 343 834 37 1.177 (484) Graduate Schtslarship and student Prfze fund5 srudents SuppDrt funds L.2SI 691 306 3S6 427 296 273 212 ($2S) 1.553 a53 324 421 other funds Total R¢strIL￿ Fundx- Crll¢g• 130 12 Restfitted funds hEld bv subsidiJMes TOE&l R•itritt¢d Ptsnds- Ilroup 130 12 uht•BtrlcW Fund General funds Fixed Assei fund Aidan JETrkins grnduète $th￿arship lund pen￿0￿ reserve 8,163 16,667 444 7,OL6 9.508 8,358 16.519 444 (1,888) 1.212 Tot•1 Unrnitrlrtqd Pund- Coll9• unrestntted funds held bv Subsidlartes 62 472 14671 67 Total Unt•Btrld•d Pund- 6rOUP Total PuTrd 363 494 l 359 061 k9 FU14DS OP YME COLLEGE DETAZLS The tdlowin9 Is a Summary of the ortglns and purposes uf eith ol the Funds endLw4m•nt Fund$- P•fMnnl: General Endowment Fund Corpor•re capltèl. Indud4ng Itsunde￿$ ￿pJtjI, h05e income may be spent for general puryoss. FelluwshSp Jnd Tut¢rshipr Graduate xholarshSPS, Dona￿0￿5 ma¢Je for perpetulty. whose Inttffie moy be spenr the ￿tr￿ad purpwe descnbed. student Support fund$ 4nd Reed t>irE(tors of tnJowm•nl Fundi- Expendabl•'. Fello￿$￿1P and Tutorshlp Funds Don4tlons made for the Iono term. whose ifflcome and capitsi mav bDrh be spent for the restrlcted purpts5es de5crfbed. Gradvjre Scholarshlp and Student p￿Ie Funds.. Student Supptrrt Fun¢5 Choral FOundat￿n Compa¥lonate Fund FItEhenry 81omedlcal Re5Èarth FtsThJ Restr1¢t￿ Fynds: 8vildin9 Pmlects DOnat￿Ths mède forspedflc College bulhlltlg pll>jpLts ￿f¢re ojrnplebon. Fund5 ar transferred to thi &Jlldlng Pv)lecr Fund wlthln unrestrittid On￿ the bulld￿19 has been compl￿tEd. Fel￿W$hiP and Tutlryhlp Funts ij￿pent Income generated frt>m the permanent and expendabl¥ endowrnents above GrndvJte schD1è￿hlps Jnd Student Prfzp Funds student Supp(rt Funds Ch&r nd ¢oTraUons made for ￿st￿LtEd purposps whlch the trusteè5 may sppnd •t thelr dI5ty1M. D•Klgn4ted Pund Flxad Assets Fund ReprBSontg th• cosr less èccumulated depTrd•tSon of the Cdlege's nxed assets. A￿ern )enk1Tr5 Graduate $th￿Or#h[P fuTrd ReprB5ents an Unrest￿Cted donatlon reieived and deslgnaled by the Trustee5 fvr graduate 5cholar5hlp less aCCUmulatEd costs oFxhol?r5hlps. The Gwernl Un￿StrICtEd Funds represent accurnul&ed inc¢>mp from the col￿ve.5 a[t￿lUES and other50urw thèt art avallable for the general purwses of the CollB9È ss

M•rton Colleg• NOtsI to th• ftn•ndlll ttt•mnts Fvr th• ymir fjndqd 31 Juty 2024 10 ANALYSIS OF I4￿ASsETs BETWEEN FU14DS Unre5trlcted Funds e51ntted Funds É'ooo Enthwment Funds £'OOD 1024 Total £'ooo Tangible fixed a￿ets Property Investments other Inve5tment5 Net cU￿0t èssets/iiiabllYCI Lon9 liabilities 16,493 186.904 188,821 IB6,904 196,116 8,047 7,294 6,047 375 72S 407 549 prtor Y•arAn•lyB]• of N•t A•s•t• O•twwn Flrn Vnrwtrirte Fund$ E'ooo Endowment Funds £'ooo 2013 Tdtl É'ooo Funds É'ooo Tanglble fixed a￿ets Property investments Other Investments Net DJrrent aSseWlllabiiYcI Lon9 Iiabiifcie5 IS,519 16,Slg 1$1272 181289 8,•70 {L,880) 152.272 In,320 4,969 6,870 329 592 358 061 21 TRU5TEES' REMUNEIL4TION The Truse$ of the C¢lle9e 4re the members of the Governlng Body Prtrninly those Felkws wjbo a￿ ernpbyed to undertjke rejchlng Ind reseirth and ho Sil on Governing 6ody by yirtue of thr employment. No Fellow re￿iVeS any rernunerJtlon for artin9 as J Trustee. However. tbose Fellow5 who a￿ employee5 of the College receive sJlofjes in respect of thelr employment. In the case ofteachlng and reseJrth p0515. salanes are sei With referentt to pay sule5 applylng nationally wJlthin the higher edu¢Jtion ènd wthin the Universrcy ofoxford. SalaN¥ are deterrnlned in all by the Governlng Body on thÈ basls of recommend?