2025-07-31-accounts

it 4114- frF- Trustees, Annual Report & Financial Statements Year ended 31 July 2025 Registered charlly number: 1M1gT6

CONTENTS Objects and Activltles.......... Charitable Objects........................................................ Strateglc Ams................... Publbc Beneflt. Achievements and Perforniance ............................................................................ Student Numbers and Achlevements.... Outreach............... student Financial Support.......................................... Equality, Diversity and Incluslon at Orlel............ Advanced Academlc Actlvlty...................................................................... Bulldlngs and Facillties Carbon Reportlng/Energy Efficiency............................................................ Development and Alumni Engagement........................................................ ........................ Regulatory Matters.................................................................................... Commercial Activity................. Flnanclal Revlew.............................................. ..................................................... io Investment Policy, Objertive5 and Performance . Risk Management Reserves Policv...................... io .12 -14 Statémènt of Accounting and Reporting Responslbllltl•s................................... 15 Auditorfs Report................................................................................................... 16 Statement of Accountlng Polld¢s........................................................................ 19 Consolidated Statement of Financial Artivit5es...................................................24 Consolidated College Balance Sheets................................................................. 25 Consolldated Statemert of Cagh Flows............................................................... 26 Notes to the Financial Stat•m•nts..................................................... .27 L•gal and admlnlstratlve Information... ................ Corporate StstU5...................................................... Governing Body....................... Recrultment and Tralnlng of Members of the Governing 8ody.....................41 .41 41 -41 Organisational Management................. Flnance and Estates Committee.. Education Committee. .42 .42 -42 House Cornmittee...................................................................................43 Audit and Risk Committee. .43 Page 1 of47

Investment Advisory Commlttee. Remuneration Committee..........-...... .43 Group Structurn and Relatlonshlps... Group structure.......................................................................................44 Offlcers and Senlor Staff ..........................................................................45 Principal Advisors and Bankers.................................................................45 Page 2 of47

Charltable Objects The Governlng Body presents Its Annual Report for the year ended 31 July 2025 under the Charities Act 2011 together with the audited financial statements for the year. Edward the Second, by a Royal Charter dated 1326, founded Oriel College, maklng It the oldest royal foundation in either of the Universlties of Oxford or Cambridge. Its full corporate designation, The House of the Blessed Mary the Virgin, in Oxford, commonly called Oriel College, of the Foundation of Edward the Second of famous memory, sometime King of England, was confirmed by Letter5 Patent granted by Jame5 the First in 1603. The College is a reglstered Charity Ireglstered number 1141976). The College's objects, as approved by the Charlty Commission, are those in the Founding Charter of 1326 and summarlsed as.. 'A College of scholars studying sacred theologyi clvll and canon law and useful knowledge. Today the College exists to promote undergraduate and graduate educatlon, research and advanced study within the University of Oxford. Oriel provides students with the facilities and pastoral support they need to excel In both their studie5 and extracurrlcular pursults. The College recognises the great benefit of the educational experlence our students receive. Oriel Is commltted to contlnued Investment In artlvltles almed at improving access not just to OrSel, but to the wlder universlty. for applicants from backgrounds that have lower rates of progresslon to Oxbridge. Strategic Alms The College's core strategic aim continues to be to maintaln and enhance its standlng within the Universlty of Oxford as a world-class College in the context of a world-class unlversity. The current strategy includes the following aims.. Attract high potential applicants from a wlde range of backgrounds Provlde teachlng and support that enables students to perform at thelr best Foster a welcoming and supportlve communlty Support researchers in a world-class environment Maintain a skilled workforce Conserve and develop the quality and potential of the College's buildings and facllltles Maintain financial stability and resource our priorities Promote a connected alumnl communlty Orlel's communlty Is made up of some 340 undergraduates, 280 postgraduates, 150 academlc and 135 non-academic staff, as well as an extensive network of alumnl. A medium-slzed College in the context of Oxford, Oriel's comrT)unity is a supportive and close-knlt one, wlth student5 and staff members living, working and socialising in shared spaces. P4t 3 ￿47

Our strateglc alms are focused on maintalnlng and supportlng our communlty, enabllng them to build on the achSevements of those who came before them. Publlc Beneflt The College provides public benefit in accordance with its founding principles and In 2024125 spent £15.9m providing teaching, research and associated facllities. Statutory guSdance provided by the Charity Commission under the Charities Act 2011 state5 that there must be an identifiable benefit or benefits arising from the work of all charities and such benefits must be to the public in general or a sufficient section of the publSc. The Governlng Body conflrms that It has taken note of the Charlty Commission's guidance on public benefit when reviewing the College's aims and objectives and in planning future actlvlties. The students and academSc staff of the College are the primary beneficiaries, belng directly engaged In education and research. The College provSdes world-class educatlon to graduate and undergraduate students in conjunction with Departments and Faculties of the Universltv of Oxford. Our undergraduate students benefit greatly from the Oxford tutorlal system, which provides them with access to some of the best teachers in the world in their chosen subjects. Tutorials are held where small groups of two to three students meet with a College Fellow or LectLtrrer in their subject for in-depth academic discussion on a selected topic. Many of the College's financial activities are almed at supporting and proterting this System for the benefit of future generations. The College places great importance on the public benefits derived from enhanced academlc research. Oriel seeks to support Its academlc members In thelr research. Thanks to a partnership with the Jackson Foundation, Oriel continues to be home to a 'hub' for envlronmental and energy research. In addition, work continues wlth The Centre for the Study of the Bible, led by Professor Hindi Najman, Oriel and Laing Professor of the Interpretation of Holy Scripture. In addition to annual research allocatlons given to Fellows, Letturers and Graduate Research Assistants of the College, an additional £30k was allocated to the Research fund Sn 2024125. Thls supports the academic work undertaken by ou r Fellows in addition to the standard research allocation and allows for larger one-off projetts to be undertaken. £13k was spent from the available funds during 2024125. 2 Fellows received research awards during the 2024-25 academlc year. As well as members of the College {students, a¢ademic5 and staff members), there are many other beneficiaries of Oriel's educational resources. These include visiting students, visitin9 academics and researchers from worldwide educational institutions, as well as members of the public Page4 of47

Student Numbers and Achievements We continue to achieve world class results with Oxford ranked number one by the Times Higher Education World Rankings for nine years in a row. The College's undergraduate numbers remain consistent with just over 90 new entrant5 thi5 year, taking its undergraduate population to just under 350. Around 20% of undergraduates are international and there has been an Increase in graduate student number5 in last two decades, as a strategic move for the University to focus on research with Middle Common Room Graduates {MCR) now totalling around 280 students. During the year the College had I I visiting students from Harvard Unlverslty, Baylor Universltyi University of Notre Dame, Columbia Univer51ty and The Ludwig Maximi1San University of Munich. Undergradijate results were good: over 80Wo of students achleved a 2: 1 or higher, with almost 30Vo achleving a first or distinctlon. Orlel had some particularly strong performances Sn Chemlstryi Computer Sclence & Philosophy, Medicine (Preclinlcal) and Theology & Rellgion where a majority of Students within their cohort achleved flrst class results. Durlng the academic year, 36 DPhil students successfully completed their doctorates along wlth 50 masters students who successfully completed their courses. Outreach with over 120 events havlng taken place this year, outreach work contrnues to inspire students with ideas around higher education, introduclng them to Oxford and Oriel. These events range from trips to and from Oriel for non-selectlve state schools in the College's linked reglons {Walsall, Wolverhampton, Dudley, Herefordshire, WorcestershSre, Rlchmond, and Kensington and Chelsea) to residentia15, webinars, Open Days, and charlty partnership programmes. Altogether over 3,400 students from aged 12 to 18 have had interactions wlth the college through our outreach work thls year. The Easter study days (Law, PPE, Women in Maths and Computer Sclence, and Women in Chemistry and Biochemistry this year), with around 30 Year 12 students in attendance at each residential. Attending students were all from UK state schools, and largely from backgrounds underrepresented at Oxford. Student feedback was very positive: -it really helped me see how people like me can be in Oxftsrd", "rnaking friends with similar goals was a hlghlight of the trlp-, -it Was a really inclusive atmosphere. Next year Oriel will be expanding Its outreach work havlng ¢￿ated a second role with the help of donor fundings wSth the ambltSon to reach a greater number of students and strengthen rts programme evaluation. Thls work is of ongoing Importance to the Collage's educatlonal mission and is supported by donations. Student Financial Support The College contrlbuted E59k (2024.. E59kl towards Oxford Opportunlty Bursarles for undergraduate students. Financial assistance grants totalling £39k12024'. £1 Ikl were awarded to 39 students. These included grants made to students with exceptional needs and vacatlon bursaries, which meant thesé students did not have to take paid work allowlng them to concentrate on their studies. Over the course of the year, 79 students {2024'. 75) beneflted from receivlng travel grants from the College, whlch totalled £46k (2024.. £37kl In the year. These bursaries were awarded to asslst wlth the costs of travel related to the pursuit of student5. academlc oblectlves. In addition, a number of awards were made to students carrying out vacatlon academic or extra- curricular projects. Page 5 of47

Many donors have generously enabled the provision of support for undergraduates and graduates, as well as wider flnancial support such as prlzes for a¢èdemlc merit and grants to enable students to enhance thelr studles through travel. The College thanks all donors who show a vote of confidence in our students by provrding this support. We make speclal mentlon of Foundation Scotland who have been the vehicle through which some support for our student5 is made. Equalltyi Dlverslty and Incluslon at Orlel Oriel is home to a thriving multlcultural communrty, with 37% of its student population Identlfying as BME. Sorne 62¢10 of postgradLtate students attended from one of 50 countrles outside of the UK and 280/0 of undergraduates attended from 31 different countries outside of the UK. Much of our work this year has focused on Access and Outreach, Academlc Scholarships and Research. Some hlghllghts a￿.. The continuatlon of the College's partnershlp wlth Generating Genius on thelr STEM@Oxford programme. The programme, organised in collaboratlon wlth the charlty, alms to help Year 12 students from Black Afrlcan and Caribbean backgrounds develop key skills to enter STEM courses at top unlversitie5. Gary Younge, former Guardian columnist and Orwell Prlze reclplent dellvered the 2025 Rex Nettleford Lecture. The annual lecture series is planned together wlth prlze-giving for Oriel'5 annual Rex Nettleford Prize for Year-12 Students.. Essays on Colonlallsm and its Legacies. Patricia Mativo (2024) organlsed and hosted an inclusive dlnner that brought together students with disabilities. In partnership with Orlel College, the Oxford Zlmbabwe Arts Partnership IOZAPI launched a sculpture competition at the ChltungwSza Arts Centre in Zimbabwe. The wlnnlng sculpture wlll be the centrepiece of an artistic and educational exhibition at Oriel in October 2025 continuing the College's work in contextuallsing the contested history of colonialism in Zimbabwe and legacy of Cecil Rhodes. Two of the four study day residentials for state-educated year 12 students in Aprll 2025 aimed to inspire glrls and non-binary students to apply to STEM courses at top universities like Oxford. Oriel College has become an officlal partner of 50clal moblllty charlty The Brilliant Club. The Brllliant Club offers programmes for school student5 from backgrounds with hlstorlcally lower progression to higher education. ml The award of a Black Academlc Futures DPhll Scholarship for a talented UK postgraduate student of Black or Mixed Black ethnSclty. The Davld N. Lyon Scholarship providing support for Politics postgraduate students of any nationality at the Unlverslty to undertake research into the politics of sex and gender Identitles In dlverse socletles. The Orlel Graduate Scholarship for Sub-saharan Afrlcan Scholars awarded in 2024125. The award of a scholarship to a fernale Masters student from Afghanlstan (started In Pwje 6of47

