2025-07-31-accounts

THE CLUEEN'S COLLEGE OXFORD ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY2025

Thè Queen's College, Oxford Annual Rgport and Flnan¢lal Statements Contents Pago Goveming Body, Officers and Advisers Report of the Goveming Body Auditor's Report 14 statement of Accounting Polictes 17 Consolidated Slal6ment of Financial Aclivtties 22 Consolldated and College Balance Sheets 23 Consolidgled Slal8menl of Cash Flows 24 Notes lo the Financial Stslements 25

The Queen's College. Oxford Governing Body. Offlcgr¥ and Advise Year ended 31 July 2025 MEMBERS OF THE GOVERNING BODY The members of the Goveming Body are ihe College's chaty trustees under charity law. The members of the Governing Body who served In office during the year or subsequendy are detailed below. Mr P G Johnson CBE Provost18ppointed 01108120251 Dr C H Craig CBE Pmv&%t Iielirnd 3110712025) Prof P A Robbin8 Dr R B Nickerson Retir•(13010912024 Prof R A Taylor Retir*1 3010W2025 Prof J A Langdale Prof E J C Mellor DrNJOwen Prof O L Rees Mr N C 8amforth Dr K A Q O'Roilly Prof C B Louth Prof C J Norbury ProfJ P K Doye Prof M J Buckley Prof S Aldridge Dr A Timm$ Prol P P8pazoglou Dr L R Lonsdale Prof R L Beasley Dr C V Crowiher Prof C A O'callaghan Prof L L A Phalippou Prof D Meyer ProfA M Gardner Prof P Tammaro Prof L A Turnbull Dr J L Guest Prof R B Parkinson

The Queon's College, Oxford Gov•ming Bodyi Officws and Athiisers Yearended 31 July 2025 Prof C M S Melcalf Prof S A Whidden Dr D ProLJt Resigned 17109r2W25 Prof J P Keating Prof C E J Abell Prof R S Wealherup Prof S B Kelly Rgsigned 2910112025 Prof J A Carillo de la Plats Dr C P O'Brien Prof S J Leedham Dr M P Ono-George Prof K Leeder Dr D Egger Prof E Slack Prof E Hudson Prof E Varon Elected 18110M>23; r¢slUYt￿ 3010912024 Prof L McGirr Elected 2311012024.. 30109rL025 Prof T J Atkin Elected 23110r2024 DrKEDuffy DrNKNoel Elected 23111)r2024 Eltrew 22110r2025 Fellows are Ilsted In order of appolntment to the Goveming Body. Fellows elected lo the Governing Body do not have voting rights during their first year 8nd are therefore not consi(lered lo be trusteos during that period. Fellows served on committees during the year unless otheNise indicated. The- symbol indicates that a Fellow has ceased membership of a commf(tee since 31 Juty 2025. The ' symbol indic8tes that a Fellow has joined a committee since 31 July 2025. The . symbol indical8s non-voting membefship of a committee. During the year the activities of Ihe Govemlng Body were carried out through commillees. The current membership of the major C￿Mittee$ is shown above lor each Fell(Iw. Eslales 8nd Finance Committoe Domus Commitiee Acaéemic Comrnittee Development Committee Personnel Committee Remuneration Committee Governing Body mernbers of the Remuneration Comlnittee who re￿Ne remuneration from the College are in allendancè only at that committee and are not ent￿ed to vote. The external members of the Remuneration Committee are: Mr C Doley IGhairl, Mi P Newi(xTr{-I, Ms M Daty. Ms S Habib. Ms A Hull and M5 M Ross.

The Queen's College, Oxford Govèrning Body, Offl¢?r3 and Advisers Year ended 31 Juty 2025 COLLEGE MANAGEMENT The members of the Governing BcKly to whom daY-t￿daY management is delegated are as follows: Provost Mr P G Johnson (from 01108120251 IDr C H Craig lo 31107120251 Bursar Dr A Timms Senlor Tutor Prof C J Norbury {from 01110120251 (Prof S A INhidden to 30109120251 De8n Prof C M S Metcalf (from 01110120241 (Dr R B Nickerson to 30109120241 Tutor for Undergraduates Prof C 8 Louth Tutor for Graduates Prof R L Beasley Tutor for Admissions Prof P Papazoglov (from 01110120251 (Prof R A Taylor lo 30109120251 They are supwrted in particukqr by the following senior slatr. DomgsliG Bursar Mr F D Garwood (from 01109120251 Ims M L Br8cey lo 30111120241 Collega Accountant Mrs K A Daniels Academlc Adminlslralor MsCKOtt Dir8Ctor of Development DrJ B Jacobs Chaplain The Revd L Cartwright lfrom 19109120251 {The Revd A L Watson lo 12109120251 Librarian Dr M Shaw COLLEGE ADVISERS Investment property managlng agents Savills. Wylham Court. 11 West Way. Oxlord. OX2 OQL Lambert Smith Hampton, Enlerprise House. Ocean Way, Southampton. S014 3XB Auditors Gravita Audit Oxford LLP. First Floor, Park Centrd. 4041 Park End Street. Oxford. OX11JD Bankers The Royal Bank of Scotland, DrummorKI House IEWI Branch, 1 Redheughs Avenue. Edinburgh, EH12 9JN Sollcltors Womble Bond Dickinson IUKI LLP, Oceana House, 3949 Commercial Road, Southampton, S015 1GA Knights plc. Midland Hwse, West Way. Bouey. Oxlord, OX2 OPH College address The Queen's College, High Street, Oxford, OX14AW Web slte I social medi www.queens.ox.ac.uk l Facebook and Instsgram.. qveenscollegeoxford

The Queen's College, Oxford Report ofthe Governing Body Year ended 31 July 2025 Thè mèmbers of thè Goveming Bo(ty present their Annual Report lor the year &nded 31 Juty 2025 under the Charitles Act 2011 together wth the audtLed financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The Provost and Scholars of the Queen's College in the University of Oxford. which is known as The Queen's College I'the College"), is an eleem05ynary, chartered charitable corporation aggregale.11 was founded. under Ilcence gr8nled 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 Charily Commission on 23 June 2011 (registered number 11425531. The names of all members of the Goveming Body 81 the dale of this report and of those in office during the year, together with details of the senior stsff and adwsers lo the College. are given on pages 2 10 4. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng documents The College is governed by Its Stslutes dated 13 February 2019. Governlng Body The Governlng Body Is constituted and regulated in accordance with the College Slalules, the termg of which are enforceable uhimalely by the Vlsitor, 1$ the Archbishop of York. The Goveming Body appoints the Provost, Fellows, Lecturers, and such administrative and other officers as the Goveming Body deems necessary from lime to time. New members of the Governing Body are elected in accordance with the College Statutes. lrtembershlp Is axlènded lo thè Provost. all Fellows holding Univ&rsity Associate Profassorships or statutory professorial chairs, and such other Fellows of the College as the Goveming Body deems appropriate on the basis of the Sl8lules. Th8 Governing Body determines the ongoing strategic direction of the College and regulates Its admlnistralion and the management of its finances and assets. 11 meats regularly. thaired by the Provost. and is advised by commillees which it consknlules. Recrultmgnt and tralnlng of members of the Governlng Body New members of the Governing Body are recrurted by competitive application for advert158d vacancies and inducted into the workings of the College. including Goveming Body Oi¢y and procedure5. by meetings with College officers. They are also offered a Iraining session provided by 8 local law fimi. Members of the Governlng Body are briefed annually by the Provost on current issues in the sector and updates lo reoulalory requirements. Sludenl representstives attend the Govemlng Body for the unreserved part of the agenda, and representatives of the College's Research and Career Development Fellows, plus some members of the senior glaff, attend the Goveming Body for unreserved and reseNed items of the agenda. Remuneratlon of members of the Govemlng Body and senlor College staff The Membe￿ of the Goveming Body a￿ primarily leaching and research employees ofthe College or University and receive no remuneration or benefi15 from their ttusteeship of the College. Those trustees who are employees of the College receive remuneration for their work as employees of the College which is set based Dn the advice of the College's Remuneration Commsttee. the voting members of which are currently Old Members of the College not in receipt of remuneratson from the College. Where possible, remuneration is set in line with that awarded to the Unwersity's academic stsff ￿ comparable posts at olher colleges. The remLsneralion of senior College staff is Set by the Goveming Body wth reference to scales applied to academic-related staff in the University- Oryanisational management The members of the Governing Body meet ten limes a year. The work of developing their policies and monitoring the imptementalion of these is carried out by six primary committees.. The Estates and Finance Committee includes the ProvosL Bursar. one former holder of the office of Estates Bursar. and ftyjr ftjrther Fellows, and meets nine times perye8r. The College Accovntsnt attends meetings.

The Queen's College. Oxford Report of the Gov•rning Body Year ended 31 July 2025 The role of the Committee is to examine the management of the College's propety and assets and all matl8rs connected with the finances of the College. The Domus Committee includes the Provost, BIJTsar. Dean. Tutor for Undergraduates, IT Fellow. Steward of Common Room. and two dected Fellows, an¢J meets six times per year. The Chaplain, Domesti¢ Bursar. IT Officer. ané Depuly Domestic Bursar attend meetings logether with student representatives and represenlalive ol the col￿ge'S Researth and Career Developmenl Fellows. The Committee oversees the use of lacililie5. routs.ne maintenance and refurbishment. accommodation and catering, IT provision. and conference 8nd trading activities. The Academic Committee includes the Provost. Senior Tufr*. Tutor for Undergraduales, Tutor for Graduates, Tutor for Admissions, and al ieasl ￿ further Felk)ws, togetherwth Iwo studenl representatives and a representative of the College'5 Research and Career Dev81opmenl Fellows. 11 meets slx times per year. The Academic Administr8tor attends meetings. 11 oversees the 8cademic ath'vities of the College and in particu5ar makes recommendallons to the Governing Body in relation lo academic appointmants, strategy. f8edback, and govemance. In 2024-25 the CAynmittee began a trial (which will last until Trinity Terrn 20261 in which the membership of the committee will be slightly reorganised lo reflect beller the breadth of the College's academic activi1185 and interèsts. with a concomitant suspension of the meeungs of the Tutorial Committee lof which all lulorial Fellows are members). The Development Committee consists of th& Provost, Bursar, two fvrthèr Fellows, a number of Old Mombers, and a repTesenlalive of Ihe College's Research and Career Developm8nt Fellow8.11 meets three times per year. The Direclor of Devek•pmenl and Old Members. Officer attend meetlngs. Ils role is lo malnlaln good relationships wllh Okl Members of the College and lo oversee the College's ftjndraising actlvllles. The Personnel Committee consists of Ihg Provosl, Bursar. Senior Tutor, Eqtsalilies Officer, Fellow Librarfan, and one further Fellow. The Domestic Burs8r attends meetings. Ils role is lo consider personnel mallers that relate to tho non-academic employees of the College. The Remuneration Committee meets lo ¢onsider the remuneration of members ofthe Goveming Body. The Comrnittee ¢onsisls of seven members elected by the Goveming Body from among the Honorary, Emeritus, and Professorial Fellows, and Old Members of the College who are not members of the Goveming Body. It is atten¢Jed by the Provost and another Fellow who acts as secretary.. also, the Bursar is frequèntly Inv￿ed by the Chair lo attend the meeting lo provide finanei81 inpul into the commillee's decisions. No voting member of the committee may draw a stspend from the Co118ge. The day-to-day running of the College is delegated to the Provost, supported by College officers and other senior staff. The Provost normalfy chalrs all meetings of the Goveming Body and ils c0￿MIlIe&S. In 2024-25 the Goveming Body and ils committee8 met in-person thmughout the year. As is customary from time to lime. the College Is currenuy ￿￿ew$n9 ils arrangements for oovernance. In 2024- 25 the College lrialled a number of measures to improve the efficiency of its meetings, including a roorganisallon of the schedule leading to a reduction in Ihe number of meelings. The Provost and Bursar are also members of an inform81 governance forum established by the colleges of Oxford to enable wider discussion of polnts of common interest. Group structure and relationships The College also adminisleTS many trusts 8nd specrftc ftjnds, as outlined in notes 19 and 20 to the financial statements, and has wholly owned non<tharitable subsidiaries.. The Queen's College Oxford Trading Limited I"QCOTL"; a company registered in England and Wales, number 071925491 and The Queen's College Oxford Developments Limited I"QCODL"; a company registered in England and Wale5, number 096686611. QCOTL primarily provides lètting of the College facililies for conference and other events when not In usa by the College. Any profrts are donated to the College through Gift Aid. QCODL provides design and development services in respect of U)e Cdlege's buildings. Any profits are donate lo the College through Gift ￿'d. This company is currently dormant. The College is part of the collegiale Universily of Oxford. Material interdependencies belween the University and the College arise as a CA)nsequen￿ of this relationship.

