2025-07-31-accounts - Wolfson College In The University Of Oxford

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Wolfson College

Annual Report and Financial Statements Year ended 31 July 2025

Charity Registration Number: 1141446

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WOLFSON COLLEGE Annual Report and Financial Statements Contents

	Page
Governing Body, Officers and Advisers	2 - 4
Report of the Governing Body	5 - 13
Auditor’s Report	14 - 16
Statement of Accounting Policies	17 - 21
Consolidated Statement of Financial Activities	22
Consolidated & College Balance Sheets	23
Consolidated Cash Flow Statement	24
Notes to the Financial Statements	25 - 54

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WOLFSON COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2025

MEMBERS OF THE GOVERNING BODY

The members of the Governing Body, who are the Trustees of the College, present their annual report for the year ended 31 July 2025 under the Charities Act 2011 together with the audited financial statements for the year.

Members of the Governing Body during the year to 31 July 2025, and those appointed since the year end, are listed below. The membership of the 11 main committees listed on page 3, for all or part of the year, is also shown for each member of the Governing Body.

For changes in Members of the Governing Body since 1 August 2024:

A = Appointed; Rs = Resigned; Rt = Retired

	Changes since 1 August 2024	1	2	3	4	5	6	7	8	9	10	11
Andersson, Prof Ruben												X
Bangha, Dr Imre
Barrett, Prof Jonathan
Boehmer, Prof Elleke
Charters, Dr Erica					X
Cosmidis, Dr Julie		X								X
Costa, Prof Matthew
Curtis, Prof Julie	A01/10/24	X	X	X	X	X		X			X	X
Dahl, Prof Jacob								X			X
David, Dr Huw		X	X	X		X		X
De Melo, Prof Wolfgang
Duyrat, Prof Frédérique
Eastham, Emily		X	X	X	X	X						X
El Khachab, Dr Chihab						X
Fellerer, Prof Jan		X
Gardner, Prof Frances		X				X			X
George, Prof Alain					X
Hammond, Prof Ester		X
Hanson, Dr John						X
Hitchens, Sir Tim		X	X	X	X	X	X	X		X		X
Howgego, Prof Christopher	Rt30/09/24	X		X						X
Jarvis, Prof Paul		X			X
Kamnitsas, Prof Konstantinos					X
Landau, Prof Loren
Lange, Prof Bettina
Lewis, Dr James			X					X	X	X
Lizana, Dr Jesus		X				X
Lowe, Dr John										X
Mathur, Dr Nayanika						X				X
McCutcheon, Prof Robert	A10/02/25
McNamara, Dr Liam		X
Morin, Mr Richard		X	X	X	X	X	X	X			X	X
Mosleh, Dr Mohsen	A01/10/24
Mukherjee, Pablo
Mulcahy, Prof Linda						X
Naseemullah, Prof Adnan	A01/10/25
Nanchahal, Prof Jagdeep						X
Nicholls, Prof Rebecca
Pila, Prof Jonathan

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WOLFSON COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2025

	Changes since 1 August 2024	1	2	3	4	5	7	8	9	10	11
Piotrkowski, Dr Meron
Probert, Prof Philomen						X
Ray, Prof David			X			X
Redfield, Prof Christina										X
Riede, Prof Moritz			X
Roesler, Prof Ulrike		X							X
Rushworth, Prof Matthew						X
Schmid, Prof Annina											X
Schulting, Prof Rick								X
Sen, Prof Arjune			X
Simpson, Prof Thomas	A01/08/25
Stewart, Dr Peter		X	X	X	X	X	X			X	X
Sud, Prof Nikita		X
Taylor, Prof David
Vedral, Prof Vlatko
Ventresca, Prof Marc
Vevaina, Dr Yuhan				X		X
Wood, Dr Rachel					X						X
Woodruff, Prof Christopher	Rt31/12/24	X
Yoshida, Prof Nobuko						X
Yurekli-Gorkay, Prof Zeynep		X

The activities of the Governing Body were carried out through the 11 main committees listed below.

General Purposes Committee
Finance Committee
Investment Committee
Academic Committee
Fellowships and Membership Committee
Remuneration and Personnel Committee
Domestic and Premises Committee
Audit Committee
Nominating Committee
Social and Cultural Committee
Equality and Welfare Committee

A Conflict-of-Interest Committee, which consists of a Chair and two other members independent of the Governing Body, reviews the Governing Body’s minutes and decisions to ensure that any conflicts of interest have been identified and handled appropriately. It also keeps under review the College’s Conflict of Interest Policy. The Chair of the Conflict-of-Interest Committee also chairs the Remuneration and Personnel Committee, the members of which include a majority who are not members of Governing Body.

There are also a number of College sub-committees, the membership of which includes some Members of the Governing Body.

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WOLFSON COLLEGE Governing Body, Officers and Advisers Year ended 31 July 2025

COLLEGE SENIOR STAFF

The senior staff of the College (the College Officers) to whom day-to-day management was delegated in the year was as follows:

President	Sir Tim Hitchens
Vicegerent	Professor Peter Stewart (until 30 September 2024) Professor Julie Curtis (from 1 October 2024)
Bursar	Mr Richard Morin
Senior Tutor	Ms EmilyEastham
Development Director	Dr Huw David
Secretaryto GoverningBody	Professor Frances Gardner

COLLEGE ADVISERS

Investment Managers

Cazenove Capital, Schroder & Co Ltd,1 London Wall Place, London, EC2Y 5AU OU Endowment Management, King Charles House, Park End Street, Oxford, OX1 1JD Charities Property Fund, Cordea Savills, Lansdowne House, 57 Berkeley Square, London, W1J 6ER

Investment Property Managers

Savills, 33 Margaret Street, London, W1G 0JD

Personnel and Health & Safety Advisers

Peninsula Business Services, 2 Cheetham Hill Road, Manchester, M4 4FB

Auditors

Wellers, 8 King Edward Street, Oxford, OX1 4HL

Bankers

Barclays Bank PLC, Wytham Court, 11 West Way, Oxford, OX2 0JB Natwest Bank PLC 43 Cornmarket Street, Oxford, OX1 3HA

Solicitors

Penningtons Manches LLP, 9400 Garsington Road, Oxford Business Park, Oxford, OX4 2HN Mills & Reeve LLP, 24 King William Street, London, EC4R 9AT

COLLEGE CONTACT DETAILS

College address

Wolfson College, Linton Road, Oxford, OX2 6UD.

Website

www.wolfson.ox.ac.uk

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WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2025

The Members of the Governing Body present their Annual Report for the year ended 31 July 2025 under the Charities Act 2011 together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

Wolfson College in the University of Oxford is a chartered charitable corporation. It was founded by decree of the Congregation of the University of Oxford on 26 July 1966.

The College registered with the Charity Commission on 14 April 2011, registered number 1141446.

The names of all Members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 4.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

The College is governed by its Royal Charter and Statutes dated 15 January 1981. In the previous year, the College conducted a review of its governance arrangements, in consultation with the Charity Commission. Several significant changes were introduced, as set out in the letter to the Chair of the Charity Commission from the President on behalf of the Governing Body of 1[st] July 2024.

Governing Body

The Governing Body is constituted and regulated in accordance with the College Statutes, the terms of which are enforceable ultimately by the Visitor, who is the High Steward of the University of Oxford. The Governing Body is self-appointing.

New members of the Governing Body are elected on the basis of academic standing, position within the University of Oxford and suitability as decided by the Governing Body.

The Governing Body determines the ongoing strategic direction of the College and regulates its administration and the management of its finances and assets. It meets regularly under the chairmanship of the President and is advised by eleven main committees.

Recruitment and Training of Members of the Governing Body

New Members of the Governing Body are recruited on the basis of a consideration of suitability by the Fellowships and Membership Committee, formal interview and election at a meeting of the full Governing Body. They are inducted into the workings of the College, including Governing Body policies and procedures, by means of an introductory meeting with the President and provision of the Charity Commission “Essential Trustee” guide, which makes them aware of their responsibilities as trustees. Members of the Governing Body are able to attend external trustee training and information courses to keep them informed about current issues in the sector and regulatory requirements.

Remuneration of Members of the Governing Body and Senior College Staff

Members of the Governing Body, except for some College Officers, are Fellows with teaching and research employment at the University and receive a small academic stipend to support their academic work for the College. Those trustees that are also employees of the College receive remuneration for their work as employees of the College that is set based on the advice of the College’s Remuneration and Personnel Committee, members of which include a majority of Fellows independent of the Governing Body and who are not in receipt of remuneration from the College.

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WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2025

Organisational Management

The Governing Body convenes at least six times a year. The President or Vicegerent can call additional meetings of the Governing Body. The eleven main Committees referred to above carry out the work of developing the Governing Body’s policies and monitoring their implementation. The day-to-day running of the College is delegated to the College Officers, who attend all meetings of the Governing Body and who are members of the main Committees as indicated above. The actions of the Governing Body are monitored by a separate Conflict of Interest Committee, comprising College members who are not Governing Body Fellows or Trustees.

Structure and Relationships

The College also administers a number of special trusts, as shown in the Note 17 to the financial statements. The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship.

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

According to its Statutes “The College is incorporated for the furtherance of learning and education and to be a College wherein men and women may carry out advanced study or research”. To fulfil these objectives and aims, the College sets specific objectives concerning the admission of students, the number of scholarships awarded, and the educational provision it offers and supports.

The Governing Body has considered the Charity Commission’s guidance on public benefit and, in keeping with its objects, the College’s aims and activities for the public benefit are set out below.

Public Benefit

The College provides, in conjunction with the University of Oxford, academic and pastoral support for approximately 850 graduate students that is recognised internationally as being of the highest standard. This support develops students academically and advances their leadership qualities and communication skills, and so prepares them to play full and effective roles in society. In particular, the College provides:

pastoral, administrative and academic support through its advisory and graduate mentoring systems;
social, cultural, musical, recreational and sporting facilities to enable each of its students to realise as much as possible of their academic and personal potential whilst studying at the College.

The College advances research through:

providing Research Fellowships to outstanding academics at the early stages of their careers, which enables them to develop and focus on their research in this formative period before they undertake the full teaching and administrative duties of an academic post;
supporting research work pursued by its other Fellows through promoting interaction across disciplines, providing facilities and providing grants for national and international conferences, research trips and research materials;
encouraging visits from outstanding academics from abroad; and
encouraging the dissemination of research undertaken by members of the College through the publication of papers in academic journals or other suitable means and the establishment of “academic clusters” in a variety of specialist interdisciplinary areas.

