NIVEf¢siT¥ QF
OXFORD
St Antony's College
Annual report 2023/24

Contents
Foreword from the Warden and Chair of the Governing Body...
Objectives, achievements and future plans........................-.......................-...................-....
Student experience..
Equality, diversity and inclusion IEDII.
Environment
Records & Archives..........
Raise the profile of the College within the University....
Raising funds......-.........
Scholarship partnership...................-........................................................-.........
Development operations..
Regional Study Centre5......................................-.........................-...........-.........-............................
African Studies Centre
Financial Review......
.12
Financial results for 2023124.
.12
Funds and balance sheet
.13
Reserves...............-..........................-....................-................................
.13
Investment policy, objectives and performance .
.14
Risks and uncertainties.
.15
Structurei governance and management....
.15
Governing documents....
GoverninB Body..........
Recruitment and training of members of the Governing Body............-.....................-....-................ 16
Remuneration of Members of the Governing Body and Senior College Staff...........
.17
Sub-committees .
.15
.16
.17
Subsidiaries and interdependencies..........................-.........-..........-.........................-......
Members of Governing Body 2023/24.........
Statement of Accounting and Reporting Responsibilitie5.......................................-............................ 20
Independent Auditors, Report to the Trustees of St Anton¢s College....
.21
Accounting Policies................................................-..........-......................-..........-...................
.17
.17
.25
Statement of Flnanclal Activities
.31
Consolidated and College Balance Sheet...........................................
ConsolSdated Statement of Cashflows..................................................................................................33
.32
Notes to the Financial Statements......
.34

Foreword from the Warden and Chair of the Governing Body
l am delighted to introduce the College's annual report.
The start of this year marked our largest student intake.. 287 new students, comprisin8 57 different
nationalities, arrived at the College, of whom 44 were DPhil, 79 MPhil and 164 one-year Mèster's
degree students. At the same time, we have stepped LJP our efforts to secure scholarship funding
for stvdents. The highlight of the year was the success in reaching our target of £1 million for a new
endowed scholarship fund, thus releasing a further £500,000 from the Universlty in matched
funding. Thanks largely to the generosity of alumni, this fund will support 5tudent5 from low- and
medium-income COLJntries, listed by the Development Assistance Committee IDACI of the
Organisation for Economic Cooperation and Development IOECDI as entitled to public development
aid. To make the most of our other sources of available fundin& we are collaborating with
departments and the University to offer joint. full scholarships where possible.
Along with students, this year we hosted 36 Academic Visitors from 14 countries, who enriched the
intellectU31 life of the College. The Colle8e continues to thrive with a large number of seminars and
other academic events organised by our regional study centres. Their activities are described I
detail later in this report.
Our students and our Graduate Common Room IGCRI have, as usual, been active in orEanising and
participatinE in a large number of social, academic-related and sporting activities. Their range of
activities IS too vast to recount here. but to mention a few, they ran language Immersion events,
provided support to fellow students, worked hard on EDI, gender and LGBTQI inclusion and on
sustainability, organlsed a new Global South Film society and the football team won the University
Cuppers Final. However, global political events, notably the G323 War, affected the College this year.
Families and friends of some staff and students were directly affected by conflict and violence in
Palestine and Israel. while many students became involved in protests. We have managed to pull
through, thanks to the enormous goodwill and understanding of our students, the truly exemplary
dedication and commitment of our staff and the leadership and responsiveness of our fellows.
Moving on from students to fellows, Warden Professor Ro8eT Goodman was appointed Commander
of the Order of the British Empire ICBEI for service5 to Social Science in the 2024 New Yearfs
Honours. Having spent the year in Japan on sabbatical leave, he returned to the College at the start
of the 2024125 academic year. Amir Lebdoui, Rachel Murphy, Leigh Payne and Tim Vlandas have
won grants and research awards from the Open Society Foundation, the Leverhulme Trust, ESRC and
the British Academy. Several fellows have written new books.. Tom Hale, Dan Healey, Amir Lebdioui,
Eugene Rogan and Robert Service. We bade farewell to Governing Body Fellow Professor Takehiko
Kariya, who is retiring and returning to Japan. In the ¢omin8 year, we will be delighted to welcome
our new fellows.. lanaki Srinivasan IDigital South Asian Studies), Kristi Govella (Politics and
Internatlonal Relations of lapanl, Michael Odijie (African History) and Gregory Thaler (Environmental
Geography and Latin American Studies). These appointments mark exciting new association of the
College with the Oxford Internet Institute and the School of Geography and the Environment, while
further strengtheninE our links with the Oxford School of Global and Area Studies and the History
Fatulty. We elected Professor Rashid Khalidi, Edward Said Professor of Modern Arab Studies at
Columbia Univer51ty, to an Honorary Fellowship. Sadly, we lost Honorary Fellow Professor David
Marquand and Emeritus Fellows Allan Taylor Iformer Bursar), Professor Robert Barnes and Professor
Mark Elvin.

Our staff deseNe speclal recognition for their hard work in keeping the College in excellent shape.
We welcomed 16 new staff members. including the College's inaugural Archivist and Record5
Manager and among other staff change5, a new Head of Operations & Estate5, replacing our
outgoing Domestic Bursar after 7.5 years.
Our sustainability initiatives are going from strength to strength, SUPPOTted by our Environmental
Sustainability Officer and our Green Impact Team. A150 of note 15 our newly adopted ethical
donations acceptance policy that squarely espouses environmental concerns. Climate change was
the focus of our Visiting Parliamentary Fellows IVPFI ProEramme this year. The fellows were Chris
Skidmore and Alex Sobel, both of whom have led on environmental polity initiatives. The VPF
programme kicked off with a special launch event at COP28 and the subsequent sessions In College
addressed, among other things, the question of electoral politics and building voter support for
climate policies in countries across the Élobe.
I would like to take this opportunity to thank everyone in the College for their support this year,
which made myiob as the Acting Warden both rewarding and enjoyable.
Nandini Gooptu
Acting Warden

Objectives, achievements and future plans
St Antony'5 College's purpose for public benefit is to 'promote international understanding in a
complex world, IStatute5, Aims, IVI. We do this by.. providing a home to around 550 graduate
students of the University of Oxford, all studying programmes in the social sciences and humanities,.
supporting our Regional Study Centres in their activities whlch include running an extensive series of
academic events and hosting Academic Visitors from around the world,. and through our communitv
of College Members and alumni who provide an important mode of engagement with dlfferent
regions and communities around the globe.
We Set out in our Vislon and Mlsslon (Our ur
ose mlsslon and vision St Anton
ox.ac.uk
ways in which we seek to deliver on this purpose in the coming year5,. we seek to improve and
enhance the student experience; increase the diversity of our Governing Body, and improve
equality, diversity and inclusion across the College; deliver our Greenhouse Gas Emissions Action
Plan,- catalogue College records and archives,. and raise the profile of the College within the
Universlty. The Governing Body has had regard to the Charity Commission's guidance on public
benefit in considering its Purpose, Vision, and Mlssion.
the
Highllghts In delivering our Mission during 2023124 have included-
Student experience
Increasing the volume of financlal support available to students and potential students remains a
primary concern and the focus of our fundraising efforts. in order that we tan ensure that any
student. regardless of background, Can have the opportunity to study and succeed at the College.
Our fundraising efforts have been focus5ed in this area and are discussed later in this report.
We continue to seek to support OLJf Students in practical ways and, as part of this, have converted 4
Church Walk into student accommodation, delivering an additional 10 accommodation units for our
students, and created more study and social space for student5 in the Old Main BuildinE.
We have also worked with our student body and GCR team during 2023124 to develop guidance on
holding student events, including protest, in light of recent events in the Middle East and tensions
among academlc communitie5 acr055 the Western world.
To enhance the student experience and provide better support for those living off-site, we have
introduced three new student spaces in the Old Main Building. These include a collaborative group
study area, a reservable private study room, which can be used a5 a private brea5tfeeding room, a
communal kitchen for preparing hot drinks and warming food, and a deslgnated prayer space.
We have also established updated guidelines for College Clubs and societies, enablinE Students to
launch new clubs. This year, we welcomed a chess club, a mah-jong group, and a foosball team.
Student wellbeing remains a top priority. The Academic Office offered dedicated support for a wide
range of health, wellbeingi and academic issues, including 69 complex welfare cases where we
provided personalized guidance and resources for students facing personal, health, and mental
wellbeing challenges. In each case, we worked with students to find solutions within the exam
regulations to support their academic progre5S.

The Acadernic Office handled 371 cases over the year, including..
AssiEnment extension requests.. 128
Dispensation application5: 27
Alternative exam arrangements.. 16
Student welfare or academit support cases.. 69
Financial hardship assistance.. 23
Mitigation applications to examiners.. 81
Support for suspended students.. 27.
Flnancial Support Inltlatlves
Students have access to varioLJS funds to assist with their studies and research. The Student Travel
and Research ISTARI Fund provides £200 to £600 per term, benefiting 77 students this year, with a
total of £25,953 distributed. Additionally, nine DPhil students received £1,000 each through the
Writing Up bursary, aimed at those who have pa55ed Confirmation of Status or are in their final year
of research.
Further financial assistance is available thraugh the Financial Assistance Fund for students facing
unexpected financial difficulties. We supported 13 students this year, granting a total of £27,550 in
either interest-free loans or small grants, helping ensure continued support for future students
through loan repayment.
Each term, the College offered a free welfare lunch as well as a DPhil Supper, where students can
present their research in an informal and relaxed environment. We offeied two 5e55ions for staff
member5, where a number of DPhil students explained their research to the support staff in three
minutes and answered questions.
Equality, diversity and inclusion IEDII
We ran 3 series of EDI workshops in Trinity Term, including sessions on neurodiversity and gender
identity, open to all of our community. We have also published our approach to includin
the
families of Colle
e members in all that we do. We have refreshed our external EDI Advisory Board
and look forward to working wlth them to improve and strengthen St At)tony's as a space where
equality, diversity, and inclusion are truly celebrated.
We were delighted to welcome six new Governing Body Fellows in 2023124, three men and three
women, working in a range of diverse field5 from law to cyber security.
Environment
We received our heat decarbonisation plan for the estate in March 20241 providing a clear set of
priorities for investment and a roadmap to ceasing use of natur31 gas for heating, cooking and hot
water, while also improving insulation and the fabric of our buildings. We are now mapping this to
our estate plan to ensure that we meet the goals set out in our Greenhouse Gas Emissions Action
Plan.

Records & Archives
We welcomed our inaugural College Archivist and Records Manager in 2024 and, with her help, look
forward to publishing an update to the College history for our 75, anniversary in 2025.
Raise the profile of the College within the University
We are lucky to have a number of senior University figures among our Governing Body, including the
Head of the Social Sciènces Division, two Associzte Heads of Division, and several Heads of
Department. Several of these are also merNber5 of University Council. We seek to use our network5
and influence to improve the lives of students at Oxford.
Raising funds
As noted above, our fundraising priority is to increase financial support for our students. The targets
we set were to..
Deliver a £l.O million endowed fund to provide scholarships to students from DAC countries,
thereby releasing a further £O.S million of University matthed funding.
Raise a further £0.5 milllon in scholarship funding and £O.I million for Student 3Ctivities by
2027.
The first target was delivered in September 2024 and the fundraising for the second target had
already raised £173,355 in nèw Scholarship funding and almost £50,000 in other student support by
the end of July 2024.
Fundraising activities have included in-person events in The Hague, London, Seoul, Hong Kong and
Singapore. The campaign for the endowed DAC Scholarship was launched at the Gaudy for those
who were studied at St Anton¢s in the 1990s. The event, attended by nearly 200 alumni, took place
at the College in September 2023.
All fundraising activities by Fellow5 and Centres are monitored by the Development Director who,
together with the Data Protection Officer, ensures that all rules and regulations are adhered to in
terms of data protection and fundraising regulations. St Antony's College operates in compliance
with the Fundraising Regulator's voluntary scheme. The College has not received any fundraising
complaints about any of its fundraising activities. A number of protocols are in place to ensure that
the Development Office is fully compliant with the GDPR and PECR. The College's Data Protection
Policy Statement is published on the College website, as well as a privacy notice for, amongst other5,
alumni and donors.
Scholarship partnership
To maximiie the available resources, the College is working with a range of partners to offer joint
scholarships. It is part of the effort that is set out in the new Scholarship Policy to offer full instead of
partial scholarship. Partnerships were agreed in 2023124 with the Weidenfeld Hoffman Trust, the
Oxford Department of International Development, the Department of Economics, the University's
Academic Futures and Clarendon Fund, the Africa-oxford Snitiative (Afoxl and UK Research and
Innovation IUKRII.

Development operations
The Warden and a small professional team, the Development Office, are the staff involved with
fundraising. St Antony's College is registered with the Fundraisin
Re
ulator meaning that we are
committed to legal, honest, open, and respectful fundraising. All fundraising activitie5 by Fellows and
Centres are monitored by the Development Direttor who, together with the Data Protection Officer,
ensures that all rules and regulation5 are adhered to in term5 of data protection 3nd fundraising
regulations.
In March 2024, two new fundraising related policies were approved and introduced.. Donation
Acceptance Policy and Process, and Scholarship Policies.
Regional Study Centres
We are unique among the Oxford colleges for our seven Regional Study Centres, each one focused
on a different region of the world (Research Centres
St Anton
's Colle
ox.ac.uk
l. The Centres
provide the focus for the 5timul3ting intellectual life for which St Antony's is internationally known,
and assist in developing our role as a source of policy advice globally. A short report from each
Centre is provided below.
African Studies Centre
The ASC continues to be a vibrant and leading institution for the study of Africa. Our flagship MSC in
African Studies degree ran smoothly under the adept stewardship of course director Peter Brooke
and our principal administrator Amy Crane. Our steady and sustained increase in the proportion of
African-origin students (currently between 60% and 65%) of our MSC cohort of 25-26 students is
enabled by the generous provision of scholarships from, among other donors, Mastercard in
collaboration with the Patrick Duncan family and St Antonys College and FirstR3nd. As the
M35tertard Foundation 5chol8rships for African postgraduate students increases, we can anticipate
a steady increase in the number of full- funded 5cholar5 of African origin, at Oxford University in
general and at the African Studies Centre in particular.
Scholars affiliated with the ASC had some quite marvellous academic achievements. Peter Brooke
published exciting new research on 'Radio in Africa: Past and Present.. Rebekah Lee finalised her
important book, called 'Death and Memory in Modern South Africa,, during sabbatical leave this
vear. ASC Honorary Research Associate Wale Adebanwi won an extremely competitive Guggenheim
Fellowship and his book 'How to Become a Big Man, will be published in August 2024 by Indiana
University Press. Abigail Branford won a prestigious 3-year Leverhulme Research Fellowship for her
fascinating project, Teachers versus the Memory Hole.. How Teachers Fight Nationalist History
Curricula, Branford will commence the Leverhulme Fellowship in the ASC in the 2024-2025
academic year. In July 2024 1 will join the University of Cambridge as a Smuts Research Fellow untll
May 2025.1 will work on a new book, called 'Coups D'état.. What They Are And Why They Are Back,
lunder contract with Cambridge University Pressl, during the period of the Smuts Fellowship.
In the ASC, we tried to create space in whlch genoclde, a key trisis in 2023-2024, could be discussed,
unfettered, through this year'5 esteemed Annual Lecture, Transnational Feminism in an Age of
Genocide,, which was delivered by the accomplished USA-based professor Amina Mama in May
2024. Our weekly African Studies Seminar featured a range of excellent talks about elections, social
media and politics, authoritarianism, film studies. developmental states, a bioEraphy of Winnie and
Nelson Mandela, queer studies, and China's support of anti-tolonial struggles in Angola and Congo.

