2021-07-31-accounts

Somerville College Annual Report and Financial Statements Year ended 31 July 2021

SOMERVILLE COLLEGE Annual Roport and Financlal Stat•monts Contents Gov8rnlng Body, Officers and Advisers Report of the Governing Body Auditor's Report 18 onsolidaled Statement of Financial Activities 24 Consolldaled and College Balance Sheets 25 Cons01idal8d Cash flow Ststement 26 Notes to the Financial Statements 27

SOMERVILLE COLLEGE Governing Body. OffiGgrs and Advlsors Year ended 31 July 2021 MEMBERS OF THE GOVERNING BODY The Members ol the Governing Body are the College's charity trustees under charty law. The members of the Governing Body who served in office as members irf the GovernirwJ Body during the year or subsequently are delalled below., Baroness Janel Royall. Princlpal Prin¢ipal Professor Praleek Agrawal Professor Daniel Anthony 11111 11111 Professor Jonathan Burton Professor Dan Ciubotaru Leave MT20 -￿21 Professor Robert Davies Leave HT21 Professor Julie Dick50ri Leave TT21 Professor Samantha Dieckmann 11111 Professor Beat Dignas Dean MT20 - HT21 Mr Julian Duxfield Professor Christopher Hare Dean HT21 TT21 11111 Professor Mlchael Hayward Professor Michelle Jackson

SOMERVILLE COLLEGE Governing Bodyi Omcers and Advlsers Year and￿ 31 July 2021 Ms Sara Kalim Development Dire¢Lor Professor Simon K8mp Professor Robin Klemm Professor Margaryta layTnak Professor Aditi Lahiri Professor Renaud Lambiotte DrAnne Manuel Llbrarlan, Archlvlsl & Head of IT 11111 Professor Lois McNay Leave MT20 Professor Mari Mikkoaa Resigned 12120 Professor Louise Mycock Professor Karen Nielsen 11111 Dr Natalia Nowakowska Professor Patricia Owens Leave HT21 Treasurer, Flnance. Estates & Domestlc Bursar Mr Andrew Parker 11111 Professor Vivien Parmentier Professor Luke Pllcher Leave MT20 -Th21

SOMERVILLE COLLEGE Governlng Body, Offlcers and Advlsers Year ended 31 July 2021 Professor cha￿Otte Potts Dr Stephen Rayner Professor Stephen Roberts Senior Tutor 11111 Professor Elena Seiradake Leave MT20 Professor Steven Simon 11111 Profesgor Franc8s¢a Scmjtherden Leave HT21 Professor Charfes Spen Professor Fiona Stafford Professor Richard Stone Vice Principal MT20- TT21 11111 11111 Professor Ajmut SueTbaum Professor Annie Sutherland Professor Rajesh Thakker Profe5$0r Benjamin J Thompson Dr. Damian Tyer Professor Renier van der Hoorn

50MERVILLE COLLEGE Gov¢rning Bodyi Olficers and Advlsors Year ended 31 July 2021 Professor Stephen Weatherill Professor Philip West Professor Matthew Professor FarKJah Zaman 11111 Professor No8 Zilberman During the year the activities of the Goveming Body were carried out through five main committees. The current membership of these committees is shown above for each Fdlow. (1) Standing Comrnittee 12) Finan￿, HR & Equality Committee 13) Education Committee (4) Development CommS1188 (S) IT Committee COLLEGE OFFICERS The officers of the College to whom day to day management is delegated are as follows. Prlncipal Senior Tut Baroness Janet Roy811 Dr Stephen Rayner Treasurer (Finance & Eslales Bursar) MrAndr8w Park Domestic Bursai MrAndrew Park Development Direetcf Ms Sara Kalim Llbrarian & Archivlst & Head of IT Dr Anne Manuel

SOMERVILLE COLLEGE Govemlng Bodyj OffiGgrs and Advlsers Yoar ended 31 July 2021 COLLEGE ADVISERS Investrnont manag•rs Newton Investment Management Ltd Oxford University Endowment Management Invèstmént proparty advlsérs Cluttons Audltors Crowe U.K. LLP Bankors Barclays Bank PIC Soll¢ltors Pennirvjtons LLP Collego address Woodstock Road Oxford OX2 6HD Wobsito www.some.ox.8c.uk

SOMERVILLE COLLEGE Roport of th¢ Govomlng Body Year onded 31 July 2021 The Members of the Governing Body present their Annual Report for the year ended 31 July 2021 under the Charities Act 2011 together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION Somerville College in the UnNersity of Oxford, which is known as Somerville College, l.the College.) is a tsx exempt educational instilulion gov8med by a Charter and Statutes. The College was founded under the title of Somerville Hall in 1879 by a committee chaired by Dr Percival as a non-denominational hall of residence for women and in 1881 was incorporated as an association not intended for profit under the Companies Acts of 1862 and 1867. The title of College was adopted in 1894. Th8 College regi$tgr8d with the charit￿S Commission on 22t¥J December 2010 Iregistered number 11394401. The names of all members of the Governing Body al the dale of this report and of those in office during the year, tog8lh8r wf(h details of the senior staff and advisers of th8 College, are given on pages 2 to 4. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng documents The goveming document of the Col*e is the 1951 Charter and Statute5 of Somerville College, Oxford. In 1926 the College was inwrporaled by Royal Charter as "The Principal and Council of SomeNille College.. In 1951 ils statutes were amended lo restrict membership of the Governing Body lo the Principal and Fellows. In 1959, when it was admitted with the other Women's Societies as a full College ol the Unlversity, its corporate designation became"The Principal and Fellows of Somerville College in the Universlty of Oxford.. Th8 Special Statute of 1961 amended Paragraph Icl of ArtIGle 3 of the Charter concerning the investment objectives. In 1992 the Charter and Statutes were Changed lo enable the admission of men al both senior and junior level. Governlng Body The Governing Bodylg constlluled 2nd regulated In accordan¢e with the College Slatules, the terms of which are enforceable ukimalely by the Visllor. who Is the Chancellor of the Unlverstty of Oxford. The Goveming Body is self-apFointing. and has such powers as are conferred on11 by rts Charter and, subject thereto and to the Statutes, h8s the entire direction and management of the affalrs of the Cdlege. The Goveming Body appoints the Principal, Fellows. Senior Tutor, Tutors, Lecturers, Librarian, Treasurer and such administrative and other Off￿er5 as the Governing Body thinks ne¢e$sary from time to tlme. The Goveming Body appoints Committees and delegates lo them $u¢h powers as (( thinks fit. The Goveming Body determines the on-going strategic direction of the College and regulates the administration and the management of its finances and assets. It meets regulady under the chairmanshlp of th& Principal and is advised by nine committees. R8¢ruitm•nt and tralnlng of Momborn of the Governing Body Naw memb8rs of the Gov8rning Body are normally recruited through a joint appolntment process wlh the University of Oxford in the cas8 of academic5 which indudes op9n advertisement of the posts and a professional selection and appointment process. In the case of posts funded solely by the College, recruitment is also through open advertisement of the post followed by a profossional selection and appointment process including exlemal representatives as appropriate. New members of Ihe Governing Body are Inducted into th8 workings of the College, including Governing Body poli¢y and proGedures, through meeknngs whh the Principal. the Senior Tutor and the Treasurer and the provision of ? wmprehen5ive sel of reference documents. Members of the Gov8rning Body attend external trustee training and Infomialkjn courses as appropriate to keep them irrformed on current issue8 in the secior and on regulatory requlremenls.

SOMERVILLE COLLEGE Roport of thè Governing Body Year ended 31 July 2021 Rèmuneratk*n of Mombers of the Goveming Body and Sonior College Staff Members of the Governing B¢)dy who are primarily Fellows are teachiro and research employees of the College [or Universilyl and receive no remungration or benefits from their trusteeship of the Colle98. Those trustees that are also employed officers of the College either have their remuneration set by the College's Remuneration Committeg {The Principal, The Treasurer, The Development Director) or in line with the College's estsblished paygrade system (The Senior Tutor, The Librarian). The majority of members of Remuneration Committee are eithfjr Professorial Fellows not in receipt of remuneration from the College or independent external appoinlment¥. Where possible, r8mun8ration is s81 in line with that awarded lo the Unwersily's acadern￿ staff, ry extemal market forces wher8 appropriate. College Officers, the key management team, are set out on page 4. Organlulkjnal managomont The members of the Governing Body meet between Seven and nlne Ilmes a year. The work of developing their policies and rnoniloring their implementation is carrled out by the following committees= Standing Committee Responsibilty for agreeing the agenda for meetlng5 of Governing Body-, developing academic and other strategies for the College, and monitoring decislon-maklng, and developments that bear on these strategies-, considering academic appoinlmenls and bld5 for association with University posts,. considering requests for buy-outs and leave, wilh partlcular attenllon lo their impact on teaching resources,. r￿elvir￿j the reports of ad hoc working groups.. disGussing items which by reason of their complexity and drfficutty are beyond the remit of other committees, or whiGh need fijrther attention beyond that given lo them in a specialised ￿)Mmittee, e.g. Buildings Committee, Finance Commlttee,. glvlng close consideration lo policy issues within the wder University, and exlernal bodies, in preparallon for consultation wth the Goveming Body. Finance, HR & Equality Committee Responsibilty for advising the Governing Body on all matter5 of flnandal policy and practlce, and in particular on the financial implications of any proposals under considerallon,. presenling annual slalements of accounts for the preceéing year: approval of buégets and review of management accounts for each period,. authorising exceptional expenditure from revenue gnd making recommendations in ￿spect of capital expendllure.. reviewng the college's investments and properties and income dravrtlown fr investments.. annual review of all charges made by the College. review of polty and adminislralion relating lo conferences, and approval of levels of charges,. review of salaries for all College employees arKI others paKI by the College as advised by th8 Remuneration Committ8e,' consldering otlw financial issues. as appropriate. Finance Committee also has responsibility for. HR, equallty and diversrty issues. Education Commlttee Reswnsibility general policies and planning on teaching and learning.. the progress, Industy and conducl of undergraduates and graduates: the awarding of s¢holarship$. exhibf(Ion5 and prizes fr(Mn the appropriate funds, and carrying out an annual review of award holders,. examination results,. the awardlng of course and travel grants fiom the appropriate funds., the initiation of the College'5 academlc disciplinary procedures in cases of students who fail lo meet the standard of application and attendance expected by his or her Tutor., review and rgport to th8 Goveming Body on th8 progress and welfare of student members and make recommendations to the Governing Body for the award ol College scholarshlp$, exhibitions and priz8S. Development Committee Rgsponsibility for r8commendations on development and fundraising strategy and a¢tiviti85, liaison ￿th thg Development Board, which consists of external m8mb8rs. IT Committee Responsibility for developing recommendations on IT strategy, servu levels and IT projects and provlslon of guidanee and assistance to the IT function wthin the College.