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WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2025

The College maintains an extensive library and art collection, mostly acquired or loaned through benefaction, including important special collections, so providing a valuable resource for: students and Fellows of the College; members of other Colleges and the University of Oxford more widely; external scholars and researchers; and the public through regular exhibitions.

Strategy for Achieving Aims

The College’s strategy for achieving its aims is to: protect and grow the existing endowment; and to maximise the return from endowment to invest in supporting students and fellows in their endeavours.

The College has an Alumni Relations and Development Office, which seeks to raise funds for the College, which combined with the income generated from the endowment, provides funds to invest in its charitable aims, including the maintenance and creation of scholarships and bursaries and the funding of events and activities both to support students and fellows pastorally as well as academically.

The College seeks to maintain and develop its first-class environment and facilities, and to recruit and support the very best staff, who are committed to the College’s charitable aims.

The College assesses its success through the number of students that it is able to support, the success that they achieve in their endeavours, and the feedback that the College receives from students and researchers about the facilities and pastoral support that they receive whilst at the College. The College also measures its success in protecting and growing the endowment through its investment policies.

ACHIEVEMENTS AND PERFORMANCE

Admission of Students

The College annual admission recruitment target for 2025-26 was set at 283 full-time students and 35 parttime students.

In October 2025, 267 full-time students and 17 part-time students joined the College. This equates to 275.5 full-time equivalent students, under the 300.5 full-time equivalent target.

Key statistics were as follows:

50% of new students were enrolled on Humanities and Social Sciences Courses (50% in the previous year).
94% of new students were studying full-time programmes (91.2% in the previous year).
49% of new students were enrolled onto research degrees (42% in the previous year).
Wolfson has a diverse international community of scholars reading for a wide variety of degrees. The College uses statistics provided by the University of Oxford Graduate Admissions Office to compare itself to the overall University intake of graduate students. 53 different nationalities are represented amongst the 2025 new student cohort (51 in the previous year).
48% of new students identifying male and 52% female (51% and 49% respectively in the previous year ).
53% of incoming students were housed in College accommodation (56% in the previous year).

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WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2025

Scholarships and Financial Provision

39% of the 2025 new student cohort have received full or partial grant funding. There are 39 students on Wolfson-funded scholarships, with 16 of those being students who commenced their programmes of study in 2025/26.

Research Clusters, Lectures and Seminars

As part of its goal to further education and learning, the College has a number of research clusters which promote the study of specific subjects in an interdisciplinary forum. These include:

The Ancient World Cluster
The Digital Research Cluster
Oxford Centre for Life-Writing
Law in Societies Cluster
Quantum Foundations Research Cluster
Mind, Brain and Behaviour Cluster
Central Asian and Turkic Studies Cluster
The Tibetan and Himalayan Studies Centre
Wolfson Trauma and Emergency Care Cluster
Cross-Disciplinary Machine Learning Cluster
Earth Emergency Cluster
Centre for Global Epilepsy

The Research Clusters are very active in holding events, including lectures, seminars and conferences. Many also offer scholarships and research grants to Wolfson members undertaking projects in relevant areas.

The College provides funding for members who wish to hold academic events at Wolfson. To meet the requirements of the Government’s PREVENT strategy, the College have agreed policies concerning free speech, in the context of lectures and other academic events, and also a monitoring process to ensure that no proposed speaker or event is associated with a proscribed terrorist organisation.

The College is an open and inclusive environment, and many of its academic events are open to the general public. Academic activities have continued to attract broad audiences from within the College, University and beyond. The College considers such high-profile events to be an important part of its outreach and community activities.

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WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2025

Diversity

In 2020 the College set itself new aspirations for the diversity of its Fellowship, staff and students. The following table shows the latest available data:

shows the latest available data:
	Fellows*	Staff	Students
Gender (self-identified)
Male	60%	49%	50%
Female	40%	51%	50%
Ethnicity (self-identified)
White	62%	83%	43%
Other	38%	17%	57%

* Governing Body, Supernumerary, Research and Junior Research Fellows data was calculated in October 2025.

†Staff data is published annually; the figures presented above capture the data for January 2024. Responses to ††Ethnicity include ‘white’ or ‘other or prefer not to say’

Student data refers to the 2024 census year (latest available data).

Alumni Relations and Development

The Alumni Relations and Development department engages with Wolfson’s alumni and friends in seeking donations in support of scholarships, fellowships and research projects, and improvements to the College’s buildings and grounds. It holds events for alumni in Oxford, London, overseas and online, and communicates with alumni via emails, telephone calls, and publications, such as The Wolfsonian e-newsletter, Wolfson: Plans & Prospects magazine, and the College Record . In 2024/25 the College received major donations to fund vital insulation and solar panels on the College roofs; to endow the Oxford Centre for Life-Writing; for unrestricted doctoral scholarships; and for scholarships in physics, computing, psychology, climate change, and the study of the ancient world. Other generous gifts were received for the renovation of the Family Room and the Upper Common Room, and for restoring the College’s floodplain meadows on the River Cherwell.

Wolfson College also benefitted from unrestricted, regular giving by alumni and from several donations for specific subject areas, including Tibetan & Himalayan Studies; machine-learning; and quantum computing. The College is very grateful for all the generosity of its alumni and friends.

Decarbonisation

In the College’s 2020 Estate Strategy, decarbonisation was made the top priority, and an energy audit and decarbonisation plan were commissioned. Decarbonising Wolfson’s estate was a complex and costly challenge given its unique architecture, original 50-year-old gas heating system and massive elevations of single glazing, but the project was completed in 2023 and the College is proud to be the first institution to have achieved zero carbon status.

The College continues to reduce its Scope 3 emissions where possible, and the introduction of an electric minibus in November 2023 helped achieve this. Irreducible Scope 3 has been offset with reinvestment in local energy saving initiatives.

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WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2025

FINANCIAL REVIEW

As shown in the Statement of Financial Activities, total incoming resources for the year amounted to £13.6 million. This amount included donations and legacies amounting to £3.5 million, and investment income amounting to £1.8 million, as well as College operating income.

Expenditure of £11.1 million was primarily in direct support of the running of the College in line with the objectives and activities outlined above, but also included fundraising costs, trading costs and investment management costs, all in relation to the generation of income to fund College activities.

A net gain on investments for the year amounted to £3.7 million as a result of favourable global market conditions.

Reserves Policy

The College’s reserves policy is: to maintain sufficient free reserves to enable it to meet its short-term financial obligations in the event of an unexpected revenue shortfall; to allow the College to be managed efficiently; and to provide a buffer that would ensure uninterrupted services.

Total funds of the College at the year-end amounted to £116.2million (2024: £110.1 million).

This total includes endowment capital of £70.6 million and unspent restricted income funds of £4.9 million. Free reserves at the end of the year amounted to £5.7million and designated funds totalled £35million.

Of the designated funds, £32.9million represent the book value of tangible fixed assets. The remaining £2.1million relates to sundry designated funds of which £0.5million relates to the common room.

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WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2025

Risk Management

The College engages in risk assessment on an ongoing basis. When it is not able to address risk issues using internal resources, the College takes advice from external experts. The relevant College Committees review policies and procedures within the College. The Finance and Investment Committees assess financial and investment risks. Training courses and other forms of career development are available to members of staff to enhance their skills in risk-related areas.

The Governing Body, which has ultimate responsibility for managing any risks faced by the College, has given consideration to the major risks to which the College is exposed and has concluded that adequate systems are in place to manage these risks. It is recognised that systems can provide only reasonable but not absolute assurance that major risks have been managed. Principal risks and uncertainties faced by the College include the following:

Risk or uncertainty	Strategies for managing
Possible continued financial uncertainties of world events	Continued close monitoring of costs and cashflow.
Poor investment performance affecting income available to spend	Regular Investment Committee review, including monitoring of investment managers’ performance. Long-term view maintained and drawdown rates set on rolling averages to smooth peaks and troughs.
Employer pension rates and other non-discretionary costs increase out of line with income	Close control of budgets and other financial planning to anticipate changes and ensure timely decision-making.
Fall in recruitment and retention of top quality students and fellows	Maintaining and improving financial support for students. Enhancing academic activities and support, and ensuring they are well publicised.

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WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2025

Investment Policy, Objectives and Performance

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

maintaining at least the value of the investments in real terms;
producing a consistent and sustainable amount to support expenditure; and
delivering these objectives within acceptable levels of risk.

To meet these objectives the College’s investments as a whole are managed on a total return basis, maintaining diversification across a range of asset classes and geographical areas to produce an appropriate balance between risk and return. In line with this approach, the College statutes allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total return.

The Governing Body, as advised by the Investment Committee from time to time, sets the investment policy and strategy. The Investment Committee also regularly monitors performance. At the year end, the College’s long-term investments, combining the securities and property investments, totalled £72.5 million. Investment income in the year amounted to £1.8 million and investment gains amounted to £3.7 million.

It is the Governing Body’s policy to grow the College’s investments by a minimum of 4% per annum in real terms, of which it will extract as income no more than 3% plus costs of the rolling five-year value of the relevant investments. The Governing Body will keep the level of income withdrawn under review to balance the needs and interests of current and future beneficiaries of the College’s activities.

FUTURE PLANS

The Governing Body has reviewed the College’s long-term strategy and plans, and will continue to do so, taking specialist advice where appropriate.

Key elements of the College’s plans include:

Continue to reduce carbon emissions where possible and offsetting where irreducible through local sustainability initiatives.
A focus on the College’s international and interdisciplinary credentials, and engagement in global issues.
Increasing the number of accommodation rooms in the College in order that an even higher percentage of students can live at the College and take full advantage of the environment and the facilities.
A continued increase in interdisciplinary research through cluster activities and facilities.
Seeking ways to develop investment in the College and grow the endowment through a commitment to development and fundraising.
A commitment to expand the College’s already vibrant range of academic and cultural activities, including music and art.

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WOLFSON COLLEGE Report of the Governing Body Year ended 31 July 2025

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations.

Charity law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body has prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).

Under charity law the Governing Body must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the College and of its net income or expenditure for the period. In preparing these financial statements, the Governing Body has, as required:

selected the most suitable accounting policies and then applied them consistently;
made judgments and accounting estimates that are reasonable and prudent;
stated whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
stated whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which has been explained in the financial statements.
prepared the financial statements on a going concern basis unless it is inappropriate to presume that the College will continue to operate.

