2024-07-31-accounts

THE QUEEN'S COLLEGE OXFOtLD ANNUAL KEPOKT AND FINANCIAL STATEMENTS YEAK ENDED 31 JULY 2024

The Queen's Colloge. Oxford Annual Report and Flnanclal Statemonts Contents Page Governing Body, Officers and Advisers Report of the Goveming Body Audilorfs Report 14 Statement of Accounting Policies 17 Consolidated Slalement of Financial Activibes 22 Consolldated and College 8alanc8 Sheets 23 Con80lid8ted Slalemenl of Cash Flows 24 Notes lo the Flnanclal Statements 25

The Queen's College, Oxford Governing Body. Officers and Advisers Year ended 31 July 2024 MEMBERS OF THE GOVERNING BODY The members of the Governing Body are the College's tharity trustees under charity law. The members ol the Goveming Body who seNed in office during the year or subsequenlly are detsiled below. Dr C H Craig CBE Prof P A Robbins Provost Dr R 8 Nickerson Retired 30109r21r24 Prof R A Taylor Prof J A Langdale Prof E J C Mellor DrNJOwen Prof O L Rees Mr N C Bamforth Dr K A Q O'Reilly Prof C B Louth Prof C J Norbury ProfJ P K Ooye Prof M J Buckley Prof S Aldridge DrA Tlmms Dr P Papazoglou Dr L R Lonsdale Prof R L Beasley Dr C V Crowiher Prof C A O'Call8gh8n Prof L L A Phalippou Prof D Meyer Prof A M Gardner Prof P Tammaro Prof L A Tumbull Dr J L Guest Prof R B Parkinson Dr C M S Melcalf

The Queen's College. Oxford Govorning Body, Officers and Advisers Year ended 31 July 2024 Prof S A Whldden Dr D Prout Prof J P Kealing Prof C E J Abell Prof R S WeathenJp Prof S B Kelly Prof J A Carillo de la Plata Dr C P O'8rien Prof S J Leedham Dr M P on￿George Prof K Leeder Dr D Egger Prof 8 Schulman Elecled 19110r2022', msigned 3010912023 Prof E Slack Prof E Hudson El•ct•d 18110r2023 Prof E Varon Elected 1811of20¥d: rnslgned 3010912024 Prof L MeGirr Elect•d 23110r2024 Prof T J Atxln aected 2311012024 DrKEDuffy Elected 23110r2024 Fellows are lisl8d in order ol app￿ntMent to the Goveming Body. Fellows elecled to the Goveming Body do not have voting rlghls during their first year 8nd are therefore not considered to be trustees during that period. Fellows served on committees during the year unfess otherwise indicated. The- symbol indicates that a Fellow has ceased membership of a committee since 31 July 2024. The ' sy7nbol indicates that a Fellow has joined a committee since 31 July 2024. The ' s￿nbO1 indicates non-voting membership of a committee. During the year the actiwlies of the Govemlng Body were carried out through committee5. The current membershSp of the major committees is shown above for each Fellow. Eststes and Finance Committee Domus Committee Academic Committee Development Committee Personnel Committee Remuneration Committee Goveming Body members of the Remuneration Committee who receive remuneration trom the College are in 8tlend8nce only at thal committee and are not enlilled lo vote.The extem81 mewnbers of the Remuneration Committee are: Mr A Beecroftl-). Mr C Doley {chair), Mr N Kilchenl-). Mr P Newton. Ms M Daly, Ms S Habib.

The Queen's College, Oxford Governing Body. Officers and Advisers Year ended 31 July 2024 COLLEGE MANAGEMENT The members of the Governing Body to whom da￿t{￿daY management is delegated are as follows.. Provost Dr C H Craig Bursar Or A Timms Senior Tutor Prof S A Whldden Dean Dr C M S Metcalf {fr(xn 0111012024) {Dr R B Nickerson to 3010912023) Tutor for Undergraduates Prof C B Louth Tutor for Gra(luales Prof R L Beasley Tutor for Admissions Prof R A Ta￿or They are supported in particular by th8 (olkjwing senior staff: Domestic Bursar Ms M L Bracey Ilo 30111120241 College Accountsnl Mrs K A D8nbels Academic Adminislralor Mscott Director ol Development Dr J B Jacobs Chaplaln The Revd A Watson Librarlan Dr M Shaw COLLEGE ADVISERS Investment property managlng agents Sovllls, WWham Court, 11 West Way, Oxford. OX2 OQL Lambert Smith Hamplon. Enterprise House. Ocean Way. Soutrtamplon. S014 3XB Auditors Critchleys Audit LLP. Flr8t Floor. Park Central. 4041 Park End StreeL Oxford. OX11 JD Bankers The Royal Bank of Scotland. Drufflmond House (EWI Branch. 1 Redheughs Avenue. Edinburgh. EH12 9JN Solicitors Womblè Bond Dickinson (UK) LLP, Oceana House, 3949 CommercAal Road. Southamplon. S015 1GA Knights pl¢, Midland House, West Way. Botley. Oxford. OX2 OPH College address The Queen's C￿169e. High Street, Oxford, OX14AW Wob stte I so¢lal medla www.queens.ox.ac.uk I X: @Queenscollegeox l Facebook and Instsgram: queenscollegeoxford

The Queen's College, Oxford Report ofthe Goveming Body Year ended 31 July 2024 The members of the Governing Body present their Annual Report for the year ended 31 July 2024 under the Charities Act 2011 together vAth the audited financial ststements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The Provost and Scholars of the Queen's College in Ihe University of Oxford, %thich Is known as The Queen's College 1.the Colleg&"I, is an eleemosynary. chartered charilable Corporation aggregate. 11 was founded, under licence granted 18 January in the year 1341 by King Edward the Third. by Robert de Eglesfield. Clerk. Chaplain lo Queen Philippa. The ColLege registered with the Charity Commission on 23 June 2011 Iregist8red number 11425531. The names of all members of the Goveming Body at the date of this report and of thos8 In officè during the year, together with details of the senior staff and advisers to Ihe College. are given on pages 2 to 4. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng documents The College is governe(I by its Slalules date(113 February 2019. Govfjmlng Body The Goveming Body is conslltuled and regulale(i in accordance with the College Slalutes. the terms of whlch are enforceable ultimately by the Vlsitor, who is the Archblshop of York. The Governing Body appoints the Provost. Fellows, Lecturers, and such administrative and other officers as the Governing 8ody deerns necessary from time lo time. New member5 of the Govemlng Body are elected in acconlance wttti the Col￿ge St8tules. Membershlp Is extended lo the Prov051, all Fellows holding UniversilyAssoci8te Professorships or st8lulory professorial chairs, and such other Fellows of th8 Colleg8 as the Goveming Body deems appropriate on tha basis of the Stslules. The Governing Body determines the ongoing strategic direction of the College and regulatgs tts administration ané thè management of its finan¢e$ and assels. 11 meots regularfy. Chair￿ by Ihe Provost, and is advised by committees which it constitutes. Rocrultment and tralnlng of members of the Governlng Body New members of the Governing Body are recruiled by competitive application for advertised vacandes 8nd inducted Into the workings of tha College. including Goveming Body policy and procedijres, by meetings with College offi¢eTS. hAembers of the Governing Body are briefed annijally by the Provost ￿ current Issues in the sector and updates lo regulatory requirements. Student rep￿sentativeS attend the Goveming Body for the unreserved part of the agenda. and represenlalive5 of the College's Research and Career Development Fellows, plus some members of the senior staff, attend the Goveming Body fcK unreserved and reserved ilerns of the agenda. Remuneratlon of members of the Govemlng Body and senlor Collegè Staff The members of the Goveming Bodyare primarily leaching and research employees ofthe College or University and receive no remuneration or benefrts from their trusteeship of the co1￿￿. Those Iruslees who are employees of the College receive remuneration for their work as efflployees of the College which is set based on the adwce of the College's Remuneration Committee. ihe voling members of which are currenuy Old Members of the College not in receipt of remuneration from thè College. wh￿ possible, remuneration 15 sel in line with that awarded to the Universilys a￿deMiC stsff or comparable posts at other colleges. The remuneration of senior College staff is sel by the Goveming Body with referenc8 lo scales appli& to academic•relaled staff in the Universty. Organisational management The members of the Governing Body meel ten times a year. The woth of devek)ping thelr polldes and mtsniloring the implementstion of these is Carried out by six wmary committees.. The Eslales and Finan￿ Committee includes Ihe Pro￿81. Bursar, one fomier IKJkler of the office of Eslales Bursar. and four furth8r Fèllows, and meets nine b¥nes per year. The College Accountant attends meetings.

The Queen's College, Oxford Report of the Govoming Body Year •nded 31 July 2024 The role of the Committee Is to examlne the management of the Cdlege's property and assets and all matters connected with the finances of the College. The Domus Committee includes the Provosl, Bursar. Dean. Tutor for Undergraduates, IT Fellow, Steward of Common Room. and elected Fellows, and meets six timès per year. The Chaplain, Domestic Bursar, IT Officer, and Conference and Functions Officer attend meeungs together with 51udenl representatives and representative of the College's Research and Career Development Fellows. The Committee ovèrsees the use of facilities, routine maintenance and refurt)ishment, accommodation and catering, IT provision, and conference and trading activities. The Academic Committee indudes the Provosc Senior Tutor. Tutor for Undergraduates, Tutor for Gr8duates, Tutor for Admissions, and at least two fvrlher Felknws. together wth two student representatives and a representative of the College's Research and Career Development Fellows. It meets six times p8r year. The Academic Adminislralor attends meetings. It oversees Ihe academic activities of the College and in particular makes reC￿MendatIonS lo the Goveming Body in relation to academic appoinlmenls. strategy, feedback, and governance. The Development Cornmittee consists of (h& Provost. Butsar. Iwo further Fellows, a number of Old Members, ané 8 representalivo ol the College's Research and Career Development Fellows.11 meets three times per year. The Director of Devebpment and Old Members. Officer attend meetings. Ils role is to maintain good relationships with Old Members of the College and lo overs98 the Coll8g8's fundraising activities. The Personnel Committee consists of the ProvosL Bursar. Senlor Tutor, Equalrties Officer, and tsvo further F811ows. The Dome$tle Bursar attends meetings. Its role bs lo Gonsider personnel mallers that relate lo tho non-academlc employees of the College. The Remuneration Commitlee meets lo consider the remuneration of Members of tha Goveming Body. The Committee conslsts ol seven members elected by the Goveming Bodyfrom among the Honorary, Emeritus. and Professorial Fellow5, and Old Members of the College who are not members of the Goveming Body. It Is attended by the Provost and another F8llow who acts as secretary. No voUng member of the ￿mmIt￿6 may draw a slipend from the College. The day-tt>day running of the College is delegated lo the Prov05t, $upported by College offlcers and other senior staff. The Provost nomia15y chairs all meeungs of the Goveming Body and iEs committees. In 2023-24 the Govemlng Body and its commitlees mel in-person throughout the year, save for the Long Vacab'on meeting In July 2024. As is customary from lime to time, the College is currenuy rewevitng ils arrangements for governance. In 2023- 24 a working group made a number of ￿¢0MMendatIonS lo the Governing Body lo improvè the 8fficiency of its meelings, and the College will Irial these measures in 2024-25. The Provost and Bursar are also members of an informal governance forum established by thè ts)Ileges of Oxford to enable wider discussion of points of common interesl. Group structure and relatlonshlps The College also administers many trusts and specific funds. as outlin8d in nolas 19 and 20 to the financial ststements, and has two wholly owned non•charilable subsidiaries.. The Queen's c￿lege Oxford Trading Lirniled l QCOTL.; a company registered in England an(J Wales, number 071925491 and The Queen's Colleg8 Oxford Developments Limited I"QCODL': a company fegistered in England and wa￿S, number 096686611. QCOTL primarily prO￿ldeS letting of the College faGilrties for conference and other events when not in use by the College. Any proffts are donated to the College through Grft Ald. QCODL promdes design and development se￿iceS in respect of the CcAlege's buildings. Any profits are donated to the College through Gift Aid. This company 15 £￿[rendY domiant. The Cdlege is part of the collegiate UnNersity of Oxford. Material interdependencies between the University and the College arise as a consequence of this relationship.