SOMERVILLE COLLEGE Report of the Governlng Body Year ended 31 July 2021 The Goveming Body Is also supported by additional committees. including Liljrary, Nominations and Remuneration. The day-to-day running of the College is delegated lo the Principal, the Senior Tulor, and th8 Treasurer. They form 8 management team together with the Librarian and the Director of Development. Group structure and relatk•n8hlp8 The College administers many speclal trusts, as detailed in Notes 16 to 17 to the financigl statements. The College also has two wholly owned non4haritable subsidiaries.. Somervllle College Traéing Limited. and Somerville College Developments Limited both of whose profits are donated lo the College under the Gift Ald Scheme. The trading activities of Somerville College Trading Limrted prfmarlly comprise ￿venue from lelllng of the College facilities when not in use by the College. SomeNille College Developments Limited is the vehicle through which the college undertakes major capttal projects. The subsidlarles, aims. objectives and achievements are covered in the relevant sections of this reFK)rt. The Margaret Thatcher Scholarship TTUSt. which is a company limited by guarantee is also part of the Group. The Trust has one member, Somerville College. The College is part of ihe colleglale University of Oxford. Material inlerdependencies between the University and th8 College arise as a consequence of this relationship. Risk management The College is engaged in risk assessment on an on-golng basis. Policies and procedures within the Colleg8 are reviewed by the Finance Committee. chaired by the Prlncipal. Flnanclal and investment risks are assessed an¢Y monitored by the Finance Committee. In addllion. the Treasurer. and department heads meet regulady to review operational and health and safety Issues. Trainlng courses and other foms of career development are available. when requested. to members of staff to enhance Ihelr skills in risk-related areas. The Governing Body, who have ultimate responslblllly for managlng any risks faced by Ihg College, have given consideralion to the major risks lo which the College and ils subsldlaries are exposed and have concluded that adequate systems are in place to manage these rlsks.11 Is recognised that sysl&ms can provide only reasonable but not absolute assurance that major rfsks have been managed. The most pressing and immediate risk to the college is the Covid 19 virus. The college had worked extensively over the summer of 2020 to pul poliC￿S and prolocds in place lo ensu￿ that ils staff coukj work safely eFiher in college or remotely from home, and lo ensure that is students could live and study safely in college over the summer vacation ané into Michaelmas Term 2020. As the efficw of the vaccines has taken hold these prol¢xols have been able to be relaxed in line wlh govemmenl regulations bul remain under review. The virus has also had a svJnrficant, though not existential, impact on college finan¢e5. Income was down across many areas of cAJllege operations and the college has identif￿1 areas where it Can reduce its expenditure without compromisirbg ils core activities. Other than Covid the four principal risks Ident￿e￿ in the Collage's risk register are,- The potential impact of the UK leaving the European Union on students, academics and funding. The decisM)n lo leave the EU will have a signrficant adverse impact on research fundlng and on the college's ability to attract EU students and EU academics. The only mltKJalion available Is to lobby government. The potential impact of the Teaching Exc811ence Framework on college funding and ils academ6¢ reputation. The inappropflale appllcalion of Ihe TEF may lead to Ihe reputation of the college's leaGhing bging dama9ed, which in luins may lead to reduced funding. Possible mitigation Is lo lobby government in the hope of influencing the appllcallon of the TEF. The escalating housing costs in Oxford act as a barrier to high calibre academics comin9 to college whi¢h in turn risks damaging academic achievemenl and reputation. Mltlgallons available are the lolnt

SOMERVILLE COLLEGE Report of the Governlng Body Year gndod 31 July 2021 equity schgme available to Fellows, the availability of some rental properties and pawng housing allowance lo Fellows. The impact of reduced governmenl funding on teaching and researth. Reduced govemment fundiThJ risks 8roding the quality of leaching and research and risks damaging Oxford a￿1 Somerville's ability lo compete inlernalionally for the best academics and the best students. The besl mrt￿atiOn available to us is to lobby ¢entral government Ihrough the UnNersity. OBJECTIVES AND ACTIVITIES Charltable Ob'e¢t$ and Aims The College's Objects are.. To provide for women and men who are members of the Universty of Oxford the protecllon and training of an Acadgmic House and, with that object, to cary on the work of Ihe old Association {known as Sornerville Hall) with such MOd￿lCationS and changes as may from time lo time appear desirable. To do all such other things as are incidentsl or conduclva to advatKing education. le8mlng and research in Oxford a￿1 elsewhere. The Governlng Body is mindful of the long-standing requirement to provide public benefit and of the disclosure requirements of the Charities A¢1 2011. In thi$ connection the Governing Bc#ly hag monitored closely the general and supplemental guidan¢e prodU￿d by the Charity Commission, in partlcular Its public b8nefrt guidance on advancement of edu¢ation and on fee￿ha[gIng. The College's aims for the publk benefrt 8re'. To advance education. leamlng and research, In particular by providing, in conjunction with the Unwersity of Oxford, an educatlon for 435 undergraduate and 243 graduate students. This education is recognised internationally as belng of the very hlghest slandar(J and develops students academically. personally and socially, preparing them to play a full and effeclive role in society. In particular. the College provides: teaching facilities and irKlividual or small-group teathing, together vAth academic, pastoral and admlnlslralive support. IT and other administrative support and welfare services, induding the availability of the Junior Deans to assist every membgr of the Collggg,. and social, cultural. muslcal. recreational and sportlng facilllies to enable students to realise as much as possible of thelr academic and personal potential whilst studying al the College. To advan￿ research by providing.. official FellowshSps. Career Development Fellowships, and Juntor and Senlor Resear¢h Fdlowships to outstanding academlcs, lo enable them to develop their ￿searCh work and disseminate their research in the public domaln.. and facilities and grants lo assist with the pursuit of re$ear¢h. including grants for attendance al national and inlernational academic conferences and a$$istan¢e v*ith the costs of research trips and research matgrials. The Bims sel for the College's subsidiary is to help finance the achlevemenl of the College's aims as at(Jv8. Actlvlti sandob iv The College's principal actNIty, a$ 5peclfled In the College's Objects is to provide for membgrs of th8 University of Oxford the protection and IralniThJ of an kndemic House. In 2020.21, the Coll8ge had 437 undergraduates and 235 graduates and wjmitted students In the following subiecls.. 81￿heMIstry. Blological Sciences.. Chemistry.. Classlcs (including Joint Schools),. Classlcal 10

