2024-07-31-accounts

Charity Registration No. 1143479 Worcester College Annual Report and Financial Statements Year ended 31 July 2024

WORCESTER COLLEGE Annual Report and Financial Statemonts Contents Govemlng Body. Officers and Advisers Report of the Governing Body 6-17 Auditor's R8POrt 18-21 Statement of A¢counllng Policies 22-26 Con$olidal•d Statement ol Financlal AGlfvilles 27 Con801idated and College 8alance Sheets 28 Consolidated Statement of Cash Flo 29 Notes lo th& Flnancial Statements 30-47

WORCESTER COLLEGE Go¥ernlng Body. Officers and Advis¢rg Year •nded 31 July 2024 MEMBERS OF THE GOVERNING BODY The Members of the Governing Body are the College's charlty Iruslees under charity law. The members of th8 Governing Body. who served in office as trustees during the financial year, or subsequently up to the dale of approval of these financial slatemenls. are listed below together with delails for those who a150 held College Officerships.. In year change Governlng Body Fellow College Officers 12} 131 141 Isi 161 Mr Davld Isaac CBE Provost Dr Simon Cowan Professor Kate Tunstall Profes&or Donal Nolan Dr NIT Vulkan Gardèn Mastèr Profes80r Andrew Carr Professor Ben Morgan Dr J¢hn Parrington Dr Richard Earl ice Provost Dr Scott Scullion D•an of Degrees Profe8sor Josaphine Qulnn Profe880r Andrea$ Willi Profo860r Endre Sull Prof•880r Grant Rilchla Professor Robert Harrig Dr Paul Azzopardl ean Dr David Stein88112 u$tain8billty 110912023 Or Conrad Leysgr Professor Laura Ashe Professor Gabriel Styllanides Professor Kim Dora Dr Anlonis P8P8christodoulou Dr Michael PeramatZi5 Dr Zofia Stemplowska Dr Afifi al-Akiti Professor Sadie Creese Dr James Edwards Professor Andrew Stephen

WORCESTER COLLEGE Govornlng Body, Offi￿r9 and Advlsers Yoar ended 31 July 2024 In year change Governing Body Fellow College Officers {2) 131 141 161 Mr Mark Bainbfldga F811ow Librarian Dr Alexander Sturgis Dr Pela Fowler Dr Ali¢e Violet Profèssor Andrzej Murawski Dr Robert Smlth Professor H8uke Marquordt Dr Lisa Wedding Sustainability From 01109123 Dr Micha81 Mayo Dr Laura Quick Dr Leah Tru8blood Dr N8lalia W819hts Hickman Professor TBilly Dagan Professor lain Mcculloch utor for Graduates Dr Paulo Sav89el Dr Wouter Mostart Professor Palrleia Clavln Profe8$or Emmanuel Breuillard Mr Michael Huggins Professor Jennifar Walsha Finance and Estates Bursar Mr Simon Boddie Lglla Ullrich Ronelle Roth H8len P3ri$h Senior Tutor Viola Kerr Development Director Richard D'Arcy Weston Struw8 rom 118123

WORCESTER COLLEGE Governing Body, Officers and Adviser8 Year ended 31 July 2024 During the year the activities of the Governing Body were carr￿d out through six prin¢lpal committees. Th8 membership of these commillees ¢Juring the academic year 2023124 is shown above for each Fellow. 111 Finance Committee {2) Ger)eral Purposes Committee 131 Education Commiltee 141 Development Comrnittee 151 Estates and Operations Committee (61 People and Culture Commlllee The Joint Con$ullalive Committee comprising membershlp from Governing Body. senior staff and Offlcers of the Middle and Junior Common Rooms discusses matters affecting Middle and Junior Common Room members. Such mallers Include Ibul are not limited lol the domestic management of tho College. food service provlsion, and sports and recreational fa¢llities. Membershlp details for all Gommittees are available on request. COLLEGE SENIOR STAFF The non-Truslee senlor staff of the College to whom day lo day management is delegated are.. Mr Harmohinder Bahl Home Bursar Mrs Jayne Sloddart Head of Work5 Ms Leigh MaGNeill College Accountant

WORCESTER COLLEGE Govornlng Body. Offlcgrs and Advisers Year ondod 31 July 2024 COLLEGE ADVISERS Invostment managers Oxford Universlty Endowment Management Ltd King Charles House Park End Slreat Oxford OX1 1JD AudltOT 6hRc 9￿)￿d Street EC2A 2AP Bankor¥ The Royal Bank of Scotland Drummond House 1 Redheughs Avenue Edinburgh EH12 9JN Barclays Bank Leicester LE87 2BB COLLEGE ADDRESS Worcester College Walton Street OxloTd OX12HB Coll•ge webslte www.worc.ox.ac.uk

WORCESTER COLLEGE Report of the Governing Body Year anded 31 July 2024 Th8 Members of the Governing Body present their Annual Report for the year ended 31 Juty 2024 under the Charities Act 2011 together with the audited financial slalemenls for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The Provost, Fellow5 & Scholar$ of Worcester College in the University of Oxford, whi¢h is known as Worcester College, I'the College'l is an eleemosynary chartered charitable corporation aggregate. 11 was founded through a legacy of Slr Thomas Cookes Bt. under a Royal Charter of Queen Anne dated 1714. The corporation comprises the Provost and Fellows. The College is reglstered under the Charity Commission Iregislefed number 11434791. The names of all Members of the Governing Body al the dale of this report and of those in office during the year, together wth delails of the senior 3tsff and advisers of the College. are given on pages 2 10 4. STRUCTURE, GOVERNANCE AND MANAGEMENT Govornlng do¢ument8 The College is governed by Ils Stalule$ dated 14 December 2011. Governlng Body The Govornlng Body is conslituled and regulated In accordance with the College Slatules, the lern15 of which are enforceable ultimately by the Visitor, who 18 the Master of the Rolls on behalf of the Crown. New Governing Body fellows are appolnled by the existing Iruslees, for specified periods of lime or until reliremenl. New members of the Governing Body are elected on the basis of expertise in their particular field, The Govwning Body devises and approves the College's strategy and oversees Ils adminislrallon and also the management of ils finances and a$sels. 11 meets ￿gUlarty, chaSr8d by the Provost. Re¢ruitm•nt and tralnlng of Membars of th• Govarnlng Body New Members of the Governing Body are normally recruited by open application and interview and are inducted into the workings of the College. including Goveming Body policy and procedures, by means of being provided with a copy of the College Sialules, the Fellows. Handbook, Charity Commission Guidance Notes and informal discussions with colleagues. Training courses and Informalion lo keep members of the Governlng 8ody informed about current Issues In the sect(￿ and on regulatory requirement8 are kept under review and offered. as appropriate. Remungratlon of Members of the Governlng Body and Senior Colleg0 Staff Members of the Governing Body, who are primarily Fellows, are leaching and research 8mployees of the College and receive no remuneration or benefits from their Irusleeship of the College. Those tru51ees that are also employee5 of the College receive remuneration for their work as employees of the College. This is sel based on the advice of the College's Remuneration Committee. Where possible, remuneration is sel in line with that awarded tD the University's academi¢ staff. The remuner81ion of senior college staff is approved by Governlng Body on the recommendation of the Remuneration Committee.

WORCESTER COLLEGE Report of the Govgming Body Year ended 31 July 2024 Organisational management The members of the Governing Body normally meet twice a term with the provision for extraordinary meetings, if required. Governing Body has eslabllshed a series of committees lo attend lo and advise upon the wide range of mallers for which Trustees are accountable. Six Principal Commillees meet termly lo cover the main opefalional areas of College life and report directly lo Governing Body, some of which are Inlormed by operational or specialist sub-committees. Development Committee Provides strategic advice lo the Development Dir8clor and overslght of tho College's fundraising aclivilles. policies and donor Telalions. Education Committee Consider$ all business related lo the academic life and activities of the College, with the aim of supportlng 51udenls and promotlng excellence in teaching and research. Estates & Operations Comfflittee Provides strategic advice and general oversight lo ensure College buildlngs and facilities meet the academic, social and residential needs of the College community, within ils means and for long-term suslainabllily. The Committee usually meets twlce per term. Ils sub-commillees include those responsible for Health & Safety. IT, Gardens & Grounds and Sustainability. Finance Committee Sets and monitors annual financial budgets, Deals with issues of financial management, procurement, reporting and ¢ompliance, aiming to secure long-lefm flnancial suslainabllily and value for money across all College expenditure8. General Purposes Committee Provides a regular forum for the consideration of urgent or strategic Issues and those whlch do not fall wholly within the ￿MitS of other cornmitlees. People & Culture Committee Monitors, facllitales and promoles policies, strategles and acllons lo strengthen the skills, a¢hievemenls and impacts of people in the Worcester College ¢ommunlty. Its sub4ommitlees include those responsible for HR and Equality. Diversity & Inclusion. Three Advisory Commillees are convened lemily lo provide $lrategie advice and oversight for governance. academlc and operational areas. Academic Strategy Committee Produces and monitors prog￿S5 on an annual academlc slTalegy whlch sets out aspirallons for the size, shape, performance and provision of leaching and research. Governance & Complianc8 Committee Monitors progress on the College's strategy, and teviews College governance. poli¢ies and processes lo ensure appropriate measures of transparency. compliance and accountability. Audil & Risk Committee Provides review and advice, from external experts, to assist Governing Body in the fulfilmenl of its corporate governance, and charitable duties.

WORCESTER COLLEGE Report of the Governing Body Year gnded 31 July 2024 Two other committees diraclly report lo Governing Body.. Nominating Committee, which comprise5 al least five members of Governing Body who are broadly representative of the College's academic community, makes recommendations in relat￿n lo the appointment of committee members and senior officers from among the trustees of the College. Remuneration Committee, whlch provides independent advice and recommendations lo the Governing Body a$ lo the level of remuneration (including any stipend. allowance or beneflll for members of the Governing Body or other senior staff who may be referred lo it. The Committee is haired by someone who is not a Trustee of the College but has previous experience of serving on a Remuneration Committee or equivalant. The day-lo-day running of the College is delegated to the Provost. supported by the following College Offi￿r9 and senior staff.. the Vlce Provost, the Finance & Eslales 8ursar, the Senior Tutor, the Dean, the Home 8ur$ar, the Development Director, the College A¢counl8nt. the Librarian and the Dlreclor of Ihe Visiling Student Programme. All meetings of the commillees listed above are attended by one or more of these Indlviduals. Group gtructure and relatlonshlps The College ha$ a wholly ownaj trading subsidiary, Worcester Collage Enterprise$ Limited whose accounts are Consolidated Into the accounts of the College. The College is part of the collegiate Unlversity of Oxford. Material interdependencies between the UDiverslty and Ihe College arise as a consequen¢e of Ihis relationshlp. A separate charlly whlch 18 not controlled by the College, Worcester College Oxford Endowment Trust, has the support of the College as ils prlncipal charitable objeclive. The Trust makes an annual grant to tha College (currently al 4.25Ok of the value of Sls assels at year•endl. The College also admlnislers many 5peclal funds, as detailed in Note 16 lo the financial slalemenls. OBJECTIVES AND ACTIVITIES Worcester College is committed lo leaching, learnlng and exchanging ideas which rnake a positive Impacl In wider society. As an academic community within Ihe University of Oxford, the College promotes freedom of thought and expression, the inlegrily of academic research. and the belief that all members of the College should be valued and respected. The College offers a slimulaling and supportive leaching and learning environmenl for students al undergraduate and graduate levels In a wide range of academic disciplines. This 15 complemented by modern facilities and a range of opportunitie5 for exlra-curri¢ular activity. The College's educational provision works in landern wlh the courses of study avallable lo Ils students within the department$ and faculties of the University of Oxford. In particular, the College organises small-group lulorials for undergraduates in which each student's education is $18ered by research-aclive academic5. This 3yslem of supervision, alongside advisors for graduate students, ensures that the College provides an informing. inspiring and challenging learning environment for all its students. For centuries Worcester College has helped students to achieve Ihelr potential and contribute lo society after graduation. Alumni have gone on lo lead fulfilling Iwes and have made major contributions in their chosen fields, from academia. education. science and the arts, lo faith communities, publ￿ seTviGe. busines5 and th8 military.

WORCESTER COLLEGE Report of the Governing Body Year ended 31 July 2024 Charitable Objocts and Alms The College's Objects are the advancement of e(lucation, religion, learning and resear¢h. by the provision of a college in the University of Oxford, for the benefit of the public. The Governing Body has considered the Charity Commission's guidance on public benefit and in keeping with ils objects, the College's alms for the publi¢ benefit are.. To advance education, including extending access Working with the University of Oxford's departments and faculties, sludenl$ are admltted from a wide range of demographic. financial and cultural backgrounds so181y on the basis of Ihelr academic abllily and potential. The College provides OPK)Ortunilles for ils students to develop their academic knowledge and potential. and the transferable skills they will need lo contribute in the workplace and in society more widely. Small-group tutorial and class leaching for undergraduates is supplemented by the provision of a range of leaching and learning facilities, including ltrree libraries and several leclurelseminar rooms. The College also offers a range of welfare, pastoral and admini51rallve systems lo support sludenl¥, as well as social, cultural, and extra-curricular aclivilie5. The Admissions and Access Officefs employed by the College undertake oulrea¢h and wid8nlng- partlcipalion work with schools. colleges and indivlduals and work with the Senlor Tutor to develop and Implement pollcies associated with access lo Hlgher Education. The Senior Tutor, supported by 8 Graduate Officer. is responsible for work assoclaled with the admission of graduate students. To provide bur5arlas The College re¢ognises a¢ademi¢ achievement through the award of scholarship5, exhibitions and prizes for strong performance. Funds a￿ provided lo assist students with the purchase of academi¢ books, lo help with vacation residence and field trip costs. and for travel associated with allendance al conferences and in furtherance of their academic work. To support impecunious sludenl$ through largeled flnancial ald. The College advises and assis13 students who are In linancial hardship. A Student Financial Aid Fund considers appli¢ations for 8ssislan¢e from the College's hardship funds and is able lo provide help by means of grants, loans or a combination of the ￿0. To support college-funded and independent researGh. The College funds a number of career development Jvnior Research Fellowships and Tutorlal Fellowships in a wide range of sublect areas including biology. social sclences and the history of art. Associations are also offered, by means of Senior Research Fellowships and Supernumerary Fellowships, lo individuals in University departmen15 and fa¢ullies who are undertaking research. Through the standard University scheme for sabbatical leave. and in considering requests for special leave, the College also provides replacement leaching lo enable Fellows lo dedicate between 1 and 3 terms lo specific research projects. All Tutorial Fellows and career development Junior Research Fellows are eligible lo receive a Teaching and Research Allowance and may apply for assistance towards expenses incurred in allending academic conferences. Students and academic staff are able to make use of the College's three libraries, and researchers can also apply lo access material in the College's archive or special collection5 of prints drawings and manuscripts. To promote religion. The College employs a full-lime Chaplain who, along with the Assistant Chaplain, conducts services in the Chapel and can be approached by students of any faith or none as a member of the welfare team. The Chapel, open every day, acts as a centre of Christian worship bul ils use by anyone as a space for quiet reflection is also encouraged.

