2022-07-31-accounts

Charity Registration Number: 1139726

Wadham College

Annual Report and Financial Statements

Year ended 31 July 2022

Wadham College Contents

Wadham College Contents	Year ended 31 July 2022
Table of contents	Page
Contents	1
Trustees’ Report	2 - 15
Independent Auditor’s Report	16 - 19
Statement of Accounting Policies	20 - 22
Consolidated Statement of Financial Activities	23
Consolidated and College Balance Sheets	24
Consolidated Cash-flow Statement	25
Notes to the Financial Statements (Notes 1 – 32)	26 - 44

Cover photo: Sunset over Webb Quad. Jake (Seung-Bin) Joo (undergraduate). “This is the view from my room last year in Staircase 23. I like the nostalgia and calmness. The Penrose pattern in the foreground is cool as well.”

1

Wadham College Trustees’ Report

Year ended 31 July 2022

TRUSTEES’ REPORT

The Governing Body of Wadham College (“the College”) present their annual report for the year ended 31[st] July 2021 under the Charities Act 2011 together with the audited consolidated financial statements for that year.

REFERENCE AND ADMINISTRATIVE DETAILS

Wadham College registered as a charity (Registration No: 1139726) (“the Charity”) with the Charity Commission on the 6[th] January 2011. Before this date it was an unregistered charity.

The Governing Body is the Board of Trustees of the Charity. Members of the Governing Body act in their capacity as Charity Trustees. The present Trustees and those who served during the year are listed on pages 11 and 13.

The officers and senior staff to whom the day to day management is delegated are as follows: Warden: Robert Hannigan CMG Sub-Warden: Professor Carolin Duttlinger Senior Tutor: Dr Michael Froggatt Academic Administrator: Ms Katherine Allen Finance Bursar: Dr Peter Alsop College Accountant: Mr Vincent Skeffington Domestic Bursar: Mrs Frances Lloyd Development Director: Ms Julie Hage

College Address : Wadham College, Parks Road, Oxford, OX1 3PN Website : www.wadham.ox.ac.uk

The principle professional advisors employed by the College are:

INVESTMENT MANAGERS: Blackrock Investment Management (UK) Limited 12 Throgmorton Avenue, London, EC2N 2DL Oxford University Endowment Management Limited King Charles House, Park End Street, Oxford, OX1 1JD BANKERS: Barclays Bank, Apex Plaza, Forbury Road, Reading, RG1 1AX LAND AGENTS: Carter Jonas, 269 Banbury Road, Oxford, OX2 7LL Whirledge & Nott, Maplestead Hall, Little Maplestead, Halstead, Essex, CO9 2SL AUDITORS: Critchleys Audit LLP, Beaver House, Hythe Bridge Street, Oxford, OX1 2EP

2

Wadham College Trustees’ Report

Year ended 31 July 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Wadham College was founded by Nicholas and Dorothy Wadham in 1610. The Governing Body of the College comprises the Warden and Fellows. This Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, the Bishop of Bath and Wells. The College Statutes are as made from time to time by order of Her Majesty in Council in accordance with the Universities of Oxford and Cambridge Act 1923. The Governing Body holds to itself the responsibilities for the ongoing strategic direction of the College, for its administration and for the management of its finances and assets. It meets up to three times each term under the chairmanship of the Warden and is advised by a range of committees, the principal ones being the Academic Policy Committee (to advise on all academic related issues), the Finance Committee (to advise on financial and other general matters), the Investment Committee (to advise on investment issues) and the Risk and Audit Committee (to advise on risk management and the financial audit).

CORPORATE GOVERNANCE

Internal controls over all forms of commitment and expenditure continue to be refined to improve efficiency. Processes are in place to ensure that performance is monitored and that appropriate management information is prepared and reviewed regularly. The Governing Body is ultimately responsible for the Risk Assessment and Risk Management of the College. To assist with this process there is a Risk & Audit Committee, attended by two independent external members. This Committee regularly reviews identified risks and mitigation plans, and of the effectiveness of systems in place for the assessment and management of material areas of risk within the College.

PUBLIC BENEFIT

The Trustees believe that by putting well over £12mln a year into teaching and research, providing support for students from financially disadvantaged backgrounds, and the maintenance of important historic buildings, the Charity provides substantial public benefit. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the College’s aims and objectives and in planning future activities. The Trustees remain committed to the aim of providing public benefit in accordance with its founding principles and in line with the Charity Commission’s guidelines.

PLANS FOR THE FUTURE

The Trustees have identified three strategic goals to focus on in the medium term. These are making the College a beacon for fair access, creating a supportive learning environment, and creating a hub for world leading research. Practical measures to achieve these goals include increasing access initiatives, providing further student accommodation, fundraising for bursaries and student support, expanding the number of graduate scholarships and securing teaching posts. The Trustees continue to strive to make the College a centre of excellence in both education and research and they have no plans to change this fundamental objective. The Trustees will look to foster closer collaboration with the University in all of its activities.

OBJECTIVES

The College, working with the University, provides an education aimed at offering outstanding students from all backgrounds the opportunity to fulfil their maximum potential and seeks to advance world-leading research. The education provided to undergraduates and graduate students is recognised internationally as being of the highest standard. The education provided develops students academically and advances their leadership qualities and inter-personal skills, and prepares them to play full and effective roles in society. In particular, the College provides:

3

Wadham College Trustees’ Report

Year ended 31 July 2022

• teaching facilities and individual or small-group tutorials, as well as pastoral, administrative and academic support through its undergraduate and graduate advisory systems; and

• social, cultural, musical, recreational and sporting facilities to enable each of its students to realise as much as possible of their academic and personal potential whilst studying at the College.

The College advances research through:

• the payment of stipends and supporting the costs of Fellows and others acting on behalf of the College to carry out research;

• providing Research Fellowships to outstanding academics at the early stages of their careers, which enables them to develop and focus on their research in this formative period before they undertake the full teaching and administrative duties of a permanent academic post;

• supporting research work pursued by its Tutorial Fellows through sabbatical leave, special leave and “buy-outs” promoting interaction across disciplines, providing facilities and providing grants for attendance at national and international conferences, research trips and research materials;

• encouraging and sponsoring visits from outstanding academics from other parts of the United Kingdom and abroad; and encouraging the dissemination of research undertaken by members of the College through seminars and lectures and the publication of papers in academic journals or other suitable means.

The College maintains an extensive Library and Archive (including important special collections), so providing a valuable resource for students and Fellows of the College and others by arrangement.

The College does not consider that any detriment or harm arises from carrying out the College’s aims, and is not aware of views among others that such detriment or harm might arise.

The resident members of the College, both students and academic staff, are the primary beneficiaries and are directly engaged in education, learning or research. Beneficiaries also include students and academic staff from other colleges and the University of Oxford more widely, visiting academics from other higher education institutions and alumni of the College who have an opportunity to use its academic facilities, and visiting schoolchildren to attend educational events at the College. The general public are also able to attend various educational activities in the College such as concerts, exhibitions and have access to its gardens and historic buildings.

The College admits as students those who have the highest potential for benefiting from the education provided by the College and the University. It recruits as academic staff those who are able to contribute most to the academic excellence of the College and the wider community, regardless of their financial, social, religious or ethnic background.

• There are no geographical restrictions in the College’s objects and students and academic staff of the College are drawn from across the UK and internationally;

• There are no age restrictions in the College’s objects but students of the College are predominantly between 18 and 24 years old; and

• There are no religious restrictions in the College’s objects.

The focus of the College is strongly academic and students need to satisfy high academic entry and on-course requirements.

4

Wadham College Trustees’ Report

Year ended 31 July 2022

PRINCIPAL ACTIVITIES DURING THE YEAR

Fellowship Research and Teaching

At the end of July 2022, the College had 69 Fellows who were members of the Governing Body, 28 Emeritus Fellows, 28 Honorary Fellows, and 16 Foundation Fellows. During the 2021-22 academic year, the College paid for teaching cover for around 26 terms of leave (just over 50% of this being sabbatical leave),and employed 38 College Lecturers.

The research record of the College’s Fellows and Lecturers remains impressive and the following are but a few of the ways in which their achievements were recognised in the academic year:

• Professor Fiona Powrie was made a Dame Commander of the Order of the British Empire (CBE) in the Queen’s Birthday Honours for services to medical sciences.

• Professor Fernando Alday, Rouse Ball Professor of Mathematics, was elected to the Royal Society in recognition to his outstanding contribution to science.

• Dr Natalia Doan, Okinaga JRF in Japanese, was shortlisted for the Royal Historical Society’s Alexander Prize, for the best article or chapter by an early career researcher.

• Professor Shazia Choudhry, Fellow and Tutor in Law, has been appointed as Specialist Advisor to the Women and Equalities Select Committee for its inquiry into violence against women and girls.

• Professor Seamus Davis, Senior Research Fellow in Physics, was elected a Fellow of the American Association for the Advancement of Science.

The College supports studies at undergraduate and graduate level, and for visiting students, across a wide range of courses, and offers just over 200 graduate and undergraduate degree courses including: Biochemistry; Biology; Chemistry; Classics; Economics and Management; Engineering; English and Joint Schools; History and Joint Schools; History of Art; Human Sciences; Law; Maths and Joint Schools; Medicine; Modern Languages and Joint Schools; Asian and Middle Eastern Studies and Joint Schools; Philosophy, Politics and Economics; Experimental Psychology; and Physics.

Student Numbers

The College had 720 students registered as on-course in December 2021: comprising 22% on postgraduate research courses, 11% on postgraduate taught courses, 64% on undergraduate courses, and 3% registered visiting students. Some 26% of Wadham’s undergraduate students on course in 2021-2022 identified themselves as BAME.

At the start of the 2021-22 academic year, the College welcomed 130 undergraduate students (145 previous year) and 100 graduate students (117 new graduates in the previous year). Of these graduates, 73 were reading for taught degrees and 27 for research degrees. The College also continued to engage in a number of student exchange programmes that enrich its vibrant scholarly community.

In the admissions round for entry in October 2022 (and deferred entry in 2023) the College received 780 applications from prospective undergraduates. We received 67% of applications from the UK, 5% from applicants based in the EU, and 28% from the rest of the world. Following online interviews in December 2021, offers were made to 144 students, including 2 offers for deferred entry in October 2023.

The graduate admissions process runs across the academic year, with applications arriving at the College from November through to the following September. In total, Wadham considered 244 applications, slightly less than 2021 (277 applications), and the College’s graduate intake for the 2022-23 academic year is 97.