SOMERVILLE COLLEGE Report of the Governlng Body Year ended 31 July 2021 Archaeology & Ancienl History,. Computer Science-. Engineering.. English (including Joint Schools)., Experimental Psychology,. History (including Joinl Schools),. Law- Linguistics., Mathematics. Medicine,. Modem Languages (including Joint Schools),- Music, Philosophy, Politics & Economics,. and Phy3lcs. In order lo assist undergraduates entitled to Student Support, the College provides, through a scheme operated in common with the University and other Colleges, bursary support for those of limited financial means. For the academic year 2020.21, the number of awards made was 83,. 43 of the awards were for £3k or more,. the average value of the awards was £2.6k, with a total of £219k being disbursed in Ihe year. The scheme is approved by the Office of Fair Access and provides benefrts at a substantially higher level than the minimum OFFA requirement. To support the costs of graduate students, the College provides subslanlial financial support. This i￿ludeS scholarships lo fund fees and living G05t5, lopup, funding to fill funding shortfalls in students. fijnding package5 and a grant scheme lo assist with the purchase of book5 and equipment. attendance at Confe￿nceS and travel grants. The total amount expende(I by the College to graduate students in 2020.21 for Ihls purwse was £336k. The College als0 makes awards for a¢ademiG development and has various scholarships and prize5 available to reward aGademic ex¢ellenc8. During 2020.21 the Colleg8 awarded £98k for thk8 purpose. In addltlon to Its other programmes. the College operates a hardshlp scheme for studerrts in financlal hardship and wovkles lo hardshlp schemes operated by the Unlverstty. For the academic year 2020.21 the College awarded £95k In dlscrellonary loans grants and provlded £73k of free vacation residence. A programme to en¢ourage lega¢Es to be made to the College is in pla¢e and annual fundraising campakjns in¢lude the provisb)n of suppcKt for students suffering financial hardship. Public benefit The College remains committed to the aim of providing public benefit in accordance its founding prinCi￿eS. Thg College admits a5 sludents those who have the highest potertial to bengfil from the education Provided by the College and th8 University and recruits as academic staff those who are able lo contribute m¢)sl to th8 academic exeellence of the College. In the case of both students and academic staff, recr¢Jitment is regardless of financiat, social, religious or ethnic background, age or gender.. lhe￿ are no geographical ffjstrictions lo Ihose who may benefit from the College's aims and object5. Students ar)d academic staff of the College are drawn from across the UK and internationally,- there are no age restrictions in the College's objects bul students of the College are predomlnantly thveen 18 and 24 years old", and there are no religious reslriclions In the College's objects and members of the College have a wlde variety of faith traditions or none. To raise edU￿tIOnal aspiration and attract oulstsnding applicants who might not otherwise have consldered applying to the College. the College operates an extensive OUt￿8¢h programme as part of Universty-wde initiallves to wden access. This programme is under the responsibllity of the Senior Tutor and includes an extenslve programme of vlsits by schools to the College, open days, admlsslons symposia for teachers as well as vislls lo schools and guidance and information on the College website fc pro$pe¢live applicants. The Collage malntains an ext8nsNe library so provlding a valuable resource students and Fellows of the College. The College makes its Ilbrary available to members of other Colleges and the University of Oxford more wldely, external scholars and researchers, as well as local children from maintained and other schools a5 part of educational vislts. The Trustees C•Jnfimi that they have ttfymplled wth the duty in SedKin 17151 of the charit￿ Acl 201110 have due regard to the guklan¢e issued by the Charity Commission on publlc benefit.

SOMERVILLE COLLEGE Report of the Governlng Body Year ended 31 July 2021 ACHIEVEMENTS AND PERFORMANCE Acad•mlc The academic year 2020.21 continued to bring great challenges in the Shape of the ongoing Covid-19 pandemlc. whlch had an enormous impact on Ihe way teachlng and admissions were delivered. Whilst students returned to o)Ilege where possible in Michaelmas Term 2020, many were ur¢able to travel to the UK, meaning that tutors had to work with a hybrld model, teachlng both remotely and in person. The number of first choice undergraduate appli￿110n3 3peorfiGally to Somervllle15 unavailable but the number of appllcallons linduding first thoipA applitslions and open 8ppliGalions assigned lo the College). was 690 In 2020.21. down from the record 781 in 2019.20. 11 Is not clear what has driven this drop in applications, and il 11 become appaTrnl in 2021.22 whether this was a one-off drop or an onooing trend requiring attentlon. (￿Ing to the pandemic. admissions Int8rviews ware moved to a Completely remote modd for the first lime in Mi¢haelmas Temi 2020, wlh only 8 weeks given lo plan and exe¢ule this new remote interview pro￿$. The Academic Orr￿& recruited a temporary member of staff lo ensure that these revisgj operations Ynuld be dellvered. Candldates were InleNiewl vla Mlcrosoft Teams. and although provision was made for interview (ielays due lo techni(xl problems, the technology proved mostly very stable. Constdering the huge polential for failure, the remote admissions gxercise was wmpleteé extremely sffloolhly thanks lo the hard woth of th8 admissions tutors, departmentsl c&ordinators, and the A¢ademic Office team. Follo￿ng th8 over-recnjitment of undergraduates In 2019.20 courtesy of the A4evel centre-aSsesS￿ grades v-turn in August 2020 and Somerville's large intake of open offer holders {Wh￿h requires the undeMritin9 College to accept the sludenl M no other college accepts them. as happened across the board in August 2020). It was rwessary lo ask 11 candidates to defer enty lo 2021. This had to be factored Into the number of offers made for 2021 enlry alongside the likelihood that the va8t majority of 2021 offer holders would also achieve their offer conditions in August 2021 because grade$ Yffjuld not be awarded by examSnallon. Therefore In 2020.21 116 offers were made. 8 notable decrease on the 146 offers made in 2019.20. Only two open offers were made in 2020.21 to maintain full control over our 2021 intake. The October 2021 undergr8duale int8ke is of a standard level al 124. compared to 135 in October 2020. All colleges subsidise the cost of leachlng al Oxford and il will remaln the case that only about haff of the true costs are met from fees. The shortfall is covered by endowment ir￿me, income from commwryal activiti8S and income from philanthropy (donations and legacies). Ai SomeNille almost 25% of our UK domiciled undergraduates r8ceNe additKinal financial assistance. In the 2020.21 admissions ¢yde. 6Wo of UK domiciled undergraduate apFAicants come from slate schools, which is a litue above the figure fu the University. The final proportion of the accepted applications from UK applicants, as of August 2021, was 73%. In-person Access activities w8re curtailed in 2020.21 thanks to the ongoing pandemlc. The virtual materials prepared in 2019.20 allowed for contlnued engagemenl with sGhools on Access aclrvilies. The Acce5S team are cur￿ntIY recruiting an additional member lo focus on inward-facing access work, supportlng 6xlsllng students from dlverse backgrounds. This post will be a one-year post drawn from the most recent pool of Somerville graduates, which has proved a highly successful strategy in a similar Development post. The Oxford India Centre for SustaIna￿e Developrnenl IOICSDI conllnues to devdop and en￿ntte its reputation as a forum for research focused on sustainable development in India. particularfy of an interdisciplinary nature_ Dr Radhika Khosla continued as Research Director researching into the IMp￿t of increasing d8mand for C+>Jling systems as the plangt heats up for wh￿h she and her colleagu&s won major funding the previous year. As ever. we a￿ grateful to many distinguished academics from varh)us flelds who have generously given I￿1r time and wksdom in continuing to help the development of the Centre. The total number of OICSD scholars in the year was 16 wllh some of our ￿Search students having lo extend their studies due lo disruption arising from the global pandemic. Generous donations have provided a special fund to finance extens￿$ to their studies and the University has recognised these drffiGulties and extended study 12

SOMERVILLE COLLEGE Report of the Governlng Body Year ended 31 July 2021 periods and mileston8 deadlin8s where necessary. We expecl scholars to successfully complete thelr DPhils in due course. Of the 14 Thal¢her Stholars of 2019120, four graduated and the remaining ten scholars were joined by eight new Thal¢her S¢holars in Michaelma5 2020. Of these, five are undertaking postgraduate sludieg (3 DPhil and 2 Masters). arKI three are undergraduates. There had orlglnally been only two und8rgraduale awards lo be made, but on examination of the accounts, the Trustees agreed that the performance of the endowment was $u¢h that il allowed for an extra undergraduate scholarshlp lo be awarded. Thi5 scholarship was named the Sir John Vickers Thatcher Scholarship to mark Sir John's retlrement as a Trustee. The Somerville Development Programme continued to provide valuable tralnlng for students mainly on4ine. allhcyJgh there were some fa¢e-t¢>faGe Seminars towards the end of the year, and some hybrid events whlch we will continue to test in the Coming y8ar. There were 18 applications for Thatcher Development Awards of whlch 11 were approved. Grants ranged from £710 10 £2.000, with the mean grant being £1,269. The lotsl funds disbursed for That¢her Development Awards was £13,956. The flgure is higher than in previous years as many of the projects from 2019120 were unable to go ahead in their original fomi owing to the pandemic. meaning many of the grants were unable lo be taken up. Five new graduate scholarships We￿ awarded in the spring and summer of 2021 to start in MiGhaelmas term 2021. One of our current Oxford Thatcher Scholars has changed from full-lime lo part-time study and had been due lo complete thelr studies at the end of the nexl academic year. They will now complete in Trinity term 2024. In 2020.21 Somerville hosted sevenleen Junior Research Fellows, spanning an enormous range of academ1¢ disciplines, with high quality applicants and great Gompetilion for places. The preserte of such a large. diverse and talented population of researchers rx)nlributes signrficanlly to the Somerville College community and enables these e8￿Y career researchers lo build interdisciplinary1Snks. The range of studies has been immense, from subjects such as Medicine. Classics, Maths, Linguistics, Philosophy and others, with top rank qualty bglng the only thing they all have in (x)mmon. The College continues lo have a divgrse Fellowship which is 4¢live in leaGhirrfJ and research. There is Insufficlenl room lo summarise the research of 811 our Fellows bul some highlights, in no particular order. are given here. Professor Richard Stone was elected as Fellow of the Royal Academy of Engineerlng and also dected SAE {So¢lety of Automotsve Engineers) Fellow 2020, Associate Professor Noa Zllberman was awarded a prestigious Google Research Scholar Award for her research into the new generation of programmable network devi￿$ that will underpln the future of computing Infrastructure.. Professor Almut Suerbaum and Associate Professor Ann￿ Sutherland, along with the Somerville Medievalist Research Group, published Ihelr ￿)0k Medieval Temporalilies and Professor Renier van der Hoom, was awarded a E2.5m grant by the European Research Cwncil to conllnue his work on developing new crop protection strategies by unlocking extracellular immunlly. Somerville Fellows also played a key role within the collegiate university through Ihelr role in the Divisions and Departments and also through their membership of several key commillegs and working groups. Benjamin Thompson conb'nued as Associate Head (Education) of the Humanfties Division, while Almut Suerbaum continued as Chair of the Faculty of Medieval and Modern Languages and Adili Lahiri ¢onlinued as Chalr ol the Faculty of Linguist￿, Philology and Phonetics. College Officers play key roles on various Conference of Colleges (xjmmittees, inoluding ICT Steering Commiitee, the commillees of Estat8s Bursars, College Llbrarians and many more. Providing a W0￿d-ClasS eduGation for our students, as well as for the generation of students lo com8 after Ih8m. remains our highest priority. The current financlal pressures on young people wth regard lo the higher education ￿lch will be vltal In preparing them lo make their way in the world today are well dcojmenled. Our resolve is that no Student ￿th Ihe academic abilrty lo study al Somervllle should be unable lo take up a place due to financial pressures. 13