￿0￿5 mi¢é by thÈ rernunerJt￿ll cornm1￿ee. whose compositlon Is desthbed In the Annual Report of the Governlng &Ddy. TrvSteÈs tsf thè Cts119tt fail Into the ftsllowln• tate4Ons.' ([} The WardÈn. who 1% the Mead tsf CollÈ•e and chairs meting of the Gtsveming godv and Its tommiitees.. (Ill Offic￿1 Fellows. who JrÈ elected to the Offi￿ ofTutor, Bursar. UbrJrfJn, ChJplJSn, Developfflenr Dlrertor w otherofflce oFthe College,. (illl ProlessoDal Felkn%yS. are senior members of the univetsily of0xlotd-. (iv) Fixed-tem research Fellows. who mav be tyther lunior Ca￿e￿develOpMent employees of the College. or senioracarternlcs who ire ngt ernployed by the Coll¥e. College Officers C￿re￿r-rtev￿lopmefit research Fellows may be 4ccafflmodated by the Callege. 31 Fellaws 12023.. 27) were atttsmtnudated In hou5e5, flats Or rDoms Owhed by thè C￿1￿& durfnp the year. Felbw5 whLTr art EligiblE for accommodation b who ate not aC(Dmmodatqd are Paid a hOU￿nI alknwantg, whlch 15 Induded within the salary ftgure5 bFIow. Some Fellows receive allowantts for woth camed Out as part-￿m* Colleoe Offittts, Including the Sub-warden. Prfncipal of Pc&M)arters ar￿ Rosearth Convener. These •mounts ire Included wlthln the remunernrioffl fl9ures bglgw. The tcral rwnuneratlon and taxable beneflrs Induded below Is £2,494k (Z023'. £2,368kl. The rotsi of PenS￿n <ontrybuDons ￿ £34Zk 12023.. £400k}.

Il•rton Coll•o NOI• lu lh• fln•ncl•l Ii•t•th•nlB Forth• y••r•ndd 31 Juty 20 R•muneTatlon p41d tD trust••s 2024 2023 Numberof Trustees 1 Grau rernunernrion, taxable bettefits penson cOnt￿but10ns Number or TNsteesJ fel￿S Gross remunerttion, taxable b8nd4ts and p8n510ffl contrlbvtyon5 nge Q-ES.000 E5.001-£10.000 EIO.OOL-£15,000 É15,001-£20,000 £20.001-É25.000 E25.001-É30.000 É30,001-E35.000 É35,001-£40.000 E40,001-£45.000 E45,001-E50.000 É50,ODI-E55.000 É55,001-E60.000 É60.001-E65.000 £65,001-E70.OQO £70,001-E75.000 E75,001-É80,000 E60,001-É85,000 £6S,001-É90,000 £90.001-£95,000 £95.001-£IOO.ODQ £100.001-£105,OQO £105.001-£IIO,DDU ÉIIO.OOL-£IL5,QQQ £L15.OOL-£120,000 EL20.OOL-£125,000 £L25,OOL-£I30,000 É130,001-E135.000 É135,001-£L40,000 É140,001-IL45,000 £145.ODI-£L50.000 £iso,ooi-£t55.000 4.123 15.323 27,297 16,004 48,310 305,100 96,099 38,514 166,228 282,307 54,853 58,443 184,977 8.457 33,409 18,449 47,796 218.836 161,08S 71,527 li 382,223 50,084 17S.992 61,979 n,306 147,$97 77.574 250.019 86.412 163.464 85.303 90.138 103,776 107.D32 IL2,066 354,727 352.343 126,304 136,607 278,Sl8 L47,7$6 IS4,099 Total 2 848 692 2 768 041 9 Fellows (2023.. 