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St Antony's College Annual Report 2024/25 UNIVERSITY OF OXFORD

Foreword from the Warden and Chair of the Governing Body ��1 About St Antony’s ��3 Our Vision & Mission ��4 Our students ��5 Our records ��7 Our culture��7 Our environment ��8 Collegiate University working ��8 Raising funds ��9 African Studies Centre ��11 Asian Studies Centre ��15 European Studies Centre ��17 Latin American Centre ��19 Middle East Centre ��22 Russian & Eurasian Studies Centre ��24 Nissan Institute of Japanese Studies ��26 Financial review ��27 Financial results for 2024/25 ��27 Assets & Liabilities ��29 Reserves ��29 Investment policy, objectives and performance ��30 Risks and uncertainties ��31 Structure, governance and management ��32 Governing Documents ��32 Governing Body ��33 Recruitment and training of members of the Governing Body ��33 Remuneration of Members of Governing Body and Senior College Staff ��34 Sub-committees ��34 Subsidiaries and interdependencies ��35 Members of the Governing Body 2024/25 ��36 College Senior Staff ��37 College Advisers ��38 College address ��38 Website ��38 Statement of Accounting and Reporting ��39 Responsibilities ��39 Accounting Policies ��45 Statement of Financial Activities ��52 Balance Sheet ��53 Cashflow ��54 Notes to the Accounts ��55

Foreword from the Warden and Chair of the Governing Body

On behalf of the Governing Body, as well as myself personally, I wish to formally thank Professor Nandini Gooptu for taking on the role of Acting Warden in the academic year 2023/24�

The current report covers the past academic year 2024/25� As the Annual Report shows, the College ended the year in excellent shape�

The current student body of around 550 students is split almost equally between those doing doctoral work and those on Master’s programmes (many of whom will go on to do doctoral work in the future). It is of particular delight to us that we now have almost 50 part-time doctoral students alongside our full-time graduates. As we outline in our report, the student body also continues to be very international with our students coming from around 70 different countries around the world.

We were delighted that we were able to offer around £1 million in scholarship funding last year. We also raised a further million pounds towards the endowment of the Development Assistance Country scholarship programme which has been established to enable students who have undertaken their first degree in a development assistance country to take up a place at St Antony’s�

The accommodation provision in the College has continued to grow and the College is now able to accommodate around 275 people with the most distant property being not more than a five-minute walk away.

The Governing Body has grown in recent years: four new Fellows joined in 2024/25 and a further five Fellows were elected to join in 2025/26.

The College continues to enjoy an active Academic Visitor programme with 36

Visitors during the 2024/25 year from 15 different countries representing many walks of life. Academic Visitors hugely enrich the academic environment of the College� Similarly, the Associate Member programme contributes greatly to the College� Associate Members are mainly colleagues who are on the academic payroll of departments from which the college accepts students and who do not have another college association. They act as college advisors and receive free lunches and a number of free high table dinners in the College. The number of associate members has stabilised at around 120 in recent years and the College received a legacy gift during the year which has enabled it to endow the Associate Member programme which in future will be known as the Platt Programme.

Excluding unrealised gains on investments and one-off legacy income a modest surplus was delivered in the year. The financial health of the College remains strong and having repaid a short-term loan in 2024 the College remains free of debt and has seen the combined value of its General Endowment and General Reserves rise above £30.0m for the first time.

During the academic year 2025/26 the College will celebrate its 75th anniversary, having officially opened its doors to students on 9 October 1950. The College inaugurated this anniversary by inviting all the descendants and partners over the age of 16 of the family of Antonine Besse, the College’s founder, to attend the Governing Body and Honorary Fellows’ Dinner in June. In total, 42 members of the extended Besse family were able to attend and commemorate the vision of the College’s founder, with the youngest members present committing to returning for the College’s Centenary event in 2050�

Roger Goodman, Warden

About St Antony’s

St Antony’s College seeks to promote international understanding in a complex world . We achieve this through a number of means. First and foremost, we are a home to around 550 graduate students of the University of Oxford, all studying programmes in the social sciences and humanities, and enable dialogue and debate through social and academic gatherings around the College. We also support our Regional Study Centres to run seminars and conferences and to host Academic Visitors from all over the world. Finally, our community of College Members and alumni provide an important mode of engagement with different regions and communities worldwide.

Our College motto is ‘Plus est en Vous’ (there is more in you). St Antony’s operates in that spirit in its culture and values, believing that we never stop researching and learning� Our values seek to refect this spirit . We are:

Outward-looking [open-minded and courageous] Reaching out to and through our global community
Respectful [supportive and collaborative] Seeking to understand and embrace differences in people, ideas, and experiences with tolerance and understanding
Diverse [equitable and inclusive]

Welcoming people from all backgrounds and all parts of the world

Curious [challenging and respectful]

Seeking new ways of understanding the world and one another

The Governing Body has had regard to the Charity Commission’s guidance on public benefit in considering its Purpose, Vision, and Mission.

Our Vision & Mission

We have agreed a Mission to 2027 which focuses on:

Our students

We will grow our funding to reach more students and find ways to better engage all our students in College life

Our records

We will invest in our records and archives to ensure we preserve and celebrate the College history

Our culture

We will better monitor equality, diversity and inclusion in our global community and provide improved training and support for our managers

Our environment

We will deliver on our Greenhouse Gas Emissions Action plan

Our collegiate University

We will strengthen links with the central University for the benefit of our community

This report outlines progress in each of these areas during 2024/25.

Our students

In 2024/25, we welcomed around 550 new and returning students across a range of graduate programmes. As ever, our students come from all over the world, with the largest proportions coming from the US (15%), the UK (14%) and China (12%).

We continue to work in close partnership with our student community and the student representative body (the Graduate Common Room) to strengthen and enrich the student experience at College� This year we introduced new grants for students representing the University in Blues teams, with nine students supported across an impressive range of sports. We also invested in College life by supporting existing clubs and societies, while welcoming the launch of a Music Society and a Paint Club—both student-led initiatives that add vibrancy to our community�

To improve inclusivity and access, part-time students were offered the opportunity to book College accommodation during their visits to Oxford, with priority booking available. We also held a dedicated focus group to better understand the arrival experience of new students and identify opportunities for improvement. In addition, the Warden continues to host two student breakfasts each term, creating an informal forum for feedback. These conversations provide valuable insights into student life and often inspire small, practical changes that make a real difference.

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Student wellbeing remains at the heart of our approach. This year, we joined the University of Oxford’s Mental Health Advisory Pilot, giving us access to a specialist advisor to help support students facing complex mental health challenges�

The total value on offer for scholarships that the College could award for students to study in 2025/26 and that were advertised in 2024/25, was roughly £1million.

Our records

We have commenced work on surveying the College’s records and putting foundations in place to aid resource discovery� The contents of more than 3,400 files have been listed which is a great step forward in enabling the College to understand and begin to collate and appropriately store its records�

To support 75th anniversary celebrations, newly donated archive material relating to College history is being accessioned and is displayed on a commemoratve website �

Our culture

Our students join an equality, diversity and inclusion induction talk delivered by the University in collaboration with the College� This ensures that every student begins their College journey with a shared understanding of our commitment to equality, diversity, and inclusion, and the role we all play in fostering a respectful and supportive community�

Equality, diversity and inclusion training is also provided to College staff. All managers complete mandatory training, and Implicit Bias training is mandatory for anyone serving on a recruitment panel�

We are about to launch our self-service portal which will enable us to gather and analyse staff data, and to identify any gaps�

Our environment

We have created an emissions dashboard, giving us a clear view of progress against our action plan. This will be used as a management tool to measure energy use, waste, and emissions from flights and commuting as well as food.

Our new heating system (EcoSync) has enabled us to reduce natural gas use by 5-7% across the estate.

The fixed-term post of Environmental Sustainability Officer came to an end in April 2025 and their work is now being embedded in our operational teams.

Collegiate University working

Members of the Governing Body continued to be very actively involved in senior positions in the University in 2024/25�

The Warden was the Chair of the University’s Building and Estates SubCommittee overseeing the University’s capital and estates’ projects and

plans. Professor Timothy Power continued as the Head of the Social Sciences Division. Professor Nandini Gooptu continued as a member of the University Council and the Associate Head of Division (Equality and Diversity)

in the Social Sciences Division, while Professor Diego Sánchez-Ancochea was

Associate Head of Division (People). Professor Paul Chaisty continued as the Head of the Oxford School of Global and Area Studies and will be succeeded by another Fellow of the College, Professor Diego Sánchez-Ancochea for 2025/26.

Raising funds

Our fundraising priority is to increase financial support for our students. The targets we set are to:

Deliver a £1.0m endowed fund to provide scholarships for students from DAC countries, and release a further £0.5m of Oxford University matched funding. The target date was 1 October 2024�
Raise a further £0.5m in scholarship funding and a total of £0.1m for student activities by 2027.

The first target was delivered in September 2024 and since then we have raised £108,565 in new scholarship funding and £45,213 in other student support to the end of July 2025. To maximize our funds, we are working with a range of partners to offer joint scholarships: the Department of Economics, the Oxford Africa Initiative (AfOx), the Oxford Department of International Development, Oxford Universities Academic Futures Fund and Clarendon Fund, UK Research and Innovation (UKRI) and the Weidenfeld Hoffman Trust. Fundraising and alumni activities have included events in Boston, New York, Miami, London, Milan, Berlin and The Hague.

During the last year, we have put in place a campaign for legacy fundraising. The College accounted for income of £2.198 million in legacy gifts within the financial year, highlighting the importance of income from this type of activity.

All fundraising activities by Fellows and Centres are monitored by the Development Director who ensures that relevant 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 in 2024/25. 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 others, alumni and donors�

African Studies Centre

The African Studies Centre remains committed to fostering a vibrant intellectual community that draws together scholars, students, and practitioners from across Oxford and beyond, while strengthening our partnerships with African institutions and researchers. This past year was one of significant developments in our teaching programme, research and collaborations, as well as a time of planning for the future.

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Events were once again a defining feature of our work in 2024-25, as highlighted below, drawing together a wide range of speakers and audiences for lively discussion and debate. The ASC convened a total of 22 events during the year, including our weekly African Studies Seminar Series as well as book talks, film screenings, and roundtable panels. In addition, the ASC provided group grants to support Oxford societies to convene African Studies-related seminars, panels, public lectures and conferences, which helped make possible a further 51 events.

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African Studies Seminar Series, weekly in Michaelmas and Hilary Terms
Northeast Africa Forum (NEAF) and South Africa Discussion Group (SADG), both fully supported by ASC funds, ran weekly seminars in all three terms in 2024-25

Conferences

4-25 May, Africa Society (AfriSoc) annual conference: Changing Narratives: Vision, Action and Transformation of Africa
2 June, Oxford University China-Africa Network (OUCAN) annual conference, Belt and Road Initiative in Transition
20-21 June: British Zimbabwe Society conference, History, Histories and Historians: Reflecting on Legacies and New Directions in Zimbabwe’s Past and the Shaping of its Present and Potential Futures

(part-sponsored by ASC)

Events Highlights

On 12 May 2025, we hosted a very successful African Studies Annual Lecture by Premesh Lalu, UK-South Africa Bilateral Research Chair (Digital Humanities Chair in Culture and Technics) and founding Director of the pioneering Centre for Humanities Research at the University of the Western Cape, South Africa. Entitled The Becoming Technical of the Human: Race After Apartheid , the Annual Lecture invited us to consider how a future in South Africa beyond apartheid could be imagined, beyond the conventional politics and analytics of repair and redress. Through a focus on aesthetic education and what he has termed the ‘techne’ of race, Lalu called for the radical ‘undoing’ of apartheid via the reshaping of a sensory order rooted in the everyday�

As part of the Oxford School of Global and Area Studies’s 20th Anniversary celebrations, the African Studies Centre organised a book talk for our visiting African Studies alumni on 12 June with Wale Adebanwi (University of Pennsylvania) on his book How to Become a Big Man in Africa: Subalternity, Elites, and Ethnic Politics in Contemporary Nigeria (University of Indiana Press), in conversation with Jonny Steinberg (Yale University). Other important book launches were for The Overthrow of Robert Mugabe: Gender, Coups and Diplomats (Oxford University Press) by Miles Tendi (Associate Professor in African Politics) on 6 March, and the 12 June launch for The African Revolution (Princeton University Press) by Richard Reid (History).