The Queen's College, Oxford Report of the Governlng Body Year ended 31 July 2025 OBJECTIVES AND ACTIVITIES Charitablè Oblects and Aims The College's oects are lo maintain a Colkge f(￿ the advancement of education and research and the advancement of religion. The College's aims for the public benefit are: 111 The advancement of education and research for the benefit of the public. in a range of subject areas as determined from ts'me to time by its Govemlng Body. including through.. lal the provision of teaching, supervision, accommodation and other forms of support for undergraduate and graduate students,. and Ibl the provision of a Library which shall include works for consultstion by qualified scholars. 121 The advancement of religion for the benefit of the publie. induding through the provision of a Chapel affiliatèd wlth the Church of England and through the holding of services and a$sociated events. The Governing Body is mindful of the long-standing requiremenl lo provide public benefit ane of the disclosur¢ requirements of the Charities Act 2011. In this connection the Govemlng Body has continued lo monitor closely the general and supplemental guldance woduced by the Charity Commission. ActlvltleB and objertlves of th? C¢llege and subsldlarles 111 To carry out educaii'on and research activities joinlly wth the Unlverslty. Thls Involves payment of Salaries and the provision of infrastructure including office space and admlnislralive support. 121 To supplement the education provided jointly with the UnNersity wilh lulori81 leaching provided by College- only appointed teachers. and by provlsion ol it5 own Library and IT facilities, and welfare, social, cultural and recreational facilllies lo enable each of its studenis lo realise thelr ac8demic and person81 potential lo its fullest exlenl. 131 To supplement ihe research activrtles ri promote8 iointty with the University by providlng Collegewonly fund8d research Fellowships and by providing an environment for interacbon between researchers. In addition It provides funding in support of their research lo members of the CcAleg. and provid88 facilities for vi$iling rese8rch8rs, induding access to a valued r6search Library. 141 To 8dmS1 undergradualg and grnduate students wthoul any restriclion subject only to satisfaction of publicised academic criteria. Tuition fees are regvlaled on a national basis. The Collgge accommodates most of its unéergraduates and Toughly one third ol ils graduates. For such costs and other costs homa undergraduate students ore eligible for student loan5 under Ihg nalonal scheme and for Oxford 8ursari88 on a means-tesled basls. 151 To provide various forms of financial 0$si51ance to both undergraduate and graduate students through prizes, scholarships, and grants to allow them lo pursue projects which fvrther thelr studles, and lo provide laTgeled sUPPOrt in cases of har(Iship. 16) To support a number of 8ccess-relaled activities. provided to ensure that the inforniation needed lo apply for admission lo the Unlverslty is disseminated as widdy as possible. 17} TO provide and support a Chapel aifilialed wth the Church of England and through the holding of daily servlces and associated events that are open to the public. The employment of a Chaplain f8¢ililales the above and provides mlnistry lo all students wFlhoul regard lo religious affiliation. The College maintains a Chapel Choir which complements and enhances the liturgy. The 8im of The Queen's College Oxford Trading Limrted is to prowde financial support for the achievement of the College's aims as set out above. The aim of The Queen's College Oxford Developments Limited is to provide design and developmenl sgrvices in respect of the College's buildings.

The Queen's College, Oxford Roport of the Governing Body Year ended 31 July 2025 In 202<25 the College admitted 98 {2024.' 971 new undergraduate S￿dents and 8412024-. 851 postgraduate students (including five PGCE studenlsl, bringing the total numbers of students registered on a course lo 373 12024.. 3711 and 25512024.. 2551 respectively, plus six registe￿d visiting students. Eight new part-lirne College Lecturers were appointeé to supplement the leaching provided by Fellows. Five Junior Research Fellows, one Career Development Fellow, and two tutorial Fellows were appointed. One graduate student was appointed as new r85ideritial Junior Dean. College Tepresenlallves ran a series of events to address pupils frcn groups of schools to explaln the admissions procedure and the benefts of Sludying at Oxford. The College supported other colleges an University departments with lurther events. The College's commitment to improving access to higher education for all. and Sn particular for those fr(th backgrounds wthoul a strong traditson of university education, was affirmed by the resources allocatsd lo Schools Liaison and Outreach. where a totsl of£236,84312024: 226,9601 was spent in the year. In addilion to its reguLgr activity on this front. the College conunued Its partnership with The Access Project. which lunds dedicated staff who work in schools lo support disadvantaged stu(Jents to gel to the besl universities. This partnership wlll strengthen the College's historic links to the north west of England. The College believes that the best academic work lakes place in a balanced environment., It supported undergraduate 5POrt, music and olher non￿Cademic activities during the year. £158,93012024'. £170.4781 was spent in support of 811 sports, £4,17412024.' £3,767) in support of music lin addition to support of the Chap81 Choir), and £46,53312024= £43.8171 on the studenl cAynmon rooms. The Library was open lo readers throughout th6 year.11 purchased new resources as required in support of the students al a cost of £67,17012024.' £57.2611. Mernbers of the College were very active in researth in a ￿de fange of fields. The College supported this work with research grants and allowances lo a lolal of £119.331 {2024= £115.0521. This contribullon makes a significant differen¢e lo thè final quality of work that can be achieved In many disciplines. 7712024.. 771 choral seryice8 (Including three sung Masses Ce￿brated by a Priest from the Cathollc Chaplaincyl. six weddings. and fv40 baptisms were hold in Chapel. Two sorvicas were broadcast lon BBC Radio 3 and 4 r8$pectively). Publlc benellt The College rem8ins committed to the alm of providing public benefll in accord8ncg Wth its founding prlnclple8. It admits as students those who have Ihe highest potential for benefilllng from the education provided by the College and University and recruits as academlc staff those %tho are able to Contribute most lo the academic excellence of the College, regardless of financial, geographical, ethnic, social or religlous background, or age. It provides subsidised accommodab'on and meals lo students al reasonable rates. It offers accommodation to all of tho undeTgTaduale body and to roughly half of Ihe graduates, illduding all of those in their first year of study. In order lo assist uniJergTaduates entitled to financi81 support th8 College provides funds lo the Oxford Bursary Scheme. For the academic year 202￿25 the number (rf awards made lo Queen's sludenls was 73 12024." 721, the total value of which w8s £340,675 12024." £287.6131. 47 12024.. 431 Queen'5 Students were awarded Crankslart (formerly Moritz-Heyman) Scholarships, provi(Jing bvrsaries of £261,53012024.. £224,448) in lolal and fee reductions of £nil 12024.. £6.0001. In additson the College awarded 2912024.. 91 Scholarship5, each wlth a v81ue of £450. 40 12024.. 43) Junior Stholarships, each wrth a value of £30D, and 2312024.. 301 Exhibitions, each with a value of £150. to undergraduates on academic merit, wilhoul refer&nc8 lo background. To support the costs of graduate students the College made a number of Scholarship awards, in¢luding a growing number of fully funded sludenlships for both fees and living costs. to a lolal value of £887,25512024'. £612,731). The College was particularly p￿aSed to continue lo support the University of Oxford's Black Academic Futures scheme through the award of new postgraduate scholarships which provide financial support lo black students lin addition to two conlinuing scholarships under this scheme). In addition, the College operates a targeted financial assistance scheme. which makes awards to both undergr8éuates and graduates up to a totsl value of £18,70012024'. £15,￿01. The College provides academic support lo students Ihrough book and equipment grants and an academic travel grant scheme whlch together made awards lolalling £137,239 I2024= £133.1291 in 2024-25. The College operates an outreach programme to raise educational asplr8Uon and attract outstsnding applicants who might not otherwise have ¢ons5(lered apptying lo the Cole. It employ5 a full-timè Schcx)Is Liaison and

The Queon's College, Oxford Report of tha Governing Body Yoaronded 31 July 2025 Outreach Officer and the programme Involve5 Vistts by schools io ihe College, open days, and guidance and information lo applicants anLt teachers. During temi-lime the Chapel hosts daily moming and evenlng ServI￿S on weekdays (the evening service taking the form of Choral Evensong on Wednesdays and Fridays). and Holy Communion and Choral Evensong on Sundays. All services are open lo the public,. Choral Even50ng. in particular. is well allended thanks in part lo the oulslanding quallly of the Chapel Choir. The College also maintsins its historic connection with the work of the Church of England through its involvement as Patron of 21 parishes. Thè College hosts a svbslanlial programme of musical perforniances that are well attended by the public. Including w88kly organ and inslrumentsl recilals. In addition the College hosts. free of charge, a number of concerts by Oxford-based ensembles. including the now-c81obrated Oxford Lent Concerts, the proceeds from which are donated lo charities. As well as providing an excellent service lo current members of the College. the Library holds an outstanding coSleclion of pre-18JO books and manuscripts, many of which are unique. In 2024-25 7912D24.. 911 exiernal readers consulted 15012024.. 1711 items from the 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 a sports ground. primarity for the use of mèmbers. but which is also used extensively by local clubs, especialty during the vacations. ACHIEVEMENTS ANO PERFORMANCE 10312024.. 1011 undergraduates passed Ilnal examinations in June 2025, including 40 {2024'. 371 with first dass honours lof which one was awarded merit and four distinclionl, and during the course of the 2024-25 8cademic year 3312024.. 331 graduates completed doctoral research degrees. A lurth6r 43 {2024: 311 completed gradu8le taught courses, one complaled the Clini¢al Medtcine IBM Bchl degree, and four complet8d Poslgraduale Certifica¢8s in Education. In the flnanclal year 202￿25 tho College received £2,061.857 {2024= £9,285.8441 in gifts from Old Members and other benefactors. Totsl income received was in line with eX￿￿atiOnS, and the sum5 exp8nded on fund- ralsing were well controlled. The College is volunlarFty regi8terèd with the Fundralslng Regulator and ha8 committgd to follow Ils Code ol Fundraising Practice and the Fundraising Promlse. The College's fund-raising is carfed out by employees, overseen at a strategic level by a Development Committee consisling of Injslees of the College together wlth a nurnber of represenlalives of the Old Membership of the College. The College prSorflises ils long-lerm relallonship with Old Members over short-lem considerations, and always endeavouts lo raise funds In a re3peelful and mod8r81ed manner. Any Old Member WIK) does not wish lo be contacted for fund-raising purposes can easily opt out of such communiG8lions. and all relevant staff are trained lo respect such preferences. The College received no complaints about its fundraising activity in 2024-25. QCOTL undertook the letting of College facilities lo variovs dients. Tumover was in line with exp8Ctalions. QCODL did not trade in the year and. as noted above. r8m8ins domi8nt. FINANCIAL REVIEW The Colleg8's financial perfom8nce during the year was strong. Investment and trading income were ahead of expectations,. in comparison with 2024, donalioiis retumed to a more typic81, but still healthy. level. The investments continued lo generale18rge gains for the College. A review of asset allocation was concluded and as a result the College will, over time, expecl lo move some investments from the UK to American markets. Nel expenditure before gains was £488.455 (2024- nel income of £7.539.0001- The prsor year result was exceptional in several senses (very high donation income and reduced expenditure thanks lo the reversal of balance-sheet provisions in respect of defined benefft pension schemes). The result for 2025 is more typical, reflecting modest growth in charitable income and expenditure, a notable increase in trading inwme, plus a fall in investment management cosls which is predomin8nUy driven by falling interest rates. The endowment assets produced a total retum of 10.8% 12024.. 12.60/ts), eomprising income of 1.6Q/o 12024.. 1.5Yol and a capital gain of 9.2DA 12024= 11.0%). Thi5 resum comprises gains on all classes of investment

