2024-07-31-accounts

Charity Registration Number: 1139726

Wadham College Annual Report

Trustees’ Report and Financial Statements

Year ended 31 July 2024

Wadham College Contents

Year ended 31 July 2024

Table of contents	Page
Contents	1
Trustees’ Report	2 - 16
Independent Auditor’s Report	17 - 20
Statement of Accounting Policies	21 - 23
Consolidated Statement of Financial Activities	24
Consolidated and College Balance Sheets	25
Consolidated Cash-flow Statement	26
Notes to the Financial Statements (Notes 1 – 32)	27 - 43

Front cover photo: Peace and Quiet - the enclosed cloisters looking onto Cloister Quad. Only a step away from the historic grandeur of the Hall and front quad, it is a place that is smaller and quieter. Calm for much of the day, but at meal times and after chapel, it suddenly awakes.

by Andrew Downey , Lodge Receptionist.

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Wadham College Trustees’ Report

Year ended 31 July 2024

TRUSTEES’ REPORT

The Governing Body of Wadham College (“the College”) present their annual report for the year ended 31[st] July 2024 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: Ms Lynn Featherstone Academic Administrator: Dr Michael Froggatt 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

LAND AGENTS: Carter Jonas, 269 Banbury Road, Oxford, OX2 7LL Whirledge & Nott, Maplestead Hall, Halstead, Essex, CO9 2SL BANKERS: Barclays Bank, 54 Cornmarket Street, Oxford, OX1 3HB Lloyds Bank, 1 High Street, Oxford, OX1 3AB Santander, St Aldates, Oxford, OX1 1HB

AUDITORS: Critchleys Audit LLP 1[st] Floor, Park Central, 40-41 Park End Street, Oxford, OX1 1JD

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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 His 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 Compliance, Risk, Audit and Governance Committee (with a widened remit to oversee and advise on governance, compliance, risk management, together with operational and financial audits).

CORPORATE GOVERNANCE

The Trustees of Wadham College have undertaken a review of Governance. Consultation with the Charity Commission has been welcomed, and on the strength of legal advice, and best practice sharing with other Colleges, a number of measures have been identified and adopted to strengthen governance and compliance. These include, a staged reduction in both the number of Trustees and the categories of fellows who act as Trustees, and a process for formally exempting Trustees during periods of extended leave, increasing the number of external members on key committees, and re-forming the existing Risk & Audit committee into a Compliance, Risk, Audit and Governance committee with wider scope, enhanced membership and greater overview. This CRAG committee reports to the Governing Body which is ultimately responsible for the Risk Assessment, Risk Management, Governance and Control of the College.

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.

PUBLIC BENEFIT

The Trustees believe that by putting well over £16mln a year into teaching and research, providing accommodation and support for students from a wide range of backgrounds, and the maintenance of important historic buildings, the Charity provides substantial public benefit. The Trustees confirm that they have referred to 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 four strategic goals to focus on in the medium term. These are making the College a beacon for fair access, creating a supportive learning environment, creating a hub for world leading research, and taking measures to make underpin the college’s sustainability (considering financial, environmental, and social factors). Practical measures to achieve these goals include increasing access initiatives; ensuring safe and conducive environments for learning and scholarship; fundraising for bursaries, student support, and graduate scholarships; securing teaching posts; and undertaking projects to enhance the sustainability of the college buildings. 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 continue to foster close collaboration with the University in all of its activities.

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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:

• 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;

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• 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.

PRINCIPAL ACTIVITIES DURING THE YEAR

Fellowship Research and Teaching

At the end of July 2024, the College had 69 Fellows who were members of the Governing Body, 32 Emeritus Fellows, 36 Honorary Fellows, and 18 Foundation Fellows. During the 2023-24 academic year, the College paid for teaching cover for around 26 terms of leave (50% of this being sabbatical leave) and employed 41 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 Fabrizio Caola was awarded a European Research Council Consolidator Grant, supporting a research project to develop a new generation of theoretical predictions for the Large Hadron Collider (LHC) to unlock new insights from its data.

• Professor Shazia Choudhry , Hackney Fellow in Law, was the UK's candidate for the UN Committee on the Elimination of Discrimination against Women.

• Carolin Duttlinger , Professor of German Literature and Culture and Ockenden Fellow and Tutor in German was awarded Arts & Humanities Research Council funding for a project on Kafka and community, and also acted as co-curator of the Weston Library exhibition, ‘Kafka: Making of an Icon’.

• Dr Lewis Graham , Law Society Fellow in Law, won the 2023 International and Comparative Law Quarterly Early Career Prize for his article, 'Liberty and its Exceptions.'

• Professor Ursula Martin , Emeritus Fellow, was awarded a Leverhulme grant for her research project, 'Bringing artificial intelligence to mathematical practice'.

• Professor Alexander Steel , Fellow and Tutor in Law, was awarded a Major Research Fellowship by the Leverhulme Trust over three years to undertake a project focusing on the liability of the state for the wrongdoing of public officials.

• Christopher Summerfield , Fellow by special election at Wadham College and Professor of Cognitive Neuroscience, was appointed Research Director at the UK Artificial Intelligence Safety Institute.

• Dr Robert Yee , Junior Research Fellow, was awarded a Henry Kaufman Financial History Fellowship.

• Dr Marta Zboralska , Bowra Junior Research Fellow, was awarded the Alexander M. & Christina Schenker Fellowship at the Beinecke Rare Book and Manuscript Library, Yale University, to study the archive of Polish writer, Witold Gombrowicz.

The College supports studies at undergraduate and graduate level, and for visiting students, across a wide range of subjects, offering just over 200 graduate courses, and undergraduate degree courses including: Asian and Middle Eastern Studies and Joint Schools; 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

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Schools; Medicine; Modern Languages and Joint Schools; Philosophy, Politics and Economics; Experimental Psychology; and Physics.

Student Numbers

The College had 700 students registered as on-course in December 2023: comprising 21% on postgraduate research courses, 10% on postgraduate taught courses, 65% on undergraduate courses, and 4% registered visiting students. Some 30% of Wadham’s UK-domiciled undergraduate students on course in 2023-24 identified themselves as BAME.

At the start of the 2023-24 academic year, the College welcomed 120 undergraduate students (127 previous year) and 107 graduate students (90 new graduates in the previous year). Of these graduates, 68 were reading for taught degrees and 39 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 2024 (and deferred entry in 2025) the College received 750 applications from prospective undergraduates. We received 67% (514) of applications from the UK, 5% (35) from applicants based in the EU, and 28% (201) from the rest of the world. Following online interviews in December 2023, offers were made to 148 students, including 2 offers for deferred entry in October 2025.

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 261 applications in 2024, continuing an upwards trend (244 applications were considered in 2022, and 260 in 2023) and the College’s graduate intake for the 2024-25 academic year is 115.

During the 2023-24 academic year Wadham students sat 1871 separate exams, 308 of which were remote, sat on Inspera as open book assessments. A total of 151 undergraduate students completed their Finals exams with 37 First Class results as of the end of September 2024 (at which point a small number of results remained pending). 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 2023-24 the College contributed to 160 access events either as event lead or delivery partner, involving over 5,400 students representing more than 380 schools from the UK including Wadham’s link areas (Barking and Dagenham, Bedford, Central Bedfordshire, Cambridgeshire, Hackney, Havering, Islington, Luton, Newham, Redbridge and Tower Hamlets). The access team delivered a range of face-to-face events hosted in the College, sessions out in link schools and online sessions. This approach allowed the College to support a range of schools and preferences. The aim of Wadham’s access events is to raise aspirations of young people aged 10-18 and to provide information, advice and guidance on university and making successful applications to Oxford and other highly selective universities.

