Somerville College Annual Report and Financial Statements Year ended 31 July 2025 SOMERVILLE COLLEGE Annual Report and Flnanclal Statements Contttnts Governin9 Body, Officers and Advisers Rèport of the Governing Body Auditorfs Report 18 Stslement of Accounting Policies 19 Consolidated Slalement of Financial A¢ilvities 22 Consolidated and College Balance Sheets 23 Consolidated Cash Ilow Statement 24 Notes to the Financial Statements 25 SOMERVILLE COLLEGE Govgmlng Body¥ Offl¢grs and Adylsors Year ended 31 July 2025 MEMBERS OF THE GOVERNING BODY The Members of the Governing Body are the College'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 subsequentty are detailed below.. Baroness Janet Royall Ms Catherine Royle Professor Prateek Agrawal Professor D8nl81 Anthony Dr Francesca Arduini Pmfessor Jonathan Burton Ms Sarah Buuer Professor Dan Ciul)otaru Professor Julie Dickson Professor Beate Dignas Professor Dale Dorsey Professor Emily Flashman Profeysor Christopher Hare Professor Ml¢hael Hayward Professor Anasla858 IgnatSeva Professor Mlchelle Jackson Ms Sara Kallm Principal until 09125. Resigned 09125. Appointed 09125 as Principal Resigned 09125 Appolnted 10125 Librarian. Head of Info. Services. Appolnled 12124 Devebpmenl Director Professor Simon Kgmp Professor Robin Klemm Profe550r Thaddeus Komacek Professor Markos Koumaditis Professor Renaud Lambiotte Professor Lois McNay Professor Louisg Mycod( Professor Karen Nielsen Professor Natalia Nowakowska Appointed 10124 Vice Principal until 12124 Professor Patricia Owens Mr Andrew Parker Professor Colin Phillips Professor Luke Pltcher Professor Charlolle Potts Dr Stephen Rayner Professor Stephen Roberts Professor Samantha Sebastian Treasurer & Domestic Bursar Senior Tutor Professor Elena Seirad8ke Professor Steven Simon Professor lyiola Solanke Professor Francesca Soulherden SOMERVILLE COLLEGE Governlng Body, Offlcers and Advlsors Year ended 31 Juty 2025 Professor Charles Spen¢e Professor Fiona Stafford Profossor Almut Suerbaum Professor Annle Sutherland Professor Benjamln Thompson Professor Damlan Tyler Professor Konstantina Vogiatzaki Professor Philp Wesl Professor Faridah Zaman Professor Noa Zilberman VIC8 Prfnclpal from 04125 Resigned 12124 During thè y8aT the 8ctiviti&s of the Govemin9 Body w8re carried out through five main committeès. Th8 current memborship of these committees is shown above for each Fellow. (1) (2) (3) (4) (s) StsrKling Committe9 FinanGe. HR & Equality Committeo EdUCa￿on Commlttee Development Committee IT Committe8 COLLEGE OFFICERS Th• officers of the College to ￿orn day to day management 1$ delegat&d are as foknvs. Prlnclpal Senlor Tutor Treasurer (Flnance & Estates Bursar) Domestic Bursar Dev¢lopmenl Dire¢ior Librarlan & Archlvl$l & Head of IT Baroness Janet Royall Dr Stephen Rayner Mr Andrew Parker Mr Andrew Parker M$ Sara Kalim Ms Sarah Buuer COLLEGE ADVISERS Invegtment managers Newton Investment Management Ltd Oxford Universty Endowment Manag¢mont Bldwells LLP Crow8 U.K. LLP Barclays Bank PIG Penningtons LLP Investment propety advlsers Auditors Bankers Soldtors COLLEGE ADDRESS COLLEGE wEBs￿E Woodstock Road, Oxford, OX2 6HD wwi.some.ox.ac.uk SOMERVILLE COLLEGE Report of the Govemlng Body Yearended 31 July 2025 The Members of the Govemlng Body present Ihelr Annual Report for the year ended 31 Juty 2025 under the Charities Act 2011 tO9ether ￿th the audlled financlal statements for the year. REFERENCE AND ADMINISTrATIVE INFORMATION Somerville College in the University of Oxford, which Is known as Somervillo College, {'the College") Is a tax exempt edUcat￿nal institution govemed by 8 Charter and Ststules. The College was founded under the title of Somerville Hall in 1879 by a Gommtttee chaired by Dr Percival as a non-denominational hall of residence for women and in 1881 was inGorporated 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 wth the Charllles Commissltsn on 22nd Detsmber 2010 {reg. nurnber 1139440)- The names of all members of the Govemlng Body at the dète of th1$ report and of those in office during the year, together with details of the senior staff and advlsers of the Colkge, a￿ gNen on pages 2 10 4. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng documents The governing document of the Colleg8 is Ihe 1951 Charter and Statutes of Someryille College. Oxford. In 1926 the College was incorporated by Royal Charter as 'The Principal and Council of Somerville College" In 1951 its statutes w8re amonded to restrict membership of the Governing Body lo the Pr¢ncipal and Fellows. In 1959, when it was admitted with the other Women's Societies as a full College of the Unwersity. ils corporate d&swJnation became Principal and Fellows of SomeTville Colleg8 in Ihe Universty of Oxford". Th8 Special Statute of 1961 amended Paragraph {c) of Article 3 of the Charter conc8ming the investment objectiV8s. In 1992 the Charter and Statutes wer8 changed to enabl8 tha admission of men at both senior and junior level. Govemlng Body The Goveming Body is ¢onsUtute(J and regulated In accordance wlth the College Statute$, the lerms of whi¢h are enlor¢eable ultimatety by the Vlsltor. who Is the Chancellor of the Unlverslty of Oxford. The Governing Body is self-appointlng. and has such powers as are conferred on It by Its Charter and, $ubje¢l thereto and to the Statutes. has the entlre dlrectlon and management of the affairs of College. The Goveming Body appoints the Principal. Fellows, Senior Tutor. TLrtors. LeCtu￿r8. Librarian. Treasurer and such administrative and olher Officers as the Goveming Body thinks necessary from time to time. The Goveming Body appoints Commiitees and delegates lo them such powers as it thinks frt. The Goveming Body delemiines th8 on-going strategic dir8clion of the College and regulates the 8dminislralion and the management of its finances and assels.11 m8els regularfy under the chaimanship of the Principal and is advised by nine committe8S. Recrultmenl and tralnlng of Momber5 of tho Governlng B¢xly New members of the Governlng Body are nomally recrurted through a lolnt appolnlment process wlth Ihe University of Oxford in the case of academics which Includes open advertisement of the PDSts and a professlonal selecllon and appolntmenl process. In the case of posts funded solely by the College, recruitment Is also through open advertisement of the post followed by a professional solectlon and appointment proGess including extemal represenlatlves as appropriate. New member$ of the Govemlng Body are inducted into the workings of the College, Includlng Govemlng Body pollcy and procedures, through meetings wrth the Principal. the Senior Tutor and the Treasurer and the provision of a comprehensive sel of reference documents. Members of the Goveming Body attend external trust88 training and information courses as appropriate lo keep them informed on current issue$ in the seGlor and on rogulatory rgquiremenls. SOMERVILLE COLLEGE Report of the Governing Body Year ended 31 July 2025 Remunerntlon of Members of the Governlng Body and Senlor Collègo Staff Members of the Goveming 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 thelr remuneration set by th8 College's Remuneration Committee {The Principal, The Treasurer, The Development Dlre¢lorl or in line Wtth the College's established paygrade system (The Senlor Tutor. The Llbrarlan). The majority of members of Remuneration Commrttee are etiher Professorial Fellows not In recelpl of remuneration from the College or independent extemal appointrments. Where posslble, remuneralon L8 set in line wlth that awarded lo the Universty's academic staff. or extemal m8rket forces where appropriate. College Officers, the key management team, are set out on page 4. Oryanlsatlonal management The members of the Goveming