The brilliant cast of scholars who gave these talks included Jonny Steinberg, George
Karekwaivanane, Jodie Yuzhou Sun, Dan Hodgkinson, Tom Lavers, Rachel Taylor, 8iruk Terrefe,
Rachel King and Pau13 Cristina Roque, amongst others.
Asian Studies Centre
The Centie continues to host two regular seminars for MSC and DPhil students- the Modern South
Asian Studies seminar, and the Oxford Political ThoLJght Seminars wlth the Middle East Centre.
Together, these cornpri5ed 21 events in 2023124. AloNg5ide these, the Centre hosted 4 special
lectures, covering a wide range of topic and areas within Asia. These included a lecture by Rajmohan
Gandhi with the title The Future of Democrocy in Indio, and, in collaboration with the China Centre,
Rohan Mukherjee ILSEI speakin@ on Rising Powers (7nd the Politics of Status.- Chino ond Indij in the
Liberal International Order. Later in the year Bangladeshi economist, diplomat, and politician Dr K
Al)dul Momen spoke aFiout 8Gnglodesh und the Changing InternL7tlonol Order. In addition, our
Visiting Academic Evelyn Goh IAustralian National University) gave a lecture during her vi51t.. A
Region<entric Approoch to Internationul Relotions and Order in EastAsiG.
Alongside the lectures were two book launche5'. Sov<Jrkor ond the M(yking of Hindutvo by Janaki
Bakhle (University of California, Berkeley),. and The States of the Ejrth.. An Ecological and Racial
History of 5eculorizotion by Mohamed Amer Meziane (Brown University); and the Centre hosted a
screen of the film Kekee Mtsnzil- House of Art, followe(J by a discussion with the directors.
In addition, the Centre hosted five conferences, including The India-china Dispute.. History, Politics
ond Low, which brought together 20 international speakers for a two-day conference with Prof
Kishore Mahbubani INUS, Singaporel giving the Keynote. Other conferences were the Taiwan
Studies Conference, The Bangladesh Studies Network Conference, 3 Tamil Language Conference, and
a three-day conference on Gender.. Post5, Presents, Futures, or8anised alongside the History Facultv,
the Ashmolean Museum and TORCH, and funded by the Art and Humanities Research Council.
The Centre also published five
odcasts on the Universit
website and distributed books from
Tambapanni Academic Publishers in Colombo. Weapons of Persuusion (edited by Aalicia Schrikkerl
was mailed out to university libraries globally.
European Studies Contre
The European Studie5 Centre hosted 34 events.. 27 seminars (nine in cooperation with SEESOX and
one in cooperation with the Dahrendorf Programmel, four workshops (Deakin, Eastern
Mediterranean, Dahrendorf Colloquium, and Weizsackerl and three keynote lectures. The ESC
Annual Lerture was given by Ivan Krastev on Democrrjcy of the lost mun.. rhe polAtics of
demographics imugintstion Ilune 20241. Guoni Thorlacius Johannesson, as President of Iceland and
Antonian, gave a lecttjre entitled Where you stand depends Dn where you slt.. The challenge of being
on ucodemic turned Head of Stote (February 20241. The Annual Dahrendorf Lecture was delivered bv
Josep Borrell on Europefoced with two wars (May 20241 followed by the 2024 Annual Dahrendorf
Colloquium, entitled Europe in o changing world. The ESC collaborated with the MEC, RESC and the
Refugee Studies Centre for three events, respectively and with the College for the event with the
President of Iceland.
The Dahrendorf Programme received funding for another two years until September 2026, while
SEESOX (South East European Studies at Oxford) organised nine events, including Albanian author
Lea Ypi who presented parts of her forthcaming book Indignity, as well a5 a panel on the SO,

anniversary of the fall of dictatorships in Spain, Portugal and GTeece. In addition, SEESOX
inaugurated 8 new programme on the Eastern Mediterranean region, acquiring funding from a
number of private and public donors and foundations. The Eastern Mediterranean Programme
orEanised Its inaugural conference entitled The Eust Med.. Regionalisation, geopolitical und
geoeconomic dynomic5 on May 16-17, 2024.
The ESC welcomed two new Governing Body Fellows- Catherine Briddick, the Andrew W Mellon
Associate Professor of International Human Rights and Refugee Law,. and Federica Genovese,
Professor of Political Science and International Relations. The Centre also hosted 3 numbe¥ of
Vlsiting Fellows and Academic visltors, including the Deakln Vi51tlng Fellow, the EU Visltlng Fellow,
the Dahrendorf Post Doc Fellow, 2nd the Richard von Wei25acker Visiting Fellow.
After a year of meticulous preparztion, the ESC seminar room is hosting Timothy Garton Ash's book
collection on European Irecentl history and politics,. the books are arranged by thematic category
and country. The library will be officially opened on 24 October 2024 and will be available to the
students, fellow5 and other academic visitors to use inside the European Studies Centre in a specially
designated reading space.
Nissan Institute of Japanese Studies
The Nissan Institute Seminars continue to contribute to the rich and varied intellectual life of
students and scholars of japanese studies. Seminars in 2023124 ranged from participatory dance
and mime and Kabuki music performancè, to Buddhisrn and sexuality, geopolitics and international
relations. The Japanese Politics Colloquium was followed by an international conference organized
with support from the Embassy of japan in London to debate the meaning and strategic implications
of the 'Free and Open Indo-Pacific.' Another highlight in Trinity Term was a presentation by and
conversation with noted winner of the Akutagawa Prize, Mishima Yukio Prize and the Ueki Prize,
novelist Sayaka Murata, author of Convenience Store Woman and other notable publications.
Another highlight was the book launch of the volume Reopening the Opening ofjupon.
InstitLJte faculty and former DPhils actively published last year, including Hu8h Whittaker's BuNlding o
New Economy.. Japan s Digital and Green TrL7n5formation, Natalia Doan and Sho Konishi's edited
volume of Bljck Trunsnjtionalism ondJopt7n, Lewis Bremner, Manimporok Dotulong and Sho
Konishi'5 Reopening the Opening of Japon.. Tran5nutionulApprooches to Modern Jopon ¢ynd the
Wider World, as well as numerous articles, and publications in japanese. Sho Konishi and Olga
Solovieva's volume Jopon's Russia.- Challenging the Eost-west Poradigms received the 2023 ICAS
international book prize for an edited volume.
Professor Takehiko Kariya is retiring after 16 years at the Institute, and will be greatly missed. We
held his Valedictory Lecture at the Nissan Institute Lecture Theatre attended by a large crowd. The
intellectual life of the Institute continues to be enriched by its fellows, by its DPhil and other
graduate students. and by the activities organized by the staff of the Bodleian Japanese Library.
Latin American Centre (LACI
This was another busy and satisfying academic year at the LAC. As we welcomed our new cohort of
students in early October, we telebrated our network of former students and once 88ain, we held a

wonderful alumni d¥ink5 reception at the IN and Out Club on St James's Square in London, in
conjunction with The Canning Club. We are very grateful for the support of the Argentine
Educational Trust, which through the William de Segundo scholarship, continues to offer financial
support to one of our students. We will be holding another alumni evening this coming autumn at
the In and Out Club on October 18, Please keep an eye out for ticketsl It promises to be another
fantastic evening.
We also had another packed year of academic talks and seminars. Thls included the full schedule for
the History Seminar and our own Main Seminal Series. Hi8hlights included the wonderful talk by our
academic visitor, André5 Rugeles, who is currently the Vice-Pre5ident of the Colombian Foreign
Affairs Council, and the Incredible full-day Brazilian Studies Programme Conference, which
culminated in a wonderful keynote lecture from Ambassador Antonio de Aguiar Patriota, the
Ambassador of Brazil to the UK.
The activity of the LAC wouldn't be possible without the support of our alumni community through
the Malcom Oeas Fund. Or the support of entities like the Argentine Educational Trust. Or the
continued links and bridges we continue to build and establish with organisations like the CAF
Development Bank and the Inter-American Development Bank. Thank you to you all.
This academic year, we also hlred our new Associate Professor in Environmental Geo@raphy and
Latin American Studies. Greg's research examines the pcjlitical ecology and political economy of
development, global environmental governance, and agrarian politics and he also has a special
interest in comparative, ethnographic, and action-research methodologies. Greg will be joining us
this September.
There was also a sad note to the year, however. Malcolm Deas, our long-time LAC colleague and
friend, passed away peacefully at his home in North Oxford on 29 July 2023, at the age of 82.
Malcolm was appointed as the University Lecturer in the Government and Politics of Latin America
together with a Fellowship at St Antonvs in 1966 (when he was 251. He was one of the original staff
at the Latin American Centre ILACI and served as Director of the LAC several times over the years.
Malcolm's WOTk focused on the nineteenth and twentieth century history of Colombia and it is not
hyperbole to state that he was a giant in his field. To honour the memory of Malcolm, the Bodlei3n
LAC library put on a book display in the entrance hall of the Centre, featuring selections from
Malcolm's published works in July of this year. Malcolm is 50rely missed by all the LAC Community.
Once again, the academic year ended wlth our garden party. This year, we celebrated with Tim's
band- a motley crew of the senior management of the Universityl A great night was had by all as
the LAC academic year drew to 2 close once more.
Middle East Centre
The Hamas attack of 7 October 2023 came the Saturday before the start of term. Inevitably, given
the centrality of Israel and Palestine to our work. this would prove a conflict that would test the
Middle East Centre community. Our very first event, held on Tuesday 10 October, was a book talk by
Nathan Thrall, author of A Day in the life of Abed Salomu.. A Polestine Story. At the start of a book
tour that would face a strinB of cancellations, Nathan was accompanied by the subject of his book
Abed Salama himself, to discuss the events leading to the death of his son in a school bus accident in
the West Bank. All concerns for how the book, its author and its subject mlght be reteived were
io

dispelled by the warmth of the capacity crowd in the Investcorp Lecture Theatre. Nathan and Abed
received one of the longest ovations on record, and sold out the available copies of what proved to
be a Pulitzer-prize winner in 2024.
The Centie's weekly seminars drew outstanding speakers to Oxford across all three terms. In the
autumn, we convened the seminar around the broad theme of 'contemporary Arab studies,, while,
in Hilary Term, the seminar shifted from Friday to Monday to address the conflict in Gaza and the
future of Isfael-Palestine relations and examine 'Politic31 Options Following the Gaza War., To
enable the whole community to attend, including those who observe Shabat, the Centre chose to
move the Hilary Seminar from its traditional Friday slot to Monday evenings. After an introductory
session led by Centre Fellows. the subsequent speakers were Palestinian and Israelis scholars and
activists. We recorded some of the largest audiences In Centre history in the course of the seminar,
using the Board Room as an overflow venue by video link. The optimism of OLJr title was undermined
by the intensified violence of the G323 War that was to r38e through the remainder of the academic
vear and beyond.
In Trinity Term, we held a number of book events and un-themed lectures, 3s well as the screening
of a recent documentary film. The 46, George Antonius Memorial Lecture, 'What Gazans Think
Before and After October 7,
was given by Amaney Jamal, Dean of the Princeton School of Public
and International Affairs and Edward S. Sanford Professor of Politics, on Thursday 13 June 2024.
The Centre has awarded several scholarships during 2023124, including the Albert Hourani
Scholarship to Mr Efe Erciyaz ILSEI, who will read for the M.Phil. in MMES. and Hadid Scholarships to
two advanced doctoral students to assist in writing up their theses.. Ms Hande Altinayi for her thesis,
'Governing Epidemics.. Ottoman Rule in Baghdad, 1840-1900,, and Ms Irem Yildiz. for her thesis,
'Blindness in Late Ottoman State and Soclety11865-19151.'
Beyond Oxford, the Centre h85 enjoyed a remarkable year of engagement with universities in the
Middle East and North Africa. The highpoint of the year was on 4 March when Hazem 6en-Gacem
and Eugene Rog3n met with the Minister of Higher Education in Tuni5 for the signing of an
agreement establishing the Hazem Ben-Gacem Oxford Tunisia Exchange Programme. Th55
programme, established for an initial three-year period, provides a generously-funded exchange
between Oxford and Tunisian univelslties. In the first year12024-20251, the programme will provide
for three doctoral candidatés registered in Tunisian universities to spend one term each in Oxford. In
the second ye8r, the programme will expand to provide visiting fellowships for three faculty
members as well as three doctoral students from Tunisian universitie5 to come to Oxford each year.
The Programme also provides funding to support language training for Oxford students in Tunisia,
and seed funds for research and exchange opportunities for Oxford scholars to engage with
universities and research institutes in Tunisia. The Programme has been made possible by the
generous support of Hazem Ben-Gacem, with the involvement of both the British Embassy and the
Tunisian Ministry of Higher Education. To initiate the Oxford side of the exchange, two scholarships
of £IOOO were awarded to two MPhil students to pursue language training in Tunisia in summer
2024.
Russian and Eurasian Studie5 Centre IRESCI
li

RESC held 31 events last year, including a talk on 8 November 2023 by Stephen Kotkin, which was
probably the best attended and the talk with the most intense discussion (the Nissan Lecture
Theatre was full, and the talk lasted More than two hoijrs, instead of the usual 90 minLJtesl. Kotkin
spoke about his work on the third volume of his Stalin biography. and drew parallels to the current
situation in Ukraine.
The Oxford-Georgia Forum took place for the third tlme on May 31, 2024, and was focused on the
current political crisis in Georgia, Georgia's European aspirations and perspectives, role of soft
power and public diplomacv.
Michael Rochlitz joined RESC as Associate Profe550r in the Economies of Ru$5ia, Eastern Europe and
Eurasia on I September 2023. Two bursaries Ithe Brown bursary and the Elliot kiursaryl and the Paul
Bergen Scholarship were awarded to three of our students, while the Mlchael Kaser Thesis Prize was
awarded to Roger Creus Villa for his MPhil thesis on mobile pastoralism and property relations in
Kazakhstan, and the Ellzabeth Teague Prlze was awarded to William Mitchell Reid for his MPhil
thesis on Slovo Klasslka and the political uses of Ilterature In contemporary Russia.
Financial Review
The College has had a strong financial year. supported by high levels of con*erence business, higher
Sncome from student fees and rents and good returns from bank interest due to higher interest
rates. In actordance with our financial plan, we have repaid in fu51 the loan that had been used to
support the refurbishment of the Hilda Be5se building.
Looking ahead, there remain significant challenges and risks to be faced in the coming years, not
only due to uncertainty in the wider economy, but also due to the increasing demands of our ageing
estate, which requires investment. These and other factors may continue to affect our income and
tost5 over the toming year, but we strive to ensure we can anticipate and manage the impact of the
risks we face.
Fina ncial results for 2023/24
The financial statements ère provlded below on pages 31 to 53.
Total income for the year to 31 july 2024 amounted to £11.4 million compared to £11.8 million in
the previous year, a slight fall of £0.4 million.
Income from legacies fell from £3.2
million in 22123 to £0.8 million in
23124. This was offset by increases
in other areas including additional
£0.4 million in tuition fees,
residential income growth of £0.4
million, endowed gifts towards the
new DAC scholarship fund of £0.8
million and income from trading
aclivity which rose from £0.4 mllliorb
in 22123 to £0.7 million in 23124.
Income 2023124
Sk
hxiff*fromCh•kaNe
Tr￿￿
£5*9k
r4852k
£fj74k
12

Expenditure 2023124
Expenditure during the year rose
slightly from £8.6 million in 22123
to £8.7 million in 23124.
£2k
. £59&
(harfIa￿￿tI4N¢$.5￿fkn6
. ql55k
a79k-
In a similar way to income the
increase in expendittjre reflects a
combination of factors. Whilst
higher costs arose from the
increased level of trading activitv
expenditure in other areas was
lower. Two issues are worthy of
particular note, firstly the impact
on the elimination of the
remaining pension fund deficit
and secondly a reduction bank loan interest as a resLJIt of repayment of the all outstanding bank
loans in the year.
rAT¢cteoSts
9worr& L4x*mMre
£L9¥2k
£3.307k
Funds and balance sheet
The value of net asset5 of the College rose to £94.0 million as at 31 July 2024 from £88.4 million at
the same point in the previous year. However, there were some significant movements between
asset classes, which are outlined in detail below.
The value of tangible fixed assets fell by £0,5 million to £32.4 million, largely as a result of
depreciation. Other Investments rose in v31ue from £57.2 million to £59.6 million due to capital
galns on the value5 of investments held.
Cash balances rose slightly from £1.6 million to £1.7 million despite the repayment of the
outstanding loans balance of £2.0 million in the year. The loan repayment also led to a reduttion in
the value of creditors from £3.3 million to Él.1 million.
Reserves
The medium-term financial plan of the College is to target an unrestricted Surplus of income over
expenditure over the coming five years in order to replenish the general reserve and meet a target
ol holding Sufficient free reserves to cover three months of expenditLJre.
The College's reserves policy is to maintain suffitient general reserves to enable it to meet its short-
term financial obligations in the event of an unexpected revenue shortfaS1 and to provide a buffer
that would ensure uninterrupted services. However, the level of these reserves fell below zero at
the end of the financial year140.1 million against a target of £1.6 millionl, lar8ely as a result of the
elimination of the pension fund deficit and the repayment of bank loan debt. Plans are in place to
return the level of general reserves above zero.
Total funds of the College and its subsidiaries at the year-end amounted to £94.0 million. An
analysis of funds held by the College is provided in note 20 of the accounts and further details are
provided in note 21.
13

The value of Endowments rose from £56.5 million to £60.2 million during the year. This movement
included an unrealised capital gain of £2.9 million, investment income of £2.0 million, the addition of
new gifts valued at £0.8 rllillion and the transfer of £1.2 million of warranted income from the
general endowment to unrestricted general reserves.
Restricted funds fell by £0.2 million
to £12.0 million. Total unrestricted
reserves rose by £2.2 million to
£21.9 million, but within this there
wa5 a significant shift from general
reserves to designated fixed assets
as a result of the repayment of loan
debt that had financed capital
works on the Hilda Besse
building. There was also a transfer
of £0.8 million from the pension
fund liability to general reserves, as
a result of the elimination of
pension ftjnd deficits.
Vélue of Fund5- 315t July 2024
EZL35 M
t15.09 M
End￿￿1V￿
• HesJkn*dFuNlb
UnTe*thdFw
£ILOI M
£28.89 M
£16.18 M
Investment policy, objectives and performance
The College continues the process of switching the management of our endowed funds from our
existing fund managers to Oxford University Endowment Management IOUEMI. In order to minimise
risk, this transfer is being undertaken in stages.
The College's investment objectives ale to balance tu¥rent and future beneficS8ry needs bv..
Maintaining lat least) the value of the investments in real terms.
Producing a consistent and sustainable amount to support expenditure.
Delwering these objectives within acceptable levels of risk.
To meet these objectives, the College's investments as a whole are managed on a total return basis,
maintaining diversification across a range of asset classes in order to produce an appropriate
balance between risk and return. In line with this approach, the College st8tute5 allow the College to
invest permanent endowments to maximise the related total return and to make available for
expenditure each year an appropriate proportion of the unapplied total return.
At the end of the financial year, the College's long-term investments, combining the Securities and
property investments, totalled £59.6 million which represents an increase of £2.3 million compared
to the same point in the previous year. The increase was largely due to an unrealised gain in the
capital value of investments. The total return on investments was +8.43% compared to the target
return of +7.90%.
The carrying value of the preserved permanent capital and the amoijnt of any unapplied tot31 return
available for expenditure wa5 taken as the open market values of these funds as at l Au8USt 2002
together with the original gift value of 311 subsequent endowment received.
On the total retuin basis of investlng, the College extracted a5 income 4.25% (plus costs) of the value
of the relevant investments. However, to smooth and moderate the amounts withdrawn this 4.25%
is calculated on the average of the year end values in each of the last five.
14