Wadham supports University of Oxford led access initiatives including Opportunity Oxford, Foundation Oxford, UNIQ and UNIQ+. The College also provides financial support to third parties including Target Oxbridge, The Brilliant Club and The Elephant Group to support their access work. Wadham involves some third parties in design and delivery of sessions to support access programmes such as Causeway Education who provide UCAS application support to rural Cambridgeshire schools and integrated into other sustained contact programmes. The year saw the delivery of the Access to Banking programme in partnership with Barclays and Think Like a Lawyer programme (in partnership with Linklaters LLP) to provide sustained support for Year 12s interested in studying courses at the university, and on-course undergraduates into careers in

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these industries. The Wadham Project continued to work with schools and pupils in Bedford, Bedfordshire and Luton and has expanded into sixth form to provide 4-years of sustained support for pupils in Year 10 through to Year 13.

After a successful pilot, the College is expanding their partnership with the Department of Chemistry to support the teaching of STEM from primary school to secondary school. The end of the academic year will see the delivery of three Summer Schools (in Classics, Climate Change, Modern Languages) providing Year 12s from across the UK the opportunity to experience a week

In the undergraduate admissions process (Oct-Dec 2022) we received 102 applications from applicants in composite Band A, indicating the highest levels of socio-economic and educational disadvantage (this represented 19% of all UK-domiciled applicants to the college). We made offers to a total of 70 male applicants and 68 female applicants (out of those who disclosed their gender on their application form). Finally, we received 149 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 2024:

• The Beit Trust Wadham Scholarships;

• The Black Academic Futures Scholarships;

• The David Richards Scholarship In Climate Research;

• The Oxford-Hackney BCL Scholarship;

• The John Brookman Music Scholarship;

• The John McCall MacBain Wadham Graduate Scholarships;

• The Mr Michell RCUK Scholarship;

• The Peter Carter Scholarship in Law;

• The Richard Sharpe Medieval Studies Scholarship;

• The Water Conservators Scholarship;

• The Wadham Kalisher Criminology 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 £892k. The largest part of this was £411k in Scholarships. 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 £84k 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. In addition, the college provided £397k in various Study and Travel Grants, Bursaries, Prizes and Awards, of which nearly £89k 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.

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Projects with notable sustainability improvements completed this year include:

• Occupation control & monitoring units fitted to 315 Rooms, controlling 900 Radiators, to regulate temperature on room usage, fabric, and comfort;

• Carried out an upgrade programme (over summer 2024) to replace all existing boilers with 35 energy efficient / low emission boilers at Merifield graduate residences;

• (Ongoing programme) 5 further loft spaces with were upgraded to have 250mm thickness of insulation as part of a rolling programme of surveying and improvement;

• Roof replacement covering rooms on two staircases, completed including insulation beneath slates and attic windows;

• (Ongoing programme) Insulated fire-retardant loft hatches fitted to a further 3 hatches;

• Windows of a full staircase of rooms (+ two rooms) fitted with vacuum sealant to stop window drafts – with ongoing monitoring to observe data on the improvement;

• Windows of a full staircase of rooms (+ two rooms) fitted with glazing coat to upgrade single glass to double glazing performance and reduce condensation and solar gain;

• Completed a second independent water survey to identify minor water leaks and waste;

• Completed a contractor survey of all College buildings to identify all non-LED light fittings;

• Completed a survey of all College windows to identify which could be sealed and painted.

Safety and compliance

As part of meeting its safety and compliance obligations, the College carried out the following reviews and audits:

• Fire Risk Assessment Review for main site, completed by Swan Fire 20[th] September 2023;

• Health & External Compliance Audit, completed by Peninsula 8th to 10th January 2024;

• Food Safety Compliance Audit, completed by Peninsula 12[th] April 2024.

FUNDRAISING

Fundraising for the College is carried out by the Development Office, a department of the College. Wadham College does not fundraise from members of the general public; its activities are focused on building life-long relationships with its alumni and other friends of the College. The College has a Development Committee which meets termly and provides advice on and oversight of fundraising and alumni engagement. The College conforms to data protection regulation and operates according to good practices, with particular note to the Fundraising Regulator’s Code of Fundraising Practice, the norms within the University of Oxford, and specific legal and professional advice. The College works to maintain the integrity of its systems and data and to ensure that all evidence of consent is recorded as required. No fundraising complaints were brought to the College’s attention.

In the last Trustees’ Report we outlined the transitional nature of fundraising at the College as the Access to Excellence campaign (which raised over £50m between 2012-2023) was broadened into a new campaign, provisionally titled “Wadham for the World”. This year was characterised by broad-based consultations to draw-out the most pressing College needs and articulate a coherent and ambitious campaign plan. The previous campaign culminated in a transformational capital project in Wadham’s Back Quad (including the first ever dedicated Access Centre at any Oxbridge college) and ensuring that the College could sustain and expand a broad range of access activities and on course support for students from all backgrounds. In response to the structural underfunding of Higher Education, the focus now is on building up the permanent endowment to underwrite College’s core priorities and we have set a target to raise £50m by 2030 towards the tutorial system, fellowships, sustainability and access.

In 2023-24 we have been in the quiet phase of the campaign as we seek to secure half of the target before we get onto a fully open campaign footing. This has been a successful period from a

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fundraising perspective and thanks to some generous donations and pledges, we are hopeful that we will be in a position to move into the main phase of the campaign in 2025-26. We were extremely fortunate to raise a total of £8.0m (cash received) this year, with a significant part of this sum allocated to permanent endowment and College priorities.

Regular giving continues to be an important source of income for the College. This year 1,714 unique donors gave a total of £891k to the Wadham Priorities Fund. With support from more than 20% of contactable alumni, Wadham continues to enjoy the highest participation rate of any Oxford college. In May we ran our fifth giving day (where 456 donors gave £169k) and we have relaunched our donor circles (the Nicholas Circle for in-year gifts of more than £1k and the Dorothy Circle for in-year gifts of between £5k- £25k). In combination these two Circles raised £594k (28 Dorothy members generated £350k and 132 Nicholas members generated £244k). We now have a donor board in the College Cloisters which will be refreshed annually with Circle members for that year, alongside our major donor board (listing lifetime contributions in excess of £25k) - the major donor board was refreshed this year to reflect the growing Foundation Fellowship. Legacies continue to be a very significant source of income, with 14 legacies received in the financial year (value £1.9m), and the active 1610 Society Committee plays an enormously important role in this. The College is deeply grateful to all our donors, alumni, and friends, for their generous and sustained support.

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 as well as Fellows, it includes old members of the college and external members who all have extensive and recognised 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 different asset classes, with geographical distribution, direct holdings in property, and dividing the financial portfolio between active and passive managers.

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

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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 periodically 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 Operating Supporting a cost. The College effectively subsidises all A Expenditure Income aspects of our provision to students. To fund F , Donations this, the College relies on drawing down on the endowment, raising money from ar [owe| eee| conferences and events, and receiving generous donations. This year the College’s | Drawdown from Endowment Operating Expenditure cost £15.1mln, while Student a the income from students was £8.5mln. We Income \ | Events income relied on the endowment to contribute £4.0mln, and events income and donations for the rest. This year-on-year operating Student residential deficit is illustrated here.

To allow us to draw down 3.5% of the endowment investments each year, but Course Fees 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 met the target, and clawed back some lost ground from underperformance combined with high inflation over the last two years.

We are very grateful for the generosity of our donors who enable us both to narrow the structural funding gap of the college, and 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). This requires that the accounts include all operational and investment income, and donations together with expenditure for both Wadham College and its subsidiary and affiliate companies.