Body meet befvleen seven and nlne Umes a year. The work of devebping their policies and monitoring their implementallon Is carried out by the following committees.. Standing Committee Responsibilty for ag￿eIng the agenda for meetings of Governing Body,. developing academic and other strategies for the College. and monitoring decision-making, and developmonts that bear on Ihese strategies.. considering academic appointments and bids for association with Universily posts., considering requests for buy4)uls and leave. with particular attention to their impact on leaching r6sources', ieceNing the reports of ad hoc working groups.. discussing iterns which by reason of their omplexty and difficulty ale b8yond th8 T8mit of other committees, or which need further attention bgyond that given to th8m in a specialised committ8e, e.g. Finance Committee., giving close consideration to policy issues within the wider University. and extemal bodies, in preparation for consultslion with the Governing Body. FInan￿, HR & Equality Committee Responsibilty for advising the Govemlng Body on all matters of financial policy and praGtiGe. and in particular on the financial implications of any proposals under consideration,. presenting annual stslemgnts of accounts foT Ihe preceding year; approval of budgets and review of management accounts for each pedod., aulhorislng exceptional expendlture from revenue and making recommendallons in respect of capttal expendlture,. reviewlng the college's investments and propertles and income drawdown from investments; annual review of all charges made by the College,. review of policy and administrats'on relating lo conferences, and approval of levels of charges., review of salaries for all College employees and others pald by the College as advised by the Remuneration Committee- considering other financial issues, as approprfate. Finance Commlttee also has responsibility for, HR, gqualty and diverstty issues. EduGation Committee Responslbility for general pollcles and planning on teaching and learnin9,' the progress, industry and conduct of undergraduate9 and graduates. the awarding of scholarships. exhibltlons and prizes from the appropriate funds, and carying out an annual review of award hoklers. examination results. the awarding of course and travel grants from the appropriat& funds,. the Snitiatlon of tho College's academic discSplinary procedures In case9 01 students who fall to meet the standard of application and attendance expected by his or her Tutor., review and report lo the Governlng Body on the progress and welfare of student members and make recomm6ndatlons lo the Govemlng Body for the award of College scholarships, exhibition8 and prizes. SOMERVILLE COLLEGE Report of tho Gov¢mlng Body Year endod 31 July 2025 Devek)pment Committee Responsibllity for recommendalK)ns on development and fundraising strategy and actwities, liaison with the Development Board, which consists of exlemal members. IT Commrttee Responsibility for developing recommgndalions on IT strategy. service levels and IT proSects and provision of guidance and assistance to the IT function wilhin the Colleoe. The Govemlng Body 1$ abo supported by addltlonal ¢ommitte8s. induding Nominations and Remunerallon. The day-to4ay running of the College is delegated to the Principal. the Senior Tutor, and the Treasurer. They form a management team together with the Librarran and the Director of Devglopment. Group $tru¢tyre and relatlonshlp$ The College admlnlsters many speclal Irusls, as detalled In Notes 18 to 19 to the financÉal slatements. The College also has Iwo wholly owned non-charitable subsidiaries.. Somerville College Trading Llmked. and somervil￿ College Developments Limited both of whose profits are donatsd to the College under the Gift Aid Scheme. The trading activities of SomeNille College Trading Limited primarily comprfse revenue from letting of the College facilities when not in use by the College. SomeNille College 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 College. The College Is part of the collegiate Universty of Oxford. Material interdependencies be￿een the University and the College arise as a consequence of this relationship. Risk manag•mont The College is engaged in risk assessment on an on4Joing basls. Policies and procedur85 wllhin the College are reviewed by the Finance, HR & Equality Committee, chaired by the Principal. Finanoial and investment risks are assessed and monitored by the Finance. HR & Equalty Committee. In addition. the Treasurer, and department heads meet regularly lo review operational and health and safgty issues. Training courses and other fomis of career development are available. when ￿qUeSted, to members of stsff to enhance their skills in r￿k-relaIed areas. The Goveming Body, who have ultimate responsibilty for managing any risks faced by the College. have giv8n consid8ralion to the major risks to which the college and its subsidiaries are exposed and have concluded that ad8quat8 Systems are in place lo manage these risks. 11 is recognised that systems can provide onty reasonable bul not absoluto assurance that major risks hav8 been managed. The four prlnelpal rfsks Identified In the College's risk register are.. The irnpact of the UK leaving the European Union on St￿Onts, a&ornics and funding. The decision to leave the EU will have a significant adverse impart on re$8arch funding and on the C4Jllege's ability to attract EU students and EU academics. Th& only mitigation available is to lobby govemment. SOMERVILLE COLLEGE Report of the Governlng Body Year ended 31 July 2025 Freedom of speech. The rfsk of constraints on aeademlc freedom andlor the spread of self- censorship, due to extem81 dlgruptlon. threats and other forms of pressu￿, resuf(ing in a reduction of regearch output quality andlor reputational damage. Inadequate IT security. Poor IT security leads to compromised data integrity, inappropriats dlsclosure. cyber-attacks, malware and compromised systems The impact of reduced govemment funding on tea¢hing and rg58arch. Reduced govemment funding risks eroding the quality of tea¢hing and resear¢h and risks damaging Oxford and Somerville's ability to compete intemationalty for the best 8C8demic$ and the best students. The best miligalion avai18ble to us is to lobby ￿ntral govemmenl through Ihe UnNersity. Governance revlew Since February 2023 we have been in corresponderice with the Charity Commission following their request for us to review and. rf necessary. update our College governance stwclures following concems they raised with Oxford collegès gen8rally. As part of this process, we have reviewed our govemance against the Charity Commission bost practi¢e template for a charity of our size and as a result have made the following enhancernents.. We have clarrfied the delegal8d authorty from Govemlng Body lo College commSttees. Including to the Standing Committee which op8rates as a General Purposes Committee. We have reviewed the management of our Collegg endowment and implemented changes a8 a resum. We are in the process of establishing an Inva$trment Commfftlee lo oversee the management ol our endowment rather than have Ihis as a $ub8et of the Finance Committee's remit. The one remaining signTfic8nl enhancement we are working on is to establlsh an independent Risk, Audit and Governance Committee to give more focus to these issues. OBJECTIVES AND ACTIVITIES Charftable Objects and Alms The College's Objects aro.. To provide for women and mgn who ar8 members of thg Universty of Oxford the protection and training of an Academic House and, with that object. to carry on the work of the old Association (known as Somerville Hall) with such modifi￿110￿8 and changes as may from time to time appear