WORCESTER COLLEGE Report of the Govgrning Body Year end8d 31 July 2024 The Chapel supports the College Choir under the direction of the full-time Director of College Muslc. featuring both mixed-voice choral scholars, boy trebles from Christ Church Cathedral School, and ndergraduale organ scholars. The Choir sing regular services of evensong, communion and Compline. four limes weekly in full term. as well as tsking parl in concerts. lour5. broadcasts and recordings. A freely accessible mulli-failh prayer room 1$ available as an allernalive space for prayer and reftection for both groups and individuals, and 811 servlces are promoted. internally and externally, by means of notice boaTd5, social media and websites. Information aboul the variety of failh socielies. bellef groups and religious cent￿9 within the University is provided in the Undergraduate and Graduate Handbooks. The Chaplain organi5e$ various even15 outside of the Chapel lo discuss rdigion, 8lhic5 and morality. usually including a weekly discussion group and a lermly dinner with guest speaker, alongside more soc181 activities focussing on well￿1ng and pastoral care. ACHIEVEMENTS AND PERFORMANCE The Oxford tutorial system presents Ljnlque opwrtunili¢$ for our students, academic and personal development and we continue lo ensure that all our students benefit from the opporlunilies that exist In College. These have enabled them lo develop the crillcal academi¢ skills lo build self-confidence, thrive as independent learners and continue lo b8 ambitious. We continue lo focus on those with the most lalenl and potential - when considering both students and staff - and are confldenl that our community will continue lo build 11$ resilience and inclusive values. D•llvory of th• College Strategy The College adopted a FNe-Year College Strategy In Trinty Term 2022 to'.111 promote academic ex￿llenCe and research121 develop of a strong and inclusive College culture and131 ensure strong financial stewardship and gcod governance. The College's Strategy Implementallon Group has worked hwd to deliv¥ the Cdlege s strategi¢ ambitions, Key aspects have been.. Academi¢ excellen￿ and ￿searCh- updallng the College's Academic Strategy.. A strong and inclusive College culture- the Introduction of a One-worceslerf. approach lo running the College and teams working logelher.. increased training and the development of musr and other arts events in College. many ol which are attended by the University and local community,. Strong financial stewardship ané goo($ govemance- the adoption of a Ihree-year break-even finan¢ial strategy and a detailed governance revlew lo ensure that the College and lis trustees affj able lo meet (where relevanll Charity Commission best pr￿liCe. 10

WORCESTER COLLEGE Report of the Goveming Body Year ended 31 July 2024 Access and Admissions The.AdMiss￿jnS and Outreach office is now back al full staffing levels. following a successful second appointment in autumn 2023. This has enabled the expansion of our access and outreach work, with a continued focus on active engagement s¢hools in our'link areas, of Wesl Yorkshire, as determined by the University's regionalisalion scheme. The admissions cycle In 20234 ran smoothly, from open days lo College visits, school-focused activities and advice and support wllh appllcalions and interviews. Over 2,500 vlsilors attended our June 2024 Open Days. and w0￿5ter continues lo weive the highest number of applications for undergraduate study of any College. Student Ambassadors play an active role in the planning and delivery of the Open Day programme, leadirKJ College tours, meeting individual polenllal applicants, and contributing lo queslion-and-3nswer sessions run by the Senior Tutor and AdmiSS￿nS & OutreaGh officer. In 2019, the College's Gov8rning Body Set a number of access largels for undergraduate admissions, fttusing on groups currently under-represented al Oxford Universlly. Our approach refiecls the commitments made in the University's Access and Participation Plan IAII HEI'S are required lo submit an APP lo the Office of Students, and must be approved by the OFS kf the pri)vider wants lo Charge higher luilion lees.> As part of our obligation lo oper81e within the terms of the University s Common Admissions Framework we have conllnued lo make s[gnrf￿anI progress Iow8rds achieving these 18rgels'. in 2022. 87010 of our intake came from slate schools12018.' 670/01. 25OA came from areas with the lowest levels ol progression 10 Higher Educalion12018'. 1 SOAI, and 250k came from the most soci economically disadvantaged areas12018', 1401•l. Racial equality remains a key focus of our access work. and in our 2022 Intake just over 324/0 of our UK Intake was from BAME backgrounds12018', 140/01. This year. 82.4.10 of our applications and 85.5010 of our offers are from students allending slate sch¢Jols, highlighting the con11nued success of our outreach programmes to recruit the most talented sludenis. This places us as the Ihird.highesl college in terms of slate sch¢x)I student represenlalK)n. However, il is worth nothing that we maintain a similar acceptance rale betrleen slate and Inéependenl schools- leslimony lo the overall calibre of the sludenls ap￿Ying from each group and our commilmenl lo ensuring equality of opportunity and outcomes across applicants from all backgrounds. The data for the most recent year shows th81 the decisions taken in admissions are a close match for the national population and distribution of A level grades,. Ihe College continues to adhere lo University guidance on the use of conlexlual data when assessing appli¢alion5 and build relallonships with deparlmenlal and university admisslons leads bul eonlinues lo offer places on Ihe basis of academic perfolrna￿8 and polenlial. Our Tinsley Access & Outreach offKer continued lo offer structured and Informal visit days for schools across a wide age range, drawing upon support from lulorial fellow5 for academic Input . Enrichment octivilies of this type are core parl of our provision, equipping and empowering appllcanls from under-represented groups wllhin the College and University in line wllh the requiremonls of the Univefslty's Admissions and Outreach work and the allocation of colleges lo'link areas. across the ¢ounlry. Worcester hosted over 40 school vlsils. with approximately 1.200 students allending from the Yorkshire and Humber regions. These visits included College and University tours, inleraclive workshops. and presentations 3boul the application process. Feedback was enlhusiaslic from pupils.. "The lour was nformalive, insightful, and, most of all, fun. Your genuine passion lor the college made il even more enjoyable and enlertainingl as well as from teachers 'The trip has raised their aspiTalions and enlightened their outlook on collegiate university lrfe. The malhemalics lecture and presenl81ion opportunity have given me future inspiration lor tutorials al MFG"; "Sludenls had workshops on interviews and personal slatemenls, and sampled a degree-lev81 History lecture, which they thoroughly enjoyedl" Our inaugural Teacher Residential in March 2024 was a great succ8ss. Feedback frem participating educ*ors has been overwhelmingty positive. wrth many expressing gratitude for the opportunity lo experien￿ lrfe at Oxford firsthand. Teachers appreciated the insights into the admissions process, as well as the chance to engage in meaningful dis¢ussions with staff and students. Four Student Residenlia5s were hosted in College, each attended by approximately 50 students from underrepresented backgrounds. These programmes offer a iasle of university life and frtus on academ￿ enrichment across a range of subjects in mathematics, Scien￿, and the humanities. We contlnue10 welcome groups ofsludenls from independent schools. and maintain dose working relationships with teachers- induding sixth lom lul(Ys- from across a diverse range of providers.

WORCESTER COLLEGE Report of the Govorning Body Year ended 31 July 2024 The Choral Experience engaged 75 students from stale schools in ambitious choral activities and workshops F(xty students attended the weekend residential wrth the remaining students attending a pick-up day. Thls inilialN& provided a plafform for students to expbre Mus￿-M0k5ng al a universlty level, sparlvng interest in Oxford's uni(pJe commitment lo ¢horal rnusic. Agaln, fewlbad( was 0VeN￿lMIng1Y w)51tive. Our Building 8rvJges inilialive, in collaboration with the Chemistry Departmenl and three other Oxford colleges. aims to increase Sc1￿Ce capital and identity among students in our link areas. This project has been particularly impactful, with OXbOX science ki15 SUPPOrting primary science Curriculum leaching and offering enrichment aclwilies in S.T.E.A.M. {Scien￿, Technology, Engineering, Arts, and Malhemalisl. New themes for 2024-2026, such as 'Symmelry in Our Worfd,, promise further lo engage students in exploring the wde range of applications of S.T.E.A.M., particularly focusing on chemistry. Following a successful pilot phase in Gloucester, we are thrilled lo expand the Building Bridges project lo new areas of the UK in 2024-2026. We continuo lo explore new ways lo engage sludenis and teachers. worklng tirelessly lo ensure that our progammes remain accessible and impactful. Fo11¢)w8hlp and Staff Our governance Is arranged according lo our College Slalules and By-Laws, wllh Ihe College's Governlng Body holding overall responsibillly for College policies and affairs. The Governing Body is chaired by the Provost, Ils membership ¢omprises all Official Fellows (Tutorial and Non-Tulorl8ll and Professorial Fellows (persons whose posts are slalulory Professorships of the University or are similarly ranked by il, and are permanently allached lo the College). There are four categories of Fellowship - Research. Supernumerary, Emeritus and Honorary- of which the first two may be elected lo membership of the Governing Body. The College 1$ also home lo a thriving ¢ommunity of Research, Honorary and Emerllus Fellow5. The fecenl appointment of two Heads of Research from among Ihe fellowshlp is part of a wider commitment lo fostering lively and supportive research environment, and the provision of support and mentoring lo early career re5e8rchers. The College supports a range of research activities Including seminars, workshops, public lectures, round-table dI8cussions, and interdisciplinary approaches lo research and publi¢alion that address a publlc audience. Last year we appolnled lo four non-slipendiary Junior Research Fellowships, three slSp8ndlary Junior Research Fellowship$, and one Senior Research Fellowship. Such appolnlmenls are cyclical,. the next seTies wlll commence in 2024-5. We recognise the contribution that early career researchers make lo the aGademlG community al Worcesler, and Ihe importance of providing a mutually supportlve research culture and environment in College. Our ¢ommilmenl lo the development of a Ilvely research culture has been noted by Ihe University,. the Senior Tutor has mel twice with members of the University policy unil, and requests foT further information havo been received from other Colleges. A series of pre-dinnef talks and workshops has enabled our early career researchers and Fellows lo present 'work in progress, talks, and under the umbrella of our research theme for 2023-4 'Sustainabillly' a series of research led and pra¢lice-foGused events have been organised, widening the reach of this work across College, university, and vla public engagement. Student Numbors and Progress Worcester College is home to 449 undergraduates, 200 postgraduates, and 28 visiting students. Our undergraduate students have been awarded Faculty Prizes ￿055 a wide range of subjects, incl￿j1ng Medicine, Classic5, Chemistry, Law. Business, Psychology, and m￿J1C￿ne. We have appointed a new Learning Developmenl Officer for the current academic year, following a Suc￿sSful application for donor funding for the wsl on a fixed-lerm basis. We will use this lime lo reflect on learning and academic skills development in College, and how best to support our students. Our LDO has Tun a dynarn￿ and responsive series of events, group activiltes and 1-1 sessions targeted al the needs of our sludents, and engaging th broader leaching and learning focused issues in higher education. Activities indude WOTkshops for staff al Worcester on generative Al, lo be delbvered by an expertfrom Oxford's CenlreforTeaching and Leaming, to promote a greater understanding of generative Al. its Ltses and dangers, and lo promote conversations around how lo lake advantage of il in one's leaching.