5

Wadham College Trustees’ Report

Year ended 31 July 2022

During the 2021-22 academic year Wadham students sat 1,735 separate exams, 516 of which were remote, sat on Inspera as open book assessments. A total of 112 undergraduate students completed their Finals exams with 51 First Class results. Following these examinations, the College awarded prizes to departing students, awarded named College prizes, and nominated continuing students to undergraduate scholarships and exhibitions in recognition of their academic achievement.

Outreach and Access

In 2021-22 the College contributed to 136 access events, involving over 4,400 students representing more than 600 schools from the UK. The academic year saw Wadham able to return to running events in person, alongside some continued online delivery. This blended approach allowed the College to support a range of schools and adapt to school needs regarding face-toface guidance alongside practical availability. The aim of access events remains the same: raise the aspirations of young people aged 10-18 and provide information, advice and guidance on applications to Oxford and other highly selective universities.

The College provides financial support to third parties including Target Oxbridge to support their access work. Wadham also supports university led access initiatives such as UNIQ and Opportunity Oxford, and will be in the first cohort of colleges supporting Foundation Oxford. Wadham involves some third parties in design and delivery of sessions to support access programmes such as Causeway Education. The year saw the launch of the Think Like a Lawyer programme in partnership with Linklaters LLP aiming to help 20 Year 12s to progress onto law courses at Oxford and support on-course undergraduates with careers in law. The Wadham Project ran successfully online and as the year progressed, in-person, working with schools and pupils in Bedford, Bedfordshire and Luton.

In the year ahead, the College’s access approach will be designed assuming face-to-face will be the preference of most schools with online sessions used where practicalities make it more appropriate. There will be a focus on sustained contact programmes and structured visits to the college for link schools. The year will see the launch of a partnership with Barclays to help Year 12s access careers in the financial sector; expansion of the Wadham Project into Key Stage 5; and a pilot with the Faculty of Chemistry to support science teaching in Key Stage 3.

In the undergraduate admissions process (Oct-Dec 2021) we received 85 applications from applicants in composite Band A, indicating the highest levels of socio-economic and educational disadvantage (this represented 16% of all UK-domiciled applicants to the college). We made offers to a total of 65 male applicants and 75 female applicants (out of those who disclosed their gender on their application form). Finally, we received 78 applications and made 26 offers to applicants with a registered disability.

On the graduate side, the generosity of donors has allowed the College to award 20 scholarships for graduates starting their courses at Wadham from October 2022:

• The Beit Trust Wadham Scholarships;

• The Black Academic Futures Scholarship;

• The David Richards Scholarship in Economics;

• The David Richards Scholarship in History;

• The Graduate Scholarship for Ukraine Refugees;

• The Hackney BCL Scholarship;

• The Oxford-Hackney BCL Scholarship;

• The John Brookman Scholarship;

• The John McCall MacBain Wadham Graduate Scholarships;

• The Kalisher Trust-Wadham Scholarship (Criminology);

• The Oxford FirstRand African Studies Scholarship;

6

Wadham College Trustees’ Report

Year ended 31 July 2022

• The Oxford FirstRand Education Scholarship;

• The Oxford-Murray Classics Scholarship;

• The Peter Carter Scholarship in Law;

• The Standard Bank Africa Chairman’s Scholarships;

• The Water Conservators Scholarship

Student Financial Support

The College and University continue to work hard to provide a range of financial support for those students adversely affected by the fees regime introduced in 2012-13, or who for other reasons seek assistance with the costs of their education. This year the total cost of grants and awards, including scholarships, prizes, bursaries and hardship support, was £960k. Within this, the cost to the College for its share of the Oxford Bursary Scheme administered by the University, and for direct grants to students facing financial hardship totalled £125k for the year. The College now offers high quality and safe accommodation at subsidised rates to all its undergraduates and most of its first-year graduates. Nearly £82k was paid in accommodation support and vacation residence grants to help less well-off undergraduates with living costs.

Sustainability initiatives within the College

Wadham feels a responsibility to carry out its activities and actions in an environmentally and socially responsible manner, and wishes to encourage our suppliers and contractors to minimise negative environmental, ethical and social effects associated with the products and services they provide as far as practicable. The College as an educational charity has a primary obligation to carry out its charitable purpose, and while doing so also aspires to continually improve its sustainability performance through short and long-term plans for the benefit of College members and the local, national and global community.

Projects with notable sustainability improvements completed this year include:

• Replacement of three gas boilers with electric boilers, allowing removal of one gas supply.

• Added heat and moisture controls to the Chapel floor heating loop, saving energy and protecting the chapel instruments.

• Installation of modern double-glazing and modern time-controlled / occupancy regulated energy efficient storage heaters in a set of flats.

• Experimental installation of a high efficiency Hot Water Cube: a technology that stores heat as chemical energy, and replaces both gas and electric hot water storage tanks.

• Refurbishing and draft-proofing sash windows on Kings Arms staircase.

• Refurbished student rooms with smaller sinks to reduce water consumption, some including close-coupled cistern that diverts sink waste water into toilet flush.

• Continued programme of reduced flow shower heads with time-operated consumption warnings.

• Replaced servery in refectory, incorporating more efficient heating and cooling units.

7

Wadham College Trustees’ Report

Year ended 31 July 2022

FUNDRAISING

Fundraising: Building for the future

As socio-economic turbulence and recession became a reality for nations around the world, the global community of Wadham’s alumni and friends have been very generous in their support to the College and its people. Over the past academic year, nearly two thousand alumni have supported Wadham’s greatest needs and educational priorities. At a time when so many are facing their own personal concerns and constraints, we are deeply grateful to everyone who chose to give back to the College. When the Access to Excellence campaign was launched in 2016, the aim of securing £30mln towards its ambitious programme of “life cycle” support for the student journey to Oxford and beyond, was viewed with some apprehension. As the financial year 2021-2022 ended, £49mln had been secured towards these key priorities and 3,799 alumni all over the world had demonstrated their trust in the College by making a gift to the campaign.

Over the course of the campaign, over £4.5mln has been secured for Access; £10mln towards Student Support and the Wadham Fund, which supports areas of greatest need; £10mln towards graduate scholarships, which has attracted matched funding from the University and a range of faculties and departments, enhancing the scholarships Wadham offers. A generous £17mln has been raised towards the new William Doo Undergraduate Centre and the Dr Lee Shau Kee Building; and £7mln has been secured for academic posts, thereby funding or permanently endowing Fellowships.

This year, a total of more than £2.5mln was received from Wadham’s generous donors, with more than 21% (1,908) of alumni contributing. Wadham’s third Giving Day, in May 2022, demonstrated the warmth and generosity of the global Wadham community. More than 300 former students raised £164,000 towards areas of greatest need, including student support and hardship funds. As a first, the Giving Day was accompanied by a series of talks by notable alumni, and hosted by students; it was a celebration of the various ways in which alumni chose to give back. We are grateful to our accomplished alumni for sharing their expertise and insights so generously with our students, and for inspiring others to give back to the College. The Wadham Priorities Fund continues to provide vital Unrestricted funding to the College and £842K was received this year.

Over the past year generous legacies from alumni recognised by our 1610 Society totalled over £1.4mln. With 410 members, Wadham’s 1610 Society continues to be one of the largest legacy societies in Oxford. The 1610 Society Committee has worked hard to inspire more alumni to leave a bequest in their will and we owe them all a debt of gratitude for the key role they play in increasing legacy income for the College.

It was a special pleasure to welcome hundreds of donors to the long-overdue opening of our new Back Quad buildings – the Dr Lee Shau Kee Building, with the Locke Access Centre, and the William Doo Undergraduate Centre – on 7 October 2022. The Chancellor, Lord Patten of Barnes, paid tribute to Wadham’s pioneering role in paving the way for Oxford’s widening participation successes – which was possible thanks to the support from alumni. The opening was preceded by an Access to Excellence Summit where partners from our regional Access work reflected on lessons learned and how to scale for impact. The Warden shared the impressive statistics; 37,000 pupils have been supported via our Access programmes over the past 7 years and an increasing number of students from our summer school programmes in Engineering, Classics and Modern Languages make successful applications to Oxford.

These numbers, more than ever, reflect the dedication of our donor community and the impact enabled by the generosity of alumni and friends.

8

Wadham College Trustees’ Report

Year ended 31 July 2022

INVESTMENT OBJECTIVES AND GOVERNANCE

The Trustees have determined that the endowments shall be invested, taking advice from the investment committee, and the investment performance shall be assessed on the basis of total return. The Investment Committee is chaired by the Warden and comprises Fellows, and old members of the college with extensive investment experience. The Committee meets termly and is responsible for advising on the implementation of the investment objectives and strategy as agreed by the Trustees.

The investment objectives are:

• to preserve the value of the endowments in real terms, while producing sufficient total return to allow annual withdrawals from the endowments to support the activities of the College,

• to maximise the total return over the long term, while taking on a level of risk acceptable to the trustees of the College.

In pursuit of these investment objectives, the College has adopted a draw-down rate of up to 3.5% based on the average value of endowment funds for the preceding three years. The College attempts to mitigate the effects of risk through a strategy of managed diversification, by investing in a range of different asset classes and with geographical distribution.

The College is an educational charity that relies upon investment income to achieve its charitable purpose, and the trustees are under a legal obligation to have primary regard to this in the management of its financial affairs. However, the College feels wider responsibilities to invest ethically and avoid profiting from unethical activities. It therefore does not seek to maximise investment income irrespective of the nature of its investments but to invest in accordance with its ethical standards.

In line with University policy, the College will not make direct investments in companies that earn a significant proportion of their revenue from illegal or controversial arms manufacturing, coal or oil sands, or tobacco. Like most reputable investors, the College makes indirect investments in managed funds and trackers that may include companies that do not satisfy its ethical criteria for direct investment. In such cases, it will seek information about the extent to which funds are invested in areas of ethical concern (for example, fossil fuel extraction) and take this information into account in its portfolio allocations. When making such investments, it will seek to include only assets or funds whose investment policies are compatible with its ethical criteria, for instance in applying materiality thresholds to investments in areas of concern, or actively managing them within a framework of meaningful engagement to raise ethical standards, and it will engage with its active fund managers to promote more ethical practices.

The determination of ethical criteria will be made and periodically (e.g. biennially) reviewed by Governing Body on advice from Investment Committee and having considered the views of other interested parties (for example alumni and students) on this matter.

