2023-07-31-accounts

Exeter College Annual Report and Financial Statements Year ended 31 July 2023

EXETER COLLEGE Annual Report and Financial Statements Contents Paga Governing Bc(ly, Officers and Advisers Report of the Goveming Body Auditor's Report 22 statement of Accounting Pollcies 26 Consolidated Slalemtrnt of Financial Activilies 31 Consolldaled and College Balance Sheets 32 Consolidated Statement of Cash Flows 33 Notes to the Financial Stalernenls 34

EXETER COLLEGE Report ofthè Governing Body Year ended 31 July 2023 MEMBERS OF THE GOVERNING BODY The Members ofthe Governing Body are the College's chariiy Iru51ees under charity law. The members of the Governing Body who served in office as Trustee5 during the year or subsequently are detailed below. Trustee 121 {3} {41 151 161 171 181 191 1101 {121 Rector: Professor Slr Richard Trainor Official Fgllow$: Dr Michael Hart Ms Jeri Johnson Dfyrnitted 30 Sep 2022 Dr Maureen Taylor Professor Jonathan Herrin Professor Andrew Sleane Professor Simon Clarke Professor Zhon min Qian Professor Jane Hiddleston Professor Christina de Bellai ue Professor Cornelia Drutu Dr Chris Ballinger Dr Philipp Kukura Professor Michael Osbome Professor Jared Tanner Dr James Grant Professor Rachel Ta or Dr Martin Davy Rev'd Mr Andrew Allen Professor Conall MacNiocaill Professor Garret Cotter

EXETER COLLEGE Report ofthe Governing Body Year èndèd 31 July 2023 Trustee 121 131 141 151 161 171 {8) 191 1101 112 Dr Bamaby Ta￿or Dr Imogen Choi Professor Giuse e Marcocci Dr Natasha Simonova Professor Rachel Fraser Mr Babis Karakoulas Professor Dan Qui le Professor Nandini Das Dem511ed 31 Aug 2023 Ms Yvonne Rainey Mr Nicholas Badman Dr Neil Herring Dr Agni Orfanoudaki Dr Paula Koelem&i er Dr Nicole King Dr Kerry Walker Fellows by ecial Elèclion: Awnted 1 Sep 2023 Dr James Kennedy Professor And￿W Farmer Professor Dapo Akande Dernltted 3 Sap 2023 Dr Asli Niyazioglu ProfessDr Oreet Ashe Ms Rajssa Mechelli Prof Catherine Green Demitted 31 Mar 2023 Dr Keija Hu Dr Christopher Rusell Appointfjd I Sep 2023 Appointed I Sep 2023 Professor Green caas8d lo b8 a Researth Feltow on 30 Sèp 2022, and was a Fallow by SpAcial EleCt￿)n frLvn 1 Ctl 2022

EXETER COLLEGE Report of the Governing Body Year ended 31 July 2023 Trustee 121 131 141 151 161 171 {81 191 {101 1121 Dr Edith Chen Dr Stephanie Cavanau D&mit￿j 31 Aug 2022 Deffllted 30 Sep 2022 Demilled 30 Sep 2022 Appointed 1 Sep 2022 App(xnted 1 Sep 2022 Apwinled 1 Sep 2023 Dr Charlotte Elves Dr Francis Bischoff Dr Heloise Robinson Dr Erica Felld Dr Caroline Ritchie Research Fellows.. Dr Sarah Howles Dr Georgia Isom Professorial Fellow5'. Professor Marc Lauxlermann ADpoinled 1 Sep 2022 Mr Nigel Pottsood Professor Dame Carol Robinson Professor Ervin Fodor Pfolessor Christo hTan Dr Chris Fletcher Professor Keith Channon Professor Jonathan Thacker Professor Luciano Floridi Professor Michael Bronsl&in Domltted 31 Aug 2023 Mr Antony Willoll + Represents in attendan

EXETER COLLEGE Report ofthe Governing Body Year ended 31 July 2023 During the year, the activities of the Governing Body were carried out through twelve main committees. The membership of these commillees during the 2022123 academic year is shown abovè for each Fellow. 11) Finance and General Purposes Commitlee 12) Inveslrnenl Committse Edu¢ation, Research and Welfare Committee Staff Committee 15) Fellowships Commitlee 161 Development Committee 171 Govemance and Policy Committee 181 Remuneration and Benefits Commiltee 191 Health and Safely Committee {101 Buildings and Gardens Cornmittee {111 Strategy Committee 1121 Safeguarding & Protection Committee There are external Committee members on Ihe Investment Cornmillee and the Development Committee. COLLEGE SENIOR OFFICERS AND STAFF The senior officers and staff of Ihe College lo whorll day-to-day management of the College is delegated, are as follows. Professor Sir Richard Trainor Rector Dr Barnaby Ta￿Or Sub-Reclor Mr Nicholas Badman Finance & Eslales Bursar Dr Chris Ballinger Sen￿r Tutor Mr Babis Karakoulas DomesliG Bursar Mr Rudi Makishti Deputy Bursar The Rev MrAndrew Alen Chaplain and Welfare Lead Ms Yvonne Rainey Director of Development & Alumni Relat￿nS Ms Josie Cobb Academic Registrar

EXETER COLLEGE Report of th& Governing Body Y¢ar ended 31 July 2023 COLLEGE ADVISERS Inv¢$tmont Advlsers Partners Capital LLP 5th Floor, 5 Young Street London, W8 5EH OU Endowment Management 27 Park End Street Oxford. OX1 1HU Redington Floor 6, One Angel Court London, EC2R 7HJ Land Agent5 Savills IL&PI Ltd Wytham Court 11 Wesl Way Botley Oxford. OX2 OQL Property Adviser & PlannSng Consultant Turnberry Consulting Ltd 4143 Maddox Street London, W1S 2PD Auditor Moore Kingston Smith LLP 9 Appold Street London, EC2A 2AP Bankers Barclays Bank Pl¢ Corporate Services 4th Floor, Apex Plaza, Forbury Rd Reading. RG1 1AX Royal Bank of Scotland Business & Commercial Banking Willow Court Minns Busintrss Park. 7 Wesl Way Oxford, OX2 OJ Santander Corporate Banking 2 Triton Square. Regent's Place London. NW1 3AN

EXETER COLLEGE Report of the Governing Body Year ended 31 July 2023 Solicitors Mills & Reeve LLP Francis House, 112 Hills Road Cambridge, CB2 1PH Stone King Solicitors 28 Ely Placè London, EC1N 6TD Fenwick Elliott LLP Aldwych House. 71-91 Aldwych Lon¢Jon. WC2B 4HN College address Turl Slreel Oxford OX13DP Website www.exeler.ox.ac_uk

EXEfER COLLEGE Report of the Goveming Body Year ended 31 July 2023 The Members ofthe Governlng Body present theirAnnual Reportforthe year ended 31 July 2023 under the Charities Act 2011 together 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 Colkge, is an eleernosynary Charitable corporation aggregate. It was founded in 1314 by Waller de Stapledon, Bishop of Exeter. and was enlarged by Sir William Pelre under a charter granted by Queen Elizabeth l in 1566. The corporation Comprises the Rector and Fellows i.e. the Goveming Body Fellows. The College registered with Ihe Charity Commission on 12 April 2011 (registered number 11413331. The names of all Members of the Govgrning Body at the dale of this ieport and of those in office during the year, together with details of advisers lo the College, are given on pages 2 to 7. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The College is governed by its Letter5 Patent of Queen Elizabeth I dated 1566 and by ils Slalules as approved by order of His Majesty in Council from lime to time, in accordance with the Universities of Oxford and Cambridge Act 1923 (the current ststutes having taken effect from October 20211. Governing Body The Governing Body of the College comprises the R8clor and FellDWS (apart from Supernumary, Honorary, and Emeritus Fellows). This body is ¢onstiluled and regulated in accordance with the College Slatules, the terms of which are enforceable ultimately by the Visitor, the Bishop of Exeter. The Governing Body is responsible for the strategic direction of the College, for ils administration and for the management of tts finances and assets. 11 meets regularly under the chairrnanship of the Rgctor and is advised by a range of committees. Recruitment and tralning of Members of th¢ Goveming Body Fellows of the College are recrulled through open wmpelilion to their teaching and research positions or to offices of the College (such as Bursars or Development Director) as such vacancies arise. ex￿pt for the few Fellows whose Fellowship arises from a University appointment. Vacancies are advertised on the College website, in the University Gaxette, on the Jobs.ac.uk website and in such professional or national journals as rnay be appropriate. All Fellows are inducted into the workings of the College and glven infomialion and training on the duties of a Iru51ee. They are advised that they will carry such responsibilities as members of Governing Body al the lime they are offertrd their job, and are required to Confirm that they have read 8nd understood those obligations as a condition of taking up their appointment. The College provides trustee indemnity insurance. Remuneratlon of Members of the Governlng Body and Senior Collegè Staff Members of the Governing Body. all of whom are Fellows, are administrative, leaching or research employees of the Coll&ge or University and receive no remuneration or benefits from their Iiusleeship of the College. Those Trustees that are also amployees of the College receive rernuneralion for theSr work as employees ofthe College, whi¢h is determined on the advice of the College's Remuneration Cornmittee. members of which are Fellows not in receipt of remuneration from the College. For academic staff. remuneration is set in line with that awarded lo the Univers((y's academic stsff according lo the published academic scales.

EXETER COLLEGE Report ofthè Governing Body Year ended 31 July 2023 The remuneration DI senior College staff Ss sel with reference lo the seniority and qualifications reqUI￿d for such a post and in most cases the remuneration is set by reference to the published University ol Oxford academic-related pay scales. Organisational managgmgnt The members of the Governing Body meet six limes 8 year. The work of developing their policies and monitoring the implementation of these is carried out by twelve management committees. These commillees lake their business to Governing Body in the form of recommendations, supported by background information and analysis. The Finance and General PU￿oSe$ Committee is responsible for the operational finances of the College, for the managernent of the functional buildings and for reviewing and approving all Contraclual arrangements of the College. The Investment Committee is responsible for the oversight and operation of the College's global investment portfolio and of its investmenl property. The Investment Committee comprises Fellow5 of the College and seven independent members with a variety ol professional investment and other experience, who serve in a voluntary capacily. The Investment Committee 15 further supported by its investment advisers, Partners Capital LLP I"Partners Capital'l and OU Endowment Management I'OUEM'I, which are discretionary fund managers, and Redington, an investment consullanl. The College's Land Agent, Savills, provides professional advice on ihe management of the College's agricultural and commercial investments,. other professional consultants are retained for specific issues. The College investments are maintained in accordan￿ wilh an Inveslrnent policy, which is approved by Ihe Governing Body and reviewed periodically. The Education, Resear¢h and Welfare Committee is responsible foT the academic operation ol the College, 115 educational policy, and welfare PDlicy relating lo Junior Members ol the College. The Staff Committee is responsible lor the development of employment policies and lor the recruitment, personal development and welfare ol all non-academic staff. The Fellowships Committee is responsible lor all matters Connected with fellowships of the College and. in parti¢ular, makes recommendations on lil elections to all Goveming Body Fellowships, lill the renewal of all Goveming Body Fellowships. and liiil elections lo Honorary, Visiting. EmeritU5 and Supernumerary Fellowships. The Developmenl CDmmitlee is responsible for advising the College on policies and priorities for its fund-raising operations, for engaging and mobilising volunteers and supporters of the College and for 8lumni relations. The Governance and Policy Committee is responsible for reviewing constitutional and legislative changes affecting Ihe College and for preparing relevant changes lo the Stalules, B￿aw$ and other governing and PDlicy documents of the College, for the Consideration of the Governing Body. The Remunerab'on and Benefits Committee is responsible for advising the Goveming Body on the remuneration and ben&fils of the Re¢tor and Fellows and those College Officers and olher such staff as the Governing Body may from time to time specify. The votlng members of the Remuneration and Benefits Committee do nol receive any remuneration or benefilfrom the College, other than Common Table. The Health and Safely Commltlee 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 Committee is responsible for proposals relating lo major refurbi5hmenl, alterations, rede¢oration and furnishing of existing Collège buildings, plans for new Colleg6 buildings and matters relating to the College gardens. Strategy Committee is responsible for recommending to Goveming Body periodic renewals of the College strategy in the light of changing circumstances. It agrees how the strategy shoLJld be presented wilhin and outside the College. The Safeguarding and Protection Committee is responsible for monitoring the implementation and effectiveness of the College's Safeguarding Policies. The Governing Body has agreed to delegate to Goveman¢e and Pdicy Committee responsibility for reviewing the govemance of the College against the Charity Governance Code. It has been agreed lo do Ihis by considering the seven elements of Ihe Governance Code {whid) is endorsed by the Charity

EXETER COLLEGE Report of the Governing Body Yèar ended 31 July 2023 Cornmissionl. In the year ended July 2023, the Committee evaluated the College's leadership and its decision making (including risk managemenll against the Governance Code's des¢riplors. It also made recommendations lo GB to update the College's Conflict of Interest policy. The day-to-day runnSng ofthe College is delegated to the Rector. the Sub-Rector, the Finance & Estates Bursar, the Domestic Bursar, the Director of Development, the Deputy Bursar and the Senior Tutor supported by the Academic Registrar. Group structure and relationshlps The College is part of Ihe collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship. The College administers rnany special trusts, as summ8ri5ed in Notes 18 and 19 to the financial statements. The College is also the beneficiary of 8 separate Irusl, the Michael Cohen Trust I'mcri which is not consolidated as part of the Group balance sheet. The MCT was set up in 2001 and income from MCT supports the advancement of education at the College. The College has four wholly owned non-charilable subsidiaries, three trading and one dormant. Exeter College Trading Ltd, for non-charitable trading. Collexoncoloo Ltd. which undertakes the College's building works, Exeter College Yew Tree Hill Development Cornpany Ltd Idormantl, and Checker Hall Company Ltd, a property investment Company. The three trading companies Gift Aid their annual profits lo Exeter College. The trading activities of Exeter College Trading Ltd primarily comprise revenue from 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 Aims The College's Objects are lo maintain and support a College within the University of Oxford for the advancement of knowledge, education. research, learning and religion. The Goveming Body has Considered the Charity Commission's guidance on public benefit and Sn keeping with its objects, the College's aims for the public benefit are.. To admit undergraduate and graduate students to pursue their studies and rese8r¢h in the University of Oxford and lo support those students In the successlul pursuit of their learnSng. research and personal development through the l&a¢hing. supervision, intellectual resources and pastoral care offered by the College., and To employ and 5UPPOrt leading professional academics across a wide range of fields to leach and supervise undergraduate and graduate students of the University of Oxford and lo advance knowledge and leaming through their ￿SearCh and publishing. The College's long and short-term obje¢tives are to support and promote excellent research and leaching across the disciplines represented in the College and to recruit the ablesl undergraduate and graduate students and ensure that they are tsught and supeNised lo hlgh academic standards. The Cost of maintaining the undergraduate lulorial system and supporting the research of the College's academics greatly exceeds the lolal fee income received by the College (see Financial Review below). This means that the College is under constant pressure lo increase income from endowment, donations and surpluses on commercial activity lo meet the shortfall. To these ends. the College has two strategic objectives, which are.. 111 to create and maintain the highest quality College buildings. historic or new, necessary for affordable living and teaching, and12} lo grow the endowment and increase profitable trading activity such that both Can sustain the costs of leaching and research that are not rnet from public funds. 10