The Queen's College, Oxford Report ofthe Govemlng Body Yearended 31 July 2025 properties plus strong growth in equtty prices. At the end of the year the funds of the College had increased from £507,218,OCIO to £550,225,000 net ol long-lemi borrowings of £41.8￿),00012O24.. £41,884,000). Reserves pollcy The College'8 reserves policy Is lo maintain sufficient free reserves to enable il to me81 its short-lenn finandal obligations in the event of an unexpecte(J revenue sttortfall. to allow the College to be managed efficiently and to provide a buffer that woukl ensure uninterrupted services. In practice the College aims to hold at least six months. of expenditure In reserves Ic. £I0.000.0001 and tries lo achieve this by careful control of unrestricted expenditure. Excess free reserves are expended on charitable purposes as and when required. Total funds of the College and Ils subsidiaries al the year-end amounted lo £550,225,00012024.. £507.218,0001. This includes endowment capital of £409,956.00012024.' £380,304.0001 and unspent restricted income funds lotalling £19,549.000 12024.. £18,005.0001. Free reserves al the year-end amounted to £24.186.000 12024.. £20,946,000), representing retained unrestricted income reserves exduding an amount of £29,853,00012024'. £30,548,000) for the book value of tangible fixed assets less a5soualed funding arrangements. Designated fLtnds al the year-end Ineluded £86.367,00012024.' £57,414.￿oI for the malntanance and refurblshment of the College's buildings, lo be spent as required and usually within 10 years. The statuses of the College's funds, including free and designated reseryes. are d8scribe(l in notes 19 and 20 lo the finanelal statèmenis. The Governlng Body, advised by the Estates and Finance CtsmmKtea, has determined the reserves to be sufficient and in line with the reserves policy. Golng concem Th8 Governing Body has considered whether lo adopt ihe going concem basis in preparing these financial 3talements. In support of this, il has received periodic review5 of the College's finances from the Bursar, and the Estates and Finance Commlttee has kept under review the wder economic context on the College's finances n the 8hort- and me(lium-lemi. The College has healthy IiqLsidity, owns substsntial endowed resources, enjoys buoyant levels of demand from prospective students. and is ready and able lo constrain expenditure growth If n8ces8ary. The Goveming Body is therefore ccmfidenl that the College has more than adequate resources to continue Its actlvllos for the forfrseeable luture, and considers that there are no uncertalnties concernlng the College's viability. Rlsk management The College has processes whlch operated throughtxrt the financial year to IdentTfy, evaluate and m8n8ge the prlnclpal rlsks and uncertalnlles faced by the College and Its subsldiarfes in undertaklng their acllvllles. When11 Is not able lo assess risks using internal resources, Ihe Cdlege takes advice from experts exlemal lo the College with specialist knowledge. Policies, procedures, and (he risk register are reviewed principally by the Eslales 8nd Finance Committee, with input from olher relevant College cornmittees. lfi addition, the Domestic Bursar and domestic heads of seclions meel regularty to review heallh and safely and personnel matters, and in temi th Burs8r ch8irs 8 regu18r meets'ng of the most sÈnlor slaff of the College. The College has inslituled 8 conllnuous programme ol monitoring and improvement in healih and safety matters, with advice regularly provided by suitably qualified personnel. Training courses and other forms of career development are available, when requested, lo members of staff lo enhance their skllls in risk4eL9ted areas. The Goveming Body, which has uttimale responsibilsty for managing any risks faced by the College, has reviewed the processes in place for managing risk and the principal identified risks to which the College and ils subsidiaries are exposed, and has concluded that adequate systems are in place to manage these risks. In particular, the Governing Body has identified and reviewed a register of risks in the fdlowing areas.. govemance. finances. academic matters, and operations. Specific risks considered in th8 past tsvèlve months includo: governance processes. govemment policy and regulation linduding the reporbng of serious incidents to the Charity Commisslonsl. the financial health of the College, the u)ndsbon of C(Alege bulldlngs Iwllh respect lo energy efficiency as well as stan(JaTds of provision for postgraduate students in particularl. heath and safety, and business continuity linclvding Ihe possibilty of cyber attar*sl. 10

The Queen's College, Oxford Report of the Governing Body Yearended 31 July 2025 In 202￿25 the College paid patrtycular allenlion lo risks ariwng from the high c05t of living in Oxford, and the problems this causes for employees Iwilh associated risks relating to recruitment and retention). In particular, it introduced a'Queen's weighting, which is discretionary supplemental remuner8tlon for those employees whose pay is linked lo national higher-educalion pay scales. The College has decided lo build upon, bul also depart from, the University of Oxford's approach to this issue= the University pays a fixed-rale weighting, whereas the College pays a higher weighting that increases across the pay grades lthus reducing compression of the pay scal81. The College also continued lo pay particular attention to risks arising from its accommodation buildings. A search is curTenUy underway for possible sites on which new accommc•Jation might be doveloped. This has yielded a number of possibilities which the College is psjrsuing. The most urgent priority is to improve the accommodation offered lo postgraduate students. many of whom cuThently live in unpopularflats rented privately by the College. The College's aspiration is lo provide a lasting and attract¢ve solution lo this problem. The College has continued to pay dose attention to the macroeconomle cllmate. The Collegè's budgeting process was smooth and the Eslales and Finance Commrttee once again suNeyed a long-term forecast oudining the College's financia5 susiBinability over th$ coming decade. which was judggd to be sa118f8clory. Indeed, the Governing Body identified the possibility of mcKleslty expanding the College's activilles: proFK)sals from members of the Goveming Body were gathered and ranked. As a resuli. in the coming years, the College 11 explore.. how lo provide means-lesled scholarships to poslgradvates.. how lo improve undergradu8te sludenl support,. how lo improve the pay of eBrly•career academics,. and how to diversify the College's portrait collection so that11 Is more representative of the College community- In rnore general terms the College is mindful that the finandal future may become rnore challenging. with further Incre8S8s in payroll costs Ilkely and the near-certainty Ihat undergraduate luilion fees for home studen15 will not rècover the considerable Ios5 in real income that has been imposed on tho sector in thg past dgcade. The risks and opportunities that are presgnled by dimate change have also been considered in some dolail in the past twelve months. The College has decided to create a Junior Research Fellowship in Climate Change Research., this will be o threfryear post. the first appointment to which is expected in October 2026. The Coll8g8 also considered a Se￿0S of reports on the energy efficiency of its main site. and idents'fied options lo improv8 the performance of the buildings and reduce the carbon emissims of the College. To this end the College is actlvely pursuing the possibilily of connecting lo an Oxford heat nètwork, which in the view of the Goveming Body is the most attractive and feasible way of eliminating the College's current reliance on gas boilers for space healing and the supply of hot waler. The College's Estales & Finance Commrttee also commissioned a report on the carbon footprlnl of its invested property port101￿. and will continue to consider how incrementally lo address this topic where il is financially prudent to do so. In this conlexl it should be noted that al least two proposals for solar parks on agricullvral land owned by the College have been submitted for planning pem)ission, and pemiission has already been granted for a battery storage scheme on ColFege land near lo Oxford. Investment pollcyi obl•ctlve$ and perfomiance Tha College's investment objectives are to balance current and fvtyre beneficiary needs by-. maintaining lal least) the value of the investments in real terms over the long term- producing a consistent and sustainable levd of income to support expendituro. and delivering these objectives wtthin acceptsble levels of risk. To meet these objectives the Couege's inveslments as a whole a￿ managed on a total return basis, maintsining diversification across a range of asset classes in order to priKluce an app￿priate balance between risk and return. In Ilne with thi5 approach, the College statutes allow the College to invesl permanent endowments to maximise the related total relum and to make available expenditur& each year an appropriate proportion of the unapplied tot81 relum. The initi81 value of the trust for investment and the initial value of the un8pplied lotsl return were est8blished on 25 June 2011 and take effect from 1 August 2002. These values were established by examination, lo the extent reasonably possibk, of Ihe temis (where known) of historical benefactions lo the College.

The Queen's Collegè, Oxford Report of the Governing Body Year ended 31 July 2025 The investment strategy, pollcy, and perforrnan￿ are monitored by the Estates and Finan￿ Committee. At the year end, the College's long-lerm investments, combintng the secLtrities and propety investments, lo18lled £524,947.00012024.' £484.255,0001. Under the lotsl return accounting basis, It i8 Ihe Goveming Botys pdicy to extract a5 income a percentage of the lolal endowment value. The figure depends on the split between property and securities (less borrowing cos151 and in the current year was 3.230A 12024.- 3.54Y&l. 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, correctèd for inflation. The Goveming Body will keep the level ol income wrthdrawn under review to balanc8 the needs and Interests of CUTrent and future ben&fici8r*es ol the College's activities. FUTURE PLANS The core elements of the College's thjture plans as agreed by the Govemlng Body are.. to work with the Universty of Oxford to idenbfy, enc¢yJrag8 8ppllcations from, and offer places lo, prosp8ctive students solely on the basis of their academic excellence and polenli81 lo bènefit from th8 opportunlli8s provldad by the College.. lo provide the best possible environment for the scholady pursuit of knowl8dge in the arts, Sciences, humanities. and social sciences, including the provision of individual or sm811-group leaching and supervisSon and the support of academic research, an(J lo support and encourage m&mber$ Of the College In w8yS thai will help them lo achieve their full academic potential; lo increase support for members of th8 College who would otheNise be unable to 9ngage fully In scholady pursurt as a consequence of financi81 disadvantsge or disabllity- lo ènsure the long-term financial securtty of tho Colleg&, and the inlegrity of ts resldenlial and educational facilitses. Sp8clfl¢ d$velopment plans have been agreed. where necessary. for the separate departments within the College lo ènsurg that the College conllnue5 to enhance Its abllSty to provlde a firsl-class education in an academic envlronment rooted in research. In the year 202>26, and amongst other things, the College wlll.. conllnue to make efforts to impTove the academic results attained by rts undergraduates and 10 5UPPOrt the academic Work of its poslgraduates., continue its Search for new sites and bulldings suitsble for student accommodation; continue to work lo reduce the College'5 carbon Yootprinf and in partlcular continue to consider improvements lo the energy efflciency of the main site. 12

The Queen's College, Oxford Report of the Governing Body Year ended 31 July 2025 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The GDverning Body is responsible for preparing the Report of the Governing Body and the financial stslemenls in accordance with applicable law and Tegulations. Charity law requires the Governing Body lo prepare financial slatemenls for each financial year. Under that law the Governing Body prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Slandards and applicable lawl, including Financial Reporting Siandard 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 1021. Under charity law the Governing Body must not approve the financial statements unless it IS satisfied that they give a true and fair view of the 51ale ol affairs of the College and of its net income or expendrture for that period. In preparing these finan￿31 ststements. the Goveming Body Is requlred to.. 5eleGt the most suitable accounting policies and then apply them c￿sistantlY. make judgments and accounting estimates that are reasonable and prudent,. s181e whelher applicable accounting Standards. including FRS 102, have been followed, subject to any material departures disclosed and expkqined in the financial statements-, slate whether a Statement ol Recommended Pr8Ctice ISORPI applies and has been folbwed, subjact lo any material departures which are explained in the financAal stalemants. prepare the financial slalements on Ihe going cnncem basis unless11 Is inapproprlate to presume that the College will conlinue lo operate. The Governing Body is responsible lor keepin9 properaccounting records that are sufficient to show and explain the College's transactions and disclose with reasonable accuracy al any time the financi81 position of the College 8nd enable il lo ensure that the financial statements comply with the Charities Act 2011. It Is also responsible for safeguarding the assets of the College and ensuring their proper application undgr charity law and hance for tsking reasonable steps for the prevention and detection of fraud and other irregularitl8S. Approved by the Goveming Body on 3 December 2025 and $lgned on ils behaw by: Mr P G Johnson Provost

