2022-07-31-accounts

Exeter College Annual Report and Financial Statements Year ended 31 July 2022

EXETER COLLEGE Annual Report and Financial Statements Conlents Page Govèrning Body. Officers and Advisers Report of the Governing Body Auditor's Report 23 Statement of Accounting Policies 27 Consolidated Slalement of Financial Adivities 32 Consolidated and College Balance Sheets 33 Consolidated Statement of Cash Flows 34 Notes to the Flnanclal Statements 35

EXETER COLLEGE Report ofthe Governing Body Year ended 31 July 2022 MEMBERS OF THE GOVERNING BODY The Members ofthe Governlng Body are the College's charity trustees undercharity law. The members of the Governing Body who served in office as Trustees during the year or subs&quenlly are detailed below. Trustee 121 131 {4) 151 {61 {7} 181 19} 1101 112) Rector: Professor Sir Richard Tralnor Officlal Fellows: Dr Michael Hart Ms Jeri Johnson Demitlad 30 Sept 2022 Dr Maureen Taytor Professor Jonathan Herrtn Professor Andrew Sleane Professor SSmon Clarke Professor Zhon min Qian Professor Jane HKldleslon Professor Christina de Bellal ue Professor Cornelia Drulu Dr Chris Ballinger Dr Phillpp Kukura Professor Michael Osborne Professor Jared Tanner Dr James Grant Professor Rachel Ta or Dr Martin Davy Rev'd Mr Andrew Allen Professor Conall Ma¢Nio¢aill Professor Garret Cotter

EXETER COLLEGE Report of the Governing Body Year ended 31 July 2022 Tru$tee {2} 13) 141 151 161 171 181 19} 1101 {12} Dr Bamaby Taylor Dr Imogen Choi Professor Giuse e Marcocci Dr Natasha Simonova Professor Rachel Fraser Mr Babis Karakoul8S Professor Dan Qui Professor Nandini Das Ms Yvonne Rainey Mr Nicholas Badman Dr Neil HerriThJ Dr Agni Orfanoudaki Dr Paula Koelemei Appointed 1 Ocl 2021 Appoinltd 1 May 2022 Appointed 1 July 2022 er Dr NScole KSng Fellows by ecial Election.. Dr James Kennedy Professor Andrew Famier Professor Dapo Akande Dr Asli Niyazioglu Professor Or8et Ashe Ms Rajssa Mechelli Research Fellows.. Dr Edith Chen Appointèd 1 Oot2021 Dr Sarah Howles Appointed 1 Oct2021 Prof Catherine Green Prof95s0r Green wp5ed to be a Re5e8rth Fellow on 31 Sept 2022. and wll be Fellow by Eledon from 1 Ocl 2022

EXETER COLLEGE Report of the Govornlng Body Year ¢nd8d 31 July 2022 Trust•• 121 131 14} {51 (61 17) (81 {91 {101 {11} 112} Dr Dexnell Peters Dernitted 30 Sept 2021 Damitted 30 Sept 2021 Demitted 31 Aug 2022 Demitted 30 Sept 2022 Demitted 30 SEpI 2022 Appointed 1 Sept 2022 Appointed 1 Sepi 2022 AFpoinlgd 1 Sept 2022 Dr Katherine Bull Dr Stephanie CavanaLI Dr Charlotte Elves Dr Francis Bischoff Dr Heloise Robin50n Dr Erica Feild Dr Georgia Is￿) Professorial Fellows: Professor Marc Lauxlermann Mr Nigel PortWODd Professor Dame Carol Robinson Professor Ervin Fcxjor Professor Christo hTan Dr Chris Fletcher Professor Keith Channon Professor Jonathan Thacker Professor Luciano Floridi Professor Michael Bronstein Appointed 1 Jan 2022 Mr Antony Willott Apwinted I Jan 2022 • Represents in attendan

EXETER COLLEGE Report of the Govemlng Body Year ended 31 July 2022 During the year, the activilies of the Governing Body were carried out through twelve main committees. The membership of these committees during the 2021122 academic year is shown above for each Fellow. {11 (21 Flnance and General Purposes Committee Investment Commillee (31 Education, Research and Welfare Committee (41 Staff Committee (51 Fellowships Committee Develc*pmenl Committee Govemance and Policy Committee 181 ReMUnera￿On and Benefits Comfflittee 191 1101 Health and Safely Committee Buildings and Gardens Commlttee Strategy Committee 1121 Safeguarding Committ89 There are exlemal committee members on the Investment Committee and the Oevelopment Committee. COLLEGE SENIOR OFFICERS AND STAFF The senior officers and staff of the College to whom day-to4ay managÈménl of the College is delegated, a￿ as follows. Professor Sir Richard Trainor Rector Dr Barnaby Ta￿ Sub-Rector Mr Nicholas Badrnan Finance & Estates Bursar Dr Chri5 Ballinger Mr Babis Karakoulas Academic Dean Domestic Bursar Mr Rudi Makishli College Accounlanl Ms Yvonne Rainey Dirgctor of Developmenf & Alumni Relations Ms Josie Cobb Academic Registrar

EXETER COLLEGE Report of the Goveming Body Year ended 31 July 2022 COLLEGE ADVISERS Investment Advisers Partners Capitsl LLP 5th Floor. 5 Young Street London W8 5EH OU End0￿￿￿ent Management 27 Park End Street Oxford OX1 IHU Redington Floor 6, One Angel Court London EC2R 7HJ Cazenove Capital Schroders Family Office Service 1 London Wall Place London, EC2Y SAU Land Agents Savills IL&PI Ltd Wytham Court 11 Wesl Way Bolley Oxford. OX2 OQL Property Adviser & Planning Consultant Turnberry Planning Ltd 4143 Maddox Street London, W1S 2PD Auditor Moore Kingston Smith LLP 9 Appold Street Londorb. EC2A 2AP Bankèrs Barclays Bank PIC Corporate Services 4th Floor. Apex Plaza. Forbury Rd Reading, RGI 1AX Royal Bank of Scotland Business & Cornmercial Banking Wlllow Court Minns Business Park. 7 West Way Oxford, OX2 OJB Santander Corporate Banking 2 Trlton Square, Regent's Place London. NW1 3AN

EXETER COLLEGE Report of the Govemlng Body Year ended 31 July 2022 Solicitors Mills & Reeve LLP Francis House, 112 Hills Road Cambridge, CB2 1PH Stone King Solicitors 28 Ely Place London. EC1N 6TD Fenwick Ellioll LLP Aldwych House, 71-91 Adwych London, WC2B 4HN Coll￿? address Turf Street Oxford OX13DP Webslte ww.exeter.ox.ac.uk

Ex￿ER COLLEGE Report ofthe Governing Body Year ended 31 July 2022 The Members of the Governing Body present IheirAnnual Reportforthe yearended 31 July2022 under the Charities Act 2011 logethei with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The Rector and Scholars of Exeter College in the University of Oxford. commonly known as Exeter College. is an eleemosynary charitable cortx)ration aggregate. 11 was founded in 1314 by Walter de S12pledon, Bishop of Exeler. and was enlarged by Sir William Pelre under a charter granted by Queen Elizabeth I In 1566. The corporation comprises the Rector and Fellows. The College registered with the Charity Commission on 12 April 2011 {registered number 1141333}. The names of all Members of the Governing Body at the dale of this report and of those In offlce during the year. together with details of advisers to the College, are glven on pages 2 to 7. STRUCTURE. GOVERNANCE AND MANAGEMENT Goveming documents The College is govemed by ils Letters Palenl of Queen Elizabeth I dated 1566 and by ils Slalules as approved by order of His Majesty in Council from lime lo lime, in accordance with the Universities of Oxford and Cambridge Act 1923 {the cUr￿nt Statutes having been approved on 10 October 20211. Governing Body The Governing Body of the College ¢omprlses the Rector and Fellows. This body Is constituted and regulated in accordance with the College Stslutes. the terms of which are enforceable ultimately by the Visitor. the Bishop of Exeler. The Goveming Body holds lo itself the responslbllilles for the ongoing strategic direction of the College, for Its administration and for the management of its finances and assets. 11 meets regularly under the chairmanship of the Rector and is advised by a range of committees. Recruitment and tralnlng of Membets of the Governing Body Fellows of the College are recruited through open competition to their teachirvJ and research positions or to offices of the College (such as Bursars or Development Director) as such vacancies arise, except for the few Fellows whose Ftsllowship arises from a University appoinlmenl. Vacancies are advertised on the Collego website, in the University Gazette. on the Jobs.ac.uk web5tte and in such professional or national jouma15 as may be appropriate. l Fellows are inducted into the workings of the College and given information on the duties of a trustee. They are advised that they will carry such responsibilities as members of Governing Body at the lime they are offered their job, and are requlred to confimi that they have read and understood those obligations as a condllion of laklng up thelr appointment. The College provides tnJslee indemnity insurance. Remuneratlon of Members of the Governing Body and Sènior College Staff Members of the Governing Body. all of whom are Fellows, are admlnistralive, teaching or 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 Ihe College Tecelve remuneration for their work 8S employees of rhe College, which is determined on the advice of the College's ReMUneral￿n Comtnittee. members of which are Fellows not in receipt of rgmuneration from the College. For academic staff. remuneration is set in line wth that awarded lo the Universit￿$ academi¢ staff according to the published academic scales.

EXETER COLLEGE Report of the Govemlng Body Year ended 31 July 2022 The remuneration of senior College staff is setwilh reference lo the seniorty and qualifications required for such a post and in mosl cases the remuneration is sel by reference lo the published University of Oxford a¢ademi¢-related scales. Organi5ational management The members of th& Governing Body meet si¥ limes a year. The work of developing their policies and monitoring the implemenlalion of these is carried out by tw@Ive management committees. These committees lake their business to Goveming Body in the fom of recommendations. Supported by background information and analysis. The Finance and General Purposes Committee is responsible for the operational finances of the College. for the management of the functional buildings and for reviewing and approving all conlra¢lual arrangements of the College. The Investment Committee is responsible for the oversight and operation of the College'5 global investment portfolits and of its invaslmenl property. The Investment Commilleg ¢gmpTises Fellows of the College and seven independent mernbers with a variety of professional investment and other experience. who serve in a voluntary capacity. The Investment Committee is further supported by ils investment advisers. Partners Capital LLP I"Partners Capilal'l and OU Endowment Management rouEM"I, which are discretionary fund managers. and Redinglon. an investment consullanl. The College's Land Agent, Savllls, provldes professional advic6 on the management of the College's agricultural and Gommercial investrnents.. other professional consultants a￿ retained for specifi¢ Issues. The College inveslmenls are maintained in accordance wth an investment policy, which is approved by the Goveming Body and reviewed periodically. The Education. Research and Welfare Committee is responsible for the academic operation of the College, its educational policy, and welfare pc>licy relating to Junior Members of the College. The Staff Committee is responsible for the development of employrnent policies and for the recruitment, personal development and welfare of all non-academic stsff. The Fellowships Committee is responsible for all matters connected with fellowships of the Collegè and, in particular, m8k&s recommendations on lil elections to all Goveming Body Fellowships, lill the renewal of all Goveming Body Fellowships, and liiil elections to Honorary. Visiting and Emeritus Fellowships. The Development Commlitee is responsible for advising the College on policies and priorities for ils fund raising operations, for engaging and mobilising volunteers and supporters of the College and for alumni relations. The Govemance and Policy Committee is responsible for reviewng conslilulional and legislative changes affecting the College and for preparing relevant changes lo the Statutes. Bylaws and other governing and policy documents of the College, for the consideration of the Governing Body. The Remuneration and Benefts Committee is responsible for advislng the Governing Body on the remuneration and benefits of the Rector and Fellows and those College Officers and Dlher such staff as the Governing Body may from time to time specify. The voting members of the Remuneralloh and Benefits Committee do not receive any remuneration or benefit from the College, other than Common Table. The Heallh and Safely Committee is responsible for the implementation of the College's Health and Safely policies and advises the Governing Body on necessary changes to those policies. The Buildings and Gardens Commi118# is ￿$[K)nSible for proposals relating to major refurbishment. alterations, redecoration and fumishing of existing College buildings, plans for new College buildings and matters relating to the College gardens. Strategy Commiltee is responsible for recommending to Governing Body periodic renewals of the College strategy in the light of changing circumstances. 11 ag￿e$ how the strategy should be presenled.wilhin and outsid8 the College. Safeguarding Committee is responsible for monitoring the implementation and effectiveness of the College's Safeguarding Policies. The Governing Body has agreed to delegata to Governance and Policy Commitlaè responsibility for raviewing the govemance of the College against the Charity Governance Code. It has been agreed to do this by ¢onsidering one of the seven elements of the Govemance Code {which is endorsed

EXETER COLLEGE Report of the Governing Body Yèar ended 31 July 2022 by the Charity Commission) each term. In the year ending July2022, 8 Teviewofthe College's approach lo supporting equality, diversity and inclusion Iprinclple 61 was pursued. The day-to-day running ofthe College is delegated to the Rector. the Sub-Reclor, the Finance & Estates Bursar. the Domestic Bursar. the Director of Development, the College Accountant and the Academic Dean supported by the Academic Registrar. The Rector and the Finance & Eststes Bursar attend all meetings of the Governing Bodls management committees. Group structure and relationshlps The College is part of the collegiate UniversSly of Oxford. Material inlerdependenaes between the University and the College arise as a consequence of this relationship. The Colleg8 administers many special trusts, as summaris8d in Notes 18 and 19 to the financial statements. The College is also the beneficiary of a separate trust. the Michael Cohen Trust l°MCT°I whlch Ss not consolidated as part of the Group balance sheet. The MCT was sel up in 20013nd inwme from MCT supports the advancement of education at Exeter College in the University of Oxford. The College has four wholly owned non-charitable trading subsidiarSes: Exg18r College Trading Ltd. for non-charitable trading, Collexoncoloo Ltd. which undertakes the College's building works, Exeter College Yew Tree Hill Development Company Ltd, and Checker Hall Company Ltd, which are property investment companies. All companies Gift Aid their annual profits lo Exeter College. Tho trading activities of Exeter College Trading Ltd primarily comprise revenue fmm letting of the College facilities when not in use by the College, through academic programmes, commercial conferences and banquets. OBJECTIVES AND ACTIVITIES Charitable Objects and Alms The College's Objects are to maintain and support a College withSn the Unlveislty of Oxford for the advancement of knowledge, education. research. leaming and religion. The Govemlng Body has considered the Charity Commission's guldance on publlc bènefit and in kgaping with ils objects. the College's aims for the public benefit are.. To admit undergraduate and graduate students to pursue their studies and research in the University of Oxford and to SUPPOrt those students in the successful pursuit of their learning. Te5earch and personal development through the teaching, supervisron, intellectual resources and pastoral care offered by the College,. and To employ and SUPPDrt leading professional academlcs across a wide range of fields to teach and supervise undergraduate and graduate stvdenls of the University of Oxford and to advance knO%￿edge and leaming through their research ar￿ publishing. The College's long and short-tem objectives are to support and promote excellent research and leaching across Ihe disciplines represented in the College and lo r¢¢ruit the ablesl undèrgraduate and graduate students and ensure that they are laughl and supetvised to high academic stsndards. The Cost of maintsinlng the undergraduate lulorial system and supporting the research of the College, academlcs greatly exceeds the lolal fee income re￿iVed by the Colleg& Isee Financial Review belowl- This means that the College is under constant pressure lo increase Income from endowment. donations and surpluses on commerrAal actmty lo megt thg shortfall. To these ends, the College has two strateglc objectives. which are.. 111 to create and maintain the highest quality College buildings. historic or new. necessary for affordable Ilvlng and teachlng, and121 to grow the endowment and increase profitable trading activity such that both can sustain the costs of teaching and research that are not met from public funds. The College measures ils success by- 10