SOMERVILLE COLLEGE Report ot the Governing Body Year ended 31 July 2021 Fundraisin alumnS relatlons and communlcatlons Aft1￿Ugh the pandem1¢ conWnues to present a numb8r of challenges, the year 2020.21 gaw philanthrop donations lo the College of more than £2.6 million in cash gifts and legacies. These include a signrficant final Instslment of £820k from Sue and Kevin Scollan that ¢omple18s their pledge of £2 million to Supporl Somaville's Chemistry Fellowshlps and Stlpendlary Lectu￿r. A grfl of £505k 8slablished the Dr Elizabeth Goulding Memonal Fund 2021 lo promote ex￿llenCe in French literatrJr8. and Somerville's Maths Fellowship ¢eived another major endowment glft of £180k. Lord Glenthnbrook continued his support the MTST Scholarship Programme, and fvjrther support for the Oxford India Centre was received from UPL, an agro chemical company that recently partnered with us lo deliver an OpenAg symposium on Food Futures in Ch£nglng Cllmate In September 2021. 2020.21 also saw a number of legaGy gifts which indude a generous bequest of £133k from the late Sheila Porter. Although our regular gfving strategy required recalibr8tKin during the global pandemic and gome activities were paused, there we opportunities throughout the year lo innovate. The annual Telethon was postponed.. however a telephone fundraising project that could be delNered from home throughout the year was undertaken, and more than £50k was Taised. Resulting conversations with Somervillians coping with lockdowns have enriched many of our relationships. In October we launched a COVID Hardship Crowdfundgr. which raised £142k lo meet a number of unanticipated costs, from subsidising food and accommfyyal￿n for isolating students. to raising additional Student hardship funds, and to supporting addrtional IT requirements from our academics. The need for professional AV equipment lo deliver all the Ccllege's communicationg requirgments, from Access and Outreach to alumni rdalions became very evid&nl. The IT department delivered a persuasive case for support for enhanced hardware and Softwa￿ required to meet these activities and Development worked wllh its major donors and prospects on delivering the funds required. A third lockdown in January was again disruptive to fundraisiry actwilles. The College raSsed vital funds to help addres5 the growing defscit through an innovative online auction and Ilve event. wrth the dual aim of rdlsing funds for the College and delivering an online event that would brlng the community together during a hallenging time, the auGtion proved a su￿eSS. £96.5k was raised on the auctlon ￿allOrM. ￿th further gifts of £115k reGeived in high-value art. 230 alumni and guests joined for the IFve 8venl, nearly 50¢10 of whom had low or no recent engagement with the College. In all, a lotal of £S60k was r￿1Ved by the College in Annual Fund giving for the year. In alumni relations. events. and communications the year 2020-21 was an exceptionally strong one. We launched a sewnd successful Som•rvilk at Homo series of online18clures, talks, and interviews lo a highly- receplwe global audiertce. Amongst the many highlights of the year's events, a few stand out,, our Annual Carol Service. ￿lch elicited a particularly wami response from alumni across Ihg world and over 17CK) view5 on YouTube. the fundraising concert al Wigmore Hall whlch raised over £25,000 to fund a rescheduled 19120 Leavers celebration, and the impressive panel of notsble Somervillians discussing The Climate Ch8ng& En7ergenGy.' Can Somerville Make a Drfference?. The SomeNille Communications team has also invested In a ye*4ong proje¢l lo create a new Cdleg& website. featuring well over 200 individual pages with rewdtten copy. new photography and enhanced functionality. New conlenl inctudes a chronological history of the College, a Section on notable alumni and new pages for sustainability and sanctuary. Core functionality of news. events. people and Ihe conferencing an¢Y B&B pages has been redesigned. Launched in July 2021, the new website will serve 8$ a trusted hub for engaging current users and allraoling new audi8nces. Given the challenges of the pandemic, the outreach and engagement achieved by the College this year, along with the generous financial support from our friends and donors, has been critically important. We also re¢ewed tremgndous support from our Board and lead volunteers which will sland us in gor)d stead goSng forwards. In Ihg year 2021.22, Som8rville plans to launch a campaign to raise endr)wment support and funds required lo deliver Ihg Colleg8 Strategy. Somerville's Development efforts are directed ultimately towards support for Somerville students now and in the future. Somervllle lakes very sedously the relationships we have with our donors, and none of our adivty should compromise their prfvacy, put anybody unde( undue pressure or be unreasonably per8islent. All 14

SOMERVILLE COLLEGE Report of the Goveming Body Year ended 31 July 2021 ¢ommunicalions sent to existlng supporters indude an opt out provision. We have not received any complaints about our fundralslng aclivilies during the pernd covered by this report. FINANCIAL REVIEW Summa The financial year 2020.21 was again very signrficantly aff¥ted by the Covid 19 virus. Income from sludent ￿ntS and tuition fees was in line wilh last year vAth a sIgn￿l¢an1 number of our students not living in college during the year. We continued our practice of not enforclng student rental oblb3ations during the pandemlc. The virus also meant that the college was able to host even fewer of ils usual conferences over Easter and earfy summer than in 2019.20. leading to a year of low trading income. We Lx)nlinued to waive some rentsl income from our retail properties to help our Smaller tenants survive. M￿e F)SitNely. donations and legacies were up by £0.5m to £2.6m. The Impact of the lower operallng income was partially offset by drawing down an addition £1 m from our endowmenL and by Income from the governmenvs furlough scheme of £0.4m {2019.20 £0.4m). The net effe¢l Yo$ that overal inGome was in line with the previous year. Total expenditure was £0.7m higher than the previous year representing additional inve$lment in leaching and research, the full year impact of Interest and depreciation on recent property investment$ and acquisitions. and th8 absence of a surplus on dlsposal on joint equity property in the year.. As a result, the net deficit before Inv&8trnent gains increased by £0.8m lo £2.1m. However, the most dominant feature of 2020.21 accounts was thg £16.3m investment gain. representing a Very significant recovery followng on from the £6.6m write down in the previou5 year. Of that overall gain £6.4m11701• of opening investment value) came from our invgslmenls wrth Newtors and £9.9m from OUEM (24% of op8ning investment value). Overall net assets therefore In¢￿aSed by £14.2m from £223.8m lo £238m. Our endowment funds stoDJ at £95m at 31st July 2021 and our non-property investments stood at over £100m for the first time1£101.4ml- Re8er¥es Tt College's reserves policy is to establish, and thereafter maintain sufficient free reserve5 to enable tt to meet ils slN)rt-temi financial obligations in the event of an unexp8¢led revenue shortfall and to allow the College lo be managed efficiently and lo provide a buffer that would 8nsure uninlernjpted servi￿. Rebuilding the free reserves after a period of 8u8tained capllal Inveslmenl has been a priorily over recent years bul these have been significantly reduced by the impact of Covld 19. Free reserves now stand al £2.Om (2020.- £1.2m>, representing just 2 months of total College unrestrkled expenditure. Increasiry these free reserve5 wll be a priority as the college recovers over the next few years. In addttion to this the college has set aside £0.5m to fund anticipated future capital expenditure (2020., £3.5m), the funds sel aside in 2019.20 having been used to refurbish the kitchen and pantry. There is also a desKJn8ted furKI ￿preSentIng a sinking fund to repay the loan and privale bonds when they fall due. Al July 2021 this stood al £2.9m {2020' £2.2ml. 15