The Queen's College, Oxford Report of the Governing Body Year ended 31 July 2024 OBJECTIVES AND ACTIVITIES Charitable Objects and Aims The College's objects are lo maintsin a College for the advancement of education and r8s80￿h and the advancement of religion. The College's aims for the publiG benefit are: {11 The advancement of education and research for the benefit of the publlG. in a range of subject ar&as as determined from time lo time by its Governing Body. including through.. lal the provision of teaching. supervision, 8ccommodation and other fornis of support for undergraduate and graduate students.. and Ibl the provision of a Library which shall include wor1(s for consjjttation by qualrfied scholars. 12) The advancement of religion for the benefrt of the public. Induding through the provision of a Chapel affiliated urith the Church of England and through Ihe holding of seNces and assoclalèd events. The Goveming Body Is mindful of thè long•Standing requirement lo provide public benefit and of the disclosure requirements of the Charities Act 2011. In this connectlon the Governing Body has contlnued to monitor closely thè general and supplemental guidance produced by the Charity C¢ynmission. Actlvltlos and objectlvos of the College and subsldlarfes 111 To carry out educallon and research acbwties jointly wtth the Universlty. Thls Involves payTh&nt of salaries anrl the provision of infrastructure including office spacè and 8dmini$tralive support. 121 To supplement the educ811on provided jointly wth the University wilh lu10ri81 leaching provSded by College- only appointed ieachers, and by provision of ils own Library and IT facilities, and welfare, soclal, cultural and recreational facilitie5 to enab18 88ch of ils sludents lo reallse their ae4demi¢ and personal poten118110 its fullest exlenl. 131 To supplement the research actiw'ues r( promotes lolnltybwih the University by providing Collegeryonly funded research Fellowships and by Providing an 8nvtronmenl for inleraclion between researchers. In addition il provides funding in support ol Iheir research to members of the Cdlegfr. and provides faalili88 for visiting researchers, including 8ccess to a valued research Library. 141 To admit undergraduate and gradu8te students wilhoul wy restriction subject only to Satisfaction of publlcised academic critèria. Tuition fees are regulated on a national basis. The College accommodates most of Ils undergraduales and roughly one third of tts graduates. For such costs and other costs home undergradualo students are ellglble for student loans under the nauonal scheme and for Oxford Bursarfes on a means-lesl8d bas15. 151 To provide varlous fom$ of finanual assistance to both undergraduate and graduate sluéents through prizes. scholarships, and grants lo allow them to pursue projects vthich further thelr sludle8, and lo provlde targeted sijpport In cases of hardship. 161 To support 8 number of 8c¢ess-related acbvitles. w)vkled to engure that the infomialion needed to apply for admisslon lo the University is diss8minaled as w￿elY as possible. 17) To provide and support a Chapel affiliated with the Church of England and through the holding of daily services and 8ssocialed events that are open lo ihe public. The employment of a Chaplain facilitates the above and provides ministry to all students wilhoul regard to religious affih'ation. The CcAlege m8int81ns a Chapel Choir which complements and enhances the liturgy. The aim of The Queen's College Oxford Trading Limited is to prowde financial support for the achievement of the College's aims as set out above. The aim of The Queen'5 College Oxford Develotments Limited is to I￿¥bde design and development Se￿1¢eS in respect of the College's buildings.

The Queen's College, Oxford Rèport of tha Governing Body Year ended 31 July 2024 In 2023-24 the College admilted 9712023.. 106) new undergraduate studenls and 8512023., 81) p051graduate studenis (including five PGCE students), bringing Ihe iotal numbers in residence to 371 {2023.' 4021 and 255 12023.. 2301 respectively. plus five registered visriing students. Five new part-time College Lecturers were appointed to supplement the leaching provided by Fellows. One Junior Rese8rch Fellow, one Career Development Fellow, and one tutorial Fellow were appointed. No fvrlher gra(Juate students were appointed as new residenllal Junior Deans. College represenlalive5 ran a series of events to address pupils from groups of schools lo explain th6 admissions procedure and the benefits of sttsdwng at Oxford. The College supwrted other colleges and University departments with further events. The College's commitment to improving access to higher education for all, and in particular lor those from backgrounds wrthoul a strong tradilion of university education. was affimied by the Trsources allocated to Schools Liaison and Outre8eh, where a total of £226,960 12023= £216,463) was spent in th8 year. In addition to its regular actsvrty on this front. the College continued its Partnership with The Aecess Project, which funds dedicated staff who work in schools to support disadvantagèd students lo get lo the best universities. This partnetship will strengthen the College's historic Ilnks to the north wesl ol England. The College belièves that the best academic Work takes place in a balanced environment., il supported undergraduate sport, music and other non-academic a¢tsvities during the year. £170,47812023-. £131.9291 was spent in support of 811 sports, £3,76712023-. £3,569) in support of mLSSiC lin addition lo supporl ol tha Chapel Choir), and £43.81712023.' £36,181) on the student common rooms. The Library was open to re8ders throughout the ￿1. It purchased new resources as requlred in 5UPPOrt of the students at a cost of £57,261 12023: £55,250}. Mgmbeis of the College were very active in research In a range of fields. The Coll¢ge supported this work wlth research gran15 and allowances lo a total of £115.052 12023.. £123,213). Thls contribution makes 8 slgnlficanl difference lo the final quality of work that can be achigved in many disciplines. 7712023.. 741 chorol service5 and two weddings were held in Chapel. Attendance at midweek services roso 10 42 people on aver8ge12023: 311. In 8ddition. Iwo r+èw worshy services wth the College's Chri8tl8n Union wer8 held in Chapel each tem. Publlc beneflt The College remains committed to the alm of providing pubfic benefit in a¢¢ordanee wth Its founding prlnclples. It admlts as students Ihose who have the highest potenbal for benefitting from the education provlded by the College and University an(J recrsjits as academi¢ staff those who are able to contribtjte most to the academic excellence of the College. regardless of financial, geographical. ethnic, social or religious b8Gkground, or age. It provldes subsidised accommodation and meals to students at reasonable rates. It offers accommodation lo all of the undergraduate body and to roughly half of the graduates, including all of those in their fir51 year of sludy. In order to assist undergraduates enlilled lo financial support the College provides funds lo the Oxford 8ur5ary Scheme. For the academic year 2023-24 the number of awards made to Queen's students was 72 12023.. 621, the totsl value ol which was £287.613 12023: £209,448). 43 12023: 301 Queen's students were awarded Crankstart Iformerfy Moritz-Hey7nanl Scholarships, providing bursaries of £224,44812023.' £138,685) in lolal and fee reductions of£6,OQO12023.' £25,000). In addition the College awarded 912023.. 231 Scholarships. each ￿7th a value of £450, 43 12023.. 301 Junior Scholarships. each wlh a va￿$ of £300, and 3012023.. 271 Exhibitlons. each with a value of £150, to undergraduales on ocademic merit. wthout reference to background. To support the costs of graduate students the Ccllege made a number of Scholarship awards, including a growing nLsmbeT of fully fvnded studentships for both fees and living cosls. to a total value of £612,731 12023.. £629,581). The College was parb'cularly pleased to continue to support the University of Oxford's 8lack Academic Futures scheme through the award of two postgr8duate scholarships which provide financlal support lo black students. Support wa5 a150 again provided trj the Universty of Oxford's Graduate Scholarship Scheme for Ukraine Refugees, which provided 8 schOla￿hIp and accomm(xJation to one refugee Student al the College in 2023-24. In addllion, the College operates a targeted Financial Assistance Scheme. which make5 awards to both ijndergraduates and graduates up to a totsl value of £1 5.00012023.. £15.0001. The College provides academic support to sludenls through tx)ok and equipment grants and an academic travel grant scheme which logether made awards totalliny £133.12912023= £93.1211 in 2023-24.

The Queen's College, Oxford Report of the Governing Body Year ended 31 July 2024 The College operates an outreach programme to raise educauonal aspirakn and attract outstanding applicants who rnighl not otherwise have considèred 8pplwng lo the col￿ge. It employs a fvll-lime Schools Liaison and Outreach Officer and the programme involves visits by sCh￿IS to the CL￿lege. open days. and guidance and Informatlon lo applicants and teachers. During term.lime the Chapel hosts daily moming and evening serwces on weokdays (the evening service taking the fomi of Choral Evensong on Wednesdays and Fridays). and Holy Communion and Choral Evensong on Sundays. All services are open to the public., Choral Evensong. in partTrcular, is well attended thanks in part 10 the outstanding quality of the Chapel Choir. The College also maintains ils historic connection with the work of the Church of England through its involvement as Patron of 21 parishes: the Choir visited. and thg Chaplain preached al, one such parish and a smaller group of singers sang al another. The College hosts a substantial programme of musical perfom)anees that are well attended by the public, including weekly Organ and instrumentsl recila15. In addition the College hosts. free of charge, a number of concerts by Oxford-based ensembles. induding the now4elebrated Oxford Lenl Concerts, the proceeds from whlch are donated lo charitses. As well as providing an excellent serylce lo current member5 of the College. the Llbrary holds an oulstsndlng collection of pre-1800 books and manuscripts. many of which are unique. In 2023-24 91 12023.. 791 external readers consulted 17112023.. 1291 items from Ihe special collections. The underground extension to the Library. which opened in 2017, has continued lo be a popular and well-used facility. The College maintains 8 Sports ground, primarity for the use of its members, but which is also used extenslvely by local clubs, especially durlng the vacatsons. ACHIEVEMENTS AND PERFORMANCE 101 12023.. 991 undergraduates passed final examinations in June 2024. including 3712023.. 42) wllh first Glass honours lof which three were awarded merit and iwo distincti￿1, 8nd during the ¢OLTrf5e of th8 2023-24 academic year 3312023.. 341 graduates wmpleted ￿C￿oral research degrèes. Afurther 3112023.. 331 completèd graduate taught cours8s, five completed the Cllnlc81 Medl¢ine IBM Bchl degree, and four complèted Poslgraduale Certificates in Education. In the flnonuol year 2023-24 the College received £9.285,844 (2023.. £2,388,757) in gifts from Old Mombers and other benefactors. Totsl income received was well ahead of expectallon5. and the sums exponded on fund- ralsing were nevertheless w811 controlled. Thls was an excellent result and the College Ss particularly grateful for Ihls generous support. The largest dOnat￿n was 8 Iransfomialive gift to endow petTnanently the College's lulorial Fellowship In Music (henceforth the Waverfey Fellowship in Music) and a dlrectorshlp of the Chapel Choir, afong with further funds lo support the Choir. The College is voluntsrily registered wth the Fundraising Regulator and has commltted lo follow Ils Code of Fundraising Pracllce and the Fundraising Promise. The College's fund-raising is carried out by empbyees, overseen al a strategic level by a Development Committee consisting of Irustees of the College together with number of representstives of the Old Membership of Ihe College. The College prioritises its long-lerm rel8tionship with Old Members over short-temi considerations, and always endeavours to raise funds In a respectful and moderated manner. Any Old Member who does not wish to be contacted for fund-raising purposes can easlly opt out of such crxnmunicalions. and all relevant staff are traineé lo respect such preferènces. The College received no complaints about its fundraising activity in 2023-24. QCOTL undertook the letting of College facilities to varrous dients. Tumover was In Ilne wlth expectations. QCODL did not trade in the year and, as noted above. remans d(￿ant. FINANCIAL REVIEW The College's financial perfomiance during the yearwas strong. Total tharil8bl& and tr8ding income were ahead of expectalions,. invéstment income was larger Ihan nornal latthoLEgh this is partly the effect of a change in dividend payment date resulting Irom the transfer ofthe Cdlege's UK equities between fundsl- and an unusually high sum was given to the College in donations. Nel income before gains was £7.539.00012023.' net expenditure of £2,010,000). This rèsult refiects the strong perfomance of the College in temis of income generatlon, and also disciplined control of charitsble expenditure