EXETER COLLEGE Report of the Governing Body Year ended 31 July 2022 ils appeal lo professional academics and students as a place lo study and by the results they achieve in the Oxford University Publi¢ Examinations,. and in the affirrnation of research excellence through publication5, the award of competitive granl funding and the international recognition of the quality of research published by ils Fellows and research students. The aims sel for the College's subsidiaries are to help finance the achievement of the College's chariiable objectives above. Actjvltles and oblectlves of the College The activities of the College are teaching and research. The achievements of the College's students and academics recorded b&low demonstrate how the College has furthered its objectives in the past year. As shown in the table below. the student body comprised 649 students.. 375 undergraduates., and 274 postgraduates lof whom 24 studied part-timel. December 2021 data snapshot Undergraduate Postgraduate Research Poslgr¥duate Taught Total HomeEU Oversea5 Total 315 60 375 105 81 186 30 58 88 450 199 649 In addillon, the College had 26 visiting undergraduate studenls from Williams College in the US, under a long-standing relationship. 89 undergraduates completed their courses in 2021122, of whom 930h ￿ceiVed First or Upper Second class Honours. 53 postgraduates completed tsughl courses in 2021122115 of them gaining Distinctions and 28 gaining Merilsl, and 29 research students suc￿SsfUllY (Sefended their theses. The Collegiatg University maintains a numbar of bursary schemas for both undergraduate and graduate students. The College conlribulès to the funding of these schemes lin particular th& Oxford Bursary Scheme for HomelEU undergraduates) and admits students on bursary schemes. both as undergraduate and graduate students. The College contributed £63k IFY21'. £76kl to the Oxford Bursary Scheme out of a total awarded to Exeter students of £227k IFY21'. £195kl. 73 Exeter students were beneficlaries of the Oxford Bursary Scheme of whom 11 received a Crankstart Bursary of £3.700 and 31 rec8ived the maximum bursary for their year of enty- In addition lo the Oxford Bursary Scheme. which is operated and funded jolnlly by the University of Oxford and the colleges, Exeter College offers financial support to its students through hardship grants and academic grants. The Ctslleg8 also has a number of graduate scholarship and bursary schemes funded from specific trusts (see Notes 7, 18 and 191. The lolal value of student support through bursaries and scholarships. including the Oxford Bursaries, was £797k IFY21: £840k). Access programme The College operates ils own access programme lo encourage applications from school pvpils who might otherwise not consider applying lo Oxford and lo Exeter College. This access programme is managed by the College's Access and Outreach Officer and Schools Liaison Officer and is extensively supported by current students, the Fellows and by the Tutor for Undergraduate Admissions and the Academic Registrar. The College also makes a financial contribution to the Collegiate UniversiWs access programme. The College's Access and Outreach Programme has continued to evofve In orderto reach the College's Equality. Inclusion and Diversity goals. Exeter has long had links with schools in Somerset, Devon. and Cornwall. These links are formalised under Oxford University's regionalisalion programme, which 11

EXETER COLLEGE Rgport of the Governing Body Year ended 31 July 2022 ensures that schools and colleges in every part of the UK are sy31em21ically linked to Oxford Colleges or the University Admissions Office. Since the 2019120 academic year the College formed a South- Wesl Consortium. with Merton College and Lady Margaret Hall. which has expanded its 'link regions,. lo include Bristol and North Somerset. In 2021-22 most of the College's Access and Outreach prov¢sion was dellvered online to regional link schools due to the Covid Pandemic. with in-person visits resuming in early 2022. Our online workshops were designed to eneourage aspiralional thinking in younger pupils (ahead of future visi15 to the College),. and to support older pupils and prospective applicants in making competitive applications lo Exeter College and the University of Oxford. We expanded our Exeter Plus programme, which had previously focussed on transition support for offer-holders. lo indude Year 12 support for students from non-seleclive slate schools, hosting a series of online workshops around the application process. During the year in-person visits to the college resumed, with the college hosting an offeT-holders' Open day in March 2022 for offer-holders and their families. Our Somersel, Devon and Comwall residential programme went ahead in June 2022 hosting 47 year 12 students in the collegg for 3 days. We also hosted in-person subject days and open days. the latter in assDciation with the wider Collegiate University in late June 2022. There were 4 subject days in total {Humanities. STEM. Social Sciences. Modern Foreign Languages) which offered year 11 and 12 students from across England an insight into what il would be like lo study these subjects al Oxford. The open days were an opportunity forappli¢anls to see the College and lo learn more abDUt the application process in good lime to ensure tho best chance of success in their applications lo Exeter College and the University of Oxford. The expansion of activiles via consortium arKI onllne activities has required additional resource and the College appointed an additional schools liaison officer in mid 2022. This investment in outreach activities has also meant that we are able to ¢arry out rnore regular evaluation and impact asse55menl of our aclivilies. One significant development for the 2022-23 academic year is an expansion of on-course support under the'Exeler Plus, programme lo include temi-time study skills support These offort5 have led lo an increasingly diverse undergraduate body in temis of socio*conomi¢ and educational backgrounds. and in temis of ethnicity. Exeter College is committed to attracting and admitting talented students of high acadernic achievernent 2nd potential, whatever Ihelr location and background. ACHIEVEMENTS AND PERFORMANCE Following two years impaded by the Covid-19 pandemic, the College activites largely r8lum8d lo normal in FY22. Environmental impact The College continued to reduce ils gnvironmenlal impact through a variety of measures designed to cul waste and energy consumption. The College offset a significant portion of its carbon footprint for the second year running thanks lo the generous support of a donor. This year's carbon offset scheme included Scope 3 emissions relating lo student travel as well as Scope 1 and 2 emtssions from the College's use of gas and ils consumption of food and drink. The carbon emlsslons calculated as 1.710 lonnes of C02 based on figures for 2020 {FY21'. 1.050 lonnes of C02 based on figures for 20191 were offset by supporting carefully audited and approved carbon offset projects in Rwanda, Kenya and Bulgarfa. Students The academic achievements of Exeter's students in 2021122 were manifold. Undergraduate students were awarded prestigious prizes by the University for Excellent Academic Performance. These ncjuded.. four Gibbs Prizes for the best perfomiance in a subject in the University (Fine Art. Jurisprudence. Physics & Philosophy, Polilicsl. one prize in Earth Science. prizes Sn Classlcs and English. three prizes in Jurisprudence including the Wronker Prize for Best Overall Performance, one prize in Literae Humaniores, one prize in Medical Sciences and one Proxime Accessil Gibbs Prize in Classical Archaeology and Ancient History. Graduate students also excelled academically.. for example Felix Jaeger12020, Magister Jurisl won the 2021 Oxford Business Law Blog Essay Compelilion If)r his essay'Business Law and the Transition to a Net Zero Carbon Economl.. and DPhil candidate Corinne 12

EXETER COLLEGE Report of the Governing Body Year ended 31 July 2022 Calh-Spelh12016, Information, Communication & Social Sclences) published a book. How the Intemet Really Works.- an illustrated guide lo protocols, privacy, censorship andgovernance (No Starch Pre5sI. Student achièvements in the 2021122 8¢ademic year were by no means limited to Bcademia. In sport, Nick Saunders12019. EMBA} was Part of the University Blues golf team that beal Cambridge in the 131st Varsity Match and undergraduate sludenl C0511 Levy12019. Philosophy and Modern Languages) coxèd for Oxford in the Women's Boat Race. Safa Sadozai {2018. History) was elected Vice-President (Access & Academic Affairs) of Oxford Student Union. DPhil sludenl Alexandra Vasilyeva 12018, Engineeringl1aunched a Covid-19 information project, supported by the Oxford Hub and Oxford City Council, which coordinates the translation of irnportant Cowd-19 information into different languages. In music, the College Choir's hard work to continue providing services in Chapel and online warrants special mention. A beautifully filmed online Christmas servi￿. 'From Darkness to Light,. brought hope to people during challenging limes and by touring cathedrals in southern England during the long vacation, recording a new album and continuing to record seNces for dissemination online the Choir ensured its music and reputation spreads far beyond Oxford. Fallows 11 is in no small part thanks to the work of Senlor Research Fellow Professor Cath Green, who helpod deliver the Oxford Astrazeneca Covid-19 vaccine. that the 2021122 academic year largely resembled any normal. pre-pandemic academic year. Professor Green's contributions were widely recognised in 2020121. including an OBE in the Queen's Birthday Honours. and the accolades continued in 2021122, with awards at the Oxford Literary Festival (where Professor Green promoted her besl-selling book, Vaxxersl and at ITWS 'Pride of Britain, awards. Those may have baan tha most widely visible accolades connected medicine bestowed upon an Exeter Fellow, but they were by no means the only ones. Professor Neil Herring (Pre-clinical Medicine) was awarded the Bayliss-stading Prize for cardiovas¢ular research by th¢ Physiological Society. In 2023 he will give th& prestigious Bayliss-starling Prize Lecture. Professor Christoph Tang (Piofessorial Fellow in Cellular Pathology and Medicine) received a coveled Wellcome Trust Investigalor award of £1.9 million lo investigate the biology of plasmids in bacteria. Supernumerary Fellow Professor Guy Thwailes IlnleclioLJS Diseases). Director of the Oxford University Clinical Research Unil. was awarded an MBE for services lo public health and UKIVietnam relations. It was announced that. from 1 April 2022, ReclorTrainor will serve on the board of Oxford Health NHS Foundation Trust. Monika Gullerova, formerly Slaines Medical Research Fellow at Exeter (Molecular Medicine), g8in&d 'Re¢ognilion of Dislinclion.. the equivalent of full professor, from the University. This same distinction was bestowed on current Exeter Fellow Oreel Ashery (Fine Art). In the field of law, Professor Dapo Akande (Law and Public Policy) was elected to the highly influential International Law Commission. Professor Akanije was jointly norninaled by the UK, Japan, Kenya, Nigeria and Slovenia, and he now aims to strengthen, codify and develop International law. Also connected with Public Policy, formervisiling Fellow Glyn Davis secured the very senior appointment of Secretary of Australia's Oepartmenl of Piime Ministef and Cabinet. Exeter's philosophers were recognised for their contributions to academia. Dr Rachel Fraser won the Sanders Prize in Epistemology for her paper. The Will in Belief. which addresses a puzzle about dogmatism, that is. refusing lo change one's belief even in the face of evidence that it is false. Dr Fraser was also awarded a highly compèb'tive British Academylwellcome Fellowship. Professorial Fellow Luciano Floridl. whose focus on the philosophy and ethics of information has ever increaslng relevanc8 in this era of digital information. wa5 named a Fellow of the Academy of Sciences of the Institute of BDlogna. A former Visiting Fellow, Alexander Bird, Bertrand Russell Professor of Philosophy at the University of Cambridge, was made an Honorary Fellow of his alma mater. Sl John's College, Oxford. Historian Professor Giuseppe Mar¢occi won a Leverhulme Research Fellowship to study political iconoclasm and wsual dissent in the Iberian world, 1550-1700. He also helped lo bring his research lo a wider audience by producing a podcast on same-sex marriages in Renaissance Rome. Fellow in English Professor Nandini Das was awarded a Vice Chancellor's Innovation and Engagement award for her project, TRACTION. The project is a pioneering online platfomi that equips teachers to 13

EXETER COLLEGE Report ofthe Governing Body Year ended 31 July 2022 engage with issues of race, belonging. empire. and migration in the classroom. Professor Das was also appointed a Literary Dele9ale for Oxtord University Press and, more recently, a member of the new UK Committee on Research Integrity (UK CORI}. Hosted by UK Research and Innovation, UK CORI has been established to promote research irbtegrity a¢ross the UK and internationally. Arnong Exeter's fornier Fellows in English land one of the College's first women Fellows), Professor Christine Gerrard served as Interim Principal of Lady Margaret Hall during academic year 2021122. There were honorary doctorates for Emeritus Fellow in German. Professor Helen Watsnabe-O'Kelly. and Rector Professor Slr Rlck Trainor. from LLklwig Maximilian University in Munich and the University of Greenwich, resp8cllvely. Exeter's Academic Dean, Dr Chris Ballinger. helped an Oxbridge learn to secure a grant of £800.000 to tackle persistent inequalities hindering access lo postgraduate research for Black, Asian and minority ethnic students. There were also numerous publications by Exeterfs academic community that warrant mention, though this list is by no means exhaustiv8. Two focused, al least in part, on the history of Exeter College. Rector Trainor co-adiled (with Bruce Kinzer and Molly Baer Kramer) Reform and Complexities in Modern Britain= Essays Inspired by Sir Brian Harrison (OUPI, for which he wrote the essay, 'Another Look at Victorian University Reform= the Case of Exeter College Oxford.. Meanwhile. also with OUP, Erneritus Fellow In History Dr John Maddicoit published a major study of one of Exeter College's longest serving and most influential Rectors, Between Scholarship and Church Politics.. The Lives of John Prideaux, 1578-1650. Professor Jonathan Thacker (Professorial Fellow and lQng Ajfonso Xlll Professor of Spanish slLKties) published a co*dited study of a major dramalisl ofthe Spanish Golden Age, A Companion lo Calderon de la Bar¢a {Boydell & Brewer). Dr Imogen Choi (Queen Sofla Official Fellow in Spanish) published her first monograph, The Epic Mirror.. Poetry. Conflict Ethics and Political Comrriunity in Colonial Peru {also published with Boydell & Brewer). Professor Jane Hiddleslon IF8llow and Professor of Lileralures in Frenchl published her seventh book, Frantz Fanon.. Lileratura and Invention (Legenda). Professor Christina de Bellaigue (Hisloryl produ¢od 'Women, Mobility, and Education in Twenlieth-¢gnlury England and Wales.. A New Analytic81 Approach,. which was published in the joumal Twentieth Century British History {OUP}. Professor Mar¢occi published 'lberian Theories of Empire in the Sixteenth and Seventeenth Centurfes. In Joumal of the History of the Ideas. Professor Jonathan Herring IDM Wolfe- Clarendon Fellow in Lawl published several books including, wlth OUP, Medical Law and Ethics, Criminal Law, and Oxford Handbook of Medtcal Ethics and Law,. with Hart, The Right to be Protected from Committing Suicide.. and with Bristol University Press, Law Through the Life Course. Professor Das published two books with Amsterdam University Press.. Keywords of Identity, Race, and Human Mobility in Early Modern England and Lives In Transit in Early Modern England.. Identity and Belonging. Fomier Visiting Fellows Plofessor Richard Wendorf and Professor Richard Cohen also released new books= Printing Historyand Cultur81 Change.. Fashioning the Modern English Textin Eighteenth-century Bntain IOUP} and Samuel Hirszenberg, 1865-1908.. A Polish Jgwish Artist in Turmoil (Littmanl. respe¢tively. Lastly, Emeritus Fellow in Physics Professor Frank Close FRS continued his mission to share his passion for physics with academics and the ￿￿er public alike with his latest book. Elusive: How Peter Higgs Solved the Mystery of Mass (Alen Lane). Alumni Among the many achlevemenls of Exeter College's alumni in 2021122, some merit particular mention. New Year Honours were awarded lo four alumnl. Andy Anson11983, Malhemalicsl was honoured wkh an OBE for his services lo stK>rt, particularly during Covid-19. Ben Merrick11993. Modern Languages and Latin} was made a Companion of the Order of St Michael and St Georg¢ (CMGI for services to British foreign pollcy. Melanie Robinson (1995. Modern History) was also honoured with a CMG. in her case for services lo foreign and intemalional development policy. Richard Meddings11977, Modem History) was honoured with a CBE for services to the Financial Sector. Richard Meddings was further distinguished when, in March 2022, he was 8ppolnled Chair of NHS England. 14