The Governing Body is responsible for keeping proper accounting records that: are sufficient to show and explain the College’s transactions, disclose with reasonable accuracy at any time the financial position of the College and enable it to ensure that the financial statements comply with the Charities Act 2011. It is also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Sir Tim Hitchens President

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WOLFSON COLLEGE

Independent Auditor’s Report to the Members of the Governing Body of Wolfson College

Opinion

We have audited the financial statements of Wolfson College (the ‘Parent Charity’) and its subsidiaries (the ‘Group’) for the year ended 31 July 2025 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Consolidated Statement of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Parent Charity and Group’s affairs as at 31 July 2025 and of the incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The Governing Body are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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WOLFSON COLLEGE

Independent Auditor’s Report to the Members of the Governing Body of Wolfson College

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Report of the Governing Body is inconsistent in any material respect with the financial statements; or
the Parent Charity and Group’s financial statements are not in agreement with the accounting records and returns; or
sufficient account records have not been kept; or
we have not received all the information and explanations we require for our audit.

Responsibilities of the Members of the Governing Body

As explained more fully in the Governing Body responsibilities statement set out on page 13, the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governing Body determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governing Body are responsible for assessing the Parent Charity and Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governing Body either intend to liquidate the Parent Charity or Group, or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144/145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:

Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Charities Act, Tax and Pensions legislation, health and safety and employment law.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of:

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WOLFSON COLLEGE

Independent Auditor’s Report to the Members of the Governing Body of Wolfson College

Inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 5

Use of our report

This report is made solely to the Parent Charity and Group’s Governing Body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Parent Charity and Group Governing Body those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Parent Charity and Group and its Governing Body, for our audit work, for this report, or for the opinions we have formed.

Mr Matthew Wyatt (Senior Statutory Auditor)

For and on behalf of

Wellers Statutory Auditor 8 King Edward Street Oxford OX1 4HL

Date: 04-12-25

Wellers is eligible for appointment as auditor of the Parent Charity and Group by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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WOLFSON COLLEGE Statement of Accounting Policies Year ended 31 July 2025

1. Scope of the financial statements

The financial statements comprise the Statement of Financial Activities (“SOFA”), the Balance Sheet, the Cash Flow Statement and Notes numbered 1 to 30.

2. Basis of accounting

The College’s financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (“FRS 102”).

The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its financial statements in accordance with ‘The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (The Charities SORP (FRS 102)).

The financial statements have been prepared on the going concern basis and on the historical cost basis, except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the SOFA. The principal accounting policies adopted are set out below and have been applied consistently throughout the year.

3. Accounting judgements and estimation uncertainty

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governing Body to have most significant effect on amounts recognised in the financial statements.

The College carries 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 periodically to determine fair value at the balance sheet date.

Key estimates and assumptions are also required in the calculation of the pension recovery plan deficit (accounting policy number 15) and rates of depreciation of fixed assets (accounting policy number 8).

In the view of the Governing Body, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

4. Income recognition

All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured, as listed below:

a. Income from fees, HEFCE support and other charges for services

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

b. Income from donations, grants and legacies

Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the date on which the College has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met.

Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) of the deceased’s estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable.

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WOLFSON COLLEGE Statement of Accounting Policies Year ended 31 July 2025

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

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

c. Investment income

Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates.

Income from fixed interest debt securities is recognised using the effective interest rate method.

Dividend income and similar distributions are recognised on the date the share interest becomes ex-dividend or when the right to the dividend can be established.

Income from investment properties is recognised in the period to which the rental income relates.

5. Expenditure

Expenditure is accounted for on an accrual’s basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated.

Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are charged as an expense as the specified conditions of the grant are met.

All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the SOFA.

Support costs, which include governance costs i.e., costs of complying with constitutional and statutory requirements, and other indirect costs, are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

6. Leases

Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finance leases. The costs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease term and the assets’ useful lives. Assets are assessed for impairment at each reporting date. The corresponding capital obligations under these leases are shown as liabilities and recognised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as to achieve a constant rate of interest on the remaining balance of the liability.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a straight-line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight-line basis.

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WOLFSON COLLEGE Statement of Accounting Policies Year ended 31 July 2025

7. Tangible fixed assets

Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

Land and buildings expenditure over £25,000 is capitalised as follows:

Costs of acquisition or enhancement of land
Costs of acquisition, construction and enhancement of buildings which are directly attributable to bringing the assets to their working conditions for intended uses.

Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised and charged as an expense in the SOFA.

Equipment costing more than £5,000, and which is deemed to have a significant useful economic life, is also capitalised. Other expenditure on equipment incurred in the normal day-to-day running of the College is charged to the SOFA as incurred.

8. Depreciation

Depreciation is provided to charge as an expense the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows:

Freehold properties, including major extensions 50 years Building improvements 10 - 30 years Equipment 4 - 20 years

Freehold land is not depreciated. The cost of maintenance is charged in the SOFA in the period in which it is incurred.

At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or changes in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.

9. Investments

Investment properties are initially recognised at their cost and subsequently measured at their market value at each reporting date. Purchases and sales of investment properties are recognised on exchange of contracts.

Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs .

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

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

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WOLFSON COLLEGE Statement of Accounting Policies Year ended 31 July 2025

10. Other Financial Instruments

a. Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less.

b. Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipt or payment discounted at a market rate of interest.

11. Stocks

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

12. Foreign currencies

The functional and presentation currency of the College is the pound sterling.

Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date.

13. Total Return investment accounting

The College statutes authorise the College to adopt a ‘total return’ basis for the investment of its permanent endowments. The College can invest its permanent endowments without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment, known as the unapplied total return, which can be either retained for investment or released to income at the discretion of the Governing Body.

14. Fund accounting

The total funds of the College are allocated to unrestricted, restricted or endowment funds based on the terms set by the donors or set by the terms of an appeal. Endowment funds are further sub-divided into permanent and expendable.

Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose and this decision will be accounted for by transfers to appropriate designated funds.

Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required or permitted the capital to be maintained and with the intention that the income will be used for specific purposes within the College’s objects.

Permanent endowment funds arise where donors specify that the funds are to be retained as capital for the permanent benefit of the College. Any part of the total return arising from the capital that is allocated to income will be accounted for as unrestricted funds unless the donor has placed restrictions on the use of that income, in which case it will be accounted for as a restricted fund.

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WOLFSON COLLEGE Statement of Accounting Policies Year ended 31 July 2025

Expendable endowment funds are similar to permanent endowments in that they have been given, or the College has determined based on the circumstances that it has been given, for the long term benefit of the College. However, the Governing Body may at its discretion determine to spend all or part of the capital.

15. Pension costs

The College participates in the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of each scheme are held in a separate trustee-administered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual employers and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other employers’ employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to each scheme. Since the College has entered into agreements (the 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 (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

Critical accounting judgement

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control such as the Universities Superannuation Scheme and OSPS. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit result in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The Trustees are satisfied that USS and OSPS meet the definition of a multi-employer scheme and the College has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.

Key sources of estimation uncertainty

(If the deficit recovery scheme deficits or charges are material to the college a note should be made). The pension deficits recorded are dependent on estimates of future employment patterns and interest rates. The effects of changes to these assumptions are shown in note 21.

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Wolfson College

Consolidated Statement of Financial Activities

For the year ended 31 July 2025

Unrestricted Funds £'000 7,465 776 749 596 1,466 27	Restricted Funds £'000 - - 2,126 - 460 -	Endowed Funds £'000 - - 658 1,230 (1,926) -	2025 Total £'000 7,465 776 3,533 1,826 - 27	2024 Total £'000 7,142 600 2,191 1,826 - 42
11,079	2,586	(38)	13,627	11,801
8,808 285 773 18	1,070 - - -	- - - 186	9,878 285 773 204	9,465 295 590 187
9,884	1,070	186	11,140	10,537
1,195 348	1,516 -	(224) 3,311	2,487 3,659	1,264 5,947
1,543	1,516	3,087	6,146	7,211
6	(6)	-	-	-
1,549 39,183	1,510 3,418	3,087 67,485	6,146 110,086	7,211 102,875
40,732	4,928	70,572	116,232	110,086

The comparative Statement of Financial Activities for the prior year is shown in Note 29(a).

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Wolfson College

Consolidated & College Balance Sheets For the year ended 31 July 2025

Notes FIXED ASSETS Tangible assets 10 Property investments 11 Other investments 12 Total fixed assets CURRENT ASSETS Stocks Debtors 15 Cash at bank and in hand 25 Total current assets LIABILITIES Creditors: Amounts falling due within one year 16 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES Provisions for liabilities and charges NET ASSETS/(LIABILITIES) BEFORE PENSION ASSET OR LIABILITY Defined benefit pension scheme liability 21 TOTAL NET ASSETS/(LIABILITIES) FUNDS OF THE COLLEGE 17 Endowment funds Restricted funds Unrestricted funds Designated funds General funds Pension reserve	2025 Group £'000 32,889 6,943 65,576 105,408 191 611 11,337 12,139 1,315 10,824 116,232 - 116,232 - 116,232 70,572 4,928 35,031 5,701 - 116,232	2024 Group £'000 33,809 7,171 67,089 108,069 185 458 2,804 3,447 1,430 2,017 110,086 - 110,086 - 110,086 67,485 3,418 34,422 4,761 - 110,086	2025 College £'000 32,889 6,943 65,576 105,408 191 712 11,240 12,143 1,319 10,824 116,232 - 116,232 - 116,232 70,572 4,928 35,031 5,701 - 116,232	2024 College £'000 33,809 7,171 67,089
				108,069
				185 458 2,804
				3,447 1,430
				2,017
				110,086 -
				110,086 -
				110,086
				67,485 3,418 34,422 4,761 -
				110,086

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

Sir Tim Hitchens President

Mr Richard Morin Bursar

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Wolfson College

Consolidated Cash Flow Statement

For the year ended 31 July 2025

Notes Net cash provided by/(used in) operating activities 24 Cash flows from investing activities Dividends, interest and rents from investments Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment Proceeds from sales of investments Purchase of investments Net cash provided by/(used in) investing activities Cash flows from financing activities Receipt of endowment Finance costs paid Net cash provided by/(used in) financing activities Change in cash and cash equivalents in the reporting period 25 Cash and cash equivalents at the beginning of the reporting period Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at the end of the reporting period	2025 £'000 1,360	2024 £'000 (1,124)
	1,826 - (808) 5,754 (353)	1,826 - (1,656) 159 (1,581)
	6,419	(1,252)
	658 -	711 (20)
	658	691

	8,437	(1,685)
	2,804 (1)	4,488 1
	11,240	2,804

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

1 INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Teaching, research and residential Unrestricted funds Tuition fees - Home students Tuition fees - Overseas students Other Office for Students support Other academic income College residential income	2025 Total £'000 666 2,007 88 598 4,106	2024 Total £'000 680 2,001 92 527 3,842
	7,465	7,142

The above analysis includes £2,762k received from the University of Oxford from publicly accountable funds under the College Funding Formula (2024: £2,773k).

