CHRIST CHURCH UNIVERSITY OF OXFORD Annual Report and Financial Statements Year ended 31 July 2025 Registered Charity1143423 Christ Church Annual Report and Financial Statements Contents Pages Governing Body. Officers and Advisers ReFX)rt of the Governing Body 5-15 Independent Auditor's Report 1&18 Statement of Accounting Policies 19-23 Consolidated Statement of Financial Activities 24 Consolidated and House Balance Sheets 25 Con501idated Statement of Cash Flows 26 Notes to the Financial Statements 27-51 Page I Christ Church Report of the Governing Body Year ended31July2025 MEMBERS OFTHE GOVERNING BODY The Member5 of the Governing B￿lY aTe the House's charity tru￿èÉS under chaiity law. Thè members of the Governing Body who served in office during theyear or subsequenily are detailed below. 121 131 161 171 Dèan: The Very Reverend Professor S.R.I. FcK>t Canon The Reverend Canon Professor L 8retherton The Reverend Canon Professor G.D. Ward The Reverend Canon Professor AP. Davison Canon Profe550T C. Harrison The Venerable J.P.M. Chaffey The Reverend Canon PJ. Moger Students: Professor R.L Judson Professor l.M.C. Watson Professor EJ.F. Sirn son Professor S.D. Howison Prof&5sor M.]. Edwards Professor M.D. Mcculloch Professor S.L. Rowland-jones Professor B.E. Jack Professor S. Neubauer Professor B. Parkinson Dr D.P. Moran Professor G. Wilkinson Professor tl.L Davies Professor GA Johnson Professor J.G.E. Cross Dr A.J. Clark Dr B.W. Youn Professor JJ. Davis Professor M.C.A Bose Professor J. Yee Professor A. Kuhn Mr J.C.F.S. Lawrie Professor D. Aarts Professor S.). Cra Professor ri. Wade-martins Professor J.K. Schear Profe55or E.G W. Keene Profe55or S C. Mortimer Profe55or K. McGe Mr K. Sternberg Ms L. Elder Professor S. Dadson Professor S. Hiscctk Dr K. Lebow prOf￿50r A. Kuo Professor A. Vasudevan Piofe550r Y. Gal Profe550r M Holwe Professor C Kennefick Profègsor Y Nakatsukasa Dr L Bia55art Professor N. R. Meango (appointed l Jan 20251 Iretlfed 30 Sep 20241 lappointed I Sep 20241 retired 30 Sep 20251 Iregigned 30 Sep 2024 Iretired 31 Aug 20251 retired 31 Dec 2024 ned 30 Se 202S Page 2 Christ Church eport of the Governing Body Year ended 31July 2025 Dr F. Giusti Dr A. Chiavari Dr W. Ghosh DrT.Ko latadze Dr N. Smart Professor A. Benaissa Ms P. Qoberts Professor S. Smartt Mr F. Pre Dr D.A Jolowicz Dr A. Nickerson Dr M. Srinivasa Dr C. Ross Mr P. Holder Dr J. Rinaldi Simonds MrsC.Gi ou Mr E.W. Ste Mr M. Kerri Dr D. Sauter resi ned 30 20241 lappoirbted I Sep 20241 inted I Se 2024 inted I Se 2024 apFK>inted l Oct 20241 inted 22 Oct 2025 inted 22 Oct 2025 inted 22 Oct 2025 Inted l Dec 2025 henson an During Ihe year the policies of the Governing 8ody were developed and implernènted through nine principal committees. The current membership of these Committ￿ is shown abNe lor each StudenL D) 121 131 141 Isi 161 171 18) House Committee Finance Committee Academic Committee Developrnent Committee Salaries Board Grants Committee Audit and Risk Committ Equality and Diversity Committ Welfare Ctsmmittèè External members sit on the Finance Committee, Salarie5 Board and theAudit and Risk Committee. The external members over the academic year were_. Finance Committee.. fdr J. Curtis, Mr D. McDougall (resigned 30109120241. Mr H Grant (appointed 01108f20251. Salaries 8oard.. Ms IL Paterson (resigned 31107n0251. Mr S. Watson, Mi J Gieenwood. Mg M Blackburn (appointed 01108f202SI Audit and Risk Committee.. Mr R. ftawlinson, Ms H. Thixnas Mr A Webster. HOUSE SENIOR STAFF The senior staff to whom day to day management is delegated are a5 follo)N5. A The De3n The Ve Reverend Professor Soroh Foot B The Senior Censor Professor Jennifer Y C The Junior Censor Professor Slmon Dadson Mr lames Lowrie (to 3V1212024J Mr E Wilfrtd Siephenson - Interim Treosurer {ovoILs-i¥iot251 Mrs Coth Gi ou from 13fi0￿5 Mr Mark Kerri from oV07/2024 D The Tieasurer E The Steward on Page 3 Christ Church eport of the Govèrning Body Year ended37 July2025 HOUSEADVISERS Investment managers Oxford University Endowment Management Limited 27 Park End Street. Oxford, OXI IHU Investment property managers and principal surveyor Savills IL&PI Litnited Chartered Surveyors Wytham CourL 11 Westway, Oxford. OX2 OQL Auditor Crowe U.K. LLP R+ Building. 2 Bla9rave Street. Reading. RGI IAZ eankers Barclays Bank plc Usiness Banking, 4th Flwr, Apex Plaza, Forbury Fèoad, Reading. Berkshire. RGII IAX Solicitors Blake Morgan LLP Harbour Court, Compass fioad. North Harbour. Portsmouth. Hampshire. 45[ Mills & Reeve LLP Botanic House. 100 Hills Road. Cambridge. C82 IPH Address Christ Church. St Aldate's, Oxford. IDP Websitè vww.chch.ox.ocuk Page4 Christ Church Report of the Governing Body Year ended 31 July2025 The Members of the Governing Body present their Annual Qeport for the year ended 31 july 2025 under the Charitie5 Act 2011 together with the èudited financial slatements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION Christ Church is a joint foundation - of a college in the Unwersity of Ox[￿d and of the Cathedral Church of the Diocèse of Oxford- s(Jpported by a single corporate endowment. which is known as Christ Church I'rhe House"). The present collegiate foundaiion was esrablished by King Henry Wll in154& Statutes were conferred by the Christ Church Oxford Act. 1867 and these. as modified subsequenily by Oxford University Commissions ènd by Order of His Majesty in Council, govern it5 affairs. The government of the foundation vesis in the Governing Body formed of the Dean. certasn of the Canons and the elected Students. The House re9lStered with Ihe Charities Commission on 17 August 2011 Iregistered number11434231. The names of all Members of the Governing Body at the date of this rewrt and of ihose in office during the year, togethei wilh details of the senior staff and advisers of the House. are gi¥*n on pages 2 to 4. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documents The House 15 governed by its Statutes dated 16 March 2011. Governing Body The Governing Body is corb5tituted and regulated in accordance with the HcxJse'5 St3tutes, the terms of which are enforceable ultimately by the Visitor. who is His Majesty, the King. Membership of the Governing Body is associated (automatically in most cases) with appointment or election to certain posts in thejoint foundation, as outlined below, and lapses in the eveni of resignation or retirement from those posts. The Governing Body consist5 of the Dean. Canons las defined in Siatuie Idlill and Students las Stated in Statute Xllll of Christ Church. The Students may be lil tutorial fellows. appointed io joint posts with the University, lill University Professors or holder5 of equivalent posrs or University Readeri liiil Senior adm1n15trative officers of the House, including the Treasurer and the Steward." and livl other persons ofdistinction whose election to the Governing Body in the opinion of the Governing Body will advance the interests of education and learning in the House or will broaden its experti*. The Governing Body determine5 the strategic direction of the House and regulate5 Its 3dministration and the management of its finances and assetg It meets fegularly under the chairrnanship of the Dean and is advised by a number of committees, the most imponant of which are detailed below. Recruitment and tralning of Members of the G¢)verning Body As membership of Governirsg Body is dependent on ihe holding of other p05ts. recruitment depends on the procedure5 normal for those FK)Sts. The Dean, Sub Dean and Regius Professors are appointed by the Crown. Other academic appointments are by apwintment committee5", these are university committees in the case of Professor5 (other than the Regiu5 Professors) and joini universitylcollegecommittees in other cases. The Archdeacon is appointed by the Bishop of Oxford in consultation with the Chapter of the Cathedral. Senior administrative post5 are filled on the advice of specially formed committees reporting to Governing Body. Oiher persons of distinction may be invited io lake up Studentship5 which givethem membership of Governing Body. New members of Governing B(xJy are inducted by curfent college officers. typically the Cen50rs and the Treasurer. Induciion ropics include rhe role of the Goveining Body in the Joint Foundation and responsibilities of its members. Members of the Govérning Bi)dy attend external Irustee Iraining ènd information courses to k￿P them informed on current issues in the sector and on regulatory requiiement& Remuneration of Members of the Governin9 Body and Senior Collège Staff Members of the Governing Body. who are primarily Fellows, are teaching and research employees of the House and receive no remuneration or benefits from theif trusteeship of the House. Those tfustees that are a150 employees of the House receive remuneTatiorb for their work as employ￿5 of the House which 15 set based on the advice of the House's Salaries Board. Ihree member5 of which ale not members of Governing Body and not in receipr of remuneration from the House. Where possible. remuneration s set in line with that awaided 10 the University's academic Staff. The remuneration of senior college staff is set by the House'5 RemuneratK)n Committee. Page5 Christ Church Report of the Goveming Body Yeor ended 31July 2025 Organisational management The Governing Body meets ordinarily nine times a year. The work of devdoping policies and monitoring implementation is carried out by nine prbncipal commilt￿.. The House Committee consideis questions Invo￿1ng the domestic finan￿4 management and organisation of the House. accommodation and the use of space. and other domestic matter The Finance Committee considers mattels relating to ihe property and investments of the House, and questions involving the overall financial policy of the House. The Audir and Risk Committee considers maiters relaiing to the external a(Jdit of the House. ènd examines the findings of the auditors. The Academic Committee considers matters relating to the leaching, research and educational activities of the House. The Development Committee considers matters concerned with alumni relations ènd with fund-raising for the purposes of the House, and advises the Developmerbt Director arKJ the Oevelopment Adviser. The Salaries Board considers questions ielating to the 5alaiies and expen5e5 of those engaged in teaching, members of the House and to other expenses connected with such t&aching. The Grants Committee considers questions of reasonable charitable donations under Stat. XXXI.3.Ivl and of grar)ts for members of the Governing Body. Lecturers. Junioi 4lesearch Fellows and Senior Scholars. The Equality and Diversity Committee monitois. provide5 information arKI takes actions ¥elated to equality and diversity within the House. across the collegiatè University, and in regards to external agencies and individuèls. The Welfare Committee considers i5sue5 relating to the welfare ofjunior Members, Senior Membèrs and stsff of the House, including the Prevent DLty and Safeguarding. The day-to-day running of the House is delegated to the Dean and Censors. and other college officers notably the Treasurer and the Steward. The Dean and Censors attend all meetings ofthe principal committees except that the Junior Censor does not attend the Salaries Board, the Senior Censor does not aitend the Giant5 Comtnittee and neither Censor attends the Benefices Committee. When the Dean is unable 10 attend a meeting, the Censor Theologiae normally attends in their place. Under Clause Slal of the House's 5tatute5, certain powers are Teserved tothe Dean and Chapter in respèct ofr. Ul the