The Queen's College, Oxford Report of the Goveming Body Year ended 31 July 2024 (reflecting, 8mongst olher things. a significanl redurAion in the employer contribution rate for the USS pension scheme). Investment management costs rose. ￿lch largely reflects the effect of 8 full year of higher interest paymen15 on the College's long-term debt. which had increased modesuy in the previous year. The Colleg8'5 balance sheet was helpfully strengthened by the elimination of provisions for deficit recovery in respect of defIne￿beNerrt pension schemes. This is a consequence of the reversion of interest rates lo more hisloiically typical levels. which results in greater discounting of the liabiliti'es of the schemes and a consequent reduction lor Indeed eliminatronl of their funding deficits. The endowment assets produced e tot81 return of 12.6%12023: 8.1%). comprising income of 1.5°1012023'. 1.2°/01 and a capital gain of 11.OY.12023.. 6.90/.l. This resuli comprises a very small loss in commercial property V81ues, set agalnsl strong grovrth in equity prices and sorne in¢r8asès in agricultural land valuos. The College also benefited from a long-awaited major disposal of land for residential development at Keresley, Coventry. At the end of the year the funds of the College ha(J incrgas&J from £453.491.000 to £507,218,000 net of long-term borrowings of £41,884,00012023= £41,879.0001. Resèrves pollcy The College's reserves policy Is to maintain Sufficient free reseNes to enable11 to meet ils ghort-term flnanclal obligations in the event of 8n unexpected revenue shorttall, to allow the College lo be managed efficiently and lo provide a bLrffer Ihal wouks ensure uninterrupted services. In practice the College aims to hold at least six months, of expenditure in reserves Ic. £9,000,000) and iries to achieve this by careful ¢onlrul of unrestricted expendilure. Total funds of the Co118ge Bnd ils subsidiaries at the ye8r-end amounted to £507.218,00012023.. £453.491,0001. Thls includes endowrnenl capf(al of £380,304,00012023'. £343.123.0001 and unspent reslricled income fun(Js lolalling £18,005,000 12023.. £14.464.000). Free reserves at the year-end amounted lo £20,946,000 12023.. £14,733,000), representing retalnod unrestricted income reserves excluding on amount of £30,548,00012023'. £32,942,ODOI for the book value of tangibl8 fixed assets less assoclale(I funding 8rrangemgnts. Designated funds 81 the y8ar-ond included £57.414,000 {2023: £48.229,0001 for the maintenancè and r8furbi8hmenl of the College's buildings, to be spenl as required and usually witrtin 10 years. The $laluses of the College's funds, including free and designated reseryes, are described in notes 19 and 20 lo the financlal slalements. The Governing Body. advised by the Estates and Flnance Commrtteo. has d8termlned the reserves lo be sufficient and in line Ihe reserves policy. Golng concern The Governing Body has considered ￿ether lo adopt the golng concem basis In preparing Ihese financial ststements. In support of this, h has recelved periodic reviews of the College'5 finances from the Burs8r, and the Eslales and Finance Commiltee has kept under review the wder economic conlexl on the College's finances in the short- and medium-leTm. The College has healthy liquidity, owns substsntial endowed resources, enjoys buoyanl levels of demand from prospecb.ve students, and is ready and able lo constrain expenditure growth if necessary. The Goveming Body is therefore confident thal the College has more than adequate resources to continue its activities for Ihe foreseeable future. and Gonsiders that there are no uncertainties concerning the College's viability. Risk manag•m8nt The College has processes which operated throughovl Ihe financial wr to identify, evaluate and Manage the principal risks and uncertsinties faced by the College and ils subsidiaries in undertaking their activities. When it is not able to assess risks using internal resources, Ihe Cdlege tskes advice from experts external to the College with speciali51 knO￿edge. Policies, procedures. and the risk register are ￿vieWed ￿inCIpallY by the Estates and Finance Commlttee, with input from olher relevant c￿lege comffltttees. Sn aédilion, the Domestic Bursar and domestic heads of sections meet regularty to review heallh and safety and personnel matters. and in temi the Bursar chairs a regular meeting of the most senior stsff of the College. The College has instiluled a continuous programme of monbtoring and improvement in heatth and safety matters. with advice regularly provided by 10

The Quoen's College, Oxford Rèport of the Goveming Body Year ended 31 July 2024 suitsbly qualified petsonnel. Training courses and other forms of ￿Teer development are available, when requested. to members of staff lo enhance their skills in risk-related 8re8S. The Governing Body, which has ultimate resrM)nsibility for managing any risk5 faced by Ihe College, has reviewed the processes in placè for managing risk and the principal idenlified risks to which the College and its subsidiaries are exposed, and has concluded that adequate systems are in place to manage these risks. In particular, the Goveming Body has identrfiefj and reviewed a register of risks in the following areas.. govemance, finances, academic matters. and operations. Specific risks considered in the past twelve months include.. governance processe8. government Oicy and regulalion (including preparation for the introduction of new 18gislalion on freedom of expression which did not. in the event. lake effect). the financial health of the College, the condition of College buildings {wth respect to energy effictency as well as stsndards of provision for postgraéuale students in particular), health and safety, and business continuity {includlng the Possibility of cyber attscksl. The Governlng 8ody also devoted a sesswjn lo considering risk land risk-appetilesl at its 'away da in January 2024. In 2023-24 the Govemlng Body noted that for the first time In many years thè rlsks adslng from the valuation of the USS pension scheme had re¢eded. In particular. the deficit recovery provisions on th8 College's balance sheet (which previously also includetl provisions in respect of the Oxford Staff Pension Scheme) have been ellminaled. This, combined with a reduct￿￿ in employer contributions to the USS scherne. is financially b8neflc181 to the College. The College also paid particular attention to rlsks arising from its accommodation buildings. Some of these are consequent lo the challenges posetl by the condition of the Florey Building. a glade Il. listed building whose refurbishment is unviable. The College has spent many years analysing the options il faces in this respect, and has benefitted from comprehensive expert advice from planning. heritage. comm8rciaS, and18gal perspeclivos. In 2023-24 the GB concluded Ihot the building will be mothbal￿￿ for a Considerable period ol time. This frees the College lo consider other and better ways lo improve ils provision of $tud8nt acoJnmodalion, particularly for postgraduates Iwhere current aryan98menls are suboptimall. The Colleg¢ has continued to pay close allenlion to the mawecortomic dimale. The College's budg81ing process was smooth and the Eslal¢s and Finance Committee once again surveyed a long-term forecast outlining the College'5 financial suslainabilily over the coming de¢ade, vthich was judged to be sallsfaclory. Now that the recent inflationary period has Teceded. the College has been able lo pLgn the next phas¢ of its financial 1118 with greater confidence. A notable developmenl wll be the introduction of a 'Queen's weighting, la discrellonary allowance paid to many of those employees whose salaries are linked to national hlgher-education pay scalesl. This is one way in which the College wll address the dfficullies of exists'ng in a city that is particularly expensive,. 11 Is also particularly concemed lo keep in mind the challenges faced by lower-paid employees. To Ihls end the College now implements Incre85e5 in the Oxlord Living Wage at the earliest opportunity. In more general terms the College is mindful that the financial fU1u￿ may become more challenging, with increases in payroll costs Ilkely and no clear indication of ￿ether undergr8du8te tuition fees for horne students will recover the considerable h)ss in real income that has been imposed on the sector in the past decade. In 2023-24 the College has Blso conlinved lo benefit from improvements in. and modemisallons of, working practices that have followed from the introduction of ngw contracts of employment for almost all non4cademic employees. Investment pollcy* obJectlv85 and perforniance The College's investment objecttves are lo balance current and fijture beneficiary needs by.. maintaining lal least) the value of the investments in real terms over the long term.. prcijucing a consistent and sustainable level of income to support expenditure", and delivering these objectives wlhin acceptable levels of risk. To meet these objects'ves the College's investments 8$ a whole are Tnanaged on a total return basis, maintsining diversification across a range of asset classes in order to pr(xluce an appropriate balance between risk and return. In line with this approach. the College slatutes allow the College lo invest perrnanenl endo¥fv7nents to maximi5e the related lolal return and to make available for expenditure each year an appropriate proportion of the unapplied total retum. The initial value of the trusl for investment an¢J the initial value of the unapplied total

The Queen's College. Oxford Report Dfthe Gov$ming Body Year ended 31 July 2024 return were established on 25 June 2011 and take effect from 1 August 2002. These values were established by ex¥min81ion. to the extent reasonably possible, of the ternis (where known) of historical benefactions lo the College. The investment strategy, poliry, and perfomi8nce are monitored by the Eslales and Finance Committee. At the year end, the Collega's long-tem investments. combining the securities and property investments. lotalled £484,255,00012023.. £462,671,000). Under the total relum accounting basis. il is the Governing Bodys pdicy to exiracl as income a percentage of the total endowment value. The figure depends on the split between property and securities (less borrowlng costsl and in the current ye8r was 3.54% 12023.. 3.51%). To smooth and moderate the amounts withdrawn, income is calculated using the average of the year-end endowment values in each of the last five years, corrected for inlalion. The Goveming Body will keep the level of income wthdrawn under review to balance the needs and interes15 of current and future benefluaries of the College's activities. FUTURE PLAN8 The core elements ol tho College's fuluie plans 8s agreed by the Goveming Body a￿= lo work wlh the UniveTsily of Oxford to Idenlffy. encourage applications from, and offer places lo, prospective Students solely on the basis of Ihelr academic excellence and polential lo benefit from the opportunit(es provlded by the College. lo provlde the best possible enmronmenl for the scholarfy pursuit of knowledge in tho arts, s¢len¢es. humaniiles. and social sciences. including the provislon of indlvidual or small-group le8chlng and supervision and the support of academic research, and to support and encourage members of the College in ways thal wll help them to achieve their full academic polenlial,. to increase support for rnembers of the College who would othethse be unèble to engage fully In scholarly pursu6t 88 a consequence of finanoal disadvantagè or dlsability., to ensure the long-terTn financlal seujrfly of the College. and the integrity of Its rosldenllal and educatlonal facllitSes. Sp¢Gillc developrnenl plans have been agreed, where ne￿sary. for the separate departments within the College lo ensur8 that the College continues lo enhance its ability lo provide a first-class education in an academic environment rooted in research. In the year 202>24. and amongsl other things, the Coll&ge will.. continue lo make efforts to improve the academic resutts attained by its undergr8duales and to support the academic work of ils postgrdduates. continue its search for new sitss and buildings suitable for student accommoda￿On', contlnue to work lo reduce Ihe col￿ge'S carbon Yootprint. and in parllcular consider a commi5sionod report on possible improvements to the energy efficiency of the main site- conslder the organisational structure of the noTracademic staff: conclude a re￿eW of its investment asset-allocation policy. monitor a nurnber of lrialled new arrangements for improved govemance. 12

The Queen's College, Oxford Report ofthe Governing Body Year ended 31 July 2024 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body is responsible for preparing the Rep(wl of the Goveming Body and the financial statements in accordance with applicable law and regulatFons. Charity law requires the Goveming Body to prepare financial stalements each financl81 year. Under that law the Governing Body has prepared the financial statamants in 8ccordance wth United Kingdom Generally Accepted Accounting Practice IUnite(J Kingdom Accounting Stsndards and applicable lawl, including Financial Reporting Standard 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 1021. Under charity law the Goveming Body must not approve the financial statements unless it is satisfi8d that they give a true and fair view of the state of affairs of the College and of its net income or expenditur8 for that perlod. In preparing these financi81 ststements. the Governing Body is required lo: Select the most suitable acwunting poliues and then 8pply Ihern consistentl￿. make judgments and accounting eslimales that are reasonabk and prudent., state whether applicable accounting standards. including FRS 102, have been fc41owèd, subject to any material departures dlsclosed and explained in the financial statements- stste whether a Statement of R8commended Practice (SORPI applies and has been folbwei1, subject lo any material departures which are explained in Ihe financial statements. prepare the financial statements on the going ￿n￿rn basis unless 11 Is Inapproprlale to presume that the College will continue lo operate. The Governing Body is responsible lor keeping proper accounting records that are sufficient to show 8nd explain the College's transactions and disclose with reasonable accuracyal any ts'me the financial position of the Colleg8 and enable il lo ensure that the financial $tal8menls comply with the Charities Act 2011. It is also responsible for 8afeguardlng the assets of the College and ensuring Ih*r propèr application under charity law and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Approvod by the Govemlng Body on 4 Decembtsr 2024 and signed on ils behalf by.. Dr C H Cralg Provost 13