91 were not employqd by the College durtng the yeir and dld not rÈCvÈ any renurneration. All Felkjws and all permjnent employee5 of the w11ege are elwjible for private health Insur4nty. All Fellows may take moa1$ In Colle9e, together wlth 411 employee5, who are entyfied ro tske meals wh5kt wDrklng. Trwr•• •xp•n No FÈllow claim4d any expenses lor work as a trustee oth•r tr•n••rtlons wlth Irtsstw• were no ¢therttanSactiDns between the College and Fellow5 or rqlated paffjes. See also notg 29 RelJred Party T¢3n$atti4n5 Key m•nag•m•nk r•m¥n•r•tlrn Th& t4t•l reMUn￿at￿jn paid to key m4nJ9ernent. Including employer's nat￿￿￿1 in5urJnce contrIbJ￿0ns. w15 £3,k04k 12023.. £3.025k}. Key managem&nt gre COn￿dered io be th&TTuStte$ of the Col*ge.

H•rton Coll•g• F4ot•• to the flnalK￿l I￿m•￿ts r th• V•arand￿ 31 July 2024 22 PtT4S10N SCHEPIES The College partlilpates In two p￿nCI￿r pension schemes for Staff - the universyc￿$ Superannuation Scheme IUSS) and the uniVer￿ty of Oxford staff Penslon Stheme IOSPSI. The a&5ets OF eath stheme held In 5epatatt trustee-adrnlni5tered funds. uss and 05PS arE contnbutory mixed beneftt schemes li.e. they provide beneftts on a der￿ed bwent bès- based on lefi9th of seNKe and penyonèble 5alèry- ènd on J defined contributlon b)s￿- on contnbutiDns Into the 5ch8rn&). 80th are mulb-EmployersthemES and the Clliiege i% ll￿ab￿ to ￿t￿tfy shar ofthE underfying assets and IiabSllcie$ relating to defined benefits ￿ eJ¢h scherne on J cons&tefflt gn¢ rejsonable bask% ThèTrfor8, In accordanEo wlth the actountlng thndard FR5 102 partortph 28.11, the College accounts forthe Khemes as If they vte defined ntrlbution schemes. As a result. the amouni char9ed to the Incorne and Expendvcure A¢cotsnt ￿presents the contNbutions yyable to the xhernos In Spect of the accountlng penod. In the event of the wlthdtswal of èny of the Parbclpating emp￿yers in USS or OSP5, the amount of any PenS￿n fundln9 shothll Iwhith ¢afflnot be otherwlse recovered) In respect of thjt emplpyEr 4Ylll h spr￿￿ 4croJs remaiTrlng partlclpating employ8rJ and renetted In thè next attuarfal valuation tsf the scheme. The Cgllwje has ilso m4de available the Natlonal Empknyment 5ivin9£ Tr￿tt for mplty¢s who ar èllgiblè under èutOma￿C enrolment rngulations to pensi￿ benefits but not eliglble for either USS or OSPS. •¢Myntsd for ynd•r FRS lol d•fln•d contrlbutl•n ￿h•￿ Dllnclt RKw•ry Pl•n Por a deficft recovery pljn was Plht ￿ plKe as part of the 2020 ¥JluJtyon, whkh required pjyment of 6.2% of over panod l Apnl 2011 until 31 March 2024, at which PDint the tste wtsuld Increast to 6.3%. No defitit Q£Overy plan was ￿QUired underthe 2023 valuation because the scheme was In surplus on a ￿hnIcal provbiQDS basls. The Colle9e was fflo longer reqjlred to make deficit recovery contrfbutlons from L January 2024 nd atctsrdingly rtleased the Outstandin9 provision to the Inwme and expenditure account. The latest avallèble comple actuJdal voluation of the Reurement lfflcome Bullder Is as at 31 March 2923 (th8 valujrion datel, which carried out uslng thu Prnjetted unlt mEthod. sIn￿ the College cannot Identyfy its share cf VSS Retirement Income Bvllder (defined benent) a$5ets and Illbllttles. the folkning dISc￿Sur￿ those relevant for those assets and Iiabillties as a whole. At 31 July 2023, the Collooe's balatt￿ sheet included a Ikbllw of £1.8SLk for future Contrlbutlons, f¢lkn¥in9 the 2020 valuarion when