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← The Principal And Fellows Of Somerville College

2024-07-31-accounts

somerville College

Annual Report and Financial Statements

Year ended 31 July 2024

SOMERVILLE COLLEGE Annual Report and Financial Statements Contents

Governing Body, Officers and Advisers 3
Report ofthe Governing Body 5
Auditor's Report 16
StatementofAccounting Policies 19
Consolidated Statement of Financial Activities 22
Consolidated and College BalanceSheets 23
Consolidated Cash flow Statement 24
NotestotheFinancialStatements 25

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SOMERVILLE COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2024 ee

MEMBERS OF THE GOVERNING BODY

The Members of the Governing Body are the Cotlege’s charity trustees under charity law. The members of the Governing Body who served in office as members of the Governing Body during the year or subsequently are detailed below:

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |1|2|3|4|§| |Baroness Janet|Royall|Principal|e|e|°|°|| |Professor Prateek Agrawal|| |Professor|Daniel|Anthony|e|e| |Professor Jonathan|Burton|°| |Ms|Sarah|Butler|Started|10/23|°|°|e|| |Professor|Dan|Ciubotaru|e|e| |Professor|Robert|Davies|Resigned|12/23|e| |Professor Julie|Dickson|«| |Professor Samantha|Dieckmann|°| |Professor|Beate|Dignas|e| |Professor Emily|Flashman|e|;| |Professor|Christopher|Hare|e|| |Professor|Michael|Hayward|e|bad| |Professor|Michelle|Jackson|«|°| |Ms Sara|Kalim|Development|Director|e| |Professor|Simon|Kemp|«|e| |Professor James|Kirkpatrick|Resigned|08/24|e|bed| |Professor|Rebin|Klemm|e|«| |Professor|Margaryta|Klymak|Resigned|12/23|| |Professor|Markos|Komaditis|| |Professor|Renaud|Lambiotie|e| |Professor Lois|McNay|Vice|Principal|sd|e|e| |Professor|Louise|Mycock|e| |Professor|Karen|Nielsen|e| |Dr|Natalia|Nowakowska|e|e| |Professor|Patricia|Owens|°|e| |Mr Andrew|Parker|Treasurer|&|Domestic|Bursar|°|e|e|e|e| |Professor|Colin|Philips|Started|01/24|e| |Professor Luke|Pitcher|Dean (from 04/23)|.| |Professor|Charlotte|Potts|°|*| |Dr Stephen|Rayner|Senior Tutor|e|e|°|e| |Professor Stephen|Roberts|e|e| |Professor|Elena|Seiradake|sd| |Professor|Steven|Simon|e| |Professor|lyiola|Solanke|bed| |Professor|Francesca|Southerden|«| |Professor Charles|Spence|°|

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SOMERVILLE COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2024

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1 2 3 4 5
Professor Fiona Stafford e
Professor Almut Suerbaum e
Professor Annie Sutherland e e
Professor Benjamin Thompson e
Dr. Damian Tyler e
Professor Konstantina Vogiatzaki e
Professor Philip West e
Professor MatthewWood Resigned 12/23 e
Professor Faridah Zaman e e
ProfessorNoaZilberman ® e

During the year the activities of the Governing Body were carried out through five main committees. The current membership of these committees is shown above for each Fellow.

(1) Standing Committee
(2) Finance, HR & Equality Committee
(3) Education Committee
(4) DevelopmentCommittee
(5) ITCommittee

COLLEGE OFFICERS

The officers of the College to whom day to day management is delegated are as follows. Principal Baroness Janet Royall Senior Tutor Dr Stephen Rayner Treasurer (Finance & Estates Bursar) Mr Andrew Parker Domestic Bursar Mr Andrew Parker Development Director Ms Sara Kalim Librarian & Archivist & Head of IT Ms Sarah Butler

COLLEGE ADVISERS

Investment managers Newton Investment Management Ltd Oxford University Endowment Management Investment property advisers Bidwells LLP Auditors Crowe U.K. LLP Bankers Barclays Bank Plc Solicitors Penningtons LLP COLLEGE ADDRESS Woodstock Road, Oxford, OX2 6HD COLLEGE WEBSITE www.some.ox.ac.uk

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SOMERVILLE COLLEGE Report of the Governing Body Year anded 31 July 2024

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The Members of the Governing Body present their Annuat Report for the year ended 31 July 2024 under the Charities Act 2011 together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

Somerville College in the University of Oxford, which is known as Somerville College, (“the College”) is a tax exempt educational institution governed by a Charter and Statutes. The College was founded under the title of Somerville Hall in 1879 by a committee chaired by Dr Percival as a non-denominational hall of residence for women and in 1881 was incorporated as an association not intended for profit under the Companies Acts of 1862 and 1867. The title of College was adopted in 1894.

The College registered with the Charities Commission on 22nd December 2010 (reg. number 1139440), The names of all members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages2 to 4.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documents

The governing document of the College is the 1951 Charter and Statutes of Somerville College, Oxford. In 1926 the College was incorporated by Royal Charter as “The Principal and Council of Somerville College”. In 1951 its statutes were amended to restrict membership of the Governing Body to the Principal and Fellows. In 1959, when it was admitted with the other Women’s Societies as a full College of the University, its corporate designation became “The Principal and Fellows of Somerville College in the University of Oxford”. The Special Statute of 1961 amended Paragraph (c) of Article 3 of the Charter concerming the investment objectives. In 1992 the Charter and Statutes were changed to enable the admission of men at both senior and junior level.

Governing Body

The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, who Is the Chancellor of the University of Oxford. The Governing Body is self-appointing, and has such powers as are conferred on it by ite Charter and, subject thereto and to the Statutes, has the entire direction and management of the affairs of College.

The Governing Body appoints the Principal, Fellows, Senior Tutor, Tutors, Lecturers, Librarian, Treasurer and such administrative and other Officers as the Governing Body thinks necessary from time to time. The Governing Body appoints Committees and delegates to them such powers as It thinks fit.

The Governing Body determines the on-going strategic direction of the College and regulates the administration and the management of its finances and assets. It meets regularly under the chairmanship of the Principal and is advised by nine committees.

Recrultment and training of Members of the Governing Body

New members of the Governing Body are normally recruited through a joint appointment process with the University of Oxford in the case of academics which includes open advertisement of the posts and a professional selection and appointment process. In the case of posts funded solely by the College, recruitment is also through open advertisement of the post followed by a professional selection and appointment process including external representatives as appropriate. New members of the Governing Body are inducted into the workings of the College, including Governing Body policy and procedures, 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 Bady attend external trustee training and information courses as appropriate to keep them informed on current issues in the sector and on regulatory requirements.

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Remuneration of Members of the Governing Body and Senior College Staff

Members of the Governing Body who are primarily Fellows are teaching and research employees of the College or University and receive no remuneration or benefits from their trusteeship of the College. Those trustees that are also employed officers 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 majority of members of Remuneration Committee are either Professorial Fellows not in receipt of remuneration from the College or independent external appointments. Where possible, remuneration is set in line with that awarded to the University’s academic staff, or external market forces where appropriate.

College Officers, the key management team, are set out on page 4.

Organisational management

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 carried out by the following committees:

« Standing Committee

Responsibility for agreeing the agenda for meetings of Governing Body; developing academic and other strategies for the College, and monitoring decision-making, and developments that bear on these strategies; considering academic appointments and bids for association with University posts; considering requests for buy-outs and leave, with particular attention to their impact on teaching resources; receiving the reports of ad hoc working groups; discussing items which by reason of their complexity and difficulty are beyond the remit of other committees, or which need further attention beyond that given to them in a specialised committee, ¢.g. Finance Committee; giving close consideration to policy issues within the wider University, and external bodies, in preparation for consultation with the Governing Body.

e Finance, HR & Equality Committee

Responsibility for advising the Governing Body on all matters of financial policy and practice, and in particular on the financial implications of any proposals under consideration; presenting annual statements of accounts for tha preceding year; approval of budgets and review of management accounts for each period; authorising exceptional expenditure from revenue and making recommendations in respect of capital expenditure; reviewing the college’s investments and properties and income drawdown from investments; annual review of alt charges made by the College; review of policy and administration relating to conferences, and approval of levels of charges; review of salaries for all College employees and others paid by the College as advised by the Remuneration Committee; considering other financial issues, as appropriate. Finance Committee also has responsibility for, HR, equality and diversity issues.

« Education Committee

Responsibility for general policies and planning on teaching and learning; the progress, industry and conduct of undergraduates and graduates; the awarding of scholarships, exhibitions and prizes from the appropriate funds, and carrying out an annual review of award holders; examination results; the awarding of course and travel grants from the appropriate funds; the initiation of the College’s academic disciplinary procedures in cases of students who fail to meet the standard of application and attendance expected by his or her Tutor; review and report to the Governing Body on the progress and welfare of student members and make recommendations to the Governing Body for the award of College scholarships, exhibitions and prizes.

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« Development Committee

Responsibility for recommendations on development and fundraising strategy and activities, liaison with the Development Board, which consists of external members,

« IT Gommittee

Responsibility for developing recommendations on IT strategy, service levels and IT projects and provision of guidance and assistance to the IT function within the College.

The Governing Body is also supported by additional committees, including Library, Nominations and Remuneration.

The day-to-day running of the College is delegated to the Principal, the Senior Tutor, and the Treasurer. They form a management team together with the Librarian and the Director of Development.

Group structure and relationships

The College administers many special trusts, as detailed in Notes 18 to 19 to the financial statements.

The College also has two wholly owned non-charitable subsidiaries: Somerville College Trading Limited, and Somerville College Developments Limited both of whose profits ara donated to the College under the Gifi Aid Scheme. The trading activities of Somervilla Collage Trading Limited primarily comprise revenue from letting of the College facilities when not in use by the College. Somerville Collage Developments Limited is the vehicle through which the college undertakes major capital projects. The subsidiaries’ aims, objectives and achievements are covered in the relevant sections of this report. The Margaret Thatcher Scholarship Trust, which is a company limited by guarantee is also part of the Group. The Trust has one member, Somerville Collage.

The College is part of the collegiate Liniversity of Oxford. Material interdependencies between the University and the College arise as a cansequence of this relationship.

Risk management

The College is engaged in risk assessment on an on-going basis. Policies and procedures within the College are reviewed by the Finance, HR & Equality Committee, chaired by the Principal. Financial and investment risks are assessed and monitored by the Finance, HR & Equality 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 development are available, when requested, to members of staff to enhance their skills in risk-related areas.

The Governing Body, who have ultimate responsibility for managing any risks faced by the Coilege, have given consideration to the major risks to which the college and its subsidiaries are exposed and have concluded that adequate systems are in place to manage these risks. It is recognised that systems can provide only reasonable but not absolute assurance that major risks have been managed.

The four principal risks identified in the college's risk register are:

¢ = =©The impact of the UK leaving the European Union on students, academics and funding. The decision to leave the EU will have a significant adverse impact on research funding and on the college's ability to attract EU studenis and EU academics. The only mitigation available is to lobby government.

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e The potential impact of the Teaching Excellence Framework on college funding and its academic reputation. The inappropriate application of the TEF may lead to the reputation of the college's teaching being damaged, which in turns may lead to reduced funding. Possible mitigation is te fobby government in the hope of influencing the application of the TEF.

« The escalating housing costs in Oxford act as a barrier to high calibre academics coming to college which in tum risks damaging academic achievement and reputation. Mitigations available are the joint equity scheme available to Fellows, the availability of some rental properties and paying housing allowance to Fellows.

