2024-06-30-accounts

DARWIN COLLEGE CAMBRIDGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 TABLE OF CONTENTS Conterrts Pa8e Prelirninary Information Amnual Report of the Trustees Report of the Independent Auditors 12 statement of Principal Accountlng Policies 16 Statement of Comprehensive Income and Expenditure 23 Statement of Chan8es in Reserves 24 Balan￿ Sheet 25 Cash Flow 5tstement 26 Note5 to the Accounts 27

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2024 PREIIMINARY INFORMATION ody Corporats: The Master and Fellow5 of Oarwln College In ihe Universtty of Cambridge Address: Sllver Street Cambrid8e CB3 9EU Ch•rlty RÈ8istration Number. 1141105 CharftyTntste•s: The Cgllege's Trustees for Flnancial Year 2023-24 were: DrMRWRands Professor F E Karet Dr S Baker Dr D J Needham MrJTDix Professor A F Blackwell Profèssor R P Cowburn Professor J B Ri)wé Professor C van Ruymbeke Ms C L Edmond5 M5 N Hartley M5 S Maziliau5kas Mr M Schnelder Mrj Blckler Mr P van derjagt Master Vice-master Vice-Ma5ter Dean Bursar (to 12 July 20231 (from 12July 20231 (to 12 July 20231 (to 15 Novemter 20231 IfTOrn IS November 20231 (from 15 November 20231 Prlnclpal Advlsers: Audltors: Peters. Elworthy & Moore Salisbury House Station Road Cambrldge CBI 2LA bankers: Barclays 8ank plc Icorporate Banking) Mortlock House Hi5ton Cambridge C84 9DE Property Managers: Cheffins, Chartered Surveyors Cllfton House 1 & 2 Clrfton Road Cambridge CBI 7EA Investrn¢nt Fund M•no8ers: Cazenove Capital Management Ltd 12 Moorgate London EC2R 6DA University of Cambrid8e Investment Management Llmlted The Old Sthoo15 Trlnlty Lane Cambrid8e CB2 ITN

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2024 REPORT OF THE TRUStEES INrRODucnoN The Cge Darwin College was founded In 1964 as the first graduate college in the Unlverslty of Cafflbrid8e. The College was created an Approved Foundation on 29 January 1965. and wa5 incorporated by R¢)yal Charter dated 9 Juhe 1976 as a Body Polltlc and Corporate under the name and stylÈ of "The Master and Fellow5 of Da￿1￿ Cullege In the University of Cambrldge" The College is an educational charty. It enjoyed exemption from registration from Its foundation untll 2010 when changes in charity law uired it to become registered with the Charity Commission, ￿lch it has been slnce 4 fv4)ri12011. The main Collegè site 15 at Sllver Street Cambrldge, CB3 9EU. Aln #nd Obje¢t￿$ ofthe Col•ge The College's prfntipal objert under its Charter Is to advance education, learnlng and re*arth in the Unlverslty of Cambridge. It pursues thls objertive by.. Promotingand fosterin8 excellence In academic educatlon and leamingthrou8h providin8 community of scholarship for its 8raduate students. Creatlng and nurturing a vibrant and supportive researth communlty for its Fellow5,

raduate students, other members, and visitors.

Maintalning and enhanclng the endowment. benefactlons, bulldln8s, grotJnd$. and facilkies of the College for th• conlinuir* benefit of current and future generatlons of members. The maintenance of the Colle8e's financlal wlabllfty for the kyesent and long term, and of its Independente and autonomy within the collegrate unfversity. are consistent with and necessary condltlon5 for the fulfilment of ￿S charttable purposes. Pd)lic B•n•fit Thè College provides, in conjunction wtth the University of Cambridge. an edutational and support base for over 700 post-graduate student5, and very octasionally undergraduattrstatus students in specific dlsclplines. The educatlon underthe Cambridge collegiate system Is recognised internationally as belng of the very highest Standard. Whether throvgh teachlng or research or a comb5nation of these, thi5 education challenges and develops studÈnts acadernlra1￿, fosters leadership quallties and interpersonal skills, and prepares them to play fijll and effertive roles In society, be this in the UK or In the 71 other countries from which the membership is currentty drawn. Althou8h Only Sixty years old, the College already numbèrs Nobel prize winners amongst its Fellow5 and alumni. In particular. the c￿ege piovide5'. Physical and technical facilitie5 supporti￿ its students In their indlvidual study regimes, as well as supporting teaching actI￿tIeS In the wlder Univelstty, and foi seminar5 and a public letture series of International renown,. Pastoral, well-beln& admlni5trative, and academlc support for Its swdents throu8h the Deanery wlth tvtorin8 and mentorin8 provided by Fellows. and

DARWIN COLLEGE ANNUALREPORT ANDACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 Social. cultural, sportin& muslcal and recreatlonal facilltles, enabling studènts to balance fully their academic and personal live5, and develop their potentlal, whllst studyin8 in Cambrldee. The College advances research by= Providing currently 25 research fellow5hFp5 and around 50 p05t-dortoral research ass(Kiateships to outstandin8 researchers in the earfy stages of their careers- these akwointments enable them to develop and focus inlen51vely on thelr p95t-doctoral research worl in that crucially formative period prior to thelrtaklngon teathlng dutle5 in an academlc p05t or research leadershlp role5 elwihèrè., Demonstrating the value of research degrees for addressin8 global challen8es, and their potential impact on the knowledge economy both in the UK and intemationallv,. Supportin8 the work of all its Fellr)ws by creating and promoting international and interdSscipllnary contèrt both infomally and in seminar5 and lectures. Fostering acad*mic networklnÉ, and a¢¢ess to and involvement In cuttlng-edge resear¢h. pirtlcularly by provldlng facllltles for outstandlng academics from other universities all over the world to make extended stays a5 Visiting Fellows and V151tlnR Researchers,. Indurtin8 the next 8eneration of academics and researchers into a research culture which is incluslve and dNerse,' and Offerfn8 attess to invaltsable resources for all members of the Colle8e, particulady in the provislon and malntenante of a Study Centre and knbrary, and extensive ￿ fa¢ililies. Members of. and academlc wsltors to. the College. both students and Fellow5, are the priffle benÈftciarie5. Theyare dirertlyengaged In educatlon, learnin8and research and the College's students aTe the recipients of such direct finantial support asthe College15 zble to provide to those of limlted finandal means. More widely, other beneficiaries include students and academic stafl from other Cambridge Colle8es and the UnNersity of Cambridge. Academics from other higherducation institutions and returnlng alumnl members of the CollÈgÈ are given opportunities to undertake interdistiplinary reseirch and establish contacts. attend educational events at the College. and make Use of its academic facilr(ies,' in parallel, the wldèr publlc Is encouragèd to attÈnd certain educational artivities prtivided by the Colle8e suth as lertures, semlnars and Con￿rtS. These artivities Serve to reinfor￿ and underpin life-lon8 learnin8. A partlcular example Isthe Annual Darwln College Lecture Series, now in its 38th year. which runs for eight week5 each Lent Term. and attracts audience5 of many hundreds drawn from the general public as well as the student and academic community. Slnce 2007 most of the le￿ureS havè been made av3llable Dnllne for a global audience, and turnulative download5 to date exceed one million. The theme of the 2024 lectures serie5 wa5°Revolution' which explored theconcept from a varoety of angles.The lettures are collated, edited ènd published by the Colle8e with Cambrid8e Universty Press, and the volumes entitled Food 120221 and Revolution120231 are beingfinalised for publication in 2025. The College has now added a seiies of termly publlc sÉmlnars known as the Erasmus Seminars to its educational and research a¢tivities which included speakers on The Down of Artlllclol Intslligence, rhe Combridge Room.. engogementondinclusion in sptstiulplunning and Where tp beginPRepliuting the Human GenonK. The Colle8e's pursuit of public benefit h35 been enhanced with the irnplemenlation of an Equity Diversity and Inclusion plan which seeks to en5UTe its policies and practi￿5 meet or ex￿ed societsl expertations inthis èrea, andthrou8h the improvement and profeslonallsation of Its communicatlons functlon and a relaunch of Its CLxnmunlcatlon channels for better engagement wSth 50clety fflore widely.

OARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2024 In fulfilling its charitable purposes of advancing educatlon, learning and researth, the College draws on its senior officers such as Master, Vice-masters, Dean, and Bursar who receive stipends. These Servè with other Fellow5 as charty trustÈÈs through being mernbers of the College Council. Other stlpendiary genior officer5 Include the Development Dirèctor. Any employment and remuneration of the Master and Fellows is unilertaken with the intentlon of fvrthering the College's aims and such employment directly tontrIb￿e5 to the fulfilment of those aim5. The private benefit accruing to the Master and Fellows thiough stipends and related benefits is objettively reasonable, measured against academic Stipends gÈnÈrally,' moreover, annual pay increases normally follow national settlements aM)tyingto the universltysettor. Without the se￿ceS of its Master aThJ Fellow5,theCollege wld not fviril Its tharitable aims a5 a College in the Universlty of Cambrldge. ACHIEVEMENfs AND PERFORMANCE Audemi¢ Results and Student eody Profilè College members 8raduatlng in the 2023-24 academic year athieved 115 PhD5 and 219 Masters-level deBrees12023.. 72 and 263 respectively). Three formerstudents who had Braduated In absentia durln8 the COVID-19 pandemlt retumed to Cambridge to attend celebration5 of the award of theif de8rees, and two students participated in person in graduation ceremonies by way of a celebratlon of thelr completlon of studies land 13ter formally graduated in obsentiul under the arrangements made in consequence of the industrial aetion by academic stsff which had delayed exam markln& In the 2023-24 academic year there were 738 student members of the Cvllege (for all or part of thè vearl12023.- 7881. of these 574 were fee-paying p05t-8raduate student5 (including 30 who paid fee5 directly to the Judge Business School) and 164 were post-graduate students writin8 up or under examination Ifrom whom the Collegè receives no fees). The College's fee incorne in the year. under current arrangements withln the collegiate Ijnivers￿, 15 based on its number of fÈe-payin8 POSt- graduate students adlusted to a full-tlme equivalent, whlch for the year w35 515.28 I2023- 512.771. 55.31% of fee-pawng students were fully lunded and 3.30% partially funded as to their combrned graduate fees from sources of whlch the University or Colle&e is aware. the balance were self-funded or funded from sources of whith the College Is notformally aware. Flnan¢l•l Ov*view The College's Income comprlsès academSc fees, char8e5 for student 3ccommodatlon and caterlng Services, investment income, and individual and ¢orporate donations and bequests. Its expenditure tomprises the tost5 of education. of Providlng and maintalning student residences and catering, of investment and property rnanagement, and of development fundr3i5in8 and alumni relations,. and eX￿nd￿ture rndude5 all staff costs and depreciatlon. In the 2023-24 year the costs of educational. accommodation and caterfng prO￿510n and general operations exceÈded the assoclated unrestricted Income from fees, rents and charge5 a deficit of £441,48712023.. deficit of £548,007). The Colle8e relie5 upon donatSons and income from its endowrnent to tum this operètional deficit into a surplus whSth can be Invested and expended over time to maintaln anfl imprcsve Its servlces and facilities. The College made a stsrplu5 Cffi rts unrestricted artiwtie5 (after endowment income. donatlons, grants before other gains and lossès) of £911,30812023.' £718,3661. Donation5 of £373,18912023.. £565,102) and a 8rant from the Colleges Fund of £848,OC#)12023: £184,ocKJI were gratefully received in the year, and government grants of £374,610 were received for decarbonisation Projects. These amounts arè mainly subject to use foi restrirted or endowment purposes. The accounts forthe year also include appreciable unrealised capital gains on investments and favourable movements on pension provision5.

