2022-07-31-accounts

Oriel College Trustees, Annual Report & Financial Statements Year ended 31 July 2022 Registered charlty number.. 1141976

ObJects and Artiwtles Charitable Objects.. Strategic Aims . The Rhodes Legacy and Equality, Diverslty and Inclu5i0n at Oriel ... Public 8enefit....................................................................................................... Athle¥ements and Performance Student Numbers and Achievement5. Outreach and Admi55ions.......................-.................................................... Student Financial Support.......... Advanced Academic Activlty....... College Life and Extra-currlcular Actlthles... Buildin85 and Facilities Corbon Reportino/EnerqyEfflclency....................................................... ... .... Development and Alumnl Engagement.............................-.-....-................ Comrnercial Attivily.. io Flnanclal Revlew Investment Policy. Objectives and Performance.............................. Risk Management................................. Reserves Policy......................................................... li 14 15 Statement of Accountlng and Rèporting Responslbllltles................................................17 Audltorfs Report ...............................................................,.......................................... Statement of Accountlng Pollcles................................................................ .23 Consolldated Statement of Flnancial A(tlvltle5........ .. .28 Con5011dated and College Balance Sheet5.................................. ,.29 Consolidated Statement ofcash A¢>ws................................,................... ......................30 Note5 to the Flnanclal Statements . Legal and admlnlstratlve Informatlon Corporate Status........... Governing B¢)dy...... Recrultment and Training of Members of the Govèrning Body..,..-................... 48 .31 .47 .47

Organlsatlonal Management Finance and Estates Committee . General Purposes Committee....... Education Committee...................... ................................................... 49 49 Audit and Risk Committee ....................................... 49 Investment Advisorycommittee.............................. ....... .. ........ .. ................ 50 Remuneration Committee.................. ... .... 50 Group Strurture and Relatlonshlps Group 5tructure.............. Officers and Senlor Staff ....... Principal Advisors and Bankers...... 51 52 .53

ReFQrt of the Governing Body OBJEcfs AND AcfiviTIES Charltable Objerts The Governing Body presents it5 Annual Report for the year ended 31 July 2022 under the Charities Act 2016 (as amended) tO8ethei wlth the audlted financial statements for the year. Edward the Setond, by a Royal Charter dated 1326, founded Oriel Colle8e, making it the oldest royal foundation in either of the Universities of Oxford or Cambridge. Its full corporate designatlon. The House of the Blessed Mory the Virgin, in Oxford. commonly called Oriel College, of the Foundation of Edword the Second offomous memory, sometime King of Englond. was confirmed by Letters Patent granted by James the First in 1603. The College Is a reglstered Charity Ire8lStered nurnber 11419761. The College's objerts, as approved by the Charity Commission, are those in the Foundin8 Charter of 1326 and summarised as.. 'A colle8e of scholars studying sacred theology, civil and canon law and useful knowledge, Today the College exi5tS to promote undergraduate and 8raduate education, research and advanced Study within the University of Oxford. Oriel provldes Students with the facilitles and pa5tor31 support they need to excel in both their studies and extr?curricular pursuits. The College ￿CognIseS the 8reat benefit of the educational experience our students receive. Oriel is committed to continued Investment in activitie5 aimed at improving access not just to Oriel, but to the wider university, for applicants from backgrounds that have lower rates of progression to Oxbrldge. Strateglc Alms The College's core 5trate8ic aim Is to maintain and enhance its standing within the University of Oxford as a woild-class colle8e ill Ihe context of a world-cla55 universltv. The current Strategy includes the followlng aims.. Attract high potential applicants from a wide ranBe of back8rounds Provide teaching and support that enables students to perform at their best Foster a welcoming and sUPPOrtive communily Support researchers in a world-class environment Maintain a skilled workforce Conserve and develop the quality and potentlal of the College'5 bljildings and facilities Maintain financial stability and resource our priorities Promote a connected alvmni community Oriel's tomrnunity is madè up of some 340 undergraduates, 270 postgraduates, 150 academic and 135 non-academic staff, a5 well as an extensive network of alumni. A medium-si2ed college in the context of Oxford, Oriel's community is a supportive and tlosfrknit one, with students and staff member5 livin8, working and socialising in shared spaces.

Report ofthe Governing Body Our strate8ic alms are focused on maintsiningand supporting our communityi enabllngthem to build on the achievements of those who came before them. The Rhodes Legacy and Equallty. Dlverslty and Incluslon at ortel Over the past year, the Continued expansion of our equalityi diversity and inclusion IEDII work has been an important point of focus for Oriel. We are pleased with all that we have achleved 50 far. which will provide the College with a strong foundation to support our future aspirations. Slnce the dellvery of the report of the Independent Commission of Inquiry into Cecll Rhodes and his Le8acy a year ago, our focus has been on working to implement its recommendation5, while continuirbg to seek out other opportunities and initiatives in 5LlPPOrt of our wider EDI goals. This work has been led by Oriel'5 Tutor for Equality, Diversity and Inclusion IEDII Dr David Maw. As part of the response to the Commisston's report, the Colle8e committed to contextualisin8 the Rhode5 memorials in line with Historic England's 'retain and explain, policy. Temporary ontextualisation has been put in place for both the statue and the plaque on King Edward Street. This comprises of written notices at street level providlng Informatlon about the memorlals and encouragin8 members of the public to acce55 further information on the College's website.. www.i)rie.l 0'.i.ac.ith. The temporary contextualisation is in place whlle plans are finalised for 3 more permanent response, which will require planning permlssion as both memorials are now listed (the plaque on King Edward Street was given Grade 11 listed status In Juty 20221. The College has developed 8 contextuali5ation Strategy for the Rhode5 mernorials, and has kept in contact with Oxford City Council and representatives from Historic En8land to seek thelr Input on the on80ing contextualisation process. Over the course of the last year. the Colle8e ha5 made signiflcant progress towards the wlder EDI actions announced in response to the report of the Rhode5 Commission. Many of these artions relate to our work In the areas of Access and Outreach, Academic Scholarship5 and Research, which are covered more fully later in thi5 report. Some highlights of this programme of actlons are.. The continuation of our partnership with Generating Genlus on their STEM@Oxford programme, whlch has seen a group of 32 Black heritage Year 12 students from London and 81rmlngham receive sustalned support as they prepare to submit their university applications. Several new postgraduate scholarships aimed at supporting UK students of Black or Mlxed- Black heritage and students from sub-saharan Africa. The expansion of our research breadth throu8h the iecruitment of a new Turpin Junior Research Fellow in History whose research focuses on relations between extractive Industries and their communities in sub-saharan Africa. The agreement of a threeryway partnership wilh the Bodleian ￿"brary and Rhodes House to host a Visiting Research Fellow from sub-saharan Africa for a lTrweek term in the 2022.23 academic year. The Visitin8 Fellowship in the Colonial History o* Sub-saharan Africa at the Bodleian Librarie5, which will be based at the Weston Library. will provide an opportunity for an academic from Sub-5aharan Africa to utili5e the Bodleian's extensive archive of materials

Report of the Governing Bodv relatin8 to the coloni5?tion of Southern Afrlca and the reciplent will galn membership of Oriel's Senior Commoft Room. Following a redevelopment project, Oriel's website has been redesigned and now features Section dedicated to EDI, containing important informaticm for applicants and current members and links to the latest EDI-related nev￿. A working group of student5 and staff has been set tsp to discu55 and implement fvrther EDI initiatives and to ensure that equality, diversity and inclusion are central to policies and decision5 rnade 80ing forward. Publlc Benefft The College provides public benefit In accordance with its founding prlnciples and In 2021122 spent £10.3m providing teachin& research and a550ciated facllltles. Statutory guldance provlded by the Charity Commission under the Charities Act 2016 states that there must be an identifiable beneflt or benefits arising from the work of all charities and such benefits must be to the public in general or a sufficient sectlon of the public. The Governin8 Body confirrns that it has taken note of the Charity Commi55ion's guldance on public benefit when reviewin8 the College's aims and objertlves and in plannin8 future attivities. The students and academic staff of the College are the primary beneficiories, beln8 directly en8a8ed in education and research. The Colle8e provides world-class edutatlon to graduate and undergraduate students in conjunction with Departments and Facultles of the Universlty of Oxford. Our undergraduate students benefit 8reatly from the Oxford tutorial system, whith provides them with access to some of the best teachers in the world in thelr th05en Slrbjects. Tutorials are held at least once a week, where small groups of two to three student5 meet with a College Fellow or Lecturer In thelr subject for in-depth academic di5cusslon on a Selected topic. Many of the College's financial activities are aimed at supporting and protecting this system for the benefit ol future generations. The College places 8reat importance on the publlc benefits derived from enhanced academic research. Oriel seeks to support its academlc members in their research and in recent years has launched a number of initiatives to create 'research hubs, in a ran8e of subjects. Thanks to partnership with the Jackson Foundation, Oriel is home to a 'hub' for environmental and energy research. In 2017 the College launthed the Centre for the Study of the Bible, led by Professor Hindy Naiman, Oriel and Laing Professor of the Interpretation of Holy Scripture. since 2020, the Colle8e ha5 allocated a dedicated research fund of £25k per year to further 5UPPOrt the academic work undertaken by our Fellows. SIX Fellows receSved awards during the 2021-22 academic year. Fellows that benetitted from this support included.. Dr Nicholas Gaskill, Fellow in American Literature. who LJ5ed his fundlng to contrfbute to 3 one-day Ilterary studies and art history symp05ium on 'DesCriPtion and the Art of Response,; Dr Julia Mannherz, Fellow in Historyi who organised a lerture-recital of seven songs composed by Vikio Pa5khalov with words by Anna Mordovtseva in June 2022,. Dr John Huber, Fellow in En8ineerin& who has undertaken a research project to investl8ate early 5ta8es of wear proce55e5 in metallic alloys using x-roy method5; and

Report of ihe Govemlng Bodv Professor Bruno Currie. whose award contributed to the completion of a monograph, Herodotus os Homeric CritJTC, whrch was published electronically as a r"lislos s leii)enlary. voluifl:. at the end of 2021. A5 well as members of the College15tudent5, academics and staff members), there are many other beneficiarie5 of Oriel's education31 resourtes. These include vlsltin8 Students. Vi51ting academics and researcher5 from worldwide educational institutions, as well as members of the public. ACHIEVEMENTS AND PERFORMANCE Student Plumbers and Athievements Over the course of the year 363 under8raduate12020/21.. 358 and 247 graduale12020121.. 2241 students were in residence. Of the graduate student population. 81 were taking taught courses and 166 undertakln8 research. Graduates continue to represent a si8niflcant part of the College's contribution to the educational activities of the collegiate Unlversity and to the intellectual and social life of the College. In addition, the College had 7 visitin8 Students12020121'. 21 from Barnard College, Princeton and Notre Dame Universities and from the Erasmus progrèmme. Following the disruption of the pandemic, academlc life be8an to return to nornial, with students livin8 in College and tutorial teachin8 takin8 place In person once more. althou8h some examinations have remained online. Our under8raduate students performed well, wrth 90% of students attaining a 2.1 or above and 32% attalnlng a Flrst during final examinations. Particularly strong perfomiances were achieved in PPE14 Firsts and 3 distlnctionl, Phy5ics15 Firgtsl, Theology15 Fir5tsl and English14 Fir5tsl. 17 students were awarded university prizes Isome more than one) In subjects Including 8iochemlstry. Lin8UlStics, Physlcs and Computer Science. At 31 July 2022, 28 DPhil students had successfully completed their dortorates in the academic year. along wlth 48 8raduatln8 Masters students who finished their courses. Outreath ahd Adrni55ions In the 2021-22 academic year, the College admitted 95 undergradtsate students and IDO postgraduate students. The Universlty's annual undergraduate admissions report. with data from 2019-2021, showed that Oriel's under8raduate community continues to become more diverse, wTrth 23.9% of total UK underBrdduate students admitted to Oriel between 2019-2021 identrfylng a5 BME (up from 21.5% In the 2018-2020 statistics). Thi5 is in line with the University average 123.4%). Additionally. l 1.5% of iotal UK ￿dergraduate students admitted to Oriel were studellt5 of Asian herita8e, compared with 10.1% across the University. This year's report showed that 9.1% of total UK undergraduate students admitted to Oriel identified as being of mixed heritage, compared with 8.4% across the University. Outreach work continues to be a high priorrty lor the Colle8e, especially in terms of attracting applicants from areas with a history of low progression to Oxford, students from low-income families and State school student5. Oriel aims to provide an open, inclusive and welcoming communlty where students from all back8rounds can achieve their full potential. The College welcorned a new Outreach Officer in 2021, and this coincided with a lar8e increase in the number of In-person outreach evenls. whlch had been curtailed durlng the pandemic. The past

Reporr of the Governing Body academic year has been productive in re-establishin8 some of the contact with schools that wa51051 during the pandemic, and has provided plenty of opportunities foi students to experience in-person support once more. Over 115 events, reaching over 2.5￿ students, both in.per50n and ￿rtUal, took place over the course of the year. These events have reached a range of age groups, from students In Year 13 all the way down to student5 in Year S. A hybrld approach to Outreach is now well-established in the College, ensuring that while we can continue to offer the usual programme of in-person vi51t5 to and from Oriel, we can also connect with prospective appllcants who may not have the ab511ty or provi51on to visit the University. This hybrid approach has been essential to Outreach event5 In the last year, and has been welcomed by schools in all seven of Oriel's link re8ion5. Oriel has also collaborated on a number of effective programmes, m05t notably the Generating Genius 5TEM@Oxford pro8ramme, which has seen 32 Year 12 students from African and Caribbean backgrounds participate in event5 providing advice and insight into the Oxford applicatlon proce55. Alongside this, the College has been involved in a ntsmber of effectlve webinar series hosted by the Oxford for West Midlands consortium, and continues to support Target Oxbridge, providing £12.5k towards thls programme in the 2021-22 academic year In another positive development. thanks to funding from a generous donor, the College has launched an Outreach Travel Expense Reimbursement Scheme. Through the scheme. we are able to reimburse the cost of travel fof Individuals and schools vlsltln8 Oxford for Outreach event5. Thls asslstance Is available to students at non-selective state sthools in Oriel's link regions of Worcestershire, Hereford5hire. Dudley, Walsall, Wolverhampton, Kensington and Chelsea and Richmond. In September 2021, Oriel once a8ain took part in Opportunity Oxford, a University-led 'bridgin8 pro8ramrne' offered to talented UK offer-holders from disadvantaged back8rounds ahead of their arrival in thford. This pro8ramme help5 Students prepare for the beginning of their undergraduate degree course and aims to develop the high-level academic skills required for study at Oxford, helpin8 student5 to build confldence ahead of their arrival in Oxford. In 2021, Onel made 4 offer5 through Opportunity Oxford, with £and￿ateS comin8 to the College for a twctrweek residential from 4-18 September before beginning their Studies in October. Oriel has also made 4 offers throu8h the programme for the comlng academic year. Contlnued expansion plans were drawn up durSn8 the year includin8 a plan for a free three-day Humanitie5 Residential for hi8h-potential Year 11 students from state schools in our linked re8ions to be delivered In 2022123. student Flnancial Support The Colle8e contributed £61k12021.. £69kl toward5 Oxford Opportunity Bursaries for undergraduate Students. Oriel continued its support for an under8raduate from the developin8 woild by participating in the Reach Oxford scheme under which it pays college and university fees. Junior members contribute to a fund to cover Ilvin8 Costs so the student is fully funded for the duration of their course in Oxford. The Colle8e launched a number of new postgraduate scholarships over the course of the year. many of which were funded by alumni donations. Respondin8 to the war in Ukralne, and thanks to the generosity of alurnni, staff and current students, the College raised enough to fund two post8raduate Ukrainian refugee students to undertake their course5 at Oxford next academic year. Thank5 10