Total Income was much increased at £22.4mln (2023: £18.0mln), the increase being due to £8.0mln in generous donations to the Endowment, Restricted and Unrestricted Funds (2023: £5.3mln), and continued strong growth in summer Events income. Income from investments was

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slightly higher at £3.6mln (2023: £3.3mln) mostly due to the rise in deposit interest rates, and we recognised a draw-down of £4.0mln (2023: £3.9mln) under the Total Return Policy.

The consolidated Total Expenditure for the year was £15.1mln (2023: £15.2mln), which includes some distortion from significant extraordinary items. Charitable Activities of £14.2mln (2023: £14.3mln) normally includes Depreciation on buildings of £1.6mln (2023: £1.7mln), and the annual £1.0mln interest payment for the £35mln bonds. This year it also included an adjustment to remove the £2.7mln USS pension fund deficit provision (in addition to a £800k reduction last year, as noted later), and additional part funding of £0.8mln towards a major roof repair project. Adjusting for the pension fund provision changes in the last two years, the underlying Total Expenditure was £17.7 (2023: £16.0mln). A contribution to the Sinking Fund has not yet become an annual item, and does not feature in the Expenditure figure, though ideally it should be.

The investment portfolio, having delivered income as above, showed net gains of £9.0mln (2023: zero). And after adding £4.85mln of new financial investments (2023: £1.0mln), the overall value of investments ended the year £13.9mln higher. The consolidated Net Income is reported as £7.3mln (2023: £2.8mln). As a result, £175.9mln of funds were carried forward at the end of this year (2023: £159.6mln). There were no other recognised gains and losses.

The Tangible Assets were reduced to £71.6mln (2023: £73.2mln) primarily due to Depreciation. The Property Investments were slightly higher at £24.6mln (2023: £24.4mln) due to annual revaluation, the Financial Investments ended at £105.8mln (2023: £92.1mln). Cash levels, representing Restricted and Unrestricted Funds, were higher at £7.1mln (2023: £5.6mln), most of which is held in term deposits.

The Endowment draw-down sum was transferred into a combination of Unrestricted (for General Purpose Endowments) and Restricted Income Funds (for Specific Endowments).

Under the Charities SORP, the total net assets include a liability provision relating to the pension scheme. This year the provision was reduced to zero (2023 £2.7mln), with the impact on accounted expenditure as above. The substantial year-to-year differences have been a reflection of the required computation method for revaluation of the pension funds and the assumptions of future performance being made. It is hoped that the two pension funds are now on a more sustainable footing, and that the accounting treatment will not result in the need for deficit provisions in the future.

The College recognises its long-term liability for repayment of Bonds at maturity: £30mln in 2046 and £5mln in 2048. The College has set up a Sinking Fund for this purpose which is held as a Designated Reserve within Unrestricted Funds, and this year contributed a further £1.0mln (plus £0.1mln in deemed interest), which it intends to invest with appropriate recognition of its fixedterm nature.

Investment Performance

The investment environment was rather stronger this year, despite the continued Russian war in Ukraine, further escalation of the war in the middle east, and tensions in the far east. While public markets were generally buoyant, to the benefit of our market trackers, Private Equity saw valuation reductions which again affected the Oxford Endowment Fund portfolio. Having a geographically diversified portfolio meant that strong performance in US, and in particular from the AI companies, partly mitigated weaker performance in Asia and other emerging markets. The cash income from endowment investments was steady at £3.2mln (2023: £3.2mln), though the Total Return was higher due to significant market valuation gains. £4.85mln of new endowment donations raised the exposure to Blackrock “ESG” tracker funds screened or positively weighted for performance on Environmental, Social and Governance factors.

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The value of investments at the year-end was £130.4mln (2023: £116.5mln). The Total Return (capital appreciation plus income) was 10.6% (2023: 1.1%). For a number of years, performance has been compared with the FTSE All-Share Index (for Total Return in GBP) which achieved 13.5% for the same period (2023: 6.1%). The investments of the College at the year-end comprised £38.7mln (2023: £37.0mln) in the Oxford Endowment Fund, £67.0mln (2023: £55.0mln) in tracker funds, and £24.6mln (2023: £24.4mln) in directly held property. It should be noted 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;

• BlackRock Investment Management funds, as follows: 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 five farms and two woodlands in Essex (1,360 acres), two farms in Lincolnshire (820 acres), two farms in Derbyshire (575 acres) and land on the Isle of Wight (currently used for a Solar Farm, and grazing); all the farms are tenanted on Agricultural Holding Act leases or Farming Business Tenancies. The college does not directly operate any agricultural land. There are also a small number of commercial properties; and houses, used either for staff, students, Fellows or rented commercially.

The Trustees are satisfied that the financial and investment performance are fairly reported.

Commentary on current financial matters

Inflation . Inflation this year was significantly lower, and we saw actual reductions in energy prices. However, the overall trend of local costs rising higher than national inflation continues. Contributory factors include costs of employment, local employment conditions, increased requirements on employers, charities and public bodies, increased insurance premiums for covering historic buildings and cyber threats. The college strives to improve facilities for students and to offer financial assistance to those who need it most, and this results in periodic reviews of our charges to students.

Pension Funds . A periodic actuarial valuation of the USS Pension Fund was carried out this year, following a similar review of OSPS last year, and due to the recent adjustments to contributions and benefits, the impact of inflation, and an improvement in the investment valuations, the deficit provision that has been reported for a number of years has been removed. This is covered in Note 23.

Bond Repayment . The College continues to make coupon payments of £996k on its Bond, with a total of £7.7mln having been made so far, and £22.2mln plus repayment of £35mln at maturity yet to be paid. With inflation at the current high rates, borrowing at 2.88% and 2.68% to fund strategic improvements to student facilities has proved to be a fortunate decision. A further contribution of £1.0mln to the sinking fund was made this year, which also accumulated interest of £0.1mln.

North Range Roof project . The project to maintain the roof of the North Range of Front Quad has been progressing well. In addition to £500k last year, a further £800k was spent this year, and it is anticipated that the final cost will remain on target at around £1.7mln.

Governance . Since registering as a Charity in 2011, the College Fellows have taken on the role of Charity Trustees, and as a part of their role they consider the effectiveness of governance within a framework of guidance provided by the Charity Commission. Recent input and advice

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Wadham College Trustees’ Report

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from the Commission has been welcomed, together with legal advice and best practice sharing from other colleges, as part of a review of college governance. Implementation of changes to reduce the number of trustees, widen the scope of some committees, and provide for independence and expertise from more external members, is under way.

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 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.

Free Reserves are now reported explicitly on the Balance Sheet, as £1.2mln (2023: £1.3mln) being the Unrestricted Funds of £39.7mln less Tangible Fixed Assets of £71.6mln, adjusted for £35mln of Long Term Borrowing and the designated Bond Repayment Reserve of £1.9mln. The target is to hold Free Reserves and/or cash or deposits corresponding to between three and six months of operating expenditure (excluding non-cash items). This policy is to be reviewed.

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.

• Please note that after the period of this Report, changes have been made to this committee.