FINANCIAL REVIEW

Context

The College operates within a Higher Education funding regime in which its income from course fees does not cover the full cost of providing the education and student support, and student accommodation charges do not cover the full cost of providing the College facilities. The tutorial system at Oxford is widely respected, but intensive teaching in small groups comes at a cost. The College effectively subsidises all aspects of our provision to students. To fund this, the College relies on drawing down on the endowment, raising money from conferences and events, and receiving generous donations. This year the College’s operating expenditure (ignoring £1.8mln

9

Wadham College Trustees’ Report

Year ended 31 July 2022

increase in the pension fund deficit provision) was £13.8mln, while the income from students was £7.0mln. We relied on the endowment to contribute £3.9mln, and events income and donations for the rest. This year-on-year operating deficit is illustrated below:

To allow us to draw down 3.5% of the endowment investments each year, but maintain their value in the long term, we aim for the endowment investments to provide a return of 3.5% over inflation. This year we did not achieve this aim. The value of the Endowment Funds was £2.8mln lower this year than last year, with the value in realterms being further eroded by inflation.

We are very grateful for the generosity of our donors who contribute to closing the funding gap of the college, and enable the college to offer financial support to those of our students who need it most.

Review of this year’s Performance

The audited accounts have been prepared in accordance with the Financial Reporting Standard applicable in the UK and republic of Ireland using the Statement of Recommended Practice “Accounting and Reporting by Charities” Charities SORP (FRS 102). The accounts include all operational and investment income, and donations together with expenditure for both Wadham College and its subsidiary and affiliate companies.

The financial performance was much less affected by the emergency measures stemming from the COVID-19 coronavirus, though some accumulated costs and losses continue to have an impact.

Total Income was reduced at £13.6mln (2021: £14.4mln), but this saw an increase in revenue from teaching, research and residential £7.8mln (2021: £6.5mln), including a welcome return of some of the Conferences and Events revenue. Donations totalling £2.5mln (2021 £4.9) were very generous, with increases in Unrestricted and Endowment, but Restricted donations to support the building projects have mostly now been received. The college received income of £3.1mln (2021: £2.6mln) from the endowment investments, but recognised a draw-down of £3.9mln under the Total Return Policy.

On a consolidated basis, the total operating expenditure for the year was £15.6mln (2021: £12.6), though this includes a significant additional provision of £1.8mln towards underfunding of the pension funds, depreciation of £1.7mln, and the annual £1.0mln interest payment for the £35mln bonds. This resulted in a deficit in net income before gains of £2.0mln (2021: £1.8mln). The investment portfolio, having delivered income as above, showed a net loss of £0.1mln (2021: gains of £14.3mln), but ended the year £5.0mln higher (2021: £17.1mln) after including £5.1mln (2021:£3.5mln) of reinvestments. The consolidated Net Income is reported as deficit £2.1mln (2021: income £16.1mln). As a result, £156.8mln of funds were carried forward at the end of this year (2021: £158.9mln). The decision was taken to transfer funds from the General Benefaction Fund within the Endowment, spread in annual tranches, and this year the sum of £2.9mln was transferred into Unrestricted. There were no other recognised gains and losses.

Capital expenditure from Unrestricted of £0.4mln (2021: £3.2mln) was made in respect of some retained payments on the building projects, and this combined with Depreciation of £1.6mln (2021: £1.5mln) resulted in a decrease in Tangible Assets on the Balance Sheet to £75.2mln (2021: £76.5mln). Cash levels were reduced to £4.0mln (2021: £8.4mln).

10

Wadham College Trustees’ Report

Year ended 31 July 2022

Under the Charities SORP, the total net assets include a liability provision relating to the pension scheme. This year the provision was increased to £3.5mln (2021 £1.7mln), including a postBalance Sheet item addressed in Note 32 of last year’s Financial Statements. The substantial year-to-year differences are a reflection of the required computation method for revaluation of the pension funds and the assumptions of future performance being made. Negotiations on the funding of the USS pension deficit have resulted in large fluctuations in the pension recovery plan provisions, and may continue to do so in the future.

The College recognises its long-term liability for repayment of Bonds at maturity: £30mln in 2046 and £5mln in 2048. In respect of this College plans to build up a sinking fund. The College has not yet been able to set aside any funds for this purpose.

Investment Performance

The investment environment was not strong this year, being weighed down by a combination of the Russian war in Ukraine, the economic consequences of Covid-19 measures, poor market performance in the far east and emerging markets, rising inflation in many economics, together with political and economic uncertainty in the UK. Again, the value of having a geographically diversified portfolio was seen, with stronger performance in North America partly mitigating weaker performance elsewhere. The investments provide a relatively stable income, this year of £3.1mln (2021: £2.6mln). £5.1mln of cash that had been held as a buffer in recent years, plus a legacy to the endowment was gradually returned to a range of Blackrock “ESG” tracker funds screened or positively weighted for performance on Environmental, Social and Governance factors, and in the Oxford Endowment Fund.

The value of investments at the year-end was £114.9mln (2021: £110.0mln), which is £4.9mln above last year. The Total Return (capital appreciation plus income) was 2.5% (2021: 18.7%). For a number of years, performance has been compared with the FTSE All-Share Index (for Total Return in GBP) which achieved 5.5% for the same period. The investments of the College at the year-end comprised £39.0 (2021: £36.2mln) in the Oxford Endowment Fund, £52.0mln (2021: £50.7mln) in tracker funds, and £23.9mln (2021: £23.0mln) in directly held Property. It should be note that the reported property value is based on desktop valuations.

The specific funds held by the College at the year-end, were:

• Oxford Endowment Fund;

	Oxford Endowment Fund;
	BlackRock Investment Management funds, as follows:
	Aquila Emerging Markets Fund, iShare Japan Index Fund,
	iShare MSCI Pacific Index Fund ex-Japan, Charitrak UK Equities Fund,
	iShare Europe ex-UK Index Fund, iShare North America Index Fund,
	iShares FTSE 250 ETF, iShares MSCI USA ESG Screened ETF,
	iShares MSCI Europe ESG Enhanced ETF, iShares MSCI EMU ESG Screened ETF,
	iShares MSCI Emerging Markets ESG Enhanced ETF.

The College’s direct property holdings comprise farms in Essex, Lincolnshire, Derbyshire and land on the Isle of Wight (currently used for a Solar Farm, and grazing); a small number of commercial properties; and houses used either for staff, students, Fellows or rented commercially.

The Trustees are satisfied with the financial and investment performance for the year.

POLICY FOR HOLDING CASH AND RESERVES

The policy is to maintain a combination of cash and free reserves, so that together these holdings will enable the College to continue to operate effectively and meet its short-term financial obligations in the event of unexpected revenue shortfall. This would provide a temporary buffer to

11

Wadham College Trustees’ Report

Year ended 31 July 2022

allow the College to operate normally for a period of time. Due to the financial uncertainty caused by COVID-19, cash holdings may continue to be held at a somewhat elevated level.

The technical “free reserves” at the year-end, under the revised FRS 102 standard (prior to providing for the pension fund liability), being Unrestricted Funds of £42.1mln less Tangible Fixed Assets of £75.2mln, amounted to deficit £33.2mln before adjusting for borrowing (2021: deficit £37.4mln), and £1.8mln after adjusting for £35.0mln of borrowing (2021: deficit £2.4mln). The target is to hold Free Reserves and/or cash or deposits corresponding to at least three to six months of operating expenditure (excluding non-cash items).

APPOINTMENT AND TRAINING OF TRUSTEES

Appointment to the College’s Governing Body is on the basis that those elected are eligible and willing to act as Charity Trustees. The majority of new members, who are normally academics, hold joint posts with the University of Oxford. A transparent and professional selection process is followed for all appointments. An induction program setting out the responsibilities and duties of being a Charity Trustee is provided to all new appointees.

TRUSTEES AND COMMITTEE MEMBERSHIP

All Trustees are members of the Governing Body, which is advised by a range of committees. The principal ones being Finance Committee (FC), Academic Policy Committee (APC), Risk & Audit Committee (RA), Investment Committee (IC), Development Committee (DC) and Remuneration Committee (RC). The list below provides the names and committee memberships of the Trustees.

The Trustees, all of whom held office during the year unless otherwise stated, were:

Mr Robert Hannigan	From 01.09.21	APC	RA	DC	FC	IC	RC
Lord Ken Macdonald	Until 31.08.21	APC	RA	DC	FC	IC	RC
Prof Louis Alday
Dr Peter Alsop		APC	RA	DC	FC	IC	RC
Prof Paul Balister
Prof Michael Bannon							RC
Prof Paul Beer
Dr Alan Beggs							RC
Dr Christina Benninghaus
Prof Ben Berks
Ms Jennifer Boddy	Until 30.12.21
Prof Dominic Brookshaw
Prof Philip Bullock
Prof Martin Bureau		APC		DC
Mr Oliver Butler
Dr Fabrizio Caola		APC
Dr Alfonso Castrejón-Pita
Dr Hannah Christensen
Prof Shazia Choudhry
Prof Eric Clarke
Dr Emma Cohen
Dr Sarah Cullinan-Herring
Prof Séamus Davis

12

Wadham College Trustees’ Report

Year ended 31 July 2022

Prof Darren Dixon
Dr Natalia Doan
Prof Carolin Duttlinger		APC	RA	DC	FC		RC
Dr Evan Easton-Calabria
Dr Paul Elliott	From 01.10.2021
Prof Andrew Farmery
Dr Michael Froggatt		APC		DC	FC		RC
Dr Jane Garnett
Dr Lydia Gilday
Dr Molly Grace
Dr Lewis Graham
Dr Georgina Gregory	From 01.10.21
Dr Jane Griffiths
Prof Monika Gullerova		APC
Ms Julie Hage
Dr Katya Hertog
Prof Edmund Herzig				DC			RC
Prof Stephen Heyworth		APC					RC
Dr Margaret Hillenbrand
Dr Matthew Kempshall		APC
Prof Karl Kügle
Prof Francesco Licausi
Mrs Frances Lloyd			RA	DC	FC
Dr Paul Martin
Dr Ursula Martin	Until 29.07.22
Dr Caroline Mawson
Dr Lucy McDermott
Dr Emily McLaughlin
Dr Laura Moody
Prof Ankhi Mukherjee					FC
Prof Alexander Paseau
Dr Cláudia Pazos-Alonso
Prof Fiona Powrie							RC
Prof Paolo Radaelli					FC
Prof Stephan Rauschenbach
Prof Alexander Ritter					FC
Dr Sakura Schafer-Nameki						IC
Dr Nathalie Seddon	Until 31.05.22
Prof Ekaterina Shamonina					FC
Dr Thomas Simpson						IC
Dr Rebecca Simson
Dr Tom Sinclair
Dr George Southcombe
Dr Bernhard Staresina	From 01.08.21
Dr Sandy Steel

13

Wadham College Trustees’ Report

Year ended 31 July 2022

Dr Christopher Summerfield
Dr Oren Sussman		IC
Dr Atilla Szabo
Dr Mark Thompson
Dr Peter Thonemann	APC
Dr Olivia Vázquez-Medina
Dr Juliane Zachhuber
Prof Francesco Zanetti	APC	IC

Trustee Remuneration Disclosure

The Trustees of Wadham College, namely the Warden and Governing Body Fellows of the College, receive no remuneration for their acting as Trustees. However, their position on Governing Body is by virtue of their being Warden and Fellows. Fellows are generally involved in teaching or research, or together with the Warden are officeholders of the College, and are therefore employed in an academic or professional capacity by the College and/or the University, and receive salaries and allowances under contracts of employment. The College has adopted the University of Oxford’s pay grades and an independent Remuneration Committee advises on all issues of pay and allowances for Fellows. The majority of Tutorial Fellows’ teaching posts are joint appointments with the University. The Trustees have agreed to use the framework set out in Note 22 to the accounts for their disclosure of remuneration.