Report of the Govefning Bodv donation from an alumnus, the new Oriel Sub-saharan Africa Scholarship will be available for a poslgraduate Student applyin8 to start their course in the 2023-24 cycle. Additional port8raduate scholarships include.. David N. Lyon Scholarship in Politics- The Politics of Sex and Gender Equality in Diverse Societie5 Black Academic Futures Scholarship Oriel Scholarship in Artificial Inielligence Jame5 Meade kholarship Imultidisciplinaryl Thomas F Torrance Graduate Scholarship in TheolDgV Flnanclal asslstance grants totalllng £17k12021.. £39kl were awarded to students. These included 8rants made to students with exceptional needs and vacation bursaries. whith meant they did not have to take paid work allowing them to concentrate on theor studies. Over the course of the year, 51 students benefrted from receiving travel grants from the College, which totalled £24k12021.' £5kl in the year. With travel restiictions easin& the number of 8rants warded was back to pre-pandemic levels. These bursaries were awarded to assist with the costs of travel related to the pursuit of students. academic objectives. In addition, a number of awards were made to students carrying out vacation academic or extr&turricular project5. Advanced Academlc Adl¥lty The College continue5 to provide and promote advanced academic actlvlty. Research budgets, sabbatical leave, major research leave and office resources are provlded. Amon85t the achievements durin8 the year were.. Dr Kathryn Murphy, Fellow in English, curated an exhibition, Meloncholy.. A NewAnatomyJ for the Bodleian alongside a team from the Department of Psychiatry, whlch ran from Sèptember 2021 to March 2022. Professor Tere5a Bejan, Fellow in Politlc5. was awarded a Philip Leverhulme Prlze worth £IOO,000 in reco8nition of her outstanding research and to support her future research endeavours. Three Oriel Fellows were Successful in their applicatlons to the Unlversity's Recognition of Distinction exercise and were awarded the title of Profes50r'. Professor Bruno Currle, Fellow in Classics,. Professor Justin Coon. Fellow in En8ineering Science,. Professor Teresa 8ejan, Fellow in Politics. Lord Mendoza, Oriel's Provost, marked the launch of the Boundle55 Creativlty report that he co-publlshed wlth Profèssor Andrew Thompson CBE with a roundtable event at Oriel attended by Wice Chancellof Professor Louise Richardson, ITV Chairman Sir Peter Bazal8ette, Playwright Ade Solanke ènd Dr Margaret Casely-Hayford C8E. It was announced that Professor Yadvinder Malhi, jackson Senlor Research Fellow In Biodiversity and Conservatlon, Is to lead a new Leverhulme Centre for Nature Recovery in Oxford. EmeritU5 Fellow Professor Pedro Ferreira wa5 awarded the Royal Astronomlcal SocieW$ 2022 Gerald Whitrow Lecture in Astronomy.

Report of the Governin8 8ody Professor Lynne Cox, Fellow In Bhxhemistry, helped to lead a new UK project to transform older age health- the BL4ST network. Supernumerary Fellow Di Ben Caldecott served as COP26 StrateEy Advlsor for Flnance for the UK Cabinet Office. In April 2022. it was announced that he had been appointed to the Cllmate Change Cornrnittee's Adaptation Committee bythe UK government. Professor Mark Wynn, Nolloth Professor of the Philosophy of the Christian Relibn'on, has been elected as a Fellow of the British Academy In recognltlon of hls contribution to re5eaTch in h15 field. Professor Tere5a Morgan. Nancy Bissell Turpln Fellow and Tutor in Ancleni History, left Orlel at the end of the 2021-22 academlc year to join the faculty of Yale Divinity School as the inaugural holder of the McDonald Agape Professorship in New Testament and Early Chrlstianity. Colle8e Llte and Extra-currlcular Actlvltles As Covid restrictions were lifted, the social life of the Colle8e returned to a more normal pattern. The Colle8e newspaper, the Poor Print, continued to go from strength to strength and student5 sought out opportunities to get involved in other creative and social actlvlties. The Orlel Garden Play maile welcome return in Trinity term, with students puttin8 on a creative and ener8etic produrtion of A Mldsummer Nlqht s Dream. Students also benefitted from a visit by broadcaster Samira Ahmed, who came to Oriel as part of the ongoing series of Provost's Talks guest nights. Hilary term saw the launch of the six-part Davld N. Lyon Speaker Series on "The Polltics of Sex and Gender Equality in Diverse societies" The first talk, which took place at the start of L8GT History Month, was delivered by Baroness Hunt of Beihnal Green and subsequent speakers included gay rights campaigner Peter Tatchell and academic5 Dr Finn Mackayi Profe5$0r Anne Phillips and OrJohn Adenitire. The speaker series was a great success and attracted an audiènce from across the Unlver51ty. Students took advantage of the sporting opportunrties on offer during the academic year, with many of Orlel's sports clubs seeking to replen15h their membershlp after the enforced qulet of recent years. At College level, Oriel'5 badminton teams had a good year, with the Men's and Women'5 teams finishing first and third in their respective divisions. In Men's football, the team finished 3 close second in their league and were promoted to the ne￿ division, and Oriel's cricketers had a successful semi-final run. On the river, the Men's First Eight once again retained their Headship in Torpids, w￿h M2 and M3 also gaining Blades. The Women's boats had one of their most successful years ever, with W2 winning 81ades in Torpids and Wl bumplng up to their hlghest ever position on the river in Summer Eights. M3 and M5 both gained 81ades in Summer Eights, with the Men'5 Flrst Elght rowlng over once agaln as Head of the River in spite of stron8 competition from Christ Church. Many Oriel students took part in University level sport. with two post8raduate student5 rowing in the Oxford Men's crew for the annual Boat Race, whith wa5 won by Oxford for the first time since 2017. Oriel Students also captained the victorious Varsity teams in Men's Rugby and Women's Football.

Aeport of the Governing Bodv The social life of the MCR was revitali5ed, wlth events over the course of the year includin8 a Ceilidh, jazz nights and reading groups. They also hosted a visit from Oriel's sister college, Trlnkty College Dublin, during Trinity term. The Choir, under the direction of Dr David Maw, Fellow and Dlrettor of Muslc. provided choral accompaniment at Evensong and other services, and in June were able to travel to Rome foi the annual Choir Tour, which had been postponed the previous year. As part of the tour, the Choir performed at St Peterf5 Basilici for evening mass on 5 July. They also san8 at the Chiesa Nuova, San Celso and San Giuliano and All Saints. Anglican Church. Financial support for extrè-curricular activitie5 was provided through the provision and maintenance o* the Sports Ground at Bartlemas, the boathouse and boat fleet, and indivldual 8rants towards purchase of sports kit and the cost of partlcipatlng at University level. Buildln85 and Facilitle5 The College's strategy for buildings and facilities aims to improve, maintain and conserve first class teaching, accommodation and conference facilitie5 at the College, and to seek out opportunities to improve sustainability and accessibility while re5pectin8 the herita8e of pur buildings. Work on the East Range project had been scheduled to commence in June 2022. However, the Governing Body reviewed the plans and associated cost5 and decided to undertake a re-brief. The current plan is to develop a smaller scheme that wlll split the work into separate phases with the aim of delivering maximum benefit for the least possible cost and dlsruption, beginning with the renovation of staircase 4. The East Range project re-brief will focus on the delivery of.. A refurbished and improved 8ar area,. An upgraded kit¢hen to improve our capaclty to deliver high quallty food at volume,. Two new lifts to Sl8nifi'cantFy improve accessibility to the College's social spaces- Improvements to the route5 used to transport food from the kitchen to the Servery and Hall. The unused garage site on leune street acquired by the College last year Is being retained while feasibility plans are developed for potential redevelopment into student accommodation as part of an expanslon of the Rectory Road annexe. Other building and maintenance projects undertaken during the course of the year Include.. Renovatlon of 5talrcase5 5 and 8 on the main College sire.. Significant work was undertaken to improve the properties at 49 and 50 Rertory Road for Oriel student accommodation in Michaelmas Term 2022,. 9 King Edward Street has been returned to College use, having been occupied by a Doctorfs Surgery for many year5. A programme of renovations has been carried out to make the buildin8 Suitable for use by administrative staff, with plans for the Bursary. Trea5urerfs office, IT, and HR departments to relocate to the buildin8 in September 2022,. A series of extensive dione Surveys was completed, whlch Is belng used to produce full surveys of the College's 8ultering and roofin8 to ensure that any potential issues are identified and dealt with swiftly. Photos and information from the surveys will be used to

Report of the Govtrnin8 Wy create specifications of work and obtain robust budget estimates for the lon8er-term programme. Looking to the future, funding ha5 been approved for a full stock condition survey that will enable the Master of Works and his team to put tO8ether a robust 10-year programme for the maintenance and improvement of the College's properties. Corbon Reportlnq/Eneryy Efflclenry The College continues to take Its carbon footprlnt very seriously and energy efficiencies are at the forefront of our planning and of all significant projects. The Master of Works and his team are continually seeking to identify crealive solutions to address the tensions between the historic fabric of the College's buildings and modem thermal insulation and energy reductlon requlremÈnt5 to deliver maximum sustainabiltty. This process will assist in reducing our carbon output and reducin8 energy bills, year on year. Development and Alumni Enlaiement Oriel'5 core charitable airns are made possible by generous donors, who make donations year on year. We contlnue to expand our reach in undergraduate teachin& graduète supeThision and research, thanks to ongoing 5UPPOrt and commitments from alumni and friends. Wlth our 700th anniversary in just a few years - in 2026- we are preparing for a historic drive to c105e out the far-sighted 2026 Campaign, started by the Orlel College Development Trust. Inltlally conceived with a target of £45m, our aims are now lifted to £65m in gifts and pled8es by the annlversary. In the past year, we have received in excess of E2.3m in donations, with £2.8m in new gifts and pled8es- some of which are eKperted to be received In tranches in the comin8 years. This takes us in excess of £50m already raised towards our É65m goal. Durin8 the past year, 979 alumni and friends made a glft to Oriel- a new record for the Colle8e- compared to 782 in the previou5 year. Gifts of any size truly matter, and we are deeply grateful to all donors for showin8 their support, whatever the amount they are able to gift. Over the past year, Oriel has Put on a great many alumni and donor events in College, at other cities in the UK, and Internationally. We are grateful to alumni who have hosted the Provost and guests at their homes, at interesting exclusive venues, and who sponsor en8aging 3cademlc talks. During the year, a total of 1,882 alumni and guests attended our events, and we hope even more wlll become Involved wlth our worldwide programme In the coming year. Oriel New5 the College's alumni magazine, is published once a year in the summer, wlth the annual Oriel Record published towards the end of Michaelmas term. Regular news updates are also provided to alumni via a monthly e-mail and social medla, helplng to keep our alumni communlty engaged wlth life at Oriel. With just over three years until the blg birthday year, we look to all alumni. friends and supporters lo enga8e with College. our mission, and help u5 secure the best possible future for Oriel.

Report of the Governin8 8ody Regulatory Mutter5 Oriel College Seeks to develop lifelong relationships with its alumni, supporters, and friends. and takes a long term, collaborative approach to its fundraisin8 work. The College conforms to data protection regulation, and operates according the norms of the University of Oxford and the Fundrai5in8 Regulator. Policies relating to complaints. piotection of the public Includin8 vulnerable people, and methods of fundraisin& can be found here.. wj.,AiI￿. dlulijiii.111-iel.u.'(.-'c.uk/￿I i!a¥.'y-@i)l•iV. No complaints weve recerved by the College regarding Oriel's fundraising activity during 2021122. The annijal telephone campai8n has, In recent year5, been overseen by a thlrd-party firm, though fundraising is carried out by Oliel College students who are employees of the Colle8e. Two telephone ¢èmpaigns took place this year, one in September 2021 and another In March 2022. Both were overseen by Shared Vision, with Fundraisin8 carried out by Oriel College students, who are employed by the College. Across both campai8ns, 829 alufflni were contacted and £441.5k was pledged, with a giMn8 rate of 51%. Commercial Artlvlty A full review of the operating and delivery model was undertaken for the Oriel Summer School, and form81 contract with World5trides was approved by Governing Body. This new footin8 allowed lor greater Input from Orlel Into the programmes on offer and Increased the atèdemic overslght of the pro8ramme desi8n and delivery, with a panel of our most senior academics includingthe Senior Dean, senior Tutor and academic leads In key svb}ect areas providinB direction and slgn-off. A new offering this year in the programme was a Theology stream. desi8ned to promote one of Oriel'5 academic stren8ths and to attract a new audience from Europe and the USA, expanding the 8eo8raphic diver51ty of our attending students. Whilst Covld continue5 to inhibit Far Eastern students from Joining us, the online programme was well-received, with nearly 4CKI students joinin8 from remote locations. Wlth additional conference customer5 making use of the available space, the conference season rebounded well, znd this year will put us in good stead for future development. In 2021122 the tradlng company arm of the College. Oriel College Conferences Limrted, hosted over 70 or8ani5ations includin8 individuals holding dinner5 and events at the College, with a total Income of approximately £353k12021.' E36kl. This reflects the anticipated return of commercial revenue from events that would had been cancelled in the preceding two years due to the pandemic. 10

Report of the Governing Body FINAN AL REVIEW The Statement of Financial Activities on page 28 shows total income for the year of £12.6m12021.. £10.6ml, total expenditure £14.Im 12021.. £18.6ml, and an operating 1055 of £0.7m 12021 gain £5.2ml- This is after a gain on Investments of £0.8m {20218ain.. £13.2ml. The net movemeni in funds Is1£0.6Im12021.. £5.22m}. The net loss of £1.5m12021.' £8.Oml before gains includes the provision for the increase to the USS pension liability of £2.26m. This increases the overall Ilabillty (shown In the balance sheet on page 301 to £3.57m. The change in pension provbslon follows the March 2022 actuarial valuation and is included wiihin the £12.6m expended on teachin& research and residential activitie5 as indicated in note 5 of the account5 on pa8e 37. Income has increased by 19% mainly due to a return to pre-covid levels of accommodation provision for students. Conference and trading income has also rebounded post-covid. Overall expendfture decreased by 25% following the exceptional refinancing item in 20121. Net Endowment and other invested funds increased by 1.25% from £94.58m to £96.6m. This reflects sllght gain in the value of investment propertles I£0.6ml and the sale of two properties. Investment Income of £3.7m12021.' É3.9ml on investments of £126.4m12021.' £127.3ml gave a gross yield of 2.9%12021.. 3.0%). Desktop valuations of the Colle8e's property portfolios in south London and central Oxford were completed in July 2022. The next formal external valuatlons are due in 2023. Investment expenditure includes £408k of intere51 payable12021- £476kl. The draw on the investments to fund charitable artivity amounted to £3.2m. This represented a draw rate on the investment portfolio of 3.4% compared to the rate recommended by the Investment Advlsory Commlttee of 3.3%. Reducing the rate of draw is a medium-term gbje¢tive of the Governin8 Body. Trustees are content that the current overdraw is justified in the circumstances and will not put the long-term f￿ancIal health of the College at material risk. Investment Pollcy, Oblectlves and Performance Endowment assets are invested in land and property, equlties, fixed income securthle5 and cash deposits. During 2021122 the amount invested In land and property decreased to £31.2m from £31.7m, with the sale of a South London property and a Joint equity property in Oxford. The College's Investment objectlves are to balance current and future beneficiary need5 by.. maintaining {at least) the value of the investment5 in real terms,. producing consistent and sustainable funds to support expenditure; delivering these objectives within acceptable leve15 of risk.