EXETER COLLEGE Report of the Governlng Body Year ended 31 July 2023 The College measures its success by.. its appeal to professional academics and students as 8 place to study and by the results they achieve in the Oxford University Public Examinations,. and the affirmation of research ex¢ellen¢e through publications. the award of competitive grant funding and the intemational recognition of the quality of research published by ils Fellows and research students. The aims sel for the College's subsidiaries are lo help flnance the achievement of the College's charitable obleclives above. Activitlès and objèctives of the College The activits'es of the College are leaching and research. The achievements of the College's students and ac8demi¢s recorded below demonslrale how the College has furthered its objectives in the past year. As shown in the iable below, th& sludenl body comprised 664 students-. 371 undergraduates.. and 293 postgraduates lol whom 30 studied part-limel. December 2022 data snapshot Undergraduate Poslgraduale Research Poslgraduale Taught Total HomelEU Overseas Total 307 64 371 102 106 208 28 57 85 437 227 664 In addition, the College had 2S visiting undergradu81e students from Williams College in the US, under a long-standing relationship. 110 undergraduates completed their courses in 2022123. Due lo the Marking and Assessment Boycott. full details of those achieving Fiisl Class or Upper Second-class Honours are not yel available. 99 postgraduates completed tsughl courses in 2022123. Due lo the Marking and Assessment Boycolt, full deiails of those achieving Dislinctions and Meri15 are not available al this time. 40 research students 5ucce5sfully defendèd their theses. The Collegiate University maintains a numberof bursary schemes for btsth undergraduate and graduate students. The College CDnlributes lo the funding of these schemes lin particular the Oxford Bursary Scheme for HomelEU undergradualesl and admits students on bursary schemes, both as undergraduate and graduate students. The College contributed £78k IFY22.' £69kl lo the Oxford Bursary Scherne out of a total award¢d to Exeter students of £272k IFY22.. £227kl. 72 Exeter students were beneficiaries of the Oxford Bursary Stheme of whDm 46 received a Crankstsrt Bursary. In addition to the Oxford Bursary Scheme, which is oper8led and funded joinlly by the University of Oxford and the colleges, Exeter College offers financial support lo ils students Ihrough hardship gran15 and academic grants. The College also has a number of graduate scholarship and bursary schemes funded from specific tru515 (see Notes 7, 18 and 191. The total value of sludenl support through bursaries and scholarships, including the Oxford Bursaries. was £1,068k IFY22-. £797kl. Access programmè The College operates its own access programm& to encourage applications from school pupils who might othèrwise 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. the TutorfDr Undergraduate Admissions, and the Acadernic Registrar. Thè College also makes a financial contribution to the Collegiale Universily's access programme.

EXETER COLLEGE Report of the Governlng Body Year ended 31 July 2023 The College's Access and Outreach Programme has continued to evolve In order lo reach the College's Equality. Inclusion and Diversity goals. Exeter has long-standing Ilnks wlth schools in Somersel, Devon, and Cornwall. These links are formalised under Oxford University's regionalisalion programme. which ensures that schools and colleges in every part of the UK are systematically linked to Oxford Colleges or the University Admissions Office. Since the 2019120 academic year, the College formed a South- West Consortium with Merton College and Lady Margaret Hall, which has expanded ils 'link regions,, lo include Bristol and North Somersel. In 2022123, we hosted over 35 school vists lo Exeter College for studerits from Year 1 to Year 13. The visits included a range of activities such as tours of college, student and Tutor Q&As. and workshops. The workshops were designed to encourage aspiralional thinking in younger pupils {ahead ol future visits to the College)., and lo support older pupils and prospective applicants in making competitive applications to Exeter College and the University of Oxford. The expanded Exeter Plus programme - whlch included support for Year 12 stste school students had a sucGessful pilot with 47010 of participants going on lo apply to the University of Oxford. In 2023 the programme went into its 2nd year. and again included a combination of in-person wsits to Exeter College supplemented by online workshops around th¢ application process and the continuation of the annual Exeter Plus residential in Sept&mber. The College also held an offer-holders, Open day Sn Maich 2023 for offer-hoklers and their familie5. Our Somerset, Devon and Cornwall residential programme went ahead in June 2023 hosting 49 year 12 students in the College for 3 days. We also ran in-person subject days and open days, the latter in association with the wider Collegiale University In late June 2023. There We￿ 5 subject days in total (Humanities, 2 x STEM, Social Sciences, Modem Foreign Languages) whi¢h offered year 11 and 12 stud&nts from across England an insight into what il would be like to study these subjects al Oxford. The subject days and open days were an opportunity for applicants lo see the College and lo ￿arn more about the application process in good time to ensure the best chance of success in their applications to Exeter College and the University of Oxford. The expansion of activities via the consortium and online activities has required additional resource and the College appointed an additional Schoo15 Liaison OffI￿r in mid-2022. This investment in outreach activities has also meant that we are able to carry out more regular evalualion and impact assessment of our acts'vilies. These efforts have led lo an increasingly diverse undergraduate body in terms of soclo-economic and educational backgrounds, and in terms of ethnicity. Exeter Collega is ¢omrnilled to attracting and admilling talented students of high academic achievement and potential, whatever their location and background. ACHIEVEMENTS AND PERFORMANCE Envlronmental impact Following the 8ppoinlrnenl of our Sustainability Coordinator la first among Oxford's colleges) Exeter College has accelerated ils efforts tD reduce its environmental impact through a variety of rTieasures designed lo Gut waste and energy consumption. It is also taking steps to me8sure and increase biodiversity across its sites. The College's consumption of gas. electricity and mains water were all significantly lower in 2022123 than previous years. Monthly waste is now measured, providing benchmarks against whi¢h the College can sel targets and measure succes5 in reducing waste. The College has also undert8ken feasibility studies to consider how to decarbonise its buildings. The College is now assessing certain upgrades needed lo support our long-term transition lo a decarbonised mechanical and electrical infrastructure at the historic Turl Street sile. In 2023, Exeter College was awarded Gold in the Vice-Chan¢ellor's Green Impact Awards, a feat that is particularly noteworthy as this was Exeter's first participation in the Green Impact Scheme. The Gold Award is leslamenl to the progres5 achieved over the year, as well as the commitment of staff and students lo fulfilling Exeter's Sustainability Strategy. 12

EXETER COLLEGE Report of the Governing Body Year ended 31 July 2023 Students The a¢ademi¢ ochievements of Exeterfs students in 2022123 were manifold. Undergraduate students were awarded p￿StigIOuS prizes by the University for Excellent Academic Performance. These included.. two Gibbs Prizes for the best performance in a subject in the University (Medical Sciences and Malhernalicsl, one prize in Jurisprudence, one in Biochemistry. four in Chemistry, two in Classics and English. one in Clinical Medicine, two in E¢onomi¢s and Management and one in Medical Sclences. Graduate students also excelled academically, winning University Prizes in Poetry, Portuguese and French. Gabriela Minden won the Oxford English Facultys Swapna Dev Memorial Book Prize. awarded annually for the Facully's best doctoral thesis in English literature. for her study of 'After the Ballets Russes.. Movement and Modernism in British Theatre, 1914-1935,. Other notable academic achievements in the past year include David Shaw12019, DPhil Population Heallhl publishing a co- authored paper on invasive bacterial diseases during the Govid-19 pandemic in The Lancet, and Louise Downs12021, DPhil Biomedical and Clinical Sciences) winning the Lasker Foundation's annual essay contest. Sludenl a¢hievemonls in the 2022123 academic year were by no means limited to academia. Three Exeter students placed Second in the University's All-lnnovale entrepreneurship ¢()mpetition. They combined their vaned academic expertise- in Medicine, Engineering and PPE respectively- lo devise 'i-Opto', the first ever digital app oplomelry solution, a quick and low-cost altemalive to traditional eye exams. Music, art and drama remain areas of strenglh among Exeter's students, with the annual Turl Street Arts Festival always a highlight ol the studenl calendar. In Trinity Term students staged 8 production. in the Fellows. Garden and the Chapel, of the 'The Mandrake, by Machiavelli. The College Choir, meanwhile, appeared on BBC Radio 3 in the Compos&r ol the Week programme. In sport. tennis and rowing were particular strenglhs in 2022123. Exeter's men's tennis team reached the semi-fina15 of Cupper5, and three Exeter women played on the University tennis team. In rowng, Exeler students competed in the Oxford and Cambridge Boat Races, in the women's Blve boat, reserve boat, and lightweight boat. Also, Exeter rowers were ele¢led as presidents ol Ihe two Universily-level women's rowing clubs. At intercollegiate level, Exeter's Women's boals performed especially well. with the Women's First Boat winning 'blades' in Torpids for the second year in succession. Fellows Numerous achievemenis by Exeter Cdlege Fellows slo¢xl out during 2022123. Neil Herring (Professor of Cardiovascular M&dicinel and Giuseppe Marcocci (Professor of E8rly Modern Global History) won the University's Recognition of Distinction. the equivalent of a full professorship. Professor Herring also received the Physiological Society's Ba￿lS-Star1Irng Prize fDr cardiovascular research, and his research into a test for a stress hormone present in patients, blood, that Can save the lives of heart attack wclims, received extensive coverage in the national press. Other awards for Fellows included Luaano Floridi (Philosophy of Informalionl being presented the high honour of Knight ol the Grand Cross of the Order of Merit by Ihe President ol Italy. In the Nèw Year Honours Supernumerary Feuow Professor Marian Knight received an MBE for her contributions 10 maternal and public health. Professor Mi¢hael Osbome IEngineering1 attracled national attention with hrs evidence. to a House of Cornmons committee. on artifiual intelligence. Michael Bronslein (Artificial Intelligence) won a UKRI Turing Al World Leading Fellowship. Agni Orfanoudaki (Management) re¢eived an Earfy Career teaching award from Oxford University's Social Sciences Division,. and Dame Carol Robinson FRS Ichernislryl was elected Its the American Philosophical Society. Exeter's Fellows also published a variety of books in 2022123. Jane Hiddleslon IFrenchl published Franlz Fanon.. Literature and Invention ILegend81. Imogen Choi (Spanish) published with Boydell and Brewer The Epi¢ Mirror.. Poelry, Conflict Ethics and Political Community in Colonial Peru. Nandini Das 13

EXETER COLLEGE Report of the Governing Body Ygar ended 31 July 2023 (English) published with Bloomsbury Courting India= England, Mughal India and the Origins of Empire, which was shortlisted for Ihts British Academy's Book Prize for Global Cultural Understanding. Supernumerary Fellow Charles Foster's book A Little Brown Sea (Fair Acre) reached the longlislfor the Anglo-Hellenic League Runciman Award for the best book about Greece published during the year.. Professor Foster also published in 2023 Cry of the Wild: Eight Animals Under Siege (Penguin). Meanwhile. Royal Literary Fund Fellow Simon Mason published a novel, The Broken Aftemoon, with Quercus. Alumnl Among the many achievements of Exeter College's alumni in 2022123. some merit partKular mention. One such is th8 knighthood awarded lo Martin Amis11968. English) for seNices lo lileralure. Sir Martin received the knighthood just days before his death. aged 73. in May. Other alumni who received honours in 2023 include Fiona Boullon {1985. PGCEI, Executive H$ad of Guildford High School, who re￿iVed an OBE for servlces to education. and John Alpass 11964, Classi¢sl, who received an MBE for seNi¢es to the community in Surrey. Paul Paynler11981, PPEI received a Queen Elizabeth11 Platr'num Jubilee Medal for volunteering and business services in Alberta. Meanwhile, Professor Tarunabh Khailan12004, BCLI. Professor of Public Law and Head of Research al the Bonavero Institute of Human Rights in Oxford. was honoured wf(h an India UK Achievers Award. Notable appointments for Exeter College alumni include Claire Coulinho 12004. Mathematics and Philosophy) who was named Secretary of State for Energy Security and Nel Zero. Neerav Patel12002, PPEI, who until recently served as Diredor of the Joint Intelligen￿ Organisation in the Cabinet Offi￿, has been apFK)inted UK Ambassador to Qatsr wlh effect from February 2024. In 8ddilion, Jonathan Bengtson11992. MPhil Modem History} has been made a Fellow ofthe Royal Society of Canada IRSCI Academy ofArts and HumanitKgS. FUNDRAISING Despite an overall downward trend in philanthropic giwng in the widerchaiity sector our regulardonation income held steady with alumni continuing to 5UPPOrt the College at the same level. We re￿iVed £2.1 m in philanthropic income during the year IFY22.' £3.6ml. Our priority project remains the restoration of the College Library and the College had secured £7.3m In donations (cash and pledges) towards this prqect by the end of the financial year. We wll continue to fundraise for the project until the official opening in May 2024. The restoration will fynablg the Library to be fully accessible for the first time in its hi510ry due lo the installation of a lift and step-free access. 11 will deliver a much-needed twenty-first century study space our students and a more efficient and cornfortable working environment for our Library staff. We re￿1v0￿ £0.1m in legacy income (gifts in wills) and £0.5m in gifts to the Alumni Fund which we were able to allocate to areas of greatest financial need. We are very gratefvl for these gifts and the conllnued support ol our alumni and friends. The College continues to rais8 funds in order to support a variety of academic and non-academic key priorities. These include raising money for Tutorial Fellowships, postgraduale scholarships. enhanced rinancial support for undergraduates, access and outreach initiatives. The College is registered with the Fundraising Regulator and supports the standards for fundraising set out in the Code of Fundraising Practice. During the year the College did not receive any complaints regaTding its fundraising practices. 14

EXETER COLLEGE Report ofthe Goveming Body Year ended 31 July 2023 EXETER COLLEGE SUMMER PROGRAMME (ECSP) The ECSP, which takes place over July and August, is a fee-paying international study abroad programme aimed 81 undergraduates around the wodd. Take up has been mainly from students studying at universities in North Amelica, Hong Kong and Singapore but. through stralegic alliances and the Programme's expanding reputation. ECSP is becoming increasingly international. Exeter creates the academic programme and recruits lulors from Oxford and beyond to deliver the six-week long courses, with leaching and assessment modelled on undergr8duats education in Oxford and courses capable of earning 'credils' ioward the students, degree course at their home universities. A new online programme. The Exeter College Online Tutorial Programme IECOTPI, was launched in 2022. ECOTP is a fee-paying programme Offering undergraduate students the opportunity to work with tutors in Oxford al any lime in the academic year. As a result of the year-round calthment. in addition to northern hemisphere universS1ies such as the University of Amsterdam, ECOTP is being offered al universities in Australia and India. The academic standards and the visibility that the programmes give Exeter internationally are a significant ￿0st to its reputation. A growing number of ECSP students have returned to Oxford, and Exeter. for graduate and doctoral degrees. FINANCIAL REVIEW Charitable activities Total income of £13.1 m was marginally down on the previous year IFY22.. £13.2m}. Teaching, research and residential income was up at £8.7m IFY22'. £7.5ml with higher tuition fees of £3.2m IFY22'. £3.0rn1, refle¢ting the higher student intake. Residential income also rose to £4.5m IFY22.. £3.Sml reflecting the full year's resideniial offerings 10 students, including growth in the ECSP income_ Other academic income also increased on the FY22 figures due lo ￿ore fU￿ded payroll costs and growth in the ECSP activily15ee Note 11. Teaching, research and resKlenli81 costs reduced to £13.Om IFY22.' £14.2ml. This includes a £1.Om dee￿aSe in the pension liability lo £2.6m IFY22.' £3.6ml following the 2022 OSPS valuation and the change in Ihe discount rates used lo calculate the liabilily. 11 also includes higher payroll costs reflgcling pay increases for domestic siaff. Overall. teaching. research arKJ residential income covered 66.8ts/0 tsf leaching, research and residential costs this year IFY22.' 52.6 /.) with the improvement largely driven by the lower penslon costs. other tradlng Income Other trading Income Increased to £0.6m IFY22.. £0.5ml Tellecling strong perf0rnan￿ in summer 2022 and 2023. As a result, the College's conference activities made a positive contribution to the operating result of the College. Donations and legacle$ Income from don81ions and legacies was down al £2.1 m IFY22'. £3.6ml. Fundraising cos15 of £0.6m IFY22.' £0.6ml include the migration lo a new software system. DARS (Developmenl and Alumni Relalions Sysleml. Investment pèrformance The College received income on its investments lolalling £1.8m IFY22'. £1.6ml. Investment management c051s were lower al £0.5m IFY22: £0.7ml. The variability year-on-year reflects changes In the level of underlying professional services associaled with the potential development I sale of various landhDldings. The main c0515 this year related to.. The College's landholding at the North Oxford Golf Club, one of a number of sites north of Oxford that received an allocation of dwellings under the Cherwell Local Plan 2011 2031 {Part 11 Partl81 Review- Oxford's Unmet Housing Need. In 2021. this sile was transferred to the College's wholly owned subsidiary, Checker Hall Company Limited..