The Queen's College, Oxford Independent auditovs report to tho Twstaes of The Queen's College. Oxford Oplnlon We have audited the finanaal statements of The Queen's College, Oxford (the "Charity") for the year ended 31 July 2024 which comprise the Statement of Accounting Policies. the Consolidated Slalemenl of Financial Activities, the Consolidated and Gollege Balance Sheets, the Consolidated Cash Flow Statement aNd notes to the financial statements. The financial reporting framework thal has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally AGcepted Accounting Praclicel. In our opinion, the financial statements= glve a true and fair view of the stale of the group and chafiws affairs a5 at 31 July 2024 and of tha group's income and expenditure for the year then ended., have been properfy prgpargd in accordance wth Unrted Klngdom Generally Accepted Accounting Pradic8', have been preparet1 in accordance *4th the requirements of the Charities Act 2011. BaBls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audlt of the financial slalemenls section of OUT report. We are independent of the Charity in accordance with the elhlcal requirements that are relevanl lo our 8udit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirem&nls. We believe that the au(Jit eviden¢8 we have oblalned 18 sufficienl and approprlate to provide a basis for our oplnion. Concluslons r•latlng to golng con¢•m In audillng the financial st8lem8nls. ￿ hav8 condud•J that tho Twsl885 use of th8 going concem basls of accounting in the preparallon of the fin8ncial slalemenls is appropriate. Based on the work we have perfonned, wè have not identified any material unc8rtaintses r8lallng lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo contlTTrue as goSng concern for a period of al least 12 months from when the financial stslernenls a￿ aulhorised for issue. Our responsibilities and the responsibilthes of the TnJsle8'S With respect to going conc8m are described in the r8lèvanl sections of th18 report. Oth•r Inforrna￿on rhe Trustees are resportsibl8 forthe other lnfomial￿i. The olher infom70bon ¢￿priSeS Iha information included In the annual report olhar than the financlal ststements and our auditor's report Ihereon. Our opinion on the financia1 ststements does not cover the 0th8r infoimalion and. except lo th8 extent othewse explicitly staled in our report. we do not express any form of assurance condusion thereon. In connection with our audit of the financlal statements. our responsibility is lo read the other infomialion and, In dolng so, consider whether the other inlorrnation is Tnalerially inconsistent vAlh the financlal stat8ments or our knowledge oblalned in the audlt or otherwise appears to be materially misstated. If we identify such materi81 inconsistencies or apparent material misslalements, we are required to delermine whether there is 8 material mis5talernenl in the fin8nci81 ststemgnts Ix a material misstatement of the other informat+on. If, based on the work we have performed, we conclude that there Ls a material misstatement of this other information. we are required to report that lact. Wo have nothing to report in this regard. 14

The Queen's College, Oxford Independent auditorfs report to the Trustees of The Quoon's Collego. Oxford Matters on which w8 are raquirèd to report by exceptlon We have nothing to report in respect of the f￿lOW4ng matters In relation to whlth the Char￿leS Act 2011 requires us lo report lo you rf, in our opinion.. sufficient accounting records have not been kepL the financial statements are not in agreement wth the accounting records and ratums. or we h8ve not obt8ined all the information and explanations ne￿ssary for the purposes of our audit. Responsibilitles of tha Trustees As explained more fully in the Ststement of Accounting and Reporting Respon￿bIlItIeS (set out on page 141, th8 Trustees are responsible for the preparation of the financial statemen¢s and lor being satisfied that they give a true and fair view. and for such inlamal control as they determine 15 necessary to enable the preparation of rinancial statements thal are free from material misststernent. vthether due to fraud or error. In preparing the financial 8tstements. the trustees are responsibk for assessing the Charity's ability lo conlinue as a going conceTn. disclosing, as applicable, matters relaled to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operation5, or have no realistic alternative bul to do so. Audltor's responslbllltles for the •udlt of th• financlal $ta¢emenls We have been appoint￿ as auditor under Section 144 of the Charitles Act 2011 and report in bccordance wlh the Act and relevant regulations made or having effect thereunder. Our objectives are to obtsin reasonable assurance aboLrt whether the financial ststements as & whole 8re free from m81eri81 misstslemenl, whether due to fraud or error, and lo issue an auditorfs report th81 includes our opinion. Reasonable assurance is a high level of assur8nce, bul is not a guarantee that an audit conducted In accordance with ISAS IUKI will always dèlect a matèrial mi$statemenl when it exists. Misstatements can arise from fraud OT error and are considered material if. individually or in th8 aggr8g8t8. Ih8y Could reasonably be exp8¢t¢d to influen¢e the econombc decisions of users taken on the ba8is of these financlal statements. Irregularitie8, including fraud, are instances of nonrycompliance with laws and regulallons. We design procodures In line wrth our responsibili11è5. oudinèd above. to detect material misstatements in respect of irrggularilies, Including fraud. The extent to which our procedures aro capab59 of detocting irregulariti8s, including fraud is detslled below.. Our approach to idenlrfwng and assessing the risks ofmalerial misstatement In ffj5PeCt of irregularitles. Includlng fraud and non-¢ompliance with laws and regulations. was as follows.. Ihe engagement partner ensured that the èngagement l¢am ¢o11gctivety had the appropriate competence, cap8bilitiès and skilLs lo identrfy or recognise non-complianc8 with applicable laws and regulations., we identified the laws and regulalions applicable to the charity through discussions ￿th Trustees and other management. and from our kno￿8￿ge and experience of the client's sector., we focused on specific laws and regulations which we consldered may have a direct matedal effect on the financial ststements or the operations ofthe charity, including Charities Act 2011, Office for Students and Oxford Universtty requirements. taxation legislation. dala protection, employment and pensions, planning and health and safety legislalion., we assessed the extent of ccthpliance with the laws and regulations identified above through making enquiries of managemerrt an(J, where relevant. inspectsng legal correspondence,. and identified laws and regulations were communicated wthin the audit team regularfy and the team remained alert to instances of non-complian￿ throughout the audiL We assessed the susceplibiltiy of the charity's financbal slatements lo material misstatement, including obtsining an understanding of how fraud might rKcur, by= 15

The Queen's College, Oxford Independent aUdit0￿S report to the Trustees of The Q￿en.$ College. Oxford making enquirles of Trustees and other management as to wtheo they consldered there was susceptibility to fraud. their knowledge of actu￿, suspected and alleged fraud- and considering the internal controls in place to M￿gaI8 risks of fraud and non-complian￿ ￿th laws and regul8tions', To addres5 the risk of fraud Ihfough management bias and ovenide of controls, we: performed analyti￿1 procedures to idenlify any unusual or unexpected rel8tlonshlps: tested journal entrtes lo identify unusual Iransactions; assessed whether judgements an(1 assumptions made in delerminlng the accounting estimates were indicative of potential bias- and Investigatad the rationale behlnd signfficant or unusual transactions; In response lo the risk of irregularities and non•compliance wth laws and regulations. w8 designod proceduffjs whith included. but were not limited lo.. agreeing financial statement disdosures to underlying SUPPOrt¢ng dc¢umentation; reading the minutes ol meetings of th080 charged with govemance.. enquiring of m8n8gemenl as lo actual and potenti81 Iltigation and clalms; If consldered n8cessary. revlewlng correspondence with relevant regulators and the tharlws lègal ad￿sOrS. There are inherent limilalion$ in our audi( procedures described above. The more removed that laws and regulations arè from financial transactions. Iho less likely il is that we would become aware of non-compliance. ALsdiling standard5 also lim1t the audit procedures required lo Identify non•compllance w7lh laws and regulallons lo enquiry of the Trustee5 and other management and the inspection of regulatory and legal ¢orrespondenca, if any- Material misstatements that arise due to fraud can b* harder to delect than those Ih8t 8rise from error as they may involve deliberate concealment or collusion. A further description ol our responsibilities for Ihe audit of Ihe financtal slalements is located on the Financlal Reporting Council's website aL www.fr klauditorsre This description forms part of our audllor's report. Use ofour report This report is made solely to the Truslees, as a body, in accordance wilh section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audil work has been und8rtakgn so that we might stste lo the Tru51ee8 those matters we are required lo slate to them in an audttor's report and for no other purpose. To the fullest extent pem)itted by law. we do not a￿p1 or assume responsibility to anyone other than the Trustees as a bctsdy, for our audit work, for this rewrt. or the opinions we have formed. Critchleys Audit LLP Statutory Auditor Firsl Floor, Park Central, 4¢>41 P8rk End Street, Oxford. OX1 1JD 6112124 Critchleys Audit LLP is eligible lo act as an auditor m temis of sections 1212 01 the Companies Act 20Ck%. 16

The Queen's College. Oxford Statement of Accounting Policles Yaarended 31 July 2024 1. Scope of the financial statamonts The financial staternenls present the Cons￿1d8ted Statement of Financial Activities ISOFAI, tho Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiaiies, The Queèn's College Oxford Trading Limited and The Queen's College Oxford Developments Limited. The Subsidiaries have been consolidated from the date of their fornialion being the dale from which the College has exercrsed control through voting rights in the Subsidiaries. No separate SOFA has been presented for the College alone as currently pemiitted by the Charity Commission on a concfjssionary basis for the filing of consolidated finarÈcial ststements. A summary of the results and rinancial position of the charlty and eath of its material subsidiaries for the reporttng year are disclosed in note 13. 2. Bas15 of accountlng The College's individual and consolklated flnanclal $tatements have been prepared In accordance wlth United Kingdom Accounting Standards, in paty'cular'FRS 102: The Financlal Reportlng Stsndgrd applicabl8 In the UK and Republic of Ireland, IFRS 1021. The College is a public benefit entity for the purposes of FRS 102 and a reglstered ch#dty. The College has therefore also prepared its indlvi(iual and consolidated financial ststements in accordanc8 wlth 'The Slalemenl of Recommended Practice applicable lo charities preparin9 their financial slalemonls In accordance with FRS 102, (The Charities SORP IFRS 102)). The financial slalemenls have been prep8red on a going concem basis and on the hi$tOriC81 cost basls, excgpt for the measurement of investments and certain financial assets and liabilities 8t falr value with movements In value reported wthin the Statement ol Financial kntivitie5 ISOFAI. The principal accounting policies adopted are set out below and have been applied consistently throughout lh6 year. 3. Accountlng ludgem•nts and estlmatlon uncertalnty In preparing financial statements it is necessary to make certain judgements, eslimal88 and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Goveming Body to have most sIgn￿eant effect on gmounts recognl8ed in the financlal statements.. The College carrf88 Investment WOP8rty at foir v81ue in the balance sheet, changes In falr value being recognised in the income and expenditure section of Ihe SOFA. Independent valu3tions arfj obtalned to d81&rmin8 falr value al the balance sheet date. Before legacles are recognlsed in the financial ststements. the Govemlng Body has lo exerclse judgement as lo what conslilutes sufficient evidence of enllllemenl to the bequest. Sufficient enlrtlement oxisls once notification of payment has been r8ceived from the execulorlsl of the estate or estate accounts a￿ avaSlable which indicate there a￿ sufficient funds in the estste afler meeting liabilities for the bequest lo be pald. With respect lo the next financial year, the most signrficanl a￿aS of uncertainty that affect the carrwng valu8 of assets held by the College are the level of investment retum and the perforniance of irsvestmenl marf(ets. 4. Incom8 recognltSon All Income 15 recognised once the College has enliuement lo the income. the ewnomic benefit is prob8ble and the 8mount can b& reliably measured. Income from fees, office for Students SUPPt)rt and other charges for services Fees receivable, Office for Students support and charges for services and use of the premises Are recognised in the period in which the related servsce is provided. Income from donatlons, grants and legacies Donations and granis that do not impose specific future perfornancfrrelaled or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donab'on or grant 15 probable. Donations and grants subjecl to performance-related COnd￿onS are recc*Jnised as and when those conditions are mel. Donations an($ grants subject to other specrfic conditions a￿ ￿cOgniSed as those conditions are rnet or their fulfilment is wholly within the control ol the College aThl it is probable that the specified conditions will be mel. 17