2024125), In collaboratlon wlth the Yalda Haklm Foundatlon. The James Mellon DPhil Scholarshlp In Longevity Research. The Turpin Junlor Research Fellowship In Hlstory The Francophone Post-colonlal Llteratures and Cultures Fellowshlp, Jolntly appolnted wlth the Department of Modern Languages. Advan¢¢d Academ1¢ A¢tlvlty The College continues to provlde and promote advanced academic activity. Research budgets, sabbatical leave, major research leave and offi¢e resources are provided. Amongst the achievements during the year were.. Professor Jan Rosenow was appointed a Professor of Energy and Climate Policy by Oxford University's Vice-chancellor, Professor Irene Tracey, on the advlce of her Senior Appointments Panel just three months into his new role as the leader of the Energy Programme at the Environmental Change Institute and lack50n Senior Research Fellow at Oriel College, Oxford. Mathematlcs Tutor and Fellow Profe550r Patrick Farrell has been awarded the 2025 Germund Dahlqulst Prlze by the Society for Industrial and Applled Mathernatics. Dr Tom Johnson succeeds Professor lan Forrest a5 the Catto Fellow in Medleval Hlstory at Oriel College. He was officially Indurted as a Fellow in October 2024. Dr Dmltry Ghllarov Jolned Orlel College as the Ron Bancroft Fellow and a tutor In Biochemistry. He was Inducted as a Fellow end of April 2025. Professor lan Horrock5, Fellow and Professor of Computer Scièft¢e. won the Innovatlon and Commercialisation Award at the 2025 Vice-chancellor's Awards for his spin-out Oxford Sernantic Technologies. Horrocks established Oxford Sernantic Technologies wlth co-founders Professor Borls Motik and Professor Bernardo Cuenca Grau in 2017. Lord Mendoza CBE. Provost of Oriel College, was appointed a member of the government's UK Soft Power Councll. Dr Lynne Cox was conferred the tltle of Professor of Geroseience by the Medlcal Sciences Division of the University of Oxford as part of their Recognltlon of Dlstlnction. Other notable achlevements and appointments Stephanie Holt, a doctoral candldate In Hlstory, installed an exhibition on two notable alumnl of Orfiel College at Gllbert Whlte's House and Garden, Selborne. Dr Loren Kell has been awarded the Korenchevsky award from the Brltish Soclety for Research on Aging. Dr Ben Caldecott serves on the Lntergovernmental Panel on Climate Change IIPCCI as Coordlnating Lead Author for finance as part of Worklng Group 111 in the Seventh Assessment Report IAR7). P80? 7of47

Bulldlngs and Facllltles The College aims to maintain, improve and conserve all of its property assets to enable a secure and attractive place to work, study and visit. The historic environment and listed buildings present many challenge5 and care is taken to ensure that heritage assets are sensitively preserved. Construction work has taken place on the East Range Prr)Ject wSth the projert due to complete in time for Michaelma5 Term 2025 enabling a transfer of dlning from the Senror Library back to the Main Dining Hall and use of the newly renovated bar. In addltlon, 2024125 saw the completlon of: staircase 7 Full upgrade of all electrlcal and plumblng servlces completed September 2024 Clock refaclng and overhaul projert Flrst Quad In addition, planning and listed building pre-applications were submitted for the Senior Library Roof project, with bat and tree surveys completed. 2025126 sees the followlng actlvity on the College estate. Cornpletion of East Range ProJe¢t iortober 2025) Converslon of 7 Klng Edward Street from commerclal offices to 9 student bedrooms, kltchen and ground floor offlce space, supported by basement storage. Thls converslon Installed alr source heat pumps, vacuum glazlng and wall Insulatlon to reduce energy consumptlon as the college moves to decarbonlse Its estate. Senlor Lfibrary project contlnued plannlng for refurblshment. Refvrbishment of maln entrance Planned preventatlve malntenance projects includlng.. Redecoration works for Staircase 11,20 and 26 Redecoratlon and floorlng works for Orlel Souare flats and Staircase 23 Bathroom upgrades in Staircase 26,28, and 35 Carbon R¢portlng/Energy Efficlén¢y The College continues to Implement some of the initiatives identified in the Heat Decarbonisation Plan which provides pragmatic ways in which the College can decarbonlse the estate and improve building fabric to reduce heat loss. At the Orlel College maSn slte, the focus Is on thermal Improvement of the hlstorlc wlndows and assessment of the optimum solution is bein9 developed with planning/¢onservation officers and Historic England. The College continues to place sustainability at the heart of all projects and maintenance activity and continue to research, evaluate and adopt new technologles In conjunrtlon wlth workplace Initlatlves to encoijrage behavloural change. Development and Alumni Engagement Oriel's core charitable aims to further teaching and research at the highest levels are rnade possible by generous donors. We contlnue to attract the best possible applicants,. provide exceptional undergraduate teaching In small groups- dellver graduate supervision. support our academics. fundamental research; and renew our hlstorlc slte. Thls Is all thanks to ongolng phllanthropy and commltments from alumnl and friends. With our 700th anniversary the College is in the final stages of the 2026 Campalgn, started by the Oriel College Development Trust. Inltlally conceived with a target of £45m in 2003, our Page 8of47

aims are now lifted to £70m in gifts and pledges by the anniversary. In the past year, Yle have received In excess of E2.7m In donatlons, wlth almost £5m in new gifts and pledges. S(Jme of the new glfts and pledges are monthly or annual commStments spread out over the coming years. This takes us In excess of £69m towards our £70m goal. During the past year, almost I, 100 alumni and friends made a gift to Oriel. In addition, 282 donors have Snformed the College of their Intention to Include Orlel in thelr will. Gifts of any slze truly matter, and the Governing Body is grateful to all donors for showing their support, whatever amount they are able to gSft. Over the past year, Oriel has hosted many alumni and donor events in College, at other cities In the UK, and internationally. The Governing Body thank alumni who have hosted the Provost and guests at their homes, at interesting venues, and sponsor engaging academic talks. Durlng the year, 1,800 alumni and guests attended one or more of our events, and the College hopes even more wlll become involved with our world-wide programme In the Important Annlversary year. R•gulatw Matt¢rs Oriel College seeks to develop lifelong relationships with Its alumni, supporters, and frlends, and takes a long term, collaborative approach to its fundralslng work. The College conforms to data protection regulation, and operates according to the norms of the University of Oxford and the Fundraising Regulator. Policres relating to complaints, protection of the public including vulnerable people, and methods of fundraising, can be found here.. Ine ble df. No complalnts were recelved by the College regardlng Orlel's fundralslng artivity during 2024125. Oriel's Ethical Donation Policy can be found here.. www.oriel.ox.ac.uk conten load5 2022 04 oriel c Commercial Activity In 2024125 the trading company arm of the College, Orlel College Conferences Llmrted, hosted over 50 organlsatlons Includlng Indlvlduals holdSng dlnners and events at the College, with a total income of approximately £413k {2024.. £392kl. The Summer Conference season was successful with a number of conferences and event5 supported over the summer vacation perlod. The In-house summer programme wa5 attended by Internatlonal students studylng In four subjert streams. curated by Orlel's advisory panel of Senior Fellows. The temporary dlning space in the Senlor Library ensured conferences guests in 202412025 contlnued to benefit from dining in our hlstoric buildlngs. Demand for educational and corporate conferences with a residentlal element In the College continue5 to be very strong. This 15 due in part to Oriel's locatlon In the centre of Oxford coupled with its beautiful and historic buildings. Pagè 9 of47

The Statement of Financial Activities on page 27 shows total income for the year of £16.2rn (2024.. É16.6ml, total expenditure £15.9m 12024: £12.3m), and an operatlng gain of £8.9m (2024 galn £ 13.3ml. This is after a gain on Investments of £8.7m {2024 gain: £9.Om). The net movement In funds is £8.9m 12024: 1£13.3m). The net gain of EO.2m {2024: {£4.3ml before gains has reversed from the prior year as 2023124 included the provision for the decrease to the USS pension liability of £2.0m. Dlvldend Sncome has decreased by 2Wo due to the selectlon of an alternatlve fund whlch relnvests Income rather than paylng a dlvidend. There are a number of differences in accounting treatment between the statutory accounts and the College's internal management accounts. The operatlng budget of the College was in surplus at year end by £633k. The main reasons for the differènce of É633k surplus and the £9m surplus shown in the SOFA (Statement of Financial Activities) are: E8.9m Unrealised galns on property and Investments £0.7m Designated and unre5tri¢ted legacies that will be used on the construction of the East Range and Senior Library projects £0.4m Permanent endowment donations held In endowment reserves to generate future income £.02m Net amount of restricted donatlons held in reserves for scholarships that are being expended in 2025126. Net Endowment and other Invested funds increased by 8.7% from £108.9m to £116.3m. This reflects both the loss In the value of investment propertie5 following the desk top revaluations taken Sn 2024125 {£0.4m) and unreallsed gains on the College's Investment portfolio 1£8.9m) Investment income of £3.8m 12024.. £5.Oml on investments of £142.5rn {2024= £132.9m) gave gross yield of 2. 12024.. 3.8Wol. Desk top valuatlons of the College's property portfolios in south London and central Oxford were completed in july 2025. The next formal external valuations are now due in 2028. Investment expenditure includes £332k of interest payable {2024= E351k). The draw on the investments to fund charitable activity amounted to £3.3m,' the rate recommended by the Investment Advisory Committee. Reducing the rate of draw is a medium- term objective of the Governing Body. Trustee5 are content that the current overdraw Is justified in the clrcumstances and wlll not put the long-term financial health of the College at materlal rlsk. Xnvestnient Policyi ObJectlv•s and Perforniance Endowrnent assets are invested in land and property, equities, fixed income securlties and cash deposits. The amount invested in land and property durlng 2024125 Increased to £36.7m from £35.0m. Thls follows the purchase of two further properties on Rectory Road, Oxford for £2. Im in September 2024. There were no sales in the year. The College's investment objectlves are to balance current and future beneficiary needs by: malntaining {at least) the value of the investments In real terms; Pqge 10 of47

produclng consistent and sustainable funds to support expenditure; delivering these objectlves wlthln acceptable levels of rlsk. In 2024125 the IAC continued to implement changes proposed and approved by the Governing 8ody regarding Investment Managers in 2024. A further E2.5m was invested in alternative assets based In the US as a long-term investment. The College has two prlnclpal fund managers at year end Blackrock and Balllie Gifford. Addltlonal investments are held with Oxford Univer51ty Endowment Fund and Charles Stanley. Short term Investments fundlng major works are held wSth Cazenove and Barclays. The agreed asset fflix between property¢ Investments and alternatives remalned unchanged Environmental, Social and Governance investment conslderatlons are dlscussed by the Governlng Body and the Investment Advisory Committee wlth comment encouraged from our Snvestment managers. The College also has a robust due diligence process for any large donations. At year end the asset mix was 73% of Investments in equities {2024'. 73%}, 190/0 in property 12024- 19Vo), 8% in alternatlve and cash and bonds12024: 80/91. Thls was in line with the agreed allocation. 35% of equltles are held outside of the UK. Performance of the managers and the asset allocation 15 revlewed at each meetlng of the Investment Advisory Commlttee. The asset allocation at year end 1$ Shown below.. July 25 Asset Allocation Property 19% Atrernatives and other 7% Liquid Assets and Bonds Eouiries 73% Alternatives and orher Equities Liqutd Assets and Bonds Property Note.. Property in the above ple chart does not include strategic assets adjacent to the College, which are held as long-term investments. Investments in Cazenove In bonds (£4ml are excluded from the above graphlc as these have been invested in short term bonds to fund major building projects. P8U8 11 of47