EXETER COLLEGE Report ofthe Governing Body Y¢ar ended 31 July 2023 A potential development al Grove Fami, Robertsbridge, Sussex. The College decided lo halt the sale prO￿sS in 2021, reapply lexlend the planning consents for the Southem and Northem portions of the land in-house. with a view lo remarketing the sile in 2023.. and The sale of an investment property in East Oxford at ils carrying value of £717k in August 2022. The volalilily in financial markets during the financial year, reflecting the impact of increased energy costs and higher inflation more generally. resulted in a £1.4m revaluation loss on the College's securities inve51merts IFY22.- £0.9ml (see Nole 111. The College's property investments, which were revalued by Savills this year, reported a gain of £0.3m IFY22'. £0.4ml (see Noltr 101. The endowment assets delivered a total return of 0.20/0 In the year to 31 July 2023 IFY22.. 1.1Yol. Property investments made a weighted conlribullon of +0.8°kn, and securities -0.6% of the combined retum. Net Incom8 Taking account of the loss on Investments, the Colle9e's income was lower than expenditure leaving the College with nel expenditure of £2.6m IFY22'. £3.3ml. Cash flow The College generated net cash of £0.7m to support its operating activities {FY22= the College used £1.2ml. Repayment fund The College has a £30m private placement loan repayable in JanuaTy2068 which carries a fixed inlerest rale of 1.72°h. The College's financial gearing, calculated as gross debt lo net assets before pension liability. was 21.3% IFY22- 20.70AI. The College has invested £10m of the net proceeds of the private placement with a wew to repawng a significant portion of the loan in 2068 so as to avoid passing on an increased debt burdèn lo future generations of the College. The £10rn repayment fund was valued at £9.6m at 31 July 2023. Including investment of the £0.7m proceeds from the sale of an investment property, the Colleg8'8 Other investments Isecuritiesl redU￿d to £75.1 m 85 at end of FY23 IFY22= £79.4m). Endowment. net wealth and financial rÈsour¢es of the College Following the £0.7rn sale noted above and a small gain in value of £0.3m. the College's property investments were valued al £20.8m as at the end of FY23. Together with the £75.1m securities Investments, the College had total investments of £95.9m al the end of FY23, analysed as to £83.5m in the endowment. £9.6m in the repayment fund, and £2.8m operating cash. The College is also the beneficiary of a separate trust. the Michael Cohen Trust {'MCT"I, which is not consolidated as part of the Group balance sheet. The MCT was valued al £8.4m at end of FY23 IFY22'. £8.9ml. The College's cash and short-lerm investments were £11.6m IFY22= £13.Oml reftecting the ￿MainIng nel proceeds of the private placement after deducting the £9.6m repayTnent fund. The remaining net proceeds of £6.5m are being used to help fund capital and refurbishment projects over the medium terrn. such as the library {see Future Plans below). The College's net wealth and financial resources al the end of FY23 was £83.4m {FY22: £93.Oml. This is calculated as net assets before pension liabilities less tangible assets plus MCT funds. Penslon provlslon The provision for defined benefit pension scheme costs held against General Funds reduced lo £2.6m IFY22." £3.6ml reflecting the impact of the 2022 actuarial valuation of the Oxford Staff Pension Schemg iospsi. 16

EXETER COLLEGE Report of the Governlng Body Year ended 31 July 2023 In terms of the Universilies Superannuation Scheme IUSSI 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 net assets after pension provisions was 21.7Y¢ IFY22= 21.3°101- Net assets The College's consolidated total funds reduced to £137.8m al end of FY23 IFY22.' £140.4ml- This decrease in funds largely reflects the £3.2m reduction in the endowment Re5erve$ poli¢y Governing Body has agreed that the fr9¢ general reserves should be maintained at four months, operating expenditure lo allow the College to be managed efficiently antl to provide a buffer to maintain ils charitable activities in the event of an unexpected drop in income or exceptional expense. In monetary terms. this equates lo a figure of approxirnalely £3.9m. The free reserves al 31 July 2023 were £1.4m negative IFY22-. £0.8ml, which is lower than the policy 18rgel. However. free reserves are stated 8ller pension liability provision of £2.6m IFY22.. £3.6ml, which is a non<ash item. The College aims lo increase the balance of free general reserves over the next few financial years. Designaled reserves consi51ed of £52.6rll for the book value of iangible fixed assets less associated funding arrangemenis and other designated funds arnounting lo £0.7m {FY22'. £1.9ml. In practice, the College's expendable endowment funds are av8ilable to support unexpecled fluclualions in inc0￿e and expenditure. The College mainlains a level of liquidity that ensures there is both sufficient cash to meet expected future calls from privale Èquity investments, cover the next y8ar'5 dislribulion to the College under the spend rule and cope with any unexpected cash exposures wilhoul having to sell investment assets in volatile markets. The total funds of the College and its subsidiaries included the £9.6rn repayment fund. £2.3m unspent resiricted income funds, and endowment capital of £83.5m. The endowment consisted of £16.3m original Trust for Investrnenl. £19.2m Unapplied Total Return on Permanent Endowments, and £48.Om Expendable Endowments. RISK MANAGEMENT The College has on-going processes for identifyng, evaluating and managing the principal risks and tjncertainties faced by the College and ils subsidiaries in undertaking their activities. The principal risks and ￿n￿rtaIntIeS klentified fall into three rnain categories.. 11 Finances. Premises. Employment and Operations.. 21 Academic.. and 31 Governance & Compliance. Included within these categories are number of individual risks, which 8re reviewed annually and managed wth various controls and procedures. Key risks include= Unforeseen external events and shocks including political, e¢onomic and other (such as inflalionl which could lead to lower income (including underperformance of the endowment (see abovell and l or higher costs., A material drop in donations from the Annual Fund, which would result in 8 downturn in spending ¢apa¢ity and p￿SSUre to cut Costs. Controls that 8r& in place include systematic processes for cultivating donors and consislenlly revie￿n9 prospecls and related donor engagemeril strategies., Consistent underperformance of the endowment, which would result in a downlum in spendlng capacity and pressure to ¢ut costs. The Investment Committee and investment advisers review performance, risk and the investment climate quartedy, which is considered sufficient for reacting lo market changes., Key officer risk arising frorn reliance on single individuals with large portfolios of responsibilili&s and specialist knowledge, mitigated largely by docurnented procedures and frequent meetings between senior officers lo review present issues within the College.,

EXETER COLLEGE Report ofthe Governing Body Yaar end¢d 31 July 2023 Failure to allracl high calibre students from a diverse range of backgrounds, resulting in repulalional damage and failure lo compete with other colleges and universities. Measures are In place lo communicate and market the College's distin¢live characlerislics. An Access and Outreach Officer is employed to manage communication with schoo15 in the Devon. Comwall and Somersel area and a systernatic prograrn of access initiatives is in place., and Risk of IT systems failure and breach of daia security. The College regularfy reviews its policies and practices in relation lo IT. The data security policy and insurance cover exist to tackle risks in this area. Inflation was al an elevated level during the year and the College is keeping the potential irrpacl of a prolonged period of higher inflation under review, in particular. cost savings lo mitigate the impact on the College's operatlllg result. When il is not able to address risk issues using intemal resources, the College tskes a¢Jvice from experts external to the College with specialist knowledge. Policies and procedures within the College are reviewed by the relevant College Committee, chaired by the Rector. Financial risk5 are assessed by the Finance and General Purposes Committee and investment risks are monitored by the Investment Committee. In addition. the Health and Safely Committee meets ￿gUlarlY lo review health and safely 15sues. Training courses and other fomis of career development aw available, when appropriate, to members of staff to enhance their skills in risk-relaled areas. The Governing Body has uf(imate responsibility for managing those identifiable risks faced by the Cotlege and is cornmitted to ensuring that appropriate and adequate systems, procedures and arrangements are in place to manage these risks. It is recognised that systems, 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 to identify potential iisks and their impa¢l and likelihood.. the Register is reviewed annually. 18

EXETER COLLEGE Report ofthe Governing Body Year ended 31 July 2023 INVESTMENT POLICY. OBJECTIVES AND PERFORMANCE At the year-end. the College's endowment and repayment fund (together totalling £93.1 ml was invested as shown in the Chart below. Analysis of endowmènt and repayment fund- 31 July 2023 TOTAL OF £93.IM The College's investment objectives are lo balan￿ the needs of current and future beneficiaries by. Mainlaining (al least) the value of the inveslrnents in real terms- Producing a consSslent and susiainable annual transfer to 5UPPOrt the general expenditure of the College- and Delivering these objeclives within acceptable levels ol risk. To meet these obje¢tives the College's investments as a whole are managed on a total return basis. maintaining diver5ificalion across a range of asset classes to produce an appropriate balance between risk and relum. The College's statutes allow the College to invest permanent endowments lo maximise the related total relum and lo make available for expenditure each year an appropriate proportion of the unapplied total retum. Under the lolal return accounting basis, it is the Governing Body's policy lo operate a spend rule which calculates the total transfer lo income based on 3.25Q/o of the average of the inllalion-adjusled year-end values of the relevant investments for Ihe18s15 years. In addition. ihe Governing Body has agreed to make an addilional. eX￿pIlonal transfer in each year equivalent to half the interest charge on the private

EXETER COLLEGE Report of the Governing Body Year ended 31 July 2023 placement loan. The Inveslmenl Committee keeps this policy under review in the light of investment returns to maintain an equable balance between present and future beneficiar5es. The carrying value of the preserved permanent capitsl and the amount of any unapplied totsl ￿tUrn available for expenditure was taken as the open market values of these ftjnds as al 1 August 2002 tog&lher with the original gift value of all subsequent endowment received. Wherever feasible, the College will monitor and screen ils financial investments using best practice techniques to measure the environmental, soaal and governance I'ESG'} impact of their underlying investments. FUTURE PLANS The College's len-year slratggy is found on the College website. Capital projects The works on the regeneration and refurbishment of the College Library progressed significantly during the year and the library reopened to the students on 16th October 2023. The reinstatement of the Fellows, Garden wll be reviewed in conjunction with the ongoing development of other mechanlcal infrastructure upgrades in the vicinity. The College and ils contractors made significant progress in developing further the decarbonisalion feasibility studyoriginally ¢ommissk)ned in 2021, and followin9 up on its initial findings. A pre-application consullalion request was submitted in May 2023 and the meeting with the relevant Local Authority offjcers took place in September 2023. The pre-app consultation covered the installation of PV panels and ground source heating in Turl Street and the replacement of the Thomas Wood Buildlng w(ndows. Al ol these proposals form part of a wider scheme to modemise and upgrade the College's Mechanical and Electrical infraslruclure, parts of whi¢h fall within a broader ambition to decarbonise the College's estate op8rations. The Goveming Body approved the upgrade of the College Hall lighting and the replacernenl of the lift connecting the main ￿tchen$ with the Potwash. The College started working closely with Hertford College lo explore an upgrade of ils facilities at its sports grounds in Marslon. This project is currently in its very eady stages and various options are being considered. An ovgrar¢hing ambition is to include the local comrllunily in any discussions on the developmentof the 511e. Preliminary discussions with various stakeholders have taken place and further progress is expected in FY24. Fundraising The College continues to raise funds In order lo support a variety of academic and non-academic key priorities. These indtJd8 raising money for Tutorial Fellowships, postgraduate scholarships, enhanced financial support for undergraduates. access and oulr¢a¢h initiatives. 20

EXETER COLLEGE Report of thè Governlng Body Year ended 31 July 2023 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Bc)dy is responsible for preparing the Report DI the Governing Body and the financial statements in accordance with applicable law and regulations. Charity law requires the Governing Body lo prepare finanGial statemenis for each financial year. Under that law Ihe Governing Body have prepared the financial slalernenls in 8ccordan¢e with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and appIl￿ble lawl, including Financial Reporting Standard 102.. The Financial Repo￿ng Slandard Applicable in the UK and Republic of Ireland {FRS 1021. Under charity law the Governing Body must not approve the financial Statements unless they are satisfied that they give a true and fair view ol the slate of affairs of the College and of its net income or expenditure for that period. In preparing these financial statements, the Goveming Body is required lo: select the most suiiable accounting policie5 and then apply them ¢onsistÈntly' ake judgments and accounting estimates that are reasonable and prudent., state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statemenis. slate whether a Ststemènt ol Recommended Praclice ISORPI applies and has been followed. subject lo any material departures which are explained in the financial slalemenls. prepare the finanaal statements on the going concern basis unless it is inappropriate lo presume that the College will continue lo operate. The Governing Body is responsible lor keeping proper accounting records that are sufficient lo show and explain the College's transactions and dis¢losa with rèasonable accuracy at any lime the financial position of the College and enable Ihern to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the C(>llege and ensuring their proper 8ppli¢alion under ¢harity law and hence for taking reasonable steps for the prevention and detection or fr8ud and other irregularilies. Approved by the Governing Body on 29 November 2023 and signed on ils behalf by.. Professor Sir Richard Trainor Rector 21

EXETER COLLEGE Indèpendent Auditor's Report to the Members of the Governing Body of Ex•t8r College Year ended 31 July 2023 Opinion We have audited the finanGial statements of Exeter Colleg& for the year ended 31 July 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement. and notes to the finan¢ial stslemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Repo￿n9 Stsndard Applicable in the UK and Ireland, (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the finanrAal statements: give 8 true and fair view of the state of the of the College's and the group's affairs as at 31 July 2023, and of the incoming resour¢es of the group and application of resources. for the year then ended,. have been properly prepared In accordanee with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in ac¢ordance with the requSrements of the Charities Act 2011. Basls for oplnlon We ¢ondu¢lod our audit in accordance with International Standards on Auditing IUKI IISAslUK)l and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of financial statements section of our report. We are independent of the charity in aGcordance 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 fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions rèlating to going ¢oncern In auditing the finan¢ial stalemenls, we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is approp¥iate. Based on the work we have performed, we have not identrfied any material uncertainties relatlng lo events or conditions that, individually or colledively. fflay cast significant doubt on the charity's ability lo ￿ntInue as going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respecl lo golng concern are described in the relevant sections of this report. Other infomiatlon The other infom)ation ¢ompri5es the infom)alion included in the annual report, other than the financial slalemenls and our audilorfs report thereon. The Members of the Goveming Body aTe responsible for the other information. Our opinion on the financial statements does not cover the other information and. except lo the exlenl otherwise explicitly stated in our report, we do not expre85 any form of assurance conclusion Ihereon. In connection with our audh of thè financial slalements. our responsibility Is to read the other infonmalion and, In doing so, consider whether the other infomiation is materially inconslslenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether there Is a material misstatement in the financial ststements or a rnalerial misstatement of the other information. If, based on the work we have perfomied, we conclude that there 15 a material misstatement of this other information. we are required to report that fact. We have nothing lo report in Ihls regard. 22