Cathedral Church and its fabrK and appurtenances. includir*J the Chapter House; and (21 the Cathedral Chaplains, Organist. Lay Clerks and Choristers 3nd other officers of the Cathedral Church.. and 131 the r*identiary house5 a55igned for OCCLspation by the Dean and the Canons t(yJether with Cloister House. sO￿e members of the Chapter serve on the Board of Governofs of Christchurch Cathedral School I'CCCS"), which 1s chaired by the Dean. CCCS occupies buildings provided by the House which wovKles financial support for the school including choral scholarships. Group structure and relationships The House administers many special trusts. as deiailed in Notes 21 to 22 to the financial statements. The House has five wholly-owned non-charitablo subsidiaries.. ChTlSt Church Oxford Trading Limited. whose annual profits are donated to the House under the Gift Aid Scheme, Chr￿¢ Church (Eveshaml Limited, Christ Church (Dèventryl Limited, Thomas Wolsey Property Limited and Wick Fa¥ming Lirn￿ted, all ofwhich hold agricultural land with long term development potential. The trading actnfiri￿ olchrist Church Oxford Trading primarily comprige revenue from conference activities and letting of the facilities when not in use by the House The subsidiari￿. aims. objectives and achievements are covered in the rdèwdnt sections of thi5 rety)rt. The House is pari of the colleg¢ate Unive¥sity of Oxford. Material interdependencies between the University and the House arise a5 a consequence of thi5 relationship. Page 6 Christ Church Report of the Governing Body Yeor ended 31 July2025 OBJEcfivES AND ACTIVMES Charltable Objects and Aims The Objects of Ihe Charity are as follows-. Al The advancement of religion. education and learning. in particular bui not exclusivety by. lil the provision, support. conduct arKI Mainlenan￿ of Christ Church Cathedral as the Cathedral of the Diocese of Oxford. together with its Choir- lill the provision. support. conduct and maintenance of Chrisi Church as a college within the University of Oxford". and liiil the promotion of iesearch in any branch of learning. 81 In so far as if is not incompatible with the objects *t out in (Al ab￿e. the advancemeni of the arts, culture, heritage and science, in particular but not exclustve lil the preservation and cOnse￿atIOn of collections of articles of h￿tOrIcal, aesthetic or scientific interest", lill the preservation and cOnSen￿tion of the Cathedral and its appurtenances bncluding the Chapter House.. and liiil the preservation and conservation of the other I￿lIdIngS of Ihe House ar)d its curtilage including the Meadow. The Governing Body has considered the Charity Commission's guidanceon public benefit ané in keeping with its objects, the House's aims for the public benefit are.. the advancement of religion by providing and rnaintaining the Cath￿Iral of the Diocese of Oxford which is home to an aclive congregation and a world-famous Cathedral Char. the advancement ofeducation and learning by providing higher ed￿atIon lor some 426 undergraduate and 231 postgraduate students within Oxford University. the Siudents being selected by academic merit., the facilitation of research in a range of topics by providing access to its libiaries, PictLkre Gallery and other collections to its undergraduates, graduaies, fellows and members ol the Governing Body undertaking research and, on è discreiionary basis. to non-members of Chrisi Church undertaking appropriate research.. the further advèncement of education and learning through the activities ol the Cathedral School", the advancement of the arts, culture. heritage and science by the preservation and conservation of collections of arlicles of historical, aesthetic or scientific interesL the making availatrAe of cerrain article5 to researchers anWor the public., the advancernent of the arts. culture and heritage by the preSe￿atIon and conservation ofthe Cathedral and it5 appurtenances includTng the Chapter House, and by the preservaiion and con5etvation of the other buildings of the House and its eurtslage including the Meadow. for the benelit of current and future member5 of the House and of the general public,. and the advancement of the ar￿ culture and heritage by the maintenance of its choral foundatiorF. one of the oldest in England- the House 15 particularly commifted to the piovision of student supw)rL in the form of both bur5arieg and 5UPPOrt for current studenl5 in financial difficulty, with a view io ensuiing that those of sufficient academic ability should be able to attend Christ Church irrespective of family income_ The aims set for the House's sub5ldiai￿S are to help finance the achievement of such aims. Page7 Christ Church Ikport of the Goveming Body Year ended37 July 2025 Activities and objectives of the House A year at The House: l August 2024 to 31 July 202&. Academic Activitie5 The House's activities are focused on furthering tts stated objects and aims for the public benefit. among which education has a kèy place. Our charitable object of promoting research has t￿n furthered by a rarYJe of new aPFx>intments made during the 2024-25year. We appointed a new Official StudenrlA%sociate Profes50r in Experimental Psycholwy. Disa Sauter. who will srart in Decembef 2025, Ènd a Official StudentJAsswiate Professor in Ancient Philosophy, Chiara Martini, who will join us in October 202& We weie joined, in the course ofthe 2024-29 ècademic year, by new Official Student51A550ciate Professors- Charlotte Ross in Italian, Madhu Srinivasan in Biochemistry and G3briel Rin81di in Biology, as well as the new Re9ius P¥ofessor of Moral and Pa5t(Kal Theology. Luke 8retherton. Support for the m05t promising yourbg scholars is in evidence in our apwintmen¢ for the next academic year. of four new Junior Research Fellows lin Engineering Science. History, Chemislry. and Music) as well as a Tower Junior Research Fellow in Greek Mythology, and thirteen new non-stipendiary Postdoctoral Research Fellows who would not otherwise benefit from a college affiliation. Showirbg our continued commitment to world-class research. we als0 appointed two new Senior As￿late Reseaich Fellows lin Biology and in Medical scienc￿). During 2024-25 we welcomed two Fowlei Hamilton Visiting Profe550r5 lin Irbternational Lawand Drama 3nd Theatre respeciivelyl., we made th¥ee appoiniments of Fowler Hamilion Visiting Piofes501s forthe following year. The Christ Church Research Centie 5UPPOrted a Wbde range of innovative research piojects W by our research-active senioi members. The year 2024-25 was marked by scholarly success within both our academic and student tK)dies. In June 2025 the Revd Professor Luke Bretherton, oui new Regius Professor of Moral and Pastoral Theolc¥Jy. was ppointed to the UK government'5 Independent Commission on Community and Cohesion, tasked with investigating how to foster a more united multicultural multi-fatth demiKracy. An article in Nature, by an international team including Christ Church's Junior Censor Simon Dadsm. Pfofessor in Phssical Geography, exposed the stark reality of the impact of rtsing global temperatures on rhe severiry of droughts across the 95obe. Professor Dame Sarah Gilbert, Senior A£sociate Rèsearch Fellow al Christ Church and Professoi of Vaccinology at the Univer51ty of Oxford's Pandemic Sciences Institute, gave a public leciure on'Preparation and pandemics.. confronting new Ihreats,. one of a series of lecture5 taking place acr055 the gk)be to mark our 500th ènniversary. Professor Mike English. and his team from the Oxford Nuffield Department ol Medicine's Centre for Global Health Fles&arch and the Kenya Medical Research Institute, won the vice-chan￿11(￿S Research Engagement Award. Our students won a range of University prizes in 2024-25. The Rèseaich Project Prize in Advanced Ecology and Evolution was won by Youn9 lun Lee. Alice Macey-Dare won second pla￿ in the Chemistry Part IA Prize The Department of Computer Science Group Piojeci Prize went to Reva Banthiya. while the Bernaid Williams Essay Prize was awarded by the Universitys Institute for Ethics in Al to our second-year student of Computer Science and Phi1050phy, Xiaolan Deng. In Law. the Faculty Prize in CorF)orate Finance Law was shared by Joann Abodunrin. the Faculty Prize in Criminology & Criminal Justice went to Toyin Odusan, and a prize for Second Best Overall Performance on the MLF MSC in Law and Finarbce wenl to Loic Thiry.The Gibbs Prize for Philosophy in Mathematics & Philosophy Part 8 was won by Oliver Taylor. In Medicine, Ihelohn Potter Essay Prize went to Koushikk Ayyappan while the British Society for Heart Failure awarded its Early Investigator Award to Chrigr Church DPhil candidate in Medical Science. Sarah 8irkhoelzer. In Modern Languages. Christopher Eveleigh won both the Arteaga Priie for the best performance in Spanish FHS and the Dawd Gibbs Prize proxime acce551t for the best performance in Modern Languages for the year. while the David Gibbs Prize for the best performance in the Philosophy pa￿r5 in the Honour School of Philosophy and Modern Languages went to Oliver Walsh. Keya 8ergeron-Verma won the Best Research Project in the FHS of Psychology. Phi1050phy and L¢ngui5tlC5. Our undergraduates Max Nlorgan and Jemima Chen were the director and producer of a feature film. Breakwater, Ishor partly in Oxft)Tdl which was nominated for five awards at Ra1ndan￿, the UK'S independent film festival. Graduate student Nahjaie Nunes Imphil. International Relationsl received a prestigious award in Jamaica.. the Prime Minister'5 National Youth Award for Excellence. Jagyo*ni Mandal,a Dphil candidate and GCR PTegident, delivered the inaugural lecture of the Centie foi Translation and Literary Geography at the University of Calcutta. Our support for our charitable object of education is wide-ranging and multi-di￿1plin￿ry. Through the Tower Poetry Compeiition we continue to support passion for rx)etry in English in schwls,with 13 prize winners aged l6- 18 lofwhom three wining substaniial awards) selected from 1.700 submissions. In othei poetry news, our alumna Page 8 Christ Church eport of the Govemin9 Body Year ended 31 July 2025 and Honorary Studènt Professor Anihony Vahni Capildeo was awarded the prestigious Windham-campbell Prize from Yale University. Meanwhile. in early 2025 Chlist Church opened Oxford Edge. a new Centre for Entrepreneur5hsp and Innovation in the heart of Oxford at 37 St Gile& wpth support from 81enheirTI Chalcot and the University of Oxford. This State-of-the art facility will educate. inspire and empower undergraduate and postgraduate students from across the entire University of Oxford. offering them the chance to develop their own entrepreneurship ideas. A¢¢e55, admissions and student support The College remains comTnitted to the University's Common Framework and its Access ar￿ Participation Plan. In accordance with the Common Framewoik and Oxford's annual admisstons report, we monitor applications, offers, and 'accepts' for UK student5 according io socio-economic background. ethnicity. gender, and school type. In the 2025 UCAS cycle Christ Church was above the University average in terms ol the proportion of UK disadvantaged students admitted (measured by indexes of multiple deprivation and eligibility for free school meals) and state- educated students admitted, but among the bottom quartile of collegesfor the representation of UK women admitted. Ethnicity data are not yet avallable for the 2025 UCAS cycle. bui Chrisi Church was the college with the highest proportion of UK Black, Asian. and Minoiity Ethnic admitted siudenrs between 2022 and 2024 laggregated