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

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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.

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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.

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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
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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$- tr4Èr5ea5 Students
Other Offict for Students Supptsrt
Other aoéemic Inwme
Colleoe re*dentièl Income
1,431
I,L5D
249
125
1,417
I,D72
263
168
Restncted funds
c￿lege reSIden￿8[ income
Tot•1 T•achlnfv •Drf R••ld•ntl•l
ThE abgv6 analysis Indude# E2,630k received Irom Oxford Univer51ty r(om publldy accountJble funds under thq CFF 5cheme12023.. £2,751kl.
To Supprlrt th@ strategic pnDrty to fund rnorE gTaduate scholars and to enabk Outstanding students to take up their places regardless of their flnana•l
ptssrtion, forgraduates students with Overseas fee status hJfflded through the Claren¢on or UKRI schOla￿hIp fundino Schemes, the c4lleoe shares ofthe
fae5 walvod amounted to E57k 12023.. É28k). These a￿ not Induded In the lee Income reported Jbove.
DONATIQMS AND LEfjACIES
2024
E'OOO
2023
É'ooo
Dtsnatlunz ahd L•14cI•A
unrestrftted funds
Restritted funds
Endowed funds
598
2.710
37
45
334
1,284
114COME PROII OTHER TPADIIIfj ACTivrrIES
2024
'ooo
2023
É'ooo
Subsidiary company trading Income
Subsidiaty Company farming inmrne
467
2•4
695
493
INVESTItENT INCOME
2024
'ooo
2D23
É'ooo
Un￿$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 unre*rtcted 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

