Somerville College Annual Report and Financial Statements Year ended 31 July 2023 Contents Governing Body, Officers and Advisers Report of the Governing Body Auditorfs Report 18 Consolidated Statement of Flnanclal Acuvhles 25 Consolidated and College Balance Sheel$ 26 Consolidated Cash flow Statement 27 Notes lo the Flnancial Stalemenls 28 SOMERVILLE COLLEGE Governing Body, Offlc8rs and Advlsers Year ended 31 July 2023 MEMBERS OF THE GOVERNING BODY The Members of the Governing Body #re the College's charity trustees under charity law. The members of the Govemlng Body who served in off￿e as members of the Goveming Body during the year or subsequently are detalled bek)w'. Baroness Jan81 Royall, PrOncSpal Principal Prof8ssor Prateek Agrawal Professor Daniel Anthony Professor Jonath8n Burton Professor Dan Ciubotaru Professor Robert Davies Professor Juli9 Di¢kson Professor Samantha Di&ckmann Professor Beale Dignas Professor Erni￿ Flashman Professor Christophgr Harg Dean {￿111 6r23} Professor Mlchael Hayward Professor MIchel￿ Jackson SOMERVILLE COLLEGE GoverDfing Body, Officers And Advisers Year ended 31 July 2023 Ms Sara Kalim Development Dlrector Professor Slmon Kemp Professor James Kirkpatrlck Prof8ssor Robln Klèmm Professor Margaryta Klymak Profe&8or Markos Kom8dilis Professor Adili Lahiri Retired 09122 Professor Renaud Larnb￿e Libr8ri8n, Ard)ivisl & Head of IT Retired 09122 DrAnne Manuel Profess￿ Lols M¢Nay Vi¢9 Principal Professor Louise Mycock Professor Karen Nielsen Dr Natala Nowakowska Professor Patrlcla Owans Treasurer & Domestic Bursar MrAndrew Parker Professor Vivkgn Pamontigr ResKJned 10122 Professor Luke Pitcher Dean (from 4123} SOMERVILLE COLLEGE Governiug Body* Officers and Advtsers Year ended 31 July 2023 Professor Charlotle Potts Dr Stephen Rayner Senior Tutor Professor Stsphen Robertg Professor Elena Seir8d8ke Professor St8V8n Simon Professor lyioL4 Solonke Professor Francesca Soulh8rden Professor Char￿S Spence Profes80r Flona Stsfftjrd Professor ￿Chard Stong etired 09122 Professor Almut Su8rbaum Professor Annie Sulhertand Professor Rajesh Thakker Rglired 09122 Professor Benjamin Thompson Dr. Damian Tyler Professor Kcfistantina iatzaki Prolessor Philip West Professor Matthew Wood Professor Faridah Zaman Professor Noa Zilbemian SOMERVILLE COLLEGE Governing Bodyi Officers 4nd Advlsers YeAr ended 31 July 2023 txjring the year Ihe actmtles of the Govemlng Body were carried out through five main commHtees. The ￿[rent memb8rship of these committees is shown above for each Fellow. {1) Standing Committ00 {2) Flnance. HR & Equality Conwnlttee (3) Education Comffuite& (4) Development Commlttee 15) IT Commiitoe COLLEGE OFFICERS The offlcers ofthe College to whom day to day management L8 delogated are 88 follows. Principal B8roness Jangt Royall Dr Stephen Rayn8r Senior Tutor Treasurer (Finance & Estates Bursar) Domslic Bur8ar MrAndrew Parker MrAndrew Parker Devgjopment D1￿ctor Ms Sara Kalim Librarian & Axchlvlst & Head of IT Ms Sarah Butler COLLEGE ADVISERS: Inv8slm8nt managers- Newlon Investment Management Ltd and Oxford Unfversty Endowment Management Investmgnt property adviser8- Cluttong & Blthel Audltors - Crowe U.K. LLP Banker¥- B8rdays Bank PIC Solicliors - P6nninglons LLP College address - Woodstod( Road Oxford OX2 6HD Webslig www.some.ox.a¢.uk SOMERVILLE COLLEGE Report of the Governlng Body Yoar ended 31 July 2023 The Members of the Governlng Body pre88nt their Annu81 Report for the year 8nd6d 31 July 2023 under the Charities Act 2011 together with the audited financial slalements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION SomeNllle College In the University of Oxford, which Is known as Somenrille College. {Ih6 College'l Is a tax- exempl educational institution govemed by a Charter and Statutes. The College was founded under the lille of Somerville Hall in 1879 by a committe& chaired by Dr Percival as a non4lenomlnalional hall of residence for women and in 1881 was incorporated as an assoclalion not Sntended for profil under the Companies Acts of 1862 and 1867. The title of Coll8g8 was adopted in 1894. The College reglstered wtth the Ch8rilBs Commission on 22rl December 2010 (registered number 11394401. The names of all members of the Goveming Body al the dale of this rep)rt and of those In offi(* durfng the year. tog8ther wilh details of the sonior staff and advisers of th& Collgge, are given on pages 2 10 4. STRUCTUR& GOVERNANCE AND MANAGEMENT GoiTernlng documents The governing document of th& Cdlege is the 1951 Charter and Statutes of Somervilte College, Oxford. In 1926 the College was incorporated by Royal Charter as The Prfncipal and Councll of Somervllle College". In 1951 it8 stslutes wore amended lo restrict membership of the Goveming to the Principal and Felk*ws. In 1959, when It was admltted whh the other Women's Soclèlles as a lull Collegè of the University. its corporate designation became 'The Principal 8nd Felh)w$ of somervil￿ Collège in the UniveTsty of Oxford.. The Special ststule of 1961 amended Paragraph Icl of Arbcle 3 of the Charter conceming Ihe investment objectives. In 1992 the Charter and Statutes were changed to enable the adml&8ion of men at both senior and junior level. Govemlng Body Th? Goveming Body is constituted and rogulated in accordance with the College Statutes, the terms of wh1¢* are enfO￿eab1e ullmalely by the Vlsltor, who Is the Chanc8lh)r of the University of Oxforfl. The Goveming Body is seif-appoinling, and ha5 such powers as are conferred on it by ris Charter and. subject th8relo and to the Slalules, has th6 entire dlrectlon and management of the affairs of the College. The Goveming Bo(ty appoints the Principal, Fell¢)ws, Senior Tutor, Tutors, Lecturers. Librarian. Treasurer and such adminlstrallve and other Officers as th6 Goveming Body thlnks necessary from time to lime. Th Govemlng Body appolnts Commktees and delegates to them such powers as it thinks fit. The Govemlng Bo* delemlnes the on-going strategic direction of the Colloge and regulate5 the administration and the management of ils finances and assets. It meets ragularly under the chalrmanshlp of tho Principal and is advised by nine committees. SOMERVILLE COLLEGE Report of the Governing Body Yoar •nd•d 31 July 2023 Recrultmenl and tralnlng ol Members of the Governing Body New membors of the Goveming Body are normally recrLSited through a joinl appointment pro¢ess vdth the Univ8rslty of Oxford in thg case of academics which includes open Sdvertisernenl of the posts and profesS￿n81 selection and apwntment process. In the case of posts funded solely by the College, re￿UItMent is also through open advertisement of the post followgd by a professional se￿On and appointrnent pr￿68$ including 8xtemal representativ&8 as appropriate. New members of the Goveming Body are inducted into the workings of the College. I￿uding Goveming Body poI￿Y and procg(lures, through meetings wth the Prinrypal. the Senior Tutor and the Treasurer and the provi81on of a comprehensive sel of reference documents. Members of the Goveming Bojy attend external trustee tralnlng and information courses as appropriat8 to keep them informed cfi current issues in the sethr and on r9gulalory rgquirements. Remuneratlon ol Momb•rs of th• Govgmlng Body and Sonlor Collggg Staff M8rnbers of the Gov8rning Body who 8rg primarily Fellows are te8chlng and research emplO￿aS of the College lor Universityl and receive no remuneration or benefits from thelr trusteeship of the College. Those trustees that are also employed officers of the Colleg8 elther have Ihelr remuneration set by the College's R8muneralion Committee (The Pri￿1paI, The Tr8asurer, The Development Director) or in Ilne wKh the College's established paygrada system ITh& Senior Tutor, Tha Librarian). The m8lority of members of Remuneration Committee are either Professorial Fellows not in recelpl of rèmuneration from the College or Independent external appointments. Whero p0s8ible. remuneration is set In line wtth that awarded to the UniVersit￿S academi¢ staff, or extemal market forces where appropriale. Collfr38 Officers, Ihe key managemont learn, are set out on page 5. Organiutional managom•nl The members of the Governing Body m881 b&fvJ88n seven and ning times a y88r. The work of developing their policies and monilorlng Ihelr Implemantation is carried out by the following c¥Jmmittees'. Stsnding Committee Responsibility for agreeing Ihe agenda for rneetings of Governlng Body- dgveloping academ￿ and other stralegl8s forthe College, and monitoring decision-making. and developmenis that bear on these strategies-, considering academic appointments and bids for association with University posts., considering requests for buy-outs and168ve. with particular attention to th8ir impact on leaching