The Queen's College, Oxford ststoment of Accounting Poll¢i¢s Year ended 31 July 2024 Legacies are recconised following grant of probate and once the College has received suffident Informallon frorn the execLrtorlsl of the deceased's estate lo be satisfied that the gift can be reliably measured and that the economic benerrt to the College is probable. Donations, grants and legacies accruing for the general purposes of the College are credited lo unrestricted funds. Donations, grants and legacie>which are subjed to conditions as lo their use imwsed by the donor or set by Ihe temis of an appeal are cxediled lo the relevanl restricted fund or. where the donation, grant or legacy is required to be held as capital, to Ihe endowment funds. Where donations are received in kind las dislincl from cash or other monetary assets), they are measured at the fair value of those assets at lh8 dale of the gifL Investment In¢omo Interest on bank b8lanc8s is accounted for on an accrual basis interes1 T8￿gnIsed In the period lo which the Interest relates. Incoma from fixed interest debt securllles is recognlsed uslng the effective interest rate rnethc￿. Dividend Incc4me and simllar distributions are recognised on the dale the share interest becomes ex- dbvldend or ￿en the right lo the divldend Can be established. Incorne from inveslmenl Prope￿.e8 is reo)gnised in the perfj¢JJ to which the rental inwme relates. 5. Expendlturo Expenditure is accounted for on an acryuals basls. A liability and related expenditure is recognised when a legal or conslruclive obligation commits the College to expenditure that will probably roquire settlemenl. the arnounl of which can be reliably rn8osured or estim81ed. Grants awarded that are nol perfOrMance￿elated are charged as an expense as soon as a legal or constructive obligation for their payment 8rises. Grants subject lo perfomiance-related condillons are ¢xpen5ed as th8 specified conditions of the grant a￿ met. All expenditure including sUPPQrt ¢osts and govemance costs are allocated or apportloned to the applicable expenditure ¢ategories in Ihe Ststement ol Financial Activities (the SOFA). Support costs, whlch Include goveman¢e costs Ic0515 of cOmpl￿ng wlth constStulonal and stalulory requirements) and other indirect costg, are apwioned to expenditure categories in the SOFA based on the estimated amount attributsble to that acttvity in the year. either by reference lo stsff time or the use made of the undedying assets. as appropriate. lThecovefable VAT is included with the Item of exp8ndilure to which il relates. Intra-group sales and charges belween the College and its subsidiarigs are exduded Irom Iradlng Income and expenditure in the consolidated finorKial statefflents. 6. Lea9es Leases of assets that transfer substsnlially all the risks 8nd rewards of ownership are class￿ed as finance leases. The costs of the assets held under flnance leases are induded wthin fixed assets and depr8Cl3tion is charged over the shorter of the lease lefm and the assets. uselul lives. Assets are assessed for impairment at each reporting date. The corresponding capital obligations under these leases are shown as liabililies and recogni5ed al the lower of the fair value of the leased assets and Ihe present value of the minirnum lease payments. Lease payments are apportioned between capital TepayThenl and finance charges In the SOFA so as to achieve a constsnt rate of interest on the remaining balance of the liability. Lease8 that do not transfer all the risks and rewards of ownership are classified as operating leases. Rèntals payable under operating leases are charged in the SOFA on a straight line basis over the relevant lease terms. Any lease incentives are recognised over the lease temi on a straight line basis. 7. Tanglble fixed assets Land is ststed at cost. Buildings and equipment are stated at Cost less accumuL4ted depreciabon and any accumvlaled impairment losses. Expenditure on the acquisition or enhancement of Lqnd and on the acquisition. construction and enhancement of buildings which is dirgcuy attributable to bringing the asset to ils working condition for ils 18

The Queen's College, Oxford statement of A¢¢ounfjng Policles Yoar ènded 31 July 2024 intended use and amounting to more than £10,0￿ together with expenditure on equipment wsling more than £10.000 is capilali5&d. Where a part of a building or equipment is r￿a¢e￿ and the costs capitalised. the carying value of those parts replaced is derecognised and expensed in the SOF Other expenditur& on equipment incurred in the normal day-trH18y running of the College and ils subsidiaries is charged to the SOFA as incurred. 8. Depreciation Depreciation is provided lo write off Ihe cost of all relevant tsnglb￿ fixed assets.1oSS theirestimated residual valug. in equal annual instslments over th￿r expected useful economic lives as follows.. Freéhold properties, including major extensions 50 years Leasehold properties 50 year8 or period of lease rf shorter Building improvements 10-50 year8 Equipment 4- 10years Freehold land is not depreclatèd. Tho ¢osl of malnt8n8nce is charged in the SOFA in the perlod in %thich11 Is Incurred. At the end of each reporting period. the residual values and useful lives of as$8ts are reviewed and adjusted f necessary. In addition, if events OT change in arcumslances indicate that the carrying value may not be recoverable then the carrying values of tsngible fixed asselg are reviewed for impairment. 9. Herltago Assets The College has a numbor of assets, including items of art and historic texts that meet Ihe definition of heritage assets under the SORP. The College has chosen lo hold heri(8ge assets al cost, bul because of their age and in many cases unique nature, reliable historical cost information is not availab58 for these assets and could not be obt8ined except al disproportionate exponse. However, the depreclatad historic cost of these items is considered to be now immaleri81. 10. Investment• Investmenl properti88 are inltially recogni$ed 31 Iheir cost and subseouenlly mèasured at their fair value market valu81 al eoch reporting dale. Purchaw and sales of inveslmenl Prop8￿88 are racognised on exchange of contracts. Llslod investments 8re initially moa$ured al their cost and subsequently measured at their fair value al each reporting dale. Fair value is based on their quoted price al the balance sheet date wthout deductlon of the estimated future selling costs. Investments such as hedge funds and private equf(y fvnds which have no readily Identifiable market value are initially measured at their costs and subsequently measured al their fair value at each reportlng dale wlthoul deduction of the eslimaled f￿￿re selling Costs. Fair value is based on the most recent valuations avallable from their respective fund managws. Changes in fair value and galns 8nd10sses arising on the dlsposal of investments are Credited or Charged lo the income or expenditure section of the SOFA as 'g8iris OT losses on investments, and are allocated lo the fund holding or disposing of the relevant investment. 11. Other financial instwments Cash and cash équivalents Cash and cash equivalents include cash at banks and in hand and short temi deposits a maturity date of three months or less. b. Debtors and credltors Debtors and creditors receivablg or pa￿ble wthln one year of the reporting dale are carrietj at their at transaction price. Debtors and credttors that are receivab￿ ￿ payable in more than one year (which are 19

The Queen's College, Oxford Statement of A¢¢ountlng Policies Year ended 31 July 2024 not dassified as concessionary loans) and not subject lo a market rate of interest are measured at the present value of the expected fvlure receipts or pa￿ent discounted al a market rale of interest. 12. Stocks Stocks are valued al Ihe lower of cost and net reali5able value. cost being the purchase price on a first in. first OLJt b8SiS. 13. Forolgn currencl The functional and pr8sentstion cvrrency ol the College and its subsidiaries is the pound sterling. Transactions denominated in foreign currencies during the year are translaled into pounds sterling using the spot 8xchang8 rates at the dates of the transactions. Monetary ass8t8 and liabiliti88 denomin8t8d in foreign CUTrencies are translated Into pounds slerlkng al the rates ap￿￿n9 at the reporting date. Foreign exchange gains and losses resulting from Ihe settlement of transactions and from the translation of monetsry assets and li8bililie8 éenominaled in fcweign Cufrencies at the 8xch8nge rates at the reporting dale are recognised In the Income and expendllure sect6on of the SOFA except whèn defèrred and Snltlally crediled or charged in 'other recognised gains and losses, as qualifying cash flow hedges. 14. 'Total r•lurn' Investment accounting The College's statutes authorise the College to adopt a lolal retum. basis for the investment of rts permanent endowment. The College can invesl its permanent endowments ¥￿thOut reg8rd to the capit8lllncome islinctions of standard trust law and wilh discretion to apply any part of the a¢curnulaled lolal return on the inveslmenl as income lor spending each year. Until this power is exercised, the totsl return is accumulated as a component ol the endowmenl kn¢)wn as the unapplied lotsl relum Ihat can be elthar be relalned for nveslment or release to income at Ihe discretion of Ihe G¢)veming 8(xly. 15. Fund accountlng The lolal funds of the College and ils subsidiaries are allocaled lo unrestricted. reslricled or endowrnenl funds based on the tèrms set by the donors or sel by the lems of an appeal. Endowmanl funds are further sub4ivided into pemianenl and exp8ndablg. Unrestricted funds can be used in furtherance of the objects ofthe College al tho discretion ofthe Goveming Body. The Governing Body may decide Ihat part of the unrestricted funds shall be used in tulure for a specific purpose and this will bè accounte(J fc* by transfers to approprfate deslgnaled funds. Reslricled funds cornprise grfts. legacies and grants where the donors hove specified that the funds are to be used for partlcu18r purposes of (he College. They consi$l of either gjfts where the donor has $￿crfled that both the capital and any income 8ri$ing must be used for the purposes given or the income on gifts where the donor has required or pemiitted Ihe capital to be maintained and with the intention that the income I￿11 be used for speclffc purposes wlthin the Cdlege's objects. Permanent endowment funds arise where ¢Jonors specrfy that Ihe funds are to be felained as capital for the perman8nl benefit of the College. Any part of the total relum arising from the capital that is allocated to income wlll be accounted for as unrestricted funds vnless the donor has placed restrictions on the use of that income, in which case it ￿11 be accounted for as a re5tn.cled fund. Expendable endowment funds are similar to pemanenl endowment in that Ihey have been given, or the College has delermlned based on the circumstances Ihal they have been given, for the long term benefit of the College. However, the Governing Bcrfly may 8t their discretion determine lo spend all or part of thtr capital. 16. Pension costs The College parti￿paleS in the Universities Superannuation Scheme IUSSI and the University of Oxford Stsff Pension Scheme IOSPS). These schemes are hybrid pension schemes, providing defined benefits as well as benef(ts based on defined contributions. The assets of the Scheme are held in a separate trustee administered fund. Because of the muiual natu￿ of the schemes, the assets are not attributed to individual employers and scheme-wide contribution rates are sel. The College is therefore exposed to actrjarial risks associated with other employers, employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consislent and reasonable basis. As required by Section 28 of FRS 102 "Employee benefits", the College therefore accounts for the schemes as if they were wholly defined 20

The Queen's College, Oxford Statement of Accounting Policies Yearended 31 July 2024 contribution schemes. As a result. the amount charged to the income and expenditure account ￿preSentS the contributions payable to each scheme and any deficit recovery contributions p8yable under a scheme recovery plan. Where a scheme v81ualion determines that the scheme is in deficit on a lechnical provisions basis las was the case following the 2020 USS valuatron), the trustee of the scheme musl agree a Recovery Plan that determines how each employer wlhin the scheme will fund an overall deficit. The College recognises a liability for the contributions payable that arise from such an agreement (to the extent that they r&la18 to a deficit) wth related expenses being recognised throuoh the income slalemenl. Where deflclt recovery plan5 have bèen in place in past years. the College has Tecognised its share of the defiGit ￿anS on both schemes (see note 23). 21

The QuEen'5 College, Oxford Consolidated Statement of Financial Activitt For the year ended 31 July 2024 Unre51rided EDLbkn funds funds 2024 Toi#l rooo 2023 Totlll INCOME AND ENDOblWENTS FROM.. tha￿tablE act1￿11￿.. Teachiro, res&8rch resIden￿￿ Pul￿1¢WOrshIp Hedtagp Qth•rtrading IrKom Donatlons llnd legicl•B I￿veStMentS Inv8Glment ¥WA)me Totsi 18tum vllocal&l to inL> ¢356 5,934 812 2,389 9.286 7.471 (13.8811 1100 4,734 14 11.241 11745 IW6 Z5,530 13,869 EXPE14D￿￿RÉ QN.. C￿rItsb1•￿ctlw￿1u'. Teaching. 1o888rth 8nd re¢en¥qt Publlc W￿[Ship Horits¢e 10,871 319 12,W 12,878 G•n•rlltlng fund•. 223 457 2.321 Tredkng ey4)Endlture Sjg Z,691 401 81 ImpalimMI offlx •Met I,e85 T4x•I Ex9•ndllur• 13,$34 2,528 17.•97 15.879 M•t lrtGum•l l•xpqndiiui•I b•for• 1th•ll￿￿•#I 02 2,010 N•lgih• I IKiiM•l on In¥•trn•nl• 11,12 1,511 37,883 29.251 Incorn• I lexp•ndltur•l 13.1)05 3,541 37.111 27.241 Trinlv¥ brfW••t) 19 N•¢ movm¢nl In fvnd• lov lh• yw 13,ODS 3,541 ST,181 $3,727 27.241 Pund botw¢•8 br¢Ughtf￿r￿ 19 14.464 343,123 453,491 426.250 Fund• eArri•4 fww•rd •t31 J￿Y 1m9DS 16.005 3BD.304 507.ZIB 453.491 22

