2021-07-31-accounts

Saint John Baptist College in the University of Oxford Annual Report and Financial Statements Year ended 31 July 2021

Saint John Baptist College in the University of Oxford Annual Report and Financial Ststements Contents Governing Body, Officers and Advisers Report of the Governing Body Auditoff s Report Consolidated Statement of Financial Activf(ies Consolidated and College Balance Sheets ConsolKlaled Statement of Cash Flows Notes to the Fin8ncial Statements

Saint John Baptist College in the Unlversity of Oxford Report of the Governing Body MEMBERS OF THE GOVERNING BODY The Members of the Governing Body are the College's charity trustees under charity18w. The College has been given a dispensation by the Charrf£y Commission from publishing the names of its Iruslees. The Governing Body is responsible for the direction of the col￿ge, for its administration and for the management of its finances and assets. 11 meets regularly under the chairmanship of the President and is advised by a range of commrttees, which include the Educational Policy, Finance, Eststes, Equality and Remuneration Committees. COLLEGE ADVISERS Investmant managers and aifvisers Cazenove Capital Management Limf(ed 12 Moorgale London, EC2R 6DA Edgewood Management LLC 350 Park Avenue New York, NY 10022 USA LGT Capital Partners Ltd. Schuetzenslrasse 6, P.0. Box 8808 Pfaeffikon, Swrtzedand Investment property manage Savi115 IL&P} Limited Wytham Court 11 Wesl Way Botley Oxford OLIM Property Limited Pollen House 10-12 Cork Street LONDON W1S 3NP St Brides LLC 3 Stamford Landing 48 Southfield Avenue, Suite 100 Stamford, CT 06902 USA Audltor Alliotts LLP Friary Court 13-21 High Street Guildford Surrey, GU13DL

Saint John Baptist College in the Unlversity of Oxford Report of the Governing Body Bankers The Royal Bank of Scotland plc Incorporating Child & Co, Bankers 1 Fleet Street London, EC4Y 1BD Solicitors Knights MKlland Housg West Way Bolley Oxford OX2 OPH College address Sl John's College Oxford OX1 3JP Webshe http'.l/wwM.sje.ox.¥.ukl Main Contsct 'The Principal Bursarf at the College add￿$S

Saint John Baptist College in the University of Oxford Report of the Goveming Body The Members of the Governing Body present their Annual Report for the year ended 31 Juty 2021 under the Charities Act 2011 together wlh the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION Saint John 8aplisl College in the Universty of Oxford, which is known as Sl John's College. I'the College'l 18 an eleemosynary chartered charitsble corporation aggregale.11 was founded by Sir Thomas While under a Royal Patent of Foundation, dated 1 May 1555. The College ￿gistered wtth the Charity CommissK)n on 10 January 2011 {registered number 1139733}. The College has been given a dispensation by the Charity Commission from publishing the names of its Trustees. OWECTIVES AND ACTIVITIES Charltable Objects and Aims The College's Objects are to be "A perpetual college of learning sciences, sacred theology, philosophy and good atts" from the Latin.. collegium perpetuum erudib'onis scientiarum sacre theologie gt philosophie ac bonarum artium. The Governing Body has considered the Charity Commission's guidance on public benefit and In keeping with ils objects, Sl John's College provides and conducts itseff as 8 College of the University of Oxford for the benefit of the general public, in particular by carrying out leaching in the higher eduCat￿n sector and by supporting advanced study or research by its members and others. The College aims to foster excellence in education and research. The aim set for the College's non-charitable subsidiaries is to provide support for the achievement of the College's aims as above. The annual donation from the Lamb and Flag Ioxfordl Limited, which is made under the Gift Aid Scheme, is currently used lo support Graduate Scholarships., the donation from Thomas White Properties Limited is used for the general purpose of the College. Activities and objectives of the College The Colle9e is committed lo promding public benefrt in accordanee with its founding principles, by its educational work and i(s contribution lo the enlargement of human knowledge through ils support for ￿Search. The College's activities are focused on furthering ils staled objects and aims antj can be idenlrfied as.. education of undergraduate students and postgraduate students within the UnNersty of Oxford., provision of student accommodation, meals and facilities., provision of a library and an historical archive., provision of a range of grants available to all students and a number of fully funded graduate scholarships lundergraduales have access lo the University-wide Oxford bursary and Oxford Opportunrfcy Bursary Schemes)., employment of Junior Research Fellows., provision of staff and facili(ies to carry out reSea￿h projects In the Sl John's College Research Centre and elsewhere in the College or University., provision of financial SUPFX)rt and facilities for research undertaken by the teaching and other fellows of the College., Support for such other education81 or research activities as shall be delemined by the Trustees. Most of the College's research support is directed to individuals selected on the basis of open compelf(ion. As Can be seen from the financial statements. the charit8blÈ activrty of the College is heavily subsidised,. in 2020121, income received in respect of carrying Out charitable activities covered only 200kn of the expendilu required lo cary out those actNities. St John's College is commttted to academic excellence, admittsng students of the highest academic potential regardless of background and supporting them lo succeed. We welcome diversity in our student body and are ommitted to supporting a balanced and inclusive community, regard￿$S of gender, ethnic origin, disabilty, social. economic or educational background. People of lesser means are encouraged lo benefit from the

Saint John Baptist College in the University of Oxford Report of the Governing Body educational and research adivities of the College and steps are taken to ensure that they are not excluded from these benefrts. UK students currently attend St John's College and the University of Oxford on the same financial terms as they woukl attend any English institution of Higher Education, with Student Loan Company loans available to CC)ver undergraduate fees and maintenance. Students from low-income households may qualrfy for enhanced government loans or for the Oxford Bursary or Moritz-Heyman Scholarship schemes. ACHIEVEMENTS AND PERFORMANCE In the 2020121 academic year, the college admitted 126 new undèrgraduate students and 63 new postgraduate students. In lolal there We￿ 403 undergraduate students and 253 postgraduate students within the College. There were 145 degrees in lolal awarded by the University lo members of the College las ceremonies for conferrals in person resumed in July 20211. In the 2020121 academic year, 87 undergraduates at Sl John's received either an Oxford Bursary, a Reuben Bursary or a Crankslart Scholarship, with 44 receiving the maximum level of support. The cost to St John's College of Oxford Bursaries in the year was £90k and St John's students re￿iVed bursary support totalling £240k with the balance of the cost being met by the University of Oxford. The College also contributed lo 63 full graduate scholarships at a cost lo the College of £938k. A large number of students also benefi(ed from a range of academic, travel and sports grants. Detsils of the costs of these grants can be seen in note 7 of the Financial Statements. The College offered a pre- and post- GCSE set of access and outreach programmes aimed at widening participation, narrowing the attainment gap. raising aspirations and offering both in-person and virtual enrichment opportunities for young people. Estimates of contact numbers for 202012021 exceed 2000 pupils actively enrolled on our programmes, although the majority of our materials are freely available to the public with our analyiics demonstrating extensive geographic usage. Many plogrammes which were ¢las5ically delivered in-person were moved lo online leaching platfomis during the COVID-related school closures that occurred in this academic year. During the 2020121 academic year. the College conducted 6 access and outreach virtual events, a Year 12 study day in Maths and an essay ¢ompeti(IDn in Classics. The College also participated in university-led events including 3 public virtusl open days. The College also supports external initiatives such as the virtual Lumina course for local stste secondary schools in the Harrow region. The College continued lo run its p￿-GCSE programme which is in ils second ygar, wi(h 336 Year 10 pupils enrolled and 24 teachers pa￿ act-up allowances to deliver blended local and Oxford learning aids. The pupils attended virtual workshops as well as interactive study sessions on our digital platform. Around 1000 pupils were enrolled on our Year 10111 Inspire Digital virtual programmes cenlred round a critical queslK)n analysis and associated competitions. The Year 12 post-GCSE Inspire Programme provided a blended approach of virtual universty-style lectures and on-site study skills workshops within 2 main strands.. Humanities and Stem for 100 students across the SE of England. The College also ran wrtual 3-54ay summer schools for Years 10, 11 and 12, providing academic and cU￿ural enrichmentfor pupils and prospeclNe applicants. All individuals from non-selective slate schools enrolled on our courses were eligible to apply for a digital award to assist in the participation in our remote leoming classes. Tablets, noise cancelling earphones and stationary were available. 2020121 also saw the conlinualion of academic pupil support pages on our digital platform to support incoming offer-holders as well as an offer-holder mentor scheme to help reduce the academic and social barriers that can prevent the university places being accepted. Offer-holders with known socioeconomic disadvantage (band A and B on the university scales) were provided with book codes valued al £100 to assist in the pre- universty study. The College fomied an A¢cess and Outreach consortium for SE EngLand together with 3 other Oxford Colleges.. St Hilda's, St Hugh's and Somerville. The SE Consortium will work together lo provide targeted assistsnce and joint events such as Ambassador Roadshows, study days and application worffshops to schools in the SE of England. The academic conlenl of the College's access and Outreach prograrnmes is provided by the Fellows and aeademic staff who are passionate about the Access and Outreach work in the College. In addition, the Undergraduate and Graduate Ambassador Scheme continues to play a central role in the academic output. The Ambassadors supported events throughout the year including mentoring, study days, quiz setting, competrfcion setting land markingl for the younger pupi15 in addition lo their academic ￿ntributionS to our critical question plattorms.

Saint John Baptist College in the University of Oxford Report of the Governing Body The College supported the work of 14 stipendiary Junior Research Fellows during the academic year 2020r21 and multiple ￿search events were held wtihin and supported by the College. IMPACT OF CORONAVIRUS During the pandemic, the first concern of Governing Body has been lo safeguard all aspects of the health and welfare of the College Community and to ensure it has been well-placed lo support ils primary charitable objective of delivering a first ¢lass educalK)n to rtS Students and promding resources lo enable research and scholarship. The College has followed the commitment of the Collegiate University lo deliver face-lo-face tutorial and small group teaching and to keep Libraries open whenever permitted by national lockdowns. E*tra funds have been directed to ensuring sufficient staffing support to meet these needs, including engaging agency support to strengthen the housekeeping team charged with hygiene and lo ensure a rapid response to prevent the spread of infection. Philanthropic funding was sought lo increase funds available as covid-hardship grants. £181 k has been raised in total and £126k of grants were made during the year from this fund. For graduate students whose laboratory work, fieldlrips or archival research was disrupted, fund5 for extensions were available. commensurate with those provided by research councils. external funding agencies and the Untversity. Overall. the College's educalic)nal and research work has been able lo continue during the pandemic to ils usual wodd-class standard and the Goveming Body sre grateful for all the efforts of fellows, staff and students which have made this possible. Financially, student rents for 2020121 were below budget due to the partial closure of the College site during the Hilary Temi. £583k was receNed in grants from the governmenfs Coronavirus Job Retention Scheme. Significant additional a¢ademic grants were made to students to meet the unexpected Costs of remote working., this was funded by ￿dUCtIOnS in special and travel grants where travel was not possible. Dividend income also fell. However the College still reports consolidated endowment gains of £111 million. This is attributed to the College's investment approach and the long-term nature of most of tis endowment inveslmenls. The College's wholly owned subsidiary, The Lamb & Flag {Oxford} Ltd, which operated the Lamb & Flag public house ceased operations on 31 January 2021 due to poor trading conditions during the pandemic. FUTURE PLANS The College was estsblished "in perpetu1￿ when it was founded in 1555. It will continue its support of access to higher education and its core activities of leaching undergraduate students, supporting graduate teaching and research, through a varEty of scholarships and other mechanisms,. and of supporting the advanced study and research of its Fellows, Lecturers and other senior members. The College will also continue ils support for wsf(ing schoLgrs, al all levels of seniority, from other institutions.