Thè Qugon's College, Oxford Indepand8nt auditorfs report to th• Trusto•s of Th• Qua•n's Coll•g¢, Oxford Oplnlon We have audited the financlal statements of The Queen's College. Oxford lthe"ChariWI for the year ended 31 July 2025 which comprise the Statement of Accounting Policies, the Consolidated St8temenl of Financial Activities, the Consolidatèd and College Balance Sheets. the Consolidated Cash Flow Slalemenl and notes lo the financial ststements. The financial repK)rting fr8mework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Repo￿ng Stsndard 102.. The Fin8nci81 Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the linancial slalemenls.. give a true and fair view of the stste of the group and charity's affai￿ as at 31 July 2025 and of the group's income and expenditure for the year then ended.. have been property prepared in accordance wrih United Kingdom Generalty A¢¢eplod A¢counUng Practice., have been prepared in accordance wth the requiTemenls of the Charities Act 2011. BaslB for oplnion We conducted our audit in accordance wtth Inlernational Standards on Audits'ng IUKI IISAS IUKII and applicable law. Our responsibilities under those stsnd8rtls are further described in the Auditor's responsibilities for the audlt of the tinancl81 slalemenls section of our rep￿1. We are independent of the Charity in 8¢cord8n¢8 with tha ethical requirements that are relevant to our audil of the financial statements in the UK, including the FRC'S Ethical Standard. and we hav& fulfilled our other ethical responsibililie5 in accordancg with thesa rgquiremants. We believe that the 8udil ev¢dence we have obtained is sufficient and approprtate to provide a basis for our oplnlon. Concluslons relatlng to golng concem In auditing the financial s18tements, we havè condudgd that th? Trustees u8e of th8 golng concern b8818 of acGountsng in the preparation of Ihe financial slalemenls Is appropriate. Based on the work we have perfomed, we have not idenlified any material uncertainties relating to events or conditions that, individually or coll8cIIv81y, may cast significanl doubl on the char¢ly's abillty lo contlnue as 8 going concern for a pedod of 81 least 12 mcmlhs from when Ihe financial statemenis are authoris8d for issu8. Our responslbililies and the responsibilrties of the Trustee's with respect to going concem are described in the relevant sections of this report. Othor Informatlon Th& Trustees are responsible for th8 otherinfomation. The other infomiallon comprise8 the inforrnalion included in the annual report other than the financial slalemenls and our auditor's report Ihereon. Our opinion on the financSal slalemenls doès not cover the other information and. except to the extent olherwse explicilty slated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of Ihe financial stslements, our reswnslblllty is lo read the other Information and. In doing so. consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the audit OT otherwise appears to be malerially misstaled. If we idenlfy such material inconsistencies or apparent material misstslements, we are reqUI￿d to detemine whether there is a material mlsstalemenl in the finanaal statements or a material misstatement of Ihe other informaknon. If, based on the work we have performed, we conclude thal there Is a materfal misststement of this other information. we are quired to report that fact. We have nothlng lo report in thSs regard. 14

The Queen's College, Oxford Indep8ndant auditorfs report to th& Trust8•s of The Queen's College, Oxford Matters on whS¢h we are requlred to report by excepllon We have nothing to report in respect of the fdlowing matters in relation lo which the Charities Act 2011 requires us to report to you rf, in our opinion.. sufficient accounting records have not been kep( the financial stslemenls are not in agreement with the accounting records and retums,. or we have not obtained all the infonnation and eX￿anationS necessary for the purposes of our audit. Responslbllltles of the Trustees As explained more fully in the Statement of Accounting and Reporting Responsibilities (set DUI on page 141. the Tnjslees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, ané for such inlernal control as they detefmine is necessary lo enable the preparation of financial stalements that are free from material misststement. whether due to fraud or error. In prepartng the financial ststements, the INslees are resp￿Sible for assessing the Charity's ability to continue as a going concem, disclosing, as applicable, mallers relaled to going concem and using the going concem basis of accoLsnting unless the Tru5tee5 either intend lo liquidate the Charity or lo cease operations. or have no realistic atternative bul to do so. Audltor's r•sponslbillties for the audit of th8 Ilnancl•l stst•m•nts We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having eff8cI thereunder. Our objectiV8S are lo obl8in ￿asOnable assuran￿ about whelher the financial statements as a whole are freo from material misstatèment, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high ￿Ve1 of assurance. but is not a guarantee that an audit conduct8d Sn accordance wllh ISAS IUKI will always delect a material misstslement when It exists. MIs51alèm6nts can ari88 from fraud or error and are considered mat8nal if, individually or in the aggregate, they could reasonabty bg fjxpfjded to influence Iho econ￿￿1¢ decisions of users taken on tha basis of these financlal statements. Irrègularities, Sncluding fraud, 8re in8tances of non-compli8nce wlth laws and regulallons. We design procedures in line with our responsibilities. ouuined above. to detect material misslalemenls in respect of Irregular4tles, Includlng fraud. The extsnt to which our procedures are capable of detecting irregularities, Includlng fraud Is delalled below.. Our approach lo identifying and assessin9 the risks of material misslatement in re8pecl of irregul8rftle5, Includlng fraud and non-￿mplIance wth laws and regulations. was as follows.. the engagement partner ensured that the engagement team collectiV81y had Ihe appropriate competence. capabilities and skills lo identify or recogni5e nonvcompllance with applicable laws and regulations: we identified the laws and regulations applicable to the charity through di5CUS5ions with TTuslees and olher management. and from our knowledge and experience of Ihe client's sector: we focused on specific laws and regulations which we considered may have a direct malerfal effect on the financial ststements or the operatlons ofthe charity. induding Charities Act 2011, Office for Studenls and Oxford Universty requirements. taxation legislation. data protection. employment and pensions, planning and health and safety legislation. we assessed the extent of compliance with the laws and regulations Identified above through rnaking enquiries of management and. where relevant. inspecting legal correspondence-, arld identified law5 and regulations were COTnmunicated wihin the audit team regulady and the team remained alert lo instances of nonryc0mpl￿nCe throughout the audit. We assessed the susceptibilrty of the chaiFty's financial statements to material misststemenl, including obtsining an understanding of how fraud might occur. by..

The Queen's College. Oxford Ind•p8nd•nt auditorfs report to the Trustees of The Queen's College. Oxford makiny enquiries of Tnjstees and other management 89 to where they ￿nSIdered there was susceptybility to fraud. their knowledge of actual. suspected and alleged fraud,. and considering the internal controls in place to mikn.gate risks of fraud and non-compliance with laws and ragulation$', To address the risk of fraud Ihrwgh management bias and override of controts, we.. performed analylical procedures to wlentify any unusual ￿ unexpected relationships: tested joumal ents5e$ lo identity unusual transactions- assessed whether judgements and assumpllons made In detem)Inlng the accounllng eslimales were indlcative of potential bias. and Investigated the ralionale behind signÉficant or unusual transactions.. In response to the risk of irregularities and n￿￿0mplIanCe laws and r8gulations, we designed procedures which included, bul We￿ not limited to: agraelng financlal statement disclosures to undertwng supwting doGumentaUon,' readlng th6 minutes of me81ings ol thosè charged wilh goveman¢e; enquiring of management as lo aclual and Fotsntial lityg8tion and claims; if Gonslder8d n9Ggssary. rgvlewing corr8sponden¢e wlth re￿vant Tegulators and the charty's leg81 advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial tr8nsactK)ns, Ihe less likgly it is that we would become awarè of non-compli8n¢e. AudS1ing standards also Ilmil the audit procedures required to idenlrfy non-complianee with laws and regulations to enqulry ofthe Tru51ees and other management and the inspection of regulatory and legal correspondencg. If any. Malerial misstslements th81 orise dve to fraud can be harder lo detect ihan those Ihal arise from error as they m8y involve deliberale ¢oncealmenl or collusion. A further description of our responsibilities for the audlt of the finandal stslements Is located on the Financi81 Reporting Council's website Ot.. www.lrc.or ThSs descriptlon forms part of our auditor's repo Uso of our roport This report is made solely lo the Trustees. as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under seGtion 154 01 thal Acl. Our audil work has been undertaken so that we mighl st8t& to th8 Trustees those matl8rs w8 ar8 requirgd to stst& to them in an 8udilor's report and for no Diher purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than th8 Trustees a$ a body. for our audit work. for this reporL or for the opinions we have formed. Gravita Audit Oxford LLP Slalutory Auditor First Floor, Park Central. 4041 Park End Street, Oxford. OX1 IJD 4 December 2025 Gravita Audil Oxford LLP is eligible to act as an auditor in tefms of sections 1212 of the Companies Act 2006. 16

The Queen's College, Oxford Statement Of Ac¢ountlng Pollcles Yearended 31 July 2025 1. Scope of the flnanclal statements The financial slalemenis presenl Ihe Consdidated Ststement of Financial Activities ISOFAI, the Consolidated and Col￿ge Balance Sheets and the Consofidated Statement of Cash Flows for the College and its wholly owned subsidiaries, The Queen's College Oxford Trading Limiled and The Queen's Colleg Oxford Developrnenls Limited. The subsidiaries have been consolidated from the dale of their formation being the dale from which the College has exercised control through voting rights in the subsidiaries. No separate SOFA has been presented for the College alone as currenuy permitted by the Charity Commission on 8 concessionary basis for the filing of consolidated finanaal stalernents. A summary of the rasulls and financial position of the chanty and each of its material subsidiaries for the reportsng year are disclosed in note 13. 2. Basls of accounting The College's IndividLtal and consolldated finand81 statements have b￿n p￿pared In accordance wllh United Kingdom Accounting Standards, in particular'FRS 102.. The Financial Report¢ng Standard applicablg in the UK and Republic of Irelantj, IFRS 1021. The College is a public benefit entity for Ihe purposes of FRS 102 and a registered charity. The College has therefore also prepared ￿S indlvldual and consolidated flnanclal statements In accordance with 'Th8 Statement of Recommended Pra¢ti¢8 applicable to charities preparing Ih8lr financial statements in accordance with FRS 102, (The Charitles SORP {FRS 10211. The financial stslements have been prepared on a golng concem basls and on the hSstorlcal cost b8sSs, exctrpl for the measurement of investments and certain financial as5els and Iiabililies at fair value with movements in value reported within the Slalemenl of Financial Activities ISOFAI. The pnncipal accounting policiès adoptèd are Set out below and have been applied ￿n￿stentlY Ihroughoul the year. 3. Accountlng judgements and estIma￿On ￿n￿rtaIntY In preparing financial slalemenls il is necessary to make certaln ludgements. eslmates and 8ssumptlon$ thot affect thg amounts recognised in th8 finanu81 statements. The followng judgements and estlmot8S are considered by the Goveming Body to hav8 most significant effect on amoijnls recognised in the financial slalèm8nts'. The College eaTrt6s investment Fffoperty al fair value in the balance gheeL with changes in fair value being recognised in the income and expenditure section of the SOFA Independent valu8l¢ns are obtained to delemiine faSr value at the balance sheet dale. Before legacles 8re recognSsed in the financial statements. the Govemlng Body hag to exerclse l¢Jdgement s lo what conslilules sufficienl evi(Jence of enliuemenl to the bequest. Sufficient entitlement exists once notiflcatlon of payment has been recelved from the execut￿{5) oflh8 estate or estate accounts are avallable which indic8le there are sufficient funds in the estsle after meeting liabilities for the bequest lo be paid. With respect to the next financial year. the most significant areas of uncertainty that affect the carrying value of assets held by the College are the level of investment relum and the perfomianc8 of investment markets. 4. Income re¢ognltion All income is recognised once the College has entittemenl to the ino)me, Ihe economic benefit Is probable and the amount can be relia￿ measured. Income from fees. Office for Students support and other charyes for services Fees re￿1Vable, Office for Students support and charges for servI￿S and use of the premises are recognised in Ihe peric￿1 in which the relaled service is provided. Income from donatlons, grants and lega¢le$ Donations ané grants that do not impose specrfic future perfomi8nc&relaled or other specific condillons are recognised on the date on which the chaTty has enb"tlement to the resource. the amount can be Teliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised as and when Ihose conditions are mel. Donations and grants subjecl to other specific condibons are recognised as those conditions are mel oi their fulfilment is wholty ￿thin the control ol the College and it is probable that the specified wnditions will be met. 17