SOMERVILLE COLLEGE Report of the Governing Body Year ended 31 July 2021 Invostmont oliG ob.0¢tiv￿ and rfoman¢o The College'5 investment ol'e¢tNes are to balance current and future beneficiary needs by.. maintalnlng (at least} the value of the Investments in real lemis.. producing a consistent and sustainable amount to supp(xl expenditure,. and dellvering these oblectlves wrthln acceptable levels of rtsk. Investment rbsk Is hedged by splltting our Inveslments between OUEM and Newton. The cx)Ilege operates a total return policy on ils investment$ with OUEM and Newton. The investment strategy, Oicy and perfomiance is monitorefl by the Flnance Commlttee. Al the year end. the Gr￿p,5 long term investments, combining the securities. propety and otlw investments, tolalled £112m, up fr(￿ £101m in 2020. FUTURE PLANS The College's luture plans as agreed by the Governing Body are sel out in the Cdlege Strategic Development Plan. The core elements of Ihls are.. To bala￿ more effecllvely the complementary but often conlfadiclory demands of teachlng arm research so that Fellows, research lime is better resourced, and Fellows have the space to deliver high quality teaching. To refocus resources on the Fellowshlp and lo reposltion it at the cenlre of the college so Ihat it becomes the expression and embjdiment of the college's eommf(ment to academic exceller￿e and ambition. To raise Ihe a¢ademic profile of our undergraduate and graduate students and lo strenglheft, through evolution and reinforcement, the culture of academic excellenee and high expectation. To prornole a￿$S arKI diversity across all areas of college actlvity and lo continue to work to includ8 the exclude(I, and To improve the Support we offer to our graduate students. SPeCff￿ development plans have been agreed for the separate departments vAthln the Colleg8 to ensure that the College continues lo enhance its ability to provide a first-class education. 16

SOMERVILLE COLLEGE Report of the Governing Body Year endod 31 July 2021 STATEMENT OF ACCOUPUING AND REPORTING RESPONSIBILrriES The Goveming Body 1$ responsible for preparing the Report of the Goveming Body aThJ the financial statements in acccwdance with applicable law and regulatlons. Charty law requires the Goveming Body to prepare financial ststemenls for each financial year in accordaKe with United Kingdom Generally Accepted Ac￿Unting Practice {Uniled Kingdom Acc¥)unting Standards) and applicable18W. Under Gharity law the Goveming Body must not approve the financial statsments unloss they are satisfied that they give a trug and fair view of the slate of affairs of the College and of tis net incomin9 or outgoing resources for that period. In preparing thgse finanaal ¥talemen15. the Governing Body is requirgd lo= select the most suitable a¢countlng pollcles and then apply them conslstently., make judgments and accounting e5timate5 that are reasonable and prudent,. slate whether applicable accounting slarKlards have been followed, Subject to any material departu￿$ disclosed and explained in financial statements., and Yepare the financial statements on the going concern basis unless il is inapproprrale to presume that the College will continue lo operate. The Colle98 has cash resourcos and ha5 further requirement for external fundiro in excess of current facilities. The Trustees have a high expectation that the College has adequate resources lo continue In operational existence for the foreseeable future. In making their assessment the Trustees have considered the Impact on the business of Covid-19 ir￿lUding the ability of the College to cijntinue to operate as 8 College of the University of Oxford. They continue to believe the going ¢on¢em basis of xcounting appropriate in eparing the annual financial statements. The Goveming Body 15 Te8poTrsible for keeping proper accounting records that are sufficient lo show and explain the College's transactions and di5d05e with reasonable accuracy at any time the financial positlon of the College ar￿ enable them to ensure that Ihe financial statements ￿mplY wilh the Charities Acl 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 Ihe preventlon and detection of fraud and other irregularities. Approved by Ihfj Gov8ming Body on 27th October 2021 and signed on its behalf by: Baroness Jan Roy811 Princlpal 17

SOMERVILLE COLLEGE Independent Audltor'$ Report to the Membors of the Govgming Body of SomeTrvllle Colleg• Oplnion We have 8udlted the financlal statements of Somerville College {'the ch8TitIl and Ils subsldlaries I'the group'l for the year ended 31 July 2021 whlch Comprise the Consolidated Ststement of Financlal Acllvlties, Consolidated and Charity Balance Sheets. Con$dkJated Cash Flow Ststemenl and notes to the financial stalemenls, inciuding signTfi¢anl accountlng poli¢le$. The financial reportlng framework that has been applied in their preparation is applicable law and Uniled Kingdom Accountlng Standards, includlng Flnanclal ReFX)rtlng Stsndard 102 The Financkil Reporting Standard appI￿able In the UK and Republlc of Ireland Iunlted Kingdom Generally Accepted AccountirrfJ Pra¢licel. In our opinion the financial statements: give a true arKI fair view of the stale of the group's and the parent charity's affairs as * 31 July 2021 and of the group s income and receipl of endowments and expenditure, for the year then ended,. have been propedy prepared in accordancg wilh United Kingdom Ggnerally Accepted Accounting Practice., and have been prepared in accordance wlh the requirements of the Charities Act 2011. Bas18 for opinion We conducted our audit in aGGordanGe wilh Intemational Stanrjards on Auditing IUKI (ISA5 {UKII and applicable law. Our responsibilities under those stsndards are fvrther des¢ribed in the Audil0rf5 responsibilities for the audlt of the financial statements section of our report. We are inéependent of the grcwp in accordance wth the elhlcal requirements that are relevant lo our audit of the financial slalemenl$ 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 lo provide a basis for our opinion. ConGluslons rglating to golng GonGgm In auditing the finan¢ial Statements. we have concluded that the trustee's use of the going concern basis of ¥￿OUn17ng in the preparation of Ihe financlal statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively. may cast signfficant doubt on the charity's or the group's ability to continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of Ihe trustees wrth respect lo going concern are dgscribed in the relevant sections of this report. Othgr inft>rmation The trustees are responsible for the olher irrformation contained within the annual report. The other information comprises the information induded in the annual report. other than Ihe financial slalemenls and our auditor's report thereon. Our opinion on the financial slalemenls does not cover the other inforynation and, except lo the extent otherwm explicitly slated in our report, we do not 8xprgss any form of assurance conclusion thereon. Our resF)onsibilily is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our kno￿edge obtsined in the audit or olhenvise appear5 to be materially mi8staled. If we identify such material inconsistencies or apparent malerkql misstatements. we are required to detemiine lthether this gives rise lo a material misslat8ment in th8 financial statement$ themselves. W, based on the work we have p8rfomied, we conclude that there is a material misstal8ment of this other information. we are required lo report that fact. We have nothing to report in Ihis ￿gard. Mattgrs on which wo aro roquirod to rnport by ox¢•ption We have nothing lo report in resFQCt of the followng matters in relation lo whKh the Charities {Accounl$ and Reports) Regulations 2008 requires us to report to you rf, in our opinion.. the inforniation glven In the financlal stslemenls is Inconskslent in any material respeci with the trustees, report,. or sufficient and proper a¢¢ountirvJ re¢ords have not been kept by the parent charlty". or Ihe financial statements are not in agreemenl wth the a¢counWng re¢(*ds and retums", or we have ml received all the information and explanation$ VE require for our audit. 18

SOMERVILLE COLLEGE Independent Auditor's Report to the Membern of the Govemlng Body of SomeNllle Collégè Responslbllltles of trustees As ex￿aIned more fully in the trustees, responsibilities statement set out on page 17. the Iruslees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the truste8s determine is necessary lo enable the preparation of fInar￿la1 statements Ihal are f￿e from material misstatement, whether due to fraud or error. In preparing the financial ststements, the trustees are responsible for assessing the group and the parent chartvs abiltty to continue as a going GOn￿m, disclosing, as applicable. matters related lo going concern a￿1 u51ng the going concern basis of 8ccounling unless the trustees gilhfjr intsnd to liquidate the chaiily or to cea59 operations, or have no realistic allern8tive but lo do so. Audito￿9 rospoTrsibilitios for tho audit of th• financial statements We have been appoinled as auditor under 5eGtion 151 of the Charrtie5 Act 2011, and report In a(LcKdance with the A¢ts and relevant regulations made or having gffeGI thereunder. Our obl￿tIveS are to obtain reasonable assurance about whether the financlal statements as a whole are free from material mis5tatemenl, whether due to fraud or error, and to issue an audllor's report that includes our opinion. ReasOna￿e assurance is a high level of assurance. but is not a guarantee th81 an audit conducted in accordance with ISAS (UK) will always detect a material misslatemenl when it exlsls. Misstatements can arise from fraLMI or error and are considered material rf, indivKlually or in the aggregate, ihey coulé reasonably be expected to irrfluence the economic decisions of users taken on the basls of these flnanclal Statements. Details of the exlenl lo which the audll was consldered capable of detecting irregularities, i￿luding fraud and non- compliance with laws and regulations are set out below. A fvrther desthption of our responsibilrties for th8 audit of the financial statements is I0￿1￿d on the Financial Reporting Council's website al.. www.frc.or .LJklaudilorsres onsibililies. This description forms part of our auditor's report. Extont lo which the audlt was con6ldor¢d ￿PablO of flot•cting irr•gularitigs, includlng fraud Irregularities, including fraud, are instanGes of non<ompliance wth laws and regUlat￿n5. We identified and assessed the risks of material misstatement of the financial 51algmenls from irregularities. whether due lo fraud or error, and discussed these between our audit team members. We then designed and perfO￿ned audit prcKedur8S responsive to those risks, including obtaining audit fjvid8nc8 sufficient and appropriate lo provide a basis for our opinion. We obtsined an understsnding of the legal and regulatory fTam8works within which the charity and group operates, focusing on those laws and regulations Ihal have a direct effect on the determination of material amounts and dtsclosvres in the financial statements. The laws and regulations we considered in Ihis context Were the Charilies Act 2011 together wth the Chariti8s SORP IFRS 1021. We assessed the required ¢ornpliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisKJns of other laws and re9ulalions that do not have a d￿ect effe¢t on the financial statements bul Gompliance with which might be fundamental lo the charitys and the group's abillly to operate or lo avoid a matèrial penalty_ We also considered Ihe opportunities and incentives that may exist wtthSr¢ the Charity and the group for fraud. The laws and regulations we considered in this context for Ihe UK operations were General Data Protection Regulation. Health and Safely and Taxatlon legislation. Auditing standards limll the requlred audit procedures lo identrfy non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspeclion of regulatory and legal correspondence, rf any. We identrfied the greatest risk of material impact on the finanaal statements from irregular1t￿$, including fraud, to be wtlhin the recognition of income and the oveTride of controls by management. Our audit procedures to respond to these ri8ks Included enquiries of management about Iheir own identrfication and assessment of the risks of Irregularities. sample testing on the posting of journals, reviewing accounting estimates for biases, sample testing of Sncome Iransacllons to supporting documentation and reading minutes of meetings of those charged wrth govemance. 19