desirable. To do all such other things as are incidental or conducive to advancing 8ducation,18aming and research in Oxford and elsewhere. The Governing Body is mindful of the long-standing requiremenl lo provKie publi¢ benefit and of thg disclosLtre requirements of the Charities Act 2011. In this connection the Governing Body has rnonilorgd cklsely the general and supplemental guidance produced by the Charity Commission, in partiGular ils public benefit guidance on advancement of education and on fee4harging. The College's aims for the public b&nefft are.. SOMERVILLE COLLEGE Report of the Governlng Body Year ended 31 July 2025 To advance educatlon. leaming and research, In partlcular by provlding, in conjunction with the University of Oxford, an educatDn for 440 undergraduate and 273 graduate students. This education is recognised inlernationally as being of the very highest sl8nd8rd and develops student$ 8¢ademiGalty, personalty and socialty. preparing them to play 8 full and effective role in society. In partiGular, the College provldes.. teaching facilities 8nd individual or small-group leachlng. together wlth academic, pastoral and administrative support.. IT and other administrative support and welfare seNiceg. including the avallabilty of the Junlor Deans to assist every member of the College., and social. cultural. musical, recreational and sporting facilities to enable students lo reali$e a$ much ag possible of their academic and personal potentlal whllst studylng at the Colkge. To advance research by providing: offiaal Fellowships, Career Development Fellowships, and Junior and Senior Research Fellowships to outslanding academics, to enable them to develop their research work and disseminate their research in the public domain,. and facilities and grants to assist with the pursuit of research, including grants for attendance at national and inlornational academic conferences and assistance with the ￿sts of resear¢h trips and research materials. The aim of the College's subsidiaries is to help finance the achievement of the College's aims as above. A¢tlvSlles and oble¢tlve¥ of the College The college's principal activity, as specrfied in the college's objects Is to provlde for members of the UnNeTsity of Oxford the protection and training of an academ1¢ house. In 2024.25. the College had 427 undergraduates {excluding dinical and graduate-enlry medics and students on suspension) and 321 graduates (including dinical and gradu8te-entry medles and exduding DPhil student8 who had submitted their theses} and admitted students in the followlng sublects.. Biochemistry.. Biological Sciences,. Chemisty.. 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: Mediane.. Modern Languages lincluding Joint Schools),. Music, Philosophy, Politics & Economics. and Phy31cs. It should be noted thal the undergraduate population is close lo the long-term average following the additional admissions in 2020 Idue to the pandem￿) and additional admissions in 2021 deferred from the prevv)us year. In order to asslst undergraduates entitled to Student Support. the College provides, through a scheme operated In common wllh the Unlverslty and other Colleges, bursary support for those of limited financial means. For the ac8demlc year 2024.25. the number of awards made wa$ 76. 53 of the awards were for £3k or more.. and the average value of the awards was £3.9k, wllh a total of £297k being disbursed in the year. The scheme is approved by the Office of Falr Aeeess and provides benefits at a subslantlally hlgher level than the mlnimum OFFA requlrement. To support the costs of graduate students, the College provid8s substantl81 financial sup￿. This In¢ludÈs scholarships lo fund fees and Ilvlng costs, lop-up, funding lo fill funding shortfalls in students. funding packages and a grant $¢h&m& lo asslst with the purchase of books and equipment. 8ttendanc6 at conferences and travel grants. The total amount expended by the College to graduate students in 2024.25 for this purpose was £630k. The College also makes awards for academic developrnent and has various scholarships and prvzes av8il8ble to reward academic excellence. During 2024.25 the College awardgd £261k for this purpose. SOMERVILLE COLLEGE Report of the Governlng Body Yearended 31 July 2025 In addf(ion to rts other programmes. the College operates a hardship scheme for students in financial hardship and provldes access to hardship schemes operated by the University. For the acadgmic year 2024.25 the College awArded £18k in discretionary loans and grants and provided £89k of fre8 vacation resldence. A programme to encouragg legacias to be made lo fhe College is in place and annual fundraising CBmpaigns includg Ihg provision of support for students suffering financial hardship. Public benofft The College remain$ ¢ommitted to the aim of providing public benefit in accordance wllh its fwnding prinupbs. Th8 Colleg8 admits as students those who have the highest potential to benefit from lJ)e education providgd by thg college and thg university and recruits as academic staff those who are able lo ontributs most to the academic excellence of the college. In Ihe case of both students and academlc slaff, recruitmgnt is regardl8ss of financial, social, relIg￿S or ethni¢ ba¢kground. age or gender.. thgr8 are no geographi￿1 restrictions to those who may benefit from the college's aim$ and objects. Sludenls and academic staff of the college are drawn from across th8 UK and inlemalionalty., there a￿ no age reslriclions in the college's objects but students of the college are predominantly between 18 and 24 years old,. and the￿ are no religious restrictions in the college's objects and members of the college have a wide variety of faith traditions or none. To raise educational aspiration and attract outstanding appli¢anls who might not otherwse have considered applying to the college. the college operales an exlensive outreach programme as part of unlverslty-vAde Inltlatlves to widen a¢¢oss. This programme is under the responsibility of the Senlor Tutor and Includes an extensive programrne of visits by schools to the college, open days. admlsslons symposla for teachers as well as visits to sthTr)Is and guidance and infomiatson on the College website for prospecllve appllcanls. Th8 college maintsins an exl8nsive Ilbrary so provldlng a valuable resourc6 for Students and Fellows of the college. The College makes its library available to members of other colleges and the University of Oxford more widely, extemal scholars and researchers. The Trustees confim that Ihey have complied with the duty in Section 17 {5} of the Charities Act 2011 lo have due regard to the guidance issued by the Charity Commission on public b&n&fit. ACHIEVEMENTS AND PERFORMANCE Acadomlc The number of first choice undergraduate applications specifically to SomeNille was 572. This was opped up, by allocation of open applications to make an inllSal applieant pool of 694 in 2024.25. The number of direct applications was slightly higher than the 2023.24 figure of 554 dlretl appIE¢at￿nS and the total initial applicant field was slightly down, from 708 in 2023.24. Interviews were conducted online agaln. as has been the case since the pandemic. Thi5 was a familiar process and the operation ran generally smoothly, although some individu81 drfficullies were encountered. as was nornial and would have been the case Ibut with the nature of probtems being differentl for in-person interviews. The ultlmate success of the operation was Ihanks. as ever, to the hard work of tutors and Academic Office staff. The question of whether to continue wrth online io SOMERVILLE COLLEGE Report of the GovemSng Body Y&ar•nd8d 31 July 2025 interviews will be reviewed in the next year or ￿0. Increasing concems about the posslblllty of Al 'cheating' in online exams may prompt a return to lac8-t￿face inl8rviewing in due course. The 2024.25 admlssions Cycle marked a fvrther return lo something approachin9 nonnalty following the upheaval of the pandemic yeafs. Following the significant over-recruitment in the summer of 2020 and the legacy of deferred candidates and very cautious approach lo open offers in the cycles that followed. 