The Governing Body will keep the level of income withdrawn under review to balance the needs and
interests of current and future beneficiaries of the College's activities.
Risk5 and uncertainties
The College has on-going processes whi¢h operate throughout the financial year for identifying,
evaluating and managing the principal risks and uncertainties faced by the College and its
subsidiaries. When we are unable to address risk issues using internal resources, we take advice
from external advisers with specialist knowledge.
Policies 2nd procedures within the College are reviewed by the Management Executive Team,
chaired by the Warden. The Head of Operations & Estates and their team meet regularly to review
health and safety issues, including via a termly Health & S3fety Forum which also encompasses
olleagues who work in other areas and provides toolbox talks and suchlike. Training courses and
other forms of career development are 8vailable to members of staff to enhance their skills.
The Governing Body, who have ultimate responsibillty for managing any risks faced by the College,
have reviewed the processes in place for managing risk and the principal identified risks to which the
College and its subsldiaries are exposed and have concluded that adequate systems are in place to
manage these risks.
The principal strategic risks faced by the College and its subsidiaries are categorised as..
Building failure
Politic31 events
Cyber incidents
Compliance failure
Governance failure
SerioLJS welfare incident
Business coritinuity in the face of external events
Failure to ensure financial sustainability.
These are detailed further in the College's latest risk register.
Structure, governance and management
St Antony's College in the Uriiversity of Oxford, which is known as St Antony's College 1.the
College"), is a chartered charitable corporation. It was founded by Monsieur Antonin Besse under a
Royal Charter of Queen Elizabeth11, dated l April 1953. The corporation comprises the Warden and
Fellows. The College was formerly an exempt ch8rity under s315al Charities Act 1993 las listed in
Schedule 2lbl to that Act). The College registered with the Charities Commission on 11 April 2011
(registered number 11412931.
The College's Governing Body is its Board of Trustees, comprising the academic Fellows of the
College as well as its Warden and Bursar. The Governing Body meets six times per year and holds
occasional meetings for exceptional bu5ine55 if necessary. The names of all members of the
Governing Body at the date of thi5 report and of those in office duTinE the year, together with details
of the senior staff and advisers of the College, are given on pages 18-19.
Governing documents
The Colle8e 15 governed by its Statutes dated February 2011 and its By Laws. The College's objects,
described in its Statutes, are to provide men and women who are members of the University of
Oxford with a College whereln they may work for higher degrees in the University of Oxford or
15

engage in academic research especially in the disciplines of the soclal sciences and the humanities
and a range of other subject areas as approved by the Governing Body and to do all other such
things as are incidental or conducive to advancing education and academic research in Oxford or
elsewhere.
Governing Bodv
The Governing Body is constituted and regulated in accordance wlth the College Statutes, the terms
of which are enforceable ultimately by the Visitor, who is the Crown. The Governing Body is self-
appointing. The members of the Governing Body normally meet six times a year.
The procedure for electing new members of the Governing Body is as follows..
Governin8 Body shall determine who shall represent the College on a selection committee
for a Governing Body Fellow. The College is represented on the electoral board for the
election of Governing Body Fellows whose appointment depends on their appointment to a
Univer51ty post.
The Warden will sijbmit a proposal for the election of a Governing Body Fellow to Governing
Body. Such a proposal to Governing Body will alway5 be supported by a CV and application
materials.
A Governing Body Fellow who hold5 a University post shall vacate their Fellowship and any office
whlch they hold in the College on reslgning or otherwSse vacating their University post.
The Governing Body determines the ongoing strategic direction of the College and regulates its
administration and the management of its finances and assets. It meets regularly, chaired by the
Warden, and is advised its sub-committees, described below.
Recru itment and tra ining of member5 of the Governing Body
New members of the Governing Body are recruited based on the following criteria..
Persons elected at the discretion of the Governing Body whose elertion shall not depend on
their appointment to a University post.
The holders of established University Professorships and statutory University Readerships
and by those who become Professors or Readers in a Recognition of Distinction exercise.
The holders of other Offices of the University who are declaied eligible by any Statute or
Decree of the Universitv.
Persons who are appointed to a jolnt University and College post or who are appointed to 8
UniversSty post allocated to the College.
They are elected using the procedure outlined above and inducted into the workings of the College,
including Governing Body policy and procedLJres, through the provision of an induction pack and
meetings with the Warden, the Bursar and the Senior Administrative Officers. A15 members of the
Governing Body have received a topy of the 'Essential Trustee. booklet and are invited to join the
Trustee training sessions organised by the Conference of ColleÉes. Trustees are kept informed on
current issues in the sector and on regulatory requirèment5 via Governing Body meetings and email
as appropriate, and are invited to the trustee training offered via the Conference of Colleges on a
regular basis. During 2023124, the Gove¥ning Body have continued to review the College's
governance model, supported by the Governance Working Group and legal advice, and reached a
decision at the end of the year to Create a trustee council for strategic matters, while Governing
Body will continue to offer overall academic direction. We will work through the details of the new
institutional arrangements in the coming year.
16

Remuneration of Mem bers of the Governing Body and Senior College Staff
Members of the Governing Body who are primarily Fellows are teaching and research employees of
the College or University and receive no remuneration or benefits from their trusteeship of the
College. Those trustees that are also employees of the College receive remLJneration for their work
as employees of the College. Remuneration is set based upon the advice of the College's
Remuneration and Conflirts of Interest Advisory Board which tomprises notable College alumni with
experience in this area and Higher Education. Where possible, remuneration is set in line with that
awarded to the University's academic staff.
Sub-committees
The work of developing College policies and monitoring the implementation of these 15 mainlv
carried out by the Management Executlve Team which consists of the following College Officers.. the
Warden, Sub-warden, Dean, Senior Tutor, Governing Body Delegate for Finance 2nd Tutor for
Admissions, Bursar, and the Graduate Common Room President.
Governin8 Body and the Management Executive Team are advised by..
The Remuneration and Conflicts of Interest Advisory Board (external membership only)
The EDI Advisory Board (external membership onlvl
Ad-hoc committees and working groups which are established from time to time according
to need, e.g. Green Impact Team, Governance Working Group.
The day-to-day running of the College is delegated to the Warden, supported by the Bursar and the
College's Senior Administrative Officers. The Warden andlor Bursar attend all meetings of the
Governing Body's Committees.
Subsidiaries and interdependencies
The College administers many special trusts, as detailed in Notes 20 and 21 to the financial
statements. The aims set for the College's subsidiaries are to help finance the achievement of the
College's aims as above.
The College has two wholly owned non-charitable subsidiaries.. St Antony's College Trading Limited,
whose annual profits are donated to the College under the Gift Aid Scheme, and St Antony's College
Estates Limited, which undertakes College building works. The trading activities of St Antony's
College Trading Limited primarily comprise revenue from letting of the College facilities when not in
use by the College.
The College also has a 20% shareholding in North Oxford College Shared Services Limited, which is a
cost sharing group providing IT services to St Antony's College, St Hugh's College and Lady Margaret
Hall, Green Templeton College 3nd Wolf50n College. The subsidiaries, aims, objective5 and
achievements are covered in the relevant sections of this report.
The College 15 part of the collegiate University of Oxford. Material interdependencies between the
University and the College arise as a consequence of this relationship.
Members of Governing Body 2023124
The Members of the Governing 8ody are the College's charity trustees under charlty law and the
members who served in office during the year or subsequently are detailed overleaf.
17

Name
Dr Maryam Alemzadeh
rofessor Roy Allison
rofessor Walter Armbrust
r Tanya Baldwin IBursarl
Professor Paul Betts
Dr Catherine Briddick
Dr Lenka Bustikova
Professor Paul Chai5ty
Dr Eric Chaney
Dr Simukai Chigudu
Professor Faisal Devji
Professor Timothy Garton Ash
Dr Federica Genovese
Professor Roger Goodman (Warden- on
Trustee whole year lunle5S $tatedl
MET 2023114
From I September 2023
Until I September 2023
Until 30 September 2023
From I January 2024
Professor Nandini Gooptu (Acting Wardenl
Professor Doug Gollin
Dr Irem Guceri
Until 31 August 2023
Dr Thomas Hale
Professor Raihan Ismail
Dr David Johnson
Professor Dominic lohnstsn
Professor Takehiko Kariya
Dr Neil Ketchlev
Dr Sho Konishi
Professor Miles Larmer
Dr Amir Lebdioui
From 7 August 2023
Until 15 August 2023
From I September 2023
From I September 2023
Dr Jonathan Lusthaus
Professor Laurent Mignon
Professor Rachel Murphy
Professor Leigh Ann Payne
Professor Timothy Power
Professor David Pratten
Dr Michael Rochlitz
From I September 2023
Professor Eugene Rogan
Professor Diego Sanchez-Ancochea
Professor Ramon Sarro
Professor Kate Sullivan de Estrada
Professor Miles Tendi
DK Timothee Vlandas
Professor Hugh Whittaker
Dr Michael Willis
Dr Zbigniew Wojnowski
18

COLLEGE SENIOR STAFF
The senior staff of the College to whom day to day management was delegated in 2023124 are as
follows..
Head of Academic Office
Head of Finance & IT
Development Director
Head of Operations & Estates (Domestic
Bursar until l May 20241
HR Manager
IT Manager
Librarian
Mrs F McNamara
Mr W Garnett
Mr W te Kloeze
Mr M Morgan (until 14 February 20231,. Miss D Natanson
Ifrom l May 20241
Ms A Marsh311
Mr A Prasath (from 18, September 20231
Mrs A Burlakova
COLLEGE ADVISERS
Investment managers
BlackRock, 12 Throgmorton Avenue, London, EC2N 2DL
Cambridge Associates Ltd, 62 Buckingham Gate, London, SWIE 6
Partners Capital LLP, 5th Floor, 5 YoLJng Street, London, W8 5EH
Oxford Universlty Endowment Management, King Charles HoLJse, Park End Street, Oxford, OXI IJD
Audltor
Critchleys Audit LLP, First Floor, Park Central, 4041 Park End Street, OXI IJD
Bankers
Royal Bank of Scotland, Royal Bank of Scotland, 135 Bishops&ate, London, EC2M 3UR.
Lloyds Bank, 10 Gresham Street. London, EC2V 7AE
Surveyor5
Bidwells, Seacourt Tower, West Way, Oxford, OX2 OJJ
College address
62 Woodstock Road, Oxford, OX2 6JF
Website
WWW.5ant.ox.ac.uk
19

Statement of Accounting and Reporting Responsibilities
The Governing Body is responsible for preparing the Report of the Governing Body and the financial
statements in accordance with applicable law and regulations.
Charity law requires the Governing Body to prepare financial statements for each financial year.
Under that law the Governing Body have prepared the financial statements in accordance United
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and
applicable lawl, including Financial Reporting Standard 102.. The Financial Reporting Standard
Applicable in the UK and Republic of Ireland IFRS 1021.
Under charity law the Governlng Body must not approve the fin3ncial statements unless they are
satisfied that they give a true and fair view of the state of affairs of the Col￿ge and of its t)et income
or expenditure for that period. In preparing these financial statements. the Governing Body is
required to..
select the most suitable accounting policies and then apply them consistentlyt
make judgments and accounting estimates that are reasonable and prudent,.
state whether applicable accounting stand3rds. including FRS 102, have been followed,
subject to any material departures disclosed and explained in the financial statements,.
state whether 3 Statement of Recommended Practice ISORPI applie5 and ha5 been followed,
subject to any material departures which are explained in the financial statements,. and
prepare the financial statements on the going concern basis unless it Is inappropriate to
presume that the College will continue to operate.
The Governing Body is responsible for keeping proper accounting records that are sufficlent to show
and explain the College's transactions and disclose with reasonable accuracy at any time the
Inancial position of the College and enable them to ensure that the financial statements complv
with the Charities Act 2012. They are also responsible for safeguarding the assets of the College and
ensuring their proper application under charity law and hence for takSng reasonable steps for the
prevention and detection of fraud and other irregularities.
Approved by the Governing Body on 4 December 2024 and signed on its behalf by-
Professor Roger Goodman Iwardenl
20

Independent Auditors, Report to the Trustees of St Antony's College
Opinion
We have audited the financial statements of St Antony's College Ithe"Charitfl for the year ended
31 July 2024 which comprise the Statement of Accounting Policies, the Consolidated Statement of
Financial Activities, the Consolidated and College Balance Sheets, the Consolldated Cash Flow
Statement and notes to the financial statements. The financial reporting framework that has been
applied in their preparation is applicable law and U nited Kingdom Accounting Standards, including
Financial Reportin8 Standard 102.. The Financial Reporting Standard applicable in the UK and
RepLJblic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the group and ch3ritrfs affairs as at 31 July 2024 and
of the group's income and expenditure for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice,.
have been prepared in accordance with the requlrements of the Charities Act 2012.
Basis for opinion
We conducted our audlt in accordance with International Standards on Auditing IUKI IISAS IUKII and
applicable law, Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial staternents section of our report. We are independent
of the Charity in accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other
ethical responsibilities in ac¢ordan¢e with these requirements. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to golng concern
In auditing the financial statements, we have concluded that the Members of the Governing Body's
use of the going concern basis of accounting in the preparation of the financial statements is
appropriate.
Based on the work we have performed, we have not identified any m3terial untertainties relating to
events or conditions that, individually or collectively. may cast significant doubt on the charity's
ability lo continue as a going concern for 3 period of at least 12 months from when the financial
statements are authorised for issue.
Our responsibilities and the responsibilities of the Members of the Governin8 Body wlth respect to
going concern are described in the relevant sections of this report.
Other informatlon
The Members of the Governing Body are responsible for the other information. The other
information comprises the information included in the annual report other than the financial
statements and our auditor's report thereon. Our opinion on the financial statements does not cover
the other information and, except to the extent otherwise explicitly stated in our report, we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
nformation and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If we identify such material inttsnsistencies or apparent material
21

misstatements, we are required to determine whether there is a m3terial misstatement in the
financial statements or a material misstatement of the other information. If, based on the work we
have performed, we conclude that there is a material mi55tatement of thi5 Other information, we are
required to report that fart.
We have nothing to report in this regard.
Matters on which we are requlred to report by exceptlon
We have nothing to report in respect of the following matters in relation to which the Charities Act
2011 require5 US to report to you if, in our opinion..
sufficient accounting records have not been kept.
the financial statements are not in agreement with the 3¢¢ounting records 2nd returns,. or
we have not obtained all the information and explanations necessary for the purposes of our
audlt.
Responsibilities of the Members of the Governing Body
As explained more fully in the Statement of Accounting and Reporting Responsibilities Iset out on
page 201, the Members of the Governing Body are responsible for the preparation of the financial
statements and for being sat15fied that they give a true and fair view, and for such internal control as
they determine is necessa¥y to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial 5tatement5, the Members of the Governing Body are responsible for
assessing the Charity's ability to continue as a going concern, disclosin& as applicable, matters
related to going concern and using the going concern basis of accounting unless the Members of the
Governing Body either intend to liquidate the Charity or to cease operations, or have no realistic
alternative but to do so.
Audltorfs responsibilltles for the audit of the financial statements
We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in
accordance with the Att and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the finantial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditols
report that includes our opinion. Reasonable assurance is a high leve1 of assuran￿, but is not a
guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material
misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in
respect of irregularities, including fraud. The extent to which our procedures are capable of
detecting irregularities, including fraud is detailed below..
Our approach to identifying and assessing the risks of material misstatement in respect of
rregularities, including fraud and non-compliance with laws and regulation5, was as follows..
22

the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilitie5 and skills to identify or recognise non-compliance with applicable
laws and regulation5,'
we identified the laws and regulations applicable to the charity through discussions with
Membe15 of the Governing Body and other management, and from our knowledge and
experience of the clienvs sector,.
we focused on specific laws and regulations which we considered may have a direct material
effect on the financial 5tatemeNts or the operations of the charity, including Charities Act
2011, Office for Student5 and Oxford University requirements, taxation legislation, data
protection, employment and pensions, planning and health and s3fety logislalion..
we assessed the extent of compliance with the laws and regulations identified above
through making eNquirie5 of managemènt and, where relevant, inspectinE legal
correspondence,. and
identified laws and regLJlations were communicated within the audit team regularly and the
team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity's financial statements to material misstatement,
including obtaining an understanding of how fraud mighi occur, by:
making enquiries of Members of Governing Body and other management as to where they
considered there was susceptibility to fraud, their knowledge of actual, suspected and
alleged fraud- and
considering the internal controls in place to mitigate risks of fraud and non-compliance with
laws and regulations,.
To address the risk of fraud throLJgh management bias and override of controls, we..
performed analytical protedures to identify any unusual or unexpected relationships.
tested journal entries to identify unusual transactions-
assessed whetherjudgements and assumptions made in determining the accounting
estimates were indicative of potential bia5,' and
investigated the rationale behind significant or Ljnusual transactions;
In response to the risk of irregtjlarities and non-compliance with laws and regulations, we designed
procedure5 which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation,.
reading the minute5 of meetings of those charged with governance..
enquiring of management as to actual and potential litigation and claims,-
if considered necessary, reviewing correspondence with relevant regulators and the charitvs
legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws
and regulations are from financial transactions, the le55 likely it is that we would become aware of
non-compliance. Auditing standards also limit the audit procedures required to identify non-
compliance with laws and regulations to enquiry of the Members of Governing Body and other
management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detett than those that arise from
error as they may involve deliberate concealment or collusion.
23

