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2025-07-31-accounts

Brasenose College Annual Report and Financial Statements

Trustee Report and Accounts

For the year ended 31 July 2025

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Registered Charity
1143447
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Brasenose College Annual Report and Financial Statements Contents

Governing Body, Officers and Advisers Page 2
Report of the Governing Body Page 6
Report of the Auditor Page 16
Statement of Accounting Policies Page 19
Consolidated Statement of Financial Activities Page 25
Consolidated and College Balance Sheets Page 26
Consolidated Statement of Cash Flows Page 27
Notes to the Financial Statements Page 28

Brasenose College Governing Body, Officers and Advisers Year ended 31 July 2025

MEMBERS OF THE GOVERNING BODY

The Members of the Governing Body are the College’s charity trustees under charity law. The members of the Governing Body who served in office as trustees during the year or subsequently are detailed below.

Principal: Mr John Bowers KC Fellows:

Mr Philip Parker Dr Simon Smith Prof Simon Palfrey Prof Llewelyn Morgan Prof David Groiser Prof Christopher Timpson Prof William Swadling Dr Ed Bispham Prof Abigail Green Prof Alan Strathern Prof Mark Wilson Prof Adam Perry Prof Sos Eltis Rev David Sheen Prof Owen Lewis Prof Thomas Krebs Prof Harvey Burd (retires September 2025) Prof Eamonn Gaffney Prof Christopher McKenna Prof Andrea Ruggeri (left April 2024) Prof Konstantin Ardakov Prof Jonathan Jones Prof William James (left September 24) Prof Jeremy Robertson

Prof Eric Thun Prof Ian Kiaer Dr Julia Diamantis Prof S Krishnan Prof P Maiolino Prof S Shogry Prof Katrina Lythgoe Prof Jayne Birkby Prof Sergio de Ferra Prof Samira Lakhal-Littleton Prof Fitnat Banu Demir Prof Anne Davies Prof Michael Dustin Dr Anne Edwards Dr Sonali Nag Prof Giles Wiggs Prof Dejan Draschkow Prof Katerina Tertytchnaya Prof Faraz Mardakheh (from September 2024) Prof Valentina Arena (from October 2024) Prof Lionel Smith (from October 2024) Prof Zenobia Chan (from 15 April 2025)

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Brasenose College Governing Body, Officers and Advisers Year ended 31 July 2025

The activities of the Governing Body are carried out through a number of committees. The major committees are listed below. Membership is for the 2024/25 academic year, and committee members are also members of Governing Body unless otherwise indicated by #.

Academic Committee

Principal Vice-Principal Bursar Senior Tutor Tutor for Graduates Fellow Librarian Convenor of Research Committee Assessor (Professor Samira Lakhal-Littleton) Prof Sos Eltis (from Oct 2024) Prof Sonali Nag Prof Mark Wilson (until Sept 2024)

Investment Advisory Committee

Principal Bursar

Professor Jonathan Jones Professor Christopher McKenna (till Oct 2024) Mr Charles Scott # (Matriculated 1976) Mr Gerald Smith # (Matriculated 1985) Mr Nigel Wightman # (Matriculated 1971) Mr Mark Boulton # (Matriculated 1984) Ms Hermione Davies # (Matriculated 1978) Prof Mark Wilson (from Oct 2024)

Human Resources Committee

Development Committee

Principal Bursar Senior Tutor Domestic Bursar # HR Director # Diversity & Equality Fellow Professor Ian Kiaer Professor William Swadling Dr Alan Strathern (Trinity Term 2024 only) Prof Chris Timpson (from Oct 2024) # Prof Adam Perry (from Oct 2024)

Principal Director of Development Bursar Vice-Principal Editor of the Brazen Nose Prof Carole Bourne Taylor (Curator of the Common Room) # Prof David Groiser (till Sept 2024) Prof Sneha Krishnan Prof Jeremy Robertson (till Sept 2024) Dr Alan Strathern (from October 2024) President of Brasenose Society (Jane Johnson Daniel Chambers) Prof Paul Goldberg (Oct 2024-Sept 2025)

Estates and Finance Committee

Principal Vice-Principal Bursar Senior Tutor Assessor (Professor Banu Demir) Prof Jonathan Jones Prof William James (to Sept 2024) Prof Llewelyn Morgan Prof Paul Goldberg # Prof Daniella Bortoletto # Prof Owen Lewis (from Oct 2024) Prof Mark Wilson (from Oct 2024) Prof Thomas Krebs (from Oct 2024)

Remuneration Committee

Mrs Liz Padmore # (Matriculated 1974) Prof Anne Davies Prof Michael Dustin (from Oct 2024) Duncan Greenland # Prof Fraydoon Rastinejad # Paula Carter #

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Brasenose College Governing Body, College Officers and Advisers Year ended 31 July 2025

The principal officers and senior staff of the College to whom day-to-day management is delegated were:

Principal John Bowers KC Vice-Principal Prof Anne Davies Bursar: Philip Parker Senior Tutor: Dr Simon Smith Tutor for Graduates: Prof Eamonn Gaffney Chaplain: Revd David Sheen Dean: Prof Mark Wilson (from September 2024) Prof Simon Shogry (to end August 2024) Director of Development & Alumni Relations Dr Julia Diamantis Domestic Bursar: Kris Sadler Finance Director Gillian Chandler HR Director Julia Dewar (to July 2025) Kirsten Morgan (from July 2025) IT Director John Kinsey

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Brasenose College Governing Body, Officers and Advisers Year ended 31 July 2025

COLLEGE ADVISERS

Auditor

Crowe

R+ Building, 2 Blagrave Street Reading RG1 1AZ

Bankers

Barclays Commercial Bank plc Southern Team Apex Plaza 4[th] Floor Forbury Rd Reading RG1 1AX

Solicitors (Property)

Knights LLP Midland House West Way Botley Oxford OX2 0PH

Solicitors (General)

Blake Morgan LLP Seacourt Tower West Way Oxford OX2 0FB

Land Agent

Bidwells LLP Eaton House Wallbrook Court North Hinksey Lane Oxford OX2 0Q

COLLEGE ADDRESS Brasenose College Radcliffe Square Oxford OX1 4AJ

www.bnc.ox.ac.uk

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Brasenose College Report of the Governing Body Year ended 31 July 2025

The Members of the Governing Body present their Annual Report for the year ended 31 July 2025 under the Charities Act 2011 together with the audited financial statements for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

The King’s Hall and College of Brasenose in Oxford, which is known as Brasenose College, (“the College”) is an eleemosynary chartered charitable corporation aggregate. It was founded by William Smyth, Bishop of Lincoln, and Sir Richard Sutton, a lawyer, in 1509, and received its royal charter from Henry VIII in 1511. The object of the College is to advance education, learning, religion and research, for the public benefit, through the provision, support and conduct of a perpetual College in the University of Oxford. The College registered with the Charity Commission on 18 August 2011 (registered number 1143447).

The names of all members of the Governing Body at the date of this report and of those in office during the year, together with details of the senior staff and advisers of the College, are given on pages 2 to 5.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The College is governed by its Statutes dated 28 April 1954, as amended in December 1999, May 2013 and most recently May 2016, which were approved by Her Majesty in Council on 15 February 2017.

Governing Body

The Governing Body is constituted and regulated in accordance with the College statutes, the terms of which are enforceable ultimately by the Visitor, who is the Bishop of Lincoln. The Governing Body is self-appointing. The Governing Body determines the ongoing strategic direction of the College and regulates its administration and the management of its finances and assets. It meets at least eleven times per year under the leadership of the Principal. It delegates many of its governance functions to governance and advisory committees, of which those with the widest remit are listed on page 3, and it delegates day-to-day management of the College to the Officers and senior members of staff, listed on page 4.

The majority of the Governing Body consists of Tutorial Fellows who are jointly appointed with the University because of their academic excellence and suitability to meet teaching and research needs of the College. The Governing Body also includes Professorial Fellows, who are employed by the University, Official Fellows, who are College Officers appointed to fulfil specific administrative or managerial roles in the College and some Supernumerary Fellows. New members of the Governing Body are usually recruited by advertisement and inducted into the workings of the College, including Governing Body policy and procedures, by the Principal and Officers.

Remuneration of Members of the Governing Body and Senior College Staff

No Fellows receive remuneration or benefits from their trusteeship of the College. Those trustees that are also employees of the College receive remuneration for their work as employees of the College, which is set based on the advice of the College’s Remuneration Committee, members of which are not in receipt of remuneration from the College. Where possible, remuneration is set in line with that awarded to the University’s academic staff. The remuneration of all other senior College staff is set in accordance with policies agreed by the Human Resources Committee, usually in line with relevant University of Oxford grades.

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Brasenose College Report of the Governing Body Year ended 31 July 2025

Group structure and relationships

The College administers many special trusts, as detailed in Notes 28 to 45 to the financial statements.

The College also has a wholly owned non-charitable subsidiary, Brasenose Limited, whose annual profits are donated to the College under the gift aid scheme. This subsidiary undertakes the College’s significant building works and its trading activities, including the sale of merchandise and commercial events and conferences. The subsidiary’s aims, objectives and achievements are covered in the relevant sections of this report.

The College is part of the collegiate University of Oxford. Material interdependencies between the University and the College arise because of this relationship. Where applicable, and particularly on matters relating to the recruitment and teaching of students and academic staff, the College liaises closely with the University and the other Colleges.

OBJECTIVES AND ACTIVITIES

Charitable Objects and Aims

The object of the College is to advance education, learning, religion and research, for the public benefit, through the provision, support and conduct of a perpetual College in the University of Oxford.

The Governing Body has considered the Charity Commission’s guidance on public benefit and, in keeping with its objects, the College provides public benefit by offering, in conjunction with the University of Oxford’s departments and faculties, higher education to graduates and undergraduates, and by supporting the pursuit of publicly disseminated research.

The objective of the College’s subsidiary is to help finance the achievement of the College’s aims as above.

Activities and objectives of the College

Brasenose College advances learning, for the benefit of the public, by providing higher education for undergraduate and postgraduate students within Oxford University, and by supporting the pursuit of publicly disseminated research. On the census date 1 December 2024, Brasenose had 220 postgraduate students and 365 undergraduate students, making a total of 585 students of all types. On the same date, the College had 35 Tutorial Fellows with contractual obligations to teach and to undertake research, 2 Official Fellows (the Bursar and Senior Tutor), 4 Professorial Fellows, 16 Supernumerary Fellows, 18 Research Fellows, and 61 College Lecturers.

In Brasenose, as in all of the collegiate University of Oxford, the tutorial system underpins undergraduate teaching, providing students with the opportunity to receive personal or small group tuition from a Fellow or Lecturer on at least a weekly basis during term time. In addition, the College provides classes, seminars and other forms of teaching as appropriate. Pastoral and administrative support is provided to students through the undergraduate advisory system, at the hub of which is the College’s welfare network and Senior Tutor, who exercises general oversight over undergraduate academic progress. Graduates at the College form an integral part of the academic community. While they are taught or supervised at their University faculty, every graduate student is assigned a College Graduate Adviser who provides academic and pastoral support. The College also appoints a Tutor to enable students to realise their academic potential and develop other personal qualities while at university, The College maintains high-quality facilities, including three libraries, a Chapel, teaching and multi-purpose rooms, and student accommodation. The wider cultural, religious and social development of its students are promoted actively through music and other arts, sports, welfare support, careers advice and other facilities. Non-academic staff provide medical, catering residential and support services to a very high standard to ensure that students are able to make the most of their membership of the College.

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Brasenose College Report of the Governing Body Year ended 31 July 2025

The College also advances research for the public benefit across a range of disciplines by employing tutors and lecturers and supporting research fellows. Tutorial Fellows have a contractual and statutory obligation to prosecute research, and are provided with support services and assistance that include the provision of sabbatical leave, research grants, library and computer facilities, office accommodation and meals. The high levels of research activity by College Fellows have been audited by the national Research Assessment Exercise (2008) and by the Research Excellence Framework (2014 and 2021). Research findings are disseminated through a wide range of media including published papers, books, broadcasts, websites, and lectures. The College provides research grants to research fellows and lecturers including a research fund to extend further support across the College academic community. The College also offers studentships to some graduate researchers who, at the beginning of their careers, have demonstrated outstanding early promise in their chosen field of research for a period of up to three or four years to enable them to concentrate on their topic of research.

Recruitment and support for students

Brasenose College’s aim is to admit students who have the greatest potential to benefit from the education offered by the College and the University regardless of family income, previous educational history, or protected characteristics such as ethnic origin, religious observance, gender, or disability. Fellows, lecturers, the Senior Tutor (who is also the Tutor for Admissions), and the Schools Liaison Officer are pro-active in encouraging qualified students from non-traditional backgrounds to apply, particularly those drawn from groups currently under-represented at Oxford. There are no geographical restrictions in the College’s objectives; both students and academic staff are drawn from across the UK and other countries.

The College charges students fees, which, where applicable, are set in accordance with rates approved by Government, and charges for accommodation, meals and other services at reasonable, subsidised rates.

Financial support is available to students to assist them with the costs of tuition fees and living costs whilst at Oxford. In addition to student loans provided by the Student Loans Company, which are available to undergraduates from within the UK, other financial support such as bursaries is available to UK undergraduates who are from households where income is below a certain level. In the 2024/25 academic year 78 students (over 21 % of the College’s UK undergraduates) received a total of £341,379 under this bursary scheme (2023/24 52 students received £211,920, 19% of undergraduates). 16 of these students received £5,970, the maximum award. In addition, in 2024/25 the College awarded a total of £339,923 to undergraduate students in the form of hardship grants, bursaries, travel grants and vacation residence grants for the support of both academic and extra-curricular activities, funded largely by the College’s ‘Greatest Need’ and Student Support Annual Funds. (2023/24 £315,913).

