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 Acc*ss 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 wc*k 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¥m*rrill• Colleg•
Consolldatèd Statoment of Flnanclal Actlvltl•8
F*Y the year end•d 31 July 2022
itrff#tric*d Restrkied Endov*
FuTr18
Funds
TolAI
rwo
ro)0
14COIIEAND ENDtrAIAEm FROM:
Te*hing. 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¥:
Fundra*irKJ
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
ThlaLYpJbaf*wuth* £32VlkrttsWfvn(Wryd undwtr• CFFS*an•{b)21.' £32￿1.
f*•w•W •wiwJ¢•£Ok(2W21..gw. Th•* th* r*rt
IKINAmOM$*JIDLEfjA¢IES
i J
510
tu
1.7fj3
2.￿5
1155
INCfJlE FROM OTIMTRAC4NGACmWnES
14
IN￿STIlENT1NctsI[E
crynMwdJlr￿ff
575
lrt•r49tonfthJtwmdskuI14ThJ ¢4
EqWdiVk*￿B
Ir(xM ftsed kl8r8sl slocks
IW*tonl￿tWffi d¢pr¢M¥3ThJuJh
En$y￿1￿￿Js
Eqwdlv*4r
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 •xr*nd*urn
14.248
T￿¢01**15 I￿tlet0 wtytstroofStJhtsXVvltr¢UnthtydQAryd Tr*CwtrbJtkn 15 ￿ke 9rarts
¢nthbbA*drwJ am¢4pJ1kn1 In tyir* dhUThr•*fSty￿QI*Ad.
Ar￿ NEwth￿*trirthI0 Coltyo Corittthl￿bkn0f£Qkf2o2l.£0kJ.

SomépAlh Colhg•
Notes to thoflnanclal ststements
For the year ended 31 July2022
AIIILThS OF8UPPORT*14D 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 chwiAtIè**w5ts5. o*a15 oftr* wmunwattffjdtr¢ arè
GPAiif8AMDAYI*AOS
2022
roDD
Dll￿
r*¥
Totsi uwtr*tsd
R••tvlGtedfunds
707
7t4
TOt￿l￿n￿ar1d •*rds
¢C*ttotr*CdW¢fitr*Op￿ E2W(2021.. f21*1.

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￿BE5*kn1Wtr￿￿￿r￿5 &5foltrt4%.
Uthtsfty LethrepJ
ToiJl
Cr4*eTns* are 5yrato rthintr￿ flroro*lsthtomgrts.
b3r¥tv¢¥s.'
Th2TrJMberQttsab￿e￿p￿ES*llkn 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
ukn*l
Totsi
10.sn
10
8.710
1047
L¥èk¥)SA
11eD>
20
V•lwtlrffj ￿end￿f yqar
AlrymBI ¥E*J&1k)Idttr*c<￿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
th*UK
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 L*nked, a
co1￿9 3rd •pWofSwwlgQ*99 mgrrtwotT
K48r9&￿Th&lc￿[ sc1th5￿p TTustlCaMparylth). ND. 11545471.
SCTL
MTST
SCDL
12240
{15.62bl
Its61
1126)
(629)
Res￿{c*1heYe￿
12,059
1fj031
TCW IKqbl¢
tkvtrothBye8r I￿1". £Trl try soThe￿ie thlegÈ Traliw tou*Cc*4e. bskrKe
dE845k12021.. E8Mklw86 tyS(Thwvlb C<llyTr*g Ltdtotr¥Cgbuw. o
TrLEt Ccl*el2021'. £gYk). • tq*£•of£92hwJsryh* Do¥*Or￿n¥th iJdi05w￿ Cd*•{2021'. £75kl
S￿¥￿￿¢¢* Dew¥wwtsLtd¢tsi1ed&r￿e C4ege £Okl2021. ￿k)kI ltrew510flhe4védory
Hufv
rATFMElfQF INVESTMENTTQTAL REfuRN
Th*TlultèèÈ Ith•*xW40Jya￿TrrrfW froffl tr**Md202D.21. 11ts>4V,
thèTntttee3 l￿ed￿ltHke thA¥thAfi8v4lAt*from OUEMlS%d31 Ots*miv2o20￿￿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)
iéal*Éd 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** totr*ruGhJ5ec4tro*￿t￿>j cI12>127 W•kn8treBt4rt 2M2 L**Cl•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¢coro*ts 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