datal. Christ Church's continued support of IntoUniver5ity in Oxford has contr1t￿ted to our general object of advancing education and learning. Along with other acce55 arbd outreach activities particularly in our link legions. Including our sustained contact programmès Christ Church Horizons and Aim for Oxford, it is part of an 3im to broaden the available pool of cand%dates for our undergraduate places. and to contributè to enhancing their academic attainment. We continue to collaborate with other charities and organI￿tiOnS. including Debate Mate, the Brilliant Club, Thinking Black, Parallel Historles and Target Oxbridge IwtrK) returned for a residential at Christ Church in 20251. We have also taken opportunities to expand our outreach work beyond our link regions. through SLtrbJect-specific iniriatives." we have continued the Discover Computer Science programme for Black and Mixed- Black womeri and our Women in PPE programme. as wèll as h05ting a History of Art siudy day and offering a Geography essay competition. We were delighted to be able to host UNQ. the Universitrfs flagship access programme, in Christ Church Bgair> in 2025. We also supported piospective applicant5 who would otherwise have been unable to attend the Oxfofd Open Days with travel costs and aCComm￿lation in Christ Church. The Houses aim of providing support for studer)ts of modest means is furthered by our contribution to the Oxford 8ursary and the Universitls Crankstart Scholarship schemes administered by the central University. which makes allocations principally on the basis of household income. Christ Church also provide5 financial assistance such a5 subsidies of accommodation and dining costs and summer internship bursaries for cLJrrent junior member5 depending on household income. with othei giants allocated aftei evaluatiw students, income and expenditure on a case-by-ca5e bas15. Governance and 5001h anniversary In 2024-2S we began to celebrate the 500th anniversary of our foundation in Is￿ It has been a year of greatjoy and community celebration, during which we hève made major progress on pr￿lUcin9 our revised 5tatute5. The trienni31 ball, linked to our anniversary year. was a resounding success. Staff and students have celebrated with Tudor-therned banquets, and a 'Tudor Fayre. brought in families from the IcKal community. We h3ve had concert5, lectures and exhibitions showcasing five centuries of scholarship. mugc and creativity, attended by alumni as well as current staff and studènts. We have made substanrial progre55 in work towards revising our Statute& The Governance Review Committee met fortnightly throughout each term of the year and consulted tho Governing Body, notably at some Away Days. Throughout this process, Christ Church ha5 kept the Univer51ty. the Charily Commission. and the Church of England informed of developments. The change5 that we will make io our Statutes will give us a new structure foi the headship of Christ Church, creating a new p05ilion - to be named the Provost- with oversight over the whole Joint foundation, leaving the Dean with responsibilities in the Cathedral and thewider Church of England. The Dean and Canons will remain. as now, members of the Governing Body. The proposed revisions to our Statutes will enable the Governing Body to ch(x)se to elect a Governing Council whose rnembers ￿11 be trust&s, including representatives of the College and Chapter". the Governing Body will retain some responsibilities. The Remuneration Committee Icurrenlly our Salaries Board) will be chaifed ￿ orbe of its external members. ensuring robust external scrutiny of pay and benefits. Following the recommendaiions ofthe Grieve Report we havè already set UP an Audit and Risk Committee, also including external members and with an independent chair. Page 9 Christ Church >eport of the Governing Body Year ended 31July 2025 ACHIEVEMENTS AND PERFORMANCE 426 undergraduate student5 were enrolled during the academic yè31 2024-2512023-24.. 4481. Of the undergraduate% 12312023-24: 1341 were finalists who cornpleted their degree courses., 86.18% gained Firsts 01 2.ls 12023-24." 84.33%). 231 graduate students were following couises of study during the academic year 2024-2512023-24". 2361. Of these, 4712023-24.. 461 completed Master48CL degrees and Z7 completed dociorates P023-24: 351. Cathedral revlew The Cathedral's daily complèment of liturgical seNices continued to attract growing nUm￿rS of congregants. During the year, we appointed two new Canon Professors, Andiew Davi9)n and Luke Bretherton. Revd. Charlie Kerr, priest vicar, replaced Qevd. Zack Guiliano who ietuined to ministry In the USA. Charlie will lead our education and pilgrimage activities as we re5urne School wsits to the Cathedral following their ce55ation during the COVID crisis. Following another highly 5ucce55ful yeai in welcoming tourists, the Cathedral 5 income excÈÈded expenditure for the first time_ For the future year. we are looking fO￿ard to celebrating 500 years since thÈ Qthedral Choii was established in 1526 and the installation of a new stained-glass window depicting the strry of the Prodigal Son. Cathedral School review Following 3 difficult year in 2024f25, made even more challenging by theearlier than anticipated intrc￿uctIOn of VAT on school fees, the increase in the national minimum wage and the hike in Nl contribulions, it is encouraging to report that the Cèthedral School's pupil numbers at the beginning of 2025 incrèased by 8 compared to the previous Septembèr. Growth has been most marked in Nurseiy and Pre-prep which is helpful for the future pipeline. This increase in recruitrnent is very positive as it has b*n made in difficult circumstances including the context of the national demographics Ithe low birth-fatel. Following another year of positive recruitment. the Cathedral Choristers now number 20 which means that th choir is at capacity. DLJring 202425 the Cathedral School saw the arrival of cmjr new Organisi who has b￿n 3 great success. This has undoubtedly helped with ieciuitment and will continue to do￿. Fundraising rèvièw Voluntary income from fundraiging amounted to £3333k12023-24. £3,6￿k). which excludes 311 pledges. With the soorh anniversary of the founding of Cardinal College by Cardinal Thomas Wolw, 2025 has been a year of celebration and engagement with alumni, with an increased events programme and greater overseas travel. Nlore than 18% of our contactable alumni attended an event during 202S and we were proud to host gatherings in cities worldwide." Singapore, Hong Kong, San Francisco, L05 Angeles Pails. BIu55e15, Zurich, Geneva, Stockholm, 8oston, New YoTk, Washington DC, Toronto and Berlin. as well a5 in Manchester, London and Oxford. Our 500th Anniversary Lecture ser￿es offered Opwrtunitl￿ for reflection and learning and we were honoured to welcome the Vice-chancellor of the University to deliver the opening lecture in Lindon, followed by Dame Professor Sarah Gilberr in Oxford, the Right Reverend Dr Rowan Williams in Manchester. and Richard Stengel In New York. each of whom brought unique insight on topics ianging from pandemic preparedne55 to humanist education. The Commemoration Ball wa5 attended by over 600 alumni and Iheir guests with many others attending the service of Solemn Vespers in June, which leattjred a newly commissioned Latin Magnificat by the Master of the King's fv1u5ic, Errollyn Wallen C8E. Christ Church held it5 third Giving Day in N(wember 2024, iaising over fjS0.IXK) fvom more rhan 350 donor5. in support of four funds." the Christopher Lewis Furbd for the Christ Church Meadow. the Turorial System, Graduate Scholarships and the newly created Student Experience Fund. The Telethon which we held in March 2025 was a great Succe￿ ACT0￿ iwo weeks. student callers raised £210,785 in Direct Oebits and single gift5, to be received ovor five years. 376 alumni were contacted with a giving late of 43% and an average of £578 raised pe¥ call. a 52% increase on the previous year. The p8rcentage of alumni donating to Christ Church was 123%(2023-24..12.￿j.The number refiects an increase in the number of individual dorbors but a greater incre35e in the numbef ofcontactable alumni. 87% of the 2025 leavers contributed a Leavers, Gift12023-24.. 92%) with 93% of undergraduates and 78% of graduate5 making a gift12023-24.. 92% and 92% respeciivelyl. During 2023, wé intr(KJuced new Donor Circles. aix)ve and below the Board of 8enefactors to recogn￿e the generosity of donors. There were 395 donor5 recognised at the level of Boaid ol Benefactors and above12023-24". 3841, with a further 129 donor5 recognised as Liddell Pations IEIOk-£SOkl, (2023-24". 1181. We had 608 members of Page 10 Christ Church eport of the Goveming Body Yeur ended 31July 2025 TOM, the 5ociery which recognises regular donors12023-24". 5801 and 215members of the 1546 Society which iecognisès individuals who have informed us that Christ Church is included in their wills12023-24'. 2101. Development costs lincluding salaries of siaff in the Development and ￿UMn1 Relation5 Offiee, and the organi5ation of alumni and donor events and communications) amountcd to £1.139K Tepresenting a $5% increase on the previous year P023-24'. £736kl. The increased costs relate to increasing staff cap3city in the Development and Alumni Office relating to the 50(nh anniversary events and to scaling up our fundraising activity in light of the major capital projects planned to mark the Sooth anniversary. There were a150 exceptional costs for events ènd travel in rhe anniversaryyear. FINANCIAL FIEVIEW The House's total income of £51,986k12023-24". £49J39kl wa5 Q.647k higher than 2023-24, a 5.4% increase. The charitable activities of the House include teaching and research, prowsion of board and lodgings for members of the House. Cathedral and Cathedral School and access for visitors. The income generated by rhese charitable activities amounted to £18.276k. an Ltplift of £679k1+3.9%1 compared to the pre￿ou5 year12023-24'. U7,597kl. The cost of undertaking th￿e cha¥itable activities in the year was £40.908K an increase of £4,l84k l+11.4%1 compared to the previous year12023-24.. £36,T24kl. There was an overall operating d&ficit of£22.632k12023-24'. £19,127k delicitl on these charitable activities which is funded by spendable donations. trading income and transfers from the House's endowment. Income Income from chafltable aciivities wag a8,Z76k comprising fee income 01£3,%4K which was 3% higheT than the previous year, college residential income of £6,4Wk which was l% higher.combined income from the Cathedral and Cathedral School of £2,280k was 12% lower arbd visitor income of E5.404k was £865k119%1 higher than the previous year12023-24.. £4539kl. Fundraising income (which includes both income and capital donation4 was £3333k, 8% lowèr thèn 2023-24. Capital donations of £2.007k were 35% lower12023-24.