Graduate funding is available predominantly in the form of government loans, Research Council awards or scholarship funds administered and awarded by the College and University divisions jointly. In 2024/25, 127 students received a total of £389,291 from College funds for these studentships (in 2023/24, 113 students received £537,587). The College also awarded £14,140 in academic prizes to undergraduates and graduates in the year (2023/24 £13,699). Prizes are awarded based on academic excellence and serve to encourage academic endeavor at the College.

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Brasenose College Report of the Governing Body Year ended 31 July 2025

ACHIEVEMENTS AND PERFORMANCE

Over the past 12 months, Brasenose’s reputation for excellence in learning and research has been reflected in the achievements of its students and academics at Finals. 85 undergraduates completed Final Honours School examinations. The graduating cohort achieved 28 Firsts, 51 Upper-Seconds, 4 Lower-Seconds, 1 Third, and 1 unclassified degree. A total of 111 students sat the First Public Examination. Of the 111, 26 students obtained a Distinction, partial Distinction, or (where the result was classified) a First, while 84 achieved a Pass or an UpperSecond (including 3 students who originally failed one or more papers but successfully re-sat), and 1 a Fail.

The following undergraduates were awarded prizes in recognition of their performances in University examinations: Elizabeth Chrisp (Biology): Gibbs Proxime Prize for Meritorious Work in Biology FHS Part I Ursula Gerhard (Modern Languages): Thomas Blomefield Prize for best FHS performance in French; proxime accessit for Gibbs Prize for best performance in Joint Schools with Modern Languages; proxime accessit for Gibbs

Prize for best performance in Modern Languages for best submitted work in Special Subject Paper XII: Lia Warren (Biochemistry): Porter Prize for joint second best performance in Biochemistry Prelims

On the graduate side, academic results were also encouraging. From 1st October 2023 to 20th September 2024, the College’s taught masters students achieved 25 distinctions, 22 merits and 26 passes. During the same period, 5 students completed the PGCE and 31 Brasenose graduates completed DPhils successfully. 26 graduate students received prizes for achieving a distinction in their exams, and 4 students received University prizes for exam performance.

The following graduate students were awarded prizes in recognition of their performances in University examinations: Rhea Gupta (BCL) – Law Faculty Prize in Principles of Civil Procedure Federica Nava (MJur) – Law Faculty Prize in Dissertations

Jakob Timmel (MJur) – Law Faculty Prize (Proxime Accessit) for the Second Best Performance in the MJur Luca Williams (BCL) – Law Faculty Prize in Corporate Insolvency Law

Undergraduate Admissions and Outreach

Brasenose aims to admit as undergraduates those individuals demonstrating the greatest potential for benefitting from the educational opportunities offered by the College and University. The strength of recruitment is evidenced by the fact that the College received between 9 and 10 applications for every place available. The exceptional quality of candidates is reflected in the fact that the direct applicants’ success rate was 19% versus 17% for the rest of the University. As Brasenose has very strong applicant numbers but only limited capacity, some of these successful students were admitted to other Oxford Colleges.

Outreach activity and schools liaison seek to encourage gifted students from under-represented backgrounds capable of excelling on course to consider applying to the University of Oxford, as well as maintaining links with those schools which have a tradition of Oxford applications, including all schools in the College’s designated link regions (North Yorkshire and East Berkshire). The College is an extremely active participant in outreach and is continuing to develop a recruitment initiatives in Northern Ireland to improve this region’s representation at Oxford.

While the pursuit of academic excellence remains Brasenose’s primary aim, the College provides a rich social and cultural space for students and academics to enjoy, acknowledging the contribution that sport, music, and the arts make to the community. The initiative for the majority of activities taking place during term time springs from junior-members. Particularly noteworthy events and achievements are reported in the news section of the College’s website https://www.bnc.ox.ac.uk/about-brasenose/news and in the College magazine, the Brazen Nose.

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Brasenose College Report of the Governing Body Year ended 31 July 2025

Fundraising

The College benefits from significant financial and voluntary support from alumni, Fellows, staff, and friends. Many alumni give generously of their time to provide mentoring and career advice to the current students. We are particularly grateful to the alumni who give their time and expertise to the Brasenose Society Committee, the College’s Investment Advisory Committee, and in a number of other voluntary capacities.

The College is very grateful to approximately 705 alumni who gave to College, the majority of whom supported the Annual Fund, with gifts totaling £0.445m (2024: £0.515m), and also to the donors who were able to make a permanent contribution to the financial well-being of the College with gifts to the endowment totaling in this year £0.708m (2024: £0.657m). Other gifts, including legacies, totaled £1.022m (2024: £1.405m).

Brasenose College Development & Alumni Relations Office is committed to the highest standards in fundraising practice. We aim to be open and honest in all our communications and fundraising. We recognise that there may be occasions when someone in receipt of our fundraising communications wants to register a complaint and have a clear process in place. We take complaints seriously and seek to address them quickly and appropriately. We adhere to the Fundraising Regulator's Code of Fundraising Practice and are committed to the Fundraising Promise. We have received no complaints this year to that the College’s approach to fundraising is not in accordance with its charitable objectives.

The College directly employs staff and students to build and deepen relationships with our alumni and friends and subsequently solicit donations. A professional fundraising company is used to support College staff during annual telephone fundraising events where resources are not available within the College. All contracts with professional fundraisers are monitored and there have been no failures in compliance with the College’s own standards or those of voluntary regulatory fundraising schemes with which we are registered.

The College actively manages and reviews all contractual relationships including those relating to fundraising activities and no complaints have been received about fundraising for the charity.

Through regular staff training, including with student callers who participate in telephone campaigns, the College continues to ensure it protects vulnerable people and others from unreasonable intrusion into a person’s privacy, unreasonably persistent approaches, or undue pressure to give, in the course of or in connection with fundraising for the charity.

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Brasenose College Report of the Governing Body Year ended 31 July 2025

FINANCIAL REVIEW

The College’s consolidated total funds increased by £6.83m in the year, standing at £234.60m at 31 July 2025 (£227.77m at 31 July 2024). The endowment funds increased by £7.29m to £201.82m, the restricted funds increased by £0.53m to £4.85m and the College’s unrestricted funds decreased by £0.99m ending the year at £27.92m.

The College’s incoming resources were £19.04m in the year, compared with £18.14m in 2024. Tuition and Research income decreased to £3.29m (2024: £3.34m), with residential income remaining flat at £4.41m (2024: £4.50m). It is College policy to subsidise residential provision to students. This supports the charitable objective of the advancement of education for the public benefit and to support access to the most academically gifted regardless of financial background.

Total expenditure was £17.36m, an increase of £2.68m (+18%) compared to 2024, when the expenditure was £14.68m. The increases were primarily associated with increased costs.

The endowment funds saw a net inflow of £0.708m, before the attribution of investment gain on land and property and gains on the investment portfolio of £5.151m. The College drew down £6.25m in accordance with its total return policy to support its teaching and research, and so the closing value of the endowment was £201.82m (2024: £194.53m). The College’s investment policy ensures a diversified asset allocation that helps mitigate shocks in parts of the market and which, together with the investment return spending policy, is designed with a view to ensuring financial sustainability.

The restricted funds increased by £0.53m in the year, to £4.85m (2024: £4.32m), as funds received in earlier years were used to support activity across the College including bursaries, access and outreach, Fellowships and the new organ.

The unrestricted funds reduced by £0.99m, ending the year at £27.92m (2024: £28.91m), representing general and designated funds which are consistent with the reserves policy. No funds, restricted or unrestricted, were in deficit at the balance sheet date.

Loan

In March 2017 the College issued £20m of unsecured loan notes, repayable in 2057, with a fixed interest rate of 2.62%. The proceeds have been used to finance the new student accommodation primarily in the Frewin site, with the balance invested alongside the endowment. The College also has a £9m loan repayable in 2048. At 31 July 2024 the College’s net debt stood at 6% (2024: 8.9%) of net assets. The College contributes each year to two designated funds which are invested in order to help repay these loans on maturity.

Reserves policy

The College’s reserves policy is to maintain free reserves of between 3 and 6 months of expected expenditure at the end of each financial year. These reserves are required in order to provide both working capital to finance the College operations, despite the uneven pattern of receipts which are weighted to the start of the academic year, and some reserves to enable it to meet its short-term financial obligations without interruption to services in the event of an unexpected revenue shortfall or increase in financial liabilities.

Free reserves are net current assets that are not restricted or designated and exclude loan proceeds allocated for operational purposes (student accommodation). The College’s free reserves at the year-end amounted to - £4.7m (2024: -£0.9m). This is below the level set by the policy, and the College plans to rebuild its free reserves over the next few years, while continuing to deliver on its operational need and commitments.

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Brasenose College Report of the Governing Body Year ended 31 July 2025

Risk management

The College has on-going processes, which operated throughout the financial year, for identifying, evaluating and managing the principal risks and uncertainties faced by the College and its subsidiary in undertaking their activities. When it is not able to address risk issues using internal resources, the College takes advice from experts external to the College with specialist knowledge. The relevant College committee, chaired by the Principal or other relevant officer, reviews policies and procedures within the College. The Estates and Finance Committee, which receives advice on investment risks from the Investment Advisory Committee, assesses financial risks. The Health and Safety Committee meets regularly to review health and safety issues and reports at least once a year on health and safety matters to Governing Body. Training courses and other forms of career development are available, when requested, to members of staff to enhance their skills in risk-related areas.

The Governing Body, which has ultimate responsibility for managing any risks faced by the College, has reviewed the processes in place for managing risk. The principal identified risks to which the College and its subsidiary are exposed are listed below. The Governing Body have concluded that robust systems are in place to manage these risks.

The principal risks and uncertainties faced by the College and its subsidiaries that have been identified are categorised as follows:

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Brasenose College Report of the Governing Body Year ended 31 July 2025

Investment policy, objectives and performance

The College’s investment objectives are to balance current and future beneficiary needs by:

To meet the objectives the College’s investments 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 between risk and return. In line with this approach, the College statutes allow the College to invest permanent endowments to maximise the related total return and to make available for expenditure each year an appropriate proportion of the unapplied total return.

The Governing Body, as advised by the Investment Advisory Committee from time to time, sets the investment policy and strategy. The Investment Advisory Committee regularly monitors performance and advises the college on all the securities and property investments that are held as permanent income-generating capital. Most of these investments are in endowed funds, although some are held as restricted or unrestricted funds. At the yearend, these investments totaled £205.6m (2024 £198.0m). At 31st July the annualised return on the endowment was 4.1% (2024: 4.2%) p.a. over the last three years and 7.9% (2024: 7.1%) over the last five years. The College’s benchmark target is to exceed RPI by 3.5%, and the returns have varied from this target by -5.2% p.a. (2024: -4.0%) over three years and -2.3% p.a. (2024: +1.1%) over five years. The carrying value of the preserved permanent capital (the trust for investment) and the amount of any unapplied total return available for expenditure was taken as the open market values (fair value) of these funds as at 1 August 2003 together with the original gift value of all subsequent endowment received.

On the total return basis of investing, it is the Governing Body’s policy to extract as income 3.5% (3.5% 2024) (after costs) of the value of the relevant investments. However, to smooth and moderate the amounts withdrawn this percentage is calculated on the average of the year-end values in each of the last five years. The Governing Body keeps the level of income withdrawn under review to balance the needs and interests of current and future beneficiaries of the College’s activities.

Plans

In 2019 the College completed a Strategic Review. This encompassed our Values and identified 21 aims for the College across its activities from teaching and research to the development of our people and the college buildings.

The report is available on the website at https://www.bnc.ox.ac.uk/about-brasenose/official-information

The College continues to progress these aims, and Governing Body monitors progress.

The College will continue to recruit the best possible students from the widest possible backgrounds, with particular energy directed to encouraging applicants from schools that do not traditionally send students to Oxford. Brasenose will share with the University the costs of supporting those students from families with lower incomes through Oxford’s package of fee waivers and bursaries, which is the most generous universal package offered by any English University.

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Brasenose College Report of the Governing Body Year ended 31 July 2025

The College will continue to recruit and retain excellent academics to carry out research, and to provide academic teaching and guidance to its students so they can fulfill their potential, and to provide the facilities and environment required for the development and enjoyment of students outside their academic studies.

In 2024-25, work continued to enhance the facilities at the Frewin site with a sustainable refurbishment project of Frewin Hall. The refurbished site opened to new students in October 2025.

The College will seek financial support for the development of all its activities and particularly for the support of students, the endowment of Fellowships, and for the development of its facilities, both through donations and where appropriate by accessing capital markets.