r880urc88', rec8lvlng the reports of ad hoc worklng grtsU￿- ¢Jiscussing items which by reason ol their complexity and drfficutty are b&yon(I the remit of other committees, or wh￿h need fvrther attentign b9yond that gwen to Ihem in a 8p8clallsed committee. e.g. Finance Commrttee.. gniing close consideration to policy Issues ￿thIn the d8r Unwersity, and external bodias, in preparation kn consultation wth Iha Govoming Body. Finance, HR & Equality Cornmittee Responsibility for advising the Goveming Body on all mattèrs of financial pO￿¢Y and practice, and in particuL8r on the financi81 implications of any proposals under wnsitJ8rats'on-, presenung annual statements of accounts for the preceding year. approval of budgets and review ol management accounts for each perK)d', authorising exceptional expondilure from revenue and maklng re¢ommen¢JalN)ns in respect of carltal expend￿￿ra.. T8vièwing the college's investments and properties and income drawdown from Investments,. annual review of all charges made by the College- rewew of Poli￿ and 8dminislr8tion relating to conferences, and approval of ￿elS of charges. review of Salaries for all College employee8 and others paid by the College as advlsed by the Remunerallon Commlttee,. considering other ffinandal issues, as appropriate. Finance Commi1180 also has responsibility for, HR, equallty and diversity issues. SOMERVILLE COLLEGE Report of the Governlng Body Y•ar endèd 31 July 2023 Education Committee Responsibility for general policies and planniThJ on leaching and loarning; Ihe progress, industy and nduct of undergraduates and graduat65- the awardlng of scholarships, exhibitions and pdz88 from the approprtale fijnds. and carying out an annual review of award holders,. examination results. the awarding of course and travel grants from thg appropriate fvnds., the Inlllallon of th8 College's academ disciplinary procedures in cases of students who fall lo meet the stsndard of appllcatron and attendance 8XPg¢ted by his or her Tutor, review and roport lo tho Governing Body on the progress and wgffarg of student members and make recomm8nd8tlon8 to the Governing Body for thè award of College scholarships, exhibitKJns and prizes. Dw8lopm8nt Commrtt8e Responsibilty for recommendations on devolopm&nt and lundralslng strategy and activities, liaison th the Development Board, whlch conslsts of external members. rr Committee Responsibilty for developing recommendallons on IT strategy, serwice levels and IT projects and provision of guSdanc& and assistance to the IT funclvjn within the College. The Goveming Body is also 8UPPOrted by additional committees. including Norninations and Remuneratlon. The day-to4ay Nnning of tho College is delegated lo the Principal. the Senior Tutor. and Ihe Treasurar. They fum a management team together with the LiLYarian and the Director of Development. Group structur• and rolatlon$hlp$ The College admlnlslers many special tnjsts, as detailed in Notes 18 to 19 to th& finanaal ststements. The College also has tsvo wholty owned nOn-charha￿@ subsidlarSes: Somervllle College Trading Limited, and Somerville College Developrrtnts Limf(od bolh of whose profits are donated to the College under the Gfft Aid S¢h&me. The trading actlvill8s of Somerville College Trading Limited primarily comprtse Tevenue from Igtting of the Collggg facilities when not in use by the College. Somerville College Developments Limited is the V0h￿le through which the college undertakes major capltsl projects. The subsidiaries, aims. objecb'ves and achievements are covered in the relevant sections of this report. The Margaret Thatcher Scholarship Trust, whlch Is a company Ilmltsd by guarante8 Is also part of thè Group. The Trust has one member. Somerville College. The College is part of the colleglate UniversSty of Oxford. Material interdependencies between the Universty and the College arise as a consequence of this relatH)nship. Risk management The College is engaged In rfsk assessment on an on4Joing basis. Policies and procedures wlhin the College are reviewed by Ihg Financo Committee, chalred by Ihe Prlncipal. FInan￿al and Investment risks are a8sessed and monitored by the Finance Commitlee. In addilion, the Treasurer, and tjepartmenl heads meet regulady lo review operational and h8allh and safaly Issu8s. Training course$ and other forms ol career development are available, when requested. to members of slaff lo enhance their skllls In rlsk-relaled areas. The Goveming Body, who have ultimate responslbllity for managlng any rlsks faced by the College, have given consideration lo the major rtsks lo ￿1¢h the college and its sub81diarles are exposed and hava conclud8d Ihat adequate $y$tems are in plac6 lo manage these risks. It is recognised that systsms C8n provide only r8a80nabl8 but not ab801ute a88uranc8 that major ri8k8 havè teen managed. The fouT principal rlsks KlgnUfied In the college's rfsk register are.. SOMERVILLE COLLEGE Report of the Governlng Body Year ondod 31 July 2023 The impact of the UK leaving the European Union on students, academics and fundSng. The decision toleave the EU wlll havè a significant adverse impact on research funding and on th8 college's ablllty lo allract EU students and EU academlcs. The only mitigation available is to lobby governrnent. The polentlal impact of the Teaching Excellence Framework on college funding and its acadernic r8PUtalion. The inappropriate application of the TEF may lead to the repulallon of the college's teaching being damaged. which in tums may lead lo reduced fundlng. Possible mrtigalion is to h)bby govemmenl In the hope of influen￿n9 Ihg application of the TEF. The escaloling housing costs In Oxford acl as a barrfer lo high calibre academics coming to Col￿ge which in tum risks domaging 8¢8demTC achièvement and r8putation. Mitigations avallab19 are the joint equity scheme available lo Fellows. the availabiltty of 80m8 rental properties and paying houslng allowance to Fellows. The impact of reduced govemment funding on leaching and research. Reijucèd government funding rlsks erodlng the quality of teaching and re$ear¢h and risks darnaging Oxford and Somerville's abiltty lo ¢ompgte inlernallonally for Ihe best academlcs anil the b8st students. The b881 mttigation available to us is to bbby centr81 government through the University. OBJECTIVES AND ACTivrriES Charttabl• Ob. cts and Alms Thg Gollege's Oblecis are.. To provide for women and men wh) are members of th& University of Oxlord the protection and tralnlng of an Academic House and. with that object. to carry on the work of the olij Association {known as Somerville Hall) wlth such modiffcalions and ¢honges as may from lime to time appear desirable. To do all SLKh other things as are incidental or conducive to advancing education, learning and research in Oxford and 81sgwhere. The Goveming Body is mindful of the long-standing requirement to provhle public benefit and of the dlsclosure requlrements of the Charfties Act 2011. In Ihls connection the Goveming Body has monitored dosely the general and supplgmenlal guklance produce(I by the Charity Commission. in particular Ils publlc benafft guidance on advancement of educalk)n and on fee-charglng. The college's aSms for the public benefit are.. To advance education, l&amlng and research. particular by providing, in conjunctlon wrth the University of Oxford. an educabon for 463 undergraduate and 265 graduate students. This education is recognised internationalty as bèing of Ihe very highest standard and develops students academically. personally and so¢i811y, preparing them lo play a lull and affective role in society. In particular, the College provides.. t8aching facilitie5 and indivkdual or small%roup teaching. together with academic, pastoral and administrative support., IT and other administrative support and welfarg services, Sncludlng the availability of thg Junior Deans lo assist every member of the college; and social. ryjllural. musical, r8cr9ational and sporting faulltles to enable students lo reallse as much as possible of their ac8demic and personal potential whllsl studySng at th8 College. ii. To advance research by providing: official Fellowships. Career Devebpment Fellowshlps, and Juniorand Senior Research Felbwshlps lo outstanding academics. to enable them to devekjp their research work and dissomlnate their research in the public domaSn'. and SOMERVILLE COLLEGE Report of the Goveming Body Year ended 31 July 2023 facllltlgs and grants lo asslst with the pursuit of research. including grants for attendance at national and inlgmalional academk conferences and assistance with the costs of research trips and research rnalerials. The aims set for the college's Subsidiary is to help financ8 the achi$vemenl ol the Gollegg's aims as above. Activltlgs