Report of the Governing Bodv The College's two principal fund manager5, Oxford University Endowment Management Limtted IOUEMI and Baillie Gifford. manage the security portfollos. Additional Investments are held wlth 8lackrock and Charles Stanley. Environmental. Social and Governante investment considerations are discussed by the Governin8 Body and the Investment Advisory Committee with comment encouraged from our investment managers. The College has a robust due diligence process for any large donations. At year end the asset MIK wa$ 46% of investrnent5 in equities, 32% in property, IO% in alternative and other a55ets and 12% tash and bonds. This was in line with the agreed allocation. 48% of equities are held outslde of the UK. OUEM does not distribute dlvidends paid on securities held in its portfolio but declares a distribution on units in its fund annually. Investment in Securities redijced from £95.3m to £95.2rn. Perforfflance of the managers and the asset allocation is reviewed at each Meeting of the Investment Advisory Commlttee. ARC Investment Management Servlces provide external perform3nce monitorin8 repofts on the whole portfolio and on the two main investmenl managers. The a55et allocation at year end Is shown below.. - Cti i-ro11 i 31551 LIIIoc£l Iloii Jii.,1, 2092 Iternatfves •nd othei io% Pioperty 32% Equr(5 46% Llquld Assets and 8ond5 12% Note.. Property include5 Strategic a55ets adjacent to the College, which are being held for the long term. 12

Report of the Governing Wy New investments disposals Etc Unreal ised 8ains/ 1055es Value at stsrt of year Value at end of Realised Gains Net Income Income Yield Capital retu¥n Total return year £'ocK) 31,185 Property Equitie5 bond5 and cash 31.725 -1,195 655 24 666 212% 2.14% 4.26% 95.310 -197 95,297 2,104 2.21% 0.20% 2.40% Total 127,035 -1,392 839 126.482 27 2,770 2.19% 0.68% 2.87% The total return was below the strategic objective of inflation plus 4%. Net income is after interest, investment management fees, property expenses, agèncy and other fees. 13

Rgpyt of the Governin9 Bcxty Rlsk Management The major risks to which the Colle8e and its subsidiaries ale exposed, identified by the Governing Body, have been reviewed and 5y51ems established to miti8ate them. When it is not Possible to address risk issues using intemal resources, advice 15 obtained from external professionals with specialist knowledge. The process for the identification and mana8ement of risk is reviewed annually by the Audtt and Risk Committee, as Is the Tlsk register. Risks are allocated to risk manageTS and are assessed by the relevant committee on a termly ba51S. In addition. the Major Incident Committee, consisting of the Provost and 7 members of the Governing Body, along Wlth several admlnistrative members of staff. meets a5 required to consider and advise the Provost on ur8ent and serious risks facing the Colle8e. The Governing 8ody, which has ultimate responsibility for managin8 any risks faced by the Colle8e, has considered the major risks to which the College and its subsidiaries are 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 mana8ed. As mentioned previously, followin8 renewed protest5 relating to the statue of one of the Colle8e's benefactors, Cecil Rhodes, the Commlssion of Inquiry led by Carole Souter CBE, Master of 5t Cr055 College, completecl an extensive review and consultation in May 2021. The College made a number of commltments and accepted the wnajor recommendations put forward by the Commission. Thi5 remains a si8nificant area of risk for the Colle8e, and the Tutor for Equallty, Diver51ty and Inclusion is overseein8 the fulfilmenl of these commitments to ensure thol thi5 risk is managed in a timely manner. The other major risks and the Steps taken to mitigate them have been identified in the table below. The College now faces a period of significantly increased financial risk as a result of105t income, higher costs and the likelihood of lower investment returns (from property rentals primarilvl. The College's main insurance policle5 are currently with Zurich Municipal. Vaknable manuscripts are not covered by the Colle8e'$ general in use contents insurance provlsion. The College self-insures these items and is working towards greater storage of iiems off site and investing in further securitv and fire safety measures as appropfiate in discussion with risk assessments provided by both Zurich and the Oxfordshire Fire Service. 14

Report of the Governing Body Rllk Mltl8atlon Health and Safety and welfare of students, staff and assodated members of thè Collqe Compliance with, and re8ular revlew of, health and Safety legislation by the Health and Safety Committee. Trained decanal team. Awarerie55 Sessions. Insurance. Firè detectron and prevention Sysiems all under regular review. Flre and fl1￿1 Investment 355et alloG*lon falls to dell¥er requlred endowment drawdown Income level Investment Advisory Committee in place meetin8 bi- annually lo review. Lon8 teim leases on many investment properties and regular dividends from Investment seturities. Systems fallure3 {Includlng bought-ln 5V5tem51 and cyber attacks Backups onsite and offsite. Continual development of systems documentation and disaster recovery pr¢xedures. Regular reviews of current industry standards and good prattice. Budget settlng wlth a flve-year horizon in place. Flnance and Estates Committee meets three tlmes per term with a full annual review of budget and results. Identification and management of rlsks. Approprlate professional advice. Fallure to set and communlcate an appropriate fln•nclal strate8Y Reputatlon Reserye5 Poll¢y The Trustees of Oriel College have set a reserve polity whieh requires thèt reserves be maintained at a level which ensures the core activity could continue during a peflod of unforeseen financial difficulty and that a proportion of reserves be maintained in a readily realisable form. At 31 July 2022 Oriel College'5 group funds are £IIO.Im of whlch £99.2m is retained in endowment or restricted funds. Total reserves also include £9.Im, which has been allocated to the restricted and designated building funds. These reflect monies already spent on the Pantin Library, the High Street Buildin8 refurbishment. recent staircase projects15 and 81 and two properties in Kin8 Edward Street, Oxford. The calculation of the College's reserves is an integral part of the budget, manaBement accounts and longer-tem financial forecasting process. It con5ider5 the following.. The risks associated with each operating income stream,. The risks of the endowment return reducing,. The planned levels of activity: Capltal projects and commitments. This risk assessment exercise has indicated that cash reserves of at least £2.5m should be retained to cover any sudden loss of income. 15

Rèport of thè Governing Body However, the free reseThes calculations have been impacted by the loss of income from conferences and accommodatlon from 2020 to 2022. The calculatlon is also impatted by the USS artU3rial valuation of 2020 with the PenS￿n liability increasing lo £3.5m from £1.3m. The Governin8 Body has noted the required cash reserves of E2.5m and the negative free reserve5 calculation of £269K. However. the Governing Body, in considering the overall adequacy of the College's short term reserve5, has also considered the number of near liquid resource5 available to the College. The College's unreslritted expendable endowments1£47ml. which are not included in the Free Reserves total above, would be available to SUPPOrt unexpected short-term cash fluctuations. In particular, the College maintains a level of liquidity in the Endowment Funds that ensures there 15 suffitient cash available to cover the forthcoming year's drawdown from the Endowment Funds as well as 3-6 months, Worth of runnin8 Costs without the need to Ilquidate Investments. The Govérning Body, wlth support from the Investment Advlsory Commlttee, is continuing to review the College's financial strategy to ensure the longer-term financlal health of the College. 16

Statement of Accounting and Reportin8 Responsibilities STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES Trusteès. Responslbllltles Statement The trustees are responsible for preparing the Trustees, Annual Report and the flnancial statements in accordance wlth applicable law and regvlations. The Charities Art 2011 require5 the trustee5 to prepare financial statements for each flnancial year. The trustees have to prepare ihe financial statements in atcordance with United Kingdom Generally Accepted Accountin8 Practice (United Kin8dom Accountin8 Standards and applicable lawl, including FRS 102 The Financial Reportin8 Standard applicable in the UK and Republic of Ireland. The trustee5 must not approve rhe flnancial statements unle55 they are satlsfled that they give a true and fair vlew of the slate ol affairs of the charity and the group and of the incoming resources and application of resources, including the in¢ome and expenditure, of the grotsp for that period. In preparing these financial statements, the trustees are required to.. • select Sultable accounting policies and then apply them consistently,. observe the methods and principles In the Charitles SORP IFRS 1021,. make jud8ments and accountin8 estimates that are reasonable and piudent- • State whether appllcable UK Accounting Standards have been lollowed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the group will continue in business. The trustees are responsible for keepir7g adequate accounting records that are sufficient to show and explain the charlty and group's transactlons and disc105e wlth reasonable accltracy at any time the financial position of the tharlty and the group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Report51 Regulations 2￿)8 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and the group and hence for takin8 reasonable steps for the prevention and detectlon of fraud and other irregularities. Approved by the Goveming Bo(ty on 9 November 2022 and signed on its behalf bv.. Lord Mendoza Prov05t 17

Independent Auditor< Report to Members of Goveming 80(ty AUDITORS. REPORT Oplnlon We have audited the financial statements of Oriel College for the year ended 31 July 2022 which comprise the Consolidated Statement of Financial Activities. the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement. and notes to the financial statement5, including summary of significant accountin8 policies. The financial reporting framework that has been applied in their preparation is applicable law and Untied Klngdom Accountlng Standards, Includin8 FRS 102 'The Fifièncial Reporting Standard Applicable in the UK and Ireland, (United Kingdom Generally Accepted Accounting Prarticel. In otjr opinion the financial statement5.' give a true and fair view of the state of the of the College's and the group'5 affairs as at 31 July 2022, and of the incoming resource5 of the group and applicalion of resources, for the year then ended,. have been properly prepared in accordance with United Kin8dorn Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirernent5 of the Charlties Act 2011. Bas15 for oplnlon We condurted our audit in accordance with International Standards on Auditin8 IUKI IISA5IUKII and applic3ble law. Our responsSbllltles undei those standards are further described in the Auditor's Responsibilities for the audit of financial statements 5ertion of our report. We are independent of the charlty In accordance woth the èthical reqlrirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufflcient and appropiiate to provide a basis for our opinion. Concluslons relating to 80in8 concern In auditin8 the financial statement5, we have concluded that the trustees, use of the going concern basis of accounting in the preparètion of the financial statements is appropriale. Based on the work we have performed, we have not identifled any materlal uncertainties relating to events or conditions that, individually or tollectively, may cast significant doubt on the charitls ability to continue a5 a going concern for a period of at least twelve months from when the financial statements are authori5ed for15sue. Our responsibilities and the re5por15iblllties of the trustees wlth respect to 8oln8 concern are described in the relevant sections of this report. 18

Independent Auditorg Report to Members ol Governin8 Body Other informatlon The other Information comprises the information included in the annual report, other than the flnanclal statements and our auditorfs report thereon. The Member5 Of the Goveming Body are responsible for the other information. Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise eKpllcitly stated in our report. we do not expres5 any foim of assurance conclusion thereon. In connection with our audit of the financial 5taternent5, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained in the audit orotherwise appears to be materially mlsstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material mi55tatement In the tinancial statements or a material mrsstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothlng to report in this regard. Matters on whith we are requlred to report by e¥ceptlon We have nothin8 to report in respect of the followin8 matlers where the Charitie5 Act 2011 requires us to report to you If, in our opinion.. the information glven in the Members of the Governing Bod￿5 Annual Report Is inconsistent in any materral respect with the financial statements,. or the charity ha5 not kept adequate accounting records,. or the financial statements are not in a8reement with the accounting records and returns,. or we have not received all the InformatK)n and explanation5 we required for our audlt. Responslblllties of the Member5 of Goveming Body As explained more fully in the Members of the Governing Body's responsibilities statement set out on page 18. the trustees are responsible for the preparation of the financial statements and for bein8 satisfied that they glve a true and fair view, and for such internal control as the Members of the Governing Body determlne is nece55ary to enable the preparatton of flnancial statements that are free from material misstatement, whether due to fraud or error. In preparing the fi'nancial statements, the Members of the Governing 8ody are responsible for assessing the charl￿$ ability to continue as a going concern. disc105in& as applicable, matters related to goin6 concern and using the soing concern basis of accounting unless the Members of the Governing 8ody either intend to liquidate the charity or to cease operations, or have no realistic alternatlve but to do so. 19

