2025-06-30-accounts

DARWIN COLLEGE CAMBRIDGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

DARWIN COLLEGE ANNUAL REPORT ANDACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 TABLE OF CONTENTS Contents Page Preliminary Information Annual Report of the Trustees Report of the Independent Auditors 13 Statement of Principal Accounting Policies 17 Statement of Comprehensive Income and Expenditure 24 Statement of Changes in Reserves 25 Balance Sheet 26 Cash Flow Statement 27 Notes to the Accounts 28

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR ThEYEAR ENDED 30JUNE 2025 PRELIMINARY INFORMATION Body Corporate: The Master and Fellows of Darwln College in the University of Cambridge Address: Silver Street, Cambridge CB3 9EU Charity Reglstration Number: 1141105 Charity Trustees: The College's Trustees for Financial Year 2024-25 were: DrMRWRands Profe550r F E Karet Professor S Baker Professor A Wood Dr D J Needham MrJTDix Professor A F Blackwell Professor R P Cowburn Professor J B Rowe Professor C van Ruymbeke Professor C Sandbrook Mr J Bickler M5 N Hartley Mr P van der Jagt Mr P Debata Mrs Martin5550n Master Vice-master Vice-master (to 30 November 2024) Vice-Ma5ter Ifroml December 20241 Dean Bursar {to 30 September 2024) Ifrom l October 20241 (to 10 July 20241 (to 10 July 20241 Ifrom 10 JLJIY 20241 (from 20 November 20241 Prfnclpal Advlsers: Audltors: Peters, Elworthy & Moore Salisbury House Station Road Cambridge CBI 2LA Bankers: Barclays Bank plc (Corporate Bankingl Mortlock House Histon Cambridge CB4 9DE Property Mana8ers'. Cheffins, Chartered Surveyor5 Clifton House 1 & 2 Clifton flood Cambridge CBI 7EA Investment Fund Managers: Cazenove Capital Management Ltd 12 Moorgate London EC2R 6DA University of Cambridge Investment Management Limited The Old Schools, Trinity Lane Cambridge CB2 ITN

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 REPORT OF THE TRUSTEES I￿RODucr1oN The College Darwin College was founded in 1964 as the first graduate college in the University of CarTbbridge. The College was created an Approved Foundation on 29 January 1965, and wa5 incorporated by Royal Charter dated 9 June 1976 as a Body Politic and Corporate under the name and style of "The Master and Fellows of Darwin College in the University of Cambridge". The College is an educational charity. It enjoyed exemption from registration from its foundation until 2010 when changes in charity law required it to become registered with the Charity Commission, which it has been since 4 April 2011. The main ColleEe site is at Silver Street, Cambridge, CB3 9EU. Alms and Oblectfve5 of the College The College's principal object under its Charter is to advance education, learning and research in the University of Cambridge. It pursues this objective by: Promoting and fostering excellence in academic education and learning through providing a community of scholarship for its graduate students. Creating and nurturing a vibrant and supportive re5earth tommunity for its Fellows. graduate students, other members, and visitors. Maintaining and enhanclng the endowment, benefactions, buildings, grounds, and facilities of the College for the continuing benefit of current and future generations of members. The maintenance of the College's financial viability for the present and lon8 term, and of its independence and autonomy within the collegiate university, are consistent with and necessary conditions for the fulfilment of its charitable purposes. Publlc Benefft The College provides, in conjunction with the Universlty of Cambrldge. an educational and support base for over 700 post-graduate students, and very occasionally undergraduate-status students in specific disciplines. The education underthe Cambridge collegiate system is recognised internationally as being of the very highest stsndard. Whether through teaching or research or a combination of these, this education challenges and develops students academically, fosters leadership qualities and interpersonal ski115, and prepares them to play full and effective roles in society, be this in the UK or In the 75 other countries from which the membership is currently drawn. Although only sixty years old, the College already numbers Nobel prize winners amongst it5 Fellows and alumni. In particular, the College provldes: Physical and technical facilities supporting its students in their individual study regimes, as well as supportin8 teaching activities in the wider University, and for seminars and a public lecture series of intemational renown; Pastoral, well-bein& administrative, and academic support for its Students through the Deanery with tutoring and mentoring provided by Fellows; and

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 Social, cultural, sporting, musical and recreational facilities, enabling students to balance fully their academic and personal lives, and develop their potential, whi15t studying in Cambridge. The College advances research by.. Providing currently 20 research fellowships and around SO post-doctoral research a550ciateships to outstanding researchers in the early stages of their careers,. these appointments enable them to develop and focus intensively on their post-doctoral research work, in that crucially formative period prior to their taking on teaching duties in an academic post or research leadership roles elsewhere.. Demonstrating the value of research de8rees for addre55in8 global challenges, and their potential impact on the knowledge economy both in the UK and internation311y,' Supporting the work of all it5 Fellows by creating and promoting inlernational and interdisciplinary contact both informally and in seminars and le(tures,' Fostering academic networking, and access to and involvement in cutting-edge research, partlcularly by provl(tinB focllltle5 fDf DUt5tondlng Jrademir5 from other univer51tlEJ all over the world to make extended stays as Visiting Fellows and Visiting Researchers; Indurtin8 the next Beneration of academics and researchers into è research culture which is inclusive and diverse,. and Offering access to invaluable resources for all members of the College, particularly in the provision and maintenance of a Study Centre and Library, and extensive IT facilities. Members of. and academic visitors to, the College, both students and Fellows, are the prime beneficiaries. They are directly engaged in education, learning and research and the College's Students are the recipients of such direct financial support as the College is able to provide to those of limited financial mean5. More widely, other beneficiaries include students and academic staff from other Cambridge Colleges and the Universlty of Cambridge. Acadernics from other higher-education institutions and returning alumni members of the College are given opportunities to undertake interdisciplinary research and establish contacts, attend educational events at the College, and make use of its academic facilities,. in parallel, the wider public is encouraged to attend certain educational octivities provided by the College such as lectures, seminars and concerts. These activitie5 serve to reinforce and underpin life-long learning. A particular example is the Annual Darwin Colle8e Lecture Series, now in its 40th year, which runs for eiBht weeks each Lent Term, and attracts audiences of many hundreds drawn from the general public as well as the student and academic community. Since 2007 most of the lectures have been made available online for a global audience, and cumulative downloads to date exceed one million. The theme of the 2025 lectures series was Code5 which explored the concept from a varietyof angles. The letture5 are collated. edited and published by the College with Cambridge University Press, and the volumes entitled Food120221 and Revolution120241 are being finalised for publication. The College also has a series of termly public seminars known a5 the Erasmus Seminars which, in 2024-25, included Seminars on Where to Begin? Replicating the Humon Genome. Bridging the Trust Gop.. Economics, Economists and Public Policy and Alzheimer's Diseose ondDementio- rhetoric and the evidence basefrom un epidemiolugicol perspective. The College's pursuit of public benefit has been enhanced with the implementation of an Equity Diversity and Inclusion plan which seeks to ensure its policies and practices meet or exceed societal expectations in this area, and through the improvement and professionalisation of its communications function and a relaunch of its communication channels for better engagement with society more widely.

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 In fulfilling its charitable purposes of advancing education, learning and research, the College draws on its senior officers such as Master, Vice-masters, Dean, and Bursar who receive stipends. These serve with other Fellows as charity trustees through being members of the College Council. Other stipendiary senior officers include the Development Director. Any employment and remuneration of the Master and Fellows is undertaken with the intention of furthering the College's aim5 and such employment directly contributes to the fulfilment of those aims. The private benefit accruing to the Master and Fellows through stipends and related benefits is objectively reasonable. measured against academic stipends generally,. moreover, onnual pay increases normally follow national settlements applying to the university sector. Without the services of its Master and Fellows. the Colle8e could not fulfil its charitable aims as a College in the University of Cambridge. ACHIEVEMENTSAND PERFORMANCE Academic Results and Student Body Profile College members graduating in the 2024-25 academic year achieved 120 PhDs and 233 Masters-level degrees12024.' IIS and 219 respectively). Five former students who had graduated in absentia during the COVID-19 pandemic returned to Cambridge to attend celebrations of the award of their degrees. In the 2024-25 academic year there were 773 student members of the College (for all or part of the yearl12024.' 7381. Of these 557 were fee-paying post-graduate students linclvding 27 who paid fees directly to the Judge Business School) and 216 were post-graduate stLEdents writing up or under examination (from whom the College receives no feesl. The College's fee income in the year, under current arranEements within the collegiate University, is based on its number of fee-paying post- graduate students adjusted to a full-time equivalent, which for the year was 513.7812024.. 515.281. 50% of fee-paying Students were fully funded and 3% partially funded as to their combined graduate fees from sources of which the University or College is aware,. the balance were self-funded orfunded from sources of which the College is not formally aware. Financial Overview The College's income comprises academic fees. charge5 for student accommodation and catering services, investment income, and individual and corporate donations and bèquests. Its expenditure comprises the costs of education, of providing and maintaining student residence5 and catering. of investment and property management, and of development fundraising and alumni relations- and expenditure includes all staff costs and depreclatlon. In the 2024-25 year the costs of educational, accommodation and catering provision and general operations exceeded the a55ociated unrestricted income from fees, rents and charges givin8 a deficit of £475.961 12024.. deficit of £441,487). The College relies upon donations and income from its endowment to turn this operational deficit into a surplus which can be invested and expended over time to maintain and improve its seNices and facilities. The College made a surplus on its unrestricted activities lafter endowment income, donations, grants but before other gains and 105sesl of £1.012,17312024.' £911,308). Donations of £2,203,24012024.. £373,189) and a grant from the Colleges Fund of £582,44912024'. £848,000) were gratefully received in the year, and government grants of £191,416 were received for decarbonisation projects. These amount5 are mainly subject to use for restricted or endowment purposes. The accounts for the year also include appreciable unrealised capital gains on investments and favourable movements on pension provi5iofkS. The net assets of the College at 30 June 2025 were £90,445,61212024.' £86,507,110).