Saint John Baptist College in the University of Oxford Report of the Governing Body FINANCIAL REVIEW A summary of the College's finanaal activities is as follows.. 2021 £'ooo 2020 £'ooo Summary of Consolidated Colle8e Financial Activities Incoming College resources Resources from charitable activities Unrestricted revenue legacies and donations Restricted revenue legacies and donations Coronavirus Job Retention Scheme income Trading income and other generation of funds 5,466 776 456 583 63 6,096 1.029 1,703 639 402 7,344 9,869 Funding from the College Endowment Investment income and interest Capital gains Capital gains used to fund restricted and designated activity 16.140 6,000 206 22,346 29.690 16.750 3,750 39 20,662 30.531 Totsl Incomlng resource College expendlture General teaching and research Non-cash pension costs Total teaching and research Public worship Fundraising Trading and sundry expenditure 27,875 834 28,709 90 27,015 16941 26,321 91 653 461 27,526 3,005 18,2671 622 275 29,696 161 6,295 Net College Revenue Actuarial110ssl/gain on pension asset Summary of Endowment Movements Opening Endowment5 Investment gains New Endowments Endowment costs Gains used to fund operating activity Gains on ￿Stricted and designated endowments used to fund operating activity Gains used to fund fixed assets C105ing Endowments 606,864 110,695 446 17,3621 16,0001 573,457 43,935 16,1871 13,7501 12061 18201 703,617 1391 11,iooi 606,864 Incoming resour￿$ from charitable activities were £5.5 million12020.' £6.1 million) followng partial lockdowns in the year due to the global coronavirus pandemic. Wf(hin this figure fee income and other student tuition related income was £3.1 million12020'. £3.2 million). Funds received from Oxford Universiiy under the College Funding Formula scheme were £3.2 million. The College therefore continues to rely heavily on income generated by its endowment funds. £16.1 million investment income is recognised wrthin the Slalemenl of Finanaal Activf(ies, £6.82 million has been transferred to undesignatèd, unreslricled funds from endowment gains and a further £206k has been transferred lo restricted reserves from gains on endowments restricted to specrfic purposes. Gains are

Saint John Baptist College in the University of Oxford Report of the Governing Body reported on both the property and other investments of the Group, £23.4 million and £87.5 million respectively. The College also reports donations of £1.7 million, including £0.4 million new endowments. Total funds of the College at 31 July 2020 were £744.6 million. Consolidated total funds were £788.7 million. The lolal funding from the College endowments lo support operating actiwties was £22.3 million whth represents 3.70/0 of the opening value of endowments. Including increased funding of fixed assets, this increases lo £23.2 million drawn from endowments, being 3.80h of opttning endowments. Considering only the unreslricled General Endowment Fund these percentages arè 3.80A and 4.OQA respectively. The total value of eonsolidated College endowments at the year end was £704 million of which £656 million is held in the General Endowment Fund. After tsking account of the long term loan secured on fixed assets bul serviced by endowment relums, these figures would be £669 million and £621 million respectively. The College has continued its academic and research a¢tivity, al a lolal cost of £28.7 million. This figure includes the eosl of teaching and academic facilities, of providing student accommodation and of supporting Tesearch. 11 includes £1.78 million of bursaries, sludentships, scholarships, hardship grants and other awards made lo students, in addition lo facilities 8nd resources provided directly. As described in note 20 to the accounts, staff costs include £834k non-cash pension charges. This compares lo 8 £894k credit in 2020 and a £2.4 million charge in 2019. A deficit of £1.9 million is reported on the St John's College Stsff Pension Fund reduced from £7.2 million as at 31 July 2020. The principal financial risk faced by the College is that the College endowment might no longer support academic activities, so the draw on capital would become unacceptably high. This risk is managed through robust investment management and ongoing review of financial activities as described under"Financial Revie￿. ReseNes policy The College's reserves policy is to m8intsSn sufficllènt free reserves to enable il lo meet its short-term financial obligations in the event of an unexpected revenue shortfall,. lo allow the College to be managed efficiently., lo promde a buffer that would ensure uninterrupted services. In assessing the level of the COl￿ge,5 on-going activities and the support provided for different types of education and research, the Governing Body considers both current academic need and the financial environment in wh￿h the College operates Ithe health of the endowment, the gains which have been achieved on ti in recent years and the return which Can reasonably be expected from it over the medium tem while also en$uring that the value of the capital in real terms is not diminished). The Governing Body will then manage the reserves of the College so a$ to support this level of charitable activity. The Goveming Body has reviewed the reserves of the College and has concluded that a general reserve of around one month's expenditure before depreciation, and excluding investment in fixed assets and the pension scheme, should be maintained for these purpose5. A £6.82 million transfer has been made from endowments to the income and expenditure account to maintain these reserves. This transfer was funded out of investment gains on the unrestricted endowments. As shown above. £6 million of this transfer can be seen as funding the operating actDlrties of the College with the remainder funding increased investment in fixed assets. Further transfers of £206k nel have been made from investment gains on endowments originally given for restri￿ed purposes or held for designated purposes lo fund acliwly in pursuit of Iho$e purposes. The College's undesignated free reserves at the year-end amounted lo £2.5 million12L120.. £2.4millionl, representing retained unrestricted income reserves, excluding amounts of £73.3 million for the book value of fixed assets less long-tem funding arrangements.

Saint John Baptist College in the Universlty of Oxford Report of the Goveming Body Invèstment policy. objectives and performance The College's inveslrnent objectives are to balance current and future beneficiary needs by.. Maintsining and rf possib￿ increasing the value of the investments in real tems,. Producing a consislenl and sustainable amount to support expenditure,. and Delivering these objectives within acceptable levels of risk. To meet these objectives the College's investments as a whole are managed on a total retum basis, maintaining cliversrfication across a range of asset classes in order to produce an appropriate balance between risk and return. Investment income is credited ID unrèslricled funds in the Statement of Financial Aclivilie$ unless il arises from assets in a restricted Dr endowment fund where the donor has placed restrictions on the use of that income, in which ease (( will be ¢￿dited to restricted funds. Be¢8use the College's investment activty is conducted with a wew lo total return, it is expected that the Collegè's activity will normally be funded by 98ins as well as by in¢ome, with transfers being made between the expendable endowment funds and the revenue funds as necessary to maintain the real value of the investments and support the College's current activity. The Governing Body keeps the level of transfers under review, lo balance the needs and interests of current and future beneficiaries of the College's activities. The investment strategy, policy and performance are monitored by the Investment Committee. Al the yeai- end, consolidated long term investments, combining the securities and propety investments, totalled £744 million, of which £347 million was property and £397 million, was other inveslmenls. A more detailed breakdown of the College's investments can be seen in notes 10 and 11 to the accounts. Th$ Goveming Body assesse5 investment performance against the investment objectives over a rolling five- year period and bslieves results have been consrslent with the College's objectives over this period. For 2020121, gains on property investments were £23.4 million and gains on securities and other investments were £87.5 million. The College's UK investment adviser, Cazenove operate a programme of socially responsible engagement with the management of companies in which they invest. The College takes a￿tsuN1 of advice from its investment and property managers about the social and ethical dimensions of its investment holdings and keep$ under remew its approach to enmronmental. social and govemance issues in investment. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College is govemed by ils Letters Patents of 1555 and its Statutes, which were most recently revised on 10 July 2012. These documents can be found on the College websf(e {https'./lww.sjc.ox.ae.ukldiscoverlabout-collegellegaVslalutes4. Governing Body The Goveming Body is constf(uted and regulated in accordance wich the College Statutes, the temis of which are enforceable ultimately by the Visitor, who is the Bishop of Winchester. Nearly all members of Governing Body became members on the basis of an appointment to a substantive or b'lular academic post at the University of Oxford. New members of the Governing Body are eleded on the basis of an appointment process in which an expert selection committee makes a recommendation to the Goveming Body. The committee always lakes external advice and, in the large majority of cases, there are one or more external members of the selection commrttee. The formal appointment is a decision of the Goveming Body acting as a whole. For the appointment of a new President, the Governing Body Conducts the selection process directly itself, seeking prolessional support and advi￿ as appropriate. The Goveming Body determines the on-going strategie directKJn of the College and regulates ils administration and the management of ils finances and assets. It meets regularly under the chairmanship of the President and is advised by various Committees. The President is ex chair of 811 committees.

Saint John Baptist College in the University of Oxford Report of the Goveming Body Recruitmenl and training of Members of the Governing Body New members of the Governing Body are normally recruited in response to an advertised academic posi(ion, as a resu￿ of which the University of Oxford and the College become joint employers of the person sppoinled. The chief exception lo joint appointment relatès to certain individuals who hold Slalulory Professorships at the University of Oxlord in conjunckn.on with a Professorial Fellowship al St John's College. All members of Goveming Body during the year were therefore working teachers and researchers at the University of Oxford, with the exception of the Principal Bursar, the Finance Bursar, the Senior Tutor and the Director of Development and Alumni Relations. The UnNersf(y and Colleges organise 8 variety of induction processes for new appointees, which cover a very wide range of the duties that they will undertake. All ne￿Y appointed Fellows are given guidance on how to access the official documentstion of the College. There is an internal memorandum about College procedures and the rights and responsibilities of members of Governing 8Ddy. Members of the Goveming Body are provided with advice from the President and other College Officers {for example, Senior Tutor, Principal Bursar, Finance Bursar, Senior Dean) to keep them infomed on eurrent issues in the higher education sector and on regulatory requirements. These individuals receive advice directly from professional sources or through the University and inter-collegiate bodies (the Conference of coll￿e$ and (ts various Committees), which exist lo promote communication on academic, governance and regulatory issues. Remuneration of Membèrs of the Governing Body and Senlor College Staff Members ol the Goveming Body are leaching and fftsearch employees of the College with the exception of the Principal Bursar, the Finan￿ Bursar, the Senior Tutor and the Director of Development and Alumni Relations who are full time professional employees. ND Iruslee receives any remuneration or benefits from their trusteeship of the College Those trustees who are also employees of the College receive remuneration for their work as employees of the College which is set based on the advice of the College's Rernuneration Committee, wmposed entirely of exlemal members. Where possible, remuneration is set in line with that awarded to the University's academic staff. Organlsatlonal managèment The Governing Body is scheduled lo meet 13 limes a year_ All major decisions about the running of the College require the authority of the Governing Body. Certain operational matters are delegated to appointed college officers (for example, Senior Tutor, Principal Bursar, Finance Bursar, Senior Dean), who are members of the Governing Body and accountable to it. The college bylaws can be found on the College websi(e Ihttps".Ilww.sjc.ox.ac.ukldiscoverlabout<ollegellegaVstatulesll. Equality and Diversity The Goveming Body has due regard for the Public Sector Equaif(y Duly The Equality Commtttee of the College, which has representation from all members of the College Istudenls, academic and non-academic staff), leads a proactive approach to eliminating discrimination, advancing equal opportunities and fostering good relations in the College. This eommittee reports directly lo the Goveming Body. The Goveming Body appoints a Fellow for Equalrty who oversees the implementation of matters relating lo Equalrfcy, as well as Fellow for Women and a Fellow for Ethnic Minorf(ies. The Fellow for Equality is also the Disability Lead for the College. The College's Equality Policy, Public Sector Equality Duty Policy, Harassment Policy and annual Equality Report can be found al https'.IlvwM.sjc.ox.ac.ukldiscoverlabout-collegellegaVcollege-poli¢ie$4. Group structure and relatlonships The College has six wholly owned non-charitable subsidiariss. The Lamb and Flag (Oxfordl Limited, Thomas Whf(e Properties Limf(ed, Thomas While Oxford Limited, Peartree Oxford Limited, St John's College servI￿s Limited and Bainton Road Nursery Limited, whose annual profits are donated to the College under the Grft Aid Scheme. 11 has had two additional wholly owned US subsidiaries, one of which was dissolved during the year and consolidates the results of a chari(able company incorporated in Gemiany whose purposes are the promotion of science, research and education by maintaining the College. The College is part of the collegiate Unniersty of Oxford. Material interdependenoies between the University and the College arise as a consequftncg of this relationship. 10

