2022-07-31-accounts

Somerville College Annual Report and Financial Statements Year ended 31 July 2022

SOMERVILLE COLLEGE Annual Roport and Flnanclal Stst?m?nt• Contents Governing Body. OFfieers and Advisors Rewt ofthe Governlng Body Auditorfs Re 19 Consolidated Slatement of Financial Activib'es 25 Consolidated and College Balance Sheets 26 Consolidated Cash flow Statement 27 Notes lo the FInar￿la1 Statements 28

SOMERVILLE COLLEGE Govomlng Body? Officers and Advisèrs Year ondod 31 July 2022 MEMBERS OF THE GOVERNING BODY The Members of the Governing Bc*Jy are the Colleg8's charty trustees under charity law. The members of the Governing Body who served in office as members of the Governlng Body during the year or subsequently are detailed below., Baroness Janet Royall. Principal Principal Professor Prateek Agrawal Professor Daniel AntlTh)ny Professor Jonalh8n Burton Professor Dan Clubotsru Professor Robert Davleg Professor Juli8 Dickson Professor Samantha Dieckmann Professor Beate Dignas Mr Julian DuxfEld Reslgned 4122 Professor Chri8topher Hare Dean Professor Michael Hayward Professor Michelle Jackson

SOMERVILLE COLLEGE Govemlng Body, Offlcers and Advlsers Year ended 31 July 2022 Ms Sara Kalim Development Director Professor Simon Kemp Professor Robin Klemm Professor Margaryla Klymak Professor Adltl Lahlri Professor Renaud Lambiotte LSbrarian, Archivist & Head of IT Dr Anne Manuel profess￿ Lois McNay Vice Principal Professcff Loulse Mycock Professor Karen Nielsen Dr Natalia Nowakowska Professor Patricia Owens Treasurer & Oomestlc Bursar Mr Andrew Park8r Profe8s0r Vivien Parmentier Professc* Luke Pitcher

SOMERVILLE COLLEGE Govamlng Body¥ Oflicors and Advls•rs Year endod 31 July 2022 Professor Chartotte Potts Dr Stephen Rayner Senlor Tutor Professor Stephen Roberts Professor Elena Seiradake Professor Steven Simon Profeswr Francesca Soulherden Profe3s0r Charfes Spence Professor Fiona Slafford Professor Richard Stone Professor Almut Suerbaum Professor AnnE Sutherland Prof8ssor Rajesh Thakker Professor Benjamin Thompson Dr. Damian Tyler Professor Renier van der oorn Resigned 12121

SOMERVILLE COLLEGE Governlng 8ody, Offlcers and Advl$o Year endod 31 July 2022 Professor Stephen Wealherill esigned 9121 Professor Philip West Professor Matthew Wcod Professor Faridah Zaman Professcf Noa Zilberman During the year the actrwties of the Governing Body were carried oul through five main committees. The current membership of those committees is slM)wn above for each Fellow. (1) Stsnding Committee (2> Finance. HR & Equality Commlttee (3) Education Committee (41 Development Committee (5) IT Committee COLLEGE OFFICER5 The officers of the College to whom day to day management is delegat￿ are 28 follow8. Principal B8roness Janet Roy811 Senior Tutor Dr Stephen R8yner MrAndrew Parker Treasurer (Finance & Estates Bursar) Domestrc Burs8r MrAndrew Parker Development Director Ms Sara Kalim Llbrarian & Archivlst & Head of IT DrAnne Manual

SOMERVILLE COLLEGE Governing Body. Offlcer6 and Advlser8 Y&ar •nd•d 31 July 2022 COLLEGE ADVISERS Investment manager8 Newton Investment Management Ltd Oxfor(l University Endowment Management Invostment property adv18er8 Cluttons Audltors Crowe U.K. LLP Bankers Barclays Bank PIC Sollcltors Penningtons LLP College address Woodstock Road Oxford OX2 6HD Web8lte www.some.ox.8c.uk

SOMERVILLE COLLEGE Roport of the Gov¢rnlng Body Year endod 31 July 2022 The Members of the Governing Body present their Annual Report for the year ended 31 July 2022 under the Charities A¢l 2011 logelher with Ihe audiled financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION Somervllle College In the Unbversity of Oxford, wh￿h is known as Somerville College. {Ihe College"118 8 tax exempl educatSonal Instltution govemed by a Charter and Slalutes. The College was founded under the title of Somervllle Hall In 1879 by a committee chaired by Dr Percival as a non-denominational hall of residenco for women and In 1881 was In￿TF)UTated as an association not intended for profil under the CompanSes Acts of 1862 and 1867. The tiue of College was adopted in 1894. The College registered with the Charili8s Commission on 22nd December 2010 (registered number 1139440). The names of all members of the Governing Body at the dale of this report and of those in office during the ygar, togelher wlth details of the senior staff and advisers of the College, are given on pages 2 10 4. STRUCTURE, GOVERNANCE AND MANAGEMEKr Govemlng documents The governing documeTrl of the College is the 1951 Charter and Slatules of Somwville College. Oxford. In 1926 the College was incorporated by Royal Charter as "The Prlnclpal and Council of Somerville College.. In 1951 its stalules were amended lo restrict membership of the Governiry Body to th& Principal and Fellows. In 1959, when it was admitted with the other Women's Socielles as a full Coll￿8 of the Universty, ils corporale designation became The Principal and Fellows of Somerville College in the University of Oxfor(I'. The Special Slatule of 1961 amended Paragraph Ic} of Articie 3 of the Charter concerning the iriv8Stm8nl objectives. In 1992 the Charter and Statutes were chang8d lo enable the admission of men at both senior and junior level. G0￿m5n9 Body The Governing Body is constituted and regulated in accordance with the College Siatules. the lerms of which are enforceable ultimately by th8 Visitor, who is the Chancellor of the University of Oxford. The Governlng Body is self-8ppointing. and has such powers as are conferred on it by its Charter and, suiy'ecl Ihereto and to the Statutes. has th& entire direclion and managernenl of Ihe affairs of the College. The Governing Body appoints the PrinGipal, Fellows, Senior Tutor, Tutors, Lecturers. Librarian. Treasurer and such administrative and other Officers as the Governing Body thinks necessaryfrom time lo time. The Gov&rnlng Body appoints Committees and delegates lo them such powers as it thinks rrt. The Governing Body determines the on-going strategic direction of the College and regulates the administration an(5 the management of its finances and assets. 11 meets regularly under the ch8lmian$hlp of Ihe Principal and IS advised by nine committees. Racrultmont and tralnlng of Member8 of the Governlng Body New memberg of the Govgrning Body are nomially recruited through a joint apwintmenl process with the UnNersty of Oxford in the casg of academi￿ which includes open advertisemenl of the posts and a professional selection and appointment process. In the case of poslsfunded solely by the College, recruitment is also through open advertisement of the post followed by a professional 58lection and appointment prcKess including external representatives as appropriate. New members of the Governing Body are inducled into the workings of the College, including Governing Body policy and procedurey, through meetings with the Principal, the Senior Tutor and the Treasurer and the provision of a comprehensive set of reference documents. Members of the Governing Body attend extemal trustee tralnlng and Informatlon Cour￿ as appropriate to keep them informed on current issues In Ihe sector and or¢ regulatory requlrements.

SOMERVILLE COLLEGE Report of the Gov6mlng Body Yoar efftd￿ 31 July 2022 Rernuneratlon of Membfrrs of tho Govoming Body and Sgnlor College Staff Members of the Governing Body who are primarily Fellows are teachlng and research employees of the College lor Universilyl and receive no remuneration or benefits from Ihelr trusteeship of the College. Those Irijstees that are also employed off￿er9 of the College either have their remuneration set by the College's Remuneration Committee (The Principal, The Treasurer, The Development Director} or in line with the College's established paygrade system (The Senior Tutor, The Librarian). The majortty of members of Remuneration Committee are either Professorial Fellowg not in reoeipt of remunerallon from the College or independent external appointments. Where possible, remuneration is set in line wllh that awarded lo the University'5 academic staff, or external market forces where appropriate. College Offlcers. the key management team, are set out on page 4. Organlsatlonal managomenl The members of the Governing Body meet between seven and nine times a year. The work of developing their policies and monitoring their implementation is Carr￿d out by the following committees.. Standing Commltlee Responsiblltty for £greeing the agenda for meetings of Governing B(xfy,' developing academic and other strategies for the College, and monrtoring deci5ion-making. and developments Ihal bear on these slralegies,. considering academic appointments and bids for associal￿n with UnNersity posts,. Considering requests for buy-outs and leave, with particular attention to their impact on teaching resour¢es,' re￿Iving the reports of ad hct working groups,. disCUS5ing items which by reason of their complexity and difficulty are beyond the remit of ￿her Committees, or which need further attention ￿yond that given lo them in a specialised committee, e.g. Buildings Committee, Finance Committee., giving close conslderation to polw issues within the wider University. and extemal ljodies, in pieparation for consultation with the Goveming Body. Finance, HR & Equality Committee Responsibility for advising the Goveming Body on all matters of flnancial poli¢y and practice, and in particular on the financrdl implications of any Ffoposals under conslderatlon,. presenting annual Statements of accounts for the preceding year,. approval of budgets and review of management accounts for each period.. aulhorlsing exceptional expenditure from revenue and making recommendallons in ￿SpeCt of capital expenditure.. revlewlng the college's investments and properties and income drawdown from investments,. annual review of all charges made by the College,. review of pollcy and administration relating lo Conferences. 2nd approval of levels of charges- review of salaries for all Cdlege employees and others paid by the College as advised by the Remuneration Committee- considerlng other financial issues, as approprlate. Finance Committee also has responsibility for, HR, equality and dlverslty issues. Education Committee Responsibllityfor general policies and ￿annIng on teathing and learning- the wogress. Industryand conduct of undergraduates and graduates.. the awarding of scholarships, exhibitions and prizes from the appropriate funds. and carylng oul an annual review of award holders., examination results", the awarding of course and travel grants from the approprtale funds,- the initiation of the College's academic disciplinary prwedures in cases of students who fall lo meet the standard of application and attendance expected by his or her Tutor," review and report to the Governing Body on Ihe progress and welfare of student members and make recommendations to the Goveming Boty for the award of College scholarships, exhibitions and prize5. Development Committee Responsibility for recommendations on development and fundraising strategy and 8Ctivilies, liaison with the Development Board, which consists of external members. IT Committee Responsibility for developing recommendatlons on IT strategy. seNlts levels and IT projects and provision of guidance and asststance to the IT function withln the College. The Governing Body 15 also supported by additlonal commlttees. Induding Library, Nominations and Remuneration.