138 offers (including open offers) were made in the 2024.25 admissions cycle. which ig approaehing the numbers typical of years before 2020. All o)Ileges subsldlse the cost of teaching at Oxtord and il will remain the case that18ss than about ha of the true costs are met from fees. With the level of UK fees being capped in absolute terms and costs slng substantially. the P￿pOrtIOn of the costs of leaching that are covered by UK fees is likely to decline further. The shortfall is covered by overseas fees Iwhich can be raised at the discretion of the Unlversity), endowment income, income from commercial aclNilies and income trom philanthropy {donalions and legacies). At Somerville almost 25D/o of our UK domiciled undergraduates receive additlonal financlal asslstanee. In the 2024.25 admissions cycle, 75.8Y• of UK domiciled undergraduate applicants come from slate schools, whlch is essentially the same as Ihe figure for the University 172.8O/ol- 69.7'kn of UK offer holders were stale-educaled al the point of applicalion (University figure 69.3'AI. During 2024.25 the universty undertook the recruitment of thg third cohort of students for its 'Astrophoria Foundation Year, and saw the second cohort achieve their final awards. Somerville had Iwo students in the second cohort. One student progressed to the History prelim year whil& the other achieved a certlficale in Higher Education but did not do well enough to progress to the PPE prelim yèar. Somerville's PPE tutors decided not to admit fijrther students for the Foundation Y&ar, following drfficulties with the PPE students in the first Iwo cohorts_ The History tutors decided to continue to admtt 8 Student for the Foundation year so Somerville admitted one student for the third cohort. That Candidate 8pplied post-A-levels wlh grades that met the requirements for the course. Somerville undertook a full programme of access activities in 2024.25 Our Access team of Hannah Pack and our new assistant access officer. Aarthee Parimelalaghan. Ihey Ihrew themselves into actlvllles including partlcularly roadshows at our still relatively new link regions of Portsmouth and the Isle of Wlghl whh great energy and enthuslasm. The Oxford India Centre for Sustainable Development IOICSDI contlnue$ lo develop and enhance its reputation as a forum for research focused on sustainable development In India. parti¢ularty of an inlerdisciplinary nature. In 2024.25. the OICSD put on a characteristicalty engaglng 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. Professor Siddharth Arora. continued as Programme Dlreclor and was promoted lo Associate Professor of Machine Learning and Management Science at the Sald Business School. As ever. we are gratefvl to many distinguished academlcs from various flelds who have contributed to the events and sense of community that are hlghlights of the OICSD. The total number of OICSD scholars In the year was 21 wrih some of our research students having to extend thelr sludles due to dlsruptk>n arfslr¥J from various factors. In 2024.25 SomeNille hosted twenty three Junior Research Fellows, spanning an enormous range of academic disciplines. wtth high quality 8pplicants and grest competition for placgs. Thg pr8s8ncg of such a large. diverse and talented population of rèsearchers eontribules significantly tr) Ihe SomeNille College community and enables these eady career researchers to build int8rdis￿pllnary links. Th8 range of studies has been immense. from subjects such as Medicine, Classics, Maths, Linguistics, Economics, Philosophy and others. with top rank quality being the onty thing they all have in common. Thg college continues lo have a diverse Felbwship 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 her8. One of our Senior Research Felk)ws. Professor Philip Poole, was SOMERVILLE COLLEGE Report of the Governlng Body Year ended 31 July 2025 elected a Fellow of the Royal Soclety In recognib'on of his work on plant microbiology. Professor Karen Margrelhe Nielsen, our Tutorial Fellow in Ancient Phik)sophy, was awarded full Professor tille in the University's recognition of distinction exerclse. Professor Luke Pitcher published his k4)ok on the second century CE Greek Historian of the Roman Empire. Appian. SomeNille Fellows also continued lo play a key role wlthin the collegi8le university. Professor Colin Phillips was Chair of the Facuty Board In the Fa¢uMy of Linguistics, Philology and Phonetics at a crucial time, with the faculty moving in to new space in the Schwarzman Centre for the Hum8nities. Professor Almut Suerbaum returned to leaching following research leave after a particulady challenging stint as h&ad of the Faculty of Medieval and Modem Languages. The College benefitted particularly from Professor Suerbaum's relum from leave as she klndly agreed to put in another stint as Vice-Principal. Professor Benjamin Thompson algo retumed lo teachlng and also agreed lo a period as Vice-Principal after research leave following extended secondmenl as Associate Head (Educalionl of the Humanities Division. Professor Simon Kemp has been the Admissions Director for the Modern Languages Faculty and coordinated the Opportunlty Oxford brfdglng programme for students across the humanities. College Officers play key roles on vartous Conference of Colleges rornmittees, including ICT Steering Committee, the committees of E8tates Bursars, Col￿ge Librarians and many more. Providing a worf(klass education for our students, as well as for the generation of stud8nts to come after them, remains our highest priority. The current financial pressures on young people with regard to the higher education which will be vrtal in preparing them to make their way in the wodd today are w811 documgnled. It Continugs to be our fimi resolution is that no student Mth the academic ability to Study al Somerville should bg unable* to take up or continue wilh their place due to financial pressures. Margaret Thatcher Scholarshlp Trust (MTST) In 2024.25 we welcomed ten new Thatcher Scholars.. six undergraduate (one overseas) and four postgraduates. The increase was as a resutt of being able to award three UK undergraduate 8choL3rships from the Mlchael 8Ishop Foundation increased donation that was reported last year. This was the last year in which we awarded a Lee Kuan Yew- Thatcher Scholarship, the fourth from the agreement that was signed in 2019. 