and ob. ¢tlves of the Colle The college'5 principal acttvity, as specified in the college's objeds is to provlde for members of the University of Oxford the protection and training of an Academic House. In 2022.23. the College had 463 undergraduates and 265 graduates and admitt8fl students in the following subjects.. Blochemisty., Biological Sciences., Chemisty. Classlcs Ilncludlng Joint Schools).. Classical Archaeology & Anaent History: Computer Sclence; Engineerina. Erolish {including Joint Schools),. Psychology. Philosophy and Linguistics; History lincludlng Joint Schoolsl., Law- Linguistic8; Mathemali¢A- Medicin8- Modem Languages (Including Joint Schools)- Music. Phllosophy, Polthcs & Economics- and Physic5. In order lo assist undergraduates èntitled to sludenl support, the College provides. through 8 scheme op6iated In common with the Unwersity and other Colleges, bursary support for thos8 of lirniled financial means. For the academic year 2022.23, the number of awards made was 85., 53 of the awards were fc* £3k or more., and the average value of the awards was £3.3k. wfth a lolal of £287k being dlsbursed In the year. The scheme is approve¢J by th8 orrice of Fair Access and provides benefits al a subslanlialty higher level than the mlnimum OFFA r&qulrement. To support tho costs of graduate students, Ihg College provldes substsnti81 financial sUPPOrt. This includes scholarships to fund fees and living costs. 'topup' funding lo fill funding shortfalls in students. funding pockages and a grant scheme to assist with tha purchase of books and equipment. attendance at conferences and travel grants. The Ioial amount gxpended by the Co11898 to graduate shjdenls in 2022.23 for Ihls purpose was £395k. The College also makes awards for academic development and has var5ous scholarships and prizes available lo reward academic &xcellenc*. During 2022.23 the College award9d £216k for this purklose. In addllion lo Its other programmes, the Col￿g8 operates 8 discretionary support sch8me for Students in rinan(y81 difficutty and provides access lo slmllar schemes operated by the University. For the academ year 2022.23 th8 College awarded £21k in discretionary loans and grants and provided £84k of free vacation residence. A programme lo encourago bgacies to be made to the College Is in place and annu81 fundraising campaigns include the pmvision of support for students suffering financial hardship. Public benefit The college rèmains committ8d to the aim of providing public benafil in accordance wth its founding principles. The college admits as sludgnts those who have the highest potential to benefrt from the education provided by th9 ¢0llege and th8 university and recTUits as academlc staff thos& who are able to contribute most lo the academic 8xc8llence of the ￿llege. In the case of both students and academic staff, reeruilm9nt is regardless of financial, social, religious or ethnic background, age or gender= ther8 are no geographical restrictlons to those who may benefit from the college's aims and objects. Students and acad8mic staff of the college are drawn from across the UK and Intgmationalty., 10 SOMERVILLE COLLEGE Report of the Governing B•)dy Yaar ondèd 31 July 2023 there are no age restrictions in Ihe ￿lleg8'S objects but sludents of the college are pr8dominantly between 18 and 24 years old,. and therg arg no rellglous reslrfctlons In the college's rknjeds an(J member8 of the collega hav8 a wlde var￿ty of faith traditions or none. To rais8 educational aspiration and attrarl outstanding applicants who mlghl not othèrwise have consldered apptylng lo thè college. the college opeT8les an eXtenS￿e outreach progr8mme as part of University-wlde initkqtThies lo widen accass. This programme is under the responsibility of thg Sgnlor Tutor and Includes an extenswe programme of vigits by 8choo18 to the coll896. open days. odmissions SyrnP05ia for teachers as well as visits to ￿hoolS and guidance 8nd infomi8tion on the coll998 website for prospective applicants. Thè college maintains an extensive library so providing a valuable resource for students and Fellows of the colkge. The college makes its library available to members of other ¢0119ges and the University Df Oxlord more widely. extem81 scholars and researchers. as wèll as local children from maintained and other school$ as part of educational vlslts. The Truslees Confim) that they have complled wllh the duly in Section 17151 of the Charities Act 2011 to have regard to the guidance issued by the Charty Commlsslon on public benefit. Acadgmlc The academk year 2022.23 was the first full a¢ademic year wlth fulty face to fac8 leaching and no special SO¢l81 distanrjng requirements since the pandemic. The number of first choice undergradualg applications Spec￿l¢allY lo Sorr*rville was 554. This was 'lopped up. by allocation of open applications lo make an Initial applicant pool of 721 In 2022.23, slightty up on the year bèfore. OwSng malnty lo concerns about possible pandemlcwrelatad rlsks. the Collegiate unlversty decided to hold admissions interviews online again in Michaelmas Temi 2022. This was the third lime that interviews had been conduct8d entirely online and the operatSon ran gènerally smoothly, atthough some difficulties were encountered. The uKimale success of the op8r8tlon was thanks. as ever. to the hard wort( of lutOTS and Academic offi¢8 staff. The 2022.23 admisslons cycle contlnued to show something of a transitional nature. Foll￿ng th signifi¢anl over-recruitmenl in Ihe summer of 2020 and Ihe vary cautious approach in the cycle that ft)Ilowed. in whlch almost r)0 open offers were made and the total number of offers was much h)wer than normal. 136 offers (including open offers) were made in the 2021.22 admissions cycle. which is Intemiedlate befvéeen a 'nomial' year and the very cautious approach adopted In 2020.21. All ￿ll¥go$ subsidise the cost of teaching al Oxford and St wlll remaln the case that only about h8ff of the Irue costs are met from tees. Wlth th8 level of UK fees being capped in absolLrte temis ar￿ eosls rising substantially, the proportKJn of the costs of t8a¢hing that are covered by UK fees 15 likely lo dgGline fut1her. The shortfall ts covered by overseas fees (which Can ralsed al the disc￿li0n of the UnNersity). endowment Income. Income from commerual &tThrities and income from philanthropy {donations and legaciesl. At Somerville alrnost 250A of our UK dgmiciled undergra¢Juales receive additional financial assistsnce. In the 2022.23 admlssions cycb, 74.4% of UK doMi￿led undergraduate applicants come from Stale schooL8, which is essentially the same as tha figurg for the Univer5ity174.1 %}. 74.3°A of UK offer hc4ders wei8 8ts184ducated at the point of applloation (Unlver81ty figure 70.4%)- During 2022.23 the unNersity undertook Ihg recruitment of the flrst ever ￿hort of students for its new 'Astrophorla Found8tlon Year,. Somerville is p8rti¢ipaliry to the exlenl of admfitlng onè student in History and one in PPE. It is perhaps ine￿lable that ￿ndidateS for the Foundation Year. selKled lo have coma li SOMERVILLE COLLEGE Report of the Governing Body Yèar •nd•d 31 Juty 2023 from baCk￿oundS of particular disadvantaga wh8re that disarJvan18ge has significanlly adverse￿ aff9Gted their edLKational prospects that many candidates did not satisfy their offer condf(ions bul Somerville's ¢andklates comfortably exceeded their offer conditions and wll take up their places in October 2023. The full range of irwerson access oclivrties was pos85ble In 2022.23. Thls Is polentlally significant for Somerville because it is easier to bring the college to the notice of visitors to Oxford than it Is lo compete for their attention online. Our Access ts8rn of H8nnah Pack and Eren Slate was unchanged and they Ihrew themsefves into activities induding particularfy roadshows at our still relatively n8w link regions of Portsmouth and the Isle of Wight with great en8rgy and enthusi8sm. Our Inreach Officer, Orla Lavery. (￿ndUcted some realty important surveys of our students to help identify how best we Can support our OTr course students from underrepresentod backgrounds. This wlll provide a helpful knowledge base that will facllhate support for target communities in oollege. The Oxford India Centre for Suslainable Developmgnl (OICSD) conlSnue8 to d8v&lop and enhance ils reputatlon as a fowm for research focused on sustainable devekjpment In Ind￿. parlicularfy of an inl8rdisciplinary nature. Professor Radhika Khosla continued as Research Director researching into the Impacl of increasing demand for cooling systems a5 the planet heats up for which she and her colloagues had won major funding. Dr Siildharth Arora, ¢onlinued as Programme Diredor. As ever, we are gratsful to many distinguished