SOMERVILLE COLLEGE Report of th6 Govomlng Body Year Ond￿ 31 July 2022 The day-trpday funnlng of the College is delegated to the Principal, the Senior Tutor. and the Treasurer. They form a management leam together with the Librarian and the Director of Development. Group 8tru¢ture and relall¢)n8hlps The College administers many special trusts, as detailed in Notes 16 to 17 to the finanaal statements. The College also has two wholty owned nOn￿arItable subsidiaries.. Somerville College Trading Llmiled, and Somerville College Developments Limited both of whose profits are donated lo the College under the Gwt Ald Scheme. The trading aolivities of Somerville College Trading Limited primarily comprise revenue from lettlng of the College facililies when not in use by the College. Somerville College Developments Llmlled Is the vehlcle through which the college undertakes major capital projects. The Subsidiar￿5. alms. obledves and achlevemenls are CA)vered in the relevant section5 of thi5 report. The Margaret Thatcher Scholarshlp Trusl, whkh Is a ¢ompany Ilmlted by guarantse is also part of the Group. The Trust has one m&mber. Somervllle College. The Cdlege is part of the collegiate University of Oxford. Malerkl lntefdependen￿eS betsve8n the University and the College ariqe as a g)ll3equenrE of this relallonshlp. Rlsk managomont The College is engaged In rlsk assessment on an on-going basis. Policies and procedures within the College are reviewed by the Finance Committee. chaired by the Principal. Financial and investment risks are assessed and monitored by the Financ* Committee. In addition, the Treasurer, and department heads meet regularly to review operational and health and safety issues. Training courses and other forms of career devdopmenl are available, when requested, to members of staff lo enhance their skills in risk-related areas. The Governing Body, who have ultimate responsibility for managing any risks faced by the College, have given consideratK)n to the major risks to whtch the College and it5 subsidiari95 are exposed and have conduded that adequate systems are in place to manage these risks.11 is recognised that Systems can provide only reasonable but not absolute assurance that major risks have been managed. With the impact of Covid extEcted to re￿de, the four principal risks identified In the College's rlsk register are," The impact of the UK leaving the European Unlon on gtudents, academlcs and furKling. The de￿slon to leave the EU will have a significant adverse impact on research funding and on the college's abillty to attrad EU students and EU academics. The only mitigation av8i18ble is to lobby government. The potential impact of the Teaching Excellence Framework on college funding and its academic reputsllon. The inappropriate application of the TEF may lead lo the reputation of the ￿llege,5 teachlng being damaged, which in tLfms may lead lo reduced funding. Possible mitigation is to lobby government In the hope of influencing the application of the TEF. The escalating housing costs in Oxford act as a barrier to high c#libre academics coming to college which in turn risks damaging academic achievement and reputation. Mitigations available arg the jolnt equlty scheme available to Fellows. the availability of some renta properties and paying houslng allowance lo Fellows. The Impact of reduced government funding on leaching and research. Reduced govemment funding rlsks erodlng the quality of teaching aThY research and risks damaging Oxford and Somerville's ability lo compete Internationally for the best academics and the best studerts. The best miligation available to US 15 to lobby central government through the Universlty.

SOMERVILLE COLLEGE Report of tho Governlng Body Year endod 31 July 2022 OBJECTIVES AND ACtivrriES Charltable Ob'octs and Alms The College's Objects are: To provide for women and men are members of the UnlversKy of Oxford the proleclion and training of an Academic House and. with that object, lo carry on the work of the old Assoclatlon {known as Somervllle Hall) with such modtfications and changes as may from time to Ilme appear deSIrat￿e. To do all such other things a$ a￿ incidental or conducive lo advancing edUCat￿n, leaming and research in Oxford and elsewhere. Tho Govemir¥J Body 15 mindfvl of the long-standing requirement lo provide public benefst and of the disclosure requirements of the Charities Act 2011. In this connection the Governing Body has monitored closely the general and supplemgntsl gu￿an￿ produced by the Charity Commission. in particular its public benefit guidance on advancement of education and on fee<harging. The College's alms for the publlc benefit are.. To advance education. thrning and research. in particular by providing, in conjunction with the UnNersty of Oxford. an education for 440 undergraduate and 273 gradualg students. This education is recognised intemalionally as being of the very highest 5tarKlard and develops students academically, personally and Sockglly, weparing them to play a full and effective role in society- In particular, the College provides.. teachlng facilities and Ind￿idUal or small*roup leaching, together with academic. pastoral ar administrative Sup[￿., IT and other administrative support and welfare services. including the avallablllty of the Junlor Deans to assist every member of the College.. arKI soclal. cultural. musteal. re¢￿ational and Sporting facilities to enable students to realise as much as )sslble of thelr academlc and personal polential whilst studying at the College. To advance re5earth by kyoviding.. official Fellowships. Career Development Fellowshlps, and Junlor and Senior Research Fellowships lo oulslandlng academics, to enable them to develop thelr research work and disseminate their research In the public domain,. and facllhles and grants to ass6st Trmth the pursuil of researth, including gr8nts for attendar￿e at national and intematlonal academic c￿nferenceS and assIsta￿e with the cijsts of research trips and research materials. The aims sel for the College's substdiary is to help finance the achievement of the Cdlege's aim¥ as above. Actlvltl08 and ob. ectlvgs of the Colle Th8 College's principal activity, as Specified in the College's Objects is to provide for members of th6 University of Oxford the protection and training of an Academ￿ House. In 2021.22. the College had 440 undergraduales and 273 graduates and admitted students in the following 8ubje¢ts'. Blochemlsty. Blologtsl Sciences.. Chemislry-, Classics linduding Joint Schods)., Classical Archaeology &Anclenl Hlstory. COMp￿￿rs¢I8￿. Engineering., English {including Joint Schools}', Experimental Psychology-. History (including Joint Schoc4s}.' Law. Llngulstlcs.. Malhematl¢s', Med￿1ne-, Modern Languages (including Joint Stholsl-, Music, Phi1090phy. Politics & Economts.. and Physlcs. In order to assist undergraduates entided to Student Support, the College provides. through a scheme operated in common with the University and other Colleges, bursary support for those of limlled ffinanclal means. For the aGademic year 2021.22, the number of award5 made was 84., 44 of the awards were for £3k or more,. and the average value of the award5 was £2.8k, with a total of £236k being disbursed in the year. The scheme Is 10

SOMERVILLE COLLEGE Report of the Governlng Body Year ended 31 July 2022 approved by the Office of Fair Accss and provides beneftts at a subslantially highgr18vel than the minimum OFFA requirement. To support the costs of graduate students. the College provides substanlial financial supp¢xt. This includes s¢holarshlps to fund fees and living costs, 't0p￿p, funding to fill funding shortfalls in students, funding packages and a grant scheme to asslsl with the purchase of book$ and equipment, attendance at conferences and travel grants. The total amount expended by the College lo graduate Sludenls in 2021.22 fc this purpose was £342k. The College also makes awards for academic development and has various xholarships and priz85 avallable lo reward academic excellence. During 2021.22 the College awarded £102k for this purpose. In addition lo its other programmes. the College operates a hardship scheme for students In flnan¢lal hardship 8nd provides access lo hardship schemes operated by the Unlverstty. For the academk year 2021.22 the College awarded £63k in discrelionary108ns and grants and provlded £60k of free vacallon ￿SIdence. A programme lo encourage legacies to be made lo the College is in place and annual fundraising Campaigns include the provlslon of support for sludents suffering finan¢ial hardship. PubliG bgnofit The College remalns committed to the aim of providing public benefit in accordance wrth its founding principles. The Cdlege admits ag students those who have the highest potertial to benefrt from the educauon provided by the College and the University and recruits as academic staff thos8 who are able to contrlbule most to the academic excellence of the College. In the case of both sludenls and academk staff, recrullmenl Is regardless of financwl, 50¢ial. religious or ethnic background, age or gender= there are no geographl¢al restrictions to thos8 who may benefit from the College's aims and objects. Sludents 8rKI academlc staff of the College are drawn from across the UK and internationalty., there are no age reslri¢tions in the College's objects but sludenls of the College are predominandy betsveen 18 and 24 years old,. and there arg no religious rgstriclions in th8 Cdlege's objects and members of the College have a wide variety of faith traditions or none. To raise edL￿tIonal asplratlon and attwt oulslanding applicants who might not otherwise have considered applying lo the College. the College operates an extensive outreach programme as part of University-wde Initlallves to widen access. This programme 18 under the responsibility of the Senior Tutor and indudes an extensfve programme of visits by schools to the Cdlege. open days. admissions symposia for teachers as well as vlslts to schools and guidance and Infomiatlon on the College website for prospe¢tive applicants. The College maintains an exlensNe library so providing a valuable ￿SOurCe for students and Fellows of the College. The College makes ils library available lo members of other Colleges and the Unwersity of Oxford more widely, gxternal scholars and researchers, as well as local children from maintained and other $¢hools as part of educalKJnal visits. The Trustees confirm that they have Complied with the duty in Section 17 (5) of the Charities Act 2011 to have due Tegard lo the guKian¢e issued by the Charity Commission on public benefit.