The Trustees of the College fall into the following classes of Fellowships: Professorial, Official, Senior Research, Junior Research and those by Special Election. The College’s administration is delegated to College Officers; this category includes the Finance Bursar, Domestic Bursar, Senior Tutor and Development Director, who are all Official Fellows. The Warden, who is the College’s Head of House and has administrative duties, is also a Trustee, but does not hold a Fellowship.

Certain classes of Fellowships are provided with a Housing Allowance (disclosed within the salary figures in Note 22) or can elect to live rent free in College. All Fellows may eat in College free of charge, as can all other employees who are entitled to meals while at work.

Some Trustees, in their role as Fellow, are entitled to additional allowances for work carried out as a part-time College Officer. Such posts include the Sub-Warden, Dean, Welfare Dean, Tutor for Graduates, Tutor for Undergraduates, Tutor for Access, Director of Music, Fellow Librarian and Keeper of the Gardens. These amounts are included within the remuneration in Note 22. The total remuneration and taxable benefits to Trustees in their other roles was £2.1mln (2021: £2.1mln).

A total of 76 Trustees served for at least part of the financial year, and at the end of the year 72 Trustees were in place. Of the total, 60 Trustees received remuneration under a contract of employment for work for the College and 16 Trustees received no remuneration.

No Fellow claimed any expenses for work as a Trustee.

Related party Transactions with Trustees

Certain Trustees, as a result of their employment as a Fellow, have been eligible to apply to join the College’s Joint Equity Housing Scheme or to apply for a housing loan. Both initiatives are provided by the College in order to assist with the purchase of suitable accommodation in the Oxford area. Housing assistance is not an automatic right. Each application is looked at on its own merits by an independent committee who assess the benefits to the College in providing housing assistance. There were no changes to participation in each scheme, as summarised in Note 30.

14

Wadham College Trustees’ Report

Year ended 31 July 2022

Statement of Accounting and Reporting Responsibilities

The Governing Body, who are Trustees for the purposes of Charity Law, is responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England and Wales requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable 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 the group and of the incoming resources and application of resources, including the income and expenditure, of the group for that period.

• In preparing these financial statements, the Governing Body is required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The Governing Body are responsible for keeping adequate accounting records that are sufficient to show and explain the College’s and group’s transactions and disclose with reasonable accuracy at any time the financial position of the College and the group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the College and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved on behalf of the Trustees on 23[rd] November 2022

Robert Hannigan CMG Warden

15

Wadham College Trustees’ Report

Year ended 31 July 2022

Independent auditor’s report to the members of the Governing Body of Wadham College

Opinion

We have audited the financial statements of Wadham College (the “Charity”) for the year ended 31 July 2022 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. 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:

• give a true and fair view of the state of the group and charity’s affairs as at 31 July 2022 and of the group’s income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 financial statements section of our report. We are independent of the Charity 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 have 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 Members of the Governing Body’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 relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in the relevant sections of this report.

Other information

The Members of the Governing Body are responsible for the other information. 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.

16

Wadham College Trustees’ Report

Year ended 31 July 2022

In connection with our audit of the financial statements, our responsibility 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Act 2011 requires us to report to you if, in our opinion:

• sufficient accounting records have not been kept;

• the financial statements are not in agreement with the accounting records and returns; or

• we have not obtained all the information and explanations necessary for the purposes of our audit.

Responsibilities of the Members of the Governing Body

As explained more fully in the statement of Accounting and Reporting Responsibilities, set out on page 14, the Members of the Governing Body 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 they 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 Members of the Governing Body are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of the Governing Body 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 144 of the Charities Act 2011 and report in accordance with the Act 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material

17

Wadham College Trustees’ Report

Year ended 31 July 2022

misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the charity through discussions with Members of the Governing Body and other management, and from our knowledge and experience of the client’s sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and, where relevant, inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of Members of Governing Body and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

• To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims;

• if considered necessary, reviewing correspondence with relevant regulators and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Members of Governing Body and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

18

Wadham Colleop Trustees, Roport Ygar ondod 31 July 2022 This description forms part of our auditols report. Use of our report This report is made solely lo the college's Gaverning Body, as a body, in accordance with section 144 of the Charities Act 2U11 2nd the regulations made under sectic)n 154 nf that Ap.t fliir 21 Idit work has been undertaken so that we might slate lo the Members of the Governing Body those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the Colleoe's tsoverning Body as a body. lor our audit work. for this report. nr fnr thp. apininnq wg. hav8 formed. Critchleys Audit LLP Statutory Auditor Oxford Date.. Critchlay8 Audit LLP i- cligiblc to act a47 an auditor in term3 of aeclions 1212 of the Companies AGt 2000.

Wadham College Statement of Accounting Policies Year ended 31 July 2022

STATEMENT OF ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention as modified by the revaluation of fixed asset investments at market rates prevailing at the balance sheet date. The statements are in accordance with applicable accounting standards and the Statement of Recommended Practice “Accounting and Reporting by Charities” (the Charities SORP FRS 102) issued in 2014.

The financial statements consolidate the accounts of the College and its subsidiaries, Wadham College Services Ltd and Wadham College Design & Build Ltd, on a line by line basis. The accounts of the affiliated student bodies (the Student Union and the Middle Common Room) have not been consolidated because the College does not control these activities.

The College has an investment in an associated undertaking, Boathouse Consortium Limited. This investment is included in the consolidated financial statements using equity accounting.

The Accounting Policies remain unchanged from the prior year and are set out below:

Income and endowments

Donations, legacies and other forms of voluntary income are accounted for when receivable. Student fee income and charges are accounted for on an accruals basis. The College accounts for its investment income on a total return basis, which allows the College to invest permanent endowments to maximise total return and to make available an appropriate portion of the total return for expenditure each year. Until this power is exercised the total return shall be an ‘unapplied total return’ and remain as part of the permanent endowment. The College has adopted a 3.5% total return rate, on a three year rolling average.

Expenditure

Expenditure classified as charitable activities included only direct costs associated with those activities. All other administrative and overhead costs incurred by the College which are not directly attributable either to fund generation or governance are allocated on the basis of staff involvement in those areas.

Classification of funds

The College’s endowed funds are capital funds where normally only the income arising may be applied, in certain cases for restricted purposes. These endowments are either permanent or expendable, depending on whether the trustees have authority to spend the capital.

The College’s restricted funds have arisen from restrictions specified by the donors. Both income and capital can be used for restricted purposes.

The College’s unrestricted funds represent accumulated income from the College’s activities and other sources that are available for the general purposes of the College.

Tangible fixed assets

Tangible fixed assets are stated at cost and are depreciated on a straight-line basis over the following periods:

Freehold buildings - 50 years Building improvements - 50 years Equipment - 5 years Freehold land is not depreciated.

The cost of major renovation projects which increase the service potential of buildings is capitalised and depreciated over applicable periods. Certain historic College buildings are included at a net value of £1 as, due to their age, their historic cost would be difficult to ascertain and they would also now be fully depreciated.

20

Wadham College Statement of Accounting Policies Year ended 31 July 2022

The College operates a “de minimis” limit of £7.5k for capitalisation of expenditure on building improvements and for equipment. Works of art and other valuable artefacts that can be regarded as inalienable are not included in the financial statements.

Stocks

Stocks are stated at the lower of their cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.

Maintenance of premises

The cost of routine corrective maintenance is charged to the Statement of Financial Activities in the period it is incurred.

Provisions

Provisions are recognised when the College has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefit will be required to settle the obligation, and a reliable estimate can be made of the obligation.

Pension Fund provisions & Critical accounting judgements

The College participates in the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). These schemes are hybrid pension schemes, providing defined benefits (for members), as well as defined contribution benefits. The assets of the schemes are each held in a separate trustee-administered fund. Because of the mutual nature of the schemes, the assets 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 scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount reflected in the Statement of Financial Activities represents the contributions payable to each scheme. Since the College has entered into agreements (the Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, the college recognises a liability for the contributions payable that arise from the agreements (to the extent that they relate to the deficit) and therefore an expense is recognised.

USS notes: FRS 102 requires that accounting judgements which are considered to be critical by those charged with governance are explained in more detail as to why the judgement has been applied. The disclosure below may be useful where the treatment of the scheme as a multiemployer scheme and adopting defined contribution accounting is deemed to be critical.

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents an industry-wide scheme such as USS or one for employers in the same locality such as OSPS. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The trustees are satisfied that USS and OSPS both meet the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the recovery plans in existence at the date of approving the financial statements.

Foreign currencies

Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year end rates of exchange or, where there are related forward foreign exchange contracts, at contract rates. The resultant exchange differences are included in the Statement of Financial Activities for the year.

21

Wadham College Statement of Accounting Policies Year ended 31 July 2022

Taxation status

As a charity within the meaning of the Charities Act 2011, the College is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The College is subject to VAT on its non-charitable activities.

College Contribution Scheme

The College is liable to be assessed for Contribution under the provisions of Statute XV of the University of Oxford. The Contribution Fund is used to make grants and loans to colleges on the basis of need. Contribution is calculated annually in accordance with regulations made by the University’s Council and is accounted for in the period to which it relates.

Investments

Investments are stated at market value at the Balance Sheet date. The Statement of Financial Activities shows net investment gains and losses arising from revaluation of the investment portfolio and disposals throughout the year.

Recognition of liabilities accounting policy

Liabilities are recognised when there is a legal and constructive obligation committing the College to the expenditure.