the xheme was ID ￿e￿￿t. No deflcir recovwv plan was requlred from the 2023 ¥aluatlon, becausE the stheme in 5urpluS. Cthanges tts co11trfbu￿0Th ratts wr Implemented frorn i Januèry 2024 and fmm that date the College no Imger requlred to mike deThdt Tr￿Very contribution& The remalning Iiatsll tf El,708k was rBleased to th income and xpndkurÈ account. Tre 2033 vJluJtlon wjs seventh valuatlon for the under th& ythèmè-swflc fundlNg 1è91m￿ Intr¢dut•d by ihe pen￿OnS Att 2004, whith requlres schemes to have 5uffident and apprOp￿ate assets to Cover their rtthniul provions (the statuiory fundSfflg oblecJvel. At the vJlu4bon djte, the value of the a55ets of thE 5chemÈ wa$ É73.1 bill￿ts and the value ofthe S￿￿e'S tschnical provi￿0￿$ was £6S.7 bSllion Indicatin9 a Surplus cf £7.4 The key assufflptlon5 Used the 2023 valuatlon art de5cnbed below. CPI atyJmotl¢ Terrn dependent rate5 In IIDe wlth the d5fference beiween the ￿Xed Jnterest Ind Index unkEd yleld Curves less.. 1.0% p.a. to 2030, reducln9 Iineody by O.L% p.a. fryrn Z030. Pen510n Increase5 (sybrt to • floor vt OY•) &￿ents with no cap". CPI assumption plus 3bps 8eoefit5 subject to a.soft cJp- of 5% IpTrvldln9 Innatlonary increa5é5 UP t4 5%. and half Df any extess inlautrn over 5% up mJxlrnurn rf IO%I'. CPI J55umptknD 3bps DISCOunt rate (forward ratdsl Flxed Intèr&st gilt yield Curve plus.. Pre-rerirement.. 2 5% p.a. Post-ret5rement.' 0.9% p.•. The miln ¢ernogrJphlc J55umptlons relatE to the murtalltv a55urnptiuns. ThBSfi a5SumptiOn5 arè based on analysts ￿ the sthemes 4xpl￿ence rded out as part ol the 2020 acruidil Volu?￿0￿. The rnortillty Jssurnptbns used In these figures ire ￿ fdlows.. Mortallty bjse thble loi ofs2PMA"liiht' for males and 951ts of $3PFA for females Futyre ImprOvBments tts rnortallty CMI ZQZI wtth a smvothlng parBmEterof7.5. an Inltlal add￿0￿ of 0.4% p.a. and loty-rerm irnprovernent rJte of 1.8% p? for m•les and 1.6 pa forfEm4les Th turrtnt IW4 &xp*rtanci#S On retitement at age 6S are.. 2024 23.7 25.6 25.4 27.2 2023 24.0 25.6 M41w Currentyy a5ed 65 lyoar51 Fem¥le5 currently agBs 65 (v￿3r5) M4le5 currentyy aged 45 (year51 Femile5 currenuy 45 {years} 27.4 ilnlv•rnlty oloxfvrd 5tsff P•nstOn SchllTh• The univeNty ot Oxford Staff Pension Scberne IOSPSI 15 4 mvlty-emplover hytyrSd 5Eheme sEt yp under t￿St and 5PQn50red by thq Univèrsity. It is the penslon 5chetno fur WPPDrt staff at the Unlvetsity, pèrtICipa￿nl colleges ènd other relaied employers. New membery Jolnlng the scherne bulld up benefits on • defined cDntrfbutkn basLq. Mernbors who Jo5ne¢ befvrr 1st ortobBr ia17 bulkl up ￿n￿rIts a careeraverage revalued earnin9s basis. The latest full attuarial valuatitsn forthe OSPS scheme was compkied as èt 31 Marth 2022. The fundin9 P05tt1on of thts stherne has ￿mproved slpnificantly fflovin9 frorn deficlt of £113m ro 4 Surplus of £47m it the dato. As B the rpcovery plan a•rEEd at tho last Valua￿0￿ IS no longer rEqulrEd and the defftit tontnbution ended on 30th Septqtnber 2023. A provis￿n of £36k was made at 31 Juty 2023 rc account for defidt recovery p4ymenls up ro 30th September 2021. ThBt Ilability ofE16k wa5 released to thq IncDme ènd expenditure account In 2D24.