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR ThE YEAR ENOED 30JUNE 2025 The College's restricted and endowment reserve5 at 30 June 2025 were £35.517,838 having increased in the year from £33,029,753. The restricted reserves comprise £12,612,213 of restricted or trust funds for defined educational purposes and £22,905,625 of endowment funds or general corporate capital funds, the income from which is essential to fund the deficit which would otherwise arise on the College's academic activities and student seNices and to provide resources for capital and other College projects. The College's unrestricted reserves have increased to £54,927,774 from £53,477,357. Thls total includes the College's cash reserves and some investment assets, but the great majority of such funds are fixed a55ets in the form of the College's operational land and buildings. The College's total reserves are reduced by a provision for pension liabilities of £380.25412024-. £693,697). The College has Outstanding £18,350,122 of unsecL¢red fixed interest rate debt. The repayment of the capital is due in the period 2043-2058. Of this funding £13million has been used to acquire revenue generating operational asset5 for the Colle8e, namely the purchase in 2022 of the 44 flats known as Causewayslde on Fen Causeway, Cambridge. The balance is available as part of the fvnding arrangements for the capital works and building5 renewal projects descvibed below. Benefactions and Donations The College is most grateful for donations and bequests (including of royalties), from alumni and from other supporters and organisations. This generosity enables the College to extend and enhance its support for students and Fellows, for its physical estate, and for its charitable activities generally, for example in organising the Darwin College Lecture Serie5. The fundraising campaign which was publicly launched in September 2024 has secured £11.5m in gifts and pledges towards the target of £60m. Over the course of the year £2,644,24412024= £641,510) was raised. (This amount is the unaudited total of all gifts and pledges made in the year, including amounts not yet recognised in the financial statements). A total of 28512024.. 5401 individual and organisational donors contributed in the year at a variety of levels. The College 15 immensely grateful to them ft)r their 5UPPOrt. The College spent E397.92912024.' £294,990) on fundraising and alumni relations in the year. These costs are incurred as the College supports a fast-growing - and global - community of alumni and prepare5 for the new fundraising campaign. The College invests in communicatlng wlth alumni and other sUPPOrteTs through the College magazine. The Darwinian, as well as making use of electronic and social media. The College is registered wlth Fundraising Regulator and folbws its Code of Fundraising Practice. The following information is provided under the Code and in line with Charity Commission guidance. The College raises money through telephone fundraising, direct mail (by post and email) and in person one-to-one meetings. The College employ5 a professional Director of Development to lead fundraising activity. The Work of the Director and development team is overseen by an internal committee and the Director reports directly to the Master of the College. New staff and others involved with fundraising are trained on the Code as part of induction and are required to comply with the Code. There were no compliance issues or complaints about fundraisin8 during the year. The Colle8e did not employ any 'on behalf of fundraising staff or contractors durir)g the year. The College protects vulnerable people and members of the public from undue pre55ure to make donations and intrusion into their privacy by: Trainin8 Staff involved in fundraising attivities about what vulnerabilities might be encountered and how to recognise them;

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 Allowing potential donors (usually alumni) to opt-out in advance of any or all fundraising campaigns-through sending email and postal notifications with detsils of how to inform the Colle8e- Maintaining contact preferences for alumni on a datsbase and checking this when selecting people to approach to ask for donations; Training anyone who asks for donation5 how to ask and lif during a telephone fundraising call) to ask onty once; and Not persisting with requests for meeting5 about fundraising when no response is consistently received after several attempts to make contact. Endowment and Investment Perfomance The College's financial investments are comprised of Its invested endowment. The College, as a permanently endowed charity, adopts a long-term time horizon when makln8 investments of its endowment. The College is advised on investment matters, via the Finance Committee, by its fund managers and independent external members co-opted lo the Committee. The return in the year on the College's corporate capital lunrestrided endowment) fund and on its (restricted endowment) trust pool fund was 3.6% net of fees12024: 10.4%). No withdrawal of invested capital from these funds wa5 required or made In the year. The College accounts for its invested endowment on a total return basis whereby no distinction is made between income and capital return and the College receives inlo its income and expenditure account a percentage of the total investment assets (currently 3.25%) subject to a smoothing formula over time. The total return transferred to the income and expenditure account for the year was £1.105,486 12024: £1,079.3681. All investment income received is applied in the pursuit of the charitable objects of the College. The College encourages socially responsible investment, and monitors its investments against environmental, Social and governance standards. Under its investment policy it will not invest in entities where: the investment may conflict, or be inconsistent, with primary aims. objectives and activities of the College- the investment might alienate the College's SUPPOrters or potential 5LlPPQrter5,' the irbvestment may be reputationally dama8ing- the investment is considered by the Trustees to be unethicol,. or the investment might otherwise hamper the work of the College. In pursuance of this policy the College recognises that climate change 15 a real and present danger, and encourage5 debate on the appropriate response by the College to the risks climate change represents. The College seeks to support sustainability, carbon reduction. the development of renewable energy sources, and action to mitigate the effects of adverse climate change. Consequently, it investments are held in funds which are regularly assessed and monltored for thelr sustainability credentials. Reserve5 policy The College intends to continue to pursue its objectives in perpetuity. It therefore aims lo protect and maintain the real value of its permanent corporate and trust capital, and to continue to increase its unrestricted funds and reserves for the lon8 term, whilst seeking an equitable funding balance between the interests and aspirations of present members and those yet to come. and also retaining an ability to cope with sudden unforeseen financial upheavals and to take advantage of unexpected opportunities. Any new donations or bequests to the College are added to the unrestricted funds unless the donor has made it clear that the funds are to be used for a specific purpose. The College's free reserves stood at the year end at £12,536,112 12024- £6,066,327), being its unrestricted reserves and long-term debt totallin8 £73,277,886 less the amount committed to

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 functional assets (representèd by the total of its tangible fixed assets) of £60,741.774. Free reserves provide a notional measure of resources available for general purposes which are not re5tTlCted or committed. The College seeks to ensure that its free reserves approximate or exceed one yearfs expenditure at current levels. Frèe reserves at the year-end represented 164% of unrestricted expenditure incurred during the year12024: 85%). Long-term debt is excluded from the calcL*lation on the basis that the College will accrue sufficient additional reserves to repay the debts when due. Capitsl Expendlture The capltal expenditure which was incurred during the year ar05e mainly in connection with the College's ongoing degasification programme. The degasification work at Gwen Raverat House, a 56- bed hostel off Newnham Road, was successfully completed and commissioned. A Public Sector Decarbonisation Fund grant part funded the work which involved replacing the glazing, upgrading insulation and installing air Source heat pumps. Bulldlng Renewals and Malntenance The College's buildings on its main 51te are mainly ei8hteenth and nineteenth century with modern additions, and adapted houses and purpose-built student h05tels off-domus. The routine malntenance of the buildings is Carried out according to a comprehensive long-term rolling maintenance programme which seeks to ensure timely refurbishment, to a standard to minimise unplanned and costly remedial works, carried out within tight budget controls. The College's two largest off-site owned h05tels have been degasified. This work carries with it a significant element of the renewal of services in the buildings and refurbishment of the fabric. In July 2025 a detailed planning permission was granted for major work acr055 the main site, to decarbonise the provision of heating and hot water using river source heat, to improve the thermal performance of the buildings with improved glazin& insulation, and other fabric upgrades, to completely refit the College kitchens, to improve the clrculatlon and spatial qualities of the Hermitage interior, and to build a new large social space Ithe Garden Room) under the Hall. Fundraising for the work forms a key element of the fundraising campaign launched in the year. The College has embarked on this first of two phase5 of works to deliver the overall scheme. The first phase 12025-271 will encompass the building of the Pump House to house the river source heat plant, the underground distribution network, and the fabric improvements to the Rayne Building and Newnham Grange. Pensions The College has members of staff In the Unwersitie5' Superannuation Scheme IUSSI, a defined contribution workplace pen5i0n Scheme, and the Cambridge Colleges, Federated Pension Scheme ICCFPSI Iclosed to new members). The College had 19 active USS mernbers at 30 June 2025, although many Fellow5 will be USS members though their employment by the University- The most recent full USS valuation. as at 31 March 2024. valued the assets of the scheme at £73.1 billion and valued its technical provisions at £65.7 billion. indicating a surplus of £7.4 billion land a funding ratio of Ill%1. The College is, taken apart from the University. a very small employer within the scheme. It ha5 considered how to deal with the issues of conflict of interest for Fellows and Trustees should the College wish to take an active part in USS consultations regarding the scheme.