a¢8demics from various fields who have contributed to the events and sense of community that are highlights of the OICSD. The total number of OICSD scholars in the year was 19 wllh some of our research students havlng to èxtènd thèir studiès duè to disruption arislng from the global pandemic. We exped our scholars to successfully complete their DPhiLs in due Gourse. The Covid scholarship extension scheme has now dosed a￿1 no further extensions 8rè expected. rsT In 2022.23 we welcomed ten new Thatcher Scholars.. five undergraduates (of which two are intemational studgntsl. and flve graduate students, of which 2 werg on Masters courses and three undertaklng DPhil sludles. We were able to match wth the Clarendon scheme lo leverage another scholarship In Physics. This has proved beneficial lo both scholarships schemes and we would seek to replicate this wrth all Divisions where possible. Wrth the Thatcher Scholars wntinuing their studies from prevlous years, this brougm the total number of scholars in Colkge lo 28, and th8 number of alumnl lo 19. Thp Somgrville Dovelopment Programme was renamed the Skills Hub arKI while benefrtting all Somerville students. conttnue8 to be funded through the MTST. Owing to pressuré on thg gndowmen( w8 will halt Development Awards from next year. This can be reviewed when more stAbility returns to the rnarkets. In this last round, there were 16 applications and nine awards made ranging from £308.70 10 £1.500. A lolal of £9.856.70 was awarded,. one awardee was ablo to return £230 of thgir award and so a totsl of £9,626.70 was expended. Junior Research Fellows In 2022.23 Somerville hosted tsventy-thre8 Junior Re$e8rch Fellows, spanning an enormous rang8 of academic disciplines, with high quality appllcanls and great competitlon for places. The presence of such a largè. div6rse and talented populalK)n of researchers contribute8 significantty to the Somemllè College communrty and enables these eady care8r resoarchers to build interdisciplinary link5. The rang¢ of studies has been immense, from subjects such as Medicine, Cla88ic8. Mathg, Llnguistics. Philosophy and others. th lop rank qualty being the only Ihino they 811 have in common. 12 SOMERVILLE COLLEGE Report of the Governing Body Yèar end•d 31 July 2023 Fellows The college continues to have a divetse Fellowship which is aclrve in teaching and roseafch. There Is InsUffiC￿nI room lo summarise Ihe research of all our Fellows but some highlights, in no parti¢ul8r order. are given here. Professor Julie Dickson IProfessor of Legal Philosophy and Tutor In Lawl publlshed her Lgte61 bwk, '8ucidallng La￿, through Oxford University Press. Professor Patricia Owen8 IProfe8sor of Intgmational R8lation$ and Tuior in Polibcs} won the Brthsh International Sludles Association's Susan Strange Prize for'Bgsl Bwk in International Serf&s' for her b￿k'wOMan'S Int6rnation81 Thought: Towords a New Canon,, which Professor Owens co-edited. Professor Michelle Jackson (Associate Professor of Freshwater Ecology and Tutor Sn Blology} was award￿ multiple grants induding a £400.ODO gronl to allow her rese8rd) team to invesl¥Jale the &ffecls of pollution on freshwater ecology. Professor Robin Kkmm IAssociale Professor of Physiological Metabolism and Tutor in Medicinel was also awarded murt1p￿ grants. Includlng £178.000 from Diabales UK to ts¢kl8 typ8 2 diabetes by reducing chronic release of tOXlC amount of faty from f8t cells. SoMe￿Ile Fellows also contlnued lo play a key role wrthin the colbgi8t8 unlveislty although we look forward to tyjo of them returning to college leachlng duties. Professor Benjamin Thompson completed an extended temi as Associate Head {Educationl of the Humanitias Division and will now have a wgll*am8d period of research leave in 2024. Professor Almut Suerbaum completed her temi as Chair of the Faculty of Medieval and Mod8rn Languages 01 the st8rt of 2022.23, having served through possibly th8 most challenging posslble p&riod with internation81 upheaval in the form of the pandemic and the Russian invasion of Ukraine, which both posed huge challenges for languages students. We look forward to Professor Suerbaum returnSng to leachlng our students in 2023.24 we have agreed lo allow her lo reduce her obllgallons a lfftle 80 that the she c8n lead the Facuws work on gender equality for the Athena Swann award scheme. Collège Officers play key roles on various Conference of Colleges committees, including ICT Steering Committee. the committees of Eslatss Bursars, Collgge Ubrarlans and many more. Providing a world-class e(Fucation for our students, as well as for th8 g8neralion of students to come after them, remains our highest priority. The current financial pressures on young people Wtth regard to the higher education which will be vital in prepartng them to make Ihelr way in the wortd today are well documenlgd. It continues lo be our firm resolution is that ￿ student ￿th the academic ability to study at Somerville should ￿ unable to take up or conllnue ￿th thelr place due to financial P￿ssUres. 13 SOMERVILLE COLLEGE Report of the Governing Body Y•ar end¢d 31 Juty 2023 Fundraisin alumni r•lations and ¢ommunl¢•tlon$ Despite thè difficutt macro-aconomic environment and the cost-of41ving crlsls affeetlng many of our alumni and friends, we have had a very successfvl fundraising year, wlh over £3.5 million in cash receivgd against last yearfs just untjer £2 mlllion. This year's Stsndout donatk)n was a gwt of n6arly £900.000 to estsblish the Dr Peggie Rimmer Sanctuary Fund, a drawdown pot lo support our Sanctuary Scholars and acadamics at risk. We also recelved over £380,000 as a second donation towards the Goulding Bequest, to promote excellence in the study of French l((erature. We recefved slx legacy donations, all unreslricled, totalling over £700.000. ncluding one of £100.000 and another of over £450,000. This year. nearty £578.0¢)O c8me in ft)r our Annual Fund (now known as the Somervllie Fundl. Including near £400,000 in unrestricted donatsons. Our lelelhon, moved to December be¢8u5e of the Queen's d8alh and. like Lgst year. Involvlng a much smaller calllng team than In previous years, brought in nearly £180.000 In new funds raised. In HT23 our Spring M8iling raised over £32,000 and our crowdtunding appeal for a new lift in the MCR nearly £21,IX)O. In TT23 we had repeal success in holding an onling auction Ifollowlng our flrsl in 20211, Taising over £70,000. We had a busy year for events, wllh onlln& elements n¢)w used to supplement in-person meetings. We held our in8ugur81 Cedar Clrcle event to steward our regular donors, in addition to our estsblish8d Supporters. Lunch, hosted a celebration for our Sanctuary Scholars, and a Literary Tea wlth Simon RUSsell-Bea￿ and Emma Smith. Other hlghllghts Includad osjr first Carol Concert lo be held at Temp￿ Church, 8 wonderful 70th Anniversary Reunion. and events in Berfin and Paris as well as th8 South Wesl of Eng18nd. In addition, we held our first event for the Penrose Swiety Ifom)erfy Will Power}, our legacy soclety. In temis of ￿MMunicatiOns, the maln themes of the year have been film. editorial and irbtemal comms. In relation to film. the tgam worked with many current students lo produce a suite of four new Access and Outreach films articulating Somervllle's unlque Offe￿ng to prospects.ve future students. Our communication8 team also retained the services of Mya Padget, creator of the Somerville al 140 film, as its collaborator on the RISE campalgn. Together, they are currentty filming key figures from ecross the Someryille communlty {8c8demi¢s, students and alumni) to capture the excTtement and potential of RISE. The resutts will be $how¢as8d in a bespoke campaign film and rnicrosrte featuring supplementary films and contgnt. It has al80 t*en a 8trong year for publlcaUon8. a packed Donor Report followed by a very well-received Magazine which contained several exposés relating to th8 theme of acadwM￿ justice, rginforcing somervil￿,5 Status as C8tslysl for positive change. Fin211y, the communications team has been worktng hard to make the Somerville communlly feel more connected and cohesive through a series of internal comms innovation5. This includ8S the creation and dissemination of a new weekly events email and the Installation of new digital screens aroun(J college featuring news, rolling social medio arKI forthcoming events. We continue lo take seriously our adherence to GDPR and ethlcal fundralslng, and arè undertaking a review of our guldance on accepllng donations. We have not re(aved any complaints aÈ*)ut our fiJndrai3ing activitias during the period covered by this report. 