Saint John Baptist College in the Universlty of Oxford Report of the Governing Body Risk management The College has on-going processes which operated through-out the financial year for identrfying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidi8ries in undertaking their activities. When it is not able lo address risk issues using inlemal resources. the College lakes advice from experts extemal to the College with specialist knowledge. Policies and prO￿dureS within the College are remewed by the relevant College Committees, chaired by the President. Financial and investment risks are assessed by the Finance Commrttee in conjunction with ils Investment Sub-committee. Recornmendations of the committees are presented to Goveming Body for their approval or rejection. SenDr members of the college staff meet regularly with the Safety Officer or one of the Bursars to review health and safety issues. Training courses and other forms of career development are available lo members of staff lo ernhan￿ their skills in risk-related areas. The Governing Body, which has ultimate responsibilty for managing any risks faced by the College, has given nsideration lo the major risks lo ￿1¢h the College and its subsidiaries are exposed and has concluded that robust systems are in place to manage these risks. It is recognised that systems can provide only reasonable but not absolute assurance that majDr risks have been managed. Fundraising Fundraising is carried out by a small team of College employees, led by the Director of Fundraising and Alumni Relations. The College does not use external professional fundraisers or involve commercial partieipalors. During the 2020121 financial year there were no complaints about fundraising activities. The College has signed up to the Fundraising Regulator's Code of Fundraising Practice. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBIUTIES The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with appli¢able18w and reguLations. Charity law requires the Governing Body to prepare financial slalements for each financial year. Under that law the Governing Body have prepared the financial statements in accordance United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Stsndards and applicable lawl, including Financial Reporting Standard 102= The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 1021. Under charity law the Goveming Body must not approve the financial statements unless they are satisfied that they give a true and fair wew of the slate of affairs of the College and of ts net income or expendrture for that period. In preparing these financial statements, the Governing Body is required to". select the most suitable accounting policies and then apply them consistently,. make judgments and accounting estimates that are reasonable and prudent., slate whether applicable accounting standards. including FRS 102. have been followed, subject to any material departures disclosèd and explained in the financial statements,. state whether a Statement of Recommended Practice ISORPI applies and has been followed, subject lo any material departures which are explained in the financial statements. prepare the financial statements on the going coneem basis unless it is inappropriate lo presume that the College will continue lo operate. The Governing Body is respc)nsible for keeping proper accounting records that are sufficient to show and explain the College's transactions and disclose with reasonable accuracy al any time the financial posrtion of the College and enable them to ensure that the financial slalements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper appli¢alion under charf(y law and hence for taking reasonable steps for the prevention and detection of fraud and other ir￿gU18n1ie$. Ap oved by the Governing Body on 3 November 2021 and signed on its behaff by.. Professor President Snowling

SaintJohn Baptlst College in the University of Oxford Independent Auditorfs Report to the Members of the Goveming Body of St John's College, Oxford Opinion We have audited the financial statem@nls of Sl John's College Oxford (the 'charily'l for the year ended 31 July 2021 which comprise the Consolidated Statements of Financial Activities, the Consolidated and College Balance Sheets, the Cash Flow and the related notes, Including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Stsndard applieable in the UK and Republic of Ireland IUnf(ed Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slatemenls.. give a true and fair view of the stste of the group and parent charity's affairs as at 31 July 2021 and of its income and expend(ture for the year then ended., have been properly prepared in aC￿rdance wi(h United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Char(ties Act 2011. Basis for opinion We conducted our audf( in accordance with International Stsndards on Auditing IUKI {ISA5 IUKII and applicable law. Our responsibilities underthose stsndards are further (fescribed in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of the group and parent charity in a￿Ordance with the ethical requirements that ar$ relevant to our audit of the financial slalements in the UK, indudlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believethat the audrt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concem In auditing the financial statements, we have concluded that the College's Governing Body use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating lo events or condstions that. individually or collectively, may cast significant doubt on the College's ability lo continue as a going concern for a period of at least ￿e1ve months from when the financial ststements are aulhorised for issue. Our responsibilities and the responsibilities of the College's Goveming Body with respect to going concem are described in the relevant sections of this report. Other information The College's Governing Body are responsible for the other infomialion. The other infomiation comprises the information included in the annual report other than the finanaal ststements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicf(ly stated in our report, we do not express any form of assuran￿ conclusion Ihereon. In connection with our audit of the financial ststements, our responsibility is to read the other infomialion and, in doing so. considerwhether the other information is materially inconsistent with the financial stslements or our knowledge obtained in the audrt or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misslalemenl in the financial slalemenls or a material misslatemenl of the other infomation. If, based on the work we have performed, we conclude that there is a material misstslement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on vthich we are requlred to report by exceptton In the light of the knowledge and understanding of the group and parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Governing Body. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations Act 2008 requiies us to report lo you rf, in our opinion.. the infomialion given in the financial statements is inconsistent in any mater￿1 respect with the Governing Body's Report., or 12

Saint John Baptlst College in the University of Oxford Independent Auditor's Report to the Members of the Governing Body of St John's College. Oxford sufficient a￿oUntIng records have not been kept., the financial statements are not in agreement with the accounting ￿cOrdS and retums,. or we have not obtained all the information and exptanalions necessary for the purposes of our audrt. Responsibilities of the Goveming Body As explained more fully in the Ststement of Accounting and Reporting Responsibilities, the College's Governing Body, as charity trustees, are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary lo enable the preparation of financial statements that a￿ f￿e from material misststement, whether due to fraud or error. In p￿parIng the financial statements, the College's Goveming Body are responsible for assessing the group and parent charity's ability lo continue as a going ¢oncem, disclosing, as applicable, matters related lo going concem and using the going concem basis of accounting unless the College's Governing Body either intend to liquidate the group and parent charty or to ¢ease operations, or have no realistic alternative but lo do so. Auditor's responsibiliti¢$ for the audit of the financial ststements We have been appointed under section 151 of the Charities Act 2011 and report in accordance wi(h the Act and relevant regulations made or hawng effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are frèe from material misslalement, whether due to fraud or error, and to issue an audilorfs 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 IUK} will athys detect a material misslalemenl when f( exists. Misststements can arise frorn fraud or error and are considered material rf, individually Dr in the aggregate, they COU￿ reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Ir￿gularItIes, including fraud, a￿ instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting ir￿gUIar((1e8, including fraud, is detailed below. Our approach to identifying 8nd assessing the risks of material misslalemenl in respect of irregularf(ies, incjuding fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, ¢apabili(ies and skills to idenlrfy or recognise nonwcomplLan￿ with applicable laws and gulalions., we identrfied the laws and regulations applicable lo the College through discussions with Members of the Governing Body and Senior College Staff, and from our knowledge and experience of the not-for- profrt sector, we focused on specrfic laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the College, including the College Slalutes, the Charities Act 2011, the Charities SORP 2019, and data protection, anli-bribery, employment, environmental and health and safety legislation., we assessed the extent of compliance with the laws and regulations idenlrfied above through making enquiries of management and inspecting legal correspondence, and identified laws and ￿gulatIOnS were communi¢aled within the audf( team regularty and the team remained alert to instances of non-compliance throughout the audr(. We assessed the susceplibilty of the College's financial statements to material misststement. including obtaining an understanding of how fraud might occur, by.. making enquiries of Members of the Governing Body and Senior College Staff as to where they considered there was susceptr'bility lo fraud, their knowledge of actual. suspected and alleged fraud.. 13

Saint John Bapttst College in the University of Oxford Independent Auditorfs Report to the Members of the Governing Body of St John's College, Oxford considering the internal controls in pL1￿ 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.. perfomied analytical procedures to identrfy any unusual or unexpected relationships., tested joumal entries to identify unusual transactlDns', assessed whether judgements and assumptions made in detemiining the accounting estimates were indicative of potential bias., and investigated the rationale behind si9nrficant or unusual transactions. In response lo the risk of irregularities and non-compliance with laws and ￿gUlatiOns, we designed procedures which included, bul were not limited to.. agreeing financial statement disclosures to underlying SUPPOrting documentation., reading the minutes of meetings of the Governing Body., enquiring of Senior College Stsff as to actual and polentral If(igation and claims,. and reviewing corTesponden¢e with HMRC. re￿vant regulators and the College's legal advisors. There are inherent limrtations in our audit procedures described above. The more removed that jaws and regulations a￿ from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing stsndards $150 limit the audf( procedures required lo identty non-compliance wf(h laws and ￿gUlationS lo enquiry of the Members of Governing Body and other Senior College Stsff and the inspection of regulatory and legal correspondence, if any. Material misslalements that arise due to fraud can be harder to detect than those that arise from emr as they may involve deliberate concealment or collusion. A further description of our responsibiliti$$ for the audit of the financial slalemenls is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This descr¥ption forms part of our audrtor's ￿pOrt. Use of our report This report is made solely to the College's Governing Body in accordance wi(h part 4 of the Charities (Accounts and Reports) Regulations 2008. Our aud(t work has been undertaken so that we might state lo the College's Goveming Body those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the College's Governing Body as a body, for our audit work, for this report, or for the opinions we have fomied. Alllotts LLP Statutory Auditor Friary Court 13-21 High Street Guildfgrd Surrey, GU1 3DL Date.. 30 Novernber 2021 Alliotts is eligible for appointment as audi(or of the charity by virtue of its eligibility for appointment as audrf(or of a company under section 1212 of the Companies Act 2006. 14

Saint John Baptist College in the University of Oxford Statement of Accounting Poli¢ie$ Year ended 31 July 2021 1. Scope of the financial ststements The financial slalemenls present the Consolidated Statement of Financial Activi(ies ISOFAI, the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and (ts wholly owned subsidiaries. The subsidiaries have been consolidated from the date of their fomiation. No separate SOFA has been presented for the College alone as currently permitted by the Charity Commi55Dn on a concessionary basis for the filing of consolidated financial statements. A summary of the results and financial position of the charity and each of its subsidiaries for the reporting year are disclosed in note 12. 2. Basis of accounting The College'5 individual and (x)nsolidated financial ststements have been prepared in accordance with United Kingdom Accounting Standards, in pa￿"¢￿lar 'FRS 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland, IFRS 1021. The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated financial slalernents in accordance with 'The Slalement of Recommended Practic& applicable to charities preparing their financial slalements in accordance with FRS 102, IThe Charities SORP IFRS 10211. The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabili(ies at fair value with movements in value reported w((hin the Statement of Financial ActNrties ISOFAI. The principal accounting Policies adopted are set out below and have been applied consistently throughout the year. 3. Accounting judgements and estimation uncertainty In preparing financial slalements (( is necessary to make ￿rtain judgements, estimates and assumptions that affect the amounts ￿cognised in the financial statements. The judgements and eslimales consKlered by the Governing Body to have the most signfficant effect on amounts recognised in the financial stslements are explained in the following accounting policies. particularfy policy 9, Investments. 4. Income recognition All incomè is recognised once the College has enlitlemenl to the income, the economic bènefrt is probable and the amount can be reliably measured. Income frorn fees. HEFCE support and other charges for services Fees receivable, less any scholarships, bursaries or other allowances granted from the College unrestricted funds, HEFCE support and charges for servtes and use of the premises are recognised in the period in which the related service is provided. Income from donations, grants and legacles Donations and grants that do not impose specific future performance-related Qr other specrfic condf(ions are recognised on the dale on which the charity has enlillement to the resource, the amount can be reliably measured and the economic benefrt lo the College of the donation or grant is probable. Donations and grants subject to perforrnance-relaled conditions are recognised as and when those condi(ions are met. Donations and grants subject lo other spècrfie condi(ions are recI￿nised as those condrtK)ns are met or their fulfilmenl is wholly wf(hin the control of the College and i( is probable that the specrfied CDndf(ions will be mel. Legacies are recognised following grant of probate and once the College has re￿iVed sufficient information from the executorls) of the deceased's eslale to be s8tisfied that the gift can be reliably measured and that the economic benefit lo the College is probable. Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds. 15

Saint John Baptist College in the University of Oxford Statement of Accounting Policie$ Year ended 31 July 2021 Donations, grants and legacies which are subject to Conditions as to their use imposed by the donor or set by the temis of an appeal are ¢red(tèd to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind las dislincl from cash or other monetsry assets). they are meaSU￿d at the fair value of those assets al the date of the gift. Investment income Interest on bank balances is accounted for on an accrual basis with interest recognised in the pèriod lo which the interest relates. Income from fixed interest debt securf(ies is recognised using the effective interest rale method. Dividend income and similar distributions are recognised on the date the share interest becomes ex- dividend or when the right lo the dividend can be established. Income from investment prope￿eS is recognised in the period lo which the rental income relates. 5. Expenditure Expendi(ufft is account￿ for on an accruals basis. A liability and related expenditure is recognised wh8n legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated. Grants awarded that are not performance-relaled are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject lo perfomiance-related conditions are expensed as the specrfied conditions of the grant are met. All expendrture including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the Slalemenl of Financial Activf(ies (the SOFA). Support ￿$1$ which include govemance costs I￿sts of complying with constitutional and statutory requiremenlsl and other indirect costs are apportioned lo expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included wth the rtem of expenditu to which il relates. Intra-group sales and charges be￿een the College and its subsidiaries are excluded from trading income and expenditure in the consolidated financial statements. 6. Leases Leases of assets that transfer substantially all the risks and rewards of owneT5hip are classified as finance leases. The costs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease tem and the assets, useful lives. Assets are assessed for impairment at each ￿porting dale.The corresponding capital obligations under these leases are shown as liabilities and re￿nised al the lower of the fair value of the leased assets and the present value of the minimum lease payments. Le8se payments are apportioned be￿een capital repayment and finance charges in the SOFA so as to achieve a eonslant rate of interest on the remaining balance of the Leases that do not trdnsfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a straight line basis overthe relevant lease terrns. Any lease incentives are recognised over the lease temi on a straight line basis. 7. Tanglble fixed assets Land is stated al cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impaiment losses. Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings wh￿h is directly attributable to bringing the asset lo ils working condition for its 16