22

Wadham College Consolidated Statèmènt of Flnanclal Actlvltl•s For the year ended 31 Juty 2022 UnreslrKted Funds £000 Restricted Funds £'ooo Endowed Funds £'ooo 2022 Total £'ooo 2021 Total £'ooo Noh8 INCOME AND ENDOWMENTS FROM.. Chaiitablo activft*8'. Tea¢hlng, rasearch and re￿dentIs1 Oth•iTradinll Incom Donation8 and bga¢ie8 Inve8tmtrnt$ Investment income Totsi rdum allDtthd to income Othtr incoma- Includes Job RetenlkJn S¢h&ma £10k', YE21 £333k Total income 7.771 105 842 7,771 105 2,521 6,473 625 1.054 4,960 27 3,866 45 12,656 3.154 13.8661 3.181 2,579 14 45 13,623 625 342 14,442 EXPENDITURE OM= Charitablp activitie5.' Teaching, research and residential 14,348 456 14,804 11,802 Generating funds= Fundraising Investment management C0515 Total Expenditure 713 713 117 15,634 658 140 12,600 15,17B 456 Net InGomellExpenditurel before gain5 2,5221 169 242 2,011 1,842 Net gainslllossesl on investments 14.258 Not In¢omollEKP8ndltur81 12.5221 169 215 12,1381 16,100 Tr8n8fèr8 bÈtwÈÈn funds 3.709 17831 12.9261 Nèt movemènt in fund8 lorth8 year 1,187 16,100 Fund balances brought fotward 19 37,42 5,512 115,971 158.912 142.812 Funds carrlad fon¥ard at 31 Juty 38.618 4,898 113.260 156,774 158,912 23

Wadham College

Consolidated and College Balance Sheets As at 31 July 2022

----- Start of picture text -----
2022 2021 2022 2021
Group Group College College
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 9 75,236 76,498 75,236 76,498
Property investments 11 23,850 23,003 23,850 23,003
Other Investments 12 91,078 86,953 91,078 86,953
Total Fixed Assets 190,164 186,454 190,164 186,454
CURRENT ASSETS
Stocks 503 495 503 495
Debtors 15 2,177 1,622 2,302 1,888
Cash at bank and in hand 4,078 8,420 3,897 8,146
Total Current Assets 6,758 10,537 6,702 10,529
LIABILITIES
Creditors: Amounts falling due within one year 16 1,685 1,403 1,629 1,395
NET CURRENT ASSETS/(LIABILITIES) 5,073 9,134 5,073 9,134
TOTAL ASSETS LESS CURRENT LIABILITIES 195,237 195,588 195,237 195,588
CREDITORS: falling due after more than one year 17 35,000 35,000 35,000 35,000
NET ASSETS/(LIABILITIES) BEFORE PENSION ASSET OR
LIABILITY 160,237 160,588 160,237 160,588
Defined benefit pension scheme liability 18 3,463 1,676 3,463 1,676
TOTAL NET ASSETS/(LIABILITIES) 156,774 158,912 156,774 158,912
-
FUNDS OF THE COLLEGE
Endowment funds 19 113,260 115,971 113,260 115,971
Restricted funds 4,898 5,512 4,898 5,512
Unrestricted funds
General funds 42,079 39,105 42,079 39,105
Pension reserve 23 (3,463) (1,676) (3,463) (1,676)
156,774 158,912 156,774 158,912
----- End of picture text -----

The financial statements were approved and authorised for issue by the Governing Body of Wadham College on 23 November 2022

Trustee: Robert Hannigan

Trustee: Peter Alsop

24

Wadham Collo90 Consolidated Statement of Cash Flows For the year ended 31 July 2022 2022 rooo 2021 £'ooo Net cash provided by (used inl operating actNibes 26 3,086 767 Cash flows from investing actMtie5 Dividends. interest and rents from Inveslmenls PrO￿edS from the sale of prDperty. plant and equipment Purchase of property, plant 8nd equipment Proceeds from $8le of investments Purchase of investments N8t ¢a8h provld8d by Iu8od In) Invostlthg a¢tlv11108 3,181 1,369 13891 1,824 13,4731 13,4381 15,1401 12,3101 Cash flows from flt)an¢lng a¢tlvltlo8 Repayments of borrowing Cash Inflows from new borrowing Re￿Ipl of endowment Net ¢ash provlde(J by (used In) finan¢lng a¢tlvltles 1,054 1,054 599 Changè in Cash and cash tr4uivalonts irb the rtrporting pgriod 14,3421 13,6061 Cash and Cash gquivaltrnts at the bèginnirbg of thè reporting period 8,420 12,026 Cash and cash equivalents at the end of the reporting perfod 27 4,078 8,420 25

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 INCOFAE FROIACHthfBLE ACTMnES 2022 U￿@str￿l&l fun(Is TU￿￿fees-uK9￿d EU students TulvJn 185-Ov￿So8S swts 0th8rfe85 OlherHEFCE su￿ort 2.072 262 3.977 2.7E6 The Bbove4ndygislncludEsE3445krece5vedfrom Oxtotd Univetshyfrom puNicty4¢countaNefundsundwlheCFF 5cheme12021.. E3437kl. UndertheternnsoltheundErgradu&fe sludentguppom packoye offtred byoxford Un￿¢￿ty¢(￿s￿JdentstrQ￿ Iowwlnco￿￿h0U￿hold￿ thecolkge ￿h￿eOfthpfe￿WRl¥e￿4MDU￿tedto£fjkl2o2l.. £Okl. Thpse are notinrluded in thefee inrome rpported 4bDYe. DONAnON5AND LEGACIES vrffB5Ir￿￿ fvndts Rèstr￿￿ lundÈ EndrJwèdfwbls 842 625 748 5$> 4.g6D INCOFAE FROIAOTHER1RADIMGAcmvmES 2022 Subsidiarycompaw Iramg I￿￿m• INVESTMENTINCOME ZQ22 Llnre5fncteLffunds Bank Interest 27 Endowedfunds Agr￿u￿￿Tal rent Comrnercial re 283 297 2.679

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 J4ALYSLqOF EXPENDITURE 2022 Chahltknlbèxwdlturé Dlréctststfctsstsall￿aI8d io Teathing. iesearth ard resideNi81 5.530 0th8rdiréctcostsallocal•J io Teathing. ie5earth ard r631deNial sup￿rtand￿0￿￿￿8￿ce cos1sa￿Yated lo Teathing. ie5earth ard re31deNial 5.353 3.339 Told ch4rftableexpendlture 11.£lQ ExpEnthture on Dire¢t3tsff c0stsBIIDc*￿ to 524 OlhprdireGtQV5ts￿lW£1P1 lo Fwdr4i41ry IDvpylmEnl 96 Fwdr¥L41ry 49 3F Th# 2021 ￿1￿￿¢￿￿￿￿￿￿dor£12tsoDkrép￿ètsÉrttéd£lI$7thEf1OmU￿￿è$tI￿1èd1u￿d￿,t63Okfro￿ ièsb%ctédtunds and£Qk Irom#ndowèdlund$. Thè 1811a￿a to bè ftstctsfftlri￿0￿ urtdBfthè Pfovithoni tsf Statute XV ofthk Unw£tsityof Oxtohl ThÈ ContribubDh Fund Il uÈèdt ￿￿k• grani£ and knans to Co1￿0•80￿1hl ba￿8 otn••d. Conts1￿￿OnI aY•calculaMd annuatylnaccordanc• ￿th Yogu￿t￿n6Mad8 by thbcouncll of the UnIv￿ty01 Oxford. Th• t•achlrffj and ru••rch costs kncludtC¢thyC0ntrtbut￿ll payknlto1£26kl2021-£Qkl. 27

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 J4ALYSLqOF SUPPORT AND GOVERNANCECOSTS TÉachmJ and Raséarch £'oNJ G￿￿ra￿9 Fum £'o 2022 Tot Hétila FinBnG￿lPnd Dorneylio4dminiylr4th DDmest￿ royour 1178 205 322 1.654 22 Eank Interèst￿y￿knI OlhèrfinartètPÉr4ÈS Go￿￿￿nC￿ costs g96 25 2Z 2£ 2Q Teathmg and Réséarch Z021 Tot Fuffhls £'ODD Dome9￿c£d￿lnl91r8I0rn Hunan resour￿3 23 422 446 Èank lnLÈrèÈI￿jÈb1 Olhprfinpr¢prtsr9e5 $96 32 20 FInanC￿8￿d llrmmés￿8d￿in1S4FatK17. t[￿d ￿maThr&s0￿COS c0sisarèallri￿tU￿aC£Ud1njio 8slimalJ siaff tim8 sr*ml Dn 8athgctivrty D8￿￿Cla110nc0SlS profilorknsson disposal ol lI￿d asséts arèallnrij￿l acc￿￿1￿)10 ￿5￿Mad901￿8 assets. Iniér&slandO1h8rf￿a￿8ch¥9èS￿￿AurIth18a￿￿xordln￿Io 18la18dfinanong G0¥étnanC￿ ￿SIS￿r@S11￿atèI acC￿dI￿ lo an @s￿Mat￿OIaUdIl￿vIE8S tim8s￿nI Z022 Gownance co$N¢omwlge'. AudilorfsremurK¥atiOD-￿d1lse￿1ttS 22 20 NownouN ha5 LEen Ir¢I￿ed n wverna￿?¢0stSfprt￿ dire¢ternploymenl cos15 orrpimburged eXPe￿50t￿ecolEg¢ Felbw9 onthe ba31sttrolttregepaymenls rdate lothe Fell0v4s￿¥olvern￿1 Inthe Cdlegp3GtsrrtablpeUNilieg. Dete115 ofthe remwer4lionofthe Fel￿w5 Iheirre4mburged e¥peTr￿are I￿l￿d gepar4le mlewthinthese fin£￿1£19181Pmtrns. 28

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 GRANTS ANDAWARDS 2022 DLYingth8yJarth8 résèarchawardsand bursaribs losiud8ThtsfioM an unreslricled (Ur￿5sf(￿￿ywS Unr•strlcledtrJnds SchoLwr5hips. prizes and grants Bursaiies andhardsnip awards Total unrestrScted 397 368 Restricted fund9 sC￿￿rshIpS. prize5 and g￿nts BurSFnegl￿kn1rd9knlp ￿￿r￿S Total restrkled 439 550 80 Totsl grafflts anil awards Thefi9wp Ir¢lude¢ rePre?ert5t￿ ro¥tlptro CdlpF ￿ttrE BUrS￿ry￿￿￿E. Sfvdpntsollhiy WIP9￿ ￿￿etwE￿£￿7￿12o2I. £1Q1k1.S￿￿ ¥mGynliry lo w12￿1- £Qkl Th8 ats)v8cosls I￿lu￿j￿ Wilhinth&charilabl&eAp8ndrtu￿0n To%hlThJaMR8s8arL. Grants locth8rins￿￿t￿CUnprIs£o