14 SOMERVILLE COLLEGE Report of the Governing Body Year gnded 31 July 2023 FINANCIAL REVIEW Summa The dominant feature of th8 year was the £3.4m fall in th8 value of our 8ndowm8nt from £94.2m Sn July 2022 to £90.9m. Thi5 is the third y88r in succession ihat the value of our endowm8nt has fallen Ilt was £95m In July 20211. Unfavourable macro-e¢onomi¢ conditions meant Ihal thore was insufficient underlying growth in the end¢)wmenl invested with OUEM lo fund the diawdown wo needed lo college operations in the year- the total return drawdown for the year was £3.65m ant1 the net Investment l¢)ss on the endowment was £4.2m. Over811 nel 8ssels fell by £5.1m12Yol to £228m, of which £1.7m was in unrestricted funds and £3.4m was in endowment funds. Wllh fixèd asset d6pTeciation of £2.4m in the year the underlying unTeslri¢ted surplus wa5 £0.7m- largely as expected and sufficient to help fund capltal expendSture and continue to build the sinking fund to repay the privato bond. Reslricled funds fell sllghtly to £2.6m, despSle Peggy Rlmmer's £0.9m donation to sel up a Sancluory Scholarship ftjnd. reflecting a 18mporory increase in the use of student support funds to minirnize the impact of high inflation on our studgnts, living costs in college. Income from students lor ttjllion fees and rent was up by £0.4m {6%), signrfi¢antly below Inffl8tion as the ollegg subsidE8d rent and catering costs. Net Iradlng Income was up by £0.3m131 OAI with conlerence and commercial income completing its recovery from Covld. Donalions andlogacies were up by £1.1m, largely because of Peggy Rimm8rfs donatbn hSghl'ghted above. Ovgr811 costs incre8Sgd by just £0.1m as the college worked hard lo contain any further inflationary increase In Its costs, anxlous to hold down Ihe drawdo￿ from the endowment as much as possible, given its recent lack of growih. The only significant movement in the balan￿ sh88t was the r8duction on Ihe valu8 of oihor investmgnts, re￿8¢t￿ng the drawdown from the endowment. grv The college's reserve5 poliw is to ¢stsblish, and theroaftor malnlain sufficlgnt free reserves lo enable11 to meet tts Short-le￿ financial oblwJations in Ihe event of an unexpected revenue shortfall and to allow the college lo be managed effiaontly and to provide a tr4Jff8r that WOLÈld ensur8 uninlorrupted services. Rebuilding the free reserves after a perlod of sustsined capltal inve8lment has been a priority over recent years but th9se have been signfficanlly reduced by Ihe impact of CovlJ 19. Free reserves now stsnd at £I0.4lm12022: £Om). Increasing these free reserves will be a priority as the college recovers over the next f&w yèars with tha anticipated reduclion of the pension provisK>n1£2.Oml next year, as the USS pension scheme retums to a surplus, exp8Ct8d to provlde a sIgn￿eant boost. In addilK)n to this thè college has sgt aside £0.5m lo fvnd anti¢ipatgd future capital expenditure. There18 also a designated fund represenllng a slnking fund to repay the prlvate bonds when they fall due. Al July 2023 this stood at £3.3m12022,' £3.1 ml. 15 SOMERVILLE COLLEGE Report of the Governing Body Y•ar ended 31 July 2023 ent ollc ob Iv The College's investment objectives arg lo balance currenl and future benefficiary nggds by- maintsining lal least) the value of the investments in real temi$,' producing a consistent and su$tsin8ble amount to support expenditure.. and delivering these objectives wKhin acceptable levels of risk. Investment rfsk is hedged by spllttlng our Investrnents between OUEM and Newion. The College operales total retum pofjcy on its investments with OUEM and Newton. The invesbmenl strategy, policy and perfomi8nce are rnonitored by the Finance Committ88. At the year end, the Group'$ knng-t￿n inveslmants, comblnlng the securfties, property and other investments. totalled £105m. slightly down from £109m In 2022. FiJfuRE PLANS Thfr College's future plans as agreed by the Goveming Body are $91 out in the Coll8ge Slrateglc Deveknpment Plan. The core elements of thls are.. To balance more effectively the complfrmentary but often contradictory demands of leaching and research so that Fellows, rasearch tim8 is bèttor rgsour¢ed, and Fellows have the space to deliver high quality leachlng, To refocus resources on the Fellowship and lo reposition il al the centre of the college so that it becomes the expressKJn and embodlment of the ¢olleg8's commitment to academiG excellence and ambrtion. To Taise the academSc profll& of our undergradualo and graduate students and to strengthen. through evolution and r&inforcement, the ¢utture of academic excellence and high expgctstion, To promote access and diversty acrosi all areas of collggg activity and to continu8 to work to include Ihe exctuded. and To Improve the support we offer to our graduate students. Speafic development plans have been agreed for the separate departments withln the Cc41ege to ensure that the College continues to enhanc8 its abilty to provide a first-class education. 16 SOMERVILLE COLLEGE Report of the Governlng Body Yéar éndad 31 July 2023 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Goveming Body is responsible for preparing the Report of the GovernirKJ Body and the financial statsments in accordance with applicable law and rogulations. Charty law r8quir8s th8 Governing Body lo pr8par8 financial statements for each financial year in aGcordanGg with United Kingdom Generally Accepted Accountlng Pradc& (United Kingdom Accounting Stan(Jar(Js} and opplicabte Law. Undèr eharfty law the Governing Body must not approve the finandal statements un￿sS th&y ar8 satisfied Ihat they give a true and falr view of the stste of affalrs of the College and of its net incoming or OLrtgoing resources for that period. In Prepa￿ng these financial Statements. the Governlng Body Is requlred lo.. s&lecl the most suilabFe 8ccountlng poliuè8 8nd then 8pP￿ them ￿n￿l￿tent￿.. m8ke Judgments and accounting estimates that 8re reason8ble and prudent- stsle whether applicable accounting standards have been folbwed. subject to any malerlal departures disclosed and explained in the financlal stslements; and prepare the fin8nclal statements on the golry concem basls unless it is inappropriate to presume Ihat the College will continue to operate. Thè Collège has cash resources and hos no further requirement for extemal funding in excess of CaJ￿ent facilf(ies. The Trustees have a high gxpgctation that the College has aijequate resources to continue in operational existence for the fO￿Seeable future. In makirvJ their assessment the Trustees have considered the lrnpact on Ihg buslness of Covid-19 including the abllty of Ihe College to continue to operote as a College of the Universty of Oxford. They conllnue lo belleve the going coneern basis of accounting appropriato in preparing the annual fina￿la1 slatem6nts. Th8 Goveming Body is responslble for keeping proper accountlng records that are sufficient to show and explain the College's transactions and dlsclose wlth r8a8onable accuracy al any time the financial position of the College and enable them to ensure that the financlal statements comply wrth the Charitigs Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and henc8 for taking reasonable steps for the prevention and ijeteclion of fraud and olh8r irregularrties. Appro￿￿ by th8 Governing Body on 29lh November 2023 and signed on its behalf by: Baroness Jan Royall Prtncipal 17 SOMERVILLE COLLEGE Auditor's Report Y•ar •nd•d 31 July 2023 Oplnlon We have audrted the financial statements of somervil￿ College {'Ih8 charfty,) and its subsidiaries I'lhe group'} for bhe year ended 31 July 2023 which ¢ompriso the Consolldaled Slalemenl of Financial ActNibo$, Consolidated and Charrty Balance Shgots, Consolidalad Cash Flow Slalemenl and r¥)les lo the fin8naal slatements. includiThJ signfficanl 8ccountlng polIc￿8. The flnanclal reportlng framework that has been applied thèir proparation is applicable law and United Klngdom Accounting Slarttjards, includlng Financial Rep￿Ing Standard 102 The Financial Reportlng Standard 8ppllcable In the UK and Republic of Ireland IUntt8d Kiwom Gen8ralty Accepled Accounting Pr8¢Ucel. In our oplnlon the flnancial statements.. give a true and fair vi8w of th8 slal8 of the group's arKI the parent charity's affars as at 31 Juty 2023 and of the group's incorne arKI receipt of endowm8nl$ #nd expendltur6, for thè year Ihèn ended: have b8en proparty pr&parfjd in a¢¢ofdance with Unite(l Kingdom Generalty Accepte(l Ac¢ounUng Pra¢ti¢g- and hava bean pr*par8d in accordarKe wkh the requirements of the charft￿ Act 2011. Basls fof oplnlon We conducted our audh h accordance wth IntemalK)nal S￿r￿ards on Aud￿ng (UK) {ISAs {UK)l and applicable law. Our re¥)0nslbilit￿S under thoge standards are fvrtller describ8d In th8 Auditorfs resFonslbiliti&s lor th$ audit of the fin8n(ial $18tements section of our repo￿ We ar8 Independent of the group In 8ttordane8 wlth the ethlcal requlrements that 8re relev8nl lo our audlt of thè financlal statements In the UK. including the FRC'S Elhi¢al Standard, and we have fulfilled our othèr ethical rasp)nsibililies in accordance h Ihose requlrements. We b8lev8 that the audtl evldence we have obl8lned18 8ufflcl8nt and approp￿at8 lo promde a basis for our opin¢on. Concluslons r•latlng to golng conc•m In auditlng the financial slalements. we have concluded that the Iru¥lee'$ uso of the gtslng concèrn basis ol accounting in the pr8paralion of the financial statsm8nls is appropriate. 