The Queen's College, Oxford Statement of Accounting Poll¢las Year ended 31 July 2025 Legacies are recognised followng grant of Tyobate and ￿¢é the College has received sufficient informatlo from the executorlsl of the deceased's estate lo be satisfied that the gift can be reliably measured and that the ecor¢omic benefit to the College is probable. Donalions, grants and legacies accruing for the general purposes of the College are credited to unrestricted lunds. Donations, grants and legacies-which are subject lo conditions as to their use imposed by the donor or set by the temis of an appeal are credited lo the relevant restricted fund or. where the donation, grant or legacy is required to bo held as capital, lo the endowrnenl lunds. Where donations are received in kind las dislincl from cash or other monetary assets), they are measured at the fair value of thos8 assets al the date of the grfi. Investment Income Interest on bank balances is accwnted for on an accrual basis with interest r8cognised in the period to which the interest relates. Income Irom fixed interest debt securlties 1$ recognised using the effective Interest rate method. Oividend income and similar distributions are recognisod on the date the share interest becomes ex- dfvldend or when the right to the divklend can be estsblished. Income from Investrmenl properties is recognlse(l in the peri<>J lo which the rental Income relate$. 5. Exp•ndStur* Expenditure Is accounted for on an accrn8L8 basis. A Ilability and related expenditure is rgcognised when legal or conslruclive obligation commits the College lo expendllure that wlll probably requlre setllem8nl, the amount of which can be reliably measured or estsmate(l. Grants awar(Jed Ihot ar8 not performancerfelaled are ch8r9ed as an expense as soon as 8 leg81 or conslruclive obligation for their payment arises. Grants sufy'ect to perfornianc8-relaled conditions are expensed as the specif5ed Conditions of the granl are met. All expenditure including 5UPPOrt costs and govemance costs are allocaled or apportioned to the applicable expendlture catsgories in the Statement of Financial Activrtlé8 {the SOFA). Support costs, which include governance costs (costs of complwng with constilulional and slalulory requiremenlsl and other indirect costs. are apporti¢)ned lo expenditure eategories in the SOFA based on the estimated amount atlribulable lo that activity in the year, either by reference to staff time or the use made ol the undedying assets, 8S 8ppropriale. Irrecoverable VAT is induded wsth the item of expanéilure to which 11 relat8s. Inlra%roup sales and charges betsyeen the College and its subsidiarles are exduded from tradlng Incom8 and expenditure in the consolidated financial statements. 6. Leases Leases of assets that transfer substantially all the risks and rewards of ownership are cLgssifled as finance leases. The costs of the assets hekj vnder finance leases are included within fixed assets and depreclatlon is charged over the shorter of the lease term and the assets. useful lives. Assets are assessed for impaimienl al each reporting date. The corresponding capttal obligations under these leases are shown as liabilities and recognised at the lower of the fair value of the leased 8ssgts and the present value of the minimum tease payments. Le8se payments are apporb.oned beiween c8pi181 repayment and finance charges In the SOFA so as to achieve a constsnt rate of interest on the remaining balance of the liability. Leases that do not transfer all the risks and rewards ol ownership are classified as operating leases. Rentals Payable under operating leases are charged in the SOFA on a straight line basis over the relevant lease lemis. Any lease incenlives are recognised over the lease term on a str8ighl line basis. 7. Tangible fixgd assèts Land is stated al cost. Buildings and equirment are stated at C05t less accumulated depreciation and any accumulated impaimient losses. Expendrture on the acquisition or enh8ncement of LAnd and on the acquisition. construction and enhancemenl of buildings which is directly attribUla￿e to bringing the asset lo its working condition for its 18

The Queen's College. Oxford Statement of Accounting Pollcles Year ended 31 July 2025 inlen(18¢J use and amounting lo more than £25.000 logether with expenditure on equipment costing more than £25,000 is capitalised. Where a part of a buikling or equlpmenl is replaced and the costs capitsf15ed. the carrylng value of those P8rt8 replaced is derecognised and expensed in the SOFA. Other expenditure on equipment incurre(l in the rK)rmal daY-t￿daY running of the College and ils subsidiaries is charged to the SOFA as incurred. 8. Depreciation Depreciation is provided to wrtte off the cost of all relevant langible fixed assets, less thelr esllmaled residual valu8, in equal annual instslments over their expecled useful econom￿ lives as follows.. Freehold properties. including major extension8 50 years Leasehol(J properties 50 years or period of lea88 rf short8r Building improvomenls 10- 50 years Equipment 4- 10 years Freehold land is not depreciated. The cost of m8lntanane¢ Is Charged in the SOFA in the period Sn whlch it Ss incurred. At the end of each reportlng pertod, the residual values and useful Ilves of a88ets are revlewed and adjusted f necessary. In addftion, rf events or change in circumstance5 indicate that thg carrying value may not be recoverable then the carrying values of tangible rued assets are reviewed lor impairment. 9. Herftag• Ass?t• The College has a number of assets. Including items ol art and histortc texts that mgel the definition of herllage assets under the SORP. The College has chosen to hdd heritage assets al cost, but because of their age and in meny c8ses unique nature, reliable historical cost infomiation is not available for these assets and could not be obtained excepl al disproportknnate eXp￿se. However, the d&proci8ted historic sl of Ihesg i18ms is considered to be now immaterial. 10. Investmentty Investment properties ar8 initially recognised at thèir ¢ost and $ubsgquently measured al thelr lair valuè Imarkel value) al each reporting dote. Purchases and 88les of Investment propertie5 are r￿QgnISed on ¢x¢hange ol contracts. Listed investments are initially measured at their ¢05t and subsequenty moasured al thelr falr value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deducllon of tho estimated fijture selling costs. Investments such as hedge funds and private equity funds which have no readily identifiable marf(et value are initially measured al their costs and subsequently measured at their fair value al each reporting dale without d8duction of the estimated fvlure selling wsts. Fair value is based on the most recent valuations available from their respectlve fund managers. Changes In fair value and gains and losses arising on the disposal of investments ar8 credited or charged to Ihe income or expenditure 5ecb.on of the SOFA as 'gain5 or losses on investments, and are allocated to the fund holding disposing of the relevant investrnenl. 11. Other financial instruments a. Cash and cash equivalonts Cash and cash equivalenis indude cash at banks and In hand and short term deposits with a maturity dale of three months or less. b. Debtors and ￿edItorS Debtors and uedilors receivable or payable %wthin one year of Ihe repo￿ng date are carried at their at transactlon price. Debtors and cre(Jitors that are receivable or payable in more than one year (which are 19

The Queen's College. Oxford statement of Accounting Poli¢10$ Year ended 31 July 2025 not cla5sffied as concessionary loans) and not subject to a mafkel rate of Inte￿$t are measU￿d at the present value of Ihe expected future receipts or payment discounted at a market rale of interest. 12. Stocks Stocks are valued at the lower of cost and nel realisable value. cost being the purchase prfce on a first first out basis. 13. Foreign ¢urrencles Tha fvnctional and presentation currency of Ihe Cdlege and its subsidiaries is Ihe pound sterling. Transactions denominated in foreign Currencies during the year arè translated into pounds sterfing using thè spot gx¢hang8 r8te8 at the d8les of the tran88ctions. Mon8tary assets and liabilities denominatgd in foreign currencies are translated Into pounds sterting at the rates applying at the reporbng dale. FDr8ign exchange gains and losses resulling from the setuemenl of trans8Ctions and from thè translation of monetary assets and liabilitie8 denominal8d in foreign currencAes at the exchange rates al the reporting date are recognlsed In the Ineome and expenditure section of the SOFA except when deferred and initially erediled OT charged in 'other recognised gains and k)sses' as qualifying cash flow hed988. 14. 'Tolal rèturn. investment ac¢ountlng The College's statutes authorise the Co1￿￿8 to adopta'total retum. basi$ forthe investrnent of Its permanonl endowment. The Col￿ge can invest its permanent endowTnents without regard to Ihe capilallincorne dislinclion5 of standard trust law and wilh discretion lo apply any part of the a¢cumu181ed total return on the investment as income for spending each year. Until this power is exercised. the lolal retum is accumulated as a component of the endowmenl known as the unapplied lotal retum thal can be either be retained for Investment or release lo income al the discretion of the Goveming Body. 15. Fund accountlng The total funds of the College and ils subsidi8ries are altocaled lo unreslricled, restricted or endowm8nl funds based on the tèrms 581 by the donots or set by the terms of an appeal. Endowment lunds are further sub.divided into permanent and exp8rsdabl8. Unreslricled lynds can be used in furtherance of the objects of the College al the discretion ofthe Governing Body. The Goveming Body may decide that part of the unrestricted funds sho11 be used in future for a Specific purpose and this will be accounted for by transfefs to appropriote designated funds. ReslriGled fijnds wmprise gifts, legacies and grants where the donors have specified that the funds ar8 10 be used lor particular purposes of the College. They consist of eilher grfts wherg the donor ha5 specified that both the capitsl and any income arising must be used for the purposes given or the Income on yifts where the donor has required or perniitted th8 capitsl to be m8intalned and with the intenlKin that the income will be used for specrfic purposes withTrn the College's objects. Perm8nenl endowment funds arise where donors specify that the fund$ are to be retained as capital for the permanent benefit of the College. Any part ol ihe tolal relum arising from the capital that is allocated lo income will be accounted for as unrestricted funds unless the donor has placed restrictions on the use of th81 income, in which case il will be accounted for as a restricted fund. Expendable endowment funds are similar to permanent endowmenl in that they hav8 been given, or the College has delennineLrf based on the circumstances Ihal they have been given. for the long term benefit of the College. However, the Goveming Body may al Iheir discretion delemiine to spond all or part of the capital. 16. Penslon costs The College partlclpales in the Unlversities Superannuation Schem8 IUSS} and the Untversity of Oxford Staff Pension Scheme IOSPSI. These schemes are hybrid pension sthemes, providing defined benefits as well as benefits based on dtsfined contributions. The assets of the scheme are held in a separate trustee administered fund. Due to the mutual nature of the schemes. the assets a￿ not atlribuled to individLFal employers and scheme-wide contrit￿tIon rates are set. A5 a result. the College is therefore exposed to ctuarial risks arising from employees of other employers and is unable lo identrfy ils share of the undertyillg assets and liabilities of the schemes on a consistent and reasonable basis. In accordance with Secllon 28 of FRS 102 "Ernployee benefits" the College therefore accounts for the schemes as if they were wholly 20

The Queen's College, Oxford statement of Accounting Policies Yearended 31 Juty 2025 defineé conthbution schemes. Consequenlty. the amount charyed to the income and expenditure account represents the contributions paYa￿e to each scheme. Where a scheme valuation determines that the stheme is in deficit on a 'technical provisiDris' basis la5 was the case following the 2020 USS valuation}. the scheme's Truslee must agree a Recovery Plan that d6temiines how each employer within the scheme will fund an over811 deficit. The College recognises a liability for Ihe contiibutions payable that arise from such an agreement Ito the exlenl Ihal they relate lo a deficill with related expen5e8 being recognised in the Stslement of Financial Activities. 21

The Queen's College. Oxford Consolldated Statement ol Finan¢lal Adlvltles For th8 year 8nd8d 31 July 2025 202S Yotal 2024 Tot ro lunds lundg INCOMEAND ENDO￿1￿£11Ts FROM: Chadtable att4￿41.. T83chirwJ. rese3rth and re¥idBnlial Oth•rtrJdin9 incorn• Donatlons And lèg&c4eB lThvestmÈnts InvÈsur.eM Income TOL91 rotum ￿￿¢810& 10 Inctsn& 555 ($55 1.031 2.062 794 9.286 341 2.361 8.210 112.736) 10239 9.100 14 10.375 3,235 12,$971 19,8B7 25,536 EXPENDiniRE OM= T08ching, rosearch and I￿0￿1) Publk worthp HeDT8ge 302 16,950 12,844 Q¢n•ratlnofund•'. Fund￿8151￿9 Triily fjXDtiidiwro Inve81mEnl 258 $39 2,891 547 547 2,SBS 2.072 Ir￿rment01fiX•d B51et 1,ee5 Tot•1 Exp•ndltur• 1&327 2,elS 2h34 20,376 17,987 N•t InGom•llexp•ndRurnl b•lore yln#l Ihxrtl 489 N¢1 98ln5 1 oc48e61￿ hve•tynon 11. 12 7.19 1,213 43A86 46.188 tr4•1 Incorn• Il•xp•ndlur•l 1,833 29.6$3 4J.M7 53.727 19 12891 N•¢ movom•n¢ In fund1trth•￿ 11.410 29.$ 63.727 Fund b￿8￿¢8 brouglrt forn4d 19 18.fKJS 507,211 453,491 Fund• ¢8rrl•d lornarrf •131 Juty 120.719 19.549 4Dg,957 sso.zz$ 507.218 22

The Queen's College. Oxford Consolidated and College BalanGe Sheets As at 31 July 2025 2025 Oroup 2024 Group 2025 College 2024 College FIXED ASSETS TangilAe assets H8ritag8 85S8ts Property investments Olh8r inveslm8nts 29.853 30,548 29.853 io 11 12 91.891 433.057 89.425 394,830 91,891 433,057 89.425 394.830 Total flxed aaaets $54.801 514,803 $54,801 514.803 CURRENT ASSETS Stocks Debtors Cash at bank and In han(J 423 2,257 34.724 412 2,708 36,547 423 2,461 34,118 15 37,637 Total ¢urr•nt ass•t• 40.493 37.404 39.667 37,002 LIABIUTIES Credllors.. amounts fdlirg due 16 3.179 3,105 2,634 2,938 NET CURRENT ASSETS 37.314 34,299 37,033 34,064 TOTAL AS8ETS LESS CURRENT LIA3ILmE8 592.11S 549,102 591,834 $48,867 CREDITORS.. falllnv du• •ft•r moro than ono yaar 17 41,884 41.890 41,884 NET ASSETS BEFORE PENSION LIABILITY $07.218 $49,944 506,983 Dthned bgneflt ￿n•10n •¢h¢m•11oblllty 23 TOT￿ NET ASSETS $50.22S 507,218 $49,944 506.983 FUNDS OF THE COLLeGE Endowm•nt funds 19 409,957 409,957 R•8trl¢t•d fund8 19 19,549 I8.(￿5 19.549 18,005 Unrestricted fund8 Designated funds General funds 19 96,219 24.500 87,￿3 20.946 96,219 24,219 87,963 20,711 550,225 507.21B 549.944 506,983 The financial st4temerts were approved and av1hD￿ lor issue by Ihe Governing Body ol The Queen's Cc418ge, Oxford on Tru5t88'. Trustee.. 22

