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
Trin*l*v¥ 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
C*8h •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•dffu*W8
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
e*r￿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
T*xqI 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$l5 OF EXPENLNTURE
2024
2023
£,009
Ch•rftsbl• oxpgndswr•
TÈac•ing. and
5.467
Othwdro# wsts ahxJied lo..
5.446
prryt and ¢oJl¥ w￿le¢ lo."
Teach1￿￿. rO￿lth and
2.t70
1,è6S
TOt*i eth*rftsk41 •XP*ndknr•
12.878
Expen¢ltw• M q•n•r&tlngfun
DirEcI s18ff @lu￿4•d t
Tr￿1￿9
Otherdlrectcosl$ 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
r*xesbC AdMIn￿traI￿lI}
Human i•sourr
274
372
285
276
re¢iJ
ImpaiTff*rtof nxed
Loan lffltoiest pay*le
Oth8rhnance
1,065
15
2023
Tot•1
£'VLY)
FhIn￿l¥dm1￿1ts*tyC
HLThan reuourc•
876
67
Depreciation
LO￿1(p￿li)Cn flxeo
Lo8n
Oth•r ¢n*ro•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(N*m*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 wwdiandtAXWiESio*Kkntsfrw
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￿0lthfrCc*W
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 8tsten*nts
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.$9
10.754
801
Dwe¢l•iiMond4PQ¥
At•nd ofy•4r
144
11,542
N•¢bookv*￿•
At ond ¢JlyHr
30.522
1¢
30,540
At •t•rtof
32.942
31,942
Fi*lureq,
Tat
£'o
Al$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 lrnpBirmonlM*t•AIO ¢c•Afry wtllw bjbjlw. The deci$5W wirn84e duiing ta
The Co1￿18 wti¢h*vUWJ kn th• L>xrd•olth•C*•'•lBthty *¥J Thue iha 18lvd
bv oblèinèd frxeepi ai di•wrwiDnalB thecwkn K*•ea Ihe th•￿ iBfiOW Iwmat•rt•l.
io
HERITAGe AS5e75
In m*ycbgeg, uniqu8 ￿8• •XL¥* atdgkwthnqte expense.
the opiTrw oflh•twsteeE the dE￿Ilted b￿$[¥￿￿1 dtrreS•
There have beBn ￿ m01￿31 *nr*••TrJig Jcq*eryJ¥pwed BU6Bi
H*bt&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￿ loFvthE*n 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 IMpftlY*mBrt•* ¢l*l
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
Alc*m*lv4knatlw ylAknlwOpwO••¥￿￿lp￿•j ￿¥￿**￿t 31 frwih• fc•y4lw4b4t 31 Aty2024..
OTHeii INVE8TMEpn8
Inve¥im¢nth r*0 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 lTrvakn*ol￿1￿l*ts
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 Qu*en'8 Colleg8, Oxford
Not¢s to th¢ finonclal statements
For the year ended 31 Juty 2024
13
PARENT AND SUBSIDIARY UNOERT*J¢JIGS
Tht College 100%dth8I8su￿ CotsyOxttydToOw Lipnited I"O¢OTL'I, ￿#nO olthe co1￿@￿ts¢ll￿O
for¢Dnf0r8nc88ndoU￿ Èvwi$*then uE¢ byth•C*. Jnd 111)% Is￿￿￿1 5hÈrè• InThe Quew) C¢ty DwdDW&nts Litnlled
IWCC>DL"l. k ¢￿ApanY c4 the Cthwe's olkn of the sUb¥Mli￿YC￿pF￿0& l&the
Ik*
Thè regJ*g aid Lltr¢ pArw•* allhe￿Wd¥W8•￿1knF".
Inwme
EXP0￿&tUr
Donatiw to Co*• Lrthrgift¥l¢
24.742
{17438Tr
(5591
(222}
Incc<n• ltsrth• s
s51.￿$
{44.822)
331
N¥t Atth4 •nd Ll>
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$b￿rel￿￿￿l￿Ltfr￿n 1 Aug￿t?￿2. Tho Investrnent
teium io bea￿￿ed asincomB i*sed on ihe reiurnL￿ me weray v8kns ofttr* investme￿*
h èl Y¥W4idat•otgrfi
2024
Expondable
2024 Tthl
TL*al
to
AtthD b•ginning olthv>w.
91461
93A61
222,674
6,988
343,121
Un¥ppll•d tal¥ r•tvrn
E¥pe￿JaL4U l￿d￿¥m￿rrt
Totsi •hdowrn•nl•
2Z1674
222,874
gJ.401
316.135
26.980
MovemBnts lfi thIr•￿vIj p•rfod.'