SOMERVILLE COLLEGE Independent Auditor's Report to the Members of the Governing Body of Somerville College

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor

Reading

25 November 2021

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

20

SOMERVILLE COLLEGE Statemont of Accountlng Pollcl•6 Year ended 31 July 2021 1. Scop• of th• fin•n¢ial ststoments The financwdl statements present the ConsolKlated Slalement of Finanual Aclivilw (SOFA), the Congolidated and College Balance Sheets and the Consolklaled Slalernent of Cash Flows for Ihe College and its whtslly owned sijbsidlaries Somervllle College Tradlng Limited and Somemlle College Developments Lim(ted, as well a5 the Margaret Thatcher Scholarship Trust. No $eF￿rate SOFA has been presented for the College alone as currently permltted by the Charity Commission on a concessionary basis for the filing of consdldaled flnanclal slalemenls. A summary of the resulls and financial position of the charity and its subskliary for the reportlng year are in note 13. 2. Basls of accountlng The College's irKJividual and consolJated financial statements have been prepared In aceAJr(lance with United Kingdom Accounting Standards, in particular FRS 102. The College Is a publlc beneflt entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its Irvjividud arKI ￿n$011￿ated financial statements in accordance with Th8 ststemenl of Recommended Practlce appllcable lo charlties preparing their financial statemgnts in accordance with FRS 102. The financial statements have been prepared on a golng concern basis and on th8 hlstorlcal cost basis, except'for the measurement of investments and certain finanoal assets and liabilitles al fair value with movements in value reported within the Statement of Financial Activities (SOFA). The principal accounting poli¢ie$ adopted a￿ set out below and have been applied Gonsislenlly throughout Ihe year. 3. Incoming resource8 from fee income. Ofs support and other charges for $&rvi¢•s Fees receivable, Ofs support and charges for seTvtss and use of the premlses are accourned for in the period in which the related servlce Is provlded. 4. Incomlng r•sour¢os from donations, l•goeio$ and Gov•rnment grants Voluntary income is accounlwj for when the College has entiilement lo the funds. the amount Can be reliably quantffied and there is reasonable certainty of its ultimate receipt. Voluntary income received wrthout reslriction as to ublizion or for the general purpose of the College 15 credited to unrestricted funds. Voluntary incom8 which is subject to S￿lfIC wi8h88 of the donor Is credile(I lo Ihe relevant restricted fvnd or, where the donalion. grant or legacy is required lo ba held as capital. lo the endowment funds. Where donations are receNed otherwi88 than in cash. they are valued at the market value of the underlylng assets received al the date of receipt. Payments under the Govemment's furlough stheme are recognised when recewable and classTrfied as other income in the SOFA S. Invoslm•nt Ineom• Interest on bank balances and f￿e￿ intereyt securities is accounled for in the period to which the intere51 relates. Dividend income and 8imllar distributlons are accounted for In the period in ￿1¢h they become recefvable. Income from investment properbes is accounted for in th8 period to which the rental irKome Telates. 6. Expendlture Expenditure is accounted for on an 8￿ru01S basi$. IndireGt experKliture 15 apportioned lo exFendiiure categories based on th8 estimated amount altributable lo Ihal activity in the year. either by reference lo 21

SOMERVILLE COLLEGE Statement of Accounting Poll¢l•s Yoar ¢ndod 31 July 2021 staff lime or the use made of the UnderI￿ng assets. as appropriate. Irr8coverable VAT 1$ i￿luded with the item of eXpendI￿re to which il relates. Grants awarded are expensed a8 soon as they be(tme leg81 or operational commitments. Govem8nce costs compris& the costs of wmF4ying vthh conslitulional and slalulory requiremgnls. Intra-group sales and charges between the College and Its subsKliaries are excluded from tradlThJ income and expenditure. 7. Loasos Rentals payB1￿e under operating leases are charged in the SOFA on a straight line basis over the relevant lease temis. The cost of the assgts held under finance leases Ss Included wllhin fixed assets and depreciallon 1$ Gharggd in accordance with the accountlng pollcy for each class of assel concemed. The correspondlng Gapital obligations under these leases are shown as liabilities. The finarKe charge element of rentals is charged to the Statement of Financlal Actlvllk8s and classlfied ￿thIn finance costs as incurred. 8. Tanglble flxed assots Expendilure on the acquisition, construction or enhancement of land and buildlngs (x)sling more than £5.0￿ tcgether with expenditure on equipment costing more than £5,000 1$ Capilalised and carried in the balance 5heel at historical cost. Other expendHure on equlpmenl incurr￿￿ in the normal day-l(￿daY running of the College and its sub8ldlarles is Charged lo the Statement of Financial Activities as incurred. 9. Depreclatlon Depre￿atiOn is provided to write off the cost of 811 relevant tanglble flxed assets, less their estimaled residual value. in equal annual ins181ments over their expected useful exonomic lives as follows= Freehol¢J propertles. including major exlenslons Leasehold properties Building improvements Equipment 1￿ years 11)) years or perlod ol lease rf Shorter 10- 30 years 3- 10years Freehold land is not depreckated. The costs of maintenance are charged in the Slalement of Financlal Activities in the period in which il Is incurred. 10. Invostments Investment prot*rti8s are valued as individual Investments at their market values as at the balarKe sheet date. Purchases and sales of investment propertles are re¢ogni$ed on exchange of contracts. Listed investments are valued at their mid-m8rket values as at the balance sheet date. Investments suGh as hedge funds and private equity funds which have no readily identrfiable market value are included at the most recent valuations from their respectsve managers. Gains arKI10sses arising on th9 inv8slm8nls are credlted or charged to the Statement of Financlal Activities and are allocated to the approprlate Fund according lo the'ownership. of the underlylng assets. 11. Stocks Stocks are valued at the lower of cost and nel realisable value, rL)sl bein9 the purchase 1￿ce i)n a first in, flrsl out basls.

SOMERVILLE COLLEGE Statemem of Accounting Pollcles Year ended 31 July 2021 12. For¢lgn ¢urr•n¢i Transactions denomln8ted In foreign curren¢fies during the year a￿ translated al prevailing ralgs of excharKJe at the dates of the Iransactlons. Monetary assels and liabilities denominated in foreign currencies are translat￿ Into slerllng at rates applying al the Balance Sheet dale or, where Ihere are related fomard foreign exchange contracts, al the contract rates. Th8 resulting exchange drfferences ar8 taken to the Statement of Flnancial Aclivilies. 13. Fund accountlng The total funds of the College and its subsidiari¢s are allwat9d to unrestricted, restricted or endowment funds based on the origins of the funds and the term5 8et by the donors. E￿lOWment furvJ$ are further sub-divided into permanent and expendable. Unrestrlcted funds can be used In furtheranc& of the objects of the College al the discretion of the Governing Bcrfjy. The Governing Body may éecide that Part of Ihe unrestricted funds shall be used in future for 8 specrflc purpose and this wll b8 ￿oUnted for by transfers lo appropriate designated fund5. Restricted funds comprise gifts, legacies and grants where the donors have earmarked funds for spe¢rfi¢ purposes. They consist of either grfts where the donor has specffied that both the ¢apilal and any income arising musl be used for the purposes given orthe income on gtfts where the donor has required that the capital be maintained and the income used for spec￿lC purposes. Permanent endowment funds arise where donors specify that the funds should be relalned as capital for the permanent benefit of the College. Any income arising from the capital will be accounted for as unreslrtcted funds unless the donor has placed restricleé the use of that income, in which case il will be accounted for as a restricted fu￿. 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 temi benefil of the College. However, the Governing Body may al their discretion determine to spend all or part of the capital. 14. P¢n$ion ¢o$ts Th8 College part￿1paleS in Universiti88 Superannuation Schema {USS). a hybrKJ pensK•n scheme, providing defined ben8fils based on salaiies as well as benefitg based on contributions, and a group personal pension scheme operated by Aviva Iformedy Friends Lffel. The assets of the USS scheme are held in a separate Iruslee-administered fund. Because of the mutual nature of the scheme, the assets aPpI￿able lo the defined benefft membership are not attributed lo individual College8 and scheme-wde contribulion rates are sat. The College is therefore exposed to actuarial risks associated with other Universfties. and Colleges, employees and is unable to idenlfy its share of the underfying assets and Ilabilities of the deflned benefft scheme on a consistent and reasonable basis. As requlred by Sectlon 28 of FRS 102°Employee b8nefrts', the Colleg6 accounts for the scheme as ff il were a wholly defined contribulbn scheme and conlribullons to these schemes are reccgnised as liabilty and an expense In the perlod in whl¢h the Salar￿$ to whl¢h the contributions relate are payable. The Co118ge has enter8d into an agreem8nl lor the USS scheme (the Recovery Plans) thal deternilne how each employer wilhill the scheme will fund the overall scheme def￿11. A liability is recognlsed at each balance sheet date for the discounted value of the expected future contribution payrnents under these past service deficit funding 8greemenls. vthh Ghanges to these liabilities being recognised as an expense in the periods in which the changes occur.