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 The mDSt recent actuarial review of the CCFPS was as at 30 June 2025. The College's overall benefit fundin8 liability has decreased to £380,25412024.. £693,697). Printipal Risks and Uncèrtainties The main risks and uncertainties facing the College are those connected with the following matters.. Economic and political factors, including.. o the availability of sources of funding for graduate Study. particularly in the arts and humanities, and particularly following the UK'S departure from the European Union- o threats to the continuing attractiveness of the University to the diverse global academic elite, whether as applicant students, POSt-doctoral researchers, or academics- o the need to minimise reputational risk through high standards and appropriate policies in areas in which the College might be the focus of political, activist or media attention; Social, environmental and health factor5, including.. increasing societal concerns regarding student mental health and well-being where the College must ensure that its pastoral functions adapt and remain effective; o the impact of cllmate change generally Including the pressures associated with the Col- lege's need to undertake major and expensive decarbonisation work and meet it5 net car- bon zero commitment by 2032- o the rapid pace of technologlcal change, particularly around Al. and the ever-present threats associated with cyber-crime. Local and orEanisational factors, including: o the high cost of living in Cambridge for students and staff- Issues relating to the City of Cambridge, including a Shortage of affordable housing, congestion, and deficiencies in public transport which will add to the challenges of recruiting and retaining College staff and will increase operating costs: o the financial and other risks associated with the College undertaking a major programme of capltal works and managing the impact of this on the student experience. transition and succession risks durin8 a period of anticipated changes in the Colle8e's leadership and senior management. The College reviews risks generally at an institutional level and at an operational level. Major risks to which the College is OT may be exposed from time to time are reviewed regularly by all College committees Wlthin their terms of reference, and reported to College Council ènd Governing Body. A risk register is maintained to monitor. mitigate or remove major risks a5 they are identified. Operational risks are reviewed at a departmenlal level and appropriate procedures put in place to monitor and control such risk5. Plans for the future The Strategic Plan for Darwin College 2022-2032, as approved by College Council and endorsed by the Governing Body in 2022. continued to be implemented and monitored during the year. The Plan sets OLrt five strategic priority areas.. strengthening the College's contribution to academic excellence and research impact: fostering a diverse and inclusive College community; enhancing the College estate, facilities and seNices- expanding and diversifying College revenue; and acting on and promoting solutions to global challenges, includlng sustainability. The Council carries out an annual review of progress against the goals agreed to achieve pro8ress in each of these five priority areas.

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 To deliver key elements of the Strategy, a major fundraising campaign was launched in September 2025 with a goal to raise £60 million to support the College. The fundrBising tampaign will focu5 On securing support for studentships, the decarbonising and improvements to the estate and strengthening the College'5 effort5 to develop solutions to global challenges. The campaign activity will increase and intensify in the coming period. Work will also continue in College on the implementation of its Equity, Diversity and Inclusion Development Plan. The commencement of the decarbonisation and improvement works on the main site repre5entS major step towards the Strategic Plan's goals for the College's estate. The scheme received planning permission from the lotal authority in September 2025. These works will be a prominent feature of life in College in the coming period, bringing wlth them both a measure of disruption and excitement for the positive change they signal. The Governing Body will be electing a new Master to take up office in October 2026, and the College is putting in place plans to ensure a smooth transition. GOVERNANCE Corporate Governance The following statement is provided by the Trustees to enable readers of the financial statements to obtsin a better understanding of the management of the College's resour￿5 and audit oversight. The College is a registered charity (Registered Number 1141105) and subject to regulation by the Charity Commission for England and Wales. The College Council provides the trustees of the charity and they are responsible for ensuring compliance with charity law. The Trustees are advised in meeting those duties by a number of Committees, and internal and external professionally qualified advisers. Members of the College Council forming the Trustee Body during the year to 30 June 2025 are indicated at Page 2. The Principal Officers of the College under Statute are the Master. Vice-master, Dean, and Bursar, and the holders of these offices during the year are identlfled on Page 2. Two joint Vice-masters continue to share the duties of the office, and of whom Professor F E Karet seNes as Vlce-master for statutory purposes. The Governing Body* comprlsin8 the Master and Fellows under Titles A, C, D, and E, holds at least six meetings a year, with the November/December meeting being the Annual Meeting. The College Council comprises the Master, Vice-masters, Dean, and Bursar ex-officio. four Fellows elerted by the Governing Body, and three students. The current Student Association President Is a member ex-officio, and two further student members are elected directly by the student body each year. The College Council meets on a regular bas15 throughoLrt the year and is responslble for the everyday administration of rhe College in all matters not allocated by Statute to the Governing Body or the Finance Committee. The College Council makes regular reports to each meeting of the GoverninE Bodv. The Finan￿ Committee. composed of the Master. Vice-master. and Bursar ex-officio, and three Fellows elected by the Governing Body to seNe from the beginning of a given academic year, manages the College investment5 and. with a directly elected student representative. Controls and administers the revenues and expenditures in accordance with College StatLrtes, Ordinances, and the Charities Act. io

DARWIN COLLEGE ANNUAL REPORT ANDACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 The membership of the Committee rnay be reinforced by up to three external members for the consideration of the College's investment business. It is the specified duty of the Finance Committee to keep under constant review the effectiveness of the College's internal systems of financial and other controls: to advise the Trustees on the appointment of external auditors; to give initial consideration to reports submitted by the auditors- to monitor the implementation of recommendations made by the audltors- and to make periodic formal Reports to the Trustees and Governing Body. Registers of Interests in a form prescribed by the College's Conflicts of Interest Policy are maintained for the Trustees. and Related Party forms are obtained from the Trustees and senior staff as part of the annual audit. The declaration of interests is a formal agenda item at the beginning of every£olle8e meeting. ststement on Internal Control The Trustees are responsible for ensuring a sound system of internal control that supports the achievement of policies, aims and objectives while safeguarding public and other funds and a55ets for which the charity hold5 responsibility. in accordance with College Statutes and Ordinances, and the Charities Act 2CXJ6. The systems of internal control are designed to identifythe principal risks bearing on the achievement of aims, objectives and policies, to evaluate the nature and extent of those risks, and to ameliorate and control them efficiently, effectively and economically. The systems of internal control are structured realistically to identify and control most of the risk5 of failure to achieve aims. objectives and policies, rather than attempt to eliminate risk entirely: it therefore provides reasonable, but not absolute, assurance of effectiveness. These processes were in place for the year ended 30 June 2025 and throughout the period to the date of approval of the financial statements. The Trustees are responsible for reviewing the effectiveness of the 5Y5tems of internal control. The Truslees, continval review of the effectiveness of the systems is informed by the work of the variou5 Committees, the Bursar, and the College Officers who hold responsibility for the development and application of an internal control framework and for the investigation and resolution of any comments raised by the external auditors in their post audit and other reports. General Responslbllltles of the Trustees The Trustees are responsible for the preparation of the Annual Report and financial statements in accordance with applicable law and having regard to United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The College Statutes and Ordinances, and those of the University of Cambridge, require the Governing Body to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the College and of the surplus or deficit of the College for that period. In preparing these financial statements, the Trustee5 are required to= Select Suitable accounting policies and apply them con515tentty: Make judgements and estimates that are reasonable and prudent: State that applicable accounting standards have been followed, subject to any materlal departures disclosed and explained in the flnancial statements- and li

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR EMDED 30JUNE 2025 Prepare the f inancial statements on a'going-concern, basis, unless inappropriate to presume that the College would continue in operation. The Trustees are responsible for keeping accounting records which, at any time, disclose with reasonable accuracy the financial position of the College and enable them to ensure that the financial statements comply with the Statutes of the University of Cambridge. They are also responsible for safeguarding the assets of the College and, hence, for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Approved by the Trustees on 19 November 2025 T DIK Bursar 12

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF OARWIN COLLEGE Oplnlon We have oudited the financial statements of Darwin College (the 'College'l for the year ended 30 June 2025, which comprise of the Statement of Comprehensive Income and Expenditure, the Statement of Changes in Reserves. the Balance Sheets, the Cash Flow Statement and the related notes, including a summary of si8nificant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Prarticel. In our opinion the financial statements: give a true and fair view of the state of the College's affairs as at 30 June 2025 and of Its incoming resource5 and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Ac- ounting Pr3ctice,' and have been prepared in accordance with the requirements of the Charities Act 2011 and the Statutes of the University of Cambridge. Basls for Oplnlon We condurted our audit in accordance with International Standards on Auditing IUKI (ISA5 (UK)) and applicable law. Our responsibilitie5 under those standards are further described In the Auditor's responslbllitles for the audit of the financial statements section of our report. We are independent of the College in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reportlng Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suff5cient and appropriate to provide a basis for our opinion. Conclusions relating to Goln8 Concem In auditin8 the financial statements, we have concluded that the Tru5tees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the College's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respert to going concern are described in the relevant sections of this report. Other Infomiatlon The Trustees are responsible for the other Information. The other information comprise5 the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assuran ¢on¢lusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing $0, consider whether the other information is materially inconsistent with 13