« The impact of reduced government funding on teaching and research. Reduced government funding risks eroding the quality of teaching and research and risks damaging Oxford and Somerville's ability to compete internationally for the best academics and the best students. The best mitigation available to us is to lobby centraf government through the University.

OBJECTIVES AND ACTIVITIES Charitable Objects and Aims

The College's Objects are:

« To provide for women and men who are members of the University of Oxford the protection and training of an Academic House and, with that object, to carry on the work of the old Association (known as Somerville Hall} with such modifications and changes as may from time to time appear desirable.

¢ Todo all such other things as are incidental or conducive to advancing education, learning and research in Oxford and elsewhere.

The Governing Body is mindful of the long-standing requirement to provide public benefit and of the disclosure requirements of the Charities Act 2011. In this connection the Governing Body has monitored closely the general and supp/emental guidance produced by the Charity Commission, in particular its public benefit guidance on advancement of education and on fee-charging.

The college’s aims for the public benefit are:

i. Te advance education, learning and research, in particular by providing, in conjunction with the University of Oxford, an education for 449 undergraduate and 273 graduate students. This education is recognised internationally as being of the very highest standard and develops students academically, personally and socially, preparing them to play a full and effective role in society. ln particular, the College provides:

e teaching facilities and individual or small-group teaching, together with academic, pastoral and administrative support;

ii. To advance research by providing:

« official Fellowships, Career Development Fellowships, and Junior and Senior Research Fellowships to outstanding academics, to enable them to develop their research work and disseminate their research in the public domain; and

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e facilities and grants to assist with the pursuit of research, including grants for attendance at national and international academic conferences and assistance with the costs of research trips and research materials.

The aims set for the college's subsidiary is to help finance the achievement of the college’s aims as above.

Activities and objectives of the College

The college's principal activity, as specified in the college's objects is to provide for members of the University of Oxford the protection and training of an academic house.

In 2023.24, the College had 416 undergraduates {excluding clinical and graduate-entry medics and students on suspension) and 329 graduates (including clinical and graduate-entry medics and excluding DPhil students who had submitted their theses) and admitted students in the following subjects: Biochemistry; Biological Sciences; Chemistry; Classics (including Joint Schools); Classical Archaeology & Ancient History; Computer Science; Engineering; English (including Joint Schools); Psychology, Philosophy and Linguistics; History (including Joint Schools); Law; Linguistics; Mathematics; Medicine; Modern Languages (including Joint Schools); Music, Philosophy, Politics & Economics; and Physics. [t should be noted that the undergraduate population is close to the long-term average following to the additional admissions in 2020 {due to the pandemic) and additional admissions in 2021 deferred from the previous year.

In orderto assist undergraduates entitled to Student Support, the College provides, through a scheme operated in common with the University and other Colleges, bursary support for those of limited financial means. For the academic year 2023.24, the number of awards made was 75; 53 of the awards were for £3k or more; and the average value of the awards was £3.9k, with a total of £289k being disbursed in the year. The scheme is approved by the Office of Fair Access and provides benefits at a substantially higher level than the minimum OFFA requirement.

To support the costs of graduate students, the Collage provides substantial financial support. This includes scholarships to fund fees and living costs, ‘top-up’ funding to fill funding shortfalis in students’ funding packages and a grant scheme to assist with the purchase of books and equipment, attendance at conferences and travel grants. The total amount expended by the College to graduate students in 2023.24 for this purpose was £592k.

The College also makes awards for academic development and has various scholarships and prizes available to reward academic excellence. During 2023.24 the College awarded £242k for this purpose.

In addition to its other programmes, the College operates a hardship scheme for students in financial hardship and provides access to hardship schemes operated by the University. For the academic year 2023.24 the College awarded £24k in discretionary loans and grants and provided £86k of free vacation residence.

A programme to encourage legacies to be made to the College is in place and annual fundraising campaigns include the provision of support for students suffering financial hardship.

Public benefit

The college remains committed to the aim of providing public benefit in accordance with its founding principles.

The college admits as students those who have the highest potential to benefit from the education provided by the college and the university and recruits as academic staff those who are able io contribute most to the academic excellence of the college. in the case of both students and academic staff, recruitment is regardless of financial, social, religious or ethnic background, age or gender:

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e there are no geographical restrictions to those who may benefit from the college’s aims and objects. Students and academic staff of the college are drawn from across the UK and intemationally;

To raise educational aspiration and attract outstanding applicants who might not otherwise have considered applying to the college, the college operates an extensive outreach programme as part of university-wide initiatives to widen access. This programme is under the responsibility of the Senior Tutor and includes an extensive programme of visits by schools to the college, open days, admissions symposia for teachers as well as visits to schools and guidance and information on the college website for prospective applicants.

The college maintains an extensive library so providing a valuable resource for students and Fellows of the college. The college makes its library avaliable to members of other colleges and the University of Oxford more widely, external scholars and researchers, as well as local children from maintained and other schools as part of educational visits.

The Trustees confirm that they have complied with the duty in Section 17 (5) of the Charities Act 2011 to have due regard to the guidance issued by the Charity Commission on public benefit.

ACHIEVEMENTS AND PERFORMANCE

Academic

The number of first choice undergraduate applications specifically to Somerville was 554. This was ‘topped up’ by allocation of open applications to make an initial applicant poot of 708 in 2023.24, slightly down on the year before and comprising 609 direct applications and 99 open applications assigned to Somerville.

Having Interviewed online since 2020 as a series of ad hoc decisions in response to each year's circumstances, the collegiate university decided to hold admissions Interviews online as a matter of policy for the time being and subject to review after five years. This was a farniliar process and the operation ran generally smoothly, although some individual difficulties were encountered, as was normal and would have been the case (but with the nature of problems being different) for in-person interviews. The ultimate success of the operation was thanks, as ever, to the hard work of tutors and Academic Office staff.

The 2023.24 admissions cycle marked a further return to something approaching normality following the upheaval of the pandemic years. Following the significant over-recruitment in the summer of 2020 and the legacy of deferred candidates and very cautious approach to open offers in the cycle that followed, 136 offers (including open offers) were made in the 2023.24 admissions cycle, which is approaching the numbers typical of years before 2020,

All colleges 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 being capped in absolute terms and costs rising substantially, the proportion of the costs of teaching that are covered by UK fees is likely to decline further. The shortfall is covered by overseas fees (which can be raised at the discretion of the University), endowment income, income from commercial activities and income from philanthropy (donations and jegacies}. At Somerville almost 25% of our UK domiciled undergraduates receive additional financial assistance. In the 2023.24 admissions cycle, 73.4% of UK domiciled undergraduate applicants come from state schools, which is essentially the same as the figure for the University (72.8%). 73.5% of UK offer holders were state-educated at the point of application (University: 69.3%).

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SOMERVILLE COLLEGE

Report of the Governing Body Year ended 31 July 2024

During 2023.24 the university undertook the recruitment of the second ever cohort of students for its new ‘Astrophoria Foundation Year’ and saw the first cohort achieve their final awards. Somerville’s two students from the first cohort both achieved ihe requirements to progress to year one of their respective degrees, Somerville also admitted two new Foundation Year students. It is perhaps inevitable that some candidates for the Foundation Year, selected to have come fram backgrounds of particular disadvantage where that disadvantage has significantly adversely affected their educational prospects that many candidates did not satisfy their offer conditions but Somerville’s candidates comfortably exceeded their offer conditions and will take up their places In October 2024.

Somerville undertook a full programme of access activities in 2023.24 Our Access team of Hannah Pack and Eren Slate was unchanged and they threw themselves Into activities including particularly roadshows at our still relatively new link regions of Portsmouth and the Isle of Wight with great energy and enthusiasm. Towards the end of the academic year we said goodbye to Eren, who left is to become a school teacher through the Teach First initiative.

The Oxford India Centre for Sustainable Development (OICSD) continues to develop and enhance its reputation as a forum for research focused on sustainable development in India, particularly of an interdisciplinary nature. in 2023.24, the OICSD celebrated its ten year anniversary with a characteristically engaging programme of events and talks. Professor Radhika Khosla continued as Research Director researching Into the impact of increasing demand for cooling systems as the planet heats up for which she and her colleagues had won major funding. Dr Siddharth Arora, continued as Programme Director. As ever, we are grateful to many distinguished academics 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 21 with some of our research students having to extend iheir studies due to disruption arising from various factors.

Margaret Thatcher Scholarship Trust (MTST}

In 2023.24 we welcomed seven new Thatcher Scholars: three undergraduates (of which one is an International student) and four postgraduates, The number is reduced from the previous year as we seek to cut our cloth according to our means.

We had some extraordinary successes among our Thatcher Scholars, with one winning the Dyson Sustainability Award, and another winning the 2nd de Paravicini Prize and gaining the eighth highest First Class Degree in Classics across the whole University.

The Skills Hub continues to provide invaluable training and support for all Somervillian students and for the first time this year formed part of the freshers’ week programme for our incoming undergraduates. We will monitor the effect of this on performance over the coming years.

During the course of the year, we have raised a further £100,000 p.a. for the next six years to support undergraduate scholarships. This will fund eight further undergraduate scholars starting In 2024.25.

In 2023.24 Somerville hosted twenty one Junior Research Fellows, spanning an enormous range of academic disciplines, with high quality applicants and great competition for places. The presence of such a large, diverse and talented population of researchers contributes significantly to the Somerville College community and enables these early career researchers to build Interdisciplinary tinks. The range of studies has been immense, from subjects such as Medicine, Classics, Maths, Linguistics, Economics, Philosophy and others, with top rank quality being the only thing they all have in common.

The college continues to have a diverse Fellowship which is active in teaching and research. There is insufficient room to summarise the research and recognition of all our Fellows but some highlights, in no particular order, are given here. Two of our Senior Research Fellows were awarded medals by the Royal Society. Professor Sir Marc Feldmann the Royal Medal in recognition of his work on autoimmune diseases. Profassor Tony Bell was awarded the Rumford Medal in recognition of his contribution to theoretical developments in cosmic ray acceleration and origins. Julie Dickson, Tutorial Fellow in Law,

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SOMERVILLE COLLEGE Report of the Governing Body Year ended 31 July 2024

won the 2024 Alice Tay Book Prize for excellence in Legal theory for her book ‘Elucidating Law’. Robin Klemm works on metabolism and diabetes, In 2023.24 he was awarded a grant from the Chan Zuckerberg Initiative. Professor Karen Margrethe Nielsen, our Tutorial Fellow in Ancient Philosophy, completed the second year of a Leverhulme Major Research Fellowship in 2023.24, working on Aristotle's Theory of Decision and its Legacy.

Somerville Fellows also continued to play a key role within the collegiate university although we look forward to two of them returning to college teaching duties. Professor Benjamin Thompson completed an extended term as Associate Head (Education) of the Humanities Division and embarked on a year’s sabbatical to allow him to catch up on research. Professor Almut Suerbaum completed her sabbatical after guiding the Faculty of Medieval and Modem Languages through very challenging times as Chair of the Faculty. Professor Suerbaum continues to contribute to the Faculty's activities by leading on their Athena Swan work.

College Officers play key roles on various Conference of Colleges committees, including ICT Steering Committee, the committees of Estates Bursars, College Librarians and many more.

Providing a world-class education for our students, as well as for the generation of students to come after them, remains our highest priority. The current financial 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. It continues to be our firm resolution is that no student with the academic ability to study at Somerville should be unable to take up or continue with their place due to financial pressures.

Fundraising, alumni relations and communications

Although the wider economic situation continues to be challenging, the kind support of many Somervillians and friends has been steadfast. We have had another successful fundraising year, with over £5 million in cash received, against last year's £3.3 million.