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Brasenose College R8port of the Auditor Ygar ended 31 July 2025 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body Is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations. Charity law requires the Governing Body lo prepare financial slalements for each financial year. Under that law the Governing Body have prepared the financial slalemenls in accordance with United Kingdom Generally Accepted A¢counling Practice (United Kingdom accounting standards and applicable lawl, including Financial Reporting Standard 102." The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 1021. Under ¢harity law. the Governing Body must not approve the financial staternents unless they are satisfied that they give a true and fair Mew ol the state ol affairs ol the College and ol ils net income or expenditure lor that period. In preparing these financial statements, the Governing Body is required to.. selectthe most suitable awounting policies and then apply them consistently,. make judgements and accounting estimates that are reasonable and prudent.. 5ta18 wholhgr aptAi¢able awounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements., Stale whether a Staterrent ol Recommended practi￿ ISORPI appli&s aThJ has been followed, subiect to any material departu￿$, which are Èxplained in the finan￿81 statements., P￿pare the financial statements on the going concern basis Un￿9$ it is inappropriate to presume that the College will conkn'nu8 to OP8r818. The Governing Body is responsible lor keeping proper accounting records Ihat are sufficient to show and explain the College's transactions and disdosewith reasonable accuracy at any lirne the linanc4al position ofthe Coll￿e and enab ihem to ensure that the financial siatements comply with the Ch8riti&s Ael 2011. Thèy ara also responsible for 58feguarding the assets of the College and ensuring their proper appli¢alion under charity law and hence for taking reasonable steps for the p￿Ventr.0n and detection ol fraud and other irregularities. Approved by the Governing Body on 13th November 2025 and signed on its behalf by.. John Bowors KC Principal

Brasenose College Report of the Auditor Year ended 31 July 2025

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governing Body is responsible for preparing the Report of the Governing Body and the financial statements in accordance with applicable law and regulations.

Charity law requires the Governing Body to prepare financial statements for each financial year. Under that law the Governing Body have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom accounting standards and applicable law), including Financial Reporting Standard 102: The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).

Under charity law, the Governing Body must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the College and of its net income or expenditure for that period. In preparing these financial statements, the Governing Body is required to:

select the most suitable accounting policies and then apply them consistently; make

judgements and accounting estimates that are reasonable and prudent;

state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College's transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Governing Body on 13th November 2025 and signed on its behalf by:

John Bowers KC Principal

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 16, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s 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 cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination

17

A Crowe of material amounts and disclosures in the financial statements, including financial reporting legislation and the Charities SORP IFRS 1021. We assessed the required Complian￿ with these laws and re9ulalions as part of our audit procedures on the related financial stslemenl items. In addition, we considered provisions of other18ws and regulallons that do not have a direct effect on the financial statements but compliance with which might be necessary to the group's ability lo operate or lo avoid a material penalty. Auditing standards limit the required audit procedures to idenlrfy non- compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, rf any. We also considered the opportunities and incentives that may exist within the group for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of conference income and the override of controls by management. Our audit procedures to respond lo these risks included enquiries of management about their own identrfication and assessment of the risks of irregularities, sample testing on the posting of joumals, sample lesling of conference income transactions to supportlng documentation and reading minutes of meetings of those charged with governance. Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial stalemenls, even though we have property planned and perfom)ed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations {irregularilies} is from the events and transactions reflected in the financial $18lemenls, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-delection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentalions, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected lo detect non-compliance with all laws and regulations. Use ol 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 lo stale lo them in an auditor's report and for no other purpose. To the fullest extent pemiitled by law, we do not a¢￿pl or assume responsibilty to anyone other than the charity and the charity's Iruslees as a body, for our audit work, ft)r this report, or for the opinions we have formed. Crowe U.K. LLP Statutory Auditor Reading Datg". 24 Novembgr 2025 Crowe U.K. LLP 15 eliqible for appointment as auditor of the charity by wrtue of its eliglbllfty forappolntment 88 audltor of a company under section 1212 ofthe Companies Act 2006. 18

Brasenose College Statement of Accounting Policies Year ended 31 July 2025

1. Scope of the financial statements

The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiary Brasenose Limited. No separate SOFA has been presented for the College alone as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary of the results and financial position of the charity and the subsidiary for the reporting year are disclosed in note 13.

2. Basis of accounting

The College’s individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular ‘FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102).

The College is a public benefit entity for the purposes of FRS 102 and a registered charity. The College has therefore also prepared its individual and consolidated financial statements in accordance with ‘The Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (The Charities SORP (FRS 102)).

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 financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The College has cash resources and has no further requirement for external funding in excess of current facilities. The Trustees have a high expectation that the College has adequate resources to continue in operational existence for the foreseeable future. In making their assessment the Trustees have considered the impact on the business of COVID-19 including the ability of the College to continue to operate as a College of the University of Oxford. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

The principal accounting policies adopted are set out below and have been applied consistently throughout the year.

3. Accounting judgements and estimation uncertainty

In preparing financial statements, it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governing Body to have the most significant effect on amounts recognised in the financial statements.

19

Brasenose College Statement of Accounting Policies Year ended 31 July 2025

Brasenose College participates in the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined contributions. The assets of each scheme are held in a separate trusteeadministered fund. Because of the mutual nature of the schemes, the assets are not attributed to individual employers and scheme-wide contribution rates are set. The College is therefore exposed to actuarial risks associated with other employers’ employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to each scheme. Since the College has entered into agreements (the Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, the College recognises a liability for the contributions payable that arise from the agreements (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control such as Universities Superannuation Scheme and OSPS. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The Trustees are satisfied that USS and OSPS meet the definition of a multi-employer scheme and the College has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.

The pension deficits recorded are dependent on estimates of future employment patterns and interest rates. The effects of changes to these assumptions are shown in note 23

4. Income recognition

All income is recognised once the College has entitlement to the income, the economic benefit is probable and the amount can be reliably measured

(a) Income from fees, HEFCE support and other charges for services Fees receivable, less any scholarships, bursaries or other allowances granted from the College unrestricted funds; HEFCE support and charges for services and use of the premises are recognised in the period in which the related service is provided.

(b) Income from donations, grants and legacies

Donations and grants that do not impose specific future performance-related or other specific conditions are recognised on the date on which the charity has entitlement to the resource, the amount can be reliably measured and the economic benefit to the College of the donation or grant is probable. Donations and grants subject to performance-related conditions are recognised 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 wholly within the control of the College and it is probable that the specified conditions will be met.

Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s) of the deceased’s estate to be satisfied that the gift can be reliably measured and that the economic benefit to the College is probable. Donations and grants accruing for the general purposes of the College are credited to unrestricted funds.

Donations, grants and legacies that are subject to conditions as to their use imposed by the donor are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the date of the gift.

20

Brasenose College Statement of Accounting Policies Year ended 31 July 2025

(c) Investment income

Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates. Income from fixed interest debt securities is recognised using the effective interest rate method. Interest on bank balances and fixed interest securities is accounted for in the period to which the interest relates.

Dividend income and similar distributions are recognised on the date the share interest becomes ex-dividend or when the right to the dividend can be established.

Income from investment properties is recognised and accounted for in the period to which the rental income relates.

5. Expenditure

Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the College to expenditure that will probably require settlement, the amount of which can be reliably measured or estimated.

Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met.

All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA).

Support costs which includes governance costs (costs of complying with constitutional and statutory requirements) and other indirect costs are apportioned to expenditure categories in the SOFA based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Intra-group sales and charges between the College and its subsidiaries are excluded from trading income and expenditure in the consolidated financial statements.

6. Leases

Leases of assets that transfer substantially all the risks and rewards of ownership to the College are classified as finance leases. The costs of the assets held under finance leases are included within fixed assets and depreciation is charged over the shorter of the lease term and the assets’ useful lives. Assets are assessed for impairment at each reporting date. The corresponding 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 constant rate of interest on the remaining balance of the liability.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a straight-line basis over the relevant lease terms. Any lease incentives are recognised over the lease term on a straight-line basis.

21

Brasenose College Statement of Accounting Policies Year ended 31 July 2025

7. Tangible fixed assets

Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

Expenditure on the acquisition or enhancement of land and on the acquisition, construction and enhancement of buildings, which is directly attributable to bringing the asset to its working condition for its intended use and amounting to more than £10,000 together with expenditure on equipment costing more than £10,000, is capitalised.

Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is no longer recognised as an asset and is taken as an expense in the SOFA.

Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the SOFA as incurred.

8. Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value, in equal annual instalments over their expected useful economic lives as follows:

Freehold properties, including major extensions 50 years Leasehold properties 50 years or period of lease if shorter Building improvements 50 years or period of lease if shorter Plant and Machinery 20 years Computer Systems and Equipment 4 years

Freehold land is not depreciated. The cost of maintenance is charged in the SOFA in the period in which it is incurred.

At the end of each reporting period, the residual values and useful economic lives of assets are reviewed and adjusted if necessary. In addition, if events or changes in circumstances indicated that the carrying value may not be recoverable, the carrying values of tangible fixed assets are reviewed for impairment.

9. Heritage Assets

The College does not have any assets that it considers should be treated as heritage assets under FRS102, as all such assets are used for operational purposes, to meet the College’s charitable objects of education, learning, religion and research.

10. Investments

As allowable under FRS102 the College has adopted the option to apply the recognition, measurement and disclosure requirements of sections 11 & 12 of FRS102.

Investment properties are initially recognised at their cost and subsequently measured at their fair value at each reporting date, as assessed annually by the Trustees based on estimated open market values on an existing use basis, after taking advice from the College Property Advisers. A formal valuation is undertaken every 5 years. Purchases and sales of investment properties are recognised on exchange of contracts.

22

Brasenose College Statement of Accounting Policies Year ended 31 July 2025

Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs.Investments such as hedge funds and private equity funds which have no readily identifiable market value are initially measured at their costs and subsequently measured at their fair value at each reporting date without deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respective fund managers.

Other unquoted investments are valued using primary valuation techniques such as earnings multiples, recent transactions and net assets where reliable estimates can be made – otherwise at cost less any impairment.

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as ‘gains or losses on investments’ and are allocated to the fund holding or disposing of the relevant investment.

11. Other Financial Instruments

a. Derivatives

The College does not currently invest in derivatives. These include forward foreign currency contracts which are used to reduce exposure to foreign exchange rates, and interest rate swaps that are used to adjust interest rate exposures. Derivative financial instruments are initially measured at fair value on the date the contract is entered into and are subsequently measured at fair value. Changes in fair value are credited or charged to the income or expenditure section of the SOFA. Hedge accounting is not currently applied to derivatives.

b. Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand and short term deposits with an initial maturity date of three months or less.

c. Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

12. Stocks

Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first out basis.

13. Foreign currencies

The functional and presentation currency of the College and its subsidiaries is the pound sterling.

Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA.

14. Total Return investment accounting

The College statutes authorise the College to adopt a ‘total return’ basis for the investment of its permanent endowment. The College can invest its permanent endowments without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the

23

Brasenose College Statement of Accounting Policies Year ended 31 July 2025

investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return that can be retained for investment or released to income at the discretion of the Governing Body.

The Governing Body has decided that it is in the best interests of the College to account for its invested expendable endowment capital in the same way, though there is no legal restriction on the power to spend such capital. For the carrying value of the preserved permanent capital, the Trustees have taken its open market value as at 1 August 2002, together with the original gift value of all subsequent endowments received.

15. Fund accounting

The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowment funds based on the origins of the funds and the terms set by the donors. Endowment funds are further subdivided into permanent and expendable.

Unrestricted funds can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for transfers to appropriate designated funds which will be used for a specific purpose.

Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for particular purposes of the College. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required that the capital be maintained and the income used for specific purposes.

Permanent endowment funds arise where donors specify that the funds should be retained as capital for the permanent benefit of the College. Any part of the total return arising from the capital that is allocated to income will be accounted for as unrestricted funds unless the donor has placed restricted the use of that income, in which case it will be accounted for as a restricted fund.

Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long-term benefit of the College. However, the Governing Body may at their discretion determine to spend all or part of the capital.

16. Pension costs

The costs of retirement benefits provided to employees of the College through two multi-employer defined benefit pension schemes are accounted for as if these were defined contribution schemes in accordance with the requirements of FRS 102. The College's contributions to these schemes are recognised as a liability and an expense in the period in which the salaries to which the contributions relate are payable. In addition, a liability is recognised at the balance sheet date for the discounted value of the expected future contribution payments under the agreements with these multi-employer schemes to fund the past service deficits.

The costs of retirement benefits provided to employees of the College through defined contribution arrangements are recognised as a liability and an expense in the period in which the salaries to which the contributions relate are payable.

24

Brasenose College Consolidated Statement of Financial Activities For the period ended 31 July 2025

Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1
Other Trading Income
3
Donations and legacies
2
Investments
Investment income
4
Total return allocated to income
14
Other income
5
Total income
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential
Generating funds:
Fundraising
Trading expenditure
6
11,12,19
19
19
Investment management costs
Total Expenditure
Net Income (Expenditure) before gains
Net gains on investments
Net Income/(Expenditure)
Transfers between funds
Net movement in funds for the year
Fund balances brought forward 1st August 2024
Funds carried forward at 31 July 2025		 Unrestricted
Funds
£'000
7,706
371
617
258
6,237
253		 Restricted
Funds
£'000
-
405
84
14
-
-		 Endowed
Funds
£'000
-
-
708
8,642
(6,253)
-		 2025
Total
£'000
7,706
371
1,730
8,984
(2)
253		 2024
Total
£'000
7,846
436
2,062
7,245
-
554
15,442
14,985
710
79
7		 -
-
503
700
16		 3,097
-
-
-
866		 19,042
15,685
710
79
889		 18,143
13,013
387
108
1,172
15,781 716 866 17,363 14,680
(339) (213) 2,231 1,679 3,463
39 49 5,061 5,149 10,366
(300) (164) 7,292 6,828 13,829
(695) 695 - - -
(995)
28,914		 531
4,324		 7,292
194,529		 6,828
227,767		 13,829
213,938
27,919 4,855 201,821 234,595 227,767

25

Brasenose College Consolidated and College Balance Sheets Ag at 31 July 2025 2025 Group £'ooo 2024 GroLP 2025 Co118ga rooo 2024 Col&Je £￿00 Not8S FIXED ASSETS Tangible assets Property Investrnènts Other Inveslmen15 10 42,426 38,571 1SO,662 39,904 55,090 146,9 42,426 38.571 150,662 39,904 55,090 146,900 12 Total Flx6d As9et8 231.669 241.894 231,669 241,894 CURRENT ASSETS Stocks Deblors Cssh at bank and In hand A5581s held lor Sale Total Current Assèts 350 S.131 14,850 15,400 35,731 235 350 5.040 14,435 335 4,485 13.163 15 13.350 18.2S3 19,825 17,983 LIABILITIES c￿dItorS. knounts falling due vllhin orE year 16 3,795 3.420 3,S76 3,253 NEfcuRRENT ASSET5 31,936 14,873 16.249 14,730 TOTAL ASSETS LESS CURRENT LIABIUTIES 263,595 256,767 247,908 256,624 CREDITORS.. falllnu due after more than one year 17 29,000 29,000 29,000 29,￿ NET ASSETS 8EFORE PENSION ASSET OR LIABILITY 234,595 227,787 218,908 227,624 D8fined benefit penslon sch8ri)8 Ilablllty 23 TOTAL NET ASSETS 234 S9S 227 767 227.624 FUNtIS OF THE COLLEGE 19 Endowm8nt lunds 201,821 194.529 201,821 194.529 Restrl¢tsd fund¥ 4,855 4.324 4.866 4,324 Unrestricted fund5 Designated fund8 General funds Penslon res81Vè 4,623 23,396 5,350 23,564 4,623 7.709 5,350 23,421 23 21 234,695 227,767 218908 227,624 The flnancSal Statements y￿￿ approved and aulhorbed for L8$ue by the Govemhg Pthy of Brasenose College on 131h NOV￿￿er 202., Trustee.. Tru8te8'.