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 STAFFCOSTS 2022 Salar18s ard soc￿lsecu￿1ycOslS $,341 492 5.390 468 D8fin8d ben8frtyLtr￿os 930 14941 The aver4e ￿MbEr0ftrnpl0YeE5Qfthec0￿ge. eMthdlwTn￿e2￿. ona fvIl￿rne ewivalenl basis wasasfcllNs 2Q22 re3e4ich CDlkgeresidethal Fwdr4(51 Supwrt 84 58 37 Totsl The W￿L￿o￿tmP1￿YBOCg1k9PT￿F1￿¥ dwng1hpye4r￿B ￿￿f01￿￿. VThlv8r511yLe￿￿s CUF 25 24 27 27 To1al aC￿nIS rÈpiÈsÈnls abesl os11ma￿. ThgsÈ coslswillbomél If*D￿sh￿nrèstr1￿gdf￿ds. Thefollowiw Infomationrèlatèsio Ih&eMpWsollh&col￿g8tsX￿dInjth&eokg0TmStsOs. Dètadsofth8 réthLusedèxwsasoti co1￿￿￿TrUSt￿r￿S ISinthd8d asastyargi8 Th)ie In financial slalbmenls. Th8 of 1eXdth￿gthO C￿1898 Trust￿s)￿li￿1￿￿wrWhr>58OrOs8 paYand￿Mf1I8I0xcl￿iw eM￿Y￿r Nlgnd Contriburi￿8)f&ll wilhnltrEfolluwing baThJswas £80.(K11-E70.0 £70,W1440.000 The nMbErof thepknvfremFtyeswilhretireM￿1￿8rl1S£ccN1￿j￿as asfolluws Indefinedbenefrts hybnd stheme5 IndefinedcoNTI￿Iion Schemes The ColeF defi￿d peD51DD%tremes IDtslled

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 TANfaBLE FLKED ASSETS Groupandcdlogè FrÈghtld la￿ and la￿ and IIMgs a Tot £'oNJ £'oNJ Cost isL4rtofy 90.753 92.653 386 T18￿ferS Disposals Atqndofy 1041 Depreclafjon andlrnpainnenl 14.269 1,&11 1.88 1Q165 Deyecialion¢trorgpfortheye4 ImFqiimenl ye4r NptiM)ok vqlue Atértdofwr 75,2YI 7S,236 AlS￿rt￿y￿a 75,484 76.49ts

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 HERrfAGEASSETS ThÈ ColloJÉ has suE&ianlial bnfftklh1stsrlcass￿$aIQ1wfmtharè￿sÈd Inthg COLYSÈ ￿ IhÈ CdlwJè'S tèachi￿ rèsèarthaclivths Thes8 cOmrAisèlis￿d buildinJBan tha CO1￿￿sIt. ￿￿￿r￿lthlh&irCOnl￿LgC￿mprts1rQ ol am. b￿￿dmanUscri￿￿d0thQr. I￿Surd artélacis Because ofiheirgge and. In many cases. unNuellalure. reliable hisloncalcost Inf(Kma1kn1 Is nolavailablefoi ltrse asseiSandco￿n0l￿e O￿l￿ed excwatd￿￿0Wrt￿at￿tsXwS￿. How8ver. ￿ th&opinioTholth&Tiu5l￿s￿0￿ÈWéCiaIad hisiorul coslol th8sèasséis￿￿￿ Immal8r

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 PROPERfrfiNVESTPAENTS Groupandcdlogè 2022 Tot Agnt￿ra1 t'o Commér& Tolal 18.243 2.205 2J.OOS 23.404 ddilions ￿prov￿￿@ntsdtcOst Disposalsltran5fers 150 287 886 553 4tFndof yp An IndEperthnl v8lu*ioTrofihpegrKLthrdproperbp3W?5 prePBredtyW￿edg?ernd Nott4nd CtsjOn￿ Bs&t31 July2022 ar￿31 July2021. desh1ppValLWb￿ at31 JulY2O22pnd￿ 1ndW￿t￿P￿£tlo￿￿f1h￿￿Mer¢l￿I otherwopefvsway Vewedtyc￿prJOrn￿s at31 July2O21. OTHER INVE5ThENTS All I￿￿51M￿nIS arèh0￿0l[Slrv0Iue. 2022 $iJ 1800 NèwMDr￿YInveStÉd A￿o￿lS v¢rtMrawn RèithÈslèd lrtomè IDéubas8Irincrèasè￿ ol InvÉsthtsNs 2,80D Grouplnvèstménts atèndolyoarprtoYio8o&thouso knvèslmant 86.913 Irw8SlM￿l In cons0￿￿ 8Dathous8 $7 40 Grouplnyestments ol endofyear Grouplnvestments cowprfse.. othside thE UK £'ooo Held Hddin theUK theUK £'ooo Total rooo theUK Ttthl M￿￿sSelfu￿S PrDFertytund5 76.054 14.9B7 91.041 S6.913 A￿er￿live￿nd9￿erlnYe3trnertS Fixedtwm dep0511¥

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 PARENTJ4DsuBSID￿1y UNDERTAKINGS The ColleF hDlds 11VAofthe 15gued 5hBIeC￿rtellThW￿h￿rn Colkge Serrfices Limited. e CompBnYprov￿1rQ cOnfere￿e￿nd Dtherevenl ￿e￿ice3￿￿the Cdlwi premises. and 100% oft￿ls5￿Ed share cepilal InW8dhBrn CollegpDESign4nd Build Limrted acompany wLwidingdesiw buildcoD5tthioD34YvKes CDlkge The ￿su￿Sand￿￿1raS58tsw￿d liabilrt￿ofth0￿r￿l￿d Subsidiar￿ all￿￿Year￿ndW@r￿as folknw Pèrenl Cdlp9E CollE9P se￿￿?5 Ltd £'o Cglkgo £'ooo Imome ExFendrtwe DDDBligntoColkgeundergrtovJ 269 Rpsullf0Tthpy￿￿r I9$,￿￿ 1196,LlS61 NètfundÉ￿thts￿nd $TATEMENTOFMIE$TMENTTOTAL RETVRN Th& T￿$t￿sS havÈ adwèdaduIyauthor￿tsdpOllOj0f1thtal rÈlL¥n￿to￿Iln9i0rth￿ CollèJÉ v¢ilhÈNètilraM lÉtA￿uSI%th Th￿￿￿t￿rnI0 ￿ ap￿1￿￿3$ is as 3 5%1202Q 3 thÈ yÈar-ènd Wal￿S Inèath lasllPiÈèYèars.T￿prèSèP1èd IfrozènivÉluèofl vÉ$￿d éffhknm￿I￿pI￿l iÈpiÈsÉntS ilÈ Dn MarkètvAI￿ ￿ 2[￿ 10gthÉrv¢i1hals￿Sè1￿￿nlÈmdowMèrnIÈv3IuÈdaId9tèoIOrt1 Pérman8nl EndOM￿￿￿t Unapji Exp8ndl& To EndowmÈnt4 knwlménl É'o Ret￿Yn Total Atth•boo5nnlngotth• yèar.. 42.584 42.584 8F.533 42.584 67.533 5.854 Un8ppli8d totalr&￿ EKFenaabk eThJowm4fi1 67.533 5.854 6,864 42.684 67.533 Movements In the repcrtlng perfod.. GfftoleTrlowmenlfunds RecouFmeDiofiNslforinvesipnent AllocatlDnfrtxn tru51for￿¥e5trTrent IrNeslmefjl relum iolal Invegtsnentincgme IrNeslM￿t relum reali¥vJ aré urrealised ga1Tr54nd105ges Less lryweslmenl m￿£￿￿¢￿¢95t5 0lhprt￿D9Fer5 Tvt 1.054 2.9 3.154 2.874 2.743 Vr￿ppliedtots1Tthrn EK￿rnd8b￿ 8ndowmen151rEn5f8ThBdtoinEQm 138661 13.8S$1 N&t￿>v￿rn&￿slttrÈP￿rtingPètitsd 11971 19281 ￿t￿￿ofth￿ WDrhn9 periDd.. Gfftcomponern0ftspe￿a￿l e￿o¥￿Ment v￿pplIèd lotslrèkn 42, 42,453 £6.736 42 452 e67 4.069 t6,726 4.069 Tfjt￿ Effldowm•nis

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 DEBTORS 22 Gr0￿p roth) 2022 Cd1# Graup CollèJ& unt8lallno dutwhhlnonèy•ar. T[adedebl￿S o￿lS owéd by co1￿￿ mémb8rs ￿￿o￿lS owéd by GroupuThJért8kiws Otherdethr 19S 238 430 274 ountjl7lllng dueaftermoieth4noneyear. Loans CREDITORs..f4ll￿gdUe￿thIn oneye 2022 Cdle9P Gr￿P ro Group c￿1?￿? Tt&dp¢redilpr5 Amowls ￿ IpCgl*e Mernbprs AMD￿15 IpGrouPur￿Prt￿k1ry¥ TExakn 5Qtial 5Bcunly 283 7fj 25 70 OlhèrtredrtOr5 724 CREDITORS..fallkn9due aftqrrnore than one y•4r 202 Qroup rooo 2022 Cdle9P Group Collegp 30YewSpni?rNote Borth 35.000 35.QOO J&ooo 35.000 The 30ye¥ryny¢rured SEniprNote BorthcomFriy¢. £30m 2 68% SpniryBord Nptedup 1 ￿9￿￿t204 £5m 2.64% $8niDrEDnd Noledu8BJunB 2a48 PROVI$K)NS FORLL4BIUnES NJIDCHARGE$ 2022 Gtou fODD 2022 Grou AisLart￿yts¥ In tha sLat￿￿n1￿FIwOalAdIWI1bs 1,876 1,787 Atendof year The a￿￿￿0Vis￿ rthsio USS and 08PS P¥Mbsiond8ticrts