An exceptionally generous bequest from the late Dr Christian Carritt has amounted to £3,050,000, with more funds to be distributed in 2024.25. This will support music, history and medicine at Somerville.

The Liz Cooke Fellowship, founded in memory of our colleague who died last year, has enjoyed support from across the Somervillian community. It is with sense of gratitude that we can now announce that the named Fellowship in History will allow for the study of the subject at Somerville in perpetuity. The Fellowship benefited from the Carritt Bequest, but was also funded by many others: over £50,000 was raised in a crowdfunding campaign and over £315,000 was donated to the College directly.

We have continued to award Sanctuary Scholarships to refugee students and academics at risk. There have been eight Sanctuary Scholars at Somerville in 2023.24. A new scholarship aimed at Indian students from marginalised communities, the Savitribai Phule Scholarship, has been added to the range Offered at the Oxford India Centre for Sustainable Development (OICSD), We have received donations from fourteen legators, totalling nearly £3.8 million. In addition to the Carritt Bequest, there have been other significant gifts: one of nearly £260,000, one of £220,000, and another one of £175,000.

This year, over £740,000 came in for our Annual Fund {now known as the Somerville Fund), including nearly £336,000 In unrestricted donations. The telethon tock place in late September, at its regular time, and brought in nearly £180,000 in new funds raised.

As before, we have had a very busy year of events, with some of those taking place in person, some held entirely online, and some, in hybrid format. The second Cedar Circle event took shape of a webinar and was well attended by our regular donors. The Family Day attracted over four hundred visitors of all ages, while the second meeting of the Penrose Society welcomed our legators. Other highlights included the celebration of Somerville as a College of Sanctuary, a Golden Reunion, a Literary Lunch, alumni events in Oxford, Cambridge, London — and internationally, in Singapore, Kuala Lumpur, and Hoang Kong. The series of carol concerts (held both in College and at Temple Church in London) was a great success. The Somerville Choir also went on tour to India, to mark the 10th anniversary of OICSD.

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Report of the Governing Body Year ended 31 July 2024

SOMERVILLE COLLEGE

This year, the Communications team have worked closely with the wider Development team on the RISE campaign. This has involved the production and editing of the main campaign film, as well as of the six shorter videos dedicated to the four pillars of RISE, with commentary from the Principal and the Treasurer. Comm’s have alse collaborated with the Campaign Director to develop the RISE micrasite, creating a compelling online hub for the campaign. RISE merchandise, including bookmarks and banners, has been designed to support the forthcoming launch.

The most recent issue of Somerville Magazine focused on the themes of climate change, sanctuary, and the ethical use of Al. The Magazine also celebrated 30 years of Somerville going mixed. The Communications team have been working to transform the College Report into a primarily digital publication, which will result in significant financial savings and be more sustainable. A new digital publication platform has been identified, and we hope its use makes the reading experience more interactive and accessible. Finally, training in film and desktop publishing, recently undertaken by the Communications team, should create a more autonomous comm’s unit.

We continue to adhere to GDPR and ethical fundraising, and are undertaking a review of our guidance on accepting donations. We have not received any compiaints about our fundraising activities during the period covered by this report.

FINANCIAL REVIEW

Summary

The dominant feature of the year was the growth in the value of our endowment after a few years when it was eroded by the macro-economic climate, The endowment grew by £8m from £91m to £99m, of which £3m derived from a very generous fegacy from Dr Christian Carritt, which will be used to fund history teaching, music provision and graduate medical scholarships.

Unrestricted expenditure on charitable activities was offset by the release of the £2m provision against future employer USS pension contributions as a recovery in the scheme’s investments moved the actuarial valuation from a significant deficit to a significant surplus in the year.

Pressure on costs eased during the year producing a £0.7m surplus on unrestricted funds (before investment gains) and a £0.3m deficit on restricted funds, as we continue to use unspent restricted funds to subsides our core operations, Overall net assets increased by £10m from £228m to £238m.

Reserves policy

The College's reserves policy is to establish, and thereafter maintain sufficient free reserves to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall.

Our free reserves were significantly eroded by the Impact of Covid 19 in 2020.21 and 2021.22. Free reserves now stand at £(0.4)m (2023: £(0.4m)}).

In addition to this the college has designated unrestricted reserves of £133m to cover the value of its fixed assets, plus £0.5m to fund anticipated future capital expenditure. There is also a designated fund representing a sinking fund to repay the private bonds when they fall due. At July 2024 this stood at £3.7m (2023: £3.3m).

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SOMERVILLE COLLEGE Report of the Governing Body Year ended 31 July 2024

Investment policy, objectives and performance

The College's investment objectives are to balance current and future beneficiary needs by:

Investment risk is hedged by splitting our investments between OUEM and Newton. The College operates a tofal return policy on its investments with QUEM and Newton.

The investment strategy, policy and performance are monitored by the Finance Committee. At the year end, the Group's long-term investments, combining the securities, property and other investmenis, totalled £121m, an increase from £105m in 2023, in part because of a reallocation of off-site residential properties from tangible assets to investment properties.

FUTURE PLANS

The College’s future plans as agreed by the Governing Body are set out in the College Strategic Development Plan. The core elements of this are:

Specific development plans have been agreed for the separate departments within the College to ensure that the College continues to enhance its ability to providea first-class education.

14

Statement of Trustees’ Responsibilities

Year anded 31 July 2024

SOMERVILLE COLLEGE

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations.

Charity law requires the Governing Body to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity law the Governing Body must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the College and of its net incoming or outgoing resources for that period. In preparing these financial statements, the Governing Body is required to:

The College has cash resources and has no further requirement for external funding in excess of current facilities. The Trustees have a high expectation that the College has adequate resources to continue in operational existence for the foreseeable future. In making their assessment the Trustees have considered the impact on the business of Covid-19 including the ability of the College to continue to operate as a College of the University of Oxford. They continue to believe the going concem basis of accounting appropriate in preparing the annual financial statements.

The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College’s transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Governing Body on 4th December 2024 and signed on its behalf by:

Baroness Jan Royall

Principal

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15

SOMERVILLE COLLEGE Auditor's Report Year ended 31 July 2024

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Opinion

We have audited the financial statements of Somerville College (‘the charity’) and its subsidiaries (‘the group’) for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with international Standards on Auditing (UK) (ISAs (UK)} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financtal statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we hava obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties refating to events or conditions that, individually or collectively, may cast significant doubt on the charity's or the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for Issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are dascribed in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibillty is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. if we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material

16

SOMERVILLE COLLEGE

Auditor's Report Year ended 31 July 2024

misstatement 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 have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or sufficient and proper accounting records have not been kept by the parent charity; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the Information and explanations we require for our audit,

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 15, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concer basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

17

SOMERVILLE COLLEGE Auditor's Report Year ended 31 July 2024

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We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required 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 cperate 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 regulaticorresp on sdence, to enquiryif any. ofthe Trustees and other management and inspection of regulatory and legal

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 maierial misstatements in the financial statemenis, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statamenis, 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 contrals. 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 fo 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.

Curowe. UL Wt

Crowe U.K. LLP Statutory Auditor

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.

18

SOMERVILLE COLLEGE

Statement of Accounting Policies Year ended 31 July 2024

  1. Scope of the financial statements

The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiaries Somerville College Trading Limited and Somerville College Developments Limited, as well as the Margaret Thatcher Scholarship Trust. No separate SOFA has been presented for the College alone as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary of the results and financial position of the charity and its subsidiary for the reporting year are in note 13.

2. Basis of accounting

The College's individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular FRS 102.

The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consalidated financial statements in accordance with The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102.

The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year.

3. Incoming resources from fee Income, OfS support and other charges for services

Fees receivable, OfS support and charges for services and use of the premises are accounted for in the period in which the related service is provided.

4, Incoming resources from donations, legacies and Government grants

Voluntary income |s accounted for when the College has entitlement to the funds, the amount can be reliably quantified and there is reasonable certainty of its ultimate receipt.

Voluntary income received without restriction as to utilization or for the general purpose of the College is credited io unrestricted funds.

Voluntary income which is subject to specific wishes of the donor is credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received otherwise than in cash, they are valued at the market value of the underlying assets received at the date of receipt.

Payments under the Government's furlough scheme are recognised when receivable and classified as other income in the SOFA

  1. Investment income

Interest on bank balances and fixed interest securities is accounted for In the period to which the interest relates.

Dividend income and similar distributions are accounted for In the period in which they become receivable.

Income from investment properties is accounted for in the period to which the rental income refates.

19

SOMERVILLE COLLEGE

Statement of Accounting Policies Yoar ended 31 July 2024

6. Expenditure

Expenditure is accounted for on an accruals basis. Indirect expenditure is apportioned to expenditure categories based on the estimated amouni attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Grants awarded are expensed as soon as they become legal or operational commitments.

Governance costs comprise the costs of complying with constitutional and statutory requirernents.

intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure,

7. Leases

Renials payable under operating leases are charged in the SOFA on a straight line basis over the relevant lease terms.

The cost of the assets held under finance leases is included within fixed assets and depreciation is charged in accordance with the accounting policy for each class of asset 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 Activities and classified within finance costs as incurred.

8. Tangible fixed assets

Expenditure on the acquisition, construction or enhancement of land and bulldings costing more than £5,000 together with expenditure on equipment costing more than £5,000 is capitalised and carried in the balance sheet at hisiorical cost.

Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the Statement of Financial Activities as incurred.

9. Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over thelr expected useful economic lives as follows:

Freehold properties, including major extensions 100 years Leasehold properties 100 years or period of lease if shorter Building improvements 10 - 30 years Equipment 3-10 years

Freehold land is not depreciated. The costs of maintenance are charged in the Statement of Financial Activities in the period in which it is incurred.

  1. Investments

Investment properties are valued as individual investments at their market values as at the balance sheet date. Purchases and sales of investment properties are recognised on exchange of contracts.

Listed investments are valued at their mid-market values as at the balance sheet date. Investments such as hedge funds and private equity funds which have no readily identiflable market value are included at the most recent valuations from their respective managers. Gains and losses arising on the investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the “ownership” of the underlying assets.

20

SOMERVILLE COLLEGE Statement of Accounting Policies Year ended 31 July 2024

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11. Stocks

Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.

12. Foreign currencies

Transactions denominated in foreign currencies during the year are translated at prevalling rates of exchange at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates applying at the Balance Sheet date or, where there are related forward foreign exchange contracts, at the contract rates. The resulting exchange differences are taken to the Statement of Financial Activities.

13. Fund accounting

The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the origins of the funds and the terms set by the donors. Endowment funds are further sub-divided into permanent and expendable.

Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Goveming Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds.

Restricted funds comprise gifts, legacies and grants where the donors have earmarked funds for specific purposes. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required that the capital be maintained and the income used for specific purposes.

Permanent endowment funds arise where donors specify that the funds should be retained as capital for the permanent benefit of the College. Any income arising from the capital will be accounted for as unrestricted funds unless the donor has placed restricted the use of that income, in which case it will be accounted for as a restricted fund.

Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long term benefit of the College. However, the Governing Body may at their discretion determine to spend all or pari of the capital.

  1. Pension costs

The College participates in Universities Superannuation Scheme (USS), a hybrid pension scheme, providing defined benefits based on salaries as well as benefits based on contributions, and a group personal pension scheme operated by Aviva (formerly Friends Life).