The Qu88n'5 Collegg, Oxford Consolidated and College Balance Sheets As at 31 July 2024 2024 Grovp rooo 2023 Group 2024 College 2023 College £'ooo FIXED ASSETS Tangibl& assets Heritage asset5 Property investments other Investmen15 32,942 30.M8 32,942 10 11 12 89.425 394.830 108,873 353,798 89.425 394.830 108,873 353,798 Totol nx•d 88$•ts 514.803 495,613 514.803 495,613 CURRENT ASSETS Stocks Doblors Cash Pt bank and In hand 423 2.257 34.724 443 2.072 3,215 423 2,481 34,118 443 2,467 2,525 15 Total ¢urr•nt a•••t• 37M04 5.730 37,002 5,435 LIABILITIES Cr$ditors'. 8munis falliThJ due thin w year 16 5.105 3,374 2,958 3,301 NET CURRENT AsseT8 34.299 2,356 34,064 2,134 TOTAL ASSETS LESS CURRENT L￿AluTIES 549.102 497,969 548.867 497,747 CREDITOR8.' lllllng du• •ft•r mor• than on• year 17 41.884 41,879 41.884 41,879 NET ASSETS BEFORE PENSION LIABILir $07,218 4￿,0 506,983 4SS,868 D•lln•d bènèllt ￿N￿l0￿ oeheme Ilablllty 2,599 2,599 TOTAL NET ASSETS 507.218 453.491 506.983 453,269 FUNDS OF THE COLLEGE Endowm•nt funds 19 343.123 380,304 343,123 Restrfcted fund$ 19 18,005 14.464 18.005 14,4e4 Unr¢stri¢tod lunds Designated funds General funds 19 87,963 20,Y6 81,171 14.733 87,963 20,711 81,171 14,511 507218 453,491 506,983 453,269 The finan¢ial statements were apprUv￿1 and wlJK>rfsed for i55ue by ihe Governing Bc#ly of Th8 ()Jeen's College, Oxford on 4 December 2024 Twslee.. Trvstee., 23

The Queen's College. Oxford Consolldated Statemenl of Cash Flows For the year ended 31 July 2024 2024 rooo 2023 £'ooo Ng1 cash u$¢d In op¢ratlng aCtI￿lieS 26 8.23$ 7.017 Cash nows from Inve$tlng a¢tlvltl•s Dividend5, interest and rents from investmen Purchas8 01 wop8rty. FA4nt and equip1T￿t Proceeds Irom sale ol investments Purchase of inveslrnents N•t ¢88h provldod by I Iu8•d Inv•8tlng adlvttl• 9.075 1801 25,570 1995 33.570 5.488 11.8811 2,289 18.0401 2,144 11. 12 11 C••h flow• from tlnan¢ln4 Interest payabla on bank k)ans aThJ senior nrtss Cash infkJw8 from n8w borro￿n9 Receipl of endowment N•t rA•h yovld•d by Ilnan¢lng •dfvl¢l•• 11,9811 11,3531 8.155 7.091 Chang• lrt cash and ¢a•h •qulval•nts In th• r•portlng p•rlod 31,509 12,0701 Ca•h and ca•h •qulval•nt• allh• b•glnnlng of th• r•portlng p•rlod 3,215 5,28S C8h •nd ¢a¥h •4ulval•nt• atth• •nd ol th• r•portFng p•rfod 34,724 3.215 24

The Queen'8 Collagè. Oxlord NoteB to the flnancial 5taternents For the year ended 31 July 2024 INCOME FAOMcHAR[r￿LEACTmflES 2024 2023 £WD Tegchlns r•8•ar¢h lndrnq1d￿rf Lknreslrlctsd funds Tuitlon laes- UK8￿ EU Tuition 1gos- udent5 Otheroffice fttstudems Suw CAhÉrWernic incc4ne residenlial 1,445 1,532 212 1.435 230 356 5,934 Toi•l In¢om•from ¢hwltsbli A356 5.934 DONATIONS IJ4DLEISACI 2024 roDO 2023 £rpJO on•Uon84nd hg•cl• R8thclqd lut Endo¥d lund$ 1,050 634 IIICWÉFROkl OThER TA4E4Nts A¢TMT¥ 2014 roo IQZ3 7M 81? WIVESTMENT INCOIIE 3024 oo 2023 iitt•dffuW8 Agrk¥lvrel runt commerti￿ fer 97 347 405 Eqthiy d1vldBn 8arth Inlgrest 728 135 R•slrKl8dlund Agrtcuknral rent omrn•rd iert OthÈr IrtLW EqLMly divlden er￿l￿1È 19 148 27 275 39 120 Autscuiur&l Commw¢ial Yent 592 1119 Z.Z35 Eq￿lY ofwldends 8¥rth irturnst 4.017 743 71 TxqI In¥•Jbnent In¢¢m• 9,10D 4,734

Th8 Quaan's Coliog8, Oxford Note5 to the financlal 5tatem2nts For the year ehded 31 July 2024 ￿N￿Y$l5 OF EXPENLNTURE 2024 2023 £,009 Ch•rftsbl• oxpgndswr• TÈac•ing. and 5.467 Othwdro# wsts ahxJied lo.. 5.446 prryt and ¢oJl¥ w￿le¢ lo." Teach1￿￿. rO￿lth and 2.t70 1,è6S TOti ethrftsk41 •XPndknr• 12.878 Expen¢ltw• M q•n•r&tlngfun DirEcI s18ff @lu￿4•d t Tr￿1￿9 Otherdlrectcosl$ 4lovJl•dl Funth15 Tr4ding expenthtur Inv•stsn¢nt m&AsgAm4ntta Suppurt Bnd Fundr1￿￿( TYodn9 oxp•idllYfg 2,167 i.e03 Te￿ •X￿nd￿￿TI OTr g•nW￿l￿g lund• 3,4e8 3.001 Toi•l •xp•ndhur• Tr¢ CQIV49•19 IAbf• to b• AM•MdfthT ccrta1don•Jth￿ dSIDILM ￿￿￿•thi￿oI{￿￿. Th• Fund t4 mikè•rAn 4nd lo￿1 10 cdlege6 on Lle bAthof ne•J. rJb*l•J r•Wkrn n4J•byth•CoJficllofthè Unlvarwiy of Oxfud. T￿l+&hing W2k120rJ.£4tyk 28

Tho Que•n'5 College. Oxford Notss to tho Ilnanclal 8tstement& Forlhe yoar ended 31 July 2024 AN•LY818 ￿ SUPPOAT AND GOVEFWJ4CE COSTS 2024 TotBI fDty) 212 17 rxesbC AdMIn￿traI￿lI} Human i•sourr 274 372 285 276 re¢iJ ImpaiTffrtof nxed Loan lffltoiest payle Oth8rhnance 1,065 15 2023 Tot•1 £'VLY) FhIn￿l¥dm1￿1tstyC HLThan reuourc• 876 67 Depreciation LO￿1(p￿li)Cn flxeo Lo8n Oth•r ¢nro•1 GovBMancg c06t6 134 24 InloFo8t Qffla Olher finBn¢¢¢haro¢4 BrtaltrhbJt¢oa¢cort4ng 2024 2U GovwMno• 24 No Bmwnt hBS b•on Incknded kn i(Nm*r￿ Coly Fel￿ty Mthe b￿lIhAt p•￿ents rewe t¢ ihe Fe￿￿ts, Inv¢4Yem￿l In tho D¢I•ilJ￿thtyI￿1mknrfIhWF?￿￿ffj •id IW r&rrbJieod expen9eg

The QuÈÈn'8 College. Oxford Not•s to th¢ finan¢l41 statemenls Forthe yoar ended 31 Juty 2024 iIIIANTSANDAWARDS 2024 2023 £￿00 Dudngthe yeArihe Cde9e fLThJtsJ resewth wwdiandtAXWiESioKkntsfrw Its fosirfct¢d wYoslrKW fw¢ts8Ff(MB. Unrutrlct•d fun GFènts lu Indiwdudk.. Schots￿lIpS, pF12es aid BU￿ariES￿￿ hwd5hip SI￿1￿nIsh Qi¥nls Looihor iDYtituliuM Total unr•trt¢thd 87 70 Re$trlctEd funds Grants 10 Indroi¢uJL5-. Scholar$h￿s, p72eJ Bursar4es and hardshy awd¥ ar￿du￿1e 5tudènishk row r••trk¢ 87 T1]￿ grnnt• •nd •wd Th• fi•ur•ithd•¢ tAwth¢ni$ euiioth•C•dth•CIAfryd rff•Thwd£26&k (2033.. £W*I. SllmB ofihllE ¢￿14 fo•WV￿ io£ek12023' £t2kk 28

Thg Qu8gn'5 College. Oxford Not•s to th8 flnanclal stsi¢ments F¢x the year 8nd8d 31 Juty 2024 2023 6,842 6,095 526 al 5e£uriiy OèlnBd bBn8fftsch8mes PeN￿on YJI •y7 ,6651 241 83 158 TbvJ¥ery nurnbVOf•Trp&Jb￿0lthfrCcW è h&dr￿￿Trt BB ItthyAT. TUrtlL￿ BDd Cdlgsorniderthl F￿dI&ll1r 40 38 To 21 20 Other Tot Ihèfobmty £80,001-£70.(W £70,001-t80.NJJ £8u,QU1-£￿.Nl £1QQ,UQ141IQ,QD? Twminodc47 Pwfianthto 3rn1ft*4rn t171k1202J..

Th8 Queon's College. Oxford Notes to the flnanclal 8tstennts For the year Ènded 31 July 2024 TfvAGIBLE FIXED ASSETS ygnd fiwrg arKI bu1￿￿ Total rooo CD Alstart0f￿r it1￿5 41538 47 43,5#6 11A651 170 42.090 Al $￿rt ul ye& 10.$9 10.754 801 Dwe¢l•iiMond4PQ¥ At•nd ofy•4r 144 11,542 N•¢bookv￿• At ond ¢JlyHr 30.522 1¢ 30,540 At •t•rtof 32.942 31,942 Filureq, Tat £'o Al$tArt of r40t AdL¥tI￿1 43.e96 47 33 {IA8$1 11.e651 At •nd ol>wr 170 At 61¥to1￿1 Chpryelul th On dlSPO6A 10.686 009 At•nd of y••r 144 N•t book v41￿+ At•nd af ￿•r 30.Y8 Al Wrt ofbwr 32.942 32.942 The lrnpBirmonlMt•AIO ¢c•Afry wtllw bjbjlw. The deci$5W wirn84e duiing ta The Co1￿18 wti¢hvUWJ kn th• L>xrd•olth•C•'•lBthty ¥J Thue iha 18lvd bv oblèinèd frxeepi ai di•wrwiDnalB thecwkn K•ea Ihe th•￿ iBfiOW Iwmat•rt•l. io HERITAGe AS5e75 In mycbgeg, uniqu8 ￿8• •XL¥ atdgkwthnqte expense. the opiTrw oflh•twsteeE the dE￿Ilted b￿$[¥￿￿1 dtrreS• There have beBn ￿ m01￿31 nr••TrJig JcqeryJ¥pwed BU6Bi Hbt&ge ESStrtsaM conseryed Jnd byfAtyB (l￿$&￿re￿¥Sffl rlsiat.Mtholake•xtemal5xrtsEI￿ ￿ld￿ n&ceBwy. The C&lege ￿An19￿$ xsetg. #￿e$s1Oh￿l9W8u•ts. ￿trYI10r1sk855eSWt. ￿wa￿￿dtolTr￿ loFvthEn ihey are the

Th• QLW•n'8 co1￿9￿. Oxford NotAs to the ftnanclal statements Forthe year ended 31 Jufy 2024 PMOPERTY IN￿sT￿ENTs Qruup 2D23 Total Vpluation atst¥rt d>Yar 7th153 67 iD8,B73 .915 1.577 .tr2S} 109 15831 125.50BI 5.0•4 1D.58 thd .361 31.99 67 2024 Toi•l t￿ll0 2023 To ¥rtily¢•i AdL¥IIN P￿d IMpftlYmBrt• ¢ll CYsposaèJ 76.153 24 124.9251 6.10 32.653 942 15631 87 1•8.In g6.919 1,577 12S,Sts81 10,S8• •l•nd of ywr Alcmlv4knatlw ylAknlwOpwO••¥￿￿lp￿•j ￿¥￿￿t 31 frwih• fc•y4lw4b4t 31 Aty2024.. OTHeii INVE8TMEpn8 Inve¥im¢nth r0 hdd di 2PZ4 2D23 £￿00 Orwp Inv•ilm•nt• V4ua1ith al ￿ort of y•¥ Newrnoneylnv￿lId 3SJ.798 332,2tJ 5,000 Increose I IdocraBsel lTrvaknol￿1￿lts 18.682 lknip In¥Mtmoffl•4t •na rfy•4r 39•,8)0 353.798 Collty• In¥••ilTr•n¢• •t ofy 2021 Tot41 2023 Tdial £'OOD Ewltyknvesthwnt• matiYy4nd Olher lrt¥#trnw4B 322.898 31.1(KJ J1,741 Total gr￿p .79