Brasenose College Consolidated Statement of Cash Flows For the period ended 31 July 2025

Notes
Net cash used in operating activities
26
Cash flows from investing activities
Dividends, interest and rents from investments
Finance costs paid
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Capital receipts in relation to Investment Land & Property
Purchase of investment Land & Property
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Receipt of endowment
Net cash provided by financing activities
Change in cash and cash equivalents in the reporting period
27
Cash and cash equivalents at the beginning of the reporting period
Change in cash and cash equivalents due to exchange rate movements
Cash and cash equivalents at the end of the reporting period		 2025
£'000
(6,840)		 2024
£'000
(6,478)
8,984
(2)
-
(3,858)
4,182
15,062
(16,738)		 7,245
(4)
-
(1,031)
125
11,242
(8,064)
7,630 9,513
708 656
708 656
1,498 3,691
13,350
2		 9,659
-
14,850 13,350

27

Brasenose College Notes to the financial statements For the period ended 31 July 2025

1 INCOME FROM CHARITABLE ACTIVITIES

2025
Teaching, Research and Residential
£'000
Unrestricted funds
Tuition fees - UK and EU students
1,609
Tuition fees - Overseas students
1,228
Other fees
91
Other HEFCE support
153
Other academic income
209
College residential income
4,416
Total Teaching, Research and Residential
7,706
The above analysis includes £4,992k received from Oxford University from publicly accountable funds under the CFF Scheme (2024: £5,072k).
DONATIONS AND LEGACIES
2025
£'000
Donations and Legacies
Unrestricted funds
617
Restricted funds
405
Endowed funds
708
1,730
INCOME FROM OTHER TRADING ACTIVITIES
2025
£'000
Subsidiary company trading income
387
Other trading income
(16)
371
INVESTMENT INCOME
2025
£'000
Unrestricted funds
Agricultural rent
2
Commercial rent
15
Other property income
3
Equity dividends
14
Income from fixed interest stocks
-
Interest on fixed term deposits and cash
-
Other investment income
35
Bank interest
189
Other interest
-
258
Restricted funds
Agricultural rent
1
Commercial rent
17
Other property income
3
Equity dividends
14
Income from fixed interest stocks
-
Interest on fixed term deposits and cash
-
Other investment income
45
Bank interest
4
Other interest
-
84
Endowed funds
Agricultural rent
158
Commercial rent
1,742
Other property income
337
Equity dividends
1,497
Income from fixed interest stocks
-
Interest on fixed term deposits and cash
-
Other investment income
4,455
Bank interest
425
Other interest
28
8,642
Total Investment income
8,984
Other Income
2025
£'000
Other Income
253
253		 2024
£'000
1,616
1,297
95
158
179
4,501
7,846
2024
£'000
676
730
656
2,062
2024
£'000
453
(17)
436
2024
£'000
1
13
1
9
-
-
24
2
-
50
2
18
-
13
-
-
33
3
1
70
171
1,856
83
1,330
-
-
3,356
310
19
7,125
7,245
2024
£'000
554
554

2 DONATIONS AND LEGACIES Donations and Legacies Unrestricted funds Restricted funds Endowed funds 3 INCOME FROM OTHER TRADING ACTIVITIES

4

5

28

6 ANALYSIS OF EXPENDITURE

ANALYSIS OF EXPENDITURE
Charitable expenditure
Direct staff costs allocated to:
Teaching, research and residential
Other direct costs allocated to:
Teaching, research and residential
Support and governance costs allocated to:
Teaching, research and residential
Total charitable expenditure
Expenditure on generating funds
Direct staff costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Other direct costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Support and governance costs allocated to:
Fundraising
Trading expenditure
Investment management costs
Total expenditure on raising funds
Total expenditure		 2025
£'000
6,148
5,221
4,316
15,685
2025
£'000
459
-
-
196
67
873
55
12
16
1,678
17,363		 2024
£'000
5,719
5,158
2,136
13,013
2024
£'000
160
-
-
160
192
1,160
67
(37)
12
1,714
14,680

The 2025 resources expended of £17,412k represented £15,834k from unrestricted funds, £712k from restricted funds and £866k from endowed funds.

The College is liable to be assessed for Contribution under the provisions of a new replacement for Statute XV of the University of Oxford. The scheme has been approved by the Council of the University, Congregation and His Majesty in Council . The papers agreed by Council clearly set out that the charge due for a year is payable in that year. The Contribution Fund is used to make grants and loans to colleges on the basis of need.

The teaching and research costs include College Contribution payable of £161k (2024 - £157k).

29

7 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Teaching
Generating
and
Funds
Research
2025
£'000
£'000
Financial administration
155
584
Pension Provision
-
-
Domestic administration
10
466
Investment Management
-
-
Human resources
5
542
IT
50
541
Depreciation
-
1,336
Bank interest payable
-
621
Other finance charges
-
-
Governance costs
3
31
223
4,121
Teaching
Generating
and
Funds
Research
2024
£'000
£'000
Financial administration
(345)
1,357
Pension Provision
(93)
(2,238)
Domestic administration
11
410
Investment Management
17
-
Human resources
5
458
IT
45
561
Depreciation
-
1,353
Bank interest payable
-
626
Other finance charges
-
-
Governance costs
8
67
(352)
2,594
Financial and domestic administration, IT and human resources costs are attributed according to the estimated staff time spent on each activity.
Depreciation costs and profit or loss on disposal of fixed assets are attributed according to the use made of the underlying assets.
Interest and other finance charges are attributed according to the purpose of the related financing.
Governance costs are allocated according to the estimated audit workload.
Financial administration costs include a write back of pension provision of £2.3M in the prior year (see Note 23)
2025
£'000
Governance costs comprise:
Auditor's remuneration - audit services
24
Auditor's remuneration - assurance services other than audit
2
Auditor's remuneration - tax advisory services
8
Auditor's remuneration - other services
-
Legal and other fees on constitutional matters
-
Other governance costs
-
34		 2025
Total
£'000
739
-
476
-
547
591
1,336
621
-
34
4,344
2024
Total
£'000
1,012
(2,331)
421
17
463
606
1,353
626
-
75
2,242
2024
£'000
65
2
8
-
-
-
75

No amount has been included in governance costs for the direct employment costs or reimbursed expenses of the College Fellows on the basis that these payments relate to the Fellows involvement in the College's charitable activities. Details of the remuneration of the Fellows and their reimbursed expenses are included as a separate note within these financial statements.

30

8

GRANTS AND AWARDS
During the year the College funded research awards and bursaries to students from its restricted and unrestricted fund as follows:
Unrestricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Graduate Studentships
Total unrestricted
Restricted funds
Grants to individuals:
Scholarships, prizes and grants
Bursaries and hardship awards
Graduate Studentships
Total restricted
Total grants and awards		 2025
£'000
135
95
143
373
9
13
334
356
729		 2024
£'000
137
29
178
344
191
71
332
594
938

The figure's above include the cost to the College of the Oxford Bursary scheme. Students of this college received £341k (2024: £335k).

The above costs are included within the charitable expenditure on Teaching and Research. Grants to other institutions comprise an increase in the provision set aside for the sharing of unspent income funds with a common beneficiary.

9

STAFF COSTS

STAFF COSTS
The aggregate staff costs for the year were as follows.
Salaries and wages
Social security costs
Pension costs:
Defined benefit schemes
Defined contribution schemes
Other benefits
Pension deficit liability movement
The average number of employees of the College, including casual staff, excluding Trustees,
was as follows.
Tuition and research (ex Trustees)
Tuition and research (ex Trustees) - Casual
College residential
College residential - casual
Fundraising
Fundraising - casual
Support
Support - casual
Total
The average number of employed College Trustees during the year was as follows.
APTF - U
APTF - C
Other
Total		 2025
£'000
6,652
633
627
190
-
8,102
2025
73
20
27
2
7
5
91
34
259
2025
19
10
-
16
45		 2024
£'000
6,010
509
653
194
(2,331)
5,035
2024
67
14
24
29
6
3
92
23
258
2024
24
10
5
-
39

Redundancy payments are accounted for in the period in which the employee were informed of the decision. Where redundancy costs are uncertain, the figure in the accounts represents a best estimate. These costs are met through unrestricted funds. Payments were made in the year totaling £0k (£0k 2024).

Key Management Remuneration

The following information relates to the employees of the College excluding the College Trustees. Details of the remuneration and reimbursed expenses of the College Trustees is included as a separate note in these financial statements.

Key Management are considered to be The Principal, The Vice Principal, The Bursar, The Senior Tutor, The Tutor for Graduates, The Chaplain, The Dean, The Director of Development & Alumni Relations, The Domestic Bursar, The Finance Director, the HR Director and the IT Director. The total remuneration paid to key management was £1,107k (2024, £1,115k)

31

10

The number of employees (excluding the College Trustees) during the year whose gross pay and benefits (excluding employer NI and pension contributions) fell within the following bands was:

£50,001-£60,000
£70,001-£80,000
£80,001 - £90,000
The number of the above employees with retirement benefits accruing was as follows:
In defined benefits schemes
In defined contribution schemes
The College contributions to defined contribution pension schemes totalled
TANGIBLE FIXED ASSETS
Group
Cost
At start of year
Asset Brought into use
Additions
Disposals
Assets Held for Sale
At end of year
Depreciation and impairment
At start of year
Depreciation charge for the year
Depreciation on disposals
Impairment
At end of year
Net book value
At end of year
At start of year
College
Cost
At start of year
Additions
Disposals
At end of year
Depreciation and impairment
At start of year
Charge for the year
On disposals
Impairment
At end of year
Net book value
At end of year
At start of year		 Freehold
land and
buildings
£'000
51,993
3,615
-
55,608
14,461
959
-
-
15,420
40,188
37,532
Freehold
land and
buildings
£'000
51,993
3,615
-
55,608
14,461		 Plant and
machinery
£'000
2,868
-
-
2,868
1,014
150
-
-
1,164
1,704
1,854
Plant and
machinery
£'000
2,868
-
-
2,868
1,014
150
-
-
1,164
1,704
1,854		 2025
1
3
4
-
£'000
45
Fixtures,
fittings and
equipment
£'000
2,097
243
-
2,340
1,579
227
-
-
1,806
534
518
Fixtures,
fittings and
equipment
£'000
2,097
243
-
2,340
1,579
227
-
-
1,806
534
518		 2024
-
4
-
4
-
£'000
58
Total
£'000
56,958
3,858
-
60,816
17,054
1,336
-
-
18,390
42,426
39,904
Total
£'000
56,958
3,858
-
60,816
17,054
959
-
-
15,420
40,188
37,532		 1,336
-
-
18,390
42,426
39,904

The College has substantial long-held historic assets all of which are used in the course of the College’s teaching and research activities. These comprise listed buildings on the College site, together with their contents comprising works of art, ancient books and manuscripts and other treasured artefacts. Because of their age and, in many cases, unique nature, reliable historical cost information is not available for these assets and could not be obtained except at disproportionate expense. However, in the opinion of the Trustees the depreciated historical cost of these assets is now immaterial.

32

11 PROPERTY INVESTMENTS

12

13 PARENT AND SUBSIDIARY UNDERTAKINGS

Group and College
Valuation at start of year
Additions and improvements at cost / capital expenditure
Disposals net proceeds / capital receipts
Revaluation gains / (losses) in the year
Valuation at end of year		 Agricultural eld for Sale
Commercial
£'000
£'000
£'000
20,591
15,400
16,604
-
-
-
-
-
(4,182)
89
-
2,953
20,680
15,400
15,375		 Other
£'000
2,495
-
-
21
2,516		 2025
Total
£'000
55,090
-
(4,182)
3,063
53,971		 2024
Total
£'000
53,160
-
(125)
2,055
55,090

A formal valuation of the College properties was undertaken in 2024 by Bidwells. Bidwells assesed the fair value of the College portfolio as at 31 July 2024 in accordance with UKVPGA 1.2 of the RICS valuation global standards UK (July 2017). The valuation of property held for investment and for sale at 31 July 2025 were reviewed by the Trustees.