New invethments disposa ansfertD fixed a55et5 Valveat end of Unreali5ed galfisllL>SSe5 Real￿e￿ Gau)S Net lrt¢orne' In(￿rne C•pbral return Total

artofyear

yeai £'o Property Eouldes bonds and 34.954 2,170 3S,722 1,076 -1.15% 97,917 9,094 105,1( 36 0.98% 9.32% LO.31% 132,871 2S5 8,692 141,828 1071 1.51% 6.57% 8.08% The total return was in line wlth the strateglc objectlve of inflation plus 4Q/o. Net income is after Investment management fees, property expenses, agency and other fees. Rlsk Management The major risks to which the College and its subsidiaries are exposed, identified by the Governing 8ody, have been reviewed and systems established to mitigate them. When it is not possible to address risk Issues uslng Intemal resources, advlce is obtalned from external professlonals with speciallst knowledge. The process for the Sdentlflcation and management of risk Is revlewed annually by the Audit and Risk Committee, as is the Risk Reglster. Risks are allocated to senior managers and are assessed by the relevant committee. In addition, the maj.or Incident Committee, consisting of the Provost and 7 members of the Governing 8ody, along with several administrative members of staff, meets a5 required to consider and advise the Provost on urgent and serious risks facing the College. The College's Incident Management and Business Continuity Plan was updated durlng the year. The Governing Bodyi whlch has ultlmate responsibility for managing any risks faced by the College, has considered the major risks to whlch the College and Its subsidiaries are exposed and has concluded that adequate 5ySterns are in place to manage these rlsks. It Is recognlsed that systems can provlde only reasonable but not absolute assurance that major risks have been managed. The rlsk reglster was further reviewed to ensure its currency durlng the East Range project and In Ilght of recent geo-political tenslon whlch resulted In a number of actlvlst activitles In Oxford. Malor risks and the steps taken to mitigate them have been identified in the table below. The College's main insurance pollcies are currently wlth Avlva. Valuable manuscrlpts are not covered by the College's general in use contents Insurance provlsion. The College self-lnsures these Items and investing in further security and flre safety measLJre5 as approprlate In dlscusslon with risk assessments provided by both insurers and the Oxfordshire Fire ServSce. However, manuscrlpts and books taken offsite as part of the Senior Library refurbishment have been specifically insured to cover any damage or Ios5. Page 12 of47

Health and Safety and welfare of students, staff and associated members of the College Compliance with, and regular review of, health and safety legislation by the Health and Safety Commlttee. Trained decanal team. Awareness sesslons. All Heads of Department have Completed IOSH Managing Safety Flre and flood Insurance. Fire detectlon and preventlon systems all under re ular review. Investment Advlsory Committee in place meetlng bl- annually to review. Long term leases on many Investment propertie5 and regular dividends from investment securities ensure stabllity of income and cash. Backups onslte and offslte wlth immutable backs ups Contlnual development of systems documentatlon and dlsaster recovery procedures,. Minlmum Vlable Operatlon has been identified to drive recovery prlorltles Regular revlews of current industry standards and good prartlce. Investment asset allocation fails to deliver required endownbent drawdtswn in¢om¢ level Systems fallures (includlng bought-ln systems) and cyber attacks Fallure to set and communlcate an approprlate flnanclal stratagy Budget setting wlth a five-year horlzon in place. Flnance and Estates Commlttee meets three tlmes per term with a full annual revièw of budget and results. Reputatlon Identification and management of risk5. Appropriate rofessional advlce. Page 13of47

Reserves Poll¢y The Trustees of Oriel College have set a reserve policy which require5 that reserves be malntained at a level which ensures the core actlvlty could contSnue during a perlod of unforeseen financial dlfflculty and that a proportion of reserves be malntalned In a readlly reallsable form. rv At 3 1 July 2025 Oriel College's funds are £141m of whlch £119.7m is retained in endowment or restrlcted funds. Total reserves also include E13.Om, whlch has been allocated to the restricted and deslgnated building funds. These reflect monles already spent on the Pantln Library, the High street Bulldlng refurbishment, recent Staircase projerts {4, 5, 7 and 8) and four propertles In Klng Edward Street, Oxford and the purchase of the Jeune Street slte In 2019 lad Jacent to the Rectory Road graduate accommodation site on Cowley Road). The calculation of the College's reserves is an Integral part of the budget, management accounts and longer-term financlal forecasting process. It considers the following.. The rlsks assoclated wlth each operating Income stream; The rlsks of the endowment return reducing- The planned levels of activity,. Capltal projects Thos rlsk assessment exercise has indicated that cash reserves of at least £2.5m should be retained to cover any sudden 1055 Of Income in a six-rnonth period. Howt The Governlng Body has noted the requlred cash reserves of £2.5m. The Governlng Body, In considering the overall adeouacy of the College's short-term reserves, has also considered the number of near liquid resources available to the College. The College's unrestricted expendable endowments (£58.Oml, woul¢J be avallable to support unexpected short-term cash fluctuations. In partlcular, the College maintains a level of liquidity in the Endowment Funds that ensures there is sufficient cash avallable to cover the forthcoming year's drawdown from the Endowment Funds as well as 3-6 months. worth of running costs without the need to liquidate investments. The Governlng Body, wlth support from the Investment Advlsory Committee, continues to review the College's financial strate9y to ensure the long-term financial health of the College. Page 14 of 47

Trustees. Rtsponslbllltles Statement The Trustees are responslble for preparSng the Trustees, Annual Report and the financlal statements In accordance with applicable law and regulations. The Charities Art 2011 require5 the Trustees to prepare financial statements for each financial year. The Trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accountlng Practlce Iunlted Klngdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland. The Trustees must not approve the financial statements unless they are satisfied that they give a true and falr vSew of the state of affairs of the charlty and the group and of the incoming resources and applicatitsn of resources, including the income and expenditure, of the group for that period. In preparing these financial statements, the Trustees are required to: select sultable accounting pollcies and then apply them conslstently; observe the methods and principles in the Charities SORP (FRS 1021. make Judgments and accounting estlmates that are reasonable and prudent; state whether appllcable UK Accountlng Standards have been followed, subject to any material departures discloseii and explained in the fi'nancial statements; prepare the financial statements on the going concern basls unless It Is inappropriate to presume that the group will continue in business. The Trustees are responslble for keeplng adeqLtate accountlng records that are sufficient to show and explain the charlty and group's transactlons and disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provlsions of the trust deed. They are also responsible for safeguardlng the assets of the charlty and the group and henee for takin9 reasonable steps for the prevention and detection of fraud and other irregularltles. Approved by the Governing Body on 12 November 2025 and signed on Its behalf by.. Lord Mendoza Provost Page 15 of47

Independent Auditors. Report to Members of Governing Bodv Opinion We have audlted the flnanclal statements of Orlel College (the 'college') and its subsldlaries (the 'group'l for the year ended 31 July 2025 which comprise the Consolldated Statement of Flnanclal Actlvlties, the Consolidated and College Balance Sheets, the Consolldated Cash Flow Statement, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reportlng Standard applicable in the UK and Republlc of Ireland (Unlted Klngdom Generally Accepted Accounting Practlce). In our opinion the flnancial statements.. glve a true and falr view of the state of the group's and College's affalrs as at 31 July 2025. and of the group's incoming resources and application of resources, including its Income and expenditure, for the year then ended have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practlce- and have been prepared In accordance with the requirements of the Charitles Act 2011. Basis for opinion We conducted our audlt In accordance wlth International Standards on Auditing {UK) IISAS (UK}) and applScable law. Our responslbllltles under those standards are further described in the Auditor's responsibllltles for the audit of the financial statements section of our report. We are independent of the group and College in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We believe that the audit evidence we have obtained is sufficient and approprlate to provlde a basls for our oplnlon. Conclusions relatin9 to goin9 ¢on¢ern In auditing the financial statements, we have concluded that the tru5tees' (also referred to as Members of the Governing Body) use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertalntles relatin9 to events or conditions that, individually or collectlvely, may cast slgniflcant doubt on the group and College's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responslbllltles and the responslbllltles of the Members of the Governlng Body with respect to going concern are descrlbed In the relevant sertions of thi5 report. other information The other Informatlon comprises the Informatlon Included In the annual report, other than the financlal statements and our audltor's report thereon. The Members of the Governing Body are responslble for the other inforrnation. Our oplnion on the financlal statements does not cover the other Infomiatlon and we do not express any form of assurance conclusion thereon. Pay 16 of47

Our responsibility is to read the other informatlon and, In dolng so, conslder whether the other nformation Is materially inconsistent with the flnanclal statements or our knowledge obtalned In the course of the audlt or otherwlse appears to be materially misstated. If we identify such materlal Inconsistencles or apparent materlal mlsstatements, we are requlred to determlne whether this gives rise to a rnaterial misstatement in the financial statements themselves. If, based oft the work we have performed, we conclude that there is a material mi5Staternent of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlr•d to report by exception We have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the members of The Governing Body's Annual Report is Inconslstent In any material respect with the financlal statements; or sufficient accounting records have not been kept- or the financial Statements are not in agreement with the accounting records,. or we have not recelved all the Informatlon and explanatlons we requlre for our audlt. R¢sponslblllti•s of Members of tha Governlng Body A5 explained More fully in the Members of the Governing Body's responsibilities statement, the trustees are responsible for the preparation of the financial statements and for belng satSsfled that they glve a true and falr vlew, and for such Internal control as the Members of the Governing Body determine is necessary to enable the preparation of financial statements that are free from material rnisstaternent, whether due to fraud or error. In preparing the financial statements, the Members of the Governing 80(Jy are responsible for as5e55ing the group and College's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basss of accountlng unless the members of the Governlng Body elther Intend to liouldate the group or the College or to cease operations, or have no realistic alternative but to do so. Audltor responslb115tles for the audlt of the financial $tatements We have been appolnted as a*Jdltor under sertlon 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the f(nanclal statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a materlal mlsstatement when It exlsts. Mlsstatements can arlse from fraud or error and are considered material If, Indivldually or In the aggregate, they could reasonably be expected to Influence the economlc declsSons of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compllance wlth laws and regulations. We deslgn procedures In Ilne with our responslbilities, otjtlined above, to detert material misstatements in respect of irregularlties, including fraud. The extent to which our procedures are capable of detectlng Irregularltles, Includlng fraud is detailed below: We galned an understandlng of the legal and regulatory framework appllcable to the company and how It operates and consSdered the rlsk of the company not complying Wlth the applicable laws and regulations including fraud in particular those that could have a material Impact on the financlal statements. Pa￿ 17 of47

The risks were discussed with the audlt team and we remainder alert to any Sndicatlons of non- complSance throughout the audlt. We carrled out speclflc procedures to address the risks identified. These included the followlng.. We reviewed systems and procedures to identify potential areas of rnanagernent override risk. In particular, we Carried out testlng of Journal entries and other adjustments for appropriateness. We reviewed the minutes of the from Governing 8ody meetings and agreed the flnancial statement disclosures to underlylng supportlng documentation We have made enquiries of management and officers of the College regarding law5 and regulatlons applicable to the organisation We revlewed the risk management processes and procedures In place includlng reportlng of risk management. We also assessed management bias in relation to the accounting policies adopted and i determining significant accounting estirnate5, including the valuation of investments. Because of the inherent limitation5 of an audit, there is a risk that we will not detect all Irregularltles, including those leading to a material misstatement in the financial staternents or non-compliance wlth regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactrons reflected in the financial statements, as we will be less likely to becorne aware of instances of non-compliance. The risk is also greater regarding irregularlties occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omlssion or misrepresentation. A further descrlption of our responsibilities is available on the FRC'S website at: h Jtt s.'l]www.frc.or .uk auditors audit-assurance auditor-s-res onsibilities-for-the-audit-of- the-fi descri tion-of-the-auditor%E2Vo80%99s-res onsibilities-for. This description forms part of our auditor's report. Use of our report This report Is made solely to Members of the Governing Bodyi as a bodyi in accordance wlth Part 4 of the Charities (Accounts and Reports) Regulatlons 2008. Our audit work ha5 been undertaken so that we rnight state to the members of the Governing Body those matters we are requlred to state to them In an audltor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsiblllty to anyone other than the charlty and the Members of the Governing Body as a body, for our audlt work, for thls report, or for the oplnlons we have formed. Price Balley LLP Chartered Accountants and Statutory Audltors Tennyson House Cambrldge Business Park Cambrldge C84 OWZ Date- Prlce Bailey LLP Is ellgible for appointment as auditor of the charity by vlrtue of its ellglblllty for appoSntment as auditor of a company under section 1212 of the Companles Act 2006. Page 18 of47