WORCESTER COLLEGE Report of the Governing Body Yaar ended 31 July 2024 The Visiting Students Programme continues lo Ihrlve. We retain our reputstff)n for academic excellence within a supportive and diverse learning erwironmenl, pfovKling an educational and cultural experience which supports academic development and builds life long memories. In feedback. the students report high levels of satisfaction with three core aspects of the College provision.. the quallty and support of Iheir tutors., the ability lo integrate with malriculaled students., and the pastoral support slK)wn by ihe College. The successful delivery oflhe Visiting Sludenl$ Programme forms part oflhe College Strategy and our academic ambitions. The academtc relationship that we build wlh our Visiting Students is mutually beneficial. exposng students to diverse perspectives and enabling constructive challenge al￿ debate. Our ambition lo enhance our academic provisKJn grow5 out of this desire lo t* an OU￿ard facing Cdlege which welcx)mes students and visitors from around the globe. The Visillng Students Programme well supported and resourced In Cdly, bul as an ar8a of polenllal grcmth also conlribules lo stability in our fina￿131 planning. Worceslels Visrting Sluderts live wllh Colleges matriculaled students in College housing on the main sile, which facilitales soaal inleractlon,. any expansion of Visilro Stud8nl numbers will be kept within a range that enables us lo malntain this apkxoach lo accommodatK)n. The College 1$ home lo a vibrant ccmmunily of graduate students pursulng a wide range of poslgTaduale laughl and research degrees. Application numbers have been buoyant, and our Academic Strategy benchmarking group has identified the expansion of PG numbers and graduate scholafships as a key part of our planning over the nexi 3.5 years. Supportfrom the Developmenl offi￿ has been much appreciated in this area,. we recognise the funding hallenges currently facirvJ the HE sector and the import.ant of fund1ng for research students who will shape the academic culture of the College, UnNersity, and wider society in the years ahead. stud•nt Flnanclal Support The College has continued lo offer finan¢ial support lo ils students, includlng for academlc provision, har(13hip, bursaries, study grants and exlra-curricul8r aclivilies. Fund5 were also provided lo support other activities Including fiold trips, medical elecllves. undergraduate researchlconference travel, book bursarl85, Sports bursaries and language luilion. A lolal of £358k was disbursed during the year12023.' £331 kl. D•veloprn•nt This year has been defined by enibedding much improved processes for our operallons and setting a new slralggy with clear fundraising priorilies. The Development Direclor loined two months before the Start of the financlal year, and the Development team reached full strength four months into the year with the arrival of Dr Millie Papworth as Deputy Development Director. In 20234 we raised £14,486,764 in cash received, including £541.096.27 in legacy gifts. Of this, £1,449,210.59 was unreslricled incorne. £10,000,000 of the total amount raSsed conslilules the first tranche of the Iransformalional pledged gift of £30,000,000 from Old Member Sir Llndsay Owen-Jones lo create a new library 8né graduate Student accommodation. We are indebted lo those donors who have enlrusled the College with unre$lrlcle¢Y donations this year. Their confidence in the College and understanding of our financial structure is vi181 and much appreciated. A number of donors have given towards key restricted projects such as sustainable building restoration, repairs lo the College lake, graduate scholarships. undergraduate support, academic research and sludenl creative arts activities. Of particular note is the foresight of the Mallinckfodl Foundation which has generously established an endowed fund lo be directed towards renovalion5 within the College's historic buildings. We are really delighted that this year more than 1120 Worcester alumni made a donation lo the College. The proportion of contactab￿ alumni donating lo Worcester has continued lo increase year-on-year since 2019-20. and this year continued the trend, increasing from 10.9Vo lo 12.6Yo. A stjccessful Telethon that raised 13

WORCESTER COLLEGE Report of the Governing Body Year ended 31 July 2024 £177.000 increased the number of regular donors to Worcester from 877 10 724. Vvilh a Giving Day planned for November 2024 aimed al increasing gifts from new donors and lapsed donors. this rale of participatlon in giving will inGrease further. An annual programme of thanking donors has been implemented, and one consequence was the introduction of the 1714 Society Imembership of which is for Old Members who have pledged legacies to the College) and a 1714 Society event lo thank its members,. another was the creation of a Foundation Circle for donors giving £2000 of more in each year. We have also ¢onlinued our programme of regular reunions. online lectures and subject dinners and introdu¢ed a serles of smaller events for polenlrdl donus lo bring them closer lo the life of the College. The Development and Alumn5 Relallons team 15 now supported and guided by the nevAy eslabllshed Development Advisory Board, and we owe a great debt of gratitude lo ils members for Iheir lime and wi3dom during this first year. We are hugely grateful lo all those who, through their generous giving, have supported Worcester lo achleve its obie¢lives this year. FINANCIAL REVIEW The 2023-24 financlal year has been challenglng. Inflatlon was 6,7•/0 in the first half of the year. and was still al 3.20/fy by year end. Inflation in key areas of expenditure - such as energy, an¢J food was Considerab￿ higher. These inflallonary pressures were also fell by our loyal and hardworking staff, and we have done what we could lo help support them financially, includlng adopling the University pay settlement. The prlncipal funding sources of the College conllnue lo ba fee$. accommodation charges, ¢onference income, donations and endowment Income. Fee In¢ome is received vla Ihe University, from the Office for Students IOfSI, various funding bodies and sludenl$. The College also receives finanGial support from many benefactors mentioned above, who enabled us lo avoid an operating deficit this year. Total income and endowments for the year were £19,227k (Gompareé with £14,719k in 20231. As noted above. this Included £4,247k from donations and18gacies12023', £2.729kl. The College's charitable objects continue lo be mel wllh resourGes expended on charitabl8 activities for the year of £14,291 k12023'. £13,593k). Incoming resoufce8 from ¢harilaLle aclivllies in the year, principally fees and residential income were £9,042k compared with £7.125k in 2023. Conference aclivlly for the year were £3,435k Icornpared with £2.836k In 2023}. The operating cash surplus increased from £5,789k in 2023 to £9,630k in 2024. The pension provision decreased by the full provision £2,496k in the year12023.. £985K decrease) a significant, albeit largely non-cash component of this year's surplus. l of the College's Securities and other investments afe managed by Oxford Univetsity EndowTnent Management Lim'rted IOUEMI and lolal £52,033k12023. £49,409). The Trustees continue lo pay particular allenlion to the College's abllity lo continue as a going concern In the face of significant economic challenges. Improved trading activity and the generous support of Old MembeTS makes il possible lo continue College activities 81 their present scale bul we continue to examine a11 our operations lo ensure value for money and lo identify ways of achieving improved linancial suslainabilily on long-lerm basis. Having reviewed the current cash position and lorecasl income and expenditure, and in the light of the College's existing financial re50urce5, the Iruslees are salisfied that Ihe College is a going concern. However, il should be noted that the operating budget for the coming years conlinues lo remain challenging, and additional income will need lo be generated and costs controlled to ensure that the Colleg*'s finances remain healthy in the medium and longer term 14

WORCESTER COLLEGE Report of the Governing Body Yoar onded 31 July 2024 Resarvos pollcy The College's reserves policy 15 to maintain sufficlenl free reserves to enable il lo meet ils short-lerm financial obligations in the event of an unexpected revenue shortfall, lo allow the College lo be managed èfficiently and to provide a buffrf lo ensure uninlerrupled delivery of servic85. In 2018-19. having reviewed current Tisks and uncertainties in the external environment, the Truslees sel a largel range for free reserves equal lo 3-6 months of operating costs to allow operations lo conts'nue in the event of short-lerm economic disruption or other revenue shocks, and committed to developing financial strategies to achieve this. In setting this target, the Truslees were mindful that the College's Expendable Endowment provides a degree of proteclion in the event of shorl-lerm revenue pressure, although taking the view that il is also Preferable and prudent lo increase the level of free reserves given the long-lerm purpose of the Endowment. The Group's unr8slricted reserves al Ihe yearond amounted lo £39.471 k12023.. £37,121 kl, represented by a £33,070k fixed assel designated re$erv6 12023.. £33.439kl. £6.S33k12023', £4.833kl of a long-lerm property investment reserve and free reserves of1£132kl, free reserves reduced due to investment in property12023.' £1,345kl. This is below the Truslees, largel for free reserves, but the Trustees Are reassured that the number is positive,. they plan lo build free reserves lo the desired level a$ operating circumslan¢e5 p8rmil. The pension 5¢hemes no longer have a deficit Iherefore no defi¢lt recovery provision is required. The lolal provision in 2022-23 of £2.496k was released in the year. Inv••tmènt poll¢y, obJe¢tlves and performanc• The College's investment objectives are lo balance current and future beneflciary needs by.. mainlalning lal least} th¢ value of the inv8slmen15 In real terms., produclng a consislenl and sustainable amount lo support expenditure., and delivering these objectives within acceptable levels of rlsk, To meet these objectives the College's investments as a whole are managed on a total return basis, mainlalning diversification auoss a range of asset classes in order lo produce an approprlale balance between risk and return. In line with this approach, the College Slalules allow the College lo invest perm8nenl endowments lo maximise the related lolal return and lo make avallable foi expendilure each year an appropriate proportlon of the unapplied lolal return. The investment strategy, policy and performance are monllored by the Investment Sub-committee. At the year end, the College's long- term securities lolalled £52,033k,12023'. £49.409kl which during thè year generated Income of £2,407k {2023'. £2.029kl and included the recognition of an unrealised gain in the year of £2,272k (2023.. loss of £2.525kl. Under the total return accounllng basi5, 11 is the Governing Body's pollcy lo extract as income up lo 4.50/0 of the value of the relevant invested funds. The Governing Body will keep the level of drawdown under review lo balance the needs and interests of current and future beneficiaries of the College'5 activities. Rlsk management The College has on4oing processes which operated through-￿1 the financlal year for identifying, evaluating and managing the prinopal rlsks and uncertainties fa¢ed by the College and Ils subsidiary in undertaking their activities. The Governing Body ha$ ulllmale responslbility for managing any rlsks faced by the College, and the Audit and Risk Cornmiltee helps il monitor the major risks lo which the College is exposed. A risk register and action plan has been established and responsibility for the management of the key risks resides with the College offlceTS and their Televanl commillees. with the Audit and Risk Committee receiving periodic reports on the effectivenes5 of this. 15

WORCESTER COLLEGE Report of the Governing Body Year ended 31 July 2024 The principal risks and uncertaint￿8 faced by the College and its Subs￿l3T1eS Ihal have been idenlrfied are categori5ed as follows= Failure lo attract and relain high quality staff. On the academic side this is miligaled by ensuring appropriate remuneration and by a range of additional measures including flexibility of funded leave to support iesearGh, and assistance securing housing in Oxford's competitive market. More broadly, the College mitigates this risk by working to attract a wide-range of qualifled applicants for positions. Governance and financial control risks are Inherent in any charity of the College's size and complexity. These risks are miligaled by financial and governance eonlrols including strong budgetary and purchasing controls, independent membership of key Commillees and Clear protocols for managlng potential conflicts of interest. Risk$ ralallng lo the management and operations of the College, Includlng health and safety. risk of damage lo the historic fabric of the estate, and pol8nlial interruption lo the College's aclivities. Miligallon Involves a range of preventative and control measures, alongslde thorough reporting and oversight, conlingen¢y planning and insurance. Olh8r rlsks relating lo the oper31ional aclivllies of the College such as employment of staff and use of IT ar6 managed through clear procedures and monitoring. Other risks of harm to the benefioiarles of the charity. This is miligaled through approprlale safeguarding procedures, conlinued investment in student welfar6 provision, and the aclive rlsk-as$essmenl of events and activities on Ihe College sile. Financial risk to the College's endowment, includlng loss of r8al valve through Inappropriate investment, and fallure lo attract sufficient additional endowment funds. The College's endowment 15 invested with Oxford Unlversily Endowment Management lo ensure direct oversight and management by inveslmenl professionals, wSlh an Investment Subcommillee monitoring performance and reviewing future strategy, including potential con¢enlration risk. Risk of insufficient future donations is mitlgated by the activities of the Development Office and the Provost. overseen by both the External Relation5 Committee and the Finance Commi118e. Reliance on in-year voluntary income to defray op8ralional expenditure, Thls 1$ being mlligaled by focus on increasing the returns from trading acuvilies, reviewing the size and composllion of the student body and contlnued work on Ihe evolving Ihree-year financlal plan. FUTURE PLANS The College ¢onlSnue$ to revlew all aspects of 518 operations, Including tho size and composition of the sludenl body although we expect any changes lo be gradual and evolutionary in nature. It will ¢onlinue lo deliver teaching and learning through the tutorial system, lo support reseaTch, fund scholarships and scholarly activity and to recognise scholarly achlevement, support students in financial hardship and provide for the welfare of ils students Ihfough ils welfare team and other support arrangements. The College's ongoing essential maintenance programme is planned lo continue Into the next financial year and beyond. It represents a signiftcanl expenditure commitment. Alongside this. the free reserves will need to be rebuilt lo the target level that the trustees have sel in the light of uncertainties in the external environment. These factors further increase the impOrtar￿ of the Gosl control and commercial revenue work noted above. 16

WORCESTER COLLEGE Report of tho Governing Body Year ended 31 July 2024 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Goveming Body is responsible for preparing the Report of the Governing Body and the financial statements In acwrdance with applicable law and regulallons. Charity law requlres the Governing Body lo prepare financial stalemenl$ for each financial yeaf. Under that law the Governlng Body have prepared Ihe financial slalemenls in accordance Unlted Kingdom Generally AcGepled Accounting Pfaclice Iunlled Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 102}. Under charity law the Governing Body must not approve the financial statements vnless they are satisfied that Ihey give a true and fair vlew of the slate of affairs of the College and of its net income or expenditure for that period. In preparing these finan¢i81 stalemenls, the Governing Body must: select the most suitable accounting policies and then apply them con$islently'. make judgomenls and accounling eslimales that are feasonable and prudent., slate whether appllcable accounting standards, Including FRS 102, have been followed, subject lo any material departures disclosed and explalned in the financial stalemenls,, stale whether a Statement of Recommended Practice ISORPI applies and has been followed, sublecl to any material departures which are explained in the financial slalements., and prepare the financlal statements on the going concern basis unless il Is inappropriate to presume that the College will continu8 lo operate. The Governing Body is responsible for keeping proper accounting records that are sufficlenl lo show and explain the College's transactions and disclose with reasonable a￿uracY al any lime the financia1 posillon of Ihe College and enable Ihern lo ensure that Ihe financial slalemenl$ comply with the Charllies Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper appllcalion under charity law and hence for taking reason8bl8 steps for the prevention and detection of fraud and other irregularities. Approved by the Goveming Body on 4 December 2024 and 8ign8d on its behalf by.. David Isaac Provost 17

WORCESTER COLLEGE Report of the Auditor to thg Members of the GovomlDg Body Year endod 31 July 2024 Indopendent audltorfs report to the trustèes of Wor¢èst8r Collage Oplnlon We have audited the financial statements of Worcester College (the 'parent charity'} and Its subsidiarie5 Ilhe 'group'l for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Aclivilies, the Consolidated and College Balance Sheets, the Consolidated Slalement of Cash Flows and notes lo the financial slalemenls, including significant accounting policies. The financial reporting framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102. The Financial Reporting Standard applicable in th8 UK and Republic of Ireland (United Klngdom Generally Accepted Accounting Praclicel. In our opinion th8 financial slalemenls.. give a true and fair view of the slate of the group's and College's affoirs as at 31 July 2024 and of the group'5 in¢omlng resources and application of resources. Including the group's and the College's income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared In accordance with the requlremenls of the Charllies Act 2011. Ba$18 for oplnlon Wo conducted our audll in accordance wllh Inlernalional Slandards on Auditing {UK} (ISAS IUKII and appllcable law, Our fesponsibililies under those standards are further described in the Auditor's Responsibilities for the audit of financial slalemenls se¢llon of our report. Vve are independent of the charity in accordance with the elhi¢al requirements that are relevanl lo our audit of the financial slalemenls in the UK. including the FRC, Ethical Standard, and we have fulfllled our other ethical re5ponsibilllies in a¢cordan¢e with these Tequiremenls. We believe that the audit evKJence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclu$lon8 relatlng to golng concern In auditing the financial slalements, we have ¢onclud8d that the trustees, use of Ihe going ¢oncern basis of accounting In the preparallon of the financial Slalements is approFfiate. Based on the work we have performed, we have not identified any material unG8rtainlies relating lo events or Conditions that, individually or collectively, may cast significant doubl on the charity's ability lo conllnue as a going concern for 8 period of al least twelve months from when the financial statemen15 are aulhorised for Issue. OUT responsibilities and the responslbililies of the trv$lees wlth respect to going concern are described in the relevant sections gf this report. Othor Infomiation The trustees are responsible for the other information. The other Information comprises the inforfflalion in¢luded in the Trustees, Annual Report, sel out on pages 6 10 16 other than the financial statements and our audilols rep￿[ Ihereon. Our opinion on the financial slalemenls does nol cover the other information and, except lo the extent otherwise explicitly slated in our repofl, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial slatemenls, our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or othe￿iSe appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstalemenls. we are required lo delermlne whether there is a material misslalemenl in the financial statements or a material misslalement of the other information. If, based on the work we have performed. we conclude that there 15 a material mis51atement of this other information, we are required lo report that fact. We have nothing lo report in this regard. 18