M•rtoh Coll•w• Ntst•x to th• fln•n¢l•l For th• Y￿r•￿￿•￿ 31 Juty 2024 The Truee Jnd the have agreed a new ttsntributi4n Sthedule whlch took effert frun i October 2023 and takes account of thÈ benefit Improvements changes to member contdbutions since the last ValUat￿n date. It was agreed that the Scheme w111 rneet its own rvnnlng Wsts fr¢m the Schtme's assets, Induding expenses relatin9 to both the DB and DC and the cosi of penslon Protection Fund Iotbersta￿tCry levies. The table beknw 5ummadses the kty athanal a￿uMpt￿ns. Further dBt4115 of the aMumptlons are set out In the staternent of funding prfnciples dated 27 June 2023 and be fllund at https.'IlfinJrKe.admin.cx.x.uklosps-documents Date of valuation.. 31 March 2DZZ £9L4m £961rn £47m Value ol assets. Funding Surplus I Idtfitit).. ThE pnndpal assurnprions used by the attuary wete.. Rate llf Interest Iperttyjs to fetirement) Rate llf Interest Ipertods after retlrementl Gi1￿. +2.2$% fyiw +O.S% Bre&k.w4n RPI c4rv• 0.5% pa Pr￿2030 1.0% pa PDSI. 2030 RPI inflalon aGSLTylcn1488 1%pa ￿2030 ¥nd 0.1% ￿ posi- 2030 RPI cpi Pensionable sa￿ry IncrèaSS RPI +pa 'T￿choi￿1 grovision baos,. 8uv-out' basis. 105% 62% r40n-financlal a￿uMP￿0n$.. Non-Pqn51Dnfjrs." 105% QI stan4¥4 S3PxA mvdiurn table&for PoSt.retlrernenl mrrtallty- base tab Pens1￿019.. 105%of standard S3PxA forbD •les and females PDst-rir4rnent mortallty- Improv•mnts Non-Pensioners' 105% of standard $3PNA mBdlumthbl&s for ff01es and femle5 P8n5iwers'. 1￿% offjts￿ard S3PxArn•dlumta￿•S farboth m8lps le￿[0$ Recommended emp1llve￿S cQntrfbU￿0ft rate (as | af peTr4oJble sJladesl". 16.S% for nprtorsfrorn 01110f2D23 10%112%114% DC I￿￿￿•r$in r44bon to 4%16%18% cost FIID - trijm 0111012023 ieffectlv date of next-vJluatyon'. 31 Mhrth 2025 P•n•lgn ch•r9• for th• y￿r ThB penslon charge recorded by the c￿14& th attountlng pBrlo¢ lexcludlng penslon flnafflce costs) was equal to the contdbutions payab￿ aftÈr al￿wan￿ frthe rncovery plJn Js follows.. Sch•me 2024 É'ooo 2023 £'ooo Unlv•rJltl•M 5upwanny•tl•n Srh•rn• Conlinu?Uon Charyes PEn51on provIs￿rt change 432 -l.B93 540 460 uhl¥•r41ty 91 Qxlord St•ff P•n•lon S¢h•m• Conlinugrion Chiryes PqTr51on proY15hin S20 -36 59Q -054 other stheme5- contributlons Tothi 15 -964 TAXATION The Ctsllege 15 able to take advant4ge of the exefflptions avJllJb* to cha￿tieS frcth In respert of Incorne and capltal galns rttelved to the xient thar such Income JTrd gains arp applied to exclusively charltablE purpvses. No l￿bIlIty to corporarion tax artses In the College's subsidiary cornpanies because the dlrector5 of these companies hjve Indlrjted fhat they Intend to rnake dwatlons each yEar to the College Equal to the taMBtsI@ prollts ol rhe companles ufflder the Gllt Aid scheme. ACto[dIng￿ prOv151on for taxation has been included In the financlal Statements, 59