A further description of our respon5ibllities for the audit of the financial statements is located on the
Financial Reporting Council's website at.. www.frc.or
auditorsres onsibilities.
This description forms PBrt of our auditor's report.
Use of our report
This report is made solely to the charity's Trustee5, as a body, in accordance with Part 4 of the
Charities Act 2011. Our audit work has been undertaken so that we might state to the charit¢s
Trustees those rnatter5 we are required to State to them in an aLJditor'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 charity and the charity's Trustees as a body, for our audit work, for this
report, or for the opinion5 we have formed.
Critchleys A
dit LLP
Statutory Auditor
First Floor, Park Central, 40-41 Park End Street, OXI IJO
Date. q Iiil
Critchleys Audit LLP Is eligible to act as an auditor in term5 of sections 1212 of the Companies Act
2006
24

Accounting Policies
Scope of financial statements
The financial statements present the Consolidated Statement of Financial Activities ISOFAI, the
Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the
College and its wholly owned subsidiaries St Antony's College Trading Limited and St Antonvs
College Estates Limited. The subsidiaries have been consolidated from the date of their
formation being the date from which the College has exercised control through voting rights in
the subsidiaries. No separate SOFA has been presented for the College alone as permitted by the
Charity Commission on a concessionary basis for the filing of consolidated financial statements.
A summary of the results and finantial position of the charity and each of its material
subsidiaries for the reporting year are in note 14.
Basis of accounting
The College's individual and consolidated financial statements have been prepared in
accordance with United Kingdom Accounting Standards, in partitular'FRS 102: The Financial
Reporting Standard applicable in the UK and Republic of Ireland, IFRS 1021.
The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The
College has therefore also prepared its individual and consolidated financial statements in
accordance with rhe Statement of Recommended Piactice applicable to charities preparing
their financial statements in accordance with FRS 102, (The Charities SORP IFRS IQ1211.
The financial statements have been prepared on a going concern basis and on the historical cost
basis, except for the rneasurement of investments and certain financial assets and liabilities at
fair value with movements in value reported within the Statement of Financial Activities ISOFAI.
The pyincipal accounting policies adopted are set out below and have been applied consistently
throughout the year.
Accounting judgements and estimation uncertainty
In the view of the Governing Body, in applying the accounting policies adopted, no judgements
were required that have a significant effect on the amounts Tecognised in the financial
statements.
In the view of the Governing Body, no assumptions conceining the future or estimation
uncertainly affecting assets and liabilities at the balance sheet date are likely to result in a
material adjustment to their c3rrying amounts in the next financial year.
Income recognition
All income is recognised once the College has entitlement to the income, the economic benefit is
probable and the amount tan be rellably measured.
a. Income from fees, the Office for Students and other charges for servlces
Fees receivable, less any scholarships, bursaries or other allowances granted from the College
Ljnrestricted funds, sUPPOrt from the Offlce for Students and charges for services and use of the
premises are recognised in the period in which the related service is provided.
b. Income from donationsi grants and legacies
Donations and grants that do not impose specific future performance-related or other specific
conditions are recognised on the date on which the charity ha5 entitlement to the resource, the
amount can be reliably measured and the economic benefit to the College of the donation or
grant is probable. Donations and grants subject to performance-related conditlons are
recognised as and when those conditions are met. Donations and grants subject to other specific
25

conditions are reco8nised as those conditions are met or their fulfilment 15 wholly within the
control of the College and it 15 probable that the specified conditions will be met.
Leg8cies are recognised following grant of probate and once the College has received sufficient
information from the execLJtorlsl of the deceased's estate to be satisfied that the gift can be
reliably measured and that the economic benefit to the College is probable.
Donation5, grants and legacies accruing for the general purposes of the College are credited to
unrestricted funds.
Donations, grat)ts and legacies which are subject to conditions as to their use imposed by the
donor or set by the term5 of an appeal are credited to the relevant restricted fund or, where the
donation, grant or legacy is reqLJired to be held as capital, to the endowment funds. Where
donations are received in klnd las distinct from cash or other monetary assets), they are
measured at the fair value of those assets at the date of the gift.
c. Investment in¢ome
Interest on bank balances is accounted for on an accrual basis with interest recognised in the
period to which the interest relates.
Income from fixed interest debt securities is recognised using the effective interest rate
method.
Dividend income and similar distributions are recognised on the date the share interest becomes
ex-dividend or when the right to the dividend can be established.
Income from investment properties 15 recognised in the period to which the rental income
relates.
Expenditure
Expenditure 15 accounted for on an accruals basis. A liability and related expenditure Is
recognised when a legal or constructive obligation commits the College to expenditure that will
probably require settlement, the amount of which can be rellably measured or estimated.
Grants awarded that are not perform3nce-related are charged as an expense as stson as a legal
or constructive of)ligation for their payment arises. Grants subject to performance-related
conditions are expensed as the specified conditions of the grant are met.
All expenditure including support costs and governance costs are allocated or apportioned to the
applicable expenditure categories in the Statement of Financial Activities (the SOFA).
Support costs, which Includes governance costs Icosts of complying with constitutional and
statutory requirements) and other indirect costs are apportloned to expenditure categories in
the SOFA based on the estimated amount attributable to that activity in the year, either by
reference to staff time or the use made of the underlying assets, a5 appropriate. Irrecoverable
VAT is included with the item of expenditure to which it relates.
Intra-group sales and charges between the College and its subsidiaries are excluded from trading
income and expenditure in the consolldated financial statements.
26

Leases
Leases of assets that transfer substantially all the risks and rewards of ownership are classified as
finance leases. The cost5 of the assets held under finance leases are included within fixed assets
and depreciation is charged over the shorter of the lease term and the assets, useful lives. Assets
are assessed for impairment at each reporting date. The corresponding capital obligations under
these leases are shown as liabilities and recognised at the lower of the fair value of the leased
ssets and the present value of the minimLJm lease payments. Lease payments are apportioned
between capital repayment and finance charges in the SOFA so as to achieve a constant rate of
interest on the remaining balance of the liabilitv.
Leases that do not transfer all the risks and rewards of ownership are classified as operating
leases. Rentals payable under operating leases are charged in the SOFA on a straight-line basis
over the relevant lease terms. Any lease incentives are recognised over the lease term on a
5tralght-line basls.
Tanglble flxed assets
Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation
and any accumulated impairment losses.
Expenditure on the acquisition or enhancement of land and on the acquisition, construction and
enhancement of buildings which is directly attributable to bringing the asset to its working
condition for its intended use and amounting to more than £IO.000 together with expenditure
on equipment tosting more than £io,aoo is capitalised.
Where a part of a building or equipment is replaced and the costs capitalised, the carrying value
of those parts replaced is dereco8ni5ed and expensed in the SOFA.
Other expenditure on equipment incurred in the normal day-to-day running of the College and
its subsidiaries is charged to the SOFA as incurred.
Depreciation
Depreciation is provided to write off the cost of all relevant tangible f1xed as5et5, less their
estimated residual value, in equal annual instalments over their expected useful economic lives
as follows..
Freehold properties, Including major extensSons 50 years
Building improvements 25 years
Refurbishment of Student Accommodation 10 years
Equipment and Software 4- 10 years
Freehold land is not depreciated. The cost of maintenance is charged in the SOFA in the period in
which it is incurred.
At the end of each reporting period, the residual values and useful lives of assets are reviewed
and adjusted if necessary. In addition, if events or change in tircumstances indicate that the
carrying value may not be recoverable then the carrying values of tangible fixed assets are
reviewed for impairment.
27

Investments
Investment properties are initially recognised at their cost and subsequently measured at their
fair value (market value) at each Teporting date. Purchases and sales of investment properties
are recognised on exchange of contracts.
Listed investments are initially measured at their cost and subsequently measured at their fair
value at each reporting date. Fair value is based on their quoted price 3t the balance sheet date
without deduction of the estimated future selling costs.
Investments such a5 hedge funds and private equity funds which have rbo readily identifiable
market value are initially measured at their costs and subseqLJently measured at their fair value
at each reporting date without dedLJCtion of the estimated future selling costs. Falr value Is
based on the most recent valuations available from their respective fLJnd managers.
Change5 in fair vèlue and gèins and losses arising on the disposal of investments are credited or
charged to the income or expenditure section of the SOFA as 'gains or losses on investments,
and are allocated to the fund holding or disposing of the relevant investment.
io.
Other flnancial instruments
Cash and cash equivalents
Cash and cash equivalents include cash at banks and in hand and short-term deposits with a
maturity date of three months or less.
Debtors and credltors
Debtors and creditors receivable or payable within one year of the reporting date are carried at
the at transaction price. Debtors and creditors that are receivable or payable in more than one
year and not subject to a market rate of interest are measured at the present value of the
expected future receipts or payment discounted at a market rate of interest.
ii.
Stocks
Stocks are valued at the lower of cost and net realisable value, cost being the purchase prlce on
a first in, first out basis.
12.
Forelgn currencie5
The functional and presentation currency of the College and Its subsldiaries is the pound
sterling.
Transartions denominated in foreign currencies during the year are translated into pounds
sterling using the spot exchange rates at the dates of the transactions. Monetary assets and
liabilities denominated in foreign currencies are translated into pounds sterling at the rates
applying at the reporting date.
Foreign exchange gains and losses resultlnE from the settlement of transactions and from the
translation of monetary assets and liabilities denominated in foreign Currencles at the exchange
rates at the reporting date are recognised in the income and expenditure section of the SOFA.
28

13.
Total Return investment accounting
The College statutes authori5e the College to adopt a 'total return, basis for the investment of its
permanent endowment. The College can invest its permanent endowments without regard to
the capitallincome distinttions of standard trust law and with discretion to apply any part of the
accumLJlated total return on the investment as income for spending each year. Until this power
is exercised, the total return is accumulated as a component of the endowment known as the
unapplied total return that can be either be retained for investment or release to income at the
discretion of the Governing Body.
14.
Fund accounting
The total funds of the College and its Subsidiaries are allocated to unrestricted, restricted or
endowment funds based on the terms set by the donors or set by the terms of an appeal.
Endowment funds are further sub-divided into permanent and expendable.
Unrestricted funds can be used in furtherance of the objects of the College at the discretion of
the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be
used in future for a specific purpose and this will be accounted for by transfers to appropriate
designated funds.
Restricted funds comprise gifts, legacies and grants where the donors have specified that the
funds are to be used for particular purposes of the College. They consist of either gifts where the
donor has specified that both the capital and any income arising must be used for the purposes
given or the income on gifts where the donor has required or permitted the capital to be
maintained and with the intention that the income will be used for specific purposes within the
College's objects.
Permanent endowment fLJnds arise where donors specify that the funds are to be retained as
capital for the permanent benefit of the College. Any part of the total return arising from the
capital that 1$ 211ocated to income will be a¢counted for as unrestricted funds unless the donor
has placed restrictlons on the use of that income, in which case it will be accounted for as a
restricted fund.
EKpendable endowment funds are similar to permanent endowment in that they have been
given, or the College has determined based on the circumstances that they have been given, for
the long-term benefit of the College. However, the Governing Body may at their discretion
determine to spend all or part of the capit81.
15.
Pension costs
The College participates in the Universities Superannuation Scheme IUSSI and the University of
Oxford Staff Penslon Scheme IOSPSI. These schemes are hybrid pension schemes, providing
defined benefits as well as benefits based on defined contributions. The assets of each scheme
are held in a separate trustee-administered fund. Because of the mutual nature of the schemes,
the assets are not attributed to individual employers and scheme-wide contribution rates are
set. The College is therefore exposed to actuarial risks associated with other employers,
employees and is unable to identify its share of the underlying assets and liabilities of the
schemes on a conslstent and reasonable basis. As required by Section 28 of FRS 102 'Employee
benefits" the College therefore accounts for the scheme5 as if they were wholly defined
contribution schemes. As a result, the amount charged to the profit and loss account represents
29

the contributions payable to each scheme and any deficit recovery contributions payable under
a Scheme recovery plan.
Where a scheme valuation determines that the scheme is in deficit on a technical provisions
basis las was the case following the 2020 USS valuation), the trustee of the scheme must agree
a Recovery Plan that determines how each employer within the scheme will fund an overall
deficit. The College recognises a liability for the contributions payable that arise from such an
agreement (to the extent that they relate to a deficit) with related expenses being recognised
through the intome statement. Further disclosLJres relating to the deficit recovery liability can
be found in note 24.
FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group
plan consists of a collection of entitles under common control typically wlth a sponsoring
employer. A multi-employer scheme is a scheme for entities not under common control such as
Universitles SLJperannuation Scheme and OSPS. The accounting for a multi-employer scheme
where the employer has entered into an agreement with the scheme that determines how the
employer will fund a deficit results in the recognition of a liability for the contributions payable
that arise from the agreement (to the extent that they relate to the deficit) and the resulting
expense in profit or loss in accordance with section 28 of FRS 102.
The Trustees are satisfied that USS and OSPS meet the definition of a multi-employer scheme
and where deficit recovery plans have been in place in past years, the College has recognised its
share of the deficit plans place on both schemes (see note 241
The pension deficits recorded are dependent on estimates of future employment patterns and
interest rates. The effects of changes to these assumptions are shown in note 24.
30

Statement of Financi31 Activities
st >￿tOn￿$ Coll•ge - Consolidatod Stst•n*nt of Flnancial kntlvitias
For the ￿ar ended 31 July 2024
Unrestricted Restricted Endowed
Fund8
Funds
Funds
£'ooo
£'ooo
£'ooo
2024
Total
2023
Totsl
rooo
Notss
INCOME ENDOWMENTS FROM..
Charltable actlvlties..
Teaching. ￿searCh and rgsldenlral
Other Tradlng Income
Donations and k8gacle8
Investn*nts
Investment incom8
Total return allocated to incotn&
Olher income
Total incon
5,384
674
832
5.389
674
2.852
4,473
405
4,591
1.251
759
396
2,012
12,0011
2,408
2,300
15
75
2,161
75
11.398
8,457
780
11,772
EXPENDITURE ON:
Charltable actlvitle$:
Teaching, research and resident￿1
5.460
2,289
7.749
Goneratlng funds..
Fundraising
Trading expendiluT8
Inv8stmenl rn8nagem8nt costs
Total Exp8ndttur•
346
598
346
598
369
306
6,406
2.289
8,695
8,842
Net Incorr*llExpendlturel before gzlns
2,051
1128
2.Y03
3,130
N81 gainsllk)55asI on investments
2,847
2,901
12,4201
Net IncoThllExpendsturel
2,105
11281
3,627
S,604
710
Transfers bet￿￿en funds
20
87
1711
N81 nTr)vement In funds fgr th9 yoar
Fund balances brought forward
2,192
3,611
5,604
710
20
19.658
12,236
66,541
88,435
87.724
Fund5 Carried forward at 31 July
21,850
12.037
60,152
94,039
88,434
31

Consolidated and College Balance Sheet
st Antony's College - Consolldated and Collegè Balance Sheets
As at 31 July 2024
2024
Group
£'ooo
202
Group
£'ooo
2024
College
£'ooo
20
College
roco
Notss
FIXED ASSETS
Tangitsle 88set8
Heritage assets
Property In￿tmentS
Other In￿tMentS
10
32,364
32,809
32,364
32.809
12
13
55
59.576
110
57,190
55
59,576
110
57,19)
Total Fixed Assets
91,995
90,109
91,995
go,109
CURRENT ASSETS
Stocks
Debtors
stments
Cash at bank and in hand
29
1,397
21
767
29
1,396
16
1.689
1,627
1,629
1,545
Total Current Assets
3.115
2,415
3,OS4
2.1
LIABILITIES
Creditors". Amounts trdlling due wlhin one year
17
1,071
3.343
1,010
3,124
CURRENT ASSEfsi{LIABILITIESI
1928}
19281
TOTAL ASSETS LESS CURRENT LIABILITIES
94,039
89,181
94,039
89,181
CREDITORS.. fallln9 due after more than one year
18
Provl*ons for Ilablllties and charyes
NET ASSETSIILIABILITIESI BEFORE PENSION
ASSET OR LIABILITY
94.039
89,181
94,039
89,181
Dèflned bènefit pènsion schern• Ilability
24
746
TOTAL NET ASSETSIILIABILITIESI
94,039
88,435
94,039
88,435
FUNDS OF THE COLLEGE
Endowmentfunds
Re8trlcted funds
20
20
60,152
12,037
56,541
12,236
60,152
12.037
56,541
12,236
Unrestricted funds
Designated ￿[KIS
General fvnds
Pension Fund ￿8t￿lItY
20
20
20
21,996
11461
19,991
413
17461
21,996
11461
19,991
413
461
94.039
88,435
94,039
88,435
The financial statememts were 5pprO￿ and aulhorised for issue by the Goleming Body ol St Antony¥ College on 4th
December 2024
Trustee..
Trustee..
32