OTHER INVESTMENTS

All investments are held at fair value.
Group investments
Valuation at start of year
New money invested
Amounts withdrawn
Reinvested income
Investment management fees
Increase/ (Decrease) in value of investments
Group investments at end of year
Group investments comprise:
Equity investments
Global multi-asset funds
Property funds
Fixed interest stocks
Alternative and other investments
Fixed term deposits and cash
Total group investments		 Held outside
Held in
the UK
the UK
£'000
£'000
36,889
55,423
11,107
24,057
-
6,309
-
-
-
13,115
-
-
47,996
98,904		 2024
Total
£'000
92,312
35,164
6,309
-
13,115
-
146,900		 Held outside
the UK
£'000
30,634
17,363
-
-
-
-
47,997		 2025
£'000
146,900
16,738
(15,062)
-
-
2,086
150,662
Held in
the UK
£'000
66,374
17,628
6,136
-
12,527
-
102,665		 2024
£'000
141,768
8,064
(11,242)
-
-
8,310
146,900
2025
Total
£'000
97,008
34,991
6,136
-
12,527
-
150,662

Group investments include £103,493 (2024 £102,498,230) of unlisted investments. Unlisted investments can be illiquid and may be valued as at 30th June 2025. The June valuation is considered by the Trustees to provide an adequate estimate of value as at 31 July 2025.

The College holds 100% of the issued share capital in Brasenose Limited (Company number 02904934), a company providing conference and other event services on the College premises, and which is also authorised to provide design and build construction services to the College.

The results and their assets and liabilities of the parent and subsidiaries at the year end were as follows.

Income
Expenditure
Donation to College under gift aid
Result for the year
Total assets
Total liabilities
Net funds at the end of year		 £'000
18,903
(17,321)
(79)
1,503
247,908
(29,000)
218,908
Brasenose
College		 £'000
387
(112)
79
Brasenose
Limited
354
505
(219)
286

33

14 STATEMENT OF INVESTMENT TOTAL RETURN

The Trustees have adopted a duly authorised policy of total return accounting for the College investment returns with effect from 1/8/02. The investment return to be applied as income is calculated as 3.5% (2024 3.5%) of the average of the year-end values of the relevant investments in each of the last five years. For donations to the endowment received within this five year period, income is calculated as 3.5% of the amount received. The amount applied as income for spending is included within the income section of the SOFA on the basis that this gives a clearer understanding of the financial position of the college. The preserved (frozen) value of the invested endowment capital represents its open market value in 2002 together with all subsequent endowments valued at the date of the gift.

15

16

17

At the beginning of the year:
Gift component of the permanent endowment
Unapplied total return
Expendable endowment
Total Endowments
Movements in the reporting period:
Gift of endowment funds
Allocation from trust for investment
Investment return: total investment income
Investment return: realised and unrealised gains and losses
Less: Investment management costs
Other transfers
Total
Unapplied total return allocated to income in the reporting period
Transfers between funds
Total Transfer between funds
Net movements in reporting period
At end of the reporting period:
Unapplied total return
Expendable endowment
Total Endowments
DEBTORS
Amounts falling due within one year:
Trade debtors
Amounts owed by College members
Amounts owed by Group undertakings
Loans repayable within one year
Prepayments and accrued income
Other debtors
Amounts falling due after more than one year:
Amounts owed by College members
CREDITORS: falling due within one year
Bank overdrafts
Bank loans
Obligations under finance leases
Trade creditors
Amounts owed to College Members
Amounts owed to Group undertakings
Taxation and social security
College contribution
Accruals and deferred income
Other creditors
CREDITORS: falling due after more than one year
Bank loans
Gift component of the permanent endowment		 Trust for
Investment
£'000
54,912
-
-
54,912
-
-
-
-
Perma		 Unapplied
Total
Return
£'000
-
108,778
-
108,778
-
7,539
4,267
(732)
nent Endowment		 Total
£'000
54,912
108,778
-
163,690
-
7,539
4,267
(732)		 Expendable
Endowment
£'000
-
-
30,839
30,839
708
1,103
794
(134)		 Total
Endowments
£'000
54,912
108,778
30,839
194,529
708
8,642
5,061
(866)
-
-
-
-		 11,074
-
(5,273)		 11,074
-
(5,273)		 2,471
-
(980)		 13,545
-
(6,253)
- (5,273) (5,273) (980) (6,253)
- 5,801 5,801 1,491 7,292
54,912
-
-		 -
114,579
-		 54,912
114,579
-		 -
-
32,330		 54,912
114,579
32,330
54,912 114,579 169,491 32,330 201,821
2025
Group
£'000
523
410
-
11
1,150
-
3,037
5,131
2025
Group
£'000
-
-
-
880
159
-
237
159
1,830
530
3,795
2025
Group
£'000
29,000
29,000		 2024
Group
£'000
423
695
-
13
895
305
2,277
4,608
2024
Group
£'000
-
-
-
305
127
-
296
161
1,591
940
3,420
2024
Group
£'000
29,000
29,000		 2025
College
£'000
472
418
-
11
1,140
-
3,037
5,078
2025
College
£'000
-
-
-
909
112
-
213
159
1,644
530
3,567
2025
College
£'000
29,000
29,000		 2024
College
£'000
334
695
-
13
860
306
2,277
4,485
2024
College
£'000
-
-
-
293
127
-
235
161
1,497
940
3,253
2024
College
£'000
29,000
29,000

In 2008 the College took out an unsecured bank loan of £9m at 4.575% fixed rate repayable in 2049. The College is investing each year in a designated fund to contribute to repayment of this loan in 2048.

In March 2017 the College issued £20m of fixed rate loan notes by private placement, at a fixed interest rate of 2.62%, repayable in 2057. The Governing Body has designated £8,000,000 from general funds to finance new student accommodation and £12,000,000 to the endowment.

PROVISIONS FOR LIABILITIES AND CHARGES

Financial administration costs include a provision charge of £153,975 (2024 £184,672) for overdue commercial and student debtors.

18

34

19 ANALYSIS OF MOVEMENTS ON FUNDS

Endowment - Permanent
Permanent Endowment Fund
Brasenose Income Capital Fund (Perm)
Hulme Capital Fund
Tutorial/Classics Fellowship Capital Fund
Germaine Capital Fund
Undergraduate Bursary Capital Fund
Lucas Bequest Capital Fund
Kwai Cheong & Lena Liu (Liao) Graduate
scholarship
Gordon Orr Bursary
Sir Christopher Wates Honour Bursary
Jeffery Bequest (Mod Hist) Capital Fund
Mark Veit Honour Bursary
The George Walker Honour Bursary
Profumo Capital Fund
Mosse Honour Bursary
Peter Sinclair Honour Bursary
David Watts Honour Bursary
The Dermot (1951) & Gerard (1954) Dunphy
Peter Sands Honour Bursary
The Turner Family Honour Bursary
The Folkman Honour Bursary
1974 Bursaries (CO-ED)
Baker T
The Michael May Honour Bursary
The Jeremy Singer Scholarship
The KCM Honour Bursary
Rector of Didcot Capital Fund
Reynolds Prize Capital Fund
Bride Mayor Honour Bursary
Bowers Opportunity Endowment Fund
Poor of Didcot Capital Fund
Cox Trust Capital Fund (1518)
Morley Trust Capital Fund (1515)
Undergraduate Bursary Capital Fund
Grand Total		 As at 31st
July 2024
£'000
134,120
11,992
8,779
2,395
1,443
952
742
530
424
255
228
160
160
158
140
130
129
128
128
128
120
119
-
102
-
78
53
33
32
-
19
8
5
-
163,690		 Incoming
resources
£'000
5,959
535
390
108
64
42
33
24
19
11
13
8
7
7
6
6
6
6
6
6
5
5
120
5
100
3
2
14
1
25
1
-
-
2
7,539		 Resources
expended
£'000
(598)
(53)
(39)
(11)
(6)
(4)
(3)
(2)
(2)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
-
-
-
-
-
(1)
-
-
-
-
-
-
(732)		 Transfers
£'000
(4,313)
(387)
(282)
(77)
(46)
(30)
(24)
(17)
(14)
(8)
(9)
(5)
(5)
(5)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
-
(3)
-
(2)
(2)
(10)
(1)
-
(1)
-
-
-
(5,273)		 Gains
£'000
3,489
313
229
62
38
25
19
14
11
7
8
4
4
4
4
3
3
3
3
3
3
3
-
3
-
2
1
8
1
-
-
-
-
-
4,267		 As at 31st
July 2025
£'000
138,657
12,400
9,077
2,477
1,493
985
767
549
438
264
239
166
165
163
145
134
133
132
132
132
123
122
120
107
100
81
54
44
33
25
19
8
5
2
169,491

35

As at 31st
July 2024
Endowment - Expendable
£'000
Brasenose Income Capital Fund
6,530
Barton Economics - Fellowship
2,461
Garrick Law - Fellowship
2,340
Jeffrey Cheah Fund- Fellowship
2,130
Politics Fellowship Fund
1,990
Hector Pilling Capital Fund
1,963
Fiddian Capital Fund
1,797
Roger Thomas Bequest Cap Fund
1,634
Bedford Capital Fund
1,470
Kyprianou Grad Stud Capital Fund
1,146
Taha Brown Scholarship
847
Biochemistry
941
Curran Capital Fund
956
The Heffernan Sinclair Scholarship Fund
864
John Davies Endowment Fund
745
Cashmore Capital Fund
590
Jeffrey Cheah Fund-Capital Fund - Graduate S
467
The Guy Scholarship
310
The Ward Jones Bursaries
306
Access & Outreach Capital Fund
273
Expendable Endowment Fund
257
Stafford Bequest Capital Fund
213
Barry Nicholas Capital Fund
195
BNC Australia Scholarship Capital Fund
117
Benefactions Capital Fund
115
Holroyd Collieu Noel Hall Capital Fund
81
FC Ruffett
70
Thomas & Jones Capital Fund
31
Grand Total
30,839
Total Endowment Funds - Group
194,529		 Incoming
resources
£'000
288
109
104
96
88
87
80
73
64
51
300
204
43
51
35
26
21
14
12
18
11
9
9
5
5
4
3
1
1,811
9,350		 Resources
expended
£'000
(29)
(11)
(10)
(10)
(9)
(9)
(8)
(7)
(6)
(5)
(2)
(4)
(4)
(4)
(3)
(3)
(2)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
-
-
-
(134)
(866)		 Transfers
£'000
(208)
(79)
(75)
(70)
(64)
(63)
(58)
(53)
(46)
(37)
(18)
(30)
(31)
(28)
(24)
(19)
(15)
(10)
(9)
(8)
(8)
(7)
(6)
(4)
(4)
(3)
(2)
(1)
(980)
(6,253)		 Gains
£'000
169
64
61
56
52
51
47
43
38
30
15
24
25
22
19
15
12
8
7
7
7
6
5
3
3
2
2
1
794
5,061		 As at 31st
July 2025
£'000
6,750
2,544
2,420
2,202
2,057
2,029
1,858
1,690
1,520
1,185
1,142
1,135
989
905
772
609
483
321
315
289
266
220
202
120
118
84
73
32
32,330
201,821

36

At 31 July Incoming Resources Gains At 31 July
2024 resources expended Transfers 2025
£'000 £'000 £'000 £'000 £'000 £'000
Restricted Funds
Fairburn Legacy 1,786 77 (6) (56) 45 1,846
Fiddian Income Fund 507 - (3) 58 - 562
The Hulme Trust 462 70 (4) - - 528
Chapel Organ 348 - (4) - - 344
Frewin Building Development 38 126 - - - 164
The Crole Legacy 158 7 (1) (5) 4 163
Peter Moores Chinese Bus Stud Fund 77 47 - - - 124
Archive Fund 113 - - - - 113
The Principals Conversations 95 - (4) - - 91
Fairburn Legacy - Income Fund 35 - - 56 - 91
Lucas Bequest Income Fund 48 - - 24 - 72
Jeffrey Cheah Fund-Income Fund - - - 70 - 70
Access Programme 6 32 - 8 - 46
Politics Fellowship Income Fund 60 - (79) 64 - 45
Jeffery Bequest (Modern History) 42 - (6) 9 - 45
The Ward Jones & The Guy Scholarship 17 - - 18 - 35
Donation for Jewish Country House Project 30 - - - - 30
Chapel and Choir 30 - - - - 30
Charles Skey 15 15 - - - 30
Biochemistry Income Fund - - - 30 - 30
Stafford Bequest Income Fund 19 - - 7 - 26
Taha Brown Graduate Studentship to support
an Economics DPhil 8 - - 18 - 26
Cashmore Income Fund - - - 19 - 19
Akers Jones Gift 18 - - - - 18
Rector of Didcot Income Fund 16 - - 2 - 18
Travel Grants - care Leavers 17 - - - - 17
Kyprianou Grad Stud Income Fund 11 - (32) 37 - 16
The Crole Legacy - Income fund 10 - - 5 - 15
Niall Robinson - Ukranian Students displaced
by war 13 - - - - 13
Ukranian Student 10 - - - - 10
The Fergus Miller Memorial Fund 9 - - - - 9
The Chaplains Fund 7 2 - - - 9
Restricted Annual Fund - Music - 9 - - - 9
Kwai Cheong Grad Studentship - - (9) 17 - 8
Poor of Didcot Income Fund 6 - - 1 - 7
Academic Excellence Annual Fund 7 6 (7) - - 6
Barry Nicholas Income Fund (1) - - 6 - 5
John Davies End Fund 19 - (15) - - 4
Restricted Annual Fund - North Yorkshire
Outreach 4 - - - - 4
Major Gifts Restricted Cheetham 5 - (1) - - 4
Cox Trust Income Fund 4 - - - - 4
Restricted Annual Fund - Chairs - 4 - - - 4
Modern Linguists Fund 3 - - - - 3
Morley Trust Income Fund 2 - - - - 2
Clubs and Societies - 2 - - - 2
FC Ruffett - - - 2 - 2
Deferred Capital Fund 231 - - (231) - -
Barton Economics Fellowship Inc Fund - - (79) 79 - -
Curran Income Fund - - (31) 31 - -
Garrick Law Income Fund - - (75) 75 - -
Jeffrey Cheah Fund- Graduate Scholarship - - (30) 30 - -