•rtr*n 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 ￿ fD11ty*S.
Ufflivergty LertuTrrs
CVF Lecturers
other teBchlng and rèS*arth
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• flnaficl*l 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
N*t 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 tQrr*spundlng lease Ikiblllty for th* v1h￿￿ leased Js pjrt olthe scheme. The ri¢ht-of-us* •5SIt Is d*procl¥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 col*loDs.
Records OF heri￿ge Jssets are h￿d ITr a corntyinjrion of electronlc ard hard-copy furmAts. Th*se 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• V**r •￿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
Coll*g4
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 h*ve 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 In*test 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•lln*hEl•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 r*portlng 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
Re*Erlct•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•i*l 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 Endo*fflent
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
$D
1,417
925
1,370
614
1,199
73
907
1,340
(771
{47}
(701
<27)
1,302
1,137
]èS*CA Rawson Modem •Sian Mstorv Tutor
Regiu5 Professorship
Mark Reynolds ￿￿tOry Tutor
Gr4duate Scholar$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•nd*bl
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 DevEloprn*ht S
MÈrron Ljwyers BCLIMjur Stholar
Merton-oxford Scholar
Monica Barnett Law $th￿ar
Jtshn MouSS¢urfS Mathematics Sthlar
Stfinger Stholar
Ottr*r
student Support Fvnd$:
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$51on*e 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• Ilnahtl*l 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- Cr*ll¢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 $th￿arship lund
pen￿0￿ reserve
8,163
16,667
444
7,OL6
9.508
8,358
16.519
444
(1,888)
1.212
Tot•1 Unrnitrlrtqd Pund*- Coll*9•
unrestntted funds held bv Subsidlartes
62
472
14671
67
Total Unt•Btrld•d Pund*- 6rOUP
Total PuTrd*
363 494
l 359 061
k9
FU14DS OP YME COLLEGE DETAZLS
The tdlowin9 Is a Summary of the ortglns and purposes uf eith ol the Funds
endLw4m•nt Fund$- P•fM*n*nl:
General Endowment Fund
Corpor•re capltèl. Indud4ng Itsunde￿$ ￿pJtjI, *h05e income may be spent for general puryos*s.
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
tn*Jowm•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 dI5ty*1M.
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•m*nts
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/iiiabllYC*I
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
Tdt*l
É'ooo
Funds
É'ooo
Tanglble fixed a￿ets
Property investments
Other Investments
Net DJrrent aSseWlllabiiYc*I
Lon9 Iiabiifcie5
IS,519
16,Slg
1$1272
181289
8,•70
{L,880)
152.272
In,320
4,969
6,870
329 592
358 061
21 TRU5TEES' REMUNEIL4TION
The Trus*e$ 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 th*r 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 Cts11*9tt fail Into the ftsllowln• tate4On*s.'
([} The WardÈn. who 1% the Mead tsf CollÈ•e and chairs me*ting* 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•nd*d 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$6
IS4,099
Total
2 848 692
2 768 041
9 Fellows (2023.. 91 were not employqd by the College durtng the yeir and dld not rÈC*vÈ any renurneration. All Felkjws and all
permjnent employee5 of the w11ege are elwjible for private health Insur4nty. All Fellows may take moa1$ 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$atti4n5
Key m•nag•m•nk r•m¥n•r•tlr*n
Th& t4t•l reMUn￿at￿jn paid to key m4nJ9ernent. Including employer's nat￿￿￿1 in5urJnce contrIbJ￿0ns. w15 £3,k04k 12023.. £3.025k}.
Key managem&nt gre COn￿dered io be th&TTuStte$ 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 bè*s- 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 v*te 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$5ets and Illbllttles. the folkning dISc￿Sur￿
those relevant for those assets and Iiabillties as a whole.
At 31 July 2023, the Collooe's balatt￿ sheet included a Ikbllw of £1.8SLk for future Contrlbutlons, f¢lkn¥in9 the 2020 valuarion when the xheme was
ID ￿e￿￿t. No deflcir recovwv plan was requlred from the 2023 ¥aluatlon, becausE the stheme in 5urpluS. Cthanges tts co11trfbu￿0Th ratts w*r*
Implemented frorn i Januèry 2024 and fmm that date the College no Imger requlred to mike deThdt Tr￿Very contribution& The remalning Iiatsll
tf El,708k was rBleased to th* income and *xp*ndkurÈ account.
Tre 2033 vJluJtlon wjs seventh valuatlon for the under th& ythèmè-swflc fundlNg 1è91m￿ Intr¢dut•d by ihe pen￿OnS Att 2004, whith
requlres schemes to have 5uffident and apprOp￿ate assets to Cover their rtthniul provi*ons (the statuiory fundSfflg oblecJvel. At the vJlu4bon djte,
the value of the a55ets of thE 5chemÈ wa$ 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 (syb*rt 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 Tru*ee 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$%
fyiw +O.S%
Bre&k.w4n RPI c4rv• 0.5% pa Pr￿2030 1.0% pa PDSI.
2030
RPI inflalon aGSL*Tylcn1488 1%pa ￿2030 ¥nd 0.1% ￿ posi-
2030
RPI
cpi
Pensionable sa￿ry IncrèaS*S
RPI +pa
'T￿choi￿1 grovision baos,.
8uv-out' basis.
105%
62%
r40n-financlal a￿uMP￿0n$..
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-r*ir4rnent mortallty-
Improv•m*nts
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￿1*4& th* attountlng pBrlo¢ lexcludlng penslon flnafflce costs) was equal to the contdbutions payab￿ aftÈr
al￿wan￿ f*rthe 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
IDeirea5ellInct*aSe In Creditors
Ioecreaselllncrease in provlSion5
(Decreaseinncrease In pen*on 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
Toi*1 c**h *rtd ea*h *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• ￿•r*Nd*a 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<ElvIll￿..
Teachingi rEsea￿h and r*sident￿l
IXh•rTradln9 zn¢ome
Dohawotts ènd 149acI•*
Inv•stment•
Investrneni irKome
Total return allotsted tc Income
Other Income
Total In¢om•
EXPENDITURE ON:
6,652
493
334
6,658
493
1.934
1.264
316
1.295
6.177
19,2291
7081
9,229
16.71>
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 r*bJrn 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+ar*r 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
Tat*l
Trust for
InvEstmÈnt
'ooo
Tots
£'ooo
At Ih• b•9lnnlhy alth*
Glft cornponent uf the perm*nent 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