EXETER COLLEGE Report of the Governing Body Year ended 31 July 2022 University honours were awarded to Sir Ronald Cohen {1964. PPE & Honorary Fellow). who became a Fellow of the Chancellor's Court of Benefactors, and Tim Ashley (1980. PPEI, who was named a mèmber of the Vice Chancellorfs Circle. Two further accomplishments of speaal note occurred in the legal sphere. Professor Surya Subedl {1989. International Lawl gained the signal honour of an eamed Oxford Doctorate of Common Law. The latest in a long succession of accomplishfflents for Professor Marie-ClaSre Cordonier Segger12003. Lawl was her elgclion as a FelSow of the Royal Society of Canada's Academy of Social SCien￿S. Also of note was the Ron M8¢Donald Distinguished Service Award given to Jonathan Bengtson11992, MPhil in Modem History) by the Canadian Research Knowledge Network. The prestigious award was recognition of Mr Bengston's services to acadernic libraries across the world. FUNDRAISING Aller a couple of years of severe disruption caused by Ihe pandemic, the 2021122 financial year wa5 almost enlirely'business as usual" We returned to a full programme of in-person alumni events whilst retaining a series of popular online webinars. In fact, we held a number of exlra events during the year in an efftirt to catch up on some of those missed dLJring the pandemic. Guest night dinners were especlally popular with our younger alumni who returned lo College in large numbers. Our alumni continuad lo support the College and we received £3.6m in philanthropic income during the year IFY21." £2.6ml. Our priority project remains the resloralion of the College Library and we secured Iwo pledges of £0.8m towards our fundraising target. The Library closed in June 2022 and construction work finally began. We reeeived £0.2m in legacy income (gifts in wills) and £0.5m in unreslricled gifts lo the Alurnni Fund which we were able lo allocate to areas of grealesl financial need. We also raised just over £21 k to fund a scholarship for a postgraduate Ukrainian refugee student who will join us in 2022123. Overall, 1.541 donors made a gift to the College last year- a parficipalion rate of 20Yo which puls us in the top 5 of Oxford colleges. We are very grateful for these gifts and the continued support of our alumni and friends. The College is registered with the Fundraising Regulator and supports Ihtr standards forfundraising sel out in the Code of Fundraising Practice. During the year the College did not receive any complaints regarding its fundraising pracli¢es. EXETER COLLEGE SUMMER PROGRAMME {ECSPI The ECSP. which tak8s plac6 over July and August. is a fee-payng international study abroad programme aimed al undèrgraduales around the World with take up to dale mainly in North America, Hong Kong and Singapore. Exeter Creates the academic programme and recruits tutors from Oxford and beyond to deliver the six-week courses, with leaching and assessment modelled on undergraduate education in Oxford and courses capable of eaming 'credits' toward the stu¢Jents' degree course at their horTie universlues. In response lo strong demand once Covid-related reslrictpoins on international travel eased. the Coll&ge decided to incresase capacity on ECSP 2022 by 20 places 123%> to 107. The additional bedrooms We￿ located at Tud Sl. A new online programme, The Exeter Online Summer Tutorial Programme IEOTPI . was launched in 2022. EOTP is a fee paying programme off8ring undergraduate students the opportuity tr) work with lulors In Oxford. The academic stsndards 8nd the visibility that the programmes give Exeter internationally - are a signifi¢ant boost lo its reputation. A number of ECSP students have returned to Oxford for gracSuale degrees. For the first lime this academic year. two ECSP alumni hav& returned lo the College as graduates, one reading for an MSI in English and one for a DPhil in History. 15

EXETER COLLEGE Report of the Governing Body Year ended 31 July 2022 FINANCIAL REVIEW We have included comparator figures from three years ago {i.e. FY191 in Ihls section to glve an idea of the pre-pandemic position. Charitable activitles Although the College continued to be impacted by the p8ndemic, thSs malnly affected conference activity in July and August 2021. Thgre was a gradual return lo more normal teaching provision with students in residence for Michaelmas, Hilary and Trinty Terms. Total income of £13.2m was up on the previous year and approaching FY19 levels {FY21.- £10.Om. FY19.' £13.3ml. As a result, leaching, research and residential income was up at £7.5m IFY21'. £5.5m, FY19- £7.Oml with higher tuition fees of £3.Om {FY21.. £2.8m. FY19'. £2.5ml. reflecting the hSghersludenl Intake. ReSIden￿al Income also roseto£3.8m (FY21.' £2.Om. FY19: £4.1ml reflecting the full year's residential offerings lo students bul remained below pre-pandemic levels due lo the loss of conference bookings in the summer of 2021. Other academic income also increased on the FY21 figures due to more funded payroll costs {see Note 1). Teaching. research and residential costs increased to £14.2m IFY21: £11.4m, FY19 £11.8ml. This indudes a £1.9m increase in the pension liability to £3.6m {Ff21.. £1.6ml following the 2020 USS valuation. It also includes higher payioll ¢osls reflecting pay increases for domestic staff. PayToII costs in FY22 benefilgd from support from the govemmenl's Coronavirus Job Reter)tion Scheme I'CJRS'I of £8k IFY21- £0.3m). This grant helped the College lo maintain the full pay and related benefits of furloughed staff durtng the pandemic. The scheme ended in September 2021. Overall, therefore. teaching, research and resldentSal Sncome covered 52.6Yo of teaching, research and residential costs this year (FY21: 48.40/., FY19.. 59.6V.I. other trading income Other trading income more than doubled lo £0.5m IFY21.. £0.2m. FY19.. £0.6ml refleding strong performance in June and July 2022. As a result. the Colle9e's Conferen￿ acbv¢lies made a positive contribution to the operating result of the College. Donations and legacies As noted above. income from donations and legacies was up year-on-year al £3.6m IFY21- £2.6m. FY19-. £4.6ml. Fundraising ¢osts of £0.6m IFY21.. £0.6m, FY19= £0.6m} include the migration to a new software system. DARS (Development and Alumni Relations System). Invèstmènt pèrforman¢e The College received income on its investments lolalling £1.6m IFY21.' £1.4m, FY19'. £1.2ml. Investment management costs were lower al £0.7m IFY20'. £1.Om, FY19 £1.2ml. The variability year- on-year reflects changes in the level of underlying professional services associated with the potential development I sale of various landholdings. The main costs this year related to.. Thg Collgge's landholding al the North Oxford Golf Club, one of a number of siles north of Oxford that received an allocation of dwellings under the Cherwell Local Plan 2011- 2031 {Part 11 Partial Review - Oxford's Unmet Housing Need. In 2021. this sile was transferred to the College's wholly owned subsidiary. Checker Hall Company Limited., A potential development al Grove Farm, Robertsbridge, Sussex. The College decided lo halt the sale process started in 2021. reapply l extend the plannlng permissions for the Soulhem and Northern portions of the land Sn-house. with a wew to remarkeling the sile in early 2023- The sale of 39 Divinty Road, Oxfor¢J OX4 1 LH. The property sold for £717k in August 2022. so just after the year-end. The carwng value was increased to £717k al 31 July 2022 IFY21-. £650k} on the basis of an offer received- and The sale of Sutton Lodge. c. 400 acre fami east of Banbury. The farm IcarySng value of £3.5m) was marketed towards the end of April 2021 8t £4.7m. The sal8 was agreed al £5.6rn and completed in September 2021. After sale-related costs of £0.5m, the nel gain to the College was £1.6m. The cairying value in FY21 reflected the September 2021 sale pri￿. 16

EXETER COLLEGE Report of the Governing Body Year ended 31 July 2022 The volatility in financial markets durfng the financial year, reflecting the impact of increased energy costs and higher inflation more generally resulted in a £0.9m revaluation10ss on the College's securities investments IFY21.. £11.4rn revaluation gain, FY19.. £2.7m revaluation gain) (see Note 111. The College's property investments, which were revalued by Savills this year, reported a gain of £0.4m IFY21'. £4.5m. FY19: £2.3ml18ee Note 101. The endowment assets delivered a lolal relum of 1.10/0 in the year to 31 July 2022 {FY21.. 21.50/.l. Property investments made a weighted contribution of 0.80/0, and securities contributed 0.3'A of the combined relum. Net Income Taking account of the loss on inveslmenls. the College's income was lower than expenditu￿ leaving the College with net expenditure of £3.3m IFY21 £12.7m net ir￿OMe. FY19 £4.2m net incoTne}. Cash flow The College used net cash of £1.2m lo support its OFEroting activities IFY21-. the College used £1.1m. FY19.' the College generaled £1.2m}- After Capital expenditure of £1.6m IFY21.' £0.6m, FY19'. £0.4ml. the College used £2.8m lo support ils activities {FY21'. the College used £1.7m, FY19.' the College had surplu5 cash flow of £0.8ml. Repayment fund The College has a £30m private placemènt loan repayable in January 2068 which Carries a fixed interest rale of 1.72°A. The College's financial gearing. calculated as gross debt to nel assets before pension liability, was 20.7°A {FY21= 20.59/01- The College has Snvesled £10m of the net proceeds of the private placèment with a vlew to repaylng slgnificant portion of the loan in 2068 so as lo avoid passing on an increasèd debl burden lo future generations of the College. The £IOm repayThent fund was valued at £9.9m al 31 July 2022. Including investment of the £5.6m proceeds from the sale of Sutton Lodge Farm, the College's other investments {securiliesl increased to £79.4m as at end of FY22 IFY21: £72.Om, FY19: £55.2ml. Endowment, net wealth and flnan¢lal re$ourc&s of thè College Following the £5.6m sale noted above and a small gain in value of £0.4m, the College's property Investments were valued al £21.3m as at the end of FY22. Together with the £79.4m securities investments, the College had 10181 investments of £100.7m at the end of FY22, analysed as lo £86.7m irb the endowThenl, £9.9m in the repayment fund. and £4.1m operating cash. The College is also the beneficiary of a separate Irusl, the Michael Cohen Trust l°Mcf'). which is not consolidated as part of the Group balanca sheal. Tha MCT was valuad at £9.Om at and FY22 IFY21'. £9.Om, FY19.' £8.4ml- The College'5 cash and short-temi investments were £13.Om {FY21= £17.3m) reflecting the remaining nel proceeds of the private placement after deducllng the £9.9m repayment fund. The remaining nel proceeds of £6.5rn will be used lo help fund capital and refurbishment projects over the medium temi. such as the library (see Future Plans below). The College's nel wealth and financial resources al the end of FY22 was £93.Om (FY21.. £94.5ml. This is calculated as net assets before pension liabilib'es less tangible assets plus MCT monies. Pension provision The provision for defined benefit pension scheme costs held against General Funds increased to £3.6m {FY21.' £1.6ml reflecting the movement in financial markets and the effects of the 2020 valuation of the Universilies Superannuation Scheme lUSS}. In terrns of the USS debt monitoring programme. Metric A. calculated as the ratio of gross debt (including bank overdrafts and obligations under finance leases- both £nil for the College) to nel assets after pension provisions was 21.3°A {FY21: 20.8%1- 17

EXETER COLLEGE Rèport of the Governing Body Year ended 31 July 2Q22 Net assats The College's consolidalad lotsl funds reduced lo £140.4m at end FY22 IFY21'. £143.7m, FY19 £133.Oml. Thls decrease in funds reflects the 8ndowrnentfunds reducing by £1.8m. the restricledfunds increasing by £0.2m, and the unrestricted funds decreasing by £1.7m. If needed, the College's expendable endowment funds are available lo support unexpected fluctuall￿S In incorne ar expenditure. Reserves pollcy Governing Body has agreed that the free general resetves should be malntslned at four months. operating expenditure to allow the College to be managed efficiently and lo provide a buffer to maintain Its charitable activities in the event of an unexpected drop in income or exceptional expense. monetsry temis, this equates lo a flgure of approximately £3.6m. The free reserves al 31 July 2022 were £0.8m negative IFY21: £1.4m), which is lower than the policy target. However. free ￿ServeS are slated after pension liability provision of £3.6m IFY21: £1.6m. FY19: £2.Oml, which is a non<a5h item. The College aims lo increase the balance of free gener81 reserves over the next few financial years. Designated reserves consisted of £47.9m for the book value of tangible fixed assets less associated funding arrangements and other designated funds amounting lo £1.9m {FY21: £1.4ml. In practice, the College's expendable endowment funds are available lo support unexpected fluclualions in income and expenditurè. The College maintsins a level of liquldity that ensures there is both suffi¢iBnt cash lo meet expected future Calls from private equity inveslmenls. cover the next yearfs distribtjlion lo the Cofiege under the spend rule and cope with any unexpected cash exposurgs wlhoul havlng to sell investment assets in volatile markel5. The total funds of the College and ils subsidiarie5 included the £9.9m repayment fund, £5.5m unspent reslricled income funds, and endowment capital of £86.7m. The endowment conslsled of £16.Om original Trust for Investment, £20.6m Unapplied Total Return on Permanent Endowments, and £50.1m Expendable Endowments. RJSK MANAGEMENT The College has on%oing processes for identifwng. evaluating and managing thè principal risks and uncertainties faced by the College and its Subsidiaries in undertaking their activities. The principal risks and uncertainties identified fall into three main categories: 11 Finances, P￿miSes, Employment and Operations.. 21 A¢ademlc', and 31 Governan￿ & Compliance. Included within these categories are numbar of individual risks, which are reviewed annually and managed with various controls and procedures. Key risks include: Unforeseen external events and shocks including political, economic and other {such as inflation) which could lead to lowor income (including underperformance of the endowment {see above)) and l or higher costs. A malerfal drop in donations from the Annual Fund, whlch would result In a downlum in spending capacity and pressure lo cut costs. Controls that are in place include syslemalic processes for cullivaling donors and consistently reviewng prospects and Telaled domr engagement strategies., Consistent underperfomiance ofth8 endowment, which would result in a downtum in spernding capacilyand pressure to cul costs. The Inveslmentcommittee and investrnentadvisers review perfomiance, rfsk and the Investment climate quarterly. which is consldered sufficient for reacting to martel changes., Key officer risk arising from reliance on single individuals wlh large portfolios of responsibilities and specialist knowledge, mitigated largely by documented procedures and frequent meetings between senior officers to review present issues within Ihe College- Failure lo attract high calibre students from a diverse range of backgrounds, resutting in reputational damage and failure to compete with other eolleges and universities. Measures are in place to communicate and market the College's distinctive characteristics. An Access 18

EXETER COLLEGE Report of the Governing Body Yèar Ènded 31 July 2022 and Outreach Officer is employed lo manage communicallon wllh schools In the Devon. Cornwall and Somerset area and a systematic program of access initiatives is in Pla￿.. Risk of IT SyElems failure and breach of data security. fhts College regularly reviews ils policies and practices in relation to IT. The dats security poliw and insurance cover exist to tsckl8 risks in this area. The College is keeping the potenilial impact of a prolonged period of higher inflation under review. and. in parb"cular, cost savings lo miligale the impact on the College's operating result. When il is not able to address risk issues using internal resources, the Collegetakes advice from experts external lo the College with specialist knowledge. Policies and procedures within the College are viewed by the relevant College Committee. chaired by the Rector. Finan¢ial risks are assessed by the Finance and General Purposes Commitlee and investment risks are monltored by the Investment Committee. In addition, the Health and Safety CommitlaG meets regularfy lo review health and safely issues. Training courses and other forms of career development are available. when appropriate, to members of staff lo enhance their skills in risk-relaled areas. The Goveming Body has ultimate responsibility for managing those identifiable risks faced by the College and is committed lo ensuring that appropriate and adequate sysletns, procedures and arrangements are in place lo manage these risks. 11 is recognised that system5, procedures and arrangements can only provide reasonable bul not absolute assurance that major risks have been managed. The College maintains a Risk Register, which is used lo identify potential risks and their impact and likelihood,. the Register is reviewed annually. 19

EXETER COLLEGE Report of the Governing Body Yoar ended 31 July 2022 INVESTMENT POLICY, OBJECTIVES AND PERFORMANCE At the year-end, the College's èndowment and repayment fund Ilogelhertotalling £96.5ml was invested as shown in the chart below. Analysi5 of endowment and rgpayment fund- 31 July 2022 Propetty inveslmonts£21.3m, 22% Partners Capital £36.4m, 38% Cazenove £2.Om, 2°A Ninetyone £11.3m.12% OUEM £25.5m,26% Total = £96.5m The College's investment objectives are lo balan¢e the needs of current and future beneficlarfes by.. Maintaining {at least) the value of the investments in real terms", Producing a consislenl and 5UStainable annual transfer to support the general expenditure of the College- and Delivering these objectives within acceptable levels of risk. To meet these objectives the College's investments as a whole are managed on a total relum basis. maintaining diversification across a range of asset classes lo produce an appropriate balance beknan risk and return. The College's stslules allow the College to invest pem)anent endowments lo maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied lolal return. Under the total return accounting basis, it is the Governing BodVs policy to operate a spgnd rule which calculates the lolal transfer to income based on 3.25¥o of the average of the inflation4djusted year-end values of the relevant invesfments for the last 5 years. In addition. the Governing Body has agreed lo make an additional. exceptional transfer in each yearequivalent lo half the interest charge on the private placement loan. The Investment Committee keeps this poli¢y under review in the light of investment returns to maintain an equable balance between present and luture beneficiaries. The carrying value of the preseNed permanent capital and the amount of any unapplied total reluTn available for expenditure was tsken as the open market values of these funds as a11 August 2002 togelhgr with the orlglnal gift value of all subsequent endowment recelved. Wherever feasible, the 20