- £3.087kl while spendable donations of a.324k were 145% higher Ihan 2023-241£542kl. Non-charitable trading income of £2.427k was £414k higher12023-24.' £1013kl. ￿lIst charitable conference income of n,018k was £74k hi9her than 2023-24. Income from investment assets of £27,12Sk was 5% higher than the prevK>usyear12023-24". £25,920kl due largely to an increase from other investment income of U3,97Sk12023-24.. ￿3.]05k) wlule income from property invesrments of £9.374k12023-24.' E951Skl was 1.5% lower than last year. Other miscellanèous income of£825k12023-24'. O80kl was £645k higher due largely to income from the triennial College Bal11£483kl. Expenditure The House sets it5 budget for expenditure on the basis of a rolling 5-yeai plan ￿lch enables forward planning of significant buildin9 3nd maintenance projects and otheT Stiategic project5 set by Governing Body. The House s total expenditure of £53.291k was £5B46k112%1 higher tharb 2023-24 IE47.445kl. Expenditure on charitable attivities of £40,908k was £4,184k higher than the previous year. Maintenance and refurbishmenr expenditure on college buildings of £Q765k12023-24.. ￿.435k1, was £670k lower compared to thè previou5 year. Included in the current year 15 Q.54lk in ielation io Tom E47 lincluding Batchelors Qowl staircase refurbishment512023-24". £2,030kl. E3lk in relation to Liddell building heating and bathroom upgrades12023-24.. ,233kl, £996k in relation to Deanery and Fell Tower refurbishment and subdivi%on12023-24.. £SWkl and £223k in relation to Cathedral School èxtèrnal iepèirs to Brewec si¥*i12023-24'. £338kl. (Xher projects undertaken included," ￿brarY extension and Picruie Gallery pfoject £78k12023-24.. £SY7kl, £ll7k12023-24.. £184kl in relation to the Lee Building works and £442k on Meadow 3 Cotiage refurbishmeni Rent. rates and insurance of £1,034k is in line with 2023-24, which includes the rental of 117 St Aldate's, Oxford, a 79-bed residential staircase occupied by the House on a 40-year long leasehold ba515. Following a review of its Outreach and Access activities in 2017-18, a number of new initiatives were implemented in this area. 2024-25 saw expendifure increase by £48k to £685k 12023-24.. £637kl. Included in total charitable expenditure is the movement in the year on thedefined benefit pension schemÈ5' deficit liabilities, a5 required under FRS 102. At 31 Juty 2025 and 2024 both schemes were in surplus, hence there is no movement In the year. Page 11 ChriTSt Church Report of the Governing Body Yeor ended 31July 2025 The cost of generaiing funds in 2024-25 was fl2583k12023-24-. fl0,72lkl. Q.662k or 16% higher than the previous year. Interègt payèble of £2,084k12023-24." Q,084kl unchanged from 2023-24 and represents the interest payable on £40m loan notes. bearing a coupon of 2.567%, which were drawn down in September 2016, on MSM loan notes, bearing a coupon of 2.01%, which were drawn down in November 2019 and £35m loan notes bearing a coupon of 2.16% which were drawn down in May and August 2021. Investment managetnenr costs of E7,603k weie £1,042k higher than the previous year due mainly to higher maintenance and refurtsshment expenditure Incuired on the House's investment properries. Fundraising Costs of £1,139k were 55% higher than 2023-241£736kl due to increased staff capacity relating to the SOO, anniversary events and to scaling tjp our fundraising activity in light of major capital projects planned to mark the 500" anniversary. Direct costs of£l,028k were 32% higher than 2023-24 1£777kl. During the year to 31 July 2025. the House incurred legal and professional fees relating io a range of governance matters arnounting to £429k, £93k higher tharb 2023-241£336kl as set oul in Noie 7 to the accounts. In addirion. the House incurred legal and professional fees on a lange of safeguarding and academic-related matrers amounting to £304k, 014k lower than 202>241£418kl. FRS 102 requires the recognition of the fair value of complex financial instruments. In 2(X)8, the House entered into an interest rate swap wrth Barclays 8ank plc. under which it receives interesi at 3-month L180R and pays a fixed rate of interesi of 4.783%. The noiional amount of ihe swap is OOM and expires on l February 2038. The fair value cosr of unwinding this inter￿[ rate swap as at 31 July 2025 has been pr￿ded at£516k12023-24.. £979kl, a reduction in the year of £463k Result for the year The consolidated net funds of the House increased by £32,456k in the year P023-24'. £32,212kl, the net increase is attributable to-. 202￿25 20￿24 Unrestricted funds £ 1,749k £ l.$72k Restiicred funds £ 1.568k £ 1. 839k Endowmentfunds I'l £ 29.139k £ 28.501kl I'l Including total invesiment gains in the year of£33298k1202>24: £30.642kl. Reserves policy The House's reserves policy is to maintain sufficient fr￿ reserves to enalje itto meet its short-terrn financial obligations in the event of èn unexpecied ievenue shortfall to allow the House to be managed efficiently and to provide a buffer to ensure uninterrupted service& Total funds of the House and its subsidiarie5 at theyear-end amounted to £8303m P023-24-. £797.8ml. This includes endowmenr capital of £816.3m and unspent restricted income fvnds toialling a7.7m. The House's free reserves ai the year-end amounied to a deficit of Q3329k12023-24'. Q3,459k deficit), representing retained unrestricted income reserves excluding an amount of £5,664k for the book value of fixed assets le associated funding arrangement5 and designated reserves at the year erKI amounting to Q,653k12023-24'. £1,476kl. Governirig Body ha5 set a target to increase free reserves by £￿k pa in irs rolling 5-year plan. Whilsi adopting a policy target for free reserves, the Governing Body also iecognises rhat expendituie on certain repair and renovation projects could be postponed in thè èvent of a cash-flow prob￿rn. Designated reserves of Q,653k ai the year end included £43k for unexpended Annual Fund projects. which are projected to be spent over the ne￿ thr* years. Risk management The House has processes for identifybng, evaluating and managing the yincipal risks and Uncertainties faced by rhe House and its subsidiaries in undertaking their activitie5. When it is not able to address Tlsk issues using internal resources, the House takes advice from external oxpert& A rerxxt on majo¥ risk5 15 prepared annually by the Treasury, which is considered by the Audit and Risk Committee, Finance Committee and Governing Body each year. Health ènd Safety risks are monitofed by a committee of heads ofdepartment, chaired by the Steward and subject to arinua1 external audir. Training courses and other forms of career development are available to meM￿r5 of staff to enhance their skills in risk-related areas. The Governing Body, which has ultimate responsibility fof managing any risk5 faced by the House. h35 given consideration to the major risks to which Ihe House and its Subsidiaries are exprised and has concluded that adequ3te systems are in place to manage these risk5. It Is recognised that Systems can provide only reasonable, but not absolute, assurance that major risks have been managed. Page 12 ChriTSt Church Report of the Governing Body Yeor ended 31July2025 The principal risks and uncèrtainties faced by the House and its subsidiaiies thai have been identified are ategorised as follow> Rlsk Measures Regulatory risk Close communication wffjth the Charity Commission in light of the Official Warning Pandemic Effective implementation ol government policies- support for research into effectwe treatment and vaccinatior). Insurance (where FK)ssiblel fiecruiiment of staff (academic and non- academic) Terms and conditions of Service revtewed regularly Reputational risk from lapses in academic Standards, Safeguarding or student welfare provision Monitor admissions procedure% student satisfaction and exam result> Pdaintain effective welfare team and safeguarding procedures Wth oversight from Weltsre Committee IT network and data security IT managed jointly a collegè consortium. Investment in people and hardwarelsoftware Disaster Recovery planning wocedures reviewed iegularly, liaison with emergew services Decline in purchasing power of the endowment Diversified portfolio and clo* oversight from the Invesiment Group Power Supply di5ruptton Contract in place forstandby generators Employment dispute5 Goverrbance ieview completed and Human Resources team established Investrnent poli￿9 objectives and perforniance The Houses investmenr objectives are io balance current and future benefitiary n￿15 by. maintaining lat leasil the value of the endowmeni in real terms". producing consistent and sustainable ieiurns to support expenditur¥. and delivering these objectives within acceptable levels of risk To rneet these objectives, the House's investmenig as a whole are managed on a total return basis, maintaining diversification across a range of asset classes in order to produce an appropriate balance betv¢een risk and return. In11ne with this approach. the House's Statutes allow the House to invest permanent endowmeni to maximise the related total ieturn and to make an appiopriate proportion of the unaptAied total return available for expenditure each year. Investment policy and strategy are sel by the Governing Body as advised by the Invèstment Group and Finance Committee from time to time and performance Is regularly moniiored ty the Investment Croup. At the year end, the House's long-term investments. combining securities and property inve5trnent& totalled £816.3m P023-24.. E787.Iml, net of £90.Om loan notes. Invesrment returns reflecled stronger rnarkets with a total return on the HousÈ'5 investments aftei fee5 and inteiesi on rhe loan notes of +&2%12023-24'. +6.1%). The carrying value of the preserved permanent capital and ihe amount of any unapplied tot31 Teturn èvailable for expenditure was taken as the open market valtJe5 of these funds as at l August 2001 together with the original gift value of all subsequent endowment receNed_ On the total return basis of investing. it is the Governing BOd￿S wlicy toextract as income 3.25% Iplus investment management costs) of the value of rhe relevant invesimenis. However, to smooth and moderate the amounts withdrawn, this is calculated on the avèrage of the year-end values in each ofthe preceding ftve years. Page 13 Christ Church Report of the Goveming Body Yecwr ended31 July 2025 The equivalent of Such 325% of the oper)ing value of the securities and txoperty investments. plus costs. wa5 taken as income in rhe year. The Governing B￿lY keeps the level of income withdrawn under review to balance the needs and interesrs of curfent and ftjture beneficiaries of the House's actwities. Fundraising Aetivitie5 Christ Church's Development and Alumni Relation5 Office exists to devdop lifelong relètionships with and amongst alumni, donors and supporters, and to Taise funds foi Christ Chuich's charitable activities. The Development Office consisrs of a Diiectoi and ten members of staff19.25 FfEI. The Office communicates news, research developments, events, volunteering Opportuniti￿ fundraising pricxities and progress updates that are important to alumni. The t>evelopment and Alumni Relations Office works with a network of volunteer& the Development Board and the American Friends of Chr1St Church which provide advice and suppon for fundraising, and the Christ Church Association Commitree which SLJpports the Office's alumrbi relations aCt￿ttle5. Chrisi Church is committed 10 best piacticè when engaging with all alutnni, current members. parents and friend5 of Christ Church. It continued lo be registered with the Fundraising Regulator during 2024-25, subscribing to its Code of Fundraising Practice. a5 adapted by agreement with the tlegulator to meet the particular circumstance5 of college5 in the Univer51ty of Oxford. The Development and Alumni Office also follow the University's Ethical Gifts PolFcy. Christ Church does not solicit funds from members of Ihe public.