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

Mr Robert Hannigan		APC	RA	DC	FC	IC	RC
Prof Luis Fernando Alday							RC
Dr Peter Alsop		APC	RA	DC	FC	IC	RC
Dr Alice Baldock	From 01.10.23
Prof Paul Balister						IC
Prof Paul Beer
Prof Alan Beggs					FC
Prof Ben Berks
Prof Kam Bhui
Prof Dominic Brookshaw
Dr Joe Bull
Prof Philip Bullock		APC			FC
Prof Martin Bureau				DC
Prof Fabrizio Caola					FC

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Wadham College Trustees’ Report

Year ended 31 July 2024

Prof Alfonso Castrejon-Pita
Prof Shazia Choudhry
Dr Hannah Christensen
Dr Emma Cohen		APC
Dr Sarah Cullinan Herring
Dr Arran Davis
Prof Seamus Davis
Prof Darren Dixon
Dr Natalia Doan	Until 30.9.23
Prof Carolin Duttlinger		APC	RA		FC		RC
Dr Paul Elliott
Prof Andrew Farmery
Ms Lynn Featherstone		APC		DC	FC
Dr Christopher Fleming	Until 30.9.23
Dr Jane Garnett				DC
Dr Lydia Gilday		APC
Dr Lewis Graham
Dr Georgina Gregory
Dr Jane Griffiths		APC					RC
Prof Monika Gullerova
Ms Julie Hage				DC
Prof Katya Hertog
Prof Edmund Herzig
Prof Stephen Heyworth					FC
Prof Margaret Hillenbrand
Dr Matthew Kempshall
Prof Karl Kugle
Dr Alessio Lerose
Prof Francesco Licausi
Mrs Frances Lloyd			RA	DC	FC
Dr Paul Martin							RC
Dr Lucy McDermott	Until 30.9.23
Dr Emily McLaughlin
Prof Mark Mezei
Dr Laura Moody	Until 01.10.23
Prof Ankhi Mukherjee
Dr Shumiao Ouyang
Prof Alexander Paseau
Prof Claudia Pazos Alonso
Prof Fiona Powrie							RC
Prof Paolo Radaelli							RC
Dr Stephan Rauschenbach		APC
Prof Alexander Ritter
Dr Johan Runeson	From 1.10.23
Prof Sakura Schafer-Nameki						IC

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Wadham College Trustees’ Report

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Prof Nathalie Seddon
Prof Ekaterina Shamonia
Dr Thomas Simpson
Dr Rebecca Simson	Until 30.9.23
Dr Thomas Sinclair			IC
Dr George Southcombe
Prof Bernhard Staresina
Dr Alexander Steel
Prof Christopher Summerfield			IC
Dr Attila Szabo	Until 30.9.23
Dr Mark Thompson
Dr Peter Thonemann		APC
Dr Olivia Vasquez-Medina
Dr Isaac Wong	From 01.10.23
Dr Robert Yee	From 01.10.23
Prof Francesco Zanetti			IC
Dr Marta Zboralska	From 01.10.23

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 if they act as a parttime College Officer. Such posts may include the Sub-Warden, Dean, Tutor for Welfare, Tutor for Graduates, Tutor for Undergraduates, Tutor for Access, Fellow for 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 £2.2mln (2022: £2.1mln).

A total of 76 Trustees served for at least part of the financial year, and at the end of the year 70 Trustees were in place. Of the total, 55 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.

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Wadham College Trustees’ Report

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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.

Statement of Accounting and Reporting Responsibilities

The Members of 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 29[th] November 2024.

Robert Hannigan CMG Warden

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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 2024 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[st] July 2024 and of their 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.

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Wadham College Trustees’ Report

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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 23, the Members of the Governing Body are responsible for ensuring 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

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Wadham College Trustees’ Report

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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.

19

Wadham College Trustees, Report Year ended 31 July 2024 This description forms part of our auditor's report. Use of our report This report is made solely to the College's Governing Body, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the Governing Body those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College's Governing Body as a body, for our audit work, for this report, or for the opinions we have formed. Critchleys Audit LLP Statutory Auditor Oxford Date.. L1 IiflzoLLE-. Critchleys Audit LLP is eligible to act as an auditor in terms of sections 1212 of the Companies Act 2006. 20

Wadham College Statement of Accounting Policies Year ended 31 July 2023

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 specific 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.

21

Wadham College Statement of Accounting Policies Year ended 31 July 2023

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.

22

Wadham College Statement of Accounting Policies Year ended 31 July 2023

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.

23

Wadham College

Consolidated Statement of Financial Activities For the year ended 31 July 2024

----- Start of picture text -----
Unrestricted Restricted Endowed 2024 2023
Funds Funds Funds Total Total
Notes £'000 £'000 £'000 £'000 £'000
INCOME AND ENDOWMENTS FROM:
Charitable activities: 1
Teaching, research and residential 9,639 - - 9,639 8,605
Other Trading Income 3 1,099 - - 1,099 897
Donations and legacies 2 876 2,253 4,870 7,999 5,280
Investments
Investment income 4 385 - 3,263 3,648 3,261
Total return allocated to income 14 2,125 1,900 (4,025) - -
Other income - - - -
Total income 14,124 4,153 4,108 22,385 18,043
EXPENDITURE ON: 5
Charitable activities:
Teaching, research and residential 12,584 1,627 - 14,211 14,318
Generating funds:
Fundraising 752 - - 752 781
Investment management costs 115 - - 115 120
Total Expenditure 13,451 1,627 - 15,078 15,219
Net Income/(Expenditure) before gains 673 2,526 4,108 7,307 2,824
Net gains/(losses) on investments 11, 12 - - 9,037 9,037 (6)
Net Income/(Expenditure) 673 2,526 13,145 16,344 2,818
Transfers between funds 19 1,261 (1,261) - - -
Net movement in funds for the year 1,934 1,265 13,145 16,344 2,818
Fund balances brought forward 19 37,788 6,040 115,764 159,592 156,774
Funds carried forward at 31 July 39,722 7,305 128,909 175,936 159,592
----- End of picture text -----

24

Wadham College Consolidated and College Balance Sheets As at 31 July 2024 2024 Group £'ooo 2023 Group £'ooo 2024 College £'ooo 2023 College £'ooo Notes FIXED ASSETS Tangible assets Property investments Other Investments 71,635 24,623 105,766 73,241 24,375 92,103 71,63S 24,623 105,766 73,241 24,375 92.103 12 Total Fixed Assets 202.024 189,719 202,024 189,719 CURRENT ASSETS Stocks Debtors Cash al bank and in han(S 503 3,464 7,129 510 3,456 5,552 503 3.388 7,103 510 2.921 5,455 Total Current Assets 11,096 9.518 10,994 8,886 LIABILITIES Creditors.. Amounts falling due within one year 16 2,184 1,982 2,082 1,350 NET CURRENT ASSETSIILIABILITIESI 8,912 7,536 8,912 7.536 TOTAL ASSETS LESS CURRENT LIABILITIES 210.936 197.255 210,936 197,255 CREDITORS.. falling due after more than one year 17 35,000 35,000 35,000 35.000 NET ASSETSI{LIABILITIESI BEFORE PENSION ASSET OR LIABILITY 175.936 162,255 175.936 182,265 Defined beneflt penslon scheme liability 18 2,663 2,663 TOTAL NET ASSETSIILIABILITIESI 175,936 159,592 175,936 159,592 FUNDS OF THE COLLEGE Endowment funds 19 128,909 115.764 128,909 115,764 Restricted funds 7,305 6,040 7,305 6,040 Unrestricted funds Capital Reserve Capital Bond Repayment ReseNe Pension Reserve General funds (Free Reserves YE241 36,639 1,900 36,639 1,900 800 12,6631 39,651 159,592 800 12,6631 39,651 159,592 23 1,183 175,936 1,183 175,936 The financial slalemenls were approved and aulhorised for issue by the Governing Body of Wadham College on 27 November 2024 Trustee.. Trustee.. 25

Wadham College Consolidated Statement of Cash Flows

For the year ended 31 July 2024

----- Start of picture text -----
2024 2023
Notes £'000 £'000
Net cash provided by (used in) operating activities 26 (2,041) (3,839)
Cash flows from investing activities
Dividends, interest and rents from investments 3,648 3,261
Proceeds from the sale of property, plant and equipment (26) 190
Purchase of property, plant and equipment (24) (414)
Proceeds from sale of investments - -
Purchase of investments (4,850) (1,000)
Net cash provided by (used in) investing activities (1,252) 2,037
Cash flows from financing activities
Repayments of borrowing -
Cash inflows from new borrowing -
Receipt of endowment 4,870 3,276
Net cash provided by (used in) financing activities 4,870 3,276
Change in cash and cash equivalents in the reporting period 1,577 1,474
Cash and cash equivalents at the beginning of the
reporting period 5,552 4,078
Cash and cash equivalents at the end of the reporting
period 27 7,129 5,552
----- End of picture text -----

26

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

• 1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, Research and Residential Unrestricted funds Tuition fees - UK and EU students Tuition fees - Overseas students Other fees Other HEFCE support Other academic income College residential income Total income from charitable activities	2024 £'000 1,821 1,605 206 227 210 5,570 9,639	2023 £'000 1,900 1,384 154 245 158 4,764 8,605

The income from Conferences and Events totalled £2,169k for the year. Of this, £1,070k is included in College Residential Income above.