EXETER COLLEGE Independent Auditor's Report to the Members of th¢ Governing Body of Exeter Collegg Year endèd 31 July 2023 Mattèrs on which wè are rèquired to report by exception We have nothing to report in respect of the following matlers where the Charities Act 2011 requires us to report lo you if, in our opinion.. the information given in the Members of the Governing Body's Annual Report is inconsistent in any material respect wlh the financial statements- or the charity ha5 not kept adequate accounting records., or the financial statemenls are not in agreement with the accounting records and returns; or we have not received all the information and explanations we required for our audil. Responsibilities of the Members of Governlng Body As explained more fully in the Members of ihe Goveming Body's responsibilities statement sel out on page 21, the trustees are responsible for the preparation of the financial staternents and for being satisfied Ihat they give a tru$ and fair view, and for such internal conlrol as the Members of the Governing Body determine is necessary to enable the preparation ot financial ststements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Members of the Goveming Body are responsible for assessing the charity's abilily to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Members of the Governing Body eilher intend to liquidate the charity or lo ¢easg operations, or have no realistic alternative but to do so. Auditor'$ responsibilitie$ for th¢ audlt of th8 financial statements We have been appointed 85 auditor under secb'on 144 01 the Charities Act 2011 and report in accordance with regulations rnade under section 154 of that Act. Our objectives are lo obtain re850nable assurance about whether the financial slalements as a whole are free from material misslalement, whether due lo fraud or error, and to issu& an auditor's report that includes our opinion. Reasonable assurance is a high level ol assuran￿, but is not a guarantee that an audit ¢ondLJCted in ac¢ordan¢e with ISAS IUKI will always detect a material misstalement when il exists. Misstatements Gan arise from fraud or error and ar8 ¢onsidered material if. individually or in aggregate, they could reasonably be expected lo influence the econornic decisions ol users taken on the basis ol these financial slalemenls. As part of an audil In accordance with ISAS IUKI we exercise professionaljudgemenl and maintain professional sceplicism throughout the audit. We also= Identify and assess the risks of material misslalemonl of Ihe financial sialemenls. whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtsin audit evidence Ihal is sufficient and appropriale to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from IraLJd is higher than for one resulting from error, as fraud may involve collusion, forgery. inlenllonal omissions. misrepreseniations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedure5 that are appropriate in the circumstances, bul not for the purposes of expressing an opinion on the effectiveness of the ¢harity's intemal control. Evaluate the appropriateness of accounting policies used and the rgasonableness of accounting eslimales and related disclosures Ffbade by the Members of the Goveming Body. Conclude on the apprtspriatenass of the Members of the Goveming Body's use of the going concern basis of accounting and, based on the audit evidence obtsined. whether a material un￿rtainlY exists related lo events or conditions that may c8s1 signifi¢8nt doubt on the ¢harity's ability to continue as a going concem. If we conclude that a material uncertainly exists, we are required to draw atlention in our auditor's report lo the related disclosu￿S in the financial statements or. if such disclosures are inadequate. lo modify our opinion. Our wn¢lusions are based on the aLJdit evidence obtained up to the 23

EXETER COLLEGE Independent Auditor's Report to the M&mb•rs of the Governing Body of Ex&t&r College Year Onded 31 July 2023 date of our auditorfs report. However. future events or conditions may cause the Gharity to cease lo continue as a going concern. Evaluate the overall presentation, structure and content of the financial stalemenls, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentatKJn. We communicate wllh those charged with govemance regardlng. among other matters, the planned scope and timing of the audit and significant audit flndings, Including any significant deficiencies in internal control that we identify duiing our audit. Explanation as to what axt•nt the audit was considered capabl8 of dote¢ting Irregularities. including fraud Irregularities, including fraud, are instances of non-compliance w((h laws and regulations. We dgsign procedures in line with our responsibililles, outlined above, to detect material misstalemenls in respect of irregularit18S, including fraud. The extent lo which our procedures are capable of delecling irregularities. including fraud is detailed below. The objectives of our audll In respect of fraud, are-, to identify and assess the risks of material misstatement of the financial slalemenls due lo fraud,- to obtain sufficient approprlate audit evidence regarding the assessed risks of material misstalementdue to fraud, through designing and implementing appropriate responses to those assessed risks.. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those Charged with governance of the charity. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable lo the charity and considered that the most significant are the Charities Act 2011. the Charity SORP, and UK financial rewrting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance. We assessed the rlsk of material misstatement of the financial slalemenls, including the risk of materHI misstalemenl due lo fraud and how il might occur, by holding discussions with management and those ¢harged with governan￿. We inquired of managoment and those charged with govemance as to any known Instances of non- compliance or suspected non-complian￿ with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those Charged wlh governance and obtaining 8ddilional corroborative evidence as required. There are Inherent limitations in the audit procedures described above. We are less likely to become aware tsf instances of non-compliance wilh laws and regulations that are not closely related to events and transactions reflected in the financial statements. Aso, the risk of not delecling a material misslalementdue lo fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, Iiy example. forgery or inlenllonal misrepresenlalions, or through collusion 24

EXETER COLLEGE Independent Auditor's Report to th8 Membérs of the Governing Body of Exeter College Year ended 31 July 2023 Use of our report This report is made solely lo the Members of the charills Governing Body, in 8ecordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been uridertaken so that we might slate to the Members of the Governing Body those mallers we are required to slate to them in an auditor's report 8nd for no other purrx)se. To the fullest extent permitted by law, we do not accept or assume responsibilily to any party other than the charily and the Members of Ihe Governing Body as a body, for our audit work, for this report, or for the opinion we have formed. .2V w.tr LLP oc Moore Kingston Smith LLP Stalulory Auditor 9 Appold Street London EC2A 2AP Date.. 1 December 2023 Moore Kingston Smith LLP is eligible lo act as auditor in lemis of Section 1212 of the Companie5 Act 2006. 25

EXETER COLLEGE Statement of Accounting Policies Year ended 31 July 2023 1. Scope of th8 flnan¢ial statemanls The financial statements present the Consolidated Statement of Finanaal Activities ISOFAI. the Consolidated and College Balance Sheets and the Consolidated Slalemenl of Cash Flc>ws for the College and ils wholly owned subsidiaries., Exeter College Trading Limited, Collexoncoloo Lim((ed. Exeter College Yew Tree Hill Development Company Limited and Checker Hall Company Limited. The subsidiaries have been ¢onsolidaled from the date of their formation by the College, which owns 100Vo of the share capital in each company. No separate SOFA has been presented for the College alone as currently permitted by the Charity Cornmlsslon on a concessionary basis for the filing of consolidated rinan¢ial stalernenls. A summary of the results and financial posillon of the charity and each of its subsidiaries for the reporting year are in Note 12. 2. Basis of accounting The College's individual and consolidated financial ststements 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 its individual and ￿nSol1da1ed financial statements in accordance wilh'The Statement of Recommended Practice applicable lo charities preparing their financial statements in a¢¢ordan¢e with FRS 102, {The Charities SORP IFRS 10211. The financial stslements have been p￿pared on a going cOn￿M basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported wilhln the Slalement of Financial Activities ISOFAI. In light of the cost of living and energy crisis, the Members of the Governing Body have assessed whether the use of the going concern basis remains appropriate and have considered possible events or conditions that might cast significant doubl on the ability of the College to continue as a going ¢oncern. The College has significant reserves in the form of expendable endowrnent funds, which can be used for the general purposes of the charity. The College has prepared cash flow and other forecasts. taking into account the availabilily ol these funds and taking into account the polentral pressures on income, which confimi the College will have sufficient liquidity to operate for al least the nexttwelve rnonths from the date ofapproval oflhese financial slalements. The conference and function activity materially improved in summer 2023 whi¢h will miligale some of the cost pressures. The College is closely monitoring these factors and continues lo adopt the going concein basis in preparing Its financial statements. The principal accounting policies adopted are sel out below and have been applied consislenlly throughout the year. 3. Ac¢ountlng ludgements and estlmatlon uncertainty In preparing financial statements it is necessary to make certain judgements, eslimales and assumptions that affect the amounts recognis8d in the financial statements. The foll¢)wing judgements and estimates are considered by the Goveming Body to have most sign5ficanl effect on amounts recognised in the financial statements. The College partiapates in two Multi-eMp￿0Yer defined benefit pension plans, USS and OSPS. In the judgement of the Goveming Body there is insufficient inforrnalion about the plan assets and liabilities lo be able lo reliably account for ils share ol the defined benefit obligation and plan assets in the financial statements and therefore the plans are accounted for as defined contribution schemes. The Trustees have therefore recognised a provision for the discounted fair value of Ihe conlractLJal contributions under the recovery plans in existence al the date of approving thèse financial statements. The pension deficit provisions recorded are dependent on estimates of future employrnenl patterns and interest rates. Th& effects of changes to these assumptions are shown in Note 22- The College and ils subsidiaries carry Investment property at fair value in the balance sheet, with changes in fair value being recognised in the income and expenditure section of the SOFA. Independent valuations are obtained to determine fair value al the balance sheet dale; 26

EXETER COLLEGE Statement ol Accountlng Policies Yèar &nd•d 31 July 2023 Before legacies are recognis&d in the financial slalements, the Governing Body has to exercise judgement as lo what constitutes sufficient evidence of enlillemenl lo the bequest. Sufficient entitlement exists once nolificalion of payment has been received from the executorlsl of the estate or e5ts1e accounts are available which indicate there are sufficienl funds in the estate after meeting liabilities for the bequest to be paid. In the view of the Goveming Body, no other assumptions concerning the future or estimations of uncertainty affecting assets and liabilities al the balance sheet date are likely lo result in a material adjustment to their carrying amounts in the next financial year. Wilh respect lo the next financial year, Ihe olher most significant areas of uncertainty that affect the carrying value of assets held by the Collegg are.. The level of securities and property investmenl returns and the perfomance of investment markets,. The discount rate which is applied when dètermining the College's share of the past Servi￿ deficits on its pension schemes. 4. Income re¢ognition All income is recognised once the College has entitlement to the income, the economSc benefit is probable and the amount can be reliably measured. Income from fees, OFS support and other charges for services Fees receivable. less any s¢holarships, bursaries or other allowances granted Irom the College's unrestricted fvnds, OFS support and charges for services and use of the prernises are recogriised in the period in which the related service is provided. b. Income from donations, grants and 18gaci&s Donations and grants that do not impose specific lulure performance-related or other specific condition5 a￿ recognised on the dale on which the College has entillemenl to the resource, the amount can be reliably measured and ihe economic benefit to the College of the donatlon or grant is probable. Donation5 and grants subject to performance-relaled conditions are recognised as and whell those conditions are mel. Donations and grants subject lo other specific conditions are recognised as those ¢ondilions are met or their fuifilment is wholly within the control of the College and il is probable that the sperylied conditlons will be mel. Legacies are recogriised following grant of probate and On￿ the CL)Ilege has received sufficient informalion from the execulorlsl of the deceased's estate to be satisfied that the gift Can be reliably measured and Ihal the economic benefit lo the College is probable. Donations. 9ranls and legacies accruing for the general purposes of the Colltrge are credited to unreslricled funds. Donations. grants and legacies which are sublecl lo condilions as lo their use imposed by tho donor or set by the lemis of an appeal are credited lo the relevant reslricled fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind las dislincl from cash or other monetary asselsl, they are measured at the fair value of those assets valued at the market v81ue of the underlyn9 assets re￿iVed 81 the d81e of the gift receipl. ¢. Investment income Interesl on bank balances is accounted for on an accruals basis with interest recognlsed in the period to which the interest relates. Income from fixed interest debt securities is recognised using the effective interest rale method. Dividend income and similar distributions are recognised on the date the share interest becomes ex- ividend or when the right lo the dividend can be established. Incorne from investment properties is recognised in the period to which the rental income relates. 27

EXETER COLLEGE Statement of Accountlng Policies Year ended 31 July 2023 5. Expendituro Expenditure is a¢counled for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation Commits the College lo expenditure that will probably require Sglllemant, the amount of which can ￿ reliably measured or eslimaled. Grants awarded that are not performance-relaled are charged as 8n expense as soon as a legal or conslruclive obligation for their payment arises. Grants subject lo pèrfomiance-related condib'ons are expensed as the specified conditions of the grant are mel. All expenditure including support costs and governance costs are allocated or aPpo￿oned lo the applicable expenditure categories in the Statement of Financial Activities Ithe SOFA). Support costs. which inclu¢Je governance costs (costs of complying wth constitutional and statutory requiremenlsl and other indirect costs, are apportioned to expenditure categories in the SOFA based on the estimated amount atlribulable to thal a¢tivily in the year, either by reference to staff lime or the use made of the underlying assets, as appropriate. Iirecoverable VAT is included with the item of expenditure to which il relates. Intra-group sales and charges between the College and ils subsidiaries are excluded from trading income and expenditure in the consolidated financial statements. 6. Leases Leases of assets that transfer substsnlially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease term and the assets, useful lives. Assets are assessed for impairment at each reporting dale. The corresponding capital obligations under these leases are shown as liabilities and recognised at thg lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as to achieve a constant late of interest on the remaining balance of the liability. Leases that do not transf8r all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged In the SOFA on a straight-line basis over the relevant lease tems. Any lease incentives are re¢ognised over the lease term on a slraighl-line basis. 7. Tangiblè fixèd assèts Land is slated al cost. Buildings and equipment are staled al cost less ac(yJrnulaled depreciation and any accumulated impaimenl losses. Expenditure on the acqLJiSition or enhancement of land, construction and enhall￿ment of buildings which is directly attributable lo bringing the asset to its working condition for its intended use and amounting to more than £10,000. together with expenditure on equipment costing more than £1,000 is capitalised. Where a part of a buikllng or equipment is replaced and the costs capilalised, the carrying y￿Ue of those parts replaced is derecognised and expensed in the SOFA. Other expenditu￿ on equipment incurred in the nom)al day-to4ay running of the College and its subsidiaries is charged lo the SOFA as incurred. 8. Dgprgclatlon Depreciation is provided lo write off the cost of all relevant tangible fixed assets, less their eslimaled residual value, in equal annual inslalments over their expected useful economic lives as follows.. Freehold propertles, Sncluding Major extensions 40 - 50 years Building improvements 10-40years Equipment 3- 10years Freehold land is not depreciated. The cost of maintenance 15 charged in the SOFA in the period in which rt is incurred. 28

