Charity Registratlon No. 1143479 Worcester College Annual Report and Financial Statements Year ended 31 July 2025 WORCESTER COLLEGE Annual Report and Flnanclal Ststèments Contonts Governing Bcrfjy, Officers and Advisers Report of the Governing Body 6-17 Auditor's Report 18-21 Siaternenl of Accounting Policies 22-26 Consolidated Statement of Finan¢Sal Activltles 27 Consolkialed and College Balance Sheets 28 Consolidated Slalement of Cash Flow$ Notes lo the Financlal Stalemenl8 30-47 WORCESTER COLLEGE Governlng Body, officers and Advisers Year ended 31 July 2025 MEMBERS OF THE GOVERNING 80DY The Members of the Governing Body are the College's charity trustees under charity law. The members of the Governing Body, who served in office as Iruslees during the financlal year. or subsequently up to the dale of approval of these financial slalemenl$. are Ilsled balow together with detsi18 for those who also held College Offi¢erships'. Governing Body Fèllow Coll&ge Officars In year change 121 131 141 15} 161 Mr David Isaac CBE Provost Dr Slmon Cowan ce Provost From 1210312025 Professor Kale Tunstall Professof Donal Nolan Dr Nir Vulkan Pcolessor Andrew C8fT Profo$$oT Ben Morgan Dr John Parringlon Head of Reseorch Dr Richard Earf ice Provost IW0212025 Dr Scott Scullion ean ol Dagregs Professor AndT88S Wllll Professor Endre Sull Profos80r Grant Rllchiè Proles$or Robert Harris Dr Paul Azzopardi Dean Dr Davld Steln8attz Dr Conrad Ley8er Flnancial Ald Offlc8r Professor Laura Ashe Professor Gabriel Slylianides Prof8ssor Kim Dora aTden Master Dr Antonis Papachristodoulou Dr Michael Peramatzis 0 31108124 o 09101125 Dr Zofia Stemplow8k8 0 09101125 Dr Afifi al-Akiti Professor Sadie Creese Dr James Edward8 PTofessor Andrew Stephen Mr Mark Bainbridge Fellow Librarian and Dats Prot8Ction Officer WORCESTER COLLEGE Goveming Body. Offlcars and Adviser8 Year ended 31 July 2025 Governing Body Fellow College Officers In year change 121 131 141 151 161 Dr Alexander Sturgis Dr Peta Fowler CR Steward Dr Alice Violet To 30109124 Professor Andrz&j Murawski Dr Robert Smith ulor for Gro¢Juales Professor Hauke Marquardl Dr Lisa Wedding Dr Michael Mayo ustainablllty Fellow Director of Visiting Studen18 Programme Dr Laura Quick To 31105r25 Dr Leah Trueblood 0 20106125 Dr Nalalia Waighls Hickman Profegsor Tsilly Dagan Professor lain M¢Culloch Dr Paulo Savagel OT Woutèr Moslert Professor Patncia Clavin Profes30r Emrnanuel Breuillard Mr Michael Huggins Professor Jennifer Wal$he Inance and E8tat8s Bursar Mr Simon Boddie Leila Ullrich Equaliti¢8 Fellow Ronelle Roth Helen Parish nior Tutor Viola Kerr Development Dirertor Richard D'Arcy Weston Stiuwe Professor Josephine Quinn 0 31112r24 WORCESTER COLLEGE Governlng Bodyi Officors and Advlser8 Year onded 31 July 2025 During the year the activitie5 of the Governlng Body were carried out through slx principal committees. The membership of these commillees during the academi¢ year 2024125 is shown above for each Fellow. 111 Finance Committee 121 General Purposes Commlttee (31 Education Committee (4) Development Committee (5) Estsles and Operations Committee {6) People and Culture Committee The Joint Con5ullalive Committee Gomprising membership from Governlng Body. senlor staff and Officers of the Middle and Junior Common Rooms di5¢usses mallers affecting Middle and Junior Common Room members. Such mallers Include Ibul are not limited tol the domestic management of the College. food seNice provislon, and sport$ and recreational fa¢ililies. Membership details for all commlttees are available on request. COLLEGE SENIOR STAFF Th8 non-Truslee senlor staff of the College to whom day to day management 1$ delegated are- MT Harmohinder Bahl Home Bursar Mrs Jayne Sloddart Head of Works M8 Leigh MacNeill College A¢counlanl WORCESTER COLLEGE Governing Body, oificers and Advlsers Year •ndgd 31 July 2025 COLLEGE ADVISERS Investment managgrs Oxford University Endowment Managomenl Ltd King Charles House Park End Street Oxford OX1 1JD Audltor 6th FkLr Street EC2A 2AP Bankers The Royal Bank of S¢oUand Drummond House 1 Re(Iheughs Avenue Edinburgh EH12 9JN Barclays Bank L81c851er LE87 2BB COLLEGE ADDRESS Worce818r College Walton Street Oxford OX1 2HB Coll•ge w•b8lte www.worc.ox.ac.uk WORCESTER COLLEGE Report of the Governing Body Year onded 31 July 2025 The Members of the Governing Body present their Annual Report for the year ended 31 July 2025 under the Charities Act 2011 together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION The Provost. Fellows & Scholars of Worcester College In the University of Oxftxd, which Is known as Wof¢ester College. { the College") is an eleemosynary chartered charitable corporation aggfegale. It was founded through a legacy of Sir Thomas Cookes Bt. under 8 Royal CharleT of Queen Anm dated 1714. The corporation comprises the Provost and Fellows. The College is registered under the Charity Commission Iregi8lered number 1143479). The names of all Members of the Governing Body al tha dale of thls report and of those in office durfng the year. together wllh delalls of the senior Staff and advisers of the College, are given on pages 2 10 4. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov•mlng docum•nt• The College is govemed by ils Statutes dated 14 December 2011. Governlng Body The Governing Body is constiluled and regulated In accordance wlth the College Slatule5, the 18rms of whlch afft enforcoable ultimately by the Visitor, who is the Master of the Rolls on behalf of the Crown. New Governlng Bo(iy fellows are appointed by the existing trustees, for specmed periods of lime or vntll ret1￿Ment. New members of the Governing Body are elected on the baÉ,is of expertise in their particular field. The Governing 8ody devises and approves the College's strategy and oversees its admlnislrallon and also the management of ils finances and assets. 11 meets regularly, chaire(i by the Provost. Rocruitm•nt and tralnlng of Mombor• of the Govfjrnlng Body New Members of the Governing Body are normally recrulled by open applicallon and interview and are Inducled into the workings of the College, includlng 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 Informallon lo keep members of the Governing Body informed about current Issues in the sector and on regulatory requlremenls are kept under rEwiew and offered. as appropriate. Rtmuneration of Mgmbers of the Governlng Body and Senior Collego Staff Members of the Governing Body, who are primarily Fellows, are teaehing and research employees of the College and receive no remuneration or benefits from their trusteeship of the College. Those Iruslees that are also employees 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 to the University's academic staff. The remuneration of senlor college staff is approved by Governing Body on the recommendation of the Remuneration Committee. WORCESTER COLLEGE Report of the Governing Body Year ended 31 July 2025 Organlsatlonal management The members of the Governing Body normally meet twice a term with the provisioll for exiraordinary meetings, if required. Governing Body has established a series of commillees lo allend lo and advise upon the wlde range of mallers for which Trustees are accountable. Six Principal Commillees meet lermly lo cover the main operational areas of College life and report d1￿CtlY lo Governing 8ody, some of whlch are informed by operational or specialist sub-commlllees. Development Committee Provldes straleglc advice lo the Devdopment Dlrector and oversight of the College's fundraising activities. policies and donor relations. Education Commlttee Conslders all business related lo the academlc Ilfe and activities of the College, with the alrn of SLJPPOrting students and promotSng excellence in teaching and research. Eslales & Oparalions Commlttee Provides Strategic advice and general oversight lo ensure College bulldlngs and facilities meet the academic, social and residenllal needs of the Ctsllege community, within Ils means and for long-lemi suslainabilily. The Committee usually meets ￿lce per term.11s sub-cofnrnillees include those responsible for Health & Safety, IT, Gardens & Grounds and Sustainability. Finance Committee Sets and monitors annual financial budgets. 11 deals with issues of financial management. procurement, reportlng and Compliance. aiming lo secure long-term financial sustainability and value for money across all College expenditures. General Purpose8 Committee Provides a regular forum for the consideration of urgent or 51ralegl¢ issues and those which do not fall wholly wilhln the remits of other commillees. People & Culture Commlttae Monitors. facililales and promol&s policies, slralegie5 and actions to strengthen the skills, achievements and impacls of people in the Worcegler Ccllego community. Its sUtFcommSttee$ include those responsible for HR and Equallty. Diversity & Inclu$ion. Three Advlsory Commillees are convened lermly lo provide strategic advl¢e and oversight for governance. 8cademlc and operational areas. Academic Strategy Committee Produces and monitors progress on an annual academic strategy which sets out aspirations for the size, shape. perfomianGe and provision of leaching and research. Governance & Compliance Committee Monitors progress on the College's $lralegy. and reviews College governance, policies and processes lo ensur8 appropriate meaSU￿S of transparency, compllance and accountability. Audit & Risk Committee Provides review and advice. from external expert5. to assist Governing Body In the fulfilmenl of ils corporate governan¢e, and eharitable duties. WORCESTER COLLEGE Report of the Gov8rnlng Body Year ondod 31 July 2025 Two other committees dlrectly report to Goveming Body: Nominating Committee, which comprises at least five members of Governing Body who are broadly representative of the College's academic community, makes recommendations in relation lo Ihe appointment of committee members and senior officers from among the Iruslees of the College. Remuneration Cornmittee, which provides independent advice and re¢ommendalion$ lo the Governing Body as lo the level of remuneration (including any stipend, allowance or benefit} for members of the Goveming Body or other senior staff who may be referred lo it. The Commi118e is chal￿d by someone who is not a Trustee of the College but has previous experience of serving on a Remuneration Commlttee or equival8nl. The day-ltrday running of the College is delegated lo the Provost, supported by the following College Officers and senior staff.. the Vice Provost, the Finance & Estates Bursar. Ihe Senior Tutor. the Dean, the Home Bursar. the Development Director. the College Accounlanl. the Librarian and the Dlreclor of the Visiting Sludenl Programme. All meeting5 of the commlttees Ilsled above are allended by one or more of these individuals. Group structur• •nd relatSon8hlp8 The College has a wholly owned Iradlng subsidiary. Wor¢ester College Enterprises Llmited whose accounts are conscdldaled Into the account8 of the College. The College is part of the collegiate Unlversily of Oxford. Material Interdependencies be￿een the University and the Collage arise as a consequence of this relationship. A separate charlty which is not ¢onlrolled by the College, Worce$ler College Oxford Endovmient Tnjsl, has the support of the College as its prlncipal charitable objective. The Trust makes an annual grant lo the College Icurrenlly al 4.25¢/0 of the value of ils assets al year-end). The College also admlnlslers many spe¢lal funds, as delalled in Note 16 to the financlal slat8menls. OBJECTIVES AND ACTIVITIES Worcester College Is Committed to leaching, learning and exchanging ideas whi¢h make a pogltlve impact In wider society. As an academic community within the University of Oxford, the College promotes freedom of thought and expression, the integrity of academic research, and the belief that all members of the College should bo valued and respected. The Collego offers a slimulaling and supportive leaching and learning environment for students at undergraduate and graduate levels in a wide range of academic disciplines. This is complemented by modern facilities and a range of opportunities for extra-curricular activity. The College's educational provision works In tandem with the courses of study av211able lo ils students within the departments and facultles of the Univer$lly of Oxford. In particular. the College organises small-group lutorials for undergraduates in which each student's education is steered by research-aclive academics. This system of supervision, alongside advisofs for gfaduale sludenls, ensures that the College provides an Informing, inspiring and challenging learning environment for a51 ils students. For centurfes Worcester College has helped students lo achieve their potential and contribute lo soc¢ety afler giadualion. Alumni have gone on to lead fijlfilling lives and have made major conlributlons in their chosen flelds, from academia, education, Science and the arts. lo faith comfflunilies. publ￿ service, busines5 and the military. WORCESTER COLLEGE R•port of the Governlng Body Year ended 31 July 2025 Charitable Obigcts and Aims The College's Objects are the advancement of education, Trligion, learning and research. by the provision of a college in the University