Independeni Auditors. Report to Mernbers of Governing Body Audltorfs responslbllttles for the audlt of the fi￿nCIal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whetherthe financial statements ès a whole are free from materlal mlsstatement, whether due to fraud or error, and to Issue an auditor'5 report that includes our opinion. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audlt conducted in accordance with 15As IUKI will always detect a material misstatement when it exists. Misstatements can arise from Iraud or erior and are considered material if, individually or in aggregate, they could reasonably be experted to inlluence the economlc decislons of users taken on the basls of these financial statement5. As part of an audlt In accordance wrth ISAS (UK) we exercise professional jud8ernent and maintain professional sceptlclsm throughout the audit. We also.. Identify and assess the risk5 Qf materlal misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obt3in audit evidence that is sufficient and appropriate to provide a basis for our opinlon, The risk of not detecting a Material misstatement resulting from fraud is higher than for one resulting frorn error. a5 fraud may involve collusion, forgery. intentional omissions, misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to de518n audit procedures that are appropriate in the circumstances, but not for the purposes of eKpressin8 an opinion on the effectiveness of the charity's Int8rn31 control. Evaluate the appropriateness of accountlng pollcies used and the reasonableness of accounting estimates and related disc105ure5 made by the Members of the Governing 8ody. Conclude on the appropriateness of the Member5 of the Governin8 Body's use of the 80in8 concern basls of accounting and, based Dn thè audlt evldence obtained, whether J material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ablllty to continue a5 a going concern. If we conclude that a material uncertainly eKi5t5, we are required to draw attention in our auditor's report to the related disclosures in the financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, luture events or conditions may cause the charity to cease to continue as a 80ing concern. Evaluate the overall presentation, strurture and content of the financial statements, including the dlsclosures, and whether the financial statements represent the underlying tran5actlOns and events in a manner that achieves fair presentation. 20

Independent Auditors, Report to Members of Governin8 Body We communicate wlth those chaiged w6th governance regarding, among other matters, the planned scope and timing of the audlt and signllicant audit lindin85, Includin8 any significant deficiencies in internal control that we identify dLtring our audit. Explanatlon as to what extent the audlt was considered capable ot detertin8 Irre8ularltles, Indudlng fraud Irregularities, including fraud. are in5tance5 of non-compliance with laws and regulations. We desl8n procedures in line with our re5ponsibiltties, outlined above, to detect material misstatements in respect of irregularlties, including fiaud. The extent to which our procedures are capable of detectlng irregularities, includin8 fraud Is detailed below. The objectives of our audit in respect of fraud, are- to identify and asse55 the risks of material misstalement ol the financial Statements due to fraud: lo obtain 5uffitient appropriate audit evidence regardlng the assessed risks of material misstatement due to fraud, through designing and implementin8 appropriate responses to those assessed ri5ks,' and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the prlmary responsibility for the prevention and detection of fraud rests with both mana8èment and those charsed with governance of the charitv. Our approach was as follows.. We obtained an understandln8 of the le8al and regulatory requlrements applicable to the charity and considered that the m05t 518nificant are the Chaiitie5 Act 2011, the Charity SORP, and UK financial reporting standard5 as issued by the Financial Reporting Council. We obtained an understanding of how the charity complies with these requlrements bv discussion5 With management and those thar8ed with governance. We assessed the risk of material misstatement of the financial Statements. includin8 the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those char8ed with governance. We inquired of management and those charged with governance as to any known instance5 of non-compliance or Suspected non-compliance with laws and regulations. Based on this understandin& we desi8ned specific appropriate audit procedures to identify instsnces of non-compliance with laws and regulation5. This included making enqulrles of mana8ement and those charged with Bovernance and obtainin8 additional torroborative evidence as required. There are inherent limltatlons in the audit procedures described above. We are less likely to become aware of instancès of non-compliance with laws and re8ulations that are not closely related to events and transactions reflected in the financial Statements. Also, the risk of not detecting a material misstatement due to fraud is hl8her than the risk of not detectlng onè resutting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations. or through colluslon. 21

Independent Auditors. Report to Members of Goveming 8ody Use of our report Thi5 report Is made solely to the Members of the charity's Governin8 Body. in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might State to the Members of the Governing Body those mattels we are required to state to them In an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and the Members of the Governing Body h5 a body, for our audit work, for this report, or for the opinion we have formed. U',,9sh>•7 (Lf Moore Kingston Smith LLP Statutory Audftor Moore Kingston Smith LLP is eligible to act as audftor in terms of Settion 1212 of the Companies Act Date.. 29 November 2022 22

Statement of A¢countlng Polktes l. Scope of the flnanclal statements The financial statements present the Consolidated Statement of Financial Activities1SOFAI, the Con501idated and College 8alance Sheets and the Consolidated Cash Flow Statement comprisin8 the consolidation of the Colle8e and with its wholly owned subsidlaries Land Estates and Propertv Ltd and Oriel College Confeiences Limited. No separate SOFA h35 been presented for the College alone as permitted by para8raph 397 of the Charlties SORP 21)05. The results of the subsidiaries 5 included in the con501idated income, expenditure and results of the College are disclosed In note 12. 2. Ba51s of attount5n8 The College's Individual and consolidated flnancial statements have been prepared in accordante with United Kingdom Accounting Standard5, in particular'FRS 102.. The Financlal Reporting Standard applicable in the UK and Republlc of Ireland, IFRS 102)- The College is a public benefit entity for the purpose5 of Ffts 102 and a reglstered charlty- The College has therefore also prepared its individual and consolidated financial Statements in accordance with The Statement of Recommended Practice applicable to charitie5 preparln8 their financial statements in accordance with FRS 102, (The Charities SORP IFRS 102}1. The financial statements have been prepared on a going concern basis and on the historical cost basi5, except for the measurement of investments and certain financial assets and liabilities at fair value wlth movements in value reported wlthin the Statement of Financial Activities1SOFAI. The Members of the Governlng Body have as5es5ed whether the use of the golng concern b3slS is appropriate and have considered possible evenls or conditrons that might cast Significant doubt on the ability of the College to continue as a golnE concern. The College has significant reserves in the form of expendable endowment funds which can be used for the general purposes of the charity. The College ha5 prepared cash flow and other forecasts, taklng Into account the availablllty of these funds and the potential pressures on income, which confirm the Colle8e will have sufficient liquidity to operate for at least the next twelve months from the date of approval of these flnancial statements. The Colle8e therefore continues to adopt the 80in8 ¢oncern basis in preparing its financial statements. The principal accounting poliaes adopted ore set out below and hove been opplied consi5tenrly throughout the year. 3. Incomln8 resources from fee income, Offlce for Students support and other charges for seNlces Fee5 receivable via the Collegiate Funding Formulae ICFFI and charge5 for setvlces and use of the premises, less any scholarships, bur53ries or other allowances granted by the College, but including contributions received from restrlcted fLtnds, are accounted for in the period in which the related seThice is provided. 23

Statement of Accountlng Policies 4. Income from donatlon and legacles Voluntary income is accounted for when the College has entitlement to the funds. the amount can be reliably quantlfied and there is reasonable probabllity of its uhimètè receipt. Voluntary income received for the general purpose of the College 15 (￿dited to unrestricted funds. Voluntary income whlch is subject to speclfic wishes of the donor is credited to the relevant Stficled fund or, where the donation. grant or legacy 15 required to be held as capital. to the endowment funds. Where donations are received otherwlse than in tash, they are valued ?t the market value of the underlying as5eiS received at the date of receipt. Investment Income Interest on bank balances and fixed interest securities is accounted for in the period to which the Interest relates. Dlvidend Income and slmllar distrlbutlons are accounted for in the period in which they become receivable. Incorne from investment properties is accounted for in the period to which the rental income relates. 6. Expenditure Expenditure is accounted for on an accruals basls. Indirect expendltvre is apportioned to expenditure categorres 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 wsth the Item of expenditure to which it relates. Grants awarded are expensed as soon as they become l@gal or operational commitments. Governance costs comprise the costs of complyln8 with constitutional and statutory requirements. Intra-8roup sales and charge5 between the College and its subsldlarles are excluded from Income and expenditure. 7. Leases Renta15 payable under opératin8 leases are charged in the SOFA on a straight.line bas15 over the relevant lease terms. 8. Tan8lble Ilxed assets Expenditure on the acqui51tion or enhancement of land and on the acquisition, construrtion and enhancement of buildings which is dlrectly attributable to bringlng the asset to Its worklng condition for its intended use and amounting to more than £IOk tO8ether with expenditure on equipment cosling more than £IOk are capilali5ed and carried in the balance Sheet at historical cost. Other expenditure on equipment inturred in the normal d3y-to-day running of the College and its subsidiaries is charged to the Statement of Financial Activities as incurred. 24

statement of Accountlng Pollde5 9. Depredotlon Depreclation is provided to write off the cost of all relèvant tanglble fixed assets, le5S their estimated residual value, in equal annual instalments over their experted useful economic Ilves as follow5". Freehold land and bulldings Leasehold properties Major refurbishments Capital Equipment Items IT Eouipment Vehicle5 50 years 50 years or period of lease if Shorter 30 year5 5 years 3 years 3 years Freehold land is not depreciated. The costs of malntenance are char8ed in the Statement of Financial Activities in the perh)d in which it is incurred. 10. Investments Investment properties are valued as individual investments at their market value5 as at the balance sheet date. Purchases and sales of Investment properties are retognised on completion. Listed investments are valued at their mid-market values as at the balance sheet date. Investments such as hedge funds and prlvate equity fund5 which have no readily Identiflable market valL•e are included at the most retent valuations from their respective mana8ers. Gains and losses arising on the Investments are credited or char8ed to the Statement of Financial Activities and are allocated to the appropriate Fund according to the "ownership" of the undèrlylng assets. 11. Stocks Stocks are valued at the lower of c05t and net reallsable value, cost being the purchase prlce on a first in, first out bas1S. 12. Foreign currencles The functional and presentation currency of the Colle8e and its subsidiaries is in pound5 Sterlln8 and rounded to the nearest povnd. Transactions denominated in forei8n currencies durin8 the yeai are translated at prevailing rate5 of eKchange at the (lares of the transactions. Monetary asset5 and liabilities denominated in foreign currencies are translated into sterling at rates applying at the Balance Sheet date or, where there are related forward forei8n Éxchange contracts, at the contract rates. The resulting exchan8e differences are taken to the Statement of Financial Activities. 25

Statement of Accountlng Pollcles 13. Fund accountln8 The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the origin5 of the funds and the term5 Set bythe donors. Endowment fvnd5 are further sub-divided into permanent and expendable. Unrestricted funds can be used in furtherance of the objerts 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 3 specific purpose and this wlll be accounted lor by transfers to appropriate designated funds. Restricted funds comprise 8ifts, legacies and 8rants where the donors have earmarked funds for speciflc purposes. They cons1St of either gifts where the donor has speclfled that both the capital and any income arising must be used foi the purposes given or the Income on 8ift5 where the donor has requtred that the capital be maintained and ihe income used for specific purposes. Permanent endowment funds arise where donors specify that the funds should be retained as capital for the permanent benefit of the College. Any income arising from the capltal will be accounted for as unrestricted funds unless the donor has placed restricted the use of that income, in which case it will be accounted for a5 0 restricted fund. Expendable endowment funds are sirnilar to pemianent endowment in that they have been given, or the College has determined based on the tircumstances that they have been given. for the long-term benefil of the College. However. the Governing Body may at their distrètion determine to spend all or part of the capital. 14. Penslon costs The cost5 of retirement beneffts provided to employees of the College through two multi- employer defined pension schemes are accounted for as if these were defined contribution 5cheme5 in accordance with the requirements of FRS 102. The College'5 contribution5 to these schemes are charged In the perlod In whlch the salarles to whlch the contributions relate a payable. 15. Accountlng Judgements and Estlmatlon Un¢ertalnty In preparlng the financial statements, it is necessary to make certain jud8ements, estimates and assumptions that affect the amounts recognised. The following judgements and estimates are considered by the Governing Body to have most Si8niflcant effect on amounts reco8n15ed in the financial statements.. The College partlclpates in a multl-employer defined benefit penslon plan, the Universitles Superannuation Scheme I"USS"l. In the judgement ol the Governing Body there is insufficient information about the assets and liabilities to be able to reliably account for Its shares of the 26

Statément of Accountln8 Pollcles defined benefit obligation5 and plans, assets in the financial statement5 and therefore the plan 15 aCCQUTrted for as defined contribution schemeslsee note 221. The College does however recognize its share of the deficit plan currently in placelsee note 221. The College carries investment property at fair value in the balance sheet. with changes In falr value being recognised in the income and expendtture section of the SOFA. Independent valuations are obtained to determine fair value at the balance sheet date. Propertie5 have been valued individually on the basis of fair value in accord3nce wlth the Royal Institution of Chartered Surveyors I"RICS"I Valuation Professional Standards UK, revised April 2015. The next full valuatlon 15 due in 2023 and Interlm desktop valuations are undertaken by the College based on informal profe55ional advice. 8efore le8acies are reco8nised in the financial statements, the Governing 8ody has to exercise judgement as to whal constitutes sufficient evldence of entltlement to the bequest. Sufficient entitlement ha5 been determined to exist once notification of payment has been received from the executorlsl. With respect to the next financial year, the most significant areas of uncertainty that affect the carrylng value of assets held by the College are the level of investment return and the performance of investment markets. 16. Cash and cash equl¥alentS Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months oi less. 27

Orlel Collele Con5011dated statement ol Frn•n¢lg1 Actlvltles Forthe yearended 31 Jyty 2022 ljnrestrirted Resiilcteil Endowed Funds Funds Funds 2022 Total 2021 Total Notes INCOME AND ENL)OWMENTS FROM: Ch?rftable actlvltles.. Teachin& research and residential L)onatlons and legacies OtherTradln8 Incorne Investments lftvestment Income Total return allocated to Iniome Other income Total Incorne 6,093 467 351 6.093 2,330 351 4,310 1,916 38 839 1.024 3.737 13.2421 3.738 3.980 13 3.242 115 7,027 115 12.627 315 10,559 4,081 1,519 EXPENI)ITURE ON.. Chartlablo artfvltl•s'. Teachin8, research and resSdential 8.S92 4.010 12,602 9,9)5 Ralslng funds.. Fundraising Trading expenditure Inve5trnent mana8ement costs EJr¢•ptlonal Item: Repayment of £12.Sm Barcla￿ loan Ipremlum paid) Totsl Expendltur• 442 21 518 17 1,264 21 6,876 18.580 9.055 4.010 14,113 N•t In￿Me/{EXpendItUrÈ> b•forn Kaln5 110281 71 471 11,4861 18A1211 Net 8èins on investments io. li 835 835 13,203 Net IncornellExpendltur•l 12,0281 71 16511 5,182 Transf•ts between funds 18 Net movement In funds for the year Fund balances brought forward 12,8681 13,859 71 16511 110.800 5,182 IOS,618 18 2.431 94.510 Funds carrl•d f4yw•rd at 31 July 10,991 2.502 110,149 110,8C() 28