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 The net assets of the College at 30June 2024 were £86,507,11012023.' £81,818,712>. The College's restrlcted and Èndowment reserves at 30 June 2024 were £33.029.753 having increased In the year from £30,(A)3,829. The restricted reserves compr15e £10,754,919 of rÈstrieted or trust funds for defined edu¢ation31 purposes and £22.274.834 of endowment funds or general corporate capltal funds, the in¢ome from which is essential to fund the deflclt whlch would otherwlse arfse on the College's academic actlvlties and student seryices and to provide resource5 for capital and other College projects. The Colle8e's unrestricted reserves have increased to £S3.477,357fiom £51,814,883. This total includes the Colle8e's cash reserves and some investment assets, but the great majority of such funds are fixed 35set5 in the form of the Colle8e'5 operatlonal land and bulldlngs. The College's total reserves are reduced by a provSsion for pension liabilitie5 of £693,69712023.. £1.082,5301. The College has Lssued £13mllllon of unsecured fixed Interest rate debt ra15ed by way of wivate plac1n￿. The weighted average rate of interest 1$ 3.06% and repayment of the capltal Is due in the pertod 2043-2058. Thls fundlng was ralsed for the purpose of further Investment In revenue generating gperalional a55ets forthe College and was applied in 2022 to the purchase of the 44 flats known as Causewa￿5de on Fen Causeway. Cambrid8e. Benefartlons and Oonaknns The College is m05t Brateful ford0nati0r￿3nd bequests lincludin8 of royalties), from alumni and from other supportÈrs and organisations. This Befterosity enables the Collegè to extend and enhan￿ its support for students and Fellows, for the DaTwln Colle8e Lecture Series, and for its physiczl estate. Plan5 for an ambitiQU5 fundraising campaign to 5UPPOrt the vision of the CollE8e 5trate8ic Plan were prepared Sn this financlal year and launched to potential donors in September 2024. The target is to ralse £4IOmllllon In new glfts plus an additlonal £20mlllion in future pled8es of le8aCy 8ift% Overthecourse of the year £641.51012023: £320,253) was ra15ed. Atotil of 54012023.4071 indi￿ldual and organi5ational donor5 contributed in the year at a variety of levels. The College is immensely Brateful to them for thelr support. The College spent £294,99012023: £331,989) on fundraisin8 and alumni Telati¢>ns in thè year. These tosts arè inturred as the Collegè supports a fast-growlng- and global - community of alumni prepares for the new fundralsin8 campaiBn. The College Ènvèsts in tommunitating with alumni and other supporter5 thrgugh the College ma8azine, The Darwlnlan, as well as makSn8 use of elertronic and soclal medla. The College Ss re8lstered wlth Fundralsin8 Regulator and follow5 ils Code of Fundraising Practice. The following information is provided under the Code and in line with Charity Commission guidance. The Colle8e raises money through telephone fundralsln& direct mail (by post and emaill and In person on&tO-one meetlngs. The College employs a professional Dirertor of Developmentto lead fundralsing aciiwty- The work of the Direclor and developrnent team is overseen by an internal committee and the Dlrector reports directly to the Master of the College. New stsff and others invofved fundraising are trained on the Code as part of Inductlon and are required to comply wlth the Code. There were no compliance issues orcomplalnts about fvndraislng durlngtheyear. The College dld not employ any 'on behalf of fundraSslng staff or contrartors durin8 the year. The Colle8e protects vulnerable people and members of the public from undue pressure to make donatlons and intrusiot) Into thelr prlvacy by: Trainin8 staff InvoFved In fundralslnB actlvities about what vulnerabilities mi8ht be encountered and how to reco8nSse them,.

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2024 Allowln8 Potentlal donors (usually alumnil to Opt￿Ut in advance of any or all fvndraising campaigns-Ihrou8h 5endin8 email and p05tal notifications with detai15 of how to inform the CrAleqe; MaintaSnlng contact preferences for alumnl on a database ?nd checking this when selectlng people to approach to ask for donations; Training anyonewho asksfor donations howto ask and111 dur1￿ a telephone fundraisngcalll to ask onty once; and Not peTSlStin8 wtth requests for rneetin8s about fundrai5illB when no response Is consistÈntly recelved after 5e¥eral attempts to make contsct. Endowrnenl and In¥stment P•rformanc• The Colle8e's fSnancial investments are comprfsed of Its Invested endowment. The Colle8e, as a permanentFy endowed chartty, adows a long-term tlme horizon w￿￿ making investments of tts endowment. The College is advised on investment matters, via the Finance land Investments) Commlttee. by tt5 fund rnanagers and independent external member5 CQ-opted to the CommFttee. The retum in the year on the College's ¢orporate capital lunrestrlcted endowment) fund and on its Ire5trirted endowment) trnSt pool fund was 10.4% net of fees12023: 2.1%>. No wlthdrawal of invested capital from these fund5 was requlred or madè in the year. On l July 2023 the College adopted totsl return actountino for its invested endowment whereby no dlstlnction 15 made between income and capttal returns and ihe College receives into its income and expend￿Ure account a percentage of the total investment assets Icurrently 3.25%15ubject to a sm(M)thin8 formula ¢)ver time. The total ￿tUrn transfèrred to the Income and expendlture account fgr the year was £1,079.36812023 dbvidends received ￿ quoted securities.. £789,9321. All inve5tff￿￿t income receNed is applied in the pursu￿ ol the tharitable otlects of the ColleBe. The College encovrages socrally responsSble investment. and Monitors its Investments agalnst environmental. 59cial and governance standard5. Under its investment poliry it will not invest in entltles where.. the investment rnay conflict, or be Inconsistent with primary aims, oblèttivès and artivities of the College: the investment mlght allenate the Collegds supporters or potential supporters.. the investment may be reputationally damagin& the investment IS COll5idered by the Trustees to be unethlcal,. or the investment might othèrwise hamper the work of the Colle8e. In pursuance of this poliry the College recogni5es that climate change 15 a real and present danger, and encourages debate on the appropriate ¥esponse by the College to the rlsksclimate change represents. The College seeks to support sustainability, carbon reductlon, the develgpment of renewable ener8V sourcès, and actlon to mitigate the effects of adverse clirnate change. Consequently. It Investments are held In funds which are regularly a55es5ed and monitored forthelrsusiaSnability credentials. Resems pollty The Colle8e intendsto contlnue to pursue its objectives In perpetuity- Ittherefore aims tt prote¢t and maintain the real value of its permanent corporate and trust capltal, and to Continue to increase its unrestrlcted fund5 and reserves for the lon8 temi, whilst seeking an equitable funding balant* bètween the interests and asptrations of present members and those yet to come, and a150 retaining an ability to cope wff¢h sudden Unfo￿$een flnancial upheavals and to tske advanta8e of unExpecte<l opportunlties. Any new donati¢ns or bequests to the College are added to the unrestrirted fund5 unless the donor has made it clearthat thè fund5 are to be used for a specific purpose.

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 IUNE 2024 The College's free reserves stood at the year end at £6,066,327 12023.. £5,067,785), being its unresttltted reserves and long-terrn debt totalling £66,477.357 less the amount tommltted to funrtlonal assets (represented by the total of its tangible fixed assets) of £60,411,030. Free reserves provide a notlonal measure of resources avallable for general purposes which arè not restricted or committed. The College seeks to ensure that Its free reserves approximate or exceed one yearfs expendlture at current levels. Free reseThesat the yearnd ￿presented 85%unrestricted expenditure Incurred during the year12023: 70%). Long-tefm debt is excluded from the calculation on the basis that the College will accrue sufficlent addltlonal reservesto repaythe debts w￿n due. Capltsl Expndltur• The capital expendlture whlch was Incurred during the year arose mainly In connection with the College'5 degasification prolects. The degasificatlon work at Frank Young House, the College'5 26 bed hostel on Wordsworth Grove, was Successful￿ completed and commissloned. A Publlc Sertor Decarbon15atlon Fund grant part funded the work whlch Involved replaclng the Blailn& upgradlng insulatlon and installing airsource heat pumps. Asimilar prosect,&milarlyfunded. was planned durinK the year for Gwen Raverat H￿Se, a 56 bed hostel off Newnham Road, and was mmmenced short afterthe year end. Bulld[￿ Aenewals and Malntenance The College's buildings on its main site are mainly eighteenth and nineteenth century with rnodem addition5, andadapted houses and purpose-builtstudenth05tels off-domus. The routine maintènance of the buildin85 is carried out accordin8 to a comprehensive long-tem rolling malntenance programme which seeks to ensure timely refurbishment, to a Standard to minimise unplanned and ostly remedial work5, carried out within tight budget control5. The College's two largest off-slte owned hoste15 will shortly be deKa5rfied a5 referred to in the precedlng section. This work carries with It a signlficant element of the renewal of services in the bulldln8s and refvrbi5hment of the fabric. Inseptember 2024 a detsiled plannin8application was submitted for major workatross the maln slte, to decarbonise the provision of heating and hot water using river source heat, to improvethe thermal performante of thÈ buildings with improvèd $lazinL insulation, and other fabrit upgrades. to completely refit the college kitchens, to Improve the clrculatlon and spatSal qualltles of the Hermitage Inter￿T, and to build a new social spKe underthe Hall. The engineering and architeLtural design work was partfunded bya Public Settor Lowcarbon Skllls Fund 8ranL A decision on the plannin8 application is experted in earfy 2025 and work ha5 Cgmmenced to consider the financing and sequencing of the wcffks over the comin8 years. Penslons The College has members of staff In the Univer5ities' Superannuation Scheme IUSSI, a deflned contrlbution workplace penslon 5theme. and the CambrSdge Colleges, Federated Penslon scheme ICCFP511¢105ed to new members). The College had 18 active USS members at 30June 2024, although many Fellows will be USS members though their employment bythe University. The USS valuation as at 31 March 2023 valued the a55ets of the stheme at £73.1 billlon and valued Its tethnical provisions at £65.7 billion, indicatin8 a surplu5 of £7.4 billi￿ larKI a fundin8 ratio of Ill%1. The Q>llege 15. tsken apart from the UnNersity, a very

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 IUNE 2024 Small employer withln the Scheme. It has considered how to deal wfth the issves of ¢onflS¢t of interest for Fellows and Trustees should thè College wish to tske an active part In VSS consultations regardin8 the scheme. The most recent artuarlal review of the CCFPS was as at 30 June 2024. The College'5 overall benefit fvndlng Ilablloty has decreased to £693,69712023: £824,3071. Prinelpal Rlsks #nd un￿rtainlIe9 The main rlsk5 and uncertainties facin8 the CollÉgÈ are those connected wrih the followlng matter5'. Economlc and polltfjcal factors, includlng.. o the avallability of source5 of fundin8 for graduate study. particularly in the arts and hurnanities, and particularlyfollowingthe UK'5 departuie Irom the EurO￿an Union,. o threats to the continulng attrattivèness of the University 10 the diverse 8lotsal academic elite, whetheras applicant students, post-doctoral researchers, or academics. the nped to minirnise ￿pUtatIonal risk throu8h high standards and appropriate policles in areas in which the College rni8ht be the focus of political, activist or media attentlon.. Social, environmental and health factors, Includin8= o increaslng socletal ¢on¢erns regarding student mental health and well-belng where the College must ensure that Its p35toral funttl￿$ adapt and remain effertive,. o the Smpact of climate change generally including the pressures associated wth the Col- lege's need to undertake major and expenslvedetarbonisation work and meet Its net car- bon zero commitmeni by 2032.. o the threat to public health represented by any reomer8ence of cov1￿19 or another simllar ￿Qbal pandemic,- Local fattors, including- o the high cost of Ilvln8 in Cambridge for students and stsff,. issues relating to the City of Cambrid8e. Including a shortage of affordable housln& tongestion, and deflclencSes in public tran5PQrt which wlll add to the challen8es of recruitSn8 and retaining College staff and will Increase operatin8 COSt5. The College wews risks generally at an institutlonal le￿1 and at an operatlonal level. Major ri5k5 to which the College is or may be exposed from time to time are reviewed regularly by all College commlttees within thelr terms of reference, and reported to College Council and Govèrning Body. A sk register is maintslned to monStor, rnitigate or remove major risks as they are identified. Operational rtsks are rewewed at a departmental level and appropriate pr(*edure5 Put in place to monltor and control such risks. Plans ft>rthe firture In 2023.24 the Cgllege began to Implernent the 5trate8i¢ Plan for Darwln College 2022-2032, 35 approved by College Council and endorsed by the Govem5ng Body sn 2022. The plan sets out ftve 5trate8ic priorityarea5'. strengthening the College's tontribution to academlc extèllente and researth Smpad.. f05terin8 a diverse and Inclusive College community- enhanclng the College eslate, facilltles and services,. expanding and diver5ifyinB College revenue. and attSng on and promoting solutions to Blobal challenges, indudin8SUStainablllty. Thecouncil Ca￿leS out an annual miew of progre￿ against thè 8ga15 agreed to achleve progress In each of these flve prlorlty areas. To dellver key elements of the Strategy. a malor fundra151n8 campaign has bten launched in September 2024 with a goal to raise £6Q mllllon to supp￿the College. T¢ date £9.7 million has been Secured in a comblnatlon of gifts and