Consolidated Statement of Cashflows
St Antony'5 Collog& - Consolidated Statoment of Cash Flows
For the yèar ended 31 July 2024
2024
£'ooo
2023
ro
Not9$
Net cash provlded by Iu5ed Inl operating a¢tlvltles
27
19761
1,430
Cash flows from investing a¢tivltles
DI￿dendS, interest and rents from In￿StmentS
Proceeds from thè sale of property. plant and equipment
Purchase of property, plant and equipmtsnl
Proceeds from sale of In￿StmentS
Purchase of in*stmenls
Net cash provSded by (used inl Investlng activitlgs
2.408
2,300
17091
570
12701
751
11.9561
825
2,269
Cath flows from financing activi119S
Repaymenls of borrowng
Cash inflows from new borrwng
Receipt of endowment
Net cash provld8d by (used In} finan¢lng activities
12,0001
(5,0001
769
1,2311
172
4,8281
Changa in cash and cash equivalents In tha reporting period
62
12,5731
Cash and cath equivalents at the beginnlng of the
reporting period
1.627
4,2CKJ
Change in cash and cash equivalents due to exchange
rate m0￿mentS
Cash and cath equSvalents at the end ofthe
reportlng period
28
1.689
1.627
33

Notes to the Finarici31 Statements
St Anlonvs College-wotss lo Ihgfinanclèl $tatsmon
Forthoy@llr*nd•d 31 July2024
INCOFIEFROM CHARrrABLE ACTnllTIES
2024
£'ODO
2023
£ooD
Teachlng, Rè6ear¢h R¢sldenllal
UnreslriGkdfund5
Tuition low- UK and EU 3lvdenls
Tu11￿￿ lees- OVer5eaS sludents
Olherlegs
Stspport liom Olllee for Students
OIhpr￿adet￿￿ |n¢om@
College resideniial Income
391
1.375
48
217
3.040
2.572
4,470
Restr￿ted funds
Other4¢8dÈmlc It￿￿6
Total Teachlngp Retsearch aThd Rèsldèntial
5.389
4A73
Totsl inGomE fromcho￿tdbIe aCti￿*1t$
5,389
4873
The a￿v0 &nalysis ID¢lUdes￿,04$k ￿te1ve0 from OAtoYd Unlvetsltytrom publi*accouTrlaile ru￿% uDdgrth9 CFF sC￿M￿l￿O23'. E1.674kl.
Tosupportlhe sliategic prbrrty lo tu￿ mregradualg scholats toenatA&Ou￿ta￿ding sludEnts totsk8 Upthelr plac55 ￿98rd185$ 01 Ihelr
financlal pwitiDn.forgraduai8 s￿￿nIS wilhoveY58as 186 sièiusfunded through Claiendon orUKRI sthola15hip fundlw $thgfnBS,
shatp of the lee5 Waried dmounled 10£7,94612023.' £4,299}. These are nol Included In the 180 In¢om8 reported abov8
INCOME FROM OTHER TRADIN¢ ACTIVITES
2024
£.400
2023
£'o
Su￿￿ÈrycorydnYtr2d1ng IFbr%)rne
74
DONATrONSAND LFGACIES
2024
rooo
2023
£'No
Donatknns¥Dd L¢gacio¥
Unre51nGled lundB
Reslficled funds
Endowed funds
832
1251
769
2,652
1.￿5
112
4,594
INVESTFAENTINCOME
202A
2023
£￿00
Unr851￿L¢dI￿n￿$
erpTOP8rty Irwme
Other inVÈStJY*nt ￿cOMe
Bank inleiesl
263
47
61
37
25
183
396
Endo¥¥edfvnds
0th8T Invèsfftnt Incom&
2.012
1012
1,929
1.929
Total lThve$tW9nt Incvrn
2A08
2,311

Note5 to the Financial Statements
St￿10￿Y's Collvgè- Noto8 t0th0fi￿4nGlal 8t•l•mEfflt
Forthe yeBr Ènded 31 July2024
OThER INCOME
InGOm of £75kwa5 reGgrrfed ￿ the lowc8rf)OD skills fund to a¥seA$ beSibd¢¢arbonisB￿Ètirnfj *rosg the ¢ollegÈ ests￿.
There w9& no other Income in 2D22123.
NALY818 OF EXPENDITURÉ
2024
£'o
2023
Ch&rft&blè eMp¢rKlrturè-tfrachlThJ, resear¢h ond rosld9nllal
2.1SO
3,707
1.892
2.153
8,576
2.237
0￿￿rd1{e￿ cost8
Support &govemtsrtt
Tutwl chBrltab￿ ExpenditiFIE
7.749
7,9e6
l GhEri1*￿ eY4)Èndilufe ￿￿?te$ to leaching. research arwj rnNdonlN?18GtNilie&
2024
£woo
2023
£'o
Exp*Thdit¥ie on9eneratlng funds
Srecl stslf msts allocal8d tts..
269
316
Trading gxp8ndiwYe
1fj3
Oth¥dIf<¢i￿BLS alo¢at£d to..
44
278
Trading exrendilure
139
SurvOrt￿d goVerna￿e￿ cost8alkncaled lo".
Fundraiwng
Trading expenthbJre
Inve$tm8ni mhn89ement COSIS
Total •xp•ndItU￿ on ral$lr•9 fuThd#
676
Toral exp9nd￿￿re
8.695
8,642
The College ts li8b1e to be 89sessed loi a ￿￿t￿bub0￿ underlhe provisiorbS of St¥lulg xv ts1t￿ Vhivefstyol Oxftsrd. The Contributlon Fund 1$
Used to Tnake gr8DIs 8nd to coiwes on bagisof n$￿. Ctsninbutiong are ¢akula￿d ￿n￿allY iTraccord2nc&wlth regulatlon6 made bylt
Coundlolthe Univer91ty0l Oxtoid.
Thetsachlw and r&SearCh￿l5 co1￿9P cOntrtbub￿ p¥y¥bK¥of £ok120￿-t0k1.
2Q24
Total
£'ooo
2023
Total
£￿00
Included ￿￿thIn the resouicfjseip￿d9d ¥btNe a¢".
Owieting I£￿e paY￿￿n
Forelon ￿￿Char￿ gain
48
45

Notes to the Financial Statement5
St Anlon¥s Colleg(t- Notss lothoflnpn¢ial statsmenls
Fuw the ye4r ￿Thd￿ 31 July 20Z4
LYSIS OF SUPPORT GOVERNAWCE COSTS
Teacning
and
Reaeaich
£'Mo
250
Teaching
and
Research
£'o
250
Generat￿0
Funds
2024
TotÈl
Tooo
272
Gènei¥lr
Fur￿$
e'ooo
2023
Tptal
pooo
274
22
Human r8swICgS
Flnanclal admlnlsirathon
Domgstlcadmlrlstraiknn
Governawe costs
Bank inte￿1 rw3ble
OtherlinarKe charges
DepreGiaU
144
243
372
21
254
372
27
156
67
1.044
39
47
18
1.155
47
47
18
1,155
87
1.044
99
1,B92
1,931
41
2,237
2,278
Find￿￿1 aTwJ ¢om&slk admlnLslralloD, Ir. governanc8 and human resourw tO8tFara altribul8d accordi￿ to thèestlmated bmespent on
￿lIvIty. Deprec&g1ion CoEtsand wofit loss on disposal 0[￿Xed assets dre all11￿led aCcord￿g to Ih&use madeol U￿eT￿l￿gaSset8.
IntErealand 01herfinèn¢iw ch2rges ale attiitAJted accoidlng lolhe puiwse ollhe reL3ted IID¥ncing.
212d
£￿0
27
2Q23
£'ooo
24
GovBrn8nce ¢D$ts compr15Q'.
Auditorfs rFtnungr?knn- auditS9tvlc8S
AudltOi'S remunerarion- tax 8dvknryservic&s
Audilo¢s remunera￿OTh- other$e(v￿$
OthergrJvfrrnanc& costs
17
47
27
No atnounih& LEen included In governance (x%lsfor the dlreclemrAoyrnenl c051s or reimbuwd expenses ollhe Fellow&on the bo$K4
thal theBQ paytnents relBte to the Fellows invoTr¢e￿nti￿]￿e CoikYe¥chaiitsbl&8d￿IbeS. DBtsibol thè reMweraU￿ olthe Felknws and Iheir
reimbuT3ed expEn&Es Are included 888 5Ep8rats noie yfflthln the50 lin8nci21 staiemènt&
GRhATS hJSD AWARDS
2024
£￿00
2023
Durfn9 the y&ar the Collggg lunded research swards but5￿1￿& ty studgDts as roll￿￿￿".
Unregtrfclodfunds. Grant•to Indivlduals
Grantslo Ind￿l￿￿￿1$..
holarships, priz&8and grants
Totd unreBlrlcted
Rest￿Cle{£ 1u￿d$.Gr4Thts to lThdlhldual
GI¥￿￿ to Indlvidual5'.
holars￿p5. wizas and grants
BursAiies Bnd hardshlp awards
Tot41 rostrtctid
459
35
326
T¢rtAI qrants and award5
495
381
Students althi% colleoe dld not recdve any wymentsformthe Oxloyd ￿rsary s¢herne TrDrwe￿ there 8nyfeowgweis18sw8s t￿ ca$e r 2023>
There wero no¢¢èntslo othfrr lnsliiuli￿s.

Notes to thg Financièl St3tements
st Ahtonl8 Coll¢gp- Note6 totho nnan¢ial ¥tstomÈnts
Forthe yearertded 31 July 2024
STAFF COSTS
2024
fOQD
2023
rooo
The aggtsp8le stsff t¢Jsls lor ihe yearweie asfoluws.
Salarles an¢ w¥ges
SOCI￿ securlly ¢0118
PenS￿￿¢￿Sts".
Delikn￿ ￿ne[l1$chemeS
De￿￿90 ILnknbullon s¢hèm88
Other benefits
3,172
220
2.923
208
18541
221
45
12$
39
3,M4
3,165
The ave￿0 *mployèesot th2 Colle9B, èxdudlngTrustse8,
s$$ IcAk)w6.
2024
2023
Tuillrjn Bno ieseaich
co1￿8 r8gi¢kni￿l
FuThdra*l
Support
58
49
37
31
TOLII
Thesverage numb2roIem￿0yfjd Cl￿1899T￿81eB$dU￿Irn0 the ye¥rwa> as folk)ws'.
UniveNtyLedurers
Otsr
37
37
Totsl
38
payments8¢ ¥COun1￿ lor In the pÈriod In which tho employee wag Snlomied of th9 d9c1s￿n. Wh8feTgdund8ncyeosts are
uDwtain thè fi9Ur8 in Ihe reprgsenls a bgslesllmalg
The lolowing inlormallon iololes io iheempknyees olthecollegè exdudlng ihe Colwe Trustees. Details of the Fernunora*ion on¢ rs1tnbu￿cd
pf the College TYusiee5 is Induded asa separats ￿te In theBefinawal sl8leTn8nl¥.
Therewetgttvo env￿yeeS lèxcIu¢iny thè College Tru9teesl ihe ￿￿rWh0￿￿grOss pay and bonofiL518Xcludiny NE￿￿￿ pen>hx)
COntrlbutions)was above £60.WQ12023'. iwol Thes8ernpbyEas had ￿ r8brEmert bpn8fi15 accrulng.
2024
2023
£60.00￿69.9y9
£80.000-£89P99
£Y)00
221
£'o
The colfr￿ wntilbubon¥ lodefit￿O ¢Ontrthullon sehemes Itthl*d
37

Notes to the Financial Statements
stAnlonV$ Collgu8-Notfjs lo tho financkn1 $tst8m¥nts
Fur the year4nl9(131 July Z024
111 T￿￿GIBLE FIXED ASSETS
Group
Free￿
GTOUP
Fixture5.
riNings and
equipmenl
£￿[￿>
Oroup
011ggo
Freeholl
lènd and
ColleuE
Fi%lJr85.
College
Totsl
Totsi
equipmenl
£'OOD
£￿0
£￿00
Cost
AlS￿rtOf year
Additions
41.1
665
1,081
44
42,215
7V9
41.134
42,215
44
At ond of ￿Hr
41,799
1.125
42,924
41.199
1,12$
42.924
Dopre¢ladon and Impalrmant
Al sl¥rt ol yeal
Deprec￿110￿ thsrgef0rl￿ year
8.495
1.088
9A06
6.495
1.088
9.406
1,154
66
Ater*d of year
9,583
10,560
9,583
977
10.5fj
Nèl bookvaluo
At ondolyear
32,21B
148
32.364
32,216
14B
32.3e4
Al slartolyear
32,839
17D
32,809
32.￿9
170
32.809
Therewere dating tQ0$9et8 he￿ urblerlinantt1&8598 In 2024 12023.. nlll norwhete Iher8?Dy a8gel¢i$po$als dwinythe year.
The College has sub8tsnt&?I long-held h1s1o￿G assets 811 olvdhkh are used in cthYs&ol the c￿￿9&.5 t¢gchiw and researchpGiwltle&. These
totnprise Iisled buildSngsoD the Collego S￿e, logelherwllh lhCir￿ntentS comprislnpwotks ol 8rt. ancient books and manuscrlpis and Qihei
treasured arfelacls. Because of theIr￿e and. in rnanycases. unioue naiure, leliab￿ hlsioricAI cos1 iDlormknn is nolavailable forlh¢se ass91$
8nd not ￿ obtsined exff PlAt dl¥roporllonaie expènse. Hcwfrve¥, In Ih&winion ol Ih$TYusts8sthe deprp¢iakd histoD¢a1 Ci)siof thÈse
AssÈt& ts n¢w uThnalenal.
11 HERkTAGE A8SETS
The Colleg8 holds a Dumbpr of mawscripls. ￿0kg. p￿lopra[￿S ar￿ ofthi thwmentjwhlchwere acqjired byihe college al nocosl. There
material addiliiYI5 01 di8ptssalsof Such Bs5et5 in rettnl5pais 11 L% Cdhge policy torevlewall8uth gifl8 belore tKcephng themand to
ensurtlhey are pToperfydO￿￿ented. fflalnlalned and sU￿"eCtIO ￿ appr(ptip*e di%posal poI￿y. ArLeSS18 gtBnted by w￿13r￿n0￿mnIt0
a¢ademi¢s. ond M￿bE13 Dtthe publi
12 PROPERTY INVESTMENTS
Group
2Q24
Totsi
Group
2023
Tolal
t￿00
Colleg•
2024
Total
£￿00
Group
2023
TOtsI
£'o
Valualth al startof year
Dl$pos8
Tran51eF6 Irom I (lol Fixed Assels
Rgvslusllon gain￿lI￿$se51 In iheyear
3,OID
3,010
t2.￿0)
I2.￿0)
19
Voluètlonatond of y4ar
55

Notes to the financial Statements
StAmtOnVs Collège-No1è6 tothe flnanci81 Statornonts
FDrthe y4arended 31 July 2024
13 OYHER INVESTMENTS
All Inveslmenis are hekl èl lakvèlue.
2024
£￿00
2023
£'o
Group In¥OStmontg
Valualvin al stsrtofygar
New ￿￿?y1nVÈ$iÉd
Tmounts W￿raWn
Reinvesied Inctsme
lTrveslment m8nagemEntleÈs
IDecreèseVincip8se In valueof SnYeslmeDis
57.IP2
58,404
14831
17
2￿80
12,4201
Group lThw8lrnents at¢￿￿ oly•ar
59.576
57.190
Inveslm&ntln Subs￿1￿[18￿
olleyo Invqyttngntsat•nd ol yoar
59,576
57.1
Group In￿¥t￿ents rvmpr15e'.
Hew out*lde
th• UK
£woo
20Z4 Held out￿d&
Total
Ihe UK
£'ooo
£'ooo
He￿ in
the UK
£￿00
2023
Tolal
e'o
thE UK
£'ooo
Equltylnv@simen
Gbb81 mulli-assel lund5
Piopety lund5
Alt£rngllve other inve51mgnts
7,445
73
7.463
51.364
7.124
73
63
49,044
146
7.187
49.117
148
738
51.291
619
619
738
Tol81 group Invw¥trMnts
8,137
51.439
59,576
7.935
d9.255
57.190
14 PARENT ANO SUBSIDIARYUNoeRThXINO8
The Coll￿$ htsl¢s 100% olthe ISSU￿ sha¢ capiial In St Anto￿STradirV Llrnited, a companypiov￿lTrg ¢ontergnc8 ?nd othpravenisetvlres on
the Collège pr￿15&$, and 100% ollbe Issued SI￿re cawtri in StAntoD￿￿ E%lat8s Llmit8d. a eompsny piovlding design Bnd construcllon
EeNlces to th8 CcI￿g￿.
The re&￿ts End1￿[ as8ets l￿bIll￿e5 Df Ihe parnnl 8nd su￿￿&￿25 al Ih&yeBf follows.
StAntonYs
StAntony'$
Ttadlng Ltd
2024
£wo
Sl Ant9n￿&
Estates Ltd
Sl PnlDny's
Sl ￿n￿rrf5
Tiading Ltd
2D23
E￿00
SIAntonK5
Estate¥ Lid
2023
t￿00
2024
£￿0D
2024
£￿00
2023
IDCOT
Expèndltuye
Rov8lu?tion GsiTrllLo581
Dorbalion lo &lloge uDdergirt a
10,729
669
15941
395
18.6421
2,801
75
33
R08ultforthepJr
Sffi04
744
Tolal 35s91$
94,8Tg
18401
231
92.524
14,0691
476
Nètfunds attho of ytrar
94,039
88 435
The College owns a 115 share In North Oxlord Shared Coll￿e Serv￿5 L1Th￿ed, 8 companyloinHy<wned bySIAnlonls Colwe, 81 Hugh's
Colbgfy. ColÈgE, GreeTr Temp￿10￿ College and Lady Margatel Hall intrder to shere ITsupwrtcOs￿. company had 3 ￿rnOverIn
2023124 Df £799.357 I￿2?123£639,74B1￿nd ￿erat¢S as aC0314har￿￿ oroup Sott￿re WE￿ profits. Gree￿ Temrlelw Co1￿￿9101n￿d tho
company on 2￿h Septemb¢r 2023.