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 J4ALYSLqOF PAOVELIENTSON FUNDS A11 A￿ust R8sourc41S Ga￿s$ Ilt JI July Z022 rÈsourcè £'ooo Translgrs 2000 EndowmantFunds-P•rnian•nt Drwll￿- P￿￿$￿ Fun SrfAlgemoThMemu8rts Wu8sI DrDaY￿ TWyl's Bequest The LeÈShau Kee Benef&XIo The Felluwship SwortFuThJ TheVoDBolhmer ￿ela￿￿n A FTtrornp50DHistsry Felbwship The KThJwIe￿Ill￿￿8j R F The Hack￿Y151rWL&WFelloWshp Engireeriro FellrA¥5hip F￿￿esT￿er￿c￿SsIcg Fellowship Hthche¥¢Jn Bewe M Betham Fellowship M Bptham Fp11ry5hip En9115hTe?rhin9Fwd Feknship PenrospThlalhs Felknvyhip 26 960 2.391 2.408 180 138 22 67 82 104 806 2.371 J,002 1661 180 3.024 2,264 1.02 3.045 29 134 1031 866 24 28 28 1.022 1.022 1.436 1.369 734 75U 134 134 37 20 20 42 20 729 744 DpvidRithsrd$ChErniStryFelEW5hip DavidRIthBrds Ec￿0￿1c￿i￿0ryJRF DwIdRith￿r¢S E￿￿￿1&F￿lIryShiP DgvidRIthBrdsfyBth31B SChDI8￿lp ch8ml￿ry DavidRithardsGt&thaiB SthDlatshiP clima DavidAithards&athalÈ Sthtslatship ÉtsJrnrAn￿s DavidRithÉrdsfyÉthal8 SchDlatship Hisltsty DavidRithards PhYS￿s F￿lOwShip Dtswding Humanthsscwshlp KIDk Médic 744 67B 1,X5 37 6¥0 1,aQ5 37 20 744 672 753 604 R H Rothms Gardén Fund Cotr￿ Corporal8 Cakwal 128 FUNs￿l0￿£800k 28 1.447 952 52.782 17.680 1584 Endowm•nlFunds-EX￿lldè￿ The Gewal Be￿[aCt￿$ Fund Dona￿Ed￿Ond38￿8Ia￿10nfllnd lEy￿rthb￿ Totd EndowMentFunds- Colkge 2,906 1.185 6.792 ÈndtsKTrIlèThtTU￿S￿è1d b¥ S￿11￿$ Tolrl EndowwntFunds-Group 6.792 Re¥lriGted Fundg BU1￿￿g Projec13 494 896 4.898 Tot￿ Regtrithd Fundg-cdleg 625 14561 Restr￿1•￿ by subS￿J1an￿s Tyt4 FuDds-Grou 625 14561 Unre5trictpd GvnBrsl[u￿S PènSIOn rèSèrvÈ 39.105 7,575 41079 Tata UnrÈStn¢tèd Fundts-colkgè 37.429 8,F 7,575 38616 urre51r￿￿g fi￿r￿S sub51d11￿?g Tot￿ Unréstriet•d Funds-Gthp $7.429 58616 Fund$ 13.623 115.6341 156.774 The Coll8J8 hasaor&tra lo Iislmdivldual￿aII Ihosé P0rman8nlEndtr￿mlfftI Fundswth abalanc8tygatsrthanÈ600kaltr8 year-8￿. Th8 Cokge also had 26 P&man8nl &￿0￿Ment FU￿S￿lIha balar￿￿or￿￿On￿50ka￿ t6Cthand 102 F￿dS wilha balancèbelow£250k The Total Rèium 8p&ndin9 Rul8 11anst8ram￿n￿￿ l0È3.87m

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 FUNDS OF THE COLLEGE DETALS ThÈtollowlro Isa summary(4thborlglns ar￿ Furh Endowm•MFunds-P•rnian•nt'. -AconsOl￿allonofgiIls anJdonaliDTrsw￿0 I￿tsMe. rM)icgpilal.canb8 usedfu ￿nera￿￿ose$ ol -caffj1bala￿e0fpaslthnaIIonSWn8re réLqied I￿Orn￿. b￿r￿￿9￿1gin￿￿ta1. can b&us8dfDrlr8striU&Jw￿0SO10flhechatItv EndowmEnlFunds-Expend4t.. "A cons0léalionofgrflsar￿d0rnat1oD3Wk￿Teether￿COrne. ori￿Ornear￿c￿é1. n bèUsÈdftsr1￿ tsTthÈ tha CaptslbBlampofpBslthnaliunÈwhBr8 r£k18d ImDme, tsprttyl, teusÈdftsrrÈstritlÈd G￿lIY R￿lri￿ted Fundg.. "A ron901￿11OnQf9￿Y&￿d0￿&tl￿￿SwtrEWE ￿th I￿(¥￿e c4pilal usÈdfu réstritlèd tyrposés "Th8 8uildin￿ Fur￿ Islhb major￿￿￿8011￿antt￿g￿ IM DrLbè Shau 8￿1￿1￿ a l￿WIl1aM DDD Und8¢graduaie Unrestri¢t•d FundÈ ' Thè G£ral Unr£5knttèd th8 Coll￿.$ athvili8S aMthbrsO￿c4￿s￿aI31&aVallabl81￿ th8 wor￿purpoS@S ol Ih8 Cdl8J&. IALYSL4(F NET ASSETS BEThVEEN FUNDS Urntsstr￿￿d RÈStr￿1èd Furds Éndts￿tsrtl Furds 202Z T#t 75,236 7S.2J8 22,850 PrDP*rty￿vè￿￿n1rnls 0th8rinvéstrn8nts 23.850 4.8>8 S.075 138.4651 LoThJi8m Iiabilths 138.4631 Unrestr￿￿j Fund £'o EndowTheTht Fu￿$ 20 To FuTrds 7£.498 7l496 PrpF¢rtyinve5tmenls Olherinve3trneDts Netcwrenl435et5 Lory1p￿ |i£bilrtEs 23.003 .953 56.953 F.134 lJ6.6761 12.393 1%,6761 37

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 TRUSTEES, REMUNERAnON ThÈ FÉlkn¥s aré loi otchgrlly lawfttèivÈ fA)rèmufYarallDnfaraciiro as thIlYI￿siÈèS b￿arÉ pa￿￿￿1￿￿ Drbtsth ofih8 univ0rsily￿d 1￿cOlleg￿tal the acadtsm￿ s8￿1c8S1￿￿￿0vid￿ tolh&Cokg8 Tiusleestrflheth)IlegÈf31 I￿(0￿¥1ngC￿W He￿ ofHo Fellowby Special Ele￿n Rese￿th Fdlow N0trJs￿r￿r8lveS8ny rOm￿er41￿nf￿8￿I￿89a IN518e. H￿VI]r. IN51ee5wo ar8 also emtW805 oft￿cON￿ge Saler￿fOrthOI[W0￿éS emPb￿s. Thege geries are paidgn exlemaI￿adem1cE￿d ￿adEmIc￿￿￿ted sc4k34ndoften areioint4Treng￿￿en￿WIlhthe Unwer3tygfO￿Wd. AII O￿lriBl￿nd Rege4rch Fellowswe4igiblefwa Hou51nghA1o￿rn￿e, whiL Is d1￿10¥edW￿l￿tre s£l£ryfvwresbetrJW. E￿e￿IrUstte91￿e Incowe orprop owfjed Colkge R•mun•radon p4ldlotru8t••8 2022 Gros5 tax efils aThJten510n Nymb•r¢l Trus14?￿4110￿7 N￿kn￿r0f Rawe £042999 1,867 &608 3.9S3 £4.C(ts£4999 £5.C(ts£5999 £6.tW£6.999 £7.COFV.999 £9.LW£9.999 £10,(W410 999 £11.(W-e11 999 £12.(W412 999 £13,￿¥12 999 £14,￿-£14 999 £1S,(W415 999 £17,IXH]417 999 £18,ffl0418 1J,805 SQ 479 25,195 15,897 187 £20,￿0￿0 999 £2l,fflO￿1.9￿5 È22,I%BJ￿2.S￿> £23,tsJo-￿j.sj> É24,(¥Jo￿4.￿9￿ É25.(￿￿5.$99 £26.￿￿-￿S.999 £30.0￿-￿o.999 20. 22,055 2J,705 271454 101577 57,342 18$ 148 54S 27.4tsÈ t34.tsJO.È34.999 É3s.tt￿-É35.999 tY6.￿.È)6.999 É3F.tt￿-É37.999 É38.(￿-￿.999 £39.(*Q-£39.999 £40.(knJ-£4J.999 [41.(￿-￿41.999 £42.(￿-￿42.999 £43.(m-£43.999 44.tKo-£44.999 £45.(W-f45.999 £47.(W-£47.999 £48.(W448.999 £sO.￿-￿50.999 £51.0￿-£51 999 £52,(W452 999 £53,[W-￿ 999 £54.(W454 999 £5S,(W455 999 £￿,￿456 999 EST,￿0457 999 £5B,IXH]458 999 £59,￿￿5g.9￿9 34.107 35.332 36.387 78,710 38.3% 42.144 86.7 44,202 45,633 85,314 52 4L4 54,873 174,733 118,439 17485T

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 £60,(th-È60.999 t61.tsM-È61.999 É62.OJO462.999 t63.tsJO-È63.999 t64.tt￿.È64.s99 £92.￿M-t92.999 £93.0￿-È53.Y99 t94.￿.￿l.999 £9s.(￿-￿.999 É96.(xQ.￿.999 £97.(￿-É97.999 £99.(x￿-￿.999 £1W.iKQ-£100.999 £101.(W-£101 999 102.iKQ-£102.999 £104.￿-£104.￿ £117(W-£117.999 £125.(W-e125.999 £127.￿-t127.999 £12B.(W4128.999 Totsl 121 683 61.402 124 350 82,J$$ &J,409 84,805 101.8YJ 101648 101543 125.325 127.537 128.L 2,093.623 57 57 I￿t￿￿tE￿5 wl pmpbye¢p OF1￿ wlE9¢ dp remwer4th. AIItrLJ5tW5rn3yÈat31 tOmmOntth.. 0thertr3n￿t1lln5with tFU5t￿5 Notrusleeclaimed expeTrwf￿ awwL¥kwf0￿ed Ind￿￿g@0fdth￿aS8tr￿￿@ SéÈ alsa rthé 20 RÉ&lÈd Party TraM￿Cl￿]n$ The loialrbmuwaliDThpaid lokéymaThag8Ménlwds2570k12021. É601kl. K8y Man¥￿￿￿tar•conShI8Iè￿lo bèthbwardenand orr￿&1S IF￿ar￿ 8￿sar. D(4nestr 8uisar. S8nIDrTUlDra￿ Dwv8lQpM￿I Direciori