DARWIN COLLEGE ANNUAL REPORT AND Accouwrs FOR THE YEAR ENDED 30 JUNE 2024 legacy pled8es towards F￿raduate 5tudentships and decarbonising and enhanclng College estate. To celebrate the College's achievemenis and contribution to education, researth and sotiety morÈ widely since its foundation in 1964, a number of hlghly popularand succèssful In-person and on- Ilne event5 were or8ani5ed for College rnembers, alumni and the general public throughout 2024. GOVERNANCE Corporate Governante The following statement 15 provided by the Trustees to enable readers of the flnanclal statefflents to obtain a better understanding of the mana8ement of the Colle8e's re50urce5 and audit over5iÈht. The Colle8e Is a re8lstered charrty {Re8lStered Number 11411051 and 5ubjErt to re8ulation by the Charity Commission for England and Wales. The College Council provides the trustees of the charity and they are responsible for ensurin8 compliance wlth rharfty law. The Trustees are advised In Me￿Ing those dutiès by a number of Committees. and internal and extemal professionally qualified advisers. Members of the Colle8e Council formin8 the Trustee Body durfing the year to 30 June 2024 are indicated at Page 2. The Principal Officers of the College under5tatute are the Master. Vlce-master, Dean, and Bursar, and the holders of these offices during the year are identified on Pa8e 2. Twojoint Vice-masters tontlnue to share thè dutiès of the offite. and of whom Professor F E Karet serves as Victrmaster for statutory purposes. The Governln8 Body, comprising the Master and Fellows under Titles A, C, D, and E, holds at lèast six meetings a year. wtth the NovemberlDecember meetln8 belng the Annual Meetin8. The College Council comprlses the Master, Vlce-masters, Dean, and Bursar ex-officio, four Fellows elerted by the Governing Body, and three Students. The current Student Association Presldent is a member ex-officlo, and tt¥o fvrther student members are elerted dirertly by the student body each year. The Colle8e Councll meets on a ogular basis throughout the year and Is responsible for the everyday administration of the College in all matters not allocated by Statute to the Governing Body or the Flnance Commlttee. The College Councll makes regular reports to each meetln8 of the Goveming Body. The FIrtan￿ land Investmentsl Commlttee, composed of the Master. Vice-master, and Bursar ex- ¢)fficio, and three Fellow5 elerted by the Governing Body to seNe from the beginning of a given academic year, manages the College investments and, with a directly elected student repre5entztlve. controls and 3dministers the rÈvenuès and Èxpenditures In actordance wlth College 5tatute5, Ordinances, and the Charities Act. When acting as the Investment Commitee, the mem￿rshIp is reinforced by up to threè èmtérnal mèmbèrs, and the Collègè's Investment managers are in attendance. It is the speclfled duty of the Flnance Committee to keep under constant review the effectiveness of the College's Internal systems of financlal and other controls,. to advise the Trustee5 on the aFpointrnent of external auditors,. to 8ive initial consideration to reports submitted by the auditCf5; to monltor the implementation of recommendations rnade by the auditors; and to make ptr¥)dlc formal Reports to the Tru5tee5 and Governing BDdy. io

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 Reglsters of Interests in a form Pfescrlbed by the College's Conflicts of Interest Policy are maintained for the Trustee5, and Related Party forms are obtained from the Trustees and senior staff as part of the annual avdlt. The declaration of interèst5 isa fornial agenda Item at the be8lnnlngof everycollege meeting. Statsrnenl on Internal Control The Trustees are rèsponsible for ensurlng a sound system uf internal control that supports the achievement of policies, aim5 and gbjectives whlle safeguardin8 public and otherfunds and assetsfor which the charity hold5 responslblllty. in accordance with College Statutes and Ordlnantes. and the Charlties Aet 20)6. The system5 of intemal control are de518ned to fdentfifythè principal risks bÈarin8on the achIeVe￿nt of aims. objectives and policies, to evaluate the nature and extènt of those rlsks, and to ameliorate and contrrJJ them efficiently, effectively and economltally. The sy5tem5 of internal control are structured realistlcally to rdentify and control most of the risks of failure to achleve alms. objertives znd policles, rather than attempt to èliminate rlsk entirely- it therefore provides rea￿nable, but not absolute, assurance of èfftttiveness. These pr¢xes5es were In place for the year ended 30June 2024 and throughout the period to the date of approval of the financial ststements. The Trustee5 are responslble for r￿lwing the effectlveness of the systems of Internal control. The Trustee5' continual review of the effectiveness of the 5yStem5 is Informed by the work olthe varlous Committees, the Bursar, and the ColleBe Officers who hold responsibility for thè dèvelopment and application of an internal eoThtrol framework and forthe investigation and resolution of any comments raised by the extemal audrtors in thelr post audit and other reports. General Resp￿￿111t1•s ofthe Trustees The TrustèÈs are responslblt for the preparation of the Annual Report and financial statements In attordance wlth appll¢able law and having re£aid to Unlted KinBdom AccountSng Standards IUnSted KI￿d0M Generally Accepted Accounting Practice). The Colle8e Ststutes and Ordinances, and those of the University of Cambridge, requlre the Governin8 Body to prepare financial statements for each financial year which glve a true and fair wew of the statè of affairs of the College and of the surplus or defficit of the Colleg• forthat period. In preparin8 these finantial ststements, the Trustees are requlfed to: Select sultable accovntlng pollcles and applythem eonsi5tently,' Make judgements and estimates that are reasonable and prsjdent,. State that applicable accountin8 standards have been followed, sublect to any materlal departure5 disclosed and explained In the flnanclal statements.. and Preparethefinanclal staternents on a'going-concern, basis, unless in?ppropriateto presume that the College would continue In operatbon. The Trustees are respDll5ible for keepln8 actpunting records whlch, at any tSme, dlsc105e with reasonable accuracythe financlal position of the College and enable themto ensure that the financlal ststement5 comply wlth the Statutes of the Unlver5ity of Carnbridge. They are also responslble for safeguardin8 the asset5 of the College and, hence, for tskinE masonable sleps for the prevention and detectlon of frnud and other Irregularitie5. Approved tytheTn￿t•S on 20 No¥embor2024 J T DI￿ Bursar li

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 INDEPENDENT AUDITORS. REPORTTO THETRUSTEES OF DAR￿N COLLEGE Oplnlon We have audited ihèfinancial Statements of Darwln College Ithe'collegdl fortheyear ended 301une 2024 which ttjmprise the Statement of Comprehènsive Income and Expendlture. Ihe Statement of Changes in Reserves, the Balance Sheet, the Cash Flow Statement and notes to thè financlal statements. Includln¥ a summary of 51gnifi¢ant a¢¢ounting policle5. The financlal reportlngframework that hasbeen apF4ied intheirpreparation is applicable law and United Kingdom Accountingstandards. Intluding Financial Reporting Standard 102 The Financial Reportingstandard applltable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial 5taternents'. give a true and falr view of the State of the College'5 affairs as at 30 June 2024 and of Its incoming resources and application of resources for the year then ended,- have been properly prepared in a(C￿danCe with un￿ed Kingdom Generally Attepted Ac- counting Practice.. and have been prepared in accord3nce with the requirements of the Charitles Art 2011 and the Statutes of the unb￿rsity of Cambridge. Basls foropknSon We conducted our audlt In accordance with Intemational Standard5 on Auditlni IUKI11SAs IUKII aThJ applicable law. Our responsibilities under those standards are further described in the AudStors' responsibilitiesfor the audit of the financial statements sectlon of our report. We are independent of the College in accordance wlth the ethlcal requlrementsthat are relevant to our audlt of the flnanclal statements in the United Kingdom, including the Financial Reporting Council'5 Ethical Standard. and we havefulfilled our other ethkal responsfjbllltoes In atcordance withthese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a ba515 for our oplnlon. Condusions relatini to BornB conrtrn In audltln8 the financSal Statements, we have concluded that the Tru5tee< use of the going concern basis of accounting in the preparation of the financial ststements is appropriate. eased on the work we have performetj, we have not Identlfled any materlal uncertaInt￿$ relatlng to events orconditionsthat, individually or collertively, may cast $18nificant doubt on thp College's ablll to contlnue as a going concern for a perlod of at least iwelve months from when the financial state- ments are authorised for issue. Our Tesprffisibilr(ies and the responsbbilities of the Trustees wlth respect to golng ¢on¢em are de- scribed In the relevant sectlons of this report. Oth•r Infomiatlon The Govemln8 Body ale responsible for the other information. The other inforniation comprise5 the information ineluded in theAnnual Reportotherthan the financlal statements and our auditors, report thereon. Our opinion on the financlal statements does not coverihe other information and, except to the extent otherwbse expllcitly statsd in our report, we do not express any form of assurancè conclusion thereon. 12

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 In connÈrtion bvith our audfjt of the flnandal statements, our responsibl1￿Y is to read the other infoTmation and. in doing so, conslder whether the othef informatlon is materially inconsistent with the flnanclal statements or our knowledge obtalned In the course of the audlt, or Dtherwise appear5 to be materlally misstated. If we Identify such material inconsistencie5 or apparent material mlsstatements, we are required to determine whether there 15 a material mi5Statement in thè flnancial statements or a material misstatement ef the other tnformation. If, based on the work we have perfNmed. we conclude that there is z material misstatement of thrs other Informa￿On, we are reqUI￿d to report that fxt. We have nothi￿ to report in this re8ard. Oplnion on other matters preg¢rfbtd bythe Sta￿tes of the Unlverslty of c￿brIdge In our opinion based on the work undertaken In the course of the audit: The contribution due from the College to thè University has been computed a5 advised In the provlsional assessment by the University of Cambridge and in accordance with the pr¢)vi5ion5 of Ststute G,11, ofthe University of Cambrld8e. Matters on whlch Tme am r*qutred to r•port by ex14￿10￿ In the light of the knuwledge and understsndlng of the College and Its envlronment obtained in the course of the audiL we have not idèntified materlal mlsstatemènts In the Annual Report of the Trustees. We have nothin8 to report in re5pert of the followlng m3tter5 in relation to whi¢h the Charities (Accounts and Reportsl Regulations 2008 require u5 to reportto you If, In our opinion.. sufficlent accounting records have not been kept- or the financial statements are not in a8reement with the accountSn8 records.. or we have not received all the Infomation and eXplanati￿S we requlre for our audjt. R4sponslbllltl•s of the t￿￿t4•S As explalned more fully in the responslbllities of the trusteeg statement get out on page 11. the trustees are responslble for the preparation of the finèncial statements and for being 53tisfied that they glve a true and fairview, and for such internal control as the trustees determine 15 necessary to enable the preparation of financial statementsthat are freefrom material misstatemenL whèther duè to fraud or error. In preparing the finanual statements, the trustees are responsible for assesslng the College's ablllty to continue as a goin8 concern, dlsclosin8. 35 appllcable, matters related to 8oin8 concern and using the going Concern basis of accountln8 unless the Trustees either intend to Ilquidate the College or to eeaSE operations, or have no realistic alternatlve butto do so. AudItOr￿ rewnslbilitres for the audSt of the flnandal statements Our objectives are to obtaln reawn4ble assuran￿ about whttherthe financlal statements as a whole are free from material mi5Statement, whether due to fraud or error, amd to 1$5ue an Auditors. report that include5 our opinion. Reasonable assU￿nce is a high level of assurance, but is not a guarantèe that an audltconducted in accordance with IUKI will always detect a materlal mi5Statement when 6t exists. Misstatements can arlse from fraud or error and are consldered material If, indtvidually or in 13