Oxford’s African Society (part-supported by the African Studies Centre) ran a series of high-profile public events: 9 May 4.30pm, West Africa in Transition , including Olusegun Obasanjo (former President of Nigeria); 4 Mar 5.30pm, War in the Congo: Rebels, Rwanda and Resources , with Ndolamb Ngokwey (Democratic Republic of the Congo Ambassador to the UK).

Scholarships and Fellowships awarded to African Studies scholars

Smuts Visiting Fellowship (University of Cambridge), 2024-25: Miles Tendi (Associate Professor in African Politics)
AfOx-African Studies Visiting Fellowship: Nkululeko Sibanda (Rhodes University, South Africa)
AfOx Duncan Scholarship in Sustainable Development: Chiyedza Zunzanyika
AfOx Corpus African Studies Scholarship: Kendi Juma
AfOx Mastercard Foundation Scholarships: Kuln’Zu Zucule, Mohamed Muse, Biraanu Feyisa, Beracah Agwang
ORISHA Fund Scholarship – Fabien LeFievre, DPhil OSGA (African Studies), to be taken up in 2025-26

Other Prizes and Awards

MSc African Studies prize for best overall performance: Phoebe McMahon
MSc African Studies runner-up prize for best overall performance: Ellie Price
MSc African Studies prize for best dissertation: Zoditu Schwind

News of Interest

Posts : Rita Abrahamsen (University of Ottawa), an internationally renowned
scholar in African politics and international relations, has been appointed to the Professorship of African Studies and will take up the Chair in January 2026. Gabrielle Robbins, a specialist in medical and development anthropology with a focus on Madagascar, has been appointed as the Evans Pritchard (postdoctoral) Fellow in African Anthropology beginning in September 2025. Abigail Branford arrived in March 2025 to begin her three-year postdoctoral project, Teachers vs the Memory Hole: How Teachers Fight Nationalist History Curricula, funded by the Leverhulme Trust Early Career Fellowship award.
A key achievement this year has been the successful approval of major changes MSc in African Studies � The new-look MSc will launch
to our flagship course, the in 2026-27 and promises to position the ASC on the leading edge of the field of African Studies, intellectually and pedagogically, whilst enhancing student choice. We are confident these changes will refresh the MSc in important ways, improve student learning experience, and ensure the course is competitive in a global market and attractive to prospective applicants.
The Africa-Asia Table : this inter-departmental initiative to explore cross-
regional research synergies and networks involved colleagues in OSGA as well as SAME, ODID, History, AMES, and the Centre for Islamic Studies. The Africa-Asia Table hosted our first event in Trinity Term 2025 and we are planning a jointly convened weekly seminar series in Hilary Term 2026 involving the ASC, South Asian Studies and the Asian Studies Centre. We also plan to jointly bid for seed funding to further grow potential research networks and collaborations.
Online and media comms/alumni engagement : we are comprehensively updating our website, refreshing our social media presence after a period of dormancy, and developing our engagement with MSc alumni� Looking ahead, 2025-26 is the 20th anniversary of the inaugural year of the MSc in African Studies. We hope to mark this milestone with, for example, the launch of our new African Studies blog as well as through an expanded events programme involving our global alumni�

Asian Studies Centre

Nandini Gooptu was appointed the new director for the Asian Studies Centre, taking over from Faisal Devji in October 2024. Two new members of staff joined the ASC Committee: Janaki Srinivasan (Associate Professor for Digital South Asian Studies) and Kristi Govella (Associate Professor of Japanese Politics and International Relations).

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Scholarships

Two Scholarships were awarded to start in October 2025: The Wai Seng Senior Research Scholarship to Maw Maw Khaing and Vedika Kedia.

Events

45 events were held across the year, including 24 weekly Modern South Asian Studies Seminars held in weeks 1-8 across the three terms of the year, convened by Janaki Srinivasan, and 14 student-led South Asian Intellectual History Seminar hybrid talks held across the year. Additional events were held alongside the above weekly events, as follows:

Michaelmas Term

Book talk by Ashis Ray, The Trial that Shook Britain: How a Court Martial Hastened Acceptance of Indian Independence
Paper presented by Deephan Mohan (JGU, India), Visual Storyboards: Ethnographic Insights of an Experimental Research Design and the Lives-Livelihoods of Vulnerable Communities Across India and Cambodia

Hilary Term

A roundtable event on Myanmar: Unpacking the Evolving Role of Civil Resistance in Myanmar’s Revolution

Trinity Term

DPhil Research Day on Asian Studies, with 9 students presenting their work, organised by Nandini Gooptu.
The China Privacy Workshop with the Freie Universität Berlin, organised by Rachel Murphy�
An international conference celebrating the work of the Political Scientist Bhikhu Parekh on his 90th birthday, with 14 speakers, organised by Faisal Devji.

September 2025

A conference on The Self-Respect Movement and Its Legacies to mark the centenary of the Self-Respect movement, with 20 presenters from around the world, and an address by the Chief Minister of Tamil Nadu, M.K. Stalin. This event was reported in the press.

European Studies Centre

Across the year, the European Studies Centre (ESC) hosted 35 events reflecting the breadth and diversity of its academic programme and research agendas of the permanent and visiting fellows and the ESC programmes. 10 of them were organised in collaboration with South East European Studies at Oxford (SEESOX) and three with the Dahrendorf Programme.

Conferences

The Centre hosted five conferences/workshops convened by its various programmes, including:

a conference entitled Unveiling the Operational Interconnectedness of EuroAtlantic Security: Common Threats and Lessons to and from the Eastern Mediterranean and Ukraine , by SEESOX/Eastern Mediterranean Programme (November 2024)
Europe and the Black Sea Regional (In)Security: A Story of Mutual Creation? by the programme on contemporary Turkey at SEESOX in cooperation with Chatham House and supported by the German Marshall Fund (May 2025)
a conference at the University of Oxford North America Office in New York on Energy and Geopolitics in the Eastern Mediterranean featuring the US Assistant Secretary of State for Energy Resources, Geoffrey R Pyatt

Lectures

The ESC’s programme featured a series of high-profile annual lectures. The ESC Annual Lecture was given in June 2025 by Jeff Colgan (Professor at Brown University & ESC Visiting Fellow) on Understanding Climate-Related Disruption of Global Financial Governance: Vertical and Horizontal Models of Change . In addition, Jakov Milatović, President of Montenegro, delivered the SEESOX Annual Lecture on Montenegro: Next EU Member State? The Annual Dahrendorf Lecture was given by Robert Kagan on After Paradise: The US, EU and UK in a Disordered World . Finally, Michał Bilewicz (University

of Warsaw) delivered the Annual Leszek Kołakowski Lecture on Traumaland: How � Poland’s Second World War Past Shapes Its Collective Mentality and Politics Today The Centre also collaborated with the College’s Middle East Centre, the Eurasian Studies Centre, and the St Antony’s Palgrave Book Series in hosting joint events.

Over the course of the year, the ESC welcomed several Visiting Fellows and Academic Visitors. These included: Ainhoa Campos (Ramón Areces Visiting Fellow); Brendan Devlin (EU Visiting Fellow); Jeff Colgan (ESC Visiting Fellow); Sonia Giebel (Dahrendorf Postdoctoral Fellow); Andreas Busch and Hakan Altinay (Academic Visitors). Dimitar Bechev took over the directorship of the Dahrendorf Programme for two years.

Looking ahead to 2025/26, the University has appointed Mihail Chiru as Associate Professor of East European Politics at OSGA/DPIR. Mihail will join the Centre as permanent fellow and Governing Body Fellow of St Antony’s College. The European Studies Centre would like to congratulate Tim Vlandas who was promoted to Professor of Comparative Political Economy and Social Policy and Federica Genovese who was awarded with a Philip Leverhume Prize for her research on the roots and configurations of climate politics. Last year saw the inauguration of the Timothy Garton Ash book collection which is now housed at the seminar room and is accessible to all those with an interest on 20th and 21st European history�

Latin American Centre

The Latin American Centre (LAC) welcomed its academic year with an Inaugural Lecture by Dr Kevin Casas-Zamora, the Secretary General of the International Institute for Democracy and Electoral Assistance, IDEA, the intergovernmental organization based in Stockholm devoted to support democracy worldwide. A former Antonian, Dr Kasas-Zamora addressed the topic The Travails of Democracy in Latin America . His lecture opened another intense year, during which the LAC hosted over 50 events�

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Events

Our flagship seminar on current affairs continued to meet on Tuesdays, while our history seminar did so on Thursdays. Some of our seminars were the result of joint efforts with other centres and programmes in the University, including the Nissan Institute of the Japanese Studies, the Rothermere Institute of American Studies, the Iberian History Seminar, and the Caribbean Studies Network at TORCH. We also continued to run regular joint events with international partners, including a yearly seminar with the Universidad del Pacífico in Lima, and the annual Guerra Seminar (after the late French historian François-Xavier Guerra) with the École des Hautes Études en Sciences Sociales and the Pantheon-Sorbonne, Paris 1 University.

We organised and co-organised other special events outside our regular seminar

programmes. These included a joint seminar with the Oxford China Centre and OSGA’s Contemporary China Studies programme, on the history of China and Chile relations. We welcomed the Vice-Chancellor for International Affairs at the leading Pontificia Universidad Católica de Chile, Dr María Montt, and hosted an informal lunch for her with a group of colleagues from various departments and faculties interested in strengthening their links with her university. Additionally, the LAC hosted and sponsored two main conferences: the annual conference of our Brazilian Studies Programme (more on this below), and a conference on Catholicism and the Cold War in Latin America, co-organised by Dr Daniel McDonald.

Our Brazilian Studies Programme, under the coordination of Dr Felipe Krause, hosted its regular Annual Conference in Trinity Term on the theme Pathways to Development. The event brought together scholars and practitioners to debate Brazil’s sociopolitical challenges and policy priorities. The programme featured three panels - on environment and social inequality, the political landscape, and Brazil’s international role - and concluded with a keynote session chaired by Professor Tim Power, with contributions from Antonio Patriota, Brazilian Ambassador to the UK, and Kenneth Maxwell, the eminent historian and former head of the Brazil Programme at Harvard University.

A very special event this past year was the launch of the edited volume Fifty Years of Human Rights in Chile: Essays in honour of Alan Angell (published in the Palgrave St Antony’s Series), convened by Professor Leigh Paynes and held in Hilary Term. To mark the occasion, the LAC librarians run a book exhibit, featuring publications by Alan�

These and other seminars and conferences, opened to the public, counted of course with the active participation of the students in our MPhil and MSc programmes. We also organized some special events for our students: our Lunch with the Ambassador series included informal conversations with the Brazilian and Chilean Ambassadors in London. Our MPhil students had the opportunity to present their research project at a meeting we hosted for the American Research Group of the Foreign, Commonwealth & Development Office in Michaelmas Term.

In turn, our students, through their involvement in the Latin American Society, took the lead in the organization of other events such as the screening of the documentary Rompan Todo (a story behind the rise of Latin American rock against a backdrop of dictatorship and repression), followed by a Q&A with director, Picky Talarico�

In Michaelmas Term, we hosted our third Alumni London Networking Drinks in partnership with the Canning Club, at its premises in the In and Out in London�

Our website included a new section, the LAC Forum, where our guest-speakers are invited to write an article based on the topic of their respective talks at our events.