The Queen's College, Oxford Consolidated Statement of Cash Flows For the year ended 31 July 2025 Z025 £'ooo 2024 £'ooo N•t ush us•d In op¢ratlng a￿1Vi￿e• 9,845 18,2351 Cash flows from Invosllng actMtle# Oividends, I￿terest and renls fronF inveslrnen15 Purch8s& of property. plant 8nd equiynent Proceeds from sale of investments Pur¢ha$e of investments N•t ¢ash provlded by Invelllno a¢tlAdo8 10,283 11711 2.801 9,075 1801 25.570 1995 33.570 11. 12 11 12,913 Cash flow8 from flnanclng act1￿11 Inltrresl payab￿ an bank loart5 alld senlor not88 C88h inflows from new borrowyng Receipt of endowmeni N•t ¢a•h lu••d Inl I provld•d by fln•n¢lng ¢tfvlU 11,8621 11,9811 1,707 155 8,155 6,174 Chang• In ¢##h #rbd Gash •qUI￿1•￿ts In th• r•porlln4 wltxl 2,913 31,509 Ca•h and cash wulv•lent• al th? beglnnlng of the reportlng p•rlod 34,724 3,215 Calh and e••h •qulv•hnt• at th• •nd of th• 1•p￿Ing p•rlod 28 37,637 34,724 24

The Queen￿ Colleg•. Oxford Notes to the financial ¥tatements Fo¥ the yearend6d 31 July2025 INCONE FROM CHWABLE ACTivrrE8 2025 ¢ODQ 2024 T4a¢hlw r•sath4MJ iknr8stTicWfU￿S TuiliDn lees- UK EU ¥lu¢¢nts Tu￿on fees. ww6•as Olher Ollicef(jrs￿d8n1&IwOrt Olhercdetni¢irt¢cffjÈ residenti￿1 Incom Totsl l•achino1 rwrEh v••lJM 1,419 1,6n 2C6 137 1.445 1.533 212 126 3.U41 6.356 Totsl Irom ch•vltsW• Bcltr¥ltLqs OOIthTIOMS W4D LEGAC￿8 2025 rooo 2024 £￿00 ind l•yeb•• estN¢ied luThJi funds 533 1,050 8,236 INCOMe FRO¥ OTHER TRADING ACTIVIrn8 20# £'DOO 2024 ¢000 In¢ INVESTMEF4T NCOM 2024 rooD 104 447 Cornmerelaireht Olbetproperty Incom• Eg￿llY￿1v￿unO 405 728 1.354 Agnculuralrnni 21 91 (XhwprwFrty inw EqDltydlvhlefyJ• 9ank Intorosi 27 27ts 504 Z177 59 489 2.235 Olher pio*rtyincL¥bi• EguitydIwd￿d Bank 4.017 T43 210 Totil incarn• to,23

The Qu8frn'5 Coll6ge. Oxford Not&8 to tha fln8nelal st8tamnt8 Fortht yearendtd 31 Juty 2025 ANALYS16 OF EXPENThTURE 2025 2024 ChiPitsbl• •xp•nffjEtLY• 034 4.466 0th8r ¢irgct CQ6ts to. Teachin4 rtsearth and ￿ldIn￿lI 934 6.200 rt and Tee¢hing, rese¥th and re¥d￿ts1 Tot•l¢hakltsbl••xp•ndlthlq 16.950 12.W Éwdilvro oTroDn•rntlnqlunO• 102 142 Tiadlno •xp•ndi 127 Fu￿￿8161￿9 Invejtmeni rnanwernent￿ 14 FundrJing 49 Inve•irn¢nt m•nag•rrwN 2.071 rotsl •¥p•ndftvr• oThgoTr•r•tlTrpfw 3.426 3,488 T•tsl up•ndrtur• Th• Colge 1$ hBt4e ￿ b& xvdTheLthNwlyc4 OAIorf.The Fthd li Lwd ￿mak￿ 9tanii lo￿￿ loc￿1•￿¢&￿ tho bp&$c4 ne•d. c¢￿i￿J1￿5 w• (4WDl•d èrWin tylha oflhè U￿￿￿￿ty0fOX1crfd.

The Qugen's College, Oxlord Notes to the financial statements For the endod 31 July 2025 AIIALYS80F SUPPORT QOVEIINAMCEC08TS 2025 FUTh ro FinarKaaiAdffMniXlraitii mesbc admwd9tr Human r¢saur 214 178 314 312 319 318 IT r￿prod￿tIon 1,102 33 Otherfinaru chargql Gov8rna￿ll cttsl 16 .11 2024 Tot41 C￿00 Fw Fln8ndBI 212 656 274 365 HumBn rwowc•s 372 2È5 olfixod Lwn Inlernslp8yabNI Oth¢rfvnèncè chBrw• cos 1,666 1,98S 97 28 Is 13 DBpr8c1BI￿n rmfit lllfix&¥ ta lllthB tèr0￿ ondoihlr ffiawtharges talthbuieo to tho 2024 op¥v￿￿￿• 20 No amtsuni ht¥ bèÈn indLthd in qQvemanet fthT Ihe dthb Coty ¢￿thtt bh￿ihat tthpto Fokn%' in COWB'$(jthth￿￿lbè& ol thoF¢trA •id thdi rwrfthrwd o¥Pgn6e6 are 27

The Queen's College, Oxfofd Notes lo the financlal statement• Forth8 y88r ended 31 July 2025 OPANTSIND AWARD8 21)25 rooD 2024 rwo Oudng Th&￿arthe Cokoe itgeath ¢T¢Art 6 rè6¢ncied ard urtre6tri¢ithJ fund6 as foM' G￿￿tst0 Individuats" SCho￿r￿1p5. grnrts hardsha¥wd8 Tcdal unM•trf¢t•d 193 Rqitrlcted funth ScholaTship5. pri2èynrt Ornh 4fi¥S hard$hawwd6 Totsi rest￿￿tEd 5T1 TotlfWAhts •w¥d# The ngureinebJded •b%e the¢￿ CdWedm¢YAftyd elthiiee•g• rwiv•dO41k12Q14. ¢2WI. Stynè ttltho udénis iocth￿d fo•￿1¥￿1￿M(￿0￿Q io£Cl¢ I￿? £ekl. Th• arn 28

Th• Que8n'8 Co118ge, Oxlord Ntstos to the flnanGial ststements For tho ytrar énded 31 July 2025 STFF COSTS 2025 rooo sA&￿eland 8rda1￿C￿￿tY￿￿ts c¢y5ts. 6,842 544 8?7 12.6651 U•fityt rKovery pbn a￿L￿￿S1P￿V2jI Other￿n¢￿16 2025 2024 T￿11￿7 w4orch CollegB i1ildBnb FUnd1p￿iDg 44 76 41 42 Tow - TF Urdverw￿d rthTF saotsatè PtOl•8•Or- TF C¢4•• OlherMA(lr4 andr•￿Arth Oth Tot•1 CollegD tyuJwJs Is Inc￿￿8￿ ¥6 0 8epJraKth In those IlDiern￿. Th? nurnt4ryf DI Ccgo tyiJiioDblthwry l•1(￿r4 I￿j corthbthkn41 l•ff I1￿￿ tho WM.. £6D.WI470.OQO E70,001-£80.C £¥Q,DU1-£9D.(X)O E100.001&110,000 donnod bemfti Tvrmin•tiM pJyrnTrtstoWngt3*to th•r¥•xull9pwbJ{3)24.. t171k. 3 waffl

The Queon'5 Coltege, Oxford N¢te8 to the flna#elal st8temeM8 For the year ended 31 July 2025 TANGWLE FLXED ASSErs Ibn95 &nd wèni £Y)00 buibrpJ$ TotAI £'ooo CD•t Atsthrt ofp A&lti(￿S 41.920 49 17D 42,09D At•nd oly•ar 41.11 252 42.221 D¢prcl4l At start of ￿ar Dop￿￿800￿ chorpfNth8 144 24 At •nd oy¢ir N•t book vilul At •nd oly••r .76• 29.853 30.522 30.Sd8 Cc41•llO Fix￿, •quiwunt T)141 l'o Co At it•rtoly Addttboni 41,920 49 170 82 42,Q•Q A¢ •1swr 41.9 2fjZ 42.221 Al Slbrt ul wr hvigtlorth•w¥ 144 11,S41 520 At•nd ol y••r N•t book v41u• .719 29.553 30.522 26 30,548 Thi Cofffj• nas kNg.h¥d hlgtorfcasslts arnUE•d Inih•crthi•d tho C•'s i•athry ￿￿r•s•￿￿ xtMt1•5. Th•w th•lbtod bjlldinqs ￿ the Cdtye ￿te. Becowo oltheir4e ono. knMsnY￿￿. uAoue MbAe. leha￿Th￿lts￿t0ll Irrt￿￿1on 1$ Nl Ior th•s•&5￿tI and 10 MeRITAaÉ A8SETI TheC¢l hb6 kng.hdd Th￿• ¢rrfWyJwy8 ofwt. tMks￿j rnWUeutyts￿d èfeth. ofthdrall# and, In mJnycJlleB. unlque r¢¢ure, NslorfC￿Crot1rfLwMrtw nr4 beobialnadexNF4 * d15prcwNonote expense. Thwg h4ve be8n ¢Y of ￿￿1[￿aa￿Se¢S In isnoiignding Oicylo ￿qUI￿ ordisposeofsLKh?ssels. Heritage asstts aTe a￿￿￿ed aid rnafflag￿ byCcge L ￿alr.v￿tskeexttrn￿ Wgod Tho Crthge rnntamsulalolluesolits ￿lt￿le￿s. to t￿¥ thsy pr• the nBcessBrysubjeL *I￿￿￿￿￿￿&￿E￿GrE5e￿rth.