Son*nrylle eotttyt
Not•8 to thA ftn•nclal 8*at•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(v*Thert 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 il*E.PA.Ceph4osktiiifiNwJtOT&DBrri5efkn*h/
AswcthbBF￿
a b4u65t, L*gd tofunJtLty&I ¢c4tg
k¢ryreto be L*odtuwd5 it*st￿of1
Fe*y* 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•qu*gt. 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
Sthn*rvil* RX. Fw
from a b￿￿￿1. LWdtDfu￿l￿fek￿lip 5cbnr85
Au*l wwJt0Grrt￿Ui5 ufa Tut¢Thl
Ah￿ 8s1OtrIth￿ frnrn ￿aRe9￿ch FeJkMW.
EstsNtstr*d I0fvr￿￿I9*ifIJ of¢￿￿￿*r￿
bya L￿￿1. L￿11￿ wovNIBaSdKknWor
KkLWLdtyf￿
Womtson Fur
R4•1dci•d FuTrd•:
3. RCQ twwappgBI
Iw8rdw ODtr¢ Ote•MWQuort
t￿•19￿t*d
Fts•d thqt Fur
*tr4ALYSIS OF NETMseTS ÈeTWEEN FUNOS
Unwty*ted
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 rltr*Tnth¥ fryf¢JBa￿
See*onth 27 Rel** P¥rtyTrwB&*ro
K4Y
Th•lL*4rwnwWalonp4￿ to k•yww*•m•rtW•5 W3kl2Wd7.' £￿1.

Somervillè Collegè
Notss to the ffinwnclal $t•tsmèrts
For thè yur•ndo0 31 July 2022
PEIIBION SCHEMES
hÈthe*
Thp
111 T￿￿VrI￿V$￿$SupVarfIjO￿s¢h&rno rih us¥)•nd
T￿￿*￿*￿01 USS
aThllbb4¢* oftr* s¢thgon4cor¢&i•lt ar￿r￿￿￿tIobaSL*. T￿￿￿*￿9. a5 reqL*•Y tyFRS IfQ. th•CclbJg
Inltre USS ry aSPS.ltr¢•rnWtd￿
ThèVSS Ic*Bmg I￿￿e0rd￿¥V1htr￿
rlFRS 102 h* L***bk
A¢tuofiolv•lL*b¢in•
wlothaitry￿tr*tK￿s ts'ploi￿￿jLrf mth￿,. èmbrA¢ty4
)110￿20
Valv¢of Ibtamk
Valwofasgots..
Furthw surpbts1{d￿R}'.
E8Dffj
£I6￿t
1£14.1
FW IrtW8BI
gltry*lJL¥
1%.
2.75%
Rthe of inuthxe
Raie ol Incrn*e h￿r*br
A£&￿￿]1[*0￿9￿#l￿bg th)r•fjr•m4rtat49gt&"
23.gws
Mles r￿4￿￿4Ved 45
27.3>
51%
frthhio
21%
El1#*pAdthofr*￿¥4k￿b)N.
Tr¢dvJti￿rt r*•{knJr4 rei•slfor
ICPllfortr*USS v4k4knY*dffj".
Twm o£w¥￿t￿ta$ 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
u*soid#knts whth ￿￿1Mp￿t￿
uss
•sum¥OJi
Intsi
DeGtÈEyetyO.25*
cpi
R*eolmoM
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￿ fLr*WlLqbltyeac*swwJreJtrK￿ onts Stat¢mert
F*Arddh¢iTriih6. Foi 31 Jdy2021 M*C¢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￿• lortr*yur
1.727
274
A¥￿4 ￿GPs
JUD
574
T￿lION
ardgainweorF4¢d to NowabltyknW￿b)ntsX￿ttets iitt*Co*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
Toi*l
•WLYS15 OFC*JH AlID￿£￿E￿vALE1ITs
20YL
EDUO
CBsh*t¢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
Nc*iAWthan 1 yOAr
Latsrth&n I wr
Lawth8nS ys
1.BTT
2.312
1174
¢AWTAL¢OIIIIIYMENTS
Tp•¢¢*y 31 Jtyf(*fi*m¢•Pl•I tthlty £Cl[l￿1-£¢*>.
r0wknrs￿. Forrwkq rd•odprti@s a& do1￿dInFRS 102
ofthectrtsruw Body, 4•tr)aretr* bu8lee$4flh•Cc&9e*￿ &9 byFRS 102. ￿&ve1*re•Jr*￿l1rf1￿ith$
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
oth*1 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¢*
Ttzd*i
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¢ttd*h¢ •watda'.
FLY* *Bstsn£500,000
3. Stud•nt*upwTr
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¥ 1*2
Fw
137
21
4.176
722
2.530
e56
2.e85
Eir*si 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
II*tgBt*tTttht&*t Furwj
KaLw0*F￿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.'
Jw*WatsrA)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 Re*L¥
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