M•rtpn Coll•g• Notss to th fln•nel•l Forthw y••r •nd•d 31 jU￿t 2024 24 RECONCILIATXON OF KN¢OMXt4G AESOLIACtS TO MET CASH FLOW FAOM OPEIL41X014S 2014 $roup 4.000 2023 Group E'OOO N•i lfi¢om•ll•xp•ndltuv•) 49,4&8 (5,434) Iminauon of non-operatin9 Cash flows.. Investment Income IG41ns11105ses In Investments Endowrnent dolla￿0￿$ Depreciatlan 15urplusllloss on sale of fixqd a￿ts DÈcrEa5WllncreasÈl In stock DÈGrEa5tlllnirÈasel In debtQrS IDeirea5ellInctaSe In Creditors Ioecreaselllncrease in provlSion5 (Decreaseinncrease In penon stheme liabilycv (8,4951 (7,481} 2,961 1,129 L,167 98 46 828 1447) N•t ￿•h provld•d by (umd In) op•ratlnq •rtlvltT•• AWALYSU OF USH AND CASH EQUIVALENTS 2024 É'ooo 2023 £'ooo sh at b4nk and In hand Endowment a&%ets tash 8,197 26,YY5 8.059 25,426 Toi1 ch rtd eah qulval•nts 26 PIIIANCIAL COIIIIITMENTS At 3L July the College h?¢ no Jnnujl crrfnm1tments under npn-can¢dlibl& Qpèrating le•$. 2024 É'ooo 2023 £'ooo Th Collqge had a C4ntrattÈd commi￿ent at 31 july In respett d a glft ègreernent the uffjyer&ty ¢1 Oxhrd for the Re9lus Prolessor of MathematKS toralllng E153k 12023 E428k}. 27 CAPITAL ¢OMMTTMEP4TS The CollBg had contrttt*d Comm￿￿•￿ts at 31 Julv for fuiure capital projects totsiiing £I025k 12023- £404kl.

M•rton Coll•y• lh• nn•ncl•l •t•t•m•n Fgr th• ￿•rNda 31 July 2024 LATtO PARTY TI￿NsACTIO￿lS The Colkge IS Part of the c￿legIate Unlwerslty oloxford. Materfal inte￿epÈndern(1E$ between the UntrIe￿ty and the Ctsllege arise a5 a consequence of this relabDnthlp. For ￿portIng purposes, the university and the Dther Colleges a￿ not treat& as rdated parties as dellned In Fris 102 1"Related party dlxlosures'l. MEfflbers of the GoYerAin4 bodyr wha are thE tru5tee4 of ihe Collrfe and relatsd Part￿$ a$ definto by FRS 102. wlve ￿m￿neratiOn ahd fall11￿8S as empltyegs of the c￿￿e. Deralls olthese paymtnts ￿1Mb￿r5ed expenses 45 trustees are dlxlosed separttely in finand¥l srarements. The College has made equlty houslng loans to the following Fellows are emplvyees offl Ihe the capital Sums repayable are ￿￿ked EO the value of the pruperty on which the Ican IS secured. These loang are repayable In full when the Fellow demits from office and are clisslfied as property Investments In the balanro shoet. 1034 2023 £'ooo Mrj aoag Dr P Thornton Or M Whiiwtsrth 60 360 155 155 19 C014TENGEMT •SSET5 Ik LTA8ILITIES The College15 pursuing a claim to recover fee5 Incurred rel*lng ro a planning appikatitsn appeal a9ainst two councl&. This claim IS subjÈrt to on9oing nègtst&4t￿ns. 4nd the outcome Is uncertain at thls time, although It Is probJble th¥t the c￿le9¢ Will rettive an Infiow of ecoTrarnk benefirs. No asset has been rtttsgnlsed in the finoroal statemenrs ID relat￿n to this clairn. as th8 Ilkéllhood Jffld mjgnirude of rewvery canntst be rell4bly es￿Mated at this sl•ge. The Cdle9e wlll Cont￿nUe t¢ moftfttsrth8 Sh￿&bO￿ wlll recognise any recovery when It bec4m•$ vlrtualty ryrtJSn. AS at the balance sheet dste. the College has no contingeht Iiabilib¢% to digclw, 30 POST BALANCE SHEET eveNTS There are no matedal events occurdno aft•r thÈ date ofthe ￿lance 5hert where dlsclosurt Is deerned t4 contrtbute tsi a proper understandinq ofttr naroal posIt￿n.