EXETER COLLEGE Statemènt of Aecount5ng Policies Year ended 31 July 2023 Al the end of each reporting period. the residual values and useful1Sves of asseis are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of iangible fixed assets are reviewed for impaimient. 9. Investments Investment properties are initially recognised 81 IheSr cost and subsequently measured al their fair value (market value) at each reporting dale. Purchases and sales ol investment properties are recognised on exchange ol contracts. Listed inveslments are iniiially measured al their cost and subsequently measured al their fair value al each reporting dale. Fair value is based on their quoted price al the balan¢e sheet date wilhoul deduction of the estimated future selling costs. Investments such as hedge funds and private equity funds which have no readily idents'fiable market value are initially measured al their Costs and subsequently measured at Ihelr falr value at each reporting date without deduction of th& eslimaled future selling costs. Fair value is based on the mosl recent valuations available frDm their respective fund man8gers. Changes in fair value and gains and losses arising tsn the dispDsal of investments are credited or charged lo the income or expenditure section of the SOFA as 'gains or losses on investments, and are allocated to the fund holding or disposing of Ihe relevant investment. 10. Othor financial instruments Cash and cash equivalents Cash and cash equivalents indude cash at banks and in hand and short-lerm deposits with a rnalurily date of three months or less. b. Debtors and creditors Debtors and creditors re¢eivable or payable within one year ol the repo￿ng date are carried al their transaction price. Debtors and Crèditors Ihal are receivable or payable in more than one year and nol subject lo a fflarkel rale of Interest ar¢ measured at the present value of the exp&¢ted future receipts or payment discounted at a market rale of interast. 11. Stocks Stocks are valued al the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis. 12. Foreign currencie$ The functional and prèsentation currency of the College and its subsidiaries is pound sterling, rounded to the neare51 thousand. Trans8¢tions dtsnominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets an(J liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying 81 the reporting date. Foreign exchange gains and losses resulting from the selllemenl of Iransa¢tions and from the Iranslation of monetary assets and liabilities denominaled in foreign currencies at the exchange rates 81 the reporting dale are recognised in the income and expenditure section of the SOFA. 13. Total Rgturn Investment accounting The College slatutes aulhorise the College to adopt a 'lotal return, basis for the inveslrnenl of its pemanent endowment. The College can invest ils permanent endowments wilhoul regard lo the capitallincome di51inclions 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 exercised, the total relum is accumulated as a component of the endowment known as the unapplied lolal return that Can ef(her be relained for investment or released lo income at the discrelion of the Goveming Body. 29

EXETER COLLEGE Statement of Accounting Policies Year ended 31 July 2023 14. Fund accountlng The lotsl funds ol the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or sel by the terms of an appeal. Endowment funds are further sub-divided into permanent and expendable. Unreslrfcled funds can be us$d in furtherance Df the objects of the College al the discretion of the Governing Body. The Goveming Body may decide that part of the unreslricled funds shall be used In future for a specific purpose and this wll be accounted for by transfers to appropriate designated funds. Restricted funds comprise gifts, legacies and grants where the donors have specified that Ihe funds are to be used for particular purposes of the College. They consist of either gifts where Ihe donor has specified that both the Capital and any income arising musl be used for the purposes given orlhe incorne on gifts where the donor has required or permitted the capital to be maintsined and with the intention that the in(tsme will be used for specific purposes within the College's objects. Permanent endowment funds arise where donors specifythal the funds are lo be retained as capital for the permanent benefit of the College. Any part of the total return arising from the capital that is allocated to incorne will be a¢counled for as unrestricted funds unless the donor has placed restri¢tions on the use of that income. in which case il will be a¢counled for as a reslricled fund. Expendable endowment funds are similar lo permanent endowrnenl in that they have been given, or the College has determined based on the circumstances that they have been given. for the long-term benefit of the College. However, the Governing Body may al their discretion deteimine lo S￿nd all or part of the capit81. 15. Pgn$lon Costs The College participate$ in Universities SuperannuatTon Scheme IUSSI and the University of Oxford Staff Pension Scheme IOSPS}. These schemes are hybrrd pension schemes, providing defined benefits (for members), as well as defined contribution b&nefits. The assets of the schemes are each held in a separate truslee-adminislered fund. Be¢ause of the rnulual nature of the schemes, the assets are not attributed to individual Colleges and s¢heme-wide contribution rales are sel. The College is therefore exposed lo actuarial risks associated with other Universities, and Colleges, employees and is unable to id&nlify ils share of the underfying assets and liabilities of the scheme on a ¢onsislenl and reasonable basis. As required by Section 28 of FRS 102 "Empkjyee benefits. the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss a¢¢ounl represents the contributi¢￿S payable lo each scheme. Since the College has entered into agreements Ilhe Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, the College recognises a liability for the contributions payable that arise from the agreements Ilo the exlenl that they relate to the deficill and therefore an expense is recogni5ed. The College also contributes lo the personal pension arrangernenls of one retired gmployee. Contributions lo this arrangement are charged to the SOFA iri the period in which they are payable.

Exeter Colleg¢ Consolidated Statement of Financial Activities -For the year ended 31 July 2023 Unre5tricled RestrKted Funds Funds rooo £'oix) Endowed Funds £Doo 2023 Total £'ooo 2022 TDtal £'ooo Notes INCOME AND ENDOWMENTS FROM: Charitable acllvfjtlÈs: Te8ching, res8arch and r8sid8ntial otheT Iradin9 In¢om¢ Donatlons and legaci85 Investment$ Inveslrnent income Total return allocated to iThcome Other income£JRS government 9rant Total income 8,651 576 505 8,651 576 2,059 7.495 474 3.560 1,199 355 576 1,470 40 1.490 1.182 12,9601 1.798 1.628 13 11,778 2.729 11.4231 13,084 13.185 EXPENDITURE ON: Charltable actlvities.. Teaching. research and residential 10,796 2.161 12.957 14,239 Generating funds.. Fundraising Trading expgndilure Investment management ¢o$ts Total expenditure 624 469 624 469 485 14.535 621 418 708 15,986 485 485 11,889 2,161 N8t incornellexpenditurel befo￿ gains 1,908 1,11511 12,8211 Nel1105sesl I gains on investments 10,11,13 11491 11.0261 11,1751 14991 Net Incomellexpenditur81 12601 568 12,9341 12,6261 13.3201 Transfers between funds 18 4,041 13,7601 12811 Nel movement In funds for the year 3,781 13,1921 13.2151 12,6261 13.3201 FuThd balances brought for¥ward 18 48,246 5,469 86.674 140,389 143.709 Funds ¢arried forward at 31 July 52,027 2,277 83.459 137,763 140.389 Non8 of Ihe Group'5 activities were acquired or dis¢ontinLJed during the above two financial periods. The Group has no recognised gains or losses other than thos8 dealt with in the above Statement ol Financial Actsvities. 31

Exeter College Consolidated and College Balance Sheets As at 31 July 2023 2023 Group £'ooo 2022 Group £'ooo 2023 College £'ooo 2022 College £'ooo Notes FIXED ASSETS Tangible assets Property investments Other investment5 6S,344 20,809 75.098 59.866 21.266 79.382 66.046 17.709 78,249 60,568 18,188 62,585 10 Total Flxed Assets CURRENT ASSETS Stocks Debtors Investments Cash at bank and in hand 161,251 160.514 162.004 161,319 82 1.685 6.710 4,922 92 2,067 8.576 4.459 82 2.038 6.710 4,650 92 2,208 8.576 4.277 14 25 25 Total Current Assets 13,399 15,194 13,480 15,153 LIABILITIES Creditors.. Arnounts falling due within one year 15 4A46 1,922 4,386 1.857 NET CURRENT ASSETS 8,953 13,272 9,094 13,296 TOTAL ASSETS LESS CURRENT LIABILITIES 170204 173.786 171.098 174.615 CREDITORS.. falllng due after more than one year 29,843 29,839 29,843 29,839 NET ASSETS BEFORE PENSION LIABILITY 140.361 143,947 141,255 144,776 Defined benefbt pension scheme liability 22 2,598 3,558 2.598 3,558 TOTAL NET ASSETS 137.763 140.389 138,657 141,218 FUNDS OF THE COLLEGE Endowment funds Restricted fund5 Unrestrlcted fund8 Designat?d funds General fund5 18 83.459 2.277 86,674 5.469 83,459 2,277 86,674 5,469 53,391 11,3641 49.034 (1881 54.092 11,1711 49,735 16601 137,763 140,389 138.657 141,218 The financial statements wer8 approv8d and authoris8d for issu8 by th8 Goveming Body of Exeter College on 29 November 2023 Professor Sir Richard Trainor ITrusts81.. 4 Mr Nicholas Badrnan ITrusteg1'.

Exeter College Consolidated Statement of Cash Flows For the year ended 31 July 2023 2023 £￿00 2022 £'ooo Notes Net cash from I Iu58d inl operating activities 24 1.216 Cash flows from investing activities Dividends, interest and rents from iwestments Endowment ￿lated investment management costs Purchase of property, plant and equiprnenl Proceeds from sale of investments Puiehase of inv851fflent5 Net 4%ilhdrawals from current assel investments 1,798 14851 16.8911 5,573 11.979} 1,866 1.628 17491 11,5541 8.138 110,7781 4.624 Net cash provided by I (used Inl Investin9 a¢tlVLti¢$ 1,309 Cash flows from financing activities Flnance Costs paid R8ceipt of endowfftent donations 15161 355 15161 Net cash provided by I Iu5ed inl financing activities 161 244 Chan9e In cash and cash Èqulvalents In thè reporting period 463 337 Cash and cash equivalents at the beginning of the reporting period 4,459 4.122 Cash and cash equlvalents al the end of the feportlng period 2S 4,922 4.459 33

Exeter Collègè Notes to the financlal statements For the year ended 31 July 2023 I INCOME FROM CHARITABLE ACTIVITIES 2023 £￿00 2022 £'ooo Teachlng Research and Resldentlal Unrestricted fund5 yull￿n fees- UK and EU stud8nts TuitKin fe8s- Overseas s￿dents Other fees other Ofs support other academic income College residential Incom8 Total Teachlng. Re5earGh and Resldfrntlal 1,560 1.623 1,541 1,485 223 679 4.472 651 425 3,769 7.495 The above analysis incI￿J$s £1,840k recaived from Oxford Unw8rsity from Pu￿tc1Y a¢Lwntable funds under the CFF Scheme 12022.. £1,750kl. To supp¢)rt the strategic priority to fund more graduate scholar5 and lo ena￿6 outstanding students to tske up their places regard1è55 of their finarKial position. for graduate students wlh overseas f88 Status funded Ihrough the Clarendon or UKRI s¢holar5hip funding Schemes. th8 college share of the fees waived amounted to £19k12022.. £nill. Thes8 are not induded ￿ the fee IncorTie reparted a￿Ve. 2 DONA710NS AND LEGACIES 2023 £'ooo 2022 £'ODO Donatlons and L8gacl8S Unrestricted fijnds Restricted funds End¢)wed fund5 505 q.199 355 2,059 921 1.837 802 3.560 3 INCOME FROM OTHER TRADING ACTivrtEs 2023 £'ooo 2022 £Y)00 Sub$idiary ¢￿panY Iradlng IncoNd Other Iradlng Income 672 474 576 474 4 INVESThIENT INCOME 2023 £￿00 2022 £Doo UmesfriGledfunds Commeroal rent Equity dividends Interest on fixed t8mi deposit5 and cash Bank interest 122 170 225 59 576 120 78 35 233 RestrlcÈ6tl lund Interest on fixod terrn deposits and cash 40 19 Entlow8d funds Agricultural rent Other property itKome EquKydlvldend$ 211 170 801 1.182 253 173 950 1.376 Total love5tm8nl Income 1.798 1,628 Llnderthe College's investment mandate. Ihe wofile of the retum focuse5 on growth bycapltal galn as well a5 dividend relum. 34

Exeter Colleg& Notes to the financial statements For the year ended 31 July 2023 5 ANALYSIS OF EXPENDITURE 2023 £'ooo 2022 £'ooo Charflabl• expondl￿rA reci siaff rA)sts alloc8iad to.. Te8thing. research and resKJential 5,973 5,425 Other direct costs allocated to.. Teathing, research and resklenlal 4,710 3,818 Support and governance costs allocated to". Teathing, rés88rrJ) and re¥￿ential 2,274 4,996 Total charltable expendllure 12.957 14.239 Expendtture on generating fund5 re¢1 staff costs allocated lo.. Fundraising 423 386 Other direct cos15 albcated lo.. Fundraislng Trading exppndilurtr Investrnenl mana9emeni costs 174 461 476 700 Support and governanca wsls albcaied lo.. Fundraising Trading experKlilure nveskrnenl management costs 55 61 Total expenditurè on ralslng fuDd$ 1.578 1,747 Total •xp•ndlture 14,535 15,986 Tha above &xpen¢Jilure was represented by £11,889k 12022." £13,204kl trom unrestr￿ted fund5. £2.161k 12022." £2,033kl from resirktsd funds and £485k12022.. £749kl from end0v￿d tund5. Tho Collegè is lialAe lo be a5525sed for contribution under the provisions of $18lule XV of the University ol Oxford. The Contribution Fund Is used to make yanls and IoHn5 to collegtrs on th6 basis of naed. The cuff¢nl College C￿trIbUtion Scheme has been approved by the Counul of the University. Congregation and Majesly in Counul and ￿711 run for a fixed period of ten y88rs. endlng in If* accounls prepared at 31 July 2029. The Collega's coniribulSon Ss determined annually based on pprfortnance. The papers agreed by Counol slipulale that the charge due for a year is payable In thai year and therefore no outslanding liability eyists in rgSPg¢1 of 2023. No proVis￿n has therefare been rnade in these accoun15. The t8achin9 and re5earGh c05t5 include a College Contribution of £38k12022.. £37kl. 35

Exetsrcollege Notes to th¢ financial statements For the ygar gnd9d 31 July 2023 6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Teaching and Research £'rKJo Year ended July2023= Generating Funds £,(￿0 2023 Total £'ooo Flnand818dminlstralitrn Domestic administration Human resources 54 $85 107 159 299 1,543 520 19601 21 2.274 639 107 155 299 1.543 520 19601 39 2.346 IT Depreaation Bank inl8re5t p4yable Other fin8nc8 charges Govemarte costs 72 Teaching and Rosear¢h £'ooo Year ended July 2Q22.. G￿eratIng Fund$ £'ooo 2022 Total £'ooo FinancKg1 admlnlstratien Dom8sllc admlnlslralbn Hum8n resources 60 $33 loo 106 258 1.533 520 1,926 20 4,996 593 100 106 258 1.533 520 1.926 36 5,072 IT Oepreuaticn Bank intsrasl payaN8 Ott)er financa charges Vernance costs 76 Flnan¢ial and domestic ￿[nin1stration, IT and human rtr50urtés costs are attributed acctrrding to th& èstimaiÈd staff lunè $pÈnt on each aclwity. DeprerA8tion Gosts and profil or I￿$ disposal of fixed assets are attributed aEeording to the use made of the undarlylng asséts. Inl8r8$1 and other finance charges arè attrfbJl8d accordlNJ to the purposa of the related flnanclng. Govemanca o)sts are allocated according to lh8 time spenton each aclivty. 2023 £￿00 2022 £Trio Gov9rnan￿ ¢95ts ¢omprlsg= Auditors remunernt￿n- 8udil services (current ￿ar) Audilorfs remunwation- olhar seNices 36 33 39 36 No arnounl has been included in govem8n¢e costs for the dlrect employm￿1 costs or reknbursed expenses of the c￿1￿9& Fdbw$ on the basis thai Ihe$e payments relate to thè Fellows, invofvemenl In ts College's th2rf1able acdvltles. Detalls of muneratlon of the Fellows and thelr relmbur8ed expens88 8re S￿￿n in Note 21. 36