SOMERVILLE COLLEGE Roport of the GovernSng Body Ygar ond•d 31 July 2022 ACHIEVEMENTS ANO PERFORMANCE Academlc The academic year 2021.22 marked the beginning of an emergence from the global Covid-19 pandemio. Teachlng was laroety conducted fa￿ lo face throughout the year but at the beginning of the academic year, significant precautions were still in place. These prec8ulions w8re gradually relaxed and by the end of the academic year, inleraclions were ba¢k lo normal, although il remained necessary to support residents who tested posilrve and needed lo isolate. The number of firstchoice undergraduate ap￿ICatIonS Specifically to Somerville 18 unavailable butthe nltmber of appI￿allonS {i￿lUding first Cho￿ aPpI￿110n$ and open applicalKfyns assigned lo the College), was 696 in 2021.22, slSghlly up on the year before.11 is hoped that the return to iTrperson open days and school visits will allow us to promote Somerville more effedwely and increase application numbers fijture years. C￿1￿9 to the pandemic-relaled risks, tho Collegiate Unlverslty decided to hold admlsslons Interviews online agaln In Mlchaelmas Tem 2021. An upsurge in Covid-19 cases in the run-up to Christma¥ arguably vlndlcaled that cautious decision, taken earlier in the year. This was the second tlme that Interviews had been conducted entirtly online and the operation ran generally smcM)thly. Thi$ was thanks, as ever, to the hard work of tutors arKI Academ¢ Office staff. The 2021.22 admlsslons cyde showed something of a transitional nature. Followlng the signlficant over- re¢ruitmenl in the summer of 2020 and the vgry caulious approach in the cycle that followed, In which almost no open offers were made and the total number of offers was much lower than normal. 137 offers {including open offers) were made In the 2021.22 admissions cycle, which is inlermediale between 8 'nomial' year and the very cau1￿uS approach adopted in 2020.21 All cdleges subsidise the cost of teaching at Oxford and it will remain the case that only about half of the true costs are met from fees. With the level of UK fees b8lng capped In absolute terms ar￿ costs rising subslanlially, the proportion of the costs of teaching thal are ¢overe(I by fees is likely to d￿line further. The shortfall is covered by endowTnent income, income from commercial activities ?nd income from philanthropy Idonations and legacies). At Somerville almost 250A of our UK domlclled undergraduates receive additional financial a5SiStanGe. In the 2021.22 admissions cyde, 76QA of UK domiciled undergraduate applicants comg from $1ote s¢hool$. which is a little above the figure for the Universty. 72% of UK offer holders were slate- educated at the point of applulion. In-person Access activities were still limited at the beginning of 2021.22 Ihanks to the ongoing pandemic but school visits resumed in Hilary Tem and full in-person open days were held In the summer of 2022 after 2 years of online-only op8n days. This is polentlally slgnlfl¢anl for Somerville because it 15 easier lo bring the College lo the notlce of visitors lo Oxford than it is lo compete for their attention online. Our Access and Outreach Support Officer, Nuala Marshall, left us towards the end of the acad8mt year lo take up the lead acrkss role at Magdalen College. We recruited Eren Slate to the post Nuala va¢ated. Eren had prevlously been In a similar role part-tim6 for St Anne's and was loo￿n9 to move lo fulptime employment. We also recruited Orla Lavery as an additional member to focus on inward-facing access work, supporting existing students from diverse background5. This post wlll be a one-year post drawn from the most recent pool of Somerville graduates, which ha$ proved a highly successful strategy in a simi18r post for the development team. Th& Oxford Indla Centre for Sustslnable Development IOICSD) continues to develop and enhance ils reputation as a forum for research fccused on sustainable development In India, partlcularty of 8n interdisciplinary nature. Dr Radhika Khosla continued as Research Dlrector researching into th8 impact of increasing demand for coollng systems as the planet heats up for which she and her colleagues had won major furKJing. During the course of the year, long-standing supporter of the OICSD, Dr Siddharth Arora, wa5 appointed a5 Programme Director. This part-llme role. whlch runs In parallel wfth Dr Arora's academic role with the Said Busine$5 School, albws him to allocate more lime and energy lo supportlng the OICSD 12

SOMERVILLE COLLEGE Report of the Governlng Body Year ended 31 July 2022 than he Gould as a volunteer. A5 ever, we are grateful lo many dlstlngulshed academlcs from various fiel(Is who have Scholarships would in future b8 used lo support research Students exduS￿eIY $ln¢e this was the category generously given their time and wisdom in continuing to help the development of the Centre. The total number of OICSD scholars in the year was 21 w¢th some of our research students havlng to extend their studies due to disruption arising from the global pandemlc. Durlng the year11 was decided that the flagship Indira Gandhi with the highest academic quality. Generoug donations have Prov￿ed a special fvnd to finar￿e extensions lo their studies and the un￿erSIty has recognlsed the$8 d￿r￿UltieS and extended study P8riods and milestone deadlines where necessary. We expect our s¢holars lo su￿esSfUllY complete their DPhils in due course. The Covid scho18rship extension scheme has now closed and no further extensions are ex[￿ted. MTST In 2021122 we welcomed nine new Thatcher Scholars.. four doing undergraduate studie5, 2 on Masters courses and three undertaking DPhil studies. With the remaining Thatcher Scholar3 from prevknjs years, this brought the total numb8r of scholars in College to 25. and the number of alumni 10 12. One of the unnamed undergraduate scholarships was named for Ann and Giles Currie, whose six figure gift enabled the eslablishmenl of the Margaret Thatcher Scholarship Trust. The Trustees approved the relnveslmenl Into the endoyfftnl of £572,000 from the reseNeg to endow a further undergraduate scholarshlp In perpetuity. The Somerville Development Programme continued lo provide valuable training for students and was able to return lo in-person sessions. although the learnings from the previous year enabled the continuation of hybrid evenls. There were 13 applications for Thal¢her Development Awards of which B were approved. Grants ranged from £450 to £2,000. with the mean grant being £1,472. The total funds awarded for Thatcher Development Awards was £11.T75, although the final total was £10,475 as one project was unable to go ahead and so their grant of £1.3￿ was returned. Two overseas undergraduate scholarships were awarded in Hilary temi 2022 for 2022 entry and six new graduate scholarships of which tsvo DPhils are pathering wlh the Clarendon Scholarships In a new partnership. The￿ are a further DPhils and Masters scholars. In 2020.21 Somerville hosted seventeen Junlor Research Fellows. spanning an enormous range of academic disciplines, with high quality applicants and great competition for pEace$. Tl presence of such a large, diverse and talented populatlon of researchers contributes signrficanuy lo the Somerville College community and enables these earfy career researchers to build interdisciplinary links. The range of studies has been immense, from subjects such as Medicine, Classlcs. Maths. Llnguistics. Phllosophy and others. th lop rank quality being the only thing they all have in ¢ommon. The College continues to have a diverse Fellowshlp wh￿h 18 aCt￿e In teachlng and research. There is insufficient room to summaris8 the research of all wr Feilows but some highlights. in no partiGular order, ar8 given here. Professor Richard Stone was elected as Fellow of the Royal Academy of Englneerlng and also elected SAE {Society of Aulomolive Engineers) Fellow 2020, Associate Professor Noa Zilberman was awarded a prestigious Google Research S¢holar Awar(J for her research into the new generation of programmable netr￿k devices that will underpin the future of computing infrastructure.. Profe880r Almut Suerb8um and Associate Professor Annie Sutherland, along wth the Somerville Medievalist Research Group, published their book Medieval Temporalltle8 and Professor Renier van der HooTn, was awarded a .5m grant by the European Research Council lo ￿￿tinue his wck on developing new crop protection strategie5 by Unl￿￿1r0 extracellular immunity. 13

SOMERVILLE COLLEGE Report of the Govorning Body Yvr ended 31 July 2022 Somerville Fellows also played a key role wllhln th& collegiate universlty thiough Ihelr role in the D￿5$10nS and Departments and also through their membership of several key committees and working groups. Benjamin Thompson continued as Associate Head (Education) of the Hum8nilies Division. ￿116 Mmul Suerbaum continued as Chair of the Faculty of Medieval and Modem Languages and Adrti Lahiri continued as Chair of the Facyjlty of Linguistics. Philology and Phonetics. College Officers play key roles on varlous Conference of Colleges ￿MmIttee$, includiThJ ICT Steering Committee. the commlttees of Estates Bursars. College Llbrarians and many more. Providing 8 worfd-class educ8tion for our students. as well as for the generatlon of students to come after them, remalns our hlghesl priorlty. The currentfinanclal pressures on young people with regard to the higher education which will be vital in preparing them to make their way in the world today are well documented. Our resolve Is that no student with the academ1¢ ablllty to study al Somervllle should be unable to take up a place due lo financial pressures. 14

SOMERVILLE COLLEGE Report of th¢ Govoffllng Body Year ended 31 July 2022 Fundral$ln alumni rolalions and ¢ommuni¢atiOllS Though the impact of the pandemic continues to be felt by the College, the year 2021-2022 has seen the welcome return of in-person events to the Development Team's operations and these have been enlhu5ia5tically received by alumni. The College has received philanthrop￿ donations of just under £2 million in cash gfts and legacies. This includes over £400K in cash and pledges for Politics at Somerville in a campaign to enéow the subj'ect in Shirley Williams, name. Another major announcement was the commitment to endow graduate scholarship in Law by Mr Gopal Subramaniam lo honour the Bingham family. In total. 1402 people made a gtft to the College in the past year and our participation rate from conlxtsble alumni wa$ 17¥0. 2021122 a150 saw a number of legacy gifts including a generous bequest of £466K from Sheila Porter and £50K from Haroulune Matossian. The College is also eXp￿tIng circa £225K from Lalage Bown's eslale. Havlng been postponed in 2020 due to the pandemlc. our telethon returned In 2021 but wlth a reduced calling leam and callers worklng remotely for the first time. Thls worked well for the calllng team and greatly reduced overheads therefore 11 was decided that calling wlll contlnue lo be remote In 2022. £250K was mised by th& callers and a furth8r£30K was crowdfijnded online from alumni who were either unreachable during the telethon or not in the calling pool. In HT2022. an appeal to raise £30K for the women's r￿ng team was completeé and a direct mail to alumnl ralsed £70K. A further crowdfunder was then held in TT22 to close an appeal for the Politics fellowshlp raisbng £60K. In total. £704k was recelved by the College In Annual Fund glving for the year. In alumni relations. events. and communlcatlons the year 2021122 saw a busy return lo a mlxlure of in-person and online events. Amongsl the many highlights of the year's events, a few Stand out.. our Annual Carol Service. which elicited a particularly wami response from alumni across the world and over 1.300 views on YouTube. Supporters. Lunch for 148 doncffs in College, a piano concerto for our Will Power legator8, the b881-attended Gaudy we've ever hosted. the launch of our Cedar Cirde for regular donors. and our inaugural Aumnl Formal Hall dinner. The Somerville Communications team's new website for the College has continued to develop wlth increasing features and enhanced news pieces. Notably, the addition of an interactive map allows prospective applicants and olheT visitors lo explore the Colleg8 remotdy. The team has also produced an updated prospeclus which is hosted on the sile to reduce prinling. In a novel approach to distributing the prospectus link, they created a nel of the library for students to construct with a QR code lo the site. GNers the impact of the pandemic on young people's education. the activrties of the Access and Outreach team have been especially important and. unimpeded by lockdowns, they have been able lo return lo school visits, roadshows, and open days. The generous support of our friends and donors has enabled the return to the delivery of these events in eamest as well as th8 expansion of our aclivili8s lo a kninning programme with a local primary sclThx)l. Somerville's Development efforts a￿ di￿ded ultimately towards Support for Somerville students now and in the fvlure. Somerville takes very seriously Ihe ￿latiOnshIpS we have with our donors, ￿ none of our activity should compromise their privacy, wl anyb￿ under undue pressu￿, or be unreasonaNy wrsislenl. Al communications sent to exlstlng Supporters include an opt•OUt provision. We have not any complaints aboLrt our fundraising actfvities during the period ￿ered by this ￿ port. 15