M•rtOh Collllg• 14ot•s tr> th• fln•￿Ill rtat•rn•nts r th• year•od•d 31 July 2024 JO PRIOR YEAR COIIPAKITLVES ConJolld•t•d St•t•rn•nt471MnanElal Actl¥ltl•K for th• Y•r •nd•d 31 July 2023 Unrestncted Funds É'ooo Restncttd Endowod Funds Funds £'uoo £'ooo 2023 Tot•1 £'ooo INCOIIE AND ENDOWMENTS FROM.. Ch•rltsbk 4 2.515 (2,730) 11,$74 ChaAt4bl• •ctlvltlw'. T8achin9i resBarch and rnsidenttal 14,554 1.601 io 10,165 565 467 565 467 Tradin9 expendrcure Investment management Costs Total Éxwndiiure 850 13.586 1.601 19.047 N•t Inwm•llExp•ndltur•) b•lor• yln• 73 Net gainsllloss8sI on InvBstmints 12 11973} (2,961) Nfjt Ing7ffl•1(Exyndltur•l fuMd L30 N¢t Mov•ment In lunds for th• y••r Pund balances brou9ht forward 1.263 ?Z.Z36 866 4.103 17,563) 337.156 15,434} 363.495 329 593 356 061 31 PRIOR YEAA tOMPlLRATLVES STATtMe147 OP IN¥esYMewT TOTAL RETURII FOR THE YEAR ENDED JI JULY 20Z3 The Trustees have adopted a pollcy of ￿tal re￿rn accounting for the College general endowmeni Investfflefflt returns wifh eFFert trorn l August ZQL3. The InvE5trnenl rbJrn to b applied as irtrome Is cal<ulatEd as 3.5% of the average closing value olthe Investments in each of the Ilsi nve yeJr5, The amtyJnt applled Js pnccrne lor 5pen¢ln9 ￿ Ill￿￿￿e￿ withln the Incorne sett￿￿ of SOFA on the that th15 givts a d+arr undetstsndino of the nnèncial pvsI￿tsft of the College. The prtseryed value of the Invested endwrnent capitil represlnts its open rn4rketvalue In 2D02 tDgether wlth all subsequent en¢owrnents viluBd at dato of 9ift. G￿traI Enduwmemt Unapplled Totsl R8turn E'ooo RBstrlcted Endowrnents Tatl Trust for InvEstmÈnt 'ooo Tots £'ooo At Ih• b•9lnnlhy alth Glft cornponent uf the permnent Èndtswm•nt Unapplled total rEtum Restricted endtrwment funds Tolal Enduwm•nts 88.957 88.9$7 216.399 88,957 216,399 216,399 80,957 216,399 3f+5,356 31.799 J37.155 Iiov•menrs In the r•portlng p•rfod: Gift ol endowment funds Invesrment retum.. torJl Investrnent Inume Inv￿rment return.. real￿ed and unre¥115ed gJlns and Ius5e5 Less.. IDve5trnent rnonagement f05ts other transfer5 Tvt•l 316 316 6,183 6,193 11,iiai 6,1#3 11.22Ql {1.85DI 3,113 3,113 1,666 Un&PplI￿ toial fÈturn llllrKated t4 Intomé In the reporting pedod Expendllble Endowrnont5 transferred t4 Income (9,2291 (9,2291 (9,229) (9.2Z9) 19.2291 19,229? N*t rnOv•m•nts In Mpthtlthi p•plod {6,116) (6.116) (1.447) 17.5$31 At •Md olth• reptsrtlng p•rfod: Gift comgonent of the permanent endowfflenr Unappll•J total return Expendable endo%¥meni Total endowm•nr• 88.957 88.957 210,293 84.957 2LO,283 IlQ,ZJ3