The assets of the USS scheme are held in a separate trustee-administered fund. Because of the nature of the scheme, the assets applicable to the defined benefit membership are not attributed to individual Colleges and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other Universities’ and Colleges’ employees and is unable to identify its share of the underlying assets and liabilities of the defined benefit scheme on a consistent and reasonable basis,

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 a liability and an expense in the period in which the salaries to which the contributions relate are payable. The College has entered into an agreement for the USS scheme (the Recovery Plans) that determine how each employer within the scheme will fund the overall scheme deficit. A liability is recognised at each balance sheet date for the discounted value of the expected future contribution payments under these past service deficit funding agreaments, with changes to these liabilities being recognised as an expense in the periods in which the changes occur.

21

Somerville College

Consolidated Statement of Financial Activities

For the year ended 31 July 2024

==> picture [517 x 382] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowed|2024|2023| |Notes|Funds£'000|Funds£000|Funds£'000|£000Total|£'000Total| |INCOME AND ENDOWMENTS|FROM:| |Charitable|activities:| |Taaching,|research and residential|1|7,686|-|-|7,886|6,970| |Other Trading income|3|1,326|-|-|1,326|1,094| |Donations and|legacies|2|1,342|707|3,030|5,078|3,297| |Investments| |Investment income|4|1,410|-|1,785|3,195|3,273| |Total|return allocated|to income|14|1,573|1,612|(3,385)|.|.| |Other Income|§|271|-|“|271|61| |Total income|13,608|2,519|1,430|17,557|14,695| |EXPENDITURE ON:| |Charitable|activities:| |Teaching,|research|and|residential|12,052|2460|“|14,812|16,075| |Raising funds:| |Fundraising|561|219|-|7e0|702| |Trading expenditure|169|-|-|169|171| |Investment management costs|80|121|”|201|202| |Total Expenditure|8|12,862|2,800|-|15,662|17,150| |Net Income/(Expenditure}|before gains|746|{281)|1,430|1,895|(2,455)| |Net gains/(losses) on Investments|11,|12|1,448|-|6,702|8,150|(2,634)| |Net Income/(Expenditure)|2,194|(281)|8,132|10,048|(5,089)| |Transters between funds between funds funds|78|(78)|.|.|.| |Net movement in funds for the year movement in funds for the year in funds for the year funds for the year for the year the year|2,272|(359)|8,132|10,045|{5,089}| |Fund balances brought forward balances brought forward brought forward forward|18|134,383|2,620|90,858|227,861|232,950| |Funds|carried forward at 31 forward at 31 at 31 31|July|136,655|2,261|98,980|237,906|227|361|

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Transters between funds between funds funds Net movement in funds for the year movement in funds for the year in funds for the year funds for the year for the year the year Fund balances brought forward balances brought forward brought forward forward Funds carried forward at 31 forward at 31 at 31 31 July

The notes on pages 25 to 41 form part of these financial statements.

22

|

Somerville College Consolidated and College Balance Sheets As at 31 July 2024

2024
Group		 2023
Group		 2024
College		 2023
College
Notes £'000 £000 £000 £'000
FIXEDASSETS
Tangible assets 10 151,234 158,216 151,234 169,216
Propertyinvestments.
OtherInvestments		 11
12		 18,145
102,758		 10,292
94,377		 18,145
94,498		 10,292
83,610
Total FixedAssets 272,137 263,885 260,877 253,118
CURRENTASSETS
Stocks
Debtors		 15 45
1,886		 46
2,521		 45
2,150		 46
3,149
Investments 12 918 - 918 -
Cash atbankand inhand 27 675 305 77 (689)
TotalCurrentAssets 3,524 2,872 3,190 2,506
LIABILITIES
Creditors:Amountsfallingdue withinoneyear 16 2,755 1,904 2,405 1,570
NETCURRENTASSETS 769 966 735 936
TOTALASSETS LESSCURRENTLIABILITIES 272,906 264,853 261,662 254,054
CREDITORS: failingdueaftermorethanoneyear 17 35,000 35,000 35,000 35,000
NETASSETSBEFOREPENSIONASSETORLIABILITY 237,906 229,853 226,662 219,064
Defined benefitpensionscheme Ilability 22 . 1,992 » 1,992
TOTALNETASSETS 237,906 227 861 226,662 217,062
FUNDSOFTHE COLLEGE
Endowmentfunds 18 98,950 90,858 87,936 80,287
Restrictedfunds 18 2,261 2,620 2,261 2,620
Unrestricted funds
Designatedfunds 18 137,096 136,756 137,096 136,756
Generalfunds
Pension reserve		 18
22		 {441}
.		 (381}
(1,992)		 (631)
.		 (609)
(1,992)
237,906 227861 226,662 217,062

The notes on pages 25 ta 41 form part of these financial statements.

The financial statements were approved and authorised for issue by the Goveming Body of Somerville College on 4 December 2024

Trustee: Jan Royall

Trustee: Andrew Parker

23

Somerville College Consolidated Statement of Cash Flows For the year ended 31 July 2024

2024 2023
Notes £000 £000
Netcash used inoperating activities 25 (1,411) (3,786)
Cashflows from investing activities
Dividends, interestand rentsfrom investments 3,195 3,273
Proceeds fromthesaleofproperty, plantand equipment - 178
Purchase ofproperty, plantandequipment (908) (765)
Proceedsfromsale ofInvestments 1,600 1,813
Purchaseofinvestments
Netcash provided byInvestingactivities		 {3,001}
£86		 {41)
4,458
Cashflowsfromfinancing activities
Financecosts paid		 (1,217) (1,219)
Net{additionsto)withdrawalsfromtermdeposits
Receiptofendowment		 (818)
3,030		 -
576
Netcash providedby/ (used in) financing activities 895 (643)
Change in cashand cash equivalents In thereporting period 376 29
Cash and cashequivalents atthebeginning ofthe
reporting period 305 276
Cash and cashequivalents attheend ofthereporting
period 27 675 305

The notes on pages 25 to 41 form part of these financlal statements.

24

Notes to the financial statements

For the year ended 31 July 2024

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----- Start of picture text -----
pp
1 INCOME FROM CHARITAGLE ACTIVITIES
2024 2023
Teaching, Research and Reskiential £000 £000
Unresiicted funds
Tuitionfees - UK and EU students 1,787 1,784
Tulllon faes - Overseas students 1,950 1,548
Other HEFCE suppert 213 228
Other academic income 365 242
College residential Income 3401 3,168
7,636 6,376
‘Total Teaching, Research and Residential FA 6e70
Total income from charitable activities 7.658 6,970
----- End of picture text -----

The above analysis includes £3,019k received from Oxford University from publely accountable funds under the CFF Scheme (2023: £3,6689k).

To support the strategic priority to fund more graduate scholars and lo enable outstanding students fo bake up their places regardless of their financial position, for graduate students with overseas fee status funded through Ihe Clarendon or UKRI scholarship funding schemes, the college share of the fees waived amounted to Eni] (2023: Eni). These are not Included In the fee income reported above. 2 DONATIONS AND LEGACIES AND LEGACIES LEGACIES pairs)

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----- Start of picture text -----
DONATIONS AND LEGACIES AND LEGACIES LEGACIES pairs) 2023
£000 £000
Donations and Legacies and Legacies Legacies
Unrestricted funds funds 1,342 1,526
Restricted funds funds 707 1,195
Endowed funds funds 3,030 576
§,079 3,207
INCOME FROM OTHER TRADING ACTIVITIES FROM OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES TRADING ACTIVITIES ACTIVITIES 2024 2023
£000 £000
Subsidiary company company trading Income 1,312 1,080
Other trading imeome trading imeome imeome 14 14
a|: aFL
INVESTMENT INCOME INCOME 2924 2023
£000 £000
Unrestricted finds
Commercial rent 707 571
Equity dividends 593 443
Income from fixed interest stocks - -
interest on fixed term deposits and cash (4) -
Other investment income 2t -
Bank interest at 16
7416 7,050
Restricted funds
Commercial rent - -
Equity dividends - -
Income from: fixed interest stocks . -
Interest on fixed term depoalts and cash . -
Other investment income . -
Other interest - -
Endowed funds
Equity dividends 1.785 2,227
inierest on fixed term deposits and cash . (4)
Other investment #xcome - 20
1,786 2,243
Total Investment Income Investment Income Income 3,195 32rd
----- End of picture text -----

Donations and Legacies and Legacies Legacies Unrestricted funds funds Restricted funds funds Endowed funds funds

3 INCOME FROM OTHER TRADING ACTIVITIES FROM OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES TRADING ACTIVITIES ACTIVITIES

Subsidiary company company trading Income Other trading imeome trading imeome imeome

a INVESTMENT INCOME INCOME

==> picture [76 x 11] intentionally omitted <==

----- Start of picture text -----
Total Investment Income Investment Income Income
----- End of picture text -----

2

Notes to the financial statements For the year ended 31 July 2024

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||||| |---|---|---|---| |5|OTHER (COME| |2024|2023| |£00|£000| |Miscellaneous|Income|271|#1| |eei|——_| |6|ANALYSIS OF EXPENDITURE| |2024|2023| |£000|£000| |Charitable expenditure| |Direct staff coste|allocated|to:| |Teaching,|research and residendial|6,497|6,157| |Other direct|costs|allocated|to:| |Teaching,|research and residential|5,730|5,847| |Support|and govemance costs|allocated|to:| |Teaching, research and residential|2,246|4,071| |Total charitable expenditure|14,512|16,075| |Expenditure on|raising funds| |Direct|steff costs allocated to:| |Fundraising|504|431| |Other direct casts|allocated to:| |Fundraising|230|173| |Trading expenditure|55|54| |Investment management costs|182|182| |Support and govamance|costs|allocated|to:| |Fundraising|4|43| |Trading|expenditure|114|117| |Investnent management|costs|9|20| |Tata] expenditure on raising funds|1,150|LOTS| |Total expenditura|15,662|17,150|

----- End of picture text -----

The 2023 resources expended of £17,150k represented £13,258% from unrestricted funds, and £3,192% from restricted funds,

Theand loansCollegeto iscollegesEable foonbatheassessedbasis offorneed.ConiribulionContributionsunderarethecalculatedprovisionsannuallyof StatuteIn XVaccordanceof the Universitywilh regulationsof Oxford.madeThebyContributionthe Council Fundof thaisUnivarsilyusedto makeof Oxdord,grants ‘The teachingand researchcosts Include Collage Contribution payable of £nil (2023Eri}.