WORCESTER COLLEGE Report of the Auditor to the Members of the Governing Body Year ended 31 July 2024 Matters on which we are required to report by exceptlon We have nothing lo report in respect of the following matters where the Charities Act 2011 requires us to Teport to you rf, in our opinion-. the information given in the Trustees, Annual Report is Inconsistenl in any material respect with the financlal statements., or the parent charity has not kept suffl¢lenl accounting records-, or the parent charity's financial statements are not in agreement with the accounting records and returns,. or we have nol received all the information and explanations we require for our audS1. Responslbilitles of trustees for the IlnancSal stat•monts As explained more fully in the Trustees, Responsibilities Slalemenl sel out on page 18, the trustees are responsibl8 for the prep8ralion of the financlal slalemenls which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparallon of financial slalemenls that are free from material misstatement, whether due lo fraud or error. In preparing the financial slalemenls, the Iru51ees are responsible for assessing the group's and College's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Iruslaas either intend lo liquidate the group or parent Gharily or lo cease operation6, or have no realist￿ allernalive bul to do so. Audltor'8 r•sponslbllltl88 lor tho audlt of the flnanclal statéments We have been appolnted as auditor under secllon 144 of the Charitles Act 2011 and report in accordance with regulations made under se¢llon 154 of that Act. Our objectives are lo obtain reasonable assurance about whether the financial Slalements as a whole are free from material misslalemenl, whether due lo fraud or error. and lo issue an auditor's r8POrt that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audll condu¢led in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Mlsslalemenls can aflse from fraud or error and are considered material if. individually or in aggregate, they couSd reasonably be expe¢led lo influence Itie economi¢ decisions of users taken on the basis of these financial slalemenls. As part of an audll in a¢¢ordance with ISAS IUKI we exercise professional judgement and maintain professlonal s¢epllcism throughout the audit. We also.. Identify and assess the risks of material misslalemenl of the financial slalemenls, whelhgr éue lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that Is sufficient and approprlale lo provide a basis for our opinion. The risk of not delecling a material misslalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understsnding of internal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances. bul nol for the purposes of expressing an oplnion on the effe¢liveness of the group and the parent charity's internal control. Evaluale the appropriateness of accounllng pollcies used and Ihe reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the approprialone55 Qf the trustees, use of the going concern basis of a¢counling and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditlons that may cast significant doubl on the charity's ability lo continue as a going concern. If we conclude that a material uncertainly exists, we are required lo draw allenlion in our auditor's report to the related disdosures in the finanGial slaternenls or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based or) the audit evidence obtained up lo the dale of our auditor's report. However, future events or Cor￿￿tiOnS may cause the charity lo cease lo continue as 8 going concern. 19

WORCESTER COLLEGE Report of the Auditor to tho Members of the Governing Body Year ended 31 July 2024 Evaluate the overall presentation, stwclure and conlenl of the financial stalemenls, includlng the disclosures, and whether the financlal statements represent the underlying transactions and events in a manner that achieves fair presentallon. Obtain sufficient appropriate audit evidence regarding the finanGial information of the entities or business activities within the group lo express an oplnion on the Gonso1idaled financial slatemenls. We are responsible for the direction, supervision and performance of the group audit. We remain solely responslble for our audit report. We communicat8 wlth those charged with governance regarding, among other mallers, the planned scope and tlming of the audit and 5ignrficanl audll findings, including any slgnificanl deficiencies in internal control that we Identify during our audit. Explanatlon a8 to what •xtent tha audit wag con$ldare(I capable of dot•¢tlng irr•gularltlo8, Includlng fraud Irregularllies, inclu(iing fraud, are instances of non-¢ompliance with laws and regulations. We design procedure$ in line with our responsibilities. outlined above, lo deleGI material misslalemenls in respe¢l of Irregularities. Including fraud. The exlenl to which our procedures are capable of detecting irregularities, Including fraud 18 delalled below. The obiecllves of our audit In respe¢l of fraud. are.. to Idenirfy and assess the risks of material misslalemgnl of the financlal slalemenls due lo fraud,. lo obtain sufflcianl appropriate audll evidence regarding the assessed risks of material misslalemenl due lo fr8u(J, through designing and implementing appropriate responses lo Ihose assessed risks,. and lo respond approprlalely lo instances ol Iraud or suspected fraud identified during the audit. Howevèr, the primary responsibility for the prevention and deleclion of fraud rests with both management and those charged with govern8nce of the charity. Our approa¢h was as follow5.. We obtalned an understanding of the legal and fegulatory requirements appli¢able lo the charity and considered that the most slgnifi¢anl are the Charilles Acl 2011, the Charity SORP. and UK financial reporung standards as issued by the Financial Reporting Council. We obtained an understanding of how the charity complles with these requirements by dlscusslons with management and Ihose charged with governance. We assessed the risk of malerlal misstalemenl of the financlal stalemenls, including the risk of material mis51alemenl due lo fraud and how il might occur, by holding dlscussions with management arid those charged wSlh governance. We inquired of management and those charged with governance as lo any known instances of non- Compliance or suspected nonvcompliance with laws and regulations. Based on this understanding, we designed specrfic appropriate audll procedures lo identify instances of noTrcompliance with laws and regulations. Thls included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are Inherent limitations in the audit procedures described above. We are less likely lo become aware of instance5 of non-compliance with laws and regulations that are not closely related lo events and transactions reflected in the financial slalemenls. Also, Ihe risk of not del￿tIng a material mi58talemenl due to fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresenlallons, or through collusion. 20

WORCESTER COLLEGE Report of the Auditor to the M•rnbers of the Governlng Body Year gndad 31 July 2024 Uso of this Teport Thls report is made solely lo the charity's liuslees, as a body, in accordance with Chapter 3 Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might slate lo the charity's Irusle6s those malloTS we are required to slate to them in an auditor's report and for no other Purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charity and Ils trustees as body. for our audil work. for this report. or for Ihe opinions we have formed. ocrt Moore Kingston Smllh LLP. Stalulory Auditor 6th Floor 9 Appold Street London EC2A 2AP Moore Kingston Smith LLP is eliglble lo act as auditor in term8 of Sectlon 1212 of the Companies Act 2006. Oale.. 10 Decembar 2024 21

VVORCESTER COLLEGE Statoment of Accounting Pollcles Yaar ended 31 July 2024 1. Scope of the flnancial 3tatemgnts The financial statements presenl Ihe Consolidated Slalement of Financial Activities (SOFA), the Consolidated and College 8alance Sheets and the Consolidated Slalemenl of Cash Flows for the College and ils wholly owned subsidiary, Worcester College Enterprises Limited. No separate SOFA has been presented for the College alone as ¢urrenlly permilled by the Charity Commission on a Gonces5ionary basis for the filing of consolidated financial slalern&nls. A summary of the results and financial position of the charity and ils subsidiary for the reporting year are in note 12. The accounts of the affiliated student bodl8s, Worcester College Clubs, Midd18 Common Room and Junior Common Room have not been consolidated because the College does not ¢onlrol these aclivilies. 2. Bas1• of accounting The College's Individual and consolidated linancial sla18m¢nls have been prepared in accordance wtth United Kingdom Accounlln9 Standards, in particular'FRS 102.. The Financial Reporting Standard appllcable in the UK and Republic of Ireland,. The College is a public benefit entity for the purposes of FRS 102 and a registered charlly. The College has therefore also prepared its individual and consolidated financial 51atemenls in accordance with 'The Slalemenl of Recommended Practice applicable lo ¢harilies preparing Ihelr accounts in accordance with the Financial Reportlng Standard applicable In the UK and Republic of Iroland. (The Charities SORP IFRS1021. The financlal slalemenls have been prepared on a golng concern basis and on the historical cost basis, except for the mea$uremenl of Investments and certain financlal assets and liabililles at fair value with movements in value reported wllhin the Slalemenl of Financial Aclivilies ISOFA). The principal ac¢ounling policles adopted are sel out below and have been applied conslslenlly throughout the year. 3. Golng conc8m The Trustees hav8 assessed whether the use of the going ¢oncern basis is appropriate and have considered possible events or conditions that might Cast signilicanl doubl on the abllily of the College lo continue as a going concern. Having reviewed the current cash position and forec8sI income and expenditure, and in the light of donations received and pledged to support the College, cost control, fund raising inilialives and the signiflcanl expendable endowment funds available, the trustees have concluded that the College will have sufficient liquidity lo operate for al least the next twelve months from the date of approval of Ihese financi81 slalemenls. The College therefore conllnues to adopt the going concern basls In preparing its financial statements. 4. A¢¢ountlng Judgemgnts and estlmatlon uncortalnty In preparing financial statements It is necessary lo make certain judgements, estimates and assumptions that affect the amounts recognised in the financial slalemenls. The following judgements and estimates are considered by the Governing Body lo have most significant effect on amounts recognised in the financial stalemenls. The College partlclpales in iwo multi-employer defined benefit pension ptan$. In the ludgemenl of the Governing Body. there is insufficient information aboul Ihe plan assets and liabllities lo be able lo account re118bly for its share of the detined benefit obligation and plan assets in the flnancial sialomenls and therefore the plan is accounted for as a defined contribution scheme {see note 201. The College carrie5 investment property al fair value in the balance sheet. with changes in fair value being recognised in the income and expenditure section of the SOFA. Independent Valuations are obtained lo determine fair value al the balance sheet dale. 22

WORCESTER COLLEGE Statement of Ac¢r)untlng Policies Year ended 31 July 2024 4 Accountlng judgoments and estlmatlon uncertainty {conlinuedl Before legacies are recognised Sn the financial statements, the Governing Body has lo exercise judgement as lo what conslilutes sUffiC￿nI evidence of entlllernenl lo the bequest. Sufficient enlillemenl exis15 Once notif￿atIon of payment has been received from the execulorlsl of the eslale or estate accounts are available whith indicate there are sufficient funds in the eslale after meeting liabilities for the bequest lo be paid. With respect lo the next financial year, the most significant areas of uncertainly that affect the carrying value of assets held by the College and ils subsidiaries are the level of investment return and the performance of Investment markets. 5. Incomo Re¢ognltlon All income is recogn15ed once the College has enliilemenl lo the income, the economlc benefll is probable and the amount can be reliably measured. al Income from fees, OFS support and other chargos for SoNIcos Fegs receivable, less any scholarships, bursaries or other allowance8 granted from the College, unreslricled funds, OFS support and charges for services and use of the premises are re¢ognised in the period In which the related servlca Is provlded. Conference income in relation lo conferences that span the year end Is accrued for in accordance with tha proportion of completion. bl Incomo from donation8, grants and legaclos Donations and grants that do not imp05e specific future performance-relaled or other spe¢rflc condlllon5 8re recognised on the dale on which the charils, has enllllemenl lo the resource, the amount Can be reliably measured and the economic benefit lo the College of the donation or grant is probabl8. Donations and grants subject lo performance.relaled conditions are recognlsed as and when those condillons are mel, Donations and grants subject lo other specific conditions are recognised as those condillons are met or Iheir fulfilmenl is wholly within the ¢onlrol of the College and il Is probable that tha specifled condllions will be mel. Legacies are recognised following grant of probate and once the College has recelved suffi¢lenl information from the exe¢ulorlsl Of the deceased's estate to be satisfied that the glfi can be reliably measurad and that the economic benefit to the College is probable. Donations. gran15 and legacies ac¢nJing for Ihe general purposes of the College are Gredited lo unreslrlcled funds. Donations, grants and legacies which are $ubje¢l lo condllions as to their use imposed by the donor or sel by the terms of an appeal are credited lo the relevant reslricled fund or, where the donation, grant or legacy is required lo be held as capital, lo the endowment funds. Where donations are received in kind las dislincl from cash of other monetary assets). they are measured at the fair Value of those assets al the date of the gift. ¢) Invgstment income Interest on bank balances Is accounted for on an accrual basi5 with intere81 ￿COgniSed in the period lo which the interest relates. Dividend income and Similar distrlbulions are recognised on the date the share Intere51 become5 ex- dividend or when the right lo the dividend can b8 established. Income from investment properties is recognised in the period lo which the rental income relates. 23