11 has been a very productive partnershlp with ST Telemedia and the quality of the Scholars has been exceptional. Ming Song Oh. the scholar that graduated at the end of the year won the Law Facutty's Prize for Company Law. We wlll contlnue lo explore ways in which we can continue to partner with STh in the future. Followlng the success of the Skllls Hub sessions in Freshers Week, this was reffined and continuéd in thls year, as well as providlng Its offerlngs to 211 students over the course of the tems. Fundrai$ing• alumni r•latlons and communlcations Despite the continuing chall8nges of the economic climate, we have had another very successful fvndraising year. with over £5.9 million in cash received against last yearfs £5.7 million. Thls year we landed the largest glft in the College's history, thanks lo the transfomiauonal genero81ty of the Tala Group. This was made possibte by the decad9-long friendship be￿￿n Sometville and the Group's Chalrman Emeritus, Mr Ratan Ta18. £10 million will lund the construction of a new building that will occupy the last plot on the prestigious Radcltffe Observatory Quarter site, dir8CtIy opp081te th6 n8w Schwarzman Centre for the Humantiies and the Blavatnik School of Government. Tru8 to Somerville's founding prlnclples. the plans envisage a space that is both inclusive and equitable. New seminar rooms and offices will exist alongside spaces for shared study and interdisciplinary collaboration. reception 12 SOMERVILLE COLLEGE R¢port of thg Goveming Body Y•ar ended 31 July 2025 rooms and accommodation for vlsitfng aeademles. A further £2 mlllion donation from the Tata Group will support teaching and research. and the building will be a pemianent home of the Oxford India Centre for Sustainable Development. Legacy perfomiance has continued to be strong. wtth over £1.8 million in cash received from gifts in wills. This incluLled a final instalment of £450,000 from Christian Carritt's £3.5 million unrestricted grft, which will support music. history and medicina at Somorvilla. W8 also recerved £500,000 in unrestricted funds from the estate of Trevor Hughes, a notsbla exampl8 of non-alumni support. We have conlinued lo award Sanctuary Scholarships to ￿fvgee sludents and academics at risk. There have been nine Sanctuary Scholars at Somemlle in 2024.25, inGlvding students from Afghanistan. Eritrea. Ukraine and Syria. Vve have also established Palestinian Crisis Fund, ￿lch will Supp￿ one student to study here from Mich8elma$ 2025. This year, the SomeNille Fund (our annual fund} ral$ed neady £650,000. including over £375.000 in unreslricled donations. We have conducted several erowdfunding campaigns, including one that raised over £20,000 lin one weekend) to estsblish a remembrance garden, and another that raised over £6.000 lor the boat dub. We have also eslabllshed an alumnl boat club committee, to support mentoring and fundraising. which will strategically leverage engagement ￿th a key alumni group. As ever, we have had a very busy year of events, with neady 50 taking place in person, online or in a hybrid fomial. Our choir overcame the chaos of fires al Heathrow to tour T8xas, Washington DC and New York, attracting fantastic support from some key US alumni. Along with gaudies and the now annual fixtures of the Supporters, Lunch. Cedar Cirde and Penrose Society events, W8 held regional events across the UK, including one with Fiona Slafford in Lyme Regis lo celebrate the 250th annwersary of Jane Austin's birth. and subject events including for philosophy. We also hekl a special serles of events with our outgoiry Principal. culminaling in a recepkn'on at the Hous8 of Lords. The RISE campaign was launched by Baroness Royall giving the Mary Somgrvi119 Lecture. Tha campaign is thg bigg8St in the College's history and wll raise £50 million by 2029, preparing Somerville for the next 150 years of transformational res8arch, scholarship and progressive thinking. The campaign's microsite is now Ive, creating a compelling online hub for the campaign and detailing tts four strateg￿ pillars of Resilignce. Inclusivity, Sustainability and Excellence. The most re¢ent issue of SomervilLg Magazine had features on a diverse range of subjects including ¢onsciousness, ¢limate Ghange and women's contribution to the field of inlemalional relations. We have shifted to a digital College Report (with physical copies available on an opl-in baslsl, making it more coslveffectN8 and sustainable. In February. we were delighted to announce that Somervillian Catherine Royle would become the College's new Principal. 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 complaints aboul our fundraising activities during the period covered by this report. FINANCIAL REVIEW Summary Net assets during the year grew by £9.6m from £238m to £247.6m driven by an £8m growih In the valu8 of our endowment, restricted donations of £2.Sm to fund the Ratan Tata building, and an unrethcted donauon of 8 £1m flat on the Banbury Road. The underlying unrestricted result before d6preclatlon was £1.3m, boosted by slrong unreslricled donations in Ihe year. The College's endowment grew by £7m in th6 year. from £99m lo £106m. 13 SOMERVILLE COLLEGE Report of the Goveming Body Year ended 31 July 2025 Reserves pollcy Thg College's reseNes policy is to establish. and thereafter maintain sufficient free reserves10 6nable it to meot its short-temi financial obligations in the event of an unexpected revenue shortfall. Our free reserves were slgnlflcantly eroded by the impact of Covid 19 in 2020.21 and 2021.22. Frèe reserves now stand at £I0.2)m12024: £10.4m)). In addition to this the colloge has designatad unrestricted reserves of £137m lo cover the value of its fixed assets. There is also a designated fund repr8senling a sinking fund to repay the private bonds when they fall due. At July 2025 thi5 Stood at £4.3m {2023.' £3.7m}. Invgstmont pollcyj obJectSves and performance The College's investment objectives are to balance current and future beneliciary needs by: maintaining18t least) the value of the investments in re81 temis; produclng a eonsislent and sustainabl8 anTh)unt to support expenditure; and delivering these objectives wtthin acceptable levels of risk. Investment risk is hedged by splitting OUT investments between OUEM and Newton. The College OP8rat8s a total retum policy on ils investments with OUEM and Newion. The investment strategy. policy and performance are monitored by the Finance Committee. Al thè year end, the Group's long-temi Inveslmentsloxcluding tangible fLxed assets). combining the securities, investrnenl property and other Investments. totslled £128.7m, an incre89e from £120.9m in 2024. FUTURE PLANS The College's future plans as agreed by the Goveming Body a￿ Set oul in the College Strateglc Development Plan. The core glements of this are: To balan￿ more effeclivety the Gomplementary but often contradictory demands of teaching and research so that Fellows, research time is better resourced. and Fellows have the space to deliver high quality leaGhing, To r&focus resources on th8 Felkswshlp and to reposition it al the centre of the College $0 that it becomes the expres8lon and embodiment of the College's commitment to academic ex¢ellence and ambition, To raise the academic profile of our undergraduate and graduate students and to strengthen, through evolution and reinforcement, the culture of academic excellence 8nd high expectation, To promote access and diverstty across all 8reas of College actiwty and to continue to work to include the excluded, and To improve the support we offer to our graduate students. Specific development plans have been agreed for the separate departments within the College to ensure that the Colleg8 continues to enhance its abilty to provide a first-cL3ss educauon. 