of Oxford, for the benefit of the public. The Governing Body has consldered the Charty Commission's guidance on publ1¢ benefit and in keeplng with ils objects, the College's aim$ for the publlc benefit are.. To advance education, including extending access Worklng with the Univ8rslly of Oxford's departments and fa¢ullies, students are admitted from a wide range of demographlc, financial and ￿ltural backgrounds solely on the basis of Ihelr academie ability and polenlial. The College provides opp)rtunili&s for ils students lo develop their academic knowledge and polenlial, and the transferable skills they will need lo contribute in the workplace and in society more widely. Small-group lulorial and class leachlng for undergraduates is supplemented by the provislon of a range of leaching and learning facilities, including three Ilbraries and several leclurelseminar rooms. The College also offers a range of welfare, pastoral and admlnl$lralive systems lo support 8lud8nls, a8 well as soclal, cultural. and extra-curricular acllvilies. The Admisslons and Access Officers employed by the College undertake oijlreach and wldenlng- participation work with schools, colleges and indivlduals and work with the Senior Tutor lo develop and implement policies associated wlth access lo Higher Educallon. The Senior Tutor. supported by a Graduate Officer. is responsible for work associated with Ihe admisslon of graduate students. To provide bursaries The College recognises academ1¢ achlevemenl Ihroygh the award of 8cholarshlp$. exhibllions and prize$ for strong performance. Funds are provided lo assist students wllh the purchase of academic books, lo help with vacation residence and field trip costs. and for travel assoclaled with attondan¢8 al conferences and In fvrthe1an￿ of their academic work. To support Impecunlous students through largeled financial aid. The College advises and assists students who are in financial har(Iship. A Sludenl Financial Aid Fund ¢onsi(Jers applications for assistance from the College's hardshSp funds and 1$ able lo provlde help by means of grants, loan5 or a combination of the ￿0. To support college-funded and Independent wsearch, The College funds a number of career development Junior Research Fellowships and Tutorial Fellowshlps In a wlde range of stsbjecl areas including biology, social sciences and thg history of art. Associations are also offered, ty means of Senior Research Fellowships and Supernumerary Fellowships. to individuals in University departments and fa¢ullie5 who are undertaking research. Through the standard University scheme for sabbatical leave, and in considering requests for special leave, the Colleg8 also provides replacement teaching lo enable Fellows lo dedicate between 18nd 3 terms lo specrfic research projects. All Tutorial Fellows and career development Junior Research Fellows are eligible to receive a Teaching and Research Allowance and may apply for a55iStance towards expenses incurred in attending academic conferences. Students and academic staff are able lo make use of the College's lfvree libraries, and researchers can a150 apply lo access material in the College's archive or special collections of prints drawings and manuscripts. To promote religion. The College employs a full-lime Chaplain who, along with the Assistant Chaplain, conducts servlces in the Chapel and can be 8pproached by sludenls 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 Its use by anyone as a space for quiet refieclion is also encouraged. WORCESTER COLLEGE Report of the Govorning Body Yoar endgd 31 July 2025 The Chapel supports the College Choir under the direction of the full-lime Director of College Muslc, featuring both mlxed-voice choral scholars, boy trebles from Christ Church Cathedral School, and undergraduate organ s¢holars. The Choir sing regular services of evensong. communion and compline, four limes weekly in full term, as well a$ taking part in concerts, tours, broadcasts and recordings. A freely accessible mulli-failh prayer room is available as an altern31ive space for prayer and refiection for both 9roups and individuals. and all Services are promoted, internally and externally, by means of notice boards, Social medla and websites. Information about the variety of faith societies, belief groups and ligiou5 ¢enlres within the Univer511y is provided in the Undergraduate and Graduate Handbooks. The Chaplain organises various events outside of the Chapel to discuss religion, othlcs and morallty, usually including a weekly discussion gioup and a termly dinner with guest speaker, alongside more sodal activities focussing on wellbeing and pastor81 care. ACHIEVEMENTS AND PERFORMANCE The Oxford lulorial sy¥tem presents uniqLSe OPPOrtunlties for our studen15' a¢ademl¢ and personal development and we continue lo ensure that all Ouf students benefit from the opportunities that exlsl In College. These have enabled them lo develop the ¢rllical academic skllls to build self-¢onfldence, thrive as independent learners and contSnue lo be ambitious. We conllnue to focus on those with the most talent and polenlial - when considering both students and staff - and are confident that our community will continue to build its resilience and inclusive values. D•lSvory of th• Colloge Strat•gy The College adopted a Five-year Cdlege Strategy in Tr4nlty Temi 2022.'11} to promote a¢ademi¢ excellence and research121 lo develop of a Strong and inclusive College custu￿ and131 lo ensure strong flnancial stewardship and good governance. The College's Strategy Implementation Group has worked hard to ddiver the Cdlege's strategic ambitions. Key aspects have been.. Academic excellence and re88arch- updating the College's Academlc Strategy lo continue lo deliver academic 8xcellerKe and lo erhance research aGtivilie5 within College., A strong and inclus￿e College cultu￿- updalSng College policies and procedures lo ¢reale a ¢oh8swe community for Fellows, students and stsff with increased training as well as the creation of a staff fonjm to receive stsff feedback. The College has also embarked upon a wide range of mustsl. artisliG and community initiatives whih have been very well Te¢elved', Strong financial stewardship and good govemance- improvirrfJ govwnance and financial processes in College with {11 the adoption of a Ihree-year break-even financial slralegy and12} a governan¢e review io ensure Ihal the College and st's trustees are able to rneel Iwhwe relovanll Charity Commission best practice. 10 WORCESTER COLLEGE Report of the Govemlng Body Year ended 31 July 2025 Acc8ss and Admisslons The Admissions and Outreach team maintains Ils focus on active engagement with schools in our 'link areas. of Wesl Yorkshire, as determined by the University's regionalisalion of access and outreach activity. We continue lo work with other Colleges on collaborative events and prolecls, includlng ongoing discussions with Brasenose about increasing Colleg& and University profiles in Northern Ireland. Ai the 1Sme of wrillng, the 2025-26 admissions cycle has reached ils conclusion, and we have welcomed a new a new ¢ohort of students lo Worcesler. We continue lo offer a varied portfolio of evenl$ and activities as parl ol our re¢ruilmenl activities, including participation in the three University open days, College visits, school- focused aclivilies, and online events focused on UCAS applications. preparation for interviews. and 1..1 support for potential applicants in our link schools. Once again, we are very grateful lo our Siudeni Ambassadors whose contribution lo the planning and delivery of ColSege recruilmenl events makes our ambitious programme of events posslble. Our Ambassadors play a key role in our Open Day programme, leading College tours, meeting individual potential appllcanls. and conlribuling lo queslion-and-answer sessions run by the Senior Tutor and Admissions & Outreach officer. Visitors lo open days appreclale the chance to meet current students and to learn more about the sludenl experlence in College and the opportunities avallable. Our ￿enlY.five Siudefil Ambassadors arè 5UPPOrted by Iwelve 'sludenl helpers, and are paid by the College for the number of hours worked. Feedback indicates that our Ambassadors are pleased lo be on equal foollng with peers al other ¢olleges, particularly regarding pay and expeclalions, and are keen lo continue their work in College rather than seek opporlunilles elsewhere. Siudenl Ambassadors are able lo fged their own ideas into planning and events, with proposals received this year Including the provision of support and advice for young carers, care- experienced, and estranged students. including reassurance th81 applications are welcomed and resources are avallable. In the ￿glon of 3,000 vlsilors allend8d our June 2025 Open Days. and we welwmed well over 1,000 lo the September 2025 Open Day. Our profile, reputation, and energetic engagement with potential applleanls mean that Worcester on¢e again received the highest number of applications for undergraduate study of any College. 1.451 applications Were recelved for un(Jergraduale courses, brlnging us close lo our 2019 peak of 1,461. We conllnue lo work lo targets for undergraduate admissions, malnlalnlng a focus on groups currently under- represented al Oxford University. The commitments made in the Unlversity s Access and Participation Plan IAII HEI'S are required lo submit an APP lo the OffSce of Students, and musl be approved by the OFS if the provider wants lo charge higher lullion fees} require the active engagement of Colleges with the UniversSly's laTgels in this area. Worcester continues lo operate within the terms of the Universlty's Common Admissions Framework and we continue lo make significant progress towards achieving our 'local' largels while supporting the work of the University Sn the delivery of ils APP. The College continues lo adhere lo University guidance on the use of ¢onlexlual data when assessing applications and build relationships with departmental and university admissions leads but conllnues lo offer places on the basis of academic performance and polenlial. We maintain an almost identical acceptance rale among applicants from slate and independent schools, which we see as leslimony lo the overall calibre of the students applylng from each group and our commitment lo ensuring equality ol opportunity and outcomes across applicants from all backgrounds. The data for the most recent year shows that the decision5 taken in admissions remain a close match for the national population and distribution of A level grades. We are very grateful for the support of colleagues in the Development Offlce durlng the Worcester College Telephone Campaign, which raised £25,000 lo support access work. Following discussions between the Admissions Team, the Development Office and Senior Tutor, we intend lo use the donation in the first instance lo re-eslablish outbound access Inilialives, such as school visits lo our regional link areasand Student Ambassador visits lo their own former schools or local inslilulions. The continued investment in Access and Outreach by our Old Membors makes a real difference, and we have been able lo recognise that investment by hosting groups from schools wilh which our alumni are connected. Thus far, we have accommodated these requests wilhoul compromising our established planning process. 