To support the strategic priority to fund more graduate scholars and to enable outstanding students to take up their places regardless of their financial position, the College has waived £112k (2024: £58k). These waivers relate to graduate students with overseas fee status funded through the Clarendon or UKRI scholarship funding schemes. These are not included in the fee income reported above.

2 DONATIONS AND LEGACIES Donations and legacies Unrestricted funds Restricted funds Endowed funds 3 INCOME FROM OTHER TRADING ACTIVITIES Unrestricted funds Other trading income 4 OTHER INCOME Unrestricted funds Other income 5 INVESTMENT INCOME Total investment income: Other property income Equity dividends Interest on fixed term deposits and cash Other investment income Bank interest Total investment income was allocated to funds as follows: Endowed funds Unrestricted funds	2025 £'000 749 2,126 658	2024 £'000 504 976 711
	3,533	2,191
	2025 £'000 776	2024 £'000 600
	2025 £'000 27	2024 £'000 42
	27	42
	2025 Total £'000 120 72 38 1,130 466	2024 Total £'000 101 132 69 1,156 368
	1,826	1,826
	1,230 596	1,356 470
	1,826	1,826

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

6 ANALYSIS OF EXPENDITURE Charitable expenditure - Teaching, research and residential Direct staff costs Other direct costs Support and governance costs Total charitable expenditure Expenditure on raising funds Direct staff costs allocated to: Fundraising Trading expenditure Other direct costs allocated to: Fundraising Trading expenditure Investment management costs Support and governance costs allocated to: Fundraising Trading expenditure Investment management costs Total expenditure on raising funds Total expenditure	2025 £'000 3,239 3,964 2,675	2024 £'000 2,284 4,610 2,571
	9,878	9,465
	242 443 25 298 201 18 32 3	230 293 47 256 184 18 41 3
	1,262	1,072

	11,140	10,537

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Wolfson College Notes to the financial statements For the year ended 31 July 2025

7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Generating Funds £'000 36 2 2 13 - - -	Teaching, Research & Residential £'000 320 214 130 256 1,728 - 27	2025 Total £'000 356 216 132 269 1,728 - 27
53	2,675	2,728
Generating Funds £'000 36 10 3 13 - - - -	Teaching, Research & Residential £'000 312 182 141 245 1,657 (8) 20 22	2024 Total £'000 348 192 144 258 1,657 (8) 20 22
62	2,571	2,633

Finance and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on each activity. Depreciation costs and fixed asset impairment are attributed in full to the College's charitable activities, since it is for the support of those activities that the buildings, plant and equipment being depreciated are held. Interest and other finance charges are attributed according to the purpose of the related financing. Governance costs are allocated to the core charitable activity of research.

Governance costs comprise:

Auditor's remuneration - audit services

2025 £'000 27	2024 £'000 22
27	22

No amount has been included in Governance Costs for the direct employment costs or reimbursed expenses of the College Fellows on the basis that these payments relate to the Fellows' involvement in the College's charitable activities. Details of the remuneration of the Fellows and their reimbursed expenses are included in Note 20 within these financial statements.

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Wolfson College Notes to the financial statements For the year ended 31 July 2025

8 GRANTS AND AWARDS

GRANTS AND AWARDS
During the year the College funded research awards and bursaries to students from its restricted and unrestricted funds as follows: Unrestricted funds Grants to individuals: Scholarships, prizes and grants Bursaries and hardship awards Restricted funds Grants to individuals: Scholarships, prizes and grants Bursaries and hardship awards Total grants and awards	2025 Total £'000 48 62	2024 Total £'000 57 49
	110	106
	476 -	385 9
	476	394

	586	500

The above costs are included within the charitable expenditure on Teaching and Research.

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

9 STAFF COSTS The aggregate staff costs for the year were as follows. Salaries and wages Social security costs Pension costs: Defined benefit schemes - contributions in year Defined benefit schemes - staff costs element of pension provision movement Defined contribution schemes Other benefits The average number of employees of the College, excluding Trustees, was as follows: Tuition and research College residential Fundraising Support Total The average number of employed Trustees of the College during the year was as follows. Teaching and research Other Total	2025 £'000 3,793 349 229 - 135 16	2024 £'000 3,464 321 302 (829) 123 11
	4,522	3,392
	2025 31 100 2 10	2024 30 92 2 10
	143	134
	2025 56 3	2024 55 4
	59	59

The following information relates to the employees of the College excluding the Trustees of the College. Details of the remuneration of employees who are also Trustees are included in Note 20.

The number of employees (excluding the Trustees of the College) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fell within the following bands was:

£60,001 - £70,000 £70,001 - £80,001 The number of the above employees with retirement benefits accruing was as follows: In defined benefits schemes In defined contribution schemes	2025 2	2024 3 -
	2025 - -	2024 - -

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

10 TANGIBLE FIXED ASSETS

Leasehold land and Group & College buildings £'000 Cost At start of year Additions Disposals At end of year Depreciation At start of year Charge for the year Eliminated on disposals At end of year Net book value At end of year At start of year	Freehold land and buildings £'000 47,791 800 -	Fixtures, Fixtures, fittings and Fittings and equipment Equipment £'000 £'000 849 8 - 857 604 55 - 659 198 245	Total £'000 48,640 808 -
	48,591		49,448
	14,227 1,673 -		14,831 1,728 -
	15,900		16,559
	32,691		32,889
	33,564		33,809

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

11 PROPERTY INVESTMENTS

Group & College

2025 Valuation at start of year Additions and improvements at cost Disposals net proceeds Revaluation gains/(losses) in the year Valuation at end of year	Agricultural £'000 413 - (477) 64	Commercial £'000 - - - -	Other £'000 6,759 250 (90) 24	2025 Total £'000 7,172 250 (567) 88
	-	-	6,943	6,943

Valuations for properties were as follows:

Agricultural properties: valuation prepared by Savills in July 2024.
Main property within other category: valuation prepared by Savills in July 2024.

The Trustees consider that the values at 31 July 2024 are not expected to have changed materially since the valuation dates above, and therefore it was not necessary to procure new valuation reports.

2024 Valuation at start of year Additions and improvements at cost Disposals net proceeds Revaluation gains/(losses) in the year Valuation at end of year	Agricultural £'000 475 - - (63)	Commercial £'000 - - - -	Other £'000 6,759 - - -	2024 Total £'000 7,234 - - (63)
	412	-	6,759	7,171

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

12 OTHER INVESTMENTS

Group & College

All investments are held at fair value.

Held outside the UK £'000 37,661 - - 2,302 - -	Held in the UK £'000 - 19,338 3,581 1,240 1,055 399	2025 Total £'000 37,661 19,338 3,581 3,542 1,055 399	Held outside the UK £'000 35,468 - - 2,268 1,099 460	2025 £'000 67,089 103 (5,000) - (187) 3,571	2024 £'000 59,658 1,581 - - (159) 6,009
				65,576 -	67,089 -
				65,576	67,089
				Held in the UK £'000 - 23,009 3,496 1,289 - -	2024 Total £'000 35,468 23,009 3,496 3,557 1,099 460
39,963	25,613	65,576	39,295	27,794	67,089

13 PARENT AND SUBSIDIARY UNDERTAKINGS

The College holds 100% of the issued share capital in Wolfson Oxford Developments Limited (WODL), a company providing design & build construction services to the College.

The results of the parent and subsidiary Company, and their assets and liabilities at the year end, were as follows:

Turnover Expenditure Donation to College under gift aid Interest receivable Result for the year Total assets Total liabilities Net funds at the end of year	£'000 13,161 (11,140) - 466 Wolfson College	£'000 579 (579) - - WODL
	2,487	-
	117,551 (1,319)	110 (110)
	116,232	-

Associated Undertakings

From September 2020, the College has owned a 25% share in North Oxford Shared College Services Limited, a company providing IT and administrative services to its affiliated entities. The turnover for this company for the year was £769k and no profit was made.

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

14 STATEMENT OF INVESTMENT TOTAL RETURN

With effect from February 2014, the Governing Body has adopted a duly authorised policy of total return accounting for the College investment returns. The investment return to be applied as income is calculated as up to 3% of the average of the year-end values of the relevant investments of the last five years. The preserved (frozen) value of the invested endowment capital represents its open market value at 31 July 2015 together with all subsequent endowments valued at date of gift.

Permanent Endowment	Permanent Endowment	Permanent Endowment	Expendable Endowment £'000 - - 31,275	Total Endowment £'000 22,755 13,455 31,275
Trust for Investment £'000 22,755 - -	Unapplied Total Return £'000 - 13,455 -	Total £'000 22,755 13,455 -
22,755 219 - - - - - -	13,455 - - - 654 1,771 (102) -	36,210 219 - - 654 1,771 (102) -	31,275 439 - - 576 1,540 (84) -	67,485 658 - - 1,230 3,311 (186) -
219 - -	2,323 (1,026) -	2,542 (1,026) -	2,471 (900) -	5,013 (1,926) -
-	(1,026)	(1,026)	(900)	(1,926)
219 22,974 - -	1,297 - 14,752 -	1,516 22,974 14,752 -	1,571 - - 32,846	3,087 22,974 14,752 32,846
22,974	14,752	37,726	32,846	70,572

The comparative statement of investment total return for the prior year is shown in Note 29(b).

15 DEBTORS

Amounts falling due within one year: Trade debtors Amounts owed by College members Amounts owed by Group undertakings Loans repayable within one year Prepayments and accrued income Other debtors Amounts falling due after more than one year: Loans	2025 Group £'000 296 39 - 3 255 18 -	2024 Group £'000 143 59 - 1 235 20	2025 College £'000 297 39 - 3 355 18 -	2024 College £'000 143 59 - 1 235 20 -
	611	458	712	458

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

16 CREDITORS: falling due within one year

CREDITORS: falling due within one year
Trade creditors Amounts owed to College Members Taxation and social security Accruals and deferred income Other creditors	2025 Group £'000 284 424 128 440 39	2024 Group £'000 592 314 98 391 35	2025 College £'000 276 424 142 438 39	2024 College £'000 592 314 98 391 35
	1,315	1,430	1,319	1,430

Amounts owed to College Members includes receipts in advance for rent, fees and other items.