37

Germaine Income Fund
Hector Pilling Income Fund
H.C.L. Noel Hall Income Fund
Profumo Income Fund
Total Restricted Funds College & Group
Designated Funds
Bedford Income Fund
BNC Australia Scholarship Income Fund
Delafield Fund
Hulme Income Fund (Designated)
Michael Woods Income Fund
Reynolds Prize Inc Fund
Thomas & Jones Inc Fund
Boat Club Capital Fund
JCR Dilapidation Fund
HCR Dilapidation Fund
Unrestricted/Greatest Need Annual Fund
Global History of Capitalism
£8M Loan Repayment Fund (+£105k, repay
2044)
£9M Loan Repayment Fund. (+£56k, repay
2048)
Frewin Undercroft and Refurbishment
Housing Loan Fund
John Davies Designated Fund
Grand Total
General Reserve (Consolidated)
Unrestricted funds held by subsidiaries
Transfers
General Funds - Group
Total Unrestricted Funds - Group
Total Funds - Group		 24
(1)
5
6
4,324
At 31 July
2024
£'000
-
-
43
-
-
1
3
10
13
17
2
71
216
874
893
3,199
8
5,350
22,779
785
23,564
28,914
227,767		 -
-
-
-
503
Incoming
resources
£'000
-
-
45
112
-
-
-
-
-
-
272
1
10
39
-
-
-
479
8,323
387
8,710
9,189
19,042		 (71)
(63)
(14)
(25)
(716)
Resources
expended
£'000
(46)
(3)
(69)
(8)
(3)
(7)
-
-
-
-
(247)
(1)
(1)
(4)
-
-
-
(389)
(15,280)
(112)
(15,392)
(15,781)
(17,363)		 46
63
-
5
695
Transfers
£'000
46
4
-
(104)
3
10
1
-
2
2
(3)
-
98
27
(893)
(163)
24
(946)
6,583
(79)
6,504
5,558
-		 -
-
-
-
49
Gains
£'000
-
-
-
-
-
-
-
-
-
-
-
-
6
23
-
-
-
29
10
10
39
5,149
-		 (1)
(1)
(9)
(14)
4,855
At 31 July
2025
£'000
-
1
19
-
-
4
4
10
15
19
24
71
329
959
-
3,036
32
4,523
22,415
981
23,396
27,919
234,595

38

20 FUNDS OF THE COLLEGE DETAILS

The following is a summary of the origins and purposes of each of the Funds

Endowment Funds
Permanent Endowment Fund A consolidation of gifts and donations which comprise the historic endowment of the College, and which the Governing
Hulme Capital Fund Capital balance of past donations from the Hulme (Educational) Trust in Manchester, which are given for the general
Tutorial/Classics Fellowship Capital Fund A 2009/10 fund in support of Tutorial Fellowships & Classics.
Germaine Capital Fund 1972 Will Trust Fund to support scholarships for Home/EU graduates
Undergraduate Bursary Capital Fund Undergraduate Bursaries within the College
Lucas Bequest Capital Fund To support a Junior Research Fellow/research activities
Kwai Cheong Lena Liu (Laou) (KCLLL)
Graduate Studentship Fund 2009/10 to fund a Dphil studentship for a student preferably from China
Undergraduate Bursary Capital Fund Gordon Orr Bursary
Undergraduate Bursary Capital Fund Sir Christopher Wates Honour Bursary
Jeffery Bequest (Mod Hist) Capital Fund 1975 to support the publication of learned works, and/or an exhibition in History
Undergraduate Bursary Capital Fund The Mark Veit Honour Bursary
Undergraduate Bursary Capital Fund The George Walker Bursary
Profumo Capital Fund 1940 to support extra-curricular activities of undergraduates of educational benefit
Undergraduate Bursary Capital Fund The Mosse Honour Bursary (MHB)
Undergraduate Bursary Capital Fund The Peter Sinclair Honour Bursary
Undergraduate Bursary Capital Fund The David Watts Honour Bursary
Undergraduate Bursary Capital Fund The Peter Sands Honour Bursary
Undergraduate Bursary Capital Fund The Turner Family Honour Bursary (TFHB)
Undergraduate Bursary Capital Fund The Dermot (1951) & Gerard (1954) Dunphy Honour Bursary.
Undergraduate Bursary Capital Fund The Folkman Honour Bursary (FHB)
Undergraduate Bursary Capital Fund 1974 (Co-Ed) Bursary
Undergraduate Bursary Capital Fund The Michael May Bursary
Undergraduate Bursary Capital Fund KCM Honour Bursary
Rector of Didcot Capital Fund Rector of Didcot Capital fund
Undergraduate Bursary Capital Fund Bride Mayer Honour Bursary
Poor of Didcot Fund Poor of Didcot Income Fund
Reynolds Prize Capital Fund To support prizes
Cox Trust Income Fund Cox Trust Income fund
Morley Trust Income Fund Morley Trust Income Fund
Brasenose Income Capital Fund For general purposes
Economics Fellowship Capital Fund For the endowment of a Fellowship in economics
The Garrick Law Fellowship Capital Fund For the endowment of a Fellowship in law
Oxford-Jeffrey Cheah Graduate Scholarship
Fund-Capital Fund Endowment to support the Jeffrey Cheah Fellowships and graduate studentship programmes
Politics Fellowship Capital Fund For the endowment of a Fellowship in politics
Hector Pilling Capital Fund 1988 to support graduate scholarships/studentships preferably RAF/Commonwealth
Fiddian Capital Fund For the support of undergraduate/graduate students from Monmouth/Haberdashers Schools
Roger Thomas Bequest Cap Fund For the furtherance of education
Bedford Capital Fund (Invested in TP) 1996 bequest for general purposes
Curran Capital Fund 1965 supports the Curran Tutor in Physiology
John Davies Endowment Fund For the support of teaching and research in law (formally the Ellesmere Law Endowment Capital fund)
Cashmore Capital Fund Valedictory fund in name of former Principal for bursaries
Teaching of Biochemistry Brasenose Academic Teaching Post funded jointly by William Dunn school of Pharmachology amd University Endowment.
Access & Outreach To support access and outreach activity.
Expendable Endowment (inc legacies) Fund Expendable Endowed Legacies
The Ward Jones bursaries To provide bursaries for undergraduates of the College in perpetuity
Stafford Bequest Capital Fund Supporting College funded mini-bursaries
Barry Nicholas Capital Fund Anonymous donation in memory of former Principal to support a graduate law scholar intending to practise at the bar of
The Guy Scholarship To endow a scholarship in environmental studies or such other field as may seem of major importance to the Principal
The Heffernan Sinclair Scholarship Fund To support the study of Economics.
BNC Australia Scholarship Capital Fund Australian scholarship fund
Benefactions Capital Fund Fund to support students in financial need
Holroyd Collieu Noel Hall Capital Fund Mid 20th C benefaction. Income is restricted for use for travel grants.
Thomas & Jones Inc Fund Unrestricted
The Taha Brown Fund To establish an endowment, the income from which should go towards funding a Graduate Studentship to support an
The Robert and Soulla Kyprianou Grad
Scholarship Capital Fund Donated funds to support a graduate studentship.
FC Ruffet In memory of FC Ruffet. Supports student in need, especially the needs of those who are care experienced
The Jeremy Singer Scholarship An award given at the discretion of the Senior Tutor to a student in need in Trinity Term of their first year.
John Bowers Opportunity Fund Outreach, access and hardship funding
Restricted Funds
Fairburn Legacy - Engineering 2019 Legacy received from Charles Fairburn to provide assistance such as a bursary or scholarship in the name of his
Chapel Organ Donation to provide funds to replace the College Chapel Organ by Gerald Smith
Fiddian Income Fund For the support of undergraduate/graduate students from Monmouth/Haberdashers Schools
Deferred Capital Fund This fund is amortised over the life time of the relevant capital asset
Crole Legacy - Students in need 2018 Legacy from Mr Colin A Crole for the provision of bursaries for the benefit of students in financial need. Permanently
Chapel Ceiling A donation to fund work on the Chapel ceiling
Major Gifts Restricted Krainer Restricted Gifts - Naming Principals conversations
Hector Pilling Income Fund 1988 to support graduate scholarships/studentships preferably RAF/Commonwealth
Lucas Bequest Income Fund To support a Junior Research Fellow/research activities
Jewish Country Houses project (Gross) To fund academic research
Jeffery Bequest (Modern History) income Fund 1975 to support the publication of learned works, and/or an exhibition in History
Major Gifts Restricted Saven Restricted Gifts - To provide better, thicker, higher quality matresses
Politics Fellowship Income Fund For the endowment of a Fellowship in politics
Garrick Law Income Fund For the endowment of a Fellowship in law
Chapel and Choir Restricted Annual Fund - Choir & Chapel
Major Gifts Restricted Akers Jones Restricted Gifts - Archaelogical digs
The Robert and Soulla Kyprianou Grad
Scholarship Capital Fund Donated funds to support a graduate studentship.
The Wine Reserve Fund To fund the principals wine cellar
Cashmore Income Fund Valedictory fund in name of former Principal for bursaries
Rector of Didcot Income Fund Rector of Didcot Income fund
Access Restricted Restricted Fund - Access
Charles Skey Charitable Trust Restricted Fund - Access
The Boat Club Restricted Fund - Boat Club
Germaine Income Fund 1972 Will Trust Fund to support scholarships for Home/EU graduates
Modern Linguistics Fund To fund modern languages
Fergus Miller Memorial Fund In memory of Fergus Miller
Stafford Bequest Income Fund Supporting College funded mini-bursaries
Poor of Didcot Income Fund Poor of Didcot Income Fund
Profumo Income Fund 1940 to support extra-curricular activities of undergraduates of educational benefit

39

21 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Restricted Annual Fund - Other Barry Nicholas Income Fund Cox Trust Income Fund Major Gifts Restricted Cheetham Morley Trust Income Fund Restricted Annual Fund - George Walker Bursary Fund Academic Excellence Annual Fund Archive Fund Barton Economics Fellowship Inc Fund The Chaplains Fund Clubs & Soc Annual Fund Curran Income Fund Frewin Accommodation Refurbishment Jeffrey Cheah Fund-Income Fund Major Gifts Restricted Cheah donation Kwai Cheong Lena Liu (Laou) (KCLLL) Graduate Studentship Fund Leanne Wells for Environmental Programs Library and Archives Annual Fund Ukranian Student Ukranian Students displaced by war Travel Grants - Care Leavers

Peter Moores Chinese Bus Stud Fund Restricted Annual Fund - Naming Restricted Annual Fund - Harold Parr Restricted Annual Fund - North Yorkshire Outreach Student Support Annual Fund Tutorial/Classics Fellowship Income Fund Undergraduate Bursary Income Fund John Davies Income Fund Major Gifts Restricted Lord Windlesham The Hulme Trust (restricted)

Restricted Annual Fund

Anonymous donation in memory of former Principal to support a graduate law scholar intending to practise at the bar of Cox Trust Income fund Restricted Gifts - Chemistry Morley Trust Income Fund

Restricted Fund - The George Walker Bursary Fund

Restricted Annual Fund - Academic excellence

Restricted Fund - Archive To support an Academic post Chapel collections to be spent as the direction of the Chaplain Restricted Annual Fund - Clubs and Arts To support a Academic post Refurbishment project Frewin Hall Endowment to support the Jeffrey Cheah Fellowships and graduate studentship programmes Endowment to support the Jeffrey Cheah Fellowships and graduate studentship programmes

2009/10 to fund a Dphil studentship for a student preferably from China For Environmental Programmes Restricted Annual Fund - Library & Archives To fund a student from Ukrain To fund students displaced by war

To support travel costs for care experienced students

An income fund which supports the post of the Tutor in Chinese Management Studies. The underlying endowment funds are held by the University Restricted Annual Fund - Name a chair, bookcases and desks Restricted Annual Fund - the Harold Parr Trust

Restricted Annual Fund -Outreach

Regular giving by alumni in support of grant funding to individual students A 2009/10 fund in support of Tutorial Fellowships. A 2010/11 to support undergraduate bursaries For the support of teaching and research in law Restricted Gifts - Principals discretion for extra curricular Included in the College Balance sheet from 2024

Unrestricted Funds

General Reserve Unrestricted General Reserve Roger Thomas Bequest Income Fund For Furtherance of Education Reynolds Prize Inc Fund Prizes Benefactions Income Fund Unrestricted gifts Hulme Income Fund Hulme Scholars Bedford Income Fund 1996 bequest for general purposes Delafield Fund Funding for Archivist The Clifford Press Donation The Clifford Press Donation Global History of Capitalism Academic research Unrestricted Legacies Legacies received that can be used for any College purpose

The General Unrestricted Funds represent accumulated income from the College's activities and other sources that are available for the general purposes of the College. The College policy is to disclose only the most significant funds individually.