11 WORCESTER COLLEGE Report of the Governing Body Year ended 31 July 2025 We have updated our feedbad( provision to align with practice across most colleges. Rather than issuing individual feedback responses, we now provide general selection criteria and admissions guidance on our web511e, offèring appllcants accessible and consistent information. Our Admissions. Access & Oulreach office continues lo offer slruclured and informal visit days for schools across a wbde age range, drawlng upon sUPPOrt from lulorial fellows for academic inpul. Enrichment acllvilies of this type are a core parl of our provision, equipping and empowering applicants from under-represenled groups within the College and University in line with the requirements of the University's Admisslons and Outreach work and the allocation of colleges lo Ilnk are8s' across the county. The Choral Experlen¢e programme provides a plalform for students to explore music-making al a university level, sparking interest in Oxford's unique ¢ommilmenl to choral music. Last year's feedback was overwhelmingly positive. and the 2025 Choral Experien￿ was offered as a two4ay, non-residenllal programme on 12 July and 20 September. Caius Lee. Director of Music, is currenuy exploring a collaboration with the Royal School of Church Music lo bolster luture particlpallon. Wor¢esler wa8 well represented al the Oxplore Festival. with a college stand In the exhibition hall, and a opporlunSly lo raise awareness of the support 8vallable through oulrea¢h teams. parli¢ularly in regional link areas. A special event was hosted for Sixth Formers. offering admissions advice and mylh-busling around the Oxford application process. This engagement supports our aim of demyslbfying Oxford and strengthening r813lionships with schools and prospeclive sludenls in our outreach regions. Follow•hlp and Staff Our governance is arranged a¢cording to our College Slalules and By-Laws. with the College's Governing Body holding overall responsibllily for College poli¢ie8 and affalrs. The Goveming Body15 ¢haire(I by the Provost. Ils membership comprises all Official Fellows (Tutorial and Non-Tulorlall and Professorial Fellows {person$ whose posts are slatulory Professorships of the University or are similarly ranked by it, and are permanently attached to the College). There are four categories of Fellowshlp - Research. Supernumerary, Emeritus and Honorary- of which the first may be elected lo membership of the Governing Body. The College Is home lo a Ihrlvlng community of Research, Honorary and Emeritus Fellows. The recent appointment of hvo Heads of Research from among the fellowship is part of a wlder commitment lo fostering a lively and supportive research envlronmenl, and the provision of $upport and mentoring lo early career researchers. The College supports a range of research aclSvilies including seminars, workshops, public lectures. round-table discussions. and inlerdisclplinary approaches lo ra$eaTch and publication that a¢Jdress a public audience. Last year we appointed lo four non-slipendlary Junior Research Fellowships, three slipendlary Junior Resear¢h Fellowships, and one Senior Research Fellowship. Such appointments are cyclical., the next series wlll commence in 2025-26. We recogni5e the conlrlbL>lion Ihal early career researchers make to tho acaderni¢ community at Worcesler, and the Importan¢e of providing a mutually supportive research culture and envlronment in College. Our commitment lo the development of a lively research culture has been noted by the University.. the Senior Tutor has mel twice with members of the Universily policy unil, and requesls for further information have been received from other Colleges. A series of pre-dinner talks and workshops has enabled our e8rfy career researchers and Fellows to present 'work in progress, talks. and under the umbrella of our research l*eme for 20234 'Sustainability' a series of research led and praclice-focused events have been organised, widening the reach of this work acros$ College. university, and via public engagement. Student Numb9rs and Progress Wor¢e8ler College is home to 430 undergraduates, 210 poslgraduales, and 25 visiting students. Our undergraduate students have ken awarded Faculty Prizes across a wide range of 5ubje¢ls, induding Classics, Chemisty, Law. BuS￿eSs, PsyL*bology. and Medicine. WORCESTER COLLEGE Rèport of the Goveming Body Y•ar end•d 31 July 2025 We have appointed a new Leaming Development Officer for the cuffenl academie year, followng a successful application for doncK funding for the p051 on a fixed-term basis. We wll use this lime to refiecl on learning and acadern￿ skdls development in Colloge, arKJ how best lo support our students. Our LDO has run a dynamic and responsive series of events, group ￿t￿lt￿S and 1-1 sessions largeled al the needs of our students, and engagSng wpth broader teaching and leamlng fwjsed issues in higher education. Aclivrties include workshops for staff at Worcester on generative Al, lo be delivered by an expert from Oxford's Cenlrefor Teaching and Leaming. to promote greater understanding of generative Al, Its uses and darvJers, and lo promote conversations around how to take advantage of il in one's leaching. The Visf(ing Students Prcwmme contlnues lo Ihrfve. We relain (￿r rewtalion fcy aGademic 0xcelle￿e within a 8UPPQrtwe and diverse learnin9 environment, providing an educational and cultural eXFerionce which supports academic developmenl and builds1Sfe long memories. In feedback, the students report high levels of sa115fa¢tion with three core aspects of the College provision.. the quality and support of their tutors., the ability lo integrate with matrieulaled students-, and the pastoral support shown by the College. The successful delweryoflhe Visiting Students Prograrnme forms part oflhe College Strategy and our a¢ademi¢ ambition$. The academic relationship that w6 build with our Visiling Students Is mutually benefici81, exposing slLtdenl$ lo diverse perspectives and enabling mnstructlve challenge and debate. Our ambition lo enhance our academic provl$ion grows out of this de8iie lo be an ou￿rd lacin9 College which welcomes students and vi$ilors from around the globe. The Visiting Sludenls Pfogramme is well supported and resourced in College, bul as an area of potential growth also conlribules lo stability in our flnanciAI plannlng Woreesler's Vlsiling Students live wllh the College's malriculaled students in College housing on the main sile, whKh facililales Social inleraclion,. any expansion of Visiting Siudenl numbers will be kept within a range that enables us 10 maintsin thi5 approach lo accommodalk)n. The College is home to a vibrant communlty of graduate students pursuing a wide range of postgraduate laughl and research degrees. Appli¢alion numbers have been buoyant, and our A￿deMiC Strategy benchmarking group has identified the expansion of PG numbers and graduate scholarships as a kgy part of our planning over the next 3-5 years. Support from the Development Office has been much appreciated in this area,. we re¢ognise the funding challenges currently facing the HE se¢lor and the importance of fun(Jing for research students who will Shape the academic culture of the Colleg8, University, and wlder s¢xiety In the years ahead. Studont Flnanclal Supwt The College has continued lo offer financial support lo +ts students. includlng f(Y aCad0m￿ provis￿. hardship, bursaries, study grants and extra-curricular aclivllies. Funds were also provldod lo support other activities ncluding field trips, medical electives, undergraduate researchlconference travel. book bursaries. sports rsaries and language luilion. A total of £370k was disbursed during the year12024.. £358kl. Dovelopment This year, we have been pleased lo build and embed a number of new iniliatlves into the annual Development and Alumni Relations plan, based on th8 solid operational foundations established in 2023-4. Our aim throughout has been lo make and strengthen connections with alumni - and this we hav8 done in ever growing numbers. We are delighted that sustained efforts have enriched links between Worcester College and ils wider community, and developed support for the College's strategic aims as a leading educational In81itulion. In cashflow terms, £14,560,188 was recelved in donations during the financial year 2024-5, including £826,243 in gifts planned in wills. £866.968 was received in unreslricled donations. £10,000,000 of the lolal amount ralsed conslilules the second tranche of the transformational pledged gift of £30,000.000 from Olé Member Sir Lindsay Owen-Jones to create a new library and graduate sludenl accommodation. Thanks lo the generosity of donors and their appreciation of Worcester's ambition lo develop strategically significant areas of college life. il has been possible both lo launch and lo secure a number of key projects this 13 WORCESTER COLLEGE Report of tho Governing Body Year endod 31 July 2025 year. These include support for students from the moment they conslder applying lo Oxford through outreach and access, and Ihfoughoul their degree through financial aid and acadernic skills development. A range of sludenl enri¢hfflenl programmès in the arts and 5POrt have either been set up or bolstered through donations. Research funding for early-¢areer academics has grown, whlle donations have launched five new scholarships for stLJdenls pursuing graduale-level sluéy, with the first beneficiaries Joining Worcester in autumn 2025. Donor-funded reSea￿h opportunities and infraslruclurè renovations coalescin9 around the theme of sustainability have led to Worcester belng awarded Gold in the Green Impact Awards in suslainabillty. The resounding succes5 of a campaign lo restore Worcester's iwnic lake saw ov&r £787.000 raised towards a target of £850,000. Of particular note is the re-eslablishment of teaching and research In the History of Art al Worcesler, thanks to the foreslght of a generous Old Member who has endowed the Tutorial Fellow¥hip in the subje¢t. We are deeply grateful lo the 1.407 Worcester alumnl who chose to make a donation lo the College Ihls year an increase of over 200. Emphasis was placod on two ¢ampalgns to Inspire alumni lo consi¢Yer contributing lo their college.. the flrsl Giving Day since 2021 in November, and a telephone campaSgn with 51udenl callers in March. By reaching out to all alumni through the 36-hour focus of the Giving Day we raised over £300,000- an unprecedented amount for a Giving Day at an Oxford college. WorGesler's Old Members responded extremely gonerously, providing a considerable boost lo support for students, mu$lc and the resloralion fund for Worcester's i¢onic lake. Expectations were further exceeded when student callers ¢onlaGled 450 alumni during the Telethon in March and raised £204,000 in regular grfls. We are especially Indebted to those donor5 who have entrusted the College with unrestricted donations thls year. Their confidence in the College and understanding of our financial Structure is as vital as il Is appreciated. To bring lo Itfe th& impact of donors, gifts, an online donor report was produced for the first lime. Along with events for the 1714 Sodety and the Foundallon Clrcle, the report will enhance our ability lo convay gratitude lo supporters. Our programme of regular reunions, online lectures and subje¢l dinn8r$ has been adapted lo reach a5 broad range of alumnl as possible. We connected with over 1,000 alumnl and guests in person all over the UK, and notably in Hong Kong, Slngapor& and New York. The Development and Alumni Relations team benefit5 from guld8n¢e by the Development Advisory 8oard of volunteers from amongst our Old Member community {now in it5 second year) and from the Development Committee which reports lo Governlng Body. We owe a great debt of ￿allI￿de to all memb8rs for Ihelr lime and counsel. Our grateful thanks go lo all Ih08e whose Ihoughlful and generous financlal support ha$ enabled Worcester to achieve Its aims this year. FINANCIAL REVIEW The College's financial strategy is lo alm to break-even al an operating level in the short term, to generate mo income in the medium term and lo increase its endowments in the long term. lo increase financial security and redu¢e financial risk. For the third year in a row the College has achieved a near-break-even operating result. The 2024-25 financial year was challenging. Infflalion was 2.5% in the first ha￿ of the year, and increased lo 3.80/0 by year end. Inflation in key areas of expenditure- stjch as energy. and food - was considerably higher. These InflalioFl8ry pressures were also fell by our loyal and hardworking staff. and we have done what we Could to help support them financially. inclLtding adopting the University pay selllemenl. Employer's National Insurance increased in April to 15D/g. 14 WORCESTER COLLEGE Report of tho Governing Body Year •ndod 31 July 2025 The principal funding sources of the College continue lo ba fees, accommodation charges, conference I￿￿￿e, donations and endowment income. Fee income is received via the University, from the Office for Slud8nls {OfSI, various funding bodies and 51udenls. The College also receives financial support from many benefactors mentioned above. who enabled us lo achieve a near break-even operating position this year la small deficit of £28k cornpared lo a deficit of £161 k after adjusting for the write-back of the pension provision in 20241. Total income and endowments for the year were £20.317k (compared whh £19,227k in 20241. A5 noted above, this included £3,971 k from éonalions and legaeies12024'. £4.248k}. The College's charitable objects continue to be mel with resources expended on charitable aCt￿ltIeS for the year of £18,141 k12024'. £14,291 kl. The 2024 figure was after the wrile-back of the opening pansion provision of £2,496k. No penslon provision w85 required in the year or the prlor year. Incoming resources from charitable activities in the y8ar, prlnclpally fees and residential income were £10,177k compared wllh £9.042k In 2024. Other trading activity for the year generated £3,290k (compared wllh £3,434k In 20241. The prlnclpal changes in operating results for the year ended 31 July 2025 compared lo the previous year were the slight reducllon in nel other trading income of £77k. largely due lo rising costs,. lower nel development income of £292k,. higher Investment income of £376k and increaslng nels cost of leachlng, research and residenllal by £288k. The operating cash surplu8, which Ss prinupally reslrl¢led In nature, increased from £9,630k in 202410 £10,088k in 2025. During the year the College received 8 further £10M donatlon from Sir Lindsay Owen-Jone$ for the conslruclion of a landmark library, bringing the lolal funds held for this purpos& lo £20M. A final instalmenl of £10M was received after the year end. These funds cannot b8 recognised a$ income until certain condition8 have been mal bul they are accumulating Interest which is re$lricled lo the library pr0￿Cl. All of the College's fixed asset securtt￿5 and other investments are managed by Oxford UnNersty Endowment Management Limited IOUEM) and total £56,418k (2024.. £52,033k). The Trustees continue lo pay particular allenllon lo the College's abillty lo continue as a going concern in the face of significant economic challenges. Improved Iradlng activity and the generous support of Old Members rnakes il possible lo continue College activities al their present scale bul we continue lo examine all our operations lo ensure value for money and lo identify ways of achieving Improved financial suslainabilily on long-lerm basis. Having reviewed the Current cash position and forecast income and expenditure, and in the light of the College's exisllng financial resources, the Iruslees are sallsfied th81 the Collage is a going con¢ern. However, it should be noted that the operating budget for the Qoming year5 corilinues lo romain challenging, and additional income will need to be generated and costs controlled lo ensure that the Cdlege's finances remain healihy in the medium and longer term R•s•Thos poII¢y The College's reserves policy is lo maintain sufficient fre8 reserves lo enable il to meet ils short-lerm financlal obligalion5 in the event of an unexpected revenue shortfall, lo allow the College lo be managed efficiently and lo provlde a buffer lo ensure uninlerrupled delivery of services. The College's Current target is lo build ils free reserves lo £1 M Ihrouoh accumulating operating surpluses until this amount is maintained. In selllng this largel, the Trustees were mindful that the College's Expendable Endowment provides a degree of protection in the event of short-lerm revenue pressure, although taking the view Ihal il is also preferable and prudent lo increase the level of f￿e reserves given the long-term purpose of the Endowment. Free reserves al 31 July 2025 were £326K12024.. £1132k}l.The Group's unrestricted reserves al the yearend amounted to £39,447k12024." £39.471kl, represented by a £32,953k fixed asset designated reserve12024., £33,07Ok), £6.168k12024.. £6,533kl of a long-lerm property Investment reserve and free roserves of £326k.Free reserves are below the Trustees. target for free reserves, but the Trustees are reassured that the number is positive, they plan lo build free reserves lo the desired level as operating circumstances permit. WORCESTER COLLEGE Report of the Govorning Body Year ended 31 July 2025 The investment strategy, pollcy and performance are monitored by the Inveslmenl Sub-committee. At the year end, the College's long- term securities lolalled £56,418k,12024-. £52,033kl which during the year generated income of £2,165k12024.. £2,407kl and in¢luded the recognition of an unreali$ed gain In the year of £3.545k 12024. gain of £2,321 kl. Under the lolal return accounting basi5, 11 Is the Governing Body's pollcy lo extract as income up lo 4.5Vo of the value of the relevant invested funds. The Governing Body will keep the level of drawdown under review to balance the needs and Interests of current and fulure beneficiaries of the College's aclivilies. R18k manag•ment The College ha5 on￿OIng processo$ which operated through-out the financial year for Idenlifylng. evaluating and managirvJ the principal rlsks and uncertainlles faced by Ihe Colleg8 and rt3 subsldiary in undertaking their aclivllies. The Governing Body has ultimate responsibllily for managlftg any risk$ faced by the College, and the Audit and Risk Committee helps il monitor l*e major risks lo which the College is exposed. A rlsk register and action plan has been established and responsibi1Sty for Ihe managernenl of the key risks resides wllh the College offi¢ers and Iheir relevant commillees, with the Audit and Rlsk Committee receiving periodic reports on the offecllveness of Ihls. The princlpal risks and uncertainties faced by the Collego and ils subsidlarles that have been idenllfiod are calegorised as follows: Fallure lo attract and retain high quality staff. On the acadomi¢ side this is miligaled by ensuring appropriate ramunefalion and by a range of additional measure5 Including flexlbillly of funded leave lo support re$earch, and assistan¢8 securin9 housing in Oxford's compelillve market. More broadly. Ihe College millgates this rlsk by worklng lo attract a wide-range of quallfied applicants for position. Govemance and flnan¢ial control risk5 are Inherent in any Charlly of the College's size and complexity. These risks are mitigated by financial and governance controls including strong budgetary and purchasing controls, independent membership of key Committees and clear protocols for managing potential confllcls of interest. Risk$ relating to the management and operations of the College, in¢luding health and safety. rlsk of damage lo the historic fabric of the estsle, and potential interruption to the College'5 aclivllies. Mitigation Involves a range of prevenlalive and control measures, alongside thorough reporting and oversight, contingency planning and insurance. Other risks relating lo the operational activities of the College such as employment of staff and use of IT are managed through ¢lear procedures and monitoring. Other risks of harm lo the beneficiaries of the charity. This is miligaled through appropriate safeguarding procedures, continued investment in student welfare provision, and the aGtSve risk-assessmenl of events and activities on the College slle. Financial risk lo the College's endowment, indudlng loss of real value through inappropriate investment, and failure to allracl sufficient additional endowment funds. The College's endowment is invested with Oxford University Endowment Management lo ensure direct oversight and management by investment professionals, with an Investment Subcommittee monitoring performance and reviewing future strategy, Including potential concentrallon risk. Risk of insufficient future donations is mlllgaled by the activities of the Development Office and the Provost, overseen by bolh the External Relations Committee and the Finance Committee. Reliance on in-year voluntary income to defray operatlonal expenditu￿. This Is being mllig31ed by a focu5 on increasing the returns from trading activities, reviewing the size and composition of the sludenl body and continued work on the evolving three-year financial plan. 16 WORCESTER COLLEGE Report of the Governing Body Y•ar endgd 31 July 2025 FUTURE PLANS The College continues to review all aspects of ils operation$, induding the slze and composition of the slud•nl body although we expect any changes lo be gradual and evolutionary in nalure.11 will continue lo deliver leaching and learning through the lulorial system, lo support research, fund scholarships and scholarly actlvity and lo recognise scholarly achievement, support students in financial hardshlp and provide for the welfare of Its students through ils welfare team and other support arrangement$. The College's ongoing essential maintenance programme 18 planned lo continue into the next financlal year and beyond. It represents a significant expenditure commitment. Alongside this, the free reserves will need lo be rebuilt lo the target lev61 that the Iruslees have sel in the light of uncertainties In the external env￿ronMent. These factors further increase the importance of th8 Cost control and commercial revenue work noted above. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governing Body Is responsible for preparing the Report of the Goveming Body and the financSal statements in accordance wlth applicable law and r8gulalion5. Charity law requires the Governing Body lo prèpare financial statements for each financial year. Under that law the Governing Body have prepared the financial slalemenls in accordance United Kingdom Generally Ac¢epl$d Accounting Pracll¢e Iuniled Kingdom Accounting Standards and applicable lawl. including Fin8nGial Reporting Standard 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 1021. Under charity law the Governing Body musl not approve the financial 8lalem8nls unless they are satisfied that they give a true and fair view of the slate of affairs of the College and of its ￿1 income or expenditure for that perlod. In preparlng Ihege financial stalemenls, the Governing Body mu51.' select the most 5uilable accountlng policle8 and then apply them consislenlly. make judgements and accounllng eslimales that a￿ reasonable and prudent., stale whether applicable accounting standards, including FRS 102, have been followed, subject lo any material departur05 disclosed and explained in the financial slalemenls., slate wh81her a Slalemenl of Recommended Pra¢lice ISORPI 8pplles and ha5 been followed, subject lo any materlal departures which are explained in the financial stalemenl$,' and prepare the financial Statements on the going concern basis unless it 18 inappropriate lo presume that the Colleg8 wll continue lo operate. The Governing 8ody is responsible for keeping proper accounting records that are sufficient lo show and explaln the Colleg8's Iransaclions and disclose wlth reasonable accuracy al any lime the financial posillon of the College and enable them lo ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the College and ensuring their proper application under charlly law and hence for laking reasonable steps for the prevention and detection of fraud and other Irregularlties. Approved by the Governing Body on 03 December 2025 and 51gned on ils behalf by.. David Is8a¢ Prov051 WORCESTER COLLEGE Report of the Auditor to Ihe Memb•rs of the Governlng Body Year ended 31 July 2025 Indapendont auditor's rèport to the trustees of Worcoster College Oplnion We have audited the financial statements of Worcester College (the 'parenl charity'l and its sub$idlarie$ (the 'group'l for the year ended 31 July 2025 which comprise the Consolidated Statement of Financlal Aclivilies. the Consdidaled and College Balance Sheets. the Consolidated Slalemenl of Cash Flows and notes lo the financial stalomenls. including significant accounting policie$. The financial Teporting framework that has been applied In their preparation is applicable18w and Unlled Kingdom Accounting Standards, including Financial Reporting Standard 102. The Finanaal Reportlng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting PTacllc81. In our opinion the financial statements.. glve a Irue and fair view of the slate of the group's and College's affairs as at 31 July 2025 and of the group's Incoming resouTCeS and applicati¢￿ of resources, includlng the group's and tha College's income and expenditure for the year then anded., have been properly prepared ac¢ordan¢e with United Klngdom Generally Accepted AcGounling Pracllce.. and., have boen prepared in a¢¢ordan¢e wllh the requirements of the Charilles Act 2011. B88ls for oplnlon We conducted our audit in accordance wllh International Standards on Auditing IUKI IISAS IUKII and appllcable law. Our responsibilities under those standard$ are further described In the Auditor's Responsibilitie$ for the audit of financlal slal&menlS section of our report. We are independent of Ihe charity in ac¢oTdance with the elhlcal requlremen15 that are relevant lo our audit of the financial statements in the UK, in¢ludlng the FRC'8 Ethlcal Slarwjard, and we have fulfilled our other elhi¢al responsibilities in accordance wllh these requirement9. We believe that the audit evldence we have obtained is sufficient and appropriate to provide a basis for our opinlon. Concluslon8 relatlng to golng COn￿M In auditing the financial sialemenls, we have concluded that the Iruslees, use of the going con¢ern basls of accounting in th8 preparatlon of the financial slalements is appropriate. Based on the work we have performed. we have not identified any material uncerlainlies relallng lo events or conditions that, indlvidually or collectively, may cast significant doubl on the charity's ability lo conllnue as going con¢ern for a period of al least tWe￿e months from when the financial slalemenls are aulhorised for issue. Our responslbililies and the responsibllilies of th8 Iruslees wlth respect lo golng concern are des¢rlbed in the relevant sectKins of this report. Other Inforn)atlo The trustees are responsible for the other Infomialion. The oth8r information comprises the information included in the Trustees, Annual Report, set out on pages 6 10 17 other than the financial slalemenls and our auditor's report thereon. Our opinion on the financlal statements does not cover the other Information and, except to the exlenl otherwise explicitly slated in our report, we do n(It express any form of assurance Conclusion Ihereon. In connection with our audit of the financial slalements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incollsislencies or apparent material misstalemenls, we are required lo determine whether there is a material misstatement in the financial slalemenls or a material misslalemenl of the other inforrnalion. If, based on the work w8 have performed, we conclude Ihal Ihere is a material misstatement of this other infomiation, we are required to report Ihol fact. We have nothing lo report in this regard. 