WORCESTER COLLEGE Ststement of Accounting Policieg Y￿r anded 31 July 2024 6. Exp•nditure Expenditure is accounted for on an accruals basls. A liability and related expenditure is re¢o9nised when a legal or conslruclive obli9alion commits the College lo expenditure that will probably require selllement, 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 conslruclSve obligation for their payment arises. Grants subject lo performance-related conditions are expensed as the specrfied Conditions of the grant are mel. All expenditure Includlng support costs and governance costs are allocated or apportioned lo the applicable expenditure calegodes in the Slalement of Finan¢ial Activities Ilhe SOFA}. Support costs which include governance costs (costs of complying with conslilvlional and slalutory requiremenlsl and other indirect costs are apportioned lo expenditure categories in the SOFA based on the estimated amount allribulable lo that activity in the year, either by reference lo staff lime or the use made of the underlying assets, as appropriate. Irrecoverable VAT Is included with the item of expenditure lo which it relates. Inlra-group Sales and charges between the College and its sub5idlaries are exduded from trading Income and expendllure In th8 consolidated financial slalemenls. 7. TangSbl• flxod asset* Land is $laled al cost. Buildings and equipment are slated al cost le85 accumulated depreciation and any accumulated impairment losses. Expendilure on the acquisition or enhancement of land and on the acqulsition, Gonslruclion and enhancement of buildings which is directly allribulable to bringing the asset lo Ils working condition for ils Intended use, log8ther with expenditure on eq¢Jipmenl costing rnore than £2,000, is capilalised. Where a parl of a buildlng or equipment is repla¢ed and the costs capilalised. the carrylng value of those parts replaced is derecognised and expensed in the SOFA. Other expenditure on equipment incurred In the normal day-to4ay funnlng of the College and Ils subsldiaries is charged lo the SOFA as incurred. 8. O•preclatlon Depreciation is provided lo wrrte off Ihe cost of all relevant tangible fixed assets, less their esllmaled residual value, in equal annual inslalmenls over their exped,ed useful economic lives as follows.. Freehold properties, including Tnajor extensions 50 years Buildlng improvements 50 years Equipment, Fixtures and Filllngs 4- 10 years Freehold land Is not depreciated. The cost of malnlenan¢e Is charged in the SOFA in the period in which11 is in¢urred. Al the end of each reporting period, the residual values and useftjl lives of assets are reviewed and adjusted if necessary. In addition, if events or changes in circumstances Indicate that the carrying value may not be recoverable then the carrying values of langille fixi)d assets are reviewed for impairment. 9. Invgstments Investment properties are initially recognised at their cost and Subsequently measured al their fair value (market valuel al each reporting date. Purchases and sales of investment properties are recognised on exchange of conlracl$. Listed investments are initially measured at their cost and subsequently measured 81 their fair value al each reports'ng dale. Fair value is based on their quoted price at the balance sheel dale without deduGlion of the estimated future selling costs. 24

WORCESTER COLLEGE Statement of Accountlng Pollclos Year endod 31 July 2024 Investments Icontinuedl Changes in fair value and gains and losses a￿sIng on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as 'gains or losses on inveslrnenls, and are allocated lo Ihe fund holding or disposing of the relevant investment. 10. Stocks Stocks are valued at the lower of cost and net realisable value, co$1 being the purchase price on a first in, first out basis. Where necessary, provisK)n is made for obsolete, slow movin9 and defective stock. 11. Forolgn Gurrencl88 The functional and presentation currency of the College and its sub$idiaries15 the pound sl8rllng. Transacllons denominated In forolgn currencies during Ihe year are translated Into pounds sterling using the prevaling rates of exchange al the dates of th8 Iransaclions. Monetary assets and liabilitiès denominated In foreign curfencies are translated into pound5 sterling al the rates applying al the balance sheet dale. The resulting exchange diff8renGes are taken lo the SOFA. Foreign exchange gains and losses resulting from the selllemenl of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies al the exchange rates al the balance sheet dale are recognised in th& income and expenditure section of the SOFA. 11, Total rnturn Invo8tm•nt accountlng The College slalul8s aulhorise the College lo adopt a 'lolal return, basis for the investment of ils permanent endowment. The College can invest ils permanent endowments wlhoul regard lo the capllalllncome dlslinclions of standard trust law and with discretion lo apply any part of the accumulated total return on the investment as inGorne for spending each year. Until thi5 power is exercised, the lolal return 1$ accumulated as a component of the endowment known as the unapplied tota5 return that can be either be retained for Investment or released lo income al the discretion of the Governing Body. 13. Fund accountlng The lolal funds of the College and ils sub$idiafies are allo¢ated lo unre51ricled, reslricled or endowment funds based on th& origins of the funds and the terms sel by the donors or set by the terms of an appeal. Endowment funds ar8 further sub-divided into permanent and expendable. Unreslricled funds can be used in furtheTan¢e of the objects of the College al the discrellon of the Governing Body, The Governing 8ody may decide that parl of the unreslricted funds shall be used in future for a specific purpose and this will be accounted for by Iran5fer$ lo appropriate designated funds. Restricted funds Comprise gfft5, legacies and grants where the donors have specified that the funds are lo be used for particular earmarked funds for specific purpose5 of the College. They consist of either gifts where the donor has specified that both the capital and any income arising musl be used for the purposes given or the income on gills where the donor has required or permilled the capil81 to be maintained and with the intention that the Income will be used for specrfic purposes wilhin the College's objects. Permanent endowment funds arise where donors specify that the funds are lo be retained as capital for the permanent benefit of the College. Any part of the total return income arising Irom the capital that is allocated lo income will be accounted for as unreslricled funds unless the donor has placed reslricllons on the use of that income, in which case il will be accounted for as a restricted fund. Expendable endowment funds are similar lo permanent endowment in that they have been glven, or the College has determined Ihal they have been given, for the long-lerm benefit of the College. However. the Governing Body may al their discretion determine lo spend all or part of the caprtal, 25

WORCESTER COLLEGE Statement of Accounting Policies Yoar endod 31 July 2024 14. Ponslon costs The costs of retirement beneflls provided to employees of the College through two multl-employer defined benefit pension schemes are accounted for as if these were defined contribution schemes as information is not available lo use defined benefit accounting in accordance with the requirements of FRS 102. The College's contributions lo these schemes are recognised as a liability and an expense in the period in which the salaries lo which the contributions relate are payable. In addition, a liabilty is recogni8ed at the balance sheet dale for th8 dlscounled value of the expected future contribution payments under the agreements with these mulli-employer schemes lo fund the past service deficits. The College also operates a deflned contrlbulion penslon scheme. Contributions lo these arrangements a harged lo the SOFA in the period in whi¢h they are payable. 26

WORCESTER COLLEGE Consolldated Statement of Financlal Actlvltlas For the year gnded 31 July 2024 Unfeslricted Restricted Funds FLJn rocm) £'ooo End¢)wod Funds £'ooo 2024 Total £'ooo 2023 Totsl £Doo Nots• INCOME AND ENDOWMENTS FROM: Gharltahl• *¢￿¥1110$ Teachlng, research and r8sldenUal 9,042 9,042 7,125 Oth¢r tradlng Incom• DonatSon• and 1ogaclo• Invo¥tm•nt In¢oma 3,415 2,557 19 1,128 2,407 3.434 4.248 2,503 2,836 2,729 2.029 $83 Totsl Sncomo 15,110 563 3,554 19,227 14,719 EXPENDITURE ON,. Ch•rltablg •ctlvltl•• Teachlng, research and residential 12,461 1,810 20 14,291 13,593 G•n•ratlng fund•: Fundralsing Trading expgndlture 289 25 289 25 237 20 Total •xp•ndlture 12,775 1,810 20 14,605 13,850 N•t 1•x￿ndItLSrQ)11nCoMts before galn• 11.2471 3.534 4,622 869 Net galnslllosses} on Investments 2,273 2,321 12.5251 N•t {•x￿ndItur•1nn¢Orn9 2,383 11,2471 5,807 {1,6561 Transf8r8 bofvrfeen fund8 1331 1,622 11.5891 N•t movem•nt In funds lor the y••r 2.350 375 4.218 11,656 Fund ba18nces brought forward 18 37.121 2.226 56,070 95,417 97,073 Fund• ¢arrl•d forward at 31 July 16 39,471 2,601 60,288 102,380 95,417 27

WORCESTER COLLEGE Consolidated and Collo9e Balance Sheots Ag at 31 July 2024 2024 Group É'ooo 2023 Group £(N)o 2024 Coll•ge £'ooo 2023 Cdlege £Doo Nots$ FIXED ASSETS 33.647 4.633 49,409 Tan9lble assets Propgrty investm8nts Secur￿8$ and other investments 33,271 6,533 52,033 33.647 4,833 49.409 33,271 6,533 52,033 10 91.837 87,889 91,837 87.889 CURRENT ASSET8 Stocks Debtr)rs Cash at bank and in hand Short-tem investments 169 2,345 9,84fj 104 4,254 7.813 9,743 169 3.687 8,324 14 2,598 9,892 g,743 12,397 12,360 21.974 12,160 CREDITORS.. lalllng du• wlthln on• yo•r 15 111.8741 12,3361 111,4511 12,1561 NET CURRENT ASSETS 10,523 10,024 10,523 10,024 TOTAL ASSETS LESS CURRENT LIABILITIES 102,380 97,913 102,300 97.913 NET ASSETS BEFORE PENSION LIABILITY 102,300 97,913 102.3fj0 97,913 D•fin•d b•n•flt p•n•lon •ch•m• Ilablllty 12,4961 12,4961 NET ASSETS 102,360 95,417 102,360 95,417 FUNDS OF THE COLLEGE 16 End¢wm•nt fund• 80,288 56,070 60,288 56,070 R•8trlct•d fund• 2,e01 2,226 2,001 2,226 Unr•strlctsd fund• Dèsign*ed fixed assets fund Gen8ro1 funds (excluding pension rèserve) 33,070 8,401 33,439 6,178 33,070 0,401 33,439 6,178 12,4961 Pension re88rve 12.4961 102,380 95,417 102,380 95.417 The financial staterntrnts were approvad and auth0ri8ed for issue by the Goveming Body of Worcestèr College on 4 D8cembgr 2024. David Isaac. Provost 28

WORCESTER COLLEGE Consolldated Statemgnt of Cash Flows Forthe year ended 31 July 2024 2024 Group 2023 Group rooo Not c38h us•d In op•ratlng o¢tlvltl 21 9,630 5.789 Cuh from Snv•8tlng acUvltleB Dividènds, interest and rents from Investrn9nts Purchose of propety, plant and equlpment Purchase of fixed 8sset investment Purchase of current asset investments Proceed5 Irom fixed asset investment8 2,503 18291 12,3041 {9.7421 300 2,029 11,6761 15.5181 N•t u•h u••d Inlprovld•d by Inve•￿n9 •ctlvltl•i 19.872 15,1651 Cosh flow$ from flnanclng actlvlll•• Raceipl ofandowmgnt 288 Not ca•h provld•d by llnanclng xtl¥llle• 288 46 Ch•ng0 In cuh •nd ca•h •qulval•nts In th• r•portlng porlod 870 Ca•h and ¢•$h •qulv8l•nt# at th• boglnnlng of lh• r•portlng p•rlod 9,846 9.178 Cash and ¢•*h •qulval•nt• ¥¢ tho •nd ot th• r•portlng p•rlod 9,892 9,848 The College has no net debt and accordingly no net debt note is presented. 29

WORCESTER COLLEGE Notes to the Financlal Statem•nts Fortha year gndod 31 July 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 £'ooo 2023 £'ooo T8•chin9, ￿0&r¢h and T•SId•n￿OI UnrestrKt8d Funds Tults"on fe8s- UK and EU students TUr(￿n fe85- Overseas students Other fees Othef OFS support Other acadernic Income Collego rosldontl81 Income 1,939 970 961 119 leo 4.893 2,063 828 127 211 3,230 7,125 The above analy818 Includes£3,028k rwlv8d from Oxford Univer8ltyfrom publlcly accountsble ￿ndS underth& Coll Fundlng Formula Scheme12023.' £3.017kl. 2 DONAMONS AND LEGACIES 2024 £'ooo 2023 £'ooo Unr&s¢rlctsd fLtnds R8slrlcted funds Endowed fundg 2,557 1,404 287 2,084 599 46 2.729 Re8trfcle(J funds include grants of £300k12023'. £250kl awarded by the Conferenca of Colloges Contrfbution Schem&. 3 INCOME FROM OTHER TRADING ACTIVITIES 2024 £'ooo 2023 C￿00 Subsidiary comp8wry Irading i￿Orne Other trading income 1,271 895 1.941 3,434 2,836 INVESTh1ENT INCOME 2024 £'ooo 2023 £￿00 Unr8stricled funds Equlty divid8nds Interest on fixed tèrm depo$lls and cash Olher investment income 86 96 89 Restricted funds Other inv8Stmenl I￿ome Endowed funds other investment incomo 1.940 30

WORCESTER COLLEGE NotOS to thg Financial Stataments For th¢ year onded 31 July 2024 S ANALYSIS OF EXPENDITURE 2024 £'ooo 2023 Ch8rltable •xp8ndltur• Direct stsff costs allocated lo.. Other dlrèct costs allocated to.. Support and govemance Costs allocated to.. Teachlng, rgsearch and residèntial Teachlng, research and residential Teaching, research and resldential 4,801 6,773 2.717 5,681 5,392 2.520 Expondlturn on r•l•lng funds Dlre¢t staff costs allocated to: Fundraising Trading Expendlture 132 25 74 20 othgr dlrecl costs allwtad to.. Fundr81slng 91 Support and govemance cost8 allocatod to.. Fundralslng 72 314 257 14,605 13,850 Fundraising TT8dlng Expendllurfr 289 23 237 20 314 257 The 2024 resources expended of £14.605k12023.' £13,850kl roprg$6nted £12,775k from unrestrlcted fvnds12023'. £11.920kl and £1,810k from re81rl¢ted lunds12023.. £1.931kl and £20k Ifom andowmenl lunds12023.' £Nill. 8 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Generating Teaching Funds Rtrsearch & Resldenlial £'ooo 2024 Total £'ooo £'ooo Flnanci81 and dornestlc admln Human resources 37 13 47 688 403 541 998 58 28 2,716 725 416 588 Dgpre¢lalon Oiher financ& charges Govemanca costs 97 2,813 31