Som•rvllle Collwi Consolldated Statsmfrnt of Flnanclal A¢¢lvltl8s For the y4•r ended 31 July 2021 Unre8trkted Funds Rasiriclad FU￿15 eotyj Endod Fund5 zo Total 2020 Tot81 rot INCOME AND ENDOVIMEMTS FROM: Tèachlng, research and rg51dentsl Othw Tr•dlng In¢om• Donat10￿￿￿ leg•• 5.407 510 362 1.753 2M25 2.127 InvestftN8nt Ineorr¢ Tot81 thln albmtsd to intLMne 0￿r ITKome 2,711 14,0881 3,925 14 2,186 414 9.179 414 111 410 12,147 2.554 376 EXPENDITURE ON.. Charltsbl8 ac1mli￿. T•aGhlry, r•508r¢h and r￿Ident￿91 10.831 11175 12,435 R￿SIng fund8: FuTh4rBising Tr4diry WF•fbJlw• Investment Ma￿9￿Ment c¥)stts Tot￿ Exp•nditur 747 747 135 191 13,522 87 11.184 120 N•1 IncomallExpondhur•l b•ltho .139 1.375) NeL{b￿B5)lga1nS0n Investrnwts 11, 12 2,773 13,524 16.8281 N•tlExpthdMvrèylnvJne 14.15 8,W11 TTan¥fvr¥ b•tweonfundB 18 2.570 12.5701 Not mmm•rtin fundtsforthe ￿￿T 2.738 11.330 14,158 18.OD11 Fund t•hncès broughifomrd 18 137J8B 231.805 Fun¢ts ttywwd ot31 July 94.993 237,982 3.804 24

Somervillg Collego Consolidated and College Balance Sheets A8 at 31 Juty 2021 20 Group tooo 2QO (oup £DJo 2021 College Cdlrye £'OC#J FIXEO A65ET5 Tangilje assets Property investrnents OIW Invesbnwts 10 102.907 10.577 101.378 168.295 8,710 92,253 182,907 10,$77 158,295 8,710 82,579 12 Total Fixèd As#ts 259,258 263,382 249,584 CURRENT ASSErs Stocks Debtors Investments C&8h 81 bank in h8nrS 83 1.341 15 2.￿7 938 1393) 671 Totsl CuTrnt Assets 2,630 3,019 2.367 LL481LITIES cred￿.. ArrKJunts falliro due withln one ye 18 1777 1.891 3.716 1.744 NET CURRENT AsSEfsi(UABI￿lEsI 1,128 11.3491 918 TOTAL ASSETS LESS CURRENT LIABIL￿TrES 271715 260,386 262.033 250.502 CREDITORS: falllng due after rnore than <>ne year 17 35.000 3S,750 35.000 35.750 NET ASSETSIILIABILITIESI BEFORE PENSION ASSET OR L￿ILfrI 238.715 224.e36 227.033 214.7S2 ned ￿nefft pon￿On schemo Ilablllty 22 753 832 753 TOTAL NET A8SETSI(UA81LITIES} 237.962 223,804 226.280 213.920 FUNDS OF ￿ COLLEGE Endowrhxnl fvnds 18 ¥993 83,883 74.605 R•strtct•d funds 18 2.853 2053 Unroatrlcted fund• Designa￿ funds General fvjnds PensN)n reserve 18 18 22 138.766 2.013 17531 136.8S 1,222 18321 134766 136,898 17531 18321 237.962 223.804 213.920 Tts finarKial staternents vme approved and aUthorIs￿ for issue by the GDverThing 8cJy of Somerville Colege on 27 Othtér 2021 Trusta8." Jan Royall TrwJ¢ee'. Andrew Parker 25

Somorvi11o College Consolldatod Statement of Cash Flows For th• year •ndod 31 July2021 2021 2020 £'o Notss N•t cash provided by (used inl 0￿￿ting actmti C•8h Ilows Irom I￿￿$tOng actlvi¢i¥$ Dividènd5, irrter85t 8rKI T8nts from Inve8trnents Proce￿$ from the of propety, plant 8quipmrt Purchase of propeity, ￿ant and eoiipm6nt Proceeds from sale of invethi8rts Purchase ol Invesfftnts Not ¢a¥h provldgd by lu¥•d ID) Inv•8ilng ￿tIVItIe• 3,583 3,925 507 12.9eo 685 {2.2611 104 (6.851} 7,B89 12,7911 1,830 Cash flo￿ from finan¢lng xtlvld Repayments of borrowi F￿n￿Ce costs pa Cash Snlh)ws trom new b)rrowhig Net laddthons toywithdrawab from tenn deF(JpAt6 R￿espI of 8ndowryEnl N•t co•h provldod ty lus•d Inl lIn￿d￿j a¢tlvlUo$ I¥N)o) 18661 1,1 751 985 1.753 Chanoe in eah and eash •qui¥al•nti in the rgportlng wtod {6521 17961 Cash and cash •qulvalents al th• boglnnlng Qf tho rtlng pgrlod 1,590 Cash •nd ￿•h 94ulvalwits at th? •nd of the reportlrvJ perlod 27 1,590 26

Som•rvlllo Collguo Noté# to thè financlal Ai&ièmo11 Forthv year ended 31 Juty 2021 II¢OMÉ FROIA ¢+WTBLE ACMMllES 10 3J20 TuMThin[￿. uK￿y EU6W 1,789 ot￿ HEFCE Supwt 210 ¢(l•r85bJl cffj• 1,971 S•)7 2.on IrKome lrnm L•rlithtttr4th9 Ir•jthE3253k￿th￿dfr￿￿rth w￿￿•cFF I￿2￿. £31WkX DLXl&n0116 AND LEGACIES DorAiiwth4nth LggBcl•g u￿astrIc￿d￿￿ 610 1,150 228 2,fj27 IIKQAIE FRQfl QTMER TPMNGKMwnE8 14 IPIVESTIIENT INC(e Commwc4al r4rt EqutydWBtKb 467 (Xmr InY•Stm•nt ￿0m& Bk Iffret Ewiydmdvth 1.667 107 Inw•smTht kncom• Ire5E Ewlydtyid¥th 13 Tot•1 27

Some￿11 Coll8 Note$ to the finoncltl statomonts ForthÈ ￿1¢￿￿0￿ 31 July 2021 OTHEAIKO¥E 2020 2B 18 AliALY￿sOF EXPEND￿lI Chorftabl••xpkndttw• OYecst8Ftrx35ts alL￿￿Ill". TD3rhirq, 3.937 T￿hry. r•JbJwiw Toi•l ¢hvlt•bl••xp•nthbJ 13.f75 197 1T4 Tr￿lry 107 17 Totd xpbndiiw•on lu 1,075 1.087 T•w •XK•faiwr• CAty wu￿rni￿$t￿XVDflhe111¥ern￿ofo%ftyO. LE¢d mAk•grarts m&wthCcqtyiThKbJ¢cgeCc(trbJbJr•￿ilt ¢l£OklX20. Lt*i.

8tsmÉrville Coll•g• Not•s to the flnanelal 8l•tsmnts For thè yearended 31 July2021 AP14LYsL%ef SUPPORT￿lDG0vERNA￿E COSTS T••cF War4 Flr•tKI AdminrJl 131 2.102 IPrrfrtyTr355onfvd Barth rAyatr4 1791 215 1791 223 T￿h 20 Tot41 418 1ZT 224 1161 224 2,033 8•nk m9r•M F•y4￿¢ 125DI 136 143 No am(wtFAs been1r￿IdIng0ve￿n¢e￿b￿i￿ ontr¢bs518 tdalviots F41(MF Invd¥fjnigtl Ints DJls ofth•r•mUrwbi￿tr￿F￿￿S ar￿lh￿r aRANTSfvJIO AWAAOS bJs•ritstaStyJdèrtsfrom ¢rarn5 lo Grarts Totol unrestrkted Gr8r41 to sc￿rah￿re, or 714 675 104 Giath ta<XhBr Total w¢drt•d T1￿ 9r•nis •NI t•Ye iOihBQl•ofthsCMNdW5c￿￿. ￿￿11¢01￿1￿￿J£219kl2O2rr.