Orfel College Consolldated Balance Sheet at 31 July 2022 Group £'ooo Group £'o College College Notes FIXED ASSETS Tangible a55ets Property investments Other Invèstm•nts 19.441 31.185 95,297 19,298 31.725 95,310 19A66 29.818 95.297 19,324 29,951 95,310 io li Total Flxed Assets 145,923 146,333 144.581 144.585 CURRENT ASSETS Stocks Oebtors Cash at bank and in hand 396 1.211 374 395 1,793 2.287 373 1,124 14 2,121 Total Current Assets 4.467 3,342 4,475 3.S96 IIABILITIES Creditors.. Amounts falllng due wrthSn one year 15 11,9681 12,8711 11,879) 12,8081 NET CURRENT ASSETS 2,499 471 2.596 788 TOTALASSETS LESS CURRENT UABILMES 148,422 146,804 147.177 145373 CREOITORS: falllng due after rnore than one year 16 134.7021 134,7021 134,7021 134.7021 NET ASSETSIILIABIUTIESI BEFORE PENSION ASSET OR UABIUTY 113.720 112,102 112.475 110,671 Defined beneflt pension scheme liability 22 13,571 11.3021 13,5711 11,3021 TOTAL NET ASSETSIIUABIUTIESI 110,149 110,800 108,904 109.369 FUNDS OF THE COLLEGE Endowment funds 96.656 94.510 95,468 93.361 Restrlcted fund5 2,502 2,431 1,555 1,527 Unrestrfcted fvnds Desl8nated funds Designated Fixed Asset Fund5 General funds 89 8,176 5,594 458 7,716 3.707 445 7.861 6.175 7.697 110,149 110,800 108,904 The financlal statements were approved and authorised for issue by the Governing Body of Oriel College on 9 November 2022 109,369 Trustee.. Trustee: 29

Orlel ColleKe Consolldated St?tement of Cash Flows For th• year ended 31 July 2022 2022 2021 Note5 Net cash (used In} operatlnB actfvltles 24 14,5371 113,7431 Cash flow5 from InvestlN8 artivltles Dividends, interest and rents from Investrnent5 Purchase of property, plant and equipment Praceeds from sale of investments Purchase of investments Net cash provlded by (used In) Investlng artlvllles 3,738 18781 11.392 iio,0001 4.252 3,979 16,3351 7,321 116,2521 111.2871 Cash flows from Ilnanclng actlvltles Repayments of borrowing Cash Inflows from new borrowlng Receipt of endowment Net cash pro￿tte￿ by (used In) flnandni art￿￿e$ 112,5001 34,704 512 LOZ4 1,024 22,716 Change In (ash and Cash equl¥alent5 in thè reportlng perlod 739 12.3141 Cash and cash equlvalents •t the beglnnlng of the r•portln8 perlod 2,121 1,699 Lash ¢asn ÈqVNaients at tne eno oi the reportin8 p•rlod 25 2.860 2.121 30

I•Dtestv th?fln￿tIII si•t•ffler Foriheyurended31Mly202a INCOME FROAI CHARITABLE ACFMTIES 2021 TucNw Rewarch and Resbdwfjal Unrestricred funds Tuitkjn fees- IJK and EU students Tuifjon fees- ￿er$eaS students Othef fees OtherOFS 5UPPOrt Otherac3demic income CoHe8e reSIden￿al Income 1,$26 L258 1,5a7 1,093 16 io 74 3,139 Totil Te*chinL ReSea￿h and Re￿deNtIal The above analys15 IncludesE2794kts¢elved from Oxford Un￿er$ity frcm publlcty accountable funds ￿der the CFF Scherne12021.. £2615kl. DONATIOPIS APID LEGAOES 2Q21 2021 Don•iK)nsond Lesad•5 UnrestiKted funds Restncted funds ndowed funds 467 839 1,024 471 935 SJO IIICOME FROM OTHER T￿t￿NG AcnvinES 1022 2021 Subodlary company trading income oiher rradln8 Inrome 342 INVESTMENT INCOME 201I 2021 restrKledfvnd5 Bank interest El￿owe￿I￿nds CommElttsl rent Other property Income Equlty dlvidends Other Investment Income IM56 L391 61 12< 328 2,241 33 Tothi lTh¥estmentlncon A14ALYSIS OF EXPENDITLIRE 2022 2021 Ch•rIt￿le expendlture rectstaff costs allocated to.. Teachin& resea¢ch and residential 7,261 4,545 OtherdirertCOSts allocated to.. TeachinL research and ¥esldentyal 3.447 3,458 Supprrt and 8overnancÈ costs allocatsd to". Teathln& resèarch and resident￿1 I￿94 L￿2 Exp•ndfture on ralsth6 fvnds OlrectstaftC05tsallocaied to. Futhdralsl Tfadin8 expenditure 330 19 39) 17

c￿e1 Coll4e Notes tothe fiTrancl41 #atements Fortho YÈ endtd 31Jyty IQZI Investment maTraiementC05ts 59 Other dired cosis alhicated to.. Fundrain8 Tradin8 expenditure In¥estfflent mana8ementcosts iio 619 707 Support and 60￿rnanCe costsallocated to.. Fundr3151n8 In¥estsnent Mana8er￿￿tc05ts 26 370 18 495 SubTotal Fundrai￿n￿ costs SubTotalTrading costs Sub Total Investment M3na8ementtosts tmz 21 518 17 Toi•l exp•ndiwr•on r•hIr￿ fvthds Excep￿OnI1 iiem.. Repay￿￿Tr¢ of £12.5m 8arclay5108n Iprempjm paid) 6A76 T4x41 ¢xpendknrt The 2022 resources e¥Fended of £14,11312021., £I8,5￿k) ieplesenttd £9.05Sk from unresid¢red fvnds12021,. £7AgeA¢l, £4,OIOk fvom residcted funds IZ021: £3,919kl and £1,048kfrorn endowed funds12021., E6,765kl. Ch3ritdble tKpendlture Includes ? £2,269k deblt12021 £94 credltl forthe alrerafjon to the USS Pen￿onS liabillty as shown In the balanee sheet and note 22. Exceptlonolltem wioryeoi." RepoyrnentofE12.5m Soidoysloon12020121 occwtsitemj In May 2021 the Collegè Issued 3 private placement bond of £35m ata fixed rate of 2.Ol%for a tem of ￿ years. The eKistlng £12.5m Barclay5 fixed rate loan was repakl Crystsllislng 3'rn3rk to market, paymentof £6.8m. Investmeni Mana8ement costs of £1.048k include Interest char8e5 relatlll8to a prupDthoD of the £35m fixed rare loan. The College Is liable to be assessed forconrributknn underthe prImA￿on5 of Ststute xvof the un1ver￿ty01 Oxford. The Conir4)utlTri Fund Is used to make grants and k)ans to cthk8e5 On the basisof need. Contrtbvtlons are calculai¢d annualty in accordance with re8ulation5 madeby the Councll ofthe Un￿er￿ty ofortlord. The teaching and research costs incl￿￿e College COntrib￿tion payab￿ of£52k12021- £45kl. A14ALY515 OF SUPPORT A14DG0￿ftNAm¢E COSTS TeachlnR and Research Generatlns Furds 2022 Total HnavKlal admlnlstraiion Human rèsources 213 355 741 214 374 741 19 Depre<iation Bank interestpayable Investment Mèrsa8ement Go¥trnance cost5 320 33 28 37 Teachin8 and Research Generatini Funas 21 T•t•l Financial administra￿On Hurnan reswrre5 15 479 175 387 494 176 li Depreclation Bank interestpayable GovErnance costs 477 127 Finaniial and domestic admintstration, IT and human resource5 costs are attTibuted accordingtothe estimated 5tsfFtime Spent on each ocbwty. DepreciabM Cosrs and profit or loss on disposal of fixtd assets are attributed 3c¢ordln¢ ￿ the use made of ihE underlwnÉ a55Ets. Interest and other finance charges areattrfbuied accordinR tothe purpose of the ielated fina￿￿Tr GovernJncÈ costs are allotsted accordin8 to an estimate of the TelevarKe ro each aCt￿￿ty

ColJ•8• Iiotesto the finIn￿•1 stat•rnents Forthe yur•nded 31July 2022 2021 Go¥trnatyte costs comprise: Audito¢5 remttneratioTr- aMlit seryices AuditoVs remuaeration- tam ad¥i50rysenpice5 27 PIDatnount been irKIL#led In8overn8nctC0515 f4rthedirett ￿M￿OYment C05trSOtreimbutsedexpensesofthecol￿ge FellowsOn￿ basb thotthue payments relJre iothe FeNow5 IntheColl¢i¢'scharltiWeJrthA1￿. Dets115ofthe r￿rn￿er￿1kn dtheFellDws and thèir reimbwsÈd explnsèsa IrKlthd 45 a soparate notewtthlnthesefin•ro•lst4tenwil5. GRAHT5ANOAWARD5 iozz 202L Durfngthe yeai the Colle8 funded reseaich awards ryJ bursaries ro student5 from Its ￿$tri(t￿ unrE5trKted fund as folbws. Unrnstrkrejfvnds Grants to Ind￿lduS15'. Scho13r5htP5. priie5 and irènts Bursaries and hardshlp aword5 Totri unrestrlrted 103 Restrfrted funds Grants to Indlvldvals.. Scholarship5, PllZÈ5 and 8ra￿ts r5Jries and harJshlp awards Total restrtso 177 23 TotsliFJnts alld awards The fi8ure Included abtye represents the cositothe College of Iheoxford 8ursary xheme. Studentsof thiscDlle8e £61k12021.' £69kl. The above costs are incbjded within the charitsble expenditu¥e onTeachin8 and Re5e3rch STAFF COSTS 2021 ThEagÉregate thff ¢ostsforthe ￿arwere aslollows. Salaries and wa8es Sodal secuilty Costs Pensbn costs.. Defined benefit Schemes Def ned contributlon Schemes USS prowslon movement Other bener 5,147 411 4.807 381 461 114 2,611 450 205 1941 The ivera8e Trurnber of emphiyeesofthe Colle8e. exclud[￿ Trustees. on a full ￿rne equwalentba￿s was as follows. 1022 2021 Ttsloon arnl research Colle8e re￿dential Fundrai5in8 Suppori 33 73 71 13 Total The awera8e nurnber of employed Colle8e Tnjstees duilng the year wasas follow5. University Letturers CVF Lecrurers Other re•chini ènd research Other 19 13 19 12 Total

ilel Colle8e riotqs to the fiMnel•l s¢atomonts Forth• y•av onded 31 July 2011 The followln8 Inlormat+on relates to the employees olthe Cc41e8eextludin8 the Co1￿£e Trustees. Detalts ofthe remuneration and relmbwd expense5 of the Colle8e Trustees is included as a Separate note in these finarflal sratements. The number of employee5 lexcludinA the Colle8eTwstee5ldurin8 the yearvlhose irosspay and benefits (exc￿di1¥¥ emtherNI aThY pen4)n tontribvtyonsl fell within the followlng baThd5 W35.. Èf4),￿1470,r￿￿j The numberof the 8bo¥e emphiyeeswith refjrement benefits atcruln8 was asfollows.. In defined benefits sthernes In defined conrributlon schemes 75 91 TAPIGIOLE FIXEDASSEIS Freehdd land and bulldirs antaDd mochlnery Fixture5. fittinss and eqtsipment Total At stsrtofyeor Additi¢n5 Capital wor in Pfogress itetn5 Disposals 25.147 264 $60 12 Ll23 26.292 318 $60 At end of ¥ear Deprt￿•￿On •nd Atstart of year DEpreciatlon char8e for Ihe year Oepreciatlon on d15POSa Impalrment 5,913 697 16 IP55 735 Atand of year W•t book valup Atend Oi year J9361 19MI Atsurtotyear 19,234 58 19, The Colle8e has substsntval lOng-he￿ hiStor￿a$Ser5 all of whlth a￿ used In the course of the CoJle8e'5 teaching and reseaich athiiie5. These oMPr￿￿ listed bulldln8s on the Cdle8e ￿te, rogethèrwhh their contsntstompnsiniworks of •r¢ ènclent books and Manust￿pts and other treasured artefacts. Because of the1ra￿ and, in many cases. unlque nètLYe, reliable historical costlnformatkin Is not availab￿ for these 3$5ers and ca￿d not be obtained except ltd￿pIOport10￿tte empense. However, ID the oplnion of the Trustees the depreciated historital rost Df thE5e a$5ets 15 irnmaterlal. PROPERTY INVESTMENTS ARrlcuhur31 ComrnÈrcLIl Olher T¢)tsi Total ValuaO(47 at start of year Addirions and improvements attost Di5P05a15 Revaluation ialns/llosse51 in the year 176 11208 19.341 31,ns 30,923 1.753 13401 13051 224 18%) 431 11.1951 655 V•IVaty￿ atend otyear Desktop valuauons wereundertaken In 202V22. Valualons foroxford properties were undertaken by Mi I Sklnner IColle8é Commercial PrDperty ManaBerl and revlewed by Clu￿5 representati¥e5 3nd were •￿ed bythe Colle8e's Estste5 Committee. South London properts weie reviewed by Bells. FeTmal valuadonsweie hst completed In 2018119. The nextfvll ￿l￿allOn Is due in 2023

Cllefcollqe Notes to theflmnc￿l statemtnts Forihe yt•r ended 31Jtbty IOZZ li OTHER INVESTMÉNTS All inve5trnents are held athir Value. 2021 (olle¥e Invesim•it l•lrerto Group 1nswn￿tsf0Tt0DsoI1Yd •ltw¢dl K535 Valuation atsrarr of year wew money Invested Amounts withdrawn IDecrea5eVincrease In value ofinvestmen 95.310 73,968 I4,5￿) IW,1971 13,823 Grnvp In¥ésknents •tend ofbwr Investment in subsldlars Coiie8elnvestsnents at olye•r Grwp In¥•strnents (L￿P￿Se. Held o¢Jtslde the UK 2023 Held outside Total the UK 2021 Total theuK Ihe UK Equlty investmeflts Global mum-èsset funds 45.616 577 15.B96 33.208 6I51Z 33,785 45,138 546 16,013 33,613 61,ISI 34,IS9 Totsi iroup Invesiinenti PARENT AND SUB51DINAY UNDERTAK114GS The ColleRe hokl$ 1(N)% ol the155ued share capltal In C￿e1 Colle8e Conferences ￿rn￿ed, a company providing commerclal confererKe and other eveni service5 on the Collese premise5. Theco1￿8e holds IC(l% of Sssuèd shar@ capltal Land, Est3te5 and Property ￿Mited, a CDmpany prowdln8 destqn and build construcfbn seTrKe5 10 theCdlE8e. The res￿[$ and thpir assets and liablllYe5 of the parent and subspjltr￿S atthe ye•r end were as folbw Paient Oriel Collège La¥￿, Estates CO1￿8e Conference and Pyoperry Limited Incoffle ExpeDdiwre Gainslllos5eslon Property revaluaibn Oottation to Colle8e undergwt ald 12,804 114.0701 365 72 316 12681 13C61 Resuttior thp year Totsl assets 149,056 306 1,914 NEt ruDosat the et)d otytar