WORCESTER COLLEGE Notes to the Financlal Ststem•nts For the year ended 31 July 2024 6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Icontinuedl Generating Teachlng Fund5 Resèarch & Residential £'ooo 2023 Total £'ooo 2￿00 FSnanclal and dornesfjc adrnin Human Tesourc8S 12 692 398 476 972 388 438 972 17 25 2.520 38 D8preci8tion Other finance charg88 Gov¢mance ¢o$ts 12 25 2.592 72 Flnanctr and admlnl8tratlon and human resources costs are attrfbuted atxordlng lo the 881imated staff ts'me $ponl on each a¢llvity. Doprecialion costs are attributèd accord5ng lo Ihe use made ol the underfylng a$sels. IT costs ar8 attrlbulèd accordlng to the estim8l¥d Ilme spenl on each aclivlty. Inte￿t and other finance charges are attributad accordlng to tr8 purpose of the ro18t8d finan¢lng. 2024 2023 £'ooo £'ooo Govomanco ¢oits comprl•fr: Audltorfs ramuneraUon- 8udlt Servlces 28 25 No amount tta8 boon Indud8d in wv8manc• costs for the dlroct ernployThenl costs or relmbur88d expens•$ ol Ihg c￿lege Fellows on the basls that these paym8nts relate to the Fallows involvernent In the College'8 charftable aotivilie8. Det8ils of the remunefaJon of thg F&ll¢)ws and their reimbuT88d axpensgs are included 88 a separate nol$ withln the89 flnanclal 8t81emonls, 7 GRANTS AND AWARDS Durlng Iha year th• College funded fesaarch award3 and buT88rt89 to 8ludents from it8 lurKls as follows.. 2024 £'ooo 2023 £vJo Grnnt8 to Indlvldual• from.. Unr8Stricled fund8 Scholarships, priz0$ and grdnts Bursarkqs and hardship awards 27 69 96 36 76 Restricted funds S¢holarships, prizes and grdnts Bur8ario$ and h8fdship awa￿s 208 74 282 305 95 400 Total grants and awards 358 496 The above costs are included within the charfjtatrAe expendilurg on Teathing and Research. The figure included 8bove represents the cost to lh& Colleg8 of the Oxford Bursaries 9cherne. Students in the College rec8ived £118k In buwrfes in12023-. £198kl. 32

WORCESTER COLLEGE Notes to the Flnancial Statoments For the year endod 31 July 2024 STAFF COSTS The aggregate payroll costs lor the y&arwere a8 ft)Ilows'. 2024 £'ooo 2023 £'ooo Salaries and wages Social security costs Pension costs 7,OS9 S98 6,549 569 912 853 8,508 12,$541 5,954 8,030 11,0991 6.931 Pension provision adlustmenl Tha average number of 8mploy8as of the Colleg8, excludlng Twstees. was a& follows-. Tullbn and r88garch College r8sldentlal FuntJrBlsing Support Total 2024 2023 185 123 196 26 340 29 317 The average numbgr ol employod Coll8ge Tru8lee8 durbng the y88r wa8 a8 follows.. Univ8rslty Leclur8r8 CUF Le¢tur6rs Olhar teacAlng and re3¥8rch Other Tot81 2024 2023 20 12 20 11 42 39 Sa18ry and wag88 Costs Incjude severance cost$ of£10k for one member of8taff12023: £75k for flve m8mb8r8 of staffj. The Coll890 a180 bgnefits from t8mpor8ry Staff, a9&ncy wotr*&rs and those part-llme exlémal tutors who aré not on tho College payroll. The nurnber ol &mploye8s18xcluding the Co118ge Tru$loe81 dudng the year whose gros5 pay and baneffits lexcludlng employer Nl and pension contribulonsl fell wllhin the folk)¥Mng bands was.. 2024 2023 £60,001 to £70.0(KJ £70,00110 £80.000 Details of the r8muneration and reimbursed expenses of thè Colleg9 Trustee8 are included a5 8 separat8 note in these financial stslem8nts. 33

WORCESTER COLLEGE Notes to thg Financial Statements For tha year ended 31 July 2024 TANG18LE FIXED ASSETS Freehold Fixtures. Land and Flttlngs and Building8 Equipment £Yioo £000 Group and Coll•ge Total £'ooo Cost Al start of ye8r Additions 0i8posals At ènd of y•ar 46.221 376 1,758 253 171 2,002 47,977 629 46.597 48,599 Depr•clatlon At start of year Charya for the year At end of y•ar 12,830 924 13.754 1,500 74 1,574 14,330 998 15,328 N•t book valu• At ond of yoar 32,843 428 33.271 Al stsrt ofye8r 33,391 256 33,647 Inelyded whhln Fixtu￿8, Flttlngs and Equlpm8nt above are In18ngible 88s8is or £138k c0818nd £63k depreclallon. The College has 8ubstanUal long-held hlstoric 83sets all ol %sthlch are uséd In th8 couw ol the Coll8g8'8 lea¢hlng and re$6arch aC￿vI￿.88. These comprise listed buildings on the College silè, togelhor with thelr conten1$ comprising work$ of art, 8ftdenl book$ and manuscripts and other Iwasured artelacls. Because ol their 8ge and, in many cases, uniquo nature, reliable hislorical cost infom)alkJn 18 not available for the88 assets and ctsuld not be obtained exc8Pt at dispropoionale expense. However, in Ihe opinion of the Trustee8 tha depre¢l8led hlslorfcal cost of these 888et8 is now Immaterlal. 10 PROPERTY INVESTMENTS 2024 Tot1 £'ooo 2023 To181 £'ooo Group •nd Colleg• Valuation at start of year Revaluation g81n8 in the y8ar Adclitlons V•luatlon at •nd of y•Ar 4,833 4,833 1.052 6,533 4,833 A fomi81 inspection valuation of the Co11egè prop&￿e8 was prepared by Mark Charter MRICS of Carter Jon8s LLP as t 31 Juty 2024. Gov8mirrfJ Body Is sat18fi8d that these valuats.ons are materially accurat8 at the balance Shatrt dale.

WORCESTER COLLEGE Notes to the Financial Statements For tho year ondgd 31 July 2024 11 SECURITIES AND OTHER INVESTMENTS 1024 £'ooo 2023 Group and Coll•g• Valuauon at start of Invested in the year Amounts wtthdrawn In¢r&asellDecrea8el In value of Investrnents Valuatlon at Ond olyear £'ooo 46,416 5,518 49,409 852 13001 2,272 12,5251 49.409 52.033 GTQUP and Coll•g• Inv•otm•nt• comprl80'. H8ld out8id8 the UK £'o Hgld in th8 UK £'ooo 2024 Total £'ooo 2023 Total £'ooo Global muNI-8s8el funds 43,656 8,377 52,033 49.409 100% of the portlolio Is InV￿ted ¥￿th Oxford UnSv8r8Ny Endowment Management (Endowment Fund). 12 PARENT AND SUBSIDIARY UNDERTAKINGS Th& College holds 100% of th8 issued shar8 cap11al Sn Worcesl8r College Enterp￿989 Llmlted, a company providing conf8rence and 8c¢ommod8tion 88ry1¢es. The r8sult8 of th6 Colleg8 and subsidlary, and thelr assts18 and IlabilltSes at the yeaT-gnd warè as lollows. 2024 £'ooo 2023 E'OOO wor￿¥t•r Coll•g• 2024 £'ooo 2023 £'ooo Wor¢•ster Colleg• Ent•rpd8e• Llmltod 1.286 13441 947 12481 Income Expendilurn Losses Galns Reyuti for th8 year 18,883 14,719 114,2611 113,8501 12.5251 Tumovèr Expendllure 2,3Z1 6.943 11,e561 R8$ult for tha year Oonation lo College Iglft aldl 942 942 699 Total assets Totsl li8blllti88 Net fund$ at the and of year 113,811 11,451 102,360 100,069 4.652 95.417 Total a$￿tS Total liabiliti88 Nel fvnds al the end of year 2,988 1.875 35

WORCESTER COLLEGE Notes to the Flnancial Statem•nts For the ygar ondgd 31 July 2024 13 STATEMENT OF INVESTMENT TOTAL RETURN Thg Trust98$ have adopted 8 duly authorfsed policy of total relum accounting for the College investment retums, with effect from Novembgr 2003. The investment rglum, to b¢ applled as income, is calculalod as up to 4.5.10 ol the brought forward values of IhÈ relevant Investm&nts. Tho preserved lfrozenl value of the invested &ndowmenl capital represenls Its open market value in 1992, except where the origlnal dOna￿on can be identified, together wlh the origlnal glft value of all subsequ8nt andw￿entS. Permanent Endowment Expgndoble Totsl Trust for Unappll8d Total Endowment 2024 Investment Total Retum r￿0 £'ooo £'ooo £'ooo £'wo At thè beglnnlng of th• year.. Glft component of the permanent endowment Unapplied lotsl relum Expendable endowment Total Endowmenti 23,150 23.150 8.568 23,150 8,568 24,352 24,352 24,352 58,070 8.568 23,150 ,568 31,718 Mov•monts In the r•portln9 perfod: Gift ol endowmènt fund Invèstm8nl ￿turn. total Inv88lment Sncome Inveglmenl f8tufn.' rea1I88d and unreall8&d gains and loss&$ Total Un8pplied total relum allocated lo Income In tho repo￿ng pertod Exp8ndable endowmenlg transfarred to Income N•t fflov•m•nts In r•portlng p•rlod 981 1,329 1.286 3.598 19361 147 1,078 1.126 2,407 2,273 5,808 19361 1,329 1,286 2,61 S 19381 981 2,212 981 1,679 2,660 1,558 4,218 At •nd of th• r•portlng yrlod.. Gwt ¢ompon8nt ol th8 permananl endowrn8nl Unapplled totsl return Exp8ndabl& endowment Total Endowm•nt• 24,131 24,131 10.247 24.131 10,247 2S,910 25,910 25.910 60,288 10,247 24,131 10,247 34.378 36

WORCESTER COLLEGE Notes to thg Flnancial Statements For the year anded 31 July 2024 13 STATEMENT OF INVESTMENT TOTAL RETURN Icontinu8dl Pernianenl Endowmènt Expendable Trust for Unapplled To&1 End05￿￿ent Inveslmwl Tolal R¢tum £'ooo rooo Total 2023 £'coo £'ooo £'ooo At the beglnnlng of the year: Gift component of Ihe p8man8nt endowmont Unapplied total refvm Expèndable endOW￿nI Total Endowmonts 23.140 23,140 9.722 23.140 9,722 26,731 59,593 9.722 26,731 26,731 23.140 9.722 32,862 Mov•mtsnt• in the reportlno p•rlod: Gift o18ndowrnent funds Inv8Stmenl return.. lotsl Investment income Inve8lment relum.. re81I8&d and unr8ali8ed 9ain8 and losses Other Iran$fer8 Total Unappllad totsl return allo¢ated to Incorne in the reporung p6rfod Expendable endowmants Ir8nslerred lo incomo Not movom•nt• In reportlng perlod 10 10 36 46 1,025 1.025 915 1,940 {1,394I 11,3941 11,131} 12,5251 10 13691 13591 17851 17851 11801 15391 17851 (2,1991 2,1991 12,3791 13,5231 10 11,1541 11,1441 At •nd of the reportlng p?Tlod'. Gift component of Ihe pemanenl endowfflont Unapplied total retum Expendablo 8ndowmenl Total Endowrn•nt• 23,150 23,150 8.588 23,150 8,5e8 24,352 24,352 24,352 56,070 8,Se8 23,150 8.568 31,718 14 DEBTORS: IAlllng du• wbthln one y•8r 2024 Group £'ooo 1,148 2023 Group £'OOD 2024 Coll•g• £'ooo 239 2,585 2023 Colleg8 £'ooo Tr8de debtors Amounts owed by Group undertakings Loang repayable wlthin one year Prepayrnants and accrued &r￿Orne othgr debtors 362 1,896 17 1,771 195 3,687 11 1,033 408 2,598 17 1,771 195 2,345 1,033 408 4,254 15 CREDITORS.. tslllng dv• wlthln on• y•aT 2024 Group £'ooo 2023 Group £'ooo 2024 Collg £'ooo 2023 College £'ooo Trade creditors Amounts owad to College Members Taxation and soci81 security Accruals and daferred income other creditors 557 234 252 10,173 658 1.046 553 234 252 10,16S 247 11,451 1,043 209 239 161 504 2.156 239 165 677 2.336 The deferred incomè figure above reprasenls £10m in 2D2412023- Nil) receNed lor the building of the new IlbTary and student attommodation, which cannot be recognised as Incom8 until certain conditions have been mel. 37

WORCESTER COLLEGE Notes to the FlnanGial Statements For the ygar endod 31 July 2024 16 MOVEMENTS OF THE COLLEGE FUNDS The College accounls for its inveslmanl income on a total retum basis. which allows the College lo invest permanent endowments lo maximise total retum and to make 8vallable an appropriate proports'on of the lolal relum for expenditure each yèar. Untr'l Ihls POWQf Is exfjrased th¢ total r81urn is the 'unapplied total return, artd remains as part of the P8rrn3nent endowment. Tho College has 8dopted a total Telum T810 of up lo 4.5°h on openirvJ valu8s. An amcMJnl equal 10 gllgible expenditu￿ is transfèrred from the pemanent endowment fund lo restricle<l funds from vthich ell9lble exp8nditur8 is spent. Endowment Fund8 Transfers At 31 July 2024 £'ooo Al 31 Juty Inc07nlng R&sourc98 2023 Resources Expended £'ooo £'ooo £'ooo Gains I (Losses) £'ooo £'ooo P•rnian•nt Fellowships Rèsearch Support Scholarshlp5 Slud8nlshlps DonBted Colleclv)n Llbrary & Book Conserv8tlon Th8 Marrfott Trust Molllnkrodt Fund 0th6r Funds 22,677 1,230 2,652 1,207 1,495 546 1.021 943 54 238 53 66 29 45 927 50 108 49 81 22 41 17241 24,023 1.333 2,917 1,284 1,610 583 1,075 1811 1451 161 114) 132 42 28 1321 728 Exp•ndabl• Gen8ral Fund Fellowshlps Vislting Fellows G8rd8n8 and Grounds Sludgnt Bur88rl8s & Grants Tgaching Fund Olhar Fund$ Total Endowm•nt Funds 5,355 8,420 2,017 1,496 2,379 804 3,861 56,070 237 377 89 198 105 37 201 3,554 217 5,809 8,805 2,140 1,855 2,S38 866 13331 148 11001 1421 181 {1231 82 01 96 33 157 1201 60,288 R•8trlct•d Funds Fellowships Rg$earch Support Scholarshlp8 Sludent8hlps Donated Collgctlon Llbrary & Book Conservation The Marriott Tru81 Vlsiling F8llows Sludenl Bursaries & Grants Teaching Fund Tho Fabric Fund Olhgr Fundg Total R¢8trtcted Funds 11,0571 1.057 1811 1451 161 1141 1321 1481 1421 181 151 (4711 11.8101 81 45 14 32 48 42 25 378 1,823 2,226 25 373 2,202 2,601 563 563 288 1,622 Unrostrict•d Funds General Reserve Fixed Assets Designated D95ignat8d Res8rves Pension Resgrve Subsidiary Total Unre6trlctod Funds 1,345 33,439 4,833 12,4961 11,542 629 1.652 113.9281 19961 g09 11321 33,070 6,533 2,4 1.287 15,110 37,121 112.7751 1331 39,471 Total Fund 95,417 19,227 {14.6051 2,321 102,380 38