Notes to the Financial Statements
StAnt0￿*￿ col￿ge- Notes tothe financ￿7 statements
Forth$ yearended 31 July 2024
5 sTATE￿ENT OF INVESTMENYTOTAL RETURN
The Truslgos have adoptEd a duly Juthorwd pD1￿Y oltotral r&tum 8C¢DUThl1￿ forthè IDvègiMenireturrhS. The Invgsimgntrgluinlo b?
appliod a3 incomo is caleulaied a54.25% (plus costslof Ihe average ollheyear-gnd valus5 Qllhe rebv3nl invP5tsngn￿ In each olthe lasl
Iun¢hsn9ed slnce 2023). Th& weserved Iliozenl valu8 ol tho Iiwest8dendo4wnenl capiL31 r8presgnts Its open markBtvalu8 ITr 2003 1098theiwlth
all subsequent gndowffl8nis valu9d atdale olgift.
Pemianent Endo¥¥meDt
Unapplled
Totsl
Return
I￿00
Eip2ndabl•
Totsl
Endowment Endowment
In¥esimeni
£'o
7,283
Totsi
At 1StAU#￿t2o23
Grflcompgnertt otlho pÈnm8nentendoW￿Thl
£WOD
7.283
7.283
Expendable e￿oW￿nt
Total endowme￿1$
43.047
d3,O47
43.04Y
86,541
7,243
6,211
13,494
Movements h the rwrfing pBilod..
Gill olendowmenifunds
Inveslmenl r8iuFn iolal Investrn8nl income
Inve51meThl reiuin.. resI￿ed and Unre￿i5￿d gaSns and b5ses
0ItErlranslers
Tot
769
769
2.012
2.847
16
5.612
498
496
2,159
765
1.949
2,663
ur￿ppI￿ total Y&iurn allocated lo Incotnp irhthe reForbtbp perir
Expendable endovmènis trangfeyrèl lo Inco
Net movÈMenls In Yeportlny perlod
765
$27
1,592
2,019
3,611
At 31stJuly2024
GbftcomponeTht olthe perm2npntendown*ni
Unapplled lotsl retuin
Exppndabl8 end0￿￿*Tht
Total EndoY•Ttpot¥
8.048
8,048
7,038
8,048
7,038
45.066
00.152
7.038
45.￿6
45,Q£fj
0,048
7,038
14086
16 DEBTORS
2024
Giollp
£woo
2Q23
Group
2024
Collgge
roDD
2023
eollo*
£'No
£'wo
AMoU￿ts f4llirbll dve ￿thIn0n0year.
TrAde deblors
AmTrunls owed by Cdkoe meThbbErs
Amoun15 owed by Group ￿t￿ertakI￿¥
Prepèyment5 and accrued IDwme
0thgr¢gbtot#
189
73
73
97
44
205
9YO
205
930
IT4
174
1,397
767
e29
17 CREDttORS.. fall￿￿ du@W[t￿Tr oneyèar
2024
Group
£'ouu
2023
Group
Z024
Collogg
£'ooo
023
Co1È9È
£'ooo
£￿00
Bank knan5
Tradg cr8dilOIS
Amounts owed toCo119p fdembgrs
ramal￿￿ socis15ecurlty
cNgls and ¢elgtrod Incom9
2,000
63S
421
42
242
2.000
422
420
42
240
452
343
17
259
392
343
18
257
1￿71
3.343
1,OlQ
3,124
The Colleg8 repaid lh$ fil￿1 balance olJn unsBwTed revolvin9 bgnk loaD Isrifty IlbE Hilda Besse BU1￿4￿￿j |p8nl In December 2023and th55 loa
f8cility h38 P￿ed Ilhe value ol Ihp loan a1315tJtsty 2023 E2.0 mlllk)nl.
IS cRÈtt￿ORS'. falllNJ duÈ aft# nY>re than oneyear
ThÈrè vme no credltors fallrwj due alteT tnorelhan onsyear12023." nlo.
19 PROVISIONS FOR LIABIUTIESAJIDCM￿ftGEs
T￿[£ ￿re no pr(vi*on¥for Iiabllitles and chargè$12023-. nll

Notes to the Finèncial Statement5
Sl Antony's College-Nolps tvthB financlal 8taterngnts
Forthg yoarondèd 31 2D24
20 ANALYSIS OF MOVEMENTS ON FUNDS
1 Aug ￿23
£wo
Inwme
Exp8tbdilure
Tr8n61er5
rwo
G&inllLtyssl 31 July 2024
£'ooo
Endowm•nt Funds.Perfflan9nt
lal Fellrmships
Ibl SuppDrt 10 SbJdeDIs
Icl LIDf8ries & Ar¢hw8S
Idl Ccntre Costs
Total Endowment Fun¢5- Porm*n*nt
8.6Z1
2.521
2,097
2SS
13.494
305
871
74
12031
427
144
103
13
687
,150
3A66
2,193
277
15,086
1.259
Endowmènt Funds- ExP￿￿dable
e81 Fdbwship$
ebl Supportto SWd8Dts
ecl G&nei81 EndtwN*nl
dl centre Costs
eel Res&3rch
11 Olher
Total Endowment Funds- Expfjndable
4.687
4,669
27,6#7
4,312
1,359
333
43.04f
24S
231
1,388
213
66
17
2.160
4,933
4,933
28,BB7
4,569
1,389
355
45,066
165
152
47
1.522
1.6fj3
Endowtnent lunds held by Subs￿15￿&¥
Ttstal Enrtowment Funds- Group
56.541
2.781
2,017
2.847
Re$trlct¢d Funds
r81 Fdthship$
rbl Supwrl lo Sludenls
rcl Libr8riES & ArchNes
rdl Cenlreco&ls
r81 Re$eBreh
rfl Capitsl Hlds Be5se
rgl Capital Inveslcoip
rhl Conf8rBnceS & Semlnars
rll Other
Total RèÈtrfeted Fund$- Gg118B&
153
1Bg
317
425
241
102
12431
93
72
196
11,270
10.969
72
12,238
102
12.289
759
12,037
R9$m¢￿d lund5 he￿ bysubs￿l￿￿O￿
Talal Rèstricted Fund$-Group
12,236
1,331
2.289
759
t2.IJ37
Unrostrlrtgd FundB
u¥) Gèneial rgsery9S
ubl Supwrt 10 Siudents
u¢) Fixed asset0e5￿DatÈdltsrml
dl Dbraries & ArthiV&
Lpel Cèniie Costs
ull Wardens HouS9 Fund
I P8nsIC￿ Fund Lkrybllity
uhl Felugpe Scholars
413
53
19,520
7.113
15.3861
152
2,702
205
21,349
18731
387
IS9
10
411
1S4}
746
20
Totsl Unre¥ttiEted Funds. Coll•oe
19.658
6.406
1.258
54
21.8
Unreslrirted funds by subsvJi¥ries
Totsl Untp%trlcted Fund$- fjroup
19.658
7.286
16.406
1.258
54
21,8
Totsl Fund8
88,435
2,901
94.039

Notes to the Financial St3tements
Sl AntOny'5 College- Notes lo the ThnanC￿l statemen18
Fortheyoar 8nded 31 Jvly2024
21 FUNDS OFTHE COLLEGE DETAILS
The college manaDes lour main o10￿p$0* I￿￿, Isled in noLe 20 8bwe, puypjse ofwhith is eXpl￿ne￿ in rnwe detsil beknw..
Endovnnent FuDds- PEttnanent..
Thesp represent a ¢onsolidalion of donElons glns whpre the lrtytneoblalned Ihrough rnan49ing the Iunds L410 be Used 10 5UPPOrt V81kNJs
attivitleSollhe Colege &s Oulllned bylhe donor. The funds h￿d support aCt￿ryty In the lollowino broad areas.. Ihe co3t$ of Var￿u&l¢ll[￿sbl95
wilhin the Colleg&, financ1alsupportfor￿ude￿t5, ljbrgri05. 8rckMves and audeThwGcentre&.
End(Trwment Fu￿d5- ExpendablE.'
Expend?￿e EndotvmEnts are the of EIIIS Bnd dtsnallon¥ whEre elI￿rthE hvesbmEnt lrtomeortheeaplLql 8um May be used fort
PUrp05es outlined by thedonor. Th&fund$ seyve a nun*er ol PUTPQ9* InGludiDg the wovision ol lell(M?hips. Iinancial supwrtlorslud$nls, tt
sts ollhs af1éem￿ce￿t￿8 oflhe College and rèaearch. The l$rgestexpondAblg endowmentis g¢nÈr?I pnth)wmèTrlwnlch is Used tofund
gènet¥l 8¢tivlli6¥ 01th6 Cdtew.
RÈ5tilcted Funds..
Re5trieled funds aregrants,olts8nd thnalion5 lI￿are given ￿ra pthiaJ￿rpU￿o by ￿ d0rnror<￿gs￿Sat￿Tr a gr8ntip ts colk￿.
They MBY only be lorspocffic putPDse& and they aclNitieSwhich Ere orovped inkn a nutnber DI are&5 incl￿dIng the provlslon ol
feiiowshlps. Iinancialsupportto studenL4. librtdes, 8rchives, thè coyts olthe8cademiCfAntres ollhe College. research. conferences and
semlnars.
There ar8 spEellk tvnd8 tThalwere used to suptxNt the capMs1 oxpÈndltur8th the Inv8sktsrp8nd Hilda Bess9 bU1￿1n0s.
UnMtflGtod Fund5'.
Thesè tullds represent 911 begn rgcelved bylhe Collegewhgre no res10cl￿Tr hBs bgen placed OD If$ use. Unr@slricled fund$ arè
I15t￿ In lable 20 in a nufflbErol différ8ntcategorl85, of whlch havg deS￿nat￿d by lh9 GDvefning Body for parfiular wrwS8s, wmch
arp below".
tser*ral Resorves
Supportlo SludoThl&
Fixed Ass8lOe¥Ignpl￿ Fund
T￿6 rowesenls th&gener¥l linBDcial reservesol the col*.
Sums set93￿￿ byTtuslee3iofund sthtslèrships ond hardship b¥ns lorsiud8nts.
Unr¢strided Fur￿1 whlth are rep¢&enled by hxÈd asseis of the arKltheretor8 not
V811able lorexpendiwreonttr￿ C￿￿9[*.$ gener&1 purpose6.
TN6 15 a consolidalknnof uniEslrtdgd lunds ialsed bythe Colleg@'s thallh8 &vernlw Botty
h2s 8• 55idè 10 b8 spEniiorth8 b@nèfltof CDll&ge Ilbrad85 and aichives.
Thi8 ￿ 3iyJhsolidgknon ol unreslriGled funds thal the Govemlno Body ha5 sel to be S￿nI
forthe benelilo18cademK￿ntres. MI￿l￿deS 8 separate deS￿Date0 lund lorthe purpDse of
FU￿￿1￿g gnd mainkninirwJ the Nyssgn Buildlng.
Twstees hav8 de519nateO net IncDm8 from Ihe pDval& ler￿71 ola propety In Chur¢h walk.
ftsmgtly used a5 a Ipsidence br It￿ Colle9e War¢en b supwrtStu&nts and st￿de￿I rèLqle
activities. Thls PFtpety has been Conveited io sludent8cGommdatsDn and incom
tolhe lund h58¢￿8￿.
Funds des4gnalgd io hlghliqhlthe potgntlal li3bilityoldefvned benefjlpgn5knn schemes olwhth
th8 collggg |$5 mgmbei. Thtr pol8ntlal kabilltywds 911tnlnated durihg thpy8ai8nd th8 bFJar
19 now zero.
Asum set05￿9 ty Ttu8ts9¥ lo woyide financial 3ssi3tsD¢e to 5¢th13rE who havebefjn
d￿PlaCe￿ due to wnnid, [ersetu￿Th. orother Ser￿￿8 human YYJhts ViolÉtlO￿ OrdeprNa1￿TrS.
Ubrwles & Archive5
CeDlro Cos
Waiden'5 House Fund
pen￿Orn Fund LL4blllly
Rel￿088 SthoLqrs
42

Note5 to the Financial Statements
stAntonYs ¢olleg*- Nolos ti>the1lna￿79lSt1tsMènts
For tho ¥earend¢d 31 July 2024
Analysis ofTrnnslBfs Bet¥¥een Funds..
P•rmllnert
Ewenthb
Oth•r
F￿ndS
Fund
Fund
Fvnd
eooo
£'o
£'o
fODO
£'ODO
000
Totsl Retum IUknGEied Its Incom
Hlldg Besse Work5- Loan Repaio
De5iynalion ol Unrestricted Income
New CèpitalAssels in ￿ar
OtherTransfeT5
13571
11,6421
830
1.169
1.873
172
17021
702
27
1221
1354
1,$63
759
2,702
ANALYSIS OF f4ET ASSETS BETWEEN FUN08
Unfeskncied
Funds
£￿00
Resiilcted
Funds
rwo
Endowmenl
Funds
2024
Total
£woo
Tangiblefiied #aS8ts
Prtspèrtyinv&stmgnlg
OtherinvEstments
Neleurrenta￿ts
21.3
10.969
32,364
55
59,57e
59,576
578
4CQ
1.068
21.850
12,037
,152
94,039
Unrg5trcted
FuDds
£￿00
R&s￿eled
Funds
£'ooo
Endowmeni
Fur￿5
2023
£'wo
T?ngiWefixEd assets
Property Inve51menLs
Otherinvpslmenly
Net currenlasset
Long ¢nn1&8b111ties
21.539
11.270
31809
649
11.694}
{746)
56.541
57,190
{9281
17461
19.658
12.236
58.541
88A35
43

Notes to the Financial Statements
StAntoDls Coll¢go- Noios totho finAnclA1 $tatsments
For the yfr4r ended 31 Ju4f2024
23 TRUSTEES, REPnUNERAmO
The FellowsNtho are Ihe Trustee8 ol Ihe c￿￿g￿l01 tho wrp(w$ol ¢harityLgw recerie nD ratnu￿rati￿ Ytbng as rh•iltytrug*eEs bul are pahl
byoith&r or ￿th Oflh$ Unw¢i$lty 8ndttbB ¢tlkg&for the wdemic8¢tvlces I￿Y prOvk1è ts the Co1￿￿8.
Trustees of the Co1￿0￿ 1811 Into the following categor￿s.. Hoad ol House. Profeswi￿1 F$lkn¥. Oflirial Felknw. Fdh)w by Spe¢lal RÈgeaich
Fellow. No trustee roceives any remuD&ration for8Gting as¥ trustse. How8ver. trbJ$e tru&tsÈs who alyoempbyèes ollhe colleoe recdve
Itri￿￿1r work ¥s£mployee¥. Thesè salarks arè ppAd oThext£rnal arAdgtnlc and 8caden1￿-r￿ateQ sco19s arwj 0ftgD aroioinlarwgsmènts
Withlh8 University of Oxford.
The Remun8ralion of Inleresl CoTnmrtl8p CO￿¥1&b ol wtable College Alu￿1. its purpxe is tomake recommendallons lo Govemhg
BodycoTr¢erning
11 IhB ?nnual slp2ndol85ch memtwof ¢￿eming Btstyinckndlng Walden.
111 the benefits and Allowan¢e$ paidtolhe Ward&n by th¢ Go11È9è in a￿orday￿With thÉ atatutes.
ijilthe and alknwanros to memb8r of G¢vemlng 6ody lexeluding ths Warden) In a¢coidBncewtthlh6 Slalutes
iv) ¥uchottrErmaltet3&S are referred toll by ihe Governlno 80ty.
AIITrustegs olthe Co11gge ar8Members Df I￿ GovErniw Body. Onè of these. the BuYs8r,worksfull Nmeon the manBgemenlolthe College.
l Tiusleas?re eligiblg for Collrye bousiw &Ehetne&. ThesE Eithei tske IhE form ol a mDnlhly hous1￿ alknwance whi¢h1s Incluthd In the figuies
b4ow or apinltouily Npurchg5Eof8 yepay8b￿ loan 01£55.000 Two Iwglees INed In ￿￿￿eS joint￿￿11￿ Ihe Go1kge, orLe olwhich
Was sold during Iheyear. The taxab￿ t￿naIrt4￿rIsIng outof IheiDinlequtyarr4nooments F¢ in¢lud¢d inlhp fioures belD¥v.
Som&fruSlees receive addllonal alknw2nces forwoth rArrfed ovl as parl Ilme wlegeofficers. These are lh& Sub-wardon, the Dean, the &nKbr
Tuloi, the GovernSng Body Delepte lor FitbaDce, Dean ol Degrees, P¥btave Macmiwan editors?nd the Centre D1￿Clo￿. These amounis
re Induded Ihe reTnuneratioTrligvrE5 below. ThelDtEI remuneralilln 8nd Laxable ber*fitsas 3hown bekm 15 £460.19312023'. £427.7261
ThplTrtsl ol pensknn tonlribullonB L8£45,73912023'. £56,3701.
The Collage hh$ a RemunÈrAlth Cllfflmittee which makes re(*mmend8tions loGoverning 8￿Y on payand b8n&fils whlch areouishle of exlBmbl
scales. The COM￿tion ol ReNrtYalloD Commiiieeis seloul on page 2 ottheYFuske Reporf.
RgmuDerJllon paid tOtr￿s¢¢￿$
2024
Nutnb8rof Gry￿S ramufierallDn, tsxsb
Trusteesl
benefks and pension
Fell￿NG
cOntr1￿1¥an5
2023
Gia$S ￿munErali￿n. tax*
benelrts and pensi
NumbÈrof
Tru5teesl
Felow8
Range
£fv£999
£1,000-£1999
£2,000-£2999
£3.OOfyt3.999
£4.Q￿-£4.99¥
£5.OW.£5.999
£6.OW46.999
£7.OM.£7,999
£8.Qw-£8.￿9
£9.000-£9.999
£12.QQO-£12.9Y9
£13,000&13.999
£21,000.£21.999
£72.000.£72.gY9
£74.OOOI74.9Wa
£105.00￿£10sM9y
£106.00fv£1ffi.999
£112.00￿ell2.￿9
£113.M(h£113.999
2¢5
5.843
2.796
19.028
60.491
15.239
25,524
7.123
2.728
2.330
17,988
68.796
21.938
13,289
7.478
8.055
16
0.123
12.444
39.562
21.353
4&713
72.193
74.525
10S,408
I￿.524
112,038
113.t*7
4B4.097
510,7to
41
All trust@@g Slaff mayeaiai Common iable dunng lheIr￿ork1￿ houts No InJslee dalmed expenses toranywork p&rforThed Indlshcharse of
Ihelrdule5 as aTYuSlee15ee also note 32- Relaled Parly TraDs¥ctsoDsl.
Key management remunerall
The totsl remuneration p8ld io key rn3nag8m&ntlinrluding N£t￿n￿l h8vr8nceeoMributknn5lwas £509k {2023.' £503k}. KeymanagemeDI are
eonaldered lo be the WÈrden. CrA￿02 Otficer5, ihe Burs8r. rhe ol Operations & Estatss, the HR Managorandlhe Hegd of Pi[b3[￿￿& IT
44