Prizes & awards

All students completed with success their MPhil (5) and MSc (12) in Latin American Studies while other two progressed towards their second year of their MPhil. Luciana Fortuna was awarded the Crawley Prize for the best MPhil thesis ( Breaking the Balance: How Peru’s Congress Consolidated Power in a Fragmented System ). Ellie Morgan, one of our second-year MPhil students, was awarded the 2025 Masters Essay Prize by the Society for Latin American Studies (SLAS), for her essay Remoulding the Past: Fuerza Popular’s Strategy for Reducing Authoritarian Baggage as a Personalistic Authoritarian Successor Party.

Early in the academic year, Dr Gregory Thaler was awarded the prestigious International Science Prize by the Hans Günter Brauch Foundation for Peace and Ecology in the Anthropocene for his book Saving a Rainforest and Losing the World: Conservation and Displacement in the Global Tropics , published by Yale University Press in 2024. Dr Daniel McDonald’s article and the first peer-reviewed audiovisual essay in the American Historical Review (on the use of visual imagery by popular movements in urban Brazil during the dictatorship, 1964-1985, and the subsequent democratic transition) received an honorable mention from the UK Latin American Historians Network for best article.

Staffing

We welcomed two new colleagues, Dr Gregory Thaler, Associate Professor of Environmental Geography and Latin American Studies, and Dr Federico Fuchs, Departmental Lecturer in the Comparative Politics of Latin America. Dr Belén Villegas Plá was appointed Departmental Lecturer of the Political Economy of Latin America. Professor David Doyle became the new head of the Department of Politics and International Relations after completing his tenure as Director of the Latin American Centre, a post taken over by Professor Eduardo Posada-Carbó. Professor Diego Sánchez-Ancochea was appointed as the Head of the Oxford School of Global and Area Studies.

Middle East Centre

The Middle East Centre returned to full strength, and more, in 2024/25. We welcomed back three colleagues who had been away on leave the previous academic year – Michael Willis, Laurent Mignon, and Neil Ketchley. And we welcomed Professor Pascal Menoret, who was elected to the Khalid bin Abdullah Al Saud Chair in Contemporary Arab Studies in the Faculty of Asian and Middle Eastern Studies (AMES). Pascal was formerly Renée and Lester Crown Professor of Modern Middle Eastern Studies at Brandeis University, and was Director of the French research institute in Cairo, the CEDEJ, before moving to Oxford. Though his chair comes with a fellowship in Magdalen College, AMES struck a deal with St Antony’s to provide Professor Menoret’s faculty office in the Middle East Centre. The MEC Fellows invited Pascal to join the Centre Steering Committee, bringing the number of permanent faculty in the Centre to 8 – the highest number in the Centre’s history�

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The Centre hosted seminars and book events covering a wide range of topics across the three terms. In all, we held 42 events in 2024-2025. Among the highlights, Professor Shai Lavi from the Van Leer Jerusalem Institute and Professor Brian Klug examined the leading definitions of anti-Semitism, examining the Jerusalem Declaration and the International Holocaust Remembrance Alliance (IHRA) Definition. We were pleased to welcome Dr Muhammad Shtayyeh, former prime minister of Palestine, who led a delegation from the Palestine Research Center in Ramallah to discuss a new collaborative history of Palestine from antiquity to modern times.

In Trinity Term we celebrated the tenth anniversary of the opening of the Investcorp Building with tributes to the celebrated architect Dame Zaha Hadid. The Zaha Hadid Foundation loaned two artworks for exhibition in the Investcorp building gallery area, both on the Rosenthal Art Centre in Cincinnati. We welcomed the architect and sculptor Michael Wolfson, a student at the AA and subsequent colleague in Zaha’s practice, who spoke on the early years of Zaha Hadid Architects. Michael also loaned a major, unpublished artwork by Zaha for exhibition alongside the artworks loaned by the Foundation. In June, we welcomed Joseph Giovannini, architectural writer and biographer of Zaha Hadid, who lectured on Zaha’s life in architecture. We were joined on this occasion by Patrick Schumacher, Zaha’s successor at Zaha Hadid Architects, and the team of architects who collaborated with Zaha to realise the Investcorp Building, including Jim Heverin, Johannes Hoffman and Ken Bostock.

Scholarships & Fellowships

The George Antonius Birzeit Visiting Fellow in 2025 was Dr Amal Nazzal.
The Hourani Scholarship, which provides a two-year award for the M.Phil. in Modern Middle Eastern studies, was awarded to Harry Weeks, who completed his PPE degree in Oxford and will matriculate in October 2025.
The Pachachi Scholarship, which provides a three-year award for the D.Phil in any discipline of modern Middle Eastern studies, was awarded to Zeina Dowidar (Anthropology), who completed her BA in PPE at Kings College London with first class honours and her MPhil in Development Studies in Cambridge with Distinction, for her research proposal on Sexual Morality and the Silence of Survivors: Exploring Assault Disclosure in Egypt . Ms Dowidar will be supervised by Professor Walter Armbrust and Professor Zuzanna Olszewska.
The Hadid Scholarship, a writing-up bursary for advanced doctoral students, was awarded to Joumana Talhouk (ODID) for her thesis on The Making and Unmaking of Lebanon’s Middle Class: Lebanese Domesticity Under Kafala , and to Azim Wazeer (DPIR) for his thesis on The Production and Reception of Project State Discourse: Evidence from Saudi Arabia �

The Zander Prize for best result in the MPhil in Modern Middle Eastern Studies was awarded to Jared Martin (St Cross), whose thesis on the Yemeni island of Socotra received a high distinction.

Russian & Eurasian Studies Centre

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The Russian and Eurasian Studies Centre convened/co-convened 37 events� These included the inaugural Ukraine Hub workshop in January, followed in February by Childhood under attack , a Ukraine roundtable featuring Dame Rachel de Souza, the Children’s Commissioner for England. In May Dr Elias Götz (Royal Danish Defence College) gave a presentation Explaining Russia’s full-scale attack on Ukraine , and in June Dr Paradorn Rangsimaporn of the Eastern European Division, Department Russia and of European Affairs, Ministry of Foreign Affairs of Thailand, spoke on � ASEAN in the Indo-Pacific

Scholarships & bursaries

Chaya Steinsaltz was awarded the Paul Bergne Scholarship; Boy Ibisch and Mansur Kaskabassov received bursaries from the Fay & Geoffrey Elliott fund; Simon Holin received an Archie Brown Bursary; Michael Kaser and Elizabeth Teague prizes were awarded to Paulina Bogusz and Isaac Holmberg.

Dr Maxim Bouev returned as an Academic Visitor, while taking a period of leave from his vice-rectorship at the New Economic School in Moscow. In November. Roy Allison hosted a visiting delegation from South Korea. Dr Panayiotis Xenophontos was appointed as Max Hayward Visiting Fellow for the 2025-26 academic year. His research project is on Greek literature of Ukraine: from Catherine II to the present ; he also has much experience of promoting and supporting Ukraine-related events.

Professor Paul Chaisty’s co-authored book ( How Russians understand the new Russia ) was published in March, and Dan Healey’s ( Other voices in Soviet history ) in May; Michael Rochlitz co-produced an educatonal video on Russia’s war economy in December 2024.

Nissan Institute of Japanese Studies

Our institute was joined by three new members this academic year of 2024-2025, Kristi Govella, Associate Professor in Japanese Politics and International Relations, Marius Palz, a Nissan Postodoctoral Fellow, and Pan Tome Valencia, Departmental Lecturer specializing in Classical Japanese and Classical Japanese Literature. They have offered their expertise and rich diversity and depth of research and interests, to all aspects of our intellectual activities.

We also witnessed the sad departure of someone who has done so much for our institute. Our much-loved Administrator Jane Baker retired from the Institute in July. Jane joined the Nissan Institute in December 1998 and has been a pillar of the Institute ever since. She has been a favourite figure at the Nissan and she drew numerous alumni back to the Institute to visit her over the years. Under her watchful eye, the Institute building still looks like new, decades after it was built. We will very much miss her�

The Nissan Seminar Series for 2024/2025 again attracted leading scholars in Japanese studies from around the world. We were able to host the award-winning Japanese writer Asako Yuzuki. Denjiro Tanaka VI and his team gave us a great Kabuki music performance and a lecture. Since then, Denjiro Tanaka VI and his team have been successfuly contracted to perform at Carnegie Hall in New York. We welcomed Ryutei Sary, a Rakugo performer, in November 2024. In Hilary Term we had equally high calibre academics, but we also had one of the busiest terms, with events such as an Re- LGPTQ Japanese history workshop symposium, a major international conference, assembling Manchukuo from below: Invisible Minorities, Politics, and Imagination and an international workshop, Healthcare Delivery in Crisis? The potential for mutual learning between Japan and the UK . Finally, this summer Princess Akiko of Mikasa gave a talk at the Ashmolean Museum, A Tale of Royal and Imperial Costumes: The � Trajectory of UK-Japan Relations

As always, our faculty members and students alike have published numerous important articles and books during the academic year.

Financial review

The financial position of the College is strong. Student numbers and occupation rates within student accommodation, along with income from these areas of activity, has remained stable. The College has taken steps to improve the management of its cashflow in order to increase the level of bank interest earned on cash balances. However, we also saw a planned reduction in income from trading activity and reduced capacity for summer conferencing in order to undertake refurbishment of College accommodation during the summer of 2025. This is a pattern that is likely to continue in 2026.

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 costs over the coming year, but we strive to ensure we can anticipate and manage the impact of the risks we face.

Financial results for 2024/25

The financial statements are provided below from page 52.

Total income for the year to 31 July 2025 amounted to £11.5 million compared to £11.4 million in the previous year. However, there were some more significant changes in the sources of income.

Income from charitable activities fell by £0.2m largely as a result of lower residential and catering income. Income from trading activities fell by £0.4m due to the unavailability of conference accommodation during a summer refurbishment.

These falls in income were offset by increases in other areas including an increase of £0.6 million donations and legacies.

The increase in expenditure reflects a combination of factors, including the impact of inflation in the wider economy, staffing changes, the introduction of an ‘Oxford weighting allowance’ for salaried staff and increases to the Oxford Living Wage.

Income 24/25 Bank Interest & Other Income £251k Charttable Actlvity. Student Fees £2.168k Charftable ActTvIty: Academic visitor Fees £143k Investment Income £2.276k Legacies £2,191k Charitable Actlvity: Rent: £2,443k Donattons & Grants £1,267k Charitable Activity: Catering £462k Tradlng Income £276k Expenditure 24/25 Tradiw £266k Investment Management £52k FuncIrar £384k Charitable Activrtv: StaYinEf2,948k CharitableActivity. Support & Govema £2.163k CharitableActivty Other Directcosts £3.221k 28

Assets & Liabilities

The value of net assets of the College rose to £99.9 million at 31 July 2025 from £94.0 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 £0.3 million to £32.0 million as a result of depreciation. Other investments rose in value from £59.6 million to £61.8 million due to capital gains on the values of investments held.

Cash balances rose significantly from £1.7 million to £4.8 million compared to the same point the previous year reflecting the surplus in the year, over half of which was due to one-off legacy income. The College also held short-term cash investments at the end of the financial year to the value of £1.0m which reflects steps taken to increase the level of bank interest earned from cash balances.

Reserves

During the year, the Governing Body of the College approved a new Cash and Reserves policy. The policy is intended to ensure that sufficient funds and adequate cash will be available to maintain the operation of the College in the short to medium term (up to five years) and enable all necessary adjustments to College finances during any period of financial difficulties so that the College will continue to operate in perpetuity�

The policy considers the interplay of three things:

Cash – setting a target level of cash held equivalent to three months of College expenditure – this target was met.
General Reserves – the policy states that we should aim for this to be positive. Having fallen just below zero at the end of the previous financial year (-£0.1 million) the level of General Reserves rose to £0.3 million thereby meeting the target laid out in the College policy�
General Endowment – the purpose of which is to provide an annual income to support the activities of the College and a capital sum to provide financial security. The policy sets a target value for the General Endowment equivalent to between 30 and 40 months of unrestricted expenditure. The value of the General Endowment rose from £28.89 million to £30.30 million, an increase of £1.4 million which includes an unrealised capital gain of £1.63 million, investment income of £1.02 million less an allocation of £1.22 million from the General Endowment to General Reserves. The balance of the General Endowment at the end of the financial year represents the equivalent of at least four years of College general expenditure and exceeds the upper target outlined in the policy

The value of the College’s remaining Endowments, all of which are intended to meet a specific purpose, rose from £31.27 million to £35.60 million during the year. This movement included an unrealised capital gain of £3.4 million and investment income of £2.1 million. Included in this sum is a legacy gift for the establishment of a new endowed fund of approximately £2.3 million in support of Junior Research Fellows.