EXETER COLLEGE Report of the Goveming Body Year ended 31 July 2022 College will monitor and screen Ils financial Investmenlg uslng best practice techniques to measure the environmental, soci81 and governance I'ESG"} impact of their underlying investments. FUTURE PLANS The College's strategy for the next len years is found on the College websf(e. Sitling alongside It is an ambitlous fundraising plan, which aims to raise funds lo support a variety of academic and non- academic key priorities. These include raising money for Tutorial Fellowships, postgraduate schdarships, enhanced financial support for undergradtjates, access and outreach inilialives. Capltal proJects Refurbishment of thg Lodge was completed during the year. The regeneration of the College Library is well underway. The building works cornmenced on 25th July 2022 with an initial projected completion dale 11 July 2023. The works are progressing broadly on schedule,. the core demolition works have been completed. all flooring. mechanical and electrical facilities have been removed and the consetvalion work on the book¢ases and windows has commenced. The opening works have not produc￿ any material findings of archaeological or slruclural nature. The College has identified some additional works relating to interior stone cleaning which were not included in the original scope and are expected lo delay the completion bycirca 8 weeks and increase the cost by ca£125,OOO+VAT. The College commissioned a decarbonlsation feasibility study. completed In18le summer 2021. which outlines areas in its mechanical and electrical IM&E) infrastructure and building environmental performance in need of upgrading and renewal. The second phase of the project is now underway with a view of producing proposals on carrying out these M&E improvements within a broader environmenlaly sustainable plan including degasificatton and improvements in building fabric. 21

EXETER COLLEGE Report of the Governlng Body Year ended 31 July 2022 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governlng Body is responsible for preparing the Report of the Governing Body 8nd the finaneial statemerbts in accordance with appllcable law and regulations. Charity law requires the Governing Body lo prepare financial statements for each financAal year. Under that lawthe Governing Body have prepared the financial slalements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl, including Financial Reporting Standard 102: The Financial Reporting Stsndard Applicable in the UK and Republic of Ireland IFRS 1021. Under charity law the Governing Body musl 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 Ils nel in¢0￿e or expenditure for that period. In preparing Iheye financial staternents, thg Governing Body 15 required to.. select the most suitable accounb'ng policies and then apply them consislenly.. make judgments and accounting estimates that are reasonable and prudent- slate whether applicable ac¢ounling standards. including FRS 102, have been followed. subject lo any material departures disclosed and explained in the financial statem8nts- slate whether a Statement of Recommended Practice ISORPI applies and has been followed, subject to any material departures which are explained in the financial stalemenls. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue lo operate. The Governing Body is responsible for keeping proper a¢¢ounting records that are sufficient to show and explain the College's transactions and disclosè with reasonable accuracy at any time the finandal position of the College and enable them lo ensure that the financial statements comply with the Charities Act 2011. Theyare also responsibleforsafeguarding the assets of the College and ensuring their proper applicatlon under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Goveming Body on 30 November 2022 and signed on ils behalf by.. Professor Sir Richard Trainor Rector 22

EXETER COLLEGE Independent Auditorfs Report to the Members of the Governing Body of Exeter Collège Year ended 31 July 2022 Opinion We have audited the financial slalemenls of Exeter College for the year ended 31 July 2022 which comprise the Consolidated Statement of Financial Aclivilies, the Consolidated and College Balance Sheets, the Consolidated Cash FILTrW Slalement. and notes to the financial statements, including a summary of significant accounting Policies. The fin?n¢ial reporting framework that has been applied in Ihelr preparation is applicable law and United Kingdom A¢¢ounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Ireland, (United Kingdom Generally AC￿pIed Accounting Practice). In our opinion the financial statements.. give a true and fair vigw of the stale of Ihe of the College's and the group's affalrs as al 31 July 2022, and of the incoming resources of the group and application of r8sour¢es, for the year then ended,. have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been preparèd in accordancè wlh the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance wth Intemational St8nd8rds on Auditing IUKI {ISAslUKII and applicable law. Our responsibilities under those standards are further described in Ihe Auditor's Responsibilities for the audit of financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfillgd our other ethical responsibilities in accordance wilh these requirements. We believe that the audit ¢viden¢& we have obtsined is sufficient and appropriate to provide a basis for our opinion. Con¢luslons relatlng to golng con¢em In auditing the financial slalemenls, we have concluded that the trustees, 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 ondib'ons that. individually or collectively, may cast significant doubl on the charity's ability to continue 8$ a going concern for a period of al least twelve months froin when the financial sialefftenls are authorised for issue. Our r&S￿nSIbIlItI0$ and the rgsponsibilili8s of the trustees wth rèspect to going concern are described in the relevant sections of this report. Other inforniation The other information comprises the infomiation included in the annual report, other than the financial statements and our auditor's reFx)rt thereon. The Members of the Governing Body are responsible for the other information. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent olheNise explicitly stsled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responslbility Is to read the other Informatlon and, in doing so, considèr whethèr the other information is materially inconsistent wth the financial slalemenls or our knowledge obtalned in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to tjotermine whether there is a material misstatement in th& financial ststfrments or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material mi551alement of this other infomialion. we are required to report that fa¢l. We have nothing lo report in this regard. 23

EXETER COLLEGE Indepèndent Auditorfs Report to the Members of the Govemlng Body of Exeter College Year ended 31 July 2022 Matters on whl¢h we are required to report by exception We have nothing lo report in respect of the follo￿￿9 matters where the Charittes Act 2011 requires us to report to you ￿, in our opinion-. the Infomialion given in the Members of the Governing Bodls Annual Report Is Inconsistent in any material respect with the financial statements-, or the charity has not kept adequate accounting records; or the financial statements are not in agreement with the accounting records and retums.. or we have not received all the information and explanations we required for our audlt. R¢s￿nsibIlItieS of the Members of Governlng Body As explained more fully in the Members of the Ggverning Body's responslbllltles slalemenl set out on page 20, the trustees are responsible for the preparation of the financial slalaments and for being satisfied that they give a true and fairview, and for such internal control as the Member5 of the Governing Body det&rmine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements. the Members of the Goveming Body are responslble for assessing the charity's ability lo continue as a going concern. disclosing, as applicable. matters related to going concem and using the going ¢on¢ern basis of accounting unless the Members of the Governing Body either intend to liquldate the charity or lo cease operations, or have no realistic alternative bul to do so. Auditorfs responsibilities for the audit of the Ilnan¢ial statements Vve have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtsin reasonable assurance about whether the financial stalernenls as a whole are free from mal&rial misstalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is 2 htgh level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstalemenl when it exists. Misslatemenls can arise from fraud or error and are conSide￿d material if, individually or in aggregate, they could reasonably be expected to influence the e¢onomi¢ decisions of users taken on the basis of these financial stslemenls. As part of an audit in accordance with ISAS {UKI we exercise professional judgement and mainlaSn professional sceplicism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial stalemenls, whether due to fraud or error. design and perform audit procedures responsive to those risks, and oblaln audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not delecling a material misstatement resulting from fraud is higher than for one resulting from error. a5 fraud may involve collusion, forgery. intentional omissions, misrepresenlalions, or the override of internal control. Obtsin an understanding of internal control relevant lo the audit in orderto design audit procedures that are appropriate in the circumstances. but not for the purposes of expressing an opinion on the effectiveness of the charills internal control. Evaluate the appropriateness of accounting pollcSes used and the reasonableness of accounllng eslimales and related disckjsures made by the Membws of the Governing Body. Conclude on the appropriateness of the Members of the Governing Body's use of the going con￿rn basis of accounting and, based on the audit evidence obtained. whether a material uncertainly exists related lo events or conditions that may cast significant dDubl on the Charit￿$ abilty lo continue as a going concern. If we conclude that a material uncertainty exists, we are required lo draw attention In our auditor'5 report to the related disclDsures in the financial slalemenls or. if such disclostjies are inadequate. lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the 24

EXETER COLLEGE Independent Auditor's Report to the Members of the Govemlng Body of Exeter College Year ended 31 July 2022 date of our 8vditor's report. However. fvtUTe events or conditions may cause the charity to cease lo continue as a going concem. Evaluate the overall presentation. structure and content of the financial slalemenls, including the disclosures, and whether the financial slalemenls represent the underlying transactions and events in a manner that achieves fair presentation. We comrnuni¢ate with those charged with governance regarding, among other matters. the planned scope and timing of the audit and signlficant 8udlt findings, including any significant deficiencies in internal control that we identify during our audit. Explanatlon as to what èxtent the audit was considered capable of detecting Irregularities. In¢ludlng fraud Irregularities, including fraud, are instances of non-compliance with laws and ￿gulatiOnS. We design procedures in line with our responsibilities, outlined above, lo dele¢1 material missiatements in respect of irregularities, including fraud. The extent to which our procedures are capable of tlelecling irregularities, including fraud is etsiled below. The objectives of our audit in respecl of fraud. are- lo identify and assess the risks of material misslatemenl of the financial statements due lo fraud.. to obtain sufficient appropriate audit evidence regarding the assessed risks of Mate￿al misslatemenl due to fraud, through designing and implementing appropriate responses to those assessed risks. and lo respond appropriately lo instances of fraud or suspected fraud identified during the audit. However. the primary responsibility for the prevention and delecllon of fraud rests with boih management and those charged with governance of the charity. Our approach was as follows: We obtained an understanding of the legal and regulatory requlrements appllcable lo Ihe charity ond considered that the most sign&ficanl are the Charities Act 2011, the Charfty SORP, and UK financial reporting standards as Issued by the Financial Reporting Council. We obtained an understanding of how the ch8rity compltes with these requirements by discussions wf(h management and those charged with governance. We assessed the risk of material rnissialernenl of the financial staternents, including the risk of material misststemenl due lo fraud and how il might occur. by holding discussions with management and those charged with govemance. We inquired of management and those charged wtth govemance as to any known Instances of Mn- compliance or suspected non-compliance wf(h laws and regulations. Based on this understanding, we designed specific appropriate audll procedur&s lo identify in$tsn￿S of non-compliance with laws and regulations. This included making enqulrles ofmanagemenl and those charged with governance and obtaining additional corroborative evidence as required. There ar8 Snherenl limitations in the audtt procedures described above. We are less likely lo become 8W8re of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial stalemenls. Aso, the risk of not detecting a material misslaternenl due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example. forgtrry or intentional misrepresentations. or through collusion 25

EXETER COLLEGE Independent Auditor's Report lo the Members of the Goveming Body of Exeter College Year ended 31 July 2022 Vse ofour report This report is made solely lo the Members of Ihe charit￿S Governing Body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work ha5 been undertaken so that we mi9hl slate lo the Members of the Governing Body those matters we are required to state to them in an audilorfs report and for no other purpose. To the full8sl exlènl permitted by law. we do not accept or assume responsibilty lo any party other than the charity and the Members of the Governing Body as a body, for our audit work, for this report, or for the opinion we have formad. Moore Kingston Smith LLP Stalulory Auditor 9 Appold Street London EC2A 2AP Date.. 2 December 2022 Moore Kingston Smith LLP is eligible to act as auditor in temis of Section 1212 of th9 Companies Act 2006. 26

EXETER COLLEGE Statement of Accountlng Pollcles Year ended 31 July 2022 1. Scope of the financial statements The financial statements present the Consolidated Statement of Financial Aclivilie5 ISOFAI, the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiaries., Exgler College Trading Limited, Coll8xoncotoo Limited, Exeter College Yew Tree Hlll Development Company Llmlled and Checker Hall Company LlmSled. The subsidiaries have been consolidated from the dale of their formation by the College, which owns 100010 of the share capital in each company. No separate SOFA has been presented for the College alone a5 currently permilled by the Charity Commission on a concessionary basis for Ihe filing of consolidated financial statements. A summary of the results and financial position of the charity and each of its subsldiaries for the reportlng year a￿ in Nc>te 12. 2. Basls of accountlng The College's individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, IFRS 1021. The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared ils individual and consolidated finanaal statements in accordance with 'The S￿lement of Recommended Pra¢li¢e applicable to chariiies preparing their financial ststémènts in accordance with FRS 102. IThe Charities SORP IFRS 10211. The financial statements have been prepared on a going concem ba515 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 (SOFAI. In light of the cost of living and energy crisis, the Members of the Goveming Body have assessed whether the use of the going con￿rn basis remains appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the College to conb'nue as a going cOn￿rn. The College has significant reseNes in the form of expendable endowment funds, which can be used for the gtsneral purposes ot the charity. The College has prepared cash flow and other forecasts, tsking into account the availability of these funds and taking into account the potential pressures on income, which confirm the College wi15 have sufficient liquidrty to operate for al least the next twelve months from the date of approval of Ihese financial siatements. The conference and function activity materially improved in summer 2022 which will mitigale some of the cost pressures. The College Is closely monilorlng these factors and conllnues to adopt the going concern basls In preparlng its rinan¢ial slalements. The princip81 accountlng policies adopted are set out t*low and have been applied consislenuy throughout the year. 3. Accounting judgement5 and estimation uncertainty In preparing financial slalemenls il is necessary to make certain judgements. esbmale5 and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimate$ are considered by the Governing Body to have most significant effe¢l on amounts recognised In the financial stslements. The College parbcipales in two mulli-employer defined benefit pensiori plans, USS and OSPS. In the judgement of the Governing Body there is insufficient information about the plan assets and liabilities lo be able to reliably account for ils share of the defined benerrt obligation and plan assets in the financial slalements and therefore the plans are accounted for as defined contribution schemes. The Trustees have therefore recognised a provision for the discounted fair value of the conlra¢lual contributions under the recovery plans in existence at th$ dale of approving these financial statements. The pension deficit provisions recorded are dependent on eslimales of future employTnent patterns and interest rates. The effects of changes to these assumptions are shown in Note 22,. The College and its subsidiaries carry investment property al fair value in the balance sheet, wth changes in fair value ￿Ing recognised in the incom& and expenditure section of the SOFA. Independent valuations are obtained to determine faiT value at the balance sheet date-, 27

EXETER COLLEGE Statement of A¢¢ounting Policies Year ended 31 July 2022 Before legacies are rewnised in the financial slatemenls, the Goveming Body has to exer¢ise judgernent as to what Conslilules sufficient evidence of enlitlemenl to the bequest. SLfficlent enlitlemenl exists once nolificalion of payment has been received from th& executorlsl of the eslale or estate accounts are available which indicate there are sufflclenl furHJs in the estate after meeliThJ liabilities for the bequest to be paid. In the wew of the Goveming Body, no other assumptions concerning the future or estimations of uncertainly affecting assets and liabilities at the balance sheet date are likely lo result in a rnalerial adjuslmenl lo their Carr￿n9 amounts in the next financial year. With respect to the next financial year, the other most significarbt areas of uncertainly that affect the carrying value of assets held by the College are.. The level of securities and property investment relums and the performance of Investment markets- The discount rate which ig applied when determining the College's share of the past service deficits on its pension schemes. 4. Incom8 rè¢ognltlo All income is iecognised once the College has enlillemenl to the income, the economic benefit is probable and the amount can be reliably measured. a. Income from fees. OFS support and other tharges for services Fees receivable, less any scholarships, bLJrsaries or other allowances granted from the Collegg's unreslricled funds, OFS support and Charges for services and use of the premises are recognised Sn the period in which the related service is provided. b. Income from donationsi grants and lega¢ie5 Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the dalo on which the charity has entillemenl lo the resource, the amount can be reliably measured and the economi¢ benefit to the College of the donation or grant is probable. Donations and grants subject to perfomiance-related conditions are recognised as and when those conditions are met. Donations and grants subject lo other specific conditions are recognised as those conditions ale met or their fuifilment is wholly within th8 control of the College and il is probable that the specified conditions will be mel. Legacies are recognised following grant of probate and once the College has received SLrffic¢enl information from the execulorls) of the deceased's estate lo be satisfied that the gift can be reliably measured and that the economic bgnefit lo the College is probable. Donations. gfftnls and legacies accruing for Ihe general purposes of the College are credited lo unrestricted funds. Donations, grants and legacies which are subject lo conditions as to thelr use Imposed bythe 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 ¢apitsl, lo the endowment fund5. Where donations are received in kind las dislincl from cash or other monetary asselsl, they are measured at the fair value of those assets valued al the market value of the underlying assets received al the dale of the gift ￿ceIpt. Investment income Interest on bank balanGes is accounted for on an accruals basis with interest recognised in the period to which the interest relates. Income from fixed inlgrgst debt securities is recognised using the effective interest rale method. Dividend income and simSlar dlslrlbulions are recognised on the dale the share interest becomes ex- dividend or when the right to the dividend can be established. Income from invgslment propetles Is recognised In the period lo which the rental income relates. 28