26

. I |

Notesto the financial statoments For the year ended 34 July 2024

7 ANALYS03 OF SUPPORT AND GOVERNANCECOSTS

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----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Teaching| |Generating|and|Public|2024| |Funds|Ravearch|Worship|Heritage|Total| |£000|£000|£000|£000|£000| |Financlal|administration|B]|493|-|-|G31| |Human|resources|-|118|-|-|113| |iv|-|163|.|-|183| |Depreciation|135|2,183|-|-|2,318| |{Profit}/logson|fixed|assets|-|-|-|-|.| |Bank|interest|payabla|-|1,035|-|*|1,035| |Other finance|charges|-|{1,992}|.|-|(1,992)| |Governance|costs|6|240|.|-|246| |TO|eee| |Generating|Teaching| |Funds|and|Public|2023| |£000|Research£0|Worship£000|Heritage£000|£000Total| |Financial|administration|46|426|-|.|465| |Human|resources|.|107|-|.|407| |Tv|-|260|.|-|288| |Depreciation|138|2,262|.|.|2,391| |(Profit}iloss|on fixed asseis|.|(112)|-|-|(1425| |Bank|interest payable|-|1,029|-|.|1,028| |Other finance|charges|-|(118)|-|.|(116)| |Govemance|costs|6|216|-|.|222| |SS(|:|Sa|

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Frnancial and domestic adminisiration, TT and humen resources costs are attributed according to ihe estimated staff time spent on each activily. Depreciation costs and profit or lose on ditposael of fixed assete are attributed according io tha use made of the underlying assets. Inderest and other finance charges are atiributed according to the purpose of the related financing. Governance costs are alloceted fo teaching and research costs

==> picture [456 x 92] intentionally omitted <==

----- Start of picture text -----
2024 2023
Governance costs comprise: 2000 £000
OiherAuditor'sgovernance remunerationcosts- audit aervices 2432 185a7
246 222
No amount has been inckuded In govemance cosls for the direct employment cosis or reimbursed expenses of the College Fellows on the basis thal these
Payments relate to the Fellows involvement in the College's charitable activities, Details of the remuneration of the Fellows and their reimbursed expenses are
inchided as 4 separate note within these financial statements,
----- End of picture text -----

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||||||||| |---|---|---|---|---|---|---|---| |8|GRANTS|AND|AWARDS|2024|2023| |£000|£000| |During|the|year the|College|junded|research|awards|and| |bursariesto|students|from|Its|restrictedand| |unrestrictedfund|as|follows:| |Unrestricted|funds| |‘Grantsto|individuate:| |Scholarships,|prizes|and|grants|.|.| |Bursaries and|hardship awards|.|-| |Grants|to|other|institulions|.|-| |Total|unrestricted|.|-| |Restricted|funds| |Grantsbo|individuals:| |Scholarships,|prizes|and grants|748|735| |Bursaries|and|hardship|awards|81|7103| |TotalGrantsrestrictedto|other|institutions|[Ee7|cE-| |Total grants|and|awards|Leg|eg|

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The figure included above reprasents the cast to the College of the Oxford Bursary scheme, Students of this college received £299k (2023: £297). The above coats are inchided within the charitible expenditure on Teaching and Research.

2

| |

Notes to the financial statements For the year ended 31 July 2024

|

. \ |

|

==> picture [476 x 248] intentionally omitted <==

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |3|STAFF COSTS|au|2023| |The|aggregate|staff|costs|for|the|year|were|a6|follows.|£000|£000| |Salaries|and wages|6,063|5,718| |Soclal security|costs|507|503| |Pension|costs:| |Dafined|benefit|achames|(1,658)|244| |Dafined|contribution schemes|378|373| |Other|banefita|Eat|16| |5,005|7,154| |The average|number|of employees of|tha College,| |excluding Trustess,|was|as|follows.|2024|2023| |Tuition|and research|F|||62| |College|residential|148|132| |Fundraising|13|12| |Support|2|2| |Total|26|208| |The|average|number|of|employed|College|Trustees|during|the|yaar|was|a5|follows,| |University|Lecturers|28|2a| |CUF|Lecturers|al|21| |Other|a|3| |Total|——|i|

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||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The|aggregate|vatue|of|af|setiiemen!|payments|during|the|year|amounted|to|£nli(2073:|£24k)| |The|following|information|retates|to|the|employees|of the|College|excluding the|Collega|Trustees.|Details|of|the|remuneration|and|reimbursed|expanses|of the| |College|Trustees|are|included|as a|separate|note|In|these|financial|statements.| |The|numberof|employees|(excluding|the|College|Trustees)|during|Ihe|year|whose|gross|pay|and|benefits|(excluding|employer|Nl|and|pension|contributions)|fell| |withinthe|following|bands|was:| |£70,000-£60,000|.|1| |The|number|of|the|above|employees|with|retirement|benefits|accruing|was|as|follows:| |In|defined|benefits|schemes|.|-| |In|defined|contribution|schemes|1|i| |The|College|contributions|to|defined|contribution|pension schemes|tolalied|£11k|£11k|

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2

Notes to the financial statements For the year ended 31 July 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |10|«=TANGIBLE FIXED ASSETS| |Group|Assets in|Leasehoki|Freehold|Fixtures,| |course of|land and|land and|fittings and| |construction|bulidings|buildings|equipment|Total| |Foo)|£000|£'000|£000|£000| |Cost| |Ai start of|year|455|17,225|159,297|4,676|181,553| |Additions|685|-|-|223|08| |Disposals|-|-|-|-|.| |Transfers|(490)|.|469|21|.| |Transfers|to investment property|-|(7,017}|-|(7,017)| |At end of year|450|17,225|152,748|$820|178,444| |Depreciation and impairment| |Ai start of|year|-|1,479|46,939|3,919|22,337| |Dapreciaiion charge|for|the year|-|172|1,044|273|2,380| |Depreciation on disposals|-|-|-|-|.| |Transfers to investmant property|7|-|(516)|-|{518}| |At end of year|-|1,651|18,367|4,192|24.210| |Net book value| |At end|of year|650|15,574|134,382|628|151,234| |At start of|year|466|15,746|142,368|Ti|159,216| |The|above|inchides:| |£nil(2023:Enl} of|plant and|machinery|held|under|finance|leases.| |Enil|(2023:2ra) of fheurea,|fittings|and equipment|held under finance|leases.| |Cobege|Aasete in|Leasehold|Freehold|Fodtures,| |course of|land|and|land and|fitings and| |conatruciion|buildings|bulidinges:|equipment|Total| |£000|£000|£000|£000|£000| |Cost| |At slart ofyear|466|17,228|158,297|4,576|181,553| |Addilions|665|-|-|223|908| |Disposals|-|-|.|-|-| |Transfers|(490)|-|469|21|-| |Transfers|to investment property|“|.|7,017}|-|{7,017)| |At and of|year|Cia]|17,225|152,749|4,520|175,444| |Depreciation and Impairment| |At start ofyear|-|1,479|16,939|3,919|2237| |Charge for the year|-|42|1,944|273|2,389| |On disposals|-|.|.|-|-| |Transfers|to|invesiment|property|-|-|(36)|-|(516)| |At end of year|«|1,651|18,367|4,182|24,210| |Net|book value| |At end of year|660|15,674|134,382|628|151,234| |Al start of year|456|15,746|142,358|657|159,216| |The above|inchdes:| |Enlil (2023:£ra)|of plant and|machinery|held under|finance|leases.| |£nil (2023:Eni)|of fixures and|fittings held|under|finance|lsases.|

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The Cotlage has substantial long-held historic assets all of which are used in the course of the College's teaching and research activiies. These comprise Ested buildings on the College site, together with Iheir contents comprising works of art, anclent books and manuscripts and other treasured artefacts. Becausof th e ir age and, in many cases, unique nature, reliable historical cost information is not availablefor these aseete and could not be obtained exceptat disproportionate expense.

28

Notes to the financial statements For the year ended 31 July 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |41°)|PROPERTY|INVESTMENTS| |Group|2024|2023| |Agricultural|Commercial|Other|Total|Total| |F000|£000|£000|£000|£000| |Valuation at start of|year|-|40,202|-|10,292|16,297| |Transfers from tangible fixed assets|-|7017|-|7,017|-| |Disposals|-|.|.|.|-| |Revaluation gaing/(loseea)|in the year|.|836|-|836|(105)| |Valuation at end|of year|=|78,145|-|13,145|10,252| |Collage|2024|2023| |Agricultural|Commercial|Other|Total|Total| |F'oo0|£000|£000|£000|£000| |Valuation|at atart of year|-|10,282|-|10,292|10,397| |Transfers|from|tangible fixed|assets|.|T01r|-|TANT|.| |Disposals|-|-|-|-|-| |Revaduation gains/(losses}|In the year|-|336|-|B36|(105)| |Valuation at end of year|a(5|ee 5,||

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Residential property valued at £7m in 2023 wes reallocated from fixed asaets to property investments in the year.A valuation of the residential property was preparedby Mr fan Peckof Peck Property Consuttants as at 31 July 2024,

12 OTHER INVESTMENTS

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |All investments|are|held|ot fair value.| |224|2023| |£000|£000| |Group investments| |Valuation|at slart of year|94,377|96,488| |New money Invested|3,246|386| |Amounts wilhdrawn|(1,997)|(136)| |Reinvested|income|«|-| |Investment management fees|(182)|{182}| |Increase/(decreass) in value of vestments|7,414|(4,179)| |Group Investments at ond of year|102,768|O4a77| |Investments|in subsidiaries|(11,260)|(16,767)| |College investments at end of year|91,408|53,510| |Group investments comprise:|Held outelde|Held|In|2024|=|Held outside|Heid|in|2023| |the UK|the UK|Total|the UK|the UK|Total| |£000|£000|£000|£000|£000|£000| |Equity investments|20,336|8,797|733|18,941|10,784|3,725| |Property funds|-|420|a2|.|445|445| |Fixed interest stocke|2,368|6,731|9,899|2,720|3,530|6,250| |Altemative|and other investments|42,367|18,157|60,824|39,366|16,871|56,237| |Fixed term deposits and cash|-|4,482|1,482|-|720|720| |Total group Investments|06,1 77|36,507|102,758|G2,0aF|32000|are|

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Currentazset investments of £978« relate to restrictedfunds, held in a 95-day Notice Account with Barclays Bank.

==> picture [1 x 11] intentionally omitted <==

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|
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30

| ' ; '

Notes to the financial statements For the year ended 31 July 2024

| |

a 43. PARENT AND SUBSIDIARY UNDERTAKINGS

TheCollegeCollegepremises,hoids 100%and 100%of theof Issued the Issued sharesharecapitalcapitalin Somervilleof SomerviteCollegeCollegeTradingDevelopmentsLimited, a companyLimited. pravidingTha College conferenceis the sofeandand othercontrotingevent servicesmemberonof theThe Margaret Thatcher Scholarship Trust (Company No. 08500005, Charity Na, 1154547).

==> picture [456 x 174] intentionally omitted <==

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||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The|resultsand|thee|assets and abilitiesof|the|parentand|subekliarles|at|the|year|end|were|aa|follows.| |Parent College|SCTL|MTST|sco.| |£000|£000|£000|£000| |Ineome|15,558|1,312|690|.| |Expenditure|(13,693)|{1,075}|(737)|-| |Donation to College under gilt|aid|-|{237}|-| |Result for the year|Toae|-|Gy|*| |Total assets|262,900|426|11,837|18| |Total kabilities|(96,238)|(426)|(593)|(18)| |Net|funds|at the|end|of year|226,002|=|11,244|5| |ofDuring£82kthe(2023: year.a£1,023k) managementwas owedcharge bySomervilleof|£192k|College Trading(2023: £108k}wasLidpald to theby College,Somervillea balanceCollege Tradingof|£587k Lidwasto owed the College, by|the|MargaretAt the|year end,Thaicher Scholarshipa|balance| |Trustto the|College|(2023: £412k),a balanceof|£18k|was|owed|bySomerviiie College Developments LidtoSomerville|College|(2023:|£13k}|

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14 STATEMENT OF INVESTMENT TOTAL RETURN

Thethe TrusteesTrusteesdecidedhave adoptedto takeathedulymadmum authoriseddrawdown policyof availabletotal returnfrom accountingOUEM o f or£2m, tie Colland a ge Investment retumsdrawdown of £1.65m fro mm thN e wton.start of2020.21, This year,