Gfftof Dndwth•nt fuhd
8,238
7,471
37,B83
3.1120
L•••.' Inv••tm•nt GHt•
P.0371
1ry9
IIOJ71
109
43D2
210
4710
319
51.082
T4ts1
￿￿*￿I￿d luthl Thlurn¥llwt•dto In Ih•¥IpvtlTrAwr￿d
e¥p•ndthl••ndowrn•*•trnn•l•Thdt• h*orn•
11J85
11&011
112,596
11,2
I13,￿1}
N•t mov•mwts In
At otlh• rryortln4 ￿rIDtr..
Olft¢¢ryDn•nt olth• •ndv*m•
Uh4ppll•d totil r•tuM
Exp•nd•bl••rtdovmMn¢
101.1H
100.1
245,•Bè
30.48J
2023
ExpoThlab
2023 Tot•1
TN# Ity
r¢
Atth• ￿91￿￿1￿9 alth•)w*v'.
comp0M￿ oflho pwminont•ththw
UnBpplie¢ ioLqI rellrn
Exp•ndabkn endLy￿￿#
Totil •ndownyJrrt•
91146
92.148
210.C09
210.089
2S.554
327.789
.148
210.OB
2S.554
ovemenl• the reportlng p•rlod'.
Gift ol EndDwmenl Tunds
vesimJni￿￿rn.. Itknl InYe5trnErt KdC¢)A
1.31S
1.315
3.647
440
3Dg
1.766
3.956
24.517
11.9561
28B
28.OD3
1647
Les$. 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¥lrfp*rSDd
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.
Tradedebt<Jts
ApvDUDtsfftd bycolep membefd
Amount&ow¢ undÈrt&inp
L(]￿1 r•pAyable Wllhini)neye
Prnpa>Ynefflts8nd 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
Co*g•
£￿00
GrtrJ
rooo
22.•ty)
19,B04
22.000
s￿Ic￿ n
1*004
ILWè hèthj•k¢repA￿neThl In 2033
On 24 Sapi8rnber 201Stbi C4itytrJllu*Q £20m (1 &41% mAbJ&wts)24 sw•ft*w2045. 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
Endo*Th•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 •txpemd*b
Cry¥ oxpen¢Jbkn ondNTheni
Dmèikoni lund
P9n&on
i.yjo
101
17,318
1,24•
1491
Totsi •nd0wrnw*f￿dl
343.123
15.707
12.520
1J.881
37.863
380,304
Totsl Endowrn•DtFund•.GrtyJp
3U.12J
J7
FhDlrlcl•d fund•
T*u5t5 CoWD¢bJlcls
Tru*B 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 Colgget*ie
cap￿￿￿￿&r￿ rl ftyrn4inJ5ts not ¢4Yt91 may be u$ed f
and hebj TrDLc*thimIy￿ fL
Expondab
X 1Xp￿•b￿￿*￿dtyrnt
fur
R•4trlei•dfvnd•'.
Tru818 vllhin Cd*c4Jtr¢
drm•Yrml*lJ h rc¢m￿l￿Atr ¥ththmAyb• ui•dforpAfl1CL￿lr
Tru* Cobjo oWt4
inLy￿e1￿￿ h•bJ *I￿￿MIY t* Lty￿fOrpI￿btJjl1r
EThlo*Thenifun
ap•c￿Cl￿n
Spe¢McbD*nrn
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$l ststements
For the yaar end8d 31 July 2024
22
TRUSTEES. PEMUNEPATI*JN
Bodybyvirtue ol Ihoif emFloymwy.
NOtr￿st0•r￿C8lyI•8llYrvrnll￿erSkn￿ thwtru&eD6wknart*o [orth￿r￿￿k
Gwernino è(KJyfium omang th8 HL¥K￿￿. EThÈriluS Prdewal Fokns, 011 kléfflb2tsofthec0kw￿O are not mEmbers llfthe tsDvemitwJ Wy.11
hA$ 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 IPrtrrt*i Ety A Tknms iBLrtvk
S¢me tru¥l¢¢¥ iiEgIll*bfur C• s(4*m•6. ScfflÈrnaybe•hJiyofry• th•4*fiouf•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 Pèn*iOn
Stheme IOSPSI. The a55et$rfeac* iISS QSPS we Schemes li.e.
r￿de￿O￿￿TIts Dll bw9fit baws-b6sed(rft*ngth ofstr¥K4 1X)rrtrt￿ b￿s￿-￿￿￿ on wnlaibLnW$ 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• dèlb*d ¥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¥orypkn*w a#pW 2QWval*ffi. d62% cl •*ie8 (Y4wtheporiod 1 WI2022 l￿￿131 M•reh 2024.