Saint John Baptist College In the University of Oxford Statement of Accounting Policies Year ended 31 July 2021 intended use and amounllng to more than £50,000 together wth expenditure on equipment costing more than £50.000 is capitalised. Where a part of a building or equipment is replaced and the costs capitalised, the carrwng value of those parts replaced is derecognised and expeftsed in the SOFA. Other expendf(ure on equipment incurred in the normal day-to-day running of the College and its subsidiarEs is charged lo the SOFA as incurred. 8. Depreciation Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value. in equal annual instalmenls over their expected useful economic lives as follows.. Freehold properties, including major exlensions 150 yearsl Building improvements 110 yearsl Equipment 15 yearsl Freehold land is not depreciated. Assets under construction are not depreciated until they come into use. The cost of maintenance is charged in the SOFA in thè period in which tt is incurred. If events or changes in eircumslances indicate that the carrying value may not be recoverable then the carrying values of tsngible fixed assets are reviewed for impairrnenl. 9. Investments Investment properties are initially Tecognised at their cost Énd subsequently measured at their fair value (market value) al each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts. Listed investrnents are initially rneasu￿d at their cost and subsequently measured at their fair value at each reporting dale. Fair value is based on their quoted price al the balance sheet date without deduction of the estimated future selling costs. Investments such as hedge funds and private equity funds which have no readily identifiable market value are initially measured al their costs and subsequently measured at their fair value at each reporting date wilhoul dedudion of the estimated future selling costs. Fair value is based on the most recent valuations available from their respective fund managers. Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as 'gains or losses on investments, and are allocated to the fund holding or disposing of the relevant investment. 10. Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand and short lemi deposits wth a maturity date of three months or less. 11. Debtor5 and creditors Debtors and creditors receivable or payable within one year of the reporting dale are carried al their at transadion price. Debtors and creditors that are receivable or payable in more than one yèar and not subject to a market rate of interest are measured al the present value of the expected future receipts or payment discounted al a markèt rate of interest. 12. Stocks Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in. first out basis. The majorty of stock is consumables. 17

Saint John Baptist College in the University of Oxford Statement of Accounting Policies Year ended 31 July 2021 13. Foreign eurrencies The fundional and presentation ¢urrency of the College and its subsidiaries is the pound slerfing. Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates al the dates of the transactions. Monetary assets and liabilV(ies denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date. Foreign exchange gains and losses resuf(ing from the sethemenl of transactions and from the translation of monetary assets and liabilrfcies denominated in foreign ¢urrencies at the exchange rates at the reporting dale are recognised in the SOFA. 14. Fund accounting The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the lemis set by the donors or set by the terms of an appeal. Endowment funds are further sub-divided into pemanent and expendable. Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Goveming Body may decide that part of the unreslricled funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds. Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of either gifts Whe￿ the donor has sperAfied that both the capital and any income arising must be used for the purposes given or the income on grfts where the donor has required or permitted the capital to be maintained and with the intention that the income will be used for specffic purposes within the College's objects. Permanent endowment funds arise Whe￿ donors specrfy that the funds are to be retained as capi181 for the pemanenl benefit of the College. Any income arising from the caprtal will be accounted for as unrestricted funds unless the donor has pIaced restrictions on the use of that income, in which case i( will be accounted for as a restricted fund. Expendable endowment funds are similar lo pemanent endowment in that they have been given, or the College has determined based on the circumslanees that they have been given. for the long temi benefit of the College. However, the Governing Body may al their discretion determine to spend all or part of the capital. 15. Pension costs The three principal pension schemes for the College's staff are the Universities Superannuation Scheme iussi, the University of Oxford Staff Pension Scheme IOSPSI and the St John's Coll￿e Staff Pension Fund ISJCSPFI USS and OSPS are muf(i-employer defined benefit schemes where the share of the assets and liabilities applicable to each employer cannot be idenltfied. The costs of retirement benefits provided lo employees of the College through these schemes are accounted for as if they were defined contribution schemes as information is not available to use defined benefrt accounting in accordance with the requirements of FRS 102. The College's contributions to these schemes are recognised as a liabilf(y and an expense in the period in which the salaries lo which the contributions relate are payable. In addition, a liability is recognised at the balance sheet date for the discounted value of the expected future contribution payments under the agreements w(th these multi-employer schemes to fund the past service defi¢tis. The SJCSPF scheme is a defined beneff( s¢heme and this scheme is aceounled for using defined benefit accounting in accordan￿ with the requirements of FRS 102. 16. Government grants Government grants are recognised on the accruals basis when there is reasonable assurance that the College will comply wl(h the conditions attaching to the grant and the grant will be received. 18

St John'$ College Consolidated Statemgnt of Financial Activities For the year ended 31 July 2021 Unrestricted Funds Restricted Funds £'ooo Endowed Fund5 £'ooo 2021 Totsl eooo 2020 Total £000 £'ooo INCOME AND ENDOWMENTS FROM.. Charitable 8CtNitIos: reachirg, research and residential Public worship Heritage OtherTrading Income Donatitsns and legacies Investments Investment Income Proftsloossesl on dtsposal offixed assets OIIEr incorne Total incom& 5,381 85 5,466 6,0 63 776 63 1,678 402 3.280 456 446 15,551 589 16,140 16,750 583 213S4 583 23.930 639 27,167 1,130 EXPEWDlfURE ON= Charitabl8 activities.. TeaGhing. re5earth and ￿￿￿ential Public wuship 27.450 76 1,259 14 23,709 90 26.321 91 Generating fund&. Fundraising Tr3ding expendituie Investment man2gemeni costs Total ExponditsJr8 622 220 622 220 7,417 37.058 653 407 6.241 33.713 55 1.328 7,382 7,362 2&368 NetgainslO055e$l on investment$ 10,11 110.695 110.697 43.933 Nat It)c¢MnellExp&t)ditur81 16,0141 103.T19 97.869 37.387 Transfers b8twe8n funds 16 6,820 206 17.0261 othor r8cogn(sod gaIr￿n055&S uarial gainslOosse$l on defir*d benefrt pension 8cherrEs 6.295 6,29S 18.2e71 Net movèment in funds forthe year 7.101 10 96.753 103.864 29.120 Fund balances brought fowrd 16 68.406 7.546 606,864 682.816 653.696 Funds ¢arried forward at 31 July 75.5 7,566 703.617 786,680 ￿￿816 19

St John'$ College Consolidated and College Balance Sheets As at 31 July 2021 2021 Group £'ooo 2020 l>oup eLM)O 2021 col￿ge £'ooo 2020 College £'ooo Notes FIXED ASSETS Tangible assets Property investments Other Investments 108,304 347,229 396,832 107,489 331,534 313,670 108,303 245,054 458.631 107,488 242,335 378,945 Total FI%￿ Assets 852,365 752,693 811,988 728,768 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 1.441 5,956 10,612 1,466 $,949 10.759 1341 4828 7,842 1,455 6.019 7.711 13 Totsl Current Assets 18,009 19,174 14,111 15.185 LIABIUTIES Creditors.. Arnounts falling due vAthin one ￿ar 14 3,828 4.917 2.802 3.917 NET CURRENT AsSETs￿LIABluTIES) 14,181 14257 11.309 11,268 TOTAL ASSETS LESS CURRENT LIABILITIES 866,546 766,gSO 823,297 740,036 CREDITORS: lalling due after more than one year 15 76,192 75,000 75.000 75,000 NEfA$SETS BEFORE PENSION LIABILITY 790,354 691.950 748.297 66S.036 D¢fined bÈnefrt penslon scheme liab￿lty 20 13,6741 19.1341 13,6741 19,1341 TOTAL NET ASSETS 786,680 682,816 744.623 655,902 AINDS OF THE COLLEGE Endowmentlunds 703,617 606,864 664,155 581.870 R&stitted fund5 7.556 7,546 7,856 Unrestricted funds Designated funds General funds Pension reserve 738 78A43 13,6741 738 74848 13.6741 76.853 19.1341 74.933 19,1341 20 786,680 882.816 744,623 655,902 The finanual s tements were approved and aulhwsed for issue by the Governing Body of St John's Cdlege w 3 Nov 2021 Tnjstee.. Trustee..

StJohn's College Consolidated Statement of Cash Flows For the year ended 31 July 2021 2021 £'ooo 2020 £'ooo Notes Net provided by lus•d inl tspelating activibes 124,696 124,2881 Cash flow8 from investing activttles DDiidends. interest and ￿nts from investments Proceeds trom the sale of property, plant and equipment Purchase of property. plant and equipment Proceeds from Sale of investments Purchase of investrnents Net cash provided by lused inl investing activiti85 16,140 16.750 13.7871 68,330 157,5911 23,092 14.9271 46,419 133.1941 25,048 Cash flow5 from financing activities Repayments cf borrowing Cash inflow5 trorn new bo￿oWIng Receipt of endowment Net cash provided by lused inl financing activitios 1,192 446 1.638 548 548 hang* in ¢ash artd eAsh equi￿aIeTrts in the reporting period 1,308 ash and cash equivalents althe beginning of the reporting period 10,759 9,808 Change in ¢a$h and ¢a$h equivalents due to exchange rats movements 11811 13571 Cash and cash equNalents at the end of the reporting nod 23 10,612 10,759 21

St John's College Notes to the financlal $tstsments For the year ended 31 Juty 2021 INCOME FROM CHIRITA8LE ACTIVIIIES 2021 £'ooo 2020 £'ooo Ttaching, Research ond Residential Unreskncted funds Tuthon fee5- UKand EU $ll￿er)ts Tuthon f￿5- Overse85 sludents Otherfee5 Other HEFCE support Oiher 8¢aLm￿ ineotne College resideniwl in¢Dme 1.894 939 2.1 313 267 46 2,782 2,150 5.381 Restacted funds OtheracademicinL¥)me En(Jjwedfu￿S Total Tea¢hTng, Research and Residential The abovearlysis indudes £3.181m recti¥ed from Oxford Univer5tyfrcffl put4dYxC￿n1a￿￿Il￿th L￿￿trr thè CFF Scherne{2￿20.. £3 057ml. DONATIONS AND LEGACIES 20 £￿00 2020 £'ooo DOI￿￿On5 and Legacl08 Unrestricted funds Re$lricted funds Endwd fvnd$ 776 456 1,029 1.703 $48 3.280 1,678 INCOME FROM OThER TrADING AcnviTies 2021 Sithidiary ctmp2nytrading Ino)me Other tradin9 inwme 61 58 63 402 INVESTMENT INCOME 2021 £'ooo 2020 rooo Rems Olher praperty inrAJme Equity diVider￿S Incom&trom ffixed interest stork5 Int8fest 10.955 177 12.025 4.593 44 17 Investhentinwmeis 8ttnb(rtedto.- Unreskn¢ted funds RestriGted tur￿$ Endowedfunds 15,551 589 16,135 615 Totsl Inveslment in¢ome 16,140 16.750 22