SOMERVILLE COLLEGE Report of the Governlng Body Year ended 31 July 2022 FINANCIAL REVIEW Summa The flnancial year 2021.22 was less slgnrfi¢antly affected by Covid than 2020.21. Income from student rents and fees was up by £1.2m. representing a retum to nomial after the sharp dip in 2020.21, and conference and events income recovered lo thirds of pre pandemr levels. Expenditure on teachiro. research and college operatlons Increased by £2.8m in the year although £1.4m of that was accounted for a provision against future ern￿Oyer conlrfbutSons to the USS penslon scheme. The remaining £1.4m ￿fleCted a return to having students on slte for the full academlc year and provlding Ihem wth subsidized focKJ and accommodation. Donatlons were £0.5m lower than in 2020.21 As in 2020.21 the drawdown from our endowment was higher than normal helping lo absorb the residual impact of Covid and the emerging inflationary pressures on our cost base, particularly utility cosls. As a result th8 net operating result on unrestricted funds (excluding depreckqtion of £2.4m but after allowing for future capital expenditure) was break even. Total net expenditure across all funds before investment gainsflosses was £3.5m, up by £1.3m on 2020.21, explalned by the £1.3m Increase in the provlsion against future employer contribLrtM)ns to USS. There was a capital loss on our endowment investments of £1.Sm In the year. Perhaps les5 than might have been anticipated after the very substantial £16.3m gain in 2020.21. Overall net assets therefore decreased by £5.Om (2trAI from £238m to £233m. Our endowmentfunds stC4xI at £94m at 31st July 2022 {£95m in Juty 20211. The other signfficant thing that happened during the year, in anticipation of rising Infflal￿nary pre9sures, as that a £10m long term loan from the Co-op Bank with a floating rale 1 Oh above LIBOR was refin8nced by an unsecured £10m private bo￿1 with M&G for thirty years al a fixed interest of 2.9%. Rg5grve8 ollc The College's reserves policy 15 to estat￿lSh, and thereaflor maintain SuffiC￿nt free reserves to enable it to meel ils Short-lerm financial obligations in the event of an unexpected revenue shortfall and lo allow the College to be managed efflclently and to provlde a bLrffer that would ensure uninterrupted services. Rebuilding the free reserves after a period of sustained capital investment has been a PTiority over recent years bLrt these have been significan￿Y reduced by the impact of Covid 19. Free reserves now stand at £{1.3lm {2021: £1.7ml in part because £0.6m was transferred in the year from MTST reserves to MTST endowment to allow the funding of 8n additional scholarship in perpeluity. Increasing these free reserves will be a prioraty as the college recovers over the next few years. In addf(ion to this the coll8ge has set aside £0.25m to fund anticipaled future capital gxpendiiurg. There is also a designated fund representing a sinking fund to repay the private bonds when they fall due. Al Juty 2021 this stood at £3.1 m12021,' £2.9ml. 16

SOMERVILLE COLLEGE Report of the Governlng Body Year ended 31 July 2022 Investment Ilc ob'ectlves ar￿ rfomiance The College's investment objectives are to balance current and future beneficiary needs by.. maintaining18t least) the value of the investments in real tem)s'. producing a wn5131ent and yustsinablp amount tQ 5UPPQrt expenditure- arbj del￿ering these objectives within acceptable levels of rlsk. Inveslmenl rl$k is hedge¢J by spllttlng our investments belween OUEM and Newton. The ¢ollege operates a lolal ￿luffl polw on its investments with OUEM and Newion. The investment strategy, policy and performance is monitored by the Finance Committee. Al the year ené, Ihe Group's long tem) investments. combining the securities, property and other investments, totalled £109m, slightly down from £112m in 2021. FUTURE PLANS The College's future plans as agreed by the Goveming Body are set out in the Cdlege Strategic Development Plan. The core elements of this are.. To balance more effecllvely the complementsry but often contradlctory demands of teaching and research so that Fellows. research 1Sme Is better resourced. and Fdlows have the $pa¢e to deliver high qualty teaching, To refoGus resour¢es on the Fellowship and to reFQSition il at the centre of the college so that11 becomes the expression and embodiment of the ¢ollege's ¢ommitment to academic excellenoe and ambilKIn, To raise the academic profile of our undergraduate and graduate students and to strengthen. through evolution and reinforGemenl, the culture of academ￿ excellence arKI hlgh expectallon, To promote access and diversity across all areas of college activity and to continue to work to Include the exduded, and To improve Ihe support w8 offer to wr graduate sludents.sp8￿flC development plans have been agreed for the separate departments within the College to ensure that the Col￿ge continues to enhance its ability lo provide 8 firsl-clas5 edUCat￿n. 17

SOMERVILLE COLLEGE Report of the Governlng Body Year ended 31 July 2022 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILrriES The Govemlng Body Is responsible for preparing the Report of the Governing Body and the financial statements in aC￿rdance with applicable law and regu18tion8. Charity Iw requires th8 Governing Body lo prepare financial slalements for each financial year in aCCordat￿e vrith United Kingdom Generally A￿ePted kcounling Practice (United King(bm Accounting Standards} and aPpI￿able18w. Under charity law the Governing Body musl not approve the financial statements unless they are satisfied that they g5ve a true and fair vlew of the state of affairs of the College and of its net incoming or outgoing resources for Ihat period. In p￿paring these financial statements. the Governing Bc*Jy is required to.. Sel￿t the most suitable accounting policie5 and then apply them consistently. make judgments and accounting estimates that are reasonable and prudent.. state whether applicable accounting sland8rds have been followed, sublect lo ary materlal departures disdosed and explained in the financkol statements., and prepare the finandal slatemenls on the going corscern ba$1$ unle$s11 1$ InapproprSate lo presume that the College will continue lo operate. Th8 College has cash resources and has no ftjrther requirement for extemal fijnding in excess of (xjrrent facilili8s. The Tru51e8s have a high expectation that the College has adequate resources lo Continue in operational existence for the foreseeable ftrture. In making their assessment the Trustee$ have considered the impact on the busine53 of Covid-19 induding th9 ability of the College to continue to operate as a College of the Unwersity of Oxford. They continue to believe the going concern basis of accountirYJ appropriate in preparing the annual financi41 statements. The Governing Body is responsible for keeping proper accounting records that are SLrfficient lo show and explain the College's transactions and disclose with reasonable accuracy at any lime the financial position of the College and gnable them to ensure Ihat the financial stalemenls comply with the Charities Act 2011. They rg a130 responsiblg for safeguarding Ihg assels of th8 College and ensuring their proper applution under tharity law and hgnce for tsking reasonable $1gP5 for the prevention and detection of fraud and other irrggularities. Approved by the Govemlng Body on 2nd November 2022 and signed on ils behalf by: Baroness Jan Royall Principal 18

SOMERVILLE COLLEGE Independent Audltorf8 Report to the Memb8r8 of th6 Govomlng Body of Somorvillo College Oplnion We have audtted the financial slatemenls of Somerville College (Yhe charity,) and its subsidiaries I'the group,) for the year ended 31 Juty 2022 vthi¢h ¢omprise the Consolidated Stslemenl of Financial Activili8s, Consolidated and Charity Balan¢e Sheets, Consolidated Cash Flow Statement and notes lo th8 financ￿ statements. including signrficant a¢¢ounting poli¢ie5. The financial reporting fram8work that has been ap￿led in their preparation Is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting PraCt￿e). In our opinion the finan￿al statements.. give a true and fair view of the stale of the group's and the parent charty's affairs as at 31 July 2022 and of the group's income and receipt of endowments and expendilure, for th8 year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted AcctyJnting Praclicg," and have been prepared in accordance with Ihe requirements of the Charities Act 2011. Basis for oplnlon We ¢ondurted our audit in accordance with International Standards on Auditir& (UK) IISAS (UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the group in accordance with the elhi¢al requirements Ihal are relevant to our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fvffilled our other fjlhic81 responsibilities in accordance with these requirements. We telieve that the audit evidence we havg obtsined is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to golng concern In audf(ing the financial stalemenls, we have wnGluded that the trustee's use of the going concern basis of accounting in the preparation of the financi￿ statements is appropriate. Based on the work we have performed. we have not Idenirfied any malerlal uncertalnlies relatlng to events or conditions that, individually or collectively, may cast 519nificant doubl on the charity's or the group's ablllty to continue as a going concern for a period of al ￿ast tsvelve months from ￿en the financial statements are authorised for issue. Our rgsponslbi1rt5es and the responslblllt18s of the Iruslees vAth respecl to going concern a￿ described in the rdev8nl sections of Ihls report. Other InfO￿atIOn The Iruslees are responsible for the other information contained wlthin the annual reporL The other Infom)allon cornprises the infomialion included in the annual report, other than Ihe financial Statements and our audllor's rep)rt Ih8reon. Our opinion on the financial statements does rnt cover the other infom18tion and. except to thg gxtenl otherwise explicit￿ stated in our report, we do not express any form of assurance conclusion thereon. Our re5ponsibilty is lo read the other infomation and. in doing so. ￿nSider whgthgr Ihg other infiymation is materially inconsislenl wilh the financial slatemenl8 or our knowledge obtained in the audit or otherwise appears to be materi811y misstated. ff we tdentify such material inconsistencies or apparent material mis5tst8ments. we are required to determine whether this gives rise lo a material misstslement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We havg nothing to report in this regard. Matters on which wo are required to report by exceptlon We have nothing to report in respect of the followng matters in relation to whi¢h the Charities {Ac¢ounts and Reports) Regulations 2008 requires US to report to you rf, in our opinion.. the informalion given in the financial $tatemen15 is inconsistent in any material respect with tho truslee5' report., or Sufficient and proper a￿Untillg records have rol been kept by the parent charity; or the finanaal stalemenls are not in agreement with the acGounlirwJ records and retums- or we have not receNed all the information and explanations we requlre for our audlt. 19