18 WORCESTER COLLEGE Report of the Auditor to the Members of the Govoming Body Year ènded 31 July 2025 Matter8 on whleh we are roqulr•d to report by excgptlon We have nothing to report in respect of the following matters where the Charities A¢1 2011 requires us lo report lo you rf, in our opinlon.. the information given in the Trustees, Annu81 Report is inconsislenl in any material respect with the financial slatemenls,. or the parent charity has not kept sufficEnt accounting re¢ords'. or the parent charlty's financial slalemenls are not in agreement with Ihe accounting records and relums., or we have not received all the information and explanations we require for our audit. Ra8pon81bllltl•s of trts8to08 for the flnanclal stateménts As explained more fully in the TnJsiees' Responsibilit18s Statement sel out on pag8 17, the trustees are responsible for the preparallon of the financial slalemer)15 whlch glve a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial $lalemenls that are free from malerlal misslaiemenl, whether due lo fraud or error. In preparing the finan¢ial statements. Ihe Iruslees are re$ponslble for ass05slng th8 group'5 and College's abillly lo continue as a going concern. disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Iwslees either intend lo Ilquidale the group or parent charity or lo cease operallons, or have no realistic allernalive bul lo do so. Audltor's ra8ponsibllltlo8 for th• audlt of the flnanclal statemonts We have been appointed as audllor under section 144 of the Chari1188 Act 2011 and report In accordance with regulallons made under section 154 of that Act. Our objectives are lo obtain reasonable as8uran¢e about whether the flnancial statements as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an auéilor's ieport that Inciu¢Yes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit condu¢led in accordance with ISA$ IUKI will always delecl a material mlsslalemenl when il exists. Misslalemenls can arise from Iraud or error and are ¢onsidered material if, Individually or In aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the b8$15 of these finanGial stalemonl8. As part of an avdil in acctydance with ISAS IUKI we exerclse pn)fes3ional judgement and maintain professional sceplicism throughout the audit. We also.. Idenlfy and assess the risks of material misstalemenl of the financial slalemenls, whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evldence that is sufficienl and appropriate lo provide a basis for our opinion. The risk of not delecling a material misslalemenl resulting from fraud is higher than for one re5ulling from error, as fraud may involve colluslon, forgery, nlenllonal omlssions, misrepresenlalions, or the override of Internal eonlrol. Obtain an understanding of intern81 control relevant lo the audit in order lo deslgn audlt procedures Ihal are appropriate in Ihe circumstances, but not for the purposes of expressin9 an opinion on the effectiveness of the group and the parent charity's internal control. Evaluate the appropriateness of accounting poli¢ies used and the reasonableness of ac¢ounting eslim8te$ and related disclosures made by the trustees. Conclude on the approprl8teness of the trustees, use of the going concern basis of accounllng and. based on the audit evidence obtaine¢J, whether a material uncertainly exists related lo events or conditions that may cast significant doubt on the charity's ability lo continue as a going concern. If we conclude that a material uncertainly exists, we are required lo draw attention in our audilor's report lo the related disclosures in the financial statements or, if such disclosures are inadequate, lo modlfy OUT opinion. Our Gonclusions are based on the audit evidence obtained up lo the dale of our auditor's report. However, future events or condilions may cause the charity to cease lo continue as a going concern. 19 WORCESTER COLLEGE Report of the Auditor to tho Members of the Governlng Body Yaar ended 31 July 2025 Evaluate the overall presentation. structure and content of the finan¢lal slatemenls. including the disd05ures, and whether the financial statements represent the undedying Ir8ns2clions events in a manner that achieves falr presentslion. Obtain sufficient appropriatè audit evidence regarding the financial information of the entities or business aclwilies within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, superv15ion ond performance of the group audit. We remain solely responsible for our audit report. We communicate with those charged with governance regarding. among other matters, th8 planned scope and timlng of the audit and signlficant audll finding$, including any signiflcanl deficienGies in Intefnal control that we idenlify during our audit. Explanatlon as to what OXt•nt tho audlt wal con8lder•d ¢apabl• of det•¢tlng Irr•gularltles, including fraud Irregularllies, includlng fraud, are instances of non4ornplian¢e with laws and regulatlons. We design procedures In line with our responsibilities, outlined above, lo detect material misslalemenls in respèct of irregularities, Including fraud. The exlenl lo whlch our procedures are capable of deleGtln9 Irregularitie5, Including fraud Is detailed below. The Ob￿CtIveS of our audlt in respect of fraud, are: to identrfy and assess the risks of material misslalemenl of the financial statements due lo fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material mlsslatemenl due lo fraud, through designSng and implementing appropriate responses lo those assessed ri$ks,' and to respond appropriately lo instances of fraud or suspe¢led fraud idenirfied durlng the audit. However, the prfmary responsibillty for the prevention and detection of fraud rests ￿th bolh management and those charged with governan¢e of the charity. Our approach was as follows.. We obtained an underslandlng of the legal and regulatory requlrements applicable lo the charity and considered that the most significant are the Charllies Act 2011. the Chartty SORP, and UK financlal repo￿.ng standard5 as issued by the Financial Reporting Council. We obialned an understanding of how the Gharily complies with these requiremen15 by discussions wlth management and those Gharged with governance. We assessed the r15k of malerlal misstatement of the financial slaleTnents, including the rlsk of material mlsslalemenl due lo fraud and how11 might occur, by holding discussions with management and those ¢harged wlth governance. We inquired of management and those charged with goveman¢e a5 to any known instance5 of non- COm￿lance or suspe¢ted nonvcomplianc8 with laws and regulallons. Based on this understanding, we designed specific approprlale audit procedures lo idenlfy instances of non-compliance with laws and regulations. Thls included making enquiries of management and those charged with governance and obtsining additional corroborative evidence as requlred. There are inherent limilalions in the audit procedures descrlbed above. We are less likely to become aware of instances of Tron-Gompliance with laws and regulations that a￿ not closely related lo events and Iransaclion5 refTected in the financial slatemenls. Also, the risk of not deleGting a material misslalement due to fraud is higher than the risk of not delecling one resulting from error. as fraud may involve deliberate corKealmenl by, for example, forgery or intentional misrepresentations, or through collusion. 20 WORCESTER COLLEGE Report of the Auditor to the Members of the Govornlng Body Year ondod 31 July 2025 Use of this report This report is made solely lo the ¢haritVs trustees, 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 state to the chariWs trustees those matters we are required lo stale lo them in an audiloi's report and for no other purpose. To th8 fullesl extent permilled by law, we do not accept or assume responsibility lo anyone other than tho charity and its Iruslees as a body. for our audit work, for this report. or for the opinions we have formed. . kv4￿ LLP Moore Klngslon Smith LLP. Sialutory Auditor 61h Floor 9 Appold Slfeet London EC2A 2AP Moore Klng¥lon Smith LLP is eliglble to act a8 auditor In term$ of Se¢lion 1212 of the Companles Act 200e. Dale: 5 December 2025 21 WORCESTER COLLEGE Statement of Accounting Policies Yearended 31 July 2025 1. Scope of tho flnancial ststaments The financial slalements present the Consolidated Statement of Financial Actlvities (SOFA), the Consolldaled and College Balance Sheets and the Consolidated Statement of Cash Flows for the College and ils wholly owned subsidiary, Worce51er College Enlerprlses Limited. No separate SOFA has been presented for the College alone as currenuy permitted by the Charity Commission on a concessionary basis for the filing of Consdidaled financial statements. A summary of the results and flnancial position of the charity and its subsidlary for the reporting year are in note 12. The accwnts of the affiliated student bodies, Worcester College Clubs, Middle Common Room and Junior Common Room have not been consolidated because the College does not control these acllvilies. 2. Ba8Ss of accountlng The College's indivldual and consolidated financial slalemenls have been prepared in accordance wllh Unlted Kingdom Accounting Standards, in particular'FRS 102.. The Financial Reporting Standard applicable in the UK and Republ￿ of Irelané,. The College 1$ a publ¢G benefit enlily for the purposes of FRS 102 and a registered charlty. The College has therefore also prepared Ils individual and consolidated flnancbal statements in 3ccordanc& with 'The Slalemenl of Recomm8nded Pradice appli¢able to charilles preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland, (The Charllies SORP {FRS1021. The financial statements have been prepared on a golng concern ba$1$ and on the hlstorical ¢osl basis. except for the measufement of investments and certain financial assets and liabllrtles al falr value with movements in value reported within the Sialemnl tsl Financial Activities ISOFAI. The princlpal accounllng policies adopl8d are set out below and have been applied con81stently throughout the year. 3. Going concom The Trustees have assessed whelher the use of the going ¢oncern basis is appropriate and have considered possible events or conditions that might cast significant do¢Jbt on the ability of the College lo continue as going concern. Having reviewed Ihe currenl cash position and forecast income and expenditure, and in the li9ht of donations receSved and pledged lo support the College. c05t Control, fund raising inilialives and the significant expendable endowment funds available, the Iru$lees have concluded that the College will have sufficient liquidity lo opefale for at least the next Iwelve months from the date of approval of these financial statements. The Colleg8 therefore continues to adopt the golng Concern basis in preparing its financial statements. 4. Accounting ludggrn•nts and estlmatlon un¢ortalnty In preparing financial statements il is necessary to make certaln judgements, estlmales and asgumplions that affect the amounts reeognlsed in the financial statements. The following judgements and eslimales are considered by the Governing Body lo have most significant effect on amounts recognlsed in the financlal statements. The College participates in two mulli*mployer defined benefit pension plan5. In the judgement of the Governing Body, there is insufricienl information about the plan assets and liabilities to be able lo account reliably for its share of the defined benefit obligation and plan assets in the financk41 statements and therefore the plan is accounted for as a defined contributlon scheme (see note 201. The College carries investment property al fair value in the balan¢e sheet, with changes in f8ir value beir recognised in the income and expenditure secb'on of the SOFA. Independent valuations are obtained lo delermine fair value al the balance sheat dale. 22 WORCESTER COLLEGE Statement of Accountlng Policleg Year endod 31 July 2025 4 Accounting judgement$ and 08tlmation unc•rtalnty (continued) Before legacies are re¢ognised in the finan¢ial slalemenls. the Governing Body has lo ex8rcise judgement as lo what conslilules sufficient eviden￿ of entillemenl to Ihe bequest. Sufficient entillemenl exists once nolificalion of payment has been received from the execulor{s) of the eslale or eslale accounts are available which indicate there are sufficient funds in the oslate after meeting liabilities for the bequest to be paid. With respect to the next financial year. the most significant areas of uncertainty that affect the carying value of assets held by the Colloge and its subsidiaries are the level of investment return and the performance of investment markets. 