The above analysis includes £3653k received from Oxford University from publicly accountable funds under the CFF Scheme (2023: £3529k).

Under the terms of the undergraduate student support package offered by Oxford University to students from lower income households, the college share of the fees waived amounted to £5k (2023: £5k). These are not included in the fee income reported above.

2 DONATIONS AND LEGACIES

Donations and Legacies Unrestricted funds Restricted funds Endowed funds INCOME FROM OTHER TRADING ACTIVITIES Subsidiary company trading income INVESTMENT INCOME Unrestricted funds Bank interest Endowed funds Agricultural rent Commercial rent Equity dividends Total Investment income	2024 £'000 876 2,253 4,870 7,999 2024 £'000 1,099 1,099 2024 £'000 385 385 380 209 2,674 3,263 3,648	2023 £'000 753 1,251 3,276 5,280 2023 £'000 897 897 2023 £'000 125 125 293 192 2,651 3,136 3,261

• 3 INCOME FROM OTHER TRADING ACTIVITIES

• 4 INVESTMENT INCOME

27

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

• 5 ANALYSIS OF EXPENDITURE

Charitable expenditure Direct staff costs allocated to: Teaching, research and residential Other direct costs allocated to: Teaching, research and residential Support and governance costs allocated to: Teaching, research and residential Total charitable expenditure Expenditure on raising funds Direct staff costs allocated to: Fundraising Other direct costs allocated to: Fundraising Investment management costs Support and governance costs allocated to: Fundraising Investment management costs Total expenditure on raising funds Total expenditure	2024 £'000 6,645 5,884 1,682 14,211 539 175 115 38 - 867 15,078	2023 £'000 6,333 4,700 3,285 14,318 554 190 120 37 - 901 15,219

The 2023 resources expended of £15219k represented £13301k from unrestricted funds, £1918k from restricted funds and £0k from endowed funds.

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. Contributions are calculated annually in accordance with regulations made by the Council of the University of Oxford.

The teaching and research costs include College Contribution payable of £0k (2023 - £30k).

The expenditure on Charitable Activities from Restricted Funds comprises £1.224k (YE23: £1,207k) from Restricted Income Funds, and £403k (YE23: 711k) from other Restricted Funds.

28

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

6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Financial and Domestic administration Human resources IT Depreciation Loss/(profit) on fixed assets Bank interest payable Other finance charges Governance costs Financial and Domestic administration Human resources IT Depreciation Bank interest payable Other finance charges Governance costs	Generating Funds £'000 11 - 22 - - - - 5 38 Generating Funds £'000 13 - 22 - 2 37	Teaching and Research £'000 (1,613) 209 438 1,632 - 996 - 20 1,682 Teaching and Research £'000 (56) 182 365 1,663 996 115 20 3,285	Public Worship £'000 - - - - - - - - - Public Worship £'000 - - - - - - - -	Heritage £'000 - - - - - - - - - Heritage £'000 - - - - - - - -	2024 Total £'000 (1,602) 209 460 1,632 - 996 - 25 1,720 2023 Total £'000 (43) 182 387 1,663 996 115 22 3,322

Financial and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on each activity. Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made of the underlying assets. Interest and other finance charges are attributed according to the purpose of the related financing.

Governance costs are allocated according to an estimate of audit services time spent.

Governance costs comprise: Auditor's remuneration - audit services	2024 £'000 25 25	2023 £'000 22 22

No amount has been included in governance costs for the direct employment costs or reimbursed expenses of the College Fellows on the basis that these payments relate to the Fellows involvement in the College's charitable activities. Details of the remuneration of the Fellows and their reimbursed expenses are included as a separate note within these financial statements.

7 GRANTS AND AWARDS Unrestricted funds Grants to individuals: Scholarships, prizes and grants Bursaries and hardship awards Total unrestricted Restricted funds Grants to individuals: Scholarships, prizes and grants Bursaries and hardship awards Total restricted Total grants and awards During the year the College funded research awards and bursaries to students from its restricted and unrestricted funds as follows:	2024 £'000 182 84 266 621 5 626 892	2023 £'000 175 109 284 861 5 866 1,150

The above figures include the cost to the College of the Oxford Bursary scheme: £84k (2023: £102k).Some students received fee waivers amounting to £5k (2023: £5k).

The above costs are included within the charitable expenditure on Teaching and Research. Grants to other institutions comprise £0

29

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

8 STAFF COSTS

The aggregate staff costs for the year were as follows. Salaries and wages Social security costs Pension costs as paid : Defined benefit and hybrid schemes Pension Provision This table shows a reduction in aggregated staff costs due to the USS pension liability adjustment, and a reduction in pension contribution rates. Underlying this, there is a rise in salaries and wages, and social security costs. The average number of employees of the College, excluding Trustees, on a full time equivalent basis was as follows. Tuition and research College residential Fundraising Support Total The average number of employed College Trustees during the year was as follows. Associate Professor (Tutorial Fellow - University) Associate Professor (Tutorial Fellow - College) Other Total	2024 £'000 6,739 599 898 (2,663) 5,573 2024 6 87 7 62 162 24 14 17 55	2023 £'000 6,340 576 1,053 (915) 7,054 2023 6 83 7 60 156 24 14 17 55

Redundancy payments are accounted for in the period in which the employee was informed of the decision. Where redundancy costs are uncertain, the figure in the accounts represents a best estimate. These costs will be met through unrestricted funds.

The following information relates to the employees of the College excluding the College Trustees. Details of the remuneration and reimbursed expenses of the College Trustees is included as a separate note in these financial statements.

The number of employees (excluding the College Trustees) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fell within the following bands was:

£60,001-£70,000 £70,001-£80,000 The number of the above employees with retirement benefits accruing was as follows: In defined benefits and hybrid schemes In defined contribution schemes The College contributions to defined contribution pension schemes totalled	1 1 2 - Nil	1 1 2 - Nil

30

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

9 TANGIBLE FIXED ASSETS

Group and College Cost At start of year Additions Transfers Disposals At end of year Depreciation and impairment At start of year Depreciation charge for the year Depreciation on disposals Impairment At end of year Net book value At end of year At start of year	Leasehold land and buildings £'000 - - - - - - - - - - - -	Freehold land and buildings £'000 90,805 24 - 90,829 17,569 1,625 - - 19,194 71,635 73,236	Assets Under Construction £'000 - - - - - - - - - - -	Fixtures, fittings and equipment £'000 1,900 - - - 1,900 1,895 5 - - 1,900 - 5	Total £'000 92,705 24 - - 92,729 19,464 1,630 - - 21,094 71,635 73,241

10 HERITAGE ASSETS

The College has substantial long-held historic assets all of which are used in the course of the College’s teaching and research activities. These comprise listed buildings on the College site, together with their contents comprising works of art, ancient books and manuscripts and other . treasured artefacts.