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JiINE 2024 the aggregate, they could reasonably be experted to influence the economic decisions of users taken on the basis of these financial statemènts. Irre8ularitie5, induding fraud, are instances of non-compliance with law5 and regulation5. We de51 Pfocedures In Ilne wSth our responsibillties, o¢Jtllned above, to detect materlal misststements In re- spect of irregularities. including fraud. The extent to which our procedures art capable of detectlng irre6Lrlarities, including fraud is detailed below.. Our apprgach to identify¢n8 and assessin8 the risks of material mi55taternent in respert of irre8ulari- ties. includlng fraud and non<ompllance wlth laws and regulatlons, was as follows.. the engagement partner ensured that the enga8ementteam ¢tsllertively had the appropriate tompetence. capabilities and 5ki11s to identify or recowi5e non<ompliance with applicable laws and re8ulations- we Identified the laws and regulations applicablètothe Colle8ethrough discussions with Trus- tees and other mana8ernent, and from our knowled8e and experience of the educatton 5ec- tor, we obtained an understandingof the legal and regu1atgryf￿MeWork applicabletothe College and how the College is complying with that framework: we obtalned an understandlng of the College's policies and procedures on compliance with laws and regulations. including documentation of any instances of non-compliance.. we idEntified which laws regulations were Significant in the contpxt of the Cdle8e. The Law5 and re8ulations we considered in thls context were Charities Act 2011. the Statute5 OF the University of Cambridge and taxation legislatlon. We assessed thè requlied tompliance with these law5 and re8ulations as part of our audit prO￿dureS on the related financial statement Items; In additlon, we considered provIs￿n$ of other lèws and regulations that do not have a direct effect on the financial statements but compliance with which might be fvndamental to the College's and tht Group's abilitytts operate or to avoid rnaterial penalty,. and identified laws and re8ulations were communicated within the audit team re8ularly aTrJ the team remained alert to instance5 of non-compliance throughout the audit. We assessed the sUs￿ptib1lrty of the College's finantial statements to materlal misstatement, Includ- Ing obtalnlng an understandln8 of how fraud mlsht occur. by.. maklng enqulries of management as to where they cons5dered there was susceptibi1Sty to fraud, their knowledge of actual, Suspected and alleged fraud,. and considering the intemal controls in place to mitigate risks of fraud and non-complian￿ with law5 and re8ulation5. To addre55 the risk of fraud through managernent bi35 and override of controls, we.. tested Journal entrles to Identify unusual transartions,. assessed whether judgements and assumptions rnade In determinin8 the a￿OUntIng esli- mates set out In the accountong PDllcy were indicatlve of potentlal blas.. and investigated the rationale behind significant or unusual transattions. In response to thÈ risk of irre8ularities and non-compliance with laws and regulations, we designed procedures which included. but were not limited to.. 38reein8 financial Statement dig195ures to underlying 5UPPOrtin8 docurnentstion,. reviewin8 minutes of meetings of those char8ed with govemance: enqulrfng of management as to actual and potentlal litl8ation and clalms; and 14

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2024 revlewlnB correSp￿denCe wfth relevant reeulattys and the Colleg¥s legal ?dw50rs. There are inherent limitations In our audit procedvres described above. The more removed that law5 and regulations are from financial transaction5. the les5 likely It Is that we would become aware of non-compllance. Auditing standards alsg limit the audit pro£?dures requlred to Identify non-cornpli- a￿e wth laws and regulation5 to enquiry of thè dirertors and ￿her manaBement and the inspe￿10n of regulatory and legal correspondence. if any. Material mlsstaternents that arlse due to fraud can be harder to detect than those that arlse from error a5 they rnay Involve deliberate concealment or collu510ri. Afurther descdptlon of our respon51bllltles for the audlt of the ffnanclal statements is located on the Flnanclal Reportlng Council's website at-. www.frr..or auditor5res onsibilitie5. This de5CriPtion fO￿r￿ part of our audttors, report Use of our repw¢ This report Is made solely to the Colleg¥s trustees a5 a ljody, In attordance wlth College's statutes. the Ststutes of the Universltyof CambTid8e and the Charitie5Art 2011. Our work ha5 been undertaken so that we might state to the trustees those matters we are requlred to State to them In an Audito Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College and the College's trustee5 a5 a body, for our audfjt work. forthis reporL or forthe oplnlons we have formed. PEfERS ELWORThY & MOORE Chartered Accountsnts and StatutoryAuditor5 501isbury House ststion Road CambrldKe CBI 2LA Date: 2 December 2024 Peters Elworthy & Moore Is eliwbleto act as an auditor in terms of sertion 1212 of the CompanlesAct 2C¥J6.

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 ATEMENT OF PRINCIPALACCOUNTING POLICIES Basls of preparatlo The financial ststements have been prepared in accordance wlth the provislons of the Statutes of the College and of the Universlty of Carnbrid8e, using the Recommended Cambrid8e College Accounls IRCCAI formzt: and appliczble Unlted Kingdom Accounting Stzndards, Sncludlng Flnznclal Reportlng standard 102 IFRS 1021 and the Ststement of Recornmended Practice ISORPI.. Accounting for Further and Hi8her Education Issued In 2019. The Statement of ComprehensNe Income and Expenditure Includes activity analysls in order to demonstrate that all fee income is spent for educational purposes. The analysis required by the SORP Is set out In note 6. The College Is a putlit benefit entity and therefore has appliedthe relevant public benefitrequSrement of the applicable UK laws and accounting standards. 515 of •c¢oimtwi8 The fSnanclal statementshave been prepared underthe hlstorlcal cost conventlon, modlfled In respert of the Ireatment of investments and certain operational properties which are induded at valu*ion. Goln8 Cmcern The fin?ncial statements have been prepared on a 80in8 concern basis. The College has prepared forecasts beyond the 30June 2024 year-end up to December 2025. The College has also Set a detailed budget plan forihe flnanclal year 202¥25.Thisflnan£ial planning work has Included an analysis of the Colle8e's unrestrirted liquid resources. and tO8ether these financial ￿an$ demonstrate that the College has sufficient resources to meet liabilities as they lall due. The Trustees consider preparation of these financial statements u&ng a 8oing concern basis to be appropriate. Re￿InitIon of income Acudemlcftes A¢ademic fees are recogni5ed in the perlod to which they relate and include all fee5 chargeable to students or their sponsors. The costs of any fees waived or written off by the College are Included as expendtture. Restrirtedqrant inrome Grants received from non-governmÈnt stsurtes lintluding researth gr3nts from non-government souicesl are recognised within the Statement of Comprehensive Income and Expenditure when the Collegè is entitlèd to the incomÈ and perfomiante rèlated conditions havè beèn met. Income received In advance of performance related conditlons Is deferred on the balance sheet and released to the Statement of Comprehensive Income and Expenditure in line wth such conditions beln8 met. 16

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2024 Donotlons ondendowments Non exchange trdn5Ktions Wlthout performance re13ted conditions are donation5 and endowments. Donation5 and endowments with donor-imposed restrictions are reco8nised within the Statement of Comprehensive Incorne and Expenditure when the College is entitled to the income. Income is retained within re5trirted reseNes until suth time thal it is utilised in line with such re5trictlon5 at whith point the income is released t9 general reseThes through a reserve transfer. Donations and endowments with re5tricllons are classlfied as restrlcted reserves with additional disclosure provided withln the notes to the accounts. There are four main types of donations and endowments w￿h restrldons: l. Restritted donatlon5-the donor has specified that the donation must be used for a particular oblertlve. 2. Unrestrlrted pern7anent endowments - the donor has specrfled that the fund is to be permanentjy invested to generate an income stream for the generzl benefit of the College. 3. Restrlcted Èxpendable endowments- the donor has speclfied a particular objertive and the College can convert the donattd sum into Income. 4. Restricted permanent endowments - the donor has specified that the fund 15 to be permanently invested to generate an income stream to be applied tg ? particular oblettlve. Donations with no Testrfrtlons are recorded withln the Statement of Comprehensive Income and penditljfe when the College is entitled to the income. Investmentincome andCl￿nge In volue of investment ossets Investment Income and change in value of Investment assets are recorded in income Sn the year in whlch they arFse and as elther restrirted or unrestricted Income accordlng to the term5 Dr other restrictlons applled to the individual endowment fund. Other income Income Is received from a ran8e of actlvttles induding residences, caterlng conference5 and other service5 rendered. Combrld9e 8uTsoryScheme In 2024-25, payment of the Cambridge Bursaries to eligible students was made directly bythe Student Loans Company ISLCI. As a consequence, the College reirnburséd the SLC for the full amount paid to their eliglble students and the College subsequèntly received a contribution from the University of Cambrtdge toward5 this payment The nei paymènt of£l.750 is shown withinthe Statement of Compfehen5ive Income and Expendtture as follows.. Income Isee note 11 Expenditure £1.750 £3.500 17

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 Tan8lble Ilxed assets Lund undbulldlngs Fixed assets are stated at deemed cost less attumulated deprecoatlon and attumulated impairment losses. Certain r(ems of fixed assetsthat had been revalued to fair value on or prior tts l July 2014, the date of transition to FRS 102. are measured on the basis of deemed cost, being the revalued arnO￿t at the date of that revaluation. Where part5 of a fixed a55et have different useful lives, they are accounted for 3S Separate itern5 of rixed a55ets. Costs incurred In relation to land and buildlnKs after Inttlal purchase or constructlon, and prior to valuatron, are capjtallsed to the extent that they incrÈase the expettÈd future bpnefftsto the College. Freehold land Is not depreciated as it is considered to havè an Indèfinitè usèful Ilfe. Freehold buildSngs are dèpreciated on a 5trai8ht-Ilne basis overtheir expected useful Ilves of between 50 and ITh) years. Bulldings under Construction are valued atcost, based on thevalue of architects. ￿rtificateS and 4)ther direct costs Inturred. They are not depreciated until they are brought into use. FUrnItu￿ P￿ing$and Equipment Furniture, fittings and equipment in exces5 of £S.&JO are capitslised and depreciated over thelr èstimated usefvl lives. Leasedossets Costs in respect of Lwrating lease5 are charged on a straight.line basis overthe lease term. Any lease prernlums or Incentlves are spread over the minimum lease tem). Inve51ment wiyertle5 Investment properties are professionally revalued every 5 years to their fair value at the reportin8 date. Interlm valuatlons are carrled out annually usln8 the Land Reglstry price index for rèsldential properties and the Frank Kni8ht Intelll8ence Prime Meld Gulde for commercial properlSes to arrive at the yeai*nd values. In¥•stments Flxed asset Investments are Included In the balance sheet at falr value. In¥estmÈntsthat are not Ilsted on a recognised stock exchan8e are carried at h15torical c05t le55 any provision for impairnent In their valuelmarket value. Stocks St¢¢ks are stated atthe lowerof Cost and net reallsable value after making provision for slow m¢vlng and obsolete items. 18