SOMERVILLE COLLEGE Indepondgnt Audltor's Report to tho Members of tho Govemlng Body of Som•rvlllo Collo90 Rosponslbllltlés of tru$to•s As explained more fvlly in the trustees. responsibilities slalement sel out on page 17, the Iruslees ar8 responsible for the preparation of the financial statements and for being satisfied that they givg a tru8 and fair view, and for such internal control as the trustees detemine is necessary to enable the preparation of financial statements that are free from material misstalemenl. whether due lo fraud or error. In preparing the financial slalements, the trusl88s are responsible for assessing the group and Ihe pa￿nt charity's ability lo continue as a going concem, disclosing, as applicable, matters related lo going c4n¢ern and using the going concern bagis of accounting unless the trustees either intend lo IKiuidale the charity or lo cease operations, or have no realistic altemalive but lo do so. Auditorf$ responsibilities for the audlt of th• flnan¢ial stst•monts We have been appointed as auditor under section 151 of the Charities Act 2011. and report In accordance wilh the A¢ts and wlevanl regulations made or having eff8cI thereunder. Our objectives are lo obtain reasonable assurance about whether the flnanclal $18lemenls a$ a whole are free fiom material misslatemenl, whether due to fraud or error. and to Issue an audltorfs report Ihal includes our opinior¢. Reasona￿9 assurance is a high level of assurance, but i8 not 8 guarantee thal an audit conducted in accordarrhg with ISAS (UK) will a￿ayS delect a material misstalemenl when11 exists. Misstalements Can arise from fraud or error and are considered material ff, individually or in the aggregate, they could reasonably be expected lo I￿￿uenCe the 8conomic decisions of users tsken on the basls of these financlal stalemenls. Detsils of the exlenl to which the audll was cor)sldere(l Capable of delecting irregularitw6, including fraud and non- compliance with laws and regulations are set out below. A further de$¢ription of our responsibilities for th8 audit of the financial statements is located on the Fin?ncial Reporting Council's website at- ww.frc.or .uklauditorsres on5ibilities. This description forms part of our audilorfs report. Extent to whlch the audlt was considar•d capable of dotoGting irrogularities, including fraud Irregularities, including fraud, are instances of nork-complianc8 Wth laws and regulations. We identified and assessed the risks of m8teri81 misslalemgnt of the financial ststemenls from irregularities, whether due to fraud or error, and discussed these between our audit team members. We Ih8n designed and performed audit procedures responsive lo those risks, including obtaining aud(1 gvidgnce sufficient and appropriate to prov￿8 a basis for our opinion. We obtained an understanding of thelggal and regulatory frameworks within which the ¢harity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amoun15 and disclosures in the financial statements. The laws and regulations we considered in this ¢onlexl were the Charities Act 2011 together wlh Ihfj Charrfcies SORP (FRS 102). We assessed the required compliance wilh these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws arid wulalions Ihal do not have a direct effect on the finandal stalernenls bul compliance with which might b8 fundamental to the ¢harity's and the group's ability lo operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraLJd. The laws and regulations w8 considered in this context for the UK operations were General Dala Protection Regulation, Health and Safety and Taxation legislation. Auditing slanL1ards limit the required audit procedu￿$ to identify nonthcomplianGe with these laws and regulations lo enquiry of the Trustees and other management and inspection of fftgulalory and18gal correspondence. rf any. We identrfied the greate81 risk of material impact on the finanryal statements from irregularities, including fraud. to be within the recognition of income and the override of ¢onlrols by managem8ril. Our audit procedures lo respond to these risks included enquiries of management about their own idenlrficalion and assessment of the risks of irregularities. sample testing on the posting of journals, ieviewin9 accounting estimates for biases, sample teslln9 of Ir￿Me transactions to supporting documentation and reading minutes of meetings of those charged with govemance. 20

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

22 November 2022

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.

21

SOMERVILLE COLLEGE Statement of Accountlng Poll¢l Year ended 31 July 2022 1. Scope of th• Ilnan¢i81 stat•monts The flnancial ststements present the Consolidated Statement of Financial Activities (SOFAI. tha Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its ￿OllY owned subsidiaries Somerville College Trading Limited and Somerville College Developments Limited, as well as the Margaret Thatcher Scholarship Trust. No separate SOFA has been presenled for Ihe College alone as currently permitted by the Charity Commission on a concesslonary basis for the filing of consolidated financial statements. A summary of the results and financlal position of the charity and its subsidiaTy for the reporting year are in note 13. 2. Basls of accounting The College's Indlvldual and consolidated finan¢fial statement$ have been p￿Pared in accordance wlh United Kingdom Accountlng Standards. in part￿ular FRS 102. The College is a public benefit entity for the purp0393 of FRS 102 and ? registered charity. The College has therefore also prepared ils individual and ¢onsolidaled financial statements in accordance with The Statement of Recommendeé Practice applicsble to ch8rrties preparing their financial Ststemenls in accordance with FRS 102. The financial stal8menls have been prepared on a golng concern basls and on the historical ￿st basi5, except for the measurement of Investments and certain financ￿1 assets and liabilities al fair value with movements in value reported wllhln the Slat8ment of Financial Aclivities (SOFA). The prinGipal accounting policies adopted are sel out below and have been applied consi$tenlly throughout the year. 3. In¢oming r•sour¢os from fee Income, Ofs support and olher ¢harg•8 for 8•rvices Fees recRivable, Ofs support and charges for services and use of the premi8e8 are accounted for In the perKJd in which the related service 15 provided. Incoming r•sourc•s from donations, lfjgaci08 and Govgrnmonl grants Voluntary income is accounted for when the College has entlll&menl lo the funds. the amount can be reliably quamrfied and there Is reasonable certainly of tts ultimate r￿1p1. Voluntary income received without re$tri¢ti¢)n as to ulilizalKin or for the general PUTFose of the College Is credited to unrestricted funds. Volvnlary income which is subject lo specific wishes of the donor is ￿edited to the relevant restdcted fund or, where the donalion, grant or legacy is required lo be held as capital. lo the endowment funds. Where donations are received otherwise than in cash, they are valued at the market Value of the undedylng assets recewed al the dale of receipt. Payments under the Governm8nt'$ furlough scheme are recognised when receivable and cla$$ifth as other income in the SOFA S. Investment Income Interest on bank balar￿S and fixed interest se¢urilies is accounted for in the period to which th8 interest relate5. Dividend income and similar distributions are accounted for in the period in whlch they become recelvable. 1￿me from investment properties is accounted for in the period to which the rental Income relates. Expendlture Expenditure is accounted for on an accruals basls. Indlrect expendlture Is app￿tIoned to expenditure categories based on the eslimaled amount attributsble lo that acllvity In the year, either by reference lo

SOMERVILLE COLLEGE Ststoment of Accounting Polldeg Year ended 31 July 2022 staff lime or the use made of the underlying assets, as approprrate. Irrecoverab￿ VAT Is Induded wlth the item of expenditure lo whiGh it relates. Grants awarded are expensed as S¢)on as they be￿me legal or operational commitments. Govemance costs comprise the cosls of complying wth constitutional and st8tulory requlrements. Inlra-group sales and charges betsveen the College and its subsidiarigs are exduded from trading income and expenditure. 7. Loa8e8 Rentsls payable under operating leases are charged in the SOFA on a straight lin8 basis over the relevant lease terms. The cost of the assets held under finance leases is included wlthin fixed assets and depreciation is charged in accordance with the accounting policy for each dass of a55el concerned. The corresponding capital obligations under these leases are shown as liabilities. The finance charge element of rentals is charged to the Statement of Financial Activtties and dassified within finance costs as Incurred. 8. Tangible fixgd as8•ts Expendlture on the acquisition, construction or enhancement of land and buildings (￿StIng more than £S.000 together with expenditure on equipment costing more than £5,OW is capilalised and carried in the balance sheet at historical cost. Other expendrture on equipment incurred in the normal day-to4ay running of the College and its subsldlarles is charged to the Statement of Financial AclivilieB as incurred. 9. Depreciation Depreciation is provkled to write off the ¢o$t of all ￿levant langible fixed a$sets,18SS their estimated residual value. in equ81 annual instalments over their expe￿￿ useful economic lives as follow5: Freehold properties, induding major extenslons Leasehold properties Building improvements Equipment 100 years 100 years or perfic*J of lease rf shorter 10-30 years 3- 10years Freehold land Is not depreciated. The costs of maintenance are charged in the Statement of Financial Acthillles In the period in which it is incurred. 10. Inve61ments Investment properties are valued as individual investments at their market values as al the balance sheet date. Purchases and sales of invesbnent properties are recognised on exchange of contracts. Listed investments are valued at their mld-markel values as at the balance sheet date. Investments such as hedge funds and prlvale equlty funds whlch have no readSly idenlfflable market value are included at the most recent valuallons from thelr respec16ve managers. Gains and It)sses arising on the investments are credited or char￿d to the Stslemenl of Flnan¢lal Activities and are allocated to the appropriate Fund according to Ihe-owner8hlp" of the underlylng assets. 11. stooks Stocks 8re valL￿d at the lower of cost and net reallsable value, cost belng the purchase price on a first in, first out basis. 23

SOMERVILLE COLLEGE Statemenl of Accountlng Pollcles Year ended 31 July 2022 12. For01gn currencles Transactions der￿mInated in foreign Curren￿85 during the year are translated al prevailing rates of exchange at the dates of the transactions. Monetary assets and liabilities denominated in foreign curTencies are Iran51ated into sterling al rates applying al the Balance Sheet date or. where there are related forward foreign exchange contracts, at the contract rates. The resulting exchange dwferences are taken lo the Statement of Financi81 Activities. 13. Fund a￿OuntIng The totsl funds of the College and rts subsidiaries are allocated to unrestricted, reStr￿ted or endowment funds based on the origins of the funds and the terms s81 by the donors. Endowmenl funds are further suWThiided into pemianenl and expendable. Unreslricled funds can be used in fvrtherance of the objects of the College al the discretion of the Goveming Body. The Goveming Body may de¢ide that part of the unre51ricted funds shall be used in future for a specific purpose and this will be aCC￿nted for by transfers to approprkgte designated fvnd8. ReStr￿d funds comprise grfts, lega￿e9 and grants where the donors have earmarked ftjnds for specific purposes. They consist of eilher grfts where the donor has specffied that both the capitsl and any income arising musl be used for the purposes given or the income on gifts where the donor has requir8d that the capital be mainL8ined and the income uged for specific purpoges. Permanent endowment funds arlse where donors speclfy Ihat the funds stKJuld be retained as capttal for the pern)anenl benefit of the College. Any income ariging from the capitsl wlll be accounted for as unrestricted funds unless the donor hag placed restricted the use of that Income. In whlch case il wll be accounted for as a restricted fund. ExpendaNe endowment fvnds are similar lo permanent endowment in thal they have been given, or the College has determined based on the cirt)Jmslances that they have been given. for the long term benefit of the Collegg. However, the Governing Body may at their discretion determine to spend all or part of the capital. 14 Penslon Costs The College participates in Universtties Superannuation Scheme {USS}. a hybrld penslon scheme, providing defined benefits based on salaries as well as benefits based on conlribulions. and a group personal pension scheme operated by Aviva (formerly Friends Life). The assets of the USS scheme are hdd in a separate trLFStee4dminislered fijnd. Because of Ihe mutual nature of the scheme. the assets applicable to the defined benefit membership a￿ not altritKJted to individual Colleges and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other Universitw6' and Colleges, employees and is unable to idenlfy ils share of the underlying assets and liabilities of the defined benefft scheme on a consi$lent and reaSona￿e ba818. As ￿Quired by Section 28 of FRS 102'Employee benefits., the College accounts for the scheme as if il were a wholly defined contribution scheme and contributions to Ihese schemes are recognised as a liabllity and an expense In the period In wh￿h the salaries to whl¢h the (x)ntributions relate are payable. The College has entered into an agreement for the USS scheme (the Recovery Plans) that determlne how each employer w(thin the scheme will fun(J the overall scheme deficit. A liability is recogni8ed al each balance sheet date for the discounte(I value of the expected future contribution payments under these past servke deflcil fundlng agreements. ¥Mth chaNJes to these Irabllllies being reoognised as an expense In the perlods In which the ¢hanges o¢¢ur. 24