==> picture [455 x 271] intentionally omitted <==

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|||||||||| |---|---|---|---|---|---|---|---|---| |Permanent Endowment|Expendable|Tatal| |Unapplied|Endawnrent|Endowments| |Trust for|Total| |Investment|Retum|Total| |£000|£000|£000|£006|£'000| |At the beginning of the year:| |Gilt component of|the permanent endowment|25,623|-|25,623|-|25,623| |Unapplied total retum|-|7,360|7,380|-|7,380| |Expendable endowment|-|-|-|57,855|57,865| |Total Endowments|25,623|7,380|33,403|57,655|90,3688| |Movements|in the reporting|period:| |Gat of endowment funds|2,421|-|2421|408|3,030| |Recoupment of trust for|investment|-|-|.|-|-| |Allocation from trust for|Investment|-|-|.|-|-| |investent retum:|total Investment income|-|ods|648|1,137|4,765| |investment return:|realised and unreaiited|gains and|losses.|.|2,259|2,259|4443|6,702| |Less:|invesiment management|costs|-|-|-|-|-| |Gther transfers|hd|pe| |Total|2.421|2,907|5,428|6,188|17| |Unappiied total ratum allocated to income in the reporting pariod|-|(1,230)|{1,230}|(2,155)|(3,385)| |Transfers|between|funds|-|-|-|-|-| |-|(1,230)|(1,230}|(2,165)|(3,385)| |Net movements in reporting|period|2,€21|4677|4,058|4,034|$132| |At end of the|reporting|period:| |Gift component of the permanant endowment|28,044|-|28,044|-|28,044| |Unapplied total return|-|9,057|9,057|.|9,067| |TatalExpandable Endowments endowment|23,044-|$057-|37,101.|SLE|61,3890|

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|

|

3

Notes to the financial statements For the year ended 31 July 2024

==> picture [476 x 100] intentionally omitted <==

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|||||| |---|---|---|---|---| |15|DEBTORS| |2024|2023|2024|2023| |Group|Group|College|Collage| |£000|£000|£000|£000| |Amounts falling due|within one year:| |Trade debtors|537|be]|167|247| |Amounts owed by College membars|So7|461|557|401| |Amounts owed by Group undertakings|.|-|ea?|14583| |Prepayments and ecorued income|376|759|323|595| |Other debtors|416|353|46|393| |a|————|eee read|lena|

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18 CREDITORS: falling falling due within one year one year year

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CREDITORS: falling falling due within one year one year year 2024 2023 2024 2023
Group Group College College
£006 £000 £'006 £000
Trade creditors 1,392 662 1,212 407
Taxation and soctal security 31 413 187 732
Accruals and deferred income $63 450 637 442
Other creditors 385 489 369 489
aE5: O_O XR FL
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17) «= CREDITORS: falling due after more than one year

Other creditors

==> picture [176 x 66] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |2024|2023|2024|2023| |Group|Group|College|College| |£000|£000|£000|£000| |35,000|35,000|35,000|35,000| |36,000|35,000|35,000|35,000|

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OtherTheand private£10mcreditorssecuredbond consist placementfor 30of yearsa £35mconsistsatprivatean Interestof£10placement forrate 30of 2.20%.yearsbond andsecured£10withfor 33Prudential years at anM&G Interestand Legalrete&Genaralof 3.20%, £5m secured for 30 yeara at an Intarast rate of 2.82%

32

Notes to the financial statements For the year ended 31 July 2024

18 ANALYSISOFMOVEMENTS ON FUNDS
At1 August
2023
£000		 Incaming
TRSOUICHS
£000		 Resourcas
expended
£000		 Transfers
£000		 Gains!
{losses}
£000		 At 31uly
2024
£000
EndowmentFunds -Permanent
1,Fellowship funding:
FellowshipEndowmentFund
indicaGandhiFund
CatherineHughes Fund
P.NormanFellowshipFund
ScoffanFund
MusicFund
‘Otherfunds leasthan£600,000		 6,505
§,002
1.449
4,934
1,980
-
1,844		 1,921
133
32
43
a4
500
43		 -
-
-
-
-
-
-		 {232)
{211)
(61)
{62)
(63)
-
{82)		 426
367
2
150
183
-
161		 6,620
5,311
1,832
2,045
2,094
BOO
2,056
2.Academicawards:
Fundsleesthan£500,000 1,352 30 . {57) 105 1,430
3,Studentsupport:
Fundslessthan£500,000
4. Other funds:
College CapitalFund
ChoirFund		 2,245
2,976
-		 50
66
900		 -
-
-		 (35)
(125)
-		 174
231
-		 2,374
3,148
900
Totalendowmentpermanent 24,387 2,962 - {1,026} 1,886 26,210
EndowmentFunds -Expendabie
4. Fellowshipfunding:
CentenaryAppealFund
E.P.A.CaphalosporinFund
A&WCobbeFund Fund
L.LabowakyFund 1992
MitchellFund
Carksle2C.A.LeeFund
EmastCookFund
MaryEwartTrust Fund
RoseGrahamFund
DaphneOsborne Fund
C.&D,Roaf Fund
MarySnowFellowshipFund
MarySomerdieResearchFund
Margaret ThatcherFund
K&L Woolley Fund Fund
Wollson Fund
EGouktingFund		 825
1,076
3,923
773
2,708
a7
1,032
1,242
1,769
6,530
1,406
1,726
4,124
443
1,023
775
60		 18
25
aT
7
60
20
23
28
39
145
Ky)
38
26
10
23
7
19		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
.
7		 35)
(45)
(166)
(33)
(114)
(39)
(44)
(52)
(75)
(275)
(59}
(73}
(47}
(13}
(43)
(33)
(38)		 64
Lx]
304
60
210
71
a0
LS]
137
506
109
134
a7
4
79
60
67		 872
1,139
4149
a7
2,365
Ee)
1,091
1,314
1,870
6,006
1,487
1,825
1,189
403
1,082
a5
10
Willams Fund
Otherfundslessthan£500,000
2, Academic awards:
JanetWatson Fund
Otherfundslagsthan£500,000
3, StudentSupport:		 215
78,368
5,568
33,536
917
4541
5,458		 5
620
124
754
20
637
Fira		 -
-
-
.
*
-		 3}
(1,196)
(235)
{1,431}
(3)
{191}
(230)		 17
2,198
431
2,629
71
352
423		 228
30,000
§,886
35,088
999
5,380
6,368
BursaryFund
DameEmilyPenrose Fund
Otherfunds leesthan£500,000		 3,454
868
3,426		 95
19
76		 -
-
-		 (147)
(37)
(145)		 270
&7
266		 3,702
a7
3,025
7,780 190 - (329) 603 8,244

°

| 1 '

Notas to the financial statements For the year ended 31 July 2024

==> picture [475 x 378] intentionally omitted <==

----- Start of picture text -----
13 ANALYS38 OF MOVEMENTS ON FUNDS cont.
4, Other funds:
General Endowment Fund 3,830 $2 . (166) 304 4,161
Carys Bannister Fund 1,320 2 . (66) 102 1,385
CALee Fund 46 4 . {27) 60 633
Other funds lees than £500,000 2,830 63 (119) 219 2,993
8.726 198 . (367) 675 9,232
Total endowment funds, expandable $5,900 1,848 : (2,357) 4330 59,722
Total Endowment Funds - College 80,287 4,815 . (3,385) 6219 87,536
Endowment funds held iy subsidiaries 10,571 . - - 483 11,054
Total Endowment Funds - Group 90,058 4,875 . {3,385} 6,702 98,990
At 1 August incoming Resources Galina! At 34 July
2023 resources expended Transfers. losses} 2024
£000 £00) £000 £000 £000 £000
Restricted Funds
Endowment income 2,081 TOT {2,800} 1,812 - 1,800
Other restricted funds 539 - - (78) - 461
Total Restricted Funds - College 2,620 707 (2,600) 4,734 : 2261
Restricted funds held by subsidiaries - - - . . -
Total Restricted Funds - Group 2620 707 (2,800} 1,734 : 2,201
Unrestricted Funds
General funds (608) - . 18 (317) (910)
Designated funds 500 . - . - 500
Loan designated fund 3,248 313 - - 186 3,717
Fixed Asset designated funds 133,008 10,817 (14,181) 1,638 1,896 132,879
Pension reserve (1,992) - 1,992 - - .
Total Unrestricted Funds - College 134,156 11.345 (12,125) 1,651 1438 136,465
Unrestricted funds held by subsidiaries 227 690 (737) - 10 190
Totel Unrestricted Funds - Group 134,383 12,035 (12,262) 1,651 1.448 436,655
Totel Funds 227,861 17,557 (15,662) . 8,150 237,006
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719 FUNDS OF THE COLLEGE DETALS

‘The following is a summary of the origins and purposof each of th e Fundss

Endowment Funds - Permanent:

Fellowship Endowment Fund A fund established for the purpose of bullding up a general endowmentof official stipends. Indira Gandhi Fund A Joint initiative between the University, tha Collage and the Government of india, to provide graduate scholafo r studentsshipsfrom india to study in Oxford on programmes refaling lo sustanable development. Endowment Funds - Expendable: Carys Bannister Fund Established from a bequest, used to fund medicine. Centenary Appeal Fund An appeal establishedto mark the College's centenary, Income currenused t owardsly Tutorial Fellowship funding. E.P.A.Cephakesporin Establiched by gifts from the £.P_A.Cephalesporin fund to recognise Dorathy Hodgkin's associationwith the College, and used ip fund Tutorial fellowship costs In medical, blolngical ar chemical sciences. A & W Cobbe Fund Established from a bequest, used ta fund tutorial costs in mathematics. MitehedL.LabowskyFundFund AEstablishedgift and subsequentfrom a bequest,legacy, usedthe incometo fund atofellowshipbe used towardsin Englishthestipendlanguageof& afiterature.Tutorial Carisle & C.A.Lee Fund AFellow fund inestabtahed English, and from thereafterseveral for generalbequests, income purposes,from which fuaxts the cost of special leave by Tutorial Fallows, Emest Cook Fund Established by benefaction to endow a research fellowship in environmental studies. Mary Ewart Trust Fund A fund used to provide scholarships and travelling grants and to fund the stipend of a Rose Graharn Fund Establichedresearch fellowship from a bequest, used Io fund a felowship in European or English History prior te 1700,

Ka

Notes to the financial statements For the year ended 31 July 2024

19 FUNDS OF THE COLLEGE DETAILS cont.
Daphne Osbome Fund
C.& D, Roaf Fund
Mary Snow Fellowship
Mary Somerville Res. Fund
Margaret Thatcher
K & L Woolley Fund
Wolfson Fund		 Established
froma bequest, used tofund afellowship inPhysicalandor Bislogical Sciences
Gifts usedto support th study andteaching of Modem Languages
A gift used tocontribute towards the stipend of a Tutorial Fetlow in theBiotogical Sciences
Afundestablished
from donalions to coverihe stipend of a ResearchFellowship.
Established tofund the teaching of Chemistry andLaw
Established by a bequest, used to provide & Scholarship or Feslowship in near,
Mikidle-EastMaditerransan
orFar EastArchaectogy
A gift from the Wolfson Foundationused to endow a tutorialfellowahip in the Natural
Sciences.
Restricted Funds:
1. Permanent endowment income
2. ExpendableendowmentIncome
3. ROQ Bulking project appeal		 Income generated from permanent endowment funds,available
for currendand future
costs
ag restrictedby the undertying endowmentfund.
Income generated fromexpendableendowmentfunds, sveilable
for currant andfuture
costsasrestricted by the underlying endowment fund.
Giftsandlegacies received in connection with theCollage Appeal, for ise in contributing
towards thecosts of new accommodation buldings on the Radcliffe Observatory Quarter
Designated Funds
Dasignated Other		 Unrestricted Funds allocated by the Fellows for currentand future costs of related to
particularpurposes,

Fixed Asset Fund

A New fund to reflect those funds invested in the College's fixed sesets.