- its fundrais¢ng aciivities are focu5sed principally on irs alumni and third parti￿ intrcKJuced to Christ Church by alumni 01 the Unwersity of Oxford. including parents of former students. The Development and Alumni Relations 0￿e will always respeci rhe wishes of any alumni who wish to expand or limit communications by type or means. As a registered charity, Christ Church is regulated by the Charity Commission England and Wale& i fundraising, the Office adheres to all applicable laws in the felevanr jurisdiction& Personal information is handled with care and confidentialiiy and is prcKessed in accordan￿ with the Data Protection Act, Ihe General Data Protection RegLJlation, and all other applicable laws to SUPFX)ri the House's mission, related events, fundraising, sharing new5, volunteering and n&twoiking activitie& FUTURE PLANS The House seeks to continue to fulfi"l it5 core purposes. To this end, its pdries in all areas are reviewed regularly by the committee5 set out on page 6 and by the Governing Bcxly. We continue to celebrate the House's Sooth annwersary in 2025. We are31soworking towards increasing support for graduate and undergraduate education and for academic research through endowing academic posts and graduate scholarships. We have ambitious plans ro extend the Library aJKJ Picture Gallery, which will norably allow an accessible route to the Upper Library, study space for 5tudent5. and rnuch-needed work to enharice the Picture Gallery in older to protect and display our extraordinary collection. We are also planning to increase housing piovigion for graduate students. and build up graduate number5. Wlth the creation of a new Giaduate Ceniie on site adjoining Christ Church Mèadow. We are making good piogrèss on the Internal St￿e$ of our Governance Review process so that the details of our proposed statutory charbges arecareftjlly worked through tkfore we take them to the external approval process. The Cathedral School's new pavilion and outdoor centre on Merton Field was opened by Olympic Oarsman Jonny Searle in the Summer of 2025. This will transform the experience of swn in the school and enhance the wocdland School curriculum. In future this will enable the school to host tournamenis and chariiable aciwities. Future plans include upgrading the WOCxJland school working with Christ Church gardening team, reconstruction of the Nursery playground, refreshing the decoraiion in the school's 16th Century Building, refurbishing the boarding facilities and replacing IT equipment. The school will be promoting their three choirs. each in therf own way aTe unique to Oxford, and all are performing well. The school will host the annual conference of the Choii Sch(K)Is' Association in 2026 which will be the 500th anniversary of the foundation of the Cathedral Choir. Page 14 Christ Church Report of the Governing Boty Year ended 31 July2025 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBIUTIES The Governing 8ody is responsible fof preparing the Report of the Goveming Body and the financial statements in accordance wilh applicable law and regulation Ch3rity1aw requires the Governing Body to prepare financial statementsfor each financial yèar. Under that law thè Governing Body has prepared the financial statemenis in accordance wth United knngdom Generally Accepted Accounting Practice (United Kingdom Accounting Standaids and applicable lawl. including Financial eporting Standard 102.. The Financial Reporting Standard Applicable in the UK and fiepublic of Ireland IFRS 1021. Under charity law the Governing Body must not approve the financial ststements unless it is satisfied that they give a true and fair view of the state of affairs of the House and of its net Income or expendituie for th8t pèriod. In preparing rhese financial Statemen￿ the Governing Body is required io.. select the most suitable accour)ting policies and then apply them cra￿lS[@￿tly. mèke judgements and accounting estimates that are reasonable and prudenL state whether applicable accouniing standards. including FRS IOZ have been foElowèd. subject to any material departurè5 disclosed 8nd explained in the financial statements-, state whether a Statement of Recommended Practice ISORPI applies and has been followed, subject to any materi31 dep3rtures which are explained in the ffinancial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the House will continue to operate. The Governing Body is responsible fo¥ keeping proper accounting records that ale sufficient to show and explain rhe House's transactions and disclose with reasonable accuracy at any time the financial position of the House and enable it to ensure that rhe f1nancial statements comply with the Charities Act 2011. It ts also responsible for Safeguarding the assets of the House and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention arbd detection of fraud and other irregularities. Approved by the Governing Body on 03 Decembei 2025 and ￿gned on its behalf by. The Very Reverend Professor Sarah Fwt Dean Page 15 Christ Church Independent auditor's report to the Members of the Goveming Body of Christ Church Opinion We have audited the financial statements of Christ Church for the year ended 37 July 2025 which comprise Consolidated siatement of Financial Activiiies the Consolidated and College 8alance Sheets, thè Consolidaied Starement of Cash Flows arKJ notes to ihe financial Statemen￿ including significant accounting policies. The financial reporting framework that has been ap￿led in their preparation is applicable law and United Kingdom Accountin9 Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepied Accounting Practice). In our opinion the financia5 staiemeni give a true and fail view of the state of the group's and of the parent CharIt￿S affairs as at 31 july 2025 and of the group's incoming resources and applicaiion of resourc￿. including its income and expenditure for the year then ended" have been properly prepared in accordance with United ￿"n￿laM Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements ofthe Charities Act 2011. Basis for opinion We condurted oui audit in accordance with International Standaidson Auditing IUK) IISAS IUKII and applicable law. Our r*pon5ibilities under those starbdards are further described in the Audiror's responsibilities for the audit of the financial statements section of our rewrt. We are independent of the group in accordance with the ethical requirements th3t are relevant to ovr audit of the financial statements in the UK, including the FRC'S Ethical Standard. and WÈ havè fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidencewe have obtained is sufficient and appropriare to provide a basis for our opinion. Conclusions relating to goin9 concèm In audiling the financial statements, we have concluded that the t¥ustees' use ofthe going concern basis of counting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast 5ignrficant doubt on the CharIt￿S ability to continue as a going concern for a period of at least twelve months from wherF ihe finar)cial statements arè authorised for issue. Our responsibilities and the responsibilities of the trustee5 Wlth re5pLrt to going concern are described In the relevant soctions of this reporL Other information The Irustees are responsible for thè other information contained within the annual reporr. The othe¥ information compri5e5 the information included in the annual rerK)rt,othèi than the financial statements and our auditor's report thereon. Our opinion on the financbal statemènts d(￿S not cover the othei information and we do not express any form of assurance corbclusion thereon. Our responsibility is to read the other information and, doing so, consider whether the other information Is materially inconsistent with the financial statements or our knowlalge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise io a material misstatemeF)t in the financial statements themselves. If. based on the work we have perfoFmed. we conclude that there is a material misstatement of this other information. we ale required to repoit that fact. We have nothing to report in this regard. Matters on which we are required io report by exception We have nothing to report in respect of the following matters in relaiion to whith the Charities (Accounts and Reports) Regulaiions 2008 require us to report to you if. in our opinion- the information given in the financial siatements is inconsistent in any fflaterial iespect with the trustees. report., or sufficient accounting records have not b*n kept by the parent charity. or the financial Statements are not in agfeement with the accounting records and returns or we have not received all the information and explanations we require foi our audit Page 16 Christ Church Independent auditor's report to thè Members of thè Governing Boty of Chr•st Church Responsibilities of trustees explained more fully in the tfUStee5' Te5ponsibilittes Statement Set out on page 15. the trustees afe responsible for the preparation of thè financial statements and for bdng satisfied that they give a truè and fair view, and for such internal control as the trustees determine is n*essary to enable the preparation of financial Statements that are free from marerial mtsstatemenl whether due to fiaud or error. In preparing the financial statements. the trustees are responsible foi assessin9 the group'5 and the parent charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to Cé3sè operations, or havè no Fealistic alternative but to do 50_ Auditoes responsibilities for the audit of the financial statements We have b*n appointed as auditor under section lsl of the CharitiesAct2011 and report in accordance with the Act and relevant regulatiork5 made or having effect thereundei. Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement, whethef due to fraud or error, and lo issue an auditor's report thai includes our opinion_ Reasonable assurance is a high level of assurance, but Is not a guarantee rhat an audit conducted in accordance with ISAS IUKI will always detect a material tni55tatement when it exists. Misstatements can arise from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expected to influence the economK decisions of users taken on the basis of these financial statements. Det3ils of the extent to which the audit Wa5 con5ideTed capablè of detecting irregularities. including fraud and non-compliance with laws and regulattons are set out below. A further description of our responsibilities foi the audit of the financk31 statements is located on the Financial Reporting Council'5 website aL' www.frc.org.uklauditorsreswn&bi161ies. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularitie& including fraud Irregularities, including fraud. are insiances of non-compliance with laws and regulation5. We identifièd and assessed the risks of marerial missiatement of the financial statemerkts from irregularitie5, whether due to fraud or error, 3nd discussed rhese beiween our audit ieam members including the component audit te8m for rhe school. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to piovide a basisfor oui opinion. We obtained an understandLn9 of the legal and regulatory fratnewoik5 Wtthin which the charity and group operates, focusing on those laws and regulations that have a direct eftect on the determinètion of material amounts and disclosures in the financial statements. including finanoal reporting legislation and the Chariiies SORP IFRS 1021, and Ilocall tax regulations. We assessed the required complianee with thesè laws and regulations as part of our audit procedures on the related financial statement item In addition, we considered provi5ion5 of other laws and iegulations that do not have a direct effect on the financial statements but compliarbce with which tnight be ne￿Sary10 the 9roup's ability to operate or to avoid 3 material penalty. Auditing standards limit the required audit procedures to identify noT)-compliance with these laws and regulations to enquiry ol the TrusLees and oiher management and inspection of regulatory and legal correspondence. if any. We also considered the opportunities and incentives that may exist wthin the group for fr3ud. We identified the greètest risk of material impact on the financial statem&nts frotn iTregulaiitie5, including fraud. ro be wirhin the timing of recogn¢tion of income within Christ Chufch Oxfoid Trading Limitèd and manègement oveFiide of controls. Our audit procedures to respond to these risk5 iTrcluded Sample testing of income to supporting documents within the subsidiary. enquiries of management. and the Gov&rning Body about their own identification and assessment of the risks of irregularities. sample testing on the P05ting of jou¥nals, and reading minute5 of m*tings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable ii5k that we may not have detected some marerial missiatements in the financial siaiements. even ihough WÈ have properly planned and performed our audit in accordance with auditing standard& For example. the furrher removed non- compliance with laws and regulations lirregularitie51 15 from the events and transactions reflected in the financial sraEements. the less likely the inherentfy limiied pioceduresiequired by auditing standards would identify it. Page 17 ## **Christ Church** ## **Independent auditor's report to the Members of the Governing Body of Christ Church** In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Crowe U.K. LLP Statutory Auditor Reading ## **16 December 2025** Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 7272 of the Companies Act 2006. Pagel8 Christ Church Statement of Aceountlng Pollcies Year ended 31 July 2025 Seope of the financial statements The financial statements present the Consolidaied Statement of Financial Acriviiies ISOFAI. the Consolidated and Housè Balance Sheets and Ihe Consolidated Siatement ofcash Flows for th& House and Its wholly-owned subsidiaries Christ Church Oxford Trading Umited. Chiist Church IEveshaml Limited, Christ Church (Daventryl Limited, Thomas Wolsey Property LJmited, Wick Farming Limited, Christ Church Developments Litnited and its interest in the Parlington LLP josnt venture, using the equity method of accounting. The subsidiarles have b*n consolidat￿1 from the dare of rheir formation being the date from which the House hag exercised control through voting rights in the subsidiaries. No separate SOFA has been presented for the House alone as permitted by the Charity Commission on a concessionary basis for th& filing of con501idated hnancial statements. A summary of the results and financial position of rhe charity and each of its material subsidiaries for the reporting year are disclosed in note IS. Basis of accounting The House's individual and consolidated financial statemenis ha￿ been prepare(S ITI accordance with United Kingdom Accounting Standards, in particular'FRS 102= The Financtal Reporting Standèrd applicable in the UK and Republic of Ireland. IFRS 1021. The House is a public benefit entity for the purposes of Fris 102 and a registered charity. The Hou5È has therefore also prepared its individual and consolidaied financial siatements in accordance with Yhe Statement of Trecommènded Practice applicable to chariiies prep3rtng iheii financial statements in accordance with FRS 102, (The Charbtie5 SORP IFRS 10211. The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments and certain firbancial a55ets and liabilities at fair value with movements in value reporred within the Siatement of Financial Actiwties ISOFAI. The principal accounting policies adopted are sei out below and have been applied consistently throughout the year. Accounting judgèments and estimation uncertainty In preparing financial statements it is necessary lo make certsin judgernen￿ estimètes and a5sumprions that affect the amounts recogni5ed in the financial ￿aternent5. The following judgements and estimates are considered by the Governing Body to have mc6t sgnificant effect on amounts recognised in the financial statement The House participate5 in thfee principal pension schemes on behalfof its sraff - Universities Superannuation Schème (Xhe USS"). the University of Oxford StaN Pension Scheme 1.the OSPS'I and the Church of England Funded Pension Scheme 1.the CEFPS"). USS and OSPS Schemes are contributory mixed benefit schemes li.e. they provide benefits on a defined benefit ba5is- ba*d on the length of Service and pensionable salary and on a defined contribution ba9s- based on contributions into ihe 5chemel. CEFPS is a contributory defined benefit scheme. The assets of USS, OSPS and CEFPS are each held in separate trustee-administered funds. Because of the mutual nature of these schemes. the assets are not èitribured to individual employer5 and scheme-wide coniribution rates are set. The House is therefore exposed io actuarial risk 3550Clated with other employers, employees and is unable to identify its shale of the undertying assets and liabilitie5 ielating to defined benef￿t5 of each scheme on a cons￿Stent and reasonable basi5. As iequbred by Secbon 28 of FR5102, the House therefore accounis for the schémes as if Ihey were wholly defined contribulion schemes. As a result, the amount charged to the Statement of Financial Activities represerbts the contfibutions payable to each scheme in respect of the accounting peiiod *e note 25. Where deficit recovery plans have been in place in previous years, th& House ha5 fecognised its share of the deficit plans irb pla￿ on each scheme, See note 8efore legacies are recognised in the financial statements. the Gcwerning 8cdy has to exerc¢se judgement as to what constitutes sufficient evidence of entitlement io the bequest. Sufficient entitlement Èxists once notification of payffleni has been received fiom the execvtorlsl of the estate or estate accounts are available which indicate there are sufficient fvnds in the estate after Meeting liabilities for the bequest to be paid. With respect to the next financial year. Ihe most significant areasof uncertainty Ihat affect rhe carrying value of assets held by the House and its subsidiaiies are thè levd of ifTrvestment feturn and the performance ol investment markets. Page 19 Christ Church Statement of Accounting Policies Yearended 31 July 2025 Ik Incomè recognition All income is recogni5ed once the House ha5 entitlement to the i￿orne, the economic benefit 15 probable and the amount can be reliably measured. Income from fees. Office for Students support and other charges for ser¥iees Fee5 receivable. less any scholarships, bursaries or othei allowances gfanted from the House'g unrestricted funds, Office for Student5 supporl and charges for gervices and use of the premises are recognised and accounied for in tho period in which the related serwce is provided. Income from donations grants and legacies Donations and grants that do not impose specific future perforwnance-related or other specifi 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 Houseof the donation or grant is probable. Donations and grants subject to peiformance-related conditions are iecognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholty within the control of the House and it is probable that the specified conditions will be met. Legacies are recognised following grant of probate and once the HoLse has received sufficient informatior> from the executorlsl of ihe deceased's estate to be satisfied that the gift can be reliab measured and that the economic benefit to the House is probab￿. Donations, granis and legacies accruing for the general purposesof the House are credited to unrestricted funds. Donations, grants and legacie5 which are subject to conditions asto their use imposed by the donor or set by the terms of an appeal are credited to the Televant resiiicted fund or, where the donation. grant OrI￿atY is required to be held as capital. to Ihe endowment funds. Where don3tions arè received in kind las distinct from cash or oiher monerary assets). they are measured at the f3ir value of those assets at the date of the 9ift. Investment income Interest on bank balances 15 accounted for on an accrual basis wilh interest recognised in the period to which the Interest relates_ Income from fixed interest debi securities is recognised using the effertNe interest rate mèthod. Dividend incomè and similar distributions are recognised on the date the share interest becomes ex- dividend or when the right to thè dividend can be established. Income from investment properties is iecognised in the period toWh￿h the rental income ielates. Expenditure Expenditure is accounted for on an accruals ba515. A liability and related expenditure is recognised when a legal or construciive obligation commits the House to expendiiure rhat will probably require sèttlement. Ihe amounr of which can be reliably measured Of estimatèd. Grants awarded thai are not performance-related are charged as an expense as soon a legal or constructive obligation for their payment arise& Grants subject to perlormance-related conditions are expensed as the SP￿lfied conditions of the giant are met. All expenditure including support C05t5 and governance costs are all￿ated or apportioned to the applicable expenditure categories in the Statement of Financial Actiwti&E (the SOFA). Support C05t5 which includes governance costs (costs of complwng with constitutional and statutory requirements) and other indirecr costs are apportioned to expenditufe categories in the SOFA b3sed on the estimated amount attributable io that activity in theyear. eIt￿r by referencÈ to staff time or the use made of the Under￿ing a55ets as appfopriate. Irrecoverable VAT 15 included with th& Item of expenditure to which it relates. Intra-group sales and charges between the House and its subsid4iries are excluded from trading income and expèndituie in Ihe consolidated financial 5taiements. Page 20 Christ Church statement of Accounting Policies Year ended 31 July 2025 6. Leases Leases of assets that transfer substantially all the risks and rewards of ownership are classified as finan¢e leases. The cosrs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease term and theèssèts, useful lives. Assets are assessed for impairment at each reporting date. The correstx)ndirYJ capital obligations under these leases are shown as liabilities and recognised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Lease payments are apportioned between capital repayment and finance charges in the SOFA so as to achieve a c￿Sta[1t rate of intèièst on the remaining balance of the liability. Leases that do not transfer all the risks and rewards of ownershipare classified as operating lea5e5. Rentals payable under operating lease5 are charged in the SOFA on a straight-line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight-line basis. 