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 the financial statement5 Qr our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi5Statements, WÈ are required to determine whether this gives rise to a material misstatement in the financial statements or a material misstatemerbt of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Oplnlon on Other Matters Prescribed by the Ststutes of the University of Cambrldge In our opinion, based on the work undertaken in the course of the audit: the contribution due from the College to the University has been computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Statute G.11, of the University of Cambridge. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the College and its environment obtained in the course of the audit, we have not identified material misstatements in the Operating and Financial Review. We have nothing to report in respect of the following matter5 in ￿latiOn to which the Charities laccounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. sufficient accounting records have not been kept by Darwin College; or the Darwin College financial statements are not in agreement with the accounting records- 0 we have not received all the information and explanations we require for our audit. Responsibilities of the Trustees As explained more fully in the responsibllitles of the Trustees, Statement, set out on page 11, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material mi5Statement. whether due to fraud or error. In prepèrlng the flnancial statements, the Trustees are responsible for 35se5sing the College's ability to continue as a 8oin8 concern, disclosing, a5 applicable, matters related to golng concern and u5in8 the going concern basis of accounting unless the Trustees either intend to liquidate the College or to cease operations, or have no realistic alternative but to do so. Auditoes Responsibilltles for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mlsstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error ?nd are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 14

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline¢J above, to detect material misstatements in re- spect of irregularities including fraud. The extent to which our procedures are capable of (ietertin8 irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of materlal mlsstatement in respect of irreEulari- ties, includinE fraud and non-compliance with law5 and regulation5, was as follows: the engagement partner ensured that the engagement team collectNely had the appropriate ompetence, capabilitie5 and 5ki11s to identify Dr recognise non-compliance with applicable laws and regulations: we identified the laws and regulations applicable to the College through discussions with man- agemer)t. and from our commercial knowledge and experience of the education sector- we focused on specific law5 and regulations which we considered may have a direct material effect on the financial statements or the operations of the College, including the Charites Act 2011. the Statutes of the University of Cambridge and taxation legislation.. in addition, we considered provisions of other laws and regulations which do not have a dI￿rt effect on the financial statements but compliance with which might be fundamental to the College's ability to operate or to avoid material penalties: we obtained an understanding of the College's policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance. we made enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; we considered the internal controls in place to mitigate risks of fraud and non-compliante with laws and regulations: we assessed the susceptibility of the College's financial statements to material mi5#atement, including how fraud might occur,. laws and regulations identified were communicated within the audit team regularly and the team remained alert to instance5 of non-compliance throughout the audit. As a result of the above risk assessment procedures we identified the greaiest rlsk of material misstatement on the financial statements arising from irregularities and fraud to be within the potential for management to override contro15 together with the risk of fraudulent revenue recognition. We considered the risk of fraudulent revenue recognition to be most prevalent in the completeness and cut off of donation and legacy income and the cut off of conferer)ce income. In response to these identified risks, we designed procedures which included, but were not limited to: performed analytical procedures to identify any unusual or unexpected relationships. performed audit work over the risk of management override of contro15, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significanl transactions outside the normal course of business- assessed whether judgements and assumptlons made in determining the accounting esti- mates set out in the accounting policy were indicative of potential bias; we used Audit Data Analytics to review the client data for unusual anomalies,. we performed substantive testing for a sample of donations from Amicus to supporting doc- umentation to ensure that all income was appropriately recognised in the general ledger in the ¢orrect period and any restrictions appropriately recognised: 15

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 we also tested a sample of donations around the year end and discussed ongoing legacies with the Development Office to ensijre cut off had been correctly applied,. we performed substantive testing for a sample of conferences from the booking system to invoice to ensure that all income was appropriately recognised in the general ledger in the correct period: In response to the risk of irregularities and non-compliance with law5 and regulations, we desi8ned procedures which incluéed, but were not limited to: we agreed the financial statement disclosures to underlying sUPPOrtinE documentation,. we assessed the extent of compliance with the laws and regulation5 identified above through making enquirie5 Of management and inspecting legal correspondence; we read the minute5 of meetings of those charged with governance,. we discussed with management actual and potential litigation and claims; There are inherent limitations in our audit procedures described above. The more removed that laws and regulation5 are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standard5 also limit the audit procedures required to identify non-compli- ance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Materlal mlsstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responslblllties for the audit of the financial statements 15 located on the Financial ReportinE Council's website at: www.frc.or8.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Use of Our Report This report 15 made solely to the College's Trustees, as a body, in accordante with the Statutes of the University of Cambridge and the Charities Act 2011. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state lo them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College and the College's Trustees, Bs a body, for our audit work, for thi5 report, or for the opinions we have formed. PEM Audlt Llmited Registered Auditors Salisbury House Station Road Cambridge CBI 2LA Date: 2611112025 16

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 STATEMENT OF PRINCIPAL ACCOUNTING POUCIES Basis of preparatlon The financial statements have been prepared in accordance with the provisions of the Statutes of the College and of the University of Cambridge, using the Recommended Cambridge College Accounts IRCCAI format; and applicable United Kingdom Accounting Standard5, including Financial Reporting Standard 102 IFRS 1021 and the Statement of Recommended Practice150RPI.' Accountlng for Further and Higher Education issued in 2019. The Statement of Comprehensive Intome and Expenditure includes activity analysis in order to demonstrate that all fee income is spent for educotional purposes. The analysis required by the SORP isset out in note 6. The Colle8e is a public benefit entityand therefore has applied the relevant public benefit requirement of the applicable UK laws and accountin£ standards. Basls of accountlng The financial 5tatement5 have been prepared under the historical cost convention, modified in respect of the treatment of investments ond certain operational properties which are included at valuation. Going Concem The financial statements have been prepared on a going concern basis. The Colle8e has prepared forecasts beyond the 30 June 2025 year-end up to December 2026. The College has also set a detalled budget plan for the financial year 2025-26. This financial planning work has included an analysis of the College's unrestricted liquid resources, and together these financial plans demonstrate that the College has sufficient resources to meet liabilities as they fall due. The Trustees consider preparatlon of these financial statements using a going concern basis to be appropriate. Recoznltlon of Income Acodemicfees Academic fees are recognised in the period to which they relate and include all fees chargeable to students or their sponsors. The costs of any fees waived or written off by the College are included as expenditure. Restricted gront income Grants received from non-government sources (including research grants from non-government sources) are recognised within the Statement of Comprehensive Income and Expenditure when the College is entitled to the income and performance related conditions have been met. Income received in advance of perfomance related condilions is deferred on the balance sheet and released to the Statement of Comprehenslve Income and Expenditure in line with such condition5 being met. 17

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR ThE YEAR ENDED 30JUNE 2025 Donations ond endowments Non exchange transattions without performance related conditions are donations and endowments. Donations and endowments with donor-imposed restrictions are recognised within the Statement of Comprehensive Income and Expenditure when the College is entitled to the income. Income is retained within restricted reseThes until such time that it is utilised in line with such restrictions at which point the income is released to general reserves through a reserve transfer. Donations and endowments with restrlctions are classified a5 re5tfiCted reserves Wlth additional disclosure provided within the notes to the accounts. There are four main types of donations and endowments with restriction5.- l. Restricted donations-the donor has specified that the donation must be used for a particular objective. 2. Unrestricted pemianent endowments the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefrt of the College. 3. Restricted expendable endowments- the donor ha5 specified a particular objective and the College can convert the donated sum into income. 4. Restricted permanent endowments the donor has specified that the fund Is to be permanently invested to generate an income stream to be applied to a particular objective. Donations Wlth no re5trirtions are recorded within the Ststement of Comprehensive Income and Expenditure when the College is entitled to the income. Investment income ond chonge in vulue of investment assets Investment Income and change in value of investment assets are recorded in income in the year in which they arise and as either restricted or unrestricted incorne according to the terms or other restrictions applied to the individual endowment fund. Other income Income is received from a ran8e of activities including residerbces, caterin8 conferences and other seThices rendered. Cambridge Bursory Scheme In 2024-25. payment of the Cambridge 8ursaries to eligible students was made directly by the Student Loans Company ISLCI. As a consequence, the College relmbursed the SLC for the full amount paid to their eligible students and the College subsequently received a contribution from the University of Cambridge towards this payment. The net payment of £3,400 15 Shown within the Statement of ComprehensNe Income and Expenditure as follows: Income Expenditure £3,4C(I £6,8 18

DARWIN COLLEGE ANNUAL REPORT ANDACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 Tangible fixed assets Land ond buildin95 Fixed assets are stated at deemed cost less accumulated depreciation and actumulated impairment losses. Certain items of fixed assets that had been revalued to fair value on or prlor to l July 2014, the date of transition to FRS 102, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation. Where parts of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets. Costs incurred in relation to land and buildings after initial purchase or construction. and prior to valuation, are capitalised to the extent that they increase the expected future benefits to the College. Freehold land is not depreciated as it is considered to have an indefinite useful life. Freehold bulldln£s are depreciated on a straight-line ba515 over their expected useful lives of between 50 and 100 years. Buildings under construction are valued at cost, based on the value of architects, certificates and other direct costs incurred. They are not depreciated until they are brought into use. Fumiture, Fittings ond Equipment Furniture, fittings and equipment in excess of £5,C(M) are capitalised and depreciated over their estimated useful lives. Leosed assets Costs in respect of operating leases are char8ed on a straight-line basis over the lease term. Any lease premiums or incentives ore spread over the minimum lease term. Investment properties Investment properties are professionally revalued every 5 years to their fair value at the reporting date. Interim valualions are carried out annually using the Land Registry price index for residential properties and the Frank Knight Intellvdence Prime Yield Guide for commercial properties to arrive at the year-end values. Inve5tmeDts Fixed asset Investments are included in the balance sheet at fair value. Investments that are not listed on a recognised stock exchange are carried at historical cost less any provision for impairment in their value/market value. Stocks Stocks are stated at the lower of cost and net realisable value after making provision for slow moving and obsolete items. 19