The Quen'8 Colleg8, Oxford Not¢s to th¢ finonclal statements For the year ended 31 Juty 2024 13 PARENT AND SUBSIDIARY UNOERTJ¢JIGS Tht College 100%dth8I8su￿ CotsyOxttydToOw Lipnited I"O¢OTL'I, ￿#nO olthe co1￿@￿ts¢ll￿O for¢Dnf0r8nc88ndoU￿ Èvwi$then uE¢ byth•C. Jnd 111)% Is￿￿￿1 5hÈrè• InThe Quew) C¢ty DwdDW&nts Litnlled IWCC>DL"l. k ¢￿ApanY c4 the Cthwe's olkn of the sUb¥Mli￿YC￿pF￿0& l&the Ik Thè regJg aid Lltr¢ pArw• allhe￿Wd¥W8•￿1knF". Inwme EXP0￿&tUr Donatiw to Co• Lrthrgift¥l¢ 24.742 {17438Tr (5591 (222} Incc 32

The Quèen's C•ll¢y, Oxfovd Notes to the financial 5tatsment¥ Forthe year ¢nd•d 31 July 2024 14 STATEIAEKfoF W4VESTMENTTOTAL RETURN The trus￿& havèadcvtsd o duw wlcy attM&Wrn XXKAmltr¥%ythèCokg2 me$b￿rel￿￿￿l￿Ltfr￿n 1 Aug￿t?￿2. Tho Investrnent teium io bea￿￿ed asincomB ised on ihe reiurnL￿ me weray v8kns ofttr investme￿ h èl Y¥W4idat•otgrfi 2024 Expondable 2024 Tthl TLal to AtthD b•ginning olthv>w. 91461 93A61 222,674 6,988 343,121 Un¥ppll•d tal¥ r•tvrn E¥pe￿JaL4U l￿d￿¥m￿rrt Totsi •hdowrn•nl• 2Z1674 222,874 gJ.401 316.135 26.980 MovemBnts lfi thIr•￿vIj p•rfod.' Gfftof Dndwth•nt fuhd 8,238 7,471 37,B83 3.1120 L•••.' Inv••tm•nt GHt• P.0371 1ry9 IIOJ71 109 43D2 210 4710 319 51.082 T4ts1 ￿￿￿I￿d luthl Thlurn¥llwt•dto In Ih•¥IpvtlTrAwr￿d e¥p•ndthl••ndowrn••trnn•l•Thdt• horn• 11J85 11&011 112,596 11,2 I13,￿1} N•t mov•mwts In At otlh• rryortln4 ￿rIDtr.. Olft¢¢ryDn•nt olth• •ndvm• Uh4ppll•d totil r•tuM Exp•nd•bl••rtdovmMn¢ 101.1H 100.1 245,•Bè 30.48J 2023 ExpoThlab 2023 Tot•1 TN# Ity r¢ Atth• ￿91￿￿1￿9 alth•)wv'. comp0M￿ oflho pwminont•ththw UnBpplie¢ ioLqI rellrn Exp•ndabkn endLy￿￿# Totil •ndownyJrrt• 91146 92.148 210.C09 210.089 2S.554 327.789 .148 210.OB 2S.554 ovemenl• the reportlng p•rlod'. Gift ol EndDwmenl Tunds vesimJni￿￿rn.. Itknl InYe5trnErt KdC¢)A 1.31S 1.315 3.647 440 3Dg 1.766 3.956 24.517 11.9561 28B 28.OD3 1647 Les$. inve¥iMentmwAg￿1fjt colts 11.7851 10 {1.7851 Tot41 2,J38 111.76SI {12.e681 I11.￿5} 112.e691 Ilet M0￿Ment• In Y•V¢b¥lrfprSDd 12. 13, •nd Dfth• r•ytsng pqrfod.. GKI comp￿IllI ￿Che ptsmollerti Unapplied toLg1 reium expendab￿ 93.461 222.674 93.461 222.674 26,988 22Z.fj7 26.98B 222.674 33

The Queen'5 College. Oxford Ntste¥ to th8 fln8ncl81 statÈmeTrts For tha year &nd8d 31 July 2024 15 ctBTORB 2021 2023 Grou 2024 Coll•q• £wo 2023 CDllegE Ulltstslllnu due y•T. TradedebtYnefflts8nd aecruedlnrthTh TllXEtir￿ Bnd &EL¥Jdt 463 39E 595 70 71 71 411 376 Loans 751 751 422 11 ¢AEOITQRS.. dui ￿ on• wr 2D23 2024 Col 2023 C(4log• roth) Trode l￿￿10T# Toxauon and yoyal AccruBkn and d￿l￿•dIrt￿MI olher crthJigOFB 172 1.378 1.720 372 1.576 J71 1.321 440 17 CAÉDITQR$.. l•lllng MIIY•th￿ on•ya 2124 2023 2024 2023 Cog• £￿00 GrtrJ rooo 22.•ty) 19,B04 22.000 s￿Ic￿ n 1004 ILWè hèthj•k¢repA￿neThl In 2033 On 24 Sapi8rnber 201Stbi C4itytrJlluQ £20m (1 &41% mAbJ&wts)24 sw•ftw2045. The NJI ¥re In¢Wed al PAOWION8 FOR ￿￿lEs CHARG T￿r4 ar• n¢wov1Jh￿fQr￿th￿1￿and

The Queen's Coll8¥&. Oxlwd Notes to the financial 5tatem8nts Forthe year ended 31 July 2024 19 A%￿Y515 OF NO￿￿E￿[S ON FUNDS At51Ju 2024 rooo rooo EndoTh•ntfvnds. poiifianorrt 214,032 36,970 11,369} 13ts• 1474} 25.145 4.657 1.832 232.698 47.460 6Y,3B9 End0￿￿enIf￿n￿& Tiust$vJlth￿ Tiusll 0￿51de Dbied 11.4311 12.512) Emdowment iundi •txpemdb Cry¥ oxpen¢Jbkn ondNTheni Dmèikoni lund P9n&on i.yjo 101 17,318 1,24• 1491 Totsi •nd0wrnwf￿dl 343.123 15.707 12.520 1J.881 37.863 380,304 Totsl Endowrn•DtFund•.GrtyJp 3U.12J J7 FhDlrlcl•d fund• Tu5t5 CoWD¢bJlcls TruB wsirte Cologo oWe¢ta 147 710 io 1771 2A11 1157 $12 8pIc￿C Sp￿riC 13531 137 JJ4 3J40 2,22J 14 Tvthi R•rfcthd Fu*￿.8T0uP 14,464 Umv••iYkMd lun Geneialfrjnth 14$11 11•.225 Flxed ruqr JQ,549 Bul￿1n0 fund 4116 4218 1?,414 795 IDI 674 lundl by 236 Totil unr•¥trl¢i•d lund•.&wokv 1&534 714 10B.9Qg Totil •Jnd 4$3.4 17,99 SOY.21 35

Th& Queen's Colkge. Oxtord Notes to the financial &tatem•ntts For tht ￿aT gnded 31 July 2024 19 AN￿Y515 0FmOVEME￿[s ON FUIX15ICOnlhLuDd A131 July 2023 2022 £roo EndOM￿1rt lund•.pwmaTr•nt COTPUS p8rfflanBnt lund$ 312 Y.178 61.48S 15.370 2.617 214.832 36.970 64.OBZ 270 124?) 1428 741 12.3211 Endowmtnt lund• •txpemdBbl• CorpuB txpendaWendryh7nwrt DDll8tionBfund lur 1&3Y {196} 14991 15.989 6.4BO 4.UO 512 4.311 Tot41 327.789 24.$17 313.123 Tot•1 Enknvmint Fun&.Gwoup

7.789 iiee 24.S17 343.123 R••trld•dtynd• TTusIF colegfj Trusls Coknqortlecj Er￿a¥jTnEnl lurhl• Sp•clli¢ luDd6 {4741 77• 10 445 a,838 237 2241 102 11.0721 12611 177 2,461 2.1S7 721 12.170 722 14,464 Unr•¥lrlthd fvDd• Geneial lun 1Q517 ¢P.0781 788 Flxed rn•wv• 31.786 (Te61 1.922 32,842 Bu￿1n9t￿nd 43.303 48,219 Totql Unr•wI¢￿ fw Unresirlcledfurfs by8thldiwbv• 37 222 Tot41 unr••trt¢t•dfund•. gr￿P Tol•l fund 29,251 453,491

The Quqen'5 Colle￿. Oxford Notes to thg finAnclal ststsment• Forth8 year ended 31 July 2024 io FUNDS OFTHE COLLEGE DETAU PermunErrt EndrMYnentfunO$ TnMtI Wlhn Colggetie cap￿￿￿￿&r￿ rl ftyrn4inJ5ts not ¢4Yt91 may be u$ed f and hebj TrDLcthimIy￿ fL Expondab X 1Xp￿•b￿￿￿dtyrnt fur R•4trlei•dfvnd•'. Tru818 vllhin Cdc4Jtr¢ drm•YrmllJ h rc¢m￿l￿Atr ¥ththmAyb• ui•dforpAfl1CL￿lr Tru Cobjo oWt4 inLy￿e1￿￿ h•bJ I￿￿MIY t Lty￿fOrpI￿btJjl1r EThloThenifun ap•c￿Cl￿n Spe¢McbDnrn Uhr•J1￿Cl•d1w￿da'. fjenJiJlfiJn Fixod reuThe kn thg nthbookvkncfthe Cc4lagsfix•d M•• D••lgn•i•d ANALY8k8 OP MET A8SET8 VJETIYEÉN 111M lund• rund• ttrJo Tot41 E'ODO VODO Tinrlb* nxedaMot• Prowrty InvgBtmwl hèr Inv￿M￿#S N•ivJrr¢nl w5018 Lthj-twm 953 3•,3DJ X29¥ 3.200 77.261 35 80.426 394,830 34.291 141.8BII (3&1U91 •)23 Trrt41 £Y)Do fvndj £Y)tx) 32.942 16,437 53.095 32.942 108.873 3,798 2.356 1201 11494 89. 288,2LYJ her1￿￿StM&￿g NeI￿rro￿l 1&9761 11.2311 134,J211 343.1 453.49 37

The Queen's Collegfr, Oxlord Note¥ to the flnan¢l$l ststements For the yaar end8d 31 July 2024 22 TRUSTEES. PEMUNEPATIJN Bodybyvirtue ol Ihoif emFloymwy. NOtr￿st0•r￿C8lyI•8llYrvrnll￿erSkn￿ thwtru&eD6wknarto [orth￿r￿￿k Gwernino è(KJyfium omang th8 HL¥K￿￿. EThÈriluS Prdewal Fokns, 011 kléfflb2tsofthec0kw￿O are not mEmbers llfthe tsDvemitwJ Wy.11 hA$ been aitended bythe Provosi andcy S AWnthJ•. No ￿11￿ Cornmillèe maydFaWa El￿e￿ orany othei form of benefit ficm ihg CDIItyo. ThBre ¥mrotsDtw¥too& trjig IPrtrrti Ety A Tknms iBLrtvk S¢me tru¥l¢¢¥ iiEgIllbfur C• s(4m•6. ScfflÈrnaybe•hJiyofry• th•4fiouf•l N￿+ flguros be￿rt. R•mUn•Th￿on totN¥ln• 2024 Qrtygs r￿U￿r￿￿1, laxqbl• •llts and pansk Inbutsof Nymbwor R￿1• £5,000- É9,09 £10.QOD- t14,99g 36.000-£39,999 £40.ODO-£44.9 £45.000-£49,990 .000-£54.999 £5S.OOQ-t59.9 £80.OOQ E64.999 £06,QDQ-£59,919 £70.000.E74,999 £75,000. È79,999 £80.000- E84.989 £e5,QQO- £89.999 Eg0.orp)- É94.999 £IQO.CN)O- £to4,p99 £105.￿O-£To5,g99 E130.000-£t34,999 £ISD.ODQ-£T54,999 £180.000-£181,999 E190.WO.£194,5 32.744 20,790 25,903 36,974 296,782 334,781 54,17J 39J217 82.725 15U77 113A50 $04 68,203 210.501 156,597 83.>)4 174.B63 10(11• ie6.SJO 151N17 104.029 107AX lJ4.337 110,•J6 18fj.920 1917J3 712Q23.. 71tr4JSt?Bo • r(4 (k>noIr￿￿¥t1I￿wn￿. S••aloo 31 IRd•tel K•yrnanayrn•mw•rnyn•vJVon ThotcqalrernurwalonpBkl bi Emth*s was£2,23&12023'. £2,061kl. UndeTtreterrni CharknES 50RP H•trLUt•esArew•J¥Osd 3 of thlg rep￿t.