LMEI coll¥e F•otesto $￿t￿ents For theye•r ended31hJly2022 13 STATEMENTOF 114VESTMEFif TOTAL RETURN The Trustees have adopted a duly authorised poll¢¥of rotal rebjrn accountins forthe Cdkge investment retums. The Investment retuffl to be appfied as Income lscalculated as 3.4%12021". 3.4%1 I¥u5costsI of theyear-end valuesof the ￿le¥an1 in¥eslmen Permanent endowmeht Unapplied Total Return Expendable Tot•1 Endo¥Jment Endowments Tru5tfor Investment Atthe be￿nnkni ol theyear Glftcomponentof the peimaneftt endov4Thent Vnapplled tordl return Expendable endo%vment Total Endowm￿ts 21290 22,2 22,763 22,290 22.763 49.457 21763 49,457 Mov•b)entsln the pwlod.. Gilt ofendo*Thentfunds Investment return rotsl investment In¢omÈ Investment retUFlI'. realised and unrealised pSns and10$5es Le55'. Investment manasementcosts Other transfers Totsi 1,020 I￿20 1,781 385 IP24 3.737 835 IL0481 1781 1,956 Unapplied total return allocatsd to Income inthe reporhng per￿￿ xpendable endowments tran5fetred to income and tran5fer5 12,0161 12.0161 11.226 12,0161 I2￿16) 13861 IL4021 Netmovements In reponkniperkd Atdthdolthe r•pMin8PArlod.. Glft comptyientof the permanent endowment Unapplied totsl rebjrn EXpe￿Jabi¢ en¢town)enr Total Endowm•nts 23,310 23,310 21402 23,310 22,402 50,944 22.402 $0,944 DEBTORS 2022 Group 2021 Group 2022 2021 Collese AFr￿uthts f•llin¢ due Withln oneyear.. Trade debtor5 Amotsntsowed by CollezE rnErDbeTS Amounts owed by Group undeYtski¢ Loans re￿Yoble within one yeir Prepayments and accrued Income Otherdebtors 550 170 521 813 314 H6 176 464 181 261 There wgrq no matedal bad debtors iKluded In the acmunts12021.' £01. A provlsbn fordoubtful debrs Is Included undertride debtors at £63k1202L.' £42kl CIEIXTORS.. talln8 du• wlthln one ythr 2021 Group 2021 Colle8e Gr￿￿p c￿1•$• Trade cred+tors Am￿ntS owed to College Member5 Taxation and social security Activals and deferred Income Other creditors ddz i.+UZ 152 iio 1,483 152 iii 189 916 3ZS 179 910 267 327

OrlelCole ote5 to the financl•l stateM￿lts ForthÈyer ended Jljuly 1011 CAEDITORS.. f4Aln8 dueaftei mole than one ye 2021 1022 Coll4e 2021 College Group Bank knan5 X702 34,702 lrt May 2021 the Colle8e lswed a private placement bond ofUSmat a fixed rate of 2ffj1% fora term of SO ye3r5. 17 PROWSIONS FOR LIABILIYIÉSAND CHARfjE5 None ANALYSISOF MOVEMEIITS 011 FUP405 At l Auiust 2021 Incoming re5tyurtes Rex)ui¢es expended Gainsl A131Ju 2022 Trnnsftrs End￿￿nI Funds. Pvfftarbent Fellowshlp endowlrnents Ancient Histy (Nancy Turpin) 8vJcherni5try (Moody) 8iochemistry (Ron Bancroft Teachln8 Fundl ChemlstTV (Toddl Classic5 (Monrol computati￿ (Missys ar￿ Accent￿) Earty Modern Hlstory (Elliotl Economics IMacPhersonl En8ineerinÈ IT.1. Groupl En8lneerln8 (Emoitl En8llsh Fellowship Envlronfflentsl Sciwce lJa¢ksonl French lor1elon￿￿) Gener31 Teachln8 Hlstory ICatto/Larsenl Humanibes ufflanities (Turplnl Law ieennl Lon8evity Science Maths IHarAsl 611 l273 1,241 872 934 745 1793 24 613 1,2 I,zzo 875 93? 748 L8CII 12 49 37 71 17 1301 381 556 1.839 15 22 73 749 77 93 28 33 31 41 33 313 558 1846 17 1.814 2,3M 703 836 682 1.033 827 1,503 409 1,196 L754 1.747 17 21 ¥826 1352 1351 io ¥037 13 Medicine ITurnbulll Modern History lftothmanVCowenl Modem Hbtory (De Beers) Phi1050phy lode￿nSe$l Phlloscphy of Rel¥ion IParkelLar5enl Physic5 Ifthodesl Teachine Fund Arflent Greek Philosophy TurpinJRF Fund Otherfellowship endowments < E350.(XX)I 16 A7 69 1141 410 li 16 16 iy ¥879 1,701 797 879 L647 67 32 35 1581 16 1,707 15 1,787 Sthdatship endowments 8a551 Reeve Scholarship FUNJ Prltt fvnd enflowments Hardship endowments Harwea￿S Llbrary Lee SengTee buildlng fund Othef buildlngs•n¢ residences endowments < £350,( Bursary endowments Icapltalfvnds) 1,916 1,404 134 13 1671 18 14 159 37 32 26 167 661 1.407 fj64 L412 1481 13 1,421 4,775 L3 238 1531 4.829 Endowmeni Fvnds. ExP￿dable College fund Turpin JftF Fund Ewendable Felkiwshlp fvnds Expendable hardship funds Expendable buikJin8 fvnds Exper￿able bursary funds Expendable schdarship fund5 Fellowship- Philosophy ol Rel•81 Fell¢)w5hsp- Cla55Ks Ma5tr) Oth2r EXpenda￿t En¢Jownent 44,660 L658 14 136 14 36 1.789 IYJ21 423 l5 4SAYB L659 14 137 5¥) 11,653 L653 L070 219 42 12 io 1074 474 243 37

Ovlel Cole8• 14otostothe hnanclal sthternents For the¥e•rended31July I￿1 R•4rfctod Fund5 Bursary income funds Fellow5hlps SCh￿arShIpS Prize fund5 Sludenl Finan¢lal Asslsrance College fund IFli8h Street) 8uildin8 Ire5thtted fvndsl 8uildiry5 Pantin Libiary prolert Ouireach Other re5trKted fund5 received duringthe réar 1891 11,2441 177 1,261 116 456 214 197 176 24 io 127 896 33 1.524 127 741 119 242 65 315 225 Joz 539 16651 194 Total Restvkted Fuhrts- 6rtyJp UTrrestdrted Funds Designated funds Annual Fund de518nated fund Fimed A55ei Op518nated Fund IKln8 Edward Street) Flxed Asset Designated Fund1SC5and 81 East Rangè project Website developmeTht fvnd Fixed Asset tse51￿￿ted Fund IHi8hStreet BuikJln61 Organ refurbishment An fi&nd CARA Research lund5 Ca￿On Reduction Measure5 College sport5activfrtre5 io 1.920 2,761 3J7 1,9fA> 1869 334 11051 3.013 55 55 15 16 12} General lund5 5,594 18,8771 18S3 Total Vnr¢sivkr•d Funds- Group roki Funds IIqB 11,627 114.1131 835 110,149 EndowmeTrtfunds8enerated incomeof £3,737 12021.. £3,980kl. Thls has been èllocJted ro the respethve Incoffle fund.

Notes tg thelln•niknl st¥¢wnonts For the year￿ded 31 Juty 2022 A•IAL Y515 OFMOVEMEIIT5 ONFUN05 COUEGEOKY AII August 2021 Column D Incomln resources CL4umn E rtC+ Column F Resouices eynded C¢%umn 6 At31Jtsty 2021 rronsfvs Endowment FundF- Peimqnenr Fellowshlp endowments Ancieni HistoKy (Nancy Turpinl Teochillg FundAncient GrtekthloJophy {NiorchosJ B￿CheMIstry{m￿0￿j BiochemlstrylRon Boncroft feochln9FundJ CheMp5trylT¢￿dj Clossi¢s Imffirol Computorion Imisvs ondAccentuYeJ Eurly Modefn History (Elliot) Econornir5 IMo¢PhtrsonJ Eniiheerlno Ir.1. Gioup) Engineering (Emottj Enqli5h Fellowship Envir(wwnentolSclence ljocksoftl Frerjch Iorlelensisj Generol Teochinq Mtstory ICutto/LotsenJ HumtsKifies Humonityes Ifurplnl TLtrwnJRFFund Lowljenn) Moths IHorrlsJ MedlclnelLoingJ Methcineifuinbulll Modern Hlsrory IRothmtsns/Cowen) Modefn Hisrory (De 8eers) Phi1050phylOrielensesl Philosophyo/Relloion (Porkertorsenl Physics IRhode5J Longewty Science OtherAellowship endowments<£350.LWJ 737 29 18) 125} 31 f271 138) 1421 1261 (281 (21) 1611 1271 125) 1101 io {14} 1,124 1,345 772 824 657 1,810 782 112) 113} 1.128 1225 826 660 1,817 784 151 352 26 7J Ji 29 14 19 17) (201 191 350 494 1624 6JO J,636 2.381 722 54Q 771 14) 15} 117) 1551 121) 156) 181) 1241 1181 127J 1212 (251 15 1630 1,334 1,646 746 171 1181 126) 15 22 93 28 21 724 541 773 611 733 1419 376 1,059 L552 1805 IC03 1,506 161 181 17) 181 1151 141 Iiij 28 730 1,413 374 1,056 57 15 41 12 1131 136) 1531 (571 14 16 1,674 39 59 41 193 1.501 1,037 1,499 116) 151) 1351 (521 13 1161 13 L637 5th0147rship endowrnents BosilReeve Scholcr5hip Fund Prtie/undendobYrnents Hordship endoLvmet)ts 1.846 1.366 123 120) 1161 164) 1491 151 123) 17 J2 1,788 1,367 154 54 36 28 lorgreovesLibrory Leeseng Tee bulldlngfvnLI OtheTbulltlingsond reslden£esendowments < 8utsoryendowments icoptolfvndsj 161 1141 114) 146) (201 1292 1.243 4,252 51 22 li 38 1297 J,254 4JOS 143) 1154) 215 Sub totulpermendowmentf(Md5 4J.478 1682 14621 14591 342 43.580 EndowmenrFUt￿$- Expejwoble Coltyeiun TurpinJRFFtsrtd Expefr)dibleFellowshlpfunOs Expendoble hordshlpfuM65 Expendiblebuildingfunds Empendiblebutsorvfunds Fellowshlp- Phllosophy of Rellolon Fellowship- Closslcs Mortro Expent*bltScholor5hipfunds Othei Expendt>ble EnLlowment Trustfvnos heldbycollegt 46.921 1.672 14 119 119 37 L862 15171 (181 (931) 161) 25Q (41 14) 430 47.765 1,674 120 119 36 11,690J 1371 1,075 1121 io 591 228 12 223 12 12 13) 17) Sub TotOlexpend(￿lefyndJ 51,883 J,993 1553) 11,895) 460 51.888 TotolEndowmentFunds 39

ortel Colleze to the hn•ncl•l st•teffjthts Ftsrtheyearended JlJuly2022 Restri¢tsdFund5 8ursorylncumefvn¢ts Fellow5Mps Scholcrshlps Prl/efvnds Student Finon¢iolAs$lsto￿t CollegefvnL Hiqh Strtet 8¥ilding Irt5trirtedfvJyds) 8uild1￿￿$ Pontin [￿rory￿0}ert 277 152 1102) IL162J 1971 Iss £179 113 169 417 230 113) (L5951 11581 {1tr71 27 1,595 12y 57 57 254 10 248 iii 14 231 102 505 183} 16661 otI￿r￿strICrtdfvn￿sff￿cei¥edduri￿I1 theyeor 147 TrtolReStrictedFun#s UnresrrlctedFunds Gen￿￿1 Unfestikred 6,175 7285 (&8981 18551 3,707 FixedAsserHiqh Streetbuildlng deslonotedfuF)d FledAssetKingEdwLTrdStreerDes19tr)otedFund AxedA55etFundSC5 ond8 xedA55et FundEost Ronge Prajert WIP 801¢1oys loan repoymentlund Anntsol Funddes1gnOtedfvnd Collegesportsoctivitkes gun re/urblshrnent Artfvnd CAR Re5eorchfvnds 3,932 3,032 1,920 2,764 355 1401 11051 2,869 352 22 19) 17 55 12 12 16 15 TotolUnrestrktedFvnds TotolFvndS 109,369 12.804 114.(1681 I￿904 19 FUNDSOF THE COILEGE DEfJLS The followiTr8 15 a surnmary of the oriiins and purposesof eath of the Fwds Endowmetht Fyn¢s- P¢M￿nent Fellowthip endowments Cakltal f￿Thd$ allocated towards the teachin¢ ¢osts ofthe College. Income Isu5ed tu SUPPOrt academt acti￿lieS in the related areas pital funds aiiocated towards helpin8 Students with thelrlwin8 Costs. Income is used from the fv￿Js to support the a￿VItIeS In the relatsd subject areas Capstal fvnds allocated toward$st￿jenI p￿les. Income is used from the fufyjs on an annual basls Capltal fundsallocated ro help wlth sbJdent5 an low Income5. Income is used from the fvnds on aD annual basis C3pi¢al funds ￿￿en towards maintainlw thebuUdin8s and facllltles. Intomt ts used from the lunds on an annual b3$1$ Capital funds providlng 5UPPOrt to Students. IncomÈ Is rran5ferred ro restricted bursary fiJnd5 and either spentor earmarked for use in future years Schdarshlp endo%vmenrs Prlz¢ ff￿d endowments rdshlpendowments Bulldln8s and resklencesendowmen Bursary endowments Ic3Pltal funds) Endrmment Funds- E¥¥end•blt C&le¥e tapital A consolidarion of 8lfr le8acies and donati￿$ where either incoffle, or incL￿e and capital can be used forthe general purposes of the chadty Capital balance of pa5tdonation5 where re13ted incorne. or Inwme and (apltal. c•n be USEd to aid St￿dents throu8h financial assistsnce Expend•ble student financiol as5i5tsnce lund5 Resiwl¢W Funds.. Bursary Income funds lrtome genetated trom the permanentfijnd is v5ed tofvnd bur5Jries to 5Wdents. Unspent money Is catried forward Income 8enerated fvom the permanent fund Is used to fund atademit subjectactr4ity Irwme 8enerated from rhe permanentfvn# is used to ftjnd scholarshlps In the ye•r rKome generated from the petmanenrfund is used ro fvnd prlzes In the ye Incorne8enet•ted from permanentfund Is used for financial as$151ance 10 5wdeDrs Income 8enerated from the permanent fund Is used tofund c￿￿se ictivty Re5trlcted donaiions towards the refurt>ishr(nt of Ihe Hh Street Bulldlll8 Flxed as5etfund created from donatkin5 towards the refurbishment of the Ilbrary. 2014115. Fund is bein8 reducEd by the related annual deweciatlon charge. Restrxted donations towards maintainin8 the tsbrk olthe colleee building5 Fellowshlps 5cholarship5 Prize funds Student Fhèn¢ial Asslstance Coll¥e fund Ml8h street Buihlin8 Ire5tr1cted fund51 Pandn Libr3ry 40