EXETER COLLEGE statement of Accounting Policie5 Year ended 31 July 2022 5. Expenditure Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligatlDn commits the College lo expenditure that wll probably require settlement, the amount of which can k ￿liablY rraasured or estimated. Grants awarded that are not performance-related are charged as an expense as soon as a legal or conslruclive obligation for their payment 8rlses. Grants subject to perforMan￿related conditions are expensed as the specified conditions of the grant are mel. All expenditure including sUPPOrt costs and govemance costs are allo¢at8d or apportioned to the applicable expenditure categories in the Slalemenl of Financlal Aclivltles Ilhe SOFA}. Support Costs, which include governance costs (costs of complying with ¢onstilulional and slalulory requirements) and other indirect costs, are apportioned lo expenditure c8legori&s in the SOFA based on the eslimaled amount attributable lo that acliwly in the year. either by reference to staff lime or the use mad8 of the underlwng assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which il relates. I￿tra￿roup sale5 and charge5 between the Collège and its subsidiaries are excluded from trading income and expenditure in the consolidated financial slalemenls. 6. Leasès 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 al each reporting dale. The corresponding capital obligations under these leases are shown as liabilities and recognised al the lower of the fair value of thè leased assets and tha 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 constsnt rale of Interest on the remaining balance of the liability. Leases that do not transfer all the risks and rewards of ownership are classifi&d as operating leases. Rent81s 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. 7. Tangible fixed assets Land is slated al cost. Bulldings and equipment are staled at cost less accurnulated depreciation and any accumulated impairment losses. Expenditure on the acquisition or enhancement of land, construction and enhancement of buildings which is directly attributable to bringing the asset to its working ￿nditIon for its intended use and amouniing to more than £10.000. together with expenditure on equipment costing more than £1,000 is capilalised. Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is dere¢ognisad and expensed in the SOFA. Other expandilure on equipment incurred in the normal day-to-day running of the College and 115 subsidiarie5 is charged lo the SOFA as incurred. 8. Dèpreciation Depreciation 15 provided lo write off the cost of all relevant tangible fixed assets, less their estimated residual value. in equal annual instalments over their expe¢led useful economi¢ lives as fr)Ilows'. Freehold properties. including ￿alOr extensions 40 - 50 years Building improvements 10-40 years Equipment 3- 10 years Freehold land is not depreciated. The cost of maintenance is charged in the SOFA in the period in which il is incurred.

EXETER COLLEGE Statement of A¢¢ounting Policies Year ended 31 July 2022 At the end of each reporting period. the residual values and useful lives of assets are Temewed and adjusted rf necessary. In addition, if events or change in circumstsnces indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are r&viewed for impalmenL 9. Invè$tm¢nts Investment propertles are Initially recognised attheir cost and subsequently measured al th8lT fair value Imarkel value} al each reporting date. Purchases and sales of investment propertles are recognised on exchange of contracts. List8d investments a￿ initially measured al their Cost and subsequently measured at their fair value at each reporting dale. Fair value is based on their quoted price at the balance sheet date wlhgut deduction of the estimated future selling cost5. Investments such as hedge funds and private equity funds which have no readity idenlifiabla market value are initially measured al their costs and subsequently measured al their fair value al each repo￿ng date without deduclSon of the estimated future selling costs. Fair value is based on the most recent valuallons available fr¢Nn their respeGlive 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 'galns or losses on investments, and are allocated lo the fund holding or disposing of the relevant investment. 10. Other financial instruments a. Cash and cash equlvalents Cash and cash equivalents include cash at banks and in hand and short term deposits with a rnalurity date of three months or less. b. Debtors and Creditors Debtors and ¢￿ditorS receivable or payable within one year of the reporting date caTried al their transaction price. Debtors and creditors that are receivable or payable in more than one year and not sublecl lo a market rate of interest are measured at the present value of the expect8d future receipts or payment discounted at a market rate of interest. 11. Stock5 Stocks are valued al the lower of cost and net realisablg value, cost being the purchase pri¢e on a first ir), first out basis. 12. Foreign currencies The functional and presentath)n currency of the College and its subsidiarigs is pound sterling, rounded lo the nearest thousand. Transactions denominated in foreign currencies during the yearare translated into pounds sterling using the spot exchange rates al the dates of the Iran$8¢lions. Monetary assets and liabilities denominated ni foreign currencies are translated into wunds Sterling at the rates applying al the reporting date. Foreign exchange gains and losses resulting ffom the setuemenl of transactions and from the translation of monetary assets and liabilities denominated In foreign currencies at the exchange rates at the reporti'ng date are re¢ognised in the income and expenditure section of the SOFA. 13. Total Rèturn Inv¥$lment accounting The College stalules aulhorise the College to adopt 8 titsl return, basis for the investment of ils permanent endowment. The College can Invest ils permanent endowments without regard to the ¢api1811inGome distinctions of standard trust law and with discretion lo apply any part of the accumulated total return on the investment as income for spending each year. Until this power 15 exerGised, the lolal return is accumulated as a component of the endowment known as the unapplied lolal return that can either be retained for investment or released lo income at the discretion of the Governing Body.

EXETER COLLEGE Statement of Accounting Policies Year ènded 31 July 2022 14. Fund accounting The total funds of the College and its subs?diaries are allocated to unrestricted. restricted or endowment funds based on the terms s8t by thè donors or Set by the terms of an appeal. Endowment funds are further sub-divided Into pemianent and expendable. Unrestricted fLJnds can bè usèd in furtheran￿ of the objècts of the College at the disC￿tion of the Governing Body. The Governlng Body may decide that part of the unreslrScled funds shall be useé in future for a specific purpose and this will be accounted for by transfers lo appropriate designated funds. Restricted funds comprise gtfts. 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 bDlh the capital and any income arising must be used for the purposes given or the income on gifts where the donor has requlred or permitted tho capltal to be maintained and wllh the intention that the in¢Dm8 will be used foT specrfic purpose5 Wlthin the College's objects. Pemanenl endowment funds arise where donors specify th81 the funds are to be retained as capital for the permanent benefit of the College. Any part of the lolal relum arising from the Gapilal that is alloGaled to income will be accounted for as unrestricted funds Ijnless the donor has placed reslriclions on the use of that income, in which case it will be accounted for as a restricted fund. Expendable endowment funds are similar lo pernianenl endowment in that they have been given. or the College has detemiined based on the circumstances that they have been given, for the long-term benefit of the College. However. the Gove¥ning Body may al their discretion determine to spend all or part of the capitsl. 15. Penslon costs The College participates in Universities Suptsrannuation Scheme {USSI and the University of Oxford Staff Pension Scheme IOSPSI. These schemes are hybrid pension schemes. providing defined benefits {fDr members), as well as defined contribution benefits. The assets of the schemes are each held in a separate truslee-administered fund. Because of the mutual nature of the schemes, the assets are not allributed lo individual Colleges and scheme-wide contribution rates are set. The College is therefore exposed to acltjarial risks associated with other Universities, and Colleges, employees and is unable to Identify Its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 "Employee benefits. the College therefore accounts for the schemes as if they were wholly defined conlribulion schemes. As a result. the amount charged ID thè profit and loss account reprèsents the Contributions payable to each scheme. Sin¢e the College has enlered into agreements Ilhe Recovery Plans) that delemine how each employer within the schemes will fund the overall defi¢il, the College recognises a liability for the contributions payable that arise from the agreements Ito the exlenl that they relate to the deficitl and therefore an exp&nse is recognised. The College also contributes to the personal pension arrangements of one retSred employee. Contributions to this arrdngement are charged to the SOFA in the period in which they are payable. 31

Exeter College Consolidated Statement of Financial Activities For the year ended 31 July 2022 Unrestrkted Restricted Funds Funds £'o(x) £'ooo Endowed Funds £￿00 2022 Total £￿00 2021 Total £Doo Notes INCOME AND ENDOWMENTS FROM.. Charllable ac¢lvltles: Teaching, research and residential other Tradlng Income Donations and legaclos Investments Inve51menl incorne Total return allocated to income Other Income£JRS government 9rant Total Income 7,495 474 921 7.495 474 3.560 5.523 160 2.599 1,837 802 233 1.320 19 1,330 1,376 12.6501 1,628 1.424 13 331 10,037 10.451 3.186 14721 13.165 EXPENDITURE ON: Charltabl• actlviti•s: Teaching, research and residentlal 12.206 2,033 14,239 11,392 Generating funds- Fundraising Trading exp8ndlture Investment rnanagernent CO81s Total Exp8ndlture 621 418 1411 13,204 621 418 708 15,986 633 159 1,004 13,188 749 749 2.033 Net IneomellExpenditurel before galns 2,753 1221 2,821 3,151} Net Ilosse5) I g￿nS on investments 10.11,13 13581 14991 15.865 Net Incom81{Expendl￿rel 12,8941 1,153 11,5791 13,3201 12,714 Transfers be￿een funds 18 1.208 9481 12601 Net movernonl In fund$ for thg year {1.6861 205 11,8391 13,320) 12.714 Fund balances brought lorvard 18 49.932 5.264 88,513 143,709 130,995 Funds ¢arried forward at 31 July 48,246 5,469 86,674 140.389 143,709 None of the Group's activities wer8 acquired or discontinued during the at>ove two finanical pgriods. The Group has no recognised gains or losses other ihan those deall with in the above Ststement of Finanoal Activities.

Exeter College Consolidated and College Balance Sheets As at 31 July 2022 2022 Group £'ooo 2021 Group £'ooo 2022 College £'ooo 2021 College £'orM) Notes FIXED ASSETS Tangible assets Property inveslrnents other irnveslments 59.866 21,266 79,382 59.845 26.492 72.015 60.568 18,166 82.585 60,543 23,392 75,218 10 Total Flxod As$•ts CURRENT ASSETS Stocks Deb¢ors Investmant5 Cash at bank and in hand 160,514 158.352 161.319 159,153 92 2,067 8,576 4,459 87 697 13.200 4,122 92 2,208 8,576 4,277 87 994 13.200 3,688 14 25 25 Total Current Assets 15,194 18.106 15,153 17,969 LIABILITIES Creditor5." Amtsunts falling due bwthin one year 15 1,922 1.281 1,857 1.210 NET CURRENT ASSETS 13272 16.825 13,296 16.759 TOTAL ASSETS LESS CURRENT LIA81UTIES 173.786 175.177 174,615 175.912 CREDITORS: falling due after more than one year 16 29,839 29,836 29.839 29,836 NÈT ASSETS BEFORE PENSION LIABILITY 143,947 145,341 144,776 146,076 Deflned benefil pension scheme liability 22 3.558 1.632 3.558 1,632 TOTAL NET ASSETS 140.389 143,709 141,218 144,444 FUNDS OF THE COLLEGE Endowment funds Restricted funds Unrestrlcted funds De5igTrated funds Gengrdl funds 18 86,674 5,469 88,513 5,264 86,674 5,469 88,513 5,264 49,034 (7881 48.578 1.354 49,735 16601 49,277 1,390 140,369 143,709 141,218 144,444 The financial 5taiemgntS Were approv8d and authoris8d for issuè by the Goveming Body of Exeter College on 30 Nov8mber 2022 Mr Nitholas Badman (Trusie81'. AJu76 33

Exeter College Consolidated Stalement of Cash Flows For the year ended 31 July 2022 2022 £'ooo 2021 £'ooo Notes Net cash used In opèratlng activit18S 24 1.216 1,066 Cash flow$ frL)m Inwsting activities Dividends. interest and rents from investments Endowment related investment rnanagemenl costs Purchase of property, plant and equipment Proceeds from sale of investment5 Purchase of Investments N9t withdrawals from (additions tol current asset investments 1.628 17491 11,5541 8.138 110,7781 4,624 1,424 1935) 1623} 3.202 111,0841 17,0001 Net cash provlded byl (used In) Invesflng aetlvltl•$ 1.309 15.016) Cash flow5 frorn financing actlvltles Repaymernts of borrowing Finance cost5 paid Cash rnftows from new borrowng Receipt of endowment donations 112.8001 11,248} 29,836 346 15161 760 Net cash provlded byllnan¢lny a￿1VI￿¢S 244 16,134 Change In ¢ash and Cash equival8nts In the reportln9 perSod 337 52 Cash and cash equlvalents at the be9lnnln9 of the r•portlng perlod 4,122 4.070 Cash and cash aqulvalents at the and of tho r¢porting perlod 25 4,459 4,122

Exeter College Notes to the financial Statèmgnts For the year ended 31 July 2022 1 INCOME FROM CHARITABLE ACTMTIES 2022 £'ooo 2021 £'o Teaching, Research and Residential UnrÉsiricléd fuNJs TuitDn fe85- UK and EU 51udenls TuitKin fees- Overseas students Other fee5 Other Ofs suppjrt Other aGadeTDiG inwme Colleg& residential income Total TÈaching, Research and Resldentlal 1.541 1.485 93 182 425 3,769 7,495 1,543 1.271 100 206 354 2,049 5,523 The above analysis indudes £1,750k re¢eNe¢J from Oxford UnNersily from pU￿1¢[Y accountable funds under tho CFF Scheme 12021". £1,627kl. 2 DONATIONS AND LEGACIES 2022 £'ooo 2021 £Doo DoThatlons and LegaGle$ Unrestricted funds Restricted lunds Endowed funds 921 1.837 802 3,560 478 1,775 346 2,599 3 INCOME FROM OTHER TRADING ACTIVITIES 2022 £'ooo 2021 £￿00 Sub$ldiary company tradiTrJ income 474 474 160 160 4 INVESTMENT INCOME 2022 £'ooo 2021 £￿00 UnreslrKled fund5 Gommercial rent Equity divid8nd5 Inte￿st on fixed term deposits and cash 120 78 35 233 15 279 Resfri¢ted fimds Interesl on fixed term dep05ils and cash 19 19 20 20 Endow￿ lufrxls Agricultural rent Other property incom& Equity dividonds 253 173 950 1.376 290 393 442 1.125 Total Investmgnl In¢¢)mè 1,628 1.424 Und8r the Colkges ￿Vestrnent mandate. the profile of the relum locuses on growth bycarxtal oain as well 8s diwdend return. 35