This gift has enabled the College to endow its programme for Associate Members (henceforth renamed the Platt programme).

The level of Restricted funds remained steady at £11.92 million, of which approximately £10.69 million related to the depreciated value of the College’s Investcorp building which houses part of the Middle East Centre.

Designated funds rose slightly to £21.79 million, of which £21.31 million represent the depreciated capital value of designated fixed assets.

Value of funds - 31st July 2025

Investment policy, objectives and performance

The College’s investment objectives are to balance current and future beneficiary needs by:

Maintaining (at least) the value of the investments in real terms.
Producing a consistent and sustainable amount to support expenditure.
Delivering 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 Statutes 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 £61.8 million which represents an increase of £2.2 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 +9.05% compared to the target return of +8.80%.

The carrying value of the preserved permanent capital and the amount of any unapplied total return available for expenditure was taken as the open market values of these funds as at 1 August 2002 together with the original gift value of all subsequent endowment received.

On the total return basis of investing, the College extracted as 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.

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.

Risks and uncertainties

The College has on-going processes which operate throughout the financial year for identifying, evaluating and managing the principal risks and uncertainties. When we are unable to address risks using internal resources, we take advice from external advisers with specialist knowledge�

Policies and procedures within the College are reviewed by the Management Executive Team, chaired by the Warden. Training courses and other forms of career development are available to members of staff to enhance their skills.

The principal strategic risks faced by the College and its subsidiaries are categorised as:

Building failure
Cyber incidents
Impact of global events

Compliance failure
Governance failure
Serious welfare incident
Business continuity in the face of external events
Failure to ensure financial sustainability.

These are detailed further in the College’s latest risk register.

The Governing Body has ultimate responsibility for managing any risks faced by the College. They have reviewed the processes in place for managing risk and the principal identified risks to which the College and its subsidiaries are exposed, and have concluded that adequate systems are in place to manage these risks.

Structure, governance and management

St Antony’s College in the University of Oxford, is known as St Antony’s College (“the College”), is a chartered charitable corporation. It was founded by Monsieur Antonin Besse under a Royal Charter of Queen Elizabeth II, dated 1 April 1953. The corporation comprises the Warden and Fellows. The College was formerly an exempt charity under s3 (5a) Charities Act 1993 (as listed in Schedule 2(b) to that Act). The College registered with the Charities Commission on 11 April 2011 (registered number 1141293).

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 business if necessary. The names of all members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 36-37.

Governing Documents

The College is 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 wherein they may work for higher degrees in the University of Oxford or engage in academic research especially in the disciplines of the social 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 Body

The Governing Body is constituted and regulated in accordance with 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:

Governing 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 University post�
The Warden will submit a proposal for the election of a Governing Body Fellow to Governing Body. Such a proposal to Governing Body will always be supported by a CV and application materials.

A Governing Body Fellow who holds a University post shall vacate their Fellowship and any office which they hold in the College on resigning or otherwise 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.

Recruitment and training of members 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 election 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 declared eligible by any Statute or Decree of the University.
Persons who are appointed to a joint University and College post or who are appointed to a University 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 procedures, through the

provision of an induction pack and meetings with the Warden, the Bursar and the Senior Administrative Officers. All members of the Governing Body have received a briefing on these duties, a copy of the ‘Essential Trustee’ booklet and are invited to join the Trustee training sessions organised by the Conference of Colleges. Trustees are kept informed on current issues in the sector and on regulatory requirements via Governing Body meetings and email as appropriate. Over recent years, the Governing Body have been reviewing 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.

Remuneration of Members of 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 remuneration for their work as employees of the College. Remuneration is set based upon the advice of the College’s Remuneration and Conflicts of Interest Advisory Board which comprises 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 is mainly carried out by the Management Executive Team which consists of the following College Officers: the Warden, Sub-Warden, Dean, Senior Tutor, Governing Body Delegate for Finance and Tutor for Admissions, Bursar, and the Graduate Common Room President.

Governing 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 only)
Ad-hoc committees and working groups which are established from time to time according to need, eg 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 and/or Bursar attend all meetings of the Governing Body’s Committees.

Subsidiaries and interdependencies

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 (currently dormant as no major building works are ongoing or planned). 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 and Wolfson College. The subsidiaries’ aims, objectives and achievements are covered in the relevant sections of this report.

The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship.

Members of the Governing Body 2024/25

The Members of the Governing Body are the College’s charity trustees under charity law and the members who served in office during the year or subsequently are detailed below�

Name	Trustee whole year (unless stated)	MET 2024/25
Dr Maryam Alemzadeh
Professor RoyAllison
Professor Walter Armbrust		Y
Dr Tanya Baldwin(Bursar)		Y
Professor Paul Bets
Dr Catherine Briddick
Professor Paul Chaisty
Dr Eric Chaney
Dr Simukai Chigudu
Professor Faisal Devji
Dr Federica Genovese
Professor Roger Goodman (Warden)
Professor Nandini Gooptu		Y
Professor Krist Govella	From 1 October 2024
Dr Irem Guceri
Dr Thomas Hale
Professor Raihan Ismail
Dr David Johnson
Professor Dominic Johnson
Professor Takehiko Kariya	Untl 30 September 2024
Dr Neil Ketchley
Dr Sho Konishi
Dr Amir Lebdioui
Dr Jonathan Lusthaus
Professor Laurent Mignon
Professor Rachel Murphy
Dr Michael Odijie	From 1 October 2024
Professor Leigh Ann Payne
Professor TimothyPower

Professor David Praten		Y
Dr Michael Rochlitz
Professor Eugene Rogan
Professor Diego Sanchez- Ancochea		Y
Professor Ramon Sarro	Untl 30 November 2024
Dr Janaki Srinivasan	From 1 October 2024
Professor Kate Sullivan de Estrada
Professor Miles Tendi
Dr GregoryThaler	From 16 September 2024
Dr Timothee Vlandas
Professor Hugh Whitaker
Dr Michael Willis		Y
Dr Zbigniew Wojnowski

College Senior Staff

The senior staff of the College to whom day to day management was delegated in 2024/25 are as follows:

Head of Academic Ofce	Mrs F McNamara
Head of Finance & IT	Mr W Garnet
Development Director	Mr W te Kloeze
Head of Operatons & Estates	Miss D Natanson(Untl 31 July2025)
HR Manager	Ms A Marshall
College Librarian	Mrs A Burlakova

College Advisers

Investment managers

BlackRock, 12 Throgmorton Avenue, London, EC2N 2DL Cambridge Associates Ltd, 62 Buckingham Gate, London, SW1E 6AJ Partners Capital LLP, 5th Floor, 5 Young Street, London, W8 5EH Oxford University Endowment Management, 27 Park End Street, Oxford, OX1 IHU

Auditor

Gravita Audit Oxford LLP, First Floor, Park Central, 40-41 Park End Street, OX1 1JD

Banker

Royal Bank of Scotland, Royal Bank of Scotland, 135 Bishopsgate, London, EC2M 3UR.

Surveyors

Bidwells, Seacourt Tower, West Way, Oxford, OX2 0JJ

College address

62 Woodstock Road, Oxford, OX2 6JF

Website

www.sant.ox.ac.uk

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 law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).

Under charity law the Governing Body must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the College and of its net 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 consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
state whether a Statement of Recommended Practice (SORP) applies and has 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 sufficient to show and explain the College’s transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Governing Body on 3 December 2025 and signed on its behalf by:

Professor Roger Goodman (Warden)

Independent Auditor’s Report to the Trustees of St Antony’s College

Opinion

We have audited the financial statements of St Antony’s College (the “Charity”) for the year ended 31 July 2025 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group and charity’s affairs as at 31 July 2025 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 requirements of the Charities Act 2011�

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion�

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Members of the Governing Body’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue�

Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in the relevant sections of this report.

Other information

The Members of the Governing Body are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon�

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

sufficient accounting records have not been kept;
the financial statements are not in agreement with the accounting records and returns; or
we have not obtained all the information and explanations necessary for the purposes of our audit.

Responsibilities of the Members of the Governing Body

As explained more fully in the Statement of Accounting and Reporting Responsibilities, the Members of the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error�

In preparing the financial statements, the Members of the Governing Body are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of the Governing Body either intend to liquidate the

Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder�

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion� Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists�

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise noncompliance with applicable laws and regulations;
we identified the laws and regulations applicable to the charity through discussions with Members of the Governing Body and other management, and from our knowledge and experience of the client’s sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Charities Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and, where relevant, inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of Members of Governing Body and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
if considered necessary, reviewing correspondence with relevant regulators and the charity’s legal advisors�

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Members of Governing Body and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at:

www.frc.org.uk/auditorsresponsibilites

This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s Trustees, 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 charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Gravita Audit Oxford LLP

Statutory Auditor

First Floor, Park Central, 40-41 Park End Street, OX1 1JD Date: 4th December 2025

Gravita Audit Oxford LLP is eligible to act as an auditor in terms of sections 1212 of the Companies Act 2006

Accounting Policies

Scope of financial statements

The financial statements present the Consolidated Statement of Financial Activities (SOFA), 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 Antony’s 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 financial 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 particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102).

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 ‘The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (The Charities SORP (FRS 102)).

The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The principal 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 recognised in the financial statements.

In the view of the Governing Body, no assumptions concerning the future or estimation uncertainly affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying 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 can be reliably measured.

Income from fees, the Office for Students and other charges for services

Fees receivable, less any scholarships, bursaries or other allowances granted from the College unrestricted funds, support from the Office for Students and charges for services and use of the premises are recognised in the period in which the related service is provided�

Income from donations, 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 has 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 conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met.

Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) 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�

Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds.

Donations, grants and legacies which are subject to conditions as to their use imposed by the donor or set by the terms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the date of the gift.

Investment income

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 is recognised in the period to which the rental income relates�

Expenditure

Expenditure is 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 reliably measured or estimated.

Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation 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 (costs of complying with constitutional and statutory requirements) and other indirect costs are apportioned 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, as 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 consolidated financial statements.

Leases

Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease 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 assets and the present value of the minimum 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 liability.

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 straight-line basis�

Tangible fixed 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 £10,000 together with expenditure on equipment costing more than £10,000 is capitalised�

Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised 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 fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows:

Freehold properties, including major extensions 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 circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.

Investments

Investment properties are initially recognised at their cost and subsequently measured at their fair value (market value) at each reporting 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 at the balance sheet date without deduction of the estimated future selling costs.

Investments such as hedge funds and private equity funds which have no readily identifiable market value are initially measured at their costs and subsequently measured at their fair value at each reporting date without deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respective fund managers.

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as ‘gains or losses on investments’ and are allocated to the fund holding or disposing of the relevant investment�

Other financial 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.

Current Asset Investments

These investments represent cash held on deposit with financial institutions where the maturity date exceeds 3-months as at 31st July.

Debtors and creditors

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.

Foreign currencies

The functional and presentation currency of the College and its subsidiaries is the pound sterling�

Transactions 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 resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.

Total Return investment accounting

The College statutes authorise 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 capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated 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.

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 funds 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 is allocated to income will be accounted for as unrestricted funds unless the donor has placed restrictions on the use of that income, in which case it will be accounted for as a restricted fund.

Expendable 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 capital.