Orlefcomrye Notes to theflnancknl statemethis FoTthtye•w ended JlJuly2022 Other reStsl¢red fvnd5 retefved dtsrSngthe Year SuThdry restritted in the year fundlngvariousone olf item50f reven￿ a¢iNIty DeslANted Hlgh Streèt Bulldlng Unr25tricted Fundsallouted by the Fellows to part pav ForthÈ refurbishment of the High street Buildin8 compled In the Autumn of 2Q14 ènd now being deprechted Refurbishment ofts¥o staircasesas pJrtofth¢ E•st RanÉe prfvfvnded from prK)r yearde5ignated funds Vnre5trkted fundsallotated by the Fellows towards unfunded academlt aCti￿ty Ifor example s￿dent resldefjtial rewlslon weeken¢s OF the choirtour oesiinauon olvarlous unresvicted legacies towards future c3pltal bulldlni projects De￿￿8[lon of variou5 unrestrlcted ijonailons recelved towards the prop05e¢ refurbishment of two 5tairc35e5,the Colle8e Cater￿nE facllitles and the hall. De￿8natIon of unspent fund5 to supporrswdent sports acvvSUe5. A small amouni of uniesttitied Income ha5 been put aside toward5 the fefurbishment of the Chapel 0183n. A small amount of unre5tr1cted incoffle wa5 bEen pul foi the College to support an oveiseasatadEmK. A smèll amountof unrestrthd Income was been put a51de rocover unspent research allocalonsflom 202V22 Flxed Asset fimd Stairtase 5 and 8 Annual fund 8uildin8 relurbi5hmeDt funds E15t Range designated hjnd Sports fund Or8an refurbi5hmentluThY Cara Fund Research funds The General UnrestFktEd Funds represent a 116,5011 TRUSTEES, REMiINEftATION The Fellow5 tho are theTrustee5 ofth2 c￿￿le forthe gurp05es ofcharity law receive no rernuner3tior for acYn8 as charity trustees but a pald by either orboth of Ihe Unl¥erslty and the Colle8e for the afademlc and prolessSonal semees they provide to Ihe Colle8e. Tru5rees of theto¢le8e tall Into the fo11tr￿l)8catesor￿s'. Tutorial Fellow Other Teachin8 Fgllow Non Tutorial Felk)v4 Wo trustee recelves ?ny r•muneratbn fora¢fjn8 a5a irustee. How8￿r, those rrUsteesW￿ are also employees of thE colleie rettfve sJl•r5 forthelr work asemployees. These Sa￿[￿5 ale paid on extEfDal a¢èdemlc and aradefflk-rolated Scales and often are lolt)t atranRements the Untversity of Oxford. AIIOffklal and Research Fell¢)wsare eb￿ble fora MousiniAII¢￿anCe, which 1sdlsd05ed wlthin the salaryff£ure5 below. The c￿le￿ ha5 a Remuneration Committèe thlch make& ￿0mMendatt0nSto Governin8 Body on pay and beneffts whlch are out51de of exiern31 scaks. The composition of the Remuneratwjn Committee is set out in the *(t￿)n. Gowernlng 8ody. Offiter54nd Advi5er5. P•Twneratknn paldto tru5tee5 41

Orid Col Notesto theth•ncknl stst•Ments F•rtheye•rendad JlJuly2022 2022 Number of Trusteesl Fellows 20Zi Numberot Trustees/ Felbws Ran8e £999 £4,iKM￿E4,999 £6.￿£6,999 £8,rAxJ.£8,999 £13,W£13,999 £IS,￿x￿£16.999 £18.(DFE18.999 E21.rm.£21.999 £22,QKA>£22,999 £23.C(1>£23,999 £24.CW£24.999 £26,(KXJ-f26,999 E27,1MM￿£2Y,99g £29.(0>£29.999 £3),OC4>£30,999 £38,0(X>£38.999 £43,￿£43,999 £47,CKts£47,999 £49,(N)>£49,999 £52,￿£s2,999 £58,Cl)>£58,999 £59,[￿£59.999 £￿￿.(1)￿60,￿￿9 £65,CQO465,Y>9 É66,CW£66.999 £67.C(ts£67.999 £71,(WE71,999 £72,(WE72.999 É77.LK#>£77.999 E80,W£W.999 £90,(MMkEXI,999 £95,(tY>É95.999 £98.￿.£9s,399 £Wi.W>£iOi.999 £iiItW£llL999 Total 16 9 twsiees are noternpbyee5 ofthe Colle￿and do notrKelve remunerafjon. I trustees may eat atcommon table, ascan all otherernplwes whj are entitled to ￿eal5 Whi￿ wDrkin6. Othwtr•ns•thTr5 wlth trujtees Totsl expenses of £55.597 were paid to 30tru5tees1202L.. £33.229to 27 tru5teesl. orthi5 totsl, £2,36012021.. EI,2441 was reimbursed travel rosts, £52,98212021.. £31,985) was reinbursed ￿)0￿ research and entÈrtalnmentallotation Each Fellowgets a research & book allocatlon whlch totals £1,722 An¥tra￿l foes ¢lalffled uTrJer thlsalk)wance, e.8. to attend a conference are still allocatsd here ratherthèn tsavel Tru5tee5 can tarry lorward uThYer$pend￿pr¢ Spend to ￿ follvIn8Yea￿ allocatlon See also no￿ 29 Related PartyTran5aCtkns K•y maTra8ement reinuneratbn The totsl remuneration Paid tD key management was E462k12021.' £X76kl. 2? PEt4510N S(HEME5 Pension Scheme Provions'. Orlel College isa member of the ilnNersitse5 Superannualion Scheme IUSSI a mukn"mpbyer pensi￿ scheme which ts in deficir. Oriel College ha5 recogni5ed a provision for its commitments under the agreed defitit reductKin plans forihe scheme. in calcv13tin8 these provi5ion5thE colle￿ hasesbmated thatsalary expEn5e will IrKrease at 6% p.è. in 2022123 and S%thereafter. The Ilabillty Is disCOUllted ata IS year corporate bond rzie of 3.31%12021.' 0.89%>. Pensbn Schemes The company participates in the UnIver￿tieS5upenTrn￿èDon ScheTrÈ IUSSI. The a5setsof the stheme are held in separ3te trustee-administEred fij￿$. L15S Is a contribufvry mixed be￿fits¢heMe li.e. ji orovldes benefit5 on a defined benefitba515- based on lenmh of senAtt ènd perk5ionable 5Jlaryand on 3 defined contributpon ba5is- based on contrlbutions iniothe sihemel. 11 Is a mulllmplover scheme and the comgany is to idEntify its share of the underlyin% a55et5 and liabiliiie5 ￿lalinkto￿Èfintd tsenefits

Collrye Motes ¢0 thelth•nd•l 5tstements For the >we#ded 311uly 2022 of each seheme on a consistentènd ieasonable basls. Therelore, in accofdance wth the ac¢ountinR Standard FRS 102 paraRraph 28.11. the company Jccountsfor the xheme as W￿waS a defined contribution scheme. Asa result, the brnount Cha￿¢0 to the Income and Éxpenditui A¢wuntiepresEnts the conrributions Davable to the Scheme in Tespeti of the accountinK period. In tvent of the wjthdrawal of nv olthe partlp3tinJttmolovers in U55, tht amounrof any pension fun(Jinrt shortfall (which cannot be Dtherwi5e re¢o¥eredl in resgect of ibat emplover will bèsproad across the rtmalniw partknpatiw emtrbversand refterted in the nExl 8CtuarSalvaluatyon of the seheme. In addmon Orfel ColleAe has both a defined ¢on1ritx￿on xhEme for sataried smff with Royal London and has made a¥allblt the National Empbyment Sav[r￿s Trust lorcasuJl n￿￿MplOYeeSwhO are ellRSble vnderautomatlc enrolmentreiu13￿onSto pénslon beneffts. Actuarial ¥alvation5 Qualified actuaries gerlodically value the USS xheme USI￿ the'projected unit rr￿th￿., ernbraci￿ a martet value approach. The re5ultinR ￿Ve15 of contribution take accountof actuarial stsrthuse5 or deh¢lts In each stheme. The nnanclal assump￿(]￿5 were der￿ed from market condrtions PTevailin& at the valuation date. The resustsotthe latQ5t actuarial valuatlonsand Ihe a$5umption5 whKh have the most sbRDific•nteffecton the fesults ¥Ye￿.. uss 3110Y2020 1610912021 £80.9bn £66.5bn £14.Ibnl Date of valuadon". Date valuatyon results publlshed.. Value of Iiabilibes.. Value of assets". FundlnRsurolus/ Ideficltl.. Prlnclp3135suMp￿ons'. FLYed InterÈstRIIt YW Dlscount rate Rate of Increase in salartes Rate of increase in pensbns Assund lifeempectancies ￿ re¢iiement at 65.. Malescurr¢ntl¥aKed 65 Females Cufiendv aREd 65 Males Current￿ aRed 45 Fernales curren¥v a￿￿45 I￿?.75% CP140.05% 23.9v Z5.5 vrs 23.0 ¥15 27.3 vrs Fundini Ratios.. Technical provisions ba￿5 83% Statutory PenSiL￿ ProteCt￿n Fund bas15 '8Uv￿uy ba515 64% 51% Employer contributlon rate las %of pensionaUE salar￿$1.. 21.40% Effe¢ti¥e da of next valuation.. 2023 Thtdlscount Trte (forward rates) forthe U55 Valuation was.. Fi￿d nlerest 4ilt yield curve plus.. Pre retirefflent2.75Y6, post retirement l.CLI% Penson5 increases ICPII for the Vssvaluation were.. Term dependent rate5 in line with the dlfftrence be￿een the Fixed Interestand Index i￿ked yield les5 1.1% p.a. to 2030. reducing lineaty byO.l% to a lonÈ temi dIffe￿nCe ofO.L% from 2040 The USS Èmployer contribuiion ratE includes prowi&ons for the cosiof future accrual of denned Iieneflr5, deft¢fft¢ontrlbuty0Th5, a0m1nlstr3r￿ exp and defined contributions senslti￿tV of artuanal valuatknn a$s￿mPl￿)n$ Svipluse5 Ordefic￿5 wh￿h arise at future valuaJ(MTrs mav Impacton Orlel Co1￿￿￿.$ fvrure contributkin crrnltment The sens11￿lueS relardlni tt principal a5Atnpiions used to measure scheme liabllitles are seiout bek)%Y'. U55 Impact uss A55umptyon Chan8e in a5$1¥fiptbn i￿tial pre retirernent dlscount rate increase by decrease by L3bn 0.25% 43

C¥lel Coll¥È Nutes tothe firwr4dil sttiemnts Forthe ended 31 Juty 1022 Post reOwementdlscourJtes Decrease by Inueèse by 0.25% 2.8bn De{￿aSe by ¢Jecrease bv 0.1% 1.5bn ore prudent aSSW71Ptlon (reduce the dlu5tment ¢0 the base Tr￿Ortality cpi Llfeexpectancy in¢Yease bv 1.2bn more prvdent assumptlDn lincreÈ the annual inereèse by mortallty by £0.6bfi improvemen rs lon8-term rates by 0.2% Rate offflortallty Deficit Recover Plans In line ¥vith FRS 102 paraKraph 28.lw Oriel Colle%E ha5 recolnised a Ikibillty frff the conthbvtiorn payablefor a%reed deficlt fundlryi plin. The prIn￿paI as5umption5 Used the tèlculation are tsbled bEh)w'. uss Flnlsh Date for Deficit Reco¥ery Han Averaie staff number increase A¥etaRe Stsff s•lar¥ increase A￿era￿e dlstounrrnte over perlod Effecr of O.S%chanKe In di5countrate Elfectof l%chanRe in staff Mrowth 3110312038 5% 3.31% E161k -£3&Jk A kYovisK)n of £3,571 been made at 31Juhf 202212021.. £L302kl forthe presentvalue of the esumated luture deficitfundlr4ekmenrol the contrlbutions oayable under these aRreemenis. ulnR the assumtrtion5 shown. PenI￿n cha¥Re for the year Thp pension charjte Tecorded by the Oriel CdlpKe durinKtheaccountinKperiod lexcludinR pensknn ftn8nce costs) was equal tothe c0ntrtbu￿OTrs ayable after allowance fwthe def￿￿t recoverv plan as folPows'. Included n other creditor5 are PEnwon contributlons payable ol£Slk12021. £88kl. A topy olthe f¥Jll Ktuarial ¥ahjati(￿ repL¥tand ottr lurther det311son thE scheme are a¥aIlab￿ on the relevant websiie.. www.us&co.uk TAXATIC4 The ColleAe isable to take a¢j¥ants￿ of the tax exempti0Tr5 available to charities from tamatloh respECt of income and capltal 8ains retelved to the extent that such irKome and8•ns 3Ye applied toexcloslvety thafitable purposes. No liabllltytocorporation tax arises in the Colleie's subsidiary companyliesl because the directors of thislthese CLYnpanyliesl have indScated that they intend to make drmaiityis each year to the Colle8e equal to the taxable prollts ofthE cory>any underthe GfftASd scheme. Accordin8tyfnO provI￿on for raxaoon has been irKluded In the financial statements. RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS 2021 Group Group r4•1 ￿KOm￿lI**pOn￿WreI 16511 5,182 Ellmlnatlon of noTh￿peratin6 cash flows.. l￿e5rMeDf income 13.7381 13,YWI 44