Because of their age and, in many cases, unique nature, reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. However, in the opinion of the Trustees the depreciated historical cost of these assets is now immaterial.

11 PROPERTY INVESTMENTS

Group and College Valuation at start of year Additions and improvements at cost Disposals/Transfers Revaluation gains/(losses) in the year Valuation at end of year	Agricultural £'000 18,858 27 - 185 19,070	Commercial £'000 3,305 - - 3,305	Other £'000 2,212 - 36 2,248	2024 Total £'000 24,375 27 - 221 24,623	2023 Total £'000 23,850 5 554 (34) 24,375

Independent valuations of the agricultural properties were prepared by Whirledge and Nott and Carter Jonas as at 31 July 2024 and 31 July 2023.

A desktop valuation was carried out by the College. An independent valuation of the commercial and other properties was prepared by Carter Jonas as at 31 July 2024 and 31 July 2023.

31

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

12 OTHER INVESTMENTS

All investments are held at fair value.

Group investments Valuation at start of year New money invested Amounts withdrawn Reinvested income (Decrease)/increase in value of investments Group investments at end of year prior to Boathouse I Investment in Consortium Boathouse Group investments at end of year Group investments comprise: Global multi-asset funds Property funds Fixed interest stocks Alternative and other investments Fixed term deposits and cash Total group investments	nvestment Held outside the UK £'000 90,239 - - - - 90,239	Held in the UK £'000 15,496 - - - - 15,496	2024 Total £'000 105,735 - - - - 105,735	Held outside the UK £'000 76,879 - - - - 76,879	2024 £'000 92,069 4,850 - - 8,816 105,735 31 105,766 Held in the UK £'000 15,190 - - - 15,190	2023 £'000 91,041 1,000 - 28 92,069 34 92,103 2023 Total £'000 92,069 - - - - 92,069

13 PARENT AND SUBSIDIARY UNDERTAKINGS

The College holds 100% of the issued share capital in Wadham College Services Limited, a company providing conference and other event services on the College premises, and 100% of the issued share capital in Wadham College Design and Build Limited, a company providing design and build construction services to the College. Wadham College Ventures Limited was incorporated on 16th June 2023 and had not commenced trading at year end 31st July 2024.

The results and their assets and liabilities of the parent and subsidiaries at the year end were as follows.

Income Expenditure Donation to College under gift aid Result for the year Total assets Total liabilities Net funds at the end of year	£'000 21,206 (13,732) 80 7,554 212,524 (36,588) 175,936 Parent College	£'000 1,099 (1,262) (80) (243) 431 (594) (163) Wadham College Services Ltd	£'000 - (4) - (4) 4 (12) (8) Wadham College Design and Build Ltd	Wadham College Ventures Ltd £'000 - - - - - - -

32

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

14 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees have adopted a duly authorised policy of total return accounting for the College with effect from 1st August 2008. The return to be applied as income is calculated as 3.5% (2022: 3.5%) of the average of the year-end values of the relevant balances in each of the last three years. The preserved (frozen) value of the invested endowment capital represents its open market value in 2002 together with all subsequent endowments valued at date of gift.

At the beginning of the year: Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments Movements in the reporting period: Gift of endowment funds Recoupment of trust for investment Allocation from trust for investment Investment return: total investment income Investment return: realised and unrealised gains and losses Less: Investment management costs Other transfers Total Unapplied total return allocated to income in the reporting period Expendable endowments transferred to income Net movements in reporting period At end of the reporting period: Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments	Trust for Investment £'000 45,706 45,706 4,301 - 4,301 - 4,301 50,007 50,007 Pe	Unapplied Total Return £'000 65,994 65,994 - - 3,146 8,714 11,860 (3,882) (3,882) 7,978 - 73,972 73,972 rmanent Endowm	Total £'000 45,706 65,994 111,700 4,301 - - 3,146 8,714 - - 16,161 (3,882) - (3,882) 12,279 - 50,007 73,972 123,979 ent	Expendable Endowment £'000 4,064 4,064 569 117 323 - 1,009 (143) (143) 866 4,930 4,930	Total Endowments £'000 45,706 65,994 4,064 115,764 4,870 - - 3,263 9,037 - - 17,170 (3,882) (143) (4,025) 13,145 50,007 73,972 4,930 128,909

15 DEBTORS

Amounts falling due within one year: Trade debtors Amounts owed by College members Other debtors Amounts falling due after more than one year: Loans	2024 Group £'000 387 170 2,816 91 3,464	2023 Group £'000 866 141 2,358 91 3,456	2024 College £'000 362 170 2,765 91 3,388	2023 College £'000 331 141 2,358 91 2,921

33

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

16 CREDITORS: falling due within one year

Trade creditors Amounts owed to College Members Amounts owed to Group undertakings Taxation and social security Accruals and deferred income Other creditors 17 CREDITORS: falling due after more than one year 30 Year Senior Note Bonds The 30 year unsecured Senior Note Bonds comprise: £30m 2.88% Senior Bond Note due 1 August 2046 £5m 2.64% Senior Bond Note due 8 June 2048 18 PROVISIONS FOR PENSION LIABILITIES AND CHARGES At start of year Charged in the Statement of Financial Activities At end of year	2024 Group £'000 314 286 - 148 914 522 2,184 2024 Group £'000 35,000 35,000 2024 Group £'000 2,663 (2,663) -	2023 Group £'000 403 313 - 133 669 464 1,982 2023 Group £'000 35,000 35,000 2023 Group £'000 3,463 (800) 2,663	2024 College £'000 314 286 496 105 359 522 2,082 2024 College £'000 35,000 35,000 2024 College £'000 2,663 (2,663) -	2023 College £'000 396 313 2 (6) 181 464 1,350 2023 College £'000 35,000 35,000 2023 College £'000 3,463 (800) 2,663