14 SOMERVILLE COLLEGE Statem•nt of Trustees, Rospon¥ibilitlo5 Year •nded 31 July 2025 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Goveming Body is r85ponsibl8 for preparing the Report of the Governing Body and th8 financial statements in accordance with applicab19 law and regulations. Charity law requires the Governing Body to pr8par8 financial statements for each financi81 year in accordance wlth United Kingdom Gon6rally Accepted Accounting Pracllce {Unlled Kingdom A¢counting standards) and applicab￿ law. Under charity law the Governing Body must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the College and of its nel Incomlng or oulgolng resources for that period. In preparing these financial slalements. the Goveming Body Is requSred to: select the most suitable accountlng pollcies and then appty them ¢onsi$tentty'. make judgments and accounting estimates that are reasonable and prudent. State whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the fin8ncial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Coll&ge will continug lo operate. The College has cash resources and has no fvrther requiremenl for gxtemal fvnding in excess of ¢Lfrrent facilities. The Trustees have a high exp8Ctation that the College has adequate rosources to ¢onlinue in operational existence for the foresogabla future. In making their assessment the Trustees have consideted the impact on the business of Covid-19 including the abilty of th8 College lo continue to operate as a College of the University of Oxfor¢J. They continue lo believe the going concem basis of accounting appropriate in preparing the annual finanGial statements. The Goveming Body Is responslble for keeping proper accounllng records that are Sufficient to show and gxplain the College's transactions and disclose with reasonable a¢¢uraGy at any time the financial position of the College and enats￿ them to ensure that the financial statements Gompty with the Charities Act 2011. They are also responslble for safeguarding the assets of the College and ensuring Iheir propor appli￿110n under tharity law and hence for18king reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Govaming Body on . I l. 2oZ&-and signed on its behalf by.. Catherine Royle Prinopal 15 SOMERVILLE COLLEGE Auditor's Report Yèar endad 31 July 2025 Oplnlon We have audited the financial statements of Sometville College I'the charity'l and its $ubsidiarie$1lhe group.) for the year ended 31 July 2D25 which comprise the Consolidated Statement of Financial Activrties, Consolidated and Charity Balance Sheets. Consolidated Cash Flow Statement and notes lo the financial stslements, including signtficanl accounting policies. The financi81 reporting framework that has been applied in their preparation is applicable law and United Klngdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reptsrtlng Standard applicable in the UK and Republic of Ireland (United Klngdom Generally Accepted Accounllng Pra¢licel. In our opinion the financial statements: give a true and fair view of the stale of the gTOUP'S and the parent charty's affairs as al 31 Juty 2025 and of the group's income and receipt of endowments aThJ expendllure, for the year then ended., have t*en propedy prepared In accordance wllh United Kingdom Generally Accepted Accounting Practice,. and have been prepared In accordance with the requlremenls of the Charities Act 2011. Bas1$ for oplnlon We conducted our audit in accordance with Intemat￿naI Standards on Auditing IUKI {ISA$ IUKII and applicable law. Our responsibilities undgr those standards are further described in the Auditorfs responsibilities for the audit of the financial 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 financi81 statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 1$ sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going ¢onc•rn In auditing the financlal statements, we have concluded that the trustee's use of the going concem basis of accounting in the preparation of the finan¢ral stalements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conLlilions that, individu8lly or ￿llectivety. may cast signrficant doubt on the charity's or the group's ability lo continue as a going concern for a period of at least Iwefv8 months from when the financial statements are aulhorised for issue. Our rgsponsibilitlgs and the responsibiltties of thg twstees with respect to going wnGem are desGribgd in the rel8vant sections of this report. Othgr infomiation The trustees are responslble for the other information contained within Ihe annual report. The other Infom)alicn comprfses the Information included in the annual report. other Ihan the financial statemen18 and our audIto￿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 nol express any fomi of assurance conclusion thereon. Our responsibility is to read the olh8r infomiation and, in doiro so. consider whether the other information is materially inconsist8nt with the financial statements or our know16dge obtsined in the audit or otherwise appears to be materially misstated. If we idenlrfy such Mate￿al in¢onslslen¢ies or apparent mateiial mis5tatemenls, we are required lo determine whelher this glves rise lo a ma18rial mi5Stalement in the financial statements themsefves. If. based on the work we hava p8rfom)èd, we onclude that there is a material misstalem8nl of this other information. we are r6qulrad to rèport Ihat. We have nothing to report In Ihls regard. 16 SOMERVILLE COLLEGE Audltorfs Report Year endod 31 July 2025 attors on whlch ￿ are roquirgd to report by gxceptlon We have nothlng lo report Sn respect of the following matters in relation lo which the Charilies (Accounts and Reports) Regulallons 2008 ￿qUI￿$ us lo report to you if, in our oplnlon- the InformatSon glven in the financial statements i8 Inconslstent In any material respect with the trustses. repor¢ iy suffielent and proper accounting records have not b08n kept by the parent charity., or the financial statements are not in agreement with the accounting records and retums., or we have I￿t reGeived all the infomation and explanatron$ we require for our audit. Responsibiliti05 gf trustee5 As explained more fully In the trustees, responsibilit18S Statement set out on page 15, the trustees are responsibl8 for th8 preparatlon of tho financial statements and for being satisfied that they gNe a true an¢J fair view, and for such Intemal control as the Iruslees detemine is necessary to enable the preparation of financlal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are re$ponsiFAe for assessing the group and the parent chaTiVs ability lo continue as a going concem, dlsdosing, as applicable, matters related to gryng concern and using the going concem basis of accounting unless the tnjstees either intend to liquidate the charity or to ce8se operations, or have no realistÉc altemallve bul lo do so. Audltor'$ rgsponslbllities ft>r the audlt of the flnancial statements We have been appointed as auditor under section 151 of the Charities Act 2011. and report in a¢CA)rdan￿ wilh the Acts and relevant regulations made or having effect thereunder. Our objectlves are to obtaln reasonable assurance about whether the financial statements as a whole are free from materk81 misstatèment. whether due lo fraud or error. and to issue an auditorfs report that includes our oplnion. Reasonable assurance is a high level of assuran¢e, but is not a guarantee that an audit conducted In accordance wtth ISAS IUKI will a￿ayS detect a m8terf81 mlsstatem8nl when il exists. Misstatements can arfse from fraud or e￿or and are considered m8teri81 rf. Individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financlal slalements. Details of the extent lo which the audlt was consldered capable of detecting irregularities, in¢￿dIng fraud and r￿<0MplianCe with laws and regulatlons are set out below. A further description of our responsibilrties for the sudit of the financial statements is lo¢aled on the Financial Reporung Council's website at: www.frc.org.uklauditorsre$ponsibilities. This description forms part of our auditorfs report. Extent to whl¢h the audlt was considered capabl• of detectlng IrMgularft10s, Includlng fraud Irrogularities, including fraud. are inslan¢gs of nonwrwtWgM8 Nl pFr￿un ¢¢¥thknuknlfdl 1￿￿￿faI￿Ar0J t¢rth ¥5.. £5D.LWJXrn,QQO r#Jrthrof Fknveeffknes ￿￿lEt￿eme￿ d b•r•ffts ¥¢h•m•s dthmdeonl￿￿thn sctwk todetmedcurl￿￿￿n perthTrstheMe$*￿k Notes to the financlol ¥tJtsments For th• y•ar•nd•d 31 July 2025 TA￿lBLE F[XED￿leT$ 13mup Fhlufgk, lordarh T&*1 slartofyqyr Add*kns DI&FW 17225 152.749 17J,414 1510 2.457 f2151 1468} Tr•*fÈrS ￿ invEstrne￿￿Vp￿rty •￿d￿Y* le1• 4875 Dryr•r1at￿￿aTrd1￿pth￿•Tht At afyDar 18,387 1,937 IV2 197 14210 1306 172 Deve¢*n ondi&W9 •Trdi*y* 2•.303 Ilolboolv•l At•nddy• 1619 19,402 151 J23 Mthrtofy 15.S74 134.382 151231 £nl(2)24Sr•l0fr¥niwrfJrnath￿ryh0r￿ur￿r1r￿￿￿lpQ*1. ¢oll•q• L4BsthJbJ FrnthD ord klr•$ equlwwni Tothl rom Al6￿1￿ye 17.226 152.749 4.e20 53 176.444 1,lU DikPDSall (2151 14881 17,125 153,020 4,875 lrnWrrnDrt 1,851 172 18.38B 1.937 4,183 157 24211 diiposa •nd ofy• Ai•nd L4y•w IX717 14••D7 15.574 134.383 1$1,2J4 £nl{2024".