Exeter College Notes to the financial statements For the year ended 31 July 2022 5 ANALYSIS OF EXPENDITURE 2022 £'ooD 2021 ewo Charltablo expondlture Direct $laff costs allocated to.. Teaching, res8arch and widenbal 5.425 4,724 Other direct costs allocated to= Teachlng, research and resident¥ 3.818 3.089 Support and goveman¢e ¢051s allocated lo.. Tea¢hing. research and resid8nlial 4,996 3,579 Total charitable e¥ponditure 14,239 11,392 Expenditure on 98neratlng funds Direct staff costs ailo¢ated to.. Fundraislng 386 410 Olhgr direct costs allocated to.. Fundra15ing Trading expendlture Investment managernent costs 174 152 1.001 700 Support and gDveman¢o ¢ost$ alloGatod lo.. Fundraisin9 Trading exp8ndltW8 Imieslment management ¢tssts 61 Total expenditur6 on ra181ng funds 1,747 1,796 Totsl expenditure 15,986 13.188 The above expenditure was represented by £13.204k 12021.. £10,414kl from unreslrl¢ted funds, £2,033k 12021.. £1,839kl from res¢ri¢ted funds and £749k12021.. £935kl from endowed ftmds. The College is liabl8 lo be assessed for ¢onlribution under the provislons of a new rtplaGernent for Statute XV ofth8 Unlversily of Oxford. The Contribution Fund is used lo make grant5 and loans to colleg8s on the bask% of need. The CU￿￿nt College Contribution Scheme ha5 been approved by the Council of the University. congregati￿ anc5 Her Malesly In Council and will run fcf a fixed p8ri0d ol tgn years, ¢￿dIng Sn the accounts pr8pared at 31 July 2029. The Cdlege's contribution is deterrnined annually based on performance. The papers 89reed by Coun￿4 51ipulate that Ihe charge due for a year is payabl8 in that year and therefore no oJlstsnding liabillty e￿St$ In respect Of 2022. No provision has therefore bEen rnade in these acceunls. The teachin9 and research costs includ& a Col*e Conlribulon of £37k12021.. £28kl. 36

Exeter College Notes to the financial statements For the year endèd 31 July 2022 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Teaching an¢J Research £'No Year ended July 2022.. Generating Funds 000 2022 Total rooo Finanry31 ¥n(I domes1¢ admirtislration Human resources 60 633 1( 258 1,533 520 1,92e 693 106 258 1,533 520 1,926 36 5,072 Depreaat Bank interest payable Olh&r financ8 charges G0vema￿e Costs 16 76 4.996 Teaching and Research Year ended July 2021- Generating Funds £'ooo 2021 To￿1 ro Financial and domestic admini8lralion Human re50urce5 623 677 106 259 1,513 1.248 12131 71 3,661 259 1,498 1.248 Deve￿atiOn Bank inlerast payable Other finan¢& ¢harges Governance costs 17 82 3,579 Flnan¢ial and domestic adrnini5traticffl, IT and human resources costs are attributed according lo the estimated slaff twne spent on each actiwty. Depreciation costs and profil or loss on disposal of fixed assets are allributed accoyding lo the use fflade of the underfying a55e15. Int￿$1 and other finance Gharge5 are atliibuted according to the purpose of the related ffinanclng. Goveman¢e C051s ar& allocated according lo the litne spent on eaGh aGbvily. 2022 rooo 2021 rooo Governance Gosts eornprise-. Audilo¢s 18muneralion- audit s8rvices (current y8arl Auo5ilorfs retnuneration. other Se￿￿eS Legal and other fees on constitutional matters 33 29 38 71 36 No arTK)unl has been included in governance costs for U)e dlre¢l employment costs or reimbursed expenses of the College Fellows on the b3S1S that these payments relate lo the Felltsws, InvrAvem&nt In the Collep's ch2rftable actlvllies. Details of the TemuNdraOon of thé Fellows and their r*mburs8d expenses are induded as a separate not8 Wthin ￿56 financial 8tat8m8nt5. 37

Exeter College Notes to the financial statements. For the year ended 31 July 2022 7 GRANTS AND AWARDS Durin9 the year the College fjJThled research awards and Lwrsarie5 to students from its reslrtcled and un￿StriCted fuThl as folbws.. 2022 £'ooo 2021 £'OLK) Unrestrlcted funds Gran15 10 individuals.. Scholarships, prizes and grgn15 BUrsa￿eS and hardship award8 Graduate sludentships Total unrestrlcted 49 47 13 63 16 Reslrlcted funds Grants lo Indlwduals.. Scholarship8, prizes and grants Bvrsaries and hardship awards Graduate Studantshlps Total r8strict8d 57 155 523 734 37 541 776 Total grants and awards 797 Withln the ￿1r$arleS and hardships awards ffgur8 abov*, Is the ttsst lo Ihe Coltege of Ihe Oxford 8ursary Sche￿. Studants ef thls College r8C8iV8d £69k12021: £76kl of Oxford Bursaries. The atr￿e costs a￿ in¢luded within the charitable 8XP8ndilure on feachSng and Research- See Note 5. 8 STAFF COSTS 2022 £'ooo 2W21 rooo The aggregate s18ff costs for the year were as follows.. Salaries and wages Social security ￿$tS Pension ¢osls'. Defined benefit schem83 Klovement In pension deficit liability 5.270 433 4.684 366 889 829 213 5,666 8,S18 The average nvmberof ernployees of the Coll898. exduding Trust8es. on a full time equNalent basis was as fc4bws'. 2022 2021 Tuition and research Collep residential Fund¢ising Support Total 34 93 33 83 13 147 12 135 The av8r8ge numberof employed Cdlege TNstees dLrring the year was 88 fdlcy•J8.' University Lecturers CVF Lecturers Other18aching and research Other Total 15 11 15 41 40

Exeter College Notes to the financlal statements For the year ended 31 July 2022 8 STAFF COSTS Icontl The foll￿ng infomath)n relates lo the employee5 of the C￿￿ge exduding Ihe colle￿ Trustees. Detalls of th& rernuneration and reimbursed expen5È5 cf the College Trustee5 is included as a separate note in thesè finanfaal slalements. The number of empbyee$ lexcludlng the College Trusleesl during the year whose gr05$ pay and benefits lexduding emNoyer Nl and penslon conknbulionsl fell within the folFowirE bands was.. 2022 2021 £60.001-E70,000 The number of the atthe em ￿&ye@S with r8tirem8nt benefits acrxuing in defined b8nefit schemes was. 9 TANGIBLE FIXED ASSETS Group: F￿ehOld land and Ildings £'ooo Plant and Fixtures. machinery fithng5 and 8quiprneTht £'OOD Total È'ooo Cost At start of year Addilions Disposals 71,919 1,366 2.558 188 12571 74.47T 1,554 12571 At end of year 73.285 2.489 75,774 Depr8ciatioD and impairmÈrtt At Start of y8ar Depreciation Cha￿e for the year DeP￿CIatiOn on dispos￿8 11689 1,375 1.943 158 12571 14,632 1,533 12571 At end of year 14.064 15.908 Nel btsok value At end of year 59,221 59.866 At stsrt ofyear 59.230 615 $9,845 39

Exeter College Notes to the financial statements For the year ended 31 July 2022 9 TANGIBLE FIXED ASSETS Icont.) College: Fre8hold land and buildiws £'ooo Plant and Flxtures, machlnery filtings and equipment Total £'ooo £'ooo £'ooo Co$t At start of y8ar Additions Disp058ls 72,619 1.369 2.557 188 12571 75,176 1.557 125T) At ond of year 73.988 2,488 76,476 Depreciation and ImpalrmÈnt At start of year Charge forthe year On di5posal8 12.689 1,37S 1,943 158 125n 14.632 1,533 12571 At gnd of yoar 14,064 15.908 Net book value At end of year 59,924 6Q.568 At start of year 59.929 e14 60.543 The Collgge has substantial long-held h18torfc 8sset$ all ol whSch are used kn the course of the Colkge's teaching and reS8￿h aclivilie5. These Gornprise 115ted buildings on the College sile. togelher bvilh their ¢onlen15 Gornpasing works of art, ancient L￿0k5 and manuscrfpts and other treasur￿ artefacts. Because of their age and, in many cases, unique naknre. ￿liable historical c05t infomation is not availab￿ for these assèts and c(MJld not be obtained except at dkspfopc*TUonat8 8XP8ns8. How8ver, In the oplnlon of Ihe Trustees the depre￿ated historical cost of these assèts Mw SmtnaterMI. 40

Exeter College Notes to the financial statements For the year ended 31 July 2022 10 PROPERfY INVESTMENTS Group 2022 Total rooo 2021 Total rooo Awcullur £￿00 Other £000 ValuaiK)n at stsrt of year Disposals Revdu81ion gainslllossasl in the year 18,302 15,eooi 242 8.190 26,492 15,6001 374 22,689 17001 4,503 132 Valuallon at end of ye¥r 12.944 8.322 21.266 26.492 Cdlagè 2022 Total £'ooo 2021 Total £'ooo AgrfcultsJr81 00 Other £'ooo Valuation al siart ofyear Oisposal$ ReV￿UatIOn gain510055e51 in the year 15,202 15,fj001 242 8.190 23,392 15,6001 374 19.589 17001 4.503 132 Valuation at ertd of year 8,322 18.166 23,392 A fomial valuation of the agr￿ultural and other properties was prepared tsy Savi115. the Cdlege Land Agent as at 31 July 2022, the basis of the valuation being open market value as defined by the RICS Appraisal and Valuation Manual. In September 2021, the College completed the sale of Sutton Lod9È. an invÈslmwt property In Oxfordshiré al ils July 2021 market value. 11 OTHER INVESTMENTS AJI investments are held at far value. 2022 £'ooo 2D21 rooo Group Investments valUat￿n al start ofyear Naw money iTrv8st8d Arnounls vrithdrawn ID8cr88sel l inuease in value of nveslments 72,015 10.778 12,5381 18731 52,071 11,D84 12.$021 11,362 Group Investm8nt5 at end of year 79.382 72.015 Investment in subsidiaries 3.203 3.203 Coll990 investments at end of 82,585 75,218 41

Exeter College Notes to the financlal statements For the year ended 31 July 2022 11 OTHER INVESTMENTS IconLI Group Investments comprlse: HebJ eutslde theVK £￿00 Id In the UK £￿00 2022 Held outslda Total thè UK £'ooo £ti)o Held in thÉuK £￿0 2021 Total rooo Equity inv8$1m￿¢S Global multi-assetfunds Property funds Fixed Interest stocks Allernalive and other Inyeslments Fixed terrn dep0511s and cash 4.648 66,173 13.289 42,975 13,289 43.180 1,053 2,624 4,507 7,362 63,461 2.722 205 1,053 2,624 4.507 4.986 213 3.362 5.199 3,362 7,362 Total group Investments 73,085 6,297 79,382 63.395 8.620 72,015 12 PARENT AND SUBSIDIARY UNDERTAIUNGS The College ha5 th8 following WhO￿Y ¢iwne(I subsldlarie5.' Exeter Coll89e Tradiw Llmtted. a company prowding ecrferenGe aThJ other event servre5 on the College pr&mi88s. Collexoncotoo ￿rnIted, a company provldlng design and build constructron services to th8 Collegg. Yew Tree Hill Devefopment Company Limlleé. a property investment company and Ch￿ker Hall Company Lirniled. a property Inveslm8nt ¢ompany. The re$ulls and assets and liabili￿88 of the Po￿nt and subsidiaries at th8 year end wero as fdk)w5'. Exeter Cd18ge Exeter Collexonc- Yew Tree Checker College oioo Lid Hill Dev Co H#ll Co Lt¢J Trading Lt Ltd £.￿0 e'ooo £'o)o Income Expenditure Result for Ihe year Donation lo Co118ge under9ift aid 12,217 15.462 13.2451 16 439 423 16 131 141 1841 Movwnenl in reserves 13,2291 184 Total assets 176.472 135,2541 81 77 (701 3,128 11051 141 Net fvnd5 at the eThJ of ye¥ 141,218 3,023 42

Exeter College Notes to the financial statements For the year ended 31 July 2022 13 STATEMENT OF INVESTMENT TOTAL REfuRN The TNstee5 have adopted a dvly aulhorised policy of total relum acwJnling for the College rnvestrnent retum5 a5 prowded in the College Slalutes. The invostment relum to be ap￿ie￿ as incotnB is caloulaled a5 3 25% of the average of tl¢ inflalion-adjusted year•end values of the relevant investments for the last 5 years. The preserved lfrozeTrl value of the invested endowment capital r8pr&sents Its open market valu8 In 2W2 logather wllh all subsequent endowments valued al date ofgfft. Permanent Endowment Unapplied Total Return Expendable Endowment Total Trust f(* Inveslmant Total £000 £￿0 rooo £'ooo At the beglnnlng of th8 year: &ft ci)mponÈnt of the pÈrmanent endowment Unapplied total retLm Expendable endowment Total Endowrnonts 15.811 15.811 21,572 15.811 21,572 51,130 88,513 21,572 51,130 51,130 15,811 21,572 37,383 MoverneDt5 in the reporting peri¢>d.. ft of ondowm8nt funds Inve51menl return.. total investment income Investment return.. r?alls￿ l unrealised gans & losses Less.. Investmont Man8￿Ment ¢osts Total UnapJied total relum albcated to income In the reporting period Expendable endowments transferred to Incoffle Total alloG3tion 171 171 579 631 797 12071 434 787 802 1,376 13581 749 1,071 579 13151 113 1315 284 171 11,5361 260 11,7961 12,6501 260 12.9101 Net movements In reportlng petlod 171 {1,0011 18301 11.0091 11.8391 At Ènd of thè ￿PortIng p8rlod.. Gift component of the permanent endowment Unaplied total return Expendable endowment Totsl Endowments 15,982 15.982 20,571 15,982 20.571 50.121 86,674 20,571 50.121 50,121 15,982 20.571 36.553 43

Exeter College Notes to the financial statements For the year ended 31 July 2022 13 STATEMENT OF INVESTMENT TOTAL RETURN IGonLI STATEMENT OF INVESTMENT TOTAL RETURN Iprior yearl: Pernianent Endowment Unapplled Tofal Return Expendable Endowment Total Trust for InvestmÈnt Total £000 £'ooo rooo £￿0 ro At the beglnning of the year: Gift component ofthe permanent encSJwrnant Unapplied lolal retum Expendable endowment Total Endowments 15.639 15,639 15.866 15,639 15,866 43.371 74,876 15,866 43,371 43,371 1S,639 15.866 31.505 Movernents in the reporting perlod.. Gift ol e￿OWMent funds Recoupment tsftnjst lor inve51rnfnt locati￿ from trust for investment Investment r8tum'. total Investment income Investment return.. realised l unr8alised galns & losses Less.. Investment management ¢osts Totsl Unapplied total ￿t￿rA allocated to income in the reporting period Expendable endowrnents transferred to Inccmo Total allocatlon 172 172 174 346 474 6,663 393 6.744 474 6,663 393 6.916 651 9,202 542 9.465 1.125 15.865 935 16,401 172 11.0381 11,0381 11,4211 305 11,7261 12,4591 305 12,7641 11.0381 11.0381 N¢t mov¢m¢nt$ In reptsrting p8rlod 172 5,706 &878 7.759 13,637 At end of the reporting period- Gift component of the permanent endowment Unapplied lolal retum Expendable endowment Tolal Endowment5 15.811 15,811 21,572 15.811 21,572 51,130 88,513 21,572 51,130 51,130 15,811 21,572 37,383 44

Exeter College Notes to the financial statements For the year ended 31 July 2022 14 DEBTORS 2022 Group £'ooo 2021 Group £'ooo 2022 Colleg• £'ooo 2021 College £'ooo Arnounts lalling due within one year.. Trade debtors Provislon for bad debt Amounts owed by group urKlertaknn95 Prep8yments and 8ccrued income Olhei debtor$ 530 11061 261 1761 241 (761 317 372 140 994 (981 194 1.498 145 2,206 1,498 145 2,067 372 140 697 15 CREDITORS: falllng due wlthln one year 2022 Group £'ooo 2021 Group 2022 ollege 2021 CollegÈ £'ooo £'ooo TradÈ creditors Taxation and social Security A¢cruals and d8ferred income Other creditors S24 150 980 268 1,922 370 91 558 262 1.281 524 130 935 268 1.857 356 85 507 262 1.210 Deferred inwrn? comprises £32k12021.. £42kl for conference deposit5, £88k12021.. £23kl fot SLJmmer School Income and £77k 12021.. £37kl other deferred incoTrE induding lor sbjdent vacation rent. all of which relates to thè ftsllowng finanoal year. Other cre(lor5 include £17k12021.. £16kl loan Interest payable fortr period to 31 Jthy 2022. 2022 Group £'ooo 2021 Group £'ooo 2022 College 2021 College rooo Deferred Inwme at start of year Deferred in¢omÈ rel&aséd In the year N8w income deferred lo following year D8ferred inwme al end ofye 102 11021 197 197 108 11081 102 102 102 11021 197 197 11081 102 102 45