34

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

19 ANALYSIS OF MOVEMENTS ON FUNDS Endowment Funds - Permanent Teaching and Scholarship Funds Dr Wills' Pension Fund Sir Algernon Methuen's Bequest Dr David T Wylie's Bequest The Lee Shau Kee Benefaction The Law Fellowship Support Fund The Von Bothmer Benefaction A F Thompson History Fellowship The Knowles/Williams J R F The Hackney/Stow Law Fellowship Engineering Fellowship Forrest/Derow Classics Fellowship Hutcheon Bequest M Benham Biology Fellowship M Benham Mathematics Fellowship English Teaching Fund Fellowship Roger Penrose Maths Fellowship Lee Placito Fellowship in Medicine David Richards Chemistry Fellowship David Richards Economic History JRF David Richards Economics Fellowship David Richards Graduate Scholarship Chemistry David Richards Graduate Scholarship Climate David Richards Graduate Scholarship Economics David Richards Graduate Scholarship History David Richards Physics Fellowship Dowding Humanities Scholarship Edwin Mok Medical Warden's Exhibition Sarah Taylor Fellowship in Biochemistry Richard Sharpe Benefaction Fund Wadham for the World Tutorial Fund Richard Koch Benefaction Fund College Buildings & Facilities R H Robbins Garden Fund College Corporate Capital 132 Funds below £600k Endowment Funds - Expendable The General Benefactions Fund Donald Edmonds Benefaction Fund (Expendable) Total Endowment Funds - College Endowment Funds held by subsidiaries Total Endowment Funds - Group Restricted Funds Building Projects Other Funds Total Restricted Funds - College Restricted Funds held by subsidiaries Total Restricted Funds - Group Unrestricted Funds General Funds Pension Reserve Capital Bond Repayment Reserve Capital Reserve Total Unrestricted Funds - College Unrestricted Funds held by subsidiaries Total Unrestricted Funds - Group Total Funds	At 1 August 2023 £'000 943 2,375 1,127 799 2,356 2,982 3,630 1,175 2,240 1,016 3,018 859 1,008 1,008 1,416 1,350 724 739 1,504 739 674 1,345 676 1,345 739 668 748 600 695 1,301 37 945 52,422 18,475 2,909 1,177 115,764 - 115,764 - 6,040 6,040 - 6,040 39,651 (2,663) 800 37,788 - 37,788 159,592	Incoming resources £'000 27 68 32 23 67 85 108 33 66 30 94 25 29 29 41 38 21 21 43 21 19 38 19 38 21 19 21 17 320 84 1,004 1,400 27 1,497 2,023 652 33 8,133 - 8,133 11 2,242 2,253 - 2,253 11,999 - - 11,999 - 11,999 22,385	Resources expended £'000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (1,627) (1,627) - (1,627) (16,114) 2,663 - (13,451) - (13,451) (15,078)	Transfers £'000 (33) (84) (40) (28) (83) (105) (128) (41) (78) (36) (106) (30) (36) (36) (50) (48) (26) (26) (53) (26) (24) (47) (24) (47) (26) (24) (26) (21) (24) (46) (2) (33) (1,846) (598) (103) (41) (4,025) - (4,025) (11) 650 639 - 639 (34,182) - 1,100 36,639 3,557 (171) 3,386 -	Gains/ (losses) £'000 75 188 89 63 186 236 287 93 177 80 238 68 80 80 112 107 57 58 119 59 53 107 53 107 58 53 59 47 55 103 3 - 75 4,144 1,345 230 93 9,037 - 9,037 - - - - - - - - - - - 9,037	At 31 July 2024 £'000 1,012 2,547 1,208 857 2,526 3,198 3,897 1,260 2,405 1,090 3,244 922 1,081 1,081 1,519 1,447 776 792 1,613 793 722 1,443 724 1,443 792 716 802 643 1,046 1,442 1,042 1,400 1,014 56,217 21,245 3,688 1,262 128,909 - 128,909 - 7,305 7,305 - 7,305 1,354 - 1,900 36,639 39,893 (171) 39,722 175,936

35

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

The College has agreed to list individually all those Permanent Endowment Funds with a balance greater than £600k at the year-end. The College also had 29 Permanent Endowment Funds with a balance between £250k and £600k and 103 Funds with a balance below £250k.

The Total Return Spending Rule transfer amounted to £4.02m.

20 FUNDS OF THE COLLEGE DETAILS

The following is a summary of the origins and purposes of each of the Funds

Endowment Funds - Permanent:

• A consolidation of gifts and donations where income, but not capital, can be used for the general purposes of the charity

• Capital balance of past donations where related income, but not the original capital, can be used for [restricted purpose] of the charity

Endowment Funds - Expendable:

• A consolidation of gifts and donations where either income, or income and capital, can be used for the general purposes of the charity

• Capital balance of past donations where related income, or income and capital, can be used for restricted purpose] of the charity

Restricted Funds:

• A consolidation of gifts and donations where both income and capital can be used for restricted purposes

• The Buildings Fund is the major source of financing for the Dr Lee Shau Building and the William Doo Undergraduate Centre

Unrestricted Funds

• The General Unrestricted Funds represent accumulated income from the College's activities and other sources that are available for the general purposes of the College.

21 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets Property investments Other investments Net current assets Long term liabilities Tangible fixed assets Property investments Other investments Net current assets Long term liabilities	Unrestricted Funds £'000 71,635 - - 3,087 (35,000) 39,722 Unrestricted Funds £'000 73,241 - - 2,210 (37,663) 37,788	Restricted Funds £'000 - - - 7,305 - 7,305 Restricted Funds £'000 - - - 6,040 - 6,040	Endowment Funds £'000 - 24,623 105,766 (1,480) - 128,909 Endowment Funds £'000 - 24,375 92,103 (714) - 115,764	2024 Total £'000 71,635 24,623 105,766 8,912 (35,000) 175,936 2023 Total £'000 73,241 24,375 92,103 7,536 (37,663) 159,592

36

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

22 TRUSTEES' REMUNERATION

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

Trustees of the college fall into the following categories: Head of House Professorial Fellow Official Fellow Fellow by Special Election Research Fellow

No trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the college receive salaries for their work as employees. These salaries are paid on external academic and academic-related scales and often are joint arrangements with the University of Oxford.

All Official and certain sub-categories of Research Fellows are eligible for a Housing Allowance, which is disclosed within the salary figures below. Seven trustees live in College or property owned by the College.

Remuneration paid to trustees

Range £0-£2999 £3,000-£3.999 £5,000-£5.999 £7,000-£7.999 £9,000-£9,999 £11,000-£11,999 £12,000-£12,999 £13,000-£13,999 £15,000-£15,999 £16,000-£16,999 £17,000-£17,999 £18,000-£18,999 £19,000-£19,999 £20,000-£20,999 £22,000-£22,999 £23,000-£23,999 £24,000-£24,999 £25,000-£25,999 £26,000-£26,999 £27,000-£27,999 £28,000-£28,999 £29,000-£29,999 £30,000-£30,999 £31,000-£31,999 £39,000-£39,999 £40,000-£40,999 £41,000-£41,999 £46,000-£46,999 £47,000-£47,999 £53,000-£53,999 £56,000-£56,999 £62,000-£62,999 £63,000-£63,999 £64,000-£64,999 £65,000-£65,999 £66,000-£66,999 £91,000-£91,999 £99,000-£99,999 £108,000-£108,999 £109,000-£109,999 £111,000-£111,999 £112,000-£112,999 £133,000-£133,999 £134,000-£134,999 Total	1 0 0 2 1 1 1 1 1 0 1 1 0 1 1 1 0 2 1 15 1 2 0 2 0 1 0 0 1 0 0 1 4 5 1 1 0 1 0 1 1 0 1 1 55 Number of Trustees/Fellows	18,270 51,562 20,544 22,664 - 66,343 323,134 12,397 - 26,752 408,729 59,503 - - 28,045 - - 2,266,925 £ Gross remuneration, taxable benefits and pension contributions 2024 9,156 - 62,102 17,098 65,902 - 23,572 11,942 40,100 15,716 - - - 62,738 133,511 99,499 109,072 111,405 134,419 13,436 - - 532 - 15,275 47,898 255,609	3 2 1 0 0 1 1 2 0 1 1 0 1 0 3 0 0 1 11 2 2 1 1 0 1 0 1 1 0 1 1 1 5 3 1 1 1 0 1 0 0 1 2 0 55 Number of Trustees/Fellows	16,699 295,057 54,778 29,868 46,176 108,881 56,736 62,047 - 41,918 192,980 30,806 56,999 - 19,972 67,459 25,231 - - 3,912 6,858 £ 53,365 2023 Gross remuneration, taxable benefits and pension contributions - 26,760 11,861 - 65,500 317,500 - 66,136 91,399 2,203,520 267,459 112,388 - 17,216 5,500 39,604 12,455 - - - - - -

21 trustees are not employees of the college and do not receive remuneration.

37

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

All trustees may eat at common table.

Other transactions with trustees

No trustee claimed expenses for any work performed in discharge of duties as a trustee.

See also note 30 Related Party Transactions

Key management remuneration

The total remuneration paid to key management was £651k (2023: £647k). Key management are considered to be the Warden and full time College Officers (Finance Bursar, Domestic Bursar, Senior Tutor and Development Director).