l. Scope of the financial $tstèments The flnancial statements present the Consolldated Statement of Flnanclal Actlvltles (SOFA), the Consolldated and College Balance Sheets and the Consolldated Cash Flow Statement comprising the consolidation of the College and with its wholly owned subsidiaries Lan(J Estates and Property Ltd and Oriel College Conferences Limited. Nts separate SOFA ha5 been presented for the College alone as currently permitted by the Charity Commission on a concesslonary basls for the flllng of consolidated financSal statements. The accounts (financial statement5) have been prepared to glve a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provlde a 'true and falr view.. This departure has involved followlng the Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Financial Reporting Standard applicable irb the UK and Republic of Ireland IFRS 102} issued on 16 July 2014 rather than the previous Statement of Recommended Practice: Accounting and Reporting by Charlties whlch was effectlve from l Aprll 2005 but whlch has since been wlthdrawn. The results of the subsidiaries as included in the consolidated income, expendlture and results of the College are disclosed in note 12. 2. Basls of accountlng The College's Indlvldual and consolSdated financlal statements have been prepared in accordance wrth United Kingdom Accounting Standards, in particular'FRS 102.. The Financial Reportlng Standard appllcable In the UK and Republlc of Ireland, (FRS 102). The College is a public benefit entity ft)r the purposes of FRS 102 and a reglstered charlty. The College has therefore also prepared Its Indlvldual and consolidated financlal 5taternents in accordance wlth 'The Statement of Rècommended Practice applicable to charities preparing their financial 5tatement5 in accordance with FRS 102. {The Charities SORP IFRS 102)). The flnancial statements have been prepared on a golng concern basls and on the hlstorieal cost basis, except for the measurement of Investment5 and certaln financial assets and liabilities at fair value wlth movements in value reported withln the Statement of Flnancral Activities ISOFAI. The Members of the Governlng Body have assessed whether the use of the going concern basls Is appropriate and have considered possible event5 or conditions that might cast significant doubt on the ability of the College to continue as a golng concern. The College has significant reserves in the form of expendable endowment ftjnds which can be used for the general purposes of the charity. The College has prepared cash flow and other forecasts, considerirTrg the availability of these funds and the potential pressures on Income, which confirm the College will have sufficient liquidity to operate for at least the next twelve months from the date of approval of these financial statements. The College therefore continues to adopt the going concern basis in preparing its ffinanclal statements. The prirjcipal accounting policies adopted are set out below and have been applled consistently throughout the year. 3. Incomlng r¢sour¢e$ from fee income, Office for Students support and other charges for servlces Fees receivable via the Collegiate Funding Formulae (CFF) and charges for servlces and use of the premises, les5 any scholarships, bursaries or other allowances granted by the College, P•)8 19 of47

but including contributions received from restricted funds, are accounted for in the period In whlch the related servlce Is provlded. 4. Income from donatlon and 1¢ga¢les Voluntary income is accounted for when the College has entitlement to the funds, the amount can be reliably quantified and there is reasonable probability of its ultlmate receipt. Voluntary income received for the general purpose of the College Is credited to unrestrlcted funds. Voluntary income which is subject to specific wishes of the donor Is credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are recelved otherwrse than in cash, they are valued at the market value of the underlying assets received at the date of receipt. Inv¢$tm¢nt In￿me Interest on bank balances and fixed interest securitles is accounted for in the period to which the interest relates. Dividend income and slmilar distributions are accounted for in the period in which they become receivable. Income from investment propertles is accounted for in the perlod to which the rental income relates. 6. Expenditure ExpendSture Is accounted for on an accrual's basi5. Indirect expenditure is apportioned to expenditure categories based on the estimated amount attrlbutable to that artivity in the year, either by reference to staff time or the use made of the underlylng assets, as appropriate. Irrecoverable VAT is included with the Item of expenditure to which it relates. Grants awarded are expensed as soon a5 they become legal or operational commltments. Governance costs comprise the costs of complying with constitutional and statutory requlrements. Intra-group sales and charges between the College and its subsldiarfes are excluded from ncome and expendlture. 7. Leases Rentals payable under operatlng leases are charged In the SOFA on a stralght-llne basis over the relevant lease terms. 8. Tan9lbl• fixed assots Expenditure on the acquisition or enhancement of land and on the acquisition, construrtion and enhancement of bulldlngs whlch Is dlrettly attributable to brlnglng the asset to its working condition for its intended use and amountlng to more than £IOk together wlth expenditure on equipment costing more than £IOk are capitalised and carrled In the balance sheet at historical cost. Other expendlture on equlpment incurred in the normal day-to-day running of the College and its subsldlarles Is charged to the Statement of FinancSal Actlvitles as incurred. 9. D¢prn¢iation Depreciation is provlded to wrlte off the c05t of all relevant tangible flxed assets, less their estimated residual value, in equal annual instalments over their expected useful economic Ilves as follows.. Page20of47

Freehold land and buildings Leasehold properties Major refurblshments Capital Equlpment Items IT Equlpment Vehicles SO years 50 years or period of lease if shorter 30 years 5 years 3 years 3 years Freehold land is not depreclated. The costs of maintenance are charged in the Statement of Financial Actlvltles In the perfod in whlch It Is Incurred. 10. Investments Investment properties are valued as individual inve5trnents at their market values as at the balance sheet date. Purchases and sales of investment properties are recognised on completion. Llsted Investments are valued at thelr mld-market values as at the balance sheet date. Investments such as hedge funds and private equity funds which have no readily identifiable market value are Included at the most recent valuations from their respective managers. Gains and losses arislng on the Investments are credlted or charged to the Statement of Flnanclal Actlvlties and are allocated to the approprlate Fund according to the 'ownership- of the underlying assets. Cash held on deposit for more than three months is classified as a current investment asset. 11. stocks stocks are valued at the lower of cost and net realisable value, cost belng the purchase prl¢e on a flrst in, first out basis. 12. Forelgn currendes The functional and presentation currency of the College an¢J Its subsldiarles Is In pounds sterling and rounded to the nearest pound. Transactions denomlnated in foreign currencies during the year are translated at prevailing rates of exchange at the dates of the transactlons. Monetary assets and liabilities denomSnated Sn forelgn currencles are translated into sterling at rates applying at the Balance Sheet date or, where there are related forward foreign exchange contracts, at the contract rates. The resulting exchange differences are taken to the Statement of Financial Activlties. 13. Fund accountlng The total funds of the College and Its subsidiarles are allocated to unrestritted, restritted or endowment funds based on the orlglns of the funds and the term5 set by the donors. Endowment funds are further sub-divided into permanent and expendable. Unrestrlrted funds can be used In furtherance of the objects of the College at the dlscretion of the Governlng Body. The Governing Body may declde that part of the unrestrirted funds shall be used In future for a speclfic purpose and this will be aceounted for by transfers to approprlate deslgnated funds. Restrlcted funds comprise gifts, legacies and grants where the donors have earmarked funds for speclflc purposes. They consist of either gifts where the donor has specified that both the PAge 21 of47

capital and any income arising must be used for the purposes given or the income on gifts where the donor has required that the capital be maintained and the income used for specific purposes. Permanent endowment funds arise where donors speclfy that the funds should be retalned as capital for the permanent benefit of the College. Any income arisin9 frorn the capital 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 as a restricted fund. Expendable endowment funds are 5imllar to permanent endowment In that they have been given, or the College has determlned based on the clrcumstances that they have been given, for the long-term benefit of the College. However, the Governing Body may at their discretlon determine to spend all or part of the capital. 14. Pension Costs The costs of retirernent benefit5 provided to employees of the College through two multi- employer defined pension schemes are accounted for as if these were defined contrlbutlon schemes in accordance with the requlrements of FRS 102. The College's contributions to these schemes are charged In the period in which the salaries to which the contributions relate are payable. IS. Accounting Judgements and Estimation Uncertainty In preparin9 the financial statements, it is ne¢essary to make certain judgements, estimates and assumption5 that affett the amounts recognised. The following judgements and estlmates are consldered by the Governlng Body to have most significant effect on amounts recognised in the financlal statements: FRS 102 makes the distinction between a group plan and a multi-employer scherne. A group plan consists of a collectlon of entities under common control typically with sponsoring employer. A multi-employer scheme Is a scheme for entitles not under Common control such as the Unlversitles Superannuatlon Scheme. The accounting for a multi- employer scheme, where the employer has entered into an agreement wlth the scheme that determines how the employer will fund a deficit, results in the recognltlon of a Ilablllty for the contributlons payable that arise from the agreement Ito the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The College is satisfied that USS meets the definltlon of a multl-employer scheme. Key sources of estlmatlon uncertalnty The penslon deflcits recorded are dependent on estlmates of future employment patterns and interest rates. The effects of changes to these assumptions are shown in note 20. Further dlsclosurRS relating to the deflclt recovery Ilablllty can be found in note 20. The College carries Investment property at fair value In the balance sheet, wlth changes in fair value being recognlsed in the Income and expenditure sertion of the SOFA. Independent valuations are obtained to determine fair value at the balance sheet date. Properties have been valued individually on the basis of fair value In accordance with the Royal Inststutlon of Chartered Surveyors {°RICS"I Valuatlon Professlonal Standards UK, revlsed Aprll 2015. External valuations are undertaken every five years with the most recent valuation undertaken at 31 July 2023. Interim desktop valuations are undertaken annually by the College based on informal professional advice. P8G* 22 of47

Before legacies are recognised in the financlal statements, the Governing Body has to exerclse judgement as to what constitutes sufficient evidence of entitlement to the bequest. Sufficbent entitlement has been determined to exist once notification of payment ha5 been received from the executor(sl. With respect to the next financial year, the most signlficant areas of uncertainty that affect the carrying value of assets held by the C(>llege are the level of investment return and the performance of investment market5. 16. Cash and cash equlvalents Cash and cash equlvalents Include cash at banks and In hand and short-term deposits with maturity date of three months or le5$. 17. Other Financial In9truments The College has elected to adopt Sectlons 11 and 12 of FRS 102 in the respect and recognition, rneasurement and disclosure of financlal Instruments. FSnanclal assets and liabilities are recognised when the College becomes party to the contractual provislon of the instrument and they are classifi'ed according to the substance of the contractual arrangements entered into. A financial asset and a financial liability are offset only when there is a legally enforceable right to set off the recognised amounts and an Intentlon either to settle on a net basts, or to reallse the asset and settle the Ilabllity slmultaneously. Pago 23 of47

Orfel Collegg Consolldated statementof Flnanclal Activitles For the year ended 31 July 2025 2024 Fur Fund5 F￿￿ts £￿00 T¢x•I INCOME AND ENDOWMEMfs FROM.. eharilable actlvltlEs'. TeaclMn9. researth and res￿ertIal Donauoni and 16u8¢i•8 Qthor Trading lth¢omo Invg8kngnts Inveslmenl inox Total rdum allocated 1¢ irK£me Olher InLKnè Totsl Incom 8,244 2876 440 1,233 423 2,aa2 585 2.241 13,6441 1826 13 143 11.311 143 16,201 4,870 16.637 EXPENDITURE IJY.. TeaGhing. resewth 4nd r￿denhA1 4,750 14.038 10,367 R•l$lng lunds.. F￿1$n9 Trading ex[W￿l1￿ Investm￿1 mèn8gennl cos Total Exp•nttltur• 607 28 1,244 1.3 12,30B 9.919 4.75C 15.913 Net In¢omellExpwdituro1 befoo gaini .392 120 11,2241 Net gir￿lI(￿seSI on ¥hrstrreni8 ¢692 Nei th￿m￿lEXpe1WJ*trjl&1 120 13,381 18 152 Net mov•nent in lund5 for the year 13,381 FuThl tyroughl 18 19, 3,t 108,994 131,538 118.157 Funds ¢arrl8d at 31 20,752 116.314 140,518 131.538 Page 24 of 47