Pension costs

The College participates in the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of each scheme are held in a separate trustee-administered fund.

Due to the mutual nature of the schemes, the assets are not attributed to individual employers, and scheme-wide contribution rates are set. As a result, the College is exposed to actuarial risks arising from employees of other employers and is unable to identify its share of the underlying assets and liabilities of the schemes on a

consistent and reasonable basis�

In accordance with Section 28 of FRS 102 ‘Employee Benefits’, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. Consequently, the amount charged to the income and expenditure account represents the contributions payable to each scheme.

Where a scheme valuation determines that the scheme is in deficit on a ‘technical provisions’ basis (as was the case following the 2020 USS valuation), the scheme’s Trustee must agree a Recovery Plan that sets out how each participating employer will fund an overall deficit. The College recognises a liability for the contributions payable under such an agreement (to the extent that they relate to the deficit) with related expenses being recognised in the Statement of Financial Activities.

FRS 102 distinguishes between a group plan and a multi-employer scheme. A group plan typically consists of a collection of entities under common control, usually with a sponsoring employer. In contrast, a multi-employer scheme involves entities that are not under common control, such as the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS).

The Trustees of the College are satisfied that both USS and OSPS meet the definition of a multi-employer scheme.

Statement of Financial Activities

St Antony's College - Consolidated Statement of Financial Activities For the year ended 31 July 2025

Unrestricted Funds £'000 5,203 276 29 361 1,221 23	Restricted Funds £'000 13 - 1,122 - 899 4	Endowed Funds £'000 - - 2,307 2,138 (2,120) 1	2025 Total £'000 5,216 276 3,458 2,499 - 28	2024 Total £'000 5,389 674 2,852 2,408 - 75
7,113 6,194 384 266 -	2,038 2,138 - - -	2,326 - - - 52	11,477 8,332 384 266 52	11,398 7,749 346 598 2
6,844	2,138	52	9,034	8,695
269	(100)	2,274	2,443	2,703
-	-	3,419	3,419	2,901
269	(100)	5,693	5,862	5,604
(32)	(22)	54	-	-
237 21,850	(122) 12,037	5,747 60,152	5,862 94,039	5,604 88,435
22,087	11,915	65,899	99,901	94,039

Balance Sheet

St Antony's College - Consolidated and College Balance Sheets As at 31 July 2025

As at 31 July 2025
Notes FIXED ASSETS Tangible assets 10 Heritage assets 11 Property investments 12 Other Investments 13 Total Fixed Assets CURRENT ASSETS Stocks Debtors 16 Investments Cash at bank and in hand Total Current Assets LIABILITIES Creditors: Amounts falling due within one year 17 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: falling due after more than one year 18 Provisions for liabilities and charges 19 Defined benefit pension scheme liability 24 TOTAL NET ASSETS/(LIABILITIES) FUNDS OF THE COLLEGE Endowment funds 20 Restricted funds 20 Unrestricted funds Designated funds 20 General funds 20 NET ASSETS/(LIABILITIES) BEFORE PENSION ASSET OR LIABILITY	2025 Group £'000 32,044 - 55 61,843	2024 Group £'000 32,364 - 55 59,576	2025 College £'000 32,044 - 55 61,843	2024 College £'000 32,364 - 55 59,576
	93,942	91,995	93,942	91,995
	35 1,201 1,000 4,876	29 1,397 - 1,689	35 1,192 1,000 4,805	29 1,396 - 1,629
	7,112 1,153	3,115 1,071	7,032 1,073	3,054 1,010
	5,959 99,901 - -	2,044 94,039 - -	5,959 99,901 - -	2,044 94,039 - -
	99,901 -	94,039 -	99,901 -	94,039 -
	99,901	94,039	99,901	94,039
	65,899 11,915 21,797 290	60,152 12,037 21,996 (146)	65,899 11,915 21,797 290	60,152 12,037 21,996 (146)
	99,901	94,039	99,901	94,039

The financial statements were approved and authorised for issue by the Governing Body of St Antony's College on 3rd December 2025

Trustee:

Cashflow

St Antony's College - Consolidated Statement of Cash Flows For the year ended 31 July 2025

Notes Net cash provided by (used in) operating activities 27 Cash flows from investing activities Dividends, interest and rents from investments Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments Net cash provided by (used in) investing activities Cash flows from financing activities Repayments of borrowing Cash inflows from new borrowing Receipt of endowment Net cash provided by (used in) financing activities Change in cash and cash equivalents in the reporting period 28 Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Change in cash and cash equivalents due to exchange rate movements	2025 £'000 (798)	2024 £'000 (976)
	2,499 - (659) 1,153 (1,001)	2,408 - (709) 570 -
	1,992	2,269
	- - 1,993	(2,000) - 769
	1,993	(1,231)

	3,187	62
	1,689 -	1,627 -
	4,876	1,689

Notes to the Accounts

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

1 INCOME FROM CHARITABLE ACTIVITIES

Teaching, Research and Residential Unrestricted funds Tuition fees - UK and EU students Tuition fees - overseas students Support from Office for Students Other academic income College residential income Restricted funds Other academic income Total Teaching, Research and Residential Total income from charitable activities	2025 £'000 367 1,753 48 130 2,905 5,203 13 13 5,216 5,216	2024 £'000 391 1,688 48 217 3,040
		5,384
		5
		5

		5,389

		5,389

The above analysis includes £2,089k received from Oxford University from publicly accountable funds under the CFF Scheme (2024: £2,045k). To support the strategic priority to fund more graduate scholars and to enable outstanding students to take up their places regardless of their financial position, for graduate students with overseas fee status funded through the Clarendon or UKRI scholarship funding schemes, the college share of the fees waived amounted to £14,412 (2024: £7,946). These are not included in the fee income reported above.

2 INCOME FROM OTHER TRADING ACTIVITIES

INCOME FROM OTHER TRADING ACTIVITIES
Subsidiary company trading income Subsidiary company trading income	2025 £'000 276 276	2024 £'000 674
		674

3 DONATIONS AND LEGACIES

Donations and Legacies Unrestricted funds Restricted funds Endowed funds	2025 £'000 29 1,122 2,307 3,458	2024 £'000 832 1,251 769
		2,852

4 INVESTMENT INCOME

Unrestricted funds Other property income Other investment income Bank interest Endowed funds Other investment income Total Investment income	2025 £'000 138 - 223 361 2,138 2,138 2,499	2024 £'000 188 25 183
		396
		2,012
		2,012

		2,408

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

5 OTHER INCOME

Other income includes miscellaneous amounts that do not fit neatly into the other categories of income and amounted to £28k in the year, the largest element of which was £23k related to the sale of a small 1 metre strip of land from the garden of a College property (2024: total other income of £75k related to a grant from the low carbon skills fund).

6 ANALYSIS OF EXPENDITURE

Charitable expenditure - teaching, research and residential Direct staff costs Other direct costs Support & governance costs Total charitable expenditure All Charitable expenditure relates to teaching, research and residential activities Expenditure on generating funds Direct staff costs allocated to: Fundraising Trading expenditure Other direct costs allocated to: Fundraising Trading expenditure Support and governance costs allocated to: Fundraising Trading expenditure Investment management costs Total expenditure on raising funds Total expenditure	2025 £'000 2,948 3,221 2,163 8,332 2025 £'000 284 152 57 111 43 3 52 702 9,034	2024 £'000 2,150 3,707 1,892
		7,749
		2024 £'000 269 316 44 278 33 4 2
		946

		8,695

The College is liable to be assessed for a contribution under the provisions of Statute XV of the University of Oxford. The Contribution Fund is used to make grants and loans to colleges on the basis of need. Contributions are calculated annually in accordance with regulations made by the Council of the University of Oxford.

The teaching and research costs include College Contribution payable of £0k (2024 - £0k).

	2025	2024
	Total	Total
Included within the resources expended above are:	£'000	£'000
Operating lease payments	58	48
Foreign exchange gain / (loss)	(7)	(5)

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

8 GRANTS AND AWARDS

7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

IT Human resources Financial administration Domestic administration Investment Management Governance costs Bank interest payable Other finance charges Depreciation	Generating Funds £'000 28 - 13 - 52 5 - - - 98	Teaching and Research £'000 323 99 251 486 - 24 - - 980 2,163	2025 Total £'000 351 99 264 486 52 29 - - 980 2,261	Generating Funds £'000 22 - 9 - - 8 - - - 39	Teaching and Research £'000 250 80 135 168 - 39 47 18 1,155 1,892	2024 Total £'000 272 80 144 168 - 47 47 18 1,155
						1,931

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

Governance costs comprise: Auditor's remuneration - audit services Auditor's remuneration - tax advisory services Auditor's remuneration - other services Other governance costs	2025 £'000 27 1 1 - 29	2024 £'000 27 1 2 17
		47

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

GRANTS AND AWARDS During the year the College funded research awards and bursaries to students were as follows: Unrestricted funds - Grants to Individuals Scholarships, prizes and grants Total unrestricted Restricted funds - Grants to Individuals Scholarships, prizes and grants Bursaries and hardship awards Total restricted Total grants and awards	2025 £'000 48 48 411 50 461 509	2024 £'000 1
		1
		459 35
		494

		495

Students at this college did not receive any payments form the Oxford Bursary scheme nor were there any fee waivers (as was the case in 2024). There were no grants to other institutions.

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

9 STAFF COSTS

STAFF COSTS
The aggregate staff costs for the year were as follows. Salaries and wages Social security costs Pension costs: Defined benefit schemes Defined contribution schemes Other benefits	2025 £'000 3,380 282 223 125 64 4,074	2024 £'000 3,172 220 (537) 106 45
		3,004

The 2024 values for Pension costs have been restated to correct an error in the split between defined benefit and defined contribution schemes.

The average number of employees of the College, excluding Trustees, was as follows. Tuition and research College residential Fundraising Support Total The average number of employed College Trustees during the year was as follows: University Lecturers Other Total	2025 24 64 3 39 130 38 1 39	2024 20 58 4 37
		119
		37 1
		38

There were four employees (excluding the College Trustees) during the year whose gross pay and benefits (excluding NI and pension contributions) was above £60,000 (2024: two). These employees had no retirement benefits accruing.

	2025	2024
£60,000-£69,999	1	1
£70,000-£79,999	1	-
£80,000-£89,999	2	1
	£'000	£'000
The College contributions to defined contribution pension schemes totalled	125	86

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

10 TANGIBLE FIXED ASSETS

Cost At start of year Additions At end of year Depreciation and impairment At start of year Depreciation charge for the year At end of year Net book value At start of year At end of year	Group Freehold land and buildings £'000 41,799 659 42,458 9,583 916 10,499 32,216 31,959	Group Fixtures, fittings and equipment £'000 1,125 - 1,125 977 63 1,040 148 85	Group Total £'000 42,924 659 43,583 10,560 979 11,539 32,364 32,044	College Freehold land and buildings £'000 41,799 659 42,458 9,583 916 10,499 32,216 31,959	College Fixtures, fittings and equipment £'000 1,125 - 1,125 977 63 1,040 148 85	College Total £'000 42,924 659
						43,583
						10,560 979
						11,539
						32,364

						32,044

There were no sums relating to assets held under finance leases in 2025 (2024: nil). One small strip of land was sold during the year but this had no impact on the value of the remaiming property nor where there any asset disposals during the year.

The College has substantial long-held historic assets all of which are used in the course of the College’s teaching and research activities. These comprise listed buildings on the College site, together with their contents comprising works of art, ancient books and manuscripts and other treasured artefacts. Because of their age and, in many cases, unique nature, reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. However, in the opinion of the Trustees the depreciated historical cost of these assets is now immaterial.

11 HERITAGE ASSETS

The College holds a number of manuscripts, books, photographs and other documents which were acquired by the college at no cost. There have been no material additions or disposals of such assets in recent years. It is College policy to review all such gifts before accepting them and to ensure they are properly documented, maintained and subject to an appropriate disposal policy. Access is granted by prior arrangement to academics, students and members of the public.