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2024 pr4)￿$1￿n5 Provlsions are recognlsed when the College has a present le831 or constructivè obll8ation as a result of a past event, it is probable that a transfer of economic benefits will be requlred to settle the obllgatlon and a rellable estimate can be rnade of the amount of the obligation. Contln¢ent li•bilitieg and assèts A contingent liability arises from a past event that gives the College a posslble obligation whose exlstence will onlybe confirnied bythe o¢currence or Dtherwlse of uncertain fvtureevents, not wholly within the control of the College. Contingent liabilitie5 also arise in circumstances where a prowsion would otherwlse be made but either tt is not probable that an outflow of rèsource5 will be requlred orthe amount of the obllgatlon ￿nn0t be measured reliabty. A ¢ontSngent asset arfses where an event has taken placethat glves the College a posslble asset whose exISten￿ will only be confirmed bythe otturrence or otherwise of uncertain future events not whc41y withln the control of the College. Contingent assets and liabilit￿$ are not reco81115ed in the balance sheet butafe disclosed Inthè notes. Flngncial Instruments The College has elerted to adopt Sectlons 11 and 12 of FRS 102 In respect of the recognition. measurement and disclosure of financial instruments. Flnandal assets and liabllitiès are reco8nised when the College becomes partyto the contractual provlsion of the instrument and theyare cla59ified accordin8 to the substance of the contractual arrangernents entered Snto. Afrnandal asset and a financlal liablllty a￿ offset Only when there is a legally enforceable ri8ht to Set off the rethgnised amounts and an intentk*n eithe¥ to settle on a net basis, or to realise the asset and settle the liablllty 51mvltaneously. Fln•ncknl Assets 8asi¢ financial assets include trade and other ieceivables, cash and cash equivalents and imfe5trnei)ts In commercial paperli.e. dep05itsand bond51. These assets are Inotially reco¥nlsed attrdnsacticffl price unless the arrangement constitutes a financing transaction. where the tran5artlon is measured at the present valuè of the futurè receipts discounted at a market rate of interest. Such assets are subse4uently carrfed at amortlsed coll using the effective interest rate method. Financial assets are assessed for indicators of impainnent at each reportin8 date. If there is objective èvidence ol impairment. an Impairment loss is recognised in the Statement of Comprehensive Income and Expendlture. For financlal assets carfed at amorti5ed cost the impairnient loss 15 the dIfferen￿ bett￿en the carylng amount of the asset and the present value of the estlmated future cash flow5, discounted at the asset's origlnal effettl¥è Interest rate. Otherfinancial assets, including investments In èquity instruments, which are not subsidiaries orlohnt ventures, are Initlally rneasured at falr value whlch is typical￿ the transaction prlce. These assets are subsequently carried atfairvalue and changes in fairvalue at the reporting date are recogni5ed in the Statement of Comprehensive IncomE and ExpendSture. Where the Investment In equity instruments 19

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 Is not publiclytraded and where the fairvalue cannot be reliably measured, the assÈts are measured at cost less impairment. Investments in property or other physical assets do not constitute a financial instrument and are not included. Financial assets are de&retDgnised when the Contrartual rights to the cash flows from the asset explre of are settled or substsntially all of the ri5k5 and rewards of ownership are transferred to another party. Flnaficial Llabllltl•s Baslc financlal Ilabilities Include trade and other payables. bank loans and Intergroup loans. These liabilr(les are Initially recognlsed at transaction prlce unless the arran8ement constitute5 a financing transaction, where the debt instrument Is measured at the present value of thè future payments dlscounted at a market r3te of interest. Debt instruments are 5ub5equently carried at amortlsed cost usin8 the effectlve interest rate method. Fees paid on the establishment of loan facllltles are recognised as transaetlon Costs of the loan to the extent that it 15 wobable that some or all of the facllity will be drawn down. Trade payables are obligations to pay for 8oods or 5ervice5 that have been acquSred in the ordinary course of business from suppllers. Accounts payable ère classified as current liabilities if payment Is due within one year or less. If not, they are presented as non-current liabilitles. Trade payable5 are recognlsed Initlally at transactlon prlce and subsequently mèasured at amortised cost usln8 the effettive interest rate method. Financial lfiabilities are d&recognÈsed when the liabillty is dlschargÈd, cancelkd. or explres. Taxatlon The College Is a regFStered charity Inumber 11411051 and a150 a tharitywithin the meanin8 of Seetlon 467 of the Corporation Tax Act 2010. Accordingly, the College is exempt from taxation in respect of income or tapital gains received within the categories tovered by ￿ttionS 478 to 488 of the Corporation Tax Art 2010 or Sertion 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such Income or galns are applied to exclusivè￿ charffiable purposes. The College receNe5 no similar exemption in re5peLt of Value Added Tox. Conlrlbutlon underststute G. 11 The College Is Ilable to be assessed for Contrlbutlon under the provisions of Statutè G. 11 of the UnIve￿ty of Cambridge. Contribution is used to fund grants to colleges from the Colleges Fund. The College mayfrom tlme to ilme be ellgible for Such giants. The liability forthe yearis as advised tothe College bythe University based on an assessable amountderived fromthevalueof the colle￿.5 assets as at the end of the Pfevlous flnancfjal year. Penslon eo#s unive￿ItIes5uper0nnuUtlQn5Chen￿ IUSS) 20

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNT5 FOR THE YEAR ENDED 30 IUNE 2024 The institution participates in Unlversilies Supèrannuation Scheme. The scheme is a hybrld pension scheme, providing defined bÈnefit5 Ifor all members), as well as defined contribvtion benefits. The assets of the scheme 3re held in a separate trustee-administered fuThl. Because of the mutual nature of the stheme. the assets are not attributedto individual Institutions and a scheme-wide contribution rate 15 set. the Ii)stltution 15 therefore exposed to artuarial risks associated wlth other lnstitirtiL￿5. employees and Is unable to identify its share of the underlying assets and liabllitles of the scherne on consistent and reasonable basis. As requlred by Section 28 of FRS 102 "Employee benefits., the inst>tution thereforè accounts forthe scheme a5 if it were a wholly defined contributlon schème. As result, thÈ amount charged to the Staternent of Comprehensive Income and Expenditure represents thè contrlbutlon5 payable to the scherne. Since the institution has entered into an agreement Ithe Recovery Plan) that detemiines how each employer within the scheme will fund the overall deficit, the institutiTh) rocognises a liabi1Sty for the contrfbutions payable that arise from the agreement (to the extent that they relate to the deflcftl with related expenses bein8 recognised throu8h the income and expendbture account. Combridge Colleges FederotedPenslon5cheme fCCFPS} The College partlcipates In the Cambrldge College5 Federated Pension Scheme, a defined benefft Scheme. Pension costs are assessed in accordance with th• adwce of the actuary, based on the latest actuarial valuation of the Scheme and are accounted for on the basls of provldln8 pensions over ihe period during which the College benefit5 from the employees, servlces. Ernploym•nt benefts Short term employrnent benefits such as salarles and compensated absences are retognised as an e¥pense in the year Sn which the employee5 render seNce to the College. Any unused benefits ire accrued and rneasured as the additional amount the College expects to pay as a result of the unused entltlement. ReseTres are allotated between re￿licted and unrestricted reseNèS. Erid¢)wment reserves Include balances which. in respert of èndowment to the College, are held as permanent fund5, whlch the College must hold In perpetuity. Restricled reserves include balances Sn rèspect of which the donor ha5 designated a speclffic purpose and therefore the College is restricted in the use of these funds. CrftS¢al a￿oUnting1ud%em¢nts The preparatlon of the College's accounts requires the Trustees to make judBements. estimatÈ5 and assumption5 that affect the application of accountlng policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimates and associated assumptiDns are b35ed on hlstoric31 experierKe and other factors, including expettations of future event5 that are belleved to be reasonable under the clrcumstances. The resultlng accoLmtin8 e51imate5 will, by definltlon, s?Idom equal the related a¢tual results. The Trustees consider the areas Set out below to be thgse where critical accounting ludgements have been applied and the resultlng estimates and assumptions may lead to adjusrments to the future carrylng amounts of assets and liabilities. 21

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 Inwrnerecognition Judgernent Is applled In determlnlng the value and tlmln8 of certain income items to be recognised In the accounts. This includes drfermlning when pertormance related tonditioyts have been met and determining the appropriate recognition timlng for donatlons. bequests and lega¢les. In general, the latter are recognised when at the probate stage. Usefvl lives ofproperty. pltyntondequipment Property plant and equipment represent a significant proportion of the College's totsl 355ets. Thèrèfore. the estirnated useful lives can have a 5hgnificant IrnP3Ct on thè depreciation charged and the College's reported performance. Useful Ilves are determlned at the time the assetls acquired and Teviewed regularly for appropriatenes5. The lives are based on histtsri¢al experiences wlth slmilar assets, professional ad￿ce ènd antlcipation of futu¥e events. Detalls of the carryin8values of property, plant and equipment are shown In note 8. Retlftmentbenefit obliqrtion5 The c05t of defined benefit pension plans is drtermined using attuarlal valuations. The actuarial valuation involves making assumptions about discount rates, fut¢Jre salary increases, mortaltty rates and future pension increases. Due to the complexity of thèvaluation, thè underfyin8 assumptions and the long.term nature of these plan5, such estlmates are sublect to sl8nlficant un￿rtainty- Further details are 8iven in note 26. FRS 102 makes the distinttion between a group pension plan and a multkemployer pension stheme. A group plan consists of a collertion of entities under comrnon control typically with a sponsorlng employer. A multi-èmployer scheme Is a scheme for entltles not under common control and represents ltypicallyl an industry-wide scheme such as Unlversities Superannuation kheme. The accountlng for a multl-employer schème, where the employer has entered into an agreement with thescheme that determines how the ernployerwill funda deficll, result5 In the rÈcogntllon of a liabil for the contrlbutlons payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in income and expenditure In accordan¢e wlth se¢tl¢n 28 of FRS 102. The Trustees are satisfied that Universities Superannuation Scheme meets the definition of a multl- employer scheme and has therefore reco8nised the discounted fair value of the contractual contributions vnderthe fundln8 plan in exlstence at the date of appro￿n8 the financial statements. 22

DARWIN COLLEGE ANIIUAL REPORT ANDACtou FOR THE YEAR ENDED30JUNE2024 sfATEMEriroF CCeAPREHENSIVEif4COME ANDEXPÉNDmJiiE 1rn712 41141 15.É67 2,5Q4,Q57 15MW7 4.￿&71? 4J94.141 8Q,022 773,(<8 34015 IMI.6>) 759 11.079.161 685611 1172y) 7.7x494 .7F4 321162 Q41JS)7 73W17 217.29) OonaUDN5 119.961 173.189 374.610 374.510 LIL Trtal IntDrnE arts.7J9 1.17Q2 79tiJJ 285J31 3mLLIO 4￿31,1 2,4$5.328 4.110.521 31QIS7 17ts.585 4110.512 624956 525 75 416 %9391 IJgAIII fi5J501 7mBAXI 265.7 14075 JlQ157 ?.504 9XIX* L156.181 IW12> 7JAJE6 351767 249W IJ07 IS,720> YJ21 4145 1,265rn5 818tsS? iS63227 W859 71tM6 71MY4 65U5 819.285 41531 4LS59 ¢Th4351 (39,4151 814557 1561.217 674111 71094 65.14S

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 STATEMENT OF CHANGES IN RESERVES Incom• and MS•N• Unrestrlcted Restrirted Endovmient Total lalance at ljuty 2023 Surplu￿[DenCkI from Income and expEnditure ststement Other Comp￿hen$1¥e Income Relea5eot restrfrted capltal funds spent in year 801on¢e at30June2024 SIA14,883 5.090,516 24,913,313 81,81&712 1265,075 818.SS7 2,563,227 4,646,859 41.539 41,539 355,B60 1355,B601 53.477.357 S.S53.213 27,476.54Q 86,507,110 l￿•Me¥nd Expendlture reseNe Unrestricted Ae5tricted Endowmerrt T4x•I 8alan¢e at ijufy 2022 5Urplus/lDefit￿) from incomeand expenditure statement OthEI comprehensive inwme Releaseof restrfrted tapttal fvnds spent In year Balante at30June 2023 5L140,556 5.020,128 24.848.168 81,LY)8,862 712,646 71,494 65,145 849,285 139.4351 139,4351 1.106 11.1061 51,814,883 5mO,516 24,913,313 81,818.712 24

OARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 BALANCE SHEET AS AT30 JUNE 2024 2025 Note F￿ed Assets Tan8lbJe Assets Inve5tmentAssets 60A41,030 37,790.364 98.231,394 59.747.098 35,796,013 95.543.121 io Stock Debtors Cash li 12 51.893 1,167,148 2,344,789 3.563.830 1.594,417 49.561 LQ66,780 613.3 1,729.641 1?71,520 13 Credknrs Net OArrentAs*tsllUablltlo11 1,969.413 358.121 tr￿lt0￿ rnor• ihan•n• y¢ar PM¥lslons Pension provRslon 15 113,OC¥).((#)I 16 1693.6971 (l￿2,530) Net Assèts 507,110 81,818,712 Restrirted fteser4¢$ Inc¢me and eMpÈnditure re5erye- endowment reseThe Income ind expenditure reserve- restrKted reserve 17 27,476,540 5,553,213 33.029,753 24,913,313 5,0SYI,516 30.003,829 18 Unrestrirted Reserves Income and expendlture resetve- unre5trkted 53.477.357 53,477.357 51.814.883 51,814,883 Toi•l RoseThes 86,507.110 8U18.712 These accounts were approved bytheTrustees on 20 November 2024 and are518ned their behalf ty.. Drm Rands, Master 25

DARWIN COLLEGE ANNUAI REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 CASH FLOW STATEMEr 2023 Note Netcash inflowfrom operating activities 1.715.503 299,955 Cash flows from fjnve5tir￿ aciiWtles 21 1377,9101 116MQ.8a51 Cash flows fromfinanting 22 393,896 395,295 In¢r•aWIDe¢rtasel Incash and ¢ash tqulvalents kb they&ar 1.731.489 116,185,585) Cash and cash equlvalentsai be8thnin8 of the v@ar 613.30D 16.798,885 tash and ush •quI￿leN￿ at•nd olth¢ y••r 13 2,344,789 613.300 26

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 NOTES TO THE ACCOUNTS A¢ad•nl¢f4•s Ind tharges CoUe8e5 fees.. Fee income recelved at the Regulated undergraduate rate Fee income received atthe Unregulated r4tè Fee Inco1r￿ re£efved atthe Graduelee rate Other income Total IL670 52.5CX) 2,607,728 36.824 2,708.n2 26,432 58.ICrf) 2,382,465 37.090 2,504,087 IncomefromAco)mmodètion4nd Catinfj 2U23 Ac¢omrnodatlon College members C8terTn4 College member5 Total 3.436.367 757.774 4,194.141 3.426.118 722.595 4,138,712 Endowmerrt retswn •nd tnve51m•nt In¢4rn• 33 Anily515 20Z4 Totsl Raurn Contrfbutlon (see note 3bl Qlher InvestmÈntincome'. Land and t￿lIdIng$ Quoted 5ecurftles OtherInte￿$t receivable Total 1,079,368 83,888 830 29.319 1.193.405 95.374 789.932 17,562 902.868 Yb Sthm)ry Oftotsl retu Incorne from.. Quoted and other5ecu￿￿e$ and ￿5h Gain/lLouesl on investments Isee note 101 2024 IAOI,630 2,123,441 3,525,071 114,0751 3.510,996 11.079,3631 2,431,628 Investment mana8ement Costs Totsl ￿turn forthe year Total retwn tr3nsferredto income & ex￿ndit￿re Unapplied total retum forthe year EduuioDn exPU￿1￿re Teathin8 Tuto￿11 Admissiorts Researrh Scholarships and awards OtheT eduCatI￿al fa¢ilitie5 Total INffj¢ 71 172,895 524.589 722.998 287.904 461.224 1.518 3,071,128 176,651 408,992 fAJ6,828 344,777 400.550 827.787 2.765.585 27

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 IUNE 2024 Ar￿m￿&¥I10￿ ond Caterlni Eyndtture 2a Acc¢xnmodatlon Colle8e rnEmb8rs QterlngColle£e members Totsl INot• 71 2.641.097 1,391.307 4.032.404 2,741270 1,368.252 4,110,522 Oth•1 Expendliw• Laon interest 393,896 10.092 7,127 114.834 525,949 395,295 114,050 12,460 103,151 624.956 Investment mJnagemeTrtfe￿ 3r•J admlnlstratlon USS pension interest charge Other 8eneral and admlr#str3tlve expendltrjre Total (Note 71 7a An8ly515 of 2023n024expendlture by acllvlty Staff ¢osts {note 81 oiher oper•lln8 èxpenses D•pr•datkn Educatlon Accommodatlon and caterf Other Chan8e in USS pension defiot recovery prov151on contrfbutlons Trtal 1.404.123 L514.432 101.539 1.302.193 1.666,744 424.410 364.812 35L228 3,071,128 4,032.404 525,949 1265,3501 1265,3501 2.754.744 3,393.347 1.216.040 7.364,131 Expendlture Ir￿￿ttes1urtdral$1ng£Osts of £308.4th Thi5 expenditure includes the wsts of alumn¢ reLItioTh5. 7b Analys1$ d202212023 eApendltyr by•¢d￿l (note 81 ¢p¢ratlnq expemes Deyedatfon Educlon Accommodation and catering Other Change In USS pertslon deficlt recovery proviston contribution5 Totsl 1,233,717 IA30,152 86,345 1,130,736 1,744,394 538,611 401,132 935,976 2,765,585 4,110,522 624,956 1130,6711 1130.6711 2,619,543 3,413,741 IJ37,108 7270,392 Expenditure indude5 fundraisi￿ c05tsof ￿31.989. This Èxpenditure indudesthe tostsof alumn relations 28

DARWIN COLLEGE ANNUAL REPORT AND ACCOU￿5 FOR THE YEAR ENDED 30 JUNE 2024 7c Audl¢urf remurnrndon 1023 other0perat￿l exFenses Include: Au(It fees payable tothe College's external audkors Otherfees pay#bk to the Colle8e'5 external auditors 29,580 1,698 27.3% 1.572 8? Staff (05 2023 A(Jdemlt P4on4rademlt Total Totsl S•laries Nofjonal Insuran 426.812 35.946 64768 2,CQO,124 237,(￿7 253.437 2,426,936 272,953 320,205 2,280,059 252.693 217.462 Pension costs Net change In U55 defi¢lt re¢¢)very provlsion Isee Note 161 1245,2301 (20,1201 1265,3501 1130,6711 Net penslon cost 1178.4621 284,296 233.317 1470.448 54.855 2.754.744 217A62 2.750.214 Ba$8d on the 2024 valuatlon of the UnlveThtie5 Superannualion 5¢heme IUSSI. the Impart of the net th3nge In the VSS deficrf( recovery prowi5ion ￿ a credit of £265,35012023.. É130.6711. Thls cornprlses non-lzsh credli ￿sUIt￿n8 from the change In assurnptions. includlng the discount rate. of £7,12712023= £12,4501 and cash coTrtribytion5 rnadeto reduc¢ih¢ defiot in the year of £10,01612023: £22,8871. Numberot Fellows Full-ttme Ivalents Number¢f fUl￿tIme AtadeMIC 21 NOn-4￿deMIC 57 57 56 Total 21 23 56 At the Balance Sheet date the GovemlnB Body comprfsed of ?0 Fellgw5. of whlch 9 served as Trustees on Colle8e Countil. During the year the 3￿raSe number of Fellow5 rece￿[￿& rÈrnuneratlon wa5 21 a5 shown above. TheTfU5tee5 received no ￿M￿neratIOn in their tapa¢tyasTrustees of the Charity. The number of offlcers and employees of th¢ Coll*4e, includlnK Head of H￿Se. who received rertwjnerntion in thefoJlowln8 r•nBe5 Wa5.. 2023 Tot•1 Total £IIOIAII- £120.0 £120.001- £130.(1 Remuneratlon in¢ludes salary, em￿)yer'S national insurante contributions, employer's pension contributions any taxable benefits either wid, payabje or prowidedi 8r055 01 any salary sacrfflce arrangements. 29

DARWIN COLLEGE ANNUAL REPORT AND AccouTr¥fs FOR THE YEAR ENDED 30JUNE 2Ct24 Key Mar4yment Pwsonnel 2013 A￿regated remuneration of key management personnel 280,167 257,147 Key mana8ement personnel are those persun5 h¥¥in8 authority and respmsibility forplannln& directln8 and controllinB the actI￿lIeS of the CollEse. The 388re8ated remuneration paid io key management personnel consists of salary. employerfs natienal insurance contributions, ernployer's penslon ¢ontribut5on5, plus any taxable benefi'ts elther paid, payable or pr￿￿ed, gr055 of any salary ￿¢rifl arvan8ements. In D?rwin Collese. the key m•nJ8emeDt personnel are thE Master. the Bursar and the Dean. Penslon Costs 2024 2023 Employer ¢othribuiions Prov151ons INote 161 Total TDtsI uss 192,745 71,611 60.931 325,287 15,0821 1265,3501 187,663 1193,7391 60.931 54,855 227,799 150.9361 40,599 217,462 CCFP5 Other 1270A321 30

DAMN COLLEGE ANNUAL REPORT ANDACCOUNTS FORIHEYEAR ENDED 30JUNE 2024 9 flxed a5Mts T•rOK•fi¥•dwe uthdr vthi 35J￿154 $59,731 102, W24 66,756209 48A39M9 Translerfvomasssthider construttion Addth4tcc IJQ4526 753.105 4a339 Y.972 IW3.580 Atffdofswr W61254 31.91ts.629 lJ12,X36 154938 lo￿24 É6.755X Dewe&tlan Athe￿n￿ll80fY￿r Tian5Fvrtocwrffitassets (￿rE[¢rIheYeO Wrlttenba&ondtskwl Atendof5Wr 64.it 6J26.798 55731 10524 7,011111 %332.14Q 352.{￿) L337.tc IlQ.1471 7,011,111 4108 1.129,102 J,216 IZJJ16 7A55,￿0 55Y,73L 7L7WJ &22P.L At4ndofv irffjlr4ofyear 3S.135.038 .199,14E 24M74.729 24.495,303 753,105 78.15 649 6trA4&O>J 59,747.C88 S9.747.098 43.107,489 L4f¥J1ndudeshJngkah￿la￿d puffthkntd&*￿￿rc￿￿this£j142lsOtyL￿a2￿￿ar ￿￿$0. y41￿e0tfr0￿hll1d 30JunE2024W45f52.2¥0,61812023..￿o9$.65#1. 12023.. ￿1> 31

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 io In¥estri 2024 1025 Bl*n¢• •t b￿nDIn1 of year Additions Disposals Galn/lLossl Increase/lDe¢reasel In ush balan¢e5 held atfund mnagers Bal￿te at end of year 35.796,023 3,087,827 11.893.668) 1,992,435 11,192,253) 37.790,364 35,934,564 35,909,748 135.479.2011 1408.7921 1160.2961 35,796.023 Property quotEd secUrftie5-equ￿eS Flxed inierest se¢uri(ie5 Cash in hand at investment mana8ers her 2.580,¢XIO 2,580,tMxi 2,052,668 30,565 35,094.949 37,7SYI,364 1,222,818 29,940.537 35.796.023 Stoc 20 Goods forresale 51,893 49.561 12 Trade •thtr rerrivable5 Z023 Members of the CDlle8e Unlvergtyfte5 Other receivables Prepaymefits and ac¢rued Incorne 481Jn 429,259 360324 325,452 L167,148 369,197 26B,324 1,066,780 13 tssh and cash •qulvalents 20Z4 Short-tenn money market Investments Bank deposits Current accounts Cash in hand 1,990,339 353,323 1,127 2,344,789 618,541 16.4351 1,194 613,300 32