Exeter College Notes to the financial statemènts For the year ended 31 July 2023 7 GRANTS AND AWARDS During the year the Collèg6 funded rèstarch awards and bursaries Io students from it5 restrtcted and unr&strictÈd fijnd as follo¥¥s". 2023 £'ooo 2022 £￿00 Unrestricted funds Grants 10 irKJividu81s'. Scholarship5, prizes and gra￿$ Burs8ri8S and hardship award5 Graduate sludentships Totsl unrestrlcted 63 49 30 93 13 63 Rgstrl¢ted funds Grants ID indivKluals'. Schol¥r5hips. prizes and grants Bursaries and hardship awards Gr8Juate studenlships Total re$triGted 59 183 733 975 57 155 523 734 To¢al grants and awarils 1,068 797 Within the bursarie5 end hardships awards fvJure above. is the wsl to the College ollhe Oxford Bursary Scheme. Studen18 of thSs Coll￿@ received £78k12022'. £69kl ofoxford 8ur5aries. The abovè w$ts are included wlhin Ihe charita)16 expenditijre on Teaching and Research- See Note 5. STAFF COSTS 2023 £'OOD 2022 £'ooo Th8 aggr6gaitr staff costs for the year Y4ere as f(AIow5'. Salaries and Wdges SoGtal securilycosts Pen510n ¢OSIS. Défined benefit scheme5 MDvement in pensw defiul liability 5,772 492 5.270 433 1.001 1,075 6.190 889 1,926 8.518 Tho averoge number of ern￿oyeeS ofthe College. trxcluding Trustees, on a ftAI lime equwalenl basis was as fc41ovts'. 2023 2022 Tuition and research C(Alege residen￿01 FUndrai￿r￿j Supp)rt T¢lal 33 91 93 14 144 13 147 The average numberof ern￿OYed College Trustees durin9 the year was as follws.. University Lecturers CUF LeclJrers other teathing and research Other Totsi 16 15 45 41 37

Exeter College Not¢s to the financial statements For the year ended 31 July 2023 8 STAFF COSTS l¢ont.I The fdloYAng infemiallon reL818s lo the emp1oyg95 ofthe Cdlege excluding ¢h8 C￿￿ge Trnstees. Details of the rémiJnÈration and reimbvrsed expen888 of the Coll8g8 Tmstee$ b showr in Note 21. Th8 nurnber of empbye8s lexcludin9 the College Trusteesl during the yearwhose gross pay and b8n8fSts lexcludlng arfpbyer Nl and Pen￿On conlribulionsl fell wthln the fdloswng b8nd5 was.. 2023 2022 £60.001.£70.000 The number of the above amployees retirement benefft5 accruirvJ in defined berÉfit schemes 9 TANGIBLE FIXED ASSETS Group- Freehold bnd and Plant 8nd Fikturas. m8chin8ry fillings 8nd equiptnent £OOD Total £'ooo £000 Cost At stsrt of year Additions Dlsposals 73,285 6,710 2,489 311 75.774 7.021 At Bnd of yaar 79,995 1800 Depie¢latlort and ImpaSrmÈtht At start of ytrar Depr8fAation charye for Ihe year Depreoation on disposals 14,064 1,383 1,844 160 14908 1.543 A¢ end of year 15.447 Net book value At wnd of year 64.548 796 65,344 At Start of year 59,221 645 59.866

Exèter Collegè Notes to the financial statements For the year erbded 31 July 2023 9 TANGIBLE FIXED ASSETS I￿nt.> Collego.. Freehold lan(18nd buildings £￿00 Plant and Fixtur88, m#Ghin¢ry fittings and equipment rooo Total £'ooo £'ooo Cost At start of ya¥ Additrons DistK)sals 73,988 6,710 2,488 76,476 7.021 Al end of year 80,698 2,799 83A97 Doproclatlon and Impalrm$nt At start ofyear Charge for the year On di5posa15 14.064 1,383 1,844 160 15,908 1.543 At end of year 15,447 2,004 17.451 Not book valug At trnd ol year 6S,251 795 66.046 At start of year 59,924 644 60.568 The Coll8ge has subslanlial lon￿held historic assets all of which are used in the course of the College's leaching 8nd rssearch actyvilies. These comprise k'sted buildings on the College sile, together wlh their contents comprising wo￿$ ol art, andenl books and manuscripts and olher Ire85ured artefacts Because of their age and. in many cases. unique nature. reliaNe historic81 ts)si inlormalion is not available for these a55els and could not be obtained except al dispr0￿￿l0na1e expense. However. in th8 opinion of ts Truste8s the depreciaied hisloncal cost of these assets is immaterial. 39

Exeter College Note$ to the firbancial statements F¢r the year ended 31 July 2023 10 PROPERTY INVESTMENTS Group 2023 Total £￿00 2022 Total £D(M) Agricultural £'wo Other £'rKJD valuat￿Tr at $tsrt of ￿ar Disposals Rev8lu81ion gain51lb55esl in Ihe year 12.944 8,322 17171 25 21,266 17171 260 26,492 15,6001 374 235 Valuation atend of year 13,179 7.630 20,809 21,266 College 2023 Totsl £'ooo 2022 Total £rJ(KJ iicullura1 Other £'ooo £'ooo Vjludtion at slart ofyear Disposats R8valu8Ion galns in the year 8,322 17171 25 18,166 17171 260 23,392 15.6001 374 235 Valuatlon at end ol year 10.079 7,630 17.709 18.186 Aformal v4lvalion of tha agrfwllural and otherproperb&S wa$ prtparwj by SavHls, the CrAlege Land Agent as at 31 July 2023. the basis of the valuation being open market value as defined by Ihe RICS Appraisal arml Valuation Manua. In August 2022. the College completed the sale of an inv851ment propety in Okford ￿1h a July 2022 ¢*￿r￿j value Df£717k. 11 OTHER INVESThIENT5 All hveslments are hekl at fair val￿. 2023 £'ooo 2022 £'ooo Group Inve$tment$ ValualKn at $tsrt ofy8ar New money inve$led Amounts ￿thdrawn Decrease in value of Investm￿1$ 79.382 1,979 14.8561 11.4071 72,015 10,778 12,5381 18731 Group Inv&stmBnts at end of year 75,098 79.382 Investment in Subsldkqr￿S 3.151 3.203 College Investments at Ot)d of yoar 78249 82,585

Exètèr Collège Notes to the financial statements For the year ended 31 July 2023 11 OTHER INVESTMEPITS Icont.) Group Investments cDmprls8= He￿ in th& UK E'ooo 2023 Held outsid8 Total theUK £'ooo c￿0 Held hi Ihe UK £'o 2022 Total £'OOLI the UK £'DOO Equity investrnents Global tnulb-assel funds Alternative and other investments Fixed term dep05ils aThJ cash 5,610 60,635 4,752 603 5.610 63.419 4.94T 1.122 4.648 66,173 5,199 3,362 2,784 195 519 63,451 4.986 2,722 213 3.362 Total group Investments 71,600 3,498 75.098 73,085 6,297 79,382 12 PARENT AND SUBSIDIARY UNDERTAKINGS The Co112ge has four wholly owned non-charilable subsidiaries, three Irading and one dormant. Exeter Cdlege Trading Ltd, for n¢Thcharilable trading. Collexoncoloo Ltd, vthich undertake5 the College's building work5. Exeter College Yew Tree Hill Development Company Ltd Idormanll, and Checker Hall Company Ltd. a property investment company. The ITr￿ee trading comp8nies Gift Ajd their annual profits lo Exeter Coligge. The resuts a8sels and liabil51￿$ of the parent and subsidlaries al the year and were as foibw8'. Exeter Coilege Exeter Collexonc- Yew Tree Checker College oloo Ltd Hill Dev Co Hall Co Ltd Tr8ding Ltd Ltd £DLNJ £'ooo E'ooo £'ooo £'ooo Incomt ExpenOilur& Result for the year DDnalion lo College undpr gift avj 11.339 13.991 12.6521 142 562 464 98 1981 71 1441 Movement in reserves 12.5101 1481 1651 Total ass8ls 175,484 136.8271 162 67 1631 3,209 12521 NÈtfunds èt the énd of ye 138,657 2,957 41

Exeter College Notes to the financial statemènts For the year ended 31 July 2023 13 STATEMENT OF INVESTMENT TOTAL RETLIRN The Trusl88s have adopted a duly aulh0ri58d p￿￿Y ef total ratum accounting for the College investment retums 8$ provlded in the College S18tules. The Inveslrnent return to be aFplied as incDme is cakvlated as 3.25% of the 8v8rage of the inflation• adjusted ￿ar-Ond values of the relevant Inveskn)enls for thÈ Lgsl 5 years. The preseryed lfvzenl value of the invested eNJowr8nl r2pilal r8present5 its open market value in 2002 logelherwlh all subsequent endowrnants valued at dale of grft. Permanent Endowment unap￿led Total Return £Doo Expendable Endowment Total Trust for Investment rLNJo Total rooo £'ooo £'ooo Atthe beglnnlng of the y8ar Gift compon8nl of tha p8rm*ÈntendovAnent Unapplied lotsl return Expendable endowment Total Endowment8 15,982 15.982 20,571 15.982 20.571 20.571 50,121 50.121 15.982 20.571 36.553 86.674 Movgment5 In the reportlng perlod: Gfft of endowTnent funds Investment r81urn.' lolal Inve$ltnenl inco Invtrstment return.. reali5ed l unrealised gains & losses Less." Invesimentrnanagemgnl cos15 Total Unapplied tol81 relum allor¥ted to incorne In the rgporting period Expendable endowmants Iransfwred to ￿¢[¥The Total allocatlon 314 314 501 14351 206 174 41 681 3$5 1,182 11,0261 4BS 26 501 14351 206 279 11481 314 112491 11,2491 12,9601 281 13.2411 281 11,9921 11.2491 11.2491 Ngt movgrngrts Sn roportlng perlod 314 11,3891 11,0751 111401 112151 At end of th8 rel￿rtIng perlod.. GSft compon8nl ofthe permgnent endowmwl Unapplied total relurn Expendable erKlowment Total Endowments 16,296 16,296 19.182 16.296 19.182 47.981 83.459 19,182 47.981 47.981 16.296 19,112 35,478 42

Exetèr College Notes to the financial statements For the year ended 31 July 2023 13 STATEMENT OF INVESTMENT TOTAL RETLIRN l¢ont.I STATEMENT OF It4VESTFAENTTOTAL RETURN Ipvlor ￿8T1.. P¢rman¢nl Endowment Unapplied Total Return £D(M) Expendablo Éndowrnenl Total Trust for Investment £'ooo Total £,(￿0 rooo £Doo At the beglnnlny of th8 ye8r- Gift COmPDnenl of the permanent 8ndovmient Unapplied totsl return Expendable endowm8nl Total Ehdowments 15,811 15,811 21.572 21,572 21,572 51,130 88,513 51,130 51,130 15,811 21.572 37.383 Movements In the r*portlng ￿TIO￿.. Gift ofendowment funds Recwwent ofirusifor investment AllocalDn from trust for investrnenl Investment r8lurn.' lolal investment incorr Investment r81um.- realised l unrealistrd gains & ksses Less.. Inve5trnenl management costs Total Un3pplied total return allocated lo income in tha reportiTrJ period Expendable endowfflenls transferreAI lo income Total allo¢at6on 631 802 579 579 797 12071 434 787 1,376 13581 749 1,071 315 171 284 11,5361 12,6501 260 12,9101 11,7961 Net movement5 in reporting period 171 11,0011 11,0091 At end of tho r•porting ppriod. Gift compor￿n1 ol Ihe pèrmananl endowment Unapplied lolal return Expendable 6ndowmant Total Endowments 15,982 15.982 20.571 1S,982 20,571 50,121 86.674 20.571 50,121 50,121 15,982 20,571 36,553 43

Exeter College Not&s to the financlal statements For the year ended 31 July 2023 14 DEBTORS 2023 Group 2022 Group 2023 College £'ooo 2022 College £'ooo £'ooo £￿00 Amounts falllng duo wlthln one ygar Tmda d&btotS ProviSK)n for bad debt Amounts owed by group undert8￿￿JS prepa￿entS and 8¢¢tued income Other deblers 526 1551 530 11061 457 1451 390 t,045 191 2,038 469 1981 194 1.498 145 2.208 1,045 167 1,685 1,498 145 2.LN17 15 CREDITORS.. falling due wlthln rjno year 2023 Group £'ooo 2022 Group £'(M)O 2023 2022 College College £woo £'ooo T￿de crgdilors Taxation 8nd social secujity Accruals and deferred iitomtr oth8rcr8diltrs 3.071 136 978 261 4.446 524 150 3,041 136 524 130 935 268 1.857 268 1.922 261 4,3B6 DtrferrJ incotne compri5e5 £43k12022.. £32kl for conference deposits, £96k12022.. £88kl for Summer School incorne and £90k 12022.. £77kl othèr deferred income induding for sludenl vacation rent, all of which relate5 to Ihe follovAng financial year. Other reditors indude £17k12022.. £17kl loan inl8re5t payatl8 ferthe pèri(KJ 10 31 July 2023. 2023 2022 Group 2023 College £'ooo 2022 College £'ooo Group £￿00 £'ooo Deferred Income al start of year Deferred Inccne r81eased In the year New inccrr* deferred to follo￿ng ye4r D8f8rred Income at end of yaar 197 102 197 11971 226 226 102 11021 197 197 229 229 197 197

Exeter College Notes to the finan¢lal statements For the year endèd 31 July 2023 16 CREDITORS.. lalllng du8 after more than ono year 2023 Group £'ooo 2022 Group £'wo 2023 Colle5e £'ooo 2022 College £'ooo Bank loans- due in mortr Ihan 5 yèars 29,843 29,843 29.839 29,839 29,843 29,843 29,839 29.839 In January 2021, the Coll89e raised £30ffl vra a private pla￿￿ent primarily to rafinance Ihe existing £12m108n that was obtained for Ihe construction of the Cohen Qu8d Site. The balance VAII b& used to fund vartous capital projects in the medium lerrn and partly invesi8d lo repay the loan when il matures. The loan B repayable in January 2068 and carries a fixed inler8st r81t 011.72%. At 31 July 2023. the loan ￿ staled net of unamorised grrangemenl fees of £157k. 17 PROVISIONS FOR LIABILIMES ANO CH*RGES Th8re were no new provi&ons at the y8areThl12022.. tnill. 45