Orlel College Consolidated Balance Sheet$ As at 31 July 2025 2025 Group 2024 i)DUP £0 2024 cd Collogg ewo FIXED ASs￿s TaThJible assets Pmperty investrnents I￿er InVestyV￿r￿s 29,210 3Q722 10S.106 23,186 34,954 97,917 29,247 34780 10&106 23211 35,011 97.917 io Total FIX￿ A888ts 171.044 156,057 171.133 156.139 CURRENT ASSErs Sloc Debtors Investsnents Cash ai bank and In haTrJ 487 1.679 14 1,837 1,419 6,LNIO 5,232 5,258 2,402 Totsl Current As¥ots 7,383 13,135 13,074 UABILfflE$ Creditors.. knounls falling due TrAithin Or￿ year 15 13,2071 (2.9521 143931 14,206) NET CURRENT AS$ETSIILIABIUnE$I 4,176 10,183 2.755 8.e68 TOTAL ASSETS LESS CURRENT LIABILmes 17&220 166.240 173.888 165.(KJ7 REDITORS.. f•lling dug 4ft¢r morg than ono ywr 16 134,7021 134,7(r21 1¥7021 (34.7021 NET ASSETSIIUABILMESI BEFORE PENSI¢)N ASSET OR L￿￿JLIyy 140.518 131.538 139,186 130,305 Dofinod bon8fft p8Thslon ¥chern• Ilab]IMy 21 TOTAL NET ASSEfsiiuABILITrES 40.518 131,538 139,186 130.305 FUNDS OF THE COLLEGE End¢￿M￿t 116,314 108,994 115.203 107.831 RtstriGtod funds 3,180 2.716 2,413 Unre8tr1¢tod fund8 Designated fuTrJ5 DÈ$ignaied Fixed ASS￿ Funds General fiJNIs 3.042 12,704 2.120 12,575 4,669 3.064 12.$43 5.658 2,142 12.476 140,518 131,538 139.186 130.305 The financkql slalefKnts ￿re approved and authorised for Issue ty the Governing B(Kty of Oriel College on 12 Novemter 2025 Trust*." Ttusiee.. Page 25 of 47

Orlel College Consolidated Statement of Ca¥h Flgwj For th• y•ar •nd•d 31 July 2025 2025 rooo 2tr24 Not•s Not ¢a6h pro¥ldtrd by1ts1od op•raiing a¢Vvllle$ 13.2611 P.0601 Cash 1101¥8 fiom invOSflDg •¢¢lvlllos Divid￿￿5. Inierestarvj rents I￿$¢m￿nts Purchase ofryoperty, plant Proceeds from saleof inKe5trnents PLchase of investm N•t ￿&h providod by Iu8•d Inv08tlng actlvttles 3,826 16,9011 7,281 17,5461 13.3401 Q.8 68.202 164,700) S.S72 Cash fl08 fiom fjnan¢lt)g •ctlvW Receipt oferwj￿￿l￿ Netea¥h provided by (used Inl flthanclng a¢ii¥ltl08 423 423 635 Change in cash and cash equivalents In the reportinll perfod 16,1761 4,127 CaBh •Trd Cash •qulvalonts atthfr bolllnnlnu of th8 roportlng pgrtod 11.258 7.131 Cash and tash •tthe tnd olth• reporiirtll p•rfod 5.080 11,258 Page 26 of47

Ov181 Colg8 Not05 to thp financkl siaterntrnts For tho year end￿ 31 July 202S INCOAIE FROM eHApJfABLE AC1MnE$ Unio5trk￿ ￿ndS T￿lionfe¢9- uKaM EU Slu￿6 TulI￿ree1- LthM 1.377 1,79 1,857 tMherOFS 248 5.318 193 COJW ￿8￿￿tL•l kntornb Tot•1 RH•irGh R•fjd¥rthl ,244 The EtsO¥ bdWSirtILth$£3.102k rf(Yn Othd L￿¥•froM￿j￿￿￿0urtth I￿7d5 urthrth•¢FF Srkn12024' £3.Q71K) L¥)M4MONS AND LEGACIES £wo Reitrlcted lund Endowed 1,226 635 2.e76 J2 INCOIAE FROII OTHER TA4ThNG A¢TMTrES 2•25 Substdw lthjlw Olhwtradlnglntxmr J1 INVESTMENT It￿RIE Inteiesl onfjxedlermtysfts&idrAyh (mherInve￿rnErtln￿￿ 147 CommFraul 1,758 1.559 76 1462 E9uty 4.130 4¥80 AFULY813 OF E￿￿￿TuRE 0.701 ),917 Suppryt and ¢0gts *xoied bj.. 14. 10.367 P898 27 of 47

ortel Collty Not•5 to thg financlal slaiemonts For thg ygar gndod 31 July 2025 EKwdltur• Trading eywd4LYe e¥lnxnt )y 135 mwwpment tr> InvvJneni mtyiall￿￿ 1.875 1.911 TiIal•wd￿r• The CO1￿&e is liable to be a55es5Ed for ContDbution under the proviyons of Statute XV of un￿e￿Ity of Oth. The Contn￿t10n Fwd 15 Used to make8ran15 loans to ¢olle8es on tho basis olnèed. Contrtbuuonsare cakulated annualty Inactordance wlth wulations mado bythÈCountll of the University of Oxford. Inve5rment rnana8ernent Costs Include inttrestthar4esre￿ti￿ toa proporbon of the £35m li¥ed rate loan. The teKhiDg and research Costs include Collese cortrabution payats￿ tsf £49k12024- E49kl. Ak14LYSIS OF SUPPORT ANO GOvE￿IKE COST5 PULI Funds T41 rooo 5T4 212 ZF¥ Dewe¢ion BBnk iThtWE¥t 416 1745 ar ReseaTth P￿ Ip £Y•Ja Fknandal 15 4$7 472 8arth iThtere pByaLle lnveytr￿nE 474 74 O•w18t￿ Jnd w￿0111 affix￿1￿5￿0ts&r ttcorthng lo1￿ u#em•<Jtlhèund8rtWThJ ￿￿1?. Inteteand0t￿rflTr￿[W￿￿￿rqV¥al￿￿tn￿￿¢o￿￿dlrgtOIr￿PU￿¢￿t￿￿￿a1e￿hnarthj. Goveman¢è¢ost$tdlwt¢d￿¢0r￿IDu ￿ •i ￿lm￿l011￿ r•l•vsncoto8ach actlk41Y Page 26 of47

Oriel Col Not08 to the flnandal statements For tho y8arend8d 31 July 2025 2425 2Q24 Oov•rnllfftc• costl rcfflprkn•'. Aud(s Str￿1 Audotrs r•MtsnaFon. fAher90M N￿4￿uNI na9 pA￿u0¢ding0￿MAn¢¢W￿knrthQ4￿•mr￿oYmert¢oM$￿r￿IMr￿1th1￿x￿s•I¢rf￿#cC￿ieoOF￿IO￿s￿th&b￿￿￿thatIhQ8￿paIm0￿tS rdatèttslha charkati&￿1OS D8taisdlh8 re￿n￿￿kno1thWF￿￿Y•9ar￿lhlrn￿￿00¢xPnYeYdi¢lN￿u￿￿J# GK4NT5 AND AWARD5 UnrHtrtct•d lunth S¢hd4f$h￿$. pnztg aDJ g1 Gr8nI%tO(t￿rinrtUlIDn5 Tot¥1 uDfeslrfcted 15 R68Irfct￿ funds SCho￿r£hs. and Burswies and h&tdship 41 Total restricted Total9rathts andakbd8 T￿ng￿rI￿gUd￿dab￿ repr•sÉntathètoattothècwfvg•ollMOXftydBuM￿sthe￿O. S￿￿lsrAthljCO11￿r•C&￿&1f5*l2O24. £59k). InflvO94wrfNntnech&MoN¢eXp¢￿lur¢ On T¢thnB and R0%￿ Page 28 of47

oriol College Nots8 to tho Ilnanclal slatsm8nt8 For th8 year ended 31 Juty 2025 ¥TAFF COSTS £'wo $.267 507 717 474 12,07 on afLlllimp pqurrf4￿rt T￿￿￿nandr8Se￿ch Coi*¢ Fundra5￿￿ 18 14 APTFU APTC alhert￿kn0¥ndfe￿ 19 12 12 Ir￿ 0ono5 wag". £￿.￿1￿10,[ t70.wi-£a0.￿l Thenumbud

7

Page 29 of47

Orfol Coll8go Not•8 to the 16nan¢lal statements For th•yaar8nd8d 31 July 202S TANGIBLB FIXED ASSETS tsroup Flart cquw￿￿l rooo Alartol>E¥ 31,210 6,647 J2wa A4Otion$ 1.27¥ ¥•JB4 DwproGl¢knn Ano Impm• 8.107 1.162 D¢p¢rJadon ch•g&lorlhB At•ndof>wr 8,•22 1,210 At•nd olymr 2122 2¥21• AtIrt￿Y 23.103 2J,1JJ8 Flxijr ery fithngsapwj hsr T4ts1 rcoo Cort AlOrfdy 31.242 1.209 J2,61S At•ndofywr J8,07• 0•prtc￿n and knp•lrm•nt Al slartdye ch￿￿farthe5 ,114 1.159 47 At•ffld afy• Nrtbjokvd 29.101 247 Al ￿tIl0f 23,128 24211 Thcd1￿￿asSubS1a￿lIVJ hI￿ll￿Ga￿Setl ￿1 LwhICha￿u¥Ed inlhe¢DUrJ¢dthéColegp'4lè&¢hng￿d ThEuety)mwyeliated b￿lL￿r￿s0￿1hE CdIe9P￿tV. l(Wlh¢rWrthl￿rWrrf¢￿1JCO￿pnj1noWtyS￿4rt. andent￿0k$8n¢ ￿￿W4￿M$e￿¢lh•1￿￿¥Ure￿￿l•fX¢$. 8vth¥J•oflh•itage nd, in c41¢$. unioue notuiè, f•liatl•hIsto￿cIc0￿tlrIOrM￿￿ll13 nr￿a¥￿I8￿1ofOr1h￿ssI01Sandc￿￿d TrcboobtanBd8XCOPtdiSprorthirAI*88xp￿$b. w. ￿lho OWnKJnoftheTtuut4ew the dvprec4at4d Page 29 of47

Oriol Col Not95 to tho ffinanGlal statgrn•nts For the yearendod 31 July 2025 lo PROPERTY INVE5TrAENTS 2D24 TrAa Totsl 170 13,840 33,77S Adthi4ns 1170 2,170 140ZI th&5 146n 1,178 ValU￿knn￿•ndo1y 11373 23.179 38.722 her T¢A•l r(h)o valu￿ * st￿tLyo Addmltsns and 1wtsy￿r1s ￿ o)It R¢Y4uQllOn in tho 170 13.8Je 21.005 2.170 a4011 1170 14Dfl 3S.8J2 {4671 1.179 V•1uth4¢￿d Dfy•v 3,3Eg 23.241 FE[n￿￿￿M￿vau￿vJnsWereund&rtll￿nln2Q￿tJ. Dar@¥￿￿O$S￿th1ol4￿ope￿ieswelv￿dthlakell tythecomm9t￿pIQWY￿tsts￿. L￿7don tyw•¢d ty Sknill#. OTHER INVESTIP47S 17¥tyJplnv•slm•rts •7￿7 ¢.J76 I7￿1 93,547 168,2021 7.872 IDecrea5eifinC￿ln rl Orouplnv•Jlm•rt¥•t•ndofy• IOS,101 97.817 Colhg•ln¥•ilrn•irt•at•nd olyw do￿ Hédln truK th&UK Trtsl tho1 TL 28.637 65280 2.08S 83•27 58.859 1.917 ¥2 2,430 lund Prrwrty 837 e.1 x4dterm 0•P￿rt$and Cash ToWgrouplnv•Blrn•rts 92 36.111 61. 97.917 Pag8 30 of47