The Queen'5 College, Oxlord Note6 to the finan¢lal 8t8temonts Forthe year ended 31 July 2024 23 PEN8ION 8CHEME3 ThB Cdkg6 particl•intrAy wnwol tarts siaff - iuss) ihe LhiveY9ftyolOxftrd staff PèniOn Stheme IOSPSI. The a55et$rfeac iISS QSPS we Schemes li.e. r￿de￿O￿￿TIts Dll bw9fit baws-b6sed(rftngth ofstr¥K4 1X)rrtrt￿ b￿s￿-￿￿￿ on wnlaibLnW$ in thE SLthEmBI. ar&rn￿1.É￿p￿)W￿￿￿ io tothfinBd benefi￿ of &4ch ychemeon aCon5￿tenl￿nd Thvetr8. In thg Kjyxhityig thndwd FRS 102 pwaph 28.11. the ￿191￿ a￿￿￿talL Ihe schemtt as Iflhèyw• dèlbd ¥Ch￿￿. thB tDthB lrwmow￿ EAwnditwfyAccourt reweswtsthe Cont￿￿kom pJyatle ¢0 Ihe sthenws ill l¢SP¢rt crfthp aCC￿b￿ P￿￿￿. amplw&inUS5 DrOSP8. the aKOuni anYpen￿On hmding urmtD• pBrtwtu eTnpknprBgnd YE1￿Ed Inthe ne￿ otth¢ 8thmo. R•¢ovory Pl Adofl¢lt reco¥orypknw a#pW 2QWvalffi. d62% cl •ie8 (Y4wtheporiod 1 WI2022 l￿￿131 M•reh 2024. althlth ihq ral• W>j￿ I￿ ioe.3%. iivsrwwJ w￿•r￿81D23 In surpljs on B teLniC proviwor¢ The Cdge thqerr•ty•dlvrnth•dvfiulr•pJ¥wYc￿1r4knthI￿￿￿ 1 Jwwry W24 oin>t•Thllng prowwohtot)e lrtomè&nd rtynp• cdth? Re)fThl 6ulthr16 ai •t 31 2023 Ith• VAILWkn dBi•k tyJt iw At 31 Ju￿2013, ¢olep'¥ ••ClE2.￿￿1uh#•tyJWW￿￿1¢1h•2ts20 YbJbLyithitr• In No d•fl¢it I￿V￿ryp￿n 4571 iequkwj th•2QZ3 ¥￿¥1￿. bec•A•thoKlw4• In wr• frDm 1 J•ny•ry Thè 2023 ¥￿th 2004, r•qulMI

llhe Echeme t4w£73.1 and thevaicIthegcemfr'ste￿￿￿thI*M￿￿ É&5.7 £7.4 • Iyndingrovool 111%.

Th•knyfiMN&¥rywnptl¢Jw In bM. c￿ 4uurnpUon Twrn diife4wu Fil￿ and Link•0 20 Irhe• 0.1% A. trom 2030. InWLtryltILYeaés LV io S%. ovqr 6% LWtQ4LrnNK1m￿ of 10%?.. CPI Dlcourl raie If0Th￿Id Fixqo I￿gre¥l Prwikthment. 2.5% . partollhe z023xfvtthlllv￿uthTr. 101% hi. Ic¥ mLs 9￿os3FfAk¢Ilrn1kn CMI 2021 Lw8mwW￿7.s. •n iniw ofO.4%p.•. 4erm royemenlsto The ￿TreTrI blo 9¥peci￿￿19 r•thrMrt4t4p 85¥•." wrMIPrfa9ed 65 lyew61 Fen￿ CJJrreniyagedes ly•vl cu•agad45 lyefjrsl cuifqnt Bd45 25 25A 27.4 The iknlver5ityofOxl(rfd StAff IOSPS)is * lfjl w Kndgrt￿rnt •ThY s￿7￿¢￿￿ bylhe ikn￿￿$fty. Ills ihe tme f<Ysupwrt SlTét ltr¢ UniYer¥ty. afvJfAft b￿lJ o defjned Th@lat8StfulaeturI￿ vsknallDn fiK OSPS asai 31 X)Tr. Dlthis S(ème hès Impruved mDwng from dpfi¢it 01£113m tOA ￿rPluS of£47m atlheva￿on th.Asa twk. rgC4Y4Wy altre WV?￿81￿7 i$nolwJei reqUI￿d aTrJ iIB defic li￿11￿ arthd on 3thhsEPtem￿X23. A ￿l￿OI£233￿￿35madEa31 ￿￿2023{lO22.. £5$￿) to ac¢xvdnitsdtfeWVOryPBynwiupio301h Seplember2023. Th rwDaining INiityof£23*sthJ iOlhEiILiJil)ethJÈxkWKkna(thHR ￿ 2024.

The Queen's College, Oxlord Not86 lo the flnancial stat&m&nt8 Fortho year ended 31 July 2024 PENSION SCTrtENES IContSnuodl TheTrustee ar￿ the Urw¥ersltyhB¥e ￿eed a SfknethJ Yh¢h tr￿ 1 O#thr 2023￿￿Ta8$ Of￿0na￿ irylDv8rn8nls and change& cOntri￿ti￿S Yak￿lI￿n￿￿o. I￿3Tetd •￿￿the KhEM2￿7 meel itsrmy Tuniywco#%fram the as￿1$. Th8 labl8 beh￿sUm￿￿￿5@S trL keyxuiwii1a¥￿Ity￿. F￿thErL￿ of￿¢ sBi<xrtin 27 Jun Dote d ¥al￿10￿- ?1103r￿2 E914rn £861 £47m Rat8 of Inlgre8t Rate of Inierttt RPI POT￿sup io TgliTernentl Gjts 215% Gits. 0.5% RPI ¢iffi 0.5% pa ty•.2030 1.0% st-2030 1% pavtr2030 0.1% pa po￿.￿30 pens￿•blO Sjkry R+ F￿dIn Raiios-. OL, bBwi'. 61% Fo￿1￿•￿t mortalty. bm• Po8t.t•lt•M•rt rnortalty. RecOmrnè￿el eryw1ccrtl￿lknr￿O % pen￿r￿￿￿kn ulwlesl. 18s% c• IwOlIttV 10%112%114%￿ffl￿rnW8hI8￿C11 to4%18%M% DxtPkn.fM 0111012023 JIft)Y2025 P•nilM Eh•ry•lwlh tor Iho d•fi¢St recwwy h•th• 2023 £,￿0 u￿VerS￿le¥ U￿ver￿1tyoI0Aftytt Pth}￿n Sc*m• 11,1471 40

Th• Colltrgt. Oxford Notes to the fln8nclal ststwnts Forthe year ended 31 July 2024 24 TAXATION Thè ltsgb￿ to ￿￿￿¥￿￿￿gP Lllhetsx dwth¥lrryn in ￿r￿4￿10th￿£TrI Inc¢¥newd gains 3r•apO•J to ex¢￿&¥¢￿1abWrpAe￿. NDl•￿￿10￿Dr•tyrn th? Cotsps Indkai& that trytht¢nd itsmako danations ioth8 Ahy bsen Inthded In nnandAiwmen FINANCI￿ •tSTRUME14TS 26 IIECONCILIATION OF NET IIIC011ty4G IIESCiIICE8 TO IIEr CASH FLOW FAOM OPEK4Tiof4$ 2014 ljroup ro Group £yJoo N•t Inown• l•xpwdlI￿> 53,727 27,Y1 Elminolon c4 cmh fvx•' lrtve$tmèniin¢tYM lO￿n%) In InvÉityn•rti &rtsr•Sl payabl nLbwment donatiL￿5 fBceiv OBpr•daiion Impdim•ni ollx•d A•B•IB 14,7YI 129,2511 1,394 11.7851 146.1881 18.2361 lknrxe?￿ll d•biof6 43 IDecreo$el kn pgn$lcffi sceme lltiity 12.S991 17981 M•t cDbh u••d In op•rnUng 27 ALY8180F¢HANOES IN [ Cmh Man￿b Ai•nd DI y•ir 3215 31.509 34,724 Loem lolAw du? crn s LpJnBlalMry du• irtqr mw• NoiES alirf fntyolhw ong 122,OWI 119.8841 {19.87VI ALYSI8V CABH ¢AIH EQUIVILEII 24 2023 £'c4)D •t In X724 TDtsI hrf FINANCI￿ ZQZ4 2023 Land gmd bu1￿1￿ Pinngwthin ano y Xplnllg bet&wn twJwdfiv¥> 42$ 42J 41

The Queen'8 Colleg&, Oxfo¥d Not•8 t4) th• flnanclal statom￿lS For the year ended 31 July 2024 CAPITALco¥MrrF•Ths 31 RELITEO PARTYTPJA8ACTIOIIS T4￿1￿nIh. Fur•wtsng Fuposes. the thlrrw## e nrttreèJgx reJ ￿ts￿dEfinj wl FRS 102. Mmb8rs DltbèGovÈmin# Btsjy, oftho Cr•gD pJths J5 tyFRS 1Q?.T¢K￿ gnd fud1t￿m￿l Thè I￿￿7￿9 In￿1￿h8￿ QLandiwlrcfflihFCc ￿¢￿￿1 ￿dIry￿ ￿. 2U23 232 247 31 Buckby MJ Othye JPK Gardner A Meic4fC Mtyer D R•fjs OL Whiddèn S 12 71 181 65 $5 195 oinleie il thrqed cnthD thin the remL￿or￿tITh1 | ¢Y•r• clth• mWdn9 Until FiltrN#llAin4 lh• uss ￿￿t•ll￿¢4•¢￿•i￿ to Gc•go tthy£5YJ (20U' £12n. COWTINGENT LIABIUTIEJ POST BALANC EVE14TI Thw•VAlnQ b•ru theet•vents. 42

The Queen'5 Colle90. Oxford Notes to the fin8nclal statements Forth8 year 8rEded 31 Juty 2024 Forth•y4ai •nd•d 31 W 2023 2023 fund$ £'o INCOME •IIO ENfpDbiNENT8 FROII". T￿chI￿, T￿￿￿rch Ot￿rITIdIng Inc¢m• Oomllonx 6,•34 812 81Z InvealmpnlinGCrn Toigl rewm oIc¢4ted 10 121 4,7J4 10.55Z 112.6691 Total l¢om oxpÉ4tsrruRe ON.. 17.917 1&15bl CbDrlt•blo •thlU••'. iOM45 1.745 12.1 O•Mr4tlhpl￿￿dll'. Fund-raiBI Tr8¢ing VXPDnLthre vesimÈniman•gem•Tht ¢u Tgtsl Exp•ndrtw• Yd3 467 %21 11,141 63 2,321 i$,B79 %Z2S M•t In¢ryn•il•wdhw•l b•foTr IID•••AJ 4.012 n2 24,517 Z9,251 Il•t In¢orn•ll•wdttw•l Trnn•f•w•bMw••n fund• Il•t mo¥•rn•nt In lund• lorth• 1S3J4 27241 Fun¢ bBlonrvi ￿￿@hE l(¥¥wT 85 701 12.670 327.789 420.2SO F¥d& Bt 31 J 43

The Queen'8 College. Oxford Notes to the financial &taternents Forthe ye8r ended 31 July 2024 ADDITIONAL PRIOR YE•JI ColAP￿TIvES IC<ffjJnwd 34b PRIOR YEAR COPIPARATIVE.Fowtykn¥•61rnW ICurr•fAyiv Not• 111 Group 202J T)tsl eooD 67 06,918 lu￿6 gnd irnprowqnlB couI Di5PD5als RevaIL￿110￿93￿&1￿Js6•SI In the5 1199) 11,70 11,1201 io.s ViluBUon at •nd tsf y• L C•ll•o• lJh•r ro Tot•1 rooo VAluatI￿ •t ol 67 1.5TI OièPDSB Reviiuatiorn g&nsllkxusl ￿th0 yeDr 11891 11.1201 10.519 Viluavtyry •t•nd ofyw A IMno1 valu8Yrffl rlihB Bl )1 ￿2023 J4¢ PRIQR YEAR ¢QMPAATIVÈ.Pwwl•KI •¥b•l•wy ICurren¢ iji Tho Colg• 100% dtho iwJ•d shwe CA￿tin Th•auoenknCèi)Atsd Tr• f¢JcoTL"l. a l•iiw of the 14clllloB Irff curforenc• and rAh￿e￿nis*￿l webytré (e. ofthe Iswedslwe c4W h Tho Que￿ In¢tJrn• Expèrfitur• Oanatlon to Colkig• ￿￿er91ft Invs¥imEntgaina 19.057 (15.29Jl 12 29.251 Not I￿rmI for Ihv 501.048 147.n91 Nollu￿&&I Ihg •id of