£nillQfrl**a￿j n*hiwWd £nii2024.£niii4ffrur•B*fvJfftlnp unthrfr•r¢el•aw. T￿e01￿￿+ grg knfvcoLf?pofthg Coltyebwhry d￿jr•s¢8r¢h a¢tivth Th858cOm￿￿&l13 lairys¢Trtr* C¢Akw works of art. arthnl boDks arxJmwxhsthwsandothArtre3sL¥od Bno18¢1s. Bgclluseof . Mtw. ￿l￿b￿ll￿t0r￿l￿sl 1n1urmal￿* avè11￿￿ ftril*SEE55ets be Dbt&inod qxcept Oi¢l¥ptoprthMO ¢xpww•. Not¢¥ t• th•financial For th• year•nded 31 July 2025 11 PRrrnrY 14VE8TMErif8 Qrllu 2D24 TL*al C(merdAI èt Gtsrtolyear 18.145 11145 lQ292 7.017 R￿￿￿)1931rd(1)$G0Sj intho￿ar Col com￿￿ T• Tthol VahAkn atgt4rtofy Tr¥r•tsrJfEvm tsroW8fix•d J68 Add￿￿￿r￿ knpTov•Merdsgl￿et 1$,146 T.017 14146 Apro1￿￿￿￿1¥￿￿VnOttrrf re*DJlprcmw Lvp•wd byvh Pe¢kofPock QS ttt31 Juty 2024 Red 12 OTHER INVESTNEFITS otmrtsam hohJ*foirvokn. 2024 ro ro SrauplthHim•rd SI￿rAy0 Newrrwyinv•stsd 102.751 17$ 1.37T Y.24 11.99n IrwèstrnèThtmanag•msM f¢è8 1182) 1.314 $.033 Gr￿1￿￿￿1￿•￿ts Itond fyfy••r 10>.Sfr7 fvi 111.2601 oly Hdd¢th aUK 202$ Tc4al Ih•UK UK UK T(tsi eoDu 8.114 ,773 30.733 420 9,599 eo.524 1.482 tundo FIx¢d Iniei¢si s￿Ck8 Aftomthe er￿ (thr IThvfy9￿￿ts FiXadl•M thpoli￿ 8rf r41h 1A12 7.1 19,454 6.n1 1E.151 1.482 42.367 OmMAb4alrrte6trn•rts d£8iBk hlh•pwy•¥rtW•b) ¥fA•y t4tst•8 totho flnanclal *tst8ments For tho yoar •ndgd 31 July 2025 PAREMTW4D 8UBsif44RY UIIDERTAKINGS ThD CdbJe haWB lo￿ ofthD+A#uBdBh&rDr4itd i1sumD￿ CokgB l¢omrrfryNo.07441fj641, •C(np￿r￿*in9c¢￿I¢r*I￿¥ L Èwnl rAptsltrf I￿PanyN0. 09943685}. MBrgat8tTfvath8T S￿￿8￿PTIuSl1￿mP#Y ￿. rthoow. CharityNo. 115454n. MTST su evoo rorx) Inc( Eypemiwre Durthto CLl•lleLYthrth abj S57 14541 1103} 11428n R•syKfortr•y••r 271.435 13S.9331 259 12891 12.049 1.367 11.36n Totsii4blth• Nglfw¢s*tr•gndof)p¥ 6.602 Ihè ¢h&r9$ ¢1£56k I￿2￿. £132k)was pa￿tsY Somqrthp c￿*￿TraLIn9 Lld io Cdloge. Atttr* Yoar•￿. aba&r< 01£142k12024"ta2kl bySumeTvM* ColegB Tiadlry Ltd tothe CD&ry9B,' a baknoof £rdlvMs tytsMvg¥r•t TtrOIG￿rSc￿aT5hlP T￿1 Cd¢ge12024.. È5B7k}. •&gbnGeol£l.248kwasaW ty8rrfn•rylll•cdbgeDa¥¢wenty Ud 10 sOm￿¥￿e0￿￿(2024.' £1&}. 14 STATEIIENTOF IN¥EmiÈNYTOTALRETiX¢N Th¢TTL*le88hBvogdW3d￿elrt￿ffj8rfPOky￿lIQt￿l thestariof2020.21. TNBswr. TrLtyiee6 d8￿d￿lIOdrW￿th￿Trlh• •i¢tynofrom OUEM (I£IAOSM. ofE1knfrom NovrtI￿, IDt￿￿ £3.55rn. Total Unapplbd Tolal TiliKtfvr •Blm•rt T4ial roty) Atth•hulMlngoflh¥ y••r 2B,044 9,05T 61.859 9B,91D un•ppllDdlOtsIt 9.057 057 61.689 37.101 Gift LTrl ILffwJ¥ hriiy￿trnthI 1Dcaknfv￿n tr￿tfor1Th￿Strnorl 469 874 1.8 7,7>7 2M7 LI￿.. manAg•m•nt(t*S cdlw1rA￿f￿9 Tot 3.459 tO,se6 Uwoibdtotslreth to1￿￿8 Inth8 Tr4rotsT8bgK4wnfvr•J (2.4491 (3,5501 12.4491 13,6W} 1•57 7.016 Al •nd of th• r•portlngyrfod: Lrfth# p•rrnAwrt•n&j￿W Urmledtrol r* 28,513 28.513 11.445 2B.513 11,445 08,048 Tow E￿ni¢ 31 No¢2st• fmintial stètsm•nts Forth• ywr•nd•d 31 July 2L125 DEBTOR8 2ff24 2024 Cdegg Gmup C01•oB ro j￿0￿￿1￿11n0d￿￿W￿￿n0n•S￿r. TrIde¢Je￿I Amotsrtso**J byCdtyèrn#n*atS ATllourts(￿ ty¢rDUP ￿r￿rt￿r¥S nenk* Irw 537 SS7 167 &57 313 313 OLhw 647 419 416 CREOIIOR&' lalllrffj duEwlthln M•y 2924 Omup Oroup oll•g• Trud• crgdhxg Tax*b￿￿d y1￿1￿15eCLKty I.￿2 3¥1 187 637 17 CREDITORS.. th*•ft•rmw• •M>* 2024 ¢ollty• ClllBge rooo Oltr*rcr•dltors 35. olkncredftllrnc0ft￿￿t ofi fJ5rn pnvllt8 p*amtrTht bond stCLYsd PnJd¢rthlM&G &Gw*rnl t*￿p￿•M1￿￿nB•11 of£10m for 30s*ar&8nd£10m yw4atall ilt*mirth￿820%.£￿n *eGwedfrM go￿￿r¥ * itgwtr•t•af 2m%. ond£lthn W>Jrtd hteraKtr¥t& L￿2.2￿￿. 3Z Notss to th•llnat%l•l *tatèrnèftts For th• y•or 31 Juty 2025 18 ANALYSk% QF MQVEMENTSQN FUP At31 July 2025 2Q24 régau £No {kn89¢$1 rooo 1. Felow$hlpfunth .820 (275} 547 IrVJirtGtsr￿I FLYrfJ F￿d P. FelkxENp Rr ScolDThFuThl kkn￿F￿J 1.532 33 123 2,170 2.054 5Ji 2.213 2.058 7S 2.A¢•d•mkw¢v•rd•'. *$tsTr£SOO.( 1.43Q 15&1 1.518 F￿￿ts *98trLan£5DD,￿o 2,374 l¥f• Cr•98Wit•lFufflO 3,14a 2S2 72 21210 1A52 1.139 2.212 30.7es Effldawmenl F￿dI.E¥￿efjd* 1. F•Iw￿￿pl￿￿￿1tt0'. Cen￿3ryAppp&IFLWd 872 1.139 4,148 19 1351 1.2 A & W F¥nd L.L8trthMkYFw￿ 1992 Mrt¢I￿FL C315Bk&C.A.L* Fund 19 1331 l865 78 87 105 1441 ¢531 (T61 1279} 160} 174} 148} MyryEwiTws1 FLnd 1.870 ,9 1.487 1.825 1.189 Dgphng 04brrfng C. & D. R¢èfFthJ 4arySr￿￿F•kn￿b Fu SS4 7.330 32 1,gJ• 12$2 re1T￿Otrknr Fw K$Lw￿*FLITrJF Wokn E Fkbla F￿r￿1 1.082 144} 1331 19 966 228 30.0(YJ 5.8e8 35.898 18 127 774 1238 1.449 4n 249 78 432 510 OIF￿r[￿dY￿s5th￿n£5oO.oQo 5.389 6.358 218 140 751 3. Suppwv. 8LwwFiThJ EM1￿ PEllTo¥e Fw 011￿[ k58than£W.QQO 3,702 951 974 1371 11461 74 3.625 78 8.244 772 33 Notss to the flnancSal 8tat•m•nts For the year •ndod 31 Juty 202S 14 ALY5kS OF fiovEMENTSI)X FUND5 Gort. otherfvnts.. Gpn¥Tal Endtthmth F Cwg Bann￿￿1 Fund CAL•IFu 4161 {￿) {28) 725 &161 knBlh&nEOWOW 2,997 373 Tlxal F￿￿th.¢01 87.936 2.7fj9 7.(61 T¢tol E￿w￿M•￿F￿￿$-fjTpl1P 1789 7,797 1KO i AL¥L lrtomlrvJ i•èuurL* G* At31 2025 £'ooo eooo R••lrlBWFwnd• 3,2S5 13,0421 2.419 OIW r46tyktsd 461 Totsl Re5lAGtedF￿￿dS-eQIle￿c t2ei 3.2SS S,042 T￿l￿•￿1thd Fundv.Qffj¥p 823 Unr•strldBd F￿d• 1631} 12.P4)8 {14,5541 D￿￿ra￿d1ur￿s 3.717 131879 265 {13n 4112 1S2.$52 T*xal iknr••trt* Fw*.¢•llry• 13&4 1.1 136.373 858 18161 Tolal Unr•*rtllt•d Fwidl.Qroup 136.8SS iJ,996 IS,372 13&81¢ Y¢)IAI Fund• 18.414 247,545 FVK16 OFTTrZCQLLEGE DEfAi8 8ur(4wryofts F•ibA%NpEnoo*mieM Fw Afund onthyThnt sti￿g. Aiolrrt tha Coltye Goyerrrnrloflndo. to f0[4bJJBrts fr¢￿ to ￿t￿li0￿￿ to Ir￿kn GarthlFu Uk4dtts(u￿ m•Jkqr*. An awgaIps￿1sh¢d 10 wkthwColeu•'5 kncrrfng¢Wr?nfyu5￿10War Tirt(thl E¥lddthd byllnlsfforn g.PA.¢Q￿￿pcrhtrd to recourè• DwdhyHré9kh*s c¢MenaryAp￿ Fu ￿41r￿1 DT(1￿MiCdjclpr￿e￿. 61tt4thodfrryn ab•qw$l wdlr*hrl In m&trArnJlc t•shgd $b¢9￿&t. ￿¢￿10(￿￿ aleknEh* Sn Erybh Itwkn. AIfftAnd thp tobp [laTth￿l ar* th8téaftw forwralpurposos Afund est&bth5rthJ from several Inr*Thfrom*hkh Ève byT￿Drf2I Fekn Eul*%h•d bYber4x*inlo eréowar•seJrthf•W•hipingnYIrrnenW8￿￿m. u8•Jt4 trèveiiw grart•wThJb)fwiJtM Fund C￿1 FL*IJ C•iB51) &cAL￿ Fu Err¢SlC￿k Fwd MoryEw*rtTTWt Fur prtyio I7￿. Note* io tho flnanclal *tatÈmèht• F￿ th• year endod 31 July 2Q25 1• FUND8 CFIHE¢oLLBQEi)ET￿s EsiitAtyhvdlrryn a ￿g￿t. Lwdtofund QiftB u>pdtV ULTWit￿s1￿Yry￿d iBwhiryof Mutsm AgrtUY4id F4brfltsth* BKIty1¢￿sC￿mt0F C.&D.R{￿fF R•B. F￿d Thgi¢MI tofwwJthptwth¥ ￿￿￿￿15tya￿ L E&tabl&hed bya b9￿￿$t. è S¢hc*t6tr* ￿ F￿￿￿4*hIp1Q nèw. ￿￿￿￿rrI￿￿ QrF¥E#tArtl￿￿¥Y F￿￿j c￿￿•1 Mtrkip¢ tyth& c*sts ès re611￿$d tythe unosdwWJ+fv￿*7￿1rtlLrt. J. ptq•ctw VJ8ts ofr*w8¢ty2mM0￿1 ￿j1￿￿￿dI L￿th• RBdcMf• vJn*•d Fund gr*tsJ (hh•r FwJAry5￿ Fw ofthè Cok9b. AfvLYsisoF NET ASSETS BET%¥EEW FUND8 UrrÈ¥tithd DÈslgro FU￿ En&Mhtnt 2025 Tothl Grou TaN•bb)fjxedaJsetB 149,723 19,145 4,312 151.223 10,14$ 217 {1.9e6) 101.078 4,923 1670 135.0001 Lowterffi lAbl￿1 (35,CWI Desigrthd FU￿ Furth Fur*9 Tvt•l rooo rwo 149,734 18.14S 3,717 151.2Y 1&145 1017 PtopBtyin•th#rt4 0th8r lfflvoslm8nts NelcUreE4a￿ Long t*m 98.836 154 12.1461 2261 {35.(ml 441 137,095 7251 99.990 237.*6 21 TRUSTEES'RalUlaATION Th8 for1￿¢ wrpDs•softh¥tykn acbw * ￿yin*31ee$ pthj Dye*￿*1 i¥Sh f Ihg tMyVtiMd* 10thbco￿. TrL*tÈe8of lh# iaii irto cat8wm&.' Hoad ofHrAJY PmtssG(rf*l F roymtrkntiw*on Not88 to theflngnclal statsmonts Forthg yeoron41eil 31 Juty 2025 TRUMES, AEMUNÉRATION pjrt 2Q2S Nuthiof Gr(06 mbor Gross twb 2.37e 3.T58 5.907 7PB1 la487 17.180 t11(I)JÉ12,999 £17.fm£17.gD £I¢(K￿le,9$ J.(X¥M20,999 20.359 20.376 29219 432.X9 £29.(ts>P29,999 r￿¥￿30,9 £31.