2025
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities and pension liabilities
2024
Tangible fixed assets
Property investments
Other investments
Net current assets
Long term liabilities and pension liabilities		 Unrestricted
Funds
£'000
42,426
458
1,277
858
(17,102)
27,917
Unrestricted
Funds
£'000
39,904
441
1,175
4,490
(17,096)
28,914		 Restricted
Funds
£'000
-
529
1,473
2,975
(118)
4,859
Restricted
Funds
£'000
-
562
1,498
2,386
(122)
4,324		 Endowment
Funds
£'000
-
52,986
147,912
12,703
(11,780)
201,821
Endowment
Funds
£'000
-
54,087
144,226
7,998
(11,782)
194,529		 2025
Total
£'000
42,426
53,973
150,662
16,536
(29,000)
234,597
2024
Total
£'000
39,904
55,090
146,899
14,874
(29,000)
227,767

40

22 TRUSTEES' REMUNERATION

Trustees of the college fall into the following categories: The Principal Tutorial and Official Fellows, who either undertake teaching and research duties under the terms of their contract of employment with the College or who are officers of the college

Professorial Fellows

Those Supernumerary Fellows who have been elected to Governing Body.

No trustee receives any remuneration for acting as a trustee. However, those trustees who are also employees of the college receive salaries for their work as employees. These salaries are paid on external academic and academic-related scales and often are joint arrangements with the University of Oxford. Any salary paid by the University is not included in the table below. Remuneration is set on the basis of the advice of the College’s Remuneration Committee, members of which are Fellows not in receipt of remuneration from the College. Where possible, remuneration is set in line with that awarded to the University’s academic staff. The composition of the Remuneration Committee is set out in the section on Governing Body, Officers and Advisers.

All Tutorial and some Official Fellows are eligible for a Housing Allowance, which is disclosed within the salary figures below, unless they live in accommodation provided by the College. Some trustees receive additional allowances for additional work carried out as part time college officers (such as the Dean, Tutor for Graduates, Vice Principal, Fellow Librarian). These amounts are included within the remuneration disclosed below. The total remuneration and taxable benefits as shown below is £2,1640k (2024

£2,126k).

Trustee Name
Mr John Bowers
Mr Philip Parker
Dr Simon Smith
Dr Simon Palfrey
Dr Llewelyn Morgan
Dr David Groiser
Dr Christopher Timpson
Mr William Swadling
Dr Ed Bispham
Dr Abigail Green
Dr Alan Strathern
Dr Mark Wilson
Prof Adam Perry
Dr Sos Eltis
Rev David Sheen
Dr Owen Lewis
Dr Thomas Krebs
Dr Harvey Burd (retires September 2025)
Dr Eamonn Gaffney
Dr Christopher McKenna
Prof Andrea Ruggeri
Prof Konstantin Ardakov
Prof Jonathan Jones
Prof William James
Dr Jeremy Robertson
Dr Eric Thun
Dr Ian Kiaer
Dr Julia Diamantis
Prof S Krishnan
Prof P Maiolino
Prof S Shogry
Dr Katrina Lythgoe
Dr Jayne Birkby
Dr Sergio de Ferra
Prof Samira Lakhal-Littleton
Prof Fitnat Banu Demir
Prof Anne Davies
Prof Michael Dustin
Dr Anne Edwards
Dr Sonali Nag
Prof Giles Wiggs
Dr Dejan Draschkow
Prof Katerina Tertytchnaya
Prof Faraz Mardakheh (from September 2024)
Prof Velentina Arena (from October 2024)
Prof Lionel Smith (from October 2024)
Prof Zenobia Chan (from April 2025)
Total		 Salary
Pension
Benefits
129,942
18,842
14,520
122,151
17,712
2,708
99,215
14,386
2,166
63,786
9,249
6,718
63,402
9,193
3,385
47,789
6,929
23,431
63,402
9,193
4,911
63,402
9,193
5,582
63,402
9,193
3,385
63,402
9,193
3,385
63,402
9,193
3,385
43,677
6,333
4,973
63,402
9,193
3,385
63,402
9,193
-
34,210
-
2,708
30,378
4,405
4,765
30,378
4,405
4,854
32,786
4,754
4,333
40,012
5,802
3,385
30,378
4,405
5,416
-
-
1,174
30,378
4,405
1,484
30,378
4,405
2,708
5,098
-
3,390
30,378
4,405
4,333
30,378
4,405
5,104
30,378
4,405
3,385
83,787
12,149
2,031
15,428
3,173
14,725
13,110
1,901
17,856
29,802
4,321
3,750
30,378
4,405
3,385
30,378
4,405
1,354
30,378
4,405
7,314
30,378
4,405
-
14,765
1,286
17,807
8,866
1,286
-
-
-
-
-
-
-
-
-
-
30,378
4,405
3,385
28,420
4,121
1,215
26,458
3,836
15,341
13,213
1,916
13,707
-
-
-
-
-
-
3,784
549
-
1,758,429
249,354
230,843		 2025
Trustee Name
163,304
Mr John Bowers
142,571
Mr Philip Parker
115,767
Dr Simon Smith
79,753
Dr Simon Palfrey
75,980
Dr Llewelyn Morgan
78,149
Dr David Groiser
77,506
Dr Christopher Timpson
78,177
Mr William Swadling
75,980
Dr Ed Bispham
75,980
Dr Abigail Green
75,980
Dr Alan Strathern
54,983
Dr Mark Wilson
75,980
Prof Adam Perry
72,595
Dr Sos Eltis
36,918
Rev David Sheen
39,548
Dr Owen Lewis
39,637
Dr Thomas Krebs
41,873
Dr Harvey Burd
49,199
Dr Eamonn Gaffney
40,199
Dr Christopher McKenna
1,174
Prof Andrea Ruggeri
36,267
Prof Konstantin Ardakov
37,491
Prof Jonathan Jones
8,488
Prof William James
39,116
Dr Jeremy Robertson
39,887
Dr Eric Thun
38,168
Dr Ian Kiaer
97,967
Dr Julia Diamantis
33,326
Prof S Krishnan
32,867
Prof P Maiolino
37,873
Prof S Shogry
38,168
Dr Katrina Lythgoe
36,137
Dr Jayne Birkby
42,097
Dr Sergio de Ferra
34,783
Prof Samira Lakhal-Littleton
33,858
Prof Fitnat Banu Demir
10,152
Prof Anne Davies
-
Prof Michael Dustin
-
Dr Anne Edwards
-
Dr Sonali Nag
38,168
Prof Giles Wiggs
33,756
Dr Dejan Draschkow
45,635
Prof Katerina Tertytchnaya (from Oc
28,836
-
-
4,333
2,238,626
Total		 2024 Total
160,254
133,258
114,424
80,314
71,169
74,029
72,695
72,418
79,264
71,169
74,781
43,485
78,038
71,169
29,980
35,790
38,327
38,207
45,488
36,858
29,149
35,893
36,368
34,491
36,858
39,628
36,368
93,815
33,613
33,579
45,031
34,409
34,409
40,787
34,409
15,332
-
-
-
-
38,071
28,992

23,850
2,126,169

No trustee claimed expenses for any work performed in discharge of duties as a trustee

41

23 Pension Schemes

The College participates in two principal pension schemes for its staff – the Universities Superannuation Scheme (USS) and the University of Oxford Staff Pension Scheme (OSPS). The assets of each scheme are held in separate trustee-administered funds. USS and OSPS are contributory mixed benefit schemes (i.e. they provide benefits on a defined benefit basis – based on length of service and pensionable salary – and on a defined contribution basis – based on contributions into the scheme). Both are multi-employer schemes and the College is unable to identify its share of the underlying assets and liabilities relating to defined benefits of each scheme on a consistent and reasonable basis. Therefore, in accordance with the accounting standard FRS 102 paragraph 28.11, the College accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the schemes in respect of the accounting period. In the event of the withdrawal of any of the participating employers in USS or OSPS, the amount of any pension funding shortfall (which cannot be otherwise recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.

The College has also made available the National Employment Savings Trust for employees who are eligible under automatic enrolment regulations to pension benefits but not eligible for either USS or OSPS.

Schemes accounted for under FRS 102 as defined contribution schemes

Deficit Recovery Plans

For USS , a deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The College was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the income and expenditure account. The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the College cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole

At 31 July 2023, the College’s balance sheet included a liability of £2,331k for future contribution ~~s,~~ following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date the College was no longer required to make deficit recovery contributions. The remaining liability of £2,331 was released to the income and expenditure account.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below.

3.0% p.a. (based on a long-term average expected 3.0% p.a. (based on a long-term average expected
Price inflation – Consumer Prices Index (CPI) level of CPI, broadly consistent with long-term market
expectations)
RPI/CPI gap 1.0% p.a. to 2030, reducing to 0.1% p.a. from 2031
Discount rate Fixed interest gilt yield curve plus:
Pre-retirement: 2.5% p.a.
Post-retirement: 0.9% p.a.
Pension increases Benefits with no cap: CPI assumption plus 3bps
The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on
analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions
used in these figures are as follows:
Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for
females
CMI 2021 with a smoothing parameter of 7.5, an initial
Future improvements to mortality addition of 0.4% p.a. and a long-term improvement rate of
1.8% pa for males and 1.6% pa for females
The current life expectancies on retirement at age 65 are:
2025 2024
Males currentlyaged 65(years) 23.8 23.7
Females currentlyaged 65(years) 25.5 25.4
Males currentlyaged 45(years) 25.7 25.6
Females currentlyaged 45(years) 27.2 27.2

University of Oxford Staff Pension Scheme

The University of Oxford Staff Pension Scheme (OSPS) is a multi-employer hybrid scheme set up under trust and sponsored by the University. It is the pension scheme for support staff at the University, participating colleges and other related employers. New members joining the scheme build up benefits on a defined contribution basis. Members who joined before 1st October 2017 build up benefits on a career average revalued earnings basis.

42

The latest full actuarial valuation for the OSPS scheme was completed as at 31 March 2022. The funding position of this scheme has improved significantly moving from deficit of £113m to a surplus of £47m at the valuation date. As a result, the recovery plan agreed at the last valuation is no longer required and the deficit contribution ended on 30th September 2023. A provision of £0 was made at 31 July 2025 (2024: £0) to account for deficit recovery payments up to 30th September 2023. That remaining liability of £156,470 was released to the income and expenditure account in 2024.

The Trustee and the University have agreed a new contribution schedule which took effect from 1 October 2023 and takes account of the benefit improvements and changes to member contributions since the last valuation date. It was agreed that the scheme will meet its own running costs from the scheme's assets, including expenses relating to both the DB and DC Sections and the cost of pension Protection Fund /other statutory levies.

The table below summarises the key actuarial assumptions. Further details of the assumptions are set out in the statement of funding principles dated 27 June 2023 and can be found at https://finance.admin.ox.ac.uk/osps-documents

Date of valuation:
Value of liabilities:
Value of assets:
Funding surplus / (deficit):
The principal assumptions used by the actuary		 31/03/2022
£914m
£961m
£47m
were:
Rate of interest (periods up toretirement) Gilts' +2.25%
Rate of interest (periods after retirement) Gilts' +0.5%
RPI Break-even RPI curve less 0.5% pa pre-2030 and
1.0% pa post-2030
CPI RPI inflation assumption less 1% pa pre-2030 and
0.1% pa post-2030
Pensionable Salaryincreases RPI +pa
FundingRatios:
Technicalprovisions basis: 105%
‘Buy-out’basis: 62%
Non-financial assumptions:
Post-retirement mortality - base table Non-Pensioners: 105% of standard S3PxA medium
tables for both males and females
Pensioners: 105% of standard S3PxA medium tables
for both males and females
Post-retirement mortality - Non-Pensioners: 105% of standard S3PxA medium
tables for both males and females
improvements Pensioners: 105% of standard S3PxA medium tables
for both males and females
Recommended employer’s contribution rate
(as % of pensionable salaries):		 16.5% DB for members from 01/10/2023
10% /12% /14% DC members in relation to 4% /6%
/8% cost plan - from 01/10/2023
Effective date of nextvaluation: 31/03/2025

The College is aware of the Virgin Media v NTL Pension Trustees II Limited Court of Appeal judgement which may give rise to adjustments to the scheme. At present the legal process is incomplete and therefore we are unable to quantify any potential liabilities

Pension charge for the year

The pension charge recorded by the College during the accounting period (excluding pension finance costs) was

Scheme
Universities Superannuation Scheme
University of Oxford Staff Pension Scheme
Other schemes – contributions
Total		 2025
2024
£'000
£'000
533
566
274
263
11
18
818
847

43

25

24 TAXATION

The College is able to take advantage of the tax exemptions available to charities from taxation in respect of income and capital gains received to the extent that such income and gains are applied to exclusively charitable purposes. No liability to corporation tax arises in the College's subsidiary company because the directors of this company have indicated that they intend to make donations each year to the College equal to the taxable profits of the company under the Gift Aid scheme. Accordingly no provision for taxation has been included in the financial statements.