Exeter College Notès ta the financial statements For the ygar gnded 31 July 2023 18 ANALYSIS OF MOVEMENTS Ot4 FUNDS At 31 July 2022 £'ooo Incoming Resour￿￿ reswrces 4xpended Transfers £'ooo £'ooo £'(M)O 206 1,249 1951 15771 Gainsl At 31 July Ilossesl 2023 £'ooo £'ooo 435 Endowment Funds. PemHnent Tuition & Fellowship Support Scholarships. Exhibith)ns, Prizes and Travel Funds studentships Sludont A$s15tsnc8. Bursaries and Hardshlp Other Funds 16,718 545 16,390 5,852 11,109 2.676 198 1331 1621 11981 13761 1691 4632 10.691 2.574 191 151 1321 (21 Endowment Funds . E¥pendabl8 Tuition & Fellowship Support Studenlship5 studentAssi$tance, BU￿a￿e5 and Hardship Other Funds Exeter C¢Alege Main Fur Total Endowment Funds- Group and College 279 1.952 591 50.121 722 47.981 5.262 71 1291 11791 1621 5.063 2.481 35 1105 1291 2.36B 3.350 86 1401 3,262 605 582 38,423 3Q706 522 12141 11.5721 14531 485 86,674 1.s37 83459 3.241 Restricted Fund$ Tuition & Fellowship Support Schdarships, Exh1txti(￿S, PIiz8s and Trav Funds Sludenlships Sludenl A8slslance, Bursades and Hardship other FU￿d5 492 374 11,1341 753 485 151 778 318 3,730 81 179 1591 16761 11711 42 215 76S 353 459 13.7551 Total Restricted Funds. Group and Coltege 5A69 2,161 2,277 Unrestrlcted Funds Designated funds Fixed Asset Reserva Other Desynated Re¥erve3 G8n8ral funds 47.866 1.869 16601 49.075 5,478 112511 1.284 53.344 748 130 10.179 111,8251 Total Unre5trlcted Funds.College 10,309 11,825 149 Unrestrithed tunds hekl by subsmliaries Consowdatlon adl Inveslmant in subsKJigry Cmsoldation adj on censtNction contract wlth subsldlary 1781 1501 1641 Iq421 17011 oil Total Unrestricted FuM15 . Group 48,246 10308 11,889 149 5,511 ￿L 52.027 1,1751 137.763 Total Funds 140,389 13.084 114,5351 Unrnitrict•d funds D•$lgnJt•d funth 11•strkt•d P¢rm•ntnt eAPmd7￿e funds ErduYnnBnt Endowmont Transfers dotall Tatsl Transf8rforinve51ment totsl return Olhertransfers Additional tran&fer from ondmnent Removal of reslrtction on L￿rary funds Designation in year 1,470 1,4 11,2491 260 21 13,7811 12811 3,781 4.Y27 14.2271 Total 12.4971 8.008 12,1701 11,2491 11,992 Desiwaled transfers refl￿t the movement In the net book value oftanglNe fixed asstrts. 46

Ex&tsr Collggo Notes to the financial statements For the year ended 31 July 2023 ANALYSIS OF MOVEMENTS ON FUNDS Iprlor yearl Al 1 Augjsl 2021 rcrfjo 37.383 17.004 Inc(Jrning Reswrces rgsources expended G3insl At 31 July Ilosse51 2022 £'ooo £'ooo 151 Transfers £'ooo 1.114 15091 rooo £'ooo 315 Endowment Funds . Pormanent Tuilion 8 Fellowship Support Scholarships, Exlublt￿ns, Prizes and Travel Fund5 Sludentships SludentA88islan¢8, Bursarias and Hardshlp Olher Funds 435 16.717 6,011 11.414 2.750 204 93 176 42 11781 13391 1821 1241 1461 5.852 11.109 2,676 198 1231 Endowment Funds- Expendable Tuition & Fellowshlp Support Sludertships SludgntA55istan￿, Bursaries and Hardship Olher Funds Exeter Coll8g8 Main Fund Total Ersdowment Funds- Group and Co118g& 51,130 5.407 2.008 3,352 620 39,743 1.796 207 1,429 ￿434 50.122 83 1451 5.262 580 2.4B1 143 3.350 605 38,424 1761 11021 It81 11.4391 1291 613 13341 88,513 749 2.91 358 Reslrlcied Fund5 ruilion & Fellowthip Support SGho18rships, Exhibit￿rE, PrEes and Travél Funds Sludentships Student Assistance, Bur3anes afwj Hardship 0lh8r Funds 510 571 11,1931 604 492 143 736 296 3,579 33 1631 14961 11591 38 419 179 18581 151 T78 318 3,730 Total Restrlcted Funds- Group and Collèg• 5,264 2.033 382 5.469 Unre5tricled Funds Designaled funds Fixed Asset Reserve Other Designated Rtrsetves GenAral lunds 47.845 1.432 1,390 47.866 1,869 16601 518 8,615 2.507 Total UnroStrlct•d Funds- ¢0118g• 50,667 13,112 141 2,528 49,075 Unre51ricled lunds h8ld by sUb￿dianSS C￿$011daI￿n adj investment in subshyiary C￿S011dal￿Tr adj on ¢on51ruclion conlraci ￿th subskliary 14 1921 1781 1501 16991 Total Unrestrlcted Funds- Group 49,932 13,204 141 2,528 48,246 Total Funds 143,709 13,165 115,9861 14991 140,389 Vnr*$trldgd fund O•si9nat•d funds Rwtri¢t•d Pqrrnanpnt fundk Endowrn•nt Translers detail EndDwmqnt Total Transfer for investment lolal reium Removal of restriction on CQ fvnd Additional transfer from trnduwtDtnl Removal of resiricbon on Library funds De5i9nalKn in year 1,320 66 260 1,330 1661 11.5361 12601 882 21 18821 Total 1.625 903 382 11.7961 D88ignalèd transfers r&flect th8 rwvament in tha nel book value of t8ngibie fixed a55¢ts. 47

Exèter Collo99 Notes to the financial statèments For the year ended 31 July 2023 19 FUNDS OF THE COLLEGE DETALS The follewn9 is a summaryefthe erigir& and purpose5 of of the FvrKI5'. Endowment Funds- Pe￿anent. Tul￿an & Fellowship Support A total of fourte￿ Trust Funds wh8r8 ltr￿ income can be spont on Fgllowship support in specffj￿ subject areas. butthe original capital cannci be swl. Scholarships. Exkibil￿n$, Prkzas and Travel Fund5 A total of five TNst Funds ¥th8r8 Ihe income can b8 Spent ￿ student scholarships. exhit￿￿on$, priz88 and travel fU￿J$. The eriginal capital c8nnot be spent. A total of e18ven Twst Funds. Ihe purpose of which is lo pay a ￿nl￿bUtK)n lowards, or all, of the un￿er$lty and Cellege fees together with a malnlenanc grant. Each Fund specifi85 the SUb￿Ct area and academlc achlavements needed for each award. The original capital cannot b2 spent. studéntship$ StudentA8￿stance, Bursanes 8fKI Hardship A tol81 of four Trust Funds. the income of is to provhle financial as5istsnce to undergraduates andlor graduatas depend8nl upon their finanaal need. The Ca￿￿[ cannot be spent. Three Trust Fund5 for specific purpose5 of the Cc41ege. The capitsl cannot be spent. Other Fund5 Endowment Fund5- Exp2ndable- Tuition & Fellowship Support A totsl of five Trust FuThJ$ the iricome and capital, If reguk￿, tan be spent on Fel￿w$h[p supp)rt In speclfic subjerl areas. Three Trust Funds. the purp)se of 1$ to pay a conlnbution towards. or all. of the Unlver8ily and Colleg8 fees togalher vAlh a maintsnance ￿an1 for a graduate slud8nl. The income and capi181 may b8 spent. Six TN$l F￿d5 providing fmanual a$￿stanCe lo undergraduats ar￿ gradual? studenls. Both the Inc￿& and capital c*) be 8penL Four Trust Funds forv8rious purposes there bolh Ihe irKome cepital can be spent on the reslricled purwsa of the Fund. Thls Fund repr8s8nls donations a￿MU￿ted over many d&trades arKJ euTrènt PDliGy is to invest il over Ihe bng term future of the College. Both iwme and capltal Can be spent on th8 general édutstional putpo$e$ of th8 Cellegè. Studentship5 Student Assistar￿￿, Byr5aries and Hardship Other Funds Exeter Colkgge Main Fund Restricted Funds.. Tuition & Fellowship Support A c0n801ida1￿n of grfts and denalions where both Sncome and caprtal can be used for tuit￿￿ and fellowship support. Income generated from end￿ent is Ilocaled to Ihe5e funds and. if wl Spent. is avaifable in future years. Scmarshlps, EXh￿b￿ons, Prizes and Travel Furds A con5011dal￿￿ of gifts 3nd dOnat￿rIS whgre both income and G8pttal can be Used for Scholarships and exhibition5. Income generdted from endowment 15 alkncated lo these funds and, if not spent, is available for fvtvre years. StudentAs¥lst8nca, Bursarfes and Hardship A consolidalion of gifts and donation5 where both income capital Gan be usÉd for Sludtrnt assisian¢a and hardship. In¢om¢ general￿ from endi)wnent is also allLYAtéd to th88& fijnds and. If notspent, IS 8Y8IL¥EAe forfuture yeais. Other Funds A consolidat￿n of gift5 and donation5 where both income Hnd capitl can be spent on various restricted purposes. It indude5 major donation$ frcrfn W.N. Jackson 1£3ml. Biz Stone I£0.8ml and A Bart & C M Holad4y I£0.8ml towards refiJrbi5hmentof the Comeges library. 48

Exeter College Notès to the finan¢ial statements For thè yèar èndèd 31 July 2023 19 FUNDS OF THE COLLEGE DETAILS Icont.) Designated Fund5= Fix￿1 asset designa UnrastFiclad Funds Vdrlch ar8 r8pres8niad by the fixed 88sels of the Col￿ge and th&rÈfore not available for expenditure on the col￿ge.5 general purposes. GÈnerBI designated resenfe Unréslricièd FuNJ$ alloG41ed bythe Felovts for fuknjrè ¢x)sts of specnlc proJ8cls. The General Unrestricted Funds reppsenl aGoJmul8led irwne frem the Colkge'5 activities Other s)urces that are available fwthg g8ngral purw5es ofih8 College. 20 ANALYSIS OF NET ASSETS BETWEEN FUNDS A¥ at 31 July 2023: Unr8Strl¢t6d R8strf¢t8d Endowmant Funds Funi15 Funds £'ooo rooo £'ooo 2023 Total £'ooo Tangible fixed as58ts Borrowings Property Investments Securities and other investments Nèicurrent a$sels linGluding pension prowsiw) 65,344 129,8431 65.344 129,843 20,809 75.098 6.3SS 20,809 62,666 12,432 4,094 2,277 52.027 2,277 83,459 137.763 As at 31 July 2022". Unrestricted Restr￿ted Endowrnenl Funds Funds Funds £'ooo £'ooo 2022 Total £,￿0 Tangible fixe¢ a$se15 Borrvmngs on acquisition of fixed assets Proparty invesimenis Securities and Other investments Nel current a55ets (including penS￿n provision) 59,867 129,8391 59.867 129.8391 21,266 79.382 9.713 21,266 65,302 106 14,080 4,138 5,469 48,246 5,469 86.674 140.389 49

Ex•tor College Notes to thè finan¢ial statements For the year endèd 31 July 2023 21 TRUSTEES. REMUNERATrON The Fell¢)w5 who are the Trus18es of the CollÉge fDr the purposes of charlty law raceive no remunÈraiion for aclng as charity trustees bul are paKI by ellher (Y both of the Un￿etsIty and the ColLqge for the 8cademlc or Other $ÈrviGes they prowde to the College. Trustees of the College f￿1 Into thè folkj￿n9 categorigs.. Rector Professorial Fell(Av orfficial Fellow Fellow by Special Eledion Research Fellow T￿se Trustees are also ampk)yèas of Ihe College recelve salarfes for Ihoir TrADrk a5 empbyees. These salaries 8re paid on extemal academic and aCademic￿erated Scales end often are joini arrangements w5th Ihe University of Oxford. 30 Offidal Fellows are on a jointappoinlmenl wth the University of Oxford. The r8muneraUon disdosure below relates to remuneration th81 is pald by the College. All Official and ResegrGh Fello￿￿ are elwjible for 8 Housing MlowarKe, which is disdo88d wlhln saL3ry fvJures ￿lOw. 5 Trusleps live in ￿uSeS owned by the College and pay market renton a mmlhly basis. Somè Trustees Teceiv£ addilKwI aifowances for addlllonal Nvork Garried out 85 part-time Co118ge officers. for example, tho Sub- Rector, Computng Fellow and Fellow Librarian. These arna￿lS are induded vAlhin the remun8r81ion fiyure5 bek)sv. The totsl remuneration and taxable b8neflts as sho￿1 below is £1,691.440 12022.. £1.535,9651. The total of pension C￿l￿bU)0n5 are £330,08012022.. £297.3761. As a consequence of tha different remun9rabon of Fellow5 dependent on typ& of Èppointrnent leg jon¢ or College￿nly) and typ8 of Fellowship leg. R8Se8rch or Official Felkwl, there 15 a vthje variallon in leveLs of pay. The College has a Remuneralion Committee makes recommendallons to Govemtng Body on pay and benefts which are outside ofexternal scales. Tha composltion ofthe Rernuneratiw Committe8 is set outon pages 2 to 4 of the trustees, report. so

Exeter College Notes to the financial statements For the year ended 31 July 2023 21 TRUSTEES. REMUNERATION IconLI R8mun8ratlon pald to Trusto85 2023 ross r8munera ¢on. tsxable bertreflt5 and ension ¢gntribution$ 2022 Numberor Trusteè51 Fellow6 Number o Truskesl Fellows ross remvTrera ori. taxable benefits and enskon contributions Ranye £1000- £1999 £3000- £3999 £4000- £4999 £5000- £5999 £7000- £7999 £10000- £10999 £11000- £11999 £12000_ £12999 £22000- £22999 £23000- £23999 £24000- £24999 £25000- £25999 £26000- £26999 £28000- £28999 £32000- £32999 £35000- £35999 £36000- £36999 £38000- £38999 £39000- £39999 £40000- £40999 £41000- £41999 £42000- £42999 £43000- £43999 £46000- £46999 £47000- £47999 £49000- £49999 £5(NJOO- £50999 £53000- £53999 £54000- £54999 £5sorM)- £55999 £560Ch)- £56999 £5701X)- £57999 £58000- £58999 £59000- £59999 £60000- £60999 £61000- £61999 £62000- £62999 £63000- £63999 £69000- £69999 £73000- £73999 £75000- £75999 t91000- £91999 £96000- £96999 £106000- £106999 £112000- £112999 £115000-£115999 £116000-£116999 £121000- £121999 £122000- £122999 1,863 3.471 1,855 3.332 4.597 5,738 7.130 10.234 11,162 5.888 11.910 25,210 22.009 23.764 264.291 50.959 23.176 25,800 394,684 Is 28.309 32,680 35.7 36.616 35,511 38,345 39.991 40.561 41,618 42.685 43.386 46.283 47.978 49,987 50,01 53,792 54,553 55,038 55.122 56,269 57,OB3 117,341 59,046 58.908 59,140 120,695 61,172 188,571 63.998 69,388 73,928 75.667 182.052 192,159 1C6.884 112,601 115,063 118,161 121,201 122,267 Total 46 2.021.517 45 1,833.341 19 trustees are émployèès of tt)e Co1￿98 and d¢ not rec8ive r8muneralion. 4 Iruslees were empknyed after the finanual year end. JI trustee5 mayeat al COmnKJn table. as can al other èmpioy8estho ar8 enlilled to meals while wothiro. 51