Exeter College Notes to the financial statements For the year ended 31 July 2022 16 CREL)ITORS- falling due after more than ontr year 2022 Group £'ooo 2021 Group £000 2022 College £woo 2021 College £'oLh) Bank loans- due in more than 5 years 29,839 29.639 29.836 29,836 29.B39 29,839 29.836 29,836 In January 2021, the College raised £30rn Ma a private placement primwly to refinanGe the exi51ing £12m loan that was obtained for the construction of the Cohen Quad site. The balance will be used to fund varfous capltal prqe¢ts In Ihe medium tem and partly invested to repay the loan when ft matures. The loan is repayable in January 2068 and cairies a fixed Inte￿$1 rate tsf 1.72Yo. At 31 July 2022. th8 loan is stat8d net of unaffK>rti$od atrangernent faes of £161k. 17 PROVISIONS FOR LIABILITIES AND CHARGES There were rK) new provi5ion5 at the year erKI12021.. £nlll. 46

Exeter College Notes to the financial statements For the year ended 31 July 2022 18 ANALYSIS OF MOVEMENTS ON FUNDS Al 1 August 2021 £'ooo 37,383 17,004 Incoming Resources resources expended £'ooo 315 11441 Gainsl At 31 July Ilossesl 2022 rooo rooo 151 1691 Transfers £'ooo 1.114 15091 £'ooo Endowrnent Fund$- Permanent Tuition & Fellowship Support S¢holarshlps, Exhlbllk)ns. Prfzes and Travel Funds Sludenlships Student Assistance, BL¢f8aries and Hardship Other Funds 435 16,717 6,011 11.414 2.750 204 93 1501 11781 13391 1821 1241 1461 5,852 11,109 1676 198 176 42 1231 121 Endowm¢nt Fund$- Expendable Tuition & Fellowship Support Sludenlships Student Assistance. Bursarfes and Hard$hlp Oth&r Funds Exeter College Man Fund 51.130 5.407 2,008 3.352 620 39,743 434 1451 1211 1291 151 13341 1,7961 20 1221 50,122 5.262 2,481 3,350 605 38,424 83 580 143 10 613 1761 11021 1141 121 11591 11,4391 Total Endowment Fund$- Group and Collegè 749 358 88.513 2.178 86,674 2,910 Restricted Funds Tuition & Fellowship Support Scholarships. ExhibitK>ns. Prizes and Travel Fund5 Studenlship5 Siudenl Assistsn¢e. Bursaries and Hardship Other FunLIs 510 571 604 492 143 736 296 3.579 33 119 1631 I4￿) 11591 11221 151 419 179 18S81 778 318 3.730 1.131 Total Restrlcted Funds- Gr¢>up and College 5.264 2.033 382 S,469 Unrestri¢ted Funds Designated fund8 Fixed Assei Resetve Olh8r Designated Reserves General funds 47.845 1.432 1,390 21 47.866 1.869 16601 518 8.615 113.0311 2.507 Total Vnrestrlcted Funds- College 50.667 13,112 141 2,$28 49,075 Unre8trict8d funds held by subsid1￿eS Ccnsolidalion adj investrnenl In subsldlary Consolidation adj on Construction Contract wlth Subsidiary 14 1921 ITRI 1501 ISGI 16991 121 17011 Total Unre$tritted Funds. Group 49,932 13.204 2,528 48,246 Total Funds 143,709 13,165 115,9861 14991 140.389 Vnrt$lrf¢ted lund• DeGlonatt4J fvnd$ RèstilGtsd Pè¢maoe En&Jwrn•nt Transfers detail Endowm•nt Tot*1 Transfer for investrnent tolal retum Other transfers Addilimal transfer from endowment Remov81 of restriction on ￿brary funds Oesignalion in year 1.320 66 260 1,330 1661 11.536 12601 882 21 18821 1211 Total 1,625 903 382 11,1141 Designated transfer5 reflect the movernent In the net book value of tarYJibl$ fixed assets. 47

Exeter College Notes to the financial statements For the year ended 31 July 2022 ANALYSIS OF MOVEMENTS ON FUNDS Iprlor yearl Al 1 August 2020 £'ooo In¢omin9 Resourc reSoUr￿S exp8nd8d £'o 393 11791 GaTnsl At 31 July 11055esl 2021 £'OtX) £￿00 37,383 17.004 Tran5 £'ooo 1.038 14721 £'ooo Endowrnent Funds- Permanent Tuition & Fellowship Support Scholarshlps, Exhlbitions. Prr4es and Travel Funds Studentshlps Sludenl A5S15tance, Bursaries and Hardship Other Funds 14,238 388 3,031 5,094 9.672 2,330 173 76 145 35 1631 11201 1291 121 11671 13171 1761 161 1.071 2.034 49) 36 6,011 11.414 2,750 204 Endowment Funds- Expendable Tuition & Fdlokvship Support Student8hlps Stud&nl A5SlStanc8. Bursari85 and Hardsh￿) Other Funds Exgter College Math Fund 43.371 4.565 1.693 2,e70 524 33,919 541 1571 1.726 11471 1701 51.131 S,407 2.008 3,352 620 39.744 68 40 202 978 366 606 112 7.140 1351 171 14211 1171 11,4011 507 Total Endtswment Funds- Group and Colleg8 74.878 93 1 471 15.865 1764 86.513 RestriGted Fund5 Tuition & Fellowshrp Support Scholarships, Exhlbilions, Prizes and Trdvel Funds Studenlships Student Assistance, Bursyries and Hardship Olher Fund5 362 19341 579 510 124 787 195 3.570 63 45 35 1,290 1821 14851 1981 12401 38 389 143 738 296 3,579 11,0411 Total Rèstrfctod Funds. Group and CoJleg8 5,179 1.839 129 5.264 VnrestriGted Funds Designated funds FIK8d Asset Reserv8 Other Deslgnated Reserve5 General fund8 47,935 1901 47,845 1,432 1,390 11771 110,2371 2.172 6,680 2,775 Total Unrestrlcted Funds- Colle9è 51,627 10.414 50.667 Unrestricted funds held by subs￿rarI8$ Consolidation adj inve51rnent in subsidiary Con501idation adj on Construction ContractyAth Subsidiary 10 14 1501 1501 16971 121 16991 Total Unrestricted Funil$. Group 50.940 IOA14 2,635 49.932 Total Funds 130,995 10,037 113,1881 15,865 143.709 Vnrestrf¢led funds Des1￿￿ted funds Ru¥trfctqd funds PorrnanoTht ExpAndab E￿d0yThnt Tr4nsf¢rs detall Total Transf8rfor Invesknent total retum Removal of ￿Striction on CQ fund Additional transfer from endowment Removal of restriction cn Library funds DesIgnatI￿ in y8ar 1244 1,215 18001 15 13011 11.0381 11,4211 290 (3051 301 1901 90 Total 2.424 211 129 11.0381 11.726 Designat￿ tran$fers reflect Ihe movement in the net book value oftangible fix8d assets. 48

Exeter College Notes to the financial statements For the year ended 31 July 2022 19 FUNDS OF THE COLLEGE DETAILS The fdlowlng is a summary of the origins and purposes of each of the Funds.. Endowmont Funds- Perman8nt- Tuition & Fellowship Support A total of fourteen Trust Fund5 whert the ¢an bg spènl on Fellowship suPp￿rt In 5pecifK subject argas, but the Or￿ana1 Ca￿t￿ cannot b8 spent. Stholarship$, ExhibilKJn$, Pr and Trwel Funds A lotsl of fjve Trust Funds Whe￿ i￿ome tan be spent on student scholarships, exhibilions. wxes and travel funds. Th? orlglnal capital cannot be spent. A total of 818ven Trust Fund5. the purpose of whi¢h Is to pay a conlrlbution towards, or all, of tho University and Cdlege fees together with a mainlenanco grant. Each FU￿ speGifies the sub]ecl area and academic achievements needed lor each award. The Original capllal cannot be SP￿1. studenlship5 StudentAssistance. Bursaries and Hardship A ¢olal of four Trust Fund5, the incijrne of which is lo provide financial assistance to undergraduates andlor graduates dep8nd&nt Lyon their financial need. Th& Capital cannot bè s￿nt. Three Trust FurvJ5 for 5peGifiG purposes of th8 Conege. The capital cannot be spent. Olh8r Funds Endowment Funds. Expendable: Tuition & Fellowship sUp￿rt A total of five Trust Funds where the incorne and capital. if required. Can be spent on Fellowship support in specific 5ubjeGI areas. Three Ttusl Funds, the purpose of whlch Is lo pay a conlribution towards, or all. of the Unwersity and Cdlege fe8S tog8th8r wth a rnaintenance grant for a grgduale sludenl. Th8 inwme and capital rn8y b8 spent. Six Trust Funds providing financial assslance lo undergraduate and graduate student8. Both the income and capital can be spent. Four Trust Fund8 for varicus purposes where both the income and capltal can be spent on the restricted PUr￿e of the Fund. This Fund represents donatk)ns accurnulaled over many de¢atles and ¢L￿n¢ pollcy Is to Invest 11 over the loTrJ term future of Ihe College. Both incDtnÈ and capital can be Spenl on the general ￿juc#t1OnJ wrpo$e$ or the coll￿8. Studentshlp8 StudentAssistanc8, Bursarie5 and Hardship Olher Funds Ex8t8r Colleg? Main Fund R¢$trl¢ied Funds.. Tuition & Felbw5hip Support A censolidalion of gifts and donations where both inGotne and capltal can b? used for tuition and fellowship 5UPPOrt. In￿rne genernled from endowm&nt is allocated to these funds and, if nE spent. 1$ avalaNe In futur8 years. Scholarship5. Exhibits'ws. Pr￿e$ and TTrvel Funds A consolidation of grfts and donations where both IncA)mè and ca￿181 can be u88d for schol£rships and exhibitions. In¢ome generated from en￿￿ment is allocated to these fUr￿S and. if not spent. 1$ available fu future years. studentAsslstance. Bursarfes and Hardship A ¢on50Udalion of gifts and donauons whera both InoJrn8 and capllal can be u58d for student assistance and hardship. Income generated trorn endowment is a150 albG8ted to these funds and. if not spent, ts available for future years. Other Fund5 A consolidation of gifts and donations where bDth IntomÈ 8nd capital can be spent on various restricted purposes. 11 indudes major d￿tiOnS from W.N. Jackson1£3ml, Biz Stone I£0.8tnl and A Bart & C M Holaday I£0.8ml tc¥wards the refurbi5hmenl of the Colleges library. 49

Exeter College Notes to the financial statements For the yearended 31 July2022 19 FUNDS OF THE COLLEGE DETAILS IconLI Deslgnated Funds: Fixed asset deslgnated Lknr8slrfct8d Funds ￿1¢h are reP￿Sented by th8 fixed assets of the College arsd therefore not availablè for expenditure on the Coilege's general purposes. General designated reserve Unrestrtcted Funds allo¢aled by the Fello￿ for future Costs of $pe¢ll* prolects. The General Unrestricl8d Fund$ rep￿sent accumu18tsd Incorne from the Gollege's 8ct5villes and other sourc8$ Ihat are avallable for the general purpos88 ofthe Cdlege. 20 ANALYSIS OF NET ASSETS BEfwEEN FUNDS As at 31 July 2022 Unre8trlcted Restritted Endowment Funds Funds Funds £'ooo £'ooo 2022 Total £'ooo Tangl￿8 fixed assets Borrowings Property investments Securities and olher inveslmenls Net current a55ets (including pension provi5ionl 59,867 129.8391 59,867 129,8391 21.266 79,382 9.713 21,266 65.302 14,080 4,138 4469 48,246 5,469 86.674 140,389 As at 31 July 2021 Unre5trict8d R8strict8d Endowment Fund$ Funds Funds £000 £000 £￿00 2021 Total £'o Tangible fixed a558t5 Borrowngs on acquisibon of fixed B55ets Property Investments Securities and other investments Net current assets lincludiry pension prcvisionl 59,845 129,8361 59,845 129,8361 26,492 72.015 15,193 26.492 62.015 10,0 9,923 5.284 49.932 5.264 88,513 143,709

Exeter College Notes to the financial ststements Forthe year ended 31 July 2022 21 YRUSTEES. REMUNERATION The Felbws who are the Trustees of the Cdlege for Ihe purpDses of charity law receive no remuneration for acting as tharity INslees but ar& paid by either c* both of the University and the College f￿ th8 academic or other services Ih8y provide lo Ihe cdtege. Trustees of the Gollege fall into the foll¢)wn9 Categorie5- Rector Professorial Fellow Offidal Feifow Fellow by Special Election R￿earch Fellow Those Trustee5 who are a150 employee5 of the College receive salares for their work as 8mployees. These s818ri8s ar8 paid on external academic and a¢•demi¢-related scales and often are lolnt arrangements wth the University of Oxford. 29 Official Fellows e on a joint èppointment ￿1th the Urxversity of Oxford. Th8 r￿UneratIOn disdosure below relates to rernuneration that is paid by the College. All Official and ResearGh Fellows a￿ eligible for a Housing Alawan¢e, wtrwch is disdosed wlhin the salary figures balow. Six Tru5tee5 live in housÈs owned by the College and pay market rÈnl on a monlNy basis. SOMÈ TwsleÈs reC￿ve additional allc>wances for additional work c8rried out as part time College olficers. for example. Ihe Su Rector, Computing Fellow and Fellow Librarian. These amounts are induded wthin the retnuneralion figures below. The total remuneration and taxable benefits a5 shown below is £1.535.96512021.. £1,S14,2471. The total of pensDn contributions are £￿7,376{202l.. £283,7801. As a consequence of Ihe different remuneration of Fellows dependenl on type of appointtnent leo joint or College-onlyl and lypt of Felbwship leg. Research or orr￿la1 Felkiwl, thore Is a wlde variation In levels of pay. The Cdlege has a Remtsnerats(￿ Committee w￿Ch makes recomrnerAations lo Gov8min9 8ody on pay and benefits which a outside ofexternal scales. The comwsilion of the RÈmuneralion Committee is sel out on pages 2 to 4 cf the IFuslees' report. 51

Exeter College Notes to the financial statements For the year ended 31 July 2022 21 TRUSTEES, REMUNERATION {cont.I Remunerat1￿ pabd to Trustee5 2022 2021 Numberol Yrusteesl Fellows ross rernuneration. taxable benefits and nsion contribution5 Numberof Tru3tee51 Fdlow5 ross remuneration, tsxable benefits 8nd n51M conlrilyJlions Range £1000- £1999 £3￿0- £3999 £4000- £4999 £9000- £9999 £10000- £10999 £110(MI- £11S99 £12000- £12999 £13000- £13999 £17000- £17999 £20000- £20999 £21000- £21999 £23000- £23999 £24000- £24999 £2500D- £2S999 £260ffl- £26999 £28000- £28999 £29000- £29999 £30000- £30999 £31000- £31999 £33000- £33999 £36000- E3fj￿9 £39000- £39￿9 UOOOD- £40999 £4200D- £42999 £44000- £44999 £45￿0- £45999 £47000- £47999 £48000. £48999 £49000- £49999 £51000- £51999 £52000- £52￿9 £53000- £53999 £64000- £54999 £5500D- È55999 £57000- £57999 £58000- £58999 £59000- £59999 £65000- £65999 £69000- £69999 £73000- £73999 £￿000- £85999 £89000- £89999 £91000- £91999 £92000- £92999 £94000- £94999 £96000- £96999 £10SOOO- £105999 1,855 3.332 4,597 5,738 7,130 10.234 11.162 1,96S 3,273 10.8 12,081 17,776 20,359 22.009 23.764 264,291 50,959 28,309 118.805 97,756 25,018 ,334 30.514 31.604 32.680 s3.￿0 35,750 36.616 39.858 81.710 42.069 40,561 42.685 46,283 47,978 47,270 49,318 $0.006 51,303 53.037 54.038 53.792 55,122 56,289 57.815 117,081 119,175 58.908 59.140 120,695 69,388 73,92B 89,238 73,006 85.609 89.447 91.813 105,030 182.052 106,884 111,7S6 115.063 116,161 Totsl 45 1,833,341 42 1,798,027 14 trustees are not employee8 of colkge and do not recelve remunerallon. 7 tru$leos were etnployed aftw ¢he financial year entl. AJI truslees may eat al common t*l8. as can all other emptoyees who are wltled to meals while working. 52