17 FUNDS OF THE COLLEGE MOVEMENTS

Endowment Funds - Permanent General purposes Jeremy Black Fund Isaiah Berlin Academic Fund Assyriology Scholarship Fund Guy Newton Fund Norman Hargreaves-Mawdsley Fund Godfrey Lienhardt Fund Sir Ronald Syme Memorial Fund Ghazarian Fund Anthony Aris Lecture Fund Geoffrey Garton Fund Isaiah Berlin Lecture Fund Student Support Endowment Fund Assyriology JRF Fund Assyriology Research Fund Jon Stallworthy Poetry Prize Fund Rachel Conrad Fund Ellen Rice Fund Turing-Gandy Fund Assyriology JRF Marriott Scholarship Fund - capital Derek Boyd Scholarship OCLW Wosk Fund Curtis Bursary Humanities fund Endowment Funds - Expendable General purposes Charter Fund Ullendorff Semitic Philology Endowment OCLW Endowment Fund Fay & Roger Booker Travel Grant Fund Total Endowment Funds - Group & College	At 1 August 2024 £'000 21,653 1,131 1,355 978 521 356 324 96 34 47 1,375 201 360 2,061 610 91 916 415 59 104 3,524 - 29,374 531 634 714 21	Incoming resources £'000 396 20 25 18 9 6 6 2 - 1 25 4 16 39 11 1 16 5 1 - 65 79 107 21 539 10 12 454 -	Resources expended £'000 (59) (3) (4) (3) - (1) (2) - (2) - (4) (1) (1) (6) (2) - (3) (1) - - (10) - - - (79) (1) (2) (2) -	Transfers £'000 (621) (32) (39) (28) (15) (10) (9) (3) - (1) (39) (6) (10) (59) (17) (2) (26) (6) (1) (1) (101) - - - (846) (15) (18) (20) (1)	Gains/ At 31 July (losses) 2025 £'000 £'000 1,067 22,436 56 1,172 67 1,404 48 1,013 26 541 18 369 16 335 5 100 2 34 2 49 68 1,425 10 208 18 383 101 2,136 30 632 4 94 45 948 10 423 1 60 3 106 174 3,652 - 79 - 107 - 21 1,447 30,435 26 551 31 657 35 1,181 1 21 3,311 70,572
	67,485	1,888	(186)	(1,926)

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College

Notes to the financial statements For the year ended 31 July 2025

17 FUNDS OF THE COLLEGE MOVEMENTS (continued)

	At 1 August	Incoming	Resources		Gains/	At 31 July
	2024	resources	expended	Transfers	(losses)	2025
	£'000	£'000	£'000	£'000	£'000	£'000
Restricted Funds
*Revenue funds of endowments:*
Jeremy Black Fund	67	-	(38)	32	-	61
Isaiah Berlin Academic Fund	140	-	(91)	39	-	88
Assyriology Scholarship	74	-	(31)	28	-	71
Guy Newton Fund	76	-	(18)	15	-	73
Norman Hargreaves-Mawdsley Fund	100	-	(9)	10	-	101
Godfrey Lienhardt Fund	108	-	-	9	-	117
Sir Ronald Syme Memorial Fund	9	-	(1)	3	-	11
Ghazarian Fund	8	-	-	1	-	9
Anthony Aris Lecture Fund	5	-	(1)	2	-	6
Geoffrey Garton Fund	52	-	-	(21)	-	31
Isaiah Berlin Lecture Fund	28	-	(5)	6	-	29
Charter Fund	4	-	(30)	56	-	30
Ullendorff Semitic Philology Scholarship	72	-	-	19	-	91
Ellen Rice fund	6	-	-	6	-	12
Turing Gandy fund	1	-	-	1	-	2
OCLW Revenue Fund	44	-	-	(24)	-	20
Assyriology JRF Fund	4	-	(44)	59	-	19
Assyriology Research Fund	(12)	9	7	18	-	22
Student Support Fund	17	24	-	10	-	51
Jon Stallworthy Poetry Prize Fund	3	-	(3)	2	-	2
Fay & Roger Booker Travel Grant Fund	2	-	-	-	-	2
Rachel Conrad Fund	44	-	(14)	26	-	56
Assyriology JRF fund	7	-	-	1	-	8
Marriott Graduate Scholarships Revenue Fund	94	-	(114)	131	-	111
Derek Boyd Scholarship	-	75	-	-	-	75
OCLW Wosk Fund	-	-	(1)	-	-	(1)
*Other restricted income funds:*
Oxford Centre for Life Writing (OCLW)	309	38	(162)	44	-	229
OCLW Scholarship Fund	4	-	-	-	-	4
Beazley Archive Trust	15	-	-	-	-	15
Isaiah Berlin Legacy Project	34	22	5	-	-	61
Ancient World Fund	86	65	(85)	-	-	66
Joyce Farley Award	9	-	(1)	1	-	9
Mougins Ashmolean Fellowship Fund	9	-	(9)	-	-	-
Ti-Se Foundation Fund	2	-	-	-	-	2
Law Justice & Society Fellowship Fund	-	-	-	-	-	-
Harrison Scholarship Fund	203	76	(80)	(1)	-	198
Ancient History Scholarship Fund	1	-	-	-	-	1
Ancient Documents Scholarship Fund	9	-	-	-	-	9
I C Gandy Fund	14	-	(1)	1	-	14
Assyriology Research Fund	27	-	(9)	-	-	18
Coulson Visiting Fellowship Fund	5	-	-	1	-	6
Littman Vermes Scholarship Fd	14	14	-	(1)	-	27
Pakistan Lecture Series	10	-	(1)	-	-	9
Innovation Network Fund	27	-	-	-	-	27
Grants & Awards Fund	10	-	-	-	-	10
Gardens Fund	24	65	-	(20)	-	69
Manar Al-Athar fund	-	-	-	-	-	-
Berggruen Fellowship Fund	17	-	-	-	-	17
Quantum Research Cluster (incl. CT/SV)	44	8	(5)	(1)	-	46
COVID-19 Hardship Fund	1	-	-	-	-	1
Tibetan & Himalayan Cluster	11	41	(39)	-	-	13
Lacey Philosophy Fund	9	-	-	-	-	9
Sciama Memorial Fund	5	-	-	-	-	5
Academics at Risk Fund	16	50	-	-	-	66
The Singh Fellowship Fund	184	1	(28)	-	-	157
GYA Science Leadership Fund	55	-	(14)	-	-	41
South Asia Academic Staff Fund	9	-	-	-	-	9
Africans at Oxford Fund	1	-	-	-	-	1
Library Fund	31	-	(30)	1	-	2
						continued

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

17 FUNDS OF THE COLLEGE MOVEMENTS (continued)

At 1 August 2024 £'000 84 195 5 1 29 460 4 - 30 60 184 97 121 - - - - -	Incoming resources £'000 125 - - 4 - - 1 1,000 3 31 - - 117 5 70 97 105 80	Resources expended £'000 (29) (64) (3) (5) (10) (2) - - 1 (15) - - (86) (5) - - - -	Transfers £'000 - - - - - - - - (1) 1 - - - - - - - -	Gains/ (losses) £'000 - - - - - - - - - - - - - - - - - -	At 31 July 2025 £'000 180 131 2 - 19 458 5 1,000 33 77 184 97 152 - 70 97 105 80
3,418	2,126	(1,070)	454	-	4,928
At 1 August 2024 £'000 4,761 - - 536 77 33,809 - -	Incoming resources £'000 7,901 - - 540 593 - - -	Resources expended £'000 (8,755) - - (547) (3) - -	Transfers £'000 1,446 - - - 938 (912) -	Gains/ (losses) £'000 348 - - - - - - -	At 31 July 2025 £'000 5,701 - - 529 1,605 32,897 - -
39,183 -	9,034 579	(9,305) (579)	1,472 -	348 -	40,732 -
39,183	9,613	(9,884)	1,472	348	40,732
110,086	13,627	(11,140)	-	3,659	116,232

The comparative analysis of movements on funds for the prior year is shown in Note 29(c).

18 FUNDS OF THE COLLEGE DETAILS

The following is a summary of the origins and purposes of each of the Funds:

Endowment Funds - Permanent: General purposes

Jeremy Black Fund

Isaiah Berlin Academic Fund

Assyriology Scholarship Fund Marcel & Tessa Hornik Trust Fund

Guy Newton Fund

Norman Hargreaves-Mawdsley Fund

A consolidation of gifts and donations where income, but not capital, can be used for the general purposes of the charity.

Fund established by a bequest from Dr Jeremy Allen Black and supplemented by further funds donated at the time of his death. Original funds are required to be preserved. Income of the fund is for a scholarship supporting Sumarian and Akkadian research.

Fund established in 1989 to commemorate the College's founding President's 80th birthday. The funds were raised to support Isaiah Berlin research. Subsequent funds raised for this purpose have been added to the original funds.

Fund established to endow a scholarship for the study of Assyriology.

Fund established from the Lincombe Lodge Research Library Trust and includes the Hornik Library collection. Income from the fund may be spent in a variety of areas including expenses of the library, and supporting research in a number of subjects.

Fund endowed in 1975 from the EPA Cephalosporia Fund. The deed limits expenditure on subjects to be studied to chemical, biological and medical research and states that the endowment should be preserved.

Fund established by a bequest from Mrs Josefina Hargreaves-Mawdsley in memory of her son. Income is to be used to finance research in specific arts subject areas.