7. Tangible fixed a55ets Land is stated at cost. Buildings 8nd equipment arè stated at cost less accumulated depreciation and any accumulated impairment los Expenditurè on thé acquisition or enhancement of land and on thL% acqui51tion. eonstruction and enhancement of buildtngs which is directly aitributable to bringing the asset to its woiking condition for its Intended use and amounting to mole than £20.OCKJ together wth expenditure on equipment costing more than £20,OCK) 15 capita115ed. Where a pait of a building 01 equipment is replaced and the costs capitalised. the carrying value of those parts replaced is deiecognised and expensed in the SOFA Other expenditLJre on equ*pment incuirÈd in the normal day-to-day running of the House and its sub£idiaries is charged to the SOFA as incurred. Depreciation Depreciation is provided lo write off the cost of all relevant tangitAe fixed assets. less their estimated residual value, irb equal annual instalments over their expected u*ful economic lives as follows.. Fr*hold properties including major extension5 SO years Leasehold properties 9) years or period of leasè if shorrer Building improvements 10 - 30ye3is Equiprnent 3- 10 year5 Books 2% pa teducing balance FTeehold land is not depreciated. The cost of rnaintenance is charged in the SOFA in the period in which it is incurred. At the end of each reporting perii)d, the residual walues and usefvl lives of assets are reviewed and adjusted if nece55ary. In addition. if events or change in Circumstar)c￿ indicate that the carrying value may nor be recoverable then the carrying values of tangible fixed asseis are reviewed for impairment. Residenti31 properiies c￿CuPIed by Students are held at original ¢ost,where the assei's residual value increases to an amount equal to or grealer than the carrying amounL the depreciation charge is zero. Properties held under a Shared Equily House Purchase scheme are held at original c05t of the House's share. where the asset'5 residual value increases to an amount equal io or greater than the carrying amount. the depreciation charge 15 zero. 9. Heritage Assets The House has chosen to hold heritage assets at cost. The House has a number of asset5. including items of art and historic texts that meet the definition of heritage assets under the SORP. The depreciated historic cost of the majority of Ihese item5 15 nil. Itern5 purchased are recogni5ed at cost and items donated to the House are recognised at fair value_ The House has taken advant3ge of the exempiion within FFIS 102 not to disclose transaction5 before l January 2015 as obtaining fair value5 for Page 21 Christ Church Statement of Accounting Policies Year endèd 31 July 2025 these assets would be impiacticable and the cost of obtaining such valuaiions would outweigh the benefits to the users of these financial statemenis. 10. Investments Investment propèrties are initially recognised at their Cost and subsequently measured at their fair value (market valuè) èt each reporting dale. Purchases and sales of investment propertie5 are recognised on exchange of contract5. Investments in joint ventuies are measured using the equity method of accounting in the consolidated financial statements. The House's share of the net assets are inclujed in the con501idated balance sheet and the net share of any profit or loss in the consolidated Statement of Financial Actwifies. In the House Balance sheet joint venture investments are carrièd at histoiical cost ￿sS any provision for impairment in their value. Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value 15 based on their quoied price at the balance sheet date without deduction of the estimated futltre selling costs. Investments such as hedge ftjnds and prNate equity funds which have no readity identifiable market value are initially measured at their costs and subsequenily meayjred at their fair value at each reporting date withoui deduction of the estimated future selling costs. Fair value 15 based on the most recent valuations available from their respective fund managers. Other unquoted investment5 are valued using primary valuation iechniques such as earnings multiplès, recent transactions and net assets wheie reliablè estimaies can be rnade- othetwi* ai cost less any impairment. Changes fair value and gains and losses arising on the disF)0sal of investments are credited or charged to the income or expendituiè section of the SOFA as'gains 01 losses on InV￿tMents, and ale allocated to the fund holding or disposing of the relevant irbvestment. 11. Other financial instruments Derivattves Christ Church has employed an interest rate swap on one occa5i0n in 2(X)8 10 fix the cost of its debt for 30 years. Derivative firbancial instruments are initTrally measured at fail valueon the date the contract is entered into and are subsequenrly measured at fair value. Change5 in fair value are credited or charged to the income or expenditure Section of ihe SOFA Hedge accountsng is not cu¥rently applied to derivatives. b. Cash and cash equivalents Cash and c35h equivalents include cash at banks and in hand and short-term deposits with a maturity date of three month5 or less. Debtors and creditors Debtor5 and creditors receivable or payable wiihin one year of ihe rey)rting date are c3rTied at their transaction price. Debtors and creditor5 that ale receivable or payable in more than one year and not subject to a fnarket rate of interest are measured at ihe present value of the exr)ècted future receipts or payment discounted at a maiket raie of inteie5L 12. Stocks Stocks are v31ued at the lower of c051 and net realisable value. c05t being the purchase price on a first In, first out basis. 13. Foreign currencies The functional and presentation cur¥ency of the House and its subsidiaries isthe pound Sterling. Transactions denominated in foreign cufrencies during ihe year are Iranslated into pound5 Stèrling Using the spot exchange rates at the dates of the ti3nsaction& Monetary assets and liabilities denominaied in foreign curiencies are translatÈd into pounds sterling at the rates applyin9 at the reporting datè. Page 22 Christ Church Statemènt of Attounting Policies Year ended 31 July 2025 Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreygn currencies 3t the exchange ratè5 at rhe reporting dale are rectsgnised in the income and expenditure seuion of ihe SOF 14 Total Return investmènt accounting The Hou*'s Statutes authorise the House to adopt a'iotal return, bags for the investment of its permanent endowment. The House can invest its permanent endowment without regard to the capitaifincome distinctions of standard trust law and with discfetion to appty any part of the accumulated total retUTn on the Inve￿Ment as income for spending each year. Until Ihis power is exercised. rhe roial return is accumulaied as a component of Iheendowment known as the unapplied total rerurn that can be eithe¥ be retained for investment or release to income at the discretion of the Governing Body. IS. Fund accounting The total funds of the House and its subsidiaries are allocated to unr￿triCte(l, restricted or endowment funds based on the origins of the terms set by the donors or sei ty the terms of an appeal. Endowment funds are further sub-divided into permarbent and expendable. Unrestricted funds can be used in furtherance of the objects of the House at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future ft)r è specific purpose and this will be accounted for by transfers to appropriate designated funds. Restricted funds comprise gifts, legacies and grants where the donors specified that the funds are to be used for particular purposes of the House. They consist of etther gifts where the donor has specified thar both the capital and any income arising must be used for the purposes given or rhe income on gifts where the donor has required or permitted the capital bLJ maintained and wth the intention that thé income will be used for specific purposes within the House's Obj￿tS. Permanent endowment funds arise where donors specify that the f und5 are to be retained as capital for the permanent benefit of the House_ Any part of the total return arising from the capita1 that IS 311oc3ted to income will be accounted fo¥ as unre5trtcted funds unless the donor has placÈd re5trictiong on the use of that income. in which case it will be accounted for as a resrricted fvnd. Expendable endowment funds are similar to permanent endowrnent in that they have been given. or the House has determined based on the circufn5tarbces that they have bEen given. for the long-teirri benefit of th& House. However. the Goveining Body may at its di￿ret￿)n determine to spend all or part of the capital. 16. Pension costs FQS 102 make5 the dtstinction between a group plan and a multi-employer scheme. A g¥oup plan consists of a collection of entitie5 under common conliol typicaltywith a sponsoiing employer. A multi- employer scheme 15 a scheme for entities not under comrr50n control and wepresents an industry-wide scheme such as Universities Superannuation Scherne or one for em ￿0yerS in the same locality such as the University of Oxford Staff Pension Scheme. Thè accounting (C￿ a multi-employer scheme, where the employer has entered into an agreemeni with the scheme that dÈt￿MineS how the employer will fund a deficit, results in the recognition of a liability for the contribulion5 payable that arise from the greement Ito the extent that they relate to the deficit) and the resulting expense in profit or10s5 in accordance with section 28 of Fris 102. The tIU5tees ale 53tlshed that UnNersitie5 Superannuation Scheme and the University of Oxford Staff Pension Schème boih ￿eet the definition of a multi- employer scheme. Thè Houge also tspèraies a defined conlribuiion pension scheme.Conrribuiions to these arrangements are charged to the SOFA irb the period in which they are payable. 17. Key sources of estimation uncertainty The pension defiC￿tS recorded are dependent on èstimates of future employment patterns and interest lates. Thè effécis of changes to these assumptions are shown irb note 2S Page 23 Christ Church Consolid•tÈd Statement of Yinancial Activiti95 For the year ended 31 Juty 202S ilniestricted Flestricted Endowed Fund5 FuwKJs Func15 eooo e(K)O 2025 Total 2024 Total £000 Notes £000 INCOME AND ENDOWMENTS FROM: Charitable actbVitie5: Teaching, research and resideniial Cathedfal Schcol Cathedral Donation5 and legacles Other trading income Investments Investrnent income Toial return allocated to incorne Other income Total Income IS996 2.024 192 26 1427 15.004 2278 315 3.629 2,013 1024 256 13CM) 3333 TJ 25581 P3,4181 ,i2S 25,920 16 14,418 786 9000 180 49.339 4178 EXPENDITURE ON: Charitable aeti¥itie Teaching, research and residential other chariiablÈ activities Cathedral Schoo1 Cathedral 2&762 7.066 828 988 3.110 1982 30,634 900 2,7 2,413 iio 125 Gen¢rating funds: Fundra15ing Trading Èxpenditure Endowment managemÈnt costs Interest payable on loan noies Total Èxpenditure 1.139 1557 174 1.139 1557 7,603 1084 53.291 736 1340 6561 2,084 47,445 7.429 2.084 9.513 35599 179 Net incomeliÈxpenditurel before galns V48 1782 osi 1,894 Net gainsll1055esl on inve5tmenrs Gainsliiossesl on complex financ4al instruments Net incomellexpenditurel 12. 13 33,IB8 31,102 13241 32.672 1782 28.153 31346 Group share of joint venture's profivllossl 14 iio 14601 Transfers between funds 21 11.2141 876 Nèt movement in lunds for the year 1.749 1568 29.139 31456 32,212 Fund balancès brought forward 102 787.114 797,835 765,623 Funds carrled forward at 31 July 6321 17.670 81&253 830291 797,835 See note 36a for the consol￿ated Staiement of Financial AciNlties for the ptiO[￿ar. Page 24 Christ Church Consolidated and Collegè Balance Sh•ets As at 31 July 2025 2025 Group 2024 Group eooo 2025 The House eooo 2024 The Hou Notes £000 FIXED A55ETS Tangible asset5 Property investments Other invesiments Investment in joint venture io 12 15395 328,170 554,405 15.492 13.732 )4,9)7 S52,925 1SJ32 15286 293.624 597.107 15492 13,721 274.450 587,351 15,332 14 Total Fixed Assets 913362 8B6.986 921.509 890,8S4 CURRENT ASSErs Stocks Debtors Cash at bank and in hand 819 9.869 17.575 809 7.554 13,197 S.865 19910 4.600 14.681 Total Current Assets 2&697 20.167 28.263 21.560 LIABILITIES Creditors. amounts falling due within one year 9252 8326 18J08 13,404 CURRENT ASSÉTS 17.445 11.835 9.95S 8.156 TOTAL ASSETS LESS CURRENT LIA8ILinES 930.807 898P21 931h64 899,010 CREDITOR&' fallhng due after more than one year 19 100516 K>O984 100516 100,985 Provisions for Ilabllltles and Charge5 20 NET ASSETS BEFORÈ PENSION UABIUTY 8X>29i 7035 830.948 798,023 Defined benefit pension scheme liability TOTAL NET ASSErs 830391 797.835 830,948 798.023 FUNDS OF THE COLLEGÈ 21 Endovmient funds 81￿253 781.114 816353 787,114 Restricted tunds 17.670 1fi102 17.670 16,102 Unre5trlcted funds Designared funds Cener31 lund5 Revaluation resÈrve Pernsion and loan swap reserve 1.6S3 19318) 4549 1516) 1,476 0,4Z7] 4.S49 19791 1,653 1,476 15.6901 27. 