Exeter College Notes to the financial statements Forthe year ended 31 July 2022 21 TRUSTEES. REMUNERATION Icont.) Othér transactlons wlth trustetrs Total expenses of £26,853 were paid to 20 iru81ees 12021.. £24.590 trj 23 trusteÈsl. Of this total, £384 12021.. £4,709) was reirllburse(I travel costs, £25.59712021.. £19.4991 was reimbursed books, research and entert8inr￿nI allowances 2nd £89212021.. £3821 wa5 for other minor ge￿ra1 expenditure incurred in Iheir capacity as a Fellow of the Coll8ge. See also Note 30 Related Party Transa¢tlons. Key managernent remuneradon The t¢Jt81 remuneration paid to kay managem&nt, ofwhom 8 number a￿ trustees, was £725k12021.. £676kl- Key manag8Tn&nt are considered to be the Rector, Financ8 & Eslales Bursar, Acadarric Dean, Domest￿ Bursar, College Accountant, Director of Development and Alumni Relab'ons and the Academic Registrar. 22 PENSION SCHEMES The Collegtr partScipatÈs In two prlndpal $¢homes Its staff - the Univ8rslti8s Sup8rannuation Schom8 IUSSI and th8 Unwersty of Oxlord Staff Pension S¢heme IOSPSI. The assets of the srhernes are eaGh held in separBte Iruslee-adtDini51ered fvnds. USS and OSPS schemes a￿ ¢ontr￿u¢0ry mlxed benefit sthemes11.e. they provSdo benefits on a defined benefit basis- based On lenoth of service and p8nsion8bf8 salary and on a defin8d contribution basis- based contributions into the scheme). Both are mulli-employer scherne5 and the College is unable to identify its Share of the undertying assets and liabilities relating to defined benÈfils of ea¢h scheme on a ¢onsislent and rea50nable basis. Therefore, in accordance with the accounting standard FRS 702 paragraph 28.11, thÈ Colege accounts for the $Ghetnes as if they were defined c￿tributi￿ 5chernes. As a re5ulI, the Smount charyed to the Stat8rnent of Financial Actiwues represents the ¢onlrfNJUons payable to the sthemes Sn respect of the accounting period. In IFE event of Ihe wlhdrawal of any of the p8rtiapating employers in USS, the amount of any pension fundlng shortfall Iwhlch canrnt be otherwise recovered) in respect of that emrAoyer will be $pread a¢ro$s the remaining parh¢ipating gmployers and reflected in the next actuarial valuation orthe scheme. However, in OSPS. the amount of any pension fuThling shortfall in respect of anywilhdraMng partitspaiing employer￿11 be charged to that employer. other penslon $cheme$ The Collège has made avallablè a National Employment Savings Trust INESTI for Ga5ual workErs who are eligible to pen510 be￿rIt8 under automatic enrdmenl regulations. 53

Exeter College Notes to the financial statements For the year ended 31 July 2022 22 PENSION SCHEMES IconLI Scheme5 accounted for under FRS 102 paragraph 28.11 as defined contrlblrtlon schemes A¢tuarial ￿lIlatiOnS Qualified actuaries periodic￿lY value the Stheme5. Both USS OSPS were valued uslng the 'prok¢tsd unlt" method, embracing a market value 8pproach. The resultSng levels of Contribution take account of actuarial surOuses or deficits in each $GhÈme. The financial assumptions were derived from market eondilions prevailing at the vduation date. The results of the latest 8Ctuarial valuabms ond the 855umplions which have the most signifi¢ant effe¢t on the results of the latest valuation5 and the delermlnalion of the contrlbutiort ￿ve15 are Shown In th8 followng table. uss 311D312020 3010912021 £80.6bn £66.5bn £14.Ibn osps 311D3I2019 1giiK12020 É848m £735m £113m Dale of valuation Dale v81uation results bli$hed Value of liabj'lilies Value ofassets Fundin Principal gssumplions: Dlscount rale Inwrest Gilts +0.5%. 2.25% ¢urve plus 1%- 2.75%. Rate of In￿aSe In sgrgries Rato of increase in pensions RPI CPI +0.05% Averdge RPIICPI Assumed lrfe 8xp8ctsncies on refjrement at age 65: Males currenuy aged 65 Fefflales ¢urrenly aged 65 Males currenuy aged 45 Female$ curren Fu￿[￿9 ratios.. T8chnical provl8lons basls Statutory Pension Protect￿￿ Fund basis -oul' basis Ernployer contribution rate las % of pensionable salaries).. 23.9 yrs 25.5 yr$ 25.9 yrs 27.3 21.7 yrs 24.4 yrs 23.0 yrs 2S.8 83% 64% 51Yo 21.1% Increased to 21.4% on 1 Oct2021 74% 190 Effective date ol nexl valuation 3110312023 3110312022 The discount rate (forward rates) fcf th8 USS valUat￿n was.. FIx8d thteresl gill yield ¢uNe plus: pr￿etIreMent 2.75%, p051-retirerr*nl 1.00% The discount rale for the OSPS valuation wa5.. Pre-relirernent.. Equal lo the UK nominal gill curve at the valuaoon date plus 2.25% p.a. at each terffl. P05t.retir￿ent.' Equal to Ihe UK Th)minal gilt curva at th8 ValUatK￿ date plus 0.5% p.a. al e¥h term. Penslons InC￿ast$ ICPII for the USS valuation were.. T8rm d8p8ndent rates in Iln& the ¢JIffe￿nce belween the Fixed Interest and Index Linked yeld curves. 18S8 1.1% p.a. to 2030. reducing linearfy by 0.1% p.a. to a long term dlffereThce of 0.1% p.a. from 2D40.

Exeter College Notes to the financial statements For the year ended 31 July 2022 22 PENSION SCHEMES Icont.) RPI inflation 15 derived from the geometric difference bethen th? UK nomlnal gilt curve and the UK index-linked curve at the Va￿allon date, less 0.3% p.a. at each t8rm. CPI inflation is deriv&d from the RPI inflation as5urnpl¢on, less the Scheme ActUa￿S best eslirnate of the long-term difference belween RPI and CPI inflation as applie5 from tirne to tiNE11.O% p.a. a5 at 31 Mar¢h 20191. For pension Increases linked to inflabon. a p￿Slon increase curvÈ is ¢onstrucled based on 8llher the RPI. CPI or th& average of th8 RPI and CPI inff8tion curvÈs described abovÈ, adiusled lo allow for different Ma￿muM 2nd minimum annual increases that apply, and the SchemeAciuarys best asb.mate of inflatk)n volalillty as applias Irom tim? lo Ilme. Th8 USS snd OSPS employer contribution rale8 indude provision8 for th8 Cost of futur8 accnjal of d8fined b8neflls, defiut contribub'ons, adrninislratNe expenses and defined Contribut￿$. Sensltivity of actuarlal valuatlon assumptlons Surpluses or deficits which arise at future valuation5 may impact on the College'5 fvlure contribution comtnitrnent. The sensitiwlies reg¥ding the principal assumpt￿￿$ useo to Measu￿ the s¢heme liabiblios ar& setout beluw.. uss Assumptlon Initial pre-reliremenl discount rate Posi4elirernent discourtt ratè Change In assumptlon Impact on USS increase by 0.25% decrease b 0.25% acrease b O.1¥, prudent a55Utnption Ireduce the adjustment to the bas8 mortallty tabl& by SOA) more prudent assumption lincr8ase the amual mortality irnprovemenls long- lerrn rates by 0.2Y¢ decre25e b £1.3bn increase £2.8bn decrease b E1.5bn cpi fe expe¢tancy increase by £1.2bn Rate ofmortality increase by £0.6L osps Impact on OSPS tèchnic#l rovisions increase b £45m incr&ase b £40m Assu Valuation rate of interest Cha e In assum tion decrease b 0.25% increase b 0.25% RPI D8fic5t Recovery Plans In lin& with FRS 102 paragraph 28.11A, Ihe College ha5 recognised a liability for the conlribuuons payable for the agreed deficil fundirg plan. The prinCi￿e assurnption5 used in these calBuktion5 are tabled below.. 2022 2021 uss osps 31m312038 3110112Q28 uss osps 3110312028 3110112028 nlsh date for tha defidt recovery ￿an Average Staff nurDb¥ increase Average staff salary increase Average discount rale over per Effect of a 0.5% change in discount rate Effect of a 1°A d)an e In staff rowth 4% 0.89% £14k £28k 4Y 0.89% £14k £27k 3.34% £110k £235k 3.19% £22k £45k A provision of £3,558k has be8n made at 31 Juty 202212021.. £1,632kl for the present value of the estirnated future defiat funding elernenl of the contribubons paya￿8 under these agre￿an18. uslng the assurnptnns shth4n. The provlsion reduc8s as the deficit is paid off according to Ihe pension recovery scherne.

Exeter College Notes to the financial statements For the year ended 31 July 2022 22 PENSION SCHEMES IconLI Pension charge for the year The pension charg8 recor(Jed by the College during the accounting period was equal to the contribulior5s payable 8fter allowanc8 for the deficit recovery plan. The USS pension charge for the year of £2.467k 12021.- £318kl represents ￿ntribUt￿n$ of £557k payable to the USS 12021.. £524kl as adjusted by th8 change in the defirAt fwding liability b8Nveen the opening and dosing b&ance sheet date5 of £1,910k 12021." -£206kl. Th8 OSPS penslm ¢harge for the year of £369k12021.. 285kl ￿preSentS contributions of £331k12021.. £292kl payable to Ihe OSPS as adjusted by the change In the defKit fvnding liability bthaen the opening and ¢lo$in9 balance shael datss ef £38k12021'. -£Trl. Scheme 2022 £'OOOs 2A67 2021 £.￿08 318 Universllie8 Supethnnvabon Scheme IUSSI Unlverslty of Oxford Staff Pension Schem8 IOSPSI Other schemes- eontributions Total 369 285 2.815 603 Defined benefit penslon scheme Ilabllity The total provision below Iricludes the balance for USS and OSPS, 8nd additicnally there is a proWS￿n in Tespect of pensbn liaL%1￿lieS for pensions payable lo ex-8mployeÈs of the College and not fund8d through extemal penslon schemes. Scheme 2022 £'0008 2,740 750 2021 £DOOs 830 712 go 1,632 Univer511ies Superannuation S¢heme IUSSI University of Oxford Stsff Pens￿ Scherne (OSPSI Prowsion for one ex-8mploye& pen8ion Totsl 3.558 23 TAXATION Th8 ColJ8g8 1$ able to take advantage of the tsx exem[￿onS avallable to ¢harilles from taxation in reS￿¢t of income and fapll gains rece¥ved lo extent that such income and gains are appliad to exclusively charitable purp05e5. No liabilily to corporation tax arises in the Colleg8's subsldl8ry ¢ttmpanies because the directors of these companies have indi¢ated that intend to make donations each year to the Col￿ge 8qual to Ihe taxaNè profits or tho cornpany under the GiftAld schwne. A¢¢wdlngly no p￿SlOn fortaxauon has been included in the finar￿181 statem&nts. 56

Exeter College Notes to the financial statemgnts For the year ended 31 July 2022 24 RECONCILIATION OF NET INCOME TO CASH FLOW FROM OPERATIONS 2022 Group £'ooo 2021 Group £'OOD Net In¢omWIExpendlturel Rev8rsal of non-LV8raling cash fiow5'. Investment income Endowment rdaled investrnent rnHnrfeTnent costs IGalns)ILo8ses in Investmanls Endowment donation5 Dèpr&ciation Financing rosts Ilncreas8VDecrease in stock IlncreaseyDe¢rease In debtors Incraasa in cr8ditors IncrèasellDecreas81 In penslon Scheme liability 13.3201 12,714 11,6281 749 499 18021 1,S33 520 11,4241 935 115,8651 13461 1.513 1,248 11.3291 641 1,926 176 12131 Net cash used in operating activities 1,216 11.0661 25 ANALYSIS OF CASH AND CASH EQUIVALENTS 2022 vooo 2021 £'ooo Cash al bank and in har Deposits and other short lerm investrnents 4.459 .576 4,122 13,2CQ Total ¢Jsh and current asset investrnents 13,035 17,322 NET DEBT- Cash llow Oll*r 2021 movements rnoverrEnls rooD £'ooo 2022 £'ooo Cash al bank and in hand Deposits and other short lerm investrnents Loans the in rwe Ihan one year 4,122 13.200 29,836 12,514 337 14,6241 459 8,578 29.839 16,804 4,290 26 FINANCIAL COMMITMENTS At 31 July the Ccllege had th& fdlowing commitments under non-cancellab18 0￿rating 18a585. New leases were arranged durfng the year in order lo provide mrK8 sludenl acCommodat￿n. 2022 rooo 2021 £'ooo Land and buildings falling due wilhiTh on8 year falliThJ due between two and fivo years 136 270 406 135 138 Other falling due within on? year falling duo between two and fivo 10 17 57

Exeter College Notss to the financial statements Forthe yearended 31 July 2022 27 OPERATING LEASE INCOME Al 31 July Ihe College had contracted *ith tenants to r￿Ve the future Tninimum lease payments.. 2022 £'ooo 2021 £Y)OD Land and bullding5 falling due within year falling du& behfeen two and fiv& year5 falllng due In Over fw8 yearyd 244 615 135 994 209 585 794 28 CAPITAL COMMITMENTS Thg College had contracted cornmilm8nts at 31 Juty for future capital projects lotsffiro £9.556k12021.. £643kl. 29 RELATED PARTY TFiANSACTIONS The College 15 part of the collegiate Universlly of Oxftsrd. Material Interd?per￿6nCle8 b8tweÈn Ihg Vniversily aThJ of the College arise a$ a ¢on$equen¢e of this relationship. For repthng purpose5. the University and the other Colleges are not Irealed as related partles as deflned In FRS 102. Members of the Goveming Body. w￿> are the Trustees of the College aThJ ￿lated partEs as defined by FRS 102. receivo remuneration and facilities as eM￿aye￿$ of the College. Details of these payments aTh1 ￿1MbUr$ed wense$ as Tru51ees are disclosed in Note 21 of t￿se financial slalèmenls. The College fr￿1Ved incorne from and had outstsnding balances ￿1h its whollyown8d subsidary antS1i8s as followE.' 2022 £'ooo 2021 £'wo Income received from I lexpendltstre paid tol- Exaler College Tradlng Ltd CollexonGotoo Ltd Ex&t8r College Y8w Tree Hill Develop￿Ent Cornpany Ltd hecker Hall CoTnpany Ud 399 64 100 324 50 374 50 413 Outstanding balances r8celv8blo I Ipayablel a$ at 31 July. Exeter College Trading Ltd Collexonwtoo Ltd Yew Tree Hil Devd¢Jpment c￿panY Ltd 1291 191 206 32 The College has entered into a Revolwng Cre(St Facility IRCF loan) of up io £2.590k ￿th the Michael Cohen Tru51. a charty lo whlch the College is the sol& beneficiary. RCF loan wlll be called as and when capital ¢all$ are made on the relalirrfJ investments held by the Micha?1 Cohen Trust. ThÈ relum on the RCF loan will be a combinatiC￿ of 3.25% interest and caF¥tsI retums on Investments. 30 CONTINGENT LIABILITIES There were no rnat8ri81 wnlingent118bllMles at the $heet date12021.. £nill. 31 POST BALANCE SHEET EVENTS In August 2022, the College com￿eted the sale of an investment prowty Sn Oxford at ils July 2022 carying value of£717k. 58