Orig1 Coir Nots8 to the flnanclal 8tatomonts For tho yoar onded 31 July 2025 12 PARENT AND SU8sifAARY im)ERTA￿lIG$ T￿ Cdiwwg 1QO%dlh014a￿a In Unwied, o ¢￿pAnY CyJrferrte4nd olherebwlswthtt•s rAI Ihp c￿ege￿e￿ISeI In 1N% oflhe 15sued In Land. Eylaley Property Urnw. oc(ryJny wth4ding bui14 ￿￿￿t￿￿￿on5e￿1L￿¥ iotrCdWe. P￿tC￿￿& Land. EWtw•ndP((W1y Conferenc• Irtorn Expenthiu 413 116.0231 Dn propwty Ck)n4its)t¢C• utthrkift J 11QJ e81 1.470 11561 Tot& 14ble¥ 138.99SI fundBatlhoert Lrfyo STATEIAEMf o INVESTMENT TOTAL PZTUFW4 The Trustees have adopted a duty auth¢rised poll¢Y of totsl retum accoUnu￿ for the Colle8e INÈstrnent returns. The IDvesttnent retum to be applied 0$ income Isc•lcU￿ted 4$ 3.3%12024.. 3.3%) Iplu5¢05tslof the year-end valuesof the rdevènt Investments. Ewdab T¢ TwstfoT Td Atth• b•olnnlwoflh•>Yr. 3oe82 30,e62 24.244 30,662 24.244 54.0SB lknaPpl￿ Iolal relum Expenthle endmrffl r0ts1 EndLvrnts SI,￿0 ftolartd¢xvMgntl￿￿S Rtcoupmentoftrustrotltr4ernBm Allottlon for Invastmer In%¥im￿l ieluTn l(41 Inveylmenl 423 425 1,W6 3.241 4.355 4,35S 1628) Le￿." ( (0161 11.2441 11401 io, 11401 s,zzo 423 11,8411 11.9441 11.800) 13.6141 ExMndle eThltrMe￿YlranS[91rn￿ tolf￿r￿ 11.8441 11.B141 11.800) 13.6441 423 J,¥ 47•• 3.621 7J2 At•ffldofth•r•po￿￿0pm101'. )1￿8$ 31.01$ 27.620 91.085 27.020 57,609 L￿appI￿d ltsl* 27.$20 57.80# .60• 27.820 Page 31 of 47

0￿1 Colkgp Not05 to tho financlal statom8nts For the year ended 31 July 2025 DEBThgS Gmup Arnourtl•Mln0dwwlthlnon•￿r. Trad￿d￿•S AmurfgvwedbyCL4kgemEmbqrs Lcana P¢¢paym¢nts ana O¢¢lu¢Q m¢om (MhgFdvLIo 14 137 137 12 13 79 740 72 1.07¥ ThereWere￿fflatet￿ bwJLbtorslndudedlnih•4￿oU￿￿s<2024..Eo).Ap￿Q￿Il￿f0rUtdIUld1trt6hl￿y￿un¢wtr￿J￿&tIO1# al e121k12024. e91 CREL¥TQR8'. Wlkng kn wlthlfi y 2026 G￿p ¢￿1• zyJoD rooo I,J38 793 Membws Arnwnis (A¥ed lolknp undertthr 185 1.520 372 A￿u anddp1E￿Qdlnc¢Kn? 1A214 321 1A70 2026 Glo Gmup ¢d £DJo 4702 34.702 ¥701 34.702 In 2021 IhvCd￿lSsUja￿¥￿ep￿qffl￿lt b￿￿￿£s5m￿ao￿th+d2.O1￿I￿rtst￿ofsoy￿ PROWSIONS FOR UAWLITIES AWD CKARGES M)np ANALYSL8 OF MOVEIIENTS ON FUNDS AllAu￿ Atsl 24 242 Felkn¥shy endM Anoenl Greek Phiknjophy ITeathkn9 Fthidl 773 1,448 1.a)5 12BI 47 117) hprnMtry (A￿ Tethn9 Fu ChenMity IT 83 Lc￿9￿￿1v Scq MhSlFlarWI I,Q43 2È 75 137 119) ML¥JEmHisth (RLlhMwdCLv￿￿) 41 145) Page 32 ef47

Orf•l Collgg• Not•8 to tho financ1818tatom8nts For th& y8ar end8d 31 July 2025 $9 159 2,122 Phlh)&ophy i(￿￿nE•￿I PhithDphy of R0I9v)n Ip&fkw￿j Physks Irthotlo&1 TutFinJRF F￿j 2.387 1.707 Issi 136 1,818 57 (33) 1,M2 4218 125 1481 J87 187 127 2.Z13 1.680 118) (31 {10) 19) 132> 1241 73 61 750 L 5enB bu￿d￿1￿￿j 1.649 119) 132 472 8ursary Ic¥dtal ￿n￿$1 ¢DllJJb tL Tu￿￿ ￿tF FL¥vJ hwdshlp lurth 1,479 11,8451 3.078 148 12 62$ 1.#6 1211 12> (61 12) 10 16 ExpendS￿e tunds eipendabKq sch&arsh￿l lthid$ FelLTwghip- aES¥￿ Other Expend&Lle End￿ 711 1,296 422 12 35 TOtaIEndty￿•￿tF￿th.Gf￿p 14786) 11¢.#14 R•strt•tt Funds BuTypry inLxKne fvr F•NMh 61e iiooi 217 1.587 93 841 13011 617 Pnzehmds StuJgnl Couege fi 11,6451 1.645 Panon Lthry prclo In 100 1170} Totsl Restrfrted Fund5- Gri UDre5trirted Fwvjs Designated fund5 Flxed Asset Designated Fund (King Edward streetl Flxed Asset De51gDared Fund15CS and 81 Fixed Asset Desl8nèted Fund Iscdl FSxed A55er Oesl8Dated Fund (SCII East Range proktt FNed A55et Designated Fund IHi8h Street 8ulldir> Fixed Asset Desi8na*d Fvnd Isenior Libtatyl Fixed Asset Designatsd Fund Ueune Streetj (kgan refu￿[shment 2.947 2,554 267 11051 449 257 397 J.941 3,014 31 L916 3.013 3,794 9.717 55 Research fuDd5 Planned Preventatl¥e Malntenance Grounds Maintenanc Musrc Room Furniture College 5POrts att￿lt￿5 OesiBnateLI systern5 upBrade wryks iio 129 General fund5 10,661 Tot•1 UhWIr￿ld FuMl$- Ctywl¥•tsd IL311 Totsl Fund5 UL538 14201 1159131 8.692 14Q,518 Page 33 0147

Orl•l Collg9P Nots8 to the financlal stat•m8nt8 For the y8ar8nd8d 31 July 2025 EnJCrtmèrrtlu￿sgen¢￿eoirwM1rAfJ.Z4?K 12U24.£4.13Ukl Th1¥h￿b￿ll FUl￿80P￿E ¢OLLEae rETAIL8 Follow¥hippndowmvnts CpbtdIutwJsAWor￿¢dtv￿rd5lhV1O￿h1￿gcQ￿t￿￿1hVcOlWJ￿. 1￿M￿lsu￿@dto arad8ffdc acU%4UoslnthB areag Capltd fur￿S￿l￿Calfidl(N1Srd5hÉI￿ng St￿1￿￿13￿hlh￿￿II&lngC0￿lg. In¢oThwls u$¢of￿￿ Ihe lu￿$ Irk iwl$lA c4¥l￿f￿d$4kn￿￿ledI￿a1ds￿ertp￿zeS Incrrfrl• usedfrrffith•fuThJson Prfze1u￿j en¢kn¥rn&itS funos¢n an bUIJ Ctytsl Tund¥ low￿¥ mtinlavlry Ihfr ￿j1￿1r￿ 4nd faul11￿. Income frornth•fund8on anAnn￿gI ba￿• tunds $upport ID slud8nts. Is to ond BtsryJ8ty nd(A¥mèTht$ knd&i C¢1¢o•ur￿¥ bp ujed foTlhE gBnerd wrp0yesd1￿ thartiy capi￿ balanc• dOn￿on￿ vknsr¢ rd4t¢d it¢mt, and e4nèeU5￿tO￿d 5tULntslhrouuhfinanoda￿￿￿r R•Btrf£t•d Funds.. •Jn06 In¢tsh¢ witrtlpd fund Is Ug•J to knd Unsp8nt morwls caTd•d lo￿d l¢)LXrfrtneratedlromthepermanElltlundlsusadtDfunda&4daMk$utyea lncarneoDneraiedlr￿￿th8pSImth￿0fftl1und1$ useot0fundstl￿a￿PsInIttPye 1n(unE9￿￿&ted(rL¥￿t￿pEn￿a￿e￿tr￿1￿jlJusedtO1Und prtlesinl￿Y￿aI Incomè generaled trom fvnd 1$ ity)d assMlance to slthit Incomaoeffler&i•dfr<Jmlh•perma￿nif￿ndisVIIdt¢1un￿r￿Ie4e￿I￿V RO￿￿CtId 1tygDY$tn¢I¢tuiLhmo￿ rflheHi9h St￿t FithJ4$5¢tfundUoedfr¢Jrnthn&tl<)n8l<A¥¥dylh8ref￿￿￿Srth￿￿￿th¢￿￿dry. 2014115. Funais r&￿￿ bylhv rd¥i•d dow•dat￿n chatg•. POzfur￿? slud￿ A5st￿cO legefund gh Str&8t LS cMtwre5tridqdfvndsraL¥odthJrtnutheye gwndryreslnthdk4ft8lnthoy¢arlundlng￿0U¥Qm¢￿v11ern5Off High StRd Builthng FuThl• bythv FiowBlopart payfoTlhe refu￿S￿Me￿ lh#H￿h$I￿8L￿I41￿9cQrnFlOl&1h1th0A￿￿nd1o14￿jty?hn9d•M￿vj R£fur￿Shrnnl Rowowqwjfutwjpd Tl¢Ynprf¢rY￿dè￿g￿at0dfLYth FWAggetfUndSl•rtgèsa￿8 ElnLted le4￿e5 I￿￿￿[d5 r￿LY0 ca￿tal b￿￿ft0 U[￿t￿lled Lknnaliws tth¥ardsth• Mlwti$nm Pth trthard& tho or9An ￿1$￿￿¢nI UniÉriae¢in¢wpuiasJdèf¢rlhpCtIlegetQ4UPPMan<>i￿￿4C￿Olr1E UniE¥ln¢lEd been to CO￿ ungp8Tht u￿r￿￿￿edI1￿Como￿arrn8r￿df0l spWi¢ty)www4ecigfwu¥ein 202S126 CaraFur R•ae*th fur G(ouTrJy.M￿¢RoQM￿d$y4e￿5Up￿thf￿d5 Ihat ￿ly￿ell￿thE gpnEr4 purpJsBs rAth• Cdkn Page 35 Df47

oriol Colleg• Not0$ to th• financlal Ststomonts For th• ygar endod 31 July 2025 ANALYSIS OF tIET ASSETS BEIWEEN Fil> Unre￿￿￿#•d Fwd• Fund¥ Tc T￿￿lL10￿￿￿j 29,21 36.719 1Q4.e49 18,7541 116.SWI 31,719 25T 9.479 110.2021 N6tcurTenl assets Lowt•rmlWIII8s 4177 14702 140, 2024 Funth Funds Ta￿LIefiXed Piop¢rty Invo￿￿nIS 23.186 34.854 87.817 17.jrn 118.5001 87,917 1Q.l15 IM7021 14,3 118,W21 3,1 19.304 3,1JO 151,0 TRUSTEES. AEMUNER4T TThPF•lvw9W￿ ￿lhoTr￿S1￿$0thgComÉyf￿l￿p￿Iés rlth•htyl•JVT8ttdvanor•rNnvntknnforattlno•&¢h•ytrwtw¥￿rt byenhwwtthh th&U￿V￿￿1Y &id t￿¢clIe￿f￿r￿￿4rsd￿￿c W￿￿51h2￿?[o￿detolhP CG41ese. Tru￿8•￿￿1hec￿lWfdlInlOlP￿fL4￿￿b1nqr￿eg0ri TLI(￿￿1 Fdltyv (XhotT88thingFelLW yLrt¢￿ F4h 21 TRUSTEes' REMUNERATK Th8 FaIr￿￿ who ￿t￿TrUsIo￿5 Ltho Cdkg•fortho wpasqs la¥ foT 4s C￿￿ty1￿￿￿•S by dthgr IhB thecc41ew [Orthe￿Ie SthL9 tw prowd&l¢ Ine Cdlew. Fdk Oth￿rT￿¢1￿m9 rnpltye￿ Theue •Xd+m￿S￿d thvj J￿￿1 rryemenisY4ltht￿U￿IVersrtyOf0￿orf. psyrnk¢t rnni on g rnonlNy b3¥$. TheUlea•hssaRamunÉr￿1Dn¢0mffi11l0￿lChffl￿kéS(￿0￿IM0nd￿0n510Go¥￿rIW8ud￿onpty￿￿1ts￿$￿1swhb￿￿t￿￿￿￿￿•xIern￿￿a￿s. Tr cunpo%bunLrftheREffluneion cL￿tte￿i3 ￿ oul ￿l￿ese￿O￿. CO￿r￿n9 Budy. th¢ers and AdwJwJ. Page 36 of47