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

18 FUNDS OF THE COLLEGE DETAILS (continued)

Godfrey Lienhardt Fund Fund established in 1994 from a legacy and subscription on the death of Godfrey Lienhardt. Capital is to be preserved and income is to be used for scholarships in social anthropology and Sub-Saharan Africa. Sir Ronald Syme Memorial Fund Fund established in memory of Sir Ronald Syme to support research into the classics. Ghazarian Fund Fund established in 2006 by a donation from Professor Ghazarian to secure in perpetuity an annual grant in support of research in the history and culture of Christianity in the Mediterranean basin, 400-1500 A.D. Anthony Aris Lecture Fund Fund established as an endowment to fund an annual lecture in Tibetan and Himalayan Studies. Geoffrey Garton Fund Fund established in 2017 by a legacy from Dr Geoffrey Garton. Income from the fund is to be used to support College activities including arts, music concerts and gardens. Isaiah Berlin Lecture Fund Fund established in 2017 from a specific gift to create the endowment. Income from the fund is to be used to support the annual Isaiah Berlin lecture. Student Support Fund Fund established in 2020 from a series of gifts of the same nature to create the endowment. Income from the fund is to be used to support students in hardship through bursaries, both named and un-named. Assyriology JRF Fund Fund established in 2019 from a specific gift to create the endowment. Income from the fund is to be used to support a JRF post in Assyriology. Assyriology Research Fund Fund established in 2019 from a specific gift to create the endowment. Income from the fund is to be used to support research in Assyriology. Jon Stallworthy Poetry Prize Fund Fund established in 2020 to enable the Jon Stallworthy Poetry Prize to continue as a permanent tribute to Professor Stallworthy. Rachel Conrad Fund Fund established in 2020 by a legacy from Mr Reuben Conrad CBE towards scholarship and research in the field of clinical depression. Endowment Funds - Expendable: General purposes A consolidation of gifts and donations where either income, or income and capital, can be used for the general purposes of the charity. Charter Fund Fund established in 1981, the income of which supports various stipendary research fellowships. Ullendorff Semitic Philology Endowment Fund established by Mrs Dina Ullendorff towards endowing expenditure in the study of Semitic Philology. OCLW Endowment Fund established in 2019. Income from the endowment is to be used to support the research, scholarship, conferences, lectures seminars, performance and other public events of the Oxford Centre for Life-Writing (OCLW) at Wolfson College. Fay & Roger Booker Travel Grant Fund Fund established in 2021 by a legacy from Fay Booker to create the endowment. Income from the fund is to be used to support travel for students of the Materials department. Restricted Funds: Restricted funds of endowments Income generated from specific purpose endowments not spent and available for future costs of specified purposes. Other restricted income funds Gifts and donations that must be applied in support of other specified College activities. Designated Funds Fixed asset designated fund Unrestricted funds which are represented by the fixed assets of the College and therefore not available for expenditure on the College's general purposes. Oxford Marriott Scholarship Fund Allocation of funds to generate an income to be used towards match-funded scholarships in conjunction with the University of Oxford. Common Room Fund Unrestricted funds allocated by the College for the costs of providing social, sporting and cultural activities for College members. Pension reserve Unrestricted funds which are represented by the College's pension fund liabilities.

The General Unrestricted Funds represent accumulated surpluses from the College's activities and other sources that are available for the general purposes of the College.

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

Unrestricted Funds £'000 32,889 1,041 (191) 6,993 -	Restricted Funds £'000 - - 1,097 3,831 -	Endowment Funds £'000 - 5,902 64,670 - -	2025 Total £'000 32,889 6,943 65,576 10,824 -
40,732	4,928	70,572	116,232
Unrestricted Funds £'000 33,809 1,076 4,746 (448) -	Restricted Funds £'000 - - 953 2,465 -	Endowment Funds £'000 - 6,095 61,390 - -	2024 Total £'000 33,809 7,171 67,089 2,017 -
39,183	3,418	67,485	110,086

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

20 TRUSTEES' REMUNERATION

The Trustees of the College comprise the Governing Body Fellows, many of whom are research and teaching employees of the University of Oxford and who sit on Governing Body by virtue of their University and College duties.

No Trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the College receive salaries for their work as employees. Governing Body Fellows receive a stipend for their support of the academic functions of the College. All salaries are subject to review by the College's Remuneration and Personnel Committee. The composition of the Remuneration and Personnel Committee is: the President; the Bursar; the Chair of the Conflict of Interest Committee; and three Emeritus Fellows.

There are also six Trustees (President, Vicegerent, Bursar, Senior Tutor, Development Director, Secretary to Governing Body) who work full or part time.

Some Trustees receive allowances for additonal work carried out as part-time college officers (Fellows for Library and Archives; Deans of Degrees). These amounts are included within the remuneration figures below.

Remuneration paid to Trustees

Range £1 - £999 £1,000 - £2,999 £3,000 - £3,999 £4,000 - £4,999 £5,000 - £5,999 £7,000 - £7,999 £8,000 - £8,999 £9,000 - £11,999 £12,000 - £12,999 £13,000 - £13,999 £70,000 - £79,999 £80,000 - £89,999 £90,000 - £99,999 £100,000 - £109,999 £110,000 - £119,000 £120,000 - £129,999 £130,000 - £139,999 £140,000 - £149,999 Total	2025	2025	2024	2024
	£ 0 0 1 2,445 43 150,721 1 4,877 5 27,700 0 0 0 0 1 9,105 0 0 1 13,722 0 0 1 87,471 1 95,945 0 0 0 0 0 0 2 271,990 0 0 56 663,975 Number of Trustees Gross remuneration, taxable benefits and pension contributions		£ 0 0 3 6,747 45 156,076 2 8,903 3 16,197 1 7,673 0 0 1 11,967 0 0 0 0 0 0 2 168,273 0 0 0 0 0 0 0 0 2 265,659 0 0 59 641,495 Number of Trustees Gross remuneration, taxable benefits and pension contributions
		663,975		641,495

All Trustees may eat at common table, as can other employees who are entitled to meals while working.

Other transactions with trustees

No Trustee claimed expenses in connection with any work performed in discharge of duties as a trustee. Note 27 provides further information on related party transactions.

Key management remuneration

The total remuneration paid to key management was £466k (2024: £454k).

Key College officers are considered to be the President, the Vicegerent, the Bursar, the Senior Tutor, the Development Director and the Secretary to Governing Body.

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

21 PENSION SCHEMES

Significant accounting policies

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

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

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

Critical accounting judgements

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

Schemes accounted for under FRS 102 as defined contribution schemes

Deficit Recovery Plans

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

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

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

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

Price inflation – Consumer Prices Index (CPI)	3.0% p.a. (based on a long-term average expected level of CPI, broadly consistent with long-term market expectations)
RPI / CPI gap	1.0% p.a. to 2030, reducing to 0.1% p.a. from 2030
Discount rate	Fixed interest gilt yield curve plus:
	Pre-retirement: 2.5% p.a.
	Post-retirement: 0.9% p.a.
Pension increases(all subject to a floor of 0%)	Benefits with no cap: CPI assumption plus 3bps Benefits subject to a ‘soft cap’ of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10%): CPI assumption minus 3bps

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

Mortalitybase table	101% of S2PMA “light” for males and 95% of S3PFA for females
Future improvements to mortality	CMI_2021 with a smoothing parameter of 7.5, an initial addition of 0.40% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.80% p.a. for males and 1.60% p.a. for females

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

21 PENSION SCHEMES (continued)

The current life expectancies on retirement at age 65 are:

Females currently aged 65 (years) Males currently aged 45 (years) Females currentlyaged 45(years) Males currently aged 65 (years)	25.5 25.7 27.2 23.8 2025	25.6 25.4 27.2 23.7 2024

University of Oxford Staff Pension Scheme

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

The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan agreed at the last valuation is no longer required and the deficit contribution ended on 30th September 2023. A provision of £810k was made at 31 July 2023 (2022: £1,581k) to account for deficit recovery payments up to 30th September 2023. That remaining liability was released to the income and expenditure account in 2024.

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

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

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

The principal assumptions used by the actuary were:

Rate of interest (periods up to retirement)	Gilts' +2.25%
Rate of interest (periods after retirement)	Gilts' +0.5%
RPI	Break-even RPI curve less 0.5% pa pre-2030 and 1.0% pa post-2030
CPI	RPI inflation assumption less 1% pa pre-2030 and 0.1% pa post-2030
Pensionable Salary increases	RPI +pa

Funding Ratios:

Funding Ratios:
Technical provisions basis:	105%
‘Buy-out’ basis:	62%

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

21 PENSION SCHEMES (continued)

Non-financial assumptions:	Non-financial assumptions:
Post-retirement mortality - base table	Non-Pensioners: 105% of standard S3PxA medium tables for both males and females Pensioners: 105% of standard S3PxA medium tables for both males and females
Post-retirement mortality - improvements	Non-Pensioners: 105% of standard S3PxA medium tables for both males and females Pensioners: 105% of standard S3PxA medium tables for both males and females
Recommended employer’s contribution rate (as % of pensionable salaries)	16.5% DB for members from 01/10/2023 10% /12% /14% DC members in relation to 4% /6% /8% cost plan - from 01/10/2023
Effective date of next valuation:	31/03/2025

Pension charge for the year

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

Scheme	2024/25 £'m	2023/24 £'m
Universities Superannuation Scheme	192	212
Universityof Oxford Staff Pension Scheme	217	213
Other schemes – contributions		0
Total Employer Contributions	409	425

These amounts include £135k (2024: £123k) contributions payable to defined contribution schemes at rates specified in the rules of those plans.

Included in other creditors are pension contributions payable of £0K (2024: £0K).

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

22 TAXATION

The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes. Accordingly no provision for taxation has been included in the financial statements.

23 FINANCIAL INSTRUMENTS Group Note Financial assets *Measured at fair value* Other investments 12 *Measured at undiscounted amount receivable* Trade debtors and amounts owed by College members 15 Cash at bank 25 Financial liabilities *Measured at undiscounted amount payable* Trade creditors and amounts owed to College members 16	2025 £'000 65,576	2024 £'000 67,089
	335 11,240	202 2,804
	708	906

24 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS

Net income/(expenditure) Elimination of non-operating cash flows: Investment income (Gains)/losses in investments Endowment donations Financing costs Depreciation (Profit)/loss on sale of fixed assets Decrease/(Increase) in stock Decrease/(Increase) in debtors (Decrease)/Increase in creditors (Decrease)/Increase in pension scheme liability Net cash provided by/(used in) operating activities 25 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand Total cash and cash equivalents	2025 £'000 6,146 (1,826) (3,659) (658) - 1,728 - (6) (254) (111) -	2024 £'000 7,211 (1,826) (5,947) (711) 20 1,657 - 18 (148) (588) (810)
	1,360	(1,124)
	2025 £'000 11,240	2024 £'000 2,804
	11,240	2,804

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

26 CAPITAL COMMITMENTS

The Group had contracted commitments of £14.5m at 31 July 2025, (2024: £0k) for ongoing capital projects.

27 RELATED PARTY TRANSACTIONS

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

Members of the Governing Body, who are the Trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College. Details of these payments and reimbursed expenses as trustees are disclosed separately in Note 20.

The College has properties with the following net book values owned jointly with Trustees under joint equity ownership agreements between the Trustee and the College.

Total net book value of properties owned jointly with Trustees (three properties)	2025 £'000 443	2024 £'000 259
	443	259

All joint equity properties are subject to sale on the departure of the Trustee from the College. The Trustees pay an annual payment to the College on the College owned share at the assessed market rate.