St John's Collegè Notes to th¢ finan¢ial statements For the year ended 31 July 2021 AM4LYSIS OF EXPENDITURE 2021 2020 £'wo Charitable exppnditur• Direct Stsff costs allacate¢ to.. Taaching. research and ￿ljential Pthi¢wDtship 10,459 73 8,922 Otherdwt Costs dkKatedto' Teaching, rasearth residertk91 worship 10,1CX) 17 9.671 25 Support and 9ovemanTr￿sts alk¢atedto'. Teachin#, research and rewdenli Publicworship 8,150 7.529 Total Charitableexpenditure 28,799 26.413 Exp2nditure on raising funds DireGI slaff costs allocated to". Fundraising Trading expwJlur Inve51mert managementco$l8 409 130 90 413 168 Olherdirect outs all￿ated￿. Fvndratsi Tfading expendilure Invesknant marwmenl co$ts 141 90 5.845 239 4.693 Sukwtand governance ¢o$ls allocad to.. FUndrai￿n9 Investtnent m8nagem8nl costs 1.482 1.457 Totsl expeftditure on rasitho funds 8,259 7,301 Totsl expÈnditurÈ 37.058 33,714 The 2021 resources expended ￿£36.T73rn rep25ented £28.388rn from Lnre$lrEa￿ fvm(b. £1.328m from ¢estri¢ted funds and£7.OTlm from endowed ￿nds. The col￿ge is liab]e lo te 8ssessed for Contiibution underihe ty0v15￿￿5 of Stslute XV of the Uni¥ersityof Oxfc(d. The Coniriblrtion Fund is us& to m&ke gants and loans to colleges on the bas￿ ofnea Conti)M￿S are calculatsd annualy in accordan￿￿1￿ reguktions m by Ihe CoLnoI otihe Universrty of Oxford. Th2teachiryand research o)sts incbAe c￿le£* cOnknbth￿n paYa￿e of£644k12020-£424kl 23

St John's Collègè Notes to the finaneial ststements Forthe year ènded 31 July 2021 AWILYSIS OF SUPPORT AND GOVERI4ANCE COSTS Generating Fund$ £￿00 Chariiable 2021 Total 2021 £'ooo and domestic administrats 1,647 IT DerxecHIIDn Interest pay¥ble Governancecosis 6S2 4,254 1.650 4254 4074 50 9,704 Generati Funds £DCM) Charirabie Acb%ryties E'o Total 2020 Financia arvj drff(Eslic 8dministralk IT Oepreciaiion Interest payable Gwronce 270 1,492 612 3,841 3.052 592 3.841 1,828 Firortial and donesit admini51ration. IT, Thuman r8s0urcesand govunarKe costs biPAted according lo the esbmaied staff time spent on Depwiation costs and profitor ioss on di$po¥l of fixed assets are sttribuied 8curding lo the use made ollhe uT￿erI￿n0 assets. Iwe5t and otherfinan￿￿srItrs are allribut￿ aGcordiny 10 the purpose of the related financirs. 2021 £0 2020 £￿0 Governanc• costs compriso.. Audrforfs remureration- audit services Auditoffs ￿M￿neratiOn- other servi￿$ Olher govemartecosls 50 48 Non¥overnance ¢LX8ts ith¢lud8: A￿101$ r&muner8tLon. olher servK%S No arnDUnthaB be￿ Ind￿&d in governar￿¢0$ts fLY tha th￿l￿nploYmentr￿sts or reinbutsed exF¢ThSesofthe members ofG￿ern￿9 Badyon the basis Ihatthese payments rdaie 10 their involwneni in the ColEeyè'$ch8riiable actyvities. Details of the remuneralh?n oftrE membws of Governing Wy and theirreimbursed eynses are induded as a stp&* rEOtEwilhin these finawal sta￿entS. 24

St John's College Notes to the financial statsm¢nts Forthe year ended 31 Juty 2021 GRANTSAND AWARDS 2021 2020 £000 yeartrE Collegefvn¢ed rese￿ awardsand tyJrsarie$tO8lLthntsfrom its restriGled and unrestliGted fJrvJ asfolltrws.. Unre¥tri¢t8d fun(ts Grants to indKvhJu¥ls' Butsares ar￿ hardship awards Gradua￿ studentships other $GP￿l1rshlp5. and gants rotal unres¢ri¢tod 407 167 302 RestrKted Funds 8ur52rie$ and ￿￿d$h￿p ¥fftrd8 Graduate studaniships Other schoiqrships, F¥ize5 dnd grants Totsl wtri¢ted 95 293 35 423 293 3S 423 Total grants and awards 1,777 ,568 Thefiyure aL%)ve indudes Lwdttolhe Coll￿e ofthe Oxlord ￿rSary scheme. siudents oflhis college rerived £240k1202tr. £186kl. Some of thosesfvd&nis atso received feewaivers amounting 10£33k12020'. £51kl. STAFF COSTS 2021 £'ooo 2D20 rooo Thè ayyrégate siafFcosis fortrÈyearwere a5 folLvws. SaL¥ries andw8ges Social security Costs Pension costs. Defined benefrt Stherf￿&S OeffirEd COntrib￿lon schemes benefits 9,825 871 9.698 879 1068 649 11,230 The average nLThber ofernployees Oft￿ cdw, exdJOlro Trustees, Vds 33412020." 3281 The 8verage nLmber ofernpioyed CollegeTrustg d￿ngtrE yearwa$6212020 61} Tha Colleg6 its subsldlaries re￿iVed t583k in grants from the Goverwneni's CoronavinJ5 Job Retention sCh￿e lowards the salary of staff r4aced on furtough 8nd reported under Other I￿oMe In the s18lem￿l of Financial Activities12020- £639kl An average of 45 Cowege staff w￿e rjaced on furtowh Orffle￿b￿ fiJrbouoh during Ihe yearto 31 July2021 aiiof wmm wer8 P8KI 100%of salary, the balance being ￿1￿ by the Cowegtr Q020 Marth 10 Juty- 1101. Thefollowin9 itsfom)ab￿ reMe$tot￿ employees of the c￿￿ge excIL¥￿4 the COll￿e Tru$lees. Details Oft￿ remunerati￿ and reimtrAJrsed axpw68s oflhe CollegeTrust￿s ￿ illGlud6d as 8 sep8rate note In Ihese fifi￿c￿l 5tatsments. Thè number ofkey employees lexdudiry Coii¥)e Tru8188s1 durlng theyear gros$ pay and benefits fdl wrfhin the following barth was.. 2021 2020 £60.001- VO,(X)o £70.001- £80,000 £80.001- £90,000 £90.001 - £1(M),000 £100.001- £110,000 £I10.￿l- £120,000 Th8 numberof the abo￿ emrAoyee5 Y￿1h retirement twEfft$ accruing was as follows". In defined beneffts schemes 08iail$¢f ihese s¢heme5 can b2 fourvj in Nota 20 11 12 25

St John's Colle9è Notes to thè fJnan¢ial statements For thè year ended 31 July 2021 TANG18LE FIXED ASSETS Group Freeho land and building$ £￿(￿) Ildiws uréer Imkyovements con8iructv)n rix)o FtiiJres, fiibngs and equ1w￿l r(x)o Totsl e(M)O Cost At start ofye8r Ad￿tt￿n$ Transfers inve8imeni pwpety 121,223 27,745 1,502 1,957 1Y),925 3,787 1,282 2,214 1,282 Alend of year 122.576 2,214 29,247 1.957 155.994 Deprtciation and impairnient Al start of year DepreciK)n charge forlhe year 17.345 I.￿6 1.185 2.516 At end of year 27,422 18,851 1.417 Net book value Atend of year 95,1S4 2,214 10,396 540 1QB,304 Atstaiofye 96,317 10,400 772 107.489 Col￿ge Freehold land and Aldino5 under ImkYtr¢ements Con5trudon £￿[￿) Fixtures, fil￿ngS and equipment Total r￿0 £'ooo £'O(M) £D(M) Cost At $ttof yeBr Idlions Transfers frorn inveslrrEnt property 121,223 71 1,282 27.643 1,502 1,758 150,624 3,787 1,282 2.214 Atend ofyear 122 5T6 2214 29.145 1,758 155,693 Depreciation and imp8iment At Start Of yer Charge forthe y 24.906 2,516 17.243 1.506 987 43,138 42S4 At ond of year 27.422 18,749 47,390 Net bookval Atend olyear 95,154 2,214 10.396 539 108,303 stsrt ofye8r 96.317 10.400 771 107.488 Tts C¢Uege ha5 5ubstsntial longth4d histori¢ assets all ofthich are used In theuursa of1￿ Cdw's leachirvJ and re8￿Ch activiti8S. Thèse cornprise listed Pwilding$ trn the College site, logethwwlh th•r contènts comprising works of arL ¥ncleni books and manu5GriPt5 and other treasu￿d artefacts Berause of their 8ge and, in rnany cases, unique nure, r4iaoie nisiortal CL51 inform81ion is not avai14e forthese 8ssets and could not b8 obtain2d exceplat LlsproportLON8te expanse. However. in the opniMof the Trusteag the d&prerAaled hkstorKal cosi aft￿8& assets is now immaw181. 26

st John's College Notes to the finaneial statements For the year ended 31 July 2021 10 PROPERTY INVESTMENTS Gro In?￿lment Propety £'ODO 2021 Totsi £'OOD 2020 Total £'OCN) Valuatim al start ofye Addit￿n$ vnK<Nements ai cost DiskKssals Trnnsfertofixed 8888t$ Revalu81p)n gain51llctssesl in Iheyear 331,534 7,571 113.91 11.2821 23.375 331.534 7.571 113.9691 11.2821 23,375 296.087 9,66$ 28.961 V8Iu8tion at end of year 1.534 ollege Investtnent 2021 Total £'ooo 2020 rotal £'ooo £'ooo Valuation atst8rtof year Addthon$ and improvtrinerts at wsl Disposals TBnsfer tofixed assets Rev¥lLlv)n gainsllEosse51 In theyear 242.335 1.903 {1.1201 216.802 6.814 11,1201 3,218 20,285 Valuation at end of year 24 245,0 242.335 At 31 July 2021 the Estate land and wepartyVTdS ￿￿ed tytr Culleg2'5 Property thsor, Sawlls, whth Is a memberofthe Royal Insiilutitin of Charwed ￿Ney0r5 11 OTFIER INVESThIENTS l In￿81m￿nts are heKI 81 fair va￿. 2021 £'ooo 2020 rooo Gmup rnve¥tments Valualicm al start of year Purchase5 DisrrtwI$ (Decrease)￿￿[￿%Se in clinvesknents 313.670 SO.020 154.3611 87,$03 318.051 23,529 {43,2401 15,330 Group investments 3¢ond of year 396.832 313.670 Imwirr8ntin su￿dianeS 61,799 65,275 College inve8trnents atend of year 454631 ￿￿945 Gmup investsnemts comprise: Held ouisile UK £,￿0 In theUK £'ooo 2021 Total rooo Held outsid& theUK £'ooo 2020 Total I￿vK Equty IrbV8*M￿ts Fixed IntereststoEks Inveslmentfur￿s and oth¥ securfbes 3.405 5.514 17.829 64.428 357,B33 5,514 224.255 56,084 280,339 5,655 27.676 15,656 24.787 2.869 Total 9roup inve8knents 31S,74 254, 27