WORCESTER COLLEGE Notes to the Flnancial Statements For the year end•d 31 July 2024 18 MOVEMENTS OF THE COLLEGE FUNDS Icontinu8dl The College recognise(1 property wlthln the Exp8ndable Endowei1 Fund in 2024 of Nil12023.' £1,e18kl. Endowm•nt Funds At31 Ju Incoming Resources 2022 Resources Expended £'ooo £'ooo £voo Gain51 ILosse$l £'ooo Transfers At31 Ju 2023 £￿00 £'ooo Pgrmanent Fellow8hlps Research Support Scholarships Studentshlp8 Donaled Collectlon Llbr8ry & Book Con￿Nall0n The M8rrlott Twst other Fund$ 23.725 1,242 2,798 1,263 1,513 564 1,038 719 713 42 96 43 52 19 11.0051 1531 1558 22.877 1,230 2,652 1.207 1,495 11231 1451 18 1131 191 1321 iyi 1641 1241 1441 1311 1,021 890 Exp•ndabl• Gener81 Fund Fellowshlps Si￿ng Fellows G8rden6 and Ground8 student Bursaries & Grant8 Teachlng Fund other Fund8 Total Endowm•nt Funds 7.030 8,818 2,070 1,542 2.430 813 4.028 59,593 241 3Q4 71 82 84 29 140 1,986 1298 13741 1881 165) 11031 1341 (1691 12,525 11,6181 13281 1361 1831 (321 5,355 8.420 2.017 1,496 2,379 804 3,881 56,070 R•strl¢t•d Fund• Fellowship8 Regaarch Support Scho18rshlps Stud8ntshlps Donated CO1￿ctIon Llbrary & Book Conseryation The Marrfott Trust VISI￿ng Fellows Student Bursarleg & Grants Teaching Fund The Fabric Fund other Fund8 Total R•strlctod Fund• 18841 1123) 1451 161 1131 191 1361 1321 141 11211 123 45 13 36 32 25 378 1.823 2,226 25 499 1.667 2,191 213 599 11,9301 Unr•strf¢t•d Funds G8neral Reserve Flxed Assets Dèsignated D8sign8t8d Reserves Pension ReseNe Subsidiary Totsl Unr•strlcted Funds 1,191 32,746 4.833 13.4811 9,522 1,665 111,e851 19721 2,317 1,345 33.439 4,833 12,4961 947 12,134 -.L6991 1,618 111,9201 37,121 Tot•1 Funds 97,073 14,719 113.8501 12.5251 95.417 39

WORCESTER COLLEGE Notes to tha FlnanGial Statements For the y¢ar ended 31 July 2024 17 DETAILS OF THE COLLEGE FUNDS The following is A summary ofthe origlns and purrx)ses of aach ofthe Funds. P8mianent Endowmont Funds Fellow$hlp8.' A total 0114 funds where Income, bul not Gapltsl, is used to support fellowships. Research Support.. A donation where income, bul not capit81, 1$ used to support research. Scholèrshlp$.' A total of 8 fvnds vthtrra Income, but not cap"tal, is spent on 8tvdenl s¢holarshipB. student$hlp8.' A donalon wher8 income. but not capltal, is spent on studentships in a namad subl8Ct area. Donated Colloctlon.. A bequest where income, but not capital. can be us8d to conseNe a donat8d Co1￿0￿. LIbr￿ and book ¢on$•rvatlon- Donations and bequests whore income, bul nol caprtal. can be used lo support book conservatton and preselve th¢ Old Library. Th• Marrlott Tru8t'. Adonolon wheffj income. but nol¢8pltal, c8n be used to supporttheeducalion oflh&chlldran of th& clergy. Malllnkrodt Fund.. A donatlon where 5ncome, but not C8pltal. can b& u6ed lo support molnten8ncg of Colleg8 okl buildings. Other Funds.. Donatlons and bequ88ts where Income, bul not captsl, can be u88d for ganeral purpoBes. Exp•ndble Endowm•nt Fund8 Genoral Fund.. A consolidation of benefactions and don8tson8 whero 8lth8r income. or Income and Ca￿181, cmn be u$8d lor the general purposes of th8 College. F•llow¥hlps'. A totsl of 5 fund$ where thè Income and capltsl can be applied 10 8UPPOrt narn8d F$llowshlps In conjunction with th8 Unlv8rslly of Oxford. Vl$ltlng F•llow8.' A donotion whare th8 SrKome and ca can be applknd to support vlsbtlng fdlows. Gardens and Grounds.. A consolidation of b6n8faclions and donations wh8re either incorne, or Ir￿)￿0 and capital, can be vsed for oxpens88 relatlng to th8 upkeep of the g8rdens and grounds. Studont Bur8arl•• •nd Grants.. A consolldatlon of benefa¢llons and donallons where elthar Incom8. or income and capi181, can be used for student bursari88 and scholarshlp grants. T•achlng Fund.. A cOn￿lIda￿On ol b6nefa¢lions and donations where elthaf Income. or Income and ¢apltsl, C8n be used lo support 18achin9. Other Fund8.' A dlverse group of donations and beguesl8 wher8 otther Incom&. or Income and capital, Can be used for specifi¢ purposes including support for lèllowships and $ludents. RMtrl¢t•d Funds Fellow8hlpJ- Income u88d to support narn￿l tutorlal and re88ar¢h fellowshlps. R•8earch Support.. Income u80d to support research In a named subjèct area. Schol•rshlp8.' Income that can be Spent on student B¢holarship8. Studentshlps.. Incom# Ihal carb be spent on studentshlps In 8 named sublecl ar&o. Donat•d Coll•ctlon'. Income UB8d lo con59rv& a don818d Collect￿n. Library & Book Con8ervatlon.' Income used to support book conservation and preserv8 th8 Olil Llbrary. Tho Marrlott Trust.. IncDme used to support tho educallon of the ¢hildren of the cl8rgy. Vlsltlng F•llows', Incomg US8d to support visiting fellows. student Bursari•s and Grantg.. Income that can be us8d for student bursaries and scholarshlp grants. T•achlng Fund. Income us8d lo support teaching. Th• FabrSc Fund.. Incorno that can be used for the m8intenano8 of hislori¢ buildings. Other Funds.. A div8rse group of Income and don8kn.ons 10 5UPPOrt student activities, fellowships, rese8rch, Ihe Library, archlves, upk8ep ol the gardens and m81ntènance projects. Dg$lgnatgd Fundg Flxed Assets D•slgnatod.' Unrestrict8d Funds which ar8 represtrntad by fixed assets ol the College and thereforg nol available for 8xpenditure on the College's general purposes. Doslgnatsd.. un￿Stn¢tsd Funds allocated by the Trustees for jdnt equlty and olhar inv831ment properties. Gen•ral Unresidcted Funds représent 8c¢umulaled income from the col￿ge.8 activities and other Sources that are available for thè general pU￿oSeS of the College. 40

WORCESTER COLLEGE Notes to the Flnancial Statements For the yoar anded 31 July 2024 18 ANALYSIS OF NET ASSETS BETWEEN FUNDS un￿striCted Funds £'ooo R8Stricted Endowment Funds Funds £'ooo £'ooo 2024 Totsl £'ooo Tanglble fixed assets Propety investments Securitiés and other inve8lm&nt Nel current aSS8ts Defined bgnefit pans1)n Bth8me lia￿'11fy 33,271 e,533 33,271 6,533 52,033 10.523 52,033 8,255 13331 2,601 39,471 2,601 60.288 102,360 unr8stricl8d Funds £'OOD Rostrlcled Endowment Fund8 Funds £'ooo £'ooo 2023 Totsl £'ooo Tangible fix8d a88919 Property inve81menty Securlb'es and other investments Nel current assets Defined benefit pension scheme Ilability 33,647 4,833 33,647 4,833 49.409 10,024 2,4Y61 95,417 49,409 6,661 1,137 12,4981 37,121 2,226 2,226 56,070 19 TRUSTEES, REMUNERATION Trusts• r•MUn•rn￿0n The Iru81ges of th# Colleg¥ comprise th8 Govemlng Body. primarily fellows who ar9 teachlrg and research gmploy8es ol the Collage and who sil on Govgrnlng Body by virtue of thalr empk)ym8nt. No Iruslee r8¢8ives any remuneratlon for aciing as a Iruslee. However. those trustees who are 8180 employee$ of th8 Colleg& receiv8 salaries for IheSr wort( as omployee$. Where possible, Ihese salories a￿ pald on 8xtemo1 scales and often 8ra ￿￿1 arrangemenis wSth th& Univgrslty ol Oxford. The Rgmuneratlon Commltieg consi518 of a malodly of exlemal member8 and makes recomrnendallons lo the Goveming Body on levels of reffluneralion, allowances and axpenses. Trusteès of the College fall into the followlng cotegorios.. Provost, Tulodal Fellows, Fellow Lociurers, Profes80rial Fellows, Supemumer8ry Fellows, and Official Non-Tulorio1 Fellows. There are Ihreg truste88 work almost full lim8 on managernent and fundraising,. Provost (full tirnel, Flnance Bnd Estates 8ursar (full limel. and Diractor of Development & Njumni R6lats'ons Ifull timel. Some trustees, tulorial fellows. are eligible for College hous4ng s¢hemès. Five trustees lived in properties owned by the ollege and did not recgive housing allowance. Others may ba eligibl• for a housing allowanco which is dis¢losed wlthin the salary figures below. Two Iruslees lived in houses owned ￿}ntlY wilh the College, as detailed in Note 25. Some truslges rece¢ve addllwy)al albwances for additional work carried oul 8s part Ilmo Colleg8 Officors, for exampl8. Ihe Vice Provost. Senior Tutor and Dean. These amounts are included wlthin the rernuneration figures below. The total femunerali¢Jn and taxable benefit5 as shown below is £2.072.544 12022-23.. £1,881,028). The total of pension contn'bution$ Is £245.21912022-23.. £257,917). 41

WORCESTER COLLEGE Notes to tho Flnancial Ststementg For the yw endgd 31 July 2024 19 TRUSTEES. REMUNERATION {continuedl There wefy fiv8 trustegs during the y8ar who were not employ8es oftho Coll898 and did not receive remun6ratlon. All amployad trustees, together wlh othar senior employees, are eligible for pAvate health Insur￿Ce as part of thebr package of rernunèration, All tfustees may eAt 81 common laN8, as can all other ernployèes are enfjded lo meals while workSng. No fellow claimgl any expenses for work as a trustee. Other tr#nsactlon8 wtth trustse Durfng the yaaT the par1n6rs ol some Iru8tee8 wgr8 paid for wovldlng tutorials for slud8nts of the College. K•y managomont r•mun•ratlon The lolal cost of remuneration paid to key managèmont was £1.046k12023-. £991 kl. Kay manogem8nl are consld&red lo b8 th& Provost, the Vic¥ Provost. the Finance & Estates Bursar. tho Senior Tuior. the Dean, the Admisslon$ Tutor. the Home 8ufsar, the D￿elOpM￿nI D¢'rector, the College A¢countanl. the Librarfan. the Dir8¢lor of the Visiting Sludont Programmg and the Outreach Fèllow, The follo￿ng table 9èts out th6 remun8ration r¢G8fved by TNstaes as 8mploy88s of tho College.. 2024 2023 Munb•f Numb•r•l Tiu¥tM• Gro•A R•munw•d R•mun•r•tlon Tiwl• EO.rth. EO.999 E9.OOD-£9,999 £10.000- £10,999 e13,000-£13.999 ¢14,000-£14.999 t15,￿O- £15,959 £1e.oM- £16.998 £19.OW- £19.9* £20,000- É20.999 È21,Tr)0- £21,999 £25,WO- E25,999 £28.￿0. £28.￿9 £27.￿O- £27.999 £28.LX)0. £28.999 g.000-E29.999 0.000. £3Q,999 £37.WO- £37.999 £38.000. £38.999 £41.000-£41.999 £43,000- £43,999 £44,000- £d4,g99 £4e.WQ. £4e,9 £￿.￿D-£S3.999 ÈJ4.000- t54.999 £￿,000- £M.999 £5fj.000- £5fj,999 t59.(MJO. £59.999 £60,OCM)-£60.999 £63.000-£e3.999 100 9,2$2 iQ,$48 13,833 14.823 15,929 1&953 20,IM 21,793 26.211 274.214 28.￿7 .803 10 2J4.42B $1,767 75,430 JO.5BS 41,307 4J,Q53 44,214 X523 ge.377 59.416 60.322 63,0 42