5. InGome R￿QgnItIon All Income is recognl$ed once the College has entillemenl to the Income, the economlc benefll is probable and the amount can be rellably measured. a) Income from f•￿, OFS Support and othar ¢har98s for 8ervi¢•s Fees receivable, less any scholarships, bursaries or other allowan¢es granted from the College's unreslricled fund$, OFS support and charges for 8eNices and use of the premisés are ￿COgnised in the period in whi¢h the related service 15 provided. Conferen¢e Income in relallon lo conferences that span the year end is accrued for in accordance wllh the proportion of completion. b) In¢omo from donatlon•. grants and l•gxl•• Donations arKI grants that do not impose sp8clfi¢ future performance-related or other specific condillons are recognised on the dale on which the charlly has enlldemenl lo the Te50urce, Ihe amount can be liably measured and the economic benefit lo the College of the donation OT grant is probable, Donations and grants subject lo performance-relaled conditions are recognised as and when Ihose conijilions are mel. Donations and grants 5ubje¢l lo other speciflc ¢ondllions are recognised as those conditions a￿ mel or their fulfilmenl is wholly within the control of the College and il 15 probablg that the spe¢ified condllions wlll be mel. Legacies are recognlsed following grant of probate and once the College has recelved sufflcienl inform81ion from the execulorlsl of the deceased's eslale lo be satisfied that the grft can b8 reliably measured and that the economic benefit lo the College is probable. Donations, grants and legacies accruing for the general purposes of the College affj credited lo unre51rlcted funds. Donations, grants and legacSes which are subject lo conditions as lo their use imposed by the donor or Sel by the terms of an appeal are credited to the relevant reslricled fund or. where the donation, grant or legacy is requlred to be held as capital, lo the endowment funds. Where donations are receSved in kind las dislincl from cash or other monetary asselsl. they are measured al the fair value of those assets al the dale of the gift. c) Investmént incomo Interest on bank balances is accounted for on an accrual basis with interest recognised in the period lo which the Interest rdales. Dividend income and similar disldbulions are recognised on the date the share intere51 becomes ex- dividend or when the right lo Ihe divldend can b8 established. Income from investment properties is recognised in the period to which the rental income relatos. 23 WORCESTER COLLEGE Statemont of Accounting Pollcles Yoar end•d 31 July 2025 6. Expenditure Expenditure is accounted for on an accruals basi5. A Iwbilty and related expenditure is recognised when a legal or constructive oblgalion Commits the College lo expenditure that will probably require settlement, the amount of which can be reliabty measured or estimated. Grants awarded that are nol perfomiance-relaled are charged as an expense as soon as a leg81 or constructive obligation for their payment anses. Grants subject lo performancfrrelaled conditions are expensed as the spec￿led corKlitlons of the grant are mel. All expenditure including support costs and governance costs are allocated or apportioned lo the appllcable expenditure categories in the Slalemenl of Financial Activities (the SOFA). Support costs which include governance costs Icosls of complying with conslilutional and $lalulory requiremenlsl and other indir￿1 costs are apportioned lo expenditure categories In the SOFA based on the ¢slimaled amount allribulable lo that activity In the year, either by referance lo staff lime or the use made of the underlylng assets, as appropriate. Irrécoverable VAT is Included with the item of expendlture to which il relates. Inlra%roup sales and charges be￿een Ihe College and Its sub$ldiaries are ex¢luded from trading Sncome and expenditure in the consolidated financial Statements. 7. TangSble flxod as•ots Land is staled al cost. BuildSngs and equipment arg $laled al cost18ss accumulatèd depreciallon and any accumulated impairment losses. Expenditure on the acqvislllon or enhancement of land and on the acqulslllon, conslru¢lion and enhancement of buildings which 15 dlrecily atlribulable lo bringing the asset lo ils worklng condition for Ils intended use, together with expendllure on equlpmenl costing more than £2,LIOO, Is capitalised. Where a part of a buildlng or equipment 19 replaced and the costs capllallsed, the carylng value of those parts replaced is derecognised and expensed in the SOFA. Other expenditur8 on equipment Incurred In the normal daY-l￿daY runnlng of the College and ils subsldiaries Is charged to the SOFA as incurred. 8. D•preclJtlon Depreciation Is provlded lo write off the cost of all relevant tangible flxed assets, less their estlmaled resldual value, in equal annual instalm8nls over their expected useful economic lives as follows: Freehold propertles. In¢luding major extensions SO year5 Buildlng improvements 50 years Equipmenl, Fixtures and Fittings 4-10year8 Freehold land Is not depreciated. The cost of maintenance Is charged in the SOFA the perlod In which it Is incurred. Al the end of each reporting perlod, the residual values and useful Ilves of assets are rev18wed and adjusted if necessary. In addiknon, if events or ohanges in circumslan¢xs indlcale that the ￿rryIng value may rKJl be recoverable then the carrying values of tangible fixed assets are reviewed for impairment. g. Investrnents Investment propert￿8 are initially recognised at IhgiT cost and subsequently measured al IheSr fair value Imarkel valuel al each reporb'ng dale. Purcha5e$ and sales of investment properties are recognised on exchange of contracts. Listed investments are initially measured al their cost and subsequently measured al their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet dale without deducts'on of the eslimaled future selling costs. 24 WORCESTER COLLEGE Statement of Accounting Policies Year ended 31 July 2025 9. Invgstments (continued) Changes in fair value and gains and losses arislng on the disposal of investments are credited or charged lo the income or expenditure section of the SOFA as 'gains or losses on inveslmenls, and are allocated lo the fund holding or disposing of the relevant investment. 10. Stock8 Stocks are valued al the lower of co$1 and nel reallsable value. cost being the purchase price on a first in, first out basis. Where necessary, provi8ion1s made for obsolete. slow movlng and defective stock. 11. Foroign ¢urrnnclo• The fvnctional and presentallon ¢urrency of the College and Its subsidiarles is the pound 51erfing. Transactions denominated in forelgn ￿rrenCieS during the year are translated into pounds $lerllng using the prevailing rates of exchange al the dales of the transactions. Monetary assets and liabilities denominated in foreign Currencies are translated into pounds sterling al the rates applying al the balance sheet dale, Th¢ resulting exchange d￿erenCeS are taken to the SOFA. Foreign exchange gains and losses re5ulling from the settlement of transactions and from tha translation of monetary assets and liabilities denominated In foreign currencies al the exchange rates al the balance sheet dale are recognis6d in the income and expenditure 5ecllon of the SOFA. 12. Total r•turn Inv•stm•nt accountlng The College slalules aulhorise the College10 3dopl a 'lolal return, basis for the investment of Ils perm8nenl endowment. The College can invest ils permanent endowments wilhoul regard lo the ¢apll811income di51in¢lion8 of $tandard Irusl law and wilh dlscrelion lo apply any part of the accumulated lolal return on thè investment as Income for spanding each year. Unlll this power is exercised, the lolal return Is accumulated as a component of the endowment known as the unapplied total return that can be either be relalned for Investment or relea8ed to Sncome al the discretion of the Governlng Body. 13. Fund accountlng The total fund8 of the College and ils sub8idlarl88 are allo¢aled lo unrestricted, re51rlcted or endowment funds ba88d on the origlns of the funds and thè terms sel by the donors or sel by the term5 of an appeal. Endowment funds are further sub-divlded into permanent and 8xpendable. Unreslricled funds can be used in furtherance of the objecls of the College al the discretion of the Governing ody. The Goveming Body may decide that part of the unreslricled funds shall be used in futuro for speclfi¢ purpose and thi3 will be accounted for by transfers lo appropriate ¢Je8ignaled funds. Reslri¢led funds comprise gifts, legacies and grants where the donors have specified that the funés are to be used for particular @armarked funds for specific purposes of the College. They ¢onsisl of either gifts where the donor has specified that both the capi181 and any income arising must be used for the purposes given or the income on gifts where the donor has required or permilled the capital lo be maintained and with the Intention that the income will be used for 5pecrfic purposes within the College's objects. Permanent endowment fund5 arise where donors Specify that th9 funds are to be retained as capital for the permanent benefit of the College. Any part of the lolal return income arising from the capital that 15 allocated lo income will be accounted for as unreslricled funds unless the donor has pl8¢ed reslriclions on the use of that income. in which case il will be accounted for as a reStr￿ted fund. Expendable endowment funds a￿ similar lo permanent endowment in that they have been given. or the College has delem)ined that 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 capital. 25 WORCESTER COLLEGE Statement of Accounting Pollcles Year gnd•d 31 July 2025 14. P•nsion costs The costs of rellremenl benefits provided to employees of the College Ihrou9h two mulli-employer defined benefit pension schemes are accounted for as rf these were defined contribution schemes as information is not available to use defined benefll accounting in accordance with the requlrements of FRS 102. The College's contrlbulions to these 5¢hem8s are recognised as a liabilty and an expense in the period in which the salaries to which the conlributlons relale ar8 payable. In addition. a liability is recognised al the balance shael date for the di$counl8d value of the expected future contribution payments under the agreements with these multl-employer schemes lo fund the past servlce deficits. The College also operates a defined contrlbution pension scheme. Contribullons to these arrangements a charged to the SOFA in the period in which they are payable. 26 WORCESTER COLLEGE Consolidated Statement of Flnancial Activiti For thg year ondgd 31 July 2025 Unrestricted Rastri¢Aed Funds Funds £'rJ)o £￿0 Endowed Funds £￿00 2025 Total £'ooo 2024 Total £Doo Not•8 INCOME ANO ENDOWMENTS FROM: Charftabl• •ctlvltSes T&a¢hing. research ond r8sidentlal 10.177 10,177 9,042 Oth•r tradlng 5ncomo Donatlons and l•ga¢l•• Inv•8tm•nl Sncom• 3,29) 1,762 378 3.290 3,971 2,879 3.434 4,248 2.503 2,137 336 72 2.165 TO1￿ In¢om• 15,807 2,473 2.237 20,317 19,227 expENDITURE ON: Charltablo aetlvltle• Teaching, research and resId8n￿al 15,300 2.841 18.141 14,291 G•n•ratlng fund•.' Fundraising TradirrfJ expenditur8 305 26 305 26 289 25 Total 0X￿ndIt￿r* 15,631 2,841 18.472 14,605 N•t l•xp•ndltur•liincom• bDlor• gal 124} 13881 2,237 1,845 4,622 N61 galng111088esl on Invegtments 3,545 3,545 2.321 N•t l?xpendltur•Vlncome 1241 3681 5,390 6,943 Transfgr8 betsveen funds 1,483 11,4831 N•t mov•m•nt In funtJ• for th• y••r 1,115 4,299 6,943 Fund balanc88 brought foAvard 39.471 2.601 60,288 102,360 95.417 Fund• ￿rrIed lor4¥ard •t 31 July 16 39,447 3,716 64,587 107,750 102,360 27 WORCESTER COLLEGE Consolldated and College Balance Sheets As at 31 July 2025 2025 Group rooo 2024 Group £,￿0 2025 College £￿00 2024 Colloge £￿00 Note• FIXED ASSETS Tangiblo asse*8 Pro￿rty invèstments Securitles and olher inve8lments 33,154 6,188 56,418 33,271 33,154 0,168 56,418 33.271 6,533 52.033 10 52,033 95,740 91,837 95,740 91,837 CURRENT ASSETS stocks Debtors Cash ot bank 8nd In hand Short-temi Investments 257 2.058 11,0S3 20,111 164 2,598 9,892 9.743 257 5,273 7.952 20,111 184 4,254 7,813 9,743 14 34,077 22,397 33.593 21,974 CREDITORS: falllng du• wlthln ono y••r 15 122.0671 111.8741 121,583 111,4511 NET CURRENT ASSETS 12,010 10,523 12,010 10,523 TOTAL A&8ETS LESS CURRENT UABIUTIE8 107,750 102,380 107,750 102,380 NET ASSETS BEFORE PENSION LIABILI 107,750 102,360 107,750 D•fin•d b•n•flt p•n•lon •ch•m• Ilablllty NET ASSETS 107,750 102.380 107,750 102.360 FUNDS OF THE COLLEGE Endowm•nt funds 64,$87 80,288 64,587 80,288 Re•trlci•d fund8 3,710 2.601 3,718 2,601 Unr•Btrl¢i•d fvftds Designaled fix8d assets fund G8nBral funds (excluding pen￿On Teservel 32,953 6,4 33,070 6,401 32,953 0,494 33,070 6,401 Penaon re￿rve 107,750 102,360 107,750 102,360 The flnancial statements We￿ approved and authorf8ed for issue by the Governing Boty of Worc8ster Col*e on 03 December 2025. 08vkl Isaac, Provost 28 WORCESTER COLLEGE Consolidated Statement of Cash Flows For thg year onded 31 July 2025 2025 Group £'ooo 2024 Group £Doo Not¢¥ Not ca•h usgd In op•ratlng xtlvltles 21 10,088 9.630 Cah from Inv••tlng actlvitl•s Dlvldends. inlgrest and rènts from investrnents Purchase of propety, plant and equlpm8nl Purchas8 of fixed 888el investment Purcho8e of current assat investments Proc8ed8 from t11sp0801 ol fixed asset inv8sbnent8 2.879 16701 (J401 110,3881 2,503 16291 12.3041 19,7421 300 N•t C•Bh u•ed Inlprovid•d ty Invo8tln9 aCtlvltl•• 8,999 9,872 Cash flowB from Ilnanelng ￿￿vItI•$ R&c8lPt of &ndowment 72 288 Nut caah provldod by ftnan¢lng actlvltl 72 288 Chang• In cmh and cash •qulvalfrnt• In th• r•portlng p•rfod 1,161 46 ••h cA•h oqulval•nts al th• Ixglnnlng of th• r•portlng p•rtod 9,892 9,846 C￿h and tqulval•nt# at th• •nd ofth• r•portlng p•rlod 11,053 9,892 Th8 College h8$ no net debt and accordlngly no net debt note 15 pYe88nl8d. 29 WORCESTER COLLEGE Notes to the Flnancial Statements Forthe year endgd 31 July 2025 INCOME FROM CHARITABLE ACTIVITIES 2025 £'ooo 2024 £'ooo T•aching, r•8earch and re8id?ntlal Unr•strfcted Funds Tultion fees- UK and EU students Tuition fe8s- Over8eas students Other fees Other OFS 8UPPOrt Other academic Incomè College residenual incom 1,896 1,250 798 115 218 5,900 1,939 970 119 160 4,893 10,177 9.042 Th8 above anatysls Include8£3,261 k ree8fved from Oxfortl UnlveT81ty from publlcly accountable fvnd$ undertho College Fundlng Forrnula Sch8me12024'. £3,028kl. 2 DONATIONS AND LEGACIES 2025 £'ooo 2024 £￿00 Unr8strtcled lund8 Reslrfcled fund8 Endowed lunds 1,762 2,137 72 2.557 1,404 287 4,248 Restrlcted funds Indud8 grants of £200k12024.. £300kl awarded by th& Conferen¢9 of Colleges Contrfbutlon Scheme. 