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 PENSION SCHEMES nrficBntAtcountinB Politie5 Wadham College partlcipaie5 In ihe Unlversiiiessuwrannuaiion Scheme IUSSI and Unlyersityof Oxlord Staff Pen51onS(heme IOSPSI. These herne53re hybrid pen51Qn 5rhemes, providingdefined benefits 45 well35 benefrts based on defined contri￿tIon5.The a55eis of earh Section 28 tsf FRS102"Empltyee Benefits" wadham ColleÈetherefore aCCOuntsforthe£chemes as iftheywere wholly defined contribution 5chernes. ￿ a resutt. theamounrcharged to the profirand lo55aCCOu￿t repreSe￿tsIhe contribution5 payable to each scheme. s1￿Ce Wadham Colleg@ h3sentÈrÉd Into agreements Ithe Recovery PlaThslthat d￿termIne howe3ch 2mployerwithinthe schem@swill fund theov@rall the deiicirl with related expense5 being recognised Ihroughlhe stateme￿10f Finarcial Aciivities. CrltScalAc£ountlngJudgements FRS 102 make51he di511nCtion beween a group plan mulii-ernployerscheme.A group plan Superannuation Scheme and OSP5 The￿￿o￿￿tingf0r a mulij-employer5chemewh2reth2 employerha5 entered into igre2tnentwithth2 5chemEthat determine5 howtheetnployErwill V31ueof the contractualcontributions underthe recoveryp13n in eMlStence at thedat& of 3ppfDving thesefinantial stètements. Key5ourcesof estimat￿￿ u￿ertaInty The rnsion deficits recorded ère dependent on ￿tImateS of futureemploymentpètterns ènd interest rates. Theeffectsof chan8estothese 5sumptlDn5 are shown below. PehsSonSchemes Universityofoxford Stsff PenSiOn￿herneIosPs1 The 355Éts ofthe scheme5bre e3ch held In separatetrusteÉ-administeredfunds. USS and pensioThable 5alary3nd Dn a defined contril￿tion ba515- based cO￿trIb￿l0￿9 iThiOihe Scheme) 80th are mutti-employer5chemes and In the @ventofthÉ withdr3walof any of the p3rticip3tingemployers in U55, thÉ arnountof any ￿n￿lOn funding shortFall Iwhioh cannot be uthetWlSE fecoveredl in ￿S￿e￿Ofthatemp1DyerWIll be &pre3d acr055the r2rnlininE ParticipatingemplDyer5 and refl￿ted Inthe next Actudfièlvaluatiofts 51gnific3nrelfea on the results were.. 31M￿J5) 3WWth31 £&).6b £￿.5bry I￿&120 £8I8m £￿M Valueofasse PrIncI￿1 asSuMOc￿5'. R&ie Fixéd Interast Gilts 0.5%tD GI1YeldCu￿ Gilts-2.25%b Raieollrf￿&$èl1$aanes R3teollrf￿aselfiFen8l0n5 Assl￿& |i*oxman0959nTeiiremeniataqe￿. 1-275% CPl+Q.Q5%G AVG RPIICPI d 23.9¥TS 255¥TS 25.9¥TS 2F.3¥TS 24.4yrs 23.oyrs ¥.$yrs Males¢urreiitlv wd 45 FU￿Jing RllOS' Tech￿1 prowns basis

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 Stawty)ry Pen510ThPioct￿n Fundk515 64% 51% 74% ussia￿1￿C￿￿￿gto2I4%On0lI11￿Tr21 ff8thvgthbofn9Klv¥luabon. 2140 31￿Y￿ ThÈdist￿ntratÈlf0rward rites) ftsrthÈuss valuatiOnwaS-. FrAed Interes1 Gilt Cutveplu5.' Pre-retir.emt2.75%. P￿t-r￿lrernent I.￿% b. The distount rntÈforthe OSPSvaluationwaS-. Pre-retiremenr.. Equal torhe UK nominal gih curveAi ihevaluarion dAte plus 2.25% p.a Ateach rerm. Pts&t-retirement.- EQUÈI to the UK nominalgilt cutveètthe valuationdate plus 0.5% p.2. at e3thterm. Tetm dependentrate> in line with the differEnce betweenthe FiNed Interelt and Index Linkedyield tufves, less 1.1 d. InEréase5to pensions In paymentfurthe 0SPSv31u3tion were.. sens￿¥￿01 yctuariyl ¥•lu3rion 0$5UrnPtbn$ Surpluses ordÈficit&which 3rise 3tfuturÉ valuation5 may Im￿￿0￿ Wadh3m College's fwure oontribwion (Trmmitment The sensitivities vss A55umpL¥J Cha￿e in a&sumtthn Irnpatt on US5 abllitle5 Ini￿a1￿t.rèti￿Mwtdl$c￿niré IncwebyO.25% £￿aSebY£).th￿ P0st4eii￿enl￿sthunl 18 EbyO.25% incfeasE ￿tI8 ¢￿a&bY0.1% RedutsthÈbasÈmortalityt1È by 5% morÈpiudÈnl&SumpbJn lirtrÈ35e IhE annual emÈni> aby£l.thn intsÈ8sE ty£1.2bn inuÈ3se ty£0.6bn UleexFthv Rateolmortallli osps Cha￿e in atyjmrthn sumJy￿n Impatt w OSPStechnlc4 wov6lons ValuonrateoflThtwest ec￿Se byO.25% In¢reaseby£4&n

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 RFI increase byO.25% InGrea%Oy£4L Defldt RecoveryPl¥n5 In line with FR$ 102 Par£#raph2S.114 wadham Collexe has retDÈniSed a liabilityforthe COntri￿tIOns ￿vableforthe agrEed defititfundint Finl£hoforW￿1IRecw￿Pl 3M11￿28 AvÈiagÈth&xuniiateowerFenod EffecitslQ.5%¢h¥oe Indiscmniratè Effecitsl1%ch￿e In swgr £11L £27k A provision of £3.463m has been tnade31311uly201212021. £1 676ml forrhepre5enrvalueofihe e511mated f￿vre defiutfvnding dement of thecontributlDnS payablE underthese3greetnents. usingthe assumptlQn55hown. The provision redU￿s￿5the dEficit Is paid offaccording tothe penslon recover¥scheme. Penslonchar8eforthe year The pe￿$10￿ charge recorded byWadhAm Col￿ge duringihe accounringperiod lemcludingpension finan￿(0￿5) was equaiioihe tontributions payable afterallowÈnteforthÈ defitit retOvÈry plan as follows-. Scheme 2022 Eooo. £OOD'g Univ￿5￿tIeS Super6nnvation Scheme UD1V￿5￿ of Oxforo Staff herne Other schem￿-contr1bv(lOll5 556 374 405 930 TAXAnON Th8 coll8￿ Is3bl8 IDt3k8 sdv3nt48 Dfth8tsXexempliD￿aVslrab1StochariIi￿sfrQrn￿Xakn In r85PBElof ￿p1131 ¥insiBE8ived IDth8 BxIBntlhat Suth IntOme3nd￿ln5 ar£ appl1￿ Io èxth5￿alYth3rtsbls P￿F￿£s. Nts |13bilrtylO tO￿oratiOn￿￿ Èr1585 In IhB ¢oiièLp$ 5ub51diaryLOmPani£sbÈtsu5èthè GfftA￿ Act￿r￿￿)lyN￿￿l$￿)￿fOrl#xal1tsfthasb￿ Inthdèd IThlhèfitsnt4È14ts1èthèr￿ F14ANCIILW$TRVMENTS CollbJ8 hbld m FiThgnwllnslnJMén RECONCIL￿￿oNoF NETINCOMING RESOURCESTO NETCASH FLOW FROM OPERAT￿N8 2022 Group Gr NetlncoM&lexpendlturel Ellminationofllo￿0watirQ cashflows lThwe5lm￿I Income (Gairts)￿0Sge5 iTriThveslmern5

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 Endrywmbnidonthins 1.654 o8tréa￿1hcr8s&) Instttk 08créasèllhcrèasèi Indeblois 1DeLyeasein￿rease Incredilors lDéu8a58ln￿r￿as8 1nwovisil￿S lDéL¥8asein￿rOasO In￿nsIOn l&thlty 18331 560 294 18081 NElcash w0y￿edbyI￿9ed1￿)0Pet￿fj￿g Bcltymes ￿N￿v5&50FCASH ANDCPSH EQUWALENTS 2Q22 4,078 Tota cash andcash4uiY31Bnt FWUGIPLCOMNttMENT5 AI 31 CdlpgE a¥ey.

Wadham College Notes to the financial statements Forthè yèar éndèd 31 July 2022 CAPITLeOIArdrMENTS The CdloJ8 ha￿c￿traLI￿d coMm￿n￿nIS Sl July lorful￿•C￿lpro￿￿￿Iil￿ t2￿(2￿1-É0k RELATED PARTY TRM48ACnONS The colle￿ Is ￿Art0ft￿ cole{￿le UfiwerstytrfOkfo(d malen8lw￿erd￿pe￿er￿108betWeenth8UnIv￿Sty￿r￿0fl￿￿C01ge¥￿SÉ as aCOns￿e￿O￿f1his rdat￿￿Shp Forrewrtl￿ p￿F(￿. the Unl¥￿Sitya￿J￿e0therCo1leW￿e ncrf treated asrelated P￿leS as defIr￿ ￿ FRS 102 m￿r$Of1h￿ GDyprnin9 Body vtho Collp9p snd rel¢ dpfinEd by FR$ 1DZ, ?￿f¥¢I11119¥¢¥￿MfvFs TthB Colb￿. DÈL4115tsfthÈseptymen15 rè1m￿raed èxpÈfEÈ$Astru￿ÈÈ&É[￿d1sÈ￿PÉed SÈpÈralÈiYinthèsÈ fin&rtiÈl 51&lÈmènl5. Thefollowl￿t￿9Iees I￿Tr5 PL1918r￿irSfrorn 1hpcpllege4lthpye1r￿d. 2022 TSimpFon 90 90 Iniwb81 Isthpd on bans al 3%4 p￿r￿n￿￿.All1?3n5 ar8 rwaython sal8otth8 I￿d8p?rt￿8￿th0tr￿t￿ from I￿￿col￿g0 rtèarli8r. Th8 Co11898 alwhas prowi85 Own&j￿)IN￿w1IhTNSles MdorJ￿l EqwowwshipW88m8nts aTh1th8Colkg8 Th&¥al￿of th& Col*ge'5 share ofthese ￿0pErtieS Is. 2022 ACast￿l￿n￿l C 8LYnMgrfdd 3J4 25J TotalnetbOokvakneofpropefftsow￿dlolntIYwtht￿Slees Ilointequtyrwm￿8r8s￿ieci1osaIe£￿ Ih&d8wLY8ofthetrustéèIr￿ lh&col￿ge 31 CoNnNGENTL￿8ILrrlES Thereareno ConliTrJent L￿b￿rtlesth￿l requir8 digc105we. POSTBALANCESHEET EVENTS TherearenD Post Bel￿￿sheetEve￿tsthat￿lred￿th8￿re