WORCESTER COLLEGE Notes to the Flnancial Statemants For the year endod 31 July 2024 £64.c￿0. £64,999 £67.(H)0. £67.999 £68.LK)0-£68.999 £69,000- E89.g99 £70.￿O- £70,999 £71.￿& £71,999 £73.tx)& £73.989 £7s.999 £78,000- £78.999 £86,000- £86.B99 E91.000- £91.99 E97.WO- £97.999 £107.OW- £107,999 £126.0￿- £126.￿9 t4,382 271,849 136.881 7,312 27•.lJ73 70,820 143.365 73,077 7S,745 78,017 10,927 •1,430 •7,320 107,630 126.2Ql 70,048 72.870 74.527 152,254 107.631 126.522 1.881,028 42 2,1172.a43 20 PENSION SCHEMES The College partlclpates in principal pension schemes lor Ils staff - the Universltie8 Supefannuats¢n Schem6 IUSSI and th6 Universlty ol Oxford S10ff Pension Scheme IOSPSI. The 8s8Ots ol each ￿herne are each held in separate trusle9-admini$lered funds. USS and OSPS s¢heme98re contributory mixed beneflt schemes11.e. they providè benefits on a defined bonefit basis - based on length of servKe and pensionable sa18ry and on a defined contribution basi$- ba5sd on contributions into tho scheme). 80th are mulli-employef 8¢heme$ and lh8 College is unable 10 idenl'fy Its share ol the underlying asséts and liabillb'es relaling lo defined benefits of ea¢h scheme on 8 consistent and iea50nable basis. Th8refors, in accordance with the accounling standard FRS 102 paragraph 28.11, the College a¢¢ounls lor the $¢hème8 8$11 they wore defined contribution schemes. As a rosull, tho amounl charged tts the Incomg and Expendlture A¢¢ounl r&pre5enls ihe conidbution$ payablfy lo the schernes in raspecl ol the accountlng perlod. Where a 8chem8 valuation determines Ihal the schemè 1$ In deficll on a technlcgl prOvI￿on8 basis18s was ihe ca89 lollowing the 2020 USS valuatioftl, the tNslee ol Ihe scheme rnusl agreo a Recovery Plan Ihal detemlnes how each employer within the schtrme will fund an overall deficit. Thè College recognlses a liability lor the contrlbulion8 payab Ihat arise from such an agreemgnt Ilo tho extent that they relate to a dgfidll with relalgd 6xpen6es belng recogn18ed through the incorne statement USS in rel8Uon to the Virgln M8dla VB NTL Pgnslon Twstees11 ludgemenl, The College is aware of the Vlrgin Medla vs NTL Pénslon Truslee511 Llmlt8d Court of Appe81 ju(%38m8nt. whlch may give ri88 to adjustment lo the Schemes. Al present the leg81 proce88 Is Incompleltr and Iherefore wo arè unabl8 to quantify any r)otonts'al liabllltie$. S¢h•mei accountsd for und•r FRS 102 •• d•fin•d contrlbutlon sch•m•8 Defidt R•¢ov•ry Plan• un1ver81￿•S Supèrannuatlon Sch•mo For USS. a deflcAI recovery pl8n was put in place as part of th8 2020 valuation, which requlr8d paymant 016.2% of salaries over the period l April 2022 until 31 March 2024, at which point the rate would Increase to 6.30k. No deficit ￿CoV9ry plan was required undef lh8 2023 valuatK)n because the sch¥nE was in 8urplus on a technica1 provisions basis. The College was no longer required lo make daficil recovery contributions from 1 January 2024 and accordingly rtsleased the ou181anding provision lo the income and 8xpenditurè account. The latest available complete actuarial valuation ol the Rot1￿ment Income BLrilder Is as at 31 M8rch 2023 (the valuatson dale). which was c8rried out using thè proiecled unit melhod. Since the College cannot identify its shar8 ol USS Rets￿Ment Income Builder (defined benefit) assets and liabilities, the following dlsdosures reflect thos8 relevant for Ihts8e assets aThY liabilit188 as a whole. 43

WORCESTER COLLEGE Noteg to the Flnancial Statements For the year ended 31 July 2024 At 31 July 2023, lh8 College's balanc6 sheet include(J a liability of £2,496k or future contrsbution& following the 2020 v8luation when the 3¢heme wag in deficlt. No dèficit recovery plan was rèquired from the 2023 valuation, b8cause the scheme was in surplus. Chang85 to contribution rates were implemented frorn 1 Janu8ry 2024 and from that datè the Cdl8ge wa$ no long8r ￿qUired to make deficlt ro¢ov8ry contslbutions. The remalning liability of £2,496k wag released lo the I[￿oMe 8nd èxpenditure account. The 2023 valuation was th8 seventh valuation for the schem& under Ihe stheme-8pecific fijndlng regSme Introduced by the Pensions Act 2004, which requifes schernes to have sufficient and 8ppropriate assets to cover their technic81 provisions (the slalulory funding objeclivel. At the valuation dale, the value ol the assets ol ihe scheme was £73.1 blllion 8nd the value ol the scheme's iechnical Provisions was £65.7 billion indicatlng a surplu$ of £7.4 blllion and 8 funding ratio of 111Vo. The key flnan¢l81 asBurnptions usèd in th8 2023 valuats'on are described b81ow. CPI assumptlon Term dependent rate5 In Ilne wltm the dSfference between the Flxed Interest and Index Linked yleld cutves less.. 1.0% p.a. to 2030. reduclng Ilnearly by 0.1% p.a. from 2030. Benefits wlth no cap.. CPI assumption plus 3bps Benefits subject to a 'soft cap" of 5Wo Iprovlding inllatlonary Increases up to 5%, and half of any excess infiatlon over 50h UP to a maximum of LO%I.' CPI assumptlon mlnus 3bps Flxed Interest gilt yleld curve plus.. Pre-retirement.. 2.5 Post-retirernent.. 0.90/0 p.a. Penslon increases (subject to a fl<)or of 0%) Dlscount rats (forward rates) The maln d8mogr8pnlG assumplon8 usod relat8 to the mortallly assumpuons. Th8se assumption5 aro based on Analysls ol th8 scheme's experienc6 canied out as part of the 2020 a¢luarfal valuatlen. The mortalty 88sumplions uged in these figure5 arè as lollowg.. Mortallty b880 tab5e 101Vo of S2PMA "Ilghl" for m818s and 95% 01 S3PFA for fern8188 Future improvement8 to mortsllly CMI 2021 with a smoothiro parameter of 7.5, Initial addition of 0.4% p.8. and a long4emi Improvomenl rate 011.8% pa for males and 1,6V• pa for fam8￿8 Thg current life expectancl88 on relir8menl al 890 65 are.. 2024 23.7 2023 Males ¢urrently aged 65 (years) Fomal86 currently 8g8d 65 lyearsl Male8 currently aged 45 (years) Females Cu￿n11Y ag¥d 45 lyearsl 24.0 25.6 25.4 25.6 27.2 27.40 Univ•rsity of Oxford Staff P•nslon Schem• The Univ8r5ity of Oxlord Sl8ff Pension Soheme IOSPSI is a mulliomployer hybrid scheme set up under trust and sptsnsored by the University. It is the pension scheme for support staff at th8 Unive￿ty, parlcipating colleggs and other

WORCESTER COLLEGE Notes to tho Financial Statgrnents Forthe year endod 31 July 2024 related am￿0yers. New members joining ihe scheme build up benefiis on a defined contributlon basls. Members who ined before 1s1 October 2017 build-up bengflts on a career average revalued earnings basis. Th9 latest full actuarfal vaSualk*n for Ihe OSPS schem¢ wa5 complete<1 as at 31 March 2022. The fvnding position of Ihls scheme has improved slgnificanlly moving from deficit ol £113m to a surplus of £47m at valuatlon (Salè. A5 3 result, Ih$ recovery plan agreed 81 the last valuation is no longer required ond th8 def￿11 contrfbubon ended on 30, Seplernbef 2023. A provislon 01£682K was made al 31 July 202312022.. £197kl lo account fordeficil rtcovery payments up to 30th September 2023. The remaining liability of £19k was released to the income and expendilvr8 account in 2024. The trustee and the Unlverslly hav¢ agreed a new ¢onlrlbullon schedule whlch took effect from 1 October 2023 and tskas account of thè benefit improvomen18 8nd changes lo member contributions sinc6 Ihe last waluation date. It w¥$ agreed that the scheme will meet ils own running costs from Ihe 8ch8me's assets, Sncludlng exp￿$$5 felattng to both the DB and DC Soctions and ihe cost of pension Pfoteclion Fundlother stslutory lèvies. The tablè boksw sumrnarfss the kéy actuarial assumptions. Furthèr detai15 01 lh8 assumptlons a￿ sel out In th¢ slaternont ol fun(thng principles f&led 27 June 2023 and can be found at httPS.'Ilfinanoe.admin.ox.a¢.ukJosps-documtsnts Dote of valuatlon.. 3110312022 £914m E961m Value of assets., Fundlng surplus I Ideflcitl: £47m The prfn¢lp•l assumptths used by the artuary were: Rate of Interest Iperlods up to retirement) Rate of Interest Iperlods after retlrement) Gllts, +2.25 Gllt5' +0.5 Break-even RPI curve less 0.5% pa pre-2030 and l.owo Pb POSt-2030 RPI RPI Inflatlon a5sumptlon less IVA) Pa P￿-2030 and O. 1% pa post-2030 CPI Pensionable Salary Increases RPI +pa Fundlng Ratios.. Technlcal provlslons bas15: 'Buy-out' basis.. 1050/0 62% Non-financl81 a￿umptIons. Non-Pensloners'. 105Wo of standard S3PxA medium tables for both males and females Pensloners.. 105% of stondard S3PxA medlum tat)les for both males and females Non-Pensloners'. L05% 01 standard S3PxA medium tables for both males and females Pen5ioners.' 105% of standard 53PxA medlum table5 for both male5 and females 16.5Wo DB for member5 from 0111012023 100kn 112Wo 114% DC tnembers in relation to 4% 16Yo 18% cost plan from 0111012023 3110312025 Post-retlrement mortallty - base table P05t-retirement mortalltv improvemellts Recommended employer's contribution rate las % of pensionable salaries).. Effective date of next valuation: 45

WORCESTER COLLEGE Notes to the Financlal Statemants For the yoar ended 31 July 2024 The p6n&on charg6 recorded by the College during th8 8ccoiJiiling period {excludir@ pension finance costs) wa8 equ81 lo the conth'butions payable aftér allowance for the deficit recovery pl8n as follow8.' - 2024 £￿00 2023 £Doo Sch•me Unlversibes Superannuation Scheme University of Oxford Staff Pension Scheme Oth8r Scheme8 Contributions 741 229 793 481 971 1,275 Included In other cr8dllofs gre p&n3ion ¢ontribulions payabb of £Nil12023.' £nill. 20 TAXATION The Colleg8 18 able lo 18ke advantage ol the tax 8x8mpllons available to charllle$ from laxallon In respect ol income and capital gains rttelved to the extent IhBt 8uch iftcome and gains ar8 8pplied lo purposes that ar8 8xcIv81vely ch8rltabl8. No Ilabllrty lo corporallon tox art8&8 In the Cdl8ge's $ubsld18ry company because the dlreclors of ihls cornpany have indicated that they intend lo make donalion8 each year lo the College equal to the taxabl& profits of the company under the Glft Aid scheme. Accordingly. no provi8ion for taxation has b8en included in the finan¢l81 stalemenls. 21 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH FLOW FROM OPERATIONS 2023 £'ooo 2023 £'ooo N•1 Incom• 4,622 869 Ellminakn"on of non-OP8faUng cash flows.. Investm6nt incomo Endowment ¢Jonafjons Dep￿CIatIOn Surplus on sale of flKed 885ets Decrease in stock Ilncr8as8ydecrea8e In debtorg Increa8e in creditor Decreasè In penslon scheme liablllty N•t cash us•d In operating actlvltl•8 12,5031 12881 998 12,0291 1461 974 1331 6.126 913 1253) 9,538 12,4961 9,630 19851 5,789 22 CAPITAL COMMITMENTS The Colleg8 had no contracted commitments al 31 July for capltal prole¢ts12023'. £nill.

WORCESTER COLLEGE Notes to the Financial Statements For tho year ended 31 July 2024 23 RELATED PARTY TrANSACTIONS Th$ Collgge Is part of the collegiale Universlty ol Oxford. Malerlal inlerd$p8nd&ncies be￿e&n the Vniversity and the College arise as a consequgnce ol this relationship. For rgporting purposes, the University and the other Colleg&s are not treated as related part￿5 as definsd in FRS102. Afjembers ofthe GovemirrfJ Bo(Jy, who a￿ the Iruslees of the Collage and related part18s as defined by FRS 102, fecetve rernunerati￿ and facilltl88 as employee8 of the Collego. Oetails ol th88e payments and raSmbursed expens98 a8 trustogs arg dlsclosed sepaf8lely In those flnancial st8lements. Two propertlgs ar& owned under jolnt equlty agr98rnents be￿en the Trustees, nam•d bèlow, 50% and the College. 50%. Full Ma￿et values of the properties, following an Inspe¢llon valuation carrf8d out by Carter Jonas LLP.. 2023 £'ooo 2022 £'ooo Dr J Parrington Prof J Qulnn 820 820 730 730 The88 Iru8t8&s do not r8ceiv8 Housing ￿lOwanCe. AJI lolnt gquity pTopertl85 are Bubl8ct to 8818 on the departLtre of thè Iru8te6 from the Coll898. On8 Trusl8e (Dr Bon Morg8nl had a family rnember or other Connected paty who w88 employed by the College on ellher a pornianenl or casual basis during the y&ar.' noilher ol these Trustees had gupeThi80ry respons5b.lity for the relevant employee or was Involv¥d in their recnjllment, and all cas•$ havtr b8¢n declared In the wisler of Trustees. Interg818. The total value of the88 Iran$aclion8 was E17,99612023'. £16,073> Funds ol E15m12023'. £11.7ml ai8 held al am)'s l&ngth in th8 Worc$$ler Cc41ega Oxford Endowm9nl Tru81. which18 not controll611 by the Colbge bul supports the College 88 Ils princlpal charitabl& obie¢tlV6. The TNsi awards the College an annLtal grani Icurrenlly at 4.25% of the value of Ihg Trust's asseis al each year-ondl. 24 CONTINGENT LIABILITIES Th8re ￿re no known cLJnlingenl liabililias. 25 POST BAIANCE SHEET EVENTS There are no po81 balance sheet èvents lo raport. 21 ULTIMATE CONTROLLING PARTY Tha Trusl8es bèlieva that the Colleg8 doos not have an Ullim8le Conlrolllng Party. 47