(W£31,9Pg £4(W33,tr9 £wOr￿9S,9￿ £M(W)M36.999 £44.0(X)444.999 3Q463 s￿,514 33.31T 3&48& 4&89J £47.(W47,999 £WLWE48,99 47.fj11 S4.190 SS.914 117.& £X(tsMS5,999 £WQLW8,999 £61.orI￿61.9￿9 £￿0(&£82,999 £6¢.0￿￿64,59 £67.WQ67,999 £89.(tsKeg,999 £7ZCW£72,999 £T4.(W4,999 £￿(￿￿￿£83,999 £M[H)￿a.995 IY6,754 65,9g3 64,518 10 67T. 7,$29 72.(￿7 74.¥3 81659 BS.515 9&817 £ÉfJ.iK¥M99,998 £11&0N118,999 £I¥tyN132,599 8B,712 118.329 132.239 13S,&7 £147.tW147,9yg £153.ON153,*39 t1%fj.OM4185, 147.877 155fft2 42 2.176,166 42 2.151.684 4TNOt￿ th)rntrecet4eronL¥kr4kn. lTr￿t￿5 maYeatJiGDTnM￿th￿a￿GllTr￿l0ts￿rernpw￿ re¢** rgknMwmerfoIper￿r¢l exper￿ wess3rftylncur£dlThcwr¢Gbonvthhthlr seA4c05 b) psTrwtèe6. f￿r0 i1• swatotsi of£24kl2024-eiaklw• lo 1712024-211 of ￿Try￿￿t￿3￿r•SWc ThoIoWremuDWknpJ￿to k•ym•r•g*hrtw£666kl2014.. £fi￿1. KoyrnanBYBMDnLa￿ bBthpCulwaB detai￿d (knDinryB￿RWt Notets to t￿ financlal ¥tatèmÈn For the ￿aren￿ed 31 July2025 PEN$Th 5CHEME¥ ID Th? PBtkpBie5 in oThb*frfllS St*T'. 111 The $￿era￿lm￿s¢h￿* USB"la IhlA9roup p9r¥ork91 pensi￿ opgrated byAvlvo 1formfyl￿Fmfft￿¥ Llè Nth¥GeMmtiffjGr¢￿plrébjfi Sc￿•>. Thp USS ￿ a wowiTrJ lef￿0 bon&ffl• b•È•d al ¥%*llk* ba5od Thè•wwol USS ar• hwd In A MP**ètruèt•è4dmln*lqtfd 1&iThi*Bof1hosch8rn•r￿ •rd wsombhbosis. Thgrtfort. a5 requlredby FRS 102. Cvwp Inthg Bvèrtofts part￿p￿n￿ e1npkn￿S ￿ U55, lh88m￿tofOry￿￿1Th[Lrtlry FUT USS a4*ff¢ll t¢¢thry partof￿2o20 t*ithrnqiirthJ MyrMNofe.2% of g0kniEkLryerttx ppnud 1 ￿[11202? unw 31 KIAreh2D24, *t*hthPQithth•r• n¢r*wl)6.3%. Nod￿¢￿1¢￿>¥•YPknn rèquliwj ￿hr￿2023V81wbllll bocau8elM$¢trAme wai In WUèOThatsch￿cd b9￿. Th Colg99 ¥wg lomok¢dgfdi l J•iuxy2024 Qr accordlrgty r8￿8S￿ provtskni0l￿ Irrtome Bnd ¢VMMuf•ac¢ouni. Th• ￿tIva￿* tthnp*tsaC￿ar￿1y￿U&I￿￿0ftr Buldeilg &s ￿ 31 dal•l.Mthkh IhB proJ8ctsd unllrn•tW. Ai 51 2023. ￿ CrAkng*'$ baWK• $h￿inG￿&1 èliet*tyofEI.992kforf￿￿r* 2020 sthème was Nodgfth Moyery pLqnw ieoulredfffjm SLtsm8wBs In 8￿p￿. CharvJe$t¢ ¢thltrbuith T*$ *r* hmp*m4N¢dfr4m 1 Janwy2Q4 tr&td*thp Cal*gE w•iro iorn•k¢dW r4¢ovory(*thbkntkwA. lthlly ott2.038k rthakodlothE lrtomB and•xpen(oiYg i¢DJiJnL Th&2023 vyl￿t￿ll ￿￿nt￿va￿￿fQTthP9￿￿DB undvrts rryglmq P￿￿￿A¢t20Ufj. un$6¢hem•slo have $￿￿￿￿rA t0Govqrth•irt8th￿caIvvll&Drrf(t￿• $wthoryfu￿lry otyeGY¥el. Althe YèbJAIkn dHI•, thèvthgofth)¥i*ts £n.I t4kn&rrfJtsv8lw wgs£65.7 Thp w•Ylniho 2023 YgluoLknar•4•6&)b•J b#kn¥. CPI otw 3.N PM. Ibll5ed kwiwm ofCPI, ￿dI￿¢>￿￿tert wrth kty.l# *￿tte￿r￿c￿￿￿n￿l. RPVCPI 9*.. 1.0% pA.to 2D30. its0.1% p.B. (r￿Tr 2ty30 I￿1￿￿￿•￿<￿￿b5￿￿tto aknTof 0%) Bernfms￿b rpcop.. CW qSSLnP￿￿US 3bps Berth 5UWrfEtoA'Èofi G8P"of5% I￿￿1*nO￿k￿r+•b+9￿ptts S%, kllaknMrS% 4>tr)a vjrn uf 10%>. GPI 3bps rate Ifon¥wd r•tsg1 irf•r•st Phm.. Prfrfewrgmert.. 2.9% p.4. Post-felrgw*nt'. tr. ThèmahdenM￿li¢￿SUMpb￿s used iekiebJlhprThDrtdNyaswptkTh. Th•s¢ •s¥wnplhy• Jry C4tmd Oul ￿ P8rt tsflhb20Yd aCIL￿al ¥a￿thn. ￿rr￿*￿¥￿SUmQfjQr0 ore asfokn%'. 101% of s2PM4'b3M' fty me199 95%dS3PFA ftyf¢md I12￿1 Wrtha SmouthinB ￿T￿r￿￿r017.5. D.4% P.a.ar￿a hwern) emurt IBieof i.e% lor I.È% a5 23.8 25.5 2S.7 27.2 2024 23.7 25.6 2S.4 27.2 Mak5 turrÈntly a9Éd 65 Iw[51 F¢wItS OJrYenvy aged 65 lyearS} Mik5 ￿rrently 45 lye4r51 FerMle5 oJrrenU Ed 45 ar8 Th• r•>)￿*￿ bytr* ￿Dd royjb aL￿nce1¢y Ihedefidt rtLthery￿IA tsfrknB'. 2024 331 11.$58) Avtrd NGGPS 420 378 TSI 1.2￿) Th•CoWe b &¥¥eofthpVirob K4•dia¥ NTLP¥r4￿nTWS10¥S Iltknthtd maygriB th• Al UnAt1•￿qUIn￿Y 37 Not•J to th•lnanelal 8tatem8nts For ygar•nd•d 31 July2025 23 TUATVJII *4bl•to l•k• avaiwknio t￿l￿tt￿￿taxsti￿ prl g•iro r¢e•knl lo1￿ èXtintthAt auth1￿0￿e Bnd aro M) I￿lty aiknes knthE th129&'ssthid*c(Thrkgnybecaw* sthbmq. AccrAdlMJynD In tr*fThn¢kist*￿l￿ts. NAMCLdL 111sfRiIMErir8 2D25 2D25 ro 2024 1￿.507 102,7 81A98 FtronÈ*la$S￿ 8taM(dl$￿ (¢si 974 37.1É6 37.1VJ 37N2 Fknandai•80èts mtaswtd *amutbSEd crrfnpme cashar4lGB5h￿t￿S.dtp￿1ts. f88¥rKeNab*, trède dtith. Èrlw>this tr*Ed bygr0lpw￿lr1aktr05 IrKom•. F￿￿￿lIabIl￿￿M8O1L￿ty1 StT*kv4L4 rdatèioo* pqnts￿n tIL¥lty. REWN¢iIATIOIIOFNEflNCOMNGRESOURCESTO Er¢ASH FLOWFROM OPEFiAIIDNS 2024 GrthJp rooo 10. IminQ1bn¢frwrwf￿lVj ¢45b￿￿. IThwE51mErrt IGknybw¥ kn Inve8th {e,1501 13,0301 1,035 F￿￿lry ¢osis 1.029 2.306 IlnGtBa581l DbGr9a*• IlncrEag81l DEcrellxe Indebtrn (DweesEVlncre8￿ r tteditors 1DKreasvVI￿r?￿￿ prtytsbrty 11.9¥21 Not IA)Ipro¥lthd byopvralkng4Gll¥W startOfy￿r C*hR EThY crfYeBr r400 6T5 5,0001 1199 2,874 135.0(Q} mry•thanong T*rtal LYSISOF ¢ASHANDCASH eauwALENfS 2￿24 roo 1¥14 T4)tsl¢Mh•nd ¢4oh 575 Not•8 to thellnin¢lal atat•m•nts Forlh• yo¥ onded 31 Juty2025 coMMinAEIITS UNOEROPEkATt•l6LEASES rwoid$of¢mJ￿5￿p8rn f¢tdnèa pArty. BIQ t4Bss*Ed 05opwatlro knes. Pa5rynths. I￿￿ding prÉtsA￿ents. mad¢ ufthi thD ￿s￿l￿r￿c￿ed totre Irrtome bABl&Q￿r pBrlod OllhTr￿￿￿. bakno8h*d•t•, tsorDUP ¢ithtr*•dwtht•r0rtstore¢*elhefobythjfu￿fy mirthnum ￿3*￿)•￿8￿%". 00 Or*lUP Ind Cgwiy Not 1 >ry•r Later Mi*ierthsn5￿ar LbtÈr Itr￿n s￿#1￿ 2.3D2 2.fj8> 5,341 28 AWTAL ¢QMMrfiiEpirs Thry COIknyÈ li p3rtofthtr(dkny￿e bgrments Un￿9[6V0nd￿thO C4bJo akkL¥x*qrywK•crth reW*tsp. Forrrftsttiry p￿￿OSe￿. ts U￿￿tr$￿Ye￿￿￿le otr*rCDleges a￿ ml tf•al•d as t8*ted In FRS 1D2 •mb•rnoflhs Foty, thfinEd tyFRS 1tr2, Facoi￿remUnerS￿￿￿t¥￿￿V5I1*mp￿tyyE¥ Th2 Jltho ¥￿￿J¢1￿ Z5 £wo ra￿11 bJnJt4% pr•rnum. T￿b￿n kn rOp￿b￿￿fft 1 ¥¢¥hr. Col*p. 2024 A YAlhwLy C Horfr L ￿￿ttk R LaMb￿lie 148 141 173 225 177 CONTINGENTUABIUllES Th•rn wy• •t31 (2W24'. r¢rnl POST B￿ANcE SHEET EVEMTS Thwe Not•ts to th• lknancial stat•m•t Forthe y•ar•nded 31 Juty 2025 P￿OR YEAR CoMPAR4TIVEENFORIAAT￿m F¢Jrthvy¥ir•n&d J1 JU￿2024 Funds Total ro INeoMEPts40 EWJ¢VIIIÉIITS FAOW.. Ch•rR•blo*eUvllles'. . IB5BBrc* ￿￿1￿1 Oth•r TY*dlthg IncOlh• 7,686 1.342 3,030 5.OT Irw•Mm•fft kn¢¢m• T￿￿1 re￿￿ okt*Ed to4￿￿2 IA10 1,785 13.3es1 3,19S 1.812 271 13.608 Totsl 17.5ST TqBGhryTr rdthr I2.￿2 Tr4dlw Invests7￿1 rnaweMwrtC￿I Totsl EW41￿r* 201 1&862 12.462 746 RIV￿lMI￿ 4150 N•tlncw•flExp•ndtuv•l 281 10.045 78 1781 Nbtrn0YOmDllt Infundsfwlh•y•* 2272 8.132 10.045 FuTrd bthn¢•s brwghl for*ard 134,3B3 .858 7.861 FuThdF¢arrfed loThv¥d at 31 Juty NALY818 OF IIOVEI4EfiT8IY4 FUND6 Al 1 A131 ￿[Y 2024 2023 eooD l. F•1￿*$hIP1m￿kn9,, En¢hJWrneN Fuwj tsE￿h1 Fw C8ihÈMe Hugr* F￿d P. NDnnBn FeIknt￿￿￿ F￿d Scolpn Fw Wslc Fwd Olherfuf¥ts ￿ Ib￿£s￿?.( 5W5 1.420 4311 133 32 387 la21 1831 43 1821 Furth £50D,iN 3.$tud•ntwpport.. Fknnds £S00.0 4. Olhw Coltllt C•thlFL Cknii 1.352 1S7) 2245 174 1374 2,97 11251 231 J,148 24,387 Not•¥ to the In4n¢lal statements Forth• yoar ended 31 July 2025 End¢ThThnt FUnd%.F¥pwd•N 1. hlljwshbp fundlTho.' e￿Ap￿1 Fund E.P.￿￿habgwn Fund A I WCobb• F￿d LL8OMkyFU￿l 1992 lfftchgl FLVXJ CarW8& CA.Lee Ern8st WFUTMJ ￿￿E￿art Trtsjt Fw 825 1.078 14 25 87 17 451 11e51 4.14D B17 210 71 917 23 28 39 145 31 1441 162) tf51 12751 1.314 1,170 1,769 6,530 DqknOsbDmy Fur e. & D. RoafFL ry Sr•￿F￿kphJ￿p Fur 137 109 1J4 87 1,47 1.125 731 <471 1,124 I¥￿tT￿tC*￿t FLnd Ka L WuDlloyFuThJ FuThY t7 133} •19 E Fw WI4￿$ FL￿0 21S 25.368 5.%8 33.938 17 2.198 431 2.629 olhorfL￿1 *Ott•7￿00.( 11.1*1 124 5,Ba8 1.431 ZAc•dMnlc ow4rds: J￿lW￿￿ FL47d otherfv￿ts th￿£￿￿.￿[ 917 S.458 707 423 3. St￿1 $typort'. butwyFund DamoEThltyP¢r¢o#4 Fu￿j Otsrfwd6 E500.0 (35 3.4e4 114n 67 917 3A28 76 7.750 144 En¢(wr¢nt F Caw 8annlst•i Furwj CALetFLY Od*rfundB £￿)￿0 1165) (56) 1271 4101 1.395 1,&0 102 2.830 8.728 e3 219 875 2.883 Z32 Tow AndOwrn•ntf￿th, 55,WO Tutal Endowmort Fund$. Col 4.815 6219 10.511 11,1154 YotalEndv*th•rttFunth-Orfjyp 702 .99D 1 ￿￿￿1 G*01 (k¢￿) 31 Jrtj Yransfqt rooo 707 (2WTrI 81 Totsi Rwtrkt•d Fwd•.C•ll•4• 707 2261 RestrKled hjld bysthslJl¥lès 2,100 Unr•thctsd Fun0• ifjoe} De*nvW Loan dO*neivdf￿d AJ$plde#vJnaWfLr*s RoVaiuQt￿￿ Perthn rttqtv• 1317) 500 1717 i¥m 2.248 1S3.ty)8 313 156 T•tsi Urr•¥lrldedFunth 134.156 11.34S 11125 1.651 I,￿6 f137} 19D Total Unr•Btrktsd F￿r￿S.G￿ 1MJ83 130,166 T*tal Fund• 227,B61 17,$57 1148e21 8.1 2J7.406 41