3 INCOME FROM OThER TRADING ACTIVITies 2025 £'ooo 2024 £YJoo Subsidiary company Irèdlng Income Olher trading IrKome 1,598 1,271 3,434 INVESTMENT INCOME 2025 £'ooo 2024 £'ooo unrestrSC￿d fvnds Equtty divld8nd$ Interest on fixed term deposAB and cash Other invesimont income 37 378 Reslricled fijnds Other Invests￿an1 income 336 Endowod funds Oiher investment inwme 2.407 30 WORCESTER COLLEGE Not05 to the Financlal Statements For the year ondod 31 July 2025 5 ANALYSI8 OF EXPENDITURE 2025 £'ooo 2024 £'ooo Charltsble •xpgndlturè Dlr8Ct staff c08ts allocated to.. Other direct costs alloc8ted to.. Support and govemance costs allocated to-. Taaching, ￿SearCh and reshdentl81 Teaching, resè8rch and residentSal Tgachlng, rgs8arch 8nd Tgsidents"al 7.965 7,771 2,405 4,801 6.773 2.717 exp•ndltur• on ral•lng fund8 Dlrecl staff t￿8￿ all￿ted lo.. 18,141 14,291 FundraisirrfJ Tra¢Jlng Expendllure 138 26 132 25 Other direct Cogls allocatsd lo.. Fundra6￿ng 91 Support and 9oveman¢o costs a1￿Ca￿d lo.. Fundr8lslng 97 331 18,473 14,605 Fundr818lr Tradlng Expenditurg 305 26 289 25 331 314 The 2025 resources exp•nde(J of £18,473k12024.' £14.605kl repr988nted £15,631k from unreslricled fiJnd812024: £12,775kl and £2.841 k Irom restricted funds12024.. £1,810kl and £Ok from 8n¢knvment funds12024.. £20kl. ANALYSIS OF SUPPORT ANO GOVERNANCE COSTS Generating Te8chlng Fun¢J8 Research & Resldenlial £￿00 2025 Total £'ooo eooo Flnanclal and domestlc admln Human ￿sOurceS 626 340 343 1,057 10 15 21 35S 364 1,057 10 30 2,482 Depredatlon Other finance charggs Govemance co818 76 2,408 31 WORCESTER COLLEGE Notès to the Flnancial Statements For tho year endod 31 July 2025 6 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Icontinuedl Generating T88chlng Funds ReseArch & Re8ldential £Doo 2024 Tot81 £'ooo £'wo Financial and domes￿C adrnln Human resourcèg 37 13 47 725 416 403 541 998 Depreciafjon Other ffinance charg88 Govem8nce costs 58 28 2.813 28 2,716 97 Flnance and admlnistr811on an(1 human re8ources costs are attributed 8(xording lo the estlmated staff spent on oa¢h aclSvity. DeprecI8tlon costs afe Jttribuled a¢¢ordlng to the u80 made ol the underfyino assets. IT eos16 arg attrfbutsd according to the eglimated lime spent on each 8¢livlLy. Inl&r6s1 and other fin8nce charges are aitribuled according to the purpose ol the related flnanclng. 2025 2024 £'ooo £'ooo Gov•rn•nc• colts comprl••'. Audltorfs remuner811on- audit 88IWC88 30 28 No amount h8s been Included In govomanc8 COStB for th8 direct employment oosts or r8lmbur8ed exp&n888 of thg College Fèllows on the basis th81 these payments relate io the F¢llnw$ Involvement In th& Colleg8's charitable actsvllle8. Detalls of thg remunerydlion of the Follows and their reimbu180d expenses ar8 Included a8 a 58par3te nota vlthin Ihase flnancial statemtrnl8. 7 GRANTS ANO AWARDS JrtThJ the y88r the College fvJn¢Jod ￿search award8 and bur8arfeB to 8tud8nls from it8 furKls as follow6.' 202$ tooo 2024 £'ooo Grant• to Indlvldu•l• from.. Unre8tr1ct8d fvnds Schol8r8hlps, prtz6s and grants Bursarfes and hard8hlp AwardB 40 17 81 76 R8sthcted lunds S¢holarshlps. prizes and grants Burs8ries and hardshlp award8 280 29 289 208 74 282 Total grants •nd wards 370 358 Thg above costs are irKluded wthin the charitsble exp8nditure on Teathlng Bnd Rèsearth. The figure Included ab￿0 reprosants the cost to the CollwJ8 of th8 Oxford Burs8rles scheme. Students in th8 College glved £110k in bursaries in12024.' £118kl. 32 WORCESTER COLLEGE Notes to the Financlal Statements For th• year enfled 31 July 2025 8 STAFF COSTS The aggregate payroll c0818 for the year were AS fdlow6'. 2025 £'ooo 2024 S81aries And wages Social security costs P&n8ion c0818 7,427 727 808 8,962 7,059 853 8.508 12,5541 5,954 Pen8KJn provision adjustm8nt 8,902 Tha averag8 headcounl number of eM￿Oyed employees of thg College, excludin9 Twslees, was as follows: 2028 2024 Tuitlon and re$6arch Colleg8 r981(Jen￿oI Fundr*8lng Support Total 209 93 185 123 17 330 26 340 The average wmbèr of amployed College Trnsleo8 durfng Ihe year w88 OB followB'. Unlverslty Lectur&rs CUF Lecturers Other1•oching and fesearch Oth8r Total 2025 2024 21 12 20 12 42 Salary 8nd wag88 Costs Include sev8rarKe costs of £30k for thr88 m6mbers of 8taff12024." £10k for one member of The Collegè 8180 ben￿15 from t¢mporary Staff, agency workers and Ihog8 part-tlme extemal lulors who are not on the College payroll. The numbgr of omployees (excluding the College Trvslees) during the year wh08e gro88 pay and banèfils18xcluding empkjyer Nl and penslon contrfbulionsl fell within thè followlng bands w88.. 2025 2024 £60,001 to £70,0(KJ £70,00110 £80,000 £80,001 to £90.000 Oetalls of the ￿M￿n￿ra￿on and relmbu￿8d expènse8 of tho Col￿g& Twstees are included as a 5•parate note in the88 financial 8tslemellts. 33 WORCESTER COLLEGE Noles to tho Financlal Statomonts For the year gndod 31 July 2025 TANGIBLE FIXED ASSETS Freehold Fixtures, L8nd and Fitbros and BuildiTr3s Equlpment £'ooo £'ooo Group and Coll•g Total eooo Al start of ye8r Addi1Sons Transfer from investment prope Disposals At ond of y•ar 46.597 360 365 2.002 310 48,599 670 385 13601 46,942 13331 1,979 713 48,921 Depr•clatlon At start of year Charge lor tha year Ellmlnaled on dlsposal At •nd of y•ar 13,754 929 12831 14.400 1.574 126 15,328 1,055 e16 15,767 1,367 Net book valu• Ai •nd of y•ar 32,542 812 33,154 At stsrt of year 32.843 428 33,271 Included wllhln Flxlures, Flthngs and Equlpment abov& ar8 Int8ThJlble a688ts of £201 k cost and £34k d8precloUon. Thg College ha8 sub8tsnlal long-held hlstorlc a88et8 all of whlch aro used in the cour88 of tho College's leachiThJ and rasearth acllvities. These comprise 11sled bU1￿1n9S on the College $ile, together with Ihalr contènts comprising v￿rkS ol art, ancbent books and rnanuscflpts and other treasured 8rt8facts. 8ocause ol their 8ge and, In many ¢a$es, unique nature, rdiable historical cost information Is not availab18 for Ih8$0 a8B6ts and could not bè obtainèd except at t1igproporbonate expense. Howovgr, in ¢ho opinion ol the Twstee3 the depre¢lat8d hlstorfcal cost of theso asselB18 now immaterfal. 10 PROPERTh IMVESTMENTS 2025 2024 Total £tJOO Group and Coll•g• Tot41 £'ooo Valuation at start of year Rev8luats'on gain$ In ihe yèBr Addillons Transfer to Fixed Asset Valuatlon at •nd of y•¥ 6,533 48 1.652 13651 8,168 6,533 A lomial inspecl'on valuation of the College properties was prepa￿d by Mark Charter MRICS of Carter Jonas LLP as at 31 July 2025. Govgrning Body L8 salisfiad that thase valuattons are mateTially acLuT8le at the balance sheet dale. 34 WORCESTER COLLEGE Notes to thè Financlal Statements For the yoor ended 31 July 2025 11 SECURITIES AND OTHER INVESTMENTS 2025 £￿00 52,033 2024 £Y)00 49,409 652 {3001 2,272 Group and Colleg• Valuallon at skrt of year Invesle¢J in the year Amounts withdr8wn Incre8s8llDacrea8el In value of inve8tments Valuatlon at •nd of y•ar 3,545 56,418 52,033 Group and Coll•g• Inv••tm•nts comprf￿.. Hgkj out6id6 Held in the the UK UK £'ooo £YJoo 2025 Totèl £'ooo 2024 Total £'ooo Globol muAI.assg1 fvnds 47.334 9,084 56,418 52,033 100% ollhe portfollo Is inv8sl8d w+th Oxford Unlver8Jty Endowmonl Managornent IEndowmanl Fund). 12 PARENT AND SUBSIOIARY UNDERTAKINGS Tha Cdlege 100% of Ih&188ued share capltsl In Worc&8ler College EnterprlB88 Llmited. 8 company provldlng conference and accommodallon 8ervlces. The re8ult$ of the College and sub8Sdl8ry, and Ih8lr 8sset8 and liabilill88 at the Year￿nd were as follow8. Worc••t•r Coll•ge 2025 £'ooo 2024 £'ooo Worc••t•r Coll•9• Enterprls•• Llmlt•d 2025 £'ooo 2024 £'ooo Incom Expenditure Losses Galns R88ull for thg year 20,629 18,883 {18,0291 114,2611 Turnov8r Exp8ndllur6 1,721 {4431 1,286 13441 3,$45 .145 2.321 6.943 Result for the yoar Donation lo College (gmt aldl 1,278 942 942 Totsl a8s8ts Total IlabllilleB N81 funds 81 the end of year 129,328 113,811 11,451 102.360 Totsl assets Total liabi11ti88 Net funds at the end of year 3,880 3,B80 2,988 108.505 35 WORCESTER COLLEGE Notes to tho Financial Statèments For the year gndod 31 July 2025 13 STATEMENT OF INVESTMENT TOTAL RETURN Th& TrU￿e&S have adopted a duly authortsed pollcy ol totsl reium 8c¢ounting the Colleg8 investhenl retums. 8ff¥ct from November 2003. The investment retum, to be 8pplled as income, is ¢Blculated as up to 4.5Ya of the brought fr)Nfard valtk6s of the relevant inveslm¢nis. The preserved Ifrozenl value of the investe¢J &ndowm&nl capiial represents Ils open market value in 1992, except where the original donalSon can be idonllfied, together with the original gift value of 811 subsequ¢nt 8ndowm8nts. Pgrnanent Endowmant Expendabla Total Tru5tfor Unapplied Total EThYovrn8nt Investrn8nt Total Retum £'otKs £'ooo £'ooo £'O(N) co At th• bèqlnnlng of the y•4r. Glft component of tho p6rnan&nl endovrnenl Unapplled tolJ retum Expendable endowrnnt Total Endowm￿1# 24,131 24,131 10.247 24,131 10,247 25,910 25.910 25,910 00.288 10,247 24.131 10.247 34.378 Mov•mont• In th• r•portlng perlod", Gift of endowment funds Investment return.. total Inveslment Incom8 Inve8tm8nt retum.. reollsed and unreal58ed galns and10888S Total Unappll8d lot81 ratum allocated lo incomo In the ropo￿.ng ￿rtod Expendable endowments Iransf8rr8d lo IrKom8 N•t mov•m•nts In r•portlng perlod 18 18 1.235 2,023 3,276 1818 54 930 1,522 2,508 72 2,165 3,545 5,782 18181 1.235 2,023 3,258 18181 18 18 2.440 2,458 1,842 4,300 At •nd of th• r•portlng p•rlod: Glft compon8nl ol the perm8nont endowment Unapplled lotsl retum Expendable endowment Totsl Endawm•nt• 24,149 24,149 12,887 12,687 24.149 12,667 27,752 27.752 27,752 e4,588 24,149 12,687 36,836 36 WORCESTER COLLEGE Notès to tho Financial Statgments For the year ended 31 July 2025 13 STATEMENT OF INVESTMENT TOTAL RETURN (contin￿dI Pemi8nenl Endowm8nt E¥pendabl& TnJ$tfor Unapplied Totsl EndowThen¢ Investrnert Total Retum £'wo £'o Total 2024 £'OOD £'ooo £'ooo At the beglnnlng of the y•*r'. Gift component ofthé pe￿an￿nI endowm6nl Unapplied total r8tum Expendable endowment Total Endowm•nt• 23.150 23,1SO 8,568 23,1X) 8,568 24.352 24,352 24.352 56.070 23,150 8.568 31,718 Mov•mènts In lh• r•portlng p•rlod'. Glft of endovrnenl funds Investment retum.. total Investmènt Income Inva5trnent return.. r8all88d and unwllaed galns 8nd1098e8 other tran8fer8 Total unap￿[0d total r8tum allocated to income in thè roporung perlod Expend8bl8 endowments Iransf8rred lo Income N•t m¢)vem•nts In roportlng pgrlod 981 1,329 1,286 147 1,078 1.128 2,407 2,273 1,329 1,286 981 2.615 19361 3.S96 19361 2.212 6.808 19381 16541 4,218 16541 981 1,679 2.660 At •nd of th• r•portSng pwlod.. Glft component oflhe parmanent andowmenl Unapphel capltsl, Is spent on student scholarshlps. studentshlps.. A donation where income, bul not capital. is spent on studenlshlps in a named su4.ect aw. Donotod Coll•ction.. A bequ8s1 where Income. bul not capital, can be used to conseNe a donatecl colleclK•n. Llbrary and book convjrvatlon.. Donab'ons and bequests where Income, but not c8ptlAI, can be used to $upport book conservallon and preseNe the Ol¢J Llbrary. Tho MarrtottTrn$t'. A don8llon where Income, bul notcapltsl. can b8 used to supportlh8 gducallon ofth8chlldren of the clargy. Mallln¢krodt Fund.. A donallon where Income. bul not cap￿&1. can be used to 8ur¥Jort malnlenance of Collogè old bubldlngs. oth•r Fund¥.' Oonations and bequests where Income, but not capital, can b8 used lor gener81 purp08e8. Exp•ndabl• Endowm•nt Funds G•n•ral Fund.. A consolidation of t4n6faellons and dOna￿on$ wthere éilher incom8, or Incomg and capllal, Gan b8 used lor the general purpos9$ of the Coll8ge. F•llow•hlpB.' A total 015 ftjnds wh8rg the incomo and ¢8pltal can be app118d to 8UPPOrt named FgIIow8hlp$ In conjunction ￿th the unIve￿tY ol Oxford, Vl•itlng Follow•'. A donauon where the income 8nd caprtal can be applled to support vSsillng fellow5. G•rd•n• and Ground•.' A con8011datlon of benofaclions and donations where eith6r In¢ome, or Income and c8pltal, c8n ba u88d f¢x expenses rèlating lo the upkeep of the gardens and grounds. Stud•nt Burnarl•i and Grants., A consolldation of benef8¢t￿n5 and donatlon8 vthere 8llh8r Sncome, or Income and capltal, can b8 used for 8tudenl bursaries and scholarshSp grants. T•achlng Fund: A con$olldallon of benel8Cti¢)ns and donations wherè elther Incomè. or income and cgpItsI, can be usgd Io sUPPOrt teaching. oth•r Funds- A dlverse group of donalons and b8que818 whare elthgr Incom8, or incomg and ¢8pII81, ¢8n be Setl for specific PU￿Se5 includlng 8iJPPOrt for fellowshlps and 81udenl8. R•itri¢t•d Funds F•llowohlp8.' Income used to support narned lutorfal and rosearij) f811owship$. R•search Support.