12 PROPERTY INVESTMENTS

Group Valuation at start of year Disposals Revaluation gains/(losses) in the year Valuation at end of year	Group 2025 Total £'000 55 - - 55	Group 2024 Total £'000 110 (74) 19 55	College 2025 Total £'000 55 - - 55	College 2024 Total £'000 110 (74) 19
				55

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

13 OTHER INVESTMENTS

All investments are held at fair value.

Group investments Valuation at start of year New money invested Amounts withdrawn Reinvested income Investment management fees (Decrease)/increase in value of investments Group investments at end of year Investment in subsidiaries College investments at end of year Group investments comprise: Equity investments Global multi-asset funds Property funds Alternative and other investments Total group investments	Held outside the UK £'000 6,365 72 - 560 6,997	Held in the UK £'000 30 54,748 68 - 54,846	2025 Total £'000 6,395 54,820 68 560 61,843	Held outside the UK £'000 7,445 73 - 619 8,137	2025 £'000 59,576 1 (1,136) 4 (20) 3,418 61,843 - 61,843 Held in the UK £'000 38 51,291 110 - 51,439	2024 £'000 57,192 - (483) 7 (20) 2,880
						59,576 -
						59,576
						2024 Total £'000 7,483 51,364 110 619
						59,576

14 PARENT AND SUBSIDIARY UNDERTAKINGS

The College holds 100% of the issued share capital in St Antony's College Trading Limited (No. 7306464), a company providing conference and other event services on the College premises, and 100% of the issued share capital in St Antony's College Estates Limited (No. 7461132), a company providing design and build construction services to the College. The registered offices of both companies are 62 Woodstock Road, Oxford). The results and the assets & liabilities of the parent and the subsidiary companies at the end of year were as follows:

Income Expenditure Revaluation Gain / (Loss) Donation to College under gift aid Result for the year Total assets Total liabilities Net funds at the end of year	St Antony's College 2025 £'000 11,206 (8,769) 3,419 6 5,862 100,955 (1,054) 99,901	St Antony's Trading Ltd 2025 £'000 271 (265) - (6) - 99 (99) -	St Antony's Estates Ltd 2025 £'000 - - - - - - - -	St Antony's College 2024 £'000 10,729 (8,101) 2,901 75 5,604 94,879 (840) 94,039	St Antony's Trading Ltd 2024 £'000 669 (594) - (75) - 231 (231) -	St Antony's Estates Ltd 2024 £'000 - - - -
						-
						- -
						-

The College owns a 1/5 share in North Oxford Shared College Services Limited a company jointly owned by St Antony's College, St Hugh's College, Wolfson College, Green Templeton College and Lady Margaret Hall in order to share IT support costs. The company is registered in England and Wales (registration number 10876490 amd registered address 62 Woodtsock Road, Oxford) had a turnover in 2024/25 of £768,686 (2023/24 £799,357) and operates as a cost-sharing group so there were no profits.

St Antony's College - Notes to the financial statements

For the year ended 31 July 2025

15 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees have adopted policy of total return accounting for the College investment returns. The investment return to be applied as income is calculated as 4.25% (plus costs) of the average of the year-end values of the relevant investments in each of the last 5-years (unchanged since 2023). The preserved value of the invested endowment capital represents its open market value in 2003 together with all subsequent gifts valued at the date they were received.

At 1st August 2024 Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments Movements in the reporting period: Gift of endowment funds Investment return: total investment income Investment return: realised and unrealised gains and losses Less: Investment management costs Other transfers Total Unapplied total return allocated to income in the reporting period Expendable endowments transferred to income Net movements in reporting period At 31st July 2025 Unapplied total return Expendable endowment Total Endowments 16 DEBTORS: falling due within one year: Trade debtors Amounts owed by College members Amounts owed by Group undertakings Prepayments and accrued income Other debtors 17 CREDITORS: falling due within one year Trade creditors Amounts owed to College Members Amounts owed to Group undertakings Taxation and social security Accruals and deferred income Gift component of the permanent endowment	Unapplied Trust for Total Investment Return Total £'000 £'000 £'000 8,048 - 8,048 - 7,038 7,038 - - - 8,048 7,038 15,086 120 - 120 - 530 530 - 845 845 - (13) (13) 58 - 58 178 1,362 1,540 - (390) (390) - - - - (390) (390) 178 972 1,150 8,226 - 8,226 - 8,010 8,010 - - - 8,226 8,010 16,236 Cross Check to Note 20 16,236 0 2025 2024 Group Group £'000 £'000 207 189 33 73 - - 153 205 808 930 1,201 1,397 2025 2024 Group Group £'000 £'000 388 452 386 343 - - 6 17 373 259 1,153 1,071 Permanent Endowment	Expendable Endowment £'000 - - 45,066 45,066 2,188 1,608 2,574 (39) (4) 6,327 (509) (1,221) (1,730) 4,597 - - 49,663 49,663 49,663 0 2025 College £'000 197 34 - 153 808 1,192 2025 College £'000 297 385 10 10 371 1,073	Total Endowments £'000 8,048 7,038 45,066
			60,152 2,308 2,138 3,419 (52) 54
			7,867 (899) (1,221)
			(2,120)
			5,747 8,226 8,010 49,663
			65,899
			65,899 0 2024 College £'000 17 73 171 205 930
			1,396
			2024 College £'000 392 343 - 18 257
			1,010

18 CREDITORS: falling due after more than one year

There were no creditors falling due after more than one year (2024: nil).

19 PROVISIONS FOR LIABILITIES AND CHARGES

There are no provisions for liabilities and charges (2024: nil)

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

20 ANALYSIS OF MOVEMENTS ON FUNDS Endowment Funds - Permanent fa) Fellowships fb) Student Support fc) Libraries & Archives fd) Centre Costs fe) Research Total Endowment Funds - Permanent Endowment Funds - Expendable ea) Fellowships eb) Student Support ec) General Endowment ed) Centre Costs ee) Research ef) College Activities Total Endowment Funds - Expendable Endowment funds held by subsidiaries Total Endowment Funds Restricted Funds ra) Fellowships rb) Student Support rc) Libraries & Archives rd) Centre Costs re) Research rf) College Activities rg) Capital Fund Total Restricted Funds - College Restricted funds held by subsidiaries Total Restricted Funds Unrestricted Funds ua) General Reserves ub) Student Support - Designated Funds uc) Libraries & Archives - Designated Funds ud) Centre Costs - Designated Funds ue) Fixed Asset Designated Fund uf) Wardens House Fund Designated Funds Total Unrestricted Funds - College Unrestricted funds held by subsidiaries Total Unrestricted Funds Total Funds	1 Aug 2024 £'000 9,150 3,466 2,193 277 - 15,086 4,933 4,933 28,887 4,569 1,389 355 45,066 - 60,152 - 425 186 11 8 380 58 10,969 12,037 - 12,037 - (146) 225 5 411 21,349 6 21,850 - 21,850 - 94,039 94,039	Income £'000 320 204 76 10 40 650 158 172 1,021 171 47 2,227 3,796 - 4,446 - 73 228 8 101 701 28 - 1,139 - 1,139 - 5,719 - 3 170 - - 5,892 - 5,892 - 11,477 11,477	Expenditure £'000 (8) (3) (2) - - (13) (4) (4) (25) (4) (1) (1) (39) - (52) - (461) (427) (103) (206) (624) (37) (280) (2,138) - (2,138) - (5,986) (47) (6) (100) (699) (6) (6,844) - (6,844) - (9,034) (9,034)	Transfers £'000 (231) 5 (96) (10) - (332) (135) (132) (1,219) 236 (124) (360) (1,734) - (2,066) - 328 229 96 106 112 6 - 877 - 877 - 703 (68) 1 (111) 664 - 1,189 - 1,189 - - -	Gain/ (Loss) £'000 510 198 121 15 1 845 256 275 1,635 271 75 62 2,574 - 3,419 - - - - - - - - - - - - - - - - - - - - - - - 3,419 3,419	31 July 2025 £'000 9,741 3,870 2,292 292 41
						16,236
						5,208 5,244 30,299 5,243 1,386 2,283
						49,663
						-
						65,899
						- 365 216 12 9 569 55 10,689
						11,915
						-
						11,915
						- 290 110 3 370 21,314 -
						22,087
						-
						22,087
						- 99,901
						99,901

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

21 FUNDS OF THE COLLEGE DETAILS

The college manages four groups of funds that are sub divided within 20 in to broad areas that reflect the activities of the College. The purpose of each group of funds is explained below:

Endowment Funds - Permanent:

These represent a consolidation of donations and gifts where the income obtained through managing the funds is to be used to support various activities of the College as outlined by the donor.

Endowment Funds - Expendable:

Expendable Endowments are the consolidation of gifts and donations where either the investment income or the capital sum may be used for the purposes outlined by the donor.

Restricted Funds:

Restricted Funds are grants, gifts and donations that are given for a particular purpose by the donor or organisation making a grant to the college. The Capital Fund reflects the depreciated asset value of buildings that were funds by restricted donations and grants.

Unrestricted Funds:

These funds represent all income which has been received by the College where no restriction has been placed on it's use. The subdivision of unrestricted funds inluded some that have been designated by the Governing Body for particular purposes, The purpose of these funds is explained in more detail below:

General Reserves This represents the general financial reserves of the college. Student Support Sums set aside by Trustees to fund scholarships and hardship loans for students. Libraries & Archives This is a consolidation of unrestricted funds that have been set aside by the College's Governing Body to be spent for the benefit of College libraries and archives. Centre Costs This is a consolidation of unrestricted funds that the Governing Body has set aside to be spent for the benefit of academic centres. It includes a separate designated fund that is intended to fund the operation and maintaince of the Nissan Building. Fixed Asset Designated Fund This represents the depreciated value of the fixed assets of the College and therefore not available for expenditure on the College's general purposes. Warden's House Fund Trustees had designated the net rental income from a property in Church walk, formerly used as a residence for the College Warden, to support students and student related activities. This property has now been converted to student accommodation and the income to the fund has ended. This is the last year for the operation of the fund.

Analysis of Transfers Between Funds:

Total Return Allocated to Income Designation of Funds Recharges to Nissan Designated Fund Scholarship Funding Shortfall New Capital Assets in year MEC Library costs funded by Endowment DAC Scholarship funded by Designated Reallocate gifts per Donor requests Other Transfers	Permanent Endowments £'000 (390) - - - - 22 (81) 80 37 (332)	Expendable Endowments £'000 (1,730) - - - - - - - (4) (1,734)	Restricted Funds £'000 899 - - 80 - (22) (80) - 877	General Funds £'000 1,221 68 111 - (664) - - - (33) 703	Fixed Asset Fund £'000 - - - - 664 - - - - 664	Other Designated Funds £'000 - (68) (111) (80) - - 81 - -
						(178)

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

22 ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible fixed assets Property investments Other investments Net current assets Tangible fixed assets Property investments Other investments Net current assets	Unrestricted Funds £'000 21,355 55 - 677 22,087 Unrestricted Funds £'000 21,395 55 - 400 21,850	Restricted Funds £'000 10,689 - - 1,226 11,915 Restricted Funds £'000 10,969 - - 1,068 12,037	Endowment Funds £'000 - - 61,843 4,056 65,899 Endowment Funds £'000 - - 59,576 576 60,152	2025 Total £'000 32,044 55 61,843 5,959
				99,901
				2024 Total £'000 32,364 55 59,576 2,044
				94,039

23 TRUSTEE REMUNERATION

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

Trustees of the college fall into the following categories: Head of House, Professorial Fellow, Official Fellow, Fellow by Special Election, Research Fellow. No trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the college receive salaries for their work as employees. These salaries are paid on external academic and academic-related scales and often are joint arrangements with the University of Oxford.

The College has a Remuneration Committee which makes recommendations to Governing Body on pay and benefits which are outside of external scales. The composition of the Remuneration Committee is set out on page 2 of the Trustee Report.