8o¥mrrill• Colleg• Consolldatèd Statoment of Flnanclal Actlvltl•8 FY the year end•d 31 July 2022 itrff#tricd Restrkied Endov FuTr18 Funds TolAI rwo ro)0 14COIIEAND ENDtrAIAEm FROM: Tehing. researL aTrJ res￿￿6￿81 Cmhv Tr•dlng InMm• Dl￿atron5ar￿d Iy¢l¢ 6,563 838 1271 5,407 838 2,155 2.625 In¥estrnenl Incom• TotBI rElwn BllrKthd lo irKorn• Othèr Tol81 kn¢om• 1.003 1B73 57 11A03 3.893 3.583 14 1,927 13,6DJI 414 12,109 I22T 13M04 EXPENDITURE ON: leachlrg. rnsearch arKI rn&ldènl I3￿5 2,374 13,175 Ral¥lng fvr¥l¥: FundrairKJ Trading 8ipendltur8 Inyeslrrent rn3nagerr￿l costs Total Exp•n¢ 702 163 747 119 207 14.248 14512 1507 17,079 Mqt In¢rynellEzperXlhu￿) before 28 3,47 1139 NetllosBe6ygalnB on Irfv8stsnants 11,12 11.3211 11,63n 16,297 Net (Elpendl￿￿Y1ntoM9 13,Wl 12801 11.347 14012> 14,158 18 572 Noi fund¥ lorthe yg•r 119571 1775 14,158 FWNJ bo14rw ￿￿9htfgr￿rd 18 223.804 Fun￿￿11￿￿ fmrd at 31 July 136.C69 94,218 Z32,950 237.

SomeNllle College Consolldated and College Balanc• Sh••ts As at 31 July 2022 2021 Group £Tr)o 2022 Coll¢g• eooo 2021 College £YJoo fjrow> rooo FIXÈD ASSET8 Tangible assats Property inv8stsrthts Other Investments 10 11 12 160,899 10,397 162.907 10,577 101.378 162,907 10,577 89,898 10A•7 87.146 Tolal Flxod AH•ts 269,784 274.862 283.382 CURRENT ASSETS Stocks Debtors Inve¥tments C85h at bank arxl In ha 63 2.697 15 1.629 2,776 278 938 (718) 13931 Totsl Current A￿ets 2.367 LIABILMES Cr&1￿￿$.. Arrounts lalllng duewSthln one 18 2.109 1.952 3,716 NET CURRENT ASSEfsiiLWILITIES) 273 11,147) 11,3491 TOTALASSETS LESS CURRENT LIABIUTIES 270.OSI 273,715 258.6M CREDITOR8: falllng due olter mor• th•n one ye•r 17 35,000 35,￿0 35.000 35,CKJO NET ASSETS4UA8ILITIES} BEFORE PENSION A&8ET OR LIABILtrY I35￿57 238,715 223.601 227.033 Definad bor*fft pen¥lon scheme Ilablllty 2,101 753 2.107 753 TOTAL NET ASSETSIIUABILITIESI 232,950 237,962 221,wa4 228,280 FUND8 OF THE COLLEGE EndowThnt funds 18 84072 84,280 R•strfet￿ 2.003 2.943 UnreStrIc￿ fvTrds Design8ted fund$ Gener4 fun Penwn re8ewve 18 18 22 139.01S 18391 12.107) 138.768 2,013 17531 139￿1$ {1,1491 111071 138.786 232.950 237,9&2 221,494 226,280 The ffinanclal ststsments were approved and authorknj for Issue ty Ihe GovwnltvJ Bc>Jy of Somerville College on 2 November 2022 Tru8tee.' Jen Royall Trustee.. Andrew Parker 26

Somervlllo Collo90 Consolidatod SL*ement of Cash Flows For the year ended 31 July 2022 rooo £￿t ¢ash wovlthd by lus•d lfi) optyr•iing •cdvltle8 5.2011 13.340 C•8hllovMfmm Invo8tlry actlvltl•• 0ivKtgnds, intgrgSt and rents from investrnents Pro¢e&ts frorn the sale of property, pkgnl and 8quIpm￿t Purchase of prop8rty, p￿t and equipment Proce•ts frorn sale of investments Purchase of investments N•t Wsh provklod by Iu¥od In) actlvlUg¥ 3.563 13B51 2,253 530 5.331 16.8511 7.889 2.791 1.8￿) C•8h Ilow8 from flnanclng actlvltk• paym&nts of LK)rrowlng Finar)ce costs p Cash inffowg from new tK)rrown9 Ngt (addltK)n$ lo)IwKhdrawals from term deposlts Receipt of encl)wm￿t N•t e•Jh provkhd by lu#￿ In}flnanclng acU¥ltle¥ {1.3801 {9W 1,753 858 792 ChawJe In ca¥h and cash equlvalents In reportlng period {fj821 {652 Cash and ¢ash tqulv•lenis at the begixning ￿ th• r•portlng perlod 1,590 Cash and •qulvalonls at Iho •nd ol th• r•portlng perlod 27 276 938 27

SoTh•wvlllÈ Colkg• Notss to thè flnanclal ststémeAts For the enrf￿ 31 July 2022 IKO¥E FROII CHANifABLEAcThimES T•Jthlnll.R•wrEhwKI Rw1dVn￿￿l £wo Tu11b)Itee8- UK oro EU 1.789 1,316 JWHEFCE 221 183 S.407 TtXqlT￿h1r, R•wv¢h4rf Rothgnt ThlaLYpJbafwuth £32VlkrttsWfvn(Wryd undwtr• CFFSan•{b)21.' £32￿1. f•w•W •wiwJ¢•£Ok(2W21..gw. Th• th rrt IKINAmOM$JIDLEfjA¢IES i J 510 tu 1.7fj3 2.￿5 1155 INCfJlE FROM OTIMTRAC4NGACmWnES 14 IN￿STIlENT1NctsI[E crynMwdJlr￿ff 575 lrt•r49tonfthJtwmdskuI14ThJ ¢4 EqWdiVk￿B Ir(xM ftsed kl8r8sl slocks IWtonl￿tWffi d¢pr¢M¥3ThJuJh En$y￿1￿￿Js Eqwdlv4r 19ll 14 13 2B

Somerrill• Coll• Not•s to the ffinan¢l•l statements Fortho year•nd•d 31 July2022 OTHERIIKOAIE zz IJi4IYSIS OF LXPEIIDITURE 5.331 Tegchko. T65Chty. Tot4l¢hw•t expeTrdlture 15.939 150 47 197 Irr￿S￿nIn1 surv￿ g￿rImI￿>￿e￿ Ab)C￿ io.. Ttadlry Total￿P￿J￿W• on lund• TWI •xrndurn 14.248 T￿¢0115 I￿tlet0 wtytstroofStJhtsXVvltr¢UnthtydQAryd TrCwtrbJtkn 15 ￿ke 9rarts ¢nthbbAdrwJ am¢4pJ1kn1 In tyir dhUThr•fSty￿QIAd. Ar￿ NEwth￿*trirthI0 Coltyo Corittthl￿bkn0f£Qkf2o2l.£0kJ.

SomépAlh Colhg• Notes to thoflnanclal ststements For the year ended 31 July2022 AIIILThS OF8UPPORT14D GOVER114NCE C08T6 ToxhbYJ Fu￿5 Wcrf5h iotal 424 97 271 2.￿0 271 1,190 1,354 Twhfrq PLélI¢ W￿h1￿ FuTpJl 395 2.lQ2 {Pr0frt￿l￿ mfv•ya5S ernst F4yatrle 1,107 215 Bra IT tothe￿￿￿oI8￿8l1ff on•xhAthiy. ttyjo 215 192 InvdYèmOrt C￿￿2•4 chwiAtIèw5ts5. oa15 oftr wmunwattffjdtr¢ arè GPAiif8AMDAYIAOS 2022 roDD Dll￿ r¥ Totsi uwtrtsd R••tvlGtedfunds 707 7t4 TOt￿l￿n￿ar1d •rds ¢CttotrCdW¢fitrOp￿ E2W(2021.. f211.

SomK¥SlJo Coll•g• Nc405 to th4 fln•nclHI 5t4tefflents F¢xth• y•ar èhdèd 31 July 2022 STAFFCOSTS £roo 274 Crthwbenè Furér¥i 12 12 14 Thèaywage CrA￿Tn￿BE5kn1Wtr￿￿￿r￿5 &5foltrt4%. Uthtsfty LethrepJ ToiJl Cr4eTns are 5yrato rthintr￿ flrorolsthtomgrts. b3r¥tv¢¥s.' Th2TrJMberQttsab￿e￿p￿ESllkn T&kem2rt berdtsarU￿w tity¢ elf

Somervilltt Coll¢g Natss to the flnanclal statements Far tho year•nded 31 July 2022 10 TAJ￿IeLE F￿E0 ASSEIS Group rdar l•rO •r Al sir Add¥Jor 17P5 158.718 41 12901 4$ 4.1fj 706 47 At olye•r 17¥d5 1￿,514 4304 At Starf 1.134 172 5.323 328 17,S66 1.94 126) At wd oly•Br 16m2 3MS1 N•t bookv 1&019 FThJ 10D.899 Al 4lQfl 0[￿r 16.091 845 162.W7 £(12021*0kI￿frVrOS. ur¢wflr•r¢xi |&•yJ¥. AThJ ar Co 17225 158.718 4.168 IW.473 7D6 Addrt￿$ 575 12901 4& TrJrofer 47 Al gnd•lwqr 17 118 914 Al 1.194 172 17,568 928 1251 At IQ032 16D.UYg AI 51Afl Cl￿91 16.091 145.609 845 162.W7 bO(th8&r￿ nwKs¢ilXS wtthrts. B￿BL￿Orit