st John'$ College Notes to the financsal statements For the year ended 31 July 2021 12 PARENT ANO SU88IDIARY UNDERTAKINGS The Colege Wds 100% of the 15$u sharewital in Th8 Lamb and Flag IOxfcdl ￿mIted. a rA)mpanywhKh ran the aThJ Fbg public house. The ￿ffi3 of the subsidi8ry company are donat￿t0 Ihe College underlhe GnlAid Scheme and Ltsed to SLprth uraduate schoiqrships. Thecompany ceased Irdding thring the yearandwill 5hthty bewound up The College also hobJ¥ 100.lts of the issued share capital in Thornas Vthiie Properties Limited. 8 COm￿nYv￿1ch hohys invastrneni fxtyeriy. The wofits of sub5vJiary company are donated lo the Coilege under the GrfIAid scheme. The College 81s0 hobjs 100'h ofthe issued share capital in Thomas vthite Oxtrd Limit￿, a compsnywhich hdds investrnert propprty The profits of the subsidiary companyare donated lo the College under Gift Ild scheme. The college 81s0 ho￿$ 100% oflhe issued share capital in Peartree Okford bmited. 8 companywhth holds investrnent PY￿rty. The prvffts of the subsidiary cOM￿nY>re don8tÈd to the ¢oiiegt undef Gift scheme. Tho Colleye also hO￿S 100fjA of the issued share capilsl in Balnion Road Nursery LimileJ. a ¢ompsnywhicTh opwates a day nursery for st￿￿ents and Stsff. The profits 01lhe subsidkAry ¢￿panY are don81ed tothe Coll￿6 undarth6 GiftAtd sch6￿￿. P051 yearerf, the OWion oftrie nursery has been transfer￿ to the College The College 8150 holds 1￿ of the ISSL￿ $hare capital in Sl John's Coi Sawices Limited, a dormant company. The Collegè i$tPE sole sharehoPkrof Thomas VVhit¢ In¥e$tmenls LLC, a comp8ny incorwred in Ddw8rewhic hofds investment property. Tha Coll¥Jew8s aisolhe 501e sharehokler of Laty Vlthite Investments LLC. a comrony incorporated in D8law8re whith haliy investm￿1 prokty The inve51mert wopertyowned by Ladi Whrte Investments LLC was sold dufing IheyeararKlthe 5h3re oflhe companywas ca￿e￿Ie4 The College also¢onsdtdates th8 rtrsutts of Saint John Bapbst Colege withe Unriersity of OxFord gGmbH, a chantable crjmpany Irurporaled in Germ8nywhth raceives invesiffnt rents and whosè purposes aret￿ promotion ofs￿en￿, research and edu¢8tyon by mwnkining th8 College. The resLAts trEas88ts and IiaknlliÉs trfth8 patent arwJ subsitharies at the yearendwere a5fdkyw5. Thona8 Whila PropwtE5 Ltd. P8ram College The Lamb & Fbg IOxtr¢l Ltd Fortheyearended 31 Juty 2021 Balnton Ro Nursery Ltd £'LYIo £'ooo £'c¥)o IrKoma Expenditure th>natK)n lo under gift aid Actuarial gains on Pen￿on scheme Net9ainstllossesl on investments Resultforthe year 22,831 134,7511 94 97 12581 1761 6,295 94,344 88,719 94 24 Tokl assels 822,425 77,802 744,623 32 65 133 15,177 129 15,048 74 58 16 Net funds attheeTha of y& Thomas ite Investments Saint John 83ptis1 C￿lege P8artrae Oxford Ltd LadylNtrite WniteOxord Investments Lld LLC LLC University of C)xtrd gGmbPI eooo rooo Eooo £No £￿00 IT￿orne E¥tndiiure Distribution from US and Germ8n subsidaries Nel gain￿1105$eSI ￿ Invest￿nIS Result forlhe year 81 17291 37 167 2,657 14291 1921 11.400 111.4041 33,353 32.705 1,8051 12,4241 178 390 42 Total assets 14.434 67.￿6 1.4271 16 7,393 1,669 Netlunds ai end ofye¥ 14.4 28

St John'$ College Notes to the financial statements For the year ended 31 July 2021 During the year ended 31 July 2021, the follwino movements n sh¥e carital of svbsidi8ry undertintrs look place.. - the share capital ofThomas W￿lIe Oxford Limited was Increas￿ from £13.513.930 10 £16.903,930 Cornparative results foryearended 31 JL¢ty 20 Thl￿a5 While Prop￿￿$ Ltd Parent Colleg& The Lamb & (Oxford) Lt Bainten Ro Nursèry Ltd £'ooo 25,381 132,0491 369 97 303 13581 Expenditure DonatK)n lo c(￿￿￿ ￿der gfft aiLI AGtuanal gain5 on penw scheme Net￿In￿lI0$5esI on invesbren 18,2671 35,314 Resullforthe year 20,359 Tota as￿8 Tota liaknlilies 734,819 178,9171 153 15,175 Net fund5 atthe of year Sani John Baptist College Inthe UnI￿r$Ity of Oxford gGmbH Peartr Okrford Lld Thoma5 hile Oxford Ll Ladyffjthite Investments LLC ThDmas White Invesbren LLC £wo rooo r(K)O £'ooo Irome Expendit Distr￿11(￿ from US Subsidiaries Netgain&lllossesl on investmen15 73 12981 629 12511 130n 1.4Y 11981 1591 11.63n 15.2141 7,300 5.649 Re5uttforthe year Total a8s8ts Total liatililies 25.8S4 30.S98 10,784 10.981 I1.￿0) 1.279 Net funds atItteer￿ of ye8r 13 DEBTORS 2021 Group rooo 2020 2020 Cdleg¢ ColE•g• £'ooo Amountsfalling duty￿thin oneyear. Trade debtors Amoun15 ow& by Colege membetS Amounts ow by Group underta￿n95 Prep*yments actrued intome Other dabtors 3,409 928 4,809 713 2,856 928 177 523 339 2.764 713 1,219 537 1,2BO 339 641 29

St John's College Notes to the financial statements For thè yèar ended 31 Juty 2021 14 CREOITORS.. falling due %wthi one year 2021 Group £YJoo 2020 Group 2021 ¢011oy• 2020 Coll￿e £'ooo Tr&Se ¢r8diiors owed iocolege Membw8 Ta%aton and so¢i81 secunty Colege ¢wtnbutio ArLrua15 and deferred income Other ¢rethior$ 2,105 157 523 3.197 129 170 2,737 129 15e 157 413 721 322 1,169 252 416 322 643 252 15 IJIEDITORS.. falling due after more than oneyear 20 Group £'ooo 2U20 Group £￿00 2021 Collggg 2020 College Bank kkns 36,192 40,000 35,000 40.000 35,000 4W.000 35,000 40,(￿0 othe[c￿rt￿6 75,000 The£35 mllron bank Icén is 8eoJred ￿ the Kendrew Quadrangla.1118 repsy8￿8 in 2039 and Interest is ch8rged * a fixed rale of 5 225%. ThL% loan was (kawn down ￿ December 2009. The l¢an notes crrnprise million du2 In 2051 wth afi￿ interest rate of 2.9VA and £20 [n￿liOn due in 2061 wrth a fMed int¥881 rats of 3.2%. Thefundsfrom loan notes were drNn dLwn in JL￿e 2016. 16 ANALYSIS OF MOVEMENTS ON FIJNDS At 1 August 2020 £'D Incoming resour￿$ Resources exk*nded £'ooD Gain51 Ilossesl At 31 Juty 2021 Tran8f¥s College £'ooo EndowmentFut)d8- Pem)ane PerrTrin2nt Endowmpnt Funds 4.938 $62 s,￿0 Endowrnes)tFunds- Expendablo General Endowment Fu 1gr￿ted Endowment Funds Spe¢5fic Endowment Fur¥Js 540.599 8.476 27.857 15.4791 {6.8201 88,136 1.830 3.416 616,436 10.306 31.S13 446 12061 T¢)tsl Endovrnent Funds 581.870 5.479 .026 94.344 4,155 Restricted Funds Resiricted Funts 1,130 7,556 Totsl Restricted Funds 7.546 1,130 1.328 206 7,556 Lknrestricted Funds General ReseNe LksigNgied ReseNes Pension Reserve 74.933 687 19.1YI 21,131 124 127,0361 6,820 75,848 738 13.6741 6.2 Tot81 Uthrestri¢ied FuJ)ds 21,255 {27.944 6.820 6.295 72.912 Toial Funds ol the College 655.902 22,831 {34,751 100.641 744623

St John's Colle9e Notes to the financial statements Forthe yèar 8nded 31 July 2021 At 1 Augusi 2020 £'ooo InGomi resources Re8ources expended £'ooD G8ins1 Oosses} At31 July 2021 Transfers £'(x)o Group £'ooo EndoThent Funds- Permanent Pe￿nanent Endc4¥meN FLK 4.938 962 5,900 EndowrneTrt Funds- Expondabie General Endowment Fund Designated End0%￿rent Funds Specffic Endcmment Funds 565,593 8,476 27,857 17.3621 16.8201 104.487 1.830 3.416 655,898 10.3C6 31.513 12061 Total End¢Mnert Funds 606.864 110.695 7O¥T17 Re&tricted Fuody Reskncfrd Fu￿3 7,546 1,130 206 7,556 Total Resirfcted Fund5 11,3281 7,556 Unrestri¢ted Funds Ge￿ra1 Reserve Degnat84 Resaves Pension Re$etve 76.653 687 19.1341 127.4601 6.820 78.443 738 13.6741 124 18351 Totsl Unrestricted Fund5 128,3681 Total Fund5 oltho Group 681816 23,930 137.0581 116,992 786,680 ompardtive resultstoryearended 31 Juty 2020 At 1 August 2019 Irwming resources Resources Gainsl Ilossesl At31 July 2020 rthjo Tran5fer5 College £'ooo £￿00 £'ooo Endowment Fund5- Pennaftgnt Pernaneni Endth¥m8ni Funds 5.156 4,938 EndowJThent Funds- Expendable GerÈral Endowment Fund twvJnatsd Endowment Funds Spacific Endowment Fund8 515.NO 15.1*1 I4,8￿} 35.605 181 12541 540.599 8,476 27.857 27.561 548 Totsl Èndowont Funds 556,093 548 14,889 35,314 581,870 Restrktgd Funds Reslrida Funds 6.491 2.429 11.2631 11091 Toi81 Restricted Funds 6.491 1.2631 ￿109} U￿￿0$ti1¢ted Funds General Reserve Oesignaled ReseNes Pvmsion Reserve 73.912 ,281 123 {28,1971 4,957 41 74.933 687 19,1341 11,5621 695 18,2671 T+)tal Unreslrffi¢ted Funds 72,961 25,590 4.998 66,486 Total Funds of tts eolkye 635.S45 2S,361 {32.049} 27.048 655,9W2

St John'$ College Notes to the financlal statements For the year ended 31 July 2021 1 1 August 2019 lrtoming resou￿5 rooo Resourc8$ eynd £'ooo Gainsl Ila5se51 É'ooo At31Ju 2020 e'ooo Transfws £'ooo Group EndowmÈntFund$- Pemanent PerTnarenl ￿￿ment Fund$ 5,1 12181 4.938 Endo%wnènt Fund5- Expendable Gewal Endo¥¥ment Fu Desvjnth Endowment F￿￿S Spe¢th¢ EndLwnenl Funds 532.404 8.336 27.561 16,18n 14,8501 $65.593 8,476 27.857 12YI Total Endowment Funds 57 16.1871 7TSsfi 43.935 6,B64 RestrKted Funds Resiricled Fund5 6.491 2,429 11,2631 7,546 Totsi Restricted Funds ,491 2,42 11,2631 ￿rI Un￿5￿Cted Fund¥ General Re8eNe Dewgn81& Reserves Pension Reserv8 74,699 24.067 123 126.8701 1881 695 4.957 41 76.853 687 19,1341 11.5621 18.26Q Total Unrestthd Funds 24,t90 ￿263) 18.2671 ￿￿406 Totsl F￿ndS of the Group 651696 27,167 133.7131 .666 681816 17 FUNDS OF TME COLLEGE D￿AlLs The￿1￿￿1￿9 $ a sunmaryoflhe ￿gInS and wrpose$ ofeath oflhe End0%￿nert Funds- Pernianent perma￿nI Enijowment Fund$ ita ba¢8 ofdonations where r4atl irwne. but [￿l￿e origin81 cakY￿1. be Ltsed only tor resirictsd purw5es othe Col Endowmont Funds. Exppndablo.. Gereral Erthmenl Fund Captsl b8lan ofdonations and pa51 c8Ptalision 0f￿cOrne wttere eilw incema, or i￿0￿¢ and Capital. tan be used for the general purposes ofthe c￿￿ge Capit81 b¥lanc&of donations where related income, or incnme 8nd c8PitJ, can be us&1 forlhe g8rerai wTwse5 of Ihe College bul have bBeTr designated for spe¢ffj purwses by the Tntstees C8Prtal balance ofdanatyons fftre lWlh2 rdated irKthme. or tolh incomtr and Ca￿tal, can be u5e¢ only forrestricted purposes of the Cdkga DesvJnated Endowment FurKIs Endowment Fur Re$trKted Funds.. Reslrict•Y Funds Revewe grfts given forteslrith& purposes looethtrrwth vKorre generated frty Pernianenl and Sp￿lfIC Erfowmenl Funds Designated Funds Cksw)r￿ Reserves Unreslftaed Fund$ allocated by the Fdows forde8yrAted fulwe wrpose& ieoath with inwm6 gèrated from Degnated Endowment FuThYs The General Unrestricted Funds wesent8ccumul8t8d irtome from the Cdleoe'$ activ￿e￿and other Sour￿ that 8reaVai￿L1e r￿the general purp08es Of1￿ C￿￿ge SpeGnlc endwments lunsdKlaled and ¢dlegel irtlude fU￿S valLEd ai £1.58&r v4hi¢h kyovide inrome for purpo$6sthat lie 0￿sIde￿eObleCts of the College. Income arising ￿Ounted 10 £54k.