38

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

23 PENSION SCHEMES

Significant Accounting Policies

Wadham College participates in the Universities Superannuation Scheme (USS) and University of Oxford Staff Pension Scheme (OSPS). These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of each scheme are held in a separate trustee-administered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual employers and scheme wide contribution rates are set. Wadham College is therefore exposed to actuarial risks of other employers' employees and is unable to identify its share of the underlying assets and liabilities on a consistent and reasonable basis. As required by Section 28 of FRS102 "Employee Benefits", Wadham College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the income and expenditure account represents the contributions payable to each scheme and any deficit recovery contributions payable under a scheme Recovery Plan. Where a scheme valuation determines that the scheme is in a technical provisions basis (as was the case following the 2023 USS valuation) the trustee of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit. The College recognises a liability for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the income statement.

Critical Accounting Judgements

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 such as Universities Superannuation Scheme and 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 College is satisfied that USS and OSPS meet the definition of a multi-employer scheme.

Key sources of estimation uncertainty

The pension deficits recorded are dependent on estimates of future employment patterns and interest rates. The effects of changes to these assumptions are shown below.

Pension Schemes

Deficit Recovery Plans

For USS, a deficit recovery plan was put in place as part of the 2020 valuation/ which required payment of 6.2% of salaries over the period 1 April 2022 until March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The College was no longer required to make deficit recovery contributions for 1 January 2024 and accordingly released the outstanding provision to the income and expenditure account. The latest available complete actuarial valuation of the Retirement Income Builder as at 31 March 2023 (the valuation date), which was carried out using the projected unit method. Since the College cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant to those assets and liabilities as a whole. As at 31 July 2023, the College's balance sheet included a liability of £2.644m for future contributions; following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date the College was no longer required to make deficit recovery contributions. The remaining liability of £2.644m was released to the income and expenditure account. The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover the technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme's technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

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

CPI Assumptions

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves less: 1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030.

Pension increases (subject to a floor of 0%)

Benefits with no cap: CPI assumptions plus 3bps. Benefits subject to a 'soft cap' of 5% (providing inflationary increases of up to 5% and half of any excess inflation over 5% up to a maximum of 10%): CPI assumption minus 3bps.

Discount rate (forward rates)

Fixed interest gilt yield curve plus:

Pre-retirement: 2.5% p.a.

Post-retirement: 0.9% p.a.

39

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

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme's experience carried out as part of the 2020 actuarial valuation. The mortality assumptions used in these figures were as follows:

Mortality base table

101% of S2PMA 'light' for males and 95% of S3PFA for females

Future improvements to mortality

CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a. and a long-term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females.

The current life expectancies on retirement at age 65 are:

	2024	2023
Males currently aged 65 (years)	23.7	24
Females currently aged 65 (years)	25.6	25.6
Males currently aged 45 (years)	25.4	26
Females currently aged 45 (years)	27.2	27.4

University of Oxford Staff Pension Scheme

The University of Oxford Staff Pension Scheme (OSPS) is a multi-employer hybrid scheme set up under trust and sponsored by the University. It is the pension scheme for support staff at the University, participating colleges and other related employers. New members joining the scheme build up benefits on a defined contribution basis. Members who joined before 1st October 2017 build up benefits on a career average revalued earnings basis.

The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan agreed at the last valuation is no longer required and the deficit contribution ended on 30th September 2023. A provision of £19k was made at 31 July 2023 to account for deficit recovery payments up to 30th September 2023. That remaining liability of £19k was released to the income and expenditure accounts in 2024.

The Trustee and the University have agreed a new contribution schedule which took effect from 1 October 2023 and takes account of the benefit improvements and changes to member contributions since the last valuation date. It was agreed that the scheme will meet its own running costs from the scheme's assets, including expenses relating to both the DB and DC Sections and the cost of pension Protection Fund /other statutory levies.

The table below summarises the key actuarial assumptions. Further details of the assumptions are set out in the statement of funding principles dated 27 June 2023 and can be found at https://finance.admin.ox.ac.uk/osps-documents

Date of valuation: 31/03/2022 Value of liabilities: £914m Value of assets: £961m Funding surplus / (deficit): £47m

The principal assumptions used by the actuary were:
Rate of interest (periods up to retirement)	Gilts' +2.25%
Rate of interest (periods after retirement)	Gilts' +0.5%
	Break-even RPI
	curve less 0.5%
RPI	pa pre-2030 and
	1.0% pa post-
	2030
	RPI inflation
	assumption less
CPI	1% pa pre-2030
	and 0.1% pa
	post-2030
Pensionable Salary increases	RPI +pa
Funding Ratios:
Technical provisions basis:	105%
‘Buy-out’ basis:	62%

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

----- Start of picture text -----
Non-financial assumptions:
Non-Pensioners:
105% of
standard S3PxA
medium tables
for both males
and females
Post-retirement mortality - base table
Pensioners:
105% of
standard S3PxA
medium tables
for both males
and females
Non-Pensioners:
105% of
standard S3PxA
Post-retirement mortality - medium tables
for both males
and females
Pensioners:
105% of
standard S3PxA
improvements medium tables
for both males
and females
16.5% DB for
members from
01/10/2023
10% /12%
Recommended employer’s contribution rate (as % of /14% DC
pensionable salaries): members in
relation to 4%
/6% /8% cost
plan - from
01/10/2023
Effective date of next valuation: 31/03/2025
----- End of picture text -----

Pension charge for the year

The pension charge recorded by Wadham College during the accounting period (excluding pension finance costs) was equal to the contributions payable after allowance for the deficit recovery plan as follows:

Scheme Universities Superannuation Scheme University of Oxford Staff Pension Scheme Other schemes – contributions Total	2023 £000's 528 370 - 898	2023 £000's 626 427 - 1,053

24 TAXATION

The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiary companies because the directors of this/these company(is) have indicated that they intend to make donations each year to the College equal to the taxable profits of the company under the Gift Aid scheme. Accordingly no provision for taxation has been included in the financial statements.

25 FINANCIAL INSTRUMENTS

The College held no Financial Instruments

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

26 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS Net income/(expenditure) Elimination of non-operating cash flows: Investment income (Gains)/losses in investments Endowment donations Depreciation (Surplus)/loss on sale of fixed assets Decrease/(Increase) in stock Decrease/(Increase) in debtors (Decrease)/Increase in creditors (Decrease)/Increase in provisions (Decrease)/Increase in pension scheme liability Net cash provided by (used in) operating activities 27 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand Total cash and cash equivalents	2024 Group £'000 16,344 (3,648) (9,037) (4,870) 1,632 - 7 (8) 202 (2,663) (2,041) 2024 £'000 7,129 7,129	2023 Group £'000 2,818 (3,261) 6 (3,276) 1,663 (7) (1,279) 297 (800) (3,839) 2023 £'000 5,552 5,552

28 FINANCIAL COMMITMENTS

At 31 July the College had no annual commitments under non-cancellable operating leases.

42

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

29 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July for future capital projects totalling £140k (2023 - £140k).

30 RELATED PARTY TRANSACTIONS

The College is part of the collegiate University of Oxford. Material interdependencies between the University and of the College arise as a consequence of this relationship. For reporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS 102

Members of the Governing Body, who are the trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College. Details of these payments and reimbursed expenses as trustees are disclosed separately in these financial statements.

The following trustee had a housing loan outstanding from the College at the year-end: This was repaid in full in September 2024 T Simpson	2024 £'000 90 90	2023 £'000 90 90

Interest is charged on the above loans at 3% per annum. All loans are repayable on sale of the property or on the departure of the trustee from the College if earlier.

The College also has properties owned jointly with Trustees under Joint Equity Ownership Agreements between the Trustee and the College. The value of the College's share of these properties is:

A Castrejon-Pita N Seddon Total net book value of properties owned jointly with trustees	2024 £'000 337 272 609	2023 £'000 329 263 592

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

31 CONTINGENT LIABILITIES

There are no Contingent Liabilities that require disclosure.

32 POST BALANCE SHEET EVENTS

There are no Post Balance Sheet Events that require disclosure

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