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 Provisions Provisions are recognised when the College has a present legal or constructive obligation 35 a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Contlngent Ilabllltles and assets A contingent liability arise5 from a past event that gives the College a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain fijture events, not whollv within thè control of the College. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it 15 not probable that an outflow of resources will be required or the amount of the obligation cannot be measured reliably. A contingent asset arises where an event ha5 taken place that gives the College a possible asset whose existence will only be confiTmed by the occurrence or otherwise of uncertain future events not wholly within the control of the Colle8e. Contingent assets and liabilities are not recognised in the balance sheet but are disclosed in the notes. Financial Instruments The College has elected to adopt Sections 11 and 12 of FRS 102 in respert of the recognition, measurement and disc105ure of financial instruments. Financial assets and liabilities are retognised when the College becomes party to the contractual provision of the instrument and they are classified according to the substance of the contrartual arrangements entered into. A financial asset and a financial liability are offset only when there is a legally enforceable right to set off the recognised amount5 and an intention elther to settle on a net basis, or to realise the asset and settle the liablllty simultaneously. Flnancial Assets Basit financial assets include trade and other receivables, cash and cash equivalents and investments in commercial paper li.e. deposlts and bondsl. These assets are initially recognlsed at transaction price unless the arrangement constitutes a financing transactkon, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carrled at amortised cost using the effective interest rate method. Financial assets are assessed for indicator5 of impairment at each reporting date. If there is objective evidente of impairment, an impairment 1055 15 recognised In the Statement of Comprehensive Income and Expenditure. For financial assets carried at amorti5ed cost the impairment loss is the difference between the carrying amount of the asset and the present value of the estimated future cash flow5, discounted at the asset's original effective interest rate. Other financial assets, including investments in equity instruments, which are not subsidiaries or joint ventures, are initially measured at fair value which is typically the transaction price. These assets are subsequently carried at fair value and Changes in fair value at the reporting date are recognised in the Statement of Comprehensive Income and Expenditure. Where the investment in equity instruments 20

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 is not publicly traded and where the falr value cannot be reliably measured, the assets 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-recognised when the contractual rights to the cash flows from the asset expire or are settled or substantially all of the risks and rewards of ownership are transferred to another party. Flnanclal Liabllltles Basic financial liabilities include trade and other payables, bank loans and intergroup loans. These liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transoction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the lacility will be drawn down. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment 15 due within one year or less. If not, they are presented as non-current liabilities. Trade payables are retognised initially at transartion price and subsequently measured at amortised cost using the effective interest rate method. Financial liabilities are de-recognised when the liability is discharged, cancelled, or expires. Taxation The College is a reglstered charity (number 11411051 and also a charity wtthin the meaning of Section 467 of the Corporation Tax Ad 2010. Accordingly, the College is exempt from taxation in respett of income or capital gains received within the categories covered by Sections 478 to 488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The College receives no similar exemption in respect of Value A(Jded Tax. Contribution under Statute G.11 The College is liable to be assessed for Contribution under Ihe provisions of Statute G, 11 of the University of Cambridge. Contribution is used to fund grants to college5 from the Colleges Fund. The College may from time to lime be eligible for such grants. The liability for the year is as advlsed to the College by the University based on an assessable amount derived from the value of the College's assets as at the end of the previous financial year. Pension costs Universities Superonnuation Scheme (USSJ 21

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 The institution participates in Universities Superannuation Scheme. The scheme is a hybrid pension Scheme, providing defined benefits Ifor all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions. employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 "Employee benefits" the institution therefore accounts for the scheme as if it were a wholly defined contribution scheme. As result, the amount charged to the Slatement of Comprehensive Income and Expendtture represents the contributions payable to the scheme. Since the institution has entered into an agreement Ithe Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the income and expendlture account. Combridge Colleges Federoted Pen5Aon Scheme (CCFPSJ The College participates in the Cambridge College5 Federated Pension Scheme. a defined benefit s¢heme. Pension costs are assessed in accordance with the advice of the actuary, based on the latest actuarial valuation of the Scheme and are accounted for on the basis of providing pensions over the period during which the College benefits from the employees, services. Employment benefits Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render se￿ice to the College. Any unused benefits are ccrued and measured a5 Ihe additional amount the College expecls to pay as a result of the unused entitlement. Reserves Reserves are allocated between restricted and unrestricted reserves. Endowment reseNes include balances which, in respect of endowment to the College, are held as permanent funds, which the College must hold in perpetuity. Restricted reseNes Include balances in respect of which the donor has designated a specific purpose and therefore the College is restricted in the use of these fund5. Crltkal accountlng Judgements The preparation of the College's accounts requires the Trustees to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. These judgements, estimate5 and a550ciated assumptions are based on historical experience and other factor5, including expectations of future event5 that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Trustees consider the areas Set out below to be those where critical accounting judgements have been applled and the resulting estimates and assumptions may lead to adjustments to the future carrying amount5 of assets and liabilities. 22

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 Income recognition judgement15 applied in determining the value and timing of certain income items to be recognised in the accounts. This includes determining when performance related conditions have been met and determining the appropriate recognition timing for donations, bequests and legacies. In general. the latter are recognised when at the probate stage. Useful lives of property. plant und equipment Property plant and equipment represent a significant proportion of the College's total assets. Therefore, the estimated useful lives can have a significant Impact on the depreciation charged and the College'5 reported performance. Useful lives are determined at the time the asset is acquired and reviewed regularly for appropriateness. The lives are based on historical experiences with similar assets, professional advice and anticipation of future events. Details of the carrying values of property. plant and equipment are shown in note 8. Retirement benefit obligation5 The Cost of defined benefit pension plans is determined using actuarial valuations. The attuarial valuation involves making a5sumption5 about distount rates. future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation. the underlying assumptions and the lon8-term nature of these plans, such estimates are subject to Sl8nificant uncertainty. Further detai15 are given in note 26. FRS 102 makes the distinction between a group pension plan and a multi-employer pension scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents itypicallyl an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme, where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit, results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in income and expenditure in accordance with section 28 of FRS 102. The Trustees are satisfied that Universities Supefannuation Scheme meets the definition of a multi- employer scheme and has therefore recognised the discounted fair value of the contractual ontributions under the funding plan in existence at the date of approving the financial statements. 23

z% e) rnrn 9n2 E7004rn- -< 7> n or J N (PJ ooiw J ￿j O % O Lo Ino J UJ Jts

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 STATEMENT OF CHANGES IN RESERVES Income and Expendlturè resÈr¥e Unrestricted Restricted Endowment Total Balance at l July 2024 SurplusllDeficitl from income and expenditure statement 53,477,357 5.553.213 27,476,540 86.507,110 1,052,757 2.082.127 597,373 3,732,257 Other comprehensive income Release of re5trirted capital funds spent in year 206,244 206,244 191,416 1191,4161 Balan¢e at 30 June 2025 54,927,774 7,443,924 28.073.913 90,445.611 Income and Expen￿l￿re reserve Unrestritted Restricted Endowment Totsl Balance at l July 2023 51,814,883 5,090,516 24,913,313 81.818.712 Surplus/lDeficitl from income and expenditure statement Other comprehensive ineome Release of restrirted capltsl funds spent in year 1,265,075 818.557 2.563,227 4,646,859 41,539 41,539 355.860 1355,8601 Balance at 30 June 2024 53,477,357 5.553.213 27,476540 86,507,110 25

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 BALANCE SHEET AS AT 30 JUNE 2025 2025 2024 Note Fixed Assets Tangible Assets Investment Assets 60,741.774 42,343.363 103,085,137 60,441.03D 37,790.364 98.231,394 io Current Asse15 Stock Debtors Cash li 55.134 1.111.706 6.548.945 7,715,785 1,624,944 51,893 1.167.148 2.344.789 3,563,830 1.594.417 12 13 Crèdltors 14 Net CurrentAssets/lLiabilities) 6,0￿.841 1,969.413 Creditors: more than one year Provision5 15 118,350.1121 113,OCh).0001 Pension provision 16 1380,2541 1693,6971 Net Assets 90,445,612 86.507,110 Restrictèd ReseNes Income and expenditure reserye - endowment ￿se￿¢ Income and expenditure reserye- restrirted reseNe 17 28,073,913 7,443,925 35,517,838 27,476,5*10 5.553.213 33,029,753 18 Unrestrfcted Reserves Income and expenditure reserve- unrestrirted 54,927,774 54,927,774 53,477,357 53,477.357 Totsl ReseNes 90,445.612 86.507,110 These accounts were approved by the Trustees on 19 November 2025 and are signed on their behalf by: Dr M Rands, Master 26