26

27

28

FINANCIAL INSTRUMENTS
Financial assets at fair value through Statement of Financial Activities :
Fixed asset investments
Financial instruments that are debt instruments measured at settlement value :
Trade Debtors
Amounts owed by College members
Amounts owed by Group undertakings
Other Debtors and accrued income
Trade Creditors
Amounts owed to Group
Amounts owed to College members
College contribution
Other Creditors
Accruals
Bond notes
RECONCILIATION OF NET INCOMING RESOURCES TO
NET CASH FLOW FROM OPERATIONS
Net income
Elimination of non-operating cash flows:
Investment income
(Gains)/Losses in investments
Endowment donations
Financing costs
Depreciation
Profit on sale of fixed assets
(Increase) in stock
Decrease in debtors
Decrease in creditors
(Decrease)/Increase in pension scheme liability
Net cash (used in)/provided by operating activities
ANALYSIS OF CHANGES IN NET DEBT
At start of
year
£'000
Cash
13,350
Loans falling due after more than one year
(29,000)
Total
(15,650)
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash at bank and in hand
Total cash and cash equivalents
FINANCIAL COMMITMENTS
At 31 July the College had annual commitments under non-cancellable operating leases as follows:
Land and buildings
expiring within one year
expiring between two and five years
Other
expiring within one year
expiring between one and five years
Financial Liabilities measured at settlement value :
Financial liabilities measured at amortised cost :		 Cashflows
£'000
1,500
-
1,500		 Foreign
exchange
movements
£'000
-
-
-		 2025
Group
£'000
150,662
523
3,037
-
1,571
(880)
(159)
(159)
(767)
(1,830)
(29,000)
122,998
2025
Group
£'000
6,828
(8,984)
(5,149)
(708)
-
1,336
-
(15)
(523)
375
-
(6,840)
Fair value
movements
£'000
-
-
-
2025
£'000
14,850
14,850
2025
£'000
-
-
-
9
42
51		 2024
Group
£'000
146,900
423
2,277
-
1,908
(305)
(127)
(161)
(1,236)
(1,591)
(29,000)
119,088
2024
Group
£'000
13,829
(7,245)
(10,366)
(656)
5
1,353
-
(6)
160
(1,221)
(2,331)
(6,478)
At end of
year
£'000
14,850
(29,000)
(14,150)
2024
£'000
13,350
13,350
2024
£'000
7
-
7
2
2

44

29 CAPITAL COMMITMENTS

The College had contracted commitments at 31 July 2025 for future capital projects totalling £7.398 (2024 - £1.200m).

30 RELATED PARTY TRANSACTIONS

The College is part of the collegiate University of Oxford. Material interdependencies between the University and of the College arise as a consequence of this relationship. For reporting purposes, the University and the other Colleges are not treated as related parties as defined in FRS 102.

Members of the Governing Body, who are the trustees of the College and related parties as defined by FRS 102, receive remuneration and facilities as employees of the College. Details of these payments and reimbursed expenses as trustees are disclosed separately in these financial statements.

16 trustees had loans outstanding from the College, under the Assisted Housing Scheme, at the start and/or the end of the year, with a total value of £3,036k (2024 £2,277k).

The number of loans outstanding at 31 July with the balances in the following bands were as follows:

£34,000 - £35,000
£99,000 - £99,999
£100,000 - £100,999
£104,000 - £104,999
£110,000 - £110,999
£116,000 - £116,999
£117,000 - £117,999
£118,000 - £118,999
£121,000 - £121,999
£129,000 - £130,000
£219,999 - £220,000
£200,000- £200,999
£299,999 - £300,000
£300,000 - £399,000
Total Number of Loans		 2025
£'000
1
1
-
1
1
-
1
1
2
1
1
-
2
4
16		 2024
£'000
1
1
1
-
1
1
0
1
2
-
-
1
-
4
13

Interest is charged at 4% below the official rate of interest or 1%, whichever is the higher currently 1%. All loans are repayable on retirement or on ceasing to be a Fellow of the College, and are secured on the property.

The College has properties with the followings net book values owned jointly with trustees under joint equity ownership agreements between the trustee and the College.

31 CONTINGENT LIABILITIES

There are no contingent liabilities as at 31 July 2025

32 POST BALANCE SHEET EVENTS

An investment property with a value of £6.7m included within assets held for sale was sold post year end for £8.4m.

33 COMMITMENTS UNDER OPERATING LEASES

COMMITMENTS UNDER OPERATING LEASES
Group and Company - Lessor
Later than 1 year and not later than 5 years
Later than 5 years
Not later than 1 year
The group earns rental income by leasing its properties to tenants under non-cancellable operating leases. Leases in which
At the balance sheet date, the group had contracted with tenants to receive the following future minimum lease payments		 2025
2024
£'000
£'000
1,504
1,766
3,226
4,569
9,537
10,484
14,267
16,819

45

34 Comparative Information- Consolidated Statement of Financial Activities for the year ended 31 July 2024

Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Teaching, research and residential
1
Public worship
Heritage
Other Trading Income
3
Donations and legacies
2
Investments
Investment income
4
Total return allocated to income
14
Other income
5
Total income
EXPENDITURE ON:
Charitable activities:
Teaching, research and residential
Public worship
Heritage
Generating funds:
Fundraising
Trading expenditure
Investment management costs
Total Expenditure
6
Net Income (Expenditure) before gains
Net gains on investments
11,12,19
Net Income/(Expenditure)
Transfers between funds
19
Other recognised gains/losses
Gains/(losses) on revaluation of fixed assets
Actuarial gains/(losses) on defined benefit pension schemes
Net movement in funds for the year
Fund balances brought forward 1st August 2023
19
Funds carried forward at 31 July2024		 Unrestricted
Funds
£'000
7,846
-
436
676
50
6,036
554
15,598
11,757
387
108
-
12,252
3,346
71
3,417
(532)
2,885
26,029
-
28,914
-		 Restricted
Funds
£'000
-
-
-
-
730
70
59
-
-
741
1,256
12
1,268
(527)
100
(427)
532
105
4,219
-
4,324
-		 Endowed
Funds
£'000
-
-
-
-
656
7,125
(5,977)
-
1,804
-
-
-
1,160
1,160
644
10,195
10,839
-
10,839
183,690
-
194,529
-		 2024
Total
£'000
7,846
-
-
436
2,062
0
7,245
-
554
18,143
13,013
387
108
1,172
14,680
3,463
10,366
13,829
-
-
-
13,829

213,938

227,767		 2023
Total
£'000
6,667
-
-
39
1,679
9,212
-
681
18,278
14,273
614
189
890
15,966
2,312
(9,868)
(7,556)
-
-
-
(7,556)
221,494
213,938

46

35 Comparative Information- Analysis of Movements on Funds

As at 31
July 2023
Endowment - Permanent
£'000
Permanent Endowment Fund
127,086
Brasenose Income Capital Fund (Perm)
11,361
Hulme Capital Fund
8,319
Tutorial/Classics Fellowship Capital Fund
2,268
Germaine Capital Fund
1,368
Undergraduate Bursary Capital Fund
900
Lucas Bequest Capital Fund
704
Kwai Cheong Graduate Studentship Fund
502
Gordon Orr Bursary
402
Sir Christopher Wates Honour Bursary
243
Jeffery Bequest (Mod Hist) Capital Fund
213
The George Walker Honour Bursary
152
Mark Veit Honour Bursary
152
Profumo Capital Fund
150
Mosse Honour Bursary
132
Peter Sinclair Honour Bursary
123
David Watts Honour Bursary
122
Peter Sands Honour Bursary
121
The Dermot (1951) & Gerard (1954) Dunphy
121
The Turner Family Honour Bursary
121
The Folkman Honour Bursary
115
1974 Bursaries (CO-ED)
114
The Michael May Honour Bursary
97
The KCM Honour Bursary
73
Rector of Didcot Capital Fund
50
Reynolds Prize Capital Fund
16
Bride Mayor Honour Bursary
30
Poor of Didcot Capital Fund
18
Cox Trust Capital Fund (1518)
8
Morley Trust Capital Fund (1515)
5
Grand Total
155,086
As at 31
July 2023
Chapel and Choir
29
Donation for Jewish Country House Project
39
Germaine Income Fund
57
John Davies End Fund
19
Stafford Bequest Income Fund
19
Akers Jones Gift
18
The Ward Jones & The Guy Scholarship
17
Travel Grants - care Leavers
17
Rector of Didcot Income Fund
16
Charles Skey
-
Kyprianou Grad Stud Income Fund
37
Robinson - Ukranian Students displaced by wa
24
Ukranian Student
20
The Crole Legacy - Income fund
5
The Fergus Miller Memorial Fund
8
Taha Brown Graduate Studentship to support a
8
Academic Excellence Annual Fund
-
Profumo Income Fund
7
The Chaplains Fund
7
Access Programme
-
Poor of Didcot Income Fund
6
Major Gifts Restricted Cheetham
4
North Yorkshire Outreach
5
Cox Trust Income Fund
4
H.C.L. Noel Hall Income Fund
6
Library and Archives Annual Fund
-
Modern Linguists Fund
7
Morley Trust Income Fund
2
George Walker Bursary Fund
1
Baldock Restricted legacy. Insects, Bees and W
-
Barry Nicholas Income Fund
1
Barton Economics Fellowship Inc Fund
-
Cashmore Income Fund
-
Chapel Ceiling
-
Jeffrey Cheah Fund-Income Fund
-
Kwai Cheong Grad Studentship Income Fund
-
Old Cloisters Library Project
-
Restricted Annual Fund
-
Restricted Annual Fund - Staff Fund
-
Restricted Annual Fund - Chairs
-
Restricted Annual Fund - Harold Parr
-
Restricted Annual Fund - Kurt Beyer
-
Student Support Annual Fund
-
T Lewis Bursary
-
The Boat club
-
The Saven Gift
-
The Wine Reserve Fund (Del favero)
-
Tutorial/Classics Fellowship Income Fund
-
Undergraduate Bursary Income Fund
-
Total Restricted Funds College & Group
4,219
At 31 July		 Incoming
resources
£'000
4,906
442
323
90
53
37
27
19
16
9
11
6
6
6
6
5
5
5
5
5
4
4
4
3
2
12
1
1
-
-
6,013
Incoming
1
-
-
-
-
-
-
-
-
15
-
-
5
-
1
-
7
-
-
8
-
1
-
-
-
4
-
-
-
-
-
-
-
-
-
-
-
-
-
5
8
-
135
-
1
-
-
-
-
800
Incoming		 Resources
expended
£'000
(792)
(73)
(54)
(15)
(9)
(6)
(5)
(3)
(3)
(2)
(2)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
-
-
(2)
-
-
-
-
(978)
Resources
-
(9)
(33)
-
-
-
-
-
-
-
(26)
(11)
(15)
-
-
-
-
(1)
-
(2)
-
-
(1)
-
(4)
-
(4)
-
-
-
(4)
(76)
-
-
-
(32)
-
-
-
-
(8)
-
(169)
-
(1)
-
-
(74)
-
(1,268)
Resources		 Transfers
£'000
(4,133)
(371)
(271)
(74)
(45)
(29)
(23)
(16)
(13)
(8)
(9)
(5)
(5)
(5)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(3)
(2)
(2)
(10)
(1)
(1)
-
-
(5,058)
-
-
-
-
-
-
-
-
-
-
-
-
-
5
-
-
-
-
-
-
-
-
-
-
3
-
-
-
-
-
2
76
-
-
-
32
-
-
-
(5)
-
-
34
-
-
-
-
74
-
473		 Gains
£'000
7,053
633
462
126
76
50
39
28
22
13
15
8
8
8
7
7
7
7
7
7
6
6
5
4
3
17
2
1
-
-
8,627
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100
Gains		 As at 31st
July 2024
£'000
134,120
11,992
8,779
2,395
1,443
952
742
530
424
255
228
160
160
158
140
130
129
128
128
128
120
119
102
78
53
33
32
19
8
5
163,690
As at 31st
July 2024
30
30
24
19
19
18
17
17
16
15
11
13
10
10
9
8
7
6
7
6
6
5
4
4
5
4
3
2
1
-
(1)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,324
At 31 July

47

Designated Funds
Housing Loan Fund
Frewin Undercroft and Refurbishment
£9M Loan Repayment Fund. (repay 2048)
£8M Loand Repayment Fund (repay2044)
Global History of Capitalism
Delafield Fund
HCR Dilapidation Fund
JCR Dilapidation Fund
Boat Club Capital Fund
John Davies Fund Desginated Income fund
Thomas & Jones Inc Fund
Reynolds Prize Inc Fund
Unrestricted/Greatest Need Annual Fund
Bedford Income Fund
Benefactions Income Fund
Benefits Income Fund
BNC Australia Scholarship Income Fund
BNC Charitable History Income Fund
BNC Charitable Law Income Fund
Brasenose Scholarship Income Fund
Clifford Press Donation FY 22
Designated Legacies Fund
Hulme Income Fund
Junior Research Income Fund
Loan Repayment Fund
Michael Woods Income Fund
Unrestricted Donation Chew
Grand Total
General Reserve (Consolidated)
Unrestricted funds held by subsidiaries
General Funds - Group
Total Funds - Group		 2023
£'000
1,558
814
775
105
60
-
16
13
10
-
3
1
45
-
10
-
-
-
-
-
201
-
-
-
-
-
-
3,611
24,156
592
24,748
213,938		 resources
£'000
-
-
30
4
13
92
-
-
-
-
-
-
325
-
-
-
-
-
-
-
-
-
134
-
-
-
-
598
7,931
1,033
8,964
18,143		 expended
£'000
-
-
(5)
(1)
(2)
(49)
-
-
-
(15)
-
-
(366)
-
-
-
(3)
-
-
-
-
-
-
-
-
(3)
-
(444)
(13,860)
(259)
(14,119)
(14,680)		 Transfers
£'000
1,641
79
31
102
-
-
1
-
-
23
-
-
(2)
-
(10)
-
3
-
-
-
(201)
-
(134)
-
-
3
-
1,536
4,549
(581)
3,968
-		 £'000
-
-
43
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
49
22
22
10,366		 2024
£'000
3,199
893
874
216
71
43
17
13
10
8
3
1
2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,350
22,779
785
28,914
227,767

48