S0m¢rYill& thellnanclal $tstsments Fortha year endod 31 July 2022 PROPERTYIIIVESTIIENTS Growj fv4rw>JlLYBI Commw(l T•i•l rooD 10.sn 10.$77 1.?10 1.847 ￿￿￿Merts4tcO￿t 11WII 20 10.397 uknl Totsi 10.sn 10 8.710 1047 L¥èk¥)SA 11eD> 20 V•lwtlrffj ￿end￿f yqar AlrymBI ¥EJ&1k)Idttrc<￿1 wopwtywa5 pr•t•l bi WCrqb3 ￿￿kn￿RICs LLP Ag #t31 JutyW14. 51 2122 Peckolehh￿S LLP. 12 OTIERINVESnlEIITS JI 21 Group Irhy•kno v￿n&t&￿rtof￿Oi 92253 943 (rw&i 910 I￿￿t￿ertrnarOq8ffl￿ e071 16277 {la57J 101.376 IllJ42) {11.4801 Coll•g•hM•tm•rt• ot•nd oly•or troUK rouo UK thUK rooo 10.014 21.647 10,Y5 32.192 33 3.Y70 13 43.L52 41.183 58W3 1&451 917 61AO3 Fmdiwm thx6$1￿1 c45h B7.219 33

SOM¢bvlll• Colk•gè Nots8 to th•fi￿n¢la1 slatom•nls For th• y••F gnd•d 31 Juty 2022 t3 PARENT AND SUBSIDIARY I￿%¢[11￿ ColeyeTrqdtry Lnked, a co1￿9 3rd •pWofSwwlgQ99 mgrrtwotT K48r9&￿Th&lc￿[ sc1th5￿p TTustlCaMparylth). ND. 11545471. SCTL MTST SCDL 12240 {15.62bl Its61 1126) (629) Res￿{c1heYe￿ 12,059 1fj031 TCW IKqbl¢ tkvtrothBye8r I￿1". £Trl try soThe￿ie thlegÈ Traliw touCc4e. bskrKe dE845k12021.. E8Mklw86 tyS(Thwvlb C4V, thèTntttee3 l￿ed￿ltHke thA¥thAfi8v4lAtfrom OUEMlS%d31 Otsmiv2o20￿￿kn) Urk4t•Y T￿￿1 foi Atth• ￿￿kn￿l￿901thg yw. 25.271 25.271 9.250 26,271 UtMpplEdtot41 QO.472 472 ,472 X993 T•￿iEr￿m•h1 211 287 321 R￿￿ÈtI otthÈtft¢bTrestmert 1.085 1430) iéalÉd ard 18911 Tèt {1.Wl 12,2921 5T2 {3.6001 572 13.0281 11.>JBI N#tilii)¥4iX411ts kn pgrfod Al￿￿01th• r•prytknq p•rfod.. UrAprleJtth¥ 8.597 8,597 e.597 M135

Somer¥llle Goll¢ge Ntst¢s tolho lknan¢lg1 ststsm&rtB Forthè yo•r •ndod 31 July2022 15 DEBTOR$ GroL 144 tyCc4tyom¢mt 343 1,a33 298 312 16 CREDITORS.. tslllrfj duvwlhln L¥￿Y•V Gthp 116 317 530 5rKklseGL 210 834 40D 145 S52 400 1495 2,105 3.77T 1,9 Ith ye•r pJYTr￿&£79J(WrnWaQI0UrhWsty¢(4￿?￿Dt totrruGhJ5ec4tro￿t￿>j cI12>127 W•kn8treBt4rt 2M2 LCl•Mrthn StOx&xO 17 CREDITOR8.' ￿11￿d￿all0l￿o1etrA￿oWY￿r Group Grtyjp Colk ID.0 25.ofA) 10.CO) 25.0(w) 35,NO £35M p•mer¢corots ofE10PA tw30SWTS Ir £IOMfty33yeBrn otan weJtrateof3.29%.UU8w& 141•d2A2% AIAn rrt4rgBt14t•of2.￿. 35

s￿1¥11￿ ¢olhg• Notssto th8 flnanclal siat¢monty For th• ended 31 July 2022 ANALYSB OF¥ovÈiieNT8 ON FUII AI I Gav At31 J￿Y Trnmfe l. FèlMhipfundiw'. 12471 1217) ieei 1881 3.071 5113 Fwrfj P. Trk(rMI FE1ky￿pFL &lBThFw {221 {291 2.01t 1109 70 7S 1981 l A¢tyJ•mt rtvJrd¥'.

¥dgnt wppor¢ 1855lhBn£SCQ.CI)) Otherfunds.. FWNI {Ml 2W> 148 11YI IHI 1,176 1.093 l. F91b7￿h1pfUTh￿ry.. 879 1.14S 4.176 {3BI E PACÈr*a0s￿ri7Fwd A&WCthF￿￿FU LLknhsky Fuyj 1992 cf&i Fufxl {$91 {351 11Tdl {421 {4T) 1885 976 1.C$9 1.322 1.ee3 102 1401 39 47 67 24$ VAryEwtTTts51 Fund {261 12971 {641 1791 OPJ5 IA65 C. & D. R(￿1 F￿ ktsry$￿ klaryStyMwYlle Re¥ewthFLmd Fur K& L FundFw FUNJ Fund Whllwns FLTh 1.4g7 1.￿9 {281 42 461 39 1351 {221 29.568 1.248 210 IA58 (1,2831 2•.135 th￿£￿0￿0 .490 Jam1wasL￿F 97 4.829 Ih3n£S)D.O 213 &wFu 1401 11531 9)5 3.575 1501 347

Sonnrylle eotttyt Not•8 to thA ftn•nclal 8at•m&rrts Fty thg y￿re￿￿èd 31 July 20t 4ALY3L40FIIOVEIAENTS ON FUNDS ta Othwfunds.. 4.174 car￿ Barr45t¢rF￿d CAL40Fw Tfuth 1.4 ieoi 1291 129 1201 3.014 334 Toial •ndowrngntfv•ythbl• .676 2.SD7 57,746 Tol•l Éndvmqnl s￿74 10.713 572 11391 T¢ii•l ￿L￿￿Ort¢ Fuillll.&oup 1 ALVAI 1021 rwo IrK4mtr G31 At 31 JLty FQDD Fu Iz 124 Tot41 Rtstyi¢tod F￿r¥￿-¢(￿l 11507 1.927 Restriried turd5 I￿￿•tr￿d F￿1• 1.043 12,1921 11.1491 L(wd8&tywtad luThY 2.907 132.359 3.129 IX386 107) 112.588) 11.3541 TDt41 UnrHlrlrt•d Futth. Coll 139.056 9.108 113.9121 97Q 1572) 510 Total iknr••irl¢tyd Furth.Gm 14572 16 TDtsI Fund ZJ7,992 13.QN 117.079} {1.5371 19 FUNDS OFTHE COLLEGE DEfAILS End(vThert FurAs. pèrni￿•￿.. ftytsF4WPOEec4Ww up4 gerud erdtrIA)￿ ofcthtil EndrMfh•MFuThd•. Ex￿￿￿￿•.. Banrdytw F CenMr¢ryAppgJl Fw Etht4L5tred frtyn a b&jU￿, L¥•d tofvndrn•dth. A￿apPE￿IeSt&￿kn￿dlll cdWSGert8￿. ioYwd5 Fe&ybBh t3tlksW by9￿￿ from ilE.PA.Ceph4osktiiifiNwJtOT&DBrri5efknh/ AswcthbBF￿ a b4u65t, Lgd tofunJtLty&I ¢c4tg k¢ryreto be Lodtuwd5 itst￿of1 Fey D)Erdtsh, ar￿ I￿re￿￿￿9￿￿1 ww35e3. Carf¢h&GA.Leè￿￿d Ertwl Fu klqryEvthrtTAw Fwj AfLmd iofirf Rw• t>aWn Flffld Est•tlbMd b•qugt. tofunJ4fgb*kNPkl EwLWanorEryl&hHÈI ta 1700. 37

Somor¥llle Cc•llvg• N1)t￿ to th¢ finan¢l•l st4tèmènts For the yoar endod 31 July 2022 19 PUIIDSOFM¢OLLEGÈ DETAILS Grrt D&pkthOÈb)rnbFu C. &Q RrdfFvré MBry Fdl¢sWp Sthnrvil RX. Fw from a b￿￿￿1. LWdtDfu￿l￿fek￿lip 5cbnr85 Aul wwJt0Grrt￿Ui5 ufa Tut¢Thl Ah￿ 8s1OtrIth￿ frnrn ￿aRe9￿ch FeJkMW. EstsNtstrd I0fvr￿￿I9ifIJ of¢￿￿￿r￿ bya L￿￿1. L￿11￿ wovNIBaSdKknWor KkLWLdtyf￿ Womtson Fur R4•1dci•d FuTrd•: 3. RCQ twwappgBI Iw8rdw ODtr¢ Ote•MWQuort t￿•19￿td Fts•d thqt Fur tr4ALYSIS OF NETMseTS ÈeTWEEN FUNOS Unwtyted Restrkled Enth￿￿￿ Fur Fut 22 T•1 rfjrtr) Fun £￿00 159.399 10.397 3,129 Iw899 I￿3$7 1.341 1.322 94,018 {1A991 Z13 137.1071 ten￿ lknbfths 137.1071 F￿Try¥ Grw> 00 tODD I￿￿J￿￿E￿Xed 162,9)7 10,$77 10.STT Ir¢eSbTrtr 154Q 54,SW3 12,6251 (35,7￿> 2mS 147SJI 21 TRUSTEE* RE#UNEIiAnOM ThA Oft￿ CWILY arq TTLSt••B oftM¢(4¥•f41 ¢attyyJW' H￿01 Prof85sw¥ F¢lkn¥ tySp•dg1 ￿e¢t

Noles to the Ionanclal statemen19 For the y•8r •nd•d 31 July 2022 TRUSTEES, REMUMERAMON L¥J RwLm•r4lian PaHltv Ir￿ tÉmu￿th. thxab N￿￿￿rgI £￿£%,0 £2,flI￿E2.g99 £7.￿￿£7.8 £g,WLk£9.999 g10.0￿E10.9g9 £11.0(k>£11.W49 t110ftsE12.> £110[￿E13.9 t1&0rts£15. £18,￿E18, £20,Oftse20.939 £a0ty>È22.9 £24.OD>E24.94fj £2&.0￿£25.9sg £26.ortst28.3S EMO￿￿.999 t31.0￿ra1. £37.￿r￿7.9￿9 9.510 10.385 10.46B 11.e 12.879 13,$40 12.Y 13.391 5.981 37.124 22.848 271414 .147 31. 3T. £4QOD>E40,939 £43.￿>£43.99? £44.0￿£44.￿¥ £4&￿£46.99& £47.thTr£47.939 t48.￿t4￿.990 43. 43019 44.872 46.WJ7 4T.518 47.5LVJ 40.184 51.tsj £51.0￿￿1. £55.(O>W.999 294.1182 17&079 541,574 127.254 £67.0￿>￿67.99? £81.(WE61.939 f82.WJ9 £87,(IL£87.999 67.OJ3 87.125 191.fKX>W.999 £9ZOcY￿2. [l21.(￿￿121.999 £1Y2.(JYA122,999 £12S.Imt12S,999 £126.iKH128,999 £144.0￿E144,99￿ £146,LV>£14f.g0 91A15 el712 91.157 121.Y 122.198 125,IC 126,1e 144218 146.8 41 1B32.115 I.TTfj.123 7 bwtees Br¢ ￿eME4C￿e8 oftscc10gèa￿￿r￿rec1￿ Othlr t[ar1￿￿tk)MwITh tftth 1£7K12021- £elQwNJ ￿m￿¢dID612￿l. 51 rltrTnth¥ fryf¢JBa￿ Seeonth 27 Rel P¥rtyTrwB&ro K4Y Th•lL4rwnwWalonp4￿ to k•yww*•m•rtW•5 W3kl2Wd7.' £￿1.