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 CASH FLOW STATEMENT 2025 2024 Note Net cash Inftow from operating activitles 20 2,882.970 1,715,503 Cash flows from investlng actlvities 21 14,599,1801 1377,9101 Cash flows from financing artivitie5 22 5,920,367 393,896 IrKre05e/lDeryea5el in ￿5h and fash equivalents In the year 4,204,157 1,731,489 Cash and cash equivalènts at beginning of the year 2,344,788 613,300 Cash and tash Èquivalents at end of the year 13 6,548,945 2,344,789 27

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 NOTES TO THE ACCOUNTS Atadémlt fees and charges 2025 2024 Colleges fees.. Fee income recelved at the Regulated undergraduate rats Fee income re¢elved at the Unregulated rate Fee In¢ome received at the Graduate fee rate Othei income Totsl 12,258 74,200 2,706,461 55,054 2,847,973 11,670 52,500 2,607,728 36,824 2,708,722 Incorne from Atcommodation and Caterfn8 2025 2024 Accommodation College members Catering College members Total 3,534,138 794.280 4,328,418 3.436,367 757.774 4.194,141 Endowment retum and investment income 3a Analysls 2025 2024 Total Return Contribution (see note 3bl Other investment income.. Land and buildings Quoted securities Other interest receivable 1.105.486 1,079.368 82,109 49,578 184.928 1.422.101 83.888 830 29,319 1,193,405 Totsl 3b Summary of total return Income from= Quoted and other securities and cash Gain/lLossesl on snvestments (see note 101 2025 2024 1,454,405 1253.600 1,200,805 114,9421 1,185,863 11,105,486) 80,377 1,401,630 2,123,441 3.525,071 114,0751 3.510,996 11,079,368) 2.431.628 Investment management costs Total return for the year Total return transferred to income & expenditure Unapplied total return for the year Educatlon expendSture 2025 2024 Teaching Tutorial Admissions Researth Scholarships and awards Other educatronal facilitie5 Total {Note 71 183,121 521.546 719.396 342,697 429,(K13 920,870 3.116,633 172,895 524,589 722,998 287,9)4 461.224 901,518 3.071,128 28

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 Atcommodatlon and Caterlng Expendlture 2025 2024 Accommodation College member5 Catering College members Total (Note 7} 2.581,783 1,509,346 4.091,129 2.641.097 1.391,307 4,032.404 Other Expenditure 2025 Loan interest 570,255 10,639 393.896 10.092 7.127 114.834 525.949 Investment management fees an¢J administration VSS pension interest charge Othergeneral and adminlsirative expendltu Total (Note 71 154,110 735,C¥)4 7a Analysls 01202412025 expendltwe by artlvlty Staff costs (note 8) Other operating expenses Deprttiation Total Education Accommodation and catering Other Change in USS pension deficit recovery provision contributions Total 1,586,935 1,639,288 117,339 1,145,126 1,554,506 617,665 384,572 897,335 3,116,633 4,091,129 735,004 3.343.562 3.317.297 1.281,907 7,942.766 Expenditure includes fundraising costs 01 £397.929. This expenditure includes the costs of alumni relations. 7b Anatysb gf 202312024 expenditure by act5vlty Staff cost5 {note 8) Other operating expenses Depreciation Total Education 1,404.123 1,514,432 101,539 1.302.193 1,666,744 424.410 364,812 851.228 3.071.128 4,032,404 525,949 Accommodation and catering Other (hange In USS pension deficit recovery provFslon contributions Totsl 1265,3501 1265,3501 2.754.744 3,393,347 1,216,040 7,364.131 Expenditure includes fundraising costs of £308,440. This expenditure include5 the costs of alumni relations. 29

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 7¢ Auditorf remuneratSon 2025 2024 Other operating expenses include-. Audit fees payable to the College's extemal auditors Other fees payable to the College's external auditors 31.050 3.672 29.580 1.698 8a Staff costs 2025 Totsl 2024 Academlc Non.Academic Total Salaries National Insurance 500,040 45,198 66,580 2,270,747 204,862 256,135 2.770,787 250.060 322,715 2.426,936 272,953 320,205 Pension costs Net change in USS deficit recovery provision (see Note 161 1265.3501 Net pension c05t rotal 66.580 611.818 256,135 2,731,744 322.715 3,343,562 54.855 2,754.744 2025 Number of Fellows 2025 Full-tlme equivalènts 2024 Number ot Fellows ZOZ4 Full-tlme equlvalents Academic Non-a¢ademlc Total 21 21 57 21 21 57 At the Balance Sheet date the Governlng Body comprised of 70 Fellows, of which 12 served as Trustees on College Council. During the year the average number of Fellows receiving remuneration was 21 as shown above. The Trustees re￿iVed no remuneration in their ¢apaclty as Trustees of the Charity. The number of officers and employees of the College, including Head of House, who recelved remuneration in the followinB ranges was.. 2025 Total 2024 Total £ioo,mi- £iio.000 £IIO,IK)1- £120,000 Remuneration includes salary, employer's natlonal insurance contribution5, employer's pènslon contributSons plLtrS any taxable benefit5 either paid, payable or provided, gr055 of any salary sacrifice rrangements. 30

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 8b Key Mana8ement Personnel 2025 2024 Aggregated remuneratlon of key management personnel 296.0 280.167 Key management personnel are those persons having authority and responsibility for planning, directing and iontrolling the actiwties of the College. The aggregated remuneration paid to key managèment personnel consists of salary, employer's national insurance contribution5, employer's pension contributions, plu5 any taxable benefits erther paid. payable or provided. gross of any salary sacrifi arrangements. In Darwin College, the key management pe￿Onnel are the Master. the Bursar and the Dean. Penslon Costs 2025 2024 Employer ontrlbutlws Provlslons {NotÈ 161 Total Total uss CCFPS Other 74,248 138.502 73,067 285,817 74.248 175,400 73,067 322,715 187.663 1193,7391 60,931 54,855 36.898 36,898 IRemaindorof pa8È left intentlonalty blankl 31

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 10 In¥estm¢nts 2025 2024 8alance at beginning of year Addition5 Di5posa15 Gain/lL0551 IncreasellDecreasel in cash balances held at fund manage Balance at end of year 37,790,364 2.241.328 35,796.023 3,087,827 11,893,668) 1,992,435 1,192,253) 37,790,364 1238,4051 2,550,076 42,343,363 Represented bv: Property Quoted securities- eouities Fixed interest securities Cash in hand at investment managers Other 2,580,C¥XS 103,9CQ 2,580,(JX) 84,850 2,58D,642 37.078,821 42.343.363 30,565 35.094,949 37.790.364 11 Stocks 2025 X124 Goods for resale 55,134 51,893 12 Trade and other recelvables 2025 Z024 Members of the College University fees Other receivables Prepayments and accrued income 427.409 481.372 354.454 329.843 1,111.7C6 360.324 325.452 1.167.148 13 Cash and ¢ash equlyalents 20Z5 2024 Short-tem) money market investments Bank deposlts Current accounts Cash In hand 750,(K)O 5.328.813 469,077 1,055 6.548.945 1.990,339 353,323 1,127 2.344,789 33

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 14 Credltors: amounts talling due within one year 2025 2024 Trade creditors Members of the College University fees Othèr creditors Accruals an(1 deferred Income 304,226 230,034 150,633 538,273 401,778 1,624,944 408.164 227,095 270,118 181,045 507,995 1,594,417 15 Credltors: amounts falling due after more than onè year 2025 2024 Private Placement 18,350,112 13.CC(I,( During 2013-14. the College borrowed £3millign frgm institutional investor5, as part of a largerfinancir undertaken collectively with other College5. The loans are unsecured and repaydble during the period 2043-2053, and are at fixed interest rates of approximately 4.4%. Durlng the year. the College was assigned further loans of £6,044,314 orlBinally lent to one of the other participating Colleges whi¢h a on the same terms as the existing loans. The loans were assigned at a discount of 87.98p resultin8 in a receipt of £5,317,787. The total discount of £726.527 is being charged to the Income and Expenditure account over the term of the loan5, the amount charged in 2024-25 was £32,325. During 2017-18, the College borrowed from institutional irbvestors, collectlveFy with two other Colleges, the College's share bein8 £10 mlllion. The loans are unsecured anil repayable during 2058, and are at fixed interest rates of approximately 2.62%. The College has agreed, in respect of each of these loans. a financial covenant based on the ratio of Borrowings to Net Assets and has been in compliance wlth this at all time5 since incurring the debts. 16 Penslon bxovSslons 2025 Total 2024 Total CCFPS U55 8alan¢e at begiming of year Movèment in year.. Current Servi￿ cost including life assurance Contributions Other finance lincomell¢ost Actuarial lossllgainl rècognised in Statement of Comprehensive Income and Expenditure Net ¢han8e in underlying assumptions IsÈe Note 81.. Change in u￿erlYIng a55umption5 USS deficit contributions payable Balance at end of year 693,697 693.697 1,082,530 204.602 204,602 257,633 1311.801 1311,8011 1339,5771 1206.244} 1206,2441 141,5391 1255.3341 110.0161 380.254 380,254 693,697 34