888ed on the work have performed, we have not identified any mater181 unc•rtainllès rnL8tlng lo events or condrtions that, Indlvldualty or collect￿ely, may cast signrficant doubl on the charity's or tho group's abilty to conlinut as a going concern for 8 period of at least Iwelve months Irom when th8 fflnancial ststements are aulhortsèd for18su6. Our r8spon$ibilitlg5 and the responsibilities of the trUst￿S respéct to conwn are desrylbed in th8 rèl8vonl 88cUon8 of Ihb report. Oth•r Inforni•tlon The trusl868 ar6 responslblg for thè other infonnatwjn contalned wrthln th6 annual reporL other Information comprises the information included in the annual reForL other than the flnancial slalements and our ayditor's roPQrt thoreon. Our oplnion on the financial statomenls does not Govgr the other inforniation and. except lo the extwrt tsthe￿5e expliciuy stated in ￿Jr report. we do not express any lorn of è8suranco cOndus￿n Ihereon. Our responsibilty is lo read the other infomalion and. in doing so, conslder whèther the other infomalion is materially Inconsislenl with the financial statements or our knOw￿dge obtaingd in th8 audll or olherwl$e appear5 to be rnaterialty mlsstated. If wè Identify such material Inconsistenc￿9$ or apparent mgterlal misstatements. w¢ am rnquirgd to determine whether this gives rise to a malarlal mi$$tstèmonl in the flnon¢ial 18 SOMERVILLE COLLEGE AudStor's Report Y•ar ond•d 31 July 2023 Statements themselves. If, based on the work we have p8rfomied, we conclude Ihal there Is 8 materlal misstatement of Ihis other infomiation. we are required to report that facL We have nothing to report in Ihls rogard. Matters on Tlthlch wo are requlrad to rnport by excèptlon We have nothlng lo report In respect of the folh)wing matters in relatv)n to which the Charltles {Accwnts and Reports) Regulations 2008 requires us to report lo you ff. In our oplnlon.. the Infomalion given in the financial slalements is inconsistent in any mats￿al respect wNh the tru8tee8' report" or suff￿￿8nt and prop8r accounting r8¢ords have not beon kept by the parent charity,. or the financial ststements are not In agreement with the accoUn￿ng recor(18 and retum8: orwe hav8 not recewed all the Informath￿ and explan8tions we require for our audit. Respon•lbllltl88 of trustees As oxplained more fijlty In the tru8tses' responsibilitiès statement set i)ul on pagg 17, the twstees are fesponsble for the preparallon of the finanual ststsmènts and for being Satisfied Ih8t they give a true and foir vlew, ar￿ for such Intemal c*)ntrol as the trustees determine is necessary to 8nabl8 the preparats.on of 11nanclal stslemenls that are free from material misstslement, whether duo to fraud or ertOI. In preparing the financAal stalemBnts. Iho truste8s ar8 responslblg for essesslng the group and the parerrt tharity's abillty to continue as a goir4J concem. disdosing. as 8p￿1¢8b1e. matters relaletl to golng eoncem and using the going concem basis of a￿Unting unless the Iruslees either intend lo Ilquldate the ¢harlty or to cease operations, or have no realisllc alt8matlve but to do so. Audltor'$ rnspon$lbllltlK for th• audlt of the flnan¢l*l statem•nls We have bggn appolnted as audltor under sectlon 151 of the Charfties Act 2011. and report in accordpr with the Acts and relevant regUla￿on8 made or havlng effect thereunder. Our obiactives are to obtain reasonable assuran¢& about whtther the financial statemonts a5 a wholg are free from mat8dal ml8stslem6nt, vthather due tr1 fraud or error. and to issu¢ an audttor's report that includes our opinion. Re8sonable assurance is a high ￿Ve1 of assurance. but is not a ￿arantee that an audtt Conducted in accordanc& wth ISA8 (UK) will athys d6ted a material mis5tatemgnl when11 exlsts. Mi58talements can arfse from fraud or error arKI are considered materfal If, Indlvldualty or In the aggregale, they ￿)uld re880nabty be expocted to Inffiuence the economic deciswjns ol users taken on the basis of these financlal slatements. Détails of thè èxtenl to which th8 audit was ￿nsIdered cop8ble of detecting irregularities, induding fraud and r￿n￿COmplIa￿ce with laws and regulations are set out below. A further description of our reswnsibilities for the audit of the financial statemsnts Is located on the Financial R8portMig Council's webslte at.. www.frc.or .uklaudilorsres nsibilities. Thls descrlptKin foms part of our audilorfs re￿rt. Extont to whl¢h th• audlt was ¢onsld?r•d capablo of doto¢tlng Irrtyularltles. Includlng fraud Irregularities. including fraud. are instances of non-compllance wlth laws and regulations. We identified and assèssed the nsks of material misststement of the financial statements from Irregularitses. wheth8r due 10 fraud or error. and dlscussed Ihgse be￿oen our 8ud6t team members. We then deslgned and performed audit Fwdur¢$ responslve to those risks. includlw oblalnlng audK evldence Sufficlent arKI approprlate to provlde basis for our opinion. We obtained an underslandiThJ of the legal and regulatory fram8work8 ￿￿thIn whlch th6 ch*lty and group oper8tes, frKusiro on (hose laws and regulatlons that have a direct effect on the detemiination of material amounts and disclosures In the flnanclal ststements. The laws and regulations wè con$idered in this context were the Chorilies Act 2011 logether with the Charities SORP IFRS 102). We assessed the required 19 ## **SOMERVILLE COLLEGE Auditor's Report Year ended 31 July 2023** **compliance with these laws and regulations as part of our audit procedures on the related financial statement items.** **In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation, Health and Safety and Taxation legislation.** **Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.** **We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, sample testing of income transactions to supporting documentation and reading minutes of meetings of those charged with governance.** **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** ## **21 December 2023** **Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.** **20** SOMERVILLE COLLEGE StateJneDt of Accountln¥ Polkl Year ended 31 Juty 2023 l. Scop• of the tSnanclal ¥tatsm•nt• The financlal statements present the Consolldaled Stalement of Flnanclal AciSvitles {SOFA), lh8 Consolldaled and College B81ance Sheets and the Consolidated Slalement of Cash Flows for College and its wholly owned subsldlartes Somerville College Trading Limited and somervil￿ College Dèvèlopments Limll8¢J, as well as the Margaret That￿r Stholarshlp Tnjst. No $8p8r8te SOFA ha8 b8en presented for thè Col￿ge abn6 as currently permrtted by the Charity Commission on a conc8sslonary basis for thè filing of ¢onsolidaled finanaal statements. A summary of the resulls and finanual p08itlon of the charty Ind Fi8 Subs￿l8ry Ic* th8 reportirvJ year are in note 13. 2. Basls of •ccountlng The College's ￿nd￿kIU8[ and (£￿s011dated financial statemenls have bèen prepared In accordance wllh United Kingdom Accounbn9 Slandafds. in pat￿GUlar FRS 102. The College 18 a publK benefft onlity for thg purposas of FRS 102 and a regisl8rod chority. The Collgge has Iherelore also prepared its iTrJividual and consolidated finanaal 8t8temenls In accordan¢o wllh The Stslemenl of Recommended Pra¢li¢8 applicable to charities praparing their financi818t8lements in accordar￿a with FRS 102. The financial $tslem?nts have been prepared on a going conc8m basis and on the historical cost basis. except for thg m9asure￿￿￿I of inv8Stm8nts ond oertain financlal assets and Ilabl1￿95 al falr valu8 wlth rrnvemenls in value reported wlthln the Statement of Finanaal Actiwlies ISOFAI. The princip81 accounting wliaes adopted are sel out below and have been applled con8¢stsnUy Ihroughoul Ihe year. 3. In¢omlng r••ourc•s from f•• Incam•, Ofs support and othor charys for s•r¥lc•* Fe8s Tecèbvable, Ofs 8UPPOrt and charges for semces arKI use of the pYomisè5 are ac£ount￿ for In th8 period In whlch the related 5eNlcè Is provided. 4. In¢omlng rg•ourv• froffl donatlon8. tsgacl•8 and Government grants Voluntary Incorne Is accounted for when the College has entitlement to the funds. the amounl can bo rellabty quanllfied and there Lq re8son8b* certainty of its ulbm8te ￿t1p￿ Voluntary Sncome recefved wllh¢xrt r8slricth)n as to utilrzation or for Ihe general purpose of the Colknge is crodited to unrestricted fvnds. Volunlary income which is SUb￿Ct to specific wishes of the donor is credited to the relevant r69tr1clèd fijnd or. where the don?