Odol Colj Nots8 to thè financl818tstsmtrnts For tho y8ar andgd 31 July 2025 R￿u￿￿IlQ￿ pl￿ to tr￿¢•￿• 2025 F•lll O- £4.9 Ol9 E10.000.E14,9 E20,(W£24.999 È25.CWt29.93 £30,OQfy£34.999 £35.o0￿£39.99￿ £40.000-E44.9 E45.000.£49.W) Èso,(￿.É3S. £55,(W.£5999 E60.rKMkÉ64.999 £70.0￿É74.9y9 £75.QW79.999 £80.0￿£e4.999 Eo5.(M)>Éeg.999 £95.OIYk£99. £1W.QKY5£104,999 £115.rKAvÈ119.999 É125,L¥X>£12•.999 49 T(W 01¢53,$25W¢iP#1030tpJ¥tQo￿{2O24..£SP.284I0J3tnJ￿I1.CmtrISt(A￿.£4.62QI2U2l..£13.81lIWas uts4dtr4￿ L¥)8. E48.WS12024.. E4S.5831 wasrdmb￿rw bty)k, r•8eOi¢h4fwJ¢￿￿￿￿l4lcc&￿llS. &book4hxJwwlithl(w$£1.875. SeBabJ ￿te50Rd￿ted Party TrnnsKtia IrAa W￿£585￿12024. ESJ8k). Page 36 of47

NooS to thefin•nclol statsmfrrts For the ygar ?ndgd 31 July 2025 PEN51LY4 Tha￿￿1￿￿•￿1dP¥e$lnl￿o￿ndp￿p&￿s￿ll 8chern¢s1ortt$￿￿-1hgvnWl￿￿s8￿p8i1￿1nL￿1On S¢rmeiussiand Th8USS schern8isahybridpen%onxh8m8. wwthwd￿inQd￿m￿￿¥W￿8Sber￿fftstr48¢@OTrts￿njCLVrt[1buti￿s. Th¢8gS¢tg Qflts Xh¢m¢ In g#paiQt¢ l1u$l¢fv￿DAI￿ts￿JfiA1￿s. mwu¥n•tur•ollh• ¥h•ma. th&a&s￿￿a￿ d SLI. The CdlFge Is ￿ref￿eeWo5od lOa(xuarf￿ rtsks a￿C￿ed￿￿h(rt￿r wnthÉrs' amroy￿ssThI Is ￿na￿￿lO14¢n￿fyrf$ $herfif Underf￿[ llS8dS&ndl￿b1llles0ft￿eSchEmej0￿&(x>n￿￿e￿t andieaJonatrA8￿￿ Asl•q￿￿ by$￿￿028 ofFRS lQ2-Emth¢e Bnrfil$'. tn C￿le￿Il￿re1￿￿￿¢g¥)un13 twthejr￿rne5 ilthEywere wh(41Yd￿ined cc¥rtnbulion sthemey. A3 a resurt. Ihpwnotsnl chw98d lo1￿ •¥p¢tsdrtuT￿CUV￿ r¢we¥¢nl?Ih¢Q¥rtnbLlIOn$WYablptoeatthxherr￿andanYdBr￿llrQcOW1ry cortdb￿l10n8￿ax￿￿Ur￿I aStha￿R￿P1sfft {aSw￿1hec￿SefL41v4￿lry1h￿2o20￿S%va1Uats￿}. lh￿t￿Sta￿ar1￿8sch￿rn￿MU￿a9l9¢aft￿Q￿ piaoth•ide¢enriDe$ r￿e￿Th emooyerwlthintr g¢kn0mewllfu￿J￿OyEr￿l dendl. ThB Cd al￿NIY￿lhe cUrtrfbill￿5 Paya￿th￿t ar15etromth8n8wwm•ni li01￿ thtyi¥e 1¢ o d&iQtl r¢ki¢dexwvE¥ r<(￿￿￿￿￿dthl￿u￿h lhe1ncome￿￿erntrt. Tn•CoM¢y h•$411OmJOvalL4tt￿Nat￿naEM￿Me￿ts￿ngSTruAf￿•Mty0Yeaho￿Qlv￿Ievnrf¢Tv￿0￿￿C qnrdrwTht rEg￿￿on5t0p8n8lc￿I b8n8fiistrrtn nrA 8ll•bl•fot￿￿I USS ¢r ROY￿ L¢￿0￿. d•ii¢# r•¢wwy AdafIrltrwrnry￿OnWaSp￿lTr￿ACeOg ￿ ¢1thè2020bLthn.wtich To4￿rq0￿Yrn￿ 016 %%rA￿•S Ov¢tti perf￿ i Aprfl 2022 L￿1 31 2024. al whlch pobnl Ih&ralow￿1d ￿e￿a￿tr&s.35. Nod￿￿l￿¥￿ tyanwas W￿r0d￿n0￿￿trL4 2023 valua1￿ bPr4u5elhexhe￿WI¥in$Ur￿U5On atéchrdc proVS￿ants&5lg. TheCdl898was nO1￿g8[ 18qulTédtofflaked￿dtr￿￿Iy9tyUnlrity￿th1srrQM l Juwy2024and ettordin¥yIwta￿lbeQ￿9l&￿Cl￿ m91tsAl¢lhEsl￿e1￿P￿l ￿n￿MEa￿deM￿nSÉSdnthSPrtorY4¥ Yri¢st&d1￿e oflhe Rdiremtrt Ir￿me8￿1￿01.I￿dÉTh￿d b¢nefit cthexerne. Is as at 31 M8r¢h2O2311I￿Va1U￿￿d￿9}.w￿K￿WWc￿riEd ￿t￿n9t￿e￿Oieded ncelhECdlegecannot Id8Nifyit#shareofUSSRot1reN￿ Incor￿DUll4•T(￿￿￿VdbP￿efrt1 eyJandlaLIINkn. Th82023vaualonwasth• SO￿￿h ¥￿￿￿OnI￿rthoSeknOM¢yr￿rIhO$Chw￿&$PQ￿rir[u￿d1￿91a51rnO1ThtrQd￿d bylhè Pertlon5 Act 2001. wfmch rewdfes sumd•nt ￿ apyry￿At&aSs8t0¢0￿¢r (￿l￿t #¢hemeww£73.1 tml1ic￿&IWJthPWdUE(rf1￿9c￿erne.s1th￿V￿￿1￿￿nW¥£¥.7 illionityJcn $urrlus (IÈ7.4 ri¢ rf 111 Tha k•yfr•nd in tm2o23vllu￿Th ￿￿X￿bE4 bph CPI I55UmPUon 3.0% 9.4 On 4 Iiw tenn eNpecled levels ol CPI. broèdly ￿5151￿￿¢ wilh lory term m4rk•t .0¥ p.a to 2030. rèdutiThQ io 0.1% p a from 2023 Beneths wlth no t4P.- CPI I4$￿￿￿tI¢￿ plu5 3bp5 6enn15 subh to I-$D￿ rap" gf 5# IprovldlDq Intstlonory Incrè4stt UP to 5%, nd hall eMce55 Infla¢lDTh ovqf Slb up to a maxlmum of IO%I.. CPI minus 3bps FiPIICPI Pensiort itttr4SéS IsubSÈtt to of 0%) PrE-retJremenl.. 2 5¥ po. P051-r•¢ir•moTht-. D.9% P. The m•ln dqmlwraphic •59￿MptIOnS us•d rel4t• ¢oth• mortallty a6&umPtptshS. Th￿e a$sw￿￿t￿n5 •ro b4g•d on nalysls tsrthÈ sthÈm¢s exper*n¢e Urrted ovl •5 Pèrt of1￿ 202O4LtU4￿4l v•lLWtIDn. Thè thortility •55UfftPtlon5 u54d In th48• ngui•& 4r• bs ttsllo¥tS'. Mrrtalliy bise t4b Fvtvrt Imwpwnentsto mortjllly IDI% of52PMA"Ilght" for male5 ond 95% 0153PFA tor ffl4lo5 •nd 1.6% p4 Iorkn41Ès ThÈ turtwt IlfE ex e¢linae5 T￿1r￿Ent al a 2025 2U24 Fem4léscurrèntly $5 lye•rtl 1401￿ currentlv o9ed 45 Iwrsl 2S.5 25.0 27.2 27.2 P898 37 of 47

Orig1 Colkg Notss to tho fonanclal statomgnl% For th8 year ended 31 July 2025 TAXAMON Thè¢￿￿1$ eioie advant•7•C4¢￿14￿a￿Thobns•oL1bl0l0Ck¥￿￿sf￿laN￿ndnrn￿￿ ofinc¢)rn•andcjr4Won¥re¢vediOlh•￿errtthdts1J¢￿ 1ncomèandoansa1èty￿Ie￿t￿eXdu￿V￿Y￿8ri1aL￿epUrPO3eS NOli?L¥lilyloc￿[ati0ntllXUnleJi￿thPcuNe4e￿￿ub$￿￿CQrnpuny￿￿S)￿￿&U5@1hQdkallt<￿S IhlsAhesecomp8nyllesi hllveInLfjC&edth￿ IhEyinlendlo mEkeduTrahOn¥e￿YearlpIh?C0negVeqUal1D1￿?laXaL1eP￿rt5Q(IhecQY￿￿￿￿yU￿Llt￿e RE¢ONUuAT￿I4 OF NeT Itrxoml￿ RESOiIRCE8 TO NETCA8H FLV•IFR¢X OPERATIONS Ovo GToup r4•tlftwMw(•xp•￿M 13.381 an￿￿t￿￿rn ItKom 15,8281 14.9601 (8,fj 19.05ZI 16391 Dapr￿￿oft Oor4p#¥¢UlnCrtIS¥l DarXth￿oI(InCr￿8￿1 In thb IDgcroAsèwnuèAaè In CTed reB5ePlncfease In (81 255 ANALYSS(¢A$HAIID EQIIVALENTS 2024 S.25 Tt•aiury thprats FthkeogrMWlSll•SSthan 31ThXlh$i 11258 NETOFBT 2024 rorh) C8vhat bgnkandln Tr&wury dEPO 5.15U 13,5LX)) 134.71El 134.702) 29.622 FIP14PXIAL COFAA1rr￿ENTs At31 JUtythvC￿I•yh￿ *nnull bva• 2024 Ye 17 ThE Cal42 ￿ dWlheft￿￿￿IW￿mL¥Jnls(pJ￿ag￿j1?ayp 5 y• Y•Ar1 Yg•M 2 Tot41 ng Eol¥8rdsireetlHigh Street Oxfo￿1 re$vJ¥iiai &Mth 947 415 2.734 I￿26 Page40 of47

Oriol Coll8go Not•s to the financlal statemants For the year ended 31 July 2025 CAATAL C￿￿￿￿1ENTs TheCoiiwhltr)Miethdo>MrnRmenisa¢31 Julyforithur•¢a￿l8p￿￿$C•£Z.l9ekI2￿-ts. RELATED PARTY TPAN5ACTKINS raatthi•rAp. Fot purrN)e•¥. th+u￿￿ratyAndth￿rth￿cr￿￿sr•M1 tmal8d oa rd¥t¢d w4•fiMd ID FRS 102 4mberg o1hVG￿M1￿98ody, whDBtslhèlN9t4¢9¢flhec￿l￿AAo P￿1¢$¥>do[lA￿jtyFRS 102.tp¢avei4munqrion UndfaL7￿b￿￿59rnFI￿yOBIL ih# C￿￿0￿. D￿18 Oftht9¢ gMramty￿SedOXp?￿O&&$1￿$I¢$$ separ￿￿YIn IhO$èfin￿￿ 9tatmOnts. Dunnyir￿YO0rthoc(￿log¢ctheffj¢Q8t￿￿e7sk[2OZ4. t191k)100I4C<4¢ContwèneoknmdfOrmw¢m¢ntLtswa lo￿$￿￿￿￿1￿ryOf Th8Ul8ooW¥dub￿ftaddonat￿ThS0lÉjJlkfortko2ts2￿l2SflnSTh￿Wi1%OI4. e290k) Al Iwr•D#ab•wKod£lB8kwastywed iolhp CLII4E DuriwthpyearthvCdlBgELupJ¢JtoWofÈ1kl2024 È7kloLaTrJ. E￿&￿5￿dPrUpErty￿Tr￿ed foirnNwerrththllroDsa 10O%autr￿￿wYOf AlyQwenda￿nL*d£loki5￿UoatYOW1•￿d 12024..£0} CONTINGENT UA&LrnES JJ eoNTINGENI UAeiuMES POsTBALANCESH￿EvEN75 Page 40 of47