(￿le1 CoMe¥e Notes io the fin4ncfr•l stat•M•nts Fortht year ended 31July 2022 IGaln5lllosses In Investments Endowmeni donations Depretiatlon ecieaseiiincreasel In stork Decrea5elllncreosel in debtors IOe¢reaselllncrease in credifvrs IDe¢reaselllncrea5e in provi5ion5 (Decreaselllnirease in pension scheme Ilablllty Net ¢•sh wo¥bded by{used In)up&4llm4•thwlll•s 18391 IL0241 735 113.2031 15101 19)31 1.169 ANALYSISOF CASH ANDCASH FQUIVALEtITS 2022 2021 Cash ai bank and In hafvy Notlce dep051ts (less than 3 fflonthsl Bank overdrafts TONI and cash twhrwents NET OEBT 2021 C•shflow Othtr 1022 Cash at bank and in hand Lo4ns 739 2,860 134,7021 134,7021 NetoeDI RNANCIALCOMMITMENTS Al Jljutythe Culkse h•d th•lollowlry•nnu•Itomn￿the￿ts non<1￿￿￿bleaPer￿￿ng leases 2021 expirin8 Wlthln one ye3r expirlriR betvleen tv40 and five years expiiin8 in over five years C4PITAiCOMMITMENTS The Colle8e had contrarted comrnitimentsat 31 Jutyfor future capltsl prolecr501EOk12Q21- £Qkl. 29 ItEiATEDPARTY TftANSAcfKJN5 TheColl¢¥e 15 part of the colle8lare Universityof Oxford. Material interdependen(les be￿en the Unwersityand of the Colle8e arlse a5 consequence of thls re￿￿OnshIp. reporttn8 purpose5, fv un￿e15￿ 3Thd the otherColk8es are nottr2ated as related partiES a5 defined in FR5 102 Member5 of the Go¥ernin8 Body, who Jre the trustees of the related partSes a5 deftrvdd by FRS 102. recelve remunernii)n and faCIl￿e5 a$employpes of the College. Oetalls of th￿1 paymentsand relmbursed expenses as trusrees are dlsd05ed separately in these flnancial 5tatefflents. The (￿￿ge had one propErtyownediointtywith a trustse undLYa iointequlty owner5hlp a8reement. Th15 was sok4 In September 2021. 2022 2021 [￿ring thevear the Colleie ¢har8ed atotal of £55k12021.. £3k to Oriel Co•e8e &Yferen¢e Umltsd for management charyes a IfiJ%subsldlary of Ihe Colle8e The CrAle8e was due a ahl dona¥onsof £3fy1k relaln8 wthe 20ZII22 finantil baf12021.' £26kl. Atyear end a balance of£221k %Ya5 ¢>wed the Colle6e 45

Cl•lCdlEV Notes to the￿￿ancIal statements Sartheye•rnded JlJuly201Z Durfni the year the Cdle8e thar8ed a roral of f4*11021.. £lk to Land, £states and Property ilmlted formana8ement charles a lQJ% su￿diary e the Cdle8e The Colle8e isdue a Rlft aid donathcn of £268k12021'. £41kl whlch Is outsundkn8at year end CONTIN6ÉNT LIABILITIES None 31 POST ￿￿(£ SHEET EVEWTS None

Legal and administrative information LEGAL AND ADMINisfRATIVE INFO MATION Corporate Status Oriel College of the University of Oxford I'the Colle8e"l is an eleemosynary chartered charitable orporation aggregate. Having been first established as Tackle's Inn in 1324,. it was founded bv Edward the Second by a Royal Charter, dated 1326, issued to Adam de Brome. its full corporate designation and title to its property and other asseis were confirmed by letters Patent 8ranted by James l in 1603. The College consists of the Provost and Fellow51'Scholars'l and is governed by Its Statute5 dated 21 January 1326 as amended up to 10 July 2008. The College registered wlth the Charity Commlssion on 31 March 2011 (registered number 11419761. Governlng Bodv The Governing Body Is constr(uted and regulated in accordance wrth the College Statutes, the tem)s of which are enforceable ultimately by the Vi51tor, Her Majesty the Queen. h determines the ongoing strategic direction of the College and regulates its administration and the management of its finances and asset5. It meets regularly under the thairmanship of the Provost. The Members of the Governing Body are the College's charlty trustees under charlty law. The members of the Governing Body who served in office during the year or Subsequent￿ are detailed below.. Lord Mendoza (Provost) Ms Sandra Robertson Professor An(Jrew Boothroyd Drwilliam Wood Dr Michael Spivey (Vice Provost) Dr Yakov Kremnitzer Professor Annette Volfing Dr Mungo Wilson Professor David Hodgson Dr Kathryn Murphy Professor Lynne Cox Professor James Sparks Professor Teresa Morgan Mr Sean Power (resigned 30 September 20211 Dr Olivef Pooley Professor Lyndal Roper Professor Bruno Currie Dr Paul Yowell Dr John Huber Professor Justin Coon Mr Wilf Stephenson Ire5igned 31 Au8usI 20211 Professor Hindy Najman Professor Yadvinder Malhl Or Luca Castagnoli Professor lan Forrest Professor Teresa Bejan Dr Christopher Bowdler Dr Maike Bublitz Mrs Juliane Kerkhecker Profe550r Patrick Farrell Profe55or Michael Devereux Or Victor Acedo-mateiian Profes501 Christopher Conlon Professor julien Devriendt Ms Lucinda Ferguson Dr Andrew Wells Dr julia Mannherz The Revd Dr Robert Wainwright Profe550r John Armour Dr Nicholas Gaskill Professor Gonzalo RDdrlguez Pereyra Or Sumana Sanyal Profe550r Lars Fv8ger Dr David Maw Professor lon Horrocks Professor Mark Wynn 48

Legal and administratlve information Profe550T fimothy Elliott Dr Cécile Bishop lappointed l October 20211 Mrs Margaret Jone5 {appointed IS September 2021 Mr Marco 2hang lappointed 2 December 20211 Recrultment and Tralnlng of Members of the Go¥ernlnK Body Members of the Governing Body are elected on the recommendatlon of appolntment commlttees, which normally include external members. Most are selected for their outstanding academic achievements and teaching abilrtles. Others aye selected for specific management roles. Extensive references are taken prior to appointment. All new Féllows are briefed on the 8ovemance of the Colle8e and their dutie5 as trustees. All are expected to attend trainin8 to ensure they are fully aware of their responsibilities. ORGAN15A MANAGEMENT The member5 of the Governing 8ody normally meet up to 10 times a year. The work of developing their policies and monitoring the implemenlation of these 15 carried out by five principal standin8 or governance committees land a number of other committees covering specific area5 of ihe College's activities). The principal management and strate8y committees are the Finance and Estates Committee ladvised by the Investment Advisory Committee), the General Purposes Committee and the Education Committee. all d)aireé by the Provost. The prlncipal governance committees are the Audit and Risk Committee and the Remuneratlon Committee. Both have an external chairman and a majority of external members and in the case of the Remuneration Commlttee the members are not remunerated by the College. The members of committees are detailed below.. Flnance and Estate5 Commlttee The Finance and Éstates Committee 15 the standin8 committee of the Governin8 Body with responsibility for considertng, acting and reporting on any matter pertaining to the financial affairs and est3te5 of the Colle8e. The Committee is chaired by the Provost with the Vlce Provost, Treasurer and Development Director as permanent members. There are an additional five Fellows who sit on the Committee, at year end.. Dr Bowdlei, Mrs Kerkhecker, Or Wilson, and Professor Devrlendt. The external mernbers at the year were Mr John Shannon and Mr Charles Sklnner. 49

Legal and administrative information General Purposes Comffllttee The General Purposes Committee Is the standing con7mittee of Governing Body with responsibility for reviewing and making recommendations on all business of the College not specificalty the responsibility of oiher Standing or ad hoc committees. The Commlttee Is chaired by ihe Prov05t with the Vice Prov05t, Senior Tutor, Senior Dean, Tutor for Admi55ions, Development Director and the Treasurer as permanent member5. There are an additional four Fellows who were members of the Committee at year end.. Dr Huber lon leave). Profe550r Devrlendt. Dr Maw 3nd Professor Wynn. Educatlon Commlttee The Education Committee15 a standin8 committee which considers academic vacancie5 or impending vacancies and all matter5 of education policy and strategy which may be referred to It by the GoveTnin8 Body or any Trustee. The Committee is chaired by the Provost with the Vice Provost, Senior Tutor. Senior Dean, Tutor for Admissions and the Tutor for Graduate5 as permanent members, with the Librarian and Fellow Librarian in attendance. There are three addiilonal fellows who sit on the Commlttee at year-end.. Professor Forrest, Professor Conlon and Dr 8ublit2. The Treasurer, Head of HR and Academic Registrar attend all meetin8S. Audlt and Rlsk Commlttee The Audit and Risk Committee exists to review, on behalf of the Colle8e, the effectiveness of the emternal audit, the financial statements, internal controls and overall financial 8overnance. The Chairman has access to the Provost at all times and may address the Governing Body on any matters of concern as the Committee requires. The Committee reports annually to the Governing Body on the financial statements and its work during the year, Its external members are-. Mr5 Sarah Harkness (former Chair, Keyways Publishin8 Ltd), Chair Mr Simon Heale (Trustee,. Am)y Benevolent Fund) Mr lan Thompson (former Bursar. Wadham Colle8el- stood down 8 March 2022 Mr Fer8us McDonald Inon-executive Director, Scotiabank Europe plcl Dr Peter Alsop (Bursar, Wadham Collegel- with effect from 8 March 2022 The Governing Body members are Dr Bowdler and Drwood (from February 20221. The Provost. Treasurer and Financial Controller attend all meetin85.

Legal and admlnlstrative informatlon Investment Adv150ry Committee The Investment Advisory Committee consists of fellows and member5 Qf the Colle8e wlth relevant expertise. The Committee meet5 at least twice a year to review investment performance and 3dvis@ on investment strategy and reports annually to the Governlng Body. It Ss also consulted by the Treasurer on matters that arise during the year. Its external members are.. Mr Charles Skinner Ifoimer Chief Execulive, Restore plc.) Chair Mr Ewen Cameron Watt Iformerly Chief Investment Strategist at Blatkrock Investment In5titutel Mr Jonathan Lane (former Chairman, Shaftesbury plc.) Mr Mark Tyndall (former Chief Executive, Artemi5 Investment Management LLPI - stood down 4 November 2021 Mrs Alexandra Mackesy (Partner, Board Level Partners,. formerly Head of North Asian Equitv Research, Credlt 5u155el Mr Gregory Eckersley Iformer Global Head of Internal Equities, Abu Dhabi Investment Authority IADIAII The GoverninB Body member is.. Dr Bowdler. The Prov05t, Treasurer and Flnanclal Controller attend all meetings, Remuneratlon Commlttee The Remuneration Committee consists of up to rhree independent members, a professorial Fellow and a member of another colle8e. The Committee meets twice a year to review matters of remuneratlon pollcy and any slgnificani remuneration issue5 ralsed by members or by the Governin8 Bodv. External members at the year end were- Ms Sheila Forbes (former Principal, St Hilda's Colle8el- Chair- stood down June 2022 Professor Mark Philp IEmeritus Fellow Mr Philip Parker {Bursar, Brasenose Colle8el- from l October 2021 The Governing Body member 15.. Professor Conlon Iwho is a Trustee but not on the College'5 payroll) The Provost, Treasurer, Head of HA and the Financial Controller attend all meeting5. 51

Legal and administrative infom)ation GROUP STRUCTURE AND RELATIONSHIPS The College administers a number of charitable trusts, as detailed in Note 18 of the financial statements. The College currently has two wholly owned non-charitable subsidiaries.. Land, Estates and Property Llmited and Oriel College Conferences Limited, whose annual profits are donated to the College under the Gift Ald Scheme. The objertive of the Colle8e'5 subsidiaries is to help finance the achievement of the Colle8e's aims and objectives as Set out above. The subsidiaries, activities are as follow5.. Orlel College Conferenw Umlted.. Runs the cornmercial conference activity of the Colle8e land, Estates and Property Limited.. Owns a number of investment properties in South London and provides design and construction services The College is part of the collegiate University of Oxford. Materlal Snterdependencie5 between the University and the College arise as a consequence of thi5 relationship. 52

Legal and administrative information OFFICERS AND SENIOR sfAFF The officers and senior 5toff of the College to whom day to day management is delegated are as follows-. Lord Mendoza - Provost Dr Michael Spivey - Vice-Provosl Mrs Margaret Jones- Treasurer Mr Steven Marshall - Domestic Bursar (resigned January 20221 Mr Timothy Verdon- Domestic Bursar (from January 20221 Mr Oliver Sladen - Financial Controller Professor Gonzalo Rodrique2-Pereyra- Senior Tutor Mr Joseph Cole- Academic Registrar Mrs Rachel Breward- Atademic Reglstrar Iresi8ned February 20221 Mrs Juliane Kerkhecker- Senior Dean The Revd Dr Robert Wainwright- Tutor for Admissions & Ouireach Dr Paul Yowell - Tutor for Graduates Mr Marco Zhan8- Development Dirertor (from 2 December 20211 Mrs Sheila Moore- Head of HR Mr Colin Bailey - Master of Works (from March 20221 The remuneration of senior colle8e staff 15 sei by reference to natlonally agreed pay Scales and local conditions. 53

Legal and adminlstrative Informatlon PRINCIPAL ADVISERS AND BANKERS Auditor5 Moore KinBston Smlth LLP 9 Appold Street London EC2A 2AP Bankers Child and Co/Royal Bank of Scotland 119-121 Victoria Stret London, 5WIE 6RA Investment Managers Baillle Giffortl & Co Limited Carlton Square, l Greenside Row Edinburgh, EHI 3AN Blackrock Charities and Endowment5 team 12 Thro8morton Avenue London, EC2N 2DL Oxford UnivefSlty Endowment Management King Charles House, Park End Street Oxford, OXI IJD Charles Stanley 25 Luke Street London, EC2A 4AR Investment Property Managers1South Londonl Bells Commercial Ltd Goldin8 House. I3￿138 Plough Road Clapham Junction London, SWII 2AA Investment Property Advisors (Oxford) Cluttons Seacourt Tower West Way Oxford, OX2 OJJ Savills Wytham Court 11 West Wav Oxford. OX2 OQL Legal Advisers Kni8htS Midland House Westwav Oxford, OX2 OPH

Legal and administrative informalion 81ake Morgan Seacourt Tower Westway Oxford, OX2 OFB Address Oriel College Oriel Square Oxford, OXI 4EW Website Twitter.. Facebook.. www.oriel.ox.ac.uk Orieloxford Ihtt www.facebook.com twltter.com OrlelOKford Orielcolle eoxford