Exeter College Notes to the financial statements For the year èndèd 31 July 2023 21 TRUSTEES. REMLINÈRATION Icont.) Olher transa¢tlons wlth ttustÈs Total &xp￿seS of £51.635 were paid to 35 trustees 12022.. £26.853 to 20 tn15tee$l. Of lh￿ totsl, £1.567 12022.. £3841 w8S reimbursed traval wsts, £49,885 12022.. £25.5971 was reimbJrsed books, researGh and enlertainm8nl allowances and £183 12022.. £8921 for other minor general ewenthlure InCu￿ed in Iheir ￿pa￿ty as a Fellow of the Cdlege. See dso Note 29 Related Party Transactions. Key management remuneration The total remuneratlon p￿d la key management. ofwhom 8 number are trustees. was £842k12022.. £800kl, and indudBs the Chaplaln and WeWarÈ Le￿1. Key management are o)nsid8r8d to be the Rector. Flnance and Estatés Bursar, Academic Dean. tknmeslt Bursar. Deputy Bursar, Chaplain and W8lfar8 L8ad, DireGtor of DeveloV￿nI and AlurKni Relations 8nd the Academic Registrar. 22 PENSION SCHEMES Th& College participates in wnapal schemes for its - the Universitles Super8nThJation Schetne IUSSI and the Uryversty of Oxford Staff Pension SGheme IOSPSI. Th8 assets ¢1 the scheme5 are each held In separate trusie8-admink%tered fvTrJ5. USS and OSPS schème5 are contrybulory mixed ben8fi1 schernes li.e. they provide b8n8fils on 8 defined benefit basis - based on length of Strtvice and pensiwable salary. and ￿ a defined conirfbution basi5-ba50d on contiibulknns Into the schetng). Buth are rnullpemployer schwnes and the C4llege Is unablt lo identify 115 share of the UnderI￿n9 assets and liabillties relating to defined benefits of paGh 5chem8 on a conslst8nt and reasonabl8 b8sis. Therefore. in 8ttordance with the acGounting stsndard FRS 102 paragraph 28.11, the College accounts for the schernes as if Ihey were defined contribJl￿n schemes. a resutt, the amount Charged to the Stagrn8nt of Fin8nci91 Actlvluas réprèsents ￿ wntributiong payabke to schem8$ In r¢sp¢th of the accounting period. In the event of the vilhdrawal of any of the partKSpalng èmployer5 in USS or OSPS. the amount of any penwon funding shortfall Iwhith r￿n￿l be olhermse recovered) in respect of Ihat emplDyer VAI be spiead across the ramalniNJ pattiGlpallng gmployers and reflected in Ihe neKt actuarial valuats.cfi of tha scheme. Othor ponslon 5¢h8m88 The College has made aVaila￿e a Nation81 EmrAoyment Sa¥*igs Trust INESTI for Ggsual worker5 vtho are dhjlble to pansK)n benefits under automatic ￿[01[￿ent regulat￿￿5. 52

Exeter College Notes to the finan¢ial $tatement$ For the year ended 31 July 2023 22 PENSION SCHEMES l¢ont.I Schemes accounted for under FRS 102 paragraph 28.11 as defined contribution sGhemes Actuarial valualion Qualrfi8d actu￿e8 periodScally value the Scheme5. Bolh VSS and OSPS were valuéd using the "yolecled unil. rnelhod. etnbracing a m8rf¢el value approach. The resulting leve15 Of contribution take account of aciuarial surpluses or defjcits in eath 5chem£. Thè financial assumptions were derived from rnarkel con¢itions prevailing at the valuation date. The results of the Lilesl actuarial valuatiuns and the assumpt￿n8 whid) have the most signrfi￿nI eff￿t On Ihe re5utts of the latest valualh)ns and the dgtermination of the conlllbulion ￿ve18 are shtsh￿ In the follo￿n9 tab￿. US8 3110312020 30109r2021 £80.8bn £66.5bn £14 1bnl osps 31103120 2710612023 £914m £961m £47 Date of valuation Dale valuation resulls ublished Value of assets Fundin defiot Principal assumptions.. Di5(x)unl rate Fixed ￿te￿$1 Gills +0.5V gitt 2.25% CL¥ve plus 1%-2.75% Rate of Incraa5e in salaryes Rate of increase in pensions nla RPI Average RPIICPI +0.05% Assumed life expectancies on r81ir8mènt at age 65.. Males currenlly aged 65 Females currenlly aged 65 Males currently aged 45 Fern￿1$ currenii ed45 Funding ratios.. Technical prOvis￿nS ba5iS Slaluiory Pension Protection Fund ba515 -oul' b8SIS Employer contribuliDll fdle Its % of penonable salarlesl.. 24.oyrs 25.6 yrs 26.0 y 27.4 83% 105% 98% 62% 51% 21.6% 19% dovffl t 16.5% foi DB n￿mbe[SIr0 10¢t23 3110WO2S Effeciivtr date of next Y81u8tion 31I0Y20Z3 The dlscounl rate (forward ralesl for th8 USS valuat￿n wgs.. F￿$d interest gill weld curve plus.. Prfrretirern8nl 2.75%. post-retirement 1.00% Th8 discount raie for the OSPS valualh)n was.. Pre-retiram8nt.' Equal to th8 UK nominal gill curve at the valuation dale ￿uS 2.25% p.a. al eath tenr. Po$l-relirement-. Equal lo the UK nominal gill Currfe 8t the valuation date plus 0.5% p.a. at each terrn. Pensions increases ICPII for the USS valualK)n were.. Tem d6pendenl rales In Ilne vAlh the differarKe bet￿n the Fixed Interest and Index Lwiked vJNes, less 1.1% p.8. to 2030. rèduGing Intrarfy by 0.1% p.8. to a long term difference ol 0,1% p,a. from 2040. 53

Exeter College Notes to the financial statemènt$ For the ygar ended 31 July 2023 22 PENSION SCHEMES IGont.I RPI inflation is derived from the geom81rlc diNeren¢e beNveen the UK nominal glt curve and Ihe UK index-llnked curwe at Ihè valuation date. less 0.3% p.a. al each term pre-2030 and 1.O¢A p.a. post-2030. CPI inflation is deriv80 from the RPI Inflation aSsumptK)n. less the Sch8me Actuaws best estirnate of the long-term dlfftrrenGe bgknpen RPI and CPI Innallon as 4p1￿$ frorn tirng lo fym811.0% p.8. pra-2030 and 0.1% p.a. posl-20301. For pensicn increas&s I￿ikEd to inflation. a pension inLease Ixrve is c(Jn5tructed b85ed on either the RPI, CPI or the aver8ge of the RPI CPI inflabon Curyes described 8bove, adjusted lo allrw4for the diffe￿￿1 maximum and mlnlmum annual incre4$es that appty, and the Schem8 Arlu8rfs best estimate of infiation vol8ti1ty 0$ applies from lime to The USS ano OSPS empkJyer c¢ntribuliw rates indude prevlsions for the w5t of future acclual of daftned benerrts. defiul conlribulKJns. adM￿lStratwe expenses and defined contribuuon Sen51tlvity of actuarlal valuatton as8umptlon5 Surpluses or defiuls which arise al fvture Valuat￿n5 may impact on th8 College's future wntribulKin commltmenl. The sensitivill&s regarding principal assumptions used to measure the 5cheme1SabSlllles are $8t bel¢)w. uss Assumptio re-retiremenl discount rala Posl-reliremenl discount rate cpi Life expectancy Change In asSur￿tIon InC￿aSe 0.25% decreasfy b 0.25% decrease b 0.1% more prudent assumption (reduce IhB adjuslmentto the basè mortalilylgble by 5%) more prudent assuffiption linGrea5e the annual mortallty ImpthÈments long- term ￿te$ by 0.2% Impact on USS d8cre88e b £1.3bn Increase b £2.8bn decrease b £1.5bn irKrease by£1.21x) Rate of mortality Sncreasè by £0.6bn osps Impact on OSPS t8ehnl¢al rov151on5 Increase pensionable salaries Increase pensionable salaries A55um tlon Chan e In assum on Valuatiw rdle of interest decrease by 0.25% RPI increase by 0.25% Deliclt Recovery Plan5 In line with FRS 102 para9raph 28.11A, the College has recognised a liability tt)e contributions paydble for the agread defic funding plan. The principle assump1K￿8 used In thase calculalM)ns are tled below. 2023 2022 uss osps 31103f2038 3010912023 uss osps 3110312038 3110112028 Finish dale for the d8ficil reL¥JvEry plan Averag8 stsff numbar increase Average staff sabry in¢xegse Average discount rale over perfod Effect of 8 0.5¢/o change in dilcount rate Effect ofa 1% chan In staff ro 4% 3.34% £110k £235k 3.34% £88k £187k 5.49% £Ok £Ok 3.19% £22k £45k A provis￿n of £2.598k has b88n made at 31 July 2D2312022.. £3.558kl forthe pr888nl value of the estirnaled future deficit funding element of the Contri￿￿on$ payable under these agrèÈmÈnls, using Ihe assumptions The prowsiw reduce5 a5 the deficit 15 POKI i)ff dccoriling to the penSIc￿ recovery sthtme.

Exotgr College Notes to the financial ststements For the year ended 31 July 2023 22 PENSION SCHEMes Icont.I Pon8lon charge for thg ￿ar The pension charge recorded by the Col￿ge ¢Juring the eccovnling peri(xl wa5 equal 10 the conlrlbul￿nS payable aftw allowonce fer tt)e deficit recovery plan. The USS pensiw Gharge for year of £413k 12022". £2,467kl r8pr8s8nts ¢onlrlbutions of £647k payable lo the USS 12022.. £557kl as ad￿stad by the charoe in the defut funding liability between the opening and dO￿￿j balance sheet dales of -£234k 12022. £1.910kl. The OSPS pen5K)n credit for the year of £373k12022". 369k ¢hargel represents wnlribulions of £353k12022". £331kl pay8ble to Ihe OSPS 85 adju51ed by the changtr n the d&fidt runding liability behween the opening and d05ing balance sheét dales of-£726k 12022.. £38kl. Scherne 2023 £'OOOs 413 2022 £'OOOs 2,467 369 Universities Superannualv)n Scheme IUSSI Uniwersily of Oxford Slafl Pen￿on Scheme (OSPSI Other schemes- contributions Total 13731 41 2,815 Def(ned bonefit pen$ion Scheme liablllly The lolal provision below includes the balance for USS and OSPS, and additionally there is a provisi￿ in respect of penw Ilabili1Ses for pensions payable lo ex-em￿0￿05 of the College and not funded through external penS￿)n schemes. Scheme 2023 £'OOOs 2.506 24 68 2,598 2022 £'0005 2,740 750 68 3.558 Universities Superannuation Scheme (USSI University ofOxFord Siaff Pen￿on Scheme (OSPSI Provision for one Èx-ètrwloyeè pensKJn Total 23 TAXATION The College is able lo lake advantage of the tax exemptions avai1aNe to chariknes fvom taxation in respect ol income and capital gains received lo the exlenl that such incorng and gairTrs are applied lo exdusrrfely thariiabk purposes. No li3bility lo corporalK)n lax arises in the College'5 subsidiary companie5 because the dir8cli>rs of these companies have indicated Ihal they intend 10 make donatsons each y8ar to thÉ College equal to the taxable profiis of the company under the Gift scheme. Accor(lingly rk7 proYl&on for taxabon has been included in the financ￿1 st8lernents. 55

Ex¢tor College Notes to the flnan¢ial ststements For the year ended 31 July 2023 24 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATIONS 2023 Group 2022 Group £'ooo £'ooo Net IncomellExp8ndlturel Reversal of nonoperaling cash flows.. Inve8kn8nl Into￿ Endowment related investment management costs L05ses in investments End0¥￿￿ent donations DeprBGiHlion Fin8nring costs Ilncreas?) l Dacrea$tr in stQGk Ilncreas81 l Dtrcrease in debtors IncrÈase in Gredilors Inrreasel (Decreaso) in penplon scheme Iwbility Net cash used in opeT?tlng actlvltles 12,6261 13,3201 11.798 485 1,175 13551 l.S43 520 10 382 2,366 19601 11.6281 749 499 18021 1.533 520 151 11,3291 841 1,926 742 25 ANALYSIS OF CASH AND CASH EQUIVALENTS 2023 rooo 2022 £'ooo Cash al bank and in hand DepDsi15 and 0lh8r shcrttsrni Investrntsnts 4.922 6.710 4,459 8.576 Total cash and cunant asset In￿StMents 11.632 13,035 NÈT DEBT.. Cash flow other 2022 movements movements 2023 £'ooo £'ooo £000 £'ooo Cash at bank and in h8nd Deposlts and other short tsrrn investments Leans more than one year 4,459 8,576 29,839 16.804 463 11.8661 4922 Q710 29,843 18.211 1,407 26 FINANCIAL COMMITMEKrs At 31 July the College had the folhwing commitrnerits under non<ancellaUe operabng lfjasgs. New leases ware arraffj￿ duri the year in order lo provida more student acrA)mmodation. 2023 £￿00 2022 £￿0 Land and bulldlng5 falling due wiknin one ye¥ falllng due b8tsvaen two and fva yea 136 134 270 136 270 406 Other falliro due ￿lIhin one year

Exeter College Notes to the financial ststèmènts For the year end&d 31 July 2023 27 OPEFiAmNG LEASE INCOME At 31 ￿llY Ihe Co1￿98 had conlraclad vAlh 18nant51o rgceiva the folloynng future m5nknum leas8 pawnenls.. 2023 £'ooo 2022 £'ooo Land and buildlngs falling dug within one year falling due ￿tween h¥0 and fwe year5 falllng du8 in over five yèars 233 443 97 773 244 615 135 994 28 CAPITAL COMMITMENTS Th8 College had contracted commitment5 at 31 July f(* ftsbJre cspltal projects lotalthig U.202k12022.. £9,556kl iro the ranovalh)n and refurb15hmenl of the Ibrary. 29 RELATED PARTY TRANSACTIONS The College is part of thtr CO1￿9181e University ol Oxfffd. Maleri7J interdependencies between the University and ol the Colleg8 arise as a consequance of Ihls relallon8hip. For reporting purpose5, the University and the clh8r Celleges are rol treated a5 related parties as defined in FRS 102. Members of the Govemlng Body. who are Trustee5 Of the College and relatèd partles as defir￿d by FRS 102, receive remuneration and facilities as etnployees of the College. Detai15 of these paymen15 and réimbursed 8xpenses 8s Trustees are disGlosed in N￿e 21 01 thesé financial slaiemenls. The College re￿i¥￿d income from anrj ha¢J outstsnding balances wlh its ￿olty ovmed subsidiary entities as folbws.. 2023 £'ooo 2022 £,￿0 Income received frorn I lexpendlture paid tol.. Exeter College Trading Ltd Cdlexoncoloo Ltd Exalar College Yew Trèe Hill Development Cotnpany Ltd Checker Hall Comp8ny Ltd 45) 399 45 1100 398 so 413 OutStandlTrg balance$ rec8lvabl• I Ipayabl•l as at 31 July= Exeter College Trading Ltd Checker Cornpany Ltd 125 25 12B 25 The College has entered into fj RevolvirvJ Cr￿lt Farlllty IRCF kJanl of up to £2.59Ok vrilh the Mithael Cohen Trust. a chartly to V4hlch the Co118ga the solé beneficiary. The RCF loan will btr calltrd as and when capital calls are made on th8 relating invtrstsnents h81d by the Michael Cohen Trust The reium on the RCF loan vill be 8 ¢0mbinabon of 3.25% interest and cap11al relurns on investments. The outstanding loan value including accrued interest as al 31 July 2023 was £230k12022'. £nill. 30 CONTINGENT LIABILITIES Th8r8 ware no material conlingenl liabili112s ai the balance sheet daie12022.. £nill. 31 POST BALANCE SHEET EVENTS There We￿ ro p051 balancp Sheet events. 57