Nores to the Financièl Statements
st AntoMY¥ Cvllègè-Not85 ttsthg fIna￿ela1 •ty¢èments
For Ihfy yeargndod 31 Ju1y2024
PENSION 8¢HEMES
The Coll￿0 participa￿$ In p9￿È1￿ gch6wsfOI ILI &LIff-￿ Unlversititys SUp6YaTr￿aIth SeF*mè IUSSI and UnlveYÈityoI
Oxford Stsff Pension Scheme IOSPSI. The assets Df each Scheme are ￿1& in sep81alelTUStee4dmlniS1grgd funds. uSsa￿ OSPS ar
coniiSbutory mixed t*Defil schemes (1.8 they providé ￿ne[lISOn 8 defingd b8nelit ba45- ba58d on 18ngth Of sgNlce Ènd p@nSitsnable salary-
on a dEllrth cohtributk)n basis-based on contributiona ￿710 the schÈmel. Both are mulli-employer schemes£nd Ihe College Is unablelo
entity IL% share ollhe undedying asselsand Ilabilllies Fel81ing to defined benelilsol each scheme ona consislenl and reasonable bas15.
Therefore. In aCeOTden(t Ihe oc¢ounbDg 8tsnd&rd FRS 102 paragraph 28 11. the College accounts forlhesihEmes as rftheywerEdefined
ntributiun gchetne5. A% a result, theamwnt ch8ro&d tot￿* IneomE and Ex￿ndI￿reA¢￿Unt represen16 the conlribullor￿ pay*l&lothe
schÈme6 in rLtspeci o11￿&¢¢0￿nb￿g periLNI. evenlollhe wrfhdiawalof any ollhe p8rtKipatiw employols in USS orOSPS. the an￿Unt ol
any pensioD IvMJing shortrall Iwhl¢h ¢annotb3 otherthse rc¢tyveredl in rfj$pÈdol th8iemployer￿l bÈ spraad a¢ro33 Ihe ￿m81n1￿ parfclpabng
pWIS and ¢llècLèd In thè nÈxi8cluarial valuatlon of the 9¢heme.
Tho Colle9e h£s 51s0 made aV￿lab￿ Ihe Nat￿)r￿1 Employment Savlws Truslforernpbyee5 who are eligible underaV￿￿9￿C enrdmsnl
reyulalL￿S lo pension bgn&fKs bul USSorOSPS.
S¢hem•s Jlrovntsdfr>r￿tsdvTFRS 102¥¥ deflned eonlribu¥•n schEmE$
uss
Foi US$. a d&fvl f8coveryplan wag wllnpl*Le as p&tof the 2020 valu&llon, which rÈQUi￿d ptyn*nl 016.2% 01s￿arleS over Ihe pedod 1 Aprll
2022 ￿ntIl 31 March 2024. al the rate would InC￿35e 106 3%. No deffcil recoveryplan was requlied und&r Ihe 2023 ValUat￿n b8cause
1h&sttherne wa5 In suiplus oTha tech￿￿ pr{wis￿￿& bpsis. Th&Col¢ge was no kKhgerrequired lo makedEfic41 r¢wYery tontribthions Iro￿ I
J¥nuary 2024 and sccordinoty released theoutstandino provision income and exF*nd1￿r¢ acGOunl. The ￿leStE¥8]L￿￿e comp￿t￿ aciuarknl
valuation olthe Reliremenl Income Buildei i% as a131 March 2023 Ilhe valua￿Tr d&lel, which wasC8rried ovl using pro5e(leJ ynil tnolhod.
Sirbce the College canMI Ioenlifyits stKwreol USS Reliremenl InC[w￿ BU1￿¢[ 1dp1ln￿ beDefill assols3nd liabilities. disclo¥uie5
ielleclthose relevgnt forthosoas8elS lia￿lIties ès
Ataf Juty 2023. thE Collegè'$ bpl3nce sheEt 8 lirybility ts1£734.388 f¢Kfuknre cOntYlbulions. lollowiro the 2020 valuat￿Tr when i
sek￿rne was In deficll. No thfitilrecoY4ry plan was requlred frcffl Ihc 2023va￿a￿o￿. because the sclrmewas In SUTplvs. CtHnges to
raieBwore impleMe￿ted from 1 tsnu?ry 2024 sjnd fromihatdate the &llegE Wa5 rw) |ongEr reouire¢ to make delitiifècovEry¢onblbthn$. T
remgining lIa￿lIty01 e604,379w8s re￿29￿ io Ihe Income and expendIt￿￿ dC(XJunl.
Th8 2023 valuatronw8s Sèvènth valuaiion for the schÈme ll￿er ihè SCr￿me-SpeCIfICrund1n9 reglmg 1n1rc￿UCeO by the Pensknnsm 2004,
whlch requiFes schem95 to have sufnc￿nland aFpropriale assets io cover1￿[F ￿hniCal provisioDs1th8slalulory funding oblsctiv&I. Attha
Yalualh)n dal@, thpvalue oltbg a&￿ts olth8 schEme Wss£73.1 and the valu8 olthe sch8mB'S teehnlcal provSslonsw25 £85.7 billlon
Indlcabrtg 8 sUrp￿S 01£7.4 bilwon and a fundiw ialio of 111%.
The keylin8nclala55umpl￿ThS used ￿ the 20> valuallon are dEsulbEd b￿0W.
Term deppndEnt rate$ in line wnhlhg differenr8 belweEn Ihg Fixed Iniore$t
Ènd 1ndex Llnked yield cuNes le55-. 1.0% p.s. to 2￿0. ￿d￿cin911￿arkY by
0.1¥ts p.a. Irom 2030.
8eTbeflLS Witb no cap.. CPI aSSUfnplknn plus 3bps B&nefits subJ8cI to 8"$0ft
p" ol 5% (providing InflatiowryinGrea8eS UP to S%. and haK Df any e￿5S
Inllation over 5% up to B maYJrnum Df 10%). c￿ 8ssumptk)n nlnus 3bp5
Flxed Interost gillyi￿¢ CUP￿ Plus..
Pr8-rebromenl. 2.5Yts p.a.
Pos1-relireMenl'. O.¥A p.è.
CPI *sstsmplion
PensloD h¢resses Isubie¢t lo3 noorof 0%)
D15count rale Ilorward rates)
Th8 main dE[n0yrgph￿ a55umption5 used relale ts Ihè mDrt3lity tsSUTnpt￿n5.Theaea5$UMptir￿s are based on ènatysls ol Ihe Bcheme's
experlence carried oulas part ￿the ￿23 8ciu8ria1 V￿VatiOn. Thrj mortalityassumpllons used ID Iheso figurES ar8 a5follows-.
Mortali
baso LatrAe
101% 01 S2PMA'lighl' lormales and 95%of S3PFAforl8mde5
20
and * ￿￿-LerM improvemenltste ol 1.8% pa lor ma￿$ ar￿ 1.6% pa for
fgm816s
Future Impmvetnent8to mortality
cutreni lrfg g
s¢tanclèson rètlr4m8ni al
è 65£rfj.
2024
2023
24
Mg195 wtrently$gbd 6S lyeatsl
Ftmale5 Cuifenityaged 65 (year81
Ma￿5 cuYrenlly2ged 45 lyga191
Femaes ￿Tr9￿1
045
25.4
27.2
26

Notes to the Financial Statements
Sl AnloDls Cdlègo- Ntstt8 tothè financlBI •talomontA
ForthE yfrar Ended 31 July 1024
The unive￿I￿Or0￿F￿rd StBffPensiDn Scheme
The Unroorsityof Oxloid Slall SchemE IOSPSI i¥ a muMi-emplTryer hybdd schpmE8ei up undertrU51 ano SPDnsored by ihE Unlverslty.11
thE pension Scheme lof sUPWrtStsff allhe UniveT5ity. parI￿￿patIog colleoes and Qlher re￿Ied employeis. New members1oin￿9 the sthetne ￿lId
up benefitson a defined cOntri￿tion b3si¥. Klem￿r&whOj￿ThEd b&lorfr 1st OGiober2017 build-up berhEIits Dn 8 tsreer avef8oe reval￿￿ eèrninps
b851&.
The ￿teSt lull adu8rl81 valua1￿￿ foi the OSPS stheme wbs wmpletod a8 al 31 March Z022. Thefuming po8ilbh otlhi8 stheme h&8 immed
signthcanllytllQVing Ircffjd8liGrtof £113mlo$ $urplus of £47m aithe v3lu8Lon dats.
Dat&of valu3llon
31103r2022
£914m
Valvp Df a5sèiS'.
£961m
Fundlw sur￿￿9￿(derICK)
£4Tm
As a resul[ Ihe iécovery aBrsed al the ￿stValuaV￿1¥ no10rygrrequiied and th8 d&llcil tanIrt￿bDn ended On 30lh Septernb81 2023. A
provlslon 01£11.S30 was made at 31 July2023 Ioaccounl lor deficlt recovery payments uplo 30thSewembei 2023. That ieMaiDnP liability ol
Was released lo I￿ IneA￿e experbdilure account in 2024.
Th8Trustee t￿ Uniyersily have agreed a neweoniribulknn Schedu￿ which lookeffecl from 1 Oclober2023 and takeSa￿O￿nI oflhe benEfit
lTrN)rovemenls a[￿ changes to tnember conlribLrtiQn5 Since tho ￿￿1valUat￿n dgte. Mw¥¥ ggreed ￿¥1]hE Stheme will tnept itsown running c0515
Itom Ihe xhEtne'$ as¥ot&. inGludlryexpEnsp5 feLgtiry ID both Ihe DB?nd DC Sethknhj and1￿ Cost DIper￿10￿ PrDledlon Fund lolherststuiDry
Furtherletsil&ol the Fssutnpbw are setQUl In the 3tatemEniol lunding prin¢lple& dgted 27 Jun&20238nd can be fwnd 81..
.admln.ox.
.uWos
ment6
The prlDCiplo aSsump￿On$ used by Ib& aduarywore..
08ps
Gitt5' +2.25%
GIIts' 40.5%
Break<ven RPI CuNe1￿90.s% pB prtr2030 1.0% pa post
2030
RPI IDlIat￿n 3ssumptI￿ 1% pa pre-2030?nd 0.1% pa posl
2030
RPI +pa
Rate ol Intor6SI (pvrtods up ￿ rÈtlrerr*ntl
Ra￿ ol inlgresl Iperlods after retirement)
R*
CR
Pensio￿￿1￿ sal￿ inrwso
Fu￿1￿9 k8ti05
Techttr41 prTrvlwons bab
'Bwuf ba*$
105%
62%
PO81-￿irement mortBlIty- base tsb
Posl-retiretnenl mortality- imwovèmEnts
F<￿￿Mmend￿ etnployefs wntribulion rate las %ol
er￿10￿8￿￿58Ianp￿I-.
EffeGbv8 dateol ne￿￿41￿all0Th..
Non-Pgnsioners". 105% 01st¥￿ard S3PYAfflediutn labb$ ltsr
Nrm-Pen8ioners.' 105% ol$tsTbdard t￿ty￿S f
165% DB ftsrmeThO)p¢ from 011iord023
10V. 112OA 114% DC mem￿r$ In reldlion to4% 16%18% c051
31 Mairh2025
Pension charuÈ forthevg•r
Tho pènslon charge recorded by Sl Anlciiy'9 Collg)e during ib& p8DowJ lexcludiw pFn6knn fin￿O￿￿$￿)W￿$8QU¥l Loth
conrributions alknWa￿ forthe ¢cfititrecovgry plan 85 lollowg."
2024
£'oou
16041
772
2D23
£'ooo
49
Vnlvetstt￿$ Superannuaibn Sehtrn9
VDlveY6ty oloxtord SIBff Schemg
432
These amounts foy 2024 Include E221k12023." £125klconlrY)utlons payabl8lodèfin8d ￿ntrIb￿uffi sthpm8sat rat6ssp8cified in oltho*
There were no out51a￿l￿g pen51m contribution8 UThpa￿ al 318lJuly Z02412023.' nill.
46

Notes to the Financial Statements
stAntonty¥ ¢olleyè- Note5 lothe￿nanCIAl$trt¢￿*nl•
Forthfj yeai endcd31 Juty2024
25 I￿￿oN
The col￿ge ablo lo lake &v¥nlaue Df the tax exemptions Evallabl¢l0c￿r1tses11￿M l&¥aliOn in re5pecI of inGome alld C3pSlal gaiDs receK¥ed to
the extent Ihal Such Inccpme End galns argawlied lo excl￿$￿VelYChariIab1e w￿0¥e5. No 11obility lo corporat￿￿ lax ¥nses In Ihe¢oI￿9É's
5ubsldiarycoTtpanies Lrc8u5e lth directols0llhesei￿mP￿￿1e3 hBve Indica￿ Ihatthey intend to don￿1￿￿5 each yesr io U)8 co￿e¢e equal
lo Ihe tsNable tyofits olthe tompany underts GIrtAid scheme. Accordinuly no proVI￿on lorkxallon ha5 b&8n 1ncJud￿ in thefiD8D¢i81
8tstem2nls.
26 FINANcI￿L INSTRVMENT3
Th8 Colleg8 h8seert3ln Ilnandal assets and l￿bIlitIeS of 8 k1￿ Ihalqualltyas ￿sk￿n9rhC1aI It￿*rum￿tS. Ba51cfinanclal In5trumFnts arg In￿anY
9nised allians8ction$ value and Fubs9qupnt￿tn88Syre0 3t w￿[￿50d cost. G￿t￿nother Inslruffl@nty aio hgld alfa1rvalu&,￿th9aI￿s
ItES9s b91ty rrf0gnlS￿ %*ithin incomesnd éxpendSture.
The Goii¢gè hBsltE l0110wir￿ fina￿4#1 In8trumenis'.
2024
Group
2023
Gr0￿p
eOOD
£￿00
FinanclalJs¥¢ts m¢J8ur¢d attsirV&luÈthrough profrtor Ips¥
Investr￿ntS
$9,$31
67.30)
Flnan¢bal Ikbllttles measured atfalr valuethrouuh wofft or1058
Flnanrlal as$•ts tnoa*uf0d at amortlsed cost
¢￿h rash 8qulvalent8
Trade D&btors & Amounts owed by Golpgg ￿Mb&￿￿
1.6B9
2S2
1.627
385
2,012
Fillanrjal IIBbS1iti¢J rne8$ufed atAmortlsed cost
Bank Loans
Ttsde Ctedrtors, Tax Ciedltots amunts owed ￿ College Members
?,0
812
12
27 RECONCILIATION OF NET INCOMING RESOURCES TO
NET CASH FLOW FROM OPERATIONS
2024
Gr￿p
£￿00
2022
GTOVP
£'wo
Netlncomellexpendi¢vr¢l
5.604
710
ElITnirotion of non-0p￿$ti￿ ca3h Ih)ws'.
Yestmenl incomo
(Gainsmosses in investsllenls
EndowmoTrtdonalions
t￿pre￿￿tIon
ISuiplu$ykns8 On sale of Ilx8d sssets
DeNeas8lllncroasel ID stork
DeBrea5elllrtrea$èl in debtors
12,40B}
12.Wl1
12.3001
2,420
1,047
{6301
142
IDecrea5elllncrea5e In provis￿n$
IDecrea58lllncrease in penslon schEmE liability
Nel¢ash pwoVt&41 try lusfrd Inlwratlng Be￿¥(11e5
976Tr
1,430
47