St John's College Notes to the financlal slatgments For the year ended 31 July 2021 1B AJ14LYSIS QF NeT ASSETS BETWEEN FUNDS Unresiri¢ied Fund$ £￿[K) Restricted Funds t￿(M> E￿r￿¥ment Funds Total ethjo 2021 Tangible fixed $s88ts Property invesbhents Securibes and Olher wwe5trnenls Nei current 8SS6ts Pension liatiliiy Long term creditors 108,304 108,304 347,229 356,832 14181 13,6741 (76,19 347.229 ,832 748 5,877 13,6741 135,0001 7,556 3.617 786, UnreslrKled Funds £'(M)O Re51nci Funds £￿00 E￿owment Funds £'ODD 2020 Total Tangib￿ fixa assets Propèrty inveslments tibes and other Investyn￿lS Net current assets Perbsion lia￿lIty Long term creditors 107,489 107,489 331,534 313,670 14,257 19,1341 40001 331,534 313,670 1,660 5,051 19,1341 135,0001 140,0001 19 TRUSTEES. REMLTr4ERATION The Fdk)ws who 8re Tru51ee5 ofthe Collegefor the purp￿$ ofch¥rity L¥w r8¢eive no remunerabon forathng as chanty Iw$le8s. S)me Trustees are paid sa18ri8s by the Colla9e forlhe arademic or other Se￿l¢eS they pThid& as amployees Of thè Cdlege I￿nY Tru$lees are p8id salaries by the University of Oxford forthe of le8ching, COtyJu¢t ol r￿earch and ot￿ra¢adeMjC¥n￿ a(kninisirve dub6S. Tf¥ès&saL2rie5 are pad ￿ ek#emal 8¢Jem¢and ac￿eMic-re1ated 5G*esand areioinl ar(awm￿ts wrlh the Ullivewty ofoxford. The Cdleg¢ h8s8 R￿U￿rat￿J￿ Committee, composed ofindNhju￿¥ axtem￿ 10 tha College. whth makes recommfrtalKirts toGoveming Sc on paya￿1 benefits. 33

St John's College Not¢$ to the financial statements For the yèar ended 31 July 2021 Remutheration paid to trustees 2020 Numb¥ Gmsirmunerati(￿.l0X4bl￿ Numberof TruÉt•PJ fr￿8fft5and wislon¢ontTrbUt￿S Trn$￿￿F￿Itr1IA £OOO's Grosgremn&ation, tthblebEn¢ffl and perrfion ¢￿￿bU￿8 £OOO'¥ £LL£999 £1.LvJ￿1.999 £4.u￿4.￿9 ,OWES.9 £6.OOfyE6.999 £7,ON7,999 £8,00tsÈ8,9 £10,0￿11,QrmJ £12,￿￿El2,899 £15,00tsÉ15,999 £I6,ODtsE16,999 £17,00tsÈ17,999 £18,(W£18,999 £19,fy)>£19,999 £zo,rw20,999 £21,fHL£21,999 £22.rw22,999 £23.WD423. £24.LW£24. £2S.(W£25. £27.WX27, £28.0(ts£28.999 17 12 1S 17 74 e1 22 23 25 2S 27 28 £31.0r￿￿.999 f63.OW3.9 .0(k￿84.5 £35.0cK￿.9ss £26,0CL￿26.999 E37.0th>£37.999 E28.OthKa8.999 E39,ON39.999 E42,QN42,999 £46,OfKW6,999 È47.OW47,999 £48.0￿g48,999 E50,0￿££0.599 E51,OW51,999 E53,OW53,999 £54,OW54,999 £5S.OW55,￿9 £$7.oDWS7.￿9 £58.ONS8.999 £60.ON80,999 £65.(m)N￿,$99 £71.COX71,999 £73.OOX73,999 £74.0(HX74.999 £75.oro£75.999 £7B.ofix78.9 £78.0(WX79.999 £80.0(M>e80.999 £98.OCM>£98.999 £I06.0(￿lo$,999 t108.C(N>£IO8.9 E112.C(N>É112,999 e114.0(tre114,999 £1￿.Or￿lSS,wj9 É193.orts£193,999 Total 107 75 $7 59 81 73 22> 79 eo 2.3

St John's College Notes to the financlal statements For the year ended 31 Juty 2021 JI of theftreooing irKthvith81$ are41g1b￿ftr memb5hip of the USS d2fined benefit pension scheme35 ouuined in nrAe 20 The Preswjent lives on the main college ￿te. Some Trusteès are eligi￿tfor COll￿e housing Schemes At 31 July 2021. 22 Truslees lived In propertles owned by the Cdkge12020- 2418nrt 6 Iru$tees lived in properbes (Nm8d j£¥niiywth theCole9e12020- 71. NO Such sKo•eswere bDughtor durin9 tre year12020- 01. 21 Trustses reive ¥ Housing AI¢w8n¢e12019". 201, which isdisclos￿ within tha saly figure5 aL¥)ve. Al trustees may eat 31 tsble. as rkn all Olheremployeeswhoare enirtw 10 mt8ls Whi￿ working. reimbursement was made lo Tru$iee$during the year of personal expenses incurred in ¢oDrÉ¢iion with th•rserwi¢es tothe College as Ttustees See 21so rK)te2S, Rekled Party Tr8nwts"ons peN$ION SCHEMES The College p8rbipaies in three main pensK)n sehen$ on behawof Is Staff, the StJohn'5 C￿lege Staff Pen5iDn Fund I the SJCSPP'I, the Universitses Superallnwdlron &heme ('the USS") and Ihe Urwversty of Oxford S18ff P•nsitr) Sch6N llhe OSPS'I. Th6 8¥sets oflhexhwsar8 each hdd in separate Iru51ee-adminislered lunds The College h3$ 81so 8v8118bkt￿ Nati￿￿ Empioymant S8wngs Trustfor any indmdual who is not digitAefor membershipof one of the main schemes butvtho ￿ elioiblefor pensjon berffts und aut(malic enrL4ment reguLation% St John's College Staff Pethsion Fund The level ofb?￿fits provided bylhe Fund depend5 on a memberfs length ofsemce and the￿Salary al th￿r date of the Fund. The last funding valuation of the St Jthn's C¢ll89t Staff Pen$ioD Fund was catried out by a ryarfied xiuaryas at 31 Juty 2018 and 8 surplus of £4 1 million. Tha naxtfundiny vaILA1￿ r&dua no laierihan 31 July 2021. College pay5 conlribuhons of 12% of pensionable $alaries in respect of cwrenlaccrual, with Xbve rrÈmbers p85Nng a tsrther 6% of P8nS￿n8bb sJ8ri8s. Ats)ntribulion of£O.46 million is expected to be ￿ld by th2 College during the year ending on 31 July 2021. The resLlts of the181esi fu￿Ing valuation at 31 July2018 have b￿n aiusted tolhe balall￿ shBet datelaking accountof experierKe I￿rthe Fenod sin 31 July 2018. ¢hges in M8d(at¢￿ath0nS ana differ￿¢&$ in thefinancJal and demryr2phic 2s5umptiOnS. The present valueof tile defined benefit olAvJgtion Ihe rda1￿ current Servi￿ costwere measured uny the Projected Unil Crethl Method. The pri￿1paI as$JmFliorts used 1¢ cakuL2i&ihe liabithes under FRS102 are setOLrt b￿LY￿¥. Main financial assumptyons 31Jul-20 RPI Intslh)n CPI Inflation Rate of increase in salaries Pensk)n Incr￿Se5 pre April 2005 Penson incresses posi April 2CM)S Diso)unt ratetor sd)erf118bilit￿5 2.95 2.50 2.50forS ￿r$. 3.$0 Lnereaffer 2.45 2.45 2.95 2.forSyeats, 3.30thweafter 2.30 2.30 Main dgmographl¢ assumptKins rtallty 31-Jul-20 95% ￿ pensionets and 100% fu non-rÈnsioner$ofthe S2PXAIa￿$Wtth imryovernenls in line t￿¢ CbA 2017 projecti￿S and smoothing factorof 7.5 ar -tsrm r8kofimyovenEnt of 1.25% pa 95% ftrpensioners 100% for non-pens￿ners of th& ¥2PxA ta￿e$wth improvements in line wlh CMI 2017 projectK)n5 smoothing tscttr of 7.5 and bng.tern rate ofimprovemern of Y.25% pa fe exwkncy form8le currenity aged 60 Ufe ewtsnw forfemale currentty apd 60 fe ekp#bncy 8160 for male¢urrenJy 8oed40 fe ewectancy al 60 fOrfna￿ cUrren￿Y aged 40 28.8 ye8rs 28.8 ye8rs 28.4 years 30.4 years 26 7 years 28.8 years 28.3 years 30.4 yea 35

St John's College Notes to the financial stattrnerrts For the year ended 31 July 2021 Fund a55rtalJo¢8tion 31Juk21 £000 20.974 1.838 3,719 26,531 31-Jul-20 £'ooo 17.134 1.898 2.272 21.304 EqLities Govemmeni boThls 14 100 Totsl 100 None ofthe fund assds are invested in lh8 c￿￿ge,5 ffn8￿￿ I￿rum￿ts orin propertyotsup￿d by. orother 8$8ets used by. Colleg&. 31-Jul-21 É'ooo 26,531 128.4651 11.9341 Reconciliation of funded status to balance sh88t Fairva￿e ofassets Present vaue of funded defined b8n8frt oLlyation$ status Unre￿nISed asset Assevlliaknlityl rewonised on the baance sheet p￿sent value ofunfurtedilefined trfftObligab￿8 31-Jul-2D £￿0 21,304 17.227} {1,934 17,227 When d6terminiw th8 asset rwised on Ihe balanc£ ¥heel, it has been 8ssumEd that the College would be 8t48 10 recowl surplus throLyh r￿uCed firture wntributions ora refund trom the fund in Ih6 future Th1$ reflects th2 prow¥h)￿ of the plan Amounts recogni5ed In iJ)¢orne statemont Yearendry 21-JuP21 £000 Yearending 31-Jul.20 £'ooo OFwaln9 ¢OSt Current service cost AdmirnslBli)n expense5 Past semce cost Curkilmeni Cost Settlement C45t Fin8n¢ing tosl.. Interest on nel defined bènefft Iiabiiityllassetl Pension expènse recognised in income $iemeni 1.359 107 1.466 1.084 Arnounts recogn￿0 In Other Cornprehensivtr Incorne IOCII Year wding 31-Jul-21 £000 4,715 1,580 Yearending 31-Jul-20 £'ooo 13,8S9) 14,4081 Asset9ainslllossesl arising during the ye8f Liability gain￿{￿sSeS) arisiw during Iheyear h8ry& ill the efte¢i of thè a65el ili Tow 8ML￿nI rwnised in OCI 6,295 8,2671 Change5 to the presentvalue of defined benefit obligétson during thèyw Opening defined benefit O￿l)8t￿n IDBOI Current ser11￿ cost Interest expense on DBO ConknpArtIO￿ by members Actuarial (gain$ii￿s$es on liabilities Net bw8ffts pakl 0 Past swwce cost Curtailmenlcost Nei irtre8se in Ikqbilits"esfrom disp098lslacqui$ilK)ns Setuemenls cits8￿9 defined tenefft oblgatioi Year endifvJ Year ending 31-Juk20 rooo 22.745 £'(N)O 28,531 1,359 407 232 11.$801 14841 510 231 4.408 14761 28.465 28.S31 Yearendiry Year endiry