Somervillè Collegè Notss to the ffinwnclal $t•tsmèrts For thè yur•ndo0 31 July 2022 PEIIBION SCHEMES hÈthe Thp 111 T￿￿VrI￿V$￿$SupVarfIjO￿s¢h&rno rih us¥)•nd T￿￿￿￿01 USS aThllbb4¢ oftr s¢thgon4cor¢&i•lt ar￿r￿￿￿tIobaSL. T￿￿￿￿9. a5 reqL•Y tyFRS IfQ. th•CclbJg Inltre USS ry aSPS.ltr¢•rnWtd￿ ThèVSS IcBmg I￿￿e0rd￿¥V1htr￿ rlFRS 102 h Lbk A¢tuofiolv•lLb¢in• wlothaitry￿trtK￿s ts'ploi￿￿jLrf mth￿,. èmbrA¢ty4 )110￿20 Valv¢of Ibtamk Valwofasgots.. Furthw surpbts1{d￿R}'. E8Dffj £I6￿t 1£14.1 FW IrtW8BI gltrylJL¥ 1%. 2.75% Rthe of inuthxe Raie ol Incrne h￿rbr A£&￿￿]1[0￿9￿#l￿bg th)r•fjr•m4rtat49gt&" 23.gws Mles r￿4￿￿4Ved 45 27.3> 51% frthhio 21% El1#pAdthofr￿¥4k￿b)N. Tr¢dvJti￿rt r•{knJr4 rei•slfor ICPllfortrUSS v4k4knYdffj". Twm o£w¥￿t￿ta$ Irrtrtt IÈYÈ 1.I%FA. to2030. byo 1% pa toa￿￿ p&.f[￿n 2N0 40

Somor¥il• Collo0È Notes to the flnjncknl ¥tatem8nts Forth• ye•rgnded 31 Jyiv 2022 •thtyolxlu¥W¥41th bssumpuoni usoid#knts whth ￿￿1Mp￿t￿ uss •sum¥OJi Intsi DeGtÈEyetyO.25 cpi ReolmoM s¢BiwTrWtofRwK￿A￿fr￿IK4d#£1.72FkI￿1.£274k?¥lr¥h)At•tro USS.Tl r•N•tsrKffr bu￿0t￿3￿(l2o2I-￿0S9k}ptyaLI@toThB Ussas ¥u%tad byttr&C￿rysI￿t￿ ow¥ arhldosè¥ L￿b￿s￿o￿td3￿Ofrl.347k(2D2l.￿k1 ￿1￿0￿1￿n￿red def￿ fLrWlLqbltyeacswwJreJtrK￿ onts Stat¢mert FArddh¢iTriih6. Foi 31 Jdy2021 MC¢l4d$ W¢Wtsknf(rf ￿ USSdÈftitfU￿I￿I￿￿tyW￿ll.l07k (￿l-£75)kI. FUtherdet8l￿￿ th&ACt￿ri￿1 V8iua1knTr5 USS L¥n befoundon theUSS ¥tbs P•Ml0nch￿• lortryur 1.727 274 A¥￿4 ￿GPs JUD 574 T￿lION ardgainweorF4¢d to NowabltyknW￿b)ntsX￿ttets iittCo*e'$ 41

Someryilk ColltyÈ Notgs to thellnanclal 8tat•m•n Forth• wr OThd￿ 31 July 2022 ANANGL￿ IMSTRUMENrs Oroup EorK) LT 1Ql.378 87.148 Flror(4 voftcf 2.lQ7 2,1ts7 1N3 ,879 2,102 38,636 REcON￿LIATION OF NET IPKOAIING RESOURCES TO NET CASH FLOWFRC• OPEliITI￿4s 2022 Group Not IncoAwM•yThlhur•l 14.1 ElImiN￿￿￿ (hfth&'. 13.wl 1￿7 15b81 1.1 13,583} 116,29n 11,7&3} 1.107 FIMf L¥i9ts Der¢95ekng1( 14241 {1ml 1288} 1,136 IT91 N•t¢q•h prthld•d by Iw•d ￿)￿r￿n9￿Cl￿ •JI4LY8￿0F¢1w1GEll IN TIEI DEBT ofY•gr £r￿dy Cajh (3&(O)I 135.rwi Toil •WLYS15 OFCJH AlID￿£￿E￿vALE1ITs 20YL EDUO CBsht¢rykar¢ 2Ti Tot*1

Som•r¥lll• Colhg• Notes to th• ftnanclal tstat•memts For1￿ yoar•nded 31 July 2022 ¢OIIIIITMEMT8 UMDEROPÈRAnNG LE￿E8 I￿0 by￿B$ry ¢9 ¥ds ofcthTLVS￿ Af•r4ts1fwJ by arthr party, ag op9r￿￿￿ as45. Ptyn4rts. IrrJAlffj 2021 NciAWthan 1 yOAr Latsrth&n I wr Lawth8nS ys 1.BTT 2.312 1174 ¢AWTAL¢OIIIIIYMENTS Tp•¢¢y 31 Jtyf(fim¢•Pl•I tthlty £Cl[l￿1-£¢>. r0wknrs￿. Forrwkq rd•odprti@s a& do1￿dInFRS 102 ofthectrtsruw Body, 4•tr)aretr bu8lee$4flh•Cc&9e￿ &9 byFRS 102. ￿&ve1re•Jr￿l1rf1￿ith$ 1QO IrK) CdFW. 158 182 R V£ndw DvJr L ￿ty￿k 179 105 31 coKnNGENT LIA61LITIES 31 J￿202? POST BALAMCE8Tr￿ET Miir8

Som8rvllle Colkg0 Notes to thq $tat•M•MS For Iho year Ond￿ 31 July2022 pw¢ItYÈARCOIIPARATfvE INFORIIAMOM swem•r4ofFI￿￿I¥1￿¢I￿W8 Forthg>wr¢nd•d 31 ju￿2021 Er￿0￿ FU￿ T(tsl IN¢QAIEAMD ENDOk17IENTS FROM.. Teoc•w. ￿5th￿¢h arl M&lenl•l oth1 TrndlrvJ Income 6.407 5,4D7 510 1.7S3 25 2.IBe 414 9.179 414 12,1CO Totsl InMrn• 37e 10M31 13,175 slng Furtha¢ Ttzdi 747 747 87 11.784 207 14,248 TOt•l Ewwrlllwv 2.464 N•1 Q.6QSI 978 2139 onin¥ÈStmerts 2,773 19.524 16,297 N•1 Incom•qEwppndiiyr•l 13. 14,15B 2MO (2.5701 2,73B 11.3 14,158 ￿an¢￿ brQwhtfo￿rd 137•6 2￿3￿ AIiALYSL8OF IIOVEIIENTS OM FIJNO6 Atl ALty￿t G At Ji Erthrnnt Fthd. 1. Fellrwshlp ￿n￿ry.. 4775 $071 IthGBThJhl Fu￿j cl￿[￿ HuihAS Fu P. N(rm8n Fwwj 4,376 471 61 1,807 1109 1070 lh9n£5￿c 2. A¢ttdh¢ •watda'. FLY Bstsn£500,000 3. Stud•ntupwTr Fwd5 Yr•n£5W.O 4. Oth¥lundD'. Fw 47 (711 147 324 103 20232 1,962 Endo¥vmgnt Fwd•. Exp•rthW•

Som•rvlll• CDll•g• Note£ to tha flnanelal itaiem•mls Fortho yoHr •rKlgd JI July 2022 l. FdkMshlpfUr￿Iffl0'. 771 144 Isn 12071 123 E.PAc•phth5￿￿nFl1Thj A& W Coobe Fuf Fu LLth￿k¥ 12 Fw 137 21 4.176 722 2.530 e56 2.e85 Eirsi Coom Fw l¢•ty E¥14rt TYL¢tFthJ Fw D•pkn Fw C.&D R￿FUr￿ Is4} 166} 1,055 1,372 1.883 .100 1344} (74 970 1,497 FL KthrySomeNNe Re￿IchFu￿j IItgBttTttht&t Furwj KaLw0F￿F￿￿l Wthyson FL E Fur Fw 2S7 1£7 fjfj 152 1.050 413 ISDI 1.197 47 1.oe¥ 725 27 Ms 25.E21 5.195 2,57D} 1293 2.ee3 826 4.883 5.924 2.Ac•d•mlc¥w¥rdb.' JwWatsrA)FufvJ 976 4.230 lyd 297 È79 5.WS 3. St￿￿￿￿15￿pPOrL. 153 487 Dwne EmfyPerrtwFu 812 Y25 137 49B l.D65 ANALYSIS OF MOVEUENT8 ON FUND8 cw OthÈrfurvJ". 3.957 2.217 1.234 142 I￿7) 12.5701 (701 592 4174 LoJnRwmgrt F￿1 CgryBBanrd6twFuTh CALoeFur it•n£SCO.( 2.64$ lo.￿6 421 J,D14 310 3.ts2 TOW 54.313 676 Twal EfvJo¥JM•rtFund•. Col 74.60$ 11.869 9.054 1.fj55 11713 Tow E￿d￿m￿r•IF￿￿d5. Gro 83.E63 13.524 993 AI 1 AwLUi ReL¥ A131 Juty ID21 L￿D R25trfcIedFur￿5 2.314 $39 12,4641 2.1 Total RqBtrfGtgd F￿d4- CO1￿ 2.B53 .461 2.186 T0111 R•Ar￿FUndS.fjr￿P lund FknedAesw des￿￿1¢￿ 133.398 767 111WI 2A31 17531 T(￿ FurdB-Colli 1%.450 112b 4.470 139 612 Total Urn•b1¢i•d FLy¥J•.Gr 14Om6 To¢al Fu￿1 804 12.ICV t14.2￿) 16297 237