￿on. grant or legacy is required to be held as capital. lo the endowment fvnds. Where donations aro roc8iv&J otheThviso than in cash. they are valu8d at the mark81 value of the undertylng assots roc8lv8d at th• dat• of receipt. Payments undtr th6 Govarnmenfs furkxjgh 8d)eme are recognised whon receivabl& and c1858Wied as other irrt)Jme in the SOFA Inv•stm•nt Incom• Int9rest on bank balart•s and flx6d interèst securitie5 is aGcounled for In the porlod to whlGh thg Inlora81 relates. 21 SOMERVILLE COLLEGE St*temeDt of Ac¢ountlllg Pollcles Yoar ond9d 31 July 2023 Dividend income and similar distribut￿n$ are accounted for In the perfod in which they beco rèceivablg. Income from inv8stmgnt propgrtios is accounted for In lh& period to whith the rentai Income relats8. 6. Expendltur• Expenditure Is accounted for on an accrual's basls. Indlrect expendrture 1$ apportloned to expenditure categories based on the estimatsd amunt attributable to that activSty In the year. gKhgr by rgfgrence to staff tlme or the use made of the undertylng assets. as appropriate. Irreo)verabFe VAT is Included wlth the item of expenditure to which il relates. Grants awarded are expensed as soon as they beoJme18gal or operational wmmitm8nts. Govemance costs ccKnprise the costs of ￿MplyIng with constitutional and statuty reqUiren￿nts. Intra*roup sales and Charges b8lween the College and its Bubsidiaries are oxcluded from trading inwmg and gxpondllure. 7. Lea￿5 Rentals payable under operating leases are tharged In the SOFA on a str8lght41ne basls over the relevant lease tem)s. The cost of th8 888ats held undèrfinance leases is inoluded within fixe(l assets and dopredatlon18 tharged in accordanc8 With the accounting pO￿¢Y for gach class of asset concemed. The corresponding capltal obligations undor these leases are shown as liabSlttles. The flnance charge elem8nt of rental618 charged to the Statement of Financial Activibe$ and ¢lassified within finance Costs as incurred. 8. Tanglblo fixed assets Expenditure on the acquisition. constructSon or &nhancement of land and buildings costing more than £5.000 together with oXP8nditure equipment costing more than £5,000 is Gapilalised and Carried in the balance sheet al hlstorkal cost Other exp8ndilur8 on aquipmgnl incurred in the normal day-to4ay running of the College and its $ubsldlarl8s k8 charged to th8 Statement of Flnanc181 Adv6tl68 as Incurred. 9. D•pr•¢lallon Depreclallon Is provlded to wr￿e off the cost of atl rél6vant tanglble frK8d 85sets,1g88 Ihelr esllmated resklual value, In equal annual Instalments over their expected useful economic lives as follows.. Freehokl ProPert￿s, includlng major 8Xtenslons Leasehold properties Building improvements Equipm&nl 100 years 100 years or pariod of lease if shorter 10-30 years 3- 10y8ars Freehold18nd is not depreciated. The costs of maintenance are charged in the Statement of Financial Activities in Ihg P8riod in which it fs Incurred. 22 SOMERVILLE COLLEGE Statement of Aceounting Policles Year end￿ 31 July 2023 10. Invostments Invesknenl prope￿eS are v81ued as irKlividual investments al their market values as al the balance sheet date. Purchases and sales of investment propertles are recognised on exchange of contracts. Listed investments are valued at Ihelr mld-markel valu6s as at the balance shgat data. Inv881m8nts such as hedg8 fijnds and prfvate equity lunds which have no readity identifiable market V81ue are included at the mosl rocent valuations from their resp8ctive managers. Galns and bsses arising on the investments are credlled or tharged lo the Ststement of Fln8n¢ial vilies and aro allocated lo the appropriate Fund accordkng to the.0￿MerShip. of the undertying assets. 11. Stocks Stock5 are valued al tho I0￿r of ￿$1 and net realisable value, (x)sl berng thg purchase prfce on a fftst In, first out basls, 12. F¢x•lgn currgnol•s Transactions denominated in forevJn currenci88 durirKJ th8 y8ar are translated #t prevailing rates of exchange al the dales of the transaclS¢xs. Monetary assets and liabrlities denominat9d in foreign currènryes ar8 translatod into stsding at rates applying al the Balance Sh8&t date or. wher6 there ar6 rèlated fO￿ard foreign exchange contracts, al the contract rates. The re5Utting exchange differences are taken to the Statement of Financial Activilte8. 13. Fund 4¢Muntlng Tha total funds of the College and its subsldlarfes are allocatèd to unrestr￿1ed. restricted w endowment n(Js based ¢)n the origins of the funds and the temis set by the don￿8. Endowmgnl fuTrJs are furfher sUL￿d￿rded into pprmanent and expendable. Un￿$triCted funds can bp u$gd in fvrtherance of the objects of th8 College at the discretion of the Goveming Body. The Governing Body may declde that part of the Lmrestrfcted funds shall be used In future for a specific purF¥)se and this wl be accounted for by transfers to approprfate deslgnaled funds. Restricted fund5 compris& grfts, legacies and grants %there the dc￿0￿¥ have eamwTked funds for spoclfic purposes. They consist of githergrft8 where the donor has sp8dlled Ihat both th8 capitol and any in￿rne ari￿ng must be used tor the purposes given orlhe inc<>me on gifts where the d(f￿r has required that the capital be maintsined and the income used for specffic purposes, Pem)anent endowment funds arise where (Jonors speclfy that the fun(Is should be retaingd as capi181 for the permanent b8nefil of the College. Any inwne arising from the c8Ptial will be accounted for as unrestrtcted funds un￿sS the donor ha8 plac8d rèstr￿18￿ the us8 of that income. in whiGh case It wlll be 8ccounled for as a re$trictsd fvnd. Expendable erKlowment furKl$ are $inylar to permanent erHlowment in that they have bgen glven, or the College has dètermined based on tho clrcumstances that they have baen given, for the long-temi benefit of th8 College. 14owever. the Governing Body may at thelr dlscretlon detemine lo spend all or part of the capital. 23 SOMERVILLE COLLEGE Statemellt of Accounting Policies Year ended 31 July 2023 14. P•nsion costs The College parti¢ipates in Universities Super8nnuation Scheme IUSSI. a hybrid pension scherne. provlijing definèd benefits based on salarfes as well 8s benefits based on contribullons. and a group personal pension scheme operated by Aviva Ifornierly Friends Lifel- Thg ossets of the USS scheme are held In a separate trustee-administered fvnd. Because of the mutual nalure of the scheme. the assets applicable lo Ihe defined benefit membership are not attributed to indlvidual Colleges and scheme-wldg contrfbuoon rat&s are set. The College Is therefore exposed to actuarial risks associated wth other Universities. and Colleges, ernployees and is unable to Ident￿ Its share of the undetying as8818 and liabiliti8s of the deflned benefft scheme on a consistent and reasonable basls. As required by Section 28 of FRS 102°Employee benefits.. the College accounts for the scheme as if it were a wholly defined contribution scheme and contributions to these schemes are recognised as liability and an expense in the period in whlch the salarfes lo ¥thSch Ihe contribullons relate are payable. The College has entered into an agreement for the USS scheme (the Recovery Plans) that detennlne how each 8mploy8r within the scheme will fund the overall scheme def￿r(. A liability Is recognised at eath balance sheet date for the discounted value of the expected future contrlbulion payments under these past service deficit funding agreements, with changes to Ihèse liabilities being recognised as en expens& in the ￿riOdS in which the changes occur. 24 Som•rvill¥ College Consolldatod Statsm&nt of Flnan¢Sal ActlvltSoB For the ￿ar ended 31 July 2023 ifv•¥lricted RestrScled F￿j Funds fC•JO £wo Enth)wed FLmds 2022 Tol•l Tol81 INCOMEMD ENDOWMENTS FROM.. Teachlng. research and r8$kj8￿ Tr*llng In¢om• D￿￿{￿r￿Sar￿l legades 970 1.094 1.526 1,1 576 2,155 Invoslment hwme TotBI relwn all￿￿ted to IrK4)rne Other Incorf Tot•1 InMm* 1.030 1.698 61 12J77 3.893 13.6501 23 3.993 1,954 61 16,345 57 11604 1149 819 EXPENDITURE CW: Charttabl2 ￿tIvItIE¥. T8achirg. 188earch and re$￿en￿￿1 13,314 2.761 10,Q75 Ralslng fvr¥l¥'. Fundraitsiny Trad1￿ ￿￿dIlure InYBslrrent m?n8gernenl c¥sts Total Exp•ndM 310 702 708 183 209 17.079 171 81 13,958 121 3.192 202 17.150 Net InELYndlExperKltturel befweyh 1.