The Qu8en'8 Coltsg8, Oxford Notes to the financial statements Forthe year fynded 31 July 2025 PROPERTY IIIVESTrIEMTS 2025 Totsl eofp) 31.997 fj7 09A23 108.873 AdLIOons 5mgroVem￿ts * rtht risposats 12,TT2) 13.7121 5.Z4D 125.5081 301 VOI￿alk)n ot end olytw 59. 32.29U 91.891 89.42 2025 T¢ial 2024 eo VU￿011￿￿ * ¥t¥rf oTsTor dhkxs and ImprUYemem￿ CisposB Rv•luti￿ 57.35 31,997 67 .42J 109.873 125.50BI YJ1 5.240 at•nd ofy At￿ll1 JT 31 W2025.' and purch1￿, fne9rnndwdpth7¢cfffj￿1. ￿the dthovacant Afrym•l¥abJtn off￿ byLwtsl JI th202J Jt#1 J￿￿5t￿g￿rI[ 12 OTNER IM¥esTMQIIT¥ Allnve5fftents WB ndsai Idrv 2025 rooo 2024 ¢roup Inv•4tM•n vA￿Allon * $14rtoly•w 353,798 kncrè41• In V•bJQ of iAv•th• 38,296 41,094 aru￿1￿¥•¥￿l11 •¢•hdolyd•r 4310 394,830 Group lnv•bbn•N•¢4mprf￿'. 2•2$ Totsl Equltyinv￿￿nIr 404.912 24,145 363.C69 31.741 Toi•l qroyp SThY••trn•n

The Queen'5 College. Oxford Nots8 to the finantlal statements For the year &t)ded 31 July 2025 13 PARFNfAND sUP￿D￿R¥ uNDERr￿N￿5 Thp ColgE ￿ld5 tOO% Is￿¢0 GhnrnfrtdknT￿1I)J￿5COkn￿ focoTL"X a ttmrwany ofthÈ Cowefadlties foi conlerence and othweverrtsvjhw ￿ In us8 tylhB CobJ&. ￿ ioo%dtrèlwA shec•wJThei)JethsCo O¥ltyd I"QCOQL'I, a providwy9 ie5ped tl Co•Wb￿1jrys. Thg rryer•ddfKe wbydi•ry 1$ thB Th• rwlts th•èèsdtsano ￿the Income Eypenditure DonAtI￿ ￿ Cc4W under￿ft Ahj IrNeJtmth g 18.856 {19.6261 17501 12351 43.496 N•t incumj IrKtha wr 144.5241 Nol funds Ot •n¢ ¢45*•r 32

The Queen's Colkge, Oxlord Notes to th8 flnanclal 8tatemer For th8 year ended 31 Juty 2025 14 STATEMENT OF PIVESTMENTTOTAL RETI Tne tru$l&tt effe(lfrthn 1 PjJlU#tX￿2. Th8 Inveslm•it reuvnto be 4ppSed AG kne4n knbBÈed ￿ thE onthg sE8sdlrfv¢5trneMsh&J oftr In¥estn)erts In v¥ch yws. tyTgd lor hfllxl. ThE (trD7w)vry(thèlrfrfaEied Itsvp￿rn￿et in 20021cwthei Ath al ￿b5￿wEllt BnOwnern5 vaw at d41¢ oly 202a tkn•ppl endowmtht ndowm•rt• Twt I￿UrN Ta rD £￿00 Altht be￿nDIng orth• y•or. olrt ¢OmpL¥Mht ofth pwminffil LIr$ap￿lOd gutal rWrn ExpqMdabh •hdovlrn•Trt T¢7101 •ndowm•n IN155 100.155 249,6B6 IOQ,IS5 24Y.6H6 30.4fy3 3o0.a04 30.4 3Q,483 100.15 349,•41 PAo¥om•nis in ihe 1vp0rfryF￿Dd= 1,529 8,210 35.014 Invbitméni r•tum.. totsl InY••lrneTrt Incrffl• In￿51￿9￿1 r•tu¥rt.' r•All•d *rtd unr•iX••d g•lr4 ID• 7,517

2.21>

11,9051 7.547 32,119 11,9051 1805 243 3.bS Totil 37.742 38 42.319 V1.8001 14361 At •nd olth• ￿•)￿. Gfft COmPOMnt alth• Un•ppll•d total return Exppndabli wdowm•ni Trt•l 10D,147 275,62B 109,147 275.e28 274121 2024 ZO24 Tual drwAnent rr roc lh• b•qlnnlnq olth• y•w. Ghl c¢mponontvlthF pBrmhllerl Unappli•d lotal r•lurn 93.461 91461 222.674 B3,4ei 222,e74 .fj74 93461 2Y2.674 316.135 26,B86 343,123 Ilov•m•ts In lh rporlkng pwlod.. Giii of ehdowM•ni IuTwJs Inveslmont rDiLYn. to￿1 InV•M￿l IrKomo Invesbment reiLYn'. ￿￿KIe￿ inveslm2llt manll9am•nl OlhBrtr•Mf Tot1 6.194 1,N2 238 8.8&1 ID20 37.883 12.0371 109 210 4,760 319 51,092 unap[￿8¢ l(Wrelwn JlcKoted lo {12￿> 11,2851 112.wl I12.￿> 11,285) In r•wtlng pewknd At end oflhe reporfwj Pth￿.. Gift (UllPDn8￿I (*the Un¥tvlied to&71 reiuy EXpE￿abl& ondo Totsl •rtdowrn•nts 1￿.1Ss Iffj.155 24B.686 1￿.755 24g.696 30.463 249.e86 l(K).I

The Queen's College. Oxford Notes to the finat)¢lal ststem8nts Forthe y88r ended 31 Juty 2025 DE8TQR8 2025 Gmp 2024 Gr￿P 202S ColkyE 2024 Cdlege ountilAlllnk duo one w. Trade debi Arnunlsowed by C￿0 untsowgd by undgnaktnqs Lts3nB Tepaysbk vftllin one)Ear Pr•p8ym¢nts and a¢uugd In¢ty 74Q 70B 7Q 797 651 4a2 491 141¥w dw •ft•trnQW• fffl•sW. Low 122 751 Tr 16 CREDTTOR8.. fDlllngdu•wllhln rth•y••w 2D24 Group roDO £Y)Do Tr￿4 cr•dkc TaIt1￿ and Awuahand dthrled ITh>￿8 Oth•rrndfW• 706 8$ $1• 1.727 J59 X)7 4J4 1.207 35 372 17 CIIEDITORS., fllllng dw •fiIrrnor•th￿ oMy•w 2024 rooo £￿00 8onk lJon• 22,ODO 19,Bg0 22,000 19,Be4 19,1 1,8e4 Th• bank •grkn £15rn ol boThk repè)TMntin 2035Thlt7rn 24 s&p￿m0￿r 201str• CoiwiXu•a £20m C(W￿ rl J.41tyA •w•, W￿￿•r2e45. Th foy Iho noies ar4 •rnonw•d Iho wrD rflhv PROVISIONS FOR LItsILifiES AND CM•AGES Th•r• ArnnDFVOvi*kn• loi

Tha Qu8611'8 Colleg0, Oxford NDtes to the finanEl81 statements For the ytar ended 31 Juty 2025 ALYSIS OF AIOVEMWffS ON FiIIIOS At JI July 2Q25 roory ExI￿ndItIj1 ro Ehdowrn•rtfundB. 232.69S 47. 5.014 i.n• D.2601 I&D011 21.380 24k.S31 end￿￿eni￿rth 14471 12J931 Tyuals 316 Endo¥¥mwrtfund6-•xp•nthbb 17.J•l 8.249 {4781 14061 1,591 822 450 18,$94 •.631 5,257 Pvnsion lund 1116 TO1￿ ondrfh)n•rtfuhd• Iz.¥ Tqtil End￿n•￿tFUnd•.Or￿p 12.n8 40•.957 115 (8791 743 25 4170 Tiu$is ￿￿￿¢Colog oty"•(ts En¢0¥￿a￿l1￿nd Specllic lthnds Sp•clflc bJbJnc•s 1S1 &240 2323 IIAUI 4,U72 376 JIJ 12701 1.955 Total r￿ell 615 Totsl thlrlEt•d Funth.Ov 1615 2,071 1,213 19,549 Unr•#rf¢ted IWH 711 5,57D 24,Z19 .y• 13Q 29,4$3 &Jlldhg fund 87A14 1937 4•64 S277 66.316 T4td unv•trlG¢vdfund# 12D.431 Urrtstdcted funds h¢bJ by xubgk 23$ 281 Tat#l unThtrlG1￿fUndN- youp ISJ Totlfwd $07,211 20,J70 4J,496 56D.22S 35

The Queen CollegÈ, Oxford Note8 to the flnancial $tat8ments For th8 year ended 31 July 2025 19 YS150F MOVEME•ITS 011 FUNDS ICr4thL At1 Al 31 Juty 2D24 £￿D0 Galn5 CoTPU8 P8ttn8nenleTrdown End(r￿enTI￿nd5 Vhllin Cow4bitt19 Truet8 Co1￿0￿je01¥ 214J32 36.970 14.6431 23.245 4.657 8,932 29 232,698 47,460 69.389 1.3BI 115121 Endowmqnl lundi-•ypeffld•b Colws 15. tuna 18631 8,249 4.896 pond￿ fu 97 T<4•1 ￿d￿w￿+￿tf￿￿l 34J.IZJ 13.8811 380.304 T•tsl EndwwJn•nl Fund•.Group 341123 13.e61 37.B83 380.304 RMirl¢l•d Tru8tS 4Wthln Coiie•B TN$is rArt￿￿e Cr4y obl&• Endovnert ruTrdS 147 74U 237 2,771 2.461 2.167 10 1.610 137.ts) 276 512 {I,QB71 {3531 334 3.240 2.223 Tot•1 r•itrlct•d lun 2.810 18.005 7otslft•ilrlEthd Fundi. Q Unre•lrf¢t•d fvfyd• 670 {1•.22$1 0.17 1.578 Fix•d resery• 32.912 30,519 482 5,218 Totol unrem￿¢￿0 iunth 11241 10& 674 UN￿￿1¢1?￿f￿nd1 hebj by$ut•ldlArfDb 23$ T41*1 unrn•trf¢i•d gr 13,534 10è,90 Tot•1 luntt• 453 491 46.188 507.218

The Quo8n'8 Collegt. Oxford Note$ to tho financlal statemÈniS Forth8 year ended 31 July 2025 2D FUNDS OFTHE COLLEGE DETJLS ThE Isa Endowmvntfunds.. P•nkianwi rpus ￿Min￿nE•r￿>4yffjWrt A ha5 th ￿COMe noi cA￿Ll￿maY thy be Lwd CO￿ Liects TYuL ¢r4ega 0￿•GE% EMpEthb P•nIlL￿ fL￿d Ivlct•d fund•'. T¢ukl•vAthin Crlp r4qiga ¥hxm frDm lor pJrtlGLthF Iho C r4 A(aYfiUkn￿d I￿￿￿nE frryn gts8fyJ Inlcrnnltrustith￿ particU￿r TYuit#oUtside C¢lDwobJ•cts End¢wrrfniI￿￿0 A¢cLvW•d frcth 9pO¢h1￿11h•1 Inccffle bui not C4pttFI Unrnstdct•d I￿•.. Flxld ullngfvNJ CakpbJllYr• 21 ANALY8ISOF NET A59ET8 FVIIDS £'uoo £'ooo a05J 1•,221 47.919 J7,J14 14665J 19,B55 Olh•r Inva8lrnerrt• Net cufrtnt•BsqIs 7B,3ts2 367,3 17,720 433,057 37.314 141,890) ii.fjJz) (30.¢431 2024 hJn¢$ rorl) PropirtyinVEsbnEntE Other Inve5tmeThts Net 30.548 89.425 )94,830 31.299 {41.8941 77.266 339,227 39.303 16 (4.1911 11.50fl {3e.189}

The Qu8en'5 College. Oxford Nots8 to the flnancigl statements For the yèar ended 31 July 2025 TRU8TEE8' REMU￿R￿moN Thetrusiee5 DltheCo¥egoc4mpr5Ee rcwgthwro08ofihe Colegeand t4th0 8ft (SavenNd by ¥lrttse rjthelreEn￿QyMErt. Bmpty885. ext￿n￿£cas￿￿ (It•n UnLvorwiyofOxlN4. Tha R8rnunBrallDn mvls to conydqr ￿thec￿￿￿9 W. Th?CommthB ufsix tyth8 G￿￿81￿1n9 BDdyfr(Kn Ihv Horwyary. prolets(￿ FEIOhS. ¥wJ M8nknoftheGLgethll not ofthèGo¥ernin9 8￿y. It be￿1 ètIBtlad bytho PrDVOgtwd Dr SPMtty, vthoxts as seuew. ND YLXU￿lr￿￿ts￿0fthts CornrThtteÈmay stiperf orany fonn OT trèn￿1 the Cow. ¥pmpriatfron oftre SthiLrtE¥. Thor¢wBr&￿t1L￿teÈ$. DrCH CI 1PmvoM)w6c￿A TThrtl&MI. 3om•t)WBtqw vAe qfjglt4e l(rf Is b•lw. Nl Ive patylUr￿￿dtyIllW￿ Ir￿￿ in ffKA• 31. Some tyustees rocwvg w￿ltI￿l￿A￿￿nc¢9 lor (wl CdgooMw& The80 ar• th•f8r(wJiernt rigur88 botrw. R•mun•r4llon tolMMI 2Q24 Nurnbv ol b￿ntI and bonifiL4 Pen￿On R￿g• E5,0ts)- E9.99 t10.(￿- £14.909 £15.WO- £19.999 £20.ODO-t74,951 £40,DOO-t44,9 £45,DOO- £49. E5Q,DOO- EY.999 £SS,000- E50.999 EÉO,000- £64.99B £85,000- £69.99& E70,OQQ- £74 999 175.ODO-£79,909 .￿o-£84.999 £8s,wo-£eg,999 £gu,ooo- £94 599 £95.000- Eg9.999 £1Q5.(w- e109,999 E115.CM)0 £119,B9 E145.iYJO.£149,909 tI50.WO-ÈISI.999 £I90.￿o.£194,899 32.744 12.554 31874 24217 131.372 3S3,217 82,725 1S3,377 113,450 ,so¢ )17.121 341 71.56¢ 168.530 257,417 810 107,436 114042 147,561 150.036 193.733 7(￿24.. 71 tTU?es ￿ r<A•rrOOfft¢rfth*U•q•￿￿dO￿QIrQ￿ye Olh•r Irult• No ckimed expenses luwvNJrk 5Ee 31 IRBkied PwtyTrBnwlKth K•ymon8ftemni r•muD•r4tlpTr Und¢rthgterrns ofthi c￿#￿￿e$S0Rp•l￿sWos4￿e1w0Wj rr4Js pa￿2 3ollhl• 38