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 14 Creator5: gmwmstall1￿￿eW1thIn oDewr 2023 Trade credltor5 Member5 of the College Unlvetsityfees Other Creditors Accruals d deferred incom@ 408.164 227,095 270,118 181,045 507,995 I,S94.417 2W,673 198,834 288,179 107,932 485.902 L371.520 IS Cl¢dhO￿ amountsl4lkngdu after moreth• oney••r Prfvate Pla¢emert 13.tNJO,Ofy) 13.OJO,OTrJ ring 2013-14. the College borrowed from Instltubonal investors. colle¢tl¥ely Iwth other Cdleges, t College's share bein8 £3 million. The loans are Ul￿e¢ured and repayable durlngthe period 204>2053, and are at fixed Interest rates of approximately 4.4%. The Collège has a8reed a frnaniial covenant of the ratiD of Borrowkn85 to Net A55ets and has been In wmpliance the ¢ovenant at all times sthce Incurring the debt. Durirff 2017-18. thE Colle8e ￿rr￿edfr9rn Instit￿10￿11 Inbwton, tollectivelywith two other Colle6e5, the Colle8è'5 share being EIO rnilllon. The loan5 are unsecured and ￿payable durlng 2058. and ère at fixed intorett re5 of approximately 2.62%. The Colle8e ha5 agreed a flnaniial £ovenèTrt of the ratlo of Borrowlngs to NetA$5ets and has been In ¢ompliance vAth the covenant at all ￿MeS sin￿ incurrin8 the debl. 16 P¢nsi¢n P￿￿￿10￿$ 2024 Totsl CCFPS Totsl Balanceot bwnnlry ofyear Movernent in year.. Current Service cost Indudln8 life assurance Contrfbutio Other finance lirKomellcost Acluar5al10s5/tsainl recogn15ed in Stement of CornprehEnsrve Income and ExpendSture Net chonge in undertylno assumptlon$15ee Note81'. Chan8e in underlylnl assumptions USS del¢lt contributions poyable Baktt•it end ofy•r 824,307 258,223 1.082530 1.215,064 215,611 42,022 257.633 345,978 1304,6821 134.8951 1339,STII 1387,2761 141.5391 141,5391 39A35 1255,3341 12S5.3341 1107.7841 110,0161 110,0161 112,8871 693,697 693.697 1,082,530 33

DARWIN COLLEGE ANNUAL REPORT AND Accouwrs FOR THE YEAR ENDED 30 JUNE 2024 17 End¢v4m•htlunds 2023 Restrlcted Unre5trfrted pErn•nert pewmanent endowments endowments Tutsl Totsl Balano It b•Bknnlni ¢fy•ar Capltal New dmat*)n5 and endovmients Increase/lDecreasel in market value of inve5trnents Trar￿fer of funds 4W.177 20.014.136 848,000 24.913.313 24.848,168 302,529 1,412,697 L715,226 65.145 Balanre at end of year 5.201.706 22.274,833 27.476.539 24.913,313 Anatws bytyp•olpu Fell¢)w5hi) Funds Scholarshrp and Studentshlp Funds Bursary Funds Travel Grant Funds Other Funds General endowments j,C￿9,019 3,009,019 2,834x116 1.1%.946 1.196.946 L127332 692.918 274.437 28.386 692.918 274.437 28.386 22.274.833 27.476.539 652,618 258,476 26,735 20.014.136 24,913,313 22.274.833 22,274.833 S,201.706 Analysis by asset Property In¥estrnEnts Cash 2.580,( 24,896,539 2.580,OtrJ 22.333.313 27,476,539 24,913,313 IRèMai￿Ertsf p3y left hrt@ntkJnaltyNankJ 34

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 18 ReS1rkt￿ Res¢rn5 Rese￿e$ with restriction5 areas follows= 2024 2025 P•rm4n•nt unspent& other rofrf¢t•d Incom• Clprtsl 8r?nts unspent ¢xpend•ble Totsl Balanrq at Wnnlni of year NewBrants New donations Totsl investment tum applled Total Irwe5trnent re. turn retalned Otherinvestrnent Incorne In¢reas¢/lDreasel In Market￿1￿ of in¥e5tmeTrts Expenditure Capital grants utlli5ed 1355.8601 Tron5ferto unrestriLed Balan￿ ao end of 3,081,928 2.(K)8.588 5,OYO.516 5,020,128 374,610 119,964 494.574 169.4S3 241.642 64,117 305,759 14S.596 104,333 249.929 22,980 11,035 34,015 217.2SO 14,9521 1210.0441 {55.6761 1165.7201 1355.8601 1310,2571 11,1061 18,750 3,402,066 2.13Z.397 5,553.213 5,0gJ,516 Analysls of 4Jthqr r•strlrted fund￿d0￿•t10nS by type of purpos• Fell(Iwship Funds S¢holarship and Student5hip Fund5 Bursary Funds Travel Grant Fund$ Other Funds General 1.435,869 17.686 L453,555 1,306.056 1,304.711 2.114,711 3.419.422 3,181,721 583,576 59,598 18,312 583.576 59.598 18,312 18,750 5,553,213 535.081 51.192 16.466 18,750 18,750 3.402,066 1132.397 5.090.516 Anatys5sbya$8t Property tnvestment5 Cash 4.743,777 809.436 5,553,213 4,467.883 622,633 5.090,516 35

DARWIN COLLEGE ANNUAL REPORT ANO ACCOUNTS FOR THE YEAR ENDED 30 IUNE 2024 19 Memtyandum ofunappllod Totsl Reium Int￿ded within reserves the following amounts represent Unapplied Totsl Retum of the College.. Unapplied Total Return at the beglnnlr% of year Unapplied Tctsl Retum for theyearlsee I￿te 3bl Unappled Total Retum atthe •nd of year 12.030A91 2,431,628 14.462,119 20 Rtcondllotlon o1surplu$fo¢the yarto nrfush Inftowfr opirkn¥actMtles Jfplu￿￿De￿dL) fortheyear 4,6W398 809.850 Depreciatlon Investment managemernt tosts IGalnV1¢55 on end0￿ents and inve5tmert kyoperty IlncrÈa$ellDecreose In Mo¢ I1￿￿8$el/DeCre1S¢ in tradeand ¢rtherre¢eivables IncreasellDetreasel In ttÈdltors Pension costs less£ontribution5 payai4e 1,216,040 1,337.108 12,010,736) 12.3321 IICKI,3681 222,896 1388.8331 154.4731 13.5161 1398,9521 40,635 1132,5341 Adlu$tm•rtfor In¥•sikn8 orllnanclrf •Ll¥lllts Investrnent incorne IntereM payablo lo￿ lee5 paid 11,515,667) 1393.8961 I￿72.868) 1395.2951 NeI￿Sh knIINfrom opera￿2 a¢tl¥llhs 1.715.503 299.955 21 Cash IIow5 from lTrvoslkn8actMtles 2023 Non-CUTrent investmert disposal Investment income Endowment funds invested IlncreasellDecrea5e in cash balances held atfvnd mana8ers PayThents made to 3cqulre non-¢urr¢nt r￿ed assets Total ¢ash IIDwsfrom inve51in¥ L911.969 1.515.667 13,087,827) 1,192,253 11,909.9721 1377.9101 36.157.329 902.868 135,909.748) 160.296 118,543.5801 117.232,8351 22 cathffl0￿f￿Orn fknanL&i8artMtles 2023 Intuestpèid loan New loan fees paid Total rash flow5 from fftnandn¥ 393,896 395,295 393.896 395.29S 36

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 23 Cor&ofidatqd recondllatlon and anal￿1$ debt AtlJuly 2023 Cashllows At JOJ￿e 2024 Cash and cash •qufvalents 613,3C 1,73L489 2.344.789 orrowtry. amounts due wtthln ¢)n• ye BoffovAng5. amounts du•afterrnortthèn one Unsecured loans 13,(lJO,￿O 13.(th.ClXI Pkttotal 112,386,700) 1.731,489 110.655.2111 See note 15 for fvrther detsils of the £13m unsecured debt. ra15ed by private placem¥￿ts. at fixed Interestdte5 and repayable 2¢J43- 2058. FI￿n￿lI InxNmènts 2024 2023 FinaK5al Assets Finunclolossets atfvir volue through StotementoAComprehensive lftcome sted equity investments Finonclol o$5ets thot oreegwtyin5truments meq5uredotcostless Impalmjent Other equrty iTrve5trnents Flnonriolossets thot#re debtinstruments meosuredot t7morbse cost Cash and cash equlvatents Cash In hand at Investment managers Other debtors 35,169.798 31,983,202 iO.C#)i 2J44,789 30,565 1,167,148 613.3C4) 1.222,818 714,780 Hn•rKkl ihbllltles Flnanc￿lI1ub￿tles meosuredotomortis¢drost L¥ans Trade credttors Otherueditors 13,CW.IM) 408.164 1,186,253 I3,￿,fAXI 290.673 1.080,848 Thefairvaluesof the assets and liabllwoes held at lalrvaluethrouEh wofitand h55atthe balancesh¢ date are deterrnined usln8 quoted prices. Lease obliAathns At 30June 2024 the ColleÉe had annual commltments under no cancellable operatin8 leases as f￿1￿￿. Land •nd buildin85= Explrlng wtthln one year Lxplring between two and five years Expirin8 In overfweyea I￿,764 398.869 185.207 589.632 37

DARWIN COLLEGE ANNUAL REPORT ANO ACCOUNTS FOR THE YEAR ENDED 30JUNE 2024 P•rflons The College partlclpates In two defined benefft schemes, the Universities, Superannuation Stheme (US51 and theCambrid8e Colle8es' Federated Penslons Scheme ICCFPSI. Theassetsoftheschemes are held in separatetrustee-adminlstered fund5. The total pension cost for the 12 rnonth5to 30June2024 was £264.35612023.. É277,3031. The total Cost t￿rKed¢Othe prolt loss account Is £71.61112023.. £79.7351. eficit rtcovery ¢tsntrlbutlons due wiihln one yearfrjrthe Insrltutlan are £nll12023.. É42.4721. Adeficit recovery plan was put in ￿aCe as plrt of the 2020valualion,which requlred payff*ffl of 6.2% of salarks over the pertod l Aprll 2022 untll 31 Mar¢h 2024. atwhi¢h polnt the rate wtyjld Increè5e to 6.3%. As set out In Note 16. no deflclt recovery plan was required under the 2023 valuatlon berau5e the scheme was in surplus on a technical provision ba51& The College w45 no Ion4er required tg make deflclt recovery contributionsfrom ljanuary 2024 and accordlngty released the ￿tsts￿dIng provWon to the wofit 3nd105s acmunt. The latestw4la￿e¢Offlplete actuaria1vo￿atyOfi of the Retlrernent Income Bullder Is at31 March 2023 (the Valua￿on datel. whlch was carrled out using the projected unit method. Sincethelnstltutlon rarbnot Identlfyltsshareof USS Rrfirtmèntln¢omoBuilder Id•fined benefftlassets •nd liaknlities, thefoll¢>win8 dixlosures refiettthose relevantlorthose assets and158bllttles asa whole. The 2023 valuatlon was the seventh valuat•)rb for the 5cherne under the schem￿speci￿ fwdiii reEimeintroduced bythe Pen5ion5Act2(W, which require5 5chemestohavesLrffidentand 8ppropnate assets to cover their technical piovisions Ithe statutory fvnding oblectlvel. At the valuatlon date, thè value of the assets of the scheme w3s £73.1 bllllon and the value of the scheme's techn5￿1 prowyans wa5 £65.7 &llion indicatinBo surplu5 of £7.4 blllion and a lundin8 ralio of 111 The key finan￿31 2ssumptlorbS used In the 2023valuation arede5cribed below. Nore detail isset out in the Statement ol Funding Prinaple5. CPI assumffjion Temi dependent rates In Ilne wlththe dIfferen￿ between the Flxed Interest and Index Linked yield cur¥es les5 1.0% p.a. to 2030, reduclng Ilnearly by 0.1% p.a. Irorn 2030 Pension ¥n¢rea5e515ubiertto floor of 0%) Beneflts ￿th no cap- CPI assumptlon plus 3bps Beneffts suty.ect to a soft cap" of 5% Iprovldinglnflationary Inuease5 UP to 5%, and hawof anyex(e55 infflation over5% upto a maximum of IO%I.. CPI a55UrnPtion minus 3bps Dlscount rate (forward ratel F￿ed Interest 8111 yleld cur¥e plu5.. Pre-retirement.. 2.5% p.a. Postfet1￿Me￿t. 0.￿ p. The Ma￿ d¢mo8raphic assumption used relates tothe mortallty assumpt5on5. These assumptions are based on analysis of the scheme's experience tarried oul a5 Part ol ihe 2023 xtuaikl valuatlon. The mirtallty assumptlons used Intheseli8ures are as follows..