25 15161 19791 830.291 797,835 830,948 798,023 The financial statements were approved and authorised for issue by Ihe Gth*rning Body ofchrist Church on 03 December 2025. The Very Reverend Professor Sarah Foot t)ean Mrs Cathy Gigou Ireasurer Page 25 Christ Church Consolidated Statement of Cash Flow5 For thè year ended 31 July 202S 2025 £'ooo 2024 £000 Notes Net cash pr<)vid￿ by (used in) operating activities Cash flo*Ns from investin9 activities Dividends, interest and rent5 from investments Inierest payablè on loan notes Investment management costs Proceeds from the sale of propèity. plani and equipment Purchase of prO[￿rtY, plant and equipment Proceeds from sale of invesiments Purchase of investments Net cash provided by (US￿ In) Investing activitsès Cash flows from financing activities Flepèyments of t>orrowing Receipt of endowment Net cash provided by {used in) financing activities 28 120,2731 120.7501 Zl.125 P,084) r7.603) 25,920 12,0841 16,5611 118091 105,111 196.6261 25424 17451 68,016 1623081 22,238 3,087 3,087 Changè in cash and cash equivalents in the reportin9 perit 5.158 4,575 Cash and cash equivalents at the beglnnlng of the reporting period 14,681 i0,i06 Cash and cash equivalents at the end of the reporting period 30 19,839 14,681 Page 26 ChYl#¢hur¢h Noles lothefinantlal statemerfs Forthe yearended 31 July2025 INCOME FROM CHARtrABLEACWIVIIIES 2025 2024 Tèachlngp RÈs¢ar¢h abd Re￿￿tIal UThrosLritied fvn fees. UKsnd Eu￿￿￿entS TUit￿nfe05. OmseaS5t￿Qnts OtherOfhceforStu(jontSSUP￿rt OtheracadEtnic If￿0￿e cp1￿￿e income V$iiof inctsre 363 44 )4 £22 1&004 TOtsI Tpa¢hlnJ ￿¥￿arCh •nd R•51d4ntlal i&996 i& Lknre5tI￿led lund5 1014 192 2ZIB cal￿￿(31 incor 14J7 RE5triciedfunds Catbpdfal school1r￿rne CaikEdral in(ort End￿&￿￿ funds cat￿dra1 incorn 2th3 Totsl Incomo from tharltablèactfv￿leS 17.S97 The atxxeèna1ysi5l￿1UdeS&964kreCel￿fr(￿￿0xf￿dUrm￿E￿rr¢￿DpU￿￿￿￿c￿rlta1*1￿M&W￿lerth￿Cd1cg13tE FUnd￿g F￿rn￿l Sclwème l202>24..ÉS￿k UndErtheterm501the undergraduatestthtsupsM ￿￿e01[￿re￿￿0￿tC￿d UTh%ryytytOStu(kn5fnNn l(x4er ltKOfflElxM￿￿thE I$￿$$h￿re¢flhe fe(swa￿E￿o￿0U￿ted[b É53k (202>24.. £23kJ.Tl**aret¥JL inthEleewwfrE¢¢k¥XtedAtthe IJONATIOP45 AND LE￿clEs 2024 DDnalionsand Lryackns Unrost(Ictod fund5 ResTricl(%J fun(ts fvnd5 Y)2 INCOME FROM OThEH TRADING AermT￿s 2025 2024 EYJ UhQ5(ri£tcdFvF 2.015 2013 INVE¥fMENT 114COME 2075 2024 Agricull￿ra1 lent Oth￿1 proporty incorre oitrEI inLefc5L 35 $68 Othor intèrtst 573 13 End0b￿d1ur￿s Agricuturol lent S418 &732 27 2239 1&105 24,779 Orhof Piof*iTyin¢C EguitydNidtnds Other Irwo5tment inc¢Jrn 1&975 Total InwstmÈnt kncomo ,tts 2S,920 Page77 Chrfst Chur¢h NDiostothèflnan¢lal sLit•m•nl Forlh• y••r•nd•d 31 July2025 OTHER INCOME 2014 LInr¢Str￿tcd￿urt￿S OLher miscelknntOU51ncorne tr￿￿e&r￿n￿5 Othci rnlxdla￿JuSlm¢Ctye AWALYSISOF EXPENDITURE 2024 Charhèbl••xpondituw¢ TcDching,1cso￿irh and rosx*ontial r4£ Oiher direct ¢￿tS￿l￿￿￿ted to Teaching. rO￿r(h IE5wJern oth￿ chJif(Jbk a[tr￿1 18 &o¢J 1710 Cath￿ra1 suppor1and0o￿nar￿CuStSOlkn[atEdItr. TÈaching.re5eaich and re5ideDTwl CathcdTal schDoI Totsl c￿lItable*xp￿￿dIt￿ 939 67 3fi724 ExpEnditure 9onetstlng D1rECl5￿fFCoSlséI￿¢11¢Q to. Fur￿131$1ng r[adi￿ exponditurE InvostmontrnanagomeDI ¢tyts 514 OtherdireCt￿stsa11￿t*￿ t Fundiaisirtg Trèdiw expendiTuie Investment mèna9er(wt¢osts InELYL* payab￿ ¢n wtes sup￿[1 ènd 9ownancec05tsalkncated Fvndfaigng Tia￿￿ experbditure (641 J90 iQ72i Total •xpenditur•on 9On¢YatSng lun 11383 TDtalèxp•ndYtur• 47.445 Tho Hou5cLslii￿O to be Dsses%Èd forcontr*xrtion wxJErthew2&.. In tofalcatt￿l *dUNlaly￿dIerir¥￿a{￿)th ¢wgofE20k1202>24 ENIll.aiid El,954k PW.24". In(ludEd itt I￿al setr￿￿OIc0S1￿*￿hI1%J￿kd tEdurthxYaThltertTMnatK￿co￿50fo6kl2O 2& Enill.alE Tr)E ittl￿J￿j1ThthO￿99lL¥èt￿pay1￿IC(￿5IS5tr￿wkn￿ ReduDdartyènd reimination p￿y￿￿ES3re0rC0u￿Led in thepTrY7￿LswR[￿￿￿IQ Dufry thEcuTrent fir0￿laIY￿ the atnount ol rEdUnd1war￿ leim￿at￿)n payrncnts pwJiO r(*mbets0fs￿tt. toE05k ￿￿3.2& ÉJthI. 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Oth•r yablpbeivwEW [￿esear5 Page 45 Chr151 Church Note5tothofirtancSal stalÈm•rbts th* ￿ar￿dlld 3l)uly 1025 32 CAPITALCOMMIThIETrIFS The Hou*hadcontratLed comrnitri1Entsat31J￿YIOVkn￿￿￿prt4 E The House ispart orthec0lk9￿te LIDrrnofOAford. k4atoria1wit￿de[￿￿￿￿sb•V￿efi ￿ LIwY*w*ofthecd￿gear[￿ès conwuenceoEihbs14ai￿lthV Foi rewEiD> wis0sesi￿UThIw￿ty￿￿l thEoIlwcoUe9esareThytteaLeda5otstedgarties￿dehned in Fft$102 ID Ihc yeor 1031 luty2024 itwed a&?42m in i￿￿￿seh￿ly5a 97%shaTe ThE sharea1￿ JU1Y2025w￿v?IUed at E15492m P02>24. É15352ml.soeix*el4. Mtsmbersol theGoveiniDg B￿￿.￿￿arothelr￿StL￿D1t￿ rela￿￿ pJrties o5dpfirted F￿1011￿CeP￿ IynurÈtation ènd la¢ililièsasemr40sw50fthe Hou£e. oeEa1L%ofitr￿ ￿Tr￿lS￿[mI ￿￿1￿￿￿eXr￿￿￿5Lnl#el￿McdlX￿É@d￿[3ECtylTr thE*fiThar￿￿I 5tstemern During tr*yearnw)Ibef5oltheGDbWDiry E23k [20￿24".£23￿j its1hecatt￿¥1[al MusKTiuSLÉnilP02>24 £OBkllo i InioUnThrcT5ity Fundasyndable Income. 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The HousemayontEt Inioequity *?riTrJ afra￿g￿vE￿ts￿1h an(xfo¥st￿lof1￿erS0fEl￿H￿ry0thErptI5￿5WDr￿￿tyttr Hou5P Urtdor SratutoXKVI1I51.TI￿ House haSpror￿￿vlIth11￿f￿bMThg rwlx>okvJlUo5¢yM￿￿￿WmtyW￿1h[rus￿￿U￿tY￿￿l eqviTy own￿￿￿1P￿re￿￿{$bPtV￿ent￿e1￿￿eEJr￿ Ihe F&X¢e. 2024 B Youry B Paikins Or E Keene Jio l j¢iniegulwproperiiesaTe5ubiEcE i0*￿￿n ttr*¢JepnrtweofthEtT￿efrt#l7 tho ￿*￿￿e.￿t[us￿w4rt (ttu¢Nl4ionfcf Df LD the Fbuse¥ovmed 51kire0fi￿k￿ow￿y $6 CONT114GENT LIABIUTIES Ther￿>¢¢ noo￿￿￿￿1￿58r1￿￿gfrtX}I Pents￿C￿lri￿g t￿￿Orethe￿OreOItheb2LlnCts1￿kn￿eA1wKe￿￿l1tr*￿frrtF￿dOD￿￿1he 35 WNANCIALCOMMITMENT5AND POSTBALANCESFEET EVEIIIS On l FèbfuaryXrf)8the HoUse￿[¢re￿ Inloan intere5Lra[ev*￿pwith UBOri¥￿ paysa fixt￿ rotcof tsf47a3%.Ther¥)EKTh?laniDtsniofthegP￿P￿E￿Ih¢s￿ap ￿Settle￿qu￿Iw￿￿a*￿5￿ exrMe5onl Fetxuary 2036 AL 310(totkT 20251he Fail y￿￿201the1￿te¢E5l Faie>Yapv4a&valuEdat £f64kan￿Cre￿5eot￿1￿ ￿T￿t￿*￿e31￿nd. Page 46 ChtrWChurch lOt•stot￿rIna￿dal sL)t•m•nts FDrthe ￿arended 31July 2025 Jfj ADDITIONAL PRIOR YEAR cr)MPAIiATIVES 36a ¢ONWUDATEDsfATÈNIÉNf OF FINA14c￿A£￿￿￿EsFOr1￿lÈYEAr1E￿DÉO 3?￿Ly102* 2024 Total FUTh INCOME ANDENDOWMEiifs FROM.. charitablpactl￿ties'. TEcichin9, le￿aT(h ￿l￿d Cachedral Sc Cbihodral Donatlon%and l•gacK• oth*rtrading incom• Inve5trnent5'. I￿V￿C￿￿E incotne Toial ￿1vIn311(￿a1edtO IrKcme Oihèr Incrrf Total Incom• 2318 159 24.719 P2.0521 FA &431 19 49 EXPENDITURE ON.. (haiitable a¢tiyliie>' Tèach1n9. rÈsèacth and resident￿1 Othor chaiitatrdèactr￿tl0S CaL￿dr& Scho Ca￿d[￿ 24. 17n 413 GEneratlngfvnd*' Trading exwdiiuie Er￿[￿men1 managomenlc05t5 Interestpa￿a￿￿0n loan FKItLs Total expendiiure 5th TtJ 47,445 Tr4et InCOmel1Exp￿d1turèl beforegal ￿￿25) 9ain50n invL*tnorits IL055Q5llGain5oncYMpt*xfinat*41 irtXruWts Mot Incom• 31.h)2 31,￿)2 15241 32,t12 4T1 GroupshurÈofJotnt ￿t￿l¢s1￿&S 14601 4fj01 Transt•rs b•tw••n funds othei reCvYn￿ed4air￿hl￿es Gajttslllossesl¢n reva￿￿￿t￿)nof fi*d •sws i￿a￿￿19a1n￿1￿g￿I on defrnEar Page 47 Christ Churth NOte5to the finan¢l•l sL)t•ments Fu IhÈyear •nd•d31 July 2025 PROPERTY INVEsTMEV￿5 FO51T￿￿yEAR E*￿ED31j￿LV2Ol4 Grvup ToLIl Valtsationatstsrt of￿ar Addition5and imwovetneD15al ¢OSt i2&￿3 3%153 t7Jll) 14.W) 55.560 I￿.¥14> ReValuaT￿tt gairt&Ylossesl In the￿r Valuatljn at •nd ofyear 3024 T(rtal valLWiion ai siartofpa itionsand imKK iDthe>ear 35.153 Pl.9741 valuatlw* end r4y•ar 274450 EStatQs1ar￿ and property￿1￿￿t￿￿as*t5lj￿2￿￿4h￿bE￿n rnade tpithe F￿￿￿¢￿t￿}￿a￿1Sa￿￿dert fiimofchbrtwed 5uryEYc￿ SavillslL8P) LrnitedThe bTh50fvalvatvJrt maik¢t ￿￿￿tti)n￿.tf*e5ts[￿at0￿a￿￿urtItsr%￿￿lhQ3￿ltho￿1de￿han9Q on thevaluatioDdètebÈiwÉen awilling awlliDy lrtanarms￿IWj¢h IransictKJn aherp0￿mai￿e[i￿￿a￿dW￿￿paltJLshad oach bcted kn(Mledge3bty. ￿￿[￿>￿1tcOM1X1S￿ Soe notc12 lorthecurrehiyeai no￿ IQ¥*hkth th￿￿tecOr￿)are 36r PARENT AND SUBSIDIAQY UNDERTAK1P￿s FOR THE YEAR EWDED3lJULY2￿& The resu￿ar￿theiraS￿elSarx1￿a￿lrt￿s01t￿￿i£rf￿$u￿￿tsl1lcsin￿tyKjrY￿arefith￿3lJLIY￿2￿ rch lE￿￿h3￿} L•Thted ID&enrtyJ Income 47.rn 14S112) ExpEndiEuie thnation HOitseundei91ft a*Y 31 sultforthepJ T￿413$sets 912.414 0143911 fvndsat t￿end ofyear FJ8.023 W￿k C￿151 F*rThn9 Chuich ford iimiled T[￿lif￿￿ IncorrLQ OonatM)ntotho Houseurxjorgrft Result lortheswr 1931 TOLal a¥sclS Toi)I liab￿rt 470 323) ￿.￿7> Net lund5Ot t￿e￿￿oI)Ear Seenoie15farthecurreDt r￿elo￿kn￿h th5nOtetompa￿ 2&￿3 Page 48 chi￿L¢burch trloiés tothe finan¢Sal sLit•m•nts FarthEyEaw endÈd JlJuly2025 36d sfATEk4Etr4T OF IMVE5[MEKfTOT￿AÉTvRN FQIIIHE YEhRENDEDNJULY2024 TheTru51EE5h¥oado¢*(￿ odutyau1knr￿ed L¢tèl 1eiuffnaccovntin9lorihèFh)L¢esin¥e5ttr￿t retbYn5￿rythe[retrtromIAu9l￿ 2(I)l The Irbve5TmenT rfeiurn robeappt￿ a5 1rfOmo ￿Ca￿Ulat￿￿a53A%pO23 325%1 ItknS￿5 Less In￿￿tMe￿I rnaDa9r￿nt COSt5 OiheF transfers Total 144 144 24.787 3345 Z045 50533 Lknaw)lied total iètutn alkn(ate4 tts Inco￿￿ ieporiiro Emwnd)b￿ erthwYDent5ti*￿0rfO￿lto•￿jfI .￿6) 122.032> Net mov•ment5 in fywrtlng period Tr9 28.501 At •nd otthÈ rÈPw￿n9 p•rknJ.. Gift comwnenT of Ihe pryMHnènten(*ywtn￿L IB,?07 14.721 753.686 7WI.114 .7 Eyppndr1b￿ tn(knwment 753.686 147 for thocurrenEhwr rotÈtowh*h Pag+49 Chrislchuvch NOtP5 to the finantlal stbtementS FuthÈyÈai •nd•d31 July Z025 J6• ANALYSISOFThE MOVEMENT 0tr4 FVNOSFOR THE YEAR ENDEDJ IVLY 2024 AllA￿U At Sjjuly 024 ÈThdowmont Fund5- P*rrnai)ent SiudtnT Supp)rt Fund5 Academic Posts Fund5 Libiary Fund5 EndoWmÈTht Funds. Exwndablt Hfyman.Mor112 8énefaction Or S¢uih IY5thsl L¢C eeneFactioD Mercury Fun(515PFitsl BU1￿1n95 FuDd5 GordenS$Gf¢unds Fund5 SwrtstlubgFunds Lbiary Funds P¢tuCQ GalleryFund5 Academic ￿1SFUr￿lS Student5uppoil Fuf¥Js Cothedrtj & Ch¢ijSter ￿ppOrt Fund5 Bcnef¢es Fuf)ds OEhei Funds Geneial E￿wMent Fund5 rotsi Endowment Fund5 67J4 P49> 1471) .9rn V.244 17 69h24 441 78 514 1&7SI {424 14m 4P20 145> 41$8 22 1442 1312 7Y+ 16H17 27.064 i&U4 13.TlS 447.9)3 75&613 14.994} 467) 03.lJ51 2?￿74 7*1,114 R•5tilthed In¢0meF￿nd$- P•rmin•nt 5tudcnt Suppri Funds Libiary Fvttds AcBdcm¢ b.total R•strKted incorne IPewmatioirt} 9)2 ftastrktqd Income Funds-E¥pondabb• HLryman.Moriti BcDefac[￿ Dr South Iwthsl 16 356 J4n 479 2. klercury Fund (gnh5> Ildin95 GaidenSSGIOuDd5Funds 424 49 Libtaty Fund5 ridureGalleryFut P0515 FuDd5 StudeDt SupwMT Futtds cathodiD￿&cb0lISre1 Sj￿11 FutKts E0r￿ty￿￿nd OthEI kun b.total R•strict•d inrorne (Exwidabl•S 13S 1.428 21 24$ 491 7.434 954 PagÈ50 ehri5tChu¥¢h Ntstosto th• financwl 5tatÈmÈnlz FoTtheyebr endpd siJuly2025 360 A14AIY51SOF MOVEME14TSON FUND5C<)KfiNUED 7A￿ 1023 At 31 July 2024 Buildirys Fur Gardpns8CrcJundsFund5 5sffisFvnds Li￿4ryFundS PictureGaI￿ry FuDd5 Student Support Fur Cath[￿ra1 & Choll￿er￿p￿rtFU￿ts OLhDY Fvt*ls 4h33 494J 74 49 342 $97S Total A•strknad FurrfJ5 1&263 1242 Unr•51rlthod Futhds 75 l476 GeDcrol Funds b¢nofit pensionO￿￿ i¢$e￿e Loan swapfairvolue IE5ep 14.6221 134.38 241 Total Unr•rtrlrtsd F￿nd￿.Th* (31J241 14. I&P)31 gnotod funts. sub5idwr Gw¢i41 Funds. Subs￿l￿nC5 a￿allOn re5er%E. 5uiÉAJor Total Unrqstvlthed FUnd5-sub￿th￿rl rL41 624 P891 Totsl Unro5trftt¢d Funth. Group X1223 13241 IS58 Trtal Fund 765.623 49339 1474451 30JB 7*1￿35 Seenole 21 Poi Ihecurfentbtar F*XetOwhKh th$weconwrE Page Sl