St John's College Notes to the financial statements Forthe year ended 31 July 2021 Change$ to the farvaluè o StJohn's College Staff Pension Fund assets durin9 theyear 0￿Ing fairv8lu8 of fL¥￿ asse Interest on lund assets GaiNtIos51 on ￿n0 8ssets ConlribLrtions by the Cd Contributions by fund participants Nel benefits pad OLrt Adminisir81ion ctsts inwrred Net Increase fft assets from diSpc6al￿ac4￿ISltlThr Settiwnents cl￿n0 fairvalue of astsets 31-Jul-20 £'wo 24,406 539 13,8591 463 231 1476} £'ty)D 21,304 300 4,71S 232 14841 28.531 21,304 Actual retum on fund a￿ts Year endirvj Year ending 31-Juk20 rooo Int￿881 inwme knd assats Gainiifossl on fund assets Ac￿$ re￿rTh on fund a5set8 300 4,715 5,015 13,8591 3,320 My￿-8mPlOy+r5Chernes The assats ofUSS 3rf OSPS 8re each held in separate trusladministered fund5. USS And OSPS conlnbthorymixed bEnefft 5th￿e$ (i.e. they provide benefitson a defined ben¢fft basis- bas1 on length of8eTrice and pensionaNe saw- and on a defiW ￿￿bu￿On basis- bas84 on ¢ontribulions Intothe s¢hèrnel. Both are multi-employerschemes Army the College 1$ unableto i(kMrfy its Share of the underfsqng assets and IiatAlili8s relabng lo defined teneffts of each scheme ￿ a co￿￿te￿I and reasonable basi5. TherefrKe, in accordarKe with the attouniing standard FRS 102 pardgraph 28 11. the College accounts for the sch•he$ as if theyweredefined ￿ntribUtIon 5rAeme5. As a result. the8M￿Tht charged lolhe Income 8nd ExpEnLllure Accnunt represents the GonlTrbubons payat4etothe schernes in ￿pect oflhe accounbno pa￿d In theevenl of1￿withdraWal ofany oflhe part￿Ipating emrjoyers in USS orOSPS, the am(￿nI of any penS￿n tsnding shortfal Iwhrch cannot be 01￿￿5e recovered) in reskcl of t￿1 empknyer Will be S￿￿ta￿ aGf05S Ihe remainino Pvpalng em￿¢yerS and reflected in th& nèxt arAuart81 VuatiL￿ ofthtsch￿e. QUalif￿d actuari88 ￿n￿lIcallY value USS 8￿j OSPS defined beneffts using Ihe'projected unil melFwJrf, embraung a matstvakE appro￿h. Tr re$LAling lels of contnbLrtion taka account of thsfi81 suWu5es ordeficits In 5oerne. 80lh strtmes have put in pLgce8greeffnts for additK)nal ￿lribUbDn￿ to￿nI Iheif past service defitits. In 8¢Cordan￿￿￿ the prO￿s1On¥ of FRS 102 the Cdle98 has re¢oynised a I18tAlily forth& futwe contrtxrt1￿S thai Il estimates ryll be pay8L4eas a resultof these defi&1 fu￿Ing agreeTrEnts. IthNers￿es Superannuation Schem• The WSK)n tharoe fu the year indudes a charge of£707k12020' 455k ¢￿ditI in relats￿ ￿ the USS. This rewe5ents 0)nEn￿trOn$ of£882k12020.. £897kl psYa￿e lo the USS. 8djusied by I￿¢￿￿ge In the deficit fijndiw IiabJlitybatw6Én oPe￿n93￿￿ closw bapan￿￿heeI dates bJt eY¢luding pension frnarKe ¢ost5. USS, latèst ¥¢tuarial valuatton tfy)k placè as al 31 March 2018 8ndthe results were published on16 September2019. ThefinanGial assumption$ ere derived from market ¢ondloons prevail￿9 atthe valuation dats. Details about the benefits may ￿ reifjewed on USS, web&ie. W¥￿￿.uS5.GO.u Theeffecbve datè ofthe next vaJ18tton is 31 2020. Discount rale$ assumed by the USS. 8th8ry were cpl +0.14¢A in ye8r 1, decreasing line8rfy to CPI-0.73% over 10 years, CPI + 2.52% from year 11 rethcing line8rly 10 CPI + 1 $5% by year 21, remainiry at CPI + 1.SS% Ihemfter The total USS èmployer Contri￿li0nS 8re 21 1% 01 sa￿rieS. irtreasing to 23.7¥o on 1 October 2021 These ¢￿tributiOn rates indude provisions for Ihe cost of future acuual of defined benefrts IOBI Inel of rnernber Contr1￿1￿)￿S to the D8 SÈClion}, deficii contribubons, administ￿live expenses and defined rAJntribub￿S At the valuation date, V81￿ of the assets of the scheme Was £63.7 &IS￿n Ihe value of the s¢h8me's tethnical proww¥ was £67.3 billion Ind￿￿￿n9 a shthtrdll of £3.6 billion d a funding rath) of 95%. In lirwith FRS 102 rk9ratyaph 28.11A ￿ Coll8g8 has rec￿r￿se￿ a liability forlhe contritrArtiffts pay8tle fortheagreed defKitfunrfing plan whKh d&fi¢it payments of2% ofsalaries from 1 0¢to￿r 2019 to 30 September2021 and then ￿Yfflents of6% Ofsalaries from 11)¢iober 2021 to 31 MarGh 2028. A wovr6vJn of t1.720m has made al 31 July 2Wd1 12020- £1 884ml forihe present valueof the estimated fLrturt Jeffi￿1 fvnding element ol conlributson5 payable underifvisagreement. In determining the level olths prov1$1￿ it has bn assumed Ih*thè College will wmnueio have a constant levei of ￿ploY￿ partsupatI￿ In tri8 ￿herne and thai ltrÈ re￿Vant &arnings of these ￿plOYeeS￿lI increase In lire th the acluaryls prc4ected lory-term saLary rate wtreases. Ao)py ￿thefull xtuaria valuabon rawrt and frJrthwd&tals on the schemeare avail8￿e on Ihe Usswebsile w%w4.L68.CO.Ld 37

St John's Colle Notes to the financial statements For thè yo¥r ended 31 July 2021 Snce the year end, follownj the comp￿110￿ ofthe2020 8ctyarial valuat￿)n. a nwi dual rate schedule of ¢Onkn￿li0￿ h88 been agreed with an effe¢bve dats of l October 2021. Recalcu1811ng the USS provi%ion on the bBs15 of theSe￿iDbu￿on8 woubj result in an irKreased obligabon 10 fund the defoi of£4.697m, an increase of£2.977m. A futher ch8ngeto defjtsi recovery contribubonsv￿I bxome a￿uble underthe 2020 valuation rflheJrAffl Negobaiing committea rewmm￿￿d deed on benefit charvJe5 has wl ex￿le￿ by 28 Febtuary 2022. In this scenario. higher d&fi¢il recovery contributions will comm&nc&frcm 1 October2022 al 3% and then inuease every6 monihs until they reaGh 20% al 1 October 2025. They reman atthis level until 31 July 2032. Negoliatior6 conbntse ar￿ an increasetothi5 ￿e[ is conwdered remote If Iheschedub of C￿￿bub0￿S remairts uncharvjed. Ihe College's Finarrial Statements forIheye8re￿￿ 31 July 2022 will refip&the5e Ghanges tothe provi&￿, subjtto any other ¢hanges in fn8ncl￿ 8￿j Operatic￿al a5sumptirms" Oxford Stsff Pension Scheme The pension charge fortr year Indude$ 8 £3k ¢r]arge12020. £9k cr￿11) in relat1￿ to theOSPS. Thi$ represénts contributions of t7k 12020.. £Skl payatleloihe OSPS as adjust￿J bylhe change In thedeficil fiJNJing &8knlity the wing arf dosing ba18W8 swdatss. OSPS, a¢￿8￿81 v￿uati￿ as * 31 March 2019 was wtyished on 19 J￿e 2020 aNJ idenliffied a required knrv>term ￿p￿Yer contribLrtv)n rate of 19% of total pensionable saigries. with a funding defiGiI of 1113 rn The actuary has certified Ihatthe recovery plan should eliminate Ihe defityl by 31 March 2028. Ttr￿ r￿xt triennial valuatk)n is due With an effe¢bve date of 31 Marth 2022. A provision of£20k has been made 8131 Juty 2021 12020- £23kl forlhe present wdlueoftheeslim8￿flrtUre d8fiui furKln9 eltrmeni of Ihe ¢￿tribUb00$ paYa￿e underthis agreement In determining Ihfr level ofthis provis￿ it has bn assumed Ihat the Cdle9e Will ¢ontinL 10 nave a i$tsnl level of employee parti￿pation in this sc￿m@￿nd Ihthe r818vani eaminos ofthese emplo>￿ will increase in Iinewith the prcy6Ctsd lonlerm salary Ble incre85e* Acopyof the full actLBFial valuation rewrt 8nd otherfurther ￿e￿IS on scheme are avaI￿leOn the Universtyof Oxford http'KlvW￿ admln.ox.ac.uk1finar￿eleEwPèTh$￿nsl5Ch2fflesl0SpS1 Pension charye fortheytar The peThson cA8rge e￿L￿dI￿ flnance costs retorded by during theaccouNing perfod was equa 10 the¢0th￿rtion$ payableafter IDwan￿f0r t￿ deficit wovery ￿an as follthys." Scheme

)20 £orMY5 £ODQ'$ Un￿erS￿e5 superannuati￿ Sch8me Un￿ersty of Oktord StafFPensh)n ScherNd St John's College Staff PenS￿n Fund Nabwal EmFAoyment Savings Trust Total 706 14551 1,359 2,071 653 Ir¢iu¢e¢ In ots credttors and accrual$ 2re p￿slon (xrtri￿tiQn5 Payableof £Ok12020.' £Okl. Pet)$ion liability The penS￿n ass￿(1&3b1lity) shwn on Ihe Bala￿ Sheet 8riSeS as lolrMÉ'. Sch￿9 2021 £OOO's 11.7201 2020 £OOO's 11.8841 UNvers￿e$ SU￿r￿nnuation Sch Univers￿/ ofoxford Staff Penon SKheme StJohn's ¢dkge Staff Pension Fund 1.934 13.6741 .2271 19.1YI 38

St John's College Notes to the financlal statèments Forthe year ended 31 July 2021 21 TAXATION The College is ab￿ to takeathankge of the t3% eX￿p￿On$ av8118bk to th8filies frty)) taxati￿ in resp8¢t of ￿￿ome and capital gans received lo e￿￿that such in(y)m&and gain$ a￿aPplIed lo exdu5ivdy Charitab￿ purposes No liatrAlity to¢orpctslion tax in the UK arL88s ir ihe College's sub51diary companie$ b8c8tsse the dir•¢tors ￿th$s8 compsni6$ have indiGated thalthey intend to make donations each y￿r io the College equal tothè taxable profits of Ihe company under the scheme. Accordingty no provision fort8xat￿Tr h8s been induded in thè fi￿nCId statements 22 RECONCILIATION OF NET INCOMING ResouRCES TO NET CASH FLOW FROM OPERATIONS 2021 Group £'ooo 2020 Group É'ooo Net inc(xpellexpendituYel 103.86d 29.120 Eiinination of rK)rFoperats￿ cashfiows.. Investment incrjme IGains)Aosses in inveslments EndowrnentdDrAtion5 Depre￿atIon De¢re8selllncrea5el ￿ stock reaselllncreasel ￿ debtor5 IDecreaselllncrease In ¢redilors IDecrea8elllncrease In pension xh•ne I￿t￿lity 116.7SOI 143.9331 15481 3.841 24 12.6291 1110,6971 1446) 25 11,089} IS,4601 7.572 Net Cast) pmvidÈd by (used inl opprdting acti￿lIeS 24.288 23 ANALYSIS OF CASH AND CASH EQUJVALENTS 2021 2020 £OCM) Cash ai bank ar¥J in hand 10,612 10.759 Total cash and cash 4qulvaknts 10,612 10,759 CAPITAL COMMITMENTS Th2 C(Aly had contrd wmmitments 8131 July 2021 forfvlure ¢8pW woirfts lot4ling £0.835m12020- t1.421ml. RELATED PARTY TRANSAC￿oN$ The College is partof thecollegiale Universty of Oxford klalerial inlerdependenoes between the Universty and of the c¢￿￿ge arise as a eonsequeno of this relationship. F￿ re￿)￿n9 purpDse5, the University and the othercoleges are nottreated as related parbe5 as defined in FRS 102 MembErs ofthe Goveming &oty, who we the trustees oflhe College and rdala partE5 8s defined by FR$ 101 reCe￿e remun2rAtion farAlities as EM￿oyeES of the CDllege. Oetails of these paymen15 ￿¥j ￿MbUr5e<l expenses as Iruslee5 are disdo5ed 5eparatety in Ihesefinano¥al stslemfm POST BALANCE SHEET EVEi¥rs s￿¢£ the y88r end. the 2020 actuarial ¥u81i￿ ofthe USS s¢h8me has be8n Com￿818￿ and a n• thal rate schedule ofwiribJuon$ lias been aYr￿d wlh an e￿liVe dale of 1 Octob2r 2021. Reralculating the USS provis10n on the basis of these cOntn￿lI0nS WOLld result In an inueased rtligabon tofu￿ the d*it of£4.697m. an increaseof£2.977m 8s dexribed in rth20. 39