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2024 2023vafuatlon Mortalty base table 101% ofSAPS S2PMA°lhV for Males and 95% of $3PFA fOrfe￿Ie$ Future Improvements to fflortality CMI 2019 with s smoothlng parameter of 7.5. an inttial addition of 0.4%p.a.. IO%w2020 and w2021 parameters, and a l¢mÉ term Improvement vate ol 1.8% p.a. male5 and 1.6% p.a. forfemales. The current life expectanires on retirement at a8e 653re.' Male5 ciKrently aged 65 (year51 Femalescurrently¥ged 65 (years) Malescurrently¥ged 45 Iyearsl Fernales currendy aKed45 Iyearsl 24.0 25.6 25.4 27.2 25.6 26.0 27.4 The Colle8e operates a defined beneflt Pen￿On plan for the CoNege's employee5 01 the Cambridge Colleges. Federated Pension Stheme. The Ilabillties of the pkn have been ¢al¢ulated. at 30 June 2024. for the purposes of FRS102 a waluation system designed for the M3n38ement Commrttee. actlTrg as Trustee ot the Carnbridge ColleBes' Federated Pension Stheme, butallowlnglorthe drfferEnt assumptionsrequired underFR5102 and takln8 fully lrto ¢￿$￿deratiOn changes In the plan benefit structure and membership slnce th3t date. The prThdpal actuarial a55umptlons atthe balan￿ sheet date were asfollow5.' 2024 % p.a. 5.10 %pa. 5.20 3.30 3.30 3.40 2.80 Oiscount rate Increase fn salarffiesio 2030 Increase In salaries from 2031 RPI assumpii•n CPI assymption to 2030 CPI assumption from 2031 Penslon In¢￿ase5 in payment IRPI 5% p.a.) Pension Increases in payment ICPI Max 2.5% p.a.) 3.75 35 2.35 3.25 3.15 3.30 105 The underfytng mortalityassumptlon lsbased upon thestaThdèrdtablÈknown asS3PA onayearof birth usage with CMI 2022 fvture irnprovement faetors and a long-term rate of future improvement of 1.25% per annurn. a standard 5moothinE Trdrtor17.01 no allow3nce for addltl¢Jnal improvernents 12023.. S3PA wth CMI 2021 future improvement fattors and a low-tem luture improvement rate of 1.25% peT annum, a standard smoothing fartor17.Dl and no anowantt for additlonal Improvements). This results in the following Ilfe expectan¢les', Male a8e 65 now hasa Ilfe eyrtancy of 2l.4year5 (Pre￿OUSlY2I.4 years). . Female age 65 n(y•J has a life e¥pertanLy of 23.9 years Ipre¥lwsty 23.9 years). Male 48e45 now and retlrfng In 20years ha5 a life expectsnryof 22.6years lyeviDUs￿ 22.6 yearsl. • Female 3ge45 nowand riring in 20 Yea￿ has a lrfe expectancyof 25.3 years IprevlDusty 25.3 years). 39

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 IUNE 2024 Mernbers are assumed to retire at their nonnal retirernent a8e 1651 apart frrm in thE followln8 IndlcatEd oses.. M•fe Fenwl• Active Members- Optlon l Benefits Drred Members- Optlon l Beneflts 63 62 Allowan£e hos been made at ret1rementf0rnon.r￿yed membÈrsto commute partdtheirpension for lurftp sum on the basls of the current comrnutstion fact￿5 in these calculation& Employve 8enefft Obli6aiio115 The amDunts recoBni5ed in the Bèlance Sheet as at 30June 2024 Iwlth t¥mparat6ve flgures as at 30 June 20231 a￿ asfollows- 2023 Present value of plan liabilitie5 Market value of plan assets Netd•fin¢d b•h•fft ss•Vlll*bllltyl 14,989,570) 4,295,873 1693.6971 14.809A991 3,985,192 1824.3071 The amountstobe re¢o8nised inthe Statementof Comprehenswe Incomeand Expendlturefortheyear endlng 30 June 2024 Iw(Ih c¢JmparatfjvÈflgures fortheyearendlng 30 June 20231 are as follow5. 2024 Current Se￿¢¢ ￿5t Adminlstratlve costs Interest on net deflned benefft lassetlniablllty IGainl/Loss on plan thanges Curtallment (8aSnlO055 152.547 19,152 43,912 201,958 19,152 32,673 215,611 253,783 Changes in the presentvalue ol the plan liabilities forthe yearending 30June 2024 Iwf(h comparative uresfortheyearendlng 30June 2D231 are as lollows: Presentvalue of plan11a￿lItIes4t be8thnlnJof perlod Currentservice cost Employee ¢ontrSbutlons Benefits paid Interest on plan Ilabllftles Acluari31 IgainsVIos5es IGalnIlLo￿ ¢n plan chon8es Curtallment IgalnlO0sS Pre5qntvalue of plan Ilabllltlesat end of porlod 4.809.499 152,S47 21.566 1243,1161 248.331 743 5.357.246 201.958 21.872 1261.9931 202,866 (712.4501 4.989,570 4,￿9rt99 40

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 IUNE 2024 Changes in thefair v41ue of the plan assets fortheyear endlnB 30June 1024 {W￿h Comparatlve fiBur¢$ for the year ending 30June 20231 are as follows.. 2024 2023 141arkrt￿1Ue ofp14n assets at bqlnnfty ¢fp•rforf Contribution5 paid by the College Employee contri1￿tIonS Benefits paid AdministratNe expenses pald Interè51 on plan assets Reium on assets, le55 Interest Inthjded inthe 5taternent of Comwehen5ive Income and Expendlture M•vket value of plan assets at qnd of perlod 3,985.192 304,682 21,566 1243,1161 123,9431 204,419 47,073 4￿18.616 307￿41 21,872 1261,9931 I25￿13) 170,193 1746,0241 4.295,873 3.985.192 Actual retyrrt on plan a55ets 251.492 1575.8311 The major cate8orles of plan assets for the yearendin8 30June 2024 Iwith corrvarat￿£ fiRuresforih¢ year endin830June 20231 are asfollow&' 2023 49% 38% Eq￿￿e5 Bonds &Ci$h Property Total 45% 12% The plan has rrt) inw51rnents In ￿￿Perty0¢Cup1¢d by, assets used by orfinanclal thstruments Issued bv the College. alysi% of the remeaswement of the net deflned benefit liability recognised In (￿her Comprehensl¥e Income IOCII fcr the year endlng 30 June 2024 Iwith comparative figures for the year ending 30 June 20231 are aslollows= Reiurn on assets. kss Intere51 Induded In the Ststement of Comprehensive Income and ExpÈnditure Experted less atwal plan expenses Experfence8ain5 and1055e5 arlsln8on plan liaknlities than8e5 In assumptions underlyin8 the present value of plan 47,073 1746.0241 14,7911 116.8601 16,117 15,8611 1521,4441 1,233,894 Reme85urementof netdefined benefft IlatrAIIty rew8nised In OCI 41.539 139A351 41

DAR￿￿ COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 Movement in net defined benefita55evlli3bilityl duringtheyear endinK 30June 2024 Iwth cOMpar￿1ve figure5fortheye41 ending 30JunE 20231 are asfollows.. 2024 2023 N¢t defined benefit •sseV{li•bilrtyl •tbtÈinnin80l year Recognised in the Ststement of Cornprehen5ive Incomeand ExFendltyre Contrlbuuons pald bythe College Remea5urementof net defined benefit liability retoKnised in OCI Net defined benellt a56etiiitabllltyl it end of year 1824.3071 1838.6301 1215,6111 1253.7831 304.682 41,539 1693.69n 307.541 139A351 1824,3071 ndln Actuadal ￿luationSaTe carrKd outeverythreeyears on behalf of the Mana8ernentCrffimlttee. actlng as the Trustee of the Scheme. by 3 qualltled Independent artuary. The *tuari•l assLmPtlons underlWn8 thè aCt￿rial valuatlon art diffÈrÈmtto those adopted under FRSIO2. The last such actyjarlal valuation was 35 at 31 March 2023. Thi5 showed that plarfs assets were insithclent to ¢over the liabl11￿e$ on the fundlng basls. A Recavery Plan has been agreed with the Ccllege. whlch ¢ommltsthe Cotle8eto Pa￿ng contrfbutlons to fijnd theshortfall. These deficit reduction £OMTibutions are IniorpDrated Into the plan'sschedule ￿Contr￿lon$ dated 27June 2024 aThJ are as fdlow5: - tontributi¢)ns of not less than E120.556 per annurn payable for the perfod from l Ju 2024 to 31 March 2030. These pawnents are subiettto rewewfdlowinithe nextfundln8Yaluatlon, due as at31 Marth 2026. Related PartyTransactlons {￿IngtO the nature of the College'5 operatlcffl5 and the CoMpo￿tion ot it5Trustee5, bt is P05sIE4e th tranS￿l0￿5Wlll toke place with wgani%tlOn5 in which aTrustee may have an interest. Alltransactlons Invol￿ing 018ani5ation5 in which a Trustee may have an Interest are conducted at ami's length and in accordan￿ with the College's normal procedure5. The Coll4e maintains a register of interests for all Trustees and where any Trustee has 3 material interest in a Cc4lege matterthey are requlred to declare that fatt. rin8thE year, nofees orexpense5 Paid to FellDW5 in respEct of thEirdutie5a5 Trustees. Fellow5 are remunerated for pastcral. eduEotloft•l and other dutles vAthln the College. Fellows are bllled fu any private catering. The Trustees reMunera￿on Is overseen by a Remuneration Su Committee of the Colle8e's FiTraKe Committee, whose membershlp ¢omwlses Independent Èxternal membeN Felows who are Mt Trustees. and the Bursar. 42

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2024 The salar￿5 paid toTrustees In the year are5ummarfsed In ihe table below.. Numberof Fellows To: io,Tr £20,tMJo £30,(KJO £40.1 £50.000 £E￿,￿)0 £70.(K)O £80.OC E90,OCQ £10,￿1 I20,￿1 £30.TrJi £40,(MJi £50.ts)1 £60.￿1 £70.¢X)I £80,001 Total 12 The total TrustEe salaries were £238,645 forthe year12023- £212,381) The Trustees were a150 paid oiher taxable benefits lincluding associated employer N￿OnI1 Insuran¢e contrfbutions and employer contrfbutions to P2n5ionsl ￿￿ch toiolled £63.278 for the year 12023.. £63.7421 IR*nalndwdpJyleftlntentroNltyblinkl 43