al*thlth ihq ral• W>j￿ I￿ ioe.3%. i*ivsrwwJ w￿•r￿81D23 In surpljs on B teL*niC
proviwor¢ The Cd*ge thqerr•ty*•dlvrnth•dvfiulr•pJ¥wYc￿1r*4knthI￿￿￿ 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#•tyJW*W￿￿*1¢**1h•2ts20 Y*bJ*bLyithitr• In No
d•fl¢it I*￿V￿ryp￿n 4571 iequkwj th•2QZ3 ¥￿¥1￿. bec•A•thoKlw*4• In w*r• frDm 1 J•ny•ry
Thè 2023 ¥￿th* 2004, r•qulMI
#llhe Echeme t4w£73.1 and thevai*cIthegc*emfr'ste￿￿￿thI*M￿￿ É&5.7 £7.4 • Iyndingrovool 111%.
Th•knyfiMN&*¥rywnptl¢Jw In b*M.
c￿ 4uurnpUon
Twrn diife4wu Fil￿ and Link•0
20
Irhe•
0.1%
A. trom 2030.
InWLtryltILYea*és LV io S%. ovqr 6% LWtQ4LrnNK1m￿ of 10%?.. CPI
Dl*courl raie If0Th￿Id
Fixqo I￿gre¥l
Prwikthment. 2.5% .
partollhe z023xfvtthlllv￿uthTr.
101%
hi. Ic¥ mL*s 9￿o*s3FfAk¢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•v*l
cu•agad45 lyefjrsl
cuifqnt
Bd45
25
25A
27.4
The iknlver5ityofOxl(rfd StAff IOSPS)is * lfjl w Kndgrt￿rnt •ThY s￿7￿¢￿￿ bylhe ikn￿￿$fty. Ills ihe
tme f<Ysupwrt Sl*Tét ltr¢ UniYer¥ty. afvJfAf*t b￿lJ o defjned
Th@lat8Stfulaetu*rI￿ vsknallDn fiK OSPS asai 31 X)Tr. Dlthis S(*ème hès Impruved mDwng
from dpfi¢it 01£113m tOA ￿rPluS of£47m atlheva￿on th.Asa twk. rgC4Y4Wy altre WV?￿81￿7 i$nolwJei reqUI￿d aTrJ iIB defic
li￿11￿ arthd on 3thhsEPtem￿X23. A ￿l￿OI£233￿￿35madEa31 ￿￿2023{lO22.. £5$￿) to ac¢xvdnitsd*tfeWVOryPBynwiupio301h
Seplember2023. Th* rwDaining IN*iityof£23***sth*J 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￿￿Ta*8$ Of￿0*na￿ 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 ststw*nts
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¢￿&¥¢￿1ab*WrpAe￿.
NDl•￿￿10￿Dr•tyrn th? Cotsps Indkai& that tr*ytht¢nd itsmako
danations ioth8 Ahy bsen Inthded
In nnandAiw*men
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$lcffi sc*eme lltiity
12.S991
17981
M•t cDbh u••d In op•rnUng
27
ALY8180F¢HANOES IN [*
Cmh
Man￿b
Ai•nd
DI y•ir
3215
31.509
34,724
Loem lolAw du? crn s
LpJnBlalMry du• irtqr mw•
NoiES alirf fntyolhw ong
122,OWI
119.8841
{19.87VI
ALYSI8V CABH ¢AIH EQUIVILEII
24
2023
£'c4)D
•t In
X724
TDtsI *hrf
FINANCI￿
ZQZ4
2023
Land gmd bu1￿1￿
Pinngwthin ano y
Xplnllg bet&wn twJwdfiv¥>
42$
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 nrttre*èJgx re*J ￿ts￿dEfin*j wl FRS 102.
M*mb8rs DltbèGovÈmin# Btsjy, oftho Cr•gD pJths J5 tyFRS 1Q?.T¢K￿ gnd fud1t￿m￿l
Thè I￿￿7￿9 In￿1￿h8￿ QL**andiwlrcfflihFCc** ￿¢￿￿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 tth*y£5YJ (20U' £12n.
COWTINGENT LIABIUTIEJ
POST BALANC* EVE14TI
Thw•VAl*nQ 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*
oxpÉ*4tsrruRe 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.F*owtykn¥•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 ¢QMPAA*TIVÈ.Pwwl•KI •¥b•l•wy
ICurren¢ iji
Tho Col*g• 100% dtho iwJ•d shwe CA￿tin Th•auoenknC*èi)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