The Remuneration and Conflicts of Interest Committee consists of notable College Alumni. Its purpose is to make recommendations to Governing Body concerning:

i) the annual stipend of each member of Governing Body including the Warden,

ii) the benefits and allowances paid to the Warden by the College in accordance with the statutes,

iii) the benefits and allowances paid to each member of Governing Body (excluding the Warden) in accordance with the Statutes iv) such other matters as are referred to it by the Governing Body.

All Trustees of the College are Members of the Governing Body. One of these, the Bursar, works full time on the management of the College.

All Trustees are able to join the College's housing scheme which takes the form of a monthly housing allowance the figures for which are included in the remuneration below. One Trustee lives in a house owned jointly with the College and is therefore ineligible for the housing allowance. The taxable benefit arising out of the joint equity arrangement is however included in the figures below.

Some Trustees receive additional allowances for work carried out as part time college officers. These are the Sub-Warden, the Dean, the Senior Tutor, the Governing Body Delegate for Finance, the Dean of Degrees, the Palgrave Macmillan editors and the Centre Directors. These amounts are included within the remuneration figures below. The total remuneration and taxable benefits as shown below is £444,185 (2024: £460,193). The total of pension contributions is £40,188 (2024: £45,739).

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

Remuneration paid to trustees Range £0-£999 £1,000-£1999 £2,000-£2999 £3,000-£3,999 £4,000-£4,999 £5,000-£5,999 £6,000-£6,999 £7,000-£7,999 £8,000-£8,999 £9,000-£9,999 £11,000-£11,999 £12,000-£12,999 £13,000-£13,999 £17,000-£17,999 £21,000-£21,999 £74,000-£74,999 £90,000-£90,999 £104,000-£104,999 £105,000-£105,999 £112,000-£112,999 £120,000-£120,999 Total	£ 1 535 1 1,096 5 13,968 21 70,739 4 16,243 1 5,473 2 12,299 - - 1 8,262 - - 1 11,046 1 12,205 - - 1 17,316 - - - - 1 90,253 1 104,300 - - - - 1 120,638 42 484,373 2025 Number of Trustees/ Fellows Gross remuneration, taxable benefits and pension contributions	£ 1 265 4 5,843 1 2,796 5 19,028 14 60,491 3 15,239 4 25,524 1 7,123 - - 1 9,123 - - 1 12,444 3 39,562 - - 1 21,353 1 74,525 - - - - 1 105,406 1 112,038 - - 42 510,760 Gross remuneration, taxable benefits and pension contributions Number of Trustees/ Fellows 2024	£ 1 265 4 5,843 1 2,796 5 19,028 14 60,491 3 15,239 4 25,524 1 7,123 - - 1 9,123 - - 1 12,444 3 39,562 - - 1 21,353 1 74,525 - - - - 1 105,406 1 112,038 - - 42 510,760 Gross remuneration, taxable benefits and pension contributions Number of Trustees/ Fellows 2024
			510,760

All trustees and staff may eat at common table during their working hours. No trustee claimed expenses for any work performed in dishcharge of their duties as a Trustee (see also note 32 - Related Party Transactions).

Key management remuneration

The total remuneration paid to key management (including National Insurance contributions) was £626k (2024: £509k). Key management are considered to be the Warden, College Officers, the Bursar, the HR Manager, the Head of Finance & IT and the the Head of Operations & Estates.

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

24 PENSION SCHEMES

The College participates in two principal pension schemes for its staff – the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). The assets of each scheme are held in separate trustee-administered funds. USS and OSPS are contributory mixed benefit schemes (i.e. they provide benefits on a defined benefit basis – based on length of service and pensionable salary – and on a defined contribution basis – based on contributions into the scheme). Both are multi-employer schemes and the College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis.

Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, the College accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period. In the event of the withdrawal of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.

The College has also made available the National Employment Savings Trust for employees who are eligible under automatic enrolment regulations to pension benefits but not eligible for either USS or OSPS.

Schemes accounted for under FRS 102 as defined contribution schemes

USS

A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a ‘technical provisions’ basis. The College was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the income and expenditure account in the prior year. The latest available complete actuarial valuation of the Retirement Income Builder, the defined benefit part of the scheme, is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the College cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

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

CPI assumption	3.0% p.a. (based on a long-term average expected level of CPI, broadly consistent with long-term market expectations)
RPI/CPIgap	1.0%p.a. to 2030,reducingto 0.1%p.a. from 2030
Pension increases (subject to a floor of 0%)	Benefits with no cap: CPI assumption plus 3bps Benefits subject to a ‘soft cap’ of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10%): CPI assumption minus 3bps
Discount rate (forward rates)	Fixed interestgiltyield curveplus:
	Pre-retirement: 2.5%p.a.
	Post-retirement: 0.9%p.a.
The main demographic assumptions used relate to experience carried out as part of the 2023 actuarial
Mortalitybase table	101% of S2PMA “light” for males and 95% of S3PFA for females
Future improvements to mortality	CMI_2021 with a smoothing parameter of 7.5, an initial addition of 0.40% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.80% p.a. for males and 1.60% p.a. for females

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

The University of Oxford Staff Pension Scheme

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

The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m at the valuation date.

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

As a result, the recovery plan agreed at the last valuation is no longer required and the deficit contribution ended on 30th September 2023. A provision of £11,530 was made at 31 July 2023 to account for deficit recovery payments up to 30th September 2023. That remaining liability of was released to the income and expenditure account in 2024.

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

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

The principle assumptions used by the actuary were:

The principle assumptions used by the actuary were:	The principle assumptions used by the actuary were:
OSPS
Rate of interest (periods up to retirement) Rate of interest (periods after retirement) RPI CPI Pensionable Salary increases Funding Ratios: · Technical provisions basis · ‘Buy-out’ basis Post-retirement mortality - improvements Post-retirement mortality - base table Recommended employer's contribution rate (as % of pensionable salaries): Effective date of next valuation:	105% 62% Non-Pensioners: 105% of standard S3PxA medium tables for 16.5% DB for members from 01/10/2023 10% / 12% / 14% DC members in relation to 4% / 6% / 8% cost 31 March 2025 Non-Pensioners: 105% of standard S3PxA medium tables for RPI +pa Gilts' +2.25% Gilts' +0.5% RPI inflation assumption less 1% pa pre-2030 and 0.1% pa post- 2030 Break-even RPI curve less 0.5% pa pre-2030 and 1.0% pa post- 2030

OSPS

Rate of interest (periods up to retirement)
Rate of interest (periods after retirement)
RPI
CPI
Pensionable Salary increases
Funding Ratios:
· Technical provisions basis
· ‘Buy-out’ basis
Post-retirement mortality - improvements
Post-retirement mortality - base table
Recommended employer's contribution rate (as % of pensionable
salaries):
Effective date of next valuation:

105%
62%
Non-Pensioners: 105% of standard S3PxA medium tables for
16.5% DB for members from 01/10/2023
10% / 12% / 14% DC members in relation to 4% / 6% / 8% cost
31 March 2025
Non-Pensioners: 105% of standard S3PxA medium tables for
RPI +pa
Gilts' +2.25%
Gilts' +0.5%
RPI inflation assumption less 1% pa pre-2030 and 0.1% pa post-
2030
Break-even RPI curve less 0.5% pa pre-2030 and 1.0% pa post-
2030

Pension charge for the year

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

Scheme Universities Superannuation Scheme University of Oxford Staff Pension Scheme	2025 £'000 151 197 348	2024 £'000 (604) 172
		(432)

These amounts for 2025 include £125k contributions payable to defined contribution schemes at rates specified in the rules of those plans. The equivalent figure for 2024 was £106k, which is restated compared to the 2024 published financial statements to correct an error in the note to those accounts.

There were no outstanding pension contributions unpaid at 31st July 2025 (2024: nil).

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

25 TAXATION

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

26 FINANCIAL INSTRUMENTS

The College has certain financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactions value and subsequently measured at amortised cost. Certain other instruments are held at fair value, with gains and losses being recognised within income and expenditure.

27	The College has the following financial instruments: Investments Cash and cash equivalents Current Asset Investments Trade Debtors & Amounts owed by College Members Trade Creditors, Tax Creditors and amounts owed to College Members RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS Net income/(expenditure) Elimination of non-operating cash flows: Investment income (Gains)/losses in investments Endowment donations Depreciation Decrease/(Increase) in stock Decrease/(Increase) in debtors (Decrease)/Increase in creditors (Decrease)/Increase in pension scheme liability Net cash provided by (used in) operating activities Financial assets measured at fair value through profit or loss Financial liabilities measured at fair value through profit or loss Financial assets measured at amortised cost Financial liabilities measured at amortised cost	2025 Group £'000 61,898 4,876 1,000 240 6,116 780 780 2025 Group £'000 5,862 (2,499) (3,419) (2,307) 979 (6) 510 82 - (798)	2024 Group £'000 59,631 1,689 - 262
			1,951
			812
			812
			2024 Group £'000 5,604 (2,408) (2,901) (769) 1,154 (8) (630) (272) (746)
			(976)

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

28 ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash at bank and in hand Notice deposits (less than 3 months) Total cash and cash equivalents ANALYSIS OF CHANGES IN NET DEBT Cash Cash Equivalents TOTAL	Balance at Start of Year £'000 1,670 19 1,689	Cash Flows £'000 3,206 (19) 3,187	Non-Cash Changes - - -	2025 £'000 4,876 - 4,876 Balance at End of Year £'000 4,876 0 4,876	2024 £'000 1,670 19
					1,689

29 ANALYSIS OF CHANGES IN NET DEBT

30 FINANCIAL COMMITMENTS

At 31 July the College had total commitments under non-cancellable operating leases as shown below:

Equipment payable within one year payable between two and five years expiring in over five years	2025 £'000 18 37 - 55	2024 £'000 23 57 -
		80

31 CAPITAL COMMITMENTS

The College had outstanding contractual commitments for building works to the value of £305,510 at 31st July 2025 (31st July 2024 = nil). This commitment was in relation to refurbihsment for parts of the Founders building.

32 RELATED PARTY TRANSACTIONS

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

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

The College has property with a net book value of £55k (unchanged from 2024) that is owned jointly with one trustee (M Willis) under a joint equity ownership agreement between the trustee and the College. The joint equity held by the College is subject to sale if the trustee departs the College.

33 CONTINGENT ASSETS & LIABILITIES

The College is aware of bequests from four legacies for which probate has been granted on the estate, but the accounts have not yet been settled. The College accrued income to the value of £778,853 from these bequests (2024: four bequests with accrued income of £886,500) where there was a degree of certainty regarding the value of the bequest to be received. Further unaccrued income is expected from these bequests but there is uncertainty regarding both the value and the timing of the receipt of funds.

There are no contingent liabilities.

St Antony's College - Notes to the financial statements

For the year ended 31 July 2025

34 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTARY SCHEDULE

In satisfaction of its obligations to facilitate students’ access to US federal financial aid, the College is required, by the US Department of Education, to present, the following Supplemental Schedules in a prescribed format.

The schedules have been:

• prepared under the historical cost convention, subject to the revaluation of certain fixed assets;

• prepared using United Kingdom generally accepted accounting practice, in accordance with Financial Reporting Standard 102 (FRS 102) and the Statement of Recommended Practice: Accounting for Further and Higher Education (2019 edition);

presented in pounds sterling.

Supplementary Schedule

This schedule has been compiled from the Section 2 Example Financial Statements included in the Federal Register/Vol. 84, No. 184 / Monday, September 23, 2019 / Rules and Regulations.