28 POST BALANCE SHEET EVENTS

There are no post balance sheet events which require disclosure.

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

29 ADDITIONAL PRIOR YEAR COMPARATIVES

(a) Statement of Financial Activities ("SOFA")

The SOFA for the year ended 31 July 2025 is presented on page 22. The comparative SOFA for the year ended 31 July 2024 is presented below:

Unrestricted Funds £'000 7,142 600 504 470 1,463 42	Restricted Funds £'000 - - 976 - 458 -	Endowed Funds £'000 - - 711 1,356 (1,921) -	2024 Total £'000 7,142 600 2,191 1,826 - 42
10,221	1,434	146	11,801
8,422 295 590 16	1,043 - - -	- - - 171	9,465 295 590 187
9,323	1,043	171	10,537
898 417	391 -	(25) 5,530	1,264 5,947
1,315	391	5,505	7,211
(2,457) -	(391) -	2,848 -	- -
(1,142) 40,325	- 3,418	8,353 59,132	7,211 102,875
39,183	3,418	67,485	110,086

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

29 ADDITIONAL PRIOR YEAR COMPARATIVES (continued)

(b) Statement of investment total return

The statement of investment total return for the year ended 31 July 2025 is presented in Note 14. The comparative for the year ended 31 July 2024 is presented below:

Unapplied Trust for Total Investment Return Total £'000 £'000 £'000 22,198 - 22,198 - 8,040 8,040 - - - 22,198 8,040 30,238 557 - 557 - - - - - - - 726 726 - 2,961 2,961 - (92) (92) - 2,848 2,848 557 6,443 7,000 - (1,028) (1,028) - - - - (1,028) (1,028) 557 5,415 5,972 22,755 - 22,755 - 13,455 13,455 - - - 22,755 13,455 36,210 Permanent Endowment	Unapplied Trust for Total Investment Return Total £'000 £'000 £'000 22,198 - 22,198 - 8,040 8,040 - - - 22,198 8,040 30,238 557 - 557 - - - - - - - 726 726 - 2,961 2,961 - (92) (92) - 2,848 2,848 557 6,443 7,000 - (1,028) (1,028) - - - - (1,028) (1,028) 557 5,415 5,972 22,755 - 22,755 - 13,455 13,455 - - - 22,755 13,455 36,210 Permanent Endowment	Unapplied Trust for Total Investment Return Total £'000 £'000 £'000 22,198 - 22,198 - 8,040 8,040 - - - 22,198 8,040 30,238 557 - 557 - - - - - - - 726 726 - 2,961 2,961 - (92) (92) - 2,848 2,848 557 6,443 7,000 - (1,028) (1,028) - - - - (1,028) (1,028) 557 5,415 5,972 22,755 - 22,755 - 13,455 13,455 - - - 22,755 13,455 36,210 Permanent Endowment	Expendable Endowment £'000 - - 28,895	Total Endowments £'000 22,198 8,040 28,895
22,198 557 - - - - - -	8,040 - - - 726 2,961 (92) 2,848	30,238 557 - - 726 2,961 (92) 2,848	28,895 154 - - 630 2,568 (79) -	59,133 711 - - 1,356 5,529 (171) 2,848
557 - -	6,443 (1,028) -	7,000 (1,028) -	3,273 (893) -	10,273 (1,921) -
-	(1,028)	(1,028)	(893)	(1,921)
557 22,755 - -	5,415 - 13,455 -	5,972 22,755 13,455 -	2,380 - - 31,275	8,352 22,755 13,455 31,275
22,755	13,455	36,210	31,275	67,485

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

29 ADDITIONAL PRIOR YEAR COMPARATIVES (continued)

(c) Funds of the College movements

The analysis of movements on funds for the year ended 31 July 2025 is presented in Note 17. The comparative for the year ended 31 July 2024 is

presented below:

Endowment Funds - Permanent General purposes Jeremy Black Fund Isaiah Berlin Academic Fund Assyriology Scholarship Fund Marcel & Tessa Hornik Trust Fund Guy Newton Fund Norman Hargreaves-Mawdsley Fund Godfrey Lienhardt Fund Sir Ronald Syme Memorial Fund Ghazarian Fund Anthony Aris Lecture Fund Geoffrey Garton Fund Isaiah Berlin Lecture Fund Student Support Endowment Fund Assyriology JRF Fund Assyriology Research Fund Jon Stallworthy Poetry Prize Fund Rachel Conrad Fund Ellen Rice Fund Turing-Gandy Fund Assyriology JRF Fund Marriott Scholarship Capital Fund Endowment Funds - Expendable General purposes Charter Fund Ullendorff Semitic Philology Endowment OCLW Endowment Fund Fay & Roger Booker Travel Grant Fund Total Endowment Funds	At 1 August 2023 £'000 20,104 1,050 1,258 908 490 484 331 300 89 31 44 1,277 186 274 1,913 566 84 850 - - - - 27,271 493 589 520 20	Incoming resources £'000 438 23 27 20 - 10 7 7 2 1 - 28 5 6 42 13 2 18 405 57 101 71 596 10 13 165 -	Resources expended £'000 (55) (3) (3) (3) - (1) (1) (1) - - - (4) (1) (1) (5) (2) - (2) (1) - - (9) (75) (1) (2) (1) -	Transfers £'000 (621) (32) (39) (28) (490) (15) (10) (9) (3) (1) (1) (40) (6) 57 (59) (17) (3) (26) (6) (1) (1) 3,171 (843) (15) (18) (16) (1)	Gains/ (losses) £'000 1,787 93 112 81 - 43 29 27 8 3 4 114 17 24 170 50 8 76 17 3 4 291 2,424 44 52 46 2	At 31 July 2024 £'000 21,653 1,131 1,355 978 - 521 356 324 96 34 47 1,375 201 360 2,061 610 91 916 415 59 104 3,524 29,374 531 634 714 21
	59,132	2,067	(171)	927	5,529	67,485

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

29 FUNDS OF THE COLLEGE MOVEMENTS (continued)

	At 1 August	Incoming	Resources		Gains/	At 31 July
	2023	resources	expended	Transfers	(losses)	2024
	£'000	£'000	£'000	£'000	£'000	£'000
Restricted Funds
*Revenue funds of endowments:*
Jeremy Black Fund	53	-	(19)	33	-	67
Isaiah Berlin Academic Fund	101	-	-	39	-	140
Assyriology Scholarship	46	-	-	28	-	74
Marcel & Tessa Hornik Trust Fund	57	-	(57)	-	-	-
Guy Newton Fund	77	-	(16)	15	-	76
Norman Hargreaves-Mawdsley Fund	90	-	-	10	-	100
Godfrey Lienhardt Fund	99	-	-	9	-	108
Sir Ronald Syme Memorial Fund	9	-	(3)	3	-	9
Ghazarian Fund	7	-	-	1	-	8
Anthony Aris Lecture Fund	5	-	(1)	1	-	5
Geoffrey Garton Fund	32	-	(20)	40	-	52
Isaiah Berlin Lecture Fund	23	-	(1)	6	-	28
Charter Fund	15	-	(26)	15	-	4
Ullendorff Semitic Philology Scholarship	54	-	-	18	-	72
Ellen Rice Fund	-	-	-	6	-	6
Turing-Gandy Fund	-	-	-	1	-	1
OCLW Revenue Fund	28	-	-	16	-	44
Assyriology JRF Fund	13	-	(68)	59	-	4
Assyriology Research Fund	(12)	-	(17)	17	-	(12)
Student Support Fund	9	-	-	8	-	17
Jon Stallworthy Poetry Prize Fund	2	-	(2)	3	-	3
Fay & Roger Booker Travel Grant Fund	1	-	-	1	-	2
Rachel Conrad Fund	32	-	(14)	26	-	44
Assyriology JRF Fund	-	5	-	2	-	7
Marriott Graduate Scholarships Revenue Fund	-	-	(8)	102	-	94
*Other restricted income funds:*
Oxford Centre for Life Writing (OCLW)	359	77	(127)	-	-	309
OCLW Scholarship Fund	4	-	-	-	-	4
Beazley Archive Trust	21	-	(6)	-	-	15
Isaiah Berlin Legacy Project	89	19	(74)	-	-	34
Ancient World Fund	127	63	(104)	-	-	86
Joyce Farley Award	-	-	-	9	-	9
Mougins Ashmolean Fellowship Fund	9	-	-	-	-	9
Ti-Se Foundation Fund	2	-	-	-	-	2
Harrison Scholarship Fund	171	72	(40)	-	-	203
Ancient History Scholarship Fund	1	-	-	-	-	1
Ancient Documents Scholarship Fund	9	-	-	-	-	9
I C Gandy Fund	15	-	-	(1)	-	14
Assyriology Research Fund	41	-	(14)	-	-	27
Coulson Visiting Fellowship Fund	5	-	-	-	-	5
Littman Vermes Scholarship Fund	-	14	-	-	-	14
Pakistan Lecture Series	13	-	(3)	-	-	10
Innovation Network Fund	27	-	-	-	-	27
Grants & Awards Fund	10	-	-	-	-	10
Gardens Fund	12	12	-	-	-	24
Manar Al-Athar fund	20	-	(20)	-	-	-
Berggruen Fellowship Fund	17	-	-	-	-	17
Quantum Research Cluster (incl. CT/SV)	49	3	(8)	-	-	44
COVID-19 Hardship Fund	85	-	(84)	-	-	1
EJKS Fund	(1)	1	-	-	-	-
Tibetan & Himalayan Cluster	19	3	(11)	-	-	11
Lacey Philosophy Fund	9	-	-	-	-	9
Sciama Memorial Fund	5	-	-	-	-	5
Academics at Risk Fund	71	-	(55)	-	-	16
Electric Minibus Fund	86	-	(86)	-	-	-
The Singh Fellowship Fund	14	170	-	-	-	184
GYA Science Leadership Fund	70	5	(20)	-	-	55
South Asia Academic Staff Fund	9	-	-	-	-	9
Africans at Oxford Fund	1	-	-	-	-	1
Library Fund	10	25	(4)	-	-	31

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College Notes to the financial statements For the year ended 31 July 2025

29 FUNDS OF THE COLLEGE MOVEMENTS (continued)

At 1 August 2023 £'000 112 243 7 - 39 226 - 400 32 30 184 25 -	Incoming resources £'000 - - - 5 4 237 6 - 8 30 - 97 121	Resources expended £'000 (28) (48) (2) (4) (14) (2) (2) - (10) - - (25) -	Transfers £'000 - - - - - - - (400) - - - - -	Gains/ (losses) £'000 - - - - - - - - - - - - -	At 31 July 2024 £'000 84 195 5 1 29 460 4 - 30 60 184 97 121
3,418	977	(1,043)	67	-	3,418
At 1 August 2023 £'000 2,416 2,791 56 563 80 33,810 1,419 - (810) -	Incoming resources £'000 8,115 - - 422 - 221 - - -	Resources expended £'000 (9,680) - - (449) (4) - - 810 -	Transfers £'000 3,493 (2,791) (56) - 1 (1) (1,640) - - -	Gains/ (losses) £'000 417 - - - - - - - - -	At 31 July 2024 £'000 4,761 - - 536 77 33,809 - - - -
40,325	8,758	(9,323)	(994)	417	39,183
102,875	11,802	(10,537)	-	5,946	110,086

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Notes to the financial statements For the year ended 31 July 2025

Wolfson College

30 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE

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

The schedules have been:

prepared under the historical cost convention, subject to the revaluation of certain fixed assets;
prepared using United Kingdom generally accepted accounting practice, in accordance with Financial Reporting Standard 102
(FRS 102) and the Statement of Recommended Practice: Accounting for Further and Higher Education (2019 edition);
presented in pounds sterling.