$81 3A7 NotlbsBesygwhB on In¥ests))8nl8 11051 14,1791 142841 11,5371 11,6e61 13.360 140B91 15,0121 18 Not mow4m•Dt In furKl¥ lorthe 11,6861 1431 13.3601 15,0891 15,0121 Fund bo1on¢*¥ htyJ9htfDrw8rd 18 1*0 232WO rJ7,982 ￿rrIed fonvard It 31 July 134.383 2,620 232,950 25 Somorvill8 Collgge Consolldat•d and Coll•g• Balanc• Sho9ts As at 31 July2023 2023 Colhge 2V22 College Group £'ooo Grwp rooo Not•$ FIXED ASSETS Tary1￿9 88¥9ts Property inve$tm8nts Other Investments 10 1S9316 10,292 94.377 160,899 10,397 98,488 159.216 10.292 83.610 lf￿).899 10.397 87,146 12 Totsl FIX￿ Assèts 263.885 269,784 2S3,118 256,442 CURRENT A&8ET8 Slo¢ks Debtors Inve9tn*nts Cash at bath And in haTh 15 1521 2,053 4149 2.77e 276 (6891 17181 Totsl Curront A58et8 18n 2,382 2,111 LIABILMES Creditors.. Anwjjnts falliNJ dUe￿Ilhu) ¢x* yèar 16 1.W4 2,109 1.570 CURRENT ASSETSI(LIABILITIES) 273 938 TOTAL A8$ET3 LE88 CURRENT uA￿lL￿lEs 264853 270,067 254.054 258,601 CReDITORS: lalllng due after mre than one ye•r 17 35,000 35,000 35,000 NET ASSEryLIABIUTIESI BEFORE PENSION ASSET OR LIABILITY 229.853 236.067 319,054 223.eL11 D•fl￿d bènefit pensk•n scheme Il•blllty 22 1.992 2.107 2.107 TOTAL NET ASSETSIlLIABIL￿IES) 227.861 232,9S0 217,062 221.494 FUNDS OF THE COLLEGE EndowmBnt fund$ 18 90.858 94,218 80.287 83.072 R•*trfct•d funds 18 2.620 2,e63 2.663 Unre8trJeted fvnds Dg&ignaigJ funds Gwal furwJ5 Pension reswve 18 18 136.756 13811 {1,9921 139,015 18391 12,1071 131756 {6091 139.015 11,1491 {2.107 227.861 232,950 217,062 221,494 The ffinaNAal statem￿5 wo approv&J and 8uthorisod for by the Governlro Bodyof Somerv4￿ ¢%lege ¢n 29 Novtsmber2023 Trustee.. Jan Royall Truste8'. Andrew Parker 26 Somerville Collog8 Consolidated Ststomont of Cash Flows For the year endèd 31 July 2023 2023 £OtN 2022 rooo N•t Cash provldad by lusad In) opgratlng a¢tMtI 117861 15,2011 ash flows from Inv•$ting a¢tivitio$ Divid8nds, int8r85t and r￿18 from investrn￿ts PriKee¢5s frorn the sale crf KKoperty. plant a￿1 ￿l￿p￿￿nt Purchas& of property. plant a￿1 eqLipm8nt pro￿ed5 from sale of inve5tmerrt5 Pur¢has* of invtstmonts Not cysh provSded by Iu80d Inl Inv06tlnq actlvllle6 23 178 (7851 3.993 {3851 2,253 15301 5,331 Cuh flows from flnan¢ln9 actlvltl•s Flnanc& costs pah Receipt ofendowment Ng1 ¢osh provldod by lu¥•d Inl ff nanclng athltles 11.219) I1,3￿) 1643) (7921 Change in ¢￿h and cash equivahnts in thB r•porting pariod ie621 Cash and caBh equlvalen18 at thg beglnnlnq of tho rnporttng portod 276 938 ¢•tsh •nd cash •qvlvol¢nts at tho •nd of the repwung Pgrlod 27 305 276 27 SOm•NIl￿ Coll•g• Notes to th• flnancl418tatem&nts For th¢ ye•rended 31 Juty2023 IKOh1E FROM CHARITABLEACTMIIES TqachlnB* ￿1￿r¢b R•sklNthI TLdlknfees-uK4￿ EU 1.T69 (tr•HEF¢Ew¥¢ 242 3.158 6.970 3.052 T¢4•iT**NN R•I•￿h ￿d•rt T￿1 Inrorn•lrom ¢hth¢*bhi*¢tMt 6,970 1A63 frx•JtrJlhrw￿ It*(￿￿r￿lLy >￿*b, to tni12D22. ÉN}. Tl*è4r& IntsféB DOKAMOIIBAIID LEGACIES 2D23 2L122 1271 REStr￿￿f￿ 1.195 576 INC￿lE FROII OTHER TRADIMG ACTMTES 14 IIIVE8TIIENfipKoiiE 2023 rfj Ccffimrc*lro EoJtydlv*Jer 16 c0mmfrr￿1rBrt Iworn8from ftsed Ir¢w•Jt¥tc¢ IWfj51 wfwdlwm ¢4 Other *N05tm•ri Ir￿m* oY*r*￿E[E$t Eq￿dkdd8rth Intere￿ on fwed twm r 3.87T 2.972 Somer¥llie Colw Not•5 to Iho flnjnclnl statements Forthe yearended 31 JU￿ 2023 i)ThER fOLV 21 61 57 •XIL￿$ OFÉXPÉIthTURÉ 20 2D 6.157 Textty, re￿rQh￿r￿ 5.B47 4,07t 16 T5 tlroct8tgff coBts to.. 4$1 ln IYA) 47 TrJdkn9 txperéN Tradry 118 ToW•xp•nthtyr•oTr rnl•kngkn00 1.076 Thw21)22r6FAr￿￿er¢•d rI£17.07* £14.572kfrun •nJ£1607k hum Cc•tsbJtkn ofs13tyrtgxv￿l￿ Urlvwstyofoxtrd. m•k•grwts ro com￿ ere car￿1￿1 ffl*bytr* Cww4olthe u￿￿0￿. Th8*whlry orrtlr859pr¢hc09h 5rd￿eC{w¢c*w 143,48Z 160. Irrjth". £nll20L'trf)of4Ar#s*￿A ¢oll•g• AasÈts Lfaryewd I￿￿￿n￿ Thjand rrJJO ro rorm) At¥tw¢ol yg 17225 1t4514 k5tK6A Tiar8 17931 At•TrJ ofyww ,678 i•iJ55 Dopr•clJtlon and Imp￿nn0M 15.032 3￿51 1• 13 173 Ai•Nlofy 3,919 ￿317 M4t book￿ *tyJ offftr 45$ 11746 141￿8 159,216 845 143.4e2 IW,B99 £n1{1)22.£raidphr14￿ lIIZ122Enllth￿i￿ TIECdleue 8llof¥l**are intr* r¥)Jseoltr*C(Ws wy15È1¥ted Som•r¥ill8 C•llege Not￿ totho financlal ￿tam•nts Forthe Jwrended 31 July2¢23 PROPERTYmlWE8TMENT6 2025 Toi*l £¥Joo 2022 (x ro 10.397 ID,3•7 io.sn 11WI 1105> 11801 V41ultknat Bndoly• 2023 22 T(tsi Cthtr £wo lo.￿7 IQ397 10.577 h)r48￿ knryowemeNB8tcc4t {1051 It￿0 ofy•¥ Afryfflpl valuwb)Idtr¢¢wmwdl wop•tyw byktyCr419Mdrf*onMIIGS (*cbAt0roLLP￿el 31 JJy2014. w3•￿￿t031 rymyat31 J* 2023 ￿lude1￿r*I￿thY￿1ukn ba%L8ofa vawknnurwtal 12 OTHERINVESTMW6 PJI ¥•l*Jatf*vau&. tWJD Group IM61m•nt $B088 101.370 910 122S31 R8kp48sied I￿rf)m9 11 {1￿> 11,3571 94J7T 98,468 110.767> 111,3421 Gw¢w Inw•bllth)ts¢omprfw.' ITh tr•UK ltr•UK £0 UK To￿1 thBUK Eroo Equty Ib.941 10.n4 10M14 533 J.370 17,650 .878 ¥33 5.eg) 58.833 2.354 Fty•dlrtWeBtsiockn 39.366 Fmed I￿¢%?h Tc4*iyrpw kn¥ry¢rnwrt• 62021 63.767 34,721 33 S#mÈMlk Colléoè Notés to tho lInand￿ stst*nents Fortho >wrendort 31 July 2023 ia PAREIIT AND su￿[lARY•jN0EATA1ON￿8 PAargar￿ThBrCh￿5dXth￿PT1USt[coM￿ryN￿. 0860W, No. 11S4S17). P•r•r¢ ¢t4*• SCTL MTST SCQL I￿L¥￿￿ 14.622 114.ngl 11,3011 Oorotkntocdbjèuth￿Ravj {17YI 2S4.1E3 137.1DDI 11D521 12n lQ.798 nwwbm£rt¢￿rllÈ ¢I£11￿k (2D2￿ by5￿￿￿￿11¢ ¢dE￿Trad1ThJ Lld Al tr¢ y￿d, a b71BTh L￿£1.U23k12O22.. £84Xlwd& 5ryThwlg CclbyTradiry Lldtotr*Cd*'. p t4￿r¢*(l£ll￿CwaSOW•J mArg¥￿ Th*¢hÈrSclthli £595¢X •tr**r¢eof£1&¥Yab (wAd Lldi0S¢mgr¥l*Coi•¥*i2￿. £93k} 14 STATalEMTOF114VESlblENTTOTALRETURN TtreTv*ie6s trove adQ￿adL1Y4th￿ poltyofiQtsl¢8tth1*J￿Nltr1 tsstsrtt*%J2D.21. IM Tru8toe5d￿thd￿￿e tsM&7wnum ￿E￿40f£2￿.s￿a dra*￿￿￿E1.85fflIr￿ Exkwth 7ot*l UrApF4ed Td Rebrn T[￿t InvEsln ro 2S.538 Tot41 Enthvm•nts 7&638 24.136 91218 GOI RwYw*oftrUltkn￿Wl$tm￿¢ 576 lThqslm8ntr*urrL total Ir¢•esThr4rotury realW*Y gain L•BS". Ir￿st￿￿MaN1e￿0rt(tsts oir*rtratsf*s TL￿• 1.410 {1, 1.410 12.8T3) 14.1791 104 iotsl ￿lL¥￿81￿¢¥i1d k w¢omeints rwxhrq (1.3221 11.3221 {2.5281 11.3221 11.3221 {2.328} 1169)) NBI rno¥YmBThtskn r•pTrrthg pDrlo {1.216) {1.1331 13.3601 At•Trddtho rewunq pgdod.. 2$.623 67J ￿r￿Ap￿ b)t•1 Y•tLm 57.B55 57.È66 EndowrnArff• 33.003 Somerrille Colkqe Mot•s to th• finan¢l•l ststgmenls For the endtd 31 July2023 DEBTORS Gr(wp Amoirt•f•lllnA dL*vAlhlhOYIHy•Ar'. Tr•¢gthbtOT 247 144 tyCd*e m6mb AmOUrtstr￿ Ofvri*blcd5 11 REIMTORS.. falllTrJ dupwtthln ongy• 2022 ColB48 JDD Tr8datrÈdfttyS 81 317 57e 40T 413 210 A¢4XWl$ ¥nd ¢•fwr•y 17 CREDrroR8'. du8 afrArfflornikn onAyW Group ¢dl•3• rooo 3&0th) eowi ofa £35M 8epknJ*41hPnAwéA1114G LtyAI & G*wo1 The by￿ tsJrnèl$ of £10M forao TrwrsaTh1£10MfLY33yo￿s￿t￿ant￿￿t r&t8of3.29%,£5kIwutqdtr30)ws￿•1Imern￿I1a1•off2.82% and atjn v*w651r* Some￿11• Colleg Not•5 tp thp finan¢lal stst•m•rts For th• ￿￿TarKI¥d 31 Juty 2023 IL￿8 OF MOVEIIENfs 011 FUN08 At 1 P4YJUEt 2922 Galr At31 J Tr￿kn £ic 23 rwc* l. F￿￿￿shIpknd1rV'. 1249} 1229) ie6) 189) I[￿Wa GE￿￿1F￿vj Fund P Nornpn Fw Sco4pn Fur {2%1 {￿1 S,Q92 1A49 2,016 2,0$4 2,0 97 {￿1 {8BI *gtsnt500.C 2. fv**d*ThlG awurd*'. Furth £SOO.(XM) 3. *￿rt$l￿P￿L Furth £500,ffj) CXhorfund•'. 1.362 2,9 11D3} 2245 3,081 11341 2,976 Tot¥1 ￿*y￿1rrt P￿VrOn1 11.0981 24MeT Endowmgm Pu￿j•-￿xp0￿jlts 1. F&1￿￿p(UThdlr*'. Cart￿￿ryApp0al Fu￿1 13n A & Wcotèe Fur* Fw L.WMky FU￿ 1F Fund 11rn 13S} 11rJi J223 1351 11241 132 1709 917 1.076 EwrtTriit Fur RoseGtham FL 61 1571 1581 ieoi 3)9 C. & D Rust￿ThJ sr(4¥FelTh7￿ Fur rthYSom8￿l￿ Rwapr¢h FLf•J Thpl¢￿ Fu Ka L WooltyFund Fund 179 1,124 4B1 120) 14n 136) 7T5 E Fu￿• Ibrrrf 29.1JS 5.798 34,933 11&eo} 2SS 1.535 112841 252 1￿1￿ 24368 Othwfvr¢A *$tr*nESOD.( 271 2. A¢ad•mk awAtd*'. Jar*tw&￿F￿ Otrrfrfur<4 *¥tr¢n£60D.OC 917 4,733 5.688 250 246 3. siudènt Swort. uts$ryFu DarnèEmlyP*Yog@ FL¥*1 3.56B Ilsn 42 17e 3,$63 963 34& Sombr¥llle College Nol¢¥ to thefinBnGial $l•tements For th• y•ar •nd•d 31 July 2023 AP4LTh$OF MOVEIIENT8ON FUlltk8th* Oth•rfutth'. 11791 11711 Lr•n RyhThgrnFur¢ 1.376 {￿1 {￿1 CALeeFur 2.95U 9.089 431 1394 727 Tot¥1 57,746 3.19È 2MS W2 &8.072 .•7 11.146 {5751 10,$71 Total End0￿0nt￿urt￿.6n)uP 94218 l Augult A131Ju p￿d Treryslw8 roc 1124 1.195 13.1*1 TOMI R••til¢t•dFurth-Col 1,195 5.192 Unrn•tr*tsd Fw {1.149} {3,LWI LDyn w￿￿ted *Jrd 3.129 132.3ee 12.1071 272 11531 113.Y7$1 4.181 T¢lthl FuThJA. 135,75g 10.038 13,232 106 1¥,156 31Q 843 {n6} lot41 Unrg•trhxod F￿•. G￿up 1,696 fos Tot41 FLmd• 232,95Q 16.349 117.150} {4,2e41 227061 19 FUNDSOFIHE COLLEGE DET￿LE A tur•J Sxts up B oAnwal i1￿1￿*￿e￿A*￿E￿th9 Urlwwsty. 1thco1ewar￿th9 GoYernm•rtoflrth.*¥*tsY Caryry F CeNwwyh4val FL k>rr&¥k Tltybl A&WcOb￿FW L.Lebty4ky Fw F￿d Femwin purKK4eJ. Ir¢[ff￿ C￿￿3￿)% CALeoFur bYTLtrX￿LF¢￿ Enwi Cty)kFw IVPTovhJeE¢lr¥Tthlr6arl trJYdlny gr4rts9ndtot￿￿ thtr4tW of* Ms•xchfdloN5hp 8 bwyt. af•IrthF￿In￿LKcVjanOrEnlllknh Hkt*Yy Rr4eGrotrom Fund 10 17W. $om•rvill• Cg11¢ Notss to thefinancial 8tstements For th? ￿•r gnded 31 July 2023 19 FUN080FTHecoLLEGE (Ef•lLs￿rrt. Daphn81)Jb)mFL C. a O Rc¢lFur EEtatrllsW Irorn a to g felmtrdpinPtyE1¢918r￿ty 9Stat4ts￿ dorAbJngtsctrMtsswr* rf4 R£￿11¢h F4llOY￿h1P. E*taUi8￿t￿￿ ofctwn*trY￿ Law Esttt41sW tyj bewest. us•dto SclrJoTstripLYF•lMNplnnw. 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