Tha Quten's College, Oxford Notes to ¢h financlal 8tat•ments Forthe year 8nd8d 31 Juty 2025 23 PENSION SCHEME8 The Colege partidWB5 p￿n￿paI￿ns￿ •lt- Urhergii&s Wsslsndthe of O￿ard SWF P•n¥o Stheme IOSFSI. Tr assets ￿ ex in USS OSPS we{￿￿1Xrtllryffmx￿Y b&nefii s&mes li.e. Ihpy ble beneliiAOn & d￿ingd b¢nefilts￿- bas￿ ￿fs￿￿￿ dthie¢ b&s15- baséd Dll Into th• xtsmel. Boihe xtheThw$a￿J1he •53a5 fiaidbliE% ta d8fin8d banefits of eoch ¥therne and￿￿￿]￿3￿￿ bs. ith FRS 102 28.11, Its C￿￿gE acctKnts lor the ¥hern￿ ¥s trtheywwe de￿￿0¢￿￿￿tXll1c￿ Asa ie6uk. ¢0 th•ltwe& Expttnditw8Acwrt repro5￿1$ IliÈ conldtmbllns payabkn lotht £themes ¥1 0spedoltrAtC￿l￿ thfrtr•nt0fthEi￿￿b￿￿0f￿o1￿PthpO-ty In USS orOSPS thèèmDUrtt ul •ny shortlfAI l%thKh In ¢• ws$8thorwnQ￿ty 9rnployarsand ret1￿ ￿ iho 01￿ of 8Gh¥rnu x(o￿VA•dIDrundIr FR811J2 yrayvwh X11 ••jth￿ U8S Adryfiot r•CO￿ rdin¥¥aBwi Ill P¢ IS Pwt rI1￿2020¥•Ijth).v1M[kn rwrqd wnwrtd6.2%LrfIAneitrilrtts pJriDd 1 W12022 untm 31 2024. Iivknich po￿1 ￿(¥•1¢￿ 63%. ZOZ3¥MtiM le•j￿ surpwJ& on b'hni( ovkn￿l, Ylu lorn•ke dth>ifècLwy¢x￿tr￿dWrn frryn l Jawary2024 AThY aeC4Tdlngtyr￿8a•È0the wt$tanOI MBrth W23 Ilhg vqbJgtitsl d•l.thk w cwned ￿nL￿￿1h emèstD hv¢ JpwcthiAe •iettocw•rtsW rtlxfjvel. AltheV4i4l￿ O¥. lh8 V•bJe ofthe aJJet• ul Ihe Jchernew￿ E73.1 LI￿8￿d •Ch•ff and * futyding r￿1¥01 111%. Thp q8WPlhXi lh8 2023¥￿th￿ i. RAICPI gnp ¥•0.1% irfdbQn4TYrS% io• 1￿. CS1 i ￿nyo 3b Th• m Jin derv4raphi¢ lolha ThM• w• b•Md oywwl￿r4￿•dOut 101% ¢lS2PIIA" . rry mgs 95% rfS3PFAftrf¥n ¢NI 2021 knlh a WOthifwJ ot7 5. 7 inrtk4l•dthlW ¢1 0.40% p.a.. 1￿￿ w2920 9nd w2012 for m$ •id 1.wk Th•curreré llfe expe￿￿11￿ all•65 th." Curfert￿ goèd 65 lyes1 CUTrortty 65 Iysl 1A¥kn¢urrerrt￿aqett a51)￿) Femakgg ¢Arnl 45 272 272 Unlver•ttyofoxlordSthIIP•nilon 8¢h•rn• rhe OxTorf Staff IOSPSli% a undwtwsl spfy75tyed bythè Unwgrsity. k Isiho KhBrne lor$ut￿ staffaithE u￿￿t￿ty. Wioppbng ckns up on adefi tonknbutiw MembeFS*knaiu￿e0 bvlore l# 2017 bJthJ Th• lateElful for OSPS xknemes at31 Morth 2O72.TtrfLM&ryw￿Itl￿ Dfthi¥ ￿h￿rne Imwoverf 4ifiillcantly mowng fmm deficit of£113m io i Svfous 01É47ffl ￿tthv￿¥￿)n rfa￿. A$ 8 v&•Jo&on nokryrraqvwd [￿j lfre defiLal ¢tstttrIbLrf￿ ended 3ffth Septenib¥ 2D2I oftt33kxrn •t 31 )J￿ID23 (2D￿. £%2ll0a￿x￿lf￿ WKJitEGDM￿yfP￿nt￿up to 2023. Thetremèiryw ras¢OIOihe incrKne st K¢2024.

The Queen's College, Oxlo¥d N•t&s to the flnen¢lBI staternent• Forthe year endod 31 July 2025 23 PENSION SCHEMES the univer￿ haveaweed a l thxober2Q23 wxltakes ofthe bjnefii Knkyovements 8nd tD rnembercwltbJbtylÉ ￿nC&the lh￿ thE5￿￿￿Al masiiLq costs trun th8 sthem&'s &sseit, Th$tablB bthyS￿nMEr1sesthktYttUUn￿￿yxv)1Ptscl. ￿ncip￿S dlied 27 JJ 2013 ind IoLrf ?1 Dgtg alwa￿at1Dll". £47rn Raio of IntBTesl ptriOJS 10 r￿Tem￿lI? riods afiirieuieTr Gi13. 2.35% Gts. +0.5% eak￿￿ WQ.5% pa 1.0% pa podQ030 2Q30ar￿o.1% .20 RPI cpi FLmdln Floiios.. TBchnical Ylshys b￿1.. ODI. be$lu' Posi4eUrement mor14ty. Mblll 105% Ofithr￿￿1 $3PyAm•diiTh t4oi•ifortotr lmkni 1C6%d s3PK4fr￿rtknTr 14Jkns P￿40111￿ment mortth. Irr¢¥o¥BThW 16.S% CQlctsw&•r6lrom 0111or2wd3 pen8iDn¥bki 112% 114% DC rew¥J4% 16%16% wp.gm0111WA23 The per4kn charg1 rectydedbytheCrt¥ir¥thè4C￿nknjFryW •quol• (wirfbjkns ￿￿94ft•r aknyrKe fwthe dryfith recowry as fdbwi". gGh•m• 2024 ro È'o Urdvvnltl•X s¢*￿￿• UtdviiyofOxlorrt Sd*m• 11.8471 300 88 40

The Coll898, Oxford Notas to th8 Ilnanclal 8tatem•nts For the yoar 8nded 31 Jyly 2025 TAXATtON The i¥Jbk 10leadv2rtia9èotts exeTry￿￿5 nfBwgollnccme ￿ ca￿ta lh• wxtgnlthat income and pre in the stsiemaThts. 2S FINANCL4L IPJSTRLIMeNY5 RECONCILIAT￿￿ OF NET INCOPIING RESOIJRCESTO NET CASH FLOYI FFtOM OPEIIATION¥ Qroup rooo ro InMrn• 1•X￿1￿j￿1) 43.007 63,727 Ir￿9¢miTht InwThJ IGains1 In Inveiimon IntsroBI ppy•bk end0wmentdo￿I￿Tr recth¥ed 19.1001 1414Hei 1.862 11.S281 1.98U IDyAthient ol nxed ueeis DB¢roase I lkncr•os¢i In swrtk 1.866 IDe¢rfjw¥ryl I IncrooS• inueL¥ 12031 12.S991 M•t cuh ui•d ln •¢llTrAU• 27 YSIJ OF CHW40E81N NET D C4•h Non<•ih Ch8TrQ At •nd oly•ir CvBh 37,837 Loins dueatt•r rmyov SenityNotEs mtyethln rTh I22.[￿) 119.wl 122.OWI JJ4ALY818 OF CA8MANO CASH É1xiN￿EKf8 2016 al b￿* and in 37.887 34.724 IDtsI c•Kh •nd ¢••b•w￿•rrt1 FWANCLAL COMMITMeMTS 2025 ro 2024 gooo nd And ￿lI￿n95 •xpriffl9 yqar 453 42S

Tho Queen's College, Oxford Noi88 to tho financlal Ststenients Forthe year ended 31 July 2025 30 CAPITAL ¢OMIIITIIEMTS HFLATEO PATYTJiJISACTb)l•J Porf Dfthe cclegiaie UThvewdOth. t¢tAwtr• ￿￿¥￿&1y8ntstheC￿￿ of UI9 Klembors GaV8rnlty B¢rt1y, J8 ty FRS 1Q2. tsd4MosJ5 urnpbyo8 2025 2024 Abd1¢ 232 24 12 JPK OardntrA Meie4rc Mgyvo Re￿ OL WhddBn S %40 177 57 S3 195 47 N• Iryi•i•w li c• thD kndu¢oJ thln lh¢ r¢muroYaiioTh th*dO￿ In 22. vnlil Feibw•tt•N thtrnomi•l USS CONTMOENT LiWLm&s POST BALANCE 8HERT wpir8 42

Tho Queen'5 College. Oxford Notes to the finan¢t81 stai?rnpnts Forihe year ended 31 July 2025 •X(JfTIONAL PRIOR YEAR ¢¢JIAPARATIVES 34J PRIOR YEAJI COMPARATIVE. Corffjoudated of Mnancw A¢ii¥ib Forth•Jw•r onded 31 j￿2021 2024 Tothi INCONE AND ENDowMeNTSFRC.. TeachknA, ¢aith ahd ry6thti Othv irJdln9 In¢oM• Oonaii4n¥ ind legKI 358 1.286 Inve51￿Ent Totalrotuin alhxatad to TotÈl In¢om• EXPENDITURE ON.. 275 7.471 13.e81 9,100 19,745 25,536 TBochMg. rellearc* IQ871 319 a•n•ratkng fvnd•.' FL4Trd-rolwn9 Tradlnll eKwidttuffè Inv￿tM¥￿t nw•gern•Ncc 2.1•1 TotilExp•ndftur• 13.6 17,997 InmTrill•xp•ndNur•}b•forn IIDAwI 702 37M63 40.1 N•t lAw•￿1•¥pOndttur•) rian•fw• b•iw••n knnd N•t mov•m•￿1￿ lythftylh•>w 1541 37,tll 14.464 34J.123 453 481 Fundi Cwti4d f¢rrtrf al 31

The Queen'$ College, Oxford Nots8 to the Ilnanclal statem8nl8 Forth8 year ended 31 July 2025 34 •DDtrioNAL PRIOR YEAR COMP￿T￿8 (C￿¢￿￿t￿ar Not %11 13voup 2024 T¢lal 76.153 24 4.92S) 6.109 Bltxw¢ CM$p￿al9 Rèvaluat￿ [8￿51{10S￿￿I 15831 dyE ¢E41•9• 2024 TrA•l ai othw V•luiUM JE of And Impro¥trmeAiÉ bt eo 653 942 {5831 07 24 124.92S) 6.1D9 125.5011 5.0•4 ValU￿10n of yttr Aform&i VQIJBII￿ oflho Juty2023 31 Juty 3024.. Aloim•i vaJAlon ol lh• (tifflm•rc4AlrTh1 t¢h¥ ￿P￿•I￿al J¥W20￿m$￿￿1tsd u •131 Juty 2024 mothet rnovemqnts. 34 c p￿0￿ YEAR COMPARATNe.P•r•nt Ind Su￿ld1￿1k￿t1￿ty ICUTh•rtt ￿￿N9¢1 lJl Tho Catsgo Ttrrtauew'l C(ge QAtNdl•i Lhnlbj r￿OTL"kl ttihgor Ccllego Oyloid Dvweh)pm•n*Llrtgd focoDL"1. 4 de•v￿ana Mr¥￿In Cohp'& QCODL IrKcffl• 24.742 117.4381 15591 lu InvgFimgnl 46 188 ifiwmèforthv Tot41 |lsblliUe# V4.822}