Corporate Ststus Orlel College of the Unlversity of Oxford {"the College") Is an eleemosynary chartered charitable corporation aggregate. Having been first established as Tackley's Inn in 1324,. it was founded by 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 assets were conflrmed by Letters Patent granted by James I In 1603. The College conslsts of the Provost and Fellows ('Scholars'l and is governed by Its Statutes dated 21 January 1326 as amended up to 10 July 2008. The College registered wlth the Charlty Commission on 31 March 2011 (registered number 11419761. Governlng Body The Governing Body is constituted and regulated In accordance wlth the College Statute5, the terms of which are enforceable ultimately by the Vlsitor, His Majesty the King. It determines the ongoing strategic direction of the College and regulates its administration and the management of Its flnances and assets. It meets regularly under the chairmanship of the Provost. The Members of the Governing Body are the College's charlty trustees under charity law. The rnembers of the Governlng Body who served In office durfng the year or subsequently are detailed below.. Lord Mendoza (Provost) Professor Andrew Boothroyd Professor Annette Volfing Professor David Hodgson Professor Lynne Cox Dr Oliver Pooley Professor Bruno Currle Dr lohn Huber Professor Yadvinder Malhi Dr Christopher Bowdler Mrs Juliane Kerkhecker Professor Michael Devereux Dr Julia Mannherz Professor John Armour Profe550r Gonzalo Rodrlguez Pereya Professor Lars Fugger Professor lan Horrocks Ms Sandra Robertson Dr Wllliam Wood Dr Yakov Kremnitzer Dr Mungo Wllson Dr Dmitry Ghllarov {appolnted April 20251 Dr Jamie Lindsey (appointed October 2025) Dr Olivia Elder Dr Kathryn Murphey Professor James Sparks Dr Tom Johnson Professor Lyndal Roper Dr Paul Yowell Professor Justln Coon Professor Hindy Najman Dr Luca Castagnoli Professor Teresa 8ej.an Professor Patrlck Farrell Dr Victor Acedo-mateiian Professor Julien Devriendt DrAndrew Wells The Revd. Dr Robert Wainwright Dr Nicholas Gasklll Dr Sumana Sanyal Dr David Maw Professor Mark Wynn Professor Timothy Elliot Dr Cécile Bishop Mrs Margaret Jones Mr Marco Zhang Dr Dominlc Alonzl Dr Bernadette Young Recru5tment and Tralnlng of m•m￿r$ of the Governing Body Members of the Governing Body are elected on the recommendation of appolntment comrnittees, which normally include external members. Most are selected for their outstanding Page41of47

academic achievements and teachlng abllltles wlth other non-academlc members are selected for speclflc management roles. Extensive referen¢es are taken prlor to appolntment. All new Fellows are brSefed on the governance of the College and thelr dutles as trustees. All are expected to attend training to ensure they are fully aware of their responsibilities. The members of the Governlng Body normally meet up to 10 times a year. The work of developing their policies and monitoring the implementation of these is carried out by three principal standing commlttees land a number of other standing committees covering specific areas of the College's activities), which are advised by three governance committees. The principal standing committees, which monitor College management and strategy, are the Flnance and Estates Committee {advised by the Investment AdvSsory CommSttee and the Audlt and Risk Committee), the House Committee and the Educatlon Committee, all chaired by the Provost. The principal governance committees are the Audit and Risk Committee, the Investment Advisory Committee, and the Remuneration Committee. All have an external chairman, a malorSty of external members, and in the case of the Remuneratlon Commlttee, the members are not remunerated by the College. The members of committees are detaileij below.. Finance and Estates Committee The Flnance and Estates Commlttee Is the standlng committee of the Governing Body wlth responsibility for considering, acting and reporting on any matter pertalnlng to the financlal affair5 and estates of the College. The Committee is chalred by the Provost wlth the Vlce Provost, Treasurer and Development Dlrertor as permanent members. There are an additional four Fellows who slt on the Commlttee, at year end.. Dr Bowdler, Dr Wilson, Professor Coon, and Professor Devrlendt. The external members at the year-end were Mr Charles Skinner. Mr Gregory Eckersley attends the Committee In hls capaclty as chair of the Investment Advisory Committee and has been co- opted as an external member. Education Committ The Education Committee is a standing committee all matters of education policy and strategy and academic vacancies or impendlng vacancles whlch may be referred to it by the Governing Body or any Trustee. The Commlttee is chaired by the Provost with the Vice Provost, Senior Tutor, Senlor Dean, Tutor ft)r Admissions, the Tutor for Graduates and the Fellow Librarian as permanent members. The Commlttee can elect up to an addltlonal flve Fellows to sit on the Committee. At year end, these were.. Dr Farrell, Dr Huber, Dr Alon21, and Dr Elder. The Treasurer, Head of HR, the College Librarian, Academic Registrar and Academlc Staff Officer attend all meetings. Pa)842 ￿47

House Committee The House Committee is a standlng commlttee whlch conslders and revlews matters such as the condltlon of College buildings, the arrangement5 for catering, and the provlsSon of accommodatlon, IT facllltles, and teachlng rooms. The Committee is chalred by the Provost with the Vice-Provost, SCR Stewards, Senior Dean, the Senior Tutor, and the Treasurer as permanent members, wlth the College Llbrarlan and MCR and JCR representatives in attendance. There are two additional Fellow5 who 5its on the Committee at year-end.- Dr Elder and Professor Wynn The Domestic Bursar, Head of LT, Financial Controller, and Head of HR attend all meetings. Audlt and Rlsk Commlttee The Audit and Rlsk Committee exlsts to revlew, on behalf of the College, the effectlveness of the external audit, internal audits, the financial statements, internal controls and overall financial governance. 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 Governlng Body on the flnanclal statements and Its work durlng the year. Its external members are.. Mr Slmon Heale Mr Fergus McDonald (formerly non-executlve Dlrertor, Scotiabank Europe plcl Dr Peter Alsop18ursar, Wadham College) Ms Lynn Bamseyt Head of Audlt Weybourne Dyson Famlly Office (retired) Mr Christopher Fisher (previously chalr of the governlng body of the Unlversity of Reading and of the Marshall Scholarship Programmel- At year end, the Governing Body members are: Dr Bowdler Professor Boothroyd Dr Volfing The Provost, Treasurer and Flnanclal Controller attend all meetings. Internal audits ère undertaken, provided by an external party, Gravita. Investment Advlsory Commlttee The Investment Advlsory Commlttee conslsts of Fellows and mefflbers of the College wlth relevant èxpertise. The Committee meets at least twice a year to review investment perforrnance and advise on investment strategy and reports annually to the Governing Body. It is also consulted by the Treasurer on matters that arlse durlng the year. Its external members are.. Mr Gregory Eckersley (former Global Head of Internal Equities, Abu Dhabi Investment Authority IADIAI. Elected chair May 2023.) Chair Mr Ewen Cameron Watt (formerly Chlef Investment strateglst at Blackrock Investment Institute) Page43of47

Mr Jonathan Lane (former Chalrman, Shaftesbury plc.) Mrs Alexandra Mackesy (Partner, Board Level Partners; formerly Head of North Asian Equlty Research, Credit Sui55e) Mr Mark Rosen (Partner of Advection Growth Capital and former United States Executive Director of the Intematlonal Monetary Fund). The Governing Body member is.. Dr Bowdler. The Provost. Treasurer and Flnancial Controller atter¢d all meetings. Remuneration Committ¢¢ The Remuneration Committee consists of up to three independent members, a professorlal Fellow and a member of another College. The Committee meets twice a year to review matters of remuneration policy and any slgniflcant remuneratlon Issues ralsed by members or by the Governlng Body. External members at the year-end were: Mr John Tranter (former Bursar, St Cross College) Chair. Professor Mark Philp (Emeritus Fellow) Mr Phllip Parker (Bursar, Brasenose College) The Governlng Body member at year end was.. Professor Devereux. The Provost, Treasurer, Head of HR and the Financlal Controller attend all meetings. Group Structur• 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 subsldlaries: Land, Estates and Property Limited and Oriel College Conferences Limited, whose annual profits are donated to the College under the Gift Aid Scheme. The objertive of the College's subsidiaries IS to help finance the achievement of the College's aims and objectives as set out above. The subsldiarles, artlvltles are as follows: Oriel College Confèren¢ès Limlted: Runs the Commercial conference activity of the College Land. Estates and Property Llmlted: Provldes deslgn and constructlon servlces contracted by the College The College Is part of the collegiate Unlversity of Oxford. Materlal Interdependencles between the Unlversity and the College arise as a consequence of this relationship. Pagp44 c*47

Offlcers and Senior Staff The officers and senlor staff of the College to whom day to day management Is delegated are as follows: Lord Mendoza - Provost Dr 01Sver Pooley - Vice-Provost Dr John Huber Senlor Tutor Mrs Margaret Jones Treasurer Dr Oominic Alonzi Senior Dean Professor Julien Devriendt - Tutor for Admissions & Outreach Dr Paul Yowell Tutor for Graduates Mr Marco Zhang - Development Dlrector Mr Colln BaSley - Master of Works Nr Joseph Cole Academic Reglstrar Mr Oliver Sladen Financial Controller Mr Wikus Smit - Head of Infom)atSon Technology Mr Matthew Morgan Domestl¢ Bursar Ms Nina Thompson - Head of Human Resources Ms Aarti Basnyat - Head of Communlcatlons Mr lan Sklnner - Commerclal Property Manager Mr George Connolly - Director of International Partnerships and Programmes The remuneration of senior College staff is set by reference to nationally agreed pay scales and local condltlons. PRINCIPAL ADVISERS AND BA14KERS Auditors Price Bailey LLP Tennyson House Cambrldge Buslness Park Cambridge CB4 OWZ Internal Auditors Critchleys LLP Beaver House 23-28 Hythe Brldge Street Oxford OXI 2EP Bankers Royal Bank of Scotland 119-121 Vlctorla Street London, SWIE 6RA Barclays I Churchill Place London E14 5HP Investment Managers Balllle Glfford & Co Llmlted Carlton Square, l Greenslde Row Eijinburgh, EHI 3AN Blackrock Charities and Endowments team 12 Throgmorton Avenue London, EC2N 2DL Pa9&45 of46

Oxford University Endowment Management King Charles House, Park End Street Oxford, OXI IJD Charles Stanley 25 Luke Street London, EC2A 4AR Cazenove l London Wall Place London EC2Y SAU Investment Property Managers {South London) Bells Commercial Ltd Golding House, 130-138 Plough Road Clapham Junction London. SWII 2 Investment Property Advisors (Oxford) Vall Williams New Barclay HoLtse Botley Oxford OX2 OHP Legal Advisers Knlghts Midland House Westway Oxford, OX2 OPH Blake Morgan Seacourt Tower Westway Oxford, OX2 OFB Mills and Reeve 24 King William Street, London, EC4R 9AT Address Orlel College Oriel Square Oxford, OXI 4EW Website www.orlel.ox.ac.uk @Orieloxford {https:I/X.com/OrielOxford) www.facebotsk.com/OrlelCollegeOxford/ https'.//www.linkedin.coM/schoollo￿e1-CoIlege-0Xf0rd https'./lwww.instagram.comlorfeloxford/ www.tiktok.coml@orieloxford Facebook.. Llnkedln: Instagram.. TikTok- Pag8 46of46