Notes to the Financial StatÈmentS
StAntonW6 Colbgo- Not•s totho ￿￿9￿¢141 ¥tstoments
FDrthe yEarended 31 July2024
28 ANALYSISOF CASK AND CASH EQVIVALENTS
2024
tooTr
2023
£'OLK)
C2sh al b¥nk and in h8nLI
Notice dep￿19 (less than 3nwnlhsl
1,670
1.￿7
20
Total cash and ¢a8h oqu1valonts
1,880
1,827
29 Atr4ALY5150F CHANGES IN NEf DEgT
Cash Fbws Trknl.Cash
ChgThgèS
Balartoat
End of Year
Startof Yèar
£'ooo
Cash
Cash Eq￿1Valents
Loa￿ Falling dueMrithinanÈ yeai
1.e07
20
1.670
19
2.000
TOTAL
2.062
1,689
30 FINANCIAL COMMrrMENT8
Al 31 Juty the C￿￿ge h¥d toial underwn<¥ncellablp(yefaling ka¥osg5 Sh￿ t￿￿￿¥..
2024
£'ODO
2023
rwo
Qthor
paygble w*hin 0￿year
paypble afbd ffvt y8&rs
18
37
ss
23
57
80
31 cAP￿IL COMMITMEF
The c￿￿¢￿e had nD Gonlractual CDnNnrfrT￿Trts ftr b￿￿1￿j a131st July2024 {3151 July2023- £￿3k}.
32 RELATED PARTY TRANSACTIONS
The College 18 partollh8collegiate Universrfy Df Oxtord. Malorial inlErdependpn¢i8s be*NeeD thp UnlveTsty $nd ollhe Collège tyiiae 86
nsrsquen¢e of rel8tion¥hip. For fptsrfing PJtpo$es. ihe Unlver51ty$nd the other c￿￿geS ar8 no11￿1£d a5 r91aled parbgs as dgfjDed in
FR$ 102.
Members oTthe Goveining Body. who arelh8 Irusle8s DI the Colleuo related parfies as dolinEd by FR$ 102, re¢eive remu￿ratioft and
facillllas asempknyEes oltho Collew Deta115 ofihese paymenf5 and reiThthur5ed expEn58s as trus￿$ aièdlsclwed separately In Iheso IinancHI
Slaletnenls.
The Colle99 has proporles wrthth&lollo¥Yiny n&1 bwkvalues ￿rt&d ￿l￿tlY With ￿5th£s undèrpiniegUiLy<wnefship betweon the
tlustBTr ¥A)d ¢olleoe. Onè pyopety was gdd duylnolhe yè3r8nd woceeds ollhB sab 8rg acwunllng lor￿lIhIn Ihp ￿nancIal staiem&nt5.
2024
£￿[>0
55
2023
55
£5
D Sanchez
Toial nel book value of properb&s owneJlojnUywlth ITusIBes
5$
AIIiDlnl wJuityproperfie& we subje¢ll0 5a1¢ on th&departur&of ihelru51ee tromtbe College.
33 CONTINGENT ASSET$ & L￿BILITIEs
The c￿￿￿e is aW8¥e ol beouesis from four legacl85 lorwhlch piobate has b&en graThleO on the &st*o. bullheg¢¢ounls have noiyet bben sc1￿Cd.
Th8 c￿￿￿8ccrUe0 lor£886.500 ol In￿rne Iromlhesp bequests vthere Ih¢rÈWaS¢¥rtèlnty rcgArdlro th¥ valuè olthè bequesito be recel¥ed.
Furtheryna¢wed Income IS£WCkd Iron ihe¥ beouest& thare i8 une*rtainty regarding ￿th the value ar￿ the Ilmiw ol recBipl9f funds.
Thèrè are Iiatw11ts95.

Notes to the Financial Statements
StAntOny's College- Not46 tothèflnAnthal statsrngnts
Forthe year*nd&d 31 July 2024
34 US DEPARTMEhlTOF EOUCATION F￿￿CL4L RESPONS181LITY SUPPLEMENTARY SCHEDULE
In satislAtllon of Ils obllg8t0n$ io 18tilitatssiudentg' access to US federal financ￿1 aid. Ihe Is required. byth$ US Depattsn9nl of
EduCa￿Tr, to p￿Sent. th$ following Suppl8meDtsI sch￿￿185 in 3 prescribed laThx31.
The scwvles havg begn
prepared und8rthe hisiorthl toai eonveniion, subSecllts the wa1u8tknnol￿rfahn r￿ed assels,.
' prEpa￿d Using United Kingdom g&Trer¥ltya¢copted accounliry pigctKe, ID aGr0rOa[￿ with Finan￿51 Rewrtiry Slandsrd 102 IFRS 1021
Ihe Stalementof ￿e￿￿￿ended Ptactlce.. Accountino lorFurlhEr Higher Educal￿n 12019 &llknnl,'
' presenl*xJ ID pounds stemlw.
Supplèmehtaryschedule
This schedule has been compiled from tho 2 Ex¥mple FIn￿Gi￿1 Ststem&nts Induded In Fe¢*rÈl ReJsterlVol. 84, No. 18¢IMonday.
September 23. 2019 1 Rulesgnd ReoulattLw.
2[&24
2024
2023
2023
£'OOD
£'o
£'ooo
dNelA
si&lemFnlol FIDoDual po$11￿￿- N¢1 Asgèts w1lhthiDonor
Reslricuuns
$13lemenlolFknan¢iBI P05rf￿Tr- t4el As$¢tswith Do￿r
R¢strirbtylS
statemenl th Flnandal Ptsaltlon- GorthiNI
Statement of FlnanLlal P(4ltlon- Leas8 righl-of-use 5ssel11ab11ty
pre-SnWleTh￿￿tstiQn
Statemenl d FInan￿al Posltlon- ReLqted pwty rece4V3￿￿ and
Relaied paty notedisdosure
20
21￿50
19.658
72,189
68.777
m￿lI￿d A55eis
Slalgmgrtol Fkn?ndal P￿i￿n- Totsl Assetg
95,113
92.524
Note olthe Finanual St&lwnents- Slalgmgnlof
Finawl* P￿tio￿- L8?sé rl9hl-ol-us8 assgt pr
ImplotnEnialion
SLwtstneni ol Flnancial Poslllots- Lease righ1￿f-
u%e as5el liab115ty p￿-1Mple￿*￿1al￿n
SLwlEmeniol Flrt8nci81 Poslllon Relaied party
recelvable and Relalad p3ty nolp disdosurg
Strtsm8nl DI Financial Posllyn- Related party
reCe￿able 2nd Relaled paty noie dlsc1osu
Néiirtcome Rgiio
Slalom￿1 ofAthhWs-Charwkn NolAsso1s Withul Donoi
Resc￿￿￿￿
2.192
2,378
sialem￿l DIAG￿&125- INBI I￿￿edIr0￿ rEstri¢htybl.Tu
Revfjnueand QhBrAthJi￿o￿5 and5*ofFix& ASsBt&. g*in6
I1￿$¢$>
8.990
9,472
49

Notes to the Financial Statcment5
StAntony's College- Note5 to tho slatgments
Fortho￿ar￿ndQd 31 July 2024
2024
2($2A
2023
2023
t￿00
£'ooo
£￿00
rooo
Stalementuf Finan￿￿1 PO¥l￿n- Net WEI3￿￿￿1dDntsr
21.850
19.656
Stalementof F￿aTr￿al POSI￿n- Net a8set8 dtsnor
72,18
68,777
Slatemeniot Fln8ncial P0511ion- Rektsd p8ty receiv3b￿
Rdaled party nolgdi$dosure
Slatemenith Flnancial P051tion- Related paty roceivable
ReLgted party
Statement ol Finantial PoFibtin- Property, equ1prneni.
32A22
32.919
Nole ollhe Finan(ial Sl318rnents- Stabm8nl ol Fiv￿¢￿1
Position- Propptty, planiand eouipmeni- pre-lnW￿meThts￿
Noto of the FinaDci41 Statements- Stal8Mcrttof
PosiboTh- Prop¢ty, ￿ar)I and equlpmènl- p091-Implèmenteiion
wth OUtslandin9 debtfororlglTral purchase
Note of the FinenciEI siatemen15- Statemenlol Fingne￿I
PoEillon- ProF*￿. pknlAnd equipment- w51-1m￿&m￿lation
wlthoui outstsnding debtfororig￿l pui¢h8$e
Naie of Ihe Fln8nclal Statements- Statem8ntol Flnand*
PtEi1Sgn- Con$tsucbtsn In prtyiÈSS
Slstemenl olFln8ncial P051lon- Lease rIght￿l-USe ass*A nel
Not9olth8 Finan¢1￿ StstetneniS- Slalfimenl Df Flnancl21
Posidon- Lgase d9hl-of-use asset P￿-l￿p￿rn￿nlaI1
Noleolthe Financi￿ StattmenLg- siaiemenl of FInanc￿l
PoslUon- Lgase rtght-Df-u5e 3s$81 posi-impknFnl?tlon
stsiemenlol Flnancial PosilioD G￿WIl
SLglementol Financial Posillon-olhèr Intsnglbk
21,613
22.357
10412
1.793
10M09
8,769
Stalemenlof FiDan¢io1 Posthon- PEMSI
746
Slatemeni ol Flnanclal Po8llion- Noie P8Ydble8nd Lineof Credll
for low-term purpose8 (￿th ¢uttenigTr¢ ttrml gnd Llne of
Credilfor¢onslw¢tion in proc¢85
Ststetneni of Financl81 Po3ilion- NO￿ PayBb108nd Llne cl Cred*
lor long-18rrn puywses (both currenl atbd lory teiml and Lino o
CreditlorCorhEtw¢UDn In ptpwsg
State￿￿t￿ FiTrancls1 Posi￿On- NotF Payableand ￿The oler8dli
for long-i￿rn pu￿Se5 Iboih currenl and low temil and Une of
Credil lor Conslrucuon in proces¥
S&lernentof Financ￿￿1 PosiboD- Note payab￿ and Df Credit
forlong-tenn purwsa5 IbDlhCur￿Thl and bno ierml8nd Ot
Ciedrt lor Cons1r￿￿on ID pro￿￿5
Stam￿￿10[ Fln2ncbl P05nknn- Lease rlgN-of-useassel lIa￿lIty
2,OOD
2.0ty)
10+12
strtÈmeni olFinandal Ptssllk)n- Lease ri9hld-￿9e 355et liabilly
S&lemenl ol ￿￿3￿¢1￿1 Posltun- Le￿ righl.uf-use a&sEI Ikbiyty
posl-implementsl
ststemEnl Df F￿8￿c￿l Posi1￿ll- Annuit￿$
8tBlemenl of F￿￿(Val PosI1￿Tr- Terrn
ststemeni of Finan¢￿1 Posi￿n- Lbl& Income Funds
Statem8nl Df Financial POSI￿￿￿- perpe￿￿1 Funds
2Dend0￿m8nI
Funds. P￿t￿￿lÈnt
11086
13,4

Notes to the Financial Statements
St Amlony's Collego- Notos tothè ststements
ForthE y@aF ended 31 July 2024
2024
2024
2023
2023
£'ooo
t￿00
£'ooo
Totsi Ex
nses8nd Loss
ststomEnlolArtwltle5- Totsl Opèratlng ExpÈnses (Til81 frnm
statemeni of ACt￿lueS prlorto a6iuslm8n151
s￿lem￿ntO1ACIVI￿è5- NOn-0p￿ratIng IlnvestmeDI reiurn
appropriated lorspendingl, Investmgnls, nei ol?nnual spwding
9ain Ilossl. Oihercotnwnents ol nel perlodicpension eosls.
Pensi¢MI-ielated ehawes oihÈrlhBn nel periodlc pens￿n,
chBnges 01￿[l￿an nel peri￿1c pension, Change in vglue ol splrt.
lDtereslagr?e￿￿nu% 01t￿rgE￿n$ Ib551- (Tobl ftDm
ststetnenlolA￿WIties prlorloadiuslmentsl
SOFA-Total
Expendi￿[&
SOFA-Tolal
Reluin + Nei
yalns on
Inve51m8nls
0,6gS
8.642
15,309}
ststem&nl olA¢iivlles- Ilnvestfflenl re￿inapPrOpr￿￿￿ f
¥pen¢ingl Investsnents. thEtDf annual spendlng. g8in110551
SoFA.y￿
15,9091
Stalementof AGlwile¥- Pern5￿￿ ielated th¥nF5
olhErthan per￿￿ pÈnslon
POST BALANCE SHEETEVENT8
were Do pJ51 balanrF 5heetev9nls.
PRIOR YEAR COMPARATIVES
nt f Fln*nu i Activllies far h YÈarend d
23
Unrp5kntied
Funds
Reslrlcied
Fut￿$
Endowed
Fut¥J$
t,￿0
2023
Total
INCOME AND ENDOWAIENT8 FROM:
¢h8ritabh ac￿rtIo$.,
Tea¢hiro. re88arch and ￿￿d?￿lia1
Olbgr fradithg In¢0￿e
Donhtlotvd and leyacle8
Inv8strnent5
Inyeslmenl I¥￿￿9
Totsl relurn alkntèted 10 kntome
Tolal Sncorne
EXPENDITURE ON..
Cliarltabl& acti￿11@B..
Teaching, TgSfiBrch and r951denll31
GonÈratlng fwds..
d.47
405
4873
405
4594
1,305
172
1.929
2,3D
848
2,156
9,475
11,772
5.55B
2.408
7,M6
369
369
306
Tr?dlng expenditure
IrNostment Mal￿geT￿entcO&ts
Totèl Expemdllur
6,234
2,d09
e,642
Net Incomel(Expendlluro} befor• galns
3.241
252
141
3,13f>
Nel galns11￿&Ses)on itweslTh*nls
Nat IncomellExpendlturel
.419
12.2781
3241
12521
TrAnsfer& betwoon lunds
14et tThr)yompni In fund¥lorth•yoar
Fund balartts brDughlloYward
212
1.OT5
11.2031
57,744
1378
17,280
12,70D
87,724
Fund? caFrledforoMrdal$l July
19.658
12.238
58,541
88,435

Notes to the Financial Statements
St Anton￿8 ¢ollg9o- NDtE5 to the financial statemÈTht$
FoFthè yeargDdgd 31 Juty 2124
IN FUNDS
1 Aug 2022
£wo
EXpEr￿tt￿re
fooo
TraD51ers
£'wo
Gain 31 Juty 2023
oo
Endowment Fund8- Porm&nÈnt
fal Fellowships
fb) Support 10 Students
Icl Llbrari8s &Arth￿￿5
fdl Centre Cosis
8.923
2.475
2.239
257
13661
8.6Z1
2,521
2,OP7
255
179
72
Totsl EndowmtsntFund5. ￿rn￿ng￿t
13.894
5S4
510
13,494
Endowmfyryt Fund•- Expendable
ea) Fellowships
ebl SuppDrtlo thdents
l General
ed) Cenlre C0515
eel Rese3rch
efl Other
147
1S9
965
225
49
12
4,607
4,669
27,687
4,312
1,3S9
333
.748
27.728
4.532
1.539
397
IB3
12581
Total E￿dDWMuhtF￿nds. Expend4bl
43.850
1501
1.849
43,047
Total FvdtywmontFunds- Group
57.744
1885
2.41gi
56,541
Re8lrirt¢d F￿￿
tBI Fell(￿hipS
Ibl Support 108ludeDI8
rcl Llbrarie& &ArchNe$
Idl Cenire costs
ie) Rgsearch
rfl cap1￿1 Hilda Be$5
rgl Gopksl InVÈStcoip
th) Cwfergn(es4 SO￿n￿r$
l Other
189
319
219
14651
347
146
102
277
390
241
14
56
15
1288}
226
202
521
15211
11,4th)
520
75
11,270
15011
V2
Total R￿trIcted Fun¢ts. Collogg
12.7
636
12,236
Total Re51rlclpd Fund5 Gruup
12.7
1.308
2.408
638
12,238
Unre$tiiEtod Funds
ual GErh2ral reseN83
ubl DAC &holarshlp
cl Fixed asset de51gnaled
udl Llbraries & Archwes
.) Centrè Costs
ull Hilda BessE BU1￿1￿ Fund
ugl Wardens Fund
uh) PellS1￿ Fll[￿ Llablllty
4,631
5,061
{4.997}
14,2821
53
413
13.373
1784)
19,820
337
142
3,100
5$
367
47
373
TotAI lJn¥e51rScled FU￿￿￿- College
17,280
8,363
16,234
249
19,658
Total Funds
87.724
11,772
{8,642
88,435
62

Notes to the r-inancial Statements
St Anlonvs Coll¢g¢-Not¢8to the flDancw1 ¥tatom•nts
Forthpyq&rended 31 Jthly2024
STATEME
FTOT
TU
Permarbonl Fndrmment
Unèprlied
Totsl
Retvrn
Exwnthb
Total
Endowmenl Endomnents
Inveslmenl
£'o
7.229
Tol81
£'wo
7.229
6.665
At 1stAugusl 2022
Gift cutnponeoi Dlthe pgrmanenteMow(nenl
Unappligd toiol [P￿r￿
Exwndable endowmeni
Total End¢thrnents
£'OOD
£'voo
7.229
6.665
43.6SO
57.744
8.865
43.850
43M50
7,229
8,885
13,894
FlovgmBhts th& roportlny pèrlod..
Glllof endowmenl fund$
InvostmBrtI relum". tutsl knve51menl IncL¥n8
Investment r0￿M.. rga115Ed unipalls•du*iN8and105$06
Less,, Inv&Stment Manayernent cosls
Other translFrs
Total
97
97
75
1,465
11,8501
464
156>1
1.929
15sg}
43
43
1.075
7ST
808
Unappllad total return allocated ID in￿rne Inlhe rep￿tr￿g PBnod
Exppndllbk end0%￿nEnts Ir&n5feired to income
13491
13491
I4￿)
349
14001
Npl mo¥èments In report1￿9 perlod
I4￿}
At 3151 July2023
Gbflcompon8ntofth8 p8rmnBntént￿￿n1
U￿￿￿lIed tolal reiurn
ExpoDd4ble èndowm8ni
Total Endowrnenl$
7.283
7,283
7,2
8,211
43,047
SQ541
8,211
43.047
43,047
7,2B3
4211
13,494