The General Unrestricted Funds represent accumutated income from tha College's activities and other sources Ihat are avakabie for tha general purposes of the College.

The General Unrestricted Funds represent accumutated income
for tha general purposes ofof the College.College.		 from tha College's activities and and other sources Ihat are Ihat areare avakabie
20 «ANALYSISOF NETASSETS BETWEEN FUNDS
Group		 Unrestricted
Funds
£000		 Designated
Funds
£000		 Restricted
Funds
£000		 Endowment
Funds
£000		 2024
Total
£009
Tangiblefixedassats
Propertyinvesimenis
OtherInvesimenis
Netcurrantaseete/{kabilities)
Long term Rabitties		 1,500
-
205
(2,148}
*		 149,734
18,145
3,717
500
95,000}		 .
-
-
2,261
-		 -
-
98,836
184
-		 151,234
18,145
102,758
769
(35,000}
a7) Tat,Ugo PRU o5,co0 237,908
Group Unrestricted
Funda
£000		 Designated
Funds
£000		 Restricted
Funds
£000		 Endowment
Funds
£00		 a23
Total
£000
Tangiblefixedassets
Property Investments
Other Invesimanis
Net current aasets.
Long term kabilities		 1,500
+
-
(1,881}
.		 457,716
10,292
3,248
500
(38,992)		 -
.
421
2,188
-		 -
-
00,708
150
-		 159,216
10,292
MTT
68
(36,992)
(G81j 134,764 2620 90,650 227,861

21) TRUSTEES' REMUNERATION

The Fesows who are the Trustees of the College for the purposes of charity law receive no remuneration for acting as charity trustees but are paid by either or both of the University and the College for the academic services they provide tc the College.

Trusieas of the collage fall into the following categories: Headof House Professorial Fellow Official Fellow Fellow by Special Election

No trustee receives any remuneration for acting as a trustes, However, Ihose trusteas who are aleo employers of the college receive salaries for thelr work 2s employses, These salaties are paid on extemal academic and academic-raiated scales and often are joint arrangements with the University of Oxford, All Official Fellows are eligible for a Housing Allowance, which is disclosed within the salary figures below, Seven trustees live in accommodation owned by the college and pay market rent on a monthly basis,

The College hes a Reruneration Committee which makes recommendations to Geverning Body on pay and benefits which are outside of external scades.

'

35

Notes to the financial statements For the year ended 31 July 2024

21° «= TRUSTEES" REMUNERATION cont. Remuneration paid to trustees

2024 2023
Range Numberof
Trustees
/
Fellows		 Gross remuneration,taxable
benefitsandpension
contributions
£		 Number
of
Trustees#
Fet s.		 Grossremuneration,taxable
benefitsandpension contributions
é
£2,000-£2,999
£4,000-£4,999
£6,000-£6,999
£7,000-£7,989
£13,000-£13,999
£17,000-£17,098
£18,000-£13,999
£20,000-£20,998
£22,000-£22,999
£25,000-£26,999
£26,000-£26,999
£27,000-£27,999
£28,000-£26,999
£29,000-£29,999
£30,000-£30,999
£32,000-£32,609
£33,000-£33,998
£35,000-£35,989
£36,000-£36,999
£44,000-£44,998
£45,000-£46,995
£47,000-£47 989
£48,000-£48,998
£53,000-£53,993
£54,000-£54,909
£66,000-£55,999
£58,000-£58,999
£63,000-£63,999
£66,000-£08,999
£67,000-£67,090
£71,000-£71,399
£83,000-£33,999
£05,000-£95,099
£06,000-£96,999		 1
1
1
1
1
i
14
t
1
1
1
1
2
10
1
1		 2,478
7,586
18,586
20,359
28,376
28,219
432,259
3317
36,496
47,611
54,190
55,914
117,639
677,084
63,889
96,017		 1
1
2
1
4
4
41
41
1
4
10
1
4
1
1
1
2
1
9
1
t		 4,190
6,463
27,174
17,515
20,486
22,192
25,087
26,930
27,652
28,208
297,051
32,821
36,462
44,376
45,556
43,133
106,789
63,392
897,295
71,008
96,649
£118,000-£118,995 4 118,754
£120,000-£120,998
£131,000-£131,998
£136,000-£136,999
£153,000-£153,999
£155,000-£165,899		 1
1		 136,539
155,672		 1
1
1		 120,105
131,123
153,764
Total 42 2,151,684 43 2,049,862

4 Trustees are not employeesof the college and do nol receive remuneration.

AN Trustees may #at at common table, 43 can all other employeeswho are entitledto mealswhile working.

Other transactions with trustees

ofFallows£13k (2023also receive£10k} reimbursementwas relmbursedoftopersonal10 (2023expenses- 12}of necessarilytha Trusteesincurredfor research. In connection with thelr services to the College as Trustees, Duringthe yaar a total See also Nole 30, Related Parly Transactions

Key management remuneration

Tha total remuneration paidto key managementwas L655k (2023: £640k).

Key management ara considered to be the College Officers as detalled In the Governing Body Report

t J

sa

|

Notes to the financial statements

For the year ended 31 July 2024

22 PENSION SCHEMES TheSchemesCollegein participatesoperation in wo pension schemes on behalf of ite staff: (i) The Universities Superannuallon Scheme ("the USS") and The {ll) A group personal pension scheme operated by Aviva (formerly the Friends Life New Generation Group Pension Scheme). TheThe USSaseats is aof hyoridLSS pansionare held inschemes, a seperateprovkting dtruste e fined-administeradbenefitsfund, based on salaries as well as benefits based on contributions. and USSEablities schemeof theisschamea mufti-empioyeron a consi s tentchemeandandreasonebthe Co l legee basis.is unableThereft o re, idenilfyas requiredts shareby ofFRS the 102,underlyingthe Collage assets sccounts for the scheme as If i were a defined contribution schame. As a result, the amount charged lo the Income and Expenditure Account fepresents the contributions payable to the achames in respect of the accounting period. In the event of the withdrawal of any of the participating employers in USS, the amount of any pension funding shortfall {which cannot be otherwise recovered) In respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme. Far USS, a deficit recovery plan was put In place a3 part of the 2023 valuation, which required payment of 6.2% of salaries over the period 1 April 2072 wasuntin31 Marchsurplus on2024,2 technicalat which provisionspoint fhe ralebasis. would increaseThe College towas 6.3%.no longer No defir e ltquired recoveryto makeplandeficitvans requiredrecovery undercontribullons the 2023 fromvaluation1 Januarybecause2024 theand scheme @ccordingly released the oustanding provision to the income and expenditure account The latest avaliable complete actuarial valuation of tha Retrementincome Builder iz ag et 31 March 2023 (the vakiation date}, which was canted out using the projacted undl method. thoseSince therelevant Collegefor cannotthose assets identifyandite sharagabililiesof USSas a Retirementwhole. Income Builder (defined benefit) assets and lablities, the following disclosures reflect At 31 July 2023, the College's balance sheet included a liability of £1,992k for fulure contributions; following the 2020 valuation when the schame wes In deficit. No deficit recovery plan was required from the 2022 valuation, because the scheme was in surplus. Changes to coniribution rates were Implemented from 1 January 2024 and from that dete the College was no longer required to make deficit recovery contributions. The remaining liability of £2,039k waa released to the income and expenditure account. The 2023 vaktation wee the seventh vatuation for the scheme under the scheme-epeciiic funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient ard appropriate assets to cover their technical provielons (the statutory funding objective}. At the vaduation date, the value of the aseete of the scheme was £73.1 billon and the value of the scheme’s technical provisions was £65,7 billion indicating a surplus of £7.4 billon and a funding ratio of 114%.

The key financial assumptions used In the 2023 valuation are described below.

The key financial assumptions used In the 2023 valuation are described below. are described below. are described below.
CPI assumpllon Term dependent rates in line with the difference between the Fixed interest and index Linked
yieldcurves less: 1.0%p.a, to2030, reducingknearly
by 0.1% p.a,from2030,
Pension increases (subject to a floor of0%) Benefits with no cap: CPI assumption plus bps Benefits subject to a “soft cap” of5%
{providing inftationary Increases up to 5%, and half of any excess inflation over5% up toa
Mmeximum
of 10%): CPiassumpllon
minus abps.
Diecountrate (foremrd rates) Fixed Interest glityald curve plus:
Pre-retirament:
2.5% p.a,
Postretiremeant:
0.9% p.a.
Tha mein demographic assumptions used relate to the mortality assumptions. These assumptions are
cartied out as part of the 2020 actuarial valuallon. Fhe mortality aseurptions used in these figures are		 baped on analysis of the
as follows:		 echeme's experience
Mortality basa lable 101% of S2PR4A ‘ight’for malas and 85% of SIPFA for females
FiRure improvements 0 moye
eeee
Rr an LO
improvement
rats of1.8% pa for males and 1.6%
pa forfemales		 Da. and along-term
The curren! Ifa expectancies on retiramant at age 65 are:
Males currently aged 65 (years) 2024
2023
23.7
24
Females currentlyaged 65{years} 25.6
25.6
Malescurrentlyaged45 (years)
Females currently aged 45
{years		 25.4
26
27.2
27.4
Pension
charge for theyear
The pension charge record d by the College during the accounting period was equalto the contribulions payable
Sfter allowance for the deficit racovery plan asfollows:
University Superannuation Scheme 2024
£000
(1,858)		 2023
£000
244
Aviva NGGPS $78 373
(1,280) a7

The College is aware of the Virgin Media v NTL Pension Trustees Il Limited Court of Appeal judgement which may give rise In adjustments to the scheme. At present the legal process is incomplete and therefore we are unable to quantify any potential liabilities,

7

Notes to the financial statements

! |

For the year ended 34 July 2024

23 =“TAXATION

==> picture [476 x 588] intentionally omitted <==

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |scheme,euchThedirectors College|[income]|ofAccordinglythisisandablecompanygainsto|notake areprovisionhave advantageappliedindicated forto taxationexclusivelyof|thatthe|ttax|h|eyas exemptions intcharitablebe|en|diehidedto makepurposes. available in donations ethetoNofinancicharitiesfablitty|a|lchstatements. yearlofrom corporation to thetaxationCollagetaxin respect arises in equalof tothaincomethe College'staxableand|profitscapitalsubsidiary ofgains the recelvedcompany companybecausetounderthe|extent thetheGitthat Ald| |24|=|ANCIALAN|INSTRUMENTS| |The|financial|statements|include|ihe|folowing|in|respect of|Items held|at|fair valve:| |Group|Coflege| |2024|2023|2024|2023| |£000|£000|£'000|£000| |Financial assets measured|at fair|value|through|profit or|102,758|94,377|91,496|83,610| |loos| |Financial|kabilities measured at fair vase through profit or|-|1,992|:|1,992| |loos| |Financial assets measured|at amorlised|cost|3,206|2,564|2,874|2,171| |Financial|hebilties measured|at amottised cost|37,372|36,508|37,166|36,327| |25)|«=RECONCILIATION OF NET INCOMING RESOURCES TO| |NET CASH FLOW FROM OPERATIONS|2024|2023| |Group|Group| |£000|£000| |Net incomeffexpenditure)|10,045|(5,089)| |Elimination|of|non-operating|cash flows:| |Invesiment income|{3,195}|(3,273)| |{Galns}iosses|In investments|(8,150)|2,634| |Endowment donations|(3,030)|(578)| |Financing coats|1,035|1,029| |Depreciation|2,388|2,382| |(Surplus|loss|on sale of fixed assets|-|(412)| |Decrease|in shock|1|7| |Decrease!|(Increase)|in debtors|635|(468)| |increase/(Decrease)|in creditors|851|(205)| |(Decreasoyincrease|in provisions|(1,982)|(115)| |Net cash (used injiprovided by operating activities|UL|768)| |26|«=ANALYSIS OF CHANGES IN NET DEBT| |Slart of Year|Cash Flows|End of Year| |e000|£000|LOO)| |Cash|5|370|876| |Loans|falling due|after more than one year|(35,000)|(35,000)| |Total|eS ey| |27|~=—s ANALY S18 OF CASH AND CASH EQUIVALENTS ANALY S18 OF CASH AND CASH EQUIVALENTS S18 OF CASH AND CASH EQUIVALENTS OF CASH AND CASH EQUIVALENTS AND CASH EQUIVALENTS CASH EQUIVALENTS EQUIVALENTS|2024|2023| |£'006|£000| |Cash at bank and at bank and bank and|in hand hand|675|305| |Total cash and cosh equivalents cash and cosh equivalents and cosh equivalents cosh equivalents equivalents|ore|5|