			2025	2025	2024	2024
		Line Ref.	£'000	£'000	£'000	£'000
Expendable Net Assets
Balance Sheet - Net assets without donor restrictions	Net assets without donor restrictions	17,18,19		40,732		39,183
Balance Sheet - Net assets with donor restrictions	Net assets with donor restrictions	15, 16		75,500		70,903
Balance Sheet - Related party receivable	Secured and Unsecured relatedpartyreceivable	N/A	-		-
Balance Sheet - Related party receivable)	Unsecured related party receivable	N/A		-		-
Balance Sheet - Property, Plant and equipment, net	Property, plant and equipment, net (includes Construction in progress)	Note 10, c9 & Note 11, d5	39,832		40,980
Notes to the Financial Statements - Balance Sheet - Property, plant and equipment - pre-implementation	Property, plant and equipment - pre- implementation	Note 10, c9, less Note 10, c2, add Note 11, d5		38,774		39,324
Notes to the Financial Statements - Balance Sheet - Property, plant and equipment - post-implementation with outstanding debt for original purchase	Property, plant and equipment - post- implementation with outstanding debt for original purchase	N/A		-		-
Notes to the Financial Statements - Balance Sheet - Property, plant and equipment - post-implementation without outstanding debt for original purchase	Property, plant and equipment - post- implementation without outstanding debt for original purchase	Note 10, c2		1,058		1,656
Notes to the Financial Statements - Balance Sheet - Construction in progress	Construction in progress	N/A		-		-
Balance Sheet - Lease right-of- use assets, net	Lease right-of-use asset, net	N/A	-		-
Notes to the Financial Statements - Balance Sheet - Lease right-of-use asset pre- implementation	Lease right-of-use asset pre- implementation	N/A		-		-
Notes to the Financial Statements - Balance Sheet - Lease right-of-use asset post- implementation	Lease right-of-use asset post- implementation	N/A		-		-
Balance Sheet - Goodwill	Intangible assets	N/A		-		-
Balance Sheet - Other intangible assets	Intangible assets	N/A		-		-
Balance Sheet - Post- employment and pension liabilities	Post-employment and pension liabilities	13		-		-

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Wolfson College

Notes to the financial statements For the year ended 31 July 2025

30 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)

			2025	2025	2024	2024
		Line Ref.	£'000	£'000	£'000	£'000
Expendable Net Assets continued
Balance Sheet - Note Payable and Line of Credit for long-term purposes (both current and long term) and Line of Credit for Construction in process	Long-term debt - for long term purposes	N/A	-		-
Balance Sheet - Note Payable and Line of Credit for long-term purposes (both current and long term) and Line of Credit for Construction in process	Long-term debt - for long term purposes pre- implementation	N/A		-		-
Balance Sheet - Note Payable and Line of Credit for long-term purposes (both current and long term) and Line of Credit for Construction in process	Line of Credit for Construction post implementation	N/A		-		-
Balance Sheet - Note Payable and Line of Credit for long-term purposes (both current and long term) and Line of Credit for Construction in process	Line of Credit for Construction in process	N/A		-		-
Balance Sheet - Lease right-of- use asset liability	Lease right-of-use asset liability	N/A	-		-
Balance Sheet - Lease right-of- use asset liability pre- implementation	Pre-implementation right-of- use leases	N/A		-		-
Balance Sheet - Lease right-of- use asset liability post- implementation	Post-implementation right-of- use leases	N/A		-		-
Balance Sheet - Annuities	Annuities with donor restrictions	N/A		-		-
Balance Sheet - Term endowments	Term endowments with donor restrictions	N/A		-		-
Balance Sheet - Life Income Funds	Life income funds with donor restrictions	N/A		-		-
Balance Sheet - Perpetual Funds	Net assets with donor restrictions: restricted in perpetuity	15		70,572		67,485

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Notes to the financial statements For the year ended 31 July 2025

Wolfson College

30 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)

			2025	2025	2024	2024
		Line Ref.	£'000	£'000	£'000	£'000
Total Expenses and Losses
Statement of Financial Activities - Total Unrestricted Operating Expenses (Total from Statement of Financial Activities prior to adjustments)	Total expenses without donor restrictions - taken directly from Statement of Financial Activities	a12, Note 29a a12		9,884		9,323
Statement of Financial Activities - Non-Operating (Investment return appropriated for spending), Investments, net of annual spending gain (loss), Other components of net periodic pension costs, Pension- related changes other than net periodic pension, changes other than net periodic pension, Change in value of split-interest agreements and Other gains (loss) - (Total from Statement of Financial Activities prior to adjustments)	Non-Operating and Net Investment gain(loss)	4, 14		5,485		7,773
Statement of Financial Activities - (Investment return appropriated for spending) and Investments, net of annual spending, gain (loss)	Net investment gains/(losses)	4, 14		5,485		7,773
Statement of Financial Activities - Pension related changes other than periodic pension	Pension-related changes other than net periodic costs	N/A		-		-

			2025		2024
		Line Ref.	£'000	£'000	£'000	£'000
Modified Net Assets
Balance Sheet - Net assets without donor restrictions	Net assets without donor restrictions	17,18,19		40,732		39,183
Balance Sheet - Net assets with donor restrictions	Net assets with donor restrictions	15, 16		75,500		70,903
Balance Sheet - Goodwill	Intangible assets	N/A		-		-
Balance Sheet - Related party receivable	Secured and Unsecured relatedpartyreceivable	N/A	-		-
Balance Sheet - Related party receivable	Unsecured related party receivable	N/A		-		-

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Notes to the financial statements For the year ended 31 July 2025

Wolfson College

30 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)

			2025	2025	2024	2024
		Line Ref.	£'000	£'000	£'000	£'000
Modified Assets
Balance Sheet - Total Assets	Total Assets	4,8		117,547		111,516
Notes to the Financial Statements - Balance Sheet - Lease right-of-use asset pre- implementation	Lease right-of-use asset pre- implementation	N/A		-		-
Balance Sheet - Goodwill	Intangible assets	N/A		-		-
Balance Sheet - Related party receivable (note 15) and Related party note disclosure (note 27)	Secured and Unsecured related party receivable	N/A	-		-
Balance Sheet - Related party receivable (note 15) and Related party note disclosure (note 27)	Unsecured related party receivable	N/A		-		-

			2025		2024
		Line Ref.	£'000	£'000	£'000	£'000
Net Income Ratio
Statement of Financial Activities - Change in Net Assets Without Donor Restrictions	Change in Net Assets Without Donor Restrictions	a18		1,549		(1,142)
Statement of Financial Activities - (Net assets released from restriction), Total Operating Revenue and Other Additions and Sale of Fixed Assets, gains (losses)- Total income less investment income	Total Revenue and Gains	c7 less c4		-		1,826
Expendable Net Assets Net Assets without donor restrictions Net Assets with donor restrictions Restricted in perpetuity Annuities Term endowments Life income funds Goodwill Other intangible assets Property, Plant and Equipment Lease right-of-use assets Remove pre-implementation lease right-of-use asset Post employment pension liability Line of credit - short term for CIP Notes payable Line of credit for long term purposes Modify for post implementation debt not related to purchase of assets Lease right-of-use asset liability Remove pre-implementation lease right-of-use asset liability Related party receivable Expendable Net Assets			Lines 17,18,19 15, 16 15 Note 10, c9 & Note 11, d5 13		2025 £'000 40,732 75,500 (70,572) - - - - - (39,832) - - - - - - - - - - 5,828	2024 £'000 39,183 70,903 (67,485) - - - - - (40,980) - - - - - - - - - - 1,621

Docusign Envelope ID: 145969F4-AA92-46ED-A43D-EFCC3BDFDDA6

Notes to the financial statements For the year ended 31 July 2025

Wolfson College

30 US DEPARTMENT OF EDUCATION FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE (continued)

Lines Total Expenses and Losses Without Donor Restrictions Total Operating Expenses a12, Note 29a a12 Other components of net periodic pension costs Change in value of split-interest agreements Other gains (losses) - change in FV of hedging instrument Total Expenses and Losses Without Donor Restrictions Modified Net Assets Net assets without donor restrictions 17,18,19 Remove pre-implementation lease right-of-use asset Remove pre-implementation lease right-of-use asset liability Total Net Assets with Donor Restrictions 15, 16 Goodwill Related party receiveable N/A Modified Net Assets Modified Assets Total assets 4, 8 Remove pre-implementation lease right-of-use asset Goodwill Related party receivable N/A Modified Assets Change in Net Assets Without Donor Restrictions Change in Net Assets Without Donor Restrictions a18 Change in Net Assets Without Donor Restrictions Total Revenues and Gains Without Donor Restrictions Total Operating Revenue and Other Additions 7, Note 29a a7 Investment return appropriated for spending 4,5, Note 29a 4,5 Sale of fixed assets, gains (losses) Total Revenues and Gains Without Donor Restrictions	2025 £'000 9,884 - - -	2024 £'000 9,323 - - -
	9,884	9,323
	40,732 - - 75,500 - -	39,183 - - 70,903 - -
	116,232	110,086
	117,547 - - -	111,516 - - -
	117,547	111,516
	1,549	(1,142)
	1,549	(1,142)
	11,079 (2,062) -	10,221 (1,933) -
	9,017	8,288