Somor¥lllt Collogè Not05 to thp finjnclal 5tsternents For th• ygarendpd 31 July 2021 STAFF¢OSTS 41$ Per6knncosts.. Defi￿ Z74 beng 114 2020 TLknn8r4 Fu￿ra￿l￿ pm 12 10 TcBI 19 CUF L&twts ￿nt￿f￿￿￿￿* £iOk £IU¢

S0mÈThi1￿ Collèg• Note8 to tho flnanclal statements For tho yeArended 31 July2021 TAJIGIBLE FIXEDABSEr8 Gro Lqr Br nJa Iry atw TOMI CDBt 17.225 171622 851 4.070 245 Tran>fwJ I4.9￿) 4,915 17, 1WA73 Dw•clgtlonwd ImpmM Atsm of)wr 11.370 320 At•nd oly•or 17. boDkvl twd of y8Dr 16.051 14S109 102.)7 Al sian ¢yo 1,258 16.263 ThBaLth•incbJJ&k." £Ok IW20.£Oklolrlwlan¢ rn￿￿ry £Okl2020'£0kloffftw85. Lrterfrnroe121MS. Cthy• l•r4 •r ddryg ulw(rt Totsi CLI•1 1,259 4,078 17225 161.275 I73￿2 6W1 246 D￿r￿a￿ TrxAfw8 At •ndof y• f792 18DA73 D•prnc5at4un w￿1￿￿11r￿ ht of ye8r 11.370 172 1,134 13,10 3.323 17,fffj6 N6tbookWu• At •ndofyHr 16,091 14&609 161W7 16,253 T￿cL4& PlÈtthc4sts 414fwhth¥8Ltt8d o¥x¥èdthp Cdryè's iéathng rI5￿rch￿ctl￿￿¥. Illt ry$ ￿tre i0fjfjtr¢r#h￿cQr1•rts ¢¢mrrf¢q of&1. 4rrtN Lo2kgar￿ and otr*r a￿a￿ts. Bwfyoft￿f

Somervllle CollÈgt Nots$ ¢0 th fin•ncLg18tat•ments For the ￿r end8d 31 July2021 PROPERTY114vesi11girs rouD val￿￿0t¥19rtd 8,T10 1.847 1,710 1WT {5)51 V4LwthJnat wlofy••r 10.577 ColbRgA c￿￿Or￿al Totkl &710 1W7 710 Addtkyw 16es1 isos) A forrnal vauaknoftte¢mhwrJolw(0ertyWa5ryerw￿ PCAwJ LLP•sAt31 J￿2014. J X121 byKtr Lgn P•ot8htslB LLP. 12 OTIIFRINVE5TMEIITS In¥￿￿er￿a￿e ￿ tyr¥ Group 95J13 2201 {8.iai G¥¢XW IrfvWirnèM• aly•llr 91253 Cdlegg 5nvvthqnts at4r￿ olwr tsrouplrrA¥tmrth ¢¢mprbw. 21 HR trUK tr*UK 21N7 10.315 32.192 14.168 11,891 1,3>) 38,019 6.397 16,W7 2.413 Lthr ltriestmefts 48.￿2 18,451 917 61￿D3 917 65,018 2,413 Totsigroupln%wtm 87.219 1.376

Somtrvilh co1￿￿ Nol•8 to tho finwnclal tster￿nl• For ￿r onddd 31 Juty 2021 13 PAaErirAND 9UB9WY LDERTA￿NS9 T￿￿[Sc￿￿3rS￿T￿Bl No Qae￿5, 1154547 MrsT 8cr Ir¢wa 11.￿7 {13.3871 512 12781 (6) 251.783 (37.twi 221 12) 102 {1021 19491 WfvrM¥vw￿jp1i￿r of£Th 12030. £28klYAg Ti8thYJ Lld ioOC<9è. Att￿yE￿￿￿. E204kl2m. tySorneThlè Coltye Tr&llw Llrttothè Cc44e." A b￿￿Of£924k￿8l4w1￿tr￿1￿arot7tr￿tch0rSo￿￿jrs Tr￿tIo￿￿C£4knY l3)20". £422kl, a tsknt)f£75kiY41trAI ty sDM&rvi￿ uo toStsNrthcc4wi2ow.' ￿ZZkI 14 6TAIEIIENT OF IYVE8niEvf TOTAL RETURN ar￿ J th¥d￿ryAn(lEl.thtyn Nwornlrevwerto &94% cltre31 JLly2020Y•luaknl Tothi EThYr￿0nt Twitft Td To rooo 21,C171 24.rv)1 U[￿￿￿110131rOIUrn 54.037 M03? 54.037 83.6$3 Gft S73 1.753 1,751 9,321 13,$24 L655. rABts Trt 1,180 S.183 343 11.645 Y7. VnApFlknStotal i¢bJM￿￿XOtodt0 r•poMgpbJ 11.448) 11.4481 12.wl 2.570 14,oe8} 2,67CI 16,0581 1.1 6A36 11,3) Atqndolthp r•pcrtTru wrtDd.' 25,zr1 *2n XD 25271 9,25U eo,472 Un3pOWtotal 72

somervil￿ Colho• Notss to the flnanclal stat•m•rrts For the ended 31 Jufy 20X 15 DEBTORS Growl ¢ollrye TrthdeilL¥5 Arn￿n￿ Cwd tr/ColButTh•mbe Arnujnts 145 1112 57 312 312 16 CREEITOR&. Group rtsJD 441 16? A¢¢FL￿￿￿￿j ktsJm• £75DKthThhUr￿SttyCL1￿vr¥￿￿g rA 123.127Wth Strt ￿31 LllwfJBwThknStQthd * P￿￿ of£1376K b Lltoshrehall￿atK￿￿ to￿% PUTckntt&¥.27LItYe ¢we￿$treet 17 CREEITOR8..falllN4 20 Gr￿P £w•D 2021 20 10.ow 25,7 IOMD io(oJ 26,7ao 24ODD È10M |ogn¥ In 20ys. cl￿r￿8￿￿(l3(or4￿tDfa ￿5m Pnth-•Jl VJG prké c4£iW g11Wtr335WS atanlnleM51reof3.29%Ard ttfutsthl8op fty30Jw6 lt•Trtr*¥￿ rnt•¢4282%

Somèrville Coll•gè Notss to the financlal 8latemèn18 For tho ygu 31 Juty2021 APiALYS￿ OFIIOVEMEMrsori FUI At1￿￿t Gatr At31Ju £wo 1276) {247) 777 ATT6 071 4.376 Fthj P. FLTrJ 51 215 1.807 liQ2) I.(￿7 11Q2) 1lQg 47 (71) 201 J. stUthnt￿FLrt. 147 324 (158) 20292 78 3.408 l. Fe1kn6hlpfuthg". 7T1 1.Q 3M63 722 2.53D 1441 12? E.P.A.Cokdt4￿ThF AS W cllb￿ FLYNI FL LLaiwky Fw¢ 1992 Ictsl Furé Cad6le&C.A.LeeFU￿j E[P￿thk F￿ 137 12071 4176 11431 976 153 IM) GraBm Fur 6.10D lJ13 970 C O D. RoofFwé MatySrJwFeWFLJ IA97 ¥7 159) r#rt Thi¢trFyr K& L Fw 413 66 471 1.089 IN) Z7 ScdknFur 28.021 5.195 1,458 12,5701 4.1￿7 (Irttra$l•ss I￿4￿£9y),(￿Y) 1,664 Jaretw*swFur {481 673 58ryF DarnfyErrdty P•fiTosoFw 3.125 497 129 1461 11761 137 1575 T.066 1.122

Somw¥lllè Collè Noi•s to tho flnanclal ststsmonts Forth• year endgd 31 Juty 2021 ANALYSLIOF IIOVEMENTSON FWDgwnL Othtrfvhd#'. EthTnOrnFur 3.657 217 142 120n 12,5Tai 1701 1341 4174 BBnrtst#Ffftl ¢ALepFu 421 1014 10.¥6 310 TO￿andow￿4ntf￿xpqTrj 54.313 1481 676 Tot•1 Endvwm•nt Funds-Colknll• 74.￿s 1•,713 14024 X993 At I ¢• At31 J￿Y Mwlrldld Fund 12.4641 1404 Tc& R&￿se￿ F￿dll. Cc4bJ• 2.188 1943 Tot4lR•#rkWd FundB.Gto 1543 Fundk 3.50ts 2,gD7 132,3 (7531 FL¥eo ASÈLdÈ￿￿￿fllTh 153.398 I￿) &767 111,2651 136.th) 767 11.285 4.470 139,080 512 T4)t•l UrrthEf4d Fur.¢ro Tgtsl 14. 1V97 19 FUND¥OFTHECOLLEGE DEfAILB Endtswfflqnt F￿￿. Pgnnqnrt. Arund•St•t•tr•d frytr• Fw ufr•. tr￿G￿nr￿•tlr￿W. ÈndwThm Fund•-EXp￿11N Car>0 BÈthiBtor FLttI E.PAC4hathpJii A&WCO￿F￿bJ LLJbcthyFur Ml(tsNBJThJ EstJt4￿ from •b￿￿$t, b&CrftslethL% AofftwrfJtrfeqUWl asy. TL¢ Felh￿In Etyl&h, mB5. twu•¥t8. Cartl*&CAleeFw EW1rtT￿￿tFuTr 170rk.

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