- Income used lo support fesear¢h Sn a n8rned 8ublect area. Scholar•hlp•.' Incorne Ih8t can be spenl on 8(ud8nt scholarships. Sludentshlp8'. Income that can be spent on studentships In a named subject area. Donat•d COll￿tIon= In￿m0 used lo conserve 8 donated colleclK)n. Llbrary & Book Con••rvatlon.' Incorne usèd to SUPPOrt book conservation and pres8rv8 tl)e Old Library. Th• Marrlott Tru8t.' Incom8 used to $upport th8 education of the children ofthe clergy. Vlsltlng F•llowB'. Incomo uswj to support vlsiting fellows. stud•nt Bur¥¥rf•s and Grants.. Ir￿0m0 that cgn be used for student bur88ri8s Bnd 8cholaTship grants. T•achlng Fund.. Income used to support t88chlng. The Fabrlc Fund.. Income thht can be used for th8 maintenance of hlstoric buildings. Other Fun(Js.' A diverse group of incorne and donations to SUpp￿t sludont aciivits&s. fellowships. reseorch. lh8 Llbrary, arGhives, upk8ep of the gardens and maintgn8nce proj8Cts, oeslgnated Funds Flxed Assèts D•Blgnat•d.. Unreslricled Funds whi¢M are represented by fixed 885èts ofthe College and therefore not av8i13ble for expenditure on the Collego's general purposes. D•$lgnat•d.. Unrestricted Fund8 allocated by the Trustees for joint aquity and other investment prop8rties. General Unrestri¢t¢d Funds rèpresent accumulatèd incorne from the Colleg8'8 acUvili88 and othar sour￿8 that are available for thg general purposes of the College. WORCESTER COLLEGE Notes to th& Flnancial Statements For the yèar ended 31 July 2025 IB ANALYSIS OF NET ASSETS BETWEEN FUNDS Unr88lricted Funds £Doo Restricted Endowrnenl Funds Funds £Doo £'ooo 2025 Tatsl £'ooo Tanglble fix8d 8g88ts Propety investments Securities and other Investrn8nls N8t currant 8&sets D8fin&d benefit pension scheme Ilabllity 33,154 6,168 33.1S4 0,168 56,418 12,010 56.418 8.169 125 3,716 39.447 3,718 107 750 Unreslrlcted Funds £Doo Restrfcled Endowment Fund8 Funds £Doo £'ooo 2024 Total £'ooo T￿ng￿e flxed a888t8 Propgrty inv¥sthients Securlties and other Inv68trn8nts Nel euffenl assets Oeflned bengfil penslon schem8118bllity 33,271 8,533 33.271 6,533 52,033 10,523 52,033 8,255 13331 2,801 39,471 2.601 80,288 102,360 19 TRUSTEES. REMUNERATION Tru•t•• r•mun•rntlon The truste88 ofthe College comprise the Goveming Body, prfm8rity fgllowB who are tsaching and re8earch employ8es olthe Col￿ge and who 811 on Governing Body by virtue oftheir èmployment. No trustee receivfys 8ny Temungrauon forgcling 0$ a Irust•o. However. those Iruslees w￿• are also employ888 of the College ￿ee1ve salaries for their work as employee8. Wherg PO85it48, these salaries ar8 p8k1 On exlemal scale$ and often are joint arrangernents wlth the UnNerstty ol Oxford. The Remunèration Comm*tee consists of 8 maloftty of axlemal mombers and makes re¢ommendallons to the Governlng B(x1y on l&vel8 of remuneratbn. allowance¥ and expgnses. Twstees ol the College fall into thg followng catego￿s.. Provost, Tutorl81 Fellows, Fellow Locturers. Profeysorial Fellows, Supemumerary Fellows. and Offl¢181 Non&Tylorial Fellows. Thore are thr88 trustees who woth alrnost lull tirne c*n m8nag8m¥nl and fundraising-, Provost lfvll timol. Finance and Est8t88 Bursar lfvll timel, and Direclor of Development & Alumni R8latsons lfvll limel. Some iruslees. tutorial fellows. ar8 eligible for College hrJu$lng schernes. Flve Iru51ees Ilved in propertles owned by th$ College and did not ￿ceIve ho¢Jsing allowance. Others may be elig1b￿ for a housing allowanc8 which is rt1￿108ed within the salary figures bolow. Two trustees Ilved in houses owned jolnuy wth the College. as detailed in Note 25. Some trustees receive addits'onal allowances for additional work cattied out as part time College officers, for exarrplè, the Vieo Provost, S8nior Tutor and Dean. These amounts are included within the remunaralion figures below. The total remunerab'on and taxable benefits as $hown below is £1.937,998 12023-24: £2.072.5441. The total ol pension )ntributions is £210.76812023-24.. £245.2191. 41 WORCESTER COLLEGE Notes to the Flnancial Statorn•nts For thg yèar endod 31 July 2025 19 TRUSTEES. REMUNERATION Iconbnuedl There were five tnJste88 durfng the year who w8rè not employees of the Co11eg8 and did not receN8 remuneraiion. All employed trust88S, together with other 8enlor employ¢6s, are 91SgSble for private h¢alth insurnnce a8 part of Ihalr packag8 of remuner8b"on. AII trust88s may eat at common table, aB can all other employees who aro entrfded to meals whlle wor￿n9. No fellow daimeLI any expenses for work as a trust80. Oth•r tr•n8acilon• wlth truot¢•8 During the year the partnars of some tnAste85 wero paid for providing tUtO￿al6 for studen15 of tha College. K•y managom•nt r•mun•ratlon The lolal cost of rtrmunorallon paid to key management was £1,095k12024.' £1,048kl. Key m8nagem8nl are considered to be the Provost, the Vice Provost, the Finance & Estates Bursof, the Senior Tutor, the Dean. the AdmSsslons Tutor. the Home Buisar. the D6v6lopmont Director, Iho College AcrL)untsnt, ihe Librarian. the Dir8Ctor of tho Vlslting Slud&nt Progr8mme and the Outreach F811ow. The follo%￿ng table se18 out th8 remun8ration r8cgived by TNgt888 88 8mployo&s of thg College,. 2025 2024 Numbwof TruBts•• Numb•v of A•munw•tlon R•muNrnllon £O.ODO- £0.999 £J.OW- £5,999 £6,OW- £6.999 1.704 £I0.WO- E1D.999 10.54 £II,WO-£11.9 £12.rth. £12.9• 11A54 12,6J2 £13.LW. £13.9è9 13,833 £14,QW-£14.9 £15.LXX)-£15.999 15.210 16.9J3 £16,000-£1e,B99 14918 £17.IXIO- C17,B99 £19,000- EI9.939 19,p83 E20,WO- £20.999 20,166 £21.￿O- £21.gB E24.WO- £24.99P £25.(th- £2S.999 24519 129.15 513J3 28.489 ,riJD-£26,999 £27,￿o-£27.gg9 SS518 £28WO-Q8.999 2B,118 264.429 £29,000- £29,999 58,767 £X),(N)0- £30.999 20,882 £33.LN)0. £33.9 £95.WO- £35.999 g37.NO- £37.99 33,￿2 31679 £38.CU-£38.999 38.565 42 WORCESTER COLLEGE Notes to tho Financlal Statements For the y•ar gndod 31 July 2025 2025 2024 I1wn￿r of Trust•e Gr4) Il¥mbwof Tr￿t0•1 OroAI R•munern¥on 43,rn)-£43.999 d3.053 E44.￿o- £4d,999 £48,WO.E46,999 £47,000-E47.999 £48.0)0. £48.999 47,232 48,1 É53.OM- £53,999 J93 53,897 E54.WO- E54,999 54.523 £65,COQ-E55.999 55,e04 £36,OW- £58.999 57.OW- £57.999 £59.000- £59.999 £eo.wo- eeo.999 £61,000-Eei.999 87,1S1 61.175 £e3,OW. £63,ggg 253,99• 63.oe8 £64.￿. £64,999 £68.ow- £e6.999 128,692 16,7B7 £67.000- £e7.909 67.312 £8B.000- £68.9Y9 Ee9.￿. £69.999 278.073 £70.CrfJ(h £70.999 70,829 £71,000. £72.989 143,037 143.J65 £73.WO- £74,999 n.OTT £75.￿￿ £79.999 153.762 £63.WO. E83,g99 83,T96 £88.rx)0- £86.999 88.927 £90.000. £99.999 189,151 £I07,c￿0- £107.999 É1D8.000- É108.999 107.630 lQ•.526 £126.rx)D- £126,999 128.2D1 E160,Ko- £169.999 169.6D4 1,93T,997 42 2.072,546 20 PENSION SCHEMES The College participates in ￿ principal pen￿On schemes for ils staff - the Unlvgrsitles Superannuatson Scheme (USSI and the Univernty ol Oxford Staff Pension Schome IOSPSI. The assets ol each scheme a￿ each held in separate trusteo-8drninistgr8d funds. USS and OSPS schemes ara ¢onlrfbutory mlxed benefit 8chemes11.e.. they provide benefits on a defined benefit basis- based on length of servlce and pensionablè salary and on a dèfined contrib(Jtion basis- bawd on contributions into the schemel. Both are muKi-employer $Ch￿ne$ and tho Collggg is unable to Idents'fy 118 share ol the ¢Jnderfying assets and liabilities ￿lating to dgfined benefits of &ach schème on a consistent and 8sonable b8sis. Therefo￿, in accordancè wilh the accountlng standèrd FRS 102 paragraph 28.11, ihe College accounts for the schemes a$ if they were defined contribution schemes. As a result, the amount charged lo the Incon and Expenditufy Account rapresents the contribulfions payable lo the scheme$ in resp8Ct of the accounllng period. 43 WORCESTER COLLEGE Notes to the Flnancial Statoments For the year onded 31 July 2025 Where a scherne valuation detemiines that the scheme 1$ In d8fi¢tt on a technical provlsion$ basis las w8$ the ca following the 2020 USS valua￿onI, the trustee ol the sch&me must agree 8 Recovery Plan that delemiin85 how e8ch employer within the scherne ￿11 lund an overall deficit. The Colleg& recognises a l*ability for the contributions payab that arise from such an agreement Ilo the extent that they relato lo a d$ftcltl with ielaled expen58s being recognised through the Income Staternent. The College Is aware of the Vw¢Jin Medla vs NTL Ponsion Truslee511 Limited Court of ￿pea1 judgement, which may give ilse lo adjustment to the Schomes. At pr8senl the legal process 18 Incornpl8tg and therefore we are unable lo quanbfy any potential Ilabililles. SchemèB account•d for under FRS 102 ￿ d•fln¢d Contrlbutlon gch•m•g D•flclt R•covery Plans Univ•r$ltl•• Sup•rannuatlon Sch•mo For USS. a deficit recovery plan was put In ￿8c0 as part oflh8 2020 v81uatlon, whlch requlr8d payment of 6.2% of salaries over the p8rfod 1 Aprll 2022 unUI 31 Mafch 2024, at wh￿h point the rats would increasa lo 6.3°A. No def￿11 ￿COVery plon was r8qulr&d under lh8 2023 valuatlon b8CaU8e the 8¢h&me was In surplus on a technical provisions basis. Tho Collage was no longer required to mako deficit recov$ry contributions from 1 January 2024 and accordingly released the outsianding provI￿on to the income and $xpendilure accounl. The L9tesl availab completè actuarfal valuation ol th8 ReUr8rnenl Incoma Bullder 18 as at 31 March 2023 Ilhe ValUa￿On datel, whlch wo8 carried out U￿ng the projected unil malhod. Slnc& Ihtr College cannot identify Ils $h8re of USS Rellrem8nt In¢ome Bullder (defined b8nBflII assets and 11obililtss, the folk)wing di8closures rsfflact tho88 relevant for tho88 Bssets and liabilltle8 88 a whole, Pflce Snfiallon - Consumar Prices Index Icpii RPIICPI gap 018counl rdle 3.oq/o P.8. Iba6ed on a lon*l8rm 8ver8ge expacted level of CPI. broadly consisl$nl wth long-tem mart(el exp8Ctallon81 1.ook p.a. lo 2030, féduciThJ lo 0.1% p.a. from 2030 Fixod Inte￿$t glll yleld curve plus.. Pr&-retirem8nt.' 2.5V• p.a. POS1-reti￿M9nt.' 0.9% p. Beneflts with no cap.. CPI assurnpt￿n plu6 3bp8 Banefits Subject to a'soft cap. of 5.10 Iprovidlng inll81ion8ry Sncreas88 UP 10 SQ/0, and half of any excess Inflation over 5°h up to a rnaxlmurn of 10%).. CPI 8ssumpllon mlnus 3bps Pènslon Increases 18118ublecl to a floor of 0%) The main d8mogr8phlc aswmplons us8d rolale to the mortality a8sumplion8. Thes8 assumptSons ara based on anaty91s of the scheme's 8xp8rfence carrled out 89 part ol the 2023 actuarS8l valuation. The mortality assumptir)ns used In these figures are as follow3.. Mortali base table 101Wa of S2PMA'II hl, for males and 95Vo of S3PFA for female8 CM5 2021 wlth a Smoothing parame18r of 7.5. an ini1181 addition ol 0.40°h p.8., 10% w2020 and w2021 parameters, and a long-tem rovemenl rate of1.80Q .3. for rnales and 1.60Y. .a. for f8male8 Future improvements to mortallty The curr8nl life expe¢tancieB on ￿ireMent at age 65 arg.. 2025 23.8 25.5 25.7 27.2 2024 23.7 25.4 25.6 27.2 Males ¢urrenU ed65 ears Females curwntly a ed65 Males currentl ed45 FemaLes currently a èd 45 lyaarsl ear ear5 WORCESTER COLLEGE Notes to tho Financlal Statements Foi the year ended 31 July 2025 Unlv•rslty of Oxford Staff Pen8lon Sch•m• Tho Universlty of Oxford Staff Pension Scheme IOSPSI is a multi-8mployer hybrid scheme sel up under trust and sponsored by the Unlversity. 1¢ is hè pension $chem6 lor support 51aff at the University, partr'cipating collegas and other related employers. New membeys joining the scheme build up benorrt8 on 8 defined contribution basis. Members who )ined b&fore 1st October 2017 bulld up benefits on a care8r avera9è revaluèd eamlngs basis. Th8 latest full actuarial valuation for the OSPS scheme was compl8ted a8 at 31 March 2022. The frjnding posStion of this horne has improved significantly moving from dofl¢il 01 £113rn to a surplus of £47m al the valuation dalts. As a result, the recovery plan agreed al the last valuation 18 no longer required and the deficlt ¢ontributlon ended on 30th Seplembor 2023. A provision of £3.481k was mado al 31 July 202312022-. £1,539kl to account lor doficit re¢overy payments up to 30th Sept&mber 2023. That remaining liability was releasgd to the incorne and expenditure account in 2024. The Trustee and th8 Universty have agreed a new contribution $¢hedul& vthich took offecl frorD 1 October 2023 and lako$ account of the benefit improvèments and change8 lo member contributions since tho 185t valu81ion dalo. It was agreed that the s¢h8me wlll meet Its own runniftg costs from the s¢h8me's assets, Including oxpenws relatiThJ ¢0 both the DB and DC Se¢tions and the cost ol pension Protecdon Fund lother statutory18vlo8. The tsb18 below $ummarfs&8 the key actLtarial assumplons. Furiher delails ol the a88umptlon8 8r8 891 out in thè st8tsm8nl of fvndlng prlnclpleg dated 27 June 2023 and Can be found at htW.'Ilflnan¢e.admin.ox.ac,ukJosps4locumentg Dale of valuation.. 3110312022 Value of liabll+tle8'. £914m Value of as8et8: £961m FundSng 8urplu8 I Ider￿ill.. The prfnclpal assumptions used by the actuary were., Rale of Interest (periods up to rellr&m8nll Ro19 of Intèrest Iperiods after retirement) RPI £47rn Glll8' +2.25% Gih8' +0.5Vo Break.ev8n RPI cuN8 less 0.5'1• pa p￿2030 and 1.oyo Pa 051-2030 RPI inflats'on as8umptlon less 1% pa pr8-2030 and 0.1 % pa 0s1-2030 RPI +pa cpi P&n8ionable Salary Incrèase8 Fundlng RBtS0s'. Tochnkal provi8lon8 ba81$'. 'Buy-out' basis., 105¢ 62% Non.flnancial assum tSons'. Posl-retir$ment mortality- basg table Non-Pen6h)nèrs.' 105¥0 of stand8r