	Reference to financial	2025	2025	2024	2024
	statements & Notes
		£'000	£'000	£'000	£'000
Modified Net Assets
Statement of Financial Position - Net Assets without Donor	20
Restrictions		-	22,087	-	21,850
Statement of Financial Position - Net Assets with Donor	20
Restrictions		-	77,814	-	72,189
Statement of Financial Position - Goodwill		-	-	-	-
Statement of Financial Position - Lease right-of-use asset liability
pre-implementation		-	-	-	-
Statement of Financial Position - Related party receivable and
Related party note disclosure		-	-	-	-
Modified Assets
Statement of Financial Position - Total Assets	Bal Sheet - Total Fixed
	& Current Assets
		-	101,054	-	95,113
Note of the Financial Statements - Statement of
Financial Position - Lease right-of-use asset pre-
implementation		-	-	-	-
Statement of Financial Position - Lease right-of-
use asset liability pre-implementation		-	-	-	-
Statement of Financial Position - Goodwill		-	-	-	-
Statement of Financial Position - Related party
receivable and Related party note disclosure		-	-	-	-
Statement of Financial Position - Related party
receivable and Related party note disclosure		-	-	-	-
Net Income Ratio
Statement of Activities - Change in Net Assets Without Donor	SOFA - Net movement
Restrictions	in Funds	-	237	-	2,192
Statement of Activities - (Net assets released from restriction), Total	10 + 12
Operating Revenue and Other Additions and Sale of Fixed Assets, gains
(losses)		-	8,978	-	8,990

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

	Reference to financial	2025	2025	2024	2024
	statements & Notes
		£'000	£'000	£'000	£'000
Expendable Net Assets
Statement of Financial Position - Net assets without donor	SOFA - Unrestricted
restrictions	Funds C/F	-	22,087	-	21,850
Statement of Financial Position - Net assets with donor	SOFA - Restricted +
restrictions	Endowed Funds C/F	-	77,814	-	72,189
Statement of Financial Position - Related party receivable and
Related party note disclosure		-	-	-	-
Statement of Financial Position - Related party receivable and
Related party note disclosure		-	-	-	-
Statement of Financial Position - Property, Plant and equipment,	10 + 12
net		32,099	-	32,422	-
Note of the Financial Statements - Statement of Financial	10 + 12
Position - Property, plant and equipment - pre-implementation		-	20,965	-	21,613
Note of the Financial Statements - Statement of Financial	10 + 12
Position - Property, plant and equipment - post-implementation
with outstanding debt for original purchase		-	-	-	-
Note of the Financial Statements - Statement of Financial	10 + 12
Position - Property, plant and equipment - post-implementation
without outstanding debt for original purchase		-	11,134	-	10,809
Note of the Financial Statements - Statement of Financial
Position - Construction in progress		-	-	-	-
Statement of Financial Position - Lease right-of-use assets, net		-	-	-	-
Note of the Financial Statements - Statement of Financial
Position - Lease right-of-use asset pre-implementation		-	-	-	-
Note of the Financial Statements - Statement of Financial
Position - Lease right-of-use asset post-implementation		-	-	-	-
Statement of Financial Position - Goodwill		-	-	-	-
Statement of Financial Position -Other intangible
assets		-	-	-	-
Statement of Financial Position - Post-employment and pension	20 - row (ug)
liabilities		-	-	-	-
Statement of Financial Position - Note Payable and Line of Credit	18
for long-term purposes (both current and long term) and Line of
Credit for Construction in process		-	-	-	-
Statement of Financial Position - Note Payable and Line of Credit	18
for long-term purposes (both current and long term) and Line of
Credit for Construction in process		-	-	-	-
Statement of Financial Position - Note Payable and Line of Credit	10 + 12
for long-term purposes (both current and long term) and Line of
Credit for Construction in process		-	-	-	-
Statement of Financial Position - Note Payable and Line of Credit
for long-term purposes (both current and long term) and Line of
Credit for Construction in process
		-	-	-	-
Statement of Financial Position - Lease right-of-use asset liability
		-	-	-	-
Statement of Financial Position - Lease right-of-use asset liability
pre-implementation		-	-	-	-
Statement of Financial Position - Lease right-of-use asset liability
post-implementation		-	-	-	-
Statement of Financial Position - Annuities		-	-	-	-
Statement of Financial Position - Term endowments		-	-	-	-
Statement of Financial Position - Life Income Funds		-	-	-	-
Statement of Financial Position - Perpetual Funds	20 Endowment
	Funds - Permanent	-	16,236	-	15,086

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

	Reference to financial	2025	2025	2024	2024
	statements & Notes
		£'000	£'000	£'000	£'000
Total Expenses and Losses
Statement of Activities - Total Operating Expenses (Total from	SOFA - Total
Statement of Activities prior to adjustments)	Expenditure	-	9,034	-	8,695
Statement of Activities - Non-Operating (Investment return	SOFA - Total
appropriated for spending), Investments, net of annual spending	Return + Net
gain (loss), Other components of net periodic pension costs,	gains on
Pension-related changes other than net periodic pension,	investments
changes other than net periodic pension, Change in value of split-
interest agreements and Other gains (loss) - (Total from
Statement of Activities prior to adjustments)
		-	(5,918)	-	(5,309)
Statement of Activities - (Investment return appropriated for spending) and Investments, net of annual spending, gain (loss)	SOFA - Total Return + Net gains on investments	-	(5,918)	-	(5,309)
Statement of Activities - Pension related changes
other than periodic pension		-	-	-	-

35 POST BALANCE SHEET EVENTS

There were no post balance sheet events.

36 PRIOR YEAR COMPARATIVES

Consolidated Statement of Financial Activities for the Year ended 31 July 2024

INCOME AND ENDOWMENTS FROM: Charitable activities: Teaching, research and residential Other Trading Income Donations and legacies Investments Investment income Total return allocated to income Other Income Total income EXPENDITURE ON: Charitable activities: Teaching, research and residential Generating funds: Fundraising Trading expenditure Investment management costs Total Expenditure Net Income/(Expenditure) before gains Net gains/(losses) on investments Net Income/(Expenditure) Transfers between funds Net movement in funds for the year Fund balances brought forward Funds carried forward at 31 July	Unrestricted Funds £'000 5,384 674 832 396 1,171 - 8,457 5,460 346 598 2 6,406 2,051 54 2,105 87 2,192 19,658 21,850	Restricted Funds £'000 5 - 1,251 - 830 75 2,161 2,289 - - - 2,289 (128) - (128) (71) (199) 12,236 12,037	Endowed Funds £'000 - - 769 2,012 (2,001) - 780 - - - - - 780 2,847 3,627 (16) 3,611 56,541 60,152	2024 Total £'000 5,389 674 2,852 2,408 - 75
				11,398 7,749 346 598 2
				8,695
				2,703
				2,901
				5,604
				-
				5,604 88,435
				94,039

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

fa) fb) fc) fd) ea) eb) ec) ed) ee) ef) ra) rb) rc) rd) re) rf) rg) rh) ri) ua) ub) uc) ud) ue) uf) ug) uh)	ANALYSIS OF MOVEMENT IN FUNDS 2024 Endowment Funds - Permanent Fellowships Support to Students Libraries & Archives Centre Costs Total Endowment Funds - Permanent Endowment Funds - Expendable Fellowships Support to Students General Endowment Centre Costs Research Other Total Endowment Funds - Expendable Total Endowment Funds Restricted Funds Fellowships Support to Students Libraries & Archives Centre costs Research Capital Hilda Besse Capital Investcorp Conferences & Seminars Other Total Restricted Funds - College Unrestricted Funds General reserves Support to Students Fixed asset designated fund Libraries & Archives Centre Costs Hilda Besse Building Fund Wardens House Fund Pension Fund Liability Refugee Scholars Total Unrestricted Funds - College Total Funds	1 Aug 2023 £'000 8,621 2,521 2,097 255 13,494 4,687 4,669 27,687 4,312 1,359 333 43,047 56,541 - 390 241 14 56 181 - 11,270 12 72 12,236 413 53 19,520 1 367 - 50 (746) 19,658 88,435	Income £'000 305 871 74 9 1,259 151 165 995 152 47 12 1,522 2,781 153 189 2 102 185 2 - 593 105 1,331 7,113 0 0 4 159 - 10 - - 7,286 11,398	Expenditure £'000 - - - - - - - - - - - - - (435) (473) (101) (243) (242) - (281) (412) (102) (2,289) (5,386) - (873) (3) (90) - (54) - - (6,406) (8,695)	Transfers £'000 (203) (70) (81) - (354) (150) (132) (1,183) (108) (83) (7) (1,663) (2,017) 317 229 96 93 72 (2) (20) (9) (17) 759 (2,340) 152 2,702 3 (25) - - 746 20 1,258 -	Gain £'000 427 144 103 13 687 245 231 1,388 213 66 17 2,160 2,847 - - - - - - - - - - 54 - - - - - - - - 54 2,901	31 July 2024 £'000 9,150 3,466 2,193 277
							15,086
							4,933 4,933 28,887 4,569 1,389 355
							45,066

							60,152
							425 186 11 8 196 - 10,969 184 58
							12,037
							(146) 205 21,349 5 411 - 6 - 20
							21,850
							94,039

St Antony's College - Notes to the financial statements For the year ended 31 July 2025

STATEMENT OF TOTAL RETURN 2024 At 1st August 2023 Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments Movements in the reporting period: Gift of endowment funds Investment return: total investment income Investment return: realised and unrealised gains and losses Other transfers Total Unapplied total return allocated to income in the reporting period Expendable endowments transferred to income Net movements in reporting period At 31st July 2024 Gift component of the permanent endowment Unapplied total return Expendable endowment Total Endowments	Unapplied Trust for Total Investment Return Total £'000 £'000 £'000 7,283 - 7,283 - 6,211 6,211 - - - 7,283 6,211 13,494 769 - 769 - 496 496 - 688 688 (4) - (4) 765 1,184 1,949 - (357) (357) - - - - (357) (357) 765 827 1,592 8,048 8,048 7,038 7,038 - 8,048 7,038 15,086 Permanent Endowment	Expendable Endowment £'000 - - 43,047 43,047 - 1,516 2,159 (12) 3,663 (473) (1,171) (1,644) 2,019 - - 45,066 45,066	Total Endowments £'000 7,283 6,211 43,047
			56,541 769 2,012 2,847 (16)
			5,612 (830) (1,171)
			(2,001)
			3,611 8,048 7,038 45,066
			60,152

T T St Antony's College LIN11,'I.:R%I'II- ()[." l)Xl,-()R

Contents

Foreword from the Warden and Chair of the Governing Body

Roger Goodman, Warden

About St Antony’s

Our Vision & Mission

Our students

Our records

Our culture

Our environment

Our collegiate University

Our students

Our records

Our culture

Our environment

Collegiate University working

Raising funds

African Studies Centre

Conferences

Events Highlights

Scholarships and Fellowships awarded to African Studies scholars

Other Prizes and Awards

News of Interest

Asian Studies Centre

Scholarships

Events

Michaelmas Term

Hilary Term

Trinity Term

September 2025

European Studies Centre

Conferences

Lectures

Latin American Centre

Events

Prizes & awards

Staffing

Middle East Centre

Scholarships & Fellowships

Russian & Eurasian Studies Centre

Scholarships & bursaries

Nissan Institute of Japanese Studies

Financial review

Financial results for 2024/25

Assets & Liabilities

Reserves

Value of funds - 31st July 2025

Investment policy, objectives and performance

Risks and uncertainties

Structure, governance and management

Governing Documents

Governing Body

Recruitment and training of members of the Governing Body

Remuneration of Members of Governing Body and Senior College Staff

Sub-committees

Subsidiaries and interdependencies

Members of the Governing Body 2024/25

College Senior Staff

College Advisers

Investment managers

Auditor

Banker

Surveyors

College address

Website

Statement of Accounting and Reporting Responsibilities

Independent Auditor’s Report to the Trustees of St Antony’s College

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Matters on which we are required to report by exception

Responsibilities of the Members of the Governing Body

Auditor’s responsibilities for the audit of the financial statements

www.frc.org.uk/auditorsresponsibilites

Use of our report

Accounting Policies

Scope of financial statements

Basis of accounting

Accounting judgements and estimation uncertainty