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 16 Penslon provlslons cont. At 31 July 2023, the College's balance sheet included a liability of £258,223 for future contribution5 payable under the deficit recovery agreement which was concluded on 30 September 2021, following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation. because the scheme was in surplus. Changes in contiibution rates were implemented from I Jantjary 2024 and from that date the College was no longer required to make delicit recovery contribution5. The remaining liability of £2SS.334 was released to the profit and 1055 account. Further disclosure5 related to the deficit recovery liability can be found In note 26. 17 End¢>wment funds 2025 24 Restrfrted pemianent endoTMnents Unrestrlrted pemianent endovmients Total Totsl Balan￿ at beginnin8 of year: Capital New donations and endowments IncreasellDecreasel in market value of inve5tment5 Transfer of funds Balance at end of year 5,201,706 5,201,706 582.449 27,476,539 582.449 24,913,313 848,C 133,4181 133,4181 14,924 1,715,226 5,168,288 22.905.624 28.073,912 27,476.539 Analysls by type of purpose Fellowship Funds Scholarship and Studentship Funds Bursary Funds Travel Grant Funds Othèr Funds General endowments 2,989,688 2,989.688 3,009,019 1,189,256 1.189,256 1.196,946 688.466 272.674 28.204 688,466 272,674 28.204 22.905.624 28.073.912 692,918 274,437 28,386 22.274.833 27.476.539 22,905.624 22.905,624 5,168.288 Analysis by assèt Propertv Investments Cash 2.580.OC(I 25.493,912 2.580,000 24,896,539 28.073,912 27,476,539 IRemainderof page left intentionally blankl 35

DAR WIN COLLEGE ANNUAL REPORT AND ACCOUNT5 FOR THE YEAR ENDED 30 JUNE 2025 18 Restrirted Rèserves Reserves with restrictions are as follows= 2025 2024 Permanent unspent & other restrirted Income Capltal grants unspent Restrlrted expèndable endowment Total Total Balance at beglnnlng of year New grants New donations Total investment return applied Total investment re- turn retsined Other investment incorne Increa5ellDecreasel in market value of Investments Expenditure Capital grants utllised 1191.4161 Transfer to unrestrirted Balance at end of year 18,750 3,402.066 2.132,397 5,553,213 5,090,516 191,416 229.319 1.550,OOD 1.970,735 494,574 265.321 70,401 335.722 305,759 40.445 3,474 43.919 249,929 16,509 5,656 22.165 34,015 1231,2021 159,2121 1290.4141 1191.4161 1265,7201 1355,8601 18.750 5,272,458 2,152,716 7,443.924 5,553.213 Analysls of other restricted fundsldonatSon5 bv type of purpose Fèllowship Funds Scholarship and Studentship Funds Bursary Fund5 Travel Grant Funds Other Funds General 1,513,485 1,551.918 1.515,403 1.453,555 1,466.605 2.150.798 5,167.403 3,419,422 618,813 70,845 52,710 618.813 70.845 52.710 18.750 7.443,924 583.576 59.598 18,312 18.750 5.553,213 18.750 18,750 3,722.458 3.702,716 Analysis by asset Property Investment5 6,096,438 1,347,486 7,443,924 4,743,777 809,436 5,553,213 Cash 36

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 19 Memorandum ol Unapplied Total Retum 2025 2024 Included within reserves the following amounts rÈpresent Unapplied Total Return of the College.. Unapplied Total Retum at the beginning of year Unapplied Total Return for thè year (see note 3bl Unapplled Total Retum at the end of year 14,462,119 80,377 14,542,496 12,030,491 2,431,628 14.462,119 20 Re¢on<iliation of surplus for the year to net cash infiow from operatin8 artivities 2024 2025 Surplus/lDeficitl for the year 3,938.502 4,688,398 Adjustment for non4ash Items Depreciation Investment management costs (Gainllloss on endowments and investment property IlncreasellDec￿35e In stocks lincreasel/Dec￿ase In trade and other receivable5 IncreasellDecreasel In creditors Pension costs less contributions payable 1,281.907 1,216,040 234,550 13,2411 55.442 30.527 1313.4431 12,010,736) 12,3321 1100,3681 222,896 1388,8331 Adjustment for investing ty finan¢in8 actlvltles Investment income 11,771,020) 1570,2551 11,515,6671 1393,8961 Interest payablè Loan fees paid Net cash inflow from operating artrvitres 2,882,969 1.715,503 21 Cash flows from Investlng aCt￿Ttle$ 2025 2024 Non<urrent investment dlsp05al Investment income Endowment funds invested IlncreasellDecrease in cash balances held at fund managers Paymènts madèto acquire non-current fixed assets Total tash fl<)ws from Ibwestlng actlvTtSes 3,855 1,771,020 12,241,3281 12,550,076) 11,582,651) 14,599,180) 1,911,969 1,515.667 13,087,827) 1,192,253 11,909,972) 1377,910 22 Ca$h fl¢)ws from financlng actlvltSes 2025 2024 Interest paid New loan New loan fees paid Total cash flows from finantinB activities 570,255 5.350,112 393,896 5,920,367 393,896 37

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 23 Con5011dated reconciliation arKJ analys55 of net debt At l July 2024 Cash flows New loans At 30 June 2025 Cash and cash equlvalents 2.344,789 4,204,156 6,548.945 Borrowln8s- amounts due wrthin one year Borrowlngs- amounts due after more than one year Unsecured loans 113,OCQ,CKIOI 15,317,787) 118,317.7871 Net total 110,655,2111 4.204.156 15,317,787) 111,768,842) See note 15 for further details of the unsecured debt, raised by private placements, at fixed interest rates and Tepayable 2043- 2058. 24 Flnandal Instruments 2025 2024 Flnanclal Assets Flnonciol 055et5 ¢7tfoir volue through Stotementof Comprehensive income Listed equity investments Financiol ossets thut ore equity instruments meosured utcost less impoArment Other equity investment5 Finurpciul u55ets thot ore debtlnstruments meusured at umortised cost Cash and cash equivalents Cash in hand at investment managèrs Other debtors 37,172,720 35,169,798 io,ooi io,wi 6,548.945 2,580,642 1,111,7C6 2,344,789 30,565 1.167,148 Financial Liabilities Finanttiollffobillties meosuredotomort15ed c05t Loans 18.350,112 304.226 1,320.718 13.000,OC(I 408,164 1,186,253 Trade creditor5 Other C￿ditorS The fairvalues of the assets an¢J liabllities held at fair value through profit and10ss at the balance sheet date are determined using quotsd prices. 25 Lease obllgatlons 2025 2024 At 30 June 2025 the College had annual commitments under non- cancellable operatin8 leases as follows.. Land and buildings.. Expiring wlthin one year Expiring between two and five year5 Expiring in over five years 196,487 202,382 190.764 398,869 38

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 26 Pènsion5 The College participates in tsvo defined benefit schemes, the Universitie5' superannuation Scheme IUSSI and the Cambridge Colleges, Federated Pensions Scheme ICCFPSI. The asset5 of thè schemes are held in separate trustee-administered funds. Thè total pension cost forthe 12 months to 30JunÈ 2025 wa5 £212,75012024.' £264,356). 2& Universities'Supen7nnutttign Scheme The total cost charged tothe profit and loss a¢¢ount is £74,24812024= £71,611). Deficit recovery contributions due swthin one yearfor the institutlon are £nil12024= £nill. A deflcit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the perlod l April 2D22 untll 31 March 2024, at which point the rate would increase t 6.3%. As set out in Note 16, no deficlt recovery plan wa5 required under the 2023 valuation because the scheme was in surplus on a technical provision basis. The College was no lon8er requlred to make deficit recovery contributions from l January 2024 and accordingly released the outstanding provision to the pr(ffit and loss acccMJnt. The latest available complete actuafial valuation of the Retirement Income Builder is at 31 March 2023 (the valuation datel. which was carried out using the projected unit method. Since the institution cannot identify its share of USS Retlrement Income 8uilderldefined benefttl a55etS nd liabilitie5, the following disclosures reflert those relevant for th05e assets and liabilities as a whole. The 2023 valuation was the seventh valuation for the scheme under the 5cheme-specific funding regime introduced bythe PensFons Art 2004. which requiresschemes to have sufficientand appropriate assets to Cover their technl¢al provisions Ithe statutory fundlng objectivel. At the valuation date. the value of the assets of the scheme wa5 £73.1 billion and the value of the scheme's technical provisions wa5 £65.7 billion indicatin8 a surplus of £7.4 billion and a fundin8 ratio of Ill%. The key financial assLtmptions used in the 2023 valuation are described below. More detallls set out in the Statement of Funding Pdndples. CPI assumption 3.0% p.a. Ibased on a long-term average expected level of CPI. broadly tonsistènt with long-term market expectation51 RPIICPI Gap 1.0% pa to 2030, reducing lineady by 0.1% from 2030 Pension increases Isubjett to a floor of (fAI Benef￿ with no cap.. CPI assumption plus 3bps Benefits subject to a "soft cap" of 5% (providing inflationary increa5e5 UP to 5%, and half of any exce$5 inflation over 5% up to a maxifflum of IO%I.. CPI assumption minus 3bps Discount rate Iforward ratel Fixed interest 8ilt yield curve plus.. Pre-refjrement.. 2.5% p.a. Post retirement.. 0.9% p. 39

OARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme's experience carried out as part of thè 2023 actuarial valuatlon. The mortality assumptions used in these figures are as follows.. 2023 valuatlon Mortality base table 101% of SAPS $2PMA"light" for males and 95% of S3PFA for females Futu￿ Improvements to mortality CMI 2021 with a smoothing parameter of 7.5, 3n initial addition of 0.4%p.a., IO% w2020 and w2021 parameters, and a long-term Improvement rate of 1.8% p.a. for males and 1.6% p.3. for female5. The current life expectancie5 on retirement at a8e 65 are.. 2025 2024 Male5 currently aged 65 lyearsl Females Cyrrently aged 65 (year51 Male5 currently aged 45 Ivearsl Females currently aged 45 lyearsl 23.8 23.7 25.5 25.6 25.7 25.4 27.2 27.2 26b Cumbrldqe Colleges'FederotedPenslon Scheme The College operates a defined benefrt pension plan for the Colleg¥s employees of the Cambridge Colleges, Federated Pension Scheme. The liabilities r>f thè plan have been calculated, at 30 June 2025, for the purposes of FRS102 u5in8 a valuation system designed for the Management Committèe, arting as Trustee of the CambridEe Colleges, Federated Pen5i0n Scheme. but allowingforthe different3ssumptlons requirèd under FRS102 and iaking fully into consideration ¢hanBes in the plan benefit strurture and membership since that date. The principal artuarial assumptions at the balan￿ sheet da￿ were as follows.. 2025 2024 % p.a. 5.50 % p.a. 5.10 Discount rate Increase in Salaries pre 2030 Increase in salaries post 2030 RPI a55umption CPI a55UrnPtion pre 2030 CPI assumption post 2030 Pension increases in payment IRPI Max S% p.a.) Pension Increases in payment (CPI Max 2.5% p.a.) 2.85 3.75 3.35 2.35 3.25 3.30 2.90 1.90 2.80 2.85 3.15 1.85 The underlying mrtality assumptlon 15 based upon the standard tablè known as S3PxA on a year of birth usage with CMI_2023 future improvement factors and a long-term rate offuture improvÈmÈnt of 1.25% per annum12024'. 5amel. This results in the following life expectancies.. Male agè 65 now has a life expettanty of 21.4 years (previously 21.4 years). FÈm31e age 65 now ha5 a life expertanty of 24 years Ipreviously 23.9 years).

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 Male age 45 now and retirinE at age 65 ha5 a life expettancy from 65 of 22.7 year5 Ipreviousty 22.6 yearsl. Female age 45 now and retiring at age 65 has a life expettancy at 65 of 25.4 years (previously 25.3 year51. Members are assumed to retire at thelr normal retirement age 1651 apart from in the following indicated cases.. Male 64 63 Female Actlve Members- Option l Benefits Deferred Members- Option l Benefits 62 Allowance has been made at retirement for non-retired members to comrnute part oftheir pension for lump sum on the basi5 of the current commutation fattors in these calculations. Employee Benefit Obligations The amounts reco8nised in the Balance Sheet as at 30 June 2025 Iwith comparative figures as at 30 June 20241 are as follows: 2025 2024 Present value of plan liabilities Market value of plan assets Net defined beneftt a￿e￿(lIabIlIty) 14.641,4311 4,261.177 1380,2541 14,989.5701 4,295.873 1693,6971 The amountsto be recognised in the Statement of ComprehensNe Income and Expenditure forthe yèar ending 30 June 2025 (with comparative figures for the year ending 30 June 20241 are as follows. 2025 2024 Current service cost 144,688 23.541 36.373 152,547 19.152 43.912 Administrative costs Interest on net defined benefit lassetllliability IGainllLoss on plan change5 Curtailment Igainllloss Total 204,602 215,611 Changes in the present value of the plan liabilities for the year ending 30 lune 2025 Iwf(h comparatlve figures forthe year endin8 30June 20241 are as follow5.. 2025 2024 Present value of plan liabilities at beglnnlng of perfod Current service cost 4.989,570 144.688 24.524 1250,6841 252,231 1518,8981 4.809,499 152,547 21,566 1243,1161 248,331 743 Employee contributions Benefits pald Interest on plan Ilablllties Actuarial Igain5lllosses IGainl/Loss on plan changes Curtailment18ainl/loss Present value of plan liabilities at *nd ol perlod 4,641,431 4.989,570 41

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 Change5 in the fair value of the plan assets for the year endlng 30 June 2025 Iwlth comparative figures for the year endin8 30JunÈ 20241 are as follows: 2025 2024 Market value of plan assets at be8lnning of perlod Contributions paid by the Cdlege Employee wntributlons Benefits pald Administrative expenses paid Interest on plan assets Return on assets, less interest included in the Ststement of Comprehensive Income and Expenditure Market value of plan assets at •nd of p•riod 4,295,873 311.801 24.524 1250,6841 124,9851 215,858 3,985,192 304,682 21,566 1243,1161 123.9431 204,419 1311.2101 47,073 4.261,177 4,295,873 Actual return on plan assets 195,3521 251,492 The major categories of plan assets for the year ending 30June 2025 (with comparative figure5 forthe year ending 30June 202413re as follows: 2025 2024 Equities Bonds & Cash Property Total 46% 42% 12% loo% 37% 13% The plan has no investments in property occupied by, assets used by or financial instruments issued by the College. Analysis of the remeasurement of the net defined benefit Ilability recogni5ed in Other Comprehensive Income IOCII for the year endinB 30 June 2025 (with comparative figures for the year ending 30 June 20241 are as follows.. Z025 2024 Rèturn on asset5. less interest included in the Statement of Comprehensfve Income and Expenditure. Expected less artual plan expenses Experien￿ gain5 and losses arising on plan liabilities Changes in assumptions underlying the present value of plan 1311,2101 47.073 11.4441 85.559 14.7911 116.8601 433,339 16,117 Remeasurement of net defined benefft Ilablllty recogn15ed Sn OCI *aftèrdeductln8the tosts of mana8in8 pbn assets 206,244 4J,539 42

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 Movement in net defined benefit asset/lliabilityl during the year ending 30 lune 2025 Iwth comparative figures for the year endlng 30 June 20241 are as follows: 2025 2024 Net defined benefit assetJlliabi14ty1 at be8innini of year Recognised in the Ststement of Comprehensive Inc(xne and Expenditure Contributions paid by the College Remeasurement of net defined benefit liability reco8ni5ed in OCI Net deflned benefit assetllllabilltyl at end of year 1693,6971 1824.3071 1204,6021 {215.6111 311,801 206,244 1380,2541 304,682 41.539 693.6971 Fundin Polic Artuarlal valuations are carried out every three year5 on behalf of the Management Committee. acting as the Trustee of the Scheme, by a qualified independent actuary. The actuarial assumptions underlying the actuarial valuation are different to those adopted under FRSIO2. The last such actuarial valuation wa5 a5 at 31 March 2023. This showed that the plan'5 assets were insufficient to cover the liabilities on the funding ba515. A Recovery Plan has been agreed with the College, whlch commits the College to payinB Contributior￿ to fund the shortfall. These deficit redurtlon Contributions are incorporated into the plan's Schedule of Contributions dated 27 June 2024 and are as follows.. Annual contributions of not le55 than £120,556 per annum payable for the period from I july 2024 to 31 March 2030. Thesè payments are subject to review following the next funding valuation, due as at 31 March 2026. 27 Relatsd Party Transa¢tlons Owing to the natu￿ of the College's operation5 and the Composition of fts Trustees, it is possible that transartion5 will take place with organisations in which a Trustee may have an interest. Alltran5artions involvirsg organi5ations in which a Trustee may have an interest are conducted at arm's length and in accordance with the Colle8e'5 normal procedures. The College maintains a register of interests for all Trustees and where any Trustee has a material interest in a College matter they are required to declare that fact. Durlng the year, no fees or expenses were paid to Fellow5 in respert of their duties as Trustee5. Fellows are remLtnerated for pastoral, educational and other dutie5 within the College. Fellows are billed for any private catering. The Trustees remuneration is overseen by 3 Remuneration Su Committee of the College's Finance Committee, whose membership comprises independent external members, Fellows who arè not Trustees, and the Bursar. 43

DARWIN COLLEGE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2025 rhe salaries paid to Trustees in the year are summarised In the table below.. Number of Fellows 2025 2024 From: To: £0 £10,￿1 £20,1XIi £30,001 £40,001 £50,001 £60,001 £70,001 £80,001 £90,001 £io,oc(J £20,000 £30,000 £40,000 £50,000 £60,000 £70,¢￿> £80,¢XKI £90,0(N) £iw,000 Trtal 12 12 The total Trustee salarie5 were £269,493 for the year12024'. £238,645) The Trustees were also paid other taxable beneffts (including associated employer Natlonal Insurance contributions and employer contributions to pensions) whlch totalled £63,425 for the year 12024-. £63.2781 IRemalndÈrof page left Intentionally blankl