----- End of picture text -----

27 ~=—s ANALY S18 OF CASH AND CASH EQUIVALENTS ANALY S18 OF CASH AND CASH EQUIVALENTS S18 OF CASH AND CASH EQUIVALENTS OF CASH AND CASH EQUIVALENTS AND CASH EQUIVALENTS CASH EQUIVALENTS EQUIVALENTS Cash at bank and at bank and bank and in hand hand Total cash and cosh equivalents cash and cosh equivalents and cosh equivalents cosh equivalents equivalents

3a

Notes to the financial statements For the year ended 31 July 2024

==> picture [479 x 141] intentionally omitted <==

----- Start of picture text -----
EE
28) «COMMITMENTSUNDER OPERATING LEASES
‘Theandunder grouprewardsoperatingearnsof ownershipleasesrental income(netareof retainedanyby leasingincentivesby itsanotherpropertiesreceived party,fromtothe lessor,tenantsthe lsseor)underare areclassified non-cancellable chargedaslooperatingtheoperatingincomeleases,statementlsases.Payments,Leaseson a straight-lineincludingin which prepayments, substantiallybasis over theallmade risks
Atperiodlhe balanceof the leassh e .et date, the group had contracted with tenants to receive the fotlowiing future minimum lease payments:
2024 2023
£000 £000
NotGrouplaterandthanComp4 ye a rny 7 615
Later than 1 year and not later than 5 years 2,302 2,183
Later than 5 years 682 2,065
—_ $e21 SiS
----- End of picture text -----

2002) CAPITAL COMMITMENTS

The College had contracted commitments at 31 July for future capital projects totalling £198 (2023 - Eni).

3000«RELATEDFARTY TRANSACTIONS The College is part of the collegiate University of Oxford. Material interdependencies betwaen the University and of the College arise as a consequence of this relallonship. For reporting purpases, the University and the other Colleges are not treated as retated parties as defined In FRS 102 ofMembers the College.af thaDetalsGoverningof theseBody,paymentswho are and ihe trusteesreimbursed of thaexpenses College#6andtrustees relatedaraparlles discloseda9 definedseparatelyby FRSIn 192,these receivefinancial remunstat e ments,ration and facilities ac employees The following trustees hed loang outstanding from the College at the start and/or end of the year. 2024 2023 B Thornpson 400 100 Intarest is charged on the above loan at 4% per annum. The loan is repeyable within 1 years or on the departure of the irustee from the Cofage if sariler. The Cofege has properties with the followings net book values owned jointly with trustees under joint equity ownership agreements between the trustee and the College.

2024
econo		 2023
£000
A
C
L
R		 Sulhertand
Hare
Mycock
Lambiotle		 183
150
1
230		 198
184
181
236

Ad joint equity properties are subject to sale on the departure of the trustee from the College.

Donations totaling £2k were received from Trustees of the College (2023: £6k)}

The College hosted summer courses for Univeralfy Education at a cost of £13k. S Rayner Is a Trustee of Universify Education

3100 CONTINGENT LIABILITIES

There were no contingent Bablities al 31 duly 2024 (2023: none}

32. POST BALANCESHEET EVENTS

There are no Post Balance Sheet events.

| |

39

Notes to the financial statements

For the year ended 31 July 2024

32s PRIOR YEAR COMPARATIVE INFORMATION

==> picture [477 x 526] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowed|2023| |Funds|Funds|Funds|Total| |£000|£000|£000|£000| |INCOME AND ENDOWMENTS FROM:| |Charitable|activities:| |Teaching,|research and|residential|6,370|-|-|6,970| |Other Trading Income|4,094|-|-|1,094| |Donations and legecles|1,526|1,155|576|3,297| |investmanis| |Investment Income|1,030|-|2,243|3,273| |Total retumn allocated to Income|1,696|1,054|(3,650)|-| |Other|income|61|-|-|61| |Total income|12,377|3,149|{831}|14,695| |EXPENDITURE|ON:| |Charitable|activities:| |Teaching,|research and residential|13,314|2.761|.|16,075| |Raising funds:| |Fundralsing|392|310|“|702| |Trading expenditure|71|-|-|ira)| |Invesiment management costs|a1|421|-|202| |Total Expenditure|13,058|3,182|-|17,150| |Net income/Expenditura)|before gains|{1,581}|{43}|{831}|(2,455)| |Nat galna/(losaes) on investments|(105)|-|(2,625)|(2,634)| |Nat income{Expenditure)|(1,888)|{43}|(3,360)|(5,088)| |Transfers|between|funds|-|-|.|.| |Net movement in funds for|the|year|(1,688)|{43}|(3,360)|(5,089)| |Fund balances brought forward|136,069|2,663|94,218|232,950| |Funds carried forward at 31 July|134|355|2520|PEL|Zar|Eel| |b.|ANALYSIS OF MOVEMENTS ON FUNDS| |Al 1|August|Incoming|Resources|Galnsi|At 34|July| |2022|resources.|expended|Transters|(lesses}|2023| |£000|£000|£000|£000|£000|£000| |Endowment Funds|« Parmanent| |1. Fellowship|funding:| |Fellowship Endowment Fund|5,669|218|-|(240)|(133)|5,505| |Indira Gandhi Fund|5,213|141|-|(229)|{123}|5,002| |Catherine Hughes Fund|1,503|41|-|(66)|(35)|1440| |P. Norman Fellowship Fund|2,016|54|-|(89)|(47)|4,934| |Scollan Fund|2.064|56|-|1)|(49}|1,960| |Other funds|less than £500,000|2,028|56|-|(BS}|(48)|1,044| |2.|Academic awards:| |Funds ses than £500,000|1,409|38|-|(62}|(33)|1,362| |3.|Student|support:| |Funds less than £500,000|2,339|63|-|(103)|(55)|2245| |4,|Other funda:| |College Capital Fund|3,084|103|-|(135}|{F2)|2476| |Total endowment permanent|25,926|769|*|(1,113}|(595)|24,387|

----- End of picture text -----

40

|

1

Notes to the financial statements

For the year ended 31 July 2024

==> picture [479 x 677] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |ied| |Endowment Funds|- Expendable| |4. Fellowship funding:| |Centenary|Appeal Fund|860|Zz|.|(38)|{20)|625| |E.P_A|Cephalosporin|Fund|1,121|30|-|(43)|{26}|1,076| |A&W Cobbe Fund Fund|4,087|a|-|(180)|(97)|3,923| |LLabowsky Fund 1992|805|2|-|(36)|(19)|773| |Mitchell Fund|2,624|76|-|(124)|(668)|2,708| |Cartsle & C.A.Lee Fund|865|26|-|(42)|(22)|917| |Emest Cook Fund|41,076|29|-|(47)|(25)|1,032| |Mary Ewart Trust Fund|1,204|35|-|(57)|(30)|1,242| |Rose Graham Fund|1,844|50|-|(81)|(43)|1,769| |Daphne Osborne|Fund|6,605|184|-|(299)|(162)|6,530| |C.D.|Reaf Fund|1,465|40|-|(84)|(34)|1,406| |Mary Snow Felewship Fund|1,798|49|-|(78}|{42}|1,726| |Mary Somerville Research Fund|1,171|a2|-|(51}|(23)|1,124| |Margaret Thatcher Fund|461|12|-|(20}|{14}|“3| |K&L Wooley Fund|Fund|1,066|2|-|(47)|{25}|1,023| |Wolfson Fund|808|2|-|(38)|{19}|775| |E Goulding|Fund|494|399|-|(22)|{123|260| |Willems Fund|200|23|-|(3)|{5}|215| |23,135|41,198|-|(1,280)|(686)|28,368| |Other funds|less than £500,000|5,768|162|(255)|(137)|5,568| |4533|1,350|-|(4,535)|(823)|33,936| |2, Academic|awards:| |Janet Wateon Fund|55|26|-|(42)|(22)|17| |Other|funds less than £500,000|4,733|128|=|(208)|(itt)|4542| |5.688|154|-|(260)|(533)|5450| |3, Student Support:| |Bursary Fund|3,568|157|“|(157)|(B4}|3404| |Dame Emly Penrose Fund|005|24|-|{40)|(21)|863| |Other funds less than £500,000|3,563|105|-|(356)|(B4)|3,428| |5.036|286|5|{353}|{189}|7,780| |4,|Other funds:| |General Endowment Fund|4030|116|-|{179}|{97}|3,91| |Loan|Repayment|Fund|.|-|-|-|-|.| |Carys|Bannister Fund|1,376|7|-|(60)|{32}|1320| |C ALee Fund|673|16|-|(30)|{18}|646| |thar funds less than £500,000|2.950|60|-|{130}|{89}|2,820| |9,083|250|:|(386)|(214)|3,727| |Total endowment funds, expendable|67,746|2,050|-|(2,537)|(1,385)|55,302| |Total Endowment Funds - Collage|33,072|2819|-|(3,650)|(1,954)|80,287| |Endowment funds hekl by subsidiaries|11,146|-||-|(575)|10,571| |Total Endowment Funds|- Group|94,218|2,819|:|(3,859)|(2,520)|90,358| |At|T August|incoming|Resources|Galina!|ALT July| |2022|resources|expended|Transfers|{losses}|2023| |£000|£000|£000|£000|£000|£000| |Restricted|Funds| |Endowment Income|2,124|1,195|{3,182}|1,954|-|2,081| |Other restricted|funds|539|-|-|-|-|539| |Total Restricted Funds - College|2,663|1,195|{3,192}|1.054||2,620| |Restricted|funds hed by subsidiarles|-|.|-|-|-|.| |Totel Restricted Funds|- Group|2,663|1,194|(3,192)|1,554|.|2,820| |Unrestricted|Funds| |General funds|{1,148}|.|26|615|-|(608)| |Designated funds|3,500|-|.|(3,000)|.|300| |Loan designated fund|3,129|272|-|-|(153)|3,248| |Fixed Asset designated funds|132,386|8,766|(13,373)|4,181|8|133,008| |Revaluation|reserve|-|-|-|.|-|-| |Pension reserve|{2,107)|-|116|-|.|(1,992)| |Total|Unrestricted Funds - College|135,759|10,038|(13,232)|1,696|(105)|134,156| |Unrestricted funds held by subsidiaries|310|643|{726}|-|.|227| |Totat Unrestricted Funds|- Group|136,060|10,681|{13,958}|1,606|(105}|134,383| |Total Funds|232,960|14,895|{17,180}|.|(2,624)|227,861|

----- End of picture text -----

4